FNB Corp (FNB) 2025 Q1 法說會逐字稿

Good morning, everyone, and welcome to the FNB first-quarter 2025 Earnings Conference Call. (Operator Instructions) Please also note, today's event is being recorded.

大家早安，歡迎參加第一國民銀行 2025 年第一季財報電話會議。（操作員指示）另請注意，今天的活動正在被記錄。

At this time, I'd like to turn the conference call over to Lisa Hajdu, Manager of Investor Relations. Please go ahead.

現在，我想將電話會議交給投資者關係經理 Lisa Hajdu。請繼續。

Good morning, and welcome to our earnings call. This conference call of FNB Corporation and the reports and files with the 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 as an alternative for, our reported results prepared in accordance with GAAP. 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.

早上好，歡迎參加我們的收益電話會議。第一國民銀行公司的此次電話會議以及向美國證券交易委員會提交的報告和文件通常包含前瞻性陳述和非公認會計準則財務指標。非公認會計準則財務指標應被視為我們根據公認會計準則編製的報告結果的補充，而不是替代。我們的簡報資料和收益報告中包含了 GAAP 與非 GAAP 營運指標以及最直接可比較的 GAAP 財務指標的對帳。

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. A replay of this call will be available until Thursday, April 24, and the webcast link will be posted to the About Us, Investor Relations section of our corporate website.

請參閱我們向美國證券交易委員會提交的相關資料、報告和註冊聲明中包含的非公認會計準則和前瞻性聲明揭露，這些內容可在我們公司網站上查閱。本次電話會議的重播將持續到 4 月 24 日星期四，網路直播連結將發佈到我們公司網站的「關於我們」和「投資者關係」部分。

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

現在我將把電話轉給董事長、總裁兼執行長文斯德利 (Vince Delie)。

Thank you. 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 net income available to common shareholders of $116.5 million or $0.32 per share.

謝謝。歡迎參加我們的第一季財報電話會議。今天與我一起出席的還有我們的財務長 Vince Calabrese 和我們的首席信貸官 Gary Guerrieri。第一國民銀行報告稱，普通股股東可獲得的淨收入為 1.165 億美元，即每股 0.32 美元。

The first quarter had positive momentum on several key metrics, including tangible book value per share growth of 12%, totaling $10.83. Record capital levels, with CET1 of 10.7% and tangible common equity to tangible assets of 8.4%. The ever-changing macroeconomic environment emphasizes the importance of the continued execution of our long-term strategy, particularly around diversifying revenue streams, active balance sheet management, generating ample capital and liquidity and maintaining a balanced, well-positioned loan portfolio with consistent underwriting and robust credit monitoring.

第一季度，多項關鍵指標均呈現正面勢頭，包括每股有形帳面價值成長12%，達到10.83美元。資本水準創歷史新高，CET1為10.7%，有形普通股權益與有形資產比為8.4%。不斷變化的宏觀經濟環境強調了繼續執行我們的長期策略的重要性，特別是在多元化收入來源、積極的資產負債表管理、產生充​​足的資本和流動性以及維持平衡、定位良好的貸款組合、一致的承保和強有力的信用監控方面。

FNB generated modest revenue growth this quarter, reporting total revenue of $411.2 million, driven by net interest income growth and solid noninterest income. We benefited from a higher level of earning assets and stable margin with directional improvement during the quarter.

第一國民銀行本季營收溫和成長，總收入達 4.112 億美元，主要得益於淨利息收入成長和穩健的非利息收入。我們受益於本季更高的獲利資產水準和穩定的利潤率以及方向性的改善。

Noninterest income totaled $87.8 million, benefiting from the strategic investments we have made to develop and expand high-value business units that diversify revenue and enhanced product capabilities for our clients. During the past 10 years, we have significantly enhanced our capital markets offerings, which has led to revenues more than doubling during that time frame. We recently announced our acquisition of a boutique investment banking firm focused on delivering financial advisory services to public and private companies. This team of experienced bankers has advised on hundreds of transactions with an aggregate value of nearly $40 billion across a variety of industries for middle market and large corporate clients.

非利息收入總計 8,780 萬美元，受益於我們為開發和擴大高價值業務部門而進行的策略性投資，這些部門為我們的客戶實現了收入多元化並增強了產品能力。在過去的十年裡，我們顯著增強了我們的資本市場產品，這使得我們的收入在此期間增加了一倍以上。我們最近宣布收購一家專注於為上市公司和私人公司提供財務諮詢服務的精品投資銀行公司。這個經驗豐富的銀行家團隊已為中型市場和大型企業客戶提供了涉及各行各業的數百筆交易的諮詢服務，總價值近 400 億美元。

Given the scale of our company, the growth of our client base and the changing economic outlook, this is an opportune time to invest in expanding our capabilities. The first quarter annualized loan and deposit growth in a seasonally slower period were 3.5% and 1.4%, respectively, demonstrating our success in growing client relationships and market share. FNB remains focused on being our clients' primary operating bank by prioritizing high-touch services and a superior digital delivery channel including our award-winning eStore.

鑑於我們公司的規模、客戶群的成長以及不斷變化的經濟前景，現在是投資擴大我們能力的絕佳時機。第一季度，在季節性放緩時期，貸款和存款的年化成長率分別為 3.5% 和 1.4%，顯示我們在發展客戶關係和市場份額方面取得了成功。第一國民銀行始終致力於成為我們客戶的主要營運銀行，優先提供高接觸服務和卓越的數位交付管道，包括我們屢獲殊榮的電子商店。

This month, we launched automated direct deposit switch capabilities, the latest enhancement to our award-winning digital banking experience, which provides the option for customers to move their payroll direct deposits instantaneously with a few simple steps. Our comprehensive digital strategy, including the use of AI is designed to drive client acquisition, engagement, convenience and primacy and is a major force behind our success gaining share throughout our footprint and broadening our client relationships.

本月，我們推出了自動直接存款轉換功能，這是我們屢獲殊榮的數位銀行體驗的最新增強功能，客戶只需幾個簡單的步驟即可立即轉移工資直接存款。我們的綜合數位策略（包括人工智慧的使用）旨在推動客戶獲取、參與、便利和首要地位，也是我們在整個業務範圍內成功獲得份額和拓寬客戶關係的主要力量。

As we demonstrated during the 2008 financial crisis, the pandemic and the more recent banking liquidity crisis, FNB maintains a diversified and granular deposit base, consistent and conservative underwriting, solid capital and liquidity levels and sound risk management policies and governance. These practices have always been integral to F.N.B's. long-term strategy and are ingrained in our culture and enterprise risk management program.

正如我們在 2008 年金融危機、疫情以及最近的銀行流動性危機中所展示的那樣，第一國民銀行保持著多元化和細化的存款基礎、一致和保守的承保、穩健的資本和流動性水平以及健全的風險管理政策和治理。這些做法一直是第一國民銀行長期策略不可或缺的一部分，並根植於我們的文化和企業風險管理計畫中。

Our team frequently engages in regular liquidity stress test analysis, capital stress testing, CECL reserve model analysis, and diligent and proactive credit monitoring, ensuring we are prepared for a range of economic scenarios. In response to the recent tariff announcements, our team completed liquidity, capital and credit stress tests. The results show strong coverage and ample liquidity in a severe scenario, once again demonstrating our preparedness.

我們的團隊經常進行定期流動性壓力測試分析、資本壓力測試、CECL 儲備模型分析以及勤勉主動的信用監控，確保我們為各種經濟情境做好準備。為了回應最近的關稅公告，我們的團隊完成了流動性、資本和信貸壓力測試。結果顯示，在嚴峻形勢下，我們具有強大的覆蓋範圍和充足的流動性，這再次證明了我們的準備程度。

Our credit team has worked closely with our bankers to complete an extensive survey to identify any risks related to the tariff policy. According to our findings, FNB remains well positioned at this point with manageable exposure to the most heavily tariff impacted businesses and consumer portfolios. We will continue to diligently monitor our loan portfolio and engage in active dialogues. F.N.B's approach to credit risk management has a proven history of providing strong and stable asset quality through various economic cycles, and I am confident that we will be able to manage through the current economic environment.

我們的信貸團隊與銀行家密切合作，完成了廣泛的調查，以確定與關稅政策相關的任何風險。根據我們的調查結果，第一國民銀行目前仍處於有利地位，對受關稅影響最嚴重的企業和消費者投資組合具有可控的曝險。我們將繼續認真監控我們的貸款組合併進行積極的對話。一線國民銀行的信用風險管理方法已被證明能夠在各個經濟週期中提供強勁而穩定的資產質量，我相信我們能夠順利度過當前的經濟環境。

I will now turn the call over to Gary, who will provide additional details about the potential impact of tariffs and review our overall credit performance. Gary?

現在我將電話轉給加里，他將提供有關關稅潛在影響的更多細節，並審查我們的整體信貸表現。加里？

Thank you, Vince, and good morning, everyone. We ended the quarter with our asset quality metrics remaining at stable levels. Total delinquency ended the quarter at 75 basis points, down 8 bps from the prior quarter with NPLs and OREO unchanged at 48 bps.

謝謝你，文斯，大家早安。本季結束時，我們的資產品質指標仍保持穩定水準。本季末總拖欠率為 75 個基點，較上一季下降 8 個基點，不良貸款和 OREO 保持不變，為 48 個基點。

Net charge-offs totaled 15 basis points, reflecting solid performance in the current economic environment. Criticized loans were essentially flat, up 6 bps on a linked quarter basis, reflecting continued stability across the portfolio. Total funded provision expense for the quarter stood at $18.6 million, supporting loan growth, charge-offs not previously reserved for and a qualitative adjustment for potential tariff impacts, which I will later touch on.

淨沖銷總額為 15 個基點，反映出目前經濟環境中穩健的表現。受批評的貸款基本上持平，環比上漲 6 個基點，反映出整個投資組合持續保持穩定。本季總撥備支出為 1,860 萬美元，用於支持貸款成長、先前未預留的沖銷以及對潛在關稅影響的定性調整，我稍後會談到這一點。

Our ending funded reserve stands at $429 million, an increase of $6.1 million ending at 1.25%, unchanged from the prior quarter. When including acquired unamortized loan discounts, our reserve stands at 1.34% and our NPL coverage position remains strong at 267%. We are monitoring the current market volatility from the recently enacted tariffs and its potential impact on our loan portfolio.

我們的期末資金儲備為 4.29 億美元，增加 610 萬美元，達到 1.25%，與上一季持平。當包括獲得的未攤銷貸款折扣時，我們的準備金率為 1.34%，不良貸款覆蓋率仍維持在 267% 的強勁水準。我們正在監測最近頒布的關稅造成的當前市場波動及其對我們的貸款組合的潛在影響。

In January, in anticipation of the tariffs, we required a mandatory assessment in the underwriting of all new and renewing C&I loan requests. We then surveyed more than 50% of our C&I and owner-occupied loan portfolio down to $3 million in relationship exposure with a focus on industries more likely to be impacted. We were pleased with the outcome of that analysis, which reflected that less than 5% of the exposures were at risk of greater impact from the direct tariffs. The results further supported the qualitative allowance adjustment mentioned earlier.

今年 1 月，為了應對關稅，我們要求對所有新的和續簽的 C&I 貸款申請進行承保時進行強制評估。然後，我們調查了超過 50% 的 C&I 和自住貸款組合，關係風險敞口降至 300 萬美元，重點關注最有可能受到影響的行業。我們對該分析的結果感到滿意，該結果顯示，不到 5% 的風險敞口面臨直接關稅的更大影響。結果進一步支持了前面提到的定性津貼調整。

Obviously, a wider credit impact could occur from a slowing or recessionary environment, which we cover in our quarterly stress testing process. Lastly, our concentration risk management framework allows us to assess the portfolios on a daily basis, including potential impacts on our reserve during a crisis or periods of economic uncertainty. Additionally, we have reviewed other potential risks to our commercial and consumer loan portfolios regarding government contracts and employment.

顯然，經濟放緩或衰退的環境可能會對信貸產生更廣泛的影響，我們在季度壓力測試過程中已經涵蓋了這些影響。最後，我們的集中風險管理框架使我們能夠每天評估投資組合，包括在危機或經濟不確定時期對我們的儲備的潛在影響。此外，我們也審查了與政府合約和就業相關的商業和消費貸款組合的其他潛在風險。

Our government contracting portfolio is small and consists primarily of a handful of investment-grade exposures. We are in frequent contact with these customers and feel comfortable as each generally supports critical government functions. We are closely monitoring our consumer exposures particularly in the Mid-Atlantic region and have not observed any negative impacts at this point.

我們的政府承包組合規模很小，主要由少量投資等級風險敞口組成。我們與這些客戶保持著頻繁的聯繫，並且感到很安心，因為每個客戶通常都支持關鍵的政府職能。我們正在密切監控我們的消費者風險，特別是大西洋中部地區的消費者風險，目前尚未發現任何負面影響。

Regarding the nonowner CRE portfolio, credit metrics continue to remain at satisfactory levels with delinquency and NPLs at 82 and 77 basis points, respectively. This reflects an improvement from 99 and 84 bps at the end of last year. We continue to aggressively manage this portfolio as we have throughout this interest rate cycle with a nonowner exposure declining by $283 million in the quarter, ending at 229% of capital. As we have done each quarter, we completed a full portfolio stress test. The results reflected further improvement with our current ACL covering 97% of our projected charge-offs in a severe economic downturn.

對於非業主 CRE 投資組合而言，信用指標繼續保持在令人滿意的水平，拖欠率和不良貸款率分別為 82 個基點和 77 個基點。這比去年年底的 99 個基點和 84 個基點有所改善。我們將繼續積極管理這項投資組合，就像我們在整個利率週期中所做的那樣，本季非所有者曝險下降了 2.83 億美元，最終佔資本的 229%。正如我們每個季度所做的那樣，我們完成了全面的投資組合壓力測試。結果反映出進一步的改善，在嚴重的經濟衰退中，我們目前的 ACL 涵蓋了 97% 的預期沖銷額。

In closing, our credit results reflected continued strength and stability. The success of our approach and strength of our leadership team through many economic cycles was recently reflected in an independent global study that named Vince Delie, as one of the top CEOs in the United States across all industries based on performance and reputation, and further placed even the top 5 CEOs among the largest banks in the United States.

最後，我們的信用表現反映出持續的強勁和穩定。我們的方法和領導團隊的實力在多個經濟週期中都取得了成功，這在最近的一項獨立全球研究中得到了體現。該研究根據業績和聲譽將文斯·德利評為美國各行業最優秀的執行長之一，甚至在美國最大的銀行中名列前五名執行長。

Vince and our leadership team have created a culture that understands the importance of maintaining a strong risk philosophy across the company, including a robust credit underwriting and risk management function that has enabled us to deliver consistent credit results through these periods.

文斯和我們的領導團隊創造了一種文化，這種文化理解在整個公司範圍內保持強大風險理念的重要性，包括強大的信用承保和風險管理功能，使我們能夠在這些時期提供一致的信貸結果。

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

現在，我將把電話轉給我們的財務長文斯·卡拉布雷斯 (Vince Calabrese)，請他發表評論。

Thanks, Gary, and good morning. Today, I will review the first quarter's financial results, and walk through our second quarter and full year guidance. First quarter operating net income totaled $116.5 million or $0.32 per share, with total revenues coming in near the higher end of our first quarter guidance range and noninterest expenses coming in near the lower end of our guide.

謝謝，加里，早安。今天，我將回顧第一季的財務業績，並介紹第二季和全年的預期。第一季營業淨收入總計 1.165 億美元，即每股 0.32 美元，總收入接近我們第一季指導範圍的高端，非利息支出接近我們指導範圍的低端。

Total loans and leases ended the quarter at $34.2 billion on a spot basis, a 3.5% annualized linked quarter increase driven by growth of $224 million in consumer loans and $72 million in commercial loans and leases. Residential mortgages continue to lead consumer loan growth and nearly half of the mortgage production for the quarter was salable. Spot C&I loans and commercial leases combined grew at a mid-single-digit annualized rate from year-end 2024.

本季末，貸款和租賃總額按現貨計算為 342 億美元，環比年化增長 3.5%，這得益於消費貸款增長 2.24 億美元以及商業貸款和租賃增長 7,200 萬美元。住宅抵押貸款繼續引領消費貸款成長，本季近一半的抵押貸款是可出售的。從 2024 年底開始，現貨 C&I 貸款和商業租賃總額將以中位數個位數的年化率成長。

Total deposits ended the quarter at $37.2 billion on a spot basis, an increase of $132 million linked quarter. Noninterest-bearing demand deposits increased 1.1% linked quarter and comprised 26.5% of total deposits, up 19 basis points from the fourth quarter. The loan-to-deposit ratio increased slightly to 91.9%. Our total deposit costs ended the first quarter at 1.95%, down 13 basis points from year-end, leading to a cumulative total deposit beta of 28% since the interest rate cuts began in September of last year.

本季末，現貨存款總額達 372 億美元，季增 1.32 億美元。無息活期存款較上季成長 1.1%，佔總存款的 26.5%，較第四季上升 19 個基點。貸存比略有上升，至91.9%。我們第一季的總存款成本為 1.95%，比年底下降了 13 個基點，自去年 9 月開始降息以來，累計總存款貝塔係數為 28%。

The first quarter's net interest margin was 3.03%, stable with last quarter. The margin bottomed early in the quarter in March's net interest margin was 3.08% 5 basis points above the quarterly average. Interest-bearing deposit costs fell 24 basis points linked quarter driven by lower rates paid on money market and time balances, an 11 basis point decrease in the total yield on earning assets to 5.23% was offset by a 10 basis point decrease in the total cost of funds to 2.32%. The average yield on the investment securities portfolio increased 3 basis points linked quarter to 3.41%, benefiting from restructuring actions taken in the fourth quarter.

一季淨利差為3.03%，與上季持平。該利潤率在本季初觸底，3 月淨利差為 3.08%，比季平均高出 5 個基點。由於貨幣市場和定期餘額支付的利率下降，計息存款成本環比下降 24 個基點，生息資產總收益率下降 11 個基點至 5.23%，但資金總成本下降 10 個基點至 2.32%，抵消了這一影響。受惠於第四季度採取的重組措施，投資證券組合平均收益率較上季上升3個基點至3.41%。

Net interest income totaled nearly $324 million at the high end of our guide and a $1.6 million increase from the prior quarter even with two fewer days. Net interest income increased 1.5% from the year ago quarter, the first year-over-year increase since the third quarter of 2023.

淨利息收入總計近 3.24 億美元，處於我們指南的高位，即使減少了兩天，也比上一季增加了 160 萬美元。淨利息收入較去年同期成長1.5%，為2023年第三季以來首次年增。

Turning to noninterest income and expense. Noninterest income totaled $87.8 million, consistent with the year ago quarter and right in the middle of our guidance range from January. Wealth management revenues increased 8.4% year-over-year to a record $21.2 million with contributions across the geographic footprint.

轉向非利息收入和支出。非利息收入總計 8,780 萬美元，與去年同期持平，且正處於我們 1 月份指導範圍的中間。財富管理收入年增 8.4%，達到創紀錄的 2,120 萬美元，貢獻來自整個地理範圍。

Capital markets income of $5.3 million was impacted by lower commercial customer activity given the current macroeconomic environment. Noninterest expense totaled $246.8 million, a slight decline from last quarter and at the low end of our guide. Salaries and employee benefits increased $7.1 million due to normal seasonal long-term compensation expense of $7.6 million and seasonally higher employer payroll taxes, which increased $4.4 million. These were partially offset by lower employer paid health care costs.

鑑於當前的宏觀經濟環境，商業客戶活動減少影響了 530 萬美元的資本市場收入。非利息支出總計 2.468 億美元，較上一季略有下降，處於我們指導水準的低端。由於正常的季節性長期薪資費用為 760 萬美元，以及季節性較高的雇主工資稅增加了 440 萬美元，工資和員工福利增加了 710 萬美元。這些被雇主支付的醫療費用降低部分抵消。

Salaries and benefits reflect strategic hiring associated with our efforts to grow market share and continued investments in our risk management infrastructure. Compared to the year ago quarter, outside services increased $3.5 million or 15.1% from higher volume-related technology and third-party costs associated with ongoing investments in our enterprise risk management framework in support of our strategic initiatives. The seasonably affected first quarter efficiency ratio remained solid at 58.5% and we continue to manage our expense base in a disciplined manner.

薪酬和福利反映了我們為擴大市場份額所做的努力以及對風險管理基礎設施的持續投資相關的策略性招聘。與去年同期相比，外部服務增加了 350 萬美元（15.1%），這得益於與數量相關的技術以及與支持我們的戰略計劃而對企業風險管理框架進行持續投資相關的第三方成本。受季節性影響的第一季效率比率仍然穩定在 58.5%，我們繼續以嚴謹的方式管理我們的費用基礎。

We expect improved performance with positive operating leverage in the second half of 2025. FNB continues to actively manage our capital position for ample flexibility to support balance sheet growth and optimize shareholder returns while appropriately managing risk.

我們預計 2025 年下半年業績將有所改善，經營槓桿率將為正值。第一國民銀行繼續積極管理我們的資本狀況，以獲得充足的靈活性來支持資產負債表成長和優化股東回報，同時適當管理風險。

Our financial performance and capital management strategies resulted in our TCE ratio reaching 8.4% and the CET1 ratio reaching 10.7%, both multi-decade highs. Tangible book value per common share was $10.83 at March 31, an increase of $1.19 per share or 12.3% compared to March 31 of last year. We repurchased 741,000 shares during the quarter and expect to pursue opportunistic share repurchase activity once there's more clarity around tariff policies moving forward.

我們的財務表現和資本管理策略使我們的TCE比率達到8.4％，CET1比率達到10.7％，均創下數十年來的新高。截至 3 月 31 日，每股普通股有形帳面價值為 10.83 美元，與去年 3 月 31 日相比增加 1.19 美元，增幅為 12.3%。我們在本季回購了 741,000 股，並希望在未來關稅政策更加明朗後進行機會性股票回購活動。

Let's now look at guidance for the second quarter and full year of 2025. All guidance is based on current expectations, while remaining cognizant of the highly uncertain economic environment we are all operating in. We are maintaining our full year balance sheet guidance for spot balances by year-end 2025 projecting period-end loans to grow mid-single digits on a full year basis as we increase our market share across our diverse geographic footprint. Similarly, we are projecting total deposit balances to grow mid-single digits, also on a year-over-year spot basis.

現在讓我們來看看 2025 年第二季和全年的指導。所有指導均基於當前預期，同時意識到我們都處於高度不確定的經濟環境中。我們維持 2025 年底全年資產負債表現貨餘額指引，預計隨著我們在多元化地理覆蓋範圍內的市場份額不斷增加，期末貸款將在全年基礎上實現中等個位數增長。同樣，我們預計總存款餘額也將年增中個位數。

Our projected full year income statement guide is unchanged with last quarter. Our projected full year net interest income is still expected to be between $1.345 billion and $1.385 billion, factoring in 25 basis point rate cuts in both June and September.

我們預計的全年損益表指南與上一季保持不變。考慮到 6 月和 9 月各降息 25 個基點，我們預計全年淨利息收入仍將在 13.45 億美元至 13.85 億美元之間。

Second quarter net interest income is projected between $325 million and $335 million. The noninterest income full year guide remains between $350 million and $370 million. The second quarter noninterest income guidance between $85 million and $90 million, with seasonality expected to carry us to the higher end of the range. Full year guidance for noninterest expense is expected to be between $965 million and $985 million, with the second quarter noninterest expense expected to be between $235 million and $245 million.

第二季淨利息收入預計在 3.25 億美元至 3.35 億美元之間。全年非利息收入預期仍維持在 3.5 億美元至 3.7 億美元之間。第二季非利息收入預期在 8,500 萬美元至 9,000 萬美元之間，預計季節性因素將使我們達到該範圍的高端。預計全年非利息支出在 9.65 億美元至 9.85 億美元之間，第二季非利息支出預計在 2.35 億美元至 2.45 億美元之間。

Full year provision guidance is maintained at $85 million to $105 million, given the stability in our credit performance to start the year and will be dependent on net loan growth and charge-off activity. As Gary mentioned, while we performed a deep dive assessment of the risks caused by the current economic environment, the potential impacts are highly uncertain at this point given the fluidity of trade negotiations. Lastly, the full year effective tax rate should be between 21% and 22%, which does not assume any investment tax credit activity that may occur.

鑑於年初信貸表現的穩定性，全年撥備指引維持在 8,500 萬美元至 1.05 億美元之間，並將取決於淨貸款成長和沖銷活動。正如加里所提到的，雖然我們對當前經濟環境帶來的風險進行了深入評估，但鑑於貿易談判的流動性，目前的潛在影響仍具有很高的不確定性。最後，全年有效稅率應在21％至22％之間，這不假設可能發生任何投資稅收抵免活動。

With that, I will turn the call back to Vince.

說完這些，我就把電話轉回給文斯。

Thank you, Vince. In closing, I want to thank the entire FNB team for their commitment to our core values, including innovation and collaboration. Also, thank you, Gary, for your comments. The recognition of that I've received a is a direct result of many contributors to F.N.B's.

謝謝你，文斯。最後，我要感謝整個 FNB 團隊對我們核心價值的承諾，包括創新和協作。另外，感謝 Gary 的評論。我所獲得的認可是眾多 F.N.B 捐助者的直接成果。

success, including our Board of Directors and exceptional leadership team and passionate and engaged employees.

成功，包括我們的董事會和卓越的領導團隊以及充滿熱情和敬業的員工。

Our culture, risk management and employees' hard work and dedication have delivered strong first quarter results and will continue to guide us through as we protect and grow shareholder value through various economic scenarios.

我們的文化、風險管理以及員工的辛勤工作和奉獻精神為我們帶來了強勁的第一季業績，並將繼續指導我們在各種經濟情勢下保護和增加股東價值。

Thank you, and we will now open the call for questions.

謝謝，我們現在開始提問。

Ladies and gentlemen, at this time we'll begin the question-and-answer session.(Operator Instructions)

女士們，先生們，現在我們將開始問答環節。 （操作員指示）

Russell Gunther, Stephens.

拉塞爾·岡瑟，史蒂芬斯。

Hey, good morning, guys.

嘿，大家早安。

Well, I wanted to start on the NII outlook, if I could. First, if you could just remind us of the cadence of the swap maturities over the course of the year and how that benefit NII this quarter. And then to follow up, maybe just walk us through the scenario underlying the high end of the NII guide and what that contemplates from loan growth perspective, shape of the curve and whether any additional security portfolio restructuring.

好吧，如果可以的話，我想開始討論 NII 展望。首先，您能否提醒我們今年掉期到期的節奏，以及這對本季的 NII 有何好處。然後，為了跟進，也許只是向我們介紹 NII 指南高端背後的情景，以及從貸款成長角度考慮的內容、曲線形狀以及是否有任何額外的證券組合重組。

Yes, I would say, I guess, a couple of things. The net interest income guide, cuts from June and September, we talked about. So we're maintaining the same full level for the full year. I would say that for the second quarter, based on where we exited the first quarter, kind of $308 million for the month of March, as I mentioned, you could potentially see us depend on what happens with rates during the quarter, right? It's very volatile, but you could -- could definitely see us being in kind of the upper half of that second quarter range.

是的，我想說幾件事。我們討論了淨利息收入指南，即 6 月和 9 月的削減。因此，我們全年的水平將保持不變。我想說的是，根據我們第一季的業績來看，第二季的業績大約為 3 月份的 3.08 億美元，正如我所提到的，您可能會看到我們的業績取決於本季利率的變化，對嗎？它非常不穩定，但你肯定可以看到我們處於第二季度範圍的上半部。

For the full year, there's just too much to play out. We're still comfortable as we reaffirmed all of our income statement guidance for the full year. So we're still comfortable with the full year levels. But the second quarter -- the 2 areas in our guidance where there's some upside in the range would be the net interest income and the noninterest income, as I mentioned in my prepared remarks, just seasonally, getting us at the higher end of that range and then kind of upper half will be net interest income range for the second quarter.

對於全年來說，要做的事情實在太多了。我們仍然感到安心，因為我們重申了所有全年的損益表指引。因此我們對全年水平仍然感到滿意。但是第二季度 - 我們指引中存在上行空間的兩個領域是淨利息收入和非利息收入，正如我在準備好的發言中提到的那樣，只是季節性地，使我們處於該範圍的高端，然後上半部分將是第二季度的淨利息收入範圍。

And then just restructuring activities -- any additional restructuring activities baked in the fourth quarter restructuring we did was a nice couple of penny benefits for the full year that we had done. So we're not contemplating anything as we sit here today. In the first part of your question, Russell, again, what was the first part?

然後只是重組活動——我們在第四季度重組中進行的任何額外重組活動都為我們全年所做的工作帶來了一些不錯的收益。所以，我們今天坐在這裡，並沒有考慮任何事情。拉塞爾，你問題的第一部分是什麼？

Just the impact of the the swap maturities and how that played out this quarter?

掉期到期的影響以及本季​​的表現如何？

Sure. I mean that was -- we've talked about $10 million a quarter, which is where it was in the fourth quarter. It was about $8 million drag in the first goes down to $6 million in the second, and then it kind of goes down from there, a couple of million in the third, and then a small amount, less than $1 million in the fourth quarter because by that, it's all rolled off. So $8 million for the first quarter, about $6 million for the second quarter.

當然。我的意思是——我們談論的是每季 1000 萬美元，這是第四季度的情況。第一季的拖累約為 800 萬美元，第二季下降到 600 萬美元，然後繼續下降，第三季下降了幾百萬，第四季下降了一小筆，不到 100 萬美元，因為到那時，所有拖累都已經消除了。因此第一季為 800 萬美元，第二季約為 600 萬美元。

That's really helpful. Thank you very much. And then just last line of question for me would be on the expense side of things. I know you talked about your expectations for more positive operating leverage in the back half of the year. Just curious, as you think about 1Q results, what could take us to the low end of the range in 2Q? And then is that kind of improved back half performance contemplative of any specific efficiency initiatives?

這真的很有幫助。非常感謝。對我來說，最後一個問題是關於費用方面的。我知道您談到了對今年下半年更加積極的經營槓桿的期望。只是好奇，當您考慮第一季的結果時，什麼會讓我們在第二季度達到範圍的低端？那麼，後半部效能的改善是否考慮了任何具體的效率措施？

Or maybe just some help in terms of how you're thinking about the cadence?

或者也許只是在您如何思考節奏方面提供一些幫助？

Yes. I would say -- I mean, we have the history of taking cost out every year. We've been very disciplined in cements managers for as long as we've been here. So in this year's guidance has us with a similar kind of in the $15 million to $20 million kind of cost savings target through renegotiate contracts, space optimization, continued process improvement focus leveraging AI and machine learning and some of the tools that we already have kind of in the building. So that's kind of already baked in and some cost saves as well as heightened standards, right?

是的。我想說——我的意思是，我們每年都有削減成本的歷史。自從我們來到這裡以來，我們對水泥管理人員一直非常嚴格。因此，在今年的指導中，我們透過重新談判合約、空間優化、持續流程改進重點利用人工智慧和機器學習以及我們已經在建築中擁有的一些工具，設定了類似的 1500 萬至 2000 萬美元的成本節約目標。所以這已經是既定事實了，而且可以省下一些成本，同時提高標準，對嗎？

We've talked about that in the past, and that's again in our guidance, and that's in the $5 million to $10 million kind of area of expenses that are baked in as we're close to $50 billion in approaching the high standards kind of level.

我們過去曾討論過這個問題，這再次出現在我們的指導中，這屬於 500 萬美元到 1000 萬美元的支出範圍，因為我們已接近 500 億美元以達到高標準水平。

So I would say -- I mean, to me, the expense guy kind of build the range is best to use for the quarter as well as for the full year based on what we know today.

所以我想說——我的意思是，對我來說，根據我們今天所了解的情況，費用人員構建的範圍最適合本季度以及全年使用。

That's really helpful, guys. Thank you very much for taking my question.

夥計們，這真的很有幫助。非常感謝您回答我的問題。

Sure, thank you.

當然，謝謝。

Daniel Tamayo, Raymond James.

丹尼爾塔馬約、雷蒙詹姆斯。

Thank you, good morning guys.

謝謝大家，早安。

Maybe talking about -- I'll take the other side of that question on the NII, specifically as it relates to loan growth. Just curious where you see risk to that guide? Obviously, there's a lot of uncertainty right now in the environment. We all understand that. But I guess curious how confident you are in that mid-single-digit number, maybe some color around what you're hearing from borrowers and how they're being impacted from a pull-through rate on the loan growth side from tariffs right now.

也許談論的是——我將就國家資訊基礎設施 (NII) 問題的另一個方面進行探討，特別是因為它與貸款成長有關。只是好奇您認為指南有哪些風險？顯然，目前的環境存在著許多不確定性。我們都明白這一點。但我很好奇您對這個中位數個位數有多大的信心，也許您可以了解您從借款人那裡聽到的消息，以及他們目前如何受到關稅對貸款增長方面的拉動率的影響。

Sure. Yes. I was just going to say this, Vince Delie going to answer if you wanted to, but jump in. I mean, the pipelines are softer on a year-over-year basis. So if you look at the they're down about 10% in total.

當然。是的。我正要說這個，如果你想的話，文斯德利 (Vince Delie) 會回答，但是請插話。我的意思是，與去年同期相比，管道變得更加疲軟。如果你看一下，它們總共下降了約 10%。

The short term -- the good news is the short-term pipeline is built a little bit. And we've looked at it across the 7 states region that we cover in the United States. And as you know, we have a pretty heavy focus on manufacturing within the Rust Belt states that we operate in. So we -- Gary spent quite a bit of time studying the impact of tariffs on our customers. So we were able to gather quite a bit of feedback.

短期內－好消息是短期管線已經建好了一點。我們已經對美國所涵蓋的 7 個州地區進行了調查。如您所知，我們非常重視我們經營所在地「鐵鏽地帶」各州的製造業。因此，加里花了相當多的時間研究關稅對我們客戶的影響。因此我們能夠收集到相當多的回饋。

We put a process in place where we collected data, divided the portfolio up into segments. And then focused on the higher-risk tariff clients.

我們建立了一個流程來收集數據，並將投資組合分成幾個部分。然後重點關注高風險關稅客戶。

And there's a lot of uncertainty, obviously, around the tariffs and how it's going to impact them specifically. I mean you could see a wide range of activities going on within the customer base, everything from some clients utilizing their excess liquidity to bring inventory in so that they don't face supply chain disruption or substantial increases in cost initially. So you're seeing some of that. You see some borrowers cutting back canceling CapEx expansion plans because you're going to wait and see what's going to happen with the tax code and what's going to happen with the tariffs individually.

顯然，關稅問題以及其具體影響存在許多不確定性。我的意思是，您可以看到客戶群中正在進行各種各樣的活動，一些客戶利用其過剩的流動性來引入庫存，這樣他們就不會面臨供應鏈中斷或成本大幅增加的情況。所以你看到了其中的一些。你會看到一些借款人削減開支並取消資本支出擴張計劃，因為你要等著看稅法和關稅將會發生什麼變化。

So it's kind of a mixed bag, and it's caused, I'd say, a pause in capital investment, at least substantial capital investment. We expect that as we move through the next several months and hopefully resolve many of the issues associated with these tariffs, maybe not China. China might be a longer-term issue. But we would expect demand to pick up in the second half of the year. And based upon the activity that we're seeing, I think that is in the cards.

所以，這是一種混合情況，我認為，這導致了資本投資的暫停，至少是大量資本投資的暫停。我們預計，隨著未來幾個月的推進，有望解決與這些關稅相關的許多問題，但可能不是中國的問題。中國可能是個長期問題。但我們預計下半年需求將會回升。根據我們所看到的活動，我認為這是可能的。

From a CRE perspective, CRE is slower. We have intentionally pulled back a little bit to let that normalize within the company. So we're still seeing quite a bit of activity in the secondary market there. I know, Gary, I don't know if you want to comment on.

從CRE角度來看，CRE比較慢。我們有意稍微退後一步，讓這種情況在公司內部正常化。因此我們仍然看到二級市場有相當多的活動。我知道，加里，我不知道你是否想評論。

Yes. I mean during the quarter, we reduced that portfolio another $283 million, that's been pretty consistent. So there's good secondary market activity starting to show, and the projects are performing and they're moving through the normal channels there. So that's continuing to move in a good direction as we manage that level down to a level that we desire it to be at going forward as we cross the $50 billion level.

是的。我的意思是，在本季度，我們又將該投資組合減少了 2.83 億美元，這是相當一致的。因此，良好的二級市場活動開始顯現，專案正在發揮作用並透過正常管道推進。因此，隨著我們努力將該水準降至我們期望的水平（突破 500 億美元大關），情況將繼續朝著好的方向發展。

Yes. I think you're going to see -- we have probably an outsized proportion of large corporate investment-grade borrowers, right, because we have the debt capital markets platform. We have products we can sell them to justify the returns we're starting to see more utilization on those facilities. So there's a pickup there. So there's puts and takes as we move forward, but we're pretty confident and we're going to hit that guide that we put out there.

是的。我想你會看到——我們可能擁有大量大型企業投資等級借款人，對吧，因為我們擁有債務資本市場平台。我們有產品可以出售給他們，以證明回報，我們開始看到這些設施的利用率更高。那裡有一輛皮卡。因此，在我們前進的過程中，我們會遇到各種困難和挫折，但我們非常有信心，我們會實現我們所製定的指導方針。

And there's still quite a bit of activity across the footprint. We're very fortunate in that we have a very diverse footprint. So we're not reliant on one particular industry or one geography to generate asset growth. So -- and that's playing out for us. I think it will support our thesis on growth.

並且在整個足跡中仍然有相當多的活動。我們非常幸運，我們的足跡非常多元化。因此，我們並不依賴某個特定的產業或地區來實現資產成長。所以——這對我們來說正在發生。我認為它將支持我們關於成長的論點。

Yes. And the guidance again is a spot to spot, right? So I think that's important. And in underlying mortgage activity picks up in the second and third quarter. So that's also a component of kind of the mid-single digits.

是的。再次，指導是針對具體地點進行的，對嗎？所以我認為這很重要。第二季度和第三季度，抵押貸款活動有所回升。所以這也是中個位數的一個組成部分。

But one of the things I'd comment on, too, just while we look maybe a little bit slow, giving us opportunity to continue to bring down deposit rates. We had first our cost of interest-bearing deposits down significantly, 24 basis points this quarter. And we continue to have opportunities to bring those rates down on a slower loan growth environment, that opportunity is there. We're continuing to manage that actively.

但我想評論的一件事是，當我們看起來可能有點慢的時候，這給了我們繼續降低存款利率的機會。首先，我們的計息存款成本大幅下降，本季下降了 24 個基點。在貸款成長放緩的環境下，我們仍然有機會降低這些利率，這個機會就在那裡。我們將繼續積極地管理此事。

That's terrific color. I appreciate all of that. I guess maybe one for Gary and anyone also wants to chime in on credit. Gary, you talked about less than 5% of exposures at risk with greater impact from the direct tariffs. I'm wondering if you could just go into a little more detail on what you were referring to there?

這顏色真棒。我非常感謝這一切。我想也許加里 (Gary) 也想為大家提供一些建議。加里，您談到直接關稅對風險敞口的影響較大，風險敞口不到 5%。我想知道您是否可以更詳細地說明一下您所指的內容？

And then curious kind of how you're thinking about the potential impact of a recession on reserves. Looking back at where the coverage was in the pandemic, it looks like you were about 20 basis points higher. So I guess, just if that's about the good way to size it with CECL now, that would be helpful. Thanks.

然後我很好奇您如何看待經濟衰退對儲備的潛在影響。回顧疫情期間的報道，看起來報道大約高出了 20 個基點。所以我想，如果這是現在使用 CECL 確定大小的好方法，那將會很有幫助。謝謝。

Yes, sure, Daniel. We took a very proactive approach around the tariff situation and trying to get ahead of any potential impact with our client base. And naturally, there's a lot of uncertainty around it, specifically around how is it going to impact the growth that Vince was just referencing, reduced spending, higher inflation, potential supply chain issues. So there's a lot of uncertainty out there. And will it drive the economy into a recession?

是的，當然，丹尼爾。我們對關稅情勢採取了非常積極主動的態度，並試圖避免對我們的客戶群造成任何潛在影響。當然，這其中存在著許多不確定性，特別是它將如何影響文斯剛才提到的成長、減少支出、提高通貨膨脹率以及潛在的供應鏈問題。因此，存在著許多不確定性。這會導致經濟陷入衰退嗎？

I don't think any of us know the answer to that at the moment. Early in the year, we put a mandatory assessment around potential tariffs in our new underwritings. We identified the 5 sectors that we felt that would be most impacted in our C&I portfolio, and we surveyed about 50% of the C&I exposure really across the company. And as I mentioned in my prepared remarks, those clients went all the way down to $3 million in relationship, and that low-risk category was less than 5% of the book. So what are we focused on around that?

我認為目前我們中沒有人知道這個問題的答案。今年年初，我們在新的承保中對潛在關稅進行了強制評估。我們確定了我們認為在我們的商業和工業投資組合中受影響最大的 5 個行業，並且我們調查了整個公司約 50% 的商業和工業風險敞口。正如我在準備好的演講中提到的那樣，這些客戶的關係總額一直下降到 300 萬美元，而低風險類別只佔帳簿的 5% 以下。那我們關注的重點是什麼？

Our plans are to really have frequent communication with those clients in that bucket as well as in the higher end of that medium bucket of clients that we surveyed to manage the financial performance, manage their margin, discuss with them the liquidity position that they're in, review fixed charge coverages, collateral monitoring and all of the above to manage the portfolio and determine what potential impact there could be on the reserve, if any. So we'll continue to manage that portfolio in that fashion with frequent touches with those clients.

我們的計劃是與該類別中的客戶以及我們調查的中等類別中高端客戶保持頻繁溝通，以管理財務業績、管理他們的保證金、與他們討論他們的流動性狀況、審查固定費用覆蓋範圍、抵押品監控以及上述所有事項，以管理投資組合併確定對儲備金可能產生的潛在影響（如果有的話）。因此，我們將繼續以這種方式管理該投資組合，並與這些客戶保持頻繁聯繫。

So just summing it up, it is a very fluid situation. And I think we're well ahead of it, and we'll manage any potential risks as the situation continues to evolve. In terms of reserves, we did run our stress test in a recessionary environment, both inclusive of a severe recession, those reviews and those analyses are reflecting manageable bills from a reserve standpoint that we feel very comfortable with. So really nothing too alarming there from that standpoint. And the portfolio at this point continues to perform in a very stable fashion.

總而言之，這是一個非常不穩定的情況。我認為我們已經領先一步，隨著情況的不斷發展，我們將管理任何潛在的風險。在儲備方面，我們確實在經濟衰退的環境中進行了壓力測試，包括嚴重的經濟衰退，這些審查和分析從儲備的角度來看反映了可控的帳單，我們對此感到非常滿意。因此從這個角度來看，確實沒有什麼太令人擔憂的。目前投資組合繼續以非常穩定的方式表現。

So we feel we're well positioned even with all the uncertainty that's in the environment today.

因此，儘管當今環境充滿不確定性，但我們認為我們仍處於有利地位。

Yes, I would just add to the -- like a moderate recession scenario, I mean, I think you mentioned 20 basis points in COVID, I mean our modest recession scenario is more like half of that.

是的，我只想補充一點——比如溫和的衰退情景，我的意思是，我認為你提到了 COVID 中的 20 個基點，我的意思是我們的溫和衰退情景更像是其中的一半。

That's great, very helpful. Thanks for taking my question.

太棒了，非常有幫助。感謝您回答我的問題。

Thank you.

謝謝。

[Casey Hare], Autonomous Research.

[Casey Hare]，自主研究。

Good morning. This is Jackson Singleton on for Casey Hare. A couple of quick ones for me. First, I wanted to follow up on expenses. I know this was asked about, but it looks like the 2Q quarterly expense guidance was brought down a bit from the 1Q quarterly guide, but the full year guidance was left unchanged. So I was just wondering if you could give any color on flex and expenses to where you can maybe bring that full year number down lower?

早安.這是凱西·黑爾 (Casey Hare) 的傑克遜·辛格爾頓 (Jackson Singleton)。對我來說，有幾個簡單的問題。首先，我想跟進開支狀況。我知道有人問過這個問題，但看起來第二季的季度支出指引比第一季的季度指引略有下降，但全年指引保持不變。所以我只是想知道您是否可以對靈活性和費用提供一些說明，以便可以降低全年數字？

Well, the 2Q level is reflective of the first quarter having and about $16 million of seasonal expenses between long-term compensation, payroll taxes restarting a year, 401(k) kind of thing. So that -- the delta first 1Q to 2Q is really just driven by that.

嗯，第二季的水平反映了第一季的情況，以及長期薪資、一年後重新開始的工資稅、401（k）等項目的季節性支出約 1600 萬美元。因此，第一季到第二季的增量實際上只是受此驅動。

Okay. Got it. And then if revenues come in any lower than expected, is there any flex to where you can bring expenses down?

好的。知道了。那麼，如果收入低於預期，有什麼辦法可以降低開支嗎？

Yes. I mean there's commissions and incentives that are tied to the revenue. So if the revenue is lower, obviously, those numbers would be lower. As I mentioned earlier, we already have about $15 million to $20 million kind of cost savings goal baked into our guidance overall. But definitely, that piece of the expenses reflects that.

是的。我的意思是佣金和獎勵是與收入掛鉤的。因此，如果收入較低，顯然這些數字也會較低。正如我之前提到的，我們的總體指導中已經包含了約 1500 萬至 2000 萬美元的成本節約目標。但毫無疑問，這部分支出反映了這一點。

Okay. Got it. Great. And then for my follow-up, so most of the loan growth in 1Q looks like it came from the resi mortgage book. Is this level, is that -- do you expect to be able to continue that throughout the year?

好的。知道了。偉大的。接下來是我的後續問題，第一季的大部分貸款成長看起來都來自住宅抵押貸款。這是水平嗎？這是—您預計全年能夠維持這種水準嗎？

Or will it subside a little bit? Or can you give any color on that?

或者說會稍微平一點？或者您能對此作出任何解釋嗎？

Yes, I would say -- I mean, the residential mortgage levels definitely picked up seasonally in the second and third quarters every year. So that will kind of come through. If you look at the I mentioned in my remarks, the C&I and leasing component kind of grew mid-single digits annualized in the first quarter. Commercial real estate, as Gary mentioned, was down during the quarter. So those levels were kind of baked in. I mean, mortgage is probably 40% or so of the kind of net growth that you see in the loan portfolio as you go through the year.

是的，我想說——我的意思是，每年第二季和第三季住宅抵押貸款水平肯定會出現季節性上升。這樣，事情就會得到解決。如果你看一下我在評論中提到的內容，你會發現第一季商業與工業和租賃部分年化成長率達到了中等個位數。正如加里所提到的，商業房地產在本季出現下滑。所以這些等級都是固定的。我的意思是，抵押貸款大概占到全年貸款組合淨成長的 40% 左右。

Okay, got it, thank you for taking my questions.

好的，明白了，感謝您回答我的問題。

Sure, thank you.

當然，謝謝。

Kelly Motta, KBW.

凱利·莫塔（Kelly Motta），KBW。

Hey, good morning. Thanks for the question. Turning to the fee side of things. It was really nice to see those hold in really nicely even with kind of just the slowdown in capital markets, which is really a testament to what you're doing building out all these lines. Wondering your fee income guidance to get to the high end would imply a nice step-up in the second half of the year. In order to get there, would that require capital markets activity picking up? Or are there other green shoots you're working on that could help offset some continued weakness there if we kind of get that going on?

嘿，早安。謝謝你的提問。談談費用方面的問題。很高興看到，即使在資本市場放緩的情況下，這些產品仍然保持良好狀態，這確實證明了你們在建立所有這些產品線方面所做的努力。想知道您的費用收入指導達到高端是否意味著下半年會有不錯的成長。為了實現這一目標，是否需要加快資本市場活動的步伐？或者，如果我們能夠繼續這樣做的話，您正在努力尋找的其他積極因素是否可以幫助抵消持續存在的疲軟趨勢？

Well, I think capital markets in a broader context of what we do is derivatives, derivative fee income is directly linked to the interest rate environment. I would say that we've seen some pretty decent activity recently. So that's one area that could help contribute to doing better in noninterest income. The other one -- the other areas that we've expanded into commodities hedging, that's relatively new. We just brought the investment banking boutique on board. They'll contribute a little bit this year. I mean, it's not humongous, but it will contribute to the diversification. It's additive.

嗯，我認為在更廣泛的資本市場中，我們所做的是衍生性商品，衍生性商品費用收入與利率環境直接相關。我想說我們最近看到了一些相當不錯的活動。因此，這是一個有助於提高非利息收入的領域。另一個——我們擴展到商品對沖的其他領域，這是相對較新的。我們剛剛引進了投資銀行精品店。他們今年會做出一點貢獻。我的意思是，它雖然不是巨大的，但它將有助於多樣化。它是添加劑。

And then unlike other banks, large banks that rely mainly on investment banking and trading piece, we have syndications platform, I would expect there in the latter half of the year to be more activity in that space. And I do anticipate -- I'm going to go out on a limb here, I'm anticipating an acceleration in M&A activity in the middle market, principally because of what's happening structurally within the country.

與其他銀行不同，大型銀行主要依賴投資銀行和交易業務，我們擁有銀團平台，我預計今年下半年該領域會有更多的活動。我確實預計——我要冒險一試，我預計中端市場的併購活動將會加速，主要是因為該國的結構性變化。

I think that there are a number of manufacturers that will look to combine or to acquire companies that may help them vertically integrate into the supply chain. So you might see an acceleration in middle market M&A. I would expect that to help us on a number of fronts with syndications with derivatives, with -- as we finance the transaction.

我認為許多製造商都會尋求合併或收購可能有助於他們垂直融入供應鏈的公司。因此，您可能會看到中端市場併購的加速。我希望這能在我們為交易融資時，在衍生性商品銀團貸款等多個方面為我們提供幫助。

And then the advisory business that we just picked up, we should benefit from. Obviously, there's downward pressure, too. I mean, if you look at our trust and investment management businesses, I mean, you're going to be facing a lower outright net asset values because of what's happened to the market. I'm hopeful that, that will reverse itself over time. Maybe if we see tax reform passed, you'll see a lift across the board or some of the tariff issues being resolved more expeditiously.

那麼我們剛開始的諮詢業務應該會受益。顯然，也存在下行壓力。我的意思是，如果你看看我們的信託和投資管理業務，你會發現，由於市場的變化，你將面臨更低的淨資產價值。我希望，隨著時間的推移，這種情況會扭轉。也許如果我們看到稅制改革獲得通過，你會看到全面提升或一些關稅問題得到更快的解決。

That should impact the markets positively. So I think those things are why we're optimistic about the guide. And we've consistently delivered fee income. The other area that contributes to the fee income in total for us is the mortgage business. And we have always outperformed the industry metrics within that mortgage business. So it's predominantly a purchase money business. We've built it out from scratch. We have pretty decent market share in most of the major markets that we compete in.

這應該會對市場產生正面影響。所以我認為這些就是我們對該指南持樂觀態度的原因。我們一直在提供費用收入。對我們而言，另一個貢獻費用收入的領域是抵押貸款業務。我們在抵押貸款業務方面的表現始終優於行業指標。所以這主要是一項購買貨幣業務。我們從零開始建立它。我們在大多數主要競爭市場中都擁有相當可觀的市場佔有率。

I know housing supply has been an issue, right, and more so than demand -- outright demand that may balance out. But I would expect that business to continue to perform or outperform the industry. They're very well managed. And our leadership there does a fantastic job. And I would expect them to contribute. We have SBA, we have an SBA business that we'll see more activity from a gain on sale perspective as we move forward. So we're positive about that.

我知道住房供應一直是個問題，而且比需求更嚴重——直接的需求可能會平衡。但我預計該業務將繼續保持或超越行業表現。他們管理得很好。我們的領導階層在那裡做得非常出色。我希望他們能夠做出貢獻。我們有 SBA，我們有 SBA 業務，隨著我們前進，我們將從銷售收益的角度看到更多的活動。所以我們對此持樂觀態度。

And then we've started to invest more heavily in our treasury management platform. Treasury management also contributes to the fee income line. We've seen some substantial growth in the payments category, and we're retooling and revamping number of our products on the TM side to help us move upmarket as our portfolio shifts up market. So pretty excited about the opportunities there as well from a service charge perspective for treasury management services that we provide.

然後我們開始對我們的財務管理平台進行更多投資。財務管理也為費用收入做出了貢獻。我們在支付領域看到了一些實質的成長，我們正在重新調整和改進 TM 方面的許多產品，以幫助我們隨著產品組合轉移到高端市場而進入高端市場。因此，從我們提供的財務管理服務的服務費角度來看，我對在那裡的機會感到非常興奮。

Anyway, that's -- so you can see it's a pretty balanced pool of products that contribute and they're all high-value products. So we're not really relying on consumer fees, right, to drive anything. They're actually declining in certain categories. So having that offering built out and being able to continue -- and I should bring up international banking, too, I'm pretty excited.

無論如何，這是——所以你可以看到這是一個相當均衡的產品池，它們都有貢獻，而且都是高價值的產品。所以我們其實並不依賴消費者費用來推動任何事情。事實上，在某些類別中它們正在衰落。因此，能夠提供這樣的服務並繼續下去——我還應該提到國際銀行業務，我感到非常興奮。

Given what's happening there are opportunities for companies to hedge currencies. You'll see quite a wide range of value changes within currencies in the exchange market because of what's happening within tariffs. So there's an opportunity for us to go out and assist clients with hedging their foreign currency needs as well. Anyway, that's why we feel good about it.

鑑於目前的情況，企業有機會對沖貨幣。由於關稅的變化，你會看到外匯市場上的貨幣價值有相當大的變化。因此，我們也有機會走出去，幫助客戶對沖他們的外匯需求。無論如何，這就是我們感覺良好的原因。

That's super helpful. Thank you so much for that.

這非常有幫助。非常感謝。

Just to be straight, that's a lot different than relying on just trading, trading activity and M&A advisory as our principal contributors. So it's very granular anyway.

坦白說，這與僅依靠交易、交易活動和併購諮詢作為主要貢獻者有很大不同。所以無論如何它都是非常細緻的。

Yes. Absolutely. I really do appreciate all the color there. On the deposit side, I think -- you did a really nice job bringing deposit costs down. And I also saw there -- on an EOP basis, the NIBs were up.

是的。絕對地。我確實很欣賞那裡的所有色彩。在存款方面，我認為──你們在降低存款成本方面做得非常好。我還看到——在 EOP 基礎上，NIB 有所上升。

It looks like that might have been end of quarter. Can you just remind us any kind of dynamics that you're seeing there on demand accounts as well as what -- where the incremental cost of new funding is coming on relative to the overall deposit base. That would be very helpful.

看起來那可能是季度末了。您能否提醒我們您在活期帳戶中看到的任何動態，以及相對於整體存款基礎，新資金的增量成本是如何產生的。那將會非常有幫助。

While Vince addressed the where the deposits are coming on relative to where we sit today. He has those statistics, I think. But I will say that, Kelly, we just -- we rolled out the Common App digitally. Our strategy is Clicks-to-Bricks, which is to integrate the online experience into the branches. We are currently that platform within the branches itself, so that we can originate loans and deposits in a paperless environment in the digital environment.

文斯則談到了與我們目前情況相關的存款來源。我認為他有這些統計數據。但是我要說的是，凱利，我們剛剛——我們以數位方式推出了 Common App。我們的策略是“Clicks-to-Bricks”，即將線上體驗融入分行。我們目前在分行內設有該平台，以便我們可以在數位環境中以無紙化的方式發放貸款和存款。

And the first phase of this has happened and have gotten pretty positive feedback back from our branches that were in the experimental phase, and we're getting ready to roll that out pretty broadly. Within that application itself, the reason I'm bringing this up is because we use AI, we have a data base that we have trillions of fields of data on, and we run algorithms against that database and write software, machine learning and AI software that looks at customer behaviors and permits us to present products to customers to optimize the customers' experience, right?

目前，該計劃的第一階段已經完成，並從處於實驗階段的分支機構獲得了非常積極的回饋，我們正準備廣泛地推廣該計劃。在該應用程式本身中，我之所以提出這一點，是因為我們使用人工智慧，我們有一個包含數萬億個資料欄位的資料庫，我們針對該資料庫運行演算法並編寫軟體、機器學習和人工智慧軟體，這些軟體可以觀察客戶行為並允許我們向客戶展示產品以優化客戶體驗，對嗎？

So once we roll out that platform those retail people will be able to get centralized advice on what's best for the client, and they'll be able to recommend products and you can put them in the cart and proceed to check out without taking the client through any extra steps.

因此，一旦我們推出該平台，那些零售人員將能夠獲得關於什麼最適合客戶的集中建議，他們將能夠推薦產品，您可以將它們放入購物車並繼續結帳，而無需客戶執行任何額外步驟。

So I think that should help us in 2 ways: one, in broadening the household penetration per customer, and two, enabling us to bring on more clients what were the primary depository, which drives demand deposits for us. I also think our strategy around client primacy and making the investment in the interatomic and creating the opportunity for customers to move direct deposit instantaneously is also removing a huge barrier to become the primary bank. And that is embedded in our process, and it's embedded in our mobile app. So that just rolled out March 31. So it's still pretty early to tell how we're doing there.

所以我認為這應該在兩個方面對我們有幫助：一是擴大每個客戶的家庭滲透率；二是使我們能夠吸引更多的客戶，他們是主要的存款人，從而推動我們的活期存款。我還認為，我們圍繞客戶至上的策略、對原子間投資以及為客戶創造即時轉移直接存款的機會也正在消除成為主要銀行的巨大障礙。它嵌入在我們的流程中，也嵌入在我們的行動應用程式中。所以它於 3 月 31 日推出。所以現在判斷我們在那裡做得如何還為時過早。

But I see a great opportunity there to drive deposit costs down by becoming the principal bank for small businesses and consumers. Anyway, go ahead, Vince, do you have any information.

但我看到了一個絕佳的機會，就是透過成為小型企業和消費者的主要銀行來降低存款成本。不管怎樣，繼續吧，文斯，你有什麼訊息嗎？

Yes, I could just add, I guess, a couple of things regarding the kind of the special rates that we had last year. Remember, we were very focused on bringing down our loan-to-deposit ratio. If we kind of look to midyear last year to where we are today, and we brought all those rates down between 100 and 150 basis points from kind of the peak levels. If you look at one of the big rolling pieces through is the CDs obviously. So we have $2.8 billion of those that are going to mature in the next quarter, another $2 billion in the third quarter and like a 370 rate.

是的，我想我可以補充一些關於我們去年的特殊費率的事情。請記住，我們非常注重降低貸款與存款比率。如果我們回顧去年年中的情況，就會發現我們所有的利率都從峰值水平下降了 100 到 150 個基點。如果你看一下，你會發現其中最大的一個滾動部分顯然是 CD。因此，我們有 28 億美元的債券將在下個季度到期，另外 20 億美元的債券將在第三季到期，利率為 370%。

Where we're putting CDs on today on kind of a new enrolled rate, as we call it, it's like around 3.5%. So there's there's a pickup that happens there. And then if you just step back and look at kind of the balance sheet overall, I mean we have fixed rate maturities in the loan portfolio around $2.5 billion kind of for the year. we're probably picking up somewhere between 170, 180 basis points on that. You have the annual cash flows from the investment portfolio.

我們今天以所謂的新註冊利率發行 CD，利率約為 3.5%。所以那裡發生了一件事。如果你退一步看看整體資產負債表，你會發現，今年我們的貸款組合中固定利率到期金額約為 25 億美元。我們可能會在此基礎上增加 170 到 180 個基點。您有投資組合的年度現金流。

I mean, those are rolling off around the 320 level, and we're investing in the high 4s, mid- to high 4s to higher end of that range. So that's kind of another key dynamic there.

我的意思是，這些都在 320 水平左右，而我們則投資於 4s 高位、4s 中位到高位以及該範圍的高端。這是另一種關鍵動態。

And then we have the balance sheet repricing slide. So there's kind of $8 billion of liabilities that are kind of repriceable today that is just part of us managing the overall balance sheet. But it gives you some feel for the moving parts that are there.

然後我們有資產負債表重新定價投影片。因此，今天有 80 億美元的負債可以重新定價，這只是我們管理整體資產負債表的一部分。但它能讓你感受到那裡的活動部件。

Got it. Thank you so much. I will step back. I really do appreciate all the colors today. Nice quarter.

知道了。太感謝了。我會退後。我真的很欣賞今天的所有色彩。不錯的季度。

Yes. Thanks, Kelly.

是的。謝謝，凱利。

Frank Schiraldi, Piper Sandler.

弗蘭克·席拉爾迪，派珀·桑德勒。

Good Morning. Just follow-up on loan growth. Gary, you talked about pre and getting that in the right place as we go through kind of the next threshold asset-wise. I'm just curious if you can -- is there a specific runoff portfolio at this point? Is there some timing -- a specific level you guys expect to get to? Or when do you assume getting back to growth in that portfolio?

早安.只是追蹤貸款成長情況。加里，您談到了在我們經歷資產方面的下一個門檻時，如何將其放在正確的位置。我只是好奇，目前是否有具體的決選投資組合？你們希望達到某個時間點──一個特定的層次嗎？或者您認為該投資組合何時會恢復成長？

Yes, Frank, in terms of the positioning against the capital base, I mean, we're -- right now, we're at 229% and our target, and we don't have a finite measures drawn in the sand. But just, call it, 200%, for example, give or take, that's going to put us at a level where we feel very comfortable. And truthfully, with the portfolio and the position today we feel good with our levels where we sit, but the target is to get it to that 200% level. As we continue to grow the capital base, it allows us to continue to generate new assets. And our team continues to look for quality assets in that space.

是的，弗蘭克，就資本基礎的定位而言，我的意思是，我們 - 現在，我們達到了 229% 的目標，而且我們還沒有製定明確的措施。但是，比如說大約 200%，這將使我們達到一個讓我們感到非常舒適的水平。說實話，憑藉目前的投資組合和狀況，我們對目前的水平感到滿意，但目標是達到 200% 的水平。隨著我們資本基礎的不斷增長，我們能夠繼續創造新的資產。我們的團隊將繼續在該領域尋找優質資產。

I think we'll be able to continue to generate the desired level of assets that we have in the plan. So that will offset some of the planned reduction from a capital perspective as we move forward. And I think the capital growth will be important in allowing us to do the business we want to do and maintain it and get it to that level.

我認為我們將能夠繼續產生計劃中期望的資產水平。因此，隨著我們不斷前進，這將從資本角度抵消部分計劃中的削減。我認為資本成長對於我們開展我們想做的業務、維持業務並達到這一水平非常重要。

Frank, to be clear, there's no runoff portfolio, like we're not running customers out. We basically underwrite to a takeout typically. So we tend to be a short-term player. So the volume on the origination side has been brought down because of really more macroeconomic issues. And basically, those takeouts continue to happen.

弗蘭克，要明確的是，我們不會流失客戶，就像我們不會流失客戶一樣。我們基本上通常會對外賣進行承保。所以我們傾向於成為短期參與者。因此，由於更多的宏觀經濟問題，發起方的交易量已經下降。基本上，這些外賣仍在繼續。

If we're in office, which isn't that frequent, it's usually suburban, it's usually lined up with at least a high-quality tenant that we're doing the construction financing for. So that book tends to move out, and that market is still liquid. So we're seeing those assets roll out. We're not originating as strongly as we were historically.

如果我們在辦公室，這種情況並不常見，通常是在郊區，通常會與至少一個高品質的租戶排隊，我們正在為其提供建設融資。因此，這本書往往會暢銷，而市場仍然具有流動性。所以我們看到這些資產正在推出。我們的起源不再像歷史上那麼強大。

And the multifamily continues to move into the secondary market as well. And that really -- that along with some office moving off the books in the quarter really drove that $280 million that I referenced.

多戶住宅也繼續進入二級市場。而這確實——加上本季一些辦公室的搬遷，確實推動了我提到的 2.8 億美元的成長。

But we're really not a big retail player. The -- some people may want to worry about tariffs relative to retail tenants, right, if you're a big box on financing big box retail. We don't have not exposures here.

但我們其實並不是一家大型零售商。如果你是一家為大型零售企業提供融資的大型企業，那麼有些人可能會擔心與零售租戶相關的關稅。我們這裡沒有曝光。

So we not really there. I mean, we do have some grocery accurate retail.

所以我們實際上並沒有到達那裡。我的意思是，我們確實有一些雜貨零售。

Outside of grocery.

雜貨店外。

Yes. Outside of grocery, it's pretty minimal. .

是的。除雜貨外，其他東西都很少。。

Okay. All right. And then just on the tariffs and the idea of kind of looking through the portfolio, seeing what's at risk. Just curious, an obvious sort of area of expansion for you guys, just given the geography of where you are is further into D.C. and Northern Virginia.

好的。好的。然後只是關於關稅和審視投資組合的想法，看看有哪些風險。只是好奇，考慮到你們的地理位置更深入華盛頓特區和北維吉尼亞州，這顯然是你們的擴張區域。

And just given some of the narrative around government cuts and real estate in and around the D.C. area. Just curious if your thoughts have changed at all on that geography or any other or strategy around any other geography here, just given the recent volatility and uncertainty?

以上只是關於政府削減開支以及華盛頓特區及其周邊地區房地產的一些敘述。只是好奇，考慮到最近的波動性和不確定性，您對該地區或任何其他地區的想法或圍繞任何其他地區的策略是否有所改變？

Remember, there is a hole in the donut, right, and geographically. So there's less density for us. I'm saying that's our people said that to me when we bought the bank in North Carolina. But there's less density in the Virginia and D.C. area for us.

請記住，甜甜圈上有一個洞，對吧，而且是地理位置上的。因此我們的密度較低。我說的是當我們收購北卡羅來納州的銀行時我們的人對我說過這句話。但對我們來說，維吉尼亞州和華盛頓特區的人口密度較低。

So while they're not going into those markets, we're not picking up legacy portfolios. We're very selective about what we do from a CRE perspective in those markets. And from a consumer banking perspective, we're not heavily entrenched in those areas. So we're not going to have as much exposure with government employees being laid off with government agencies cutting back having their budget cut, right, by the initiative that's going on the agency initiative that's going. So we're less -- at this point, we're less susceptible to legacy issues.

因此，當他們沒有進入這些市場時，我們也不會收購遺留投資組合。從這些市場中的企業房地產角度來看，我們對所做的事情非常挑剔。從消費者銀行業務的角度來看，我們在這些領域的業務還不夠紮實。因此，透過正在進行的機構舉措，我們不會對政府員工被解僱、政府機構削減預算等事件有太多關注。因此，就目前而言，我們不太容易受到遺留問題的影響。

So I think it gives us an opportunity to come into the market a little more heavily, right, and pick up share, because others won't be forced to pull back. So the timing of our expansion into the doughnut hole is probably the right time. Thank goodness. But Gary, do you want to talk about our exposures there, I don't think they're material.

所以我認為這給了我們一個機會，讓我們可以更大力度地進入市場，並獲得份額，因為其他人不會被迫撤退。因此，我們向甜甜圈洞擴張的時機可能是正確的。謝天謝地。但是加里，你想談談我們在那裡的曝光嗎？我認為它們並不重要。

No. They're really not material in that market. In terms of the mortgage assets and consumer assets that we have there, those -- we're monitoring those things on a weekly basis. And those levels are right at about $3 billion, about $1.9 billion in Maryland, and about $900 million in that Virginia marketplace all the way down into Southern (multiple speakers) --

不。他們在那個市場上確實沒有什麼影響力。就我們所擁有的抵押資產和消費者資產而言，我們每週都會對其進行監控。這些水準大約是 30 億美元，其中馬裡蘭州約 19 億美元，維吉尼亞州市場一直到南部約 9 億美元。（多位發言者）——

So two-thirds of that portfolio are sitting in Baltimore just to be clear --

因此，為了清楚起見，該投資組合的三分之二都位於巴爾的摩--

Yes. That's correct. And so from that standpoint, it's heavy Baltimore. The D.C. market, it's a couple of hundred million dollars.

是的。沒錯。因此從這個角度來看，巴爾的摩的地位很重。華盛頓特區的市場規模有幾億美元。

Right.

正確的。

It's very, very minimal. So those balances, we continue to watch them. We're, as I mentioned, we're watching them weekly, and we have seen no change in asset quality across those books at this point. So we'll continue to stay on top of that and see how that all plays out. But all told, we feel it's a very manageable exposure, and it's a market that is temporarily being hit from some of the government actions. We think that to show play out.

它非常非常小。因此，我們會繼續關注這些平衡。正如我所提到的，我們每週都在關注它們，目前我們沒有發現這些帳簿的資產品質有任何變化。因此，我們將繼續密切關注此事，看看事情進展如何。但總而言之，我們認為這是一個非常容易管理的風險，而這個市場暫時受到了一些政府行動的衝擊。我們認為這可以顯示效果。

Right. Okay. And then just lastly, if I could sneak in one more. Just given where the industry has gone in terms of bank stock prices, and given that you've got strong capital levels and continue to accrete capital here even putting up mid-single-digit loan growth, just curious, the potential your thoughts on -- I know you bought back some in the quarter, but your thoughts on ramping up the buyback here. Is that something -- can you possibly -- if that's the case, possibly size that a bit? Or is that just less of a priority here?

正確的。好的。最後，如果我可以再偷偷地再說一句話的話。考慮到銀行股價的行業走勢，以及您擁有強大的資本水平並繼續在這裡積累資本，甚至實現了中等個位數的貸款增長，我只是好奇，您對此有何看法——我知道您在本季度回購了一些，但您打算在這裡加大回購力度。是不是有什麼——你可能——如果是這樣的話，可以稍微調整一下尺寸嗎？或者這只是這裡的優先考慮較少？

Yes. As you mentioned, Frank, I mean the capital ratios continue to move up as we had discussed previously. And with the level of earnings that we're generating, payout ratio in the kind of mid- to high 30s, we would expect that to continue. When the loan growth picks up in earnest at some point, right, which we expect it will, we do want to have some powder to be able to support that loan growth. But even with that, I mean, there's opportunity to share -- repurchase shares for sure.

是的。正如您所說，弗蘭克，我的意思是資本比率繼續上升，正如我們之前討論過的。鑑於我們所創造的獲利水平，派息率在 35% 到 39% 之間，我們預計這種情況將會持續下去。當貸款成長在某個時候真正回升時，正如我們預期的那樣，我們確實希望有一些資金能夠支持貸款成長。但即便如此，我的意思是，肯定還有機會分享──回購股票。

As we sit here today with all the uncertainty, we thought it made sense to kind of pause. As you mentioned, we bought about $10 million worth of stock in the first quarter what we thought we should pause for now. But kind of once we get a little bit more visibility in the dust settles, I mean the stock is very cheap, right? I mean, from a valuation standpoint, no matter how you look at it. So we bought shares back in the mid-13s, I mean, where it is today, we would be very opportunistic once we feel better just about the visibility with where the world is going.

當我們今天坐在這裡，面對所有的不確定性時，我們認為暫停一下是有意義的。正如您所說，我們在第一季購買了價值約 1000 萬美元的股票，我們認為現在應該暫停購買。但是，一旦我們對塵埃落定有了更多的了解，股票就會非常便宜，對吧？我的意思是，從估值的角度來看，無論你怎麼看待它。因此，我們在 13 年代中期購買了股票，我的意思是，就目前的情況而言，一旦我們對世界的發展方向有了更好的了解，我們就會非常珍惜機會。

So there's -- we have plenty of authorization in our share buyback program as it sits here today. So opportunistic always the way we approach it, but with valuation, definitely, you would expect to see us be active as we go through the year.

因此，就目前的情況來看，我們的股票回購計畫已經獲得了足夠的授權。因此，我們總是以機會主義的方式對待它，但透過估值，你肯定會期望看到我們在全年都保持活躍。

Got it. Okay, thank you. I appreciate all the color.

知道了。好的，謝謝。我欣賞所有的色彩。

All right, thanks Frank.

好的，謝謝弗蘭克。

(Operator Instructions)

（操作員指示）

Manuel Navas, D.A. Davidson.

曼努埃爾·納瓦斯、D.A.戴維森。

Hey, good morning. I appreciate a lot of the commentary, lot of my questions have been answered, but can you go a little bit deeper on the Raptor Partners acquisition? What are the expected benefits and costs? And what else are you seeing out there in M&A for capital deployment. You've talked about being opportunistic on buybacks. Or just kind of what else are you seeing on the potential M&A front, fees, banks? What are you seeing out there?

嘿，早安。我很感謝很多評論，我的許多問題都得到了回答，但是您能否更深入地談談 Raptor Partners 收購案？預期的收益和成本是多少？您還看到了哪些有關資本配置的併購活動？您曾談到在回購方面要抓住機會。或者您在潛在的併購方面還看到了什麼，費用、銀行？你在那裡看到了什麼？

Yes. I mean, Raptor was a long time in the making. We had a pretty unknown credit for years, decades. So we both work at the same invented bank years ago, different times, but we work at the same investment bank. I think we picked up a tremendous person and people, a great team.

是的。我的意思是，猛禽的製作已經花了很長時間。多年來，幾十年來，我們的信譽一直不為人知。所以我們幾年前都在同一家銀行工作，雖然時間不同，但我們在同一家投資銀行工作。我認為我們選拔了一位非常出色的人才和團隊，一個偉大的團隊。

They fit in culturally. They're going to be able to leverage the -- basically leverage the platform that we've built. And as we've grown and moved into upper middle market, large corporate, there presents many opportunities for them across a broader geography. So I think it's the perfect combination you could find a better, more qualified person to help us build out that platform, which is what Craig has embarked on doing.

他們在文化上適應。他們將能夠利用——基本上利用我們建造的平台。隨著我們不斷成長並進入中高端市場和大型企業，更廣闊的地域為他們帶來了許多機會。所以我認為這是完美的組合，你可以找到一個更好、更有資格的人來幫助我們建立這個平台，這就是 Craig 著手做的事情。

So I'm very excited about having him on board and having them as part of our team. I've worked with them in the past on transactions on different sides. I financed some companies that he had done some M&A work for advisory workforce. It's just a terrific guy. So I think that will bode well for us.

因此，我很高興他能加入我們，成為我們團隊的一員。我過去曾與他們合作過不同方面的交易。我為一些公司提供融資，他曾為這些公司的顧問團隊做過一些併購工作。他真是個了不起的傢伙。所以我認為這對我們來說是個好兆頭。

And again, that's in alignment with our strategy to continue to build out our capabilities to support businesses throughout the life cycle and creates granularity within the noninterest income revenue generation basket. So that's basically what we've shot for.

再次強調，這與我們的策略一致，即繼續增強我們的能力，以支持整個生命週期的業務，並在非利息收入創收籃子中創造粒度。這就是我們基本上所追求的。

So over time, while we've expanded 8 business lumps that are now multimillion dollar revenue generators, and they started very small, kind of like this opportunity. This is not a substantial impact to earnings, right? It's less than $0.01, I think. But the reality is we'll be able to leverage that platform and continue to invest in it and grow it just like we've grown the other businesses we've put on the ground and started from square one, and we've been able to achieve nearly a 9% to 10% growth rate on a compounded basis in that space in the non interest income area, so this will be additive to that.

因此，隨著時間的推移，我們已經擴大了 8 個業務板塊，現在它們已成為數百萬美元的收入來源，而且它們一開始的規模很小，有點像這個機會。這對收益不會造成實質影響，對嗎？我認為它不到 0.01 美元。但事實上，我們將能夠利用該平台並繼續對其進行投資和發展，就像我們發展其他從零開始的業務一樣，並且我們已經能夠在非利息收入領域實現近 9% 至 10% 的複合增長率，因此這將是對此的補充。

Sure. We would look for opportunities to add to our fee income capability. So we just made a strategic investment in a fintech as well, which was very small, but that is also helping us generate business and should help us produce really good returns on that investment, just based upon what they've enabled us to be able to do.

當然。我們會尋找機會來增加我們的費用收入能力。因此，我們也對金融科技進行了戰略投資，雖然投資金額很小，但這也幫助我們創造業務，並且應該幫助我們從這項投資中獲得真正好的回報，這僅僅基於他們為我們帶來的成果。

From an M&A perspective, it's the same story. I think it becomes more challenging to get deals done in this environment, right, because it is so volatile and the banks have all seen a pullback on their share price. It makes it more challenging. But we're going to stay focused on what we've done historically with us in market with significant cost saves. Deals that are immediately accretive to earnings and had limited tangible book value dilution.

從併購的角度來看，情況也是一樣的。我認為在這種環境下達成交易變得更具挑戰性，因為市場非常不穩定，而且所有銀行的股價都出現了回落。這使得它更具挑戰性。但我們將繼續專注於過去在市場上所做的工作，以大幅節省成本。交易可立即增加收益，且有形帳面價值稀釋有限。

And then we look for returns well above the cost of capital. It hasn't changed. It's the same story. We're also going to look at options, we're going to look at different options for us to deploy capital, not just M&A, look at the dividend, we'll look at share repurchase. And as you've seen, our capital ratios have been improving steadily and are currently at record levels.

然後我們尋求遠高於資本成本的回報。它沒有改變。這是同樣的故事。我們也將研究各種選擇，我們將研究部署資本的不同選擇，不僅是併購，還要考慮股息，我們也會考慮股票回購。如您所見，我們的資本比率一直在穩步提高，目前已達到創紀錄的水平。

So we -- to do things we couldn't do in the past. So kind of everything is on the table. We're going to do whatever we think is absolutely best for the shareholders. and the long-term prospects are creating shareholder return.

所以，我們要做過去做不到的事。所以一切都擺在桌面上。我們將盡一切努力為股東創造最大利益，並致力於為股東創造長期回報。

I appreciate that. The fintech investment and that direct deposit capability, can you talk about the potential there? I know it's early innings. Is anyone else doing that? And the potential for its impact on account primacy seems pretty strong. Can you just talk about all that kind of benefits there?

我很感激。金融科技投資和直接存款能力，您能談談那裡的潛力嗎？我知道比賽才剛開始。還有其他人這樣做嗎？它對帳戶首要地位的影響潛力似乎相當大。您能談談那裡的所有好處嗎？

Well, I think there are a handful of banks that are doing it. We're one of the first out there. We've embedded it into our mobile app and into our eStore common application in the onboarding process, which makes it even more powerful. So the reality is what it does is it takes a barrier way. When you're out selling to a customer and you are trying to get that customer to move their primary checking account to you.

嗯，我認為有少數銀行正在這樣做。我們是第一批到達那裡的人之一。我們在入職過程中將其嵌入到我們的行動應用程式和 eStore 通用應用程式中，這使其更加強大。所以事實上它所做的就是採取一種屏障方式。當您向客戶進行銷售並試圖讓客戶將其主要支票帳戶轉移給您。

If they have to go through a ridiculous process to move direct deposit, they're never going to leave the bank that they have direct deposit established with. So in this process with a few simple steps, you can move the direct deposit instantly. They don't have to do anything except go through the app. There's a few simple steps. And then the account is open.

如果他們必須經過荒謬的過程才能轉移直接存款，他們就永遠不會離開他們建立直接存款的銀行。因此，在此過程中，只需幾個簡單的步驟，您就可以立即轉移直接存款。除了透過應用程式之外，他們不需要做任何事情。有幾個簡單的步驟。然後帳戶就開通了。

And actually, I don't know, Chris, do you want to comment on it. He's here. Chris was the one that really started looking at this opportunity and --

實際上，克里斯，我不知道你是否想對此發表評論。他在這裡。克里斯是真正開始關注這個機會的人，--

Yes. No, there are a few banks using like Vince said, Emmanuel, I think where we're unique is how we're implementing it and tying it into the account onboarding process, like Vince said, and tying into relationship pricing. I think it becomes a very powerful tool for us to drive promise higher and I think we're very excited about what the medium term will look like. And I know Vince talked about the previous quarter, eventually adding the bill switch feature as well, which we're actively working on, and that will just continue to lower barriers and be able to drive pharmacy even higher and make that switching costs lower for our consumers.

是的。不，有幾家銀行正在使用，就像文斯說的，伊曼紐爾，我認為我們的獨特之處在於我們如何實施它，並將其與帳戶入職流程聯繫起來，就像文斯說的，並與關係定價聯繫起來。我認為它將成為我們提高承諾的非常強大的工具，我認為我們對中期前景感到非常興奮。我知道文斯談到了上一季度，最終也添加了帳單轉換功能，我們正在積極努力，這將繼續降低門檻，能夠進一步推動藥房的發展，並降低消費者的轉換成本。

If you're sitting in front of a customer and they come into the branch and they want a loan products. Many times, we say you should open a checking account because we can give you bundled pricing and then you get direct debit, and it's better for us and it's better for them. And then they open an account, they don't move their principal disbursement account over, they open another account just to move money in to make the loan payment. That's not what we're really looking for.

如果您坐在客戶面前，他們走進分行並想要貸款產品。很多時候，我們說你應該開一個支票帳戶，因為我們可以給你捆綁定價，然後你就可以得到直接借記，這對我們有利，對他們也有利。然後他們開設一個帳戶，他們不會轉移他們的本金支出帳戶，而是開設另一個帳戶只是為了轉入資金來償還貸款。這並不是我們真正想要的。

What we're looking for is to become the primary bank. So everything that we've done digitally is to enable customers to come into the bank, choose the right products and services with the health assist of AI and our common applications, they have to fill out redundant fields, move their direct deposit immediately, move their repetitive ACH transactions and their bill pay instantly and just move on.

我們的目標是成為主要銀行。因此，我們在數位化方面所做的一切都是為了讓客戶進入銀行，在人工智慧和我們常用應用程式的健康協助下選擇正確的產品和服務，他們必須填寫冗餘字段，立即轉移直接存款，立即轉移重複的 ACH 交易和賬單支付，然後繼續前進。

If we can do that, we're eliminating barriers that exist today, structural barriers that prevent people from moving their deposit relationships to us. So that's what we're focused on. That's it in a nutshell. And they help us get there. And I think it was a great opportunity, and I predict Chris with coming to the table with the idea and being the champion to get it done here.

如果我們能夠做到這一點，我們就消除了目前存在的障礙，即阻止人們將存款關係轉移給我們的結構性障礙。這就是我們所關注的重點。簡而言之就是這樣。他們幫助我們實現目標。我認為這是一個很好的機會，我預計克里斯會提出這個想法並成為實現這一目標的推動者。

I appreciate the color. Thank you.

我很欣賞這個顏色。謝謝。

Thank you.

謝謝。

And ladies and gentlemen, with that, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Vince Delie for any closing remarks.

女士們、先生們，今天的問答環節就到此結束。我想將發言權交還給 Vince Delie，請他做最後發言。

Well, again, thank you very much. I appreciate everybody's interest in the call. The questions were great. We had a very solid quarter. We're looking forward to outperforming throughout the year.

好吧，再次感謝您。我感謝大家對這次電話會議的興趣。這些問題很棒。我們本季表現非常穩健。我們期待全年取得優異成績。

Everybody is keenly focused on doing the absolute best we can for the shareholders. And I just want everybody to know that. And I appreciate the work our employees do. They're engaged. They're passionate, like I said, it makes it easy to get recognition when you have great people around you, and that's what I have.

每個人都熱衷於為股東提供最好的服務。我只是想讓每個人都知道這一點。我感謝我們的員工所做的工作。他們訂婚了。他們充滿熱情，就像我說的，當你身邊有優秀的人時，你很容易獲得認可，而我就是這樣的。

So thank you, everybody. Appreciate it. Take care.

謝謝大家。非常感謝。小心。

And ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講就到此結束。我們非常感謝您的加入。現在您可以斷開線路了。