Valley National Bancorp (VLY) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Valley National Bancorp Q1 2023 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 Valley National Bancorp 2023 年第一季度財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Travis Lan, Head of Investor Relations. Travis, the floor is yours.

我現在想把會議交給今天的演講者，投資者關係主管 Travis Lan。特拉維斯，地板是你的。

Good morning and welcome to Valley's First Quarter 2023 Earnings Conference Call. Presenting on behalf of Valley today are CEO, Ira Robbins; President, Tom Iadanza; and Chief Financial Officer, Mike Hagedorn.

早上好，歡迎來到 Valley 2023 年第一季度收益電話會議。今天代表 Valley 出席的有 CEO Ira Robbins；總裁 Tom Iadanza；和首席財務官 Mike Hagedorn。

Before we begin, I would like to make everyone aware that our quarterly earnings release and supporting documents can be found on our company website at valley.com. When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results. Please refer to today's earnings release for reconciliations of these non-GAAP measures.

在我們開始之前，我想讓大家知道我們的季度收益發布和支持文件可以在我們公司的網站 valley.com 上找到。在討論我們的結果時，我們指的是非 GAAP 指標，它從報告的結果中排除了某些項目。請參閱今天的收益發布，了解這些非 GAAP 指標的對賬情況。

Additionally, I would like to highlight Slide 2 of our earnings presentation and remind you that the comments made during this call may contain forward-looking statements relating to Valley National Bancorp and the banking industry. Valley encourages all participants to refer to our SEC filings, including those found on Forms 8-K, 10-Q and 10-K for a complete discussion of forward-looking statements and the factors that could cause actual results to differ from those statements.

此外，我想強調我們收益報告的幻燈片 2，並提醒您，在本次電話會議中發表的評論可能包含與 Valley National Bancorp 和銀行業相關的前瞻性陳述。 Valley 鼓勵所有參與者參考我們的 SEC 文件，包括 8-K、10-Q 和 10-K 表格中的文件，以完整討論前瞻性陳述以及可能導致實際結果與這些陳述不同的因素。

With that, I'll turn the call over to Ira Robbins.

有了這個，我會把電話轉給 Ira Robbins。

Thank you, Travis. And welcome to those of you on the call. This morning, I will discuss Valley's response to recent events. And then we'll have time to provide insight on the quarter's loan and deposit results. Mike will then discuss the financial results in more detail.

謝謝你，特拉維斯。歡迎來電的各位。今天早上，我將討論 Valley 對最近發生的事件的反應。然後我們將有時間提供有關本季度貸款和存款結果的見解。然後邁克將更詳細地討論財務結果。

In the first quarter of 2023, Valley reported net income of $147 million, earnings per share of $0.28, and an annualized ROA of 0.98%. Exclusive of non-core items, adjusted net income, EPS and ROA were $155 million, $0.30 and 1.03% respectively. This quarter's financial performance was negatively impacted by seasonal factors related to net interest income and operating expenses.

2023 年第一季度，Valley 公佈的淨收入為 1.47 億美元，每股收益為 0.28 美元，年化 ROA 為 0.98%。不包括非核心項目，調整後的淨收入、EPS 和 ROA 分別為 1.55 億美元、0.30 美元和 1.03%。本季度的財務業績受到與淨利息收入和運營支出相關的季節性因素的負面影響。

Net interest margin compression partially related to our conservative liquidity build and other operating leverage headwinds. That said, I'm extremely proud of the strength exhibited by our balance sheet in this recent period of stress. To be clear, we entered the turmoil from a position of balance sheet and capital strength. Our extremely diverse and granular deposit base contributed to our structurally low uninsured deposit balances, and supported our funding stability during the quarter.

淨息差壓縮部分與我們保守的流動性建設和其他經營槓桿逆風有關。也就是說，我對我們的資產負債表在最近這段壓力時期表現出的實力感到非常自豪。需要明確的是，我們是從資產負債表和資本實力的角度進入動蕩的。我們極其多樣化和精細的存款基礎導致我們的結構性低未保險存款餘額，並支持我們在本季度的資金穩定性。

Our business niches and geographic footprint have positioned us well to benefit from recent disruption. In the last 3 weeks in March, we opened over 7,000 new deposit accounts, which represented a full quarter's worth of account acquisitions in normal times. These accounts continued to fund, and new customer flows remained strong.

我們的業務利基和地理足跡使我們能夠從最近的中斷中受益。在 3 月的最後 3 週內，我們開設了 7,000 多個新存款賬戶，這代表了正常情況下整整一個季度的賬戶收購價值。這些賬戶繼續提供資金，新客戶流量依然強勁。

From a capital perspective, we continue to benefit from our modest securities portfolio and associated OCI impact. These characteristics, as well as our strong underwriting track record, have clearly differentiated Valley during this period of stress. As always, during the recent bank failure crisis, our teams were proactive, consistent and direct in their client communications. This high touch approach further differentiates our organization and is indicative of the premier service-oriented culture that we have built.

從資本的角度來看，我們繼續受益於我們適度的證券投資組合和相關的 OCI 影響。這些特徵，以及我們強大的承銷記錄，使 Valley 在此壓力時期明顯脫穎而出。一如既往，在最近的銀行倒閉危機中，我們的團隊在與客戶的溝通中積極主動、始終如一和直接。這種高度接觸的方法進一步使我們的組織脫穎而出，並表明我們已經建立了一流的以服務為導向的文化。

We are also set apart as one of the top risk managers in the entire banking space. External stakeholders tend to focus on our track record of strong credit quality, but we are equally proud of the other components of our Enterprise Risk culture. For example, our interest rate risk and liquidity risk management positively differentiated Valley during the crisis.

我們也是整個銀行領域的頂級風險管理者之一。外部利益相關者往往關注我們良好的信用質量記錄，但我們同樣為企業風險文化的其他組成部分感到自豪。例如，我們的利率風險和流動性風險管理在危機期間積極區分了 Valley。

As a result of our strong risk management approach and confidence in our balance sheet, we were able to bid on the former Silicon Valley Bank. We structured a sophisticated and thoughtful proposal that was strategically and financially compelling for Valley. While our disciplined bid came up just short in the end, we are prepared and positioned to explore future opportunities that may emerge.

由於我們強大的風險管理方法和對資產負債表的信心，我們能夠競標前矽谷銀行。我們構建了一個複雜而深思熟慮的提案，該提案在戰略和財務上對 Valley 具有吸引力。雖然我們有紀律的競標最終未能如願，但我們已準備好並準備好探索未來可能出現的機會。

Valley fills the void in the current banking landscape today, as there are only a handful of commercial banks our size in the entire country. The niche of client we serve is strong, and our opportunities will only expand exponentially as the banking industry further evolves.

Valley 填補了當今銀行業格局的空白，因為在整個國家只有少數幾家像我們這樣規模的商業銀行。我們所服務的客戶群非常強大，隨著銀行業的進一步發展，我們的機會只會呈指數級增長。

Over the last 95 years, our organization has successfully navigated a variety of diverse crisis. While we remain competent in our risk management approach, strategic vision, and collective path forward, we are laser focused on diversity and granularity on both sides of the balance sheet and will not sacrifice the high credit standards, which has set us apart throughout our history. We continue to provide industry leading service and expertise to assist our clients and communities in achieving their financial goals. We believe that this long-term approach will drive shareholder value over time.

在過去的 95 年裡，我們的組織成功地度過了各種不同的危機。雖然我們在風險管理方法、戰略願景和集體前進道路上保持競爭力，但我們高度關注資產負債表兩邊的多樣性和粒度，不會犧牲高信用標準，這使我們在整個歷史中脫穎而出.我們繼續提供行業領先的服務和專業知識，以幫助我們的客戶和社區實現他們的財務目標。我們相信，隨著時間的推移，這種長期方法將推動股東價值。

With that I will turn the call over to Tom and Mike to discuss the quarter's growth and financial results.

有了這個，我將把電話轉給湯姆和邁克，討論本季度的增長和財務業績。

Thank you Ira. Slide 5 illustrates our stable deposit balances for the quarter. We are very pleased with the performance of our deposit base over the last few months. Precious experience following the closures of Silicon Valley and Signature were generally contained to a few larger corporate relationships, which we have been actively managing as rates increased.

謝謝艾拉。幻燈片 5 說明了我們本季度穩定的存款餘額。我們對過去幾個月存款基礎的表現感到非常滿意。 Silicon Valley 和 Signature 關閉後的寶貴經驗通常包含在一些較大的公司關係中，隨著利率的上升，我們一直在積極管理這些關係。

Our Technology Banking business performed extremely well during the crisis, and experienced only a modest decline in total balances. This team contributed to a significant amount of the new account openings that Ira mentioned earlier.

我們的技術銀行業務在危機期間表現出色，總餘額僅略有下降。這個團隊為艾拉之前提到的大量新開戶做出了貢獻。

The combination of runoff and lower cost customer balances and the continued utilization of higher cost, fully FDIC-insured indirect deposits drove costs higher during the quarter. In general, betas remain in line with our projected path for the year.

徑流和成本較低的客戶餘額的結合，以及成本較高、完全由 FDIC 保險的間接存款的持續利用，推動本季度成本上升。總的來說，貝塔值與我們今年的預期路徑一致。

Slide 6 highlights the diversity of our deposit portfolio. Roughly 2/3 of our deposits come from our stable branch network. Just less than 20% of our deposits are from specialized verticals like our online channel, international, and technology, private banking, and cannabis segments. The diversity of available sources of funding continues to provide significant opportunity for Valley to capitalize on disruption across the industry. Our uninsured deposit exposure compares favorably to peers, and we continue to utilize a variety of tools to reduce this further. Most importantly, our robust cash and available liquidity provides significant coverage in excess of our uninsured balances.

幻燈片 6 強調了我們存款組合的多樣性。我們大約 2/3 的存款來自穩定的分行網絡。我們只有不到 20% 的存款來自專業垂直領域，例如我們的在線渠道、國際和技術、私人銀行和大麻部門。可用資金來源的多樣性繼續為 Valley 提供重要機會，以利用整個行業的顛覆。我們的未投保存款敞口與同行相比具有優勢，我們將繼續利用各種工具進一步減少這種風險。最重要的是，我們充裕的現金和可用流動資金提供了超出我們未投保餘額的重要保障。

Slide 7 further illustrates diversity and granularity of our deposit base. Our commercial deposits are spread across our extensive geographic footprint and a variety of industries. This diversity has been critical in defending our deposit base and should continue to provide discrete growth opportunities going forward. You can also see some statistics on the depth and breadth of our client base. We have over 600,000 deposit customers with an average tenure beyond 10 years. Our granular deposit base has an average account size below $60,000.

幻燈片 7 進一步說明了我們存款基礎的多樣性和粒度。我們的商業存款遍布我們廣泛的地理足跡和各種行業。這種多樣性對於捍衛我們的存款基礎至關重要，並且應該繼續提供未來的離散增長機會。您還可以查看有關我們客戶群深度和廣度的一些統計數據。我們擁有超過 600,000 名存款客戶，平均期限超過 10 年。我們的精細存款基礎的平均賬戶規模低於 60,000 美元。

Turning to the loan portfolio on Slide 8. You can see an overview of the portfolio's growth and composition. While quarterly originations continue to decline, net loan growth remains elevated as payoff activity is depressed. Our portfolio is extremely diverse across geographies and asset classes, and both origination and portfolio yields continue to increase.

轉到幻燈片 8 上的貸款組合。您可以看到投資組合增長和構成的概覽。雖然季度貸款繼續下降，但由於還款活動低迷，淨貸款增長仍然很高。我們的投資組合在不同地區和資產類別中極為多樣化，而且發起和投資組合收益率都在持續增加。

Slide 9 illustrates diversity of our commercial real estate portfolio by collateral type and geography. As a reminder, we have an extremely granular loan portfolio with an average loan size of roughly $5 million. From a metric perspective, our weighted average loan-to-value is 58%, and our weighted average debt service coverage is approximately 1.8x. We believe these metrics compare favorably to peers as we have consistently and conservatively underwritten to higher cap rates. Our experience with recent refinancing activity has been positive, given the existing cushion we had baked into past underwriting.

幻燈片 9 按抵押品類型和地理位置說明了我們商業房地產投資組合的多樣性。提醒一下，我們有一個非常精細的貸款組合，平均貸款規模約為 500 萬美元。從指標的角度來看，我們的加權平均貸款價值比為 58%，我們的加權平均償債覆蓋率約為 1.8 倍。我們相信這些指標優於同行，因為我們一直保守地承保更高的資本化率。考慮到我們在過去的承銷中提供的現有緩衝，我們最近的再融資活動的經驗是積極的。

Slide 10 provides additional detail on our modest and granular office portfolio. Our office portfolio, including health care office comprises a modest 11% of commercial real estate. This includes approximately 600 million of owner-occupied office. Our portfolio is geographically diverse with only immaterial exposure to Manhattan. The credit metrics on this portfolio are extremely strong, and we have not experienced any losses in our recent history. Important, the portfolio is largely multi-tenant with a very small average loan size of $2.2 million. We understand the concerns over office collateral in general, but believe our portfolio is positioned to perform well.

幻燈片 10 提供了有關我們適度而精細的辦公室產品組合的更多詳細信息。我們的寫字樓組合（包括醫療保健辦公室）僅佔商業房地產的 11%。這包括約 6 億的業主自用辦公室。我們的投資組合在地域上多種多樣，對曼哈頓的投資並不重要。該投資組合的信用指標非常強勁，我們在最近的歷史中沒有經歷過任何損失。重要的是，投資組合主要是多租戶，平均貸款規模非常小，僅為 220 萬美元。我們理解人們對辦公室抵押品的普遍擔憂，但相信我們的投資組合有望表現良好。

We have utilized Slide 11 at various times in the past. We believe this illustrates the ultimate manifestation of our strong and consistent credit culture. In both ordinary times and in periods of stress, Valley's credit losses have been well below industry levels. We anticipate this will continue going forward.

我們過去曾多次使用過 Slide 11。我們相信這說明了我們強大而一致的信用文化的最終體現。無論是在平時還是在壓力時期，Valley 的信用損失都遠低於行業水平。我們預計這將繼續向前發展。

With that, I will turn the call over to Mike Hagedorn to provide additional insight on the quarter's financials.

有了這個，我將把電話轉給 Mike Hagedorn，以提供有關本季度財務的更多見解。

Thank you, Tom.

謝謝你，湯姆。

Slide 12 illustrates Valley's recent quarterly net interest income and margin trends. Net interest income declined approximately $30 million from the linked quarter. We estimate that $8.5 million of the reduction was related to the combined impacts of the lower day count in the quarter, and the drag of excess liquidity added in March. The remaining pressure is the result of continued deposit mix shift into higher cost products and increasing deposit costs reflecting competitive dynamics.

幻燈片 12 說明了 Valley 最近的季度淨利息收入和利潤率趨勢。淨利息收入較上一季度下降約 3000 萬美元。我們估計 850 萬美元的減少與本季度天數減少以及 3 月份流動性過剩拖累的綜合影響有關。剩餘的壓力是存款組合持續轉向成本更高的產品以及反映競爭動態的存款成本增加的結果。

Our fully tax equivalent net interest margin declined 41 basis points to 3.16% from the fourth quarter of 2022. Approximately 16 basis points of the sequential reduction was associated with day count and the drag of excess liquidity in March. Remaining compression is largely the result of higher costs associated with incremental funding.

我們的全稅等值淨息差較 2022 年第四季度下降 41 個基點至 3.16%。環比下降約 16 個基點與天數和 3 月份流動性過剩的拖累有關。剩餘壓縮主要是與增量資金相關的更高成本的結果。

As you saw on Slide 5, cumulative deposit beta increased to 41% in the quarter from 34% in the fourth quarter. While asset yields are expected to reprice higher, the funding cost dynamic will likely result in net interest margin continuing to decline throughout the year, absent the impacts of day count and excess liquidity. We anticipate that our 2023 net interest income growth will now be closer to 10% to 12% from the 16% to 18% range provided previously.

正如您在幻燈片 5 中看到的那樣，本季度累計存款貝塔值從第四季度的 34% 增加到 41%。雖然資產收益率預計將重新定價，但如果沒有天數和流動性過剩的影響，融資成本動態可能會導致全年淨息差繼續下降。我們預計我們 2023 年的淨利息收入增長將從之前提供的 16% 至 18% 的範圍接近 10% 至 12%。

Moving to Slide 13. We generated $54.3 million of noninterest income for the quarter, as compared to $52.8 million in the fourth quarter. This sequential growth was primarily the result of higher capital markets revenue and other income, which offset seasonally lower income from wealth, trust, and insurance.

轉到幻燈片 13。本季度我們產生了 5430 萬美元的非利息收入，而第四季度為 5280 萬美元。這種環比增長主要是由於資本市場收入和其他收入增加，抵消了財富、信託和保險收入的季節性下降。

On Slide 14, you can see that our noninterest expenses were approximately $272 million for the quarter or approximately $264 million on an adjusted basis. The increase in adjusted expenses from the fourth quarter were largely related to seasonally elevated payroll taxes expenses and the higher FDIC assessment. Expenses in other categories were well controlled and declined modestly from the fourth quarter.

在幻燈片 14 上，您可以看到本季度我們的非利息支出約為 2.72 億美元，調整後約為 2.64 億美元。第四季度調整後費用的增加主要與季節性增加的工資稅費用和更高的 FDIC 評估有關。其他類別的費用控制良好，較第四季度略有下降。

As a result of seasonal factors associated with day count and elevated payroll taxes, our first quarter efficiency ratio traditionally represents the high watermark for the year. We're not currently revising our guided growth rate for noninterest expenses. However, our revised net interest income growth guidance will negatively impact our efficiency ratio expectations. While efficiency will improve throughout the year, we believe a full year estimate around 50% is more reasonable.

由於與天數和工資稅增加相關的季節性因素，我們第一季度的效率比率傳統上代表了當年的高水位線。我們目前沒有修改非利息支出的指導增長率。然而，我們修訂後的淨利息收入增長指引將對我們的效率比率預期產生負面影響。雖然全年效率都會提高，但我們認為全年估計在 50% 左右更為合理。

Turning to Slide 15, you can see our asset quality trends for the last 5 quarters. The first quarter's 2023 elevated net charge-offs were the result of the further write-down of a C&I loan discussed last quarter and a single development project. These credits were each substantially reserved for and proactively addressed. Underlying credit metrics remain strong. Our allowance for credit losses declined to 0.95% of loans from 1.03% in the fourth quarter. The sequential decline was largely the result of substantial preexisting specific reserves associated with the quarter's charge-offs.

轉到幻燈片 15，您可以看到我們過去 5 個季度的資產質量趨勢。第一季度的 2023 年淨沖銷增加是上一季度討論的 C&I 貸款和一個開發項目進一步減記的結果。這些學分分別被大量保留並主動解決。基本信用指標依然強勁。我們的信貸損失準備金從第四季度的 1.03% 降至貸款的 0.95%。連續下降主要是由於與本季度沖銷相關的大量預先存在的特定儲備。

As a reminder, our allowance coverage ratio of 0.95% is still higher than our day 1 CECL ratio of 0.89%. As a percent of nonaccrual loans, the allowance for loan losses increased to 181% at March 31, 2023, from 170% at December 31, 2022.

提醒一下，我們 0.95% 的配額覆蓋率仍然高於我們 0.89% 的第 1 天 CECL 比率。作為非應計貸款的百分比，貸款損失準備金從 2022 年 12 月 31 日的 170% 增加到 2023 年 3 月 31 日的 181%。

In response to recent environmental turmoil, we added disclosure around our securities portfolio on Page 16. In aggregate, securities represent a modest 8% of our total assets. Our portfolio is conservatively managed for ongoing liquidity and is not a profitability tool.

為了應對最近的環境動盪，我們在第 16 頁增加了關於我們證券投資組合的披露。總的來說，證券只占我們總資產的 8%。我們的投資組合針對持續的流動性進行了保守管理，不是盈利工具。

On Slide 17, you can see that tangible book value increased approximately 2.6% for the quarter. This was the result of our retained earnings and a modest improvement in the OCI impact associated with our available-for-sale securities portfolio. Tangible common equity to tangible assets declined to 6.82% during the quarter. The sequential reduction is primarily the result of excess liquidity held at March 31. If our cash position had remained stable from December 31, 2022, our tangible common equity ratio would have been approximately 7.38%.

在幻燈片 17 上，您可以看到本季度有形賬面價值增長了約 2.6%。這是我們的留存收益和與我們的可供出售證券投資組合相關的 OCI 影響適度改善的結果。本季度有形普通股權益與有形資產之比下降至 6.82%。環比減少主要是由於 3 月 31 日持有的流動性過剩。如果我們的現金頭寸從 2022 年 12 月 31 日起保持穩定，我們的有形普通股權益比率將約為 7.38%。

Our risk-based capital ratios were relatively stable during the quarter. As you can see, given our modest securities portfolio, OCI would only have a minor impact on our regulatory ratios, all else equal.

我們基於風險的資本比率在本季度相對穩定。如您所見，鑑於我們的證券投資組合規模不大，OCI 只會對我們的監管比率產生很小的影響，其他條件相同。

With that, I'll turn the call back to the operator to begin Q&A.

有了這個，我會把電話轉回接線員開始問答。

(Operator Instructions) Our first question comes from Steve Moss with Raymond James.

（操作員說明）我們的第一個問題來自 Steve Moss 和 Raymond James。

Maybe just starting off with loan growth here. You saw strong loan growth in the quarter. Just kind of curious as to how you're thinking about the dynamic there and loan pricing as well.

也許只是從這裡的貸款增長開始。您在本季度看到了強勁的貸款增長。只是有點好奇你是如何看待那裡的動態和貸款定價的。

Yes. I think Steve, it's Tom. I had the answer. As you saw, we had a 50% annualized growth. I just want to point out how balanced, diverse, and granular was, we're still averaging below $10 million of our CRE portfolio originations and about $1 million on our C&I originations. It's balanced by region. It's balanced by type. It's balanced in a very diverse way by size, such as I've mentioned. We previously gave a range of 7% to 9% for the year. We think we'll be at the high end or slightly above that range at the end of 2023. We have a very strong customer base, a very loyal customer base. 70% of our business comes from that customer base. It's relationship-driven, it's priced in a relationship way. We are opportunistically raising spreads wherever we can across the board.

是的。我想是史蒂夫，是湯姆。我有答案。如您所見，我們的年增長率為 50%。我只想指出，我們的 CRE 投資組合發起的平均水平仍然低於 1000 萬美元，C&I 發起的平均水平約為 100 萬美元。它按地區平衡。它按類型平衡。正如我所提到的，它在大小上以非常多樣化的方式保持平衡。我們之前給出了今年 7% 到 9% 的範圍。我們認為到 2023 年底我們將處於高端或略高於該範圍。我們擁有非常強大的客戶群，非常忠誠的客戶群。我們 70% 的業務來自該客戶群。它是關係驅動的，它以關係的方式定價。我們正在盡可能全面地提高利差。

Okay. And so in terms of raising spreads, just kind of curious, if you're raising spreads relative to whatever index, how are you guys thinking about that? It seems still pretty tight marginal funding costs around 5% these days? Or just kind of any help you can give with that dynamic.

好的。因此，就提高利差而言，有點好奇，如果你提高相對於任何指數的利差，你們是怎麼想的？這些天邊際融資成本似乎仍然非常緊張，約為 5%？或者你可以用這種動力提供任何幫助。

Yes, sure. Keep in mind, with the diversity of the types of loans we do, the spreads will vary. We have a very active profitability model, which we use. Again, it's relationship-driven. The spreads will vary based on the risk and type of loans. So it's really hard to give you a figure on that spread. But I will tell you, on average, spreads have probably gone up over 50 basis points.

是的，當然。請記住，由於我們提供的貸款類型多種多樣，利差會有所不同。我們有一個非常活躍的盈利模式，我們使用它。同樣，它是關係驅動的。利差將根據貸款的風險和類型而有所不同。所以很難給你一個關於這個價差的數字。但我會告訴你，平均而言，利差可能上升了 50 個基點以上。

And then maybe just one for me on credit. You did have an increase in delinquencies here in C&I and CRE in the 30-day, 90-day buckets. Kind of curious if you could give some color around those projects and how you guys are think about reserve ratio going forward?

然後也許只有一個給我賒賬。在 30 天、90 天的期限內，C&I 和 CRE 的拖欠率確實有所增加。有點好奇你是否可以給這些項目一些顏色，以及你們如何看待未來的準備金率？

Yes, Steve, I think you're referring to the performing nonaccruals or performing accruals, there that bucket slightly picked up. Our nonaccruals went down to 50 basis points from 57, that performing accrual once slightly up, but that's a function of one customer that's fully secured by cash or in the Valley of life insurance at about $21 million. You take that out, that bucket also declined. That's the process of getting (inaudible).

是的，史蒂夫，我認為你指的是執行非應計項目或執行應計項目，那個桶略有上升。我們的非應計利潤從 57 個基點下降到 50 個基點，這表明應計利潤一度略有上升，但這是一個客戶的功能，該客戶完全由現金或人壽保險谷提供約 2100 萬美元的保障。你把那個拿出來，那個桶也下降了。這就是獲得（聽不清）的過程。

Our next call comes from Frank Schiraldi with Piper Sandler.

我們的下一個電話來自 Frank Schiraldi 和 Piper Sandler。

Can you talk a little bit about the opportunity to fund that growth, talk about where your brokered balances are now on the deposit side. I mean, it seems like, broker, seems like a reasonable alternative in this environment for funding. But are you limited in the room there in terms of bringing that higher? Or how do you think about funding in general here?

你能談談為這種增長提供資金的機會嗎，談談你的經紀餘額現在在存款方面的位置。我的意思是，在這種融資環境下，經紀人似乎是一個合理的選擇。但是，就提高水平而言，您是否受限於那裡的房間？或者您如何看待這裡的一般資金？

Maybe let me start just with how we think about funding overall. And then I think, Tom, obviously, will speak to some of, obviously the demands from a loan growth perspective and what that is. But I think it's probably incorrect to think every incremental dollar of funding cost comes in here at 5%. During the quarter, we raised over $600 million, what I would deem as core funding, nonspecific broker and the cost of that was a blended 2.50%.

也許讓我從我們如何考慮整體資金開始。然後我想，湯姆顯然會從貸款增長的角度談一些明顯的需求，那是什麼。但我認為，認為每增加 1 美元的資金成本就佔 5% 的想法可能是不正確的。在本季度，我們籌集了超過 6 億美元，我將其視為核心資金、非特定經紀人，其成本為 2.50%。

We have a very strong funding vehicle across the entire organization, basically the diversity and granularity that we have. When you think about some of the incremental funding costs, obviously, allow that to attributable to the 14.7% annualized loan growth that obviously impacts the data. And as Tom referenced, we anticipate that really declining a little bit, which will definitely impact the plug that we need when it comes to some of the wholesale funding in the environment today.

我們在整個組織中擁有非常強大的資金工具，基本上是我們擁有的多樣性和粒度。當你考慮一些增量融資成本時，顯然，將其歸因於明顯影響數據的 14.7% 的年化貸款增長。正如湯姆所提到的那樣，我們預計它確實會有所下降，這肯定會影響我們在當今環境中的一些批發資金方面所需的插頭。

Just to add to that, Frank, as I mentioned, 70% of our new business comes from our existing customer base. We have consistently supported them in all economic cycles at all times. We will continue to do that. We are experiencing a decline in our originations as you've seen on probably Slide 8, if I recall. But more importantly, our pipeline of approved to be closed loans is down 30% since Q4. So we are seeing that reduction in loan demand. And as part of that, our customers are choosing not to move forward on our projects and reducing that pull-through of our work in-process piece.

補充一點，弗蘭克，正如我提到的，我們 70% 的新業務來自我們現有的客戶群。我們始終在所有經濟周期中始終支持他們。我們將繼續這樣做。如果我記得的話，正如您可能在幻燈片 8 上看到的那樣，我們的起源正在下降。但更重要的是，自第四季度以來，我們批准關閉的貸款管道下降了 30%。因此，我們看到貸款需求減少。作為其中的一部分，我們的客戶選擇不推進我們的項目，並減少我們在製品的拖延。

And one other component, when you look at the deposit side, if you go back 3 years, we didn't have the ditches and deposit, our verticals that we have today. So there's $8.5 billion of deposits that came from some of those specialty programs that we referenced to that slide.

另一個組成部分，當你看存款方面，如果你回到 3 年前，我們沒有溝渠和存款，我們今天擁有的垂直。因此，有 85 億美元的存款來自我們在該幻燈片中提到的一些專業項目。

So in terms of the -- some of the verticals, you mentioned the technology deposits, which still, I guess, a relatively small piece of the overall pie. I think, Tom, you said they were down modestly. But you also talked about opportunity on that side. So are those -- and account openings. So I wonder if you could just talk about the opportunity, specifically with a couple of names that have the signatures of the world, the Silicon Valley, the opportunity there in the near term to drive both loan and deposit growth.

因此，就某些垂直領域而言，您提到了技術儲備，我想這仍然是整個餡餅中相對較小的一部分。我想，湯姆，你說過他們的情緒低落。但你也談到了那方面的機會。那些 - 和開戶也是如此。所以我想知道你是否可以談談這個機會，特別是幾個具有世界簽名的名字，矽谷，在短期內推動貸款和存款增長的機會。

And then specifically on the technology side, are those deposit balances now actually up from where they were? Or can you give a little bit more clarification there?

然後特別是在技術方面，這些存款餘額現在實際上比以前高了嗎？或者你能在那裡給出更多的說明嗎？

And I think it's something we've been focused on. Having a diverse and granular deposit base that we have is something we've been commenting on and driving across the entire organization for the last 5-ish years. As Tom mentioned, that $8.5 billion that we're referencing on Slide 6, zero of that existed 5 years ago, right? The average cost of that is 2.17% today. So I think we've done a very good job of being able to originate alternative deposit growth based on different initiatives that we've initiated over the last few years, which I think is now coming to fruition.

我認為這是我們一直關注的事情。在過去 5 年左右的時間裡，我們一直在評論並推動整個組織擁有多元化和精細的存款基礎。正如 Tom 提到的，我們在幻燈片 6 中提到的 85 億美元，5 年前為零，對嗎？今天的平均成本為 2.17%。因此，我認為我們在能夠根據過去幾年發起的不同舉措發起替代存款增長方面做得非常好，我認為這些舉措現在正在取得成果。

And I think one of the things that you don't see here though is some of the off-balance sheet platforms that we've been able to create as well. We had about $1 billion, $1.9 billion moved from our balance sheet into treasury accounts still on our platform since October 1 of last year. Historically, those would have been deposits that would have left the balance sheet. At some point, as the inverted curve begins to change. There's obviously an expectation that those will rotate back into deposits on the bank. So we feel really good about the position we've been, all the work we've done over the last 5 years in creating not just diversity from an on-balance sheet perspective, but diversity from an off-balance sheet perspective.

而且我認為你在這裡看不到的一件事是我們也能夠創建的一些資產負債表外平台。自去年 10 月 1 日以來，我們有大約 10 億美元、19 億美元從我們的資產負債表轉移到我們平台上的財務賬戶。從歷史上看，這些存款本應離開資產負債表。在某個時候，倒轉曲線開始發生變化。顯然，人們期望這些資金會轉回銀行存款。因此，我們對自己的處境感到非常滿意，我們在過去 5 年中所做的所有工作不僅從資產負債表的角度創造了多樣性，而且從資產負債表的角度創造了多樣性。

Those deposits that you see on Slide 6, 8.5. There is still significant opportunity for continued growth in that. And I think during the quarter, we saw about 15% growth in the cannabis business, and we continue to see expansion of technology accounts across the entire platform. The technology bucket is a little bit interesting. There's obviously some chunkier deposits in there. And some of those deposits, having to flow based on unique activities within those individual clients. One of the clients, a very large percentage of that actually went public. And as a result of that, we lost some of those deposits during the quarter. So it is a very, very sticky deposit base. Over 60% of the technology deposits are noninterest-bearing, here in Valley, which I think is different from a lot of other organizations as well. So we are really excited about the continued opportunities for growth in these segments.

您在幻燈片 6、8.5 上看到的那些存款。在這方面仍有持續增長的重要機會。我認為在本季度，我們看到大麻業務增長了約 15%，並且我們繼續看到整個平台的技術賬戶擴張。技術桶有點意思。那裡顯然有一些更厚實的沉積物。其中一些存款必鬚根據這些個人客戶的獨特活動進行流動。其中一個客戶，其中很大一部分實際上是公開的。因此，我們在本季度損失了一些存款。所以這是一個非常非常粘的存款基礎。在 Valley，超過 60% 的技術存款是不計息的，我認為這也與許多其他組織不同。因此，我們對這些領域的持續增長機會感到非常興奮。

And then just lastly, just a point of clarification from the deck. When you guys mentioned on the Page 6 -- Slide 6, the 31% uninsured deposit number, is that inclusive of the fully collateralized deposits, are those in there uninsured number, that 4.6%?

最後，只是甲板上的一點澄清。當你們在第 6 頁 - 幻燈片 6 中提到時，31% 的無保險存款數字是否包括完全抵押的存款，其中沒有保險的數字是 4.6% 嗎？

Yes, they are.

是的，他們是。

Our next question is coming from David Bishop with Hovde Group.

我們的下一個問題來自 Hovde Group 的 David Bishop。

Earnings release notes that some of the short-term funding that you guys added during the quarter has rolled off. Just curious, how much has already been paid down or redeemed since the quarter ends?

收益發布指出，你們在本季度增加的一些短期資金已經減少。只是好奇，自本季度結束以來已經支付或贖回了多少？

This is Mike. As you can see from the earnings release, at the peak, and I'm talking about from 3.9 to 3.31. At the peak during that time, it was in excess of $6 billion. And as we sit today, our cash and cash equivalents at the Federal Reserve or any other cash balance is at $1.5 billion. So it is remarkably come down. And just to be clear about this, this was done specifically for an abundance of caution given the environment that existed post March 9.

這是邁克。正如您從收益發布中看到的那樣，在高峰期，我說的是從 3.9 到 3.31。在那段時間的高峰期，它超過了 60 億美元。就我們今天而言，我們在美聯儲的現金和現金等價物或任何其他現金餘額為 15 億美元。所以它顯著下降。需要明確的是，考慮到 3 月 9 日之後的環境，這樣做是出於謹慎考慮。

And then in terms of the disclosures regarding the deposits, I'm curious, but did a lot of customers take advantage of sort of the Cedars (inaudible) system. Just curious what you saw in terms of flows there?

然後就有關存款的披露而言，我很好奇，但很多客戶是否利用了某種 Cedars（聽不清）系統。只是好奇你在那裡看到了什麼流量？

Yes. So prior to March 9, we had just a little over $200 million in that program, whether that be reciprocal or one ways. The reciprocal balance as we sit today is $1.4 billion. And if you put the one-way in there, it's $1.6 billion. So there has been usage, but I would say probably not as much as you would think. Once again, it goes back to Ira's comments about the resiliency and the opportunities that we have in those various verticals to make that difference up.

是的。因此，在 3 月 9 日之前，我們在該計劃中的資金剛剛超過 2 億美元，無論是互惠的還是單向的。我們今天的對等餘額為 14 億美元。如果你把單程算進去，那就是 16 億美元。所以有使用，但我想說可能沒有你想像的那麼多。再一次，它回到了艾拉關於彈性和我們在這些不同的垂直領域所擁有的機會來彌補這種差異的評論。

David, it's Tom again. Just as a point of reference and example, we were proactive in discussing a variety of verticals to ensure customer deposits. And I will -- some of our very largest commercial deposit customers chose not to, place all their confidence and faith in Valley.

大衛，又是湯姆。作為參考和例子，我們積極討論各種垂直領域以確保客戶存款。我會——我們一些最大的商業存款客戶選擇不這樣做，將他們所有的信心和信心都寄託在 Valley 身上。

And then one final question. I think you noted in the preamble, payoffs were down to zero this quarter. Just curious what they were this quarter versus last?

然後是最後一個問題。我想你在序言中提到，本季度的收益降至零。只是好奇他們本季度與上一季度的對比情況？

Yes. I don't -- they've been pretty consistent these last few quarters, keeping in mind the higher interest rates really not that any type of refinance business. So they really haven't deviated in the last 2 or 3 quarters.

是的。我不——他們在過去幾個季度一直非常穩定，記住更高的利率真的不是任何類型的再融資業務。所以他們在過去的 2 或 3 個季度中確實沒有偏離。

Our next question comes from Manan Gosalia of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Manan Gosalia。

I wanted to follow up on the last question where you mentioned that cash balances are back down to $1.5 billion or so. Based on that, I guess, how should we think about the NIM trajectory embedded within your guidance? So you noted that 16 basis points of the decline in NIM was related to day count and excess liquidity. So is a good starting point for the second quarter, about 3.30 or so in NIM? And then how should we think about the decline in NIM that you saw last quarter, the core decline of about 25 basis points. Should we expect that to slow as we go through the year?

我想跟進你提到現金餘額回落到 15 億美元左右的最後一個問題。基於此，我想，我們應該如何考慮嵌入在您的指導中的 NIM 軌跡？所以你注意到 NIM 下降 16 個基點與天數和流動性過剩有關。那麼對於第二季度來說，NIM 大約 3.30 左右是一個好的起點嗎？然後我們應該如何看待上個季度 NIM 的下降，核心下降約 25 個基點。我們是否應該預計這一年會放緩？

This is Mike. I'll take the first stab at this. First, I want to point out that the $1.5 billion that we have in excess liquidity on the balance sheet as we sit today, I think the bias clearly for that will be for that to go lower as we see the crisis, at least the immediate impact of the crisis abate. In my prepared remarks, as you rightly pointed out, the 16 basis points against the margin would put it at 3.32% for the quarter. But I think it's important, as you look forward, March liquidity adjusted margin was only 3.25%. So we're already starting to see some of that compression.

這是邁克。我會首先嘗試這個。首先，我想指出，我們今天的資產負債表上有 15 億美元的流動性過剩，我認為明顯的傾向是，隨著我們看到危機，至少是眼前的危機，流動性會下降危機影響減弱。在我準備好的發言中，正如你正確指出的那樣，16 個基點對保證金的影響將使該季度的利潤率達到 3.32%。但我認為這很重要，正如你期待的那樣，3 月份流動性調整後的保證金僅為 3.25%。所以我們已經開始看到一些壓縮。

And essentially, that compression is coming from 2 places. One, a continued rotation out of noninterest-bearing and interest-bearing accounts, as Tom alluded to, and Ira both. Our mix of clients tend to be savvy, a very liquid customers, and so they can take advantage of the fact that they don't need to hold as much as noninterest-bearing. And then the second reason is the inverted curve is causing increased deposit competition, especially on the short end of the curve, and also we're competing against government securities with our clients as well. Some of the more savvy ones are moving into treasuries. The good news on that side is they're still staying within the Valley family to do that. So in a different interest rate environment, we expect some of those deposits or those securities to rotate back into deposits.

本質上，這種壓縮來自兩個地方。第一，正如湯姆和艾拉所暗示的那樣，繼續輪換不計息和計息賬戶。我們的客戶組合往往是精明的，流動性很強的客戶，因此他們可以利用這樣一個事實，即他們不需要持有盡可能多的無息。然後第二個原因是反向曲線導致存款競爭加劇，尤其是在曲線的短端，而且我們也在與我們的客戶競爭政府證券。一些更精明的人正在進入國庫。這方面的好消息是他們仍然留在 Valley 家族中來做到這一點。因此，在不同的利率環境下，我們預計其中一些存款或證券會轉回存款。

As you think about the mix of NIB and IB deposit balances, how should we think about that going into year-end?

當您考慮 NIB 和 IB 存款餘額的組合時，我們應該如何考慮到年底？

Yes. Right now, we expect the trough. I can't tell you what quarter I think it's going to happen in, but we expect the trough to be somewhere in the mid-20s. So we do expect continued rotation.

是的。現在，我們期待低谷。我不能告訴你我認為它會在哪個季度發生，但我們預計谷底會出現在 20 年代中期的某個地方。所以我們確實期望繼續輪換。

And maybe just a quick follow-up there. In terms of the maturity of CDs on your books, I recall that you were putting on longer-dated CDs a while back. How should we think about the maturities coming up over the next couple of quarters or so?

也許只是在那裡進行快速跟進。就您書籍中 CD 的成熟度而言，我記得您前陣子放的是更長期的 CD。我們應該如何看待未來幾個季度左右的到期日？

No, we have actually not been putting on, at least in the last year, longer-dated CDs. We've been actually -- we put some specials on in '22 that we're roughly 18 months at the high end, and you'll see all of that come due in the latter half of this year, early '24.

不，至少在去年，我們實際上並沒有推出更長期的 CD。我們實際上 - 我們在 22 年推出了一些特價商品，我們在高端市場大約 18 個月，你會看到所有這些都將在今年下半年，即 24 年初到期。

Our next question comes from Tim Switzer with KBW.

我們的下一個問題來自 KBW 的 Tim Switzer。

I'm on for Mike Perito. Could you talk about your various deposit niches, you have a very good pie on all of that, and across the various industries and categories you have. And which ones do you think could be the strongest over the rest of the year and possibly as we enter into 2024?

我支持 Mike Perito。你能談談你的各種存款利基市場嗎，你在所有這些方面都有一個非常好的餡餅，並且在你擁有的各個行業和類別中。您認為哪些可能在今年餘下時間以及我們進入 2024 年時最強大？

And I think obviously, in there, we mentioned a bunch of them, and that diversity has really afforded us. So it's not just specialized niches that are focused on one individual slide or on individual pie, excuse me, but it's a lot of individual pie there that really comprise that. As you think about the technology slide just in itself with the pie there, obviously, there's been a significant amount of disruption in the industry associate with that. We opened up over 7,000 accounts in the last 3 weeks of the first quarter. Another metric is we opened up 4,500 business accounts in the fourth quarter, you can see in the first quarter of 2023. And that's equal to what we would have done in 6 months back in 2022. So there's been a significant amount of activity across the entire footprint of Valley.

而且我認為很明顯，在那裡，我們提到了很多，這種多樣性確實為我們提供了幫助。因此，這不僅僅是專注於一張單獨的幻燈片或單個餡餅的專門利基，對不起，但它確實包含了很多單獨的餡餅。當你考慮技術本身與餡餅一起下滑時，很明顯，與此相關的行業發生了很大的中斷。在第一季度的最後 3 週內，我們開設了 7,000 多個賬戶。另一個指標是我們在第四季度開設了 4,500 個企業賬戶，您可以在 2023 年第一季度看到這一點。這相當於我們在 2022 年的 6 個月內所做的。因此，整個行業都有大量活動整個山谷的足跡。

And I think there's an opportunity to continue to expand some of the specialized space. When we were able to grow $600 million of deposits in the first quarter at a blended rate of $250 million, it does reflect the overall diversity. I think the funding cost on an incremental blend basis will come down a little bit, as we think about slowing loan growth. So I think a 41% deposit beta on a cumulative basis where we are today, based on having loan growth at the levels we have really reflect a lot of organic deposit growth, that's a little bit hard to see when you try to sort of measure it versus a lot of our peers that haven't really generated the same type of loan growth that we have. So we do believe that, that data will continue to perform, and we'll probably improve on a relative basis as the loan growth really subsides (inaudible).

而且我認為有機會繼續擴大一些專業領域。當我們能夠在第一季度以 2.5 億美元的混合利率增加 6 億美元的存款時，它確實反映了整體的多樣性。我認為，隨著我們考慮放慢貸款增長，增量混合的融資成本會有所下降。所以我認為我們今天的累積基礎上有 41% 的存款貝塔，基於貸款增長水平我們確實反映了很多有機存款增長，當你試圖衡量時有點難以看到與我們的許多同行相比，它們並沒有真正產生與我們相同類型的貸款增長。所以我們確實相信，該數據將繼續表現，並且隨著貸款增長真正消退（聽不清），我們可能會相對改善。

And on the loan growth, my guess is not just given you still kind of maintain guidance there. But have you heard from customers any signs of slowing investment or loan demand, just out there with the uncertainty, I'm wondering if people are starting to become a little bit more cautious what your discussions are like?

關於貸款增長，我的猜測不僅僅是給你仍然保持指導。但是您是否從客戶那裡聽到任何投資或貸款需求放緩的跡象，只是存在不確定性，我想知道人們是否開始變得更加謹慎，您的討論是什麼樣的？

Yes. As we mentioned earlier, customers have certainly slowed down in their desire to start projects. They're going to wait to see what happens to the interest rate market over the next 12 to 24 months. That's what's created a 30% reduction in our -- to the closed bucket of our pipeline. A lot of it is a self-induced by the customer base more so than it is by us. Customers, we're not seeing any deterioration in credit quality. What we are seeing is just a wait and see by the customers.

是的。正如我們之前提到的，客戶開始項目的意願肯定有所放緩。他們將拭目以待，看看未來 12 到 24 個月利率市場會發生什麼。這就是我們減少 30% 的原因 - 到我們管道的封閉桶。其中很多是客戶群自己引起的，而不是我們自己引起的。客戶們，我們沒有看到信用質量有任何惡化。我們所看到的只是客戶的觀望。

And has the environment caused you guys to tighten your lending standards at all?

環境是否導致你們收緊貸款標準？

I didn't get that question. I'm sorry.

我沒有得到那個問題。對不起。

Has the environment caused you to tighten your lending standards at all?

環境是否導致您收緊貸款標準？

Yes. Again, we're a very conservative underwriting standards to begin with, but we look to tighten, especially in certain buckets of our portfolio. So we consistently do that throughout every cycle.

是的。同樣，我們一開始是一個非常保守的承銷標準，但我們希望收緊，尤其是在我們投資組合的某些方面。因此，我們在每個週期中始終如一地這樣做。

Our next question comes from Matthew Breese with Stephens.

我們的下一個問題來自 Matthew Breese 和 Stephens。

I know in past quarters, we've discussed the outlook for deposit betas through cycle and in the past, you provided somewhat of a range. At this stage, is it safe to say that the cumulative deposit beta will end up being closer to the higher end, 40% to 50%. Is that kind of how you see this all playing out?

我知道在過去的幾個季度中，我們討論了整個週期的存款貝塔前景，而在過去，您提供了一個範圍。在這個階段，可以肯定地說累積存款貝塔最終會更接近較高端，40% 到 50%。你是這樣看待這一切的嗎？

Yes. This is Mike. We clearly think that the through-the-cycle cumulative deposit beta will be around 50%.

是的。這是邁克。我們明確認為全週期累計存款貝塔在50%左右。

One of the things I think, Matt, is, obviously, we've been banking for a long time, just like what you've seen, you go back to sort of pass environment and seeing what happens. Is that obviously, betas in different environments are really a function of what the alternative external variables are as well. And right now, we're in an inverted curve. That inverter curve obviously put pressure on betas until the inversion changes. So as Mike mentioned, Travis mentioned, and I'm sure a lot of others are seeing today. Most of our competition today isn't peer banks that are sitting around the corner. Most of the competition sits in the treasury today based on where they are. So that deposit beta is going to stay elevated, I believe, as long as we're in this inverted curve. But once we get back to sort of a normalized curve in a normalized environment, I think the deposit betas will really come back down.

馬特，我想的一件事是，很明顯，我們已經進行了很長時間的銀行業務，就像你所看到的一樣，你回到某種通行證環境，看看會發生什麼。顯然，不同環境中的貝塔值實際上也是替代外部變量的函數。而現在，我們正處於倒轉曲線中。逆變器曲線顯然對 beta 施加壓力，直到逆變器發生變化。正如 Mike 提到的，Travis 提到的，我相信今天很多人都看到了。我們今天的大多數競爭都不是指日可待的同行銀行。今天，大部分比賽都根據他們所在的位置在國庫中進行。因此，我相信，只要我們處於這條倒轉曲線中，存款貝塔值就會保持在較高水平。但是一旦我們回到正常化環境中的某種正常化曲線，我認為存款貝塔值真的會回落。

This is Mike, again. You can see that in our public disclosure that the cost of deposits was around 1.96 for the quarter. But for the month of March, it was 2.14% and we're originating new core deposits around 2.50. So back to the comment that I think Ira made earlier around, I don't think that every incremental dollar is being funded by something in the brokerage space, which is closer to 5, because we also have a promo rate right now on our Internet at 4.20. So the blended rate will come down, but the beta is definitely going to go up, as I said earlier, due to the competition that we're seeing in the marketplace for deposits, especially post March 9.

又是邁克。你可以看到，在我們的公開披露中，本季度的存款成本約為 1.96。但 3 月份的利率為 2.14%，我們在 2.50 左右發起新的核心存款。所以回到我認為 Ira 早些時候發表的評論，我不認為每一筆增量美元都是由經紀領域的東西資助的，接近 5，因為我們現在在我們的互聯網上也有促銷率在 4.20。所以混合利率會下降，但貝塔肯定會上升，正如我之前所說，由於我們在存款市場上看到的競爭，尤其是 3 月 9 日之後。

And how have deposit flows gone post quarter end? Has the mix shift continued? And are balances up or down, ex-brokered?

季末後存款流量如何？混合轉變是否繼續？餘額是增加還是減少，是前經紀人的？

Yes. The shift has actually been pretty good. A couple of really good examples of that would be in our tech business. As Ira pointed out early on, 10% of our tech deposits were gone. Only half of those, however, were made up of one customer unrelated to the crisis, and they're only at 5% reduction in March. So we feel pretty good about where that is relative to the overall industry.

是的。這種轉變實際上非常好。我們的技術業務就是這方面的幾個很好的例子。正如 Ira 早先指出的那樣，我們 10% 的技術存款不見了。然而，其中只有一半是由一名與危機無關的客戶組成的，而且 3 月份的降幅僅為 5%。因此，我們對相對於整個行業的位置感覺很好。

Another bright spot would be that our branch deposits, even when you consider the fact that people are making tax payments, our branch deposits held in very well, in a post March 9 environment. So the flows haven't slowed, the flows are so good. We opened as an example, I think I mentioned this in his prepared remarks, 7,000 new accounts just in the month of March. So the flows have been good. But obviously, we have 15% growth in loans, you're going to have a higher percentage of that being funded by broker just because of the sheer number or the average of those balance sheet increases.

另一個亮點是我們的分行存款，即使考慮到人們正在納稅這一事實，我們的分行存款在 3 月 9 日之後的環境中仍然保持得很好。所以流量沒有減慢，流量非常好。我們以開放為例，我想我在他準備好的發言中提到了這一點，僅在 3 月份就有 7,000 個新賬戶。所以流量一直很好。但顯然，我們的貸款增長了 15%，僅僅因為這些資產負債表的絕對數量或平均增長，你就會有更高比例的貸款由經紀人提供資金。

Have you seen any customers or hiring opportunities stemming from Signature and dislocation of some of the other nearby banks?

您是否看到任何來自 Signature 和附近其他一些銀行錯位的客戶或招聘機會？

It's Tom. We're always going to be opportunistic to add teams of people as long as it follows our relationship-driven strategy and our credit standards. So the short answer to that is yes, we do see opportunities.

是湯姆。只要遵循我們的關係驅動戰略和我們的信用標準，我們總是會機會主義地增加人員團隊。所以對此的簡短回答是肯定的，我們確實看到了機會。

And then last one for me. Just on new commercial real estate loans, either those involved in a transaction or resetting into a new kind of 5- or 7-year fixed rate. What is the ultimate change in value, particularly on commercial real estate office that you're seeing appraisals come in at, particularly for loans that are pre-COVID.

然後最後一個給我。僅針對新的商業房地產貸款，涉及交易或重置為新的 5 年或 7 年期固定利率的貸款。價值的最終變化是什麼，特別是在您看到評估的商業房地產辦公室，特別是對於 COVID 之前的貸款。

Sure. We are seeing across the board increasing cap rates, as you would expect, more so in the office and retail industry that we have seen in multifamily and industrial. We're not major office players, especially in Manhattan, we have 260 million of Manhattan office. So we're -- the NOIs are down. So we would expect that's going to drive the values more so than the cap rates have increased to drive those values. But we have not seen any material deterioration. As a matter of fact, we only have one office, loan on nonaccrual, that's $315,000.

當然。正如您所期望的那樣，我們看到全面提高資本化率，在辦公和零售行業更是如此，我們在多戶家庭和工業中也看到了這一點。我們不是主要的寫字樓玩家，尤其是在曼哈頓，我們有 2.6 億的曼哈頓辦公室。所以我們 - NOI 下降了。因此，我們預計這將比提高資本化率來推動這些價值更能推動價值。但我們沒有看到任何物質惡化。事實上，我們只有一間辦公室，非應計貸款，即 315,000 美元。

Yes. I think one of the things to really look at, Matt, is what our day 1 underwriting was. As an example, multifamily for us, the cap rates were 5.42%, right? And when you look at sort of where the environment is in on that, sort of reflects, how we underwrote day 1. So I think some of the change that others are seeing based on changes in interest rates and cap rates, really are going to have less of an impact on us. And I think maybe just going back to your question that Tim might have asked sort of what are our clients doing? We're very fortunate to have a very strong, knowledgeable client base that has been in the business for a very long time. And they're really the first line of defense here.

是的。馬特，我認為真正需要關注的事情之一是我們第一天的承銷情況。例如，我們的多戶家庭，上限率為 5.42%，對嗎？當您查看環境所處的位置時，某種程度上反映了我們如何承保第一天。因此，我認為其他人看到的基於利率和資本化率變化的一些變化，真的會對我們的影響較小。我想也許只是回到你的問題，蒂姆可能問過我們的客戶在做什麼？我們很幸運擁有一個非常強大、知識淵博的客戶群，他們已經在這個行業工作了很長時間。他們真的是這裡的第一道防線。

I was with a client the other day, they actually walked away from a $3 million deposit that they had on a project because they thought the economics just didn't work out now, and there were other opportunities that were going to happen. So our client base didn't just get into the real estate market 3, 4 or 5 years ago, they've been in for a very long time. They are very astute and I think there's going to be a lot of ability for us to help support them, as they continue to look at opportunities that are going to come about in this economic environment.

前幾天我和一個客戶在一起，他們實際上放棄了他們在一個項目上的 300 萬美元存款，因為他們認為經濟現在不可行，而且還有其他機會會發生。所以我們的客戶群不僅僅是在 3、4 或 5 年前進入房地產市場，他們已經進入了很長時間。他們非常精明，我認為我們將有很大的能力來幫助支持他們，因為他們會繼續尋找在這種經濟環境中將會出現的機會。

Yes. And Matt, just a final point on this. Our average -- our weighted average loan-to-value on our real estate portfolio is 58% on our office portfolio, it's 54%. So there is tremendous cushion in our previous underwriting standards, as Ira had mentioned.

是的。 Matt，最後一點。我們的平均值——我們的房地產投資組合的加權平均貸款價值比是我們辦公室投資組合的 58%，是 54%。因此，正如 Ira 所提到的，我們之前的承保標準存在巨大的緩衝。

Our next question comes from Jon Arfstrom with RBC Capital Markets.

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

Mike, I was writing kind of fast. Can you go over the efficiency ratio guide again, and what you're thinking on overall expense growth?

邁克，我寫得有點快。你能再看一遍效率比指南嗎？你對整體費用增長有何看法？

Sure. So as a reminder, if you were to go back to first quarter of '22, you would also see an efficiency ratio that started with the 53 to the left of the decimal place. So for us to be at 53 in the first quarter, based on the seasonality of some of our expenses, that being the largest portion of it being the various payroll taxes associated with compensation-related expenses. It's not unusual. And I also want to point out the second thing that is a large impact on the expense side, which is the increase in FDIC assessment rates that increased, that 2 basis point annual increase in rate, that drove a $2.3 million increase in our expenses as well. So when you back those out, as we've said in the past, our long-term goal is to have a below 50% efficiency ratio. When you back those out and you consider the NIM compression that we've talked about previously, it seems reasonable to think that the bias right now might be slightly over 50% for the remainder of '23.

當然。所以提醒一下，如果你回到 22 年第一季度，你還會看到從小數點左邊的 53 開始的效率比。因此，根據我們的一些支出的季節性，我們在第一季度為 53，其中最大的部分是與薪酬相關支出相關的各種工資稅。這並不奇異。我還想指出第二個對費用方面影響很大的事情，即 FDIC 評估利率的增加，利率每年增加 2 個基點，導致我們的費用增加 230 萬美元，因為出色地。因此，正如我們過去所說的那樣，當您取消這些時，我們的長期目標是將效率比降至 50% 以下。當您支持這些並考慮我們之前討論過的 NIM 壓縮時，似乎可以合理地認為，在 23 年的剩餘時間裡，現在的偏差可能略高於 50%。

Okay. So you're saying for the remainder of '23, from here?

好的。所以你是說 23 年剩下的時間，從這裡開始？

Yes. So what I'm saying is 53 is seasonally high, and I think that something over 50 wouldn't be that terribly, I'm not talking about 53, by the way, we're talking 50, 51, 52. Yes.

是的。所以我要說的是 53 是季節性高點，我認為超過 50 不會那麼可怕，我不是在談論 53，順便說一下，我們在談論 50、51、52。是的。

Okay. And how about the fee piece of the equation? Any drivers or anything to call out in terms of your expectations there?

好的。那麼等式的費用部分呢？有什麼司機或任何東西可以滿足您的期望嗎？

Yes, 2 things I think are really important. One, I hope it doesn't get lost and everything else that's going on, our fee income was actually pretty good in the first quarter. It was up over the fourth quarter. And when you look at the drivers of that, the swap and the FX business, the FX business came to us from Leumi and we're selling the Valley legacy customer base into that. Those were strong. And then the one negative that's in there, that will come back, is there is some seasonality to have Dudley recognizes their revenue, and we expect that to come back in the second quarter. So I feel pretty good about fee income.

是的，我認為有兩件事非常重要。第一，我希望它不會丟失，而其他所有發生的事情，我們的費用收入在第一季度實際上相當不錯。它在第四季度有所上升。當您查看其中的驅動因素時，掉期和外匯業務，外匯業務來自 Leumi，我們正在將 Valley 傳統客戶群出售給它。那些很強大。然後那裡的一個負面因素會回來，那就是讓達德利確認他們的收入有一些季節性，我們預計這會在第二季度回來。所以我對手續費收入感覺很好。

And then Ira, you brought up a bit on SBB, and you talked about how you're open to opportunities that would have been a bigger deal, but what might make sense for you guys? And are you seeing any more or less in the way of opportunities to do something strategic?

然後 Ira，你提到了 SBB，你談到了你是如何接受機會的，這些機會本可以是一個更大的交易，但對你們來說什麼可能有意義？你是否或多或少地看到了做一些戰略性事情的機會？

I would say I think there's going to be a lot of opportunities available to us. And I think (inaudible) the function of the granularity and diversity that we have today within our balance sheet. We've identified a couple of more strategic initiatives for the last 3, 4 years. One of them was focused on diversity. One of them was focused on continuing to build sort of specialized business lines across the organization, to reduce some of the concentration increase, to help expand some of the alternative funding sources, as well as continuing to identify alternative noninterest income sources. So I do believe there's going to be opportunities out there for us.

我會說我認為我們會有很多機會。我認為（聽不清）我們今天在資產負債表中所擁有的粒度和多樣性的功能。在過去的 3、4 年裡，我們已經確定了一些更具戰略意義的舉措。其中之一專注於多樣性。其中之一是專注於繼續在整個組織中建立某種專業化的業務線，以減少一些集中度的增加，幫助擴大一些替代資金來源，以及繼續確定替代的非利息收入來源。所以我相信我們會有機會。

That said, for us, it really has to align from a strategic perspective. And I think that's really critical. We have a lot of internal and organic opportunities that are really tremendous to us, and it will be incremental for us to really go ahead and look at something else. So I do think there's going to be other opportunities. I think we'll be able to look at them. But I think we'll be very disciplined sort of like we were on the SBB there. It has to make both strategic sense for us, as well as economic sense for us.

也就是說，對我們來說，它確實必須從戰略角度進行調整。我認為這真的很關鍵。我們有很多內部和有機的機會，這對我們來說真的是巨大的，我們真正向前看其他東西將是漸進的。所以我確實認為會有其他機會。我想我們可以看看它們。但我認為我們會非常有紀律，就像我們在那裡的 SBB 一樣。它必須對我們具有戰略意義，對我們也具有經濟意義。

One of the things that I've been focused on for the last 5 years is making sure that our tangible book value grows. And I think sometimes I'm very, very proud of when you think on a relative basis, we've done much better than our peers and tangible book value growth over the last 5 years. So that's something that sort of remains top of mind to m

過去 5 年我一直關注的事情之一是確保我們的有形賬面價值增長。而且我想有時我會非常非常自豪，當你在相對的基礎上思考時，我們比我們的同行做得更好，並且在過去 5 年中賬面價值有形增長。所以這是我最關心的事情

That concludes our Q&A. I'd now like to turn it back over to Ira Robbins for closing remarks.

我們的問答到此結束。我現在想把它轉回 Ira Robbins 作結束語。

I'd like to thank everyone for taking the time to join us today, and we look forward to talking to you next quarter.

我要感謝大家今天抽出時間加入我們，我們期待下個季度與您交談。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了程序。您現在可以斷開連接。