East West Bancorp Inc (EWBC) 2023 Q2 法說會逐字稿

Good morning, and welcome to the East West Bancorp Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Diana Trinh, Vice President and Investor Relations Officer. Please go ahead.

早上好，歡迎參加 East West Bancorp 2023 年第二季度收益電話會議。 （操作員說明）請注意，該事件正在被記錄。現在我想將會議交給副總裁兼投資者關係官 Diana Trinh。請繼續。

Thank you, Anthony. Good morning, and thank you, everyone, for joining us to review the financial results of East West Bancorp's Second Quarter 2023. Joining me 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，安東尼。早上好，謝謝大家與我們一起回顧華美銀行 2023 年第二季度的財務業績。與我一起的還有董事長兼首席執行官 Dominic Ng；和首席財務官 Irene Oh。本次電話會議正在錄音，並將在我們的投資者關係網站上重播。

The slide deck referenced on this call 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.

本次電話會議中引用的幻燈片可在我們的投資者關係網站上找到。由於許多風險和不確定性，管理層可能會做出預測或其他前瞻性陳述，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公認會計準則財務指標。有關風險因素的更詳細說明以及 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, and thank you, everyone, for joining us for our earnings call. I will begin the review of our financial results with Slide 3 of our presentation. This morning, we reported solid results, revenue, pretax, pre-provision profitability, efficiency and earnings all improved from a year ago.

謝謝你，戴安娜。早上好，謝謝大家參加我們的財報電話會議。我將從演示文稿的幻燈片 3 開始回顧我們的財務業績。今天早上，我們報告了穩健的業績，收入、稅前、撥備前盈利能力、效率和收益均比一年前有所改善。

Second quarter 2023 net income of $312 million and diluted earnings per share of $2.20 were both up 21% and from the prior year period. For the second quarter, both deposits and loans grew 7% linked quarter annualized to $55.7 billion for deposits and $49.8 billion for loans.

2023 年第二季度淨利潤為 3.12 億美元，稀釋後每股收益為 2.20 美元，較上年同期增長 21%。第二季度，存款和貸款年率環比增長 7%，存款達到 557 億美元，貸款達到 498 億美元。

The hallmark for East West has been our consistent financial performance throughout various interest rate and market cycles, while maintaining high capital ratios. Our profitability and return levels continue to be industry-leading. For the second quarter, we returned 1.85% on average assets, 21% on average tangible common equity.

East West 的標誌是我們在不同的利率和市場週期中保持一致的財務業績，同時保持較高的資本比率。我們的盈利能力和回報水平繼續處於行業領先。第二季度，我們的平均資產回報率為 1.85%，平均有形普通股回報率為 21%。

Net interest margin of 3.55% although down from the first quarter was a healthy margin in the current environment and asset quality continued to be outstanding with net charge-offs of 6 basis points annualized.

淨息差為 3.55%，儘管較第一季度有所下降，但在當前環境下仍處於健康水平，資產質量繼續保持出色，年化淨沖銷為 6 個基點。

Slide 4 presents a summary of our balance sheet. As of June 30, 2023, total loans reached a record $49.8 billion an increase of $906 million or 7% annualized from March 31. Second quarter average loan growth was 6% annualized from the first quarter. Growth in average residential mortgage and commercial real estate loans was partially offset by a decrease in average commercial and industrial loans.

幻燈片 4 展示了我們的資產負債表摘要。截至 2023 年 6 月 30 日，貸款總額達到創紀錄的 498 億美元，較 3 月 31 日增加 9.06 億美元，年化增長率為 7%。第二季度平均貸款增長率較第一季度年化增長 6%。平均住宅抵押貸款和商業房地產貸款的增長被平均商業和工業貸款的下降部分抵消。

Total deposits were $55.7 billion as of June 30, 2023, an increase of $921 million or 7% annualized from March 31. The Second quarter average deposits were up from the year ago quarter but down $669 million or 5% annualized from the first quarter. During the second quarter, growth in average interest-bearing checking and time deposits were offset by decline in other deposit categories, which reflect customers seeking higher yields in a rising interest rate environment.

截至 2023 年 6 月 30 日，存款總額為 557 億美元，較 3 月 31 日增加 9.21 億美元，年化增長率為 7%。第二季度平均存款較去年同期有所增加，但較第一季度下降 6.69 億美元，年化增長率為 5%。第二季度，平均計息支票和定期存款的增長被其他存款類別的下降所抵消，這反映出客戶在利率上升的環境下尋求更高的收益率。

Our deposit book is well diversified by deposit type and 30% of total deposits were noninterest-bearing demand deposit as of June 30, and our loan-to-deposit ratio was 90%. Turning to Slide 5. As shown on this slide, all of our capital ratios expanded quarter-over-quarter due to the strength of our earnings East West capital ratios continued to be among the highest for regional banks.

我們的存款賬戶存款類型較為多元化，截至6月30日，無息活期存款佔存款總額的30%，貸存比率為90%。轉向幻燈片 5。如該幻燈片所示，由於我們的盈利強勁，我們所有的資本比率均環比擴大。東西方資本比率繼續位居區域銀行最高之列。

Also on this slide, our pro forma capital calculation as of June 30. The key takeaway is that our capital is very strong. The pro forma capital ratios adjusting for investment security marks and the allowance of loan losses not already included show very solid capital ratios. Including these items, tangible common equity improved to 9.37% as of June 30.

這張幻燈片上還顯示了我們截至 6 月 30 日的預計資本計算。關鍵要點是我們的資本非常雄厚。針對投資安全標記和尚未計入的貸款損失準備金進行調整的備考資本比率顯示出非常穩健的資本比率。包括這些項目在內，截至 6 月 30 日，有形普通股權益改善至 9.37%。

Quarter-over-quarter, our tangible book value per share increased 3%. East West Board of Directors have declared third quarter 2023 dividends for the company's common stock. The quarterly common dividend of $0.48 per share will be payable on August 15, 2023 to stockholders of record on August 1, 2023.

與上一季度相比，我們的每股有形賬面價值增長了 3%。 East West 董事會已宣布派發公司普通股 2023 年第三季度股息。每股 0.48 美元的季度普通股息將於 2023 年 8 月 15 日支付給 2023 年 8 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 June 30, 2023, C&I loans outstanding were $15.7 billion, up by $28 million or 1% annualized from the prior quarter end and up 2% year-over-year. As shown on this slide, our C&I portfolio continues to be well diversified by industry and sector. Greater China loans decreased 11% linked quarter annualized to $2.1 billion as of June 30.

接下來討論我們的貸款組合，從幻燈片 6 開始。截至 2023 年 6 月 30 日，未償商業和工業貸款為 157 億美元，比上一季度末增加 2800 萬美元，年化增長率為 1%，同比增長 2%。年。如本幻燈片所示，我們的工商業投資組合繼續按行業和部門實現多元化。截至 6 月 30 日，大中華區貸款按年率計算環比下降 11% 至 21 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. Further, we have a seasoned customer base and a low LTV CRE portfolio. The average loan-to-value for our commercial real estate portfolio is 51%. Also, we typically originate amortized loans with a final maturity of 7 to 10 years. As of June 30, only 3% of the income-producing CRE portfolio matures in the second half of 2023 and another 7% only matures in 2024.

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。它根據地理位置和財產類型而多樣化。此外，我們擁有經驗豐富的客戶群和較低的 LTV CRE 投資組合。我們商業房地產投資組合的平均貸款價值比為 51%。此外，我們通常發放最終期限為 7 至 10 年的攤銷貸款。截至 6 月 30 日，創收型商業房地產投資組合中只有 3% 會在 2023 年下半年到期，另外 7% 會在 2024 年到期。

Total commercial real estate loans grew $19.9 billion as of June 30, 2023, up 10% annualized from March 31 and up 7.5% year-over-year. Credit quality for our loan portfolio remains very strong. Criticized CRE loans to total CRE loans decreased from 2.4% as of March 31 to 1.8% as of June 30 due to upgrades for loans and with improved cash flows and loan payoffs. We remain vigilant and proactive in managing our credit risk. Given the attention on CRE, we have provided more details about our office and retail commercial real estate loans on Slide 9 and 10.

截至 2023 年 6 月 30 日，商業房地產貸款總額增長 199 億美元，較 3 月 31 日年化增長 10%，同比增長 7.5%。我們的貸款組合的信貸質量仍然非常強勁。由於貸款升級以及現金流和貸款償還改善，受到批評的商業地產貸款佔商業地產貸款總額的比例從 3 月 31 日的 2.4% 下降至 6 月 30 日的 1.8%。我們在管理信用風險方面保持警惕和積極主動。鑑於對 CRE 的關注，我們在幻燈片 9 和 10 上提供了有關我們的辦公和零售商業房地產貸款的更多詳細信息。

As you can see on Slide 9, our office commercial real estate portfolio is very granular, with few large loans. We have only 6 loans that are greater than $30 million in size, which is only 11% of our office CRE loans. The weighted average loan-to-value of our office CRU portfolio is in low 52% and the loan-to-value is consistently low across the different loan size segments. The portfolio is well diversified by geography with limited exposure to the downtowns of central business districts in the office markets we primarily lend in.

正如您在幻燈片 9 中看到的，我們的辦公商業房地產投資組合非常精細，幾乎沒有大額貸款。我們只有 6 筆貸款規模超過 3000 萬美元，僅占我們辦公室 CRE 貸款的 11%。我們寫字樓 CRU 投資組合的加權平均貸款價值比僅為 52%，並且不同貸款規模細分市場的貸款價值比始終較低。該投資組合在地理位置上非常多元化，在我們主要貸款的寫字樓市場中，對中央商務區市中心的投資有限。

On Slide 10, you can see that our retail commercial real estate portfolio is also very granular with few large loans. We have only 8 loans that are greater than $30 million size, which is only 7% of our retail CRE loans. The weighted average loan-to-value of our retail CRE portfolio is a low 48% and the loan-to-value is also consistently low across different loan size segments. The portfolio is well diversified by geography and the footprint largely reflects 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 8 筆貸款規模超過 3000 萬美元，僅占我們零售 CRE 貸款的 7%。我們的零售商業地產投資組合的加權平均貸款價值比僅為 48%，而且不同貸款規模細分市場的貸款價值比也始終處於較低水平。該投資組合在地理上非常多元化，足跡在很大程度上反映了我們的分支機構網絡。

In 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 like to highlight that 81% of our HELOC commitments were in first lien positions as of June 30, 2023. Residential mortgage loans totaled $14.2 billion as of June 30, up 12% linked quarter annualized at up 13% and year-over-year.

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。我想強調的是，截至 2023 年 6 月 30 日，我們 81% 的 HELOC 承諾處於第一留置權狀態。截至 6 月 30 日，住宅抵押貸款總額為 142 億美元，環比增長 12%，年化增長率為 13%，同比增長 13%。年。

Slide 12 breaks out our deposit mix by segment and further by industry for commercial deposits. Our deposits totaled $55.7 billion as of June 30, 2023, an increase of 7% linked quarter annualized and 2% year-over-year. We have over 570,000 deposit accounts at East West as of June 30, and our average commercial deposit account size is approximately $366,000. Our retail branch-based consumer deposits totaled 32% of our deposits and have an average size of approximately $38,000.

幻燈片 12 按細分市場以及商業存款行業進一步細分了我們的存款組合。截至 2023 年 6 月 30 日，我們的存款總額為 557 億美元，環比年化增長 7%，同比增長 2%。截至 6 月 30 日，我們在 East West 擁有超過 570,000 個存款賬戶，我們的平均商業存款賬戶規模約為 366,000 美元。我們的零售分行消費者存款總計占我們存款的 32%，平均規模約為 38,000 美元。

Our commercial deposits are well diversified by industry. We do not have significant depositors, all sectors of concentration.

我們的商業存款按行業多元化。我們沒有大量的儲戶，所有行業都集中。

I will now turn the call over to Irene for a more detailed discussion of our asset quality and income statement. Irene?

我現在將把電話轉給艾琳，以便更詳細地討論我們的資產質量和損益表。艾琳？

Thank you, Dominic, and good morning to all on the call. Turning to Slide 13. The asset quality of our portfolio remains strong. During the second quarter, we recorded net charge-offs of $7.5 million or 6 basis points, a modest increase from net charge-offs of 1 basis point in the first quarter. The increase primarily came from higher C&I gross charge-offs, partially offset by higher recoveries. Quarter-over-quarter, precise loans improved 11%, and the criticized loans ratio improved 24 basis points.

謝謝你，多米尼克，祝所有來電的人早上好。轉向幻燈片 13。我們投資組合的資產質量依然強勁。第二季度，我們記錄的淨沖銷額為 750 萬美元，即 6 個基點，較第一季度 1 個基點的淨沖銷額略有增加。這一增長主要來自於商業和工業沖銷總額的增加，但部分被回收率的增加所抵消。環比，精準貸款改善11%，不良貸款率改善24個基點。

Nonperforming assets as of June 30 increased modestly to 17 basis points of total assets from 14 basis points as of March 31, reflecting loan growth, our stable asset quality metrics. In the current macroeconomic outlook, we recorded a provision for credit losses of $26 million in the second quarter compared with $20 million for the first quarter, increasing the allowance for loan losses to $128 million.

截至 6 月 30 日，不良資產佔總資產的比例從截至 3 月 31 日的 14 個基點小幅上升至 17 個基點，反映了貸款增長這一穩定的資產質量指標。在當前的宏觀經濟前景中，我們第二季度的信貸損失準備金為2600萬美元，而第一季度為2000萬美元，貸款損失準備金增加至1.28億美元。

And now starting the discussion of our income statement on Slide 14. On this slide, we detailed out specifics on the tax credit investments as the amortization and effective tax rate to fluctuate quarter-over-quarter, reflecting the timing of when tax credit investments closed. We currently anticipate that for the third quarter the amortization of tax credit investments will be approximately $40 million. And for the full year of 2023, the effective tax rate will be approximately 20%.

現在開始討論幻燈片 14 上的損益表。在這張幻燈片上，我們詳細介紹了稅收抵免投資的具體情況，因為攤銷和有效稅率會按季度波動，反映稅收抵免投資結束的時間。我們目前預計第三季度稅收抵免投資的攤銷約為 4000 萬美元。 2023年全年，有效稅率約為20%。

Turning to Slide 15. Second quarter 2023 net interest income was $567 million, a decrease of 5.5% from the first quarter. Net interest margin of 3.55% compressed by 41 basis points quarter-over-quarter. As you can see from the waterfall chart on this slide, this was largely due to the impact of higher interest-bearing deposit costs and the deposit mix shift, partially offset by expanding asset yields.

轉向幻燈片 15。2023 年第二季度淨利息收入為 5.67 億美元，較第一季度下降 5.5%。淨息差為3.55%，環比壓縮41個基點。從這張幻燈片的瀑布圖可以看出，這主要是由於計息存款成本上升和存款結構變化的影響，部分被資產收益率擴大所抵消。

Turning to Slide 16. The second quarter average loan yield was 6.33% an increase of 19 basis points quarter-over-quarter. As of June 30, 2023, the spot coupon rate of our loans was 6.45% compared with 6.21% as of March 31. In this slide, we also present the coupon spot yields for each major loan portfolio for the last 5 quarters. In total, 61% of our loan portfolio was variable rate as of June 30 including 27% linked to prime rate and 28% linked to SOFR.

轉向幻燈片 16。第二季度平均貸款收益率為 6.33%，環比上升 19 個基點。截至 2023 年 6 月 30 日，我們貸款的即期票面利率為 6.45%，而截至 3 月 31 日為 6.21%。在這張幻燈片中，我們還展示了過去 5 個季度每個主要貸款組合的票面即期收益率。截至 6 月 30 日，我們的貸款組合中有 61% 為浮動利率，其中 27% 與最優惠利率掛鉤，28% 與 SOFR 掛鉤。

Over the last several years, while rates were low, we continue to help many of our CRE and C&I customers to a lesser extent, hedge against rising rates through the use of swaps, caps and collars, fixed rate and synthetically fixed rate loans are 65% of the total CRE book as of June 30. These clients are protected against the rising debt service costs and a higher rate environment.

在過去的幾年裡，雖然利率較低，但我們繼續在較小程度上幫助我們的許多 CRE 和 C&I 客戶，通過使用掉期、上限和上限、固定利率和綜合固定利率貸款來對沖利率上升的風險 65截至 6 月 30 日，佔 CRE 賬簿總額的 %。這些客戶受到保護，免受償債成本上升和利率上升的影響。

Turning to Slide 17. Our average cost of deposits for the second quarter was 212 basis points up 52 basis points from the first quarter. Our spot rate on total deposits was 228 basis points as of June 30, equivalent to a 44% cumulative beta relative to the 500 basis point increase in the target Fed funds rate since December 31, 2021, In comparison, the cumulative beta on our loans has been 60% over the same time period.

轉向幻燈片 17。我們第二季度的平均存款成本為 212 個基點，比第一季度上升 52 個基點。截至 6 月 30 日，我們的總存款即期利率為 228 個基點，相對於自 2021 年 12 月 31 日以來目標聯邦基金利率上調 500 個基點，相當於 44% 的累積貝塔值。相比之下，我們貸款的累積貝塔值同期增長了60%。

Moving on to fee income on Slide 18. Total noninterest income in the second quarter was $79 million. Fee income was $69 million, reflecting growth across all fee income categories during the quarter. For the second quarter, other investment income of $4 million was up $2 million from the first quarter largely reflecting higher income from Community Reinvestment Act investments.

接下來是幻燈片 18 上的費用收入。第二季度的非利息總收入為 7900 萬美元。費用收入為 6900 萬美元，反映了本季度所有費用收入類別的增長。第二季度其他投資收入為 400 萬美元，較第一季度增加 200 萬美元，主要反映了《社區再投資法案》投資收入的增加。

Moving to Slide 19. Second quarter noninterest expense was $262 million, excluding the amortization of tax credits and CDI, adjusted noninterest expense was $205 million in the second quarter, up a modest 1% sequentially. Second quarter compensation and employee benefits expense was lower by $5 million due to a higher seasonal cost in the first quarter. The second quarter adjusted efficiency ratio was 31.8% compared with 30.5% in the first quarter. Our adjusted pretax pre-provision income was $440 million in the second quarter and our pretax pre-provision ROA was an industry-leading 2.61%.

轉到幻燈片 19。第二季度非利息支出為 2.62 億美元，不包括稅收抵免和 CDI 攤銷，第二季度調整後非利息支出為 2.05 億美元，比上一季度小幅增長 1%。由於第一季度季節性成本較高，第二季度薪酬和員工福利費用減少了 500 萬美元。第二季度調整後效率為31.8%，而第一季度為30.5%。第二季度調整後的稅前撥備收入為 4.4 億美元，稅前撥備 ROA 為行業領先的 2.61%。

And with that, I will now review our updated outlook for the full year of 2023 on Slide 20. For the full year 2023 compared to our full year 2022 results, we expect year-over-year loan growth in the range of 5% to 7%, unchanged from the prior outlook Year-over-year, net interest income growth in the range of 12% to 15%. Underpinning our net interest income assumptions is the forward interest rate curve as of June 30 which assumes 1 Fed funds rate hike of 25 basis points in October with a year-end Fed fund's target rate of 5.50%.

接下來，我將在幻燈片 20 上回顧我們對 2023 年全年的最新展望。與 2022 年全年業績相比，我們預計 2023 年全年貸款同比增長將在 5% 至 5% 之間。 7%，與之前的展望持平 淨利息收入同比增長在 12% 至 15% 範圍內。支持我們淨利息收入假設的是截至 6 月 30 日的遠期利率曲線，該曲線假設聯邦基金利率在 10 月份加息 25 個基點，年底聯邦基金目標利率為 5.50%。

Adjusted noninterest expense growth in the range of 9% to 11% and we expect our revenue and expense outlook to result in positive operating leverage year-over-year. In terms of credit, for the full year of 2023, we currently expect to report a provision for credit losses in the range of $110 million to $130 million. Provisions for credit losses for 2023 will be largely driven by loan growth and changes in the macroeconomic outlook.

調整後的非利息支出增長在 9% 至 11% 之間，我們預計我們的收入和支出前景將帶來同比正的運營槓桿。在信貸方面，我們目前預計 2023 年全年的信貸損失準備金將在 1.1 億至 1.3 億美元之間。 2023年的信貸損失準備金將主要由貸款增長和宏觀經濟前景的變化驅動。

Today, asset quality is excellent, and we believe the potential losses from any problem loans are limited and very manageable. Finally, we expect that our effective tax rate for the full year will be approximately 20% and based on approximately $150 million of tax credit investments, excluding LIHTC investment and an estimated related tax credit amortization of $145 million for the full year.

如今，資產質量非常好，我們相信任何問題貸款的潛在損失都是有限的並且非常可控。最後，我們預計全年的有效稅率約為 20%，基於約 1.5 億美元的稅收抵免投資，不包括 LIHTC 投資和全年預計 1.45 億美元的相關稅收抵免攤銷。

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

現在，我將把電話轉回給多米尼克，讓他發表結束語。

Thank you, Irene. In closing, we are pleased with our consistent financial performance and strong core earnings. Although net interest income decreased given the deposit competition. Our revenue and pretax pre-provision profitability remains very strong. The East West business model is resilient and diversified and our balance sheet is healthy. We operate with high capital levels, and we are well positioned to deliver earnings growth and strong profitability.

謝謝你，艾琳。最後，我們對我們持續的財務業績和強勁的核心收益感到滿意。儘管由於存款競爭，淨利息收入有所下降。我們的收入和稅前撥備前盈利能力仍然非常強勁。東西方業務模式具有彈性和多元化，我們的資產負債表也很健康。我們的資本水平很高，我們有能力實現盈利增長和強勁的盈利能力。

I would now open the call to questions. Operator?

我現在開始提問。操作員？

(Operator Instructions) Our first question will come from Ebrahim Poonawala with Bank of America.

（操作員說明）我們的第一個問題將來自美國銀行的 Ebrahim Poonawala。

First question, Irene, for you on NII. So it was a decent step down in the second quarter. If I have it right, your guidance implies that NII stabilizes about [5.65%] per quarter in the back half of the year. One, give us your assumptions around terminal deposit betas, NIB mix underpinning the NII guide? And what leads NII to being at the lower end of your guide at 12% versus 15%?

第一個問題，艾琳，關於 NII 的問題。因此，第二季度這是一個不錯的下降。如果我沒猜錯的話，您的指導意味著 NII 在今年下半年每季度穩定在 [5.65%] 左右。第一，請告訴我們您對終端存款貝塔值、支撐 NII 指南的 NIB 組合的假設？是什麼導致 NII 處於指南的下限（12% 與 15%）？

Yes. Great question. First of all, when we look at where we stand today, what's positive, although the -- with the deposit competition, the cost of deposits did increase in the second quarter. What's positive is we keep growing, right? We're bringing on new customer deposits. And through that, we have the opportunity to lay off some of these higher-cost broker deposits that we have -- we placed on the balance sheet after the mid-March disruption.

是的。很好的問題。首先，當我們看看今天的情況時，有什麼積極的方面，儘管由於存款競爭，第二季度存款成本確實有所增加。積極的是我們不斷成長，對嗎？我們正在吸引新客戶存款。通過這種方式，我們有機會削減一些成本較高的經紀商存款——我們在 3 月中旬的中斷後將其列入資產負債表。

And I'll just share since June 30, we've laid off about a little over $600 million at 5.15% have replaced that with lower cost customer deposits. So the momentum is here, and that is one of the underpinning drivers for why we think NII will stabilize. Of course, the expectation is that the Fed will increase rates next week. That will help a little bit on the yield side as well.

我只想分享一下，自 6 月 30 日以來，我們已經以 5.15% 的利率裁員了約 6 億多美元，並用成本更低的客戶存款取而代之。因此，勢頭已經到來，這也是我們認為 NII 將會穩定的主要驅動因素之一。當然，預計美聯儲下週將加息。這也會對產量有所幫助。

And the [min/max] around the guidance, I do think a lot of that is going to be, how successful we are, as I mentioned, were positive and the momentum is there on the deposit side, but how successful we are in growing those customer deposits over the course of the year. And then, of course, also a little bit as far as the range of where we'll be on the loan growth.

圍繞指導的[最小/最大]，我確實認為其中很多都會是，正如我提到的，我們取得的成功是積極的，存款方面有動力，但我們在在一年中增加這些客戶存款。當然，還有一點是我們的貸款增長范圍。

And where do you expect the NIB balances to stabilize, Irene?

艾琳，您預計 NIB 餘額會穩定在哪裡？

Yes. So right now, my expectation is from the level that we were at June 30, it will decrease a little bit. I'll share that also quarter-to-date has been positive, and were 31% as of yesterday. And DDA, I'm sorry. Yes.

是的。所以現在，我的預期是與 6 月 30 日的水平相比，會有所下降。我要分享的是，本季度迄今為止的增長率也是積極的，截至昨天為 31%。 DDA，我很抱歉。是的。

So just to clarify. So as of June 30, DDA was 30%. I mean, of 2 days ago, it's now 31%. And just another perspective is that the spot rate for deposits as of June 30, 2.28%. And then as 2 days ago, 2.27%. So we actually are maintaining the deposit rate pretty steady. Quite frankly, if you look at even -- well, if we reflect back even in May and June, the deposit rate relatively was very stable around close to 2.28%. And the fact is it was just the Silicon Valley Bank and situation in March, which caused a spike in April.

所以只是為了澄清一下。截至 6 月 30 日，DDA 為 30%。我的意思是，2 天前，現在是 31%。另一個角度是，截至6月30日的存款即期利率為2.28%。兩天前為 2.27%。所以我們實際上保持存款利率相當穩定。坦率地說，如果你回顧一下，即使是在 5 月和 6 月，存款利率也相對非常穩定，接近 2.28%。事實上，正是矽谷銀行和 3 月份的情況導致了 4 月份的飆升。

And to a certain extent, we kind of -- we try and do it on our own too because we wanted to be extraordinarily cautious and prudent, and we did not need that much deposit to come in. We have very good loan-to-deposit ratio could have just less some of the deposit outflow and not worrying about showing up deposit, but we did. We actually got in broker deposits, and so forth.

在某種程度上，我們也嘗試自己做這件事，因為我們想要格外謹慎和謹慎，而且我們不需要那麼多存款。我們有很好的貸款-存款比率可能會減少一些存款流出，並且不用擔心出現存款，但我們做到了。我們實際上獲得了經紀人存款等等。

So once we saw it stabilized after April, so we now decided that we can just ease it off because the momentum of new customer deposits, existing customer deposits and whatnot, all together give us some confidence that things are stabilizing, and we can move forward. And by replacing the high-cost institutional money to retail and commercial clients deposit. And we think that with that, we should be able to in a much more stabilized situation going forward.

因此，一旦我們看到四月份之後穩定下來，我們現在就決定可以放鬆一下，因為新客戶存款、現有客戶存款等的勢頭，所有這些都給了我們一些信心，認為事情正在穩定下來，我們可以繼續前進。並通過取代高成本的機構資金來向零售和商業客戶存款。我們認為，有了這個，我們應該能夠在一個更加穩定的情況下前進。

Got it. And if I may, Dominic, one more just around capital. So you have a lot of excess capital, a lot of your peer banks have reported and are building capital exiting certain lending businesses. Talk to us in terms of just given where we are, how are you looking at market share growth opportunities? Are you leaning in? Or is the macro way too uncertain to look for growth opportunities right now?

知道了。如果可以的話，多米尼克，在首都附近再來一處。因此，你有大量過剩資本，許多同行銀行都報告說，並且正在從某些貸款業務中積累資本。就我們目前的處境而言，您如何看待市場份額增長機會？你靠進去了嗎？或者宏觀經濟形勢是否太不確定而無法立即尋找增長機會？

I think that you just said it kind of like answer my question, but your question. The macroeconomic situation, it is uncertain. It is uncertain. I mean anyone said that to know exactly what's going on in the future is kidding themselves. We really don't know. I mean I thought that the recession should have been here actually with the rate spike like that, I thought the recession has already arrived. By now, it didn't. So may out to be a soft landing. And that would be great, but it may not.

我認為你剛才說的有點像回答我的問題，但你的問題。宏觀經濟形勢存在不確定性。這是不確定的。我的意思是有人說要確切地知道未來會發生什麼就是在自欺欺人。我們真的不知道。我的意思是，我認為經濟衰退實際上應該隨著利率飆升而到來，我認為經濟衰退已經到來。到現在為止，還沒有。因此可能會出現軟著陸。那太好了，但也可能不會。

So the economic environment is certainly not something that we can bet on. But in the meantime, the market environment has never been as ideal as it is today. When I say market environment is that for decades, we've been competing with some very competitive neighbor -- neighborhood bankers out there. And they are good at -- some of them are good at Venture Capital, PE, some of them good at making very high net worth customers, mortgages and, quite frankly, for price, for whatever reason we decided not to be able to compete today, they go on.

所以經濟環境肯定不是​​我們可以押注的。但與此同時，市場環境從未像今天這樣理想。當我說市場環境是，幾十年來，我們一直在與一些非常有競爭力的鄰居——鄰里銀行家競爭。他們擅長——其中一些擅長風險投資、私募股權投資，其中一些擅長創造非常高淨值的客戶、抵押貸款，坦率地說，還有價格，無論出於何種原因，我們決定無法競爭今天，他們還在繼續。

So we have just so much less competition and with our size and with our sort of like being able to continue to have senior management engagement with clients. We are in a very good sweet spot. From a market perspective, I've never seen East West to be in a better position than we are today. But the macroeconomic environment is certainly not clear. So -- and then you reflect back on another perspective, which is when I'm making 21% return of equity, why do I want to go crazy right now to try and to do all kinds of stuff?

因此，我們的競爭要少得多，而且考慮到我們的規模以及我們能夠繼續與客戶進行高級管理層接觸的能力。我們正處於一個非常好的有利位置。從市場角度來看，我從未見過東西方公司的處境比我們今天更好。但宏觀經濟環境肯定並不明朗。那麼——然後你回想另一個角度，那就是當我獲得 21% 的股本回報率時，為什麼我現在要瘋狂地嘗試做各種各樣的事情？

So we are watching the market. We're taking advantage of one customer at a time when there's some other customers from other banks who want to explore relationship with us, we are welcoming them. But we are doing it prudently, not trying to go out there and then in order to make certain kind of earnings and that we have to go out there and make a big group of hirings here and there and then so forth. That's not necessary because we like where we are right now. We have a very diversified loan portfolio, very diversified deposit portfolio, and that's good.

所以我們正在觀察市場。當其他銀行的其他客戶想要與我們建立關係時，我們一次只利用一位客戶，我們歡迎他們。但我們正在謹慎行事，而不是為了賺取某種收入而試圖去那裡，然後我們必須去那裡並到處進行大量招聘。這是沒有必要的，因為我們喜歡現在的處境。我們擁有非常多元化的貸款組合、非常多元化的存款組合，這很好。

And if there's any good prospect coming in, we certainly would entertain. And -- but we'll make sure that we stay disciplined with our East West Bank credit metrics and pricing metrics. And that's what we are -- we still feel that there is opportunity to grow. I'm not that certain about in the next 2 quarters, how much opportunity that is, but I'm 100% sure in the next 2 or 3 years, it's going to be really good.

如果有任何好的前景進來，我們當然會招待。而且，我們將確保遵守華美銀行的信貸指標和定價指標。這就是我們的現狀——我們仍然覺得還有成長的機會。我不太確定在接下來的兩個季度裡會有多少機會，但我 100% 確定在接下來的 2 到 3 年裡，它會非常好。

Our next question will come from Jared Shaw with Wells Fargo Securities.

我們的下一個問題將來自富國銀行證券公司的賈里德·肖。

I guess maybe just sticking on with the capital theme. As you go into year-end, if the broker deposits running down and the BTFP likely to be paid off and assuming cash flow is down, that capital will continue to grow. How high is too high for capital? What else can we expect the capital management payout ratio at only 22% a year?

我想也許只是堅持資本主題。當你進入年底時，如果經紀商的存款減少，並且 BTFP 可能會被還清，並且假設現金流下降，那麼該資本將繼續增長。對於資本來說，多高才算是過高呢？每年只有22%的資本管理派息率還能指望什麼呢？

I think how high is too high based on -- again, the macroeconomic environment. The way I see it is (inaudible) that there's -- we do a lot of these volatility comparison that is that, well, if we obvious many banks out there buying stock because they can generate the kind of EPS or return that is required, and that's what they need to -- what we need to do. We obviously today, with a very high capital ratio, we still have industry-leading ROE.

我認為多高就太高了，這又取決於宏觀經濟環境。我的看法是（聽不清），我們做了很多波動性比較，也就是說，如果我們明顯看到許多銀行購買股票，因為它們可以產生所需的每股收益或回報，這就是他們需要做的——我們需要做的。顯然，今天我們擁有非常高的資本比率，但我們仍然擁有行業領先的淨資產收益率。

So therefore, this is obviously not something that we have to urgently do for our shareholders in light of, we also have dividend increase year after year, right? So from that standpoint, but we are shareholders friendly. So we think that we come to a point, it is capital ratio getting too high. There is really not much risk in the horizon in the market. in terms of -- in the economic outlook. And then we -- for very reason feel that there's so much earnings, it's just not going to be possible for enough growth, we absolutely would consider that buyback scenario. We've done that. We've done that before, and we will do it again.

因此，這顯然不是我們必須為股東緊急做的事情，因為我們的股息也逐年增加，對吧？所以從這個角度來看，我們對股東友好。所以我們認為我們已經到了一個地步，那就是資本比率變得太高了。市場上確實沒有太大的風險。就經濟前景而言。然後我們——有充分理由認為，有這麼多的收益，只是不可能實現足夠的增長，我們絕對會考慮回購的情況。我們已經做到了。我們以前已經這樣做過，並且還會再次這樣做。

But in this kind of uncertain economic environment, when we don't know whether there will be a recession coming or how aggressive the set wants to keep the rate high for how long that may cause a major downward spiral on the economic conditions that affect certain industries and so forth. This may create a much better opportunity for potential acquisitions or anything that is available out in the market, and we don't want to spend the money on buyback and not having excess capital to strike for much better opportunity.

但在這種不確定的經濟環境下，當我們不知道是否會出現衰退，也不知道他們希望在多長時間內保持高利率時，這可能會導致經濟狀況出現嚴重螺旋式下降，從而影響某些經濟狀況。行業等。這可能會為潛在收購或市場上現有的任何東西創造更好的機會，我們不想把錢花在回購上，也不想沒有多餘的資本來爭取更好的機會。

Because after all, we don't run our bank as a quarter-to-quarter kind of basis. We run our bank on the long-term sustainable basis. For the last 3 quarters, I've been here, we always look at year after year of record earnings and year after year of sustainable growth, and we want to be able to do that. And so if you do that, we constantly have to make investment. And just like even in a challenging deposit environment like the last quarter, we're still investing in our infrastructure. We're still investing in our enterprise risk management platform to make sure that we continue to have the ability to sustain the long-term growth like the way we have done for the past decade.

因為畢竟我們的銀行運營不是按季度進行的。我們在長期可持續的基礎上經營銀行。在過去的三個季度裡，我一直在這裡，我們總是著眼於年復一年創紀錄的盈利和年復一年的可持續增長，我們希望能夠做到這一點。因此，如果你這樣做，我們就必須不斷進行投資。就像上個季度這樣充滿挑戰的存款環境一樣，我們仍在投資基礎設施。我們仍在投資於我們的企業風險管理平台，以確保我們繼續有能力像過去十年那樣維持長期增長。

So very simple -- actually, a very simple kind of strategy. And it's just like whatever make sense. If it makes sense, we'll do what the right thing.

非常簡單——實際上，一種非常簡單的策略。這就像任何有意義的事情一樣。如果有意義，我們就會做正確的事。

Okay. And I guess just one follow-up. Looking at the single-family residential, great growth there. What are some of the dynamics driving that? Are you still seeing strong integration coming in? Is it additional capital coming into the country? Or is this just the existing customer base and maybe the existing potential customer base is already in the U.S. even more?

好的。我想只有一個後續行動。看看單戶住宅，那裡有很大的增長。推動這一趨勢的動力有哪些？您是否仍然看到強大的集成即將到來？是否有額外資本進入該國？或者這只是現有的客戶群，也許現有的潛在客戶群已經在美國了？

It's a combination. There's always immigrants coming to U.S. The fact is we, which has become bigger and our brand stronger, our branch networks are all over the place and then people recognize the brand, and so more and more of the customer in the Asian-American community, that from our retail branch banking footprint come into East West Bank because they know that they can get East West to make the decision to approve credit in a timely manner. We'll close the loans, also fund the loans on a timely manner both from services and that our broad outreach within the branch footprint allow us to continue to have a very strong momentum so far.

這是一個組合。總是有移民來美國，事實是我們規模越來越大，我們的品牌越來越強，我們的分行網絡遍布各地，然後人們認可了這個品牌，所以越來越多的亞裔美國人社區的客戶，我們的零售分行銀行業務進入華美銀行，因為他們知道他們可以讓華美銀行及時做出批准信貸的決定。我們將關閉貸款，並通過服務及時為貸款提供資金，並且我們在分行範圍內的廣泛外展使我們迄今為止能夠繼續保持非常強勁的勢頭。

Again, this also surprised me a little bit. I would expect that with the rate rising like that, people are not buying homes, but I guess people are still buying homes. It's not just, by the way, just particularly different at East West. In fact, throughout the country, we see the statistics from this economic report that people are still buying homes. So we're just getting the fair share of the benefits.

同樣，這也讓我有點驚訝。我預計隨著利率的上升，人們不會買房，但我猜人們仍在買房。順便說一句，這不僅僅是東西部地區特別不同。事實上，在全國范圍內，我們從這份經濟報告的統計數據來看，人們仍然在買房。所以我們只是獲得了公平的利益。

Our next question will come from Dave Rochester with Compass Point.

我們的下一個問題將來自 Compass Point 的 Dave Rochester。

On the NIM -- on the margin, you mentioned the rate hike coming up would be helpful. I was just curious how much lift you guys expect to get from that in the margin. And just to reiterate, you're not assuming a hike in July. You have an October hike in your guidance, and this July hike would obviously be a better situation right off the bat versus your guidance here, right?

在淨息差方面，您提到即將加息將會有所幫助。我只是很好奇你們期望從邊際中獲得多少提升。重申一下，您不會假設 7 月會加息。您的指導中有 10 月份的加息，而今年 7 月的加息顯然會比您現在的指導更好，對嗎？

That's right. That's correct. I think -- just to clarify, our guidance is based on the forward curve as of June 30. Certainly, I think market expectations moved a little bit since then. The lift from the rate hike, let me get you that number. I don't see -- I don't have it in front of me, Dave, but certainly, it helps given the variable rate loans that we have. I'd also say that rate hikes are not -- given the current environment, I think we're being conservative on kind of the deposit beta assumption with the expectation that even if rates do not increase from this point in time, they may still elevate it for a period of time before rates decrease.

這是正確的。這是正確的。我想澄清一下，我們的指導是基於截至 6 月 30 日的遠期曲線。當然，我認為自那時以來市場預期發生了一些變化。加息帶來的提升，讓我告訴你這個數字。我不明白——戴夫，我面前沒有它，但考慮到我們擁有的浮動利率貸款，它肯定會有所幫助。我還想說，考慮到當前的環境，加息不是——我認為我們對存款貝塔假設持保守態度，預計即使利率從此時起不再增加，它們仍可能在利率下降之前將其提高一段時間。

So that's also underpinning on our kind of NII and NIM guidance. I'd also share, kind of in continuation of my comments earlier, so about -- we laid off about $600 million or so quarter-to-date. Our plan is about $1.7 billion over the course of the second half of the year. And with the pipelines and what we're seeing on the deposit front, we think that's very achievable as far as $1.75 billion of broker hire cost deposits that will run off.

因此，這也是我們的 NII 和 NIM 指南的基礎。我還想分享一下，有點像我之前的評論的延續，所以，我們本季度迄今為止裁員了大約 6 億美元。我們的計劃是在今年下半年投入約 17 億美元。憑藉管道和我們在存款方面所看到的情況，我們認為，就 17.5 億美元的經紀人聘用成本存款而言，這是非常可以實現的。

Got it. Is that part excluded from your guidance? Is that just sort of icing on the cake? Or are you including that?

知道了。這部分內容是否被排除在您的指導之外？這只是錦上添花嗎？或者你也包括在內？

That's included, but we're modeling around a range around that. How about that, Dave?

這包括在內，但我們正在圍繞它的範圍進行建模。戴夫，那怎麼樣？

Yes. That's great. And my follow-up on the expense guide, it would just be great if you could talk about the drivers for the increase in that versus your prior guide, and if you see any potential cost save opportunities that you guys could pursue?

是的。那太棒了。我對費用指南的後續行動，如果您能談談與之前的指南相比增加費用的驅動因素，以及您是否看到了你們可以追求的任何潛在的成本節省機會，那就太好了？

Yes. Great question. I think when we look at the expense guidance and also the increase from our prior guidance, a couple of things. One, year-to-date, the actual results of -- and the expenses that we've incurred thus far, when we look at the remainder of the year and kind of just the sentiment around things, certainly, things are a lot different than they were at the start and mid-April. That's certainly part of the reflection on what are the expenses, what are the investments that we need to do to sustain the growth.

是的。很好的問題。我認為，當我們查看費用指導以及之前指導的增加時，有幾件事。一，今年迄今為止的實際結果 - 以及我們迄今為止所產生的費用，當我們看看今年剩餘時間以及圍繞事物的情緒時，當然，情況有很大不同比四月初和四月中旬的情況要好。這當然是對我們需要進行哪些支出和投資來維持增長的反思的一部分。

As Dom had talked about, we are continuing to see opportunities to grow, frontline, back office also from a risk management perspective. So those are the real drivers around that. Nothing really unusual in the [near term], but we are hiring, headcount is over -- is up year-over-year. I think drivers to reduce, certainly, I think the environment changes. Now there are some levers there as well, but I think at this point in time, we don't expect that, Dave.

正如 Dom 所說，從風險管理的角度來看，我們繼續看到一線和後台發展的機會。所以這些才是真正的驅動因素。 [短期內]沒有什麼真正不尋常的，但我們正在招聘，員工人數已經結束 - 逐年增加。我認為司機會減少，當然，我認為環境會發生變化。現在也有一些槓桿，但我認為目前我們並不期望如此，戴夫。

Our next question will come from Manan Gosalia with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的馬南·戈薩利亞。

I just wanted to get a sense of what you're seeing in terms of new customer gains in your footprint on both the loan and the deposit side, especially given the strong growth that you're seeing on -- in resi. Are there any gains in business that you're getting from either legacy Silicon Valley Bank or First Republic customers in your footprint?

我只是想了解一下您在貸款和存款方面的新客戶增長情況，特別是考慮到您在房地產領域看到的強勁增長。您是否從遺留的矽谷銀行或第一共和客戶那裡獲得了任何業務收益？

We are getting some. We are not -- I mean, like I said, we are not like aggressively pursuing like this HSBC bring the whole team over and that kind of things. A bunch of people going to JPMorgan. We are very selective. And obviously, what happened to those institutions, there are a lot of bankers seeking new homes. So I mean, with us being in California, without a doubt, there are many inquiries coming to us.

我們正在得到一些。我們不是——我的意思是，就像我說的，我們不像匯豐銀行那樣積極追求讓整個團隊過來之類的事情。一群人去摩根大通。我們非常有選擇性。顯然，這些機構發生了什麼事，有很多銀行家正在尋找新家。所以我的意思是，我們在加利福尼亞州，毫無疑問，有很多詢問向我們詢問。

And so we just find the right people with the right cultural fit, with the right type of mindset that fit into what we -- in our model, and then we bring them on. And then same thing for customers. We have -- I personally have more inquiries from our clients referring to friends who were customers -- well, who still are customers, for these failed banks, and they're just looking for a new home.

因此，我們只是找到具有正確文化契合度、具有適合我們模式的正確思維方式的正確人才，然後我們將他們引入。然後對客戶來說也是同樣的事情。我們——我個人收到了更多來自客戶的詢問，這些詢問指的是那些曾經是客戶的朋友——嗯，他們仍然是這些失敗銀行的客戶，他們只是在尋找新家。

So we're very busy in discussion with many of those. And we -- some of those loans booked. I mean if you look at C&I, you noticed that commitment gone up 15%, but outstanding balance gone up 1%. We book a lot of commitment, but it's going to take a little while to do the drawdown. And same thing for deposit. We opened a lot of accounts, but it's taking a little while to start getting them operating and start getting deposit flowing.

因此，我們正忙於與其中許多人進行討論。我們——其中一些貸款已被預訂。我的意思是，如果您查看 C&I，您會發現承諾增加了 15%，但未償餘額增加了 1%。我們預訂了很多承諾，但需要一段時間才能完成提款。存款也是一樣。我們開設了很多賬戶，但需要一段時間才能開始運營並開始吸引存款流動。

And we're not trying to hurry up in doing that because, again, it's not like we have 1 quarter or 2 quarter or 3 quarters finish line and then we're done. We're running a long-term business. And so we just gradually start taking on these new clients, making sure that they get the right experience, and then we also don't want to get overwhelmed for the surge of this inquiries and ending up neglecting our existing customers.

我們並不想加快速度，因為我們並不是有 1 季度、2 季度或 3 季度的終點線，然後我們就完成了。我們正在經營一項長期業務。因此，我們只是逐漸開始接待這些新客戶，確保他們獲得正確的體驗，然後我們也不希望因此類詢問的激增而不知所措，最終忽視我們現有的客戶。

So -- and then in addition to that, we also wanted to continue our journey of further enhancing and upgrading our whole enterprise risk management. And so these work cannot be sort of like put aside just because there are inquiries from customers from these failed banks, and then wanted to migrate over, and then we stop taking care of all the other fundamental business that we need to take care of.

因此，除此之外，我們還想繼續進一步加強和升級整個企業風險管理的旅程。因此，這些工作不能僅僅因為這些失敗的銀行有客戶詢問，然後想要遷移過來，就被擱置起來，然後我們就停止處理我們需要處理的所有其他基本業務。

So all in all, we're just like doing all of that at the same time. And I would expect that gradual -- slowly, gradually, we'll get more of these customers, not only from the failed banks. By the way, some of these other regional banks are -- that also have some sort of challenges, that also have their customers going to be -- start looking at East West because many of these clients are going to be looking at who are the banks have a high likelihood. They don't -- they don't have to worry much about our future.

總而言之，我們就像同時做所有這些事情。我預計，慢慢地，逐漸地，我們將獲得更多的此類客戶，而不僅僅是來自失敗的銀行。順便說一句，其他一些區域性銀行 - 也面臨著某種挑戰，也有他們的客戶 - 開始關注東西方銀行，因為其中許多客戶將關注誰是銀行的可能性很大。他們不需要——他們不必太擔心我們的未來。

And banks that have very high capital ratio and year in, year out, always put out strong numbers and don't always get in and out of jail with the regulators, those are the ones that, in general, are going to be well sought after. So therefore, we want to keep it that way. So we don't want to go crazy and get all excited about this opportunity and then get ourselves back in jail or something like that. That wouldn't be good, right? So that's where we are.

那些資本充足率非常高、年復一年總是公佈強勁數據的銀行，並不總是在監管機構的監管下進進出出，一般來說，這些銀行將受到追捧。後。因此，我們希望保持這種狀態。所以我們不想因為這個機會而變得瘋狂和興奮，然後讓自己重新進監獄或類似的事情。那可不太好，對吧？這就是我們現在的情況。

And I guess related to that, in terms of investing in the business, I know you moved your expense guide up slightly. Can you talk about what's driving that revision? Is it mainly investment spend? Is there some opportunity you're seeing in this environment?

我想與此相關的是，在業務投資方面，我知道您略微上調了費用指南。您能談談是什麼推動了這次修訂嗎？主要是投資支出嗎？您在這種環境中看到了一些機會嗎？

And then how we should think about just expenses overall, even going into next year as maybe you continue to invest in the business, but also as I guess the bank industry as a whole sees more of an impact from regulation, if there's anything else you need to do there given your asset size?

然後我們應該如何考慮整體支出，甚至進入明年，因為也許你會繼續投資於該業務，而且我猜銀行業作為一個整體會看到更多來自監管的影響，如果還有其他什麼你可以考慮的話考慮到您的資產規模，需要在那裡做什麼？

Well, we are less than $100 billion, far less than $100 billion. We -- $68 billion, to be exact. And so therefore, this is around 2/3, just about 2/3 of that threshold. So right now, looking at organic growth, it's going to take a while to get to that $100 billion. Also, if you think about it, even if we're $100 billion, we always do whatever we need to do to make sure that we are above and beyond the minimal requirement that required from the regulators.

嗯，我們還不到 1000 億美元，遠不到 1000 億美元。準確地說，我們是 680 億美元。因此，這大約是該閾值的 2/3，大約是該閾值的 2/3。因此，從目前的有機增長來看，要達到 1000 億美元還需要一段時間。另外，如果你想一想，即使我們的規模達到 1000 億美元，我們也總是會盡一切努力確保我們超出監管機構要求的最低要求。

And so with our capital ratio, it's really not much an issue at all because you don't get a lot of banks really struggling with the potential new regulatory proposal because the capital ratio is low and then once they start adding here -- one item here and there, and then next thing, they may not meet the threshold. We are way above it. So one way or the other don't make any difference, but I wanted to keep reminding folks on the call that we're actually only 2/3 the size. So we're not qualified to worry.

因此，就我們的資本比率而言，這實際上根本不是什麼大問題，因為你不會看到很多銀行真正為潛在的新監管提案而苦苦掙扎，因為資本比率很低，然後一旦他們開始在這裡添加一項——到處，然後下一步，他們可能達不到門檻。我們遠遠高於它。因此，無論哪種方式都沒有任何區別，但我想在電話中不斷提醒大家，我們實際上只有 2/3 的尺寸。所以我們沒有資格擔心。

But in the meantime, getting back to the increase, slight increase, of guidance of the expenses, as Irene mentioned earlier that as of April, in the mid-April, when we start putting in the guidance after the first quarter earnings in the midst of the Silicon Valley Bank, Signature Bank and First Republic kind of situation, we didn't expect as much opportunity to grow at that point because we expected this will probably be a recession coming, right? So that's going to drop rates, and all of that didn't happen.

但與此同時，回到支出指導的增加，小幅增加，正如艾琳早些時候提到的，從四月中旬開始，當我們在第一季度收益公佈後開始提出指導時，考慮到矽谷銀行、Signature Bank 和 First Republic 的情況，我們當時並沒有期望有那麼多的增長機會，因為我們預計這可能會導致經濟衰退，對嗎？因此，利率將會下降，但所有這些都沒有發生。

So -- in fact, not only didn't happen, we saw that our deposit also kind of stabilized a little bit. And the customer demand for much higher rate was very much so in March and April, but by May or so, it somewhat subside. And in addition to that, those inquiries from customers of these banks that got into trouble, saw it coming. Because once it stabilized, they start looking at, "Well, maybe some of the new parents that acquired those banks are not the right fit," and they start talking to us.

所以——事實上，不僅沒有發生，我們還看到我們的存款也穩定了一點。客戶對更高利率的需求在三月和四月非常強烈，但到了五月左右，這種需求有所減弱。除此之外，這些陷入困境的銀行的客戶的詢問也預見到了這一點。因為一旦情況穩定下來，他們就會開始考慮，“好吧，也許收購這些銀行的一些新父母並不合適，”然後他們開始與我們交談。

When we start looking at all of that, we feel that it is appropriate to start hiring some of the talented bankers, and it is appropriate that we continue to stay vigilant to invest whatever we need to invest. We are not overinvesting. We never overinvest. East West always invest incrementally from a technology, from an operational infrastructure and in terms of hiring. But we are absolutely out there looking at talents to see whether they fit into our culture and bring them on.

當我們開始考慮所有這些時，我們認為開始僱用一些有才華的銀行家是合適的，並且我們繼續保持警惕以投資我們需要投資的任何東西是合適的。我們並沒有過度投資。我們從不過度投資。 East West 始終從技術、運營基礎設施和招聘方面進行增量投資。但我們絕對會在外面尋找人才，看看他們是否適合我們的文化並吸引他們。

We do not get way overconcerned about, "Well, would that affect a 1% or 2% of our expenses? And then therefore, we should wait?" Sometimes you wait, you don't get them. And -- but why we feel comfortable about doing all that is because we still have positive operating leverage today. So one way or the other, we're still making more money because revenue growth is still going to be bigger than the expense growth. So we feel very confident that this is the right thing to do in light of what our very high return on equity ratio compared with the industry. Let's just continue to keep doing what's right, what's good for the bank.

我們不會過度擔心“這會影響我們 1% 或 2% 的開支嗎？因此，我們應該等待嗎？”有時你等待，卻得不到它們。而且——但我們之所以願意做這一切，是因為我們今天仍然擁有積極的運營槓桿。因此，無論怎樣，我們仍然賺更多的錢，因為收入增長仍然大於支出增長。因此，鑑於我們與行業相比非常高的股本回報率，我們非常有信心，這是正確的做法。讓我們繼續做正確的、對銀行有利的事情。

Right. So it sounds like the expense and the investment spend is coming more from a growth mindset rather than anything that regulators might even ask banks well below $100 billion to do. So I appreciate that.

正確的。因此，聽起來費用和投資支出更多地來自增長心態，而不是監管機構甚至可能要求銀行遠低於 1000 億美元的任何事情。所以我很欣賞這一點。

Our next question will come from Brandon King with Truist.

我們的下一個問題將來自布蘭登·金和 Truist。

Yes. So I noticed criticized loans have declined quarter-over-quarter, and it stands out amongst your peers, who are actually seeing the opposite effect. So if you could please elaborate on to what you're seeing with your customers that's driving that effect.

是的。因此，我注意到受到批評的貸款逐季下降，這在同行中脫穎而出，他們實際上看到了相反的效果。因此，請您詳細說明您在客戶中看到的是什麼推動了這種效果。

What we've seen is that we've seen nothing. That's the scary part. Well, actually, we do regular loan-by-loan review. That's part of East West Bank. It's been -- we've been doing this for years and years. I've been concerned about potential CRE portfolio 5, 6 years ago. And so we do loan-by-loan review, and we continue -- well, I guess, because of that vigilance, we do have pretty high asset quality from our portfolio, and we do the same thing for C&I.

我們所看到的是我們什麼也沒看到。這就是可怕的部分。嗯，實際上，我們會定期進行逐筆貸款審查。那是華美銀行的一部分。我們已經這樣做很多年了。五、六年前我一直擔心潛在的商業地產投資組合。因此，我們逐筆審查，我們繼續——嗯，我想，由於這種警惕，我們的投資組合確實擁有相當高的資產質量，我們對 C&I 也做了同樣的事情。

And we just -- even with the pandemic, I thought it's going to be -- I mean, we started -- let's get back to you earlier. We started with the tariffs that we said, wow, we got tariffs. Our trade finance portfolio is going to be getting hit hard. Not just review one by one, [review] one by one, we manage this credit really, really closely, monitor very closely. We have discussion with clients, ask them to do what the right thing. And then at the end of the day, we didn't take any losses. We get through that. And then now becomes -- tariffs becomes just a normal day-to-day business.

我們只是 - 即使有大流行，我認為這會 - 我的意思是，我們開始 - 讓我們早點回复你。我們從關稅開始，我們說，哇，我們得到了關稅。我們的貿易融資組合將受到嚴重打擊。不只是一項一項審查，一項一項審查，我們真的非常非常密切地管理這個信用，非常密切地監控。我們與客戶進行討論，要求他們做正確的事情。最終，我們沒有遭受任何損失。我們挺過去了。然後現在關稅變成了正常的日常事務。

And then we are going to through the pandemic. We thought, wow, we're going to lose a lot of money. We're taking a lot of losses with all these hotels and then (inaudible) centers. They got shutdown and tenants are not paying rent in their apartments. And then at the end of the day, we didn't take any losses. And then when this interest rate spiked in this very, very aggressive manner, we said there's no way our clients can pay this kind of interest rate at some point. But as of today, they're paying it, and they're doing fine.

然後我們將度過這場大流行。我們想，哇，我們會損失很多錢。所有這些酒店和（聽不清）中心給我們帶來了很大的損失。他們被關閉，租戶不支付公寓租金。最終，我們沒有遭受任何損失。然後，當利率以這種非常非常激進的方式飆升時，我們說我們的客戶無法在某個時候支付這種利率。但從今天開始，他們已經付了錢，而且做得很好。

Well, I think, Brandon, it helps when we have very low loan to value, which give a lot more incentive for clients to stay on the property. And then in addition to that, our clients have a lot of liquidity and many of them have personal guarantee. All of these characteristics helped to keep this portfolio strong in the commercial real estate side.

布蘭登，我認為，當我們的貸款價值比非常低時，這會有所幫助，這會給客戶留下更多的動力。除此之外，我們的客戶擁有大量流動資金，其中許多人都有個人擔保。所有這些特徵都有助於保持該投資組合在商業房地產方面的強勁表現。

And then, Brandon, I don't know if you asked. I think that as I mentioned, as part of my sort of like script that we talked about earlier, loans maturing 2023, there's only 3% of our CRE loans will be maturing for the remainder of 2023. And then in 2024, only another 7%. So altogether, for the next 18 months, we only have 10% of our loans coming due. So we just happen to have very stable portfolio that there's not a whole lot that we need to worry about. We don't have this big high-rise building in downtown that cause us -- cause other banks concern. So I think it's all of that, that helps.

然後，布蘭登，我不知道你是否問過。我認為，正如我所提到的，作為我們之前討論過的類似腳本的一部分，貸款將於 2023 年到期，我們的 CRE 貸款中只有 3% 將在 2023 年剩餘時間內到期。然後到 2024 年，只有另外 7% 的貸款將在 2023 年到期。 %。因此，在接下來的 18 個月裡，我們只有 10% 的貸款到期。所以我們碰巧擁有非常穩定的投資組合，我們不需要擔心太多。我們在市中心沒有這座引起我們 - 引起其他銀行擔憂的大型高層建築。所以我認為這一切都有幫助。

Now the [precise] asset improved in terms of ratio. Some of them have to do again, because we've been prudent and conservative. These loans that we downgrade during pandemic, we wanted to give a little bit more time to make sure -- we could have upgraded probably 6, 9 months ago, if we -- I mean, because when -- after the pandemic, things getting a bit normal, some of the business getting back on track. We didn't immediate upgrade. We wanted to see how it operate. Do they have a sustainable good cash flow? And when things getting better, really better, and then we upgrade back.

現在，[精確]資產的比率有所提高。其中一些必須再次進行，因為我們一直謹慎而保守。我們在大流行期間降級的這些貸款，我們想多一點時間來確保——我們可能在 6、9 個月前就升級了，如果我們——我的意思是，因為當——大流行之後，事情變得更好有點正常，一些業務重回正軌。我們沒有立即升級。我們想看看它是如何運作的。他們有可持續的良好現金流嗎？當事情變得更好，真的更好時，我們就會升級回來。

So to a certain degree, maybe some of these upgrades is a little bit of a timing difference. It's not like suddenly, today, these credit perform even better than 2 months ago or 3 months ago, like that. It just -- there are some -- I would say that loans should have been upgraded earlier, but we took care of it. Now -- just the last few months. And the other thing will be here and there, a couple of nodes here and there that are having some challenges. We find a way to help the clients to pay off his credit, and then that also help reduce the criticized loans ratio. And all in all, that's -- I think that's the reason.

所以在某種程度上，也許其中一些升級有點時間上的差異。並不是突然之間，今天這些信貸的表現甚至比 2 個月前或 3 個月前更好，就像那樣。只是——有一些——我想說貸款應該更早升級，但我們處理好了。現在——就在過去幾個月。另一件事將無處不在，一些節點面臨著一些挑戰。我們找到一種方法來幫助客戶還清他的信用，然後這也有助於降低被批評的貸款比例。總而言之，我認為這就是原因。

That's really great color. And then I noticed C&I utilization ticked down a bit in the quarter. And I know there's been some deleveraging from new customers, but I'm wondering just what you see on the front lines there and you're anticipating that continuing towards the back half of the year.

這真是很棒的顏色。然後我注意到本季度工商業利用率略有下降。我知道新客戶進行了一些去槓桿化，但我想知道您在前線看到了什麼，並且您預計這種情況將持續到今年下半年。

Second half of the year, yes. So C&I, I think, quite candidly, with just kind of the environment right now, the utilization did tick down a little bit, Brandon, as you mentioned. Now I would share, though, as we look -- and to a certain extent, there's only so much we can do with that, right? As Dominic mentioned, commitments are up. I would share, though, when we look at the pipelines and when we talk to our team leaders, the expectation for the second half of the year new client acquisition is something where it is increasingly positive.

下半年，是的。因此，我認為，坦率地說，在目前的環境下，C&I 的利用率確實有所下降，布蘭登，正如您提到的。不過，現在我想分享一下，正如我們所看到的——在某種程度上，我們能做的就這麼多，對吧？正如多米尼克所提到的，承諾已經增加。不過，我想說的是，當我們審視渠道並與團隊領導交談時，對下半年新客戶獲取的期望越來越積極。

That's certainly something that we have factored in for the second half of the year. With that said, given the current environment, and I would say that we're not necessarily expecting that, that utilization rate will increase substantially from this point, but I would also say no specific kind of areas or concentrations of where that growth is coming from. It's pretty broad-based.

這當然是我們下半年考慮的因素。話雖如此，考慮到當前的環境，我想說的是，我們不一定期望利用率會從此時起大幅增加，但我也想說，沒有特定類型的領域或集中的增長即將到來從。它的基礎相當廣泛。

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

我們的下一個問題將由馬修·克拉克和派珀·桑德勒提出。

Just to close the loop on the margin, Irene. Can you give us a sense for where you think the cycle beta, deposit beta might shake out at the end of the day? I think low 60s is what you were previously targeting but were there on a spot basis. And then if you had the monthly NIM in June, we'll take it.

只是為了關閉邊緣的循環，艾琳。您能否告訴我們您認為周期貝塔值、存款貝塔值最終可能會出現什麼變化？我認為 60 多歲以下是您之前的目標，但是在現場的基礎上。然後，如果您有六月份的月度淨息差，我們就會接受。

Yes. So the monthly NIM in June was the same as the month end spot of the 2.28%. Also, I'll share up until now, in July, it's been the same.

是的。因此，6 月份的月度淨息差與月末即期的 2.28% 相同。另外，我會分享到現在為止，七月份，情況都是一樣的。

I thought you meant cost of deposits, not...

我以為你說的是存款成本，而不是...

I'm sorry. I'm sorry. Cost of deposits, not the NIM. I think the expectation for NIM is that it will decrease modestly from the second quarter, but still NII, with the drivers that we're talking about, we expect that to flatten out and improve.

對不起。對不起。存款成本，而不是淨息差。我認為對 NIM 的預期是，它將從第二季度開始小幅下降，但 NII 仍然如此，根據我們正在討論的驅動因素，我們預計 NIM 將趨於平穩並有所改善。

Got it. And then just on the media and entertainment portfolio, I know it's only 4% of loans, but can you speak to the Hollywood shutdown and how that might impact the portfolio and what you might have in place in terms of structure to protect yourselves?

知道了。然後就媒體和娛樂投資組合而言，我知道這僅佔貸款的 4%，但您能否談談好萊塢的關閉以及這可能如何影響投資組合以及您在保護自己的結構方面可能採取的措施？

Yes. From a credit risk perspective, we don't have any concern. But from a production -- like growth volume on loan originations point of view -- well, actually, we booked a lot of entertainment content production loans. But if there's a strike, they're not going to draw down. So we hope that strike doesn't last too long, but if it's sustained for an extended period of time, then we will have some loans that may not have the kind of drawdown that we would like to have, and it's not going to have any credit quality issues.

是的。從信用風險的角度來看，我們沒有任何擔憂。但從製作方面來看——比如貸款發放量的增長——嗯，實際上，我們預訂了很多娛樂內容製作貸款。但如果發生罷工，他們也不會撤退。因此，我們希望罷工不會持續太久，但如果持續很長一段時間，那麼我們將獲得一些貸款，這些貸款可能不會出現我們希望的那種提款，而且也不會出現這樣的情況。任何信用質量問題。

So the beauty of this is that, that's why we have a very diversified loan portfolio. And if entertainment content production financing slowing down a little bit, some of the others just have to make it up. All we're going to have to do, get our lending officers to continue to work on these new prospective clients and get those loans funded to offset the gains -- the slowdown in the entertainment side. But all in all, I looked at it as that there's not going to be any credit quality issue. It's just all coming back to get outstanding balance on that particular portfolio.

因此，這樣做的美妙之處在於，這就是我們擁有非常多元化的貸款組合的原因。如果娛樂內容製作融資放緩一點，其他一些公司就必須彌補。我們要做的就是讓我們的貸款官員繼續為這些新的潛在客戶工作，並為這些貸款提供資金以抵消收益——娛樂方面的放緩。但總而言之，我認為不會出現任何信用質量問題。這一切只是為了獲得特定投資組合的未償餘額。

I do want to mention, we -- if you look at the chart, Page 6, we highlight that there's 4% of our loans that are in media and entertainment. Again, I want to highlight, it's in media and entertainment. So we do have also a good decent-sized portfolio of digital media, and they are not affected by strikes. These are the one that building video games and then some of the other things. They're not part of the Hollywood labor forces. So it's very different. So it's a combination that makes up to 4%. So it's not as sizable as what we reflected here on Page 6.

我確實想提一下，如果你看一下第 6 頁的圖表，我們會強調，我們的貸款中有 4% 是在媒體和娛樂領域。我想再次強調，這是在媒體和娛樂領域。因此，我們確實也擁有規模相當大的數字媒體組合，而且它們沒有受到罷工的影響。這些是構建視頻遊戲的，然後是其他一些東西。他們不屬於好萊塢勞動力。所以這是非常不同的。所以這個組合最多佔 4%。所以它並不像我們在第 6 頁上反映的那麼大。

And I'll just add, I answered Matthew's question incorrectly. So the answer as far as the monthly NIM for June was 3.51%.

我補充一下，我錯誤地回答了馬修的問題。因此，6 月份月度淨息差的答案是 3.51%。

Our next question will come from Gary Tenner with D.A. Davidson.

我們的下一個問題將由 Gary Tenner 和 D.A. 提出。戴維森。

Irene, I wanted to kind of revisit your comments about the planned $1.7 billion of broker runoff back half of the year. I know you don't give kind of deposit growth guidance, but as we're thinking about the balance sheet, should we be thinking of that $1.7 billion being replaced by customer deposits and then an additional growth on top of that basically equal plus or minus your loan growth in the back half of the year? Is that kind of the way to think about the [red side] of the balance sheet?

艾琳（Irene），我想回顧一下您對下半年計劃的 17 億美元經紀商決選的評論。我知道你沒有給出存款增長指導，但當我們考慮資產負債表時，我們是否應該考慮用客戶存款取代 17 億美元，然後在基本等於正值或正值的基礎上進行額外增長減去你下半年的貸款增長？這是考慮資產負債表[紅色面]的方式嗎？

Gary, that is the plan.

加里，這就是計劃。

Okay. And then the second part of that question, I guess, is the $600 million or so that you've kind of let roll off so far in July and replaced by customer deposits. What's the incremental or the marginal cost of the new customer deposits that are coming in? Is it -- it sounds like it must be pretty close to kind of the June 30 spot rate because it doesn't sound like that's moved very much.

好的。我想，這個問題的第二部分是 7 月份到目前為止您已經釋放的大約 6 億美元，並被客戶存款取代。新客戶存款的增量或邊際成本是多少？是嗎——聽起來一定非常接近 6 月 30 日的即期匯率，因為聽起來變動不大。

Yes. Well, I think the -- actually -- that's a great question. The incremental new deposits, new customers, new [CI assets], that's -- there is a little bit kind of marginal increase that is happening. Some of that has been a little bit of migration that we've seen with the higher rate environment to CDs, especially on the consumer side.

是的。嗯，我認為——實際上——這是一個很好的問題。增量新存款、新客戶、新 [CI 資產]，即正在發生一點點邊際增長。其中一些是我們在較高費率環境下看到的一點點向 CD 的遷移，特別是在消費者方面。

The mix coming in is more CD oriented?

進來的混音更加以 CD 為導向？

Well, the consumer side -- and let me clarify. I think the growth dollar-wise is commercial side. But overall, on the consumer side, especially with CDs, that is something that continues to be a pressure on the margin in total, but new customer acquisition, generally, that has been commercial oriented and lower in rates.

好吧，消費者方面——讓我澄清一下。我認為從美元角度來看，增長是商業方面的。但總體而言，在消費者方面，尤其是 CD，這仍然是對利潤率的壓力，但新客戶的獲取總體上是商業導向的且費率較低。

Okay. And then I guess one more question on the kind of beta and deposit pricing. Historically, you think of there being kind of this long or multi-quarter deposit catch up after the Fed stops raising rates. In the scenario where a hike next week is the last one and that has some impact on the third quarter, and given the amount of catch-up we've had over the last couple of quarters that's been incredibly rapid, is your sense that fourth quarter, that kind of delta, assuming no additional hikes after next week, moderates pretty significantly to where the lag after the Fed's last hike is much shorter in nature? Or do you have any sense of how that might play out?

好的。然後我猜還有一個關於貝塔和存款定價的問題。從歷史上看，您認為在美聯儲停止加息後，會出現這種長期或多季度的存款追趕。在下週加息是最後一次加息並對第三季度產生一些影響的情況下，考慮到我們在過去幾個季度中的追趕速度非常快，您是否認為第四季度加息假設下週之後不再進一步加息，這種三角洲會相當顯著地緩和到美聯儲上次加息後的滯後本質上要短得多的程度？或者你知道這會如何發展嗎？

Yes. I mean, Gary, honestly, your guess is as good as mine, right, around that. But realistically, as we're kind of modeling it out, our assumptions are that there will be a lag, right? And the deposit cost will remain somewhat elevated for a period of time. Now there have been different examples in the relative kind of recent history as well, let's say, when the pandemic hit and rates changed dramatically, where we were able to go in and dramatically lower deposit costs as well. But as we're modeling out with our guidance for the rest of the year, we're not assuming that.

是的。我的意思是，加里，老實說，你的猜測和我的一樣好，對吧，大約如此。但實際上，當我們對其進行建模時，我們的假設是會有滯後，對吧？並且存款成本在一段時間內仍將保持一定的高位。現在，在相對近期的歷史中也有不同的例子，比方說，當大流行來襲並且利率發生巨大變化時，我們能夠介入並大幅降低存款成本。但當我們根據今年剩餘時間的指導進行建模時，我們並沒有做出這樣的假設。

Yes. No, I'm certainly not suggesting that deposit costs go back the other direction, but more so that the lag following the Fed hike is shorter perhaps than it's been the past.

是的。不，我當然不是建議存款成本向另一個方向倒退，而是建議美聯儲加息後的滯後時間可能比過去更短。

Yes. At this point, I think -- at this point, logically, I would expect that -- I mean (inaudible) -- if you look at the rate spike, it affect the entire banking industry, it's because of March 8, March 9, the news of Silicon Valley Bank that caused a dramatic change on the rate environment that it heightened the attention for consumer retail or commercial customers, and then everybody starts looking at either moving deposit out or asking for a higher rate, and then sort of like 1 big -- 2 to 3 weeks' time then that this caused the big surge of interest rate.

是的。在這一點上，我認為 - 在這一點上，從邏輯上講，我預計 - 我的意思是（聽不清） - 如果你看看利率飆升，它會影響整個銀行業，這是因為 3 月 8 日、3 月 9 日矽谷銀行的消息引起了利率環境的巨大變化，它提高了對消費者零售或商業客戶的關注，然後每個人都開始考慮要么轉移存款要么要求更高的利率，然後有點像1大——2到3週的時間，這導致了利率的大幅飆升。

And obviously, that has subsided dramatically. So we don't see that another 25 basis points is going to make that much to a difference by now because the banking industries have stabilized. And I assume that the other banks would also be a little bit more prudent in terms of not going out there and putting out their high rate to attract deposits. And when that's the case, the competition ease, then no one has to really put up high rate. But when the competition go crazy and then -- we all have to somewhat move along in the same direction.

顯然，這種情況已經急劇減弱。因此，我們認為現在再加息 25 個基點不會產生那麼大的影響，因為銀行業已經穩定下來。我認為其他銀行也會更加謹慎，不會拿出高利率來吸引存款。當這種情況發生時，競爭就會緩和，那麼就沒有人需要真正提供高利率了。但當競爭變得瘋狂時——我們都必須朝著同一個方向前進。

Our next question will come from Chris McGratty with KBW.

我們的下一個問題將來自 KBW 的 Chris McGratty。

Great. Just a quick one, Irene, on the margin. The quarter-on-quarter change from 2 cuts to 1 additional hike was the reason for the TRIM guide. If the forward curve plays out and we get cuts next year, can you just make a comment or 2 about how you think the margin may react?

偉大的。只是快一點，艾琳，在邊緣。 TRIM 指南的原因是季度環比從 2 次降息變為 1 次加息。如果遠期曲線出現並且我們明年會被削減，您能否就您認為利潤率可能如何反應發表一兩句話？

Yes. Great question. I think, first of all, we will give guidance for 2024 in January, and that's not something that we're planning to do today. Given the variable nature of our loan book, that is something, Chris, that we've tried to be disciplined around, and putting on swaps and hedges to preserve the net interest income and the interest income on loans as much as possible. This year, that's been tough as far as the impact of that to the interest income on loans and also AOCI, quite frankly. But certainly, I think if the rate cuts happen, that will be something that we were fortunate to do in prior periods.

是的。很好的問題。我認為，首先，我們將在 1 月份給出 2024 年的指導，但這不是我們今天計劃做的事情。鑑於我們貸款賬簿的可變性，克里斯，我們一直在努力遵守這一點，並進行掉期和對沖，以盡可能保留淨利息收入和貸款利息收入。坦率地說，今年，就貸款利息收入和 AOCI 的影響而言，情況非常嚴峻。但當然，我認為如果降息發生，那將是我們在之前時期幸運地做到的事情。

Our next question will come from Brody Preston with UBS.

我們的下一個問題將來自瑞銀集團的布羅迪·普雷斯頓。

Irene, I just wanted to -- I know it's not a huge driver of quarterly results, but I just wanted to ask if you had any thoughts around fee income moving forward, if you thought kind of this, I would call it probably 77% and change in kind of core model-able items going forward, if you thought that this was a good run rate or where that would shake out?

艾琳，我只是想——我知道這不是季度業績的巨大推動因素，但我只是想問你是否對未來的費用收入有任何想法，如果你有這樣的想法，我會稱之為可能 77%如果您認為這是一個很好的運行率，或者會在哪裡發生變化，那麼未來的核心可建模項目會發生變化嗎？

Yes, great question. And in fact, I think the growth rate on that has been something that has also been a great surprise for us as far as transaction volume, notional amount, FX volume, consumer, commercial. The growth that we've seen there, that's been great. From the IRC swap teams, again, saying that volumes are increasing. And in fact, across the board, wealth management loan fees a little bit and even the account deposit fees have all been up quarter-over-quarter, which is quite positive.

是的，很好的問題。事實上，我認為就交易量、名義金額、外匯量、消費者、商業而言，其增長率也讓我們感到非常驚訝。我們在那裡看到的增長非常棒。 IRC 互換團隊再次表示交易量正在增加。而事實上，從整體來看，理財貸款費用一點點，甚至賬戶存款費用都在環比上漲，這是相當積極的。

And I'll just share that with the total fee income, there is also a little mark-to-market, and with the kind of movement in the tenure, that played a factor as well. With that said, I think that the momentum is pretty good. I do think that maybe this quarter is a little bit higher than normalized. But certainly, when we look at the rest of the year and 2024, the pipeline looks great. We are acquiring new clients, and that is something that is very positive.

我只想分享一下，在總費用收入中，還有一點按市值計價，而且隨著任期的變化，這也發揮了一個因素。話雖如此，我認為勢頭非常好。我確實認為本季度的情況可能比正常情況要高一些。但可以肯定的是，當我們展望今年剩餘時間和 2024 年時，管道看起來很棒。我們正在獲得新客戶，這是非常積極的事情。

Got it. Could I ask just on the fixed rate loan portfolio, I know that a good chunk of it is single-family resi, but just, I guess, when you look at the fixed rate loan book, what what's the dollar amount that's repricing over the next 12 months? And what do the current yields look like on those loans? And if you could bifurcate it maybe between the CRE and everything else, that would be helpful.

知道了。我可以問一下固定利率貸款組合嗎？我知道其中很大一部分是單戶住宅，但我想，當你查看固定利率貸款簿時，重新定價的美元金額是多少？未來 12 個月？這些貸款目前的收益率如何？如果你能把它分為 CRE 和其他所有東西，那會很有幫助。

Yes. So over the next 12 months, we have approximately $800 million of fixed and hybrid fixed loans, CRE and single family, maturing or repricing. And then if you kind of break that down, it's a little different per category, but on average, we're talking about probably a weighted average interest rate of 4.75% that we expect to move up.

是的。因此，在接下來的 12 個月裡，我們將有大約 8 億美元的固定和混合固定貸款、CRE 和單一家庭貸款到期或重新定價。然後，如果你將其細分，就會發現每個類別都略有不同，但平均而言，我們談論的加權平均利率可能為 4.75%，我們預計會上升。

Got it. And did you mention already what the new origination yields would look like for those loans?

知道了。您是否已經提到過這些貸款的新發行收益率會是什麼樣子？

Yes, to clarify, some of this is maturity and some of this is hybrids that are going to step up. So I think in the current environment, the hybrid step up, especially for the single family, there is a cap on that. But with that said, if we look at the new originations, generally speaking, C&I has been about flat. [CRE] for hybrid and variable rate blended, maybe 7.4%. And single family, if you look at the current originations, it's been about 6.5%. As we noted, a lot of these (inaudible) price has been locked up a while ago, and they started the [applicant start] of the process. but the current rate sheet is 7% and 8% for a 30-year fixed mortgage, no points.

是的，需要澄清的是，其中一些是成熟的，其中一些是即將進步的混合體。所以我認為在目前的環境下，混合動力的發展，特別是對於單身家庭來說，是有上限的。但話雖如此，如果我們看看新的起源，一般來說，C&I 基本持平。 [CRE] 對於混合動力和可變比率混合動力，可能為 7.4%。而單親家庭，如果你看看目前的起源，大約是 6.5%。正如我們所指出的，其中很多（聽不清）價格不久前已被鎖定，並且他們啟動了該流程的[申請人開始]。但目前的利率表是30年期固定抵押貸款7%和8%，沒有積分。

Got it. And then I did want to ask, do you happen to know what the effective duration of your AFS portfolio is and what the conditional prepayment rate you're assuming in that duration calculation is?

知道了。然後我確實想問，您是否知道您的 AFS 投資組合的有效久期是多少，以及您在該久期計算中假設的有條件預付款率是多少？

Yes. The effective duration has slightly reduced quarter-over-quarter. Just a little bit, honestly, more of the tenor around the change. So we're probably 3.89% right now, down modestly. The CPR, I think if we look at the MBS and also the CMBS, generally, I mean, the prepayments have slowed dramatically. I can get you the specifics of that later.

是的。有效期限環比略有縮短。老實說，只是一點點，更多的是圍繞變化的主旨。所以我們現在的利率可能是 3.89%，略有下降。 CPR，我認為如果我們看看 MBS 和 CMBS，一般來說，我的意思是，預付款已經大幅放緩。稍後我可以向您提供具體情況。

Okay. Great. And then the last question that I had was just -- it sounds like there's some improvement in the mix shift in June and you've got the broker run down and if maybe we stabilize, mix shift can kind of steady out here, at least on the NIBs. But I guess I was hoping that maybe you could help me think about the bifurcation between commercial clients and retail customers at this point? And how mix and beta acceleration between those customers are maybe differentiated at this point in the cycle?

好的。偉大的。然後我的最後一個問題是 - 聽起來 6 月份的混合轉變有所改善，而且經紀人已經減少了，如果我們穩定下來，至少混合轉變可以在這裡穩定下來在 NIB 上。但我想我希望你能幫助我思考此時商業客戶和零售客戶之間的分歧？在周期的這一點上，這些客戶之間的混合和測試加速可能如何區分？

Because I guess my baseline thought was that you would have gotten a lot of commercial mix and beta catch-up done earlier and already, and then maybe you're going to have more of a catch-up on the retail side just because they're a little bit slower to move. I just was hoping that maybe you could speak to that.

因為我想我的基本想法是，你會更早地完成大量的商業組合和測試版追​​趕，然後也許你會在零售方面有更多的追趕，只是因為它們’移動速度有點慢。我只是希望你能談談這一點。

Yes. I think that's a great question. I would say that probably what we have seen is that -- you're right. You're exactly right. On the commercial side, it was earlier. On the consumer side, there was a lagging impact. And part of that is the nature of the customers that we have, Brody. We have many, many customers, thousands, where their primary personal checking account is at East West. That is still -- as of today, as of 6/30, $4 billion of the DDA balances are consumer checking accounts.

是的。我認為這是一個很好的問題。我想說的是，我們可能看到的是——你是對的。你說得完全正確。在商業方面，時間更早。在消費者方面，影響是滯後的。部分原因是我們客戶的性質，布羅迪。我們有很多很多客戶，成千上萬，他們的主要個人支票賬戶位於 East West。截至今天，截至 6 月 30 日，DDA 餘額中有 40 億美元是消費者支票賬戶。

Now in this current environment, we've had trouble growing that, quite candidly, as clients and customers are moving their excess liquidity to CDs. So one of the things that we saw in the second quarter is that although there was quite a lag overall on the consumer deposit betas up until the second quarter, with this mix shift and the pivot a little bit to CDs and DDA consumer balances remaining stable, which quite candidly, in the current environment, tough to do, but with that growth, stable or about that [$4.1 billion] point. The betas on consumer did increase from where we at 3/31.

坦白地說，在當前的環境下，我們在增長方面遇到了困難，因為客戶和顧客正在將多餘的流動性轉移到存款證上。因此，我們在第二季度看到的一件事是，儘管直到第二季度消費者存款貝塔值總體上存在相當大的滯後，但這種組合轉變以及稍微轉向 CD 和 DDA 的消費者余額保持穩定坦率地說，在當前環境下，這很難做到，但隨著增長，穩定或大約在[41億美元]點。消費者的貝塔值確實比 3/31 有所增加。

And at this point in time, quite honestly, if we look towards the future, I think with the growth that we continue to see and the opportunities on the commercial side, perhaps over time on the commercial side, I think consumer will kind of moderate, right, because to a certain extent, if you haven't been alerted to the interest rate environment or -- you're probably not going to at this point in time. So we're not seeing that continual migration as well on the consumer side, but the commercial side as we continue to onboard new clients. I think that will help as well.

老實說，在這個時候，如果我們展望未來，我認為隨著我們繼續看到的增長和商業方面的機會，也許隨著時間的推移，在商業方面，我認為消費者會適度是的，因為在某種程度上，如果你還沒有對利率環境發出警報，或者——你現在可能不會這樣做。因此，隨著我們繼續吸引新客戶，我們並沒有看到消費者方面的持續遷移，而是商業方面的持續遷移。我認為這也會有幫助。

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。我想將會議轉回給多米尼克發表閉幕詞。

Well, thank you all for joining our call today, and we are all looking forward to speak with you again in October. That concludes our call today, and thank you very much. Bye-bye.

好的，感謝大家今天加入我們的電話會議，我們都期待著 10 月份再次與你們交談。我們今天的通話到此結束，非常感謝大家。再見。

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。