United Community Banks Inc (UCBIO) 2023 Q1 法說會逐字稿

Good morning, and welcome to United Community Bank's First Quarter 2023 Earnings Call. Hosting the call today, our Chairman and Chief Executive Officer, Lynn Harton; Chief Financial Officer, Jefferson Harralson; President and Chief Banking Officer, Rich Bradshaw; and Chief Risk Officer, Rob Edwards.

早上好，歡迎來到聯合社區銀行 2023 年第一季度財報電話會議。今天主持電話會議的是我們的董事長兼首席執行官 Lynn Harton；杰斐遜·哈拉爾森首席財務官；總裁兼首席銀行官 Rich Bradshaw；和首席風險官 Rob Edwards。

United's presentation today includes references to operating earnings, pretax, pre-credit earnings and other non-GAAP financial information. For these non-GAAP financial measures, United has provided a reconciliation to the corresponding GAAP financial measure in the Financial Highlights section of the earnings release as well as at the end of the investor presentation. Both are included on the website at ucbi.com.

美聯航今天的介紹包括對營業收入、稅前收入、信貸前收入和其他非 GAAP 財務信息的引用。對於這些非 GAAP 財務指標，美聯航在收益發布的財務亮點部分以及投資者介紹的末尾提供了與相應 GAAP 財務指標的對賬。兩者都包含在 ucbi.com 網站上。

Copies of the first quarter's earnings release and investor presentation were filed last night on Form 8-K with the SEC, and a replay of this call will be available in the Investor Relations section of the company's website at ucbi.com.

第一季度收益發布和投資者介紹的副本已於昨晚以 8-K 表格的形式提交給美國證券交易委員會，此次電話會議的重播將在公司網站 ucbi.com 的投資者關係部分提供。

Please be aware that during this call, forward-looking statements may be made by representatives of United. Any forward-looking statements should be considered in light of risks and uncertainties described on Pages 5 and 6 of the company's 2022 Form 10-K as well as other information provided by the company in its filings with the SEC and included on its website.

請注意，在本次電話會議期間，美聯航的代表可能會發表前瞻性陳述。任何前瞻性陳述都應根據公司 2022 年 10-K 表格第 5 頁和第 6 頁所述的風險和不確定性以及公司在提交給 SEC 的文件中提供並包含在其網站上的其他信息來考慮。

At this time, I will turn the call over to Lynn Harton.

這時候，我會把電話轉給 Lynn Harton。

Good morning, and thank you for joining our call today. This has certainly been a busy and an interesting quarter.

早上好，感謝您今天加入我們的電話會議。這無疑是一個忙碌而有趣的季度。

Despite the turmoil in the U.S. banking markets, we continue to perform well. While our reported operating earnings per share was $0.58, if you exclude the progress double-dip credit provision, which I think is a better way of looking at it, our operating EPS was $0.65 for the quarter and our operating return on assets was 119 basis points.

儘管美國銀行市場動盪不安，但我們的表現依然良好。雖然我們報告的每股營業收入為 0.58 美元，但如果排除進度雙底信貸撥備（我認為這是一種更好的看待方式），我們本季度的營業每股收益為 0.65 美元，我們的營業資產回報率為 119 個基點點。

Given the focus on liquidity and funding costs, we were pleased with our customer deposits growing at a 10% annualized rate in the quarter. The cost of the increase and our mix of deposits moved toward more interest-bearing as would be expected in a higher rate environment.

鑑於對流動性和融資成本的關注，我們對本季度客戶存款以 10% 的年化增長率增長感到滿意。正如在高利率環境中預期的那樣，增加的成本和我們的存款組合朝著更具利息的方向發展。

Our bankers work proactively with our customers after the news of Silicon Valley and Signature Bank and we also saw mix changes resulting in growth in our insured products. We ended the quarter with essentially no short-term borrowings or advances.

在 Silicon Valley 和 Signature Bank 的消息傳出後，我們的銀行家積極與我們的客戶合作，我們還看到組合變化導致我們的保險產品增長。我們在本季度結束時基本上沒有短期借款或預付款。

However, we did incur extra cost during the quarter as we decided to hold higher levels of liquidity given the environment. We expect to be able to hold more normal level of operating cash going forward.

然而，我們在本季度確實產生了額外成本，因為我們決定在環境下保持更高水平的流動性。我們預計未來能夠持有更多正常水平的經營現金。

We've included additional information in our investor deck regarding our deposit composition, granularity and insurance coverage and are glad to take additional questions on these topics on the call. Our deposit franchise continues to be a key strength for us.

我們在我們的投資者平台中包含了有關我們的存款構成、粒度和保險範圍的更多信息，並且很高興在電話會議上就這些主題提出更多問題。我們的存款專營權仍然是我們的關鍵優勢。

With mix changes and increases in rates paid on interest-bearing deposits, our overall cost of deposits increased by 61 basis points. Our loan yields increased by 46 basis points for the quarter.

隨著結構變化和計息存款利率的提高，我們的存款總成本增加了 61 個基點。本季度我們的貸款收益率增加了 46 個基點。

Taking together, these changes combined to decrease our margin by 15 basis points from 3.76% to 3.61%, while down is still significantly better, 64 basis points better than the same period a year ago.

總而言之，這些變化共同使我們的利潤率降低了 15 個基點，從 3.76% 降至 3.61%，但降幅仍然明顯好於去年同期 64 個基點。

Our loan growth for the quarter was 8% on an annualized basis. Credit quality continues to be strong with net charge-offs of 17 basis points, flat with last quarter. We did have an increase in nonperforming assets in past dues from 29 basis points to 43, but these numbers continue to be consistent with normal performance.

我們本季度的貸款年化增長率為 8%。信貸質量繼續保持強勁，淨沖銷為 17 個基點，與上一季度持平。過去欠款的不良資產確實從 29 個基點增加到 43 個基點，但這些數字繼續與正常表現一致。

Our senior care portfolio which is $410 million or 2.4% of total loans continues to be our most stressed sub portfolio and was responsible for the increases in nonperforming assets and past dues.

我們的高級護理投資組合為 4.1 億美元，佔貸款總額的 2.4%，仍然是我們壓力最大的子投資組合，並且是不良資產和逾期欠款增加的原因。

Our office portfolio $710 million or 4.2% of total loans continues to perform well with very low levels of loans identified as high risk. This is a very granular portfolio.

我們的辦公室投資組合 7.1 億美元或貸款總額的 4.2% 繼續表現良好，被確定為高風險的貸款水平非常低。這是一個非常精細的投資組合。

Our largest office loan is $23 million on a single property and our 10 largest office loans combined total $132 million or only 80 basis points of total loans. Rob will be glad to provide additional color on the portfolio during the question period.

我們最大的辦公室貸款是針對單個房產的 2300 萬美元，而我們最大的 10 筆辦公室貸款加起來總計 1.32 億美元，佔貸款總額的 80 個基點。 Rob 將很樂意在提問期間為作品集提供額外的顏色。

This was the first quarter we officially had Progress Bank as part of United. While the deposit and loan growth numbers I previously mentioned exclude Progress and Progress activity, They, of course, did add to our balance sheet and income for the quarter. We are thrilled to have them as part of the team.

這是我們正式將 Progress Bank 作為美聯航一部分的第一季度。雖然我之前提到的存款和貸款增長數字不包括 Progress 和 Progress 活動，但它們確實增加了我們本季度的資產負債表和收入。我們很高興他們能成為團隊的一員。

I'm also pleased to report that we completed the conversion of Progress over this past weekend. And so now, not only are they part of United financially, they are also operating under the United Brand and Systems. David has built a great team in fantastic markets, and we're a better company together with them.

我也很高興地報告，我們在上週末完成了 Progress 的轉換。所以現在，他們不僅在財務上是美聯航的一部分，而且還在聯合品牌和系統下運營。大衛在夢幻般的市場中建立了一支偉大的團隊，我們與他們一起成為一家更好的公司。

During the quarter, we were also very pleased to announce a merger agreement with First National Bank of South Miami. This is a great bank, which has been in the market since 1952. We spent a lot of time with the management and leadership team and are excited to bring their talent and energy to United in the latter part of this year. So as I said, a busy and interesting quarter.

在本季度，我們還非常高興地宣布與南邁阿密第一國民銀行達成合併協議。這是一家偉大的銀行，自 1952 年以來一直在市場上。我們花了很多時間與管理和領導團隊在一起，很高興能在今年下半年將他們的才能和活力帶到曼聯。正如我所說，這是一個忙碌而有趣的季度。

And now I'd love for Jefferson to provide more detail on our performance.

現在我希望 Jefferson 提供更多關於我們表現的細節。

Thank you, Lynn, and good morning to everyone. I am going to start my comments on Page 8 and go into some details on deposits.

謝謝你，林恩，大家早上好。我將從第 8 頁開始發表評論，並詳細介紹存款。

As Lynn mentioned, we had a strong customer deposit growth quarter of $525 million, and we elected also to raise some brokered CDs in February, which gave us $790 million of new funding in Q1.

正如 Lynn 所提到的，我們有一個強勁的客戶存款增長季度，達到 5.25 億美元，我們還選擇在 2 月份籌集一些經紀 CD，這在第一季度為我們提供了 7.9 億美元的新資金。

The growth came in our CDs and our money market accounts as our DDA shrunk in the quarter. Our cost of total deposits moved to 1.1% in the first quarter from 49 basis points in the fourth, and we now have a beta of 23% through the cycle.

隨著我們的 DDA 在本季度縮減，我們的 CD 和貨幣市場賬戶出現了增長。我們的總存款成本從第四季度的 49 個基點上升到第一季度的 1.1%，現在整個週期的貝塔係數為 23%。

We have added some more detail on Page 9 on our deposit base. We have a granular deposit base with $32,000 average account size. Also, our business deposits were up 6%, not annualized this quarter, with stable DDA and the growth coming on the interest-bearing side. In addition, our consumer deposits were up 1% not annualized, with a more noticeable mix change from DDA to interest-bearing.

我們在第 9 頁上的存款基礎上添加了更多詳細信息。我們有一個精細的存款基礎，平均賬戶規模為 32,000 美元。此外，本季度我們的商業存款增長了 6%，未按年率計算，DDA 穩定且生息方面有所增長。此外，我們的消費者存款增長了 1%，未按年化計算，從 DDA 到生息的組合變化更為明顯。

On Page 10 is yet another look at our deposits this time with regard to FDIC insurance, we estimate that 64% of our deposits have FDIC insurance. And we also calculate that another 12% are public funds that are collateralized with securities, making them somewhat stickier, we believe.

在第 10 頁上，我們再次查看了這次關於 FDIC 保險的存款，我們估計我們 64% 的存款有 FDIC 保險。我們還計算出另外 12% 是以證券為抵押的公共基金，我們認為這使得它們在某種程度上更具粘性。

So in total, we have 76% of our customer deposits that are either guaranteed or collateralized. We also have a note on this slide that we are seeing growth in our insured cash sweep deposit or ICS deposits that was $319 million in the first quarter.

因此，我們總共有 76% 的客戶存款是有擔保或抵押的。我們還在這張幻燈片上註意到，我們看到我們的保險現金清掃存款或 ICS 存款在第一季度增長了 3.19 億美元。

Moving on to Page 11 and the topic of loan growth, adjusting for the acquisition, our loans grew $335 million (sic) [$345 million] or 8.2% annualized. Again, adjusting for the Progress book, the biggest growth categories were residential mortgage owner-occupied CRE and Navitas. Our portfolio is very granular with relatively small project limits and is very diversified.

轉到第 11 頁和貸款增長的主題，根據收購進行調整，我們的貸款增長了 3.35 億美元（原文如此）[3.45 億美元] 或年化 8.2%。同樣，根據進展書進行調整，增長最大的類別是住宅抵押貸款業主自住的 CRE 和 Navitas。我們的投資組合非常精細，項目限制相對較小，而且非常多樣化。

On Page 12, we look at some balance sheet highlights. Our loan-to-deposit ratio increased slightly but remained low at 78%, with a strong deposit growth in the quarter, offsetting the addition of progress.

在第 12 頁，我們查看了一些資產負債表要點。我們的貸存比率略有上升，但仍處於 78% 的低位，本季度存款增長強勁，抵消了增長的增加。

We also show that we had an increase in our TCE ratio to 8.2%. And our CET1 ratio remains above peers, but came down 20 basis points with the Progress acquisition as we put some capital to work.

我們還表明，我們的 TCE 比率增加到 8.2%。我們的 CET1 比率仍然高於同行，但由於我們投入了一些資金，收購 Progress 後下降了 20 個基點。

On Page 13, we take a deeper look at capital and show how we achieve the tangible book value growth in the quarter. Our regulatory ratios remain above peers, but did fall slightly and move towards peers a bit with the Progress acquisition.

在第 13 頁，我們深入了解資本並展示我們如何在本季度實現有形賬面價值增長。我們的監管比率仍高於同行，但確實略有下降，並隨著 Progress 的收購而略微向同行靠攏。

Moving on to the margin on Page 14. The margin increased 64 basis points year-over-year but fell 15 basis points from last quarter and excluding loan accretion came in 21 basis points lower on a core basis.

轉到第 14 頁的利潤率。利潤率同比增長 64 個基點，但比上一季度下降 15 個基點，不包括貸款增長在核心基礎上下降 21 個基點。

Our loan yield increased 46 basis points in the higher rate environment, but our cost of total deposits was up 61 basis points to 1.10%. The main driver of the cost of total deposits increased was higher deposit rates, but a mix change away from DDA towards money market and CDs also contributed another 5 basis points of margin pressure.

在利率較高的環境下，我們的貸款收益率增加了 46 個基點，但我們的總存款成本上升了 61 個基點，達到 1.10%。總存款成本增加的主要驅動因素是更高的存款利率，但從 DDA 轉向貨幣市場和 CD 的混合變化也造成了另外 5 個基點的利潤率壓力。

Many of these trends are continuing. I mentioned that our average cost of total deposits was 1.10% in the first quarter. But on 3/31, on a spot basis, the cost of total deposits was 1.27%, and we have seen that move up 5 basis points as of Friday.

其中許多趨勢仍在繼續。我提到第一季度我們的總存款平均成本為 1.10%。但在 3 月 31 日，按即期計算，總存款成本為 1.27%，截至週五，我們已經看到該利率上升了 5 個基點。

So we had the benefits of loan yields moving higher and a positive mix change on the asset side being offset by higher deposit costs and a negative mix change in deposits.

因此，我們的貸款收益率走高，資產方面的積極組合變化被更高的存款成本和存款的負組合變化所抵消。

On Page 15, we look at fee income, which was down $3.2 million compared to last quarter. The decline is mainly due to the absence of $3.5 million in equity gains that came in Q4 along with $1.6 million of securities losses that occurred in Q1. Mortgage came in stronger as mix change towards fixed product means that we sold more loans and put less loans on the balance sheet.

在第 15 頁，我們查看費用收入，與上一季度相比下降了 320 萬美元。下降的主要原因是第四季度沒有 350 萬美元的股權收益以及第一季度發生的 160 萬美元證券損失。抵押貸款變得更強勁，因為向固定產品的組合變化意味著我們出售了更多貸款並減少了資產負債表上的貸款。

Moving to expenses on Page 16, that came in at $131.2 million. Progress was the main driver of the increase. In particular, we added $2 million in higher core deposit intangible amortization, we also had $900,000 in higher FDIC costs from the rate increase. Finally, the first quarter is seasonally higher with the restart of FICA taxes that came in $2.2 million ahead of the fourth quarter.

轉到第 16 頁的費用，為 1.312 億美元。進步是增長的主要驅動力。特別是，我們增加了 200 萬美元的更高核心存款無形攤銷，我們還因利率上漲而增加了 900,000 美元的 FDIC 成本。最後，隨著 FICA 稅的重新啟動，第一季度的季節性收入比第四季度增加了 220 萬美元。

On Page 17, we talk about credit. Net charge-offs were flat at 17 basis points. Of the net charge-offs, Navitas losses came in at 93 basis points, which we believe is now back in the normal range. NPAs increased to 43 basis points of loans and past dues also increased, while special mention loans improved. Rob is on the call and can discuss credit more in the Q&A.

在第 17 頁，我們談論信用。淨註銷持平於 17 個基點。在淨註銷中，Navitas 損失為 93 個基點，我們認為現在已回到正常範圍。 NPAs 增加到貸款的 43 個基點，過去的欠款也增加，而關注貸款有所改善。 Rob 正在通話中，可以在問答中更多地討論信用。

Our last page is Page 18, where we talk about the reserve. We set aside $21.8 million in a loan loss provision which more than covered our $7.1 million in net charge-offs, a $21.8 million provision also included a $10.4 million double dip provision to set up a reserve for Progress.

我們的最後一頁是第 18 頁，我們在那裡談論儲備。我們撥出 2180 萬美元的貸款損失準備金，這超過了我們 710 萬美元的淨沖銷，2180 萬美元的準備金還包括 1040 萬美元的雙底準備金，用於為 Progress 設立準備金。

And with that, I'll pass it back to Lynn.

有了這個，我會把它傳回給林恩。

Thank you, Jefferson. And many thanks to the United team. You continue to drive great performance regardless of the environment and continue to exhibit your passion for taking care of our customers.

謝謝你，杰弗遜。非常感謝聯合隊。無論環境如何，您都將繼續保持出色的表現，並繼續展現您對客戶的熱情。

And now I'd like to open the floor for questions.

現在我想開始提問。

(Operator Instructions) And the first question will come from Brad Milsaps with Piper Sandler.

（操作員說明）第一個問題將來自 Brad Milsaps 和 Piper Sandler。

Jefferson, I appreciate the color around kind of spot deposit rates at the end of the quarter. And then as of last week. I was just kind of curious if you could update us kind of on your view of maybe what your through the cycle total deposit beta might be and maybe interest-bearing deposit beta as well? And just kind of what that means for how you're thinking about the margin going forward.

杰斐遜，我很欣賞本季度末即期存款利率的顏色。然後從上週開始。我只是有點好奇，如果你能告訴我們你對整個週期的總存款 beta 可能是多少以及生息存款 beta 的看法，我只是有點好奇？這對你如何看待未來的利潤率意味著什麼。

Yes. So talk about the margin a little bit. We were up 84 basis points year-over-year up to last quarter, were down 15 in Q1. Some of the changes that are happening here is we have continued good news on the asset side. We have new loans we're putting on the high 7s. We have a mix changing towards more loans and away from securities, a rate hike that may come in May would help some.

是的。所以稍微談談保證金。截至上一季度，我們同比增長 84 個基點，第一季度下降 15 個基點。這裡發生的一些變化是我們在資產方面不斷有好消息。我們有新的貸款，我們正在投入高 7s。我們有一個組合轉向更多貸款和遠離證券，5 月份可能會加息將幫助一些人。

On the funding side, we're really happy with the growth this quarter, the $525 million of deposit growth that was actually more than double what we had budgeted for the year. So we feel really good about where our funding is.

在資金方面，我們對本季度的增長非常滿意，5.25 億美元的存款增長實際上是我們當年預算的兩倍多。所以我們對我們的資金來源感到非常滿意。

As far as specifically to betas, I think you'll see it move towards the high 20s on the total deposit beta. That's how I think about it. I don't have the -- we can talk after on the interest-bearing liability beta. But I think it's going to the high 20s.

至於具體到 beta，我認為你會看到它在總存款 beta 上接近 20 多歲。我就是這麼想的。我沒有——我們可以在有息負債貝塔之後再談。但我認為它會達到 20 多歲。

I think that -- I think you're going to see some of these effects moderate during the year, especially some of this mix change that you're seeing is going to begin to moderate.

我認為 - 我認為您會在這一年中看到其中一些影響有所緩和，尤其是您看到的一些混合變化將開始緩和。

And we're also going to have some ability I think to reprice some of the funding that we're putting on. So I think the margin will be down next quarter, but I think it will stabilize from there.

而且我認為我們也將有一些能力來重新定價我們正在投入的一些資金。所以我認為下個季度利潤率會下降，但我認為它會從那裡穩定下來。

Great. That's helpful. And just a follow-up to that. The accretion that you had this quarter, would you expect that to remain fairly consistent as you move through the year? Just kind of want to think about what that number could be?

偉大的。這很有幫助。這只是後續行動。您本季度的增長，您是否希望在全年中保持相當一致？只是想想想這個數字可能是多少？

Yes, I think that's a fairly normal number there. We added $34 million of accretion from Progress that took us to $54 million total. So we're right around $50 million left. So it's a pretty big chunk of accretion yet to come through with the Progress deal coming in.

是的，我認為這是一個相當正常的數字。我們從 Progress 增加了 3400 萬美元的增值，使我們的總額達到 5400 萬美元。所以我們還剩下大約 5000 萬美元。因此，隨著 Progress 交易的到來，這是一個相當大的增幅。

Got it. And then just finally, on expenses, you called out a couple of things there that are seasonally heavy. Just kind of wanted to get a sense of if you still felt comfortable with the amount of cost savings from Progress that should drop after the conversion. I think that Lynn mentioned that you just completed, I think last quarter, you guided to sort of 4% to 4.5% growth on top of the 4Q run rate plus progress? Just wanted to see if you still felt -- felt good about that as you think about expenses in '23?

知道了。最後，在費用方面，你提出了一些季節性沉重的事情。只是想了解一下您是否仍然對 Progress 在轉換後應該減少的成本節省量感到滿意。我想 Lynn 提到你剛剛完成，我想上個季度，你指導在第四季度運行率和進展之上實現 4% 到 4.5% 的增長？只是想看看您在考慮 23 年的支出時是否仍然感覺良好？

Yes. So I think the first quarter expenses were a little heavier with the seasonal items. So we're not going to have the growth rate on top of this -- on top of where we are now. I think that the second quarter number is flat to down from where we are now.

是的。所以我認為第一季度的支出因季節性項目而增加了一些。因此，我們不會在此基礎上獲得增長率 - 在我們現在的位置之上。我認為第二季度的數字與我們現在的水平持平或下降。

And if you think about this quarter, we did have the seasonal items, the $2.2 million of FICA, we had unusually low deferred costs. So I think that was down $900,000 versus the last quarter, that should come back to us. We have some -- there are some investment dollars in here too. We incrementally added 10 lenders this quarter. We're investing in 7 new branches. So you've got our normal source of investment in these numbers.

如果你想想這個季度，我們確實有季節性項目，即 FICA 的 220 萬美元，我們的遞延成本異常低。所以我認為與上一季度相比減少了 900,000 美元，這應該回到我們身邊。我們有一些 - 這裡也有一些投資資金。本季度我們增加了 10 個貸方。我們正在投資 7 個新分支機構。所以你有我們對這些數字的正常投資來源。

Then for this quarter, we had the big stuff, which we laid out there, which was the intangible expense from the Progress deal and the higher FDIC cost.

然後在這個季度，我們有一些大的東西，我們在那里布置，這是 Progress 交易的無形支出和更高的 FDIC 成本。

But I think what you're going to see from here is you're going to see flat to down next quarter, then you're going to see the cost savings coming in, start next quarter as well, and you're going to be kind of flat to slightly higher for the rest of the year. So a lot of that growth rate came seasonally high this quarter that we were talking about before.

但我認為你將從這裡看到的是你將看到下個季度持平到下降，然後你將看到成本節約的到來，從下個季度開始，你將在今年餘下的時間裡會持平或略高。因此，我們之前談到的本季度的很多增長率都出現了季節性高位。

Next question will come from Brandon King with Truist.

下一個問題將來自 Brandon King 和 Truist。

Yes. So I had a question on credit, and I appreciate the kind of the guidance on the Navitas net charge-offs, but I wanted to get a sense of, how confident you are that loss close to peaking based on your guided range for the year in 2023?

是的。所以我有一個關於信貸的問題，我很欣賞 Navitas 淨沖銷的那種指導，但我想了解一下，根據你今年的指導範圍，你對接近峰值的損失有多大信心2023年？

Brandon, it's Rob Edwards. In terms of peaking, I think what we said last quarter and what I would hold to is a more normalized loss level on a sort of a standard book would be in the 25 to 35 basis point range.

布蘭登，我是羅伯·愛德華茲。就峰值而言，我認為我們上個季度所說的和我堅持的是一種標準賬簿的更正常化的損失水平將在 25 到 35 個基點範圍內。

And so I feel like the...

所以我覺得...

Are you talking about Navitas...

你說的是 Navitas 嗎...

Oh I am sorry. If you're talking -- okay -- so if you're talking specifically about Navitas, I feel good that when we put it in the slide in the back of the deck, that we would be in the 85 to 95 basis point range throughout the year.

哦，對不起。如果你在談論——好吧——所以如果你專門談論 Navitas，我感覺很好，當我們把它放在甲板後面的幻燈片上時，我們會在 85 到 95 個基點範圍內全年。

Okay. Yes. I just -- I would say we feel pretty confident about that range we're seeing it in past dues and the normal course of business there.

好的。是的。我只是 - 我會說我們對我們在過去的會費和那裡的正常業務過程中看到的範圍非常有信心。

Okay. Yes, I just want to confirm that still kind of look like (inaudible). Okay. And I know it's a small piece of your own portfolio, but I did notice that manufactured housing, both net charge-offs more than double. Just wanted to get a sense of what's going on there, what kind of trends you're seeing in that book?

好的。是的，我只是想確認它仍然有點像（聽不清）。好的。我知道這只是你自己投資組合的一小部分，但我確實注意到製造的住房，兩者的淨沖銷都增加了一倍多。只是想了解那裡發生了什麼，您在那本書中看到了什麼樣的趨勢？

Yes. So we're -- we had saw $628,000 of losses, up from $300,000. We did liquidate some of the chattel from -- out of the nonaccruals through auction versus in the past, we've sort of taken ownership and done some repairs. So it's a little bit of an acceleration there.

是的。所以我們 - 我們看到了 628,000 美元的損失，高於 300,000 美元。我們確實通過拍賣清算了一些動產——與過去相比，我們已經獲得了所有權並進行了一些維修。所以那裡有點加速。

Okay. And kind of going back to your previous point, as far as normalized net charge-offs for the company overall, how do you see that trending as we progress throughout this year based off what you're seeing in your current graded loans?

好的。回到你之前的觀點，就公司整體的標準化淨沖銷而言，你如何根據你在當前分級貸款中看到的情況，在我們今年的進展中看到這種趨勢？

Yes. So like I said earlier, it's -- in terms of quarter-to-quarter, I don't see any big shifts coming, but other than I would just say normalization, right? So -- and that was kind of the comment I made a minute ago about the 25 to 35 basis points is what I would think about as being a normal operating environment, and I could see us getting to that range later this year, but I don't have anything specifically at the moment that says it's going to happen next quarter, but it could. Things change. It's a dynamic portfolio.

是的。所以就像我之前說的，就季度到季度而言，我沒有看到任何大的轉變，但除了我只想說正常化之外，對吧？所以——這就是我一分鐘前發表的關於 25 到 35 個基點的評論，我認為這是一個正常的操作環境，我可以看到我們在今年晚些時候達到這個範圍，但我目前沒有任何具體說明它將在下個季度發生，但它可能會發生。事情會改變的。這是一個動態的投資組合。

But again -- and we're not seeing -- if you look at the chart on the bottom right of 17, you'd see that our criticized and classified has really been pretty stable over the last 2 years.

但同樣——我們沒有看到——如果你看一下 17 右下角的圖表，你會發現我們的批評和分類在過去兩年中確實非常穩定。

The next question will come from [Mark Shut Lee] with KBW.

下一個問題將來自 KBW 的 [Mark Shut Lee]。

This is Catherine Mealor, can you hear me? Great. Okay. I wanted to follow up on Brad's question about the brokered CDs that you added this quarter. Can you tell us the average rate that those came on and what the maturity is?

我是 Catherine Mealor，你能聽到我說話嗎？偉大的。好的。我想跟進 Brad 關於您本季度添加的代理 CD 的問題。你能告訴我們這些發生的平均利率以及成熟度是多少嗎？

Just trying to think about perhaps how long that may be on your balance sheet and if we -- if it's fair to model that some of that rolls off towards the back half of the year and is replaced with perhaps lower cost funding?

只是想想想你的資產負債表上可能會持續多長時間，如果我們 - 如果可以公平地模擬其中一些在今年下半年滾動並被成本較低的資金所取代？

Yes, thank you. That's a great question. So mid-February, we put these on. The average rate was in the 460 range, and they have 6 months maturities. I would expect to continue to grow core deposits and replace it with core deposits.

是的，謝謝。這是一個很好的問題。所以二月中旬，我們穿上了這些。平均利率在 460 之間，期限為 6 個月。我希望繼續增加核心存款並用核心存款取而代之。

Okay. And then interesting, it seems like you sold down your FHLB and really chose to put in brokered CDs instead. So how do you think about weighing the 2 options between brokered CDs and FHLB and when you choose to pull one funding versus the other?

好的。然後有趣的是，您似乎賣掉了 FHLB 並真正選擇放入經紀 CD。那麼，您如何考慮權衡經紀 CD 和 FHLB 之間的 2 個選項，以及何時選擇一項資金而不是另一項資金？

That's a great question. So as we came into the year this year, we made a decision, one, to sell a small amount of securities, $270 million. And the idea there was that we could now fund our expected loan growth for the year. If you remember back to Q4, we had $550 million of FHLB. So the plan -- again, this is all before Silicon Valley is that we take down a little broker deposits and free up liquidity at the FHLB if we ever came to possibly need that.

這是一個很好的問題。因此，當我們今年進入這一年時，我們做出了一個決定，即出售少量證券，價值 2.7 億美元。當時的想法是，我們現在可以為今年預期的貸款增長提供資金。如果你還記得第四季度，我們有 5.5 億美元的 FHLB。因此，計劃——再說一遍，這一切都在矽谷之前，我們會減少一些經紀人存款，並在我們可能需要的時候釋放 FHLB 的流動性。

And so the pricing is relatively similar, but we just wanted to tap that market to make sure that the broker CD market was open to us. And at the same time, you get the benefit of saving your kind of button push liquidity at the FHLB if you ever needed it, turned out that we didn't really need that this quarter, so we went ahead and paid the FHLB down.

因此定價相對相似，但我們只是想開拓該市場以確保經紀 CD 市場對我們開放。與此同時，如果你需要的話，你可以在 FHLB 上節省你那種按鈕式流動性，結果證明我們本季度並不真正需要它，所以我們繼續支付了 FHLB。

Okay. Great. Super helpful. And then a follow-up on the credit conversation. There's a lot of anxiety about all the CRE maturities that are -- that we're going to see over the next couple of years.

好的。偉大的。超級有幫助。然後是信用對話的後續行動。我們將在未來幾年看到所有 CRE 到期日，人們對此感到非常焦慮。

Can you give just any kind of clarity, Rob, what you're seeing with your clients, when you've got a CRE loan that's maturing and it's moving to a higher rate, generally, what are you seeing in your clients' behavior? What -- what kind of new underwriting is taking place. So the occupancy rates or your underwriting still appropriate to where you can handle the higher rate?

Rob，你能不能清楚地說明一下，當你有一筆到期的 CRE 貸款並且正在向更高的利率移動時，你從你的客戶那裡看到了什麼，一般來說，你在客戶的行為中看到了什麼？什麼——正在進行什麼樣的新承銷。那麼入住率或您的承保仍然適合您可以處理更高利率的地方嗎？

Yes. It does -- I mean the short answer is yes. So -- we are seeing rental rates are increasing occupancies are stable. So we're not seeing a lot of problems pop out of maturities.

是的。確實如此——我的意思是簡短的回答是肯定的。所以——我們看到租金率在增加，入住率穩定。因此，我們沒有看到到期日出現很多問題。

I did go in the portfolio to try and examine, are there properties that currently have low debt service coverage that are maturing this year? I came back with a number of about $30 million.

我確實在投資組合中嘗試檢查，是否有今年到期的償債覆蓋率較低的物業？我帶回了大約 3000 萬美元的數字。

So we're just not -- it doesn't feel like there's a ton of exposure out there in terms of sort of looming troubles on the maturity side at the moment.

所以我們只是不——就目前成熟度方面迫在眉睫的麻煩而言，感覺並沒有太多的風險敞口。

Okay. Great. And then any color on the loans that moved to nonperforming this quarter?

好的。偉大的。那麼本季度轉為不良貸款的任何顏色？

Yes. So one of them is a senior care credit that struggled to stabilize. And so it went nonaccrual. Another one was a C&I credit that -- actually it was a long-term customer, sold the business to private equity group and the private equity group wanted to expand into some additional lines of business, and they didn't have the financial controls in place to be able to do that and had some -- ended up filing bankruptcy during the quarter.

是的。因此，其中之一是難以穩定的高級護理信貸。所以它是非應計的。另一個是 C&I 信貸——實際上它是一個長期客戶，將業務出售給私募股權集團，私募股權集團想擴展到一些額外的業務領域，他們沒有財務控制權能夠做到這一點的地方並且有一些 - 最終在本季度申請破產。

I feel good about the business. We've known it a long time. The core business is very strong. And so I don't see it as being a big problem in the future, but we're working through it right now. But those were the 2 credits that drove the increase in NPAs.

我對公司感覺很好。我們早就知道了。核心業務非常強大。所以我不認為它在未來會成為一個大問題，但我們現在正在努力解決它。但這些是推動 NPA 增加的 2 個信用點。

The next question will come from Michael Rose with Raymond James.

下一個問題將來自 Michael Rose 和 Raymond James。

Just wanted to go to this quarter's core loan growth of kind of 8% annualized. I think you guys have kind of talked about 5% as we moved through the year, excluding acquisition.

只想知道本季度的核心貸款年化增長率為 8%。我想你們在我們這一年裡談到了 5%，不包括收購。

Just wanted to get a sense for kind of borrower demand versus where current rates are and just how we should think about that push-pull dynamic as we move forward?

只是想了解借款人的需求與當前利率的關係，以及在我們前進的過程中我們應該如何考慮這種推拉動態？

Sure. Michael, this is Rich Bradshaw. With regards to how we're thinking in the near term, it's probably still mid-single-digit demand surprisingly still strong, stronger than I would have guessed. So we're working through that. I would say, and I said near term mid-single digit.

當然。邁克爾，這是里奇布拉德肖。關於我們在短期內的想法，它可能仍然是中個位數的需求，令人驚訝的是仍然強勁，比我想像的要強。所以我們正在努力解決這個問題。我會說，我說近期中期個位數。

Jefferson mentioned the hiring for first quarter. We hired 10 on the incremental side. Half of that was a lift-out and that lift-out was in North Georgia in the Greater Rome area with 5 commercial professionals. I will tell you that we are currently down the road and across the footprint, but there are 3 other lift-outs that we are in deep discussions with and very, very close.

杰斐遜提到了第一季度的招聘。我們在增量方面僱用了 10 人。其中一半是一次搬遷，那次搬遷是在大羅馬地區的北喬治亞州，有 5 名商業專業人員。我會告訴你，我們目前正在路上並跨越足跡，但我們正在與其他 3 項提拔進行深入討論，並且非常非常接近。

And also comment, this is the best hiring market I believe I've ever seen. The volatility in the banking industry just has really created great opportunities.

還有評論，這是我認為我見過的最好的招聘市場。銀行業的波動確實創造了巨大的機會。

We're going to be opportunistic. We're going to be very selective but we are going to take the opportunity if it exists, and we're very, very close. So I think that mid-single-digit moves to high single digit if we're able to execute on some of these lift-outs.

我們要投機取巧。我們將非常有選擇性，但如果存在機會，我們將抓住機會，而且我們非常非常接近。所以我認為，如果我們能夠執行其中的一些提升，那麼中個位數將移動到高個位數。

And I'll add. I think we maybe to be able to support this, given the funding that you saw this quarter and the loan-to-deposit ratio that we have. So I think we're in a really good strategic position to be able to hire people and set them loose.

我會補充。鑑於您本季度看到的資金以及我們擁有的貸存比，我認為我們也許能夠支持這一點。所以我認為我們處於一個非常好的戰略位置，能夠僱傭和釋放他們。

And that the strong core deposits plus the lower loan to deposit ratio is affecting our lenders.

強勁的核心存款加上較低的貸存比正在影響我們的貸方。

Very helpful. Maybe just as a follow-on to that, how much of this quarter's organic growth acquisition was kind of fund up of existing commitments versus just of that kind of came in through the quarter. Just trying to get a sense for how much of a tailwind versus headwind kind of dynamic we're kind of thinking about here.

很有幫助。也許作為後續行動，本季度的有機增長收購中有多少是現有承諾的資金，而不是整個季度的那種資金。只是想了解我們在這裡考慮的是順風還是逆風。

It seems like growth is -- obviously is going to slow through the industry, but you obviously have some offsets with some of the people that you're hiring and planning to hire.

看起來增長是 - 顯然整個行業會放緩，但你顯然對你正在僱用和計劃僱用的一些人有一些抵消。

Sure. And I'd say it was kind of fair -- the round number is 50-50 on organic growth. And then, of course, we do a fair amount of construction lending, and you have the draws always catching up.

當然。我想說這有點公平——有機增長的整數是 50-50。然後，當然，我們提供了相當數量的建築貸款，而且你的貸款總是在追趕。

Okay. Perfect. Maybe just going back to Navitas and obviously, uptick here in charge-offs and things are normalizing not surprisingly, notice that the reserve allocation went up about 11 basis points to a little over 1.8%.

好的。完美的。也許只是回到 Navitas，很明顯，這裡的沖銷有所上升，事情正在正常化，這並不奇怪，請注意準備金分配上升了大約 11 個基點，略高於 1.8%。

But I think in a normalized credit cycle, I mean, I think that number could has historically been much higher. Can you just give us some historical dynamics on loss rates -- through the cycle loss rates and kind of where that reserve level could go?

但我認為在一個正常的信貸週期中，我的意思是，我認為這個數字在歷史上可能會高得多。你能給我們一些關於損失率的歷史動態——通過週期損失率和準備金水平的變化嗎？

Yes. So this is Rob, Michael, just in terms of -- we purchased the portfolio in 2018. And when we did that, we looked all the way back to when the company started. Now they started post 2010, but their loss rates have been up until we bought them and 1% was kind of what we budgeted and expectations that we set when we bought it.

是的。所以這是羅布，邁克爾，就我們在 2018 年購買了投資組合而言。當我們這樣做時，我們一直回顧公司成立時的情況。現在他們是在 2010 年後開始的，但他們的損失率一直在上升，直到我們購買它們，而 1% 是我們在購買時設定的預算和預期。

So coming in at [93] is kind of where we have thought it would be. We haven't seen a lot -- in fact, we think the portfolio has gotten better since we bought it. They've moved upstream a little bit on the credit range. So I feel like this is a reasonable expectation for the portfolio going forward.

所以進入 [93] 是我們認為的那種地方。我們還沒有看到太多——事實上，我們認為自從我們購買了投資組合以來，它已經變得更好了。他們在信貸範圍上向上游移動了一點。所以我覺得這是對未來投資組合的合理預期。

I will just layer in that it's a very profitable company at this level of charge-offs.

我只想說，在這種沖銷水平上，這是一家非常有利可圖的公司。

Certainly understand the yields obviously are very sticky. Just maybe one final one for me. So the gain on sale of Navitas loans and the SBA loans. Can you just give some color there and kind of what we might expect going forward?

當然了解收益率顯然非常粘。對我來說也許只是最後一個。所以出售 Navitas 貸款和 SBA 貸款的收益。你能給那裡一些顏色以及我們對未來的期望嗎？

Yes. So it's -- maybe Rich can jump in on the SBA possibly here. I'll give a shot as well. It's -- this is our seasonally weakest quarter for both SBA and Navitas originations. I expect -- they have a little bit of a different seasonality, but in both cases, they both tend to increase throughout the year. So I would expect those gains to -- this is typically the first quarter is the lowest gains we see in both.

是的。所以它是 - 也許 Rich 可以在這裡加入 SBA。我也會試一試。這是 - 這是我們 SBA 和 Navitas 起源的季節性最弱季度。我預計 - 它們的季節性略有不同，但在這兩種情況下，它們都傾向於全年增加。所以我預計這些收益 - 這通常是第一季度是我們在兩個季度中看到的最低收益。

For Navitas specifically, I think you would see this level or slightly higher as they go through the year, but there might be a bigger ramp in SBA, we will talk to Rich about (inaudible) on that.

具體對於 Navitas，我認為你會看到這個水平或略高，因為他們在這一年中，但 SBA 可能會有更大的增長，我們將與 Rich 討論（聽不清）。

Two things. One is the gain on sale for SBA right now looks like it will be flat from Q1 to Q2 in terms of what you get in the secondary market. In terms of volume, our volume is up, and our pipelines are as big as they've ever been in SBA.

兩件事情。一個是 SBA 的銷售收益，就您在二級市場上獲得的收益而言，目前看起來從第一季度到第二季度持平。就數量而言，我們的數量增加了，我們的管道與 SBA 中的任何時候一樣大。

And you know that's a great counter financial environmental products. So if the economy is struggling a little bit, SBA is going to do better. And we are full up in all positions and really strong pipelines.

你知道那是一個很棒的櫃檯金融環保產品。因此，如果經濟有點困難，SBA 會做得更好。而且我們在所有職位和非常強大的管道中都已滿員。

The next question will come from Kevin Fitzsimmons with D.A. Davidson.

下一個問題將來自 D.A. 的 Kevin Fitzsimmons。戴維森。

Appreciate the spot levels, Jefferson, on cost of deposits. I was wondering -- and I apologize if you've given this and I missed it. I was wondering if you could fill us in also on the same basis for loan yields? And for the actual margin, what maybe the margin was for the month of March or at the end of the quarter?

杰斐遜，欣賞存款成本的現貨水平。我想知道 - 如果您已經提供了這個而我錯過了，我深表歉意。我想知道您是否可以在相同的基礎上為我們填寫貸款收益率？對於實際利潤率，三月份或本季度末的利潤率可能是多少？

Yes. So the loan yields on a spot basis and kind of moving up are actually almost up as high as the deposit yield, but it's part of a phenomenon that I don't think is going to continue through the whole quarter because what you have is a possible rate hike coming, sp you get so far in LIBOR, start to move up before that to anticipate that rate hike. And so we're getting a little bump in our loan yields early in the quarter because of that expectation.

是的。因此，即期貸款收益率和上昇實際上幾乎與存款收益率一樣高，但我認為這是一種現象的一部分，不會持續整個季度，因為你所擁有的是可能的加息即將到來，SP 你在倫敦銀行同業拆借利率中到目前為止，開始在此之前上漲以預期加息。因此，由於這種預期，我們在本季度初的貸款收益率略有上升。

So it's not a great look through for the whole quarter, but so far, the loan yields have almost matched the deposit costs and moving higher. The -- would you say your second question again or somebody help me out with your second one?

因此，整個季度的情況並不是很好，但到目前為止，貸款收益率幾乎與存款成本相匹配，而且還在走高。 - 你會再說你的第二個問題還是有人幫我解決你的第二個問題？

Just on the overall margin, but if you had a -- if you can kind of combine and say what your margin was at the end of the quarter?

只是關於整體利潤率，但如果你有一個 - 如果你可以結合併說出你在本季度末的利潤率是多少？

Annualizing a month's quarter is really, really hard, and we do it, but it sometimes comes out with these numbers that are just not helpful. So I felt like the spot in the -- as of next -- last Friday's number was the best I could give you because taking some of these numbers with the fees coming through there and multiplying times 12, just gives you crazy numbers sometimes.

對一個月的季度進行年度化真的非常非常困難，我們做到了，但有時會得出這些沒有幫助的數字。所以我覺得——從下週五開始——上週五的數字是我能給你的最好的數字，因為把這些數字中的一些加上那裡的費用乘以 12，有時只會給你瘋狂的數字。

Okay. One question on the mix shift that's happening within deposits. And I think you mentioned how you expect it to moderate. But specifically with the percentage of DDA to total deposits where do you see that settling? And where and when do you expect (inaudible)?

好的。關於存款中發生的混合轉變的一個問題。我想你提到了你期望它如何緩和。但特別是 DDA 佔總存款的百分比，您在哪裡看到結算？您預計何時何地（聽不清）？

That's a great question. I might pass that. We're looking around each because it's hard to say because I do believe that once you see rates peak, you're going to see that transition slow down a little bit because once you have this rate that's presented out there to you, we have a 3.5% money market out there, and we presented that to our clients now for a handful of months, and we've seen some people take us up on it. And I've taken myself up on it actually, too.

這是一個很好的問題。我可能會通過那個。我們正在環顧四周，因為很難說，因為我確實相信，一旦您看到利率達到峰值，您就會看到這種轉變會稍微放緩，因為一旦您獲得了呈現給您的利率，我們就有那裡有一個 3.5% 的貨幣市場，我們現在向我們的客戶介紹了幾個月，我們已經看到一些人接受了我們。事實上，我也已經接受了它。

And so I think what you're going to see is sort of a peaking of rates here and a slowdown of people taking up on the offer because they've had opportunity now for a handful of months. So I think, again, you're going to see a continued mix change.

因此，我認為你將看到的是這裡的利率達到頂峰，而接受報價的人正在放緩，因為他們現在已經有幾個月的機會了。所以我認為，你會再次看到持續的混音變化。

I think we're going to see a mix change on the asset side, too. But I believe you're going to see a shrinkage in that DDA number, but I think that's just going to slow down as we go through the year.

我認為我們也將看到資產方面的混合變化。但我相信你會看到 DDA 數字有所縮減，但我認為隨著我們度過這一年，這種情況只會放緩。

Yes. Great. One last one for me. So on the pending South Miami deal, any better sense for -- I know you said in the back half of the year for that to close, but any tighter frame on third quarter, early, late? And then just generally, that whole regulatory merger approval process, have you guys noticed any changes or any -- or expect any lengthening of that process post the bank failures?

是的。偉大的。最後一張給我。因此，對於懸而未決的南邁阿密交易，任何更好的感覺 - 我知道你在今年下半年說過要關閉，但第三季度的任何更嚴格的框架，早，晚？然後一般來說，整個監管合併審批流程，你們是否注意到任何變化或任何 - 或者預計在銀行倒閉後該流程會延長？

Okay. Yes. A Great question. Thank you for it. It's a relatively opaque process, but I'll say to you that I think it's most likely third quarter, it could move into the fourth.

好的。是的。一個很好的問題。謝謝你。這是一個相對不透明的過程，但我會告訴你，我認為這很可能是第三季度，它可能會進入第四季度。

But I think I would say most likely, third quarter, and we have not seen anything unusual from the regulators from our -- the things we turn into them or what we're hearing from them. It seems like a normal transaction and most likely third quarter.

但我想我最有可能說的是，第三季度，我們沒有從監管機構那裡看到任何不尋常的事情——我們變成他們的東西或我們從他們那裡聽到的東西。這似乎是一次正常的交易，很可能是第三季度。

The next question will come from David Bishop with Hovde Group.

下一個問題將來自 Hovde Group 的 David Bishop。

Jefferson and Rob, maybe just in terms of the new loan yields, I think Jefferson, you said they're approaching 7% or so. Is that having any impact in terms of the quality of the loan pipeline you're seeing out there?

杰斐遜和羅布，也許就新貸款收益率而言，我認為杰斐遜，你說他們接近 7% 左右。這對您在那裡看到的貸款渠道的質量有什麼影響嗎？

Is it becoming more difficult to -- in terms of term sheets you're putting in front of borrowers to find quality credits that meet underwriting with a higher debt service coverage, et cetera, at this higher rate environment?

在這種利率較高的環境下，是否變得越來越難——就條款清單而言，你要在藉款人面前找到滿足更高償債覆蓋率等承銷要求的優質信貸？

It's a great question. I'll just start with the yield we're seeing is in the high 7s to [$785 million] to [$790 million] is what our incremental new yields were coming on at this quarter. And I'll pass to Rich to talk about the color of the pricing and the quality.

這是一個很好的問題。我將從我們看到的收益率處於高位 7 至 [7.85 億美元] 至 [7.9 億美元] 開始，這是我們本季度新增的新收益率。我會轉給 Rich 來談談定價的顏色和質量。

David, probably, gosh, for the first time in a very long time, we were actually seeing, particularly on the larger stronger deals, we're seeing pricing increase. So stuff that used to be done at SOFR [225] is now being done at SOFR [250], SOFR [275]. And part of that's driven just there's less competition out there, and it's more scarce dollars and we're -- we want to stay close to our clients. We're not looking to gouge, but it's a limited resource, and we're going to charge for it.

大衛，天哪，很長一段時間以來，我們第一次真正看到，尤其是在規模更大、實力更強的交易中，我們看到價格上漲。因此，過去在 SOFR [225] 完成的工作現在正在 SOFR [250]、SOFR [275] 完成。部分原因是那裡的競爭較少，而且美元更加稀缺，我們 - 我們希望與客戶保持密切聯繫。我們不打算挖礦，但它是一種有限的資源，我們將為此收費。

Got it. Appreciate the color. And then Jefferson, just curious, mortgage banking, obviously, has been trending down here. Just curious, any early read on how the spring summer selling season housing markets looking down there across our southeast markets, if you expect a rebound people got used to mortgage rates settling in this range?

知道了。欣賞顏色。然後杰斐遜，只是好奇，抵押貸款銀行業務顯然一直在下降。只是好奇，是否有任何關於春夏銷售旺季房地產市場如何向下看整個東南市場的早期閱讀，如果你預計人們習慣於抵押貸款利率穩定在這個範圍內會出現反彈？

I could start with it? Or I just maybe give it right to Rich, if you like.

我可以從它開始嗎？或者，如果你願意，我可能會把它交給 Rich。

So we're -- obviously, first quarter is seasonally down in mortgage, and we're already seeing a pickup in here already in the start of the second quarter. So we are still in the best markets in the country. You still have 1,000 people moving to Florida a day. So we expect that mortgage isn't going to be where it was, certainly, what we're at the 88% purchased now. So the ReFi business is behind us.

所以我們 - 顯然，第一季度抵押貸款季節性下降，我們已經在第二季度初看到這裡有所回升。所以我們仍然處於該國最好的市場。每天仍有 1,000 人搬到佛羅里達。因此，我們預計抵押貸款不會像我們現在購買的 88% 那樣。所以 ReFi 業務已經落後了。

But we see the -- we're going to be very similar picking up in the new markets because we've -- Huntsville has really gone well on the mortgage side. And we expect that Miami will go as well as -- too. And so pick up a little bit, a little bit higher than Q1 pace. And we think we'll finish the year at a decent clip.

但我們看到 - 我們將在新市場中非常相似地回升，因為我們 - 亨茨維爾在抵押貸款方面確實做得很好。我們希望邁阿密也能順利進行。所以略微加快，略高於 Q1 的步伐。我們認為我們將以不錯的成績結束這一年。

And I'll just add in there. We're returning to a more normal seasonality, which is positive, but I also wanted to point that there was a pretty good change this quarter towards fixed rate product, which goes right to the secondary market. And so that is a bigger piece for the near-term fee income that you see in the near-term profitability that mix change is a good sign there.

我會在那裡添加。我們正在恢復更正常的季節性，這是積極的，但我也想指出，本季度固定利率產品發生了相當大的變化，直接進入二級市場。因此，您在近期盈利能力中看到的短期費用收入更大，混合變化是一個好兆頭。

Next question will come from Russell Gunther with Stephens.

下一個問題將來自 Russell Gunther 和 Stephens。

I wanted to follow up on the commercial lender lift-out commentary. Can I just characterize that strategy for me? Is that an evergreen approach at United? Or are you guys seeing more opportunities as perhaps some competition tighten up on a willingness to lend?

我想跟進商業貸方的解除評論。我可以為我描述一下這個策略嗎？這是曼聯的常青樹方法嗎？或者你們是否看到了更多的機會，因為也許一些競爭加劇了貸款的意願？

And maybe any color in terms of asset size of where folks may be coming from if they see potentially a bigger, more liquid balance sheet as a competitive advantage at United?

如果人們認為更大、更具流動性的資產負債表可能是聯合航空的競爭優勢，那麼他們可能來自哪裡的資產規模有任何顏色？

Sure. And for us, it is opportunistic. We don't have this build in our budget. So it's when the opportunity arises and they have the right people, the right market for us, and they have the portfolio that we think that can be brought over, then we're going to do it. They are generally banks of similar size, similar size or larger. .

當然。對我們來說，這是機會主義的。我們的預算中沒有這個項目。所以當機會出現時，他們有合適的人，適合我們的市場，他們有我們認為可以帶來的投資組合，然後我們就會去做。它們通常是規模相似、規模相似或更大的銀行。 .

And recently, it's been primarily on the larger size, but we just continue and -- yes, I'll give you quotes. I won't tell you what banks, but part of the reason we're getting these looks is some of these banks are telling their commercial lenders, they're going to be deposit gatherers in 2023.

最近，它主要是在更大的尺寸上，但我們只是繼續——是的，我會給你報價。我不會告訴你是哪些銀行，但我們看到這些情況的部分原因是其中一些銀行告訴他們的商業貸方，他們將在 2023 年成為存款收集者。

Well, we need our people to do deposits, too, but we're still open for loans. And so that's what's driving a lot of the interest.

好吧，我們也需要我們的人做存款，但我們仍然開放貸款。這就是引起人們極大興趣的原因。

I appreciate the color. It's really helpful. Jefferson, I had a question for you in terms of just a reminder on securities cash flow this year. And then how do you guys think about a target cash to assets and how that bogey may or may not have changed intra-quarter?

我很欣賞這種顏色。這真的很有幫助。杰斐遜，我有一個關於今年證券現金流的提醒問題要問你。然後你們如何看待資產現金目標，以及這個柏忌可能會或可能不會在季度內發生變化？

That's a great question. So we're expecting about $750 million a little bit more in total cash flow principal and interest from the securities portfolio this year. And I mentioned with the securities sale we did, we think we have the loan growth mostly funded for the whole year. The cash piece is we are holding more cash than we did just as we've gotten to be a bigger bank. .

這是一個很好的問題。因此，我們預計今年證券投資組合的現金流本金和利息總額將增加約 7.5 億美元。我提到了我們所做的證券銷售，我們認為我們的貸款增長主要是為全年提供資金。現金部分是我們持有的現金比我們已經成為一家更大的銀行時更多。 .

Post Silicon Valley, we held some more cash and held some more cash on the balance sheet for a while for the last 2 weeks of March. And now we're moving back down towards more normal holdings of overnight cash.

在矽谷之後，我們持有更多現金，並在 3 月的最後兩週在資產負債表上持有更多現金一段時間。而現在我們正轉向更正常的隔夜現金持有量。

So we're in the $200 million to $300 million of what we hold overnight now with the Fed, and that is -- we're back basically to a normal level post Silicon Valley.

因此，我們現在持有美聯儲隔夜持有的 2 億至 3 億美元，也就是說——我們基本上回到了矽谷之後的正常水平。

Got it. Okay. Great. And then last one for me. I appreciate the slide on office exposure. Any additional color you could share in terms of LTV or the reserve on that portfolio?

知道了。好的。偉大的。然後最後一個給我。我很欣賞關於辦公室曝光的幻燈片。在 LTV 或該投資組合的儲備方面，您可以分享任何其他顏色嗎？

So we don't break it out specifically. So it's really just the investment CRE book. It's about a 1% reserve on the entire CRE book, so consistent with really the rest of the portfolio. It's the weighted average LTV is 63%. So pretty low LTV.

所以我們不具體分解。所以這真的只是投資 CRE 的書。這大約是整個 CRE 賬簿的 1% 儲備金，與投資組合的其餘部分非常一致。它的加權平均 LTV 為 63%。 LTV 非常低。

And of course, I think the granularity as mentioned a couple of times in the slides, just a really granular portfolio. Maybe one other point I guess I would make, I did do a scrub of the top 100 and 33 of them are medical office. And of course, that's in that second bullet on that Slide 23, but probably about 1/3 of it is medical office buildings.

當然，我認為幻燈片中多次提到的粒度，只是一個非常精細的投資組合。也許我想我會提出另一點，我確實對前 100 名進行了清理，其中 33 名是醫療辦公室。當然，那是在幻燈片 23 的第二個項目符號中，但其中大約 1/3 可能是醫療辦公樓。

The next question will come from Christopher Marinac with Janney Montgomery Scott.

下一個問題將來自 Christopher Marinac 和 Janney Montgomery Scott。

We appreciate all the information you've given this morning and also in the deck. I wanted to follow back up on the last question on office CRE.

我們感謝您今天早上提供的所有信息，也感謝您在甲板上提供的所有信息。我想跟進關於辦公室 CRE 的最後一個問題。

So given the granularity, Rob, what does that mean as problems happen, even if there are a few during the cycle, does that lower size level, give you flexibility on ultimately how you dispose the properties and the loss you take? Can you just kind of walk us through the mechanics?

因此，考慮到粒度，Rob，即使在周期中有一些問題發生，這意味著什麼，較低的大小級別是否會給您最終如何處理屬性和損失的靈活性？你能給我們介紹一下機制嗎？

Yes. Maybe I guess I could talk about one situation we had in the fourth quarter. We did have a small office property I think it was a $2 million -- slightly over $2 million valued property. We had a $1.4 million loan on it. The tenant, they had some occupancy. It went into nonaccrual. We took it to foreclosure. The property didn't end up coming into OREO because there were other interested parties because at the lower dollar value, there's lots of people that can afford to get into the space, local parties interested, understand the value. So it does, it just gives you more flexibility.

是的。也許我想我可以談談我們在第四節遇到的一種情況。我們確實有一處小型辦公物業，我認為它價值 200 萬美元——價值略高於 200 萬美元。我們有 140 萬美元的貸款。房客，他們有一些入住。它進入了非應計項目。我們把它取消抵押品贖回權。該物業最終沒有進入奧利奧，因為有其他感興趣的各方，因為美元價值較低，有很多人有能力進入這個空間，當地各方感興趣，了解價值。確實如此，它只是為您提供了更大的靈活性。

We ended up selling it on the courthouse steps, so we never did come into OREO, and we ended up recovering. We had taken a loss originally, but we ended up recovering, I think, 90% of the loss. So the final charge-off on the whole project is I think it was less than $100,000.

我們最終在法院台階上賣掉了它，所以我們從來沒有接觸過奧利奧，我們最終康復了。我們最初是虧損的，但我認為我們最終挽回了 90% 的損失。所以我認為整個項目的最終費用不到 100,000 美元。

So it just -- it gives you lots of flexibility that the fact that you've got lower dollar size properties, there's a lot more buyers in the market and local buyers that understand the value. So it's -- the disposal process is faster and less painful.

所以它只是 - 它給你很大的靈活性，因為你擁有較低的美元規模的房產，市場上有更多的買家和了解價值的本地買家。所以它 - 處理過程更快，痛苦更少。

Great. I appreciate that. And Jefferson, just a final question for you on expenses. We look at Slide 16, you got a recent history of the operating expense ratio, but I know if we went backwards in time, that number was a lot higher as the company was smaller and less successful than today.

偉大的。我很感激。杰斐遜，最後一個關於費用的問題。我們看幻燈片 16，你有營業費用比率的近期歷史記錄，但我知道如果我們及時倒退，這個數字要高得多，因為公司規模比今天小，也不那麼成功。

So as you think about '24, '25 in the big picture, what's the ability to push operating expenses down further just as a percentage of revenue? And can you possibly get closer to that [50] threshold over the long term?

因此，當您從大局考慮 24 和 25 年時，有什麼能力可以進一步降低運營支出佔收入的百分比？從長遠來看，您能否接近 [50] 門檻？

I mean that is certainly our goal, and we set up our budgeting process and our plans every year to move that ratio down and our budgets will always have more revenue than expense growth. If we can possibly get there. This is an unusual year with the margin, the margin moving in the wrong direction, will contemporarily move it higher, but we'll always be pushing to move it lower. And we believe with all of our targets are -- is to be a top quartile ROA Bank. We think about this all the time.

我的意思是，這當然是我們的目標，我們每年都會制定預算流程和計劃來降低這一比例，我們的預算收入將始終高於支出增長。如果我們能到達那裡。這是不尋常的一年，利潤率向錯誤的方向移動，將同時將其推高，但我們將始終推動將其推低。我們相信我們所有的目標都是 - 成為頂級四分之一的 ROA 銀行。我們一直在思考這個問題。

And to be a top quartile ROA Bank you have via top quartile efficiency ratio bank. So we think about that ratio, we manage by that ratio. We push that ratio. And we think -- we do think about it relative to other banks, so we don't have an actual number in mind there, but we're always trying to push it down, and we are pretty zealous about being in the top quartile of that ratio.

要成為排名前四分之一的 ROA 銀行，您必須通過排名前四分之一的效率比銀行。所以我們考慮這個比率，我們按照這個比率進行管理。我們推動這個比例。而且我們認為 - 我們確實考慮了相對於其他銀行的情況，所以我們沒有真正的數字，但我們一直在努力降低它，我們非常熱衷於躋身前四分之一那個比例。

And as you're getting very good at doing acquisitions of the size that you're doing, does that give you a sharper pencil on sort of looking at M&A in the future?

隨著你越來越擅長進行你正在做的規模的收購，這是否會讓你在未來看待併購時有更鋒利的鉛筆？

Yes, it does. I mean you know what you're going to get. You know our old strategy has been built around these smaller deals where they align with us on culture, they align with us on employee experience, and we can be more additive. .

是的，它確實。我的意思是你知道你會得到什麼。你知道我們的舊戰略是圍繞這些較小的交易建立的，它們在文化上與我們保持一致，在員工體驗上與我們保持一致，並且我們可以更具附加性。 .

I mean we're already -- I was just down in Miami on Monday and Veronica, the CEO there. She was almost -- she was going on and on about the new toys in the toy box because we're already starting our partnership calls, introducing them to the new products, they'll be able to access and how we do things.

我的意思是我們已經 - 週一我剛剛在邁阿密，那裡的首席執行官 Veronica。她幾乎 - 她一直在談論玩具盒中的新玩具，因為我們已經開始我們的合作夥伴電話，向他們介紹新產品，他們將能夠訪問以及我們如何做事。

And it's just a really great group of people and I met with several clients while I was there and really strong people, and they're like, "oh, you guys have bigger limits now." And yes. So -- it really is -- so yes, we certainly understand it on the expense side, but it's really the strategy on just being able to be more additive as well.

這是一群非常棒的人，我在那裡遇到了幾個客戶和非常強大的人，他們就像，“哦，你們現在有更大的限制了。”是的。所以 - 它確實是 - 所以是的，我們當然在費用方面理解它，但這實際上也是能夠增加附加值的策略。

This concludes our question-and-answer section. I would like to turn the conference back over to management for any closing remarks. Please go ahead.

我們的問答部分到此結束。我想將會議轉回管理層聽取任何閉幕詞。請繼續。

Well thank you. And I always want to thank all of you for really great questions. I know there's a lot of noise this quarter, certainly a lot of noise in the environment with Silicon Valley, et cetera. And so we want to be as open and transparent as we can and obviously give us any questions after the call as well. Also, there's always noise anytime we consummate a deal. So there was noise in this quarter from Progress.

好吧，謝謝。我一直想感謝你們所有人提出的非常好的問題。我知道這個季度有很多噪音，在矽谷等環境中肯定有很多噪音。因此，我們希望盡可能公開和透明，並且顯然也會在電話會議後向我們提出任何問題。此外，每當我們完成交易時，總會有噪音。因此，本季度有來自 Progress 的噪音。

So great questions. I appreciate that. I do think this quarter demonstrates the strength of our strategy and franchise. If you look at the funding stability, I think that really demonstrates the core deposit base and the core customer relationships we have.

這麼好的問題。我很感激。我確實認為本季度展示了我們戰略和特許經營權的實力。如果你看一下資金穩定性，我認為這確實證明了我們擁有的核心存款基礎和核心客戶關係。

What Rich mentioned about hiring -- we've never seen it as he mentioned, this kind of environment where really getting the opportunity to get great quality teams that we're excited about, very excited about I think it shows a focus on our markets and whether from the progress deal in Miami, our newer markets or our existing markets where these teams are coming in.

Rich 提到的關於招聘的內容——我們從未像他提到的那樣看到它，在這種環境中，真正有機會獲得我們感到興奮的高質量團隊，我認為這表明我們對市場的關注以及無論是來自邁阿密的進展交易，我們的新市場還是這些團隊進入的現有市場。

We feel really good about kind of where we are and how we're positioned going forward. So again, thank you for your support and questions, and look forward to talking soon.

我們對我們所處的位置以及我們未來的定位感到非常滿意。再次感謝您的支持和問題，並期待盡快交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。