UMB Financial Corp (UMBF) 2023 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the UMB Financial First Quarter 2023 Financial Results Conference Call. My name is Glenn, and I will be the moderator for today's call. (Operator Instructions) I will now hand the floor over to Kay Gregory, Investor Relations. Kay. Please go ahead.

女士們，先生們，歡迎參加 UMB Financial 2023 年第一季度財務業績電話會議。我叫格倫，我將擔任今天電話會議的主持人。 （操作員說明）我現在將發言權交給投資者關係部的 Kay Gregory。凱。請繼續。

Good morning, and welcome to our first quarter 2023 call. Mariner Kemper, President and CEO; and Ram Shankar, CFO, will share a few comments about our results. Jim Rine, CEO of UMB Bank; and Tom Terry, Chief Credit Officer, will also be available for the question-and-answer session. Before we begin, let me remind you that today's presentation contains forward-looking statements, which are subject to assumptions, risks and uncertainties. These risks are included in our SEC filings and are summarized on Slide 47 of our presentation. Actual results may differ from those set forth in any forward-looking statements, which speak only as of today. We undertake no obligation to update them, except to the extent required by securities laws. All earnings per share metrics discussed on this call are on a diluted share basis. Our presentation materials and press release are available online at investorrelations.umb.com. Now I'll turn the call over to Mariner Kemper.

早上好，歡迎來到我們 2023 年第一季度的電話會議。 Mariner Kemper，總裁兼首席執行官；首席財務官 Ram Shankar 將就我們的結果發表一些評論。 UMB銀行首席執行官Jim Rine；首席信貸官 Tom Terry 也將出席問答環節。在我們開始之前，讓我提醒您，今天的演示文稿包含前瞻性陳述，這些陳述受假設、風險和不確定性的影響。這些風險包含在我們提交給美國證券交易委員會的文件中，並在我們演示文稿的幻燈片 47 中進行了總結。實際結果可能與任何前瞻性陳述中的陳述有所不同，這些陳述僅在今天發表。我們不承擔更新它們的義務，除非證券法要求。本次電話會議討論的所有每股收益指標均以稀釋後的股份為基礎。我們的演示材料和新聞稿可在 investorrelations.umb.com 在線獲取。現在，我將把電話轉給 Mariner Kemper。

Thank you, Kay, and good morning. Thanks, everybody, for joining us today. 2023 is certainly shaping up to be an interesting year. We've all had a front row seat to the recent volatility across the industry, sparked by the failure of SVB and exacerbated by a few market participants in the media. While the events of the past several weeks that put banks in the spotlight may not have been anticipated, trends in the latter part of 2022 and early 2023 have pointed to coming challenges. We expected the continuing inflation, changes in the yield curve, the outflows of excess liquidity built up during the pandemic and the resulting deposit beta acceleration in response to the FOMC raising an unprecedented 9 times in the last 12 months, would likely present some inherent but manageable risks to the industry. By design, this would also lead to eventual curtailment of credit in the solo the economy. At UMB, we are always prepared for different environments with our variable asset base, diverse, deeply entrenched deposit base, ample sources of liquidity, growing fee income businesses and a long track record of conservative underwriting, resulting in excellent asset quality. And we've taken the additional steps to enhance that risk profile over the past few weeks.

謝謝你，凱，早上好。謝謝大家今天加入我們。 2023 年無疑將成為有趣的一年。我們都對最近整個行業的波動坐在前排，這種波動是由 SVB 的失敗引發的，並因媒體中的一些市場參與者而加劇。雖然過去幾週讓銀行成為焦點的事件可能沒有預料到，但 2022 年下半年和 2023 年初的趨勢預示著即將到來的挑戰。我們預計，持續的通貨膨脹、收益率曲線的變化、大流行期間積累的過剩流動性的流出，以及因聯邦公開市場委員會在過去 12 個月內前所未有地加息 9 次而導致的存款貝塔加速，可能會帶來一些固有的但行業風險可控。按照設計，這也將最終導致經濟中信貸的縮減。在 UMB，我們始終為不同的環境做好準備，我們擁有可變的資產基礎、多樣化、根深蒂固的存款基礎、充足的流動性來源、不斷增長的手續費收入業務以及保守承銷的長期記錄，從而實現了卓越的資產質量。在過去的幾周里，我們採取了額外的措施來增強這種風險狀況。

Even with a more challenging environment in March, we had a strong first quarter. Like others, we saw rising deposit costs which we're already beginning to materialize before the recent market turmoil. The flexibility we've built on the asset side of our balance sheet, including a low loan-to-deposit ratio, 67% of total loans repricing within 12 months and nearly $1.6 billion of securities cash flow expected over the same time will help mitigate this impact on liability pricing. Our first quarter results included average deposit growth of 2.4% and average loan growth of 19.3% on a linked quarter annualized basis. We had continued momentum in our fee businesses, and credit quality remains excellent with net charge-offs of just 0.09% of average loans. Nonperforming loans further improved from year-end and were at just 0.07% of total loans as of March 31. As you'll see in our 10-Q, criticized loans were flat. Our watch list levels, which are still past loans, will bounce around as we manage our book. We're quick to recognize trouble, take action and address any issues. This proactive management has been consistent and historically, we've seen very little migration to loss.

即使 3 月份的環境更具挑戰性，我們的第一季度仍然表現強勁。與其他人一樣，我們看到存款成本上升，在最近的市場動蕩之前我們已經開始實現這一點。我們在資產負債表的資產方面建立的靈活性，包括較低的貸存比、67% 的貸款總額在 12 個月內重新定價以及預計同期將有近 16 億美元的證券現金流量將有助於緩解這對責任定價的影響。我們第一季度的業績包括 2.4% 的平均存款增長和 19.3% 的平均貸款增長（按相關季度年化計算）。我們的收費業務繼續保持增長勢頭，信貸質量依然出色，淨沖銷額僅為平均貸款的 0.09%。截至 3 月 31 日，不良貸款較年底進一步改善，僅佔貸款總額的 0.07%。正如您在我們的 10-Q 中看到的那樣，受到批評的貸款持平。我們的觀察名單水平，仍然是過去的貸款，將在我們管理我們的賬簿時反彈。我們會很快發現問題、採取行動並解決任何問題。這種主動管理一直是一致的，從歷史上看，我們很少看到遷移到損失。

Turning to the balance sheet. The drivers behind our 19.3% linked quarter annualized growth and average loan balances this quarter are on Slide 24. Total top line loan production, as shown on Slide 25, was $934 million for the quarter. Payoffs and paydowns represent 3.3% of loans in the first quarter. The average for the past 5 quarters was just under 4%, in line with our longer-term trends. Commercial real estate and construction growth in the first quarter came predominantly from industrial and multifamily categories. This quarter, we provided additional disclosures on our CRE portfolio in our line of business section on Slide 37 and 38. Credit quality is strong across our book, and the portfolio is well diversified by property classification, tenant type and geography. As it relates to office CRE, our portfolio of just under $1 billion represents just 4.5% of total UMB loans. The average size of an office credit is $8.2 million and approximately 70% of the portfolio matures in 2025 or later. The office portfolio is 82% recourse and has a weighted average loan-to-value of approximately 65%. The smaller nonrecourse portion has a lower LTV ratio of 61% and is either leased to credit tenants long term or with our strong sponsors. We've generally limited our office lending to our strongest and most experienced sponsors, and we adhere to conservative standards, which include underwriting to imputed or stressed interest rates and moderate loan-to-value ratios.

轉向資產負債表。本季度我們 19.3% 的相關季度年化增長和平均貸款餘額背後的驅動因素在幻燈片 24 上。如幻燈片 25 所示，本季度總貸款產量為 9.34 億美元。第一季度的還款和還款佔貸款的 3.3%。過去 5 個季度的平均值略低於 4%，符合我們的長期趨勢。第一季度商業房地產和建築業的增長主要來自工業和多戶住宅類別。本季度，我們在幻燈片 37 和 38 的業務線部分提供了關於我們的 CRE 投資組合的額外披露。我們賬面上的信用質量很高，並且投資組合在財產分類、租戶類型和地理位置方面非常多樣化。由於與辦公室 CRE 相關，我們不到 10 億美元的投資組合僅佔 UMB 貸款總額的 4.5%。寫字樓信貸的平均規模為 820 萬美元，大約 70% 的投資組合將在 2025 年或之後到期。寫字樓組合有 82% 的追索權，加權平均貸款價值比約為 65%。較小的無追索權部分的 LTV 比率較低，為 61%，要么長期出租給信貸租戶，要么出租給我們強大的讚助商。我們通常將我們的辦公室貸款限制在我們最強大和最有經驗的讚助商，並且我們遵守保守的標準，其中包括承銷估算或壓力利率以及適度的貸款價值比。

The majority of our office portfolio is located within UMB's Midwestern footprint, and we have no office exposure in major coastal markets. Given our Midwestern focus, our borrowers are seeing continued leasing interest and increasing return to office activity. This is supported by the makeup of our portfolio, which is 55% in suburban office parks and an additional 17% in medical offices. We continue to monitor the portfolio closely and stay ahead of any emerging risk. Looking ahead to the second quarter, we see opportunities in our various verticals across the footprint. We will continue to remain disciplined on our pricing and further emphasizing lendings that come with deposit relationships. On the other side of the balance sheet, average deposits increased 2.4% on an annualized basis compared to the fourth quarter. As we shared earlier in our 8-K, since March 9, balances increased more than $1 billion at quarter end. For comparison purposes, the peers who have reported through the end of last week reported a median increase in average deposits of just over 0.05%. Looking at DDA, we saw a shift of less than half of what our peers reported.

我們的大部分辦公室組合位於 UMB 的中西部足跡內，我們在主要沿海市場沒有辦公室曝光。鑑於我們以中西部為重點，我們的借款人看到了持續的租賃興趣和增加的辦公室活動回報。這得到了我們投資組合構成的支持，其中 55% 位於郊區辦公園區，另外 17% 位於醫療辦公室。我們繼續密切監控投資組合，並保持領先於任何新出現的風險。展望第二季度，我們在足蹟的各個垂直領域看到了機會。我們將繼續在定價方面保持紀律，並進一步強調與存款關係相關的貸款。在資產負債表的另一邊，與第四季度相比，平均存款年率增長 2.4%。正如我們早些時候在 8-K 中分享的那樣，自 3 月 9 日以來，餘額在季度末增加了超過 10 億美元。出於比較目的，截至上週末公佈報告的同行報告的平均存款增幅中值略高於 0.05%。查看 DDA，我們看到的變化不到同行報告的一半。

Importantly, as we point out each quarter, activity in our commercial and institutional customer base differentiates us from our peers with larger retail customer base. On any given day and particularly at month end and quarter end deposit balances fluctuate for normal business purposes such as payroll, dividends and other expected activity. This is why we focus on average balances over the quarter. Slides 30 and 31 show the composition and the characteristics of our deposit portfolio. We have a very diverse deposit base across various industries, lines of business and geographies. 55% of our deposit accounts span 10 years or more. Additionally, we have deep business relationships with depositors with many using other products and services such as asset servicing, corporate trust, payments and treasury management. Uninsured deposits, adjusted to exclude affiliate and collateralized deposits were 43% of total deposits as of March 31.

重要的是，正如我們每個季度指出的那樣，我們的商業和機構客戶群的活動使我們有別於擁有更大零售客戶群的同行。在任何一天，尤其是在月末和季末，存款餘額會因正常業務目的而波動，例如工資單、股息和其他預期活動。這就是為什麼我們關注本季度的平均餘額。幻燈片 30 和 31 顯示了我們存款組合的構成和特徵。我們在不同行業、業務線和地區擁有非常多樣化的存款基礎。我們 55% 的存款賬戶跨度為 10 年或更長時間。此外，我們與儲戶建立了深厚的業務關係，其中許多儲戶使用資產服務、企業信託、支付和資金管理等其他產品和服務。截至 3 月 31 日，經調整以排除附屬存款和抵押存款的無保險存款佔存款總額的 43%。

We have the opportunity to reduce this ratio even further as much as 10 points by using suites. Additionally, we continue to enhance our already strong contingent liquidity sources while increasing our proportion of insured deposits. As a result, our liquidity covered approximately 116% of uninsured deposits as of April 20. Lastly, before I turn it over to Ram, I'd like to mention that I've appreciated the efforts of the research analyst community, including those of you on this call, you've made an effort to educate market participants and avoid contributing to unfounded fears. Ram?

通過使用套件，我們有機會將該比率進一步降低多達 10 個百分點。此外，我們繼續加強本已強大的或有流動性來源，同時增加我們的受保存款比例。因此，截至 4 月 20 日，我們的流動性覆蓋了大約 116% 的未投保存款。最後，在我將其轉交給 Ram 之前，我想提一下，我感謝研究分析師社區的努力，包括那些你在這次電話會議上，努力教育市場參與者並避免助長毫無根據的恐懼。內存？

Thanks, Mariner. I'll share a few additional drivers of our first quarter results, then I'll discuss some of the key balance sheet items that are top of mind in the current environment related to deposits, securities, liquidity and capital. Net income for the first quarter was $92.4 million or $1.90 per share. Operating pretax pre-provision EPS for the quarter was $2.78 per share compared to $2.44 for the first quarter of 2022. Net interest income decreased 1.4% versus the fourth quarter as the positive benefit from asset repricing and the benefit from loan growth was offset by the mix shift in liabilities and the impact of fewer days in the quarter. Net interest margin for the first quarter was 2.76%, a decrease of 7 basis points from the linked quarter. Drivers included negative impacts of approximately 51 basis points from deposit pricing and mix and 16 basis points related to changes in Fed funds purchase, repurchase agreements and short-term borrowing levels. Offsets include a positive 34 basis points from loan mix and repricing and 29 basis points from the benefit of free funds and changes in liquidity balances.

謝謝，水手。我將分享我們第一季度業績的一些額外驅動因素，然後我將討論在當前環境下與存款、證券、流動性和資本相關的一些關鍵資產負債表項目。第一季度的淨收入為 9240 萬美元或每股 1.90 美元。本季度的營業稅前撥備前每股收益為 2.78 美元，而 2022 年第一季度為 2.44 美元。淨利息收入較第四季度下降 1.4%，因為資產重新定價的積極收益和貸款增長的收益被混合負債轉移和本季度天數減少的影響。一季度淨息差為2.76%，環比下降7個基點。驅動因素包括存款定價和組合帶來的大約 51 個基點的負面影響，以及與聯邦基金購買、回購協議和短期借款水平變化相關的 16 個基點。抵消包括來自貸款組合和重新定價的正 34 個基點以及來自自由資金和流動性餘額變化的 29 個基點。

While deposit costs continue to increase, our earning asset beta of 49% is outpacing our total cost of deposits and total cost of fund betas of 36% and 41%, respectively, cycle today. We continue to benefit from the shorter tenor of our asset base, including the fact that 67% of our loan portfolio reprices within 12 months. On a linked quarter basis, our loan yield beta of 61% outperformed our total deposit beta of 48% and total cost of funds beta of 59%, but were lower than our cost of interest-bearing deposit beta of 69%. As I noted earlier, the beta on our cost of interest-bearing deposits increased due to mix shift, including our issuances of brokered CDs with different tenors prior to and subsequent to the failure of SBB.

雖然存款成本繼續增加，但我們 49% 的盈利資產貝塔值超過了我們今天週期的總存款成本和總基金成本貝塔值分別為 36% 和 41%。我們繼續受益於我們資產基礎的較短期限，包括我們 67% 的貸款組合在 12 個月內重新定價這一事實。按季度計算，我們 61% 的貸款收益率貝塔優於我們 48% 的總存款貝塔和 59% 的總資金成本貝塔，但低於我們 69% 的計息存款成本貝塔。正如我之前指出的那樣，我們的計息存款成本的貝塔值由於混合轉變而增加，包括我們在 SBB 倒閉之前和之後發行不同期限的經紀 CD。

In the first quarter, approximately 38% of our average deposits were interest-free DDA down slightly from 40% in the fourth quarter. The flexibility embedded in our balance sheet from variable rate loans that reprice and a higher proportion of DDA provides us the ability to absorb and mitigate increases in cost of liabilities in the current high interest rate environment. As we noted before, given the larger corporate and institutional nature of our deposit base, our deposit betas are more pronounced than many of our peers. In the current interest rate environment, we've taken additional steps enhancing asset pricing discipline and further emphasizing lending that has deposit relationships as well. As we look ahead, there are many factors that play into our expectation for net interest margin, including the shape of the yield curve, anticipated changes to short-term interest rates, continuation of mix shift, higher cash levels and competitive pressures from other financial institutions and off-balance sheet products. There is a greater degree of uncertainty today given the confluence of all these factors.

第一季度，我們約 38% 的平均存款是免息 DDA，略低於第四季度的 40%。我們資產負債表中嵌入的靈活性來自重新定價的可變利率貸款和更高比例的 DDA，使我們能夠在當前的高利率環境下吸收和減輕負債成本的增加。正如我們之前指出的那樣，鑑於我們存款基礎的較大公司和機構性質，我們的存款貝塔比我們的許多同行更為明顯。在當前的利率環境下，我們採取了額外的措施來加強資產定價紀律，並進一步強調具有存款關係的貸款。展望未來，有許多因素會影響我們對淨息差的預期，包括收益率曲線的形狀、短期利率的預期變化、結構轉變的持續、更高的現金水平以及來自其他金融機構的競爭壓力機構和表外產品。鑑於所有這些因素的融合，今天存在更大程度的不確定性。

Looking ahead, we would expect mid-single-digit growth in net interest income on a year-over-year basis. Additionally, we expect to generate positive operating leverage in 2023. Our reported noninterest income of $130.2 million contains some market-related variances, including in company-owned life insurance income of $4 million versus just $21,000 in the fourth quarter and a $1.8 million increase in customer-related derivative income. COLI income has a similar offset in deferred compensation expense. Customer acquisition and solid performance in Corporate Trust, fund services and private wealth drove a 5.3% increase in trust and securities processing income. Quarterly income in that category exceeded $62 million, and we continue to see opportunities for growth. The $5 million decrease in net investment security gains relate to an impairment in the value of one of our bank sub debt holdings. The detailed drivers of our $237 million in noninterest expense are shown in our slides and press release.

展望未來，我們預計淨利息收入將同比實現中個位數增長。此外，我們預計將在 2023 年產生積極的經營槓桿。我們報告的 1.302 億美元非利息收入包含一些與市場相關的差異，包括公司擁有的人壽保險收入為 400 萬美元，而第四季度僅為 21,000 美元，以及 180 萬美元的增長與客戶相關的衍生收入。 COLI 收入在遞延補償費用中有類似的抵消。企業信託、基金服務和私人財富領域的客戶獲取和穩健表現推動信託和證券處理收入增長 5.3%。該類別的季度收入超過 6200 萬美元，我們繼續看到增長機會。淨投資安全收益減少 500 萬美元與我們持有的一項銀行次級債務的價值減值有關。我們的幻燈片和新聞稿中顯示了我們 2.37 億美元非利息支出的詳細驅動因素。

A few items of note. Employee benefits expense increased $13.2 million, largely due to typical seasonal reset of payroll taxes, insurance and 401(k) expense. As previously noted, the industry-wide increase in FDIC assessment fees added $1.3 million, and we had a full quarter of increased amortization expense related to the HSA acquisition in the fourth quarter. As we discussed last quarter, we expect approximately $4.5 million of additional amortization expense annually. These increases were offset by a normalization of accruals related to various incentive plans and timing of marketing and other spend from elevated fourth quarter levels. Considering those variances, we would put our quarterly starting point closer to $227 million for noninterest expenses. Despite positive trends in credit metrics, provision for the first quarter increased to $23.3 million and included approximately $9 million related to forecasted changes to key economic variables and $7 million for growth in our loan portfolio. The quality of our loan portfolio remains excellent at Mariner mentioned. Our coverage ratio increased to 97 basis points of total loans from 91 basis points at year-end.

一些注意事項。員工福利支出增加了 1320 萬美元，這主要是由於工資稅、保險和 401(k) 支出的典型季節性重置。如前所述，全行業 FDIC 評估費用的增加增加了 130 萬美元，我們在第四季度有一個完整的季度與 HSA 收購相關的攤銷費用增加。正如我們上個季度所討論的那樣，我們預計每年會有大約 450 萬美元的額外攤銷費用。這些增長被與各種激勵計劃相關的應計費用正常化以及第四季度較高水平的營銷和其他支出的時間安排所抵消。考慮到這些差異，我們將非利息支出的季度起點接近 2.27 億美元。儘管信貸指標呈積極趨勢，但第一季度的準備金增加到 2330 萬美元，其中包括與關鍵經濟變量的預測變化相關的約 900 萬美元和我們貸款組合增長的 700 萬美元。我們提到的 Mariner 的貸款組合質量仍然很好。我們的貸款覆蓋率從年底的 91 個基點增加到 97 個基點。

Our effective tax rate was 17.2% for the first quarter compared to 15.7% in the first quarter of 2022. The increased rate was driven primarily by excess tax benefits related to equity-based compensation. For full year 2023, we anticipate the tax rate will be approximately 17% to 19%. Now looking in more detail at the balance sheet. I'll start with the details on our investment portfolio, Slides 28 and 29. Our average investment security balances remained relatively flat from the fourth quarter at $11.6 billion, excluding the $1.2 billion of industrial revenue bonds in the health and maturity category. During the quarter, $250 million of securities with an average yield of 2.42% rolled off. The yield on our AFS portfolio increased 15 basis points to 2.69% and the HTM portfolio, excluding of the IRBs I mentioned, had an average yield of 2.36% for the first quarter, an increase of 7 basis points. The portfolio split roughly 60-40 between available for sale and held to maturity and the AFS book has a duration of 4 years. Additionally, the portfolio is expected to generate nearly $1.6 billion of cash flows in the next 12 months, providing further funding flexibility. The roll off of these securities will also improve our AOCI position over that period. Our unrealized loss position has improved from year-end, benefiting from the reduced marks on the AFS portfolio and HTM portfolios as interest rates have come down since December 31.

我們第一季度的有效稅率為 17.2%，而 2022 年第一季度為 15.7%。稅率上升的主要原因是與基於股權的薪酬相關的超額稅收優惠。對於 2023 年全年，我們預計稅率將約為 17% 至 19%。現在更詳細地查看資產負債表。我將從我們的投資組合、幻燈片 28 和 29 的詳細信息開始。我們的平均投資證券餘額與第四季度相比保持相對平穩，為 116 億美元，不包括健康和到期類別的 12 億美元工業收入債券。本季度，平均收益率為 2.42% 的 2.5 億美元證券減持。我們的 AFS 投資組合的收益率增加了 15 個基點，達到 2.69%，HTM 投資組合（不包括我提到的 IRB）第一季度的平均收益率為 2.36%，增加了 7 個基點。該投資組合在可供出售和持有至到期之間的比例約為 60-40，AFS 賬簿的期限為 4 年。此外，該投資組合預計將在未來 12 個月內產生近 16 億美元的現金流，從而提供進一步的融資靈活性。這些證券的滾存也將改善我們在此期間的 AOCI 頭寸。由於自 12 月 31 日以來利率下降，我們的未實現虧損頭寸從年底開始有所改善，這得益於 AFS 投資組合和 HTM 投資組合的標記減少。

As of March 31, the unrealized pretax loss on the AFS portfolio narrowed to $678 million or 8.9% of the amortized cost. For the HTM portfolio, this loss was $490 million relative to the amortized cost. As we've shared previously, we transferred securities with an amortized cost of $4.1 billion from AFS to HTM in 2022. The remaining balance of the unrealized pretax losses related to the transfer was $237 million as of March 31. Additionally, an after-tax gain of $57 million related to fair value hedges was included in ALCI. We have no need to sell bonds, which could result in realized losses. We intend to hold these securities as they are important asset class used to collateralize municipal and trust deposits and can be used to bolster our liquidity. Slide 33 highlights our liquidity position, along with the contingent sources of funding available to meet customer and operational needs. As of March 31, we had $13.4 billion in available liquidity sources. As Mariner mentioned, liquidity coverage of uninsured deposits have increased to 116% as of last week. Also on that slide, we've included our regulatory capital ratios. Our CET1 of 10.57% compares favorably to the peer median. Our tangible common equity ratio improved 5 basis points from the fourth quarter to 6.28%. Excluding AOCI, TCE was 7.83%.

截至 3 月 31 日，AFS 投資組合的未實現稅前虧損收窄至 6.78 億美元，佔攤銷成本的 8.9%。對於 HTM 投資組合，相對於攤餘成本，這一損失為 4.9 億美元。正如我們之前分享的那樣，我們在 2022 年將攤餘成本為 41 億美元的證券從 AFS 轉移到 HTM。截至 3 月 31 日，與轉移相關的未實現稅前虧損餘額為 2.37 億美元。此外，稅後與公允價值對沖相關的 5700 萬美元收益被計入 ALCI。我們沒有必要出售債券，這可能會導致已實現的損失。我們打算持有這些證券，因為它們是用於抵押市政和信託存款的重要資產類別，可用於增強我們的流動性。幻燈片 33 強調了我們的流動性狀況，以及可用於滿足客戶和運營需求的或有資金來源。截至 3 月 31 日，我們擁有 134 億美元的可用流動資金來源。正如 Mariner 所提到的，截至上週，未投保存款的流動性覆蓋率已增至 116%。同樣在該幻燈片上，我們包括了我們的監管資本比率。我們的 CET1 為 10.57%，優於同行中位數。我們的有形普通股權益比率比第四季度提高了 5 個基點，達到 6.28%。不包括 AOCI，TCE 為 7.83%。

That concludes our prepared remarks, and I'll now turn it back over to the operator to begin the Q&A portion of the call.

我們準備好的發言到此結束，我現在將其轉回給接線員，開始電話的問答部分。

(Operator Instructions) We have our first question comes from Jared Shaw from Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Jared Shaw。

First is a good job during a difficult environment with the deposit balances. That's nice to see the resilience of the model there. As we look at deposits, I think in the past, you've talked about DDA as a percentage of total, maybe troughing around 35%. Is that still a good sort of floor to expect on the 0 cost deposits.

首先是在存款餘額困難的環境中做好工作。很高興看到那裡模型的彈性。當我們看存款時，我想過去，你談到 DDA 佔總額的百分比，可能跌至 35% 左右。對於 0 成本存款來說，這仍然是一個很好的底線嗎？

 Well, this is Mariner. I mean we watch it closely. We still expect to maintain the overall outsized balances. Who knows exactly what the pressure short term will be on higher interest rates. It's possible that a little bit could move yet from where we are at 38% today. But we don't necessarily expect that. We just can't really tell you one way or the other, if there's a little more movement because of the higher rate environment. Don't expect it to leave the balance sheet, however.

嗯，這是 Mariner。我的意思是我們密切關注它。我們仍然希望保持總體超額餘額。誰知道短期內利率上升會帶來什麼樣的壓力。與我們今天 38% 的位置相比，可能還有一點點變化。但我們不一定期望那樣。我們只是不能真正告訴你一個或另一個方式，如果因為更高的利率環境而有更多的運動。但是，不要指望它會離開資產負債表。

Hey, this is Ram here. The only thing I would add is last cycle, we bottomed out at 32%. And since then, we have a lot of new businesses like Corporate Trust on the aviation side that contributed a lot of DDAs as well. So arguably, you would assume that it would be higher than where we bought that last time. But as Mariner said, business unprecedented great environment and rates are much higher than anybody ever foresaw that. But I mean it's been more stable than we -- it's been more stable than we would have expected it to be really given the higher rate environment. So I don't -- we don't expect a whole lot of movement.

嘿，我是拉姆。我唯一要補充的是上個週期，我們在 32% 觸底。從那以後，我們有很多新業務，比如航空方面的 Corporate Trust，它們也貢獻了大量 DDA。所以可以說，你會認為它會高於我們上次購買的價格。但正如 Mariner 所說，商業前所未有的大環境和利率遠遠高於任何人曾經預見到的。但我的意思是，它比我們更穩定——它比我們預期的更穩定，因為它實際上是在更高的利率環境下。所以我不 - 我們不期望有很多動作。

Okay. And then as we look at the beta sort of the cumulative beta through the cycle, what should we expect for a peak through the cycle data on overall cost of deposits or interested in however you want to look at it?

好的。然後，當我們查看整個週期中累積 beta 的 beta 類型時，我們應該期望通過週期數據的總存款成本達到峰值，或者對您想如何看待它感興趣？

Yes. I mean we're at 36%, as I said in my prepared comments, we're probably assuming another rate hike, and we stay at 5.25%, I would expect our total cost of beta to be around 40%, Jared.

是的。我的意思是我們在 36%，正如我在準備好的評論中所說，我們可能假設再次加息，我們保持在 5.25%，我預計我們的貝塔總成本約為 40%，Jared。

 And Jared, I would just add. We like to focus everybody on the whole balance sheet anyway. We expect our asset pricing to remain strong and disciplined on -- and obviously, our asset base is very flexible. And with 60% of our loans repricing with interest rates and 70 within 12 months. It's really, really important from our perspective and not just focus on deposits.

還有賈里德，我只想補充一下。無論如何，我們喜歡讓每個人都關注整個資產負債表。我們預計我們的資產定價將保持強勁和自律——顯然，我們的資產基礎非常靈活。我們有 60% 的貸款會在 12 個月內根據利率重新定價，70%。從我們的角度來看，這真的非常重要，而不僅僅是關注存款。

Maybe once we see rate cuts at some point in the future, what type of -- how quickly can that pass through to margin or what type of lag should we expect once we actually see cuts in the future?

也許一旦我們在未來的某個時候看到降息，什麼類型的——這能以多快的速度傳遞到利潤率，或者一旦我們真正看到未來降息，我們應該期待什麼類型的滯後？

 This is such a different environment. I guess it's hard to tell. I mean, if you look at past cycles, the deposits will move faster on the way down, which is the opposite on the way up, right? So on the way down, historically, we've benefited faster because the deposits moved first on the way down. So if that's the -- if the past is any indication of the future, we're positioned pretty well for that. It's probably too early to talk about how much is -- how prepared we are with the assets on what's term and what floors are and all that. I mean it's awfully early in the cycle, we get moving on that, but we'll be prepared for you when it comes.

這是一個如此不同的環境。我想這很難說。我的意思是，如果你看看過去的周期，存款在下降的過程中會移動得更快，而在上升的過程中則相反，對吧？因此，從歷史上看，在下降的過程中，我們受益更快，因為存款在下降的過程中首先移動。因此，如果那是 - 如果過去是未來的任何跡象，那麼我們已經做好了準備。現在談論多少可能還為時過早——我們對資產的準備程度如何，什麼樓層等等。我的意思是，現在還處於週期的早期，我們會繼續前進，但我們會在它到來時為您做好準備。

Okay. All right. And then just finally for me. I appreciate the color on the office space and the detail around how high quality it is. As you're talking to sponsors better may be coming due in the next 18 months, is your sense that as those come due that they'd be -- that there's access to additional equity to put into those deals as they come to keep those strong metrics? Or would you -- do you think that they're more willing to sell properties at renewal now?

好的。好的。最後對我來說。我很欣賞辦公空間的顏色以及有關其質量的細節。當你與讚助商交談時，更好的可能會在未來 18 個月內到期，你的感覺是，當這些交易到期時，他們會獲得額外的股權來保留這些交易強大的指標？或者你會 - 你認為他們現在更願意在續約時出售房產嗎？

No. I'll take a stab at that and then Tom can add to it. I mean these are very, very strong borrowers with low loan to values, stressed interest rates on the front end. We do all our work on the front end. It's probably the best answer I'd give you. We stress these upfront and to very, very strong liquid sponsors with big portfolios of other real estate and strong cash flow coming off of other projects. I don't know, Tom, if you'd add anything. Office is -- we just -- it's the -- we're the wrong bank to be focused on the office portfolio. It's less than 4.4%. It's super strong. We don't think about it over here. But Tom, I don't know if...

不，我會嘗試一下，然後 Tom 可以添加。我的意思是，這些是非常非常強大的借款人，貸款價值低，前端利率壓力大。我們在前端完成所有工作。這可能是我能給你的最好答案。我們強調這些前期和非常非常強大的流動性贊助商，他們擁有大量其他房地產投資組合和來自其他項目的強勁現金流。湯姆，我不知道你是否要添加任何內容。辦公室是——我們只是——它是——我們是錯誤的專注於辦公室產品組合的銀行。不到 4.4%。它非常強大。我們這裡不考慮。但是湯姆，我不知道是否...

Yes. This is Tom Terry. Just to reiterate, 4.5% of our total portfolio, and we are more suburban in terms of more low and medium rise office as opposed to downtown office. And so we have very strong sponsors. We don't have any worries about their ability to put in more equity if that's required at the time of renewal.

是的。這是湯姆·特里。重申一下，占我們總投資組合的 4.5%，就更多的中低層辦公樓而言，我們更偏向郊區，而不是市中心的辦公樓。所以我們有非常強大的讚助商。如果在續約時需要，我們不擔心他們投入更多股權的能力。

And I think in our remarks, we talked about how much of it reprices in '25 and beyond and you think about the cycle and the changes in interest rates, I mean that we're probably pretty well protected anyway by the time 25 rolls around.

我認為在我們的評論中，我們談到了 25 年及以後有多少重新定價，你考慮了周期和利率的變化，我的意思是到 25 年左右我們可能會得到很好的保護.

 (Operator Instructions) We have our next question comes from Chris McGratty from KBW.

（操作員說明）我們的下一個問題來自 KBW 的 Chris McGratty。

Just going back to credit. Obviously, this earnings season has been a lot about office real estate. Mariner or team, is this where we need to focus for your company the most? Is there other portfolios that perhaps are getting more attention?

只是回到信用。顯然，這個財報季很大程度上與寫字樓房地產有關。 Mariner 或團隊，這是我們最需要為貴公司關注的地方嗎？是否有其他投資組合可能受到更多關注？

Just a moment ago, I tried to reference, we don't worry about our office at all here. Again, it's a very, very small part of our portfolio. we don't worry about office here. And I don't -- if you go to our provision expense, $9 million, as we mentioned in our COM at $9 million, that's tied to the CECL process that we now use with economic factors. $7 million of that was based on loan growth. We have 0 expectation that we fall outside of our historic charge-off metrics regardless of what the environment is. We've been at this a long time. You got in this room with me, I've got Jim Rine and Tom Terry, the 3 of us have been doing this together through the last 3 cycles, and we've had outstanding credit metrics. We're really proud of them. We don't expect anything different.

就在剛才，我試著提到，我們在這裡根本不用擔心我們的辦公室。同樣，它只是我們投資組合中非常非常小的一部分。我們不擔心這裡的辦公室。而且我沒有 - 如果你去我們的撥備費用，900 萬美元，正如我們在 COM 中提到的 900 萬美元，這與我們現在與經濟因素一起使用的 CECL 流程有關。其中 700 萬美元是基於貸款增長。無論環境如何，我們都沒有超出歷史沖銷指標的預期。我們已經這樣做很長時間了。你和我一起在這個房間裡，我有 Jim Rine 和 Tom Terry，在過去的 3 個週期中，我們三個人一直在一起做這件事，我們有出色的信用指標。我們真的為他們感到驕傲。我們不期望有什麼不同。

In terms of maybe a question on the rating downgrade, which has got a lot of attention for the group. Does this change your business at all? Are there deposits that either are tied or correlated to your rating? Obviously, we could argue if it's backward looking or even right to begin with. But is there any effect on your deposits from what happened?

關於評級下調的問題，已經引起了該集團的廣泛關注。這會完全改變您的業務嗎？是否有與您的評級掛鉤或相關的存款？顯然，我們可以爭論它是否是向後看的，甚至是從一開始就正確的。但是發生的事情對您的存款有影響嗎？

Not -- no, not long term. We had -- there was a little disruption at the very beginning that Monday after SVB failed where it costs us a little bit with a few clients. But since then, that's all recovered. I would point you to something pretty important, which is when the interest rates go up 9x in a year and the expectation of the Fed is that we slow the economy, guess what happens? We slow the economy. Thanks are a big part of that there's going to be a contraction in loan growth for the industry. All of this is anticipated, all of it is expected. It's a cyclical outcome of what the federal government is doing intended to slow the economy. Was it exacerbated slightly by what happened to SBB? Sure. But we have way, way overblown the impact of 2 failed banks and expecting that, that has something to do with the rest of us. You guys on the phone are way smarter than some of these market participants, you ask way better questions that are research. And I would just suggest that we move on and stop talking about the rating agencies, which had no value.

不——不，不是長期的。我們有 - 在 SVB 失敗後的那個星期一一開始就出現了一些中斷，這讓我們對一些客戶付出了一點代價。但從那以後，一切都恢復了。我會指出一些非常重要的事情，那就是當利率在一年內上升 9 倍，而美聯儲的預期是我們放緩經濟，猜猜會發生什麼？我們放慢了經濟。這在很大程度上要歸功於該行業的貸款增長將會收縮。這一切都在預料之中，一切都在預料之中。這是聯邦政府為減緩經濟而採取的措施的周期性結果。 SBB 發生的事情是否稍微加劇了這種情況？當然。但我們誇大了 2 家倒閉銀行的影響，並期望這與我們其他人有關。電話裡的你們比其中一些市場參與者聰明得多，你們提出的研究問題要好得多。我只是建議我們繼續前進，停止談論沒有價值的評級機構。

Yes. That's good context. And then maybe one for Ram, if I could. I think you said -- I want to make sure I got my notes mid-single-digit growth in net interest income. That's on a full year '23 over '22.

是的。這是很好的背景。如果可以的話，也許還有一個給拉姆。我想你說過——我想確保我的票據淨利息收入實現中個位數增長。那是在 22 年的 23 年全年。

Correct.

正確的。

In terms of like to get to that number, you mentioned $1.6 billion coming off the bond portfolio. I assume that will get redirected into the loan book. Is the assumption still there even with your slowing comments, I mean, last quarter, you talked about double-digit grower regardless. Is that still kind of baked into that? Or do you temper that at all?

就喜歡達到這個數字而言，你提到了 16 億美元來自債券投資組合。我認為這將被重定向到貸款簿中。即使你的評論放緩，假設仍然存在嗎，我的意思是，上個季度，你無論如何都談到了兩位數的增長。那仍然是一種烤製嗎？或者你會緩和嗎？

I might just reask make sure I got your question right. Do we expect the same kind of loan growth? Is that the question?

我可能會再問一下，確保我回答對了你的問題。我們期望同樣的貸款增長嗎？是這個問題嗎？

Yes. Like what are the assumptions to get into that mid-single-digit growth in NII. I assume it's a remixing of the balance sheet a little bit.

是的。比如進入 NII 中個位數增長的假設是什麼。我認為這是對資產負債表的重新組合。

 Everything that you said, yes, in terms of -- we talked a little bit in our prepared comments about how we're going to be really disciplined on asset pricing, making sure that our asset betas are exceeding what we do on the deposit side. So whatever that metro market, Mariner also talked in his prepared comments about the expected contraction in just availability of credit. But that said, one of our tenets of our investment thesis has always been outperformance in terms of loan growth. So we still see opportunities. We still see expansion opportunities in our verticals out of pipeline looks pretty good. So it's just no real softening of demand from our -- from what we see.

你所說的一切，是的，就——我們在準備好的評論中談了一點關於我們將如何在資產定價方面真正遵守紀律，確保我們的資產貝塔值超過我們在存款上所做的邊。因此，無論是哪個地鐵市場，馬里納還在他準備好的評論中談到了信貸可用性的預期收縮。但話雖如此，我們投資主題的原則之一始終是在貸款增長方面表現出色。所以我們還是看到了機會。我們仍然看到我們的垂直領域的擴張機會看起來很不錯。因此，從我們所看到的來看，我們的需求並沒有真正減弱。

 Yes. I mean I think naturally loan growth will slow. That doesn't mean we stop growing and I think that naturally system-wide loan growth will slow a little bit. But that's off a pretty decent growth base anyway, and you include solid asset pricing, our ability, we believe we can continue to have strong loan beta and strong pricing discipline, which coupled with what we believe will be a flattening of expansion on the deposit side will allow that mid-single-digit expansion that Ram's talking about.

是的。我的意思是我認為貸款增長自然會放緩。這並不意味著我們停止增長，我認為整個系統的貸款增長自然會放緩一點。但這無論如何都是一個相當不錯的增長基礎，你包括穩固的資產定價，我們的能力，我們相信我們可以繼續擁有強大的貸款貝塔和強大的定價紀律，再加上我們認為存款擴張將會趨於平緩side 將允許 Ram 談論的中個位數擴展。

Yes. And you mentioned the $1.6 billion of securities books rolling off at slightly north of 2 handles and being reinvested into new loans. That will be a big part of net interest income driving as well.

是的。你提到了 16 億美元的證券賬簿在 2 個句柄略偏北的位置滾動並被重新投資到新貸款中。這也將是推動淨利息收入增長的很大一部分。

(Operator Instructions) We have our next question comes from Nathan Race from Piper Sandler.

（操作員說明）我們的下一個問題來自 Piper Sandler 的 Nathan Race。

 I appreciate taking the questions. Nice quarter. Going back to the NII growth assumptions or guidance for 2023. Does that just contemplate one more Fed rate hike in May and then kind of the sedan pause from there? Was that...

很高興回答這些問題。不錯的季度。回到 NII 對 2023 年的增長假設或指導。這是否只是考慮美聯儲在 5 月再次加息，然後轎車從那裡暫停？那是...

That's correct, Nate.

沒錯，內特。

 Okay. Great. And then just in terms of some of the balance sheet dynamics in the quarter, it looks like you had about $2.8 billion in short-term debt. I guess curious what the impetus behind that was and kind of what the near-term or intermediate-term plans are. So that was a [inaudible] quarter.

好的。偉大的。然後就本季度的一些資產負債表動態而言，看起來你有大約 28 億美元的短期債務。我想知道這背後的推動力是什麼，以及近期或中期計劃是什麼。所以那是一個 [聽不清] 季度。

Yes, I'll take that. So if you look at our balance sheet, if you look at on the asset side, our interest-bearing deposit at banks was also elevated at close to $3 billion, which is up $2 billion on a quarter-over-quarter basis. So it's just out of abundance of caution that we have both sides of our balance sheet. We did have some excess borrowings and they were at parked at the Fed accounts. So we're going to evaluate that periodically based on the current climate and environment, but it's not a long-term, obviously, strategy for us to be dependent on a whole lot of wholesale without funding.

是的，我會接受的。因此，如果你看一下我們的資產負債表，如果你看一下資產方面，我們在銀行的有息存款也增加了近 30 億美元，環比增加了 20 億美元。因此，出於謹慎考慮，我們擁有資產負債表的兩面。我們確實有一些超額借款，它們存放在美聯儲賬戶中。因此，我們將根據當前的氣候和環境定期對其進行評估，但這顯然不是我們依賴大量批發而沒有資金的長期戰略。

 We're watching it close to our expectation as the things continue to improve and normalize, and we reduce those levels.

隨著情況繼續改善和正常化，我們正在觀察它接近我們的預期，我們降低了這些水平。

Okay. Great. So I guess, under those kind of assumptions is the expectation that you've got to generally fund loan growth, which just sounds like the pipeline is still pretty strong ring the second quarter with both cash flow come out securities book and deposit growth as well going forward.

好的。偉大的。所以我想，在這種假設下，你必須普遍為貸款增長提供資金，這聽起來像是第二季度的管道仍然相當強勁，現金流量來自證券賬簿和存款增長。向前走。

Yes. I mean, we expect that we can continue to fund loan growth with deposits where we're recentering, I think, as everybody is around relationship banking, which is what we've always been. It's kind of -- I think it's somewhat important to note that after -- over the last decade, you come off of the great recession, banks like us benefited pretty handsomely from flight to safety. So our balances grew then. And then you go into the pandemic and the government pump money into the system, and there was an enormous amount of excess liquidity jumped into the system, which has been absorbed. And during that time, a few banks like ourselves and many others, I think, started placing some high-quality loans on our balance sheet that maybe didn't come with as much deep relationship in deposits. And if there's anything, we've reminded ourselves over the last 45 days, it's who we are and what we've always been, which is a fantastic relationship-based bank with really deep relationships. And so I think how we're going to go forward with funding our loans is we'll just be more recentered around deeper relationships, and that's how we expect to fund on loan growth going forward.

是的。我的意思是，我們希望我們可以繼續用我們最近重新集中的存款為貸款增長提供資金，我認為，因為每個人都圍繞著關係銀行業務，這就是我們一直以來的做法。這有點——我認為有一點很重要的是要注意——在過去的十年裡，你擺脫了大衰退，像我們這樣的銀行從逃避安全中受益匪淺。所以我們的餘額增加了。然後你進入大流行，政府向系統注入資金，大量過剩流動性湧入系統，這些流動性已被吸收。在那段時間裡，我認為像我們這樣的一些銀行和許多其他銀行開始在我們的資產負債表上放置一些高質量的貸款，這些貸款可能與存款沒有那麼深的關係。如果有什麼的話，我們在過去 45 天裡提醒自己，那就是我們是誰，我們一直是什麼，這是一家非常棒的基於關係的銀行，有著非常深厚的關係。因此，我認為我們將如何繼續為我們的貸款提供資金，我們將更加關注更深層次的關係，這就是我們期望為未來貸款增長提供資金的方式。

 Okay. Great. And then turning to some some drivers in the quarter. It looks like you guys had a pretty strong quarter when it comes to services and the corporate trust and institutional segment. Is the rate of growth that we saw in those lines kind of sustainable as you look out over the next few quarters? Or I guess, kind of what are some of the underlying kind of growth drivers that you guys are seeing in terms of new client adds and just overall pipelines within the segments?

好的。偉大的。然後轉向本季度的一些司機。在服務以及企業信託和機構部門方面，你們似乎有一個非常強勁的季度。在接下來的幾個季度裡，我們在這些領域看到的增長率是否可持續？或者我想，你們在新客戶增加和細分市場內的整體管道方面看到的一些潛在的增長動力是什麼？

Yes. I think -- yes, Nate, I think largely that a lot of it is just coming from multiyear investments made in those businesses. So we've talked actually in the last few quarters about what the pipeline looks in fund services. For example, based on consolidation in the space and private equity-backed firms being sidelined for new business. So we've benefited a lot by some of that pipeline coming -- actually coming to fruition on the fund services side, for example. And also, obviously, private equity has -- because of what's happened to the public and liquid markets, private equity has been really strong over the last many years and continues to be, and that's a strength for that space. All of our investments in Corporate Trust has -- are paying off. We have that new office in Europe that in Dublin that allows us to do business with 72 more states as it relates to the airline business. And any of you who have been in an airport recently you know that the travel business is on fire, and therefore, airlines are investing. And so I just really kind of across the board, the investments we've been making over the past many years have paid off. We bought some health care accounts from Old National, our health care business is expanding, growing, broadening. It's just really across the board. I'll let Jim talk. He's probably going to say I said everything, but I...

是的。我認為 - 是的，內特，我認為其中很大一部分只是來自對這些業務的多年投資。所以我們實際上在過去幾個季度討論了基金服務中的渠道。例如，基於空間整合和私募股權支持的公司被邊緣化以開展新業務。因此，我們從一些即將到來的管道中受益匪淺——例如，實際上在基金服務方面取得了成果。而且，很明顯，私募股權已經 - 由於公共和流動市場發生的事情，私募股權在過去多年中一直非常強勁並且將繼續如此，這是該領域的優勢。我們對 Corporate Trust 的所有投資都取得了回報。我們在都柏林的歐洲設有新辦事處，這使我們能夠與另外 72 個州開展與航空業務相關的業務。最近去過機場的任何人都知道旅遊業務火爆，因此，航空公司正在投資。所以我真的有點全面，我們在過去多年所做的投資已經得到回報。我們從 Old National 購買了一些醫療保健賬戶，我們的醫療保健業務正在擴大、增長、擴大。這真的是全面的。我會讓吉姆說。他可能會說我說了一切，但我...

Well, he did, but it's a combination of new client acquisition, but we've also had fees turned on Mariner really did cover it, but that business has been extremely steady and growing for us and the real contributor to our fee income growth, and we don't see that slowing down for us anytime soon.

好吧，他做到了，但這是新客戶收購的結合，但我們也有收費，Mariner 確實涵蓋了它，但該業務對我們來說非常穩定並且在增長，並且是我們費用收入增長的真正貢獻者，而且我們不會很快看到這種放緩。

And our credit card, we didn't mention this in the comments, but we saw a spend go over $4 billion for the first time in the last quarter, that's in our deck, you can find that in there. So it's really just kind of I would suggest hitting on all cylinders. And as far as our business model, goes, you talked about the tightening of credit and the cycle that we're in right now. What we've said forever is our fee income is bullies us and the diversity of our business model is what takes us through economic cycles like this and allows us to outperform against our peers, and we don't expect that to be any different this time.

還有我們的信用卡，我們沒有在評論中提到這一點，但我們看到上個季度的支出首次超過 40 億美元，這在我們的平台上，你可以在那裡找到。所以我真的只是建議全力以赴。至於我們的商業模式，你談到了信貸緊縮和我們現在所處的周期。我們一直在說的是，我們的費用收入欺負我們，而我們商業模式的多樣性使我們度過了這樣的經濟周期，並使我們能夠超越同行，我們預計這不會有任何不同時間。

 And whereas other banks are more reliant upon their mortgage operations for their fee income that's just a friendly reminder is completely different.

並且其他銀行更依賴抵押貸款業務來獲取費用收入，這只是一個友好的提醒，這是完全不同的。

Yes, that latter point is not lost. If I could just ask one final one. Just going back to the office CRE portfolio. I appreciate all the disclosures there. Can you speak to kind of how recent these principles are across this portfolio to get to that average LTV disclosed in the deck and just generally how rent rolls are trending across that portfolio?

是的，後一點並沒有丟失。如果我能問最後一個。回到辦公室 CRE 投資組合。我感謝那裡的所有披露。您能否談談這些原則在整個投資組合中的最新程度，以達到甲板上披露的平均 LTV，以及租金在該投資組合中的總體趨勢如何？

Did you -- I'm not sure I've heard that totally well. Did you hear that, Tom?

你是不是——我不確定我是否聽得很清楚。你聽到了嗎，湯姆？

Well, if you're asking about loan to values, the thing to remember is our average loan in the office portfolio is $8.2 million. And we don't -- when we underwrite out of the gate, we don't trend rents, and so we're underwriting these to a lower sizing than a lot of our competitors do. And so we -- by virtue of how we underwrite on the front end, we do have lower loan to values than I think some of our competitors would have. And again, back to the nature of our portfolio being more suburban, more low and moderate size versus a high-rise type product. We've not seen a lot of change in rental rates thus far. But again, a lot of our portfolio goes out past 2025, 2026. So we just haven't seen it yet. But the -- today, they're performing as expected. And our borrowers are all pretty large, diversified borrowers of big portfolios of other that have cash flows and have the demonstrated capability to resize if they need to. But the real point about all this is how we do them from the beginning, and how we underwrite from the beginning, which is worst case -- we underwrite from the beginning with the worst-case scenario type thinking and it gives us a lot of room.

好吧，如果你問的是貸款價值比，要記住的是我們在辦公室投資組合中的平均貸款是 820 萬美元。而且我們沒有——當我們一開始就承保時，我們不會趨勢租金，所以我們承保的規模比我們的許多競爭對手都要小。因此，我們——憑藉我們在前端承保的方式，我們的貸款價值確實低於我認為我們的一些競爭對手所擁有的價值。再一次，回到我們的投資組合的性質，即與高層產品相比，更偏向郊區、更低和中等規模的產品。到目前為止，我們還沒有看到租金發生太大變化。但同樣，我們的很多投資組合都會在 2025 年、2026 年之後到期。所以我們還沒有看到它。但是 - 今天，他們的表現符合預期。我們的借款人都是相當大的、多元化的借款人，持有其他大型投資組合的借款人，這些借款人擁有現金流，並且有能力在需要時調整規模。但所有這一切的真正意義在於我們如何從一開始就做這些事情，以及我們如何從一開始就承保，這是最壞的情況——我們從一開始就以最壞情況的思維方式承保，這給了我們很多房間。

We have no further questions on the line. I will now hand back to the management team for any closing comments.

我們沒有其他問題了。我現在將把任何結束評論交還給管理團隊。

I don't think we have anything else to say. Appreciate it. We had a great quarter, and look forward to seeing next quarter.

我不認為我們還有什麼可說的。欣賞它。我們有一個很棒的季度，並期待看到下一個季度。

And the replay will be available on the website shortly. If you have any follow-up questions, you can always reach us at (816) 860-7106. Thank you for joining us, and have a great day.

重播將很快在網站上提供。如果您有任何後續問題，可以隨時致電 (816) 860-7106 與我們聯繫。感謝您加入我們，祝您有美好的一天。

Thank you. Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

謝謝。女士們，先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。