FNB Corp (FNB) 2023 Q1 法說會逐字稿

Good morning, and welcome to the F.N.B. Corporation First Quarter 2023 Earnings Call. (Operator Instructions). Please note this event is being recorded. I would now like to turn the conference over to Lisa Heidi, Manager of Investor Relations. Please go ahead.

早上好，歡迎來到 F.N.B.公司 2023 年第一季度收益電話會議。 （操作員說明）。請注意正在記錄此事件。我現在想將會議轉交給投資者關係經理 Lisa Heidi。請繼續。

Thank you. Good morning, and welcome to our earnings call. This conference call of F.N.B. Corporation and the reported files with Securities and Exchange Commission often contain forward-looking statements and non-GAAP financial measures. Non-GAAP financial measures should be viewed in addition to and not in an alternative for our reported results prepared in accordance with GAAP.

謝謝。早上好，歡迎來到我們的財報電話會議。 F.N.B. 的這次電話會議。公司和提交給證券交易委員會的報告文件通常包含前瞻性陳述和非 GAAP 財務措施。非 GAAP 財務指標應被視為我們根據 GAAP 編制的報告結果的補充，而不是替代。

Reconciliations of GAAP to non-GAAP operating measures to the most directly comparable GAAP financial measures are included in our presentation materials and in our earnings release. Please refer to these non-GAAP and forward-looking statement disclosures contained in our related materials, reports and registration statements filed with the Securities and Exchange Commission and available on our corporate website.

GAAP 與非 GAAP 運營措施與最直接可比的 GAAP 財務措施的對賬包含在我們的演示材料和我們的收益發布中。請參閱我們向美國證券交易委員會提交的相關材料、報告和註冊聲明中包含的這些非 GAAP 和前瞻性聲明披露，並可在我們的公司網站上查閱。

A replay of this call will be available until Friday, April 29, and the webcast link will be posted under the About Us, Investor Relations section of our corporate website.

此電話會議的重播將持續到 4 月 29 日星期五，網絡廣播鏈接將發佈在我們公司網站的“關於我們”、“投資者關係”部分下。

I will now turn the call over to Vince Delie, Chairman, President and CEO.

我現在將電話轉交給董事長、總裁兼首席執行官 Vince Delie。

Thank you, and welcome to our first quarter earnings call. Joining me today are Vince Calabrese, our Chief Financial Officer; and Gary Guerrieri, our Chief Credit Officer. FNB reported first quarter net income available to common stockholders of $144.5 million or $0.40 per diluted common share. On an operating basis, EPS grew 54% over the first quarter of 2022. Operating pre-provision net revenue increased 68% from the year ago quarter, as we managed a positive operating leverage of 21%. The overall success of FNB's financial performance was due to the consistent execution of our previously stated strategic initiatives.

謝謝，歡迎來到我們的第一季度財報電話會議。今天加入我的是我們的首席財務官 Vince Calabrese；和我們的首席信貸官 Gary Guerrieri。 FNB 報告第一季度普通股股東可獲得的淨收入為 1.445 億美元或每股稀釋普通股 0.40 美元。在運營基礎上，EPS 比 2022 年第一季度增長了 54%。由於我們管理著 21% 的正運營槓桿，運營撥備前淨收入比去年同期增長了 68%。 FNB 財務業績的全面成功歸功於我們之前所述戰略舉措的一貫執行。

For example, we set out to diversify income and rely on various sources to maintain performance. This quarter, FNB reported record wealth management revenue of $18 million on a linked-quarter basis, contributing to our stable noninterest income. We also strive to be our customers' primary operating. And through our deep customer relationships and granular deposit base, we were able to maintain stable average deposit balances.

例如，我們著手實現收入多元化，並依靠各種來源來維持業績。本季度，FNB 報告的財富管理收入環比達到創紀錄的 1800 萬美元，為我們穩定的非利息收入做出了貢獻。我們還努力成為我們客戶的主要運營商。通過我們深厚的客戶關係和精細的存款基礎，我們能夠保持穩定的平均存款餘額。

Our philosophy of maintaining consistent and prudent underwriting standards regardless of the macroeconomic environment contributed to FNB growing average loans 3.6% to quarter without compromising on asset quality. The first quarter also had positive momentum on several key performance metrics, including return on tangible common equity of 20%, return on average assets of 1.4%, and a tangible common equity ratio of 7.5%, one of the highest levels in company history.

無論宏觀經濟環境如何，我們保持一致和審慎的承銷標準的理念有助於 FNB 在不影響資產質量的情況下將平均貸款增長 3.6%。第一季度在幾個關鍵績效指標上也取得了積極的勢頭，包括 20% 的有形普通股回報率、1.4% 的平均資產回報率以及 7.5% 的有形普通股權益比率，這是公司歷史上的最高水平之一。

We are pleased with this quarter's results and believe it validates the aforementioned execution of our strategy, especially our conservative and diligent balance sheet management with ample capital liquidity to withstand the diversity of the industry in a more challenging economic environment.

我們對本季度的業績感到滿意，並相信它驗證了我們上述戰略的執行，尤其是我們保守和勤奮的資產負債表管理以及充足的資本流動性，以在更具挑戰性的經濟環境中承受行業的多樣性。

The recent bank failures, however, idiosyncratic in nature, have placed a spotlight on the importance of liquidity and maintaining a diversified new granular deposits, conservative and prudent balance sheet management, solid capital levels and sound risk management policies and governance.

然而，最近的銀行倒閉，本質上是特殊的，突出了流動性和維持多元化新顆粒存款、保守和審慎的資產負債表管理、穩健的資本水平以及健全的風險管理政策和治理的重要性。

These practices have always been integral to FNB's long-term strategy and are ingrained in our enterprise risk management program, which includes regular liquidity stress test analysis, capital stress testing, CECL reserve model analysis and diligent proactive credit model.

這些做法一直是 FNB 長期戰略不可或缺的一部分，並根植於我們的企業風險管理計劃中，其中包括定期流動性壓力測試分析、資本壓力測試、CECL 準備金模型分析和勤奮主動的信貸模型。

As I previously mentioned on multiple calls, we foster close relationships with our customers and remain focused on being their primary operating bank. In addition to prioritizing high-touch service, we have made strategic investments in our digital technology treasury management platform, containment solution capabilities, which enables our customer privacy.

正如我之前在多個電話中提到的那樣，我們與客戶建立了密切的關係，並繼續專注於成為他們的主要運營銀行。除了優先考慮高接觸服務外，我們還對我們的數字技術資金管理平台、遏制解決方案功能進行了戰略投資，以保護我們的客戶隱私。

The first quarter deposit levels through the industry disruption are a testament to the success of our focus on growing client relationships with deposits ending the quarter at $34.2 billion, a slight decline of 1.7% from the prior quarter, outperforming the H8 deposit data for small and large banks.

通過行業中斷的第一季度存款水平證明了我們成功地專注於發展客戶關係，本季度末的存款為 342 億美元，比上一季度略微下降 1.7%，優於 H8 的小額存款數據和大銀行。

Between March 8, when the industry volatility began in quarter end, our deposit balances were essentially flat, declining 0.7%, primarily due to seasonal outflows from normal wholesale and retail customer activity. Another strength is the diversity of our deposit base throughout the different customer segments with consumer account balances comprising the largest segment of total deposits at 41%.

從 3 月 8 日開始，當季度末行業開始波動時，我們的存款餘額基本持平，下降 0.7%，這主要是由於正常批發和零售客戶活動的季節性資金流出。另一個優勢是我們在不同客戶群中存款基礎的多樣性，其中消費者賬戶餘額佔總存款的最大部分，佔 41%。

The consumer segment is comprised of approximately 1 million accounts with a median consumer deposit balance at quarter end around $5,000. Additionally, since March 8, we experienced a net increase in the number of accounts across all customer segments, positioning FNB as a benefactor as deposit inflows are restored to normal levels and customers diversified funds between banks.

消費者部分由大約 100 萬個賬戶組成，季度末消費者存款餘額中位數約為 5,000 美元。此外，自 3 月 8 日以來，我們所有客戶群的賬戶數量均出現淨增長，隨著存款流入恢復到正常水平以及客戶在銀行之間分散資金，將 FNB 定位為受益者。

Because of the granularity in our deposit base, FNB ended the quarter with approximately 76% of deposits, either insured by the FDIC or collateralized, which exceeds the peer median for the 50 banks in the KRX Bank invested year-end.

由於我們存款基礎的粒度，FNB 在本季度結束時約有 76% 的存款由 FDIC 擔保或抵押，超過了 KRX 銀行年末投資的 50 家銀行的同行中位數。

If necessary, we also have available liquidity to fund up to 170% of our uninsured and non-collateralized deposit balances, as of March 31, placing FNB in a very strong liquidity position. FNB's investment portfolio philosophy is also conservative by nature with respect to duration and risk. We managed to an average duration of between 3 to 5 years and have historically maintained a fairly even split between available for sale and held to maturity.

如有必要，截至 3 月 31 日，我們還有可用的流動性來為高達 170% 的無保險和無抵押存款餘額提供資金，從而使 FNB 處於非常強勁的流動性狀況。 FNB 的投資組合理念在期限和風險方面本質上也是保守的。我們設法將平均久期控制在 3 至 5 年之間，並且歷來在可供出售和持有至到期之間保持相當平均的分配。

At the onset of the current banking industry disruption, FNB management activated our contingency funding plan. Our team's response was swift in working diligently over the weekend to ensure that our Board of Directors (inaudible), employees were reassured of our stability and customer-facing personnel began proactive client outreach with talking points regarding the strength of our balance sheet, including FNB's capital and liquidity position on a relative and outright basis.

在當前銀行業中斷之初，FNB 管理層啟動了我們的應急資金計劃。我們的團隊反應迅速，週末勤奮工作，以確保我們的董事會（聽不清）、員工對我們的穩定性感到放心，面向客戶的人員開始積極主動地與客戶聯繫，討論我們資產負債表的實力，包括 FNB 的相對和直接的資本和流動性頭寸。

In addition, we bolstered our liquidity position by increasing cash on the balance sheet by nearly $1 billion. Through the financial crisis, pandemic and now the banking industry disruption, FNB has earned our customers' trust, and we promised to uphold that trust as we have positioned the company to outperform the industry in a wide array of potential economic and industry scenarios.

此外，我們通過將資產負債表上的現金增加近 10 億美元來增強我們的流動性狀況。通過金融危機、流行病和現在的銀行業中斷，FNB 贏得了客戶的信任，我們承諾將維護這種信任，因為我們已將公司定位為在廣泛的潛在經濟和行業情景中超越行業。

Credit continues to remain as one of our strengths. I'm very pleased to once again report a solid credit position with low delinquency at 60 basis. I will now turn the call over to Gary to give more details on our asset quality and our consistent management of credit risk. Gary?

信用仍然是我們的優勢之一。我很高興再次報告可靠的信用狀況，拖欠率為 60 個基點。我現在將電話轉給加里，詳細介紹我們的資產質量和我們對信用風險的一貫管理。加里？

Thank you, Vince, and good morning, everyone. We ended the quarter with our credit portfolio well positioned, and our asset quality metrics remaining near historically low levels. Our performance for the period reflects total delinquency that ended the quarter at 60 basis points, NPLs and OREO at 38 basis points and net charge-offs at 18 basis points.

謝謝你，文斯，大家早上好。本季度末，我們的信貸組合定位良好，資產質量指標保持在歷史低位附近。我們在此期間的表現反映了本季度末的總拖欠率 60 個基點，不良貸款和奧利奧的拖欠率為 38 個基點，淨註銷為 18 個基點。

Criticized loans were up moderately at 19 basis points quarter-over-quarter, although down 55 basis points year-over-year and still at historically low levels. I will cover these GAAP asset quality highlights for the quarter in more detail, followed by some insight into our credit strategy we used to manage the loan portfolio throughout economic cycles.

受批評貸款環比溫和上升 19 個基點，但同比下降 55 個基點，仍處於歷史低位。我將更詳細地介紹本季度的這些 GAAP 資產質量亮點，然後深入了解我們在整個經濟周期中用於管理貸款組合的信貸策略。

Let's now walk through our credit results. Total delinquency declined 11 basis points in the quarter, maintaining the historically low delinquency levels seen in previous quarters. NPLs and OREO were down 1 basis point compared to the prior quarter with 55% of our NPLs in a contractually current payment status.

現在讓我們來看看我們的信用結果。本季度總拖欠率下降了 11 個基點，保持了前幾個季度的歷史低拖欠率水平。與上一季度相比，不良貸款和奧利奧下降了 1 個基點，我們 55% 的不良貸款處於合同規定的當前付款狀態。

Net charge-offs for the quarter totaled $13.2 million or 18 basis points on an annualized basis, with 11 basis points reflecting the use of previously established specific reserves. Total provision expense for the quarter stood at $14.9 million, providing for loan growth and charge-offs that did not have a previously established specific reserves.

本季度的淨註銷總額為 1320 萬美元或年化 18 個基點，其中 11 個基點反映了先前建立的特定儲備金的使用情況。本季度的總撥備費用為 1490 萬美元，用於貸款增長和之前沒有建立特定準備金的沖銷。

CECL-related model builds were moderate at approximately $4 million. Our ending funded reserve increased $1.7 million in the quarter and stands at $403 million, or a solid 1.32% of loans, reflecting our strong position relative to our peers. When including acquired unamortized loan discounts, our reserve stands at 1.49%, and our NPL coverage position remains strong at 356%.

與 CECL 相關的模型建造價格適中，約為 400 萬美元。我們的期末資金準備金在本季度增加了 170 萬美元，達到 4.03 億美元，佔貸款的 1.32%，反映了我們相對於同行的強勢地位。當包括收購的未攤銷貸款折扣時，我們的準備金為 1.49%，我們的不良貸款覆蓋率保持在 356% 的強勁水平。

We remain steadfast in our approach to consistent underwriting and managing credit risk to maintain a balanced well-positioned portfolio throughout economic cycles. We proactively review and stress test portfolios on an ongoing basis, including in the current quarter where we performed an in-depth review of commercial real estate loans maturing in 2023 and '24.

我們始終堅定不移地採用一致的承保和管理信用風險的方法，以在整個經濟周期中保持平衡、定位良好的投資組合。我們持續主動審查和壓力測試投資組合，包括在本季度，我們對 2023 年和 24 年到期的商業房地產貸款進行了深入審查。

We were pleased with the outcome of that exercise and did not have any risk rating changes, which was not unexpected as we maintain a diversified commercial real estate portfolio backed by strong sponsors and low LTVs. Regarding the office portfolio, delinquency remains very low at 27 basis points and criticized loans are below 10%.

我們對這次活動的結果感到滿意，並且沒有任何風險評級變化，這並不意外，因為我們維持著由強大的讚助商和低 LTV 支持的多元化商業房地產投資組合。關於寫字樓組合，拖欠率仍然很低，為 27 個基點，受到批評的貸款低於 10%。

Our top 25 office exposures averaged $28 million and 43% of the loans are less than $5 million. We have and will continue to aggressively manage this portfolio on a loan-by-loan basis as part of the in-depth reviews we regularly perform.

我們排名前 25 位的寫字樓風險敞口平均為 2800 萬美元，43% 的貸款低於 500 萬美元。作為我們定期進行的深入審查的一部分，我們已經並將繼續在逐筆貸款的基礎上積極管理該投資組合。

In closing, we had a successful quarter marked by the strength and favorable positioning of our credit portfolio as we continue to generate diversified loan growth in attractive markets. We closely monitor macroeconomic trends and the individual markets in our footprint, and we'll continue to manage risk proactively and aggressively as part of our core credit philosophy, which has served us well in softer economic times.

最後，隨著我們繼續在有吸引力的市場中產生多樣化的貸款增長，我們有一個成功的季度，其標誌是我們的信貸組合的實力和有利定位。我們將密切關注宏觀經濟趨勢和我們足跡中的各個市場，我們將繼續積極主動地管理風險，作為我們核心信貸理念的一部分，這在經濟疲軟時期為我們提供了良好的服務。

I will now turn the call over to Vince Calabrese, our Chief Financial Officer, for his remarks.

我現在將電話轉給我們的首席財務官 Vince Calabrese，請他發表評論。

Thanks, Gary. Good morning, everyone. Today, I will focus on the first quarter's financial results, provide some color on our balance sheet management activities during the banking disruption in March and offer guidance updates for the remainder of 2023.

謝謝，加里。大家，早安。今天，我將重點關注第一季度的財務業績，為 3 月份銀行業務中斷期間的資產負債表管理活動提供一些色彩，並提供 2023 年剩餘時間的指導更新。

First quarter net income available to common shareholders totaled $144.5 million or $0.40 per share, with record revenue contributions, seasonally higher expenses and continued solid asset quality performance. Total earning assets reached an all-time high, ending the quarter at $39.3 billion with a $352 million quarterly increase driven by loans and leases growing $418 million or 5.6% annualized.

第一季度普通股股東可獲得的淨收入總計 1.445 億美元或每股 0.40 美元，收入貢獻創歷史新高，支出季節性增加，資產質量表現持續穩健。總盈利資產達到歷史最高水平，本季度末達到 393 億美元，在貸款和租賃增長 4.18 億美元或年化 5.6% 的推動下，季度增長 3.52 億美元。

Commercial loans increased $222 million or 4.7% annualized driven by the continued success of our strategy to grow high-quality loans across a diverse geographic footprint. While commercial production was slightly lighter than the fourth quarter, reflecting normal seasonality, attrition approved, and loan pipeline increased sequentially after the robust loan production last quarter.

商業貸款增加了 2.22 億美元或年化 4.7%，這得益於我們在不同地域範圍內增加優質貸款的戰略的持續成功。雖然商業生產略低於第四季度，反映了正常的季節性，但在上個季度強勁的貸款生產之後，批准的減員和貸款渠道環比增加。

Consumer loans increased $196 million linked quarter or 7.3% annualized as growth in residential mortgages of $292 million was partially offset by decreases in average direct home equity installment loan balances, consumer lines of credit and indirect auto loans.

由於住宅抵押貸款增長 2.92 億美元被平均直接房屋淨值分期貸款餘額、消費者信貸額度和間接汽車貸款的減少部分抵消，消費者貸款環比增長 1.96 億美元，年化增長率為 7.3%。

Given the high-rate environment, organic growth in residential mortgage reflects customers' continued preference for adjustable rate mortgages as well as the continued success of our physicians first mortgage program, both of which we currently keep in portfolio.

鑑於高利率環境，住宅抵押貸款的有機增長反映了客戶對可調利率抵押貸款的持續偏好以及我們的醫生首次抵押貸款計劃的持續成功，我們目前將這兩項計劃保留在投資組合中。

Investment portfolio remained stable at $7.3 billion, with 46% classified as available for sale. When including the fair value marks in our AFS and HTM portfolios, our CET1 ratio is above the peer median calculated on the same basis, and we remain well capitalized.

投資組合保持穩定在 73 億美元，其中 46% 被歸類為可供出售。當我們的 AFS 和 HTM 投資組合中包含公允價值標記時，我們的 CET1 比率高於按相同基礎計算的同行中值，並且我們的資本充足。

Duration of our securities portfolio at March 31 is 4.5 years, and inclusive of our cash position is 3.9 years. Total deposits ended the quarter at $34.2 billion, decrease of $580 million linked quarter or 1.7% partly due to normal first quarter seasonality. In fact, since March 8, audits were relatively flat with a slight 0.7% decline due to normal outflows from wholesale and retail customer activity.

截至 3 月 31 日，我們證券投資組合的期限為 4.5 年，包括我們的現金頭寸在內為 3.9 年。本季度末存款總額為 342 億美元，環比減少 5.8 億美元或 1.7%，部分原因是第一季度的正常季節性。事實上，自 3 月 8 日以來，由於批發和零售客戶活動的正常流出，審計相對持平，略微下降 0.7%。

Vince mentioned earlier, our median consumer deposit balance was $5,000 at the end of March. And looking at the total deposit portfolio, our average account balance is approximately $30,000 which is well below Silicon Valley Bank's average of $1.1 million and Signature Bank's $508,000. We are also lower than our peer median as of year-end.

文斯之前提到，我們 3 月底的消費者存款餘額中值為 5,000 美元。從總存款組合來看，我們的平均賬戶餘額約為 30,000 美元，遠低於 Silicon Valley Bank 的平均 110 萬美元和 Signature Bank 的 508,000 美元。截至年底，我們也低於同行的中位數。

The deposit mix did shift this quarter, with time deposits increasing $1.1 billion as customers move funds out of money market accounts to take advantage of higher CD rates. As of March 31, our mix of noninterest-bearing deposits remained strong and 33% of total deposits, down slightly from 34% at year-end. The loan-to-deposit ratio remained at a comfortable level, ending the quarter below 90%.

本季度存款組合確實發生了變化，隨著客戶將資金從貨幣市場賬戶中轉移出來以利用更高的 CD 利率，定期存款增加了 11 億美元。截至 3 月 31 日，我們的無息存款組合依然強勁，佔總存款的 33%，略低於年底的 34%。貸存比率保持在一個舒適的水平，本季度結束時低於 90%。

In light of the banking industry disruption, we decided to bolster our on-balance sheet liquidity position by increasing short- and long-term borrowings by about $1 billion in the aggregate, bringing our excess cash position to $1.3 billion at quarter end.

鑑於銀行業的中斷，我們決定通過增加短期和長期借款總額約 10 億美元來加強我們的資產負債表內流動性頭寸，使我們的過剩現金頭寸在季度末達到 13 億美元。

Looking at the income statement, record quarterly revenue of $416 million was driven by net interest income totaling $337 million, a linked quarter increase of $1.8 million or 0.5%. The net interest margin expanded 3 basis points as the earning asset yield increased 39 basis points with loan yields up 42 basis points while the cost of funds increased 38 basis points.

從損益表來看，淨利息收入總計 3.37 億美元推動創紀錄的季度收入達到 4.16 億美元，環比增長 180 萬美元或 0.5%。由於盈利資產收益率上升 39 個基點，貸款收益率上升 42 個基點，而資金成本上升 38 個基點，淨息差擴大了 3 個基點。

Managing deposit costs in this rate environment continues to be a significant focus. Spot interest-bearing deposit costs ended the quarter at 171 with the quarterly average coming in at 150 reflecting the ongoing diligent work by our team. Total cumulative deposit betas ended the quarter at 21.8% within our prior guidance of 22%.

在這種利率環境下管理存款成本仍然是一個重要的焦點。本季度即期計息存款成本為 171，季度平均值為 150，反映了我們團隊正在進行的辛勤工作。本季度末累計存款貝塔總額為 21.8%，處於我們先前 22% 的指導範圍內。

Turning to noninterest income and expense. Noninterest income totaled $79.4 million, a slight decrease of 1.5% in the fourth quarter of last year. Wealth Management reached a record $18 million with a quarterly increase of $2.4 million, mostly split between securities, commissions and fees, driven by strong annuity revenue and trust services, primarily from strong organic growth seasonality.

轉向非利息收入和支出。非利息收入總計 7940 萬美元，比去年第四季度小幅下降 1.5%。財富管理業務達到創紀錄的 1800 萬美元，季度增長 240 萬美元，主要來自證券、佣金和費用，主要受強勁的年金收入和信託服務的推動，主要來自強勁的有機增長季節性。

Higher production and contingent revenues led to a $3.3 million or 73% linked quarter increase in insurance commissions and fees, while mortgage banking operations income increased $2.1 million linked quarter, reflecting a 5% increase in sold mortgage volume and improved gain on sale margins.

更高的產量和或有收入導致保險佣金和費用季度增加 330 萬美元或 73%，而抵押貸款銀行業務收入增加 210 萬美元，反映已售抵押貸款量增加 5% 和銷售利潤率提高。

Capital markets income decreased $3.2 million due to reduced syndications and swap fees from very strong levels in the fourth quarter of 2022. Service charges in the quarter decreased $2.9 million, largely reflecting the expected decline in overdraft and nonsufficient fund charges due to our previously announced speed program changes given the current competitive environment.

由於銀團和掉期費用從 2022 年第四季度的非常強勁的水平減少，資本市場收入減少了 320 萬美元。本季度的服務費用減少了 290 萬美元，這主要反映了由於我們先前宣布的速度導致透支和資金不足費用的預期下降鑑於當前的競爭環境，計劃發生了變化。

Operating noninterest expense totaled $218 million, an 11% increase from the fourth quarter, largely reflecting normal seasonality combined with the addition of the Union expense base for a full quarter and the impact of the previously announced increase in the FDIC insurance assessment rate.

營業性非利息支出總計 2.18 億美元，比第四季度增長 11%，主要反映了正常的季節性因素加上整個季度聯盟支出基數的增加以及之前宣布的 FDIC 保險評估率上調的影響。

Salaries and employee benefits increased $17 million of which approximately $12 million was related to normal seasonal compensation activity, including $6.7 million of long-term compensation and seasonally higher employer paid payroll factors.

工資和員工福利增加了 1,700 萬美元，其中約 1,200 萬美元與正常的季節性補償活動有關，包括 670 萬美元的長期補償和季節性更高的雇主支付工資因素。

The remaining $5 million increase is primarily from reduced salary deferrals given lower loan origination volumes and the addition of the acquired Union expense base. Even with these expense items, the efficiency ratio remained at a favorable level of 50.6%.

剩餘的 500 萬美元增長主要來自貸款發放量減少和收購的 Union 費用基數增加導致的工資遞延減少。即使有這些費用項目，效率比率仍保持在 50.6% 的良好水平。

Our capital ratios ended the quarter at levels that are expected to be at or above peer median. Tangible book value per common share was $8.66 at March 31, an increase of $0.39 per share from 4.7% from December 31, largely from the higher level of earnings and the decreased impact of AOCI, which reduced the current quarter end tangible book value by $0.87 per share compared to $0.99 at year-end.

我們的資本比率在本季度結束時處於預計達到或高於同行中值的水平。截至 3 月 31 日，每股普通股有形賬面價值為 8.66 美元，較 12 月 31 日的 4.7% 增加了 0.39 美元，這主要是由於較高的收益水平和 AOCI 的影響減弱，這使得本季度末有形賬面價值減少了 0.87 美元每股 0.99 美元，而年底為 0.99 美元。

As Vince mentioned, our TCE ratio is one of the highest in company history of 7.5%. To demonstrate the strength of this level amidst the industry disruption, TCE adjusted for our HTM unrealized losses equaled 6.9%, which is 50 basis points higher than our peer median using reported year-end levels.

正如 Vince 提到的，我們的 TCE 比率為 7.5%，是公司歷史上最高的比率之一。為了在行業中斷的情況下證明這一水平的實力，TCE 根據我們的 HTM 未實現損失調整為 6.9%，比我們使用報告的年末水平的同行中值高 50 個基點。

Let's now look at the 2023 financial objectives, starting with the balance sheet. On a full year spot basis, we maintained our previous guide for loans to increase mid-single digits year-over-year.

現在讓我們看看 2023 年的財務目標，從資產負債表開始。在全年現貨基礎上，我們維持了之前的貸款指南，同比增長中等個位數。

Total deposits projected to end 2023 at a similar level as December 31, 2022, spot balances, although we do expect the continued shift in the deposit mix given the current rate environment. Full year net interest income is expected to be between $1.315 billion and $1.365 billion with the second quarter between $325 million to $335 million.

預計到 2023 年底的總存款將與 2022 年 12 月 31 日的即期餘額水平持平，儘管我們確實預計鑑於當前的利率環境，存款組合將繼續發生變化。全年淨利息收入預計在 13.15 億美元至 13.65 億美元之間，第二季度在 3.25 億美元至 3.35 億美元之間。

Our guidance currently assumes a 25 basis point rate hike in May then flat for the remainder of the year. The modest decrease in guidance from last quarter is largely related to our expectations or higher deposit betas given the current banking industry environment. If rates were to come down this year as the forward curve currently is projecting that could lead to modest upside to our NII forecast.

我們目前的指引假設 5 月加息 25 個基點，然後在今年剩餘時間內持平。鑑於當前的銀行業環境，上一季度的指引略有下降，這在很大程度上與我們的預期或更高的存款貝塔有關。如果今年利率按照遠期曲線目前預測的那樣下降，可能會導致我們的 NII 預測溫和上行。

Full year noninterest income is expected to be between $305 million and $320 million, with a slight upward revision reflecting our first quarter beat relative to our previous guidance. Second quarter is expected to be in the mid-$70 million range with continued benefits from the diversified revenue strategy.

全年非利息收入預計在 3.05 億美元至 3.2 億美元之間，略有上調反映了我們第一季度相對於我們先前指引的表現。隨著多元化收入戰略的持續受益，第二季度預計將在 7000 萬美元左右。

Full year guidance for noninterest expense on an operating basis is $835 million to $855 million. Adjustment is to account for the higher first quarter expense levels, but the remaining 9 months are expected to be consistent with our prior guidance.

基於運營的非利息支出的全年指導為 8.35 億美元至 8.55 億美元。調整是為了考慮到第一季度較高的費用水平，但預計剩餘 9 個月將與我們之前的指導一致。

Second quarter noninterest expense is expected to be between $205 million to $210 million. Full year provision guidance remains $65 million to $85 million and is dependent on net loan growth, potential CECL model-related builds from a softer macroeconomic environment.

第二季度非利息支出預計在 2.05 億美元至 2.1 億美元之間。全年撥備指導仍為 6500 萬至 8500 萬美元，並取決於淨貸款增長、宏觀經濟環境疲軟可能帶來的與 CECL 模型相關的構建。

Lastly, the effective tax rate should be between 20% and 21% for the full year, which does not include any investment tax credit activity that may occur. With that, I will turn the call back to Vince.

最後，全年有效稅率應在 20% 至 21% 之間，其中不包括可能發生的任何投資稅收抵免活動。有了這個，我會把電話轉回文斯。

Our conservative business practices have positioned FNB to sustain solid performance during turbulence in our industry. We ended the first quarter with a strong capital position and stable deposit base and are confident that we are poised to capitalize on this foundation in the months to come. FNB's financial performance is directly correlated to maintaining our superior culture.

我們保守的商業慣例使 FNB 能夠在行業動盪期間保持穩健的業績。我們以強大的資本狀況和穩定的存款基礎結束了第一季度，並有信心在未來幾個月內準備好利用這一基礎。 FNB 的財務業績與保持我們卓越的文化直接相關。

We are proud of our differentiated culture and the awards we have received for our industry leadership and employee and client experiences. In 2023, FNB was selected as a Celent model bank for omnichannel retail delivery for our proprietary eStore. One of America's best banks by Forbes, Top Workplace USA by Energage, and a Greenwich Excellence Award for client service for the 12th consecutive year.

我們為我們的差異化文化以及我們因行業領導地位以及員工和客戶體驗而獲得的獎項感到自豪。 2023 年，FNB 被選為 Celent 示範銀行，為我們專有的 eStore 提供全渠道零售交付。福布斯評選的美國最佳銀行之一、Energage 評選的美國最佳工作場所以及連續第 12 年因客戶服務而獲得格林威治卓越獎。

We also continue to be honored for our commitment to diversity and inclusion, is one of America's greatest workplaces for LGBTQ+, a best of the best company by 3 diversity publication and a Woman's Choice Award winner for women and millennial win. FNB earned these awards through the hard work and dedication of our employees, who share our commitment to our values and mission.

我們還繼續因我們對多元化和包容性的承諾而受到表彰，是美國最適合 LGBTQ+ 的工作場所之一，被 3 家多元化出版物評為最佳公司中的最佳公司，並獲得女性和千禧一代的女性選擇獎。 FNB 通過我們員工的辛勤工作和奉獻精神贏得了這些獎項，他們與我們一樣致力於我們的價值觀和使命。

Thank you to our team for cultivating an environment that succeeds at creating shareholder value while respecting one another and winning together.

感謝我們的團隊營造了一種成功創造股東價值、同時相互尊重並共同獲勝的環境。

(Operator Instructions)

（操作員說明）

The first question comes from Frank Schiraldi of Piper Sandler.

第一個問題來自 Piper Sandler 的 Frank Schiraldi。

Vince, you mentioned the negative carry or -- you mentioned the additional liquidity on the balance sheet. Just wondering what the negative carry is on that, and is that a primary driver of the lower NII guide? Or is it more the mix shift? I guess you now have accelerating a bit into time, it seems.

文斯，你提到了負利差，或者——你提到了資產負債表上的額外流動性。只是想知道它的負面影響是什麼，這是較低 NII 指南的主要驅動因素嗎？還是更多的是混合轉變？我想你現在似乎已經加速了一點時間。

Yes, the negative carry, Frank, is really like maybe 10, 15 basis points. It's not that significant because we're earning, our excess cash position was still at (inaudible). We're earning $490 million on that. I think the borrowings we took down around 40% or so. It's not a big negative carry. It's kind of just a mix shift and stuff continuing to roll given current deposit rates.

是的，負利差，弗蘭克，真的可能是 10、15 個基點。這並不重要，因為我們正在賺錢，我們的過剩現金頭寸仍在（聽不清）。我們從中賺取了 4.9 億美元。我認為我們減少了大約 40% 左右的借款。這不是一個很大的負面影響。鑑於當前的存款利率，這只是一種混合轉變和繼續滾動的東西。

Okay. And I am just kind of curious, I don't know if you have this granularity there in front of you. But as you think about the mix shift that's baked into your guide, what does that sort of assume in terms of noninterest-bearing levels as a percentage of total deposits by the end of the year?

好的。我只是有點好奇，我不知道你面前是否有這種粒度。但是當你考慮到你的指南中提到的混合轉變時，這種假設在年底時無息水平佔總存款的百分比是多少？

It comes down slightly between now and the end of the year. That's the mix. As you know, that's a big focus in the company, our account acquisition strategy and lending strategy has always revolved around bringing in the operating accounts and those continued efforts continue to bring in new accounts. And during this disruption period, actually net added accounts.

從現在到年底，它略有下降。就是這樣。如您所知，這是公司的一個重點，我們的客戶獲取策略和貸款策略始終圍繞著引入運營賬戶，並且這些持續的努力繼續引入新賬戶。在此中斷期間，實際上淨增加了帳戶。

We talk about customer primacy. What we mean by that is we're the principal operating bank, we're the disbursement bank for consumers and businesses. And if you look at the granularity in the consumer book that we mentioned on the call in the prepared comments, right, there's -- that's pretty sticky. There's not a lot of places to go to earn more on $5,000. I don't know that it is impactful enough for people to move their money around.

我們談論客戶至上。我們的意思是我們是主要的運營銀行，我們是消費者和企業的支付銀行。而且，如果您查看我們在準備好的評論中的電話會議中提到的消費者手冊中的粒度，對，那是非常粘性的。沒有很多地方可以用 5,000 美元賺更多錢。我不知道它是否足以讓人們轉移資金。

And we tend to be -- that tends to be their principal operating account for us. So they're going to keep cash in there that cover items that are presented for payment, and it's where direct deposit gives credit into. And then on the business side, as we've said historically, if you look at the concentration of 17% of the deposits that we have in the commercial segment, a good bit of that is tied directly to services. So compensating balances where you gain an earnings credit, that sits in a noninterest-bearing bucket.

我們傾向於——這往往是他們對我們的主要運營賬戶。因此，他們將在那裡保留現金，以支付需要支付的物品，這是直接存款提供信貸的地方。然後在商業方面，正如我們過去所說的那樣，如果你看看我們在商業領域擁有的 17% 的存款集中度，其中很大一部分與服務直接相關。因此，在您獲得收入信用的地方補償餘額，它位於一個不計息的桶中。

And again, it tends to be sticky because customers prefer using balances to pay for services versus cash fees. So that's all embedded into that noninterest DDA category. So we feel pretty good about having a good solid base and at a minimum, we feel will outperform others who may be relying on more transient balances. I think it shows, basically, if you look back historically, you can see it in our performance relative to other banks in the category.

而且，它往往具有粘性，因為客戶更喜歡使用餘額支付服務而不是現金費用。所以這一切都嵌入到非興趣 DDA 類別中。因此，我們對擁有良好的堅實基礎感覺非常好，至少，我們感覺會勝過可能依賴更多瞬態平衡的其他人。我認為這表明，基本上，如果你回顧歷史，你可以在我們相對於該類別其他銀行的表現中看到這一點。

Yes. And then just lastly, as a follow-up, just a question for Gary on credit. In your slide deck, you talked about the average LTV, I think it's in the office book, specifically in the low 60s. I'm guessing, I assume that's largely value at origination of these loans. I'm just wondering as you've gone through this in-depth portfolio review what that's sort of telling you, if you can share what that's telling you about where value has moved in some of your markets in terms of the underlying property in sort of percentage terms?

是的。最後，作為後續行動，我只是想請 Gary 提問。在你的幻燈片中，你談到了平均 LTV，我認為它在辦公室書籍中，特別是在 60 歲以下。我猜，我認為這在很大程度上是這些貸款發起時的價值。我只是想知道，當你完成了這次深入的投資組合審查時，這能告訴你什麼，如果你能分享這能告訴你什麼，關於你的一些市場中的價值在某種程度上發生了變化百分比條款？

Yes. We've updated various appraisals, Frank, on properties in that space. We've seen reductions generally speaking, in the 15% to high teen range, into the 20s. We did have one that had some leasing issues that got into the 30s. But so far, at this point, that's the range that we have been experiencing. And that's pretty much been across the board with the ones that we've had to update.

是的。弗蘭克，我們已經更新了該領域房產的各種評估。一般來說，我們已經看到了減少，從 15% 到高青少年範圍，到 20 多歲。我們確實有一個在 30 年代出現了一些租賃問題。但到目前為止，在這一點上，這是我們一直在經歷的範圍。對於我們必須更新的內容，這幾乎是全面的。

And then Frank, just to clarify, on the negative carry question, I forgot we had some portion of what we took down with 2-year money like [$440 million].So kind of all in, the additional liquidity, which really had no negative carry kind of all in on a flat basis.

然後弗蘭克，澄清一下，關於負利差問題，我忘記了我們有一部分是用 2 年期的錢拿下來的，比如 [4.4 億美元]。所以全部投入，額外的流動性，實際上沒有負進位持平。

The next question comes from Daniel Tamayo with Raymond James.

下一個問題來自 Daniel Tamayo 和 Raymond James。

Maybe first, on the operating expense guidance, if you could just give me an idea of what drove the overall outlook higher given, I guess, my overarching thought that with the outlook down that should drive a decline in incentive compensation.

也許首先，關於運營費用指導，如果你能給我一個想法，是什麼推動了整體前景的提高，我想，我的總體想法是，隨著前景的下降，激勵薪酬應該會下降。

Yes, I can comment on that, Danny. I mean expenses for the quarter on an operating basis came in at $218 million. Our range from January was $210 million to $215 million. So $3 million above the high end of that range. Half of that variance was just lower deferrals on loan origination costs, lower consumer loan volumes than what we had planned. So that was kind of half of that $3 million difference, and then the rest of it was really a handful of kind of onetime items.

是的，我可以對此發表評論，丹尼。我的意思是，本季度的運營支出為 2.18 億美元。我們從一月份開始的範圍是 2.1 億美元到 2.15 億美元。因此，比該範圍的高端高出 300 萬美元。差異的一半只是貸款發放成本的延期較低，消費貸款量低於我們的計劃。所以這是 300 萬美元差額的一半，其餘部分實際上是一些一次性物品。

If you look at our guidance for the second quarter, $205 million to $210 million, that compares to 2018 figure. That's consistent with our original guidance that we gave in January. In fact, the 9 months, as I mentioned in my prepared remarks, is unchanged from what we had said before. So it's really just a combination of lower FAS 91 deferrals half (inaudible) onetime items.

如果您查看我們對第二季度的指導，即 2.05 億美元至 2.1 億美元，與 2018 年的數字相比。這與我們在 1 月份給出的最初指導一致。事實上，正如我在準備好的發言中提到的 9 個月，與我們之前所說的沒有變化。所以它實際上只是較低的 FAS 91 延遲一半（聽不清）一次性項目的組合。

So as we move forward, depending on how the year plays out, there is commission incentive comp as variable, right, depending on how much revenue we create, that will be up or down. So that is a swing item or a variable expense that will vary depending on when it's ultimately. But it's really just -- it was $3 million above the high end of the range. So it's not that significant. And the guidance forward, we'll manage expenses diligently as we always have.

因此，隨著我們向前邁進，根據今年的表現，佣金激勵補償是可變的，對吧，取決於我們創造的收入多少，它會上升或下降。所以這是一個周轉項目或可變費用，它會根據最終的時間而有所不同。但它真的只是 - 它比範圍的高端高出 300 萬美元。所以意義不大。在未來的指導下，我們將一如既往地努力管理開支。

I appreciate that. Sorry, I missed the -- your comment in the prepared remarks on the stable from prior guidance for the rest of the year, but thanks for that, and then maybe a couple for Gary here on credit. First, the office portfolio, I appreciate all the incremental detail there.

我很感激。抱歉，我錯過了 - 你在今年剩餘時間的先前指導中對穩定的準備好的評論中的評論，但謝謝你，然後可能是加里的一對夫婦。首先，辦公室組合，我很欣賞那裡所有的增量細節。

Just wondering if you had a breakdown of -- I know you mentioned it spread across the footprint, but what properties are in what cities or urban versus suburban, any way that we could get more detail into kind of the type of city that those offices are in?

只是想知道你是否有細分——我知道你提到過它分佈在整個足跡中，但是哪些房產位於哪些城市或城市與郊區，我們可以通過任何方式更詳細地了解這些辦公室所在的城市類型在嗎？

Well, I mean the majority of the larger office facilities are in the metro cities, Daniel. As mentioned in the remarks, I mean, 43%, almost half of that book is under $5 million. So they're kind of scattered in suburban markets for the most part.

嗯，我的意思是大多數較大的辦公設施都在大都市，丹尼爾。正如評論中提到的，我的意思是，43%，幾乎一半的書都在 500 萬美元以下。所以他們大部分都分散在郊區市場。

But in terms of those appraisals, we had one with the leasing issues in Pittsburgh that came down. We had one in the Carolinas that came down. So it's pretty much across the board.

但就這些評估而言，我們對匹茲堡的租賃問題進行了評估。我們在卡羅來納州有一個倒下了。所以它幾乎是全面的。

Gary, just to clarify, like you said, the majority -- vast majority of our CRE exposure is for urban in nature. I know you said metro markets that we tend not to finance, on a long-term basis, large office facilities other than our own. But I mean, we don't -- we're not in that business, right?

加里，就像你說的那樣，只是為了澄清，我們絕大多數的 CRE 曝光都是針對城市性質的。我知道你說過我們傾向於長期不資助我們自己以外的大型辦公設施的地鐵市場。但我的意思是，我們不——我們不從事那個行業，對吧？

No. With the average being $28 million, I mean that kind of speaks to the top $25 million to $28 million, speaks to the type of properties and locations. We have very little urban big city center type of office properties, very little.

不，平均價格為 2800 萬美元，我的意思是說這代表了 2500 萬到 2800 萬美元的最高收入，代表了房產的類型和位置。我們的城市大城市中心類型的辦公物業非常少，非常少。

And our LTVs are very conservative. I think a portion of the portfolio that's in construction fund up basically is typically secured by leases. We don't do a lot of spec or hardly any, so that's backed up by leases.

我們的 LTV 非常保守。我認為建設基金中的一部分投資組合基本上通常由租賃擔保。我們不做很多或幾乎不做任何規格，所以這是由租約支持的。

And the LTVs are going to be a little higher on the construction pieces of the portfolio versus what we have in our book because we tend not to keep large exposures. We underwrite them to a permanent takeout.

與我們賬簿中的相比，投資組合的構建部分的 LTV 會更高一些，因為我們往往不會保持大量風險敞口。我們承保他們永久外賣。

So I just want to make sure everybody understands that in the makeup of the numbers on the slide that we presented for nonowner-occupied series.

所以我只想確保每個人都明白我們為非自住系列展示的幻燈片上的數字構成。

Okay. Terrific. And lastly, just a follow-up there on -- not on office, but I guess the macro outlook overall, reserves came down in the quarter, which was a little bit surprising. But just curious on your thoughts on the driver there of reserves down and then your thoughts on the overall macro outlook, I guess, relative to last quarter.

好的。了不起。最後，只是跟進——不是在辦公室，但我猜整體宏觀前景，儲備在本季度下降，這有點令人驚訝。但只是好奇你對儲備下降的驅動因素的看法，然後是你對整體宏觀前景的看法，我想，相對於上個季度。

Yes. Actually, dollar reserves were not down, and the reserve was down from 1.33% to 1.32% so it was down 1 basis point, still at $403 million. And we used some specific reserves that I mentioned in the prepared remarks, in terms of that 1 basis point. So we look at it as flattish. And when you include the unamortized loan discounts at $149 million, I mean our reserve position compared to peers is very strong.

是的。實際上，美元儲備並沒有下降，儲備從 1.33% 下降到 1.32% 所以下降了 1 個基點，仍然是 4.03 億美元。就 1 個基點而言，我們使用了我在準備好的評論中提到的一些特定儲備。所以我們認為它是平淡的。當你包括 1.49 億美元的未攤銷貸款折扣時，我的意思是與同行相比，我們的儲備金頭寸非常強勁。

Okay. So...

好的。所以...

There's been 20, 25 basis points. If you look at our coverage level and versus the peers, that's a significant buffer over and above where others have been carrying their reserves.

有20、25個基點。如果你看看我們的覆蓋水平和與同行相比，這是一個比其他人持有儲備更多的重要緩衝。

Understood. I got you. All right. Well, I appreciate all the color. That's it for me.

明白了。我接到你了。好的。好吧，我欣賞所有的顏色。對我來說就是這樣。

The next question comes from Jared Shaw with Wells Fargo.

下一個問題來自富國銀行的 Jared Shaw。

This is Timur Braziler filling in for Jared. Maybe just continuing the last line of questioning on the allowance ratio, I mean, to your point, it is quite elevated compared to peers. I guess how much of a pending recession reserve is already embedded in your numbers, and I guess if we do end up in a more punitive macro environment, does that 25 basis point buffer, kind of hold true as the rest of the group catches up? Or is some of that already embedded in your more cautious starting point?

這是代替 Jared 的 Timur Braziler。也許只是繼續最後一行關於津貼率的質疑，我的意思是，就你的觀點而言，與同行相比，它是相當高的。我猜你的數字中已經包含了多少未決的衰退準備金，我想如果我們最終進入一個更具懲罰性的宏觀環境，那 25 個基點的緩衝是否適用，因為其他人會趕上來？或者其中一些已經嵌入到您更謹慎的起點中？

Yes. We -- Timur, we've taken a cautious position ever since we got into 6 months into COVID. We felt very strongly that it was going to be an issue for quite some time. We did not release reserves as other institutions did during that time frame in large sums. And we looked at it from a standpoint that we wanted to maintain those reserves, based on what we saw coming down the road.

是的。我們——帖木兒，自從我們進入 COVID 6 個月以來，我們一直採取謹慎的立場。我們非常強烈地認為這將成為一個問題很長一段時間。我們沒有像其他機構那樣大量釋放準備金。我們從我們希望維持這些儲備的角度來看待它，這是基於我們在未來所看到的。

And then we get into what appears to be naturally a softer economic time frame. So we've been able to maintain those reserves, they're well within our ranges of being quantitative versus qualitative, and it's an analysis that we go through each and every month. Actually, we rerun the reserve every week based on the changes in the portfolio week-to-week. So when you look at that position, we feel good about where we are, and we're going to continue to manage it accordingly.

然後我們進入似乎自然而然的經濟時間框架。所以我們能夠維持這些儲備，它們完全在我們的定量和定性範圍內，這是我們每個月都要進行的分析。實際上，我們每週都會根據投資組合每週的變化重新計算準備金。所以當你看到那個位置時，我們對自己的位置感覺很好，我們將繼續相應地管理它。

Okay. Great. And then, Gary, one more for you, just following up on the line of questioning regarding the office book. I guess for the -- you laid out 13% maturity in '23, 11% in '24. I guess for those loans that are coming up for kind of maturity or refi cycle, what's the new rate that they would be rolling into? And I guess, what's the confidence in kind of the underlying occupancy and underlying trends that there is the ability to absorb the higher interest rate that they'd be rolling into?

好的。偉大的。然後，加里，再給你一個，只是跟進關於辦公簿的問題。我猜 - 你在 23 年制定了 13% 的成熟度，在 24 年制定了 11% 的成熟度。我想對於那些即將到期或再融資週期的貸款，他們將採用的新利率是多少？而且我想，對潛在入住率和潛在趨勢的信心有多大，有能力吸收他們將要進入的更高利率？

Yes. We just did a deep dive on every single one of those larger credits during the quarter. And we had no downgrades, as I mentioned in the remarks around those credits. We manage them on a regular basis, on a loan-by-loan basis. And so that most recent review, which reflected no downgrades, took into consideration those maturity walls, and the ability to reset generally in the 7% range.

是的。我們只是在本季度對每一個較大的信貸進行了深入研究。正如我在有關這些學分的評論中提到的那樣，我們沒有降級。我們在逐筆貸款的基礎上定期管理它們。因此，最近的審查沒有反映出降級，考慮到了那些成熟期壁壘，以及通常在 7% 範圍內重置的能力。

So we've got that built into those particular situations. I'll also mention that LTVs generally in the 60s, naturally, some of that's going to take a hit when you have some leases roll out, but the sponsorship is extremely strong across that book, and we feel that it's very manageable based on the most recent review, which reflected no downgrades, as I mentioned.

所以我們已經將其內置到這些特定情況中。我還要提到 LTV 通常在 60 年代，自然地，當你推出一些租約時，其中一些會受到打擊，但那本書的讚助非常強大，我們認為基於正如我提到的，最近的評論沒有反映出降級。

Gary, the question came up about our reserves relative to peers. I think it's helpful to mention that our criticized and classified loan ratios are typically higher than the other banks because of our aggressive gradation. It doesn't necessarily translate into net charge-offs.

加里，關於我們相對於同行的儲備的問題出現了。我認為提及我們的批評和分類貸款比率通常高於其他銀行是有幫助的，因為我們積極分級。它不一定轉化為淨沖銷。

So if you look at over a long period of time, FNB versus the peers, we tend to run higher, but then have lower charge-offs throughout the cycle. That's a function our credit people being very aggressive and proactive in downgrading credits, which results in a higher reserve position. So the gradation really matters within the portfolio.

因此，如果你從很長一段時間來看，FNB 與同行相比，我們往往會跑得更高，但隨後在整個週期中的沖銷率較低。這是我們的信用人員在降級信用方面非常積極和主動的功能，這導致更高的準備金頭寸。所以漸變在投資組合中真的很重要。

Other institutions could delay or have delays in their assessment of risk and they won't see the same level of reserves until the very tail end of a crisis. So it should be viewed as a positive, not a negative. I just want to make sure everybody understands that. Am I on task here, Gary?

其他機構可能會延遲或延遲風險評估，直到危機結束時它們才會看到相同水平的準備金。因此，它應該被視為積極的，而不是消極的。我只是想確保每個人都明白這一點。我在這裡執行任務嗎，加里？

No. I would agree with everything you said there. I mean we're very aggressive around the management of risk ratings, as you mentioned. And this portfolio is front and center for certain and it has been for quite some time.

不，我同意你在那裡所說的一切。我的意思是，正如您提到的，我們在風險評級管理方面非常積極。這個投資組合肯定是前沿和中心，而且已經有一段時間了。

That's good color. I appreciate that. Maybe one for Vince Calabrese. On Slide 15, the interest rate sensitivity, it looks like the shock to both the 100 up and the 100 down increased. I'm just wondering what the dynamic is that NII benefits in both an upside and the downside scenario?

這個顏色好我很感激。也許是給 Vince Calabrese 的。在幻燈片 15 上，利率敏感性，看起來對 100 上漲和 100 下跌的衝擊都增加了。我只是想知道 NII 在上行和下行情況下的好處是什麼？

This is Scott Free, the Treasurer. The inverted yield curve has kind of created a unique circumstance where the deposit rates finally moving up, in the down scenario, now we'll start to get [fainted] moving those pounds a little faster than we thought.

我是司庫斯科特弗里。反向收益率曲線創造了一種獨特的情況，在這種情況下，存款利率最終會上升，在下降的情況下，現在我們將開始 [昏倒] 以比我們想像的更快的速度移動這些英鎊。

Okay. Got it. And then just last for me. Any thoughts around the buyback, banks are kind of all over the place in terms of continuing it, pausing it. You guys are active in the first quarter. I'm just wondering if you can give any color as to what was repurchased kind of subsequent to March 8 and then what the outlook is for the buyback going forward.

好的。知道了。然後對我來說最後一次。關於回購的任何想法，銀行都在繼續或暫停方面到處都是。你們在第一季度很活躍。我只是想知道你是否可以對 3 月 8 日之後回購的東西給出任何顏色，然後回購的前景如何。

Well, I'd like to start out by saying if you look at our capital position, relative to others, we stand out because of the limited AOCI impairment and conservative management of our investment portfolio that we thought who's sitting here with us.

好吧，我想首先說，如果你看看我們的資本狀況，相對於其他人，我們之所以脫穎而出，是因為 AOCI 減值有限以及我們認為與我們坐在一起的投資組合的保守管理。

So I think that puts us in a different position. We're already CET1, we're already aware we're bargaining, right? So we expect capital appreciation to continue to advance those capital ratios, that gives us a little bit more flexibility than others. Having said that, we're still very cautious because of the environment that we're in.

所以我認為這讓我們處於不同的位置。我們已經是 CET1，我們已經意識到我們在討價還價，對吧？因此，我們預計資本增值將繼續提高這些資本比率，這使我們比其他人更具靈活性。話雖如此，由於我們所處的環境，我們仍然非常謹慎。

I'm not quite sure how things play out throughout the rest of the year. I'm a little bit cautious because I feel that we are headed into a recessionary period, and we're seeing some slowing down in the economy in various sectors. So getting mixed signals. But because of that, we're going to proceed very cautiously. But we do have the capacity to do it if we desire to do so, and if it's beneficial to the shareholders. So Vince, I don't know if you want to add any color to that, but...

我不太確定今年餘下時間的情況如何。我有點謹慎，因為我覺得我們正在進入衰退期，我們看到各個行業的經濟都在放緩。所以得到混合信號。但正因為如此，我們將非常謹慎地進行。但如果我們願意，並且對股東有利，我們確實有能力這樣做。所以文斯，我不知道你是否想為此添加任何顏色，但是......

Yes. No, I would just say, I mean, the 10% target that we've talked about, we still think is very appropriate given the risk profile of the balance sheet. So -- as we move forward, we do, as Vince said, and expect that to kind of gradually build from here. We have capacity, and we'll be thoughtful about repurchasing. We repurchased in the 13th, we get comfortable with the environment, we'd like to be repurchasing in 11, obviously. So I think there's definitely interest in having some of that deployed as we go through the year. It's just going to be kind of a matter of when.

是的。不，我只想說，我的意思是，考慮到資產負債表的風險狀況，我們仍然認為我們已經討論過的 10% 的目標是非常合適的。所以 - 正如文斯所說，隨著我們前進，我們會這樣做，並希望從這裡開始逐漸建立起來。我們有能力，我們會考慮回購。我們在 13 日回購，我們對環境感到滿意，顯然我們希望在 11 日回購。所以我認為，在我們度過這一年的過程中，肯定有興趣部署其中的一些。這只是時間問題。

And just to confirm, none of the first quarter repurchase activity happened, the market disruption started well before that. I will say, again, we're in a different position than others fortunately. So we have options. And we'll be very careful about how we execute those options, but we do have the capacity to do it. Others do not. That's why you're getting mixed responses.

需要確認的是，第一季度沒有任何回購活動發生，市場動盪早在這之前就開始了。我要說的是，幸運的是，我們與其他人處於不同的位置。所以我們有選擇。我們對如何執行這些選項非常謹慎，但我們確實有能力做到這一點。其他人沒有。這就是為什麼你得到不同的反應。

Great. Appreciate all the color.

偉大的。欣賞所有的顏色。

The only other thing I would add to, is on the asset sensitivity, just to add to what Scott was saying. If you look at the numbers, it's very close to neutral with numbers, plus or minus, are not significant, like they may have been 9 or 12 months ago. So we do get that slight benefit, whether it's a plus or minus, but you're kind of starting to try and allow kind of neutral position there.

我要補充的唯一一件事是關於資產敏感性，只是為了補充斯科特所說的話。如果你看一下數字，它非常接近中性，數字，正負，並不重要，就像 9 或 12 個月前一樣。所以我們確實得到了一點好處，無論是加號還是減號，但你有點開始嘗試並允許那裡的中立立場。

The next question comes from Michael Perito with KBW.

下一個問題來自 KBW 的 Michael Perito。

You guys have hit most of it. I guess just one kind of bigger picture question around loan growth here. I guess what -- you guys have talked a lot about the credit side. But I guess what about -- in terms of the funding side, I mean is there a scenario that, that could impact your appetite for incremental loan growth here? I mean, obviously, I think in response to recent events, the CD growth kind of across the industry has surged.

你們已經擊中了大部分。我想這裡只是關於貸款增長的一種更宏觀的問題。我猜是什麼——你們談了很多關於信用方面的事情。但我想 - 就資金方面而言，我的意思是有沒有一種情況會影響你對增量貸款增長的興趣？我的意思是，很明顯，我認為為了應對最近發生的事件，整個行業的 CD 增長都出現了飆升。

I would imagine that will continue to a certain extent, maybe not quite as severely as it did over the last 30 days of the quarter. But is there a scenario where the funding, if it sustains at a kind of like the current beta increase and higher cost CDs where that could impact your appetite to book new loan growth?

我認為這種情況會在一定程度上持續下去，可能不會像本季度最後 30 天那樣嚴重。但是，是否存在這樣一種情況，即如果資金維持在某種類似於當前貝塔增加和更高成本 CD 的水平，這可能會影響您預訂新貸款增長的胃口？

Well, I think our guidance is pretty conservative for us given the markets that we're in. So -- and if you look at our deposit base and our liquidity position, the mix of our deposits, we have a lot of avenues to drive liquidity that still creates a scenario where it's accretive to book loans.

好吧，我認為考慮到我們所處的市場，我們的指導對我們來說非常保守。所以 - 如果你看看我們的存款基礎和流動性狀況，我們的存款組合，我們有很多途徑可以推動流動性仍然創造了一種可以增加預訂貸款的情況。

So I don't think we're going to be impacted like others might be. I'm not suggesting -- I think you're spot on across the industry, but that's what differentiates us again. Our conservative nature, the fact that the company has been positioned with the deposit base that it has and our conservative credit underwriting standards gives us the ability to continue to land through the cycle very selectively.

所以我認為我們不會像其他人那樣受到影響。我不是在暗示——我認為你在整個行業都處於領先地位，但這又是我們與眾不同的地方。我們的保守本性，公司的存款基礎以及我們保守的信用承保標準使我們能夠非常有選擇性地繼續通過週期著陸。

So while demand may fall off, there'll be fewer players out there looking to originate. I think the last cycle we went through, we saw it, so we may have an opportunity to increase share in the markets that we've expanded into relative to a number of competitors.

因此，雖然需求可能會下降，但尋求原創的玩家會越來越少。我認為我們經歷的上一個週期，我們看到了它，所以我們可能有機會增加我們已經擴展到的市場份額，相對於許多競爭對手。

I don't see us in a position where we have to pull back. And I've told our employees that they should be very happy that they work here, particularly if you're in the lending business. So while it's a difficult during good times because we tend to be a little more conservative, our ability to sustain our lending activity through the cycle is real, and Gary's philosophy about credit is real.

我不認為我們處於必須後退的位置。我已經告訴我們的員工，他們應該為在這里工作感到非常高興，特別是如果你從事貸款業務。因此，雖然在繁榮時期會很困難，因為我們往往會更保守一些，但我們在整個週期中維持貸款活動的能力是真實的，加里的信貸哲學也是真實的。

So we stay within a narrow band, and we don't try to outgrow ourselves during frothy times and take on undue risk. And during times like this, we're in the market supporting our clients and growing there. I think that's utopia for commercial banker. I wouldn't say that's the case for everyone as you look across the broad spectrum of banks, everyone did a different position, but FNB is in a very sound position relative to achieving our guidance.

所以我們保持在一個狹窄的範圍內，我們不會試圖在泡沫時期超越自己並承擔不應有的風險。在這樣的時期，我們在市場上支持我們的客戶並在那裡發展。我認為那是商業銀行家的烏托邦。我不會說每個人都是這種情況，因為你會看到廣泛的銀行，每個人的立場都不同，但 FNB 在實現我們的指導方面處於非常有利的地位。

That's helpful, Vince. And then not to put the cart in front of the horse here, but just as you guys think about that relative strength, right, and we get through these next couple of quarters and maybe hopefully finally get a better idea whether we're going into a recession or maybe stabilize what have you?

這很有幫助，文斯。然後不要把車放在馬前，但就像你們考慮相對實力一樣，對，我們在接下來的幾個季度中度過，也許希望最終能更好地了解我們是否會進入經濟衰退或者穩定你有什麼？

I mean how does that translate to -- I mean, I think one of the reasons that you guys are in this position is just because of the diversity of the franchise line of business, you got geography, M&A obviously historically has been a big part of achieving that diversity, and there's dislocation, you guys are kind of strongly positioned here. I mean, what type of opportunities longer term do you think could step for FNB from all this dislocation?

我的意思是這如何轉化為 - 我的意思是，我認為你們處於這個位置的原因之一隻是因為特許經營業務線的多樣性，你有地理，併購顯然在歷史上一直是一個重要部分實現這種多樣性，並且存在錯位，你們在這里處於強勢地位。我的意思是，從長遠來看，您認為 FNB 可以從所有這些混亂中走出來的是什麼類型的機會？

Well, I certainly think the industry is going to change. I think the landscape is going to change because of what's going on. There will be pressure on others as we move through this cycle, we're going to stay pretty focused on managing risk, making sure we have ample liquidity, pricing our funding appropriately right, not worrying too much about growth, worry more about margin as we move through this portion of the economic cycle.

好吧，我當然認為這個行業將會發生變化。我認為，由於正在發生的事情，情況將會發生變化。在我們度過這個週期時，其他人會面臨壓力，我們將非常專注於管理風險，確保我們有充足的流動性，適當地為我們的資金定價，不要太擔心增長，更多地擔心利潤率我們經歷了經濟周期的這一部分。

But I do think that there will be opportunities on the other end of it. I don't know what they are. I will tell you, though, that we've also done a terrific job, our team done a great job of building businesses from the ground up. So if you look at our noninterest income, which performed pretty well this year and reflecting on the prepared comments, Vince mentioned the wealth management business, and we've had good success in insurance.

但我確實認為它的另一端會有機會。我不知道它們是什麼。不過，我會告訴你，我們也做得很好，我們的團隊在從頭開始建立業務方面做得很好。因此，如果你看看我們今年表現不錯的非利息收入，並反思準備好的評論，文斯提到了財富管理業務，我們在保險方面取得了很好的成功。

We have a very granular diversified group of businesses that generate fee income for the company. And that's largely been grown organically, so we'll continue to focus on building out our capabilities within those groups to drive fee income, which is an annuity benefit to the earnings, and then we're going to stay focused on our digital strategy.

我們有一個非常精細的多元化業務組，為公司產生費用收入。這在很大程度上是有機增長的，所以我們將繼續專注於在這些群體中建立我們的能力以推動費用收入，這是收益的年金收益，然後我們將繼續專注於我們的數字戰略。

I think the award that we received for the eStore was fairly substantial. There were large, large -- the largest banks in the world applied to be recognized, and we were selected. So our strategy is different. We are very focused on continuing to add features to that and continuing to penetrate the customer base that we have and the prospects that we have in the 7 states that we operate in, which are pretty good states to be in.

我認為我們因 eStore 獲得的獎項相當可觀。有很多大銀行——世界上最大的銀行申請被認可，我們被選中了。所以我們的策略是不同的。我們非常專注於繼續為其添加功能並繼續滲透我們擁有的客戶群以及我們在我們運營的 7 個州的前景，這些州是非常好的狀態。

So I think that's the focus as we move forward. And we've already gone over our M&A strategy, we've talked about it before. But I think for now, we're just pausing, and we're going to wait to see what shakes out. I think we will come through this in a position of strength. So we'll have plenty of opportunities.

所以我認為這是我們前進的重點。我們已經討論了我們的併購戰略，我們之前已經討論過。但我認為現在，我們只是暫停，我們將等待看看會發生什麼。我認為我們將以強大的實力度過難關。所以我們會有很多機會。

Right. No, that makes sense. I appreciate you guys providing all the color today.

正確的。不，這是有道理的。感謝你們今天提供的所有顏色。

The next question comes from Russell Gunther with Stephens.

下一個問題來自 Russell Gunther 和 Stephens。

I just wanted to -- just a quick follow-up. You guys mentioned the liquidity steps taken in the quarter and excess cash. Just remind us of your target level of whether it's cash to assets? And has that bogey changed at all intra-quarter even just for the near term?

我只是想 - 只是快速跟進。你們提到了本季度採取的流動性措施和過剩現金。只是提醒我們您的目標水平是否是資產現金？即使只是在短期內，這個柏忌是否在整個季度內都發生了變化？

No, I mean, we've been managing that cash position fluidly over the last 1.5 years or so. I would say that we took down quite another $1 billion or so of liquidity where we brought in liquidity, just given the uncertainty in the environment and just given our conservative nature. So that was $1 billion we wouldn't have otherwise taken, right? So we thought that was the smart thing to do and ensure everything to do in this environment.

不，我的意思是，在過去 1.5 年左右的時間裡，我們一直在流動地管理現金頭寸。我想說的是，考慮到環境的不確定性和我們的保守本性，我們在引入流動性的地方又減少了大約 10 億美元的流動性。所以那是我們不會拿走的 10 億美元，對吧？所以我們認為這是明智的做法，並確保在這種環境下做所有事情。

And when we look at what we put on, so our total wholesale funding today about $3 billion, about 1/3 of it is 2 years, 1/3 is 1 year and the other 1/3 is inside of 6 months. So kind of we're ladder together, and we use that kind of over time to kind of fund what we organically create as far as the lending side.

當我們看我們投入的資金時，我們今天的批發融資總額約為 30 億美元，其中約 1/3 為 2 年，1/3 為 1 年，另外 1/3 在 6 個月內。我們有點像梯子，隨著時間的推移，我們利用這種方式為我們在貸款方面有機創造的東西提供資金。

So I mean that really -- that $1 billion is a reference point that we could use.

所以我的意思是真的 - 那 10 億美元是我們可以使用的參考點。

That's helpful. And then just a follow-up to the NII guide. You mentioned a slight step down due to higher deposit beta assumptions. Have you guys quantified what you think the deposit beta through the cycle will be? Has that increased? Do you kind of put a target on that?

這很有幫助。然後只是 NII 指南的跟進。您提到由於較高的存款貝塔假設而略有下降。你們有沒有量化你認為整個週期的存款貝塔值？那增加了嗎？您是否為此設定了目標？

Yes. No, we have our quarterly target in the slide. I would say that so far, just to remind everybody, right, as we have on the slide, our cumulative beta for total deposits was 21.8% at the end of the quarter. We had guided to 22%, so pretty close to that. And it was -- remember, it was 16.3% (sic) [16.6%] at the end of the year. So as we look ahead, we're projecting kind of mid-20s total deposit basis at the end of the second quarter.

是的。不，我們在幻燈片中有我們的季度目標。我想說到目前為止，只是為了提醒大家，正確的，正如我們在幻燈片中所看到的那樣，我們在本季度末的總存款累計貝塔值為 21.8%。我們已經引導到 22%，非常接近那個。它是 - 請記住，到年底它是 16.3%（原文如此）[16.6%]。因此，展望未來，我們預計第二季度末的總存款基數將達到 20 多歲左右。

And while the end of the year feels very far away, I mean, our current thoughts, and I'll call them thoughts for year one will be kind of low 30s for total deposits as far as the cumulative beta through the end of this year.

雖然今年年底感覺很遙遠，但我的意思是，我們目前的想法，我稱之為第一年的想法，就今年年底的累計貝塔而言，總存款將低於 30 美元.

That's great. Okay, Vince. I appreciate that. Last one for me. Gary, you guys have been conservative and derisk the portfolio in a couple of ways over the past 2 to 3 years. Do you see any opportunity or appetite for further derisking as you look out into the environment ahead?

那太棒了。好的，文斯。我很感激。最後一個給我。加里，在過去的 2 到 3 年裡，你們一直很保守，並以多種方式降低了投資組合的風險。當您展望未來的環境時，您是否看到進一步降低風險的機會或意願？

As we look at the portfolio today, Russell, naturally, there are softer economic times ahead. We're not looking at any significant derisking at all at the moment because we're pleased with the position of the portfolio. And naturally, we're extremely cautious on the office sector as we have been for quite some time now, and we continue to review that book on a loan-by-loan basis. So we'll -- in the normal course of business, potentially move an asset or 2 or a small segment of them. But we have nothing teed up at this point.

當我們審視今天的投資組合時，Russell 自然會看到未來的經濟疲軟時期。我們目前根本沒有考慮任何重大的去風險化，因為我們對投資組合的狀況感到滿意。自然地，我們對辦公部門非常謹慎，因為我們已經有一段時間了，我們將繼續逐筆審查該書。因此，我們將 - 在正常的業務過程中，可能會移動資產或 2 項資產或其中的一小部分。但我們現在還沒有準備好。

The next question comes from Brian Martin with Janney.

下一個問題來自 Brian Martin 和 Janney。

Say, most of my steps have been answered, but just a couple of things. maybe Vince Calabrese, just on the margin, I mean, I guess, can you talk about where the March margin was kind of at the steps you talked about a little bit about the liquidity? Just kind of what's the starting point, if you will, for next quarter?

比如說，我的大部分步驟都已得到解答，但只有幾件事。也許 Vince Calabrese，就在邊際上，我的意思是，我想，你能談談 3 月邊際在你談到流動性的步驟中的位置嗎？如果你願意的話，下個季度的起點是什麼？

Yes. The March margin, Brian, was 3.49% kind of our entry point into the second quarter.

是的。 3 月份的利潤率 Brian 是我們進入第二季度的 3.49%。

Got you. Okay. And just kind of the puts and takes from here, I guess, as you look into 2Q, kind of with the guide you've given.

明白了好的。我想，當您查看 2Q 時，就像您提供的指南一樣，從這裡開始進行一些操作。

I guess one thing, too, to point out that's important is with the excess cash we have, right, the additional liquidity that we grab $1 billion, that obviously affects that ratio, right? So the net interest income comes down a little bit. The ratio gets affected by that kind of excess liquidity position, what was there. I'm sorry, what was your second question again, Brian?

我想還有一件事要指出，重要的是我們擁有多餘的現金，對，我們獲得 10 億美元的額外流動性，這顯然會影響該比率，對吧？所以淨利息收入略有下降。該比率受到那種過剩流動性頭寸的影響，那裡有什麼。抱歉，Brian，你的第二個問題是什麼？

Yes. No, I was just saying just to kind of think about that margin, stepping point into the next quarter, 3.49% is kind of the starting point. Just as it ties to the guidance. I mean, I guess is your expectation that, that margin percentage is relatively flat from here? Or just -- I know you talked about with rates being down, you could see a little bit of a benefit, but just near term in the next quarter or 2.

是的。不，我只是說只是想考慮下一個季度的利潤率，3.49% 是一個起點。就像它與指導有關一樣。我的意思是，我猜你的期望是，從這裡開始，保證金百分比相對持平嗎？或者只是——我知道你談到了利率下降，你可能會看到一點好處，但只是在下一季度或第二季度的短期內。

Yes, you just talk about net interest income. I mean it comes down a little bit from here. And then we build into the third and fourth quarter is kind of given earning asset growth as we move into the third and fourth quarter. I mean the margins fluctuates a lot and with the noise in the balance sheet, it's just harder to talk to the margin piece, Brian, but that income...

是的，你只是談論淨利息收入。我的意思是它從這裡下降了一點。然後我們進入第三和第四季度是因為我們進入第三和第四季度時收入資產增長。我的意思是利潤率波動很大，資產負債表中的噪音，很難與利潤率部分交談，布賴恩，但收入......

Okay. And as far as just that excess liquidity, Vince, I mean, what's the plan? I guess, how long do you plan -- I guess, do you just plan to keep that for a bit? Will some of it exit? Or just how are you thinking about that then?

好的。就流動性過剩而言，文斯，我的意思是，計劃是什麼？我想，你計劃多長時間——我想，你只是打算保留一下嗎？其中一些會退出嗎？或者你當時是怎麼想的？

That's what I was saying 1/3 of it is kind of 6 months or less and then the third is 1 year, 1/3 is 2 years. So we just let that, we're not going to prepay it, just let that naturally kind of get absorbed as we lose for time.

這就是我所說的，其中 1/3 是 6 個月或更短時間，然後第三個是 1 年，1/3 是 2 年。所以我們只是讓它，我們不會預付它，只是讓它自然地被吸收，因為我們失去了時間。

Got you. Okay. I missed that part. So all right. And then just the pipeline, the loan pipelines in the quarter. I missed what you guys said there on the commercial side, maybe that was Vince as far as what -- where they're at or just kind of how they're trending here?

明白了好的。我錯過了那部分。所以好吧。然後就是管道，本季度的貸款管道。我想念你們在商業方面所說的話，也許就文斯而言——他們在哪裡，或者他們在這裡的趨勢如何？

Well, I think the pipelines are a little softer than they've been historically at the same time. I don't think that we're out as aggressively knocking on doors. And I think that the demand has fallen off a little bit kind of unilaterally kind of across the board.

好吧，我認為管道比歷史上同期的管道要軟一些。我不認為我們會積極敲門。而且我認為需求已經有點單方面全面下降。

I will tell you that the short-term pipelines look pretty decent, our 90-day -- we measure it 90 days and then beyond. Beyond 90 days looks a little softer. The 90-day pipeline looks a little more solid. There's a higher percentage of fundings coming through in that pipeline, which means there's less junket that I think people are a little more focused. So it's a mixed bag as I look across all of the markets. Some of the markets in Carolina are down. Some have better pipelines, South Carolina looks pretty good. Charlotte looks good short term, is probably building their long-term pipeline. Cleveland and Pittsburgh are doing okay. So it's kind of all over the board, which tells me there's a lot of caution out there in the customer base.

我會告訴你，短期管道看起來相當不錯，我們的 90 天——我們衡量它是 90 天，然後是更長時間。超過 90 天看起來更柔和一些。 90 天的管道看起來更穩固一些。該管道中的資金比例更高，這意味著我認為人們更加關注的中介更少。因此，當我縱觀所有市場時，情況好壞參半。卡羅來納州的一些市場正在下跌。有些有更好的管道，南卡羅來納州看起來不錯。夏洛特短期內看起來不錯，可能正在建立他們的長期渠道。克利夫蘭和匹茲堡表現不錯。所以它有點全面，這告訴我在客戶群中有很多謹慎。

So it's not us, it's not due to a lack of effort on the calling side, I think it's more about what the client is doing, and there's less demand from our existing customers for CapEx spend at this stage in the cycle, which is probably a good thing, right? So a little more caution in the portfolio.

所以這不是我們，這不是因為呼叫方缺乏努力，我認為這更多是關於客戶在做什麼，我們現有客戶在周期的這個階段對資本支出支出的需求較少，這可能是好事，對吧？因此在投資組合中要更加謹慎。

What we're also seeing is utilization rates are flat. No one asked that question is all offered up. I think basically, as we look at the C&I book and Gary, you can chime in if you like to. But I think a lot of our customers have not been building inventories, they've actually been leading inventory, moving their short-term assets to cash as we move into a slower economic period. So we're starting to see reductions in line balances.

我們還看到的是利用率持平。沒有人問，這個問題就全部提出來了。我想基本上，當我們看 C&I 書和 Gary 時，如果你願意，你可以插話。但我認為我們的很多客戶並沒有建立庫存，他們實際上一直在領先庫存，隨著我們進入經濟放緩時期，將他們的短期資產轉為現金。所以我們開始看到線路餘額的減少。

And I think after the disruption that occurred in the banking industry, a number of companies, it gave them a heightened awareness about where they are and they took cash and basically paid down revolver debt, because they're paying a much higher interest rate than they're receiving. So a lot of that's going on over the last few months, and it's a little hard to forecast out through the end of the year, but I would expect us to be in line with our guide, but it's going to be a bit to get there, right? Go ahead.

而且我認為，在銀行業發生混亂之後，許多公司，這讓他們更加了解自己的處境，他們拿走了現金，基本上還清了循環債務，因為他們支付的利率比他們正在接收。所以在過去的幾個月裡發生了很多事情，很難預測到今年年底，但我希望我們能與我們的指南保持一致，但這會有點困難在那裡，對吧？前進。

I would agree with the customer's position on managing inventory downward. We're pretty much seeing that across the board. Naturally, they built up some inventory during the supply chain issues. They've moved through some of that and with caution ahead from an economic standpoint and potentially slow down there. They are very focused on their inventory positions. And I would expect that to continue to move down as we go forward.

我同意客戶關於向下管理庫存的立場。我們幾乎全面看到了這一點。自然地，他們在供應鏈問題期間積累了一些庫存。從經濟的角度來看，他們已經經歷了其中的一些，並謹慎行事，並可能在這方面放慢腳步。他們非常關注自己的庫存狀況。而且我希望隨著我們的前進，它會繼續下降。

Perfect. And just on the new origination yields, just -- I don't know if Gary or whomever, but just kind of where are those at today on the loan front?

完美的。就新的起源收益率而言，只是——我不知道是加里還是其他人，但今天在貸款方面的人在哪裡？

No, go ahead. Go ahead. Go ahead, Vince, you got the specific numbers. I mean, I have generalities.

沒有，繼續。前進。去吧，文斯，你得到了具體的數字。我的意思是，我有概括性。

I can make a high-level comment here and then any color you want to add. The new loans made during the first quarter came on at $631 million. But for comparison, that was $570 million in the fourth quarter, and that's total loans.

我可以在這裡發表高級評論，然後添加任何你想添加的顏色。第一季度新增貸款為 6.31 億美元。但相比之下，第四季度為 5.7 億美元，這是貸款總額。

Got you. Okay. Perfect. And maybe, Gary, just you mentioned earlier on the call, just the criticized level. Did you say that, that was up modestly in the quarter? I think you said down year-over-year? Or do I have that wrong as far as what criticized assets did.

明白了好的。完美的。也許，加里，你剛才在電話中提到過，只是批評的程度。你是不是說，那在本季度略有上升？我想你說的是同比下降？還是就批評資產所做的事情而言，我有錯嗎？

It was up 19 basis points quarter-over-quarter, Brian, down 55 basis points on a year-over-year basis with a with a $5 billion larger balance sheet. So they're at near low record levels from a criticized standpoint still today.

Brian，環比上升 19 個基點，資產負債表擴大 50 億美元，同比下降 55 個基點。因此，從今天仍然受到批評的角度來看，它們仍處於接近歷史最低水平。

Okay. And just the increase, was there anything specific that kind of drove the increase? Or is it just a lot of things in there? Just anything you would point to, given all the things you've -- all the disclosure you've added on credit.

好的。只是增長，有什麼具體的推動增長的嗎？還是只是裡面有很多東西？考慮到你所擁有的所有東西，你會指出的任何東西——你在信用上添加的所有披露。

Yes, not really. It was kind of just general.

是的，不是真的。這有點一般。

Okay. Got you. Okay. And Vince, just the last one for me was on the capital markets revenue. I think you talked about syndications and being a little bit lower. Just any thoughts on just how that -- I guess, expectation would be that you see a little bit of volatility in that, but it should trend higher as you go throughout the year?

好的。明白了好的。文斯，對我來說，最後一個是關於資本市場收入的。我想你談到了聯合組織和低一點。關於它的任何想法 - 我想，期望你會看到其中有一點波動，但隨著你全年的發展，它應該會走高？

Yes. I think if you look at how we performed this quarter, it's pretty consistent with a less robust. It's kind of our baseline performance, right? So I think that all depends on how everything shakes out as we move forward. I mean, obviously, on the structural side of syndications, if we're leading, (inaudible), it's going to depend on CapEx needs, M&A activity.

是的。我想如果你看看我們本季度的表現，它與一個不那麼強勁的表現非常一致。這是我們的基準表現，對吧？所以我認為這一切都取決於我們前進時一切如何改變。我的意思是，很明顯，在聯合組織的結構方面，如果我們處於領先地位，（聽不清），這將取決於資本支出需求、併購活動。

There's a bunch of factors that go into driving fee income in that category. I would expect some things to come up over the next few quarters that will benefit that area because we do have a fairly significant falling effort syndication side. And then I would also expect derivatives as we move through the cycle and you see a number of companies burn through their old fixed rate program, I would expect to see them re-upping particularly with the inversion in the yield curve.

有很多因素會影響該類別的費用收入。我預計在接下來的幾個季度中會出現一些有益於該領域的事情，因為我們確實有相當大的下降努力聯合方面。然後我還希望衍生品隨著我們在周期中的移動而你看到許多公司通過他們舊的固定利率計劃燃燒，我希望看到它們重新上升，特別是收益率曲線的倒掛。

So I mean there's hope that we can sustain or grow those numbers. I think that's reflected in our guide. So I actually thought they did pretty well in the first quarter, which is typically seasonally lower. So I think we're good. From a wealth perspective, we're doing extraordinarily well producing new net asset value. So growing net asset value to clients in the Southeast, in particular, in the Mid-Atlantic.

所以我的意思是我們有希望維持或增加這些數字。我認為這反映在我們的指南中。所以我實際上認為他們在第一季度的表現相當不錯，通常季節性較低。所以我認為我們很好。從財富的角度來看，我們在創造新的資產淨值方面做得非常好。因此，東南部客戶的資產淨值不斷增長，尤其是中大西洋地區的客戶。

So I would expect that to continue because we beefed up staffing down there over the last few years and have better penetration. So I'm expecting that to do a little better than the previous years in terms of organic growth. That should help us in the long run.

所以我希望這種情況會繼續下去，因為我們在過去幾年裡加強了那裡的人員配置並且有更好的滲透率。因此，我預計在有機增長方面會比前幾年做得更好。從長遠來看，這應該對我們有幫助。

And then mortgage, there's quite a bit of uncertainty about where we're headed from a gain on sale perspective because of where rates are. But again, we're new to many of the markets, we have great people, great originators, and we're spread across a pretty vast geography with diversification with lower relative share in many markets. So we should be able to sustain that. So we feel pretty good about our guidance.

然後是抵押貸款，由於利率在哪裡，從銷售收益的角度來看，我們的發展方向存在很大的不確定性。但同樣，我們對許多市場都是新手，我們有優秀的人才、偉大的創始人，而且我們分佈在相當廣闊的地域，多元化，在許多市場中的相對份額較低。所以我們應該能夠維持這一點。所以我們對我們的指導感覺很好。

Yes. No, that's all. Understood. Thanks for all the added disclosures on the office book and the CRE book. It's very helpful.

是的。不，就這麼樣而已。明白了。感謝您在辦公簿和 CRE 簿上添加的所有披露信息。這非常有幫助。

I think that concludes the questions. So I want to thank everybody for participating. Thank you for your thoughtful questions. Very detailed and hopefully we were able to answer. We've put out quite a bit, so I'd recommend reading through the disclosures that we've put out. I thought our team did an excellent job getting the information out to the street.

我認為問題到此結束。所以我要感謝大家的參與。感謝您提出深思熟慮的問題。非常詳細，希望我們能夠回答。我們已經發布了很多內容，所以我建議您通讀我們發布的披露內容。我認為我們的團隊在將信息傳播到街頭方面做得非常出色。

I'd like to thank you and thank our employees here and the shareholders for standing with us. And we're going to do well as we move through this on a relative basis. I know it because we are -- we've got a great team here. So thank you for participating. Take care. We'll see you.

我要感謝你，感謝我們這裡的員工和支持我們的股東。我們將在相對基礎上完成這項工作時做得很好。我知道這是因為我們 - 我們這裡有一支很棒的團隊。感謝您的參與。小心。我們將會見你。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。