Webster Financial Corp (WBS) 2024 Q1 法說會逐字稿

Good morning, and welcome to the Webster Financial First Quarter 2024 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.

早安，歡迎參加韋伯斯特金融 2024 年第一季財報電話會議。請注意，此事件正在被記錄。現在我想請韋伯斯特投資者關係總監 Emlen Harmon 介紹這次電話會議。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. (Operator Instructions) I'll now turn it over to Webster Financial CEO and Chairman, John Ciulla.

早安.在我們開始發言之前，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，並受到安全港規則的約束。請查看今天的新聞稿和簡報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資訊。管理層演講的簡報可在該公司的投資者關係網站 Investors.websterbank.com 上找到。 （操作員指示）我現在將其移交給 Webster Financial 執行長兼董事長 John Ciulla。

Thanks, Emlen. Good morning, and welcome to Webster Financial Corporation's First Quarter 2024 Earnings Call. We appreciate you joining us this morning. I'll provide remarks on our high-level results and operations before turning it over to Glenn to cover our financial results in greater detail. We're off to a solid start this year, having achieved a number of significant accomplishments, both strategically and financially. I first want to provide some color around initiatives that solidify Webster's commitment to our clients, communities and colleagues as these have been and continue to be core to our company values.

謝謝，埃姆倫。早安，歡迎參加韋伯斯特金融公司 2024 年第一季財報電話會議。我們感謝您今天早上加入我們。我將先對我們的高水準業績和營運情況進行評論，然後再將其轉交給格倫，以更詳細地介紹我們的財務業績。今年我們有了一個良好的開端，在策略和財務上都取得了許多重大成就。首先，我想為鞏固韋伯斯特對我們的客戶、社區和同事的承諾的舉措提供一些色彩，因為這些已經並將繼續成為我們公司價值觀的核心。

In the fourth quarter, Webster launched the You're Home program, a special purpose credit program offering down payment assistance and flexible credit requirements to help expand homeownership opportunities for low to moderate income first-time homebuyers. The You're Home program is the most recent component of our broad community investment strategy, a multiyear commitment to expanding access to capital, providing loans, investments, technical assistance and financial services to individuals and small businesses in LMI neighborhoods.

在第四季度，韋伯斯特推出了 You're Home 計劃，這是一項特殊目的信貸計劃，提供首付援助和靈活的信貸要求，以幫助擴大中低收入首次購房者的住房擁有機會。 You're Home 計畫是我們廣泛的社區投資策略的最新組成部分，該策略是一項多年承諾，旨在擴大資本獲取管道，為中低收入社區的個人和小型企業提供貸款、投資、技術援助和金融服務。

We're also launching 4 new finance labs in the coming weeks in partnership with local nonprofits, the Webster Finance Labs initiative, provides technology and programming to create financial empowerment opportunities for young people. By the end of this year, we will have deployed over $1.7 million into 9 labs under this initiative. Our colleagues share this commitment to service. Last year, Webster volunteers gave nearly 17,000 hours of their time to nearly 500 community organizations across our footprint. These are just a few examples of how Webster and our colleagues demonstrate our commitment to our values and our communities.

我們還將在未來幾週內與當地非營利組織合作推出 4 個新的金融實驗室，即韋伯斯特金融實驗室計劃，提供技術和編程，為年輕人創造金融賦權機會。到今年年底，我們將在該計劃下向 9 個實驗室投入超過 170 萬美元。我們的同事也同樣致力於服務。去年，韋伯斯特志工為我們足跡內的近 500 個社區組織貢獻了近 17,000 小時的時間。這些只是韋伯斯特和我們的同事如何展示我們對我們的價值觀和社區的承諾的幾個例子。

Turning to our financial performance on Slide 2. On an adjusted basis for the quarter, we generated a return on average assets of 1.26% and a return on tangible common equity of 17.9%. Our adjusted EPS was $1.35. We are pleased to grow client deposits by $1.8 billion and use those funds to redeem brokered deposits. Amidst a challenging growth environment for the industry, we grew loans at 0.7% or 1.2% when adjusting for the transfer of $240 million of loans to held for sale.

轉向投影片 2 中我們的財務表現。我們調整後的每股收益為 1.35 美元。我們很高興客戶存款增加了 18 億美元，並利用這些資金贖回經紀存款。在該行業充滿挑戰的成長環境中，在對 2.4 億美元的待售貸款轉移進行調整後，我們的貸款增加了 0.7% 或 1.2%。

Our $1.6 billion in funded loan originations this quarter were driven by high-quality C&I CRE categories including fund banking and public sector finance and CRE and property types with solid operating dynamics. Our efficiency ratio was 45%, in line with the low to mid-40s range we expect to operate in for the year. Our interest income performance was softer than originally anticipated as a number of factors led to lower-than-expected loan yields, and we saw our deposits continue to reprice higher, albeit, at a moderated rate.

本季我們發放的 16 億美元融資貸款是由高品質的 C&I CRE 類別推動的，包括基金銀行和公共部門金融以及具有穩健營運活力的 CRE 和房地產類型。我們的效率率為 45%，與我們預計今年營運的 40 左右範圍一致。由於多種因素導致貸款收益率低於預期，我們的利息收入表現弱於最初預期，而且我們的存款繼續重新定價，儘管利率有所放緩。

Despite these dynamics, we still anticipate that NII for the full year will be in the lower range of the guidance we provided in January, assuming loan demand and credit quality of the loan demand cooperate. Structurally and longer term, we should continue to generate returns near the top of our peer group given the strategic advantage provided by our funding profile and business mix and the operating flexibility we have created in terms of our liquidity and capital positions.

儘管存在這些動態，但假設貸款需求和貸款需求的信貸品質配合，我們仍然預計全年的NII將處於我們1月份提供的指引的較低範圍內。從結構和長期來看，鑑於我們的資金狀況和業務組合所提供的策略優勢以及我們在流動性和資本狀況方面創造的營運靈活性，我們應該繼續產生接近同行最高水準的回報。

We anticipate the ability to generate a return on assets in the range of 1.3% and a return on tangible common equity in excess of 18% for the full year '24 and beyond. Our recently closed acquisition of Ametros augments our competitive position.

我們預計 2024 年全年及以後能夠產生 1.3% 的資產回報率和超過 18% 的有形普通股回報率。我們最近完成了對 Ametros 的收購，增強了我們的競爭地位。

On the next slide, we've provided the overview of Ametros as a reminder of the business fundamentals now that they are officially a subsidiary of Webster. Ametros is a particularly unique and exciting opportunity as the company provides a valuable service for its members and provides Webster with low-cost, fast-growing deposits that add significant fee income. To describe the business in brief, Ametros administers recipients funds for medical claims settlements via a proprietary technology platform and service teams.

在下一張投影片中，我們提供了 Ametros 的概述，以提醒人們注意業務基礎知識，因為它們已正式成為 Webster 的子公司。 Ametros 是一個特別獨特和令人興奮的機會，因為該公司為其會員提供有價值的服務，並為 Webster 提供低成本、快速增長的存款，從而增加大量費用收入。簡而言之，Ametros 透過專有技術平台和服務團隊管理接收者的醫療索賠資金。

Ametros is already illustrating its growth potential as it has grown to $870 million in deposit balances relative to $805 million in deposit balances when we announced the acquisition in December.

Ametros 已經展示了其成長潛力，其存款餘額已增至 8.7 億美元，而我們去年 12 月宣布收購時的存款餘額為 8.05 億美元。

It is our expectation, Ametros will grow deposits at 25% CAGR over the next 5 years before considering potential benefits from expanding existing partnerships, new market penetration or medical cost inflation. Slide 4, which many of you are familiar with now, highlights our funding diversity and now officially incorporates Ametros.

我們預計，在考慮擴大現有合作夥伴關係、新市場滲透或醫療成本通膨的潛在收益之前，Ametros 未來 5 年存款複合年增長率將達到 25%。你們許多人現在都熟悉的幻燈片 4 強調了我們的資金多樣性，現在正式合併了 Ametros。

As you will see on subsequent slides, we've combined Ametros with HSA Bank in a segment we've named Healthcare Financial Services, with the segment reporting to our talented President and COO, Luis Massiani. For the foreseeable future, we will continue to provide specific performance measures for both Ametros and HSA Bank.

正如您將在後續幻燈片中看到的那樣，我們將Ametros 與HSA Bank 合併到一個名為「醫療保健金融服務」的細分市場中，該細分市場向我們才華橫溢的總裁兼營運長Luis Massiani 報告。在可預見的未來，我們將繼續為 Ametros 和 HSA Bank 提供具體的績效衡量標準。

Before turning it over to Glenn, let me touch on overall credit and more specifically, CRE. Consistent with industry trends, we have seen negative risk rating migration and a return to pre-pandemic credit metrics. We continue to proactively monitor our overall loan portfolio, and we complete deep dives on targeted segments frequently. While trend lines point to continued pressure on credit performance, excluding office, we haven't seen any concentrated or correlated problem areas with respect to any particular geography, industry sector or product type.

在將其交給格倫之前，讓我談談整體信用，更具體地說，CRE。與行業趨勢一致，我們看到了負面風險評級遷移和疫情前信用指標的回歸。我們繼續主動監控我們的整體貸款組合，並經常完成對目標細分市場的深入研究。儘管趨勢線顯示信貸表現（不包括辦公室）持續面臨壓力，但我們尚未發現與任何特定地理位置、行業部門或產品類型相關的任何集中或相關的問題領域。

On Slide 5, we provide incremental information on our commercial real estate portfolio as it continues to be a focal point of investors in a higher for longer interest rate environment. Our commercial real estate portfolio is diversified by geography and product type, is conservatively underwritten and has continued to perform well from an asset quality perspective.

在幻燈片 5 中，我們提供了有關商業房地產投資組合的增量信息，因為它仍然是長期較高利率環境中投資者的焦點。我們的商業房地產投資組合按地理和產品類型多元化，承保保守，從資產品質的角度來看，持續表現良好。

In its entirety, our commercial real estate portfolio has a weighted average origination LTV of 56% and an amortizing debt service coverage ratio of 1.5x. Classified loans are 1.5% of the portfolio with nonaccruals of just 10 basis points. As rent-regulated multifamily lending has been in focus this quarter, we provided some of the attributes of our portfolio on this slide as well.

整體而言，我們的商業房地產投資組合的加權平均初始 LTV 為 56%，攤還償債覆蓋率為 1.5 倍。分類貸款佔投資組合的 1.5%，非應計利息僅 10 個基點。由於租金管制的多戶家庭貸款一直是本季的焦點，我們也在這張投影片上提供了我們投資組合的一些屬性。

As you can see in the incremental detail we provided here, our modestly sized portfolio is granular, was underwritten at conservative LTVs and debt service coverage ratios and has limited maturities in the next 2 years. Additionally, a majority of the book was underwritten following the Housing Stability Act passed in 2019. Therefore, our expectations for the performance of those properties incorporates the unfavorable effects of this legislation on property cash flows.

正如您在我們此處提供的增量詳細資訊中所看到的，我們規模適中的投資組合非常精細，以保守的 LTV 和償債覆蓋率承保，並且未來 2 年內的期限有限。此外，該書的大部分內容是在 2019 年《住房穩定法案》通過後承保的。

In this category, the average loan size is $3.5 million. We have only 7 exposures greater than $15 million, and our largest rent-regulated multifamily loan is now $49 million. Given the underwriting of the loans and client selection, the credit performance of this portfolio has been solid, as illustrated by just 10 basis points in classified loans and nonaccruals.

在此類別中，平均貸款規模為 350 萬美元。我們只有 7 個貸款額超過 1500 萬美元，而我們最大的受租金監管的多戶家庭貸款目前為 4900 萬美元。考慮到貸款核保和客戶選擇，該投資組合的信用表現一直很穩健，分類貸款和非應計項目僅上升 10 個基點就說明了這一點。

We've also refreshed statistics on our office exposure on this page, where I'll point out that we continue to reduce the size of our portfolio. We're actively working the portfolio. Given sector pressures, I would note that our New York City office exposure is a manageable $217 million. In addition to the information here, there are 2 additional slides at the front of the supplement to this presentation that provide significant detail on our overall CRE portfolio, highlighting the diversity of the portfolio in terms of property type and geography.

我們還在本頁上刷新了有關我們辦公室風險敞口的統計數據，我將在其中指出我們將繼續縮小投資組合的規模。我們正積極進行投資組合工作。考慮到產業壓力，我要指出的是，我們紐約市辦事處的風險敞口為 2.17 億美元，處於可控範圍內。除了此處的資訊之外，本簡報的補充資料前面還有另外 2 張投影片，提供了我們整體商業房地產投資組合的重要細節，強調了投資組合在房地產類型和地理位置方面的多樣性。

Importantly, we have been disciplined in terms of hold levels over time as there are relatively few tall trees in terms of single-point exposures across our various portfolios. Our larger exposures have a stronger weighted average risk rating, as you would expect, and we currently have no classified exposures in the greater than $50 million CRE category.

重要的是，隨著時間的推移，我們在持有水平方面受到了紀律處分，因為我們各種投資組合中的單點風險敞口相對較少。正如您所期望的那樣，我們較大的風險敞口具有更強的加權平均風險評級，並且我們目前沒有超過 5000 萬美元的 CRE 類別的分類風險敞口。

With that, I'll turn it over to Glenn to cover our financials in more detail.

有了這個，我將把它交給格倫，以更詳細地介紹我們的財務狀況。

Thanks, John, and good morning, everyone. I'll start on Slide 6 with our GAAP and adjusted earnings for the first quarter. We reported GAAP net income to common holders of $212 million with diluted earnings per share of $1.23. On an adjusted basis, we reported net income to common shareholders of $233 million and diluted EPS of $1.35. The largest component of the adjustments was in addition to the estimated FDIC special assessment of $12 million, a onetime tax adjustment of $11 million and $3 million in Ametros closing costs. In addition, a securities repositioning loss was more than offset by an MSR sale. It is notable that there were no sterling-related merger charges this quarter, and this will continue to be the case.

謝謝約翰，大家早安。我將從投影片 6 開始介紹我們的 GAAP 和第一季調整後的收益。我們向普通股股東報告的 GAAP 淨利潤為 2.12 億美元，稀釋後每股收益為 1.23 美元。在調整後的基礎上，我們向普通股股東報告的淨利潤為 2.33 億美元，稀釋後每股收益為 1.35 美元。調整的最大組成部分是除了 FDIC 估計的 1200 萬美元特別評估、1100 萬美元的一次性稅收調整和 300 萬美元的 Ametros 結帳成本之外。此外，證券重新定位損失被 MSR 出售所抵銷。值得注意的是，本季度沒有與英鎊相關的合併費用，這種情況將繼續存在。

Next, I'll review the balance sheet trends, beginning on Slide 7. Total assets were $76 billion at period end, up $1.2 billion from the fourth quarter. Our security balances were up $250 million relative to the fourth quarter. The yield on our portfolio increased 29 basis points linked quarter to 3.64% via the combination of growth, reinvestment of cash flows and $388 million in restructuring executed this quarter. Loans were up $373 million, driven by commercial categories and reflective of opportunities to gain market share. While total deposits were flat, we grew core deposits $1.5 billion and retail CDs $350 million, which was offset by a decline in broker deposits.

接下來，我將從投影片 7 開始回顧資產負債表趨勢。與第四季相比，我們的安全餘額增加了 2.5 億美元。透過成長、現金流再投資以及本季執行的 3.88 億美元重組，我們投資組合的收益率環比增長了 29 個基點，達到 3.64%。在商業類別的推動下，貸款增加了 3.73 億美元，這也反映了獲得市場份額的機會。雖然總存款持平，但我們的核心存款增加了 15 億美元，零售存款證增加了 3.5 億美元，但經紀存款的下降抵消了這一增長。

As John noted, and you can see on this slide, we have aligned Ametros and HSA Bank for segment presentation purposes while still providing the same data on HSA Bank that we have historically. The loan-to-deposit ratio was 84% in the range of where we expect to operate over the next few quarters. Borrowings increased $1 billion as we use them for liquidity purposes, given the managed decline in brokered deposits.

正如 John 所指出的，您可以在這張投影片中看到，我們已將 Ametros 和 HSA 銀行用於細分展示目的，同時仍提供與我們歷史上相同的 HSA 銀行資料。貸存比率為 84%，位於我們預計未來幾季的營運範圍內。鑑於經紀存款的有控制權下降，我們將其用於流動性目的，借款增加了 10 億美元。

Capital levels remain strong. The common equity Tier 1 ratio was 10.5%, and our tangible common equity ratio was 7.15%, both lower than prior quarter, primarily as a result of the Ametros acquisition. Tangible book value decreased to $30.22 per common share, reflecting the impact of the Ametros acquisition and a small increase in AFS security losses. In a steady interest rate environment, we anticipate $100 million of unrealized security losses would accrete back into the capital annually.

資本水準依然強勁。普通股一級比率為 10.5%，有形普通股比率為 7.15%，均低於上一季度，這主要是由於 Ametros 收購的結果。有形帳面價值下降至每股普通股 30.22 美元，反映了 Ametros 收購的影響以及 AFS 安全損失的小幅增加。在穩定的利率環境下，我們預計每年 1 億美元的未實現安全損失將重新回到資本中。

Loan trends are highlighted on Slide 8. In total, loans were up roughly $373 million or 0.7% on a linked quarter basis. We reclassified $240 million of payroll finance and factoring loans to held for sale. We expect to execute on the sale in the near future. Without the reclassification, loan growth would have been closer to 1.2% linked quarter or approximately 5% annually.

幻燈片 8 突顯了貸款趨勢。我們將 2.4 億美元的工資融資和保理貸款重新分類為持有待售。我們預計將在不久的將來執行出售。如果不進行重新分類，貸款成長將接近季度 1.2% 或每年約 5%。

Growth was driven by commercial real estate, where we had the opportunities to add new relationships and lower risk asset classes, including $275 million in multifamily and $424 million in general commercial real estate categories.

成長是由商業房地產推動的，我們有機會增加新的關係和降低風險的資產類別，其中包括 2.75 億美元的多戶住宅和 4.24 億美元的一般商業房地產類別。

The yield on the portfolio was flat relative to the prior quarter as a result of a shift in mix offsetting higher loan origination yields. Floating and periodic loans were 59% of total loans at quarter end.

由於組合的變化抵消了貸款發放收益率的上升，投資組合的收益率與上一季持平。截至季末，浮動貸款和定期貸款佔貸款總額的 59%。

We provide additional detail on deposits on Slide 9. We grew our core deposits $1.5 billion and retail CDs, $350 million this quarter. Given the strength of our core deposit growth, we reduced brokered deposits. The net effect was effectively flat deposits on a linked quarter basis. When combined, transactional and low-cost, long-duration health care financial services deposits compromise 46% of our deposit base.

我們在幻燈片 9 上提供了有關存款的更多詳細資訊。鑑於我們的核心存款成長強勁，我們減少了經紀存款。淨效應是存款在相關季度的基礎上實際上持平。交易性和低成本、長期醫療保健金融服務存款合計占我們存款基礎的 46%。

Our DDA balances were down $520 million relative to the prior quarter. Two-thirds of the decline was driven by clients moving excess cash balances to higher yielding money market accounts, with the other third related to specific client transaction activity. Our total cost of deposits was up just 8 basis points to 223 basis points this quarter as the pace of deposit repricing continues to slow.

與上一季相比，我們的 DDA 餘額減少了 5.2 億美元。三分之二的下降是由於客戶將多餘的現金餘額轉移到收益率較高的貨幣市場帳戶，另外三分之一與特定的客戶交易活動有關。由於存款重新定價的步伐持續放緩，本季我們的總存款成本僅上升 8 個基點，達到 223 個基點。

For the month of March, our deposit cost was 224 basis points. Increases were the results of clients opting for higher-yielding products as well as renewals in the CD portfolio. Our cumulative cycle-to-date total deposit beta is now 41%. On Slide 10, we rolled forward our deposit beta assumptions to incorporate the second quarter during which we expect our cycle-to-date beta to reach 42% as a result of lag repricing impact and a continued higher rate environment.

3 月份，我們的存款成本為 224 個基點。成長是客戶選擇收益較高的產品以及CD投資組合更新的結果。我們的累積週期迄今總存款貝塔係數現在為 41%。在投影片 10 中，我們將存款貝塔值假設納入第二季度，由於滯後的重新定價影響和持續較高的利率環境，我們預計週期至今的貝塔值將達到 42%。

Moving to Slide 11. We highlight our reported to adjusted income statement compared to our adjusted earnings for the prior period. Overall, adjusted net income was down $18 million relative to the prior quarter. Net interest income was down $3 million from prior quarter. This was a result of higher funding costs and lower day count, partially offset by higher earning asset yields. Adjusted noninterest income was up $17 million. Adjusted expenses were up $22 million, and the provision increased $9.5 million.

轉到投影片 11。整體而言，調整後淨利較上一季減少 1,800 萬美元。淨利息收入較上一季減少 300 萬美元。這是由於較高的融資成本和較低的天數造成的，但部分被較高的獲利資產收益率所抵消。調整後的非利息收入增加了 1700 萬美元。調整後費用增加 2,200 萬美元，撥備增加 950 萬美元。

Excluding adjustments, our tax rate was 20.7% this quarter, up from 19.5% in the fourth quarter. Our efficiency ratio was 45%. On Slide 12, we highlight net interest income, which declined $3 million or 0.6% linked quarter. The decline was related to lower net interest margin and day count. The net interest margin was down 7 basis points to 335 basis points as a result of increased funding costs, which were partially offset by higher asset yields. Interest rate hedges also contributed modestly to the decline. We recognized $11 million in cost this quarter versus $9 million last quarter.

排除調整後，本季我們的稅率為 20.7%，高於第四季的 19.5%。我們的效率是45%。在投影片 12 中，我們重點介紹了淨利息收入，該收入環比下降了 300 萬美元，即下降了 0.6%。下降與淨利差和天數下降有關。由於融資成本增加，淨利差下降 7 個基點至 335 個基點，但資產收益率上升部分抵銷了這一影響。利率對沖也對下降做出了一定程度的貢獻。我們確認本季的成本為 1,100 萬美元，而上季為 900 萬美元。

As John highlighted, NIM was below our expectations as the macro environment made it challenging to grow higher spread assets that meet our risk criteria. Our yield on earning assets increased 5 basis points over the prior quarter, with loan yields flat and securities portfolio up 29 basis points.

正如約翰所強調的那樣，淨利差低於我們的預期，因為宏觀環境使得成長符合我們風險標準的更高利差資產面臨挑戰。我們的生息資產收益率比上一季上升 5 個基點，其中貸款收益率持平，證券投資組合上升 29 個基點。

As previously noted, we repositioned $388 million of securities in the first quarter. This will improve our securities yield by 4 basis points in the second quarter. Pace of deposit repricing continues to moderate and was up just 8 basis points, total liability costs were up 11 basis points. We have provided detail on our hedging program on Slide 27 in the supplement of this presentation which reviews the bank's asset sensitivity.

如前所述，我們在第一季重新配置了 3.88 億美元的證券。這將使我們第二季的證券收益率提高 4 個基點。存款重新定價步伐持續放緩，僅上升 8 個基點，總負債成本上升 11 個基點。我們在投影片 27 的補充中詳細介紹了我們的對沖計劃，該計劃審查了銀行的資產敏感性。

On Slide 13, we highlight noninterest income, which was up $17 million versus prior quarter on an adjusted basis. $11 million of the increase was driven by our Healthcare Financial Services segment with $6 million driven by the seasonal increases in growth in HSA Bank and $5 million due to the addition of Ametros. An additional $5 million of the increase was attributed to a noncash swing in the credit valuation adjustment. The remaining drivers were related to BOLI events, commercial loan and other deposit fees.

在投影片 13 中，我們重點介紹了非利息收入，調整後的非利息收入比上一季增加了 1,700 萬美元。其中 1,100 萬美元的成長是由我們的醫療保健金融服務部門推動的，其中 600 萬美元是由 HSA Bank 的季節性增長推動的，500 萬美元是由 Ametros 的加入推動的。另外 500 萬美元的成長歸因於信貸估值調整的非現金波動。其餘驅動因素與波利事件、商業貸款和其他存款費用有關。

Noninterest expense is on Slide 14. We reported adjusted expenses of $321 million, up $22 million from the prior quarter. $10 million of the increase came from Healthcare Financial Services with $7 million driven by Ametros operating expense and intangibles and $3 million due to seasonality and account growth at HSA Bank. Remaining growth and expenses were related to seasonal increases in favorable tax and benefit costs, annual merit and performance-based incentives.

非利息支出位於幻燈片 14 上。其中 1,000 萬美元的成長來自醫療保健金融服務，其中 700 萬美元由 Ametros 營運費用和無形資產推動，300 萬美元由季節性和 ​​HSA 銀行帳戶成長推動。剩餘的成長和支出與優惠稅收和福利成本、年度績效和基於績效的激勵措施的季節性成長有關。

Slide 15 details components of our allowance for credit losses, which was up relative to prior quarter. After recording $37 million in net charge-offs, we incurred a $43 million loan provision of which $38 million was attributable to macro and credit factors and $5 million of which was attributable to loan growth. As a result, our allowance coverage to loans increased to 126 basis points from 125 basis points last quarter.

投影片 15 詳細介紹了我們的信貸損失準備金的組成部分，該準備金相對於上一季有所上升。在記錄 3,700 萬美元的淨沖銷後，我們產生了 4,300 萬美元的貸款撥備，其中 3,800 萬美元歸因於宏觀和信貸因素，其中 500 萬美元歸因於貸款成長。因此，我們的貸款準備金覆蓋率從上季的 125 個基點增加到 126 個基點。

Slide 16 highlights our key asset quality metrics. On the upper left, nonperforming assets increased $70 million relative to prior quarter with nonperforming loans now representing 56 basis points of total loans. Commercial classified loans as a percent of commercial loans increased to 224 basis points from 182 basis points as classified loans increased by $183 million on an absolute basis.

投影片 16 重點介紹了我們的關鍵資產品質指標。在左上方，不良資產較上一季增加了 7,000 萬美元，不良貸款目前佔貸款總額的 56 個基點。商業分類貸款佔商業貸款的百分比從 182 個基點增加到 224 個基點，分類貸款絕對值增加了 1.83 億美元。

Classified loan increase was concentrated in C&I portfolio across diverse industries. Our classified loan ratio remained well below Webster's pre-pandemic level. Net charge-offs on the upper right totaled $37 million or 29 basis points of average loans on an annualized basis, consistent with last quarter's level.

分類貸款成長集中在不同產業的工商業投資組合。我們的分類貸款比率仍遠低於韋伯斯特大流行前的水平。右上角的淨沖銷總額為 3,700 萬美元，即年化平均貸款的 29 個基點，與上季的水平一致。

On Slide 17, we maintained strong capital levels. All capital levels remain at or above our internal targets. Our common equity Tier 1 ratio was 10.5% and our tangible common equity ratio was 7.2%. Our tangible book value was $30.22 a share. I'll wrap up my comments on Slide 18 with our outlook for 2024. The outlook includes the impact of Ametros, which closed in January and directly impacts deposits, interest income, fees and expenses.

在幻燈片 17 中，我們保持了強勁的資本水準。所有資本水平均保持在或高於我們的內部目標。我們的普通股一級比率為 10.5%，有形普通股比率為 7.2%。我們的有形帳面價值為每股 30.22 美元。我將用我們對 2024 年的展望來總結我對幻燈片 18 的評論。

We expect loans to grow around 5% for the full year towards the lower end of our prior guide. Growth will continue to be driven by our commercial business with more of a tilt to C&I relative to CRE categories. We are reiterating our deposit growth in the 5% to 7% range with growth in the commercial bank or relationship deposits, retail deposits, Interlink, Ametros and corporate deposits.

我們預計全年貸款將增加 5% 左右，接近我們先前指南的下限。我們的商業業務將繼續推動成長，相對於商業房地產類別，我們更傾向於商業和工業業務。我們重申存款成長在 5% 至 7% 範圍內，其中商業銀行或關係存款、零售存款、Interlink、Ametros 和企業存款都有成長。

We expect net interest income of roughly $2.4 billion on a non-FTE basis, which is at the low end of our prior guide. For those modeling net interest income on an FTE basis, I would add roughly $65 million through the outlook. Our net interest income assumes 2 decreases to the Fed funds rate, with one in September and the other in December. Noninterest income continues to be forecasted in the range of $375 million to $400 million.

我們預計非 FTE 基礎上的淨利息收入約為 24 億美元，處於我們先前指南的低端。對於那些以 FTE 為基礎對淨利息收入進行建模的人，我會在展望中增加約 6500 萬美元。我們的淨利息收入假設聯邦基金利率下降兩次，一次在 9 月，另一次在 12 月。非利息收入預計繼續在 3.75 億美元至 4 億美元之間。

Adjusted expenses continue to be in the range of $1.3 billion to $1.325 billion. Our efficiency ratio is expected to be in the low to mid-40% range. We expect an effective tax rate of 21%. And of course, we will remain prudent managers of capital. Our long-term Common equity Tier 1 ratio remains at 10.5%.

調整後費用持續在 13 億美元至 13.25 億美元之間。我們的效率比預計在 40% 的低至中範圍內。我們預計有效稅率為 21%。當然，我們仍將保持謹慎的資本管理者態度。我們的長期普通股一級資本比率維持在 10.5%。

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

至此，我將把它轉回給約翰做結束語。

Thanks, Glenn. To follow up on one point in our outlook, while we have maintained our longer-term 10.5% common equity Tier 1 target, I anticipate we'll run it closer to 11% in the near term to medium term given the increased uncertainty generated by a higher for longer bias. We think we'd like to have incremental optionality in our pocket, and that would be prudent. Additionally, given higher capital levels in areas for which we see the greatest opportunities for loan growth for the remainder of the year, we anticipate that commercial real estate relative to our total capital levels should decline.

謝謝，格倫。為了跟進我們展望中的一個觀點，雖然我們維持了10.5% 的長期普通股一級目標，但我預計，鑑於以下因素帶來的不確定性增加，我們將在短期至中期將其目標提高到接近11%：較長的偏差較高。我們認為我們希望口袋裡有更多的選擇權，這是謹慎的做法。此外，鑑於我們認為今年剩餘時間內貸款成長機會最大的領域的資本水準較高，我們預期商業房地產相對於我們總資本水準的比例應該會下降。

Over the next 4 to 6 quarters, our intent is to bring CRE concentration to approximately 250% of Tier 1 capital plus reserves with a longer-term target closer to 200% as we approach the $100 billion asset size threshold. There are many more industry headwinds and tailwinds as we work our way through 2024. But I continue to be very confident in our ability to navigate the current landscape, both offensively and defensively.

在接下來的 4 到 6 個季度中，我們的目標是使商業房地產集中度達到一級資本加準備金的約 250%，隨著我們接近 1000 億美元的資產規模門檻，長期目標接近 200%。 2024 年，我們將面臨更多的行業逆風和順風。

We'll prioritize strong capital levels and disciplined credit management. We'll continue to take care of our clients and deepen those client relationships across business lines. We have a diverse funding profile and a loan-to-deposit ratio in the mid-80s, providing us with significant flexibility and optionality on the funding side. Finally, our efficient operating model and unique businesses should allow us to continue to provide better than peer returns consistently over time.

我們將優先考慮強大的資本水準和嚴格的信用管理。我們將繼續照顧我們的客戶，並深化跨業務線的客戶關係。我們擁有多元化的資金配置和 80 年代中期的貸存比，為我們在資金方面提供了極大的靈活性和選擇性。最後，我們高效的營運模式和獨特的業務應該使我們能夠隨著時間的推移繼續提供優於同行的回報。

Finally, as you're all aware, Glenn recently informed me and our Board of Directors and his intent to retire. We've kicked off a comprehensive search for his successor in partnership with Spencer Stuart. There's been broad interest in the role, and we are confident that we will find a terrific person to fill some big shoes. Glenn will, in all likelihood, be with us for at least the next earnings call, so I'll save my farewell remarks for July.

最後，正如你們所知，格倫最近通知了我和我們的董事會以及他退休的意圖。我們已與 Spencer Stuart 合作，開始全面尋找他的繼任者。人們對這個職位有著廣泛的興趣，我們相信我們會找到一個出色的人來填補這個空缺。格倫很可能至少會在下一次財報電話會議上與我們在一起，所以我將在 7 月發表告別辭。

As all of you know, Glenn has been an invaluable asset to me and to the bank for more than a decade, and he has shined over the last 5 years through a pandemic, a transformational merger and the industry events of last March. Thank you all for joining us today. And Eric, Glenn and I will open the line for questions.

眾所周知，格倫十多年來一直是我和銀行的寶貴資產，過去 5 年，他在疫情、轉型合併和去年 3 月的行業事件中表現出色。感謝大家今天加入我們。艾瑞克、格倫和我將開通提問專線。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Matthew Breese with Stephens.

你的第一個問題來自馬修·布里斯和史蒂芬斯的對話。

I was hoping to start just on the NIM and NII. If I look at where we are this quarter versus the guide, it suggests that at some point this year, kind of a material snapback in the overall quarterly cadence of NII. I was hoping if you could just help me better understand the rest of the year in terms of NII or where you expect that snapback to occur, either on an NII basis or a NIM basis?

我希望從 NIM 和 NII 開始。如果我看看本季度我們與指南的情況，就會發現，今年某個時候，NII 的整體季度節奏會出現實質回升。我希望您能幫助我更好地了解今年剩餘時間的 NII 方面，或者您預計在 NII 基礎上或 NIM 基礎上發生快速回升的情況？

Yes. So let me start and then, John, you can add some color to that. I mean, I think we look at it, a couple of drivers there, Matt, the first being loans, and we're still guiding towards 5% loan growth. So if you think about on average, you're probably talking about $1.2 billion to $1.5 billion in average loans on a year-over-year basis. And so we'll get the benefit of that. Likewise, on the investment portfolio, we'll get the full year benefit of the restructuring we did in the fourth quarter and the ad that we did in the fourth quarter of $1.1 million as well as the restructuring we did in the first quarter.

是的。那麼，讓我開始吧，然後，約翰，你可以為此添加一些色彩。我的意思是，我認為我們會考慮其中的幾個驅動因素，馬特，第一個是貸款，我們仍然指導貸款增加 5%。因此，如果考慮平均貸款額，您可能會發現年平均貸款額為 12 億至 15 億美元。所以我們會從中受益。同樣，在投資組合上，我們將獲得第四季度重組和第四季度廣告 110 萬美元以及第一季重組的全年收益。

We continue to see opportunity in the securities portfolio on a cash flow basis where we'll have probably about $500 million a quarter that will reprice. We'll probably pick up 300 basis points on that. And then likewise, on the fixed rate loan portfolio, although it was somewhat softer in the first quarter, we think that we'll probably get about $800 million a quarter on the fixed rate loan portfolio. We'll probably pick up about 200 basis points on that. So those are the tailwinds.

我們繼續在現金流基礎上看到證券投資組合的機會，每個季度可能有約 5 億美元的資金將重新定價。我們可能會在此基礎上調 300 個基點。同樣，在固定利率貸款組合上，儘管第一季有所疲軟，但我們認為每個季度我們可能會在固定利率貸款組合上獲得約 8 億美元。我們可能會在此基礎上調約 200 個基點。所以這些都是順風。

On the opposite side, we continue to see pressure on deposits. And so I think our deposit costs, as you saw in the first quarter creeped up by 8 basis points. It was more moderate than we've seen in previous quarters. But I think as you look through the cycle, you would expect to see deposit costs continue to peak in the second and third quarter. And so that will detract from some of the gains that we get on both the loan growth, the investment and the repricing of fixed rate assets.

另一方面，我們繼續看到存款面臨壓力。因此，我認為我們的存款成本，正如您在第一季看到的那樣，上升了 8 個基點。這比我們在前幾個季度看到的要溫和。但我認為，當你縱觀整個週期時，你會預期存款成本將在第二季和第三季繼續達到高峰。因此，這將減少我們從貸款成長、投資和固定利率資產重新定價中獲得的一些收益。

Yes, Matt, I mean, I would just say, obviously, we're trying desperately not to overpromise and underdeliver. That's not our style over 7 years. The first quarter was interesting in that we had back-ended loan growth. We had very little loan growth in Sponsor & Specialty. We're starting to see some more activity there. So our loan yields were lower. The average loans were lower and some of our expectations of repricing of the portfolio that Glenn mentioned that we had expected in this higher for longer environment didn't occur because we had a much lower level of prepay and refinance and repricing activity in the book.

是的，馬特，我的意思是，我只想說，顯然，我們正在拼命努力不要過度承諾和兌現不足。這不是我們七年來的風格。第一季的有趣之處在於我們的貸款成長有所放緩。我們在贊助商和專業領域的貸款成長很少。我們開始在那裡看到更多的活動。所以我們的貸款收益率較低。平均貸款較低，格倫提到的我們在這種長期較高環境下對投資組合重新定價的一些預期並未發生，因為我們賬面上的預付款、再融資和重新定價活動水平要低得多。

We also had a short-term mix shift in deposits, which we think will rebound a bit, and we get the full benefit of HSA and Ametros going forward. So I think if you add what Glenn just gave specifically with respect to opportunities for higher NII from the securities portfolio, the moves we made from a more favorable deposit mix and from standard loan growth where we see there being more contribution from our generally higher-yielding loans, that's why we haven't moved that -- besides going to the low end of the original range we provided, that's why we've kind of said we think we're going to be approximately around that $2.4 billion.

我們的存款也發生了短期組合轉變，我們認為存款會反彈，並且我們將充分受益於 HSA 和 Ametros 的未來。因此，我認為，如果你加上格倫剛才特別提到的關於從證券投資組合中獲得更高NII的機會，我們從更有利的存款組合和標準貸款增長中採取的舉措，我們看到我們普遍較高的貢獻更多 -產生貸款，這就是為什麼我們沒有改變這一點——除了達到我們提供的原始範圍的低端之外，這就是為什麼我們說我們認為我們將大約在 24 億美元左右。

If dynamics continue to change, wildcard on prepayments and other things, obviously, will mix up the guidance, but it's our best view right now, quite frankly.

如果動態繼續發生變化，預付款和其他事項的通配符顯然會混淆指導，但坦白說，這是我們目前最好的觀點。

I appreciate all that. And the next one is just on credit. All in all, the credit metrics look pretty solid, still with the quarter-over-quarter change was notable. You had mentioned there was nothing specific that was driving everything, but I appreciate if there's any sort of common threads, particularly in the C&I book. And then, John, you had mentioned kind of getting to a 200% CRE concentration over time. Does something similar hold through for the reserve, which looks a little light versus your $100 billion bank peers as well?

我很感激這一切。而下一筆只是賒帳。總而言之，信用指標看起來相當穩健，但季度環比變化仍然顯著。你曾經提到沒有任何特定的東西在驅動一切，但我很感激是否有任何共同的線索，特別是在 C&I 書中。然後，約翰，您提到隨著時間的推移，CRE 濃度會達到 200%。與 1000 億美元的銀行同業相比，儲備金看起來有點輕，是否也有類似的情況？

Yes. I mean there's a whole bunch to unpack there. So I would say from a credit perspective, you kind of announced that if you look at all of the credit metrics, annualized charge-offs in the quarter are really sort of kind of in line with what you're seeing in the industry, similar to what we had last quarter. The percentage increase in classified and nonaccruals looked high. But if you look at our absolute numbers, they're still below what Webster Bank reported pre-pandemic at 12/31/2019. So I think you're right to say the absolute levels are still not kind of eye-popping.

是的。我的意思是那裡有一大堆東西要打開。因此，我想說，從信貸角度來看，您宣布，如果您查看所有信貸指標，本季度的年化沖銷確實與您在行業中看到的情況相符，類似到我們上個季度的情況。分類和非應計費用的百分比增長看起來很高。但如果你看看我們的絕對數字，它們仍然低於韋伯斯特銀行在 2019 年 12 月 31 日大流行前報告的數字。所以我認為你說絕對水平仍然不令人瞠目結舌，這是正確的。

We are seeing negative risk rating migration. And I think it's consistent with those who reported thus far. And I think as I mentioned in my comments, I think we believe there'll be more pressure, not less pressure on credit as we work our way through whatever this, I think, pretty modest cycle will be. We haven't really seen -- we had a kind of a broad contribution on the classified and the nonperformers, actually skewing a little bit more towards C&I than CRE. I think we've been really out in front on CRE.

我們看到負面風險評級遷移。我認為這與迄今為止的報道是一致的。我認為正如我在評論中提到的，我認為我們相信，當我們努力度過這個相當溫和的周期時，信貸方面的壓力將會更大，而不是更少。我們還沒有真正看到——我們對分類和不良企業做出了廣泛的貢獻，實際上更偏向 C&I，而不是 CRE。我認為我們在 CRE 方面確實處於領先地位。

But the only way I can characterize, I would say there's -- the only industry segment that we have seen some negative trending in is health care services. But we think fundamentally that industry and area has really good fundamental dynamics going forward. Otherwise, it's kind of idiosyncratic one-off. So an equipment finance deal, a middle market transaction, a health care services deal, a food and beverage company. So really just kind of one-offs and only a handful of loans that actually drove the increase in those categories.

但我能描述的唯一方法是，我們看到的唯一一個出現負面趨勢的行業領域是醫療保健服務。但我們認為，從根本上來說，產業和領域的未來發展動力確實良好。否則，這就是一種特殊的一次性行為。因此，設備融資交易、中間市場交易、醫療保健服務交易、食品和飲料公司。所以實際上只是一次性的，只有少數貸款真正推動了這些類別的成長。

So we're not sounding the alarm everywhere. Jason is doing a terrific job of doing deep dive. So I really kind of just think it's a broad deterioration consistent what was seen throughout the industry. With respect to the CRE concentration, I think your calculation, Matt, will you do, you have us in the $280 million to $285 million range or something. If we keep that portfolio generally flat, and we do have some payoffs and some roll-offs coming up as we move forward, still giving us an opportunity to originate healthy, really good structured commercial real estate loans, which, by the way, we're making the best loans we've made now in non-office and rent-regulated multifamily because there aren't as many market participants. So we're getting better yields and better structure.

所以我們並沒有到處敲響警報。傑森在深度潛水方面做得非常出色。所以我真的認為這是一種廣泛的惡化，與整個行業所看到的情況一致。關於 CRE 的集中度，我認為馬特，你會計算一下，我們的收入在 2.8 億美元到 2.85 億美元之間。如果我們保持投資組合總體平穩，隨著我們的前進，我們確實會得到一些回報和一些滾存，這仍然給我們一個機會來發起健康的、結構良好的商業房地產貸款，順便說一句，我們我們現在在非辦公室和租金管制的多戶住宅中提供了最好的貸款，因為市場參與者並不多。因此，我們獲得了更好的產量和更好的結構。

But if you see us accrete capital back that we lost in the Ametros acquisition and you see us managing that, that a 6-quarter $250 million target is not significantly difficult to imagine while we're growing the balance sheet. I do think over time, the reality is over the next 3 years as we start to approach Category 4, we'll have to continue to have commercial real estate be less of a concentration overall. I do think, over time, looking at capital levels -- a combination of capital levels and reserves, those things will probably tick up. I think we can do that in an orderly fashion.

但如果你看到我們增加了在 Ametros 收購中損失的資本，並且你看到我們在管理這一點，那麼在我們擴大資產負債表的同時，6 季度 2.5 億美元的目標並不難想。我確實認為，隨著時間的推移，現實情況是，在未來 3 年，當我們開始接近第四類時，我們將不得不繼續降低商業房地產的整體集中。我確實認為，隨著時間的推移，考慮資本水準——資本水準和儲備的結合，這些事情可能會上升。我認為我們可以有序地做到這一點。

Given the makeup of our balance sheet, we don't have a lot of consumer unsecured, we don't have cards. So it's not just the fact that we're in this new category, I think it's also the makeup of the balance sheet. So I think going forward, it's not going to be a significant drag on earnings, but you'll probably see us evolve from a capital and reserve perspective as we move forward, depending on the makeup of the balance sheet.

考慮到我們資產負債表的組成，我們沒有很多無擔保的消費者，我們沒有銀行卡。因此，這不僅是我們屬於這個新類別的事實，我認為這也是資產負債表的組成。因此，我認為，展望未來，這不會對盈利產生重大拖累，但隨著我們的前進，您可能會看到我們從資本和儲備的角度不斷發展，具體取決於資產負債表的組成。

Your next question comes from the line of Chris McGratty with Keefe, Bruyette, & Woods.

您的下一個問題來自 Chris McGratty 與 Keefe、Bruyette 和 Woods 的對話。

John, a question on normalized charge-offs. You've kind of been in this 25, 30 basis point range. How do you view this environment in the context of normal?

約翰，關於標準化沖銷的問題。你一直處於 25、30 個基點的範圍內。在正常情況下你如何看待這個環境？

Yes. I mean I think in the benign credit environment leading up to the pandemic, I think we were in the 20 basis point range, give or take. The last few quarters, to be completely transparent, obviously, we had -- a decent portion of the charge-offs were related to proactive balance sheet management loan sales. This quarter, the vast majority of the charge-offs were what I would call kind of liquidated charge-offs. They happened. They weren't related to asset sales.

是的。我的意思是，我認為在導致大流行的良性信貸環境中，我認為我們的利率浮動在 20 個基點範圍內。顯然，在過去的幾個季度中，我們有相當一部分的沖銷與主動資產負債表管理貸款銷售有關。本季，絕大多數的沖銷都是我所謂的清算沖銷。他們發生了。它們與資產出售無關。

So I do think that there's more pressure on credit. I think anything below 40 basis points in terms of cycle, 40 to 50 basis points in commercial, it's still absolutely absorbable by our cash flows and our earnings power. I think what I would tell you right now is we're seeing across the industry, the beginning of what I believe will be a shallow credit correction. And the way we look at things going forward, Chris, I still think our provision that The Street has for the full year, it's kind of what we're building in, even looking at our risk rating migration and our classified assets and our nonaccruals in the outcomes of the loss given defaults on loans that may be troubled.

所以我確實認為信用壓力更大。我認為任何低於40個基點的周期，40到50個基點的商業，它仍然絕對可以被我們的現金流和我們的盈利能力吸收。我想我現在要告訴你的是，我們正在整個行業中看到，我認為這將是淺層信用修正的開始。克里斯，我們看待未來事情的方式，我仍然認為華爾街全年的準備金，這就是我們正在建立的，甚至考慮我們的風險評級遷移、我們的分類資產和我們的非應計項目考慮到可能存在問題的貸款違約造成的損失結果。

So this 30 basis points, I would say, is slightly higher. It doesn't portend to have a huge credit correction. Could it go higher in any one quarter, I think you've heard a lot of people say in this earnings cycle, when you have a large commercial loan portfolio, that thing can bounce around a little bit because you really can't control what happens, and if you have a couple of larger charge-offs that could bounce around from that 30 basis points.

所以我想說，這個 30 個基點略高。這並不預示著會有大規模的信用修正。它會在任何一個季度走高嗎？有幾次較大的沖銷可能會從這30 個基點反彈。

But I kind of feel like we're in a heightened alert. The ultimate overall metrics still are better than pre-pandemic or around pre-pandemic. And it's a question of whether or not this is deeper. So could you see charge-offs go higher in certain quarters? Yes. Would I be surprised if charge-offs will lower next quarter? I wouldn't be. So I hope that gives you just some color of the way we're thinking.

但我感覺我們處於高度戒備狀態。最終的整體指標仍然好於大流行前或疫情前左右。這是一個是否更深層的問題。那麼您是否會看到某些季度的沖銷額會更高？是的。如果下個季度沖銷額會減少，我會感到驚訝嗎？我不會。所以我希望這能讓您對我們的想法有所了解。

No. That's good. And I guess my follow-up would be, you guys have been early on loan sales, didn't do anything really meaningful this quarter. To get to that CRE targets that you're talking about, is there a scenario where you would accelerate that achievement?

不，那很好。我想我的後續行動是，你們很早就開始了貸款銷售，本季沒有做任何真正有意義的事情。為了實現您所謂的 CRE 目標，您是否會加速實現這一目標？

Yes. I think it's just an economic exercise. We -- we've got some great partnerships. We have some interesting agency eligible loans in our portfolio. Depending on the interest rate environment and what happens, there's opportunity to do that without taking significant hits. We're looking at everything. And obviously, we want to make sure that our clients, the ones where we have full relationships know that they're banking with us, and we can continue to support them.

是的。我認為這只是一種經濟活動。我們－我們有一些很好的合作關係。我們的投資組合中有一些有趣的機構合格貸款。根據利率環境和發生的情況，有機會在不遭受重大打擊的情況下做到這一點。我們正在關註一切。顯然，我們希望確保我們的客戶，即那些與我們有充分關係的客戶知道他們在我們這裡辦理銀行業務，並且我們可以繼續為他們提供支援。

With respect to nonstrategic loans that may have good market value and easily salable, we obviously have some levers to pull. We could have, in this quarter, done that. We just didn't think the economics made sense because there wasn't poor credit quality. It was just a question of kind of the earnings and the yields on those loans.

對於可能具有良好市場價值且易於出售的非策略性貸款，我們顯然有一些槓桿可以利用。我們本可以在本季做到這一點。我們只是認為這種經濟學沒有意義，因為信用品質並不差。這只是這些貸款的收入和收益率的問題。

So I think my short answer would be, yes, as we execute that repositioning and we move forward and we don't want to do the income statement either from having lower earning assets, you will see proactive, selective and opportunistic loan sales as we move forward, particularly if the interest rate environment moderates as we head into 2025.

因此，我認為我的簡短回答是，是的，當我們執行重新定位並向前邁進時，我們不想因為收益較低的資產而編制損益表，你會看到主動的、有選擇性的和機會主義的貸款銷售，因為我們繼續前進，尤其是在進入 2025 年時利率環境趨於緩和的情況下。

Next question comes from the line of Mark Fitzgibbon with Piper Sandler.

下一個問題來自馬克·菲茨吉本和派珀·桑德勒的台詞。

Glenn, let me echo John's congratulations on your well-deserved retirement. Glenn, in your modeling, I guess I'm curious, how different would your full year NII estimate be if we have no Fed rate cuts this year?

格倫，讓我重複約翰對您當之無愧的退休的祝賀。格倫，在你的模型中，我想我很好奇，如果美聯儲今年不降息，你對全年 NII 的估計會有多大不同？

Not really. So we have one cut in September and December right now. And I think the difference, Mark, if I just kept it flat is a total of $4 million. So it's not really relevant.

並不真地。所以我們現在在 9 月和 12 月進行一次削減。馬克，如果我保持不變的話，我認為差額總計為 400 萬美元。所以這並不真正相關。

Okay. Great. And then secondly, on the office book, it looks like you've got about $260 million of office loan maturities this year. I guess I'm curious, did the borrowers have anywhere else to go or are you sort of forced to refinance for them? And do you have, I assume at this point, pretty good line of sight into what's happening with those individual credits? Do you see any problems on the horizon with that book?

好的。偉大的。其次，在辦公簿上，看起來今年你有大約 2.6 億美元的辦公貸款到期。我想我很好奇，借款人還有其他地方可以去嗎，還是你被迫再融資他們？我想現在你對這些個人積分的情況有很好的了解嗎？您認為這本書有什麼問題嗎？

Yes. I mean, obviously, it's a book we're looking at significantly. It's the area where you've had the biggest decline in valuation. We give you the stats, Mark, and say we start out from a pretty good loan-to-value perspective, pretty good debt service. You've seen a small migration into Classified for us. We've done a really good job of taking the book down from $1.7 billion to $1 billion over the last 6 or 7 quarters.

是的。我的意思是，顯然，這是一本我們正在重點關注的書。這是估值跌幅最大的領域。馬克，我們向您提供統計數據，並說我們從一個非常好的貸款價值比角度開始，非常好的債務償還。您已經看到了我們向分類廣告的小規模遷移。在過去的六、七個季度裡，我們把這本書的銷售額從 17 億美元降到了 10 億美元，做得非常好。

I think now what we're doing is focusing on kind of how we deal with -- we're dealing with maturities there the way we're dealing with maturities across the entire CRE book and consistent with what you've heard from others during this reporting cycle. We've had opportunities. We've been able to refi some.

我認為現在我們正在做的重點是我們如何處理到期日，就像我們處理整本 CRE 書中的到期日一樣，並且與您在其他人那裡聽到的一致。我們曾經有過機會。我們已經能夠改裝一些。

There is, I think you probably qualify pretty well that there's not an immediate source of refinancing away from us, quite frankly, for most of these loans unless they have unique circumstances. So we had a couple of payoffs, a couple of sales. In most cases where we're doing on the maturities, shorter-term extensions. Obviously, you can't -- people will say is the industry kicking the can forward? I guess at some level they are, but we can't kick the full can forward as an OCC-regulated bank. So what we're doing is making sure that there's debt service in place at market or near market rates.

坦白說，我認為您可能有充分的理由認為，對於大多數此類貸款，除非有特殊情況，否則我們沒有直接的再融資來源。所以我們得到了一些回報，一些銷售。在大多數情況下，我們會根據期限進行短期延期。顯然，你不能——人們會說這個行業正在向前邁進嗎？我想在某種程度上是這樣，但作為一家受 OCC 監管的銀行，我們不能把一切都踢出去。因此，我們正在做的是確保以市場利率或接近市場利率償還債務。

We're making sure that we get kind of bootstrap collateral. We get debt service coverage reserves, we get guarantees for periods of time. So that's basically what we have. I think we have 75% of our loans now have some sort of credit enhancement either through a guarantee or a debt service reserve. And so we're just kind of working our way through that portfolio. And I think we're fortunate that our overall portfolio is relatively small. More than half of it is Class A. It's geographically diverse. It's not all metro.

我們確保我們獲得某種引導抵押品。我們得到償債準備金，我們得到一段時間的擔保。這基本上就是我們所擁有的。我認為我們 75% 的貸款現在透過擔保或償債準備金進行了某種信用增強。所以我們只是在努力完成這個投資組合。我認為我們很幸運，我們的整體投資組合相對較小。其中一半以上是 A 類。不全是地鐵。

And so, so far, and I'm knocking on wood here, we've been able to kind of work with borrowers through it. And despite the precipitous drop in valuation that you're reading about and we see some of that. The owners of these properties, most of them feel like they still have equity in the building, and so they're willing to work with us to make sure we have a solid performing secured loan moving forward.

所以，到目前為止，我在這裡敲木頭，我們已經能夠透過它與借款人合作。儘管您正在讀到的估值急劇下降，但我們也看到了其中的一些情況。這些房產的業主中的大多數人認為他們仍然擁有建築物的產權，因此他們願意與我們合作，以確保我們今後擁有穩定可靠的擔保貸款。

Your next question comes from the line of Steven Alexopoulos with JPMorgan.

您的下一個問題來自摩根大通的 Steven Alexopoulos。

John, I want to start on the loan outlook. So for the banks that have reported this quarter, most CEOs are sounding a bit more optimistic, signing approved pipelines, customer sentiment, et cetera, and you guys are taking the range down to the lower end, not a massive change, but you're pushing to the lower end. What really changed versus last quarter? And are you not also seeing an improvement in pipelines?

約翰，我想從貸款前景開始。因此，對於本季度報告的銀行來說，大多數首席執行官聽起來更加樂觀，簽署了批准的管道，客戶情緒等等，你們正在將範圍降低到下限，不是一個巨大的變化，但你們'重新推向低端。與上季相比到底發生了什麼變化？您是否也看到了管道的改進？

Good question. So I think if you look at the first quarter, we had 1.2% loan growth, which is kind of in line with that 5%. And you're right, first quarter is usually a seasonally low origination quarter, and obviously, consistent with everyone else, loan demand was sort of muted at the beginning of the year. And then we moved some loans off which we can talk about later with respect to payroll finance and factoring into held for sale.

好問題。所以我認為，如果你看看第一季度，我們的貸款增加了 1.2%，這與 5% 的成長是一致的。你是對的，第一季通常是季節性較低的起始季度，顯然，與其他所有人一致，貸款需求在年初有些疲軟。然後我們轉移了一些貸款，稍後我們可以討論有關工資融資和待售保理的問題。

I think as we go forward, our Sponsor & Specialty book [C] which, as you know, has been kind of a crown jewel of ours and we've seen the beginnings of green shoots and pipeline build there, but it's been slower activity in that sponsor space.

我認為，隨著我們的前進，我們的《贊助商和專業》書籍[C]，如您所知，一直是我們皇冠上的寶石，我們已經看到了那裡的萌芽和管道建設的開始，但活動進展緩慢在那個贊助商空間。

And so I think that was one reason. We talked just a second ago with Matt about commercial real estate and the fact that we're going to be a little bit more selective and careful as we move forward in that segment, both with respect to the kind of inherent risks and the optics of our concentration levels there. And what I would say is definitely things getting better. I think the second half could be good. Could we outperform on the 5%? Yes.

所以我認為這是原因之一。剛才我們與馬特討論了商業房地產，事實上，當我們在這一領域前進時，我們將更加挑剔和謹慎，無論是在固有風險還是在商業地產方面。我想說的是，事情肯定會變得更好。我認為下半場可能會很好。我們能在 5% 方面跑贏大盤嗎？是的。

But as I mentioned earlier, we don't like to overpromise and under-deliver. We were disappointed this quarter by the NII. And I think we looked at the makeup of our portfolio, went to our business line leaders and thought 5% was the right guide. I'm hoping that we can outperform that. We're seeing better pipelines. We're not seeing as robust pipelines, but I think there's reason to be optimistic for the second half.

但正如我之前提到的，我們不喜歡承諾過多而交付不足。本季我們對國家資訊基礎設施感到失望。我認為我們查看了投資組合的組成，諮詢了我們的業務線領導，並認為 5% 是正確的指導。我希望我們能超越它。我們看到更好的管道。我們沒有看到強勁的管道，但我認為有理由對下半年感到樂觀。

Got it. Okay. And then for my follow-up. So on the margin, I know it came in a little bit weaker this quarter, a lot of moving pieces out of wholesale funding, et cetera. For you, Glenn, do you think this is a bottom for the margin this quarter? And how do you think about NIM trending before we get any rate cuts and then maybe if we do get rate cuts?

知道了。好的。然後是我的後續行動。因此，就邊際而言，我知道本季的表現有點疲軟，大量資金從批發融資中撤出，等等。格倫，您認為這是本季利潤率的底部嗎？在我們降息之前以及如果我們確實降息的話，您如何看待淨利差趨勢？

So I think -- so Steve, I think margin will be relatively flat quarter-over-quarter. Net interest income will improve quarter-over-quarter. But I think the margin where we are right now, 335, will probably be relatively flat. I do in our forecast and the assumptions that I laid out before, whether it's loan growth or the investment portfolio, the repricing stuff. I do think that our margin will get to like the 3.45-ish percent by the end of the year, somewhere around there.

所以我認為，史蒂夫，我認為季度環比利潤率將相對持平。淨利息收入將較上季改善。但我認為我們現在的利潤率 335 可能會相對持平。我在我們的預測和先前提出的假設中做到了這一點，無論是貸款成長還是投資組合、重新定價等。我確實認為，到今年年底，我們的利潤率將達到 3.45% 左右，大約在這個水平。

Potential upside, depending on how quick we can reduce deposit costs. But that's how we're thinking of it right now. So you can think about a full year average margin somewhere around 3.41% to 3.42% if you just look at the full year.

潛在的上行空間取決於我們降低存款成本的速度。但這就是我們現在的想法。因此，如果您只看全年，您可以認為全年平均利潤率約為 3.41% 至 3.42%。

Got it. And I know you said in response to Mark's question, whether cuts happen or not, very material. But in a cut scenario, given interLINK, some of the higher cost deposits you have, do you -- would that benefit the margin incrementally towards the end of the year if we get rate cuts? Is that we should think about?

知道了。我知道你在回答馬克的問題時說過，無論是否發生削減，都非常重要。但在降息的情況下，考慮到 interLINK，您擁有的一些成本較高的存款，如果我們降息，這會在年底前逐步使利潤率受益嗎？這是我們該思考的嗎？

Yes, it would. I mean I think right now, we see deposit costs, like I said, peaking in the second quarter between the second and third quarter and then coming down. A big driver of that, I talked about this on the last call, is of our $60 billion in deposits, about 20% are sort of -- sort of had the same characteristic of interLINK. So they reprice pretty quickly.

是的，會的。我的意思是，我認為現在，正如我所說，我們看到存款成本在第二季和第三季之間達到峰值，然後下降。我在上次電話會議上談到了這一點，其中一個重要推動因素是我們 600 億美元的存款，其中大約 20% 具有與 interLINK 相同的特徵。所以他們很快就重新定價。

So those are things like public funds, those are things like interLINK and there's some other products there. So you can think about $12 billion that I would consider sort of high beta products right now, but then they reprice down pretty quickly. So that would be the first tranche to go with the Fed cuts.

這些是公共基金之類的東西，諸如 interLINK 之類的東西，還有一些其他產品。所以你可以想像 120 億美元，我現在認為這是一種高貝塔產品，但隨後它們的價格很快就會下降。因此，這將是聯準會降息的第一筆資金。

We think that the deposit beta on the way down is say, 20-plus percent on the way down. So I think -- and that's reflective of like a 3-month pipeline that the core deposits have to cycle through. And so you will see that -- when the Fed starts cutting, you will see their deposit costs come down. The other thing I would point out is we're starting to see the industry pull back a little, and we've reduced -- if I look at our CD rates, for example, we had $2.2 billion come due in the first quarter. That repriced higher by 43 basis points.

我們認為存款貝塔值會下降 20% 以上。所以我認為——這就像核心存款必須循環的 3 個月管道一樣。所以你會看到——當聯準會開始降息時，你會看到他們的存款成本下降。我要指出的另一件事是，我們開始看到該行業略有回落，並且我們已經減少了——例如，如果我看一下我們的 CD 利率，我們在第一季到期了 22 億美元。重新定價後上漲了 43 個基點。

As I look forward, there's another $2 billion in the second, another $2 billion in the third quarter, those are going to be neutral. By the third quarter, it might even be accretive to us because, one, we reduced our rate, we've also reduced the term. And so I think that the drag from the CDs repricing will be behind us beginning the second quarter.

我預計，第二季還有 20 億美元，第三季還有 20 億美元，這些都將是中性的。到第三季度，它甚至可能對我們有利，因為，第一，我們降低了利率，我們也減少了期限。因此，我認為從第二季開始，CD 重新定價帶來的拖累將會消失。

Your next question comes from the line of Casey Haire with Jefferies.

你的下一個問題來自 Casey Haire 和 Jefferies 的對話。

I wanted to touch on expenses. So you guys kept the guide, which implies a decent ramp from the current run rate. I know you guys still have to fully run rate Ametros. I'm just wondering if that is conservative or just some color on what's the expense pressure there, if -- for the midpoint of the guide?

我想談談費用。所以你們保留了指南，這意味著目前的運行速度有一個不錯的提升。我知道你們仍然需要充分運作 Ametros。我只是想知道這是否保守，或者只是對指南中點的費用壓力有什麼影響？

Yes. Thanks, Casey. I think you're right. We got a full year -- or the full quarter of Ametros moving forward. So it just annualized. I think we're keeping -- I guess, to answer your question upfront, it's a conservative number, but it's a conservative number based on the fact that we're building out our program and our work streams to make sure as we move towards $100 billion, that we continue to invest in areas where we think it's important to make sure that we're beefing up our control functions and compliance and others.

是的。謝謝，凱西。我想你是對的。我們有整整一年或整個季度的 Ametros 向前發展。所以它只是按年計算。我認為我們會保留——我想，為了預先回答你的問題，這是一個保守的數字，但這是一個保守的數字，因為我們正在製定我們的計劃和工作流程，以確保我們朝著1000 億美元，我們繼續投資於我們認為重要的領域，以確保我們加強我們的控制功能和合規性等。

We're also continuing to invest in treasury payment capabilities, digital channels to make sure that we're giving our clients all of the experiences that they deserve. We've talked often about the fact that we're starting from a mid-40s efficiency ratio, a full 10% lower than most of our peers. And I think a lot of folks will need to continue to invest, particularly the ones in the $50 billion to $100 billion category, and we think that low starting point of efficiency gives us some flexibility.

我們也繼續投資資金支付能力和數位管道，以確保我們為客戶提供他們應得的所有體驗。我們經常談論這樣一個事實，即我們的效率比是 40 多歲左右，比大多數同行低了整整 10%。我認為很多人需要繼續投資，特別是500億至1000億美元類別的投資，我們認為低效率起點給了我們一定的彈性。

Do we have opportunities to either switch up timing of expenses? We do. Do we have opportunities to continue to look at the makeup of our business? We talked incessantly over 8 quarters about while we've liked all of the various business lines we had, that there were some that had maybe were too small to really help us, and we would reposition capital and you saw us do that with mortgage warehouse and you saw what Glenn talked about moving the payroll finance and factoring balances to held for sale and us moving away from that business.

我們是否有機會改變支出時間？我們的確是。我們是否有機會繼續檢視我們的業務組成？我們在8 個季度裡不斷地討論，雖然我們喜歡我們擁有的所有不同的業務線，但有些業務線可能太小，無法真正幫助我們，我們會重新配置資本，你看到我們透過抵押倉庫做到了這一點你看到了格倫所說的將工資財務和保理餘額轉移到持有待售以及我們放棄該業務的內容。

We do have other opportunities to continue to refine our business and reallocate capital that would also give us some relief on cost pressures. So I think it's a realistic number given our plan as we move forward. I would say it's conservative in that we do have levers to pull should the top line not play out the way we think it will.

我們確實有其他機會繼續完善我們的業務並重新分配資本，這也將減輕我們的成本壓力。因此，考慮到我們的計劃，我認為這是一個現實的數字。我想說這是保守的，因為如果營收沒有按照我們想像的方式發揮作用，我們確實有槓桿可以拉動。

Got it. And then just wanted to circle back on the loan growth. So if I'm understanding you correctly, CRE is kind of run in place. The loan pipeline sounds okay. But CRE drove a ton of growth this quarter, it's 42% of the loans. So that means to hit 5% for the rest of the year, the rest of the portfolio is going to have to average high single-digit pace of growth. It just doesn't seem like that the pipeline supports that. And just some color there on what buckets you're looking to grow to pick up the slack for CRE?

知道了。然後只想回顧一下貸款成長。因此，如果我的理解正確的話，CRE 就是就地運作的。貸款管道聽起來不錯。但 CRE 本季推動了大幅成長，佔貸款的 42%。因此，這意味著要在今年剩餘時間內達到 5%，投資組合的其餘部分將不得不平均實現高單位數成長。管道似乎不支持這一點。您希望透過哪些方面的發展來填補商業房地產的空缺？

Yes, fair question, Casey. So obviously, as you know, in these businesses, it's an aircraft carrier, right? So you'll probably see healthy CRE originations in 2Q as well as we sort of work through the pipeline, and we continue to kind of position ourselves and that's why we said kind of over the next 6 quarters, you'd see that change in the balance sheet.

是的，公平的問題，凱西。很明顯，如您所知，在這些行業中，它是一艘航空母艦，對吧？因此，您可能會在第二季度看到健康的CRE 起源，以及我們透過管道進行的工作，我們繼續對自己進行定位，這就是為什麼我們說在接下來的6 個季度中，您會看到這種變動資產負債表。

So I don't think you'll see a complete hole, if you will, from a commercial real estate perspective. We do have increasing activity in our Sponsor & Specialty business, which has been historically a high-growth, 10% CAGR growth business over time and you're starting to read about more private equity activity and we're starting to see people gear up.

因此，如果你願意的話，從商業房地產的角度來看，我認為你不會看到一個完整的漏洞。我們的贊助商和專業業務的活動確實在增加，該業務歷來都是高增長的，隨著時間的推移，複合年增長率為10%，您開始閱讀更多有關私募股權活動的信息，我們開始看到人們做好了準備。

We have fund banking, which is a lever we can pull and that we're really doing well there from a strategic perspective, not only growing high-quality, nice yielding assets, but getting deposits and other elements there. We have a pipeline in the middle market. We've got our ABL and equipment finance businesses and so we've got, I think, enough levers to pull that when we sit there and look at the profile, we think that to the extent CRE slows in the second half of the year, that we have plenty of levers to pull.

我們有基金銀行業務，這是我們可以拉動的槓桿，從戰略角度來看，我們在這方面做得非常好，不僅增長了高品質、高收益的資產，而且還在那裡獲得了存款和其他要素。我們在中間市場有一條管道。我們擁有 ABL 和設備融資業務，所以我認為我們有足夠的槓桿來拉動這一點，當我們坐在那裡查看概況時，我們認為 CRE 在今年下半年會放緩，我們有足夠的槓桿可以拉動。

You've heard me say over and over again, in a normalized environment, we're a 10% commercial growth, and we've done it over 8 years consistently from a CAGR perspective. This is a unique environment. We've seen fits and starts in overall loan demand. And now we are layering on top of that kind of a desire to mute CRE growth compared to the rest. But as you said, that high single-digit loan growth in the other categories doesn't scare us a ton as long as the market cooperates.

你聽過我一遍又一遍地說，在正常化的環境中，我們的商業成長是 10%，從複合年增長率的角度來看，我們已經連續 8 年做到了這一點。這是一個獨特的環境。我們看到整體貸款需求時斷時續。現在，我們的願望是抑製商業房地產的成長（與其他行業相比）。但正如您所說，只要市場配合，其他類別的高單位數貸款成長並不會讓我們感到害怕。

And by the way, you know that we're risk managers first, right? We really feel good about this bank. We're a bank that has -- even with the NIM compression, but really helping NIM at 3.35%. We've got a 45% efficiency ratio, a 1.25% ROA and 18% ROE. And so we're going to make sure that we're making the right short-term moves even if it means there's a quarter where we fall short. And I think our long-term growth targets and objectives are completely attainable.

順便說一句，您知道我們首先是風險管理者，對嗎？我們對這家銀行感覺很好。我們是一家銀行，儘管 NIM 壓縮，但真正幫助 NIM 達到 3.35%。我們的效率率為 45%，ROA 為 1.25%，ROE 為 18%。因此，我們將確保我們做出正確的短期舉措，即使這意味著我們有一個季度的表現不佳。我認為我們的長期成長目標是完全可以實現的。

So our plan -- we're not being blind, Casey, going into saying, "Hey, we're going to freeze CRE and we're going to still have 5% loan growth." I think you're going to see CRE kind of taper with respect to its growth trajectory, and we feel pretty confident about the other asset classes and our ability to grow those loans.

所以我們的計劃——凱西，我們不會盲目地說，“嘿，我們將凍結商業房地產，但我們仍將有 5% 的貸款增長。”我認為你會看到商業房地產的成長軌跡有所縮減，我們對其他資產類別以及我們增加這些貸款的能力充滿信心。

Your next question comes from the line of Jared Shaw with Barclays.

你的下一個問題來自巴克萊銀行的賈里德·肖（Jared Shaw）。

Maybe just switching over to deposits with DDA balances declining this quarter. Do you think that we're near the bottom here? Or is there still some more diminishment you expect out of the base? And where do you think deposit growth comes from to hit those targets going forward?

也許只是轉向存款，本季 DDA 餘額下降。你認為我們已經接近底部了嗎？或者您預計基地還會進一步減少嗎？您認為存款成長從何而來才能實現未來的這些目標？

Yes. So let me -- Jared, it's Glenn. So I think we did see an acceleration in the first quarter of customers sweeping excess cash into money market and deposit accounts. But we do -- if I look at my forecast, my forecast is basically flattened that out. So I think I would think of the second quarter, a $10.5 billion on DDA that has basically flattened out for the year.

是的。那麼讓我——賈里德，我是格倫。因此，我認為我們確實看到第一季客戶加速將多餘現金轉入貨幣市場和存款帳戶。但我們確實如此——如果我看看我的預測，我的預測基本上是持平的。因此，我認為第二季的 DDA 為 105 億美元，全年基本持平。

As far as growth, the drivers and the guidance suggests $3 billion to $4 billion in deposit growth at the low and the high range. So some of the key drivers are going to be in Ametros, obviously, say, $100 million on the low end, $150 million on a high end. HSA between $200 million and $500 million over -- on the course of the year. InterLINK, I'd probably say about $1.4 billion, will grow between now and the end of the year. We still continue to see CD growth. We saw $300 million in the quarter. I think for the full year, we're thinking it's probably about $500 million and then the rest of that would be probably in wholesale funding or the wholesale channels.

就成長而言，驅動因素和指導建議存款在低點和高點範圍內增長 30 億至 40 億美元。因此，一些關鍵驅動力將來自 Ametros，例如，低端產品為 1 億美元，高端產品為 1.5 億美元。 HSA 全年支出超過 2 億至 5 億美元。我可能會說，從現在到今年年底，InterLINK 將成長約 14 億美元。我們仍然繼續看到 CD 的成長。本季我們看到了 3 億美元。我認為全年的資金可能約為 5 億美元，其餘部分可能會透過批發資金或批發管道。

Okay. That's good color. And then could you just give a little more color on the credit valuation moves that we saw this quarter and what drove that? And how you guys could try to plan that going forward?

好的。這顏色真好啊然後，您能否對我們本季看到的信貸估值變動以及推動這項變化的因素提供更多說明？你們可以如何嘗試未來的計畫？

Yes. So that's driven by -- primarily by rates. so that -- you saw the reduction last quarter as rates from the third to the fourth quarter came down and then you see it from the fourth quarter to first quarter, sort of a snapback on that. So that's -- it's pretty much driven by rates. These are -- this is the valuation part of our customer derivative book, right? And so there's been some noise back and forth over the last couple of quarters.

是的。所以這主要是由利率驅動的。因此，您會看到上個季度的下降，因為第三季到第四季的利率下降，然後您會看到從第四季到第一季的下降，有點像反彈。所以這很大程度上是由利率驅動的。這些是——這是我們客戶衍生品帳簿的估值部分，對吧？因此，過去幾季出現了一些來回的噪音。

It's hard to forecast. You can tie it to rates. And I would say if rates are stable right now, you'd probably expect be relatively stable. As rates go down, it could -- we could have a little bit of a hit, but nothing like we saw from the third to the fourth quarter where it was $4.3 million if I remember it.

很難預測。您可以將其與費率掛鉤。我想說，如果現在利率穩定，您可能會期望相對穩定。隨著利率下降，我們可能會受到一點影響，但如果我記得的話，我們從第三季到第四季看到的情況是 430 萬美元。

Great. And congratulations on the retirement, looking forward to still talking to you over the next quarter or so.

偉大的。恭喜您退休，期待在下個季度左右繼續與您交談。

Your next question comes from the line of Manan Gosalia with Morgan Stanley.

你的下一個問題來自摩根士丹利的馬南·戈薩利亞（Manan Gosalia）。

Given the comments on capital and eventually moving that CRE to Tier 1 plus reserve number lower than even 250%. Does that mean that buybacks are off the table for the foreseeable future? Or do you think you could restart once you get to that 11% CET1 level, and as we think about that 11% level as well, should we think about that as a more permanent target now given that you want to eventually get to that 200% number? Or is it just a function of moving up reserves, slowing the CRE loan growth and then you can bring that CET1 number back down to 10.5%?

鑑於對資本的評論，最終將 CRE 轉移到一級，加上準備金數量甚至低於 250%。這是否意味著在可預見的未來回購是不可能的？或者您認為一旦達到 11% CET1 水平就可以重新開始嗎？或者這只是提高準備金、減緩商業房地產貸款成長的函數，然後你可以將 CET1 數字回落至 10.5%？

Yes. I think for the foreseeable future, 11% is the target, just given the overall dynamics of us and the marketplace and some of the uncertainty from a credit perspective. So I think we're unlikely to buy back shares during 2024 unless there's some other specific change.

是的。我認為在可預見的未來，考慮到我們和市場的整體動態以及信用角度的一些不確定性，11% 是目標。因此，我認為我們不太可能在 2024 年回購股票，除非有其他具體變化。

We generate a lot of capital every year given our profitability metrics. So I do think, as we did from the closing of the MOE 2.5 years ago or just over 2 years ago for that 11% level and we're moving forward and we're generating capital, and we don't have a good internal use of that capital. We will return it to shareholders in the form of dividends or more likely buyback given the fact that we feel comfortable with our dividend level.

鑑於我們的獲利指標，我們每年都會產生大量資本。所以我確實認為，正如我們從 2.5 年前或 2 多年前關閉教育部以來 11% 的水平所做的那樣，我們正在向前邁進，我們正在產生資本，但我們沒有良好的內部機制使用該資本。鑑於我們對股利水準感到滿意，我們將以股利或更可能回購的形式將其返還給股東。

So I think you could see that restart as we get into 2025 and as our capital level gets to 11%. So that's kind of our view right now. Obviously, we've talked that from M&A perspective, we're not really focused at all on inorganic growth right now. We would love to do more transactions like the Ametros transactions, which brings low-cost deposits and fees. But right now, our focus is on working through -- generating and delivering on our guidance, taking care of our customers, making sure we work through credit building capital back up to 11% and then we'll be back to our normal kind of capital management plan in 2025.

因此，我認為當我們進入 2025 年並且我們的資本水準達到 11% 時，您可能會看到這種重啟。這就是我們現在的觀點。顯然，我們已經說過，從併購的角度來看，我們現在根本不真正關注無機成長。我們希望進行更多像 Ametros 交易這樣的交易，這會帶來低成本的存款和費用。但現在，我們的重點是製定和交付我們的指導，照顧我們的客戶，確保我們將信用建設資本恢復到 11%，然後我們將回到正常的水平2025年資本管理計劃。

Very helpful. And then thanks for the detail on the rent-regulated multifamily exposure. I see that most balances were originated post-2019. But can you talk about your comfort level with the credits and the level of reserving for the 35% or so that was originated pre-2019? And are there any details that you can share on that portfolio?

很有幫助。然後感謝您提供有關受租金管制的多戶住宅風險的詳細資訊。我發現大部分餘額都是 2019 年之後產生的。但您能談談您對 2019 年之前發放的 35% 左右的積分和預留水準的滿意程度嗎？您可以分享有關該投資組合的任何細節嗎？

Yes. Those are really small -- generally, as we said, granular small balance accounts, average $3.5 million in exposure. We're seeing kind of the metrics. We actually did a deep dive and try to look at the credit metrics, the performance, the debt service and the LTV comparatively between the ones that were underwritten before and after, and we're not seeing any differentiation in performance.

是的。這些帳戶規模確實很小——正如我們所說，一般來說，都是細粒度的小額餘額帳戶，平均風險敞口為 350 萬美元。我們看到了一些指標。實際上，我們進行了深入研究，嘗試比較承保前後的信用指標、績效、償債和 LTV，我們沒有看到績效有任何差異。

So the entirety of the book is kind of performing with very low levels of classified and criticized assets. I think one of the key points to make, not only on our rent-regulated multifamily but on our multifamily book in general is that we underwrite to in-place market rents.

因此，整本書的分類和批評資產的水平都非常低。我認為，不僅在我們受租金管制的多戶住宅上，而且在我們的多戶住宅帳簿上，要提出的關鍵點之一是我們承保就地市場租金。

So we're not counting on there being rent increases at the end of the day to ultimately service the debt and that has set us well. It doesn't mean that higher -- I mean, higher operating costs can't impact NOI, but we haven't seen any degradation in the portfolio. So we're looking right now at a similar portfolio construct and performance between pre and post 2019 underwrites.

因此，我們並不指望最終會增加租金來最終償還債務，這對我們來說非常有利。這並不意味著更高——我的意思是，更高的營運成本不會影響NOI，但我們沒有看到投資組合有任何退化。因此，我們現在正在研究 2019 年承保前後類似的投資組合結構和表現。

Got it. And no major degradation in LTVs there either?

知道了。那裡的生命週期價值也沒有大幅下降嗎？

No, we haven't seen it.

不，我們還沒有看到。

Your next question comes from the line of Daniel Tamayo with Raymond James.

你的下一個問題來自丹尼爾·塔馬約和雷蒙·詹姆斯的對話。

Maybe first, just changing gears here, looking at the fee income guide. Just curious if there's something in the $97.5 million core number that you did in the first quarter that you expect to moderate? Or do you think that's a decent number to grow off of in 2024?

也許首先，只是改變一下方式，看看費用收入指南。只是好奇您在第一季完成的 9750 萬美元核心數字中是否有一些您希望調整的內容？或者您認為 2024 年這個數字是否值得成長？

Yes. So I think on that, we were -- I think we still feel good, like I said in the guidance, the $375 million to $400 million. We did have a strong quarter. I think the guidance implies a range of $92 million to $100 million. And some of the tailwinds, if I just sort of break it out, we still will get the benefit -- the full year benefit of Ametros, which will add, say, $1.5 million to $2 million beginning in the second quarter. And then we'll see increases in loan-related fees, deposit servicing fees and stuff like that throughout the year.

是的。所以我認為，我們 - 我認為我們仍然感覺良好，就像我在指導中所說的那樣，3.75 億美元到 4 億美元。我們確實有一個強勁的季度。我認為指導意見暗示了 9,200 萬至 1 億美元的範圍。還有一些順風車，如果我能把它打破，我們仍然會得到好處——Ametros 的全年好處，這將從第二季開始增加 150 萬至 200 萬美元。然後我們會看到全年貸款相關費用、存款服務費等費用的增加。

Some of the headwinds that we'll see are -- we'll see probably lower HSA interchange, which sort of peaks in the first quarter. But I think all in all, we still feel good about the guide. And I would expect that you would expect that it would be in the $98 million to $99 million range.

我們將看到的一些不利因素是——我們可能會看到 HSA 交換量下降，這一情況在第一季達到頂峰。但我認為總而言之，我們仍然對指南感覺良好。我預計您會期望它在 9800 萬美元到 9900 萬美元之間。

Okay. Great. Understood. And then maybe just a follow-up on the conversation on deposits. You mentioned you're budgeting for noninterest-bearing to stay relatively flat for the rest of the year. If that were not to be the case, if we did see some kind of decline in those balances as the year progressed, how would you expect to go out and -- would you go out and fill a void with additional funding via wholesale channels? Or would you -- just curious how you would approach that scenario. And if there's a kind of some kind of leverage for your in the market.

好的。偉大的。明白了。然後也許只是存款對話的後續行動。您提到您正在製定無息預算，以便在今年剩餘時間內保持相對穩定。如果情況並非如此，如果我們確實看到這些餘額隨著時間的推移而出現某種程度的下降，你會如何期望出去——你會出去透過批發管道用額外的資金填補空白嗎？或者你會——只是好奇你會如何處理這種情況。如果你在市場上有某種槓桿作用。

Yes. From a funding gap, the answer is yes, depending on new loan growth. Probably you get some additional mix. And you'd probably see a move, as we've seen in the past, like money market deposits. So it definitely increases your cost. The other thing I'll point out, John, is that with Ametros and HSA, Ametros is at 7 or 8 basis points. And we've come out of the box -- they've come out of the box pretty strong on that. We closed at $800 million. We're already at $871 million and it's just basically 2 months. And so we expect -- we think that's going to grow pretty good as well. And likewise, with HSA.

是的。從資金缺口來看，答案是肯定的，取決於新增貸款的成長情況。也許你會得到一些額外的組合。正如我們過去所看到的那樣，您可能會看到貨幣市場存款等變動。所以這肯定會增加你的成本。 John，我要指出的另一件事是，對於 Ametros 和 HSA，Ametros 的利率為 7 或 8 個基點。我們已經走出了困境——他們在這方面已經非常強大了。我們的收盤價為 8 億美元。我們已經達到 8.71 億美元，而這基本上只是 2 個月的時間。所以我們預計——我們認為這也會成長得很好。 HSA 也是如此。

So I think there's a lot of -- as John pointed out in the opening comments, when you look at our diverse funding profile, there's a lot of levers we can pull. Short answer is if we saw some more pressure on DDA, we probably use wholesale funding. The last thing I'd put on Ametros, by the way, and it is in this slide is that in that business, we have about $3.5 billion of committed funds in the future. So those are contractual settlements.

所以我認為有很多——正如約翰在開場評論中指出的那樣，當你看到我們多樣化的資金狀況時，我們可以利用很多槓桿。簡而言之，如果我們看到 DDA 面臨更多壓力，我們可能會使用批發資金。順便說一句，我對 Ametros 的最後一件事是，在這張幻燈片中，我們未來將在該業務中投入約 35 億美元的承諾資金。所以這些都是合約和解。

So if you think of that business, there's $3.5 billion in a pipeline that's over years and years, but it's -- that's the committed funds to that business. And I think that represents a pretty significant opportunity for us.

因此，如果你考慮一下這項業務，你會發現，有 35 億美元的資金正在醞釀多年，但這是這項業務的承諾資金。我認為這對我們來說是一個非常重要的機會。

Yes. And I would just -- again, I think I'm probably saying the same thing Glenn said. But what we saw in the first quarter was less DDAs out creating funding holes, but DDAs to higher-yielding accounts internally. So we didn't really -- it didn't create a funding hole. It was just unfortunately higher cost deposits.

是的。我想再次強調，我想我可能會說格倫說過的同樣的話。但我們在第一季看到的是，DDA 減少了造成資金缺口的情況，而是在內部向高收益帳戶提供了 DDA。所以我們並沒有真正——它並沒有造成資金缺口。不幸的是，存款成本較高。

Your next question comes from the line of Bernie Von Gizycki with Deutsche Bank.

您的下一個問題來自德意志銀行的 Bernie Von Gizycki。

John, in the beginning of the call, you noted you expect an ROA of 1.3% and a ROATCE of 18% in 2024 and beyond. It's similar to the adjusted results this quarter. Is that how we should also think about this as a through-the-cycle return target? And if you can elaborate on any underlying macro assumptions behind that?

約翰，在電話會議開始時，您提到預計 2024 年及以後的 ROA 為 1.3%，ROATCE 為 18%。這與本季調整後的結果類似。我們是否也應該將其視為整個週期的報酬目標？您能否詳細說明其背後的任何潛在宏觀假設？

Yes. I mean I think if you just take kind of where our guidance is right now, kind of that's the output, right? And the reason we talk about those return metrics is that when we announced the merger with Sterling 3 years ago, we thought that structurally, this is what this company can generate with respect to returns.

是的。我的意思是，我認為如果你只是接受我們現在的指導，那就是輸出，對嗎？我們談論這些回報指標的原因是，當我們三年前宣布與 Sterling 合併時，我們認為從結構上看，這就是這家公司可以產生的回報。

And interestingly, nothing in our original assumptions about the macro environment when we did the deal has come true. We've seen a precipitous change in Fed funds, unprecedented. We've seen banking crises, we've seen pressures on liquidity, we've seen outflows of deposits. And through that all, we've continued to post those kind of high teens ROATC and kind of a 1.2% to 1.4% ROA. Obviously, this quarter, it was down a little.

有趣的是，我們在進行交易時對宏觀環境的最初假設並沒有實現。我們看到聯邦基金發生了史無前例的急劇變化。我們看到了銀行業危機，看到了流動性壓力，看到了存款外流。透過這一切，我們繼續發布了較高的 ROATC 和 1.2% 到 1.4% 的 ROA。顯然，本季有所下降。

But if we look at our modeling and we sensitize to credit performance, given our efficient operating model and our funding sources, like those are our targets. And we've been able to post those targets for the last 9 quarters since the merger closed. And those remain our targets. And what could hurt that would be things like a more significant credit crisis, something unexpected in deposit prices and other inflows and outflows. But if you look at our modeling and you look at our history, we think that kind of we're geared up to be able to deliver those returns through cycles.

但如果我們看看我們的模型，我們就會對信用表現敏感，考慮到我們高效的營運模式和我們的資金來源，就像我們的目標一樣。自合併結束以來，我們已經能夠在過去 9 個季度發布這些目標。這些仍然是我們的目標。可能造成損害的是更嚴重的信貸危機、存款價格和其他資金流入和流出的意外情況。但如果你看看我們的模型，看看我們的歷史，我們認為我們已經準備好了，能夠透過週期提供這些回報。

Okay. Great. And just separately, I appreciate the additional CRE slides in the deck this quarter. In your latest 10-Q, I believe you disclosed the CRE office reserves of nearly $36 million. Just wondering how is that tracking as of 3/31?

好的。偉大的。另外，我很欣賞本季甲板上額外的 CRE 幻燈片。在您最新的 10-Q 報告中，我相信您揭露了近 3,600 萬美元的 CRE 辦公室儲備金。只是想知道截至 3/31 的追蹤情況如何？

We disclosed it. Those reserves have moved up their 5% of the traditional office portfolio now. I think last quarter, they were 3.5%.

我們披露了它。這些儲備目前已佔傳統辦公室投資組合的 5%。我認為上個季度是 3.5%。

The next question comes from the line of Laurie Hunsicker with Seaport.

下一個問題來自 Laurie Hunsicker 與 Seaport 的聯繫。

Glenn, I just wanted to say congrats to you. Just if we could jump back to C&I, that's where you had a big jump in nonperformers, can you help us think about going from $135 million to $204 million in nonperformers in the quarter. Where we're seeing that jump? Where -- any details? Is it Sponsor & Specialty finance? Is it ABL? How much is mixed? Any color you can share with us there?

格倫，我只是想向你表示祝賀。如果我們可以回到 C&I，那就是不良貸款大幅增加的地方，您能否幫助我們考慮將本季度不良貸款從 1.35 億美元增加到 2.04 億美元。我們在哪裡看到這種跳躍？哪裡——有詳細資料嗎？是贊助商和專業融資嗎？是ABL嗎？混合了多少？有什麼顏色可以跟我們分享嗎？

Yes. Laurie, I will try. We -- at a company our size, we sort of talk about specific credits, but there were, say, 4 credits in the C&I. We had a contractor, health care services, a food and restaurant company, one retail CRE. That's sort of the representation across it. Again, I think I try and look at the macro picture. Obviously, Jason is looking at the micro picture to see whether there's any correlated risk.

是的。勞裡，我會努力的。在我們這樣規模的公司，我們會談論特定的學分，但 C&I 中有 4 個學分。我們有一家承包商、一家醫療保健服務公司、一家食品和餐飲公司、一家零售商業房地產公司。這就是它的代表性。我想我再次嘗試著看宏觀圖景。顯然，傑森正在觀察微觀情況，看看是否有任何相關風險。

So if I told you they were 5 sponsor deals in a particular segment, I would be transparent and tell you that and say we're concerned about it and give you more portfolio detail, but these were really idiosyncratic across 5 different categories across our C&I and one CRE deal. And again, I think the critical element is that our nonaccrual loans, if you look at peers that have reported so far or you look at Webster's nonaccrual levels pre-pandemic, we still have an approach, the benign credit environment level there.

因此，如果我告訴您它們是某個特定細分市場的5 項贊助商交易，我會坦誠地告訴您，並表示我們對此表示擔憂，並為您提供更多投資組合詳細信息，但這些交易在我們的C&I 的5 個不同類別中確實很特殊以及一筆商業地產交易。再說一次，我認為關鍵因素是我們的非應計貸款，如果你看看迄今為止報告的同行，或者你看看韋伯斯特大流行前的非應計水平，我們仍然有一種方法，那裡的良性信貸環境水平。

And I'm not portending that we won't because I said we'll continue to have pressure but nothing we've seen has suggested that there's a pocket of weakness: poor underwriting, asset class, business line or geography that has us particularly concerned. We're really reviewing the whole portfolio. So I would say it's idiosyncratic across industries, across sectors and business lines in the quarter and a move back to a more normal level of nonperformers.

我並不是預示著我們不會這樣做，因為我說過我們將繼續面臨壓力，但我們所看到的一切都沒有表明存在一些弱點：承保不佳，資產類別，業務線或地理位置對我們來說特別重要擔心的。我們確實正在審查整個投資組合。因此，我想說，本季各個行業、各個部門和業務線的情況都有所不同，不良表現又回到了更正常的水平。

Got it. And then just especially the Sponsor & Specialty book, how much is that nonperforming?

知道了。然後，特別是《贊助商與專業》這本書，不良表現有多少？

Can you repeat the question?

你能重複一下這個問題嗎？

Yes, the Sponsor & Specialty book, what is the nonperforming rate there or dollar amount there, the $6.7 billion book?

是的，贊助商和專業帳簿，該帳簿的不良率或金額是多少，價值 67 億美元的帳簿？

About 2% -- about 2%.

大約2%——大約2%。

Okay. Okay. Great. And then just going back to margin here. Do you have the spot margin? And then can you just comment a little bit in terms of FHLB borrowings. I was thinking that the Ametros acquisition, you would probably be paying that down, that's costing 5.5%. Can you just share with us, I guess, what you're thinking there?

好的。好的。偉大的。然後回到這裡的保證金。你們有現貨保證金嗎？然後您能就 FHLB 借款發表一點評論嗎？我在想，收購 Ametros 時，你可能會支付 5.5% 的首付。我想你可以和我們分享一下你的想法嗎？

So the spot NIM at the end of the quarter was exactly where we were for the full quarter, so say, 3.35%. Spot deposit costs, I said on the call, 224, so up 1 basis point from where we were for the quarter and loans down 2 basis points, so $622 million.

因此，本季末的即期淨利差正是我們整個季度的水平，也就是說，3.35%。我在電話會議上說，現貨存款成本為 224，比本季上升 1 個基點，貸款下降 2 個基點，即 6.22 億美元。

And then with respect to FHLB, I mean part of the dynamic there, Laurie, is that we've paid down or we've let expire brokered CDs. And so the FHLB borrowings allow us to be a little more flexible than winding up broker CDs, returns and stuff like that. And so we can tap that resource in order to fund any shortfalls and things like that. So I think that's the way I would think about it.

然後，關於 FHLB，勞裡，我的意思是，我們已經還清了貸款，或者我們已經讓經紀 CD 過期了。因此，FHLB 的借款使我們能夠比清算經紀商 CD、回報之類的東西更靈活。因此，我們可以利用該資源來彌補資金短缺等問題。所以我想這就是我的思考方式。

At this time, there are no further questions. I would like to turn the call back over to John Ciulla for closing remarks. Please go ahead.

目前，沒有其他問題了。我想將電話轉回給約翰·丘拉 (John Ciulla)，讓其致閉幕詞。請繼續。

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

非常感謝你，埃里克。我感謝今天早上大家加入我們。祝你有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在您可以斷開線路了。