Western Alliance Bancorp (WAL) 2025 Q2 法說會逐字稿

Good day, everyone. Welcome to Western Alliance Bancorporation's second-quarter 2025 earnings call. You may also view the presentation today via webcast through the company's website at www.westernalliancebancorporation.com. I would now like to turn the call over to Miles Pondelik, Director of Investor Relations and Corporate Development. Please go ahead.

大家好。歡迎參加 Western Alliance Bancorporation 2025 年第二季財報電話會議。您也可以透過公司網站 www.westernalliancebancorporation.com 觀看今天的網路直播。現在，我想將電話會議轉交給投資者關係和企業發展總監 Miles Pondelik。請繼續。

Thank you. Welcome to Western Alliance Bank's second-quarter 2025 conference call. Our speakers today are Ken Vecchione, President and Chief Executive Officer; and Dale Gibbons, Chief Financial Officer. Before I hand the call over to Ken, please note that today's presentation contains forward-looking statements, which are subject to risks, uncertainties, and assumptions, except as required by law, the company does undertake any obligation to update any forward-looking statements.

謝謝。歡迎參加西部聯盟銀行 2025 年第二季電話會議。我們今天的演講者是總裁兼執行長 Ken Vecchione 和財務長 Dale Gibbons。在我將電話交給肯之前，請注意，今天的演示包含前瞻性陳述，這些陳述受風險、不確定性和假設的影響，除非法律要求，否則公司不承擔更新任何前瞻性陳述的義務。

For a more complete discussion of the risks and uncertainties that could cause our actual results to differ materially from any forward-looking statements, please refer to the company's SEC filings, including the Form 8-K filed yesterday, which are available on the company's website. Now for opening remarks, I'd like to turn the call over to Ken Vecchione.

有關可能導致我們的實際結果與任何前瞻性陳述存在重大差異的風險和不確定性的更完整討論，請參閱該公司向美國證券交易委員會提交的文件，包括昨天提交的 8-K 表格，這些文件可在公司網站上查閱。現在，作為開場發言，我想將電話交給 Ken Vecchione。

Thanks, Miles. Good afternoon, everyone. I'll make some brief comments about our second-quarter performance before handing the call over to Dale to discuss our financial results and drivers in more detail. I'll then close with some prepared remarks by reviewing our updated 2025 outlook.

謝謝，邁爾斯。大家下午好。在將電話交給戴爾更詳細地討論我們的財務表現和驅動因素之前，我將對我們的第二季業績做一些簡短的評論。最後，我將透過回顧我們更新後的 2025 年展望來結束我的演講。

Our Chief Banking Officer for regional banking, Tim Bruckner, will then join us for Q&A. But before diving into my prepared comments, I'd like to take a moment to address a planned CFO succession announcement.

我們的區域銀行首席銀行長 Tim Bruckner 隨後將加入我們的問答環節。但在深入闡述我準備好的評論之前，我想花點時間談談計劃中的財務長繼任公告。

Dale has been an outstanding CFO for Western Alliance for an impressive 22 years, which is more than five times longer the average CFO tenure. Throughout his tenure, Dale has been an instrumental leader, guiding the bank through both prosperous and challenging times. His unwavering dedication and availability at all hours of the day have made him an invaluable partner and friend to the senior management team.

戴爾擔任 Western Alliance 的傑出財務長長達 22 年，是平均財務長任期的五倍多。在任職期間，戴爾一直是一位重要的領導者，帶領銀行度過了繁榮時期和充滿挑戰的時期。他堅定不移的奉獻精神和全天候的待命態度使他成為高級管理團隊的寶貴合作夥伴和朋友。

After the New Year, Dale will transition his CFO responsibilities to Vishal, following a [transition] period. In his new role as Chief Banking Officer of Deposit Initiatives and Innovation, Dale will oversee six standalone deposit verticals, which generate strong liquidity.

新年過後，經過一段過渡期後，戴爾將把其財務長的職責移交給維沙爾。作為存款計劃和創新首席銀行官的新職位，戴爾將負責監督六個獨立的存款垂直業務，這些業務可產生強大的流動性。

His contributions to the company are too numerous to list, but his skilled leadership was particularly evident during my absence at the beginning of the year. The Board, the management team, and I are very excited to see him thrive in his new leadership role.

他對公司的貢獻不勝枚舉，但他出色的領導能力在我年初不在公司期間尤為明顯。董事會、管理團隊和我都很高興看到他在新的領導職位上茁壯成長。

Someone should pass the tissues over to Dale. Vishal will join us early in the fourth quarter, and after a 90-day transition period, he will assume the CFO responsibilities. Vishal has been a trusted advisor to the company and knows the bank very well.

應該有人把紙巾遞給戴爾。Vishal 將於第四季初加入我們，經過 90 天的過渡期後，他將擔任財務長。Vishal 一直是該公司值得信賴的顧問，並且非常了解該銀行。

Over the past eight years, I have developed a strong professional relationship with him, and I am looking forward to fostering the same partnership I have had with Dale. Just feel free to reach out to both Dale and Vishal to congratulate them on their new assignments when you have a moment.

在過去的八年裡，我與他建立了牢固的職業關係，我期待與戴爾建立同樣的夥伴關係。如果您有時間，請隨時聯繫 Dale 和 Vishal，並祝賀他們獲得新工作。

Okay, let's get to the financial highlights in the quarter. Western Alliance again delivered strong financial results, exceeding expectations in the second quarter, as strong business momentum drove a meaningful acceleration across a broad array of financial metrics.

好的，讓我們來看看本季的財務亮點。西部聯盟再次取得強勁的財務業績，第二季超越預期，強勁的業務勢頭推動了一系列財務指標的顯著加速。

Sustained success in acquiring new client relationships, supported by our deep sector expertise, fueled strong risk-adjusted balance sheet growth, robust net interest income expansion, and enhanced profitability, which resulted in continued earnings growth.

在我們深厚的行業專業知識的支持下，持續成功地建立新客戶關係，推動了強勁的風險調整後資產負債表增長、強勁的淨利息收入擴張和增強的盈利能力，從而實現了持續的盈利增長。

We generated over $1 billion of sequential loan growth for the second straight quarter, which was funded by nearly $2 billion of quarterly deposit growth. Net interest margin rose 6 basis points sequentially, rebounding back above 3.5% from robust average earning asset growth and CD repricing tailwinds, which lowered interest-bearing deposit costs.

我們連續第二季實現了超過 10 億美元的連續貸款成長，這得益於近 20 億美元的季度存款成長。淨利差環比上升 6 個基點，在平均生息資產強勁增長和存單重新定價的推動下反彈至 3.5% 以上，從而降低了計息存款成本。

Asset quality continues to perform as expected, as criticized loans declined $118 million in aggregate from Q1. Other real estate owned increased $167 million as we elected to repossess office properties where we can accelerate our normal credit resolution process and see value creation potential due to improving leasing occupancy and NOI trends.

資產品質持續表現符合預期，受批評的貸款總額較第一季減少了 1.18 億美元。由於我們選擇收回辦公大樓，我們可以加快正常的信用解決流程，並看到由於租賃入住率和 NOI 趨勢改善而產生的價值創造潛力，因此自有其他房地產增加了 1.67 億美元。

We have already secured an LOI for one property that we expect to be sold by quarter end. Total criticized assets increased negligibly and remained at approximately $1.7 billion, which we expect to be the high watermark for this credit cycle and to drift downward in coming quarters.

我們已經獲得了一處房產的意向書，預計將在本季末售出。受批評資產總額略有增加，仍維持在約 17 億美元，我們預計這將是本輪信貸週期的最高水位，並在未來幾季下降。

Our liquidity position and capital base, both remained stout and able to support our solid and improving PPNR, tangible book value, and total shareholder return. Earlier this week, we announced plans to unify six legacy division bank brands under the Western Bank brand by year end. These brands have operated under the Western Alliance Bank charter for over a decade. So this action will simply present a unified marketing presence emblematic of the much larger national bank Western Alliance has become.

我們的流動性狀況和資本基礎仍然強勁，能夠支持我們穩固且不斷提高的 PPNR、有形帳面價值和股東總回報。本週早些時候，我們宣布了在年底前將六個傳統部門銀行品牌統一歸入西部銀行品牌的計劃。這些品牌已在西方聯盟銀行的章程下運作了十多年。因此，這項舉措將僅展現出西方聯盟已成為規模更大的全國性銀行的統一行銷形象。

Importantly, we are encouraged by the inflection in profitability experienced in Q2. Return on average tangible common equity of 14.9% and return on average assets of 1.1% were both notably higher from Q1. We continue to target upper teens return on tangible common equity as our near-term profitability North Star. Dale will now take you through the results in more detail.

重要的是，第二季獲利能力的轉變令我們感到鼓舞。平均有形普通股權益報酬率為 14.9%，平均資產報酬率為 1.1%，均較第一季明顯上升。我們繼續將有形普通股權益回報率的十幾個百分點以上作為我們近期獲利能力的北極星。戴爾現在將向您更詳細地介紹結果。

Thank you Ken for your kind words and tissues. I couldn't ask for more. Looking closer at the income statement, net interest income of almost $700 million grew 7.2% quarter to quarter or nearly 29% annualized, driving PPNR of $331 million for the quarter, which equates to a 19% increase from Q1.

謝謝 Ken 的善意言辭和紙巾。我不能要求更多了。仔細查看損益表，近 7 億美元的淨利息收入環比增長 7.2%，年化增長近 29%，推動本季 PPNR 達到 3.31 億美元，相當於比第一季增長 19%。

Strong organic loan growth and higher average securities balances produce average earning asset growth of 17.3% on the late quarter annualized basis. Non-interest income rose 16.4% quarter over quarter to $148 million. Mortgage loan production volume increased 25% from last year. And the gain on sale margin edged up 1 basis point from the prior quarter to 20%, resulting in mortgage banking revenue of approximately $78 million.

強勁的有機貸款成長和更高的平均證券餘額使得本季末的平均生息資產年化成長率達到 17.3%。非利息收入季增 16.4% 至 1.48 億美元。抵押貸款發放量較去年同期成長25%。銷售利潤率較上一季上升 1 個基點至 20%，抵押貸款銀行業務收入約 7,800 萬美元。

Overall, we characterize core mortgage banking revenue is still tracking to flat year-over-year performance. In response to the volatility that issued for proposed tariffs early in Q2, the company undertook a hedging initiative to mitigate earnings volatility by purchasing variable rate securities.

整體而言，我們認為核心抵押貸款銀行業務收入仍與去年同期持平。為了應對第二季初擬議關稅帶來的波動，該公司採取了對沖措施，透過購買浮動利率證券來緩解獲利波動。

As spreads tightened, we sold these securities, which produced $8 million of the total $11 million gain of securities gains realized during the quarter, the gaining in losses at AmeriHome. Noninterest expense increased $14 million from the prior quarter to $515 million, mostly from the seasonal rebound and average ECR-related deposits, which drove the $11 million increase in deposit costs from Q1.

隨著利差收窄，我們出售了這些證券，這為 AmeriHome 帶來了本季 1,100 萬美元證券收益中的 800 萬美元，以及損失的增加。非利息支出較上一季增加 1,400 萬美元至 5.15 億美元，主要由於季節性反彈和平均 ECR 相關存款，導致存款成本較第一季增加 1,100 萬美元。

Net interest income, inclusive of deposit costs, however, grew 7% from the prior quarter to $36 million (sic – see slide 4, "$697.6 million"). Overall, we delivered solid operating leverage this quarter with net revenue growing nearly 9%, which outpaced sub-3% growth in non-interest expense.

然而，包括存款成本在內的淨利息收入較上一季成長 7%，達到 3,600 萬美元（原文如此 - 參見投影片 4，「6.976 億美元」）。整體而言，本季我們實現了穩固的營運槓桿，淨收入成長近 9%，超過了非利息支出 3% 以下的增幅。

Provision expense of $40 million resulted from organic loan growth and a replenishment of approximately $30 million of net charge-offs. In our financial statements, you'll also notice a new line item for net income attributable to non-controlling interest that captures the pre-tax dividend impact from our recently issued REIT preferred shares.

4000 萬美元的撥備費用來自有機貸款增長和約 3000 萬美元的淨沖銷補充。在我們的財務報表中，您還會注意到歸屬於非控制權益的淨收入這一新項目，它反映了我們最近發行的 REIT 優先股的稅前股息影響。

Turning to our net interest drivers, continued improvement in interest-bearing deposit costs and overall liability funding outpaced slightly lower loan yields. The securities portfolio yield increased 18 basis points to 4.81% from the prior quarter results of greater liquidity deployment into higher-yielding floating rate securities.

談到我們的淨利息驅動因素，計息存款成本和整體負債融資的持續改善超過了略低的貸款收益率。由於將更多的流動性配置到收益更高的浮動利率證券，證券投資組合收益率較上一季上升了 18 個基點，達到 4.81%。

The HFI loan yield decreased just 3 basis points to 6.17%, reflecting a mixed shift away from higher-yielding construction into C&I. The cost of interest-bearing deposits declined 7 basis points to 3.19% from CD costs compressing 22 basis points, as well as our ongoing efforts to manage IBD rates lower absent additional FOMC rate cuts. For the month of June, the average IBD rate was also 3.19%, but we expect continued improvement from the deposit mix shifting away from CDs.

HFI 貸款殖利率僅下降 3 個基點至 6.17%，反映出從收益較高的建築業轉向 C&I 業的混合轉變。計息存款成本下降 7 個基點至 3.19%，而 CD 成本則壓縮了 22 個基點，同時我們持續努力在 FOMC 不進一步降息的情況下降低 IBD 利率。6 月份，平均 IBD 利率也為 3.19%，但我們預計，隨著存款結構從 CD 轉移，利率將繼續改善。

As mentioned earlier, net interest income rose $47 million from Q1 to $698 million from strong loan growth, and its average earning assets increased $3.3 billion. Net interest margin expanded 6 basis points to 3.53% as the reduction in funding costs exceeded the 1 basis point reduction in total earning asset yield.

如前所述，由於貸款強勁成長，淨利息收入較第一季增加 4,700 萬美元，達到 6.98 億美元，平均生息資產增加了 33 億美元。由於融資成本的下降幅度超過總生息資產收益率 1 個基點的下降幅度，淨利差擴大 6 個基點至 3.53%。

Non-interest expense increased $14 million or 3% quarter over quarter as deposit costs rose $10.6 million due to the normal seasonal rebuild and mortgage warehouse deposits, which pushed average balances higher. Our adjusted efficiency ratio of 52% improved from 56% in Q1 as we continue to achieve positive operating leverage from revenue growth outfacing deposit cost, operating expenses, non-deposit cost operating expenses, which includes the incremental cost of incurring anticipation of becoming a large financial institution.

非利息支出比上一季增加了 1,400 萬美元，增幅為 3%，原因是正常的季節性重建和抵押倉庫存款導致存款成本增加了 1,060 萬美元，從而推高了平均餘額。我們的調整後效率比率為 52%，高於第一季的 56%，因為我們繼續從收入成長中獲得積極的營運槓桿，涵蓋存款成本、營運費用、非存款成本營運費用，其中包括成為大型金融機構預期產生的增量成本。

We remain asset sensitive on a net interest income basis, but essentially interest rate neutral on an earnings-at-risk basis in a ramped scenario. This offset is supported by a material projected ECR-related deposit cost decline this year and an increase in mortgage banking revenue in this scenario based upon our rate cut forecast.

在淨利息收入的基礎上，我們仍然對資產保持敏感，但在上升情境下，在風險收益的基礎上，我們基本上對利率保持中立。根據我們的降息預測，今年預計 ECR 相關存款成本將大幅下降，而在這種情況下抵押貸款銀行收入將增加，這為這一抵消提供了支持。

Our updated rate forecast calls for two 25 basis point rate cuts, each in September and December. The balance sheet increased $3.7 billion from Q1 to $86.7 billion in total assets, which reflected strong HFI loan and deposit growth of $1.2 billion and $1.8 billion respectively. Borrowings increased $1.9 billion due to the higher average HFS loan and securities portfolio balances in excess of deposit growth.

我們最新的利率預測是，9 月和 12 月將分別降息 25 個基點。資產負債表總資產較第一季增加了 37 億美元，達到 867 億美元，其中 HFI 貸款和存款分別強勁增長 12 億美元和 18 億美元。由於 HFS 貸款和證券投資組合平均餘額高於存款成長，借款增加了 19 億美元。

Finally, total equity grew to $7.4 billion and tangible book value per share climbed 15% year over year. HFI loans grew $1.2 billion quarterly with end-of-period balances $1 billion greater than average levels in the quarter. C&I continues to lead this loan momentum, contributing over two-thirds of the quarterly growth from both regional and national businesses.

最後，總股本成長至 74 億美元，每股有形帳面價值較去年同期成長 15%。HFI 貸款本季成長 12 億美元，期末餘額比本季平均高出 10 億美元。C&I 繼續引領這一貸款勢頭，為區域和全國業務的季度增長貢獻了三分之二以上。

Regional banking produced over $660 million of loan growth with C&I contributions from in-market commercial banking and innovation and technology banking, while home builder finance drove the CRE increase to the bank.

區域銀行業務產生了超過 6.6 億美元的貸款成長，其中來自市場內商業銀行和創新與科技銀行的 C&I 貢獻，而房屋建築商融資則推動了銀行的 CRE 成長。

With quarterly loan growth of over $150 million in innovation and tech, we continue to experience gathering momentum in banking the innovation economy nationally, following competitive disruptions over the past few years.

隨著創新和技術貸款季度增長超過 1.5 億美元，在經歷了過去幾年的競爭中斷之後，我們在全國範圍內的創新經濟銀行業務繼續呈現成長勢頭。

National business lines provided the remainder of the growth with mortgage warehouse and Note Finance being the primary contributors. Note Finance remains a key area where our private credit relationships provide complementary opportunities with non-bank partners.

全國業務線提供了剩餘的成長，其中抵押倉庫和票據融資是主要貢獻者。注意金融仍然是我們私人信貸關係與非銀行合作夥伴提供互補機會的關鍵領域。

Deposits grew $1.8 billion in Q2 inclusive of a $300 million decline in wholesale brokered deposits. Solid growth was achieved in non-interest-bearing and savings and money market products. Mortgage warehouse seasonal inflows were the primary drivers of higher non-interest-bearing balances, but we also generated another quarter of non-interest-bearing non-ECR balances of $140 million at a [sub] or a 7.5% annual rate.

第二季存款成長了 18 億美元，其中批發經紀存款減少了 3 億美元。無息產品、儲蓄產品和貨幣市場產品均實現穩健成長。抵押貸款倉庫的季節性流入是無息餘額增加的主要驅動因素，但我們也產生了另一個季度的無息非 ECR 餘額，金額為 1.4 億美元，年利率為 [sub] 或 7.5%。

CDs were also higher quarter over quarter, but we expect runoff to occur going forward. Regional banking deposits were up nearly $800 million from the prior quarter, demonstrating continued relationship momentum with in-footprint commercial clients.

CD 的數量也比上一季增加，但我們預計未來會下降。區域銀行存款較上一季增加近 8 億美元，顯示與區域內商業客戶的關係持續保持良好勢頭。

National business lines posted a $650 million quarterly increase, primarily from the normal seasonal rebuild in mortgage warehouse, as well as steady growth in our consumer digital channel. Specialty escrow deposits continue to add to our growth as well, contributing nearly $300 million of deposits in Q2. Of note, our digital asset banking program generated $400 million of quarterly growth as we provide services for blockchain payments.

全國業務線季度成長 6.5 億美元，主要得益於抵押倉庫的正常季節性重建，以及消費者數位管道的穩定成長。專業託管存款也繼續促進我們的成長，在第二季度貢獻了近 3 億美元的存款。值得注意的是，我們的數位資產銀行計劃在我們為區塊鏈支付提供服務時實現了 4 億美元的季度增長。

Turning to asset quality, criticized loans declined $118 million quarterly and benefited from special mention loans, decreasing $16 million, classified accruing loans declining $77 million, and non-accruing loans falling $24 million. As Ken explained earlier, other real estate owned increased $167 million as we took possession of a handful of office properties we've been closely monitoring for some time. We do not expect these properties to have an adverse effect on financial results as their aggregate operating revenues exceed expenses.

談到資產質量，批評貸款本季減少了 1.18 億美元，受益於特別關注貸款，減少了 1,600 萬美元，分類應計貸款減少了 7,700 萬美元，非應計貸款減少了 2,400 萬美元。正如肯之前解釋的那樣，由於我們接管了我們一段時間以來密切關注的少量辦公物業，其他自有房地產價值增加了 1.67 億美元。由於這些資產的總營業收入超過支出，我們預期它們不會對財務結果產生不利影響。

We expect steady movement toward resolution and to begin dispositions this year of this portfolio, stabilizing leasing and occupancy rates as well as improving net operating income on these properties, reinforce our confidence that we will recover our recovering values as indicated by the positive cash flow from these assets.

我們預計解決方案將穩步推進，並於今年開始處置該投資組合，穩定租賃和入住率，並提高這些物業的淨營業收入，增強我們的信心，我們將恢復這些資產的正現金流所表明的恢復價值。

All in, criticized assets rose $50 million from March 31. As we achieve resolution of these assets, we would expect total criticized assets to begin to decline in the current quarter.

總體而言，受批評的資產自 3 月 31 日以來增加了 5,000 萬美元。隨著我們解決這些資產問題，我們預計本季受批評資產總額將開始下降。

Quarterly net loan charge-offs were approximately $30 million or 22 basis points of average loans. Provision expense of $40 million added to reserves in concert with loan growth and to cover charge-offs. Our ACL for funded loans moved $6 million higher from the prior quarter to $395 million. The total loan ACL for funded loans ratio nudged up 1 basis point from the prior quarter to 78.

季度淨貸款沖銷額約為 3,000 萬美元，或平均貸款的 22 個基點。隨著貸款成長並彌補沖銷，向儲備金增加了 4,000 萬美元的撥備支出。我們的已發放貸款 ACL 較上一季增加了 600 萬美元，達到 3.95 億美元。總貸款ACL與已發放貸款比率較上一季小幅上升1個基點，至78。

On slide 14, you can see Western Alliance's concentration and low loss loan categories skews our ACL ratio lower relative to peers, reflecting the portfolio's lower embedded loss content. The top chart is our updated adjusted total loan ACL lock, which illustrates how credit enhancements such as credit-linked notes and structurally low-risk segments like fund banking, our low loan LTV, and high FICO residential portfolio in mortgage warehouse elevate our normalized reserve coverage from 78 basis points to 135.

在投影片 14 上，您可以看到 Western Alliance 的集中度和低損失貸款類別使我們的 ACL 比率相對於同業較低，這反映了投資組合中較低的隱含損失內容。上面的圖表是我們更新的調整後總貸款 ACL 鎖定，它說明了信用掛鉤票據等信用增強措施以及基金銀行等結構性低風險部分、我們的低貸款 LTV 和抵押貸款倉庫中的高 FICO 住宅投資組合如何將我們的標準化準備金覆蓋率從 78 個基點提高到 135 個基點。

Bottom table demonstrates that applying an industry median loan mix to our portfolio while still using our reserve allocations by loan type but reducing our outsized proportions of loans in lower risk categories like mortgage warehouse and residential and increasing our proportion of loans at higher risk categories like consumer, our allowance would exceed 1% today.

下表顯示，將行業中位數貸款組合應用於我們的投資組合，同時仍使用按貸款類型分配的儲備金，但減少抵押倉庫和住宅等低風險類別的貸款比例，並增加消費者等高風險類別的貸款比例，我們的撥備今天將超過 1%。

Our CET1 capital ranks near median tier levels. If you add our lower adverse AOCI marks and the ACL, our adjusted capital ratio is 11%, which is flat since the prior quarter and ranks slightly above the median for our asset peer group on a one-quarter lag basis.

我們的 CET1 資本接近中等。如果加上我們較低的不利 AOCI 分數和 ACL，我們的調整後資本比率為 11%，與上一季度持平，並且按一個季度的滯後計算，略高於我們資產同業組的中位數。

We remain confident in our capacity to absorb any losses in concert with steady loan growth as we view this adjusted capital as the total amount available to absorb losses and support balance sheet growth. Our CET1 ratio rose to 11.2% despite our loan growth, and SMSR sales provided some RWA relief. A tangible common equity to total assets ratio was unchanged at 7.2%.

我們仍然對我們吸收任何損失的能力充滿信心，同時貸款穩步增長，因為我們將調整後的資本視為可用於吸收損失和支持資產負債表增長的總金額。儘管我們的貸款有所增長，但我們的 CET1 比率仍上升至 11.2%，而 SMSR 銷售也提供了一些 RWA 緩解。有形普通股權益與總資產比率保持不變，為 7.2%。

Tangible book value per share increased to $1.77 from Q1 to $55.87 as a function of retained earnings. Consistent upward growth in tangible book value per share remains a hallmark of Western Alliance and has exceeded peers by over 7 times for the past decade.

由於留存收益，每股有形帳面價值從第一季的 1.77 美元增加到 55.87 美元。每股有形帳面價值的持續成長仍然是 Western Alliance 的標誌，並且在過去十年中已經超過同行 7 倍以上。

Our strong track record in compounding tangible value per share stems from sustained reinvestment in our diversified and dynamic business model, which has consistently produced top-tier balance sheet profitability and growth for more than 10 years. This has led to excellent revenue growth and operating leverage, strong ROCE and EPS growth, as well as leading tangible book value per share accumulation. Ultimately, these are the drivers of long-term superior total shareholder return.

我們在每股有形價值複合成長方面的出色業績源於我們對多元化和動態業務模式的持續再投資，該模式在十多年的時間裡持續產生頂級的資產負債表盈利能力和增長。這帶來了出色的收入成長和經營槓桿、強勁的 ROCE 和 EPS 成長，以及領先的每股有形帳面價值累積。最終，這些都是長期優異的股東總回報的驅動力。

Additionally, the metrics in the bottom row that track the last four quarters, which are NIM, efficiency, and ROCE, are poised to improve from here. I'll return the call back to Ken.

此外，底部一行追蹤過去四個季度的指標，即淨利差、效率和已動用資本回報率，將從現在開始改善。我會回電給肯。

Thanks, Dale. Okay, let's talk about our 2025 guidance. We reiterate our loan and deposit growth outlooks of $5 billion and $0.8 billion dollars respectively based on healthy pipelines remaining intact despite recent tariff-related noise. Regarding capital, we expect our CET1 ratio to hold above 11%, balancing our loan growth outlook with improving capital generation from an increasing return on tangible common equity.

謝謝，戴爾。好的，讓我們來談談我們 2025 年的指引。儘管近期與關稅相關的噪音不斷，但基於管道健康，我們重申貸款和存款分別增加 50 億美元和 8 億美元的預期。關於資本，我們預計我們的 CET1 比率將保持在 11% 以上，從而平衡我們的貸款成長前景與透過增加有形普通股權益回報率來提高資本產生能力。

We are revising our net interest income outlook higher to 8% to 10% growth as our projection for two 25 basis point rate cuts has shifted back to September and later in Q4. As our loan portfolio is more variable-rate weighted, delayed rate cuts combined with sustained strong loan growth should lift net interest income.

由於我們對兩次 25 個基點降息的預測已移回至 9 月和第四季後期，因此我們將淨利息收入預期上調至成長 8% 至 10%。由於我們的貸款組合更多地採用浮動利率加權，延遲降息加上持續強勁的貸款成長應該會提高淨利息收入。

Additionally, net interest margin for the full year should approximate 2024's upper 3.5% level. We are also revising our non-interest income outlook higher to 8% to 10% growth. We are pleased with the momentum in cultivating holistic relationships with our customers and the traction we've made in earning more commercial banking fees.

此外，全年淨利差應接近2024年3.5%的上限水準。我們也將非利息收入成長率預期上調至 8% 至 10%。我們對與客戶建立全面關係的勢頭以及在賺取更多商業銀行費用方面取得的進展感到滿意。

Higher interest rates should also benefit servicing income and support MSR valuations. Non-interest expense is now expected to be 1% to 4% for the year. ECR-related deposit costs are now projected to land between $550 million and $590 million for the year and between $170 and $180 million in Q3.

更高的利率也應有利於服務收入並支持 MSR 估值。目前預計全年非利息支出將達 1% 至 4%。目前預計今年 ECR 相關的存款成本將在 5.5 億美元至 5.9 億美元之間，第三季將在 1.7 億美元至 1.8 億美元之間。

ECR revision is attributed to a more back-loaded rate cut forecast. Our improved revenue outlook should also drive higher associated incentive compensation. Operating expenses are now expected to be $1.495 billion to $1.515 billion for the full year. Asset quality should continue to perform as expected, with full-year net charge-offs of approximately 20 basis points, while criticized assets are expected to decline over the next several quarters.

ECR 的修訂歸因於更為後期的降息預測。我們改善的收入前景也應該會推動相關激勵薪酬的提高。目前預計全年營運支出為 14.95 億美元至 15.15 億美元。資產品質應繼續表現符合預期，全年淨沖銷額約為 20 個基點，而受批評的資產預計在未來幾季將會下降。

Finally, we are maintaining our full-year 2025 effective tax rate forecast of approximately 20%. At this time, Dale, Tim, and I will take your questions.

最後，我們維持 2025 年全年有效稅率約為 20% 的預測。現在，戴爾、提姆和我將回答你們的問題。

(Operator Instructions) Chris McGratty, KBW.

（操作員指示）Chris McGratty，KBW。

Great, thanks. Thanks for the question. Want to start on the CFO transition. It feels like a big moment for the company. I'm interested, Dale, Ken, a little bit on the timing.

太好了，謝謝。謝謝你的提問。想要開始財務長的過渡。這對公司來說是一個重要時刻。戴爾、肯，我對時間安排有點感興趣。

Dale, what you plan on kind of focusing your efforts on the background of the new -- of your success or -- and ultimately, broader succession conversations. So I know a lot is in there, but I'd love to hear your thoughts.

戴爾，您計劃將精力集中在新的背景下——您的成功——以及最終更廣泛的繼任對話。我知道這裡面有很多內容，但我很想聽聽你的想法。

Sure. Well, I can't say how thrilled enough I am about this organizational change, which I had suggested. Augmenting the skill set of the team is going to -- will make us more versatile. We'll capitalize on new opportunities. And it's going to free up my time to immerse myself in the array of deposit services we offer.

當然。好吧，我無法表達我對於我所建議的這個組織變革有多麼興奮。增強團隊的技能將會使我們變得更加多才多藝。我們將抓住新的機會。這將使我有更多時間專注於我們提供的一系列存款服務。

Every single one of them appears to be at an inflection point in their growth trajectory. We are in the midst of a sea change in some of our business lines, not unlike when Moses parted one of them. And I got -- I see pathways opened. I see obstacles being removed. And I'm not just referring to Genius for the digital asset space but also executive orders and changes at the FTC. The time to move on them is right now, and I'm just delighted to be stepping into that.

他們每個人似乎都處於成長軌跡的轉折點。我們的一些業務線正經歷著翻天覆地的變化，就像摩西拆分其中一個業務線時的情況一樣。我得到了——我看到道路被打開了。我看到障礙正在被消除。我不僅指數位資產領域的 Genius，也指聯邦貿易委員會的行政命令和變化。現在正是採取行動的時候，我很高興能夠踏出這一步。

I'll just add one other thing. It's important to note that this transition does not signal a change in the direction for the bank. Our focus remains steadfast on achieving organic growth up two and through the $100 billion large financial institution level. And that's where our focus will be on the next 18 months. Back to you, Chris, if you're there.

我只想補充一點。值得注意的是，這種轉變並不意味著銀行方向的改變。我們的重點始終是實現有機成長，並達到 1000 億美元的大型金融機構水準。這就是我們未來 18 個月的重點。回到你身邊，克里斯，如果你在那裡的話。

I just want to extend our thoughts and Dale, you've done a great job navigating this company with the team. I guess my follow-up would be on the back half, the deposit growth, the $8 billion -- to get to the $8 billion. Can you help us reconcile getting there? I think Q4 is typically slow, which I think implies Q3 is going to be pretty big. Any color on the cadence of deposit flows?

我只是想表達我們的想法，戴爾，你和團隊在管理這家公司方面做得非常出色。我想我的後續工作將是關注下半年，存款成長，80億美元——達到80億美元。您能幫助我們實現這個目標嗎？我認為第四季通常比較慢，這意味著第三季將會非常快。存款流動的節奏有什麼特色嗎？

Sure. One of the things that we did was to our deposit growth this -- the past two quarters is we have, through pricing, paired down some of the more volatile mortgage warehouse funds and which has really been the driver of what you're referring to on the seasonal kind of dip that we've had, particularly in the mortgage warehouse deposits in the fourth quarter.

當然。我們所做的事情之一就是我們的存款成長——過去兩個季度，我們透過定價減少了一些波動較大的抵押貸款倉儲資金，這實際上是您所指的季節性下降的驅動因素，特別是第四季度的抵押貸款倉儲資金。

So that's going to be more muted. And so we're not expecting that that's going to -- we need to necessarily cover that. So we're on track. We see for our $8 billion target.

所以這會變得更加低調。因此，我們並不期望這一點——我們必須涵蓋這一點。所以我們的進展順利。我們的目標是 80 億美元。

Yeah, I'd add that year-to-date, we're up about $1 billion. Some of the things that Dale will be addressing specifically in the digital asset banking should also increase deposits as we go forward. It had a good quarter this quarter and grew $400 million.

是的，我想補充一點，今年迄今為止，我們已經獲利約 10 億美元。戴爾將在數位資產銀行業務中專門解決的一些問題也應該會在我們前進的過程中增加存款。本季業績表現良好，成長了 4 億美元。

And our technology and innovation group also had an incredibly strong quarter with their balances rising nearly $600 million. I think that is proof positive that staying reliable and accessible in that market, both on the loan and the deposit side has begun to pay dividends for us.

我們的技術和創新集團也在本季表現非常強勁，其餘額成長了近 6 億美元。我認為這充分證明，在貸款和存款方面保持可靠性和可訪問性已開始為我們帶來回報。

Great. Thanks, Ken.

偉大的。謝謝，肯。

Jared Shaw, Barclays.

巴克萊銀行的賈里德·肖。

Good, morning. Thanks for the question. Dale, congratulations on the new role as well. Maybe looking at the fee income and looking at the guide for fee income, where -- what are some of the broader assumptions, I guess, underneath that in terms of mortgage?

早安.謝謝你的提問。戴爾，我也祝賀你獲得新的職位。也許看看費用收入，看看費用收入指南，我想，就抵押貸款而言，這背後的一些更廣泛的假設是什麼？

You had said earlier, I guess, still looking at flat year over year. Is that -- where is the growth going to be coming from, I guess, on the fee side?

我想，您之前說過，同比情況仍然持平。那麼——我猜，費用方面的成長將從何而來？

Yeah. So we anticipate a rise in fee income in the back part of the year, driven by an increase in generally mortgage-related revenue from seasonal activities and also commercial banking activities linked to the growth in our C&I business. All in, the mortgage business is forecasted to have the same flat year-over-year revenue growth.

是的。因此，我們預計今年下半年的費用收入將會增加，這主要得益於季節性活動帶來的抵押貸款相關收入的增加，以及與我們的工商業業務成長相關的商業銀行活動的收入增加。總體而言，抵押貸款業務預計的收入年增將保持穩定。

And we do that as a way to focus on our commercial banking activities, which will generate the bulk of earnings -- not only fee income, but the bulk of earnings of the bank so that investors can feel comfortable that the year-over-year growth is coming from these commercial banking activities, while the mortgage business being flat at the moment will be prepared or be available to deliver alpha in terms of earnings if and when interest rates get cut and that mortgage buying begins to rise.

我們這樣做是為了專注於商業銀行業務，這將產生大部分收益 - 不僅是費用收入，而且是銀行的大部分收益，以便投資者可以放心，同比增長來自這些商業銀行業務，而目前持平的抵押貸款業務將做好準備或可以在利率降低且抵押貸款購買開始上升時在收益方面提供阿爾法收益。

When that happens, then we have an interesting decision to make here around the table, and that will be do we put some of those alpha earnings back into the business to support future growth or do we let to the bottom line, grow net income, improve our returns on average assets and tangible common equity and/or have different options for capital deployment.

當這種情況發生時，我們需要做出一個有趣的決定，那就是我們是否將部分阿爾法收益重新投入到業務中以支持未來的增長，或者我們是否將其置於底線，增加淨收入，提高平均資產和有形普通股的回報率和/或有不同的資本配置選擇。

The mortgage industry had a muted spring selling season as a result of one of the higher rate environment is also the volatility perhaps introduced from the tariff activity. And I don't think that that destroy that demand, it just postponed it to some degree. So I think some of it as things stabilize might come forward. And again, everyone is projecting that we're going to have some rate relief sometime later in 2025.

抵押貸款產業春季銷售表現平淡，原因之一是利率較高，也可能是關稅活動帶來的波動。我不認為這會破壞需求，只是在一定程度上推遲了需求。因此我認為，隨著形勢穩定，其中一些可能會出現。而且，每個人都預測我們將在 2025 年稍後實施一些利率減免。

Okay, thanks. And then I guess on the expenses, as my follow-up. When we look at the higher guide on expenses ex ECR, what's driving that? Is that incremental new investments to support some of these initiatives? And then, I guess, if we do see relief on Category 4 thresholds, is there an opportunity to maybe see that come in lower than the range? Or what's sort of the investment cycle moving to Category 4 looking like?

好的，謝謝。然後我想談談費用，作為我的後續行動。當我們查看 ECR 費用的更高指南時，是什麼推動了這一趨勢？這些增量新投資是否支持其中一些措施？然後，我想，如果我們確實看到第 4 類門檻的放寬，是否有機會看到門檻低於該範圍？或是進入第 4 類的投資週期是什麼樣的？

Yeah. You've got two questions in there. First, let me just say for Q2, our total expenses only rose by 2.9% or $14 million, of which nearly $11 million of the $14 million are deposit-related costs. So operating expenses, where were rather flat Q1 to Q2, okay? And this modest rise actually improved our efficiency ratio by 400 basis points quarter over quarter to 51.8%. I should say adjusted efficiency ratio is the way we look at it.

是的。你有兩個問題。首先，我要說的是，第二季我們的總支出僅成長了 2.9%，即 1,400 萬美元，其中近 1,100 萬美元是與存款相關的成本。那麼，第一季到第二季的營運費用基本上持平，好嗎？這一適度增長實際上使我們的效率比率環比提高了 400 個基點，達到 51.8%。我應該說，調整後的效率比率是我們看待它的方式。

Now, going forward in the rest of the year, yes, I think we've been very clear that we have, we are going to spend about $35 million cash spend in 2025 and another $35 million in 2026, which is embedded in our numbers. The operating expense numbers about $30 million of that $30 million to $35 million dollars that'll be in the year. And that will be a little bit more back-end loaded as we prepare to cross over $100 billion.

現在，展望今年剩餘時間，是的，我想我們已經非常清楚，我們將在 2025 年花費約 3500 萬美元現金，並在 2026 年再花費 3500 萬美元，這已經包含在我們的數字中。全年營業支出約 3,000 萬美元至 3,500 萬美元，其中營運費用約為 3,000 萬美元。當我們準備突破 1000 億美元時，這將會是後端負擔的一部分。

Now, as it relates to tailoring, okay, we've been closely following the tailoring conversations and their potential impact on the bank. I'll say first we're in favor of moving the LFI Category 4 threshold to $250 billion or having it at least indexed to inflation. This adjustment would allow us to navigate through the threshold more deliberately while permitting the bank to continue its organic growth journey, right?

現在，由於它與定制有關，好的，我們一直在密切關注定制對話及其對銀行的潛在影響。首先我要說的是，我們贊成將 LFI 第 4 類門檻提高到 2,500 億美元，或至少將其與通貨膨脹掛鉤。這種調整將使我們能夠更加謹慎地跨越門檻，同時允許銀行繼續其有機成長之旅，對嗎？

In the short run, the other benefits to moving the LFI threshold to $250 billion would be to free up technology resources to support our product line and service improvement development, and it also would enable us to help build out some of our AI functions and features at a faster pace.

從短期來看，將 LFI 門檻提高到 2500 億美元的其他好處是釋放技術資源來支援我們的產品線和服務改進開發，同時也使我們能夠以更快的速度建立我們的一些 AI 功能和特性。

But one of the things that we have to balance here is just because we hear the scuttlebutt that Category 4 will be moved up to a higher number, we cannot stop doing what we're doing because we anticipate crossing over the $100 billion threshold somewhere in early 2027 Q1, maybe Q2.

但我們必須平衡的一件事是，僅僅因為我們聽到傳言說第 4 類將升至更高的數字，我們就不能停止我們正在做的事情，因為我們預計在 2027 年初第一季或第二季度某個時候突破 1000 億美元的門檻。

If we postpone or slow that down and the LFI threshold is not raised, then we put ourselves at risk of impeding our total loan and deposit growth. So at this point, we have to continue as if the LFI threshold rate is not going to happen. But once it does, and we hope it does, then we'll adjust our spending accordingly. So I hope that answers your questions there.

如果我們推遲或放慢這一進程，並且不提高 LFI 門檻，那麼我們將面臨阻礙貸款和存款總額成長的風險。因此，在這一點上，我們必須繼續下去，就好像 LFI 閾值率不會發生一樣。但一旦實現，我們希望實現，那麼我們就會相應地調整我們的支出。我希望這能解答你的問題。

Yeah, that's great detail. Thank you.

是的，細節很豐富。謝謝。

Matthew Clark, Piper Sandler.

馬修克拉克、派珀桑德勒。

Thank you for the questions and congrats, Dale. Can you just honing on the margin a little bit, just give us a spot rate on deposits at the end of June. I think you gave it last quarter, but I didn't see it this time around. And what's your kind of blended beta assumption through the cycle if you include non-maturity deposits that you touched on in the deck?

感謝您的提問，祝賀您，戴爾。您能否稍微調整一下利潤率，給我們一個六月底存款的即期利率。我認為你上個季度給了它，但這次我沒有看到它。如果您將簡報中提到的非到期存款納入，那麼您對整個週期的混合貝塔假設是什麼？

Yeah. So we see that our margin is going to continue to inflect positively from here, both on a reported basis as well as an adjusted basis including kind of the ECR fees going forward.

是的。因此，我們看到，從現在起，我們的利潤率將繼續呈現正面變化，無論是在報告基礎上，還是在調整基礎上，包括未來的 ECR 費用。

Yeah, I would say that, on a spot rate at the moment, investments -- our investment book is running higher than our average rate for the second quarter. We also see deposits and borrowings being down a few basis points as well. And so I think that gives some confidence to our guide that the net interest margin will stay or grow from the level it was at the end of Q2.

是的，我想說，以目前的現貨匯率，我們的投資帳簿高於第二季的平均匯率。我們也發現存款和借款也下降了幾個基點。因此，我認為這給我們的指引帶來了一些信心，即淨息差將保持或從第二季末的水平增長。

We had a notable increase in the securities yield. That's not done. And I think that's going to be also an impetus for expansion on both of our margin metrics.

我們的證券收益率顯著增加。那還沒做完。我認為這也將成為我們利潤率指標擴張的動力。

Got it. And then on the fee income side and in terms of the lift you're expecting there, part of it's coming from commercial banking income. I think it's a line item you no longer disclosed. But you just maybe update us on how much that contributes to fee income and how that might have changed from the prior quarter?

知道了。然後在費用收入方面以及您預期的成長方面，部分收入來自商業銀行收入。我認為這是您不再披露的項目。但您能否告訴我們這對費用收入的貢獻有多大，以及與上一季相比有何變化？

The question is how much is coming from commercial banking versus the mortgage? Is that the question?

問題是，其中有多少來自商業銀行貸款，有多少來自抵押貸款？這是問題嗎？

Yeah, it's probably embedded in the service charge line now I guess. But I was just trying to get a sense for the magnitude of commercial banking fees and fee income. Just to try to get a sense of how much that's growing.

是的，我想它現在可能已經嵌入到服務費用線中了。但我只是想了解商業銀行費用和費用收入的規模。只是想了解成長幅度有多大。

Yeah, the mortgage business is going to stay flat year over year, which is about $328 million. We generated revenues in '24 million and the same amount in '25. And noninterest -- and other noninterest income, which is what you want to know, probably will rise in the order of 20%-plus year over year.

是的，抵押貸款業務將同比保持平穩，約為 3.28 億美元。我們在 24 年創造了收入，在 25 年也創造了同樣的收入。而非利息——以及其他非利息收入，也就是您想要知道的，可能會比去年同期增加 20% 以上。

Yeah, commercial banking related income is 15% of our revenue presently in the [end].

是的，商業銀行相關收入占我們目前收入的 15%。[結尾]。

Perfect. Thank you.

完美的。謝謝。

Timur Braziler, Wells Fargo.

富國銀行的 Timur Braziler。

Hi, good morning. Starting on the funding side, just maybe provide a little bit more color to the rationale on growing the borrowings as much as you did to deploy that into the bond book. And I think, Dale, you just said that buy yields are higher today than they were the average book. And that's not done yet.

嗨，早安。從資金方面開始，也許可以對增加借款的理由提供更多的說明，就像您將其部署到債券帳簿一樣。戴爾，我認為您剛才說今天的買入收益率高於平均水平。但這一切還沒完成。

Is that implying that the strategy of levering borrowings to put into the bond book and it continues here into the back end of the year?

這是否意味著利用借款來發行債券的策略將持續到今年底？

Yeah. What we've seen is spreads widened in the wake of liberation Day. And as a result, we're not incurring any interest rate risk here. We're not creating any credit risk here because these are our treasury obligations. But we see a, I don't know, a lack of continuity or similarity within that space.

是的。我們看到的是，解放日之後利差擴大了。因此，我們不會承擔任何利率風險。我們不會在這裡產生任何信用風險，因為這是我們的財務義務。但我們發現，我不知道，該空間缺乏連續性或相似性。

And so we're augmenting returns at this time related to that. And that's going to be based upon market conditions, but certainly presently, it's working.

因此，我們目前正在增加與此相關的回報。這將取決於市場條件，但目前看來，它確實有效。

Okay. And then the increase in OREO, just some more color there, how many properties? Can you provide any color on just kind of the carrying cost LTVs here. And I'm wondering if some of the increased cost or increased expense guide is related to the higher carry cost of OREO.

好的。然後增加奧利奧，只是增加了一些顏色，有多少種特性？您能否提供有關這裡的持有成本 LTV 的任何資訊？我想知道增加的成本或增加的費用指南是否與奧利奧更高的持有成本有關。

Yeah, this is Ken. So we took in five properties. And let me give you the big picture of what we're trying to do here. Right now, those properties generate the revenues that are -- the properties generate are in excess of the expenses. So yes, the expenses show up in the expense line, the revenues show up in the fee income line. But net-net, it's a positive carrying number to the overall performance.

是的，這是肯。因此我們接手了五處房產。讓我向您大致介紹一下我們在這裡要做的事情。目前，這些房產產生的收入超過了支出。是的，支出顯示在支出行中，收入顯示在費用收入行。但從淨值來看，這對整體表現來說是一個正面的數字。

Now what we'll do here is a couple of things. We have found that the sooner that we could take these properties in, manage them ourselves, we've had much more success in leasing them up and improving the occupancy rates as well as getting better rental rates. And that's what we did.

現在我們要做幾件事。我們發現，我們越早接手這些房產並自行管理，就越能成功地出租它們，提高入住率並獲得更好的租金。我們也這麼做了。

The fact that revenues will grow in excess of expense also gives us the opportunity, if we need to, to fund improvements in these properties to bring them up to competitive levels in the cities that they're in. So it gives us that flexibility as well.

收入成長超過支出的事實也為我們提供了機會，如果需要的話，我們可以為這些房產的改善提供資金，使它們在所在城市達到競爭水平。因此它也為我們提供了靈活性。

And the last thing I'll say is when we take in these properties, the OREO, they're at the current valuation of values less liquidation costs. So by taking them in now, these properties will not impact charge-off behavior unless there is a significant decline in the revenue or the valuations in those markets, and we just don't see that now.

最後我要說的是，當我們收購這些資產（奧利奧）時，它們的當前估值是減去清算成本後的數值。因此，現在收購這些資產不會影響沖銷行為，除非這些市場的收入或估值大幅下降，但我們現在還沒有看到這種情況。

So it also helps stabilize charge-offs as well. So for all those reasons, and the fact that we feel more comfortable running these properties ourselves rather than having them wait and sit out there in a substandard category. We're able to take them in quicker and be more proactive with it.

因此它也有助於穩定沖銷。因此，基於所有這些原因，以及我們更願意自己經營這些房產，而不是讓它們在不合格的類別中等待和閒置。我們能夠更快地接納他們，並採取更積極主動的態度。

Great. And just -- maybe if I can one more, just as that pertains to the allowance. I know you guys get this question quite often. But now if you look kind of at the nonperforming asset coverage ratio, it's closer to 60%. Is there any consideration in increasing the allowance just given the increase in nonperforming assets.

偉大的。並且 — — 也許我可以再問一次，因為這與津貼有關。我知道你們常常被問到這個問題。但現在如果你看一下不良資產覆蓋率，它接近 60%。不良資產增加​​的情況下，是否有考慮增加撥備。

And I guess just how are you thinking about that from a kind of an investor perception standpoint versus what's actually coming in through the results?

我想，您從投資人的角度和實際結果的角度是如何看待這個問題的？

Yeah. Well, let me start on this and then I think Tim can pick it up. So just talking about the reserve to NPAs, if there were to be a charge, order recovery in one of these OREO properties, it would not touch the allowance. The allowance is only for the loan book.

是的。好吧，讓我先從這個開始，然後我想蒂姆可以接手。因此，僅談論對不良資產的儲備，如果對其中一個 OREO 資產進行收費或命令回收，則不會影響儲備。此津貼僅適用於貸款帳簿。

These are already written down these properties that Ken is alluding to as is appraised value, less disposition costs, the rock bottom, they're cash flow positive. We don't see any risk there, but even if there were, it wouldn't affect the ACL number. It's really -- that's relative to the loan growth that we've talked about kind of what our reserve levels are.

這些已經記下來了，肯所暗示的這些財產是評估價值，減去處置成本，最低，現金流為正。我們沒有看到任何風險，但即使有，也不會影響 ACL 號碼。這確實與貸款成長有關，我們已經討論過我們的儲備水平。

Yeah. Thanks, Dale. The ACL, we have a lot of constituents in the ACL. And the foundation of the ACL build up from the asset values. Our assets is that we build the ACL predominantly real estate secured assets, they're valued with conservative values as those assets get distressed, we value more frequently. And as Dale just said, less the disposition costs.

是的。謝謝，戴爾。ACL，我們在 ACL 中有許多選民。ACL 的基礎是從資產價值建立起來的。我們的資產是我們建立的 ACL 主要以房地產擔保資產為主，它們以保守的價值進行估值，因為這些資產陷入困境，我們會更頻繁地進行估值。正如戴爾剛才所說，處置成本較低。

So with the clear line of sight that we have into the assets in our portfolio and our strategy around the disposition of those assets. There's -- we're absolutely comfortable with the values that we're carrying in our ACL.

因此，我們對投資組合中的資產以及圍繞這些資產的處置策略有著清晰的了解。我們對 ACL 中所承載的價值觀感到非常滿意。

I will chime in to make it three for three. Not only do we believe our ACL reserve is not only adequate and its construction, but when you added to CET1 inclusive of AOCI, adjusted other comprehensive income, all right, was known as adjusted CET1, we are above our peer group median. Peer group being $50 billion to $250 billion. And so I think that's the way we look at it.

我會加入進來，使之成為三對三。我們不僅相信我們的 ACL 儲備充足且結構合理，而且當您將包括 AOCI 在內的 CET1 添加到調整後的其他綜合收入（即調整後的 CET1）時，我們高於同業中位數。同類規模為 500 億美元至 2500 億美元。所以我認為這就是我們看待這個問題的方式。

Are we appropriately capitalized? Yes, we are and reserve. Yes, we are. And what you're seeing in the reporting so far to date, we're seeing a number of banks beginning to lower their reserve ratios and not increase. We're keeping our steady at this moment. Not that we expected this question.

我們的資本適足率是否適當？是的，我們是並且保留。是的。從迄今為止的報道中可以看出，許多銀行開始降低而不是提高準備金率。我們目前保持穩定。我們並沒有預料到這個問題。

David Smith, Truist Securities.

大衛史密斯（David Smith），Truist Securities。

Thank you. Can you help us understand the moving parts behind the deposit cost outlook, the 15% to 20% sequential increase in 3Q, look about in line with what we saw in 3Q last year, but the full year outlook seems to imply a 30% or 40% or so decline in 4Q, which is twice as big as what we saw in 4Q of last year, even though there was a benefit from filling rates last year.

謝謝。您能否幫助我們理解存款成本前景背後的變動因素？第三季連續成長 15% 至 20%，看起來與去年第三季的情況一致，但全年前景似乎意味著第四季將下降 30% 或 40% 左右，是去年第四季下降幅度的兩倍，儘管去年的填充率有所提高。

And I think you just said that you lowered some of the more high cost, more seasonal mortgage warehouse deposits, which seems like it would dampen the seasonality, if anything. So if you could help us understand the cadence and the moving pieces behind that outlook, please?

我想您剛才說過，您降低了一些成本較高、季節性較強的抵押倉庫存款，這似乎會抑制季節性。那麼，您能否幫助我們理解這種觀點背後的節奏和動向呢？

Well, a couple of things going on. So we have our ECRs don't -- aren't only from the mortgage warehouse piece. Our HOA group pays ECRs at, frankly, at lower rates than the MW sector. And so -- and that's continuing to -- and so that's kind of part of what we're doing. We're also showing that we do have a rate decrease in September and all the way in December. So that kind of adds to that as well.

嗯，有幾件事正在發生。因此，我們的 ECR 不僅僅來自抵押倉庫部分。坦白說，我們的 HOA 集團支付的 ECR 費率低於 MW 部門。所以 — — 而這仍在繼續 — — 這就是我們正在做的事情的一部分。我們也顯示，9 月以及 12 月利率確實有所下降。所以這也增加了這一點。

Okay. So you're still expecting a mix shift overall towards -- out of the mortgage warehouse towards the HOA and escrow and other lower ECR deposits?

好的。那麼，您仍然預計總體上會出現混合轉變——從抵押倉庫轉向 HOA 和託管以及其他較低的 ECR 存款？

We are. There's other areas that also -- we have -- we're optimistic about what our near-term prospects are. Some of the ones that I was alluding to a little bit in my comments earlier in terms of the digital space, our corporate trust operations. I mean we've only been at that Corporate Trust for two years.

是的。我們對其他領域的近期前景也持樂觀態度。我之前在評論中稍微提到了數位空間和我們的企業信託業務的一些內容。我的意思是我們只在那家公司信託公司工作了兩年。

And I'm not a lead table kind of person because we don't have a lot of businesses that would producing tables for, but we're the seventh largest CLO trustee in the world in a very short period of time. and frankly, with bright prospects.

我不是那種領導表格的人，因為我們沒有很多企業願意為其製作表格，但我們在很短的時間內成為了全球第七大 CLO 受託人。坦白說，前景光明。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

Hey, good morning. I guess just wanted to follow up, Ken and Dale, on the topic of, one, Dale's new role sort of overseeing all these deposit strategies and you've emphasized some of the regulatory changes. We have seen movement on sort of the digital assets Act or Genius Act today.

嘿，早安。我想，肯和戴爾，我只是想跟進這個主題，首先，戴爾的新角色是監督所有這些存款策略，而你們強調了一些監管變化。我們今天看到了《數位資產法案》或《天才法案》的進展。

Is there a case to be made that -- all of this combined should lead to a significant pickup on the deposit growth front relative to where we've been over the last 6, 12 months for this year. I'm just wondering is there a pickup that we should anticipate and obviously not given '26 guidance, but I'm trying to figure out if there's an infection here in terms of where things are going.

是否有理由認為——所有這些因素結合起來應該會導致今年存款成長相對於過去 6 個月、12 個月的水平顯著回升。我只是想知道我們是否應該預期會出現回升，而且顯然沒有給出 26 年的指導，但我想弄清楚就事態發展而言是否存在感染。

I think we have an opportunity to execute on these changes that you're alluding to, Ebrahim, and grow these businesses faster than they have in the recent past. I'm not sure that's going to drive total deposits a lot higher as Ken indicated that what we're also looking at, the LFI hurdle at $100 billion, and we don't want to cross over that until we're ready. But we have opportunities within the deposit mix both in terms of some broker costs as well as additional maybe mortgage warehouse that has an elevated ECR whereby we could swap that out and should continue to push our NIM and our adjusted NIM higher throughout our forecast horizon.

我認為我們有機會執行您所提到的這些變化，易卜拉欣，並使這些業務比近期更快地發展。我不確定這是否會使總存款額大幅增加，正如肯所指出的，我們也在關注 1000 億美元的 LFI 障礙，我們不想在做好準備之前跨越這個障礙。但是，我們在存款組合中有機會，無論是在一些經紀成本方面，還是在額外的抵押貸款倉庫方面，其 ECR 都有所提高，我們可以將其換掉，並應該在我們的預測期內繼續推高我們的 NIM 和調整後的 NIM。

That's helpful. And I guess just on the topic of LFI, would the Fed moving the LFI threshold higher to, I think Ken mentioned maybe to $250 billion. Is that enough? Or would you want to see a change to sort of the legislation. I think Dodd-Frank had a threshold that moved from $50 billion to $100 billion back in 2018, '19.

這很有幫助。我想就 LFI 主題而言，聯準會是否會將 LFI 門檻提高到，我想肯提到可能到 2500 億美元。夠了嗎？或者您希望看到立法發生某種變化。我認為，早在 2018 年和 2019 年，多德-弗蘭克法案的門檻就從 500 億美元提高到了 1,000 億美元。

You would want to see that? Or just the Fed moving that through sort of the proposal process enough for you to start thinking about things differently?

你想看這個嗎？或者聯準會只是透過某種提案流程推動了這一進程，足以讓您開始以不同的方式思考問題？

Yeah, I was going to say they move it to $250 billion, that gives us plenty of room to flex our muscles at a faster pace. First, I'll say there are some things that we like as we approach LFI readiness, and we're going to do them anyway. But this would give us a lot more room to grow at a faster pace.

是的，我想說他們將其提高到 2500 億美元，這給了我們足夠的空間以更快的速度展示我們的實力。首先，我想說，當我們接近 LFI 準備時，有一些事情我們喜歡，而且無論如何我們都會去做。但這會為我們帶來更多的空間，讓我們能夠以更快的速度成長。

As I said, it also changes around the priority order and our technology stack of what we want to do and allows us to focus a little faster on AI development and more so on improvements either in our product and service offerings we have today or bring in new products and services that we would do.

正如我所說，它也改變了我們想要做的事情的優先順序和技術堆疊，使我們能夠更快地專注於人工智慧開發，並更多地關注我們現有的產品和服務的改進，或引入我們將要做的新產品和服務。

So yeah, it would be a net benefit to us if they were to move it upwards. If they only moved it up to say $140 or $150 billion for indexing, as some people I've read have suggested, that would still give us a benefit, but it would say to us that if and when we were ready to do an acquisition of another bank, we still need to be ready to be LFI ready because just an acquisition of a third of our current size would just put us about right at that revised $140 billion, $150 billion level.

是的，如果他們將其向上移動，對我們來說將是一個淨收益。如果他們只是將其提高到 1400 億美元或 1500 億美元用於指數化，正如我讀到的一些人所建議的那樣，這仍然會給我們帶來好處，但這會告訴我們，如果我們準備收購另一家銀行，我們仍然需要做好 LFI 的準備，因為只要收購我們目前規模的三分之一，我們的規模就會達到修訂後的 110 億美元的 110 億美元或 110 億美元的修訂水平。

But we're hopeful and again we hear this a lot from other people, not directly from the regulators themselves, that the consideration of $250 billion is in play and if so, it would be beneficial to us.

但我們充滿希望，而且我們也經常從其他人那裡聽到這種說法，而不是直接從監管機構那裡聽到，即 2500 億美元的考慮正在實施中，如果是這樣，那將對我們有利。

That's helpful, Ken. And do you think the Fed moved on this, you don't need an act of Congress here at all in terms of making this happen, correct?

這很有幫助，肯。您是否認為聯準會已經採取了行動，根本不需要國會採取行動來實現這一目標，對嗎？

No, not in terms of these levels. I wouldn't want to make for Congress to do something there.

不，不是從這些層面而言。我不想讓國會在那裡做某事。

Got it. Thank you.

知道了。謝謝。

Casey Haire, Autonomous Research.

Casey Haire，自主研究。

Great. Dale, congrats on the new role. I got some fun questions for you, but I do want to follow up on credit. So you guys obviously sound pretty optimistic that things are going to get better. But we've heard that before in the fourth quarter, right, with the San Diego office.

偉大的。戴爾，恭喜你獲得新職位。我有一些有趣的問題想問你，但我確實想跟進信用問題。所以你們顯然對事情會變得更好持相當樂觀的態度。但我們之前在第四季就聽說過聖地牙哥辦事處的情況。

Is there anything you can disclose around the size of the marks? And then also, what gives you so much confidence that this migration is behind you?

您能透露一些有關標記大小的資訊嗎？那麼，是什麼讓您如此有信心相信這次遷移已經結束？

Well, Casey, just to kind of reflect a little bit, this is the first time that we've called that we believe we're at a top. We said we -- previously we've said things are steady-ish, but we never said we think that this is the definitive kind of peak of where we are.

好吧，凱西，稍微反思一下，這是我們第一次說我們相信我們已經處於頂峰。我們說過——我們之前說過情況比較穩定，但我們從未說過我們認為這是我們所處的最終巔峰。

And so, what that looks like kind of going forward, what we're seeing in terms of kind of lease-up activity, dispositions by other institutions, we think that things are stabilizing. And like I said, in these particular properties, it all comes down to what do you have.

因此，從未來的發展來看，從租賃活動、其他機構的處置情況來看，我們認為情況正在穩定下來。正如我所說的，在這些特定的屬性中，一切都取決於你擁有什麼。

We've taken these back. They're making money, and so that should continue to support what's transpiring in terms of evaluation. And in addition, you had a big spike up in some of the cap rates back when a lot of concern about a recession, which seems to have largely abated. And as a result of that, if these cap rates come down, that should improve not just the appraisal process, but the valuations in the market itself.

我們已經把這些拿回來了。他們正在賺錢，因此這應該會繼續支持評估方面發生的事情。此外，當人們對經濟衰退的擔憂逐漸消退時，一些資本化率也出現了大幅上漲。因此，如果這些資本化率下降，不僅會改善評估過程，還會改善市場本身的估值。

Okay. All right. Well, and then you guys talked about this being a shorter duration book primarily. We're not really seeing these balances amortize lower. They're about the same size as they were two years ago. So what has happened? When do we start to see this loan portfolio taper out?

好的。好的。好吧，然後你們談到這主要是一本短篇小說。我們實際上並沒有看到這些餘額攤還更低。它們的大小與兩年前差不多。那麼到底發生了什麼事？我們什麼時候開始看到這個貸款組合逐漸減少？

I'll take that first on San Diego. We've taken every opportunity to describe the market that we played in here as not being central business district. I think we've often said 85% to 90% is outside of central business district. That San Diego asset happened to be the area that we deviated from that.

我首先要談的是聖地牙哥。我們利用一切機會將我們在這裡經營的市場描述為非中央商務區。我認為我們常說 85% 到 90% 位於中央商務區之外。聖地牙哥的資產恰好是我們偏離的區域。

So if I didn't say that clearly on prior calls, I'll say that now. So that truly is uncharacteristic of the portfolio. We've also said that these assets were bridge assets. This isn't a perm portfolio. This was not structured going in as a perm portfolio.

因此，如果我在之前的電話中沒有清楚地說明這一點，那麼我現在就說清楚。所以這確實不符合投資組合的特徵。我們也說過，這些資產就是過渡資產。這不是一個永久投資組合。這並不是一個永久投資組合的結構。

So these assets reside there. They're sponsor-backed with institutional sponsorship, and they have resided in funds alongside of other assets. So the assets are in footprint predominantly. They're in our backyard. They're assets that we know that we're highly familiar with. And in the repositioning that goes with the funds.

所以這些資產就駐留在那裡。它們由機構贊助商提供支持，並與其他資產一起存在於基金中。因此資產主要集中在足跡。它們就在我們的後院。這些都是我們非常熟悉的資產。以及伴隨資金的重新定位。

So if the fund isn't funding its portfolio, we take those assets, get them repositioned, get them on a faster path. So we're confident because we know the assets, because we have the assets marked at what we feel are conservative values less the disposition costs. And we've got a plan and strategy on each of the assets that we can see unfold out in front of us.

因此，如果基金沒有為其投資組合提供資金，我們就會拿走這些資產，重新配置它們，讓它們走上更快的道路。因此我們有信心，因為我們了解資產，因為我們將資產標記為我們認為的保守價值減去處置成本。我們對眼前展現的每一項資產都制定了計畫和策略。

Got you. Just one more on the loan growth front, I know you guys are about the halfway mark of your guide, two quarters in. Historically, the second half has been very strong for you. Just how our pipelines, is there an opportunity to do better than that $5 billion? And how do you expect loan yields to play out in the back half?

明白了。關於貸款成長方面，我再問一個問題，我知道你們的貸款成長指南已經過了一半了，也就是兩個季度。從歷史上看，下半年你們的表現非常強勁。我們的管道到底怎麼樣，是否有機會比 50 億美元做得更好？您預計下半年貸款收益率將如何變動？

So on the loan growth, I would say that we're not going to move off of a $5 billion guide. We're tracking to that. I think we're at a run rate that's above on your annualized our number for the second quarter growth. We're at a run rate that's above other reporting banks and about the industry. So $5 billion seems to be the appropriate level.

因此，關於貸款成長，我想說我們不會偏離 50 億美元的指導方針。我們正在追蹤此事。我認為我們的運行率高於第二季年化成長率。我們的運作率高於其他報告銀行，並且接近整個產業。因此 50 億美元似乎是合適的水平。

And you'll see loan yields come down a little bit as you go through the course of the year, just because, as Dale mentioned, we're forecasting a September rate cut of '25 and then one in December of '25. So naturally, you'll see our loan yields follow that path.

隨著時間的推移，你會看到貸款收益率會略有下降，因為正如戴爾所提到的，我們預測 2025 年 9 月和 2025 年 12 月將分別降息一次。因此，您自然會看到我們的貸款收益率遵循這一軌跡。

Andrew Terrell, Stephens.

安德魯·特雷爾，史蒂芬斯。

Hey, good morning, and Dale, congrats on the new role. Just a question on kind of the OREO and also kind of a point on the credit size loans. But just following the move this quarter, I mean, the way you described it, it sounds like it's an advantageous situation for you guys to take these in.

嘿，早上好，戴爾，恭喜你獲得新職位。我只是想問一下有關 OREO 的問題，以及有關信用額度貸款的問題。但就本季的舉措而言，我的意思是，按照你所描述的方式，這聽起來對你們來說是一個有利的情況。

Should we expect -- we could see more OREO build throughout the year into 2026 even? Or have you guys kind of identified all the properties that make sense from that standpoint?

我們是否應該期待——我們甚至可以看到到 2026 年全年奧利奧銷量會進一步增長？或者你們已經從這個角度確定了所有有意義的屬性？

Sure. Thanks. We expect to see this flat to declining as we move forward. So we will move assets out. If additional assets come in, we expect that the pace of moving assets out will outpace that. Again, we've been working the same portfolio. As we've discussed, predominantly office.

當然。謝謝。我們預計，隨著我們不斷前進，這一數字將會持平或下降。因此我們將轉移資產。如果有更多資產進入，我們預期資產轉移的速度將超過這一速度。再次強調，我們一直在經營相同的投資組合。正如我們所討論的，主要是辦公室。

In fact, it's all office. And we're familiar down to the asset level at the most senior levels of our management. So the management is fully engaged in the strategy. We know the assets well and we've got a clear line of sight here.

事實上，這都是辦公室。我們對管理階層最高層的資產水準非常熟悉。因此管理層全心投入該策略。我們非常了解這些資產，並且對此有清晰的認識。

Okay. I appreciate it. And then on the San Diego loan that was put in OREO in 4Q last year. I think at the time, you mentioned that the occupancy had improved. I think it was mid-40%s up to mid-60%s in a very short time frame.

好的。我很感激。然後是去年第四季向奧利奧提供的聖地牙哥貸款。我認為當時您提到入住率有所提高。我認為在很短的時間內就從 40% 左右上升到了 60% 左右。

I was hoping you could just refresh us on the status of that individual property whether occupancy has continued to improve there. Just any more color you can provide?

希望您能向我們介紹一下飯店的現狀，看看入住率是否持續提高。您還能提供其他顏色嗎？

Yeah. The occupancy is up to 71% now. And we took that in at the very end of October. So that's a good working example of getting our hands around that property and being very constructive around leasing it up around rental rates. And that's what gives us some of the comps that we could go ahead and do it with the other properties. And we are beginning to do it with the other properties.

是的。目前入住率已達71%。我們在十月底就完成了這項工作。所以，這是一個很好的例子，說明我們如何獲得該房產，並非常積極地以租金形式出租它。這給了我們一些可以繼續利用其他資產進行交易的機會。我們也開始對其他屬性進行同樣的操作。

Bernard Von Gizycki, Deutsche Bank.

伯納德·馮·吉茲基，德意志銀行。

Hey guys, good morning. Just some modeling question. Just on the insurance costs. you have initiatives to pass them back to large depositors after previously absorbing them. The insurance costs were down slightly during the quarter. I know you charge them through service charges if they want to keep the insurance.

大家好，早安。只是一些建模問題。就保險費用而言，你們有計劃地先吸收這些費用，然後再將其轉嫁給大儲戶。本季保險成本略有下降。我知道如果他們想保留保險的話你會透過服務費向他們收取費用。

But any color on migration. Are there still accounts you need to pass cost to? Or has this been mostly taken care of?

但任何顏色都會移轉。您還需要將成本轉嫁到哪些帳戶？或者這個問題已經基本解決了？

It's largely behind us, I think, in terms of kind of the migration of what we're pushing back. Your mix matters there, too. I was pleased to see that with our deposits climbing, and it actually fell a little bit. Part of that is we've been paying down broker deposits every quarter, consecutively, including in Q2 here. And there's an elevated cost associated with those. If you swap out broker deposits for non-broker you're going to see a lower FDIC charge from that alone.

我認為，就我們所推遲的遷移而言，這基本上已經過去了。您的組合在那裡也很重要。我很高興地看到，我們的存款不斷攀升，但實際上卻下降了一點。其中一部分原因是我們每季都在連續償還經紀人押金，包括第二季。而這些都會增加成本。如果您將經紀人存款換成非經紀人存款，您將​​看到 FDIC 收費較低。

And then just another modeling question, just on the equity investments. The $3 million of gains during the quarter, was that mostly related to the reversal of losses from 1Q? Or just any color or expectations you expect for those losses to accrue back or anything can you just share for expectations in the second half for equity investment line?

然後是另一個建模問題，僅關於股權投資。本季 300 萬美元的收益是否主要與扭轉第一季的虧損有關？或者您對這些損失會再次累積有什麼預期，或者您能否分享一下對下半年股權投資線的預期？

That wasn't the recovery of a prior charge, but we see -- we don't see anything there that leads us to believe that they're -- that we're going to be slower than what we've been historically. There's a loose correlation with market valuations. As you see, you tend to see more liquidity events from, say, a public company or even a private one that now has an elevated valuation from looking at other public companies. That tends to move it forward also. And if anything, we're in that kind of environment presently.

這並不是對先前收費的恢復，但我們看到——我們沒有看到任何讓我們相信他們會——我們的速度將比歷史上更慢的跡象。與市場估值之間存在鬆散的相關性。如你所見，你往往會看到更多的流動性事件，例如一家上市公司，甚至是一家私人公司，而這些公司的估值現在比其它上市公司更高。這也有利於推動其向前發展。無論如何，我們目前就處於這樣的環境。

Anthony Elian, JPMorgan.

摩根大通的安東尼·埃利安。

Hi everyone. Dale, congrats on the new role, and I look forward to working with Vishal when he joins. My first question, you raised the outlook for ECR deposit costs two consecutive quarters. Now I get that the rate outlook is volatile. But if we don't get any rate cuts in the second half, could you size up the impact that you see our deposit cost expense assuming the same dollars of ECR deposit growth?

大家好。戴爾，祝賀你擔任新職務，我期待與維沙爾合作。我的第一個問題，您連續兩個季度提高了 ECR 存款成本的預期。現在我明白利率前景是不穩定的。但是，如果我們在下半年不降息，假設 ECR 存款成長率相同，您能否評估一下對我們的存款成本費用的影響？

Maybe we can pick that up on the later call, kind of --with that kind of detail. But yeah, we can assess that.

也許我們可以在稍後的電話中了解這一點，有點——有這樣的細節。但是是的，我們可以評估這一點。

Fair enough.

很公平。

Just keep in mind that our adjusted net interest margin, which includes the deposit cost, we have it projected to rise for the year. So when you talk about deposit cost and you talk about rate movement, when you get to the call later on, keep in mind that if there is no rate reduction in the back half of the year, that means our net interest income is also going to be higher as well. So you can't look at any one item in isolation and say what will it do to expenses. You've got to look at it as what will it do to PPNR. That's all I'd say.

請記住，我們調整後的淨利差（包括存款成本）預計今年將會上升。因此，當您談論存款成本和利率變動時，當您稍後接到電話時，請記住，如果下半年沒有降息，那就意味著我們的淨利息收入也會更高。因此，您不能孤立地看待任何一項並說出它會對費用產生什麼影響。你必須看看它會對 PPNR 產生什麼影響。我只想說這些。

Thank you. And then my follow-up from Ebrahim's question earlier on the deposit opportunities. Dale, you noted in the prepared remarks, you saw $40 million of quarterly deposit growth in the digital asset segment. And that's without the impact from the Genius Act that passed yesterday.

謝謝。然後我繼續回答 Ebrahim 之前關於存款機會的問題。戴爾，您在準備好的發言中指出，數位資產領域的季度存款增加了 4,000 萬美元。這還不包括昨天通過的《天才法案》的影響。

I know you've previously said that digital assets are about 2% of the company's deposits. But how large could you see that concentration getting to over time? And then is all the infrastructure in place to support additional deposit growth from the digital asset segment and from the deposit segments that you'll be leading up. Thank you.

我知道您之前說過，數位資產約占公司存款的2%。但是隨著時間的推移，您認為這種濃度會達到多大？然後，所有基礎設施是否都已到位，以支援數位資產部分和您將要領導的存款部分的額外存款成長。謝謝。

Yeah, so we have a limit right now of 4% on that category. I could see that moving higher. I've got to tell you one thing, we're not going to do is we're not going to compromise our diversification, even with a fast-moving track on or a particular business line, digital or something else.

是的，所以我們現在對該類別的限制是 4%。我可以看到它正在進一步走高。我必須告訴你一件事，我們不會做的是，我們不會損害我們的多元化，即使是在快速發展的軌道或特定的業務線上，數字的或其他的。

So we think having that balance is really important in terms of our funding architecture. But I think there's room to have that continue to move forward. Like I said, I'm really enthusiastic about what I see on the horizon in this space and others among these business lines, and I think that will give us optionality in terms of pushing out more expensive funds, having growth liquidity to be able to continue good underwriting on our loan portfolio.

因此，我們認為，就我們的融資架構而言，實現這種平衡非常重要。但我認為還有繼續前進的空間。就像我說的，我對這個領域以及其他業務線的前景感到非常興奮，我認為這將為我們提供選擇權，以推出更昂貴的資金，擁有增長流動性，從而能夠繼續對我們的貸款組合進行良好的承保。

Thank you. We have no further questions, and so I'll turn the call back over to Ken Vecchione for closing remarks.

謝謝。我們沒有其他問題了，因此我將把電話轉回給 Ken Vecchione 作結束語。

Okay. Well, thank you very much for your time and attention today. We look forward to our next earnings call, and have a great day and a good weekend. Thank you all.

好的。好吧，非常感謝您今天的時間和關注。我們期待下一次財報電話會議，祝您有個美好的一天和週末。謝謝大家。

Thank you everyone for joining us today. This concludes our call and you may now disconnect your lines.

感謝大家今天的參加。我們的通話到此結束，您可以掛斷電話了。