SVB Financial Group (SIVB) 2021 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the SVB Financial Group Q2 2021 Earnings Conference Call. (Operator Instructions)

美好的一天，謝謝你的支持。歡迎參加 SVB Financial Group 2021 年第二季度收益電話會議。 （操作員說明）

I would now like to hand the conference over to your speaker today, Meghan O'Leary, Head of Investor Relations. Thank you. Please go ahead.

我現在想把會議交給今天的演講者，投資者關係主管梅根·奧利裡 (Meghan O'Leary)。謝謝。請繼續。

Thank you, everyone, for joining us today. Our President and CEO, Greg Becker; and our CFO, Dan Beck, are here to talk about our second quarter 2021 financial results and will be joined by other members of our management team for the Q&A.

謝謝大家今天加入我們。我們的總裁兼首席執行官 Greg Becker；和我們的首席財務官丹·貝克 (Dan Beck) 將在這裡討論我們 2021 年第二季度的財務業績，我們管理團隊的其他成員也將加入問答環節。

Our current earnings release, highlight slides and CEO Letter have been filed with the SEC and are available on the Investor Relations section of our website.

我們當前的收益發布、亮點幻燈片和 CEO 信函已提交給美國證券交易委員會，並可在我們網站的投資者關係部分獲取。

We'll be making forward-looking statements during this call, and actual results may differ materially. We encourage you to review the disclaimer in our earnings release dealing with forward-looking information, which applies equally to statements made in this call. In addition, some of our discussion may include references to non-GAAP financial measures. Information about those measures, including reconciliation to GAAP measures, may be found in our SEC filings and in our earnings release.

我們將在此次電話會議中做出前瞻性陳述，實際結果可能存在重大差異。我們鼓勵您查看我們的收益發布中涉及前瞻性信息的免責聲明，該聲明同樣適用於本次電話會議中的聲明。此外，我們的一些討論可能包括對非 GAAP 財務指標的引用。有關這些措施的信息，包括與 GAAP 措施的協調，可以在我們向美國證券交易委員會提交的文件和我們的收益發布中找到。

And now I will turn the call over to our President and CEO, Greg Becker.

現在我將把電話轉給我們的總裁兼首席執行官 Greg Becker。

Thanks, Meghan, and thank you all for joining us today. As you can see from our earnings announcement and slides, which we filed a few hours ago, we had another quarter of exceptional growth and profitability marked by continuing trends of outstanding balance sheet growth, strong net interest income, robust fee and market-related income and solid credit. As a result of our outperformance, we once again increased our 2021 growth outlook.

謝謝，梅根，感謝大家今天加入我們。正如您從我們幾個小時前提交的收益公告和幻燈片中看到的那樣，我們又一個季度實現了非凡的增長和盈利，其特點是資產負債表的持續增長趨勢、強勁的淨利息收入、強勁的費用和市場相關收入和堅實的信用。由於我們的出色表現，我們再次提高了 2021 年的增長前景。

We were also thrilled to close our Boston Private acquisition on July 1, and I'm sure you'll have lots of questions about that. In the meantime, to try to make modeling a little easier for all of you, we've included a high-level breakout of our expectations for the incremental impact on our 2021 outlook.

我們也很高興在 7 月 1 日完成對 Boston Private 的收購，我相信您對此會有很多疑問。與此同時，為了讓大家的建模更容易一些，我們對我們對 2021 年前景的增量影響的預期進行了高層次的突破。

When we start talking about our 2022 outlook next quarter, we'll wrap those impacts into our overall outlook, as we've always done with our private bank.

當我們在下個季度開始談論我們的 2022 年展望時，我們會將這些影響納入我們的整體展望，就像我們對我們的私人銀行所做的那樣。

And now, as is our practice, we'll go right into Q&A, and I'll ask the operator to open up the lines for questions.

現在，按照我們的慣例，我們將直接進入問答環節，我會要求接線員打開提問熱線。

(Operator Instructions) Our first question is from the line of Steven Alexopoulos with JPMorgan.

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

Greg, I wanted to start with a big picture view. In all of the years you've been doing this, have you ever seen the business this strong, even dating back to the pre-dotcom period?

格雷格，我想從大局觀開始。在您從事此行業的所有這些年中，您是否見過如此強大的業務，甚至可以追溯到互聯網泡沫之前的時期？

Well, the short answer is no. And -- but Steve, you and I have talked about this a lot over the years, which goes back to the basis of our business and what our focus is, so being exclusively focused on technology and life sciences. And we've always said that market is what we believe is the best market to be into. And especially during the pandemic, what we thought was going to be an issue ended up being -- really being a catalyst for growth in the innovation economy. It slowed down for a brief period of time. And then when there really weren't a lot of other alternatives from an investment perspective, money really flowed into the market. That was incredibly strong for the second half of 2020.

好吧，簡短的回答是否定的。而且 - 但是史蒂夫，你和我多年來一直在談論這個問題，這可以追溯到我們的業務基礎和我們的重點是什麼，所以我們只專注於技術和生命科學。我們一直說市場是我們認為最好的市場。尤其是在大流行期間，我們原以為會成為一個問題，結果卻變成了——真正成為創新經濟增長的催化劑。它在短時間內放慢了速度。然後當從投資的角度來看真的沒有很多其他選擇時，資金真的流入了市場。這在 2020 年下半年非常強勁。

And clearly, as you can see, for the first half of 2021, it has been exceptional. But really technology and healthcare are really taking over really the growth, from my standpoint, from a global perspective and a lot of people are investing in that, and we're benefiting from that.

很明顯，正如您所看到的，2021 年上半年非常出色。但從我的角度來看，從全球的角度來看，技術和醫療保健確實真正接管了增長，很多人都在投資於此，我們正從中受益。

Okay. That's helpful. If we look at the growth in total client funds, how should we think about this? Like how much is coming from new customers? We know new customers continue to go up each quarter. And how much is just larger rounds and IPO proceeds? And basically, is the off balance sheet just becoming a parking lot for IPO proceeds, basically?

好的。這很有幫助。如果我們看一下客戶資金總額的增長，我們應該如何看待這個問題？比如有多少來自新客戶？我們知道新客戶每個季度都在繼續增加。更大的融資和 IPO 收益是多少？基本上，資產負債表外是否只是成為 IPO 收益的停車場？

Yes. Let me -- Steve, I'll start answering, and then Mike may want to add to it. But the growth in funds has actually been pretty balanced. So the IPO market and public market activity has been more of a catalyst than it has been because it obviously picked up in the second quarter. So that's a percentage, but it's not a huge percentage. Most of the growth has come from new financings from existing clients. And then clearly, given that we added 1,700 new clients in the quarter, at the early stage mostly, that adds to it. But the biggest driver is coming from existing clients raising increasingly larger rounds of financing.

是的。讓我——史蒂夫，我會開始回答，然後邁克可能想補充一下。但基金的增長實際上是相當平衡的。因此，IPO 市場和公開市場活動比以往更具催化劑作用，因為它在第二季度明顯回升。所以這是一個百分比，但不是很大的百分比。大部分增長來自現有客戶的新融資。然後很明顯，鑑於我們在本季度增加了 1,700 個新客戶，而且主要是在早期階段，這增加了它。但最大的推動力來自現有客戶籌集越來越多輪融資。

Steve, maybe I'll just add a little bit of color to what Greg is saying. When we think about like new clients, go back to our new client acquisition engine, I mean it's one of the best -- obviously is the best out there. And this quarter, we hit record quarters as well, too, in terms of new client acquisitions.

史蒂夫，也許我會為格雷格所說的話添加一點色彩。當我們像新客戶一樣思考時，回到我們的新客戶獲取引擎，我的意思是它是最好的之一——顯然是最好的。本季度，我們在新客戶收購方面也創下了創紀錄的季度記錄。

Now the thing to keep in mind, a lot of those are new, new, and so it takes a couple of months for them to actually really start to ramp up their deposit flow taking. So think about it as like an engine that you start to feed it here and then that gives a good flow, whether it's 3, 4, 5, 6 months down the road. And then going back to what Greg was talking about earlier on in terms of this [unpreceded] flow of activities, I mean you're seeing, again, as you know, the dry powder is just sensational, but what you're also seeing is people crossing over and more going into the [B.C]. They're seeing the great returns. You see the SPAC phenomena as well, that started to pick back up again. I know it dropped down in April.

現在要記住的是，其中很多都是新的，新的，所以他們需要幾個月的時間才能真正開始增加存款流量。所以把它想像成一個引擎，你開始在這裡給它提供動力，然後它就會產生良好的流動，無論是在未來的 3、4、5、6 個月。然後回到格雷格早些時候就這種[前所未有的]活動流程所談論的內容，我的意思是你再次看到，正如你所知，幹火藥只是聳人聽聞，但你也看到了人們越過邊界，更多人進入 [BC]。他們看到了豐厚的回報。你也看到了 SPAC 現象，它又開始回升。我知道它在四月份下降了。

I mean you have the nontraditional investors, the corporate venturing ones, the sovereign wealth funds, there's just a lot of funds going into it. And going back to what Greg is saying as well, too, is this acceleration phenomenon because of COVID, you have a lot of good ideas and business models that are being formed. You have a lot of good talent that's being attracted to the market. So no doubt, the tailwinds are incredibly strong here right now.

我的意思是你有非傳統投資者、企業風險投資者、主權財富基金，只有大量資金投入其中。回到格雷格所說的，由於 COVID，這種加速現像也是如此，你有很多好的想法和正在形成的商業模式。你有很多被市場吸引的優秀人才。所以毫無疑問，現在這裡的順風非常強勁。

You had a second part to your question there, Steve, which is where is it going? And when you have such a low rate environment, and you will recall this just from not too long ago when rates were back at a very, very low level, you have this -- because there's really nothing or very little yield you can get off balance sheet, you end up in this spot where it's kind of split between on and off balance sheet. And it's about 50-50, and it was that way not that long ago. And when rates start to pick up, more of that starts to move off balance sheet. But right now, and again, for the foreseeable future, we're going to be in this low rate environment. So I think it's a good gauge to expect where they're going to be.

你的問題還有第二部分，史蒂夫，它要去哪裡？當你處於如此低的利率環境中時，你會想起不久前利率回到非常非常低的水平時，你會遇到這種情況——因為你真的沒有任何收益或收益很少資產負債表，你最終會在資產負債表內外分開。大約是 50-50，不久前還是這樣。當利率開始回升時，更多的資金開始從資產負債表中轉移。但是現在，在可預見的未來，我們將再次處於這種低利率環境中。所以我認為這是一個很好的衡量標準，可以預測他們的去向。

Greg, just a final question on that point. Why has the -- and maybe this is for Dan, why has the expected fee income benefit from higher rates picked up so much on the off balance sheet compared to last quarter? It looks like it's almost doubled.

格雷格，關於這一點的最後一個問題。為什麼 - 也許這對 Dan 來說，為什麼與上一季度相比，資產負債表外的預期費用收入受益於更高的利率？看起來幾乎翻了一番。

Dan, why don't you go ahead, yes.

丹，你為什麼不繼續，是的。

Yes. Go ahead. So Steve, if you take a step back and you think about what's been happening, the repo rates have actually been negative throughout the quarter. And as a result, that's been eating some of the existing spread in the off-balance sheet client funds. So one, a positive development during the quarter is that the interest on excess reserves has increased, so we should see a small improvement going into the next quarter and at least the bottoming of the reduction in margin in client funded fee income. So that's the driver. And I think we've hit the bottom.

是的。前進。所以史蒂夫，如果你退後一步，想想發生了什麼，回購利率實際上在整個季度都是負的。結果，這一直在蠶食資產負債表外客戶資金中的一些現有利差。因此，本季度的一個積極發展是超額準備金的利息增加了，因此我們應該會看到下一季度會有小幅改善，至少客戶資助費用收入的利潤率下降會觸底。這就是司機。我認為我們已經觸底。

The next question is from the line of Ebrahim Poonawala with Bank of America.

下一個問題來自美國銀行的 Ebrahim Poonawala。

I guess, Dan, just to round out Steve's question on the off-balance sheet deposits. You mentioned the 9 to 11 bps in your slides for the first 25 basis points hike, is that, at this point, contractual where we should expect that if rates go up, the first 9 or 11 bps reset will happen immediately?

我想，丹，只是為了完善史蒂夫關於資產負債表外存款的問題。你在幻燈片中提到前 25 個基點加息的 9 到 11 個基點，在這一點上，我們應該預期如果利率上升，第一個 9 或 11 個基點的重置將立即發生？

Yes. That's the structure of those products. We -- it depends on the competitive situation. There may be some blend where you give up a basis point or so. But contractually, once we get that 25 basis points, that's stretched to return.

是的。這就是那些產品的結構。我們——這取決於競爭情況。在您放棄一個基點左右的地方可能會有一些混合。但根據合同，一旦我們獲得 25 個基點，就可以得到回報。

Got it. And I guess throughout your letter, Greg, and in the slide deck, you talked about accelerated investments, I was wondering if you can give a little bit more color around these investments and payoffs, both in terms of what you're seeing at layering and building out the investment bank there, and then in terms of your plans with Boston Private over the next year.

知道了。格雷格，我想在你的整封信和幻燈片中，你都談到了加速投資，我想知道你是否可以在這些投資和回報方面給出更多的顏色，無論是在你在分層中看到的並在那裡建立投資銀行，然後根據你明年與波士頓私人公司的計劃。

Yes. Ebrahim, I'll jump in on that. What we tried to do is describe on Slide 12, just a breakdown of all the different areas where we see investments. And so it's a pretty broad portfolio. You asked specifically about 2 areas. One is investment banking. And so I would say a couple of things about that.

是的。易卜拉欣，我會參與進來。我們試圖做的是在幻燈片 12 上進行描述，只是對我們看到投資的所有不同領域進行細分。因此，這是一個相當廣泛的投資組合。您具體詢問了 2 個方面。一種是投資銀行業務。所以我想說幾件事。

One is the existing business is doing exceptionally well. They're moving up the lead tables. They're getting incredible accolades, and I would say they're definitely a world-class investment bank in the life sciences area. And we basically said, we -- and we said this from the day that we brought Leerink onto the platform that we didn't want to just stay in healthcare, we wanted to actually build it out across other areas. Healthcare services and health tech, which brought Barry Blake and a bunch of other people, and again, building out healthcare services into a world-class team. And now and as I've said this many times over the last 12 months, building out our technology investment banking side. So we're, I would say, expect to hear announcements from us formally in middle of August or around the middle of August to give you a lot more clarity on that. But there's no question, we believe, this is a big opportunity.

一是現有業務表現異常出色。他們正在提升領先地位。他們獲得了令人難以置信的讚譽，我想說他們絕對是生命科學領域的世界級投資銀行。我們基本上說，我們——從我們將 Leerink 帶到平台上的那一天起，我們就說我們不想只停留在醫療保健領域，我們想在其他領域真正構建它。醫療保健服務和醫療技術，這帶來了巴里布萊克和其他一群人，並再次將醫療保健服務建設成一個世界級的團隊。現在，正如我在過去 12 個月裡多次說過的那樣，建立我們的技術投資銀行業務。因此，我想說，我們希望在 8 月中旬或 8 月中旬左右聽到我們正式發布的公告，讓您更清楚地了解這一點。但毫無疑問，我們相信，這是一個巨大的機會。

And it really stems from the core business, which is the commercial bank and how deep those relationships are, the market share that we have, the relationships we have with those clients. And it's just a natural fit to then leverage into technology investment banking. So -- and that's going to be brought. It's going to be sponsored, financed. Being a big driver of it, it's going to be traditional M&A. It's also going to be ECM. And so we expect all those businesses to be built out and be built out later this year.

它實際上源於核心業務，即商業銀行，以及這些關係的深度、我們擁有的市場份額以及我們與這些客戶的關係。然後利用技術投資銀行業務是很自然的選擇。所以 - 這將被帶來。它將得到贊助、資助。作為它的一個重要推動力，它將是傳統的併購。它也將是ECM。因此，我們預計所有這些業務都將在今年晚些時候建成並建成。

Now from a return perspective, we expect that we're going to be continuing to make money this year on investment banking. And next year, as revenues start to pick back up or pick up, from both our core business, the healthcare business, technology and healthcare services that we would expect that to see very nice growth.

現在從回報的角度來看，我們預計今年我們將繼續在投資銀行業務上賺錢。明年，隨著我們的核心業務、醫療保健業務、技術和醫療保健服務的收入開始回升或回升，我們預計會看到非常好的增長。

What could it look like? I think we would expect, although it's early, that on the low end, maybe roughly $100 million of additional revenue from the new initiatives up to maybe $150 million. But again, it's very early, and the market is really going to dictate that along with how fast the teams get up to speed. But more to come on the investment banking side.

它看起來像什麼？我認為我們預計，雖然現在還早，但在低端，新舉措可能會帶來大約 1 億美元的額外收入，最高可達 1.5 億美元。但同樣，現在還為時過早，市場真的會決定這一點以及團隊加快速度的速度。但更多的是在投資銀行方面。

Your second question was on private banking. And I just would go back to the slide that really is about our strategy, and that's really on Slide 11, which really lays out where we're headed as a company and how important that is. And on 11, you can see that, again, the strength of Silicon Valley Bank is really the catalyst to then take clients and introductions to the private bank to a Leerink and to the SVB Capital. And in the private bank with the closing of Boston Private, you've dramatically upsized what our capabilities are. So we were just having a conversation today at our Board meeting where really we have the entire product set now, the entire product set to take care of our clients. And it's the first time in our history.

你的第二個問題是關於私人銀行業務的。我只想回到真正與我們的戰略有關的幻燈片，這確實在幻燈片 11 上，它真正展示了我們作為一家公司的發展方向以及它的重要性。在 11 日，你可以再次看到，矽谷銀行的實力確實是將客戶和私人銀行介紹給 Leerink 和 SVB Capital 的催化劑。隨著 Boston Private 的關閉，您在這家私人銀行中大大提升了我們的能力。所以我們今天在董事會會議上只是進行了一次對話，我們現在確實擁有整個產品集，整個產品集可以照顧我們的客戶。這是我們歷史上的第一次。

So we expect nice growth in that business. That growth is built into our forecast for the balance of '21. And next quarter, as we always do, we'll then take those forecasts and then start to give you a first-hand look of what we expect in 2022. So more to come in the next 90 days, Ebrahim.

因此，我們預計該業務會有良好的增長。這種增長已納入我們對 21 年剩餘時間的預測中。下個季度，一如既往，我們將採用這些預測，然後開始讓您第一手了解我們對 2022 年的預期。易卜拉欣，接下來的 90 天會有更多。

Got it. And just one quick one on the NASDAQ private market investment. Is that a client acquisition tool? Or is that one where you further entrench your relationship with the existing clients? I'm just wondering your thought process around that investment.

知道了。並且只是關於納斯達克私人市場投資的一個快速的。那是客戶獲取工具嗎？或者是您進一步鞏固與現有客戶關係的地方？我只是想知道您圍繞該投資的思考過程。

Yes. They're both true. But if you were to say, what's the primary driver? The primary driver is helping the commercial banking clients. That's the primary driver. We've said this all along. We want to be the one-stop shop. We want to be able to take care of our clients' needs no matter what those are. And when you think about the length of time companies are staying private. They're staying private longer. But one of the catalysts to allow companies to stay private longer is making sure that employees and investors have liquidity, have access to liquidity. And we believe NASDAQ private market and this consortium that's being built is going to be a great solution for that. So very excited to be -- it to be a solution for our clients.

是的。他們都是真的。但如果你要說，主要驅動因素是什麼？主要驅動力是幫助商業銀行客戶。這是主要的驅動力。我們一直都這麼說。我們想成為一站式商店。我們希望能夠滿足客戶的需求，無論這些需求是什麼。當您考慮公司保持私有化的時間長度時。他們保持私密的時間更長。但讓公司保持私有化更長時間的催化劑之一是確保員工和投資者有流動性，能夠獲得流動性。我們相信納斯達克私人市場和這個正在建立的財團將成為一個很好的解決方案。非常高興能夠成為我們客戶的解決方案。

And as we've laid out in some of the other investments that we've made, we've kind of highlighted other groups that will benefit. So the private bank will benefit because they're going to have more liquidity being generated from these individuals who are clients of ours. SVB Leerink, will be able to provide investors to that platform who will then look to purchase the stock of the private companies who are looking to sell or the individuals. And so again, we believe it's for our clients, but it services the whole platform.

正如我們在我們所做的其他一些投資中所做的那樣，我們已經強調了其他將從中受益的群體。因此，私人銀行將從中受益，因為他們將從這些作為我們客戶的個人那裡獲得更多流動性。 SVB Leerink 將能夠為該平台提供投資者，他們將尋求購買希望出售的私營公司或個人的股票。同樣，我們相信它是為我們的客戶服務的，但它為整個平台服務。

The next question is from the line Ken Zerbe with Morgan Stanley.

下一個問題來自摩根士丹利的 Ken Zerbe。

Maybe to start off with the guidance. In terms of the expenses, I think you're now looking for a mid-30s growth rate. I haven't run all the numbers quite yet, but it feels like the jump up in expenses or the expense outlook seems a little higher than the revenue increases, like the NII and the core fee increases. Was that intentional in terms like are -- I'm just trying to figure out like there's like additional investments being made beyond what you originally thought maybe 3 months ago.

也許從指導開始。就支出而言，我認為您現在正在尋找 30 多歲的增長率。我還沒有計算出所有的數字，但感覺費用的增加或費用前景似乎略高於收入的增長，比如 NII 和核心費用的增長。這是故意的嗎 - 我只是想弄清楚是否有額外的投資超出了你最初可能在 3 個月前的想法。

So I'll start, Ken, and then I know Dan will get into a lot more detail. What I would look at is the preintegration of Boston Private. And so one of the things we did, as I said in my opening comments, is breaking the expenses down into 2 different areas. And so part of this is incentive compensation, so for -- paying for performance. Part of this relates to investing in the business. And so those are the 2 biggest things.

所以我會開始，Ken，然後我知道 Dan 會介紹更多細節。我要看的是 Boston Private 的預整合。因此，正如我在開場評論中所說，我們所做的其中一件事就是將費用分解為兩個不同的領域。因此，其中一部分是激勵性補償，因此 - 為績效付費。這部分與投資業務有關。所以這些是最重要的兩件事。

And the third one is the investment we're making in investment banking. And we expect to make an investment banking, specifically in the technology investment banking area. So that's how I would break it down. We tried to give that detail on Slide 33, where you kind of have those different sections. But to give you more detail, I'll turn it over to Dan.

第三個是我們在投資銀行業務方面的投資。我們希望進行投資銀行業務，特別是在技術投資銀行領域。這就是我將其分解的方式。我們試圖在幻燈片 33 上提供該詳細信息，您可以在幻燈片中找到這些不同的部分。但是為了給你更多的細節，我會把它交給丹。

Yes. Ken, generally speaking, it should be pretty close to offsetting. If you look at our annual guidance, we increased that outlook by 10%, and that excludes Boston Private and those integration costs, and Greg went through where those areas are. There's clearly a lot going on in expenses. And for this quarter, we're going to at least give a little bit more detail on Q3 and Q4, just so everybody is on the same page.

是的。肯，一般來說，它應該非常接近抵消。如果你看一下我們的年度指導，我們將該前景提高了 10%，這不包括波士頓私人公司和那些整合成本，格雷格經歷了這些領域。顯然有很多開支。對於本季度，我們將至少提供有關第三季度和第四季度的更多詳細信息，以便每個人都在同一頁面上。

So in Q3, our expenses will likely be in a range of $725 million to $750 million. And that includes Boston Private but excludes the restructuring charges. And then I'll drop back into the $720 million to $740 million range in Q4, again, including Boston Private and excluding the restructuring. Q3 is going to be elevated because that's the quarter that we expect to recognize a significant amount of the tech investment banking team hires. So that at least would give you a sense of where that run rate is, Q3 and Q4. When we look at the integration and the integration of restructuring costs, we think that's going to be roughly about $100 million pretax in 2021 with roughly 80% to 90% of that coming through in Q3.

因此，在第三季度，我們的支出可能會在 7.25 億美元至 7.5 億美元之間。這包括 Boston Private，但不包括重組費用。然後我將在第四季度再次回到 7.2 億美元至 7.4 億美元的範圍，包括波士頓私人公司，不包括重組。第三季度將有所上升，因為我們預計該季度將確認大量科技投資銀行團隊的招聘。這樣至少會讓您了解運行率在哪裡，Q3 和 Q4。當我們查看重組成本的整合和整合時，我們認為到 2021 年稅前成本約為 1 億美元，其中大約 80% 至 90% 將在第三季度完成。

But back to your original question, largely speaking, excluding the restructuring costs, we should come pretty close to offsetting the increase in the investment within the guidance.

但回到你原來的問題，在很大程度上，不包括重組成本，我們應該非常接近抵消指導內投資的增加。

Got it. Understood. Okay. And then the revenue or the associated revenue of the technology investment banking piece, is that also in these numbers? Or does that really start to pick up more next year?

知道了。明白了。好的。然後是技術投資銀行業務的收入或相關收入，也是這些數字嗎？或者明年真的會開始增加嗎？

There's a little bit, Ken, in the expectations for the second half of the year, but it's a de minimis number. So if it comes, if it happens, it will be upside, which is a possibility in the second half of the year. But again, if all things play out, the team will be hitting the ground in August and then we've got work to do to start to generate revenue. So that's why I tried to give some idea of a range, and this is a very high-level range of what 2022 could look like from a generation from both technology investment banking and healthcare services investment banking revenue.

肯，對今年下半年的預期有一點點，但這是一個微不足道的數字。所以如果它來了，如果它發生了，它就會向上，這在下半年是有可能的。但同樣，如果一切順利，該團隊將在 8 月落地，然後我們還有工作要做才能開始產生收入。所以這就是為什麼我試圖給出一個範圍的一些想法，這是一個非常高水平的範圍，從技術投資銀行和醫療服務投資銀行收入的一代來看，2022 年可能會是什麼樣子。

Got it. Okay. And then if I could just ask one final question. In terms of securities, in terms -- obviously, I saw you added, I don't know, $18 billion more to your securities portfolio this quarter. Can you just talk about like what you're investing in? Is it including duration of that? I'm just wondering how it splits out.

知道了。好的。然後我是否可以問最後一個問題。在證券方面，很明顯，我看到你本季度在你的證券投資組合中增加了 180 億美元，我不知道。你能談談你在投資什麼嗎？它包括那段時間嗎？我只是想知道它是如何分裂出來的。

Yes. So the vast majority of what we're adding, we're adding agency-issued mortgage backs, commercial mortgage-backed securities as well as some municipal bonds in the quarter. We added a small amount of corporates as well. So generally speaking, that's where we're adding, duration-wise, in the quarter. We spent most of the time adding out in that kind of 4- to 5-year duration in those products. So that's where you're seeing the pickup at least in the yield. And we also had a good quarter just in the acquisition of municipal bonds.

是的。因此，我們添加的絕大部分內容是在本季度添加機構發行的抵押貸款支持、商業抵押貸款支持證券以及一些市政債券。我們還添加了少量公司。所以一般來說，這就是我們在本季度增加持續時間的地方。我們大部分時間都在這些產品中增加了 4 到 5 年的持續時間。因此，這就是您至少在收益率方面看到回升的地方。我們在收購市政債券方面也有一個不錯的季度。

When we're acquiring, we put about $2 billion to work in the available-for-sale portfolio. We're buying much shorter-dated treasury securities. So obviously not picking up a ton there from a yield perspective, just making sure that we're continuing to build out that highly liquid part of the investment securities book.

當我們進行收購時，我們將大約 20 億美元投入到可供出售的投資組合中。我們正在購買期限更短的國庫券。因此，從收益率的角度來看，顯然不會在那裡增加一噸，只是確保我們繼續建立投資證券賬簿的高流動性部分。

But all in, looking ahead, Ken, when we put the money to work, we think the purchase yield on an all-in basis will be kind of $120 million to $130 million based on today's environment with a substantial or the vast majority of the purchases we're making in our held to maturity. So I think that 3- to 5-year duration just based on today's rates.

但總而言之，肯，展望未來，當我們投入資金時，我們認為根據今天的環境，全部投入的購買收益率將達到 1.2 億至 1.3 億美元，其中大部分或絕大多數我們在持有至到期日進行的購買。所以我認為 3 到 5 年的期限只是基於今天的利率。

The next question is from Jennifer Demba with Truist Securities.

下一個問題來自 Truist Securities 的 Jennifer Demba。

Congratulations on a great quarter. My question is on Boston Private. Greg, can you remind us of the retention packages you may put in place for key employees there? Just want to make sure that, that operation can hit the ground running when you guys wanted to.

祝賀一個偉大的季度。我的問題是關於波士頓私人的。格雷格，你能提醒我們你可能為那裡的關鍵員工製定的保留方案嗎？只是想確保，該操作可以在你們想要的時候開始運行。

Yes. Yes, yes. So it's a great question. We did have retention packages putting in place, and it was in the, I'll call it, $30 million to $40 million range. But there's also -- there's many ways to think about retention. So one is rolling over the incentive options and things like that, that are part of that, that continue to invest and were -- would be in the money given the appreciation of the stock price, the other retention.

是的。是的是的。所以這是一個很好的問題。我們確實制定了保留計劃，我稱之為 3000 萬到 4000 萬美元的範圍。但還有 - 有很多方法可以考慮保留。因此，一個人正在滾動激勵期權和類似的東西，這是其中的一部分，繼續投資並且是 - 鑑於股價升值，另一個保留。

And the third part is, again, the reason for the acquisition of Boston Private, as we said many times, it wasn't about cost savings as the primary objective or even a secondary objective. It was building on what they had and then adding it to what we had in our private bank to kind of build something unique. And so when you -- if you were to sit down and talk to the employees that are coming over, they want to be part of this platform. There's a high level of excitement. I think the number that I saw, I think, from an employee retention perspective so far, I think it was 98% coming over. So we feel really good about it.

第三部分再次是收購波士頓私人公司的原因，正如我們多次說過的那樣，它不是將成本節約作為主要目標，甚至不是次要目標。它建立在他們擁有的基礎上，然後將其添加到我們私人銀行中擁有的東西，以構建一些獨特的東西。所以當你 - 如果你坐下來與即將到來的員工交談，他們希望成為這個平台的一部分。興奮程度很高。我認為，到目前為止，從員工保留的角度來看，我看到的數字是 98%。所以我們對此感覺非常好。

And I even feel better about it as we closed and we're getting together and talking and spending more time together and engaging clients very optimistic that our cultures fit. The people are feeling good and that we're going to keep this talented group of people on both our private bank that existed before and Boston Private together for the long run.

當我們關閉時，我什至感覺更好，我們聚在一起聊天，花更多的時間在一起，讓客戶對我們的文化契合非常樂觀。人們感覺很好，從長遠來看，我們將把這群才華橫溢的人留在我們以前存在的私人銀行和波士頓私人銀行。

Greg, is there any scenario where you could see one another bank acquisition for SVB? Is there something else that can fit to you?

格雷格，在任何情況下，您會看到 SVB 進行另一家銀行的收購嗎？還有其他適合您的東西嗎？

Jennifer, we've -- I didn't think there was 1 to start with. We talked about that over the years. So the fact that Boston Private was something that we had talked about for many, many years, and it came true. That's one of a -- maybe the only one that could fit. So you never say never, but it is incredibly unlikely and certainly not anything in the short run.

詹妮弗，我們 - 我認為沒有 1 開始。這些年來我們一直在談論這個。因此，Boston Private 是我們討論了很多很多年的事情，而且它成真了。那是其中之一——也許是唯一適合的。所以你永遠不會說永遠不會，但這是極不可能的，而且在短期內肯定不會。

If we were to do additional things over time that would be inorganic, that could be around the private bank where it's looking at some RIAs, but I would look at those almost more as acquihires as opposed to anything material. We feel really good about the platform we have right now in all 4 businesses. And so that just isn't likely. And the final point is when you look at our core business and the growth that we have, acquisitions at least right now, don't need to be a key part of our growth. I think we're doing okay on our own.

如果我們隨著時間的推移做一些額外的事情，那將是無機的，那可能是在私人銀行周圍，它正在研究一些 RIA，但我會把這些幾乎更多地看作是收購，而不是任何物質。我們對我們目前在所有 4 項業務中擁有的平台感到非常滿意。所以這不太可能。最後一點是，當你看看我們的核心業務和我們的增長時，至少現在，收購不需要成為我們增長的關鍵部分。我認為我們自己做得很好。

The next question is from Bill Carcache with Wolfe Research.

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

I wanted to ask if you guys could give a little bit of additional color on some of the biggest changes you expect to face when you eventually become a Category III bank.

我想問問你們是否可以對最終成為 III 類銀行時預計將面臨的一些最大變化給出一些額外的顏色。

Yes. I'll start at a high level. And I know Dan for sure would want to add some commentary on it. When you head to a Category III, Dan will get into the capital and the liquidity and what are the requirements around that, but I should say, overall, the bar is raised across all facets of risk controls. And we -- and this isn't a surprise to us. We certainly expected to be crossing LFI status. We had working groups and plans that we're building around that. Now it became faster than we expected at the end, but we were certainly preparing for it. But the 2 biggest areas that we need to be ready for and are getting ready for and working hard at it is in just overall risk and controls.

是的。我將從高層次開始。我知道 Dan 肯定會想要添加一些評論。當你進入 III 類時，Dan 將涉及資本和流動性以及相關的要求，但我應該說，總體而言，風險控制的各個方面的門檻都提高了。而我們——這對我們來說並不奇怪。我們當然期望跨越 LFI 狀態。我們有工作組和我們正在圍繞它建立的計劃。現在它變得比我們最終預期的要快，但我們當然在為此做好準備。但是，我們需要做好準備並正在努力做好準備的兩個最大領域就是整體風險和控制。

Dan, do you want to add more context to that specifically in liquidity and capital?

丹，你想在流動性和資本方面增加更多背景嗎？

Yes. The -- you picked the 2 areas, Greg, that will be a focus under both Level 4 and Level 3. Under Level 3, we'll be exposed to stress testing and the supervisory assessment on an annualized basis. But I think looking at the other requirements, the liquidity requirements, and having to be able to process liquidity ratios on a daily basis, and the systems required for that are going to be a big part of the effort on a go-forward basis. As I step back and I just look at the fundamental financial ratios, over time, we'll come to grips with 100% of what they'd look like. But looking at our balance sheet and looking at our capital structure, don't see significant changes. And the liquidity that we hold and the securities that we hold, I think will go to serve us a long way as a Category IV and a Category III institution going forward.

是的。你選擇了 2 個領域，格雷格，這將成為第 4 級和第 3 級下的重點。在第 3 級下，我們將每年接受壓力測試和監督評估。但我認為，看看其他要求、流動性要求，以及必須能夠每天處理流動性比率，以及為此所需的系統將成為未來工作的重要組成部分。當我退後一步，我只看基本的財務比率時，隨著時間的推移，我們將掌握它們看起來的 100%。但是看看我們的資產負債表和我們的資本結構，沒有發現重大變化。我們持有的流動性和我們持有的證券，我認為將在未來作為第四類和第三類機構為我們服務很長的路要走。

So I think the majority of the lift is around risk, risk practices, systems and things along those lines. And we've embedded those costs in our guidance here when we look at where we are in 2021.

所以我認為大部分的提升是圍繞風險、風險實踐、系統和這些方面的事情。當我們查看 2021 年的情況時，我們已將這些成本包含在我們的指導中。

Very helpful. And last one for me. My other questions were covered. But can you speak to how you guys have positioned the securities portfolio, how you're thinking about incremental hedges, and just overall positioning for whatever ultimately direction rates end up taking?

很有幫助。最後一個給我。我的其他問題已涵蓋。但是你能談談你們是如何定位證券投資組合的，你是如何考慮增量對沖的，以及對利率最終走向的任何最終方向的整體定位？

Yes. So it's Dan. I think as we look at the investment securities portfolio, a much bigger part of the bank's balance sheet today than it was 12 months ago, we've been positioning and really haven't changed the thought about it since last quarter to continue to buy excess liquidity in safe agency mortgage-backs, CMBS, and municipal bonds in that, let's call it, for 3- to 5-year duration. And to continue to invest in shorter treasury securities and shorter securities and available for sale, that allows for us to continue to put money to work and as good of a yield as we can possibly get, and at the same time, protect the available-for-sale portfolio and the OCI risk there from a capital perspective.

是的。所以是丹。我認為，當我們審視投資證券組合時，與 12 個月前相比，今天在銀行資產負債表中所佔的比例要大得多，我們一直在進行定位，而且自上個季度以來確實沒有改變想法繼續購買安全機構抵押貸款支持、CMBS 和市政債券的流動性過剩，我們稱之為 3 至 5 年期限。並繼續投資於較短的國庫券和較短的證券以及可供出售的證券，這使我們能夠繼續將資金投入工作並獲得盡可能好的收益，同時保護可用的-從資本角度來看，待售投資組合和 OCI 風險在那裡。

So that's really the strategy that's going to translate at least based on how rates look today at purchases in the, let's call it, [120 to 130] perspective for the remainder of the year. But let's hope to see -- that we see some improvement in rates from here. But at today's rates, we think 120 to 130 makes sense.

因此，這確實是一種策略，至少根據今天的購買率來看，我們稱之為今年剩餘時間的 [120 至 130] 觀點。但讓我們希望看到——我們看到利率從這裡有所改善。但按照今天的匯率，我們認為 120 到 130 是合理的。

The next question is from the line of Chris McGratty with KBW.

下一個問題來自 KBW 的 Chris McGratty。

I'm looking -- Greg, I'm looking at Slide 13, just on Boston Private, come back to that for a moment. Yes, I appreciate the deal was certainly more strategic than financial. You referenced the $400 billion opportunity over time in the market. I guess I'm interested, I covered Boston Private for years, and one of the challenges was flows. I'm kind of interested in how your role of customers can help turn that tide and perhaps bring that revenue recognition sooner.

我在看——格雷格，我在看幻燈片 13，就在波士頓私立醫院，回過頭來看一下。是的，我很欣賞這筆交易肯定比財務更具戰略意義。隨著時間的推移，你提到了市場上 4000 億美元的機會。我想我很感興趣，多年來我一直在關注 Boston Private，挑戰之一就是流量。我對您的客戶角色如何幫助扭轉這種趨勢並可能更快地實現收入確認很感興趣。

Yes. It's a great question, Chris. We spent a lot of time on that as we did our evaluation. And one of the things that I look at, that Anthony and his team and all the people he brought on board plus the existing team, to me, it wasn't a question of capabilities. It was actually, as you said, it's a question of where you're going after? What is your target market? And as I think about Boston Private, their target market, generally speaking, was the same target market that most traditional private banking groups we're going after. And that's a competitive space. What we bring to the table is a wealth-creation group of individuals that is like no other one.

是的。這是一個很好的問題，克里斯。我們在進行評估時花了很多時間。我看到的一件事是，安東尼和他的團隊以及他帶來的所有人員以及現有團隊，對我來說，這不是能力問題。實際上，正如你所說，這是一個你要去哪裡的問題？你的目標市場是什麼？當我想到波士頓私人銀行時，他們的目標市場，一般來說，與我們追求的大多數傳統私人銀行集團的目標市場相同。這是一個競爭激烈的空間。我們帶來的是一群與眾不同的創造財富的個人。

And when you take care of them at a very early time in their wealth-creation cycle and you add value to them, and you spend time understanding specifically what they need, we believe we're going to be able to add a lot of deal flow to the wealth team and the private banking team that exists now in the combined teams. So that's what we have to prove out.

當您在他們創造財富週期的早期照顧他們並為他們增加價值，並且花時間專門了解他們的需求時，我們相信我們將能夠增加很多交易流向合併後的團隊中現有的財富團隊和私人銀行團隊。所以這就是我們必須證明的。

I would tell you, we did a lot of research. We talked to a lot of our clients on what they were looking for, and there was definitely a very high receptivity to it. And now we got to prove that out. But even though it's been early, it's only been a few weeks. I would tell you the energy, the excitement and the quality of people that are on board and part of this combined private bank, I'm very bullish on. So that was the investment thesis, the acquisition thesis, and it's up to us now to prove it out.

我會告訴你，我們做了很多研究。我們與很多客戶討論了他們正在尋找的東西，而且肯定有非常高的接受度。現在我們必須證明這一點。不過雖然來得早，也才幾周而已。我會告訴你船上人員的活力、興奮和素質，以及這家合併後的私人銀行的一部分，我非常看好。這就是投資論點，收購論點，現在由我們來證明這一點。

(Operator Instructions) Our next question is from the line of John Pancari with Evercore ISI.

（操作員說明）我們的下一個問題來自 Evercore ISI 的 John Pancari。

Just on the -- one quick clarification. On your tech investment banking announcements that's expected, just to confirm, that's organic, right, in terms of hiring or team hiring or primarily organic, not talking about an acquisition?

就在 - 一個快速的澄清。在您預期的技術投資銀行公告中，只是為了確認，這是有機的，對的，就招聘或團隊招聘而言，或者主要是有機的，而不是談論收購？

Yes, it's all people. It will all be people.

是的，都是人。都會是人。

Okay. Got it. Okay. I just wanted to confirm. And then secondly, just a little bit higher level, but I wanted to get your thoughts on the impact to your bank to your business, more specifically, from an inflationary environment. We saw inflation expectations ratchet higher earlier on in the quarter and tech sector took a hit, and your stock took a hit with it in general. And the questions came in about how SVB would be impacted. Aside from a positive from a higher rate environment and potential Fed action, given your asset sensitivity, can you discuss your view of what the negatives would be to your business in an inflationary environment? Would the biggest negatives be the impact of loan growth from the pullback in business volume in the tech sector? Or would it be -- would warrant seem to be a bigger factor or credit? So I wanted to get your take on that.

好的。知道了。好的。我只是想確認一下。其次，只是稍微高一點，但我想了解你對你的銀行對你的業務的影響的想法，更具體地說，是通貨膨脹環境。我們在本季度早些時候看到通脹預期上升，科技行業受到打擊，您的股票總體上也受到打擊。問題是關於 SVB 將如何受到影響。除了更高利率環境和美聯儲可能採取的行動帶來的積極影響之外，考慮到您的資產敏感性，您能否談談您對通脹環境下對您的業務的負面影響的看法？最大的負面因素是否會是科技行業業務量回落對貸款增長的影響？還是——認股權證似乎是一個更大的因素或功勞？所以我想听聽你的看法。

So John, I appreciate the question, but I also don't want to dismiss the first part, the positive part of the question, which is we would benefit significantly from increasing rates. And we've got several slides in the deck that actually show the net interest income expansion as well as the fee-based expansion because of the size of the portfolio and the additional basis points we would get on those funds. So I don't want to move past that too quickly. But where could there be risk? To me, one of the areas is in securities and warrants. You could see risk there. You could see a slowdown in the pace of investment, which has been very, very, very rapid as people start to think there may be an alternative to investing in high-growth stocks.

所以約翰，我很欣賞這個問題，但我也不想忽略第一部分，即問題的積極部分，即我們將從提高利率中受益匪淺。我們在甲板上有幾張幻燈片，實際上顯示了淨利息收入的擴張以及基於費用的擴張，因為投資組合的規模以及我們將從這些基金中獲得的額外基點。所以我不想過快地過去。但是哪裡會有風險呢？對我來說，其中一個領域是證券和認股權證。你可以在那裡看到風險。你可能會看到投資步伐放緩，隨著人們開始認為除了投資高增長股票還有其他選擇，投資步伐已經非常、非常、非常迅速。

Here's why I think it could happen. But I -- at least I think the benefits are going to greatly outweigh the negatives. I think one of the things that this 18 last months have showed is that, again, I have to repeat this many times, the innovation space is the place to be. And although when you look at the number, the amount of money that's going into venture capital this year, over $180 billion in the first half, it is a massive number, and it's a big number compared to where it has been. So when you think about that number relative to the global market and fund flows, right? It's still a small number. So I still believe that while there will be bumps along the way, that the venture capital and funds flow into innovation is still going to be up and to the right. And as we get bigger, we can support companies longer, and that target market or that available market will only get bigger and is only getting bigger.

這就是我認為它可能發生的原因。但我——至少我認為好處將大大超過負面影響。我認為過去 18 個月所表明的一件事是，我必須再次重複這一點，創新空間就是這個地方。儘管當你看這個數字時，今年上半年進入風險投資的資金數額超過 1800 億美元，這是一個巨大的數字，而且與過去相比是一個很大的數字。因此，當您考慮相對於全球市場和資金流動的數字時，對嗎？這仍然是一個小數字。所以我仍然相信，雖然一路上會有顛簸，但風險資本和資金流入創新的趨勢仍然會向右上升。隨著我們變得越來越大，我們可以為公司提供更長時間的支持，而目標市場或可用市場只會越來越大，而且只會越來越大。

And so the second part that is on the warrants and securities gains and things like that. And as we've said, I mean that's a volatile number. You do have to pay attention to IPOs. You do have to pay attention to M&A. But actually, I think if you saw IPO start to slow down, I believe you're going to start to see more M&A. And so what's nice about having business that, on the investment banking side that does both M&A and ECM is that, if ECM starts to be slow, M&A, hopefully, will pick up or we expect it to pick up. So I mean those are things to pay attention to, but I don't believe they'll be as significant if it's just in some level of inflation.

所以第二部分是關於認股權證和證券收益等等。正如我們所說，我的意思是這是一個不穩定的數字。您確實必須注意首次公開募股。你必須注意併購。但實際上，我認為如果你看到 IPO 開始放緩，我相信你會開始看到更多的併​​購。因此，在進行併購和 ECM 的投資銀行業務方面，擁有業務的好處在於，如果 ECM 開始放緩，那麼併購有望加速，或者我們預計它會加速。所以我的意思是這些是需要注意的事情，但我認為如果只是處於某種程度的通貨膨脹，它們不會那麼重要。

And I guess then I'll give my final, my bias, which is, if we do see inflation, I actually think it's going to be modest. I don't think it's going to be something that would be a fundamental change that would cause the market to get overly spooked. But again, something to pay attention to, and that's just my own opinion.

我想我會給出我的最終觀點，我的偏見，也就是說，如果我們確實看到通貨膨脹，我實際上認為它會是適度的。我認為這不會是導致市場過度恐慌的根本性變化。但同樣，有些事情需要注意，這只是我自己的看法。

That's very helpful, Greg. And then lastly, can you just talk about capital call portfolio? Originally, it was heavily concentrated in tech and life science. But it's become much more diversified as you've grown, I believe, by industry. Can you just update us on just generally the industry concentrations within the portfolio or just some way to help us with the diversification?

這很有幫助，格雷格。最後，你能談談資本要求投資組合嗎？最初，它主要集中在科技和生命科學領域。但我相信，隨著行業的發展，它變得更加多樣化。您能否向我們介紹一下投資組合中的行業集中度，或者只是幫助我們實現多元化的某種方式？

Yes. I'll go on and give credit to our Investor Relations team, Meghan and Anna because the information is included in the deck, and I wouldn't expect you going through it so quickly. But I would take a look at Slide 44. We actually break that down into great details. So by industry, technology is roughly 36% and you work your way around the next largest one is -- would be debt funds. And then you have life sciences, consumer. So it's a very broad swath of industry segments that we're part of. And part of it is because the LPs are similar that go after this market, and the team has done such a great job in approaching the market, strengthening credit underwriting, adding more value, and that's really been a great fuel of growth.

是的。我會繼續感謝我們的投資者關係團隊 Meghan 和 Anna，因為這些信息包含在甲板上，我不希望你們這麼快就完成它。但我會看一下幻燈片 44。我們實際上將其分解為很多細節。因此，按行業劃分，技術大約佔 36%，您可以圍繞下一個最大的行業進行工作——債務基金。然後你有生命科學，消費者。因此，我們參與的行業領域非常廣泛。部分原因是因為追求這個市場的有限合夥人是相似的，團隊在接近市場、加強信用承銷、增加更多價值方面做得非常出色，這確實是增長的巨大動力。

And then one last one on that. What was that mix? What was the technology mix that's got to look like 5 years ago, 36% current? What was it 5 years ago?

然後是最後一個。那是什麼混合物？ 5 年前，36% 的技術組合是什麼樣的？ 5年前是什麼？

No, I don't have that off the top of my head. But if I were to speculate, I'd probably say you were probably closer to 45% or maybe 50%.

不，我腦子裡沒有那個。但如果我推測的話，我可能會說你可能接近 45% 或 50%。

The last question is from the line of David Chiaverini with Wedbush Securities.

最後一個問題來自 Wedbush Securities 的 David Chiaverini。

I had a question on capital. Can you comment on the pro forma impact on your leverage ratio from the Boston Private acquisition? And as a follow-up, could you comment on your capital raising needs in light of your strong growth?

我有一個關於資本的問題。您能否評論一下波士頓私人收購對您的槓桿率的備考影響？作為後續行動，您能否根據您的強勁增長評論您的融資需求？

Yes. This is Dan. I'll start with the second question first and then get to Boston Private's impact. So when we think about capital, we really think about 2 things. And one, you saw it in the quarter. Just a continued strong profitability that we're generating, north of 20% from an ROE perspective. So we're certainly with the strong growth clearing that cost of capital. And second, support strong balance sheet growth going forward. Now this exceptional growth that we've seen over the last 3 to 4 quarters continues to put pressure on the ratio that we pay attention to the most, which is our Tier 1 leverage ratio at the bank.

是的。這是丹。我先從第二個問題開始，然後再談談 Boston Private 的影響。所以當我們考慮資本時，我們真的會考慮兩件事。第一，你在本季度看到了它。從 ROE 的角度來看，我們正在產生持續強勁的盈利能力，超過 20%。因此，我們肯定會看到強勁的增長清除了資本成本。其次，支持未來強勁的資產負債表增長。現在，我們在過去 3 到 4 個季度看到的這種異常增長繼續給我們最關注的比率帶來壓力，這是我們在銀行的一級槓桿率。

If you think about it, holding a client liquidity for us is absolutely key. We've been talking about it all day about the profitability and the growth. For us to deepen with our clients, holding those deposits is really the key to our long-term profitability. So in the quarter, from a capital markets transaction perspective, we raised additional capital through preferred and senior debt and that really help support that Tier 1 leverage ratio. So the markets have been open to us, and those transactions have been providing very low cost of regulatory capital to allow us to continue that excellent growth.

如果您考慮一下，為我們持有客戶流動性絕對是關鍵。我們整天都在談論盈利能力和增長。對於我們加深與客戶的關係，持有這些存款確實是我們長期盈利的關鍵。因此，在本季度，從資本市場交易的角度來看，我們通過優先和優先債務籌集了額外資金，這確實有助於支持一級槓桿率。因此，市場一直對我們開放，這些交易一直在提供非常低的監管資本成本，使我們能夠繼續實現出色的增長。

So overall, we're really confident with our capital ratios. The risk-based measures, 12% at the quarter end are in really good shape. And considering the substantial liquidity and low-risk securities that we have on the balance sheet, we're really confident with the capital levels overall. That said, we're a growth company. And if growth continues at the pace or rate that we've seen over the last 4 quarters, all options would be open to us. We think that would be a good thing that, that growth continues, and we do what we need to do to support that growth.

所以總的來說，我們對我們的資本比率非常有信心。基於風險的措施，在本季度末為 12%，情況非常好。考慮到我們資產負債表上的大量流動性和低風險證券，我們對整體資本水平非常有信心。也就是說，我們是一家成長型公司。如果增長繼續以我們在過去 4 個季度中看到的速度或速度進行，那麼所有選擇都將對我們開放。我們認為這將是一件好事，繼續增長，我們會做我們需要做的事情來支持這種增長。

On to your second question on Boston Private. We determined at the deal that it was an accretive transaction from a capital perspective, and it is playing out that way. It is going to provide not a significant amount of support, but it is going to be accretive to Tier 1 leverage as well as to the core capital ratio based on their capitalization and ultimately, where the purchase accounting played out. So there'll be a small improvement, slightly accretive to the overall capital position.

關於波士頓私人的第二個問題。我們在交易中確定，從資本的角度來看，這是一項增值交易，並且正在以這種方式進行。它不會提供大量支持，但會增加一級槓桿率以及基於其資本化的核心資本比率，並最終在購買會計發揮作用的地方增加。因此會有小幅改善，略微增加整體資本狀況。

And that concludes the Q&A session. I will now turn the call back to Greg Becker for closing remarks.

問答環節到此結束。我現在將把電話轉回給 Greg Becker 以作結束語。

Thanks, Paul. Just want to thank everyone for joining us today. We're obviously pleased with our results, even more pleased to welcome our new colleagues from Boston Private to SVB. Private banking and wealth management is obviously a critical area of focus for us, one of the 4 key pillars of our strategy along with commercial banking, investment banking and SVB Capital. And we certainly believe that what you're going to hear more and more about on a quarterly basis is how we pull all 4 of these pillars together to build an incredible story for our clients.

謝謝，保羅。只想感謝大家今天加入我們。我們顯然對我們的結果感到滿意，更高興地歡迎我們來自 Boston Private 的新同事加入 SVB。私人銀行和財富管理顯然是我們關注的關鍵領域，是我們戰略的四大關鍵支柱之一，與商業銀行、投資銀行和 SVB Capital 並駕齊驅。我們當然相信，您每季度都會聽到越來越多的消息，那就是我們如何將所有 4 個支柱結合在一起，為我們的客戶打造一個令人難以置信的故事。

We're focused on strong execution and being the best partner possible to our clients while doing the right thing for our employees. And that really informs how we're approaching our return to office and the future of work at SVB with thinking about our employees and making sure they're safe and taking care of them. So we're doing return-to-office trials right now. And the future of work at SVB is going to be one that is going to be flexible. We've listened to our employees. We've listened to our clients, and we believe that a flexible work environment is going to be the best thing for them and the best for our clients and, quite honestly, be a competitive advantage for us.

我們專注於強大的執行力，成為客戶最好的合作夥伴，同時為我們的員工做正確的事。這確實告訴我們如何通過考慮我們的員工並確保他們的安全並照顧他們來接近我們重返辦公室和 SVB 工作的未來。所以我們現在正在進行重返辦公室的試驗。 SVB 未來的工作將是靈活的。我們聽取了員工的意見。我們聽取了客戶的意見，我們相信靈活的工作環境對他們和我們的客戶來說都是最好的，老實說，這對我們來說是一種競爭優勢。

As always, I want to call out and thank our incredible team. I'm so proud of what they've done, how they've done it, doing it virtually for the last 18 months, and it looks like a few more months to go. And for our amazing clients for giving us a great reason to come to work every day, albeit, virtually. Thanks a lot, and have a great day.

一如既往，我想大聲感謝我們不可思議的團隊。我為他們所做的事情、他們的做法感到非常自豪，他們在過去 18 個月裡幾乎都是這樣做的，而且看起來還有幾個月的時間。感謝我們了不起的客戶，他們給了我們一個很好的理由來每天上班，儘管是虛擬的。非常感謝，祝你有美好的一天。

Thank you for joining today's conference call. You may now disconnect. Stay safe and well.

感謝您參加今天的電話會議。您現在可以斷開連接。保持安全和健康。