Pinnacle Financial Partners Inc (PNFP) 2023 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Pinnacle Financial Partners First Quarter 2023 Earnings Conference Call. Hosting the call today from Pinnacle Financial Partners is Mr. Terry Turner, Chief Executive Officer; and Mr. Harold Carpenter, Chief Financial Officer. Please note, Pinnacle's earnings release and this morning's presentation are available on the Investor Relations page of their website at www.pnfp.com. Today's call is being recorded and will be available for replay on Pinnacle Financial's website for the next 90 days. (Operator Instructions)

各位早上好，歡迎來到 Pinnacle Financial Partners 2023 年第一季度收益電話會議。今天主持 Pinnacle Financial Partners 電話會議的是首席執行官 Terry Turner 先生；以及首席財務官 Harold Carpenter 先生。請注意，Pinnacle 的收益發布和今天上午的演示文稿可在其網站 www.pnfp.com 的投資者關係頁面上獲取。今天的通話正在錄製中，未來 90 天內可以在 Pinnacle Financial 的網站上重播。 （操作員說明）

During this presentation, we may make comments which may constitute forward-looking statements. All forward-looking statements are subject to risks, uncertainties and other facts that may cause the actual results, performance or achievements of Pinnacle Financial to differ materially from any results expressed or implied by such forward-looking statements. Many of such factors are beyond Pinnacle Financial's ability to control or predict, and listeners are cautioned not to put undue reliance on such forward-looking statements. A more detailed description of these and other risks is contained in Pinnacle Financial's annual report on Form 10-K for the year ended December 31, 2022, and its subsequently filed quarterly reports.

在此演示過程中，我們可能會發表可能構成前瞻性陳述的評論。所有前瞻性陳述均受風險、不確定性和其他事實的影響，這些風險、不確定性和其他事實可能導致 Pinnacle Financial 的實際結果、業績或成就與此類前瞻性陳述明示或暗示的任何結果存在重大差異。許多此類因素超出了 Pinnacle Financial 的控製或預測能力，並告誡聽眾不要過分依賴此類前瞻性陳述。 Pinnacle Financial 截至 2022 年 12 月 31 日止年度的 10-K 表格年度報告及其隨後提交的季度報告中包含對這些風險和其他風險的更詳細描述。

Pinnacle Financial disclaims any obligation to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise. In addition, these remarks may include certain non-GAAP financial measures as defined by SEC Regulation G. A presentation of the most directly comparable GAAP financial measures and a reconciliation of the non-GAAP measures to comparable GAAP measures will be available on Pinnacle Financial's website at www.pnfp.com.

Pinnacle Financial 不承擔任何更新或修改本演示文稿中包含的任何前瞻性陳述的義務，無論是由於新信息、未來事件還是其他原因。此外，這些評論可能包括 SEC 法規 G 定義的某些非 GAAP 財務指標。最直接可比的 GAAP 財務指標的介紹以及非 GAAP 指標與可比的 GAAP 指標的對賬將在 Pinnacle Financial 的網站上提供在 www.pnfp.com。

With that, I'm now going to turn the presentation over to Mr. Terry Turner, Pinnacle's President and CEO.

說到這裡，我現在要將演示文稿交給 Pinnacle 總裁兼首席執行官特里·特納 (Terry Turner) 先生。

Thank you, operator. Good morning. As you've seen, first quarter was a very strong quarter for PNFP with outsized loan and deposit growth, even in a difficult economic environment, which I believe is linked to our client-centric approach to the market. Much has been written and spoken, I suppose, within the last month or so about whether regional banks like ours could withstand the inevitable movement of deposits up to the money center banks. So I believe we have now answered that question. We have begun every call for years with this snapshot of our quarterly performance.

謝謝你，運營商。早上好。正如您所見，第一季度對於 PNFP 來說是一個非常強勁的季度，即使在困難的經濟環境下，貸款和存款也有大幅增長，我認為這與我們以客戶為中心的市場方法有關。我想，在過去一個月左右的時間裡，關於像我們這樣的地區性銀行是否能夠承受存款不可避免地流向貨幣中心銀行的問題，已經寫了很多，也談了很多。所以我相信我們現在已經回答了這個問題。多年來，我們的每一次通話都是以我們季度業績的快照開始的。

We choose the 4-year quarterly format with intend to showcase in the long-term reliability of our performance on the metrics that we think matter through the cycle. At the bottom of the slide, you can see that asset quality continues to be extremely strong with nonperforming assets, classified assets and net charge-offs continuing to operate well beneath the 4-year median, which represents a period of exceptional asset quality. It's honestly hard to imagine how I could get any better than that.

我們選擇 4 年季度格式，旨在展示我們在整個週期中認為重要的指標的績效長期可靠性。在幻燈片的底部，您可以看到資產質量繼續非常強勁，不良資產、分類資產和淨沖銷繼續遠低於 4 年中值，這代表了一段資產質量異常的時期。老實說，很難想像我怎麼能比這更好。

PNFP has repeatedly been recognized by Greenwich Associates as having one of the best brands in the country. According to Greenwich, PNFP stands out in the areas of being #1 trustworthy; and #2, easy to do business with. That's an incredibly powerful position to own in these turbulent times. PNFP has the #1 Net Promoter Score in our footprint among businesses with annual revenues from $1 million to $500 million.

PNFP 多次被 Greenwich Associates 評為美國最佳品牌之一。根據 Greenwich 的說法，PNFP 在值得信賴的領域排名第一；和＃2，容易做生意。在這些動蕩的時代，這是一個非常強大的位置。在年收入從 100 萬美元到 5 億美元的企業中，PNFP 在我們的足跡中排名第一。

Raving fans are always invaluable, but never more than at times like these. It's just hard to leave a bank that you love and trust. Our ability to leverage the brand to attract the best and most experienced bankers away from our larger national and regional competitors and ever-increasing numbers each of the last several years continues to contribute meaningfully to outsized growth.

狂熱的粉絲總是無價的，但從來沒有比現在更重要的了。離開您喜愛和信任的銀行真的很難。我們利用品牌吸引最優秀和最有經驗的銀行家遠離我們更大的國家和地區競爭對手的能力，以及過去幾年每年不斷增加的人數繼續為超額增長做出有意義的貢獻。

The primary source of the growth is market share movement as these new recruits consolidate their loan and deposit volumes to PNFP, decreasing our reliance on economic tailwinds. It looks like to me that first quarter of '23 was a dramatic demonstration of the power of a differentiated brand as evidenced by a 17% annualized loan growth, 14% annualized deposit growth, 17% year-over-year revenue growth, 30% year-over-year net interest income growth.

增長的主要來源是市場份額的變化，因為這些新成員將他們的貸款和存款量整合到 PNFP，減少了我們對經濟順風的依賴。在我看來，23 年第一季度戲劇性地展示了差異化品牌的力量，年化貸款增長率為 17%，年化存款增長率為 14%，收入同比增長率為 17%，收入增長率為 30%。淨利息收入同比增長。

So with that as an introduction, let me turn it over to Harold for a more in-depth review of the quarter.

因此，作為介紹，讓我將其轉交給哈羅德，以便對本季度進行更深入的審查。

Thanks, Terry. Good morning, everybody. I've got a few new slides this morning, so I'll move quickly through the usual slides to give time for the new information. We've elected to start with deposits. Reporting linked quarter growth of 13% in the first quarter was a real positive for us. Obviously, growing deposits at a reasonable price in 2023 is the key focus. We continue to build out our deposit gathering franchise around HSA, Community Housing Association, nonprofits and others, and we believe we are making headway with these and other special deposit initiatives.

謝謝，特里。大家早上好。今天早上我有幾張新幻燈片，所以我將快速瀏覽通常的幻燈片，以便有時間了解新信息。我們選擇從存款開始。報告第一季度 13% 的相關季度增長率對我們來說是一個真正的積極因素。顯然，2023年以合理價格增加存款是重點。我們繼續圍繞 HSA、社區住房協會、非營利組織和其他機構建立我們的存款收集特許經營權，我們相信我們正在通過這些和其他特殊存款計劃取得進展。

Our cumulative deposit beta stands at 46% through March 31. The last 2 rate hikes have seen more cost increases in relation to the earlier rate hikes. We do have some confidence that our client base appreciates the fact that we've been fairly consistent in our approach to deposit cost increases while competitors are, in some cases, just now beginning to experience a rapid increase in deposit cost.

截至 3 月 31 日，我們的累計存款貝塔係數為 46%。與之前的加息相比，最近兩次加息的成本增加更多。我們確實有信心，我們的客戶群欣賞我們在存款成本增加方面一直相當一致的事實，而在某些情況下，競爭對手剛剛開始經歷存款成本的快速增長。

This is one of our new slides. It's about addressing many of the hot topics that have come around as a result of the Silicon Valley and Signature Bank failures. We could not be more proud of our relationship managers, our support units and how everyone answered the call when all of a sudden, we were having to defend our franchise like never before. We armed our people with timely and relevant information and they use that as well as years of relationship building to call the deposit base that was jolted by the payer of the 2 franchises as well as all of the media attention that came with the failure of these 2 very unique franchises.

這是我們的新幻燈片之一。它是關於解決因矽谷和 Signature Bank 倒閉而出現的許多熱門話題。我們為我們的客戶經理、我們的支持部門以及每個人如何突然響應號召感到無比自豪，我們不得不以前所未有的方式捍衛我們的特許經營權。我們用及時和相關的信息武裝我們的員工，他們利用這些信息以及多年建立的關係來調用被 2 個特許經營權的付款人震撼的存款基礎，以及這些失敗帶來的所有媒體關注2個非常獨特的特許經營權。

As uninsured deposits, the chart at the top left is our trend for uninsured and uncollateralized deposits for the last few years, going back to pre-COVID. The important trend here is the drop of 6% in the first quarter. Most of that is attributable to increased level of reciprocal deposits that we offer those depositors that request increased FDIC coverage. This is a product that we've offered for more than a decade.

作為無保險存款，左上角的圖表是我們過去幾年無保險和無抵押存款的趨勢，可以追溯到 COVID 之前。這裡的重要趨勢是第一季度下降了 6%。其中大部分歸因於我們為那些要求增加 FDIC 覆蓋範圍的儲戶提供的互惠存款水平提高。這是我們提供了十多年的產品。

Our firm is focused on providing several alternatives to support deposits that may require additional support. All in, we've traditionally been about a median performer on uninsured depositors to our peer group. Hand in hand with our uninsured deposit position is our liquidity position. We currently calculate that we have enough liquidity available to us to provide about 155% coverage of our $18.8 billion or approximately $12 billion in uninsured deposits.

我們公司專注於提供多種替代方案來支持可能需要額外支持的存款。總而言之，我們傳統上一直是我們同行群體中未投保存款人的中等表現。與我們的未保險存款頭寸並駕齊驅的是我們的流動性頭寸。我們目前計算出，我們有足夠的流動性可以為我們的 188 億美元或約 120 億美元的未投保存款提供約 155% 的覆蓋率。

There is also much interest given the FDIC insurance discussion about deposit account sizes. We were hovering around $80,000 per deposit account for the last 2 years or so. The table embedded in the chart breaks out commercial versus consumer sizes and trends below. During COVID, commercial balances increased meaningfully likely due to PPP, clients retaining more dollars to counter perceive higher risks going forward as well as building cash balances due to a fairly strong economic environment at least for our client base.

鑑於 FDIC 保險對存款賬戶規模的討論，也引起了很大興趣。在過去 2 年左右的時間裡，我們的每個存款賬戶都徘徊在 80,000 美元左右。圖表中嵌入的表格在下面分解了商業與消費者的規模和趨勢。在 COVID 期間，商業餘額可能由於購買力平價而顯著增加，客戶保留更多美元以應對未來更高的風險，並由於至少對我們的客戶群而言相當強勁的經濟環境而建立現金餘額。

As to deposit mix shift in the bottom right chart, we are seeing depositors move more noninterest-bearing and lower-yielding interest accounts into higher interest rate products since the second quarter of last year. We're at around 25% noninterest-bearing to total deposits. Our financial plan contemplates further decreases through the rest of 2023, but no one really knows where it will end up. We likely will be into the pre-COVID levels below 20%, as noted on the chart before year-end.

至於右下圖中的存款組合轉變，我們看到儲戶自去年第二季度以來將更多的無息和低收益利息賬戶轉移到更高利率的產品中。我們的無息存款佔總存款的 25% 左右。我們的財務計劃考慮在 2023 年剩餘時間內進一步減少，但沒有人真正知道它會在哪裡結束。我們可能會在年底前達到 20% 以下的 COVID 前水平。

Right after the bank failures in mid-March, we began tracking our 200 largest uninsured depositors to determine how they manage their deposit balances going back to just prior to the Silicon Valley failure, call it March 10 through the end of last week. Those 200 deposits comprise about $3.9 billion in deposits as of March 10, with the smallest deposit account being around $9 million.

在 3 月中旬銀行倒閉之後，我們立即開始追踪 200 位最大的未投保儲戶，以確定他們如何管理存款餘額，這些存款餘額可以追溯到矽谷倒閉之前，也就是 3 月 10 日到上週末。截至 3 月 10 日，這 200 筆存款包括約 39 億美元的存款，最小的存款賬戶約為 900 萬美元。

We began contacting relationship managers to find out what changes were happening during this critical time. We identified transactions of about $45 million that went to brokerage account or a large cap bank under what appeared to be applied to safety and something that was not anticipated prior to March 10. As of the end of last week, those same deposits had about $3.9 billion in deposits, which was up slightly from the $3.9 billion that was there at March 10.

我們開始聯繫客戶經理，了解在這個關鍵時刻發生了什麼變化。我們確定了大約 4500 萬美元的交易，這些交易進入了經紀賬戶或大型銀行，這些交易似乎適用於安全措施，並且在 3 月 10 日之前沒有預料到。截至上週末，這些相同的存款約為 3.9 美元億美元的存款，略高於 3 月 10 日的 39 億美元。

Lastly, we've been able to specifically identify about $200 million in inbound deposits from Silicon Valley and Signature Bank. Obviously, those were new accounts that were not in the top 200 as of March 10. Given our strong first quarter results on deposits, we believe our deposit base remains very resilient and our deposit growth guidance we offered last quarter remains intact at high single to low double-digit growth for the year.

最後，我們已經能夠具體確定來自矽谷和 Signature Bank 的約 2 億美元的入境存款。顯然，截至 3 月 10 日，這些新賬戶不在前 200 名之列。鑑於我們第一季度的存款業績強勁，我們認為我們的存款基礎仍然非常有彈性，我們上個季度提供的存款增長指引保持不變，保持在高位至年低兩位數增長。

The first quarter was another strong loan growth quarter for us. We are lowering our loan guidance for this year slightly to low to mid-teens growth from mid-teens growth. As we noted in the release last night, we tightened the credit box for construction and certain CRE categories plus adding the incremental weakening of the macro environment, we are often put a lower loan growth guidance this trip.

第一季度對我們來說是又一個強勁的貸款增長季度。我們將今年的貸款指引從十幾歲中期的增長略微降低到十幾歲中期的增長。正如我們在昨晚的新聞稿中指出的那樣，我們收緊了建築和某些 CRE 類別的信貸箱，再加上宏觀環境的增量疲軟，我們通常會在這次旅行中給出較低的貸款增長指導。

We're also reporting a 6% average yield for the quarter and anticipate other increases as we're expecting more announced rate increases and fixed rate loans are coming up for renewal with higher price targets, so we should see fixed rates expand as well. We're again dissecting our net loan growth based on categories noted on the slide to help everyone better understand the source of our growth. The chart is compared all of 2022 to the first quarter of 2023.

我們還報告本季度的平均收益率為 6%，並預計會出現其他增長，因為我們預計會有更多宣布的加息和固定利率貸款即將以更高的價格目標續簽，因此我們應該會看到固定利率也會擴大。我們再次根據幻燈片上註明的類別剖析我們的淨貸款增長，以幫助每個人更好地了解我們增長的來源。該圖表將 2022 年全年與 2023 年第一季度進行了比較。

As many of you know, our hiring model requires significant experience greater than 10 years in the market to come to work here. Just to reiterate, substantially all of this loan growth is not to new borrowers showing up at Pinnacle Bank with a new idea to pitch the borrowers that have extended relationships with our relationship managers over in many cases, decades of working with each other.

正如你們中的許多人所知，我們的招聘模式要求在市場上擁有 10 年以上的豐富經驗才能來這里工作。重申一下，基本上所有這些貸款增長都不是出現在 Pinnacle Bank 的新借款人，他們提出了一個新的想法來推銷與我們的客戶經理在許多情況下已經建立了數十年合作關係的借款人。

This is just not true for Charlotte, Nashville, Charleston and other legacy markets, but that fact applies to Atlanta, D.C. and our special lending units as well. As the top left chart reflects, our GAAP NIM decreased 20 basis points more than we anticipated at the start of the quarter. Out of the bonus of cost, we added approximately $1.65 billion in cash to our balance sheet as a result of the recent bank failures.

這對夏洛特、納什維爾、查爾斯頓和其他傳統市場來說並非如此，但這一事實也適用於亞特蘭大特區和我們的特殊貸款部門。正如左上圖所示，我們的 GAAP NIM 比我們在本季度初的預期下降了 20 個基點。由於最近的銀行倒閉，在成本紅利之外，我們的資產負債表增加了大約 16.5 億美元的現金。

Thinking back, we built liquidity in a similar way at the inception of COVID, but this trip, we've tapered the absolute size of the liquidity build as well as the maturity of the resulting Federal Home Loan bank balances, which come with an average life of 2 years and a weighted average rate of about 4.5%.

回想起來，我們在 COVID 開始時以類似的方式建立流動性，但這次旅行，我們減少了流動性建設的絕對規模以及由此產生的聯邦住房貸款銀行餘額的到期日，平均壽命為 2 年，加權平均利率約為 4.5%。

With the additional liquidity we have in our balance sheet, our planning assumption that our NIM will likely be down for the remainder of the year by, call it, 10 basis points. That said, our growth model should provide for increases in net interest income. As we enter 2023, we believe net interest income guidance of the mid-teens percentage growth for 2023 over 2022 is reasonable at this time.

有了我們資產負債表中的額外流動性，我們的計劃假設我們的 NIM 可能會在今年剩餘時間內下降 10 個基點。也就是說，我們的增長模式應該會增加淨利息收入。隨著我們進入 2023 年，我們認為此時 2023 年比 2022 年增長 15% 左右的淨利息收入指引是合理的。

As to credit, we're again presenting our traditional credit metrics, Pinnacle's loan portfolio continues to perform very well. As noted earlier, we continue to have a very limited appetite for new construction. We adjusted the CRE appetite chart on the bottom right somewhat so that only a limited number of CRE types are now being considered by our credit officer.

至於信貸，我們再次展示我們的傳統信貸指標，Pinnacle 的貸款組合繼續表現良好。如前所述，我們對新建築的興趣仍然非常有限。我們稍微調整了右下角的 CRE 偏好圖表，以便我們的信貸官現在只考慮有限數量的 CRE 類型。

Additionally, during the quarter, our credit officers notify our lending units that any new CRE loans that are prevalent residing on a note of bank's balance sheet will be more difficult to move to PNFP for the time being. In summary, our outlook for our loan portfolio from a credit perspective remains strong.

此外，在本季度，我們的信貸人員通知我們的貸款部門，任何普遍存在於銀行資產負債表上的新 CRE 貸款暫時將更難轉移到 PNFP。總而言之，從信貸角度來看，我們對貸款組合的前景依然強勁。

So if negative trends begin to develop, we believe we remain advantaged. My second new slide for today is about credit. The top left chart deals with trends in construction originations. We began reducing our appetite for construction last summer, which is consistent with the chart. Additionally, the chart would also indicate that our appetite is largely concentrated in warehouse, multifamily and some residential. Secondly, much discussion about renewals of CRE fixed rate loans, which is the objective of the chart on the top right.

因此，如果負面趨勢開始發展，我們相信我們仍然處於優勢地位。我今天的第二張新幻燈片是關於信用的。左上角的圖表涉及建築起源的趨勢。去年夏天我們開始減少對建築的興趣，這與圖表一致。此外，該圖表還表明我們的胃口主要集中在倉庫、多戶住宅和一些住宅。其次，很多關於 CRE 固定利率貸款續期的討論，這是右上圖的目標。

Over the next several quarters, we will have approximately $100 million in fixed rate renewals, and the average rate on these loans is currently around 4.5% to 5%. Our yield target at renewal will be in the 6.5% plus range.

在接下來的幾個季度裡，我們將有大約 1 億美元的固定利率續約，這些貸款的平均利率目前約為 4.5% 至 5%。我們的續約收益率目標將在 6.5% 以上的範圍內。

Two comments regarding this chart. The absolute size of the fixed rate volumes coming up for renewal appears very manageable, and that with property rental increases over the last 3 to 5 years and occupancy levels being stable, we have great confidence that our borrowers will continue to be able to afford the incremental interest expense. Lots of noise around office CRE right now and given what we hear about some markets rightfully so. The bottom left shows about 92% of our office portfolio is in our markets. The chart also details where we are not looking. We like our markets and our borrowers.

關於這張圖表的兩條評論。即將更新的固定利率數量的絕對規模似乎非常易於管理，而且隨著過去 3 到 5 年的物業租金增加和入住率穩定，我們非常有信心我們的借款人將繼續能夠負擔得起增量利息支出。現在辦公室 CRE 周圍有很多噪音，考慮到我們對某些市場的了解也是如此。左下角顯示我們約 92% 的寫字樓組合在我們的市場中。該圖表還詳細說明了我們沒有關注的地方。我們喜歡我們的市場和借款人。

That said, our appetite for any new office is like zero. The table on the bottom right details the granularity of the portfolio as well as select credit metrics. Our credit officers feel very strongly about the quality of our office portfolio. That said, they are aware of the macro case and are on point with these borrowers and lending. Now on the fees. And as always, I'll speak to BHG in a few minutes.

也就是說，我們對任何新辦公室的胃口都為零。右下角的表格詳細說明了投資組合的粒度以及選擇的信用指標。我們的信貸員對我們寫字樓組合的質量非常看重。也就是說，他們了解宏觀情況，並且與這些借款人和貸款有關。現在關於費用。和往常一樣，我會在幾分鐘內與 BHG 交談。

Excluding BHG, fee revenues were up more than $8.5 million. All that said, we're pleased with the effort of our fee generating units as we see -- as we saw somewhat of a rebound from mortgage, a nice increase in service fees and wealth management. We also have focused on increasing swap fees this year given recent hires. So far, so good. We continue to anticipate that fee revenues, excluding BHG and our other equity investments will come in at around the high single to low teens growth rate for '23 over 2022.

不包括 BHG，費用收入增長超過 850 萬美元。總而言之，我們對我們所看到的收費單位的努力感到滿意——因為我們看到抵押貸款有所反彈，服務費和財富管理有不錯的增長。考慮到最近的招聘，我們今年還專注於增加掉期費用。到目前為止，一切都很好。我們繼續預計，不包括 BHG 和我們其他股權投資的費用收入將在 2022 年的 23 年左右達到高單一到低青少年增長率。

Linked quarter expenses were up primarily due to increased headcount, merit raises at the beginning of January at a target of around 6%, beginning of calendar year adjustments for payroll taxes and 401 (k)plan match expenses, increased FDIC insurance assessments and timing differences related to credit and franchise taxes posted in the prior quarter. Additionally, we have taken a hard look at our anticipated results for the year in comparison to our financial plan for 2023. And offsetting the increased linked quarter expenses, we are reducing our anticipated incentive payouts to approximately 70% of target awards in the first quarter.

相關季度費用增加的主要原因是員工人數增加、1 月初的績效加薪目標約為 6%、日曆年開始調整工資稅和 401 (k) 計劃匹配費用、增加 FDIC 保險評估和時間差異與上一季度公佈的信貸和特許經營稅有關。此外，與我們 2023 年的財務計劃相比，我們認真審視了今年的預期結果。為了抵消增加的相關季度費用，我們將第一季度的預期激勵支出減少到目標獎勵的 70% 左右.

The reduced incentive accrual speaks to the variable cost nature of our expense base. Along with deferring projects are slowing our hiring, we feel like we have enough levers to throttle back on expenses should we need to. Overall, we have a bold plan for this year and are fully energized to seize the opportunities we have in front of us. That said, we have modified our growth plans for this year and incorporated that into our updated outlook.

減少的應計激勵說明了我們費用基礎的可變成本性質。隨著推遲的項目正在減緩我們的招聘，我們覺得我們有足夠的槓桿來節流我們需要的費用。總的來說，我們對今年有一個大膽的計劃，並充滿活力地抓住我們面前的機會。也就是說，我們已經修改了今年的增長計劃，並將其納入我們更新後的展望中。

As it stands, we have lowered our expense guidance and feel like our expense base should result in low to mid-teens growth for '23 over 2022. As the capital tangible book value per common share increased to $46.75 at quarter, end up 18% linked quarter annualized from the last quarter. Our capital ratios remain above well capitalized. We like our tangible common equity ratio, which stands at 8.3%. We believe the actions we've taken to preserve tangible book value and our tangible capital ratio have served us well and have no plans currently to alter up our Tier 1 capital stack via any sort of common or preferred offering.

就目前而言，我們已經降低了我們的費用指導，並認為我們的費用基數應該會導致 2022 年的 23 歲左右增長。隨著每普通股資本有形賬面價值在本季度增加到 46.75 美元，最終增長 18%上一季度的年度化鏈接季度。我們的資本比率仍然高於資本充足率。我們喜歡我們的有形普通股權益比率，該比率為 8.3%。我們相信，我們為保持有形賬面價值和我們的有形資本比率而採取的行動對我們很有幫助，目前沒有計劃通過任何類型的普通或優先發行來改變我們的一級資本堆棧。

A couple of new things related to this slide. The chart at the bottom of the slide tracks select capital ratios as of the end of December compared to peers given the impact of losses associated with the HTM and AOCI portfolios. We are very pleased with results given our capital peers to be able to withstand any sort of changes to the capital rules that may be coming our way from either the standard setters or the regulators.

與這張幻燈片相關的一些新事物。鑑於與 HTM 和 AOCI 投資組合相關的損失影響，幻燈片底部的圖表選擇了截至 12 月底與同行相比的資本比率。我們對結果感到非常滿意，因為我們的資本同行能夠承受來自標準制定者或監管機構的任何形式的資本規則變化。

Now a few comments about BHG before we look to outlook for the rest of the year. As the slide indicates, BHG had another great quarter in originations, even though originations did decrease from the prior quarter with BHG's implementation of a tighter credit mark. So fewer of the lower credit score loans were funded in the first quarter. BHG believes last year's volumes, production year '22 would have been reduced by 18% had the same credit standards been in place for all of last year versus credit standards that are in place now in 2023.

在我們展望今年剩餘時間之前，現在先談談 BHG 的一些評論。正如幻燈片所示，儘管 BHG 實施了更嚴格的信用標記，但與上一季度相比，BHG 的發起業務確實有所減少。因此，第一季度獲得資助的信用評分較低的貸款較少。 BHG 認為，與 2023 年現在實施的信貸標準相比，如果去年全年實施相同的信貸標準，22 年的產量將減少 18%。

All of that is related to the significant reduction in the lower tranche approvals, which now are at 0% approval rates. Spreads did expand in the first quarter from the fourth quarter for loans sold in the bank network. First quarter spreads were 9.4% compared to 8.9% in the prior quarter. Thus, coupled with a larger allocation to the auction platform this quarter, gain on sale revenue was up 12.7% in the first quarter compared to the fourth. So that math works.

所有這些都與較低批次批准的大幅減少有關，現在批准率為 0%。對於在銀行網絡中出售的貸款，第一季度的利差確實比第四季度有所擴大。第一季度利差為 9.4%，而上一季度為 8.9%。因此，加上本季度對拍賣平台的更多配置，第一季度的銷售收入收益比第四季度增長了 12.7%。這樣數學就可以了。

The accrual for loan substitutions and prepayments increased 5.81% as a more precautionary posture by BHG management has been in effect for the last few quarters. BHG's accrual for loan substitutions and prepayments for its sold loan portfolio increased from $314 million to $350 million, call it, a $36 million increase. As the blue bars in the bottom right chart show, recourse losses were stable at 4%, basically consistent with last year.

由於 BHG 管理層在過去幾個季度採取了更加謹慎的態度，貸款替代和預付款的應計費用增加了 5.81%。 BHG 的貸款替代和已售出貸款組合預付款的應計費用從 3.14 億美元增加到 3.5 億美元，增幅為 3600 萬美元。正如右下方圖表中的藍條所示，追索權損失穩定在 4%，與去年基本一致。

Just a new slide focused on BHG's on-balance sheet lending strategy. As you recall, the gain-on-sale program is sourced through BHG's bank network as depicted on the previous slides. On balance sheet strategy is a combination of several funding sources, including securitizations, negotiation for blocks of loans to individual banks and other funders, et cetera. The top left chart shows the loans BHG holds for investment versus held for sale to the Community Banks and thus off-balance sheet, along with the associated allowance for loan losses.

只是一張新幻燈片，重點介紹 BHG 的資產負債表內貸款策略。您還記得，銷售收益計劃是通過 BHG 的銀行網絡採購的，如前幾張幻燈片中所述。資產負債表策略是多種資金來源的組合，包括證券化、向個別銀行和其他出資者談判大筆貸款等。左上角的圖表顯示了 BHG 持有的用於投資的貸款與持有用於出售給社區銀行並因此在資產負債表外的貸款，以及相關的貸款損失準備金。

Given the macro environment, as we mentioned -- and as we mentioned last quarter, BHG increased its on-balance sheet reserve for loan losses to $178 million or 5.19% of its on-balance sheet loans from 4.59% last quarter or about a $31 million increase. Of course, CECL is still on the radar for adoption on October 1. We continue to anticipate the estimated CECL reserve to be in the 8% to 9% range.

考慮到宏觀環境，正如我們提到的 - 正如我們上個季度提到的，BHG 將其資產負債表內貸款損失準備金從上一季度的 4.59% 或約 31 美元增加到 1.78 億美元或占其資產負債表內貸款的 5.19%萬元增加。當然，CECL 仍有望在 10 月 1 日採用。我們繼續預計估計的 CECL 儲備將在 8% 至 9% 的範圍內。

The bottom left chart shows loan yields for the last several quarters, along with the average funding cost. The yields consider average loan balances and include both HFI and HFS, in the denominator. The borrowing rates would include both borrowings collateralized by loans as well as the firm's working lines of credit. With the securitization completed in March, the borrowing rates increased to 5.6%, while the loan yields were at 15.4%.

左下方的圖表顯示了過去幾個季度的貸款收益率以及平均融資成本。收益率考慮平均貸款餘額，並在分母中包括 HFI 和 HFS。借款利率將包括以貸款為抵押的借款以及公司的工作信貸額度。隨著 3 月份完成證券化，借款利率上升至 5.6%，而貸款收益率為 15.4%。

The spreads were at around 9.8%, which is pretty strong in this environment. As usual, the BHG balance sheet and P&L is included in the supplemental information. The bottom right chart reflects net charge-offs. And as you can see, first quarter shows increased charge-offs at around 4.4%.

利差約為 9.8%，在這種環境下相當強勁。與往常一樣，BHG 資產負債表和損益表包含在補充信息中。右下角的圖表反映了淨沖銷。如您所見，第一季度的沖銷額增加了 4.4% 左右。

Lastly, as mentioned, BHG did successfully completed seventh securitization during the week right after the Silicon Valley and Signature Bank failures. To get that accomplished and a repo rate was indeed a great success for BHG and reflects the significant appetite for their credit. As mentioned earlier, BHG tightened its credit box, particularly with respect to lower charges of its borrowing base. This will have an impact on both production and spreads going forward.

最後，如前所述，BHG 在矽谷和 Signature Bank 倒閉後的一周內成功完成了第七次證券化。實現這一目標和回購利率對 BHG 來說確實是一個巨大的成功，並反映了對其信貸的巨大需求。如前所述，BHG 收緊了信貸箱，特別是在降低其借貸基礎的費用方面。這將對未來的產量和價差產生影響。

BHG refreshes its credit score monthly, always looking for indications of weakness in its borrowing base. Credit scores were up slightly from the previous quarter, so their borrowers have remained resilient during the cycle thus far. In comparison to other consumer lenders, we believe BHG borrowers remain well compensated with average borrower earnings being around $293,000 annually.

BHG 每月更新其信用評分，始終尋找其借貸基礎疲軟的跡象。信用評分比上一季度略有上升，因此他們的借款人在迄今為止的周期中保持了彈性。與其他消費貸方相比，我們認為 BHG 借款人的平均年收入約為 293,000 美元，因此仍能獲得很好的補償。

Looking forward, some key points I'd like to reemphasize and several we've been talking about for the last 3 to 4 quarters. First BHG management has responded to the macro environment in a very real way. BHG is and will be increasing reserves based on macroeconomic data at least over the next few quarters.

展望未來，我想再次強調一些關鍵點，以及我們在過去 3 到 4 個季度中一直在談論的幾個關鍵點。首先，BHG管理層以非常真實的方式對宏觀環境做出了反應。 BHG 正在並將至少在未來幾個季度內根據宏觀經濟數據增加儲備。

Secondly, BHG has been modifying their credit models towards originating less risky assets. Production volumes are strong, and we believe they have great momentum to maintain production levels equal to those in 2022 or 2023. BHG's new funding alternatives will broaden their already strong liquidity platform, which we believe is unmatched by their figures. Currently, BHG has $1.4 billion in available liquidity to fund this franchise with more interested inbound calls coming.

其次，BHG 一直在修改其信用模型，以開發風險較低的資產。產量強勁，我們認為它們有很大的動力保持與 2022 年或 2023 年相同的產量水平。BHG 的新融資方案將擴大其本已強大的流動性平台，我們認為這是他們的數據無法比擬的。目前，BHG 有 14 億美元的可用流動資金來為這個特許經營權提供資金，更多感興趣的呼入電話即將到來。

Lastly, BHG took steps to limit its headcount with job eliminations and eliminating most open positions as well as other expense reductions. For this quarter, we are reducing our outlook for BHG from basically flat earnings growth this year to somewhere around $180 million to $210 million for the year. We continue to have great confidence in our partners at Bankers Healthcare Group to deliver strong results over the long term.

最後，BHG 採取措施通過裁員和消除大部分空缺職位以及其他開支削減來限制員工人數。對於本季度，我們將 BHG 的預期從今年基本持平的盈利增長下調至 1.8 億美元至 2.1 億美元左右。我們繼續對 Bankers Healthcare Group 的合作夥伴充滿信心，相信他們能在長期內取得強勁的業績。

Quickly, again, the useful slide detailing our current financial outlook for 2023. In the interest of time, I won't go through all of these again. Suffice to say, there's a lot of macro issues working around right now. We have put forth a business case on what we think the Fed will do on rates, who knows what is going to happen. We believe a recession is likely how deep or severe we or anyone else really knows.

再次快速，詳細介紹我們當前 2023 年財務展望的有用幻燈片。為了節省時間，我不會再講一遍所有這些。可以說，現在有很多宏觀問題在解決。我們已經提出了一個商業案例，說明我們認為美聯儲將在利率方面採取什麼行動，誰知道會發生什麼。我們認為經濟衰退可能是我們或其他任何人真正知道的深度或嚴重程度。

What we do know is that our business model is resilient, relationship-based, in environments like we have today, that matters a lot. Our management team is experienced, and we have tackled economic downturns before. We have great confidence that whatever curve balls get thrown at us, we can handle them and perform in a very outsized way. And with that, I will turn it back over to Terry.

我們所知道的是，我們的商業模式是有彈性的、基於關係的，在我們今天所處的環境中，這很重要。我們的管理團隊經驗豐富，我們以前也應對過經濟衰退。我們非常有信心，無論向我們拋出什麼曲線球，我們都可以處理它們並以非常大的方式表現。有了這個，我會把它轉回給特里。

Thank you, Harold. I suppose it's always true, but it seems to me that I seem to notice it more in difficult economic environments that investors rightly look for the critical measure that unlocks significant value in the current environment. It might be a deposit cost beta. It might be the average deposit account size, might even be the excess FDIC -- deposits in excess FDIC coverage limits. And any -- and all of that is informative to be sure. But at Pinnacle, we will simply continue to rely on what we always have, and that's a differentiated brand. It's evidenced by our unusual ability to turn clients into raving fans.

謝謝你，哈羅德。我想這總是正確的，但在我看來，我似乎在困難的經濟環境中更多地註意到投資者正確地尋找在當前環境中釋放重要價值的關鍵措施。這可能是存款成本測試版。它可能是平均存款賬戶規模，甚至可能是超額 FDIC——超出 FDIC 覆蓋限額的存款。可以肯定的是，所有這些都是有用的。但在 Pinnacle，我們將繼續依賴我們一直擁有的東西，那就是差異化品牌。我們將客戶變成狂熱粉絲的非凡能力證明了這一點。

In our most recent data from Greenwich, we continue to have the highest Net Promoter Score in our markets among businesses with sales from $1 million to $500 million. I'm confident that, that has and should continue to enable us to retain and grow deposits even in a difficult economic environment. Fortune Magazine just named us as the 24th Best Workplace in America.

在我們來自格林威治的最新數據中，在銷售額從 100 萬美元到 5 億美元不等的企業中，我們繼續保持市場上最高的淨推薦值。我相信，即使在困難的經濟環境中，這已經並且應該繼續使我們能夠保留和增加存款。 《財富》雜誌剛剛將我們評為美國第 24 大最佳工作場所。

And so we continue to be a magnet for talent. We attracted another 26 revenue producers during the first quarter of '23. And we expect to be the employer of choice for those client-focused bankers who are continually frustrated by their inability to get their clients taken care of at many of our larger competitors.

因此，我們繼續吸引人才。在 23 年第一季度，我們又吸引了 26 家創收生產商。我們希望成為那些以客戶為中心的銀行家的首選雇主，他們因無法在我們許多較大的競爭對手那裡照顧好客戶而不斷感到沮喪。

I think that most people understand -- that understand our company, they understand the linkage between the pace of our hiring and the pace of our loan growth is simply a matter of our associates consolidating their books from where they were to us. And because of their intimacy with the credits, as Harold alluded to earlier, the asset quality continues to be strong for those credits that are being moved.

我認為大多數人都明白 - 了解我們的公司，他們明白我們招聘速度與貸款增長速度之間的聯繫只是我們的員工將他們的賬簿從他們那里合並到我們這裡的問題。由於它們與信貸的密切關係，正如哈羅德之前提到的那樣，對於那些正在轉移的信貸來說，資產質量繼續保持強勁。

Similarly, we leverage our brand and hiring model along with a trained focus on execution to attract outsized core funding. We fully expect the various specialty deposit initiatives that we've developed over the last several years, like HSAs, like HOAs and property managers like captive insurance companies just as examples, to continue to support outsized deposit growth.

同樣，我們利用我們的品牌和招聘模式以及訓練有素的執行重點來吸引大量核心資金。我們完全期望我們在過去幾年中製定的各種專業存款計劃，如 HSA、HOA 和財產管理公司（如專屬保險公司），將繼續支持超額存款增長。

Our capital levels compared to peers, even after marking for held to maturity in AOCI losses are very strong in relation to those peers. And honestly, I think that, that's tied to an experienced management team that's largely been at the helm for 23 years through all the ups and downs.

我們的資本水平與同行相比，即使在 AOCI 損失中標記為持有至到期之後，與這些同行相比也非常強勁。老實說，我認為，這與經驗豐富的管理團隊有關，該團隊在經歷了所有的風風雨雨後，基本上掌舵了 23 年。

It was tempting for us just as it was tempted for others to deploy excess liquidity in the bond book, but we just can't bring ourselves to load up on bonds when rates were at or near all-time lows. In our first decade, we endured the dot-com bubble and 9/11 and still produced the second highest total shareholder return of all the publicly traded banks in the United States.

這對我們來說很有誘惑力，就像其他人試圖在債券賬簿中部署過剩流動性一樣，但我們就是不能在利率處於或接近歷史低點時讓自己大量購買債券。在我們的第一個十年中，我們經歷了互聯網泡沫和 9/11 事件，仍然創造了美國所有上市銀行中第二高的股東總回報。

Our second decade was in the aftermath of the Great Recession and included the pandemic again in the second decade, we produced second highest total shareholder return of all the publicly traded banks in the United States. And I obviously don't know what the future holds, but I believe in that our differentiated brand and our intense focus on disciplined execution is likely to stand us in good stead in the third decade as well.

我們的第二個十年是在大衰退之後，在第二個十年中再次包括大流行病，我們的股東總回報率在美國所有上市銀行中排名第二。而且我顯然不知道未來會怎樣，但我相信我們差異化的品牌和我們對紀律執行的強烈關注也可能使我們在第三個十年中處於有利地位。

So operator, we'll stop there and take questions.

那麼接線員，我們會在那裡停下來回答問題。

(Operator Instructions) Your first question is coming from Steven Alexopoulos from JPMorgan.

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

I want to start first on the comment that you retained substantially all of your clients during this period. I'm curious, after the news of Silicon Valley Bank and Signature failing broke take us behind the scenes, what were the conversations with your large depositors? Were they panic? Did you have to convince them to stay? Do they see Pinnacle as being very different than those banks? Please provide some color with that.

我想首先談談您在此期間保留了幾乎所有客戶的評論。我很好奇，在 Silicon Valley Bank 和 Signature 破產的消息將我們帶到幕後後，您與大儲戶的對話是什麼？他們恐慌嗎？你必須說服他們留下來嗎？他們認為 Pinnacle 與那些銀行有很大不同嗎？請提供一些顏色。

Yes, Steve, that's a great question. I think our normal -- set aside the crisis, our normal operating mechanism here is that every Monday morning, we are in touch with our entire sales force. And so specifically, what I'm saying there is Rob McCabe runs a meeting for Tennessee, Alabama and Kentucky, Rick Callicutt runs a meeting for North and South Carolina and Virginia and Rob Garcia runs the meeting for Atlanta. And so that's our normal mechanism to be in front of the sales force, and we talk to them about whatever the important initiatives are, whatever the priorities are. We give them other sales information. We train relative to product knowledge, all those kinds of things.

是的，史蒂夫，這是一個很好的問題。我認為我們的正常 - 撇開危機不談，我們這裡的正常運作機制是每個星期一早上，我們都會與我們的整個銷售團隊聯繫。具體來說，我要說的是 Rob McCabe 負責田納西州、阿拉巴馬州和肯塔基州的會議，Rick Callicutt 負責北卡羅來納州和南卡羅來納州以及弗吉尼亞州的會議，Rob Garcia 負責亞特蘭大的會議。因此，這是我們在銷售人員面前的正常機制，我們與他們討論重要的舉措是什麼，無論優先級是什麼。我們向他們提供其他銷售信息。我們培訓與產品知識相關的所有這些東西。

So on that Monday, following the Silicon and Signature failures, we arm them with a variety of handouts, 1 of which basically took key metrics from Silicon, Signature and Pinnacle and outline things like what's the percentage of assets allocated to the securities book, what's the held to maturity loss, what's the percentage of uninsured deposits, and a series of those important measures that were intended to demonstrate the soundness of our balance sheet and P&L versus those highlight the differences between our deposit book and theirs and so forth.

所以在那個星期一，在 Silicon 和 Signature 失敗之後，我們為他們準備了各種講義，其中一份基本上採用了 Silicon、Signature 和 Pinnacle 的關鍵指標，並概述了諸如分配給證券賬簿的資產百分比是多少、什麼是持有至到期損失，未投保存款的百分比是多少，以及一系列旨在證明我們資產負債表和損益表穩健性的重要指標，這些指標突出了我們的存款簿與他們的存款簿之間的差異等等。

And so in addition to arming them with that kind of information, they were also armed with sort of refreshers on FDIC coverage and what could be done in the ordinary course, account styling, all those kinds of things to maximize FDIC coverage. And then also things like the reciprocal deposit arrangements that Harold alluded to in his comments. And so anyway, we armed them, we encourage them to be proactive, to be in touch with large depositors and so forth. I think the -- I don't think they talked to very many people that had zero concern. I don't think they talked to very many people that were extremely panicked, but clearly, there was concern. But as you know, information is a powerful thing. And so, I think we were successful in sort of allaying concerns that people might have and highlight the difference between our franchise and the 2 failed banks. Am I hitting what you're looking for?

因此，除了為他們提供此類信息外，他們還提供了一些關於 FDIC 覆蓋範圍的複習，以及在普通課程中可以做什麼、賬戶樣式，以及所有這些可以最大化 FDIC 覆蓋範圍的事情。然後還有諸如哈羅德在評論中提到的互惠存款安排之類的事情。所以無論如何，我們武裝他們，我們鼓勵他們積極主動，與大儲戶保持聯繫等等。我認為 - 我不認為他們與很多零關注的人交談過。我不認為他們與很多極度恐慌的人交談過，但很明顯，他們很擔心。但如您所知，信息是一種強大的東西。因此，我認為我們在某種程度上成功地減輕了人們可能會有的擔憂，並突出了我們的特許經營權與兩家倒閉銀行之間的區別。我在打你要找的東西嗎？

Yes. That's helpful, actually. So it sounds like you gave your frontline staff the information they need to go out to your clients. It doesn't sound like there was a panic from your clients to move to larger banks or money market bonds or something like that. And Harold gave the number that of your largest clients you brought, it sounds like some deposits back. So if things now stabilized, Terry, is that how will you describe it?

是的。這實際上很有幫助。所以這聽起來像是您向一線員工提供了他們向客戶提供的信息。聽起來您的客戶並沒有恐慌轉向更大的銀行或貨幣市場債券或類似的東西。哈羅德給出了你帶來的最大客戶的數量，這聽起來像是一些存款。那麼，如果現在情況穩定下來，特里，你會如何描述呢？

I would -- I think -- I had a basketball coach who always said, Turner, we don't hand out awards at half time. I don't think the contest is necessarily over, but it does feel stable to me. It's less a topic of conversation. I think if we are able to get through without further high-profile bank failures and so forth, my belief is it will stabilize.

我會——我想——我有一位籃球教練總是說，特納，我們不會在中場休息時頒發獎項。我不認為比賽一定會結束，但對我來說確實感覺很穩定。這不是一個話題。我認為，如果我們能夠在沒有更多引人注目的銀行倒閉等情況下度過難關，我相信它會穩定下來。

Okay. That's helpful. And I had a question on the loan side. So you guys dialed down the loan growth expectations for this year. You're known for going against the grain. I'm curious, are you -- what are you seeing from peers? Are they tightening the credit box here, too? And why is this not an opportunity for you guys to use this as an opportunity to take customers and share? Or is the environment just so uncertain that it's time for you guys to be more cautious, too?

好的。這很有幫助。我有一個關於貸款方面的問題。所以你們調低了今年的貸款增長預期。你以反對穀物而聞名。我很好奇，你是——你從同齡人那裡看到了什麼？他們是否也收緊了這裡的信貸箱？為什麼這不是你們利用這個機會來吸引客戶和分享的機會？還是環境如此不確定以至於你們也該更加謹慎了？

Steve, that's a great question. I think in terms of credit tightening, I would say it's mixed out there. I do think most people probably are leaning toward a more conservative stance as it relates to credit. I don't think that's universal, but I do -- I do think you would find it in large measure out there. I think in our case, I appreciate the question because I think as it relates to the approach to the C&I segment, including owner-occupied real estate, those doors are wide open. We haven't tightened there. I think most of the tightening would center in the commercial real estate categories, both construction and mortgage product. And so I think that's really where the slowing is. So to your question about isn't this the time to take share, I believe it is the time to take share, and I believe we will take share, but that is -- would be concentrated in the C&I segment with a particular focus on small businesses and middle-market companies.

史蒂夫，這是一個很好的問題。我認為就信貸緊縮而言，我會說情況好壞參半。我確實認為大多數人在信貸方面可能傾向於更保守的立場。我不認為這是普遍的，但我認為 - 我確實認為你會在很大程度上找到它。我認為在我們的案例中，我很欣賞這個問題，因為我認為它與 C&I 部門的方法有關，包括自住房地產，這些門是敞開的。我們沒有在那裡收緊。我認為大部分緊縮將集中在商業房地產類別，包括建築和抵押產品。所以我認為這確實是放緩的地方。所以對於你的問題，現在不是分享的時候嗎，我相信現在是分享的時候了，我相信我們會分享，但那就是 - 將集中在 C&I 部分，特別關注小型企業和中型市場公司。

Okay. That's helpful. And if I could ask you 1 last one. I'm curious, big picture -- and actually, I'd love to hear from both of you. So as you guys watch what happened at Silicon Valley Bank, who basically lost or was in the process of losing 85% of their deposits in 2 days, right? It illustrated the speed at which deposits can now leave the system. When you look at that, how does that change the way you think about risk, liquidity positioning. I'm just curious, what are your key lessons that you learned from that? And how do you change the way you run the bank now because of it.

好的。這很有幫助。如果我可以問你 1 最後一個。我很好奇，大局——實際上，我很想听聽你們兩個的意見。所以當你們看到矽谷銀行發生的事情時，他們基本上在 2 天內損失了或正在損失 85% 的存款，對嗎？它說明了存款現在可以離開系統的速度。當你看到它時，它如何改變你對風險、流動性定位的看法。我很好奇，您從中學到的主要教訓是什麼？你如何改變你現在經營銀行的方式呢？

Yes, Steve, we're loving that question for sure. I think -- bankers, we tend to focus on the left side of the balance sheet. I think we've already focused back on the right side of balance sheet. Our sales force -- construction to the sales force for years was around deposit gathering. We're now back at that and making sure that our deposit portfolio is as diverse as granular as our loan portfolio that we believe it is.

是的，史蒂夫，我們肯定很喜歡這個問題。我認為——銀行家們，我們傾向於關注資產負債表的左側。我認為我們已經重新關注資產負債表的右側。我們的銷售隊伍——多年來對銷售隊伍的建設都是圍繞存款收集展開的。我們現在又回到了這一點，並確保我們的存款組合與我們認為的貸款組合一樣多樣化。

And so, I think it's -- I think it's gotten a lot of our relationship managers, the people who interact with depositors on a daily basis back in the game with respect to how critical this deposit book is. As to liquidity, I think, we're likely to run elevated liquidity at least for the next several quarters. As you might expect, we've had several conversations with regulators. They're all routine in nature, but they're interested in what kind of things we may be looking at differently. So with that, I'll stop and let Terry kind of give you some comments. But at the end of the day, what I believe this bank is getting reenergized around is deposit gathering and if history proves what's going to happen in the future, I think we'll be very successful in some of these new initiatives and how our people approach their client base.

因此，我認為它 - 我認為它已經讓我們的很多客戶經理，每天與儲戶互動的人重新回到遊戲中，了解這個存款簿的重要性。至於流動性，我認為，至少在接下來的幾個季度裡，我們可能會增加流動性。正如您所料，我們已經與監管機構進行了多次對話。他們本質上都是例行公事，但他們對我們可能以不同的方式看待什麼樣的事情感興趣。因此，我會停下來讓特里給你一些意見。但歸根結底，我認為這家銀行正在重新煥發活力的是存款收集，如果歷史證明未來會發生什麼，我認為我們將在其中一些新舉措以及我們的員工如何接近他們的客戶群。

Yes, Steve, I think what Harold said is true. I think there'll be an increased emphasis on diversification within the deposit book. I assume it is the gains for you, for me, the principal risk as it related to deposit granularity had to do with the balances in excess of FDIC coverage limits. It sort of doesn't matter what other concentrations might underlie that, just the fact that it was over the FDIC limit is what created that flight safety.

是的，史蒂夫，我認為哈羅德說的是真的。我認為存款簿內的多元化將更加受到重視。我認為這對你來說是收益，對我來說，與存款粒度相關的主要風險與超過 FDIC 覆蓋限額的餘額有關。其他濃度可能是什麼並不重要，只是它超過 FDIC 限制的事實才是創造飛行安全的原因。

And so again, I think, you'll see for us sort of increased emphasis on deposit granularity and ability to put our clients in a position where they feel safe and secure. I'll switch gears. I will make 2 points. Number one, I do mean what I said in our original presentation. I think the power of having raving fans is incredible. And again, companies have failed to have good fans, too, but they did not have Net Promoter Scores like we do in that commercial segment. And I think that -- as I said, it's very hard to leave a bank that you love and trust. And so we'll continue to pound away on that. I know it's lost on a lot of people who have a preference for financial analysis. But at the core, I do think that was the principal mechanism that enabled us to keep our clients and keep them calm and so forth.

所以，我想，你會再次看到我們越來越重視存款粒度和讓我們的客戶感到安全的能力。我會換檔。我會提出2點。第一，我的意思是我在最初的演講中所說的。我認為擁有狂熱粉絲的力量是不可思議的。同樣，公司也沒有擁有好的粉絲，但他們沒有像我們在商業領域那樣的淨推薦值。而且我認為 - 正如我所說，很難離開您喜愛和信任的銀行。因此，我們將繼續努力。我知道很多偏愛財務分析的人都忽略了這一點。但在核心，我確實認為這是使我們能夠留住客戶並讓他們保持冷靜等的主要機制。

Along those lines, one last thing different than some of the financial things that Harold mentioned, I think you'll see an increased emphasis on our crisis communication plans. Again, I think we're a great internal communicators. I think we did extremely well following those bank failures. But I do think that we'll try to enhance crisis communication mechanisms because to your point man things move fast and you better have an ability to get your people armed with what they need when that comes up. And so I think we'll do more work around crisis communications.

沿著這些思路，最後一件事不同於哈羅德提到的一些財務問題，我認為你會看到我們的危機溝通計劃越來越受到重視。同樣，我認為我們是出色的內部溝通者。我認為我們在那些銀行倒閉後做得非常好。但我確實認為我們會努力加強危機溝通機制，因為就你的觀點而言，事情發展得很快，你最好有能力讓你的員工在出現這種情況時用他們需要的東西武裝起來。所以我認為我們會圍繞危機溝通做更多的工作。

Your next question is coming from Jared Shaw from Wells Fargo Securities.

您的下一個問題來自富國銀行證券公司的 Jared Shaw。

Maybe just shifting a little to the BHG side and good color there. I guess when you look at the BHG charge-off descriptions. What's the difference? Or why is the on-balance sheet charge-off level so much higher than the losses on the sold loans?

也許只是稍微移到 BHG 一側，那裡的顏色很好。我想當您查看 BHG 沖銷說明時。有什麼不同？或者為什麼資產負債表內的沖銷水平遠高於已售出貸款的損失？

Yes. I don't really have a good answer for you there. It's a great question. They do not or have not -- they don't go through any kind of special process to say we're going to keep these loans versus sell these loans. There's -- it's more of a kind of a haphazard kind of process they go through to figure out which bucket the loan goes into. I would imagine that some of the newer credits, call it, the 2021 and 2022 [vintages] may be more prevalent on the on-balance sheet side than some of the loans that have been aged longer with the gain on sale platform could have something to do with.

是的。我真的沒有一個很好的答案給你。這是一個很好的問題。他們沒有或沒有——他們沒有通過任何特殊程序來表示我們將保留這些貸款而不是出售這些貸款。有 - 這更像是一種他們經歷的一種隨意的過程來弄清楚貸款進入哪個桶。我可以想像一些較新的信貸，稱之為 2021 年和 2022 年 [年份] 在資產負債表方面可能比一些使用銷售收益平台老化時間更長的貸款更普遍可能有一些東西做.

Okay. Okay. And then if we look at that 18% pullback that you're referencing, compared to last year's origination. Is that -- should we be thinking about that being higher risk over the next 18 months or so, just given the lower credit standards compared to what you're putting on now?

好的。好的。然後，如果我們看看你所引用的 18% 的回調，與去年的起源相比。那是——我們是否應該考慮在未來 18 個月左右的時間里風險更高，只是考慮到與你現在所採用的相比較低的信用標準？

Well, I think they believe they're going to have, call it, elevated charge-offs from those E&F tranches probably through the next couple of quarters when they believe that most of them will have seasoned enough, and I think they think anywhere from 24 to 36 months is the appropriate seasoning for those particular credits that the proverbial credit losses will get through the snake. So that's what they believe anyway.

好吧，我認為他們相信他們會在接下來的幾個季度內從這些 E&F 付款中獲得更高的沖銷，因為他們相信其中大多數都已經足夠成熟，而且我認為他們認為從任何地方24 到 36 個月是對那些眾所周知的信用損失將通過蛇獲得的特定信用的適當調味。所以無論如何，這就是他們所相信的。

Okay. And then just a final one on BHG. When you look at that Slide 22 and look at the expectation for pretax earnings, does that include the impact of CECL in October? Or would that be in addition to that or separate from that through equity?

好的。然後是 BHG 的最後一個。當您查看幻燈片 22 並查看對稅前收益的預期時，這是否包括 CECL 在 10 月份的影響？還是通過股權將其附加或分開？

Well, that would include the P&L impact of CECL for the last 3 months of the year, for sure.

嗯，這肯定包括 CECL 在今年最後 3 個月的損益影響。

Your next question is coming from Catherine Mealor from KBW.

您的下一個問題來自 KBW 的 Catherine Mealor。

One follow-up on BHG was -- it seems that throughout the quarter, there was still a lot of appetite for banks on the auction platform for to buy BHG's paper. Have you seen any change in that in the back half of the quarter or maybe in April so far? And what is the risk that in an environment where you're seeing banks reduce loan demand across the board that they become less inclined to buy BHG paper.

BHG 的一個後續行動是——似乎在整個季度中，拍賣平台上的銀行仍然有很大的興趣購買 BHG 的票據。到目前為止，您是否在本季度後半段或 4 月看到任何變化？在您看到銀行全面減少貸款需求的環境中，他們變得不太願意購買 BHG 票據的風險是什麼？

Yes, Catherine. BHG, their management was concerned about that in the earlier part of the quarter. But every day, they opened up the auction platform, the banks came. And so that's true through today. They don't have any reason to believe right now that they won't see kind of a similar placement number in the second quarter. As I think that here for the rest of the year, they ought to have a fairly consistent growth curve here for the remaining 3 quarters of this year, which they'll only be able to achieve with the gain on sale auction platform. So I think they've got great confidence that the banks will continue to show up here over the next several quarters.

是的，凱瑟琳。 BHG，他們的管理層在本季度早些時候對此表示關注。但是每天，他們打開拍賣平台，銀行就來了。直到今天都是如此。他們現在沒有任何理由相信他們不會在第二季度看到類似的安置數字。正如我認為的那樣，在今年餘下的時間裡，他們應該在今年剩下的三個季度裡有一個相當一致的增長曲線，他們只能通過銷售拍賣平台的收益來實現。所以我認為他們非常有信心銀行將在未來幾個季度繼續出現在這裡。

Catherine, I might just comment quickly in simple terms. First quarter was a record quarter for BHG in terms of placements. And March was the highest month in the quarter in terms of placements. So it exceeded February on the heels of the bank failures and so forth. So again, that's a pretty good testament. As Harold said here in the early part of April, it appears to be functioning exactly as it always has.

凱瑟琳，我可能會用簡單的術語快速評論。就安置而言，第一季度是 BHG 創紀錄的季度。就安置而言，三月是本季度最高的月份。因此，在銀行倒閉等事件之後，它超過了 2 月。再一次，這是一個很好的證明。正如哈羅德在四月初在這裡所說的那樣，它似乎一如既往地發揮著作用。

Great. That's really encouraging. And then maybe switching over to credit. Just -- I saw your outlook that calls for the ACL to be flat in the second quarter over the third. And your credit just remains so strong for you. Just curious what it takes from a macro perspective or what you're looking at maybe -- at your borrowers that could -- maybe if your loss potential doesn't change dramatically, but just from a macro perspective, what might make you decide you need to build that reserve a little bit more than what you've got. And I'm particularly curious about the CRE reserve, which is 66 basis points, feels low, but I know that includes a lot of different type of CRE projects in there. So just kind of curious what your -- how you think about -- how comfortable you are with that ACL and the outlook for that over time?

偉大的。這真的很令人鼓舞。然後也許轉向信貸。只是 - 我看到你的前景要求 ACL 在第二季度與第三季度持平。你的信用對你來說仍然如此強大。只是好奇從宏觀角度需要什麼，或者你正在看什麼——你的借款人可能——如果你的潛在損失沒有發生顯著變化，但從宏觀角度來看，是什麼讓你做出決定需要建立比你所擁有的多一點的儲備。我對 66 個基點的 CRE 儲備特別好奇，感覺很低，但我知道其中包括很多不同類型的 CRE 項目。所以有點好奇你 - 你如何看待 - 你對 ACL 的舒適程度以及隨著時間的推移前景如何？

Yes, sure. Well, we're going to -- we're obviously going to let the credit models around unemployment and GDP drive kind of the -- what may be the change they just -- for what the reserve could do over the next several quarters. We do have the ability to overlay, to add qualitative assessments in there, and we have done that. If we were to follow just the strict nature of the quantitative reserve, it would be meaningfully lower. So we are, call it, adding an incremental reserves as a result of the environment and kind of the uncertainty around it. But as long as -- our conversations with our credit officers continue to reflect a pretty benign credit environment. We think where we are is pretty good. So -- we don't anticipate a big uptick in the reserve here in the second quarter, who knows what's going to happen in the third or fourth. But as it sits today, our credits are performing like we would expect them to do.

是的，當然。好吧，我們將 - 我們顯然會讓圍繞失業率和 GDP 的信貸模型推動某種 - 它們可能只是改變 - 對於儲備金在未來幾個季度的作用。我們確實有能力疊加，在其中添加定性評估，我們已經做到了。如果我們只遵循數量儲備的嚴格性質，它會顯著降低。因此，我們稱之為，由於環境和周圍的不確定性而增加了增量儲備。但只要——我們與信貸官員的對話繼續反映出相當良好的信貸環境。我們認為我們所處的位置非常好。所以——我們預計第二季度的儲備不會大幅增加，誰知道第三或第四季度會發生什麼。但就目前而言，我們的信貸表現與我們預期的一樣。

Your next question is coming from Casey Haire from Jefferies.

您的下一個問題來自 Jefferies 的 Casey Haire。

I want to follow up on the NIM forecast. Just to clarify that Harold, I think you said down 10 bps. So we end the year at [330] and then what kind of Fed forecast are you guys contemplating? In the release, you guys talk about potential Fed cuts or the slide deck rather.

我想跟進NIM預測。澄清一下哈羅德，我想你說的是下調 10 個基點。所以我們今年年底的價格是[330]，那麼你們在考慮什麼樣的美聯儲預測？在新聞稿中，你們談論的是潛在的美聯儲降息或幻燈片。

Yes. We're, I think, 5.25% by the end of June and then getting down maybe 1 or 2 cuts in the last half of the year, which are pretty inconsequential to our forecast. But that would be where we -- what we think our case is for what the Fed could do, who knows what they're going to do. But as it sits right now, not really sure that's going to have a significant impact on our -- call it our NIM or noninterest income once we get past, call it, August or September. Did that get to your question, okay, Casey?

是的。我認為，到 6 月底，我們將達到 5.25%，然後在今年下半年可能會減少 1 或 2 次，這對我們的預測來說是無關緊要的。但這就是我們——我們認為我們的理由是美聯儲可以做什麼，誰知道他們會做什麼。但就目前情況而言，不確定這會對我們產生重大影響——一旦我們過去，稱之為 NIM 或非利息收入，稱之為 8 月或 9 月。這是否回答了你的問題，好吧，凱西？

Yes. No, that's great, Harold. And so they down 10 bps, so by 4Q, you expect to run around [330?]

是的。不，那太好了，哈羅德。所以他們下降了 10 個基點，所以到第四季度，你預計會運行 [330?]

Yes, that's where our planning assumption is -- in that kind of a modest decrease in NIM.

是的，這就是我們的規劃假設所在——NIM 的適度下降。

Okay. Great. And what kind of deposit beta are you -- like where do we go from the 46%?

好的。偉大的。你是什麼樣的存款貝塔——比如我們從 46% 到哪裡？

Well, we think our deposit -- well, if you assume that the rate-up environment is going to end by the end of June, we're probably closer to 48% to 50%.

好吧，我們認為我們的存款——好吧，如果你假設加息環境將在 6 月底結束，我們可能接近 48% 到 50%。

Got you. Okay. And then just -- one more follow-up on BHG. So if I take the midpoint of the guide, it looks like in the remaining quarters, you guys are expecting a little bit of an uptick from the $19 million run rate in the first quarter. And just looking at the slide, just what's driving that improvement? Is it the cost measures because it feels like you guys are building more reserves and the funding costs are pressuring. Just some color on what's driving that, that improvement?

明白了好的。然後只是 - BHG 的另一個後續行動。因此，如果我採用指南的中點，看起來在剩餘的季度中，你們預計第一季度 1900 萬美元的運行率會略有上升。看看幻燈片，是什麼推動了這種改進？是成本措施嗎，因為感覺你們正在建立更多的儲備並且資金成本壓力很大。只是一些關於推動它的顏色，那種改進？

I think your first -- Casey, I think your first assertion is right. They do believe they're going to see upticks here for the rest of the year. That could be because I think the reserve build in the first quarter was more significant than they think what it's going to be in the next few quarters. So it could be partially that. But right now, their production seems to be hanging in there. They still believe they're going to be near what the production levels were last year. So then they'll have the kind of the ability and the decision to send loans to the auction platform or keep them on balance sheet.

我認為你的第一個——凱西，我認為你的第一個主張是正確的。他們確實相信他們會在今年餘下的時間裡看到這裡的上漲。這可能是因為我認為第一季度的儲備建設比他們認為的未來幾個季度的儲備更為重要。所以它可能是部分原因。但現在，他們的作品似乎停滯不前。他們仍然相信他們將接近去年的生產水平。因此，他們將有能力和決定將貸款發送到拍賣平台或將其保留在資產負債表上。

They've got some obligations here in the second quarter to fund more on balance sheet with some of the, call it, private equity funding sources that they think they're going to be able -- that they will do and still be able to send loans to the auction platform to kind of get their bottom line number moving on. There's a lot of worries Casey, Did I get through it okay?

他們在第二季度有一些義務在資產負債表上為更多的資金提供資金，他們認為他們將能夠——他們將這樣做並且仍然能夠——稱之為私募股權融資來源。向拍賣平台發送貸款，以提高他們的底線數字。凱西有很多煩惱，我熬過來了嗎？

Yes, yes. No, that's great. Last one for me, just on the expense side of things. In the release, you guys mentioned potentially pursuing cost measures given a tough revenue outlook. Just what would prompt you guys to explore that further? And is there like a profitability or efficiency ratio in mind that you guys would look to protect?

是的是的。不，那太好了。最後一個對我來說，只是在費用方面。在新聞稿中，你們提到了在收入前景嚴峻的情況下可能會採取成本措施。究竟是什麼促使你們進一步探索？是否有你們想要保護的盈利能力或效率比率？

Yes. I don't think we have any kind of hard goals on efficiency ratios. But what we want to make sure everybody understands is that we do have a meaningful variable cost component in our plan, and a lot of that evolves around our incentive accruals and nobody wants to see us hit that. But in the past, we have always -- when we've had more difficult, call it, earnings growth years to go at that incentive accrual and use it to help insulate our results. We've also got the ability to back off on hiring if we need to do that.

是的。我認為我們在效率比方面沒有任何硬性目標。但我們想確保每個人都明白的是，我們的計劃中確實有一個有意義的可變成本組成部分，其中很多都是圍繞我們的應計激勵而發展的，沒有人希望看到我們實現這一目標。但在過去，我們一直 - 當我們遇到更困難的時候，稱之為收入增長年，以實現應計激勵並用它來幫助隔離我們的結果。如果我們需要這樣做，我們也有能力停止招聘。

We've got several projects that are slated for the rest of the year. Now the projects probably won't result in a significant kind of a cost savings measure for 2023, but they could for next year. So we've got several options that we could go into if we needed to help protect what we believe is a reasonable result for this year.

我們有幾個計劃在今年餘下時間進行的項目。現在，這些項目可能不會在 2023 年產生顯著的成本節約措施，但它們可以在明年產生。因此，如果我們需要幫助保護我們認為今年的合理結果，我們可以考慮多種選擇。

Your next question is coming from Brandon King from Truist Securities.

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

So I understand the decision -- so I understand the decision to have a more conservative liquidity position going forward. But I wanted to know what you would need to see for that to change and to feel more comfortable deploying or paying down some borrowings.

所以我理解這個決定——所以我理解在未來擁有更保守的流動性頭寸的決定。但我想知道你需要看到什麼才能改變這種情況，並在部署或償還一些借款時感到更自在。

Yes. I think it -- we'll see some of these Federal Loan Bank borrowings and they've got an average life of 2 years, and a lot of them have lives of, call it, 1 to 6 months. Right now, we don't intend to renew those. So we'll let our own balance sheet cash probably drift down some. When you look at our own balance sheet cash compared to peers, we're probably a little lighter than say some of our peers. So we'll probably be looking at more of a median performer on that. So that could have -- that could find its way to our -- call it our second quarter or third quarter liquidity position.

是的。我認為 - 我們會看到其中一些聯邦貸款銀行的借款，它們的平均壽命為 2 年，其中很多的壽命為 1 到 6 個月。現在，我們不打算更新這些。因此，我們可能會讓我們自己的資產負債表現金減少一些。當您查看我們自己的資產負債表現金與同行相比時，我們可能比我們的一些同行說的要輕一些。因此，我們可能會在這方面更多地關注中等表現者。所以這可能 - 這可能會找到我們的方式 - 稱之為我們的第二季度或第三季度流動性頭寸。

Okay. And I also wanted to get more color on the fixed rate loan repricing and wanted to get a sense of what those conversations are with customers and how are they navigating this environment? And it seems like some customers may be preferring more variable rate loans nowadays. And I noticed that your swap fee income has increased, so just some color on that and kind of what that means potentially for the balance sheet as far as variable rate loans versus fixed rate loans and the asset sensitivity of the balance sheet going forward?

好的。而且我還想對固定利率貸款重新定價有更多了解，並想了解與客戶的對話是什麼以及他們如何駕馭這種環境？現在似乎有些客戶可能更喜歡更多的可變利率貸款。而且我注意到你的掉期費收入增加了，所以就可變利率貸款與固定利率貸款以及未來資產負債表的資產敏感性而言，這對資產負債表可能意味著什麼？

Yes. I don't think we'll see a dramatic change in the composition of our balance sheet as far as the allocation of fixed rate credit. With the rate up cycle, we've had a lot more requests for fixed rate lending. Hopefully, well, not hopefully, but we've counted that with an active swap program. Because we believe there comes a point where you've just got to put a barrier around how much fixed rate lending product you want to allocate to the balance sheet. And so we're about try to create more of a variable rate loan portfolio currently. I'll stop there, Brandon, and see if I got to your question.

是的。就固定利率信貸的分配而言，我認為我們的資產負債表的構成不會發生巨大變化。隨著利率上升週期，我們收到了更多的固定利率貸款請求。希望，好吧，不是希望，但我們已經通過一個活躍的交換計劃計算了這一點。因為我們相信，到了某個時刻，您只需對要分配給資產負債表的固定利率貸款產品設置一個障礙。因此，我們目前將嘗試創建更多的可變利率貸款組合。布蘭登，我會就此打住，看看我是否回答了你的問題。

Yes. Yes. [And kind of what I'm going to get is] that we could get potentially [fare very closely to] this year and next year. So just wanted to get a sense of how you plan on kind of protecting the net interest margin in that environment?

是的。是的。 [我將要得到的是]我們可能會在今年和明年[非常接近]。所以只是想了解一下您計劃如何在那種環境下保護淨息差？

Yes, we've got some floors that we've entered into over the last several months that will help protect it. But I think going back to the last down rate cycle, we were pretty aggressive on reducing deposit rates. I think that makes sense in light of how aggressive we've been on raising deposit rates. So we will lean into our relationships and make sure that whatever pricing we provide depositors is fair and reasonable, but we won't be hesitant to reduce deposit rates when we need to.

是的，我們在過去幾個月進入了一些樓層，這將有助於保護它。但我認為回到上一個降息週期，我們在降低存款利率方面相當激進。鑑於我們在提高存款利率方面的積極性，我認為這是有道理的。因此，我們將依靠我們的關係，確保我們為存款人提供的任何定價都是公平合理的，但我們會在需要時毫不猶豫地降低存款利率。

Your next question is coming from Michael Rose from Raymond James.

你的下一個問題來自 Raymond James 的 Michael Rose。

Just a few -- most of my questions have been asked and answered. Just a few more. Harold, if you could just give some color on the non-BHG fee guide and kind of what you would expect kind of by business unit. Obviously, the growth guide is pretty solid. So I just wanted to get some color on the components.

只有少數 - 我的大部分問題都已被提出並得到回答。還有幾個。哈羅德，如果你能在非 BHG 費用指南上給出一些顏色，以及你對業務部門的期望類型。顯然，增長指南非常可靠。所以我只想在組件上塗上一些顏色。

Yes. I think at the end of the day, Michael, that's a great question. But at the end of the day, it has to do with some hiring we've done over the last, call it, 2, 3 quarters and our expectations that those revenue producers are going to show up, primarily in wealth management and capital markets and capital markets, we include the swap programs, among others. So we expect them to show up with a nice lift in our revenues for 2023. Mortgage last year was down pretty significantly. We like our markets. We like the pipelines that they're looking at currently. And so we expect mortgage to be much more impactful in 2023 -- positively impactful in 2023 than what happened in 2022. So just off the cuff, I'd say those are the, call it the, 3 or 4 areas that we're expecting big things from.

是的。我認為歸根結底，邁克爾，這是一個很好的問題。但歸根結底，這與我們在過去 2、3 個季度進行的一些招聘以及我們對這些創收者將出現的預期有關，主要是在財富管理和資本市場和資本市場，我們包括互換計劃等。因此，我們預計他們會在 2023 年大幅提升我們的收入。去年的抵押貸款下降幅度相當大。我們喜歡我們的市場。我們喜歡他們目前正在研究的管道。因此，我們預計抵押貸款在 2023 年的影響要大得多——與 2022 年發生的情況相比，2023 年的積極影響。所以即興地說，我想說的是我們正在做的 3 或 4 個領域期待大事。

Great. And then maybe just moving back to deposits. I appreciate the color on the different initiatives. Can you just kind of stratify how much that kind of contributed to this quarter's growth and what we should expect from contribution point of view for the various initiatives laid out as we kind of move through the back half of the year? Just trying to size the impact.

偉大的。然後也許只是回到存款。我很欣賞不同倡議的顏色。你能否對這種對本季度增長的貢獻程度進行分層，以及我們在今年下半年制定的各種舉措的貢獻角度應該期待什麼？只是想衡量影響。

Yes. I want to say the specialty initiatives have grown, and I saw schedule the other day on that of about $400 million in deposits since -- call it, end of last year or the fourth quarter of last year.

是的。我想說的是專業計劃已經增長，前幾天我看到了大約 4 億美元的存款計劃，因為它是去年年底或去年第四季度。

Okay. Helpful. And then maybe just one final one for me. Just going back to an earlier question around you guys being opportunistic. I mean your efficiency ratio is in the low 50s. Pretty good profitability here, even despite some BHG kind of headwinds. I mean why not ramp up the hiring efforts? I would think that kind of across the industries loan growth slows, there's going to be a lot of kind of idle lenders sitting around, and you guys have built out some markets opportunistically over the years and most recently, D.C. Terry, if you can just give us kind of your holistic thoughts and I know you've talked about some other markets in the past. I don't want to put the cart before the horse. But anything kind of move more into focus just given what's going on industry-wide?

好的。有幫助。然後對我來說也許只是最後一個。回到之前關於你們投機取巧的問題。我的意思是你的效率比在 50 多歲左右。儘管存在一些 BHG 逆風，但這裡的盈利能力相當不錯。我的意思是為什麼不加大招聘力度？我認為整個行業的貸款增長放緩，將會有很多閒置的貸方閒置，你們這些年來已經機會主義地建立了一些市場，最近，D.C.特里，如果你能給我們一些您的整體想法，我知道您過去曾談論過其他一些市場。我不想本末倒置。但是，考慮到整個行業正在發生的事情，有什麼更值得關注的嗎？

Yes. Thanks for the question, Michael. I think in the case of hiring, I think we are moving forward at a pretty decent pace there. As I mentioned, I think, 26 revenue producers in the first quarter, that gets you north of 100 revenue producers hired for the year. I think last year was a record at something near 140, but north of 100 would be one of our higher years for revenue producing higher. So I think you can see that we're intending to continue the share play of hiring great people, having them moving the books of business to us.

是的。謝謝你的問題，邁克爾。我認為在招聘方面，我認為我們正在以相當不錯的速度前進。正如我提到的，我認為，第一季度有 26 名收入生產者，這讓你超過了當年僱用的 100 名收入生產者。我認為去年創下了接近 140 的記錄，但超過 100 將是我們收入更高的年份之一。所以我想你可以看到我們打算繼續僱傭優秀人才，讓他們將業務轉移給我們。

I think as it relates to market extensions, what we've said really is we want to be in all large high-growth urban markets in the southeast. And so the principal voids, I think, for us are primarily in Florida and particularly the markets like Tampa, Orlando and Jacksonville would be particularly attractive to us. And so the catalyst to go there is just really about the availability of people. When I say that, I'm not speaking of the availability to hire some revenue producers. That's easy. But what we need before we go is to believe we can hire somebody who can hire a lot of people across multiple disciplines, including the wealth management businesses and so forth. And so I think you're on the right track.

我認為與市場擴展有關，我們所說的實際上是我們希望進入東南部所有大型高增長城市市場。因此，我認為，對我們來說，主要的空白主要在佛羅里達州，尤其是坦帕、奧蘭多和傑克遜維爾等市場對我們特別有吸引力。因此，去那裡的催化劑實際上是關於人員的可用性。當我這麼說時，我並不是在談論僱傭一些創收者的可用性。這很容易。但在我們走之前我們需要的是相信我們可以僱用一個可以僱用很多跨學科的人，包括財富管理業務等等。所以我認為你走在正確的軌道上。

I think the likelihood that some of those people are frustrated and want to have a different opportunity is high if we find those people, we would go, and I think you've heard me say it before, Michael, that I'd go this afternoon if I had them, I'll go next week or next year or whatever, we believe we're going to produce dramatic growth without doing it. But if we believe we've got an opportunity to go to 1 of those large high-growth markets in the Southeast, we'll definitely try to seize it.

我認為如果我們找到這些人，他們中的一些人很可能會感到沮喪並希望獲得不同的機會，我們會去，我想你以前聽過我說過，邁克爾，我會去這個下午如果我有他們，我會在下週或明年或其他什麼時候去，我們相信我們將在不這樣做的情況下產生顯著的增長。但如果我們相信我們有機會進入東南部那些大型高增長市場之一，我們一定會抓住它。

Your next question is coming from Stephen Scouten from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Stephen Scouten。

Appreciate it. Do you guys have any data on kind of what you're seeing currently on the marginal cost of deposits? I'm not sure if I missed any commentary there, but in terms of new add-on CDs, other new pricing as of...

欣賞它。你們有關於目前存款邊際成本的數據嗎？我不確定我是否錯過了那裡的任何評論，但就新的附加 CD 而言，其他新定價...

Yes. Well, our average deposit costs were up, call it, 63 basis points. I think our incremental accounts are coming in, call it, in the mid-3s, somewhere like that for, call it, negotiated rates.

是的。好吧，我們的平均存款成本上升了 63 個基點。我認為我們的增量賬戶正在進入，稱之為，在 3 年代中期，類似的地方，稱之為協商利率。

Okay. Got it. And on the BHG average income you guys give, I know I haven't looked at how far back you've given that. I know it's $293,000, I think that's what it was last quarter. Has that migrated significantly over time to your knowledge? Or has that always kind of been in that range as they've been originating this portfolio?

好的。知道了。關於你們給出的 BHG 平均收入，我知道我沒有看過你們給出的數據。我知道是 293,000 美元，我認為這是上個季度的金額。據您所知，隨著時間的推移，這是否發生了顯著變化？還是因為他們一直在發起這個投資組合，所以一直在那個範圍內？

Stephen, I can't recite the numbers, but I don't think it's a significant migration. It obviously moves some, but I don't think it's -- I don't think it's had a meaningful movement in it. It's always been a high disposable income segment that they [loan to].

斯蒂芬，我無法背誦這些數字，但我認為這不是一次重大遷移。它顯然移動了一些，但我不認為它 - 我認為它沒有有意義的移動。他們 [貸款] 一直是高可支配收入群體。

Yes, make sense. And then just last thing for me, kind of -- a lot of color you guys gave on the office portfolio. I appreciate that. Do you have data, I'm not sure if I missed it on the -- like segmentation between Class A, B, C?

是的，有道理。然後對我來說最後一件事，有點——你們給辦公室作品集塗上了很多顏色。我很感激。你有數據嗎，我不確定我是否錯過了——比如 A、B、C 類之間的細分？

Yes. I don't have it with me, but substantially all of our office would be A and into B. Most of it is suburban, although we've got -- some of the larger projects are more, call it, near city center kind of projects.

是的。我沒有帶它，但基本上我們所有的辦公室都是 A 和 B。大部分是郊區，雖然我們有——一些較大的項目更多，稱之為靠近市中心的類型的項目。

Got it. Okay. Perfect. Well, everything else to add was asked and answered.

知道了。好的。完美的。好吧，所有其他要添加的內容都被詢問並回答了。

Your next question is coming from Brett Rabatin from Hovde Group.

您的下一個問題來自 Hovde Group 的 Brett Rabatin。

Just 2 quick ones. First, on the expense guidance. As you guys approach $50 billion, is there any cushion that you're putting in there related to approaching that number? Have you had any conversations around what might be entailed with potential changes and regulatory oversight for that number?

只有 2 個快速的。首先，關於費用指導。當你們接近 500 億美元時，你們是否有任何與接近這個數字相關的緩衝？您是否就該數字的潛在變化和監管監督可能涉及的內容進行過任何對話？

Yes. Brett, that's a great question. No, we've not, call it, been investing in areas to accomplish a $50 billion kind of regulatory threshold -- what we have been doing is traditionally, the regulators will always -- even though $50 billion might be a bright line in some respects. And right now, we don't know of any changes at that level.

是的。布雷特，這是一個很好的問題。不，我們沒有，稱之為，一直在投資領域以達到 500 億美元的監管門檻——傳統上我們一直在做的，監管機構將永遠——儘管 500 億美元在某些方面可能是一條明線尊重。而現在，我們不知道該級別有任何變化。

But if history proves itself, again, they will begin coaching us immediately. And we'll have, call it, whatever year -- whatever time period, call it, 2, 3 years to kind of get prepared so that when we get the start market, $50 billion, we're in good shape. But today, as far as our stress testing, our crisis management, we feel like we're in great shape with respect to our, call it, regulatory compliance.

但如果歷史再次證明自己，他們將立即開始指導我們。我們將有，稱之為，無論哪一年——無論什麼時間段，稱之為 2、3 年，以便在我們獲得 500 億美元的啟動市場時，我們處於良好狀態。但今天，就我們的壓力測試、我們的危機管理而言，我們覺得我們在所謂的合規性方面處於良好狀態。

Okay. Helpful. And then I joined late, so you may have talked about this, but on the wealth management side, I know you've hired some productive or bigger teams on that platform here in the recent quarter or 2. Have those teams moved over the bulk of their relationships? Or is that still a process that could lead to higher income related to that particular line?

好的。有幫助。然後我加入很晚，所以你可能已經談到了這一點，但在財富管理方面，我知道你在最近一兩個季度在這個平台上僱傭了一些高效或更大的團隊。這些團隊是否轉移了大部分他們的關係？還是這仍然是一個可能導致與該特定產品線相關的更高收入的過程？

That would still be a meaningful part of the income growth that we would anticipate -- the length of time for a lot of the wealth managers, particularly talk about the brokers and trust administrators, I think, in the case of the brokers is generally a shorter cycle than, say, a commercial relationship manager, which would take about 4 years to consolidate their book. It's a little bit shorter for the brokers. Probably similar for the trust administrators. But yes, we still have hired a bunch of people who are still in early stages of consolidating their clients from where they were to us.

這仍然是我們預期的收入增長的重要組成部分——我認為，對於許多財富管理機構來說，特別是談論經紀人和信託管理人的時間長度，就經紀人而言，通常是週期比商業關係經理更短，後者需要大約 4 年的時間來整合他們的賬簿。對於經紀人來說，它有點短。信託管理員可能類似。但是，是的，我們仍然僱傭了一群人，他們仍處於整合客戶的早期階段。

Okay. So Terry, that number in terms of the fee income related to that, that could continue to have sizable increases in this next few quarters, you think, based on the recent hires.

好的。因此，特里，根據最近的招聘情況，與此相關的費用收入數字可能會在接下來的幾個季度繼續大幅增長。

I do.

我願意。

Your next question is coming from Brody Preston from UBS.

你的下一個問題來自瑞銀的 Brody Preston。

I do just have a couple of questions. Harold, one of them was a clarification on the BHG financials. Could you clarify for me if the provisioning that BHG does every quarter? Is that just related to the on-balance sheet loans that they have? Or is that related to any like first loss kind of position that they have from the loans that they sell as well?

我確實有幾個問題。哈羅德，其中之一是對 BHG 財務狀況的澄清。如果 BHG 每季度進行一次撥備，您能否為我說明一下？這僅與他們擁有的資產負債表內貸款有關嗎？或者這是否與他們從出售的貸款中獲得的任何類似的第一損失類頭寸有關？

No, that's all related to the loans that are on their balance sheet.

不，這都與資產負債表上的貸款有關。

Okay. I asked just because when you kind of back into -- if you use the ALLL disclosure and the provision disclosure, you can kind of back into the charge-offs, and the charge-offs in the last couple of quarters at least from an annualized rate perspective, we're kind of in the mid-teens levels. And over the last 4 quarters, they've averaged about 12.5%. And so one of the 2-part question on that is what's kind of causing the elevated charge-off rate in a relatively strong economic environment? And secondly, if 12.5% is the average charge-off rate over the last 4 quarters, why is an 8% to 9% kind of reserve ratio makes sense just given how the CECL accounting typically works.

好的。我問只是因為當你有點回到 - 如果你使用 ALLL 披露和撥備披露，你可以有點回到沖銷，以及過去幾個季度的沖銷至少來自年化從利率的角度來看，我們處於十幾歲左右的水平。在過去的 4 個季度中，他們的平均增長率約為 12.5%。因此，由兩部分組成的問題之一是，在相對強勁的經濟環境中，是什麼原因導致沖銷率上升？其次，如果 12.5% 是過去 4 個季度的平均註銷率，那麼考慮到 CECL 會計的通常運作方式，為什麼 8% 到 9% 的準備金率是有意義的。

Yes, I don't know where -- I don't compute the 12% but there are elevated charge-offs for those E&F tranches from '20 and '21 that are coming forth this year. That's why they believe that over the next couple of quarters, we should see some relief from those charge-offs.

是的，我不知道在哪裡——我沒有計算 12%，但今年即將推出的 20 年和 21 年 E&F 付款的沖銷額有所增加。這就是為什麼他們認為在接下來的幾個季度裡，我們應該會看到這些沖銷的情況有所緩解。

Your next question is coming from Brian Martin from Janney.

你的下一個問題來自 Janney 的 Brian Martin。

Just 2 things for me. Harold, just to clarify, your outlook or just kind of margin conversation, the 10 basis points, does that include the reduction? Or kind of how are you thinking about that -- the liquidity you put on? I mean the timing -- does that contemplate your full reduction in that liquidity? Or I know you said you're going to keep it on for a bit. So just trying to understand that.

對我來說只有兩件事。哈羅德，澄清一下，你的前景或只是一種保證金對話，10 個基點，是否包括減少？或者你是怎麼想的——你投入的流動性？我的意思是時間 - 這是否考慮到您完全減少流動性？或者我知道你說過你會保持一段時間。所以只是想了解這一點。

Yes. As far as where we are today, we think about half of that will be gone by the end of the year.

是的。就我們今天的情況而言，我們認為到今年年底，其中一半將消失。

Okay. Half will be gone. So half is in this -- kind of the guide this year and then there's more to come next year. And then just kind of the end of period, your kind of March margin inclusive of that liquidity. Can you give a little bit of thought on where you ended March versus the quarter on the margin?

好的。一半會消失。所以一半在這 -- 今年的指南，然後明年會有更多。然後就是期末，你的三月份保證金包括流動性。你能想一想你在 3 月結束時與邊緣季度的對比嗎？

The March margin was around, I think, 348 or something like that.

我認為 3 月份的利潤率大約是 348 左右。

Okay. So a little bit below it. Okay. And then just -- I think you talked about -- maybe if I heard it right, the continued migration on the deposit side, maybe being -- the noninterest-bearing maybe being below 20% by the end of the year. Just kind of in that context, just the specialty deposits that the initiatives you guys have in place; A, is that 20% what you said or just is that accurate? Just so I heard it right? And then just as far as how much contribution you expect in '23 from these specialty initiatives relative to kind of -- if you're looking at 10% deposit growth, how much of the specialty -- the new initiatives kind of contribute to that 10% this year?

好的。所以稍微低於它。好的。然後 - 我想你談到 - 也許如果我沒聽錯的話，存款方面的持續遷移，也許是 - 到今年年底，無息可能低於 20%。只是在那種情況下，只是你們所採取的舉措的專業存款； A，你說的是 20% 還是準確？就這樣我沒聽錯吧？然後就您在 23 年從這些專業計劃中所期望的貢獻而言——如果您正在考慮 10% 的存款增長，那麼有多少專業——新計劃對此做出了貢獻今年10%？

Yes. I think the target that we've handed the -- call it, the leadership around those deposits -- around those specialty initiatives is somewhere around, call it, $2 billion in growth this year. So we're hoping that with where they are thus far that they'll be able to get to that number as -- Brian, did that get to your question?

是的。我認為我們已經提出的目標——稱之為圍繞這些存款的領導——圍繞這些專業計劃的目標是今年 20 億美元的增長。因此，我們希望根據他們目前所處的位置，他們能夠達到這個數字——布賴恩，這是否回答了你的問題？

Yes. Yes, I think the only thing we need to clarify is that 20% number, Harold, if that 20% DDA is kind of where you think you're trending towards by year-end.

是的。是的，我認為我們唯一需要澄清的是 20% 的數字，哈羅德，如果 20% 的 DDA 是您認為年底前的趨勢。

Yes, who knows where we're going to end up, but that's the planning assumption that we are building -- that we're using.

是的，誰知道我們會在哪裡結束，但這是我們正在構建的規劃假設——我們正在使用。

Okay. Got you. And Okay. And then just the last one, Harold, just on the -- back to the margin for just a moment. The outlook, if you do see rate cuts later in the year, it sounds like you have some floors in place. So I mean, probably not much of a change? Or just how does the margin outlook with rate -- with potential rate cuts in I guess that's what it sounds like you have kind of in the -- in kind of your planning assumption at the moment?

好的。明白了好吧。然後是最後一個，哈羅德，就在——回到頁邊片刻。展望未來，如果你確實在今年晚些時候看到降息，聽起來你有一些下限。所以我的意思是，可能變化不大？或者，利率的利潤率前景如何——我想這聽起來像是你有可能降息——在你目前的計劃假設中？

Yes. Yes, we do.

是的。是的，我們有。

Thank you. That completes our Q&A session. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝。這就完成了我們的問答環節。各位，今天的活動到此結束。此時您可能會斷開連接，並度過美好的一天。感謝您的參與。