Webster Financial Corp (WBS) 2022 Q4 法說會逐字稿

Ladies and gentlemen, good morning, and welcome to the Webster Financial Corporation Fourth Quarter 2022 Earnings Call. Please note that this event is being recorded. I would now like to introduce Webster's Director of Investor Relations, Emlen Harmon to introduce the call. Mr. Harmon, please go ahead.

女士們，先生們，早上好，歡迎來到韋伯斯特金融公司 2022 年第四季度財報電話會議。請注意，此事件正在記錄中。我現在想介紹韋伯斯特的投資者關係總監 Emlen Harmon 來介紹電話會議。哈蒙先生，請繼續。

Good morning. Before we begin our remarks, I want to remind you that the comments made by management 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 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.

早上好。在我們開始發表評論之前，我想提醒您，管理層發表的評論可能包括 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，以了解有關可能影響我們的風險和不確定性的更多信息。隨附管理層評論的演示文稿可在公司的投資者關係網站 investors.websterbank.com 上找到。

I'll now turn it over to Webster Financial's CEO, John Ciulla.

我現在將其轉交給 Webster Financial 的首席執行官 John Ciulla。

Thanks, Emlen. Good morning, and welcome to Webster Financial Corporation's Fourth Quarter 2022 Earnings Call. I'm going to provide remarks on our strategic execution, high-level results, merger integration and strategic actions before turning it over to Glenn to review our financials in more detail.

謝謝，埃姆倫。早上好，歡迎來到韋伯斯特金融公司 2022 年第四季度財報電話會議。在將其交給格倫更詳細地審查我們的財務狀況之前，我將對我們的戰略執行、高水平結果、合併整合和戰略行動發表評論。

Our strategy is straightforward and remains unchanged from the day we announced our merger in April of 2021. Opportunistic and prudent growth in targeted areas where we have competitive differentiation while continually see enhancing a diverse and advantageous funding profile. We continue to deploy capital and expense dollars into business activities that maximize shareholder returns and economic profit. We are delivering on this strategy as a unified Webster while at the same time executing on the integration of our merger with Sterling. We continue to exhibit solid credit performance, and we are conservatively positioned in our capital levels and loan loss allowance.

我們的戰略很簡單，從 2021 年 4 月宣布合併之日起就保持不變。在我們具有競爭差異化的目標領域進行機會主義和審慎的增長，同時不斷增強多元化和有利的資金狀況。我們繼續將資本和支出投入到業務活動中，以最大限度地提高股東回報和經濟利潤。我們作為統一的 Webster 實施這一戰略，同時執行與 Sterling 的合併整合。我們繼續表現出穩健的信貸表現，我們在資本水平和貸款損失準備方面持保守態度。

The net results of executing on this strategic plan are evident in our performance this quarter. On an adjusted basis, we generated EPS of $1.60 versus $1.46 last quarter, and our PPNR grew 9% quarter-over-quarter or by $35 million. Both our GAAP and adjusted EPS numbers are quarterly record for Webster. Underpinning our performance, our net interest margin expanded 20 basis points and loans grew over 4% in the quarter with further moderate NIM expansion and solid loan growth in our 2023 forecast.

執行該戰略計劃的最終結果在我們本季度的業績中顯而易見。在調整後的基礎上，我們產生的每股收益為 1.60 美元，而上一季度為 1.46 美元，我們的 PPNR 環比增長 9% 或 3500 萬美元。我們的 GAAP 和調整後的 EPS 數據都是韋伯斯特的季度記錄。本季度我們的淨息差擴大了 20 個基點，貸款增長超過 4%，我們的 2023 年預測中淨息差進一步溫和擴張，貸款增長穩健，這為我們的業績提供了支撐。

With respect to our 4Q loan growth, we again focused our origination activities in asset classes with stronger credit profiles, such as public sector finance and fund banking. For the fourth consecutive quarter, the weighted average risk rating of our commercial originations were significantly stronger than that of the existing portfolio, which is intentional when operating in a more uncertain macro environment. We also enhanced our liquidity profile with the acquisition of interLINK, and we continue to have a solid capital position.

關於我們的第 4 季度貸款增長，我們再次將我們的發起活動集中在具有更強信用狀況的資產類別，例如公共部門金融和基金銀行業務。連續第四個季度，我們的商業起源的加權平均風險評級明顯強於現有投資組合，這是在更加不確定的宏觀環境中運營時有意為之的。我們還通過收購 interLINK 增強了我們的流動性狀況，我們繼續擁有穩固的資本狀況。

These results produced an adjusted ROA of 1.61%, a return on tangible common equity of nearly 23% and an efficiency ratio of 40%. All of these figures meet or exceed the pro forma metric targets we detailed at the time of our merger announcement. While aided by a beneficial interest rate environment, we are also delivering on our operational efficiencies, growing loans in excess of our original targets and realizing new business opportunities from the merger. We believe that our business can drive solid operating leverage and PPNR growth through a variety of macroeconomic operating environments and interest rate backdrops. And our goal is to generate consistent earnings and revenue growth throughout operating cycles.

這些結果產生了 1.61% 的調整後資產回報率，近 23% 的有形普通股回報率和 40% 的效率比。所有這些數字都達到或超過了我們在合併公告時詳述的備考指標目標。在有利的利率環境的幫助下，我們還提高了運營效率，增加了超過原定目標的貸款，並從合併中實現了新的商機。我們相信，我們的業務可以通過各種宏觀經濟運營環境和利率背景推動穩健的經營槓桿和 PPNR 增長。我們的目標是在整個運營週期中產生一致的收益和收入增長。

We also feel confident that we can operate with an efficiency ratio in the low 40s without sacrificing our ability to continue to invest in franchise enhancing and differentiated businesses. In fact, in Q4, we invested several million dollars in expanding our commercial banking activities, which should result in future growth over the coming years.

我們也有信心，我們可以在 40 多歲的低效率下運營，而不會犧牲我們繼續投資於特許經營增強和差異化業務的能力。事實上，在第四季度，我們投資了數百萬美元來擴大我們的商業銀行業務，這應該會在未來幾年帶來增長。

The strength of our franchise is also evident in our annual results, which you can see on Slide 3. On a full year basis, we grew our adjusted EPS to $5.62 from $4.85 in the year prior. And our return on tangible equity increased to 19.8%. We accomplished these results with a full year efficiency ratio of 43% and post-merger loan growth of 15%, ahead of our 8% to 10% expectations.

我們特許經營權的實力在我們的年度業績中也很明顯，您可以在幻燈片 3 中看到。在全年的基礎上，我們將調整後的每股收益從前一年的 4.85 美元增加到 5.62 美元。我們的有形資產回報率增至 19.8%。我們以 43% 的全年效率比率和 15% 的合併後貸款增長率取得了這些成果，超出了我們 8% 至 10% 的預期。

We're certainly proud of the financial metrics achieved in the first year since merger closing, but we may be even prouder of what we've accomplished from a culture and talent perspective. We have an incredibly aligned and talented management team and a clearly defined values-based culture that is coming together ahead of our initial expectations. One of the keys to our performance, culture building and client retention as a company has been the consistency, continuity and execution of our client-facing colleagues among whom we have experienced virtually no loss of talent over the last 2 calendar years since deal announcement.

我們當然為合併完成後第一年取得的財務指標感到自豪，但我們可能更為我們在文化和人才方面取得的成就感到自豪。我們擁有一支非常團結且才華橫溢的管理團隊，以及一種明確定義的基於價值觀的文化，這些文化正在超出我們最初的預期。作為一家公司，我們業績、文化建設和客戶保留的關鍵之一是我們面向客戶的同事的一致性、連續性和執行力，自交易宣布以來的過去 2 個日曆年中，我們幾乎沒有經歷過人才流失。

Before turning it over to Glenn, I want to provide a brief overview of our acquisition of interLINK, which closed earlier this month and provides us with tremendous core funding optionality adding to what we believe is an already differentiated deposit funding profile. Deposits we access via interLINK are considered core from a regulatory perspective, have an extremely low cost of acquisition and thereby an attractive all-in cost profile, which works well in all rate scenarios. And most importantly, it can be scaled up or down relatively quickly according to our funding needs.

在交給 Glenn 之前，我想簡要介紹一下我們對 interLINK 的收購，該收購於本月早些時候完成，為我們提供了巨大的核心資金選擇權，增加了我們認為已經差異化的存款資金狀況。從監管角度來看，我們通過 interLINK 訪問的存款被認為是核心存款，獲取成本極低，因此具有極具吸引力的總成本概況，適用於所有利率情況。最重要的是，它可以根據我們的資金需求相對快速地擴大或縮小規模。

Operationally, interLINK administers FDIC insured deposit suite programs between broker-dealers and banks, such that broker-dealers customers receive FDIC insurance on idle cash balances in their account. We currently administer around $9 billion in deposit balances in the program, a substantial portion of which Webster could access over time. There's a small portion of the deposits we would not access to ensure that customers in the program receive maximum FDIC insurance coverage on their balances. We collect a small fee on deposits that we do not hold on our balance sheet.

在操作上，interLINK 管理經紀自營商和銀行之間的 FDIC 保險存款套件計劃，這樣經紀自營商客戶就其賬戶中的閒置現金餘額獲得 FDIC 保險。我們目前在該計劃中管理著大約 90 億美元的存款餘額，隨著時間的推移，Webster 可以使用其中的很大一部分。我們無法訪問一小部分存款，以確保該計劃中的客戶在其餘額中獲得最大的 FDIC 保險。我們對不在資產負債表上的存款收取少量費用。

It's only been 2 weeks since closing, and we've already had great success with the program. We've begun utilizing deposits on our balance sheet as a replacement for wholesale funding without changing our risk tolerances in terms of asset generation. And we've signed up a brand-new broker-dealer contract just last week. We're also excited about potential other revenue synergies with our broker-dealer partners.

關閉後僅 2 週，我們已經在該計劃中取得了巨大成功。我們已經開始利用資產負債表上的存款來替代批發資金，而不會改變我們在資產生成方面的風險承受能力。就在上週，我們剛剛簽署了一份全新的經紀自營商合同。我們也很高興與我們的經紀交易商合作夥伴產生其他潛在的收入協同效應。

We're pleased with our performance in the quarter, excited about how we are positioning the company for the future and confident in our ability to consistently deliver top-tier financial performance as we take care of our clients, our colleagues and our communities.

我們對本季度的業績感到滿意，對我們如何為公司的未來定位感到興奮，並對我們在照顧客戶、同事和社區時始終如一地提供一流財務業績的能力充滿信心。

With that, I'll turn it over to Glenn for the financial review.

有了這個，我會把它交給格倫進行財務審查。

Thanks, John, and good morning, everyone. I will start with a reconciliation of core earnings on Slide 6. We reported GAAP net income to common shareholders of $241 million with EPS of $1.38. On an adjusted basis, we reported net income to common shareholders of $278 million and EPS of $1.60, each of which exclude onetime after-tax expenses of $37 million. Merger expenses were related to real estate consolidation, severance and professional fees. The strategic initiative expense is primarily repositioning of our securities portfolio.

謝謝，約翰，大家早上好。我將從幻燈片 6 的核心收益核對開始。我們向普通股股東報告的 GAAP 淨收入為 2.41 億美元，每股收益為 1.38 美元。在調整後的基礎上，我們向普通股股東報告的淨收入為 2.78 億美元，每股收益為 1.60 美元，均不包括 3700 萬美元的一次性稅後支出。合併費用與房地產合併、遣散費和專業費用有關。戰略舉措費用主要是重新定位我們的證券投資組合。

Next, I'll review balance sheet trends before moving on to the income statement. On Slide 7, at period end, total assets were $71.3 billion, with total loans of $49.8 billion and total deposits of $54 billion. Loan growth of $1.9 billion was primarily driven by Commercial Banking, which increased $1.6 billion. Deposits were essentially flat quarter-over-quarter.

接下來，在進入損益表之前，我將回顧資產負債表趨勢。在幻燈片 7 中，期末總資產為 713 億美元，貸款總額為 498 億美元，存款總額為 540 億美元。 19 億美元的貸款增長主要由商業銀行業務推動，增加了 16 億美元。存款環比基本持平。

I will provide additional detail for both on the next 2 slides. Slide 8 highlights the diversity of our loan growth by category, a great illustration of the breadth of our business lines. In total, we grew loans $1.9 billion or 4.1% on a linked-quarter basis. Growth for the quarter was in the following verticals: commercial real estate, $756 million; fund banking, $520 million; sponsor $428 million and residential mortgage, $345 million. This was partially offset by lower mortgage warehouse lending of $252 million. Quarter-over-quarter, the yield on the portfolio increased 73 basis points, and excluding accretion, increased by 80 basis points.

我將在接下來的兩張幻燈片中提供更多詳細信息。幻燈片 8 突出顯示了我們按類別劃分的貸款增長的多樣性，很好地說明了我們業務範圍的廣度。總體而言，我們的貸款環比增長 19 億美元或 4.1%。本季度的增長在以下垂直領域：商業房地產，7.56 億美元；基金銀行業務，5.2億美元；贊助 4.28 億美元和住宅抵押貸款 3.45 億美元。這部分被 2.52 億美元的抵押貸款倉庫貸款減少所抵消。與上一季度相比，投資組合的收益率增加了 73 個基點，不包括增值，增加了 80 個基點。

Switching to deposits on Slide 9. Total deposit balances were essentially flat from prior quarter. This was the net result of a reduction in public funds, which were down seasonally by $1.1 billion and offset by wholesale deposits as we used a greater number of suite and other alternate sources of funds. The total cost of deposits increased 60 basis points -- to 60 basis points from 28 basis points prior quarter. Our effective beta was 22% in the quarter and 15% for the year.

切換到幻燈片 9 上的存款。總存款餘額與上一季度基本持平。這是公共資金減少的淨結果，公共資金季節性減少 11 億美元，並被批發存款抵消，因為我們使用了更多的套房和其他替代資金來源。存款總成本增加了 60 個基點，從上一季度的 28 個基點增至 60 個基點。我們本季度的有效貝塔係數為 22%，全年為 15%。

Beginning on Slide 10, I'll review the details of our income statement. We provided our reported to adjusted income statement by line item and compare our adjusted earnings to the third quarter. Net interest income grew by $51.4 million or 9.3% linked quarter, driven by our origination volume and a higher rate environment. The growth in net interest income drove meaningful improvement in PPNR, net income and EPS. On an adjusted basis, PPNR was up $35 million or 9.5%. Net income was up $21 million or 8% and EPS was up $0.14 or 10%.

從幻燈片 10 開始，我將查看損益表的詳細信息。我們按項目提供了報告的調整後損益表，並將調整後的收益與第三季度進行了比較。淨利息收入增長了 5140 萬美元或 9.3%，環比增長了 9.3%，這得益於我們的發起量和更高的利率環境。淨利息收入的增長推動了 PPNR、淨收入和每股收益的顯著改善。在調整後的基礎上，PPNR 增加了 3500 萬美元或 9.5%。淨收入增長 2100 萬美元或 8%，每股收益增長 0.14 美元或 10%。

I will cover the individual line items in more detail on subsequent slides. The net interest margin was 3.74%, up 20 basis points on a reported basis and our efficiency ratio was 40%, down 90 basis points from prior quarter.

我將在後續幻燈片中更詳細地介紹各個行項目。淨息差為 3.74%，較上一季度上升 20 個基點，效率率為 40%，較上一季度下降 90 個基點。

On Slide 11, net interest income grew $51.4 million relative to prior quarter. Adjusted for accretion in both periods, net interest income was up $58.3 million. This was our third quarter of strong results driven by both loan growth and the asset sensitivity of our balance sheet. Excluding accretion, the net interest margin increased 24 basis points to 3.68% and the earning asset yield was up 70 basis points in the quarter. As illustrated on the earlier slide, the cost of deposits increased 32 basis points quarter-over-quarter. We anticipate further deposit rate increases in the coming quarters and a through-the-cycle cumulative beta of roughly 25%, excluding mix shift -- the mix shift effect from wholesale funding into interLINK -- from interLINK deposits.

在幻燈片 11 中，淨利息收入較上一季度增長了 5140 萬美元。針對兩個時期的增長進行調整後，淨利息收入增加了 5830 萬美元。這是我們第三季度在貸款增長和資產負債表的資產敏感性的推動下取得強勁業績。剔除增值，本季度淨息差增加 24 個基點至 3.68%，收益資產收益率上升 70 個基點。如前一張幻燈片所示，存款成本環比增長 32 個基點。我們預計未來幾個季度存款利率將進一步上調，整個週期的累計貝塔係數約為 25%，不包括來自 interLINK 存款的混合轉變——從批發資金到 interLINK 的混合轉變效應。

On Slide 12, we highlight our fee income for the quarter. On an adjusted basis, fees were down $7 million linked quarter. The linked quarter decrease was driven primarily by the outsourcing of our consumer investment services platform as well as a number of smaller items and other fees. The year-over-year decline was a result of lower income in direct investment and mortgage banking fees as well as the outsourcing of our investment services.

在幻燈片 12 中，我們重點介紹了本季度的費用收入。在調整後的基礎上，費用環比下降了 700 萬美元。相關季度減少主要是由於我們的消費者投資服務平台外包以及一些較小的項目和其他費用。同比下降是由於直接投資和抵押貸款銀行費用收入下降以及我們投資服務外包的結果。

Slide 13 summarizes noninterest expense. We reported adjusted expense of $302 million relative to prior quarter of $293 million. We continue to make progress on cost efficiencies related to the merger. However, this quarter included increased levels of performance-based compensation, benefits expense and a strategic investment in Commercial Banking. The year-over-year increase of $2 million is a combination of our cost save efforts to date, offset by the increase in intangible amortization, the Bend acquisition and performance-based compensation.

幻燈片 13 總結了非利息費用。我們報告的調整後費用為 3.02 億美元，而上一季度為 2.93 億美元。我們繼續在與合併相關的成本效率方面取得進展。然而，本季度增加了基於績效的薪酬、福利支出以及對商業銀行業務的戰略投資。 200 萬美元的同比增長是我們迄今為節省成本所做的努力的結合，被無形攤銷的增加、Bend 收購和基於績效的補償所抵消。

Slide 14 highlights our allowance for credit losses, which was up $21 million over prior quarter. After recording $20 million in net charge-offs, we recorded $41 million in provision expense with loan growth representing $20 million of the increase and macro factors adding $21 million.

幻燈片 14 突出顯示了我們的信貸損失準備金，比上一季度增加了 2100 萬美元。在記錄了 2000 萬美元的淨註銷後，我們記錄了 4100 萬美元的撥備費用，貸款增長佔增長的 2000 萬美元，宏觀因素增加了 2100 萬美元。

Slide 15 highlights our key asset quality metrics. On the upper left, nonperforming assets declined $6 million from prior quarter and represented 41 basis points of loans. Likewise, commercial classified loans declined $4 million and represents 150 basis points of total commercial loans. Net charge-offs on the upper right totaled $20 million or 17 basis points of average loans on an annualized basis. And the allowance coverage ratio remained flat period-over-period at 120 basis points. The allowance to nonperforming loan ratio increased to 2.9x, up from 2.7x last quarter. Coverage as a percent of commercial classified loans increased to 99% from 95% prior quarter.

幻燈片 15 重點介紹了我們的關鍵資產質量指標。在左上角，不良資產比上一季度減少了 600 萬美元，代表貸款的 41 個基點。同樣，商業分類貸款減少了 400 萬美元，佔商業貸款總額的 150 個基點。右上角的淨註銷總額為 2000 萬美元或年化平均貸款的 17 個基點。撥備覆蓋率同比持平，為 120 個基點。撥備與不良貸款比率從上一季度的 2.7 倍增至 2.9 倍。商業分類貸款的覆蓋率從上一季度的 95% 增加到 99%。

Our capital levels remain strong as illustrated on Slide 16. All capital ratios remain well in excess of regulatory and internal targets. Our common equity Tier 1 ratio was 10.71%, above the medium-term operating target of 10.5% and tangible common equity ratio was 7.38%. Tangible book value per share increased $1.38 to $29.07 a share, driven by our strong earnings growth.

如幻燈片 16 所示，我們的資本水平保持強勁。所有資本比率仍然遠遠超過監管和內部目標。我們的普通股一級資本比率為 10.71%，高於 10.5% 的中期經營目標，有形普通股資本比率為 7.38%。在我們強勁的盈利增長的推動下，每股有形賬面價值增加 1.38 美元至每股 29.07 美元。

I'll wrap up my comments with our outlook on Slide 17, where we provide our full year projections. Our expectation for the rate curve is that the Fed funds peak at 5% in Q2 and end the year 50 basis points lower. We expect loans to grow in the range of 6% to 8% with diverse growth across all business lines. We expect deposits to grow 4% to 5%, excluding the impact of interLINK. The acquisition of interLINK provides flexibility in funding our forecasted loan growth. Given that in the structure of our balance sheet, our full year outlook for net interest income, excluding accretion, is around $2.5 billion. On the slide, you see the range of expected results. We expect $25 million in accretion that would be added to the net interest income outlook. For those modeling net interest income on an FTE basis, I would add roughly $65 million to the outlook. Fee income should be in the range of $415 million to $430 million, which incorporates the full year impact of lower net fees from the outsourcing of our consumer investment services platform as well as lower derivative income.

我將用我們對幻燈片 17 的展望來總結我的評論，我們在幻燈片 17 中提供了全年預測。我們對利率曲線的預期是，聯邦基金利率在第二季度達到 5% 的峰值，並在年底下降 50 個基點。我們預計貸款將在 6% 至 8% 的範圍內增長，所有業務線的增長各不相同。我們預計存款將增長 4% 至 5%，不包括 interLINK 的影響。收購 interLINK 為我們預測的貸款增長提供資金提供了靈活性。鑑於我們的資產負債表結構，我們對淨利息收入的全年展望（不包括增值）約為 25 億美元。在幻燈片上，您可以看到預期結果的範圍。我們預計淨利息收入前景將增加 2500 萬美元。對於那些以 FTE 為基礎建模的淨利息收入，我會為前景增加大約 6500 萬美元。費用收入應在 4.15 億美元至 4.3 億美元之間，其中包括我們的消費者投資服務平台外包產生的較低淨費用以及較低的衍生品收入的全年影響。

As the range in our outlook illustrates, core expenses are expected to be around $1.2 billion to $1.225 billion, which will continue to result in an efficiency ratio in the 40% range. On capital, our overall philosophy is unchanged. As we approach our medium-term operating target, organic growth opportunities will likely occupy a greater share of capital deployment and we're forecasting an effective tax rate of 22% to 23%.

正如我們展望中的範圍所示，核心費用預計在 12 億美元至 12.25 億美元左右，這將繼續導致效率比率在 40% 的範圍內。在資本上，我們的整體理念沒有改變。隨著我們接近中期經營目標，有機增長機會可能會在資本配置中佔據更大份額，我們預測有效稅率為 22% 至 23%。

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

有了這個，我會把它轉回給約翰作結束語。

Thanks a lot, Glenn. We're systematically executing on our merger integration and our core conversion time line remains unchanged with final conversion targeted for the middle of this year. We've continued to consolidate systems sitting on top of our core technology, which enhances our colleagues capabilities and simplifies the conversion process as well as our operating processes. We've also wrapped up our previously detailed corporate real estate consolidation.

非常感謝，格倫。我們正在系統地執行我們的合併整合，我們的核心轉換時間表保持不變，最終轉換目標是在今年年中。我們繼續整合基於我們核心技術的系統，這增強了我們同事的能力並簡化了轉換過程以及我們的操作流程。我們還完成了之前詳細的公司房地產整合。

While a tremendous amount of effort, as you can imagine, is going into ensuring a smooth systems conversion, all of the business lines have turned the page and are functioning as a unified Webster from an operating relationship management and client service perspective. Our strategic vision and values are integrated, our operating structure is established and performing at a high level and across the bank, we are focused on delivering for our clients.

正如您可以想像的那樣，儘管為確保順利進行系統轉換付出了巨大的努力，但所有業務線都已翻開新的一頁，並且從運營關係管理和客戶服務的角度來看，都在作為一個統一的韋伯斯特運作。我們的戰略願景和價值觀是整合的，我們的運營結構已經建立並在整個銀行高水平運行，我們專注於為我們的客戶提供服務。

2022 overall was a terrific year for the bank. Our commercial loans grew 17% for the full year. We maintained a relatively low cost of funding as our transactional deposit balances, including HSA deposits positioned us well for a higher rate environment, and we should continue to benefit from a relatively lower cost of deposits in 2023. We added to our technology-enabled businesses with the acquisition of Bend at HSA Bank and the announcement and subsequent close of the interLINK transaction, while also investing in digital enablement across the bank, all of which enhances our differentiated funding profile. During the year, we repurchased $320 million in stock enabled by our strong capital position and capital generation capability.

總體而言，2022 年對銀行來說是非常棒的一年。我們的商業貸款全年增長了 17%。我們保持了相對較低的融資成本，因為我們的交易存款餘額（包括 HSA 存款）使我們能夠很好地適應更高的利率環境，我們應該會在 2023 年繼續受益於相對較低的存款成本。我們增加了我們的技術支持業務通過收購 HSA 銀行的 Bend 以及宣布並隨後完成 interLINK 交易，同時還投資於整個銀行的數字支持，所有這些都增強了我們差異化的資金狀況。年內，我們憑藉強大的資本狀況和資本生成能力回購了 3.2 億美元的股票。

As we look forward for the rest of this year, we understand that the macroeconomic environment remains uncertain. However, we are confident in our ability to generate solid operating results regardless of how the year plays out with respect to the economy. Our ability to operate a highly profitable company starts with our competitively differentiated business lines and our diversity of funding channels, our efficient operating structure at 40% efficiency, an agile approach to our business and importantly, very importantly, prudent enterprise and credit risk management across our organization. These attributes should allow us to generate industry-leading results, both in the near term and for years to come.

展望今年餘下的時間，我們明白宏觀經濟環境仍不明朗。然而，無論今年的經濟情況如何，我們都相信我們有能力產生穩健的經營業績。我們經營一家高利潤公司的能力始於我們具有競爭力的差異化業務線和多元化的融資渠道、效率為 40% 的高效運營結構、敏捷的業務方法，以及非常重要的審慎企業和信用風險管理我們的組織。這些屬性應該使我們能夠在近期和未來幾年內產生行業領先的結果。

As we wrap up, I'm sure most of you saw our announcement, but I just want to highlight that we'll be holding our 2023 Investor Day on March 2 in New York City, where our talented management team will provide an extensive view of our disciplined approach to managing our business, our go-forward strategies and the significant opportunities for growth we have in front of us. We'll also have an opportunity to do a deep dive on our loan portfolios, enterprise and credit risk management frameworks and how we view our role importantly as a responsible community focused corporate citizen. I look forward to seeing many of you there.

在我們結束時，我相信你們中的大多數人都看到了我們的公告，但我只想強調，我們將於 3 月 2 日在紐約市舉行 2023 年投資者日，屆時我們才華橫溢的管理團隊將提供廣泛的觀點我們管理業務的嚴格方法、我們的前瞻性戰略以及擺在我們面前的重要增長機會。我們還將有機會深入探討我們的貸款組合、企業和信用風險管理框架，以及我們如何重要地看待我們作為一個負責任的以社區為中心的企業公民的角色。我期待在那裡見到你們中的許多人。

Finally, I want to thank all of our colleagues at Webster. The outstanding results we announced today are a direct result of their hard work and commitment to the culture and the focus on our clients.

最後，我要感謝韋伯斯特的所有同事。我們今天宣布的出色業績是他們辛勤工作和對文化的承諾以及對客戶的關注的直接結果。

Operator, Glenn and I will open it up to questions.

接線員、格倫和我將公開提問。

(Operator Instructions) And we will take our first question from Chris McGratty with KBW.

（操作員說明）我們將與 KBW 一起回答 Chris McGratty 提出的第一個問題。

I guess maybe a question on the interLINK deal. Your stock has traded heavy over the past few weeks. I think because of some concerns about liquidity and I think the quarter was very strong. Can you help us with just how you plan on using interLINK and maybe it feels like arbitrage on the deposits just from a classification. But what are the rates that are on these versus the borrowings you had in the quarter? And just how much growth do you expect to put on the balance sheet?

我想可能是關於 interLINK 交易的問題。過去幾週你的股票交易量很大。我認為是因為對流動性的一些擔憂，我認為這個季度非常強勁。您能否幫助我們了解您計劃如何使用 interLINK，也許這感覺就像是通過分類對存款進行套利。但是這些與您在本季度擁有的借款的利率是多少？您預計資產負債表會有多少增長？

Yes. Glenn, can give you some more detail on the cost of the deposits? Look, it is interesting, right? We've gotten a lot of feedback, some saying, boy, they had a liquidity issue. They needed to beef up their liquidity. On the other side, concerns that we were going to take $9 billion and generate and accelerate loan growth into an uncertain macro environment. Neither of those are the case, Chris. We looked at this as a long-term opportunity from a position of strength to further enhance our optionality on funding sources.

是的。格倫，能給你更多關於存款成本的細節嗎？看，這很有趣，對吧？我們收到了很多反饋，有人說，天哪，他們遇到了流動性問題。他們需要增加流動性。另一方面，擔心我們將拿出 90 億美元並在不確定的宏觀環境中產生並加速貸款增長。克里斯，這兩種情況都不是。我們認為這是一個長期的機會，可以進一步增強我們在資金來源上的選擇權。

So if you look at us, even in a quarter like this quarter where we had seasonally low government deposits, and we haven't yet seen the first quarter inflow of HSA deposits, our loan-to-deposit ratio, even after $2 billion of loan growth, still comfortably in the low 90s. And in the first quarter, we're going to be $300 million or $400 million of HSA deposits flow in, we'll have government seasonality work to our advantage. So we're not constrained at all from a growth perspective and a funding perspective. But we looked at this as an opportunity to give us in terms of our 3- to 5-year plan, optionality around how we can fund our growth with core deposits. And it can replace wholesale funding. It can help us if we do have acceleration of loan growth when we get the all clear from the economic environment, it can help us there as well. So we looked at this as a really opportunistic acquisition for us.

因此，如果你看看我們，即使在像本季度這樣的季度，我們的政府存款季節性較低，而且我們還沒有看到第一季度 HSA 存款流入，我們的貸存比，即使在 20 億美元之後貸款增長，仍處於 90 年代的低位。在第一季度，我們將有 3 億美元或 4 億美元的 HSA 存款流入，我們將讓政府的季節性工作對我們有利。因此，從增長的角度和資金的角度來看，我們完全不受限制。但我們將此視為一個機會，可以根據我們的 3 至 5 年計劃為我們提供關於如何通過核心存款為增長提供資金的選擇權。它可以取代批發資金。如果我們在經濟環境完全明朗後確實加快了貸款增長，那麼這對我們也有幫助，這對我們也有幫助。所以我們認為這對我們來說是一次真正的機會主義收購。

And we think when you add it to Brio, our direct bank and you add it to HSA and you add it to our sticky core retail deposits and our commercial deposits and our government deposits, we're in a position now where we continue to build out this really diversified and broad funding source, and we think this is a really good addition.

我們認為，當您將它添加到我們的直接銀行 Brio 並將其添加到 HSA 並將其添加到我們的粘性核心零售存款、我們的商業存款和我們的政府存款時，我們現在可以繼續建立出這個真正多元化和廣泛的資金來源，我們認為這是一個非常好的補充。

Yes. Chris, I would just add, if you think about it from a cost standpoint, FHLB but use it as a proxy, we're paying about -- I think for the quarter, we're like [$438 million] all in on FHLB. And this is probably a product that has -- it's priced at like Fed funds plus [10 to 15] So really, it's just moving the geography of our funding and actually increasing our core funding ability.

是的。克里斯，我想補充一點，如果你從成本的角度考慮，FHLB 但將其用作代理，我們支付大約 - 我認為本季度，我們就像 [4.38 億美元] 全部投入 FHLB .這可能是一種產品——它的定價就像聯邦基金加 [10 到 15] 所以真的，它只是改變了我們資金的地域，實際上增加了我們的核心資金能力。

Okay. That's helpful. Maybe on credit. Last quarter, you moved off roughly $0.5 billion, which I don't know got enough attention of riskier credits. Can you just, John, make a comment too on how you're feeling about certain portfolios? Obviously, the sponsor book is a lot of attention. And also remind us, your ACL is [1.2], but do you have that stat with the marks?

好的。這很有幫助。也許是賒賬。上個季度，你減少了大約 5 億美元，我不知道風險較高的信貸是否引起了足夠的重視。約翰，你能不能也對你對某些投資組合的看法發表評論？很顯然，贊助商的書受到了很多關注。還要提醒我們，你的 ACL 是 [1.2]，但你有帶標記的統計數據嗎？

Yes. No, I think all really good points. Obviously, that's right. The focus of everyone following the industry is what we're going to see here from an economic perspective and what the impact is going to be on credit. So far, again, obviously, we're pretty pleased with where we are. We -- interestingly, write NPAs come down and classified has come down both on a real dollar basis and on a percentage of portfolio basis. I did make the comment around the quality of our originations. We're being very thoughtful around trying to avoid cyclical businesses and stick to our knitting in areas where we think there's a lot of resiliency.

是的。不，我認為所有非常好的點。顯然，這是對的。每個關注該行業的人都關注我們將從經濟角度在這裡看到的內容以及對信貸的影響。到目前為止，顯然，我們對我們所處的位置非常滿意。我們 - 有趣的是，寫 NPA 下降和分類在實際美元基礎上和投資組合百分比基礎上都下降了。我確實對我們原創的質量發表了評論。我們在努力避免週期性業務方面非常周到，並堅持在我們認為有很大彈性的領域進行編織。

From a -- we did shed about $0.5 billion strategically, and I think that was a really good call just in terms of the way the markets continue to move in the third quarter. Chris, we didn't have any material moves like that in terms of portfolio sales in the fourth quarter. Our charge-offs, which are lower than prior quarter do include some losses taken on sale of loans, not loans that have gone through a foreclosure process, but again, being proactive. A couple of office deals are in the 4 or 5 commercial charges that we took that make up the $20 million. So we're still being really proactive from a balance sheet management perspective.

我們確實戰略性地削減了約 5 億美元，我認為就第三季度市場繼續發展的方式而言，這是一個非常好的決定。克里斯，就第四季度的投資組合銷售而言，我們沒有任何類似的重大舉措。我們的沖銷額低於上一季度，確實包括出售貸款時產生的一些損失，而不是已經過止贖程序的貸款，但同樣是積極主動的。我們收取的 4 或 5 筆商業費用中有幾筆辦公室交易，這些費用構成了 2000 萬美元。因此，從資產負債表管理的角度來看，我們仍然非常積極主動。

And as we mentioned last quarter, when we -- as we look into 2023, we are kind of right now currently evaluating all of our commercial niche businesses to see whether we've got some businesses that are subscale or are there portfolios that we're concerned about. We didn't take any material actions in the fourth quarter. And right now, quite frankly, we don't see any urgency in terms of deteriorating credit performance. More broadly, and I don't want to ramble on forever. But more broadly, we're still focused on office because we think not only does the economic environment impact it, but as you probably talk to all the companies you cover, people are just concerned about the paradigm shift there.

正如我們上個季度提到的，當我們——展望 2023 年時，我們現在正在評估我們所有的商業利基業務，看看我們是否有一些規模較小的業務，或者我們是否有投資組合”重新關注。我們在第四季度沒有採取任何實質性行動。現在，坦率地說，我們認為信用表現惡化並不緊迫。更廣泛地說，我不想永遠喋喋不休。但更廣泛地說，我們仍然關注辦公室，因為我們認為不僅經濟環境會影響它，而且當你可能與你所涵蓋的所有公司交談時，人們只關心那裡的範式轉變。

And so we still are in a pretty good position in terms of risk ratings there, rent rolls, classified. So we're not at all panicked. We're focused on it a lot, but also really focused on all of our risk selection moving forward. So pleased with where we are now. We haven't really seen the deterioration. I think that people across the industry would have anticipated. I think the whole industry is feeling that way, but we're certainly being more proactive in how we manage our balance sheet, how we select onboarding credits, making sure we're doing more frequent and deep portfolio dives on what we have in our book right now.

因此，就那裡的風險評級、租金清單和分類而言，我們仍然處於相當不錯的位置。所以我們一點也不恐慌。我們非常關注它，但也真正關注我們未來的所有風險選擇。對我們現在的位置很滿意。我們還沒有真正看到惡化。我認為整個行業的人都會預料到。我認為整個行業都有這種感覺，但我們在如何管理資產負債表、如何選擇入職積分、確保我們更頻繁、更深入地研究我們現有的投資組合方面肯定會更加積極主動立即預訂。

Just, if I could. You mentioned office. Can you provide the updated exposure, anything on watch, classified nonaccrual, any trends there?

只是，如果我可以的話。你提到辦公室。你能提供最新的曝光率、任何值得關注的東西、分類的非應計項目、那裡的任何趨勢嗎？

Sure. Our classifieds are down a little bit. Let me pull it up. I think we're about $1.5 billion in total office exposure now. And when I say total office exposure, it's kind of traditional white collar, it's not including the medical office, which, as you know, is performing really well across the board. Anyway, and so I think our -- let's see. Yes, we've had a slight decline in classified. Some of that probably have to do with the fact that we've been lightening up on the portfolio. But again, we haven't seen any material deterioration in the portfolio.

當然。我們的分類廣告有所下降。讓我把它拉起來。我認為我們現在的辦公室總敞口約為 15 億美元。當我說辦公室總暴露時，它是一種傳統的白領，不包括醫療辦公室，正如你所知，醫療辦公室在各個方面的表現都非常好。無論如何，所以我認為我們的 - 讓我們看看。是的，我們的分類廣告略有下降。其中一些可能與我們一直在減輕投資組合的事實有關。但同樣，我們沒有看到投資組合有任何實質性惡化。

And what we've been doing is kind of selecting those Class B and Class C office loans, which represent about half of that $1.5 billion. We've been kind of looking at them and trying to think about whether or not there's particular vulnerability and then seeing whether or not we can exit those credits kind of before maturity. And so I think I would characterize it as we've come down from $1.7 billion through actions. We're at $1.5 billion. It's about 50-50 Class A and Class B, C, and we've seen sort of stabilization in the general credit characteristics of that portfolio, but we still are, like everyone else, concerned about the long-term nature of that asset class.

我們一直在做的是選擇那些 B 類和 C 類辦公室貸款，它們約佔 15 億美元的一半。我們一直在關注它們，並試圖思考是否存在特定的漏洞，然後看看我們是否可以在到期前退出這些信用。所以我想我會把它描述為我們已經通過行動從 17 億美元下降了。我們有 15 億美元。它大約是 50-50 A 類和 B、C 類，我們已經看到該投資組合的一般信用特徵在某種程度上趨於穩定，但我們仍然像其他所有人一樣關注該資產類別的長期性質.

And we will take our next question from Mark Fitzgibbon with Piper Sandler.

我們將接受 Mark Fitzgibbon 和 Piper Sandler 的下一個問題。

Just a quick follow-up on the office portfolio stuff. Of the $1.5 billion, is most of that in Metro Boston, Metro New York?

只是快速跟進辦公室組合的東西。在這 15 億美元中，大部分是在波士頓地鐵、紐約地鐵嗎？

It is not -- I would say, yes, there's probably about half, Mark. Actually, that's not true. Hang on. Latest data, I have about 25% of our office exposure is [5 boroughs].

它不是——我會說，是的，可能大約有一半，馬克。事實上，事實並非如此。不掛斷。最新數據，我有大約 25% 的辦公室曝光是 [5 個行政區]。

Okay. And the Boston portfolio is relatively small downtown Boston?

好的。而波士頓的投資組合是相對較小的波士頓市中心？

Yes. I would say probably 10% to 15% of the portfolio.

是的。我會說可能佔投資組合的 10% 到 15%。

And if you looked at the average LTVs on that book and at origination, what do those look like?

如果你看一下那本書和最初的平均 LTV，它們是什麼樣的？

Yes. The weighted average LTV, the last time we updated this at the end of the third quarter, we were about 53% weighted average LTV. And I'm actually reading this as we go through, right? Our criticized and classifieds have gone down from about 8.7% to 6.6%. And I said that improvement is probably also because we've lowered the overall amount of the portfolio. So pretty decent stability, Mark, right now. But as I said, we continue to watch that like the rest of the industry does.

是的。加權平均 LTV，我們最後一次更新是在第三季度末，我們的加權平均 LTV 約為 53%。我實際上正在閱讀這個，因為我們經歷了，對吧？我們的批評和分類廣告從大約 8.7% 下降到 6.6%。我說這種改善也可能是因為我們降低了投資組合的總量。非常不錯的穩定性，馬克，現在。但正如我所說，我們將繼續像業內其他人一樣關注這一點。

Okay. Great. And then I wondered if you could share with us how the renewal season in the HSA business is shaping up. I thought I heard you say $300 million or $400 million of new HSA deposits coming in. Did I hear that right?

好的。偉大的。然後我想知道你是否可以與我們分享 HSA 業務的更新季節是如何形成的。我想我聽到你說有 3 億美元或 4 億美元的新 HSA 存款流入。我沒聽錯嗎？

Yes, sure. You did. And I know we historically have always answered this question in this earnings call by saying we'll be able to provide you more confident and detailed information when the first quarter is done. But I can tell you this, it looks like we're a couple of percentage points higher than the last enrollment season's growth. I think we expect about 325,000 new accounts to come in, in the first quarter. And we're maybe 65% of the way there, which is kind of slightly ahead of where we were last year. And as I mentioned, the expectation is for $300 million or $400 million.

是的，當然。你做到了。而且我知道我們歷來總是在本次財報電話會議上回答這個問題，說我們將能夠在第一季度結束時為您提供更有信心和更詳細的信息。但我可以告訴你，看起來我們比上個入學季的增長率高出幾個百分點。我認為我們預計第一季度將有大約 325,000 個新賬戶進入。我們可能已經完成了 65% 的進度，這比我們去年的進度略有領先。正如我提到的，預期是 3 億美元或 4 億美元。

It's always harder to predict the deposits because of initial deposits into the new accounts, how the funding works and whether or not there's any attrition in those numbers. But I think that's good enough to give you a comfort level as to what we feel we're going to achieve. And then obviously, in the first quarter and at Investor Day, we'll give you a deep dive, and we'll tell you exactly where we are.

由於新賬戶的初始存款、資金的運作方式以及這些數字是否有任何損耗，因此總是更難預測存款。但我認為這足以讓您對我們將要實現的目標感到滿意。然後很明顯，在第一季度和投資者日，我們會給你一個深入的潛水，我們會告訴你我們的確切位置。

Okay. Great. And then lastly, Glenn, I wondered if you could share any thoughts on the outlook for the provision over the next quarter or 2?

好的。偉大的。最後，格倫，我想知道你是否可以就下一季度或第二季度的準備金前景分享任何想法？

Yes. So we're at [120], as we reported in the quarter, it's been basically flat. We're at the top quartile of our peer group. So we feel really good about that. I think it will be impacted by loan growth as we go over the next couple of quarters, but more importantly, the macro environment. And that's where the challenge is. And so we did build in the quarter and there was about $20 million of build that was related to the macro environment. So it's hard for me to handicap, but I think our coverage ratio could drift up. If we do see us going into a light or a slowdown in the economy. But that's about all I can tell you right now.

是的。所以我們在 [120]，正如我們在本季度報告的那樣，它基本上持平。我們處於同行群體的前四分之一。所以我們對此感覺非常好。我認為這將受到未來幾個季度貸款增長的影響，但更重要的是，宏觀環境。這就是挑戰所在。所以我們在本季度進行了建設，大約有 2000 萬美元的建設與宏觀環境相關。所以我很難讓步，但我認為我們的覆蓋率可能會上升。如果我們確實看到我們進入經濟光明或放緩。但這就是我現在能告訴你的全部。

We will take our next question from Matthew Breese with Stephens.

我們將與 Stephens 一起接受 Matthew Breese 的下一個問題。

I wanted to touch on the NII outlook, the core NII outlook. It looks like it averages about $600 million for the quarter. But as you alluded to, there's going to be some -- Fed funds is going to go higher and then potentially get some cuts towards the back half of the year. So I was hoping to get an idea of cadence and where we might see kind of the year-end NII.

我想談談 NII 的前景，即 NII 的核心前景。看起來本季度平均約為 6 億美元。但正如你提到的那樣，將會有一些 - 聯邦基金將會走高，然後可能會在今年下半年進行一些削減。所以我希望了解節奏以及我們可能會在哪裡看到年終 NII。

Yes. Good. I'll take that. So Matt, I think, look, if we look at it, these numbers are ex-accretion, right? So if you think about our fourth quarter, [368] ex accretion. And I would probably say that by year-end, we end in the range of like the mid-370s. So going into the first quarter, it sort of tapered by 2 less days, but then we start getting a little bit of expansion over the next couple of quarters.

是的。好的。我會接受的。所以馬特，我想，看，如果我們看一下，這些數字是增生的，對吧？所以如果你想想我們的第四季度，[368] ex accretion。我可能會說到年底，我們將在 370 年代中期結束。因此，進入第一季度，它減少了 2 天，但隨後我們在接下來的幾個季度開始有所擴張。

And that's a sum of a lot of factors. Obviously, it's -- we do think this is based on a forecast where Fed funds peaks in the second quarter, 5% and then comes down by the end of the year, like I said, 50 basis points. So there's that, there's the loan origination volume. There's an assumption on data, but that's where we ended up.

這是很多因素的總和。顯然，我們確實認為這是基於聯邦基金在第二季度達到峰值 5% 然後到年底下降的預測，就像我說的那樣，下降 50 個基點。這就是貸款發放量。有一個關於數據的假設，但這就是我們最終的結果。

Okay. And mid-370s, just to clarify, you're alluding to the core net.

好的。 370 年代中期，澄清一下，你指的是核心網絡。

Yes, core net, excluding accretion.

是的，核心網，不包括吸積。

Understood. Okay. Going back to HSA. So a couple of days ago, we received the pricing on a $380 million book of HSA deposits sold in November. It looked like it's sold for a near 25% deposit premium. Given the size of your book and the current valuation of the overall company, it certainly doesn't feel like you're getting that kind of valuation recognition. With that in mind, I would love your thoughts on the underlying value of HSA and how to either better showcase within Webster or get your thoughts on potentially achieving it elsewhere?

明白了。好的。回到 HSA。所以幾天前，我們收到了 11 月份售出的價值 3.8 億美元的 HSA 存款簿的定價。看起來它以接近 25% 的定金溢價出售。考慮到你的賬簿規模和整個公司目前的估值，你肯定不會覺得你得到了那種估值認可。考慮到這一點，我希望您對 HSA 的潛在價值有想法，以及如何在韋伯斯特更好地展示或獲得您對在其他地方實現它的潛在價值的想法？

That's a great question, Matt, and it brings back to days when we answered this question more frequently. Look, I would agree with you right now that just in terms of the overhang in the banking industry and valuations of bank stocks, right? It's hard to kind of do a sum of the parts valuation and see that you're getting full value for differentiated assets no matter who you are and what you own right now, just given concerns about credit and interest rates.

這是一個很好的問題，馬特，它讓我們回想起我們更頻繁地回答這個問題的日子。看，我現在同意你的觀點，就銀行業的懸垂和銀行股的估值而言，對嗎？只是考慮到對信貸和利率的擔憂，無論你是誰以及你現在擁有什麼，都很難對部分估值進行總和，並看到你正在獲得差異化資產的全部價值。

We have said over and over again, we continuously evaluate the HSA business, and we continue to come from a pure economic profit perspective to the conclusion that our advantage of owning and wholly owning that business and our ability to deploy low-cost, long-duration deposits into the growth of our business and holistic relationships creates the most value over the long term. And what you've seen here is throughout interest rate cycles, you have seen us start to get recognition for having that business because of its unique growth trajectory, the fees it generates and importantly, the long duration, sticky, low-cost deposits.

我們一遍又一遍地說，我們不斷評估 HSA 業務，我們繼續從純經濟利潤的角度得出結論，我們擁有和全資擁有該業務的優勢以及我們部署低成本、長期-的能力。長期存款為我們的業務增長和整體關係創造了長期的最大價值。你在這裡看到的是整個利率週期，你已經看到我們開始因為擁有該業務而獲得認可，因為它獨特的增長軌跡、它產生的費用，以及重要的是，長期、粘性、低成本的存款。

The deposit costs in that business went from 7 basis points to something like 15 this quarter, that's still below our 10-year average rate of what those cost of deposits are. So we do believe that as we get more clarity just in terms of the economy and people realize the differentiation, and it should grow faster than our other deposit channels just by its general nature and again, become more of a contributor to the overall funding profile that people will start once again to recognize the power of that business, both from a funding perspective and a growth perspective.

該業務的存款成本從 7 個基點上升到本季度的 15 個基點左右，這仍然低於我們 10 年的存款成本平均利率。因此，我們確實相信，隨著我們在經濟方面變得更加清晰，人們意識到差異化，並且它的一般性質應該比我們的其他存款渠道增長得更快，並且再次成為整體資金狀況的貢獻者人們將再次開始認識到該業務的力量，無論是從資金角度還是從增長角度。

So I think your observation is correct. I think we -- obviously, we have a duty as stewards of capital in all our businesses to constantly look at the value and where are our assets and where the things we own are most valuable. We continue to be determined that it will continue to provide value to bank shareholders, the shareholders of Webster Bank and that owning it wholly right now is absolutely the best creation of value that we could have with HSA.

所以我認為你的觀察是正確的。我認為我們 - 顯然，作為我們所有業務的資本管理者，我們有責任不斷審視價值以及我們的資產在哪里以及我們擁有的東西最有價值的地方。我們繼續確定它將繼續為銀行股東、韋伯斯特銀行的股東提供價值，並且現在完全擁有它絕對是我們可以與 HSA 一起創造的最佳價值。

I appreciate that. Two other ones for me. The first one was just past dues, there was a bit of a pickup in commercial real estate and ABL loans. Curious what was going on there? And if there's any sort of progress towards NPA or maybe pay off?

我很感激。另外兩個給我。第一個剛剛逾期，商業房地產和 ABL 貸款有所回升。好奇那裡發生了什麼？如果在 NPA 方面取得任何進展或者可能得到回報？

Yes, it's a great question. And actually, I can -- I always am transparent. I'm frustrated that, that was the case. They went up basically about $30 million in reported delinquencies. We have -- since the end of the year, resolved more than the increase in delinquencies. So if you looked at it, those were all administrative delinquencies, meaning we couldn't get the documents together and get the extensions or the payoffs or the restructurings or whatever they were off the books. They were all paying and current. And at the end of the day, we're now down to $44 million in delinquencies. So that entire spike was really due to administrative delinquencies that since year-end have been resolved.

是的，這是一個很好的問題。事實上，我可以——我總是很透明。我很沮喪，就是這樣。他們報告的拖欠款基本上增加了大約 3000 萬美元。自今年年底以來，我們解決的不僅僅是拖欠率的增加。因此，如果你看一下，這些都是行政拖欠，這意味著我們無法將文件放在一起，無法獲得延期、支付或重組或任何不在賬簿上的內容。他們都在付錢和流動。在一天結束時，我們現在的拖欠金額已降至 4400 萬美元。因此，整個飆昇實際上是由於自年底以來已經解決的行政拖欠。

Great. I appreciate that. And then the last one, on the Sponsor & Specialty and leveraged loan portfolio, I frequently go back to the first quarter of 2020, your presentation there where you laid out some really fantastic metrics across that entire book. I was hoping for an update on a couple of them, including leverage ratios, cumulative charge-offs, not performance at this point in time and then loan-to-value ratios, if you have them handy.

偉大的。我很感激。然後是最後一個，關於 Sponsor & Specialty 和槓桿貸款組合，我經常回到 2020 年第一季度，你在那裡的演講中你在整本書中列出了一些非常棒的指標。我希望對其中的幾個進行更新，包括槓桿比率、累計沖銷、此時的表現，然後是貸款價值比率，如果你手頭有的話。

Matt, I'm going to defer that to our Investor Day. We're putting together all of our current numbers as of year-end to provide a really deep dive. What I can tell you is that you have not -- we have not seen the significant risk rating migration. We have certainly not seen a material loss in that portfolio. We have, again, our -- I think to give you the answer that I can best give you right now is we're seeing the same thing that we've seen in periods of uncertainty, which is we're in industries that seem to be more recession resilient with more predictable and contractual cash flows. That's a general characteristic of the portfolio.

馬特，我要把它推遲到我們的投資者日。我們將截至年底的所有當前數據匯總在一起，以提供真正深入的了解。我可以告訴你的是，你還沒有——我們沒有看到重大的風險評級遷移。我們當然沒有看到該投資組合出現重大損失。再次，我們 - 我想給你我現在能最好給你的答案是我們看到了我們在不確定時期看到的同樣的事情，那就是我們所處的行業似乎通過更具可預測性和合同性的現金流來增強經濟衰退的彈性。這是投資組合的一般特徵。

We deal with sponsors that we know and love and have spent a lot of time with and even if revenues have been challenged or even if valuations and enterprise valuations have been sort of revisited, we're in a position where the capital structure and our position in that capital structure is such that no one is close to wanting to hand us the keys and both us and the sponsors that we work with, just make sure that we continue to evaluate opportunities and we continue to support each other going through.

我們與我們認識和喜愛並花了很多時間的讚助商打交道，即使收入受到挑戰，或者即使估值和企業估值已經重新審視，我們所處的位置是資本結構和我們的位置在這種資本結構中，沒有人願意把鑰匙交給我們，我們和我們合作的讚助商，只要確保我們繼續評估機會，我們繼續相互支持。

So we have not seen significant migration. We have not seen people deciding that the operating environment is too challenging, and we've been pleased that in areas like health care and areas like technology and the places where we focus our Sponsor & Specialty activities, we've seen pretty good resiliency from the portfolio so far. That doesn't mean, right, that higher interest rates don't matter on debt service, particularly if revenues are getting squeezed. So we're on top of the portfolio, working closely with our sponsors and you can rest assured that on March 2, we will update all the information and give you a really good deep dive on what that portfolio looks like as of year-end '22.

所以我們還沒有看到顯著的遷移。我們還沒有看到人們認為運營環境太具有挑戰性，我們很高興在醫療保健和技術等領域以及我們專注於贊助商和專業活動的領域，我們看到了相當好的彈性到目前為止的投資組合。這並不意味著更高的利率對償債沒有影響，尤其是在收入受到擠壓的情況下。因此，我們處於投資組合的頂端，與我們的讚助商密切合作，您可以放心，我們將在 3 月 2 日更新所有信息，並讓您深入了解該投資組合截至年底的情況'22。

(Operator Instructions) And we will take our next question, pardon me, from Casey Haire with Jefferies.

（操作員說明）我們將回答下一個問題，對不起，來自 Casey Haire 和 Jefferies。

Yes. Apologies if I missed this. Glenn, any thoughts on what deposit beta, cumulative deposit beta expectation is underlying this NII?

是的。如果我錯過了這個，我深表歉意。格倫，關於這個 NII 背後的存款貝塔、累積存款貝塔預期有什麼想法嗎？

Yes, sure. So I did say, Casey, if you missed it, our legal -- since Legal Day 1, our cumulative deposit beta is 15%, and quarter over -- that means quarter-over-quarter, our deposit beta was 22%. We think given our rate outlook, meaning Fed funds peak at 5% and dropped by 50 basis points by the end of the year that are cumulative through-the-cycle beta will be around 25%. I should point out that HSA since we've talked about HSA benefits down by about 5%. So the low cost long duration nature of HSA deposits certainly benefits us there, too.

是的，當然。所以我確實說過，凱西，如果你錯過了它，我們的法律——從法律第一天開始，我們的累計存款貝塔是 15%，超過四分之一——這意味著季度環比，我們的存款貝塔是 22%。我們認為，鑑於我們的利率前景，這意味著聯邦基金利率達到 5% 的峰值並在年底前下降 50 個基點，即整個週期的累計貝塔係數將在 25% 左右。我應該指出 HSA，因為我們已經談到 HSA 的好處下降了大約 5%。因此，HSA 存款的低成本長期性質當然也有利於我們。

Excellent. And then another follow-up on interLINK. First off, can you disclose how much you have used since the deal closed earlier this month? And then two, one of the applications that you guys have spoken to is like your forecast calls for Fed cuts and using this funding vehicle to build the bond book would be a very nice way to kind of increased liability sensitivity ahead of a Fed pivot. So just wondering how you're thinking about that as an application.

出色的。然後是關於 interLINK 的另一個跟進。首先，您能否透露自本月早些時候交易結束以來您使用了多少？然後兩個，你們談到的一個應用程序就像你預測美聯儲削減和使用這種融資工具來建立債券簿將是在美聯儲支點之前提高負債敏感性的一種很好的方式。所以只是想知道您如何將其視為一個應用程序。

So let me hit a few and then I'll flip it over to John. So first of all, the betas that I gave you are on our -- they exclude interLINK because we're at the beginning of this. And so there'll be some puts and takes to that as we decide whether to leverage the optionality that interLINK provides or not. To date, I mean, and this is -- as of 2 weeks closed, we have about $300 million in deposits. And paying off things is the first tranche paying off some of our FHLB. And I talked about the pricing dynamics of that to basically just a wash from a standpoint, but it does provide us with core deposits.

所以讓我打幾個，然後我會把它交給約翰。所以首先，我給你的測試版是我們的——它們不包括 interLINK，因為我們才剛剛開始。因此，在我們決定是否利用 interLINK 提供的可選性時，會有一些投入和投入。到目前為止，我的意思是，這是 - 截至 2 週結束時，我們有大約 3 億美元的存款。還清東西是第一筆還清我們 FHLB 的部分款項。我談到了它的定價動態，基本上只是從一個角度來看，但它確實為我們提供了核心存款。

And then going forward, to your point, we do have the optionality to pay off some future FHLB borrowings or to investments in securities. So that's an option that we're looking at going forward. But I don't know if you want to...

然後向前看，就你的觀點而言，我們確實可以選擇償還一些未來的 FHLB 借款或投資證券。所以這是我們正在考慮的一個選項。但我不知道你是否願意...

Yes. I mean, Casey, I think the last point you made, thank you for making it. I agree. I mean we were traditionally, right, you heard me in my comments, our committed desire to have more consistency in earnings given our asset sensitivity, right? And so we've been spending a lot of time on that. This does provide different optionality. Yes, on its face, the cost of these deposits is Fed funds and -- but obviously, in a lower interest rate environment, it does give us some opportunity to take advantage as the cost of those funds come down, and we can deploy them into securities or deploy them into loans.

是的。我的意思是，凱西，我想你最後提出的一點，謝謝你提出來。我同意。我的意思是我們傳統上是，對，你在我的評論中聽到了我的意見，鑑於我們的資產敏感性，我們堅定地希望收益更加一致，對吧？所以我們在這上面花了很多時間。這確實提供了不同的可選性。是的，從表面上看，這些存款的成本是聯邦基金——但顯然，在較低的利率環境下，隨著這些資金成本的下降，它確實給了我們一些利用的機會，我們可以部署它們入證券或將其部署到貸款中。

As I said in the very beginning, we looked at this and said, given the opportunity, given our position of strength and where we are and the fact that we really love our funding profile already, wouldn't this be great to have another tool in the toolkit to deploy in various interest rate scenarios and various asset growth scenarios in terms of seasonality and inflows and outflows of other deposits and potential other business opportunities with the broker-dealers. So I think your point is a very, very good one, and the answer would be yes.

正如我在一開始所說的那樣，我們看著這個並說，如果有機會，考慮到我們的實力和我們所處的位置以及我們已經非常喜歡我們的資金狀況的事實，擁有另一個工具不是很好嗎在工具包中，根據季節性、其他存款的流入和流出以及與經紀自營商的潛在其他商業機會，在各種利率情景和各種資產增長情景中進行部署。所以我認為你的觀點非常非常好，答案是肯定的。

Got it. Great. And then just one more on the expense side of things. So the guide, if I look at your run rate here in the fourth quarter, you're kind of in the middle point of your guide. And you got that conversion coming midyear. So there could be some leverage in the back half as you recognize some of the cost saves. Just where are we in terms of realization of those cost saves? And I guess, what can the expense run rate exit the year at in the fourth quarter?

知道了。偉大的。然後還有一個關於費用方面的問題。所以指南，如果我在第四季度看你的運行率，你有點處於指南的中間點。你會在年中進行轉換。因此，當您認識到可以節省一些成本時，後半部分可能會有一些槓桿作用。我們在實現這些成本節約方面的進展如何？而且我猜想，第四季度的費用運行率可以在今年結束時達到多少？

Casey, I'm going to let Glenn give you the specifics. I do want to make a strategic comment on expenses, right? I mean, obviously, what we've been able to do, and again, we can go into more depth. Obviously, there are significant synergies related to this merger, some of which we have already realized others that we still have to come, including, as you said, $30 million to $40 million related to ultimate end state after technology conversion.

凱西，我會讓格倫告訴你具體細節。我確實想對費用做出戰略性評論，對嗎？我的意思是，很明顯，我們已經能夠做到的，而且我們可以更深入地研究。顯然，與這次合併有顯著的協同效應，其中一些我們已經實現了，其他的我們仍然需要實現，包括，正如你所說，與技術轉換後的最終狀態相關的 3000 萬到 4000 萬美元。

We also have said and I've said all along in terms of managing the businesses that this allows us to invest. We're operating at a 40% efficiency ratio. If you look at the guidance, the efficiency ratio could go have a 3 handle on it at some point. And our goal is to operate a really robust and resilient bank that has franchise value and the ability to continue to invest in differentiated businesses and drive high ROATC and ROA. And I think we're demonstrating that.

在管理業務方面，我們也說過，我也一直說過，這讓我們可以進行投資。我們的運營效率為 40%。如果您查看指南，效率比在某個時候可能會達到 3。我們的目標是經營一家真正穩健且有彈性的銀行，該銀行具有特許經營權價值，並有能力繼續投資於差異化業務並推動高 ROATC 和 ROA。我認為我們正在證明這一點。

So just from a top-of-the-house perspective, we also look at the synergies not only to get to our lowest core run rate in expenses but to offset our ability and to not have increase in expenses while we're continuing to invest. Glenn talked about $25 million in commercial banking and HSA investments related to Bend, teams and some other initiatives that we'll talk about again more at Investor Day. We're able to do that without increasing our efficiency ratio significantly because we continue to look at the synergies that come out of the merger.

因此，從最高層的角度來看，我們還著眼於協同效應，不僅要達到我們最低的核心費用運行率，還要抵消我們的能力，並且在我們繼續投資的同時不會增加費用. Glenn 談到了 2500 萬美元的商業銀行和 HSA 投資，這些投資與 Bend、團隊和我們將在投資者日再次討論的一些其他計劃有關。我們能夠在不顯著提高效率比的情況下做到這一點，因為我們繼續關注合併帶來的協同效應。

I would also comment that we've been very deliberate in terms of things like reducing square footage in the banking centers. I think we were one of the only MOEs not to have a bunch of the economics predicated on taking out branches. We haven't closed any branches since the -- except for at a lease expiration, maybe a one-off or 2 off, but we've had no reduction square footage in our branch footprint. Obviously, as we've talked about over time, and the industry knows, there'll be opportunities to reduce square footage. We want to make sure we get through the conversion, take care of our customers. But we have levers like that to pull as well to accelerate expense reductions over the longer term.

我還要評論說，我們在減少銀行中心的面積等方面非常慎重。我認為我們是唯一沒有大量基於分支機構的經濟學的教育部之一。自那以後，我們沒有關閉任何分支機構——除了在租約到期時，可能是一次性或兩次關閉，但我們的分支機構佔地面積沒有減少。顯然，正如我們一直在談論的那樣，而且業界也知道，將有機會減少佔地面積。我們希望確保我們完成轉換，照顧好我們的客戶。但從長遠來看，我們也有這樣的槓桿來加速削減開支。

So I wanted to give you just kind of my thoughts about the fact that we're not managing quarter-by-quarter, that we think we've got a unique opportunity to continue to invest in key businesses and that the synergies underlying that will allow us not to have significant growth in expenses where many of our peers are seeing inflationary pressures and growth in expenses. And then over time, we do have more levers to pull should the revenue tailwinds kind of slow. We look at our branch footprint and look at other potential cost saves we have and levers to pull.

所以我想告訴你我的一些想法，即我們沒有按季度進行管理，我們認為我們有一個獨特的機會來繼續投資於關鍵業務，並且潛在的協同效應將讓我們不要在我們許多同行看到通脹壓力和支出增長的情況下出現顯著的支出增長。然後隨著時間的推移，如果收入增長放緩，我們確實有更多的槓桿可以拉動。我們查看我們的分支機構足跡，並查看我們擁有的其他潛在成本節省和槓桿。

Yes. Casey, I would just add. Look, our core expenses on a pro forma basis, I think, are about (inaudible) for 2022. And our guidance would suggest that we have an increase of 1% to 3%. So that's anywhere from $12 million to $37 million. As John indicated, whether it's FDIC cost going up $15 million or whether it's the investment in Bend, the investment in commercial business, we're pretty much offsetting the bulk of those through vendor or FTE redundancy, all tied to the merger of equals. So we feel really good about our expense projections at this point.

是的。凱西，我想補充一下。看，我認為我們在備考基礎上的核心支出大約是 2022 年的（聽不清）。我們的指導建議我們增加 1% 到 3%。所以這從 1200 萬美元到 3700 萬美元不等。正如約翰指出的那樣，無論是 FDIC 成本增加 1500 萬美元，還是對 Bend 的投資，對商業業務的投資，我們幾乎都通過供應商或 FTE 冗餘來抵消大部分成本，所有這些都與平等合併有關。因此，我們目前對我們的支出預測感覺非常好。

We will take our next question from Steven Alexopoulos with JPMorgan.

我們將接受來自摩根大通的 Steven Alexopoulos 的下一個問題。

This is Alex Lau on for Steve.

這是史蒂夫的 Alex Lau。

Thanks, Alex. Say hi to Steve for us.

謝謝，亞歷克斯。替我們向史蒂夫問好。

Will do. My first question is on DDA deposits. Can you talk about your expectations for DDA deposit outflows? What are you hearing from your customers? And what do you think is considered a more normal operating level? And maybe as a reference point, pre-pandemic, you were about 20% of total deposits. This is excluding Sterling. Do you expect to go back to that level? Or what is a more realistic mix going forward?

會做。我的第一個問題是關於 DDA 存款。您能談談您對 DDA 存款流出的預期嗎？您從客戶那裡聽到了什麼？您認為什麼被認為是更正常的操作水平？也許作為參考點，在大流行前，你大約佔總存款的 20%。這不包括英鎊。你希望回到那個水平嗎？或者未來更現實的組合是什麼？

So I think we're running about 25% of total deposits on DDA, right? And I think on an average quarter-over-quarter basis, there wasn't that much deterioration, a couple -- maybe a couple of hundred million. On a spot basis, it was probably down, I think, about 6%. Some of that is the municipal deposits that I talked about. So you'll see some seasonality come back into that as well. So I think as we looked out on a full year forecast, we think it's going to be in that range, say, 23% to 25% of total deposits, which given our deposit outlook would indicate some growth.

所以我認為我們在 DDA 上運行了大約 25% 的總存款，對嗎？而且我認為平均每季度，並沒有那麼多的惡化，一對 - 可能是幾億。在現貨基礎上，我認為它可能下降了大約 6%。其中一些是我談到的市政存款。所以你也會看到一些季節性回歸。所以我認為，當我們查看全年預測時，我們認為它會在這個範圍內，比如說，佔總存款的 23% 到 25%，鑑於我們的存款前景，這將表明會有一些增長。

And then just a follow-up question. On the -- what are your spot loan yields as of 12/31 relative to that [525] for the average for the quarter.

然後只是一個後續問題。關於 - 相對於本季度平均水平 [525] 的 12/31 的即期貸款收益率是多少。

For the quarter, our spot loan yields were -- let me see, hold on just a minute, is [675].

本季度，我們的即期貸款收益率是——讓我看看，等一下，是 [675]。

And we will take our next question from Jared Shaw with Wells Fargo Securities.

我們將接受 Jared Shaw 與 Wells Fargo Securities 的下一個問題。

Maybe just following up on that, do you have the spot deposit cost at year-end as well?

也許只是跟進一下，您是否也有年末的現貨存款成本？

78 basis points.

78個基點。

Okay. And then maybe just a little detail on the securities repositioning. How much you sold, what you sort of picked up in terms of duration, are you extending duration there? And if you have AOCI at the end of the year?

好的。然後可能只是關於證券重新定位的一些細節。你賣了多少，你在持續時間方面得到了什麼，你是否延長了那裡的持續時間？如果你在年底有 AOCI 呢？

So it was relatively small, Jared. We sold about $125 million of securities. And I think the earn back on that is probably -- it's less than a year. And it was primarily munis sort of -- and we've repurchased GNMA project. So the yield on that, so we've gone from like a 1.5% rate to like a 6.5%, somewhere around there on that. So -- and the duration was about 3.7 years in it. So it was a small amount of $123 million. As we think about asset sensitivity, we're looking more at that. We're looking -- we've done some collars. We're also looking at loan swaps and stuff like that. So there's -- we think it's probably the right time given the asset sensitivity and our view on rates that we begin to take -- protect on the downside a little bit more. So these are some of the actions that we're taking.

所以它相對較小，Jared。我們出售了大約 1.25 億美元的證券。而且我認為從中獲得的回報可能是 - 不到一年。它主要是市政債券——我們已經回購了 GNMA 項目。所以收益率，所以我們已經從大約 1.5% 的利率變成了 6.5%，大約在那個地方。所以 - 持續時間約為 3.7 年。所以這是一個很小的數額 1.23 億美元。當我們考慮資產敏感性時，我們會更多地關注它。我們正在尋找——我們已經做了一些項圈。我們也在考慮貸款互換之類的東西。因此，考慮到資產敏感性和我們對開始採用的利率的看法，我們認為這可能是正確的時間——更多地保護下行。所以這些是我們正在採取的一些行動。

Okay. That's good. And then what's the AOCI at the end of the year?

好的。那挺好的。那麼年底的AOCI是多少？

So the AOCI actually came back to us a little bit. On a capital basis, I think we had an improvement of about $57 million after tax. So it actually we went from an after-tax of $688 million to an after tax is $631 million. so that's starting to accrete back into our capital. It's kind of tied to the 5 years and think about it that way.

所以 AOCI 實際上對我們有一點影響。在資本基礎上，我認為我們的稅後收入增加了約 5700 萬美元。所以實際上我們從 6.88 億美元的稅後變成了 6.31 億美元的稅後。所以這開始回流到我們的首都。這有點與 5 年有關，並以這種方式考慮。

Okay. Okay. And then just looking at loan growth in your comments that with the more broadly uncertain economic backdrop, that's tempering it a little bit, 6% to 8% is still pretty good. Where do you think it would be if you weren't holding yourself back based on economic uncertainty? And I guess, where do you think that could go in a better backdrop?

好的。好的。然後看看你評論中的貸款增長，在更廣泛的不確定經濟背景下，這稍微緩和了一點，6% 到 8% 仍然相當不錯。如果您不因經濟不確定性而退縮，您認為它會在哪裡？我想，你認為在更好的背景下可以去哪裡？

Yes, Jared, that's a great question, right? And I always have a tough time answering it because I feel like we've said, again, and I've been pretty proud of this for 7 or 8 years, right, that we can grow commercial loans, 8% to 10%. And we've done that throughout different cycles and throughout different general circumstances, loan demand, economic environments, and we've also said that we're never going to try and grow loans at all if there's no safe loans that have the right risk return characteristics or that we feel comfortable about from a risk perspective.

是的，賈里德，這是一個很好的問題，對吧？我總是很難回答這個問題，因為我覺得我們已經說過了，7 或 8 年來我一直為此感到自豪，對，我們可以增加商業貸款，8% 到 10%。我們已經在不同的周期和不同的一般情況、貸款需求、經濟環境中做到了這一點，我們還說過，如果沒有具有適當風險的安全貸款，我們將永遠不會嘗試增加貸款回報特徵或我們從風險角度感到滿意的特徵。

And I think over time, we had outsized loan growth to our original forecast. There was, I think, market concern about whether or not as a bigger organization, we could generate that. And then obviously, we did, we talked about higher hold levels, being able to take better risk with higher quality credits and higher hold levels. I think everything we talked about in getting to our 17% commercial loan growth in the year, kind of played out and came true, and we were disciplined. We were going for loan growth for loan growth's sake, where you can see areas like mortgage warehouse that are less relationship-driven, didn't really drive loan growth, where we have loan growth, we're getting deposits. We're doing it in commercial real estate, in multifamily and mixed-use industrial, right? We're not doing office. We're being careful about the asset classes we're in. We're taking care of our geographic middle market clients. We're being careful and sponsor and we're moving forward.

而且我認為隨著時間的推移，我們的貸款增長超過了我們最初的預測。我認為，市場擔心作為一個更大的組織，我們是否可以產生它。然後很明顯，我們確實談到了更高的持有水平，能夠通過更高質量的信貸和更高的持有水平來承擔更好的風險。我認為我們在當年實現 17% 的商業貸款增長時所談論的一切都在某種程度上發揮了作用並實現了，我們受到了紀律處分。我們為了貸款增長而追求貸款增長，在那裡你可以看到像抵押貸款倉庫這樣的區域不太受關係驅動，並沒有真正推動貸款增長，在我們有貸款增長的地方，我們正在獲得存款。我們在商業地產、多戶住宅和混合用途工業領域這樣做，對嗎？我們不是在辦公。我們對我們所處的資產類別持謹慎態度。我們正在照顧我們的地理中間市場客戶。我們正在謹慎和讚助，我們正在前進。

So I think the 6% to 8%, if I could make it sort of as plain as possible is probably our general assumption that it's 8% to 10% but understanding that this is a choppier year, right. And understanding that there may be less loan demand, given economic growth characteristics, and we want to be really careful. So when you asked and said, what would it be if we weren't in this environment, again, I think we can safely and predictably at a bank grow loans 8% to 10% year in and year out. I think you're seeing a little discount to that general guidance just because it would be prudent to put that out there given the economic uncertainty and concerns about risk return characteristics and quality of credit.

所以我認為 6% 到 8%，如果我能讓它盡可能簡單的話，我們的一般假設可能是 8% 到 10%，但理解這是一個動蕩的一年，對吧。並且了解鑑於經濟增長特徵，貸款需求可能會減少，我們要非常小心。所以當你問和說，如果我們不在這種環境下會怎樣，我認為我們可以安全地、可預測地在銀行年復一年地增加 8% 到 10% 的貸款。我認為你看到的一般指導略有折扣，只是因為考慮到經濟不確定性和對風險回報特徵和信貸質量的擔憂，將其放在那裡是謹慎的。

We will take our next question from Manan Gosalia with Morgan Stanley.

我們將與摩根士丹利一起接受 Manan Gosalia 的下一個問題。

Good morning. I wanted to ask on repricing expectations on the loan book. Can you talk about how spreads are holding up in the commercial portfolios, just general competitive dynamics? And what runway you have for loan repricing if the Fed pause is later this quarter.

早上好。我想問一下貸款簿上的重新定價預期。你能談談商業投資組合中的利差如何，只是一般的競爭動態嗎？如果美聯儲在本季度晚些時候暫停，你有什麼貸款重新定價的跑道。

Great. Are you asking more about the competitive landscape on loan spreads or the impact of our floating rate portfolio and asset sensitivity and what happens when rates fall?

偉大的。您是想更多地了解貸款利差的競爭格局，還是我們的浮動利率組合和資產敏感性的影響，以及利率下降時會發生什麼？

The former.

前者。

The former. Yes. So from a competitive perspective, it's interesting, I actually read a couple of other -- our peers and big bank transcripts. I think everybody is seeing the same thing, which is there's slightly less competition just given the macro environment, the nonbank lenders that have been competing with the banks are less aggressive and active given cost of funding and other elements. So I would say spreads that had been continuing to narrow over time during periods of high growth have kind of stabilized.

前者。是的。所以從競爭的角度來看，這很有趣，我實際上讀了其他幾個——我們的同行和大銀行的成績單。我認為每個人都看到了同樣的事情，即考慮到宏觀環境，競爭略有減少，考慮到資金成本和其他因素，一直與銀行競爭的非銀行貸款人不那麼積極和積極。所以我想說，在高增長時期隨著時間的推移持續縮小的利差已經趨於穩定。

So from a competitive perspective, I do feel that the regulated banking industry has a little bit more leverage in making sure they're getting paid for risk. So I think we've seen rates kind of stabilize to slightly expand given the credit environment. And then obviously, the fact that we have a large floating rate book allows us in this interest rate environment to have higher yields on our loans. But the underlying credit spreads, I think, I would say, are stable to slightly improving.

因此，從競爭的角度來看，我確實認為受監管的銀行業在確保他們獲得風險報酬方面具有更大的影響力。所以我認為，鑑於信貸環境，我們已經看到利率趨於穩定並略有擴張。然後很明顯，我們擁有大量浮動利率賬簿這一事實使我們能夠在這種利率環境下獲得更高的貸款收益率。但我認為，我想說的是，潛在的信用利差穩定到略有改善。

Got it. That's helpful. And then just a follow-up on interLINK. I think you mentioned that there are other revenue synergies you have with your growth of partners. Can you talk about what those synergies are and what the timing of those synergies would be?

知道了。這很有幫助。然後只是對 interLINK 的跟進。我想你提到過你與合作夥伴的成長還有其他收入協同效應。你能談談這些協同作用是什麼以及這些協同作用的時機是什麼？

Yes. Again, nothing is factored into our forward forecast, but we have opportunities with respect to banking services and cross-sell with the broker-dealers. We have opportunities potentially with HSA Bank and investment platforms with the BDs, securities lending activities. So there are a number of things that we're exploring. Nothing is in our guidance. So it would all be kind of upside to kind of the revenue and fee guidance that we provided. And again, I think one of the focuses we're going to have on March 2, and I hope you can be there will be a look at a number of revenue synergies coming from the merger and from some of these acquisitions like Bend and interLINK.

是的。同樣，我們的前瞻性預測沒有考慮任何因素，但我們在銀行服務和與經紀自營商的交叉銷售方面有機會。我們有機會與 HSA 銀行和投資平台進行 BD、證券借貸活動。所以我們正在探索很多事情。我們的指導中沒有任何內容。因此，對於我們提供的收入和費用指導而言，這一切都是有好處的。再一次，我認為我們將在 3 月 2 日關注的焦點之一，我希望你能看到合併以及其中一些收購（如 Bend 和 interLINK）帶來的收入協同效應.

So we'll provide a little bit more meat on the bone there. But there are significant opportunities, and we've already engaged with our partners there in discussing some of the potential opportunities we have.

所以我們會在骨頭上多放一點肉。但是有很多機會，我們已經與那裡的合作夥伴一起討論我們擁有的一些潛在機會。

And we will take our next question from Laurie Hunsicker with Compass Point.

我們將接受 Compass Point 的 Laurie Hunsicker 的下一個問題。

3 unrelated questions here. Number one, just going back to interLINK. If I'm looking at Slide 17, your forward guide, how much are you assuming in interLINK deposits that you actually pulled down this year in 2023?

這裡有3個不相關的問題。第一，回到 interLINK。如果我正在看幻燈片 17，你的前瞻性指南，你假設你今年在 2023 年實際提取了多少 interLINK 存款？

So like I said, right now, we have about $300 million in the first quarter. And I think you could expect $2 billion to $3 billion in the first quarter and then to grow a couple of billion each quarter. Again, that will depend on the optionality. So I think the highest we would assume in our outlook right there is $5 billion to $6 billion by year-end. But again, we will monitor that and have optionality.

所以就像我說的，現在，我們在第一季度有大約 3 億美元。而且我認為你可以預計第一季度將達到 20 億至 30 億美元，然後每個季度都會增長 20 億美元。同樣，這將取決於可選性。因此，我認為我們在展望中假設的最高金額到年底將達到 50 億至 60 億美元。但同樣，我們將對此進行監控並有選擇權。

Got you. Okay. And your drop in wealth management revenues this quarter, can you talk a little bit about how we should think about that?

明白了好的。本季度您的財富管理收入下降，您能談談我們應該如何考慮嗎？

Yes. So we announced in, I think, on the third quarter call that we had outsourced our Webster Investment Services, which is our retail platform to LPL. And so what you see there, Laurie, is a netting of the fees with the expenses. And so it's generally around $4 million to $4.5 million reduction in fees as a result of lower expenses.

是的。因此，我認為，我們在第三季度電話會議上宣布，我們已將我們的韋伯斯特投資服務外包給 LPL，這是我們的零售平台。所以你在那裡看到的，勞裡，是費用與支出的淨額。因此，由於支出減少，費用通常會減少 400 萬至 450 萬美元。

So Laurie, we used -- when we own that, right, we used to recognize gross revenue and we used to recognize all expenses. The Sterling model was an outsourced where there's a net fee of those 2. We did a lot of examination in terms of client satisfaction and where we are from an economic perspective, and it made sense for us to adopt the legacy Sterling model. And so now we report lower overall fee revenue, but significantly overall lower expenses there as well. The actual net is slightly better from an economic perspective than where we are. But that does not indicate any change in kind of the trajectory of the underlying business.

所以勞裡，我們曾經——當我們擁有它時，我們過去常常確認總收入，我們過去常常確認所有費用。 Sterling 模型是外包的，其中有 2 個淨費用。我們在客戶滿意度和經濟角度方面進行了大量檢查，採用遺留 Sterling 模型對我們來說是有意義的。因此，現在我們報告的總體費用收入較低，但總體費用也顯著降低。從經濟角度來看，實際淨值略好於我們所在的位置。但這並不表示基礎業務的軌蹟有任何變化。

Got it. Perfect. And then last question, office. Did you have any office sales this quarter and then your $21 million or so of net commercial charge-offs, how much of that, if any, was office?

知道了。完美的。然後是最後一個問題，辦公室。您本季度是否有任何辦公室銷售，然後您的 2100 萬美元左右的淨商業沖銷，其中有多少（如果有）是辦公室？

Yes. So again, we're -- what was wonderful is our net charge-off number on an annualized basis is kind of consistent with our pre-pandemic 4-year running average rate. And in that, to your point, there are some -- as I mentioned on an earlier question, there were a couple of proactive note sales that contributed. So we had in our consumer business, we had net neutral to net recovery. All the charge-offs were basically driven by 4 or 5 commercial credits, 2 or 3 of which Laurie were office related. Aggregating somewhere in the $10 million range and 2 of those 3 office credits were proactive note sales.

是的。所以，我們再次 - 很棒的是，我們按年計算的淨沖銷數字與我們大流行前 4 年的平均運行率有點一致。在這方面，就你的觀點而言，有一些——正如我在之前的一個問題中提到的，有一些主動的票據銷售做出了貢獻。所以我們在我們的消費者業務中，我們有淨中性到淨復甦。所有沖銷基本上都是由 4 或 5 個商業信貸驅動的，其中 2 或 3 個與勞裡有關。總計在 1000 萬美元範圍內，這 3 個辦公室信用中的 2 個是主動票據銷售。

And so -- that's about as granular as I'll get there. And again, I think we feel pretty good about the way we're proactively managing that book within and the sort of ultimate results from some of the asset sales we've gotten there are going to benefit us going forward.

所以 - 這與我到達那裡一樣精細。再一次，我認為我們對我們在內部主動管理這本書的方式以及我們在那裡獲得的一些資產出售的最終結果感到非常滿意，這將使我們繼續前進。

We will take our next question from Jon Arfstrom with RBC Capital Markets.

我們將接受 RBC Capital Markets 的 Jon Arfstrom 的下一個問題。

Yes. Just a few cleanups. Glenn, anything else to call out on the fee expectations guidance. Anything new there? Is it just a simple as pull out the losses and continue the path that you had in the fourth quarter?

是的。只是一些清理。格倫，關於費用預期指導的任何其他問題。那裡有什麼新東西嗎？只是挽回損失並繼續你在第四季度的道路那麼簡單嗎？

On the fee income line?

在費用收入線上？

Yes, fee income line and the fee income guidance.

是的，費用收入線和費用收入指導。

Yes. So the guidance of $415 million to $430 million, is that what you're talking about looking...

是的。所以 4.15 億美元到 4.3 億美元的指導，就是你所說的看起來......

Yes, exactly.

對，就是這樣。

No. I mean, I think we just talked about part of that is part of a decline year-over-year. $25 million or whatever is -- about half of that is the netting of the consumer investment platform. We don't think that will get the swap income that we got last year, obviously, because of higher rates. And then we did -- we have factored in lower deposit fees due to consumer behavior, industry pricing and things like on HSA.

不，我的意思是，我認為我們剛剛談到的部分是同比下降的一部分。 2500 萬美元或其他任何金額——其中大約一半是消費者投資平台的淨額結算。我們認為這不會像去年那樣獲得掉期收入，顯然是因為利率較高。然後我們做到了——我們已經考慮到由於消費者行為、行業定價和 HSA 等因素導致的較低存款費用。

Okay. Good. Fair enough.

好的。好的。很公平。

I'm sorry, on a GAAP basis, for fourth quarter, obviously, you have that securities loss of $4.5 million as well. So that will be, as we review the securities portfolio, we'll spike that out, obviously. But if we take more actions, that could influence that number on a GAAP basis.

很抱歉，根據公認會計原則，第四季度，顯然，您也有 450 萬美元的證券損失。因此，當我們審查證券投資組合時，我們會明確指出這一點。但如果我們採取更多行動，這可能會影響 GAAP 基礎上的數字。

Okay. Good. And then on interLINK, is there a size limit you're thinking about in terms of deposits on your balance sheet? And do you plan to reported separately like you're doing on Slide 5?

好的。好的。然後在 interLINK 上，您是否考慮了資產負債表上存款的規模限制？您是否打算像在幻燈片 5 中那樣單獨報告？

Yes. we'll absolutely provide that. Again, the great thing about it is accordion feature where there's an automatic distribution valve in terms of whether we need the liquidity and it's optimal for us. I think just like we had the questions over years around HSA, what's the right number? We always got questions about whether the regulators care that HSA was becoming 20% to 25% of our deposits. I think we'll use the same prudent risk management. And we have so many different deposit channels when you think about retail, commercial, small business, BrioDirect, which is our direct channel, HSA Bank and now interLINK that I think will just be prudent to make sure that there's not too much of a concentration.

是的。我們絕對會提供。同樣，它的優點是手風琴功能，在我們是否需要流動性方面有一個自動分配閥，這對我們來說是最佳的。我認為就像我們多年來圍繞 HSA 提出的問題一樣，正確的數字是多少？我們總是會問監管機構是否關心 HSA 占我們存款的 20% 到 25%。我認為我們將使用同樣審慎的風險管理。當你想到零售、商業、小型企業、我們的直接渠道 BrioDirect、HSA 銀行和現在的 interLINK 時，我們有很多不同的存款渠道，我認為這將是謹慎的，以確保不會過於集中.

But if you look at what Glenn just said about what we mentioned earlier, the opportunity, even if $9 billion or $10 billion could be available to us, it doesn't really represent a concentration going given the overall core funding deposit profile. So I think it's going to be less about us setting an artificial limit and more about do we have use an opportunity to deploy those deposits.

但如果你看看格倫剛才所說的我們之前提到的機會，即使我們可以獲得 90 億美元或 100 億美元，考慮到整體核心資金存款情況，它並不真正代表集中。因此，我認為我們設置人為限制的重點將更少，更多的是我們是否有機會部署這些存款。

Yes, Jon, we have about $5.5 billion in FHLB fundings at quarter end, and they're basically at [438]. So the pricing is pretty much very similar to interLINK. And so if you think about it on that perspective, you could pay a bulk of that down and gain the core deposits at the same time, right? And then you have further optionality, whether it's the securities portfolio or things like that. So it provides a significant amount of optionality for us. We don't have to take -- I think I answered one of the questions say we could have up to $5 billion or somewhere around there by year-end. But that's an option for us, right?

是的，喬恩，我們在季度末有大約 55 億美元的 FHLB 資金，他們基本上是 [438]。所以定價與 interLINK 非常相似。因此，如果您從這個角度考慮，您可以支付大部分首付並同時獲得核心存款，對嗎？然後你有更多的選擇權，無論是證券投資組合還是類似的東西。因此，它為我們提供了大量的可選性。我們不必接受——我想我回答了其中一個問題，說到年底我們可能擁有高達 50 億美元或附近的某個地方。但這對我們來說是一個選擇，對吧？

Okay. That's a good slide, Slide 5. I like that.

好的。這是一張很好的幻燈片，幻燈片 5。我喜歡它。

We'll keep it in, John.

我們會保留它，約翰。

Okay. Great. And then on expenses, you may not answer this, you may have answered it already, but you mentioned some expenses on expanding commercial activities. Is that what you talked about sharing on Investor Day? Is there something more that you can talk about now in terms of that?

好的。偉大的。然後關於費用，你可能沒有回答，你可能已經回答了，但是你提到了一些擴展商業活動的費用。這就是你在投資者日談到的分享內容嗎？就此而言，您現在還有什麼可以談的嗎？

Yes. I mean there's nothing hidden, right? It's new verticals, it's hiring teams and people there are a couple of new potential business initiatives that we're viewing right now. So it's what you'd expect and what you've actually quite frankly, seen Webster entirely and both of the legacy organizations that form this new bank do over time, which is to continue to take advantage of opportunities in areas where we can get full relationships with deposits, capital markets fees, cash management, and look at geographies, asset classes and verticals and invest in those.

是的。我的意思是沒有什麼隱藏的，對吧？這是新的垂直領域，它正在招聘團隊和人員，我們現在正在查看一些新的潛在業務計劃。所以這就是你所期望的，你實際上坦率地說，完全看到了韋伯斯特以及組成這家新銀行的兩個遺留組織隨著時間的推移所做的，這是繼續利用我們可以充分利用的領域的機會與存款、資本市場費用、現金管理的關係，並著眼於地域、資產類別和垂直領域並進行投資。

And I think I'd like to say that we've done it with success over time and I think we will share more at Investor Day, but it's not a top secret. It's about building out and kind of replicating what we've done in the past with respect to expanding activities.

而且我想我想說的是，隨著時間的推移，我們已經取得了成功，我認為我們將在投資者日分享更多，但這不是最高機密。這是關於建立和復制我們過去在擴展活動方面所做的事情。

And with no further questions, I will now turn the call back to Mr. John Ciulla for closing remarks.

沒有進一步的問題，我現在將把電話轉回給 John Ciulla 先生作結束語。

Thank you very much. I really appreciate everybody joining us for this great discussion this morning, and thank you for your continued interest in Webster. Have a great day.

非常感謝。我真的很感謝大家今天早上加入我們的精彩討論，並感謝您對韋伯斯特的持續關注。祝你有美好的一天。

And ladies and gentlemen, this concludes today's call. We thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連接。