Signature Bank (SBNY) 2022 Q4 法說會逐字稿

Welcome to Signature Bank's 2022 Fourth Quarter and Year-End Results Conference Call. Hosting the call today from Signature Bank are Joseph J. DePaolo, President and Chief Executive Officer; Eric R. Howell, Senior Executive Vice President and Chief Operating Officer; and Stephen Wyremski, Senior Vice President and Chief Financial Officer. Today's call is being recorded. (Operator Instructions) It is now my pleasure to turn the floor over to Susan Turkell, Corporate Communications for Signature Bank. You may begin.

歡迎參加 Signature Bank 2022 年第四季和年終業績電話會議。今天主持電話會議的是 Signature Bank 總裁兼執行長 Joseph J. DePaolo； Eric R. Howell，資深執行副總裁兼營運長；以及資深副總裁兼財務長 Stephen Wyremski。今天的通話正在錄音。 （操作員指示）現在我很高興將發言權交給 Signature Bank 企業傳播部負責人 Susan Turkell。你可以開始了。

Good morning, and thank you for joining us today for the Signature Bank 2022 Fourth Quarter Results Conference Call. Before I hand the call over to President and CEO, Joseph DePaolo, please note that comments made on this call by the Signature Bank management team may include forward-looking statements that can differ materially from actual results. For a complete discussion, please review the disclaimer in our earnings presentation dealing with forward-looking information. The presentation accompanying management's remarks can be found on the company's Investor Relations site at investor.signatureny.com. Now I'd like to turn the call over to Joe.

早安，感謝您今天參加 Signature Bank 2022 年第四季業績電話會議。在我將電話轉交給總裁兼執行長 Joseph DePaolo 之前，請注意，Signature Bank 管理團隊在本次電話會議上發表的評論可能包括前瞻性陳述，這些陳述可能與實際結果有重大差異。如需完整討論，請參閱我們的收益報告中有關前瞻性資訊的免責聲明。管理層評論的隨附簡報可在公司投資者關係網站 investor.signatureny.com 上找到。現在我想把電話轉給喬。

Thank you, Susan. I will provide some overview into the quarterly results, and then my colleague, Eric Howell, our Chief Operating Officer; and my colleague, Stephen Wyremski, our Chief Financial Officer, will review the bank's financial performance in greater detail. Eric, Steve and I will address your questions at the end of our remarks.

謝謝你，蘇珊。我將對季度業績進行一些概述，然後是我的同事，我們的首席營運官 Eric Howell；我的同事，首席財務官 Stephen Wyremski 將更詳細地審查銀行的財務業績。艾瑞克、史蒂夫和我將在發言結束時回答您的問題。

At the onset of 2022, we set several goals, including: One, the hiring of numerous private client banking teams and the colleagues necessary to support our geographic expansion, which we did with the hiring of 12 teams. This includes five in New York and seven on the West Coast, of which three were in Nevada, marking our entry into that state. We also added hundreds of colleagues across various operational and support areas.

在 2022 年初，我們設定了幾個目標，包括：第一，招募大量私人客戶銀行團隊和支持我們地理擴張所需的同事，我們透過招募 12 個團隊實現了這一目標。其中包括紐約的五家、西海岸的七家，其中三家在內華達州，標誌著我們已進入該州。我們還在各個營運和支援領域增加了數百名同事。

Two, launching the health care, banking and finance team, which we successfully onboarded during the 2022 second quarter. Three, increasing our annual earnings where we realized great success as evidenced by earning a record $1.3 billion in net income with a record return on common equity of 16.4%.

二是成立醫療保健、銀行和金融團隊，我們於 2022 年第二季成功加入團隊。第三，提高年度收益，我們取得了巨大的成功，例如創紀錄的13億美元淨收入和16.4%的普通股回報率。

Fourth, growing our loan and deposit portfolios substantially. Although we grew loans by a strong $9.4 billion, 2022 presented deposit challenges. While we expected continued deposit growth, albeit not at 2020 or 2021 levels, seven Fed hikes during 2022 totaling 425 basis points, coupled with quantitative tightening and the proliferation of off-balance sheet alternatives resulted in the most difficult deposit environment we have seen in our 22-year history.

第四，大幅增加我們的貸款和存款組合。儘管我們的貸款成長了 94 億美元，但 2022 年仍面臨存款挑戰。儘管我們預計存款將繼續增長，儘管不會達到 2020 年或 2021 年的水平，但聯準會在 2022 年升息七次，總計 425 個基點，再加上量化緊縮和表外替代品的激增，導致了我們 22 年曆史上最困難的存款環境。

The higher interest rate environment along with the challenges in the digital asset space, led to deposit declines, which we overcame with little difficulty given our robust liquidity position. Please take note, thus far in 2023, we are already up $1.8 billion in total deposit growth. This is driven by an increase of $2.5 billion in traditional deposits offset by a decline of $700 million in digital deposits.

較高的利率環境以及數位資產領域的挑戰導致存款下降，但憑藉我們強勁的流動性狀況，我們輕鬆克服了這一困難。請注意，到 2023 年為止，我們的總存款成長已經達到 18 億美元。這是由於傳統存款增加了 25 億美元，但數位存款減少了 7 億美元。

Now taking a closer look at earnings. Pretax pre-provision earnings for the 2022 fourth quarter were $451 million, an increase of $65 million or 17% compared with $385 million for the 2021 fourth quarter. Net income for the 2022 fourth quarter increased $29 million or 11% to $301 million or $4.65 diluted earnings per share compared with $272 million or $4.34 diluted earnings per share for last year. The increase in income was predominantly driven by margin expansion due to rising rates, which led to strong growth in net interest income over the last 12 months.

現在仔細看看收益。 2022 年第四季的稅前撥備前利潤為 4.51 億美元，較 2021 年第四季的 3.85 億美元增加 6,500 萬美元，增幅 17%。 2022 年第四季淨收入增加 2,900 萬美元或 11% 至 3.01 億美元或每股攤薄收益 4.65 美元，去年同期為 2.72 億美元或每股攤薄收益 4.34 美元。收入的成長主要得益於利率上升導致的利潤率擴大，從而帶動過去 12 個月淨利息收入強勁增長。

Now let's take a closer look at deposits. With the frequency and severity of the Fed rate increases, the deposit environment remains challenging. Total deposits decreased $14.2 billion or 14% to $89 billion this quarter, while average deposits decreased $4 billion.

現在讓我們仔細看看存款。隨著聯準會升息的頻率和力度，存款環境依然充滿挑戰。本季總存款減少 142 億美元，或 14%，至 890 億美元，平均存款減少 40 億美元。

Now let's discuss the elephant in the room. As a reminder, on December 6, at a conference, we announced our plan to purposefully decrease total deposits in the digital asset banking space by reducing the size of relationships. This strategy results in a more granular deposit base, which leads to greater stability in this funding source.

現在讓我們來討論一下房間裡的大象。提醒一下，12 月 6 日，在一次會議上，我們宣布了我們的計劃，透過減少關係規模來有意減少數位資產銀行領域的總存款。這項策略使存款基礎更加細化，從而提高了資金來源的穩定性。

As part of the plan, we are focused on reducing high cost, excess digital deposits. Our strategy when as expected, have resulted in a decline of $7.4 billion in digital deposits. Respectively, the bank will further reduce these digital deposits by an additional $3 billion to $5 billion by the end of 2023, however, most likely much, much sooner.

作為計劃的一部分，我們致力於減少高成本、過剩的數位存款。我們的策略正如預期的那樣，導致數位存款減少了 74 億美元。相應地，該銀行將在 2023 年底前進一步減少這些數位存款 30 億美元至 50 億美元，但很可能很快就會減少。

Additionally, with the seventh Fed rate hike on December 15 and subsequent to the conference, we saw a large degree of irrational pricing from competitors on traditional deposits. In general, we decided not to increase rates to these levels on deposits that have the highest rate sensitivity. As a result, $2.3 billion in high interest rate deposits left.

此外，隨著12月15日聯準會第七次升息以及隨後的會議，我們看到傳統存款競爭對手的定價在很大程度上是不合理的。整體而言，我們決定不將利率敏感度最高的存款利率提高到這些水準。結果，23億美元的高利率存款就消失了。

Total contribution from both the digital asset reduction strategy and our decision to not match pricing on these rate-sensitive deposits aggregated to $9.7 billion of the deposit decline. These are deposits that we intentionally managed out or managed lower.

數位資產減少策略和我們不對這些利率敏感型存款進行定價的決定總計導致存款減少 97 億美元。這些是我們故意管理掉或降低的存款。

There were several other factors that contributed to the traditional decline. Our mortgage banking and solutions team experienced a seasonality due to taxes and escrow payments, which contributed $1.9 billion to the overall decline. We expect this to build back up over the course of 2023. And 1031 exchange commercial real estate transaction continued to decline industry-wide, and we saw a reduction to the tune of $1.2 billion. So there was a lack of CRE transaction, and as a result, there'll be less 1031 deposits available.

還有其他幾個因素導致了傳統的衰落。我們的抵押貸款銀行和解決方案團隊因稅收和託管付款而經歷了季節性變化，導致整體下降 19 億美元。我們預計這一數字將在 2023 年回升。 1031 交易所商業房地產交易在整個行業中繼續下滑，我們看到減少了 12 億美元。因此缺乏 CRE 交易，結果可用的 1031 存款就會減少。

During the quarter, noninterest-bearing deposits decreased $6 billion to $31.5 billion, which continues to represent a solid 36% of total deposits. The decline in DDA continues by the challenging rate -- deposit rate environment.

本季度，無息存款減少 60 億美元至 315 億美元，繼續佔總存款的 36%。由於存款利率環境嚴峻，DDA 持續下滑。

Before I turn the call over to Eric, I'd like to say that although 2022 was a tough year for deposits, we believe we are a growth story. And as we look beyond 2023, we firmly believe we will be trying to grow traditional deposits. Clearly, this is difficult given the current environment, but it remains a focus. It is encouraging to see inflows in traditional deposits of $2.5 billion thus far this year through January 13, that's only -- that's after only 9 business days.

在將電話轉給 Eric 之前，我想說的是，儘管 2022 年對於存款來說是艱難的一年，但我們相信我們是一個成長的故事。展望 2023 年以後，我們堅信我們將努力增加傳統存款。顯然，在當前環境下，這很困難，但它仍然是一個重點。令人鼓舞的是，截至 1 月 13 日，今年迄今傳統存款流入量已達 25 億美元，這僅僅是 9 個工作天之後的結果。

Now I'd like to turn the call over to Eric.

現在我想把電話轉給 Eric。

All right. Thank you, Joe, and good morning, everyone. I'd like to turn our attention to our lending businesses. Loans during the 2022 fourth quarter increased $452 million or 1% to $74.3 billion. For the year, loans increased $9.4 billion or 15%. During the fourth quarter, growth continued to come from nearly all of our lending businesses with the exception of capital costs, which were down $2.1 billion as we left passive participation to run off as they came up for renewal.

好的。謝謝你，喬，大家早安。我想把注意力轉向我們的貸款業務。 2022 年第四季的貸款增加了 4.52 億美元，即 1%，達到 743 億美元。今年全年貸款增加了 94 億美元，增幅 15%。在第四季度，除資本成本外，我們的幾乎所有貸款業務都繼續實現成長。資本成本下降了 21 億美元，因為我們在續約時放棄了被動參與。

Over the next several quarters, we are expecting measured growth out of our newer business lines; health care, banking and finance, and corporate mortgage finance as these teams are still strengthening their presence within their markets.

在接下來的幾個季度裡，我們預計我們的新業務線將穩步成長；醫療保健、銀行和金融以及企業抵押貸款融資，因為這些團隊仍在加強其在各自市場中的存在。

Given the challenging deposit environment, we anticipate declines from our larger, more established lending businesses. Overall, we plan to manage loan growth to be down in the coming quarters.

鑑於存款環境充滿挑戰，我們預期規模較大、較成熟的貸款業務將會下滑。總體而言，我們計劃在未來幾季控制貸款成長速度。

Turning to credit quality, our portfolio continues to perform well. Nonaccrual loans were down $1 million at $184 million or 25 basis points of total loans compared with $185 million for the 2022 third quarter, and they were down $34 million when compared with $218 million for the 2021 fourth quarter. Our past due loans were within their normal range with 30- to 89-day past due loans at $96 million or 13 basis points and 90-day plus past dues at $55 million or 7 basis points of total loans.

談到信用質量，我們的投資組合繼續表現良好。非應計貸款減少 100 萬美元，至 1.84 億美元，佔總貸款的 25 個基點，而 2022 年第三季為 1.85 億美元，與 2021 年第四季的 2.18 億美元相比，減少了 3,400 萬美元。我們的逾期貸款處於正常範圍內，其中 30 至 89 天的逾期貸款為 9,600 萬美元，佔貸款總額的 13 個基點，90 天以上的逾期貸款為 5,500 萬美元，佔貸款總額的 7 個基點。

Net charge-offs for the 2022 fourth quarter were $18.2 million or 10 basis points of average loans compared with $10.2 million or 6 basis points for the 2022 third quarter. The provision for credit losses for the 2022 fourth quarter increased to $42.8 million compared with $29 million for the 2022 third quarter. The increase was primarily driven by a deteriorating macroeconomic forecast.

2022 年第四季的淨沖銷額為 1,820 萬美元，即平均貸款的 10 個基點，而 2022 年第三季的淨沖銷額為 1,020 萬美元，即平均貸款的 6 個基點。 2022 年第四季的信貸損失準備金從 2022 年第三季的 2,900 萬美元增加至 4,280 萬美元。這一增長主要是受宏觀經濟預測惡化的影響。

This brought the bank's allowance for credit losses higher to 66 basis points and the coverage ratio stands at a healthy 266%. I'd like to point out that excluding very well secured fund banking capital call facilities, the allowance for credit loss ratio will be much higher at 105 basis points.

這使該銀行的信貸損失準備率上升至 66 個基點，覆蓋率維持在健康的 266%。我想指出的是，不包括非常有擔保的基金銀行資本調用便利，信用損失準備金率將高得多，達到 105 個基點。

Now let's turn to the expanding team front. As we've said before, our core metric for us is the number of teams we onboard, and we continue to realize success in this area. During the year, the bank onboarded 12 private client banking teams, including five in New York and seven on the West Coast, of which three of those teams were brought on in the state of Nevada. This marks the entry into a new geography for Signature Bank.

現在讓我們轉向不斷擴大的團隊前線。正如我們之前所說，我們的核心指標是我們擁有的團隊數量，而我們在這一領域不斷取得成功。今年，該銀行共組建了 12 個私人客戶銀行團隊，其中 5 個在紐約，7 個在西海岸，又有 3 個團隊位於內華達州。這標誌著 Signature Bank 進入了新的市場領域。

Additionally, our newest national banking practice, the health care banking and finance team was launched in the second quarter of this year. Notably, this is the third highest number of teams hired in any given year in Signature Bank's history, which bodes well for future deposit gathering and our pipeline remained strong.

此外，我們最新的全國銀行業務—醫療銀行和金融團隊於今年第二季成立。值得注意的是，這是 Signature Bank 歷史上任何一年內僱用的團隊數量第三多的一年，這預示著未來的存款收集將非常順利，我們的管道也將保持強勁。

In order to support our team expansion, we continue to hire extensively throughout our operations and support infrastructure so that we can best serve our clients' needs.

為了支援團隊擴張，我們將繼續在營運和支援基礎設施中廣泛招募人才，以便能夠最好地滿足客戶的需求。

At this point, I'll turn the call over to Steve, and he will review the quarter's financial results in greater detail.

現在，我將把電話轉給史蒂夫，他將更詳細地回顧本季的財務結果。

Thank you, Eric, and good morning, everyone. I'll start by reviewing net interest income and margin. Net interest income for the fourth quarter was $639 million, a decrease of $35 million or 5% from the 2022 third quarter and an increase of $103 million or 19% from the 2021 fourth quarter. The decrease in net interest income during the fourth quarter was driven by the outflows of our cash balances in support of our planned reduction in the digital asset banking deposits. This resulted in a smaller balance sheet at the end of the quarter. Going forward, we plan to keep our cash position in the $4 billion to $6 billion range, which is dependent upon deposit flows.

謝謝你，艾瑞克，大家早安。我將首先回顧淨利息收入和利潤率。第四季淨利息收入為 6.39 億美元，較 2022 年第三季減少 3,500 萬美元或 5%，較 2021 年第四季增加 1.03 億美元或 19%。第四季淨利息收入的減少是由於我們的現金餘額流出，以支持我們計劃減少數位資產銀行存款。這導致本季末的資產負債表規模縮小。展望未來，我們計劃將現金部位維持在 40 億至 60 億美元之間，這取決於存款流量。

Net interest margin on a tax equivalent basis decreased 7 basis points to 2.31% compared with 2.38% for the 2022 third quarter. The lower margin was the result of the rise in our cost of funds, which is primarily due to the replacement of digital asset banking deposits with more expensive borrowings. Over the near term, the bank plans to pay down these borrowings as we see traditional deposit inflows, resulting in a lower cost of funds, which will ultimately be beneficial for margin.

以稅收等價基礎計算的淨利差從 2022 年第三季的 2.38% 下降 7 個基點至 2.31%。利潤率下降是由於我們的資金成本上升，這主要是由於數位資產銀行存款被更昂貴的借款所取代。短期內，由於我們看到傳統的存款流入，該銀行計劃償還這些借款，從而降低資金成本，最終有利於保證金。

Let's look at asset yields and funding costs for a moment. Interest-earning asset yields for the 2022 fourth quarter increased 73 basis points from the linked quarter to 4.18%. The increase in overall asset yields was across all of our asset classes and was driven by higher rates.

我們先來看看資產報酬率和融資成本。 2022年第四季生息資產收益率較上季上升73個基點至4.18%。所有資產類別的整體資產收益率都有所增加，這是由更高的利率推動的。

Yields on the securities portfolio increased 45 basis points linked quarter to 2.53% given higher replacement rates. Additionally, our portfolio duration decreased slightly to 4.23 years due to interest rates flowing back at the end of the quarter.

由於替代率上升，證券投資組合的收益率與上季度相比上升了 45 個基點，至 2.53%。此外，由於季末利率回落，我們的投資組合期限略有下降至 4.23 年。

Turning to our loan portfolio. Yields on average commercial loans and commercial mortgages increased 69 basis points to 4.82% compared with the 2022 third quarter. Increasing yields was driven by our portfolio repricing hire. Since approximately 48% of our loans are floating rate, we expect loan yields to continue to increase as short-term rates continue to move higher. In addition, given the longer duration of our fixed rate loan portfolio, we will continue to see these assets repriced higher even as the Fed ceases increasing rates.

談到我們的貸款組合。平均商業貸款和商業抵押貸款收益率與 2022 年第三季相比增加 69 個基點至 4.82%。收益率的上升是由我們的投資組合重新定價租金所推動的。由於我們的約 48% 貸款為浮動利率，我們預計隨著短期利率持續走高，貸款收益率將繼續上升。此外，鑑於我們的固定利率貸款組合期限較長，即使聯準會停止升息，我們也將繼續看到這些資產的定價上升。

Now looking at liabilities. Given the 125 basis points of Fed moves this quarter, overall deposit costs increased 80 basis points to 1.91%. The pace of the deposit repricing is in line with our expectations given the frequency and magnitude of the rate hikes.

現在來看看負債。鑑於聯準會本季升息125個基點，整體存款成本上漲80個基點，至1.91%。考慮到升息的頻率和幅度，存款重新定價的速度符合我們的預期。

During the quarter, average borrowing balances increased by $2.3 billion to $4.5 billion, and the cost of borrowings increased to 3.80%. The increase in borrowings was driven by our planned reduction in the digital asset banking deposits, where we added mainly short-term borrowings. In the coming quarters, we plan to pay these borrowings down with excess liquidity from deposit flows and managed loan portfolio runoff.

本季度，平均借款餘額增加了 23 億美元，達到 45 億美元，借款成本增加了 3.80%。借款增加是由於我們計劃減少數位資產銀行存款，其中我們主要增加了短期借款。在接下來的幾個季度中，我們計劃利用存款流和管理貸款組合流失產生的過剩流動性來償還這些借款。

In fact, today, borrowings are $4 billion lower since quarter end given positive deposit flows and other initiatives. The overall cost of funds for the quarter increased 85 basis points to 1.99% driven by the aforementioned increase in deposit costs and the addition of higher-priced borrowings.

事實上，由於存款流入正值以及其他舉措，今天的借款額自季度末以來已減少了 40 億美元。由於前述存款成本增加及高價借款增加，本季總資金成本增加 85 個基點至 1.99%。

On to noninterest income and expense. With our plan to grow noninterest income, we achieved growth of $11.8 million or 35.2% to $45.2 million when compared with the 2021 fourth quarter. Increase was primarily related to FX income and lending fees driven by our newer businesses and geographic expansion.

談談非利息收入和支出。透過我們增加非利息收入的計劃，與 2021 年第四季相比，我們實現了 1,180 萬美元或 35.2% 的成長，達到 4,520 萬美元。成長主要與我們新業務和地理擴張推動的外匯收入和貸款費用有關。

Noninterest expense for the 2022 fourth quarter was $233.3 million versus $183.9 million for the same period a year ago. The $49.4 million or 26.8% increase was principally due to the addition of new private client banking teams, national business practices and operational personnel as well as client-related expenses that are activity driven and has increased with the growth in our businesses.

2022 年第四季的非利息支出為 2.333 億美元，去年同期為 1.839 億美元。 4,940 萬美元或 26.8% 的成長主要是由於增加了新的私人客戶銀行團隊、國家業務實踐和營運人員以及由活動驅動且隨著業務成長而增加的客戶相關費用。

Despite the significant hiring and considerable operational investment, the bank's efficiency ratio remained relatively low at a strong 34.11% for the 2022 fourth quarter versus 32.31% for the comparable period last year.

儘管有大量招聘和營運投資，該銀行的效率比率仍然相對較低，2022 年第四季為 34.11%，而去年同期為 32.31%。

Turning to capital. Overall capital ratios remain well in excess of regulatory requirements and augment the relatively low-risk profile of the balance sheet as evidenced by a common equity Tier 1 risk-based ratio of 10.42% and total risk-based ratio of 12.33% as of the 2022 fourth quarter.

轉向資本。整體資本比率仍遠超過監管要求，並增強了資產負債表相對低風險的狀況，截至 2022 年第四季度，普通股一級風險比率為 10.42%，總風險比率為 12.33%。

Today, we are also announcing an increase in our common stock dividend by $0.14 per share to $0.70 per share starting in the first quarter of 2023. Our robust earnings profile generates over $1 billion in earnings a year, which is substantially more compared to when we first set the dividend in 2018. We have long-term confidence in the earnings power of our franchise and are happy to increase our dividend.

今天，我們也宣布從 2023 年第一季開始將普通股股息提高 0.14 美元/股至 0.70 美元/股。我們強勁的獲利狀況每年可產生超過 10 億美元的收益，這比我們在 2018 年首次設定股息時要多得多。我們對特許經營的盈利能力有長期信心，並樂於提高股息。

Now I'll turn the call back to Joe. Thank you.

現在我將把電話轉回給喬。謝謝。

Thanks, Steve. I'd like to point out that this is our first year in our 22-year history that we reported an annual decline in deposits. Given Fed actions, including quantitative tightening, coupled with the seven rapid Fed rate hikes totaling 425 basis points, growing deposits has become very difficult.

謝謝，史蒂夫。我想指出的是，這是我們22年歷史上第一次報告年度存款下降。鑑於聯準會的行動，包括量化緊縮，加上聯準會七次快速升息，總計425個基點，增加存款變得非常困難。

Growth for the sake of growth while ignoring the economics does not benefit our shareholders. Instead, we firmly believe that our decision not to chase the rationally priced high cost deposits as well as our decision to reposition our digital deposit book by reducing concentration will benefit our shareholders in the long run -- in the long term.

為了成長而忽略經濟因素並不會為我們的股東帶來利益。相反，我們堅信，我們決定不追求合理定價的高成本存款，以及決定透過降低集中度來重新定位我們的數位存款帳簿，從長遠來看，將使我們的股東受益。

Our focus in this ecosystem was on concentration of deposits not to lead the ecosystem. Despite the short-term external challenges we face today, we continue to put the seeds in place for future growth with our plans for continued investment in our infrastructure, as well as our geographic expansion through the hiring of teams. These investments will inevitably lead to growth that within our differentiated operating model will lead to higher returns over time. The growing dividend to $0.70 should firmly indicate to our shareholders the confidence we have in our ability to generate substantial earnings over the long term.

我們在這個生態系統中的重點是存款的集中，而不是引領生態系統。儘管我們今天面臨短期的外部挑戰，但我們仍計劃繼續投資我們的基礎設施，並透過招募團隊來擴大我們的地域範圍，為未來的成長播下種子。這些投資必然會帶來成長，並且在我們的差異化營運模式中，隨著時間的推移會帶來更高的回報。股息成長至 0.70 美元，這應該向我們的股東堅定地表明，我們對長期創造可觀收益的能力充滿信心。

To conclude, 2022 was a year of many positives. We achieved the following: Record net income of $1.3 billion and record return on common equity of 16.4%. And as I just mentioned, the earnings power is allowing us to increase our 2023 dividend while still maintaining strong capital ratios. We had loan growth of $9.4 billion, not to mention 12 team hires with the expansion in the state of Nevada, the addition of another national business line, our health care banking and finance team. And we continue to perform with a best-in-class efficiency ratio of 34.11%.

總而言之，2022 年是充滿正面意義的一年。我們取得了以下成就：淨收入達到創紀錄的 13 億美元，普通股權益回報率達到創紀錄的 16.4%。正如我剛才提到的，獲利能力使我們能夠增加 2023 年的股息，同時仍保持強勁的資本比率。我們的貸款成長了 94 億美元，更不用說隨著內華達州業務的擴張，我們還招募了 12 名團隊成員，增加了另一條全國性業務線，即我們的醫療銀行和金融團隊。我們繼續保持 34.11% 的行業最佳效率比率。

Finally, yes, we have USD deposits in digital asset clients, but we do not invest, we do not hold, we do not trade and we do not custody crypto assets. We only have deposits of clients in the crypto ecosystem, and we are executing on our plan to reduce these deposits significantly for concentration purposes. In the future, our focus will remain on blockchain technology, which is the reason we decided to enter this space in 2018. We have many other traditional businesses whose positive results are being overlooked.

最後，是的，我們在數位資產客戶中有美元存款，但我們不投資、不持有、不交易、也不保管加密資產。我們只有加密生態系統中的客戶存款，並且我們正在執行計劃，以大幅減少這些存款，以實現集中目的。未來，我們的重點仍將放在區塊鏈技術上，這也是我們決定在 2018 年進入這個領域的原因。我們還有許多其他傳統業務，其積極成果卻被忽視了。

Now Steve, Eric and I are happy to answer any questions you might have. Shelby, I'll turn it to you.

現在，史蒂夫、艾瑞克和我很樂意回答您可能提出的任何問題。謝爾比，我會把它轉給你。

(Operator Instructions) Our first question is coming from Dave Rochester with Compass Point.

（操作員指示）我們的第一個問題來自 Compass Point 的 Dave Rochester。

I wanted to start on deposits. You mentioned you had $2.3 billion, I believe, in high-rate deposits left. Are you expecting those will flow out here in the next quarter or 2 at this point? Or have you already seen some of that flow out that's actually baked into the quarter-to-date growth you mentioned?

我想從存款開始。您提到您還剩餘 23 億美元的高利率存款。您是否預計這些資金將在下個季度或兩個季度流出？或者您已經看到其中一些資金流出實際上已經融入了您提到的本季度迄今的增長中？

That was in the fourth quarter already, Dave.

那已經是第四季了，戴夫。

That was in the fourth quarter. So how much do you have left at this point?

那是在第四季。那現在你還剩下多少錢？

Not a lot.

不多。

Yes. Okay. What areas are you seeing the deposit growth and at this point quarter-to-date?

是的。好的。您看到哪些領域的存款有所成長？以及本季迄今的情況如何？

Well, there's a number of areas. We can -- we can start with -- (inaudible) but we can start with EB-5, that's a source of deposits for us. We have about $281 million in deposits to the EBIT of the new EB-5 program. So we expect another $5 billion in deposits over a 24-month period. So it's really over the next 2 years, where we expect most of the money coming from China and India. That's one area.

嗯，有很多領域。我們可以 — — 我們可以從 — — （聽不清楚）開始，但我們可以從 EB-5 開始，這是我們的存款來源。我們為新 EB-5 計畫的息稅前利潤存入了約 2.81 億美元。因此，我們預計 24 個月內還將有 50 億美元的存款。因此，我們預計未來兩年大部分資金將來自中國和印度。那是一個領域。

We also expect to hire additional teams, but most on the East and West Coast. We already had a team start in New York on January 2. So we hired one team thus far. We expect the new teams this year plus the teams that we hired last year to start bringing over their books of business and their clients that they have. And that goes to all the teams, the 130 teams that we have.

我們也希望招募更多團隊，但大多數在東海岸和西海岸。我們已經有一個團隊於 1 月 2 日在紐約開始工作。所以到目前為止我們已經僱用了一支團隊。我們預計今年的新團隊和去年聘用的團隊將開始帶來他們的業務和客戶。這適用於所有球隊，我們共有 130 支球隊。

We expect that they'll continue to do a better job of growing deposits because a number of them over the last several years were under the pandemic, and that certainly hurt their ability to bring clients over quickly. So the West Coast finished strong and probably on the pandemic, and that should work.

我們預計，他們將繼續更好地增加存款，因為過去幾年，許多銀行都受到了疫情的影響，這無疑損害了他們快速吸引客戶的能力。因此，西海岸的表現強勁，並且可能在疫情中表現出色，這應該會有效。

Fund Banking is refocusing their growth efforts on deposits. Eric mentioned the decrease that we had in fund banking loans. They refocused because we wanted them to fund a little bit more than they have been on their own loans. So they're concentrating on deposit gathering.

基金銀行正重新將成長重點放在存款上。艾瑞克提到我們的基金銀行貸款減少了。他們重新調整了關注重點，因為我們希望他們獲得的資金比他們自己的貸款多一點。因此他們專注於收集存款。

Then we have a specialized mortgage banking solutions. They are continuing to grow. We had an outflow because of deposits -- I'm sorry, because of taxes and escrow payments. But we see growth there. We let go off some deposits out of that institution -- out of that business as we had because they were high priced. But still, by letting go some of the high price that should help our NIM, but we'll be able to bring on more deposits at a reasonable interest rate.

然後我們有專門的抵押銀行解決方案。它們還在繼續成長。我們的存款出現了資金流出——對不起，是因為稅收和託管付款。但我們看到了那裡的成長。我們取消了該機構的部分存款——取消了該業務的部分存款，因為它們價格過高。但是，透過放開一些高價格，這應該有助於我們的淨利差，但我們將能夠以合理的利率吸引更多的存款。

So we have the West Coast, we have the EB-5, specialized mortgage bank solutions, fund banking division, refocusing the efforts on deposits, and we have the new teams that we have come on board. That's why we're still confident that in 2024 -- moving towards 2024 for there to be a greater growth in deposits than we've seen in the last few years.

所以我們有西海岸，有 EB-5，有專門的抵押貸款銀行解決方案，有基金銀行部門，重新將重點放在存款上，而且我們還有新加入的團隊。這就是為什麼我們仍然相信，到 2024 年，存款將比過去幾年有更大的成長。

Appreciate all the color there. Any -- are you guys seeing any growth by any chance in noninterest bearing? Or is it all interest-bearing right now this quarter?

欣賞那裡的一切色彩。你們有沒有看到非利息收入有任何成長？或者說本季全部都有利息嗎？

We were seeing a comparable mix from what we traditionally see, Dave. So roughly that 35%, 36%.

戴夫，我們看到了與我們傳統上看到的組合類似的組合。所以大概是35%、36%。

And we'll take our next question from Ebrahim Poonawala with Bank of America.

我們將回答美國銀行的 Ebrahim Poonawala 提出的下一個問題。

I guess maybe just following up on deposits to make sure we got the message right. There's about $5 billion in crypto deposits that you expect to exit the balance sheet. Beyond that, is the message that you don't see any other higher cost deposits in any meaningful size left? So net-net, you believe you can offset the $5 billion. So we should see net deposit growth as we think about 1Q and beyond?

我想也許只是跟進存款以確保我們收到正確的訊息。預計約有 50 億美元的加密存款將退出資產負債表。除此之外，您是否沒有看到其他有意義規模的高成本存款？因此，淨收益表明您相信您可以抵消這 50 億美元。那麼，當我們考慮第一季及以後的時候，我們應該看到淨存款成長嗎？

I think it would be difficult for us, given this deposit environment to promise that would be up in traditional deposits, although we're hopeful that we will be. Ex the $3 billion to $5 billion in digital, we do think that will be relatively flat in the rest of our deposit base. The -- we plan to proceed for growth, for sure, as Joe talked about. And we do anticipate that we should have growth, but it's difficult to promise.

我認為，在目前的存款環境下，我們很難承諾傳統存款會增加，儘管我們希望能夠實現這一目標。除了 30 億至 50 億美元的數位存款外，我們確實認為其餘存款基礎的存款規模將相對持平。正如喬所說的那樣，我們肯定會繼續增長。我們確實預計會實現成長，但這很難承諾。

Understood. And Eric, just Steve's point around 35% to 36% NIB, that's where you ended, I think, fourth quarter. Is it safe to say the NIB is kind of running off year around $31 billion, give or take?

明白了。艾瑞克，史蒂夫提到的 NIB 大概在 35% 到 36% 之間，我想這就是第四季結束的地方。是否可以肯定地說，NIB 每年的支出約為 310 億美元？

I think it's back to its normal range. Actually, 35%, 36% is probably at the high end of where we traditionally have been. I mean, we're usually in the 32% to 34% range, maybe even a little bit lower. We've been as low as 24%, yes. But yes, so I think we'll be in that 30% to 35% range of PDA to overall deposits as we look forward.

我認為它已恢復到正常範圍。實際上，35%、36% 可能已經達到了我們傳統的最高水準。我的意思是，我們通常在 32% 到 34% 的範圍內，甚至可能更低一點。是的，我們曾經低至 24%。但是的，所以我認為我們未來 PDA 與整體存款的比例將處於 30% 到 35% 的範圍內。

Understood. And then on lending, I think you mentioned loan growth balance is probably going to be negative. How much more of capital call line participations are yet there that could leave -- exit the balance sheet?

明白了。然後關於貸款，我認為您提到貸款成長餘額可能會為負。還有多少資本調用線參與可以退出資產負債表？

Yes. We have a fair amount of passive participations there. So we could -- I'm going to give a fairly broad range, but we could be down in line anywhere from $5 billion to $10 billion. I mean, essentially, if you look at what we've done over the last couple of years, we've grown digital deposits and we've grown fund banking loans. So we're shrinking our digital deposits, and we're going to shrink our fund banking loans and get back and rightsize the balance sheet a bit.

是的。我們在那裡有相當多的被動參與。所以我們可以——我會給出一個相當廣泛的範圍，但可能會降到 50 億美元到 100 億美元之間。我的意思是，從本質上講，如果你看看我們過去幾年所做的事情，你會發現我們的數位存款和基金銀行貸款都有所增長。因此，我們正在縮減數位存款，並縮減基金銀行貸款，並稍微調整資產負債表的規模。

Understood. And one last question. So it seems like the balance sheet is going to be shrinking. Clearly, you feel good about capital based on the dividend hike. Is buyback an option? Or beyond the dividend, any increase in capital do you expect just to build capital right now?

明白了。最後一個問題。因此看起來資產負債表將會縮水。顯然，基於股息的上漲，您對資本感到滿意。回購是一種選擇嗎？或者除了股息之外，您是否預計現在增加資本以累積資本？

Well, we do anticipate that we're going to have growth. We could see growth this quarter, quite frankly. It's going to be tough, right, but it's possible. And we certainly could see growth if we look into the third and fourth quarter of this year. So we've got -- we continue to put the seeds and plant those seeds for growth, and we'd rather hold on to our capital to support that growth. All that being said, buybacks are certainly -- we have the ability to buy back, and we'll certainly look at that if that growth doesn't materialize.

嗯，我們確實預計我們會實現成長。坦白說，本季我們可以看到成長。是的，這會很艱難，但並非不可能。如果我們展望今年第三季和第四季，我們肯定可以看到成長。因此，我們將繼續播下發展的種子，並且我們寧願保留我們的資本來支持這種成長。話雖如此，回購肯定是——我們有能力回購，如果這種成長沒有實現，我們肯定會考慮回購。

We'll take our next question from Manan Gosalia with Morgan Stanley.

我們將回答摩根士丹利的 Manan Gosalia 提出的下一個問題。

Just given all the moving pieces here between digital outflows and the seasonality of deposits and some of the nice quarter-to-date growth you have in deposits, is annualizing the 4Q EPS a fair way to think about earnings as we go into 2023? Or are there more puts and takes there?

考慮到數位資金流出、存款季節性以及本季度存款的一些良好增長之間的所有變動因素，在進入 2023 年時，將第四季度每股收益年化是否是考慮收益的公平方式？還是那裡還有更多的得失？

I mean there's a few things you need to consider there is that, as Eric just talked about, from a deposit standpoint, it's going to be challenging. And if we're planning on reducing deposits in the digital space, $3 billion to $5 billion, we certainly will then need to borrow in the short term, which then should lead to NIM and NII compression given the higher cost of deposits, as we saw toward the end of the fourth quarter.

我的意思是，你需要考慮一些事情，正如艾瑞克剛才所說，從存款的角度來看，這將是具有挑戰性的。如果我們計劃減少數位領域的存款 30 億美元至 50 億美元，那麼我們肯定需要在短期內借款，而鑑於存款成本較高，這將導致 NIM 和 NII 壓縮，正如我們在第四季度末看到的那樣。

So we continue to expect some short-term pressure there. And then as we head into the end of the year, we should then see some relief is what we're hopeful for and then see NIM expanding and also see some relief from the borrowing standpoint as we see some traditional deposit inflow. So I mean that's the context I would give in relation to your question.

因此，我們繼續預期那裡會出現一些短期壓力。然後，隨著我們接近年底，我們應該會看到一些緩解，這是我們所希望的，然後看到淨利差擴大，同時也從借貸的角度看到一些緩解，因為我們看到一些傳統的存款流入。所以我的意思是這就是我針對你的問題所給的背景。

Got it. That's helpful. And then maybe on the expense side, I know you've spoken about expense growth being at around 20% or so as you invest in the business but do you have some more room there to offset some of the pressure you're seeing on NIM?

知道了。這很有幫助。然後也許在費用方面，我知道您說過，當您投資業務時，費用增長率會在 20％ 左右，但您是否還有更多的空間來抵消您在 NIM 上看到的一些壓力？

So there's a few things to mention on expenses. For the first quarter, we do expect to be in the mid-20s again, roughly 25%. We would have been lower had the FDIC not increased its assessment rates. They're increasing every institution 2 basis points, which for us means about $5 million a month in incremental expense -- sorry, per quarter, in incremental expense. So that, we keep the headwind. Without that, we would have been in the low 20s. So first quarter, mid-20s, 25%, and then we should trend through the remainder of the year down to the high teens.

關於費用，有幾點要提。對於第一季度，我們預計成長率將再次達到 25% 左右。如果聯邦存款保險公司 (FDIC) 沒有提高其評估利率，我們的稅率會更低。他們將每個機構的利率提高 2 個基點，對我們來說，這意味著每月增量費用（對不起，每季增量費用）約為 500 萬美元。這樣，我們就能夠保持逆風。如果沒有這個，我們的收入可能只會低於 20 美元。因此，第一季的成長率應該在 25% 左右，然後，今年剩餘時間內，成長率應該會下降到 10% 左右。

We'll take our next question from Bernard Von Gizycki with Deutsche Bank.

我們將回答德意志銀行的 Bernard Von Gizycki 提出的下一個問題。

Given you're exiting a large amount of your crypto-related deposits. Just curious how this impacts the Signet platform. If you're doing less volumes now, I would assume the activity volume-driven expenses should be coming down as well? I'm just trying to get a sense, like we're focused on the funding part. So one is like the expense part, I think the discussion about the lower expenses in the later part of the year might be part of it. But any sort of fee income that could go away as we kind of consider this with these two factors as well?

假設您正在退出大量與加密相關的存款。只是好奇這對 Signet 平台有何影響。如果您現在的活動量較少，我認為活動量驅動的費用也應該會下降？我只是想了解一下，我們是否專注於資金部分。因此，一方面是費用部分，我認為關於今年下半年費用降低的討論可能是其中的一部分。但是當我們考慮這兩個因素時，任何形式的費用收入都可能消失嗎？

We're really looking at the concentrations in that space. So we're not necessarily exiting client relationships there, but we are lowering concentrations there. And that's -- so we're seeing volumes in Signet. Actually, volumes last quarter were the highest we've seen even as we were exiting these later in the year. So we don't really expect much of effect on Signet volumes. There's really not much of a cost for us to operate Signet. So we're not going to see any cost benefit there if we hit volumes to come down in that space.

我們確實在關注該空間的濃度。因此，我們不一定會退出那裡的客戶關係，但我們會降低那裡的集中度。這就是 — — 因此我們在 Signet 中看到了數量。實際上，儘管我們在今年晚些時候退出，但上個季度的交易量是我們所見過的最高水平。因此我們並不期望這會對 Signet 銷量產生太大影響。對我們來說，營運 Signet 的成本確實不高。因此，如果我們的產量下降，我們將看不到任何成本效益。

From a fee income perspective, same answer. Really, we're not exiting client relationships really. So we're not going to see much of a change in our foreign exchange and other sources of fee income there. So ultimately, what we're doing is limiting the amount that clients can maintain in overall deposits at our institution and looking to have more of a granular deposit base, which will allow us to manage liquidity tighter.

從費用收入的角度來看，答案是一樣的。事實上，我們並沒有真正退出客戶關係。因此，我們不會看到外匯和其他費用收入來源有太大變化。因此，最終，我們所做的是限制客戶在我們機構中可以維持的整體存款金額，並尋求擁有更細緻的存款基礎，這將使我們能夠更嚴格地管理流動性。

Okay. Just to follow up. I know obviously, the digital ecosystem is the largest on the Signet, and you guys have alluded to other ecosystems like payroll, trucking, shipping, that can be utilized. Just trying to get a sense, like as we think of the other like non-crypto areas of the bank, are you seeing any sort of growth in those particular ecosystems?

好的。只是為了跟進。我顯然知道，數位生態系統是 Signet 上最大的生態系統，而且你們還提到了其他可以利用的生態系統，如薪資、卡車運輸、航運。只是想了解一下，就像我們想到的銀行的其他非加密領域一樣，您是否看到這些特定生態系統中的任何成長？

Is there any way you can help like size, like what's the second largest year on Signet just to get a sense of you might have other areas that could grow and could be an area of focus? And if not, what kind of like catalysts should we kind of like think about in those areas that could be growth if not this year, in outward years?

您能提供什麼幫助，例如規模，例如 Signet 上第二大年份是哪一年，只是為了讓您了解可能還有其他可以成長的領域以及可以成為重點關注的領域嗎？如果不是，那麼我們應該考慮哪些催化劑，來推動今年或未來幾年內成長？

Well, the digital is actually -- the number of transactions on Signet is actually -- digital is number two, not in dollars because they have large dollars, but we have a shipping industry -- cargo shipping industry that is #1 on Signet for a number of transactions. And then we've got payroll, which is starting to take course and we're getting more payroll companies on.

嗯，數字實際上是——Signet 上的交易數量實際上是——數字是第二位的，不是以美元計算的，因為他們有大量美元，但我們有一個航運業——貨運業，在 Signet 上的交易數量上排名第一。然後我們有了薪資單，這已經開始步入正軌，我們也正在吸引更多的薪資公司。

So the key for us is that we find these other ecosystems because we put a payment platform together 24 hours, 365 days a year and the idea being that we want to attract as many ecosystems as we can to make it beneficial for all of us and the clients.

因此，對我們來說，關鍵是要找到這些其他的生態系統，因為我們要建立一個全天候、全年無休的支付平台，我們的想法是，我們希望吸引盡可能多的生態系統，以使我們所有人和客戶受益。

What we did put together was something that the digital world embraced, embraced blockchain technology. And that's why there is #1 in terms of dollars that flow in and out. But let's face it. I mentioned that, I did think that crypto would be in the top 10 once we had other industries embrace blockchain technology. One of our shareholders said it probably would not be in the top 100.

我們所做的是數位世界所接受的東西，也就是區塊鏈技術。這就是為什麼它在流入和流出的美元數量方面名列第一。但讓我們面對現實吧。我提到過，我確實認為一旦其他行業採用區塊鏈技術，加密貨幣就會進入前十名。我們的一位股東說它可能不會進入前100名。

So it's just a matter of educating those out there. We look forward to having more noneco -- nondigital ecosystems, and we'll just prove everybody's prohibition to it.

所以這只是一個教育人的問題。我們期待擁有更多的非生態——非數位生態系統，我們只會證明每個人對它的禁令。

And we'll take our next question from Casey Haire with Jefferies.

我們將回答 Jefferies 的 Casey Haire 提出的下一個問題。

So follow-up just on the loan growth. I want to make sure I understand this correctly. So Eric, I think you said total loans down $5 billion to $10 billion for the year. And then...

因此，只需追蹤貸款成長情況。我想確保我理解得正確。所以艾瑞克，我認為你說的是今年的總貸款減少了 50 億到 100 億美元。進而...

That's (inaudible), Casey. That's not outstanding.

那是（聽不清楚），凱西。那並不出色。

Just capital call?

只是資本調用嗎？

Just capital call lines. Outstandings would roughly be half of that balance.

僅資本調用線。未償還金額約佔該餘額的一半。

Okay. All right. So -- I mean capital call, obviously, a big part of the loan book. What is the expectation for -- it sounds like loans are down pretty big in the quarter-to-date, given that you've been able to push down borrowings $4 billion. I guess just a cadence on the loan growth throughout the year and where you expect the loan book to land? Because obviously, the Street is expecting some pretty decent growth this year?

好的。好的。所以 — — 我的意思是資本調用，顯然是貸款帳簿的很大一部分。預期是什麼——聽起來本季迄今為止的貸款下降幅度很大，考慮到您已經能夠將借款減少 40 億美元。我想這只是全年貸款成長的節奏以及您預計貸款帳簿會下降到什麼水平？因為很明顯，華爾街預計今年會出現相當可觀的成長？

Well, given that we're reducing deposit still, right, and we expect to be down $3 billion to $5 billion in the digital space and really flattish in traditional, although we're hopeful we'll see some growth. But again, I can't promise that. It would be difficult for us to expand our loans. So we're expecting that capital call facilities and those passive participations to be down in outstands roughly $2 billion to $5 billion and then for our commercial real estate portfolio to decline, although it's not going to decline much, and it will probably be flatten down a little bit.

嗯，考慮到我們仍在減少存款，我們預計數位領域的存款將下降 30 億至 50 億美元，傳統領域的存款將持平，但我們希望看到一些成長。但我仍然無法保證這一點。我們擴大貸款將會很困難。因此，我們預計資本調用工具和被動參與的未償金額將下降約 20 億至 50 億美元，然後我們的商業房地產投資組合也會下降，儘管不會下降太多，而且可能會略有下降。

And we'll see some growth out of our mortgage warehouse finance business as well as our health care finance business. Those are two newer business lines for us that we want to continue to see have growth and garner market share and market favor. So we'll have some growth out of those areas, let's say, $500 million to potentially $1 billion over the course of the year for each.

我們將看到抵押倉庫融資業務以及醫療保健融資業務的一些成長。對我們來說，這是兩條較新的業務線，我們希望看到它們繼續成長並獲得市場份額和市場青睞。因此，我們將在這些領域實現一些成長，比如說，每年每個領域的成長額將達到 5 億美元到 10 億美元。

So ultimately, when you put all that together, I think you're going to see us be pretty flat on loans to down maybe a little bit.

因此，最終，當你把所有這些因素放在一起時，我認為你會看到我們的貸款將基本持平，甚至可能略有下降。

And Casey, just to add on your borrowing comment, we're down $4 billion in borrowings. That's being paid down from a combination of cash. We mentioned that cash range of $4 billion to $6 billion, which is our comfortable range dependent upon specific deposit inflows. So deposit inflows, cash, security runoff as well as the small amount of loan runoff that we've seen thus far. So it's a combination of all those different items.

凱西，補充一下你關於借款的評論，我們的借款減少了 40 億美元。這些款項將以現金形式償還。我們提到現金範圍為 40 億美元至 60 億美元，這是我們根據特定存款流入而感到舒適的範圍。因此，到目前為止，我們已經看到存款流入、現金、證券流失以及少量貸款流失。所以它是所有這些不同物品的組合。

Okay. Very good. And then just given all the moving pieces here, can you give us some help on where you think the margin settles in the first quarter and thoughts on deposit beta?

好的。非常好。然後考慮到這裡所有的活動因素，您能否為我們提供一些幫助，說明您認為第一季的利潤率將會穩定在什麼水平，以及對存款測試版的看法？

Sure. So margin in the first quarter, we do expect to be down about 10 basis points, and that's a function of what I mentioned earlier in that in the short term, we do expect to borrow early in the year to replace the digital outflow that we're planning to manage down. And then as you get towards the end of the year, we would expect NIM to then start expanding.

當然。因此，我們確實預計第一季的利潤率將下降約 10 個基點，這是我之前提到的短期內，我們確實預計在今年年初借入資金來替代我們計劃管理的數字流出。然後，當接近年底時，我們預計 NIM 將開始擴大。

From a deposit beta standpoint, we're end of period at 46%, total deposit all in and our end-of-period deposit costs are 210 basis points approximately.

從存款貝塔係數的角度來看，我們的期末存款總額為 46%，期末存款成本約為 210 個基點。

Okay. And you guys are still expecting low 50s given beta?

好的。你們還期望測試版能達到 50 以下嗎？

I think we'll be in the high 40s at this point given the high-cost deposits we pushed out, and we'll see how much noninterest-bearing pressure we get. But at this point, I would expect it to be in and around where we're at maybe plus or minus marginally.

考慮到我們推出的高成本存款，我認為目前我們的利率將達到 40% 左右，而且我們將看到我們面臨多大的非利息壓力。但在這一點上，我預計它會處於我們所處的位置左右，可能略有增減。

Okay. Very good. And then just lastly, the release mentions talks about geographic expansion. Just any further color on what you're thinking about and which markets?

好的。非常好。最後，新聞稿中提到了有關地理擴張的討論。您能進一步說明一下您正在考慮什麼以及針對哪些市場嗎？

It's really just filling in the expansion that we've had over the last couple of years. We've got teams to hire in the California marketplace, whether it be L.A. or Sacramento area as well as Nevada where we'll continue to hire some teams there. Potential for us to maybe go into Southern California, San Diego market, but there's no actual near-term teams in the pipeline right now for that.

這實際上只是填補了我們過去幾年的擴張。我們在加州市場需要招募團隊，無論是洛杉磯還是薩克拉門托地區，以及內華達州，我們都會繼續在那裡招募一些團隊。我們可能有可能進入南加州、聖地牙哥市場，但目前還沒有實際的近期團隊計畫。

And we'll take our next question from Steven Alexopoulos with JPMorgan.

我們將回答摩根大通的 Steven Alexopoulos 提出的下一個問題。

So if we work through the expected decline of the digital deposits and then the capital call loans, all in, I'm trying to understand when the balance sheet will stabilize. Do you think most of this is front-end loaded? Do we get to the point in the second half where we should expect the balance sheet overall to be fairly flat. Could you just take us through this year when we should expect to see a bottoming in that eventual growth in the total balance sheet?

因此，如果我們考慮數位存款和資本調用貸款的預期下降，我就會試圖了解資產負債表何時會穩定下來。您是否認為其中大部分都是前端加載的？我們是否應該預期下半年資產負債表整體將相當穩定。您能否為我們介紹一下今年何時我們預期資產負債表整體成長最終會觸底？

Yes. I mean, Steve, we're working hard to get through these digital outflows in the first quarter, second quarter. We could see some of that bleed into the third and fourth quarter. But we're really trying to have this done as quickly as we can, right? So we're going to see decline probably in the first and second quarters in the overall balance sheet.

是的。我的意思是，史蒂夫，我們正在努力解決第一季和第二季的這些數位資金流出問題。我們可以看到其中的一些影響延續到了第三季和第四季。但我們確實想盡快完成這件事，對嗎？因此，我們可能會看到第一季和第二季的整體資產負債表出現下降。

By the time we get to the third, we should see that stabilize. And again, we're hopeful that we could see deposit growth, which we have thus far this quarter, which is great. And we're hopeful as we get to the second part -- half of the year, that we'll see some growth from there.

當我們進入第三個階段時，我們應該會看到情況穩定下來。我們再次希望看到存款成長，本季到目前為止，存款成長非常好。我們希望，隨著進入下半年，我們將看到一些成長。

That's helpful. And then on the digital asset deposits, Joe, your original appeal of these deposits was it would be a lower cost funding option, right, which is not necessarily proving to be the case. I'm curious, given the extreme volatility, right, to draw it down, will you be able to lend those deposits out? Is your original case to be in the business still stand? And how do you think about this from a long-term view?

這很有幫助。然後關於數位資產存款，喬，你對這些存款的最初吸引力在於它將是一種成本較低的融資選擇，對吧，但事實不一定如此。我很好奇，考慮到極端的波動性，為了降低波動性，您是否能夠將這些存款借出去？您原來從事該行業的情況還成立嗎？從長遠來看您如何看待這個問題？

Well, long term, I think it helps having time. But in the short term, we clearly don't have any evidence or any past history that gives us a comfort level that we should do something long term with those deposits. So we're going to keep them short for now.

嗯，從長遠來看，我認為有時間是有幫助的。但在短期內，我們顯然沒有任何證據或過去的歷史讓我們放心地利用這些存款採取長期行動。因此我們暫時就簡短地說一下。

Okay. But you guys are still committed to the business long term at this stage, just going to decline materially?

好的。但你們現階段仍致力於長期業務，只是會大幅下滑嗎？

Yes, we're committed to the business. We think that it's not going away -- let's put it this way, it's not going away, and we have a number of examples that show that it's not going away. If you think about the government, if we could get the regulators and Congress on the same wavelength, they would give us regulations that we could follow and that others could follow.

是的，我們致力於這項業務。我們認為它不會消失——讓我們這樣說吧，它不會消失，而且我們有很多例子表明它不會消失。如果你考慮政府，如果我們能夠讓監管機構和國會達成共識，他們就會為我們提供我們可以遵循和其他人可以遵循的法規。

What this ecosystem needs is regulation. We need to be able to function where the economy is confident. Having this FTX situation clearly puts a lack of confidence in that ecosystem. Now what we need to do is to get regulation, get confidence back in the system and we can go from there.

這個生態系統需要的是監管。我們需要能夠在經濟充滿信心的情況下發揮作用。 FTX 的這種情況顯然表明人們對該生態系統缺乏信心。現在我們需要做的是製定法規，恢復對系統的信心，然後我們就可以繼續前進。

It occurs to a lot of people that when you do innovation, you always -- in the initial part of the innovation, there's always looked upon, initially down upon. And that's what I think is the situation here.

很多人會發現，當你進行創新時，在創新的初始階段，總是會被人看不起。我認為這裡的情況就是這樣。

There's new financial innovation, it's being looked down upon. And we believe that somewhere in the next few years, the banking system as it conducts transactions today will not be the way they conduct transactions tomorrow. So we're very much in tune to this to wanting to support this ecosystem.

有新的金融創新，卻被人看不起。我們相信，在未來幾年內，銀行體系今天進行交易的方式將與明天進行交易的方式有所不同。因此，我們非常關注這一點，並希望支持這個生態系統。

Got it. Okay. And if I could ask one final one. Just following up on the inflows of traditional deposits you saw, what you're calling out in the release, the $2.5 billion. I might have missed this, but what type of deposits was that you saw such strong growth? Are those low-cost deposits? Can you give us some context around that?

知道了。好的。我可以問最後一個問題。您剛才提到了傳統存款的流入，也就是 25 億美元。我可能忽略了這一點，但是哪種類型的存款令您看到如此強勁的成長？這些是低成本存款嗎？能為我們介紹一下相關背景嗎？

Sure. So we've seen some growth in specialized mortgage banking. They've continued to build up their balances after the year-end escrow and tax outflows. Our fund banking business is up a couple of hundred million as well. And then our New York private client banking teams, we're also seeing some growth there as well.

當然。因此，我們看到專業抵押銀行業務有所成長。在年終託管和稅收流出後，他們繼續增加餘額。我們的基金銀行業務也成長了數億美元。然後我們的紐約私人客戶銀行團隊也看到了一些成長。

To your cost question, we're seeing the traditional 30% to 35% noninterest bearing as we add these deposits back.

對於您提出的成本問題，當我們將這些存款加回時，我們看到傳統的 30% 到 35% 的無息成本。

Steve, I want to just follow up on the question that you had asked earlier about being in the crypto space. Every major bank -- well, maybe not every major bank, but many major banks are in this space, maybe more internationally than domestically, but they're all there. And what really shook the confidence of the market was, I said FTX, almost Bernie Madoff like. And that when Bernie happened, that shift the markets, the shift the markets. Again, I'll say it again, we need regulations. So we need the regulators and Congress to get on the same page.

史蒂夫，我想跟進一下你之前提出的有關加密領域的問題。每家大型銀行——好吧，也許不是每家大型銀行，但許多大型銀行都處於這個領域，可能國際銀行比國內銀行更多，但它們都在那裡。而真正動搖市場信心的是，我說 FTX，幾乎像伯納德·麥道夫一樣。當伯尼出現時，市場發生了變化，市場發生了變化。我再說一遍，我們需要法規。因此我們需要監管機構和國會達成共識。

And we'll take our next question from Jared Shaw with Wells Fargo Securities.

下一個問題來自富國證券的賈里德·肖 (Jared Shaw)。

Maybe just a couple of follow-up detailed questions. On the borrowings, you said borrowings are down quarter-to-date, but you're expecting them to go back up. So is that to grow from year-end numbers as we see these deposit outflows? Or just maybe give back some of the flow that we've seen year-to-date?

也許只是幾個後續的詳細問題。關於借款，您說本季迄今的借款有所下降，但您預計借款將會回升。那麼，我們看到這些存款流出後，這個數字是否會從年末數字成長？或者可能只是回饋我們今年迄今看到的一些流量？

Certainly -- Jared, certainly dependent upon what traditional deposit flows are, but all else being equal, that's flat, and it would just end up replacing some of what we've paid down thus far. So wouldn't expect it to be significantly different from where we ended as of year-end. There's some ebbs and flows dependent upon what traditional deposit flows might end up being.

當然 - 賈里德，當然取決於傳統存款流量，但在其他條件相同的情況下，這是持平的，它最終只會取代我們迄今為止已經支付的部分。因此，我們不會期望它與年底的水平有顯著不同。有一些起伏取決於傳統存款流的最終結果。

Okay. And then can you give us an update on what you're seeing on spot rates on loans, especially the areas that you're growing?

好的。那麼您能否向我們介紹一下貸款的現貨利率的最新情況，特別是您正在成長的領域？

Sure. On the CRE front, we're seeing replacement rates roughly in the high 5s, call it 5.75% range. In fund banking, and certainly, they're reducing, but we're in the low 6s there. At Signature Financial, we're in the mid- to high 6% range. Securities, any replacement there is at 4.5% to 4.75% range. And then we have some of the folks that we're growing. Healthcare, banking and finance about 7% and as is commercial mortgage finance in the 7% range.

當然。在CRE方面，我們看到替代率大約在5%的高位，也就是5.75%的範圍內。在基金銀行方面，他們當然在減少，但我們那裡的比例在 6% 以下。在 Signature Financial，我們的利率處於 6% 中高水準。證券，任何替代品都在 4.5% 到 4.75% 的範圍內。然後，我們還有一些正在成長的人。醫療保健、銀行和金融業約佔 7%，商業抵押貸款融資也在 7% 左右。

Okay. That's great. And then on the security side, you said that you were using cash flows to pay down borrowings. How should we be thinking about securities as a percentage of assets here? Could that -- should I say, stable? Should it come down? When you look at the absolute dollar level, can we expect that to be trending down as we go through the year?

好的。那太棒了。然後在安全方面，您說您正在使用現金流來償還借款。我們該如何看待證券佔資產的百分比？那能——我該說，穩定嗎？它該降下來嗎？當您查看絕對美元水平時，我們是否可以預期隨著時間的推移美元水平會呈下降趨勢？

Potentially, it could run down dependent upon where back to the traditional deposit flows. That's really the key here where the traditional deposit flows go compared to our digital runoff and the timing of all that. So yes, in a situation, we could see some reduction there as they run off roughly in the $750 million to $1 billion a quarter range.

潛在的，它可能會根據回到傳統存款流向的位置而減少。這確實是關鍵所在，傳統存款流與我們的數位存款流相比有何不同，以及所有這些的時間安排。所以是的，在某種情況下，我們可以看到一些減少，因為它們每季的支出大約在 7.5 億美元到 10 億美元之間。

We'll take our next question from Chris McGratty with KBW.

下一個問題由 KBW 的 Chris McGratty 提出。

Joe or Eric, in the release, you talked about the bump up in the reserve due to the macro. One of the topics that comes up a lot in investor conversation is the office portfolio. Could you just remind me the size and a few of the relevant stats where we are at year end?

Joe 或 Eric，在發表會上，您談到了宏觀因素導致的儲備量的增加。投資者對話中經常提到的話題之一是辦公室投資組合。您能否提醒我年底的規模和一些相關統計數據？

Yes. The office portfolio is about $4 billion. We have zero in nonaccrual as of this point. So it's [1 point, 1.5 points]. It's also -- I mean, it's more critical to point out that we're not a CMBS lender. And all the articles in the news that you've seen thus far is all related to CMBS. I don't think there's anything related to balance sheet lenders, us or any of our competitors.

是的。辦公室投資組合價值約40億美元。截至目前，我們的未提列餘額為零。所以是 [1 分，1.5 分]。而且——我的意思是，更重要的是要指出我們不是 CMBS 貸款機構。到目前為止，您看到的所有新聞文章都與 CMBS 有關。我認為這與資產負債表貸款人、我們或我們的任何競爭對手都沒有任何關係。

Now when we originated these loans, we're in the low 50% LTV range. We were north of a 140 debt service coverage. So we've got ample cushion there to absorb whatever we do see, we come through in that space. I mean don't get me wrong, we fully expect that there's going to be some problems.

現在，當我們發放這些貸款時，我們的 LTV 處於 50% 以下的範圍內。我們的債務償還覆蓋率已超過 140%。因此，我們在那裡有足夠的緩衝空間來吸收我們所看到的和通過的任何東西。我的意思是不要誤會我的意思，我們完全預料到會出現一些問題。

But quite frankly, we're just not seeing much right now, Chris. I mean we're dealing with well-seasoned veteran operators, multigenerational who own many properties and can divert cash flow as necessary to deal with the ones that might be in trouble. And we're just not seeing the demise of New York office anywhere near what people are predicting -- I mean anywhere near.

但坦白說，我們現在看不到太多這樣的情況，克里斯。我的意思是，我們正在與經驗豐富的資深運營商打交道，這些運營商擁有多代人，擁有許多房產，並且可以根據需要轉移現金流來處理可能陷入困境的房產。而且，我們並沒有看到紐約辦公室的消亡像人們所預測的那樣迅速——我是說，遠遠沒有。

Okay. Is that the portfolio, the #1 internally that you guys are stress testing? Is there something else that might drive kind of a reserve build narrative over the next couple of quarters?

好的。這是你們正在進行壓力測試的內部投資組合嗎？還有其他因素可能推動未來幾季儲備建設嗎？

I mean, it's certainly one of the areas. I mean we've been focused on retail for a long time, really from the Amazon effect well before the pandemic hit. Again, our retail is really in the (inaudible), more strip centers that we feel pretty comfortable with, and we're seeing that behave quite well. Also -- I mean, we're also focused on the multifamily sector, where you have rent stabilized and predominantly buildings that are mostly rent stabilized where it's really tough for them to improve the cash flows there. That's another area that we're looking at. But in all three of those areas, we're really just not seeing much weakness, if any at all at this point.

我的意思是，這肯定是其中一個領域。我的意思是，我們長期以來一直專注於零售業，實際上早在疫情爆發之前的亞馬遜效應就已經產生了。再說一次，我們的零售確實在（聽不清楚），更多的是帶狀中心，我們對此感到非常滿意，而且我們看到它的表現相當不錯。另外——我的意思是，我們也專注於多戶型住宅領域，該領域的租金穩定，而且主要是租金穩定的建築，這些建築很難改善那裡的現金流。這是我們正在關注的另一個領域。但在這三個領域，我們實際上並沒有看到太多弱點，如果有的話。

Okay. And can you remind me the size of the retail book here?

好的。可以提醒我這裡的零售書的尺寸嗎？

The retail book is about $6 billion.

零售帳面價值約60億美元。

Okay. Just I guess the last question, just trying to square up all the outlook for margin and balance sheet. Would you -- is it fair to assume that the trajectory of net interest income probably -- is obviously down first half of the year, but stable. Is stabilization in the back half kind of the goal? Or just kind of trying to figure out the trough in net interest income.

好的。我猜最後一個問題只是試圖理清利潤和資產負債表的所有前景。您是否可以合理地假設，淨利息收入的走勢可能在上半年明顯下降，但保持穩定。後半部的穩定是我們的目標嗎？或者只是想找出淨利息收入的低谷。

Yes, 100% accurate on the near term in the first half of the year. And second half of the year is stable to potentially up depending upon what the Fed does.

是的，就上半年的短期預測而言，100％準確。下半年的走勢將保持穩定或可能上漲，具體取決於聯準會的舉措。

We'll take our next question from Matthew Breese with Stephens Inc.

下一個問題由 Stephens Inc. 的 Matthew Breese 提出。

I wanted to go back, Stephen, to your NIM commentary. You had mentioned in the first quarter, you expect the NIM to be down 10 basis points but expansion by year-end. Could you just give us some sense for NIM performance in the middle of the year. Are we expecting down 10 bps in the first quarter, stabilizing and then bouncing back? Or is there additional downside in the second and third quarters?

史蒂芬，我想回顧一下你的 NIM 評論。您曾提到，在第一季度，您預計淨利差將下降 10 個基點，但到年底將擴大。您能否為我們介紹一下年中 NIM 的表現？我們是否預計第一季利率將下降 10 個基點，然後穩定下來並反彈？或者第二季和第三季還有進一步的下滑趨勢？

I mean it is difficult to say given we don't know what the Fed does. I mean we run various different scenarios. There likely will be pressure in the first half given borrowings. As far as -- pretty certain on where we're going to be at for the first quarter, but then depending upon where deposit flows come, where borrowings come, that really makes it challenging just going more beyond 1 quarter at this point, but would see stabilization to the NIM expansion in the second half with borrowings rolling down. It's just very difficult to project down 1 quarter at this point.

我的意思是，由於我們不知道聯準會在做什麼，所以很難說。我的意思是我們運行各種不同的場景。由於借款，上半年可能會面臨壓力。就第一季的情況而言，我們非常確定，但隨後又取決於存款流向何處、借款流向何處，這確實使得現在僅僅超越 1 個季度就變得非常具有挑戰性，但隨著借款的減少，下半年淨息差的擴張將趨於穩定。目前，預測下降一個季度是非常困難的。

Okay. And then on the expense ramp that falls into these -- to the other category, it's been up significantly the last 2 quarters. I'm assuming that's related to some of the client costs. Can you give me some examples of what the largest drivers contributing to pretty close to, like a $20 million, $25 million quarterly increase?

好的。然後，對於屬於這些費用的坡度而言——對於另一個類別的費用而言，過去兩個季度大幅上升。我認為這與一些客戶成本有關。您能否舉例說明，哪些因素對季度增幅貢獻最大，例如接近 2,000 萬美元、2,500 萬美元？

Sure. There's two things. First, it's just general activity levels are up, which we have expenses that are activity based with some of our vendors, in addition to the fact that we have ETRs or earnings credits. That's the other component to the driver there.

當然。有兩件事。首先，整體活動水準有所提高，除了我們擁有 ETR 或收益抵免之外，我們的費用也來自我們與一些供應商進行的活動。這是驅動程式的另一個元件。

Could you clarify those earning credits?

您能解釋一下這些賺取積分嗎？

So credits that clients get based upon balances and activity that they have with us. They might be -- it's like a rewards program, if you will.

因此，客戶獲得的信用額度取決於他們在我們這裡的餘額和活動。他們可能是——如果你願意的話，這就像一個獎勵計劃。

Got it. Okay. And then my last one is just love your thoughts on the crypto regulatory front and implications to you, particularly on the back of the interagency guidance earlier this month. I'm curious in the wake of FTX if there's been any reassessment on the institutional client book or the BSA-AML-KYC process front to make sure that there aren't other instances of fraudulent activity? What changes, actions have you taken and what kind of comfort can you give us on the quality of the remaining client book?

知道了。好的。然後我的最後一個問題是，我非常喜歡你對加密監管方面的想法以及對你的影響，特別是本月早些時候的跨機構指導。我很好奇，在 FTX 之後是否對機構客戶帳簿或 BSA-AML-KYC 流程方面進行過重新評估，以確保不存在其他詐欺活動？您做出了哪些改變、採取了哪些行動，以及在剩餘客戶書的品質上您能給我們什麼樣的安慰？

Well, I'll say this with FTX, it wasn't a matter of BSA/AML. Everyone thought that he would resume it, and he ended up being Bernie Madoff like. So I don't think anyone could say that they knew that and we catch it.

好吧，我想說的是，對於 FTX 來說，這不是 BSA/AML 的問題。每個人都以為他會重操舊業，但他最終卻成為了像伯納德·麥道夫那樣的人。因此我認為沒有人可以說他們知道這一點而我們卻發現它。

What we're talking about regulation is we just want to know which way to go. Because we had Signet and we tried to make enhancements on it, and some of it are okay by the regulators and some were not. It puts us in a difficult position as to what we do -- what do we do next, and not knowing regulation-wise what's going to happen puts us really behind everyone else, that is the crypto world.

我們談論監管只是想知道該往哪條路走。因為我們有 Signet，並且我們嘗試對其進行改進，其中一些得到了監管機構的批准，而有些則沒有。這讓我們陷入了一個困難的境地，不知道下一步該做什麼，如果我們不知道監管方面會發生什麼，我們會落後於其他所有人，這就是加密貨幣世界。

I will tell you this, we've had a number of discussions with the regulators and they seem to be waiting for other regulators. So I don't know if the Fed is waiting for the FDIC. The FDIC was waiting for the OCC. But I think they have to get together, meet with Congress because Congress was going to put some -- before the end of the year, Congress was going to put some bills across to get some laws put out on the books for regulation. And they were not things that we thought were good for us or good for the industry. So we need to get them to get on the same level field and give us some guidance.

我要告訴你的是，我們已經與監管機構進行了多次討論，他們似乎在等待其他監管機構。所以我不知道聯準會是否在等待聯邦存款保險公司 (FDIC)。聯邦存款保險公司 (FDIC) 正在等待貨幣監理署 (OCC)。但我認為他們必須聚在一起，與國會會面，因為國會將在年底之前提出一些法案，將一些法律制定出來以供監管。我們認為這些對我們或產業來說都不是好事。所以我們需要讓他們站在同一水平線上並給我們一些指導。

There's no -- I think what happens is when regulations come out, that will eliminate a number of players. I don't know if they are fair actors, but I would say a number of players couldn't live up to the regulation, whether it's capital related or just doing AML-BSA. But again, FTX was not a BMA-AML. It was a Bernie Madoff like situation that no one really thought that Sam was a bad actor.

沒有——我認為，當法規出台時，將會淘汰一些參與者。我不知道他們是否公平，但我想說很多參與者都無法遵守規定，無論是與資本有關，還是只是執行 AML-BSA。但FTX並不是BMA-AML。這是一個像伯納德·麥道夫一樣的情況，沒有人真正認為薩姆是個壞演員。

We'll take our next question from Mark Fitzgibbon with Piper Sandler.

下一個問題由派珀·桑德勒 (Piper Sandler) 的馬克·菲茨吉本 (Mark Fitzgibbon) 提出。

Can you hear me?

你聽得到我嗎？

Yes, we can hear you now.

是的，我們現在可以聽到你的聲音。

Okay. Sorry. I guess just following up on Joe's comments. How likely do you think it is that Signature gets sort of been snared in any kind of congressional hearings on crypto?

好的。對不起。我想這只是對喬的評論的後續跟進。您認為 Signature 陷入任何有關加密貨幣的國會聽證會的可能性有多大？

It's pretty hard to predict really. I mean, look, we're a highly regulated banking institution. We follow strict BSA-KYC-AML policies and procedures. In the space, in particular, we have had due diligence and monitoring. And we're really not aware of any concerns or issues that we have at this time. And we haven't been involved in any litigation, any meaningful litigation to date.

這確實很難預測。我的意思是，我們是一家受到嚴格監管的銀行機構。我們遵循嚴格的 BSA-KYC-AML 政策和程序。特別是在該領域，我們進行了盡職調查和監控。我們現在確實不知道有什麼擔憂或問題。到目前為止，我們還沒有捲入任何訴訟，任何有意義的訴訟。

Fortunately, for us, we were not -- we had announced that we're integrating the FTX, but we were not integrated yet with FTX. So we didn't have client-related transactions of FTX happening on our platform. Yes. So that's certainly good.

幸運的是，我們並沒有——我們已經宣布過我們正在整合 FTX，但我們還沒有與 FTX 整合。因此我們的平台上沒有發生與 FTX 相關的客戶交易。是的。這當然是好的。

Okay. And Eric, could you share with us the number of digital deposit clients that you have today and maybe what the actual transaction volume was in the fourth quarter?

好的。 Eric，您能否與我們分享您目前的數位存款客戶數量，以及第四季度的實際交易量是多少？

Yes. Currently, we have 1,410 active clients, and our transfer volumes were $275.5 billion.

是的。目前，我們擁有 1,410 名活躍客戶，轉帳量為 2,755 億美元。

Okay. Great. And then last question. Steve, you might have mentioned this, but what was the spot deposit rates today?

好的。偉大的。這是最後一個問題。史蒂夫，你可能有提到這個，但是今天的現貨存款利率是多少？

210 basis points.

210 個基點。

This concludes our allotted time and today's conference call. If you'd like to listen to a replay of today's conference, please dial 800-934-4245. A webcast archive of this call can also be found at www.signatureny.com. Please disconnect your line at this time, and have a wonderful day.

我們的時間和今天的電話會議就到此結束了。如果您想收聽今天會議的重播，請撥打800-934-4245。本次通話的網路直播存檔也可以在 www.signatureny.com 上找到。請立即斷開您的線路，祝您有美好的一天。