Wintrust Financial Corp (WTFC) 2023 Q1 法說會逐字稿

Welcome to Wintrust Financial Corporation's First Quarter 2023 Earnings Conference Call. A review of the results will be made by Edward Wehmer, Founder and Chief Executive Officer; Tim Crane, President; David Dykstra, Vice Chairman and Chief Operating Officer; and Richard Murphy, Vice Chairman and Chief Lending Officer. As part of their reviews, the presenters may make reference to both the earnings press release and the earnings release presentation. Following their presentations, there will be a formal question-and-answer session.

歡迎來到 Wintrust Financial Corporation 的 2023 年第一季度收益電話會議。創始人兼首席執行官 Edward Wehmer 將對結果進行審查；蒂姆·克蘭，總裁； David Dykstra，副董事長兼首席運營官；副董事長兼首席貸款官理查德·墨菲 (Richard Murphy)。作為評論的一部分，演示者可以參考收益新聞稿和收益發布演示文稿。在他們的演講之後，將有一個正式的問答環節。

During the course of today's call, Wintrust management may make statements that constitute projections, expectations, beliefs or similar forward-looking statements. Actual results could differ materially from the results anticipated or projected in any such forward-looking statements. The company's forward-looking assumptions that could cause the actual results to differ materially from the information discussed during this call are detailed in our earnings press release and in the company's most recent Form 10-K and any subsequent filings with the SEC.

在今天的電話會議期間，Wintrust 管理層可能會發表構成預測、預期、信念或類似前瞻性陳述的陳述。實際結果可能與任何此類前瞻性陳述中預期或預測的結果存在重大差異。公司的前瞻性假設可能導致實際結果與本次電話會議中討論的信息存在重大差異，詳見我們的收益新聞稿和公司最近的 10-K 表格以及隨後向美國證券交易委員會提交的任何文件。

Also, our remarks may reference certain non-GAAP financial measures. Our earnings press release and earnings release presentation include a reconciliation of each non-GAAP to the nearest comparable GAAP financial measure. As a reminder, this conference call is being recorded.

此外，我們的評論可能會引用某些非 GAAP 財務指標。我們的收益新聞稿和收益發布演示文稿包括每個非 GAAP 與最接近的可比 GAAP 財務指標的調節。提醒一下，正在錄製此電話會議。

I will now turn the conference over to Mr. Edward Wehmer.

我現在將會議轉交給 Edward Wehmer 先生。

Thank you very much. Welcome to our first quarter 2023 earnings call. You heard with me are Tim Crane, our President and CEO in waiting; Dave Dykstra, our Vice Chair and Chief Operating Officer; Rich Murphy, our Vice Chair and Chief Lending Officer; Kate Boege, our General Counsel, who's offsite, by the way, so the (inaudible) may have a delay on it, but try Kate, I'm not going to say anything bad; and Dave Stoehr, our CFO.

非常感謝。歡迎來到我們 2023 年第一季度的財報電話會議。你聽說和我在一起的是蒂姆克蘭，我們的總裁兼首席執行官正在等待；我們的副主席兼首席運營官 Dave Dykstra；我們的副主席兼首席貸款官 Rich Murphy；順便說一句，我們的總法律顧問 Kate Boege 不在現場，所以（聽不清）可能會有所延遲，但試試 Kate，我不會說任何壞話；和我們的首席財務官 Dave Stoehr。

Some of the different approach this quarter, some general comments from me. Tim will discuss operating results in detail. Dave Dykstra to discuss other income, other expense in detail. Murphy will discuss credit in detail. Tim Crane will talk about his thoughts about the future, back to me for some final thoughts and time for questions.

本季度的一些不同方法，我的一些一般性評論。蒂姆將詳細討論運營結果。 Dave Dykstra 詳細討論了其他收入和其他支出。墨菲將詳細討論信貸。蒂姆·克蘭 (Tim Crane) 將談論他對未來的想法，然後再回到我的一些最後想法和提問時間。

General comments. Well, during our record results, I chose the right time to semi-retire, but given the industry challenges arose during the quarter, just like Lloyd Bridges in the (inaudible), I picked the quarter at (inaudible). Despite the turmoil in the banking industry, we recorded net -- record net income and PPP earnings. And the challenges we faced -- that we faced in the industry, our consistent conservative approach to banking helped to thrive during the times. How many times you heard me say the concentration scale.

普通的留言。好吧，在我們創紀錄的業績期間，我選擇了半退休的正確時間，但考慮到本季度出現的行業挑戰，就像（聽不清）的勞埃德·布里奇斯（Lloyd Bridges）一樣，我選擇了（聽不清）的季度。儘管銀行業出現動盪，但我們仍記錄了淨收入和購買力平價收入。我們面臨的挑戰——我們在行業中面臨的挑戰，我們對銀行業一貫的保守態度幫助我們在那個時代蓬勃發展。你聽我說了多少次濃度等級。

We've always been old school in how we went after this, and that's not changing. We believe the current challenges in the industry will open a lot of doors for us, just like in the past, industry meltdowns. For example, on -- Great Recession, our (inaudible) strategy resulted in record earnings albeit one of the most acquisitive companies in the country. Pandemic, general results, great results are in pandemic, PPP loans were a real plus for us. There's only spillover into a ton of new clients.

在這之後我們的做法一直很老派，而且這一點沒有改變。我們相信行業當前的挑戰將為我們打開很多大門，就像過去的行業崩潰一樣。例如，在大蕭條時期，我們的（聽不清）戰略導致創紀錄的收益，儘管它是該國最具收購性的公司之一。大流行，一般結果，偉大的結果是大流行，PPP 貸款對我們來說是一個真正的優勢。只會溢出大量新客戶。

I think back to the Russian ruble thing, and we've always glad with selling great because of our approach. And I expect this as we will continue to do the same.

我回想起俄羅斯盧布的事情，由於我們的方法，我們總是很高興能賣得很好。我希望如此，因為我們將繼續這樣做。

Now going to turn over to Tim to talk about results.

現在請蒂姆談談結果。

Great. Thanks, Ed. Obviously, lots to talk about in terms of both the balance sheet and the recent industry developments. It's important to note that many of my comments as well as Rich and Dave's to come are supported by slides that we've included in our earnings presentation that may be helpful.

偉大的。謝謝，埃德。顯然，就資產負債表和最近的行業發展而言，有很多話要說。重要的是要注意，我的許多評論以及 Rich 和 Dave 的評論都得到了我們在收益演示中包含的幻燈片的支持，這些幻燈片可能會有所幫助。

First, with respect to deposits. Deposits for the quarter were down 0.4%, $184 million, essentially flat in a period where we often see some seasonal outflows. While we spent a great deal of time communicating with our clients in the days after March 10 and saw a significant shift in our deposit mix, which I'll discuss in a moment, our overall level of deposits remained very stable.

首先，關於存款。本季度的存款下降了 0.4%，為 1.84 億美元，在我們經常看到一些季節性資金外流的時期內基本持平。雖然我們在 3 月 10 日之後的幾天里花了很多時間與客戶溝通，並看到我們的存款結構發生了重大變化，我稍後會討論這一點，但我們的整體存款水平仍然非常穩定。

In terms of additional detail, consumer deposits were actually up for the quarter, and the offset was primarily in our CDEC group, deposits related to our 1031 real estate-related exchange business, and we're down in our wealth management area where we continue to see some movement to treasuries and the money market funds, presumably for both rate and insurance reasons. Except for municipal deposits, which are in almost all cases insured or collateralized, we do not have any significant deposit concentrations. Our average deposit account size is under $70,000. We don't have any exposure to crypto deposit activity.

在其他細節方面，本季度消費者存款實際上有所增加，抵消主要在我們的 CDEC 集團，與我們的 1031 房地產相關交易業務相關的存款，我們繼續在我們的財富管理領域下降看到國債和貨幣市場基金出現一些變動，大概是出於利率和保險方面的原因。除了在幾乎所有情況下都有保險或抵押的市政存款外，我們沒有任何重大存款集中度。我們的平均存款賬戶規模低於 70,000 美元。我們沒有任何加密存款活動的風險敞口。

In addition, both our Federal Home Loan Bank and total overall nondeposit borrowings were unchanged in the quarter. We didn't borrow from the Fed discount window and have no intent to use the bank term funding facility.

此外，本季度我們的聯邦住房貸款銀行和非存款借款總額都沒有變化。我們沒有從美聯儲貼現窗口借款，也無意使用銀行定期融資機制。

During the quarter, again, we saw movement from noninterest-bearing deposits to both our unique Wintrust MaxSafe product, which provides customers up to $3.75 million in insurance per account holder and other reciprocal insured products. MaxSafe deposits increased by about $1 billion during the quarter with another several hundred million dollars, primarily larger deposits moving to other reciprocal insured products.

在本季度，我們再次看到從無息存款轉向我們獨特的 Wintrust MaxSafe 產品，該產品為客戶提供高達每個賬戶持有人 375 萬美元的保險和其他互惠保險產品。 MaxSafe 存款在本季度增加了約 10 億美元，另外還有數億美元，主要是較大的存款轉移到其他互惠保險產品。

Noninterest-bearing deposits at the end of the quarter represented 26% of total deposits, a return to near pre-pandemic levels consistent with a more normal rate environment. These movements do not appear to be unique to us, but they obviously increased the cost of deposits for the quarter. Interest-bearing deposit costs were 1.97%, up 67 basis points.

本季度末的無息存款佔總存款的 26%，恢復到接近大流行前的水平，與更正常的利率環境一致。這些變動似乎並不是我們獨有的，但它們顯然增加了本季度的存款成本。計息存款成本為 1.97%，上升 67 個基點。

Our interest-bearing deposit beta through the first quarter was 36%. We expect activities post March 10 will result in interest-bearing deposit beta over the full cycle in excess of the 45% that we had previously projected. Currently, we're assuming full cycle number of approximately 50%. At quarter end, fully insured or collateralized deposits totaled about 70% of total deposits, a number that continues to trend higher.

截至第一季度，我們的計息存款貝塔係數為 36%。我們預計 3 月 10 日之後的活動將導致整個週期的生息存款貝塔值超過我們之前預測的 45%。目前，我們假設完整週期數約為 50%。截至季度末，完全受保或抵押的存款總計約佔總存款的 70%，這一數字繼續呈上升趨勢。

Loan growth for the quarter was about $370 million on the low end of our range. Rich will talk about loan growth, loan composition and continued strong credit performance in just a few minutes.

本季度的貸款增長約為 3.7 億美元，處於我們範圍的低端。 Rich 將在短短幾分鐘內談論貸款增長、貸款構成和持續強勁的信貸表現。

With respect to the net interest margin, it was up 10 basis points to 3.83%. We're pleased with this result in light of the late quarter pressure on deposit costs and the negative impact of our hedging activities. While we expect deposit cost increases and incremental mix change may continue, we believe, given the current rate environment and the continued benefit associated with the favorable repricing of our premium finance loans, as a reminder, those are about 1/3 of our loan book, that we'll maintain a margin of approximately 3.70% for the next several quarters.

淨息差方面，上升 10 個基點至 3.83%。鑑於季度末存款成本的壓力以及我們對沖活動的負面影響，我們對這一結果感到滿意。雖然我們預計存款成本增加和增量組合變化可能會繼續，但我們認為，鑑於當前的利率環境以及與我們的優質金融貸款的有利重新定價相關的持續利益，作為提醒，這些約占我們貸款賬簿的 1/3 ，我們將在接下來的幾個季度保持大約 3.70% 的利潤率。

Given the assumptions around our balance sheet, we remain slightly asset sensitive. An additional 25 basis point increase in rates, if that were to occur, would all else equal, provide approximately $20 million in benefit in terms of net interest income on an annualized basis.

鑑於我們資產負債表的假設，我們仍然對資產略微敏感。利率再增加 25 個基點（如果發生這種情況）將在其他條件相同的情況下提供大約 2000 萬美元的年度淨利息收入收益。

The strong earnings for the quarter produced a material increase in our capital ratios, total risk-based capital increased to 12.1%, CET1 to 9.2%. Both, we believe, are appropriate on a risk-adjusted basis and should continue to expand. Tangible book value in the quarter increased materially to $64.22 per share.

本季度強勁的收益使我們的資本比率大幅增加，基於風險的總資本增加到 12.1%，CET1 增加到 9.2%。我們認為，在風險調整的基礎上，兩者都是合適的，應該會繼續擴大。本季度有形賬面價值大幅增加至每股 64.22 美元。

Just a quick note on securities and capital. The combined unrealized pretax security losses, both available for sale and held to maturity at the end of the quarter totaled approximately $1.1 billion. If a regulatory rule change occurred, we were forced to mark our entire securities portfolio, the bank would remain well capitalized. So despite the external volatility in the latter part of March and the prospect for evolving deposit-related behavior change, we continue to see very good pipelines, opportunities in the market and typical client activity. Dave?

只是關於證券和資本的快速說明。可供出售和持有至本季度末到期的未實現稅前證券損失總計約為 11 億美元。如果監管規則發生變化，我們將被迫標記我們的整個證券投資組合，銀行將保持充足的資本。因此，儘管 3 月下旬的外部波動以及與存款相關的行為發生變化的前景，我們繼續看到非常好的管道、市場機會和典型的客戶活動。戴夫？

Right. Thanks, Tim. I'll cover some of the noteworthy income statement categories, starting with net interest income for the first quarter of 2023 net interest income totaled $458 million. That was an increase of $1.2 million as compared to the prior quarter and an increase of $158.7 million as compared to the first quarter of 2022. The $1.2 million increase in net interest income as compared to the prior quarter was primarily due to the improvement in the net interest margin that Tim talked about, partially offset by the impact of having 2 fewer days in the quarter.

正確的。謝謝，蒂姆。我將介紹一些值得注意的損益表類別，從 2023 年第一季度的淨利息收入開始，淨利息收入總計 4.58 億美元。與上一季度相比增加了 120 萬美元，與 2022 年第一季度相比增加了 1.587 億美元。淨利息收入與上一季度相比增加了 120 萬美元，這主要是由於改善了蒂姆談到的淨息差，部分被本季度減少 2 天的影響所抵消。

The impact of having 2 fewer days relative to the fourth quarter was approximately $10 million. In other words, 1 day is worth about $5 million of net interest income to us. The net interest margin improved 10 basis points from the prior quarter to 3.83%, a beneficial increase of 61 basis points on the yield on earning assets and a 17 basis point increase in the net free funds contribution combined with a 68 basis point increase for the rate paid on the liabilities resulted in the improved margin.

與第四季度相比減少 2 天的影響約為 1000 萬美元。換句話說，1 天對我們來說相當於 500 萬美元的淨利息收入。淨息差較上一季度提高 10 個基點至 3.83%，盈利資產收益率有益增長 61 個基點，淨自由資金貢獻增長 17 個基點，同時淨利率增長 68 個基點支付的負債利率導致利潤率提高。

The increase in the yield on the earning assets as compared to the prior quarter was primarily due to a 67 basis point improvement in loan yields and a higher liquidity management asset yield as the company earned higher short-term yields on the interest-bearing deposits held at banks and its investment securities. And the increase in the rate paid on interest-bearing liabilities in the first quarter as compared to the prior quarter, was driven by a 67 basis point increase in the rate paid on the interest-bearing deposits.

與上一季度相比，盈利資產收益率的增加主要是由於貸款收益率提高了 67 個基點，以及流動性管理資產收益率更高，因為公司持有的計息存款獲得了更高的短期收益率在銀行及其投資證券。而一季度付息負債利率較上一季度有所上升，是由於付息存款利率上升了67個基點。

Now it's interesting to note that both the loan yield increase in the deposit costs increase were both 67 basis points changes during the quarter. We continue to believe that our relatively short term and asset-sensitive balance sheet structure can provide for margin stability as our premium finance portfolios, which comprise roughly 1/3 of our loan portfolio, should continue to reprice upwards over the course of this year, which should substantially mitigate the rise in deposit pricing.

現在有趣的是，本季度存款成本增加中的貸款收益率增加都是 67 個基點的變化。我們仍然相信，我們相對短期且對資產敏感的資產負債表結構可以提供保證金穩定性，因為我們的優質金融投資組合（約占我們貸款組合的 1/3）在今年應該會繼續重新定價，這應該會大大減緩存款定價的上漲。

Also, as we discussed on prior calls, the company has been entered into interest rate-derivative transaction, specifically swap and collar contracts to protect the net interest margin in a falling rate environment. Our earnings presentation deck has the details of those derivative positions, including terms and rates for your information. The impact of those derivative transactions during the quarter was to limit the net interest margin expansion by 7 basis points.

此外，正如我們在之前的電話會議上討論的那樣，該公司已經進行了利率衍生交易，特別是掉期和領子合約，以在利率下降的環境中保護淨息差。我們的收益演示平台包含這些衍生頭寸的詳細信息，包括供您參考的條款和利率。本季度這些衍生品交易的影響是限制淨息差擴大 7 個基點。

In other words, the net interest margin would have expanded by 17 basis points during the quarter rather than 10 basis points if we had not entered into those contracts. We believe it is prudent in the current environment to sacrifice some current margin expansion to mitigate the downside risk if interest rates were to decline materially in the future.

換句話說，如果我們沒有簽訂這些合同，本季度淨息差將擴大 17 個基點，而不是 10 個基點。我們認為，在當前環境下，如果未來利率大幅下降，犧牲一些當前的利潤率擴張來減輕下行風險是謹慎的做法。

Turning to the provision for credit losses. Wintrust recorded a provision for credit losses of $23 million in the first quarter compared to a provision of $47.6 million in the prior quarter and a $4.1 million provision expense recorded in the year ago quarter. The lower provision expense in the first quarter relative to the prior quarter was primarily a result of less loan growth during the quarter and changes to the macroeconomic outlook related to projected credit spreads and commercial real estate price index data.

轉向信用損失準備金。 Wintrust 在第一季度記錄了 2300 萬美元的信貸損失準備金，而上一季度的準備金為 4760 萬美元，去年同期記錄的準備金費用為 410 萬美元。第一季度撥備費用低於上一季度，主要是由於本季度貸款增長放緩，以及與預計信貸息差和商業房地產價格指數數據相關的宏觀經濟前景發生變化。

Rich Murphy will talk about credit in just a bit, but I should note that the current quarter net charge-offs and the mix of classified loans remained relatively stable and very good and did not have a significant impact on the level of the first quarter's provision for credit losses.

Rich Murphy 稍後會談及信貸，但我應該指出，本季度的淨沖銷和分類貸款組合保持相對穩定且非常好，對第一季度的撥備水平沒有產生重大影響對於信用損失。

Turning to the noninterest income and noninterest expense sections. Total noninterest income totaled $107.8 million in the first quarter and was up nearly $14 million when compared to the prior quarter, total of $93.8 million. The primary reasons for the increase were due to an $8 million -- $8.1 million improvement in the gains and losses related to the company's securities portfolio. The company recorded a gain of $1.4 million in the first quarter of 2023, compared to a loss of $6.7 million recorded in the fourth quarter of 2022.

轉向非利息收入和非利息支出部分。第一季度非利息收入總額為 1.078 億美元，與上一季度的 9380 萬美元相比增加了近 1400 萬美元。增長的主要原因是與公司證券投資組合相關的損益減少了 800 萬至 810 萬美元。該公司在 2023 年第一季度錄得收益 140 萬美元，而 2022 年第四季度錄得虧損 670 萬美元。

The quarterly fluctuation was primarily related to changes in equity valuations that affect a portion of our securities portfolio and not from sales of securities. A $2.4 million increase in fees on covered call options in the first quarter of 2023 relative to the prior quarter also contributed to the increase and a $0.9 million increase in mortgage banking revenue as production margins improved, which more than offset a slight decline in the volume of loans originated during the first quarter of the year.

季度波動主要與影響我們部分證券投資組合的股權估值變化有關，而不是與證券銷售有關。與上一季度相比，2023 年第一季度備兌看漲期權費用增加 240 萬美元，這也推動了抵押貸款銀行收入的增長和 90 萬美元的增長，因為生產利潤率有所提高，這足以抵消交易量的小幅下降貸款是在今年第一季度發放的。

We saw mortgage application volume increased slightly during each month of the first quarter and are seeing continued increases in loan application volume early in the second quarter, albeit still relatively small increases. But this should provide support to the mortgage banking revenue in the second quarter. Additionally, for your information, roughly 80% of the application volume is related to purchased home activity.

我們看到第一季度每個月的抵押貸款申請量都略有增加，第二季度初貸款申請量繼續增加，儘管增幅仍然相對較小。但這應該會為第二季度的抵押貸款銀行收入提供支持。此外，據您所知，大約 80% 的申請量與購買的家庭活動有關。

On the noninterest expense categories. Noninterest expenses totaled $299.2 million in the first quarter and were down approximately $8.7 million when compared to the prior quarter, total of $307.8 million. The primary reasons for the decrease were due to salaries and employee benefit expenses decreasing by approximately $3.6 million in the first quarter as compared to the fourth quarter of last year.

關於非利息費用類別。第一季度的非利息支出總額為 2.992 億美元，與上一季度的總額 3.078 億美元相比減少了約 870 萬美元。減少的主要原因是與去年第四季度相比，第一季度的工資和員工福利支出減少了約 360 萬美元。

Relative to the prior quarter, the current quarter decline is primarily due to lower commissions and incentive compensation of approximately $9.7 million, largely related to lower incentive compensation accruals. The category also saw approximately $1.9 million of lower employee benefits expense due to fewer health insurance claims during the quarter. These declines were partially offset by approximately $8.1 million of increased salary expense primarily due to the impact of annual merit increases that took effect in the first quarter.

與上一季度相比，本季度的下降主要是由於佣金和激勵薪酬減少約 970 萬美元，這主要與應計激勵薪酬減少有關。由於本季度健康保險索賠減少，該類別的員工福利支出也減少了約 190 萬美元。這些下降部分被大約 810 萬美元的工資支出增加所抵消，這主要是由於第一季度生效的年度業績增長的影響。

Our advertising and marketing expenses decreased by $2.3 million in the first quarter of 2023 when compared to the prior quarter. As we have discussed on previous calls, this category of expenses tends to be lower in the fourth and the first quarters of the year. Advertising and marketing expense is expected to increase in the second quarter due to our marketing and sponsorship expenditures related to various major and minor league baseball sponsorships, other summertime sponsorship events held in the communities that we serve and marketing of our brand and deposit products.

與上一季度相比，我們的廣告和營銷費用在 2023 年第一季度減少了 230 萬美元。正如我們在之前的電話會議上所討論的那樣，這類費用在今年第四季度和第一季度往往會較低。由於我們與各種大聯盟和小聯盟棒球贊助、在我們服務的社區舉辦的其他夏季贊助活動以及我們品牌和存款產品的營銷相關的營銷和讚助支出，預計第二季度的廣告和營銷費用將增加。

Lending expenses also declined approximately $3.2 million due to lower overall loan origination activity experienced in the first quarter. Offsetting these expense declines noted was a $1.9 million increase in FDIC insurance expense, which was primarily related to the 2 basis point increase in the assessed premiums that the FDIC began imposing on financial institutions in 2023. Other than those expense categories that I just discussed, all other expense categories in the aggregate were down by approximately $1.5 million compared to the fourth quarter of 2022.

由於第一季度整體貸款發放活動減少，貸款費用也下降了約 320 萬美元。 FDIC 保險費用增加了 190 萬美元，抵消了這些費用下降，這主要與 FDIC 於 2023 年開始對金融機構徵收的評估保費增加 2 個基點有關。除了我剛才討論的那些費用類別，與 2022 年第四季度相比，所有其他費用類別總計減少了約 150 萬美元。

Our efficiency ratio declined to 53% for the first quarter from 55% in the fourth quarter of 2022 as expenses did not increase at a rate commensurate with the increase in revenues. And our net overhead ratio was 1.49% in the first quarter and lower than the 1.63% in the prior quarter due to slightly higher fee income and well-controlled expenses. Looking forward, we expect fee income and noninterest expenses to increase somewhat as a result of the wealth management acquisition, which was completed at the beginning of April.

我們的效率比從 2022 年第四季度的 55% 下降到第一季度的 53%，因為費用的增長速度與收入的增長速度不相稱。由於費用收入略高且費用控制良好，我們第一季度的淨間接費用率為 1.49%，低於上一季度的 1.63%。展望未來，由於 4 月初完成的財富管理收購，我們預計手續費收入和非利息支出將有所增加。

We would also expect mortgage revenues and related expenses to increase slightly as springtime has since the home buying season. Additionally, as I noted earlier, the seasonal increase in marketing sponsorships will add to that expense category. So we anticipate slightly higher wealth management mortgage revenues and slightly higher expenses in the future quarters. But depending on the mortgage volumes and balance sheet growth, we would still expect to maintain a net overhead ratio in the 1.5% to 1.6% range that we have generally experienced in the last 2 quarters.

我們還預計抵押貸款收入和相關費用將隨著購房季的春天而略有增加。此外，正如我之前提到的，營銷贊助的季節性增加將增加該費用類別。因此，我們預計未來幾個季度的財富管理抵押貸款收入和支出會略有增加。但根據抵押貸款量和資產負債表的增長情況，我們仍預計淨間接費用率將維持在過去兩個季度普遍經歷的 1.5% 至 1.6% 的範圍內。

So with that, I'll conclude my comments and turn it over to Rich Murphy to discuss credit.

因此，我將結束我的評論並將其轉交給 Rich Murphy 討論信用。

Thanks, Dave. As noted earlier, credit performance for the first quarter was very solid from a number of perspectives. As detailed on Slide 7 of the deck, loan growth for the quarter was $369 million or 3.8% annualized. Loan growth was largely concentrated in 2 portfolios. Commercial real estate, which grew by $288 million, which was primarily draws on existing loans; and residential real estate, which was up $133 million.

謝謝，戴夫。如前所述，從多個角度來看，第一季度的信貸表現非常穩健。正如第 7 張幻燈片所詳述的那樣，本季度的貸款增長為 3.69 億美元，年化增長率為 3.8%。貸款增長主要集中在兩個投資組合中。商業地產，增長 2.88 億美元，主要是利用現有貸款；和住宅房地產，增加了 1.33 億美元。

This rate of loan growth is slower than what we have seen for some time and below our guidance of mid- to high single digits. We believe this slower growth is attributable to several factors. The first quarter is generally the slowest quarter for core loan production and is a seasonally slow quarter for the commercial premium finance portfolio. Higher borrowing costs have forced borrowers to reconsider the economics of new projects, business expansion, equipment purchases and premium finance costs and overall business sentiment, which has dropped during the past few months.

這種貸款增長率低於我們一段時間以來看到的速度，也低於我們的中高個位數指導。我們認為增長放緩歸因於幾個因素。第一季度通常是核心貸款生產最慢的季度，也是商業保費融資組合的季節性放緩季度。更高的借貸成本迫使借款人重新考慮新項目、業務擴張、設備採購和保費融資成本以及整體商業情緒的經濟性，後者在過去幾個月有所下降。

However, we continue to see solid momentum in our core C&I and CRE pipelines. Disruptions in the banking landscape continue to work to our benefit as we have seen numerous quality opportunities from other regional banks. Also, while commercial premium finance loans were down by $111 million in the first quarter, based on historic seasonality, we would anticipate that this portfolio will show solid growth in Q2. As noted in prior earnings calls, we continue to be optimistic about loan growth in 2023, but would anticipate the pace of growth may trend closer to the lower end of the guidance for a number of reasons.

然而，我們繼續看到我們的核心 C&I 和 CRE 管道的強勁勢頭。銀行業格局的中斷繼續對我們有利，因為我們看到了來自其他區域性銀行的大量優質機會。此外，雖然根據歷史季節性因素，第一季度商業保費融資貸款減少了 1.11 億美元，但我們預計該投資組合將在第二季度呈現穩健增長。正如之前的財報電話會議所述，我們繼續對 2023 年的貸款增長持樂觀態度，但預計由於多種原因，增長速度可能會趨向於接近指引的下限。

The Wintrust Life Finance portfolio grew by $35 million during the first quarter of 2023, compared to a $300 million in the first quarter of 2022. The rapid increases in rates during the past year have significantly affected the pace of growth. We would anticipate the slower rate of growth will continue in this higher rate environment.

Wintrust Life Finance 投資組合在 2023 年第一季度增長了 3500 萬美元，而 2022 年第一季度為 3 億美元。過去一年利率的快速增長顯著影響了增長速度。我們預計在這種較高的增長率環境中，增長率將繼續放緩。

And increases in commercial line utilization, excluded leases and mortgage warehouse lines, continue to flatten during the first quarter, reflecting a more cautious business sentiment and higher borrowing costs. As a result, while we continue to be diligent about and preparing for the possibility of a business recession, we believe our diversified portfolio and position within the competitive banking landscape will allow us to grow within our guidance of mid- to high single digits and maintain our credit discipline.

商業線路利用率的增加（不包括租賃和抵押倉庫線路）在第一季度繼續持平，反映出更加謹慎的商業情緒和更高的借貸成本。因此，在我們繼續努力應對業務衰退的可能性並為之做好準備的同時，我們相信我們多元化的投資組合和在競爭激烈的銀行業環境中的地位將使我們能夠在中高個位數的指導下增長並保持我們的信用紀律。

From a credit quality perspective, as detailed on Slide 15, we continue to see strong credit performance across the portfolio. This can be seen in a number of ways. Nonperforming loans remained stable at 25 basis points or $101 million, equal to the total we saw in Q4. Overall, NPLs continue to be at historically low levels, and we are still confident about the solid credit metrics of the portfolio. Charge-offs for the quarter were only $5.5 million or 6 basis points. And as detailed on Slide 15, we saw a stable level in our special mention in substandard loans with no meaningful signs of additional economic stress at the customer level.

從信用質量的角度來看，如幻燈片 15 所詳述，我們繼續看到整個投資組合的強勁信用表現。這可以通過多種方式看出。不良貸款穩定在 25 個基點或 1.01 億美元，與我們在第四季度看到的總數相同。總體而言，不良貸款繼續處於歷史低位，我們仍然對投資組合穩健的信用指標充滿信心。本季度的沖銷僅為 550 萬美元或 6 個基點。正如幻燈片 15 所詳述的那樣，我們在次級貸款的特別提及中看到了一個穩定的水平，沒有明顯跡象表明客戶層面存在額外的經濟壓力。

Finally, as Ed mentioned, the granularity of our loan portfolio has always been a critical pillar of the Wintrust story. This can be seen clearly on Slide 7 where the portfolio has been built around commercial, CRE, premium finance and niche lending. Currently, commercial real estate loans comprise roughly 1/4 of our portfolio. While we closely monitor all elements of our loan portfolio, we are paying particular attention to this segment. Higher borrowing costs and pressure on lease rates are caused for concern, particularly in the office category.

最後，正如 Ed 所提到的，我們貸款組合的粒度一直是 Wintrust 故事的關鍵支柱。這可以在幻燈片 7 上清楚地看到，其中投資組合是圍繞商業、CRE、高級金融和利基貸款建立的。目前，商業房地產貸款約占我們投資組合的 1/4。在我們密切監控貸款組合的所有要素的同時，我們特別關注這一領域。較高的借貸成本和租賃利率壓力令人擔憂，尤其是在寫字樓類別中。

On Slide 18, we have highlighted a number of important elements of our office portfolio. Currently, this portfolio totals $1.4 billion or 13.6% of our total CRE portfolio and only 3.5% of our total loan portfolio. Of the $1.4 billion of office exposure, close to 40% is medical office or owner occupied. The average sizable loan in the office portfolio was only $1.3 million.

在幻燈片 18 中，我們強調了我們辦公室產品組合中的一些重要元素。目前，該投資組合總計 14 億美元，占我們 CRE 投資組合總額的 13.6%，僅占我們貸款組合總額的 3.5%。在 14 億美元的辦公室敞口中，近 40% 是醫療辦公室或業主自住。辦公室投資組合中的平均大筆貸款僅為 130 萬美元。

We have only 5 loans in the portfolio above $20 million. There has been significant concern about office properties located within central business districts. Our CBD exposures limited $358 million or approximately 1/4 of the office portfolio. Half of this is in Chicago and half is in other cities. The bulk of the portfolio is located in suburban areas and areas outside CBDs. And portfolio performance to date has been very good, but no loans currently over 90 days is past due.

我們的投資組合中只有 5 筆貸款超過 2000 萬美元。位於中央商務區內的寫字樓物業一直備受關注。我們的 CBD 敞口限制為 3.58 億美元，約佔寫字樓投資組合的 1/4。其中一半在芝加哥，一半在其他城市。投資組合的大部分位於郊區和中央商務區以外的地區。迄今為止的投資組合表現非常好，但目前沒有超過 90 天的貸款逾期。

We continue to perform portfolio reviews regularly in this portfolio and have stayed very engaged with our borrowers. We are not immune for macro effects that challenges product type, but we believe our portfolio is well constructed, very granular and should perform well moving forward. As noted earlier, higher borrowing costs and pressure on lease renewals are having a meaningful effect across the CRE space.

我們繼續定期對該投資組合進行投資組合審查，並與我們的借款人保持密切聯繫。我們不能倖免挑戰產品類型的宏觀影響，但我們相信我們的產品組合構建良好，非常細化並且應該在未來表現良好。如前所述，更高的借貸成本和續租壓力正在對整個商業地產領域產生重大影響。

To better understand how these issues could impact our portfolio, our CRE credit team has performed a deep dive analysis on every loan over $2.5 million, which we'll be renewing between now and year-end. This analysis, which covered 77% of all CRE loans maturing this year resulted in the following: more than 60% of these loans will clearly qualify for a renewal at prevailing rates. Roughly 25% of these results are anticipated to be paid off or will require a short-term extension at prevailing rates, and approximately 15% of the loans will require some additional attention, which could include a paydown or a pledge of additional collateral.

為了更好地了解這些問題如何影響我們的投資組合，我們的 CRE 信貸團隊對每筆超過 250 萬美元的貸款進行了深入分析，我們將在現在和年底之間更新這些貸款。該分析涵蓋了今年到期的所有 CRE 貸款的 77%，結果如下：這些貸款中超過 60% 顯然有資格以現行利率續簽。這些結果中約有 25% 預計將得到償還或需要按現行利率進行短期延期，約 15% 的貸款將需要額外注意，其中可能包括還款或額外抵押品的承諾。

We have tentative agreement on renewal terms with more than half of the borrowers in this final group. Again, our portfolio is not immune from the effects of rising rates or the market forces behind lease rates, but we have been diligently identifying any potential weaknesses in the portfolio and working with our borrowers to identify the best possible outcomes.

我們與最後一組中超過一半的借款人就續籤條款達成了初步協議。同樣，我們的投資組合無法免受利率上升或租賃利率背後的市場力量的影響，但我們一直在努力識別投資組合中的任何潛在弱點，並與我們的借款人合作以確定最佳結果。

That concludes my comments on credit, and I'll turn it back to Tim.

我對信用的評論到此結束，我會把它轉回給蒂姆。

Thanks, Rich. Before Ed wraps up and we take a few questions, just a couple of comments. First, maybe the events of the last 3 weeks of March serve as a good reminder that as much as people think of banks as a commodity, we believe that's absolutely not the case. We continue to be uniquely positioned to take advantage of disruption in the market.

謝謝，里奇。在 Ed 結束之前，我們提出了幾個問題，只是一些評論。首先，也許 3 月最後 3 週發生的事件很好地提醒人們，儘管人們將銀行視為一種商品，但我們認為絕對不是這樣。我們繼續處於獨特的位置，可以利用市場的混亂。

We frequently talk about that on these calls. Relative to many of our larger peer banks, we provide a distinctly different experience. we provide a level of service that our customers value evidenced by the J.D. Power and Greenwich and other awards we've received. And we've stayed very disciplined with respect to credit and risk management even when some haven't.

我們經常在這些電話中談論這一點。相對於我們許多較大的同行銀行，我們提供截然不同的體驗。我們提供的服務水平得到了客戶的重視，J.D. Power 和格林威治獎以及我們獲得的其他獎項證明了這一點。我們在信貸和風險管理方面一直非常自律，即使有些人沒有這樣做。

We have a diversified mix of consumer and commercial businesses built on strong relationships. Our model has really been all about being the best alternative to the larger banks. And that opportunity continues to exist today in some ways, more than ever.

我們擁有建立在牢固關係基礎上的多元化消費者和商業業務組合。我們的模式實際上就是成為大型銀行的最佳替代品。而且這種機會今天在某些方面繼續存在，比以往任何時候都多。

And so I'll pause there, and Ed, I've got some wrap-up comments at the end, but that's what I've got.

所以我會在那裡暫停，Ed，最後我有一些總結性評論，但這就是我所擁有的。

Okay. Thank you, Tim. Well, you know this is my last earnings call, I'm going to miss the banter relationships I've had with all of you. This being said, I will still be involved in the foreseeable future in limited capacity as Chairman. Make no mistake about it, though, there's only going to be one CEO, that's going to be Tim. You'll only have one guy's hands on the wheel, that will be his. I'm here to help in service. And anything I can do to help to continue to move this organization to go in the great growth it's had.

好的。謝謝你，蒂姆。好吧，你知道這是我最後一次財報電話會議，我會想念我和你們所有人的玩笑關係。話雖如此，在可預見的未來，我仍將以有限的主席身份參與其中。不過，請不要誤會，只有一位 CEO，那就是蒂姆。你將只有一個人的手在方向盤上，那將是他的。我是來幫忙服務的。我可以做任何事情來幫助繼續推動這個組織實現它的巨大增長。

I thank all of you for your support through the ages. Other than the shorties out there, I hope you continue to lose money on Wintrust. I can ensure that Wintrust is in great hands, we'll continue to follow through and thrive no matter the issue and the best management team and people in the business. As always, you can be assured the team's best efforts in that regard. Tim, back to you.

感謝大家多年來的支持。除了那裡的空頭之外，我希望你繼續在 Wintrust 上賠錢。我可以確保 Wintrust 得到了很好的控制，無論出現什麼問題，我們都會繼續堅持下去並蓬勃發展，並且擁有最好的管理團隊和業務人員。一如既往，您可以放心，團隊在這方面會盡最大努力。蒂姆，回到你身邊。

Great. Why don't we go ahead and open it up for questions, and I have a quick summary at the end.

偉大的。為什麼我們不繼續提出問題，最後我有一個簡短的總結。

(Operator Instructions). Our first question comes from the line of Jon Arfstrom of RBC Capital Markets.

（操作員說明）。我們的第一個問題來自 RBC Capital Markets 的 Jon Arfstrom。

Ed, thanks for everything. Fun earnings calls over the last 25-or-so years. And the Wehmer-isms are priceless. So thank you for all of those.

埃德，謝謝你所做的一切。過去 25 年左右的有趣收益電話會議。 Wehmer 主義是無價的。所以謝謝你所做的一切。

You're welcome.

不客氣。

Yes. That was great. Guys, I want to ask you a little bit about the margin of 3.70% guidance, maybe obvious, but talk a little bit about some of the puts and takes and the factors that would drive it up or down from there? And share with us what kind of interest rate and deposit flow assumptions that you're building into that outlook?

是的。那很棒。伙計們，我想問你一些關於 3.70% 指導幅度的問題，這可能是顯而易見的，但談談一些看跌期權和看跌期權以及會推動它從那裡上漲或下跌的因素？並與我們分享您在該前景中建立的什麼樣的利率和存款流量假設？

Sure, Jon. This is Tim. Obviously, the deposit mix has been one of the changes that's put some pressure on the margin. The other, as Dave mentioned, is kind of the hedging activities that we think will provide good support for the margin in a lower rate environment. We're getting back to DDA mix that's similar to pre-pandemic. And so the hope is that, that migration slows. But that's certainly one of the things that we're watching pretty carefully.

當然，喬恩。這是蒂姆。顯然，存款組合是對利潤率造成一定壓力的變化之一。另一個，正如戴夫提到的，是一種我們認為會在較低利率環境下為保證金提供良好支持的對沖活動。我們正在回到類似於大流行前的 DDA 組合。所以希望是，遷移速度會放緩。但這肯定是我們正在非常仔細觀察的事情之一。

And the other is our opportunity to grow. We think we've got really nice loan opportunities in the market right now and working hard to use our 15 charter model to grow deposits and to take advantage of some dislocation in the market. So those would be a couple of the factors. Going forward, the hedge expense is a little bit higher in terms of the 7 basis points goes to something like 15. But again, we think that's a prudent investment at this point.

另一個是我們成長的機會。我們認為我們現在在市場上有非常好的貸款機會，並努力使用我們的 15 個包機模型來增加存款並利用市場上的一些錯位。所以這些將是幾個因素。展望未來，就 7 個基點到 15 個基點而言，對沖費用略高一些。但同樣，我們認為目前這是一項謹慎的投資。

We added -- we put a deck -- in the slide deck we put presentation about the swaps that we added during the quarter. But since they were only off a part of the quarter, there was only a partial hit. So that 3.70% sort of includes going from 7 to 15 basis points on that derivative position. So that's part of the equation too. But we noted this last quarter too, and I noted it in my comments, but we still have a fair amount of asset data out there, too, to offset some of this deposit pressure that we saw.

我們添加了——我們放了一個平台——在幻燈片中我們展示了我們在本季度添加的掉期。但由於他們只在本季度的一部分之外，所以只受到了部分打擊。因此，3.70% 包括該衍生品頭寸的 7 到 15 個基點。所以這也是等式的一部分。但我們在上個季度也注意到了這一點，我在評論中也注意到了這一點，但我們仍然有相當數量的資產數據可以抵消我們看到的一些存款壓力。

I mean the main decrease there is really the sort of the mix shift and people moving into the interest-bearing deposits from DDA. But we do have $13 billion roughly of premium finance loans that's still repriced over the course of the year. And as that repricing occurs, that will substantially offset the deposit repricing that we expect to continue a little bit here in the future. So we hope to hold it there. It's sort of where it was at the end of the quarter, a little less than we thought because of this deposit mix, but we think we're positioned well.

我的意思是，主要的減少實際上是混合轉變和人們從 DDA 轉向有息存款。但我們確實有大約 130 億美元的優質金融貸款在這一年中仍在重新定價。隨著重新定價的發生，這將大大抵消我們預計未來會繼續進行的存款重新定價。所以我們希望把它放在那裡。這有點像本季度末的水平，由於這種存款組合，比我們想像的要少一點，但我們認為我們的定位很好。

And as Tim said, we really think our positioning in Chicago is wonderful. We are Chicago's bank. We win all these awards for good customer service. And we get those awards, because we give good customer service. And if we go out in this environment and sell our products, we think we can grow deposits and fund this loan growth that's out there. And there's a lot of things in the mix, but we've always been able to manage through it before. So we think that 3.70% number we can hold and hold through the rest of the year, assuming something really dramatic doesn't happen to the yield curve.

正如蒂姆所說，我們真的認為我們在芝加哥的定位非常好。我們是芝加哥的銀行。我們憑藉良好的客戶服務贏得了所有這些獎項。我們獲得了這些獎項，因為我們提供了良好的客戶服務。如果我們在這種環境下出去銷售我們的產品，我們認為我們可以增加存款並為那裡的貸款增長提供資金。混合中有很多東西，但我們以前總是能夠管理它。因此，我們認為 3.70% 的數字我們可以在今年餘下的時間裡一直持有，假設收益率曲線沒有發生真正戲劇性的事情。

And the rate assumption of the forward curve, is that right?

遠期曲線的利率假設對嗎？

Yes. Pretty much, Jon. We're kind of thinking we'll get one more here at some point in the second quarter.

是的。差不多，喬恩。我們有點想我們會在第二季度的某個時候在這裡再得到一個。

Okay. Rich, maybe for you on loan growth. Dave alluded to that as one of the keys to holding that. You talked about slower utilization, is it pre or post March 8 and how dramatically have things changed in terms of your pipelines and demand since March 8?

好的。富人，也許對你來說貸款增長。戴夫提到這是保持這一點的關鍵之一。您談到了利用率降低，是在 3 月 8 日之前還是之後，以及自 3 月 8 日以來您的管道和需求方面發生了多大變化？

Yes. Utilization, I think, really has been almost the entirety of the year. I mean we've just seen that utilization kind of just flat. We anticipated it would come up a little bit more, back to more historic norms. But I think the higher borrowing costs really have put a chill on that a little bit. Again, not down dramatically, but just not recovering to the levels that we have seen historically.

是的。我認為，實際上幾乎全年都在使用。我的意思是我們剛剛看到這種利用率持平。我們預計它會出現更多，回到更具歷史意義的規範。但我認為更高的借貸成本確實讓這種情況有所降溫。同樣，不是急劇下降，而是沒有恢復到我們歷史上看到的水平。

In terms of overall loan demand, as I talked about, I think we have a big tailwind with the our property and casualty group, because we can already see the fundings that are going to be coming here over the course of the rest of this year. But I think the thing that is most encouraging is our core pipeline C&I and CRE both are at very good levels. And again, I'm not necessarily sure if it's the pie growing or -- but my suspicion is we just continue to see opportunities coming out of large banks, other regionals where they're just pulsing in and out of the market. The ability to get a timely answer has really been an issue, and our teams have been very quick to respond, and we're just seeing continued opportunity in that space. So those are the things that I would point to as being most opportunistic about.

就整體貸款需求而言，正如我所說，我認為我們的財產和意外傷害集團有很大的順風，因為我們已經可以看到今年剩餘時間裡將要到來的資金.但我認為最令人鼓舞的是我們的核心管道 C&I 和 CRE 都處於非常好的水平。再說一次，我不確定是蛋糕在增長還是——但我懷疑我們只是繼續看到大型銀行和其他地區的機會不斷湧入和退出市場。獲得及時答复的能力確實是一個問題，我們的團隊反應非常迅速，我們只是在這個領域看到了持續的機會。所以這些是我認為最機會主義的事情。

Our next question comes from the line of David Long of Raymond James.

我們的下一個問題來自 Raymond James 的 David Long。

Just to start out, Ed, I know you're not going away, but you will be missed on these calls going forward. Really appreciate your candor over the years. And we want to wish you the best as you hand over the reins to Tim and the rest of the team and do look forward to seeing you again some time. So congratulations.

剛開始，埃德，我知道你不會離開，但未來這些電話會想念你。真的很感謝你多年來的坦誠。當您將領導權交給蒂姆和團隊其他成員時，我們希望祝您一切順利，並期待與您再次見面。恭喜你。

Thank you, David.

謝謝你，大衛。

As far as the -- thinking about the quarter here, the interest rate hedges, it looks like you maybe added a couple here in early April, puts you close to about $6 billion in notional value. Will you go much higher than that? Is there -- do you have a limit as to how high you want to go? Or is this sort of a -- kind of like your overall strategy to take what the market gives you here?

至於 - 考慮這裡的季度，利率對沖，看起來你可能在 4 月初在這裡添加了一對，使你的名義價值接近 60 億美元。你會比那更高嗎？有沒有——你對你想要達到的高度有限制嗎？或者這是一種 - 有點像你的整體戰略，在這裡接受市場給你的東西？

I think a little bit of the latter, David. We'll kind of see where the curve goes here. But as you can see from the interest sensitivity slides that we included in the deck, we're getting close to the point where we're more neutral than that. So we think these last couple were nice adds. We caught the market at a good time. And if rates start to drift downward, we've got a little bit of insurance that will help us here. So again, opportunistic.

我認為有點後者，大衛。我們將在這裡看到曲線的走向。但正如您從我們包含在甲板上的興趣敏感性幻燈片中看到的那樣，我們正在接近比這更中立的地步。所以我們認為最後這對夫婦是不錯的補充。我們抓住了市場的好時機。如果利率開始下降，我們有一點保險可以幫助我們。再次，機會主義。

Okay. And then the -- you talked about the mix getting closer to where you were pre-pandemic. Now most of the last 15 years, we've been in a 0 interest rate environment outside of, what, 2018 and '19 really. Can deposit -- or can noninterest-bearing deposits drop materially from here, go back to pre-GFC? 15 years ago, the average for the industry was almost half of what it's been since then. Can we go back that low? Or is there structural changes that won't allow noninterest-bearing deposits to go down to 15% to 16% for the industry? How do you see that?

好的。然後——你談到了這種組合越來越接近大流行前的狀態。在過去 15 年的大部分時間裡，除了 2018 年和 19 年之外，我們一直處於零利率環境中。存款——或者無息存款能否從這里大幅下降，回到全球金融危機之前？ 15 年前，該行業的平均水平幾乎是此後的一半。我們可以回到那麼低嗎？或者是否存在結構性變化，不允許該行業的無息存款下降至 15% 至 16%？你怎麼看？

Well, I think for us, the structural change has been the growth of our commercial businesses. And so they carry with them DDA deposits related to paying for both treasury services and excess. So I would hope that we don't go back that low and that we've got some very material differences in terms of how we looked pre-2008 or 2010. But clearly, the events of the second half of March have everybody to looking at their deposits very carefully. And so those conversations continue around the bank. But our treasury results continue to be good. And so more and more of the balances here are used to pay for treasury and other services.

嗯，我認為對我們來說，結構性變化是我們商業業務的增長。因此，他們隨身攜帶與支付資金服務和超額費用相關的 DDA 存款。因此，我希望我們不會回到那麼低的水平，並且我們在 2008 年或 2010 年之前的表現方面存在一些非常重大的差異。但顯然，3 月下半月的事件讓每個人都在關注在他們的存款非常小心。因此，這些對話在整個銀行繼續進行。但我們的財務業績繼續保持良好。因此，這裡越來越多的餘額用於支付資金和其他服務。

Our next question comes from the line of Chris McGratty of KBW.

我們的下一個問題來自 KBW 的 Chris McGratty。

In terms of the -- of course. The -- Tim or Dave, maybe on the margin, the 3.70%, I think, in the release in the next couple of quarters. Maybe more of a medium-term question. If the forward curve plays out and you get cut next year, like how much downside from 3.70% do you see?

就——當然。 - 蒂姆或戴夫，我認為可能會在未來幾個季度的發布中佔 3.70%。也許更像是一個中期問題。如果遠期曲線發揮作用並且明年你會被削減，比如你看到 3.70% 的下行幅度有多大？

Well, I mean, it depends on how steep you think it's going to drop I guess. You can look at our -- like our hedges for it. We think we're fairly balanced as far as our deposits and our loan goal. We've really mitigated the upside and the downside. So we give that sensitivity in the press release. But like the derivatives, if you look at that, we probably average out in the -- on the swaps in the high 3% range. And so if rates came down 150 basis points, then those would actually start to contribute to the margin.

嗯，我的意思是，我猜這取決於你認為它會下降多陡。你可以看看我們的 - 就像我們的對沖一樣。我們認為我們的存款和貸款目標相當平衡。我們確實減輕了上行和下行。所以我們在新聞稿中給出了這種敏感性。但就像衍生品一樣，如果你看一下，我們可能會在 - 在高 3% 範圍內的互換中平均。因此，如果利率下降 150 個基點，那麼這些實際上將開始對利潤率做出貢獻。

So probably a little bit of pressure down 150 basis points. And then after that, we hold on. But in the prior cycle when the pandemic hit and rates dropped dramatically, as you know, our margin fell into the mid-2s. We think this margin would stay in the 3s. And so we think we've mitigated some of that downside risk. But I guess it depends on the shape of the curve and the slope of it, but we're hoping to hang on to it fairly substantially with a little bit of pressure if rates drop dramatically until the mortgage could kick back in to offset that.

所以可能有一點壓力下降 150 個基點。然後在那之後，我們堅持下去。但是在上一個週期中，當大流行病襲來並且利率急劇下降時，正如你所知，我們的利潤率下降到 2s 中期。我們認為這個利潤率將保持在 3s。因此，我們認為我們已經減輕了一些下行風險。但我想這取決於曲線的形狀和斜率，但如果利率急劇下降，我們希望在相當大的程度上堅持下去，並承受一點壓力，直到抵押貸款可以重新開始抵消這一點。

Okay. Great. Maybe just 2 follow-ups. The -- I think in the past, you talked kind of high single-digit expense growth. I appreciate the color for next quarter. But just given the changes in the environment, is that still like a reasonable ZIP code for a full year? And then also, can you help us on the covered call trajectory? Obviously, you're pretty active there.

好的。偉大的。也許只有 2 個跟進。 - 我認為過去，你談到了高個位數的費用增長。我很欣賞下個季度的顏色。但是考慮到環境的變化，這仍然像一整年的合理郵政編碼嗎？然後，你能幫助我們處理覆蓋的呼叫軌跡嗎？顯然，你在那裡很活躍。

Yes. We'll have to see whether the regulators do anything dramatic that would change. But barring that, I don't think we have a different outlook for our expense structure this year. We're pleased with this quarter. There's some unique attributes that kept it lower, like the health insurance claims were down a little bit, et cetera, but -- and mortgages are sort of at their low point as far as things go. We hope mortgages actually pick up here, which will increase the expense base, but we'll have more revenue there, too.

是的。我們將不得不看看監管機構是否會採取任何可能改變的重大舉措。但除此之外，我認為我們對今年的費用結構沒有不同的看法。我們對這個季度感到滿意。有一些獨特的屬性使其保持較低水平，例如健康保險索賠有所下降等等，但是 - 就目前而言，抵押貸款處於最低點。我們希望這裡的抵押貸款實際上有所增加，這將增加費用基數，但我們在那裡也會有更多的收入。

So that's not a bad reason for the expenses to increase. But we still hold on to that for a full year. There will be some increase, as I said, in the second quarter with the acquisition and the marketing and it will probably help, insurance claims will probably normalize, et cetera. But we sort of focus on the net-net, because as swap goes up on the revenue side, the expenses go up, too. And as mortgages goes up on the revenue side, expenses go up. And so it's hard to peg that expense number specifically.

所以這不是增加開支的一個壞理由。但我們仍然堅持了整整一年。正如我所說，在第二季度，隨著收購和營銷，會有一些增長，這可能會有所幫助，保險索賠可能會正常化，等等。但我們有點關注淨額，因為隨著收入方面的掉期增加，費用也會增加。隨著抵押貸款在收入方面的增加，費用也會增加。因此很難具體確定該費用數字。

So we're still targeting that net overhead ratio. And that sort of takes into account the fluctuations of those revenue streams going up and down with market conditions. But yes, I don't see anything dramatically structurally changing here right now. It's really the deposit cost side of the equation that had a little bit of impact this quarter with the sort of the structural mix shift there that happened. This whole situation sort of woke up the sleeping hibernating bear as far as people looking at their rates paid on deposits. And I think we've seen a substantial part of that move already. So I don't expect it to have a similar shift this quarter.

所以我們仍然以淨間接費用率為目標。這考慮到了這些收入流隨市場狀況上下波動的情況。但是，是的，我現在沒有看到任何結構性的顯著變化。這實際上是等式的存款成本方面在本季度產生了一些影響，其中發生了結構性組合轉變。就人們查看他們的存款利率而言，整個情況有點喚醒了沉睡的冬眠熊。我認為我們已經看到了這一舉措的很大一部分。因此，我預計本季度不會出現類似的轉變。

Okay. That's great. And how about the covered call outlook?

好的。那太棒了。涵蓋的電話前景如何？

It sort of depends on where rates are at, it usually helps protect the downside rate environment as we invest. The volatility at the beginning of this year, the covered call fee income, if you go back over time, this was a little bit of a higher level than we've seen over the prior 4 quarters, but there is higher volatility in the fee range is based on the volume of securities that you're right calls against, but also volatility and we saw much higher volatility.

這在某種程度上取決於利率，它通常有助於保護我們投資時的下行利率環境。今年年初的波動，包括通話費收入，如果你回顧過去，這比我們在前 4 個季度看到的水平要高一點，但費用波動更大範圍是基於你正確看漲的證券數量，還有波動性，我們看到波動性要高得多。

So I would expect that to be down a little bit in the second quarter, because we just have -- we've been retaining a lot of those securities as liquidity just to be cautious early in the quarter. So we'll see how it plays out the rest of the quarter. But I imagine that's down a little bit, but there'll still be some.

所以我預計第二季度會有所下降，因為我們只是 - 我們一直保留大量這些證券作為流動性，只是為了在本季度初保持謹慎。所以我們將看看它如何在本季度的剩餘時間裡發揮作用。但我想這會有所下降，但仍然會有一些。

Our next question comes from the line of Casey Haire of Jefferies.

我們的下一個問題來自 Jefferies 的 Casey Haire。

Great. Just one follow-up for me. The ramp scenario that you guys highlight if Fed cuts down 1%, just curious what kind of deposit beta you guys anticipate and mix under that kind of scenario, which is obviously pretty good?

偉大的。對我來說只有一個後續行動。如果美聯儲降息 1%，你們強調的斜坡情景只是好奇你們在這種情況下預期和混合什麼樣的存款貝塔，這顯然相當不錯？

Yes. I mean I think I'm not sure I understand the nuance to your question, maybe, Casey, but we're assuming that we're going to get probably to a 50%-ish range for the full cycle here. And so sort of depends on the timing of those cuts. But as you can see in kind of the progression of those numbers -- and I want to say Table 7, Dave, is that right? The -- we've narrowed our asset sensitivity position dramatically over the last 4 or 5 quarters here. So if that's -- if I'm not doing a good job answering your question, try again here.

是的。我的意思是我不確定我是否理解你的問題的細微差別，也許，凱西，但我們假設我們可能會在整個週期內達到 50% 左右的範圍。所以有點取決於這些削減的時間。但正如您所看到的，這些數字的進展——我想說表 7，戴夫，對嗎？ - 在過去的 4 或 5 個季度裡，我們已經大幅縮小了我們的資產敏感性頭寸。所以如果那是——如果我沒有很好地回答你的問題，請在這裡再試一次。

No, that's right. So it's a similar -- is it similar pace on the way down as it was on the way up?

不，沒錯。所以它是相似的——下降的速度與上升的速度相似嗎？

Yes, no, down would be a little bit faster than on the way up. We'd lag on the way up, we would be quicker on the way down. So it would be a little bit accelerated. And I think you can see that because on the up -- we'll make 1.7% on the upside under the ramp scenario, but only 1.3% on the downside. So a little bit faster cuts in deposit rates on the downside. I don't have the exact beta for that at my fingertips, but a little bit faster.

是的，不，下降會比上升快一點。我們會在上升的路上落後，我們會在下降的路上更快。所以它會有點加速。我認為你可以看到這一點，因為在上升的情況下——我們將在上升的情況下實現 1.7% 的上行，但下行只有 1.3%。因此，存款利率下調速度加快一點是不利的。我手邊沒有確切的測試版，但速度要快一點。

Got you. Okay. Just one more. I think I know the answer, but I just wanted to check. With loan growth a little slower here, any appetite for share buyback?

明白了好的。還有一個。我想我知道答案，但我只是想檢查一下。隨著這裡的貸款增長放緩，是否有回購股票的意願？

We don't plan on it right now. We certainly have an appetite, because we think -- we all believe we're undervalued here. But I think we'd like to see how this plays out a little bit. As Rich said, the loan growth was a little slower this quarter, but pipelines were higher at the end of the first quarter than they were at the end of the fourth quarter. There is good loan demand out there.

我們現在不打算這樣做。我們當然有胃口，因為我們認為——我們都相信我們在這裡被低估了。但我想我們想看看結果如何。正如 Rich 所說，本季度貸款增長略有放緩，但第一季度末的管道數量高於第四季度末。那裡有很好的貸款需求。

So we will play this out and see how that goes. We'd rather reinvest in the business and take advantage of this disruptive market like we've done in the past. And go raise deposits and bring in new clients and expand the franchise. So I think we're going to see how that plays out first. That's always been our goal is to grow the franchise and take advantage of disruption.

所以我們將解決這個問題，看看結果如何。我們寧願對業務進行再投資，並像過去一樣利用這個顛覆性的市場。並去籌集存款並吸引新客戶並擴大特許經營權。所以我認為我們首先要看看結果如何。我們的目標一直是擴大特許經營權並利用中斷。

Okay. Great. Ed, best wishes in retirement. I hope you spend a lot of time in (inaudible).

好的。偉大的。埃德，退休後最美好的祝愿。我希望你花很多時間在（聽不清）。

Our next question comes from the line of Nathan Race of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Nathan Race 的台詞。

I also just want to echo everyone else's comments and wishing you well Ed as you transition in Chairman, and it's been great working with you over the years.

我也只想附和其他人的意見，並祝愿你在主席過渡期間一切順利，埃德，多年來與你的合作非常愉快。

Thank you, Nate.

謝謝你，內特。

Just kind of thinking about the deposit growth outlook from here. It sounds like you guys had some nice inflows year-to-date with the MaxSafe products. So I'm curious how much of that occurred post the bank failures that we saw in early March and just kind of how our deposit flows trending quarter-to-date and just kind of the overall outlook for core deposit growth over the course of this year within the context of maybe kind of what you're seeing in terms of opportunities to add new relationships in the wake of some of the M&A-related disruption that we've seen in Chicago lately?

只是從這裡考慮存款增長前景。聽起來你們今年迄今為止通過 MaxSafe 產品獲得了不錯的資金流入。所以我很好奇其中有多少是在我們 3 月初看到的銀行倒閉之後發生的，以及我們的存款流動趨勢如何從本季度至今以及在此過程中核心存款增長的總體前景在我們最近在芝加哥看到的一些與併購相關的中斷之後，您可能在增加新關係的機會方面看到了什麼？

Yes. There were a couple of questions in there, Nate. One, with respect to MaxSafe, we were growing deposits prior to March 10, but clearly, that activity accelerated demand for sort of insurance-related products. And MaxSafe and the other reciprocal products that can handle even larger amounts, got a lot of air time and a lot of popularity. So the majority of the MaxSafe growth occurred in March.

是的。 Nate，裡面有幾個問題。第一，關於 MaxSafe，我們在 3 月 10 日之前增加了存款，但顯然，該活動加速了對某種保險相關產品的需求。而 MaxSafe 和其他可以處理更大數量的互惠產品，獲得了大量的播出時間和很多人氣。因此，MaxSafe 的大部分增長發生在 3 月份。

We continue to think we're really, really well positioned though. And so this is the time of the year we're kind of wrestling some tax outflows as well. We think we're kind of weathering those just fine. Quarter-to-date, as Rich kind of inferred, the loan growth is pretty good. The deposits remain stable, and we've actually paid down some of the home loan borrowings. So we're -- we think we're in a pretty good place here, and we're very focused on growing deposits and continuing to fund the loan growth.

不過，我們仍然認為我們確實處於非常非常有利的位置。因此，每年的這個時候我們也在努力應對一些稅收外流。我們認為我們有點風化那些就好了。本季度至今，正如 Rich 推斷的那樣，貸款增長相當不錯。存款保持穩定，我們實際上已經還清了一些房屋貸款。所以我們 - 我們認為我們在這里處於一個非常好的位置，我們非常專注於增加存款並繼續為貸款增長提供資金。

Okay. Got it. And then just in terms of the balance sheet size from here and specifically the earning asset base, it was kind of stable quarter-over-quarter. Is that kind of a reasonable expectation to assume over the next couple of quarters as you just take securities cash flow runoff and redeploy that into kind of mid- to low single-digit loan growth? Or how do you guys kind of think about kind of overall earning asset growth from here?

好的。知道了。然後就這裡的資產負債表規模，特別是盈利資產基礎而言，環比穩定。在接下來的幾個季度中，如果您只是將證券現金流量流失並將其重新部署到某種中低個位數的貸款增長中，那麼這種預期是否合理？或者你們如何看待這裡的整體收益資產增長？

No. We sort of like where our securities positions are at. We would expect the balance sheet to grow. We're going to go off market to -- our deposit products in the communities and our consumer deposits grew during the quarter, and we expect that to continue to go on. The middle market space, we're strong in. And with the pipeline is full, we expect to bring in new customers. So our expectation is that we will grow the balance sheet through deposits, and that translates into loan growth. And not just run the securities portfolio down to fund that growth.

不，我們有點喜歡我們的證券頭寸所在的位置。我們預計資產負債表會增長。我們將退出市場——我們在社區的存款產品和我們的消費者存款在本季度有所增長，我們預計這種情況將繼續下去。中間市場空間，我們很強大。隨著管道已滿，我們希望引入新客戶。因此，我們的預期是我們將通過存款來擴大資產負債表，並轉化為貸款增長。而不僅僅是減少證券投資組合來為這種增長提供資金。

Total growth comment, we've got to continue to grow. If you look at we won the J.D. Power award again this year, 3 out of 4 years we won. Won another 8th Greenwich awards this year, saying our products are better than the big guys. They all have to sell here, plus our positioning as a local bank, and we have some real neat ideas about helping people move their accounts. It's a pain in the neck to move your primary account, have some great ideas out there, they're going be instituting. Again, the charters we have, we go and offer a teaser rate in the lower -- in our smaller locations not cannibalized. So I think we're in great shape in that regard. We've got to grow through it. We always do.

總體增長評論，我們必須繼續增長。如果你看一下我們今年再次獲得 J.D. Power 獎，我們贏了 4 年中的 3 年。今年又拿了第8屆格林威治獎，說我們的產品比大佬好。他們都必須在這裡銷售，再加上我們作為本地銀行的定位，我們有一些真正巧妙的想法來幫助人們轉移他們的賬戶。移動您的主要帳戶是一件令人頭疼的事情，那裡有一些好主意，他們將要實施。再次，我們擁有的包機，我們去提供較低的預告率 - 在我們未被蠶食的較小地點。所以我認為我們在這方面處於良好狀態。我們必須通過它成長。我們總是這樣。

Okay. Great. That's helpful. And if I could just ask one more on the recently closed Rothschild acquisition. Any kind of guide rails that you guys can provide in terms of kind of the fee or expense impact or just kind of what you guys expect to have in terms of the pretax margin from those assets and team joining?

好的。偉大的。這很有幫助。如果我能再問一個關於最近關閉的羅斯柴爾德收購的問題。你們可以在費用或支出影響方面提供任何類型的導軌，或者你們希望從這些資產和團隊加入中獲得的稅前利潤率？

Yes. Initially, expenses might be a little higher because as we transition it into ours, they've got some duplicate systems until we convert and the like. And so there will probably be some integration expenses. But that number is probably in the second quarter, somewhere in the $7 million, $8 million range with some of the transitional integration costs. And fees, obviously, will make a margin on that. We haven't disclosed what the fees are yet. We just -- I don't necessarily want to give away what our pricing is on those assets that we acquired. But I think you can sort of ballpark it pretty well with that background.

是的。最初，費用可能會高一些，因為當我們將其轉換為我們的系統時，他們有一些重複的系統，直到我們轉換等。因此可能會有一些整合費用。但這個數字可能是在第二季度，大約在 700 萬美元到 800 萬美元的範圍內，其中包括一些過渡整合成本。顯然，費用會從中賺取利潤。我們還沒有透露費用是多少。我們只是 - 我不一定想放棄我們收購的那些資產的定價。但我認為你可以在那種背景下很好地概括它。

Yes. Is the pretax margin just similar to what you guys currently earn on Great Lakes Advisors? Is that kind of a good proxy, Dave?

是的。稅前利潤是否與你們目前在 Great Lakes Advisors 上賺取的利潤相似？這樣的代理人好嗎，戴夫？

I would think that their business -- their asset managed business would be very similar to ours. So...

我認為他們的業務——他們的資產管理業務與我們的非常相似。所以...

Again, with the front-end implementation expense, though, so a little bit of time to get there.

同樣，由於前端實施費用，所以需要一點時間才能到達那裡。

Yes. But we think great leverage of combining the systems. It was a nice add on to the assets under management and will give us leverage. So it might take us a couple of quarters to squeeze all of the integration stuff out. But we're very excited about the acquisition. I'm very excited about the team that we're bringing on and look forward to continue to have that be a growth area for our fee income.

是的。但我們認為結合系統的巨大影響力。這是對管理資產的一個很好的補充，並將為我們提供影響力。因此，我們可能需要幾個季度才能完成所有整合工作。但我們對此次收購感到非常興奮。我對我們正在組建的團隊感到非常興奮，並期待繼續成為我們收費收入的增長領域。

Our next question comes from the line of Brody Preston of UBS.

我們的下一個問題來自瑞銀的 Brody Preston。

Wanted to just follow-up on Nate's line of questioning on the Rothschild. Just on the expenses, you said 7% to 8%, but some of that's transitional. I guess could you help us think about as you -- once those transitional costs are out of the run rate, what do you think the go-forward run rate specifically to Rothschild acquisition would be?

只想跟進 Nate 關於 Rothschild 的問題。就費用而言，您說的是 7% 到 8%，但其中一些是過渡性的。我想你能幫我們想想嗎——一旦這些過渡成本超出了運行率，你認為羅斯柴爾德家族收購的前進運行率是多少？

4% to 6-ish, something like that. Again, we're a whole 2 weeks into this in terms of our implementation activities. So...

4% 到 6-ish，類似的東西。同樣，就我們的實施活動而言，我們已經進行了整整 2 週。所以...

And it just depends on how we grow that business. And if we can grow that business more, there's a little bit more expense that will go with it, but 5% plus or minus.

這僅取決於我們如何發展該業務。而且，如果我們能夠進一步發展該業務，隨之而來的費用會增加一些，但增加或減少 5%。

Got it. Okay. And then I just wanted to circle back on the swaps. I appreciate the detail on Slide 22. So I can kind of try to work through that myself. But I just want to ask if you could clarify for us like how much of the -- in the 3.70% margin at quarter end, how much are the swaps negatively impacting that just in terms of basis points?

知道了。好的。然後我只想回到掉期。我很欣賞幻燈片 22 上的詳細信息。所以我可以嘗試自己解決這個問題。但我只想問，你是否可以為我們澄清一下，在季度末的 3.70% 利潤率中，掉期對基點的負面影響有多大？

It's about 7 basis points, and we would project since we added some in the first quarter that, that number would go up.

這大約是 7 個基點，我們預計自從我們在第一季度增加了一些基點以來，這個數字將會上升。

Yes, but 7 basis points for the full first quarter, but that 3.70% probably has 10 to 15 basis points on it. So...

是的，但整個第一季度有 7 個基點，但 3.70% 可能有 10 到 15 個基點。所以...

Yes. Yes, that was the number I was looking for. And then I just want to ask just one last one or 2, just on the NIBs. You guys aren't unique in this sense that the NIBs have been pressured. But I do just want to ask, do you have a good sense for like when the tide kind of could stem there? Like are you kind of close to, which you would think would be the level that your customers need to keep from an operational account perspective? Or are you expecting to see more headwinds on noninterest-bearing going forward?

是的。是的，這就是我要找的號碼。然後我只想問最後一個或兩個，就在筆尖上。在 NIB 受到壓力的這個意義上，你們並不是獨一無二的。但我只想問，你能預知什麼時候潮水會止住嗎？就像你有點接近，你認為從運營賬戶的角度來看，你的客戶需要保持什麼樣的水平？還是您預計未來會出現更多不計息方面的不利因素？

Yes. I mean I think it's hard to say. I mean, again, we're growing the amount of DDA deposits that are required at the bank to pay for services, and we're adding commercial relationships. So is there going to be more migration? I don't know. We clearly think we've talked to most of our largest clients over the last several weeks, in some cases, more than once. But it's kind of hard to say. And I don't think we're an outlier. I think we're kind of seeing what everybody else is seeing here.

是的。我的意思是我認為這很難說。我的意思是，我們正在增加銀行支付服務所需的 DDA 存款，並且我們正在增加商業關係。那麼會有更多的移民嗎？我不知道。我們清楚地認為，在過去的幾周里，我們已經與大多數最大的客戶進行了交談，在某些情況下，不止一次。但這有點難說。而且我不認為我們是異常值。我認為我們正在看到其他人在這裡看到的東西。

Yes. I mean our gut would sort of say it's stabilized, that there is an initial -- people paid attention to their bank accounts all of a sudden and realized that there's some interest-bearing monies they could move away or throw into MaxSafe or whatever. I think that we've probably seen the bulk of it. We actually think it's probably stabilized. But your guess is as good of mine as far as what the industry may do. But we do think that they do need this base level of accounts there to pay for fees and operate their businesses. And that's our best guess right now as it's stabilized, but...

是的。我的意思是我們的直覺會說它已經穩定了，有一個最初的 - 人們突然注意他們的銀行賬戶並意識到他們可以轉移一些生息資金或投入 MaxSafe 或其他任何東西。我認為我們可能已經看到了其中的大部分內容。我們實際上認為它可能已經穩定下來。但就行業可能做的事情而言，你的猜測和我的猜測一樣好。但我們確實認為他們確實需要這種基本水平的賬戶來支付費用和經營他們的業務。這是我們現在最好的猜測，因為它已經穩定了，但是......

Got it. Okay. Yes, I understand. That's tough. And then the last one I had was just, Rich, I wanted to just follow up on the detail you gave on the CRE analysis, particularly as it relates to the 25% that are anticipated to either be paid off or require a short-term extension at prevailing rates. So I think the prevailing rates part is the key, right? Like obviously, you think that in the short term, these borrowers could support a higher rate. But it sounds like -- just the way you phrased it that you don't necessarily think these are credits that you would want on balance sheet from a longer-term extension standpoint. So could you help us think through what's going on with that 25%? Or you say, yes, you could afford it, but we don't necessarily think we want to keep you?

知道了。好的。是的我明白。那是艱難的。然後我得到的最後一個是，Rich，我只想跟進你在 CRE 分析中提供的細節，特別是因為它涉及到 25% 預計將被償還或需要短期按現行利率延期。所以我認為現行利率部分是關鍵，對吧？很明顯，你認為在短期內，這些借款人可以支持更高的利率。但這聽起來像——正如你所說的那樣，從長期擴展的角度來看，你不一定認為這些是你想要在資產負債表上獲得的信貸。那麼你能幫我們想想這 25% 的情況嗎？或者你說，是的，你負擔得起，但我們不一定認為我們想留住你？

No. That's not the case at all. Those are really, I'd say, more construction loans, things like that, where we have financed and have a mini perm and long-term fixed rate loans typically are not where we want to put a lot of those assets, and there are better alternatives out in the market. So those -- that's just part of where we fit into the spectrum and CRE. So these are -- that's what we typically see all the time. Our runoff on CRE is substantial. So we would anticipate that, that will continue to be the case. And those -- these are loans that are stabilized and ready to go, and we anticipate they'll move out without a problem.

不，根本不是這樣。我想說的是，這些確實是更多的建築貸款，諸如此類，我們已經融資並擁有迷你貸款，而長期固定利率貸款通常不是我們想要投入大量這些資產的地方，而且有市場上有更好的替代品。所以那些 - 這只是我們適合頻譜和 CRE 的一部分。所以這些是 - 這就是我們通常一直看到的。我們對 CRE 的徑流是巨大的。所以我們預計，情況將繼續如此。而那些 - 這些是穩定並準備好使用的貸款，我們預計它們會毫無問題地搬出。

Got it. So it's really that last bucket, the 15% that require additional attention, where you're spending more of your time?

知道了。因此，真的是最後一個桶，即需要額外關注的 15%，您在其中花費了更多時間嗎？

Exactly. That's our focus right now are those that because of the market dynamics we talked about rising rates and pressured leasing activity that they're not at our required debt service coverage, and so they're going to have to figure out how to either through paydowns or additional collateral or something we're going to have to figure out a better structure.

確切地。我們現在的重點是那些由於市場動態我們談到利率上升和租賃活動壓力的人，他們不在我們要求的償債範圍內，因此他們將不得不弄清楚如何通過償還或額外的抵押品或我們將不得不找出更好的結構的東西。

You talked to a number of them already, haven't you?

你已經和他們中的一些人談過了，不是嗎？

Yes. No, we're already in agreement with -- of those identified loans, we've already identified sort of the path forward for better than half of them. And generally speaking, because I think we are very thoughtful about client selection. We should be able to reach agreement on the great majority, if not all.

是的。不，我們已經同意——在那些已確定的貸款中，我們已經確定了其中超過一半的前進道路。總的來說，因為我認為我們對客戶的選擇非常周到。我們應該能夠就絕大多數（如果不是全部）達成協議。

Our next question comes from Jeff Rulis of D.A. Davidson.

我們的下一個問題來自 D.A. 的 Jeff Rulis。戴維森。

Just wanted to circle back. You talked about the optimism on the pipeline. Could you remind us what that actually is, as you entered the quarter versus where it was at the start of the year?

只想繞回來。你談到了對管道的樂觀情緒。您能否提醒我們當您進入本季度時與年初相比實際情況如何？

Yes. Yes. We haven't disclosed that, but generally, in the past, it's been running in the last few quarters just for commercial and commercial real estate, not like the premium finance and the niche businesses there or the residential real estate, but just the commercial and commercial real estate I think our growth pipelines have generally been in the $1.2 billion to $1.3 billion range. And I think we're more in the $1.5 billion to $1.6 billion. And now that doesn't mean those are all going to close. That's the pipeline and timing isn't always linear.

是的。是的。我們沒有透露，但一般來說，在過去的幾個季度裡，它只是針對商業和商業房地產，而不是像高端金融和那裡的利基業務或住宅房地產，而只是商業和商業房地產我認為我們的增長渠道通常在 12 億美元至 13 億美元之間。而且我認為我們的收入在 15 億美元到 16 億美元之間。現在這並不意味著這些都將關閉。那就是管道，時間並不總是線性的。

But the fact -- I look at that more as a barometer as to how is loan demand shaping up. And so it has increased in the first quarter. Now whether that all comes through or not as -- I'm not saying that that's the case. But generally, our pipelines are a good indicator of demand and future closing. So up a little bit. But still relatively stable. It's not like it went from $1.2 billion to $2.5 billion, but it inched up a little bit.

但事實——我更多地將其視為貸款需求如何形成的晴雨表。因此，它在第一季度有所增加。現在，無論這一切是否成功——我並不是說情況就是這樣。但總的來說，我們的管道是需求和未來關閉的良好指標。所以漲了一點。但是還是比較穩定的。它並不是從 12 億美元增加到 25 億美元，而是略微增加了一點。

The other thing is that, as Dave pointed out, that's the core CRE and C&I. That doesn't include the leasing portfolio, which we've seen really good activity in so far this year. And as we also talked about in my comments, the commercial premium finance group where we're seeing fairly robust growth through the rest of the year. So earlier on, somebody may have said that our guidance has changed and it hasn't changed. We just had indicated that with a slower first quarter and just where the economy is, in general, we would anticipate that it's going to be to the mid or bottom end of that range of mid- to high single digits, so just a point of clarification there.

另一件事是，正如 Dave 指出的那樣，這是核心 CRE 和 C&I。這不包括租賃組合，今年到目前為止我們已經看到非常好的活動。正如我們在評論中也談到的那樣，我們在今年剩餘時間裡看到了相當強勁的增長。所以早些時候，有人可能會說我們的指南已經改變並且沒有改變。我們剛剛表示，隨著第一季度放緩以及總體經濟狀況，我們預計它將達到中高個位數範圍的中端或底端，所以只是一點在那裡澄清。

Okay. Right. That's helpful, those last comments. You sound optimistic. I think you kind of maybe hedging that a bit, just macro and a slow start. But -- so again, the guidance is mid to high, and maybe you're going to hug the mid for now, but kind of continue to update us, helpful. Just to...

好的。正確的。這很有幫助，最後的評論。你聽起來很樂觀。我認為你可能有點對沖，只是宏觀和緩慢的開始。但是 - 再一次，指導是中高，也許你現在要擁抱中等，但有點繼續更新我們，有幫助。只為了...

Rich mentioned this. One of the wildcards obviously, is what our competitors are doing, and that's been a little bit harder to determine over the last month than it typically is. So just another factor.

里奇提到了這一點。顯然，其中一個通配符是我們的競爭對手在做什麼，在過去一個月裡，這比通常情況下更難確定。所以只是另一個因素。

Yes. Fair enough. And just on a related front, my other question, just -- it sounds like you're getting some opportunities organically, but I wanted to check back in on the M&A side and your thoughts, obviously volatile environment, but also opportunity potentially. So any thoughts on looking at whole bank or you look at more of the -- like you've done on the wealth management side, any thoughts on the acquisition front?

是的。很公平。在相關的方面，我的另一個問題，只是 - 聽起來你有機地獲得了一些機會，但我想回顧一下併購方面和你的想法，顯然是動蕩的環境，但也有潛在的機會。那麼，有沒有關於查看整個銀行的想法，或者你有更多的想法——就像你在財富管理方面所做的那樣，對收購方面有什麼想法嗎？

Right. Yes, as you recall, the last 2 have been nonbank, the wealth management acquisition as well as about a little over a year ago, the Allstate Agent Finance. We talked about a fair amount of sort of exploratory activity that really hasn't turned into much because it's been tough to come to agreement with sellers. But we think that may be opening up a little bit here. We're getting a few more inbound phone calls and some more exploration. We'll continue to be opportunistic if they make sense, but we're also disciplined. And so we'll see what happens. But probably activity kind of picking up a little bit.

正確的。是的，正如您所記得的，最後兩個是非銀行業務，即財富管理收購以及大約一年多前的 Allstate Agent Finance。我們討論了相當多的探索活動，但實際上並沒有變成太多，因為很難與賣家達成協議。但我們認為這可能會在這裡開放一點。我們接到了更多的入站電話和更多的探索。如果它們有意義，我們將繼續投機取巧，但我們也有紀律。因此，我們將看看會發生什麼。但可能活動有點回升。

I would expect to continue to pick up as this whole cycle hits those $1 billion to $5 billion banks, and they have lots of problems and issues and (inaudible) as Tim said, the activity has picked up.

我預計隨著整個週期衝擊那些 10 億至 50 億美元的銀行，它們會繼續回升，它們有很多問題和問題，而且（聽不清）正如蒂姆所說，活動已經回升。

Our next question comes from the line of Ben Gerlinger of Hovde Group.

我們的下一個問題來自 Hovde Group 的 Ben Gerlinger。

Most of the questions have been asked and answered, so I appreciate all the color, but I was curious if we can just think like kind of 10,000-foot view here. Wintrust has really never had a long-term growth problem. You guys are in perpetual growth mode, which is good. The deposits have been pretty tight to get across the industry, especially if deposit level is going down (inaudible) are tightening, the cost has gone up. So just in general, do you have any internal red lines in terms of loan-to-deposit ratio? I mean, if growth kind of reaccelerates, which is kind of alluded to here, where would kind of be the internal red line that we -- yes, we need to get more deposits regardless of cost?

大多數問題都已提出並得到解答，所以我很欣賞所有的顏色，但我很好奇我們是否可以像這裡 10,000 英尺的景色一樣思考。 Wintrust 確實從未遇到過長期增長問題。你們處於永久增長模式，這很好。整個行業的存款都非常緊張，特別是如果存款水平下降（聽不清）正在收緊，成本就會上升。那麼總的來說，您在存貸比方面是否有任何內部紅線？我的意思是，如果增長有點重新加速，就像這裡提到的那樣，我們的內部紅線在哪裡——是的，我們需要不計成本地獲得更多存款？

Well, I don't know about the regardless of cost, but we think there's deposit opportunities out there. We've tried to be pretty disciplined through this cycle as rates have moved up. And we've not gotten ahead of what we believe to be the loan growth opportunities. But we're going to be working pretty hard on deposits. And we've said before, we don't want to be 100% loan to deposit. We probably don't want to be 95%. So I think you'll see us working very hard to grow deposits to try and match the loan growth.

好吧，我不知道成本如何，但我們認為那裡有存款機會。隨著利率上升，我們試圖在這個週期中保持紀律嚴明。而且我們還沒有超越我們認為的貸款增長機會。但我們將在存款方面努力工作。我們之前說過，我們不想成為 100% 的貸款存款。我們可能不想成為 95%。所以我認為你會看到我們非常努力地增加存款以試圖與貸款增長相匹配。

Got you. Okay. And then when you just think -- kind of economically speaking, I know you guys were a bit ahead of the curve in terms of kind of saying that inflation is not transitory. When you guys position today, it seems like economically we're slowing down, and the Fed is likely to probably cut sometime in the next 18 months or so. Is there any area that you're intentionally rate capping in terms of growth -- or excuse me, loan growth or new areas you're kind of avoiding?

明白了好的。然後當你只是想 - 從經濟學上講，我知道你們在某種程度上說通貨膨脹不是暫時的，這有點超前了。當你們今天的位置時，我們的經濟似乎正在放緩，美聯儲可能會在未來 18 個月左右的某個時候降息。您是否有意在增長方面設置利率上限 - 或者對不起，貸款增長或您正在避免的新領域？

No, I don't -- I mean, Rich can chime in here, too. I don't think categorically, there's anything that we're saying we either will or won't do, but we're obviously monitoring the rate impacts on our clients. And for many of them down is good. But we'll see.

不，我不——我的意思是，Rich 也可以在這裡插話。我不明確地認為，我們會說我們會做或不會做的任何事情，但我們顯然正在監控利率對我們客戶的影響。對於他們中的許多人來說，下來是件好事。但我們拭目以待。

Yes. No, I agree with what Tim just said. One of the lines that we use a lot around here with our lenders is we never want to be the bank that jerks the wheel. We think that ultimately, that does a lot of institutional harm by saying we're not going to do that, we're not going to do this because it just makes it that much more difficult to get back into it when you want to. And our general thought is just be really thoughtful about who your sponsor is, who your customer is, what the structure of the deal is how the deal is priced. It's just -- we've been at this for a long time, and we just really want to focus in on that.

是的。不，我同意蒂姆剛才所說的。我們在這裡與我們的貸方經常使用的台詞之一是，我們永遠不想成為搖擺不定的銀行。我們認為，說我們不會那樣做，我們不會這樣做，最終會造成很多製度上的傷害，因為這只會讓你在想回去的時候變得更加困難。我們的一般想法是真正考慮你的讚助商是誰，你的客戶是誰，交易的結構是什麼，交易是如何定價的。只是 - 我們已經這樣做了很長時間，我們真的很想專注於此。

There's -- office is a great example. Would we do another office deal? Absolutely. If it's structured the right way. We've got the right tenant mix, and we've got the right borrower, and we've got the right collateral structure. So it's just -- we are trying to be very thoughtful, I think, as we talked about here, the granularity of our portfolio and the way it's structured allows us that flexibility. If I had a portfolio that was 50% CRE and most of that office, I'd feel a lot different. But right now, we are just trying to be opportunistic and also be really thoughtful about keeping dry powder for our customers.

有——辦公室就是一個很好的例子。我們會做另一筆辦公室交易嗎？絕對地。如果它的結構正確。我們有合適的租戶組合，我們有合適的借款人，我們有合適的抵押品結構。所以它只是 - 我們正在努力非常周到，我認為，正如我們在這裡討論的那樣，我們投資組合的粒度及其結構方式允許我們具有靈活性。如果我的投資組合是 50% 的 CRE 和大部分辦公室，我會感覺很不一樣。但現在，我們只是想投機取巧，也很認真地為我們的客戶保留幹火藥。

Got you. Ed, congratulations. You've build a great franchise.

明白了埃德，恭喜。你已經建立了一個偉大的特許經營權。

Thank you.

謝謝。

I would now like to turn the conference back to Tim Crane for closing remarks. Sir?

我現在想把會議轉回蒂姆·克蘭 (Tim Crane) 作閉幕詞。先生？

Yes. Thank you very much. As I hope you can tell, we continue to think we're very well positioned coming off sort of atypical March time frame here. And we're going to be working hard to grow deposits and take advantage of the opportunities available to us. Ed's going to get mad at me, but I do want to take one second just to remind everybody that coming off a record quarter and well positioned to the future is really a function of Ed's leadership.

是的。非常感謝。正如我希望你能說的那樣，我們仍然認為我們處於非常有利的位置，可以擺脫這種非典型的 3 月時間框架。我們將努力增加存款並利用我們可用的機會。埃德會生我的氣，但我確實想花點時間提醒大家，打破創紀錄的季度業績並為未來做好準備實際上是埃德領導的功勞。

And many of you on the call know Ed personally. And I hope as he transitions into a different role that you'll have a chance to catch up with him. But in 32 years, he's turned Wintrust into Chicago and Milwaukee's bank with several market-leading national businesses. And he's done it in a way that's been fun for employees, good for our communities, appreciated by our customers and we hope rewarding for those that have invested in our banks.

電話中的許多人都認識 Ed。我希望隨著他轉變為不同的角色，您將有機會趕上他。但在 32 年的時間裡，他將 Wintrust 變成了芝加哥和密爾沃基的銀行，擁有多家市場領先的全國性企業。他以一種對員工來說很有趣、對我們的社區有益、受到客戶讚賞的方式做到了這一點，我們希望對那些投資於我們銀行的人有所回報。

So Ed, on behalf of the whole team, I just want to say thank you and wish you well.

所以 Ed，我代表整個團隊，只想說謝謝你，祝你一切順利。

Thanks, Tim. I'll be around (inaudible).

謝謝，蒂姆。我會在附近（聽不清）。

Yes, I know.

是的，我知道。

I always say don't screw it up.

我總是說不要搞砸了。

So with that, obviously, if there are more questions, feel free to reach out to us off-line. And as Ed always says, we appreciate your support, and we'll be working hard to make sure we're moving forward here. Thanks very much.

因此，顯然，如果還有更多問題，請隨時離線聯繫我們。正如 Ed 常說的那樣，我們感謝您的支持，我們將努力工作以確保我們在這方面取得進展。非常感謝。

Thanks, everybody.

謝謝大家。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。