First Financial Bancorp (FFBC) 2024 Q1 法說會逐字稿

Thanks for standing by.

感謝您的支持。

My name is Mandeep, and I'll be your conference operator today.

我叫曼迪普，今天我將擔任你們的會議接線生。

At this time, I'd like to welcome everyone to the First Financial Bancorp 2020 core earnings conference call.

現在，我歡迎大家參加第一金融銀行 2020 年核心收益電話會議。

(Operator Instructions) I would now like to turn the conference over to Scott Crawley, Corporate Controller.

（操作員指示）我現在想將會議轉交給公司財務總監 Scott Crawley。

You may begin.

你可以開始了。

Thank you, Mindy, and good morning, everyone, and thanks for joining us on today's conference call to discuss First Financial Bancorp's first quarter financial results.

謝謝明迪，大家早安，謝謝您參加今天的電話會議，討論第一金融銀行第一季的財務表現。

Participating on today's call will be Archie Brown, President and Chief Executive Officer, Jamie Anderson, Chief Financial Officer, and Bill Harris, Chief Credit Officer.

總裁兼執行長阿奇布朗 (Archie Brown)、財務長傑米安德森 (Jamie Anderson) 和首席信貸官比爾哈里斯 (Bill Harris) 出席今天的電話會議。

Both the press release we issued yesterday and the accompanying slide presentation are available on our website at www.bankatfirst.com under the Investor Relations section will make reference to the slides contained in the accompanying presentation during today's call.

我們昨天發布的新聞稿和隨附的幻燈片演示文稿均可在我們的網站www.bankatfirst.com 的“投資者關係”部分中找到，我們將在今天的電話會議期間引用隨附演示文稿中包含的幻燈片。

Additionally, please refer to the forward-looking statement disclosure contained in the first quarter 2024 earnings release, as well as our SEC filings for a full discussion of the Company's risk factors.

此外，請參閱 2024 年第一季財報發布中包含的前瞻性聲明揭露以及我們向 SEC 提交的文件，以全面討論本公司的風險因素。

Information we will provide today is accurate as of March 31st, 2024, and we will not be updating any forward-looking statements to reflect facts or circumstances after this call, I'll turn the call over to Archie Brown.

我們今天提供的資訊截至2024 年3 月31 日都是準確的，在本次電話會議之後，我們不會更新任何前瞻性聲明以反映事實或情況，我會將電話轉給阿奇·布朗(Archie Brown)。

Thank Scott.

謝謝斯科特。

Good morning, everyone, and thank you for joining us on today's call.

大家早安，感謝您參加今天的電話會議。

Yesterday afternoon, we announced our financial results for the first quarter.

昨天下午，我們公佈了第一季的財務表現。

I'll provide some high-level thoughts on our recent performance, and then I'll turn the call over to Jamie to provide further details.

我將對我們最近的表現提供一些高層次的想法，然後我會將電話轉給傑米以提供更多詳細資訊。

I'm pleased with our first quarter results and encouraged by our trends, several of which were bolstered by actions we took during the quarter.

我對我們第一季的業績感到滿意，並對我們的趨勢感到鼓舞，其中一些趨勢是我們在本季度採取的行動所推動的。

These actions included a repositioning of a portion of the investment portfolio, a workforce efficiency initiative and the acquisition of Agile premium finance.

這些行動包括重新定位部分投資組合、員工效率計畫以及收購敏捷優質金融公司。

We also commenced the restructuring of a portion of our bank-owned life insurance portfolio, which is expected to increase income in the back half of the year.

我們也開始重組部分銀行壽險投資組合，預計下半年收入將會增加。

Adjusted earnings per share was $0.59, which resulted in a return on assets of 1.3% and return on tangible common equity of 19.1% at 4.1%.

調整後每股收益為 0.59 美元，資產回報率為 1.3%，有形普通股回報率為 19.1%，為 4.1%。

The net interest margin remains very strong.

淨息差仍然非常強勁。

Asset yields remained steady during the quarter.

本季資產收益率保持穩定。

However, as expected the continued rise of funding costs negatively impacted our net interest margin.

然而，正如預期的那樣，融資成本的持續上升對我們的淨利差產生了負面影響。

Additionally, loan growth was robust for the second consecutive quarter, with balances increasing by 10% on an annualized basis average deposit growth slowed for the quarter to a 2.3% annualized growth rate, and it included a seasonal outflow of approximately 100 million in business deposits early in the quarter.

此外，貸款成長連續第二季強勁，餘額按年化計算成長10%，本季平均存款成長放緩至年化成長率2.3%，其中包括約1億美元的商業存款季節性流出本季初。

I'm pleased that noninterest income rebounded from the fourth quarter with increases across most of our free route fee revenue areas.

我很高興非利息收入從第四季開始反彈，我們大部分免費航線費收入領域都有所成長。

During the quarter, we incurred a loss on the sale of investment securities associated with the repositioning of a portion of the investment portfolio.

在本季度，我們因出售與部分投資組合的重新定位相關的投資證券而蒙受損失。

This repositioning has a very short earn back and should enhance our asset yields going forward.

這種重新定位的獲利回收期很短，應該會提高我們未來的資產收益率。

We also intensified our focus on expenses during the quarter.

本季我們也加強了對支出的關注。

Our force efficiency initiative resulted in the reduction of approximately 5 million in annual expenses, and we expect to realize an additional 10 to 12 million in annualized expense reductions by the end of 2024.

我們的部隊效率計畫導致年度費用減少約 500 萬美元，我們預計到 2024 年底，年度費用將再減少 1,000 至 1,200 萬美元。

While expenses increased on a linked quarter basis, most of the increase was related to seasonal employee costs and variable compensation tied to the increase in fee income.

雖然費用按季度增加，但大部分增加與季節性員工成本和與費用收入增加相關的可變薪酬有關。

We're excited to add agile to our mix of specialty businesses.

我們很高興能夠將敏捷性添加到我們的專業業務組合中。

An overview of the Company and transaction can be found on slide 13, agile operates an impressive business model, which region and originate high quality short duration loans at attractive yields.

公司和交易的概述可以在幻燈片 13 中找到，敏捷運作著令人印象深刻的商業模式，該模式以有吸引力的收益率提供高品質的短期貸款。

At closing, we acquired $93 million in loans, which grew to 119 million at the end of the quarter, as I will further diversify the loan portfolio and as a perfect complement to our Oak Street and commercial banking businesses.

交易結束時，我們獲得了 9,300 萬美元的貸款，到本季末增至 1.19 億美元，我將進一步使貸款組合多樣化，並作為對我們橡樹街和商業銀行業務的完美補充。

Asset quality was stable for the quarter.

本季資產品質穩定。

Net charge-offs declined for the second consecutive quarter to 38 basis points and were primarily driven by charges on two office loans that had been on nonaccrual since early 2023.

淨沖銷連續第二季下降至 38 個基點，主要是由於自 2023 年初以來一直為非應計利息的兩筆辦公貸款費用所致。

These two loans have been charged down to their net realizable value and no other office loans had a classified risk rating at the end of the first quarter.

這兩筆貸款已減記至其可變現淨值，並且截至第一季末，沒有其他辦公室貸款有分類風險評級。

Overall classified assets increased 12 basis points to 0.92% of assets, while nonperforming assets declined 9.8% from the prior quarter.

整體分類資產增加 12 個基點，達到資產的 0.92%，不良資產較上季下降 9.8%。

With that, I'll now turn the call over to Jamie to discuss these results in greater detail.

現在，我將把電話轉給傑米，更詳細地討論這些結果。

And then after Jamie's discussion, I'll wrap up with some additional forward-looking commentary and closing remarks.

在傑米的討論之後，我將發表一些額外的前瞻性評論和結論。

Thank you, RJ, and good morning, everyone. Slides 4 five and six provide a summary of our first quarter financial results.

謝謝你，RJ，大家早安。投影片 4、5 和 6 總結了我們第一季的財務表現。

The first quarter was another solid quarter, highlighted by strong earnings net interest margin that was in line with expectations, solid loan growth and the purchase of Agile premium finance.

第一季又是一個穩健的季度，突出表現在符合預期的強勁盈利淨息差、穩健的貸款增長以及對雅居樂優質金融的收購。

Similar to last quarter, our net interest margin declined due to increasing deposit costs, but remains very strong at 4.1%.

與上季類似，由於存款成本增加，我們的淨利差有所下降，但仍保持在 4.1% 的強勁水平。

Additionally, we repositioned a portion of the securities portfolio, which included selling 228 million of securities at a 5.2 million loss.

此外，我們重新配置了部分證券投資組合，其中包括以 520 萬美元的損失出售 2.28 億股證券。

We expect the reinvestment from these sales will bolster the margin in coming periods with a 278 basis point increase in yield.

我們預計這些銷售的再投資將在未來一段時間內提高利潤率，收益率提高 278 個基點。

We anticipate further net interest margin contraction in the coming periods due to additional pressure on deposit pricing and changes in funding mix.

由於存款定價的額外壓力和融資結構的變化，我們預計未來一段時間淨利差將進一步收縮。

However, we expect the pace of the decline to moderate.

然而，我們預計下降速度將放緩。

Total loans grew 10% on an annualized basis, which exceeded our expectations.

貸款總額年化成長10%，超出我們的預期。

Low loan growth was concentrated in commercial real estate with smaller increases across the various other portfolios loan balances also included 93 million of acquired balances from Agile, which is a finance company specializing in insurance premium lending.

貸款成長較低，主要集中在商業房地產領域，其他各種投資組合的貸款餘額增幅較小，其中還包括從雅居樂獲得的 9,300 萬美元餘額，雅居樂是一家專門從事保險保費貸款的金融公司。

We acquired agile in an all-cash transaction at the end of February and the deal resulted in the creation of 5.6 million of intangible assets, primarily consisting of goodwill and a customer list asset.

我們在二月底以全現金交易收購了Agile，這筆交易創造了560萬無形資產，主要包括商譽和客戶名單資產。

Excluding the loss on the sale of investment securities.

不包括出售投資證券的損失。

Non-interest income increased compared to the linked quarter.

與上一季相比，非利息收入有所增加。

Leasing & Wealth Management once again had solid quarters, while foreign exchange client derivatives and mortgage income increased from lower levels in the fourth quarter, noninterest expenses increased from the linked quarter due to seasonal employee costs and higher variable cost compensation.

租賃與財富管理業務再次實現穩健的季度業績，而外匯客戶衍生品和抵押貸款收入較第四季度的較低水平有所增加，由於季節性員工成本和較高的可變成本薪酬，非利息支出較上一季增加。

Overall, asset quality trends were stable with lower net charge-offs and declining nonperforming asset balances with an increase in classified assets.

整體而言，資產品質趨勢穩定，淨沖銷減少，不良資產餘額下降，分類資產增加。

Annualized net charge-offs were 38 basis points during the period, which was an eight basis point decline from the linked quarter while nonaccrual loans decreased 10%.

期內年化淨沖銷為 38 個基點，較上一季下降 8 個基點，而非應計貸款下降 10%。

We recorded 11.2 million of provision expense during the period, which was driven by net charge-offs and loan growth.

在此期間，我們錄得 1,120 萬美元的撥備費用，這是由淨沖銷和貸款增長推動的。

Our ACL coverage remains conservative at 1.29% of total loans.

我們的 ACL 覆蓋率仍然保守，佔總貸款的 1.29%。

From a capital standpoint, our regulatory ratios ratios are in excess of both internal and regulatory targets.

從資本角度來看，我們的監管比率超出了內部和監管目標。

Tangible book value increased slightly, while our tangible common equity ratio increased by six basis points during the period.

有形帳面價值略有增加，而我們的有形普通股權益比率在此期間增加了六個基點。

Slide 7 reconciles our GAAP earnings to adjusted earnings, highlighting items that we believe are important to understanding our quarterly performance.

投影片 7 將我們的 GAAP 收益與調整後收益進行了調節，突出顯示了我們認為對於了解我們的季度業績非常重要的項目。

Adjusted net income was $55.8 million or $0.59 per share for the quarter.

該季度調整後淨利潤為 5580 萬美元，即每股 0.59 美元。

Adjusted earnings exclude the impact of the FDIC special assessment losses on the sales of investment securities as well as acquisitions, severance and branch consolidation costs.

調整後收益不包括 FDIC 特別評估損失對投資證券銷售以及收購、遣散費和分支機構合併成本的影響。

As depicted on slide 8, these adjusted earnings equate to a return on average assets of 1.3%, a return on average tangible common equity of 19% and an efficiency ratio of 60%.

如投影片 8 所示，這些調整後的收益相當於平均資產報酬率為 1.3%，平均有形普通股報酬率為 19%，效率率為 60%。

Turning to slide 9 and 10, net interest margin declined 16 basis points from the linked quarter to 4.1%.

轉向投影片 9 和 10，淨利差較上一季下降 16 個基點至 4.1%。

As we expected, higher funding costs outpaced increases in asset yields, primarily due to a 19 basis point increase in funding costs These costs were partially offset by a modest increase in asset yields during the period.

正如我們預期的那樣，融資成本上升超過了資產收益率的增幅，主要是由於融資成本增加了 19 個基點。

Our cost of deposits increased 22 basis points compared to the linked quarter, and we expect these costs to continue to increase in the coming months, but at a slower pace than we saw in the first quarter.

與上一季相比，我們的存款成本增加了 22 個基點，我們預計這些成本將在未來幾個月繼續增加，但成長速度將低於第一季的速度。

Slide 11 details the betas utilizing our net interest income modeling deposit cost increased in the first quarter, moving our current beta up five percentage points to 43%.

投影片 11 詳細介紹了利用我們的淨利息收入建模第一季存款成本增加的貝塔值，使我們目前的貝塔值上升了 5 個百分點，達到 43%。

Our modeling indicates that our through-the-cycle beta is approximately 40% to 45%.

我們的模型顯示我們的整個週期貝塔值約為 40% 至 45%。

Slide 12 outlines our various sources of liquidity and borrowing capacity.

投影片 12 概述了我們的各種流動性來源和借貸能力。

We continue to believe we have the flexibility required to manage the balance sheet through the expected economic environment.

我們仍然相信，我們擁有在預期經濟環境下管理資產負債表所需的靈活性。

Slide 14 illustrates our current loan mix and balance changes compared to the linked quarter.

投影片 14 展示了我們目前的貸款組合以及與相關季度相比的餘額變化。

As I mentioned before, loan balances increased 10% on an annualized basis, with growth concentrated in ICRE. and moderate growth, modest moderate growth in almost every other portfolio.

正如我之前提到的，貸款餘額年化成長了 10%，其中成長集中在 ICRE。和適度成長，幾乎所有其他投資組合都適度成長。

Additionally, the acquisition of Agile contributed 119 million of growth during the quarter.

此外，收購Agile為本季貢獻了1.19億美元的成長。

Slide 5 provides detail on our loan concentration by industry.

幻燈片 5 提供了我們按行業劃分的貸款集中度的詳細資訊。

We believe our loan portfolio remains sufficiently diversified to provide protection from deterioration in any particular industry.

我們相信，我們的貸款組合仍然足夠多元化，可以防止任何特定行業的惡化。

Slide 16 provides detail on our office portfolio.

幻燈片 16 提供了我們辦公室組合的詳細資訊。

About 4% of our total loan book is concentrated in office space and the overall portfolio performance metrics are strong.

我們貸款總額的約 4% 集中在辦公空間，整體投資組合績效指標強勁。

No office relationships were downgraded to nonaccrual during the quarter, and our total non-accrual balance for this portfolio declined to 17 million.

本季沒有辦事處關係被降級為非應計餘額，投資組合的非應計餘額總額降至 1,700 萬美元。

Slide 17 shows our deposit mix as well as a progression of average deposits from the linked quarter and total average deposit balances increased 76 million during the quarter, driven primarily by a 198 million increase in money market accounts and a 186 million increase in retail CDs.

投影片 17 顯示了我們的存款組合以及相關季度平均存款的進展，該季度平均存款餘額總額增加了 7,600 萬，這主要是由貨幣市場帳戶增加 1.98 億和零售 CD 增加 1.86 億推動的。

These increases offset declines in non-interest bearing deposits, public funds and savings accounts.

這些成長抵消了無利息存款、公共基金和儲蓄帳戶的下降。

This was expected as the current interest rate environment has driven customers to higher cost deposit products as Slide 18 illustrates trends in our average personal business and public fund deposits as well as a comparison of our borrowing capacity to our uninsured deposits on the bottom right of the slide, you can see our adjusted the uninsured deposits were 3.2 billion.

這是預料之中的，因為當前的利率環境促使客戶轉向成本較高的存款產品，幻燈片18 展示了我們平均個人業務和公共基金存款的趨勢，以及我們的借貸能力與右下角未保險存款的比較。

This equates to 24% of our total deposits.

這相當於我們總存款的 24%。

We remain comfortable with this concentration and believe our borrowing capacity provides sufficient flexibility to respond to any event that would stress our larger deposit balances.

我們對這種集中度仍然感到滿意，並相信我們的借貸能力提供了足夠的靈活性，可以應對任何會給我們更大的存款餘額帶來壓力的事件。

Slide 19 highlights our noninterest income for the quarter total fee income was relatively unchanged at 46.5 million during the first quarter and included the loss on the investment portfolio that I met previously mentioned.

投影片 19 強調了我們第一季的非利息收入總費用收入相對穩定，為 4,650 萬美元，其中包括我之前提到的投資組合的損失。

Wealth management and leasing business income remained strong, while mortgage foreign exchange and client derivative income all increased from Q4 levels.

理財和租賃業務收入依然強勁，房貸外匯和客戶衍生性商品收入均較第四季度有所成長。

Non-interest expense for the quarter, as outlined on slide 20, core expenses increased $4.2 million during the period.

如投影片 20 所示，本季的非利息支出，核心支出在此期間增加了 420 萬美元。

This was driven by an increase in variable compensation tied to fee income as well as higher employee costs, which includes annual raises and a seasonal increase in payroll taxes.

這是由於與費用收入相關的可變薪酬的增加以及員工成本的上升，其中包括年度加薪和工資稅的季節性增加。

Turning now to Slides 21 and 22.

現在轉向投影片 21 和 22。

Our ACL model resulted in a total allowance, which includes both funded and unfunded reserves of $160 million and 11.2 million of total provision expense during the period.

我們的 ACL 模型得出了總準備金，其中包括 1.6 億美元的有資金和無資金準備金以及該期間 1,120 萬美元的撥備費用總額。

This resulted in an ACL that was 1.29% of total loans, which was unchanged from the fourth quarter.

這導致 ACL 佔貸款總額的 1.29%，與第四季持平。

Provision expense was driven by net charge-offs and loan growth.

撥備支出是由淨沖銷和貸款成長推動的。

Net charge-offs were 10.6 million or 38 basis points on an annualized basis which was an eight basis point decline from the linked quarter and other credit trends.

淨沖銷額為 1,060 萬筆，以年化計算下降 38 個基點，比相關季度和其他信貸趨勢下降 8 個基點。

Nonaccrual loans decreased 10% during the period, while classified asset balances increased to 92 basis points of total assets, primarily due to the downgrade of two relationships.

期內非應計貸款下降 10%，分類資產餘額增加至總資產的 92 個基點，主要是由於兩個關係的評級被下調。

Our ACL coverage was unchanged and we continue to believe we have model.

我們的 ACL 覆蓋範圍沒有變化，我們仍然相信我們有模型。

We have model conservatively to build a reserve that reflects the losses we expect from our portfolio.

我們採用保守的模型來建立反映我們預期的投資組合損失的準備金。

We anticipate our ACL coverage will remain relatively flat or increased slightly in future periods as our model responds to changes in the macroeconomic environment.

我們預計，隨著我們的模型對宏觀經濟環境的變化做出反應，我們的 ACL 覆蓋範圍在未來一段時間內將保持相對穩定或略有增加。

Finally, as shown on slides 23, 24 and 25, regulatory capital ratios remain in excess of regulatory minimums and internal targets during the first quarter, tangible book value increased slightly and the TCE ratio increased six basis points due to our strong earnings.

最後，如投影片 23、24 和 25 所示，第一季監管資本​​比率仍然超過監管最低值和內部目標，有形帳面價值略有增加，TCE 比率由於我們強勁的盈利而增加了 6 個基點。

Absent the impact from HAOCI., the TCE ratio would have been 9.18% compared to 7.23% as reported.

如果沒有 HOCI 的影響，TCE 比率將為 9.18%，而報告的比率為 7.23%。

Slide 24 demonstrates that our capital ratios will limit would remain in excess of regulatory targets, including the unrealized losses in the securities portfolio.

第 24 張投影片表明，我們的資本比率將繼續超出監管目標，包括證券投資組合中的未實現損失。

Our total shareholder return remains robust, with 43% of our earnings returned to our shareholders during the period.

我們的股東總回報仍然強勁，在此期間我們的收益中有 43% 返還給了股東。

Through the common dividend, we believe our dividend provides an attractive return to our shareholders and do not anticipate any near-term changes.

透過普通股息，我們相信我們的股息為股東提供了有吸引力的回報，並且預計近期不會發生任何變化。

However, we will continue to evaluate various capital actions as the year progresses.

然而，隨著時間的推移，我們將繼續評估各種資本行動。

I'll now turn it back over to Archie for some comments on our outlook.

現在我將把它轉回給阿奇，請他對我們的前景發表一些評論。

Archie?

阿奇？

Thank you, Jamie.

謝謝你，傑米。

Before we end our prepared remarks, I want to comment on our forward-looking guidance, which can be found on Slide 26.

在我們結束準備好的發言之前，我想對我們的前瞻性指導發表評論，該指導可以在幻燈片 26 中找到。

Loan pipelines remain healthy.

貸款管道保持健康。

Payoff trends remain lower, and we expect seasonal tailwinds from our recent acquisition of agile to contribute to overall growth of 10% to 12% on an annualized basis over the near term.

回報趨勢仍然較低，我們預期近期收購敏捷帶來的季節性推動將在短期內推動整體年化成長 10% 至 12%。

For securities, we expect the portfolio to remain stable.

對於證券，我們預期投資組合將保持穩定。

Deposit growth has been solid, and we expect to grow moderately over the next quarter.

存款成長一直穩健，我們預計下一季將溫和成長。

Our net interest margin has remained strong and resilient, and we expect it to be between 3.95% and 4.05% for the next quarter, assuming no Fed cuts, we expect our credit cost remained consistent with the prior quarter prior quarter, while ACL coverage as a percentage of loans is expected to be stable to slightly increasing.

我們的淨利差保持強勁和彈性，我們預計下一季將在 3.95% 至 4.05% 之間，假設聯準會不降息，我們預計我們的信貸成本與上一季保持一致，而 ACL 覆蓋範圍為預計貸款比例將穩定至小幅上升。

For the full year, we expect net charge-offs to be approximately 30 basis points.

我們預計全年淨沖銷約為 30 個基點。

Fee income is expected to be between 56 and $58 million as fee increase from seasonal lows, and this includes 12 to $14 million foreign exchange at 15 to $17 million for leasing business revenue.

隨著費用從季節性低點增加，費用收入預計將在 5,600 至 5,800 萬美元之間，其中包括 1,200 至 1,400 萬美元的外匯，租賃業務收入為 1,500 至 1,700 萬美元。

Noninterest expense is expected to be between 120 and 122 million, which includes 9 to 11 million in depreciation expense for the leasing business.

非利息費用預計在120至1.22億之間，其中包括租賃業務的折舊費用9至1100萬。

Specific to capital, our capital ratios remained strong and we expect to maintain our dividend at the current levels.

具體到資本方面，我們的資本比率仍然強勁，我們預期股息將維持在當前水準。

Overall, I'm pleased with our quarter and the work our teams are doing to continuously improve the company.

總的來說，我對我們的季度以及我們的團隊為不斷改進公司所做的工作感到滿意。

While we're in a difficult operating environment for the industry.

雖然我們所處的產業營運環境很困難。

I'm encouraged by our results and trends and expect that we will continue to have a strong year.

我對我們的成果和趨勢感到鼓舞，並期望我們將繼續擁有強勁的一年。

We'll now open the call for questions.

我們現在開始提問。

(Operator Instructions) Daniel Tamayo, Raymond James.

（操作員說明）Daniel Tamayo、Raymond James。

Good morning, Archie. Morning, Jamie. The morning, maybe we start on the on the loan growth guidance.

早安，阿奇。早安，傑米。早上，也許我們會開始討論貸款成長指引。

It's a good strong number, but just curious if you could kind of deconstruct that for us, where are you expecting that?

這是一個很好的強大數字，但只是好奇你是否可以為我們解構這個數字，你對此有何期待？

And I know you put a lot of information on the Agile acquisition and the debt.

我知道您提供了大量有關敏捷收購和債務的資訊。

I'd certainly appreciate.

我當然會很感激。

But just if you could incorporate how agile fits into the that loan growth as well?

但如果您也能將敏捷性融入貸款成長中呢？

I'm sure. Sure, Danny.

我敢肯定。當然，丹尼。

So the first quarter you see it on the slide.

所以第一季你會在幻燈片上看到它。

It was a little bit more like CRE and agile.

它有點像 CRE 和敏捷。

We're probably the bigger drivers.

我們可能是更大的司機。

I think our view of the second quarter is going to be more broad-based.

我認為我們對第二季的看法將更加廣泛。

Hi, Sherri.

嗨，雪莉。

It's going to probably fall back a little bit for the quarter, but we're going to see more broad-based.

本季度可能會略有回落，但我們將看到更廣泛的基礎。

Agile will probably be about a third of that overall growth in the quarter.

敏捷可能佔本季整體成長的三分之一左右。

Commercial Banking, our Oak Street units, some of funding all contribute more, we believe in the second quarter.

我們相信，商業銀行業務、我們的橡樹街部門以及一些資金都將在第二季做出更多貢獻。

Again, ICOP will contribute some just not as much as what you saw in Q1.

同樣，ICOP 將貢獻一些，只是沒有您在第一季看到的那麼多。

Okay.

好的。

And I'm sorry, I missed this.

抱歉，我錯過了這個。

Yes, progress.

是的，進步。

And you mentioned cross-selling opportunities from Agile.

您提到了敏捷的交叉銷售機會。

Just curious what your what you're thinking about the opportunities there are yes, there's going to be some work.

只是好奇你在想什麼，那裡有機會，是的，會有一些工作。

It's not going to happen immediately, but we know that our commercial businesses are at least sometimes there's a what payment due to a property and casualty insurance.

這不會立即發生，但我們知道，我們的商業企業至少有時會因財產和傷亡保險而支付費用。

And we've got the ability to help finance that over up over a one year or a little bit less than a one-year window for them.

我們有能力為他們提供超過一年或略短於一年的窗口期的融資。

So some will want to take up take that opportunity to do that.

因此，有些人會想抓住這個機會這樣做。

So we need to just introduce agile and work them into getting to know our commercial bankers and you're offering as another alternative offering for our clients.

因此，我們需要引入敏捷性，並讓他們了解我們的商業銀行家，以及您為我們的客戶提供的另一種替代產品。

Okay.

好的。

And then finally, just again on Agile, just the you had 10 to 20 basis points.

最後，再次談到敏捷，你有 10 到 20 個基點。

Is the credit loss expectation for that business?

該業務的信用損失是預期嗎？

And how should we think about that?

我們該如何思考這個問題？

Is that kind of full cycle or near term?

這是完整週期還是近期週期？

Or and just if you could kind of.

或者如果你可以的話。

Yes, I'd say I'd say that as it ramps up and gets kind of to its full run rate that we would start to see that if you're I would say more think about more later on as opposed to near term, we when we acquired the portfolio, we did spend time selecting what we think are the highest quality assets and making sure the strategy fit with our kind of our credit appetite.

是的，我想說的是，隨著它的加速並達到其全部運行率，我們會開始看到，如果你是的話，我會說更多地考慮以後而不是近期，當我們收購投資組合時，我們確實花了時間選擇我們認為最優質的資產，並確保策略符合我們的信貸偏好。

So I would say when it matures, that's what we would expect.

所以我想說，當它成熟時，這就是我們所期望的。

But in the near term, it would be less than that.

但在短期內，這一數字將低於這個數字。

I will turn.

我會轉。

Thanks for taking my question if any.

感謝您回答我的問題（如果有的話）。

Terry McEvoy, Stephens.

崔麥克沃伊、史蒂芬斯。

Morning, guys.

早安，夥計們。

It's very there.

它就在那裡。

Jamie, I was wondering if you could help us think about the margin in the second half of the year when you take into consideration the bully restructuring and as the security sale that occurred in the first quarter?

傑米，我想知道當您考慮到第一季發生的霸凌重組和證券銷售時，您是否可以幫助我們考慮下半年的利潤率？

Yes, so just to be clear on the Bali restructuring that that income is down in fee income.

是的，所以要明確的是，峇裡島重組的收入在費用收入中有所下降。

So that is included in our in our fee income outlook and that that restructuring it takes a little bit of time for that to kind of on for the insurance carriers to process that.

因此，這已包含在我們的費用收入前景中，保險公司需要一點時間來處理該重組。

So it will typically take 90 to 120 days kind of issue for that to sort of pull through and we get those dollars reinvested, but that that hits down in fee income.

因此，通常需要 90 到 120 天的時間才能解決這個問題，然後我們將這些美元再投資，但這會降低費用收入。

So it's not really a margin.

所以這並不是真正的利潤。

I'm not really a margin item.

我並不是真正的保證金項目。

So but but on that, just to clarify, that will hit mostly in the starting in the third quarter without really be a large, we'll get some of it, but it will be a large on a second quarter item.

因此，但就此而言，只是為了澄清一下，這將主要在第三季度開始時發生，但實際上並不是很大，我們會得到其中一些，但在第二季度項目上這將是一個很大的事情。

But obviously that on the on the margin, the securities repositioning is going to is going to help our asset yields.

但顯然，在邊際上，證券重新定位將有助於我們的資產收益率。

Also the Agile acquisition as well will help increase our asset yields, plus just the reinvestment of assets into the current rates is obviously helping as well.

此外，敏捷收購也將有助於提高我們的資產收益率，而且將資產再投資到當前利率顯然也有幫助。

So as the Agile assets there here was around 9%.

因此，這裡的敏捷資產約為 9%。

So that is at least 100 basis points or so higher than kind of the rest of our current offering rates on the loan book.

因此，這比我們目前貸款簿上的其他利率高出至少 100 個基點左右。

So that's going to help can.

所以這會有所幫助。

So when we look at the margin now in the end, obviously, we gave the outlook for the kind of the near term in the second quarter.

因此，當我們最終看到現在的利潤率時，顯然，我們給出了第二季度的近期前景。

When we look out in the back half of the year on, we see the margin stabilizing.

當我們展望今年下半年時，我們會看到利潤率趨於穩定。

So our forecasts, we currently have two rate cuts, one kind of still in the middle of the year.

因此，我們的預測是，目前有兩次降息，其中一次仍在年中。

Whether that will happen or not will remain to be seen and one to one at the back half of the year in that November, December timeframe.

這是否會發生還有待觀察，並在今年下半年的 11 月、12 月時間框架內進行一對一的討論。

And so we have our margin stabilizing and in the back half of the year that you have three in that three, 90 to three, 95 range.

因此，我們的利潤率趨於穩定，在今年下半年，您將在 3、90 到 3、95 的範圍內獲得 3 個利潤。

And then if we don't get any costs that we just that this helps our margin, say a little bit higher for a little longer.

然後，如果我們沒有得到任何成本，我們只是認為這有助於我們的利潤，比如說稍微高一點，持續一段時間。

So it would be maybe in that arm and that higher three, 90 range if we don't get any cuts.

因此，如果我們沒有得到任何削減，可能會在那個手臂和更高的三、90 範圍內。

Perfect.

完美的。

Thanks.

謝謝。

Thanks for all that information.

感謝您提供所有這些資訊。

And then as a follow up on expenses beyond the actions taken last quarter, would that built into the one 20 to 1 22 expense outlook?

然後，作為上季度採取的行動之外的支出後續行動，這是否會納入 1 20 到 1 22 的支出前景中？

Or should we expect expenses to come down later later this year?

或者我們應該預計今年稍後的開支會下降？

And I was it 10 to $12 million.

我的價格是 10 到 1200 萬美元。

I didn't I couldn't write it down as quickly as I wanted to what Virtu was discussing.

我沒有，我無法盡快寫下 Virtu 正在討論的內容。

Yes, Terry, this Archie.

是的，特里，這個阿奇。

So the 5 million I referred to is that we realized in the first quarter by the end of the quarter.

所以我說的500萬是我們第一季末到季末實現的。

I think we've got that baked into our near term expense outlook that did fully cover the cost of the agile operating expenses.

我認為我們已經將其納入我們的近期費用前景中，這確實完全涵蓋了敏捷營運費用的成本。

So it does a nice job of that.

所以它在這方面做得很好。

But it's all baked into the near term that 10 to 12 additional expense savings on an annualized basis.

但這一切都將在短期內實現，按年計算可節省 10 到 12 筆額外費用。

We think that will be realized by the end of the year, so in effect, more next year in full, but there's going to be some gradual.

我們認為這將在今年年底實現，因此實際上，明年將實現更多，但將會是漸進的。

It's here each quarter, some gradual love incremental reductions coming from that work.

每個季度，這項工作都會帶來一些漸進的愛增量減少。

It just won't be fully into it, I guess, in a factor impacting the Company until we get to the end of the year.

我想，直到今年年底，它才會完全參與影響公司的一個因素。

Greg, thanks for taking my questions have been as we can tell you that.

格雷格，感謝您提出我的問題，我們可以告訴您這一點。

Our next question comes from Chris McGratty with KBW.

我們的下一個問題來自 KBW 的 Chris McGratty。

Please go ahead.

請繼續。

Good morning, Tom.

早上好，湯姆。

Good morning, Jamie.

早安，傑米。

A question on the funding with the step-up in the loan growth, what's the plan to fund it?

關於貸款成長加速的融資問題，融資計畫是什麼？

You're going to you're going to borrow?

你要藉錢嗎？

You're going to just something on CDs.

你只會聽 CD 上的東西。

What's the plan to fund the extra growth?

為額外增長提供資金的計劃是什麼？

Well, I mean, it was a little bit of everything.

嗯，我的意思是，一切都只是一點點。

So we have about 5% project projected deposit growth for the remainder of the year, kind of across the board.

因此，我們預計今年剩餘時間的存款成長約為 5%，有點全面。

And then we will find out obviously, depending on where the loan growth where the loan growth plays out.

然後我們會很明顯地發現，這取決於貸款成長在哪裡發揮作用。

So if you look at if you look at 5% deposit growth.

因此，如果你看看存款成長率是否為 5%。

That's about a net 175, CAD200 million a quarter deposit growth on the US on that side and the stuff we have we're showing around 10% or so growth in the second quarter in loans, and that doesn't quite cover that 10%.

這意味著美國每季存款淨成長約 175、2 億加元，而我們所掌握的數據顯示，第二季貸款成長約 10% 左右，但這並不能完全涵蓋這 10% 。

So we would fill in the rest with some with borrowings.

所以我們會借用一些來填補剩下的部分。

And then you know, then we'll see where where loan growth shakes out for the rest of the year, but about 5% deposit growth.

然後你知道，然後我們將看到今年剩餘時間貸款成長的情況，但存款成長約為 5%。

And then again, we'll just fill in with government borrowings.

話又說回來，我們將用政府借款來填補。

Okay, great.

好的，太好了。

And then just a couple of housekeeping items on on the bond restructure, what's the do you have the spot rate for the portfolio on the spot with a current yield.

然後，關於債券重組的幾個內務項目，您對當前收益率的投資組合的即期利率是多少。

Is that what you're asking?

這就是你問的嗎？

Yes, I'm just trying to buy a second quarter like security or just trying to get at Give me second here on.

是的，我只是想購買第二季的證券，或者只是想在這裡獲得第二季的收益。

So you have total total investment yield projected around ground for 15th.

因此，預計總投資收益率約為第 15 位。

And then maybe I'll sneak one in on capital energy.

然後也許我會偷偷地利用資本能量。

I mean, you talked about organic growth tuck-in deal is there any any change in conversations activity on traditional bank servicing?

我的意思是，您談到了有機成長的交易，有關傳統銀行服務的對話活動有任何變化嗎？

The markets are hard with rates, but you guys have a multiple.

市場對利率的要求很嚴格，但你們有倍數。

I'm just wondering again, thoughts there.

我只是再次想知道，那裡的想法。

Yes, Chris, this is Archie.

是的，克里斯，這是阿奇。

I mean, there are so I'd say just we were having each quarter some conversations and I think things generally advanced a little bit, but I can't say that there's anything we're seeing right now near term that would up with the use of the capital we're building.

我的意思是，我想說的是，我們每個季度都會進行一些對話，我認為事情總體上有所進展，但我不能說我們近期看到的任何事情都會與使用我們正在建立的資本。

And so it's something we'll keep we'll keep working on something makes sense.

所以我們會保留它，我們會繼續致力於一些有意義的事情。

For us, but there's nothing right now that's immediate or imminent thinking, yes.

對我們來說，但是現在沒有什麼是立即或迫在眉睫的想法，是的。

Our next question comes from the line of Jon Arfstrom with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Jon Arfstrom。

Please go ahead.

請繼續。

Thank you.

謝謝。

Morning, guys.

早安，夥計們。

And just a few follow-ups on Agile.

還有關於敏捷的一些後續行動。

Archie, where do you think this business could go?

阿奇，你認為這項業務可以走向何方？

I see your 80 million target, but what kind of longer-term growth expectations do you have for?

我看到了你的8000萬目標，但是你有什麼樣的長期成長預期？

Yes, John, it's going to be over some time.

是的，約翰，這一切都會過去一段時間。

I mean this year, I think it's probably going to be a little bit shy of 200 million by year-end.

我的意思是今年，我認為到年底可能會略低於 2 億。

It may actually look at some seasonality in the middle part of the year.

它實際上可能會考慮年中的一些季節性。

So it may it may peak out around $200 million in the summer.

因此，今年夏天的銷售額可能會達到 2 億左右的高峰。

And then slightly fall back to around 100, 90 or so by year end.

然後到年底略微回落到 100、90 左右。

But then next year, we think that can ramp up some more.

但明年，我們認為這一數字可能會進一步增加。

So I think over over three to four years.

所以我想了三到四年。

If you're talking about a business, it may be $1.5 billion range.

如果你談論的是一家企業，它的規模可能是 15 億美元。

That's probably what we would say right now.

這可能就是我們現在會說的。

You have these these loans are very short in tenor, they're probably 10 months, something like that.

這些貸款的期限很短，可能只有 10 個月之類的。

So you got to do a lot in order to keep it going.

所以你必須做很多事情才能讓它繼續下去。

But if we get into that for $500 million range over the next several years.

但如果我們在未來幾年內投入 5 億美元的資金。

I think that's why we're giving you.

我想這就是我們給你的原因。

This is not what we'd like to have, John, it's got great granularity, high quality.

這不是我們想要的，約翰，它的粒度很大，品質很高。

It's another lever.

這是另一個槓桿。

It helps us diversify the overall loan book.

它幫助我們實現整體貸款簿的多元化。

It complements the commercial banking team.

它補充了商業銀行團隊。

So we like all the different facets that come with it might make sense.

所以我們喜歡它帶來的所有不同方面可能是有意義的。

And then Jamie, for you.

然後是傑米，為了你。

I hear you on the margin pressures, but how about net interest income inflection?

我聽說你談到了利潤率壓力，但是淨利息收入的變化怎麼樣？

When do you think that could occur given the loan growth?

鑑於貸款成長，您認為什麼時候會發生這種情況？

Maybe that happens before the margin is yes and yes.

也許這發生在保證金是肯定之前。

And John, just make sure I understand you're talking about the dollars of net interest income dollars that as spoken to yet, when that starts to move up again?

約翰，請確保我明白您正在談論的淨利息收入美元，當它開始再次上升時？

Yes, more like more like in the towards the end of the year.

是的，更像是在年底。

I mean, obviously, with what we are looking at still here first quarter to the second quarter of call it about 10 basis points of margin compression around that area.

我的意思是，顯然，我們仍然在這裡關注第一季到第二季的情況，稱該區域周圍的利潤率壓縮約 10 個基點。

And then so keeping the dollars the same here first to second quarter probably is unlikely.

因此，第一季到第二季的美元匯率保持不變可能不太可能。

But as Tom said, really then in the back half of the year as the margin stabilizes a little bit more, you'll see that with the growth that we have, you'll see that those dollars start to stabilize and then move up.

但正如湯姆所說，實際上，在今年下半年，隨著利潤率更加穩定，您會看到隨著我們的成長，您會看到這些美元開始穩定然後上漲。

All right.

好的。

Thank you.

謝謝。

And then, Bill, maybe for you just on credit in general, how you're feeling about credit and then your like that office maturity schedule.

然後，比爾，也許對你來說只是一般性的信用，你對信用的感覺如何，然後你喜歡辦公室的到期時間表。

Slide table on Slide 16.

投影片 16 上的投影片表。

What are you seeing on some are loans that are coming up from renewal from your point of view?

從您的角度來看，您對某些因續約而產生的貸款有何看法？

How do you how do you kind of look ahead to get ahead of any problems?

您如何展望未來以解決任何問題？

Yes, absolutely.

是的，一點沒錯。

On the office in particular, we have a quarterly cadence and for review, including stress testing of the book Tom from all the different angles that you would expect.

特別是在辦公室，我們有一個季度的節奏和審查，包括從您期望的所有不同角度對《湯姆》這本書進行壓力測試。

And then we supplement that with portfolio review discussions on the buckets that we identify with potential issues.

然後，我們透過對我們確定的潛在問題的桶進行投資組合審查討論來補充這一點。

When we do this on a quarterly basis.

當我們每季這樣做一次。

And as we look at 24 and 25, we have a manageable handful of deals.

當我們觀察 24 和 25 的交易時，我們發現了一些易於管理的交易。

I'll have to work through during that time.

那段時間我得努力工作。

But overall, we feel good about our office book and it sits today.

但總的來說，我們對我們的辦公簿感覺良好，它今天就放在了。

And then we monitor that every like I said, every court on the global book, some I do feel good about it I think as I look out in the future, we believe we have the office nice ring-fenced.

然後我們會監控每一個，就像我說的那樣，全球書籍中的每個法庭，有些我確實感覺良好，我認為當我展望未來時，我們相信我們的辦公室有很好的圍欄。

Our C&I is performing very, very well and feel pretty good.

我們的 C&I 表現非常非常好，感覺也很好。

All right.

好的。

Thanks, guys.

多謝你們。

For the help picture.

求幫助圖片。

Yes.

是的。

Again, if you'd like to ask a question, press star then the number one, your telephone keypad.

再次強調，如果您想提問，請按星號，然後按數字 1，即您的電話鍵盤。

Our next question comes from the line of Alex Twerdahl with Piper Sandler.

我們的下一個問題來自 Alex Twerdahl 和 Piper Sandler 的對話。

Please go ahead.

請繼續。

Thanks.

謝謝。

Good morning, guys.

早上好傢伙。

Payout, I just wanted to I'm going to go back to the loan growth that I think that 10% to 12% in the near term that makes sense, given that ramp up that you talked about with agile and some of the other pieces contributing in the second quarter, but I mean, is that sustainable into the back half of the year?

付款，我只是想回到貸款增長的問題，我認為短期內 10% 到 12% 是有意義的，考慮到你談到的敏捷和其他一些部分的增長第二季度有所貢獻，但我的意思是，這種情況能否持續到今年下半年？

Or do you think that there's going to be maybe some rates remain high and maybe maybe that that goes down a little bit in the third and fourth quarter?

或者您是否認為某些利率可能仍然很高，並且可能在第三和第四季略有下降？

Yes, Alex of yes, it's a little harder to tell.

是的，亞歷克斯，是的，這有點難說。

Our pipelines coming into the quarter, were they were they were they were ramping up in Q1, they're healthy and they're remaining pretty strong and stable.

我們的管道進入本季度，如果它們在第一季有所增加，它們是健康的，並且保持相當強勁和穩定。

We can look out into the middle of the year and feel pretty good.

我們可以展望年中，感覺非常好。

Just a little murkier if I'm handicapping I would tell you it's probably it feels like it may be just a little bit lighter than that 10% to 12% annualized rate that we're talking about right now.

如果我有障礙的話，那就有點模糊了，我會告訴你，感覺可能比我們現在討論的 10% 到 12% 的年化利率要輕一點。

When you get to the back half?

什麼時候到後半段？

Yes, that makes sense.

是的，這是有道理的。

I'm not a lot of banks are projecting that pace of loan growth at all this year.

我並不是很多銀行都預測今年的貸款成長速度。

So and where I guess I go on to the to the NIM., you know, with the Agile loans coming on with the 9% plus the securities restructuring, some of the other dynamics kind of, I guess, a little surprised to see that amount of new compression still expected for the second quarter.

所以我想我會繼續 NIM。

So are there some is it really just a funding just like some higher tranches of borrowings maybe repricing during the quarter?

那麼，是否真的只是一種融資，就像本季可能重新定價的一些更高級別的借款一樣？

Or maybe talk about kind of really what's driving that, that level of compression in the second quarter still?

或者也許談談真正的推動因素是什麼，第二季度的壓縮程度仍然如此？

Yes, Alex, it, Jamie.

是的，亞歷克斯，它，傑米。

So on.

很快。

Yes, it's really the funding side that's driving all of that still work.

是的，確實是資金方面推動了所有這些工作的發展。

But really what we are seeing is just that a continued mix shift on the deposit side you know, the dollars moving out of the lower cost buckets into the money market and CD specials, and that's just continues to drive up the we will start to see that mitigate some in the in the back half of the first quarter.

但實際上，我們看到的是存款方面的持續混合轉變，你知道，美元從較低成本的桶轉移到貨幣市場和 CD 特價，這只是繼續推高我們將開始看到的這減輕了第一季度後半段的一些影響。

But we still see some of that some of that going on in the second quarter.

但我們仍然看到第二季度發生了一些事情。

And that's just driving the cost that we're seeing dollars continue to move out some slowly still in the in our business DDA balances and the average balance of those accounts are still higher than what they were historically.

這只是增加了成本，我們看到美元繼續緩慢地移出我們業務中的 DDA 餘額，而這些帳戶的平均餘額仍然高於歷史水平。

So we're still seeing some dollars move out there and we're replacing those dollars with them and CDs and money market accounts.

因此，我們仍然看到一些美元流出，我們正在用它們、CD 和貨幣市場帳戶取代這些美元。

So it's just drive that's just driving up the funding.

因此，這只是推動資金增加的動力。

And so yes, we get a little bit of benefit from the on the on the asset yields, we obviously, I mean, agile helps.

所以，是的，我們從資產收益率中獲得了一些好處，我的意思是，敏捷顯然有幫助。

It's just it's just a small, a couple of hundred million on that.

只是那隻是一小部分，幾億而已。

On the on the loan base, it obviously helps, but it's not enough here in the very near term to offset the other to offset that funding pressure that we're seeing.

在貸款基礎上，這顯然有所幫助，但在短期內還不足以抵消其他貸款，從而抵消我們所看到的融資壓力。

But we're but we expect that funding pressure against some to another quarter of that was maybe a little still some of it in the third quarter, not as much in the second quarter.

但我們預計，第三季對某些人的資金壓力可能仍然會增加，而不是第二季那麼大。

And we just see that the deposit costs start to stabilize again absent any rate cuts.

我們只是看到，在沒有降息的情況下，存款成本再次開始穩定。

Okay.

好的。

I appreciate that color.

我很欣賞那種顏色。

And then as you think about the agile and I guess really more broad, broad term for the specialty finance businesses, I got to think that their funding costs were again pressured even more than banks.

然後當你想到敏捷，我想對於專業金融業務來說確實是更廣泛、更廣泛的術語時，我不得不認為他們的融資成本再次面臨比銀行更大的壓力。

And I'm just curious, have you seen an increase in these types of deals?

我只是很好奇，您是否看到此類交易增加？

Like how many would you typically look at in any given year?

例如您在任何一年通常會查看多少個？

And is that sort of some of the specialty finance type transactions.

這是一種特殊的金融類型交易。

Are they going to be I guess should we expect them to be part of the overall growth strategy for 24 beyond the Agile acquisition?

我想我們是否應該期望它們成為除了敏捷收購之外的 24 整體成長策略的一部分？

Yes, Alex, this is Archie.

是的，亞歷克斯，這是阿奇。

I'll I'll discuss it up.

我來討論一下。

We do I think because we have acquired several specialty companies.

我認為我們這樣做是因為我們收購了幾家專業公司。

We are higher on a little toward the Rolodex of bankers that are calling around for four different companies, but we really never responded to those.

我們對那些打電話給四家不同公司的銀行家的名片盒抱有更高的期望，但我們實際上從未對這些人做出回應。

Everything that we've really acquired has been in a way based on some relationships.

我們真正獲得的一切都在某種程度上是基於某些關係。

We have are a network we have with people.

我們與人們建立了一個人脈。

So we're really not out looking for more.

所以我們真的不會去找更多。

And if I would tell you certainly in the wealth space, if we ever found something that made sense and the pricing can be rationalized to the right, we would consider something like that, but we will not rule out looking for more specialty companies.

如果我可以肯定地告訴你，在財富領域，如果我們找到了一些有意義的東西並且定價可以合理化到正確的水平，我們會考慮類似的事情，但我們不會排除尋找更多專業公司。

This was a you came in through through some connections we had and we really liked what this business looked like in terms of, again, the diversity, the yields, the up, it complements commercial banking the granularity, we liked all that.

這是你透過我們擁有的一些關係進入的，我們真的很喜歡這項業務的樣子，再次強調，多樣性、收益率、上升，它補充了商業銀行的粒度，我們喜歡這一切。

So yes, so just to Chicago, our company, and that's right here, not far, and we've got other presence in the Chicago area.

所以是的，我們的公司就在芝加哥，就在這裡，不遠，我們在芝加哥地區還有其他辦公室。

So not looking for more of it, but it fits in the pattern of the things we've acquired over recent years.

因此，我們不會尋找更多的東西，但它符合我們近年來獲得的東西的模式。

Great.

偉大的。

Appreciate all the additional color.

欣賞所有額外的顏色。

Thanks for taking my questions.

感謝您回答我的問題。

Thanks, Alex.

謝謝，亞歷克斯。

And have a good day.

祝你有美好的一天。

That concludes our Q&A session.

我們的問答環節到此結束。

I will now turn the conference over to Archie Brown for closing remarks.

我現在將會議交給阿奇·布朗致閉幕詞。

Well, thank you for joining us on today's call and following along with this quarter.

好的，感謝您參加今天的電話會議並關注本季的情況。

We look forward to talking again next quarter.

我們期待下個季度再次交談。

Everybody.

大家。

We can now concludes today's conference call.

我們現在可以結束今天的電話會議了。

You may now disconnect.

您現在可以斷開連線。