Glacier Bancorp Inc (GBCI) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Glacier Bancorp First Quarter Earnings Conference Call. (Operator Instructions)

美好的一天，謝謝你的支持。歡迎來到 Glacier Bancorp 第一季度收益電話會議。 （操作員說明）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mr. Randy Chesler, President and CEO of Glacier Bancorp. You may begin.

請注意，今天的會議正在錄製中。我現在想把今天的會議交給您的發言人，Glacier Bancorp 總裁兼首席執行官 Randy Chesler 先生。您可以開始了。

All right. Thank you, Catherine, and good morning, and thank you all for joining us today. With me here in Kalispell this morning is Ron Copher, our Chief Financial Officer; Don Chery, Chief Administrative Officer; Angela Dose, our Chief Accounting Officer; Byron Pollan, our Treasurer; and Tom Dolan, our Chief Credit Administrator.

好的。謝謝你，凱瑟琳，早上好，感謝大家今天加入我們。今天早上和我一起在卡利斯佩爾的是我們的首席財務官 Ron Copher； Don Chery，首席行政官；我們的首席會計官 Angela Dose；我們的財務主管 Byron Pollan；和我們的首席信貸管理員 Tom Dolan。

I'd like to point out that the discussion today is subject to the same forward-looking considerations found on Page 10 of our press release, and we encourage you to review this section. The failure of Silicon Valley Bank and Signature Bank last month created a lot of concerns about the banking industry. Overall, I'm pleased to report -- the Glacier team did an excellent job managing through the rapidly changing environment over the past few weeks, and we believe our unique business model weathered the storm very well. Our local relationship-based approach to community banking proved to be extremely stable. Our 17 separate and distinct bank brands operating in 222 locations across 8 Western states provided further insulation from the events unfolding outside our markets.

我想指出，今天的討論受到我們新聞稿第 10 頁上相同的前瞻性考慮的影響，我們鼓勵您查看這一部分。矽谷銀行和 Signature Bank 上個月的倒閉引發了對銀行業的諸多擔憂。總的來說，我很高興地報告——過去幾週，Glacier 團隊在快速變化的環境中表現出色，我們相信我們獨特的商業模式很好地度過了這場風暴。我們基於本地關係的社區銀行業務方法被證明是極其穩定的。我們在西部 8 個州的 222 個地點運營的 17 個獨立且截然不同的銀行品牌進一步隔離了我們市場之外發生的事件。

Deposits grew during March, which was when the banking crisis started and was a period when the system was under the most stress. While many customers were concerned about safety of their deposits, talking about it with their banker who they know and trust resolved most of the concerns.

存款在 3 月份有所增長，那是銀行業危機開始的時候，也是系統承受最大壓力的時期。雖然許多客戶擔心他們的存款安全，但與他們認識和信任的銀行家討論這個問題解決了大部分問題。

Our deposit base has a high degree of balance and granularity. We have over 600,000 retail accounts with an average balance of [14,000], over 150,000 commercial accounts with an average balance of [$63,000] and -- these relationships are spread out over 8 states, 75% in rural markets and 25% in metro markets with about 60% of the accounts with us over 5 years.

我們的存款基礎具有高度的平衡性和粒度。我們擁有超過 600,000 個平均餘額為 [14,000] 的零售賬戶，超過 150,000 個平均餘額為 [$63,000] 的商業賬戶——這些關係分佈在 8 個州，75% 在農村市場，25% 在地鐵市場大約 60% 的賬戶在我們這裡超過 5 年。

Our liquidity is strong with close to $15 billion available through multiple channels. In this quarter, we tested most of these channels, confirm their operational status and ability to provide us with ready liquidity. Out of an abundance of caution, we used our liquidity to increase available cash to over $1 billion, so we had more than enough cash on hand if needed.

我們的流動性很強，可通過多種渠道獲得近 150 億美元的資金。在本季度，我們測試了其中的大部分渠道，確認了它們的運營狀態以及為我們提供現成流動性的能力。出於謹慎考慮，我們利用流動性將可用現金增加到 10 億美元以上，因此如果需要的話，我們手頭的現金綽綽有餘。

We don't have a significant amount of uninsured deposits, only about 32%, totaling $6.4 billion. If you remove public funds that are collateralized with high-quality investments from this number, it's closer to 26%. We have more than enough ready liquidity to cover in excess of 100% of these balances and still exceed regulatory minimum capital requirements.

我們沒有大量未投保的存款，只有大約 32%，總計 64 億美元。如果從這個數字中去除以高質量投資為抵押的公共資金，它接近 26%。我們有足夠的現成流動性來支付超過 100% 的這些餘額，並且仍然超過監管的最低資本要求。

Our investment portfolio is structured to be shorter in duration and to generate cash flow. As a result, this portfolio produces enough cash to finance our expected lending growth. And in the event we wanted to sell these investments to reduce borrowing, the current after-tax unrealized loss on both the held for sale and held for investment portfolios totaling $685 million could be absorbed by a capital, which would still exceed regulatory minimums.

我們的投資組合結構旨在縮短期限並產生現金流。因此，該投資組合產生了足夠的現金來為我們預期的貸款增長提供資金。如果我們想出售這些投資以減少借貸，目前總計 6.85 億美元的持有待售和持有投資組合的稅後未實現虧損可以被資本吸收，這仍將超過監管最低限度。

Our capital levels are strong and growing with CET1 increasing 13 basis points from the prior quarter to 12.47%. We believe this level of capital is more than 100 basis points greater than the average of the 21 peer banks listed in our proxy. Credit continues to perform at record levels, and we see little signs of deteriorating credit. There's been some concern about commercial real estate exposure in the industry primarily in larger cities -- our commercial real estate portfolio is primarily comprised of small properties outside of the city centers with an average loan amount of $600,000.

我們的資本水平強勁且不斷增長，CET1 比上一季度增加 13 個基點至 12.47%。我們認為這一資本水平比我們代理中列出的 21 家同業銀行的平均水平高出 100 個基點以上。信用繼續以創紀錄的水平表現，我們幾乎看不到信用惡化的跡象。該行業的商業房地產風險主要集中在大城市——我們的商業房地產投資組合主要由市中心以外的小型房產組成，平均貸款額為 600,000 美元。

While there are a number of headwinds impacting the banking industry, we are optimistic about the current position of the company. The markets in which we have a presence are among the strongest economies in the U.S. We have ample liquidity and a balance sheet that now has a bias towards being more liability-sensitive, a very high-quality loan portfolio, a proven banking model and M&A expertise that is primed to take advantage of this current environment.

儘管銀行業受到許多不利因素的影響，但我們對公司目前的狀況持樂觀態度。我們所涉足的市場是美國最強大的經濟體之一。我們擁有充足的流動性和資產負債表，現在更傾向於對負債敏感，非常高質量的貸款組合，行之有效的銀行業務模式和併購準備好利用當前環境的專業知識。

Some of the specific highlights for the first quarter include: stockholders' equity of $2.9 billion increased $83.6 million or 3% during the current quarter. Tangible book value per common share of 17.16% at the current quarter and increased $0.76 per share or 5% from the prior quarter or 7.6 -- $0.07 a share, excuse me.

第一季度的一些具體亮點包括： 29 億美元的股東權益在本季度增加了 8360 萬美元或 3%。本季度每股普通股有形賬面價值為 17.16%，比上一季度增加每股 0.76 美元或 5%，即 7.6 - 每股 0.07 美元，不好意思。

Interest income of $232 million in the current quarter increased $6.8 million or 3% over the prior quarter and increased $41.4 million or 22% over the prior year first quarter. Total deposits and retail repurchase agreements of $21.3 billion at the end of the current quarter increased $289 million or 1% during March and decreased just $213 million or 1% during the current quarter. The loan portfolio of $15.5 billion increased $272 million or 7% annualized during the current quarter.

本季度的利息收入為 2.32 億美元，比上一季度增加 680 萬美元或 3%，比去年第一季度增加 4140 萬美元或 22%。本季度末存款和零售回購協議總額為 213 億美元，3 月份增加 2.89 億美元或 1%，本季度僅減少 2.13 億美元或 1%。 155 億美元的貸款組合在本季度增加了 2.72 億美元或年化 7%。

The loan yield for the current quarter of 5.02% increased 19 basis points compared to the prior quarter and increased 43 basis points from the prior year first quarter. New production yields for the quarter were 6.96%, up 62 basis points from the last quarter. Available liquidity of $15.1 billion, including cash, borrowing capacity from the Federal Home Loan Bank and Federal Reserve facilities, unpledged securities, broker deposits and other sources.

本季度貸款收益率為 5.02%，環比上升 19 個基點，比去年第一季度上升 43 個基點。本季度新產收益率為 6.96%，環比上升 62 個基點。可用流動資金為 151 億美元，包括現金、聯邦住房貸款銀行和美聯儲設施的借貸能力、未抵押證券、經紀人存款和其他來源。

Credit quality continued to improve to record levels. Nonperforming assets as a percentage of subsidiary assets was [12%] or [0.12] (inaudible) in the current quarter and -- in the current quarter and compared to 0.24% in the prior year first quarter. Net charge-offs as a percentage of loans was 1 basis point.

信貸質量繼續改善至創紀錄水平。本季度不良資產佔子公司資產的百分比為 [12%] 或 [0.12]（聽不清），而去年第一季度為 0.24%。淨註銷佔貸款的百分比為 1 個基點。

The company declared a quarterly dividend of $0.33 per share in the quarter. The company has declared 152 consecutive quarterly dividends and increased the dividend 49 times.

該公司在本季度宣布派發每股 0.33 美元的季度股息。公司已連續152個季度派發股息，並增加股息49次。

Core deposit funding of $20 billion, almost 85% of total funding liabilities ended the quarter at a cost of 23 basis points versus 8 basis points in the prior quarter. Noninterest-bearing deposits were 35% of core deposits at quarter end compared to 37% in the prior quarter. We expect deposits to perform more consistent with historic growth trends going forward with some growth in the second quarter -- in second and third quarters of the year, followed by some outflow in the fourth quarter. Competition for deposits and the cost to attract and retain them will continue to increase. We still anticipate borrowings to slowly decline throughout the year and plan to fund our growth for 2023 primarily by using the quarterly cash flow from our investment portfolio.

核心存款資金 200 億美元，幾乎佔融資負債總額的 85%，本季度末成本為 23 個基點，而上一季度為 8 個基點。季度末無息存款佔核心存款的 35%，而上一季度為 37%。我們預計存款的表現將與未來的歷史增長趨勢更加一致，第二季度會有一些增長——今年第二和第三季度，隨後第四季度會有一些流出。對存款的競爭以及吸引和保留存款的成本將繼續增加。我們仍然預計全年借款將緩慢下降，併計劃主要通過使用我們投資組合的季度現金流為我們 2023 年的增長提供資金。

So we remain confident in the dynamic Western markets we serve and our unique business model to continue to deliver strong results. The Glacier team did another excellent job in the first quarter. Despite the market turmoil, they once again kept their focus on shareholders, customers and communities. So that ends my formal remarks. And I'd now like Catherine to open the line for any questions that our analysts may have.

因此，我們對我們所服務的充滿活力的西方市場和我們獨特的商業模式保持信心，以繼續取得強勁的業績。冰川隊在第一節表現出色。儘管市場動盪，他們再次將重點放在股東、客戶和社區上。我的正式發言到此結束。現在，我希望凱瑟琳能為我們的分析師可能提出的任何問題打開熱線。

(Operator Instructions) Our first question comes from David Feaster with Raymond James.

（操作員說明）我們的第一個問題來自 David Feaster 和 Raymond James。

Maybe if we could just start talking about on the deposit flow side, some of the drivers this quarter. I know last quarter, flows were primarily isolated to some of the top 100 clients or so. Was that the case again this quarter? Are the outflows -- how much -- could you maybe just talk about, too, how much is just from normal seasonality versus clients paying down higher cost of debt or capital purchases or some of the retail borrowers looking for higher rates versus actual fallout from the recent bank failures?

也許如果我們可以開始談論存款流量方面，本季度的一些驅動因素。我知道上個季度，流量主要集中在前 100 名左右的客戶中。本季度是否再次出現這種情況？資金流出——多少——你能不能也談談，有多少是來自正常的季節性與客戶支付更高的債務或資本購買成本，或者一些零售借款人尋求更高的利率與實際影響最近的銀行倒閉？

Sure. Yes. So obviously, we've spent a lot of time looking at deposit and studying inflows and outflows. Byron has done a lot of analysis there. So I'm going to hand it over to Byron to kind of walk you through your -- responding to some of your questions. So Byron, go ahead.

當然。是的。很明顯，我們花了很多時間研究存款和研究流入和流出。拜倫在那裡做了很多分析。所以我將把它交給拜倫來引導你完成你的 - 回答你的一些問題。所以拜倫，繼續。

Sure, David. Appreciate the question. So when we look at our deposit flows, one of the things that I'll include when we talk about our core deposit flows, I'll be including repo, our retail repo in this discussion. Those retail repo accounts are not wholesale funding. They are collateralized accounts. These are our customers. They are core relationships. So when I think of core relationship accounts, I'll be including our retail repo in this discussion.

當然，大衛。感謝這個問題。因此，當我們查看我們的存款流量時，我將在討論我們的核心存款流量時包括其中一件事，我將在這次討論中包括回購，我們的零售回購。這些零售回購賬戶不是批發資金。它們是抵押賬戶。這些是我們的客戶。它們是核心關係。因此，當我想到核心關係賬戶時，我將在本次討論中包括我們的零售回購。

So in the quarter, our core deposits and repo declined roughly $600 million. That was a tremendous improvement over the decline in the fourth quarter. And what I'll do is I'll break this down between the month and kind of track and give you a sense for what happened in January, February, March. So more than 90% of that $600 million outflow happened in January. This was purely rate-driven. This was kind of a continuation of what we saw in the fourth quarter. We did adjust our pricing and retention strategies towards the end of January and became much more proactive in defending those balances. And so once we did that, our deposit and repo balances stabilized in February. And in the month of March, our core deposits and repo balances actually grew. And that was in the face of all that noise and volatility that happened in March with all the noise from Silicon Valley Bank.

因此，在本季度，我們的核心存款和回購減少了大約 6 億美元。與第四季度的下滑相比，這是一個巨大的改善。我要做的是在月份和軌道之間進行分解，讓您了解 1 月、2 月、3 月發生的事情。因此，這 6 億美元的資金流出中有 90% 以上發生在 1 月份。這純粹是利率驅動的。這是我們在第四季度看到的情況的延續。我們確實在 1 月底調整了我們的定價和保留策略，並更加積極主動地捍衛這些平衡。因此，一旦我們這樣做了，我們的存款和回購餘額在 2 月份就穩定下來了。在 3 月份，我們的核心存款和回購餘額實際上有所增長。那是在 3 月份發生的所有噪音和波動以及來自矽谷銀行的所有噪音的情況下。

So our divisions did a fantastic job of stabilizing deposits in February and actually growing deposits in a very difficult, very difficult environment. Now you'll see the impact of that show up in our cost of deposits. They're on the rise and clearly going up. So we do -- we did see some normal seasonality that's typical for us to see some outflow in the first quarter. I would say that, that was kind of accelerated by some rate drivers in January. We put a stop that in February and actually grew in the month of March. So hopefully, that addresses your question.

因此，我們的部門在 2 月份穩定存款方面做得非常出色，實際上在非常困難、非常困難的環境中增加了存款。現在你會看到它對我們存款成本的影響。他們正在上升，而且明顯上升。所以我們這樣做了——我們確實看到了一些正常的季節性，這對於我們在第一季度看到一些資金流出來說是典型的。我想說的是，1 月份的一些利率驅動因素加速了這種情況。我們在 2 月份停止了增長，實際上在 3 月份增長了。希望這能解決您的問題。

Yes. No, that's very helpful. I guess, have you seen that trend persist here early into the second quarter? Have you seen core deposit balances continue to grow? Just curious what the early read is early into the second quarter.

是的。不，這非常有幫助。我想，您是否看到這種趨勢一直持續到第二季度初？您是否看到核心存款餘額繼續增長？只是好奇第二季度初的早期閱讀是什麼。

Very typical tax-related flows. So had a little bit of increase first couple of weeks of April and then some outflows related to tax payments. So nothing outside the ordinary from what we typically see in April.

非常典型的稅收相關流程。因此在 4 月的前幾週出現了一點點增長，然後出現了一些與納稅相關的資金流出。因此，與我們通常在 4 月份看到的情況相比，沒有什麼不尋常的。

So I guess maybe just how do you think about the deposit trajectory from here? It sounds like maybe April is a little bit more outflows from seasonal tax issues. But I mean do you think core deposit balances are kind of at a trough? Or would you expect -- how do you think it plays out through the course of the year? And ultimately, how do you think about the timing of some of the balance sheet and the paydowns of the borrowings?

所以我想也許您如何看待這裡的存款軌跡？聽起來 4 月份可能會因季節性稅收問題而流出更多資金。但我的意思是你認為核心存款餘額處於低谷嗎？或者你會期望——你認為它在一年中的表現如何？最終，您如何看待某些資產負債表的時間安排和借款的償還？

Yes. I would -- trough is a good word right now. I think that's right. I think from here, we'll probably revert back to some of our normal historic flows. Summertime is really strong for us on the deposit front. Fall is still pretty good. And then as winter sits in, we see some outflows. So I would look to -- or I would anticipate some of those kind of seasonal factors influencing our deposit balance. If you look at a typical year for us, where we grow somewhere in the range of 3% to 5%. Given headwinds, I would put us at the low end of that range. And so if I had to put a number on it, between now and the end of the year, potentially we could grow 2% would be my estimation.

是的。我會 - 低谷現在是一個好詞。我認為這是對的。我認為從這裡開始，我們可能會恢復到一些正常的歷史流程。在存款方面，夏季對我們來說真的很強勁。秋天還是不錯的。然後隨著冬天的到來，我們看到一些外流。所以我會關注 - 或者我會預期一些影響我們存款餘額的季節性因素。如果你看看我們典型的一年，我們的增長率在 3% 到 5% 之間。鑑於逆風，我認為我們處於該範圍的低端。因此，如果我必須給出一個數字，從現在到今年年底，我估計我們可能會增長 2%。

Okay. And then just again, thinking about some of the balance sheet side, obviously, we built up some excess liquidity. How do you think about maintaining that liquidity and just thinking about some of the other dynamics with the cash flows from the securities book predominantly funding loan growth probably don't start -- and 2% deposit growth like we were just talking about, probably don't really see the borrowings come down in earnest really until 2024 or maybe early -- late in the year. Is that kind of the right way to think about it?

好的。然後再次考慮資產負債表的一些方面，顯然，我們建立了一些過剩的流動性。你如何看待維持這種流動性，並考慮其他一些動態，證券賬簿的現金流主要為貸款增長提供資金可能不會開始——就像我們剛才談論的那樣 2% 的存款增長，可能不會直到 2024 年或年初——年底，才會真正看到借款真正減少。這種思考方式正確嗎？

I think so. As Randy mentioned, we built a cash balance out of an abundance of caution. I think things are starting to settle down. You could see us release some of that cash that would help us pay down some of the wholesale funding. And then as you pointed out, the cash flow off of the securities portfolio continuing to fund our loan growth. So -- just a little bit, I could see maybe if we release some of this cash, that can put a dent in our wholesale funding, but then it's just chipping away from there through the rest of the year.

我想是這樣。正如蘭迪所提到的，我們出於謹慎考慮建立了現金餘額。我認為事情開始穩定下來。你可以看到我們釋放了一些現金來幫助我們支付一些批發資金。然後正如您所指出的，證券投資組合的現金流繼續為我們的貸款增長提供資金。所以 - 只是一點點，我可以看到如果我們釋放一些現金，這可能會削弱我們的批發資金，但在今年餘下的時間裡它只會逐漸消失。

Okay. And could you remind us of the securities cash flows? I think we talked about $300 million. Is that still the right pace?

好的。你能提醒我們證券現金流嗎？我想我們談到了 3 億美元。那仍然是正確的步伐嗎？

Yes. I think I'm still comfortable with that number for quarterly for the rest of the year.

是的。我想我仍然對今年剩餘時間的季度數字感到滿意。

Our next question comes from Kelly Motta from KBW.

我們的下一個問題來自 KBW 的 Kelly Motta。

Sorry, my model is kind of spinning on me. You guys got some good loan growth this quarter. So it was pretty decent even with the slowdown we've been seeing. What's your pipeline from here? And can you talk about which areas you're seeing the best risk-adjusted returns at this stage?

抱歉，我的模型讓我有點頭暈。你們本季度的貸款增長不錯。因此，即使我們看到了經濟放緩，它也相當不錯。你從這裡開始的管道是什麼？您能否談談您在現階段看到哪些領域的風險調整後回報最好？

Sure. That's another area we spent a lot of time looking at as well. And Tom has studied it very closely. So I'm going to ask Tom to cover your question on growth.

當然。這也是我們花了很多時間研究的另一個領域。湯姆已經非常仔細地研究過它。所以我要請湯姆回答你關於增長的問題。

Yes. I would say, Kelly, the first quarter was a little stronger than expected. I think that's reflective of the strong markets that we operate in through our 8-state footprint in addition to that, the continued strength on our borrowers' balance sheets that we continue to see. I would say, though, that we -- I think we expect growth to continue to slow in the coming quarters. Both customers and certainly our credit officers and our provision banks are continuing to be cautious.

是的。我會說，凱利，第一季度比預期的要強一些。我認為這反映了我們通過我們在 8 個州的足跡經營的強勁市場，除此之外，我們繼續看到借款人資產負債表的持續強勁。不過，我要說的是，我們——我認為我們預計未來幾個季度的增長將繼續放緩。客戶，當然還有我們的信貸員和我們的供應銀行都繼續保持謹慎。

So I would say for the year, we're probably on the low end of the mid-single-digit range. And then in terms of the second part of your question, that's providing us some of the growth drivers and some of the areas where we're getting some very good pricing. Certainly, industrial warehouse has been a good segment for us in the last -- probably the last 1.5 years now, and that continues to show some strength. Multifamily has been good as well, even though we've seen that slow down a little bit. And certainly, the agriculture portfolio provides a very healthy return, especially as a lot of the operating lines are prime-based structures.

所以我想說今年，我們可能處於中個位數範圍的低端。然後就你問題的第二部分而言，這為我們提供了一些增長動力和一些我們獲得非常好的定價的領域。當然，工業倉庫在過去 - 可能是過去 1.5 年 - 對我們來說一直是一個很好的部分，並且繼續顯示出一些實力。多戶家庭也很好，儘管我們已經看到這種情況有所放緩。當然，農業投資組合提供了非常可觀的回報，尤其是因為許多運營線都是基於素數的結構。

And I appreciate all the color as well in the prepared remarks about the granularity of the portfolio and kind of what you're seeing. Credit continues to be stellar with a 120 basis point reserve and where you are, how do you feel from here? What should we be expecting in terms of credit normalization? And anything we should be watching as we look to the year ahead?

在準備好的關於投資組合的粒度和你所看到的內容的評論中，我也很欣賞所有的顏色。信用仍然很好，有 120 個基點的儲備，你在哪裡，你從這裡感覺如何？在信貸正常化方面我們應該期待什麼？展望來年，我們應該注意什麼？

Sure. Barring any changes in -- any significant changes in the economic forecast in the model for changes in portfolio mix or asset quality, I really don't expect much change as a percent of loans. So we keep a close eye on it. We evaluate it every quarter. We're watching the forecast posted. We really haven't seen material deterioration there yet. And certainly, we've got some overlays in the model as well to reflect that. And so as of now, I don't expect much in the way of change.

當然。除非在投資組合組合或資產質量變化模型中的經濟預測發生任何重大變化，否則我真的預計貸款的百分比不會有太大變化。所以我們密切關注它。我們每個季度都會對其進行評估。我們正在觀看發布的預測。我們真的還沒有看到那裡的物質惡化。當然，我們在模型中也有一些疊加層來反映這一點。所以到目前為止，我對改變的方式沒有太大期望。

Got it. And then in your prepared remarks, you had some commentary about M&A. It seems somewhat constructive. Can you provide additional color? Has -- do you expect the -- what's going on in the banking industry and potential headwind starting to motivate some activity? Or is the environment as it is right now still pretty slow?

知道了。然後在您準備好的發言中，您對併購進行了一些評論。這似乎有點建設性。你能提供額外的顏色嗎？有 - 你是否期望 - 銀行業正在發生什麼以及潛在的逆風開始激發一些活動？還是現在的環境仍然很慢？

Sure. Yes. No, you're absolutely right, Kelly. It is slow right now, and it's probably a little difficult to see, but we feel it's going to be good for certain companies. And with our experience in M&A and our strategy, we feel like it will be a very good time for us. A couple things that will -- and of course, you need buyers and sellers to make that happen. But I think that some of these headwinds will weigh on people's decisions on how long to kind of hold their position and wait for a better time.

當然。是的。不，你完全正確，凱利。現在它很慢，而且可能有點難以看到，但我們認為這對某些公司有利。憑藉我們在併購方面的經驗和我們的戰略，我們覺得這對我們來說將是一個非常好的時機。有幾件事會發生——當然，你需要買賣雙方來實現這一點。但我認為，其中一些不利因素會影響人們決定持有多長時間並等待更好的時機。

I think that will bring folks together the ability of scale will be important as some of these headwinds in the industry with expense and a little more headwinds in those areas. And cost, regulatory expense and then deposit costs will, I think, play to our strengths and present some very good opportunities for us. And so we're open for M&A business. We are having some good conversations. And we feel like that will be a very positive and a good way for us to continue income growth during a period where there is some -- certainly some headwinds in the industry.

我認為這將使人們聚集在一起，規模的能力將很重要，因為行業中的一些不利因素是費用和這些領域的更多不利因素。我認為，成本、監管費用和存款成本將發揮我們的優勢，並為我們提供一些非常好的機會。因此，我們對併購業務持開放態度。我們正在進行一些很好的對話。我們覺得這將是一個非常積極的好方法，可以讓我們在這個行業存在一些 - 當然是一些逆風的時期繼續收入增長。

Maybe last question for me on the margin, and I apologize if I missed it, but at 3.08% and your commentary that you're going to fund off securities flows, should we be thinking of this as kind of the trough margin and some expansion from here? Or will these funding pressures continue to kind of maybe have some additional downward pressure in the next couple of quarters?

也許最後一個關於利潤率的問題，如果我錯過了，我深表歉意，但在 3.08% 和你的評論中，你將通過證券流動提供資金，我們是否應該將其視為一種穀底利潤率和一些擴張從這裡？或者這些資金壓力會在未來幾個季度繼續產生一些額外的下行壓力嗎？

Sure. Yes. I mean, margin, obviously, that's really tied to the money cost and where we see that going. And Byron will give you a little more detailed update that or color around the margin.

當然。是的。我的意思是，顯然，利潤率確實與資金成本以及我們看到的情況有關。拜倫會給你一些更詳細的更新，或者在頁邊空白處塗上顏色。

Sure, Kelly. As you saw, our margin in the first quarter came in at 3.08% for the quarter. The best guide I can give you on margin from here would be to look at the March. If you just isolate March within the quarter, that margin was 2.95%. Now I think that's going to be close to the trough. And from here, I would think stable. If you had to pin me down on a range, I would think we would end the full year somewhere in the 2.95% to 3% area in terms of net interest margin.

當然，凱利。如您所見，我們第一季度的利潤率為 3.08%。我可以從這裡給你保證金的最好指南是看三月。如果您僅將 3 月份與該季度分開，則該利潤率為 2.95%。現在我認為這將接近低谷。從這裡開始，我認為穩定。如果你必須把我固定在一個範圍內，我認為就淨息差而言，我們將在 2.95% 至 3% 的範圍內結束全年。

Our next question comes from Jeff Rulis from D.A. Davidson.

我們的下一個問題來自 D.A. 的 Jeff Rulis。戴維森。

I guess as a jump off on that last comment on the margin near 3%. I wanted to understand the assumption of what occurs with the noncore funding sources. Just what is the backdrop in terms of how much you wean off of those sources over the course of the year?

我想這是對接近 3% 的利潤率的最後評論的跳轉。我想了解非核心資金來源發生的情況的假設。就您在這一年中對這些來源的依賴程度而言，背景是什麼？

Sure. So in terms of our wholesale funding balances, we do think that we'll bring that down some over the course of the year to put a number on it. I don't have an estimate for you at this point. But I think it would be a modest decline in wholesale funding between now and the end of the year. The good news is with our participation in the BTFP program, A lot of that wholesale funding cost is essentially locked in for the rest of the year. So regardless of rates -- if the Fed does have some additional hike left, our wholesale funding costs should remain fairly steady from this point on.

當然。因此，就我們的批發資金餘額而言，我們確實認為我們會在這一年中將其降低一些以對其進行統計。我現在沒有給你的估計。但我認為，從現在到今年年底，批發融資將略有下降。好消息是我們參與了 BTFP 計劃，很多批發融資成本基本上都鎖定在今年剩餘時間裡。因此，無論利率如何——如果美聯儲確實還有一些額外的加息，我們的批發融資成本從現在開始應該保持相當穩定。

Okay. And just to try to understand the strategy, maybe just a sense for what is it that you need to see to kind of -- not that you've got it all clear, but you've talked about operating at an abundance of caution. You see real time what your deposit balances have done really not reactionary to sort of the news of the day. So just trying to get a sense for what would be the hesitation to run that loan-to-deposit ratio up begin to kind of lean into what is a franchise strength is amongst peers, you see outflows, you see ramping costs. Just trying to get a sense for -- what do you need to see to go maybe quicker off of those wholesale borrowings to maybe prop up the top line a bit.

好的。只是為了理解戰略，也許只是對你需要看到的東西的一種感覺——並不是說你已經完全清楚了，但你已經談到了謹慎行事。您可以實時看到您的存款餘額對當天的新聞沒有任何反應。因此，只是想了解提高貸存比的猶豫是什麼，開始有點傾向於了解同行之間的特許經營實力，你會看到資金外流，你會看到成本上升。只是想了解一下——你需要看到什麼才能更快地擺脫那些批發借款，從而稍微支撐一下收入。

Back to loan-to-deposit ratio. Clearly, it's on the way up. We've talked internally about comfort zone. I could see us going into the [end of] the high 80s in -- with regard to loan-to-deposit ratio. We just have to see what the lending opportunities look like in order for us to get there and what the funding requirements, those lending opportunities present. And that will really determine our funding strategy from there.

回到貸存比。很明顯，它正在上升。我們在內部討論過舒適區。我可以看到我們進入了 80 年代的高點——關於貸存比。我們只需要看看貸款機會是什麼樣的，以便我們到達那裡，以及這些貸款機會存在的資金要求是什麼。這將真正決定我們的資金戰略。

Yes. Jeff, I think the deposit flows will be a big driver of that, and there's going to be a lot of competition from deposits. We talked about our view in terms of seeing some return to more of the lower end of the historic range. That's going to be the bigger determinant as well as on balance sheet liquidity in the form of cash just how much of that. And when they all clear, whistle blows, that's been a moving target. And so I think we're feeling that -- actually good about the second quarter. So we'll see how -- if there's any other external events that changed that. But I think that -- to answer your question on where the wholesale funding balances go, really going to be driven by deposit flows.

是的。傑夫，我認為存款流量將是其中的一個重要推動力，而且存款會帶來很多競爭。我們談到了我們的觀點，即看到一些回歸到歷史範圍的低端。這將是更大的決定因素，以及現金形式的資產負債表流動性究竟有多少。當他們全部清除，哨聲響起時，那是一個移動的目標。所以我認為我們感覺 - 第二季度實際上很好。所以我們將看看如何 - 如果有任何其他外部事件改變了它。但我認為 - 回答你關於批發資金餘額去向的問題，實際上將由存款流量驅動。

Okay. Okay. And just one other topic. I wanted to hop to the expense run rate, i.e., in the release, it sounds like kind of pleased given the inflation backdrop that keeping that growth managed. Expectations for the you get through a seasonal Q1, but just expectations for expense management over the course of the year would be helpful.

好的。好的。還有一個話題。我想跳到費用運行率，即在發布中，考慮到保持增長的通脹背景，這聽起來有點高興。對您度過季節性 Q1 的期望，但僅對全年費用管理的期望會有所幫助。

Yes. This is Ron. I appreciate the question. So the guide we gave coming out of the fourth quarter call was [$136 million to $138 million] and expecting it to be higher towards that [$138 million]. I'll give you the new guidance, but I want to give a backdrop to why it came in lower and credit to our divisions, particularly. So the guide will be for the remaining quarters of this year, $135 million to $137 million. And let me focus on components of the current quarter, noninterest expense. So our compensation is the biggest component, 60% of it.

是的。這是羅恩。我很欣賞這個問題。因此，我們在第四季度電話會議中給出的指南是 [1.36 億美元至 1.38 億美元]，並預計它會更高 [1.38 億美元]。我會給你新的指導，但我想給出一個背景，說明為什麼它會降低，特別是我們部門的功勞。因此，今年剩餘季度的指南將是 1.35 億美元至 1.37 億美元。讓我關注本季度的組成部分，即非利息支出。所以我們的薪酬是最大的組成部分，60%。

And on Page 2 of the earnings release, you can see that our FTEs were flat. And then when you look at our FTE compared to the year ago, we're down 49. And so what that reflects is the staffing levels as we are doing more with less, it really reflects the efficiencies, operational efficiencies we're getting from our technology platform, again, everybody realizing we can do better with less. The headcount over that same time period year-over-year has come down 20. But I think the divisions have a very, very good handle. Again, no (inaudible) came from us. They're making the decisions that are right for their market. Again, compensation, the primary driver of our noninterest expense.

在收益發布的第 2 頁，您可以看到我們的 FTE 持平。然後當你看看我們的 FTE 與一年前相比，我們下降了 49。所以這反映了人員配置水平，因為我們用更少的錢做更多的事情，它真正反映了我們從中獲得的效率和運營效率我們的技術平台，再次，每個人都意識到我們可以事半功倍。同一時期的員工人數同比減少了 20 人。但我認為這些部門的處理能力非常非常好。同樣，沒有（聽不清）來自我們。他們正在做出適合其市場的決策。同樣，薪酬是我們非利息支出的主要驅動力。

I just want to comment on the regulatory assessments. That's at 43%. While it only accounts for 4% of the noninterest expense, I mean, it's uniform. The FDIC has adjusted it for all banks. And so we're certainly caught up in that as well. And then lastly, our other expenses, excluding the M&A, really pretty flat. So I feel pretty good about where the guide is from $135 million to $137 million. I say that because while we were very, very good at controlling expenses, we're still seeing across the various expense categories, inflationary pressures. And so I'm just leaving that there. Thank you.

我只想評論監管評估。那是 43%。雖然它只佔非利息支出的 4%，但我的意思是，它是統一的。 FDIC 已針對所有銀行進行了調整。所以我們當然也被捲入其中。最後，我們的其他費用，不包括併購，真的很平穩。因此，我對指南從 1.35 億美元到 1.37 億美元的位置感到非常滿意。我這麼說是因為雖然我們非常非常擅長控制開支，但我們仍然看到各種開支類別、通貨膨脹壓力。所以我就把它留在那裡。謝謝。

Our next question comes from Brandon King with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Brandon King。

Could you just give us your thinking and thought process around not being more aggressive as far as pricing your core deposits instead of tapping higher cost wholesale funding? Just optically, your deposit costs are much lower than peers, and I know historically that's kind of always been the case. But I just wanted to get a better sense of what the thought process is there strategically.

你能不能告訴我們你的想法和思考過程，而不是在定價核心存款方面更激進，而不是利用更高成本的批發融資？從視覺上看，您的存款成本比同行低得多，而且我知道歷史上一直都是這種情況。但我只是想更好地了解戰略上的思維過程。

Sure. I can give you my thoughts, and then Byron may want to add to it. The -- I guess just to step back in some context, we went through a decade of 0 to low rates. And so there was a little muscle memory that had to be developed in terms of competing for deposits. And I think that's what we saw in the fourth quarter and to some extent in January. But Byron's commentary, once we said enough, within a week, the deposits stabilize and then actually grew.

當然。我可以告訴你我的想法，然後拜倫可能想補充。 - 我想只是為了在某些情況下退後一步，我們經歷了 0 到低利率的十年。因此，在爭奪存款方面，必須培養一點肌肉記憶。我認為這就是我們在第四季度和一月份在某種程度上看到的情況。但是拜倫的評論，一旦我們說得足夠多，一周之內，存款就會穩定下來，然後實際上會增長。

So I think Brandon is as simple as that. It's -- we had been in a mode for a decade of operating in one environment, it shifted pretty quickly. And I think we're squarely now out to retain and defend the deposits and keep them with our relationships.

所以我認為布蘭登就是這麼簡單。它是 - 我們一直處於一種模式，在一個環境中運營了十年，它轉變得非常快。而且我認為我們現在正準備保留和捍衛存款並將它們保留在我們的關係中。

Okay. And would you care to share what the spot deposit rate was at the end of the quarter?

好的。您願意分享本季度末的即期存款利率嗎？

I can give you the average rate for the month of March was 36 basis points.

我可以告訴你 3 月份的平均利率是 36 個基點。

Okay. And final question, I know there's been kind of growing consternation about the work-from-home trend kind of almost ending from here and not being as prevalent. So could you just give us an update on what the in-migration trends are there in your footprint and also just a sense of how housing has performed and if there's any notable trends there based off of the increases over the last couple of years, especially post-pandemic?

好的。最後一個問題，我知道人們越來越擔心在家工作的趨勢幾乎從這裡結束並且不再流行。那麼，您能否向我們介紹一下您足跡中的移民趨勢的最新情況，以及住房的表現如何，以及根據過去幾年的增長是否有任何顯著趨勢，尤其是大流行後？

Yes. We continue to see migration across all our markets. It slowed down, but it's still continuing. The return to work, I think a number of the people that have made the move decided not to return to work, and we see some folks staying put. We have not seen any kind of material outflow. We still have housing shortage across almost all our markets. Prices have held in pretty stable. So we don't see a lot of disruption there despite the bigger kind of work. Return to work has not really materially changed those dynamics.

是的。我們繼續看到我們所有市場的遷移。它放慢了速度，但仍在繼續。重返工作崗位，我認為許多已經採取行動的人決定不重返工作崗位，我們看到一些人留在原地。我們沒有看到任何形式的物質流出。我們幾乎所有的市場仍然存在住房短缺問題。價格一直保持相當穩定。因此，儘管工作量更大，但我們在那裡並沒有看到太多干擾。重返工作崗位並沒有真正實質性地改變這些動態。

And we have a question from Andrew Terrell from Stephens.

Stephens 的 Andrew Terrell 提出了一個問題。

Questions. If I could start just on the margin as well. And Byron, I appreciate all the color around the deposits and the kind of pricing strategy there. It's all really helpful. I maybe just wanted to get a sense from you on deposit beta expectations. I know in the past, we've kind of talked around -- I think, around 15% total deposit beta through the cycle. But it felt like maybe outperformed that expectation. I was hoping to get a sense of whether you still thought 15% just given the pricing changes that were made recently, if you still like 15% through the cycle for total deposit beta is kind of the expectation or if there was a chance you could comment above that.

問題。如果我也能從邊緣開始。而拜倫，我欣賞存款周圍的所有顏色以及那裡的定價策略。這一切都非常有幫助。我可能只是想從您那裡了解一下存款貝塔預期。我知道過去，我們討論過——我認為，整個週期的總存款貝塔值約為 15%。但感覺可能超出了預期。我希望了解你是否仍然認為 15% 只是考慮到最近的定價變化，如果你仍然喜歡整個週期中 15% 的總存款 beta 是一種預期，或者你是否有機會上面的評論。

Sure. We're still using 15% for our through-the-cycle beta for total deposits. We still think that's a good estimate. It really depends on the Federal Reserve and kind of what rates -- what happens from here. If we see higher for longer, that is a scenario where I think, clearly, we'll have to push through that 15% beta to retain deposit balances. If you believe market expectations and the Fed begins to cut towards the back half of this year, that's a scenario where I think we could maintain and hold to that 15% beta number. So it really depends on what the Fed does from here. But what we're using, we're still using that 15% number in our estimate.

當然。我們仍然使用 15% 作為總存款的整個週期 beta。我們仍然認為這是一個很好的估計。這真的取決於美聯儲和什麼樣的利率——從這裡會發生什麼。如果我們看到更高的時間更長，那麼我認為很明顯，我們將不得不推動 15% 的 beta 以保留存款餘額。如果您相信市場預期並且美聯儲在今年下半年開始降息，那麼我認為我們可以維持並保持 15% 的貝塔值。所以這真的取決於美聯儲從這裡做什麼。但是我們正在使用的是，我們在估計中仍然使用 15% 的數字。

Yes. Okay. And then maybe just following up on that point. When we look out of the forward curve, there's obviously some cuts baked in starting later this year. And I think, Randy, you might have mentioned in prepared remarks around the bias of the balance sheet being maybe a bit liability-sensitive. But could we maybe put just like finer point on that? And I know there's a lot of moving parts. But as we look out into late this year, early next year, how do you think the margin responds as they start to [contemplate] rate cuts?

是的。好的。然後也許只是跟進這一點。當我們從遠期曲線看時，顯然會在今年晚些時候開始進行一些削減。我認為，蘭迪，你可能已經在準備好的評論中提到資產負債表的偏差可能對負債敏感。但我們是否可以對此提出更精細的觀點？我知道有很多活動部件。但當我們展望今年年底、明年年初時，您認為當他們開始 [考慮] 降息時利潤率會如何反應？

I think the margin will do well in -- with rate cuts. One of the things that -- when we talk about liability-sensitive, it's just modestly liability sensitive. When we ran our models for -- at year-end, we were fairly neutral. We did make an adjustment to our March 31 model with the rate shocks. And so again, kind of the base case, 15%, I think, is still a good guide. But we do recognize that a lot of the lag capacity that we have had has been used up in our deposits -- in our deposit base.

我認為利潤率會在降息的情況下表現良好。其中一件事 - 當我們談論責任敏感時，它只是適度的責任敏感。當我們在年底運行我們的模型時，我們相當中立。我們確實對 3 月 31 日的模型進行了利率衝擊調整。再次強調，我認為 15% 的基本情況仍然是一個很好的指導。但我們確實認識到，我們擁有的許多滯後能力已經在我們的存款中——在我們的存款基礎中——用完了。

And so talking about up 100, up 200 from here, I think we -- our deposit costs will be more sensitive to those types. And so when we're talking about shock, we did dial up our beta sensitivity in the shock scenarios, creating the liability-sensitive overall result.

因此，從這裡談論 100、200，我認為我們 - 我們的存款成本將對這些類型更加敏感。因此，當我們談論衝擊時，我們確實在衝擊場景中調高了我們的貝塔敏感度，創造了對責任敏感的整體結果。

Yes. okay. Makes sense. And just to clarify, does that -- the 15% total beta expectation, does that include the customer repo deposits as well?

是的。好的。說得通。澄清一下，15% 的總貝塔預期是否也包括客戶回購存款？

No. That total deposit costs and -- excludes the repo account. I appreciate the clarification. Thank you.

不。總存款成本和 - 不包括回購賬戶。感謝您的澄清。謝謝。

Got it. And if I could ask just 2 more quick modeling-related questions. Do you have the -- for the new loan production this quarter, the weighted average loan yields and then also -- or the weighted average kind of incremental loan yield and then expectations on the tax rate moving forward.

知道了。如果我能再問 2 個與建模相關的快速問題。你有沒有——對於本季度的新貸款生產，加權平均貸款收益率，然後還有——或者加權平均類型的增量貸款收益率，然後是對未來稅率的預期。

Yes. Andrew, on the production rates for Q1, it was 6.96.

是的。安德魯，關於第一季度的生產率，它是 6.96。

And then Andrew, Ron here. So on the tax rate, I would use 18%. I know it was low this quarter, but expecting this to build, but I would use 18%.

然後是安德魯，這裡是羅恩。所以在稅率上，我會使用 18%。我知道這個季度很低，但預計會增加，但我會使用 18%。

Our question comes from Matthew Clark with Piper Sandler.

我們的問題來自 Matthew Clark 和 Piper Sandler。

Maybe just on expenses and just overall efficiency. Given kind of the change maybe culturally or just with the new rate environment have to compete a little more on deposits. When you think about that targeted efficiency ratio longer-term of 54%, 55%. I mean, it doesn't seem like we're going to be in that range this year. But is there some -- do you feel like that might not be realistic going forward just given the need to kind of pay up or retain deposits in this environment?

也許只是費用和整體效率。考慮到某種變化，可能在文化上或只是在新的利率環境下，必須在存款方面進行更多競爭。當您考慮長期目標效率比為 54%、55% 時。我的意思是，我們今年似乎不會在那個範圍內。但是否有一些 - 鑑於需要在這種環境下支付或保留存款，您是否覺得未來可能不現實？

Yes. I may have some comments. The -- but you're absolutely right, the way you're looking at it right now. I think the -- there are a number -- and we've spoken about them. We have a number of efficiency initiatives through our technology platforms that we're spending a lot of time with. I think that that's probably going to be beneficial. And we're still really dialing in that ability to get back in that 54%, 55% range, which is our goal. We do have some tools to get there. And that's, I think, your outlook though, on this year. That's really a question for next year. Ron, did you want to add anything?

是的。我可能有一些意見。的 - 但你是絕對正確的，你現在看待它的方式。我認為 - 有很多 - 我們已經談論過它們。我們通過我們花費大量時間的技術平台製定了許多效率計劃。我認為這可能會有好處。我們仍在努力恢復 54%、55% 的範圍，這是我們的目標。我們確實有一些工具可以到達那裡。我認為，這就是您對今年的展望。這真的是明年的問題。羅恩，你想補充什麼嗎？

Well, so it will be sensitive, too, as Byron was saying. It depends on do we get the rate cuts or do we get further rate hikes that because the bigger component, the more impactful component this quarter was the net interest income. And so while we're doing great on the noninterest expense, it's largely driven by that. But yes, it will be elevated this year, the efficiency ratio.

嗯，所以它也會很敏感，就像拜倫所說的那樣。這取決於我們是降息還是進一步加息，因為本季度更大、影響更大的部分是淨利息收入。因此，雖然我們在非利息支出方面做得很好，但這在很大程度上是由它驅動的。但是，是的，今年效率比將有所提高。

Okay. And then just shifting gears to office exposure. I know you guys are in a lot more rural markets than most probably a little more insulated, but still some uncertainty around how rural office, I think, does longer-term. Can you just quantify your exposure there? And any characteristics you'd like to highlight and what the associated reserve is on that exposure?

好的。然後只是換檔到辦公室曝光。我知道你們在更多的農村市場比大多數人可能更絕緣，但我認為農村辦公室的長期表現仍然存在一些不確定性。你能量化你在那裡的曝光率嗎？您想強調的任何特徵以及該風險敞口的相關儲備是什麼？

Yes. Matthew, it's Tom. Total exposures, around about 9.6% of the total portfolio. But as Randy mentioned, that's -- the average is quite small, about 600,000 scattered across all the states. And there's immaterial exposure to the downtown business district. So in terms of your -- you mentioned kind of the long-term impact. I think that's the unknown with the office book. The impact is some of this larger office CRE that [located] in the downtown business district, if that goes sideways, it will have the long-term cascading effect on valuations going forward. But that will be the -- that's the question yet to be answered.

是的。馬修，是湯姆。總敞口，約佔總投資組合的 9.6%。但正如 Randy 所提到的，那是 - 平均值非常小，大約 600,000 分散在所有州。並且與市中心商業區的接觸並不重要。所以就你而言 - 你提到了一種長期影響。我認為這就是辦公簿的未知數。影響是 [位於] 市中心商業區的一些大型寫字樓 CRE，如果橫向發展，它將對未來的估值產生長期的連鎖效應。但這將是——這是尚未回答的問題。

But what I will say is, and I think I've mentioned it before, about 4 years ago, we implemented an additional underwriting requirement. In addition to lesser loan-to-value cost and debt service coverage ratio, we also underwrite a debt yield, meaning that -- and for office, and it varies by geography and asset class. But typically, for office, that minimum threshold is 10%.

但我要說的是，我想我之前已經提到過，大約 4 年前，我們實施了一項額外的承保要求。除了較低的貸款價值成本和償債覆蓋率外，我們還承保債務收益率，這意味著——對於辦公室來說，它因地域和資產類別而異。但通常，對於辦公室來說，最低門檻是 10%。

And so as cap rates came down through this cycle, what that dictated was more cash equity coming into purchases. So to your point, I think it's fairly well insulated to market disruption. Average LTV on that book is below 60%. And we keep a pretty close eye on it. We keep monitoring it. Right now, it's outperforming the rest of the [CRE book]. And as I mentioned, some of the disruptions in the city center offices, thus far had a positive effect on our type of office that we have. So it's been a unique dynamic over the past few quarters.

因此，隨著資本化率在這個週期中下降，這就要求更多的現金股權進入購買。因此，就您的觀點而言，我認為它可以很好地不受市場干擾的影響。那本書的平均 LTV 低於 60%。我們非常密切地關注它。我們一直在監視它。現在，它的表現優於 [CRE 書] 的其餘部分。正如我所提到的，到目前為止，市中心辦公室的一些中斷對我們現有的辦公室類型產生了積極影響。因此，在過去幾個季度中，這是一種獨特的動態。

And our next question is a follow-up from Kelly Motta from KBW.

我們的下一個問題是來自 KBW 的 Kelly Motta 的跟進。

But my questions are asked and answered at this point.

但是此時我的問題被提出並得到了回答。

And I'm showing no other questions in the queue. I'd like to turn the call back to management for any closing remarks.

我不會在隊列中顯示其他問題。我想將電話轉回管理層以獲取任何結束語。

All right. Catherine, thank you very much. We want to thank everybody again for dialing in to our call today. We hope everyone has a great Friday and a great weekend. Thank you.

好的。凱瑟琳，非常感謝你。我們要再次感謝大家今天撥入我們的電話。我們希望每個人都有一個愉快的星期五和一個愉快的周末。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。