Fulton Financial Corp (FULT) 2023 Q4 法說會逐字稿

Hi, good morning, and thanks for joining us for Fulton Financial's conference call and webcast to discuss our earnings for the fourth quarter and year ended December 31, 2023.

大家早安，感謝您參加 Fulton Financial 的電話會議和網路廣播，討論我們截至 2023 年 12 月 31 日的第四季度和年度收益。

Your host for today's conference call is Curt Myers, Chairman and Chief Executive Officer.

今天電話會議的主持人是董事長兼執行長 Curt Myers。

Joining Curt is Mark McCollom, Chief Financial Officer.

加入 Curt 的是財務長 Mark McCollom。

Our comments today will refer to the financial information and related slide presentation included with our earnings announcement, which we released yesterday afternoon.

我們今天的評論將參考我們昨天下午發布的收益公告中包含的財務資訊和相關幻燈片演示。

These documents can be found on our website at ful.com by clicking on Investor Relations and then on News.

這些文件可以在我們的網站 ful.com 上找到，方法是點擊“投資者關係”，然後點擊“新聞”。

The slides can also be found on the Presentations page under Investor Relations on our website.

這些幻燈片也可以在我們網站投資者關係下的演示頁面上找到。

On this call, representatives of Fulton may make forward-looking statements with respect to Fulton's financial condition, results of operations, and business.

在本次電話會議上，富爾頓的代表可能會就富爾頓的財務狀況、營運績效和業務發表前瞻性聲明。

These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, and actual results could differ materially.

這些陳述並非對未來績效的保證，並受到風險、不確定性和其他因素的影響，實際結果可能有重大差異。

Please refer to the Safe Harbor statement on forward-looking statements in our earnings release and on slide 2 of today's presentation for additional information regarding these risks, uncertainties, and other factors.

請參閱我們的收益報告中關於前瞻性陳述的安全港聲明以及今天簡報的幻燈片 2，以了解有關這些風險、不確定性和其他因素的更多資​​訊。

Fulton undertakes no obligation, other than as required by law, to update or revise any forward-looking statements.

除法律要求外，富爾頓不承擔更新或修改任何前瞻性聲明的義務。

In discussing Fulton's performance, representatives of Fulton may refer to certain non-GAAP financial measures.

在討論富爾頓的表現時，富爾頓的代表可能會參考某些非公認會計準則財務指標。

Please refer to the supplemental financial information included with Fulton's earnings announcement released yesterday and slides 16 through 20 at today's presentation for a reconciliation of those non-GAAP financial measures to the most comparable GAAP measures.

請參閱富爾頓昨天發布的收益公告中包含的補充財務資訊以及今天簡報中的幻燈片 16 至 20，以了解這些非 GAAP 財務指標與最具可比性 GAAP 指標的調節表。

Now I'd like to turn the call over to your host, Curt Myers.

現在我想把電話轉給主持人科特·邁爾斯。

Thanks, Matt, and good morning, everyone.

謝謝馬特，大家早安。

For today's call, I'll be providing some high-level thoughts on the year.

在今天的電話會議中，我將提供有關這一年的一些高層想法。

I will discuss our fourth-quarter business performance and share some key objectives for us in 2024.

我將討論我們第四季的業務表現，並分享我們 2024 年的一些關鍵目標。

Then Mark will review our financial results in more detail and step through our guidance for 2024.

然後，馬克將更詳細地審查我們的財務業績，並逐步完成我們的 2024 年指導。

After our prepared remarks, we will be happy to take any questions you may have.

在我們準備好的發言之後，我們將很樂意回答您可能提出的任何問題。

Our performance in 2023 was a result of an extraordinary effort by our team in what was an unprecedented year.

我們 2023 年的表現是我們團隊在前所未有的一年中付出非凡努力的成果。

In 2023, our commitment to our customers was on display as we adapted quickly to customer needs and delivered on their expectations.

2023 年，我們快速適應客戶需求並滿足他們的期望，體現了我們對客戶的承諾。

As a result, in a very challenging environment, we grew customer households and now serve more than 534,000.

因此，在充滿挑戰的環境中，我們的客戶家庭不斷壯大，目前服務的客戶數量已超過 534,000 人。

We continued to invest in growing our market presence and enhancing the customer experience.

我們繼續投資擴大市場份額並增強客戶體驗。

We added four new financial centers, two new loan production offices, and talented team members throughout our company to support our continued growth.

我們在整個公司增加了四個新的金融中心、兩個新的貸款生產辦公室和才華橫溢的團隊成員，以支持我們的持續成長。

We continue to invest in and develop our customer digital experience with customers now using our digital solutions over 6 million times a month.

我們繼續投資和開發客戶數位體驗，客戶現在每月使用我們的數位解決方案超過 600 萬次。

We also made tremendous positive impact on the communities we serve.

我們也對我們所服務的社區產生了巨大的正面影響。

In 2023, we launched our diverse business banking program, accelerating our outreach to businesses that have been traditionally underserved by our industry.

2023 年，我們啟動了多元化的商業銀行計劃，加快了對傳統產業服務不足的企業的拓展。

Through this program, we are adding new customers and new revenue for our company while making a difference in our communities.

透過這個計劃，我們為公司增加了新客戶和新收入，同時為我們的社區帶來了改變。

For more information on our overall community impact, please review our 2022 corporate social responsibility report that was issued in 2023.

有關我們整體社區影響的更多信息，請查看我們於 2023 年發布的 2022 年企業社會責任報告。

In this report, you can see how we are changing lives for the better.

在這份報告中，您可以看到我們如何讓生活變得更好。

Our 2023 financial performance was very solid.

我們 2023 年的財務表現非常穩健。

Pre-provision net revenue eclipsed $400 million, a new record, and our operating EPS of $1.71 was the second best in the long history of our company.

撥備前淨收入超過 4 億美元，創下新紀錄，我們的營運每股收益為 1.71 美元，在我們公司的悠久歷史中排名第二。

While continuing our strong focus on pricing, profitability, and credit strength, loan growth exceeded $1 billion for the second year in a row.

在我們繼續高度關注定價、獲利能力和信用實力的同時，貸款成長連續第二年超過 10 億美元。

We increased our liquidity during the year, maintaining $8 billion in committed liquidity at year end.

我們在這一年增加了流動性，並在年底保持了 80 億美元的承諾流動性。

Our net interest margin expanded 15 basis points during the period of significant interest rate volatility.

在利率大幅波動期間，我們的淨利差擴大了 15 個基點。

We managed and deployed capital with discipline.

我們嚴格管理和部署資本。

During the fourth quarter, we increased our common dividend for a second time during the year, returning $0.64 in common dividends to our shareholders in 2023.

第四季度，我們年內第二次增加了普通股股息，在 2023 年向股東返還 0.64 美元的普通股股息。

In addition, we repurchased just over 5 million shares of Fulton stock throughout the year at a blended cost of $15.15.

此外，我們全年以 15.15 美元的混合成本回購了超過 500 萬股富爾頓股票。

Even with these capital actions, we maintained strong capital ratios.

即使採取了這些資本行動，我們仍維持了強勁的資本比率。

We also navigated the credit environment effectively in 2023 as performance was even better than we anticipated at the beginning of the year.

我們也有效地應對了 2023 年的信貸環境，表現甚至比我們年初的預期還要好。

And as a result, we delivered a 15% return on tangible common equity in 2023.

因此，我們在 2023 年實現了 15% 的有形普通股回報率。

Overall, we were pleased with our performance and the results our team generated this year.

總體而言，我們對今年的表現和團隊的成果感到滿意。

We look forward to continuing to execute on our corporate strategy to grow the company by delivering effectively for customers and operating with excellence so that we can serve all of our stakeholders.

我們期待繼續執行我們的企業策略，透過有效地為客戶提供服務和卓越營運來發展公司，以便我們能夠為所有利害關係人提供服務。

Now let me turn to our quarterly performance with particular emphasis on growth, credit, and our forward outlook.

現在讓我談談我們的季度業績，特別強調成長、信貸和我們的前瞻性前景。

Operating earnings per share for the quarter was $0.42. Loan growth moderated as we anticipated during the quarter to $174 million or 3% on an annualized basis.

該季度每股營業利潤為 0.42 美元。正如我們預期的那樣，本季貸款成長放緩至 1.74 億美元，年化成長率為 3%。

Deposit growth was modest as total deposit balances grew $116 million or 2% on an annualized basis during the quarter.

存款成長溫和，本季存款餘額總額成長 1.16 億美元，年化成長率為 2%。

Our loan-to-deposit ratio ended at 99.1%, relatively stable with the last quarter and well within our long-term operating target of 95% to 105%.

我們的貸存比率最終達到 99.1%，與上季相比相對穩定，完全符合我們 95% 至 105% 的長期經營目標。

Turning to our non-interest income, diversity in our fee income businesses continues to serve us well.

談到我們的非利息收入，我們的收費收入業務的多樣性繼續為我們提供良好的服務。

Non-interest income was $59.4 million with wealth, commercial, and consumer and small business continuing to deliver solid results on an overall basis.

非利息收入為 5,940 萬美元，財富、商業、消費者和小型企業總體上繼續取得穩健的業績。

Moving to credit, the provision for credit losses was $9.8 million, down slightly from $9.9 million last quarter.

說到信貸，信貸損失準備金為 980 萬美元，略低於上季的 990 萬美元。

We saw some migration in our credit quality metrics during the quarter and remain focused on how higher interest rates and higher costs are impacting our customers.

本季我們的信用品質指標發生了一些變化，並繼續關注更高的利率和更高的成本對我們客戶的影響。

We are cautious in our outlook for 2024.

我們對 2024 年的前景持謹慎態度。

Now looking forward, this year will be full of opportunity for us.

展望未來，今年對我們來說將充滿機會。

Our focus remains on growth and profitability, actively managing credit, and taking action on improving efficiency overall.

我們的重點仍然是成長和獲利能力，積極管理信貸，並採取行動提高整體效率。

Even with solid results for the quarter and the year, we acknowledge the need to grow appropriately in this market and improve our productivity and efficiency in 2024.

即使本季和全年業績強勁，我們也承認需要在這個市場上適當成長，並在 2024 年提高我們的生產力和效率。

As you saw in our press release, we took implementation charges related to a new initiative we launched in the fourth quarter.

正如您在我們的新聞稿中看到的，我們收取了與第四季度推出的新措施相關的實施費用。

This initiative named Fulton First is a process to evaluate and improve all aspects of how we operate.

這項名為 Fulton First 的舉措是一個評估和改進我們營運方式各個方面的流程。

To support our continued growth, we recognize and have begun to act on the need to streamline operations, create efficiencies, and leverage our significant investment in technology.

為了支持我們的持續成長，我們認識到並已開始採取行動，以簡化營運、提高效率並利用我們在技術方面的重大投資。

We have three key tenets driving our strategic transformation: simplicity, focus, and productivity.

我們推動策略轉型的三個關鍵原則是：簡單、專注和生產力。

We are very excited about Fulton First and believe that over the next several years, it will accelerate our growth rates and improve our operating efficiency on a sustained basis.

我們對 Fulton First 感到非常興奮，並相信在接下來的幾年裡，它將加快我們的成長率並持續提高我們的營運效率。

We will have more discrete details to share with you during the year.

今年我們將與您分享更多具體細節。

The 2024 impact of Fulton First will be most visible in our expense line items as it will help us meet the limited expense growth rate in our guidance.

Fulton First 對 2024 年的影響將在我們的費用項目中最為明顯，因為它將幫助我們滿足指導中有限的費用增長率。

Longer term, Fulton First will also support accelerated growth.

從長遠來看，富爾頓第一也將支持加速成長。

Mark will step you through the 2024 guidance in a moment.

馬克稍後將引導您了解 2024 年指南。

These high-priority initiatives and the leadership team that we have in place will drive performance and deliver the next phase of long-term success for our company.

這些高度優先的舉措和我們現有的領導團隊將推動績效並為我們公司帶來下一階段的長期成功。

Now I'll turn the call over to Mark to discuss our financial performance and 2024 guidance in more detail.

現在我將把電話轉給 Mark，更詳細地討論我們的財務表現和 2024 年指引。

Thank you, Curt, and good morning to everyone on the call.

謝謝你，柯特，祝所有參加電話會議的人早安。

Unless I note otherwise, the quarterly comparisons I will discuss are with the third quarter of 2023.

除非我另有說明，否則我將討論的季度比較是與 2023 年第三季的比較。

And the loan and deposit growth numbers I will be referencing are annualized percentages on a linked-quarter basis.

我將引用的貸款和存款成長數字是按季度計算的年化百分比。

Starting on slide 6, operating earnings per diluted share this quarter were $0.42 on operating net income available to common shareholders of $68.8 million.

從投影片 6 開始，本季攤薄後每股營業收益為 0.42 美元，普通股股東可獲得的營業淨利為 6,880 萬美元。

This compares to $0.43 of operating EPS in the third quarter of 2023.

相比之下，2023 年第三季的營運每股收益為 0.43 美元。

Moving to the balance sheet, as Curt noted, loan growth was modest during the quarter, growing $174 million or 3% annualized.

轉向資產負債表，正如 Curt 指出的那樣，本季貸款成長溫和，成長了 1.74 億美元，年化成長率為 3%。

Commercial lending contributed $120 million of this growth or 3% annualized.

商業貸款為這一成長貢獻了 1.2 億美元，年化成長率為 3%。

Construction lending grew $142 million, driven by additional draws and new originations during the quarter.

在本季額外提款和新發放的推動下，建築貸款增加了 1.42 億美元。

Commercial real estate lending growth slowed to $22 million or 1% annualized.

商業房地產貸款成長放緩至 2,200 萬美元，年增率為 1%。

And C&I lending declined modestly, down $32 million or 3%.

工商業貸款小幅下降，減少 3,200 萬美元，或 3%。

Consumer lending produced growth of $54 million or 3% during the quarter.

本季消費貸款成長 5,400 萬美元，即 3%。

While at a slower pace, we continue to originate and portfolio adjustable-rate mortgages.

雖然步伐較慢，但我們繼續發行和投資可調整利率抵押貸款。

Total deposits increased $116 million during the quarter.

本季存款總額增加了 1.16 億美元。

Growth in CDs and brokered deposits more than offset seasonal outflows in our municipal deposit business of approximately $220 million.

CD 和經紀存款的成長遠遠抵消了我們市政存款業務約 2.2 億美元的季節性流出。

Our non-interest bearing DDA balances ended the year at $5.3 billion or 24.7% of total deposits, which was modestly better than we anticipated during our third-quarter earnings call.

截至年底，我們的無息 DDA 餘額為 53 億美元，佔總存款的 24.7%，略優於我們在第三季財報電話會議上的預期。

Our shift from non-interest-bearing deposits to interest-bearing was $552 million for the second half of 2023 versus a shift of $1.1 billion in the front half of the year.

2023 年下半年，我們從無息存款轉向有息存款的金額為 5.52 億美元，而今年上半年則為 11 億美元。

Our NII guidance for 2024 assumes we'll continue to see migration from non-interest-bearing deposits into interest-bearing products throughout 2024 but at a slower pace than we saw in 2023.

我們對 2024 年 NII 的指導假設，我們將在 2024 年繼續看到無息存款向有息產品的遷移，但速度將慢於 2023 年。

We currently expect non-interest-bearing deposits to end 2024 at approximately 22% of total deposits.

我們目前預計，到 2024 年底，無利息存款將佔存款總額的 22% 左右。

Our investment portfolio was relatively flat for the quarter, closing at $3.7 billion.

本季我們的投資組合相對持平，收在 37 億美元。

During the quarter, we did repurchase a small portion of subordinated debt, $5 million, which generated a $750,000 gain reflected in other expense.

在本季度，我們確實回購了一小部分次級債務，即 500 萬美元，這產生了 75 萬美元的收益，反映在其他費用中。

This gain was offset by similar level of securities losses as we sold $120 million of securities, yielding 1.4%, using the proceeds to pay down overnight borrowings at 5.35%.

這一收益被類似水平的證券損失所抵消，因為我們出售了 1.2 億美元的證券，收益率為 1.4%，並用所得收益以 5.35% 的利率償還隔夜借款。

This very small repositioning will add modestly to our net interest income and net interest margin in 2024 and is included in the guidance, which I'll step through in a few minutes.

這種非常小的重新定位將適度增加我們 2024 年的淨利息收入和淨利差，並包含在指導中，我將在幾分鐘內逐步介紹。

Putting together all of these balance sheet trends on slide 8, our net interest income was $212 million, a $2 million decline linked quarter.

將投影片 8 中所有這些資產負債表趨勢放在一起，我們的淨利息收入為 2.12 億美元，比季度下降 200 萬美元。

We were pleased with how well our net interest margin held up, declining only four basis points to 3.36% versus 3.4% last quarter.

我們對淨利差的維持感到滿意，僅下降四個基點至 3.36%，而上季為 3.4%。

Loan yields expanded 11 basis points during the period, increasing to 5.83% versus 5.72% last quarter.

在此期間，貸款收益率上升 11 個基點，從上季度的 5.72% 增加到 5.83%。

Cycle to date, our loan beta has been 49%.

到目前為止，我們的貸款貝塔值為 49%。

Our total cost of deposits increased 23 basis points to 179 basis points during the quarter.

本季我們的總存款成本增加了 23 個基點，達到 179 個基點。

Cycle to date, our total deposit beta has been 34%.

到目前為止，我們的總存款貝塔值為 34%。

Turning to asset quality, non-performing loans increased $12.7 million during the quarter, which led to our NPL-to-loans ratio increasing from 67 basis points at September 30 to 72 basis points at year end.

就資產品質而言，本季不良貸款增加了 1,270 萬美元，導致我們的不良貸款與貸款比率從 9 月 30 日的 67 個基點上升至年底的 72 個基點。

Net charge-offs of $8 million or 15 basis points were diversified with no individual charge off greater than $2 million.

800 萬美元或 15 個基點的淨沖銷是多元化的，沒有單獨沖銷超過 200 萬美元。

Overall, loan delinquency increased modestly but remains at a low level, increasing to 1.19%.

整體而言，貸款拖欠率略有上升，但仍處於較低水平，增至1.19%。

Our allowance for credit loss as a percent of loans was relatively flat at 1.37% at year end.

截至年底，我們的信貸損失準備金佔貸款的百分比相對穩定，為 1.37%。

Turning to non-interest income on slide 10, wealth management revenues were $19.4 million, consistent with the third quarter.

轉向幻燈片 10 上的非利息收入，財富管理收入為 1,940 萬美元，與第三季一致。

As a reminder, wealth management represents about a third of our fee-based revenues with over 80% of these revenues recurring.

提醒一下，財富管理約占我們收費收入的三分之一，其中超過 80% 的收入是經常性收入。

The market value of assets under management and administration increased over $500 million during the quarter to $14.8 billion at year end, a new record for our company.

本季所管理資產的市值增加了 5 億多美元，年底達到 148 億美元，創下了我們公司的新紀錄。

Commercial banking fees increased $1 million to $20.8 million as capital markets and SBA revenue increases drove the quarter.

由於資本市場和 SBA 收入成長推動本季度商業銀行業務費用增加 100 萬美元，達到 2,080 萬美元。

Consumer banking fees of $12.1 million were consistent with the third quarter in all areas and continue to deliver a very consistent fee income stream.

消費者銀行業務費用為 1,210 萬美元，與第三季所有領域的費用保持一致，並繼續提供非常穩定的費用收入流。

Mortgage banking revenues declined $900,000 to $2.3 million and were driven by a seasonal decline in mortgage originations as well as a decline in gain on sale spreads.

抵押貸款銀行業務收入下降 90 萬美元至 230 萬美元，原因是抵押貸款發放量季節性下降以及銷售利差收益下降。

A net market value change of $1.1 million in other fee income was recorded during the period related to the Libor to SOFR transition.

在 Libor 向 SOFR 過渡期間，其他費用收入的淨市值變化為 110 萬美元。

Moving to slide 11, non-interest expenses on an operating basis were $171 million in the fourth quarter, in line with the prior quarter.

轉向投影片 11，第四季營運非利息支出為 1.71 億美元，與上一季持平。

Material items excluded from operating expenses were charges of $6.5 million for the special FDIC assessment and $3.2 million related to our Fulton First initiative.

不包括在營運費用中的重要項目包括用於 FDIC 特別評估的 650 萬美元費用和與我們的富爾頓優先計劃相關的 320 萬美元費用。

Additionally, our operating expenses were impacted by a $1.6 million increase in marketing expense and a $700,000 gain on the aforementioned debt extinguishment.

此外，我們的營運費用也受到行銷費用增加 160 萬美元和上述債務取消帶來的 70 萬美元收益的影響。

Turning to slides 12 and 13, we're providing you with updates on our capital base.

轉向投影片 12 和 13，我們將為您提供有關我們資本基礎的最新資訊。

As of December 31, we maintained solid cushions over the regulatory minimums, and our bank and parent company liquidity remain strong.

截至 12 月 31 日，我們在監管最低限度上保持了堅實的緩衝，我們的銀行和母公司的流動性仍然強勁。

We've also provided you with an alternative view of our regulatory ratios, including the impact of AOCI.

我們還為您提供了有關監管比率的另一種觀點，包括 AOCI 的影響。

Our tangible common equity ratio improved to 7.4% at year end, a 60-basis-point increase during the quarter, driven by solid earnings and a material decrease in AOCI due to lower interest rates.

我們的有形普通股比率在年底提高至 7.4%，在本季度增長了 60 個基點，這得益於穩健的盈利以及利率下降導致 AOCI 大幅下降。

Our accumulated other comprehensive income balance on the available-for-sale portion of our investment portfolio and derivatives is currently $299 million versus $480 million last quarter.

我們投資組合和衍生性商品中可供出售部分的累計其他綜合收入餘額目前為 2.99 億美元，而上季為 4.8 億美元。

On slide 13, including the loss on our held-to-maturity investments, which is $140 million after-tax on an HTM portfolio of $1.3 billion, our tangible common equity ratio would still be 7% at December 31, representing $1.9 billion of tangible capital.

在投影片13 中，包括我們持有至到期投資的損失（13 億美元的HTM 投資組合的稅後1.4 億美元），截至12 月31 日，我們的有形普通股比率仍為7%，相當於19 億美元的有形資產。首都。

On slide 15, we are providing guidance for 2024.

在投影片 15 上，我們提供了 2024 年的指導。

Our guidance assumes a total of 75 basis points of Fed funds decreases occurring in the second half of the year.

我們的指導假設下半年聯邦基金總共減少 75 個基點。

Our 2024 guidance is as follows.

我們的 2024 年指引如下。

We expect our net interest income on a non-FTE basis to be in the range of $790 million to $820 million.

我們預計非 FTE 基礎上的淨利息收入將在 7.9 億至 8.2 億美元之間。

We expect our provision for credit losses to be in the range of $45 million to $65 million.

我們預計信貸損失撥備將在 4,500 萬至 6,500 萬美元之間。

We expect our non-interest income, excluding securities gains, to be in the range of $235 million to $250 million.

我們預計，不包括證券收益的非利息收入將在 2.35 億美元至 2.5 億美元之間。

We expect non-interest expenses on an operating basis to be in the range of $670 million to $690 million.

我們預計營運基礎上的非利息支出將在 6.7 億美元至 6.9 億美元之間。

This estimate excludes any potential charges we may incur as a result of Fulton First throughout the year.

此估算不包括我們全年可能因富爾頓第一而產生的任何潛在費用。

And lastly, we expect our effective tax rate to be in the range of 17% to 18% for the year.

最後，我們預計今年的有效稅率將在 17% 至 18% 之間。

With that, we'll now turn the call over to the operator for your questions.

這樣，我們現在將把電話轉給接線員詢問您的問題。

(Operator Instructions) Daniel Tamayo, Raymond James.

（操作員說明）Daniel Tamayo、Raymond James。

Good morning, guys.

早上好傢伙。

Thanks for taking my question.

感謝您提出我的問題。

Maybe just to start on the Fulton First initiative, I appreciate your comments, Curt, on kind of what's behind it, but just curious if there are any profitability targets or goals associated with that program?

也許只是為了開始富爾頓優先計劃，我很欣賞你對它背後的評論，柯特，但只是好奇是否有任何盈利目標或與該計劃相關的目標？

And then if there's -- I think you mentioned that the expense guidance doesn't include any other potential charges in 2024.

然後，如果有——我想您提到費用指南不包括 2024 年的任何其他潛在費用。

If you have an estimate of what that might be coming in that line, that would be great.

如果您對這一行中可能會發生什麼有一個估計，那就太好了。

Thanks.

謝謝。

Yeah, Danny, thanks.

是的，丹尼，謝謝。

Thanks for the question.

謝謝你的提問。

Our team is really excited about the Fulton First initiative.

我們的團隊對富爾頓優先計劃感到非常興奮。

We're really focused on the long-term growth strategy for the company as well as the operating efficiency.

我們真正專注於公司的長期成長策略以及營運效率。

We're being really transparent with the program early on because we wanted to help you understand some short-term cost impacts that happened this past quarter and then explain how we're going to meet the guidance specifically on the expense guide going forward because it's probably a little light, relative to expectations.

我們很早就對該計劃非常透明，因為我們希望幫助您了解上個季度發生的一些短期成本影響，然後解釋我們將如何滿足具體關於未來費用指南的指導，因為它是相對於預期，可能有點輕。

So we are being very strategic in an overall review of the company.

因此，我們對公司的整體審查非常具有策略性。

It's not just a simple cost-cutting initiative but really a strategic initiative to grow more efficiently over time.

這不僅僅是一個簡單的成本削減舉措，而且實際上是一項隨著時間的推移更有效增長的策略舉措。

So to answer your specific question, we don't have targets at this point, but we feel that this initiative is going to help us meet our 2024 guidance, and then probably even more importantly, lead to long-term sustained, improved efficiency for the company.

因此，為了回答你的具體問題，我們目前沒有目標，但我們認為這一舉措將幫助我們實現 2024 年的指導方針，然後可能更重要的是，為我們帶來長期持續、提高的效率。公司。

But at this point, we don't have any specific targets.

但目前我們還沒有任何具體目標。

I'm going to share more over time, and we wanted to be early with this so that we are transparent and that you could understand some of the initial costs as we launch the initiative.

隨著時間的推移，我將分享更多信息，我們希望儘早了解這一點，以便我們保持透明，並且您可以在我們啟動該計劃時了解一些初始成本。

Are you expecting this to be kind of longer term than in terms of the costs that you're taking, I mean, or is the bulk of it what you took in the fourth quarter?

我的意思是，您是否預計這會比您所承擔的成本更長，或者其中大部分是您在第四季度承擔的？

Or should we expect this to be kind of an ongoing initiative in terms of cost you're taking here?

或者我們應該期望這是一項持續的舉措，就您在這裡採取的成本而言？

Yeah, Danny, I mean, we will have ongoing one-time costs to implement the changes that we decide to implement.

是的，丹尼，我的意思是，我們將持續承擔一次性成本來實施我們決定實施的變革。

And then we'll match them with cost saves and revenue expectations as we move forward.

然後，隨著我們的前進，我們將把它們與成本節約和收入預期相匹配。

So more to come, this is the beginning of the initiative, and we're being very, very thoughtful, diligent about working through the process, and we wanted to be transparent with everyone.

未來還會有更多，這是該計劃的開始，我們在整個過程中非常非常周到、勤奮，我們希望對每個人都保持透明。

It is not just a simple cost-cutting initiative, but there will be cost cutting that is associated with it.

這不僅是一個簡單的成本削減舉措，而且還會有與之相關的成本削減。

We'll keep you informed throughout the year.

我們將全年向您通報最新情況。

Okay, and then maybe one for Mark on credit and I guess the range that you gave for provision for the year.

好吧，然後也許是馬克的賒賬，我猜你為今年的供應提供了範圍。

I'm just curious how you're thinking about what may drive the low and the high end of that range if that's mostly just credit volatility or if there's a balance sheet growth [element] embedded in that as well.

我只是很好奇，如果這主要只是信貸波動，或者是否也存在資產負債表增長[因素]，那麼您如何考慮推動該範圍的低端和高端的因素。

Just a comment for me and then Mark can add to it if he wants.

只是給我一個評論，然後馬克可以根據需要添加。

As we look at the provision, it's predominantly charge-offs normalizing.

當我們查看該條款時，它主要是沖銷正常化。

Your charge-offs were 15 basis points in the last quarter.

上季的沖銷額為 15 個基點。

Our long-term average in charge-offs has been a little less than 20 to 20 basis points in recent history.

近期歷史上，我們的長期平均沖銷額略低於 20 至 20 個基點。

So charge-offs drive that and then our growth rate would drive that.

因此，沖銷推動了這一點，然後我們的成長率也將推動這一點。

What's the unknown variable for everybody is just economic conditions as we move forward in the base allocation.

對每個人來說，未知的變數只是我們在基本分配中前進時的經濟狀況。

But with what we know right now, that's the range we're comfortable with.

但據我們目前所知，這是我們感到滿意的範圍。

Would you say the midpoint is -- what's the assumption if you were to hit that $55 million?

你會說中點是——如果你要達到 5500 萬美元，假設是什麼？

Is that, I guess, a soft landing?

我想這是軟著陸嗎？

Or how should we think about what your baseline assumption is?

或者我們應該如何思考你的基準假設是什麼？

Danny, if you think about the baseline assumption, the baseline assumption right now from Moody's does assume a softer landing.

丹尼，如果你考慮基線假設，穆迪現在的基線假設確實假設了軟著陸。

So our baseline assumption would be, again, continuing to revert in the fourth quarter.

因此，我們的基準假設將再次在第四季繼續恢復。

We got closer to our long-term average on net charge-offs, but the midpoint of our guide would assume we get back to that longer-term average of between 15 and 20 basis points in net charge-offs and then a growth rate in loans that's consistent with that kind of 4% to 6%, probably more of the lower end of that range for 2024.

我們已經接近淨沖銷的長期平均水平，但我們指南的中點假設我們回到淨沖銷 15 至 20 個基點的長期平均水平，然後增長率為貸款利率與4% 至6% 一致，到2024 年可能更多是該範圍的下限。

Got it.

知道了。

Thank you for all the color.

謝謝你所有的顏色。

I'll step back.

我會退後一步。

I appreciate it.

我很感激。

Thanks, Dave.

謝謝，戴夫。

Thanks, Dave.

謝謝，戴夫。

Frank Schiraldi, Piper Sandler.

弗蘭克·席拉爾迪，派珀·桑德勒。

Good morning.

早安.

Just wondering, obviously, the growth in the quarter was in part -- loan growth in the quarter was -- you talked about March driven by construction balances with some of that being additional drawdowns and some of that being new origination.

只是想知道，顯然，本季的成長部分是——本季的貸款成長是——您談到了三月份由建築餘額驅動的情況，其中一些是額外的提款，其中一些是新的發放。

I wonder if you could just talk a little bit about your thoughts on growth going forward in the loan book and what that complexion of growth might look like.

我想知道您是否可以談談您對貸款簿中未來成長的想法以及增長的情況。

Is there more opportunity on the commercial real estate side given where your concentration limits are?

考慮到您的集中度限制，商業房地產方面是否有更多機會？

Just general thoughts there.

只是一般想法。

Thanks.

謝謝。

Yeah, I mean, Frank, if you think about -- for us, historically, we tend to operate on an organic basis in that kind of 4% to 6% range.

是的，我的意思是，弗蘭克，如果你想一想——對我們來說，從歷史上看，我們傾向於在 4% 到 6% 的範圍內有機運作。

I would say for what you've seen in the back half '23 has been kind of at the low end of that range.

我想說，就你在 23 年後半段所看到的情況來說，這有點處於該範圍的低端。

And I think you should expect that to continue into 2024.

我認為這種情況應該會持續到 2024 年。

We've been protecting profitability in the fourth quarter, new originations, pretty much across all channels.

我們一直在保護第四季度的獲利能力，幾乎所有通路的新產品。

We're in that kind of high sevens yield, about 7.77%, 7.75%.

我們的收益率很高，大約是 7.77%、7.75%。

It was kind of our rate on new originations.

這是我們對新產品的評價。

So with that, until we would see any kind of expected rate decreases, which again, we currently expect or expecting in the back half of 2024, I would expect to see growth continue to be moderate.

因此，在我們看到任何預期利率下降之前（我們目前預計或預計在 2024 年下半年出現這種情況），我預計成長將繼續溫和。

But we are open for business.

但我們照常營業。

We are not shutting down any lines of business as maybe as you've seen from others.

我們不會像您從其他人那裡看到的那樣關閉任何業務線。

Okay.

好的。

And then on the assumption, you mentioned the three rate cuts in the back half of the year.

然後在假設上，你提到了下半年的三次降息。

Any sort of color you can provide?

您可以提供任何類型的顏色嗎？

I know you talked about it last quarter on the way up that the NII would be impacted, given the variable rate book, about a little over $20 million annually for me, a 25-basis-point move in rates.

我知道您在上個季度談到 NII 將受到影響，考慮到浮動利率帳面，每年對我來說大約超過 2000 萬美元，利率變動了 25 個基點。

Is that the right way to think about the same on the way down, offset by the back-book repricing?

這是在下跌過程中考慮同樣的問題的正確方法嗎？由帳簿重新定價所抵銷？

What's your -- what is the incremental 25 basis points kind of due to full-year margin or NII?

全年利潤率或 NII 帶來的 25 個基點增量是多少？

On an annualized basis, we have about $10 billion of loans tied to SOFR, and about $9 billion of that $10 billion are adjustable-rate loans, which would reset within 30 days after that rate move occurs.

以年化計算，我們約有 100 億美元的貸款與 SOFR 掛鉤，其中約 90 億美元是可調整利率貸款，這些貸款將在利率變動發生後 30 天內重置。

So absent any moves to our non-maturity deposit book, that's how you get to that $20 million on an annualized basis for a 25-basis-point move.

因此，如果我們的非到期存款簿沒有任何變動，那麼您就可以透過 25 個基點的變動，以年化方式獲得 2000 萬美元。

What we've assumed is we've taken what we think is a conservative stance that for the first couple of rate moves downward that you're not necessarily going to see deposit pressures abate.

我們的假設是，我們採取了我們認為的保守立場，即在前幾次利率下調中，您不一定會看到存款壓力減輕。

But at some point, whether that's 50 basis points, 75 basis points, 100 basis points, at some point, I think the industry will start to feel relief on deposit pricing pressure and be able to react within that non-maturity deposit book.

但在某個時候，無論是50個基點、75個基點還是100個基點，在某個時候，我認為該行業將開始感受到存款定價壓力的緩解，並且能夠在非到期存款帳簿中做出反應。

Okay.

好的。

So maybe incremental rate cuts would be less impactful to the bottom line, just given, hopefully, deposits start repricing or providing some benefit on the deposit side to offset any contraction on the loan yield side.

因此，增量降息對獲利的影響可能較小，只要存款開始重新定價或為存款方提供一些好處，以抵消貸款收益率方面的任何收縮。

Is that the way to think about it?

是這樣思考的嗎？

That's correct.

這是正確的。

And then overnight borrowings costs obviously resets outs immediately.

然後隔夜借款成本顯然會立即重置。

Okay.

好的。

Thanks.

謝謝。

Feddie Strickland, Janney Montgomery Scott.

費迪·斯特里克蘭，珍妮·蒙哥馬利·斯科特。

Hey, good morning, Curt and Mark.

嘿，早上好，柯特和馬克。

Just wanted to start on deposit costs.

只是想從存款成本開始。

I know you've discussed this a little bit, but are you starting to see that pressure less than a little bit with the pause in rates and seeing different behavior from competitors there as well?

我知道您已經對此進行了一些討論，但是您是否開始看到，隨著費率暫停，並且競爭對手的行為也有所不同，這種壓力不再那麼小了？

Yeah.

是的。

The one other thing, Feddie, is that when -- we've been obviously repricing our CD book and we've been growing CDs throughout the year, and those have been repricing higher as you've seen roll rates of what matures per quarter.

費迪，另一件事是，我們顯然一直在重新定價我們的 CD 帳本，而且我們全年都在增加 CD 的數量，而且這些重新定價更高，因為您已經看到了每季到期的滾動利率。

In the first quarter of '24, we have $1.1 billion roughly of deposits that will -- CDs that will mature, but that cost now of what's maturing is now up to almost $440 million.

2024 年第一季度，我們大約有 11 億美元的存款即將到期，但目前到期的存款成本已高達近 4.4 億美元。

So that churn that you've been seeing upward in our CD cost is definitely going to lessen throughout 2024.

因此，您所看到的 CD 成本上升的情況在 2024 年肯定會減少。

So that will provide some relief and allow those betas to ultimately slow.

因此，這將帶來一些緩解，並讓這些測試最終放緩。

Got you.

明白你了。

That was -- you actually beat me to my second question.

那是——你實際上搶先了我的第二個問題。

So that was $1.1 billion of CDs maturing.

也就是說，價值 11 億美元的 CD 即將到期。

What was the cost they were rolling off versus what they're rolling on at?

他們的滾動成本與滾動成本是多少？

$440 million is what they're rolling off at.

他們的目標是 4.4 億美元。

And then rolling on, it would depend on, obviously, whether they're retail or brokered.

然後繼續下去，顯然，這取決於它們是零售的還是經紀的。

Got it.

知道了。

And I'll just -- sorry, go ahead.

我會——抱歉，繼續吧。

Hey, it's Curt.

嘿，這是柯特。

I'm just going to add that we continue to have high roll rates, bond roll rates in CDs.

我只想補充一點，我們繼續維持高展期利率，也就是存款證的債券展期利率。

So as we're adding customers, we still have really strong metrics in the blind roll rate.

因此，當我們增加客戶時，我們在盲注率方面仍然有非常強大的指標。

Promotional acquisition rate and blind roll rate are different, so that helps as well that we've been able to continue to do a good job for customers and roll a lot of CDs over and keep that business.

促銷獲取率和盲轉率是不同的，因此這也有助於我們能夠繼續為客戶做好工作，轉售大量 CD 並保持業務。

Understood.

明白了。

That's helpful.

這很有幫助。

And then just switching gears for a second here.

然後在這裡換一下檔位。

Appreciate the continued disclosure on office in the deck.

感謝甲板上辦公室的持續披露。

Is that $683 million outstanding inclusive of medical office?

這 6.83 億美元的未償金額是否包含醫療費用？

And if so, do you have on hand ballpark how much is medical office?

如果是這樣，您是否知道醫療辦公室的費用是多少？

It does include a whole lot of -- it depends on the use overall.

它確實包括很多——這取決於整體的使用情況。

We're [divvying] there for the stratification in that as we look -- we're looking for it here.

當我們觀察時，我們在那裡[劃分]分層——我們在這裡尋找它。

On office, overall, balances came down linked quarter.

總體而言，辦公室餘額環比下降。

We actually had a really positive -- we have one trending in the wrong direction and was already classified/criticized that -- it is about $30 million that paid off.

事實上，我們有一個非常積極的方面——我們有一個方向錯誤的趨勢，並且已經被分類/批評了——大約 3000 萬美元得到了回報。

And we originated the new $30 million that's a really strong credit that kind of replaces that.

我們創造了新的 3000 萬美元，這是一個非常強大的信用，可以取代它。

So we're seeing -- as we continue to manage that, that overall book, we continue to manage effectively through those dynamics.

因此，我們看到，當我們繼續管理整本書時，我們將繼續透過這些動態進行有效管理。

And we were pleased with being able to move out a significant credit trending in the wrong way this past quarter.

我們很高興能夠在上個季度以錯誤的方式消除重大信貸趨勢。

So we have the numbers here.

所以我們這裡有數字。

Healthcare is really split.

醫療保健確實是分裂的。

It depends on use, so some of that would be in our healthcare outstandings as some would be in office as well.

這取決於使用情況，因此其中一些將包含在我們的醫療保健未付款中，有些也將包含在辦公室中。

So we'd have to follow up with you on that specific number that's in the office that would be specific medical office.

因此，我們必須跟進您所在辦公室（即特定醫療辦公室）的具體號碼。

Sure, that would be great.

當然，那太好了。

Yeah.

是的。

I just know it's generally perceived as a little lower risk.

我只知道人們普遍認為這風險較低。

So just curious how much was there.

所以只是好奇那裡有多少。

But anyway, thanks for taking my questions.

但無論如何，感謝您提出我的問題。

Thank you.

謝謝。

Manuel Navas, D.A. Davidson & Co.

曼努埃爾·納瓦斯，D.A.戴維森公司

Thank you.

謝謝。

Good morning.

早安.

Can you kind of comment on what NIM you kind of expect with your NII estimates, like a 4Q '24 exit NIM assumption?

您能否對您對 NII 估計的 NIM 預期進行評論，例如 24 年第 4 季退出 NIM 假設？

I know that the rate forecast can definitely change, but just kind of thoughts on that.

我知道利率預測肯定會改變，但只是對此的一些想法。

We have purposely, Manuel, over the last couple of years kind of backed away from giving specific NIM guidance and instead by giving you NII, and you guys can calculate your own balance sheet and come up with that number.

曼努埃爾，在過去的幾年裡，我們故意放棄提供具體的 NIM 指導，而是給你們 NII，你們可以計算自己的資產負債表並得出這個數字。

What we have said is that we do expect in the first half of 2024, again, for what I mentioned about deposit pricing pressure to continue, I would expect, in the first half of the year, you would continue to see our deposit costs going up more than our loan yields.

我們所說的是，我們確實預計在 2024 年上半年，對於我提到的存款定價壓力將繼續存在，我預計，在今年上半年，我們的存款成本將繼續上升比我們的貸款收益率還要高。

So I would expect it would be sometime in the back half of '24 is when you would see that trough and then margins start to expand from there.

因此，我預計在 24 年下半年的某個時候，你會看到這個低谷，然後利潤率開始從那裡擴大。

Okay.

好的。

Shifting gears a bit, does the Fulton First initiative contemplate any improvement to the fee or improved fee growth?

換個話題，富爾頓優先計畫是否考慮對費用進行任何改善或提高費用成長？

Any new fee lines or anything that is helpful on that side of things?

有什麼新的費用線或任何對這方面有幫助的東西嗎？

Yes, it certainly will consider fee income businesses, and we feel there's opportunities to accelerate growth in loan deposit business as well as fee-in-service business.

是的，它肯定會考慮手續費收入業務，我們認為貸款存款業務和收費服務業務有機會加速成長。

So it's a comprehensive our review of the entire company.

所以這是我們對整個公司的全面審查。

And with a little bit better swing in AOCI, any shift in your appetite for buybacks or any other capital deployment and thoughts you happen to just hear the latest on that front?

隨著 AOCI 的波動稍微好一些，您對回購或任何其他資本部署的興趣是否會發生變化，以及您碰巧聽到這方面的最新消息的想法？

Yeah, so as we look forward, we renewed our buyback in December.

是的，所以當我們展望未來時，我們在 12 月更新了回購計劃。

The Board renewed that.

董事會重申了這一點。

So we have that full availability for us for the year.

因此，我們今年可以充分利用。

It's $125 million.

這是 1.25 億美元。

We will look at that opportunistically over time.

隨著時間的推移，我們將機會主義地看待這一點。

If you look back over this past year, we've been pretty active throughout the year.

如果你回顧過去的一年，我們這一年都非常活躍。

And if it's conducive -- the environment's conducive to that going forward, we will continue to be active.

如果環境有利於未來的發展，我們將繼續積極行動。

Appreciate it.

欣賞它。

I'll hop back into the queue.

我會跳回隊列。

Thanks.

謝謝。

David Bishop, Hovde Group.

大衛畢肖普，霍夫德集團。

Good morning, gentlemen.

早安，先生們。

Hey, David.

嘿，大衛。

Mark, in terms of the fee income guidance there, just curious as how we should think about the individual components.

馬克，就費用收入指導而言，只是好奇我們應該如何考慮各個組成部分。

Wealth management was up, I guess, mid-single digits; commercial banking, high single digits; consumer, maybe down mid-single digits.

我猜財富管理成長了個位數；商業銀行，高個位數；消費者，可能會下降中個位數。

Just in terms of deriving that forecast, how are you thinking about maybe some of the individual components this year?

就得出這項預測而言，您如何看待今年的一些單獨組成部分？

Yeah, we continue to be very bullish on our wealth group, again, hitting a high watermark for assets under management administration and with a lot of those revenues tied to that balance.

是的，我們仍然非常看好我們的財富集團，管理資產達到了高水位，其中許多收入與該餘額相關。

As we continue to grow customers and grow assets, the revenue will come with it.

隨著我們不斷增加客戶和增加資產，收入也會隨之而來。

We have -- commercial banking also had a very strong year, eclipsing $80 million in fees, which I think was -- may have also been a record for the year or close to it.

我們——商業銀行業也經歷了非常強勁的一年，超過了 8000 萬美元的費用，我認為——這可能也創下了當年的記錄或接近記錄。

There's a little bit more volatility in there in our capital markets business.

我們的資本市場業務的波動性較大。

But there's good fundamentals in there in merchant and cash management, which will continue.

但商業和現金管理方面存在良好的基本面，並將繼續下去。

Consumer banking has been down a little bit, both due to some changes we made to overdraft at the beginning of 2023 in addition to mortgage banking being impacted by the current rate environment.

消費者銀行業務略有下降，這不僅是由於我們在 2023 年初對透支做出的一些改變，也是由於抵押貸款銀行業務受到當前利率環境的影響。

But when you think about those together, each of those is going to be somewhere right around a third of our total revenue.

但當你把這些放在一起考慮時，每一項都會占我們總收入的三分之一左右。

This past year, consumer has been a little bit lower because we've been off a little bit in mortgage banking, but we made up some of that then with stronger results in commercial banking.

去年，消費者的成長略有下降，因為我們在抵押貸款銀行業務方面有所落後，但我們透過商業銀行業務的強勁業績彌補了其中的一些。

So we really like the kind of balance that we have in those fee income businesses in total.

因此，我們真的很喜歡這些費用收入業務的整體平衡。

Yeah, I appreciate the color.

是的，我很欣賞這個顏色。

And then how should we think about maybe the overall level maybe of investment securities here?

那我們該如何考慮這裡投資證券的整體水準呢？

I think it'll be about 13%, 14% of average earning assets.

我認為大約是平均收益資產的13%、14%。

Do you think that's sort of a near floor here at this point?

您認為此時此刻是接近樓層嗎？

Remind us what the annual cash flow expectations are on that portfolio.

提醒我們該投資組合的年度現金流量預期是多少。

Right now, cash flow is pretty small.

目前，現金流量很小。

It is about $10 million a month.

每月約1000萬美元。

And I do think it's nearer to floor.

我確實認為它更接近地板。

I mean, our target there is kind of between where it sits today and about 15% of the balance sheet.

我的意思是，我們的目標介於目前的水平和資產負債表的 15% 左右之間。

We purposely run it maybe a little bit skinnier than some others do because we don't view our investment portfolio as an earnings enhancement stream.

我們故意將其管理得比其他一些公司更精簡，因為我們並不將我們的投資組合視為收益增強流。

But it's really there, truly just a balanced liquidity and depending on where overall loan deposit ratios are.

但它確實存在，真正只是平衡的流動性，並且取決於整體貸款存款比率。

So I think somewhere between where we sit today and 15% of the balance sheet is a good place for you to model.

所以我認為，在我們今天所處的位置和資產負債表的 15% 之間的某個位置是您建模的好地方。

Great.

偉大的。

I appreciate the color.

我很欣賞它的顏色。

You bet.

你打賭。

Matthew Breese, Stephens Inc.

馬修·布里斯，史蒂芬斯公司

Hey, good morning.

嗨，早安。

I was hoping to touch on expenses.

我希望能談談費用。

The $670 million to $690 million guide implies an average quarterly run rate of roughly $170 million, so pretty in line with where we were in the fourth quarter.

6.7 億至 6.9 億美元的指引意味著平均季度運行率約為 1.7 億美元，與我們第四季的情況非常一致。

Do you expect -- with that in mind, do you expect the quarterly expense run rate to basically hold flat from here throughout the year?

考慮到這一點，您是否預計季度費用運行率全年基本保持不變？

Or is there going to be any sort of undulations as the year progresses?

或者隨著時間的推移會出現任何波動嗎？

And it's important because our exit pace for 2024 into 2025 is impacted by some of them.

這很重要，因為我們 2024 年至 2025 年的退出速度受到其中一些因素的影響。

So I'd love some color there.

所以我喜歡那裡有一些顏色。

Yeah, sure, Matt.

是的，當然，馬特。

As you as Curt noted in his prepared remarks, I mean, for the expense guide for the year, we have assumed that we'll start to see some of the productivity enhancements from Fulton First in the back half of the year.

正如科特在他準備好的演講中指出的那樣，我的意思是，對於今年的費用指南，我們假設我們將在今年下半年開始看到富爾頓第一的一些生產力提高。

And so in the first half of the year, I would expect to see expenses higher than what that kind of exit number is going to be in the fourth quarter of '24 going into 2025.

因此，我預計今年上半年的支出將高於 24 年第四季到 2025 年的退出數量。

We also have -- as a reminder, in the first quarter, kicking it in April, we have annual merit, which for us, historically, then always kind of takes second quarter expenses up a little bit.

提醒一下，在第一季度，從四月開始，我們有年度業績，對我們來說，從歷史上看，這總是會讓第二季度的開支增加一點。

But as we work through Fulton First, we'll have those growth initiatives, which tend to be a little bit longer term in terms of when those are realized.

但當我們透過富爾頓優先計劃時，我們將製定這些成長計劃，這些計劃的實現時間往往會更長一些。

But the productivity enhancements, we'd expect to start seeing some of those come through in the back half of '24 with then more of them and an annualized run rate impact of those really manifesting themselves in 2025 and beyond.

但生產力的提高，我們預計將在 24 年下半年開始看到其中一些改進，然後更多，並且這些改進的年化運行率影響將在 2025 年及以後真正顯現出來。

Just along those lines, I'm curious, you've mentioned productivity improvements a couple of times.

沿著這些思路，我很好奇，您多次提到了生產力的提升。

You've also mentioned kind of leveraging technology.

您也提到了利用科技的方式。

Can you give us some examples that are going to drive the overall productivity improvements across the bank?

您能給我們舉一些推動整個銀行整體生產力提升的例子嗎？

Yeah, it's Curt.

是的，這是柯特。

We have a lot of things that we're taking a look at.

我們正在研究很多事情。

So productivity could just be operating productivity contracts, different things that create opportunities for us from a cost or utilization standpoint.

因此，生產力可能只是營運生產力合約，從成本或利用率的角度來看，這些不同的東西為我們創造了機會。

So it's either cost or benefit realization from the activities that that technology and digital platform provide for us.

因此，技術和數位平台為我們提供的活動要么實現成本，要么實現收益。

And then as we look at focusing the business on certain things around growth opportunities, then we're going to have expense -- opportunity as we move forward.

然後，當我們著眼於將業務重點放在圍繞成長機會的某些事情上時，我們將在前進的過程中獲得費用和機會。

Understood.

明白了。

Maybe moving on to the NIM and just deposit balances, I would love some color on how DDA balances trended throughout the quarter.

也許繼續討論 NIM 和存款餘額，我希望了解 DDA 餘額在整個季度的趨勢。

Given where we are in the rate hiking cycle, it feels like most businesses and consumers should have -- if they were going to move the rate, they would have already done so.

考慮到我們在升息週期中的位置，感覺大多數企業和消費者都應該這樣做——如果他們要調整利率，他們早就這麼做了。

So I'm curious if you're seeing kind of a lag effect there, and it sounds like it will persist for a little bit longer.

所以我很好奇你是否看到了某種滯後效應，而且聽起來它會持續更長時間。

And then I would love some color just on how the NIM performed on a monthly basis to get a sense for the NII starting point in '24.

然後我希望能對 NIM 每月的表現進行一些說明，以了解 24 年 NII 的起點。

Yeah, sure, Matt.

是的，當然，馬特。

So first on DDA, yeah, you're correct.

首先，關於 DDA，是的，你是對的。

I would say the consumer -- it feels like we're nearing a trough on that migration out of non-interest bearing and interest-bearing products.

我想說的是，消費者感覺我們正接近從無息產品和有息產品遷移的低谷。

So where we are still seeing impact is on the commercial side where you still have, I think, some of the remnants of stimulus money.

因此，我們仍然看到商業方面的影響，我認為，仍然有一些刺激資金的殘餘。

It's migrating from non-interest bearing and interest bearing.

它正在從無息轉變為有息。

As you know, we also had just the seasonal impact in the fourth-quarter migration in our municipal deposits book, which had a little bit of non-interest-bearing DDAs but a lot of interest-bearing DDAs that migrated out as those tax receipts were spent.

如您所知，我們的市政存款帳簿中第四季度的遷移也受到了季節性影響，其中有一點無息 DDA，但大量帶息 DDA 已作為稅收收入遷移出去被花掉了。

And then -- remind me the second half of your question again.

然後——再次提醒我你問題的後半部。

I was looking for the monthly NIM if you have it because -- I mean, look, from where we are now, NII wise, the guidance implies a pretty healthy step down in the quarterly pace of NII.

我一直在尋找每月的NIM，如果你有的話，因為——我的意思是，看，從我們現在的情況來看，NII 方面，該指導意味著NII 的季度步伐將出現相當健康的下降。

And I just wanted to get a sense for kind of where we should end up in the first quarter, so I have a good idea of where the year will end up.

我只是想了解我們在第一季的最終結果，所以我很清楚今年的結果。

Yeah, I mean, if you take -- our December NIM was within a basis point of our quarterly NIM.

是的，我的意思是，如果你考慮一下——我們 12 月的淨息差 (NIM) 與季度淨息差 (NIM) 的基點之內。

So really, for us, as we give our guide, as I said our assumption, which may prove to be conservative -- but our assumption is that we're going to continue to see deposit pricing pressure throughout our markets, which will cause our deposit costs to continue to increase even when you get to the back half of the year and start to see those first couple of rate cuts.

所以，實際上，對於我們來說，當我們給出指導時，正如我所說的，我們的假設可能被證明是保守的——但我們的假設是，我們將繼續看到整個市場的存款定價壓力，這將導致我們的即使到了下半年並開始看到前幾次降息，存款成本也會繼續增加。

If we are wrong on that, then that's certainly going to provide upside to this guidance.

如果我們在這一點上是錯誤的，那麼這肯定會為這項指導提供好處。

And we'll be refreshing that as the year plays out.

隨著這一年的結束，我們將更新這一點。

Appreciate that.

感謝。

Last one from me.

我的最後一張。

You had mentioned in the release just generally weakening credit trends.

您在新聞稿中提到信貸趨勢普遍疲軟。

Obviously, NPAs were up a little bit, charge-offs were up a little bit.

顯然，不良資產增加​​，沖銷也有所增加。

Is there anything else you're watching or seeing that drove that comment?

您正在觀看或看到的其他內容是否促使您發表此評論？

I would just -- I really appreciate some additional color on the credit front and what you're seeing on the ground.

我只是——我真的很欣賞信貸方面的一些額外色彩以及你在實地看到的情況。

Yeah, Matt, it's really based on that comment.

是的，馬特，這確實是基於那個評論。

I mean, we had four consecutive quarters of NPLs coming down, classified/criticized being stable or down.

我的意思是，我們的不良貸款連續四個季度下降，分類/批評穩定或下降。

So those trends just ticking up is what we're referring to.

所以我們所說的這些趨勢正在上升。

That could be just event driven or time-of-the-year driven, or it could be something as we move forward.

這可能只是事件驅動或一年中的某個時間驅動的，也可能是我們前進的過程中發生的事情。

But it's modest changes.

但這是適度的改變。

But it's the first we've really had any changes in an upward direction versus continuing to improve.

但這是我們第一次真正在向上方向上發生任何變化而不是繼續改進。

We've been really pleased with credit over the last six, eight quarters.

我們對過去六、八個季度的信貸非常滿意。

And this is the first where we saw any ticket in a wrong direction, so no more color than what you're seeing there.

這是我們第一次看到方向錯誤的票，所以顏色不會比你在那裡看到的更多。

We're just being prudent and cautious as we look at those numbers.

我們在看待這些數字時只是保持謹慎和謹慎。

Great.

偉大的。

That's all I have.

這就是我的全部。

I appreciate you taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

Thanks.

謝謝。

(Operator Instructions) Chris McGratty, KBW.

（操作員說明）Chris McGratty，KBW。

Hey, good morning.

嗨，早安。

Hi, Chris.

嗨，克里斯。

Mark, I just have a clarifying question on the NII sensitivity.

馬克，我只是有一個關於 NII 敏感性的澄清問題。

I want to make sure I heard your comments right.

我想確保我聽到了你的評論是正確的。

I'm looking at your 10-Q disclosures.

我正在查看您的 10-Q 披露資訊。

I think in a down -- a $100 million shock, it was around, I don't know, $37 million, $38 million for $100 million, which would work out to like $9 million for every $25 million.

我認為，在下跌的情況下——1億美元的衝擊，我不知道，1億美元相當於3700萬美元、3800萬美元，也就是說每2500萬美元相當於900萬美元。

I thought I heard a higher number earlier in the call.

我以為我在通話早些時候聽到了更高的數字。

I think it's closer to $20 million on an annualized.

我認為年化收入接近 2000 萬美元。

I guess, where am I -- what number would you point me to?

我想，我在哪裡──你會指給我哪個號碼？

Yeah, again, on the $20 million -- again, that $20 million is just on the variable portion of our loan book, on the loans that are tied to SOFR on an annualized basis.

是的，再一次，關於 2000 萬美元——同樣，這 2000 萬美元只是我們貸款賬簿的可變部分，即與年化 SOFR 掛鉤的貸款。

So when you're -- and when you're looking at our 10-K disclosures and our Q disclosures, I mean, those are based off a parallel instantaneous shock, where this is -- where I'm giving you more guidance on a ramp downward.

因此，當您查看我們的 10-K 披露和 Q 披露時，我的意思是，這些都是基於並行瞬時衝擊，這就是我為您提供更多指導的地方向下的斜坡。

And in that ramp, we're assuming that again, in the first 25 or 50 basis points down that you wouldn't see corresponding decreases to our non-maturity deposits, but we may be conservative on that.

在這個成長過程中，我們再次假設，在前 25 或 50 個基點的下降中，我們的非到期存款不會相應減少，但我們對此可能持保守態度。

And the market might start to see deposit relief earlier than 50, 75 basis points of rate cuts.

市場可能會在降息 50、75 個基點之前開始看到存款減少。

Okay, got it.

好，知道了。

Thank you.

謝謝。

And then maybe -- somebody asked on the buybacks, any signs of thawing in the M&A market, maybe more books going or any kind of commentary on that?

然後也許——有人問到回購、併購市場有任何解凍的跡象、可能會出版更多書籍或對此有任何評論嗎？

Yeah, we have M&A opportunity that we're looking at.

是的，我們正在尋找併購機會。

It continues to be challenging to make the math work on rate marks and things.

對分數和其他事物進行數學計算仍然具有挑戰性。

But we -- I would say, compared to six months ago, I think the environment is different and improved for pursuing appropriate M&A as we move forward.

但我想說，與六個月前相比，我認為隨著我們的前進，尋求適當併購的環境有所不同並且有所改善。

And on that, Curt, just -- can you just remind us, in this kind of environment, what would be that kind of sweet spot in the deal, size wise, business mix, stuff like that?

關於這一點，柯特，您能否提醒我們，在這種環境下，交易中的最佳點是什麼，規模、業務組合等？

Thanks.

謝謝。

Yeah, thanks for that question.

是的，謝謝你提出這個問題。

We really look at it in two buckets, like the $1 billion to $5 billion community bank.

我們實際上將其分為兩個部分來看待，就像 10 億至 50 億美元的社區銀行一樣。

That acquisition would supplement our growth, add to our franchise, have lower execution risk.

此次收購將補充我們的成長，增加我們的特許經營權，並降低執行風險。

We're really, really focused on those.

我們真的非常非常關注這些。

The $5 billion to then $15 billion that would fill out, what we would be willing to look at -- that $5 billion to $15 billion are much more significant and strategic.

50 億到 150 億美元將填補我們願意關注的——50 億到 150 億美元更加重要且具有戰略意義。

There's very few on that list that we would consider.

我們會考慮的清單中的內容很少。

I think those are still harder to do in this environment, but that's how we look at it in those two buckets.

我認為在這種環境下這些仍然更難做到，但這就是我們在這兩方面的看法。

But the lower, the $1 billion to $5 billion, makes a lot of sense in the market with what's going on right now.

但較低的價格（10 億至 50 億美元）對於市場目前的情況來說很有意義。

And if we have those opportunities and we can come to terms with folks, we would -- we feel we're in a position to do that.

如果我們有這些機會並且我們可以與人們達成協議，我們會 - 我們覺得我們有能力做到這一點。

So it feels like if something came, it would be the smaller end based on what I'm hearing, unless something really materially changes.

所以感覺如果有事情發生的話，根據我所聽到的，這將是較小的結局，除非事情真的發生了實質性的變化。

Correct.

正確的。

Got it.

知道了。

Okay, perfect.

好的，完美。

Thank you.

謝謝。

Frank Schiraldi, Piper Sandler.

弗蘭克·席拉爾迪，派珀·桑德勒。

Hi, guys, just a follow up on -- we talked about the variable rate book and the size there.

嗨，夥計們，這只是後續——我們討論了可變利率書籍和那裡的尺寸。

I'm trying to think through the rest of the book and the back-book repricing.

我正在嘗試思考本書的其餘部分以及後書的重新定價。

Generally, is it reasonable to think in 2024 maybe a fifth of that book reprices?

一般來說，認為 2024 年該書的五分之一可能會重新定價是否合理？

And if so, I'm just trying to get a sense of where rates are going on the books versus coming off where they're repricing to.

如果是這樣，我只是想了解帳面上的利率與重新定價後的利率。

Yeah, Frank, in the fourth quarter, pretty much across most of our material loan categories, we were coming on somewhere between

是的，弗蘭克，在第四季度，幾乎在我們的大多數物質貸款類別中，我們的表現都介於兩者之間

[7% to 15%, 8%].

[7% 至 15%、8%]。

The average for the quarter was about

該季度的平均值約為

[7%, 70%].

[7%, 70%]。

So that's the current kind of new money across the board.

這就是當前的新資金類型。

Okay.

好的。

All right, great.

好吧，太好了。

And I guess, you mentioned it last quarter where they're repricing from.

我想，您上個季度提到他們重新定價的地方。

I would assume that hasn't changed much quarter over quarter.

我認為每個季度都沒有太大變化。

Yes, correct.

是，對的。

Yeah -- sorry, go ahead.

是的——抱歉，請繼續。

No, go ahead.

沒有，繼續。

And then, I guess just while I got you, just a last one on -- you talked, I think, in the deck about cash levels returning to sort of a $50 million to $100 million level over time.

然後，我想就在我找到你的時候，我認為你在演講中談到了現金水平隨著時間的推移會恢復到 5000 萬至 1 億美元的水平。

I just wondered, in your guidance for 2024, are we seeing a significant move lower from wherever it is now, [$250 million] down to that, towards that level?

我只是想知道，在您對 2024 年的指導中，我們是否看到從現在的水平（2.5 億美元）大幅下降到那個水平？

Or how much excess liquidity, I guess, is baked into that guide now?

或者我猜現在該指南中包含了多少過剩流動性？

No, nothing's really changed in the past quarter with respect to cash and liquidity.

不，上個季度現金和流動性方面沒有任何真正變化。

Okay, so you're not -- the 2024 guide doesn't assume really much of a change then from where you guys were in the 4Q?

好吧，所以你不是 - 2024 年指南並沒有假設與你們在第四季度的情況相比有太大的變化？

That's correct.

這是正確的。

Okay.

好的。

All right, great.

好吧，太好了。

Thanks.

謝謝。

Thanks, Frank.

謝謝，弗蘭克。

Thank you.

謝謝。

I'm showing no further questions at this time.

我目前沒有提出任何進一步的問題。

I would now like to turn it back to Curt Myers for closing remarks.

現在我想請科特·邁爾斯發表結束語。

Well, thank you again for joining us today.

好的，再次感謝您今天加入我們。

We hope you'll be able to be with us as we discuss first-quarter results in April.

我們希望您能夠在我們四月份討論第一季業績時與我們在一起。

Thank you, everyone.

謝謝大家。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。