East West Bancorp Inc (EWBC) 2023 Q1 法說會逐字稿

Good day, and welcome to the East West Bancorp First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎來到 East West Bancorp 2023 年第一季度收益電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Diana Trinh, Vice President and Investor Relations Officer. Please go ahead.

我現在想將會議轉交給副總裁兼投資者關係官 Diana Trinh。請繼續。

Thank you, Betsy. Good morning, and thank you, everyone, for joining us to review the financial results of East West Bancorp's First Quarter 2023. Joining me today are Dominic Ng, Chairman and Chief Executive Officer; and Irene Oh, Chief Financial Officer. This call is being recorded and will be available for replay on our Investor Relations website.

謝謝你，貝琪。早上好，謝謝大家和我們一起回顧 East West Bancorp 2023 年第一季度的財務業績。今天和我一起的是董事長兼首席執行官 Dominic Ng；和首席財務官 Irene Oh。此通話正在錄音中，可以在我們的投資者關係網站上重播。

We will be referencing a slide deck during the call that is available on our Investor Relations site. Management may make projections or other forward-looking statements, which may differ materially from the actual results due to a number of risks and uncertainties, and management may discuss non-GAAP financial measures. For a more detailed description of the risk factors and a reconciliation of GAAP to non-GAAP financial measures, please refer to our filings with the Securities and Exchange Commission, including the Form 8-K filed today.

我們將在我們的投資者關係網站上提供的電話會議中引用幻燈片。管理層可能會做出預測或其他前瞻性陳述，由於存在多種風險和不確定性，這些預測或其他前瞻性陳述可能與實際結果存在重大差異，並且管理層可能會討論非 GAAP 財務措施。有關風險因素的更詳細描述以及 GAAP 與非 GAAP 財務指標的調節，請參閱我們向美國證券交易委員會提交的文件，包括今天提交的 8-K 表格。

I will now turn the call over to Dominic.

我現在將把電話轉給多米尼克。

Thank you, Diana. Good morning. Thank you, everyone, for joining us for our earnings call. I will begin the review of our financial results on Slide 3 of our presentation. This morning, we reported first quarter 2023 net income of $322 million and diluted earnings per share of $2.27 excluding an impairment loss on the subordinated debt security of a failed bank, which was $7 million after tax. Adjusted net income was $329.5 million in the first quarter and adjusted earnings per share were $2.32. Adjusted earnings per share increased 40% year-over-year.

謝謝你，戴安娜。早上好。謝謝大家參加我們的財報電話會議。我將在我們演示文稿的幻燈片 3 上開始審查我們的財務結果。今天早上，我們報告了 2023 年第一季度的淨收入為 3.22 億美元，稀釋後每股收益為 2.27 美元，不包括一家倒閉銀行的次級債務證券的減值損失，稅後為 700 萬美元。第一季度調整後淨收入為 3.295 億美元，調整後每股收益為 2.32 美元。調整後每股收益同比增長 40%。

Our profitability is industry leading. For the first quarter of 2023, our adjusted returns were 2.05% on average assets and 23% on average tangible common equity. First quarter pretax pre-provision profitability was 2.9%.

我們的盈利能力處於行業領先地位。 2023 年第一季度，我們調整後的平均資產回報率為 2.05%，平均有形普通股權益回報率為 23%。第一季度稅前撥備前利潤率為 2.9%。

Slide 4 presents a summary of our branch -- of our balance sheet. As of March 31, 2023, total loans reached a record $48.9 billion, an increase of $697 million or 1% from December 31. First quarter average loan growth was likewise 1%. Average growth in residential mortgage and commercial real estate loans was partially offset by a modest decrease in average commercial and industrial loans.

幻燈片 4 顯示了我們分支機構的摘要 - 我們的資產負債表。截至 2023 年 3 月 31 日，貸款總額達到創紀錄的 489 億美元，比 12 月 31 日增加 6.97 億美元或 1%。第一季度平均貸款增長率同樣為 1%。住宅抵押貸款和商業房地產貸款的平均增長部分被平均商業和工業貸款的小幅下降所抵消。

Total deposits were $54.7 billion as of March 31, 2023, a decrease of $1.2 billion or 2% from December 31. First quarter average deposits were essentially unchanged from the fourth quarter.

截至 2023 年 3 月 31 日，總存款為 547 億美元，比 12 月 31 日減少 12 億美元或 2%。第一季度平均存款與第四季度基本持平。

In the first quarter, time deposits grew due to successful branch-based Lunar New Year CD campaign. This was offset by declines in other deposit categories, which reflected customers seeking higher yields in a rising interest rate environment and the banking industry disruption in mid-March.

第一季度，定期存款因分行農曆新年存單活動的成功而增長。這被其他存款類別的下降所抵消，這反映了客戶在利率上升的環境中尋求更高的收益以及 3 月中旬銀行業的中斷。

Deposit growth is well diversified by deposit type and 33% of total deposits were in noninterest-bearing demand accounts as of March 31, 2023, our loan-to-deposit ratio was 89% as of March 31.

存款增長因存款類型而多樣化，截至 2023 年 3 月 31 日，總存款中有 33% 為無息活期賬戶，截至 3 月 31 日，我們的貸存比為 89%。

Turning to Slide 5. As shown in exhibits on this slide, all of our capital ratios expanded quarter-over-quarter. As of March 31, we had a common equity Tier 1 ratio of 13.06%, up 38 basis points quarter-over-quarter, a total capital ratio of 14.5%, up 50 basis points quarter-over-quarter and a tangible common equity ratio of 8.74%, up 8 basis points quarter-over-quarter. [West] capital ratios are some of the highest among regional banks. Also on this slide, our pro forma capital calculations as of March 31, 2023, key takeaway is that our capital is very strong. The slide, we provided pro forma capital ratios adjusting for available for sale and held to maturity security marks that are not already included in the capital ratios and also for on- and off-balance sheet allowance not already included in the capital ratios.

轉到幻燈片 5。如本幻燈片所示，我們所有的資本比率都比上一季度有所擴大。截至 3 月 31 日，我們的普通股一級資本比率為 13.06%，環比上升 38 個基點，總資本比率為 14.5%，環比上升 50 個基點，有形普通股比率8.74%，環比上升 8 個基點。 [西部]資本比率在地區性銀行中屬於最高的。同樣在這張幻燈片上，我們截至 2023 年 3 月 31 日的備考資本計算，關鍵要點是我們的資本非常強大。在幻燈片中，我們提供了未包含在資本比率中的可供出售和持有至到期證券標記調整後的備考資本比率，以及尚未包含在資本比率中的資產負債表內和表外準備金。

Over the quarter, our book value per share grew 5%, and our tangible book value per share increased 6%. West Board of Directors has declared second quarter 2023 dividends for the company's common stock. The quarterly common dividend of $0.48 will be payable on May 15, 2023, to stockholders of record on May 1, 2023.

本季度，我們的每股賬面價值增長了 5%，每股有形賬面價值增長了 6%。 West 董事會已宣布 2023 年第二季度公司普通股股息。 0.48 美元的季度普通股息將於 2023 年 5 月 15 日支付給 2023 年 5 月 1 日登記在冊的股東。

Moving on to a discussion of our loan portfolio, beginning with Slide 6. As of March 31, 2023, C&I loans outstanding were $15.6 billion, down only $69 million or 0.4% from prior quarter end and up 5% year-over-year. As shown on this slide, our C&I portfolio continues to be well diversified by industry and sector. Greater China loans increased 1% linked quarter to $2.2 billion as of March 31, 2023.

繼續討論我們的貸款組合，從幻燈片 6 開始。截至 2023 年 3 月 31 日，C&I 未償貸款為 156 億美元，僅比上一季度末下降 6900 萬美元或 0.4%，同比增長 5%。如本幻燈片所示，我們的 C&I 投資組合繼續按行業和部門多樣化。截至 2023 年 3 月 31 日，大中華區貸款環比增長 1% 至 22 億美元。

Slide 7 and 8 show the details of our commercial real estate portfolio, which is well diversified by geography and property type and consists of low loan-to-value loans. Total commercial real estate loans were $19.4 billion as of March 31, 2023, up 2% from December 31 and up 14% year-over-year. The quality of our loan portfolio remains very strong. However, given the attention on CRE, we have added more details about our office and retail commercial real estate loans on Slide 9 and Slide 10.

幻燈片 7 和 8 顯示了我們商業房地產投資組合的詳細信息，該投資組合在地域和財產類型方面非常多樣化，包括低貸款價值貸款。截至 2023 年 3 月 31 日，商業房地產貸款總額為 194 億美元，比 12 月 31 日增長 2%，同比增長 14%。我們貸款組合的質量仍然非常強勁。然而，鑑於對 CRE 的關注，我們在幻燈片 9 和幻燈片 10 中添加了更多關於我們的辦公室和零售商業房地產貸款的細節。

You can see on Slide 9, our office commercial real estate portfolio is very granular with few large loans. We have only 7 loans totaling $271 million that are greater than $30 million in size. The weighted average loan-to-value of our office commercial real estate portfolio is a low 52% and the loan-to-value is consistently low across loan-size segment. Portfolio is well diversified by geography with limited exposure to downtown and central business districts.

您可以在幻燈片 9 上看到，我們的辦公商業房地產組合非常精細，幾乎沒有大額貸款。我們只有 7 筆貸款總額超過 3000 萬美元，總額為 2.71 億美元。我們寫字樓商業房地產投資組合的加權平均貸款價值比低至 52%，並且貸款價值比在整個貸款規模細分市場中一直處於較低水平。投資組合在地理位置上非常多元化，對市中心和中央商務區的敞口有限。

On Slide 10, you can see that our retail commercial real estate portfolio is also very granular with few large loans. We have only 7 loans totaling $268 million, which are greater than $30 million in size. The weighted average loan-to-value of our commerce -- retail commercial real estate portfolio is a low 48% and the loan-to-value is also consistently low across loan-size segment. The portfolio is well-diversified geographies and the footprint largely reflect our branch network.

在幻燈片 10 上，您可以看到我們的零售商業房地產投資組合也非常精細，幾乎沒有大額貸款。我們只有 7 筆貸款，總計 2.68 億美元，規模超過 3000 萬美元。我們的商業 - 零售商業房地產投資組合的加權平均貸款價值比很低，僅為 48%，貸款規模部分的貸款價值比也一直很低。投資組合分佈在多元化的地域，足跡在很大程度上反映了我們的分支機構網絡。

On Slide 11, we provide details regarding our residential mortgage portfolio, which consists of single-family mortgages and home equity lines of credit. Our residential mortgage loans are primarily originated through our branch network. I would highlight that 82% of our HELOC commitments were in a first lien position as of March 31, 2023. Financial mortgage loans totaled $13.8 billion as of March 31, up 3% from December 31 and up 19% year-over-year. We added a new slide to provide more information about our granular diversified deposit base.

在幻燈片 11 中，我們提供了有關住宅抵押貸款組合的詳細信息，其中包括單戶抵押貸款和房屋淨值信貸額度。我們的住宅抵押貸款主要通過我們的分行網絡發放。我要強調的是，截至 2023 年 3 月 31 日，我們 82% 的 HELOC 承諾處於第一留置權。截至 3 月 31 日，金融抵押貸款總額為 138 億美元，比 12 月 31 日增長 3%，同比增長 19%。我們添加了一張新幻燈片，以提供有關我們精細的多元化存款基礎的更多信息。

Slide 12 demonstrates our deposit mix by segment and also industry for commercial deposits. Deposits totaled $54.7 billion as of March 31, 2023, a decrease of 2% quarter-over-quarter and less than 0.5% year-over-year. Now over 550,000 deposit accounts at East West and our average commercial deposit account size is approximately $375,000 and our retail branch-based consumer deposits, which totaled 33% of our deposits have an average size of approximately $40,000. Commercial deposits are well diversified by industry. Our largest commercial deposit industry segment at 7% is real estate property investment and management. These deposits are predominantly thousands of operating accounts for individual properties that are commercial real estate customers owned.

幻燈片 12 展示了我們按部門和商業存款行業劃分的存款組合。截至 2023 年 3 月 31 日，存款總額為 547 億美元，環比下降 2%，同比下降不到 0.5%。現在 East West 有超過 550,000 個存款賬戶，我們的平均商業存款賬戶規模約為 375,000 美元，而我們基於零售分行的消費者存款（占我們存款的 33%）的平均規模約為 40,000 美元。商業存款因行業而異。我們最大的商業存款行業部分是房地產投資和管理，佔 7%。這些存款主要是商業房地產客戶擁有的個人財產的數千個運營賬戶。

As of March 31, out of our $52.5 billion in domestic deposits, insured or otherwise collateralized deposits were $29.6 billion, and domestic uninsured deposit ratio improved to 44%, down from 50% as of December 31, 2022. During the industry disruption in mid-March, our associates have worked with customers to expand their FDIC insurance coverage, primarily through the utilization of fully insured sweep programs. And as of yesterday, April 19, 2023, the domestic uninsured deposit ratios improved to 41%.

截至 3 月 31 日，在我們 525 億美元的國內存款中，受保或其他抵押存款為 296 億美元，國內未受保存款比率從 2022 年 12 月 31 日的 50% 提高至 44%。在中期行業中斷期間- 3 月，我們的員工與客戶合作，主要通過利用完全保險的掃描計劃來擴大他們的 FDIC 保險範圍。截至昨天，即 2023 年 4 月 19 日，國內無保險存款比率提高至 41%。

We'll now turn the call over to Irene for a more detailed discussion of our securities portfolio, liquidity management, asset quality and income statement. Irene?

我們現在將電話轉給艾琳，以更詳細地討論我們的證券投資組合、流動性管理、資產質量和損益表。艾琳？

Thank you, Dominic. I'll start with a discussion of our securities portfolio and liquidity management strategy on Slide 13. At March 31, our securities available for sale or AFS had a fair value of $6.3 billion with a weighted average spot yield of 3.25% and a duration of approximately 4 years. We purchased few AFS securities in the first quarter. Gross unrealized losses on this portfolio were 11% of amortized cost as of March 31, already reflected in tangible common equity as part of AOCI.

謝謝你，多米尼克。我將首先在幻燈片 13 上討論我們的證券投資組合和流動性管理策略。3 月 31 日，我們可供出售的證券或 AFS 的公允價值為 63 億美元，加權平均現貨收益率為 3.25%，持續時間為大約 4 年。我們在第一季度購買了少量 AFS 證券。截至 3 月 31 日，該投資組合的未實現總虧損佔攤餘成本的 11%，已作為 AOCI 的一部分反映在有形普通股中。

On March 31, our securities held to maturity, or HTM, had an amortized cost of $3 billion and a weighted average spot yield of 1.73% with the duration of approximately 8 years. We have the ability and intent to hold these securities until maturity. With unrealized losses on our HTM securities were 16% of advertised costs as of March 31. At the time of the transfer of these securities from AFS to HTM in the first quarter of 2022, $138 million of the unrealized losses were included in AOCI and are reflected in equity. As the remainder of the unrealized losses on HTM were to be treated similarly to AFS. Our tangible common equity would still be a very strong [8 37] as of March 31.

3 月 31 日，我們持有至到期日的證券 (HTM) 的攤餘成本為 30 億美元，加權平均即期收益率為 1.73%，期限約為 8 年。我們有能力也有意持有這些證券直至到期。截至 3 月 31 日，我們的 HTM 證券的未實現虧損佔廣告成本的 16%。在 2022 年第一季度將這些證券從 AFS 轉移到 HTM 時，1.38 億美元的未實現虧損已計入 AOCI，並且反映在股權上。由於 HTM 的剩餘未實現損失將與 AFS 類似地處理。截至 3 月 31 日，我們的有形普通股仍將非常強勁 [8 37]。

We took many actions in response to the recent banking industry disruption. First, we increased our on-balance sheet liquidity. Our cash and cash equivalents increased 70% to $5.9 billion as of March 31, up from $3.5 billion as of December 31. This increase was primarily funded with $4.5 billion in borrowings to the Bank Term Funding Program at a cost of 4.37%. Thus, the on-balance sheet liquidity has provided a positive carry and contribution to NII.

我們採取了許多行動來應對最近銀行業的混亂。首先，我們增加了資產負債表內的流動性。截至 3 月 31 日，我們的現金和現金等價物從 12 月 31 日的 35 億美元增加了 70%，達到 59 億美元。這一增長主要來自銀行定期融資計劃的 45 億美元借款，成本為 4.37%。因此，表內流動性為 NII 提供了正利差和貢獻。

Also, we swiftly added to our borrowing capacity by pledging additional assets for the Federal Reserve and the FHLB San Francisco. Our total borrowing capacity plus cash and cash equivalents were $30.6 billion as of March 31, and is equivalent to 134% of our total uninsured and uncollateralized deposits. We have a long-standing approach to conservative liquidity management East West as an important component of our risk management practices.

此外，我們通過為美聯儲和 FHLB 舊金山抵押額外資產，迅速增加了我們的借貸能力。截至 3 月 31 日，我們的總借貸能力加上現金和現金等價物為 306 億美元，相當於我們未投保和無抵押存款總額的 134%。作為我們風險管理實踐的重要組成部分，我們長期採用保守的東西方流動性管理方法。

Moving on to asset quality metrics and components of our allowance for loan losses on Slide 14 and 15. The asset quality of our loan portfolio continues to be strong. Nonperforming assets as of March 31 decreased to $93 million or 14 basis points of total assets, an improvement from $100 million or 16 basis points as of December 31. Quarter-over-quarter criticized loans increased 2% and the criticized loan ratio increased 1 basis point. Our allowance for loan losses increased to $620 million as of March 31, or 1.27% on loans, up from 1.24% as of year-end.

轉到幻燈片 14 和 15 的資產質量指標和貸款損失準備金的組成部分。我們貸款組合的資產質量繼續保持強勁。截至 3 月 31 日的不良資產減少至 9300 萬美元或總資產的 14 個基點，比截至 12 月 31 日的 1 億美元或 16 個基點有所改善。環比受批評的貸款增加 2%，受批評的貸款比率增加 1 個基點觀點。截至 3 月 31 日，我們的貸款損失準備金從年底的 1.24% 增加到 6.20 億美元，佔貸款的 1.27%。

During the first quarter, we recorded net charge-offs of $609,000 or 1 basis point of average loans annualized compared with net charge-offs of 8 basis points annualized in the fourth quarter. [Talking] the stability of our asset quality metrics, our low charge-offs and the current macroeconomic forecast, we recorded a provision for credit losses of $20 million in the first quarter compared to $25 million for the fourth quarter last year.

在第一季度，我們記錄了 609,000 美元的淨註銷或年化平均貸款的 1 個基點，而第四季度的年化淨註銷為 8 個基點。 [談論] 我們資產質量指標的穩定性、我們的低沖銷和當前的宏觀經濟預測，我們在第一季度記錄了 2000 萬美元的信貸損失準備金，而去年第四季度為 2500 萬美元。

Again, while asset quality remains strong and the current credit environment is benign, we continue to remain vigilant. We are actively monitoring the loan portfolio and taking proactive measures to build our allowance for loan losses. We are performing ongoing deep dives into loan portfolio segments, for example, by commercial real estate [property] type and maturity here. We are showing up loans when appropriate by securing additional collateral, guarantees or paydowns from our borrowers.

同樣，雖然資產質量依然強勁且當前的信貸環境良好，但我們繼續保持警惕。我們正在積極監控貸款組合併採取積極措施來建立我們的貸款損失準備金。我們正在對貸款組合細分市場進行持續的深入研究，例如，按此處的商業房地產 [property] 類型和期限。我們通過從借款人那裡獲得額外的抵押品、擔保或還款來在適當的時候顯示貸款。

And now moving on to a discussion of our income statement on Slide 16. As Dominic mentioned, this quarter, we had a non-GAAP adjustment to our EPS of $0.05. Also, early in the year, we prepaid $300 million of repo liabilities that carried a weighted average interest rate of 6.74%. Amortization of tax credits and other investments in the first quarter was $10 million compared with $65 million in the fourth quarter. Variability in this line reflects timing of when tax credit investments closed. For the second quarter of 2023, we are currently estimating that the amortization of tax credit investments will be approximately $25 million. The first quarter effective tax rate was 23% compared with 20% for the 2022 full year. We currently anticipate that the effective tax rate for the full year of 2023 will also be 20%.

現在繼續討論我們在幻燈片 16 上的損益表。正如 Dominic 提到的，本季度，我們對 EPS 進行了 0.05 美元的非 GAAP 調整。此外，今年年初，我們預付了 3 億美元的回購負債，加權平均利率為 6.74%。第一季度稅收抵免和其他投資的攤銷額為 1000 萬美元，而第四季度為 6500 萬美元。這條線的變化反映了稅收抵免投資結束的時間。對於 2023 年第二季度，我們目前估計稅收抵免投資的攤銷約為 2500 萬美元。第一季度的有效稅率為 23%，而 2022 年全年為 20%。我們目前預計2023年全年的有效稅率也為20%。

I'll now review the key drivers of our net interest income and net interest margin on Slides 17 through 20, starting with the average balance sheet. First quarter average loan growth was 1% and first quarter average earning assets growth was 2%, reflecting the growth in loans and cash. Average deposits of $55 billion were essentially unchanged quarter-over-quarter, reflecting growth of $3 billion in CDs, offset by declines in other deposit accounts. Declines in other deposit categories reflected ongoing customer preferences for higher yields as well as the banking industry disruption in mid-March. Our average loan-to-deposit ratio was 88% in the first quarter and average noninterest-bearing demand deposits made up 36% of average deposits.

我現在將在幻燈片 17 到 20 上回顧我們的淨利息收入和淨息差的主要驅動因素，從平均資產負債表開始。第一季度平均貸款增長率為 1%，第一季度平均盈利資產增長率為 2%，反映了貸款和現金的增長。平均存款為 550 億美元，環比基本保持不變，反映出 CD 增長了 30 億美元，被其他存款賬戶的下降所抵消。其他存款類別的下降反映了客戶對更高收益率的持續偏好以及 3 月中旬銀行業的中斷。我們第一季度的平均存貸比為 88%，平均無息活期存款占平均存款的 36%。

Turning to Slide 18. First quarter 2023 net interest income was $600 million, a decrease of 1% from the fourth quarter due to day count. Net interest margin of 3.96% [compressed] by 2 basis points quarter-over-quarter. Equalizing for day count, the 2% quarter-over-quarter average earning asset growth more than offsets the 2 basis points of NIM contraction. Also, as you can see from the waterfall chart on this slide, NIM compression in the first quarter reflected the impact of higher interest-bearing funded costs and the funding mix shift partially offset by expanding asset yields. In April, we added $500 million notional value received fixed swap to augment the $3.25 billion of swaps and collars we added in 2022 to help preserve net interest income [when they] decrease. This impact was about 8 basis points to NIM this quarter. NIM would have been 4.04% otherwise.

轉到幻燈片 18。由於天數計算，2023 年第一季度的淨利息收入為 6 億美元，比第四季度下降 1%。淨息差為 3.96% [壓縮]，環比下降 2 個基點。按天數計算，2% 的季度平均收益資產增長抵消了 NIM 收縮的 2 個基點。此外，正如您從這張幻燈片的瀑布圖中看到的那樣，第一季度的 NIM 壓縮反映了更高的生息融資成本的影響，以及融資組合轉變部分被資產收益率擴大所抵消。 4 月，我們增加了 5 億美元的名義價值固定掉期，以增加我們在 2022 年增加的 32.5 億美元的掉期和領子，以幫助保持淨利息收入 [當它們] 減少時。這一季度對 NIM 的影響約為 8 個基點。否則 NIM 將是 4.04%。

Turning to Slide 19. The first quarter average loan yield was 6.14%, an increase of 55 basis points quarter-over-quarter. As of March 31, the spot coupon rate on our loans was 6.21% compared with 5.92% as of year-end. In this slide, we also present the coupon spot yields for each major loan portfolio for the last 5 quarter ends. You'll see the positive impact of rising interest rates on each loan portfolio as loans reprice. In total, 61% of our loan portfolio was variable rate as of March 31, including 28% linked to prime rate and 27% linked to SOFR or LIBOR rate.

轉到幻燈片 19。第一季度平均貸款收益率為 6.14%，環比上升 55 個基點。截至 3 月 31 日，我們貸款的即期票面利率為 6.21%，而年底為 5.92%。在這張幻燈片中，我們還展示了過去 5 個季度末每個主要貸款組合的息票即期收益率。隨著貸款重新定價，您會看到利率上升對每個貸款組合的積極影響。截至 3 月 31 日，我們總共有 61% 的貸款組合採用浮動利率，其中 28% 與優惠利率掛鉤，27% 與 SOFR 或 LIBOR 利率掛鉤。

I'll also highlight that for our CRE loan customers, we have helped many of them hedge against rising rates due to the yields of swaps, caps and collars. Fixed rate and synthetically fixed rate loans through the utilization of these derivatives are 65% of the total CRE book as of March 31. While East West enjoys the benefit of asset sensitivity today, majority of our CRE customers are protected against rising debt service costs in a higher rate environment.

我還要強調的是，對於我們的 CRE 貸款客戶，我們已經幫助他們中的許多人對沖由於掉期、上限和領子的收益率而導致的利率上升。截至 3 月 31 日，通過利用這些衍生品獲得的固定利率和綜合固定利率貸款佔 CRE 賬面總額的 65%。雖然 East West 今天享有資產敏感性的好處，但我們的大多數 CRE 客戶在償債成本上升的情況下受到保護更高速率的環境。

Turning to Slide 20. Our average cost of deposits for the first quarter was 160 basis points, up 54 basis points from the fourth quarter. Our spot rate on total deposits was 193 basis points as of March 31, equivalent to 39% cumulative beta relative to the a 475 basis point increase in the target Fed funds rate since December 2021. In comparison, the cumulative beta on our loans has been 58% over the same time period.

轉到幻燈片 20。我們第一季度的平均存款成本為 160 個基點，比第四季度上升 54 個基點。截至 3 月 31 日，我們的總存款即期利率為 193 個基點，相對於 2021 年 12 月以來目標聯邦基金利率增加 475 個基點，累積貝塔係數為 39%。相比之下，我們貸款的累積貝塔係數為同期增長 58%。

Moving on to fee income on Slide 21. Total noninterest income in the first quarter was $60 million, excluding the impairment of the aforementioned security, adjusted noninterest income in the first quarter was $70 million, up from $65 million in the prior quarter.

轉到幻燈片 21 的費用收入。第一季度非利息收入總額為 6000 萬美元，不包括上述證券的減值，第一季度調整後的非利息收入為 7000 萬美元，高於上一季度的 6500 萬美元。

Slide 22. First quarter noninterest expense was $218 million, excluding amortization of tax credits in CDI and debt extinguishment costs on the repo. Adjusted noninterest expense was $204 million in the first quarter, up 6% sequentially, primarily driven by seasonal first quarter increases in comp and employee benefit expense. The first quarter adjusted efficiency ratio was 30% compared with 29% in the fourth quarter. Our adjusted pretax, pre-provision income was $466 million in the first quarter and our pretax, pre-provision return on assets was an industry-leading [2.90%].

幻燈片 22。第一季度非利息支出為 2.18 億美元，不包括 CDI 的稅收抵免攤銷和回購的債務清償成本。第一季度調整後的非利息支出為 2.04 億美元，環比增長 6%，主要受第一季度薪酬和員工福利支出季節性增長的推動。第一季度調整後的效率比為 30%，而第四季度為 29%。我們調整後的稅前撥備前收入在第一季度為 4.66 億美元，我們的稅前撥備前資產回報率處於行業領先水平 [2.90%]。

Next, outlook on Slide 23. For the full year 2023 compared to full year 2022, we currently expect year-over-year loan growth in the range of 5% to 7%, year-over-year net interest income growth in the range of 16% to 18% underpinning our net interest income assumptions is the forward interest rate curve as of March 31, 2023. Adjusted noninterest expense growth in the range of 8% to 9%, we expect our revenue and expense outlook to result in positive operating leverage.

接下來是幻燈片 23 的展望。與 2022 年全年相比，我們目前預計 2023 年全年貸款同比增長 5% 至 7%，淨利息收入同比增長在該範圍內支持我們淨利息收入假設的 16% 至 18% 是截至 2023 年 3 月 31 日的遠期利率曲線。調整後的非利息支出增長在 8% 至 9% 之間，我們預計我們的收入和支出前景將產生積極影響經營槓桿。

In terms of credit, for the full year of 2023, we expect to record a provision for credit losses in the range of $100 million to $120 million. The provision for credit losses for 2023 will largely be driven by change in the macroeconomic outlook and loan growth. Today, asset quality is excellent, we believe that the potential losses from every -- any problem loans are limited. Finally, we expect that our effective tax rate for the full year will be approximately 20% based on about $150 million of tax credit investments for the year, excluding low-income housing tax credits, and an estimated related tax credit amortization of approximately $145 million for the full year. There will be quarterly variability in the tax rate and the tax credit amortization due to the timing of tax credit investments placed in the service.

在信貸方面，我們預計 2023 年全年將計提 1 億至 1.2 億美元的信貸損失準備金。 2023 年信貸損失準備金將主要受宏觀經濟前景變化和貸款增長的推動。今天，資產質量非常好，我們認為每筆問題貸款的潛在損失都是有限的。最後，我們預計全年的有效稅率約為 20%，基於當年約 1.5 億美元的稅收抵免投資，不包括低收入住房稅收抵免，以及估計的相關稅收抵免攤銷約 1.45 億美元全年。由於服務中稅收抵免投資的時間安排，稅率和稅收抵免攤銷將出現季度變化。

With that, I will now turn the call back over to Dominic for closing remarks.

有了這個，我現在將把電話轉回給 Dominic 以作結束語。

Thank you, Irene. In closing, East West has a sound business model and a healthy balance sheet. This is reflected in our granular deposit base and our diversified loan portfolio with strong asset quality. We operate with high capital ratios and we are well positioned to deliver strong earnings growth and industry-leading profitability despite the headwinds facing the banking industry.

謝謝你，艾琳。最後，East West 擁有良好的商業模式和健康的資產負債表。這反映在我們精細的存款基礎和我們具有強大資產質量的多元化貸款組合中。我們以高資本比率運營，儘管銀行業面臨逆風，但我們有能力實現強勁的盈利增長和行業領先的盈利能力。

In 2023, our outlook is for attractive revenue growth and well-controlled efficiency. I wish to thank all our associates without whom our success would not be possible. For over 50 years, our associates have strived to help our customers succeed and East West's strong results are a reflection of their hard work and dedication.

2023 年，我們的前景是有吸引力的收入增長和良好控制的效率。我要感謝我們所有的同事，沒有他們我們就不可能取得成功。 50 多年來，我們的員工一直致力於幫助我們的客戶取得成功，East West 的強勁業績反映了他們的辛勤工作和奉獻精神。

I will now open up the call to questions. Operator?

我現在將開始提問。操作員？

(Operator Instructions) The first question today comes from Ebrahim Poonawala with Bank of America.

（操作員說明）今天的第一個問題來自美國銀行的 Ebrahim Poonawala。

I guess just one big picture question, Dominic. Clearly, I mean, I think given what happened in March, I think the question is our business, commercial deposit customers a lot more sensitive around how they manage their excess funds or uninsured deposits, whichever way you want to look at it. Has any of this changed in terms of how you strategically think about gathering deposits and what type of deposits you want on the balance sheet and how this may influence growth going forward?

我想只是一個大問題，多米尼克。顯然，我的意思是，我認為考慮到 3 月份發生的事情，我認為問題在於我們的業務，商業存款客戶對他們如何管理超額資金或未保險存款更加敏感，無論你想如何看待它。在您如何從戰略上考慮收集存款、您希望資產負債表上有什麼類型的存款以及這將如何影響未來的增長方面，這一切是否發生了變化？

Well, it really hasn't changed too much because we have always have a very strict principle in terms of we've got to run our balance sheet in a very prudent, conservative way and then no concentration in any particular industry, no concentration in any particular one single client and so forth. So as you can see, despite the turmoil, well, we're down 2% after 2 weeks of chaos, the deposit down 2%. So it's very different than other banks that may have a very, very high exposure and as pressure [unique] our customer base. So our position is that so long that we don't have overconcentration in any one particular client then you would not be taking a very, very big hit one way or the other.

好吧，它真的沒有太大變化，因為我們一直有一個非常嚴格的原則，我們必須以非常謹慎、保守的方式運行我們的資產負債表，然後不專注於任何特定行業，不專注於任何特定的單一客戶等等。所以正如你所看到的，儘管有動盪，但經過 2 週的混亂，我們還是下跌了 2%，存款下跌了 2%。因此，它與其他銀行非常不同，其他銀行可能具有非常非常高的風險敞口，並且對我們的客戶群造成 [獨特] 壓力。所以我們的立場是，只要我們沒有過度關注任何一個特定的客戶，那麼你就不會以一種或另一種方式受到非常非常大的打擊。

Now obviously, if you look at for what happened for the last 2 weeks in March, customers' behavior changed [a little bit], particularly if you look at in the private equity sector or VC sector, the limited partners who may not be as familiar with the bank, we'll probably talk to their general partner and ask that, "Hey, you know what, it is not a too big to fail bank." Maybe this is not necessary or they would rather take the money to some other like treasury or some other sources just to make sure that they are taking the money in the safe place when they have no ability to figure out that how the bank's financial performance are and so forth.

現在很明顯，如果你看看 3 月份最後兩週發生的事情，客戶的行為發生了[一點點]變化，特別是如果你看看私募股權部門或風險投資部門，有限合夥人可能不像熟悉銀行後，我們可能會與他們的普通合夥人交談並詢問，“嘿，你知道嗎，這不是一家大到不能倒閉的銀行。”也許這是沒有必要的，或者他們寧願把錢帶到其他地方，比如財政部或其他一些來源，只是為了確保他們在沒有能力弄清楚銀行的財務業績如何時把錢放在安全的地方等等。

I mean, these are limited partners who do not have direct exposure interaction with the banks. So for those type of customers, there are 2 ways to handle it. One is that we provide additional financial information, just like we show our capital ratio. We show the borrowing capacity, which is, I mean, 130-some-odd percent higher than the uninsured deposit and we show the granular deposit base, consumer, commercial, 550,000 accounts to a smaller balance all that, that we show it to them, and then we can somewhat help convince even folks that have no exposure with East West Bank and still can get comfortable. I mean that's one way.

我的意思是，這些是與銀行沒有直接接觸的有限合夥人。因此，對於這些類型的客戶，有兩種處理方式。一是我們提供額外的財務信息，就像我們展示我們的資本比率一樣。我們展示了借貸能力，我的意思是，比無保險存款高出 130 多個百分比，我們展示了細粒度的存款基礎、消費者、商業、550,000 個賬戶到較小的餘額所有這些，我們向他們展示，然後我們可以在某種程度上幫助說服那些沒有接觸過華美銀行但仍然可以放心的人。我的意思是那是一種方式。

The other way is the fully insured program like ICS and CDARS. So -- I mean, for convenience, sometimes we just sign them up for ICS, get that over with so they are now 100% insured, they don't have to worry about. And so we do combination multiple different ways because for long term, we want to continue to have more people to understand who East West are and then also through this kind of interaction, actually, we end up getting even more referral, more deposit customers, limited partners that normally don't have anything to do with us. Because of this changing environment, we need to reach out and after reaching out, they say, maybe we should start banking with East West. It's all worked out just fine if it in the long run. And so I encourage our team to do that, but on the other hand, we also want to make sure to expedite some of these customers concerns and I would just provide them a fully insured program. It's a combination of both.

另一種方式是完全保險計劃，如 ICS 和 CDARS。所以——我的意思是，為了方便起見，有時我們只是為他們註冊 ICS，結束這一切，這樣他們現在就 100% 投保了，他們不必擔心。所以我們結合了多種不同的方式，因為從長遠來看，我們希望繼續讓更多的人了解東西方是誰，然後通過這種互動，實際上，我們最終會得到更多的推薦，更多的存款客戶，通常與我們沒有任何關係的有限合夥人。由於這種不斷變化的環境，我們需要伸出援手，在伸出援手之後，他們說，也許我們應該開始與 East West 開展銀行業務。如果從長遠來看，一切都很好。因此，我鼓勵我們的團隊這樣做，但另一方面，我們也希望確保加快解決其中一些客戶的擔憂，我只想為他們提供一個完全保險的計劃。它是兩者的結合。

So I think that part of the change is happening. And obviously, at this point, it's a bit more subside. But still, I do feel that not having overconcentration in any particular set of metrics and so, as you are well aware, we -- our -- like a VC deposit is less than 2%, PE deposit also very low. So from that standpoint, so even with this kind of like Silicon Valley Banks or [contingent effect], it does not help us. I'd like to [weigh] maybe to the other banks.

所以我認為部分變化正在發生。顯然，在這一點上，它有點消退。但是，我確實覺得在任何特定的一組指標中都沒有過度集中，所以，正如你所知道的，我們——我們的——就像 VC 存款不到 2%，PE 存款也非常低。所以從這個角度來看，即使有像矽谷銀行或[或有效應]這樣的東西，它也無濟於事。我想 [權衡] 其他銀行。

Got it. And just a separate question around commercial real estate, means it's less about your portfolio. You provided a great amount of detail, but in one, do you share the concerns in the market around the outlook for commercial real estate, the impact from interest rates of CRE, but maybe that could spread depending on the recession. Just how concerned are you in terms of the overall market backdrop for CRE over the next year or two? And how do you insulate East West from just the market factors that could lead to a decline in loan to values, maybe more defaults, not at East West, but it could have some secondary effects.

知道了。只是關於商業房地產的一個單獨問題，意味著它與您的投資組合無關。你提供了大量細節，但其中之一，你是否分享了市場對商業房地產前景的擔憂，CRE 利率的影響，但也許這可能會隨著經濟衰退而擴散。您對未來一兩年 CRE 的整體市場背景有多擔心？你如何將東西方與可能導致貸款價值下降的市場因素隔離開來，也許更多的違約，而不是在東西方，但它可能會產生一些次要影響。

Well, at this point, it all depends on the interest rate environment. So I would think that as the economy continues to slow down, at some point, the Fed is going to have the drop rate. Once they start dropping rate, it depends on the pace of how fast they drop rate, that would affect relief to the CRE market. Obviously, we all know that there are a bunch of commercial real estate out there and there are a lot of them may be coming due and some of them have higher LTVs. Some of them are in areas that have much higher exposure. But by and large, if you look at the smaller properties that are not in the highly concentrated like downtown, metropolitan area and certain particular cities, they -- those properties are going pretty well because business overall is not doing badly. So people still need to have an office. They still need to -- by the way, commercial estate is not just office building. There are lot of retail business are going pretty well. And there are warehouses, customers still having hard time to find warehouse space. And there are also multifamily buildings that in many of the areas in the United States that are fully occupied.

那麼，在這一點上，這完全取決於利率環境。所以我認為，隨著經濟繼續放緩，在某個時候，美聯儲將會降息。一旦他們開始降息，這取決於降息的速度，這將影響對 CRE 市場的緩解。顯然，我們都知道那裡有很多商業地產，其中很多可能即將到期，其中一些具有更高的 LTV。其中一些位於曝光度高得多的區域。但總的來說，如果你看看不在市中心、大都市區和某些特定城市等高度集中的較小物業，它們——這些物業進展順利，因為整體業務表現不差。所以人們仍然需要有辦公室。他們仍然需要——順便說一下，商業地產不僅僅是寫字樓。有很多零售業務進展順利。還有倉庫，客戶仍然很難找到倉庫空間。在美國的許多地區，也有多戶住宅被完全佔用。

So there are a lot of commercial real estates that are still going very well. And for East West Bank fortunately, we have many of those. So how the market will affect us, so we always prepare for the worst. So that's why a few years ago, several years ago, we already started doing a complete swapping of our commercial real estate portfolio. Again, slicing and dicing to make sure that we do not have any overconcentration any particular area, particular sector, segment within our geographic area that we are concerned and making sure we do not have too many very large commercial real estate loan. We do not have any huge ones [come to our] and doing all of those typical [19-101] type of risk oversight.

所以有很多商業地產還是發展的很好。幸運的是，對於 East West Bank，我們有很多。那麼市場會如何影響我們，所以我們總是做最壞的打算。所以這就是為什麼幾年前，幾年前，我們已經開始對我們的商業房地產投資組合進行全面交換。再次，切片和切塊以確保我們沒有過度集中在我們所關注的地理區域內的任何特定區域、特定部門、部分，並確保我們沒有太多非常大的商業房地產貸款。我們沒有任何大型的 [come to our] 並進行所有那些典型的 [19-101] 類型的風險監督。

And in addition to that, very, very proactively helping our customers to get interest rates swap so that while we are enjoying this adjustable rate and the last year or so and that's even now enjoy this wide margin -- net interest margin, our customers are actually paying fixed rate. So we've been very, very proactive for the last actually 8 to 9 years doing interest rate swap. And I think that we do have a portfolio that are, quite frankly, are much more immune against the high rate attack for commercial real estate borrowers. Secondly, as I looked at the current interest rate environment, we looked at predominantly 2023 or maybe the higher part of 2023 and also the full year 2024 will -- probably will be a more stressful year for the CRE owners. And when I look at our portfolio, I believe that we only have 6% of our CRE loans coming due in 2023.

除此之外，非常、非常積極地幫助我們的客戶獲得利率互換，這樣當我們在享受這種可調整的利率時，在過去一年左右的時間裡，甚至現在享受如此大的利潤率——淨息差，我們的客戶是實際上支付固定利率。因此，在過去的 8 到 9 年裡，我們一直非常、非常積極地進行利率互換。而且我認為我們確實有一個投資組合，坦率地說，它更能抵禦商業房地產借款人的高利率攻擊。其次，當我審視當前的利率環境時，我們主要關注 2023 年或 2023 年的較高部分以及 2024 年全年——對於 CRE 所有者來說可能是壓力更大的一年。當我查看我們的投資組合時，我相信我們只有 6% 的 CRE 貸款將於 2023 年到期。

And Irene you to correct me if I am wrong, I think next year will be 8%. So 6% this year, 8% next year. We are in a much better position in terms of not having to deal with a lot of those big loans coming due. First of all, we don't have any big loans coming due. Secondly, we want the whole portfolio its only 6% coming due. And next year, we are 8% coming due. We have a very, very low loan-to-value. And then many of our customers are in a personal guarantee. And so while we are working with some of these customers, most of them, they have so much [desolate] coverage ratio even when the rates reprice to a new rate for refi not that big an issue. For those properties, that we think that may potentially be get a little bit more stressful when it comes to -- with the high rate, we work with them to make sure they have at least 24 months, 36 months of additional interest reserve or maybe making some additional down payment when you have customers that have a high liquidity, when you have customers have personal guarantee, it just makes it so much easier to start that conversation and get that taken care of. And that's why we so far are working in a very orderly manner. We don't have enough for us to even get too overexcited about it, but we continue to work with our customers and one at a time. And so far, it's been working out very well.

艾琳，如果我錯了，請你糾正我，我認為明年將是 8%。所以今年6%，明年8%。就不必處理大量即將到期的大額貸款而言，我們處於更好的位置。首先，我們沒有任何大額貸款到期。其次，我們希望整個投資組合只有 6% 到期。明年，我們將到期 8%。我們的貸款價值非常非常低。然後我們的許多客戶都有個人保證。因此，當我們與其中一些客戶合作時，他們中的大多數，他們有如此多的[荒涼]覆蓋率，即使利率重新定價為新的再融資利率也不是那麼大的問題。對於這些房產，我們認為在談到高利率時可能會面臨更大的壓力，我們與他們合作以確保他們至少有 24 個月、36 個月的額外利息儲備，或者也許當你有流動性高的客戶時支付一些額外的首付，當你有客戶有個人擔保時，這只會讓開始談話和處理好談話變得容易得多。這就是為什麼到目前為止我們的工作非常有條不紊。我們沒有足夠的東西讓我們甚至對此過於興奮，但我們繼續與我們的客戶合作，一次一個。到目前為止，它一直運作良好。

So I think now that if we can get through the next 2 years and most likely, the environment will get better, so from that standpoint, I was saying that, yes, no matter how much we keep it in a safe and sound manner, there's always going to be outside sectors that can affect the market as a whole that would also potentially impact us negatively. However, we always prepare for the worst, and we'll make sure we be proactive and do everything upfront and just stay ahead of the industry maybe by several steps so that we do not get caught like sometimes either November this year or maybe June of 2024. No one is maybe coming and expect the worse and eventually getting the best out of it.

所以我現在認為，如果我們能夠度過接下來的 2 年，而且很可能，環境會變得更好，所以從這個角度來看，我是說，是的，無論我們如何以安全和健全的方式保持它，總會有外部部門影響整個市場，這也可能對我們產生負面影響。然而，我們總是做最壞的打算，我們將確保我們積極主動，提前做所有事情，並保持領先於行業，可能領先幾個步驟，這樣我們就不會像今年 11 月或 6 月那樣被抓住。 2024 年。可能沒有人會期待最壞的情況並最終從中得到最好的結果。

The next question comes from Gary Tenner with D.A. Davidson.

下一個問題來自 D.A. 的 Gary Tenner。戴維森。

Just thinking about longer-term expectations regarding balance sheet management. As I think Irene noted, the cash balance is quite a bit higher as a percentage of the balance sheet than they were at 12/31 and understandably so. How do you think about kind of a more permanent shift, whether it's cash balances? Or do you grow high-quality liquid assets in the securities portfolio over time to increase that to some more permanently elevated level.

只是考慮對資產負債表管理的長期期望。正如我認為 Irene 指出的那樣，現金餘額佔資產負債表的百分比比 12/31 高很多，這是可以理解的。您如何看待更持久的轉變，無論是現金餘額？或者隨著時間的推移，您會在證券投資組合中增加高質量的流動資產，以將其增加到某個更永久的高水平。

Great question. There's no question, given kind of the market disruption, but this is something we're evaluating. I think we try to be prudent with this Gary and in the current situation, this is one of the reasons why we have the borrowings, and we kept the cash balances high, cash of Fed is like $4.5 billion aside from the other cash we have elsewhere. So in the near term, I would say probably, given the market disruption that happened not that far in the past, we'll keep that higher, and we'll continue to evaluate as far as security and other [HQLA] that we need.

很好的問題。毫無疑問，考慮到某種市場混亂，但這是我們正在評估的事情。我認為我們對這個加里要謹慎，在目前的情況下，這是我們有借款的原因之一，我們保持高現金餘額，除了我們擁有的其他現金外，美聯儲的現金大約有 45 億美元別處。因此，在短期內，我想說的是，鑑於不久前發生的市場混亂，我們將保持較高水平，並且我們將繼續評估我們需要的安全性和其他 [HQLA] .

I want to add -- just briefly with Irene's comment here is that we -- with this kind of like a disruptive market, we wanted to be excessively prudent. And that's why we went ahead and increases cash balances and cash equivalent and then also when I have some borrow from the Fed, we don't have to do it. We did it anyway because we can afford to do it with our current balance sheet, with our capital ratio, with our profitability and our return on equity and whatnot, we're in a position that we can afford to be a bit excessive in terms of making sure that we show up a very, very small balance sheet because ultimately that's what matters to our customers.

我想補充一點——艾琳在這裡的評論是我們——在這種破壞性的市場中，我們想要過於謹慎。這就是為什麼我們繼續增加現金餘額和現金等價物，然後當我從美聯儲那裡借到一些錢時，我們不必這樣做。無論如何我們還是這樣做了，因為我們有能力用我們目前的資產負債表、我們的資本比率、我們的盈利能力和我們的股本回報率等等來做這件事，我們處於一個我們可以承受的有點過分的位置確保我們顯示一個非常非常小的資產負債表，因為最終這對我們的客戶很重要。

When you look at the anxiety going on in the market back in late [watch], when all these news media putting out our regional banks, are they all in trouble and whatnot. We do need to make sure that we demonstrate to our customers and that East West is the last thing they need to worry about. And so if that means that we even show more borrowing capacity. Why not, right? And then that's something that we've done it and so far, so good.

當你看到晚些時候市場上的焦慮時[觀看]，當所有這些新聞媒體都在報導我們的地區銀行時，他們是否都遇到了麻煩等等。我們確實需要確保我們向客戶展示，東西方是他們最不需要擔心的事情。因此，如果這意味著我們甚至表現出更多的借貸能力。為什麼不呢，對吧？然後這就是我們所做的事情，到目前為止，非常好。

Great. And then follow-up with regard to loan growth, not shocking, I guess that you lowered the loan growth outlook for the year, just given the economic uncertainty, et cetera. Obviously, C&I was lower in the first quarter, but it's a little seasonality for you. Can you talk about kind of where you think the contributions to loan growth come over the remainder of the year? Is it kind of specialized C&I verticals? Is it [single-family], kind of where is that growth coming from?

偉大的。然後是關於貸款增長的後續行動，並不令人震驚，我猜你只是考慮到經濟的不確定性等因素而降低了今年的貸款增長前景。顯然，第一季度 C&I 較低，但這對您來說有點季節性。您能否談談您認為今年剩餘時間對貸款增長的貢獻在哪裡？它是一種專門的 C&I 垂直行業嗎？它是[單戶家庭]，增長來自哪裡？

At this point, I think our thoughts about just 5% to 7% loan growth guidance is that we just looked at the current economy, and we feel that the direction of this economy that there may be continued to see our commercial clients paying down their loans. So we actually brought in a lot of new customers. We just have a lot of existing customer pay down the line, which I can understand because in this sort of uncertain environment, they are not making aggressive investments. They are not -- I mean, they're not looking into aggressively expanding or acquiring any companies and so forth. So why pay this high interest rate and so many of them are paying down the loans that's why we see C&I to be actually slow down a bit not because we weren't able to gain new customers, it is really coming down to most of our customers in general just staying put.

在這一點上，我認為我們關於 5% 到 7% 的貸款增長指導的想法是，我們只是看看當前的經濟，我們認為這種經濟的方向可能會繼續看到我們的商業客戶支付他們的費用貸款。所以我們實際上帶來了很多新客戶。我們只是有很多現有客戶支付了費用，我可以理解，因為在這種不確定的環境中，他們沒有進行積極的投資。他們不是——我的意思是，他們沒有考慮積極擴張或收購任何公司等等。那麼，為什麼要支付如此高的利率，而他們中的許多人都在償還貸款，這就是為什麼我們看到 C&I 實際上放緩了一點，不是因為我們無法獲得新客戶，這真的取決於我們的大多數人客戶一般都呆在原地。

In CRE, we don't expect much growth because I just talked about it. With this kind of environment, there's not a lot of deals that make sense. If there are a lot of other customers from other banks who want to come to us will be financed, it's not going to be that easy to pass the entry level test from East West. So therefore, we're not expecting much growth at all. And the only one that we see so far still carries some decent momentum is on the single-family mortgages. So far, so good. We still are chucking along and our niche product and continue to attract customers, there are no loan-term value, but just as the convenience of East West Bank. And so we are still generating decent amount of [profit] so far. So we see, I think at this point, that's what we expected the growth will be, and we'll continue to watch the market and see how it goes. I look at it is that at some point, latter part of next year with just changes in the banking landscape, I would expect that there may be some more opportunities for us to bring even more customers organic.

在 CRE 中，我們不期望有太大的增長，因為我剛剛談到了它。在這種環境下，沒有太多有意義的交易。如果有很多其他銀行的其他客戶要來我們這裡融資，那麼通過East West的入門級測試就不會那麼容易了。因此，我們根本不會期望有太大的增長。到目前為止，我們看到的唯一一個仍然保持良好勢頭的是單戶抵押貸款。到目前為止，一切都很好。我們仍然在和我們的利基產品並肩作戰，並繼續吸引客戶，沒有貸款期限的價值，只是作為華美銀行的便利。因此，到目前為止，我們仍在產生可觀的[利潤]。所以我們看到，我認為在這一點上，這就是我們對增長的預期，我們將繼續關注市場，看看它會如何發展。我認為在某個時候，明年下半年隨著銀行業格局的變化，我預計我們可能會有更多機會為更多客戶帶來有機。

The next question comes from Chris McGratty with KBW.

下一個問題來自 KBW 的 Chris McGratty。

Well. Great. Maybe Irene, a question on the strategy you are doing with the margin. How should we think about just the level of downside protection into -- over the medium term, given what you've been doing to reduce asset sensitivity if the forward curve plays out?

出色地。偉大的。也許是 Irene，一個關於你用保證金做的策略的問題。我們應該如何考慮下行保護的水平 - 在中期，如果遠期曲線發揮作用，你一直在做些什麼來降低資產敏感性？

Yes, I think in the medium term, we don't see that much variability. Quite candidly, with the NIM, in particular, I think the largest variability is really going to come with the market pricing on the deposits. I think some of the hedging strategies and the balance sheet strategy, we're planning for 2024 and beyond, quite honestly.

是的，我認為從中期來看，我們看不到那麼多的可變性。坦率地說，特別是對於 NIM，我認為最大的可變性實際上是存款的市場定價。我認為一些對沖策略和資產負債表策略，我們正在為 2024 年及以後做計劃，老實說。

And then maybe, Dominic, for you. You have you've just accumulated a ton of capital over the years. Are you seeing an opportunity over the next maybe 6 to 18 months to do something opportunistic or on the offensive? I mean is there -- are you seeing stress in your markets with some of your peers that might avail an opportunity? I presume buybacks aren't a priority right now, but just trying to think how this capital could be put to work for your shareholders?

然後也許，多米尼克，對你來說。這些年來，你剛剛積累了大量的資本。在接下來的 6 到 18 個月內，您是否看到機會做一些機會主義或進攻性的事情？我的意思是，您是否看到您的市場中一些可能利用機會的同行面臨壓力？我認為回購現在不是優先事項，但只是想想想如何將這筆資金用於您的股東？

Yes. Well, good question. We're always trying to be optimistic -- no, opportunistic. We have a culture of...

是的。嗯，問得好。我們總是試圖保持樂觀——不，是機會主義。我們有一種文化...

Optimistic and opportunistic.

樂觀和機會主義。

Right now, the market is not very optimistic, but then yes, we're always trying to be opportunistic and whenever there is a great deal, then I think that will be very, very positive for our shareholders. We always like, but on the other hand, we're very prudent because we've never decline that -- just jump into the playground and want to be -- no, what just want to be the part of [party] and then end up getting burned. And that's just something won't happen in the East West.

現在，市場不是很樂觀，但是是的，我們總是試圖投機取巧，每當有大量交易時，我認為這對我們的股東來說將是非常、非常積極的。我們總是喜歡，但另一方面，我們非常謹慎，因為我們從不拒絕——只是跳進操場，想成為——不，只是想成為[派對]的一部分，然後最終被燒毀。而這只是在東西方不會發生的事情。

So I do feel that maybe in the next 12 to 24 months, but probably have more opportunity than, let's say, the last few years, but just because as there should be more opportunity, that's just a -- and logical thinking whether that would be something coming up, I don't know. I think I do want to point out is that you have always seen and there are many questions asked before about why we didn't buy back when we have high capital. It's really -- this call will be a good sort of reflection because we want to prepare for this crazy thing like Silicon Valley Bank, Signature Bank just disappeared in a couple of days, that kind of scenario. And if we did not have capital ratio at this level or if we have overconcentration of customer base in one particular or 2 particular sector, we may be hurting in a similar way like a few other banks that they are experiencing right now.

所以我確實覺得也許在接下來的 12 到 24 個月內，但可能比過去幾年有更多的機會，但是因為應該有更多的機會，這只是一個 - 並且合乎邏輯的思考是否會有什麼事情要發生，我不知道。我想我確實想指出的是，你一直看到並且之前有很多關於為什麼我們在擁有高資本時不回購的問題。真的——這個電話會是一種很好的反思，因為我們想為矽谷銀行、Signature Bank 等這種瘋狂的事情做準備，幾天之內就消失了，這種情況。如果我們沒有達到這個水平的資本比率，或者如果我們的客戶群過度集中在一個或兩個特定行業，我們可能會像其他一些銀行一樣受到傷害，就像他們現在正在經歷的那樣。

So we always look at it as a balancing act that is that balancing act is that are we performing as one of the top performing level that we can look at ourselves and say that, hey, we've done good for the shareholders. Therefore, maybe we don't need to do too much, but sort of like further pushing and this is what I always reflect on with us over 20% of return on equity, over 2% of (inaudible) and look at the regional banks around and then comparing with us, I said, wow, we're pretty good. S&P just gave us the #1 best performing bank ranking last month.

因此，我們始終將其視為一種平衡行為，即平衡行為是我們作為最高績效水平之一表現，我們可以審視自己並說，嘿，我們為股東做了好事。因此，也許我們不需要做太多，但有點像進一步推動，這就是我一直在反思我們超過 20% 的股本回報率，超過 2% 的（聽不清），看看區域銀行周圍然後和我們比較，我說，哇，我們還不錯。標準普爾上個月剛剛給了我們排名第一的最佳表現銀行。

So I look at it as that we're doing pretty good right now. Let's not overstretch ourselves and get way ahead of the pack. So in that standpoint, that's why as you heard from Irene, that we put up $3.75 billion of the swap and collar right in the middle one, we're in a rising interest rates, asset sensitive, enjoy the margin expansion. And instead of like going for 4.5-some-odd percent margin increase quarter-after-quarter, we dialed it back down. We started to dial it back down even early last year. And we continue to dial it back down even during this crisis and [to reach out to that point if I don't mean it. I dial it back down again] and the whole idea is that, hey, even with all of that, we still cranked up over 20% return on equity. So why stretch? Because as long as we keep doing this balancing act, managing the balance sheet prudently, but be extremely aggressive in terms of ensure we perform to the best we can, opportunity will come because then we will eventually position ourselves at a level that would attract others who maybe wanted to join force with us.

所以我認為我們現在做得很好。讓我們不要過度緊張，不要走在前面。所以從這個角度來看，這就是為什麼正如你從艾琳那裡聽到的那樣，我們在中間放置了 37.5 億美元的掉期和領子，我們處於利率上升、資產敏感、享受保證金擴張的狀態。而不是像一個季度又一個季度地增加 4.5 個奇數百分比的利潤率，我們將其撥回。我們甚至在去年初就開始將其調低。即使在這場危機期間，我們也會繼續將其調低，並且 [如果我不是這個意思的話，我們會達到這一點。我又把它調低了]整個想法是，嘿，即使有了所有這些，我們仍然提高了 20% 以上的股本回報率。那為什麼要拉伸呢？因為只要我們繼續保持這種平衡，審慎地管理資產負債表，但在確保我們盡最大努力方面表現得非常積極，機會就會到來，因為那時我們最終會將自己定位在一個會吸引其他人的水平誰可能想與我們聯手。

So I look at it is that we have no control of what other people would do, but we do have controls on what we can do and we're going to continue to keep working hard to make sure that we crank up one of the best-performing metrics. And then in the meantime, making sure the capital stays high. So we have all kinds of flexibility and then making sure our liquidity stay high. So there will have all kinds of flexibility to do what we need to do and managing the credit risk as the best we can so that we do not go sideway when the opportunity comes. And that's what we've been doing for the last many years. I've been in the bank for 30 years now. So just the same old thing, one crisis, [another] crisis, managing the same way, one at a time. And all looked up and so far, so good.

所以我認為我們無法控制其他人會做什麼，但我們確實可以控制我們能做什麼，我們將繼續努力工作以確保我們成為最好的公司之一-執行指標。然後與此同時，確保資本保持高位。所以我們有各種靈活性，然後確保我們的流動性保持高位。因此，我們將有各種靈活性來做我們需要做的事情，並儘我們所能管理信用風險，這樣我們就不會在機會來臨時橫衝直撞。這就是我們過去多年一直在做的事情。我已經在銀行工作了 30 年了。所以還是老樣子，一個危機，[另一個]危機，以同樣的方式管理，一次一個。所有人都抬頭看了看，到目前為止，一切都很好。

Next question comes from Manan Gosalia with Morgan Stanley.

下一個問題來自摩根士丹利的 Manan Gosalia。

I just wanted to ask around the NII guide. Can you talk about what that would be if you take out the rate cuts in the back half there, just given that the forward curve has come up a decent amount since quarter end, I was wondering if there's any change in that guide?

我只是想問問NII指南。你能談談如果你在那裡取消後半部分的降息會怎樣，只是考慮到自季度末以來遠期曲線已經出現了相當大的數量，我想知道該指南是否有任何變化？

Yes. Great question. I think if that doesn't happen, right now, we're modeling various scenarios, given where just the high level of our rates are, certainly, one of the things I want to just share is even if rates don't decline, we are modeling that deposit betas will continue to [in chop] just realistically, given this kind of environment. So if that doesn't happen, certainly, there may be a little bit more relief there.

是的。很好的問題。我認為，如果這沒有發生，那麼現在，我們正在模擬各種情況，考慮到我們的利率水平很高，當然，我想分享的一件事是，即使利率沒有下降，我們正在建模，考慮到這種環境，存款貝塔將繼續 [in chop] 只是現實的。因此，如果那沒有發生，當然，那裡可能會有更多的緩解。

Any sense of quantification of what that would be?

對那將是什麼有任何量化意義嗎？

No, I don't have that in front of me, but I can share that with you after the call.

不，我面前沒有，但我可以在通話後與您分享。

Got it. Okay. And then as we think about credit, you gave great color on CRE by property type in the deck. Can you talk about the trends you're seeing with new property appraisals? Are you seeing that what kind of declines are you those new property appraisals? And then also if you have it, how much of your portfolio has already been appraised for new values and how much of it is still appraised at the time of origination?

知道了。好的。然後當我們考慮信貸時，你在甲板上按財產類型為 CRE 提供了很好的顏色。您能談談您在新房產評估中看到的趨勢嗎？你看到那些新的房產評估有什麼樣的下降嗎？然後如果你有它，你的投資組合中有多少已經被評估過新價值，有多少在最初的時候仍在評估？

Now that's a great question. Generally speaking, we don't reappraise the existing loans, but certainly, there's market data that we get a simulation. It really depends, honestly, property by property and when the loan was originated. All in all, and to a certain extent, I don't know if averages are about meaningfully here. We don't see a substantial change if we estimate what the current, but as I mentioned, I think loan by loan is more important. But with that said, I think with our underwriting criteria, the loan, loan-to-values that we originated and what that means is strong cash flows as Dominic mentioned in the prepared remarks, we're not seeing a lot of problems. As we continue to review these portfolios again and again, it's a continuous review process. I'd say it's very positive that we do not see new surprises.

這是一個很好的問題。一般來說，我們不會重新評估現有貸款，但肯定有市場數據我們可以模擬。老實說，這真的取決於一個又一個的財產以及貸款的發放時間。總而言之，在某種程度上，我不知道平均數在這裡是否有意義。如果我們估計當前的情況，我們看不到實質性變化，但正如我提到的，我認為逐筆貸款更為重要。但話雖如此，我認為根據我們的承保標準、我們發起的貸款、貸款價值比以及多米尼克在準備好的發言中提到的強勁現金流，我們沒有看到很多問題。隨著我們繼續一次又一次地審查這些投資組合，這是一個持續的審查過程。我會說我們沒有看到新的驚喜是非常積極的。

The next question comes from Matthew Clark with Piper Sandler.

下一個問題來自 Matthew Clark 和 Piper Sandler。

First one for me, just on your office CRE exposure. Appreciate the additional detail. Can you give us the reserve on office CRE? And is there any amount of that exposure that's criticized at this point?

第一個對我來說，只是關於你的辦公室 CRE 曝光。感謝額外的細節。你能給我們office CRE的reserve嗎？在這一點上，是否有任何數量的曝光受到批評？

Yes, great question. On the -- we have the details of the total allowance. We do have a little bit more allowance on the office CRE. On average, I would say, it's about -- for the total portfolio, about 1.5%. And I'll just also mention a lot of that is in qualitative factors versus the quantitative.

是的，很好的問題。在 - 我們有總津貼的詳細信息。我們在辦公室 CRE 上確實有更多的津貼。平均而言，我想說，對於整個投資組合來說，大約是 1.5%。我還會提到很多定性因素與定量因素。

On the criticized, the level in general is very low of our office CRE. I think if I look at it, I don't have the number off the top of my head, Matthew, but it's pretty consistent with the total criticized loans for the CRE bucket, which is about 2.5%.

在批評上，我們辦公室CRE的水平普遍很低。我想如果我看一下，我並沒有想出這個數字，馬修，但它與 CRE 桶的受批評貸款總額非常一致，約為 2.5%。

Okay. Great. And then the second one for me, just on the change in accounting that eliminates the TDRs, I guess what does this do for you? Does it provide you additional flexibility to work with the borrowers maybe by extending your amortization schedule and not having to call it a TDR? Any additional color there would be helpful.

好的。偉大的。然後是我的第二個，只是關於消除 TDR 的會計變更，我猜這對你有什麼作用？它是否為您提供了額外的靈活性來與借款人合作，可能是通過延長您的攤銷時間表而不必將其稱為 TDR？任何額外的顏色都會有所幫助。

Yes. That's a great question. And generally, accounting changes offer more excitement for allowance at banks, but not this quarter given what happened. If you look at our allowance table that's part of our press release, you'll see that with the change in the accounting of TDR, what this did for us is that we -- instead of individually looking at these loans for impairment, if we look at it kind of on a collective basis, we added $6 million of reserves. And that was for about $75 million of performing TDRs.

是的。這是一個很好的問題。總體而言，會計變更為銀行的津貼提供了更多刺激，但考慮到發生的情況，本季度並非如此。如果你看一下我們新聞稿中的津貼表，你會發現隨著 TDR 會計的變化，這對我們的影響是我們 - 而不是單獨查看這些貸款的減值，如果我們從整體上看，我們增加了 600 萬美元的儲備金。那是大約 7500 萬美元的執行 TDR。

And I'll just note, this is generally what we see with our loan portfolio. When you compare the allowance for our pool and the different PD -- probability of default/loss given default calculations for some of them versus individually looking at them, the individual allowance levels are a little bit lower. And I think that's just, going back to the comment earlier, the testament of collateral for a lot of these loans that we have.

我只是注意到，這通常是我們在貸款組合中看到的。當您比較我們的資金池和不同 PD 的津貼時——違約/損失的概率，其中一些違約計算與單獨查看它們相比，個別津貼水平略低。我認為這只是，回到之前的評論，證明我們擁有的許多這些貸款的抵押品。

So aside from that, Matthew, your question, our workout strategy and the flexibility of that, that is less of an issue for us. We continue to do what we think is right for the property, for the borrower and for the bank.

所以除此之外，馬修，你的問題，我們的鍛煉策略及其靈活性，對我們來說都不是問題。我們將繼續做我們認為對房產、借款人和銀行都是正確的事情。

Again, the amount is very small. Yes.

同樣，金額非常小。是的。

The next question comes from Brandon King with Truist.

下一個問題來自 Brandon King 和 Truist。

So Irene, I just wanted to get your updated assumptions on the deposit mix and how it could evolve or progress from here throughout the year?

所以艾琳，我只是想了解您對存款組合的最新假設，以及它如何在全年從這裡發展或進步？

Yes, great question and maybe the most topical one given the current environment. Given kind of the disruption in mid-March and where we're at right now, quite frankly, we do expect a continued modest kind of decline in DDA balances, right, just realistically, given the environment and the sensitivity around core funding and the market pressure.

是的，很好的問題，在當前環境下可能是最熱門的問題。鑑於 3 月中旬的某種中斷以及我們現在所處的位置，坦率地說，我們確實預計 DDA 餘額將繼續適度下降，正確的，只是現實地考慮到核心資金的環境和敏感性以及市場壓力。

But with that said, we are confident that we'll be able to continue to grow deposit balances from here with diversification of our customers, our different bankers and really also the resilience that we have seen, we're comfortable from that perspective. And that's factored in with the NII guidance and what our expectation is for the full year.

但話雖如此，我們有信心隨著客戶、不同銀行家的多元化以及我們所看到的彈性，我們將能夠從這裡繼續增加存款餘額，從這個角度來看我們感到很舒服。這與 NII 指南以及我們對全年的期望有關。

Okay. And as far as your customers that have derivative contracts in place, could you give us a sense of the duration of those derivative contracts and a better sense as far as the magnitude of how many of those contracts are maybe expiring this year or into the future?

好的。至於擁有衍生合約的客戶，您能否讓我們了解一下這些衍生合約的期限，並更好地了解今年或未來可能到期的合約數量？

Yes, I don't have the duration of that off the top of my head. There are -- over the course of the next couple of years, some of the interest rate contracts are going to be maturing. I think if you look specifically for CRE, it's probably in the tune of maybe a few -- several hundred million.

是的，我沒有想到那段時間。在接下來的幾年裡，一些利率合約將會到期。我認為，如果你專門尋找 CRE，它可能只有幾 - 幾億。

The next question comes from Jared Shaw with Wells Fargo.

下一個問題來自富國銀行的 Jared Shaw。

I think maybe just following up on the comments around holding excess cash, how should we be thinking about the appetite to hold on to the bank term funding facility? Is that really specifically allocated to those cash balances? Or what's your expectation for duration, on keeping that outstanding?

我想也許只是跟進關於持有過剩現金的評論，我們應該如何考慮持有銀行定期融資機制的意願？那真的是專門分配給那些現金餘額的嗎？或者你對持續時間的期望是什麼，保持出色？

Yes, that's a great question. I think obviously, at this point in time, we're holding it on -- holding on to it really from a conservative perspective. We'll evaluate that, right, with our need for cash, what happens with deposits. And as we talked about in our prepared remarks, at this point in time, although obviously, it's not beneficial from NIM, it's NII accretive, so I think we're just looking at that as really kind of a rainy day. We'll evaluate that over the course of the year.

是的，這是一個很好的問題。我認為很明顯，在這個時間點，我們正在堅持——真正從保守的角度堅持下去。我們將評估我們對現金的需求，存款會發生什麼。正如我們在準備好的評論中所說的那樣，在這個時間點，雖然顯然這對 NIM 沒有好處，但它增加了 NII，所以我認為我們只是把它看作是一個未雨綢繆的日子。我們將在一年中對此進行評估。

I'll also add, from a monthly, quarterly perspective, on the securities book, it's $200 million to $300 million that we're kind of grinding down, right, from as far as cash flow from that. So we'll evaluate as far as other sources of cash as well, aside from other funds.

我還要補充一點，從每月、每季度的角度來看，在證券賬簿上，我們正在削減 2 億至 3 億美元的現金流，對吧，就現金流而言。因此，除了其他資金外，我們還將評估其他現金來源。

Okay. That's good color. And then maybe just have you noticed any change in the pace of capital exports coming from China? Or any change in the appetite of some of that capital moving? And do you -- or do you expect any going forward?

好的。這個顏色好那麼也許您是否注意到來自中國的資本輸出速度有任何變化？還是某些資本流動的胃口有任何變化？你 - 或者你希望有任何進展嗎？

Not much. It's been slow for -- ever since the geopolitical tension have risen since the Trump administration, it's been slow -- I mean slowing down. And then I would look at it as that -- lately, I have not seen any sort of like new development of new capital coming from China. But we continue to work with business throughout Asia. So it's not just single -- we are not just looking at attracting new customers who are investing in U.S. from China only. So -- but at this point, I would say more or less flat.

不多。它一直很慢——自從特朗普政府以來地緣政治緊張局勢加劇以來，它一直很慢——我的意思是放慢速度。然後我會這麼看——最近，我沒有看到來自中國的新資本有任何類似的新發展。但我們繼續與整個亞洲的企業合作。所以它不僅僅是單一的 - 我們不僅僅是在吸引僅從中國投資美國的新客戶。所以 - 但在這一點上，我會說或多或少持平。

On the other hand, I think that we will like to see how U.S. economy continues to develop. If we're ever going to get into somewhat of a mild recession or even maybe a deeper than mild recession, I would expect that there will be interested parties throughout Asia that have excess liquidity that will be looking at any opportunity of investing in U.S. But in this kind of environment right now, just in general, not many interested investors have much appetite to make a move. I think everybody is watching and then trying to see how this economy play out. And then at that point -- at some point, I think people may see opportunity. When that happens, we obviously would have the opportunity to provide banking and financing services.

另一方面，我認為我們希望看到美國經濟如何繼續發展。如果我們要陷入某種程度的溫和衰退，甚至可能是比溫和衰退更嚴重的衰退，我預計整個亞洲都會有感興趣的各方擁有過剩的流動性，他們會尋找任何投資美國的機會。但是在目前這種環境下，一般來說，沒有多少感興趣的投資者有興趣採取行動。我認為每個人都在觀察，然後試圖了解這種經濟如何發揮作用。然後在那個時候 - 在某個時候，我認為人們可能會看到機會。屆時，我們顯然將有機會提供銀行和融資服務。

The next question comes from Brody Preston with UBS.

下一個問題來自瑞銀集團的 Brody Preston。

Irene, I just wanted to follow up on the deposit beta commentary. You had mentioned increasing beta assumptions within your guidance. I just wanted to see if you could clarify what the base interest-bearing deposit beta is currently versus what it was previously.

艾琳，我只是想跟進存款測試評論。您在您的指南中提到了增加貝塔假設。我只是想看看您是否可以澄清當前的基本生息存款貝塔值與之前的值是多少。

Yes, great question. So if we look at the betas, right, as of 3/31, our cumulative beta for total deposits was 39%; for interest-bearing, it was 57%. This is where we thought we'd be earlier in the year -- later in the year. But with the disruption, we got there in a short period of time, in a couple of weeks in March.

是的，很好的問題。因此，如果我們看一下貝塔，對，截至 3 月 31 日，我們總存款的累計貝塔為 39%；計息方面，為57%。這是我們認為我們會在今年早些時候——今年晚些時候到達的地方。但由於中斷，我們在三月份的幾週內就在很短的時間內到達了那裡。

When I look at the remainder of the year, we're looking at our deposits, the behavior, the activity, the different segments. We do think this is going to inch up from this point in time, but honestly also many of our commercial deposits, their operating accounts, their compensating balances. So -- although, we do expect it to increase really probably modestly from here to like a low 60s, very low 60s.

當我查看今年剩餘時間時，我們正在查看我們的存款、行為、活動和不同的部分。我們確實認為這會從這個時間點開始逐漸增加，但老實說，我們的許多商業存款、他們的經營賬戶、他們的補償餘額也是如此。所以 - 雖然，我們確實希望它真的可能從這裡適度增加到像低 60s，非常低的 60s。

Got it. And then I did just want to ask on the deposit front. I was just trying to take and tie the intra-quarter update with last quarter versus this quarter, and particularly just understanding the flow on the non-broker deposits. And so it looked like when you gave that initial update intra-quarter that for non-broker deposits, you were actually up like 0.6% or something quarter-over-quarter. And then when I look at the deck, it looks like for non-broker deposits, just trying to back into the number, you wound up finishing the quarter down a little over 3%. Are those numbers accurate? And I guess, just can you give us a sense for -- if there are any specific verticals that drove that reduction in the non-broker deposits for the last few weeks of the quarter?

知道了。然後我只是想問一下存款方面的問題。我只是想將季度內更新與上一季度與本季度進行比較，特別是了解非經紀人存款的流量。因此，看起來當你在季度內給出非經紀人存款的初始更新時，你實際上比上一季度上漲了 0.6% 左右。然後當我看甲板時，它看起來像非經紀人存款，只是試圖回到這個數字，你最終在本季度結束時下降了 3% 以上。這些數字準確嗎？而且我想，你能否給我們一個感覺——是否有任何特定的垂直行業推動了本季度最後幾周非經紀人存款的減少？

Yes, great question. Intra-quarter, and we did give that update intra-quarter in mid-March, we were up. Consumer deposits were up and also commercial deposits were just slightly modestly up, kind of essentially stable. So overall, I mean I think since the failure of Silicon Valley, there was some disruption around this, I think in the different segments and the sectors, maybe not so particular but just overall, right? And then also, there were broker deposits that we had let run off at -- in early March that we brought some of those back.

是的，很好的問題。季度內，我們確實在 3 月中旬提供了季度內更新，我們已經起來了。消費者存款有所上升，商業存款也略有上升，基本保持穩定。所以總的來說，我的意思是我認為自從矽谷失敗以來，我認為在不同的細分市場和行業中存在一些混亂，也許不是那麼特別，但總體而言，對吧？然後，還有我們在 3 月初流失的經紀人存款，我們又收回了其中一些。

The next question comes from Jordan Hymowitz with Philadelphia Financial.

下一個問題來自 Philadelphia Financial 的 Jordan Hymowitz。

Great quarter. Two quick things. One, can you comment at all on trends in April, both on the available-for-sale marks as interest rates have fallen and also deposit trends?

偉大的季度。兩件快事。第一，您能否對 4 月份的趨勢發表評論，包括利率下降時的可售標記以及存款趨勢？

On the trends for the marks, I'll start with that, Jordan. Generally, they've been positive across the board for us, so that certainly helps. And I'll just share, like if you look at the quarter, the impact to AOCI, right, the benefit or the improvement, was about 11% quarter-over-quarter. And then we see that that's continuing in April.

關於分數的趨勢，我將從喬丹開始。一般來說，他們對我們來說都是積極的，所以這肯定有幫助。我只想分享一下，如果你看一下這個季度，對 AOCI 的影響，對，好處或改進，環比增長大約 11%。然後我們看到這種情況在四月份仍在繼續。

As far as deposit trends, I would say overall, it's about the same. We're kind of clawing back a little bit, but overall, it's -- what's positive is that the pipelines are strong. As Dominic mentioned, we're continuing to open new accounts, commercial accounts, consumer accounts. So that's something that we think is very positive as far as the momentum.

就存款趨勢而言，我會說總體而言，它大致相同。我們有點收回了一點，但總的來說，這是 - 積極的是管道很強大。正如多米尼克所提到的，我們將繼續開設新賬戶、商業賬戶、消費者賬戶。因此，就勢頭而言，我們認為這是非常積極的。

And then you commented, Dominic, that you've been there 30 years. I believe you're one of the few people that have been in the industry longer than I have. And you've also been one of the few in this massive downturn of stocks, and you've been buying back your own stock. Can you comment at all, Irene, you've bought. There's been some Board members that have bought, how you guys view management stock purchases with the price stock at these levels?

然後你評論說，多米尼克，你在那裡已經 30 年了。我相信你是為數不多的在這個行業工作時間比我長的人之一。而且你也是這次股市大幅下跌中為數不多的人之一，你一直在回購自己的股票。你能評論一下嗎，艾琳，你已經買了。已經有一些董事會成員購買了，你們如何看待這些價格水平的管理層股票購買？

I didn't quite understand the question. Is that -- are you talking about management buying back stock during...

我不太明白這個問題。那是——你是在談論管理層在……期間回購股票嗎？

No, personally buying stock.

不，個人購買股票。

Well, Irene didn't coordinate with me. So I've been so busy working. But it was funny because so many customers talk to me about they got lucky on that one day when the stock price just went crazy, kind of all the regional bank stock prices went crazy. I think for us, like for -- I guess, maybe, I don't know, about -- because I wasn't even -- I think I wasn't even in town. So -- but I had customers telling me about they were getting in at $40, so excited about it. I didn't even know it happened.

好吧，艾琳沒有配合我。所以我一直忙於工作。但這很有趣，因為有那麼多客戶跟我說，他們在股價瘋狂上漲的那一天很幸運，幾乎所有地區性銀行的股價都瘋狂了。我想對我們來說，比如——我想，也許，我不知道，關於——因為我什至不——我想我什至不在城裡。所以 - 但我有客戶告訴我他們以 40 美元的價格入場，對此非常興奮。我什至不知道它發生了。

So -- but I look at it as our management is always in a position, that we always take the position as that of this is our bank. And our actions speak louder than anything else. And then quite frankly, back in 1998, when we did the management buyout, myself, the then CFO, we came in and basically used our liquidity to put it all in, in East West Bank and buying the shares at the same price like every investor who came in for that capital raise. And so it worked out great.

所以 - 但我認為我們的管理層總是處於一個位置，我們總是採取這個位置，因為這是我們的銀行。我們的行動勝過一切。然後坦率地說，回到 1998 年，當我們進行管理層收購時，我本人，當時的首席財務官，我們進來了，基本上用我們的流動資金把它全部投入，在華美銀行，以與每個人相同的價格購買股票參與此次融資的投資者。所以結果很好。

And we continue to put substantial amount of our compensation into performance stock that if we don't make the numbers, we don't get the stock. And those performance stocks are working out really well not just, by the way, for our senior executives but, in fact, throughout the whole bank, every single employee, including a part-time teller, every single one gets stock grant every single year.

我們繼續將大量薪酬投入績效股票，如果我們沒有達到這個數字，我們就不會得到股票。順便說一下，這些績效股票的效果非常好，不僅對我們的高級管理人員如此，事實上，在整個銀行，每一位員工，包括一名兼職出納員，每一個人每年都會獲得股票獎勵.

Since 1998, when we've completed our management buyout, since that day, June of 1998, we started giving stock grants every year to every single employee, exactly the same amount. We started with $1,000 a year and inched it up to $2,000 a year for every year, at Lunar New Year, we provide the stock grant to every single employee. And this is something that worked out really well for East West. Every single 3,000-plus associates at the bank have stock ownership. They believe that they are owners of the East West Bank. Every single employee think that I work for them because they are shareholders. So -- and that kind of like mutually beneficial relationship, I think, is working out just fine for us.

自 1998 年我們完成管理層收購以來，自 1998 年 6 月那一天起，我們開始每年向每位員工發放股票，金額完全相同。我們從每年 1,000 美元開始，逐漸增加到每年 2,000 美元，在農曆新年，我們向每位員工提供股票贈款。這對 East West 來說非常有效。該銀行 3,000 多名員工中的每一個人都擁有股票所有權。他們認為自己是華美銀行的所有者。每個員工都認為我為他們工作，因為他們是股東。所以——我認為，這種互惠互利的關係對我們來說效果很好。

So we will continue to look into -- when it comes to shall we buy and not buy and all that, I mean right now, with all these SEC stuff, we try not to do too much. As much as we -- we don't want to get into any kind of hassle. Let's put it that way.

因此，我們將繼續研究——當談到我們應該購買還是不購買時，我的意思是現在，對於所有這些 SEC 的東西，我們盡量不做太多。和我們一樣——我們不想陷入任何麻煩。讓我們這樣說吧。

I'll just add that Monday, I took all the cash I had and bought stocks. Hopefully, investors know that if the CFO buys, management has confidence in the bank.

我只是補充說那個星期一，我會拿走我所有的現金併購買股票。希望投資者知道，如果首席財務官購買，管理層就會對銀行充滿信心。

This concludes our question-and-answer session. I would like to turn the conference back over to Dominic for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Dominic，聽取任何閉幕詞。

Well, thank you so much for having an interesting call. With that, I'm looking forward to speaking with all of you in July. Thank you.

好吧，非常感謝你打來一個有趣的電話。因此，我期待著在 7 月與大家交談。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。