First Horizon Corp (FHN) 2023 Q2 法說會逐字稿

Good morning, and welcome to the First Horizon Second Quarter 2023 Earnings Conference Call. My name is Carla, and I will be the operator of today's call. (Operator Instructions)

早上好，歡迎參加 First Horizo​​n 2023 年第二季度收益電話會議。我叫卡拉，我將擔任今天電話的接線員。 （操作員說明）

I would now like to pass the conference over to our host, Natalie Flanders, Head of Investor Relations. Please go ahead when you're ready.

現在我想將會議交給我們的東道主投資者關係主管娜塔莉·弗蘭德斯 (Natalie Flanders)。準備好後請繼續。

Thank you, Carla. Good morning, everybody. Welcome to our second quarter 2023 earnings call. It's been a few quarters since we've had one of these, so we thank you for taking the time to join us today. Our Chairman, President and CEO, Bryan Jordan; and Chief Financial Officer, Hope Dmuchowski will provide some prepared remarks. Afterwards, Bryan, Hope and our Chief Credit Officer, Susan Springfield, will be happy to take your questions.

謝謝你，卡拉。大家早上好。歡迎參加我們的 2023 年第二季度財報電話會議。我們已經有幾個季度沒有舉辦過這樣的活動了，所以我們感謝您今天抽出時間加入我們。我們的董事長、總裁兼首席執行官 Bryan Jordan；首席財務官 Hope Dmuchowski 將發表一些準備好的講話。隨後，布萊恩、霍普和我們的首席信貸官蘇珊·斯普林菲爾德將很樂意回答您的問題。

Our remarks today will reference our earnings presentation, which is available on our website at ir.firsthorizon.com. On this call, we will make forward-looking statements that are subject to risks and uncertainties. Therefore, we ask you to review the factors that may cause our results to differ from our expectations on Page 2 of our presentation and in our SEC filings. Additionally, please be aware that our comments will refer to adjusted results, which excludes the impact of notable items. These are non-GAAP measures, so please review the GAAP information in our earnings release and on Page 3 of our presentation. Lastly, our comments reflect our current views, and we are not obligated to update them.

我們今天的言論將參考我們的收益報告，該報告可在我們的網站 ir.firsthorizo​​n.com 上獲取。在本次電話會議中，我們將做出具有風險和不確定性的前瞻性聲明。因此，我們要求您審查可能導致我們的結果與我們在演示文稿第 2 頁和 SEC 文件中的預期不同的因素。此外，請注意，我們的評論將指調整後的結果，其中不包括值得注意的項目的影響。這些是非 GAAP 衡量標準，因此請查看我們的收益報告和演示文稿第 3 頁中的 GAAP 信息。最後，我們的評論反映了我們當前的觀點，我們沒有義務更新它們。

With that, I'll turn things over to Bryan.

這樣，我就把事情交給布萊恩。

Thank you, Natalie. Good morning, everyone. Thank you for joining our call this morning. We are pleased to announce our second quarter results. It'd be an understatement to say that 2023, especially the second quarter has been unusual, both for our company and the industry as a whole. I'm incredibly proud of the tremendous resilience our company and associates have shown. Despite some of the unprecedented events in the banking sector, we continue to focus on serving our clients and communities, and the results of those efforts are reflected in our strong quarterly results.

謝謝你，娜塔莉。大家，早安。感謝您今天早上加入我們的電話會議。我們很高興宣布第二季度業績。可以輕描淡寫地說，2023 年，尤其是第二季度，對於我們公司和整個行業來說都是不尋常的。我對我們公司和員工所表現出的巨大韌性感到無比自豪。儘管銀行業發生了一些前所未有的事件，我們仍繼續專注於為客戶和社區提供服務，這些努力的結果反映在我們強勁的季度業績中。

On Slide 5, you'll find some of the key highlights from this quarter, which Hope will provide more detail on later. On an adjusted basis, we delivered EPS of $0.39 per share and a return on tangible common equity of 14.6%, while maintaining robust capital levels. We ran a very successful deposit campaign. Our bankers made over 50,000 prospecting calls to new and existing clients, bringing in almost $6 billion in new-to-bank funds and growing our client base by 4%.

在幻燈片 5 上，您將找到本季度的一些關鍵亮點，Hope 將在稍後提供更多詳細信息。調整後的每股收益為 0.39 美元，有形普通股回報率為 14.6%，同時保持強勁的資本水平。我們開展了一次非常成功的存款活動。我們的銀行家向新客戶和現有客戶撥打了 50,000 多次探礦電話，為銀行帶來了近 60 億美元的新資金，並使我們的客戶群增長了 4%。

Credit performance continues to be strong with nonperforming loans declining $21 million from the first quarter and net charge-offs of 16 basis points coming in at the low end of our guidance range. Our capital position is very strong with CET1 increasing 72 basis points to 11.1%.

信貸表現繼續強勁，不良貸款較第一季度減少 2100 萬美元，淨沖銷 16 個基點，處於我們指導範圍的低端。我們的資本狀況非常強勁，CET1 增加了 72 個基點至 11.1%。

Though the industry is facing headwinds from increased deposit competition, macroeconomic uncertainty and impending regulatory change, I am confident in our ability to earn top quartile returns through the cycle. Our commitment to prudently managing interest rate risk, liquidity and credit has positioned us well to navigate the current environment.

儘管該行業面臨存款競爭加劇、宏觀經濟不確定性和即將到來的監管變化等不利因素，但我對我們在整個週期中獲得最高四分之一回報的能力充滿信心。我們致力於審慎管理利率風險、流動性和信貸，這使我們能夠很好地應對當前的環境。

Our business model is diversified by industry, geography and product, which provides consistent returns and greater ability to manage through a range of market conditions. We are investing in our people and infrastructure to enhance our products and services so that we can take advantage of the opportunities we see in our attractive footprint.

我們的業務模式根據行業、地域和產品而多樣化，從而提供穩定的回報和更強的管理各種市場條件的能力。我們正在投資於我們的人員和基礎設施，以增強我們的產品和服務，以便我們能夠利用我們在有吸引力的足跡中看到的機會。

Our associates have gone above and beyond in serving our clients during these uncertain times. A benefit of the disruption in the second quarter was the opportunity it provided our associates for proactive outreach to our clients as you can see the extraordinary results of this effort, and I'm grateful for the confidence our clients have demonstrated in us this quarter. As we move forward, I am very thankful for the dedication and hard work of our associates as they continue to deliver value for our clients, communities and shareholders.

在這個不確定的時期，我們的員工竭盡全力為客戶提供服務。第二季度中斷的一個好處是，它為我們的員工提供了主動與客戶聯繫的機會，您可以看到這一努力所取得的非凡成果，我很感謝客戶本季度對我們表現出的信心。在我們前進的過程中，我非常感謝我們員工的奉獻和辛勤工作，他們繼續為我們的客戶、社區和股東創造價值。

With that, let me hand the call over to Hope to run through the financial results and our outlook. Hope?

接下來，讓我將電話轉交給 Hope，介紹一下財務業績和我們的前景。希望？

Thank you, Bryan. Good morning, everyone. Turning to Slide 6. We have the highlights on our adjusted financials and key performance metrics for the quarter. As interest rates have risen over the past year, our net interest margin has expanded significantly, up 64 basis points. Despite some moderation this quarter, the margin continues to be very strong at [3.38%] and our balance sheet remains asset sensitive. Adjusted fee income and expenses were both essentially flat to the prior quarter after netting the offsetting impact of deferred compensation.

謝謝你，布萊恩。大家，早安。轉向幻燈片 6。我們重點介紹了本季度調整後的財務狀況和關鍵績效指標。隨著過去一年利率的上升，我們的淨息差大幅擴大，上升了64個基點。儘管本季度有所放緩，但利潤率仍然非常強勁，達到 [3.38%]，而且我們的資產負債表仍然對資產敏感。在扣除遞延薪酬的抵消影響後，調整後的費用收入和支出均與上一季度基本持平。

Credit quality continues to remain very strong. Provision expense this quarter was $50 million, resulting in an ACL coverage ratio of 1.35% flat to the prior quarter. Tangible book value per share of $11.50 is up $0.61. The Series G conversion added $0.50. The merger termination fee added $0.23 after netting out the $50 million foundation contribution. Adjusted earnings added $0.39, partially offset by our common dividend of $0.15. The mark-to-market on the securities portfolio and hedges drove a $0.27 reduction.

信貸質量繼續保持強勁。本季度撥備費用為 5000 萬美元，ACL 覆蓋率為 1.35%，與上一季度持平。每股有形賬面價值 11.50 美元，上漲 0.61 美元。 G 系列轉換增加了 0.50 美元。扣除 5000 萬美元的基金會捐款後，合併終止費增加了 0.23 美元。調整後收益增加 0.39 美元，部分被我們 0.15 美元的普通股股息所抵消。證券投資組合和對沖按市價計價導致價格下跌 0.27 美元。

On Slide 7, we outlined the notable items in the quarter, which netted to $98 million after-tax impact or $0.17 per share. Our pretax notable items include the merger termination fee of $225 million, merger-related expenses of $30 million, primarily related to the employee retention awards, which remain in place following the termination. Other notable items include a $50 million contribution to the First Horizon Foundation as well as a $15 million derivative valuation adjustment related to prior class -- Visa Class B sales.

在幻燈片 7 中，我們概述了本季度的顯著項目，稅後淨收益為 9800 萬美元，即每股收益 0.17 美元。我們的稅前顯著項目包括 2.25 億美元的合併終止費、3000 萬美元的合併相關費用，主要與員工保留獎勵有關，這些獎勵在終止後仍然有效。其他值得注意的項目包括向 First Horizo​​n 基金會捐款 5000 萬美元，以及與先前類別（Visa B 類銷售）相關的 1500 萬美元衍生品估值調整。

On Slide 8, you can see that over the last year, we've benefited from our asset-sensitive position with a net interest margin expanding 64 basis points year-over-year. The positive response from clients to our deposit campaign this quarter exceeded our expectations. We brought in $5.8 billion of new-to-bank funds from the more than 50,000 customers, which brings our ending deposit balances up 3% year-to-date.

在幻燈片 8 中，您可以看到，去年我們受益於資產敏感頭寸，淨息差同比擴大了 64 個基點。本季度客戶對我們存款活動的積極反應超出了我們的預期。我們從 50,000 多名客戶那裡引入了 58 億美元的新銀行資金，這使我們的期末存款餘額今年迄今增長了 3%。

The positive deposit momentum modestly accelerated the timing of the increase in deposit betas. However, our net interest margin of 3.38% continues to be very strong despite some moderation in the quarter. As marginal funding costs have risen, loan spreads have also widened out with new production spreads approximately 50 basis points higher than we were seeing in the fourth quarter.

積極的存款勢頭適度加速了存款貝塔係數的上升。然而，儘管本季度有所放緩，但我們 3.38% 的淨息差仍然非常強勁。隨著邊際融資成本上升，貸款利差也擴大，新生產利差比第四季度高出約 50 個基點。

On Slide 9, you can see the success of our deposit campaign, demonstrating the confidence our clients have in our franchise. We grew period-end deposits by 6%, added over 32,000 new clients to the bank and deepened relationships with almost 19,000 of our existing clients. Our competitive offer and targeted client outreach generate historically strong acquisition with 60% of balances coming from new-to-bank clients. This deposit campaign provides a great opportunity to connect with our clients. Our bankers made proactive outreach calls and the clients who took advantage of the deepening offer increased their balances with us by 37% on average.

在幻燈片 9 上，您可以看到我們的存款活動取得了成功，這表明了我們的客戶對我們的特許經營權的信心。我們的期末存款增長了 6%，為銀行增加了 32,000 多名新客戶，並加深了與近 19,000 名現有客戶的關係。我們具有競爭力的報價和有針對性的客戶拓展帶來了歷史上強勁的收購，其中 60% 的餘額來自銀行新客戶。此次存款活動提供了與我們的客戶建立聯繫的絕佳機會。我們的銀行家主動撥打了外展電話，利用深化優惠的客戶在我們的餘額平均增加了 37%。

Mix shift continued into the second quarter with noninterest-bearing balances declining from pandemic highs. We are beginning to see signs that the pace of that mix shift is starting to slow down, and DDA balances are stabilizing in the second half of the quarter. Noninterest-bearing balances at 29% still comprise a higher proportion of total deposits today than pre-pandemic, which was 27%.

結構轉變持續到第二季​​度，無息餘額從疫情高點下降。我們開始看到這種混合轉變的步伐開始放緩的跡象，並且 DDA 餘額在本季度下半年趨於穩定。目前，無息餘額佔總存款的比例仍為 29%，高於疫情前的 27%。

Like a lot of banks, we saw clients looking to maximize coverage on their deposits, driving higher utilization of our collateralized repo suite product. In addition to the $4 billion of deposit growth, we added $782 million of repo balances, which are incremental funding.

與許多銀行一樣，我們看到客戶希望最大限度地提高存款覆蓋率，從而提高我們的抵押回購套件產品的利用率。除了 40 億美元的存款增長之外，我們還增加了 7.82 億美元的回購餘額，這是增量資金。

On Slide 10, we show the trends in our loan portfolio, with loans up 3% on average and 4% at period end. Growth was diversified across our markets and portfolio types. Loans to mortgage companies grew $650 million from first quarter seasonal lows. This is a great business for us. It's our highest yielding business line. And as others have pulled back in this space, we've been able to deepen our relationships, widen spreads and negotiate for more deposit business. We also had growth in our CRE portfolio, which was primarily driven by fund-ups on existing loans, primarily in our multifamily space.

在幻燈片 10 中，我們展示了貸款組合的趨勢，貸款平均增長 3%，期末增長 4%。我們的市場和投資組合類型的增長是多元化的。抵押貸款公司的貸款較第一季度季節性低點增加了 6.5 億美元。這對我們來說是一項偉大的事業。這是我們收益最高的業務線。當其他人退出這個領域時，我們已經能夠加深我們的關係，擴大利差並談判更多的存款業務。我們的商業房地產投資組合也有所增長，這主要是由現有貸款的資金增加推動的，主要是在我們的多戶住宅領域。

We cover our fee income trends on Slide 11. Overall, fee income has remained stable for several quarters despite the macroeconomic headwinds impacting fixed income and mortgage. We had $5 million of increases in deferred compensation, which is offset in expense. We saw $8 million of growth in other fees, partially driven by higher treasury management fees due to the decline in noninterest-bearing deposits and seasonal factors.

我們在幻燈片 11 中介紹了我們的費用收入趨勢。總體而言，儘管宏觀經濟不利因素影響了固定收益和抵押貸款，但費用收入在幾個季度中仍保持穩定。我們的遞延薪酬增加了 500 萬美元，這被費用抵消了。我們看到其他費用增長了 800 萬美元，部分原因是無息存款下降和季節性因素導致資金管理費上漲。

On Slide 12, we review our expense trends. We have maintained expense discipline across the company as evidenced in our results with adjusted expenses down $1 million when you exclude the $5 million increase in deferred compensation. The advertising investments made this quarter were to support our client promotions, brand awareness initiatives and client outreach programs. Other expenses decline include $2 million of lower fraud losses from implementation of additional security solutions as well as lower franchise and realty tax expenses related to the disposal of properties.

在幻燈片 12 上，我們回顧了我們的支出趨勢。正如我們的結果所證明的那樣，我們在整個公司範圍內保持了費用紀律，如果排除增加的 500 萬美元的遞延薪酬，調整後的費用將減少 100 萬美元。本季度的廣告投資是為了支持我們的客戶促銷、品牌知名度計劃和客戶外展計劃。其他費用下降包括由於實施額外的安全解決方案而減少了 200 萬美元的欺詐損失，以及與處置財產相關的特許經營和房地產稅費用的減少。

Turning to Slide 13, I'll cover asset quality and reserves. Credit quality continues to be strong with nonperforming loans down $21 million from the prior quarter and net charge-offs remain near historic lows. We had $50 million of provision expense, resulting in a reserve build of $27 million, supporting 3% loan growth, excluding loans to mortgage companies. Our allowance coverage ratio remains healthy at 1.35%, flat to the prior period.

轉向幻燈片 13，我將介紹資產質量和儲備。信貸質量繼續保持強勁，不良貸款較上一季度減少 2100 萬美元，淨沖銷額仍接近歷史低點。我們有 5000 萬美元的準備金支出，因此儲備金增加了 2700 萬美元，支持 3% 的貸款增長（不包括抵押貸款公司的貸款）。我們的津貼覆蓋率保持在 1.35% 的健康水平，與上期持平。

If the industry experiences a credit cycle, we expect our portfolio to outperform due to the benefit of operating in attractive markets, underwriting loans for all stages of the credit cycle and the granular diversification across industries and portfolio types.

如果行業經歷信貸週期，我們預計我們的投資組合將表現出色，因為我們在有吸引力的市場中運營，為信貸週期的所有階段承保貸款，以及跨行業和投資組合類型的精細多元化。

Turning to capital, on Slide 15. Our capital position is very strong with CET1 ratio of 11.1%, up 72 basis points. The Series G conversion added 71 basis points. The termination fee added 19 basis points net of the foundation contribution. We accretively deployed 30 basis points of capital into loans, including $60 million of lower risk loans to mortgage companies. CET1 would still be 9.5% well above the 7% well-capitalized threshold even adjusting for the unrealized losses in the securities portfolio.

轉向資本，參見幻燈片 15。我們的資本狀況非常強勁，CET1 比率為 11.1%，上升 72 個基點。 G 系列轉換增加了 71 個基點。扣除基金會捐款後，終止費增加了 19 個基點。我們累計將 30 個基點的資本投入貸款，其中包括向抵押貸款公司提供 6000 萬美元的低風險貸款。即使調整了證券投資組合中的未實現損失，CET1 仍將遠高於 7% 資本充足門檻的 9.5%。

On Slide 16, we've reaffirmed our full year guidance, which remains unchanged from what we shared with you at Investor Day in early June. As we're all experiencing, there's been a lot of volatility in the market's expectations for interest rates. Our current outlook is for 25-basis point rate hike in July and then rates flat through the rest of the year.

在幻燈片 16 中，我們重申了我們的全年指引，該指引與我們在 6 月初的投資者日與您分享的指引保持不變。正如我們所經歷的那樣，市場對利率的預期存在很大的波動。我們目前的預期是 7 月份加息 25 個基點，然後在今年剩餘時間裡利率持平。

The positive deposit momentum modestly accelerated the timing of the increases in deposit betas, and we remain asset sensitive. We still expect our NII guidance to be in range with what we provided at Investor Day. We continue to invest in our businesses and our expense outlook reflects the impact of those investments as well as the remaining retention awards moving into core expenses. We are pleased with the momentum we had this quarter and are excited to continue to deliver on the strength of our franchise.

積極的存款勢頭適度加快了存款貝塔值上升的時間，我們仍然對資產敏感。我們仍然預計我們的 NII 指引將與我們在投資者日提供的指引保持一致。我們繼續投資於我們的業務，我們的費用前景反映了這些投資的影響以及剩餘的保留獎勵轉入核心費用。我們對本季度的勢頭感到滿意，並很高興能夠繼續發揮我們特許經營的優勢。

To wrap up, on Slide 18. We are well positioned to capitalize on our diversified business model, highly attractive markets and asset-sensitive balance sheet. As we continue to prudently manage capital and risk, we are committed to delivering top quartile returns through the cycle. I am proud of the work our team has accomplished over the last few years and especially as the last few months. We have built a balance sheet that we believe in and have demonstrated our ability to execute even in challenging times.

最後，請參見幻燈片 18。我們已做好充分利用多元化業務模式、極具吸引力的市場和資產敏感型資產負債表的準備。在我們繼續審慎管理資本和風險的同時，我們致力於在整個週期內提供最高四分之一的回報。我對我們的團隊在過去幾年，尤其是過去幾個月所完成的工作感到自豪。我們建立了一個我們相信的資產負債表，並證明了我們即使在充滿挑戰的時期也有執行的能力。

And with that, I'll give it back to Bryan.

有了這個，我會把它還給布萊恩。

Thank you, Hope. We strongly believe our second quarter results reflect the strength of our franchise. Our associates accomplished a lot in the last 60 or so days. That dedication, combined with our attractive footprint and extraordinary client base, sets us up to build an unparalleled banking franchise in the South.

謝謝你，希望。我們堅信我們第二季度的業績反映了我們特許經營的實力。在過去 60 天內，我們的同事取得了很多成就。這種奉獻精神，加上我們有吸引力的足跡和非凡的客戶群，使我們能夠在南方建立無與倫比的銀行業務。

We have long-tenured relationships that are broad and deep. We have an established team who are excited about the opportunities that we have to deliver value-added buys to clients with improved products and technology. I am confident that we are well on the way to becoming a top-performing regional bank and delivering enhanced returns to our shareholders.

我們擁有廣泛而深厚的長期關係。我們擁有一支成熟的團隊，他們對我們通過改進的產品和技術向客戶提供增值服務的機會感到興奮。我相信，我們正在成為一家表現最佳的區域銀行，並為股東帶來更高的回報。

This concludes our prepared remarks. Carla, we'll now open it up for questions.

我們準備好的發言到此結束。卡拉，我們現在開始提問。

(Operator Instructions) Our first question is from Jon Arfstrom from RBC Markets. Please go ahead.

（操作員說明）我們的第一個問題來自 RBC Markets 的 Jon Arfstrom。請繼續。

A question on deposit pricing expectations. Curious if you see them changing at all. You alluded to a slowing noninterest-bearing migration. Can you talk a little bit about that? And then on your deposit campaign, do you need to do more? Or is that essentially over at this point?

關於存款定價預期的問題。很好奇你是否看到它們發生了變化。您提到無息移民正在放緩。你能談談這個嗎？那麼在您的存款活動中，您還需要做更多嗎？或者說現在已經基本結束了嗎？

Jon, thank you for the first question. Good to hear from you again. On the deposit campaign, we did have a promo rate that ran through June 30. That promo rate has expired, and we have gone out with a new third quarter promo rate, which is much lower. We do expect to continue to need to raise deposits in the industry, but we don't expect to have to run the aggressive campaign we did in May and June. We continue to believe that we are well positioned to grow our deposit base, especially in deepening relationships with the new clients we brought on board.

喬恩，謝謝你提出第一個問題。很高興再次收到你的來信。在存款活動中，我們確實有一個持續到 6 月 30 日的促銷利率。該促銷利率已經過期，我們已經推出了新的第三季度促銷利率，該利率要低得多。我們確實預計該行業將繼續需要籌集存款，但我們預計不必像五月和六月那樣開展激進的活動。我們仍然相信，我們有能力擴大我們的存款基礎，特別是在深化與我們引入的新客戶的關係方面。

As far as the DDA, we really saw in the second half of the quarter, almost no migration. Coming out of the beginning of the year and especially in March and April, we saw a significant focus by clients on moving DDA into interest-bearing as they became aware of how lucrative that is and the outreach calls that we were all doing during that time as a result of the failures in the industry. And so we believe the 29% that we're at now is -- has been stable for the second half of the quarter and will remain stable as those are really operating accounts, and there's not much more that can migrate into interest-bearing.

就 DDA 而言，我們確實在本季度後半段看到幾乎沒有遷移。從今年年初開始，尤其是在 3 月和 4 月，我們看到客戶非常關注將 DDA 轉為計息，因為他們意識到這是多麼有利可圖，並且由於行業的失敗，我們在那段時間都在進行外展活動。因此，我們相信我們現在的 29% 在本季度下半年一直保持穩定，並將保持穩定，因為這些是真正的運營賬戶，沒有更多的賬戶可以遷移到計息賬戶。

Okay. Very helpful. And then can you touch on the pricing pressures on some of the larger depositors. You touched on it at Investor Day, but are you seeing that ease at all with some of the bigger deposit balances?

好的。很有幫助。然後您能談談一些大儲戶面臨的定價壓力嗎？您在投資者日談到了這一點，但您是否看到一些較大的存款餘額出現了這種緩解？

Yes. I would say, in June, we definitely, towards the end of the quarter, saw not the significant pressure we were seeing. I think a lot of people settled down, had changed banks already, moved their money, and we're starting to see a little bit more normalized bidding in the industry as well as clients not looking to move money as quickly as they were following the 3 bank failures.

是的。我想說，在六月，到季度末時，我們肯定沒有看到我們所看到的巨大壓力。我認為很多人已經安定下來，已經更換了銀行，轉移了他們的資金，我們開始看到行業中的競價更加正常化，而且客戶不希望像 3 家銀行倒閉後那樣迅速轉移資金。

Jon, I'd add to the following, which is, I think, where you'll see more pressure in the coming quarters, not that it's going to be easy anywhere, but more on the commercial lending side, as you look at commercial lending transactions. The entire industry is looking to deepen and broaden relationships. You're seeing that in participation in club deals. You're seeing that in syndicated transactions. And I think you'll see more of the pressure emerging on the commercial side in all likelihood in the back half of this year.

喬恩，我想補充以下幾點，我認為，在未來幾個季度你會看到更大的壓力，並不是說任何地方都會很容易，而是在商業貸款方面，當你審視商業貸款交易時。整個行業都在尋求加深和擴大關係。你可以在參與俱樂部交易中看到這一點。您可以在銀團交易中看到這一點。我認為今年下半年你很可能會看到商業方面出現更多壓力。

Okay. So you're saying tied to -- more tied to credit?

好的。所以你是說與信用掛鉤？更多的是與信用掛鉤？

Yes. Yes. Tied -- more than just a credit transaction, it's a relationship.

是的。是的。捆綁——不僅僅是信用交易，更是一種關係。

We have our next question from Casey Haire from Jefferies.

傑富瑞集團的凱西·海爾 (Casey Haire) 提出了下一個問題。

So just maybe following up on some of Jon's question. On the -- it sounds like the DDA is near bottom, which is great. I was wondering -- is there a ceiling on CDs as a percentage of mix? I know you guys are stepping away from the promotion, but just wondering how much CDs can make up the deposit franchise?

所以也許只是跟進喬恩的一些問題。聽起來 DDA 已接近底部，這很好。我想知道——CD 在混音中所佔的比例是否有上限？我知道你們正在放棄促銷活動，但只是想知道有多少 CD 可以彌補存款特許經營權？

Casey, we're getting a little bit of feedback, but I think you asked, is there a ceiling on CDs as to what we're targeting in our portfolio? And I would say, I think we're still significantly underweighted in CDs versus our peers when I look back at Q1 and where we grew in Q2. So I think we still have a lot more room that we could grow CDs if we aggressively were to price there. I would tell you, in the quarter, CDs were not -- are leading. We really [win] a lot of money market funds was where we saw a lot of the new to client money come in.

凱西，我們收到了一些反饋，但我想你問過，我們的投資組合目標 CD 是否有上限？我想說，當我回顧第一季度和第二季度的增長情況時，我認為與同行相比，我們在 CD 方面的權重仍然明顯偏低。因此，我認為如果我們積極定價的話，我們還有更多的空間可以增長 CD。我想告訴你，在本季度，CD 並沒有領先。我們確實贏得了很多貨幣市場基金，我們看到很多新的客戶資金進來了。

Okay. Great. And then just following up, any updated thoughts on where cume deposit beta, apologies if I missed this, where cume deposit beta settles?

好的。偉大的。然後跟進一下，關於 cum 存款 beta 版在哪裡的任何更新的想法，如果我錯過了這個，抱歉，cume 存款 beta 版在哪裡解決？

In Investor Day, we said that we thought our cumulative deposit betas would be around 55%. I think that's still a good range. I think we'll look at -- depending on what the rate environment is, one of the things that I mentioned in my comments, I do believe that we accelerated our deposit betas this quarter as a result of our deposit gathering campaigns. And so future rate hikes do not require us to reprice our book the way we would have had to in the past. I think we just accelerated that. And we gave this at Investor Day, and I think we're still in that range.

在投資者日，我們表示我們認為累積存款貝塔值將在 55% 左右。我認為這仍然是一個不錯的範圍。我想我們會考慮——根據利率環境，我在評論中提到的事情之一，我確實相信，由於我們的存款收集活動，我們本季度加快了存款測試。因此，未來的加息不需要我們像過去那樣重新定價。我認為我們只是加速了這一進程。我們在投資者日給出了這一點，我認為我們仍然在這個範圍內。

Okay. Excellent. And just lastly, on the expense front, up 5% year-over-year, tracking a little bit below your 68 guide for the year. Just wondering if that's conservative? Or is there going to be more expense pressure -- heavier expense pressure in the back half?

好的。出色的。最後，在費用方面，同比增長 5%，略低於今年 68 的指導值。只是想知道這是否保守？還是說下半年的費用壓力會更大？

I think that's realistic. I think one of the big things you need to add back is we have $22 million of retention coming back into operating that was previously charged to the merger center, which is a big part of it. And we also have some hiring that we need to do coming out of just being a little bit low thinking that we were going to close on a merger shortly, and there is some hiring that we need to do back. Significant portions with just some pockets that we need to backfill.

我認為這是現實的。我認為你需要補充的一件大事是，我們有 2200 萬美元的保留資金重新投入運營，而這些資金之前是由合併中心收取的，這是其中的很大一部分。我們還需要招聘一些員工，因為我們認為我們很快就會完成合併，所以我們需要做一些招聘，因為我們需要做一些招聘。重要的部分只有一些我們需要回填的口袋。

And as we mentioned at Investor Day, we are -- the third one is we are starting to invest in our technology, and that takes a quarter or 2 to come up. So we expect some of that really hit our run rate in the fourth quarter with a full run rate impact in 2024 as we invest $75 million to $100 million in our technology platforms over the next 3 years.

正如我們在投資者日提到的，第三個是我們開始投資我們的技術，這需要一兩個季度才能實現。因此，我們預計其中一些因素會在第四季度真正影響我們的運行率，並在 2024 年對運行率產生全面影響，因為我們在未來 3 年內將在我們的技術平台上投資 7500 萬至 1 億美元。

Our next question comes from Michael Rose from Raymond James.

我們的下一個問題來自雷蒙德·詹姆斯的邁克爾·羅斯。

Just wanted to touch on this quarter's loan growth. I think if I'm doing the math right, the guide was reiterated, but this quarter was obviously much stronger than I think many of us were anticipating. Does that imply kind of a shrinkage in the back half of the year? Or is the guidance conservative? Just trying to kind of square the guidance? And then maybe if you could touch on the warehouse. It looks like one of your larger competitors got out of the space. Just wanted to see what the potential benefit to you all would be.

只是想談談本季度的貸款增長。我認為，如果我計算正確的話，該指南會被重申，但本季度顯然比我認為我們許多人預期的要強得多。這是否意味著下半年會出現萎縮？或者指導意見是否保守？只是想調整指導方針嗎？然後也許你可以談談倉庫。看起來你的一個較大的競爭對手已經退出了這個領域。只是想看看對你們所有人的潛在好處是什麼。

Yes. Michael, this is Bryan. I'll start. We think that loan growth will probably flatten out some in the back half of the year. You had some continued pull-through of pipelines in the residential mortgage. You mentioned mortgage warehouse lending. There has been some changes in the competitive landscape there, and we have seen some opportunities, both on the pricing and the line utilization side to pick up some very nice relationships there.

是的。邁克爾，這是布萊恩。我開始吧。我們認為今年下半年貸款增長可能會趨於平緩。住宅抵押貸款方面的管道持續不斷地拉動。您提到了抵押倉庫貸款。那裡的競爭格局發生了一些變化，我們在定價和線路利用率方面都看到了一些機會，可以在那裡建立一些非常好的關係。

And broadly speaking, we saw utilization in commercial real estate as we saw fund-up of some existing projects that were done many, many quarters ago. So we think that will start to level out. We think, clearly, the positive trends we saw in deposits and deposit gathering positioned us well to support our customer needs and to grow the franchise attractively, and we'll take advantage of those opportunities. But our expectation for loan growth over the full year is it flattens out some in the back half of this year.

從廣義上講，我們看到了商業房地產的利用率，因為我們看到了許多很多季度前完成的一些現有項目的資金籌集。所以我們認為這將開始趨於平穩。顯然，我們認為，我們在存款和存款收集方面看到的積極趨勢使我們能夠很好地支持客戶需求並以有吸引力的方式發展特許經營權，我們將利用這些機會。但我們對全年貸款增長的預期是，今年下半年貸款增長將趨於平穩。

Great. And then maybe just switching to the fixed income business. I think this is the lowest quarter of revenue that I have, at least in my model going back many, many years. Can you just give us an update on kind of the competitive positioning of that business? And is this kind of an inflection point quarter? Are we going to get to some sort of inflection point if that hits terminal rates here in the next couple of months? I'm just wondering to get some updates there.

偉大的。然後也許只是轉向固定收益業務。我認為這是我收入最低的季度，至少在我的模型中可以追溯到很多很多年前。您能否向我們介紹該業務競爭定位的最新情況？這是一個拐點季度嗎？如果未來幾個月達到最終利率，我們是否會遇到某種拐點？我只是想知道那裡有一些更新。

Yes. Look, it's been a series of very tough quarters in that business and average daily revenue has suffered as a result. We're still very confident in our ability to serve our customers in a very unique way. We're very uniquely positioned with a broad customer base, a huge distribution model. And we're very confident that when we do reach terminal rates and we start to see some transition and steepening of the yield curve, we're likely to see that business recover nicely. We've always described it as somewhat countercyclical, and we expect that we'll continue to do that. In the meantime, our teams are working very, very hard to deliver value through other channels, portfolio advisory, asset management, research, things of that nature, and we're going to control costs, and we'll be positioned for the turn when it comes.

是的。看，該業務經歷了一系列非常艱難的季度，平均每日收入因此受到影響。我們仍然對以非常獨特的方式為客戶提供服務的能力充滿信心。我們的定位非常獨特，擁有廣泛的客戶群和龐大的分銷模式。我們非常有信心，當我們確實達到最終利率並且我們開始看到收益率曲線發生一些轉變和陡峭時，我們很可能會看到業務良好復甦。我們一直將其描述為某種程度上的反週期，並且我們希望我們將繼續這樣做。與此同時，我們的團隊正在非常非常努力地通過其他渠道、投資組合諮詢、資產管理、研究等類似的方式來創造價值，我們將控製成本，並在轉變到來時做好準備。

We have our next question from Brady Gailey from KBW.

KBW 的布雷迪·蓋利 (Brady Gailey) 提出了下一個問題。

The initial deposit promotion is over. I think you said it wrapped up June 30. And then you mentioned there was a new deposit promo going, but at lower rates. What is the new kind of pricing of deposits for this quarter?

首期存款促銷活動已結束。我想你說過它會在 6 月 30 日結束。然後你提到有一項新的存款促銷活動正在進行，但利率較低。本季度新的存款定價方式是什麼？

Since money market has kind of been the one that we've had the most success with, I'll do that one. We were at 5 25 for money markets. And starting July 1, we're now at 4 25. So we decreased 100 basis points there. And I would say that's pretty directionally similar for our other products as well.

由於貨幣市場是我們最成功的一個領域，所以我會做這個。貨幣市場時間為 5 點 25 分。從 7 月 1 日開始，我們現在的匯率為 4 月 25 日。因此我們在那裡降低了 100 個基點。我想說，這對於我們的其他產品來說也非常相似。

Okay. And the loan-to-deposit ratio ticked down a little bit in the second quarter. It's now at kind of a mid-90% range. Is there a goal that you would like to see that ratio at? Are you actively trying to get that ratio lower?

好的。第二季度貸存比略有下降。現在處於 90% 的中間範圍。您希望看到該比率達到一個目標嗎？您是否正在積極嘗試降低該比率？

This -- Brady, we don't have a goal around that. We're mindful that we have to fund our loans with deposits and our securities portfolio. We think it's useful to look at both loans and securities portfolios because they both have to be funded in a similar fashion. We are mindful that we don't want that ratio to get too high. We're not uncomfortable with where it is, and our outlook and our ability to gather deposits doesn't give us any concern that we're going to be overly constrained by our loan-to-deposit ratio. We're not going to get -- let it get wildly out of round. But right now, we're very comfortable with how it's positioned.

這——布雷迪，我們對此沒有目標。我們注意到，我們必須用存款和證券投資組合來為貸款提供資金。我們認為同時關注貸款和證券投資組合是有用的，因為它們都必須以類似的方式提供資金。我們注意到我們不希望這個比率變得太高。我們對目前的情況並不感到不舒服，我們的前景和吸收存款的能力並不讓我們擔心我們會受到貸存比的過度限制。我們不會讓它變得非常不圓。但現在，我們對它的定位非常滿意。

And then finally for me, just an update on the share buyback. If you look at your common equity Tier 1, you're supposed to finish the year around 11.5%. That's a lot higher than your goal of 10% to 10.5%. Is there any update on the willingness to consider a share buyback, especially with the stock at 1 10 of tangible?

最後對我來說，只是關於股票回購的更新。如果你看看你的一級普通股，你今年結束時的回報率應該在 11.5% 左右。這比您 10% 到 10.5% 的目標高很多。關於考慮股票回購的意願是否有任何更新，特別是在有形股票價格為 1:10 的情況下？

Yes. I don't have any new information. We still have authorization to buy back stock. We believe that right now, capital provides a really nice degree of optionality. We think it's important to see how this economic environment plays out, and we'd like to be in a position with a strong capital base. We'll have plenty of opportunity to deploy it and capital repatriation, whether it's dividend and/or buyback. But in the meantime, we're going to use it to support our customers and look at opportunities to grow the balance sheet where appropriate.

是的。我沒有任何新信息。我們仍然有權回購股票。我們相信，目前資本提供了非常好的選擇餘地。我們認為重要的是要看看這種經濟環境如何發展，我們希望處於擁有強大資本基礎的地位。我們將有很多機會來部署它和資本回流，無論是股息和/還是回購。但與此同時，我們將利用它來支持我們的客戶，並在適當的情況下尋找擴大資產負債表的機會。

Our next question comes from Brody Preston from UBS.

我們的下一個問題來自瑞銀集團的布羅迪·普雷斯頓。

I just wanted to ask, it seems like the interest-bearing deposit growth was a little bit back half weighted when comparing the period end and the average. And so I just wanted to maybe ask on the spot rate of the interest-bearing deposit costs? Do you happen to have what that is at quarter end?

我只是想問一下，與期末和平均相比，計息存款增長似乎有點後半加權。所以我只是想問一下計息存款成本的即期利率？你碰巧有季末的東西嗎？

Yes. No doubt it was back half weighted. With the termination in early May, we started the program in the back half of May. Our spot rate at the end of the quarter would run in about 3 10 all in cost of deposits.

是的。毫無疑問，它是半加權的。隨著五月初的終止，我們在五月下旬開始了該計劃。到本季度末，我們的即期利率將在 3 10 左右運行（全部計入存款成本）。

Okay. Great. And then, Hope, just within the net interest income guide, I guess, how much of the -- I think you were just a little bit below the low end of the 2Q guide, but you maintained and I know you changed the forward curve outlook that you're using as it evolved. So I just wanted to kind of ask how much did the removal of the -- I think you had a couple of cuts -- a handful of cuts in the back half of the year kind of baked into the previous guidance. How much did the removal of those cuts add to the net interest income guidance?

好的。偉大的。然後，希望，就在淨利息收入指南內，我想，有多少——我認為你只比第二季度指南的低端低一點點，但你維持了，我知道你改變了你正在使用的遠期曲線前景。所以我只是想問一下，今年下半年的一些削減——我認為你們進行了幾次削減——在之前的指導中融入了多少。取消這些削減對淨利息收入指導增加了多少？

We did miss our guidance just slightly, and that's all on deposit growth. When we set up at Investor Day, on June 6, and everyone thought we were going to have deposit runoff, and we said, no, we're seeing deposit momentum. We didn't expect June to be a better month than May at that point. So we were really, really excited to see how strong June came in, which did give us higher beta and a little lower net interest margin. But I will mention the rate we're paying for deposits is paying off wholesale funding. So it is positive to our overall net interest margin over the horizon as we pay down wholesale funding as it matures and can continue to use client deposits as our primary way to fund our balance sheet.

我們確實稍微偏離了我們的指引，這都是關於存款增長的。當我們在 6 月 6 日投資者日成立時，每個人都認為我們會出現存款流失，但我們說，不，我們看到了存款勢頭。那時我們並不認為六月會比五月更好。因此，我們真的非常非常興奮地看到六月的強勁表現，這確實給我們帶來了更高的貝塔值和略低的淨息差。但我要提到的是，我們支付的存款利率正在償還批發資金。因此，這對我們未來的整體淨息差是積極的，因為我們在批發資金到期時支付批發資金，並且可以繼續使用客戶存款作為我們為資產負債表提供資金的主要方式。

When we look at the way the rate curve has moved, bringing a rate increase earlier in the year versus 2 decreases later in the year is very positive to our margins since we're asset sensitive, and it does help to offset the increased deposit rates we have. So I believe we're still in range with all 3 of those offsetting.

當我們觀察利率曲線的移動方式時，今年早些時候加息而不是今年晚些時候的兩次降息對我們的利潤率非常有利，因為我們對資產敏感，而且它確實有助於抵消我們增加的存款利率。所以我相信我們仍然在所有這三個抵消的範圍內。

Okay. And then I wanted to ask one just on the fixed rate loan portfolio. Do you happen to know what the dollar amount of fixed rate loans is that's repricing over the next 12 months? And do you know what the current yield on those loans that are repricing is?

好的。然後我想問一個關於固定利率貸款組合的問題。您是否知道未來 12 個月重新定價的固定利率貸款的金額是多少？您知道那些正在重新定價的貸款的當前收益率是多少嗎？

Brody, I don't know the yield on those. I can try to get them and have Investor Relations get that to you at the end of the day. I don't have that. But it is about $5 billion that we have repricing in the next 12 months.

布羅迪，我不知道這些的產量。我可以嘗試獲取它們，並讓投資者關係部門在當天結束時將其發送給您。我沒有那個。但我們將在未來 12 個月內重新定價約 50 億美元。

Okay. Great. And what are current origination yields? I'm sorry, if you mentioned that and I missed it.

好的。偉大的。目前的初始收益率是多少？如果你提到了這一點而我錯過了，我很抱歉。

Yes. We've seen our spreads significantly widen out to about 150 to 30 spreads -- 300 -- 150 to 300 is what we're seeing new originations at.

是的。我們已經看到我們的價差顯著擴大到大約 150 到 30 價差 - 300 - 150 到 300 是我們看到新的起源。

Got it. Okay. And then last one for me. Just within the AFS portfolio, do you happen to know what the effective duration is of that portfolio? And then I guess within that duration calculation, do you know what conditional prepayment rate you guys are using to come up with that duration?

知道了。好的。然後是我的最後一張。就在 AFS 投資組合中，您是否知道該投資組合的有效久期是多少？然後我想在這個持續時間計算中，你知道你們用什麼條件預付款率來計算這個持續時間嗎？

Yes. Our effective duration is 5.2, and then we assume a 5 prepayment rate.

是的。我們的有效期限是5.2，然後我們假設5的提前還款率。

Our next question is from Jared Shaw from Wells Fargo.

我們的下一個問題來自富國銀行的賈里德·肖。

This is actually Timur Braziler, filling in for Jared. Just a couple of questions here. The excess liquidity that was generated in the second quarter looks like it's sitting in cash right now. Just curious what the use of that liquidity is going to be? Are you going to pay down some borrowings of that? Is that going to go into the bond book? Any color we can get on that?

這實際上是蒂穆爾·巴西爾（Timur Braziler），接替賈里德（Jared）。這裡只有幾個問題。第二季度產生的過剩流動性現在看起來像是現金。只是好奇這些流動性的用途是什麼？你打算償還一些借款嗎？這會進入債券簿嗎？我們可以在上面塗上任何顏色嗎？

We plan to pay down our borrowings on that. We had laddered out our borrowings and the deposits came in a little bit quicker. So it wasn't intentional to have that much cash in the Fed. But as we -- FHLB matures, our debt, we will pay it off with that excess funds.

我們計劃以此償還借款。我們已經逐步償還了借款，存款的速度也快了一些。因此，在美聯儲持有這麼多現金並不是有意的。但當我們——FHLB 成熟時，我們的債務，我們將用多餘的資金來償還。

Okay. And then the -- it sounds like you're going to continue building liquidity throughout the rest of the year. Is that going to be the strategy there as well? Or could we see some additional layering into the bond book?

好的。然後，聽起來您將在今年剩餘時間內繼續增加流動性。這也是那裡的策略嗎？或者我們可以在債券簿中看到一些額外的層次嗎？

At this time, we have no intention of putting any additional securities on the books. Our intention is to improve our liquidity position, as you said, and as Bryan said earlier, use our strong capital position and liquidity we generate to be there for our clients and customers during this time and support our loan growth that we still -- we have moderating loan growth in the back half of the year, but still loan growth.

目前，我們無意將任何額外的證券記入賬簿。我們的目的是改善我們的流動性狀況，正如您所說，正如布萊恩早些時候所說，利用我們強大的資本狀況和我們產生的流動性，在這段時間為我們的客戶和客戶提供服務，並支持我們的貸款增長——我們在今年下半年的貸款增長有所放緩，但貸款仍在增長。

In fact, our expectation is that the securities portfolios because we're making very limited reinvestment that will continue to trend down.

事實上，我們的預期是，由於我們進行的再投資非常有限，因此證券投資組合將繼續呈下降趨勢。

Okay. That's helpful. And then maybe from a bigger picture standpoint, the deposit growth that you generated in the second quarter, can you just talk about kind of the geographic diversity there and that how that plays into the broader strategy as a stand-alone company, once again, is kind of the near-term strategy to further penetrate the IBERIA markets, kind of with a more broad product offering? Is it on working to gain market share in Tennessee, namely Nashville, kind of all of the above? Maybe just give a sense on how you're thinking about geographic strategy here.

好的。這很有幫助。然後，也許從更大的角度來看，您在第二季度產生的存款增長，您能否談談那裡的地理多樣性，以及作為一家獨立公司如何發揮更廣泛的戰略，再次，這是進一步滲透伊比利亞市場的近期戰略，有點是提供更廣泛的產品？是努力獲得田納西州（即納什維爾）的市場份額嗎？也許只是說明一下您是如何考慮這裡的地理戰略的。

Yes. The breakdown, if I recall the numbers, it was about 20% of the deposit growth was in the state of Tennessee and 80% was out. And so it was fairly broad-based and diverse. We think that as we look at the next several quarters, realizing the benefits of the promise of the IBERIABANK, First Horizon merger of equals, we think we have a great opportunity to continue to grow out our presence in these very attractive higher-growth markets that we're in all across the South. And one of the areas of emphasis for us will be in the coming quarters will be how we continue to build out that retail presence and retail focus, and what would been the legacy IBERIABANK market. So we see there being a huge opportunity for us to capitalize on a unique business model and value proposition for our customers at the same time, drive attractive deposit growth and the ability to serve our customers more broadly in these higher-growth markets.

是的。如果我還記得這些數字的話，細分來看，大約 20% 的存款增長來自田納西州，80% 則被排除在外。因此它的基礎相當廣泛且多樣化。我們認為，當我們展望未來幾個季度，認識到伊比利亞銀行、First Horizo​​n 對等合併的承諾所帶來的好處時，我們認為我們有很好的機會繼續擴大我們在整個南方這些非常有吸引力的高增長市場的影響力。我們未來幾個季度的重點領域之一將是如何繼續擴大零售業務和零售重點，以及傳統的 IBERIABANK 市場。因此，我們認為，我們有一個巨大的機會，可以同時為客戶利用獨特的業務模式和價值主張，推動有吸引力的存款增長，並有能力在這些高增長市場中更廣泛地為客戶提供服務。

Our next question comes from Steven Alexopoulos from JPMorgan.

我們的下一個問題來自摩根大通的史蒂文·阿萊克索普洛斯。

This is Anthony Elian, on for Steve. My first question, at Investor Day last month, you indicated that you were able to retain nearly 90% of associates through the first quarter of this year, while waiting for the TD deal to move forward. What did banker retention look like in the second quarter and since Investor Day? And are there any notable changes from the retention statistics you provided at Investor Day?

我是安東尼·埃利安，替史蒂夫發言。我的第一個問題是，在上個月的投資者日上，你們表示，你們在今年第一季度留住了近 90% 的員工，同時等待道明交易的進展。第二季度和投資者日以來銀行家的保留情況如何？與您在投資者日提供的保留統計數據相比，有什麼顯著變化嗎？

No. No notable changes. Our banker and client retention have continued to be very, very good. And we're encouraged with the excitement and enthusiasm we see in both groups, our associates, our bankers as well as our clients. So our retention has been good. And I would -- I haven't seen the final numbers, but my estimate would be that it's probably improved from what you saw in the first quarter.

沒有。沒有顯著變化。我們的銀行家和客戶保留率仍然非常非常好。我們在兩個團隊、我們的同事、我們的銀行家以及我們的客戶中看到的興奮和熱情讓我們深受鼓舞。所以我們的保留率很好。我想——我還沒有看到最終的數字，但我的估計是，它可能比你在第一季度看到的有所改善。

Okay. And then on the deposit gathering promotion, I guess from a high level, why did you feel like you needed to be aggressive with engaging in deposit gathering promotions, not just from existing clients, but also from new-to-bank clients?

好的。然後，關於存款收集促銷活動，我想從較高的層面來看，您為什麼覺得需要積極參與存款收集促銷活動，不僅針對現有客戶，還針對新銀行客戶？

Well, a couple of thoughts. Clearly, we had maybe one of the more unique situations in mid-April with the termination -- mid-May with the termination of the merger. And we wanted to do a couple of things. One, that was a period where there was an awful lot in play, and we all know that the deposit base in the U.S. has been volatile in contracting. So one, we wanted to be very well positioned to not only to protect the home field, but to be aggressive and front-footed in terms of demonstrating our commitment to the markets that we serve. It was a great opportunity to get our bankers on the phone talking to customers, having a positive conversation about First Horizon, how we're positioned, what we're looking to do over the foreseeable future, and how we continue to be committed to serving them and their needs.

好吧，有幾個想法。顯然，我們在四月中旬終止合併時可能遇到了更獨特的情況之一——五月中旬合併終止。我們想做幾件事。第一，那是一個發生了很多事情的時期，我們都知道美國的存款基礎在收縮過程中一直不穩定。因此，我們希望處於有利位置，不僅要保護主場，而且要積極進取、搶先一步，展示我們對所服務市場的承諾。這是一個很好的機會，讓我們的銀行家通過電話與客戶交談，就 First Horizo​​n、我們的定位、我們在可預見的未來希望做什麼以及我們如何繼續致力於服務他們及其需求進行積極的對話。

And then thirdly, Hope mentioned wholesale funds and sort of the alternative of wholesale funds, even at the same cost, you certainly get a relationship benefit when you deal with a client versus a Federal Home Loan Bank borrowing. So we looked at it and said it was an appropriate period to say, we're going to reset, we're going to draw a line under the termination of the merger. We're going to get very front-footed. We're going to demonstrate our commitments to customers, our marketplace and our commitment to delivering on the value of the First Horizon model.

第三，霍普提到批發基金和批發基金的替代方案，即使成本相同，當您與客戶打交道而不是聯邦住房貸款銀行借款時，您肯定會獲得關係利益。因此，我們研究了這個問題，並表示現在是一個合適的時期，我們將進行重置，我們將在合併終止下劃清界限。我們將會變得非常搶先。我們將展示我們對客戶、市場的承諾以及我們對實現 First Horizo​​n 模型價值的承諾。

Okay. And my last question of the $5.8 billion deposits you added in the second quarter from the campaign, how much would you say is sticky? And how does this break down into the $3.5 billion from new clients and the $2.3 billion deposits from existing clients?

好的。我的最後一個問題是，您在第二季度通過競選活動增加了 58 億美元存款，您認為有多少是粘性存款？這如何分解為新客戶的 35 億美元和現有客戶的 23 億美元存款？

New-to-bank clients, we saw 80% of that in consumer and 20% of that in commercial. And on the deepening relationships, it was 51% consumer, 49% commercial. We see every one of these as an opportunity to introduce new clients to the First Horizon franchise. And so now that we have a deposit relationship with them, we're calling on them and trying to deepen relationships in other spaces. So we're hoping that the majority of these will be sticky. We're not seeing them as transitional deposits. We're reaching out to these clients and trying to build relationships with every single one of them. We have 4% more clients this quarter than we had before, and we see that as an opportunity to continue to grow relationships with them and create more profitability.

對於銀行新客戶，我們看到 80% 是消費者客戶，20% 是商業客戶。在加深關係方面，51% 是消費者，49% 是商業。我們將每一個都視為向新客戶介紹 First Horizo​​n 特許經營權的機會。因此，現在我們與他們建立了存款關係，我們正在呼籲他們並嘗試加深其他領域的關係。所以我們希望其中的大部分都是有粘性的。我們不認為它們是過渡性存款。我們正在與這些客戶接觸，並努力與他們中的每一位客戶建立關係。本季度我們的客戶數量比之前增加了 4%，我們認為這是一個繼續發展與他們的關係並創造更多盈利能力的機會。

Yes. It's the real opportunity, in our view, which is we recognize that you attract customers and new customers in any deposit campaign principally with rate, but it is an opportunity to demonstrate our commitment to service and deepening. And if you look at the deposit growth we had with our existing customer base, roughly $2.3 billion, $2.4 billion, my recollection is right, something like 60% of that was with our primary customer base, 58%, something like that.

是的。在我們看來，這是真正的機會，我們認識到您在任何存款活動中主要通過利率吸引客戶和新客戶，但這是一個展示我們對服務和深化承諾的機會。如果你看看我們現有客戶群的存款增長，大約 23 億美元、24 億美元，我的記憶是對的，其中 60% 是我們的主要客戶群，58% 之類的。

So what we want to do is take the opportunity. We have a lock-in period here, and we'll take the opportunity to deepen the relationship, roll on the relationship with these customers. The new customers, the 32,000, if I remember the numbers right, it was about 23,000, 24,000 were retail and about 6,000-plus were -- 6,500 were commercial. So that's a great opportunity for us to broaden relationship, and we have said about doing that, and I expect that we'll have very good results with it.

所以我們要做的就是抓住機會。我們這裡有一個鎖定期，我們將藉此機會加深關係，發展與這些客戶的關係。新客戶，即 32,000 名，如果我沒記錯的話，大約是 23,000 名，其中 24,000 名是零售客戶，大約 6,000 多名——6,500 名是商業客戶。因此，這對我們來說是擴大關係的絕佳機會，我們已經說過要這樣做，我希望我們能取得很好的成果。

(Operator Instructions) Our next question is from Christopher Marinac from Janney Montgomery Scott.

（操作員說明）我們的下一個問題來自 Janney Montgomery Scott 的 Christopher Marinac。

I had a credit question for you or for Susan. Just about the migration of just downgrades on whether special mention or substandard, however, you look at it and how you think that may play out in the quarters ahead.

我有一個信用問題要問你或蘇珊。然而，關於是否特別提及或不合格的降級遷移，您會看到它以及您認為這在未來幾個季度可能會如何發揮作用。

Thanks, Chris. We had a little bit of additional downwards into non-pass, but it was very moderate and it's something that we typically do see. As you know, in second quarter, we're getting year-end financials in from clients. We're still very, very pleased with the overall asset quality for the portfolio. So in terms of total classified (inaudible) 1.7% at the end of the quarter and nonaccruals at 0.7%, as Hope pointed out, we actually had a decrease in our nonaccrual loan balances.

謝謝，克里斯。我們有一點額外的向下進入不及格，但這是非常溫和的，這是我們通常會看到的。如您所知，在第二季度，我們將從客戶那裡收到年終財務數據。我們對投資組合的整體資產質量仍然非常非常滿意。因此，正如霍普指出的那樣，就季度末分類總額（聽不清）1.7%和非應計貸款餘額0.7%而言，我們的非應計貸款餘額實際上有所減少。

So obviously, we're watching it carefully with what's going on in the economy, rising interest rates. But as we talk to our bankers and clients, there's -- we feel like that, in many cases, borrowers are getting used to this environment. They're adjusting businesses are being able to pass along increases in prices. So again, we believe we're well positioned, but we're watching it carefully and doing the appropriate servicing and monitoring that we need to do and continue to be diligent in initial underwriting as well.

顯然，我們正在仔細觀察經濟形勢和利率上升。但當我們與銀行家和客戶交談時，我們感覺，在很多情況下，借款人正在習慣這種環境。他們正在調整企業，以便能夠轉嫁價格上漲。因此，我們再次相信我們處於有利位置，但我們正在仔細觀察並進行我們需要做的適當服務和監控，並繼續在初始承保中勤奮工作。

It's kind of interesting when you talk to our bankers and the customers, Chris, this expected recession that's always 6 months off and just continues to roll. It still feels like customers, borrowers are in a pretty good place. And as Susan said that they've adjusted very well to higher rates and the changing dynamics around inflation. And we're -- as you said, paying an awful lot of attention to grading and understanding how our borrowers are doing. But at the end of the day, things still feel relatively good at this point.

克里斯，當你與我們的銀行家和客戶交談時，這很有趣，這種預期的經濟衰退總是會持續 6 個月，而且還會繼續發生。仍然感覺客戶、借款人處於一個相當好的境地。正如蘇珊所說，他們已經很好地適應了更高的利率和不斷變化的通脹動態。正如您所說，我們非常重視評級和了解借款人的行為。但歸根結底，目前情況仍然感覺相對較好。

Great. And Susan, would there be any possible reserve release if the unfunded commitments come down? Is that a possibility?

偉大的。蘇珊，如果沒有資金的承諾減少，是否有可能釋放儲備金？有這種可能嗎？

One thing, obviously, we have to reevaluate it every quarter, Chris, in terms of looking at what growth we've had in balances and unfunded things like what's going on in the economy. At this point, I feel like the reserve is where it needs to be based on what we know today, and we'll gauge that. Obviously, if there are opportunities to release, we take a look at that just like we look at changing economic conditions when either there's growth or there's deterioration in the economy.

克里斯，顯然，我們必須每個季度重新評估一件事，看看我們的餘額增長情況和無資金的事情（例如經濟狀況）。在這一點上，我覺得根據我們今天所知道的情況，儲備金是需要的，我們將對此進行評估。顯然，如果有機會釋放，我們就會關注它，就像我們在經濟增長或惡化時關注經濟狀況的變化一樣。

We have no further questions registered. I will hand back to the management team for final remarks.

我們沒有登記任何其他問題。我將把最後的意見交還給管理團隊。

Thank you, Carla. We appreciate everybody joining us on what we know is a busy morning. Thank you for taking time. We appreciate your interest in our company. If you have any follow-up questions or if you need additional information, please reach out to any of us or Natalie Flanders today, and we will get you additional information.

謝謝你，卡拉。我們感謝大家在我們知道這個忙碌的早晨加入我們。感謝您抽出時間。我們感謝您對我們公司的興趣。如果您有任何後續問題或需要更多信息，請立即聯繫我們或 Natalie Flanders，我們將為您提供更多信息。

Thanks. I hope you all have a great day.

謝謝。我希望你們都有美好的一天。

This concludes today's call. Thank you for joining. If you have missed any part of the call or would like to hear it again, the telephone replay will be available shortly. Have a lovely day.

今天的電話會議到此結束。感謝您的加入。如果您錯過了通話的任何部分或想再次收聽，很快就會提供電話重播。祝你愉快。