Webster Financial Corp (WBS) 2022 Q2 法說會逐字稿

Good morning. Welcome to the Webster Financial Corporation Second Quarter 2022 Earnings Call. Please note this event is being recorded. (Operator Instructions).

早上好。歡迎參加韋伯斯特金融公司 2022 年第二季度財報電話會議。請注意，正在記錄此事件。 （操作員說明）。

Comments made by Webster Financial's management team may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to the safe harbor rules. Please review the forward-looking disclaimer and safe harbor language in today's press release and presentation for more information about the risks and uncertainties which may affect us. The presentation accompanying management's remarks can be found on the company's Investor Relations site at investors.websterbank.com.

Webster Financial 管理團隊的評論可能包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，並受安全港規則的約束。請查看今天的新聞稿和演示文稿中的前瞻性免責聲明和安全港語言，以獲取有關可能影響我們的風險和不確定性的更多信息。可在公司的投資者關係網站investors.websterbank.com 上找到伴隨管理層評論的演示文稿。

I will now turn the call over to Webster Financial's Chief Executive Officer, John Ciulla. Mr. Ciulla, please go ahead.

我現在將把電話轉給 Webster Financial 的首席執行官 John Ciulla。 Ciulla 先生，請繼續。

Thank you, Shantel. Good morning, and thank you for joining us for our second quarter earnings call. I'm excited to be speaking with you this morning on our quarterly results as I think they are a great illustration of the potential of our company, the quality of our execution, the team we put together and our colleagues' focus and dedication as we progress through the integration.

謝謝你，香特爾。早上好，感謝您加入我們的第二季度財報電話會議。我很高興今天早上與您討論我們的季度業績，因為我認為它們很好地說明了我們公司的潛力、我們的執行質量、我們組建的團隊以及我們同事的專注和奉獻精神通過整合取得進展。

I'm going to start with a high-level overview of our financial performance in the quarter, review the progress of our integration and other strategic initiatives, and then I'll turn it over to Glenn for a review of the quarter's results and the outlook.

我將從對本季度財務業績的高級概述開始，回顧我們的整合和其他戰略舉措的進展，然後我將把它交給格倫審查本季度的結果和外表。

I'll wrap it up at the end with a few additional comments, including some perspectives on the uncertain macroeconomic environment.

最後，我將補充一些評論，包括對不確定的宏觀經濟環境的一些看法。

I'm on Slide 2. As I mentioned just a moment ago, the second quarter is a great reflection of Webster's potential. The earnings power of our new company is materializing in the first full quarter following the close of our merger with Sterling. We exhibited strong and diverse loan growth, the quality of our core deposit franchise led by HSA Bank and our consumer banking team with a rising rate environment, and we maintained an advantageous capital position.

我在幻燈片 2 上。正如我剛才提到的，第二季度很好地反映了韋伯斯特的潛力。在我們與 Sterling 合併後的第一個完整季度，我們新公司的盈利能力正在實現。在利率上升的環境下，我們展示了強勁而多樣化的貸款增長、以 HSA 銀行和我們的消費銀行團隊為首的核心存款業務的質量，並保持了有利的資本狀況。

On an adjusted basis, eliminating onetime merger-related costs, we generated EPS of $1.29 with a return on sets of 1.41% and a return on tangible common equity of 18.5%. Our efficiency ratio was 45%, as we continue to execute on the synergies our merger provides and leverage the diverse competencies of our company. Our loans and total assets grew 4.8% and 3.8%, respectively, in the quarter.

在調整後的基礎上，剔除一次性合併相關成本，我們的每股收益為 1.29 美元，組合回報率為 1.41%，有形普通股回報率為 18.5%。我們的效率比為 45%，因為我們將繼續執行我們的合併提供的協同效應並利用我們公司的多樣化能力。本季度我們的貸款和總資產分別增長了 4.8% 和 3.8%。

Loan growth was generated across broad industry sectors, business lines, geographies and asset classes, and our asset quality metrics remain favorable. With an expanded geography and a growing number of industry verticals, our talented colleagues can continue to safely and prudently grow loans.

貸款增長跨越廣泛的行業部門、業務線、地域和資產類別，我們的資產質量指標仍然良好。隨著地域的擴大和垂直行業數量的增加，我們才華橫溢的同事可以繼續安全、審慎地增加貸款。

The rationale behind this merger of equals was and is relatively straightforward, as I stated several times. We have created a company with an incredibly diverse funding profile, including our HSA Bank franchise. We have a proven track record of growing loans across a broad set of asset classes and geographies at or above market growth rates.

正如我多次說過的那樣，這種平等合併背後的基本原理是並且相對簡單。我們創建了一家資金狀況極其多樣化的公司，包括我們的 HSA 銀行特許經營權。我們擁有以或高於市場增長率的廣泛資產類別和地區的貸款增長記錄。

With a bigger balance sheet to deepen our relationships with existing sponsors and businesses, we materially improve our ability to drive net interest income, capital markets revenue and swap and cash management fees. In 2Q, we saw early proof points validating the power of combining the 2 companies.

通過更大的資產負債表來加深我們與現有贊助商和企業的關係，我們大大提高了我們推動淨利息收入、資本市場收入以及掉期和現金管理費用的能力。在第二季度，我們看到了驗證合併兩家公司的力量的早期證據。

On Slide 3, while we continue to achieve key milestones in the integration, our colleagues also remain laser focused on our clients and maintaining the day-to-day operations of the bank and revenue momentum. Our ability to do both was evident in this quarter. We remain confident in our ability to achieve or exceed the key merger financial metrics we set forth at deal announcement over a year ago, including 8% to 10% annual loan growth, $120 million in expense saves over the first 2 years and completion of our technology conversion by mid-2023.

在幻燈片 3 上，雖然我們繼續在整合中實現關鍵里程碑，但我們的同事也仍然專注於我們的客戶，並保持銀行的日常運營和收入勢頭。在本季度，我們兩方面的能力都很明顯。我們仍然有信心實現或超過一年前在交易公告中提出的關鍵合併財務指標，包括每年 8% 至 10% 的貸款增長、前 2 年節省 1.2 億美元的費用以及完成我們的到 2023 年中期進行技術轉換。

While we continue to manage expenses and look for synergistic opportunities, we remain focused on profitable growth and will not shy away from investments in our differentiated, high-return businesses that will add franchise value and economic profit over time. We continue to see opportunities to attract key talent and launch initiatives across all of our high-performing business lines.

雖然我們繼續管理費用並尋找協同機會，但我們仍然專注於盈利增長，並且不會迴避對差異化、高回報業務的投資，這些業務將隨著時間的推移增加特許經營價值和經濟利潤。我們繼續看到吸引關鍵人才的機會，並在我們所有的高績效業務線中啟動計劃。

In the second quarter, we began to consolidate several back-office systems, including mortgage servicing, treasury management and payroll. We finalized the structure of our executive management team, and we're making great progress on the corporate office consolidations we outlined last quarter.

在第二季度，我們開始整合多個後台系統，包括抵押貸款服務、資金管理和工資單。我們最終確定了執行管理團隊的結構，我們在上個季度概述的公司辦公室整合方面取得了很大進展。

Finally, given our increased scale, we have been able to formally establish an office of corporate responsibility to oversee the company's community investment, philanthropy efforts and sustainability work. Collectively, we have the ability to provide more for our communities. In the quarter, we announced a $6.5 billion 3-year community investment program that includes investment in affordable housing and community development, small business lending and other philanthropic and community engagement efforts.

最後，鑑於我們的規模不斷擴大，我們已經能夠正式成立一個企業責任辦公室來監督公司的社區投資、慈善事業和可持續發展工作。總的來說，我們有能力為我們的社區提供更多。在本季度，我們宣布了一項為期 3 年的 65 億美元社區投資計劃，其中包括對經濟適用房和社區發展、小企業貸款以及其他慈善和社區參與工作的投資。

With that, I'm going to turn it over to Glenn to review our financial performance for the quarter.

有了這個，我將把它交給格倫來審查我們本季度的財務業績。

Thanks, John, and good morning, everyone. I will start with the reconciliation of core earnings on Slide 4. We reported GAAP net income to common shareholders of $178 million with EPS of $1. As John noted, on an adjusted basis, we reported net income to common shareholders of $229 million and EPS of $1.29, which excluded onetime after-tax expenses of $50 million. The onetime charges were related to real estate consolidation, severance and other merger and integration charges.

謝謝，約翰，大家早上好。我將從幻燈片 4 的核心收益對賬開始。我們向普通股股東報告的 GAAP 淨收入為 1.78 億美元，每股收益為 1 美元。正如約翰所說，在調整後的基礎上，我們向普通股股東報告的淨收入為 2.29 億美元，每股收益為 1.29 美元，其中不包括 5000 萬美元的一次性稅後費用。一次性費用與房地產合併、遣散費和其他合併和整合費用有關。

Next, I'll review the balance sheet trends before moving on to the income statement.

接下來，在進入損益表之前，我將回顧資產負債表的趨勢。

On Slide 5, our total assets were $67.6 billion, with total loans of $45.6 billion and total deposits of $53.1 billion. As you see, we delivered strong loan growth on a quarter-over-quarter basis in commercial and consumer categories. The linked quarter decline in deposits was primarily with seasonal effects of public funds, which I'll cover in more detail on a later slide.

在幻燈片 5 上，我們的總資產為 676 億美元，貸款總額為 456 億美元，存款總額為 531 億美元。如您所見，我們在商業和消費類別中實現了強勁的環比貸款增長。存款的相關季度下降主要是由於公共資金的季節性影響，我將在稍後的幻燈片中更詳細地介紹。

On Slide 6, we highlighted the diversity of our loan growth, which is an illustration of the potential of Webster's post-merger business mix. In total, we grew loans $2.1 billion or 4.8% on a linked quarter basis. By category, the largest contributors to the increase were C&I was $603 million, commercial real estate with $557 million and residential mortgages with $426 million.

在幻燈片 6 中，我們強調了貸款增長的多樣性，這說明了韋伯斯特合併後業務組合的潛力。總體而言，我們在相關季度基礎上增加了 21 億美元或 4.8% 的貸款。按類別劃分，增長的最大貢獻者是工商業地產為 6.03 億美元，商業房地產為 5.57 億美元，住宅抵押貸款為 4.26 億美元。

Switching to the deposits on Slide 7. Total deposit balances declined by $1.3 billion or 2.4% relative to prior quarter. The primary driver was a seasonal decline in public funds with balances down $1.2 billion. We expect to see a reversal in the third quarter as tax collections drive higher liquidity at public entities.

切換到幻燈片 7 上的存款。與上一季度相比，總存款餘額減少了 13 億美元或 2.4%。主要驅動因素是公共基金的季節性下降，餘額減少了 12 億美元。由於稅收推動公共實體的流動性增加，我們預計第三季度將出現逆轉。

Short-term borrowings were leveraged to fund growth in the quarter. Portion of the borrowings will be paid down as public funds rebuild, and we continue to gather new deposits. HSA deposits were effectively flat on a quarter and up 6.2% year-over-year. Excluding third-party administrative accounts, deposits increased 8.4% year-over-year. The impact of TPA runoff on an overall growth is becoming much less significant as that book mirrors an end state. Additional detail for the HSA Bank is on Slide 19 in the appendix.

短期借款被用來為該季度的增長提供資金。隨著公共資金的重建，部分借款將被償還，我們將繼續收集新的存款。 HSA 存款實際上與季度持平，同比增長 6.2%。剔除第三方行政賬戶，存款同比增長8.4%。 TPA 徑流對整體增長的影響正變得不那麼顯著，因為這本書反映了一種最終狀態。 HSA 銀行的其他詳細信息在附錄中的幻燈片 19 上。

Beginning on Slide 8, I'll review the details of our income statement. We provided our reported to adjusted income statement by line item and compared our adjusted earnings to pro forma first quarter earnings. Notably, on an adjusted basis, each of the major line items of our income statement exhibited improvement on a quarter-over-quarter basis when compared to the aggregated results of Sterling and Webster last quarter. I'll cover the individual line items in more detail on subsequent slides.

從幻燈片 8 開始，我將查看損益表的詳細信息。我們按項目提供了我們報告的調整後損益表，並將我們的調整後收益與備考第一季度收益進行了比較。值得注意的是，與上一季度 Sterling 和 Webster 的匯總結果相比，在調整後的基礎上，我們損益表的每個主要項目都比上一季度有所改善。我將在後續幻燈片中更詳細地介紹各個行項目。

Our pre-provision net revenue on an adjusted basis was $316 million, up $39 million when compared to the combined first quarter results. Net interest margin was 3.28% on a reported basis and our combined efficiency ratio is now 45%.

經調整後，我們的撥備前淨收入為 3.16 億美元，與第一季度的合併結果相比增加了 3900 萬美元。報告的淨息差為 3.28%，我們的綜合效率現在為 45%。

On Slide 9, net interest income grew by $22.8 million relative to the pro forma first quarter. Adjusting for accretion in both periods net interest income was up $29.9 million quarter-over-quarter. Net interest margin, excluding accretion income, increased 11 basis points to 3.09%. Given the current forward curve, we expect further expansion to our core net interest margin throughout the year.

在幻燈片 9 上，淨利息收入相對於第一季度的備考增長了 2280 萬美元。調整兩個期間的增長後，淨利息收入環比增加了 2990 萬美元。不包括增值收入的淨息差增加 11 個基點至 3.09%。鑑於目前的遠期曲線，我們預計全年核心淨息差將進一步擴大。

As illustrated on an earlier slide, the cost of deposits increased 2 basis points quarter-over-quarter. We expect deposit pricing in certain categories will start to move more materially in the future quarters with subsequent Fed actions. On a year-over-year basis, deposit costs were flat.

如前一張幻燈片所示，存款成本環比增長 2 個基點。我們預計，隨著美聯儲隨後採取行動，某些類別的存款定價將在未來幾個季度開始出現更大幅度的變動。與去年同期相比，存款成本持平。

On Slide 10, we show our fee income for the quarter and on a year-over-year basis. Fees were up $6 million linked quarter and $18 million year-over-year. The improvement in fee income was driven primarily by customer interest rate hedging activity in the commercial bank. Year-over-year improvement was also driven by increased deposit-related fees as transaction activity increased relative to pandemic-impacted periods.

在幻燈片 10 上，我們顯示了本季度和同比的費用收入。相關季度費用增加 600 萬美元，同比增加 1800 萬美元。手續費收入的增加主要是由於商業銀行的客戶利率對沖活動。隨著交易活動相對於受大流行影響的時期增加，存款相關費用增加也推動了同比改善。

Slide 11 summarizes noninterest expense. We reported adjusted expense of $292 million relative to $302 million on adjusted pro forma expense last quarter. The decline is driven by the initiatives John outlined in his integration update, including the finalization of the org structure, corporate real estate consolidation and the elimination of duplicate systems and vendors.

幻燈片 11 總結了非利息費用。我們報告調整後的費用為 2.92 億美元，而上個季度調整後的備考費用為 3.02 億美元。這種下降是由約翰在他的集成更新中概述的舉措推動的，包括組織結構的最終確定、企業房地產整合以及消除重複的系統和供應商。

Slide 12 highlights our allowance for credit losses, where we recorded provision expense of $12 million and a $2 million increase in our allowance driven by loan growth. The provision expense also reflects an improvement in individual credit performance and loan mix, which was partially offset by a modestly lower outlook on macroeconomic variables. As a result, the allowance coverage ratio fell as a percent of loans to 1.25%.

幻燈片 12 突出顯示了我們的信貸損失準備金，我們記錄了 1200 萬美元的撥備費用，並在貸款增長的推動下增加了 200 萬美元的準備金。撥備費用還反映了個人信貸表現和貸款組合的改善，這部分被宏觀經濟變量前景的適度下調所抵消。因此，撥備覆蓋率佔貸款的百分比下降至 1.25%。

As highlighted on Slide 13, you can see the underlying credit metrics remain strong. We reported linked-quarter declines in both nonperforming assets and classified loans, down $1 million and $41 million, respectively. I would also note our delinquencies declined to $52 million from $71 million last quarter. Net charge-offs of 9 basis points declined 1 basis point from last quarter and remain at low levels.

正如幻燈片 13 中強調的那樣，您可以看到潛在的信用指標仍然強勁。我們報告了不良資產和分類貸款的環比下降，分別下降了 100 萬美元和 4100 萬美元。我還要指出，我們的拖欠金額從上一季度的 7100 萬美元降至 5200 萬美元。淨沖銷 9 個基點，比上季度下降 1 個基點，保持在低位。

Slide 14 highlights our strong capital levels. All capital ratios remain well in excess of regulatory and internal targets. Consistent with our previously stated capital targets, we repurchased over 2 million shares in the quarter and we'll continue to be opportunistic with repurchases going forward. The net of all capital effects this quarter resulted in a slight decline in our tangible book value per share, which decreased to $28.31, primarily driven by AOCI losses, the share repurchases partially offset by our strong earnings.

幻燈片 14 突出了我們強勁的資本水平。所有資本比率仍遠高於監管和內部目標。與我們之前聲明的資本目標一致，我們在本季度回購了超過 200 萬股股票，我們將繼續把握機會進行回購。本季度所有資本影響的淨值導致我們的每股有形賬面價值略有下降，降至 28.31 美元，主要是由於 AOCI 虧損，股票回購部分被我們強勁的收益所抵消。

Our common equity Tier 1 ratio remained strong at 11.04% is still well above our minimum term operating target of 10.5%. We anticipate we will prudently and opportunistically return capital to shareholders, given the strong internal capital generation from improving profitability, sound underwriting credit metrics and the ample reserve on our market and well diligence loan portfolio.

我們的普通股一級資本比率保持在 11.04% 的強勁水平，仍遠高於我們 10.5% 的最低期限經營目標。鑑於盈利能力的提高、良好的承保信用指標以及我們市場上的充足儲備和盡職調查貸款組合帶來的強勁內部資本產生，我們預計我們將謹慎且適時地向股東返還資本。

I'll wrap up my comments with a refresh on our outlook for the full year 2022. We are increasing our guidance on net interest income to $1.9 billion, driven by our projections for the rate environment and strong loan growth. This full year outlook excludes $90 million of realized and scheduled purchase accounting accretion, the details of which can be found on Slide 28 in the appendix.

最後，我將對我們對 2022 年全年的展望進行更新。在我們對利率環境和強勁貸款增長的預測的推動下，我們將淨利息收入的指引提高到 19 億美元。這一全年展望不包括 9000 萬美元的已實現和計劃採購會計增值，詳情可在附錄的幻燈片 28 中找到。

Our projections assume a Fed funds rate ended the year at 3.25%, implying another 150 basis points of rate increases. And as a reminder, our interest income outlook is on a non-FTE basis. We now expect loan growth to be near the top end of our 8% to 10% range. Fees should be in the range of $430 million to $450 million.

我們的預測假設聯邦基金利率年底為 3.25%，這意味著利率將再增加 150 個基點。提醒一下，我們的利息收入前景是基於非 FTE 的。我們現在預計貸款增長將接近我們 8% 至 10% 範圍的上限。費用應在 4.3 億美元至 4.5 億美元之間。

We continue to feel confident in achieving our full year adjusted expense target of $1.1 billion to $1.12 billion. That being said, we will continue to monitor inflationary headwinds and, of course, continue to invest in our businesses, and we are forecasting an effective tax rate of 23% to 24%.

我們繼續對實現 11 億美元至 11.2 億美元的全年調整後支出目標充滿信心。話雖如此，我們將繼續監控通脹逆風，當然，繼續投資於我們的業務，我們預測有效稅率為 23% 至 24%。

With that, I'll turn things back over to John for closing remarks.

有了這個，我會把事情交還給 John 做結束語。

Thanks, Glenn. Five months after closing our merger, we've made material progress. While we have a ton of work in front of us bringing systems, products and processes together, we are operating as one organization and the strategic merits of bringing the 2 companies together is reflected in our accomplishments so far this year.

謝謝，格倫。在完成合併五個月後，我們取得了實質性進展。雖然我們面前有大量工作要做，將系統、產品和流程整合在一起，但我們作為一個組織運作，將兩家公司整合在一起的戰略優勢反映在我們今年迄今為止的成就中。

We've created a bank with growth capabilities and unique asset classes. Our commercial loan portfolio has grown 12% year-to-date on an annualized basis. We have a bank with a unique funding engine. Our deposit costs increased 2 basis points this quarter. At the same time, the Fed is increasing short-term rates at a fast pace.

我們創建了一家具有增長能力和獨特資產類別的銀行。今年迄今，我們的商業貸款組合按年計算增長了 12%。我們有一家擁有獨特融資引擎的銀行。本季度我們的存款成本增加了 2 個基點。與此同時，美聯儲正在快速提高短期利率。

We've created a bank with superior capital generation capability. The adjusted return on tangible common equity of over 18% this quarter illustrates the potential we have to deliver outsized returns. And we have repurchased over $200 million in Webster shares since the transaction closed, all while maintaining capital levels that provide us with significant flexibility as we move forward.

我們創建了一家具有卓越資本生成能力的銀行。本季度有形普通股的調整後回報率超過 18%，這說明了我們必須提供超額回報的潛力。自交易結束以來，我們已經回購了超過 2 億美元的 Webster 股票，同時保持了資本水平，為我們的前進提供了極大的靈活性。

Finally, I do want to address the operating environment and our preparedness. As many of our peers have remarked, things feel good on the ground today despite tangible macro headwinds and an increased risk of recession. We have maintained a consistent and prudent risk management framework that will serve us well in any economic environment.

最後，我確實想談談運營環境和我們的準備情況。正如我們的許多同行所說，儘管存在明顯的宏觀逆風和經濟衰退的風險增加，但今天的情況還是不錯的。我們一直保持一致和審慎的風險管理框架，這將在任何經濟環境中為我們提供良好的服務。

Specifically as it relates to credit, our loan portfolio is diverse with the merger actually serving to eliminate concentrations in asset classes, businesses and geographies. I'm very pleased with how quickly we have been able to consolidate and harmonize portfolio management practices across the new organization. And in fact, we plan to consolidate our credit risk management tech platform in the third quarter.

特別是在信貸方面，我們的貸款組合是多樣化的，合併實際上有助於消除資產類別、業務和地區的集中。我對我們能夠如此迅速地在新組織中整合和協調投資組合管理實踐感到非常滿意。事實上，我們計劃在第三季度整合我們的信用風險管理技術平台。

We have a robust allowance for loan losses with coverage in the top quartile of our peer proxy -- proxy peer group. We have benefited from internal and third-party diligence on our loan portfolio associated with merger work last year. We incurred purchase accounting marks on the loan book. We have significant buffers in our capital ratios well above regulatory minimums and our company should continue to generate substantial excess capital moving forward.

我們有強大的貸款損失準備金，覆蓋率在我們的同行代理的前四分之一 - 代理同行組。我們從去年與合併工作相關的貸款組合的內部和第三方盡職調查中受益。我們在貸款簿上產生了採購會計標記。我們的資本比率有顯著的緩衝，遠高於監管最低限度，我們公司應該繼續產生大量的超額資本。

We believe that this provides us significant flexibility to adapt to the constantly changing operating environment.

我們相信這為我們提供了極大的靈活性來適應不斷變化的運營環境。

In short, we believe our strengths position the company to operate through macro cycles and generate solid returns to shareholders in both the near and long term. We believe this was a very strong quarter for Webster, and it's a direct result of the hard work and great execution of our colleagues, all during the challenging process of integrating an MOE. I want to give a big thanks to all of our colleagues and their tremendous efforts.

簡而言之，我們相信我們的優勢使公司能夠在宏觀週期中運營，並在近期和長期內為股東創造可觀的回報。我們相信這對 Webster 來說是一個非常強勁的季度，這是我們同事辛勤工作和出色執行力的直接結果，所有這些都是在整合 MOE 的充滿挑戰的過程中完成的。我要非常感謝我們所有的同事和他們的巨大努力。

Operator, Glenn and I will now take questions.

接線員、格倫和我現在將回答問題。

(Operator Instructions) Our first question comes from Chris McGratty with Keefe, Bruyette, & Woods.

（操作員說明）我們的第一個問題來自 Chris McGratty 和 Keefe、Bruyette 和 Woods。

Glenn, maybe to start with you on just the balance sheet. I appreciate the comments on the public funds. I guess a trend that we've noticed -- we've all noticed this quarter is just the challenge of growing deposits. And I'm interested in kind of outlook commentary about retention of deposits, what you might see in the portfolio that could be at risk? And how we should be thinking about funding this improved growth?

格倫，也許從你的資產負債表開始。我很欣賞關於公共基金的評論。我想我們已經註意到了一個趨勢——我們都注意到本季度只是增加存款的挑戰。我對有關保留存款的前景評論很感興趣，您可能會在投資組合中看到哪些可能存在風險？我們應該如何考慮為這種改善的增長提供資金？

Yes. Great. Good question, Chris. So here's how we're thinking about it. So we're at $52 -- $53.2 billion (sic) [$53.1] billion in deposits. We mentioned the public funds, which is about $1.2 billion. We think that's going to -- that's seasonality, so that will come back to us.

是的。偉大的。好問題，克里斯。這就是我們的想法。因此，我們的存款為 52 至 532 億美元（原文如此）[53.1 億美元]。我們提到了公共資金，大約是 12 億美元。我們認為這將是季節性的，所以這會回到我們身邊。

But as we talked about in the past, I mean, we have multiple levers to pull on the funding side, whether it's digital or commercial. And so we think that we'll begin to attract new funds in those 2 channels, and some of that will be partially off. If you look at things like our DDA balances, it presented total deposits are elevated because of all the liquidity. We're factoring some of that coming down. But at the end of the day, we think if you put it all together, we're still targeting a loan-to-deposit ratio somewhere around 85%.

但正如我們過去所說，我的意思是，我們有多種槓桿來拉動資金方面，無論是數字還是商業。因此，我們認為我們將開始在這兩個渠道中吸引新資金，其中一些將部分關閉。如果您查看我們的 DDA 餘額之類的東西，就會發現由於所有流動性，總存款有所增加。我們正在考慮其中的一些因素。但歸根結底，我們認為，如果你把所有這些放在一起，我們的目標仍然是貸存比率在 85% 左右。

Okay. And in terms of the investment portfolio, is it fair to assume that kind of gradually works lower as you kind of find more profitable ways to...

好的。就投資組合而言，假設隨著您找到更有利可圖的方式來……逐漸降低工作效率是否公平？

Yes. So at $15 billion, it's about 25% of our earning assets. And so over time, over the course of time, primarily through prepayments and cash flow, we think that will probably drift down to like a 20% level. But that's probably going to take some time to get there.

是的。所以 150 億美元，大約是我們收入資產的 25%。所以隨著時間的推移，隨著時間的推移，主要是通過預付款和現金流，我們認為這可能會下降到 20% 的水平。但這可能需要一些時間才能到達那裡。

Okay. Maybe just a last one and I'll hop back. The betas, can you remind me what you're assuming for through-the-cycle betas on the combined company?

好的。也許只是最後一個，我會跳回去。貝塔，你能提醒我你對合併後公司的整個週期貝塔的假設嗎？

So look, I think over the next 4 quarters, we would think our effective beta on a full deposit base would be closer to 30%. And that takes into effect the fact that we're capturing new deposits from the various channels that we have. So -- that's how we're thinking of it. You'll recall, last quarter, we were about 21%. We now have another quarter underneath us. And so we're thinking that over a 4-quarter process, would probably be closer to 30%.

所以看，我認為在接下來的 4 個季度中，我們會認為我們在完整存款基礎上的有效貝塔值將接近 30%。這體現了我們正在從我們擁有的各種渠道獲取新存款的事實。所以——這就是我們的想法。你會記得，上個季度，我們大約是 21%。現在我們下面還有另一個季度。所以我們認為，在 4 個季度的過程中，可能會接近 30%。

Our next question comes from Mark Fitzgibbon with Piper Sandler.

我們的下一個問題來自 Mark Fitzgibbon 和 Piper Sandler。

I wonder if you could first share with us your commercial line utilization rates, what those look like right now?

我想知道您是否可以先與我們分享您的商業線利用率，現在這些情況如何？

Yes, they're improving marginally. So up -- in March, they were up about 2%; in June, they were up about 8%. So we're seeing from June -- from last June, they're up about 8%; from the prior quarter, they're up about 3%. So we're seeing that across the board. I think that's kind of consistent with the industry. And we're seeing it in ABL where we kind of see the best sign of working capital changes.

是的，他們正在略微改善。所以上漲——3 月份，它們上漲了約 2%； 6月份，它們上漲了約8%。所以我們從 6 月開始看到 - 從去年 6 月開始，它們上漲了大約 8%；與上一季度相比，它們上漲了約 3%。因此，我們全面看到了這一點。我認為這與行業一致。我們在 ABL 中看到了這一點，我們看到了營運資金變化的最佳跡象。

Okay. And then secondly, we -- John, we saw a small HSA book gets sold to a competitor recently. I'm curious if these kinds of deals continue to be a priority for Webster? And how you -- whether you think it's likely in the quarters ahead, we'll see some more of these kinds of transactions?

好的。其次，我們——約翰，我們最近看到一本小型 HSA 書被賣給了競爭對手。我很好奇這類交易是否仍然是韋伯斯特的優先事項？您如何——無論您認為未來幾個季度是否有可能，我們會看到更多此類交易嗎？

Yes, Mark, I think that's a great question, and we've been pretty transparent about it. Obviously, as the top 5 player and you know the top 5 own 65% of the market. We obviously see all the transactions. The pricing and the value on many of these transactions are pretty steep.

是的，馬克，我認為這是一個很好的問題，我們對此非常透明。顯然，作為前 5 名玩家，你知道前 5 名擁有 65% 的市場。我們顯然看到了所有的交易。其中許多交易的定價和價值都非常高。

So I'd say, yes, it's a priority to us. You saw us do the Bend acquisition, which was a combination of a portfolio and technology that we can lever. But we're also trying to be disciplined with respect to tangible book value dilution and balancing it against the cost of acquiring other deposits. So the answer is yes. It is a significant priority. You've seen deals go up in the market and price has generally been the reason we haven't won some of those transactions.

所以我會說，是的，這是我們的首要任務。您看到我們進行了 Bend 收購，這是我們可以利用的產品組合和技術的結合。但我們也試圖在有形賬面價值稀釋方面受到約束，並在其與獲得其他存款的成本之間取得平衡。所以答案是肯定的。這是一個重要的優先事項。您已經看到市場上的交易價格上漲，而價格通常是我們沒有贏得其中一些交易的原因。

Okay. And then lastly, I wonder if you could talk a little bit about your franchise footprint and maybe which geographies you see as having the best growth potential and maybe areas where you might look to prune?

好的。最後，我想知道您是否可以談談您的特許經營足跡，以及您認為哪些地區具有最佳增長潛力以及您可能希望修剪的領域？

Yes. Sure, Mark. It always sounds like a pun to answer, but the truth is I felt this quarter was really, really evident of all levers kind of working at the same time. And so you think about the concentration, legacy Sterling in New York City, sponsor and specialty at Webster, commercial real estate in some areas. And so this was a broad quarter of loan growth, and we're seeing strength and activity in all areas.

是的。當然，馬克。這聽起來總是一個雙關語，但事實是我覺得這個季度真的非常明顯，所有槓桿都在同時起作用。因此，您會考慮集中度，紐約市的傳統斯特林，韋伯斯特的讚助商和專業，某些地區的商業房地產。因此，這是貸款增長的一個廣泛季度，我們在所有領域都看到了實力和活動。

So what I would say is geographically both in our core retail footprint, core middle market footprint in more of our regional businesses like commercial real estate or even national businesses like public sector finance or sponsor and specialty, we see real opportunity, and we don't see any geographic areas where we're concerned or looking to pull back.

因此，我想說的是，無論是在我們的核心零售足跡、商業房地產等更多區域業務中的核心中間市場足跡，還是公共部門金融或贊助商和專業等全國性業務中，我們都看到了真正的機會，但我們沒有看不到我們關注或希望撤退的任何地理區域。

I would say it's more in the asset classes where we're being a little bit more careful. Cyclical businesses, businesses that are potentially at risk to higher energy prices, cyclicality, supply chain disruption, office, right? We're obviously looking keenly as to whether or not there's a real paradigm shift going on there with the way people work. So I would say it's more industry sector, more borrower specific than any geography.

我想說的是，在我們更加謹慎的資產類別中。週期性業務，可能面臨更高能源價格風險的業務，週期性，供應鏈中斷，辦公室，對嗎？我們顯然正在密切關注人們的工作方式是否正在發生真正的範式轉變。所以我會說它比任何地理都更適合行業，更具體的借款人。

And right now, besides a couple of those areas where we're keeping an eye on and probably reducing new origination in office, in some of the more cyclical businesses, all of our geographies are still robust and healthy.

現在，除了我們正在關注並可能減少新辦公室的幾個領域外，在一些更具週期性的業務中，我們所有的地區仍然強勁和健康。

Our next question comes from Steven Alexopoulos with JPMorgan.

我們的下一個問題來自摩根大通的 Steven Alexopoulos。

I wanted to first follow up on Chris' question on the deposit side. So Glenn, you pointed to 85% loan-to-deposit ratio target, you're basically there. Can you give more color on your ability to generate low-cost deposits, right? You're saying you have a more diverse deposit base, which is fine. But which category should we expect going forward to support and fund loan growth?

我想先跟進 Chris 在存款方面的問題。所以格倫，你指出了 85% 的貸存比目標，你基本上就在那裡。您能否對您產生低成本存款的能力進行更多說明，對嗎？你是說你有一個更多樣化的存款基礎，這很好。但是，我們應該期待哪個類別能夠支持和資助貸款增長？

Yes. So I think it's a mix, Steven. And so you get some of the texture we have gone from like a loan-to-deposit ratio of 80% to 86% this quarter, about 4% of that was driven by the loan growth, 2% from the decline in municipal deposits and public funds. And we do expect that to come back in pretty strong for the back part of the year. .

是的。所以我認為這是一個混合體，史蒂文。所以你會看到我們本季度從 80% 到 86% 的貸存比，其中大約 4% 是由貸款增長推動的，2% 來自市政存款下降和公共基金。我們確實希望在今年下半年恢復強勁。 .

I think the key channels for us are going to be on digital and are going to be in the commercial business, whether it's treasury management or whether it's transactional type of accounts. We will have the natural -- over the course of the 4 quarters, we'll have HSA coming in too, as we get into the enrollment season.

我認為我們的關鍵渠道將是數字化，並將進入商業業務，無論是資金管理還是交易類型的賬戶。我們將自然 - 在 4 個季度的過程中，隨著我們進入招生季節，我們也會有 HSA 進入。

And so I have a lot of pluses coming in from the multiple channels, but I also have an offset in DDA because I think it's sort of elevated right now. But the combination of all those, I think, is what's going to bring us to that 85% loan-to-deposit ratio. That being said, as you can see from the first quarter, I mean, we did raise or increase our -- what we think our forecasted deposit beta is going to be over 4 quarters.

所以我有很多來自多個渠道的優點，但我在 DDA 中也有一個偏移量，因為我認為它現在有點提升。但我認為，所有這些的結合將使我們達到 85% 的貸存比。話雖如此，正如您從第一季度看到的那樣，我的意思是，我們確實提高或增加了我們的 - 我們認為我們預測的存款貝塔將超過 4 個季度。

So now where we thought last quarter was going to be 21%. We're starting to see things heat up a little bit more, but that doesn't mean that this is an expensive source of funding on the deposit side. But we've moved that 21% closer to 30% over a 4-quarter cycle. So that's how we're thinking about it right now. And it's all to fund the loan growth, which we feel -- as you saw in this quarter, we feel really confident about where we are and operating at the top end of our stated range.

所以現在我們認為上個季度將是 21%。我們開始看到事情進一步升溫，但這並不意味著這是存款方面的昂貴資金來源。但我們在 4 個季度的周期內將這 21% 的比例提高到接近 30%。所以這就是我們現在的想法。這一切都是為了為貸款增長提供資金，我們認為——正如你在本季度看到的那樣，我們對我們所處的位置以及在我們規定範圍的高端運營感到非常有信心。

Steve, I'll just put context from a business perspective as well. As Glenn mentioned, the vast majority of the reduction in deposits was seasonal outflows from public sector and government deposits. We're adding, as you can see, 4.8% loan growth, also a lot of new logos, a lot of new companies, a lot of new relationships in business banking and commercial and our -- we really require our teams out there to make sure those are full relationships with deposits and cash management.

史蒂夫，我也會從商業的角度來說明背景。正如格倫所說，存款減少的大部分是公共部門和政府存款的季節性流出。如您所見，我們正在增加 4.8% 的貸款增長，還有許多新徽標、許多新公司、商業銀行和商業領域的許多新關係以及我們的 - 我們確實需要我們的團隊確保這些是與存款和現金管理的完整關係。

So you'll see more deposits roll in and have a natural growth in commercial because of the number of relationships, maybe not because of what's going on in the macro environment from a liquidity perspective. But Chris Motl is out there right now, making sure that these folks are focused on deposits, and we can refine our pricing a bit to make sure that we're able to continue to raise deposits.

因此，由於關係的數量，您會看到更多的存款湧入並在商業上自然增長，從流動性的角度來看，這可能不是因為宏觀環境中正在發生的事情。但是 Chris Motl 現在就在那裡，確保這些人專注於存款，我們可以稍微改進我們的定價，以確保我們能夠繼續籌集存款。

And the last thing I would add, Steve, is that our investment portfolio, as you know, is elevated right now at 25%. We think the more natural level for our investment portfolio is probably closer to 20%. And so as we get the cash flow out of the investment portfolio, which is running about $350 million a quarter, that's going to go into the fund the loan growth as well. And so that will take some time to come off, but we're basically picking up 140, 150 basis points on that trade as it flows more into the loan book.

史蒂夫，我要補充的最後一件事是，如你所知，我們的投資組合目前已提高到 25%。我們認為我們的投資組合更自然的水平可能接近 20%。因此，當我們從每季度運行約 3.5 億美元的投資組合中獲得現金流時，這也將用於貸款增長的基金。所以這需要一些時間才能結束，但隨著更多流入貸款賬簿，我們基本上在該筆交易中增加了 140、150 個基點。

Okay. That's helpful. I want to shift direction and talk about HSA Bank for a minute. So if I look at the year-over-year growth metrics, this basically went from one of your fastest-growing segments or if not the fastest-growing segment to one of the slowest even after I adjust for the third-party administration stuff. How much of the downshift do you see as structural versus cyclical? And what's the environment we need to transform this again into a growth engine for the company?

好的。這很有幫助。我想換個方向談談 HSA 銀行。因此，如果我查看同比增長指標，即使在我調整了第三方管理的東西之後，這基本上從您增長最快的細分市場之一，或者如果不是增長最快的細分市場之一，變成了最慢的細分市場之一。您認為結構性與週期性的降檔有多少？我們需要什麼樣的環境才能再次將其轉變為公司的增長引擎？

I think that's a great question, Steve. And you know that we're focused on it because we think it's a terrific asset. So I think if you cut through, we're really pleased with the performance in terms of on-the-ground execution in winning RFPs and going out to direct-to-employer relationships. And the data that we showed said that we do a really good job there kind of at market.

我認為這是一個很好的問題，史蒂夫。你知道我們專注於它，因為我們認為它是一項了不起的資產。所以我認為，如果你切入正題，我們對在贏得 RFP 和直接與雇主關係方面的實地執行表現感到非常滿意。我們展示的數據表明，我們在市場上做得非常好。

Some of our bigger relationships with health care providers have grown a little bit slower than market. So the net result of all of that is the whole market, the HSA industry has slowed, obviously, from kind of that 20% growth rate more towards high single digits, low teens, and we've been trailing that by a couple of percentage points given the mix of our business.

我們與醫療保健提供者的一些更大的關係發展得比市場慢一點。因此，所有這一切的最終結果是整個市場，HSA 行業顯然已經放緩，從 20% 的增長率更多地轉向高個位數、低青少年，我們已經落後了幾個百分點考慮到我們的業務組合。

So it has slowed. I think the drivers are much more industry wide. And we obviously growing deposits at 8% year-over-year is still a wonderful thing, particularly with the characteristics of the long duration and low-cost nature of those deposits. So one of the things we're doing, Steve, the Bend acquisition. We are right now integrating that technology with our own customer portal, and we're rolling that out to clients as we speak over the next 6 months.

所以它變慢了。我認為驅動程序的行業範圍更廣。而且我們顯然以 8% 的年增長率增長存款仍然是一件好事，特別是這些存款具有長期和低成本的特點。所以我們正在做的一件事，史蒂夫，收購本德。我們現在正在將該技術與我們自己的客戶門戶集成，並在接下來的 6 個月內將其推廣給客戶。

And in beta testing, our customers and our employers really like that. We think that will increase participation and increase funding amounts. It's providing a great digital experience and education to our existing 3 million plus account holders about why they should be savers and not spenders. And we think that there'll be a material uplift in average deposits.

在 beta 測試中，我們的客戶和我們的雇主真的很喜歡這樣。我們認為這將增加參與度並增加資金數額。它為我們現有的超過 300 萬賬戶持有人提供了出色的數字體驗和教育，讓他們了解為什麼他們應該成為儲蓄者而不是消費者。而且我們認為平均存款將會有實質性的提升。

So we're kind of working everything. We're working transparency tools, products. We're working better technology experience. We're focused on sales. And so our goal is to be able to come to the market and say, we're growing at market rates. And as it relates to the market, we do think coming out of the pandemic that we'll see a strengthening of that kind of market industry growth rate as well. So we want to make sure when that happens, that we can be a strong participant.

所以我們正在努力工作。我們正在開發透明度工具和產品。我們正在努力提供更好的技術體驗。我們專注於銷售。所以我們的目標是能夠進入市場並說，我們正在以市場速度增長。由於它與市場有關，我們確實認為從大流行中走出來，我們也會看到這種市場行業增長率的加強。所以我們想確保當這種情況發生時，我們可以成為一個強有力的參與者。

Okay. That's helpful. And if I could ask one final one, John. Big picture question. Talk to us about how the integration of the 2 cultures is going. What's gone well? What needs more attention? And I know you haven't done the system conversion yet, but how is the customer experience been thus far?

好的。這很有幫助。如果我能問最後一個，約翰。大圖問題。和我們談談這兩種文化的融合是如何進行的。什麼進展順利？什麼更需要注意？而且我知道您還沒有完成系統轉換，但是到目前為止客戶體驗如何？

Sure. I'll start with your last question. The customer experience has been really, really good, because we haven't disrupted anything really from an operational perspective. So because this deal was so complementary, all of our frontline folks are here. All of our customers are dealing with the same people they were dealing with. And I think that's one of the reasons we were able to kind of beat market growth on loans. So customer experience so far good. One of the reasons why we are having our technology conversion in mid-2023 is because we are determined not to disrupt our customers. And I think that's why we're taking a slower and more deliberate approach.

當然。我將從你的最後一個問題開始。客戶體驗非常非常好，因為從運營的角度來看，我們並沒有真正破壞任何東西。所以因為這筆交易是如此互補，我們所有的前線人員都在這裡。我們所有的客戶都在與他們打交道的人打交道。我認為這是我們能夠在貸款方面超越市場增長的原因之一。所以到目前為止客戶體驗很好。我們在 2023 年中期進行技術轉換的原因之一是我們決心不擾亂我們的客戶。我認為這就是我們採取更慢和更深思熟慮的方法的原因。

As it relates to culture, if I sat here right now 5 months after closing of the transaction, I give us kind of A, A-, and I'm really happy. I can't believe we would be better off with respect to alignment at the top with the management team, the way we're cascading messaging down. All that being said, an MOE is hard.

因為它與文化有關，如果我在交易完成 5 個月後坐在這裡，我會給我們一種 A，A-，我真的很高興。我不敢相信我們在高層與管理團隊的一致性方面會做得更好，我們將消息傳遞下去的方式。話雖如此，教育部很難。

And so the idea of making sure that every last one of our 4,000 colleagues feels as if they're part of one singular team takes a lot of hard work, a lot of purposeful training, but it also takes time. And so I'd be lying to you if I told you that if you walked around our entire organization, everyone would feel like this was the place they worked in for the last 20 years.

因此，要確保我們 4,000 名同事中的每一位都感覺自己是一個單一團隊的一員，這一想法需要大量的努力和有目的的培訓，但這也需要時間。因此，如果我告訴你，如果你在我們整個組織中走來走去，每個人都會覺得這是他們過去 20 年工作的地方，那我就是在騙你。

So we're working really hard at that. And so far, it's really well. We've got great alignment. People are executing. Our risk framework is great. Our relationships with the regulators are great. We have not seen attrition in key areas. So I couldn't be more pleased, but I'm also -- I don't have my head in the sand, and I know that it's a long road to get to the perfect spot.

所以我們在這方面非常努力。到目前為止，它真的很好。我們有很好的對齊。人們在執行。我們的風險框架很棒。我們與監管機構的關係很好。我們還沒有看到關鍵領域的減員。所以我非常高興，但我也 - 我沒有把頭埋在沙子裡，我知道要達到完美的位置還有很長的路要走。

Our next question comes from Matthew Breese with Stephens.

我們的下一個問題來自 Matthew Breese 和 Stephens。

Just thinking about the loan growth guide versus what you've already accomplished year-to-date. Is the 8% to 10% growth range, is that a safe annualized rate from here? Or should we incorporate the tremendous amount of growth you've already seen?

只需考慮貸款增長指南與您今年迄今已完成的工作。 8% 到 10% 的增長范圍是安全的年化率嗎？還是我們應該將您已經看到的巨大增長納入其中？

I mean, we're looking at it incorporating the growth. I'm not sure we can put up another 4.8% organic growth rate. So look, Glenn guided to the high end of that range. There's a chance we could outperform it if the environment stays strong. The reason we always talk about that 8% to 10%, and we go back and forth on people telling us we'll never make it and then telling us it's too much and then figuring out whether or not we're going to go above that is, I think we've been able to sustainably grow our loans, particularly on the commercial side, and now we're getting good traction on the consumer side as well in that 8% to 10% range.

我的意思是，我們正在考慮將增長納入其中。我不確定我們能否再提高 4.8% 的有機增長率。所以看，格倫引導到該範圍的高端。如果環境保持強勁，我們有可能超越它。我們總是談論 8% 到 10% 的原因，我們來回詢問人們告訴我們我們永遠做不到，然後告訴我們這太多了，然後弄清楚我們是否會超過也就是說，我認為我們已經能夠可持續地增加我們的貸款，特別是在商業方面，現在我們在消費者方面也獲得了良好的牽引力，在 8% 到 10% 的範圍內。

So I think what you can do, Matt, is push that out into '23 as well. So I think we're looking every quarter to try and post an 8% to 10% annualized growth rate. Some quarters will be higher and lower, depending on prepayments and certain origination characteristics. But we're not saying we're going to grow loans to another 10% in the next 6 months. We're saying that we're sticking to our 8% to 10% loan range for the year. But obviously, we have an opportunity to be at the high end of the range or outperform.

所以我認為你能做的，馬特，也可以把它推到 23 年。所以我認為我們每個季度都在嘗試實現 8% 到 10% 的年化增長率。一些季度會越來越高，這取決於預付款和某些起源特徵。但我們並不是說我們將在未來 6 個月內將貸款再增加 10%。我們是說我們今年將堅持 8% 到 10% 的貸款範圍。但顯然，我們有機會處於該區間的高端或跑贏大盤。

Understood. And is your -- the way the pipeline looked, does it seem like growth can be as diverse as it was this quarter?

明白了。您的管道看起來是否像本季度一樣多樣化？

You know it does right now. And I'm going to say that with a smile. Yes, I'm thrilled because it appears that the teams across this franchise and the different asset classes have a lot of energy and their pipelines are healthy. And I think we're being really disciplined, Matt, on risk selection as well.

你知道它現在就可以。我會笑著說。是的，我很激動，因為這支球隊和不同資產類別的團隊似乎精力充沛，他們的管道很健康。我認為我們在風險選擇方面也很自律，馬特。

I think we're understanding pockets of asset classes that could be vulnerable to a downturn, and I think we're being disciplined in making sure we're not reaching too far or throwing the bomb in any one area. So we still see broad growth. We had broad growth in commercial real estate, middle market, sponsor and specialty, public sector finance, ABL, and all of our mortgage and consumer lending, all really kind of in that 4% plus area. So it was really nice to see the granular growth.

我認為我們正在了解可能容易受到經濟低迷影響的資產類別，並且我認為我們正在遵守紀律，以確保我們不會走得太遠或在任何一個領域投擲炸彈。所以我們仍然看到廣泛的增長。我們在商業房地產、中間市場、贊助商和專業、公共部門金融、ABL 以及我們所有的抵押貸款和消費貸款方面都有廣泛的增長，所有這些都在 4% 以上的領域中。所以很高興看到顆粒狀的增長。

Great. And then I was hoping you could talk a little bit about the Banking as a Service effort at Webster and what was brought over from legacy Sterling, what that entails. Curious the amount of deposits, it's important to the overall funding effort and the outlook for growth. I guess I didn't fully appreciate how important that was towards the end days of Sterling. And I'm curious if that's going to be one of the primary drivers of deposit growth as we head deeper into this rate hiking cycle?

偉大的。然後我希望你能談談 Webster 的銀行即服務工作，以及從傳統 Sterling 帶來的東西，這意味著什麼。好奇存款的數量，這對整體融資努力和增長前景很重要。我想我並沒有完全意識到這對 Sterling 的末日有多麼重要。我很好奇，隨著我們深入這個加息週期，這是否會成為存款增長的主要驅動力之一？

It's a great question. And as you can tell, probably from Glenn's earlier response on deposits, we are not sort of factoring that in as a major driver in the next couple of quarters, although we do see a clear path to $1 billion pipeline in that area of relatively low-cost deposits with existing relationships that we're working with. So what I'd say is that's kind of gravy on our plate. It is what we believe to be another strategic lever that hopefully will kind of have operational for a period of time. And so I think that what we're saying is it's not a major driver of deposit growth over the next quarter or 2, but it could be significant.

這是一個很好的問題。正如你所知道的，可能從格倫早些時候對存款的回應中可以看出，我們並沒有將其作為未來幾個季度的主要驅動因素，儘管我們確實看到了在這個相對較低的領域通向 10 億美元管道的明確路徑- 與我們正在合作的現有關係的成本存款。所以我要說的是我們盤子裡的肉汁。我們認為這是另一個戰略槓桿，有望在一段時間內發揮作用。所以我認為我們所說的是它不是下一季度或第二季度存款增長的主要驅動力，但它可能很重要。

Okay. And then my last one. I noticed that ABL NPAs increased a bit quarter-over-quarter. It looks like some of it transitioned from 30- to 89-day. Obviously, not a huge number, but I am focused on equipment lending near term as an area that could see some stress across the industry. So I was just curious, could you give us some background on the combined equipment book, the exposures, the types of equipment you underwrite historical losses. And then just an overall sense for how that book is shaping up from a stress perspective in this environment?

好的。然後是我的最後一個。我注意到 ABL NPAs 比上一季度有所增加。看起來其中一些從 30 天過渡到了 89 天。顯然，這不是一個巨大的數字，但我專注於近期的設備貸款，因為這個領域可能會在整個行業中看到一些壓力。所以我只是好奇，你能不能給我們一些關於組合設備書的背景，風險敞口，你承保歷史損失的設備類型。然後從壓力的角度來看，在這種環境下，這本書是如何形成的？

Yes. I think we're not too concerned right now because we've got pretty good collateral coverage. It's an interesting -- bringing these 2 equipment finance businesses together, there's almost everything there, Matt. So there's granular low-ticket stuff that's volume based. There's also participations in larger banks, larger transactions in equipment finance.

是的。我認為我們現在並不太擔心，因為我們有很好的抵押品覆蓋。這很有趣——把這兩個設備金融業務放在一起，幾乎什麼都有，馬特。所以有基於數量的顆粒狀低價產品。還有大型銀行的參與，設備融資的大型交易。

So I think some more cyclical businesses, as you can imagine. There's nothing in there from a kind of a systemic perspective that scares us with respect to kind of credit performance right now. And as you can see, we really haven't grown the business. We're kind of putting over a new framework on how we're going to attack the market, and we've kind of been slowly trying to build back up originations in profitable and granular areas.

所以我認為一些更具週期性的業務，正如你可以想像的那樣。從某種系統的角度來看，目前沒有任何東西讓我們對信用表現感到害怕。正如你所看到的，我們確實沒有發展業務。我們正在建立一個關於我們將如何攻擊市場的新框架，並且我們一直在慢慢地嘗試在有利可圖和細化的領域建立備份。

So all I can say right now it hasn't been a big driver of growth. We're not particularly concerned given the collateralized nature of the business in kind of outsized loss in the portfolio and more to come on kind of strategically how we move forward with that combined business.

所以我現在只能說它並不是增長的主要驅動力。考慮到業務的抵押性質，我們並不特別擔心投資組合中的巨額虧損，以及我們如何從戰略上推進合併後的業務。

(Operator Instructions) Our next question comes from Laurie Hunsicker with Compass Point.

（操作員說明）我們的下一個問題來自於 Compass Point 的 Laurie Hunsicker。

Question is if we -- sort of a bigger question, if we could say on loan and credit here. Can you give us a refresh on your leverage loan book? And then how much of that is in the sponsor and specialty areas just with respect to balance, credit charge-offs and more importantly, with the warning signal starting to flash how you're thinking about that? And just remind us how it's different versus where you sat during the GFC?

問題是我們是否 - 一個更大的問題，如果我們可以在這裡說貸款和信貸。你能給我們更新一下你的槓桿貸款書嗎？然後，有多少是在讚助商和專業領域，就餘額、信用沖銷而言，更重要的是，警告信號開始閃現你的想法？只是提醒我們它與您在全球金融危機期間坐在哪裡有什麼不同？

How much time do we have, Laurie? No, I'm only kidding. Good question. So I'll give you the kind of the fun facts. So our leverage loans end-of-period balances were around $3 billion representing 6.5% of total loans and about 8% of commercial loans as of June 30, which is roughly in line from a percentage perspective with what it's historically been.

我們有多少時間，勞裡？不，我只是在開玩笑。好問題。所以我會給你一些有趣的事實。因此，截至 6 月 30 日，我們的槓桿貸款期末餘額約為 30 億美元，佔總貸款的 6.5% 和約 8% 的商業貸款，從百分比角度來看，這與歷史上大致相符。

And as you know, when we talked about the merger, one of the wonderful things is it reduced the overall concentration in the numbers with a bigger balance sheet and bigger loans. I will tell you that the portfolio of leveraged loans is about 85% to 90% in the sponsor and specialty world, which is good news because it's in industries and sectors that have repeatable, protectable, sustainable cash flows, those are tech and infrastructure, health care services, stuff that we've been doing for a long time with sponsors we've known for 15 or 20 years.

如您所知，當我們談論合併時，其中一件美妙的事情是它降低了資產負債表和貸款規模更大的數字的整體集中度。我會告訴你，在讚助商和專業領域，槓桿貸款的組合大約佔 85% 到 90%，這是個好消息，因為它位於具有可重複、可保護、可持續現金流的行業和部門，即技術和基礎設施，醫療保健服務，我們長期以來一直在與我們認識 15 或 20 年的讚助商合作的東西。

The portfolio continues to perform at or around the overall performance level of the rest of the commercial bank, which has been the case through both the Great Recession and the pandemic. There is a little bit more volatility in the risk ratings in the leverage book because obviously, those risk ratings start a little bit lower. And with leverage, there can be a little more variability in risk ratings. However, the strength of the financial sponsors behind the deals have continued to have that not result in higher levels of non-accruals or losses.

該投資組合的表現繼續達到或接近商業銀行其他部門的整體表現水平，在大衰退和大流行期間都是如此。槓桿賬簿中的風險評級波動性更大一些，因為很明顯，這些風險評級開始時會稍微低一些。借助槓桿，風險評級可能會有更多的可變性。然而，這些交易背後的金融贊助商的實力仍然沒有導致更高水平的非應計或損失。

The other thing I'll say about the book is it's more granular. So if you think about the leveraged loans making up 8% of the commercial loan book, they only make up about 3.5% of our aggregate exposure in top 100 exposures and names. So if you think about that, our leveraged loans tend not to be the highest commitments and single-point exposures in the organization and that's obviously intentional.

關於這本書，我要說的另一件事是它更加細化。因此，如果您考慮一下佔商業貸款賬簿 8% 的槓桿貸款，它們僅占我們在前 100 名敞口和名稱中總敞口的 3.5% 左右。因此，如果您考慮一下，我們的槓桿貸款往往不是組織中最高的承諾和單點風險敞口，這顯然是故意的。

So we'll keep you posted. But so far, our premise has worked really well, and we've also been disciplined about where we do that activity, about the people who we allow to do that activity and how much of that activity is in the organization as a percentage of Tier 1 capital plus reserves for the overall portfolio.

因此，我們會及時通知您。但到目前為止，我們的前提運作得非常好，而且我們也對我們在哪裡進行該活動、我們允許進行該活動的人員以及該活動在組織中佔層級的百分比進行了紀律處分1 資本加上整體投資組合的準備金。

Great. And do you have what your balance of nonperformers is relative to that $3 billion book and what charge-offs are? And then I just have one more quick follow-up.

偉大的。相對於那本 30 億美元的賬簿，您是否知道您的不良資產餘額是多少？沖銷是多少？然後我再進行一次快速跟進。

Yes, I don't have those numbers off things, but little to no loss in that book, I know over the last 5 years. But we can reach back out to you, Laurie with that.

是的，我沒有這些數字，但在那本書中幾乎沒有損失，我知道在過去的 5 年裡。但是我們可以聯繫你，勞裡。

Great. And then just one last question, office. Can you remind us what is the balance that you have in office? And how much of that is in New York City?

偉大的。最後一個問題，辦公室。你能提醒我們你在辦公室的平衡是什麼嗎？紐約市有多少？

Sure. We have about $2.2 billion in office exposure, all around. If you take $550,000, $600,000 office -- medical-related office, which has a completely different characteristic you're about down to $1.6 billion or so. Split half between Class A and Class B and C, underwritten at 50% LTVs. Obviously, those are at underwriting.

當然。我們有大約 22 億美元的辦公室風險敞口。如果你拿 550,000 美元、600,000 美元的辦公室——與醫療相關的辦公室，它具有完全不同的特點，你大約會減少到 16 億美元左右。在 A 類和 B 類和 C 類之間拆分一半，以 50% 的 LTV 承保。顯然，這些都是在承保。

So those LTVs have probably moved up a bit depending on what your view of value is there with a 1.7x average debt service coverage. About $522 million of that exposure is in New York City and the 5 boroughs. If you take out medical office again, it's about $400 million in traditional office in the 5 boroughs. And it is performing from a classified watch and worse and nonperformer, similar to the office exposure across the rest of our footprint, which I would say is slightly worse than the overall commercial weighted average risk rating and levels of classified and criticized.

因此，這些 LTV 可能會有所上升，具體取決於您對價值的看法，平均償債覆蓋率為 1.7 倍。其中約 5.22 億美元發生在紐約市和 5 個行政區。如果你再拿出醫療辦公室，5個行政區的傳統辦公室大約是4億美元。而且它的表現是從分類表來看，表現更差，表現不佳，類似於我們其他足蹟的辦公室風險，我想說這比整體商業加權平均風險評級和分類和批評水平略差。

So that's where we are. It's a relatively small portion. We spend a lot of time on it, as you can imagine. The other good news there is we have less than 10% of rent rolls rolling off in each of the next 2 years, which means that there's probably some time before real issues, if there really is a permanent paradigm shift arise, and it gives us some time to work on -- work with the borrowers on those properties.

這就是我們所在的位置。這是一個相對較小的部分。正如您可以想像的那樣，我們花了很多時間在上面。另一個好消息是，在接下來的 2 年中，每年的租金滾動下降不到 10%，這意味著在真正的問題出現之前可能還有一段時間，如果真的出現永久性的範式轉變，它給了我們一些時間來工作 - 與這些房產的借款人合作。

Our next question comes from Bernie Horn with Polaris Capital Management.

我們的下一個問題來自 Polaris Capital Management 的 Bernie Horn。

I had a quick question on this general tone of the portfolio or the behavior borrowers. We've heard from some sectors, companies that we're speaking to and even some borrowers in the PE space that some of their borrowers are getting very cautious about the future of the economy to the point where they're actually trying to sell off some assets to pay down debt. So I guess the question is, are you seeing -- it seems like you're going in very heavy into the growth mode, potentially before a big economic crisis. I'm not saying it's going to be huge, but I guess the point is that some borrowers are out there getting more conservative? Are you seeing any of that kind of behavior in your borrowers?

我有一個關於投資組合或行為藉款人的一般基調的快速問題。我們從一些行業、我們正在與之交談的公司，甚至是私募股權領域的一些借款人那裡聽說，他們的一些借款人對經濟的未來變得非常謹慎，以至於他們實際上正試圖拋售一些資產來償還債務。所以我想問題是，你是否看到 - 似乎你正在非常沉重地進入增長模式，可能在一場大的經濟危機之前。我並不是說它會很大，但我想關鍵是一些借款人變得更加保守？你在你的借款人身上看到過這種行為嗎？

Bernie, I think in some sectors, we are, absolutely. And as portfolio managers, we're doing the same thing. If we have opportunities because there's still a lot of private liquidity out there to lower areas in our loan book that we think might be vulnerable in the long term, we're taking actions as well.

伯尼，我認為在某些領域，我們絕對是。作為投資組合經理，我們也在做同樣的事情。如果我們有機會，因為仍然有大量私人流動性流向我們認為從長遠來看可能很脆弱的貸款賬簿較低的領域，我們也會採取行動。

So I don't want you to get the sense that we're not in full preparedness mode. The potential number of outcomes here is wide. Our base case is still -- if there is a recession, it's relatively mild in terms of impact on broad credit, but we obviously know that there could be a worse downturn.

所以我不希望你覺得我們沒有處於充分的準備模式。這裡潛在的結果數量很廣泛。我們的基本情況仍然是——如果出現衰退，就對廣泛信貸的影響而言，它相對溫和，但我們顯然知道可能會出現更嚴重的衰退。

So as I said earlier, all of our origination, we're not pedal down, meaning that its loan growth at all costs. We're taking care of our borrowers in the geographies and sectors and our existing relationships and opportunities we should, but we're trying to avoid like in real estate, we're cautious in hotel, we're cautious and really not doing anything in office right now. And so there are property types we're focused on where our growth is multifamily, industrial distribution, which is still pretty healthy.

所以正如我之前所說，我們所有的起源，我們都沒有踩下踏板，這意味著它的貸款增長不惜一切代價。我們正在照顧我們在地理和行業的借款人以及我們應該擁有的現有關係和機會，但我們試圖避免像房地產一樣，我們對酒店很謹慎，我們很謹慎，真的什麼都不做現在在辦公室。因此，我們關注的房地產類型是多戶型、工業分佈，這仍然非常健康。

And in C&I, I'd say we're really careful about cyclical contractors. We're careful about folks that are exposed to energy costs, transportation costs who have been significantly impacted by supply chain disruption. So -- who've been impacted actually by labor shortages and the tight labor market.

在 C&I 中，我想說我們對周期性承包商非常小心。我們對那些受到能源成本和運輸成本影響而受到供應鏈中斷影響很大的人保持謹慎。所以 - 誰實際上受到勞動力短缺和勞動力市場緊張的影響。

So what we do is we don't put a blanket on everything and put up the red light or the yellow life, but our credit folks who are just terrific. Jason Soto, our Chief Credit Officer and his team, they're well aware of where there is more vulnerability and it's coming through, I think, in our risk selection, which is why a little bit, we're not projecting the same level of loan growth for the balance of the year. We still think there will be decent loan demand. But we think as we move closer to whatever this cycle is, that there will be less demand because our borrowers will be more cautious and so are we.

因此，我們所做的是我們不會在所有事情上都蓋上毯子，並提出紅燈或黃色生活，而是我們的信用非常棒的人。 Jason Soto，我們的首席信用官和他的團隊，他們很清楚哪裡有更多的漏洞，而且我認為，在我們的風險選擇中，這就是為什麼我們沒有預測相同的水平年餘額的貸款增長。我們仍然認為會有不錯的貸款需求。但我們認為，隨著我們越來越接近這個週期，需求將會減少，因為我們的借款人會更加謹慎，我們也是。

That's terrific detail. Thanks for that additional commentary because I obviously anticipated my follow-up as to where you're being cautious.

這是非常棒的細節。感謝您的補充評論，因為我顯然預料到我會跟進您在哪裡謹慎。

We have reached the end of the question-and-answer session. I will turn the call back over to John Ciulla for closing remarks.

我們已經到了問答環節的尾聲。我會將電話轉回給 John Ciulla 以進行結束髮言。

Thank you, Shantel. I really appreciate it. I want to thank everyone for joining us this morning, and thank you for your interest in Webster. Have a great day.

謝謝你，香特爾。對此，我真的非常感激。我要感謝大家今天早上加入我們，並感謝您對韋伯斯特的興趣。祝你有美好的一天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。