Webster Financial Corp (WBS) 2023 Q1 法說會逐字稿

Good morning. Welcome to Webster Financial Corporation's First Quarter 2023 Earnings Call. Please note, 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.

早上好。歡迎來到韋伯斯特金融公司 2023 年第一季度財報電話會議。請注意，正在記錄此事件。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 website 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 a lot, Emlen. Good morning, and welcome to Webster Financial Corporation's First Quarter 2023 Earnings Call. We appreciate you joining us today. I'll provide remarks on our high-level results and strategic positioning before turning it over to Glenn to cover our financial results in greater detail.

非常感謝，埃姆倫。早上好，歡迎來到韋伯斯特金融公司 2023 年第一季度財報電話會議。感謝您今天加入我們。在將其轉交給格倫更詳細地介紹我們的財務結果之前，我將對我們的高水平結果和戰略定位發表評論。

First quarter of 2023 was a memorable one for the banking industry, unfortunately highlighted by high-profile bank failures that cause dislocation across the system. The good news is that the industry remains fundamentally strong and well capitalized and the near-term view is less volatile than a month ago. Webster's results in the quarter are reflective of our resilient business model and a shifting environment for banking. We continue to deliver for our clients. And in the quarter, we prudently grew loans and core deposits. We generated solid returns and our asset quality profile remained effectively unchanged from the prior quarter.

2023 年第一季度對銀行業來說是值得紀念的一年，不幸的是，引人注目的銀行倒閉導致整個系統混亂。好消息是，該行業的基本面依然強勁且資本充足，而且近期觀點的波動性低於一個月前。韋伯斯特本季度的業績反映了我們富有彈性的商業模式和銀行業不斷變化的環境。我們繼續為我們的客戶提供服務。在本季度，我們審慎地增加了貸款和核心存款。我們產生了可觀的回報，我們的資產質量狀況與上一季度相比實際上保持不變。

On an adjusted basis, we generated EPS of $1.49, in light of the market dislocation and out of an abundance of caution, we took actions to augment our balance sheet liquidity, including increasing our cash position and utilizing higher cost funding sources. We also saw a decline in fees as a result of reduced direct investment gains and overall client financing activities among other effects.

在調整後的基礎上，我們產生了 1.49 美元的每股收益，鑑於市場混亂和高度謹慎，我們採取了增加資產負債表流動性的行動，包括增加我們的現金頭寸和利用成本更高的資金來源。由於直接投資收益和整體客戶融資活動的減少以及其他影響，我們還看到費用下降。

Due to these actions and some seasonal factors, our PPNR was down 6.6% from the prior quarter. Our adjusted ROA of 1.46% was up from 1.37% a year ago, and our return on tangible common equity was a strong 21%, up from 17% last year. Loans grew 2% on a linked-quarter basis with a focus on strategic categories with attractive risk profiles. Our total deposits were up 2%, also on a linked-quarter basis with core deposits up 4%.

由於這些行動和一些季節性因素，我們的 PPNR 比上一季度下降了 6.6%。我們調整後的 ROA 為 1.46%，高於一年前的 1.37%，我們的有形普通股回報率為 21%，高於去年的 17%。貸款環比增長 2%，重點放在具有吸引力風險狀況的戰略類別。我們的總存款增長了 2%，也是按季度計算的，核心存款增長了 4%。

While it seems like ages ago, many of you attended our Investor Day on March 2, just days before the market disruption. During that event, we provided a transparent look at our go-forward strategies and differentiated businesses with a focus on our unique funding profile and credit and risk management practices, all of which are especially beneficial during times of stress and uncertainty. While I'll touch again on some of the points we made in early March, I would encourage you to revisit the Investor Day presentation and webcast that are posted on our website, as we believe the attributes we outlined will continue to benefit our company and drive outperformance regardless of the operating environment.

雖然這似乎是很久以前的事了，但你們中的許多人參加了 3 月 2 日的投資者日，就在市場混亂的前幾天。在那次活動中，我們透明地審視了我們的前瞻性戰略和差異化業務，重點關注我們獨特的資金狀況以及信貸和風險管理實踐，所有這些在壓力和不確定時期特別有益。雖然我將再次提及我們在 3 月初提出的一些觀點，但我鼓勵您重新訪問我們網站上發布的投資者日演示文稿和網絡廣播，因為我們相信我們概述的屬性將繼續使我們的公司受益，並且無論操作環境如何，都能實現卓越性能。

Let me spend just a minute on deposit and deposit trends and then provide you with an update on our office portfolio, 2 topics that I know are of significant interest. I'm on Page 3 of our presentation, the unique qualities of our deposit franchise remain a core strength of Webster. Our deposits consist of $24 billion of consumer deposits largely originated in our retail footprint to long-tenured clients. $8 billion of HSA Bank deposits, the entirety of these deposits are individual customer accounts and nearly all are within FDIC insurance coverage limits, and as you know, HSA deposits are long duration and low cost.

讓我花一分鐘時間了解存款和存款趨勢，然後為您提供我們辦公室投資組合的最新情況，我知道這兩個主題非常有趣。我在我們演示文稿的第 3 頁，我們存款特許經營的獨特品質仍然是韋伯斯特的核心優勢。我們的存款包括 240 億美元的消費者存款，主要來自我們面向長期客戶的零售足跡。 80 億美元的 HSA 銀行存款，所有這些存款都是個人客戶賬戶，幾乎都在 FDIC 保險範圍內，而且如您所知，HSA 存款期限長且成本低。

$2 billion of business banking deposits within our commercial bank, generally, these are smaller dollar and behaved similarly to those in the consumer book. $5 billion of public fund deposits within the commercial bank, the majority of which are collateralized with highly predictable behavioral characteristics. Our remaining commercial deposits of $11 billion are diverse by industry, customer type and geography. There are no sector concentrations and these deposits are relatively small balance in nature with an average balance of less than $200,000 per account. I'll refer you to again to Chris Motl's presentation at Investor Day where we broke down the multiple deposit-generating businesses in our commercial bank franchise.

我們商業銀行內有 20 億美元的商業銀行存款，一般來說，這些存款金額較小，與消費者賬戶中的存款類似。商業銀行內 50 億美元的公共基金存款，其中大部分是抵押品，具有高度可預測的行為特徵。我們剩餘的 110 億美元商業存款因行業、客戶類型和地理位置而異。沒有行業集中度，這些存款本質上是相對較小的餘額，每個賬戶的平均餘額不到 200,000 美元。我將再次向您推薦 Chris Motl 在投資者日的演講，我們在其中分解了商業銀行特許經營權中的多種存款產生業務。

And finally, interLINK, the acquisition of which we completed in the first quarter has already proven to be highly valuable, provides readily available core deposit funding to almost all FDIC insured deposits, and we have access to these funds at a very low cost of acquisition.

最後，interLINK，我們在第一季度完成的收購已經被證明是非常有價值的，它為幾乎所有 FDIC 保險存款提供現成的核心存款資金，我們可以以非常低的收購成本獲得這些資金.

In summary, between the Consumer Bank, HSA and interLINK, 63% of our total deposit accounts are consumer-oriented, small balance accounts that are long duration in nature. The past month of deposit activity highlights the tremendous value of our deposit franchise. Customer activity within the Consumer Bank and HSA was business as usual throughout the entire quarter, and both of these categories grew in Q1.

總而言之，在消費者銀行、HSA 和 interLINK 之間，我們總存款賬戶的 63% 是面向消費者的小余額賬戶，這些賬戶本質上是長期的。過去一個月的存款活動凸顯了我們存款特許經營權的巨大價值。整個季度，消費者銀行和 HSA 的客戶活動照常進行，這兩個類別在第一季度都有所增長。

In mid-March, within the Commercial Bank, we saw elevated 2-way activity for a few days as clients look to diversify their deposit concentrations, but that activity quickly resumed its normal course. I would also note that we have opened approximately 500 accounts, primarily operating accounts that are in the process of being funded with new commercial depositors since the middle of March.

3 月中旬，在商業銀行內部，我們看到幾天來雙向活動有所增加，因為客戶希望分散他們的存款集中度，但這種活動很快恢復了正常進程。我還要指出，我們已經開設了大約 500 個賬戶，主要是自 3 月中旬以來正在接受新商業存款人資助的運營賬戶。

In addition to the strength of our overall deposit franchise, we maintained significant alternate sources of liquidity, this is displayed on Slide 4. As of yesterday, we had $16 billion of immediately available liquidity between cash balances and undrawn borrowing facilities. This represents 118% of our uninsured and uncollateralized deposits, we expect this ratio will continue to grow over the short term.

除了我們整體存款業務的實力之外，我們還保持著重要的替代流動性來源，這在幻燈片 4 中有所顯示。截至昨天，我們在現金餘額和未提取的借款額度之間擁有 160 億美元的即時可用流動性。這占我們未投保和無抵押存款的 118%，我們預計這一比例將在短期內繼續增長。

As it relates to credit, at Investor Day, Jason Soto, our Chief Credit Officer, detailed the quality of our loan portfolio. We are proud of our credit risk framework and our risk selection. For many quarters, our origination efforts have been focused on existing customers and higher rated loans. Our strict underwriting standards include stress testing, economic and interest rate sensitivity and we continue to perform robust reviews of portfolio segments that are sensitive to environmental trends. We proactively sold loans last year where we believed it would be our economics and help produce future credit risk. The net result of all of our actions is that the weighted average risk rating in our loan portfolio has improved over the past year, each quarter and is unchanged on a linked quarter basis. As you will see in our disclosures, the level of classified assets in our portfolio has remained stable as well.

關於信貸，在投資者日，我們的首席信貸官 Jason Soto 詳細介紹了我們貸款組合的質量。我們為我們的信用風險框架和風險選擇感到自豪。對於許多季度，我們的發起工作一直集中在現有客戶和更高評級的貸款上。我們嚴格的承銷標準包括壓力測試、經濟和利率敏感性，並且我們繼續對對環境趨勢敏感的投資組合部分進行強有力的審查。我們去年主動出售貸款，我們認為這對我們的經濟有利，並有助於產生未來的信用風險。我們所有行動的最終結果是，我們貸款組合的加權平均風險評級在過去一年中每個季度都有所改善，並且在相關季度的基礎上沒有變化。正如您將在我們的披露中看到的那樣，我們投資組合中的分類資產水平也保持穩定。

On Slide 5, we have refreshed and augmented our disclosures on our office portfolio. As you can see, our nonmedical office portfolio represents just 2.8% of total loans, has a low ad origination LTV, a strong current and updated debt service coverage ratio profile has limited lease maturities in each of the next 2 years is diversified across geographies and thus far continues to perform well.

在幻燈片 5 中，我們更新並增加了我們對辦公室投資組合的披露。如您所見，我們的非醫療辦公室投資組合僅佔貸款總額的 2.8%，廣告發起的 LTV 較低，當前和更新的償債覆蓋率較高，未來 2 年每年的租賃期限有限，在不同地區和迄今為止繼續表現良好。

In fact, criticized assets have fallen to 4.7% of loans from 6.6% of loans in the fourth quarter of '22. I'll also remind you that the $1.4 billion in office exposure is down $260 million or 15% from the close of our MOE as we were proactive in managing this portfolio during '22. And we have -- originated only a nominal amount of office exposures, since the two banks came together a year ago.

事實上，在 2022 年第四季度，受批評的資產佔貸款的比例已從 6.6% 降至 4.7%。我還要提醒您，由於我們在 22 年期間積極管理該投資組合，因此 14 億美元的辦公室風險敞口比我們的 MOE 收盤時減少了 2.6 億美元或 15%。自從一年前兩家銀行合併以來，我們 - 僅發起了名義數量的辦公室風險敞口。

With that I'll turn it over to Glenn to review the financial statements in more detail.

有了這個，我將把它交給格倫來更詳細地審查財務報表。

Thanks, John. Good morning everyone. I'll start on Slide 6 with our GAAP and adjusted earnings. We reported GAAP net income to common shareholders of $217 million with earnings per share of $1.24. On an adjusted basis, we reported net income to common shareholders of $259 million and EPS of $1.49 after excluding onetime after-tax expenses of $42 million. Merger expenses were related to professional fees, severance and other compensation-related charges and a provision adjustment for acquired unfunded lending commitments. The strategic initiative expense is related to repositioning of our securities portfolio.

謝謝，約翰。大家，早安。我將從幻燈片 6 開始介紹我們的 GAAP 和調整後收益。我們向普通股股東報告的 GAAP 淨收入為 2.17 億美元，每股收益為 1.24 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 2.59 億美元，扣除 4200 萬美元的一次性稅後支出後每股收益為 1.49 美元。合併費用與專業費用、遣散費和其他補償相關費用以及收購的無資金貸款承諾的撥備調整有關。戰略舉措費用與我們證券投資組合的重新定位有關。

Next, I'll review balance sheet trends, beginning on Slide 7. Total assets were $74.8 billion at period end, up $3.6 billion from the fourth quarter as we bolstered our balance sheet liquidity and had $1.2 billion in loan growth. Our securities balance increased modestly in the quarter. As discussed at our Investor Day, we sold $400 million in lower yield securities in January, recording a loss on sale. The proceeds were used to purchase higher-yielding securities resulting in an earn back of less than 1 year.

接下來，我將回顧資產負債表趨勢，從幻燈片 7 開始。期末總資產為 748 億美元，比第四季度增加 36 億美元，因為我們增強了資產負債表的流動性，貸款增長了 12 億美元。本季度我們的證券餘額略有增加。正如我們在投資者日討論的那樣，我們在 1 月份出售了 4 億美元的低收益證券，錄得出售虧損。所得款項用於購買收益較高的證券，導致不到 1 年的收益回本。

AOCI attributed to unrealized losses against our AFS portfolio improved to $560 million from $631 million last quarter. In a steady interest rate environment, we anticipate roughly $85 million of this will accrete back into capital annually. Loan growth was $1.2 billion, driven primarily by commercial banking. Deposits were up $1.2 billion from quarter end, reflective of growth in interLINK, HSA and our CD portfolio and match our quarterly loan growth.

歸因於我們 AFS 投資組合的未實現損失的 AOCI 從上一季度的 6.31 億美元增加到 5.6 億美元。在穩定的利率環境下，我們預計其中大約 8500 萬美元每年將回流到資本中。貸款增長 12 億美元，主要由商業銀行業務推動。存款比季度末增加了 12 億美元，反映了 interLINK、HSA 和我們的 CD 投資組合的增長，並與我們的季度貸款增長相匹配。

From quarter end through April 19, deposits have grown another $2.8 billion. Borrowings increased by $2.3 billion as we enhanced our liquidity position in light of recent market events. Our borrowings included $8.6 billion of FHLB advances. While we continue to enhance our liquidity profile as the rate -- funding rate environment stabilizes, we anticipate holding more normalized levels of cash while replacing wholesale borrowings with the deposit funding.

從季度末到 4 月 19 日，存款又增加了 28 億美元。由於我們根據最近的市場事件增強了流動性頭寸，因此借款增加了 23 億美元。我們的借款包括 86 億美元的 FHLB 預付款。隨著利率 - 融資利率環境的穩定，我們將繼續增強我們的流動性狀況，同時我們預計持有更多正常水平的現金，同時用存款資金取代批發借款。

Our capital levels remain strong as evidenced by our common equity Tier 1 ratio of 10.4% and a tangible common equity ratio of 7.15%. And lastly, we continue to grow tangible book value which ended the quarter at $29.47 per share.

我們的資本水平依然強勁，我們的一級普通股比率為 10.4%，有形普通股比率為 7.15%。最後，我們繼續增加有形賬面價值，本季度末達到每股 29.47 美元。

Loan trends are highlighted on Slide 8. In total, we grew loans by $1.2 billion or 2.3% on a linked-quarter basis. Loan growth was diverse by category. Commercial grew by $540 million. Commercial real estate grew by $900 million and residential mortgage balances were up modestly. The yield on loan portfolio increased 55 basis points as loan yield outpaced increases in deposit costs. Excluding accretion, loan yields increased by 56 basis points. Floating and periodic rate loans remained approximately 60% at quarter end.

幻燈片 8 突出顯示了貸款趨勢。總的來說，我們的貸款環比增長了 12 億美元或 2.3%。貸款增長因類別而異。商業增長了 5.4 億美元。商業房地產增長了 9 億美元，住宅抵押貸款餘額略有上升。由於貸款收益率超過存款成本的增長，貸款組合的收益率增加了 55 個基點。不包括增值，貸款收益率增加了 56 個基點。截至季度末，浮動利率和定期利率貸款仍保持在 60% 左右。

We provide additional detail on deposits on Slide 9 with total deposits up $1.2 billion from prior quarter or 2.3%. In addition to growth in interLINK and HSA, we added $370 million in CDs. Our total deposit costs were up 51 basis points to 111 basis points for a cumulative cycle-to-date beta of 24%. It's worth repeating that between Consumer, HSA and interLINK, 63% of our deposits are in consumer-oriented loan duration categories and to a large extent, fully FDIC insured.

我們在幻燈片 9 上提供了有關存款的更多詳細信息，總存款比上一季度增加了 12 億美元或 2.3%。除了 interLINK 和 HSA 的增長，我們還增加了 3.7 億美元的 CD。我們的總存款成本上升了 51 個基點至 111 個基點，累計週期至今的貝塔值為 24%。值得重申的是，在 Consumer、HSA 和 interLINK 之間，我們 63% 的存款屬於以消費者為導向的貸款期限類別，並且在很大程度上完全由 FDIC 承保。

In our HSA business, the average account balance is under $3,000. In Consumer Banking, our average account balance is under $25,000. And in Commercial Bank, our average account balance is under $200,000.

在我們的 HSA 業務中，平均賬戶餘額低於 3,000 美元。在消費者銀行業務中，我們的平均賬戶餘額低於 25,000 美元。而在商業銀行，我們的平均賬戶餘額不到 200,000 美元。

On Slide 10, you see the forward progression of our deposit beta assumptions. We anticipate our total cycle-to-date deposit beta will increase to 38% by the first quarter of 2024 with a more significant ramp in the second quarter, followed by fairly steady progression throughout the remainder of the year.

在幻燈片 10 上，您可以看到我們存款貝塔假設的向前進展。我們預計，到 2024 年第一季度，我們的周期至今存款貝塔總額將增加到 38%，第二季度會有更顯著的增長，隨後在今年剩餘時間裡會保持相當穩定的增長。

Moving to Slide 11, you can see our reported to adjusted income statement compared to the adjusted earnings for the fourth quarter of 2022. Net interest income was down $7.1 million or 1.2% linked quarter reflecting a shorter day count and a funding mix shift inclusive of the actions to augment our liquidity. Adjusted fees were down $19 million, while expenses remained effectively flat.

轉到幻燈片 11，您可以看到我們報告的調整後損益表與 2022 年第四季度的調整後收益相比。淨利息收入下降了 710 萬美元或 1.2%，反映了天數減少和資金組合轉變，包括增加流動性的行動。調整後的費用減少了 1900 萬美元，而支出實際上持平。

I'll provide additional line item detail on subsequent slides. The net interest margin was 3.66%, down 8 basis points from the prior quarter, and our efficiency ratio was 42%.

我將在後續幻燈片中提供額外的行項目詳細信息。淨息差為 3.66%，環比下降 8 個基點，效率率為 42%。

On Slide 12, net interest income was down $7.1 million linked quarter or 1.2%. Day count was roughly 2%, a 2% headwind to net interest income growth quarter-over-quarter. Excluding accretion income, net interest income would have been down $4.4 million or just 0.7%.

在幻燈片 12 中，淨利息收入環比下降 710 萬美元或 1.2%。天數約為 2%，這對淨利息收入環比增長 2% 不利。不包括增值收入，淨利息收入將下降 440 萬美元或僅下降 0.7%。

Net interest margin, excluding accretion, decreased 6 basis points from the prior quarter. While our yield on earning assets, excluding accretion, increased 50 basis points over the prior quarter, the decline in NIM was driven by higher funding costs as we enhanced our liquidity position. Total cost of funds was up 60 basis points quarter-over-quarter.

扣除增值後的淨息差較上一季度下降 6 個基點。雖然我們的盈利資產收益率（不包括增值）比上一季度增加了 50 個基點，但 NIM 的下降是由於我們提高了流動性頭寸而導致融資成本上升。總資金成本環比上升 60 個基點。

Slide 13, which highlight our fee income for the quarter. On an adjusted basis, fees were down $19 million linked quarter. The primary drivers of the decline were lower direct investment income, lower client hedging activity and valuation marks and lower client contract fees.

幻燈片 13，其中突出顯示了我們本季度的費用收入。在調整後的基礎上，費用環比下降了 1900 萬美元。下降的主要驅動因素是直接投資收入減少、客戶對沖活動和估值標記減少以及客戶合同費用減少。

I will detail our outlook for the year later in my remarks, but we expect to recapture a portion of the hedging and valuation mark as well as the direct investment income as we move through 2023.

我將在稍後的發言中詳細說明我們對今年的展望，但我們預計到 2023 年將重新獲得部分對沖和估值標記以及直接投資收入。

Noninterest expenses are highlighted on Slide 14. We reported an adjusted expense of $303 million, in line with prior quarter. The results reflect lower compensation and marketing expenses, which were offset by an increase in the FDIC assessment rate, intangible amortization on interLINK, and operating costs associated with strategic investments, including the Bend and interLINK acquisitions.

幻燈片 14 突出顯示了非利息支出。我們報告的調整後支出為 3.03 億美元，與上一季度持平。結果反映了較低的薪酬和營銷費用，這些費用被 FDIC 評估率的增加、interLINK 的無形攤銷以及與戰略投資相關的運營成本（包括 Bend 和 interLINK 收購）所抵消。

Slide 15 details our components of our allowance for credit losses, which was up $19 million over prior quarter. After recording $25 million in net charge-offs, we incurred $38 million in provision expense with loan growth, representing $12 million and the macro and credit factors, $26 million. Additionally, we completed the adoption of the TDR accounting rules effective January 1 of this year. This resulted in a $6 million increase in reserve, which was recorded as a charge to retained earnings. As a result, you'll see our coverage ratio increased modestly to 1.21%.

幻燈片 15 詳細介紹了我們的信貸損失準備金的組成部分，比上一季度增加了 1900 萬美元。在記錄了 2500 萬美元的淨註銷後，我們因貸款增長而產生了 3800 萬美元的撥備費用，相當於 1200 萬美元，宏觀和信貸因素為 2600 萬美元。此外，我們還完成了對今年 1 月 1 日生效的 TDR 會計規則的採用。這導致準備金增加 600 萬美元，記為留存收益的支出。因此，您會看到我們的覆蓋率適度增加到 1.21%。

Slide 16 highlights our key asset quality metrics. On the upper left, nonperforming assets declined $19 million from prior quarter and represent 36 basis points of loans. Commercial classified loans as a percent of commercial loans declined to 1.47% from 1.5% despite a modest increase of $6 million on an absolute basis. Net charge-offs on the upper right totaled $25 million or 20 basis points of average loans on an annualized basis.

幻燈片 16 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 1900 萬美元，代表貸款的 36 個基點。商業分類貸款佔商業貸款的百分比從 1.5% 下降到 1.47%，儘管絕對值略有增加 600 萬美元。右上角的淨註銷總額為 2500 萬美元或年化平均貸款的 20 個基點。

On Slide 17, we continue to exhibit strong capital levels. All capital levels remain in excess of regulatory and internal targets. Our common equity Tier 1 ratio was 10.4%, and our tangible common equity ratio was 7.15%. Our tangible book value per share increased to $29.47 a share from $29.07 in the last quarter.

在幻燈片 17 上，我們繼續展示強勁的資本水平。所有資本水平仍然超過監管和內部目標。我們的一級普通股權益比率為 10.4%，有形普通股權益比率為 7.15%。我們的每股有形賬面價值從上一季度的 29.07 美元增至每股 29.47 美元。

Including both AFS and HTM marks on our securities portfolio, our TCE ratio would be approximately 6.4%, and our common equity Tier 1 ratio would be approximately 8.4%, both as of March 31.

包括我們證券投資組合中的 AFS 和 HTM 標記，截至 3 月 31 日，我們的 TCE 比率約為 6.4%，我們的普通股一級比率約為 8.4%。

I'll wrap up my comments on Slide 18 with our full year outlook for 2023. We expect loans to grow in the range of 4% to 6% with growth focused in strategic segments. We expect full year core deposit growth of 8% to 10% with a year-end loan-to-deposit ratio in the range of 85% to 90%. We expect net interest income of $2.375 billion to $2.425 billion on a non-FTE basis, excluding accretion. We expect $25 million in accretion would be added to that interest income outlook.

我將用我們對 2023 年的全年展望來總結我對幻燈片 18 的評論。我們預計貸款將增長 4% 至 6%，增長集中在戰略領域。我們預計全年核心存款增長 8% 至 10%，年末貸存比在 85% 至 90% 之間。我們預計非 FTE 的淨利息收入為 23.75 億美元至 24.25 億美元，不包括增值。我們預計該利息收入前景將增加 2500 萬美元。

For those modeling on net interest income on an FTE basis, I would add roughly $65 million to the outlook. Our net interest income outlook includes the growth expectations above along with a 25 basis point rate hike in May. We assume the Fed fund rate remains flat for the remainder of 2023 at 5.25%.

對於那些基於 FTE 的淨利息收入建模，我會為前景增加大約 6500 萬美元。我們的淨利息收入前景包括上述增長預期以及 5 月份加息 25 個基點。我們假設聯邦基金利率在 2023 年剩餘時間內保持在 5.25% 不變。

Fee income should be in the range of $375 million to $400 million. Core expenses are expected to be $1.2 billion to $1.225 billion with an efficiency ratio of roughly 40%. We expect our effective tax rate to be in the range of 22% to 23%. We continue to be prudent managers to capital. Capital actions will be dependent on the market environment. We continue to target a common equity Tier 1 ratio of 10.5% over time.

費用收入應在 3.75 億美元至 4 億美元之間。核心支出預計為 12 億美元至 12.25 億美元，效率比約為 40%。我們預計我們的有效稅率將在 22% 至 23% 之間。我們繼續對資本進行審慎的管理。資本行動將取決於市場環境。隨著時間的推移，我們繼續以 10.5% 的普通股一級資本比率為目標。

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, Glenn. On Page 19, I'll briefly hit on the next steps of our merger integration, as we have or soon to complete the largest aspects of bringing our company together. Most notably, our core conversion is approaching in a few months' time. We successfully ran our first mock conversion last weekend and have several others planned through our go-live date. The list of additional integration activities outstanding is short as we approach our core conversion, though we will continue to use the scale of our platform to invest in our technology, people and continuing to improve the client experience.

謝謝，格倫。在第 19 頁，我將簡要介紹我們合併整合的後續步驟，因為我們已經或即將完成將我們公司整合在一起的最大方面。最值得注意的是，我們的核心轉換將在幾個月後進行。上週末我們成功地進行了第一次模擬轉換，併計劃在我們的上線日期進行其他幾次模擬轉換。隨著我們接近核心轉換，其他未完成的集成活動清單很短，儘管我們將繼續利用我們平台的規模來投資我們的技術、人員並繼續改善客戶體驗。

We're fortunate to operate from a position of strength. Our interest rate risk management, diversity of funding and growing deposit base, efficient operations and ability to invest in our platform position us well for the future. We maintain high levels of capital, both on a stated and marked basis and exhibit robust internal capital generation and the ability to consistently grow tangible book value per share going forward. While the shift in operating environment will weigh on (inaudible) all of the effects of the recent events, including future regulatory costs, or the depth of a potential recession later in the year.

我們很幸運能夠在強大的位置上運作。我們的利率風險管理、資金的多樣性和不斷增長的存款基礎、高效的運營以及對我們平台的投資能力使我們在未來處於有利地位。我們在規定和標記的基礎上保持高水平的資本，並展示出強大的內部資本生成和持續增長每股有形賬面價值的能力。雖然運營環境的轉變將影響（聽不清）近期事件的所有影響，包括未來的監管成本，或今年晚些時候潛在衰退的深度。

With that said, it's our strategic aim to ensure we continue to position our bank to support our key clients and business segments through any operating environment. We'll continue to prudently grow loans and add franchise-enhancing full relationships, all within the confines of the credit, economic and funding environment. This will likely mean closer scrutiny of new and existing businesses and continued focus on funding loans with growing core deposits. We'll continue to be good stewards of capital and will manage our balance sheet in an efficient and prudent manner depending on the environmental opportunities and/or challenges.

話雖如此，我們的戰略目標是確保我們繼續定位我們的銀行，以在任何運營環境中支持我們的主要客戶和業務部門。我們將繼續謹慎地增加貸款並增加特許經營權的全面關係，所有這些都在信貸、經濟和融資環境的範圍內。這可能意味著對新業務和現有業務進行更嚴格的審查，並繼續關注核心存款不斷增長的貸款融資。我們將繼續做好資本管家，並根據環境機遇和/或挑戰，以高效和審慎的方式管理我們的資產負債表。

In summary, we expect we will continue to generate returns at the top of our peer group, thanks to the strengths I've highlighted today. I want to make this important point. We believe that based on our guidance we've provided, our year-end performance metrics will continue to meet or exceed the targets we set forth not only at merger announcement, but at the Investor Day last month. That's an ROATCE of approximately 20% and ROAA in the 1.5% range and an efficiency ratio around 40%. We believe those metrics will still be kind of best-in-class in our peer group.

總而言之，由於我今天強調的優勢，我們預計我們將繼續在同行組中產生最高回報。我想強調這一點。我們相信，根據我們提供的指導，我們的年終業績指標將繼續達到或超過我們在合併公告和上個月投資者日設定的目標。 ROATCE 約為 20%，ROAA 在 1.5% 範圍內，效率比約為 40%。我們相信這些指標在我們的同行組中仍將是同類最佳的。

Thank you to our colleagues for their exceptional work in this quarter. They made special efforts to engage and stay in front of our clients and have kept our organization operating at a high level through an unusual period.

感謝我們的同事在本季度的出色工作。他們付出了特別的努力來吸引和留在我們的客戶面前，並使我們的組織在一個不尋常的時期保持高水平運作。

And before I conclude, I just want to express our support for our colleagues Gold National Bank after the event that took place earlier this month in Louisville, we know a number of individuals there. They run an organization a very strong character, and we want Jim Ryan and their entire team to know that Webster and the rest of the industry has them in our thoughts.

在我結束之前，在本月早些時候在路易斯維爾發生的事件之後，我只想表達我們對我們的同事 Gold National Bank 的支持，我們認識那裡的一些人。他們經營著一個非常有個性的組織，我們希望 Jim Ryan 和他們的整個團隊知道 Webster 和業內其他人都在考慮他們。

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

接線員、格倫和我將公開提問。

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

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

Just want to make sure the 20 ROATCE, the 150 and the 40. What was the time period again, just want to make sure I got it.

只是想確保 20 ROATCE、150 和 40。又是什麼時間段，只是想確保我得到它。

That's a 2 years merger. So I think fourth quarter '23.

這是一個 2 年的合併。所以我認為 23 年第四季度。

Okay. Great. In terms of the balance sheet, could you help us with just your expectations for interLINK from here? How much you're going to continue to pull on that and then maybe the implications for borrowings and also ultimately, where you wanted the loan to deposit to settle?

好的。偉大的。就資產負債表而言，您能否從這裡幫助我們了解您對 interLINK 的期望？您將繼續使用多少，然後可能對借款產生影響，最終，您希望貸款存入何處以結算？

Yes. Thanks. So Chris, let me take that. It's Glenn. So we think that the interLINK will probably close the year closer to $5 billion right now. And so November, as of -- I mean as of now, we're at almost $3.5 billion as of yesterday. So we're well on the path there.

是的。謝謝。所以克里斯，讓我接受這個。是格倫。因此，我們認為 interLINK 現在可能會在今年結束時接近 50 億美元。所以 11 月，截至 - 我的意思是截至目前，截至昨天，我們的收入接近 35 億美元。所以我們在這條路上走得很好。

And Chris, we've talked about the beauty of that is it's a lever we can pull adjust and down from an accordion perspective. So -- if we continue to see momentum out of the business lines with respect to deposit growth, we can throttle that down. But it's a wonderful tool to have, particularly in this environment.

克里斯，我們已經談到了它的美妙之處在於它是一個我們可以從手風琴的角度拉動調整和下降的槓桿。所以 - 如果我們繼續看到業務線在存款增長方面的勢頭，我們可以抑制它。但這是一個很棒的工具，尤其是在這種環境下。

And then just lastly, on the buyback. Obviously, a lot of your peers is going back into the macro uncertainty. I guess where do you shake out in terms of thinking about this in terms of timing?

最後，關於回購。顯然，您的許多同行正在回到宏觀不確定性中。我想你在考慮這個問題的時間安排方面有什麼問題？

Yes, I think that's great. Obviously, with the uncertainty in the market, we -- in the first quarter, we weren't active. And in the second quarter, we likely won't be. But we do believe in our model now and our base case of what's going to happen in the macro environment as things settle that there'll be several hundred million dollars in buybacks in the third and fourth quarter. But again, I always want to caveat that with the fact that we'll be prudent given the environment that we'll be in. But certainly, at this valuation, it's an attractive investment for us to return capital that way.

是的，我認為那很好。顯然，由於市場的不確定性，我們 - 在第一季度，我們並不活躍。而在第二季度，我們可能不會。但我們現在確實相信我們的模型，以及我們對宏觀環境中將會發生什麼的基本情況，因為第三和第四季度將有數億美元的回購。但同樣，我總是想警告說，考慮到我們所處的環境，我們會謹慎行事。但當然，按照這個估值，以這種方式回報資本對我們來說是一項有吸引力的投資。

Our next question comes from Casey Haire from Jefferies.

我們的下一個問題來自 Jefferies 的 Casey Haire。

Couple of questions on the expense front. So the strategic expenses up in the quarter. Was any of that relating to the control issues around -- that caused the 10-K delay?

關於費用方面的幾個問題。因此，本季度的戰略支出有所增加。是否有任何與控制問題有關的問題——導致 10-K 延遲？

Yes. The answer is no. It has to do with what we're doing with respect to our conversion and other merger-related charges. So we have not had material expense increases related to resolution of the MW and we're well on the path of remediation of all that, too. So it's not going to pop anywhere.

是的。答案是不。這與我們在轉換和其他與合併相關的費用方面所做的工作有關。因此，我們沒有與 MW 的解決方案相關的材料費用增加，而且我們也正處於補救所有這些問題的道路上。所以它不會在任何地方彈出。

So consistent with what you guys talked about at Investor Day, this is not going to have -- it's not going to lead to a meaningful impact on expenses.

與你們在投資者日所說的一致，這不會 - 它不會對支出產生有意義的影響。

No.

不。

No, no.

不，不。

Okay. And just following up, so the efficiency ratio, 42% in the first quarter, you guys are still shooting for that 40% level, which implies a sub-40% efficiency ratio in the remaining quarters despite you're keeping your expense guide the same, but you've taken down your revenues. So I'm just trying to square what appears to be a tougher outlook and you're still holding that efficiency ratio?

好的。緊隨其後，第一季度的效率比為 42%，你們仍在努力達到 40% 的水平，這意味著儘管你們保持支出指導，但剩餘季度的效率比低於 40%相同，但您已經減少了收入。所以我只是想對看起來更艱難的前景進行平方，而你仍然保持那個效率比？

Yes. So you saw our expenses for the first quarter at $303 million basically flat quarter-over-quarter. So we think we have some opportunity there. But I think as you push it forward, we still feel good about operating in the 40% range. So we were a little elevated this quarter, and I think it will play out fine.

是的。所以你看到我們第一季度的支出為 3.03 億美元，與上一季度相比基本持平。所以我們認為我們在那裡有一些機會。但我認為，隨著你向前推進，我們仍然對在 40% 的範圍內運營感到滿意。所以我們在本季度有所提升，我認為它會很好地發揮作用。

Yes, Casey, if you again, look at the middle ranges; of our guidance, I think that comes out to about 41%, so kind of flat and I said around 40% with our targets. I think we do have opportunities and levers to pull once we get through conversion on expenses. And so I think that's where we'll be right in that 40%, low 40s, 40% range.

是的，凱西，如果你再看看中間範圍；在我們的指導中，我認為結果約為 41%，所以有點持平，我說我們的目標約為 40%。我認為，一旦我們通過費用轉換，我們確實有機會和槓桿來拉動。所以我認為這就是我們在 40%、低 40s、40% 範圍內的正確位置。

Very good. And just last one. Any commentary on HSA up 6% year-over-year. I think that's a little bit lighter than what you guys talked about in Investor Day, though John, I agree with you, that seems like a long time ago now, but just color on a mid-single-digit growth rate in HSA year-over-year?

非常好。而只是最後一個。對 HSA 的任何評論同比增長 6%。我認為這比你們在投資者日談論的要輕一點，儘管約翰，我同意你的看法，這似乎是很久以前的事了，但只是對 HSA 年中個位數增長率的顏色 -超過一年？

No, I think what we're -- where we are is kind of the industry growth slowed a little bit. We're pretty happy with where we are with respect to year-over-year in the first quarter growth. So I would say I don't think it's anything unusual. Casey, we're still bullish that it's very difficult to find deposit growth in the high single digits on low-cost deposits. So nothing unusual. And actually, I think we had a pretty good quarter relative to what Devenir and year-over-year relative to what Devenir showed in terms of industry growth.

不，我認為我們所處的位置是行業增長略有放緩。我們對第一季度同比增長的情況感到非常滿意。所以我會說我不認為這有什麼不尋常的。凱西，我們仍然看好低成本存款很難實現高個位數的存款增長。所以沒有什麼不尋常的。實際上，我認為相對於 Devenir 和 Devenir 在行業增長方面的表現，我們有一個相當不錯的季度。

Our next question comes from Matthew Breese from Stephens.

我們的下一個問題來自 Stephens 的 Matthew Breese。

I wanted to touch on credit. First, could you just give us some sense on loan resets for commercial real estate, what is the average kind of change in loan yield for loans coming out of, I'd assume 2018, 2019 vintages to today? And what kind of impact does that have on debt service coverage ratios? And then the second question I have is just same type of profile, right, 2018 or 2019 vintages to today, what's kind of the average change in cap rates that you're using when you underwrite those properties? And how are borrowers behaving or reacting to these changes?

我想談談信用。首先，您能否給我們一些關於商業房地產貸款重置的信息，我假設從 2018 年、2019 年到今天的貸款的貸款收益率的平均變化是什麼？這對償債覆蓋率有什麼樣的影響？然後我的第二個問題是相同類型的配置文件，對，從 2018 年或 2019 年到今天，您在承銷這些資產時使用的資本化率的平均變化是多少？借款人如何應對這些變化？

Yes, it's interesting. It's hard to give sort of a blanket response to that because what we're seeing is in the maturities obviously, what we're doing is we're renegotiating with borrowers. They're putting in either more proceeds or rates are increasing if we're taking a little bit more risk on the LTV and debt service coverage ratios, I'm trying to pull up some data I have around.

是的，這很有趣。很難對此做出全面的回應，因為我們所看到的顯然是到期日，我們正在做的是與借款人重新談判。如果我們在 LTV 和償債覆蓋率上承擔更多風險，他們要么投入更多收益，要么利率上升，我正在嘗試提取一些我手頭的數據。

I think we're a couple of hundred basis points up from a cap rate perspective. 6.2% was our kind of all-in yield. That's probably up in March in commercial real estate. That's probably up 250 basis points since the '18 and '19 range. And that's kind of what we're originating now. I'd say some of the research we have, Matt, shows that like if a 10% decline in NOI increases -- I'm sorry, impacts DCR, about 17 basis points. I'm trying to think of my LTV number that I had here, give me 1 second.

我認為我們從資本化率的角度來看提高了幾百個基點。 6.2% 是我們的總收益率。這可能在 3 月份在商業房地產中有所上升。自 18 年和 19 年以來，這可能上漲了 250 個基點。這就是我們現在的起源。我想說我們的一些研究，馬特，表明如果 NOI 下降 10% 會增加——對不起，影響 DCR，大約 17 個基點。我正在想我在這裡的 LTV 號碼，請給我 1 秒鐘。

A 100 basis point increase in cap rates increases LTVs by about 10% to 12% in our portfolio as we've been going down and reviewing all of those dynamics. So what I would say is we're not seeing any issues with respect to current debt service coverage on our commercial real estate. And as it's coming up for renewal, we've been taking really aggressive proactive steps to either rightsize the proceeds or work with the borrower to get additional enhancements if we're settling for a lower debt service coverage ratio and a higher LTV.

隨著我們一直在下降並審查所有這些動態，上限利率增加 100 個基點會使我們投資組合中的 LTV 增加約 10% 至 12%。所以我要說的是，我們沒有看到任何關於我們商業房地產的當前償債範圍的問題。當它即將更新時，我們一直在採取非常積極主動的步驟來調整收益或與借款人合作以獲得額外的增強，如果我們接受較低的償債覆蓋率和較高的 LTV。

So, so far, if you look at all of our asset classes, we gave you a lot in office, we're in pretty good shape there. And I think on 1 of the slides in office, we showed the maturities left this year. We've already kind of resolved about $200 million in maturities in office in 2023, and we did that by either getting additional credit enhancements, paying down the proceeds and working and getting additional equity from our borrowers. And obviously, as we're settling those at the new yield, we're still comfortable that we've got reasonable debt service coverage, and we're still within LTVs.

所以，到目前為止，如果你看看我們所有的資產類別，我們在辦公室給了你很多，我們在那裡的狀況非常好。我認為在辦公室的一張幻燈片上，我們展示了今年剩餘的到期日。我們已經解決了 2023 年約 2 億美元的任期到期問題，我們通過獲得額外的信用增強、償還收益以及工作並從借款人那裡獲得額外的股權來做到這一點。顯然，當我們以新的收益率結算時，我們仍然對我們有合理的償債範圍感到滿意，而且我們仍在 LTV 之內。

Understood. Okay. And then I was hoping you could just talk about the New York City market in the wake of signature and everything going on with some of the other players in that market being dislocated. Does it change your view of how you attack or kind of man the field in regards to New York City. What kind of opportunity is there to take market share in the wake of this disruption?

明白了。好的。然後我希望你能談談簽名之後的紐約市市場，以及該市場中其他一些參與者錯位的一切。它是否會改變您對紐約市攻擊方式或人際關係的看法。在這種顛覆之後，有什麼樣的機會來佔據市場份額？

Yes. I guess we look at it 2 ways, right? So you think about managing from a credit perspective, all of our New York City real estate exposure. And I think the critical thing is we look again at having strong borrowers, strong sponsors, strong property and conservatively underwritten loans. And so while, obviously, we believe that they'll be stressed, particularly with the loans that Signature Bank we'll be selling in the New York Community Bank didn't buy. We're not too worried about the impact on the overall market as long as we've got really good sponsors standing behind their properties and we're able to work through borrowers and as we said in our commercial real estate portfolio in New York, there's no cliff there, right? We've got limited maturities, strong lease flows, good LTVs. And so we're working with each of our individual borrowers as we move forward.

是的。我想我們從兩個方面來看，對吧？所以你考慮從信用的角度來管理我們所有的紐約市房地產風險敞口。我認為關鍵是我們要重新審視擁有強大的借款人、強大的讚助商、強大的財產和保守承保的貸款。因此，很明顯，我們相信他們會感到壓力，尤其是我們將在紐約社區銀行出售的 Signature Bank 沒有購買的貸款。我們並不太擔心對整個市場的影響，只要我們有真正優秀的讚助商支持他們的財產，並且我們能夠通過借款人工作，正如我們在紐約的商業房地產投資組合中所說的那樣，那裡沒有懸崖，對吧？我們的期限有限，租賃流量強勁，LTV 良好。因此，在我們前進的過程中，我們正在與每個借款人合作。

I think as the dust settles, Matt, and we think about opportunities in the market, we do believe that there'll be potentially teams available. We do believe that there will be high-quality transactions available to us. I think right now, if you think about what our management team has been focused on for the last quarter, it's obviously what you'd want us to be focused on, which is making sure that we've got strong liquidity that we're looking at our own credit and that we're thinking about how we're going to be able to react in the future and how much flexibility we have given our funding advantage given the fact that we think we can continue to grow deposits, I think we will opportunistically take share, but we want to make sure we're doing it in asset classes we think, are strong with the right relationships and at the right time.

我認為隨著塵埃落定，馬特，我們會考慮市場上的機會，我們確實相信會有潛在的團隊可用。我們確實相信會有高質量的交易可供我們使用。我想現在，如果你想想我們的管理團隊在上個季度關注的是什麼，這顯然是你希望我們關注的，這就是確保我們擁有強大的流動性看看我們自己的信用，我們正在考慮我們將如何在未來做出反應，以及考慮到我們認為我們可以繼續增加存款這一事實，我們為我們的融資優勢提供了多大的靈活性，我認為我們會機會主義地分享，但我們想確保我們在我們認為的資產類別中這樣做，在正確的時間和正確的關係中表現出色。

So I do think there's an opportunity for us to continue to smartly grow our book there, but we're also very cognizant of the market dynamics in New York right now, the potential for a recession at the end of the year. So what I'd say is, yes, opportunity in the future, but really prudent about how we go about deciding where and when to take that share.

所以我確實認為我們有機會繼續在那裡巧妙地發展我們的書，但我們也非常了解紐約目前的市場動態，以及年底經濟衰退的可能性。所以我要說的是，是的，未來有機會，但對於我們如何決定何時何地獲得該份額，我們要非常謹慎。

Got it. Understood. Last 1 for me. Just on interest rate sensitivity, I see in the down rate 100 basis point scenario. I think NII is down now about 2.8%. This is off from, I think, 3% at year-end. As you continue to move the ball forward on this front, by the time we do get to 2024 and potentially close to rate cuts, where do you expect the balance sheet sensitivity on this metric to be?

知道了。明白了。最後 1 給我。就利率敏感性而言，我看到利率下調 100 個基點的情況。我認為 NII 現在下跌了約 2.8%。我認為，這與年底時的 3% 相去甚遠。隨著您繼續在這方面向前推進，到 2024 年並可能接近降息時，您預計該指標的資產負債表敏感性在哪裡？

Yes. So let me take that, Matt. So you'll probably see on the same chart, I think you're back on Page 28 or so that we have continued or we continue to reduce our asset sensitivity. And so we've done some things that we talked about at Investor Day, of loan swaps, collars and things like that. So we continue to manage that down. I don't think we'll be at a neutral point, but I think we continue just to work that down.

是的。所以讓我接受，馬特。所以你可能會在同一張圖表上看到，我認為你回到了第 28 頁左右，我們已經繼續或者我們繼續降低我們的資產敏感性。因此，我們做了一些我們在投資者日談到的事情，包括貸款互換、項圈和類似的事情。所以我們繼續管理它。我不認為我們會處於中立點，但我認為我們會繼續努力。

Our next question comes from Daniel Tamayo from Raymond James.

我們的下一個問題來自 Raymond James 的 Daniel Tamayo。

Just 1 question for me. I think, Glenn, you had mentioned that the -- you expect to hold a higher percentage of normalized excess cash kind of going forward. Curious if that's similar to the amount that you're holding now or if that -- if you expect that to grow and kind of the time frame where you think that might have to stay on the balance sheet?

我只有 1 個問題。我想，格倫，你提到過——你希望在未來持有更高比例的正常化過剩現金。好奇這是否與您現在持有的金額相似，或者如果您希望它增長以及您認為可能必須保留在資產負債表上的時間框架？

Yes. So we are holding right now, elevated cash levels. And I think over the course of the next couple of quarters, we'll manage that down to a more normalized level and say that level is about $1 billion as opposed to I think in the quarter, we were $2.2 billion. I think you'll see that elevated in the second quarter a little bit because that's -- we only closed out the quarter, so we continue to build some cash balances, but we'll continue to manage that down for the remainder of the year.

是的。所以我們現在持有較高的現金水平。我認為在接下來的幾個季度中，我們將把它降低到一個更正常的水平，並說這個水平約為 10 億美元，而我認為在本季度我們是 22 億美元。我認為你會看到第二季度有所上升，因為那是 - 我們剛剛結束了這個季度，所以我們繼續建立一些現金餘額，但我們將在今年餘下的時間裡繼續管理現金餘額.

And obviously, that has implications from a NIM standpoint, right? And so -- because it's basically doesn't -- it's not -- it doesn't -- it drags -- deters from NIM. So you'll see probably a little bit more NIM compression in the third quarter. But then as we deploy that cash and draw it down, that it should -- NIM should come back up.

顯然，從 NIM 的角度來看，這會產生影響，對吧？所以——因為它基本上不會——它不會——它不會——它會拖延——阻止 NIM。因此，您可能會在第三季度看到更多的 NIM 壓縮。但是當我們部署現金並將其提取時，它應該——NIM 應該恢復。

Okay. And this is all contemplated in your guidance the way you just laid it out?

好的。在您的指導中，這一切都按照您剛剛列出的方式考慮了嗎？

Yes, it is, it is.

是的，是的，是的。

That's all I had. I appreciate it.

這就是我的全部。我很感激。

Our next question comes from Mark Fitzgibbon from Piper Sandler.

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

First question I had, you had about $900 million of commercial real estate growth in the first quarter. Was any particular concentrations that came in?

我的第一個問題是，第一季度商業房地產增長了約 9 億美元。是否有任何特別的濃度出現？

It wasn't. I can tell you, again, office is obviously disfavored. But if you think about kind of multifamily across our footprint, industrial mixed-use, that's kind of where it is, Mark and pretty spread across geographies.

事實並非如此。我可以再次告訴你，辦公室顯然不受歡迎。但是，如果你考慮一下我們足跡中的多戶家庭，工業混合用途，那就是它所在的地方，馬克，而且分佈在各個地區。

The other interesting thing about commercial real estate and, quite frankly, all loan growth in the quarter, Mark. Is the pre-payers were down significantly. So our originations were actually down materially from a year ago. But obviously, market conditions are having it so that properties aren't trading in the regular C&I and in the sponsor book, the transaction volume is not as high. So I just throw that in there for context that to get $900 million of growth in CRE in the quarter, the level of originations did not have to be nearly as high as it was a year ago where there was a lot more prepayments as well.

關於商業房地產的另一件有趣的事情，坦率地說，本季度的所有貸款增長，馬克。是預付款顯著下降。所以我們的起源實際上比一年前大幅下降。但顯然，市場條件正在發生變化，因此房產不會在常規 C&I 和讚助商賬簿中進行交易，交易量不會那麼高。所以我只是把它扔在那裡，因為要在本季度獲得 9 億美元的 CRE 增長，發起水平不必像一年前那樣高，那裡也有更多的預付款。

Okay. And then secondly, I'm curious if you're seeing any pressure to boost HSA deposit rates? And is your modeling assuming that deposit costs there stay at around 15 basis points going forward.

好的。其次，我很好奇你是否看到任何提高 HSA 存款利率的壓力？您的模型是否假設未來的存款成本保持在 15 個基點左右。

Yes. So we are modeling at 15 basis points. You probably saw 2 quarters ago, we did increase the rate. So it went from like 9 or 10 basis points to 15 basis points. But as far as the beta on that is at the very low end of the range. So -- it's 1 of those -- obviously, you know 1 of those funding sources that are really important to us at a time like now.

是的。所以我們在 15 個基點建模。您可能在兩個季度前看到，我們確實提高了利率。所以它從 9 或 10 個基點變成了 15 個基點。但就該測試版而言，它處於該範圍的極低端。所以 - 它是其中之一 - 顯然，你知道這些資金來源中的一個在像現在這樣的時候對我們來說非常重要。

Okay. And then lastly, I saw in some of the local papers here in Connecticut that you expect -- you had a customer data breach. I wondered if you could share with us whether that's likely to result in a large charge in coming quarters?

好的。最後，我在康涅狄格州的一些當地報紙上看到了你所期望的——你發生了客戶數據洩露事件。我想知道您是否可以與我們分享這是否會在未來幾個季度產生大量費用？

Yes. We actually Mark don't think there'll be any financial impact to us -- as we said, it's a third-party vendor that we use for fraud monitoring that experienced the data security incident and had the release of our information. And we've communicated with regulators and clients. None of our systems were impacted, and we believe that there will be no material financial impact to Webster with respect to all aspects of putting that behind us.

是的。事實上，馬克認為這不會對我們造成任何財務影響——正如我們所說，它是我們用於欺詐監控的第三方供應商，它經歷了數據安全事件並發布了我們的信息。我們已經與監管機構和客戶進行了溝通。我們的系統都沒有受到影響，而且我們相信，就將其拋在腦後的各個方面而言，韋伯斯特不會產生重大的財務影響。

Our next question comes from Steve Alexopoulos from JPMorgan.

我們的下一個問題來自摩根大通的 Steve Alexopoulos。

So I wanted to start in the aftermath of Silicon Valley Bank. Can you walk us through what happened to your deposit base? John, I thought you said there were inflows and outflows. And I'm particularly curious on the Sterling side.

所以我想從矽谷銀行的後果開始。你能告訴我們你的存款基礎發生了什麼事嗎？約翰，我記得你說過有流入和流出。我對英鎊方面特別感興趣。

Yes. Interestingly, there was no differentiation really between the 2 legacy banks, which I hate to say at this juncture into our deal. And so behaviorally, Steve, what we saw across New Webster was the same across our footprint, which was, as I mentioned, business as usual in Consumer and HSA. We literally grew organically our consumer deposits across our branch footprint, which was a terrific job by the team there.

是的。有趣的是，這兩家傳統銀行之間並沒有真正的區別，我不想在我們交易的這個時刻說出來。因此，在行為上，史蒂夫，我們在 New Webster 上看到的在我們的足跡上是一樣的，正如我提到的，消費者和 HSA 的業務照常進行。我們從字面上有機地增加了我們在分支機構足跡中的消費者存款，這是那裡團隊的一項了不起的工作。

In commercial, across all of our relationships and across all of our business lines, we had a handful of large deposit commercial customers, think $200 million, $100 million, who either from a pressure from their Board or not-for-profit, they had a Board that pushed on fiduciary duty. And obviously, I'm sure you're hearing this from everyone else in those 2 or 3 days that moved a portion of those deposits likely to -- where you work, Steve, to JPM or the like.

在商業領域，在我們所有的關係和我們所有的業務線中，我們有一些大存款商業客戶，想想 2 億美元，1 億美元，他們要么來自董事會的壓力，要么出於非營利目的，他們有推動信託責任的董事會。顯然，我敢肯定，在這 2 或 3 天內，您會從其他人那裡聽到這些消息，這些人可能會將這些存款的一部分轉移到您工作的地方，史蒂夫，JPM 或類似的地方。

And the interesting points there, Steve, were no one closed accounts. No one drove their balances down to the FDIC insurance limits. They took a $100 million deposit to $50 million or $200 million deposit to $100 million deposit. And the more sophisticated borrowers and the larger corporate borrowers were the ones that kind of acted the most from that fiduciary. We've seen that settle down really, really quickly, and you can see it in our numbers, our commercial deposits were down some quarter-to-quarter. We're seeing some of that flow back. We're also seeing a significant amount of new deposit openings. And I don't like to attribute it to the 2 bank failures, but obviously, activities in our footprint, there are people that are reaching out to us. And so we've got opportunity as we fund those accounts to grow our commercial deposits again.

史蒂夫，有趣的一點是沒有人關閉賬戶。沒有人將他們的餘額降低到 FDIC 保險限額。他們接受了 1 億美元至 5000 萬美元或 2 億美元至 1 億美元的存款。更成熟的借款人和更大的公司借款人是受託人採取最多行動的借款人。我們已經看到這種情況真的非常非常快地穩定下來，你可以從我們的數字中看到，我們的商業存款環比下降了一些。我們看到其中一些回流。我們還看到大量新的存款開口。我不想將其歸因於 2 家銀行倒閉，但顯然，在我們足跡中的活動中，有人正在向我們伸出援手。因此，我們有機會為這些賬戶提供資金，以再次增加我們的商業存款。

So it was shorter lived than we thought with respect to the unusual activity. We did see some level of outflow, which quickly stabilized and now we're on a trajectory, where we think we'll continue to grow core commercial deposits and no difference across geography or legacy bank.

因此，就異常活動而言，它的壽命比我們想像的要短。我們確實看到了一定程度的資金流出，但很快就穩定下來，現在我們正處於軌道上，我們認為我們將繼續增加核心商業存款，並且在不同地區或傳統銀行之間沒有差異。

Okay. That's helpful. Very helpful, actually. If I could shift to the loan side. So the down shift in loan growth, which is modest, right? You took the ranges down by 2% each, but how much of that is tied to you guys tightening the credit box versus just assuming there'll be less demand in the market, just given the economic outlook.

好的。這很有幫助。實際上很有幫助。如果我可以轉到貸款方面。所以貸款增長的下降是溫和的，對吧？你把範圍都降低了 2%，但其中有多少與你們收緊信貸箱有關，而不是僅僅假設市場需求會減少，只是考慮到經濟前景。

It's a great question. I talked about this yesterday, Steve. I think there are 3 implications. Number one, and probably most importantly, to put a fine point on your question, we probably lowered the guidance because of organic lower [Fed H8] loan demand. So the market, there is less loan demand, and that's going to be a driver.

這是一個很好的問題。我昨天談過這個，史蒂夫。我認為有3個影響。第一，也許最重要的是，要對你的問題提出一個很好的觀點，我們可能降低了指導，因為有機較低的 [Fed H8] 貸款需求。所以市場，貸款需求減少，這將成為一個驅動因素。

Two, I don't know whether it's us shrinking the credit box, but as we get into a more cyclical time, potential recession, a little more choppiness, obviously, we're less inclined to lend into those industries that have significant cyclicality and maybe others that are under pressure. So that has the impact of sort of shrinking the credit box, maybe not tightening standards, but shrinking the credit box.

第二，我不知道是不是我們在縮小信貸箱，但隨著我們進入一個更具週期性的時期，潛在的衰退，更加動盪，顯然，我們不太願意向那些具有顯著周期性和也許其他人處於壓力之下。所以這會產生某種程度上縮小信用箱的影響，也許不是收緊標準，而是縮小信用箱。

And then obviously, as it relates to liquidity, and as liquidity continues to flow out of the industry, I think that will have an impact on everyone's loan growth as they get a little bit more selective and prioritize existing customers over maybe new customers or national businesses that don't have deposit relationships with them. So I think that's in the order of prioritization, the 3 things that will have us going from high-single digits to mid-single digits.

然後很明顯，因為它與流動性有關，並且隨著流動性繼續流出該行業，我認為這將對每個人的貸款增長產生影響，因為他們會變得更有選擇性，並優先考慮現有客戶而不是新客戶或國家客戶與他們沒有存款關係的企業。所以我認為這是按優先順序排列的，這三件事將使我們從高個位數上升到中個位數。

Got it. Okay. That's great. And maybe 1 last one for Glenn around the margin. So if the Fed starts cutting rates at some point, I know your outlook is rates flat for the rest of the year, but let's say they assume start cutting either second half of this year or early next year. How do you think about the delay, the lag in terms of either months or percentage of rate change we need before you could start reducing the cost of interest-bearing deposits.

知道了。好的。那太棒了。也許最後一個是格倫的邊緣。因此，如果美聯儲在某個時候開始降息，我知道你對今年餘下時間的利率持平，但假設他們假設在今年下半年或明年初開始降息。你如何看待延遲，在你開始降低生息存款成本之前，我們需要幾個月或利率變化百分比的滯後。

On the deposit side, so I think -- look, I think if you look at our deposit beta, we've lagged like 2 quarters or so in rate increases, but I think on the way down, the Fed begins to cut, it's probably within 3 months, you'd begin to see it pretty quickly. So I think the reaction on the way down would be more significant than the lag on the way up.

在存款方面，所以我認為 - 看，我認為如果你看一下我們的存款貝塔，我們的加息時間已經滯後了 2 個季度左右，但我認為在下降的過程中，美聯儲開始降息，這是可能在 3 個月內，您很快就會開始看到它。因此，我認為下跌過程中的反應比上漲過程中的滯後更為顯著。

Okay. Perfect. So that -- Glenn, if we did see that play out for the second half, we saw 2 rate cuts would that materially impact this 38% permit beta you're calling out? Or would it not be material?

好的。完美的。所以 - 格倫，如果我們確實看到下半年發揮作用，我們看到兩次降息是否會對你所說的這個 38% 的許可測試產生重大影響？或者它不會是物質的？

No. I would -- well, it depends on what you see it in the second half. I mean, we're thinking in the first quarter, we see a rate reduction. But so it probably -- if it's in the fourth quarter, you probably wouldn't see as much, right? Because it'd be like 30 days or something like that, 60 days before you saw anything.

不，我會——好吧，這取決於你在下半場看到什麼。我的意思是，我們在第一季度考慮，我們看到利率下降。但它可能 - 如果它在第四季度，你可能不會看到那麼多，對吧？因為大概需要 30 天或類似的時間，60 天后你才能看到任何東西。

I think what you're seeing here, Steve, is that this is the deposit base catching up along with growth in our deposit base part because of shoring up the balance sheet from a liquidity standpoint with things like interLINK, brokered CDs and stuff like that. So that's really what's driving it. And I think if you're thinking about it from a margin standpoint, the -- like I said before, there'll be some pressure in Q2 because we're holding all this excess cash, which is the prudent thing to do. But then as we get more clarity on the future in the next couple of quarters, we'll manage that down. And so you'll see the margin come back up.

我想你在這裡看到的是，史蒂夫，這是存款基礎隨著我們存款基礎部分的增長而趕上，因為從流動性的角度來看，通過 interLINK、經紀 CD 等類似的東西來支撐資產負債表.所以這才是真正的驅動力。而且我認為，如果你從保證金的角度考慮它，就像我之前說過的那樣，第二季度會有一些壓力，因為我們持有所有這些過剩現金，這是謹慎的做法。但是隨著我們在接下來的幾個季度中對未來的了解更加清晰，我們將對其進行管理。所以你會看到利潤率回升。

(Operator Instructions) Our next question comes from Zach Westerlind from UBS.

（操作員說明）我們的下一個問題來自瑞銀的 Zach Westerlind。

It's Zach on for Brody. My question is just around the 20 basis points of charge-offs. Could you provide any color on what loan categories drove that number?

扎克替補布羅迪。我的問題是關於沖銷的 20 個基點。您能否提供有關推動該數字的貸款類別的任何顏色？

Sure. Mostly commercial. So if you think about our $24 million, $25 million in credit charge-offs in the quarter, Zach, just to give you some -- because we've been talking about this the last several quarters, about $7 million of that were related to strategic loan sales, about $350 million in the quarter. So obviously, very, very small discount on balance sheet optimization and proactive credit monitoring, the rest of the $18 million or so were all in about 4 commercial credits with actually, I think, 4 different business lines with no kind of correlated risk in terms of -- or anything that we're seeing with respect to sector or industry or geography. And that 19 basis points annualized charge-off rate is actually at or slightly below our pre-pandemic annualized charge-off rate.

當然。主要是商業。所以，如果你想想我們本季度 2400 萬美元、2500 萬美元的信貸沖銷，扎克，只是給你一些——因為我們在過去幾個季度一直在談論這個問題，其中大約 700 萬美元與戰略貸款銷售額，本季度約為 3.5 億美元。所以很明顯，在資產負債表優化和主動信用監控方面有非常非常小的折扣，其餘 1800 萬美元左右全部用於大約 4 個商業信用，實際上，我認為，4 個不同的業務線，沒有任何相關風險的 - 或者我們在部門或行業或地理方面看到的任何東西。而這 19 個基點的年化註銷率實際上等於或略低於我們大流行前的年化註銷率。

So we felt like it was another good quarter, and I just wanted to give you that differentiation of the $7 million of those charge-offs that were done for us through proactive loan sales by us.

所以我們覺得這是另一個好季度，我只想告訴你我們通過主動貸款銷售為我們完成的 700 萬美元沖銷的區別。

Understood. And then just 1 other quick 1 for me. On the securities growth, could you just provide if you're able to new purchase yields versus what's rolling off the [book] ?

明白了。然後對我來說只有另外 1 個快速 1。關於證券的增長，你能否提供新的購買收益率與[賬簿]的滾動收益率？

So I think what we purchased that was a little over 6.13% somewhere around there. And what came off was at about $311 million. So there's about $200 million that came off and about $900 million that went on. And then in addition to that, we had, as I said in my prepared remarks, about $400 million in restructuring that we did, so security sales effectively. And those were at -- those are at about 60 to 70 basis points.

所以我認為我們購買的產品在附近某處略高於 6.13%。結果是大約 3.11 億美元。因此，大約有 2 億美元流出，大約有 9 億美元繼續流出。然後除此之外，正如我在準備好的發言中所說，我們進行了大約 4 億美元的重組，因此有效地進行了安全銷售。那些是——那些大約是 60 到 70 個基點。

Our next question comes from Jared Shaw from Wells Fargo.

我們的下一個問題來自富國銀行的 Jared Shaw。

Just looking at the quarter-to-date deposit growth, can you give the composition of where you were seeing that, I guess, especially the contributions from Brio and interLINK? And then to get to that higher 38% terminal beta, are you expecting higher contributions from Brio and interLINK than I guess you're assuming before?

看看季度至今的存款增長，我猜你能否給出你所看到的構成，尤其是 Brio 和 interLINK 的貢獻？然後為了獲得更高的 38% 終端測試版，您是否期望 Brio 和 interLINK 的貢獻比我之前假設的更高？

Yes. So for the -- is your question about from the fourth quarter to the first quarter, Jared?

是的。那麼對於 - 你的問題是從第四季度到第一季度，Jared？

Well, I guess both, yes. And then what you've seen -- what you called out is seeing so far in April?

好吧，我想兩者都是，是的。然後你所看到的——你所說的是四月份到目前為止所看到的？

Yes. So interLINK itself was -- for the first quarter was $2.8 billion of the growth. And so we basically -- that's from 0 to $2.8 billion. So that was a big driver. The offset to that was we let some of the brokered deposits run off. So they went from like $1.4 billion to $672 million, right? And then the other areas where we saw growth, as I said in my prepared remarks were in like certificates of deposits that were up about $1 billion. And those were long dated, a little over 4% retail type of CDs, that's how we ended the first quarter.

是的。所以 interLINK 本身是——第一季度增長了 28 億美元。所以我們基本上 - 從 0 到 28 億美元。所以這是一個很大的驅動力。對此的抵消是我們讓一些經紀存款流失了。所以他們從 14 億美元增加到 6.72 億美元，對吧？然後我們看到增長的其他領域，正如我在準備好的發言中所說的那樣，就像存款證一樣增長了大約 10 億美元。這些都是過時的，略高於 4% 的零售類型 CD，這就是我們結束第一季度的方式。

As I said in the prepared remarks, we're actually up in the second quarter by another $2.8 billion. And a big piece of that, and I'd say about $500 million to $600 million of that is interLINK. Again, and then the remainder is primarily brokered CDs. And our idea with that, and there's some commercial growth, as John indicated, there's continued retail growth, but in being chunks, that's what it is. And so that we're using to pay down basically some FHLB borrowings and things like that. So it's sort of cost neutral from a NIM standpoint and things like that. But it also provides us more off-balance sheet liquidity, if you think of it that way. And so we wanted to make sure we preserve the optionality of that.

正如我在準備好的發言中所說，我們實際上在第二季度又增加了 28 億美元。其中很大一部分，我想說其中大約 5 億到 6 億美元是 interLINK。同樣，剩下的主要是經紀 CD。我們的想法是，正如約翰指出的那樣，有一些商業增長，零售業在持續增長，但作為大塊，就是這樣。因此，我們基本上用來償還一些 FHLB 借款和類似的東西。因此，從 NIM 的角度來看，它在某種程度上是成本中性的。但如果你這樣想的話，它也為我們提供了更多的表外流動性。所以我們想確保我們保留它的可選性。

And then the other dynamic, as I said a few times, is that we're managing down cash. And so you would expect to see our FHLB borrowings to come down. The growth in interLINK as we go through the year, brokered deposits will probably flatten out because I think we have other sources of funding that we'll get, whether it's Brio or things like that. So I think that's kind of how we're thinking about them.

然後另一個動態，正如我說過幾次，是我們正在管理現金。所以你會期望看到我們的 FHLB 借款減少。 interLINK 的增長在我們過去一年中，經紀存款可能會趨於平緩，因為我認為我們還有其他資金來源，無論是 Brio 還是類似的東西。所以我認為這就是我們對它們的看法。

Okay. And then when we just look at where these are on the balance sheet, is interLINK money market or I guess, were Brio and interLINK in terms of brokered CDs and money market?

好的。然後，當我們只看這些在資產負債表上的位置時，是 interLINK 貨幣市場，或者我猜，就經紀 CD 和貨幣市場而言，Brio 和 interLINK 是什麼？

So interLINK is in money market, but I would point you to our slide -- the slide presentation because we broke it out there. So if you looked on Page 9 of our presentation, you can see the interLINK piece, so we sort of broke it out by product type and then by line of business. And so you see in the corporate piece, which is the treasury piece. And John actually headed in his slide as well, the net difference between interLINK and whatever else is basically wholesale funding.

所以 interLINK 在貨幣市場，但我會向您指出我們的幻燈片 - 幻燈片演示，因為我們在那裡打破了它。因此，如果您查看我們演示文稿的第 9 頁，您會看到 interLINK 部分，因此我們將其按產品類型和業務線進行分類。所以你在公司部分看到了，這是國庫部分。 John 實際上也在他的幻燈片中處於領先地位，interLINK 和其他任何東西之間的淨區別基本上是批發資金。

Okay. And then -- and just finally, on InterLINK, the cost of that for the quarter, is that similar to FHLB, I guess, where we -- where is the cost on that time...

好的。然後——最後，在 InterLINK 上，本季度的成本與 FHLB 相似，我猜，我們——那個時間的成本在哪裡……

It's like Fed funds -- it's like 5%, Fed funds plus 15%, say.

這就像聯邦基金——比如 5%，聯邦基金加 15%。

Our next question comes from Chris McGratty from Keefe, Bruyette, & Woods.

我們的下一個問題來自 Keefe、Bruyette 和 Woods 的 Chris McGratty。

Glenn, just on the guide, the expenses and the fees. I mean, are you excluding anything (inaudible) the charges? Just to make sure I got the right [start] point.

格倫，關於指南、費用和費用。我的意思是，您是否排除了任何（聽不清）費用？只是為了確保我得到了正確的[起點]點。

Excluding I'm sorry...

除了對不起...

In the expenses, the 1.2...

在費用方面，1.2...

Yes, those are our core operating expenses. So it doesn't include merger-related expense or to the extent we have which we shouldn't have much any other strategic initiatives type expense.

是的，這些是我們的核心運營費用。因此，它不包括與合併相關的費用，或者在我們擁有的範圍內，我們不應該有太多其他戰略舉措類型的費用。

And same with the fees, that excludes the bond also?

和費用一樣，不包括保證金嗎？

Yes. Same thing. Same thing.

是的。一樣。一樣。

We have no further questions in queue. I'd like to turn the call back over to John Ciulla for closing remarks.

隊列中沒有其他問題。我想將電話轉回給 John Ciulla 以作結束語。

Thank you very much. I appreciate everyone joining this morning. Have a great day.

非常感謝。感謝大家今天早上的加入。祝你有美好的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。