Financial Data and Key Metrics Changes - The company reported net income available to common shareholders of $46.9 million, with diluted earnings per common share at $0.52. Adjusted operating earnings were $51.6 million or $0.57 per diluted common share, resulting in an adjusted operating return on tangible common equity of 13.2% and adjusted operating return on assets of 0.90% [25][32] - The tax equivalent net interest income increased to $187.9 million, up approximately $8.88 million from the previous quarter, driven by lower deposit costs [26][27] - The net interest margin expanded by 12 basis points to 3.45%, attributed to an 18 basis point reduction in the cost of funds [27][32] - Noninterest income decreased by $6 million to $29.2 million, primarily due to a decline in loan-related interest rate swap fees and other operating income [28] Business Line Data and Key Metrics Changes - Loans held for investment decreased by $42.9 million or 0.9% annualized from the previous quarter, primarily due to declines in construction and land development loans [31] - Total deposits increased by $105.3 million or 2.1% annualized, with noninterest-bearing deposits rising by $194 million during the quarter [14][31] - The total allowance for credit losses increased to $209 million, up approximately $15.3 million from the previous quarter, reflecting increased economic uncertainty [25][32] Market Data and Key Metrics Changes - The company noted that the Greater Washington region, where it operates, is projected to be a significant AI growth hub and has a highly educated workforce [39][41] - The unemployment rate in the Greater Washington area is expected to rise but remains below the national average, providing some capacity to absorb federal job cuts [41][42] Company Strategy and Development Direction - The company aims for upper single-digit loan growth in the long term, with mid-single-digit growth expected in the medium term due to current economic conditions [99][100] - The acquisition of Sandy Spring is seen as a strategic move to enhance the company's market presence, with plans to expand in North Carolina over time [52][53] - The company is focused on soundness, profitability, and growth, prioritizing these aspects in its operational strategy [33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain economic outlook and potential impacts from trade policies, but expressed confidence in asset quality and market strength [16][17] - The company does not forecast a recession for 2025, despite acknowledging the risks associated with economic uncertainty [71][128] - Management highlighted a strong pipeline for business opportunities, indicating that disruptions in the market could lead to unforeseen benefits [110] Other Important Information - The company updated its full-year 2025 financial outlook to include the expected impact of the Sandy Spring acquisition, projecting loan balances between $28 billion and $29 billion and deposit balances between $31 billion and $32 billion [70] - The company plans to complete a $2 billion commercial real estate loan sale by the end of the current quarter, which is expected to align with initial projections [58][60] Q&A Session Summary Question: Update on Sandy Spring deal marks - The loan mark as of March 31 is about 7% of loans, higher than the initial projection of 6% [78] Question: Credit mark changes with Sandy Spring - The credit mark came in better than projected at about 1.3% for the entire portfolio [85] Question: Risks associated with the commercial real estate loan sale - Current projections for the loan sale remain stable, with no major negative impacts anticipated [87] Question: Long-term loan growth perspective - The company aims for upper single-digit loan growth in the long term, with mid-single-digit growth expected in the medium term [99][100] Question: Current portfolio health and economic outlook - There are no significant signs of deterioration in the portfolio, but uncertainty from tariffs is being monitored closely [124][128]

Financial Data and Key Metrics Changes - The company reported net income available to common shareholders of $46.9 million, with diluted earnings per common share at $0.52. Adjusted operating earnings were $51.6 million or $0.57 per diluted common share, resulting in an adjusted operating return on tangible common equity of 13.2% and adjusted operating return on assets of 0.90% [25][32] - The tax equivalent net interest income increased to $187.9 million, up approximately $8.88 million from the previous quarter, driven by lower deposit costs and a net interest margin of 3.45%, which is a 12 basis point increase from the prior quarter [26][27] - Noninterest income decreased by $6 million to $29.2 million, primarily due to a decline in loan-related interest rate swap fees and other operating income [28] Business Line Data and Key Metrics Changes - Loans held for investment decreased by $42.9 million or 0.9% annualized from the previous quarter, primarily due to declines in construction and land development loans, while multifamily real estate loans increased [31] - Total deposits increased by $105.3 million or 2.1% annualized, with noninterest-bearing deposits rising by $194 million, representing 22% of total deposits, up from 21% at the end of the previous quarter [14][31] Market Data and Key Metrics Changes - The company acknowledged the economic outlook's uncertainty and the potential impacts of new trade policies, but maintained confidence in asset quality and market strength [16][17] - The Greater Washington region, where the company operates, is projected to remain resilient despite expected increases in unemployment, with a strong focus on national security and defense-related sectors [39][42] Company Strategy and Development Direction - The company aims for sustainable profitable growth and long-term value creation for shareholders, with a focus on soundness, profitability, and growth [33] - Following the acquisition of Sandy Spring, the company plans to leverage its expanded franchise to enhance market share and capitalize on growth opportunities in attractive markets [52][53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic uncertainties and projected a low net charge-off ratio between 15 and 25 basis points for the full year 2025 [16][70] - The company updated its financial outlook for 2025, projecting loan balances between $28 billion and $29 billion and deposit balances between $31 billion and $32 billion, while expecting a full-year net interest margin between 3.75% and 4% [70][73] Other Important Information - The company has taken prudent actions to build the allowance for credit losses in response to economic uncertainty, with total allowance for credit losses increasing to $209 million [25][32] - The acquisition of Sandy Spring is expected to enhance the company's market position, with approximately 46% of the pro forma combined loan portfolio marked for credit and interest rates [35][36] Q&A Session Summary Question: Update on Sandy Spring deal marks - The loan mark as of March 31 is about 7% of loans, approximately $800 million, which is higher than the original projection of $600 million [78] Question: Credit mark changes with Sandy Spring - The credit mark came in better than projected at about 1.3% for the entire portfolio, compared to an original estimate of 1.5% [85] Question: Risks associated with the commercial real estate loan sale - The company does not foresee major negatives affecting the projected discount for the loan sale, which remains at about 10% [87] Question: Long-term loan growth perspective - The company aims for upper single-digit loan growth in the long term, with mid-single-digit growth expected in the medium term [99] Question: Credit quality and economic outlook - There are no current signs of deterioration in the portfolio, but the company is closely monitoring the impact of tariffs and economic uncertainty [124][128]

首席点评： 原油反弹，黄金回落 特朗普称或将"大幅降低"对华关税，中国外交部：打，奉陪到底；谈，大门敞开。中国外交部发言人郭 嘉昆强调，如果美方真的想通过对话谈判解决问题，就应该停止威胁讹诈，在平等、尊重、互惠的基础 上同中方对话。一边说要同中方达成协议，一边不断搞极限施压，这不是同中方打交道的正确方式，也 是行不通的。美国 4 月 Markit 综合 PMI 超预期下降创 16 个月新低，信心挫、价格涨，制造业 PMI 不 降反升好于预期。数据表明， 4 月美国商业活动增长降至 16 个月低点，对未来一年商业前景的预期也 下降至自疫情以来最低之一；商品和服务的销售价格上涨幅度为一年多来最大，尤其是制造品价格大幅 上涨，与关税有关。就业指数低迷。 重点品种：原油、贵金属、橡胶 原油 ： SC 夜盘回落 2.25% 。有消息援引哈萨克新任命的能源部长的话说，在决定石油产量水平时， 哈萨克斯坦将优先考虑国家利益，而非欧佩克及其减产同盟国的利益。他还表示，该国未能减少三大产 油项目的石油产量，因为这些项目为海外巨头控制。路透社援引三位熟悉欧佩克及其减产同盟国会谈的 消息人士的话说，一些成员国将建议该集团在 6 月份 ...

德国央行行长：德国面临衰退危机 金十数据4月23日讯，德国央行行长内格尔表示，由于美国关税的影响，德国今年面临经济衰退的危 险。内格尔周三表示，"欧洲正处于停滞状态。对我的国家，对德国来说，也许会出现衰退。"内格尔和 他在欧洲央行的同事们正在降低利率，以帮助应对唐纳德-特朗普总统的贸易政策对欧元区经济的拖 累。周三早些时候公布的商业调查显示，由于信心下滑，本月欧元区的私营部门活动几乎停滞。在德 国，经济活动意外萎缩。 ...

Core Viewpoint - Boeing's Q1 performance exceeded Wall Street expectations, providing a more stable operational foundation amid global trade disruptions affecting aircraft exports [1][2] Financial Performance - Boeing reported Q1 revenue of $19.5 billion, a year-over-year increase of 17.7%, although it fell short of market expectations [1] - The adjusted loss per share was $0.49, marking the smallest loss in over a year and significantly better than the anticipated $1.30 loss [1] - The company consumed $2.3 billion in free cash flow during the quarter, which was better than the $3.4 billion expected by analysts [1] - Net loss for the quarter was $31 million, compared to a net loss of $355 million in the same period last year [1] Operational Highlights - Boeing's backlog increased to $545 billion, including over 5,600 commercial aircraft [1] - CEO David Calhoun referred to 2025 as a "transformational year," with plans to increase the monthly production of the 737 Max to the regulatory limit of 38 aircraft [1] - The company aims to seek permission to further increase the monthly production to 42 aircraft later this year [1] Challenges and Trade Impact - Boeing remains vulnerable to the impacts of Trump's tariff policies, which have halted aircraft deliveries to China, the world's second-largest aviation market [2][3] - The CEO indicated that suppliers might also be affected by trade disputes, potentially raising costs and delaying production [2] - Boeing's current performance reflects only the tariff impacts implemented as of March 31 [2] Business Segments - Both the commercial and defense sectors showed improvement, with the defense segment achieving an operating profit of $155 million and a profit margin of 2.5% [2] - The commercial aircraft segment reduced its operating loss to $537 million [2] Production Quality and Future Plans - The CEO stated that Boeing is manufacturing higher-quality aircraft and delivering them at a more predictable pace [3] - Plans are in place to increase the monthly production of the 787 Dreamliner to 7 aircraft this year, contingent on stable factory operations [3] Strategic Moves - Boeing announced the sale of its flight navigation division and other digital assets to Thoma Bravo for $10.6 billion, marking a significant asset adjustment under the new CEO [4]

明尼阿波利斯联储主席卡什卡利周二表示，现在要确定美国总统特朗普的关税政策以及其对通胀和经济 的预期影响，进而判断短期借贷成本需要如何调整，还为时尚早。这一观点得到了他的同事们的广泛认 同，很可能会使美联储在两周后的利率设定会议上维持利率不变。 这位明尼阿波利斯联储主席说，他将密切关注劳动力市场数据，看看目前的不确定性是否有迹象导致企 业缩减规模并裁员。他说，目前还没有迹象表明大规模裁员。 当被问及特朗普向美联储主席鲍威尔施压要求降息的问题时，卡什卡利表示，货币政策的独立性是美国 经济成功的"基石"。他反驳了特朗普及其政府其他官员的说法，即美联储是出于政治原因而做出政策决 定。 卡什卡利指出，在民主党总统奥巴马的第二个任期以及特朗普的第一个任期内，他支持较为宽松的货币 政策；在拜登任期内，他变得较为鹰派；而现在在政策立场上 "可能处于中间派"。 "我从鸽派转变为鹰派，再转变为温和派，这是因为政治原因吗？不是，这是因为经济环境在变化，数 据也在变化。"他说。 卡什卡利在华盛顿举行的美国商会全球峰会上表示："现在就判断利率的走势将会如何还为时过早。" 他表示，虽然仅关税本身不太可能让通胀再次加速，这种说法是"合乎逻 ...

欧洲央行管委卡兹米尔：贸易政策正在侵蚀信心。 ...

Core Insights - Goldman Sachs CEO Solomon stated that tariffs should not be considered a factor leading to economic recession, indicating a shift in market consensus regarding future growth due to changes in trade policy [1] Group 1 - The CEO emphasized that trade policy changes have altered market perceptions of future economic growth [1]

高盛CEO所罗门：随着特朗普贸易政策的实施，经济增长已放缓。 ...

高盛CEO所罗门：贸易政策改变了市场的不确定性。 ...