Amalgamated Financial Corp (AMAL) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Amalgamated Financial Corporation first-quarter 2026 earnings conference call. (Operator Instructions) A replay of the call and the accompanying slides are available on our Investor Relations website. Please review the forward-looking statements and non-GAAP disclosures on slide 2. As a reminder, this conference call is being recorded.

各位女士、先生，早安，歡迎參加 Amalgamated Financial Corporation 2026 年第一季財報電話會議。（接線員指示）本次電話會議的重播及隨附簡報投影片已上傳至我們的投資人關係網站。請查閱投影片第 2 頁的前瞻性陳述與非 GAAP 揭露事項。提醒各位，本次電話會議將被錄音。

I would now like to turn the call over to Mr. Jason Darby, Chief Financial Officer. Please go ahead, sir.

現在我想把電話交給財務長 Jason Darby 先生。先生，請開始。

Thank you, operator, and good morning, everyone. We appreciate your participation in our earnings call. With me today is Priscilla Sims Brown, our President and Chief Executive Officer. Additionally, Sam Brown, our Chief Banking Officer, is here for the Q&A portion of today's call. We'll look forward to your questions and try to limit repeating details you've already reviewed in the earnings materials.

謝謝接線員，各位早安。感謝各位參與我們的財報電話會議。今天與我一同出席的是我們的總裁兼執行長 Priscilla Sims Brown。此外，我們的首席銀行業務長 Sam Brown 也將出席今天電話會議的問答環節。我們期待各位的提問，並會盡量避免重複各位已在財報資料中閱讀過的細節。

I'll now turn the call over to Priscilla.

現在我把電話交給 Priscilla。

Good morning, everyone, and thank you for joining us. I want to begin by thanking our colleagues across the bank as always for their continued focus and execution and our customers and shareholders for their trust and partnership.

各位早安，感謝各位加入。我想先一如既往地感謝全行同仁持續專注並落實執行，也感謝我們的客戶與股東對我們的信任與合作夥伴關係。

Overall, we delivered a very strong first quarter that underscores the strength of our balance sheet and purpose-driven model. We grew net revenue by 9.7% to $93.4 million. We expanded net interest margin 9 basis points to 3.75%, increased on-balance sheet deposits, $229 million to $8.2 billion and maintain strong Tier 1 capital at above 9.3%.

整體而言，我們交出非常強勁的第一季成績，凸顯我們資產負債表的實力與以使命為導向的商業模式。我們的淨營收成長 9.7% 至 9,340 萬美元。淨利差擴大 9 個基點至 3.75%，資產負債表內存款增加 2.29 億美元至 82 億美元，且第一類資本（Tier 1）維持強勁，超過 9.3%。

Before commenting on the additional reserves we took this quarter, I'd like to dive into our results just a bit deeper. Our deposit franchise continued to perform exceptionally well with broad-based strength across our core segments. Political deposits increased $133 million to $1.9 billion as the midterm elections approach. The labor franchise generated $106 million of growth, and not-for-profit deposits grew $115 million. Deposit mix was also improved with average noninterest-bearing deposits increasing to 41% of total deposits.

在評論本季提列的額外備抵之前，我想更深入說明一下我們的業績。我們的存款業務持續表現出色，在核心客群各主要區隔均呈現廣泛的強勁動能。隨著期中選舉臨近，政治相關存款增加 1.33 億美元至 19 億美元。勞工（labor）客群帶來 1.06 億美元的成長，非營利組織存款增加 1.15 億美元。存款結構也有所改善，平均無息存款占總存款比重提升至 41%。

Finally, super core deposits are approaching 60% of total on-balance sheet deposits, demonstrating the stable, durable funding that is unique to Amalgamated. We chose to keep more deposits on balance sheet this quarter to drive core net interest income as the portfolio repositioning from selling lower-yielding securities is largely behind us.

最後，超核心（super core）存款已接近資產負債表內總存款的 60%，展現 Amalgamated 獨有的穩定且耐久的資金來源。本季我們選擇將更多存款留在資產負債表內，以推動核心淨利息收入，因為透過出售低收益證券進行投資組合再配置的工作已大致告一段落。

We plan to manage through the midterm election cycle with sufficient off-balance sheet deposits to absorb expected political deposit outflows after the elections which should result in no borrowings post election. Loan growth was solid with net loans up approximately $66 million or 1.3% led by strong commercial real estate lending production. Loans in our growth mode categories, C&I, commercial real estate and multifamily grew $109 million or 3.3%, reflecting solid originations, healthy mission-aligned demand and continued credit discipline.

我們計畫在期中選舉週期中進行管理，保留充足的表外存款，以吸收選後預期的政治存款流出，這應可使選後不需借款。放款成長穩健，淨放款增加約 6,600 萬美元或 1.3%，主要由強勁的商用不動產放款承作帶動。我們成長模式類別中的放款——C&I（商業與工業）、商用不動產及多戶住宅——增加 1.09 億美元或 3.3%，反映穩健的承作量、健康且與使命一致的需求，以及持續的授信紀律。

Our PACE portfolio also expanded with total assessments of $15.8 million of 1.2% and bringing our PACE portfolio to approximately $1.3 billion. Now let me briefly address the additional reserves we took in the quarter, and Jason will have some further details as well. Included in our results was an incremental $9.2 million provision tied to a single borrower multifamily relationship that moved to nonaccrual during the quarter.

我們的 PACE 投資組合也持續擴張，總評估額（assessments）增加 1,580 萬美元、成長 1.2%，使 PACE 投資組合規模達約 13 億美元。接下來我簡要說明本季提列的額外備抵，Jason 也會補充更多細節。我們的業績包含額外 920 萬美元的提存，與一筆單一借款人之多戶住宅授信關係在本季轉為停止計息（nonaccrual）相關。

The underlying collateral supports our position, and we are aggressively pursuing resolution options to preserve and optimize value. We view this as an isolated event with one borrower, which does not change our performance outlook. The reserve build impacted earnings per share by $0.23 and yet we delivered solid core earnings of $0.80 per share. With the momentum we saw in the quarter, we are focused on executing and delivering on our revenue and earnings targets over the balance of the year, and you will see our optimism when Jason discusses our guidance increase in just a few minutes.

相關擔保品足以支持我們的立場，我們正積極推進各項處置方案，以維持並最佳化價值。我們將此視為單一借款人的個別事件，不會改變我們對營運表現的展望。備抵增加使每股盈餘影響 0.23 美元，但我們仍交出每股 0.80 美元的穩健核心盈餘。基於本季所見的動能，我們將專注於執行並在今年剩餘期間達成營收與獲利目標；幾分鐘後 Jason 討論上調財測時，各位也將看到我們的樂觀態度。

Looking ahead, our strategy builds on who we are and why customers choose Amalgamated. Mission-focused organizations and individuals who seek confidence that their capital is responsibly aligned with a partner who shares their purpose. That focus resonates nationally with customers in every state enabling relationship-based banking and efficient growth within our model.

展望未來，我們的策略建立在我們的本質，以及客戶選擇 Amalgamated 的原因之上：以使命為核心的組織與個人，希望確信其資本能負責任地與一位共享其宗旨的夥伴保持一致。這樣的聚焦在全國各州都能引起客戶共鳴，使我們能在本模式下推動以關係為基礎的銀行服務與高效率成長。

We see real opportunity to expand thoughtfully and consolidate market share in our core segments as we continue investing in people, infrastructure and technology to support disciplined profitable growth, including progressing past $10 billion in assets.

我們看到在核心客群中審慎擴張並整合市占的實質機會；同時我們將持續投資於人才、基礎設施與科技，以支持有紀律的獲利性成長，包括資產規模持續推進並突破 100 億美元。

Now I'll turn the call over to Jason.

現在我把電話交給 Jason。

Thank you, Priscilla. I'll keep things moving so we can get to Q&A.

謝謝你，Priscilla。我會加快節奏，讓我們能進入問答。

On slide 3, net income was $25.2 million or $0.84 per diluted share while core net income, a non-GAAP measure, was $24.1 million or $0.80 per diluted share. The GAAP to core difference was driven primarily by strong off-balance sheet income as ICS fee income increased $1 million versus the linked quarter. And we anticipate ICS fee income will be strong throughout 2026, and we also plan to keep more deposits on balance sheet to build the bank's core earnings power.

在投影片第 3 頁，淨利為 2,520 萬美元，稀釋後每股盈餘為 0.84 美元；核心淨利（非 GAAP 指標）為 2,410 萬美元，稀釋後每股為 0.80 美元。GAAP 與核心之間的差異主要來自強勁的表外收入，因 ICS 手續費收入較上一季增加 100 萬美元。我們預期 2026 年全年 ICS 手續費收入將維持強勁，同時也計畫將更多存款留在資產負債表內，以提升本行核心獲利能力。

Net interest income increased 3% to $80.2 million, in line with our quarterly guidance. Additionally, our net interest margin expanded to 3.75% driven by higher-yielding commercial loan originations and modest reductions in overall funding costs, though, we expect our net interest margin to moderately decline in the second quarter related to balance sheet growth.

淨利息收入增加 3% 至 8,020 萬美元，符合我們的季度財測。此外，淨利差擴大至 3.75%，主要受較高收益的商業放款承作以及整體資金成本小幅下降所帶動；不過，我們預期第二季因資產負債表成長，淨利差將溫和下滑。

On slide 4, core noninterest income increased $1.1 million to $11.2 million, primarily from higher commercial banking fees and also $0.7 million of discrete BOLI income. Noninterest income has continued to deliver solid growth over the past year, reflecting meaningful progress towards our 85/15 diversification objective. Expenses decreased $0.5 million, while core expenses increased $0.3 million to $45.3 million.

在投影片第 4 頁，核心非利息收入增加 110 萬美元至 1,120 萬美元，主要來自較高的商業銀行手續費，以及 70 萬美元的一次性（discrete）BOLI 收入。過去一年非利息收入持續帶來穩健成長，反映我們朝 85/15 多元化目標邁進的顯著進展。費用減少 50 萬美元，而核心費用增加 30 萬美元至 4,530 萬美元。

The rise in core expenses was mainly due to branch renovation and relocation costs and professional fees partially offset by a decrease in advertising expenses. Core expenses are tracking to our $188 million full year target. Our core efficiency ratio improved to 49.55% demonstrating profitable scale and keeping us on track to deliver our 2026 goals. Now despite the reserve increase headwind, I'll address shortly, the quarter showed continued momentum and resilience across key metrics. Tier 1 leverage remained strong at 9.33% and revenue per share exceeded $3 for the first time in the bank's history.

核心費用上升主要因分行整修與搬遷成本及專業服務費用增加，部分被廣告費用下降所抵銷。核心費用的走勢符合我們全年 1.88 億美元的目標。我們的核心效率比率改善至 49.55%，展現具獲利性的規模效益，並使我們持續朝 2026 年目標前進。接下來，儘管備抵增加帶來逆風（我稍後會說明），本季在關鍵指標上仍展現持續動能與韌性。第一類槓桿比率維持強勁於 9.33%，且每股營收首度在本行歷史上突破 3 美元。

Illustratively, excluding the reserve build, return on average assets would have been 1.41% and return on tangible common equity, 15.76%. And while the setback is clear, we remain encouraged by our trajectory and the strength of the franchise value we've built.

舉例而言，若排除準備金提存，平均資產報酬率將為 1.41%，有形普通股權益報酬率將為 15.76%。儘管挫折顯而易見，我們仍對自身的發展軌跡以及我們所建立之特許經營價值的強勁實力感到鼓舞。

Now let's go to slide 10 and spend some time on credit quality. Last quarter, we discussed one borrower in our DC market that showed stress related to their use of the Section 8 Rapid Rehousing program resulting in increased reserves of $1.9 million across three loans and a related $10.3 million increase in nonaccrual multifamily loans.

現在請看第 10 張投影片，花些時間談談信用品質。上季我們討論了華盛頓特區（DC）市場的一位借款人，其因使用 Section 8 Rapid Rehousing 計畫而出現壓力，導致三筆貸款合計增加 190 萬美元準備金，並使不計息的多戶住宅貸款增加 1,030 萬美元。

There were also another three loans totaling $26.2 million with this borrower and a minority interest sponsor that were moved to criticized status. At that time, we were working with this borrower and the minority sponsor to restructure this portion of their portfolio. Before we closed the first quarter, the borrower indicated an expected default resulting in the classification of all 10 loans within the $78 million relationship, which included the four remaining performing loans of $41.5 million.

此外，該借款人與一位少數股權贊助商名下另有三筆貸款，合計 2,620 萬美元，被調整為「受批評」狀態。當時我們正與該借款人及少數股權贊助商合作，重整其投資組合的這一部分。在第一季結束前，借款人表示預期將發生違約，因而將該 7,800 萬美元往來關係中的全部 10 筆貸款予以分類，其中包含剩餘四筆仍在履約的貸款，金額為 4,150 萬美元。

Additional specific reserves of $9.2 million were established across the relationship at varying levels based on loan level assessments, including consideration of collateral values reflected in third-party appraisals, occupancy and in-place cash flows. Reserves on this borrower relationship now total $11.1 million.

我們依據逐筆貸款評估，在該往來關係中按不同層級增提 920 萬美元的特定準備金；評估亦納入第三方鑑價所反映的擔保品價值、入住率及現有現金流。該借款人往來關係的準備金目前合計為 1,110 萬美元。

We are evaluating resolution alternatives, which may include foreclosure, note sales or other exit strategies, and while the bank has not historically taken title to foreclosed properties, it is prepared to do so if necessary, and we'll engage an experienced third-party property manager to preserve and maximize value prior to disposition.

我們正在評估各種處置替代方案，可能包括法拍、出售票據或其他退出策略。雖然本行過去並無取得法拍不動產所有權的慣例，但如有必要，我們已做好準備採取該作法，並將聘請具經驗的第三方物業管理公司，在處分前維護並最大化資產價值。

As a result, nonperforming assets rose to $99.3 million or 1.08% of total assets, while criticized and classified loans increased $51.6 million primarily related to downgrades on the single borrower, I just discussed. The allowance for credit losses increased to $68.2 million, representing 1.35% of total loans, providing appropriate reserve coverage.

因此，不良資產上升至 9,930 萬美元，占總資產 1.08%；而受批評及已分類貸款增加 5,160 萬美元，主要與我剛才提到的單一借款人降級有關。信用損失準備金增至 6,820 萬美元，占總貸款 1.35%，提供適當的準備覆蓋。

Excluding the provision increase discussed above, the provision expense would have been $4.2 million, primarily driven by expected consumer charge-offs and adding a specific reserve on a multifamily loan that moved to nonaccrual status during the quarter, offset by credit losses releases due to lower required reserves on C&I and consumer loans. In keeping with our practice of helpful disclosure, we have added a slide on Page 12 illustrating our DC Metro area real estate exposure. We believe this situation to be borrower specific and we'll be happy to answer follow-up questions.

若排除上述準備金提列增加因素，提存費用本應為 420 萬美元，主要由預期的消費金融核銷所驅動，並因一筆多戶住宅貸款於本季轉為不計息狀態而增提特定準備金；同時，因 C&I（商業與工業）及消費貸款所需準備金下降而釋回部分信用損失準備金，形成抵銷。秉持我們一貫提供有助揭露的作法，我們在第 12 頁新增一張投影片，說明我們在 DC 都會區的不動產曝險。我們認為此情況屬於特定借款人個案，並樂於回答後續問題。

I'll wrap up by turning to guidance on slide 13, where we are raising our targets. Net interest income target is raised to $333 million, and core pretax preprovision earnings target is raised to $183 million. This guidance raise is connected to our new annual balance sheet growth target of approximately 8% for 2026 as we derive more core earnings power from deposit gathering.

最後我將轉到第 13 張投影片的財測指引，我們正在上調目標。淨利息收入（NII）目標上調至 3.33 億美元，核心稅前、提存前盈餘目標上調至 1.83 億美元。此次上調與我們 2026 年新的年度資產負債表成長目標（約 8%）相關，因為我們將透過吸收存款來取得更多核心獲利動能。

We anticipate this to have a powerful and sustained positive impact on NII growth, and we estimate net interest income to increase to between $81 million to $83 million in the second quarter. I do want to close on a positive note because we've accomplished a great deal. And even as we work through the specific challenge, our fundamentals are strong.

我們預期這將對 NII 成長帶來強勁且持續的正面影響，並估計第二季淨利息收入將增加至 8,100 萬至 8,300 萬美元之間。我確實想以正面的語氣作結，因為我們已完成許多工作。即使我們正在處理這項特定挑戰，我們的基本面依然強勁。

We've delivered consistent revenue growth, exceptional deposit gathering, continued loan growth, disciplined cost management and solid capital, all of which keep us confident in our ability to deliver on our targets for the balance of the year and into the future.

我們已實現持續的營收成長、卓越的存款吸收、持續的放款成長、嚴謹的成本管理以及穩健的資本，這些都讓我們對於在今年剩餘期間及未來達成目標的能力保持信心。

We're now ready for questions. Operator?

我們現在準備開始提問。接線員？

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（接線員指示）

David Konrad, KBW.

David Konrad，KBW。

Hey, good morning. I've got a few questions here. One on the credit, obviously. Just talk a little bit about -- I mean two questions here, a little bit about your comfort with loan-to-value of about 85% on this relationship and maybe closer to 60% on the rest of your D.C. exposure. So as you work through this, a, do you think you have enough margin here with that loan to value?

嗨，早安。我這邊有幾個問題。當然有一個是關於信用。想請你們稍微談一下——我其實有兩個問題——關於這筆往來關係的貸款價值比（LTV）大約 85%，以及你們其餘華盛頓特區曝險可能更接近 60% 的部分，你們的舒適度如何。所以在你們處理這件事的過程中，第一，你們認為以這樣的 LTV，你們的緩衝是否足夠？

And then, b, this is probably a more difficult question, but any idea on any thoughts on the strategy like timing of resolution, what we should expect over the coming quarters?

第二，這可能比較難回答，但你們對處置策略（例如處置時點）有任何想法嗎？未來幾季我們應該預期會看到什麼？

Sure. David, it's Jason. I'll answer the second question first and then talk a little bit more about the LTVs. From a resolution perspective, it's difficult to say because the news is fairly new to us, and there are ongoing negotiations with the borrower that have since been changed. So where this will end up from a resolution perspective, I don't have the best answer for you in terms of predictability.

當然。David，我是 Jason。我先回答第二個問題，接著再多談一些 LTV。就處置角度而言，很難說，因為這個消息對我們來說相當新，而且與借款人的協商仍在進行中，且情勢也已出現變化。因此，從處置結果的角度來看，我目前無法就可預測性給你一個很好的答案。

But what I can say is the reserving that we took for the current quarter was really designed to limit any volatility that you might see going through the P&L into future quarters. And if I think about broadly how timing might play out, we talked last quarter about this borrower relationship and where it was heading and there were three loans that were classified as nonaccrual at that point in time, totaling about $10.3 million, those would probably be the most likely to resolve sooner.

但我可以說的是，我們本季所提列的準備金，確實是為了限制你在未來幾季可能在損益表（P&L）上看到的波動。如果我更廣泛地思考時點可能如何發展，我們上季談到這位借款人的往來關係及其走向，當時有三筆貸款被列為不計息，合計約 1,030 萬美元；這些可能是最有機會較早解決的部分。

The other ones where there is better collateral value and the bank is considering pursuing foreclosure amongst other options, there may be a longer tail on that, but I am confident that the volatility through the P&L will be well contained with the amount of reserves that we put up in the current quarter. And maybe that leads into the answer now on the valuation. And we think of this borrower relationship and we -- they are best to carve it out of that DC profile that we provided for investors in the earnings deck.

其他那些擔保品價值較佳、且本行除其他選項外也在考慮採取法拍的部分，可能會有較長的處置尾端；但我有信心，憑藉我們本季提列的準備金規模，透過損益表的波動將能被良好控制。這也許就引出我接下來對估值的回答。我們看待這位借款人的往來關係時，認為——最好將其自我們在法說簡報中提供給投資人的 DC 概況中切割出來看。

So we think of this as a separate situation from a value perspective. If I look broadly across the relationship, it's 10 different loans that total $78 million, four them or $41 million were performing status before we received notification of the intent not to pay. So the reserve that we put in place that now totals $11 million effectively gets us to that 85% valuation. And we think that we took a very conservative approach with that valuation at this point in time for the purpose of making sure that we accounted for cost to sell or other types of embedded expense that might be recognized in relation to the situation that we're going to have to deal with here for the next few quarters.

因此，從價值角度我們將其視為一個獨立個案。若我整體來看，這是一個由 10 筆不同貸款組成、總額 7,800 萬美元的往來關係；在我們收到對方表明無意付款的通知之前，其中四筆、約 4,100 萬美元仍屬履約狀態。因此，我們目前合計 1,100 萬美元的準備金，實質上使我們達到約 85% 的估值水準。我們認為在此時點採取了非常保守的估值方法，目的在於確保我們已將出售成本或其他可能因我們接下來幾季必須處理的情況而認列的內含費用納入考量。

But the reality of it is we think that, that reserve is pretty well contained at the moment. I wouldn't say that it's evenly distributed across all the loans. I think it's more weighted towards some of the loans that we previously disclosed and what I also hope is that, that allows for us to have staged exits to the property situation as time unfolds.

但實際情況是，我們認為目前那筆準備金相當程度上是可控的。我不會說它平均分布在所有貸款上。我認為它更偏向於我們先前已揭露的部分貸款；同時我也希望，隨著時間推進，這能讓我們對房地產情勢採取分階段退出的方式。

Yeah, that makes sense. Maybe moving to better news, the outlook -- the improved outlook. Net interest income for the full year, the net $331 million to $333 million range, just wondered, Jason, if you could break down a little bit on the guide in terms of how you think both NIM will progress through the year, but also the balance sheet side as well? I mean you talked a little bit about that going into next quarter.

是的，這很合理。也許轉到比較好的消息，也就是展望——改善的展望。全年淨利息收入（NII）指引為淨額 3.31 億至 3.33 億美元區間。我想請問 Jason，你能否就這個指引稍微拆解一下：你認為今年 NIM 會如何推進，同時資產負債表端又會如何發展？我的意思是，你剛才也稍微提到一些，尤其是進入下一季。

Certainly. Yes, I think the balance sheet size, let's start there because that will be a key driver of how the margin will ultimately start to play out. But the balance sheet ought to end up on a spot basis at around $9.6 billion. It's potentially moved around a little bit, but that's moving up about $400 million from our original target. So we had originally targeted 5% growth going to $9.2 billion.

當然可以。是的，我想先從資產負債表規模談起，因為那將是決定利差最終如何演變的關鍵驅動因素。資產負債表在期末以即期口徑來看，應該會落在約 96 億美元。它可能會有些微波動，但相較我們原先目標，等於上調約 4 億美元。我們原本的目標是成長 5%，到 92 億美元。

We're now targeting $9.6 billion by the end of the year or around 8% growth. Now we've gotten through a fair amount of that in the first quarter or the first quarter alone, the balance sheet grew to about $9.2 billion, and that was about $400 million of growth right there -- I'm sorry, $300 million of growth right there. So we're going to start to see the benefit of that asset expansion rolling through NII.

我們現在的目標是年底達到 96 億美元，約 8% 的成長。目前第一季已經完成了相當一部分；光第一季資產負債表就成長到約 92 億美元，當季成長約 4 億美元——抱歉，是約 3 億美元的成長。因此，我們將開始看到這些資產擴張的效益逐步反映在淨利息收入（NII）上。

We've projected $81 million to $83 million of NII for the second quarter, and we expect that to ramp upward as we continue to go throughout the year. And so as I think about the margin, we will see a little bit of compression when we get into the second quarter.

我們預估第二季 NII 為 8,100 萬至 8,300 萬美元，並預期隨著年度推進會逐步上升。至於利差，我們在進入第二季時會看到一些壓縮。

There'll be a little bit of nonaccrual impact from the loans that we've just discussed that we'll have to bake into the margin. But as we continue to move throughout the year, we're expecting to see it expand and expand modestly from where we are today. I wouldn't expect it to be materially different, but I do expect it to expand to be modestly above where we are today after accounting for a slight reduction or compression in margin in the second quarter. I don't know if I got everything there. Was there a follow-on you wanted to ask you on the guidance?

我們剛才討論的那些貸款會帶來一些不計息（nonaccrual）的影響，必須納入利差的計算。不過隨著年度推進，我們預期利差會回升，並在目前水準之上小幅擴張。我不預期會有顯著差異，但在考量第二季利差小幅下滑或壓縮之後，我確實預期利差會小幅高於目前水準。我不確定是否都回答到了。你對指引還有想追問的嗎？

No, no. That was perfect. And maybe the last one for me is just the fee income outlook as well with some of the changes there.

沒有，沒有。那樣非常完整。也許我最後一個問題是，關於手續費收入（fee income）的展望，尤其是那邊有一些變化。

Yeah, fee income. We're actually quite happy about that. It's been gradually but noticeably growing. I think where we are throughout the rest of the year is going to be ratable to what we saw in the first quarter on a core basis with modest improvement. The GAAP number was a little bit higher because of the fact that we had nice ICS income, and we had a little bit of BOLI that was discrete benefit that we received.

是的，手續費收入。我們其實對此相當滿意。它一直在逐步但明顯地成長。我認為今年剩餘期間，在核心口徑上大致會與第一季所見的水準相當，並有小幅改善。GAAP 數字會稍微高一些，因為我們有不錯的 ICS 收入，另外也有一筆 BOLI 的一次性收益。

But overall, I think we're looking at just about $9.8 million to $10 million per quarter in fee interest income, and that will be evenly distributed across nice growth in Commercial Banking and continued acceleration of trust-related revenue as well.

但整體而言，我們預期每季手續費及其他非利息收入大約在 980 萬至 1,000 萬美元，並將由商業銀行業務的良好成長，以及信託相關收入的持續加速，較為平均地貢獻。

Perfect. Thank you both.

太好了。謝謝你們兩位。

Justin Crowley, Piper Sandler.

Piper Sandler 的 Justin Crowley。

Hey, good morning, everyone.

各位早安。

Hey, Justin.

嗨，Justin。

Just wanted to go back to the multifamily relationship that migrated in the quarter. Can you give a little more detail on what was so unique or isolated about the situation and with this borrower, and just what gets you to a point where you're feeling good about risk in the rest of the portfolio?

我想回到本季轉為不良的那筆多戶住宅（multifamily）關係戶。你能否多提供一些細節：這個情況以及這位借款人到底有什麼特別或屬於個案的地方？另外，是什麼讓你們對投資組合其餘部分的風險感到放心？

Justin, we're going to be somewhat limited, obviously, as we are in the midst of negotiations with this borrower on talking about it in too much detail, though, I'm sure you'd love to know more. You can understand where we are on that. I guess I'll just start by reiterating some of the points we've made, which is this reserve build and nonaccrual increase is driven by this one single borrower event primarily. And what happened was pretty clear. It was a notice of intent to default which occurred after the quarter, but before we closed the books.

Justin，我們會有所保留，因為我們顯然正在與這位借款人進行協商談判，因此不便談得太細，雖然我知道你一定很想了解更多。你也能理解我們目前的處境。我想我先重申我們提過的一些重點：這次準備金的提列增加與不計息（nonaccrual）上升，主要是由這單一借款人事件所驅動。發生的事情其實很清楚：在季後、但在我們結帳之前，對方發出了「意圖違約通知」（notice of intent to default）。

There was no broad portfolio weakness. The notice triggered an accounting requirement that moved additional previously performing loans into nonaccrual. And then the borrower does have ties to D.C. Rapid Rehousing and Section 8 programs as well, but management really wants you to clearly understand that this was the borrower's behavior and financial condition as the driver, not the subsidy program itself. We reviewed the exposure across Rapid Rehousing more broadly.

並不存在整體投資組合的廣泛弱化。該通知觸發了一項會計要求，使得更多先前仍在正常履約的貸款被轉入不計息狀態。此外，該借款人確實與華盛頓特區（D.C.）的 Rapid Rehousing 與 Section 8 計畫有關聯，但管理層希望你清楚理解：驅動因素是借款人的行為與財務狀況，而不是補助計畫本身。我們也更廣泛地檢視了 Rapid Rehousing 的曝險。

We looked at exposure across the broader DC Metro profile. And when I say that, I mean not just D.C. directly, but the states surrounding it. So we really, really looked carefully at that whole kind of Metro area to see whether there were any other sort of similar characteristics.

我們也檢視了更廣泛的 D.C. 都會區（Metro）輪廓下的曝險。我所說的並不只是 D.C. 本身，也包含其周邊州。因此我們非常、非常仔細地檢視整個都會區，看看是否還有其他具有類似特徵的情況。

We also, as you know, have provided quite a lot of detail on our New York portfolio in the past. That's still there. We looked at that real carefully. We looked at California, albeit a smaller portfolio. We found very little, and we certainly see no -- we see limited migration just outside of this relationship in any of these other areas besides what we've disclosed.

另外，如你所知，我們過去也提供過相當多關於紐約投資組合的細節；那部分仍然存在，我們也非常仔細地檢視。我們也看了加州，雖然那是較小的投資組合。我們發現的問題非常少；而且除了我們已揭露的內容之外，在這些其他地區、在這段關係戶之外，我們確實沒有看到——我們只看到非常有限的遷徙（migration）。

I would also just say that the reserves were established conservatively upfront to limit future P&L volatility. But we also want to retain flexibility to pursue an exit, an accelerated resolution, if that proves to be the right thing for preserving value for shareholders. Sam and Jason, I don't know if there's anything you want to add to that?

我也想補充，這些準備金一開始是以較保守的方式建立，以降低未來損益（P&L）波動。不過我們也希望保留彈性，以便在那是維護股東價值的正確作法時，能夠尋求退出或加速解決。我不確定 Sam 和 Jason 是否還想補充？

Okay, this was -- I mean -- yes. I mean -- so this -- it wasn't specific to the Section 8 housing program. This was more borrower specific in terms of what has driven the weakness in the situation.

好的，這個——我的意思是——是的。我的意思是——所以——這並不是針對 Section 8 住房計畫本身。這次情況的走弱，更多是借款人個別因素所驅動。

Rapid Rehousing and Section 8 are different. Section 8 is a federal program. Rapid Rehousing is a city program which is established to take people generally off the street and give them housing temporarily under a year. And that's what we looked at really carefully. We looked again at all of the Rapid Rehousing relationships we have.

Rapid Rehousing 和 Section 8 是不同的。Section 8 是聯邦計畫。Rapid Rehousing 是城市層級的計畫，設立目的通常是讓人們離開街頭，提供一年內的臨時住房。這也是我們非常仔細檢視的部分。我們再次檢視了所有我們所承作的 Rapid Rehousing 關係戶。

This borrower certainly had an overdependence on the program. But the issues here were specific to the borrower himself, his own behaviors and his own financial condition.

這位借款人確實對該計畫有過度依賴。但此處的問題是特定於借款人本人、其自身行為以及其自身的財務狀況。

Okay. Got it. And then I guess, shifting gears a little. On political deposits, you saw the increase for the quarter, a little bit of a slowdown from last quarter, but still moving higher. Just wondering if you could provide some color on what you're seeing there and how you think that trends as we head into the midterms later this year?

好的。了解了。接著我想稍微換個話題。關於政治性存款，你們看到本季有所增加，較上季略有放緩，但仍在走高。想請你們多分享一些你們目前看到的情況，以及你們認為隨著今年稍晚進入期中選舉，這個趨勢會如何發展？

Yeah, Sam, I'll ask you to address that, but what I will say is, Justin, as you've observed and you've seen it in our deck, there's a general trend that continues to follow on each cycle, which is it builds over time, each trough is bigger than the trough before it. So they keep climbing, the low point's bigger than the low before and the high point is bigger than the high point before. And we don't see any indication that this will be different. And Sam, I don't know if you have any other --

是的，Sam，我請你來回應一下。不過我想說的是，Justin，正如你所觀察到的、也如你在我們的簡報中所看到的，每個週期都延續著一個普遍趨勢：它會隨時間累積，每一次谷底都比前一次谷底更高。所以它們持續攀升，低點比之前的低點更高，高點也比之前的高點更高。我們沒有看到任何跡象顯示這次會不同。Sam，我不知道你是否還有其他——

Yeah. Hey, Justin. It's Sam. I would just add a couple of quick points. I think you're exactly right that we see these political deposits very much on track with prior trend. We're very pleased with our ability to have demonstrated all the way back to 2018, the predictability and the repeatable nature of how those deposits come in and out.

是的。嗨，Justin。我是 Sam。我再補充幾點。你說得完全正確，我們看到這些政治性存款的走勢非常符合以往的趨勢。我們對於自 2018 年以來一路展現出這些存款進出具有可預測性與可重複性，感到非常滿意。

And at $133 million, certainly excellent growth, that would also just point you to the really strong diversified growth across all of our segments that contributed to this. Certainly, same political, labor, nonprofit, all contributing over $100 million to our base, really smooths those ins and outs out and have contributed to quarter after quarter, how our great team has been able to continue to grow the book.

而在 1.33 億美元的水準，確實是非常出色的成長；同時也反映出我們各個業務分部都呈現非常強勁且多元化的成長，並共同促成了這個結果。當然，政治、工會、非營利等領域都各自為我們的基礎存款貢獻超過 1 億美元，這確實能讓這些進出更為平滑，也使得我們優秀的團隊能夠一季又一季地持續擴大資產組合。

That's a great point, Sam, because it's been the trend for quite a while now. We really are seeing strength not only in additional deposits to existing clients, but also new clients across segments.

Sam，你這點說得很好，因為這個趨勢已經持續相當一段時間了。我們確實看到的不僅是既有客戶的新增存款更強勁，同時也看到跨分部的新客戶增加。

Okay. Got it. I appreciate that. And then just on loan growth. A lot of that once again coming from the multifamily side, is that like -- is that an area that you think continues to drive loan growth from here?

好的。了解了。謝謝你們。接著談到放款成長，這次又有很大一部分來自多戶住宅（multifamily）端，這是否——這是否是你們認為接下來仍會持續帶動放款成長的領域？

What's the right way to think about that complexion as we get through the year?

那麼，隨著我們走完整年，應該如何正確看待這個結構（composition）？

Yeah, great question, Justin. We're really pleased with the pipeline we've got ahead of us. Certainly, at 250% RBC, we still have a lot of availability under a concentration limit. The pipeline has a lot of -- there's plenty of exposure for market rate from strong mission-aligned subsidy programs like those that benefit from 421-a in New York, all with really tightly underwritten financial metrics, ratios and also, we've got a lot of addition of enhanced structural protections that reflect our elevated standards as we continue to grow the company.

是的，Justin，問得很好。我們對目前手上的放款管線非常滿意。當然，在 250% RBC 的水準下，我們在集中度上限之下仍有很大的可用空間。管線中有很多——市場化租金（market rate）的曝險相當充足，並且來自強而有力、與使命一致的補貼計畫，例如在紐約受惠於 421-a 的那些計畫；所有案件都以非常嚴謹的財務指標與比率進行承作（underwrite）。此外，隨著我們持續成長公司，我們也加入了更多、加強版的結構性保護措施，以反映我們提高的標準。

So I think you'll see strong growth, strong risk metrics, and we're going to continue to keep going in all the ways you would want to see us perform.

因此我認為你會看到強勁的成長、強勁的風險指標，而我們也會持續以你所期待看到的各種方式向前推進並交出表現。

Yeah. So I'll just quickly add. I think the targets that we set out about 1.5% to 2% sequential loan growth in the net book, we're prepared to stay with those targets. We think they're very appropriate. Obviously, we're balancing between our growth in those portfolios and those that are running off.

是的。我再快速補充一下。我們先前設定的目標——淨放款組合（net book）逐季成長約 1.5% 到 2%——我們已準備好維持這些目標。我們認為這些目標非常合適。當然，我們也在平衡這些投資組合的成長與那些正在自然到期縮減（run off）的部分。

So we'll expect to see a little bit higher growth rate just in the portfolios of C&I, multifamily and CRE versus the net book. And then we still have our PACE portfolio targets as well, Justin. So you should think of those as complementary from a growth perspective on the asset side, and the opportunity for the bank to continue to have balance in loan generation is something that we are very focused on.

因此，相較於淨放款組合，你會預期在 C&I、多戶住宅以及商用不動產（CRE）等投資組合上看到略高的成長率。另外，Justin，我們也仍有 PACE 投資組合的目標。所以從資產端的成長角度，你可以把這些視為互補；而讓銀行在放款生成上持續保持均衡的機會，是我們非常專注的一件事。

So we did have a nice quarter with multifamily. We expect to see a little bit more balance between our C&I and multifamily portfolios as we move throughout the balance of the year to help meet those targets.

所以本季多戶住宅表現不錯。隨著今年剩餘時間推進，我們預期在 C&I 與多戶住宅投資組合之間會看到更均衡一些，以協助達成這些目標。

Okay. Great. And you mentioned on the PACE side as you continue to add to that portfolio. And I think in the past, you talked a lot about a lot of potential, specifically in the CPACE area. So -- and I think you have talked at length about the partnership that you're in. So just curious how you're thinking about growing that book as that business ramps higher?

好的。很好。你提到在 PACE 方面你們持續增加該投資組合。我記得過去你們談到很多潛力，特別是在 CPACE 領域。所以——而且我想你們也已經詳細談過你們所參與的合作夥伴關係。想請教你們，隨著該業務加速成長，你們如何看待擴大這個資產組合？

Yeah, Justin, it's Sam again. CPACE has been really tremendous for us. You obviously saw a really nice number in the last quarter. You saw more growth this quarter.

是的，Justin，我又是 Sam。CPACE 對我們來說表現非常出色。你顯然在上一季看到一個很漂亮的數字，這一季你也看到更多成長。

We really like the pace at which those assets are coming on, no pun intended. That announcement of that partnership with Electrify in October has been very strong. We're seeing a lot of contribution to the pipeline for that. And I think you're going to see this continue to be a strong component of how we're going to grow the asset base, and we're picking up some nice yield growth over the quarter as well.

我們非常喜歡這些資產進入帳上的速度——無意雙關。10 月宣布與 Electrify 的合作夥伴關係後，表現非常強勁。我們看到它對管線有很大的貢獻。我認為你會看到這將持續成為我們擴大資產基礎的一個重要組成部分，而且本季我們也取得了不錯的收益率（yield）提升。

Okay, great. I will leave it there. Thank you so much.

好的，很好。我就先到這裡。非常感謝。

Thank you.

謝謝。

We have no further questions at this time. Ms. Sims Brown, I'd like to turn the floor back over to you for closing comments.

目前沒有其他問題。Sims Brown 女士，我想把時間交還給您作結語。

Thank you, operator, and thank you all for listening in. As we step back and think about the quarter, we feel that it was a very strong quarter. We delivered solid execution across the franchise, which allowed us to favorably revise our guidance. We're building on a consistent pattern of quarterly outperformance. Our financial and capital position remains strong.

謝謝主持人，也謝謝各位收聽。回頭看本季，我們認為這是一個非常強勁的季度。我們在整個特許經營體系（franchise）中交出了扎實的執行力，讓我們得以有利地上修我們的指引。我們正建立在一個持續的、季度超預期表現的模式之上。我們的財務與資本部位仍然強健。

Our balance sheet is built to withstand adverse scenarios and at the same time, we're well positioned for accelerated disciplined growth. And just as importantly, this quarter reinforces our risk discipline. When we identified an issue, we acted early, we acted conservatively. We expanded the disclosure to you and we confirm that the impact is contained without losing momentum anywhere else in the business. That combination of performance, discipline and capital strength is exactly how we are positioning the bank for the long term.

我們的資產負債表是為了承受不利情境而打造，同時我們也具備加速且有紀律成長的良好定位。同樣重要的是，本季也再次強化了我們的風險紀律。當我們識別到一個問題時，我們及早行動、保守行動。我們向各位擴大了揭露，並確認其影響已被控制，且不會讓業務其他部分失去動能。這種績效、紀律與資本實力的結合，正是我們為銀行長期發展所採取的定位方式。

We thank you for your support, and we look forward to answering your questions after this call.

感謝各位的支持，我們也期待在本次電話會議後回答各位的問題。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與，祝您有美好的一天。