Webster Financial Corp (WBS) 2025 Q2 法說會逐字稿

Good morning. Welcome to the 2Q '25 Webster Financial Corporation earnings call. Please note this event is being recorded.

早安.歡迎參加韋伯斯特金融公司 25 年第二季財報電話會議。請注意，此事件正在被記錄。

I would now like to introduce Webster's Director of Investor Relations, Emlen Harmon, to introduce the call.

現在，我想介紹韋伯斯特投資者關係總監 Emlen Harmon 來介紹這次電話會議。

Mr. Harmon, please go ahead.

哈蒙先生，請繼續。

Good morning. Before we begin our remarks, I want to remind you that comments made by management may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995 and are subject to the Safe Harbor rules. Please review the forward-looking disclaimer at Safe Harbor language in today's press release and presentation for more information about risks and uncertainties which may affect us. The presentation accompanying management's remarks can be found on the company's Investor Relations site at investors.websterbank.com.

早安.在我們開始發言之前，我想提醒您，管理階層所作的評論可能包括 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述，並受安全港規則的約束。請查看今天的新聞稿和簡報中安全港語言的前瞻性免責聲明，以獲取有關可能影響我們的風險和不確定性的更多資訊。管理層評論的簡報可在公司投資者關係網站 investors.websterbank.com 上找到。

For the Q&A portion of the call, we ask that each participant ask just one question and one follow-up before returning to the queue.

對於通話的問答部分，我們要求每個參與者在返回隊列之前只提出一個問題和一個後續問題。

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

現在我將把發言權交給韋伯斯特金融公司的執行長兼董事長約翰‧丘拉 (John Ciulla)。

Thanks, Emlen.

謝謝，埃姆倫。

Good morning and welcome to Webster Financial Corporation's second-quarter 2025 earnings call. We appreciate you joining us this morning.

早安，歡迎參加韋伯斯特金融公司 2025 年第二季財報電話會議。感謝您今天上午加入我們。

I'm going to start with a recap of our results and the competitive positioning that drives them. Our President and Chief Operating Officer, Luis Massiani, is going to provide an update on exciting developments in our operating segments, and our CFO, Neal Holland, will provide additional detail on financials before my closing remarks and Q&A.

我將首先回顧我們的業績以及推動這些業績的競爭定位。我們的總裁兼營運長 Luis Massiani 將介紹我們營運部門令人興奮的發展情況，而我們的財務長 Neal Holland 將在我的閉幕詞和問答之前提供更多有關財務狀況的詳細資訊。

Highlights for the second quarter are provided on slide 2 of our earnings presentation. Our results were solid with a return on tangible common equity of 18%, ROA of nearly 1.3%, and growth in both loans and deposits of over 1% in quarter. Overall revenue grew 1.6% over the prior quarter.

我們的財報第 2 張投影片介紹了第二季的亮點。我們的業績穩健，有形普通股權益回報率為 18%，ROA 接近 1.3%，本季貸款和存款成長率均超過 1%。總營收較上一季成長1.6%。

Our financial results put our company on a trajectory to meet the outlook we established in January, despite a less certain macroeconomic picture at points in the first half of the year. We achieved this outcome while maintaining our strong operating position and balance sheet flexibility. Our common equity Tier 1 ratio increased, and our loan-to-deposit ratio remained roughly flat.

儘管上半年宏觀經濟情勢較不確定，但我們的財務表現使公司有望實現我們在一月份制定的預期。我們在維持強勁的經營地位和資產負債表彈性的同時實現了這一成果。我們的普通股一級資本比率有所提高，而貸存比率則基本保持不變。

With our strong capital position and new capital generation, the Board authorized an additional $700 million in share repurchases, and we bought back 1.5 million shares in the quarter. Additionally, the inflection point and asset quality that we projected to occur in mid-2025 is materializing. Both criticized commercial loans and non-accruals were down in the quarter. Our net charge-off ratio was 27 basis points within our long-term normalized charge-off range of 25 to 35 bps. We do not see new pockets of credit deterioration developing anywhere across any industry or sector.

憑藉我們強大的資本實力和新資本的產生，董事會批准額外 7 億美元的股票回購，我們在本季回購了 150 萬股。此外，我們預測的 2025 年中期出現的拐點和資產品質正在實現。本季度，受批評的商業貸款和非應計項目均有所下降。我們的淨沖銷率為 27 個基點，處於長期標準化沖銷範圍 25 至 35 個基點之內。我們沒有看到任何行業或領域出現新的信貸惡化現象。

Similar to our view a quarter ago, we have not yet seen any impact to credit related to various tariff proposals. While remaining vigilant, any potential effects from proposed tariffs, we don't have disproportionate exposure to industries we believe could be most impacted, and our borrowers have had additional time to develop strategies to manage costs, their supply chains, and pricing. Our strong operating position and distinctive businesses provide us a lot of flexibility and growth opportunities, an advantage that will serve us well as tailwinds accumulate for the banking industry.

與我們一個季度前的觀點類似，我們尚未看到與各種關稅提案相關的信貸受到任何影響。在對擬議關稅的任何潛在影響保持警惕的同時，我們並沒有對我們認為可能受到最大影響的行業進行過度投資，而且我們的借款人有更多時間來製定管理成本、供應鏈和定價的策略。我們強大的經營地位和獨特的業務為我們提供了很大的靈活性和成長機會，隨著銀行業順風的積累，這一優勢將為我們提供良好的服務。

We feel we have the most differentiated deposit profile within our peer group. In particular, our healthcare financial services segment comprised of HSA Bank and Ametros, our growing source of low-cost, long-duration, and very sticky deposits. The B2B2C model of these businesses enables efficient operation and distribution. Provisions included within the recently passed reconciliation bill should also accelerate growth in HSA deposits.

我們認為，我們的存款狀況在同業中最具差異化。特別是，我們的醫療金融服務部門由 HSA Bank 和 Ametros 組成，它們是我們不斷增長的低成本、長期和非常黏性的存款來源。這些企業的B2B2C模式實現了高效率的營運和分銷。最近通過的和解法案中的條款也應該會加速 HSA 存款的成長。

In addition to the healthcare financial services segment, we also have strong deposit franchises in our consumer and commercial bank. We also operate interSYNC, previously known as InterLINK, and rebranded this quarter. InterSYNC provides us access to granular deposits and is another differentiating feature for Webster as a source of liquidity.

除了醫療金融服務部門外，我們的消費者和商業銀行也擁有強大的存款特許經營權。我們也經營 interSYNC（之前稱為 InterLINK），並於本季更名。InterSYNC 為我們提供了獲取粒狀存款的途徑，這也是 Webster 作為流動性來源的另一個差異化特徵。

As a predominantly commercial bank, we have a diversity of loan origination channels with distinct risk reward characteristics. These provide us the opportunity to add assets in the loan categories that provide the most appealing risk reward characteristics at a given point in time. We anticipate that the asset management partnership with Marathon we announced last year will be effective as of later today, and we believe that it will enhance sponsor loan growth and drive fee revenue in 2026 and beyond.

作為一家以商業為主的銀行，我們擁有多種貸款發放管道，具有獨特的風險回報特徵。這些為我們提供了機會，可以在特定時間點提供最具吸引力的風險回報特徵的貸款類別中添加資產。我們預計，去年宣布的與 Marathon 的資產管理合作夥伴關係將於今天晚些時候生效，我們相信它將促進贊助商貸款增長並推動 2026 年及以後的費用收入。

The combination of our funding advantage and diversified loan origination engine allow us to grow at an accelerated rate relative to peers over the long term. Ultimately, with our distinctive business composition, we have a lot of liquidity. We run a highly efficient and profitable bank, and we generate a lot of capital. This provides us with both a solid defensive position and a great deal of optionality on offense, whether that be organic growth, strategically compelling tuck-in acquisitions or returning capital to shareholders.

我們的資金優勢和多元化的貸款發放引擎相結合，使我們能夠長期以比同行更快的速度成長。最終，憑藉我們獨特的業務結構，我們擁有大量流動性。我們經營著一家高效率且獲利的銀行，並且創造了大量資本。這為我們提供了穩固的防守地位和大量的進攻選擇，無論是有機成長、具有戰略吸引力的補充收購還是向股東返還資本。

I will now turn it over to Luis to discuss emerging strategic opportunities for Webster, including at HSA Bank and within the commercial segment, each of which have recently experienced strategically important developments.

現在，我將把時間交給路易斯，討論韋伯斯特的新興策略機遇，包括 HSA 銀行和商業領域，每個領域最近都經歷了具有戰略意義的發展。

Thanks, John.

謝謝，約翰。

Starting with HSA Bank, we were pleased to see three favorable provisions for HSA accounts incorporated in the reconciliation bill, which was signed into law earlier this month. In our view, these provisions will significantly increase the addressable market for the HSA industry and HSA Bank, mainly driven by bronze, ACA plan participants newly gained eligibility to fund an HSA account as part of their healthcare plan.

從 HSA 銀行開始，我們很高興看到本月早些時候簽署成為法律的和解法案中納入了三項對 HSA 帳戶有利的條款。我們認為，這些規定將顯著增加 HSA 行業和 HSA 銀行的潛在市場，這主要受到青銅級 ACA 計劃參與者的推動，他們新獲得了為 HSA 帳戶提供資金作為其醫療保健計劃一部分的資格。

We estimate the potential deposit opportunity for HSA Bank over the next five years ranges from $1 billion to $2.5 billion of additional deposits, starting with incremental growth next year of $50 million to $100 million. There is likely to be a somewhat lengthy ramp-up period for adoption as newly eligible consumers begin to understand the benefits of an HSA account and how best to use it for their health and financial wellness.

我們估計，未來五年 HSA 銀行的潛在存款機會將增加 10 億美元至 25 億美元，從明年開始逐步增加 5,000 萬美元至 1 億美元。隨著新符合資格的消費者開始了解 HSA 帳戶的好處以及如何最好地利用它來改善自己的健康和財務狀況，採用 HSA 帳戶可能需要一段較長的時間。

We were further encouraged that for the first time eligibility for HSA accounts has been decoupled from high deductible health plans and that several provisions that were initially included but didn't make the final spending bill have strong support in both the House and Senate.

我們進一步感到鼓舞的是，HSA 帳戶的資格首次與高免賠額健康計劃脫鉤，並且最初包含但未成為最終支出法案的幾項條款在眾議院和參議院都得到了大力支持。

Additional substantive legislation in 2025 is likely, including the possibility of another reconciliation bill. If all of the provisions that were in the original spending bill passed by this House were to become law, we believe this could double our range of opportunity for incremental deposits.

2025 年可能會推出更多實質立法，包括可能出台另一項和解法案。如果本院通過的原始支出法案中的所有條款都成為法律，我們相信這將使我們的增量存款機會範圍增加一倍。

Turning to asset management. We have reached operational realization of the private credit joint venture we had previously announced with Marathon Asset Management. In the second quarter, we moved $242 million of loans into held for sales status as these loans will be contributed to the joint venture, which we expect will be up and running in the third quarter.

轉向資產管理。我們先前與馬拉松資產管理公司宣布的私人信貸合資企業已經實現營運。在第二季度，我們將 2.42 億美元的貸款轉為持有待售狀態，因為這些貸款將用於合資企業，我們預計合資企業將在第三季度投入營運。

The economics of our asset management strategy will be determined by the long-term performance of the joint venture, but we anticipate the benefits will be significant as we strengthen our competitive position in the private credit markets. Webster will be able to lead larger bilateral deals, participate in larger syndications, accelerate on balance sheet loan growth, and spread income, and offer clients a broader set of deal structures beyond senior secured positions without changing our existing unbalance sheet credit profile.

我們的資產管理策略的經濟效益將取決於合資企業的長期業績，但我們預計，隨著我們在私人信貸市場的競爭地位不斷加強，其效益將是巨大的。韋伯斯特將能夠領導更大規模的雙邊交易、參與更大規模的銀團貸款、加速資產負債表貸款增長、擴大收入，並為客戶提供超越優先擔保頭寸的更廣泛的交易結構，而無需改變我們現有的表外信用狀況。

Webster will retain full banking relationships, including opportunities for cash management, capital markets, and deposit business. The asset management platform will also drive economic value by generating the income, which we anticipate will be limited for the remainder of 2025, but will begin to ramp in 2026.

韋伯斯特將保留完整的銀行關係，包括現金管理、資本市場和存款業務的機會。資產管理平台也將透過產生收入來推動經濟價值，我們預計 2025 年剩餘時間內的收入將有限，但將在 2026 年開始成長。

We're also continuing to invest across all other areas of our bank, both in our lines of business as well as operations, technology, and risk. Business pipelines are building nicely for the second half of 2025 with a well-diversified mix of commercial and consumer loan and deposit opportunities. We have continued to make targeted investments in technology and business development in areas including Ametros, HSA, interSYNC, and the consumer and commercial banking verticals, which should allow us to further strengthen our deposit channels and funding profile.

我們還將繼續投資銀行的所有其他領域，包括業務線以及營運、技術和風險。2025 年下半年的業務管道正在順利建設，商業和消費貸款和存款機會組合十分多樣化。我們繼續在 Ametros、HSA、interSYNC 以及消費者和商業銀行垂直領域對技術和業務發展進行有針對性的投資，這將使我們能夠進一步加強存款管道和融資狀況。

I'll turn it over to Neil for a detailed review of financial reports.

我會將其交給尼爾，以便詳細審查財務報告。

Thanks, Luis, and good morning everyone.

謝謝，路易斯，大家早安。

I'll start on slide 4 with a review of our balance sheet. Total assets were $82 billion at period end, up $1.6 billion from last quarter with growth in loans, cash, and securities. Deposits were up over $700 million. The loan-to-deposit ratio held flat at 81% as we maintained a favorable liquidity position. Our capital ratios remained well positioned, and we grew our tangible book value for common share to $35.13, up over 3% from last quarter.

我將從投影片 4 開始回顧我們的資產負債表。期末總資產為 820 億美元，較上一季增加 16 億美元，貸款、現金和證券均成長。存款增加了7億多美元。由於我們保持了良好的流動性狀況，貸存比保持在 81% 的水平。我們的資本比率保持良好，普通股有形帳面價值成長至 35.13 美元，較上一季成長 3% 以上。

At the same time, we repurchased 1.5 million shares. Loan trends are highlighted on slide 5. In total, loans were up $616 million or 1.2% link quarter. Excluding the one-time transfer of $242 million of loans moved to held for sale, loan growth would have been $858 million or 1.6%.

同時，我們回購了150萬股。幻燈片 5 重點展示了貸款趨勢。總體而言，貸款環比增加了 6.16 億美元，增幅為 1.2%。不包括一次性轉為持有待售的 2.42 億美元貸款，貸款成長率將達到 8.58 億美元，即 1.6%。

We provide additional detail on deposits on slide 6. We grew total deposits by $739 million. Deposit costs were up 3 basis points over the prior quarter as we experienced the seasonal makeshift effects of the second quarter in HSA and public deposit accounts.

我們在第 6 張投影片上提供了有關存款的更多詳細資訊。我們的存款總額增加了 7.39 億美元。由於第二季 HSA 和公共存款帳戶受到季節性臨時影響，存款成本比上一季上漲了 3 個基點。

On slide 7 are income statement trends. Interest income was up $9 million from Q1 and non-interest income was up $2.1 million. Expenses were up $2 million. At an efficiency ratio of 45.4%, we maintained solid efficiency while investing in our franchise.

投影片 7 是損益表趨勢。利息收入較第一季增加 900 萬美元，非利息收入增加 210 萬美元。支出增加了200萬美元。我們的效率比率為 45.4%，在投資特許經營權的同時，我們保持了穩健的效率。

Overall, net income to common shareholders was up $31 million relative to the prior quarter. EPS was $1.52 versus $1.30 in the first quarter. In addition to a solid PPNR trend, we also saw a significant reduction in the provision this quarter. Our tax rate was 20%.

整體而言，普通股股東淨收入較上一季增加 3,100 萬美元。每股收益為 1.52 美元，而第一季為 1.30 美元。除了穩固的 PPNR 趨勢之外，我們還看到本季的供應量大幅減少。我們的稅率是20%。

On slide 8, we highlight net interest income, which increased $9 million driven by balance sheet growth in the higher day count quarter over quarter. The NIM was down 4 basis points from the prior quarter to 3.44%. There was a discrete benefit from a non-accrual reversal that added 2 basis points to the NIM this quarter. Excluding this, the NIM would have been 3.42%. Drivers of lower NIM include seasonal deposit mix shifts, higher cash balances, and slight organic spread compression.

在第 8 張投影片上，我們重點介紹了淨利息收入，由於資產負債表增長，季度環比增長，淨利息收入增加了 900 萬美元。淨利差較上一季下降 4 個基點至 3.44%。非應計逆轉帶來了離散收益，使本季的淨利息收益率 (NIM) 增加了 2 個基點。排除這一點，NIM 將是 3.42%。淨利差下降的驅動因素包括季節性存款組合變化、現金餘額增加以及輕微的有機利差壓縮。

Slide 9 illustrates our interest income sensitivity to rates. We remain effectively neutral to interest rates on the short end of the curve, with modest shifts expected in our net income for up and down rate scenarios.

幻燈片 9 展示了我們的利息收入對利率的敏感度。我們對短期利率保持中立態度，預計利率上升和下降的情況下我們的淨收入將出現適度變化。

On slide 10 is non-interest income. Non-interest income was $95 million, up $3 million over the prior quarter. The modest increase reflects growth in deposit service fees and a lower impact from the credit valuation adjustment.

幻燈片 10 是非利息收入。非利息收入為 9,500 萬美元，比上一季增加 300 萬美元。溫和的成長反映了存款服務費的成長和信貸估值調整的影響較小。

Slide 11 has non-interest expense. We reported expenses of $346 million, up $2.1 million link quarter. The modest increase in expenses was primarily the result of investments in human capital, partially offset by seasonal benefits expense. We continue to incur expenses that enhance our operating foundation as we prepare to cross $100 billion in assets. One significant investment came to fruition in the second quarter. I'm happy to say that this is the first quarter we are reporting earnings on our new cloud native general ledger.

幻燈片 11 有非利息支出。我們報告的支出為 3.46 億美元，比上一季增加了 210 萬美元。費用的小幅增加主要是由於人力資本投資，但部分被季節性福利費用所抵銷。在我們準備突破 1000 億美元資產之際，我們將繼續產生費用來增強我們的營運基礎。一項重大投資在第二季度取得了成果。我很高興地說，這是我們在新的雲端原生總帳上報告收益的第一個季度。

On slide 12, detailed components of our allowance for credit losses, which was up $9 million relative to the prior quarter. The increase in the allowance was predominantly tied to balance sheet growth. Our CECL macroeconomic scenario was relatively stable, and we saw good asset quality trends quarter over quarter.

第 12 張投影片詳細列出了我們的信用損失準備金的組成部分，與上一季相比增加了 900 萬美元。準備金的增加主要與資產負債表的成長有關。我們的 CECL 宏觀經濟情境相對穩定，我們看到資產品質趨勢逐季良好。

After booking $36 million in that charge off, we recorded a $47-million provision. This increased our allowance for loan losses to $722 million or 1.35% of loans. Our provision was down $31 million from the prior quarter.

在提列了 3,600 萬美元的沖銷款後，我們提列了 4,700 萬美元的撥備。這使我們的貸款損失準備金增加至 7.22 億美元，佔貸款的 1.35%。我們的撥備比上一季減少了 3,100 萬美元。

Slide 13 highlights our key asset quality metrics. As you can see on the left side of the page, non-performing assets were down 5%, and commercial classified loans were down 4%.

投影片 13 重點介紹了我們的關鍵資產品質指標。正如您在頁面左側看到的，不良資產下降了 5%，商業分類貸款下降了 4%。

On slide 14, our capital ratios remain above well-capitalized levels, and we maintain excess capital to our publicly stated targets. Our tangible book value per share increased to $35.13 from $33.97, when net income partially offset by shareholder capital return.

在第 14 張投影片上，我們的資本比率仍然高於資本充足的水平，並且我們維持了符合我們公開宣布的目標的超額資本。當淨收入被股東資本回報部分抵銷時，我們的每股有形帳面價值從 33.97 美元增加到 35.13 美元。

Our full-year 2025 outlook, which appears on slide 15, points to improvements in NII and the tax rate for the year. We now expect NII of $2.47 billion to $2.50 billion on a non-FTE basis. This assumes two Fed funds rate cuts beginning in September. We expect the full-year tax rate will be in the range of 20% to 21%. Year-to-date, we are at a (technical difficulty) 20% effective tax rate due to discrete benefits, but we expect the rates to return to 21% in the second half of the year.

我們對 2025 年全年的展望（請參閱第 15 張投影片）指出，今年 NII 和稅率將有所改善。我們現在預計非全職當量 (NTE) 的 NII 金額將達到 24.7 億美元至 25 億美元。這假設從 9 月開始兩次降低聯邦基金利率。我們預計全年稅率將在20%至21%之間。今年迄今為止，由於離散福利，我們的有效稅率（技術難度）為 20%，但我們預計下半年稅率將回升至 21%。

With that, I will turn back to John for closing.

就此，我將回到約翰的發言中。

Remarks. Thanks, Neil.

評論。謝謝，尼爾。

In summary, it was a good quarter for Webster. We're generating solid growth and high returns. We're executing on new opportunities to grow our business, and our proactive approach on credit risk management has allowed us to remain in front of potential problems.

總而言之，對於韋伯斯特來說這是一個好的季度。我們正在實現穩健的成長和高回報。我們正在抓住新的機會來發展我們的業務，而我們在信用風險管理方面的積極主動的方法使我們能夠始終領先於潛在的問題。

Tailwinds are building for regional banks. Some time to digest and plan for tariffs, our clients are moving forward with business development plans, and it appears that loan growth is set to accelerate. We are starting to observe changes in banking regulations such they are appropriately tailored to the complexities and size of individual institutions, and they should help enable US banks to strengthen their competitive position.

區域性銀行的順風正在增強。經過一段時間的消化和規劃關稅，我們的客戶正在推進業務發展計劃，而且看起來貸款成長將會加速。我們開始觀察到銀行監管法規的變化，這些變化適當地適應了各個機構的複雜性和規模，這應該有助於美國銀行加強其競爭地位。

As I stated last quarter, Webster is positioned to prosper in a variety of operating environments, including an accelerating investment cycle, and we are excited to demonstrate Webster's full potential. We have access capital to deploy, diverse loan origination channels, a differentiated and competitively advantageous funding profile, and are focused on new business opportunities.

正如我上個季度所說，韋伯斯特能夠在各種營運環境中蓬勃發展，包括加速的投資週期，我們很高興展示韋伯斯特的全部潛力。我們擁有充足的資本、多樣化的貸款發放管道、差異化且具有競爭優勢的融資結構，並專注於新的商業機會。

I want to take a moment to welcome Jason Schugel to our executive management committee. Jason joined us as Chief Risk Officer this week as we had previously announced Dan Bley intent to retire. Jason has 15 years of experience at a Category IV bank, most recently as Chief Risk Officer, particularly valuable experience as we grow our bank toward $100 billion in assets.

我想花點時間歡迎 Jason Schugel 加入我們的執行管理委員會。由於我們之前宣布了 Dan Bley 打算退休的消息，Jason 本週加入我們並擔任首席風險長。Jason 在一家四類銀行擁有 15 年的工作經驗，最近擔任首席風險官，在我們銀行資產規模向 1000 億美元邁進的過程中，他積累了非常寶貴的經驗。

Dan served as our Chief Risk Officer for 15 years and built an exemplary risk team over a period of substantial change for Webster and the banking industry. We wish him the best in his retirement. We were also happy to announce recently that we added Fred Crawford as a new Board member. Fred joins the Board with impressive C-suite large financial institution expertise.

丹擔任我們的首席風險長長達 15 年，在韋伯斯特和銀行業發生重大變革的時期，他建立了一支模範風險團隊。我們祝福他退休後一切順利。我們最近也很高興地宣布，我們增加了 Fred Crawford 作為新董事會成員。弗雷德 (Fred) 憑藉其在大型金融機構高管層中令人印象深刻的專業知識加入董事會。

Finally, I'd like to thank our colleagues for their efforts so far this year. We saw positive financial and strategic outcomes virtually across the board this quarter. This type of result doesn't materialize without a significant amount of effort and engagement throughout our organization.

最後，我要感謝我們的同事們今年以來的努力。本季我們幾乎全面看到了正面的財務和策略成果。如果沒有整個組織的大量努力和參與，這種成果是不會實現的。

Thanks again for joining us on the call today. Operator, we will now open the line to questions.

再次感謝您今天參加我們的電話會議。接線員，我們現在可以開始回答問題了。

(Operator Instructions)

（操作員指示）

Chris McGrady with KBW.

克里斯麥格雷迪 (Chris McGrady) 與 KBW。

This is Andrew Leishner on for Chris McGratty.

這是克里斯麥格拉蒂 (Chris McGratty) 的安德魯萊什納 (Andrew Leishner)。

Just starting on capital, just given the current environment and outlook for potential deregulation, what is your willingness to reduce CET1 and then just overall thoughts on your term pace of the buyback. Thanks.

剛從資本開始，考慮到當前的環境和潛在放鬆管制的前景，您願意降低 CET1 嗎？然後您對回購期限的整體看法是什麼？謝謝。

Sure, I know we stated that our medium-term and short-term goal is 11%, and that over the long term as markets stabilize that we could see that target move back towards a 10.5% range. I would still say that for the balance of '25, that 11% target is probably the right amount, and we'll talk further about that going forward, but we do think over time that we can reduce the level comfortably and safely of our CET1 ratio.

當然，我知道我們說過我們的中期和短期目標是 11%，並且從長遠來看，隨著市場穩定，我們可以看到該目標回升至 10.5% 的範圍。我仍然認為，對於 25 年的剩餘時間來說，11% 的目標可能是正確的，我們將在未來進一步討論這個問題，但我們確實認為，隨著時間的推移，我們可以輕鬆安全地降低 CET1 比率的水平。

And the second question I think was on capital management and share buybacks. I think we say every quarter we take a really disciplined approach to it. First prize is continuing to grow our balance sheet with good full relationship loans.

我認為第二個問題是關於資本管理和股票回購。我認為我們每個季度都會採取非常嚴謹的態度來對待它。一等獎是透過良好的全關係貸款繼續增加我們的資產負債表。

If that's not available to us, we do have and we continue to look seriously at opportunities to continue to enhance our health care services vertical and other areas of the bank where we think we can grow deposits and fees inorganically through tuck-in acquisitions. If neither of those are available, we look to our return capital to shareholders through dividends or share buybacks. And so I think if the first two don't materialize, given our capital level, you'll likely see us continue some level of share buyback in the second half.

如果我們無法做到這一點，我們確實有並且會繼續認真尋找機會，繼續加強我們的醫療服務垂直領域和銀行的其他領域，我們認為我們可以透過補充收購來自然地增加存款和費用。如果這兩種方式都無法實現，我們就尋求透過股利或股票回購的方式向股東返還資本。因此，我認為，如果前兩個目標沒有實現，考慮到我們的資本水平，你可能會看到我們在下半年繼續進行一定程度的股票回購。

Casey Haire, Autonomous Research.

Casey Haire，自主研究。

Question on the NIM outlook, the cash build, are you guys good with where the cash balances are today?

關於 NIM 前景、現金累積的問題，你們對目前的現金餘額滿意嗎？

And then also the I think you guys talked about a long-term debt issue coming in the second half of the year, just wondering what -- how that's going to impact.

然後，我想你們也談到了下半年即將出現的長期債務問題，只是想知道這會產生什麼影響。

Yeah, on the cash we're getting right to the levels that we were hoping to get to. In this quarter, building cash had a 1-basis point impact to NIM. We expect an additional 1 basis point throughout the rest of this year over the next two quarters, so a little bit of impact there but not overly material, and we are still expecting a new debt issuance in the back half of the year that will have 1 basis point impact in them.

是的，就現金而言，我們已經達到了我們希望達到的水平。本季度，現金累積對淨利差產生了 1 個基點的影響。我們預計，今年剩餘時間及未來兩個季度內，利率將再上升 1 個基點，因此會產生一些影響，但不會過於重大，而且我們仍然預計，今年下半年將發行新債，這將對其產生 1 個基點的影響。

Mark Fitzgibbon, Piper Sandler.

馬克·菲茨吉本、派珀·桑德勒。

Just to follow up, I was curious on deposit costs for the second half of the year given your expectation for two rate cuts and also interSYNC strong deposit growth. How are you thinking about deposit cost?

只是為了跟進，鑑於您預期會有兩次降息以及 interSYNC 存款將強勁增長，我對下半年的存款成本感到好奇。您如何考慮押金成本？

Yeah, so maybe I'll take a step back and talk about our interest rate sensitivity for a second. So we've positioned pretty neutral. So if we don't get the two cuts in the back half of the year, we don't expect any material impact to our overall net interest margin.

是的，所以也許我應該退一步談談我們的利率敏感度。因此我們的定位相當中立。因此，如果我們在下半年沒有進行兩次降息，我們預計不會對我們的整體淨利差產生任何實質影響。

But going specifically to your deposit question, obviously, if we get additional cuts, we expect to continue to move our deposit cost down. If we don't get two additional cuts, we are seeing some pretty significant competition on the deposit side, so don't see material opportunity to continue to move down deposit costs, but the team is actively focused in that area and it's something that we're closely monitoring.

但具體到您的存款問題，顯然，如果我們獲得進一步削減，我們預計將繼續降低存款成本。如果我們不進行另外兩次降息，我們將看到存款方面的競爭非常激烈，因此看不到繼續降低存款成本的實質機會，但團隊正積極關注這一領域，這也是我們正在密切關注的事情。

Okay. And then just to follow up, John, unrelated, if the category IV threshold gets lifted, how important does bank M&A become for Webster? And if so, what would you be looking for in potential targets whether business line or geography or any other -- any comments on that would be much appreciated.

好的。然後，約翰，再跟進一下，無關的，如果 IV 類門檻被取消，銀行併購對韋伯斯特來說有多重要？如果是這樣，您會在潛在目標中尋找什麼，無論是業務線、地理位置還是其他什麼——任何對此的評論都將不勝感激。

Sure, Mark.

當然，馬克。

I mean, I think our stance right now, and, clearly there is some noise around the fact that there may be an indexing of that $100-billion mark or maybe even an elimination of it. We're standing pat to say that happens when and if it happens, and it impacts the way we stage and how aggressively we continue to build out certain regulatory requirements. So I think that we're attuned to it.

我的意思是，我認為我們現在的立場是，顯然有一些聲音認為可能會對 1000 億美元大關進行索引，甚至可能取消它。我們堅持認為，如果這種情況發生，它就會發生，並且它會影響我們的分階段方式以及我們如何積極地繼續建立某些監管要求。所以我認為我們已經適應了這一點。

There's no question about the fact that we've said that we we're not really in the market for whole bank M&A. Part of the reason was that we'd do something transformational if we did, and we were not going to do that until we were ready to cross $100 billion. I think that the clear thing we want to get across is that's not our primary goal regardless of whether the $100-billion mark moves or not.

毫無疑問，我們已經說過，我們實際上並不涉足整個銀行併購市場。部分原因是，如果我們這樣做，我們將做出一些變革，而我們直到準備突破 1000 億美元時才會這樣做。我認為，我們要明確表示的是，無論 1,000 億美元大關是否實現，這都不是我們的首要目標。

So I think it's fair to say for you that that gives us more optionality if that number either moves up or is eliminated, and if the right circumstances exist, we would be more able to engage in a whole bank acquisition, but I think if you think about what we're talking to our board about and what we're doing as a management team right now, it's really a focus on organic growth, tuck-in acquisitions that continue to build out our deposit profile and strengthen our healthcare services vertical. So I would still say it's unlikely to see us engage in the short to medium term in active bank M&A.

因此，我認為可以公平地說，如果這個數字上升或消失，這將為我們帶來更多的選擇，如果情況合適，我們將更有能力進行整個銀行收購，但我認為，如果你想想我們正在與董事會討論的內容以及我們作為管理團隊現在正在做的事情，那麼我們真正關注的是有機增長、持續構建存款狀況和加強醫療服務垂直領域的補充性收購。因此我仍然認為，短期至中期內我們不太可能積極參與銀行併購。

Jared Shaw, Barclays Capital.

巴克萊資本的賈里德·肖 (Jared Shaw)。

I guess maybe on the HSA news, it's great that the total addressable market is expanding. Does that require you to make any investments in new delivery channels or new outreach channels to capture that additional pool or how should we think about the expense associated with going after that market?

我想也許在 HSA 新聞中，整體可尋址市場正在擴大是件好事。這是否要求您對新的交付管道或新的外展管道進行投資以獲取額外的市場，或者我們應該如何考慮與追逐該市場相關的費用？

Yeah, no, great question, Jared.

是的，不，賈里德，這個問題問得好。

No material change in the expense trajectory of HSA. We actually today already run a pretty significant direct-to-consumer channel, and this is going to be the opportunity that's presented itself for these changes. It is slightly different than what we typically do for the employers, and it is more of a direct-to-consumer channel, but we actually do have a direct-to-consumer channel today that generates a not insignificant amount of new accounts and -- new account openings and pretty sizable business that we run direct-to-consumer today already, so no major change.

HSA 的費用軌跡沒有重大變化。事實上，我們今天已經經營著一個相當重要的直接面向消費者的管道，這將是這些變化所帶來的機會。它與我們通常為雇主所做的事情略有不同，它更像是一個直接面向消費者的管道，但實際上我們今天確實有一個直接面向消費者的管道，它產生了相當數量的新帳戶和 - 新帳戶開設和相當大的業務，我們今天已經直接面向消費者運營，所以沒有重大變化。

There will be obviously some elements of different types of marketing and some marketing spend that we'll have to figure out as we go, and the reason for being somewhat cautious on just the ramp-up that we're going to see is that HSA is -- just because everybody can -- the new eligible consumers that can have an HSA can now have an HSA doesn't mean that they're going to take it up immediately.

顯然，我們需要在進行過程中弄清楚不同類型的行銷和行銷支出的一些要素，而我們對即將看到的成長持謹慎態度的原因是 HSA —— 只是因為每個人都可以 —— 新的合格消費者可以擁有 HSA，但這並不意味著他們會立即接受它。

And so we do envision that there's going to be some spend on the marketing and education front, no changes that we need to make from a technology or operational perspective, but this is going to be a long-term investment in identifying the new consumers, educating them on how they should be using an HSA benefits both short term and long term, and so there will be some element of investment that we make in that education process, but it's not going to materially change OpEx trajectory of the business.

因此，我們確實設想在行銷和教育方面會有一些支出，從技術或營運角度來看我們不需要做出任何改變，但這將是一項長期投資，用於識別新消費者，教育他們如何使用 HSA 福利（短期和長期），因此我們會在教育過程中進行一些投資，但這不會從根本上改變業務的營運支出軌跡。

Okay, alright thanks. And then if I could follow-up on the allowance and provision with the improving broader credit backdrop, how should we think about the allowance build from here and the provision? Is that being targeted as a percentage of loan originations or should we thinking that as a percentage of average loans?

好的，好的，謝謝。然後，如果我可以跟進改善更廣泛的信貸背景下的撥備和準備金情況，我們應該如何考慮從現在開始的撥備和準備金的建立？這是以貸款發放百分比為目標嗎，還是我們應該將其視為平均貸款百分比？

Jared, as we say every quarter of the CECL program and process is pretty much tied to risk rating migration, loan growth, weighted average risk ratings in the portfolio, and we generally don't give guidance on it. I think we are comfortable in our total coverage ratio of when you triangulate and look at peers and our category IV peers and our current peer group, I think we're in a pretty good place right now. I think the growth in our coverage would come from balance sheet growth or credit deterioration. I think we took a great move, I thought strategically in the first quarter of changing our waiting for a recession scenario, so we really felt like that was a good move to get us in the right spot.

賈里德，正如我們所說，CECL 計劃和流程的每個季度都與風險評級遷移、貸款成長、投資組合中的加權平均風險評級密切相關，我們通常不會對此提供指導。我認為，當您進行三角測量並查看同行、我們的 IV 類同行和我們當前的同行群體時，我們對我們的總覆蓋率感到滿意，我認為我們現在處於一個相當不錯的位置。我認為我們的覆蓋範圍的成長將來自資產負債表的成長或信貸惡化。我認為我們採取了一個很好的舉措，我認為在第一季我們就從戰略上改變了等待經濟衰退的局面，所以我們真的覺得這是一個很好的舉措，讓我們處於正確的位置。

We did not back off our sense of what the future holds. So I think one of the things we're proud of is that our provision came down significantly, driven by credit performance underlying, not driven by a change in what we think the outlook is we still have a pretty good balance and a pretty good assessment of -- or a pretty good portion of assuming that there could be recession risk in the future. So I feel like where we are is conservative appropriate, and it'll be driven by loan growth and credit performance in the second half of the year.

我們並沒有放棄對未來的判斷。因此，我認為我們感到自豪的事情之一是，我們的撥備大幅下降，這是由信貸表現驅動的，而不是由我們認為的前景變化所驅動的。我們仍然保持著相當好的平衡，並且對未來可能存在衰退風險有相當好的評估——或者說相當一部分假設。因此，我覺得我們現在的立場是保守的，這將受到下半年貸款成長和信貸表現的推動。

Matt Breese, Stephens Incorporated.

馬特‧布里斯 (Matt Breese)，史蒂芬斯公司 (Stephens Incorporated)。

Two things on originations. First, C&I originations picked up quite a bit this quarter over $2 billion. How much of that feels sustainable and how our spreads holding up there?

關於起源的兩件事。首先，本季 C&I 發起額大幅成長，超過 20 億美元。其中有多少是可持續的，以及我們的利差如何保持在那裡？

And then two, commercial real estate originations were strong as well at $1.2 billion. Balances were actually down, so maybe you could talk about that dynamic and how payoffs are playing a role in commercial real estate today.

其次，商業房地產投資也表現強勁，達 12 億美元。餘額實際上下降了，所以也許您可以談論這種動態以及回報在當今商業房地產中發揮的作用。

Yeah, I'll take a shot and then ask Luis and Neil if they want to add anything.

是的，我會嘗試一下，然後問路易斯和尼爾是否想添加任何東西。

I mean, I think another thing we were proud of this quarter is that our originations came really across the entire bank in all categories, commercial and consumer. We had a really nice quarter with respect to commercial middle market, traditional C&I, and as you mentioned at the end of the day, we actually reduced our pre-concentration quite frankly, not intentionally. That pipeline is building. We've said we're really comfortable where we are in that [250-ish range].

我的意思是，我認為本季我們感到自豪的另一件事是，我們的業務發起確實遍及整個銀行的所有類別，包括商業和消費者。就商業中端市場、傳統 C&I 而言，我們度過了一個非常好的季度，正如您在當天結束時提到的那樣，坦率地說，我們實際上降低了預先集中度，這並非故意的。該管道正在建設中。我們說過，我們對目前的狀況很滿意[250 左右範圍]。

And so we do have a building pipeline in Cree with high-quality full relationship loans and hopefully you'll see that category contribute to what we believe will be strong back half of the year loan growth across the board.

因此，我們在 Cree 確實擁有一條建設管道，提供高品質的全額關係貸款，希望您能看到這一類別為我們認為今年下半年全面強勁的貸款成長做出貢獻。

And with respect to your specific question about is it replicable given the fact that it wasn't in any one category and we're seeing pipelines built, we do think that we can see similar loan growth quarterly over the course of the rest of '25.

關於您關於它是否可複製的具體問題，鑑於它不屬於任何一個類別，而且我們看到管道正在建設中，我們確實認為，在 25 年剩餘時間內，我們可以每季度看到類似的貸款增長。

And Matt, the only thing that I'd add there is that the -- there was a little bit of a pent-up demand where you saw earlier in the year, first quarter with all the noise that we were seeing with tariffs and so forth, I think that a part of this is just back-ended growth in originations and volumes that we saw ramping up over the course of the second quarter, and one of the things that gives us a lot of confidence going into the second half of the year is that the pipeline of activity in both commercial C&I, commercial real estate has gotten better over the course of May and June, and today we sit in a place where we have, I think, greater visibility of what we're going to be seeing from a loan growth perspective for the second half of the year.

馬特，我唯一想補充的是，今年早些時候，第一季度出現了一些被壓抑的需求，因為關稅等因素引發了各種噪音，我認為這部分是由於第二季度貸款發放量和貸款額度的後端增長，而讓我們對下半年充滿信心的因素之一是，商業 C&I 和商業房地產的活動渠道在 5 月和 6 月貸款都很清楚，我認為今天的貸款活動在 5 月和 6 月都更清楚，我認為今天可以看到這一點。

So nothing specific to point to as to why there's $2 billion in originations it was on the C&I side. It was across the board and the positive is that we're starting -- we're continuing to see that type of activity across all the business lines and vertical, so we feel pretty good about the second half of the year for originations.

因此，沒有任何具體證據表明為什麼會有 20 億美元的起源於 C&I 方面。這是全面的，積極的一面是我們才剛開始——我們繼續看到所有業務線和垂直領域都出現了這種類型的活動，所以我們對今年下半年的發起情況感到非常樂觀。

Great.

偉大的。

And my second question is just in light of Mamdani's ascendancy here towards the mayorship in New York City, and of course this is if he wins, how much of a valuation impact do you think there could be to the heavier rent regulated buildings? Could this asset class become more of a problem for you and do you have at your fingertips or allowance against this asset class you already have?

我的第二個問題是，鑑於馬姆達尼在紐約市長選舉中的地位上升，當然，如果他獲勝的話，您認為這會對租金管制更嚴格的建築的估值產生多大影響？這種資產類別是否會為您帶來更大的麻煩？您是否已經擁有這種資產類別？

So we don't have the allowance on the rent regulated itself. We can track it down while we're here, but you hit the nail on the head in the question, Matt, which is it's an if -- it's not for sure for certain that Zohran is going to win, but maybe he does. We had moved away from the rent regulated business, particularly from a new originations perspective for quite some time, so it's not anything that we feel would derail what we're doing on the origination side.

因此，我們沒有對租金補貼進行自我監管。我們在這裡的時候可以追蹤它，但是馬特，你的問題一針見血，那就是如果——佐蘭是否會贏還不確定，但也許他會贏。我們已經遠離了租金管制業務，特別是從新的發起角度來說，很長一段時間了，所以我們認為這不會影響我們在發起方面所做的事情。

And the portfolio that we have is very seasoned. It was originated, well, a long time ago with good debt service coverage ratios and LTDs, and so even though we do have -- a not a decent sized portfolio rent regulated, it's not anything that we've originated recently, it's well seasoned. And the credit stats on the portfolio are very good, but it's not a portfolio that we have historically reserved for significantly because the credit profile has been very good, and we expect that that's going to continue to be the case, particularly with the types of properties that we have there.

我們的投資組合非常成熟。它起源於很久以前，具有良好的債務償還率和 LTD，因此，儘管我們確實擁有規模不大的受監管投資組合租金，但它並不是我們最近才發起的，它已經很成熟了。投資組合的信用統計數據非常好，但這並不是我們歷史上大量保留的投資組合，因為信用狀況一直非常好，我們預計這種情況將持續下去，特別是對於我們在那裡擁有的資產類型而言。

I tell you the path forward from a valuation perspective. I'm not going to say that we've seen the exact types of commitments that are being made there now with rent freezes, but this is an asset class that has gone through multiple iterations of this type of risk and it's continued to -- it's been somewhat resilient over time. And so there's going to be evaluation in fact there will, but we don't think that it's anything that would have any material impact on our book of business given how seasoned it is and we'll have to manage and deal with whatever eventualities come up if it does happen that Mamdani wins.

我從估值的角度告訴你前進的道路。我不會說我們已經看到了現在透過凍結租金所做出的確切類型的承諾，但這是一種經歷了多次此類風險的資產類別，並且它一直持續——隨著時間的推移，它具有一定的彈性。因此，事實上將會進行評估，但我們認為，考慮到我們的經驗，這不會對我們的業務產生任何實質影響，如果 Mamdani 獲勝，我們將不得不管理和處理可能出現的任何情況。

And Matt, just again to reiterate, $1.36 billion in total exposure, only eight deals over $15 million really small average loan size, and really good LTVs and current debt services. So I think, we don't -- we think of that as we are not overly exposed to that asset class, and I think more than 60% or somewhere between around 60% of what we underwrote in rent regulated multi-family was underwritten after the rent regulated laws came into effect in 2019. Meaning, we weren't anticipating significant rent increases in order to service the debt. So really granular, very small part of our overall portfolio and so again, we don't see a material credit impact even if there's further regulation.

馬特，我再次重申一下，總風險敞口為 13.6 億美元，其中只有 8 筆交易的金額超過 1500 萬美元，平均貸款規模非常小，而且 LTV 和當前債務服務都非常好。所以我認為，我們不會 — — 我們認為這是因為我們沒有過度暴露於該資產類別，而且我認為，我們在租金管制多戶型房屋承保的 60% 以上或大約 60% 是在 2019 年租金管制法生效後承保的。意思是，我們並沒有預期為了償還債務而大幅提高租金。因此，這確實是細微的、占我們整體投資組合很小的一部分，因此，即使有進一步的監管，我們也不會看到實質的信貸影響。

Anthony Elian, JP Morgan.

安東尼·埃利安，摩根大通。

The credit quality metrics inflected as you would expect by this part of the year, but should we expect the metrics you highlight on slide 13 to improve further in the coming quarters? I understand there will be one-offs, but is this declaring victory on credit quality now or should we expect these metrics to improve even further?

正如您所預期的那樣，信用品質指標在今年這個時候會發生變化，但我們是否應該預期您在第 13 張投影片上強調的指標會在未來幾季進一步改善？我知道會有一次性的措施，但這是否意味著現在信貸品質取得了勝利，還是我們應該期待這些指標進一步改善？

Yeah, I think you asked and answered the question. We're always loath to predict credit performance, and I probably get myself in trouble for not being more aggressively positive, but we underlying here is the fact that our risk rating migration has really stabilized and we're not seeing any new pockets of problems either in any sector, any geography, or any business line, which is really encouraging.

是的，我認為你提出並回答了這個問題。我們總是不願意預測信用表現，而且我可能因為不夠積極樂觀而陷入麻煩，但根本原因是，我們的風險評級遷移已經真正穩定下來，而且我們在任何行業、任何地區或任何業務線都沒有看到任何新的問題，這確實令人鼓舞。

And the other thing that I would remind everybody is even the NPLs and classifieds that are outstanding, they're really concentrated in those two portfolios that we continue to talk about for a long time. So 45% of our NPLs on the balance sheet right now are either Cree office or healthcare services. And 25% of our classified loans are in those two categories -- two categories now which are both well below a $1 billion. We've worked through them significantly. We don't have significant originations in either of those two categories.

另外我想提醒大家的是，即使是未償還的不良貸款和分類貸款，也確實集中在我們長期討論的那兩個投資組合中。因此，我們目前資產負債表上的 45% 的不良貸款要么來自 Cree 辦公室，要么來自醫療保健服務。我們的分類貸款中有 25% 屬於這兩類——這兩類貸款的貸款額度目前都遠低於 10 億美元。我們已經取得了顯著的進展。我們在這兩個類別中都沒有重大的起源。

So that gives us another sense that yes, directionally over time, we think we should continue to see trending down in those two asset categories. And obviously with the caveat that because we're a commercial bank with larger exposures that in any one quarter you could see things bump around.

因此，這給了我們另一種感覺，是的，隨著時間的推移，我們認為我們應該繼續看到這兩類資產下降趨勢。顯然，需要注意的是，由於我們是一家商業銀行，風險敞口較大，因此在任何一個季度，您都可能會看到情況出現波動。

David Smith, Truist Securities.

大衛史密斯（David Smith），Truist Securities。

Just on the topic of credit continuing to improve, is there any further benefit to recovery of interest income in the NII forecast as other non-accruals to work down over time?

就信貸持續改善這個主題而言，隨著其他非應計項目隨著時間的推移而減少，NII 預測中的利息收入恢復是否還有進一步的好處？

Yeah, again, that's one where obviously if we had line of sight to it and we would be dealing with it, accelerating it. So I would say if you look at every single one of our quarters, ins and outs and non-accruals tend to have an impact. You either accelerate if you have a resolution. Previously deferred income or you start to get a drag if you've got a new nonperformer.

是的，再說一次，顯然如果我們能看到它，我們就會處理它，加速它。所以我想說，如果你看一下我們的每一個季度，進出專案和非應計專案往往會產生影響。如果你有決心，你就可以加速。如果您遇到新的不良行為者，您就會開始受到先前遞延的收入或拖累。

I guess the best thing to say would be we anticipate non-performers to trend down, so we hope that the positive impact outweighs the negative impact, but nothing in our forecast would lead us to believe that we have any material impact on NII either way in the second half of the year.

我想最好的說法是，我們預期不良貸款率將呈下降趨勢，因此我們希望正面影響大於負面影響，但我們的預測中沒有任何內容能讓我們相信，無論如何，我們會在下半年對 NII 產生任何實質影響。

Bernard von-Gizycki, Deutsche Bank.

伯納德‧馮‧吉茲茨基，德意志銀行。

Neil, first question just on non-interest bearing deposits, there's a nice uptake of about $200 million in a quarter, and I know that previous guidance was expecting the DDAs remain flat on a full year basis. Just any thoughts on how you're thinking about any potential growth in the second half and how we should think about full year?

尼爾，第一個問題是關於無息存款的，一個季度內有大約 2 億美元的增長，我知道之前的指導是預計 DDA 在全年保持不變。您如何看待下半年的潛在成長以及我們應該如何看待全年的成長？

Yeah, non-interest bearing was interesting this quarter. As you pointed out, we were up $200 million point to point, but if you get into the average balance movement, we were actually down $200 million in the quarter. So we did see a little bit of a positive movement towards the end of the quarter.

是的，本季無息業務很有趣。正如您所指出的，我們的點數增加了 2 億美元，但如果您了解平均餘額變動，我們本季實際上減少了​​ 2 億美元。因此，我們確實看到了本季末的一些積極動向。

We continue to believe that if you trend back historically over the last five or six quarters, obviously as an industry in banking we've seen decline in DDA accounts. Our belief is we're at the bottom of that decline, and we'll start to see some mild growth coming in the back half of the year. We're not counting on outside growth to hit our guidance, but we do believe we've reached that bottom and should see a return to the trend for Webster Bank and for the banking industry as a whole.

我們仍然相信，如果回顧過去五、六個季度的歷史趨勢，顯然作為銀行業，我們已經看到 DDA 帳戶數量的下降。我們相信，我們正處於衰退的底部，我們將在今年下半年開始看到一些溫和的增長。我們並不指望外部成長能夠達到我們的預期，但我們確實相信我們已經觸底，並且應該會看到韋伯斯特銀行和整個銀行業回歸趨勢。

Okay, great.

好的，太好了。

And just one follow up for Luis. Just on HSA, like you mentioned on the three provisions included in the final bill, most of the benefits that you mentioned is coming from the bronze HSA plan participants, but the other two regarding the direct primary care and telehealth, anything, how big were those would you say of the $1 billion to $2.5 billion you cited? Was it just like a rounding error or just anything you can get -- just on like sizing since the bonds is like the bigger component.

只需跟進路易斯一次。就 HSA 而言，就像您提到的最終法案中包含的三項規定一樣，您提到的大部分福利來自青銅級 HSA 計劃參與者，但另外兩項涉及直接初級保健和遠距醫療，無論如何，您認為這些福利在您提到的 10 億到 25 億美元中佔多大比例？它是否就像一個舍入誤差或任何你能得到的東西——就像尺寸一樣，因為債券就像更大的組成部分。

Yeah, it's slightly more than a rounding error, but I think you could still characterize it as a rounding error on the last two. The big driver of this is the fact that you now have -- so under today's enrollment rates in the bronze package is about 7 million consumers that are now going to be eligible to pair up their bronze package with an HSA account. That's largely the driver of this, and that's again why this for us is a long-term path of identifying the 7 million consumers and then trying to figure out where -- how best to educate them on how to use an HSA, which is going to take some time to do, but it is largely -- that is the driver of the deposit growth opportunity for the most part.

是的，它比捨入誤差稍微大一點，但我認為你仍然可以將其描述為最後兩個的捨入誤差。造成這種情況的主要因素是，現在您已經擁有——按照今天的銅牌套餐的註冊率，大約有 700 萬消費者現在有資格將他們的銅牌套餐與 HSA 帳戶配對。這在很大程度上是推動這一進程的因素，這也是為什麼對我們來說，這是一條長期道路，即識別 700 萬消費者，然後試圖找出最佳方式來教育他們如何使用 HSA，這需要一些時間，但在很大程度上，這是存款成長機會的主要驅動力。

Yeah, that clearly is the big one.

是的，這顯然是件大事。

The other two are valuable. The telehealth, for example, was a risk to the industry, and it's great to see that passing and that risk removed from the industry. So we're very happy about the other two, but I agree with Luis that it really is majority the one provision that's driving our estimate.

另外兩個也很有價值。例如，遠距醫療曾經對產業構成風險，很高興看到這項風險已經消失，產業也消除了這個風險。因此，我們對另外兩個感到非常高興，但我同意路易斯的觀點，多數條款才是推動我們估算的唯一因素。

Daniel Tamayo, Raymond James.

丹尼爾塔馬約、雷蒙詹姆斯。

Most of my questions asked and answered at this point, but I guess first just you've talked about the C&I and the CRE broadly, but curious on the sponsor side that's been a little bit light lately. If you're seeing any changes in demand there, if you're baking in any pickup in that book in the back half of the year as the other categories start to pick up.

此時我的大部分問題都已經問過了，也得到了解答，但我想首先您已經廣泛討論了 C&I 和 CRE，但對贊助商方面的問題最近有點不太了解。如果您發現那裡的需求有任何變化，那麼隨著其他類別開始回升，您會發現下半年該書的銷量會回升。

The short answer is yes. It was very late in the first and early part of the second quarter of this year. Even going back to the third and fourth quarter of last year, there was -- we had already started to see a downward trend in origination activity. That pipeline of visits on the sponsor's side has ramped up nicely in in the second part of the second quarter. And we do envision that we're going to get back to a better growth trajectory and growth profile there, and we do think that the addition of the -- just becoming a improving and strengthening your competitive position through the joint venture with Marathon is also going to be helpful to -- on balance sheet origination.

簡短的回答是肯定的。那是今年第一季末和第二季初。即使回顧去年第三季和第四季，我們已經開始看到發起活動呈現下降趨勢。贊助商方面的訪問量在第二季後半段大幅增加。我們確實預見到我們將回到更好的成長軌跡和成長狀況，我們確實認為，透過與馬拉鬆的合資企業來改善和加強您的競爭地位也將有助於資產負債表的起源。

So we're going to be able to look at more deals than what we've looked at in the past. We're going to be able to target slightly larger deals than what we have been able to do in the past. And so when you factor in return to greater just sector activity for P/E in general combined with what we are doing on just improving our competitive position as an originator, all of that should result in a better growth trajectory in the back half of this year.

因此，我們將能夠看到比過去更多的交易。我們將能夠瞄準比過去稍大的交易。因此，當您考慮到整個本益比行業活動的更大回報，再加上我們為提高作為發起人的競爭地位所做的努力時，所有這些都應該會在今年下半年帶來更好的成長軌跡。

Great, thanks, Luis for that.

太好了，謝謝你，路易斯。

And then I guess just quickly on the deposit side. So you had the seasonal factors that impacted your growth or inflows of the brokered CDs in the quarter. Curious if you can -- how you're thinking about the movement of that of that portfolio. Maybe in the third quarter, but overall, just thoughts on where you think that category shakes out for you as you look at the contribution of brokered as percentage of deposits longer term.

然後我想很快就能了解存款方面的狀況。因此，季節性因素會影響本季經紀 CD 的成長或流入。我很好奇，如果您可以的話——您是如何看待該投資組合的變動的。也許在第三季度，但總體而言，當您查看經紀存款佔長期存款的百分比的貢獻時，您認為該類別對您有何影響？

So brokered, we run brokered fairly low as a percent of our total deposit mix. In season one and season three, we see nice increases in our public deposit accounts and quarter two and quarter four, as we see those trend down, we bring in more brokered deposits to help offset those.

因此，我們的經紀業務佔總存款組合的比例相當低。在第一季度和第三季，我們的公共存款帳戶大幅增加，而在第二季度和第四季度，我們看到這些帳戶呈下降趨勢，因此我們引入了更多的經紀存款來幫助抵消這些下降。

So as you think about Q3, you'll likely see potentially brokered come down as those public deposits move up, and you'll see that trend reverse again in Q4. But we really run our broker deposits in that 3% to 5% of deposit range, so range we're real comfortable with -- that's how we think about the seasonal movements and the broker deposits.

因此，當您考慮第三季時，您可能會看到隨著公共存款的增加，潛在的經紀業務會下降，並且您會看到這種趨勢在第四季度再次逆轉。但我們的經紀存款實際上在 3% 到 5% 的存款範圍內，所以我們對這個範圍感到非常滿意——這就是我們對季節性變動和經紀存款的看法。

Timur Braziler, Fargo.

蒂穆爾·布拉齊爾，法哥。

Following up on the Marathon commentary, I'm just wondering to what extent does that loan growth come just from looking at larger deals, and is that a two-way street where things that Marathon might originate will end up on your balance sheet or is that just what you're originating will end up on the JV?

繼續關注馬拉鬆的評論，我只是想知道，貸款成長在多大程度上僅僅來自於更大的交易，這是一條雙向的道路，馬拉松可能發起的東西最終會出現在你的資產負債表上，還是只是你發起的東西最終會出現在合資企業上？

It largely -- we think that the more swings at the plate will come from the fact that we can participate and compete for larger transactions without increasing the on balance sheet hold sizes. I would say that yes, there is a two-way street there that could benefit us from an origination perspective, although our origination channel and capabilities will be the majority of the originations related to what we would put in the joint venture.

很大程度上——我們認為，更大的波動來自於這樣一個事實：我們可以參與並競爭更大的交易，而無需增加資產負債表上的持有規模。我想說，是的，這是一條雙向的道路，從發起的角度來看，它可以使我們受益，儘管我們的發起管道和能力將是與我們在合資企業中投入的資金相關的大部分發起。

So excited about it. Again, this will be as Luis mentioned in his comments, there'll be a ramp period before we start to get non-interest income, but we do think that we'll benefit relatively shortly from a more competitive offering and a larger implied balance sheet.

我對此感到非常興奮。再次，正如路易斯在他的評論中提到的那樣，在我們開始獲得非利息收入之前會有一個上升期，但我們確實認為，我們將相對較快地從更具競爭力的報價和更大的隱含資產負債表中受益。

Okay, great.

好的，太好了。

And then as a follow-up. Just looking at margin trajectory, realizing that it benefited a little bit from some interest recoveries here in 2Q, but can you just maybe talk to some of the competitive landscapes around the deposit side, some of the spread tightening on new loan production and is the expectation that we're still tracking towards a [3.40%] margin as we go through the back end of the year or does maybe some of the loan growth commentary mitigate some of those pressures?

然後作為後續行動。僅從利潤率軌跡來看，我們意識到它在第二季度從一些利息復甦中受益匪淺，但您能否談談存款方面的一些競爭格局，新貸款產生的利差收緊情況，以及我們是否預計在年底前仍將追踪 [3.40%] 的利潤率，或者一些貸款增長評論是否會緩解其中的一些壓力？

Yeah, so we are still expecting a net interest margin of approximately 3.4% this year. And so if you think about that in the first half of the year, we were obviously a little bit above that 3.4% level. So we expect to exit the year somewhere between 3.35% and 3.40%.

是的，所以我們仍然預計今年的淨利差約為 3.4%。因此，如果你想想今年上半年的情況，我們顯然略高於 3.4% 的水平。因此，我們預計今年的利率將在 3.35% 至 3.40% 之間。

And I mentioned a couple of items, we'll have a little bit more cash on the balance sheet. We've got a debt restructure in the back half of the year. We've got a little bit of pressure on our securities portfolio called 1 basis point or 2 as we have some mixed shifts there and then there'll be some modest spread impacts and that really depends on how fast we grow the balance sheet, and so there's some variables there on where we can end on the back half of the year.

我提到了幾項，我們的資產負債表上會有更多現金。我們在今年下半年進行了債務重組。我們的證券投資組合面臨 1 或 2 個基點的壓力，因為我們在那裡有一些混合轉變，然後會有一些適度的利差影響，這實際上取決於我們資產負債表的增長速度，因此，在下半年結束時存在一些變數。

But as you mentioned, and I mentioned earlier, deposit competition is challenging the market right now. I think our teams are doing a great job of maintaining clients and winning new relationships, but it's a challenging environment, and we're also have put on some -- if you look at the risk rating of our new loan originations, they're at an even higher quality than our overall loan portfolio, so that's causing a little of organic spread compression as we move forward.

但正如您所提到的，我之前也提到過，存款競爭現在對市場構成了挑戰。我認為我們的團隊在維護客戶和贏得新關係方面做得很好，但這是一個充滿挑戰的環境，我們也付出了一些努力——如果你看看我們新貸款發放的風險評級，它們的品質甚至高於我們的整體貸款組合，所以隨著我們前進，這會導致一些有機利差壓縮。

So we're reiterating our full-year NIM guidance, but I do expect the back half of the year to be a little bit less so than net interest margin sign in the first half. And I always want to add that we don't manage the organization in NIM. We're most focused on NII and NIM is an outcome, but, we did want to provide that color on some of the factors we're thinking about in the back half of the year.

因此，我們重申了全年淨利差指引，但我確實預計下半年的淨利差會比上半年的淨利差略低一些。我一直想補充一點，我們不管理 NIM 中的組織。我們最關注的是 NII，而 NIM 是一個結果，但是，我們確實希望為我們在下半年考慮的一些因素提供一些資訊。

And the one thing I would say to tie that to the earlier question, if we do see continued increase M&A activity and what Luis talked about with respect to sponsor pipeline improves, that gives us a chance to outperform as our higher yielding loans could impact positively the margin.

我想說的一件事是，與先前的問題聯繫起來，如果我們確實看到併購活動持續增加，並且路易斯談到的贊助商管道有所改善，那麼我們就有機會表現出色，因為我們的高收益貸款可能會對利潤率產生積極影響。

Ben Gerlinger, Citi.

花旗銀行的本‧格林格 (Ben Gerlinger)。

Just following up a little bit or [tangential] on the Timur's question about the Marathon. With the larger loan size (technical difficulty) you would theoretically think is maybe a little bit bigger company and then with the fee income opportunities (technical difficulty) you guys teased it a little bit that it's going to take a little while to ramp up and it's more of a '26 question than '25, but once we get that flywheel really going, the contribution to fee income, are we talking like a couple million incremental per quarter or are we talking like tens of million per quarter once you get the full thing going, so probably more like a runway late '26.

只是稍微跟進一下帖木兒關於馬拉鬆的問題。從理論上講，隨著貸款規模的擴大（技術難度），你可能會認為公司規模可能會更大一些，然後隨著費用收入機會的增加（技術難度），你們稍微透露了一下，這需要一段時間才能增加，這更像是一個 26 年的問題，而不是 25年的問題，但是一旦我們讓飛輪真正運轉起來，對費用收入的貢獻，我們說的是每季度增加幾百萬美元，還是說一旦事情全面運轉起來，每季度增加數千萬美元，所以可能更像是 26 年末的跑道。

Yeah, I think that there's two opportunities as we think about the potential for what the impact of the joint venture is going to be. When we're referring to the fee income that's -- we're talking about asset management income and that is for the first vehicle that we're going to be running, it's going to be more of the -- you said tens of millions is not that big, it's going to be smaller than that, but it's going to be a good recurring source of the income that we'll be generating and we'll continue to provide no more details and you'll see those -- you'll see it ramping up in the -- through the P&L over time.

是的，當我們考慮合資企業的潛在影響時，我認為有兩個機會。當我們提到費用收入時 - 我們談論的是資產管理收入，這是我們將要運行的第一個工具的收入，它將更多 - 你說的幾千萬不是那麼大，它會比這更小，但它將成為我們產生的一個很好的經常性收入來源，我們將繼續提供更多細節，你會看到這些 - 你會看到它在損 - 隨著時間的推移。

Just as good of an opportunity, if not better, and you -- and I think you hit the nail on the head when you said, larger transactions means larger companies, which will mean larger opportunities to be able to do capital markets business swap syndications as well as just treasury management and deposit opportunity plays there as well.

這是一個同樣好的機會，甚至更好，而且你——我認為你說得一針見血，更大的交易意味著更大的公司，這意味著有更大的機會進行資本市場業務掉期銀團以及資金管理和存款機會。

You're going to start seeing that fee income being generated more closely tied to the origination activity of the vehicle, which is going to be up and running in the third quarter and we we're going to start originating, we anticipate loans into the vehicle at that time. So it's a two-pronged approach, a good impact of the JV is what's going to happen on our own balance sheet with just greater origination activity and then all of the loan fee activity that happens off of those originations which we are largely going to retain at Webster Bank.

您將開始看到，費用收入的產生與車輛的發起活動更加緊密地聯繫在一起，該車輛將在第三季度啟動並運行，我們將開始發起，我們預計屆時將向車輛提供貸款。因此，這是一種雙管齊下的方法，合資企業的良好影響將發生在我們自己的資產負債表上，不僅有更大的發起活動，而且所有的貸款費用活動都源於這些發起，我們將主要保留在韋伯斯特銀行。

And then longer term, you'll have an income stream that will be driven off of the -- what the eventual performance of the portfolio becomes in the vehicle as well as how large the vehicle becomes with the perspective of the number of loans that are held on the platform.

從長遠來看，您將擁有一個收入流，該收入流將由投資組合在工具中的最終表現以及從平台上持有的貸款數量的角度來看工具的規模決定。

And one important point I want to make on this is because I think this isn't new activity for us, this isn't us having to go out and find new sponsors or we're chasing things. This simply gives us the capacity to continue to deliver full relationships, cash management, deposits, loan fees originations with existing sponsors who, as the markets change with private credit, have moved more to private credit. We still do tons of business with them, but on the larger deals they move away from us because of our balance sheets.

我想就此提出的一個重要觀點是，我認為這對我們來說不是什麼新活動，我們不必出去尋找新的贊助商，也不必追逐任何東西。這使我們有能力繼續與現有贊助商建立全面的關係、現金管理、存款、貸款費用發放，隨著市場隨著私人信貸的變化，這些贊助商已更多地轉向私人信貸。我們仍然與他們有大量的業務往來，但由於我們的資產負債表，他們不再與我們進行較大的交易。

So I think it's an important point to know that this isn't changing risk profile. This isn't changing activity. We don't need to hire new people. We have very sophisticated people in that sponsor group. It's just giving them more tools to take advantage and deliver for their existing clients.

因此我認為，重要的是要知道這不會改變風險狀況。這並沒有改變活動。我們不需要雇用新員工。我們的贊助商團體中有著非常資深的人才。這只是為他們提供了更多的工具來利用和服務現有客戶。

Got you. That's helpful.

明白了。這很有幫助。

I just want to dig a little deeper (technical difficulty) you have the -- let's call it back office or banking opportunities for legacy Marathon relationships now or is it really trying to keep separate church and state between Webster, JV and Marathon on like opportunities (technical difficulty)--?

我只是想深入挖掘一下（技術難題），我們現在可以稱之為後台辦公室或銀行業務機會，以建立傳統的馬拉松關係，或者它是否真的試圖在 Webster、JV 和馬拉松之間保持政教分離，以獲得類似的機會（技術難度）——？

I wouldn't comment on that now. I think over the long term, they're a great firm, and I think there are more things we can do together. One of them would be what you talked about with respect to having a good banking services product for other borrowers, but that's not on the drawing board now and I wouldn't comment on that.

我現在不會對此發表評論。我認為從長遠來看，他們是一家偉大的公司，我認為我們可以一起做更多的事情。其中之一就是您談到的為其他借款人提供良好的銀行服務產品，但目前這還沒有進入計劃階段，我對此不予置評。

Laurie Hunsicker, Seaport.

勞瑞‧亨西克 (Laurie Hunsicker)，海港。

Two questions. Number one, what was your share buyback price on the 1.5 million shares in the quarter?

兩個問題。第一，本季你們回購的 150 萬股股票的價格是多少？

And then number 2, just going back to the rent regulated multi-family that $1.4 billion, do you have an approximate debt service coverage? And then anything to think about or know about on that $185 million of maturities coming up over the next 12 months?

然後第二點，回到租金管制的多戶住宅的 14 億美元問題，您是否有大致的債務償還能力？那麼，對於未來 12 個月內即將到期的 1.85 億美元債務，您有什麼需要思考或了解的嗎？

Yeah, our Q2 share repurchases were at $51.69. John? (laughter)

是的，我們第二季的股票回購價格為 51.69 美元。約翰？（笑聲）

And our current debt service coverage ratio on the portfolio is 1.56 times.

我們目前的投資組合的債務償還率為 1.56 倍。

Perfect, thank you so much.

太好了，非常感謝。

Oh, and anything on that, $185 million of maturities that we should be thinking about?

哦，還有什麼值得我們考慮的嗎？ 1.85 億美元的到期債務？

No, normal course.

不，正常過程。

I will now turn the call back over to John Ciulla for closing remarks. Please go ahead.

現在我將把電話轉回給 John Ciulla 作結束語。請繼續。

Thank you very much. We appreciate, everyone, participating this morning. Have a great day.

非常感謝。我們感謝大家今天早上的參與。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.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。