First Republic Bank (FRC) 2022 Q1 法說會逐字稿

Greetings, and welcome to First Republic Bank's First Quarter 2022 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions)

您好，歡迎來到 First Republic Bank 的 2022 年第一季度收益電話會議。今天的會議正在錄製中。 （操作員說明）

I would now like to turn the call over to Mike Ioanilli, Vice President and Director of Investor Relations. Please go ahead.

我現在想把電話轉給副總裁兼投資者關係總監 Mike Ioanilli。請繼續。

Thank you, and welcome to First Republic Bank's First Quarter 2022 Conference Call. Speaking today will be Jim Herbert, Founder and Executive Chairman; Mike Roffler, CEO and President; Mike Selfridge, Chief Banking Officer; Bob Thornton, President of Private Wealth Management; Olga Tsokova, Chief Accounting Officer and Acting Chief Financial Officer.

謝謝，歡迎來到 First Republic Bank 2022 年第一季度電話會議。今天發言的是創始人兼執行主席 Jim Herbert；首席執行官兼總裁 Mike Roffler； Mike Selfridge，首席銀行官； Bob Thornton，私人財富管理總裁； Olga Tsokova，首席會計官兼代理首席財務官。

Before I hand the call over to Jim, please note that we may make forward-looking statements during today's call that are subject to risks, uncertainties and assumptions. For a more complete discussion of the risks and uncertainties that could cause actual results to differ materially from any forward-looking statements, see the Bank's FDIC filings, including the Form 8-K filed today, all available on the Bank's website.

在我將電話轉給吉姆之前，請注意，我們可能會在今天的電話會議上做出受風險、不確定性和假設影響的前瞻性陳述。有關可能導致實際結果與任何前瞻性陳述存在重大差異的風險和不確定性的更完整討論，請參閱銀行的 FDIC 文件，包括今天提交的 8-K 表格，所有文件均可在銀行網站上獲取。

And now I'd like to turn the call over to Jim Herbert.

現在我想把電話轉給吉姆赫伯特。

Thank you, Mike. Good morning, everyone. I'd like to make a few introductory comments before I turn this over to the team.

謝謝你，邁克。大家，早安。在將其移交給團隊之前，我想做一些介紹性的評論。

Let me start by saying I am very pleased that the Board of Directors has appointed Mike Roffler as CEO. Mike joined us more than a decade ago prior to the management buyback of the bank. His leadership contributions have been felt far beyond his previous role as Chief Financial Officer. Mike truly embodies our service culture and growth mindset. Most importantly, this appointment ensures the continuity of our very differentiated service-based business model.

首先讓我說，我很高興董事會任命 Mike Roffler 為首席執行官。邁克十多年前在銀行管理層回購之前加入我們。他的領導貢獻遠遠超出了他之前擔任首席財務官的角色。 Mike 真正體現了我們的服務文化和成長心態。最重要的是，這一任命確保了我們非常差異化的基於服務的業務模型的連續性。

Mike and our experienced leadership team have a deep understanding of what makes First Republic uniquely successful, including the empowerment of our colleagues, our steadfast focus on safety and stability, and our dedication to extraordinary client service. This model has delivered consistently profitable results and strong steady growth for 36 years, through a very wide range of economic and geopolitical environments.

Mike 和我們經驗豐富的領導團隊深刻理解是什麼讓 First Republic 取得了獨特的成功，包括我們同事的授權、我們對安全和穩定的堅定關注以及我們對卓越客戶服務的奉獻。 36 年來，這種模式在非常廣泛的經濟和地緣政治環境中取得了持續盈利的成果和強勁的穩定增長。

In my new role as Executive Chairman, I look forward to leading the Board, engaging with our largest clients and shareholders, while focusing on our strategy, corporate culture and supporting Mike and the rest of the team as they carry the First Republic model forward.

在我擔任執行主席的新職位上，我期待領導董事會，與我們最大的客戶和股東接觸，同時專注於我們的戰略、企業文化，並支持 Mike 和團隊的其他成員推進 First Republic 模式。

As you can see from today's terrific earnings results, the continuity of our culture and business model continues to deliver consistent, very good results. Now let me turn the call over to Mike.

正如您從今天出色的盈利結果中看到的那樣，我們文化和商業模式的連續性繼續帶來一致的、非常好的結果。現在讓我把電話轉給邁克。

Thank you very much, Jim. It is an honor and privilege to serve as First Republic's CEO. We have many opportunities in front of us, and I look forward to partnering with Jim, the Board of Directors, our leadership team, and our colleagues to continue the growth and success of First Republic.

非常感謝你，吉姆。擔任 First Republic 的首席執行官是我的榮幸。我們面前有很多機會，我期待與吉姆、董事會、我們的領導團隊和我們的同事合作，繼續 First Republic 的發展和成功。

Now let me turn to this quarter's results. As Jim mentioned, it was a terrific first quarter across the board. Loans, deposits and wealth management assets were all up significantly from last year. In terms of loan originations, this was our best quarter ever. At the same time, credit quality remained very strong. Non-performing assets were only 8 basis points at quarter end, and we actually had net recoveries during the quarter. Exceptionally strong credit has been a hallmark of First Republic since our founding, and it will continue to be going forward.

現在讓我談談本季度的結果。正如吉姆所提到的，這是一個非常棒的第一季度。貸款、存款和理財資產均較去年大幅增長。就貸款發放而言，這是我們有史以來最好的一個季度。與此同時，信貸質量仍然非常強勁。不良資產在季度末僅為 8 個基點，我們實際上在本季度實現了淨回收。自我們成立以來，異常強大的信用一直是 First Republic 的標誌，並將繼續向前發展。

We are pleased to raise our quarterly dividend for the 11th consecutive year. The consistency of our dividend is indicative of our strength and stability and our continued positive outlook.

我們很高興連續第 11 年提高季度股息。我們股息的一致性表明了我們的實力和穩定性以及我們持續的積極前景。

Year-over-year, total loans outstanding were up 19.7%, total deposits have grown 27% and wealth management assets were up 25%. This strong growth, in turn, led to strong financial performance. Year-over-year, total revenues have grown 23%, net interest income is up 22%, while net income was up 20%, and tangible book value per share has increased more than 14%.

與去年同期相比，未償貸款總額增長 19.7%，存款總額增長 27%，理財資產增長 25%。這種強勁的增長反過來又帶來了強勁的財務業績。與去年同期相比，總收入增長 23%，淨利息收入增長 22%，而淨收入增長 20%，每股有形賬面價值增長超過 14%。

Importantly, our Tier 1 capital was up 26%. As you recall, we added $2.8 billion of net new capital in 2021 in anticipation of our growth. In addition to this strong financial performance during the quarter, we also successfully completed our core conversion, the largest technology project in the Bank's history.

重要的是，我們的一級資本增長了 26%。正如您所記得的，我們在 2021 年增加了 28 億美元的淨新資本，以期實現我們的增長。除了本季度強勁的財務業績外，我們還成功完成了核心轉換，這是銀行歷史上最大的技術項目。

Strategically, our new core system lays the foundation for continued growth, by further enabling digital banking innovation, driving the scalability of the entire enterprise in support of our bankers and wealth professionals, and enhancing client customization and security. As important, the system strengthens our regulatory and operational infrastructure as we continue to grow.

從戰略上講，我們的新核心系統通過進一步實現數字銀行創新、推動整個企業的可擴展性以支持我們的銀行家和財富專業人士以及增強客戶定制和安全性，為持續增長奠定了基礎。同樣重要的是，隨著我們的不斷發展，該系統加強了我們的監管和運營基礎設施。

The core conversion was a true team effort that points to the highly collaborative nature of First Republic. I want to thank all of our colleagues for a job very well done. While this major effort is behind us, we continue to invest in technology to serve our clients and empower our colleagues.

核心轉換是真正的團隊努力，表明了第一共和國的高度協作性質。我要感謝我們所有的同事，感謝他們出色地完成了工作。雖然這項重大努力已經過去，但我們繼續投資於技術，以服務我們的客戶並賦予我們的同事權力。

During the quarter, we also released our 2021 Net Promoter Score, or NPS, an independent measure of client satisfaction. We are very pleased that our overall NPS increased by 6 points to 79, our highest level ever, and significantly higher than the U.S. banking industry average of 34. Our consistently high scores increased across every region, every line of business and every generation of clients.

本季度，我們還發布了 2021 年淨推薦值 (NPS)，這是衡量客戶滿意度的一項獨立指標。我們很高興我們的整體 NPS 增加了 6 點，達到 79，這是我們有史以來的最高水平，並且大大高於美國銀行業平均水平 34。我們在每個地區、每個業務線和每一代客戶中的持續高分都有所提高.

Additionally, the more clients do with us, the more satisfied they are. For clients who consider us their primary bank or lead bank, our NPS increased to 88, the highest level ever. Quite importantly, nearly 2/3 of our clients now consider us their lead bank.

此外，客戶與我們合作越多，他們就越滿意。對於將我們視為主要銀行或牽頭銀行的客戶，我們的 NPS 增至 88，為有史以來的最高水平。非常重要的是，我們近 2/3 的客戶現在將我們視為他們的牽頭銀行。

Our improved NPS even during the pandemic demonstrates the strength of our client-centric model under challenging conditions. It is a testament to the dedication of our team and the effectiveness of our technology investment in recent years.

即使在大流行期間，我們改進的 NPS 也證明了我們在充滿挑戰的條件下以客戶為中心的模式的優勢。這證明了我們團隊的奉獻精神和我們近年來技術投資的有效性。

It is clear that the more challenging the environment, the more client service is valued. As we look ahead to the rising rate environment, First Republic remains well-positioned. Our balance sheet is strong, and our service model continues to thrive. Demand for client service is not cyclical. Overall, it was a great quarter.

顯然，環境越具有挑戰性，客戶服務就越受重視。當我們展望利率上升環境時，第一共和國仍然處於有利地位。我們的資產負債表強勁，我們的服務模式繼續蓬勃發展。對客戶服務的需求不是周期性的。總的來說，這是一個很棒的季度。

Now I'll turn the call over to Mike Selfridge, Chief Banking Officer.

現在我將把電話轉給首席銀行官 Mike Selfridge。

Thank you, Mike. Let me begin with an update on lending. It's been a very strong start to the year. Loan origination volume for the first quarter was a record $17.8 billion. Single-family residential volume was very strong at $8.4 billion, our second highest quarter ever. Single-family volume accounted for nearly half of our total volume during the quarter.

謝謝你，邁克。讓我從貸款的最新情況開始。今年開局非常強勁。第一季度的貸款發放量達到創紀錄的 178 億美元。單戶住宅成交量非常強勁，達到 84 億美元，是我們有史以來第二高的季度。本季度單戶住宅銷量占我們總銷量的近一半。

Multifamily volume for the quarter was also very strong at $1.7 billion, also our second highest quarter ever. This robust lending activity during the quarter highlights the strength of our markets and our clients. This is further reflected in our loan pipeline, which is significantly higher compared to the same time last year. We continue to expect mid-teens loan growth for the full year of 2022.

本季度的多戶住宅銷量也非常強勁，達到 17 億美元，也是我們有史以來第二高的季度。本季度這種強勁的貸款活動凸顯了我們市場和客戶的實力。這進一步反映在我們的貸款管道中，與去年同期相比顯著增加。我們繼續預計 2022 年全年貸款將增長 15% 左右。

In terms of credit, we continue to maintain our conservative underwriting standards. Our average Loan-to-Value ratio for all real estate loans originated during the quarter was just 57%.

在信用方面，我們繼續保持保守的承保標準。本季度所有房地產貸款的平均貸款價值比僅為 57%。

Turning to business banking, it was a very successful quarter. Business loans and line commitments, excluding PPP loans, were up 18% year-over-year. During the quarter, the utilization rate on capital call lines of credit decreased slightly to 40%. This remains at the higher end of the historical utilization range.

談到商業銀行業務，這是一個非常成功的季度。商業貸款和貸款承諾（不包括 PPP 貸款）同比增長 18%。本季度，資金調用信用額度的利用率略有下降至 40%。這仍處於歷史利用率範圍的較高端。

Now let me turn to funding. Overall, it was another very successful quarter of deposit growth. Deposits were up 3.7% from year-end and 26.7% year-over-year. We continue to maintain a diversified deposit funding base. Checking deposits represented 70% of total deposits at quarter end, and business deposits represented 60% of total deposits at quarter end.

現在讓我談談資金。總體而言，這是存款增長的又一個非常成功的季度。存款較年底增長 3.7%，同比增長 26.7%。我們繼續保持多元化的存款融資基礎。支票存款佔季末總存款的 70%，商業存款佔季末總存款的 60%。

The average rate paid on all deposits for the quarter was just 5 basis points, in line with the prior quarter. This led to an overall funding cost of just 11 basis points, down 1 basis point from the last quarter.

本季度所有存款的平均利率僅為 5 個基點，與上一季度持平。這導致整體融資成本僅為 11 個基點，比上一季度下降 1 個基點。

Our strategy of acquiring and growing the next generation of client relationships, which began over a decade ago, continues to be very effective. For example, year-over-year households acquired through our personal line of credit and professional loan programs were up 15%, and we've acquired more than 5,000 such households in the last 12 months. Clients who came to First Republic through these programs now represent fully 1/3 of our total consumer borrowing households. I would note these two programs are more than self-funding with deposits.

我們從十多年前開始的獲取和發展下一代客戶關係的戰略仍然非常有效。例如，通過我們的個人信貸額度和專業貸款計劃獲得的家庭同比增長了 15%，在過去 12 個月中我們已經獲得了 5,000 多個這樣的家庭。通過這些計劃來到 First Republic 的客戶現在占我們消費者藉貸家庭總數的 1/3。我會注意到這兩個項目不僅僅是通過存款自籌資金。

As our next-generation client base has grown, we've also continued to develop the next generation of relationship managers. These internally trained relationship managers now make up over 1/4 of all relationship managers. As Mike mentioned, our model is performing quite well and continues to drive our safe, stable and organic growth.

隨著我們下一代客戶群的增長，我們也在繼續培養下一代客戶經理。這些經過內部培訓的客戶經理現在佔所有客戶經理的 1/4 以上。正如邁克所提到的，我們的模式表現良好，並繼續推動我們安全、穩定和有機的增長。

Now I'd like to turn the call over to Bob Thornton, President of Private Wealth Management.

現在我想把電話轉給私人財富管理總裁 Bob Thornton。

Thank you, Mike. Our Wealth Management business continues to perform very well despite market volatility. Year-over-year, assets under management grew 25%. During the first quarter, our investment management business had a record net client inflow of $4.9 billion. Our overall AUM decreased a modest 2% during the quarter due to market depreciation.

謝謝你，邁克。儘管市場波動，我們的財富管理業務仍然表現良好。與去年同期相比，管理的資產增長了 25%。第一季度，我們的投資管理業務的客戶淨流入達到創紀錄的 49 億美元。由於市場貶值，本季度我們的整體資產管理規模小幅下降 2%。

Wealth Management fee revenue for the first quarter was $221 million, up 39% year-over-year. We remain very focused on serving our clients with financial planning, brokerage, trust, insurance and foreign exchange services, in addition to investment management. This comprehensive approach benefits our clients while also diversifying our fee revenue with services that are less subject to market fluctuations.

第一季度財富管理服務費收入為 2.21 億美元，同比增長 39%。除投資管理外，我們仍然非常專注於為客戶提供財務規劃、經紀、信託、保險和外匯服務。這種全面的方法使我們的客戶受益，同時還通過受市場波動影響較小的服務使我們的費用收入多樣化。

We also continue to focus on deepening relationships with our wealth management clients by meeting their banking needs. Deposit sourced from our wealth management colleagues increased 28% year-over-year and now represent 14% of total bank deposits. Our integrated banking and wealth management model has continued to make First Republic an attractive destination for very successful wealth professionals. Since the start of the year, we've welcomed three new wealth management teams to First Republic.

我們還通過滿足客戶的銀行業務需求，繼續專注於深化與財富管理客戶的關係。來自我們財富管理同事的存款同比增長 28%，目前佔銀行存款總額的 14%。我們的綜合銀行和財富管理模式繼續使 First Republic 成為非常成功的財富專業人士的有吸引力的目的地。自今年年初以來，我們迎來了三個新的財富管理團隊來到 First Republic。

Overall, our wealth management business continues to perform very well despite the broader market volatility. Times like these are a great opportunity to demonstrate our exceptional service and acquire new households.

總體而言，儘管市場波動較大，但我們的財富管理業務繼續表現良好。像這樣的時代是展示我們卓越服務和獲得新家庭的絕佳機會。

Now I'd like to turn the call over to Olga Tsokova, Acting Chief Financial Officer.

現在我想把電話轉給代理首席財務官 Olga Tsokova。

Thank you, Bob. With a consistent focus on credit, capital and liquidity, we continue to operate in a safe and sound manner. Our credit quality remains excellent. As Mike mentioned, during the first quarter, we had net recoveries of approximately $300,000. Our provision for loan losses for the quarter was $10 million. This modest provision reflects our underwriting discipline and excellent credit track record, as well as our portfolio mix.

謝謝你，鮑勃。我們始終專注於信貸、資本和流動性，繼續以安全穩健的方式運營。我們的信用質量仍然很好。正如 Mike 提到的，在第一季度，我們的淨回收額約為 300,000 美元。我們本季度的貸款損失準備金為 1000 萬美元。這筆適度的準備金反映了我們的承銷紀律和出色的信用記錄，以及我們的投資組合。

Our capital position remains very strong. At quarter end, our Tier 1 leverage ratio was 8.7%. This reflects the benefits from 5 successful capital results in 2021, totaling $2.8 billion on a net basis.

我們的資本狀況仍然非常強勁。季度末，我們的一級槓桿率為 8.7%。這反映了 2021 年 5 項成功的資本成果帶來的收益，淨額總計 28 億美元。

Liquidity also remains very strong. High Quality Liquid Assets were 16% of average total assets for the first quarter. Our net interest margin was 2.68% for the first quarter, in line with our guidance. We continue to expect our net interest margin to be in the range of 2.65% to 2.75% for the full year 2022.

流動性也仍然非常強勁。優質流動資產佔第一季度平均總資產的 16%。我們第一季度的淨息差為 2.68%，符合我們的指引。我們繼續預計 2022 年全年的淨息差將在 2.65% 至 2.75% 的範圍內。

Importantly, net interest income was up a very strong 22% year-over-year. This is due to the robust growth in earning assets and a stable net interest margin. Our efficiency ratio was 62% for the first quarter. We are pleased to maintain a stable efficiency ratio as we continue to invest in the business. We continue to expect the efficiency ratio to be in the range of 62% to 64% for the full year 2022.

重要的是，淨利息收入同比增長 22%，非常強勁。這是由於盈利資產的強勁增長和穩定的淨息差。我們第一季度的效率率為 62%。我們很高興在繼續投資該業務的同時保持穩定的效率比。我們繼續預計 2022 年全年的效率比將在 62% 至 64% 的範圍內。

Our effective tax rate was 22.9% for the first quarter. We now expect the effective tax rate for the full year 2022 to be in the range of 21% to 22%. This slight increase is due to reduced tax benefits from the vesting of stock-based awards. Overall, the year is off to a very strong start, reflecting the consistency of our model.

我們第一季度的有效稅率為 22.9%。我們現在預計 2022 年全年的有效稅率將在 21% 至 22% 之間。這一小幅增長是由於基於股票的獎勵歸屬帶來的稅收優惠減少。總體而言，今年開局非常強勁，反映了我們模型的一致性。

And now I'll turn the call back over to Mike Roffler.

現在我將把電話轉回 Mike Roffler。

Thank you, Jim, Mike, Bob and Olga. We've had a great start to the year. For over 36 years, First Republic's business model has been grounded in conservative credit, strong capital and liquidity, colleague empowerment and most importantly, an extraordinary level of client service. This foundation remains unchanged. Our model is as strong as ever, and our entire team remains focused on executing, each and every day. Now, we'd be happy to take your questions.

謝謝吉姆、邁克、鮑勃和奧爾加。我們今年開局不錯。 36 年來，First Republic 的商業模式一直立足於保守的信用、雄厚的資本和流動性、同事授權以及最重要的是卓越的客戶服務水平。這個基礎保持不變。我們的模型一如既往地強大，我們的整個團隊每天都專注於執行。現在，我們很樂意回答您的問題。

(Operator Instructions) Our first question comes from Steven Alexopoulos with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Steven Alexopoulos。

I want to start on loan growth. So regarding the record originations you guys saw in the quarter, maybe could you unpack that a bit, give us some more color on why we saw the best quarter of originations ever? I don't know if there was a rush to refi or what happened there. And then as rates rise, how much of a headwind will that likely be in and could for the first time in many years, the mid-teens outlook for loan growth be at risk?

我想從貸款增長開始。那麼關於你們在本季度看到的創紀錄的起源，也許你們能稍微解釋一下，給我們更多關於為什麼我們看到有史以來最好的起源季度的顏色嗎？我不知道是否有急於重燃或那裡發生了什麼。然後隨著利率上升，這可能會帶來多大的逆風，並且可能是多年來的第一次，貸款增長的中期前景面臨風險？

Steve, it's Mike Selfridge. Thanks for the question. Yes, just to unpack it a little bit to your question. I would say, overall, the service model is what differentiated us in the market and drove a lot of the significant growth.

史蒂夫，我是邁克塞爾弗里奇。謝謝你的問題。是的，只是為了解決您的問題。我想說的是，總的來說，服務模式使我們在市場上脫穎而出，並推動了很多顯著增長。

Maybe a little bit of a pull forward on refi given the rise in rates, but I think it was very consistently steady, particularly in single family, good mix of refi purchase. Refi was a little bit higher than normal, about 58%, but very solid in the purchase market where you know we excel was quite strong despite limited inventory. The capital call line activity was strong, and I would say the backlog going into the second quarter is strong.

考慮到利率上升，可能會稍微拉動 refi，但我認為它一直非常穩定，特別是在單身家庭中，refi 購買的良好組合。 Refi 略高於正常水平，約為 58%，但在採購市場上非常穩固，儘管庫存有限，但你知道我們的表現非常強勁。資金需求線活動強勁，我想說進入第二季度的積壓量很大。

Rising rates, yes, that will be a headwind for refi. Looking back historically, refi has never dropped below 40% of our total single-family origination volume. We think that will hold pretty well.

是的，利率上升將成為再融資的逆風。回顧歷史，再融資從未低於我們單戶發起總量的 40%。我們認為這會保持得很好。

Okay. So even with rising rates, still confident in the mid-teens outlook for the year?

好的。因此，即使利率上升，您仍然對今年的中期前景充滿信心嗎？

Confident in the mid-teens for 2022.

對 2022 年充滿信心。

Yes. And I might just add on, Steve. If you go back to a couple of the last cycles, when rates have risen, we've been pretty much sort of 15% to 18% loan growth. And it comes back to where Mike Selfridge started with the service model -- being there for clients, acquiring new households and really serving their needs.

是的。我可能會補充一點，史蒂夫。如果你回顧過去的幾個週期，當利率上升時，我們的貸款增長率幾乎是 15% 到 18%。這又回到了 Mike Selfridge 開始服務模式的地方——為客戶服務，獲得新家庭並真正滿足他們的需求。

Because even in times of a bit of challenge in the market or a bit of challenge in the economy, we're there to serve clients every day. And so that resonates, and that leads to the sort of the continued deepening and expansion of relationships you see.

因為即使在市場面臨一些挑戰或經濟面臨一些挑戰的時候，我們每天都會在那里為客戶提供服務。所以這會產生共鳴，並導致你所看到的那種關係的持續深化和擴展。

Okay. That's helpful. And then on loan yields, the original view is that is as mortgage rates moved up a bit, you might not see much benefit to loan yields. I think you thought you might see spreads compressed. Maybe can you walk us through what you're seeing real time here? And with the NIM outlook being maintained, what are you expecting for loan yields as mortgage rates continue to drift up?

好的。這很有幫助。然後關於貸款收益率，最初的觀點是，隨著抵押貸款利率上升一點，你可能看不到貸款收益率有太大好處。我想你認為你可能會看到價差壓縮。也許你能帶我們了解一下你在這裡實時看到的內容嗎？在維持 NIM 前景的情況下，隨著抵押貸款利率繼續上升，您對貸款收益率有何期望？

So Steve, back on the heels of strong origination volumes. At the end of the quarter, we were originating single-family, just a little bit over 3%, about 3.05%. Multifamily about 3.45% and commercial real estate about 3.65%. Business banking depends on the segment. Capital call is the largest segment there. It's probably about prime minus 25 to 50 bps, maybe 75 depending on the situation. But -- and I would say it's trending upward.

因此，史蒂夫緊隨強勁的原創量。在本季度末，我們是單戶住宅，略高於 3%，約為 3.05%。多戶住宅約佔 3.45%，商業房地產約佔 3.65%。商業銀行業務取決於細分市場。 Capital Call 是那裡最大的部分。它可能是 prime 負 25 到 50 個基點，根據情況可能是 75。但是 - 我會說它呈上升趨勢。

Yes. I think that's -- the key point is starting in the quarter, Steve, I think you're getting that competition a little bit, very highly competitive. You didn't see a lot of repricing in the early parts of the quarter. And as you got later, we've started to see the drift up, and that's -- as Mike Selfridge is quoting -- even last week's rates, and it's even sort of still climbing a little bit from here.

是的。我認為那是 - 關鍵點是從本季度開始，史蒂夫，我認為你的競爭有點激烈，競爭非常激烈。你在本季度的早期沒有看到很多重新定價。隨著你稍後的到來，我們已經開始看到上升趨勢，正如 Mike Selfridge 所引用的那樣，甚至是上週的利率，而且它甚至還在從這裡上升一點點。

Okay. And I guess what I'm trying to understand, the last time you gave the outlook for NIM for this year, on the prior call, you said lower end of the range. Are you still thinking lower or maybe could we push up, I don't know, to the upper end of the range given it sounds like loan yields are going to get a bit better here?

好的。我想我想了解的是，上次你給出今年 NIM 的前景時，在之前的電話會議上，你說的是范圍的下限。您是否仍在考慮更低，或者我們是否可以推高，我不知道，考慮到貸款收益率在這裡會變得更好一些，我不知道，到範圍的上限？

I think that's right, based on where we see the business today, and I think you're probably pushing up towards the middle of the range versus the lower end of where we've been at.

我認為這是正確的，基於我們今天看到的業務，我認為你可能正在向范圍的中間推高，而不是我們一直處於的低端。

Okay. And then finally, in terms of quite a few management transitions over the past few months. Maybe for you, Mike, now as the CEO, give us an outline. What are you most focused on here? What do you think you need to improve on? And I don't know what the message has been to employees since you took over. And then, Jim, I'd love to hear from you too, right? Executive Chairman implies you're going to be more involved than just a typical chair role. How are you thinking about this new role? And what will the involvement be with the company?

好的。最後，就過去幾個月的相當多的管理層變動而言。邁克，現在擔任首席執行官，也許對你來說，給我們一個大綱。你在這裡最關注什麼？您認為您需要改進什麼？我不知道自從你接手以來，員工們收到了什麼信息。然後，吉姆，我也很想听聽你的意見，對吧？執行主席意味著你將更多地參與其中，而不僅僅是一個典型的主席角色。你如何看待這個新角色？公司將參與什麼？

Thanks, Steve. I appreciate the question, as does Jim. The first thing I'd say is, as my transition to the CEO role does not represent a strategic shift in our direction. It represents the continued thoughtful evolution of our client-focused model and the continuity of our unique service-focused culture, which has been at the heart of everything we've done for over 36 years. The Bank has a very successful business model and strategy. That doesn't change, right?

謝謝，史蒂夫。我很欣賞這個問題，吉姆也是。我要說的第一件事是，因為我過渡到 CEO 角色並不代表我們方向的戰略轉變。它代表了我們以客戶為中心的模式的持續深思熟慮的演變以及我們獨特的以服務為中心的文化的連續性，這一直是我們 36 年來所做的一切的核心。該銀行擁有非常成功的商業模式和戰略。那不會改變，對嗎？

Well, as we talked about in the prepared remarks, our foundation is built on strong credit, capital liquidity at all times. And our total focus, our colleagues that have come to work so far today and that are on their way in this morning, is on providing exceptional client service, and that then drives our growth.

好吧，正如我們在準備好的評論中所說的那樣，我們的基礎始終建立在強大的信貸和資本流動性之上。我們的全部重點，我們的同事，今天已經來上班，今天早上正在路上，都是為了提供卓越的客戶服務，然後推動我們的發展。

In terms of improvement, exceptional service comes from continuous innovation, that doesn't stop. We'll keep doing that. We stay close to clients. We listen to what they need, and then we empower our colleagues to go deliver. That doesn't change. And we're going to continue to invest in the franchise to support our colleagues and support our clients, again, which drives our growth.

在改進方面，卓越的服務來自不斷創新，永不止步。我們會繼續這樣做。我們貼近客戶。我們傾聽他們的需求，然後授權我們的同事去交付。那不會改變。我們將繼續投資特許經營權，以支持我們的同事和我們的客戶，這再次推動了我們的發展。

And maybe just a few examples, right? Mike Selfridge touched on acquiring and building next-generation relationships, a very important part of the strategy as we plant seeds for the future. The relationship between banking and wealth management through an unsiloed, again, focused on client delivery. We also look at markets. We're excited with Hudson Yards coming online. We're excited that we're going into Seattle through Bellevue here pretty shortly and are already there with wealth management.

也許只是幾個例子，對吧？ Mike Selfridge 談到了獲取和建立下一代關係，這是我們為未來播下種子的戰略的一個非常重要的部分。銀行業和財富管理之間的關係通過一種非孤立的方式再次集中在客戶交付上。我們也關注市場。我們對 Hudson Yards 即將上線感到興奮。我們很高興我們很快就會通過貝爾維尤進入西雅圖，並且已經在那裡進行財富管理。

And again, exceptional service, both in person, digital, online, continue to leverage technology and data and most importantly, continue to empower our colleagues. In terms of our employees, every day, we wake up and think about our current client and taking care of them -- take great care of them. They will bring you more business. They will also bring you to your next client. And we're going to continue to be thoughtful and focused on how we invest in technology and innovation to serve clients.

再一次，卓越的服務，無論是面對面的、數字的、在線的，都繼續利用技術和數據，最重要的是，繼續賦予我們的同事權力。就我們的員工而言，每天醒來，我們都會想到我們當前的客戶並照顧他們——好好照顧他們。他們會給你帶來更多的生意。他們還會帶您去見您的下一位客戶。我們將繼續深思熟慮並專注於我們如何投資技術和創新來為客戶服務。

And frankly, the fantastic people in this company are what drives the collective success and the results you see and what we've talked about so far today. And I'm extremely grateful and thankful for their efforts continuously and to just be a part of the team. Just a wonderful business, and our job is to now continue to build it and serve clients and take great care of them every day.

坦率地說，這家公司的優秀人才是推動集體成功和你所看到的結果以及我們今天所討論的內容的動力。我非常感謝和感謝他們不斷的努力，並成為團隊的一員。這是一家很棒的企業，我們現在的工作是繼續建設它，為客戶服務，每天照顧好他們。

Steve, it's Jim. Mike just gave you the game plan, basically, going forward, which is really no change, no major change. My role is going to be to work with the Board, to focus on strategy along with Mike and the whole team, to pay attention to our largest shareholders and clients and also work with some of our largest bankers and wealth managers in terms of what can we do to help them more. So I do see it as a fairly active role but not day-to-day, not full time, day-to-day.

史蒂夫，是吉姆。邁克剛剛給了你游戲計劃，基本上是向前看，這真的沒有變化，沒有大的變化。我的職責是與董事會合作，與 Mike 和整個團隊一起專注於戰略，關注我們最大的股東和客戶，並與我們一些最大的銀行家和財富管理公司合作我們這樣做是為了幫助他們更多。所以我確實認為它是一個相當活躍的角色，但不是日常的，不是全職的，日常的。

Our next question comes from Manan Gosalia with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Manan Gosalia。

I wanted to ask a question on expenses. You kept your expenses flat quarter-on-quarter despite the negative seasonality that you would typically have. And I know you gave your full year efficiency ratio guidance. But I was wondering, can you talk about how expense growth is tracking relative to the expectations you had in January?

我想問一個關於費用的問題。儘管您通常會遇到不利的季節性因素，但您的支出環比持平。我知道你給出了全年效率比指導。但我想知道，你能談談費用增長與你 1 月份的預期相比如何嗎？

To what extent are high inflation and competition for talent driving higher expenses? And you also mentioned that you completed your core systems conversion. So I was wondering if that drives some incremental cost saves given that it gives you more flexibility and also some costs associated with the transition should come out as we go through the year?

高通脹和人才競爭在多大程度上推動了更高的支出？您還提到您完成了核心系統轉換。所以我想知道這是否會帶來一些增量成本節省，因為它為您提供了更大的靈活性，並且隨著我們度過這一年，與過渡相關的一些成本應該會出現嗎？

Sure. In terms of the efficiency ratio, as I mentioned in the remarks, we continue to expect to be with our guided range of 62% to 64% for the full year. We were pleased to see that the pace of revenue growth outpaced the growth of our expenses. And for the first quarter, we see the seasonal impact of higher payroll taxes and benefits, but also we had some benefit from still-reduced costs due to the pandemic. They have a lot of opportunities ahead of us to invest in our franchise, in our colleagues, in our preferred banking offices and our new technologies.

當然。就效率比而言，正如我在評論中提到的，我們繼續預計全年的指導範圍為 62% 至 64%。我們很高興看到收入增長的速度超過了我們的支出增長。對於第一季度，我們看到了更高的工資稅和福利的季節性影響，但我們也從大流行導致的成本下降中受益。他們在我們面前有很多機會投資於我們的特許經營權、我們的同事、我們首選的銀行辦事處和我們的新技術。

In terms of inflationary pressures in compensation, our colleagues are the reason for the success of our business. And we always focused on treating our colleagues fairly and compensating them properly as well. So this is why we don't expect to see much of the pressure on our existing colleagues, but we see some inflationary pressures on the new colleague that we bring on board.

就薪酬的通脹壓力而言，我們的同事是我們業務成功的原因。我們始終專注於公平對待我們的同事並給予他們適當的補償。因此，這就是為什麼我們不希望看到現有同事承受太大壓力，但我們看到新同事面臨一些通貨膨脹壓力。

For the core conversion, we have expenses baked in our guidance for the full year. We completed the conversion, but we still have to maintain the system, so you'll still continue to see the cost around the system going forward. And overall, for those reasons, we believe that we feel confident with our guidance, and we expect our expenses to grow in line with our revenues.

對於核心轉換，我們在全年的指導中列出了費用。我們完成了轉換，但我們仍然需要維護系統，因此您仍會繼續看到系統未來的成本。總的來說，由於這些原因，我們相信我們對我們的指導充滿信心，我們預計我們的支出將與我們的收入同步增長。

Great. That's very helpful. And maybe if I can follow up with a question on securities. I think securities grew 18% versus year-end, which is higher than the 6% or so that we've seen in recent quarters? I assume part of this was deposit growth and also there's more opportunity from higher rates. Can you talk about what duration and what kind of securities you're putting on? And also how we should expect securities growth to trend from here?

偉大的。這很有幫助。也許我可以跟進一個關於證券的問題。我認為證券與年底相比增長了 18%，高於我們最近幾個季度看到的 6% 左右？我認為部分原因是存款增長，而且利率上升也會帶來更多機會。你能談談你投入的證券的期限和種類嗎？還有我們應該如何期望證券增長從這裡開始趨勢？

Yes. No, thanks for the question. So the securities strategy is largely two-pronged as it's been. Our HQLA portfolio, we've continued to average in over time, and that continued during the quarter. And given the strong liquidity and how we feel, we felt it was appropriate to maybe add a little bit more than we had in 2021, for example.

是的。不，謝謝你的提問。因此，證券策略基本上是雙管齊下的。我們的 HQLA 投資組合，隨著時間的推移，我們繼續平均，並且在本季度繼續。考慮到強勁的流動性以及我們的感受，例如，我們認為可能比 2021 年增加一點是合適的。

The second part of our investment strategy is municipal bonds, which has been a core part of the Bank really since we bought the Bank back in 2010 and have been investing in municipals from that time on. And it's been a very good, one, yield for portfolio; and number two, effective way of managing our taxes. And so we've been very active in the muni marketplace, frankly, every quarter for the last 12 years, and that continues.

我們投資策略的第二部分是市政債券，自從我們在 2010 年買回銀行以來，它一直是銀行的核心部分，從那時起一直在投資市政債券。這是一個非常好的投資組合收益率；第二，有效的稅收管理方式。因此，坦率地說，在過去 12 年的每個季度中，我們在市政市場上一直非常活躍，而且這種情況仍在繼續。

And if you think about the long term of First Republic, it's really about investing for the future, and that goes with investments, right? We average in over time, and we'll continue to do so as the balance sheet grows. The percentage of investments to total assets doesn't deviate a whole lot. So it's probably in this range is a safe one as you go forward.

如果你考慮 First Republic 的長期發展，它實際上是關於為未來投資，這與投資有關，對吧？我們會隨著時間的推移進行平均，並且隨著資產負債表的增長，我們將繼續這樣做。投資佔總資產的百分比不會偏離很多。所以在你前進的過程中，它可能在這個範圍內是一個安全的範圍。

Our next question comes from Casey Haire with Jefferies.

我們的下一個問題來自 Jefferies 的 Casey Haire。

I wanted to follow up on the NIM guide holding it flat. I think last quarter, you guys talked about 3 hikes and cash balances elevated. Just wondering how many hikes you're expecting now? And then the cash deployment was up this quarter. So cash balance is down. Just wondering what you mean -- what you're looking for there? And then finally, just deposit betas, should we just use the last tightening cycle as a proxy for how deposit prices trend?

我想跟進 NIM 指南 holding it flat。我認為上個季度，你們談到了 3 次加息和現金餘額增加。只是想知道您現在期望加息多少次？然後本季度的現金部署有所增加。所以現金餘額下降了。只是想知道你的意思——你在那裡尋找什麼？最後，只有存款貝塔值，我們是否應該只使用上一個緊縮週期作為存款價格趨勢的代理？

So for the NIM, we still believe that our guided range -- we feel comfortable with the 2.65% to 2.75% for the full year 2022. As you noted, the cash balances decreased to $8 billion at the end of first quarter compared to $13 billion at the end of last year, and it will benefit NIM in the second quarter. Mike Selfridge talked about the loan yields picking up during the later part of the quarter and going into the second quarter, this will benefit the NIM.

因此，對於 NIM，我們仍然相信我們的指導範圍——我們對 2022 年全年的 2.65% 至 2.75% 感到滿意。正如您所指出的，第一季度末現金餘額從 13 美元降至 80 億美元億，去年底將利好NIM二季度。 Mike Selfridge 談到貸款收益率在本季度後期回升並進入第二季度，這將有利於 NIM。

In terms of the beta, as we've seen in the life cycles, 2015 through 2019, the beta was about 19%. But as we know, cycles are not the same. And in the last cycle, it took about 2 years to get over 100 basis points, and we think this time, it will take them sooner to get there. And that being said, we have shown over time that the model produces stable and consistent results in different rate environments. On the last call in January, we assume 3 Fed hikes. For this time, we assume 7 Fed hikes going forward.

就貝塔而言，正如我們在 2015 年至 2019 年的生命週期中看到的那樣，貝塔約為 19%。但正如我們所知，週期是不一樣的。在上一個週期中，達到 100 個基點需要大約 2 年的時間，我們認為這一次，他們會更快到達那裡。話雖如此，隨著時間的推移，我們已經證明該模型在不同的利率環境中產生了穩定和一致的結果。在 1 月份的最後一次電話會議上，我們假設美聯儲加息 3 次。這次，我們假設美聯儲未來將加息 7 次。

Okay. Great. And then another one on the loan growth outlook for Mike Selfridge. I'm sorry if I missed this, but the loan pipeline, how is that shaping up versus the 12/31 pipeline?

好的。偉大的。然後是關於 Mike Selfridge 的貸款增長前景的另一篇文章。如果我錯過了這個，我很抱歉，但是貸款渠道，與 12/31 渠道相比如何？

Casey, it's above the 12/31. And as I mentioned, it's up significantly year-over-year, and I would characterize it as strong going into Q2.

凱西，它在 12/31 以上。正如我所提到的，它與去年同期相比有顯著增長，我認為它在進入第二季度時表現強勁。

Okay. Very good. And just last one for me. As you guys continue to put up this robust growth, you are tracking towards that ever-important $250 billion asset level, probably 2024. Just what do you guys see as the heavy lifting that you need to do between now and then to keep on sides with regulators and what are the implications for financial implications?

好的。非常好。最後一個給我。隨著你們繼續實現這種強勁增長，你們正在追踪 2500 億美元的資產水平，可能是 2024 年。你們認為從現在到現在需要做的繁重工作是什麼？與監管機構的關係以及對財務影響的影響是什麼？

So thanks for the question. I think the one thing I would characterize is when we went from under $50 billion to over, we had to build everything, right? And so there was a big leap at that point to get liquidity stress testing, capital stress testing, all built and established. And even though now we're not subject to those $50 billion rules anymore, we still have those programs in place, right? We still run capital stress tests, we still run liquidity stress tests. So there's only enhancement from here, which we're working towards. And we've done resolution planning, for example, and we're still subject to that.

所以謝謝你的問題。我認為我要描述的一件事是，當我們從不到 500 億美元增加到超過 500 億美元時，我們必須建造一切，對嗎？因此，在那個時候有了很大的飛躍，可以進行流動性壓力測試、資本壓力測試，所有這些都已建立。即使現在我們不再受那些 500 億美元規則的約束，我們仍然有這些計劃，對吧？我們仍然進行資本壓力測試，我們仍然進行流動性壓力測試。所以這裡只有增強，我們正在努力。例如，我們已經完成了決議計劃，但我們仍然受制於此。

So a lot is not new, and the infrastructure is in place, you'll have to enhance. One of the great things about the core conversion is it will help with the data needs and also faster data, faster information to allow us to do these things on a more real-time basis. And so we're obviously building already, but it's not as big of a leap as you would have thought, like we all remember from about seven years ago when we went over $50 billion.

所以很多都不是新的，基礎設施已經到位，你必須加強。核心轉換的一大優點是它將有助於滿足數據需求以及更快的數據和更快的信息，使我們能夠在更實時的基礎上完成這些事情。所以我們顯然已經在建設了，但它並沒有你想像的那麼大，就像我們都記得大約七年前我們超過 500 億美元。

Our next question comes from Erika Najarian with UBS.

我們的下一個問題來自瑞銀的 Erika Najarian。

Jim, it so good to hear from you again. And Mike, congratulations on your new role. My first question is a follow-up to Steve's line of questioning. Given the volatility in the outlook for the economy, there are a lot of investors that we're speaking to that are newer to First Republic.

吉姆，很高興再次收到你的來信。邁克，祝賀你擔任新角色。我的第一個問題是對史蒂夫提問系列的跟進。鑑於經濟前景的波動性，我們正在與之交談的許多投資者都是 First Republic 的新手。

And Jim and Mike, perhaps you can answer this question that I'm getting. Clearly, the rate trajectory that the forward curve is pricing in is much more violent and significant than we've seen over the past several years.

吉姆和邁克，也許你們可以回答我提出的這個問題。顯然，遠期曲線所反映的利率軌跡比我們過去幾年所見的更為劇烈和重要。

And so how do you reassure future shareholders about the durability of single-family growth? Maybe say in this public forum, what sort of the secret sauce is. And for Mike Selfridge, I think there is a big debate on what much higher rates will mean for private equity and venture capital. And so given your experience here, how should we think about investment speed and other financing needs as rates increase materially and quickly?

那麼，您如何讓未來的股東相信單一家族式增長的持久性呢？也許在這個公共論壇上說，秘訣是什麼。對於 Mike Selfridge，我認為關於更高的利率對私募股權和風險投資意味著什麼存在很大的爭論。因此，根據您在這裡的經驗，隨著利率大幅快速上升，我們應該如何考慮投資速度和其他融資需求？

Erika, it's Jim, let me start with the answer on mortgages. We have -- I've been at this business a long time. Mortgages lag a little bit, as Mike was indicating, both Mikes actually, but they are climbing fairly rapidly. And what happens as they move fairly quickly is competition tends to pull back, particularly mortgage broker originations and secondary market originations. Those are coming to almost to a halt already. And so our opportunity to continue to grow is greater than one thinks.

埃里卡，我是吉姆，讓我從抵押貸款的答案開始。我們——我從事這項業務已有很長時間了。抵押貸款有點滯後，正如 Mike 所指出的，實際上是兩個 Mikes，但它們正在迅速攀升。當它們移動得相當快時發生的事情是競爭趨於後退，特別是抵押貸款經紀人的起源和二級市場的起源。那些已經幾乎停止了。因此，我們繼續發展的機會比人們想像的要大。

The other thing is we're doing most of our business, 60% plus with existing clients, and we still are. The other thing is that our deposit base is entirely different now than in any prior run up. We're at almost 70% checking and 60% from business banking, which is, to some extent, working capital.

另一件事是我們正在做我們的大部分業務，60% 以上是與現有客戶合作，我們現在仍然是。另一件事是，我們現在的存款基礎與之前的任何增長都完全不同。我們幾乎有 70% 的支票和 60% 來自商業銀行業務，這在某種程度上是營運資金。

The mortgage business will continue. Prior to this bank, I started in 1980, we went through the early '80s. And even then, we made a lot of money. The spread widened on mortgages, and there was business to be done. So I don't really worry about it very much. The increase is going to be more violent than we had predicted. But as Olga just said, we've redone our forward projections around 7 increases, if I have that right. We did 7 increases and the NIM stays the same. The NII still expands as we've said in our deck. So that's the mortgage piece. Let me turn it over to Mike or Mike for the business piece.

抵押貸款業務將繼續。在這家銀行之前，我從 1980 年開始，我們經歷了 80 年代初期。即便如此，我們還是賺了很多錢。抵押貸款利差擴大，還有生意要做。所以我真的不太擔心。增長將比我們預期的更猛烈。但正如奧爾加剛才所說，如果我沒記錯的話，我們已經重新進行了大約 7 次增長的前瞻性預測。我們增加了 7 次，NIM 保持不變。正如我們在甲板上所說的那樣，NII 仍在擴展。這就是抵押貸款。讓我把它交給 Mike 或 Mike 來做商業片。

Yes. Erika, to your question on VC / PEs, just a little backdrop on last quarter fundraising was strong. Velocity did slow a little bit. And by velocity, I mean, the pace of investment in terms of dollars, and exits slowed and that's an exit-driven business. So public markets if they correct down, then that industry is going to lag a little bit.

是的。 Erika，關於你關於 VC / PE 的問題，上個季度籌款活動的背景很強大。速度確實慢了一點。就速度而言，我的意思是，以美元計算的投資速度和退出速度放緩，這是一個退出驅動的業務。因此，如果公開市場出現回調，那麼該行業就會有所滯後。

But having said that, there's still a lot of room for us to grow. And so even if velocity slows and even if utilization rates gravitate toward the mean, which is about 33%, 35%, there's still a base level of business being done. And some of the best funds are actually investing more heavily in the down cycle because they're taking more of a 3- to 7-year time horizon in terms of their investment cycle.

但話雖如此，我們仍有很大的成長空間。因此，即使速度放緩，即使利用率趨向於平均水平（約為 33%、35%），仍有基本水平的業務正在完成。一些最好的基金實際上在下行週期中進行了更多的投資，因為就投資週期而言，它們更多地採用了 3 到 7 年的時間範圍。

So I'm confident we'll still be able to do well even if the economy turns in that particular segment. And I just note that credit quality in that particular segment is stellar.

因此，我相信即使經濟在該特定領域轉向，我們仍然能夠做得很好。我只是注意到該特定領域的信用質量非常好。

Erika, maybe one last comment I'd make, because I like the start of your question sort of in an uncertain backdrop or challenging backdrop and sort of what you see in the results here and sort of our outlook during challenging times in the past, the benefit of client service, which drives growth, right? So if you think about a few of the things like AUM not down very much because client inflows is driving it despite the market volatility.

Erika，也許我要發表最後一個評論，因為我喜歡你的問題在不確定的背景或具有挑戰性的背景下開始，以及你在這裡的結果中看到的，以及我們在過去充滿挑戰的時期的展望，推動增長的客戶服務的好處，對嗎？因此，如果你考慮一些事情，比如資產管理規模並沒有下降太多，因為儘管市場波動，但客戶流入仍在推動它。

Loan pipeline and backlog remain very strong because, again, we're there to serve clients when -- as Jim mentioned, others might be pulling back a little bit and continuing to deepen and increase relationships with clients who consider us their lead bank.

貸款管道和積壓仍然非常強勁，因為我們再次為客戶提供服務——正如吉姆提到的那樣，其他人可能會退縮一點，並繼續加深和增加與認為我們是他們的牽頭銀行的客戶的關係。

And so service becomes even more valuable when times are challenging. And that's what drives growth and staying very focused on credit, safety, soundness and it's even more valuable. So it's really fundamental to the way we operate and try to maintain sort of that consistency and stability in all periods because we want to be there for our clients.

因此，當時代充滿挑戰時，服務變得更加有價值。這就是推動增長並非常關注信用、安全、穩健的原因，它甚至更有價值。因此，這對於我們的運營方式非常重要，並試圖在所有時期保持這種一致性和穩定性，因為我們希望為我們的客戶服務。

Got it. My second question is a little bit more technical, and this is for Mike R and Olga. As we contemplate the Bank crossing $250 billion, there's a big debate in the marketplace about how much more liquidity you would have to add to potentially have to adhere to the liquidity coverage ratio. So a multipart question. Number one, you mentioned that you have $29.9 billion in HQLA. Are munis considered Level 1 or Level 2b? And just for those broader audience 2b would count for less, right?

知道了。我的第二個問題有點技術性，這是給 Mike R 和 Olga 的。當我們考慮銀行資產規模超過 2500 億美元時，市場上存在一場激烈的爭論，即您需要增加多少流動性才能可能必須遵守流動性覆蓋率。所以是一個多部分的問題。第一，你提到你有 299 億美元的 HQLA。市政債券屬於 1 級還是 2b 級？僅對於那些更廣泛的受眾，2b 的價值會更低，對嗎？

Yes. That's right.

是的。這是正確的。

And so that's the first question. And the second question is, obviously, the other factor of this is your outflow assumption or your deposit base or your liabilities. So as we think of that 70% checking that you allotted for this quarter, are those higher-value deposits under LCR? In other words, are they considered mostly operational? Therefore, you don't have to hold as much liquidity against them as you would for a nonoperational deposit or a financial institution deposits, for example?

所以這是第一個問題。第二個問題，顯然，另一個因素是你的流出假設或你的存款基礎或你的負債。因此，當我們想到您為本季度分配的 70% 支票時，這些較高價值的存款是否在 LCR 下？換句話說，它們是否被認為主要是可操作的？因此，您不必像非經營性存款或金融機構存款那樣持有那麼多的流動性？

Great question, Erika. And you're right. It is technical. To the first part, the municipals would be considered 2b. A good portion of our municipal portfolio qualifies as HQLA. And so it doesn't count as much as Level 1 as you mentioned. To the second part of your question on the deposits and the different outflows, one of the things that's important to one is segment is by industry type. And then also, you're right, operational versus nonoperational is very important. That's where we mentioned earlier, the core system in our data is very important so we can quantify the amounts of operational.

好問題，埃里卡。你是對的。這是技術性的。對於第一部分，市政當局將被視為 2b。我們的市政投資組合中有很大一部分符合 HQLA。因此，它不像您提到的 1 級那麼重要。對於你關於存款和不同流出的問題的第二部分，對一個人來說重要的事情之一是細分是按行業類型。然後，你是對的，運營與非運營非常重要。那就是我們前面提到的地方，核心系統在我們的數據中非常重要，所以我們可以量化操作量。

And so think about lead bank, very important designation, typically leads to they're using us for their operating activities. And so a good portion of those business and consumer are going to be operational in nature, less outflow. As we've mentioned before, and I think people have written about this, the mix of deposits being diversified is also helpful, so you're not reliant on any particular industry. And all of these activities are absolutely part of our strategic planning process and how we think about the deposit base as we go forward.

因此，想想牽頭銀行，非常重要的指定，通常會導致他們使用我們進行運營活動。因此，這些企業和消費者中的很大一部分將在本質上進行運營，減少流出。正如我們之前提到的，我認為人們已經寫過這個，多元化的存款組合也很有幫助，所以你不依賴任何特定行業。所有這些活動絕對是我們戰略規劃過程的一部分，也是我們在前進過程中如何考慮存款基礎的一部分。

Got it. And just to wrap this all up, could you maintain that net interest margin range even as you add more liquidity to your balance sheet in anticipation of crossing $250 billion?

知道了。總結一下，即使您為資產負債表增加更多流動性以期超過 2500 億美元，您能否保持淨息差範圍？

So it's a good question. And again, a lot of it will depend on how much liquidity needs to be added, and that will depend on the deposit base at the time. So it's hard to say how impactful it will be other than we don't believe it's a threatening impact and could it move your margin to lower end versus middle to higher? Probably yes, but the deposit base at the time also will have a big impact on it and what the rate environment is.

所以這是個好問題。同樣，這在很大程度上取決於需要增加多少流動性，而這將取決於當時的存款基礎。所以很難說它會有多大影響，除了我們不認為這是一個威脅性的影響，它能否將你的利潤率從中端轉移到低端而不是中端到高端？可能是的，但當時的存款基礎也會對它和利率環境產生很大影響。

Our next question comes from John Pancari with Evercore.

我們的下一個問題來自 Evercore 的 John Pancari。

Just a couple of clarifications on some of the topics already brought up. So on the deposit sensitivities, Olga, I think you mentioned 19% beta prior cycle. What is your assumption now baked into your latest algo scenarios? And has that changed?

只是對已經提出的一些主題進行了一些澄清。所以關於存款敏感性，奧爾加，我想你提到了 19% 的貝塔前週期。您現在將什麼假設融入到您最新的算法場景中？這改變了嗎？

So last cycle, as we said, 19%. But for this cycle, we expect beta to be slightly higher than this given how fast -- more than 19%.

所以上個週期，正如我們所說，19%。但對於這個週期，考慮到速度，我們預計貝塔值會略高於這個值——超過 19%。

Yes, just a little bit given how fast -- given how fast the Fed is going to move, just a little bit, but not much.

是的，考慮到美聯儲行動的速度有多快，只是一點點，只是一點點，但不會太大。

Okay. All right. But you don't have a quantification of what's in your assumption?

好的。好的。但是您沒有對假設中的內容進行量化？

It's a -- given the deposit mix, it's a bit different than last time, right? The 19% is all in. So it's a little bit higher than that, but not much.

這是 - 鑑於存款組合，它與上次有點不同，對吧？ 19% 全部投入。所以它比這高一點，但不多。

Okay. Got it. All right. And then on the lending side, on the capital call business, Mike Selfridge, I appreciate the detail you gave there. You indicated a modest decline in line utilization there. Could you just give us a little bit more of the near-term outlook? Do you think that's likely that you could see that continue to gradually shift lower and maybe perhaps some just additional color in terms of if you're -- what you're seeing in terms of a change in borrower behavior or appetite near term on those -- around those lines?

好的。知道了。好的。然後在貸款方面，在資本電話業務方面，Mike Selfridge，我很欣賞你在那裡提供的細節。您表示那裡的線路利用率略有下降。您能否再多介紹一下近期前景？你是否認為你可能會看到它繼續逐漸走低，也許只是一些額外的顏色，如果你 - 你在短期內看到的借款人行為或胃口的變化- 圍繞那些線？

Yes, John, maybe a couple of thoughts. I said it was down slightly. It was down from something like 41% to 40%. And that's still elevated if you look at a longer historic view. Again, historically somewhere in the 33% to 35% range. So it's hard to predict. It's still holding up well. There's still activity. And I think overall -- and if you look at the dry powder of the industry, I think it's somewhere in the 8-point -- $1.8 trillion range in the United States. So there's still a lot of dry powder to deploy, which will -- most funds we'll use capital call facilities to deploy capital to make investments and then call that capital. So I think it's going to hold up well. But again, velocity would likely slow with the broader economy from what I see.

是的，約翰，也許有一些想法。我說它略有下降。它從大約 41% 下降到 40%。如果你從更長遠的歷史角度來看，這個數字仍然很高。同樣，歷史上在 33% 到 35% 的範圍內。所以很難預測。它仍然保持良好。還是有活動的我認為總體而言——如果你看一下該行業的干火藥，我認為它在美國的 8 點——1.8 萬億美元範圍內。所以還有很多幹火藥需要部署，這將 - 大多數資金我們將使用資本調用設施來部署資本進行投資，然後調用該資本。所以我認為它會保持良好狀態。但同樣，從我看來，速度可能會隨著更廣泛的經濟而放緩。

Got it. Okay. That's helpful. And then lastly, on the expense side, really on the efficiency side. I know you reiterated the 62% to 64%, you're running around 60% right now. Can you just talk about the likelihood of hitting that range and what gets you there? Where are the -- what are the dynamics that are influencing that range remaining 62% to 64% for your guidance versus where you're running now?

知道了。好的。這很有幫助。最後，在費用方面，實際上是在效率方面。我知道你重申了 62% 到 64%，你現在運行在 60% 左右。你能談談達到那個範圍的可能性以及是什麼讓你達到那個範圍嗎？在哪裡 - 影響該範圍的動態是什麼，與您現在運行的位置相比，您的指導仍然保持 62% 到 64%？

Yes, sure. The guidance of 62% to 64% includes several components. The first quarter, as we said, we had elevated payroll tax and benefits, but we were pleased that our revenues outpaced -- the growth of revenues outpace the growth of our expenses. We continue to invest in the business and our people, preferred banking offices as well as technology.

是的，當然。 62% 到 64% 的指導包括幾個組成部分。正如我們所說，第一季度，我們提高了工資稅和福利，但我們很高興我們的收入超過了——收入的增長超過了我們支出的增長。我們繼續投資於業務和我們的員工，首選銀行辦事處以及技術。

Also, we had a benefit in the first quarter of lower costs due to the pandemic as they're returning back to the offices, which we did late this -- in the first quarter, we expect those costs to go back to more normal levels as we continue to -- as we start doing more travel, do more client events and in-person events for our colleagues. And as we said, we think about the expense growth to be in line with the growth of our revenues.

此外，我們在第一季度受益於大流行病導致的成本降低，因為他們返回辦公室，我們在今年晚些時候這樣做了——在第一季度，我們預計這些成本將回到更正常的水平隨著我們繼續 - 當我們開始進行更多旅行時，為我們的同事舉辦更多的客戶活動和麵對面活動。正如我們所說，我們認為費用增長與我們收入的增長保持一致。

Yes, I might just add, we're really pleased that we've been sort of at the low end at 62% of our range while continuing to deliver extraordinary service to our clients, continue to add to our colleague base and invest in the franchise for the future. One of the things that we're always doing is investing for future growth and future client needs and what they want of us.

是的，我可以補充一點，我們真的很高興我們一直處於我們範圍的 62% 的低端，同時繼續為我們的客戶提供卓越的服務，繼續增加我們的同事基礎並投資於未來的特許經營權。我們一直在做的一件事就是為未來的增長和未來的客戶需求以及他們對我們的期望進行投資。

And so I think it's really important that we maintain that consistent sort of range while we continue to invest and also deliver good, stable, consistent returns. And we're pleased at the level, and it's great to stay at the lower end where we've been in the last few quarters. And we're really -- we're pleased with that while continuing to invest.

因此，我認為在我們繼續投資並提供良好、穩定、一致的回報的同時，保持這種一致的範圍非常重要。我們對這個水平感到滿意，很高興能保持在過去幾個季度的低端。我們真的 - 我們在繼續投資的同時對此感到滿意。

Got it. I said you're 60% now. I meant you're 62% now.

知道了。我說你現在60%了。我的意思是你現在是 62%。

We'll take our next question from Dave Rochester with Compass Point.

我們將從 Compass Point 的 Dave Rochester 那裡回答下一個問題。

Nice quarter, and Jim, good to see you back. And Mike, congrats on the promotion. It's definitely well deserved.

不錯的季度，吉姆，很高興見到你回來。邁克，恭喜你升職了。這絕對是當之無愧的。

Thanks, David.

謝謝，大衛。

Let me go back to the margin guidance. I was wondering how you're thinking about the deposit growth trajectory from here that you have baked into that? And I appreciate the detail on the loan yields. Can you just talk about the yields on the securities you bought this quarter and where you're seeing those purchase yields today? I would imagine they're even higher now, that would be great.

讓我回到保證金指導。我想知道你是如何考慮你已經融入其中的存款增長軌蹟的？我很欣賞貸款收益率的細節。你能談談你本季度購買的證券的收益率以及你今天看到這些購買收益率的地方嗎？我想他們現在更高了，那太好了。

Dave, Mike Selfridge. I'll start with deposits and hand it over to Mike and Olga. Olga mentioned the deposit beta. And actually, I'd point you to sort of our ability to grow deposits on historic cycles of rate hikes. 2016 to 2018, we still grew deposits 18%. Even going back further, 2004 to 2006, we grew deposits at 25%.

戴夫，邁克塞爾弗里奇。我將從存款開始，然後交給 Mike 和 Olga。 Olga 提到了存款測試版。實際上，我要指出的是我們在歷史性加息週期中增加存款的能力。 2016 年到 2018 年，我們的存款仍然增長了 18%。甚至再往前追溯，從 2004 年到 2006 年，我們的存款增長了 25%。

So I think our ability to acquire new households, the service model that Mike talked about, the seeds we've planted in areas like the next generation of households and relationship managers, the mix business to deposits 60-40, the channel, private banking, wealth management, which is now a large driver of deposit growth, business banking, relationship managers. I think you put all that together and we're confident in our ability to grow the deposit base and grow it to keep pace with the mid-teens loan growth.

所以我認為我們獲得新家庭的能力，邁克談到的服務模式，我們在下一代家庭和客戶經理等領域播下的種子，混合業務到存款 60-40，渠道，私人銀行，財富管理，現在是存款增長的主要驅動力，商業銀行業務，客戶經理。我認為你把所有這些放在一起，我們相信我們有能力擴大存款基礎並使其增長以跟上十幾歲中期貸款的增長。

Yes. Maybe just on investments for a minute. You're right, Dave. The yields today, munis are 4.25% roughly, and that was probably just under 4% in the first quarter. In HQLA, if you think of sort of a 3- to 4-year duration is, call it, 3.25% now and it was probably started the first quarter in the low 2s and rose to the low 3s, so call it 2.50% to 2.75%. So you're definitely seeing the benefit in new investment from the uptick in rates.

是的。也許只是投資一分鐘。你是對的，戴夫。今天的收益率，市政債券大致為 4.25%，而第一季度可能略低於 4%。在 HQLA 中，如果你認為 3 到 4 年的期限現在是 3.25%，它可能從第一季度的低 2s 開始並上升到低 3s，所以稱它為 2.50% 到2.75%。因此，您肯定會從利率上升中看到新投資的好處。

Yes. That makes sense. Appreciate the color. And then how are you guys thinking about cash levels from here? Or where is your comfort level on that bottoming out since we saw a decent drawdown in that this quarter.

是的。這就說得通了。欣賞顏色。那麼你們如何看待這裡的現金水平？或者自從我們在本季度看到一個不錯的回撤以來，您對觸底反彈的舒適度在哪裡。

Dave, the cash decreased at the end of the first quarter to $8 billion from $13 billion we had at the end of last year. And $8 billion is about 4% of total assets, which we see as a more normal level for us.

戴夫，第一季度末現金從去年年底的 130 億美元減少到 80 億美元。 80 億美元約佔總資產的 4%，我們認為這對我們來說是一個更正常的水平。

Got you. So that will remain fairly steady from here, I would imagine. Sounds good. And then just switching to the multifamily segment. It sounded like you guys saw a big acceleration of production here. We definitely saw that in the growth this quarter. You mentioned a little bit of a pull forward in loan production just in general, given the rate move.

明白了我想，從這裡開始，這將保持相當穩定。聽起來不錯。然後就切換到多戶家庭細分市場。聽起來你們在這裡看到了生產的大幅加速。我們肯定在本季度的增長中看到了這一點。考慮到利率變動，你提到了一般情況下貸款生產的一點點前移。

And we've heard that there could be actually a decent refi boom going on, right now in the New York City multifamily market. And I was just wondering if you guys have seen any evidence of that? And maybe you could just give an update on what you're seeing in that segments in multifamily across your footprint and how your pipeline looks in that particular segment? That would be great.

我們聽說紐約市的多戶家庭市場實際上可能正在經歷一場體面的再融資熱潮。我只是想知道你們是否看到任何證據？也許你可以更新一下你在你的足跡中多戶家庭的那個細分市場中看到的情況，以及你的管道在那個特定細分市場中的情況？那太好了。

Yes. And we're pleased with the second best quarter ever in terms of the $1.7 billion originated. It's a little lumpier, but I would say overall multifamily is performing well as an asset class. Investors are looking for it because rents and vacancy rates have rebounded generally in our bigger markets to pre-pandemic levels. And -- what else can I say there? I don't know if -- there's a little bit of a pull forward there, just like the refi on single family, but not a whole lot.

是的。就 17 億美元的來源而言，我們對有史以來第二好的季度感到滿意。它有點笨拙，但我想說整體多戶家庭作為資產類別表現良好。投資者正在尋找它，因為在我們更大的市場中，租金和空置率普遍反彈至大流行前的水平。而且——我還能說什麼？我不知道是否——那裡有一點推動力，就像對單身家庭的重新調整一樣，但不是很多。

So I think it's just steady as it goes as it relates to multifamily. And just reminding you again our median size of what we've originated looking back through the pandemic is less than $2 million loan-to-values and origination about 55% to 60%. Strong debt service coverage ratio with recourse, not deviating at all from our strong, stellar credit standards.

所以我認為它在與多戶家庭相關時是穩定的。再次提醒您，回顧整個大流行病，我們發起的中位數規模不到 200 萬美元，貸款價值比約為 55% 至 60%。具有追索權的強大償債覆蓋率，完全不偏離我們強大、一流的信用標準。

Our next question comes from Ebrahim Poonawala with Bank of America.

我們的下一個問題來自美國銀行的 Ebrahim Poonawala。

I just wanted to follow up, Mike, you talked about growth outlook for the loan book relative to rates. Just wanted to get your perspective in terms of how do we think about if the IPO market remains stalled and you have a significant correction in tech stocks. And in the private markets, what does that mean when you think about just a lack of wealth creation and what that means for mortgage lending client acquisition? Just as a perspective in terms of historically, like if you look back, how has that played out in terms of growth for the bank?

我只是想跟進，邁克，你談到了貸款賬簿相對於利率的增長前景。只是想听聽您的看法，如果 IPO 市場仍然停滯不前，並且您的科技股出現重大調整，我們將如何看待。在私人市場上，當您僅考慮缺乏財富創造時，這意味著什麼？這對抵押貸款客戶獲取意味著什麼？就歷史而言，如果你回顧過去，這對銀行的增長有何影響？

Well, first of all, I'd say, given our locations, Boston, New York, Silicon Valley, L.A., we are in innovation centers, and that is alive and well despite ups and downs of cycles, I don't think it's going to impact our business at all. The service model that Mike mentioned, again, a little more than half of our growth coming from existing clients and put it in perspective with market share that's generally on a cumulative basis, less than 5%, we still have opportunity to grow despite a slowdown in the IPO market.

好吧，首先，我想說，考慮到我們的位置，波士頓、紐約、矽谷、洛杉磯，我們都在創新中心，儘管週期起伏不定，但我不認為這是將完全影響我們的業務。邁克再次提到的服務模式，我們增長的一半多一點來自現有客戶，並且從通常累積的市場份額來看，不到 5%，儘管經濟放緩，我們仍然有機會增長在IPO市場。

I'd also add that I think you're hinting at a little bit of -- because of the slowdown, people buy less homes or not as active. And the reality of it is the markets we're in are typically supply constrained. There are more buyers than sellers at any time. And so even if you have a few less buyers that don't have the liquidity or didn't have the expected liquidity, there still are plenty that are looking and typically not enough supply in the markets, which is why you see strength in multifamily and things like that. Because, to Mike's point, these are innovation centers that people still want to be in. And so they're going to live somewhere.

我還要補充一點，我認為你在暗示一點——由於經濟放緩，人們購買的房屋減少或不那麼活躍。事實上，我們所在的市場通常供應受限。任何時候買家都多於賣家。因此，即使沒有流動性或沒有預期流動性的買家減少了一些，市場上仍有很多人在尋找，而且通常供應不足，這就是為什麼你看到多戶住宅的優勢諸如此類的事情。因為，在 Mike 看來，這些是人們仍然希望進入的創新中心。因此他們將住在某個地方。

Got it. And understanding that you have a lot of market share opportunity in these markets, Mike, you mentioned, give us a sense of this hiring pipeline, any new markets that you're looking at or growing? Be it Texas, Florida places where wealth is migrating?

知道了。了解您在這些市場中有很多市場份額機會，Mike，您提到過，讓我們了解這種招聘渠道，您正在尋找或發展的任何新市場？是德克薩斯州、佛羅里達州的財富遷移地嗎？

Well, given the market share stats that I just mentioned, we can still grow this franchise very well, just going deeper in our current markets. But as far as -- first of all, we're pleased with the growth in all of our markets. Florida, we're investing more in Florida. We have a new location. I think we mentioned last quarter in Bellevue, Washington, Bob and the wealth management side led us there, and that's a -- we believe that's a significant opportunity. And then, of course, just growth in our existing markets as well. No plans for other geographies at this stage.

好吧，考慮到我剛才提到的市場份額統計數據，我們仍然可以很好地發展這個特許經營權，只是在我們當前的市場中更深入。但就 - 首先，我們對我們所有市場的增長感到滿意。佛羅里達州，我們在佛羅里達州投資更多。我們有一個新的位置。我想我們在華盛頓貝爾維尤提到了上個季度，鮑勃和財富管理方面帶領我們到那裡，這是一個 - 我們認為這是一個重要的機會。然後，當然，我們現有市場的增長也是如此。現階段沒有針對其他地區的計劃。

And Jim, welcome back.

吉姆，歡迎回來。

Thank you very much.

非常感謝。

We'll take our next question from Andrew Liesch with Piper Sandler.

我們將接受 Andrew Liesch 和 Piper Sandler 的下一個問題。

Jim, welcome back. And Mike, congrats on the promotion. Great to see here. A question on the single-family originations in the quarter. Were those just -- some breakdown on structure. Were these 5/1 ARM, 7/1 ARM? What was the mix of what you originated?

吉姆，歡迎回來。邁克，恭喜你升職了。很高興看到這裡。關於本季度單親家庭起源的問題。那些只是 - 結構上的一些故障。這些是 5/1 ARM 還是 7/1 ARM？你的原創是什麼？

Yes. We don't break it down by that category. But generally speaking, most are hybrids, and I would say 5/1, 7/1 and 10/1's, and then we do some 30-year fixed rate as well. And that's always been consistent with our client base.

是的。我們不會按該類別進行細分。但一般來說，大多數是混合利率，我會說 5/1、7/1 和 10/1，然後我們也做一些 30 年期固定利率。這始終與我們的客戶群保持一致。

Right, right. And then I guess with rising rates, I think historically, the duration on your single-family book's been around 3.5 years. How do you expect that to shift? How much do you think it extends out a little bit further? What dynamics at play do you think -- what dynamics do you think will be at play here as rates are getting higher?

是的是的。然後我想隨著利率上升，我認為從歷史上看，你的單戶家庭書籍的持續時間約為 3.5 年。您希望這種情況如何轉變？你認為它延伸多遠一點？你認為什麼動力在起作用——隨著利率越來越高，你認為什麼動力會在這裡起作用？

Yes, Andrew, it will definitely extend a little bit, and that's not unexpected. We see repayment rates will dip a little. But it won't extend as much as one might think just by looking at the primary rates because the client base is very active, right?

是的，安德魯，它肯定會延長一點，這並不意外。我們看到還款率會略有下降。但它不會像人們想像的那樣擴展，因為客戶群非常活躍，所以僅僅通過查看主要利率就可以了，對吧？

They go and buy a second home or they buy a larger home. And so it's not as drop off in terms of repayment rates, extending duration as one might think. But it -- we've been running at 19%, 20% CPR. That will flow into the teens as you sort of get through this refinance and this rush that Mike Selfridge talked about earlier, but it's not a big duration extension that you normally would see in a mortgage lender.

他們去買第二套房子或者買更大的房子。因此，就還款率而言，它並沒有像人們想像的那樣下降，延長了期限。但它——我們一直在以 19%、20% 的心肺復蘇率運行。當你經歷了這次再融資和 Mike Selfridge 早些時候談到的這種匆忙時，這將流入青少年，但這並不是你通常會在抵押貸款機構看到的大的持續時間延長。

Our next question comes from Bill Carcache with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Bill Carcache。

Within the commercial real estate portfolio, as you look across your customer base, how do you see the risk that high-quality tenants and in class A properties will continue to abide by their lease obligations through the end of their lease terms, but ultimately not renew because they simply don't need as much space?

在商業房地產組合中，當您審視您的客戶群時，您如何看待高質量租戶和 A 級物業將在租賃期結束前繼續遵守租賃義務的風險，但最終不會更新是因為他們根本不需要那麼多空間？

So a couple of -- maybe just from an industry respective in our larger markets like New York, San Francisco. CRE, commercial in general, is more challenged, obviously, with the pandemic vacancies are somewhere in the 20% range. For First Republic, that's not the case. We're doing smaller deals and they're holding up well.

所以有幾個 - 可能只是來自我們較大市場（如紐約，舊金山）的行業。 CRE，一般來說是商業性的，顯然面臨更大的挑戰，因為大流行的職位空缺在 20% 左右。對於第一共和國，情況並非如此。我們正在做較小的交易，而且他們堅持得很好。

So the -- you did point out one important point from an industry perspective. Leases are generally longer and carrying owners through a cycle. Return to office is a tailwind. And then from our perspective, credit quality is strong, and we're being very selective for the best opportunities.

所以——你確實從行業的角度指出了一個重要的觀點。租約通常更長，並讓業主經歷一個週期。重返辦公室是順風。然後從我們的角度來看，信貸質量很好，我們正在非常有選擇性地尋找最好的機會。

Got it. That's helpful. Separate question. Some banks are expecting a more pronounced decrease in deposits across the system as the Fed begins to reduce the size of its balance sheet. But it sounds like you expect the impact on First Republic to be relatively modest. Can you go into a little bit more detail on what gives you confidence in your ability to sustain deposit growth at levels sufficient to support your loan growth without much of an increase in your deposit betas relative to the last cycle?

知道了。這很有幫助。單獨的問題。隨著美聯儲開始縮減資產負債表規模，一些銀行預計整個系統的存款將出現更明顯的下降。但聽起來您認為對第一共和國的影響相對較小。你能否更詳細地說明是什麼讓你有信心將存款增長維持在足以支持你的貸款增長的水平，而不會使你的存款貝塔相對於上一個週期有太大的增加？

Thanks, Bill. I think the thing that gives us confidence is if you come back to the service model and our business model. Even in periods of rising rates in the past, we have grown deposits 15% to 18% relatively consistently. And if you look back to 2015-2019, that was the case. And the reason for that is, even though the Fed is acting, service doesn't stop.

謝謝，比爾。我認為給我們信心的是，如果你回到服務模式和我們的商業模式。即使在過去利率上升的時期，我們的存款也相對穩定地增長了 15% 至 18%。如果您回顧 2015-2019 年，情況就是如此。原因是，即使美聯儲在行動，服務也不會停止。

And so we are deepening relationships. We're adding new households. We're adding new wealth management teams, which bring households. And so that activity leads us to continue to grow our deposit base and you've seen it time after time. And it comes back to fundamentally our business model is attached to service and doing what clients have asked of us, and that doesn't ever stop.

因此，我們正在加深關係。我們正在增加新的家庭。我們正在增加新的財富管理團隊，這會帶來家庭。因此，這種活動導致我們繼續擴大我們的存款基礎，你已經一次又一次地看到它。從根本上說，我們的商業模式是依附於服務和做客戶對我們的要求，而且這永遠不會停止。

Understood. That's really helpful. That's it for me, and it's great to hear you back and healthy, Jim, and let me also offer my congrats to you, Mike.

明白了。這真的很有幫助。對我來說就是這樣，很高興聽到你回來並且身體健康，吉姆，讓我也向你表示祝賀，邁克。

Thank you.

謝謝。

We'll take our next question from Terry McEvoy with Stephens.

我們將與 Stephens 一起接受 Terry McEvoy 的下一個問題。

I was just wondering in your conversations with clients asking about higher deposit rates. I did notice last week, you began a CD special, I think, 11 months. And I didn't know if that was in response to those types of conversations or to maybe fund some of the loan growth that we've talked about on the call?

我只是想知道在你與客戶的談話中詢問更高的存款利率。上週我確實注意到，你開始製作 CD 特別專輯，我想是 11 個月。我不知道這是對這類對話的回應，還是為我們在電話會議上談到的一些貸款增長提供資金？

Thanks, Terry. Periodically we run a deposit special. It's a little bit of testing, and it's a little bit in response to ask, but it's not a driver of anything at this juncture. I would say that client conversations have probably started but with only one Fed hike and at 50 basis points, they're not significant at this point in time.

謝謝，特里。我們定期進行特別存款。這是一點點測試，一點點回應詢問，但在這個節骨眼上它不是任何東西的驅動力。我想說客戶對話可能已經開始，但美聯儲只加息一次，加息 50 個基點，此時它們並不重要。

I would say -- let me just add that we won't run into much of that conversation until we get up into a full digit of moves. They've gone up 1% or so, that's going to matter because the money market mutual funds are what bring about the question. We also have a great deal of money swept off the balance sheet. Mike would know that number better than I, but I think we're north of $10 billion.

我想說——讓我補充一點，在我們進行完整的移動之前，我們不會進行太多的對話。他們已經上漲了 1% 左右，這很重要，因為貨幣市場共同基金是帶來問題的原因。我們還有大量資金從資產負債表上一掃而空。邁克會比我更了解這個數字，但我認為我們超過了 100 億美元。

That's right. That's right. We have solutions for clients, both on and off balance sheet. And we really expanded that capability in the past, and it exceeds $10 billion now, which again provides great optionality both for the bank and for the clients.

這是正確的。這是正確的。我們為客戶提供資產負債表內外的解決方案。我們過去確實擴大了這種能力，現在已經超過 100 億美元，這再次為銀行和客戶提供了很大的選擇餘地。

Okay. And then just as a follow-up. What's the best way to think about the second quarter investment management fees? The equity markets were down in the first quarter, but you also continue to have new client inflows.

好的。然後作為後續行動。考慮第二季度投資管理費的最佳方式是什麼？第一季度股市下跌，但您也繼續有新客戶流入。

This is Bob. I -- you hit on the key thing. We have very strong net client inflows. We had a record net client inflow for the first quarter. I think we'll be about $160 million in investment management fees for the first quarter. And I would also just highlight that even though we have a typical blend of fixed income and equities, most of our pricing on our client portfolio is a blended fee. So the moves don't make as big a difference as you'd think.

這是鮑勃。我——你抓住了關鍵點。我們有非常強勁的淨客戶流入。第一季度，我們的客戶淨流入量創下歷史新高。我認為我們第一季度的投資管理費約為 1.6 億美元。我還要強調的是，儘管我們有固定收益和股票的典型組合，但我們對客戶投資組合的大部分定價都是混合費用。所以這些舉措並沒有你想像的那麼大。

We'll take our next question from Jared Shaw with Wells Fargo.

我們將從 Jared Shaw 和 Wells Fargo 那裡回答下一個問題。

Maybe starting with Mike Selfridge, you gave us the yields on loans at quarter end. Do you have those numbers for the average for the quarter?

也許從 Mike Selfridge 開始，你給了我們季度末的貸款收益率。你有這個季度的平均值嗎？

I don't have them off the top of my head. I want to say the average is somewhere around 3.11% totality of originations.

我沒有把它們放在心上。我想說的是，平均值約為 3.11%。

Okay, across all the products?

好的，跨所有產品？

Across all products, correct.

在所有產品中，正確。

Okay. Great. And then looking at the allowance level at 50 basis points here of loans, is this a good floor to assume as we go forward, that the allowance won't go much lower than this? Or is there still room for that to move down as a ratio?

好的。偉大的。然後看看這裡貸款的 50 個基點的津貼水平，這是一個很好的假設，因為我們繼續前進，津貼不會比這低很多嗎？還是仍有下降的空間？

So the provision levels, we had a modest provision in the first quarter, but what drove us it was our strong credit track record as well as our portfolio mix. And if you look at our portfolio growth, about 80% of the loan growth on the balance sheet came from single-family loans.

所以撥備水平，我們在第一季度的撥備適度，但推動我們的是我們強大的信用記錄以及我們的投資組合。如果你看看我們的投資組合增長，資產負債表上大約 80% 的貸款增長來自單戶貸款。

So that is one of the drivers of the levels of provision. We're about 50 basis points now. But as you know, that CECL introduces some volatility on the provision levels.

因此，這是提供水平的驅動因素之一。我們現在大約有 50 個基點。但正如您所知，CECL 在撥備水平上引入了一些波動。

For example, this quarter, some of the economic scenarios have worsened because of the worsened economic environment, but it didn't have a significant impact on the provision. But given our great credit track record and the portfolio composition, the levels of provision can be at the current level or can even go below where we are now.

例如，本季度，由於經濟環境惡化，部分經濟情景有所惡化，但並未對準備金產生重大影響。但鑑於我們良好的信用記錄和投資組合構成，撥備水平可能處於當前水平，甚至可能低於我們現在的水平。

Do you have what the provision -- or I'm sorry, what the allowance level was just for the SFR, so is 80% of that growth just coming from that lower or that higher quality bucket -- it's all high quality. But you know what I mean, it's the -- in terms of the actual allocated allowance being lower. What's the allocation for SFR?

你有什麼規定——或者我很抱歉，SFR 的津貼水平是多少，所以 80% 的增長只是來自那個較低或更高質量的桶——它都是高質量的。但你知道我的意思，這是——就實際分配的津貼較低而言。 SFR的分配是多少？

It's pretty low. I want to say 10, 11 basis points. And that's -- look at our history and our -- importantly, our underwriting, a 55% to 60% loan-to-value over time. Even with a flat housing price appreciation, you don't see much change or much lost content in those loans. And so it is a pretty low percentage. And so if that drives most of your growth, you see a lower provision, which you saw this quarter.

它很低。我想說10、11個基點。那就是——看看我們的歷史和我們——重要的是，我們的承銷，隨著時間的推移，貸款價值比為 55% 到 60%。即使房價平穩上漲，您也看不到這些貸款有太大變化或失去太多內容。所以這是一個相當低的百分比。因此，如果這推動了你的大部分增長，你會看到較低的準備金，這是你在本季度看到的。

Jared, it's Mike. If I can just clarify, the number I gave you on the originations for all loans is just under 3%. So it's right around where the total loan yield is for the portfolio.

賈里德，是邁克。如果我可以澄清一下，我給你的關於所有貸款的發放的數字略低於 3%。所以它就在投資組合的總貸款收益率附近。

Okay. All right. Great. And then just finally for me. In the past, you all have mentioned wanting to have sort of 2 years of growth capital under your belt. Do you feel that you're at that point given the still robust growth outlook? Or are we sort of into the 2-year cushion there now?

好的。好的。偉大的。最後對我來說。過去，你們都提到過想要擁有大約 2 年的增長資本。鑑於仍然強勁的增長前景，您是否覺得自己正處於那個階段？或者我們現在有點進入 2 年的緩衝期？

I think we feel very good given the $2.8 billion net that we raised in 2021. That's one of the reasons we went early in many cases like we did last year, the markets were a lot more receptive than they are currently. And so we feel good about our positioning today. We obviously remain opportunistic, and we do want to continue to look forward to ensure the capital base is there to allow us to serve clients into the future. But right now, we feel pretty good with where we're at.

鑑於我們在 2021 年淨籌集了 28 億美元，我認為我們感覺非常好。這就是我們在許多情況下像去年那樣提前行動的原因之一，市場比目前更容易接受。因此，我們對今天的定位感到滿意。我們顯然仍然保持機會主義，我們確實希望繼續期待以確保資本基礎能夠讓我們為未來的客戶提供服務。但是現在，我們對自己所處的位置感覺很好。

Our next question comes from Chris McGratty with KBW.

我們的下一個問題來自 KBW 的 Chris McGratty。

This is Chris O'Connell filling in for Chris McGratty. Most of my questions have been asked, but just wanted to circle back on the margin discussion. You guys gave comments about cash coming down, particularly toward the end of the quarter. Loan origination yields are above the portfolio yields and securities origination yields are coming in higher as well, along with a better deposit profile than previously.

我是 Chris O'Connell，接替 Chris McGratty。我的大部分問題都已被問到，但只是想回到頁邊討論。你們對現金下降發表了評論，尤其是在本季度末。貸款發起收益率高於投資組合收益率，證券發起收益率也在上升，存款狀況也比以前更好。

Everything kind of points to improvement in the margin from here and you guys are kind of starting at close to the midpoint of your guide. So I guess, what's -- what are the factors that are pushing back on that or not having you guys commit to being at a higher point in the NIM range?

從這裡開始，一切都表明利潤率有所改善，你們的起點接近指南的中點。所以我想，是什麼 - 是什麼因素阻礙了這一點，或者沒有讓你們承諾在 NIM 範圍內處於更高點？

Thanks for the question and comment. I think you hit on a lot of good points with cash levels being down a little bit. That is -- it's a boost to the margin. But obviously, it doesn't impact net interest income a whole lot, right? And so when we think about sort of the forward look, the most important thing we're here to do is again, our clients. Competition for loans drive some of that. And it continues to be a competitive market for the clients that we've continued to acquire and serve over time.

感謝您的提問和評論。我認為你在現金水平略有下降的情況下說出了很多優點。也就是說 - 它提高了利潤率。但顯然，它不會對淨利息收入產生太大影響，對吧？因此，當我們考慮某種前瞻性時，我們在這裡要做的最重要的事情還是我們的客戶。貸款競爭在一定程度上推動了這一點。隨著時間的推移，對於我們不斷獲得和服務的客戶來說，它仍然是一個競爭激烈的市場。

And so I think there's a little bit of that baked in. And also the second is the Fed is going to move a bit faster than they had last time. And again, in the interest of serving clients, we're going to continue to do that. But now stand back from all of that, right? And what we're focused on is generating consistency and stable results while maintaining safety and soundness at all times. And so you're there to serve clients at the prevailing market. And that's what we're here to do, and we're going to continue to do that.

因此，我認為其中有一點已經融入其中。其次，美聯儲的行動將比上次更快一些。同樣，為了服務客戶，我們將繼續這樣做。但是現在退後一步，對吧？我們關注的是產生一致性和穩定的結果，同時始終保持安全性和穩健性。因此，您可以為主流市場的客戶提供服務。這就是我們在這裡要做的，我們將繼續這樣做。

And if we deliver consistent margin, consistent efficiency with a growing balance sheet that leads to the net interest income growth you saw this quarter and have seen over many quarters in our history, which then enables investment in the future, planning seeds for growth, and it sort of continues to propel us into the future. And so that's how we more think about it versus a quick margin expansion that, frankly, may not repeat as you get further out, whereas client service and client growth, that will repeat.

如果我們通過不斷增長的資產負債表提供一致的利潤率、一致的效率，從而導致您在本季度看到的淨利息收入增長，並且在我們歷史上的許多季度都看到了增長，那麼就可以進行未來投資，規劃增長種子，以及它有點繼續推動我們走向未來。因此，這就是我們更多地考慮它與快速利潤率擴張的方式，坦率地說，隨著您進一步擴大，利潤率可能不會重複，而客戶服務和客戶增長將重複。

Understood. Appreciate the color there. And then just one last touch up. On the capital call utilization you were referring to before, 40% this quarter versus 41% or 42% last quarter. What is the historical range on kind of the high end and low end for that?

明白了。欣賞那裡的顏色。然後最後一次潤色。關於您之前提到的資本調用利用率，本季度為 40%，而上季度為 41% 或 42%。那種高端和低端的歷史範圍是多少？

Yes, low range is about 33%, high range in the low 40s, 42%, I would say, was in the higher end of the range, maybe a little higher. And the average is probably around 35%.

是的，低範圍大約是 33%，高範圍在 40 多歲左右，42%，我想說，處於範圍的高端，也許更高一點。平均值大概在 35% 左右。

We'll take our next question from David Chiaverini with Wedbush.

我們將與 Wedbush 一起接受 David Chiaverini 的下一個問題。

Only one left for me is housekeeping. The income from investments and life insurance was down about 50% from fourth quarter to first quarter. Can you talk about the run rate and outlook there?

留給我的只有一個是家政服務。投資和人壽保險的收入從第四季度到第一季度下降了約 50%。你能談談那裡的運行率和前景嗎？

David, for income from investment and life insurance last quarter, the fourth quarter, we had a benefit, which was recognized, which increased the income. And this quarter because of the volatility of the markets, we've seen some decrease in mark-to-market for some of our BOLI contracts.

大衛，對於上個季度，第四季度的投資和人壽保險收入，我們有一個收益，被確認，這增加了收入。本季度，由於市場波動，我們發現部分 BOLI 合約的按市值計價有所下降。

David, on a go forward, it's probably more a 20 to 22 if you have a stable market outlook.

大衛，如果你有一個穩定的市場前景，那麼未來可能更多是 20 到 22。

We'll take our next question from Tim Coffey with Janney Montgomery Scott.

我們將接受 Tim Coffey 和 Janney Montgomery Scott 的下一個問題。

Great. See, last quarter, we talked about the plan to open six new offices by the middle of 2023, given the trajectory of kind of what we're seeing this quarter to top line. Is there a chance those plans could be accelerated or expanded?

偉大的。看，上個季度，我們談到了到 2023 年年中開設六個新辦事處的計劃，考慮到我們在本季度看到的某種軌跡到頂線。是否有可能加速或擴大這些計劃？

Yes, we're still confident with that number. We've got a second office opening in Jackson. As I mentioned, we're opening in Bellevue. We're very excited about that. Last year, we expanded in New York. We'll open a few more in New York. So I think that's still a consistent message.

是的，我們仍然對這個數字充滿信心。我們在傑克遜開設了第二個辦事處。正如我提到的，我們將在貝爾維尤開業。我們對此感到非常興奮。去年，我們在紐約擴張。我們會在紐約再開幾家。所以我認為這仍然是一個一致的信息。

And we have no further questions at this time. I'd like to turn the conference back to Jim Herbert and Mike Roffler for any additional or closing remarks.

我們現在沒有其他問題了。我想將會議轉回 Jim Herbert 和 Mike Roffler，聽取任何補充或結束語。

Thank you very much. Thanks, everybody, for the time today. I'd just like to make a very fundamental point. The model is fully intact as this quarter proves, and the leadership of the company has never been stronger. I think the coming volatility is going to prove out, once again, the value of the stability and strength of the model. So let me turn this to Mike.

非常感謝。謝謝大家，今天的時間。我只想提出一個非常基本的觀點。正如本季度所證明的那樣，該模型完好無損，公司的領導層從未如此強大。我認為即將到來的波動將再次證明模型的穩定性和強度的價值。所以讓我把這個交給邁克。

Yes. No, thanks, Jim, and thanks, everybody and for the questions. It really is a great, terrific start to 2022. Our colleagues have done an absolutely fantastic job staying focused on the client and delivering. We've got strong growth opportunities ahead, the markets remain active, and our client base remains very strong. And so we're really optimistic about 2022 and the opportunities ahead of us. And with that, thank you for all the interest, and have a wonderful day.

是的。不，謝謝，吉姆，謝謝大家，謝謝大家提出的問題。這確實是 2022 年的一個偉大、極好的開始。我們的同事在專注於客戶和交付方面做得非常出色。我們未來有強勁的增長機會，市場依然活躍，我們的客戶群仍然非常強大。因此，我們對 2022 年和我們面前的機遇非常樂觀。就此，感謝大家的關注，祝你有美好的一天。

And that does conclude today's conference. We thank you for your participation. You may now disconnect.

今天的會議到此結束。我們感謝您的參與。您現在可以斷開連接。