SVB Financial Group (SIVB) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the SVB Financial Group Q1 2022 Earnings Call (Operator Instructions) Meghan O'Leary, Head of Investor Relations, you may begin your conference.

女士們，先生們，感謝你們的支持，歡迎來到 SVB 金融集團 2022 年第一季度收益電話會議（操作員說明）投資者關係主管梅根奧利裡，你可以開始你的會議。

Thank you, Josh, and thank you, everyone, for joining us today. Our President and CEO, Greg Becker; and our CFO, Dan Beck, are here to talk about our first quarter 2022 financial results and will be joined by other members of our management team for the Q&A. 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.

謝謝你，喬希，感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 2022 年第一季度的財務業績，我們管理團隊的其他成員也將加入問答環節。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 will 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 on 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.

我們將在本次電話會議期間做出前瞻性陳述，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。

Great. Thanks, Meghan, and thanks, everybody, for joining us today. We're pleased to be reporting an excellent quarter of strong earnings and profitability driven by healthy core fee income, solid balance sheet growth and a significant lift from higher rates. Based on this momentum, we're raising our 2022 revenue outlook and our outlook for loan growth and have meaningful revenue upside if the forward rate curve plays out.

偉大的。謝謝梅根，也謝謝大家今天加入我們。我們很高興地報告在健康的核心費用收入、穩健的資產負債表增長和較高利率的顯著提振的推動下，本季度業績強勁。基於這種勢頭，我們提高了 2022 年的收入前景和貸款增長前景，如果遠期利率曲線發揮作用，我們的收入將有顯著的上升空間。

Also, really excited to be introducing our new brand, which highlights the power of our 4 business strategies. So really, hats off to our entire marketing team who's done a great job rolling that out, and we're getting really positive feedback around that. So we know you have questions, and we want to make sure we get to all of them, so I'll ask the operator to open up the lines.

此外，非常高興能夠推出我們的新品牌，它突出了我們 4 項業務戰略的力量。所以，真的，向我們的整個營銷團隊致敬，他們在推廣方面做得很好，我們得到了非常積極的反饋。所以我們知道你有問題，我們想確保我們得到所有的問題，所以我會要求接線員開通線路。

(Operator Instructions) Your first question comes from the line of Manan Gosalia with Morgan Stanley.

（操作員說明）您的第一個問題來自 Manan Gosalia 與摩根士丹利的通話。

I was just -- a quick confirmation on the NII guide. So that includes just the March rate hike and the improvement in the long end so far. Is that correct? It does not include the 8 additional rate hikes we have in the forward curve?

我只是——對 NII 指南的快速確認。因此，這僅包括 3 月份的加息和迄今為止長端的改善。那是對的嗎？它不包括我們在遠期曲線中的 8 次額外加息？

Yes. Hi. This is Dan Beck. It does not include any additional increases in Fed funds.

是的。你好。這是丹·貝克。它不包括聯邦基金的任何額外增加。

Got it. So can you help us just think through the puts and takes if we do get the 8 additional hikes in the forward curve this year? I know you've given us the rate sensitivity metrics in the deck, but how would that impact your guidance for loan and deposit growth as well?

知道了。那麼，如果我們今年確實在遠期曲線中獲得 8 次額外的加息，你能幫助我們考慮一下看跌期權和看跌期權嗎？我知道您已經為我們提供了套牌中的利率敏感度指標，但這將如何影響您對貸款和存款增長的指導？

Yes. I think it's better just to think about that sensitivity in net interest income. Obviously, there are a lot of variables. So the expectation, with additional 25 basis points, and we do have the growth assumptions in there or that $100 million to $130 million worth of annualized net interest income.

是的。我認為最好只考慮淨利息收入的敏感性。顯然，有很多變數。所以預期，加上額外的 25 個基點，我們確實有增長假設或價值 1 億至 1.3 億美元的年化淨利息收入。

And now, with every subsequent increase in core fee -- client fund fee income, you would see another $20 million to $50 million annualized. So that's the best way to look at it. That takes into consideration the dynamics of the balance sheet. And we think, for the rate increases and what's in the forward curve ahead of us, that's a good set of assumptions.

現在，隨著核心費用——客戶基金費用收入——的每次增加，你會看到另外 2000 萬到 5000 萬美元的年化收入。所以這是看待它的最佳方式。這考慮了資產負債表的動態。我們認為，對於加息和我們面前的遠期曲線，這是一組很好的假設。

Got it. And how should we think about just loan growth in general, just given -- I know you're seeing strong demand from both the fund banking and the tech and healthcare clients as well. But any more color on like what you're seeing there that gives you the confidence that there is upside to your guide, on growth guidance, even with the rate expectations moving higher?

知道了。我們應該如何考慮一般的貸款增長，只是給定 - 我知道你看到基金銀行以及技術和醫療保健客戶的強勁需求。但是，如果有更多顏色像您在那裡看到的那樣讓您相信您的指南、增長指南有上行空間，即使利率預期走高？

Yes. This is Greg. I'll start, and Mike may want to add. I think about it on the commercial bank side and then also think about it on the Private Bank side. So if you start to see those rates play out on the commercial banking side, we're seeing kind of what we're seeing now, which is we believe there's going to be some softness in the venture capital levels. And so equity may be a little bit harder to get as rates pick up.

是的。這是格雷格。我會開始，Mike 可能想補充一下。我在商業銀行方面考慮，然後也在私人銀行方面考慮。因此，如果你開始看到這些利率在商業銀行方面發揮作用，我們就會看到我們現在所看到的，我們相信風險資本水平將會出現一些疲軟。因此，隨著利率上升，獲得股權可能會有點困難。

And what we see on the opposite side is we do see a stimulation of loan growth on the high tech and the life science side. So that, we believe, has some upside. There may be some softness in private equity and venture capital, but there's a lot of dry powder there. And as they continue to do deals, we certainly don't believe rates are going to have that much of an impact on the velocity around it. So that's, I would say, is neutral to positive.

而我們在相反的一面看到的是，我們確實看到了高科技和生命科學方面貸款增長的刺激。因此，我們認為，這有一些好處。私募股權和風險投資可能有些疲軟，但那裡有很多幹火藥。隨著他們繼續進行交易，我們當然不相信利率會對周圍的速度產生那麼大的影響。所以，我想說，這是中性到積極的。

On the Private Bank side, clearly, if rates start to pick back up, we've already seen 30-year rates pick up and have seen some slowness there. If they continue to accelerate and they get higher, we should expect, I think all banks that are looking at mortgages, to see some softness there. So it's one way to think, at least that's why I think about the loan forecast on a go-forward basis, with the -- if the forward rate curve plays out over the balance of '22.

在私人銀行方面，很明顯，如果利率開始回升，我們已經看到 30 年期利率回升，並且出現了一些放緩。如果它們繼續加速並且變得更高，我認為所有關注抵押貸款的銀行都會看到那裡出現一些疲軟。所以這是一種思考方式，至少這就是為什麼我在前進的基礎上考慮貸款預測的原因——如果遠期利率曲線在 22 年的餘額中發揮作用。

And this is Mike Descheneaux. The only thing I would add is you did see strength in the lending in tech and life sciences in Q1. And then when we look about the future, the pipelines, the pipelines are at, near or close to all-time highs. So we are still seeing some strength in the pipelines.

這是 Mike Descheneaux。我唯一要補充的是，你確實看到了第一季度科技和生命科學貸款的實力。然後當我們展望未來時，管道，管道處於、接近或接近歷史高位。所以我們仍然看到管道中的一些力量。

Your next question comes from the line of Ebrahim Poonawala with Bank of America.

你的下一個問題來自美國銀行的 Ebrahim Poonawala。

I guess first question, maybe, Greg, just big picture. Obviously, it's been -- a lot has happened during the quarter. Give us a mark-to-market, means it was a fairly slow quarter. I think your guidance is better than I think most people feared what would play out.

我想第一個問題，也許，格雷格，只是大局。顯然，這個季度發生了很多事情。給我們按市值計價，這意味著這是一個相當緩慢的季度。我認為你的指導比我認為大多數人擔心會發生什麼要好。

Give us a sense of -- I get that late-stage has been tougher, IPOs have been tougher, early-stage still moving along. When you talk to folks sort of in that VC/PE ecosystem, is it still wait and watch? And like if we get another 10% sell-off in the market, would that negatively impact sentiment? Just give us a sense of where things stand and like the downside risk to sentiment appetite for VC/PE investment.

給我們一種感覺——我知道後期階段更艱難，IPO 更艱難，早期階段仍在前進。當您與 VC/PE 生態系統中的人們交談時，是否仍在觀望？就像如果我們在市場上再出現 10% 的拋售，這會對市場情緒產生負面影響嗎？讓我們了解情況，並了解 VC/PE 投資情緒偏好的下行風險。

Yes. Well, that's -- Ebrahim, that's about 5 questions in there. I'll try to pick it apart. Let me just start with client funds, and I'll talk about what happened in the quarter and then, again, as much as I can crystal ball it there and then just the general kind of sentiment, what we're engaging with when we talk to venture capitalists or private equity partners.

是的。好吧，那是——易卜拉欣，裡面有大約 5 個問題。我會試著把它拆開。讓我從客戶資金開始，我將談談本季度發生的事情，然後再一次，盡可能多地在那裡進行預測，然後只是一般的情緒，當我們參與時與風險資本家或私募股權合作夥伴交談。

So in the quarter, if there's -- if you think about 4 sources of funds flow, you've got venture capital, public funds, international, which isn't -- aren't in the U.S. venture capital numbers obviously, and then private equity.

所以在這個季度，如果有——如果你考慮 4 個資金流動來源，你有風險投資、公共基金、國際，這不是——顯然不在美國風險投資數字中，然後私人產權。

Venture capital was generally healthy in the first quarter, and part of that is just a carryover from the end of the year. We saw more softness in healthcare than technology, so -- but relatively flat. So the flows there were pretty decent. The biggest decline, as you would expect, is in the later-stage public, so public fundraising. That was down roughly 85%, and that was most pronounced in healthcare. And you know we've got a really great practice in healthcare. And so we did see a lot of softness in funds flow from public equity capital markets transactions.

第一季度的風險投資總體健康，其中一部分只是年底的結轉。我們看到醫療保健比技術更疲軟，所以 - 但相對持平。所以那裡的流量相當不錯。正如你所預料的那樣，最大的下降是在後期的公開募款中。這下降了大約 85%，這在醫療保健領域最為明顯。你知道我們在醫療保健方面有很好的實踐。因此，我們確實看到來自公共股權資本市場交易的資金流量出現了很大的疲軟。

International was a little soft. Private equity was a little soft. And so when you add all that up, that's where you get kind of a, just a really modest growth in total client funds. But it kind of gives you a sense of where it came from.

國際有點軟。私募股權有點疲軟。因此，當你將所有這些加起來時，你就會得到一種，只是客戶資金總額的適度增長。但它有點讓你知道它來自哪裡。

My view is that if the public market continued to be soft, right, and you probably have as good a perspective on that as I do on what that will look like, that will more than likely continue to play out. But there's some really positive parts in there, I think, is important to note, right?

我的觀點是，如果公開市場繼續疲軟，對吧，你可能和我一樣對這種情況有很好的看法，那很可能會繼續發揮作用。但我認為其中有一些非常積極的部分很重要，對吧？

One is that when you think of the venture capital flow and activity levels in the early stage, incredibly strong. We had roughly 1,700 new clients in the quarter, which is one of the highest, like maybe the second or third highest numbers that we've had. And you can look at the venture capital numbers, there's a lot of great flow in that market.

一是當你想到早期的風險資本流量和活動水平時，它非常強大。本季度我們有大約 1,700 個新客戶，這是最高的客戶之一，可能是我們擁有的第二或第三高的數字。你可以看看風險投資數字，那個市場有很多大流量。

My -- as I spend time in the market and hear from our teams, there is an incredible amount of activity. And so I think, even if we saw volatility through the balance of the year, the level of start-up activity, the level of Series A, I think it's going to be good.

我的——當我花時間在市場上聽取我們團隊的意見時，有大量的活動。所以我認為，即使我們在今年餘下時間看到波動，創業活動的水平，A 系列的水平，我認為這會很好。

Look, there's just going to be softness in the later-stage markets until there's, what I'll call, a price discovery that kind of finds the right balance. And I don't think it's -- personally, I don't think it's going to be that far off, a quarter or 2 quarters out, because I think the public markets, in my view, are going to be soft at these levels, maybe a little bit higher for a little while. And I think they'll recalibrate into the later-stage private market.

看，後期市場只會出現疲軟，直到我稱之為找到適當平衡的價格發現。而且我不認為 - 就我個人而言，我認為它不會那麼遙遠，一個季度或兩個季度之後，因為我認為公開市場在我看來會在這些水平上疲軟，可能會稍微高一點。而且我認為他們會重新調整到後期的私人市場。

But just in general, I think there's still a lot of positive momentum. People are feeling good. We're seeing incredibly strong deal activity. The pipeline for lending is strong. The pipeline for new deal activity, just bringing clients, is strong. So I'm actually relatively optimistic in this environment that we're dealing with that. Again, we always talked about the long-term, innovations where it's at, money still wants to be here, and that's a good thing.

但總的來說，我認為仍有很多積極的勢頭。人們感覺很好。我們看到非常強勁的交易活動。貸款渠道很強大。新交易活動的管道，只是帶來客戶，是強大的。所以我實際上在我們正在處理的這種環境中相對樂觀。再一次，我們總是談論它所處的長期創新，錢仍然想在這裡，這是一件好事。

Greg, one thing that -- sorry, Ebrahim -- to Ebrahim, one thing to add, as we think about what we also did within the quarter, not only do we have those factors that Greg mentioned, in the quarter, we started to really put products to work that allowed for us to also open up some of the off-balance sheet client funds, to have them where it made sense for clients to move on to the balance sheet.

格雷格，一件事 - 對不起，易卜拉欣 - 對易卜拉欣來說，要補充一件事，當我們考慮我們在本季度內所做的事情時，我們不僅有格雷格提到的那些因素，在本季度，我們開始真正讓產品發揮作用，讓我們也可以開放一些資產負債表外的客戶資金，讓他們在對客戶來說有意義的地方轉移到資產負債表上。

So it's just another lever for us, especially in this short-term rate environment that's so strong, to be able to help from a liquidity perspective. So with all that, we'll probably still be in the lower end of that 40% growth range from a guidance perspective. But again, lots of levers and good flexibility to be able to manage.

因此，這對我們來說只是另一個槓桿，尤其是在這種如此強勁的短期利率環境下，能夠從流動性的角度提供幫助。因此，儘管如此，從指導的角度來看，我們可能仍處於 40% 增長范圍的低端。但同樣，許多槓桿和良好的靈活性能夠管理。

And just to that point, if I may follow up with one then. Talk to us about what you assume in the mix shift for deposits on balance sheet. And how quickly do we start seeing the deposit beta kick in for the interest-bearing piece if the Fed hikes 50 basis points, May, 50 basis points, June? Do we get to a 30%, 40% beta or will it take time?

就這一點而言，如果我可以跟進的話。與我們談談您對資產負債表上存款的混合轉變的假設。如果美聯儲在 5 月、50 個基點、6 月加息 50 個基點，我們將多快開始看到有息資產的存款貝塔開始生效？我們會達到 30%、40% 的 Beta 還是需要時間？

Yes, Ebrahim. I think it's going to take a little bit of time for us to see the betas kick in. Obviously, the timing, it looks like we're going to see a 50 basis point hike here in May. I still think it's going to take time to get to our assumptions of a 60% deposit beta that we're using at least for our net interest income guidance. So I think we'll see that play out, and it's going to be a progression to get to that full 60% deposit beta.

是的，易卜拉欣。我認為我們需要一些時間才能看到 beta 開始。顯然，時間，看起來我們將在 5 月份看到加息 50 個基點。我仍然認為，要達到我們至少用於淨利息收入指引的 60% 存款貝塔的假設，還需要時間。所以我認為我們會看到結果，並且要達到完整的 60% 存款貝塔，這將是一個進步。

In terms of movement of noninterest-bearing to interest-bearing, I think that if the forward curve were to play out, we'll probably migrate into the 40% range of interest-bearing to noninterest-bearing accounts. And that's up from where we are in the 30-ish percent range. And that's all factored into our sensitivity from a 25 basis point rate hike. So hopefully, that gives you enough color there.

就無息賬戶向有息賬戶的轉變而言，我認為如果遠期曲線發揮作用，我們可能會遷移到有息賬戶至無息賬戶的 40% 範圍內。這比我們在 30% 左右的範圍內要高。這都是我們對加息 25 個基點的敏感度的因素。所以希望這能給你足夠的顏色。

Your next question comes from the line of Casey Haire with Jefferies.

你的下一個問題來自 Casey Haire 與 Jefferies 的合作。

I wanted to dig in on the deposit growth guide. In the Letter, you guys referenced help from liquidity solutions, which looks to be taking money from off-balance sheet onto the balance sheet. Just curious, how much was that this quarter? And then how much of that is contemplated as a lever for your -- for sustaining the deposit growth guide in '22?

我想深入了解存款增長指南。在這封信中，你們提到了流動性解決方案的幫助，這些解決方案看起來正在將資產負債表外的資金轉移到資產負債表上。只是好奇，這個季度多少錢？然後，其中有多少被視為您的槓桿 - 用於維持 22 年的存款增長指南？

Yes, Casey. This is Dan. As we look at the quarter, on an average basis, it was in the, let's call it, $2 billion range, so a smaller part of what we saw from a quarterly basis. In terms of the full year, we're not relying only on that from a growth perspective. We factored in some growth along with what we're seeing from traditional organic liquidity activity. So this is really looked at as a tool for flexibility and effectively, a tool that -- where we can utilize the rate environment that we've got in front of us and really help clients all at the same time.

是的，凱西。這是丹。當我們看這個季度時，平均而言，它在我們稱之為 20 億美元的範圍內，所以我們從季度基礎上看到的一小部分。就全年而言，從增長的角度來看，我們不僅僅依賴於此。我們考慮了一些增長以及我們從傳統有機流動性活動中看到的情況。因此，這實際上被視為一種靈活有效的工具，一種工具——我們可以利用我們面前的費率環境，同時真正幫助客戶。

Okay. Very good. And the distributions, you also made mention of that, is that -- was that a significant headwind in the quarter? And what's the outlook going forward? Is that something that picks up or slows down for what we saw in the first quarter?

好的。非常好。你也提到了分配，那是 - 這是本季度的一個重大逆風嗎？未來的前景如何？對於我們在第一季度看到的情況來說，這是加快還是放緩？

Yes, Casey, it was one of the factors in the first quarter. Traditionally, fourth quarter, first quarter are the biggest quarters for distribution, so we think most of that is behind us, at least for the year.

是的，凱西，這是第一季度的因素之一。傳統上，第四季度、第一季度是分配量最大的季度，因此我們認為大部分時間已經過去，至少今年是這樣。

Hey, this is Mike Descheneaux. The one thing I would add is when you think about deal activity and you think about distribution, right, so deal activity creates new dollars coming in. And as we talked about earlier, Greg mentioned the slowdown in exits, the slowdown in IPOs, so you don't have as much money coming in. And so with these distributions going up, that's what is getting a fair amount of headwinds. There are some challenges in that particular area.

嘿，我是 Mike Descheneaux。我要補充的一件事是當你考慮交易活動和分配時，對，所以交易活動創造了新的美元收入。正如我們之前談到的那樣，格雷格提到退出放緩，首次公開募股放緩，所以您沒有那麼多錢進來。因此，隨著這些發行量的增加，這就是造成相當大阻力的原因。在那個特定領域存在一些挑戰。

Okay. Great. And just last one for me, just to clarify. On Slide 32, you guys talk about that further rate hikes is not going to take your expense guide higher. So this high 20s could be a ceiling in terms of expense growth unless you guys really -- I mean, what else could drive that higher, I guess, fee outperformance or SVB Securities?

好的。偉大的。最後一個對我來說，只是為了澄清一下。在幻燈片 32 上，你們談論進一步加息不會使您的費用指南更高。所以這個高 20s 可能是費用增長的上限，除非你們真的 - 我的意思是，還有什麼可以推動更高，我猜，費用表現或 SVB 證券？

Yes. Casey, it's Greg. I'll start, and Dan will add. As we said last quarter, that we're -- and if we saw some rate increases, we're going to build some of that into our expense growth just from an investment perspective. And we feel really good about the numbers that we're putting out there, that they're real significant investments, and so that's why we basically have kind of said that we were going to cap out at the high 20s. Of course, we'll caveat it, and the caveat will be pay-for-performance is the biggest one.

是的。凱西，是格雷格。我會開始，Dan 會補充。正如我們上個季度所說，我們 - 如果我們看到一些利率上漲，我們將從投資的角度將其中一些納入我們的費用增長。我們對我們在那裡發布的數字感覺非常好，它們是真正重要的投資，所以這就是為什麼我們基本上說我們將在 20 多歲時結束。當然，我們會警告它，警告是按績效付費是最大的警告。

And that's either with SVB securities. It's the institution overall. And so I think, my guess is that you all would be happy if we end up having to pay more expense out and we go above that because it would mean, for the most part, that the performance overall is even stronger.

這與 SVB 證券有關。這是整個機構。所以我想，我的猜測是，如果我們最終不得不支付更多的費用並且我們超越了這一點，你們都會很高興，因為這在很大程度上意味著整體表現更加強勁。

And Casey, just one thing to add to that. So if you think about performance relative to rate increases, if the forward curve were to play out, that expense guidance satisfies what we would do from an interest income performance perspective. So I just wanted to be clear about that, that, that guidance range incorporates what the pay-for-performance on just rate sensitivity would be contemplated.

還有凱西，只是要補充一件事。因此，如果您考慮與利率增長相關的績效，如果遠期曲線發揮作用，那麼從利息收入績效的角度來看，該費用指導將滿足我們的要求。所以我只想明確一點，那個指導範圍包含了將考慮的僅對利率敏感度的按績效付費的內容。

Your next question comes from the line of Bill Carcache with Wolfe Research.

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

I wanted to ask about the outlook. And at a high level, how -- I would love to hear your thoughts on how a scenario where the Fed is forced to push the economy into recession to tame inflation, how that would impact your outlook.

我想問一下前景。在高層次上，我很想听聽你對美聯儲被迫將經濟推入衰退以抑制通脹的情景的看法，這將如何影響你的前景。

Yes, this is Greg. I'll start. And I think because we have the 4 business units now, I think it's important to kind of talk about them a little bit in separation. So on the bank side, it's important to note that the clients are better positioned than they ever have been with lots of liquidity. They're in really strong position. And so we think we don't -- wouldn't expect any material change in credit quality based on the fact that we continue to have a smaller percentage of the loan book in the higher-risk, from a historical perspective, lending portfolio.

是的，這是格雷格。我會開始。而且我認為因為我們現在有 4 個業務部門，所以我認為分開討論它們很重要。因此，在銀行方面，重要的是要注意客戶比以往任何時候都擁有更多的流動性。他們處於非常有利的地位。因此，我們認為我們不會 - 基於我們在高風險貸款組合中繼續擁有較小比例的貸款賬簿這一事實，預計信貸質量不會發生任何重大變化，從歷史的角度來看，貸款組合。

And again, our clients from a lending perspective aren't as rate-sensitive on the commercial side. So you're not going to see much of a change there. Obviously, if you see rate declines, we're rate-sensitive, but Dan and the team are working on ensuring that we're as protected as we can be if rates -- I know it's funny, we're talking about potential rate decline when we're just not having really seen the rate increases, but you have to think that way, being prepared for that.

同樣，從貸款的角度來看，我們的客戶在商業方面對利率不那麼敏感。所以你不會在那裡看到太多變化。顯然，如果你看到利率下降，我們對利率很敏感，但丹和團隊正在努力確保我們在利率下降時盡可能受到保護——我知道這很有趣，我們在談論潛在利率當我們只是沒有真正看到利率上升時下降，但你必須這樣想，並為此做好準備。

And I have a huge amount of confidence in Dan and the team, that they're going to make sure that we are protected as much as we can be there. So that's the commercial bank at SVB, Silicon Valley Bank. On the Private Bank, could you see, if rates go down, the long end goes down because there is worry about the economy? Could that stimulate growth? Potentially. It depends upon what happens with prices and so forth.

我對丹和團隊充滿信心，他們會確保我們盡可能受到保護。這就是 SVB 的商業銀行，矽谷銀行。在私人銀行，你能看出，如果利率下降，長期端會因為對經濟的擔憂而下降嗎？這能刺激增長嗎？潛在的。這取決於價格等等。

Securities, again, I think it would probably be similar to where you are, pricing softness in ECM. But M&A probably would pick up. And it's important to note on the SVB securities side, when we talk about M&A, we're starting from such a small basis, that we do believe there is a significant upside over the next few years as that team really starts to hit stride. Their pipeline is strong now, and they feel -- I feel really good about it. You can look at leveraged finance. That looks like it would also have upside there as well.

證券，我認為它可能與你所處的位置相似，ECM 的定價疲軟。但併購可能會升溫。值得注意的是，在 SVB 證券方面，當我們談論併購時，我們是從一個很小的基礎開始的，我們相信隨著該團隊真正開始大踏步前進，未來幾年會有顯著的上升空間。他們的管道現在很強大，他們覺得——我對此感覺非常好。你可以看看槓桿金融。這看起來也有好處。

And I think there's still going to be an interest in money flowing in into SVB Capital from our fund side. So I think the balance sheet is much different than it was in prior economic downturns. The levers the finance team puts in place to protect the balance sheet, to protect net interest income, is better than it ever has been. So will there be an impact? Sure. But it, certainly, in my view, is going to be more muted than it normally would be if you hit a recession 5, 10, 15 years ago. Dan, what would you add to it?

而且我認為仍然會有人對從我們的基金方流入 SVB Capital 的資金感興趣。所以我認為資產負債表與之前的經濟衰退時期有很大不同。財務團隊為保護資產負債表和淨利息收入而採取的槓桿比以往任何時候都好。那麼會不會有影響呢？當然。但在我看來，如果你在 5 年、10 年、15 年前遭遇經濟衰退，它肯定會比通常情況下更加溫和。丹，你會添加什麼？

Yes. I think everything Greg said, plus if you think about potentially just a lower liquidity environment, again, looking at the total pool of client liquidity, including off-balance sheet solutions in the products that the teams are putting in place, obviously doing the right thing for customers and clients, gives us just more flexibility. It's just part of a different toolkit that we have had from previous downturn scenarios.

是的。我認為格雷格所說的一切，再加上如果你考慮可能只是一個較低的流動性環境，再一次，看看客戶流動性的總池，包括團隊正在實施的產品中的資產負債表外解決方案，顯然做對了為客戶和客戶做的事情，給了我們更多的靈活性。它只是我們從以前的低迷情景中獲得的不同工具包的一部分。

That's really helpful. If I could follow up on sort of the credit side of that. Even if the credit environment remained relatively contained and the level of actual losses that you would experience was within sort of your expected range, could we still see you add to reserves a little bit more aggressively just to reflect sort of a greater uncertainty? Or is the fact that you would expect losses to remain relatively contained, would that lead to you not having to build reserves?

這真的很有幫助。如果我可以跟進那方面的信用方面。即使信貸環境仍然相對受控，您將經歷的實際損失水平在某種程度上您的預期範圍內，我們是否仍會看到您更積極地增加準備金以反映某種更大的不確定性？或者您預計損失將保持相對可控的事實是否會導致您不必建立儲備？

So it's Marc Cadieux. I'll start. Dan may wish to add. Recalling that the reserve of today is driven by economic forecasts, the recession scenario you speak of likely would trigger a reserve build, hopefully not like we saw in the early innings of COVID. It would just certainly depend on the degree of the downturn in front of us. But I think in that scenario, sort of irrespective of whether we're seeing a deterioration in credit quality, the economic forecast would probably take the reserve higher. Dan, anything to add?

所以是馬克·卡迪厄。我會開始。丹不妨補充一下。回想一下今天的儲備是由經濟預測驅動的，你所說的衰退情景可能會引發儲備增加，但願不會像我們在 COVID 初期看到的那樣。這當然取決於我們面前的經濟低迷程度。但我認為在那種情況下，無論我們是否看到信貸質量惡化，經濟預測都可能會提高準備金。丹，有什麼要補充的嗎？

No. I think that's right, Marc.

不，我認為這是對的，馬克。

And then if I may squeeze in a final follow-up on your comments around the proactive interest rate risk management and sort of in that scenario. I mean it's impressive, like in this quarter where we've seen many banks, setting aside the larger ones, where there's a direct impact to their regulatory capital and buyback capacity. Some of the others that are outside of Category I and II, that don't have to recognize OCI headwinds for regulatory capital purposes, we've seen 12%, 15% tangible book value hits.

然後，如果我可以對你關於主動利率風險管理的評論進行最後的跟進，以及在那種情況下的那種情況。我的意思是這令人印象深刻，就像在本季度我們看到許多銀行，撇開較大的銀行，它們的監管資本和回購能力受到直接影響。其他一些不在類別 I 和 II 之外的公司，它們不必為了監管資本的目的而承認 OCI 逆風，我們已經看到 12%、15% 的有形賬面價值受到影響。

And they've sort of been okay with it because there's no impact on regulatory capital or buyback capacity or earnings. And so they haven't really been as focused on tangible book value. But you guys, maybe could you speak to SIVB's, I guess, to the extent that you -- protecting tangible book value is something that you hold as important, and how important that is to you? It seems like your hedging strategy has made that a focus. I would just love to hear you kind of speak at a high level on that...

他們對此表示滿意，因為這對監管資本或回購能力或收益沒有影響。因此，他們並沒有真正關注有形賬面價值。但是你們，也許你能和 SIVB 談談，我想，在某種程度上，保護有形賬面價值是你認為重要的事情，這對你有多重要？看來您的對沖策略已將其作為重點。我很想听聽你在這方面的高層次發言......

Yes, just really high-level, associated with it, we like to manage to ensure that we have flexibility. And I think this is just another area where we provide ourselves flexibility by reducing sensitivity to significant movements like that. So especially with the amount of liquidity that came in last year, being able to protect, again, what would have been a higher rate environment that's not now played out, which we think even though it's not counted for regulatory capital, it's still important to be able to manage capital from a strength perspective all-in.

是的，只是非常高級別，與之相關，我們希望管理以確保我們具有靈活性。我認為這只是我們通過降低對此類重大運動的敏感度來為自己提供靈活性的另一個領域。因此，特別是考慮到去年出現的大量流動性，能夠再次保護本來沒有出現的更高利率環境，我們認為即使它不計入監管資本，它仍然很重要能夠從實力角度全面管理資本。

So we manage for flexibility. And even as we're thinking about the higher rate environment today, that's what Greg was talking about, thinking through how to sustain the rate environment that we're seeing today and to be able to protect against downside risk is kind of the shift in how we're starting to think about things. So yes, yes, it's important and continuing to just make sure that we've got flexibility.

所以我們設法保持靈活性。即使我們正在考慮今天的高利率環境，這就是格雷格所說的，思考如何維持我們今天看到的利率環境並能夠防範下行風險是一種轉變我們如何開始思考事情。所以是的，是的，重要的是繼續確保我們有靈活性。

Your next question comes from the line of Jared Shaw with Wells Fargo Securities.

你的下一個問題來自 Jared Shaw 與 Wells Fargo Securities 的對話。

I thought it was interesting, you said you have your companies and you have the option to increase lending if some of the equity support cuts off. Did you see -- what did the utilization rate do this quarter among those tech and healthcare companies? Did you actually see some of that happen this quarter? And I guess, how much of the loan growth projection is due to maybe a shift in lending into that sector?

我覺得這很有趣，你說你有你的公司，如果一些股權支持被切斷，你可以選擇增加貸款。你看到了嗎 - 本季度這些科技和醫療保健公司的利用率如何？你真的看到了本季度發生的一些事情嗎？我想，貸款增長預測中有多少是由於貸款可能轉移到該行業？

This is Mike Descheneaux. The utilization rates did not increase much at all, so it's been pretty stable. It was up a little bit in this quarter, but certainly not significant or not really a huge driver of growth.

我是邁克·德斯切諾。利用率根本沒有增加太多，所以一直很穩定。本季度有所上升，但肯定不顯著或不是真正巨大的增長動力。

And Jared, this is Dan. On a forward-looking basis, the growth forecast is still primarily driven by capital call lending and lending exposure. There's a small increase from what we're seeing on technology, healthcare and life sciences. But there, again, is a lot of new business there in the pipeline that's driving it. So less from commitment utilization, usage versus new and what we're seeing from a private equity, global funds banking, capital call lending perspective.

賈里德，這是丹。從前瞻性的角度來看，增長預測仍主要受資本催繳貸款和貸款敞口的推動。我們在技術、醫療保健和生命科學領域看到的情況略有增加。但是，同樣，有很多新業務正在推動它的發展。因此，從承諾利用、使用與新的比較以及我們從私募股權、全球基金銀行、資本電話貸款的角度來看，更少。

Okay. Like during the quarter, I think there's been a lot of investor concern or just concern that higher rates would really have a detrimental effect on private equity venture capital investments and need for capital call lending. But when we look at where everything was in 2018, we were at Fed funds of 2.50% and things seemed pretty healthy there.

好的。就像在本季度一樣，我認為有很多投資者擔心或只是擔心更高的利率真的會對私募股權風險資本投資和資本電話貸款的需求產生不利影響。但當我們看看 2018 年的一切情況時，我們的聯邦基金利率為 2.50%，那裡的情況似乎相當健康。

From your conversations with, I guess, the GPs, what level do rates really need to get to before you think that has a meaningfully negative impact on capital call demand?

從你與 GP 的談話中，我猜，在你認為對資本需求產生有意義的負面影響之前，利率真正需要達到什麼水平？

Yes. This is Greg. I'll start, and Mike may want to add. It's -- I would say it's far enough away that it's hard to predict. And what I mean by that is, you referenced the last time when Fed funds were higher and it really didn't have much of an impact, we may see those Fed fund rates later this year if the forward curve plays out.

是的。這是格雷格。我會開始，Mike 可能想補充一下。這是——我會說它已經足夠遠了，很難預測。我的意思是，你提到了上次聯邦基金利率較高並且確實沒有太大影響的時候，如果遠期曲線發揮作用，我們可能會在今年晚些時候看到這些聯邦基金利率。

But there's a lot of dry powder out there. And innovation, again, as I talked about, the start-up activity is incredibly strong. The dry powder that exists in venture, the dry powder that exists in private equity, is very, very, very strong. And they need to put that money to work. And maybe it slows down a little bit if rates pick up, but there's just so much opportunities out there that it's just -- it's far enough away that I can't give you an amount that would be helpful.

但是那裡有很多乾粉。和創新一樣，正如我所說，創業活動非常強大。存在於風險投資中的干粉，存在於私募股權中的干粉，非常非常非常強大。他們需要讓這筆錢發揮作用。如果利率回升，它可能會放慢一點，但那裡的機會太多了——它距離足夠遠，我無法給你一個有用的數額。

All right. That's good color there. And then, I guess, just finally, some great moves on asset liability positioning. Congratulations on that. You referenced there's still $6 million -- or I'm sorry, $6 billion of receive-floating hedges here. Is there any thought to unwinding more of that and continuing to see that shift in second quarter, or not necessarily?

好的。那裡的顏色很好。然後，我想，就在最後，資產負債定位方面的一些重大舉措。對此表示祝賀。你提到還有 600 萬美元——或者對不起，這裡有 60 億美元的浮動對沖。是否有任何想法要解除更多，並在第二季度繼續看到這種轉變，或者不一定？

Yes, Jared. It's Dan. I mean we're always going to be opportunistic, but there's still, I think, a lot of risk of short rates moving higher from here. So if you think about the hedging strategy and just being able to provide optionality to be able to execute and to gain access to liquidity, that's why we have such a large securities book to begin with.

是的，賈里德。是丹。我的意思是我們總是會投機取巧，但我認為，短期利率從這裡走高的風險仍然很大。因此，如果您考慮對沖策略，並且只是能夠提供可選性以能夠執行並獲得流動性，這就是我們開始擁有如此龐大的證券賬簿的原因。

Keeping some of that protection there really makes sense for us. So we'll keep an eye on what happens from a rate perspective. If rates start to move, we may be opportunistic, but no plans right in front of us right now.

在那裡保留一些保護對我們來說真的很有意義。因此，我們將從利率的角度關注會發生什麼。如果利率開始變動，我們可能會投機取巧，但目前我們面前沒有任何計劃。

Your next question comes from the line of Steven Alexopoulos with JPMorgan.

你的下一個問題來自摩根大通的 Steven Alexopoulos。

I wanted to start, so if I look at the first quarter, it was an unusual quarter more broadly, given that the IPO market dried up, but we still saw VC investment given all the dry powder, which you've referenced on the sidelines. But you also saw VCs raise a lot more money than they spent in the first quarter, so the mountain of dry powder didn't even come down.

我想開始，所以如果我看一下第一季度，這是一個更廣泛的不尋常的季度，因為 IPO 市場已經枯竭，但我們仍然看到了風險投資，因為你在場外提到了所有乾火藥.但你也看到 VC 在第一季度籌集的資金比他們花費的多得多，所以堆積如山的干粉甚至沒有下來。

Greg, what are you hearing from your VC partners that they're able to raise so much money in a pretty tough quarter? And are you hearing that a slowdown on either fundraising or investing is coming?

格雷格，你從你的風險投資合作夥伴那裡聽說他們能夠在一個非常艱難的季度籌集到這麼多資金？您是否聽說籌款或投資即將放緩？

Yes, Steve, there is, as you said, and I agree, there's a lot of different things that are going around. So underneath, let's say, the fundraising, it's important to note that it's not equally distributed, meaning a lot of that money that was raised was raised by the strong funds, the ones -- the notable funds that have a long, long track record, upsizing their funds pretty significantly. And it was -- I don't know if anyone would ever say it's easy, but it certainly was easier.

是的，史蒂夫，正如你所說，我同意，有很多不同的事情正在發生。所以在下面，比方說，籌款，重要的是要注意它不是平均分配的，這意味著籌集的很多資金是由實力雄厚的基金籌集的，那些 - 具有長期，長期業績記錄的著名基金, 大幅增加他們的資金。它是——我不知道是否有人會說這很容易，但它確實更容易。

The one -- the funds that are having a harder time are the smaller funds, the first-time funds, the funds that it's Fund II or Fund III, but you really don't have enough distributions in the first fund or 2. And so there are some headwinds with that. So you're getting a little bit of a mixed message, but the dry powder from the more stalwart firms is incredibly strong.

一個 - 遇到困難的基金是較小的基金，第一次基金，它是基金 II 或基金 III 的基金，但你真的沒有在第一隻或第二隻基金中分配足夠的資金。和所以這有一些不利因素。所以你得到的信息有點複雜，但來自更堅定的公司的干火藥非常強大。

And you are seeing, I would say, a bifurcation. The large, large funds that have a -- I would say, now the strategies they're employing are very different, meaning they have late -- large late-stage strategies. They have seed fund programs. They have niche programs. So they're much more diversified in both stage and the markets they're going after.

我會說，你看到了一個分歧。大型基金——我想說，現在他們採用的策略非常不同，這意味著他們有後期——大型後期策略。他們有種子基金計劃。他們有利基計劃。所以他們在舞台和他們追求的市場上都更加多樣化。

And then you have very successful funds that are very niche-oriented. And the ones that are having a harder time are the ones that I said, the ones that don't have a long track record, or they are more of a, what I'll call, a me-too approach, but they don't really have a differentiated strategy. So obviously, you know this, we have deep connections into all those areas and are staying very close to it, but the strongest funds clearly have benefited from it.

然後你有非常成功的基金，這些基金非常適合利基市場。那些日子過得不好的人就是我說的那些，那些沒有長期業績記錄的人，或者他們更像是一種，我稱之為，我也是的方法，但他們不真正有差異化戰略。所以很明顯，你知道這一點，我們在所有這些領域都有深厚的聯繫，並且非常接近它，但最強大的基金顯然已經從中受益。

And I think, personally, they're going to continue to benefit from it. There's a lot of money that still wants to come into venture, but they want to come in to the funds that are proven. And so I think it's going to be a headwind for the emerging funds, and it's going to be -- continue to be more of a tailwind for the funds that have been around a long time, that have built up a great track record.

我個人認為，他們將繼續從中受益。有很多資金仍想進入風險投資，但他們希望進入已經過驗證的基金。因此，我認為這將成為新興基金的逆風，而且對於已經存在很長時間並建立了良好業績記錄的基金來說，這將繼續成為順風。

And certainly, with the volatility that's in the system, that makes it difficult. And so it's something to keep an eye on. And the deals that we're closing in, in Q1, as Greg mentioned, Steve, they are the large -- they are large funds. And probably a lot of this is also greed in 2021, right, as you kind of have these closed, come in the first quarter.

當然，由於系統中的波動性，這使得它變得困難。所以這是值得關注的事情。我們在第一季度完成的交易，正如格雷格提到的那樣，史蒂夫，它們是大型的——它們是大型基金。可能其中很多也是 2021 年的貪婪，對，當你關閉這些時，請在第一季度到來。

But it's definitely something to keep an eye on. But as Greg said as well, that having something like $3.4 trillion of dry powder out there is just still a lot of dollars to get put to work.

但這絕對是值得關注的事情。但正如 Greg 所說，擁有大約 3.4 萬億美元的干火藥，仍然需要大量資金投入使用。

Yes. Okay. That's helpful. I wanted to drill down into the capital call growth a bit. If I just look quarter-over-quarter, it trailed off in 1Q. Could you tell us in the private equity capital calls where you're seeing activity slow down a bit, the capital call sign and maybe where it's still a little bit more active? It looks like the other bucket went up. I don't know what's in there.

是的。好的。這很有幫助。我想深入了解資本需求增長。如果我只看季度環比，它在第一季度有所下降。您能否在私募股權資本電話會議中告訴我們您看到活動放緩的地方，資本呼號以及它可能仍然更加活躍的地方？看起來另一個桶上升了。我不知道裡面有什麼。

Are you talking about just like particular segments, Steve?

你是在談論特定的細分市場嗎，史蒂夫？

Yes. Within, yes, private equity capital calls. Yes.

是的。在內部，是的，私募股權資本呼籲。是的。

It's an interesting, I would say, quarter. We started on the first quarter, healthy, strong. February was a bit funky. It kind of slowed down a little bit, but then started to pick back up in March. And it was across the board that we had -- there really was no real outlier in any particular sector that was up or down in that particular -- there is really nothing really to point to that I can tell you at this time.

這是一個有趣的季度。我們從第一季度開始，健康、強壯。二月有點時髦。它有點放緩，但隨後在 3 月開始回升。我們已經全面了解 - 在任何特定行業中確實沒有真正的異常值在該特定領域上漲或下跌 - 目前我真的沒有什麼可以告訴你的。

Okay. And then finally, just a little bit of a conceptual question. But Greg, regarding the comment in the CEO Letter, that you would expect any potential pullback to be short-lived, I tend to agree with that.

好的。最後，只是一個概念性的問題。但是格雷格，關於 CEO 信中的評論，你會認為任何潛在的回調都是短暫的，我傾向於同意這一點。

But if you think about all of these factors that really hit this first quarter, which are probably worse than what we saw in the first quarter of 2016 and the fact that VCs still invested $70 billion in this backdrop, is it possible that we are living today in the exact period you're describing, I mean, given how much capital there is, we just will not see a pullback of any kind?

但如果你考慮所有這些真正影響第一季度的因素，這可能比我們在 2016 年第一季度看到的還要糟糕，而且風投在這種背景下仍然投資了 700 億美元，我們是否有可能生活在今天在你描述的確切時期，我的意思是，考慮到有多少資本，我們不會看到任何形式的回調？

Yes, I would love to tell you with absolute confidence exactly what's going to happen, but I'm sitting beside our General Counsel and he says I can't do that. So the -- Steve, I think that's possible. I would say I would just follow through with what I commented. My crystal ball right now, with the information that we have, says that it's going to be -- we're going to have some softness. It's still a very healthy market, right?

是的，我很樂意以絕對的信心告訴你將要發生的事情，但我坐在我們的總法律顧問旁邊，他說我不能那樣做。所以 - 史蒂夫，我認為這是可能的。我會說我只會按照我的評論進行。我現在的水晶球，根據我們所掌握的信息，它會告訴我們——我們將會有一些軟化。它仍然是一個非常健康的市場，對吧？

Early stage is going to be healthy for all the reasons I talked about earlier. But there's companies out there that are trying to figure out where is the -- what's the right valuation relative to the public markets. And the question is, well, if I wait an extra quarter or 2 to raise that round, am I going to get back to that higher valuation.

由於我之前談到的所有原因，早期階段將是健康的。但有些公司正試圖找出相對於公開市場的正確估值在哪裡。問題是，如果我再等一兩個季度來籌集那輪融資，我是否會回到更高的估值。

So when you add all that together, I just -- I do believe there's going to be just this softness. And I've put that with a lowercase "s" not a capital "S" because, as you said, first quarter was still very, very healthy. So it's kind of a -- again, that's probably the simplest way for me to describe it. It's a lower-case softness versus upper-case softness. And a lot more will come out in the next 30 days, 60 days, 90 days, and we'll be able to share that next quarter.

所以當你把所有這些加在一起時，我只是 - 我相信會有這種柔軟。我用小寫的“s”而不是大寫的“S”表示，因為正如你所說，第一季度仍然非常非常健康。所以這有點——再一次，這可能是我描述它的最簡單的方式。這是小寫字母的柔軟度與大寫字母的柔軟度。在接下來的 30 天、60 天、90 天裡還會有更多的東西出現，我們將能夠在下個季度分享這些內容。

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

下一個問題來自 KBW 的 Chris McGratty。

Just a quick one on the timing of the warrants. Greg, if we stay in this environment, is Q2 arguably just more of a step down than Q1 because it's a little bit better than I thought this quarter?

只是關於認股權證時間的快速說明。格雷格，如果我們留在這種環境下，第二季度是否可以說比第一季度更進一步，因為它比我本季度想像的要好一點？

Yes. First of all, you get a very diversified portfolio, number one. Number two, and what I mean by that is you clearly have thousands of companies that make up your one portfolio and your securities portfolio. And so that's one factor.

是的。首先，你會得到一個非常多元化的投資組合，第一。第二，我的意思是你顯然有數千家公司組成你的一個投資組合和你的證券投資組合。所以這是一個因素。

The second factor is, you're right, in some parts, and there's multiple parts that make up the securities portfolio, right? So the warrants, we try to get, obviously, the most recent information from the quarter and we use that. We can't always get that, so there is a little bit of a lag there as we try to gather that information to value that.

第二個因素是，在某些部分，你是對的，並且有多個部分構成了證券投資組合，對嗎？所以權證，顯然，我們試圖從本季度獲得最新信息，我們使用它。我們不能總是得到它，所以當我們試圖收集這些信息來評估它時，會有一點滯後。

You also have it in some of the funds, that there could be a lag in our fund of funds, where it's a quarter lag there in some cases. So could there be some softness, a higher softness in the second quarter or the third quarter relative to the first quarter? The answer is yes. And I think that's a reasonable expectation to play out.

您在某些基金中也有它，我們的基金基金可能會滯後，在某些情況下會滯後四分之一。那麼第二季度或第三季度相對於第一季度是否會出現一些疲軟，更高的疲軟？答案是肯定的。我認為這是一個合理的期望。

But I would -- so that's the crystal ball. As far as trying to characterize how big it could be, and that's where I go back to the part about the diversification of the portfolio domestically, globally. There's -- it's such a diversified portfolio, that my view right now is the volatility won't be as great, probably as many people may expect.

但我會——這就是水晶球。就試圖描述它有多大而言，這就是我回到關於國內和全球投資組合多元化的部分。這是一個如此多元化的投資組合，我現在的觀點是波動不會像許多人預期的那樣大。

Hey, Chris. Chris, it's Dan. Just one thing to also pay attention to. In the quarter, we did have fixed income securities gains close to $49 million. So that's in that number as well. So backing that out, you certainly do continue to see the softness there, especially compared to the experience of 2021.

嘿，克里斯。克里斯，是丹。還需要注意一件事。本季度，我們的固定收益證券收益確實接近 4900 萬美元。所以這也是那個數字。因此，支持這一點，你肯定會繼續看到那裡的疲軟，尤其是與 2021 年的經歷相比。

But I agree with Greg, the diversification factor and just thinking about the number of funds, the number of companies and just the different investment time horizons in those thousands of investments really does protect from the quarter-over-quarter significant declines.

但我同意格雷格的觀點，多元化因素以及僅考慮基金數量、公司數量以及數千項投資中不同的投資時間範圍確實可以防止季度環比大幅下滑。

Okay. Great. And if I could, I have one more. Capital levels are pretty stable due to the mentions of the OCI limited hit there. Maybe updated thoughts on just capital levels.

好的。偉大的。如果可以的話，我還有一個。由於提到 OCI 受限，資本水平相當穩定。也許更新了關於資本水平的想法。

Yes, Chris. If you take a look at it, we're, again, we're capital-constrained. The Tier 1 leverage at the bank, we ended the quarter within our target range between 7% to 8%, but certainly on the lower part of that range. Taking a step back, when you think about how we've managed capital in the past, preferences, senior debt from there, looking at preferred, and then obviously opportunistically from a common equity perspective, just considering the market, we continue to look -- add the potential for senior debt, preferred-type transactions to manage that on a go-forward basis here.

是的，克里斯。如果你看一下，我們再次受到資金限制。銀行的一級槓桿率，我們在本季度結束時處於 7% 至 8% 的目標範圍內，但肯定處於該範圍的較低部分。退後一步，當你想想我們過去是如何管理資本、偏好、高級債務的，看看優先股，然後從普通股的角度來看顯然是機會主義的，只考慮市場，我們繼續看—— - 增加高級債務、優先類型交易的可能性，以在此基礎上進行管理。

And you also have the ability to move some capital down, right?

而且你也有能力下調一些資金，對吧？

That's correct. We have a good amount of cash sitting at the bank holding company that we can continue to use to manage Tier 1 leverage ratio at the bank.

這是正確的。我們在銀行控股公司擁有大量現金，我們可以繼續使用這些現金來管理銀行的一級槓桿率。

Your next question comes from the line of Brian Foran with Autonomous Research.

你的下一個問題來自 Brian Foran with Autonomous Research。

You kind of [grasped] on it already. But I think one of the concerns was it's just 2016 all over again and recognizing you gave some of the puts and takes. But for people who are worried about the kind of 2016-style air pocket in growth, what would you say is like the biggest difference in your mind today versus then, both for your business and for your clients?

你已經有點[掌握]了。但我認為其中一個擔憂是 2016 年又重新開始了，並且認識到你做出了一些決定。但是對於擔心 2016 年式的增長氣穴的人來說，您認為今天與那時相比，對於您的企業和您的客戶來說最大的不同是什麼？

This is Greg. I'll start, and then Dan may want to add to it. I would say the balance sheet is very different compared to what it was back then. There's a lot of differences. But it's an interesting comparison. What I continue to reinforce on earnings calls and meetings internally is that what gives me comfort every day on top of a lot of things is the fact that the innovation economy is going to continue to be up into the right over time.

這是格雷格。我會開始，然後 Dan 可能想添加內容。我會說資產負債表與當時相比有很大不同。有很多不同之處。但這是一個有趣的比較。我在內部的財報電話會議和會議上繼續強調的是，除了很多事情之外，每天讓我感到安慰的是，創新經濟將隨著時間的推移繼續向右發展。

And so if you have a quarter or 2 of softness, the way our balance sheet is constructed now, our loan portfolio, the way it's constructed, that I just -- I feel very good about that. And I also feel good that we shouldn't overreact if there is a little more softness that looks more like in 2016, that, again, my view is it will be short-lived.

因此，如果你有四分之一或兩個的疲軟，我們現在的資產負債表構建方式，我們的貸款組合，它的構建方式，我只是 - 我對此感覺非常好。我也感覺很好，如果出現更像 2016 年的更溫和一點，我們不應該反應過度，同樣，我認為這將是短暫的。

It could change. Maybe we'll see something that is more severe than that. But again, my crystal ball would say that we'll get through it on a faster pace and start back on that same trajectory based on the innovation economy's strength.

它可能會改變。也許我們會看到比這更嚴重的事情。但同樣，我的水晶球會告訴我們，我們將以更快的速度度過難關，並根據創新經濟的實力重新走上同樣的軌道。

Your next question comes from the line of Andrew Liesch with Piper Sandler.

你的下一個問題來自 Andrew Liesch 和 Piper Sandler 的台詞。

Just looking at Page 16 of the slide deck, just the international loan growth and international core fee income growth. Just curious what was driving that, any particular region, and what's the outlook for both of those?

只看幻燈片的第 16 頁，只有國際貸款增長和國際核心費用收入增長。只是好奇是什麼推動了這一點，任何特定地區，以及這兩個地區的前景如何？

Really, on the fee side, you're predominantly going to be seeing FX, foreign exchange. Those would be some of the key drivers, investments, securities -- or client investment fees have been also strong.

真的，在費用方面，你主要會看到 FX，外匯。這些將是一些關鍵驅動因素，投資、證券——或客戶投資費用也很強勁。

This is also the average balances. So we had really significant activity coming through last year, the end of last year, and you're seeing really the continuation of those balance levels from the end of last year carryforward into the first quarter. So just good growth there.

這也是平均餘額。因此，去年，去年年底，我們開展了非常重要的活動，你真的看到了從去年年底結轉到第一季度的這些平衡水平的延續。所以那裡只有良好的增長。

Got it. And how is that turning so far as we move -- progress into the year?

知道了。就我們的進展而言，情況如何 - 進入這一年？

So I think as we look, as Greg mentioned, just all-in from a liquidity and growth perspective, things are softer in the first quarter, and that was not different in the international market. So still growth, but clearly softer than the levels that we saw last year.

所以我認為，正如格雷格提到的那樣，從流動性和增長的角度來看，第一季度的情況更加疲軟，這在國際市場上並沒有什麼不同。所以仍然增長，但明顯低於我們去年看到的水平。

Your next question comes from the line of Jennifer Demba with Truist Securities.

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

2 questions. I'm just curious as to how you feel the Boston Private acquisition has gone versus your internal plan thus far. And my second question is how much more hiring do you need to do in the investment bank?

2 個問題。我只是想知道到目前為止，您對 Boston Private 收購的看法與您的內部計劃相比如何。我的第二個問題是您需要在投資銀行招聘多少人？

Yes. Jennifer, let me start with the question on the Private Bank. First off, I feel very good about the platform we now have in SVB Private. When you look at the team of people we brought onboard and when you look at the new hires we're bringing onboard, the quality, when you look on the breadth of capabilities, so from my standpoint, the opportunity is at least as good, if not, stronger than I originally thought.

是的。詹妮弗，讓我從私人銀行的問題開始。首先，我對我們現在在 SVB Private 中擁有的平台感到非常滿意。當你看看我們帶來的人員團隊，當你看看我們帶來的新員工，質量，當你看看能力的廣度時，所以從我的角度來看，機會至少同樣好，如果不是，比我原先想像的要強。

One of the things, I would say, where we probably underestimated on, I'll say, my part, is capacity. And so when you think of when we brought Boston Private onboard, right, their advisers, their teams were already fully leveraged. And so we -- I would say, we probably hoped for more capacity. But look, with market volatility and everything else, people are spending a lot of time with clients which is exactly what you would want.

其中一件事，我會說，我們可能低估了，我會說，我的部分是能力。因此，當您想到我們何時讓波士頓私人公司加入時，對吧，他們的顧問，他們的團隊已經充分發揮了作用。所以我們 - 我會說，我們可能希望有更多的能力。但是看，隨著市場波動和其他一切，人們花很多時間與客戶在一起，這正是你想要的。

So our focus is on attracting talent. And that's where I am feeling really good. We've got a great team already. And when you look at the people we brought onboard in the fourth quarter, when you look on the people that are in the pipeline to come onboard and that we're in the middle of negotiating with, I feel incredibly positive about that.

所以我們的重點是吸引人才。這就是我感覺非常好的地方。我們已經擁有一支優秀的團隊。當你看看我們在第四季度帶來的人員時，當你看看正在準備中的人員以及我們正在與之談判的人員時，我對此感到非常積極。

And then the last part is what -- the feedback we're getting from our clients in the market about having this capability, and that's also very positive. So I would say underestimation on my part about capacity, but the feeling about the potential that the opportunity is stronger than originally thought.

然後最後一部分是什麼——我們從市場上的客戶那裡得到的關於擁有這種能力的反饋，這也是非常積極的。所以我會說我低估了能力，但對機會比原先想像的更強大的潛力的感覺。

Second question, on SVB Securities. Yes, we have some additional hiring to do, but I just want to first pause on the fact that I feel incredibly positive about the people that we have added. Well, the original platform that we acquired with Leerink Partners, let's just start with that, and then the team of people we brought onboard, and that is in both healthcare services and technology and the team that we brought on, on leveraged finance, feedback from market, the pipeline, deal wins, et cetera, have been extraordinary.

第二個問題，關於 SVB 證券。是的，我們有一些額外的招聘工作要做，但我只想先暫停一下，我對我們增加的人員感到非常積極。好吧，我們從 Leerink Partners 收購的原始平台，讓我們從那裡開始，然後是我們帶來的人員團隊，即醫療保健服務和技術以及我們帶來的團隊，槓桿融資，反饋從市場、管道、交易勝利等方面來看，都非常出色。

Now your follow-up question may be, well, if you feel so good about it, why was first quarter soft? So let me answer it. I think anyone that has a capital market business right now would clearly agree that the softness in the IPO market, capital markets, equity capital markets, have just been exceptionally soft, 85% decline from the fourth quarter.

現在你的後續問題可能是，如果你感覺很好，為什麼第一季度表現不佳？所以讓我來回答吧。我認為任何現在擁有資本市場業務的人都會清楚地同意 IPO 市場、資本市場、股權資本市場的疲軟，剛剛異常疲軟，比第四季度下降了 85%。

So what's positive? Positive, we're still signing up deals. We're signing up new opportunities for companies to go public and when the market starts to open up and M&A is strong. And so I am -- I feel very bullish about the team of people. I feel very bullish about our capabilities.

那麼什麼是積極的呢？積極的是，我們仍在簽署交易。我們正在為公司上市以及市場開始開放和併購強勁時提供新的上市機會。所以我 - 我對團隊感到非常樂觀。我非常看好我們的能力。

And when you combine the strength of the commercial bank that we have under Mike's leadership, the Private Bank and the investment bank, that's really why this concept of OneSVB all working together is, again, while you probably hear it in our voices, very, very positive as we think about the balance of '22 and into '23, '24, et cetera.

當你將我們在邁克領導下的商業銀行、私人銀行和投資銀行的力量結合起來時，這就是為什麼 OneSVB 的概念一起工作，再次，雖然你可能會從我們的聲音中聽到，非常，當我們考慮 22 年與 23 年、24 年等之間的平衡時，這是非常積極的。

Your next question comes from the line of John Pancari with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 John Pancari。

I just want to ask around the fund flows question in a little bit different way. I guess I hear you in terms of where you're seeing a little softening and where the risk could be, but also the benefit of dry powder and how that's buffering flows. I mean how -- what incremental slowing in flows is included in your guidance right now as you look at the full year expectation?

我只是想以稍微不同的方式詢問資金流動問題。我想我聽到你說你看到哪裡有點軟化，哪裡可能有風險，還有乾粉的好處以及它如何緩衝流動。我的意思是如何 - 當您查看全年預期時，您現在的指導中包括哪些流量的增量放緩？

Yes, I'll start, and Dan will give you more color around it. This is how I think about it. I think about the -- what we saw in the first quarter. We kind of look at softness for another several months that's going to continue and then just start to see some uptick in kind of the market and money flowing back in at the pace that we talked about, capital markets opening up clearly more than they are right now, which you could argue is closed. So that's not a long leap from where we are right now. So that's what we have in the forecast. And where we are when you think about that range, we're at the lower end of that range of deposits that we have in that forecast.

是的，我會開始，丹會給你更多的色彩。這就是我的想法。我想到了 - 我們在第一季度看到的情況。我們有點看好幾個月的疲軟，這種情況將持續下去，然後才開始看到市場有所回升，資金以我們談到的速度回流，資本市場的開放程度明顯超過了它們的正確水平現在，你可以說它已經關閉了。因此，與我們現在所處的位置相比，這並不是一個很大的飛躍。這就是我們的預測。當您考慮該範圍時，我們所處的位置是我們在該預測中所擁有的存款範圍的低端。

So that's taking the forecast, the lower end of that range, and combining it with what I said about what we're -- kind of how we think the crystal ball is, right? So if it plays out differently, obviously, more positive, more than likely, we probably wouldn't go -- I have a hard time seeing how we would go above the range and go to another range. That's a pretty big step up. You would have to see a pretty big pickup from where we are right now.

所以這就是預測，該範圍的下限，並將其與我所說的我們所說的結合起來——我們認為水晶球是這樣的，對吧？因此，如果它以不同的方式發揮作用，顯然，更積極，更有可能，我們可能不會去 - 我很難看到我們如何超越範圍並進入另一個範圍。這是一個相當大的進步。你必須從我們現在所在的地方看到一個相當大的皮卡。

Conversely, on the other side, if the numbers that I talked about, you saw from first quarter, the funds flow in venture capital, public, international, private equity were worse, you could see us go below that range and tick down into the next range below that. So that's just to give you a little more color of the outlook, what's built into the outlook and what could cause it to kind of go above or below that range.

相反，另一方面，如果我談到的數字，你從第一季度看到，風險投資、公共、國際、私募股權的資金流動情況更糟，你可以看到我們低於該範圍並下降到下一個範圍。因此，這只是為了讓您對前景有更多的了解，前景中內置的內容以及可能導致其高於或低於該範圍的因素。

Yes. Hey, the only thing I would add to that, Greg, is again the, off-balance sheet, the ability to be able to serve clients' needs. And we entered the short-term rate environment where it stands to be able to drive some of that money on the balance sheet to support liquidity management. It is another thing that we consider is a part of the scenario that Greg just laid out. So we do have more flexibility. We do have more options as well.

是的。嘿，格雷格，我唯一要補充的是資產負債表外能夠滿足客戶需求的能力。我們進入了短期利率環境，在這種環境下，它能夠在資產負債表上推動部分資金來支持流動性管理。我們考慮的另一件事是 Greg 剛剛提出的場景的一部分。所以我們確實有更多的靈活性。我們也有更多的選擇。

Got it. Okay. And then separately, I know in your CEO Letter, you indicate that warrant gains could moderate from here, even though you typically don't guide on warrants. I don't know, can you help us maybe think -- frame out that potential moderation, in how we could think about that? And then I get a ton of questions in times like this for you guys, that could these warrant gains turn negative, and could your investment gains turn negative? So could you talk about that?

知道了。好的。然後，我知道在您的 CEO 信函中，您表示權證收益可能會從這裡開始放緩，即使您通常不指導權證。我不知道，你能幫我們想想——勾勒出潛在的節制，我們可以如何考慮？然後在這樣的時候我會問你們很多問題，這些權證收益會變成負數嗎？你的投資收益會變成負數嗎？那你能談談嗎？

Yes. So we don't guide. We don't give ranges. We don't give details around it because, quite honestly, it's too hard to predict. And we could be off in a meaningful way just based on markets. So that's obviously the reason that we don't guide. But we wanted to give additional color to say, look, there's clearly a possibility that there could be more softness in there, and we talked about this a little bit earlier on the call. There's a little bit of a lag in some of the investments, right? So that could go through and you could see a decline there.

是的。所以我們不指導。我們不給出範圍。我們不提供有關它的詳細信息，因為老實說，它太難預測了。我們可以根據市場以有意義的方式離開。這顯然是我們不提供指導的原因。但是我們想添加額外的顏色來說明，看，很明顯那裡可能會有更多的柔軟度，我們在電話會議的早些時候討論過這個問題。有些投資有點滯後，對吧？這樣就可以通過，你可以看到那裡出現下降。

And to your specific question, was could you see warrants decline and actually be a negative number? The answer is yes, you could. It's possible. And so again, we expect some softness. Do we expect it to go negative? The answer is no. But what we like to do with our confidence levels, when you look at our guidance, we would like to clearly have a pretty strong confidence, 70% to 80%. And that's why we don't give guidance on warrants and securities because the confidence level, quite honestly, if I said this is the direction, if I said this is where it would be, the confidence level would be below our comfort zone.

至於你的具體問題，你能看到認股權證下降並且實際上是負數嗎？答案是肯定的，你可以。這是可能的。因此，我們再次期待一些軟性。我們是否期望它變為負值？答案是不。但是我們想對我們的信心水平做些什麼，當你看我們的指導時，我們顯然希望有一個非常強大的信心，70% 到 80%。這就是為什麼我們不對權證和證券提供指導，因為老實說，如果我說這是方向，如果我說這是它的方向，那麼信心水平將低於我們的舒適區。

But clearly, John, I mean, as you know, how goes the IPO market, how goes the exit market is really going to drive or determine what those numbers are going to be. So it's on you to take a view on where do you think the IPO and exit markets are going to go.

但很明顯，約翰，我的意思是，如你所知，IPO 市場如何發展，退出市場將如何真正推動或決定這些數字將會是什麼。因此，您需要考慮您認為 IPO 和退出市場將走向何方。

Yes. John, the last thing I'll say -- John, the last thing I'll say, this is Dan, again, the granularity here really matters. And the fact that the vast majority of what we've got in the warrant and investment portfolio are in the private market. So if you think about it, you've got 500 funds. You have close to 5,000 companies and thousands of individual investments that are made over time.

是的。約翰，我要說的最後一件事 -- 約翰，我要說的最後一件事，我是丹，再一次，這裡的粒度真的很重要。事實上，我們在認股權證和投資組合中擁有的絕大部分都在私人市場上。所以如果你考慮一下，你有 500 筆資金。隨著時間的推移，您擁有近 5,000 家公司和數千項個人投資。

So there's a lot of diversification in the timing of those investments and the number of companies. So you have to have a prolonged and quite sustained reduction in value to start that -- to see that really come through all of those private investments. So hopefully, that gives you a little bit of extra color.

因此，這些投資的時間和公司數量存在很大差異。所以你必須有一個長期和相當持續的價值下降才能開始 - 看到它真正來自所有這些私人投資。所以希望這能給你一點額外的顏色。

No. That does. And lastly, also in your CEO Letter, Greg, you indicate the increased expense outlook is partly influenced by the investments that you're making still in the business. Can you just talk about like what are the largest areas of investment that you're putting new money into right now?

不，確實如此。最後，在您的 CEO 信函中，Greg，您指出增加的費用前景部分受到您仍在業務中進行的投資的影響。你能談談你現在投入新資金的最大投資領域是什麼嗎？

Yes. It's really -- it is across the board. It's digital. It is headcount in a lot of different areas to increase capacity. And clearly, it's in risk management as well. When you think about the growth that we've had in going to a Category III bank, there's a lot of investment around there. And so we look at all those areas as opportunity investment to really -- and again, it's not just building for today, it's building for the future.

是的。它真的——它是全面的。它是數字的。它是在許多不同領域的人員增加容量。顯然，它也在風險管理中。當你想到我們在進入 III 類銀行時取得的增長，那裡有很多投資。因此，我們將所有這些領域視為真正的機會投資——再一次，它不僅僅是為今天而建設，而是為未來而建設。

And we've talked about that over the years, that we look at these as opportunities with this additional revenue that we have to really just keep pressing on our ability to deliver for our clients. And that is across every 1 of our 4 businesses, plus the support functions. So what are the highest, it's -- it really is. It's in almost every area on the -- in the sheet, in the deck that goes through and talks about our investments. It's significant across the board.

多年來，我們一直在談論這一點，我們將這些視為獲得額外收入的機會，我們必須真正地繼續推動我們為客戶提供服務的能力。這涵蓋了我們 4 項業務中的每一項，以及支持職能。那麼什麼是最高的，它是——它確實是。它幾乎存在於工作表的每個區域——在工作表中，在討論我們的投資的平台上。這對整體來說意義重大。

Hey, John, the only thing I would add to what Greg said is it's all about people as well, and we are strategically continuing to make investments in bringing new people onto the platform as well as making sure that we retain the incredible talent that we have across the franchise today. So all of those investments, really, the core of it also continues to be the great people that we've got as part of the franchise.

嘿，約翰，我唯一要補充的是格雷格所說的，這也是關於人的，我們在戰略上繼續投資，將新人帶到平台上，並確保我們保留我們所擁有的令人難以置信的人才今天擁有整個特許經營權。所以所有這些投資，真的，它的核心也仍然是我們作為特許經營權的一部分所擁有的優秀人才。

Your next question comes from the line of Chris Kotowski with Oppenheimer.

你的下一個問題來自 Chris Kotowski 與 Oppenheimer 的對話。

I just wanted to make sure I understood the dynamic in the NIM in the first quarter properly because like on January 20, you guided to 1.92%, and it came in at 2.13%. And was the delta in those 70 days just the premium amortization? Is it just as simple as that, the long end of the curve, let go and therefore, premium amortization went to a de minimis level?

我只是想確保我正確理解了第一季度 NIM 的動態，因為就像在 1 月 20 日，你指引到 1.92%，結果是 2.13%。那 70 天的增量是否只是保費攤銷？就這麼簡單嗎，曲線的長端放手，因此保費攤銷達到最低水平？

This is Dan. It's a combination of, like you said, the substantial slowdown in premium amortization from what happened with 10-year rates. We were highly sensitive to that premium amortization, below 10-year rates of 2%, and now, looking at the 10-year starting to get close to 3%, that's materially slowed down. You saw a big improvement there in the quarter on that.

這是丹。正如您所說，這是 10 年期利率的保費攤銷大幅放緩的結合。我們對低於 2% 的 10 年期利率的溢價攤銷高度敏感，現在，看看 10 年期利率開始接近 3%，這實際上放緩了。您在本季度看到了很大的改進。

Secondly, just reinvestment in the quarter from this incredible investment securities portfolio, being able to reinvest with the short-term rates so much higher also helped from a NIM perspective. So kind of add all of those things together in the quarter, plus some of the benefits on the short-term cash, you get to a better yield.

其次，從 NIM 的角度來看，僅從這個令人難以置信的投資證券組合中對本季度進行再投資，能夠以高得多的短期利率進行再投資也有所幫助。因此，在本季度將所有這些東西加在一起，再加上短期現金的一些好處，你可以獲得更好的收益。

Okay. It's quite a dramatic change in 70 days. The other thing I was wondering about is in your press release, you show that the duration of the held-to-maturity portfolio extended about a year, 1.1 years to 5.2 years. Was that mainly a function of the movement in rates extending the maturities of the portfolio? Or was it a function of the new securities that you added?

好的。在 70 天內，這是一個巨大的變化。我想知道的另一件事是在你的新聞稿中，你表明持有至到期投資組合的期限延長了大約一年，從 1.1 年到 5.2 年。這主要是由於利率變動延長了投資組合的期限嗎？還是您添加的新證券的功能？

You've got it, really a function of the duration extension, especially of mortgage securities, of which there is a good proportion sitting in the held-to-maturity book. So that reduction in premium amortization also comes as a part of all of that. So yes, mortgage securities and held-to-maturity versus net new purchases.

你已經明白了，這實際上是期限延長的一個函數，尤其是抵押證券，其中很大一部分位於持有至到期的賬簿中。因此，保費攤銷的減少也是所有這些的一部分。所以是的，抵押證券和持有至到期日與淨新購買。

And knowing that there's like a huge difference between duration and contractual maturities, looking at your 10-K, it's roughly 2/3 of your held-to-maturity book has maturities of over 10 years, I mean, what is the extension risk on that portfolio if we get into like another 200 or 300 basis points on the long end of the curve or something like that?

知道期限和合同期限之間存在巨大差異，看看您的 10-K，大約 2/3 的持有至到期賬簿的期限超過 10 年，我的意思是，延期風險是多少如果我們在曲線的長端或類似的東西上再進入 200 或 300 個基點？

Yes, it's a good question. I think with the rates where they are, you're seeing extension risk. You're seeing the extension of the book already playing out from a duration perspective. Going much higher from here will have some impact to the overall duration and extension risk, but not as material as the move that we've seen here effectively in the 10 year, getting close to 3% by the end of the quarter.

是的，這是個好問題。我認為按照目前的利率，您會看到延期風險。從持續時間的角度來看，您已經看到這本書的擴展。從這裡走高將對整體持續時間和延期風險產生一些影響，但不如我們在 10 年中有效看到的那樣重要，到本季度末接近 3%。

That's where we had the most sensitivity. That's why we had those bonds sitting in held-to-maturity to begin with. You won't see -- you will see some extension risk from here, but not as significant because we've played through a lot of that already.

那是我們最敏感的地方。這就是為什麼我們一開始就讓這些債券處於持有至到期狀態。你不會看到 - 你會從這裡看到一些擴展風險，但並不那麼重要，因為我們已經經歷了很多。

Your next question comes from the line of Brock Vandervliet with UBS.

你的下一個問題來自瑞銀集團的 Brock Vandervliet。

This is Vilas Abraham for Brock. I just wanted to revisit the on-balance sheet, off-balance sheet flexibility conversation again. I think you mentioned $2 billion came on from off in Q1. How were you thinking about the deposit beta for those and decided that fit into your broader deposit beta assumptions?

這是 Brock 的 Vilas Abraham。我只是想再次回顧資產負債表內、資產負債表外的靈活性對話。我想你提到 20 億美元來自第一季度。您如何考慮這些存款貝塔值並決定將其納入您更廣泛的存款貝塔值假設？

Yes. The deposit beta there will likely be higher than what we see from some of the rest of the deposits in the portfolio, but still, in total, fits into -- and I think this is what's important, the overall, as we said, through the cycle, 60% deposit beta.

是的。那裡的存款貝塔值可能會高於我們從投資組合中的其他一些存款中看到的，但總的來說，仍然適合——我認為這才是重要的，總體而言，正如我們所說，通過週期，60%存款貝塔。

So these might be a bit higher. And if you look at portfolio segmentation, for larger corporate clients, I think you end up seeing that. But again, in total, from a guidance perspective, fitting quite well inside of that through the cycle, 60% deposit beta.

所以這些可能會高一點。而且，如果您查看投資組合細分，對於較大的公司客戶，我認為您最終會看到這一點。但總的來說，從指導的角度來看，60% 的存款 beta 非常適合整個週期。

Okay. Great. That's helpful. And are you able to talk about what percentage of deposits you guys hold are from later-stage companies and just how you think about the deposit behavior of those relative to other segments?

好的。偉大的。這很有幫助。您能否談談你們持有的存款中有多少來自後期公司，以及您如何看待這些公司相對於其他部門的存款行為？

So in total percentages, I don't have them sitting offhand. But as we look at the overall -- I gave some metrics earlier of the migration we expect, interest-bearing to noninterest-bearing. We think that with the forward curve, that could move into the -- from the 30% to the 40% range. That considers also those later-stage clients.

所以在總百分比中，我沒有讓他們隨意坐下。但是當我們看整體時——我早些時候給出了我們預期的遷移的一些指標，有息到無息。我們認為，通過遠期曲線，這可能會進入 - 從 30% 到 40% 的範圍。這也考慮了那些後期客戶。

And at the same time, the deposit beta that we mentioned, that 60% deposit beta, also takes into consideration those later-stage clients. And we think, through the last tightening cycle, that we've got that incorporated in there.

同時，我們提到的存款貝塔，即60%的存款貝塔，也考慮到了那些後期客戶。我們認為，在上一個緊縮週期中，我們已經將其納入其中。

Your next question comes from the line of Jon Arfstrom with RBC Capital Markets.

你的下一個問題來自 RBC Capital Markets 的 Jon Arfstrom。

I just have a longer-term philosophical margin question for you. If Fed funds go back to the levels of what we saw in '18 and '19, so around 2.5%, any reason your margin can't go back to 2018 levels? Anything different that would prevent that from happening?

我只是有一個長期的哲學邊際問題要問你。如果聯邦基金回到我們在 18 年和 19 年看到的水平，即 2.5% 左右，您的保證金有什麼理由不能回到 2018 年的水平？有什麼不同的東西可以防止這種情況發生嗎？

Yes, Jon, this is Dan. I think the structure of the portfolio is really different from 2018. The investment securities portfolio, obviously larger. You take a look at the level that we have from a cash balance perspective, that's different. And the mix of capital call lending still much higher than where we were back in 2018. So when you look at those factors, the terminal margin that you end up getting to, even if you had a comparable rate environment, is lower.

是的，喬恩，這是丹。我認為投資組合的結構與 2018 年確實不同。投資證券組合，明顯更大。你從現金餘額的角度來看我們的水平，這是不同的。資本通知貸款的組合仍遠高於我們在 2018 年的水平。因此，當您查看這些因素時，即使您有可比的利率環境，您最終獲得的終端保證金也較低。

Now at the same time, with the size of the balance sheet, obviously, you start to do the math on what that means from a net interest income perspective. So while the margin is clearly lower, the opportunity to be able to drive sustainable core net interest income growth is much stronger than what we had during that last tightening cycle.

現在與此同時，隨著資產負債表的規模，顯然，你開始從淨利息收入的角度計算這意味著什麼。因此，雖然利潤率明顯較低，但能夠推動可持續核心淨利息收入增長的機會比我們在上一個緊縮週期中擁有的機會要強得多。

That is all the time we have for questions. I'll turn the call back to CEO, Greg Becker, for closing comments.

這就是我們提問的全部時間。我會將電話轉回給首席執行官 Greg Becker，以徵求結束意見。

Great. Thank you. I just want to thank everyone for joining us today. I know it's late in the day for the people on the East Coast and you guys--many analysts have had a lot of different things to digest. So thank you for joining us. We are obviously very positive about the year ahead, even with the prospects of market volatility and we've talked a lot about on the call today.

偉大的。謝謝。我只想感謝大家今天加入我們。我知道對於東海岸的人們和你們這些人來說已經很晚了——許多分析師有很多不同的事情要消化。感謝您加入我們。我們顯然對未來一年非常樂觀，即使市場波動的前景也是如此，我們在今天的電話會議上談了很多。

We do have strong momentum from all the growth that we've experienced in the last couple of years and a strong and meaningful pipeline and additional upside, if there are future rate hikes, that we talked a lot about again on the call.

我們確實從過去幾年經歷的所有增長中獲得了強勁的勢頭，以及強大而有意義的管道和額外的上行空間，如果未來加息，我們在電話會議上再次討論了很多。

And as we said, we're continuing to invest in our strategic priorities, all about delivering on this kind of 4-pillar platform, 4 business units, all in service to our clients. So to me, again, I continue to be extremely excited about that with the market, even with the market volatility.

正如我們所說，我們將繼續投資於我們的戰略重點，所有這些都是為了提供這種 4 支柱平台，4 個業務部門，所有這些都是為我們的客戶服務的。因此，對我來說，即使市場波動，我仍然對市場感到非常興奮。

As always, I want to thank our employees for all the incredible work that they do every single day. For me, it's been a great quarter getting out and spending more time in the market as more offices open up and spending more time.

一如既往，我要感謝我們的員工每天所做的所有令人難以置信的工作。對我來說，這是一個很棒的季度，隨著越來越多的辦事處開業並花費更多時間，走出去並在市場上花費更多時間。

I was in Israel. I've been spending time in New York and other markets. And just spending time with our teams of people has been so rewarding. Our offices are opened up now, and the energy and excitement as we gather people together for events, as we gather people together for just team meetings and the excitement and energy that people have about being together is just great to see.

我在以色列。我一直在紐約和其他市場逗留。僅僅與我們的團隊共度時光就非常值得。我們的辦公室現在開放了，當我們把人們聚集在一起參加活動時，當我們把人們聚集在一起只是為了團隊會議時，人們聚集在一起時的興奮和興奮，人們在一起的興奮和活力真是太好了。

Obviously, I want to thank our clients as well because that energy and that excitement is translating into spending time with our clients. And all the incredible things that they're doing in every aspect of innovation is also incredibly exciting, and we certainly thank them for their business and working with us.

顯然，我還要感謝我們的客戶，因為這種活力和興奮正在轉化為與我們的客戶共度時光。他們在創新的各個方面所做的所有令人難以置信的事情也非常令人興奮，我們當然感謝他們的業務和與我們的合作。

The final thanks I want to do is an important one. And I want to give a really huge shout-out to our retiring Chairman, Roger Dunbar. Roger Dunbar has been with SVB as a Board member -- as an adviser since 2000, as a Board member since 2004.

我想做的最後感謝是一個重要的感謝。我想對即將退休的董事長羅傑·鄧巴表示衷心的感謝。羅傑·鄧巴 (Roger Dunbar) 一直是 SVB 的董事會成員——自 2000 年起擔任顧問，自 2004 年起擔任董事會成員。

And you think about that time period, 2004 to 2022 and the last decade as Chairman, it's hard to think about other institutions, banks that have performed better over that period of time and having Roger at the helm as Chair for the last decade, really appreciate his leadership, I know for me personally, his mentorship and friendship, and just wish him the best in the next chapter of his life and again, just so I appreciate what he's done for us.

想想那段時間，2004 年到 2022 年，以及擔任主席的最後十年，很難想像其他機構、銀行在那段時間表現更好，並且羅傑在過去十年擔任主席，真的感謝他的領導，我個人了解他的指導和友誼，並再次祝愿他在人生的下一章一切順利，我感謝他為我們所做的一切。

And also, welcome, our new Chair, Kay Matthews, who's stepping into the role later today. So I really want to thank Roger for his service and welcome, Kay, to the new Chair role.

另外，歡迎我們的新主席 Kay Matthews，他將於今天晚些時候上任。所以我真的要感謝 Roger 的服務，並歡迎 Kay 擔任新的主席一職。

And with that, I want to thank everyone again, and everyone, have a wonderful day. Thank you.

說到這裡，我想再次感謝大家，祝大家度過美好的一天。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。