East West Bancorp Inc (EWBC) 2025 Q1 法說會逐字稿

Hello and welcome to the East West Bancorp's first-quarter 2025 earnings conference call. (Operator Instructions)

您好，歡迎參加 East West Bancorp 2025 年第一季財報電話會議。（操作員指示）

Please note, this event is being recorded. I would now like to turn the conference over to Adrienne Atkinson, Director of Investor Relations. Please go ahead.

請注意，此事件正在被記錄。現在，我想將會議交給投資者關係總監 Adrienne Atkinson。請繼續。

Thank you, operator. Good afternoon and thank you, everyone, for joining us to review East West Bancorp's first-quarter 2025 financial results. With me are Dominic Ng, our Chairman and Chief Executive Officer; Christopher Del Moral-Niles, Chief Financial Officer; and Irene Oh, Chief Risk Officer.

謝謝您，接線生。下午好，感謝大家與我們一起回顧 East West Bancorp 2025 年第一季的財務表現。和我一起的是我們的董事長兼首席執行官 Dominic Ng；克里斯托弗·德爾·莫拉爾-奈爾斯 (Christopher Del Moral-Niles)，首席財務官；以及首席風險官 Irene Oh。

This call is being recorded and will be available for replay on our Investor Relations website.

本次電話會議正在錄音，可在我們的投資人關係網站上重播。

The slides referenced during 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.

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。管理階層可能會做出預測或其他前瞻性陳述，由於存在許多風險和不確定性，這些預測或其他前瞻性陳述可能與實際結果有重大差異。

Management may discuss non-GAAP financial measures. For a more detailed description of the risk factors and the 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.

管理階層可能會討論非公認會計準則財務指標。有關風險因素以及 GAAP 與非 GAAP 財務指標調節的更詳細說明，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.

現在我將把電話轉給多明尼克。

Thank you, Adrienne. Good afternoon and thank you for joining us for our first-quarter earnings call.

謝謝你，艾德麗安。下午好，感謝您參加我們的第一季財報電話會議。

I'm pleased to report strong first-quarter results. We continue to grow the bank and report another quarter of record revenue. Loan growth was solid. We grew end-of-period loans 1% quarter over quarter to a new record level of $54 billion. Our relationship-driven business model helped support continue residential mortgage and commercial real estate lending.

我很高興地報告第一季的強勁業績。我們繼續發展銀行業務，並報告了另一個季度創紀錄的收入。貸款成長穩健。我們的期末貸款季增 1%，達到創紀錄的 540 億美元。我們的關係驅動業務模式有助於支持持續的住宅抵押貸款和商業房地產貸款。

On the deposit side, we execute another successful Lunar New Year CD campaign and further optimize our pricing this quarter while continuing to add customers. We also deliver another record quarter of fee income. Fees were up 8%, driven by strong customer activity across the board. We continue to see opportunity to grow and diversify our fee revenues.

在存款方面，我們又一次成功地進行了農曆新年存款活動，並在本季進一步優化了定價，同時繼續增加客戶。我們還創造了另一個創紀錄的季度費用收入。受全線客戶活動強勁推動，費用上漲了 8%。我們繼續看到增加和多樣化費用收入的機會。

Asset quality has remained solid and credit is performing as expected. First-quarter annualized net charge-offs total 12 basis points or $15 million. Our nonperforming assets ratio decreased two basis points from the end of Q4 to 24 basis points at quarter end. Given the recent increase in economic uncertainty, we bolstered our allowance levels, bringing our total allowance for loans to 1.35%.

資產品質維持穩健，信貸表現符合預期。第一季年化淨沖銷總額為 12 個基點，即 1,500 萬美元。我們的不良資產率從第四季末下降了 2 個基點至季末的 24 個基點。鑑於近期經濟不確定性的增加，我們提高了準備金水平，使貸款總準備金率達到 1.35%。

The strength of our diversified balance sheet continued to show this quarter, allowing East West to continue to deliver top-tier returns. We delivered near 16% return on tangible common equity and a 1.6% return on average assets while growing intangible book value per share 3% quarter over quarter and 15% year over year. (sic – see press release, "14% year-over-year")

本季度，我們多元化資產負債表的實力繼續顯現，使 East West 能夠繼續實現頂級回報。我們實現了近 16% 的有形普通股權益報酬率和 1.6% 的平均資產報酬率，同時每股無形資產帳面價值較上季成長 3%，較去年同期成長 15%。（原文如此－請參閱新聞稿「年成長 14%）

Now, before I hand the call over to Chris, I'd like to take a moment and talk about the current economic environment.

現在，在我將電話交給克里斯之前，我想花點時間談談當前的經濟環境。

Tariffs are not new for East West our customers. We have been taking tariff into consideration since 2017. Many of our clients decided to diversify their supply chains way back then and accelerated those efforts during COVID-19 pandemic.

對東西方客戶來說，關稅並不是什麼新鮮事。我們從 2017 年開始考慮關稅。我們的許多客戶很早就決定要實現供應鏈多元化，並在新冠疫情期間加快了這些努力。

Since that time, we have seen our customers increase investments in the U.S. and other markets. All the while, East West engaged with our customers and continue to grow. Over the past six months, we have seen our customers reposition themselves for a range of potential outcomes. In the past several weeks, our teams have spent a lot of time with our customers talking about their business plans. They are proving to be a forward-thinking, nimble, and mostly staying ahead of the curve.

自那時起，我們看到我們的客戶增加了對美國和其他市場的投資。一直以來，East West 都與我們的客戶保持密切聯繫並不斷發展。在過去的六個月裡，我們看到我們的客戶為了一系列潛在的結果而重新定位自己。在過去的幾周里，我們的團隊花了很多時間與客戶討論他們的商業計劃。事實證明，他們具有前瞻性思維，思維敏捷，並且始終處於領先地位。

Our experience has taught us to confront challenges from a position of strength. We enter the second quarter with a diversified balance sheet, a granular and strong consumer and commercial banking network, top-tier profitability, best-in-class operating efficiency, and amongst the highest levels of capital in the banking industry. We have the capital and balance sheet flexibility to take care of our customers in any environment and are well-positioned to capitalize on any opportunities ahead.

我們的經驗告訴我們，要以實力來應對挑戰。進入第二季度，我們擁有多元化的資產負債表、精細而強大的消費者和商業銀行網絡、頂級的盈利能力、一流的營運效率以及銀行業最高的資本水平。我們擁有資本和資產負債表彈性，可以在任何環境下照顧我們的客戶，並且有能力利用未來的任何機會。

I will now turn the call over to Chris to provide more details on our first-quarter financial performance. Chris.

現在我將把電話轉給克里斯，讓他提供有關我們第一季財務業績的更多詳細資訊。克里斯。

Thank you, Dominic.

謝謝你，多米尼克。

Let me start with loan growth on slide 4. We added over $0.5 billion of loans for the balance sheet in Q1. Demand for residential mortgage proved durable and new originations continue to be accretive to yields. Even with the current elevated rates, we continue to see steady mortgage origination activity in Q1 and have a strong pipeline going into the second quarter.

我從幻燈片 4 上的貸款成長開始。我們在第一季為資產負債表增加了超過 5 億美元的貸款。事實證明，住宅抵押貸款需求持久，新發放貸款繼續增加收益率。即使當前利率較高，我們仍然看到第一季的抵押貸款發放活動保持穩定，並且進入第二季後，抵押貸款發放管道將保持強勁。

As Dominic mentioned, we also grew commercial real estate balances this past quarter as we continue to support our long-standing relationship clients and select multifamily projects. C&I balances also grew modestly in Q1, likely reflecting the pull-forward activity we saw in Q4. Overall, we are encouraged by the lending trends we have seen so far even into April.

正如多明尼克所提到的，由於我們繼續支持長期合作客戶和精選的多戶型項目，我們在上個季度的商業房地產餘額也增加了。第一季的 C&I 餘額也小幅增長，這可能反映了我們在第四季度看到的提前活動。總體而言，我們對迄今為止看到的甚至進入四月份的貸款趨勢感到鼓舞。

Moving on to slide 5. We strategically optimized our deposit pricing strategy this quarter to lower our overall funding costs. We successfully retained our Lunar New Year CD balances and incrementally captured some additional CD market share even at much lower pricing.

移至投影片 5。本季度，我們對存款定價策略進行了策略性優化，以降低整體融資成本。我們成功保留了農曆新年 CD 餘額，並且即使在價格低得多的情況下也逐步佔領了一些額外的 CD 市場份額。

Average DDA balances, money market balances, and time balances all grew quarter over quarter. We continue to expect customer deposit growth will fund all of our loan growth this year. Overall, we're encouraged by the deposit trends we have seen this year, even into April.

平均 DDA 餘額、貨幣市場餘額和時間餘額均較上季成長。我們仍然預計客戶存款成長將為我們今年的所有貸款成長提供資金。總體而言，我們對今年乃至四月份的存款趨勢感到鼓舞。

Slide 6 covers our net interest income. We grew quarterly dollar net interest income for $600 million, up $12 million from Q4, despite two fewer days in the quarter. Similarly, we grew our net interest margin by 11 basis points from Q4 to 3.35% in the first quarter, primarily by decreasing our end-of-period interest-bearing deposit costs by 13 basis points and partly due to the accounts. In both cases, dollar NII and margin were also assisted by the expiration of some of our legacy hedges.

幻燈片 6 涵蓋了我們的淨利息收入。儘管本季的天數減少了兩天，但我們的季度美元淨利息收入仍成長了 6 億美元，比第四季增加了 1,200 萬美元。同樣，我們的淨利差在第一季度從第四季度增加了 11 個基點至 3.35%，這主要是因為我們將期末計息存款成本降低了 13 個基點，部分原因是帳戶。在這兩種情況下，美元NII和保證金也因我們的一些遺留對沖到期而得到幫助。

Looking back to the start of the cutting cycle, we have decreased interest bearing deposit costs by 62 basis points, successfully seeing our 50% data guide, which we've shared in prior quarters. We continue to expect net interest income expansion as we go through the balance of the year.

回顧降息週期的開始，我們將計息存款成本降低了 62 個基點，成功實現了我們在前幾個季度分享的 50% 的數據指南。我們預計，隨著今年餘下時間的推進，淨利息收入將繼續擴大。

Moving on to fees on Slide 7. As Dominic mentioned, fee income grew 8% from Q4 to another record level, with growth in four of our five major fee categories. We will remain focused on driving growth in our fee categories and further diversifying our revenue streams. We are encouraged by the pace of growth in fee revenue so far this year.

繼續討論幻燈片 7 上的費用。正如 Dominic 所提到的，費用收入較第四季度增長 8%，再創歷史新高，我們五大主要費用類別中有四個均實現了增長。我們將繼續致力於推動費用類別的成長並進一步實現收入來源多元化。今年迄今為止費用收入的成長速度令我們感到鼓舞。

Turning to expenses on Slide 8. East West continue to deliver industry-leading efficiency while investing for future growth. The Q1 efficiency ratio was 36.4%. Total operating expense was $236 million for the first quarter, including seasonally higher payroll-related costs. Overall, we continue to expect expenses will be in line with our guidance for the year.

轉到投影片 8 上的費用。East West 在投資未來成長的同時繼續提供業界領先的效率。Q1效率比為36.4%。第一季總營運費用為 2.36 億美元，其中包括季節性較高的工資相關成本。總體而言，我們仍然預計今年的支出將與我們的預期一致。

Now, I'll hand the call over to Irene for comments on credit and capital. Irene.

現在，我將把電話交給艾琳，請她對信貸和資本發表評論。艾琳。

Thank you, Chris, and good afternoon to all on the call.

謝謝你，克里斯，祝所有參加電話會議的人下午好。

As you can see on slide 9, our asset quality metrics continue to broadly outperform the industry with quarterly net charge-offs, non-accrual loans, and non-performing assets metrics all improving. We recorded net charge-offs of just 12 basis points in the first quarter of $15 million, compared to 48 basis points in the fourth quarter or $64 million. Quarter-over-quarter, non-performing assets decreased by 2 basis points to 24 basis points of total assets as of March 31, 2025.

正如您在幻燈片 9 上看到的，我們的資產品質指標繼續遠遠優於行業，季度淨沖銷、不提貸款和不良資產指標均有所改善。我們第一季的淨沖銷額僅為 12 個基點，為 1,500 萬美元，而第四季的淨沖銷額為 48 個基點，為 6,400 萬美元。季度環比，表現不佳截至2025年3月31日，資產總額減少2個基點至24個基點。

The criticized loans ratio increased during the quarter to 2.3% of loans. The special mention loans ratio increased 8 basis points quarter over quarter, while the classified loans ratio decreased -- increased excuse me, 3 basis points to 1.38%. We recorded a lower provision for credit losses of $49 million in the first quarter, compared with $70 million for the fourth quarter of 2024. We remain vigilant and proactive in managing our credit risk.

本季度，受批評的貸款比例上升至2.3%。關注類貸款比率環比上升 8 個基點，特定類別貸款比率下降——對不起，上升了 3 個基點，至 1.38%。我們第一季的信貸損失準備金為 4,900 萬美元，低於 2024 年第四季的 7,000 萬美元。我們始終保持警惕並積極主動地管理我們的信用風險。

Turning to slide 10, the allowance for credit losses increased by $33 million to $735 million or 1.35% of total loans as of March 31, 2025. We utilize a multi-scenario methodology for the allowance and the increase in the quarter was largely driven by an increase in downsides in our [waitings] given the economic uncertainty in early April 2025. We believe we are adequately reserved for the content of our loan portfolio given the current economic outlooks.

轉到第 10 張投影片，截至 2025 年 3 月 31 日，信貸損失準備金增加了 3,300 萬美元，達到 7.35 億美元，佔貸款總額的 1.35%。我們採用了多情境方法來確定津貼，本季的增加主要是由於 2025 年 4 月初的經濟不確定性導致我們的 [等待] 下行壓力增加。我們相信，鑑於當前的經濟前景，我們對貸款組合的內容已做好充分的準備。

Turning to slide 11. As Dominic mentioned, our strong capital levels allow us to operate from a position of strength and support our customers in any economic environment. All of East-West regulatory capital ratios remain well in excess of regulatory requirements for well-capitalized institutions, a lot about regional and national bank averages. East West CET1 capital ratio stands at a robust 14.3%, while the tangible common equity ratio rose to 9.9%. These capital levels place us among the best capitalized banks in the industry.

翻到第 11 張投影片。正如多明尼克所提到的，我們強大的資本水準使我們能夠在任何經濟環境下保持優勢運作並為客戶提供支援。所有東西方監理資本比率仍遠高於資本充足機構的監理要求，許多都接近地區和國家銀行的平均水準。東西方 CET1 資本比率維持強勁，達到 14.3%，有形普通股權益比率則上升至 9.9%。這些資本水準使我們成為業內資本最雄厚的銀行之一。

In the first quarter, East West repurchased approximately 920,000 shares of common stock for $85 million. We currently have $244 million of repurchase authorization that remains available for future buybacks. East West also distributed $85 million to shareholders via our quarterly dividends. East West second-quarter 2025 dividends will be payable on May 16, 2025, stockholders of record on May 2, 2025.

第一季度，East West 以 8,500 萬美元回購了約 92 萬股普通股。我們目前擁有 2.44 億美元的回購授權，可供未來回購。East West 也透過季度股息向股東派發了 8,500 萬美元。East West 2025 年第二季股利將於 2025 年 5 月 16 日支付，支付對象為 2025 年 5 月 2 日登記在冊的股東。

I will now turn the call back to Chris for additional outlook. Chris.

我現在將電話轉回給克里斯，以獲得更多展望。克里斯。

Thank you, Irene.

謝謝你，艾琳。

On slide 12, we are reiterating our full-year guidance. We're also providing some additional detail on tax items. Amortization of tax credit and CRA investment expenses are expected to be within the range of $70 million to $80 million this year. We continue to expect our full-year 2025 effective tax rate to be below 23%.

在第 12 張投影片上，我們重申了全年指引。我們還提供了一些有關稅項的更多詳細資訊。預計今年稅收抵免和加拿大稅務局投資費用攤提將在 7,000 萬至 8,000 萬美元之間。我們繼續預期 2025 年全年有效稅率將低於 23%。

With that, I'll now open the call to questions. Operator.

現在我開始回答問題。操作員。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Casey Haire, Autonomous.

凱西‧海爾 (Casey Haire)，《自治》。

Yes, thanks. Good afternoon, everyone.

是的，謝謝。大家下午好。

So I guess first question, why is the NII guide now moving higher? Sounds like a loan pipelines are in good shape and near-miss often. At this current run rate, you're right at the middle of the guide level.

所以我想第一個問題是，為什麼 NII 指南現在走高了？聽起來貸款管道狀況良好，而且經常出現差點失敗的情況。按照目前的運行速度，您正處於指導水平的中間。

Sure, and to be honest, we could probably think about that a little bit harder. But the reality is there's a couple of rate cuts baked into the March 31 curve. And since then, probably the outlook is deemed a little further for three to four cuts. So as we sit here today, I think the current guidance is appropriate and we're comfortable.

當然，說實話，我們可能需要更深入地思考這個問題。但實際情況是，3 月 31 日的曲線已經包含了幾次降息。從那時起，可能還會進一步降息三到四次。因此，今天我們坐在這裡，我認為目前的指導是合適的，我們感到很舒服。

Okay. So Chris, so deposit beta, as you pointed out, was well out of your 50% expected (technical difficulty). For you, what is -- can you sustain that at this level or is that normalized lower?

好的。所以克里斯，正如你所指出的，存款測試版遠遠超出了你預期的 50%（技術難度）。對您來說，您能否維持這一水平，或者說這一水平是否已正常化並處於較低水平？

Casey, I think what we've told folks is we've been benefiting from rolling down the hill, particularly with the repricing of our CDs. And so as the forward curve starts to flatten out, that positive momentum will start to slow a bit. Nonetheless, we think will be at about the 50% guidance we've given you.

凱西，我想我們已經告訴大家，我們從下滑中獲益匪淺，尤其是我們的 CD 重新定價之後。因此，隨著遠期曲線開始趨於平緩，這種正面動能將開始放緩。儘管如此，我們認為這個數字將達到我們給您的指導價值的 50% 左右。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

Good afternoon, Ebi. Ebrahim, you might be on mute.

下午好，Ebi。易卜拉欣，你可能靜音了。

Hi, can you hear me?

嗨，你聽得到我說話嗎？

Yeah, there you go.

是的，就是這樣。

Okay. So on capital, I think you bought back in the first quarter at an average price of -- some in the 90s. Given the pullback that we've seen in stocks, I appreciate the macros on certain -- just talk to us in terms of how much of a ramp up can we see in terms of capital return on buybacks if the sell-off continues. Or does the macro make you a little bit more cautious and stay on the sidelines and sit with the excess capital for now?

好的。因此，就資本而言，我認為您在第一季以平均 90 多美元的價格回購了股票。鑑於我們看到的股市回調，我很欣賞某些宏觀因素——只要和我們談談，如果拋售繼續下去，我們可以看到回購資本回報率有多大的增長。或者宏觀因素會讓你變得更加謹慎，暫時保持觀望並持有過剩資本？

So if I look back over the last six quarters, we've purchased $310 million worth of stock at an average price of around $72. So we clearly think the price -- or its value is still below where we bought in Q4 and in Q1 and will continue to look at it.

因此，如果回顧過去六個季度，我們以平均約 72 美元的價格購買了價值 3.1 億美元的股票。因此，我們清楚地認為價格——或者它的價值仍然低於我們在第四季度和第一季購買的價格，並且我們會繼續關注它。

But as you know, Ebrahim, we continue to want to position the bank to always be in a position of strength, to be in the best position to service and support our customers, and to have the flexibility to do what's right for shareholders in all environments. So we'll continue to be opportunistic. But, as Irene mentioned, we have $244 million available and all the flexibility to consider what's best for our shareholders.

但正如易卜拉欣您所知，我們仍然希望銀行始終處於優勢地位，處於最佳位置來服務和支持我們的客戶，並能夠靈活地在任何環境下為股東做正確的事情。因此，我們將繼續抓住機會。但是，正如艾琳所提到的，我們有 2.44 億美元可用資金，並且可以靈活地考慮什麼對股東最有利。

Got it. And I guess maybe just one big-picture question. Maybe, Dominic, for you on client activity. So you've talked about the experience you all have had since 2018. It feels the rhetoric, the pushback between U.S. and China is a lot more sort of elevated this time around.

知道了。我想這可能只是一個宏觀問題。也許，多明尼克，為您開展客戶活動。所以你們談到了自 2018 年以來大家的經歷。感覺這次美國和中國之間的言論和反擊力道更大了。

And I'm just wondering when you think about your customers, their ability to withstand this, like do think the risks are larger today than what we were faced in 2018, 2019? And have you seen any deceleration or the pickup in activity ahead of these kind have concerns?

我只是想知道，當您考慮您的客戶時，他們承受這種風險的能力，您是否認為今天的風險比我們在 2018 年、2019 年面臨的風險更大？在出現此類擔憂之前，您是否曾看到經濟活動有所減速或回升？

Well, I think in terms of our clients prospective who have business that may have a direct sort of -- may would actually be impacted by directly by tariff, I would say that back in 2017, it would be a little bit more challenging for them because it will be the first time they really went through this, sort of like a surprise with tariff.

嗯，我認為，就我們的客戶而言，他們的業務可能會直接受到關稅的影響，我想說，在 2017 年，這對他們來說會更具挑戰性，因為這將是他們第一次真正經歷這種情況，有點像關稅帶來的意外影響。

And then most of them would not as necessary as well-prepared. It took them a few years to get themselves in a position that will be able to figure out how to do with the supply chain. I think, in a way, COVID-19 actually accelerate many of their desires to make sure they have a multiple alternative way to continue to do business in terms as either they are importer of goods from Asian region.

然後他們中的大多數人就不會像做好充分的準備那樣有必要。他們花了幾年的時間才弄清楚如何處理供應鏈。我認為，從某種程度上來說，COVID-19 實際上加速了他們的許多願望，確保他們有多種替代方式來繼續開展業務，無論是作為亞洲地區商品的進口商。

So today, the tariff rate is a particular for China, it's very high, and even for other countries potentially can be high. But I guess all of that will be subject to negotiations. So we at East West Bank trying not to put too much time focusing on the speculation about what the outcome of what we've done back then in 2017, 2018. And we're pretty much just focusing on working with our client one customer at that time, helping these clients that have the right exposure and getting them through.

所以今天，關稅稅率對中國來說是一個特殊的、非常高，甚至對其他國家來說也可能很高。但我想所有這些都需要經過談判。因此，華美銀行盡量不花太多時間去猜測我們在 2017 年和 2018 年所做的事情的結果。我們當時主要只專注於與一位客戶合作，幫助這些擁有正確曝光的客戶並幫助他們取得成功。

And fortunately for us, in fact, as we had set at numerous times in our earnings call, our trade finance portfolio did not suffer any losses during those period of time. And so today, very much the similar way, we're still at the size at East West Bank that we can actually engage with our customers one at a time.

事實上，幸運的是，正如我們在收益電話會議上多次提到的那樣，我們的貿易融資組合在那段時間內沒有遭受任何損失。因此，今天，我們仍然以非常相似的方式，保持著華美銀行的規模，能夠真正地與客戶進行一對一的接觸。

In fact, so far, we have already talked to over 500 commercial clients and that have sort of exposure due to the newly proposed tariff. And we feel pretty good with the discussions with these clients and everyone have a different way to manage it. Some of them actually have already slipped substantial amount of their manufacturing base to either other countries or even some of them in the United States for the last few years.

事實上，到目前為止，我們已經與 500 多個商業客戶進行了交談，這些客戶因新提出的關稅而獲得了一定程度的曝光。我們與這些客戶的討論感覺很好，每個人都有不同的處理方式。事實上，過去幾年來，一些公司已經將大量生產基地轉移到其他國家，甚至轉移到美國。

There are some that are just holding back shipments for now and then to see how it goes. And then there are others who have passed the cost, were very much comfortable passing the costs ultimately to the consumers in U.S. And then there are others who actually their products are exempted from the punitive tariffs rates that are currently being proposed.

有些公司只是暫時阻止發貨，看看情況如何。還有一些國家轉嫁了成本，非常樂意將成本最終轉嫁給美國消費者。還有一些國家實際上讓他們的產品免於目前提議的懲罰性關稅稅率。

So many of them are all different scenarios, but we talk to each and every one of these customers and work with them to make sure everybody is in good shape. So as of today, what we notice is that for clients, the commercial clients that have significant potential adverse impact due to tariffs, and they equate to about 1% of our total C&I loan balance portfolio.

雖然其中許多都是不同的情況，但我們會與每位客戶交談並與他們合作，以確保每個人都處於良好狀態。因此，截至今天，我們注意到，對於客戶而言，商業客戶因關稅而受到重大潛在不利影響，這相當於我們總 C&I 貸款餘額組合的 1% 左右。

So we feel pretty good where we are today. And in terms of potential credit loss as of today, we don't see any at this moment. But we continue to work with our clients on a day-to-day basis, continue to help them through. And we feel that actually, this exercise not only is great for credit risk management for East West Bank, but more importantly, that's how we help build loyalty with our C&I customers.

所以我們對於現在的狀況感覺很好。就截至今天的潛在信貸損失而言，我們目前尚未發現任何損失。但我們每天都會繼續與客戶合作，繼續幫助他們度過難關。我們認為，實際上，這種做法不僅對華美銀行的信用風險管理非常有益，更重要的是，這有助於我們與商業和工業客戶建立忠誠度。

And, more importantly, I do want to point out that through this process, the likelihood we're going to end up gaining more business from other banks because there are other banks who actually are not as familiar with how they manage the tariffs situation that may potentially trigger disappointment from some of the high-quality clients. So we feel that we may have opportunity going forward in that regard.

而且，更重要的是，我確實想指出，透過這個過程，我們最終可能會從其他銀行獲得更多業務，因為其他銀行實際上並不熟悉如何管理關稅情況，這可能會引發一些優質客戶的失望。因此，我們覺得在這方面我們可能還有機會。

Got it. Thanks for the color, Dominic.

知道了。謝謝你的顏色，多明尼克。

Thank you.

謝謝。

Manan Gosalia, Morgan Stanley.

馬南‧戈薩利亞，摩根士丹利。

Hi, good afternoon. Dominic, if you can comment on what you just said and as you work with clients as it drives a bigger opportunity for East West, does that imply that it's a bigger opportunity for bringing in more clients getting higher loan growth, getting more deposits as soon as this year? Or is that more of a longer-term opportunity in your mind?

嗨，下午好。多明尼克，您能否對您剛才所說的內容做出評論？當您與客戶合作時，這為 East West 帶來了更大的機遇，這是否意味著這是一個更大的機會，可以吸引更多的客戶，獲得更高的貸款成長，並在今年盡快獲得更多的存款？或者在您看來，這只是一個長期機會？

I looked at everything some more of a longer-term perspective. In terms of the current environment is at that there are uncertainty out there. So whatever that I project, I predicted I think that sometimes in a few days things change. We saw the volatility of the stock market and whatnot.

我從更長遠的視角看待一切。就當前環境而言，存在著不確定性。因此，無論我預測什麼，我都預測到有時幾天後事情就會改變。我們看到了股市的波動等等。

So our position is that, number one, I want to make sure that we are in a position of strength. That's why we're very proud that our tangible capital ratios approach 10%, and we have plenty of liquidity. And so as long as we're this position, we feel very confident within our control. We have plenty of flexibility and very fortress-like balance sheet that can work with anybody.

因此，我們的立場是，首先，我要確保我們處於強勢地位。這就是為什麼我們對我們的有形資本比率接近 10% 並且擁有充足的流動性感到非常自豪。因此，只要我們處於這個位置，我們就對我們的控制能力充滿信心。我們擁有足夠的靈活性和非常堅固的資產負債表，可以與任何人合作。

Now how would that end up getting more customers to us this year versus a year from now, two years from now? It all depends on how everything plays out in the economic environment in the next six to nine months and that is something that's somewhat beyond my control.

那麼，與一年後、兩年後相比，我們今年要如何吸引更多的客戶呢？這一切都取決於未來六到九個月的經濟環境如何發展，而這有點超出了我的控制範圍。

Got it. You're saying that East West has the capita, has the balance sheet to work with clients. And at the same time, there is an elevated level of risk for the U.S. economy as a whole as well. And what would cause you to just pull back on loan growth in this environment?

知道了。您的意思是，東西方銀行擁有資本，並擁有與客戶合作的資產負債表。同時，美國經濟整體風險也在上升。那麼，在這種環境下，有什麼原因會導致您停止貸款成長呢？

Multiple scenario. I mean, what would cause us to pull back well, because economic condition, it dramatically goes downward. Obviously, you know, there is not going to be that much demand, and we'll be prudent not to even engage with clients to talk about a sanitizing growth strategy when, in fact, if it's going into a recession.

多種場景。我的意思是，什麼會導致我們撤退呢？因為經濟狀況急劇下滑。顯然，你知道，需求不會那麼多，我們會謹慎行事，甚至不會與客戶討論淨化成長策略，事實上，如果經濟真的陷入衰退。

But all of that, these are what I wouldn't call a substantial heightened risk at this point. I would just say that they are uncertainty because no one really know what's going to happen in the next few months. And that is something that we just have to wait and see how things turn out. It's just uncertainty and that's why the best thing to deal with uncertainty is to be financially strong.

但所有這些，目前我都不會稱之為實質的高度風險。我只想說，這些都是不確定性，因為沒有人真正知道接下來幾個月會發生什麼事。我們只需拭目以待，看看事情會如何發展。這只是不確定性，因此應對不確定性的最佳方法就是擁有強大的財務實力。

As you look at it, the past three out of five years, we had COVID. The regional banks, Silicon Valley Bank crisis. And then to now, this sort of like potential tariffs impact to economy, three out of five years. We felt very good about our strong capital ratio because we positioned ourselves as a very, very strong financial institution.

正如你所看到的，過去五年中有三年我們都感染了新冠肺炎。地區性銀行、矽谷銀行危機。到目前為止，這種潛在的關稅對經濟的影響，五年中有三年都是如此。我們對自己強大的資本比率感到非常滿意，因為我們將自己定位為非常非常強大的金融機構。

We gave tremendous confidence to both our commercial and our retail customers so that they do not feel panic worrying about East West Bank. And that automatically help us down the road getting organic growth momentum. So we'll see how this all plays out. But I feel good about our financial positioning. But whether how the economic will go up or down or sideways, that's beyond my pay rate.

我們給予商業和零售客戶極大的信心，使他們不會對華美銀行感到恐慌。這自然會幫助我們在未來獲得有機成長動力。因此我們將拭目以待這一切將如何發展。但我對我們的財務狀況感到滿意。但無論經濟如何上漲、下跌或橫盤整理，這都超出了我的薪資範圍。

I appreciate that. Thanks so much.

我很感激。非常感謝。

Thank you.

謝謝。

Timur Braziler, Wells Fargo.

富國銀行的 Timur Braziler。

Hi, good afternoon. I'm wondering just on the fee income side, how much of the broader fee income is somehow generated one way or another through cross-border trade?

嗨，下午好。我想知道，僅就費用收入方面而言，有多少更廣泛的費用收入是透過跨境貿易以某種方式產生的？

And then just maybe following up on the conversation we're just having, how would you balance the view that East-West expertise maybe becomes more coveted as complexity starts to increase in cross-border trade versus maybe some of those fees at risk if cross-border activity actually does slow.

那麼，也許只是繼續我們剛才的談話，您如何平衡這樣一種觀點：隨著跨境貿易的複雜性開始增加，東西方專業知識可能會變得更受追捧，而如果跨境活動確實放緩，其中一些費用可能會面臨風險。

So a small portion of the commercial deposit-related fees across border but the reality is the lending fees are domestic, the wealth management fees are domestic, and the derivative activity is tied to our domestic customers. So it's really just the FX fees. And, obviously, the FX fees are, economically by definition, cross-border related. But you know, everyone has a little bit of them and not specific to East West, but I think it's really a portion of the commercial fees and the FX fees are tied in some way to cross-border activity.

因此，一小部分商業存款相關費用是跨國的，但實際情況是貸款費用是國內的，財富管理費用是國內的，衍生性商品活動與我們的國內客戶相關。所以這實際上只是外匯費用。顯然，從經濟定義上講，外匯費用是與跨境相關的。但你知道，每個人都有一點，並不是特定於東西方，但我認為這實際上是商業費用的一部分，外匯費用以某種方式與跨境活動掛鉤。

Okay. And then maybe one for Irene. Can you talk us through the allowance build, the rationale on the C&I side, if there are any specific segments where maybe that allowance was more so applied? And then at CRE, I guess I was a little bit surprised to see that allowance ticked down quarter on quarter, even though classifieds were up sequentially?

好的。然後也許給艾琳一個。您能否向我們介紹配額的製定過程、工商業方面的原理，以及是否有特定的領域可能更適用該配額？然後在 CRE，我有點驚訝地看到配額逐季度下降，儘管分類廣告連續上漲？

Yes, good question. So the increase in allowance for us was largely based on our increasing the waiting for the downsides. Now, as I said in the prepared remarks, we use a multi scenario for calculating the allowance.

是的，好問題。因此，我們津貼的增加很大程度上是基於我們增加了對不利因素的等待。現在，正如我在準備好的演講中所說，我們使用多種場景來計算津貼。

And yes, we haven't closed the books yet in early April. So with kind of the fact pattern that was out there and the market disturbances with the tariffs, we increased the downside scenario. But impact of that was multifold side while we highlighted there for the reserves of the C&I and increase of 7 basis points or $37 million per C&I was a result of that.

是的，四月初我們還沒結帳。因此，考慮到現有的事實模式以及關稅對市場造成的干擾，我們增加了下行情境的預測。但我們強調，其影響是多方面的，對於 C&I 的儲備而言，其影響是 7 個基點或每個 C&I 增加 3700 萬美元。

Great. Thank you.

偉大的。謝謝。

Ben Gerlinger, Citi.

花旗銀行的本‧格林格 (Ben Gerlinger)。

Thanks, good afternoon. Appreciate it. Would you take a minute and talk about expenses. I know you, guys, you have a guide of 7 and 9 over 1Q as per your deminimis total change. Just trying to think about how to look at the remainder of the year, the nine months lead-time investments might hit or we should expect for 2Q, 3Qor 4Q?

謝謝，下午好。非常感謝。能花一點時間談談費用問題嗎？我知道你們，夥計們，根據你們的最低總變化，你們對 1Q 的指導是 7 和 9。只是想思考一下如何看待今年剩餘的時間，九個月的準備期投資可能會受到影響，或者我們應該預期第二季、第三季或第四季？

Yes, I think we're still comfortable with the overall guide for expenses for the year. We continue to invest in cyber and technology and enterprise risk and in growing the infrastructure to be a better and stronger bank for our customers. And all of those continue apace. Some will come into play in Q2 and Q3 as technology gets implemented in place in service.

是的，我認為我們對今年的整體支出指南仍然感到滿意。我們將繼續投資網路技術和企業風險，並擴大基礎設施，為客戶提供更好、更強大的銀行。所有這些都在繼續快速發展。隨著技術在服務中的實施，一些技術將在第二季和第三季發揮作用。

Got you. That's helpful.

明白了。這很有幫助。

And I know you kind of think holistically acquired kind of in a vacuum here, no rate cuts. First quarter had the impact of lowering CD pricing and deposit costs overall. And you also have partial headwind from your derivatives or swaps. When you think about the 2Q, it should naturally work higher, day count included, then you layer in a cut in the middle of the year, that's the headwind? Was that what you're trying to convey, Chris?

我知道您認為整體收購有點像是在真空中進行的，沒有降息。第一季產生了降低存單價格和存款成本的整體影響。而且，你的衍生性商品或掉期交易也面臨部分阻力。當您考慮第二季度時，它自然應該會走高，包括天數，然後您在年中分層削減，這就是逆風嗎？這就是你想要表達的意思嗎，克里斯？

Yes, I think we naturally expect the balance sheet continue to grow, that will be a positive. The positive from the derivatives that expired have already been recognized. The CD repricing opportunity in a flat rate environment will dissipate towards zero and will be offsetting the balance sheet volume growth will be potentially the risk of a slower growth on one hand then perhaps our expectations, given just how economy might flow, might have there and the potential for write-ups, which at least at March 31 there were two rate cuts baked in. And we have previously said each rate cut is worth $2 million per month. So that's a negative to offset essentially deposit balance sheet volumes of effect. Million per rate cut per month.

是的，我認為我們自然預期資產負債表將繼續成長，這將是正面的。到期衍生品的利好已經得到認可。固定利率環境下的存單重新定價機會將逐漸消散至零，並將抵消資產負債表規模的增長，一方面，這可能會帶來增長放緩的風險，而考慮到經濟的走向，我們的預期可能會出現增長放緩，另一方面，還可能出現增記的可能性，至少在 3 月 31 日，已經出現了兩次降息。我們之前曾說過，每次降息每月價值 200 萬美元。因此，這基本上會抵消存款資產負債表量的影響。每月每降息一次，金額達數百萬美元。

Right. Got it. Thank you.

正確的。知道了。謝謝。

Matthew Clark, Piper Sandler.

馬修克拉克、派珀桑德勒。

Good afternoon, everyone. Thanks for the questions. Hey, just on the deposit cost side, it looks like the spot rates at 330 just four basis points below the average in the quarter. Just remind us what you have in the way of CDs coming due in 2Q, maybe even 3Q and the differential in rates before it drifts zero?

大家下午好。感謝您的提問。嘿，僅從存款成本來看，現貨利率 330 似乎比本季的平均利率低 4 個基點。只需提醒我們，您在第二季甚至第三季到期的 CD 情況如何，以及在利率變為零之前利率差異是多少？

Yes, we have about $10 billion coming due in the next quarter here, Q2, and about $8 billion in third quarter. Rate-wise, most of the things that will stay in the third quarter rollover have just been repriced now, right. So essentially, the stuff that come on the third quarter is all going to be in the low fours, 4 to 4.08, a little bit at 4.18 range. And so the incremental benefit in a flat rate context, 18 basis points. If we see we wanted to rate cut by then, it'll get better.

是的，下一季度，也就是第二季度，我們將有大約 100 億美元到期，第三季將有約 80 億美元到期。從利率角度來看，第三季展期保留的大部分項目現在都已經重新定價了，對吧。因此，從本質上講，第三季度出現的情況都將在 4.08 以下，即 4.08 到 4.18 左右。因此，在固定利率環境下，增量收益為 18 個基點。如果到那時我們發現我們想要降息，情況就會好轉。

And then with regard to stuff that rollover here in Q2, it's tough. But generally, we put on the books in December or January that will come due in ordinary course. And that's going to be sort of in the low four's fourth and a quarter areas process.

至於第二季延續的事情，這很困難。但一般來說，我們會在 12 月或 1 月記入到期的帳簿。這將是低四分之四和四分之一區域的進程。

Got it. Okay. Thank you. And then just on the uptick in criticized commercial real estate ex multi-family, I think went from 308 to 376. Can you just give us a sense for the types of properties that drove that increase and your plans there?

知道了。好的。謝謝。然後，受批評的商業房地產（除多戶住宅外）數量有所上升，我認為從 308 上升到了 376。您能否向我們介紹一下推動這一增長的房產類型以及您在這方面的計劃？

Yes. You know, the increase there was pretty broad based. Some related to, and no concentration, it really honestly from a customer perspective, our relative to the portfolio in the geography, the areas where we had to kind of downgrade to our industrial and largely retail and some of them in our other categories as well, which is broad base. Nothing we saw our thought or saw was systemic at this point.

是的。你知道，那裡的成長範圍相當廣泛。有些與此相關，但沒有集中度，從客戶的角度來看，這確實是相對於地理上的投資組合而言的，我們必須將某些領域降級為工業和零售業，其中一些領域也在我們的其他類別中，這是廣泛的基礎。到目前為止，我們所想到的或所見的一切都不是系統性的。

Okay. Thanks for the color.

好的。謝謝你的顏色。

Gary Tenner, D.A. Davidson.

加里·坦納（Gary Tenner），地方檢察官戴維森。

Thanks. Good afternoon. Dominic, I appreciate your comments earlier on the tariff. Wondering if, as it relates to the trade finance business, have you or do you expect to see serve an earlier year level of activity there as your customers kind of pull on supplies or inventory earlier than they might typically do? Have you seen any of that yet?

謝謝。午安.多明尼克，我很感謝您之前對關稅的評論。想知道，就貿易融資業務而言，由於您的客戶比通常情況下更早地採購供應品或庫存，您是否已經或預計會看到該業務達到早年的活動水平？你見過這些嗎？

That's already happened. I mean the customers that react to the sort of like potential tariffs that may be coming into place. Pretty much I think there are some stocking and then putting more inventory in place early on.

這已經發生了。我指的是客戶對可能即將實施的潛在關稅做出反應。我認為基本上會有一些庫存，然後儘早投入更多庫存。

So I looked at it right now is that I don't anticipate in the next two to three months that will be anymore balances increases because -- and I hope right now is going to be the kind of worst-case scenario. So I mean, it doesn't make sense for any of the quarters to start part of more inventory at this stage.

所以我現在看的是，我預計在接下來的兩到三個月內不會再有餘額增加，因為——我希望現在的情況是最壞的情況。所以我的意思是，任何季度在這個階段開始增加庫存都是沒有意義的。

Okay. So that's already kind of embedded in some of the C&I activity in first quarter. Sounds like?

好的。因此，這已經融入到第一季的一些 C&I 活動中。聽起來像？

Yes, as I mentioned, Gary, we may have been part of that actually in the fourth quarter as well, so that will pull forward of activity. So we probably saw some moving to Q4, some of it here in Q1. And, as Dominic mentioned, we don't expect to see a buildup on the C&I side, at least, of materiality related to that activity at this time.

是的，正如我所提到的，加里，我們實際上可能也參與了第四季度的活動，所以這將推動活動的進行。因此，我們可能看到一些變化轉移到了第四季度，而另一些則發生在第一季。而且，正如多明尼克所提到的那樣，我們預計至少目前在 C&I 方面不會看到與該活動相關的實質增長。

Got it. Okay, makes sense. And then second question I had was just on the wealth management fee income year-over-year and sequential quarter increase, pretty significant. Was that I think in the slide deck, just notes, higher customer activity. But the sequential quarter number, so just wondering if there was anything in there that did impact the quarter that may not recur here in the second quarter?

知道了。好的，有道理。我的第二個問題是財富管理費收入較去年同期成長和連續季度成長相當顯著。我認為幻燈片中只是註明了更高的客戶活動。但是這是連續的季度數字，所以只是想知道其中是否有任何因素確實影響了本季度，而第二季度可能不會再次出現？

I think there is a lot of volatility in the quarter. So our customers came and asked for advice and we were happy to provide. And the reality is of the combination of putting money to work into fixed income products, putting money to work into insurance products, putting money to work just in allocating some to insurance policies, and putting some money to work in structured notes and other activities along with the normal ordinary course investments in the markets have uses for our customers with.

我認為本季波動很大。因此，我們的客戶來尋求建議，我們很樂意提供協助。事實是，把錢投入固定收益產品、投入保險產品、把一部分錢分配給保險單、把一部分錢投入結構性票據和其他活動，再加上市場上正常的普通投資，這些結合起來對我們的客戶都有用。

So it really was across the board and on many fronts, but in response to some very active conversations, which is great opportunity to reposition the base.

因此，這確實是全面的、涉及多個方面的，但是為了回應一些非常活躍的對話，這是重新定位基礎的好機會。

Thank you.

謝謝。

Jared Shaw, Barclays.

巴克萊銀行的賈里德·肖 (Jared Shaw)。

Hey, good afternoon. Maybe following up on the wealth management question. What's the broader strategy for growing that line? Is there an opportunity for M&A to come in and play a part in growing wealth management? Or is it really just going to be continual blocking and tackling and then growing customers one at a time?

嘿，下午好。也許會跟進財富管理問題。擴大該產品線的更廣泛策略是什麼？併購是否有機會進入財富管理領域並在其發展中發揮作用？或者實際上只是不斷地阻止和解決問題，然後一次增加一個客戶？

Well, we have been successful at the blocking and tackling and doing customers one-time, which I think is a hallmark of East West capabilities. But in addition to that, as you're aware, we made an investment in really back in 2023. And we would selectively look at opportunities to continue to expand our capability for our customers and offer a broader set of both products and services and solutions.

嗯，我們在阻止、解決問題和一次性處理客戶問題方面取得了成功，我認為這是東西方能力的標誌。但除此之外，如您所知，我們早在 2023 年就進行了投資。我們會選擇性地尋找機會繼續擴大我們為客戶提供的能力，並提供更廣泛的產品、服務和解決方案。

Because we think there's incremental demand within our customer base, within our core domestic customer base for those services and solutions that will continue to sort of tap into with each quarter passes. And we know we can do more.

因為我們認為，我們的客戶群、我們的核心國內客戶群對這些服務和解決方案的需求不斷增加，而且這些需求將隨著每季的過去而不斷增加。我們知道我們可以做得更多。

Okay, all right thanks. And then on the hedge strategy, can you maybe give us an update on what the expected sort of volume or appetite is going forward? And then what's the blended risk fixed rate on the existing swap book after that $1 billion rolled off in first quarter.

好的，好的，謝謝。然後關於對沖策略，您能否向我們介紹未來預期的交易量或需求情況？那麼，在第一季 10 億美元轉出之後，現有掉期帳簿的混合風險固定利率是多少？

So we've got a lot better. I don't know if we have a blended rate at our fingertips. The next relevant trade that will impact the portfolio is around about $500 million of forward starting swaps, just under 4% that we'll receive fixed on starting in Q3. And for the extent we see breakout in Q3 will place to be in the money on those and access our $500 million early in Q3 and another $500 million later. So that will be a total of $1 billion over the back half of 2025. Again, both with the receive fixed rate at around 4%.

所以我們已經好多了。我不知道我們是否掌握了混合利率。下一個將影響投資組合的相關交易是約 5 億美元的遠期起始掉期，略低於我們將在第三季開始獲得的 4%。就我們所看到的第三季的突破而言，我們將從中獲利，並在第三季初獲得 5 億美元，之後再獲得 5 億美元。因此，到 2025 年下半年，總額將達到 10 億美元。同樣，兩者的固定利率都在 4% 左右。

Great. Thank you.

偉大的。謝謝。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

Okay, great. Thanks. Chris, just on the securities purchases in liquidity management, can you just elaborate on what you bought in the quarter, the yield duration and expectations for kind of the mix between cash and bonds going forward?

好的，太好了。謝謝。克里斯，僅就流動性管理中的證券購買而言，您能否詳細說明一下您在本季度購買了什麼，收益率期限以及對未來現金和債券組合的預期？

So during the first quarter, we continue to mostly by Ginnie Mae floaters, although we did begin to layer in some fixed rate Ginnie Maes. Our focus is all on purchasing HQLA Level 1 securities. So far, in Ginnie Mae's has been sort of exclusively the focus.

因此，在第一季度，我們繼續主要採用 Ginnie Mae 浮動利率債券，儘管我們確實開始分層引入一些固定利率的 Ginnie Mae 債券。我們的重點是購買 HQLA 1 級證券。到目前為止，吉利美 (Ginnie Mae) 一直是人們關注的焦點。

Our duration at the end of the quarter basically ended up at around three, and that's a blend of the floaters, which obviously are less than one and the legacy portfolio net fixed that we had and the HFS, the whole portfolio comes out to about three. But again, providing mostly floaters at the short end, we're adding less than one stuff, although incrementally and today, we do see value in the fixed side of the equation at levels above 5.5%.

我們在本季末的久期基本上為 3 左右，這是浮動利率的混合，浮動利率顯然小於 1，加上我們擁有的遺留投資組合淨固定利率和 HFS，整個投資組合的久期約為 3。但是，再次強調，由於我們主要提供短期浮動利率，因此我們增加的資金不到一項，儘管是逐步增加的，但今天，我們確實看到等式固定側的價值在 5.5% 以上的水平上。

Okay, great. And then just a clarifying comment. The tariff exposure, you talked about reviewing happen -- 500 million or 500 customers. Was that 1% of the C&I that was a statistic? I missed that before that you were margin a little bit closer.

好的，太好了。然後只是一個澄清的評論。您談到了對關​​稅風險的審查——5 億或 500 名客戶。那 1% 的 C&I 是統計數字嗎？我錯過了，在那之前，你的利潤率稍微接近了一點。

Yes, 1% of the C&I outstanding balances is the portion of the customers that are we know that we're actively engaged, which is why we engage with them and those are the outstanding balances. Again, we're not seeing any of those aren't necessarily a risk, but we know they're actively engaged. There will be impacted to some makes sense.

是的，1% 的 C&I 未償餘額是我們知道我們積極參與的客戶的一部分，這就是我們與他們互動的原因，這些就是未償餘額。再說一次，我們沒有看到其中任何一個必然有風險，但我們知道他們正在積極參與。這會受到一些影響，這是有道理的。

Great. Thanks, Chris.

偉大的。謝謝，克里斯。

Gary Tenner, D.A. Davidson.

加里·坦納（Gary Tenner），地方檢察官戴維森。

Thanks for the follow-up question. I just wanted to ask about the FHLB advances. The 3.5 billion kind of expectations for I know there's some maturities there this year. Would you expect to just continue to roll those? Or do you have a different approach in mind as it relates to paying down at the liquidity or funding?

感謝您的後續提問。我只是想詢問有關 FHLB 進展的情況。我知道今年有一些 35 億美元的預期到期。您是否希望繼續滾動這些？或者，在償還流動性或融資方面，您是否有不同的想法？

I think we'll continue to look at the Federal Home Loan Bank advances as a flex mobile component of our overall balance sheet to the extent that there's an opportunity to pay those down with excess deposits. Happy to do so from time to time, to the extent there's opportunity to put the money to work from securities that has a better profile for us and that a return to our shareholders.

我認為，我們將繼續把聯邦住房貸款銀行的貸款視為我們整體資產負債表的一個靈活移動組成部分，以便有機會用超額存款償還這些貸款。我們很樂意時不時地這樣做，只要有機會將資金投入對我們更有好處的證券中，並為我們的股東帶來回報。

We've been doing that essentially over the course of last year. I think we'll continue to reevaluate that as we move through the year.

我們基本上從去年開始就一直在做這件事。我認為，隨著時間的推移，我們會繼續重新評估這一點。

Appreciate it.

非常感謝。

Thank you. This concludes our question-and-answer session. I will now turn the call back over to management for any closing remarks.

謝謝。我們的問答環節到此結束。現在我將把電話轉回給管理階層，請他們做最後發言。

Thank you. Thank you for joining us on today's call, and we are looking forward to speaking with you again in July. Bye-bye.

謝謝。感謝您參加今天的電話會議，我們期待 7 月再次與您交談。再見。

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

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。