The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Broderick Dyer Preston - UBS Investment Bank, Research Division - Analyst
: I did want to follow up, maybe just on the office line of questioning. So we saw another bank that just reported they sold their medical
office portfolio, and it was only like a 2.5% mark. I think maybe it was a bit noncore for them. But I guess could you maybe speak to
the puts and takes between maybe keeping even medical office around? Is that a core kind of product for you? Do you have deposits
tied to those borrowers? Is that something where as you just evaluate your overall office exposure, even if it's something like medical
office, you might look to kind of exit it now as opposed to waiting later down the road?
Question: Broderick Dyer Preston - UBS Investment Bank, Research Division - Analyst
: Got it. Okay. I did want to just ask on the available-for-sale portfolio. And I'm sorry if I missed it in the deck, but do you happen to
have what the effective duration of that portfolio is? And then could you tell me what the assumed conditional prepayment rate
you're using in the duration calculus?
Question: Broderick Dyer Preston - UBS Investment Bank, Research Division - Analyst
: Got it. Okay. And then I just want to ask just the credit seems to be holding up really well, but it seems like last quarter across the
industry, there was a couple of one-offs this quarter across the industry. There's a couple more one-offs. And there's some kind of
indication that maybe especially in middle market, maybe you're starting to see some pressure on borrower balance sheets. How
are your conversations with borrowers, particularly in middle market evolving today? And how are they handling higher interest
rates? And what are some of the key areas of pressure that they're identifying?
Question: Broderick Dyer Preston - UBS Investment Bank, Research Division - Analyst
: Got it. Okay. And then one last one for me. And again, I apologize if I missed it. I was hopping from another call. Just on the fee
income, I know it's not a huge driver revenue at this point. But I guess, Glenn, what would cause you to kind of be at the high end
or the low end of the guidance. And I think the last time we talked, we had spoken maybe about commercial swap activity picking
up a little bit in the back half of the year. Do you still feel like that's a possibility?
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