Synovus Financial Corp (SNV) 2025 Q1 法說會逐字稿

Good morning and welcome to the Synovus first-quarter 2025 earnings call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Synovus 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I'll now turn the call over to Jennifer Demba, Senior Director-Investor Relations. Please go ahead.

現在我將把電話轉給投資者關係高級總監 Jennifer Demba。請繼續。

Thank you and good morning. During today's call, we will reference the slides and press release that are available within the Investor Relations section of our website, synovus.com. Chairman, President, and CEO, Kevin Blair, will begin the call. He will be followed by Jamie Gregory, Executive Vice President and Chief Financial Officer. And they will be available to answer your questions at the end the call.

謝謝，早安。在今天的電話會議上，我們將參考公司網站 synovus.com 投資者關係板塊提供的幻燈片和新聞稿。公司董事長、總裁兼執行長 Kevin Blair 將主持電話會議。接替他的是執行副總裁兼財務長 Jamie Gregory。通話結束時他們將解答您的問題。

Our comments include forward-looking statements. These statements are subject to risks and uncertainties, and the actual results could vary materially. We list these factors that might cause these results to differ materially in our press release and in our SEC filings which are available on our website. We do not assume any obligation to update any forward-looking statements because of new information, early developments or otherwise, except as may be required by law.

我們的評論包括前瞻性陳述。這些聲明受風險和不確定性的影響，實際結果可能會有重大差異。我們在新聞稿和我們網站上的 SEC 文件中列出了可能導致這些結果出現重大差異的因素。除非法律要求，否則我們不承擔因新資訊、早期發展或其他原因而更新任何前瞻性聲明的義務。

During the call, we will reference non-GAAP financial measures related to the company's performance. And you may see the reconciliation of these measures in the Appendix to our presentation.

在電話會議中，我們將參考與公司績效相關的非公認會計準則財務指標。您可以在我們簡報的附錄中看到這些措施的協調。

And now, Kevin Blair will provide an overview of the quarter.

現在，凱文布萊爾將概述本季的情況。

Thank you, Jennifer. Last night, we were pleased to release strong first-quarter 2025 results. Synovus reported GAAP and adjusted earnings per share of $1.30. Adjusted earnings per share increased 4% from the fourth quarter and jumped 65% year-over-year. Excluding the FDIC special assessment, adjusted earnings per share rose 53%.

謝謝你，詹妮弗。昨晚，我們很高興地發布了強勁的 2025 年第一季業績。Synovus 公佈的 GAAP 和調整後每股收益為 1.30 美元。調整後每股收益較第四季成長 4%，年增 65%。不計FDIC特別評估，調整後每股盈餘成長53%。

Year-over-year growth was driven primarily by net interest margin expansion, lower provision for credit losses, and disciplined expense management. Also, funded loan production was the highest since fourth 2022 leading to loan growth of $40 million in the quarter. Net charge-offs declined to 20 basis points along with broad-based credit metric improvement, while our adjusted return on tangible equity increased to 17.6%.

年比成長主要得益於淨利差擴大、信貸損失準備金減少以及嚴格的費用管理。此外，貸款發放量創下 2022 年第四季以來的最高水平，導致本季貸款增加了 4,000 萬美元。隨著廣泛的信貸指標改善，淨沖銷額下降至 20 個基點，而我們的調整後有形權益報酬率則上升至 17.6%。

Our first quarter commercial client survey conducted over the last month reveal that there was an increase in negative sentiment with 17% of our clients expecting business activity to decline over the next 12 months, up from 10% last quarter. This correlates with the response in which 20% of our clients felt increased tariffs would have a meaningful impact on their respective businesses. However, 41% of our clients who responded they believe business activity will increase over the next 12 months which was unchanged from our survey last quarter. As the quarter progressed, borrowers and investors grew more cautious amid concerns surrounding the sustainability of consumer spending and the potential impact of higher tariffs and federal government agency layoffs on economic growth.

我們上個月進行的第一季商業客戶調查顯示，負面情緒增加，17% 的客戶預計未來 12 個月的業務活動將下降，高於上一季的 10%。這與我們的 20% 客戶的回應一致，他們覺得提高關稅將對他們各自的業務產生重大影響。然而，41% 的客戶表示，他們認為未來 12 個月的商業活動將會增加，這與我們上個季度的調查結果相同。隨著本季的進展，由於擔心消費者支出的可持續性以及提高關稅和聯邦政府機構裁員對經濟成長的潛在影響，借款人和投資者變得更加謹慎。

While the impacts of these events on the economic and interest rate environment remain uncertain, we have strong confidence in our path forward and in the health and resilience of our balance sheet. In recent years, Synovus has diversified its business mix and client base, increased capital levels and balance sheet liquidity, and enhanced our enterprise and credit risk management resources and practices. We are maintaining close communication and dialogue with our clients and are well-positioned to provide support and advice as they potentially face a more challenging economic environment.

儘管這些事件對經濟和利率環境的影響仍不確定，但我們對未來的道路以及資產負債表的健康和彈性充滿信心。近年來，Synovus 實現了業務組合和客戶群多元化，提高了資本水準和資產負債表流動性，並增強了我們的企業和信用風險管理資源和實踐。我們與客戶保持密切溝通和對話，並在他們可能面臨更具挑戰性的經濟環境時提供支援和建議。

Our proactive balance sheet management and business model actions over the past two years, coupled with our growth-oriented initiatives, position Synovus well for strong long-term revenue, earnings, and tangible book value growth as well as top quartile operating metrics.

過去兩年來，我們積極主動的資產負債表管理和商業模式行動，加上我們以成長為導向的舉措，使 Synovus 能夠實現強勁的長期收入、收益和有形帳面價值增長以及最高四分位營運指標。

In the short term, we are focused on mitigating risks that come from an economic slowdown while continuing to seize the opportunities where we have the greatest right to win. We are committed to ensuring clarity and confidence in the actions we take and winning as a collective team.

短期內，我們專注於降低經濟放緩帶來的風險，同時繼續抓住我們最有可能獲勝的機會。我們致力於確保我們所採取的行動清晰且充滿信心，並作為一個集體團隊取得勝利。

Before I turn it over to Jamie, I want to welcome our Chief Credit Officer, Anne Fortner, to her first earnings call. In 17 years with Synovus, she has served in various roles, including executive director of Credit Risk Management and leading Credit for the Wholesale Bank. Anne has significant credit industry experience and has excelled in roles of increasing responsibility, positioning her well to assume this critical leadership position.

在將時間交給 Jamie 之前，我想歡迎我們的首席信貸官 Anne Fortner 參加她的第一次收益電話會議。在 Synovus 工作的 17 年裡，她擔任過各種職務，包括信用風險管理執行董事和批發銀行信貸主管。Anne 擁有豐富的信貸行業經驗，並且在承擔越來越大的責任的職位上表現出色，這使她非常適合擔任這一關鍵的領導職務。

Now, Jamie will review our first quarter results in greater detail. Jamie?

現在，傑米將更詳細地回顧我們的第一季業績。傑米？

Thank you, Kevin. Synovus has generated a positive year-over-year operating leverage in the first-quarter 2025 as adjusted revenue increased 7% year-over-year, while adjusted non-interest expense declined 3%. Excluding the FDIC special assessment, adjusted non-interest expense was relatively flat. Net interest margin expansion drove revenue growth in the first quarter. Net interest income was $454 million in the first quarter, up 8% from the year-ago period and flat sequentially as a result of the lower day count. Our net interest margin was 3.35% in the first quarter, up 7 basis points from the previous quarter.

謝謝你，凱文。Synovus 在 2025 年第一季實現了同比正營運槓桿，調整後營收年增 7%，而調整後非利息支出下降 3%。不包括聯邦存款保險公司 (FDIC) 特別評估，調整後的非利息支出相對持平。淨利差擴大帶動第一季營收成長。第一季淨利息收入為 4.54 億美元，較去年同期成長 8%，由於天數減少，與上一季持平。一季淨利差為3.35%，較上季上升7個基點。

The linked quarter increase was largely attributable to effective deposit repricing and further supported by hedge maturities, lower cash balances, and a stable fed funds environment. These benefits were partially offset by the full quarter impact of our $500 million debt issuance in the fourth quarter. The lack of an FOMC ease in the first quarter and the lag benefits of continued reductions in our deposit pricing resulted in net interest margin outperformance compared to our guidance in January.

季度環比成長主要歸因於有效的存款重新定價，並受到對沖到期、較低的現金餘額和穩定的聯邦基金環境的進一步支持。這些收益被我們第四季發行的 5 億美元債務對整個季度的影響部分抵消。由於第一季聯邦公開市場委員會 (FOMC) 未放鬆貨幣政策，且存款定價持續下調的滯後效益，導致淨利差表現優於我們 1 月的預期。

Period end loan balances were up $40 million. Despite relatively muted loan growth, our lending momentum accelerated throughout the quarter. This resulted in 8% annualized growth in our high-growth lines of business including middle market, specialty, and corporate and investment banking lending.

期末貸款餘額增加了 4000 萬美元。儘管貸款成長相對緩慢，但我們的貸款動能在整個季度都在加速。這使得我們的高成長業務線（包括中端市場、專業市場以及企業和投資銀行貸款）實現了 8% 的年增長率。

Total loan production trends remain healthy as funded production increased 16% quarter-over-quarter and 89% year-over-year. The loan production in our Wholesale Bank was the strongest we have seen in two years. Our core commercial momentum has resulted in strong pipelines that we believe will result in steady loan growth as the year progresses.

總貸款產出趨勢維持健康，融資產出年增 16%，年增 89%。我們批發銀行的貸款產量是兩年來最強勁的。我們的核心商業動能已形成強大的管道，我們相信隨著時間的推移，這將帶來穩定的貸款成長。

Core deposits increased 3% year-over-year, while seasonality in middle market deposits impacted linked quarter core deposit growth. However, we experienced positive trends in the overall deposit mix as growth in money market, interest-bearing demand, and savings accounts was offset by a decline in time deposits. Non-interest-bearing deposits were relatively stable quarter-over-quarter.

核心存款年增 3%，而中間市場存款的季節性影響了季後核心存款的成長。然而，由於貨幣市場、計息需求和儲蓄帳戶的成長被定期存款的下降所抵消，整體存款結構呈現正面趨勢。無利息存款環比相對穩定。

Turning to funding costs. Our average cost of deposits declined 20 basis points in the first quarter to 2.26%. Our deposit costs improvement represents a total deposit beta of 46% through the recent easing cycle, which is above the top end of our previous guidance of 40% to 45%. Adjusted non-interest revenue was $117 million which declined 6% sequentially and increased 1% year-over-year.

談到融資成本。第一季度，我們的平均存款成本下降了 20 個基點，至 2.26%。我們的存款成本改善意味著在最近的寬鬆週期內，總存款貝塔係數達到 46%，高於我們先前 40% 至 45% 的指導上限。調整後非利息收入為 1.17 億美元，季減 6%，年增 1%。

We generated 6% year-over-year growth in core banking fees, driven primarily by higher treasury and payment solutions income and card fees, while capital markets revenue increased 5%. This growth was partially offset by lower commercial sponsorship income which was higher in the prior year as a result of one-time income from the expanded relationship with GreenSky. Linked quarter declines were a result of loan production mix which impacted capital market fees as well as lower seasonal and transaction-related wealth management income.

我們的核心銀行費用年增 6%，主要得益於財務和支付解決方案收入以及卡片費用的增加，而資本市場收入則成長了 5%。這一增長被較低的商業贊助收入部分抵消，由於與 GreenSky 擴大關係帶來的一次性收入，商業贊助收入在上一年有所增加。環比季度下降是由於貸款生產組合影響了資本市場費用以及季節性和交易相關的財富管理收入下降。

Moving to expense. We remain very disciplined with non-interest expense control. Adjusted non-interest expense was flat on a linked quarter basis and down 3% year-over-year. Our strong first quarter performance was largely driven by controlled employment and project-related costs, as well as positive trends in credit-related legal costs and fraud-related expense. Excluding the FDIC special assessment, non-interest expense was relatively stable year-over-year.

轉為開支。我們對非利息支出的控制仍然非常嚴格。調整後非利息支出與上一季持平，年減 3%。我們第一季的強勁業績主要得益於控制就業和專案相關成本，以及信貸相關法律成本和詐欺相關費用的正面趨勢。不包括聯邦存款保險公司 (FDIC) 特別評估，非利息支出較去年同期相對穩定。

As Kevin mentioned, the first quarter showed strength in credit performance with first quarter net charge-offs of $21 million or 20 basis points, below our previously communicated expanded range of 25 to 35 basis points.

正如凱文所提到的，第一季信貸表現強勁，第一季淨沖銷額為 2,100 萬美元或 20 個基點，低於我們先前公佈的 25 至 35 個基點的擴大範圍。

Non-performing loans improved to 0.67% of total loans, down from 0.73% in the fourth quarter. The allowance for credit losses ended the quarter at 1.24%, compared to 1.27% at 2024 year end. The allowance for credit losses declined due to positive credit trends within the loan portfolio, partially offset by a more adverse economic outlook.

不良貸款佔貸款總額的 0.67%，低於第四季的 0.73%。本季末信貸損失準備金為 1.24%，而 2024 年底為 1.27%。由於貸款組合中的信貸趨勢向好，信貸損失準備金有所下降，但被更不利的經濟前景部分抵消。

We continue to be diligent and proactive with credit risk management. We are engaged in multiple efforts to identify risks associated with recent policy changes. These efforts include the identification of commercial clients with potential exposure to increasing tariffs and heavy reliance on government contracts, direct outreach and discussions with our largest clients to estimate exposure, client surveys to gain more insight in the specific forward-looking sentiments, and engagement of experts to produce thought leadership that can help guide decision-making.

我們將繼續勤勉並積極主動地進行信用風險管理。我們正在採取多種措施來識別與近期政策變化相關的風險。這些努力包括確定可能面臨關稅上調和嚴重依賴政府合約的商業客戶、直接與我們最大的客戶聯繫並進行討論以估計風險敞口、進行客戶調查以深入了解具體的前瞻性情緒，以及聘請專家來產生有助於指導決策的思想領導力。

This information, combined with other internal tools like our trade tracker, daily line utilization monitoring tool, and client cash inflow/outflow data enables our relationship managers and credit team to place more attention on selective loans in clients.

這些資訊與我們的交易追蹤器、每日線路利用率監控工具和客戶現金流入/流出數據等其他內部工具相結合，使我們的客戶經理和信貸團隊能夠更加關注客戶的選擇性貸款。

Finally, our capital position remained strong in the first quarter with the preliminary Common Equity Tier 1 ratio at 10.75% and preliminary total risk-based capital now at 13.65%. Our healthy earnings profile continues to support our capital position, leading to relatively stable cap ratios, inclusive of $120 million of share repurchases completed in the first quarter.

最後，我們的資本狀況在第一季保持強勁，初步的普通股一級資本比率為 10.75%，初步的總風險資本比率為 13.65%。我們健康的獲利狀況繼續支持我們的資本狀況，從而實現相對穩定的資本比率，其中包括第一季完成的 1.2 億美元股票回購。

I'll now turn it back to Kevin to discuss our strategic initiatives and 2025 guidance.

現在我將話題轉回給凱文，討論我們的策略舉措和 2025 年指引。

Thank you, Jamie. We made steady progress on various strategic initiatives during the first quarter. Importantly, our relationship manager hiring is on track with 20% of planned 2025 additions occurring through mid-April. We expanded our structured lending team during the first quarter and also deepened our financial institutions industry coverage in the corporate and investment bank.

謝謝你，傑米。第一季度，我們的各項策略措施取得了穩定進展。重要的是，我們的關係經理招募工作進展順利，到 4 月中旬將招募到計畫中的 2025 名新員工中的 20%。我們在第一季擴大了結構性貸款團隊，並加深了企業和投資銀行金融機構產業的覆蓋範圍。

Our legal industry deposit vertical has been officially launched with the deposit pipeline building. Just as we have delivered positive operating leverage in the first quarter, we will continue to invest in a prudent fashion which should optimize long-term growth while managing overall expense growth within a range that highly correlates to short-term revenue growth.

我們的合法產業存款垂直業務已隨著存款管道建設正式啟動。正如我們在第一季實現了正的經營槓桿一樣，我們將繼續以審慎的方式進行投資，以優化長期成長，同時將整體費用成長控制在與短期收入成長高度相關的範圍內。

Given recent policy changes, our outlook assumes more moderate growth conditions along with four fed fund cuts throughout the rest of the year and a 10-year treasury around current levels. We are making some modest adjustments to our 2025 guidance based on recent trends and client feedback given what remains a highly uncertain certain economic environment.

鑑於最近的政策變化，我們的預測假設經濟成長條件更加溫和，今年剩餘時間內聯邦基金利率將下調四次，十年期公債殖利率將維持在目前水準附近。鑑於某些經濟環境仍然高度不確定，我們根據最近的趨勢和客戶回饋對 2025 年的指導方針做了一些適度調整。

Period end loan growth is expected to be 3% to 5% in 2025. The vast majority of the loan growth should continue to come from our middle market, corporate and investment banking, and specialty lending loans. Our confidence in loan growth is based upon current pipelines, talent additions as well as business line expansions.

預計 2025 年期末貸款成長率將達到 3% 至 5%。貸款成長的絕大部分應繼續來自我們的中端市場、企業和投資銀行以及專業貸款。我們對貸款成長的信心是基於當前的通路、人才增加以及業務線擴展。

We are encouraged by the team's momentum in the first quarter. Wholesale Banking produced $900 million of new loan fundings which was 35% higher than the prior four quarter average. There is now a $1 billion-plus loan pipeline in this segment which is up over 100% from the same period last year.

球隊在第一節的勢頭令我們感到鼓舞。批發銀行業務產生了 9 億美元的新貸款融資，比前四個季度的平均值高出 35%。目前該領域的貸款規模已超過 10 億美元，較去年同期成長 100% 以上。

Second, our loan growth will be supported by 11 new middle market bankers hired in 2024 as well as additional structured lending team onboarded during the first quarter of 2025.

其次，2024 年聘用的 11 名新中型市場銀行家以及 2025 年第一季加入的額外結構性貸款團隊將支持我們的貸款成長。

On the deposit front, we expect core deposit growth of 3% to 5%. This will be led by continued focus on core deposit production across all of our business lines. These efforts are further supported by forecasted growth from investments in deposit specialties such as our liquidity product specialty team and legal industry deposit verticals.

在存款方面，我們預期核心存款成長率為 3% 至 5%。我們將持續關注所有業務線的核心存款生產。我們的流動性產品專業團隊和合法產業存款垂直領域等存款專業領域的投資預計成長將進一步支持這些努力。

The adjusted revenue growth outlook is at the range of 3% to 6%. Our interest rate sensitivity profile remains relatively neutral to the front-end of the curve, and we remain slightly asset-sensitive to longer-term rates. However, during an easing cycle, the margin will exhibit short-term pressure due to the timing lag between loan and deposit repricing.

調整後的營收成長預期在3%至6%之間。我們的利率敏感度概況對曲線前端保持相對中性，並且對長期利率保持略微的資產敏感度。但在寬鬆週期中，由於貸款和存款重新定價之間存在時間差，保證金將面臨短期壓力。

We anticipate adjusted non-interest revenue of $485 million to $505 million this year which includes the first quarter impact of softer capital market fees as well as lower wealth management fees as a result of equity market valuations. We believe continued core execution in areas such as treasury and payment solutions and capital markets, as well as the refinement of our delivery models in consumer banking, wealth services, and third-party payments will support our sustained fee income momentum even in uncertain times.

我們預計今年調整後的非利息收入為 4.85 億美元至 5.05 億美元，其中包括第一季資本市場費用走低的影響以及股票市場估值導致的財富管理費用下降。我們相信，即使在不確定的時期，我們在財務和支付解決方案以及資本市場等領域的持續核心執行，以及我們在消費者銀行、財富服務和第三方支付方面的交付模式的改進，將支持我們持續的費用收入勢頭。

We have produced healthy non-interest revenue growth over the past few years. Excluding mortgage lending revenue from 2020 to 2024, we generated 11% compound annual growth in core client fees. We will continue to invest in core non-interest revenue streams that deepen our client relationships.

過去幾年，我們的非利息收入實現了健康的成長。不包括 2020 年至 2024 年的抵押貸款收入，我們的核心客戶費用實現了 11% 的複合年增長率。我們將繼續投資於核心非利息收入來源，以加深與客戶的關係。

Adjusted non-interest expense is expected to grow 2% to 4%. The reduced range is a result of positive trends in multiple areas including employment costs, project-related spend, and credit-related legal costs and fraud-related expenses. We will continue to be balanced and very disciplined in expense management while investing in the areas that deliver long-term shareholder value.

調整後非利息支出預計將增加 2% 至 4%。範圍的縮小是由於多個領域的正面趨勢，包括就業成本、專案相關支出、信貸相關法律成本和詐欺相關費用。我們將繼續在費用管理方面保持平衡和嚴謹，同時投資於能為股東帶來長期價值的領域。

On the credit front, given current credit metrics, we anticipate that net charge-offs should be relatively stable sequentially in the second quarter which is below our prior guidance of 25 to 35 basis points. Our net charge-offs have averaged 26 basis points over the past four quarters.

在信貸方面，鑑於目前的信貸指標，我們預計第二季淨沖銷額應相對穩定，低於我們先前預測的 25 至 35 個基點。過去四個季度，我們的淨沖銷額平均為 26 個基點。

Moving to capital, we will target a relatively stable CET1 ratio around 10.75%, with the priority on capital deployment continuing to be loan growth. We believe current capital levels are more than adequate in a range of more challenging economic outcomes.

對於資本，我們將目標定為相對穩定的 CET1 比率 10.75% 左右，資本配置的重點仍然是貸款成長。我們相信，目前的資本水準足以應對一系列更具挑戰性的經濟狀況。

Finally, we anticipate the tax rate should be relatively stable at 22%?

最後，我們預期稅率應該相對穩定在22%？

And now, operator, let's open the call for questions.

接線員，現在讓我們開始提問。

(Operator Instructions)

（操作員指示）

Jon Arfstrom, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Jon Arfstrom。

Good morning, everyone. Kevin, maybe for you just to start this off, can you talk a little bit more about the lending environment and maybe some more qualitative commentary? And just also curious what you think takes you to the lower end of the loan growth guidance range and the higher end? And kind of curious what's happened in the last several weeks as well?

大家早安。凱文，也許你只是想開始討論這個問題，你能否再多談談借貸環境以及一些更定性的評論？並且只是好奇您認為什麼會讓您達到貸款增長指導範圍的下限和上限？並且有點好奇過去幾週發生了什麼事？

Yeah Jon. Obviously, as you know and there's been a lot of calls at this point, the recent tariff policy announcements have introduced a significant amount of uncertainty into the business environment. And we try to monitor the situation every which way we can including talking to clients, doing client surveys, conducted deep-dive of analyses into our specific industries to understand that.

是的，喬恩。顯然，正如您所知，目前已經有很多呼聲，最近的關稅政策公告給商業環境帶來了巨大的不確定性。我們嘗試透過各種方式監控情況，包括與客戶交談、進行客戶調查、對我們的特定行業進行深入分析以了解情況。

But what really comes loud and clear is that when we talk to our clients today, there is a level of uncertainty that exists. Having said that, in one of our survey points that I think is prudent to evaluate is 41% our clients believe that business activity will increase over the next 12 months. And that survey was conducted over the last month including some of the noise around tariffs. So there's still a constructive business environment out there in which we can continue to grow loans.

但真正明顯的是，當我們今天與客戶交談時，存在著一定程度的不確定性。話雖如此，我認為在我們的調查中，值得謹慎評估的是，41% 的客戶認為未來 12 個月的商業活動將會增加。該調查是在上個月進行的，其中包括一些有關關稅的討論。因此，現在仍然存在著建設性的商業環境，我們可以繼續增加貸款。

And I think this quarter, in the production we had, about $1.5 billion in funded production, it was up about 10%, 15% over where we were in the fourth quarter. So it continues to build. When we look at our pipelines that we exited the first quarter with, they are high higher than what our production was for the quarter. So that would point to the fact that we should expect to continue to see the production grow again in the second quarter.

我認為本季我們的生產資金約為 15 億美元，比第四季成長了約 10% 至 15%。因此它繼續建造。當我們查看第一季結束時的管道時，我們發現它們的產量遠高於該季度的產量。因此，這表明我們應該預計第二季產量將繼續成長。

And why is that? You've seen in our disclosures, we try to break it down into four segments. The first segment is our fast-growing segment which includes Middle Market, Structured Lending, CIB, and other specialty groups. That group grew 8% in the first quarter. We think that will continue to grow even at a faster pace, 10% to 15%, for the rest of the year. And they have a proven track record in doing that. Our Middle Market team, over the last four years, has kind of a core growth rate of 10%. So they've proven it. Same thing with our Structured Lending area and CIB, so new, that they've been growing at a very fast pace. So those fast-growing segments, we have a lot of confidence in being able to grow it.

這是為什麼呢？您可以在我們的披露中看到，我們嘗試將其分為四個部分。第一個部分是我們快速成長的部分，包括中端市場、結構性貸款、CIB 和其他專業集團。該集團第一季成長了 8%。我們認為，今年剩餘時間內，這一數字還將繼續增長，甚至以更快的速度增長 10% 至 15%。他們在這方面有著良好的記錄。過去四年來，我們的中端市場團隊的核心成長率達到了 10%。所以他們已經證明了這一點。我們的結構性貸款領域和 CIB 也是如此，它們都是新興領域，但發展速度非常快。因此，我們對這些快速成長的領域充滿信心。

I mentioned in the prepared remarks, we've also added 11 new Middle Market bankers in the past year which is a 30% increase into the staffing. So those individuals will start to really build the balance sheet by bringing over their clients.

我在準備好的發言中提到，我們去年還增加了 11 位新的中型市場銀行家，員工人數增加了 30%。因此，這些人將開始透過引入客戶來真正建立資產負債表。

I think it's also -- we've talked a lot about payoff and paydown activities. Our payoff activities subsided a little bit in the first quarter, but they're still elevated, about $150 million over kind of long-term averages. And so that will continue to abate, and that will provide tailwinds as well.

我認為這也是——我們已經討論了很多關於回報和償還活動的問題。我們第一季的還款活動略有減少，但仍較高，比長期平均高出約 1.5 億美元。因此，這種情況將繼續減弱，也將帶來順風。

And then lastly, we look at line utilization. When we look at our forecast, kind of looking at the midpoint, we assume line utilization stays roughly flat at 47%. But we've seen that utilization correlates very well with interest rates. So if interest rates were to decline, we think utilization could pick up.

最後，我們來看看線路利用率。當我們查看預測時，請看一下中點，我們假設線路利用率大致保持在 47% 左右。但我們已經看到利用率與利率有很好的相關性。因此，如果利率下降，我們認為利用率可能會上升。

So when you asked the question, we're confident about our loan growth guidance. What would push us to the high end of the range would be stronger production than maybe what we had thought and maybe a little extra line utilization nation that we haven't accounted for.

因此，當您提出這個問題時，我們對我們的貸款成長指引充滿信心。推動我們達到高端水準的可能是比我們想像的更強勁的產量，以及一些我們尚未考慮到的額外生產線利用率。

Okay. Helpful. Yeah, it sounds like market share gain is a pretty big piece of this as well. So that's fair.

好的。很有幫助。是的，聽起來市場佔有率的成長也是其中很重要的一環。這很公平。

Well, given the new talent, absolutely. If you're just relying on getting more business from your existing clients, I don't know that you can have outsized growth. What we want to do and we've said this in the past, we think that our growth rate should be 100 or 200 basis points above the underlying market, just so that we're getting our fair share play, plus we're showing that we're taking share from our competitors.

嗯，考慮到新人才，絕對是如此。如果您只是依靠從現有客戶那裡獲得更多業務，我不知道您是否能實現超額成長。我們想要做的，我們過去也說過，我們認為我們的成長率應該比基礎市場高出 100 或 200 個基點，這樣我們才能獲得公平的份額，而且我們也表明我們正在從競爭對手那裡奪取份額。

Yeah. Okay. Perfect. Thank you. Jamie, you surprised me on the margin. It was a little better than I thought. And when I look at slide 14, there are obviously two big movements in terms of loan repricing and deposit cost coming down. How are you feeling about the margin from here in terms of some of the near term puts and takes?

是的。好的。完美的。謝謝。傑米，你確實讓我很驚訝。比我想像的要好一點。當我看第 14 張投影片時，明顯看到貸款重新定價和存款成本下降的兩個重大變化。就一些短期看跌期權和看漲期權而言，您對目前的利潤有何看法？

Yeah. We're pleased with the trajectory of the margin and how it's been trending. We look at 2025 for the rest of this year, we think that the margin -- the trend is for it to be relatively stable in the second quarter. But it really depends on fed policy. So the core underlying asset yields and deposit cost, we think will be about a push next quarter. But if we do have easing in the second quarter, which is embedded in our forecast we have a June cut, then we would expect to see that lead lag impact put a little bit of pressure on the margin in the second quarter.

是的。我們對利潤率的軌跡和趨勢感到滿意。我們展望 2025 年剩餘時間的情況，我們認為利潤率趨勢是第二季相對穩定。但這確實取決於聯準會的政策。因此，我們認為核心基礎資產收益率和存款成本將在下個季度受到推動。但如果我們在第二季確實放鬆政策（這已包含在我們 6 月的降息預測中），那麼我們預計領先滯後效應將對第二季的利潤率造成一定壓力。

As you go through the rest of the year, our guidance includes four cuts total. Three in the second half of the year, so you have June through October rate cuts. That basically has the temporary impact of the lead lag headwind offsetting the permanent benefit of risk-weighted asset repricing.

在今年剩餘的時間裡，我們的指導包括總共四次削減。下半年有三次降息，即從六月到十月的降息。這基本上是領先滯後逆風的暫時影響抵消了風險加權資產重新定價的永久好處。

So our view is that we will likely lead to a stable margin heading through the year in that scenario in the mid 3.30s. But basically, what you're seeing there is that temporary headwind of lead lag impact offsetting something that will be with us forever as the balance sheet reprices to market rate. So I don't think that as a true reflection of the core margin. I mean, if you look at flat rates, you would just see margin expansion basically through the second half of this year. But that lead lag impact definitely is impactful this year.

因此，我們認為，在這種情況下，我們很可能會在全年實現穩定的利潤率，即3.30左右。但基本上，你現在看到的只是領先滯後效應帶來的暫時阻力，抵消了資產負債表根據市場利率重新定價後將永遠伴隨我們的一些因素。所以我不認為這能真實反映核心利潤率。我的意思是，如果你看一下固定費率，你會發現利潤率基本上會在今年下半年擴大。但今年這種領先滯後效應肯定是有影響的。

Okay. All right. Thank you very much. Appreciate it.

好的。好的。非常感謝。非常感謝。

Anthony Elian, J.P. Morgan.

安東尼·埃利安 (J.P. Morgan)

Hi everyone. Just a follow-up on Jon's previous question on loan growth. Was the strong loan production you saw during the previous quarter at all due to bars getting ahead of our stockpiling inventories prior to the tariffs?

大家好。這只是對喬恩之前關於貸款增長的問題的後續回答。上一季貸款產量強勁，這是否是因為在關稅實施之前，金條庫存超過了我們的庫存？

Not really. We have a monitoring tool that we look at daily line utilization and usually, that's where you would see people getting into their borrowing base to take out additional inventory. We had a couple of industries that saw an uptick. But in aggregate, we didn't see much of a movement at all in line utilization. The production we have really was broad-based across our commercial real estate, our C&I team, CIB, Specialty Lending. So wasn't really a pull-forward of future demand.

並不真地。我們有一個監控工具，用於查看每日的線路利用率，通常，你會看到人們進入他們的借貸基礎來取出額外的庫存。我們有幾個行業出現了成長動能。但整體而言，我們並沒有看到生產線利用率有太大的變化。我們的產品範圍廣泛，涵蓋商業房地產、C&I 團隊、CIB 和專業貸款。因此這實際上並不是對未來需求的提前拉動。

Thank you. And then my follow-up, on the reduction to the expense guidance, I know on the guidance slide you have a bullet indicating no change in strategic growth objectives. And Kevin, I think in your prepared remarks you mentioned you made 20% of the planned hires through mid-April. I just wanted to confirm if there are any changes at all to the amount or the timing of the 20% and 30% more RMs yo plan to hire over the next three years? Thank you.

謝謝。然後我的後續問題是，關於減少費用指導，我知道在指導投影片上您有一個項目符號表明策略成長目標沒有變化。凱文，我想您在準備好的發言中提到，截至 4 月中旬，您已完成了計劃招聘人數的 20%。我只是想確認一下，您計劃在未來三年內招募的 20% 和 30% 的客戶經理的數量或時間是否有任何變化？謝謝。

Yes. So from a commercial RM perspective, we really have not changed our expectations there. We've added, as I said, 20%. It's probably even a little higher than that as we sit here today. The one area that we may slow is part of our wealth expansion with markets being as volatile as they are. It's generally more challenging to trying to get a brokerage or wealth adviser to move during that time. But look, it's too early to make that statement today because the markets have moved so much.

是的。因此，從商業 RM 角度來看，我們確實沒有改變我們的期望。正如我所說，我們增加了 20%。當我們今天坐在這裡時，這個數字可能甚至會更高一些。由於市場波動較大，我們可能放緩的一個領域是財富擴張的部分。一般來說，在此期間試圖讓經紀人或財富顧問採取行動更具挑戰性。但是，現在做出這樣的聲明還為時過早，因為市場已經發生了很大的變化。

But there really is no overarching change to the strategy. We think that our right to win, our ability to attract that talent remains the same. We've been working on for some time building the pipeline of that talent. We've had discussions and we're starting to onboard talent. And more of that is in the pipeline today to be onboarded. So really, there is no change to the expectations there and quite frankly, the balance sheet impact and P&L impact over the next couple of years.

但實際上，該戰略並沒有根本性的改變。我們認為，我們獲勝的權利和吸引人才的能力保持不變。我們一直致力於建立這類人才的儲備管道。我們已經進行了討論並開始招募人才。目前，還有更多類似的計劃正在籌備中。因此，實際上，那裡的預期沒有變化，坦白說，未來幾年資產負債表的影響和損益表的影響也沒有變化。

And one more thing I would add to that, as you look at our expense guide, the change, there are other benefits in there that are not part of that spend on RM growth. And so we have a project called (inaudible) in 2025 where we have projects coming in at a little less cost this year than what we had expected. We have facilities costs a little lower. And then, in line with the strong credit performance, we have reduced credit- related calls, we have reduced fraud experience. And so there are a lot of tailwinds that go into that expense guide reduction this quarter.

另外我想補充一點，當您查看我們的費用指南時，您會發現其中還有其他福利，這些福利不屬於 RM 成長支出的一部分。因此，我們有一個名為（聽不清楚）的 2025 年項目，今年的項目成本比我們預期的要低一些。我們的設施成本稍微低一些。然後，隨著信用表現的強勁，我們減少了與信用相關的電話，減少了詐欺經驗。因此，本季有許多有利因素推動費用指南的減少。

Thank you.

謝謝。

Jared Shaw, Barclays.

巴克萊銀行的賈里德·肖 (Jared Shaw)。

Good morning, guys. Maybe looking at credit and sort of the improvements there. First, when you look at the charge-offs, I think you called out an office charge-off, is that the office loan that had previously been a non-performing or is that cleaned up now?

大家早安。也許正在考慮信用和那裡的改進。首先，當您查看沖銷記錄時，我認為您提到了辦公室沖銷，這是之前一直不良的辦公室貸款還是現在已經清理乾淨了？

That's correct. That's related to the office non-performing relationship. And while that has not been fully resolved, that's a step in that direction. And we hope to have escalation to that either at the end of this quarter or the next.

沒錯。這與辦公室不履行職責關係有關。儘管這個問題尚未完全解決，但這是朝著這個方向邁出的一步。我們希望在本季末或下個季度末實現這一目標。

Okay. And then when you look at the overall sort of increased weighting to an adverse scenario, was that as of March 31? Or does that sort of reflect on where we are today? And should we expect that that maybe continues to have a heavier weighting towards adverse scenario in the second quarter?

好的。然後，當您查看不利情景的整體權重增加時，這是截至 3 月 31 日的情況嗎？或者這反映了我們今天的處境？我們是否應該預期這可能會繼續對第二季的不利情況產生更大的影響？

As we look at the outlook, I mean, this is as of March 31. And there was already some disruption in the economy than pre-Liberation Day. And that impacted our weightings. I think it's interesting to note that first, these weightings, if you look at the back of the deck on slide 22, you'll see that the weighted average unemployment rate for full-year 2026 is 5.2%, peak unemployment about 5.3%. That's a pretty negative scenario to have that as your baseline. And so we think that that does acknowledge the uncertainty. We will continue to watch the outlook. Moody's released their scenarios this week for the month of April, and they did deteriorate a little bit. Their downside scenario did not really change. But the other scenarios kind of went a little more negative than what we saw in the March scenarios. But that doesn't necessarily mean anything for us because what we do is at the end of the quarter, we will look at all of their scenarios and we'll come up with weightings we think is kind of most appropriate for us.

當我們看前景時，我的意思是，這是截至 3 月 31 日的情況。與解放前相比，經濟已經出現了一些混亂。這影響了我們的權重。我認為值得注意的是，首先，這些權重，如果你看一下第 22 張投影片的背面，你會發現 2026 年全年的加權平均失業率為 5.2%，峰值失業率約為 5.3%。以此作為基準，這是一個相當消極的情況。因此我們認為這確實承認了不確定性。我們將繼續關注前景。穆迪本週發布了 4 月的預測，結果顯示情況確實略有惡化。他們的不利情況其實並沒有改變。但其他情景比我們在三月看到的情景更為消極。但這對我們來說並不一定意味著什麼，因為我們會在季度末研究他們的所有情景，並得出我們認為最適合我們的權重。

With the allowance in the first quarter, first thing I would note is the loan portfolio performance drove significant improvement in the model, the output of the allowance-to-loan ratio. So if that was the only thing that happened in the first quarter, we would have seen a reduction in the allowance-to-loan ratio, getting it to the 120 or even lower area. And then you see an offsetting increase based on the economic uncertainty and the economic outlook.

對於第一季的撥備，我首先要注意到的是貸款組合表現推動了模型的顯著改善，即撥備與貸款比率的產出。因此，如果這是第一季發生的唯一事情，我們就會看到撥備與貸款比率下降，降至 120 甚至更低的區域。然後你會看到基於經濟不確定性和經濟前景的抵消性成長。

We've seen a lot of articles out there that they get into sensitivity, betas, and assumptions around what happens if the economy deteriorates. And the only comment I'd make on that is our portfolio is very different than it was in the GFC. And our outlook right now is very different than it was in 2020 with the pandemic. And so I don't think that those are the most reflective analogs of where things could go if they were to deteriorate from here. But when you look at the adverse scenario using the Moody's downside scenario, we have it at 20% weight. Unemployment gets up to full-year 2026 8.2%, peak unemployment 8.3%. If we were to only use that scenario and weighted at 100%, you would see about a 20- to 25-basis-point increase in the allowance-to-loan ratio.

我們已經看到很多文章討論了敏感性、貝塔係數以及經濟惡化時會發生什麼情況的假設。對此我唯一的評論是，我們的投資組合與全球金融危機時期的投資組合有很大不同。我們現在的前景與 2020 年疫情期間的前景截然不同。因此，我認為，如果情況繼續惡化，這些並不是最能反映情況的類比。但當你用穆迪的下行情境來看待不利情境時，我們將其權重定為 20%。2026年全年失業率將達8.2%，高峰失業率將達8.3%。如果我們只使用該情境並將權重設為 100%，則您將看到準備金與貸款比率增加約 20 至 25 個基點。

So I think that that's a better analog for where things could go if they really deteriorate from here. But clearly, that's nothing that we expect, that's nothing that we see. The reason I bring that up is because the sensitivity is just very different today than it has been in the past.

所以我認為這更能說明如果情況真的惡化，情況會如何發展。但顯然，這不是我們所期望的，也不是我們所看到的。我之所以提起這一點，是因為今天的敏感度與過去相比有很大不同。

Okay. That's great color. Thanks. And then just finally for me, just on capital, how should we be thinking about, I guess, the remaining buyback here given the discussion around CET staying stable and using that to fund growth? Should we think that you're out of the market for the time being?

好的。顏色真棒。謝謝。最後，對我來說，僅就資本而言，考慮到圍繞 CET 保持穩定並利用它來資助增長的討論，我們應該如何考慮剩餘的回購？我們是否應該認為您暫時退出了市場？

Well, when you look at the capital, we generate every quarter through earnings. And that gives us a lot of flexibility to go out there and grow client loans which is our core priority. And so as we look at the three quarters remaining this year, first, our objective is to maintain stability in capital ratios. But the beauty of having strong earnings like that is that that gives you the ability you do not need to necessarily stockpile capital for future growth.

好吧，當你看資本時，我們每季都會透過收益來創造。這給了我們很大的靈活性，可以擴大客戶貸款，這是我們的核心優先事項。因此，當我們展望今年剩下的三個季度時，首先，我們的目標是保持資本比率的穩定。但擁有如此強勁的獲利能力的美妙之處在於，它讓你有能力不必為未來的成長儲備資本。

And so if you look at our loan growth forecast and I think about the risk-weighted asset impact of that, we could grow our objective at the high end of the range and fuel that with capital generated in two quarters of earnings. And so philosophically, as we think about how we go through this year, we will look to buy shares and look in the near term at loan growth prospects and really, weigh the near term growth and offset it with share purchases. And so if we're seeing growth come in fast and we are having success growing client loans, then we will dial back share repurchases. But as things look relatively stable in the loan front, you should expect to see us in the market.

因此，如果您查看我們的貸款成長預測，並考慮其對風險加權資產的影響，我們可以將目標提高到該範圍的高端，並透過兩個季度的收益產生的資本來推動這一目標。因此，從哲學上講，當我們思考如何度過今年時，我們將考慮購買股票，並在短期內關注貸款成長前景，並真正權衡短期成長並透過購買股票來抵消它。因此，如果我們看到成長快速，並且我們成功增加客戶貸款，那麼我們就會減少股票回購。但由於貸款方面的情況看起來相對穩定，您應該會在市場上看到我們。

Thank you.

謝謝。

Gary Tenner, D.A. Davidson.

坦納 (Gary Tenner)、地方檢察官戴維森 (D.A. Davidson)。

Good morning. So I appreciate the commentary regarding your focus on getting your arms around these policy changes that you highlighted on slide 9 in the deck. It kind of sounds like you're working to kind of ring-fence, if you will, some exposure there. Can you provide any more specificity around kind of magnitude or proportion of your customer base that you think of this following into that kind of primary target group? And any other color you could provide there?

早安.因此，我很欣賞您在投影片第 9 頁中強調的關於如何掌握這些政策變化的評論。這聽起來就像您正在努力保護某些曝光機會，如果您願意的話。您能否更具體地說明您認為屬於該主要目標群體的客戶群的規模或比例？您還可以提供其他顏色嗎？

Gary, as I said earlier, it's so hard. We know that it is going to have a significant impact across the entire business community. But it's hard to isolate what that impact is and how meaningful it will be to each client. So we engage, as you saw in that slide 9, in a couple of different things.

加里，正如我之前所說的，這太難了。我們知道這將對整個商業界產生重大影響。但很難區分這種影響是什麼以及它對每個客戶有多大意義。因此，正如您在第 9 張幻燈片中看到的那樣，我們參與了幾件不同的事情。

The first thing is yeah, we look at the same industry classifications that you would expect to have a larger impact. Things like manufacturing, transportation, government contracting, discount retail. And we've evaluated that within our portfolio and the diversification within our portfolio. We have fairly limited exposure when you look at the full size of the outstandings there.

首先，是的，我們會考慮您認為會產生更大影響的相同行業分類。諸如製造、運輸、政府承包、折扣零售等。我們已經對我們的投資組合及其多樣化進行了評估。如果看一下那裡未償還債務的全部規模，就會發現我們的曝光度相當有限。

Secondly, we felt like we need to reach out and talk directly to those clients with the greatest exposure. When we had those discussions with kind of the top 100 borrowers, what we heard is that about 15% felt like it would have a meaningful direct impact to their business. And when we talk about meaningful direct impact, it doesn't mean a credit situation. It just means that they're going to have increases in their input costs. And the question there will be how much of that can be passed on to their end user versus being absorbed through lower margins. So that for us was somewhat ring-fencing or understanding who they are. And we'll work more closely with those clients that stated that they would be largely impacted.

其次，我們覺得我們需要與那些曝光率最高的客戶直接聯繫並交談。當我們與前 100 名借款人進行討論時，我們聽到的是，大約 15％ 的人認為這會對他們的業務產生重大的直接影響。當我們談論有意義的直接影響時，並不意味著信用狀況。這只是意味著他們的投入成本將會增加。問題在於，其中有多少可以轉嫁給最終用戶，而不是透過降低利潤率來吸收。所以對我們來說，這在某種程度上就是保護他們或了解他們是誰。我們將與那些表示將受到很大影響的客戶進行更緊密的合作。

We then conduct a quarterly survey, as mentioned earlier. And ironically, that survey came out with a similar response which is about 20% of our clients felt like they were going to be directly impacted by the tariffs. Now I mentioned earlier, in that survey, we did see some deterioration in negative sentiment. It went from 10% to 17% of clients who felt like their business activity would decline over the next 12 months. But as I mentioned earlier, we still have 41% of our client base who feels like business activity could pick up.

然後，我們會進行季度調查，如前所述。諷刺的是，該調查得出了類似的結論，即約有 20％ 的客戶認為他們將直接受到關稅的影響。我之前提到過，在那項調查中，我們確實看到負面情緒惡化。有 10% 的客戶認為他們的業務活動在未來 12 個月內將會下降，這一比例上升到了 17%。但正如我之前提到的，我們仍有 41% 的客戶認為業務活動可能會回升。

So the last piece is trying to go through, as I mentioned earlier, looking at daily line utilization, looking at a trade tracker tool that we have built internally. And all that stuff just makes us better prepared to have conversations with our clients. But I think it comes down to the health of the consumer and their ability to be able to absorb increased costs.

因此，正如我之前提到的，最後一部分是嘗試查看每日線路利用率，查看我們內部建立的交易追蹤工具。所有這些讓我們能夠更好地準備與客戶交談。但我認為這取決於消費者的健康狀況以及他們承擔增加的成本的能力。

And I would point to you that the best mitigant we can have in this situation is what we've been doing over the last 10 years. We have de-risked the balance sheet. We've diversified our revenue stream. And most recently, as Jamie talked about, we've increased our capital levels to the highest they've been in over 10 years. And the same thing for balance sheet liquidity.

我想指出的是，針對這種情況我們能採取的最好的緩解措施就是我們過去 10 年一直在做的事情。我們已經降低了資產負債表的風險。我們已實現了收入來源多元化。最近，正如傑米所說，我們已將資本水準提高到十多年來的最高水準。資產負債表流動性也是如此。

So we are having discussions. We want to make sure that we're staying close to our clients. We think that it's not something that concerns us at this point, as you can see from our ACL. But we also note it's a very volatile time and we need to stay on top of it.

因此我們正在進行討論。我們希望確保與客戶保持密切聯繫。我們認為這不是我們目前關心的事情，正如您從我們的 ACL 中看到的那樣。但我們也注意到，這是一個非常動盪的時期，我們需要保持警覺。

Thanks. I appreciate the thoughts and commentary there. And just a quick kind of bookkeeping question, if you will, in terms of the buyback in the quarter, can you give us the average price that you bought back shares at?

謝謝。我很欣賞那裡的想法和評論。這只是一個簡單的簿記問題，就本季的回購而言，您能告訴我們您回購股票的平均價格嗎？

The average price, it was $49.41.

平均價格為 49.41 美元。

Thank you.

謝謝。

Bernard von-Gizycki, Deutsche Bank.

伯納德‧馮‧吉茲茨基，德意志銀行。

Good morning. I think the previous time you guided to about 20 basis points benefit from fixed asset repricing for '25 to '26. And you mentioned the four rate cuts stable 10-year assumption. Is there any update to what you might be expecting for fixed asset repricing given an update (inaudible)?

早安.我認為您先前預測的 2025 年至 2026 年固定資產重新定價將帶來約 20 個基點的收益。您提到四次降息穩定了 10 年假設。鑑於最新情況，您對固定資產重新定價有何預期？（聽不清楚）？

The rate exposure on the fixed rate asset repricing is the belly of the curve over the long end which has been highly volatile over the last month. And so it is a little difficult to keep track of all of that. But for us, as we look at the fixed rate asset repricing for this year, it remains extremely similar as what we said in the past. And that statement really holds for this year and next. I mean it's a little lower in 2026 because rates have declined.

固定利率資產重新定價的利率風險敞口位於長期曲線的底部，過去一個月波動性很大。因此，追蹤所有這些事情有點困難。但對我們來說，當我們看今年的固定利率資產重新定價時，它與我們過去所說的極為相似。這句話對於今年和明年來說確實適用。我的意思是，到 2026 年，這個數字會稍微低一些，因為利率已經下降了。

But the core for us, if you were to look at the margin and a flat rate scenario, we would expect the margin to get into the low 3.40s by the end of this year. Clearly, that's not the market expectation. But I think that's a little bit indicative of the balance sheet benefit or the income statement benefit of the fixed rate asset repricing for this year. But yes, that should continue into next year just as we've said in the past.

但對我們來說，核心在於，如果看一下利潤率和固定利率情景，我們預計到今年年底利潤率將達到 3.40 的低點。顯然，這不是市場預期。但我認為這在一定程度上表明了今年固定利率資產重新定價的資產負債表效益或損益表效益。但是是的，正如我們過去所說的那樣，這種情況應該會持續到明年。

I can appreciate how difficult it can be in this environment to forecast that. But maybe just my follow-up on capital markets, maybe another question on forecasting, I know the revenues were a bit weaker than expected and you noted that it was due to loan production mix. Can you just expand on this and expectations for this mix and yield trend for the rest of the year? I believe you noted on the call core execution here still expected. And I believe you point us to double-digit growth in capital markets previously. So any update?

我可以理解在這種環境下預測這一點有多麼困難。但也許只是我對資本市場的後續關注，也許是關於預測的另一個問題，我知道收入比預期的要弱一些，你指出這是由於貸款生產組合造成的。您能否詳細說明這一點以及今年剩餘時間的組合和收益趨勢的預期？我相信您已經注意到此處的核心執行仍然在預期之中。我相信您之前曾指出過資本市場將實現兩位數成長。有更新嗎？

When you look at it for the quarter, we were down about $5 million from the fourth quarter. $5 million of that were just derivatives. Swap fees and another $1.5 million were on the lead syndication arranger fees. We actually increased debt capital markets, increased FX, and our SBA government-guaranteed sales. And so so when we talk about mix, number one, we just had fewer large loans that would have qualified or run through our syndication platform.

從本季來看，我們比第四季下降了約 500 萬美元，其中 500 萬美元只是衍生性商品。掉期費和另外 150 萬美元是主承銷商銀團安排費。我們實際上增加了債務資本市場、外匯和 SBA 政府擔保的銷售額。因此，當我們談論組合時，首先，我們有資格或透過我們的銀團貸款平台進行的大型貸款較少。

And number two, we were talking about this, with interest rates being where they are today, with the expectations that potentially there could be greater cuts, I think our clients are less inclined to go ahead and swap to fixed at this point. I have talked to a lot of bankers who said they wanted to remain -- our clients wanted to remain floating. But it will give us the opportunity down the road to come back in and put a swap on top of that loan.

第二，我們正在討論這個問題，鑑於目前的利率水平，以及可能出現更大幅度降息的預期，我認為我們的客戶目前不太願意繼續將利率轉換為固定利率。我曾與許多銀行家交談過，他們表示他們希望保持——我們的客戶希望保持浮動。但這將給我們將來回來並在貸款基礎上進行掉期交易的機會。

So as loan production continues to increase in the areas I mentioned earlier, I think we'll see more syndication fees, joiner arranger fees. And as the interest rate environment kind of plays out, I think you'll see more swap income. So that's why we feel that it's not predicated on leading a bunch of debt deals. It's really more so the swap side of it and how many syndications we're going to lead as a result of it. The other businesses within capital market are actually performing at a very high level.

因此，隨著我之前提到的領域的貸款產量持續增加，我認為我們將看到更多的銀團貸款費用和加入安排費用。隨著利率環境的變化，我認為你會看到更多的掉期收入。所以，我們認為它不是以領導一系列債務交易為前提的。這實際上更多的是它的掉期方面，以及我們將因此領導多少個銀團貸款。資本市場內的其他業務其實表現都很高。

Okay. Great. Thanks for taking my questions.

好的。偉大的。感謝您回答我的問題。

(Operator Instructions)

（操作員指示）

Casey Haire, Autonomous.

凱西‧海爾 (Casey Haire)，《自治》。

Good moring, guys. I wanted to follow up on the origin, specifically deposit costs. So as you guys pointed out, your beta is kind of at 46% and is coming at a lot stronger than what you guys laid out. I was wondering some updated thoughts on where that can go from here? And then also the revenue guidance is based on the deposit composition holding stable, but you have a nice positive mix shift with lower CDs. I was wondering if that can continue.

大家早安。我想追查其根源，特別是押金費用。因此，正如你們指出的那樣，你們的 beta 值大約是 46%，比你們列出的要高得多。我想知道關於下一步該怎麼做的一些最新想法？此外，收入指導是基於存款結構保持穩定，但隨著存款餘額減少，組合結構將呈現良好的正向轉變。我想知道這是否可以繼續。

So a couple a couple of things there. The deposit beta, I would actually argue they were at 48% in the cycle. We put 46% in the deck to use quarterly numbers. But if you use the month of March, we're actually at a 48% beta in this down cycle. We're pretty pleased with that. I mean, part of that's mix, but a lot of it is pricing with end products. And so we've had a lot of success there with our teams and our clients.

所以那裡有幾件事。就存款貝塔係數而言，我實際上認為它們處於週期的 48%。我們把 46% 的份額計入季度數字。但如果以三月為例，我們在這個下行週期中的貝塔值實際上是 48%。我們對此非常滿意。我的意思是，其中一部分是混合，但很多是最終產品的定價。因此，我們的團隊和客戶在那裡取得了巨大的成功。

When we look forward, our assumption is for the beta in the next part of this easing cycle to be about a 45% beta. So fairly similar, a little less. But to your point, there are some uncertainties in that as we go through the year.

展望未來，我們假設本輪寬鬆週期下一階段的貝他係數約為 45%。所以相當相似，但少一點。但正如您所說，隨著時間的流逝，這其中存在一些不確定性。

I think the first quarter was a little bit unique in the decline in time deposits. And the reason for that was on the consumer side, we had a lot of success moving our clients into money market accounts at great rates. And that gave us the flexibility to allow those time deposits to decline. And we think that's a real positive for mix going forward in that segment. And so I wouldn't expect to see that magnitude continue when you look at CDs and the trajectory from here. But we do expect that the core deposit growth, as we go through the rest of this year, will be led by non-maturity interest-bearing deposits, money market and (inaudible) counts. And so that's where we expect to see a lot of the growth. That's embedded in our outlook. We expect NIB to be relatively stable nhe rest of the year. And that all comes together in our margin outlook.

我認為第一季定期存款的下降有點特殊。原因在於，在消費者方面，我們非常成功地以極高的利率將客戶轉移到貨幣市場帳戶。這使得我們可以靈活地減少這些定期存款。我們認為這對該領域的未來發展具有真正的正面意義。因此，當你從這裡看 CD 和軌跡時，我預計這種幅度不會持續下去。但我們確實預計，在今年剩餘時間內，核心存款的成長將由無到期計息存款、貨幣市場和（聽不清楚）計數所主導。因此我們預計那裡將出現大幅增長。這已融入我們的觀點中。我們預計 NIB 在今年剩餘時間內將保持相對穩定。所有這些都體現在我們的利潤前景中。

Okay. Great. And then on the expense front, you guys have done a good job of balancing operating leverage dynamics with some of your strategic investments. The guide here, there are some healthy encouraging signs, but it does assume some pretty aggressive step-ups in loan growth and fees. If those fall short, is there more room to push the expenses lower or is this Q4 guide, the low end of that is kind of the end?

好的。偉大的。在費用方面，你們在平衡經營槓桿動態和一些策略性投資方面做得很好。這裡的指南有一些健康的令人鼓舞的跡象，但它確實假設貸款增長和費用將有一些相當激進的增長。如果這些都達不到要求，是否還有進一步降低費用的空間，或者說第四季指南的低端是否已經結束？

So we are pretty convicted in the strategic initiatives that underlie that 2% to 4% growth. And some of that's already baked in, if you think about merit that's already happened for this year as far as the increase in spend. But on the strategic initiatives side, we're pretty convicted in what we have laid out. Vith the RM hiring, you think about our (inaudible) initiative, structured lending growth, build out of the financial institutions group, and then some of the projects we have with our different core systems, fraud, etcetera, syndication system. I mean, all these projects we believe are pretty important.

因此，我們對實現 2% 至 4% 成長的策略性舉措堅信不疑。如果您想想今年支出增加所帶來的好處，其中一些已經融入其中。但在策略性舉措方面，我們對我們所製定的計劃非常有信心。考慮到 RM 的招聘，您會想到我們的（聽不清楚）計劃、結構化貸款增長、金融機構集團的建設，以及我們與不同核心系統、欺詐等、銀團系統開展的一些項目。我的意思是，我們認為所有這些項目都非常重要。

But that being said, if the economic outlook materially deteriorated, if we are in a scenario where economic growth looked really negative, maybe like it did in early April for a day or two, we could stop those initiatives. We could hit pause on the hiring. We could hit pause on a lot of those initiatives. And if that were to happen in the near term, I believe we could actually get back to a spot where we did not have expense growth in 2025, relative to '24.

但話雖如此，如果經濟前景嚴重惡化，如果我們處於經濟成長看起來非常負面的境地，也許就像 4 月初的一兩天那樣，我們可能會停止這些舉措。我們可以暫停招募。我們可以暫停許多此類舉措。如果這種情況在短期內發生，我相信我們實際上可以回到 2025 年相對於 24 年沒有支出成長的水平。

Now that would have to happen quick. And it's unlikely that we would choose to do that. But it's a possibility. And that's one of the things you should see with us as we maintain expense flexibility and we're always looking at ways to cut costs. Now, it's not our intent to do it. We believe the shareholder value is embedded in all of the initiatives that we are greenlighting for 2025. But you should know that if the world changes, we're ready to change with it.

現在這必須盡快發生。但我們不太可能選擇這麼做。但這是有可能的。這是您應該看到的一點，因為我們保持費用彈性，我們一直在尋找削減成本的方法。現在，我們無意這麼做。我們相信，股東價值已融入我們 2025 年所批准的所有舉措之中。但你應該知道，如果世界改變，我們也準備好隨之改變。

Thank you.

謝謝。

Nick Holowko, UBS.

瑞銀的 Nick Holowko。

Good morning. Maybe just one follow-up on your slide 9 and highlighting the proactive response to DC policy changes, do you feel like the technology investments that you've made over the past handful of years and those that you're continuing to invest in today have helped you in any way prepare for a more dynamic times like we're in today? And if so, how does that help inform you about some of the investments you are continuing to make here on the strategic side?

早安.也許只是對您的第 9 張投影片的一個後續問題，並強調對 DC 政策變化的主動回應，您是否覺得過去幾年所做的技術投資以及今天繼續進行的投資在某種程度上幫助您為像我們今天所處的更具活力的時代做好了準備？如果是的話，這對您了解在策略方面將繼續進行的一些投資有何幫助？

Look at technology, if you think back to COVID, we began something where we start looking at monthly cash inflows and outflows of our clients. And so we could monitor when we were seeing certain industries or certain geographies that we're seeing abnormal inflows or outflows of cash into their deposit relationships which was an early warning mechanism into any sort of credit deterioration. We're able to use that in this sort of environment to have access to more real-time information. Number one.

看看技術，如果你回想一下 COVID，我們開始做一些事情，開始關注客戶每月的現金流入和流出。因此，當我們看到某些行業或某些地區出現異常現金流入或流出其存款關係時，我們可以進行監控，這是對任何形式信用惡化的預警機制。我們能夠在這種環境中使用它來獲取更多即時資訊。第一。

Number two, just like I mentioned earlier, we have tools that are available to our risk teams and our line of business leaders that would identify changes and daily line utilization so that we would have, again, early warning mechanisms to evaluate any sort of credit deterioration.

第二，正如我之前提到的，我們的風險團隊和業務線領導可以使用一些工具來識別變化和日常業務線利用率，這樣我們就可以再次擁有預警機制來評估任何類型的信用惡化情況。

I think you have not only have we improve the technology, we've also improved our overall procedures and processes related to risk management. The diversification of the balance sheet, I think that's a big factor. We were looking back at our balance sheet post the GFC. And we look at it today, we look like a completely different institution as it relates to the asset classes that we're in. But yes, I truly believe that the investments in technology, the team members that we have, the centralized risk management functions that we've built allow us not only to better monitor, but more importantly, we've been able to diversify and get out of some concentrations on the balance sheet that we would have had in the past.

我認為我們不僅改進了技術，還改進了與風險管理相關的整體程序和流程。我認為資產負債表的多元化是一個重要因素。我們回顧了全球金融危機後的資產負債表。我們今天來看，就我們所處的資產類別而言，我們看起來就像一個完全不同的機構。但是的，我確實相信，對技術的投資、我們擁有的團隊成員以及我們建立的集中風險管理功能不僅使我們能夠更好地監控，而且更重要的是，我們能夠實現多元化並擺脫過去資產負債表上的一些集中。

Got it. Thank you. And then maybe just one more follow-up on the allowance. You highlighted performance on the credit front coming in a little better than expected. Anywhere to call out in particular where credit performance is improving?

知道了。謝謝。然後也許只需再跟進一次津貼問題。您強調了信貸方面的表現比預期好一些。有什麼地方需要特別指出，哪些地方的信用表現正在改善？

As we look at the allowance calculation, and Anne can talk in more specifics, but when we look at the actual allowance calculation, we are seeing a little bit of an uptick in the life of loan loss estimate on the retail side from. But then in CRE, it's going the other direction. It looks like life of loan loss estimates are a little bit lower. So that's what the models tell us, but Anne, anything you would want to add to that?

當我們查看備抵金計算時，安妮可以更具體地談談，但當我們查看實際備抵金計算時，我們發現零售方面的貸款損失估計壽命略有上升。但在 CRE 中，情況卻朝著另一個方向發展。看起來貸款損失預期壽命略低一些。這就是模型告訴我們的，但安妮，你還有什麼要補充的嗎？

Yeah. I would say, from a credit perspective, when we look at the favorable impact from the results that we posted this quarter, what we've experienced, some improvement and our seniors housing portfolio, we've had a feed material and upgrade there. We've also had some good M&A activity as well in that space. So that has been a strong contributing factor to the favorable results. And also, from a CRE perspective, our multi-family book continues to hold up and perform quite well. We have, to date, no charge-offs, virtually no NPLs, and substandard (inaudible) line.

是的。我想說，從信貸角度來看，當我們看看本季度公佈的業績帶來的有利影響、我們所經歷的一些改善以及我們的老年人住房組合時，我們在那裡獲得了一些補充材料並進行了升級。我們在該領域也開展了一些良好的併購活動。所以這對取得良好結果起到了重要作用。此外，從 CRE 的角度來看，我們的多戶型房屋帳簿持續保持良好表現。到目前為止，我們沒有沖銷，幾乎沒有不良貸款，也沒有不合格的（聽不清楚）線路。

So we're continuing to feel favorable about that large (inaudible) exposure that we have in CRE. And as I mentioned earlier, we are working through a large non-performing relationship in office. And so we've taken a step in the right direction to reach a resolution on one of those sales. Overall, we feel like office portfolio, it's continuing to be pressured, right, but we are seeing some glimmers of hope out there relative to valuations. So we feel generally good about where our office portfolio is up today.

因此，我們繼續對我們在 CRE 中的大量（聽不清楚）曝光感到樂觀。正如我之前提到的，我們正在努力解決辦公室內大量不良關係。因此，我們朝著正確的方向邁出了一步，就其中一項銷售達成了解決方案。總體而言，我們覺得辦公室投資組合繼續面臨壓力，但相對於估值，我們看到了一些希望的曙光。因此，我們對目前辦公室投資組合的狀況總體感到滿意。

Thank you very much.

非常感謝。

Catherine Mealor, KBW.

凱瑟琳·米勒（Catherine Mealor），KBW。

Good morning. We talked a lot about how great loan origination volume has been so far this year. Can you talk about what you're seeing on the paydown side? I guess that's the big risk to the movement to 10-year, depending what happens there if we see it sort of in paydowns. And maybe what you're seeing in your client base particularly towards the back half of the quarter? Thanks.

早安.我們多次談論了今年迄今為止的貸款發放量有多大。您能談談您在償還方面看到的情況嗎？我認為這是轉向 10 年期國債的一大風險，這取決於如果我們看到償還情況會發生什麼。也許您在客戶群中看到了什麼，特別是在本季的後半段？謝謝。

As I said earlier, it's still elevated when you look at the payoff activity and the commercial space. I'm talking specifically about commercial here. It's about $150 million higher than kind of our long-term average. So that had spiked to be as much as $300 million or $400 million in previous quarters, fourth quarter being a great example. So it is starting to abate a little bit. And I think it's what Anne said earlier, we've seen transactions occurring in the book which is healthy. We like M&A activity. We like payoff activities because people are going to permanent financing on the CRE side. On the C&I front, we saw some line utilization or some line paydowns that generally can happen as well with higher interest rates. And I think that will abate as we start to see lower interest rates.So we're getting back to normalized levels today. So I wouldn't consider the payoff activity has been the biggest headwind going forward.

正如我之前所說，當你查看收益活動和商業空間時，它仍然處於高位。我在這裡特別談論的是商業。這比我們的長期平均水平高出約 1.5 億美元。因此，前幾季這一數字曾飆升至 3 億美元或 4 億美元，第四季就是一個很好的例子。所以它開始有所減弱。我認為正如安妮之前所說，我們看到帳簿上發生的交易是健康的。我們喜歡併購活動。我們喜歡回報活動，因為人們將在 CRE 方面進行永久性融資。在商業和工業方面，我們看到一些信用額度利用率或一些信用額度償還率通常也會在利率上升時發生。我認為，隨著利率開始降低，這種情況將會減弱。因此，我們今天將恢復到正常水平。所以我不認為回報活動是未來最大的阻力。

Now as it relates to our consumer mortgage book, we could see payoff activity pick up, obviously, depending on what happens with the 10-year treasury. And that's something that we could get some churn there, but we could also increase our production to replace that. But I wouldn't consider the payoff activity as one of the bigger headwinds as we think about the loan growth guidance for this year.

現在，就我們的消費者抵押貸款帳簿而言，我們可以看到還款活動增加，這顯然取決於 10 年期國債的情況。這是我們可能會遇到的一些問題，但我們也可以增加產量來彌補這個問題。但當我們考慮今年的貸款成長指引時，我不會將還款活動視為較大的阻力之一。

Great. That's helpful. And then on what pricing, I heard anecdotally on one of the conversations actually in February, was that growth looks good, but the pricing is getting more competitive. Of course, kind of the word changed a month later on. But just sort of curious about on what you're seeing on the loan pricing side and how you think that plays out over the next few months?

偉大的。這很有幫助。然後關於定價，我在二月的一次談話中聽到傳聞說，成長看起來不錯，但定價也越來越有競爭力。當然，一個月後這個詞就改變了。但我只是有點好奇您對貸款定價方面的看法以及您認為未來幾個月將如何發展？

It's a great question and I compliment our finance team and all of our line of business leaders who are using tools on the frontline to evaluate what the right price is based on our return hurdles and based on what competitive benchmarking is. Now, to your point, everything is relative. So our spreads and our yields are coming down. Number one, I think the marketplace is a little more competitive. That's kind of the fact. The good news is that the spreads are coming in just as we have forecasted them, whether it's a floating rate or fixed rate loan. And so our guidance hasn't changed from an NOI standpoint based on that new production.

這是一個很好的問題，我讚揚我們的財務團隊和所有業務線領導，他們使用第一線工具根據我們的回報障礙和競爭基準來評估合適的價格。現在，就你的觀點而言，一切都是相對的。因此我們的利差和收益率正在下降。首先，我認為市場競爭更加激烈了。事實就是這樣。好消息是，無論是浮動利率或固定利率貸款，利差都如我們預測的那樣。因此，從基於新產品的 NOI 角度來看，我們的指導並沒有改變。

And just to put that in perspective, the first quarter yield on new production was 6.90%. Previous quarter was about 7.19%. But we also like to think about that in context of what we're bringing on in terms of new deposit production. New deposit production this past quarter was 2.58%. So we're still getting a 4.32% spread on new loans over new deposits. And so I think you have to look at those in combination.

為了更清楚地說明這一點，第一季新產品的收益率為 6.90%。上一季約為7.19%。但我們也喜歡從新存款生產的角度來思考這個問題。本季新存款產量為 2.58%。因此，新貸款與新存款之間的利差仍為 4.32%。所以我認為你必須綜合考慮這些因素。

We internally do manage what the going-on production yield is and we monitor it. And we have benchmarking, as I mentioned, to be able to determine whether we're at end market or not. So it is a competitive market. As I say all the time, whether it's loans or deposits, we have yet in my 30 years found a market that's not competitive. So it's going to remain competitive. But I think we're pricing where we want to price and we think it can be accretive to the NIM going forward.

我們內部確實管理正在進行的生產產量並對其進行監控。正如我所提到的，我們有基準測試來確定我們是否處於終端市場。所以這是一個競爭激烈的市場。正如我一直說的那樣，無論是貸款還是存款，在我 30 年的時間裡，我們還沒有發現一個沒有競爭的市場。因此它將保持競爭力。但我認為我們的定價是我們想要的，而且我們認為它可以增加未來的淨利息收益率。

Great. Very helpful. Thank you.

偉大的。非常有幫助。謝謝。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

Good morning, everyone. This is [Eric], on for [Ebi]. Most of mine have been answered, but just wanted to follow up, Kevin, you noted that you guys are neutral to short-term rates, a little bit asset-sensitive longer term. Any thoughts on kind of neutralizing or changing anything around that rate sensitivity at this point in the cycle?

大家早安。我是 [Eric]，[蝦]。我的大部分問題都已得到解答，但我只是想跟進一下，凱文，你指出你們對短期利率持中立態度，但對長期資產有點敏感。在周期的這個階段，對於中和或改變利率敏感度有什麼想法嗎？

I'll jump in on that one. We try to maintain neutrality to the front end of the curve. We want investors who invest in us for our growth profile, our prudence, and how we can go to market more than a rate play. And so we tried to maintain that stability.

我會加入這個。我們試著對曲線前端保持中立。我們希望投資人投資我們，不僅是因為我們的利率策略，還因為我們的成長前景、我們的審慎態度以及我們如何進入市場。因此我們努力保持這種穩定。

And to give a concrete example of how we do that, in the first quarter, we were looking out two years forward and you can see our hedge notional declines when you look that far out as hedges mature and we put more on. And so we had an opportunity. Rates were higher, much higher than they are now, about 4%. And we receive fixed for a couple of years out there on $500 million, at 4%. And that was a positive because we wanted to maintain neutrality even out there.

為了舉一個具體的例子來說明我們如何做到這一點，在第一季度，我們展望了未來兩年，當你看得那麼遠時，你可以看到我們的對沖名義金額下降，因為對沖到期並且我們投入更多。因此我們就有了機會。利率當時較高，比現在高很多，約 4%。我們獲得了 5 億美元的固定貸款，利率為 4%，為期幾年。這是積極的，因為我們甚至想在那裡保持中立。

Now it gets difficult to model what is neutrality out there because you don't know where the front of the curve will be. And so right now, neutrality for us is kind of with the hedge profile we have now. Because if you look at our loans, we have 63% floating rate loans, if you look at our asset beta kind of including securities portfolio, you get to kind of a low 50s on the asset beta before hedges and a mid-40s when you include the hedges. So you have a mid-40s asset beta with hedges and you have the 45-ish percent beta that we described on deposits on the other side. And so that works out.

現在，很難模擬中立性，因為你不知道曲線的前緣在哪裡。因此，現在，對我們來說，中立性就是一種我們現在所擁有的對沖狀況。因為如果你看看我們的貸款，我們有 63% 的浮動利率貸款，如果你看看我們的資產貝塔係數，包括證券投資組合，你會發現在對沖之前資產貝塔係數會達到 50 多一點，而當你包括對沖時，資產貝塔係數會達到 40 多一點。因此，對於有對沖的資產，您的貝塔係數為 40 多，而對於另一方的存款，您的貝塔係數為 45% 左右。事情就這樣解決了。

But if rates are at the front of the curve, say, at 2.5% in two years or three years, then the beta that we'd be modeling would be much lower and on a down scenario and you would need more hedges or if the rates were much higher, you would probably need less hedges.

但如果利率處於曲線前端，比如說，兩年或三年後為 2.5%，那麼我們建模的貝塔係數就會低得多，在下行情景下，您將需要更多的對沖，或者如果利率高得多，您可能需要的對沖較少。

And so we try to kind of keep a reasonable amount of hedges out there so that we have long-term neutrality. That's generally how we think about it. And so we view it on the asset side at mid-40s beta; we view it on the liabilities side at mid-40s beta given the current framework we have right now.

因此，我們試圖保持合理數量的對沖，以便保持長期中立。我們一般都是這麼想的。因此，根據我們目前的框架，我們認為資產方面的貝塔值在 1940 年代中期；我們認為負債方面的貝塔值在 40 年代中期。

Thank you.

謝謝。

This concludes our question-and-answer session. I'd like to turn the conference back over to Mr. Kevin Blair for any closing remarks.

我們的問答環節到此結束。我想將會議交還給凱文·布萊爾先生，請他作最後發言。

Thanks, Alex. As we conclude our discussion today, I want to take a moment to express my gratitude and pride in our team members. Despite the increasingly volatile and uncertain environment around us, you have continued to deliver a differentiated level. And you've held proactive discussions to assist our clients to better prepare and take actions that truly sets us apart. And your dedication and hard work are the backbone of our success.

謝謝，亞歷克斯。在我們今天結束討論時，我想花點時間表達我對我們團隊成員的感激和自豪。儘管我們周圍的環境越來越動盪和不確定，但你們仍然繼續提供差異化的服務。並且您進行了積極的討論，以幫助我們的客戶更好地做好準備並採取真正使我們與眾不同的行動。您的奉獻和努力是我們成功的支柱。

I would also like to emphasize the resilience we discussed during today's call, from our optimized balance sheet, to our diversified revenue mix, and our proven ability to manage expense levels. We thrive in uncertain times.

我還想強調我們在今天的電話會議上討論的彈性，從我們優化的資產負債表，到我們多樣化的收入組合，以及我們已證明的管理費用水平的能力。我們在不確定的時期蓬勃發展。

We entered this environment in a position of strength, the highest level of capital in over 10 years, the lowest level of charge-offs in over three years, and an NPL inflow dollar amount which was the lowest since second quarter of '22, a loan-to-deposit ratio of 84%, an ROA of 1.32%, and a return on tangible capital of 17.6%. And we just posted a quarter with a 22% increase in PPNR and a 67% increase in EPS versus the same quarter last year. Our strategic approach and financial strength enable us to navigate the challenges and seize the opportunities.

我們以強勁的勢頭進入這一環境，資本水平達到 10 多年來的最高水平，沖銷額達到 3 年來最低水平，不良貸款流入金額為 2022 年第二季度以來的最低水平，貸存比率為 84%，ROA 為 1.32%，有形資本回報率為 17.6%。我們剛剛公佈的季度業績顯示，與去年同期相比，PPNR 成長了 22%，EPS 成長了 67%。我們的策略方針和財務實力使我們能夠應對挑戰並抓住機會。

Culture matters which is why we have seen low levels of team member turnover and are attracting top talent from other organizations. Client primacy is built through exceptional service and advice and a foundation of true, not based on your asset size or how big your technology budget is. Based on our relationship-based approach, we continue to out-capability our smaller competitors and out-service our larger peers, allowing us to expand relationships and market share and build an even stronger base of raving fans.

文化很重要，這就是為什麼我們的團隊成員流動率很低，並且吸引了來自其他組織的頂尖人才。客戶至上是透過卓越的服務和建議以及真實的基礎建立起來的，而不是基於您的資產規模或您的技術預算有多大。基於我們以關係為基礎的方法，我們繼續在能力上超越規模較小的競爭對手，在服務上超越規模較大的同行，從而使我們能夠擴大關係和市場份額，並建立更強大的狂熱粉絲群。

Looking ahead, we remain hyper-focused on our clients, diligently managing and mitigating short-term risks, while continuing to invest prudently in our future. Our commitment to our clients and our communities is foundational. And we are confident in our ability to drive sustained growth and value.

展望未來，我們將繼續高度關注客戶，認真管理並降低短期風險，同時繼續審慎地投資於我們的未來。我們對客戶和社區的承諾是根本。我們對自己推動持續成長和價值的能力充滿信心。

Lastly, I would like to extend my deepest thanks to our Board Member, John Stallworth, for his incredible support and guidance as a director since 2017. John will be retiring from the Board in April and his contributions have been invaluable. We wish him well in his future endeavors, and we will miss his presence on the Board.

最後，我要向我們的董事會成員 John Stallworth 表示最深切的感謝，感謝他自 2017 年以來作為董事給予的大力支持和指導。約翰將於四月從董事會退休，他的貢獻非常寶貴。我們祝福他未來一切順利，並且我們會懷念他在董事會的日子。

Thank you all for your continued support and for joining us today. We look forward to updating you on our progress in the coming months and quarters ahead. And with that, Alex, that concludes our first quarter earnings call.

感謝大家一直以來的支持以及今天的加入我們。我們期待在未來幾個月和幾季向您通報我們的進展。亞歷克斯，我們的第一季財報電話會議到此結束。

Thank you all for joining today's call. You may now disconnect your lines.

感謝大家參加今天的電話會議。現在您可以斷開線路了。