CVB Financial Corp (CVBF) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the First Quarter of the 2023 CVB Financial Corp. and its subsidiary Citizens Business Bank Earnings Conference Call. My name is Latonya, and I'm your operator for today. (Operator Instructions) Please note, this call is recorded. I would now like to turn the presentation over to your host for today's call, Christina Carrabino. You may proceed.

女士們先生們，早上好，歡迎來到 2023 年 CVB Financial Corp. 及其子公司 Citizens Business Bank 收益電話會議第一季度。我叫 Latonya，今天我是你的接線員。 （操作員說明）請注意，此通話已錄音。現在，我想將演示文稿轉交給今天的主持人克里斯蒂娜·卡拉比諾 (Christina Carrabino)。你可以繼續。

Thank you, Latonya, and good morning, everyone. Thank you for joining us today to review our financial results for the first quarter of 2023. Joining me this morning are Dave Brager, President and Chief Executive Officer; and Allen Nicholson, Executive Vice President and Chief Financial Officer. Our comments today will refer to the financial information that was included in the earnings announcement released yesterday. To obtain a copy, please visit our website at www.cbbank.com and click on the Investors tab.

謝謝你，Latonya，大家早上好。感謝您今天加入我們，回顧我們 2023 年第一季度的財務業績。今天早上和我一起的是總裁兼首席執行官 Dave Brager；執行副總裁兼首席財務官 Allen Nicholson。我們今天的評論將參考昨天發布的收益公告中包含的財務信息。要獲取副本，請訪問我們的網站 www.cbbank.com 並單擊“投資者”選項卡。

The speakers on this call claim the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. For a more complete discussion of the risks and uncertainties that may cause actual results to differ materially from our forward-looking statements, please see the company's annual report on Form 10-K for the year ended December 31, 2022, and in particular, the information set forth in Item 1A, risk factors therein. For a more complete version of the company's safe harbor disclosure, please see the company's annual earnings release issued in connection with this call.

本次電話會議的發言人聲稱受到 1995 年《私人證券訴訟改革法案》中安全港條款的保護。如需更全面地討論可能導致實際結果與我們的前瞻性陳述產生重大差異的風險和不確定性，請請參閱公司截至 2022 年 12 月 31 日止年度的 10-K 表格年度報告，尤其是第 1A 項風險因素中列出的信息。有關公司安全港披露的更完整版本，請參閱公司就本次電話會議發布的年度收益報告。

Now I will turn the call over to Dave Brager. Dave?

現在我將把電話轉給 Dave Brager。戴夫？

Thank you, Christina. Good morning, everyone. For the first quarter of 2023, we reported net earnings of $59.3 million or $0.42 per share, representing our 184th consecutive quarter of profitability. We previously declared a $0.20 per share dividend for the first quarter of 2023, representing our 134th consecutive quarter of paying a cash dividend to our shareholders. Financial highlights for the first quarter include a 35% year-over-year increase in earnings per share, a return on average tangible common equity that exceeded 20%, an efficiency ratio below 40% and a return on average assets of 1.47%. First quarter net income of $59.3 million or $0.42 per share compares with $66.2 million for the fourth quarter of 2022 or $0.47 per share and $45.6 million or $0.31 per share for the year ago quarter. Although the current interest rate environment and expectations of a near-term recession are impacting the bank, we continue to generate strong earnings. Our pretax pre-provision return on average assets exceeded 2% for the fourth consecutive quarter.

謝謝你，克里斯蒂娜。大家，早安。 2023 年第一季度，我們報告的淨收益為 5930 萬美元或每股 0.42 美元，這是我們連續第 184 個季度實現盈利。我們之前宣布了 2023 年第一季度每股 0.20 美元的股息，這是我們連續第 134 個季度向股東支付現金股息。第一季度的財務亮點包括每股收益同比增長 35%，平均有形普通股權益回報率超過 20%，效率比率低於 40%，平均資產回報率為 1.47%。第一季度淨收入為 5930 萬美元或每股 0.42 美元，而 2022 年第四季度淨收入為 6620 萬美元或每股 0.47 美元，去年同期為 4560 萬美元或每股 0.31 美元。儘管當前的利率環境和對近期經濟衰退的預期正在影響銀行，但我們繼續產生強勁的收益。我們的稅前撥備前平均資產回報率連續第四個季度超過 2%。

For the first quarter of 2023, our pretax pre-provision income was $84 million compared with $95.4 million from the prior quarter. Pretax pre-provision income grew by approximately 28% when compared to the $65.9 million earned in the year ago quarter. Loan growth during the first quarter was impacted by the seasonal decline in dairy and livestock loans, lower C&I line utilization, as well as a slowdown in loan demand. Although loans declined at quarter end from the end of 2022, we recorded a provision for credit losses of $1.5 million for the first quarter of 2023 to reflect a further deterioration in our economic forecast.

2023 年第一季度，我們的稅前撥備前收入為 8400 萬美元，上一季度為 9540 萬美元。與去年同期的 6590 萬美元相比，稅前撥備前收入增長了約 28%。第一季度的貸款增長受到乳製品和牲畜貸款季節性下降、C&I 額度利用率下降以及貸款需求放緩的影響。儘管貸款在季度末比 2022 年底有所下降，但我們記錄了 2023 年第一季度 150 萬美元的信貸損失準備金，以反映我們經濟預測的進一步惡化。

Although our net interest margin expanded by 55 basis points compared to the year ago quarter, it decreased by 24 basis points compared to the fourth quarter of 2022 due to a 36 basis point increase in cost of funds. Considering short-term interest rates have risen by almost 5% over the last 12 months, our customers have sought higher rates on their excess deposits, which has resulted in both a 25 basis point increase in the cost of our interest-bearing deposits and approximately $370 million of customer deposits transitioning to our Citizens Trust Group's liquidity management products. As deposits have become the primary focus of the banking industry, I would like to emphasize that Citizens Business Bank has and will continue to focus on financially strong, lower middle market businesses, providing these customers with both a high-touch relationship banking model and a wide array of products.

儘管我們的淨息差比去年同期擴大了 55 個基點，但由於資金成本增加了 36 個基點，與 2022 年第四季度相比下降了 24 個基點。考慮到短期利率在過去 12 個月內上升了近 5%，我們的客戶要求提高其超額存款的利率，這導致我們的計息存款成本增加了 25 個基點，並且大約3.7 億美元的客戶存款轉移到我們的 Citizens Trust Group 的流動性管理產品。由於存款已成為銀行業的主要關注點，我想強調的是，Citizens Business Bank 已經並將繼續專注於財務實力雄厚的中低端市場業務，為這些客戶提供高接觸關係銀行業務模式和種類繁多的產品。

Our deposits are 100% relationship-based core deposits and customer repos. We had 0 broker deposits at the end of the first quarter. As you can see in our investor presentation, 77% of our deposits are business deposits and 23% are consumer, primarily the owners and employees of our business customers. The largest percentage of our deposits, 40%, are annualized business checking accounts, which represent customer operating accounts that generally utilize a full suite of treasury management products. Our customer deposit relationships represent a diverse set of industries. The industry with the largest concentration is manufacturing, which represents 9% of our deposits. This quarter, we included a graph in our investor presentation that shows our deposits by industry classification, highlighting each of the 14 industries that represent 2% or more of our deposits as of March 31, 2023.

我們的存款是 100% 基於關係的核心存款和客戶回購。第一季度末，我們的經紀人存款為 0。正如您在我們的投資者介紹中看到的那樣，我們 77% 的存款是企業存款，23% 是消費者，主要是我們企業客戶的所有者和員工。我們存款的最大百分比（40%）是年化商業支票賬戶，代表通常使用全套資金管理產品的客戶運營賬戶。我們的客戶存款關係代表了一系列不同的行業。最集中的行業是製造業，占我們存款的9%。本季度，我們在投資者介紹中加入了一張圖表，按行業分類顯示我們的存款，突出顯示截至 2023 年 3 月 31 日占我們存款 2% 或更多的 14 個行業中的每一個。

Our depositors have typically banked with Citizens Business Bank for many years. Our investor presentation has a slide that shows the tenure of our deposits has consistently been comprised of deposit relationships that have banked with us for 3 years or more. And as of March 31, 2023, 41% of our deposit relationships have banked with us for more than 10 years, and 77% of our deposit relationships have been with us for 3 years or more.

我們的儲戶通常已在 Citizens Business Bank 存款多年。我們的投資者介紹有一張幻燈片，顯示我們的存款期限一直由在我們銀行存入 3 年或更長時間的存款關係組成。截至 2023 年 3 月 31 日，我們 41% 的存款關係已在我們銀行存續 10 年以上，77% 的存款關係已存續 3 年或更長時間。

We have historically maintained one of the lowest cost of deposits in the industry based on the customers we target and our business model. Our cost of deposits was 17 basis points on average for the first quarter of 2023 and which compares to 8 basis points for the fourth quarter of 2022 and 3 basis points for the first quarter of 2022. As we focus on banking operating companies, we continue to have a high percentage of noninterest-bearing deposits. At March 31, 2023, 61% of our deposits and customer repos were noninterest-bearing. This compares to 60% at the end of the year ago quarter.

根據我們的目標客戶和我們的商業模式，我們一直保持著業內最低的存款成本之一。我們的存款成本在 2023 年第一季度平均為 17 個基點，而 2022 年第四季度為 8 個基點，2022 年第一季度為 3 個基點。由於我們專注於銀行運營公司，我們繼續擁有高比例的無息存款。截至 2023 年 3 月 31 日，我們 61% 的存款和客戶回購是不計息的。相比之下，去年同期末為 60%。

Also, the unprecedented increase in short-term interest rates is impacting our deposit levels. Total deposits and customer repos were $13.3 billion on average for the first quarter of 2023, a $943 million or 6.6% decrease compared to the prior quarter. Noninterest-bearing deposits averaged $8.1 billion, a $610 million or approximately 7% decrease from the average balance in the fourth quarter. Noninterest-bearing deposits were approximately 63.7% of our average deposits for the first quarter of 2023, compared with 63.6% for the prior quarter and 61.5% for the year; ago quarter. The decrease in average deposits was primarily offset by an $811 million increase in average short-term borrowings at a cost of 4.81%.

此外，短期利率空前上漲正在影響我們的存款水平。 2023 年第一季度，存款和客戶回購總額平均為 133 億美元，比上一季度減少 9.43 億美元或 6.6%。無息存款平均為 81 億美元，比第四季度的平均餘額減少 6.1 億美元或約 7%。 2023 年第一季度，無息存款約占我們平均存款的 63.7%，而上一季度為 63.6%，全年為 61.5%；前一個季度。平均存款的減少主要被平均短期借款增加 8.11 億美元所抵消，成本為 4.81%。

At March 31, 2023, our total deposits and customer repos were $12.8 billion compared with $13.4 billion at December 31, 2022, and $15.1 billion for the same period a year ago. At March 31, 2023, our noninterest-bearing deposits were $7.8 billion compared with $8.2 billion for the prior quarter and $9.1 billion from the year ago quarter. This represents a 3.9% decline from the end of 2022. As noted earlier, more than $370 million of the $640 million decline in deposits from the end of the year were moved into Citizens Trust, where they are invested in higher-yielding liquid assets such as treasury notes.

截至 2023 年 3 月 31 日，我們的存款和客戶回購總額為 128 億美元，而 2022 年 12 月 31 日為 134 億美元，去年同期為 151 億美元。截至 2023 年 3 月 31 日，我們的無息存款為 78 億美元，上一季度為 82 億美元，去年同期為 91 億美元。這比 2022 年底下降了 3.9%。如前所述，從今年年底減少的 6.4 億美元存款中，有超過 3.7 億美元被轉移到 Citizens Trust，在那裡他們投資於收益率更高的流動資產，例如作為國庫券。

As I commented at the beginning of the call, higher interest rates have impacted our deposits with both deposits leaving to Citizens Trust as well as customers using deposits to pay down their credit lines that have seen rates rise past 7% and 8%. Furthermore, deposit levels continue to be impacted by both the burn down due to the overall inflationary environment and the slowdown in the residential real estate market. For example, our specialty banking group's deposits as of March 31, 2023 are $500 million lower than the year ago quarter. This decline occurred primarily in title and escrow.

正如我在電話會議開始時所評論的那樣，更高的利率影響了我們的存款，既有存款流向 Citizens Trust，也有客戶使用存款來償還他們的信用額度，利率已超過 7% 和 8%。此外，存款水平繼續受到整體通脹環境導致的燒毀和住宅房地產市場放緩的影響。例如，截至 2023 年 3 月 31 日，我們專業銀行集團的存款比去年同期減少了 5 億美元。這種下降主要發生在產權和託管方面。

My final comment on deposits is that we continue to focus on core deposit growth, as reflected by new accounts opened during the first quarter that totaled more than $269 million of new deposits. In contrast, we had deposit accounts that closed during the quarter, representing balances of $160 million. Additionally, as of April 25, our deposits and repos have increased by approximately $152 million from the end of the first quarter.

我對存款的最後評論是，我們繼續關注核心存款增長，第一季度開設的新賬戶總計超過 2.69 億美元的新存款反映了這一點。相比之下，我們的存款賬戶在本季度關閉，餘額為 1.6 億美元。此外，截至 4 月 25 日，我們的存款和回購協議較第一季度末增加了約 1.52 億美元。

Now let's discuss loans in more detail. Total loans at March 31, 2023 were $8.9 billion, a $137 million or 1.5% decrease from the end of 2022. From December 31, 2022, loans declined by $6.5 million after excluding PPP loan forgiveness and the seasonal increase in dairy and livestock loans at the end of the year. Dairy and livestock loans decreased by $127 million from the fourth quarter as we experienced paydowns in the first quarter of each calendar year as a result of the temporary increase we experienced in the fourth quarter of each year. Average outstanding loan balances grew by $95 million or 4% annualized compared to the fourth quarter of 2022, while average loans were $463 million or approximately 5.5% higher than the first quarter of 2022. Loan demand is slowing down due to both higher interest rates and the uncertainty in real estate markets.

現在讓我們更詳細地討論貸款。截至 2023 年 3 月 31 日的貸款總額為 89 億美元，比 2022 年底減少 1.37 億美元或 1.5%。從 2022 年 12 月 31 日起，扣除 PPP 貸款寬恕和乳製品和牲畜貸款的季節性增加後，貸款減少了 650 萬美元年末。乳製品和牲畜貸款比第四季度減少了 1.27 億美元，因為我們在每年第四季度經歷的臨時增加導致我們在每個日曆年的第一季度經歷了償還。與 2022 年第四季度相比，平均未償貸款餘額增長了 9500 萬美元或年化 4%，而平均貸款為 4.63 億美元或比 2022 年第一季度高出約 5.5%。由於利率上升和房地產市場的不確定性。

Our new loan production slowed during the first quarter. New loan commitments were approximately $480 million in the fourth quarter of 2022 and approximately $240 million in the first quarter of 2023. After excluding PPP loan forgiveness, year-over-year loan growth was $466 million for a growth rate of approximately 5.5%. Commercial real estate loans continued to grow, with growth from the end of the year of $65 million or approximately 4% annualized. C&I loans decreased by $50.5 million as the overall line utilization rate for C&I loans decreased from 33% at year-end to 28% at March 31, 2023. All of the remaining loan categories declined modestly from the end of 2022 to March 31, 2023.

我們的新貸款生產在第一季度放緩。 2022 年第四季度的新貸款承諾約為 4.8 億美元，2023 年第一季度約為 2.4 億美元。剔除 PPP 貸款寬恕後，貸款同比增長 4.66 億美元，增長率約為 5.5%。商業房地產貸款繼續增長，年末增長 6500 萬美元或約 4%。 C&I 貸款減少了 5050 萬美元，因為 C&I 貸款的總貸款額利用率從年底的 33% 下降到 2023 年 3 月 31 日的 28%。從 2022 年底到 2023 年 3 月 31 日，所有剩餘的貸款類別均小幅下降.

We remain cautiously opportunistic about our ability to grow high-quality loans in 2023 as higher interest rates and uncertain economic conditions could impact the level of growth we achieved this year, but we are still winning and targeting low single-digit growth. Asset quality continues to be strong, and the trends remain stable. At quarter end, nonperforming assets, defined as nonaccrual loans plus other real estate owned, were $6.2 million or 4 basis points of total assets. We had no OREO properties. The $6.2 million in nonperforming loans compared to $4.9 million for the prior quarter and $13.3 million for the year ago quarter.

由於更高的利率和不確定的經濟狀況可能會影響我們今年實現的增長水平，我們仍然對我們在 2023 年增加高質量貸款的能力持謹慎的機會主義態度，但我們仍在取得勝利並以低個位數增長為目標。資產質量持續向好，走勢平穩。在季度末，不良資產（定義為非應計貸款加上其他擁有的房地產）為 620 萬美元或總資產的 4 個基點。我們沒有奧利奧產品。不良貸款為 620 萬美元，上一季度為 490 萬美元，去年同期為 1330 萬美元。

During the first quarter, we experienced credit charge-offs of $110,000 and total recoveries of $33,000, resulting in net charge-offs of $77,000 compared with net recoveries of $16,000 for the fourth quarter of 2022. Classified loans for the first quarter were $67 million compared with $78.7 million for the prior quarter and $64.1 million for the year ago quarter. As of March 31, 2023, classified loans included $22 million of loans acquired from Suncrest Bank.

在第一季度，我們經歷了 110,000 美元的信貸註銷和 33,000 美元的總回收，導致淨註銷 77,000 美元，而 2022 年第四季度的淨回收為 16,000 美元。第一季度的分類貸款為 6700 萬美元，相比之下上一季度為 7870 萬美元，去年同期為 6410 萬美元。截至 2023 年 3 月 31 日，分類貸款包括從 Suncrest Bank 獲得的 2200 萬美元貸款。

I will now turn the call over to Allen to discuss the allowance for credit losses, liquidity and capital. Allen?

我現在將電話轉給艾倫，討論信貸損失、流動性和資本的準備金。艾倫？

Thanks, Dave. Good morning, everyone. At March 31, 2023, our ending allowance for credit losses was $86.5 million or 0.97% of total loans, which compares to $85.1 million or 0.94% of total loans at December 31, 2022. For the quarter ended March 31, 2023, we recorded a provision for credit losses of $1.5 million compared to $2.5 million for both the quarter ended December 31, 2022 and for the first quarter of 2022. The provision for credit losses in the first quarter was driven by the change in our economic forecast, which resulted in lower GDP growth and higher unemployment when compared to our forecast at the end of 2022.

謝謝，戴夫。大家，早安。截至 2023 年 3 月 31 日，我們的期末信用損失準備金為 8650 萬美元，佔貸款總額的 0.97%，而 2022 年 12 月 31 日為 8510 萬美元，佔貸款總額的 0.94%。截至 2023 年 3 月 31 日的季度，我們記錄了信貸損失準備金為 150 萬美元，而截至 2022 年 12 月 31 日的季度和 2022 年第一季度為 250 萬美元。第一季度的信貸損失準備金是由於我們的經濟預測發生變化而導致的，這導致與我們在 2022 年底的預測相比，GDP 增長較低，失業率較高。

Our economic forecast continues to be a blend of multiple forecasts produced by Moody's. The U.S. economic forecasts include a baseline forecast, as well as downside forecast. We continue to have the largest individual scenario weighting on the baseline forecast with downside risks weighted among multiple forecasts. As of March 31, the resulting weighted forecast assumes GDP will increase by 1.4% in 2023, including a decline in GDP in the second half of this year, followed by modest growth of 0.9% for 2024 and grow by 2.4% in 2025. The unemployment rate is forecasted to be 4.2% in 2023, 5.1% in 2024 and then 4.8% in 2025.

我們的經濟預測仍然是穆迪做出的多項預測的混合體。美國經濟預測包括基線預測和下行預測。我們繼續在基線預測中擁有最大的個別情景權重，下行風險在多個預測中加權。截至 3 月 31 日，由此產生的加權預測假設 GDP 將在 2023 年增長 1.4%，其中包括今年下半年 GDP 的下降，隨後 2024 年將溫和增長 0.9%，並在 2025 年增長 2.4%。預計 2023 年的失業率為 4.2%，2024 年為 5.1%，2025 年為 4.8%。

As a result of declining deposit balances, we borrowed on average $972 million from the Federal Home Loan Bank during the first quarter. The short-term borrowings peaked at quarter end at $1.4 billion. The cost of these borrowings at quarter end was approximately 5%. In addition to the increase in short-term borrowing during the first quarter, we shrunk our investment portfolio by not reinvesting the cash flows generated by our investments. Our investment portfolio declined by $69 million from the end of the fourth quarter to $5.7 billion primarily due to a decline in investment securities available for sale, or AFS securities. AFS securities totaled $3.2 billion at the end of the first quarter, inclusive of a pretax net unrealized loss of $460 million. The $51 million decline in AFS securities reflects principal cash flows, which offset a $40 million increase in market value that resulted from a decline in interest rates. We do not intend to sell any AFS securities as the bank has ample off-balance sheet sources of liquidity. Those sources of liquidity include $3.5 billion of secured and unused capacity with the Federal Home Loan Bank; more than $800 million of secured borrowing capacity at the Fed discount window; and $1.7 billion of unpledged fair value AFS securities that could be pledged at the discount window or the Fed's new bank term funding program.

由於存款餘額下降，我們在第一季度平均從聯邦住房貸款銀行借了 9.72 億美元。短期借款在季度末達到 14 億美元的峰值。這些借款在季度末的成本約為 5%。除了第一季度短期借款增加外，我們還通過不將投資產生的現金流量再投資來縮減投資組合。我們的投資組合比第四季度末減少了 6900 萬美元，至 57 億美元，這主要是由於可供出售的投資證券或 AFS 證券減少。第一季度末 AFS 證券總額為 32 億美元，其中包括 4.6 億美元的稅前淨未實現虧損。 AFS 證券減少 5100 萬美元反映了本金現金流量，抵消了利率下降導致的 4000 萬美元市場價值增長。我們不打算出售任何 AFS 證券，因為該銀行擁有充足的資產負債表外流動性來源。這些流動性來源包括聯邦住房貸款銀行 35 億美元的有擔保和未使用的能力；美聯儲貼現窗口超過 8 億美元的擔保借貸能力；可以在貼現窗口或美聯儲新的銀行定期融資計劃中質押的 17 億美元未質押的公允價值 AFS 證券。

In addition to these secured borrowing sources that total almost 50% of our total deposits and repos, the bank has not utilized wholesale deposit sources, such as broker deposits. Therefore, selling any AFS securities is a remote probability when all of these funding sources are considered.

除了這些占我們存款和回購總額近 50% 的有擔保借款來源外，該銀行還沒有利用批發存款來源，例如經紀人存款。因此，當考慮所有這些資金來源時，出售任何 AFS 證券的可能性很小。

Investment securities held to maturity or HTM securities totaled approximately $2.54 billion at March 31, 2023. The HTM portfolio declined by approximately $18 million from the end of 2022 as cash flows were not reinvested during the quarter. The tax equivalent yield on the entire investment portfolio was 2.37% for the first quarter of '23, essentially the same as the prior quarter, but grew by 67 basis points in comparison to the first quarter of 2022.

截至 2023 年 3 月 31 日，持有至到期日的投資證券或 HTM 證券總額約為 25.4 億美元。由於現金流在本季度未進行再投資，HTM 投資組合較 2022 年底減少了約 1800 萬美元。 23 年第一季度整個投資組合的稅收等價收益率為 2.37%，與上一季度基本持平，但與 2022 年第一季度相比增長了 67 個基點。

Now turning to our capital position. Shareholders' equity increased by $41 million to $2 billion at the end of the first quarter. The company's tangible common equity ratio at March 31, 2023 was 7.8%. Equity increased as a result of income from the quarter of $59.3 million, which was offset by a $28 million in dividends, representing a 47% dividend payout ratio.

現在轉向我們的資本狀況。第一季度末，股東權益增加了 4100 萬美元，達到 20 億美元。公司在 2023 年 3 月 31 日的有形普通股權益比率為 7.8%。本季度的收入為 5930 萬美元，這被 2800 萬美元的股息所抵消，即 47% 的股息支付率，導致股本增加。

The 10b5-1 stock repurchase plan we initiated back in 2022, expired on March 2, 2023. During the first quarter of 2023, we repurchased approximately 792,000 shares of common stock at an average price of $23.43, totaling $18.5 million in stock repurchases as interest rates declined from the end of 2022 to March 31, the unrealized loss on our AFS security decreased. This resulted in a tax effected increase to other comprehensive income of $28.7 million.

我們於 2022 年啟動的 10b5-1 股票回購計劃於 2023 年 3 月 2 日到期。在 2023 年第一季度，我們以平均 23.43 美元的價格回購了約 792,000 股普通股，總計 1,850 萬美元的股票回購作為利息從 2022 年底到 3 月 31 日利率下降，我們的 AFS 證券的未實現損失減少了。這導致其他綜合收入的稅收增加 2870 萬美元。

Our overall capital position continues to be very strong. Our regulatory capital ratios are well above regulatory requirements to be considered well capitalized and above the majority of our peers. At March 31, 2023, our common equity Tier 1 capital ratio was 13.8%, and our total risk-based capital ratio was 14.6%.

我們的整體資本狀況仍然非常強勁。我們的監管資本比率遠高於被視為資本充足的監管要求，並且高於我們大多數同行。截至 2023 年 3 月 31 日，我們的普通股一級資本比率為 13.8%，我們的總風險資本比率為 14.6%。

I'll now turn the call back to Dave for further discussion of our first quarter earnings.

我現在將電話轉回戴夫，進一步討論我們第一季度的收益。

Thank you, Allen. Net interest income before provision for credit losses was $125.7 million for the first quarter compared with $137.4 million for the fourth quarter and $112.8 million for the year ago quarter. First quarter earning assets decreased by $60.3 million on average from the fourth quarter, but our earning asset yield increased by 9 basis points. The increase in our earning asset yield was a result of a 12 basis point increase in loan yields and a shift in the composition of earning assets with average loans growing by $95 million while lower-yielding investment securities declined by $80 million on average. Our tax equivalent net interest margin was 3.45% for the first quarter of 2023, compared with 3.69% for the fourth quarter and 2.9% for the first quarter of 2022. The decrease in our net interest margin was a result of a 36 basis point increase in cost of funds, driven primarily by an $811 million increase in short-term borrowings.

謝謝你，艾倫。第一季度扣除信貸損失準備金前的淨利息收入為 1.257 億美元，第四季度為 1.374 億美元，去年同期為 1.128 億美元。第一季度盈利資產比第四季度平均減少 6030 萬美元，但我們的盈利資產收益率增加了 9 個基點。我們的收益資產收益率的增加是由於貸款收益率增加了 12 個基點以及收益資產的構成發生了變化，平均貸款增加了 9500 萬美元，而低收益投資證券平均減少了 8000 萬美元。 2023 年第一季度，我們的稅收等值淨息差為 3.45%，第四季度為 3.69%，2022 年第一季度為 2.9%。我們的淨息差下降是由於增加了 36 個基點資金成本，主要受短期借款增加 8.11 億美元的推動。

The year-over-year increase in net interest income of $12.9 million was the net result of a 55 basis point increase in our net interest margin that offsets the $1.2 billion decline in average earning assets from the year ago quarter. Interest-earning asset yields grew by 98 basis points from the first quarter of 2022 to the first quarter of 2023, while our cost of funds increased by 46 basis points.

淨利息收入同比增長 1290 萬美元，這是我們淨息差增長 55 個基點的淨結果，抵消了平均收益資產較上年同期下降 12 億美元的影響。從 2022 年第一季度到 2023 年第一季度，生息資產收益率增長了 98 個基點，而我們的資金成本增長了 46 個基點。

Moving to noninterest income. Noninterest income was $13.2 million for the first quarter of 2023 compared with $12.5 million for the prior quarter and $11.3 million for the year ago quarter. Our customer-related banking piece, including deposit services, international and Merchant Bankcard services, decreased by approximately $400,000 compared to the fourth quarter and increased by approximately $250,000 when compared to the first quarter of 2022. The conversion to SOFR of all of our previously originated interest rate swaps indexed to LIBOR generated approximately $500,000 of fee income during the first quarter of 2023. Our trust and wealth management fees were essentially flat when compared to the prior quarter, but increased by $92,000 year-over-year.

轉向非利息收入。 2023 年第一季度的非利息收入為 1320 萬美元，上一季度為 1250 萬美元，去年同期為 1130 萬美元。我們與客戶相關的銀行業務，包括存款服務、國際和商業銀行卡服務，與第四季度相比減少了約 400,000 美元，與 2022 年第一季度相比增加了約 250,000 美元。我們之前發起的所有業務都轉換為 SOFR與 LIBOR 掛鉤的利率互換在 2023 年第一季度產生了約 500,000 美元的費用收入。與上一季度相比，我們的信託和財富管理費用基本持平，但同比增加了 92,000 美元。

Income from bank-owned life insurance, or BOLI, decreased by $228,000 compared to the prior quarter as the decline in debt benefits of more than $1 million was offset by increases in fair value due to the improved market conditions for the separate account policies associated with our deferred compensation plans. Income from community development investments, some of which are impacted by mark-to-market adjustments, increased from the prior quarter by approximately $700,000, including a $500,000 recapture of a previously written down impaired investment. This investment was repaid in full during the first quarter of 2023.

與上一季度相比，銀行自有人壽保險 (BOLI) 的收入減少了 228,000 美元，因為超過 100 萬美元的債務收益下降被公允價值的增加所抵消，這是由於與我們的遞延補償計劃。來自社區發展投資的收入比上一季度增加了約 700,000 美元，其中一些收入受到按市值調整的影響，其中包括收回先前減記的受損投資的 500,000 美元。這筆投資已於 2023 年第一季度全額償還。

Now expenses. Noninterest expense for the fourth quarter was $54.9 million compared with $54.4 million for the fourth quarter and $58.2 million for the year ago quarter. The first quarter of 2023 included a provision for unfunded loan commitments of $500,000, which was 0 for both comparable quarters. Noninterest expense totaled 1.36% of average assets for the first quarter of 2023. This compares to 1.32% for the fourth quarter and 1.36% for the first quarter of 2022. Our efficiency ratio was 39.5% for the first quarter of 2023 compared with 36.31% for the prior quarter and 46.93% for the first quarter of 2022.

現在費用。第四季度的非利息支出為 5490 萬美元，而第四季度為 5440 萬美元，去年同期為 5820 萬美元。 2023 年第一季度包括 500,000 美元的無資金貸款承諾撥備，兩個可比季度均為 0。 2023 年第一季度非利息支出占平均資產的 1.36%。相比之下，第四季度為 1.32%，2022 年第一季度為 1.36%。2023 年第一季度我們的效率比為 39.5%，而 2023 年第一季度為 36.31%上一季度為 46.93%，2022 年第一季度為 46.93%。

Excluding the $500,000 provision for unfunded loan commitments and $5.6 million of acquisition expense incurred in the first quarter of 2022, noninterest expense grew by approximately 3.5% year-over-year. The growth in noninterest expense was driven by an 8% increase in staff-related expenses. Staff-related expenses grew by $1.1 million from the prior quarter as a result of $1.8 million of higher payroll taxes in the first quarter due to the annual reset of payroll tax thresholds and the payment of annual bonuses during the first quarter. Base salary and benefit expense grew by approximately $300,000 from the fourth quarter, but bonus profit-sharing and stock compensation expense declined by $1 million.

不包括 500,000 美元的無資金貸款承諾撥備和 2022 年第一季度產生的 560 萬美元的收購費用，非利息費用同比增長約 3.5%。非利息費用的增長是由員工相關費用增加 8% 推動的。由於工資稅門檻的年度重置和第一季度年度獎金的支付，第一季度工資稅增加了 180 萬美元，因此與員工相關的費用比上一季度增加了 110 萬美元。基本工資和福利費用比第四季度增加了約 300,000 美元，但獎金利潤分享和股票補償費用減少了 100 萬美元。

In light of the recent financial reports about some banks, I'm pleased to emphasize that our bank has continued to stand the test of time. Since our founding of the bank in 1974, we have managed to build a safe, sound and secure institution focused on banking the best small- to medium-sized businesses and their owners. While economic uncertainty and the impact of the rapid rate increases by the Federal Reserve Board continue to create potential challenges for the banking industry and our bank, we seek to maintain our focus on our core values, our financial strength, superior people-customer focus, cost-effective operation and having fun.

鑑於最近一些銀行的財務報告，我很高興地強調，我們銀行繼續經受住時間的考驗。自銀行於 1974 年成立以來，我們已成功建立了一個安全、健全和有保障的機構，專注於為最優秀的中小型企業及其所有者提供銀行服務。雖然經濟不確定性和美聯儲快速加息的影響繼續給銀行業和我們的銀行帶來潛在挑戰，但我們力求繼續關注我們的核心價值觀、我們的財務實力、卓越的以人為本、以客戶為中心，經濟高效的運營和樂趣。

Over the course of time, we have built a diverse and durable base of customers who have remained loyal to our bank through a variety of business cycles, and we will continue to provide a wide array of banking products and solutions designed to satisfy our customers' goals and business objectives. This is evidenced by the fact that a plurality of our customer deposit relationships have achieved tenures with our bank of over 10 years, and many of our customers have been banking with us for decades.

隨著時間的推移，我們已經建立了一個多樣化和持久的客戶群，他們在各種商業周期中仍然忠於我們的銀行，我們將繼續提供廣泛的銀行產品和解決方案，以滿足客戶的需求目標和業務目標。事實證明，我們的多個客戶存款關係已與我們的銀行達成超過 10 年的任期，並且我們的許多客戶已經在我們這裡經營數十年。

Our strategy of making the best privately held small to medium-sized businesses and their owners will remain steady and consistent. We bank great American success stories, and we are committed to executing on our relationship banking model and operating our business in an efficient and focused way. We remain disciplined in our approach to credit and will strive to produce and maintain consistent earnings, strong capital levels, solid credit quality and excellent liquidity. I'd like to thank our associates for their hard work and dedication and our customers for their business and ongoing loyalty.

我們打造最好的私營中小型企業及其所有者的戰略將保持穩定和一致。我們為偉大的美國成功故事提供銀行服務，我們致力於執行我們的關係銀行業務模式，並以高效和專注的方式經營我們的業務。我們在信貸方面保持紀律，並將努力產生並保持穩定的收益、強勁的資本水平、穩健的信貸質量和出色的流動性。我要感謝我們的員工的辛勤工作和奉獻精神，以及我們客戶的業務和持續的忠誠度。

This concludes today's presentation. Now Allen and I will be happy to take any questions that you might have.

今天的演講到此結束。現在艾倫和我很樂意回答您可能提出的任何問題。

(Operator Instructions) And our first question will come from David Feaster of Raymond James.

（操作員說明）我們的第一個問題將來自 Raymond James 的 David Feaster。

Maybe could we just -- I'd love to get your thoughts on some of the deposit trends in the quarter. You gave a lot of color in your prepared remarks. And I appreciate some went to the trust, and some of the impacts of title and escrow and all that.

也許我們可以 - 我很想听聽您對本季度一些存款趨勢的看法。你在準備好的發言中給了很多顏色。我很感激有些人去了信託，以及所有權和託管的一些影響等等。

But I'm just curious, maybe as you dissect this and look at the attribution, I mean, no real relationship lost, it seems like a lot of it is seasonality, maybe customers utilizing cash to pay down higher-cost floating rate debt and just some migration to higher cost accounts. It kind of feels like we've woke a sleeping giant on the interest rate side.

但我只是好奇，也許當你剖析這個並查看歸因時，我的意思是，沒有失去真正的關係，似乎很多是季節性的，也許客戶利用現金來償還成本較高的浮動利率債務，並且只是一些遷移到更高成本的賬戶。感覺就像我們在利率方面喚醒了一個沉睡的巨人。

I'm just curious, as you dig into this, if you had to attribute the flows to any of those separate categories versus real concern over the uninsured deposits, how would you break it down? And have you started to see balances stabilize or even start coming back?

我只是好奇，當你深入研究這個問題時，如果你不得不將流量歸因於任何這些單獨的類別，而不是真正關注未保險存款，你將如何分解它？您是否開始看到餘額穩定甚至開始回升？

Yes. And I mentioned -- I mean, obviously, that's the topic of the day. We'll soon get to office. But I wanted to -- look, we know exactly where all the deposits go. We look at it every single day. The first -- the fourth and first quarter generally are our weaker deposit quarters. The second and the third quarter, generally, deposits grow. As I mentioned in the prepared remarks, as of the 25th -- our deposits were up $152 million from the end of the first quarter. I hope that's a trend and that it continues.

是的。我提到過——我的意思是，很明顯，這是今天的主題。我們很快就會到辦公室。但我想 - 看，我們確切地知道所有存款的去向。我們每天都在看它。第一個——第四季度和第一季度通常是我們較弱的存款季度。第二和第三季度，一般來說，存款是增長的。正如我在準備好的評論中提到的那樣，截至 25 日——我們的存款比第一季度末增加了 1.52 億美元。我希望這是一種趨勢，並且會繼續下去。

But we're playing defense and offense at the same time. And so the money that moved to trust is part of it. The pay down of the C&I loans is part of it. There's been cash burn, which we've been talking about for multiple quarters in a row now. And in the first quarter, there's always a lot of bonuses and taxes and other things that occur. So I don't have an exact number on how much was attributed to each of those, but that was definitely part of it.

但我們同時進行防守和進攻。因此，轉移到信託的資金是其中的一部分。 C&I 貸款的償還是其中的一部分。出現了現金消耗，我們已經連續多個季度討論過這個問題。在第一季度，總會有很多獎金、稅收和其他事情發生。所以我沒有確切的數字說明每個人的貢獻有多少，但這絕對是其中的一部分。

I mean we -- I've never spent more time looking every day at deposit flows, so I have a really good feel for it. And we literally have not lost any significant relationship. There's been some excess deposits that have gone to trust. There's been some excess deposits that have gone outside to their brokerage houses. But the relationships that we have and the customers that we bank and what we've built over the years was never more evident to me than after March 10, just with everything that went down.

我的意思是我們——我從來沒有花更多的時間每天查看存款流量，所以我對此有很好的感覺。我們確實沒有失去任何重要的關係。已經有一些超額存款被委託給了信託。有一些超額存款流向了他們的經紀行。但是，在 3 月 10 日之後，我們所擁有的關係、我們所服務的客戶以及我們多年來建立的關係對我來說從未像現在這樣明顯，一切都發生了變化。

And I think that, that has not -- it has not been a safety and soundness question. It's been, oh wait, I can get 4.5% on something? And so we've been dealing with that, and we're managing relationships. I think in our investor -- I don't think. I know in our investor presentation, we put the average cost, what was 54 basis points, Allen?

我認為，這還沒有——這不是一個安全和穩健的問題。一直以來，哦等等，我可以得到 4.5% 的東西？所以我們一直在處理這個問題，我們正在處理關係。我認為我們的投資者 - 我不認為。我知道在我們的投資者介紹中，我們把平均成本定為 54 個基點，艾倫？

Yes, interest bearing deposits.

是的，有息存款。

In March interest-bearing deposits. So that's gone up a little bit. It's sort of accelerated towards the end of March. So I feel -- after all that this started happening, it's definitely better than I feared, and it's even better than I anticipated from a deposit perspective. And I really attribute that to the relationships we've built with our customers and the customers placing confidence in us. So I hope that answered your question.

三月份的有息存款。所以它上升了一點。到 3 月底，它有點加速。所以我覺得——在這一切開始發生之後，它肯定比我擔心的要好，從存款的角度來看，它甚至比我預期的要好。我真的把這歸因於我們與客戶建立的關係以及客戶對我們的信任。所以我希望這回答了你的問題。

Yes. No, that's extremely helpful. And I...

是的。不，這非常有幫助。和我...

And I'm sorry, just the other thing I mentioned in the prepared remarks, I mean, we were on offense, too. I mean we opened $360 million -- $260 million, yes, I'm trying to make it grow -- $260 million of new account relationships, average balances from the first quarter. So we're playing offense and defense.

對不起，我在準備好的發言中提到的另一件事，我的意思是，我們也在進攻。我的意思是我們開設了 3.6 億美元——2.6 億美元，是的，我正在努力讓它增長——2.6 億美元的新賬戶關係，第一季度的平均餘額。所以我們正在攻守兼備。

Yes, no, that's great. And maybe let's just hit the second topic that you brought up off of that. I mean, obviously, there's a huge focus in -- on Southern California CRE and a hyperfocus on offices, as you talked about. Obviously, you're well underwritten, have a conservative approach to lending and I appreciate all that color that you put in the presentation, it's extremely helpful and I think it supports the story.

是的，不，那太好了。也許讓我們談談你提出的第二個話題。我的意思是，很明顯，正如你所說，南加州 CRE 和辦公室的高度關注是一個巨大的關注點。顯然，你得到了很好的承保，對貸款採取了保守的態度，我很欣賞你在演示文稿中加入的所有色彩，這非常有幫助，我認為它支持了這個故事。

But could you just give us any color on your thoughts on CRE across your footprint? And maybe just specific details on office? And what you're hearing from those borrowers? And after -- as you stressed it, what kind of -- what are you seeing in that book?

但是，您能否就您對 CRE 的足跡發表任何看法？也許只是辦公室的具體細節？你從那些借款人那裡聽到了什麼？之後——正如你強調的那樣——你在那本書中看到了什麼？

Yes. So we do stress testing. We have three levels of stress testing, just normal base case scenario, then a mild stress and a severe stress. And we have a good idea because, as you know, and we've talked about this in the past on this call that we do annual term loan reviews.

是的。所以我們做壓力測試。我們有三個級別的壓力測試，只是正常的基本情況，然後是輕度壓力和重度壓力。我們有一個好主意，因為正如你所知，我們過去在這個電話會議上談到過這個問題，我們會進行年度定期貸款審查。

We do -- we are looking at the portfolio, not just office but the entire loan portfolio of any loan over $1 million. We're getting updated financial information. We're getting updated information on the guarantor, we're taking a look at the value of the property. We have a very granular loan portfolio.

我們這樣做 - 我們正在研究投資組合，不僅僅是辦公室，而是超過 100 萬美元的任何貸款的整個貸款組合。我們正在獲取最新的財務信息。我們正在獲取有關擔保人的最新信息，我們正在查看房產的價值。我們有一個非常精細的貸款組合。

And at origination, 50% loan-to-value was the average loan to value of those loans at origination. And 28% of those loans were originated in 2017 or earlier, which would infer some amortization on those loans. And whether you think values from those time frames or lower or higher, even if you just use the same value, the loan -- because there would be some appreciation and maybe some depreciation potentially, you can look at it and say, okay, theoretically, we should have a little bit lower overall loan to value based even on today's values.

在發起時，50% 的貸款價值比是這些貸款在發起時的平均貸款價值比。其中 28% 的貸款起源於 2017 年或更早，這可以推斷出這些貸款的一些攤銷。無論你認為這些時間框架內的價值是更低還是更高，即使你只是使用相同的價值，貸款——因為會有一些升值，可能還有一些潛在的貶值，你可以看看它，然後說，好吧，理論上，即使根據今天的價值，我們的整體貸款價值也應該略低一些。

And we have 0 classified loans in our office portfolio. That doesn't mean that we won't have any classified loans in our office portfolio going forward. But we pay very close attention to it. And with -- like I said, with an average loan-to-value of 50% at origination and a $1.6 million average loan size, there's just a lot of granularity in our loans. We don't bank money center, big 30, 50 ,80-story office buildings.

我們的辦公室投資組合中有 0 項分類貸款。這並不意味著我們未來的辦公室投資組合中不會有任何分類貸款。但我們非常關注它。而且 - 就像我說的那樣，在發起時平均貸款價值為 50%，平均貸款規模為 160 萬美元，我們的貸款有很多粒度。我們不在銀行理財中心，大30、50、80層的寫字樓。

And so far, we have not seen any cracks there. And 25% of it is owner-occupied in office. So we underwrite the underlying company, and 36% of our overall portfolio is owner-occupied. So when you put all those things together, I feel cautiously optimistic that we'll be in a good spot as far as the CRA loan portfolio. There might be problems, but the loss given default will be -- should be mitigated by how we underwrote it originally.

到目前為止，我們還沒有看到那裡有任何裂縫。其中 25% 為業主自住辦公室。因此，我們承保了基礎公司，而我們整體投資組合的 36% 是業主自用的。因此，當你把所有這些東西放在一起時，我感到謹慎樂觀，我們將在 CRA 貸款組合方面處於有利地位。可能會有問題，但默認情況下的損失將是——應該通過我們最初承保的方式來減輕。

And then the last piece of information I'll give you on this, I used to say -- last quarter, I said we had no loans in industrial that were classified. Well, we added a column on Page 40 in our investor presentation that we had, had in our investor presentation during sort of the COVID time frame. And we added it back, which breaks down the classified loans by collateral type.

然後我要給你的最後一條信息，我曾經說過——上個季度，我說我們沒有工業貸款被分類。好吧，我們在我們的投資者介紹中添加了第 40 頁的專欄，在 COVID 時間框架內的投資者介紹中。我們把它加回去，按抵押品類型細分分類貸款。

And you can see on that page, there's $4 million in industrial loans. Just to give you a flavor of that loan, it's a 22% loan to value on a 15-year fully amortizing loan, and it's current on payments. So we grade these things pretty aggressively when we see some issues, and that has to do with the underlying company had, had a rough year. And so we downgraded it.

你可以在該頁面上看到，有 400 萬美元的工業貸款。只是為了讓您了解一下該貸款，它是 15 年期完全攤銷貸款價值的 22% 的貸款，而且是當前付款。因此，當我們看到一些問題時，我們會非常積極地對這些事情進行評級，這與基礎公司有關，度過了艱難的一年。所以我們降級了它。

The other category includes the loan that we talked about last quarter that we acquired from Suncrest, the senior living facility. And the farmland is primarily one loan that also has very low loan to value. So of all the loans that are classified in our commercial real estate portfolio, I really feel pretty good, again, about if there -- if they stop paying or there's a problem that we should be in good shape to get out of those loans without incurring any losses.

另一類包括我們上個季度談到的從高級生活設施 Suncrest 獲得的貸款。農田主要是一種貸款，貸款價值也很低。因此，在我們商業房地產投資組合中的所有貸款中，我真的感覺很好，如果他們停止支付，或者有一個問題，我們應該以良好的狀態擺脫這些貸款而沒有招致任何損失。

That's terrific color. And I appreciate that. But maybe touching on the other side. Let's touch on growth a little bit. Obviously, loans were down this quarter, mostly seasonality. But it sounds like -- I'm glad to hear you're still open for business, you're still making new loans.

那是很棒的顏色。我很感激。但也許觸及另一邊。讓我們稍微談談增長。顯然，本季度貸款下降，主要是季節性的。但聽起來——我很高興聽到您仍在營業，您仍在發放新貸款。

Where -- I'm just curious, how is demand trending? And where are you still seeing good risk-adjusted returns at this point in the cycle?

哪裡——我只是好奇，需求趨勢如何？在周期的此時點，您仍然在哪裡看到良好的風險調整後回報？

All of our good risk-adjusted returns paid down their loans in the first quarter, the C&I loans. Because those move with the Fed funds rate in prime, obviously. But no, I mean, look, we're -- we bank the top 25% of clients. And so we have to be competitive on pricing.

我們所有良好的風險調整後回報都在第一季度償還了他們的貸款，即 C&I 貸款。顯然，因為那些隨著聯邦基金利率的變化而變化。但不，我的意思是，看，我們是——我們為前 25% 的客戶提供銀行服務。因此，我們必須在定價方面具有競爭力。

Just some anecdotal information. I do, as I've mentioned, I do customer luncheons, and I've been doing two customer luncheons a month. I did one in March, and I did two in April -- excuse me, I've done two in April, I didn't do any in March. I was hunkered down. But in April, the two customer luncheons, one of our largest depositors is a title company. And he was telling me that his title business is down 40% from the fourth quarter to the first quarter, and he said half the banks that refer loans to him were not doing the referred title business to him, had stopped doing commercial real estate loans.

只是一些軼事信息。正如我所提到的，我會舉辦客戶午餐會，而且我每個月都會舉辦兩次客戶午餐會。我在三月份做了一個，在四月份做了兩個——對不起，我在四月份做了兩個，我在三月份沒有做任何事情。我蹲下來了。但是在 4 月份的兩個客戶午餐會上，我們最大的儲戶之一是一家產權公司。他告訴我他的產權業務從第四季度到第一季度下降了 40%，他說向他推薦貸款的銀行中有一半沒有向他提供推薦的產權業務，已經停止提供商業房地產貸款.

So I got nervous about that and made sure I called our Chief Credit Officer and said, "Hey, we're not going to be the soft landing spot for all these people that need every single commercial real estate loan. We just need to stick to our knitting and our guidelines as far as how we underwrite this." So demand has slowed. It's evidenced by what we booked in the first quarter, demand has slowed.

所以我對此感到緊張，並確保我打電話給我們的首席信貸官說，“嘿，我們不會成為所有這些需要每一筆商業房地產貸款的人的軟著陸點。我們只需要堅持就我們如何承保而言，我們的針織和指導方針。”所以需求已經放緩。我們在第一季度的預訂證明了這一點，需求已經放緩。

I sort of modified my comments then, sort of, I did modify my comments stating that we're looking for low single-digit growth, not low to middle single-digit growth now. And I think that's something that we can attain. We're getting higher yields on the commercial real estate loans we book. We have raised our interest rates a few times in the last 6 to 8 weeks. And we're just looking at the best credit, the best relationships, and we want to be able to use this offensively where there's banks that maybe are struggling more, and we can pick up good relationships. So I hope that helped.

然後我有點修改了我的評論，有點，我確實修改了我的評論，指出我們正在尋找低個位數的增長，而不是現在的低到中等個位數增長。我認為這是我們可以實現的。我們預訂的商業房地產貸款的收益率越來越高。在過去的 6 到 8 週內，我們幾次提高了利率。我們只是在尋找最好的信用，最好的關係，我們希望能夠在銀行可能更加掙扎的地方使用它來進攻，我們可以建立良好的關係。所以我希望這有所幫助。

And our next question will come from Gary Tenner of D.A. Davidson.

我們的下一個問題將來自 D.A. 的 Gary Tenner。戴維森。

Allen, I wonder if you could update us on kind of what the current quarterly projected cash flows are from the securities portfolio currently?

艾倫，我想知道你是否可以向我們介紹目前證券投資組合的當前季度預計現金流量是多少？

Yes. The -- both principal and interest is -- well, I would say the projections are closer to $150 million a quarter. But actually, I believe that the reality is they're probably about $115 million to $120 million. A lot of the models, I think, are over-projecting a little bit on commercial mortgage-backed securities right now, and we're not seeing as much cash flow from those as I think the field books, et cetera, are projecting. But based on what we've seen recently, I think the $110 million to $120 million range is, at least, near term is more likely.

是的。本金和利息都是——好吧，我想說的是，預測每季度接近 1.5 億美元。但實際上，我相信現實情況是它們可能約為 1.15 億至 1.2 億美元。我認為，許多模型目前都對商業抵押貸款支持證券進行了一些過度預測，而且我們沒有看到這些模型產生的現金流量與我認為實地書籍等所預測的一樣多。但根據我們最近看到的情況，我認為至少在短期內更有可能達到 1.1 億美元至 1.2 億美元的範圍。

Okay, I appreciate it. So as you think about the remainder of the year from a balance sheet kind of mix perspective, you got the cash flows coming from the securities portfolio. You talked about second, third quarter being better on deposits, and we've seen that a little bit so far here in April.

好的，我很感激。因此，當你從資產負債表的混合角度考慮今年剩餘時間時，你會得到來自證券投資組合的現金流。你談到第二、第三季度的存款情況更好，我們在 4 月份到目前為止已經看到了一點點。

To the degree that deposit pipelines are projectable at this point, how do you think of the, sort of, the mix or the ability to fund what modest loan growth you may have this year without having to pull down additional borrowings or resort to other sources of funding?

就目前存款管道的可預測程度而言，您如何看待在某種程度上為您今年可能擁有的適度貸款增長提供資金而無需減少額外借款或求助於其他來源的組合或能力資金？

Yes. No, that is exactly what we're attempting to do is just move the mix on the asset side from investment securities to loans without having to borrow more. So the way we're looking at that, candidly, is we're not really -- a couple of quarters ago, we would price off the treasury, a light treasury, a 5-year or a 10-year treasury.

是的。不，這正是我們試圖做的，只是將資產方面的組合從投資證券轉移到貸款，而不必借更多的錢。因此，坦率地說，我們看待這個問題的方式並不是——幾個季度前，我們會為國債、輕型國債、5 年期或 10 年期國債定價。

Now we're really looking at the base pricing plus a spread if we had to borrow incrementally, how would we fund that. So we're looking at the worst-case funding perspective, and we're basing it on that average borrowing rate of just, say, 5% for discussion purposes, plus the spread. So our loan rates are significantly higher than using a 5-year or 10-year treasury plus that same spread.

現在我們真的在考慮基本定價加上利差，如果我們不得不增量借款，我們將如何為其提供資金。因此，我們正在研究最壞情況下的融資視角，我們將其基於僅為討論目的的平均借貸利率，例如 5%，加上息差。因此，我們的貸款利率明顯高於使用 5 年期或 10 年期國債加上相同利差的利率。

So that is the goal, Gary. We want to utilize that cash flow to move it into loans and help offset higher deposit costs and the borrowing cost. But we will work hard towards doing that. Some of that will depend on the economy. Some of that will depend on the interest rate environment. But that's the goal.

這就是目標，加里。我們希望利用這些現金流將其轉化為貸款，並幫助抵消更高的存款成本和借貸成本。但我們會努力做到這一點。其中一些將取決於經濟。其中一些將取決於利率環境。但這就是目標。

Great. And then just last for me. Classified loans down, and it's not a huge number in the scheme of things. But what caught my eye is that essentially every loan segment or a major loan segment on your chart did have a sequential quarter decline. So just kind of curious about that and wondering if there's any kind of Suncrest-related resolutions that impacted just quarter-over-quarter shift.

偉大的。然後對我來說最後一次。分類貸款減少了，這在計劃中並不是一個巨大的數字。但引起我注意的是，基本上每個貸款部分或圖表上的主要貸款部分確實有一個連續的季度下降。所以對此有點好奇，想知道是否有任何與 Suncrest 相關的決議只影響季度輪班。

You mean the down, the Suncrest resolutions?

你是說 Suncrest 決議案嗎？

Yes.

是的。

Yes. So we gave the number, I think, Allen, it was $22 million...

是的。所以我們給出了這個數字，艾倫，我想是 2200 萬美元……

$22 million of Suncrest.

Suncrest 的 2200 萬美元。

$22 million of Suncrest is in there, and that is about the same number that it was last quarter. So the resolutions were not really Suncrest related. And the Suncrest -- more than 50% is the one loan that we mentioned the previous quarter, which was the senior living facility that is paying as agreed, and is relatively low loan-to-value with good guarantor support. That loan is $12 million-ish?

2200 萬美元的 Suncrest 在那裡，這與上個季度的數字大致相同。所以這些決議與 Suncrest 並沒有真正相關。而 Suncrest——超過 50% 是我們上一季度提到的一筆貸款，這是按約定支付的老年生活設施，貸款價值相對較低，有良好的擔保人支持。那筆貸款是 1200 萬美元左右？

Yes.

是的。

$12 million to $13 million of that. And that, Gary, is showing up on our Page 40 in the other category. So the majority of that other category as far as classified loans is that one Suncrest loan.

其中 1200 萬至 1300 萬美元。那個，加里，出現在我們第 40 頁的另一個類別中。因此，就分類貸款而言，其他類別的大部分是一筆 Suncrest 貸款。

Yes, Gary, if you look at the chart we put on the IP, it has sort of moved around a little bit quarter-to-quarter, but it's been generally within the same range. And as Dave alluded to before, we're highly conservative in the classifications. And a lot of times, these can cure themselves within a quarter sometimes.

是的，加里，如果你看一下我們放在 IP 上的圖表，它有點每季度移動一點點，但它通常在相同的範圍內。正如 Dave 之前提到的，我們在分類方面非常保守。很多時候，這些有時可以在四分之一內治愈。

Our next question will come from Matthew Clark of Piper Sandler.

我們的下一個問題將來自 Piper Sandler 的 Matthew Clark。

Maybe just a couple of additional questions around the margin spot rate on deposits at the end of March, and the average margin in the month of March?

也許只是關於 3 月底存款保證金即期利率和 3 月份平均保證金的幾個額外問題？

I guess we gave you two pieces of information in the prepared remarks and in our IP. So if you look at the IP, cost of interest-bearing deposits at the end of the quarter was 54 basis points. On average, it was 47 basis points. Also, we noted that our average cost of borrowings was 4.81% during the quarter. And at the quarter end, it was almost exactly 5%. So hopefully, that helps you, Matthew.

我想我們在準備好的評論和我們的 IP 中給了你兩條信息。因此，如果您查看 IP，本季度末的計息存款成本為 54 個基點。平均而言，它是 47 個基點。此外，我們注意到本季度的平均借貸成本為 4.81%。在季度末，幾乎正好是 5%。所以希望這對你有幫助，馬修。

Okay, great. And then the margin likely will clearly be down again here in 2Q. But do you feel like, given the remix that you plan from here and working down borrowings, I would assume that would recover in the second half. Is that how you're thinking about it?

好的，太好了。然後利潤率可能會在第二季度再次明顯下降。但是你覺得，考慮到你從這裡開始計劃的混音和減少借款，我認為這會在下半年恢復。你是這麼想的嗎？

I think it's possible. Obviously, the net interest margin goes down further in the next quarter. I think we alluded to that last quarter that the first half of the year would probably be under some pressure.

我認為這是可能的。顯然，下一季度淨息差將進一步下降。我想我們在上個季度提到過，今年上半年可能會面臨一些壓力。

Certainly, even with just a static balance sheet, we model and you'll see this in our Q, there's not a lot of volatility in our net interest margin, plus 2 or minus 2 ramp. We're looking at 0.5% either way, up and down. And over 24 months, it's up or down 2%. So if we're able to remix the funding side, that will offset, I think, some of the pressure there. But that will be the question as we get into the later half of the year.

當然，即使只有靜態資產負債表，我們也會建模，你會在我們的 Q 中看到這一點，我們的淨息差波動不大，加 2 或減 2 斜坡。無論哪種方式，我們都在看 0.5%，上下。在過去的 24 個月裡，它上漲或下跌了 2%。因此，如果我們能夠重新組合資金方面，我認為那將抵消那裡的一些壓力。但隨著我們進入今年下半年，這將是一個問題。

Yes. And if we can have some normal seasonality in the deposits and we can grow deposits, which obviously would help pay down the borrowings as well.

是的。如果我們的存款可以有一些正常的季節性，我們可以增加存款，這顯然也有助於償還借款。

Yes, okay. And then just shifting to the securities book. What's your appetite to just blow out of that AFS book? I mean your securities yields barely budged this quarter, and you have plenty of capital, CET1 of 13.8%. I mean if you blow it out, you can earn it back pretty easily, 2.5% pickup just at 5%. It's like $0.80 a share. It's like a 4-year or less earn back, 25% accretive to earnings. I guess why not do it? It's already in your tangible book TCE.

是的，好的。然後只是轉向證券簿。您對 AFS 的那本書有什麼胃口？我的意思是你的證券收益率本季度幾乎沒有變化，而且你有充足的資本，CET1 為 13.8%。我的意思是，如果你把它搞砸了，你可以很容易地把它賺回來，2.5% 的拾取率只需 5%。相當於每股 0.80 美元。這就像 4 年或更短的賺回，收益增加 25%。我想為什麼不這樣做呢？它已經在您的有形書籍 TCE 中。

Well, we understand that, certainly. But I think from our perspective, a 3- or 4-year earn back is rather long still at this point in time in the cycle. And we really don't see a reason to do that.

好吧，我們當然明白這一點。但我認為，從我們的角度來看，3 年或 4 年的盈利回報在周期的這個時間點仍然相當長。我們真的沒有理由這樣做。

Yes. But Matthew, just to sort of the broader maybe answer to your question is we've evaluated it over time, multiple times since we started borrowing in the fourth quarter. So obviously, a lot of this depends on what's happening with rates, where we are, what we can do.

是的。但是馬修，只是為了更廣泛地回答你的問題，我們已經隨著時間的推移對其進行了評估，自從我們在第四季度開始借款以來已經進行了多次評估。很明顯，這在很大程度上取決於利率的變化、我們所處的位置以及我們能做什麼。

And so we'll continue to evaluate it. But at this point, we've made the determination not to do that. But that doesn't mean that we're not looking at it and evaluating it. So I just want to make that clear, too.

因此，我們將繼續對其進行評估。但在這一點上，我們已經下定決心不這樣做。但這並不意味著我們不關注它並對其進行評估。所以我也想說清楚。

Yes. And the earn back is shorter than the duration of the portfolio. So I think you still end up in a better place, but, okay.

是的。並且賺回的錢比投資組合的期限短。所以我認為你最終還是會在一個更好的地方，但是，好吧。

That's assuming -- I mean, that's obviously assuming that rates stay exactly the same. And so there's a lot of assumptions in that. And if rates went down or rates went up, that impacts that earned back too.

這是假設——我的意思是，這顯然是假設利率保持完全相同。因此，其中有很多假設。如果利率下降或上升，那也會影響盈利。

Yes, I totally understand. Okay. And then just shifting to the other mark on the loan book. What would you say to those that are critical of the unrealized loss on your loans and the exercise of running that mark through your balance sheet, equity and book?

是的，我完全明白。好的。然後只是轉移到貸款簿上的另一個標記。對於那些對你的貸款未實現損失以及在你的資產負債表、股權和賬簿上運行該標記的做法持批評態度的人，你會怎麼說？

Matthew, I mean, we have no plans to sell any loans, so they're not going to be classified as available for sale. So I would say it's -- in our view, it's a moot point at this point in time. So I'm not sure what your -- what question it's really related to. But when you look at our Q, you'll see the fair value of our loans, which have improved, I'd say, most likely from the end of the year as rates have come down.

馬修，我的意思是，我們沒有出售任何貸款的計劃，所以它們不會被歸類為可供出售。所以我會說這是 - 在我們看來，這是一個有爭議的問題。所以我不確定你的 - 它真正與什麼問題有關。但是當你查看我們的 Q 時，你會看到我們貸款的公允價值，我想說，隨著利率下降，這些貸款很可能從年底開始有所改善。

Yes. No, I agree. I think it's ridiculous. I'm just allowing you to confront that criticism.

是的。不，我同意。我認為這很荒謬。我只是讓你面對批評。

Yes. No. And look, I think we can -- we -- as we've said, to your earlier question about the AFS portfolio and the securities, I mean, we have core funding that funds all of our loans, and the securities is what we've done with the excess money that's there.

是的。不，我認為我們可以——我們——正如我們所說，對於你之前關於 AFS 投資組合和證券的問題，我的意思是，我們有核心資金為我們所有的貸款提供資金，而證券是我們用多餘的錢做了什麼。

So no plan to sell the loans. We -- the average loan yields going up, rates are coming down a little bit, all these marked things. I mean, I'll have to remember to remind everybody when we're in the positive and say how much we could sell them for, to make money. But quite never came under consideration.

所以沒有出售貸款的計劃。我們 - 平均貸款收益率上升，利率略有下降，所有這些明顯的事情。我的意思是，我必須記得在我們處於積極狀態時提醒大家，並說明我們可以賣多少錢來賺錢。但是從來沒有考慮過。

But no, we -- I understand the point, and I appreciate you giving us the opportunity to speak to that, but we're in a really good spot with the loan portfolio and the quality loans we have. And yes, we're funding them a little bit right now with -- and the securities with some borrowings. But we really believe we can whittle that down as we get through the year.

但是不，我們——我理解這一點，我很感激你給我們機會來談論這個，但我們在貸款組合和我們擁有的優質貸款方面處於非常有利的位置。是的，我們現在正在為他們提供一點資金——以及一些借貸的證券。但我們真的相信我們可以在度過這一年時減少它。

Okay. Great. And then last one, just on the buyback. Any appetite to re-up the buyback?

好的。偉大的。然後是最後一個，只是關於回購。是否有興趣重新回購？

I think at this point, we're just kind of waiting and seeing. Obviously, right now, the stock is trading down, and it's a time where we could take advantage of that. But I think right now, just with some of the uncertainty that's still out there, we feel good about where we are. And having the fortress balance sheet that we have is an important thing for us going into potentially some more uncertainty in the future.

我認為在這一點上，我們只是在觀望。顯然，現在股票正在下跌，現在是我們可以利用的時候。但我認為現在，儘管仍然存在一些不確定性，但我們對自己的處境感覺良好。擁有我們擁有的堡壘資產負債表對於我們在未來可能面臨更多不確定性而言是一件重要的事情。

And I think we talked about this last quarter too, Matthew, is that when we get out of this cycle, obviously, we foresee more opportunities for M&A and having excess capital to deploy in that is something we want to consider.

我想我們在上個季度也談到了這一點，馬修，當我們走出這個週期時，顯然，我們預見到更多的併購機會，並且有多餘的資本可以部署在這方面，這是我們想要考慮的事情。

And our next question will come from Kelly Motta of KBW.

我們的下一個問題將來自 KBW 的 Kelly Motta。

Most of my questions have been asked and answered at this point. But since you mentioned M&A, I might just kick it off with that. I imagine it's been pretty slow. But any update, especially given how well positioned you are with your fortress like balance sheet, like you said. Any update on maybe some of the challenging headwinds perhaps getting people more willing to sell? Any changes there?

在這一點上，我的大部分問題都已被提出和回答。但既然你提到了併購，我可能會以此作為開場白。我想它已經很慢了。但是任何更新，特別是考慮到你的堡壘如資產負債表的定位如何，就像你說的那樣。關於可能使人們更願意出售的一些具有挑戰性的不利因素的任何更新？那裡有什麼變化嗎？

Yes. Look, I mean, very candidly, I think everybody has been hunkered down a little bit, and there haven't been a lot of conversations. But I do think that this will drive more conversations. I mean there are some headwinds to that March, different things that we would have to evaluate.

是的。聽著，我的意思是，非常坦率地說，我認為每個人都有點低頭，沒有太多的對話。但我確實認為這會推動更多的對話。我的意思是那個三月有一些不利因素，我們必須評估不同的事情。

There potentially is some opportunities there for us. And we're open to having those conversations. But obviously, we're not going to stretch for anything, and we need to make sure that we do it according to the standards we've established and how we look at these deals. But there's not a lot of conversations going on. I mean, again, it's -- there's a lot of investment bankers that want to talk about this, and we listen.

我們可能有一些機會。我們願意進行這些對話。但很明顯，我們不會為任何事情而伸手，我們需要確保我們按照我們已經建立的標準以及我們如何看待這些交易來做這件事。但是沒有太多的對話正在進行。我的意思是，再次，它是 - 有很多投資銀行家想要談論這個，我們傾聽。

But I think at this point, I think everybody's just hunkered down, kind of wait to see what's happened. But -- this is my joke for the morning. I've decided because my first day as CEO was March 16, 2020, and then we have March of 2023, I've decided that we are not recognizing March of 2026. We're just going to skip right over that, because every March, there seems to be some sort of black swan event that occurs.

但我認為在這一點上，我認為每個人都只是蹲下來，等著看發生了什麼。但是——這是我早上的笑話。我已經決定，因為我擔任 CEO 的第一天是 2020 年 3 月 16 日，然後是 2023 年 3 月，我決定我們不承認 2026 年 3 月。我們將跳過這一天，因為每個三月，似乎發生了某種黑天鵝事件。

But (inaudible) , mark it on the calendar.

但是（聽不清），在日曆上標記它。

Yes. Thank you. But no, I just -- I think as Allen mentioned, that's something that a reason for us to look at opportunities, and we'll see. People may get tired faster.

是的。謝謝。但不，我只是 - 我認為正如艾倫提到的那樣，這是我們尋找機會的原因，我們會看到的。人們可能會更快感到疲倦。

Understood. We've discussed deposits and funding at length, but one question I didn't hear asked was the proportion of noninterest bearing, I mean, it's remarkable thought 64% of total deposits. Pre-COVID, you were at 60%, so you're still running a bit higher than that.

明白了。我們已經詳細討論了存款和資金，但我沒有聽到有人問的一個問題是無息比例，我的意思是，佔總存款的 64% 是很了不起的。在 COVID 之前，你是 60%，所以你仍然比那個高一點。

Is the right way to think about the overall mix of the deposit base? Is that 60% kind of drifting down towards that as excess continues to go in search of rate? And anything that makes you think that noninterest-bearing will dip below that pre-COVID sort of composition?

考慮存款基數的整體組合是否正確？隨著過剩繼續尋求利率，60% 是否正在朝著這個方向下降？有什麼讓你認為不計息的會低於 COVID 之前的組合？

Yes. I mean, I've talked about this a lot in the past. In some ways, maybe people believed it a little bit more before and maybe now are questioning it. But we bank operating companies. And those operating companies want the treasury management products and services, and they want the fraud prevention and they want to be able to do things.

是的。我的意思是，我過去已經談過很多次了。在某些方面，也許人們以前更相信它，也許現在正在質疑它。但是我們銀行運營公司。而那些運營公司想要資金管理產品和服務，他們想要防止欺詐，他們希望能夠做事。

And the way we have structured those accounts, those customers -- and just notwithstanding the fact that if you have any company of any size, they can't operate with a $250,000 balance that is insured. We have access and have utilized, to a very small degree, the insured cash sweep. I think they just changed the name to inter-buy cash services, but same product.

以及我們構建這些賬戶、那些客戶的方式——儘管事實是，如果你有任何規模的公司，他們不能以 250,000 美元的保險餘額運營。我們可以訪問並在很小的程度上使用了受保現金掃描。我認為他們只是將名稱更改為互購現金服務，但產品相同。

And that's something that is there, somebody is concerned about the safety. But quite candidly, it's not really been about that, and they need to maintain higher balances in their noninterest-bearing to offset service charges to just operate their business. So we don't give guidance on what we think that could be or where I think it could be. But just based on our model, I think that number can stay around the number that we've been at for the last few years.

那就是那裡的東西，有人擔心安全。但坦率地說，這並不是真正的問題，他們需要在無息業務中保持更高的餘額，以抵消服務費用，才能僅運營他們的業務。因此，我們不會就我們認為可能是什麼或我認為可能在哪裡提供指導。但僅根據我們的模型，我認為這個數字可以保持在我們過去幾年的水平附近。

So I -- it's hard to project that exactly. Obviously, we've had a significant amount of deposits that have gone out in [search] of rate. We've kept a lot of it in the family. I think we said in the fourth quarter, about $350 million had gone...

所以我 - 很難準確預測。顯然，我們有大量的存款在 [搜索] 利率中消失了。我們在家裡保留了很多。我想我們在第四季度說過，已經流失了大約 3.5 億美元……

Last year.

去年。

Last year. So that money is in short-term liquidity strategies. If we hit a recession and that starts to lower rates and that yield is not there, that money most likely will come back to us because it hasn't lost -- hasn't left -- excuse me, that was hard for me to get out, it hasn't left the family. So I -- it's hard for me to project, but that's how -- that's the type of client we bank, and that's generally what happens. So...

去年。因此，資金處於短期流動性策略中。如果我們遇到經濟衰退並且開始降低利率並且收益率不存在，那麼這筆錢很可能會回到我們身邊，因為它沒有丟失 - 沒有離開 - 對不起，這對我來說很難滾吧，它還沒有離開家人。所以我 - 我很難預測，但這就是我們銀行的客戶類型，而且通常會發生這種情況。所以...

Got it. I really appreciate all the color on that, Dave.

知道了。戴夫，我真的很欣賞上面的所有顏色。

Yes. And Kelly, just one other thing I wanted to mention, and I don't know if this really hasn't been directly asked. We also added on Page 34, just a little more granularity around the deposit characteristics and the uninsured. And there's differences in call reporting and reality. So I just want everybody to see what -- how we look at those numbers.

是的。凱利，還有一件事我想提一下，我不知道這是否真的沒有被直接問過。我們還在第 34 頁上添加了關於存款特徵和未投保人的更多細節。通話報告和現實存在差異。所以我只想讓大家看看我們如何看待這些數字。

I appreciate all that detail. One last thing from me. Allen, if you have it, just the expected duration of the AFS and HTM books would be helpful.

我很欣賞所有這些細節。我的最後一件事。艾倫，如果你有的話，AFS 和 HTM 書籍的預期持續時間會有所幫助。

Yes. Our AFS portfolio still is between 5% and 5.5%.

是的。我們的 AFS 投資組合仍然在 5% 到 5.5% 之間。

In years. You said percent.

多年。你說的是百分比。

5 to 5.5 years. Yes.

5 至 5.5 年。是的。

I got it. Do you have the HTM book as well?

我得到了它。你也有 HTM 書嗎？

I don't have that. We don't usually disclose that.

我沒有那個。我們通常不會透露這一點。

(Operator Instructions) And our next question will come from Tim Coffey of Janney Scott Montgomery.

（操作員說明）我們的下一個問題將來自 Janney Scott Montgomery 的 Tim Coffey。

Dave, the transfer of deposits to the Citizens Trust business in the quarter. Obviously, it's a popular trade. I'm wondering kind of what your approach to that is.

Dave，本季度將存款轉移到 Citizens Trust 業務。顯然，這是一項受歡迎的交易。我想知道你對此的態度是什麼。

Yes. Actually, it's a really good question. So in the hierarchy, we look at keeping those deposits here at one rate. Then the second choice is keeping the deposits here at a little bit higher rate. And the third choice is keeping them here in a little bit higher rate. And then we look at treasuries, which is higher generally than the highest money market rate depending on the tenure of the treasury.

是的。事實上，這是一個很好的問題。因此，在層次結構中，我們著眼於將這些存款保持在一個利率水平。那麼第二個選擇就是讓這裡的存款利率高一點。第三種選擇是以更高的速度將它們留在這裡。然後我們看看國庫券，它通常高於最高貨幣市場利率，具體取決於國庫券的任期。

So we want to keep the deposits. That's the first goal, but we also don't want the deposits to go outside of the family. So that's sort of how we're looking at it. Obviously, since this whole thing happened on March 10, it's in many ways, been even more of an awakening on the rate side and the excess deposit side. So we want to keep the deposits. We just don't let it walk out the door to trust, whether our Citizens Trust or outside the bank. I mean we're having conversations with people about what we can do.

所以我們想保留存款。這是第一個目標，但我們也不希望存款流到家庭之外。這就是我們看待它的方式。顯然，自從這整件事發生在 3 月 10 日以來，它在很多方面更像是利率方面和超額存款方面的覺醒。所以我們想保留存款。我們只是不讓它走出信任之門，無論是我們的 Citizens Trust 還是銀行外。我的意思是我們正在與人們討論我們能做什麼。

Okay. Great. That's very helpful. And then the borrowings that were brought on during the quarter, the short-term ones, how long do you envision that staying on the balance sheet?

好的。偉大的。這很有幫助。然後是本季度產生的短期借款，您預計這些借款會在資產負債表上停留多長時間？

Well, I mean, it's hard to say, obviously, with what's going on in the economy and things like that. I mean we anticipate that it will diminish as the year goes on, but that's just our current view of it. A lot of things could change between now and the end of the year.

好吧，我的意思是，很明顯，很難說經濟中正在發生的事情以及類似的事情。我的意思是我們預計它會隨著時間的推移而減少，但這只是我們目前的看法。從現在到年底，很多事情可能會發生變化。

It was borrowing themselves, the advances are very short term. So obviously, if deposit flows increase, then there's no reason we would have them.

是自己借的，貸款期限很短。所以很明顯，如果存款流量增加，那麼我們就沒有理由擁有它們。

I would now like to turn the conference back to Dave Brager for closing remarks.

我現在想把會議轉回 Dave Brager 作閉幕詞。

Thank you very much. I want to thank everybody for joining us this quarter. We appreciate your interest and look forward to speaking with you in July for our second quarter 2023 earnings call. Please let Allen and I know if you have any questions. Have a great day, and we'll see you next month or next quarter.

非常感謝。我要感謝大家在本季度加入我們。我們感謝您的關注，並期待在 7 月的 2023 年第二季度財報電話會議上與您交談。如果您有任何問題，請告訴艾倫和我。祝你今天愉快，我們下個月或下個季度見。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。