First Citizens BancShares Inc (Delaware) (FCNCA) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the First Citizens BancShares First Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, today's conference is being recorded.

女士們、先生們，感謝大家的支持，並歡迎參加 First Citizens BancShares 2024 年第一季財報電話會議。 （操作員指示）提醒一下，今天的會議正在錄製中。

I would now like to introduce the host of this conference call, Ms. Deanna Hart Senior Vice President of Investor Relations. You may begin.

現在我想介紹一下本次電話會議的主持人，投資者關係高級副總裁 Deanna Hart 女士。你可以開始了。

Good morning. Welcome to First Citizens first quarter earnings call.

早安.歡迎參加 First Citizens 第一季財報電話會議。

Joining me on the call today our Chairman and Chief Executive Officer, Frank Holding; and Chief Financial Officer, Craig Nix. They will provide first core business and financial update referencing our earnings call presentation, which you can find on our website.

今天和我一起參加電話會議的是我們的董事長兼執行長 Frank Holding；和財務長克雷格·尼克斯。他們將參考我們的財報電話會議演示提供第一個核心業務和財務更新，您可以在我們的網站上找到該演示。

Our comments today will include forward-looking statements, which are subject to risks and uncertainties that may cause actual results to differ materially from expectations. We assume no obligation to update such statements. These risks are outlined on Page 3.

我們今天的評論將包括前瞻性陳述，這些陳述受到風險和不確定性的影響，可能導致實際結果與預期有重大差異。我們不承擔更新此類聲明的義務。第 3 頁概述了這些風險。

We will also reference non-GAAP financial measures. Reconciliations of these measures against the most directly comparable GAAP measures can be found in Section 5 of the prediction. Finally, First Citizens does not respond for and does not edit nor guarantee the accuracy of earnings transcripts provided by third parties.

我們也將參考非公認會計準則財務指標。這些措施與最直接可比較的 GAAP 措施的調整可以在預測的第 5 節中找到。最後，First Citizens 不回應、不編輯或保證第三方提供的收入記錄的準確性。

I'll now turn it over to Frank.

我現在把它交給弗蘭克。

Thank you, Deanna, and good morning, everyone. Let's start on Page 6. And I'll say that over the last 12 months, we've successfully focused on our SVB integration efforts, regulatory readiness, strategic priorities and financial performance. During the first quarter, we delivered earnings per share of $52.92 adjusting for notable items that are on Page 51.

謝謝你，迪安娜，大家早安。讓我們從第 6 頁開始。在第一季度，根據第 51 頁的重要項目進行調整後，我們實現了每股收益 52.92 美元。

Return metrics were strong, reflecting a peer-leading net interest margin, an adjusted efficiency ratio of 50% and the lower net charge-offs. These results exceeded our expectations with earnings increasing approximately 14% over the sequential quarter. We're pleased that all our segments, including SVB Commercial, grew loans during the quarter and our liquidity and capital position strengthened due to core deposits and earnings growth.

回報指標強勁，反映出同業領先的淨利差、50% 的調整後效率以及較低的淨沖銷。這些結果超出了我們的預期，收益比上一季成長了約 14%。我們很高興看到，包括 SVB Commercial 在內的所有部門在本季度都增加了貸款，而且由於核心存款和盈利增長，我們的流動性和資本狀況得到了加強。

We successfully submitted our capital plan to the Federal Reserve on April the 5th. The process included a full stress test, including the acquired SVB portfolios. The mission of this plan was an important milestone in our regulatory journey, and I'd like to thank all our associates for their hard work in submitting a quality plan.

我們於 4 月 5 日成功向聯準會提交了資本計畫。該過程包括全面的壓力測試，包括收購的 SVB 投資組合。該計劃的使命是我們監管之旅中的一個重要里程碑，我要感謝我們所有員工為提交高品質計劃所做的辛勤工作。

Turning to Page 7. It's been a year since Silicon Valley Bank became part of First Citizens, which is -- which has introduced a lot of change, but most of all, opportunity. I want to thank our associates for their hard work over the past year, stabilizing the business and taking care of our clients. I also want to thank our clients for their confidence in us as we remain committed to them and the innovation economy.

翻到第 7 頁。我要感謝我們的員工在過去一年的辛勤工作，穩定了業務並照顧了我們的客戶。我還要感謝客戶對我們的信任，因為我們將繼續致力於他們和創新經濟。

The SVB team continues to deliver exceptional service to our clients, and this is demonstrated by the fact that 80% of the VC firms on the Forbes’ Midas list are served by our company, and our ability to onboard over 1,000 new clients in the first year of our acquisition. SVB also has more experience serving the innovation economy than any other financial services provider, thanks to our dedicated teams of sector experts.

SVB 團隊繼續為我們的客戶提供卓越的服務，福布斯創富榜上 80% 的創投公司都由我們公司提供服務，以及我們在全球範圍內吸引超過 1,000 名新客戶的能力就證明了這一點。我們收購的第一年。由於我們專業的行業專家團隊，SVB 比任何其他金融服務提供者都擁有更多服務創新經濟的經驗。

Their essential insights come from over 40 years of dedicated focus on innovators and investors on average leadership tenure of over 20 years with SVB and the deepest and most experienced bench of over 1,500 innovation bankers and relationship advisers. Our team is well positioned despite some of the continued economic headwinds facing the innovation economy.

他們的重要見解來自 40 多年來對創新者和投資者的專注，在 SVB 的平均領導任期超過 20 年，以及由 1,500 多名創新銀行家和關係顧問組成的最深入、最有經驗的替補團隊。儘管創新經濟面臨一些持續的經濟阻力，但我們的團隊仍處於有利地位。

Last year, VC fundraising hit its lowest level since 2017. The drawback in fundraising we witnessed in 2023 continued into the first quarter, even though there remains plenty of dry powder to invest. Despite the current environment, we are encouraged by the number of exit-ready companies poised to exit once the IPO market fully reopens.

去年，創投融資額創下 2017 年以來的最低水準。儘管面臨當前的環境，但我們對在 IPO 市場完全重新開放後準備退出的大量準備退出的公司感到鼓舞。

In fact, there is a record backlog of companies ready to exit given current market conditions. There is fundamental demand from investors, but only at the right price and for companies with good stories. We are beginning to see activity improve and the signs that IPO activity may pick up this year.

事實上，鑑於當前的市場狀況，準備退出的公司積壓數量創歷史新高。投資人有基本需求，但前提是價格合適，而且是針對有好故事的公司。我們開始看到活動有所改善，並且有跡象表明今年 IPO 活動可能會有所回升。

On Page 8, we showed that the SVB franchise has been stabilizing in terms of loans and client funds since the second quarter of last year, reflecting continued support of our innovation clients.

在第 8 頁，我們顯示，自去年第二季以來，SVB 特許經營權在貸款和客戶資金方面一直保持穩定，這反映出我們對創新客戶的持續支持。

Moving to Page 9. Our integration efforts helped us retain clients, stabilize deposit balances and develop strategic priorities for the combined organization. We continue to make meaningful progress on integration and remain committed to achieving our post-merger potential.

轉到第 9 頁。我們繼續在整合方面取得有意義的進展，並繼續致力於實現合併後的潛力。

While we have always focused on compliance with regulatory requirements, our growth has moved us to a significantly increased level of regulatory oversight, and we are investing and being proactive in enhancing our regulatory readiness. While there is more work to be done, we have made meaningful progress in maturing and refining our processes to support the change in our size and complexity.

雖然我們始終專注於遵守監管要求，但我們的發展使我們的監管監督水平顯著提高，並且我們正在投資並積極主動地增強我們的監管準備。儘管還有更多工作要做，但我們在成熟和完善流程以支援規模和複雜性變化方面取得了有意義的進展。

A few of these accomplishments include: First, implementing expanded risk management capabilities based on feedback from third-party GAAP assessment; second, creating a dedicated regulatory remediation oversight team to manage and enhance regulatory response as well as provide oversight, monitoring and reporting of remediation efforts; third, enhancing our dedicated regulatory affairs team to manage heightened regulatory activity and relationships with new examiners; and fourth, completing our first time large financial institution regulatory filings on time.

其中一些成就包括：首先，根據第三方 GAAP 評估的回饋，實施擴展的風險管理能力；其次，建立專門的監管補救監督小組來管理和加強監管回應，並對補救工作進行監督、監測和報告；第三，加強我們專門的監管事務團隊，以管理加強的監管活動以及與新審查員的關係；第四，按時完成首次大型金融機構監理備案。

In addition, with our strong risk management culture, we will continue to invest in our capabilities here and we're confident that over time we will effectively transform our program in accordance with new and changing regulatory requirements.

此外，憑藉我們強大的風險管理文化，我們將繼續投資於我們的能力，我們相信，隨著時間的推移，我們將根據新的和不斷變化的監管要求有效地改變我們的計劃。

Now let's look at Page 10. We continue to invest in our wealth business, one of our primary key income drivers. We believe there are significant opportunities and we've achieved remarkable organic growth here since 2013. In the third quarter, we announced the alignment of SVB Private and First Citizens Wealth under one leadership team to improve coordination and enhance services available to clients.

現在讓我們來看看第 10 頁。我們相信這裡存在著巨大的機遇，並且自2013 年以來我們已經實現了顯著的有機增長。並增強為客戶提供的服務。

Wealth is beginning to see the benefits of bringing our capabilities together under one umbrella, creating a premier private banking and wealth business. Most recently, we rebranded all of our wealth services to First Citizens Wealth. The combined First Citizens Wealth organization can help any client business or institution regardless of size or complexity.

財富開始看到將我們的能力集中在一個保護傘下的好處，創造一流的私人銀行和財富業務。最近，我們將所有財富服務重新命名為 First Citizens Wealth。合併後的 First Citizens Wealth 組織可以為任何客戶企業或機構提供協助，無論規模或複雜程度如何。

We remain focused on maintaining deep client relationships, providing a boutique experience with big bank capabilities. Moving forward, we believe our combined product set dedicated and experienced wealth professionals and client-centric engaged model. We'll continue to celebrate -- to accelerate the growth of our wealth franchise.

我們仍然專注於維持深厚的客戶關係，提供具有大銀行能力的精品體驗。展望未來，我們相信我們的組合產品集專注且經驗豐富的財富專業人士和以客戶為中心的參與模式。我們將繼續慶祝——加速我們財富特許經營的成長。

And finally, turning to Page 11. We're happy to be recognized and honored as a top 20 financial institution on Forbes list of America's Best Banks and by other organizations and publications listed on the page. This recognition reflects our solid track record taking care of our clients and our customers.

最後，請參閱第 11 頁 我們很高興被《富比士》美國最佳銀行排行榜以及該頁上列出的其他組織和出版物認可為前 20 名金融機構。這項認可反映了我們在照顧客戶和顧客方面的良好記錄。

To conclude, the positive momentum we started in 2023 continues. Despite the uncertainty in the current environment, and the hard work ahead of us, we continue to protect and grow customer relationships, stabilize the SVB franchise, grow core deposits and loans and strengthen our balance sheet. Given our position of strength and dedicated associates, I'm excited about the opportunities ahead of it -- ahead of us.

總而言之，我們在 2023 年開始的積極勢頭仍在繼續。儘管當前環境存在不確定性，而且我們面臨著艱鉅的工作，我們仍將繼續保護和發展客戶關係，穩定 SVB 特許經營權，增加核心存款和貸款，並加強我們的資產負債表。鑑於我們的實力和敬業的員工地位，我對擺在我們面前的機會感到興奮。

And with that, Craig, I'll turn it over to you.

克雷格，我就把它交給你了。

Thank you, Frank. Appreciate everyone joining us today. I'm going to anchor my comments to the key themes outlined in the takeaways on Page 14. Pages 15 through 35 provides more detail supporting our first quarter results.

謝謝你，弗蘭克。感謝今天加入我們的所有人。我將把我的評論錨定在第 14 頁要點中概述的關鍵主題上。

As Frank mentioned, our return metrics were strong and above our expectations. ROE and ROA adjusted for notable items were 15.01% and 1.46%, respectively. Compared to the fourth quarter, these metrics benefited from a 13% increase in net income, driven by lower net charge-offs and higher noninterest income, partially offset by lower accretion income and higher deposit costs.

正如弗蘭克所提到的，我們的回報指標非常強勁，超出了我們的預期。經重要項目調整後的淨資產收益率和淨資產收益率分別為 15.01% 和 1.46%。與第四季度相比，這些指標受益於淨收入增長 13%，這是由淨沖銷減少和非利息收入增加所推動的，但增值收入減少和存款成本增加部分抵消了這一增長。

While net interest income declined from the linked quarter by 5%, it was above our expectations. The decline was related to lower accretion income and higher deposit costs. These impacts were somewhat mitigated by securities and loan portfolio repricing to higher rates during the quarter.

雖然淨利息收入較上一季下降 5%，但仍高於我們的預期。下降與增值收入減少和存款成本增加有關。本季度證券和貸款組合重新定價為更高的利率，在一定程度上緩解了這些影響。

NIM contracted by 19 basis points to 3.67% mostly due to the same factors affecting the decline in net interest income. Ex accretion, NIM declined by 12 basis points to 3.35%. Adjusted noninterest income increased by 5% over the fourth quarter. A majority of the increase consisted of higher net rental income on rail operating lease equipment. Net rental income was aided by strong utilization rates that surpassed 99%, the highest level since the second quarter of 2015, also a positive repricing trends as well as lower maintenance costs.

淨利息收入下降 19 個基點至 3.67%，主要是由於影響淨利息收入下降的相同因素。扣除增值後，淨利差下降 12 個基點至 3.35%。調整後非利息收入較第四季成長 5%。成長的大部分來自鐵路經營租賃設備淨租金收入的增加。淨租金收入得益於超過 99% 的強勁利用率（自 2015 年第二季以來的最高水準）、積極的重新定價趨勢以及較低的維護成本。

As you will recall, we pulled forward maintenance qualification activity during the fourth quarter, which positions us to handle the uptick in customer volume this quarter while front-loading some of the expenses. Maintenance costs also benefited from unanticipated delays in getting railcars to maintenance facilities. As a result, we model higher maintenance costs for the remainder of the year as service levels returned to normal.

您可能還記得，我們​​在第四季度提前了維護資格認證活動，這使我們能夠應對本季客戶量的成長，同時提前承擔一些費用。維修成本也受惠於軌道車到達維修設施的意外延誤。因此，隨著服務水準恢復正常，我們預計今年剩餘時間的維護成本會更高。

Noninterest income also benefited from an increase in the fair value of customer derivative positions due to higher interest rates. These increases were partially offset by lower capital markets income related to seasonality as well as increased competition as regional banks continue to return to normal activity following last year's pullback.

非利息收入也受惠於利率上升導致客戶衍生性商品部位公允價值的增加。這些成長被季節性相關的資本市場收入下降以及地區銀行在去年的回調後繼續恢復正常活動而加劇的競爭所部分抵消。

Stripping out some of the seasonality and focusing on a year-over-year comparison, capital markets income was up roughly $5 million from syndicated deals. Adjusted noninterest expense slightly beat our expectation, increasing sequentially by less than 2%.

剔除部分季節性因素並專注於年比比較，資本市場收入因銀團交易增加了約 500 萬美元。調整後的非利息支出略高於我們的預期，較上季增幅不到 2%。

Expense growth was concentrated in salaries and benefits and seasonal adjustments associated with our 401(k), higher payroll taxes and annual merit adjustments took effect. First quarter expenses also reflected higher FDIC insurance expense.

費用成長集中在薪資和福利方面，以及與 401(k) 相關的季節性調整、更高的薪資稅和年度績效調整生效。第一季的支出也反映出 FDIC 保險費用的增加。

Effectively managing expenses remains a top priority for us given headwinds to net interest income. We are on track to achieve the low end of our 25% to 30% synergies target for SVB by the end of this year. Focusing on credit, net charge-offs declined by $74 million from the sequential quarter to $103 million. This represents a charge-off -- net charge-off ratio of 0.31% below our previous guidance of 50 to 60 basis points.

考慮到淨利息收入的不利因素，有效管理支出仍然是我們的首要任務。我們預計在今年年底前實現 SVB 25% 至 30% 綜效目標的下限。重點關注信貸，淨沖銷較上一季下降 7,400 萬美元，至 1.03 億美元。這意味著核銷淨核銷率為 0.31%，比我們先前指導的 50 至 60 個基點低。

Losses were largely in the same portfolio as previous quarters, although at a lower rate. The largest decline was in the innovation portfolio, where net charge-offs were down $30 million sequentially led by a $19 million drop in the investor dependent portfolio. The remainder was spread between equipment finance, general office and other loan portfolios.

投資組合的損失大部分與前幾季相同，但損失率較低。跌幅最大的是創新投資組合，淨沖銷額連續下降 3,000 萬美元，其中投資者依賴型投資組合下降了 1,900 萬美元。其餘部分分佈在設備融資、綜合辦公和其他貸款組合之間。

At quarter end, the allowance plus purchase discount on the investor dependent portfolio was 8.2% covering first quarter annualized net charge-offs 2.9x and the last 4 quarters, 1.9x. Consistent with prior quarters, net charge-offs within the commercial bank were concentrated in the general office and small ticket equipment leasing portfolios.

截至季末，投資人依賴投資組合的準備金加上購買折扣為 8.2%，涵蓋第一季年化淨沖銷 2.9 倍和過去 4 個季度的 1.9 倍。與前幾季一致，商業銀行內部的淨沖銷集中在普通辦公室和小額設備租賃組合中。

As a reminder, while our total general office portfolio was $2.8 billion at the end of the quarter, the portfolio where we have seen stress in charge-offs is in Class B, repositioned bridge loans within the commercial bank, which totaled $1 billion at quarter end.

提醒一下，雖然我們的總辦公室投資組合在本季末為28 億美元，但我們看到沖銷壓力的投資組合屬於B 類，在商業銀行內重新定位過橋貸款，該貸款本季總額為10 億美元結尾。

Portfolio net charge-offs were down sequentially, but we continue to monitor the risks here. The allowance on this portfolio was 11.1%, covering first quarter annualized net charge-offs 1.6x in the last 4 quarter net charge-offs 1.4x.

投資組合淨沖銷連續下降，但我們繼續監控此處的風險。該投資組合的準備金為 11.1%，涵蓋第一季年化淨沖銷 1.6 倍和過去 4 季淨沖銷 1.4 倍。

Overall, the allowance decreased 3 basis points sequentially to 1.28% due to improvement in macroeconomic forecasts, a mix shift to higher credit quality segments and lower specific reserves, all partially offset by increased volume and mild credit quality deterioration.

總體而言，由於宏觀經濟預測的改善、向較高信貸品質領域的混合轉移和較低的特定準備金，準備金比上一季下降了3個基點至1.28%，所有這些都被計算量增加和信貸品質輕微惡化所部分抵消。

While the allowance did decline this quarter, we feel good about our overall reserve coverage on the portfolios where we continue to see stress. Our credit team continually monitors our loan portfolios by reviewing delinquency trends and grading migration by industry and/or geography to identify areas of potential stress. And at this time, we are not aware of other significant pockets of deterioration.

雖然本季準備金確實有所下降，但我們對繼續面臨壓力的投資組合的整體準備金覆蓋率感到滿意。我們的信貸團隊透過審查拖欠趨勢並按行業和/或地理位置對遷移進行評級來持續監控我們的貸款組合，以確定潛在壓力的領域。目前，我們還沒有意識到其他嚴重的惡化情況。

Moving to the balance sheet. Loans grew by more than $2 billion over the linked quarter and annualized growth rate of 6.2%. The General and Commercial segments grew loans by $900 million and $794 million, respectively, and the SVB Commercial segment was up by $335 million. General Bank growth was concentrated in small business and commercial loans generated in our branch network.

轉向資產負債表。上一季貸款成長超過 20 億美元，年化成長率為 6.2%。一般和商業部門的貸款分別增加了 9 億美元和 7.94 億美元，SVB 商業部門增加了 3.35 億美元。一般銀行的成長主要集中在我們的分行網路中產生的小型企業和商業貸款。

In the Commercial Bank, growth was driven by strong production in our industry verticals particularly in TMT, healthcare and energy. Growth in our TMT vertical continues to be driven by strong demand for new data centers, while our energy vertical is benefiting from the energy transition, which is driving activity in financing renewable energy projects.

在商業銀行，成長是由垂直行業的強勁生產推動的，特別是TMT、醫療保健和能源領域。對新資料中心的強勁需求繼續推動我們 TMT 垂直領域的成長，而我們的能源垂直領域則受益於能源轉型，這推動了再生能源專案的融資活動。

Finally, the increase in SVB commercial loans related to global fund banking growth. And despite increased competition in this space, we continue to win business. To that end, our team closed more than $5 billion in deals in the first quarter. While we are excited by the positive trends in global fund banking, we recognize that the macroeconomic environment still presents headwinds. In the first quarter, VC investment came in lower than expected amid macroeconomic uncertainty and geopolitical tensions.

最後，SVB商業貸款的增加與全球基金銀行業務的成長有關。儘管這一領域的競爭日益激烈，我們仍繼續贏得業務。為此，我們的團隊在第一季完成了超過 50 億美元的交易。儘管我們對全球基金銀行業的正面趨勢感到興奮，但我們認識到宏觀經濟環境仍然存在阻力。第一季度，由於宏觀經濟不確定性和地緣政治緊張局勢，創投低於預期。

While VC dry powder remains elevated despite ongoing fundraising sluggishness, we expect it to take time to gradually deploy those investments. However, we remain well positioned to ramp up both loans and deposits quickly when the macroeconomic environment improves given, we have the largest fund finance team in the market.

儘管融資持續低迷，創投乾粉仍保持在較高水平，但我們預計逐步部署這些投資需要時間。然而，鑑於我們擁有市場上最大的基金融資團隊，當宏觀經濟環境改善時，我們仍然能夠迅速增加貸款和存款。

Within the SVB Commercial segment, growth in global fund banking was partially offset by expected declines in our technology and health care banking business as pay downs outpaced new fundings due to continued headwinds in the private investment landscape.

在 SVB 商業部門，全球基金銀行業務的成長被我們的科技和醫療保健銀行業務的預期下降所部分抵消，因為私人投資環境的持續不利因素導致降薪速度超過了新融資速度。

While we've seen some encouraging activity in the IPO market, we do not expect an immediate reset given continued fundraising and valuation mismatches. We are well positioned to capture business as the pendulum swings back. Technology and healthcare banking team has a focused approach and our track record and expertise in the innovation economy will continue to help us win deals. We are encouraged by our progress in growing the new SVB commercial brand, winning new clients and bringing those back who left.

雖然我們在 IPO 市場上看到了一些令人鼓舞的活動，但鑑於持續的融資和估值不匹配，我們預計不會立即重置。我們處於有利位置，可以在鐘擺向後擺動時抓住業務。科技和醫療保健銀行團隊擁有專注的方法，我們在創新經濟方面的往績和專業知識將繼續幫助我們贏得交易。我們對發展新的 SVB 商業品牌、贏得新客戶以及吸引離開的客戶所取得的進展感到鼓舞。

Turning to the right-hand side of the balance sheet. Deposits grew at an annualized rate of 10.4% or by $3.8 billion in the first quarter due to strong core deposit growth in the General and Direct Banks.

轉向資產負債表的右邊。由於一般銀行和直接銀行核心存款成長強勁，第一季存款年化成長率為 10.4%，即增加 38 億美元。

In the General Bank, we continue to focus on growing customer deposits, and we're pleased to see these grew by $2.4 billion due to our continued emphasis on expanding relationships with current customers and attracting new accounts. Direct bank deposits increased by over $2 billion, despite a decrease in marketing expense during the quarter.

在總銀行，我們繼續關注客戶存款的成長，我們很高興看到由於我們繼續重視擴大與現有客戶的關係和吸引新帳戶，存款增加了 24 億美元。儘管本季行銷費用有所下降，但直接銀行存款仍增加了超過 20 億美元。

While the Direct Bank channel is higher cost and now accounts for 27% of our deposit base is an additional lever, we've used to remain resilient through a turbulent environment and is a strong source of insured consumer deposits funding our earnings base. Growth in this channel enabled us to continue to redeem some of our smaller subordinated debt issuances this quarter given our excess capital and liquidity positions.

雖然直接銀行管道成本較高，目前占我們存款基礎的27%，但它是一個額外的槓桿，但我們過去在動蕩的環境中保持彈性，並且是為我們的收入基礎提供資金的保險消費者存款的強大來源。鑑於我們的資本和流動性部位過剩，該通路的成長使我們能夠在本季繼續贖回一些規模較小的次級債務發行。

These increases were partially offset by expected declines in the SVB Commercial segment. Deposits were down $760 million from the linked quarter driven by continued client cash burn and muted fundraising activity.

這些成長被 SVB 商業部門的預期下降部分抵消。由於客戶持續燒錢和籌款活動減弱，存款較上一季減少了 7.6 億美元。

Moving to capital. Our CET1 ratio increased by 8 basis points sequentially, ending the quarter at 13.44%. Our shared loss agreement added approximately 107 basis points to the ratio down from approximately 120 basis points last quarter. We continue to use capital to support organic growth, but acknowledge that we are operating with elevated capital levels.

遷往首都。我們的 CET1 比率環比上升 8 個基點，本季末達到 13.44%。我們的分擔損失協議使該比率從上季度的約 120 個基點下降了約 107 個基點。我們繼續使用資本來支持有機成長，但承認我們正在以較高的資本水準運作。

In addition to supporting organic growth, share repurchases are part of our capital distribution strategy. We assessed share repurchase as part of our capital plan that was approved by our Board during the first quarter and was submitted to our regulators earlier this month.

除了支持有機成長外，股票回購也是我們資本分配策略的一部分。我們評估了股票回購，作為我們資本計劃的一部分，該計劃在第一季獲得董事會批准，並於本月初提交給監管機構。

While we have not yet received feedback from our regulators on the plan, we remain confident that a share repurchase plan will be an option for us in the second half of this year. While we don't have an approved share repurchase plan at this time, I will share some general information about how we intend to manage capital moving forward.

雖然我們尚未收到監管機構對該計劃的回饋，但我們仍然相信，股票回購計劃將成為我們今年下半年的選擇。雖然我們目前沒有批准的股票回購計劃，但我將分享一些有關我們打算如何管理未來資本的一般資訊。

We managed our capital ratios, excluding any benefit from the loss share agreement, which we refer to internally as adjusted CET1. All planned activities and capital levels are assessed in this context as the RWA benefit continues to run off at a rate of $1 billion to $2 billion per quarter and is expected to be mostly gone by the end of 2025.

我們管理我們的資本比率，不包括損失份額協議中的任何收益，我們在內部稱之為調整後的 CET1。所有計劃的活動和資本水平均在此背景下進行評估，因為 RWA 收益繼續以每季 10 億至 20 億美元的速度流失，預計到 2025 年底將大部分消失。

In addition to supporting organic growth and paying dividends, we intend to supplement that capital use with methodical share repurchase over time to get our adjusted CET1 ratio down to the 10.5% range by the end of 2025, which is the level it was following the acquisition of SVB.

除了支持有機成長和支付股息外，我們還打算隨著時間的推移透過有條不紊的股票回購來補充資本使用，以便到2025 年底將我們調整後的CET1 比率降至10.5% 的範圍，這是收購後的水平SVB 的。

We do not intend to immediately manage capital down to this level. Instead, we intend to do it methodically and continually assess capital needs based on balance sheet growth expectations, earnings trajectories and the economic and regulatory environments over the next couple of years. We will reassess our capital management priorities on a regular basis, including annual updates to our capital plan.

我們不打算立即將資本管理至這一水平。相反，我們打算根據未來幾年的資產負債表成長預期、獲利軌跡以及經濟和監管環境，有條不紊地持續評估資本需求。我們將定期重新評估我們的資本管理優先事項，包括每年更新我們的資本計劃。

(inaudible) both on Page 35, discussing our second quarter and 2024 full year outlook. In summary, for the full year, we moved our net interest income forecast up on the higher first quarter starting point and a reduction from 3 to 6 rate cuts to 0 to 3 rate cuts. We also moved our credit loss guidance down from the lower first quarter starting point. We have not materially changed our noninterest income and expense guidance.

（聽不清楚）皆在第 35 頁討論我們的第二季和 2024 年全年展望。綜上所述，對於全年，我們在較高的第一季起點的基礎上上調了淨利息收入預測，並將降息次數從3至6次下調至0至3次。我們也將信用損失指引從較低的第一季起點下調。我們沒有實質改變我們的非利息收入和支出指導。

On loans, we anticipate low single-digit percentage growth in the second quarter, driven by growth in the General Bank, Commercial Bank and SVB Commercial. We anticipate SVB Commercial will benefit from continued growth in the global fund banking business, where we continue to see success due to continued client outreach.

在貸款方面，我們預計第二季在普通銀行、商業銀行和 SVB Commercial 成長的推動下將出現低個位數百分比成長。我們預計 SVB Commercial 將受益於全球基金銀行業務的持續成長，由於持續的客戶拓展，我們將繼續看到成功。

This growth, however, will continue to be pressured by headwinds in the private equity and venture capital markets. We also anticipate a modest decline in technology and healthcare banking business as lower levels of funding and line draws result in loan portfolio contraction.

然而，這種成長將繼續受到私募股權和創投市場逆風的壓力。我們也預計，由於融資水準和貸款額度下降導致貸款組合收縮，科技和醫療保健銀行業務將小幅下滑。

Looking at the innovation economy more broadly, we found that, overtime, there is a correlation between public market valuations and VC investment volume. There have been some positive economic signals suggesting that capital deployment may rebound in 2024, driven by an improved IPO outlook. We, therefore, expect a modest increase in VC investment compared to 2023.

從更廣泛的角度審視創新經濟，我們發現，隨著時間的推移，公開市場估值與創投之間存在相關性。一些積極的經濟訊號表明，在 IPO 前景改善的推動下，資本配置可能會在 2024 年反彈。因此，我們預計與 2023 年相比，創投將小幅成長。

Meanwhile, we anticipate growth in the Commercial Bank in our industry verticals and increased activities in middle market banking following seasonal declines in the first quarter.

同時，我們預計商業銀行在垂直行業中將出現成長，中間市場銀行業務的活動將在第一季季節性下降後有所增加。

Looking at the full year, we continue to expect loans to end in the $139 million to $143 billion range or mid-single-digit percentage growth, which is essentially unchanged from our previous guidance. We anticipate this growth to be concentrated across all 3 banking segments for the reasons previously discussed.

展望全年，我們繼續預計貸款將在 1.39 億美元至 1,430 億美元之間或中等個位數百分比增長，這與我們之前的指導基本沒有變化。出於前面討論的原因，我們預計這種增長將集中在所有 3 個銀行部門。

We expect deposits to be flat to slightly up in the second quarter as growth in the General Bank is offset by a decline in SVB commercial. Within the General Bank, we anticipate growth in the branch network as we benefit from our focus on increasing our customer base by building deposits through proactive sales, associate outreach, centralized marketing campaigns and increased community connectivity. This growth will be slightly offset by seasonal declines that we expect in April due to tax payments.

我們預計第二季存款將持平或小幅成長，因為普通銀行的成長被 SVB 商業銀行的下降所抵消。在總銀行內部，我們預期分行網路將會成長，因為我們專注於透過積極的銷售、員工外展、集中行銷活動和增強的社區連結性累積存款來增加客戶群，從而受益匪淺。這一增長將被我們預計 4 月因納稅而出現的季節性下降所略微抵消。

With respect to SVB deposits, we expect the venture capital environment to remain challenging, particularly in the first half of 2024. Looking forward, we expect client funds, cash burn and losses to continue to normalize over time with gradual improvement expected in the second half of the year.

就SVB 存款而言，我們預計創投環境仍將充滿挑戰，特別是在2024 年上半年。逐步改善今年的。

In addition, we expect to improve our capture rate of private market fundraising, a large percentage of which flows into on-balance sheet deposit products. Bringing this all together, we expect SVB deposits to be relatively flat in the first half of the year before growing in the second half.

此外，我們預計將提高私募市場融資的捕獲率，其中很大一部分資金流入表內存款產品。綜上所述，我們預期 SVB 存款在上半年相對持平，然後在下半年有所成長。

While we continue to raise deposits in our direct bank in the first quarter, we anticipate these deposits will remain fairly stable in 2024, given the excess liquidity on our balance sheet and continued strong growth in other channels including the branch network.

雖然我們在第一季繼續增加直接銀行存款，但考慮到我們資產負債表上的流動性過剩以及包括分行網路在內的其他管道的持續強勁增長，我們預計這些存款在 2024 年將保持相當穩定。

This, obviously, could change if we have unexpected deposit outflows occur elsewhere. For the full year, we anticipate mid-single-digit percentage growth, primarily related to growth in the general bank previously discussed and low to mid-single-digit percentage growth in SVB commercial deposits.

顯然，如果其他地方出現意外的存款外流，這種情況可能會改變。我們預計全年將出現中個位數百分比成長，這主要與先前討論的一般銀行的成長以及 SVB 商業存款的低至中個位數百分比成長有關。

Our interest rate forecast follows the implied forward curve, which includes 3 rate cuts in 2024 with the effective Fed funds rate declining from 5.50% to 4.75% by the end of the year. It is our belief that we will see closer to one or no rate cuts given the continued strength of the labor markets, and the lumpiness we've seen in the economy fueling speculation that inflation remains untamed.

我們的利率預測遵循隱含遠期曲線，其中包括 2024 年 3 次降息，有效聯邦基金利率到年底從 5.50% 降至 4.75%。我們相信，鑑於勞動市場的持續強勁，以及我們所看到的經濟波動加劇了通膨仍未抑制的猜測，我們將更接近一次降息或不降息。

Therefore, for our net interest income guidance, we provided a range with the top end assuming no rate cuts and the low end assuming 3 rate cuts. It is important to note that these projections do not include the impact of planned share repurchase activity in the back half of 2024 as we await final sizing and approval as part of our capital planning process.

因此，對於我們的淨利息收入指引，我們提供了一個範圍，上限假設不降息，下限假設降息 3 次。值得注意的是，這些預測不包括 2024 年下半年計畫的股票回購活動的影響，因為我們正在等待最終規模和批准作為我們資本規劃流程的一部分。

For the second quarter, we expect headline net interest income to be down in the low to mid-single-digit percentage points range. The decline will be driven by the impact of lower accretion, higher deposit costs and lower loan yields, assuming one rate cut only partially offset by higher investment securities yield. With no rate cut, we expect headline net interest income to be fairly stable with or just slightly down compared to the first quarter.

對於第二季度，我們預期整體淨利息收入將下降至中個位數百分點。假設一次降息僅被較高的投資證券收益率部分抵消，那麼這一下降將受到增值減少、存款成本上升和貸款收益率下降的影響。在不降息的情況下，我們預計整體淨利息收入將相當穩定，或與第一季相比略有下降。

For the full year, we expect headline net interest income in the range of $7.1 billion to $7.3 billion. In either case, we project accretion income just under $500 million for the year, which is a decline from $725 million in the last 3 quarters of 2023, as loan discounts on the shorter portfolio will have fully been recognized.

我們預計全年整體淨利息收入將在 71 億美元至 73 億美元之間。無論哪種情況，我們預計今年的成長收入略低於 5 億美元，比 2023 年最後三個季度的 7.25 億美元有所下降，因為較短投資組合的貸款折扣將得到充分認可。

We previously guided to a range of $6.9 billion to $7.1 billion. The upward revision reflects the higher for longer rate environment and shifting the guidance range between 0 and 3 cuts for the remainder of 2024.

我們先前的指導範圍為 69 億至 71 億美元。上調反映了長期利率環境下的較高利率，以及 2024 年剩餘時間內的指導範圍在 0 至 3 次降息之間變化。

On credit losses, we are reducing our net charge-off guidance as we now anticipate it will remain in the 35 to 50 basis points range for both the second quarter and full year 2024. We are benefiting from the decreased innovation economy stress.

關於信貸損失，我們正在降低淨沖銷指引，因為我們目前預計 2024 年第二季和全年的淨沖銷指引將維持在 35 至 50 個基點的範圍內。

And while losses in this portfolio can still be lumpy, we believe the continued market optimism fueled by the revival of public markets for PE and VC backed companies with 2 large tech IPOs already out the door in 2024, is an encouraging sign for venture exit activity.

儘管該投資組合的損失可能仍然較大，但我們認為，私募股權和風險投資支持的公司公開市場的復甦推動了市場的持續樂觀情緒，這些公司已經在2024 年進行了兩次大型科技IPO，這對創投退出活動來說是一個令人鼓舞的跡象。

Accordingly, we expect some of the pressure in the investor dependent portfolio to soften in the back half of this year. It is worth noting that hold sizes on some of our portfolios are large in the Commercial and SVB Commercial segment. And just as we had a favorable experience this quarter with less large charge-offs in the innovation portfolio, 1 or 2 unexpected larger charge-offs can result in blips in our net charge-off ratio.

因此，我們預計今年下半年依賴投資者的投資組合面臨的部分壓力將有所緩解。值得注意的是，我們的一些投資組合在商業和 SVB 商業領域的持有規模很大。正如本季度我們在創新投資組合中大額沖銷較少的良好經驗一樣，一兩次意外的較大沖銷可能會導致我們的淨沖銷率出現波動。

Therefore, while the decline in net charge-offs during the first quarter was positive, we think it's too early to call an inflection point on credit following 1 quarter of improvement. However, we believe that credit costs remain manageable and are appropriately incorporated into our guidance.

因此，雖然第一季淨沖銷下降是積極的，但我們認為，在第一季的改善之後，現在稱信貸拐點還為時過早。然而，我們認為信貸成本仍然可控，並已適當納入我們的指導。

Moving to adjusted noninterest income. We expect the second quarter to be down as net rental income on rail operating leases decreases due to expected maintenance costs that were deferred in the first quarter, as I previously mentioned.

轉向調整後的非利息收入。正如我之前提到的，我們預計第二季將下降，因為鐵路經營租賃的淨租金收入由於第一季推遲的預期維護成本而減少。

While we anticipate some normalization to historically high utilization levels during 2024, our outlook for rail remains positive, and we expect a continuation of healthy fundamental trends in the near-term from a supply-driven recovery, which is generating strong demand for existing railcars, resulting in a stronger for longer scenario.

雖然我們預計2024 年利用率將正常化至歷史高位，但我們對鐵路的前景仍然樂觀，並且我們預計供應驅動的復甦將在短期內繼續保持健康的基本趨勢，這將對現有鐵路車產生強勁的需求，從而產生更強大、更持久的場景。

We also expect client investment fees to decrease due to anticipated lower rates. To the extent we do not receive 3 rate cuts in 2024, we could see some upside to our forecast here. Nonetheless, we continue to experience growth in wealth management fees and card income, reflecting the strong consumer acquisition and growth trends from our branch network.

我們也預計，由於預期利率較低，客戶投資費用也會下降。如果我們在 2024 年不會出現 3 次降息，那麼我們的預測可能會上升。儘管如此，我們的財富管理費用和卡片收入仍持續成長，反映出我們分行網路強勁的消費者獲取和成長趨勢。

We expect full year adjusted noninterest income to be in the $1.8 billion to $1.9 billion range, which is in line with our previous guidance. As Frank mentioned in his comments, we are excited for the continued build-out of -- and momentum in our wealth platform and look forward to realizing the synergies of this combination.

我們預計全年調整後非利息收入將在 18 億美元至 19 億美元範圍內，這與我們先前的指引一致。正如弗蘭克在評論中提到的那樣，我們對我們財富平台的持續建設和勢頭感到興奮，並期待實現這種組合的協同效應。

Moving to expenses. We expect a modest increase from the first quarter due to increased marketing as well as professional and third-party servicing fees, as we ramp up project spend related to a few regulatory items, such as ISO Payments and Dodd-Frank.

轉向開支。我們預計，由於行銷以及專業和第三方服務費用的增加，我們預計會比第一季略有成長，因為我們增加了與 ISO 支付和多德弗蘭克法案等一些監管項目相關的項目支出。

Furthermore, as mentioned last quarter, a continued focus for us is to build out the product capabilities that will keep us the premier partner in the innovation economy, continuing to enhance our offerings in cash management, FX and payments.

此外，正如上季度所提到的，我們持續關注的重點是建立產品能力，使我們成為創新經濟中的首要合作夥伴，並繼續增強我們在現金管理、外匯和支付方面的產品。

Additionally, we will continue the modernization of our platforms in consumer, equipment finance and factoring to ensure we are well equipped to scale in the future. As we fine-tune our regulatory capabilities, we will also continue to make strategic hires that will help reinforce the skills of the great teams we already have assembled. All of this will be partially offset by continued acquisition synergies, which I spoke too earlier.

此外，我們將繼續對消費者、設備融資和保理方面的平台進行現代化改造，以確保我們有能力在未來擴大規模。在我們調整監管能力的同時，我們也將繼續進行策略性招聘，這將有助於加強我們已經組建的優秀團隊的技能。所有這些都將被持續的收購協同效應所部分抵消，我之前也談到過這一點。

While we expect to achieve the lower 25% band of our cost saves goal by the end of 2024, these savings will be offset by continued capability build-out for heightened regulatory expectations as well as costs related to the strategic priorities I just mentioned. Our adjusted efficiency ratio is expected to be in the low 50% range in 2024, up slightly from 49% for the full year of 2023.

雖然我們預計到 2024 年底實現 25% 的成本節省目標，但這些節省將被持續的能力建設所抵消，以滿足更高的監管期望以及與我剛才提到的戰略優先事項相關的成本。預計到 2024 年，我們的調整後效率將處於 50% 的低水平，略高於 2023 年全年的 49%。

Looking at the full year, we anticipate adjusted noninterest expense to be up -- low to mid-single-digit percentage points, which equates to a range of $4.6 billion to $4.7 billion, unchanged from our previous guidance.

縱觀全年，我們預計調整後的非利息支出將上升——低至中個位數百分點，相當於 46 億至 47 億美元的範圍，與我們先前的指導不變。

For both the second quarter and full year we expect our tax rate to be in the range of 27% to 28%, which is exclusive of any discrete items.

對於第二季和全年，我們預計稅率將在 27% 至 28% 範圍內，這不包括任何離散項目。

In closing, we remain steadfast in our long-term approach, focused on our clients and customers and committed to maintaining a strong risk management environment. I believe we have tremendous opportunity ahead of us as demonstrated by the successful first quarter and that we are well positioned for the future, thanks to our solid financial condition.

最後，我們堅定不移地堅持長期方針，專注於我們的客戶和顧客，並致力於維持強大的風險管理環境。我相信，正如第一季的成功所證明的那樣，我們面前有巨大的機會，而且由於我們穩健的財務狀況，我們為未來做好了充分的準備。

I will now turn it over to the operator for instructions for the question-and-answer portion of the call.

我現在將其轉交給接線員，以獲取有關通話問答部分的說明。

(Operator Instructions) The first question comes from Chris McGratty with KBW.

（操作員說明）第一個問題來自 KBW 的 Chris McGratty。

Craig, maybe with the view -- the market is, obviously -- suggesting higher for longer. Can you talk about what you're doing with the cash levels and the security purchases as you've got likely a few more quarters. How do we think about the normalization process? Has anything changed since last quarter?

克雷格，也許有這樣的觀點——市場顯然是——暗示價格將持續更長的時間。您能否談談您在現金水平和證券購買方面的情況，因為您可能還有幾個季度的時間。我們如何看待正常化進程？自上季以來有什麼變化嗎？

I would say that right now, we're a little -- and intentionally a little heavy on cash through the optimal level. We're around 15%. We'd like to see that normalize to 10% to 15% over time. We're sitting a little slightly light on investments, but you've seen us deploy cash into the investment portfolio over the last 3 quarters, and we would expect to continue to do that maybe to the tune of $3 million to $4 billion before the end of the year.

我想說的是，現在我們在最佳水平上有一點——而且是故意有一點大量的現金。我們大約是15%。我們希望看到隨著時間的推移，這一比例正常化至 10% 至 15%。我們對投資的態度略顯寬鬆，但您已經看到我們在過去 3 個季度將現金部署到投資組合中，並且我們預計在年底。

So we're very close to optimization, high on cash, but again, a little bit of that intentional given our purchase money -- the FDIC . Tom, do you have anything to add or amplify there?

因此，我們非常接近優化，現金充足，但同樣，考慮到我們的購買資金 - FDIC，我們有一點有意為之。湯姆，你還有什麼要補充或補充的嗎？

No, I think you hit it. I mean if you look at the last 3 quarters, we've grown in that $4-ish billion range. And I think you can expect that to continue in the short-term. And to Craig's point, as cash comes down, we will eventually normalize and sort of slowdown that investment portfolio.

不，我認為你擊中了。我的意思是，如果你看看過去 3 個季度，我們的成長幅度在 40 億美元左右。我認為這種情況在短期內會持續下去。對於克雷格來說，隨著現金的減少，我們最終將使投資組合正常化並放緩。

Okay. Great. And then as my follow-up, the improvement in credit, totally understand not wanting to declare victory yet. But given the marks that you have on the acquired portfolios and how stable credit was, how do we think about the reserve level? I mean, you released about $10 million in the quarter. How do we think in light of the charge-off guidance where reserves are trending?

好的。偉大的。然後作為我的後續行動，信用的改善，完全理解還不想宣布勝利。但考慮到您在收購的投資組合上的標記以及信貸的穩定性，我們如何看待準備金水準？我的意思是，您在本季度釋放了大約 1000 萬美元。根據沖銷指南，我們如何看待準備金的趨勢？

Are you referring to the overall reserve coverage, Chris?

克里斯，你指的是整體儲備覆蓋率嗎？

Okay. I'm going to answer it -- I'll answer it both ways in. In terms of just overall coverage, we feel really good about where our reserves are. We covered quarter-to-date net charge-offs 4x this quarter, about 2.5x last quarter.

好的。我將回答這個問題——我將從兩個方面回答這個問題。本季迄今的淨沖銷為 4 倍，上季約為 2.5 倍。

We covered -- the allowance is now covers 2023 charge-offs almost 2.9x and nonaccrual loans 1.6x. On nonaccrual loans, what gives us comfort here, too, with respect to reserves is that we have analyzed over 70% of those loans for impairment on an individual basis, and our reserve ratio sits at around 30% on those.

我們涵蓋了——該津貼現在涵蓋了 2023 年沖銷的近 2.9 倍和非應計貸款的 1.6 倍。就非應計貸款而言，在準備金方面，我們也對其中 70% 以上的貸款進行了單獨減損分析，而我們的準備金率約為 30%。

In terms of our stress portfolios, which I alluded to, overall, we have -- we covered first quarter net charge-off 2.8x in the last quarter to 1.8x. And that portfolio represents about 8% of loans, with 61% charge-offs. So we're feeling like we're prudently and conservatively reserved both for the specific loan portfolios, exhibiting stress and on the overall ACL.

就我提到的壓力投資組合而言，總體而言，我們第一季的淨沖銷額為 2.8 倍，而上季為 1.8 倍。該投資組合約佔貸款的 8%，其中 61% 被沖銷。因此，我們感覺我們對特定貸款組合、表現出的壓力和整體 ACL 都持謹慎和保守的態度。

The next question comes from Brian Foran with Autonomous.

下一個問題來自 Autonomous 的 Brian Foran。

Just on the NII outlook this quarter versus what you gave last. Is it just the move to 0 to 3 rate cuts that move the range up? Or was it -- I guess, is it just the move in rate cuts? And if it's not just the move in rate cuts, what else got better in that?

只是關於本季的國家資訊基礎設施展望與您上一季給出的展望。難道只是降息 0 到 3 次才導致降息幅度上調嗎？或者是──我想，這只是降息的舉動嗎？如果不只是降息，還有什麼比這更好的呢？

It is the shift in the rate cuts.

這是降息的轉變。

Okay. And on the capital commentary, and I apologize because at least my line cut slightly as you were talking; a, I just want to clarify the go-to capital ratio, did you say 10; and then b, I was trying to compare what you said now versus last time, was the spirit just kind of reiterating what you've said before? Or was there any more caution implied with the methodically comment and the ex FDIC as the core ratio you're managing?

好的。關於資本評論，我很抱歉，因為至少我的台詞在你說話時稍微中斷了； a、我只是想澄清一下首選資本比率，你說的是10嗎？然後b，我試著將你現在所說的話與上次進行比較，精神是否只是在重申你之前所說的話？或者，系統性的評論和前 FDIC 作為您管理的核心比率是否意味著更加謹慎？

No. I think we're just reinforcing what we've said previously for share repurchases. And I would point out that over this 2-year period, we would intend to manage the CET1 down to the 10.5% range.

不，我認為我們只是在強化我們之前所說的股票回購。我想指出的是，在這兩年期間，我們打算將 CET1 控制在 10.5% 的範圍內。

Okay. And is 9% to 10% still kind of a longer-term target? Or given the shift in the world is kind of 10.5% now more kind of the -- beyond 2025 landing point?

好的。 9% 到 10% 仍然是長期目標嗎？或者考慮到世界的轉變現在是 10.5%，甚至超過了 2025 年的著陸點？

Well, the 9% to 10% was our previous target. We have proposed a new target range that we're not going to disclose today in our capital plan. But I can tell you that you shouldn't expect it to significantly change from the previous one. I want to give our regulators time to give us feedback on our capital plan that we just submitted a couple of weeks ago. But I would not -- you should now expect...

嗯，9%到10%是我們之前的目標。我們提出了一個新的目標範圍，今天我們不會在資本計畫中揭露該範圍。但我可以告訴你，你不應該期望它與前一個相比會有顯著變化。我想給我們的監管機構時間，就我們幾週前剛提交的資本計劃提供回饋。但我不會——你現在應該期待…

Okay. Do you think it's sneaking one leg...

好的。你以為它偷偷地單腳...

Change in there.

在那裡換。

Not expect a significant change from 9% to 10% long-term or?

長期來看，預計不會出現從 9% 到 10% 的重大變化？

That's correct.

這是正確的。

Okay. Great. The last one just very quickly. I'm looking at Page 44 in your deck. Definitely here, I appreciate all the commentary on the SVB credit. A lot of the decline in provision dollars really came from the commercial legacy CIT book, can you just kind of give us the next round of color? I know there's a couple of comments on the -- on slide as well. But what drove the provision expense on legacy CIT down so much?

好的。偉大的。最後一張很快。我正在看你牌組中的第 44 頁。當然，我很欣賞所有關於 SVB 信用的評論。撥備金額的下降很大程度來自於商業遺留的企業所得稅帳簿，您能給我們下一輪的顏色嗎？我知道幻燈片上也有一些評論。但是是什麼導致傳統企業所得稅的撥備費用大幅下降呢？

Well, they had -- I mean, their charge-off ratio has declined is same as the other portfolio. It's really the biggest move and 80% of the variance in our charge-offs, we're in the investor dependent portfolio.

嗯，他們——我的意思是，他們的沖銷率下降了，與其他投資組合相同。這確實是最大的變動，也是我們沖銷中 80% 的差異，我們處於依賴投資者的投資組合中。

And there are 4 major factors there. We had no real large dollar charge-offs during the quarter. We had -- the fact that charge-offs on smaller loans were down and the number of charge-offs were also down, we had a good recovery quarter.

其中有4個主要因素。本季我們沒有發生真正的大額沖銷。事實上，小額貸款的沖銷有所下降，沖銷的數量也有所下降，我們度過了一個好的復甦季度。

So most of the drop in at least the net charge-off guidance and consequently the provision really related to that investor dependent portfolio.

因此，至少淨沖銷指引以及相應撥備的大部分下降實際上與投資者依賴的投資組合有關。

The next question comes from Steven Alexopoulos with JPMorgan.

下一個問題來自摩根大通的史蒂文·阿萊克索普洛斯。

I don't know if Marc is on the line, but I want to start on the SVB side. The 1Q VC investment was very weak, and I bought tied to that, we would see deposits decline at SVB. And also, I thought capital calls might come down a bit. Could you give some color on how you're able to maintain stable balances just given this not great backdrop?

我不知道 Marc 是否在線，但我想從 SVB 方面開始。第一季的創投非常疲軟，我買了與之相關的資金，我們會看到 SVB 的存款下降。而且，我認為資本需求可能會下降。您能否介紹一下在這種不太好的背景下您如何能夠保持穩定的平衡？

Well, I'll let Marc amplify, but I think it's -- Marc -- are you on the line, Marc? I hear you.

好吧，我讓馬克來補充一下，但我想是——馬克——你在線嗎，馬克？我聽到了。

I heat you. Go ahead and start, Craig. I'll...

我給你加熱。開始吧，克雷格。生病的...

Yes. I was just going to set the backdrop, Marc, and let you amplify, but we were encouraged in the first quarter new money coming into SVB, did increase over the first quarter. And while cash burn and losses to competitors remain fairly consistent, new cash flows did come in, they went disproportionately off-balance sheet, but this was the first quarter since the acquisition where the cash position remained neutral. First time, it has not been negative since we merged last year.

是的。馬克，我只是想設定背景，讓你放大，但我們在第一季度受到鼓勵，新資金進入 SVB，確實比第一季增加。雖然現金消耗和競爭對手的損失保持相當一致，但新的現金流確實進來了，但它們不成比例地超出了資產負債表，但這是自收購以來現金狀況保持中性的第一個季度。自從去年我們合併以來，第一次沒有出現負值。

And Marc, I'll let you give some color around that of how we're doing that. But again, we're pretty encouraged by what we're seeing there.

馬克，我會讓你對我們的做法做一些說明。但同樣，我們對在那裡看到的一切感到非常鼓舞。

Yes. So Steve, it's Marc. And we'll follow-on. I think that was a great overview. And I think, ultimately, to your point, the -- what sounds like better-than-expected deposits in the quarter compared to what you would have expected, is a function, I think, of our continued momentum in the marketplace, the continued success we're having both in winning new business and bringing back clients as well. And as you see, that is -- that's really helping, and I think bodes well for the future if we can keep it up.

是的。史蒂夫，是馬克。我們將跟進。我認為這是一個很棒的概述。我認為，最終，就您的觀點而言，與您的預期相比，本季度的存款聽起來好於預期，我認為這是我們在市場上持續增長勢頭的一個函數，我們正在贏得新業務和挽回客戶方面都取得了成功。正如你所看到的，這確實很有幫助，我認為如果我們能夠堅持下去，這對未來來說是個好兆頭。

Got it. That's good color. For a follow-up, there's a lot of excitement at your talk about the potential for you guys to buy back stock. But I'm curious, given that tangible book value growth is a key performance metric for you guys, how price sensitive are you as it relates to buybacks moving forward? Is there a certain valuation where you're unlikely to buy back stock? Or are you pretty much committed to get down to the 10.5% range?

知道了。這顏色真好啊作為後續行動，你們談論了你們回購股票的潛力，這讓大家非常興奮。但我很好奇，鑑於有形帳面價值成長是你們的關鍵績效指標，你們對未來回購的價格敏感度如何？是否存在一定的估值，您不太可能回購股票？還是您非常致力於降低到 10.5% 的範圍？

We don't buy it back blindly. So we do approach it similar to an approach on an open market acquisition, although there are differences -- obvious differences there with respect to risk. So we don't just blindly buy.

我們不會盲目回購。因此，我們的處理方法確實與公開市場收購的方法類似，儘管存在差異——在風險方面存在明顯的差異。所以我們不要盲目購買。

Right now, we do see the stock at an attractive price. So we would anticipate repurchasing at that price. I'm not going to share at what levels we would trigger where we wouldn't, but we do consider that in our internal model. And it is our goal to manage down to that 10.5% range over the next 2 years on CET1.

目前，我們確實看到該股票的價格很有吸引力。因此，我們預計會以這個價格回購。我不會分享我們會在哪些級別觸發而不會觸發，但我們確實在內部模型中考慮了這一點。我們的目標是在未來 2 年內將 CET1 的考試成績控制在 10.5% 的範圍內。

Tom, do you want to say anything else about that?

湯姆，對此你還有什麼要說的嗎？

No. I mean, obviously, from a buyback and capital perspective to keep in the stock even more sense it makes. But -- no, I mean, we -- to Craig's point, if you look at it similar to open market transactions, making sure we can get payback -- we can payback periods and everything to line up for us.

不，我的意思是，顯然，從回購和資本的角度來看，保留股票更有意義。但是 - 不，我的意思是，我們 - 克雷格的觀點是，如果你將其視為類似於公開市場交易，確保我們能夠獲得回報 - 我們可以為我們安排投資回收期和一切。

The next question comes from Stephen Scouten with Piper Sandler.

下一個問題來自 Stephen Scouten 和 Piper Sandler。

And just a follow-up kind of around that repurchase. I just want to make sure I'm thinking about this excess capital correctly. So if I think about the 107 basis points, your kind of adjusting for the loss here. We're talking about like 12, 37, I guess, on CET1. So about 190...

這只是圍繞回購的後續行動。我只是想確保我正確地考慮了這筆多餘的資本。因此，如果我考慮 107 個基點，您就需要對這裡的損失進行調整。我猜，我們正在談論 CET1 的 12 歲、37 歲。那麼大約190...

That's correct.

這是正確的。

Basis points of excess today. Is that right?

今日基點過剩。是對的嗎？

That's correct.

這是正確的。

Okay. Great. Perfect. And then going back to SVB, I mean, it really does -- I think you used the word stability in the presentation a couple of times. It feels like you guys have really stabilized kind of that brand and that footprint. Is it now time for you guys to go even more on the offensive? Or how do you think about the longer-term push in those segments today?

好的。偉大的。完美的。然後回到 SVB，我的意思是，它確實如此 - 我認為您在演示中多次使用了“穩定性”這個詞。感覺你們真的已經穩定了這個品牌和足跡。現在是你們採取進一步進攻的時候了嗎？或者您如何看待當今這些細分市場的長期推動？

Marc, why don't you take that one?

馬克，你為什麼不拿那個？

Yes. So I think the environment is the challenge here, right? As noted earlier in our discussion, our target markets remain challenged. We expect those challenges to continue through '24, allowing we have some optimism around IPOs coming back, and potentially deposits picking up in the second half as we've talked about.

是的。所以我認為環境是這裡的挑戰，對吧？正如我們前面的討論中所指出的，我們的目標市場仍然面臨挑戰。我們預計這些挑戰將持續到 2024 年，這讓我們對 IPO 的回歸持樂觀態度，並且正如我們所討論的那樣，下半年存款可能會增加。

And so the trick, right, is as long as venture investment remains diminished, there is -- again, you can only step on it to such a degree, similarly on the lending side. And then tech, healthcare banking, in particular, we need to be -- continue to be careful and choosy and manage the loans we have diligently by virtue of the heightened asset quality concerns that you get from a market downturn like this where the investors aren't investing as much.

因此，關鍵是，只要創投仍然減少，你就只能將其踩到這樣的程度，在貸款方面也是如此。然後，尤其是科技、醫療保健銀行業務，我們需要繼續謹慎和挑剔，並努力管理我們的貸款，因為在這樣的市場低迷時期，投資者對資產品質的擔憂加劇。

And so with all of that for context, and I think following on my earlier answer to Steve, we are going to continue to focus on doing what we do, executing as best we can. And I think trying to accelerate, I think would be -- the kind of thing you might see when we have more confidence that our target markets are coming back and we see that pickup in venture investment. And until then, I think we're going to continue to compete effectively, but carefully at the same time. I'll stop there.

因此，在所有這些背景下，我認為按照我之前對史蒂夫的回答，我們將繼續專注於我們所做的事情，盡我們所能地執行。我認為，當我們對我們的目標市場正在回歸更有信心並且我們看到風險投資的回升時，你可能會看到這種加速的情況。在那之前，我認為我們將繼續有效地競爭，但同時要小心謹慎。我就到此為止。

The next question comes from Christopher Marinac with Janney Montgomery Scott.

下一個問題來自克里斯多福·馬裡納克和詹尼·蒙哥馬利·斯科特。

I wanted to ask about originating loans kind of in the legacy for Citizens footprint from the perspective of possibly having lower charge-offs there. And therefore, the guide on charge-offs could even be better down the road. I mean, Craig, is that a plausible scenario that you may originate less in some of the CIT and SVB areas and more at the old for Citizens and that drives different charge-off outcomes?

我想問一下，從可能降低沖銷的角度來看，在公民足蹟的遺產中發放貸款。因此，關於沖銷的指南可能會在未來變得更好。我的意思是，克雷格，這是一種可能的情況，即您可能會在某些 CIT 和 SVB 領域減少支出，而在舊的公民領域支出更多，從而導致不同的沖銷結果？

No, I don't think that's the case. I'll let Elliot talk about our (inaudible) forecast. The business segment.

不，我認為情況並非如此。我會讓艾利歐特談談我們的（聽不清楚）預測。業務板塊。

Yes. We really see good growth really across the segments. I think for the General Bank, really the branch network driving it. We've continued to have good growth there. I mean I think it's a testament to kind of a good market strategy, the tenure of our sales team. So we've seen that up meaningfully this quarter.

是的。我們確實看到了各個細分市場的良好成長。我認為對於綜合銀行來說，真正推動它的是分行網路。我們在那裡繼續保持良好的成長。我的意思是，我認為這證明了良好的市場策略以及我們銷售團隊的任期。因此，我們在本季度看到了這一數字的顯著增長。

And I mean, you're right that that book has really got sub 15 basis points type charge-offs. So we see that seem to be a benefit. [CFP] as well, I think we can call it out some of our industry-leading verticals: TMT, energy, healthcare. So we see growth there.

我的意思是，你說得對，那本書確實有低於 15 個基點的沖銷。所以我們看到這似乎是一個好處。 [CFP] 同樣，我認為我們可以列舉一些領先業界的垂直產業：TMT、能源、醫療保健。所以我們看到了那裡的成長。

And then with SVB, I think Marc elaborated on that. As we look at GFB, that's the capital call business that has really no charge-off history. We see continued growth there for the rest of the year as some of the recent originations that we have pulled through. So I don't necessarily see us pulling back on any of those segments. But -- the extent that we keep that having good growth in the General Bank, that's certainly helpful to the charge-off ratio.

然後在 SVB 中，我認為 Marc 對此進行了詳細闡述。當我們觀察 GFB 時，這是真正沒有沖銷歷史的資本催繳業務。我們預計今年剩餘時間將繼續成長，因為我們最近已經完成了一些業務。因此，我不一定認為我們會撤回任何這些細分市場。但是，只要我們保持總銀行的良好成長，這肯定會對沖銷率有所幫助。

Got it. I appreciate it. And any other criticized trends for the General Bank outside of what was called out in the slides this morning?

知道了。我很感激。除了今天早上幻燈片中指出的內容之外，還有其他對總銀行提出批評的趨勢嗎？

No.

不。

Would you see a criticized kind of rise slightly from here? Or what would be the outlook if there is any?

您會看到從這裡開始出現受到批評的小幅上漲嗎？或者說，如果有的話，前景會怎麼樣？

Are.

是。

You speaking to the General Bank?

你是在跟總銀行說話嗎？

Correct. And I'm just looking beyond what you called out on SVB in some of the other areas?

正確的。我只是想看看您對 SVB 提出的要求之外的其他一些領域？

We don't see any rise there. We anticipate it will be fairly stable.

我們沒有看到任何上升。我們預計它將相當穩定。

The next question is from Zach Westerlind with UBS.

下一個問題來自瑞銀集團 (UBS) 的 Zach Westerlind。

My question is just around the trajectory of loan yields. I saw that it ticked down quarter-over-quarter. Is that just a function of lower accretion income? Or is there another driver there? And any color you could provide on the trajectory going forward would be great.

我的問題只是圍繞著貸款收益率的軌跡。我看到它逐季下降。這僅僅是收入增加的結果嗎？或是那裡還有其他司機嗎？你能在未來的軌跡上提供的任何顏色都會很棒。

Yes. There was a decline due to accretion declining in the quarter, we were down about $40 million on a sequential basis and accretion income. So that had an impact. As far as trajectory, it really depends on the rate cut scenarios. If we look at just no cuts, we would look at the -- sort of the headline yield remaining fairly stable in the first quarter.

是的。由於本季成長下降，我們的成長收入環比減少了約 4000 萬美元。所以這產生了影響。就軌跡而言，這實際上取決於降息情景。如果我們只考慮沒有削減，我們會看到第一季的整體收益率保持相當穩定。

And at accretion actually bumping around the -- where it was at the first quarter. It was 3 cuts; we would start to see some decline in the yield to the low 7s in the second quarter and to the high-70 -- or mid 70s at the end of the fourth quarter.

在成長過程中，實際上是在第一季的位置上下波動。這是 3 次削減；我們將開始看到第二季殖利率下降，降至 7 左右，第四季末收益率降至 70 左右，即 70 左右。

So we would certainly start to feel that impact going forward if we had 3 rate cuts and what our projection -- the way we projected this, we have one rate cut in the second quarter, one rate cut in the third and one in the fourth. So obviously, timing of those rate cuts could impact that as well.

因此，如果我們進行 3 次降息，我們肯定會開始感受到這種影響，而我們的預測是，第二季度降息一次，第三季度降息一次，第四季度降息一次。顯然，降息的時機也會影​​響這一點。

The accretion income added 45 basis points to the margin last year, and we expect that to be down 24% this year. So a fairly substantial reduction in accretion income.

去年增值收入使利潤率增加了 45 個基點，我們預計今年將下降 24%。因此，增加收入大幅減少。

We have a follow-up question from Brian Foran with Autonomous.

我們有 Autonomous 的 Brian Foran 提出的後續問題。

Just two quick ones. Can you remind us where you want to get the loan-to-deposit ratio or range over time or on a normalized basis?

就兩個快的。您能否提醒我們您希望在一段時間內或在標準化基礎上獲得貸存比率或範圍？

Yes. On a more normalized basis, we see that loan-to-deposit ratio getting back to the mid-80s.

是的。在更正常化的基礎上，我們看到貸存比回到了 80 年代中期。

Perfect. And then as we start thinking about '25 and maybe putting the rate cuts in '25 as opposed to '24, if the Fed is cutting a few times in '25, would kind of the sensitivities be similar to what we're seeing now?

完美的。然後，當我們開始考慮“25 年”，也許將降息放在“25 年”而不是“24 年”時，如果美聯儲在“25 年”降息幾次，那麼敏感性是否會與我們現在所看到的類似？

Like if you took 3 rate cuts out of the guide and then moved up $200 million, is the sensitivity -- if we put those rate cuts into '25, is the sensitivity kind of similar? Or is it different for any reason as the balance sheet moves around?

就像如果你從指南中削減 3 次利率，然後上調 2 億美元，敏感性是不是 - 如果我們將這些利率削減放入 25 年，敏感性是否類似？或者隨著資產負債表的變動是否會因任何原因而有所不同？

It would be similar, it would just push the trough out further. But yes, similar trends. We would expect similar trends at this setting.

類似的，它只會將低谷進一步推開。但是，是的，類似的趨勢。我們預計在這種情況下會出現類似的趨勢。

I'm not showing any further questions at this time. I'd like to turn the call back over to you host Deanna Hart for any closing remarks.

我目前不會提出任何進一步的問題。我想將電話轉回給主持人迪安娜·哈特 (Deanna Hart)，請其發表結束語。

Great. Thank you. And thank you, everyone, for joining our earnings call today. We appreciate your ongoing interest in our company. And if you have further questions or need additional information, please feel free to reach out to our Investor Relations team. We hope you have a great rest of your day.

偉大的。謝謝。感謝大家今天參加我們的財報電話會議。我們感謝您對我們公司的持續關注。如果您還有其他問題或需要更多信息，請隨時聯繫我們的投資者關係團隊。我們希望您度過愉快的一天。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Have a wonderful day.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。祝你有美好的一天。