Amerant Bancorp Inc. (AMTB) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Amerant first quarter 2026 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. (Operator Instructions)

各位好，歡迎參加 Amerant 2026 年第一季財報電話會議與網路直播。(接線員指示) 提醒各位，本次會議將被錄音。(接線員指示)

It's now my pleasure to turn the call over to Laura Rossi, Executive Vice President and Head of Investor Relations. Laura, please go ahead.

現在我很榮幸將電話會議交給執行副總裁暨投資人關係主管 Laura Rossi。Laura，請開始。

Thank you, operator. Good morning, everyone, and thank you for joining us to review Amerant Bancorp's first quarter 2026 results. On today's call are Carlos Iafigliola, our Interim CEO; and Sharymar Calderon, our CFO. Additionally, we're pleased to welcome as a guest speaker this quarter, Lee Ann Cragg, Chief Credit Officer, who will share further insight into our credit risk management initiatives.

謝謝，接線員。各位早安，感謝各位參與，一同回顧 Amerant Bancorp 2026 年第一季的業績表現。今天與會者包括我們的臨時執行長 Carlos Iafigliola，以及財務長 Sharymar Calderon。此外，我們也很高興本季邀請到首席信貸長 Lee Ann Cragg 擔任特別來賓講者，她將分享我們在信用風險管理措施上的更多洞見。

As we begin, please note that discussions on today's call contain forward-looking statements within the meaning of the Securities Exchange Act. In addition, references will also be made to non-GAAP financial measures. Please refer to the company's earnings release for a statement regarding forward-looking statements as well as for information and reconciliation of non-GAAP financial measures to GAAP measures.

在開始之前，請注意今天電話會議中的討論包含《證券交易法》所定義的前瞻性陳述。此外，我們也將提及非 GAAP 財務衡量指標。請參閱公司新聞稿中的前瞻性陳述說明，以及非 GAAP 財務衡量指標與 GAAP 指標之資訊與調節表。

I will now turn it over to our Interim CEO, Carlos Iafigliola.

接下來我將把時間交給我們的臨時執行長 Carlos Iafigliola。

Thank you, Laura. Good morning, everyone, and thank you for joining us today to discuss Amerant's first quarter 2026 results. As we begin, I want to acknowledge where we are in the execution of our strategic plan. I'm proud of the continued progress we have made on the three priorities we outlined last quarter, stabilizing the business, optimizing our credit portfolio and growing sustainably.

謝謝你，Laura。各位早安，感謝各位今天加入我們，一同討論 Amerant 2026 年第一季的業績結果。在開始時，我想先說明我們在執行策略計畫方面的進展。我為我們在上季提出的三項優先事項上持續取得進展而感到自豪：穩定業務、優化信貸投資組合，以及以可持續方式成長。

I also want to thank the Amerant team for their hard work and dedication throughout the quarter. Our people are the key enabler of this plan and that continues to guide our execution. So let's begin with our primary focus, which has been credit quality and improving our loan portfolio.

我也要感謝 Amerant 團隊在本季的辛勤付出與投入。我們的同仁是推動此計畫的關鍵力量，而這也持續引導我們的執行方向。那麼就從我們的主要重點開始，也就是信用品質與改善我們的放款組合。

As a reminder, in Q4 last year, we completed a comprehensive reassessment of our portfolio in terms of risk identification and classification and subsequently exited a segment of loans from classified categories. This process continued into the first quarter, where we demonstrated proactive credit management and further refined the classifications of certain loans based on current macroeconomic data and new information received. We identified both necessary downgrades as well as meritable upgrades.

提醒各位，去年第四季我們完成了對投資組合在風險辨識與分類方面的全面重新評估，並隨後將一部分貸款自受分類類別中移出。此流程延續至第一季，我們展現了主動的信用管理，並依據最新的總體經濟數據與新取得的資訊，進一步精細調整部分貸款的分類。我們同時辨識出必要的降級，以及值得的升級。

Additionally, we exited and transferred to held for sale, another group of loans that we no longer consider core to our business. The new process and people we have put in place has significantly improved our credit evaluation capabilities, and the team is executing well. The composition of our loan portfolio now reflects a healthier mix with a risk profile that is more consistent with our long-term goals. Lee Ann will share additional details shortly.

此外，我們也退出並轉列為待售的另一批貸款，這些貸款我們不再視為核心業務的一部分。我們所建立的新流程與新團隊大幅提升了信用評估能力，而團隊的執行表現良好。目前我們的放款組合結構呈現更健康的配置，其風險輪廓也更符合我們的長期目標。Lee Ann 稍後將分享更多細節。

Going forward, as we prioritize business development, we will pursue growth within credit parameters that allow for sustainable financial results. To this end, we have enhanced risk-based limits to adjust concentration risk and prevent single borrower overexposure.

展望未來，當我們將重心放在業務開發時，將在可支持可持續財務成果的授信參數內追求成長。為此，我們已強化以風險為基礎的限額設定，以調整集中度風險並避免對單一借款人過度曝險。

We have also refined our market approach by moving away from out-of-market collateral projects, except selectively for existing clients in core markets where we have deeper borrower insight. We have also fundamentally shifted underwriting, prioritizing borrowers with proven stable operating history over projection-based lending and tightening our policy exception framework by lowering allowable exception thresholds to better align with our risk appetite.

我們也透過調整市場策略，降低對非核心市場擔保品專案的承作，僅在核心市場中針對既有客戶選擇性承作，因為我們對借款人有更深入的了解。我們也從根本上調整承作（underwriting）方式，優先選擇具備經證實且穩定營運歷史的借款人，而非以預測為基礎的放款；同時透過降低可允許的例外門檻，收緊政策例外框架，以更貼近我們的風險偏好。

Lastly, we have continued to invest in experienced talent, and we're taking a more intentional approach to growth, focusing on what we believe are the right fundamentals to drive stability, consistency and sustainable top line performance.

最後，我們持續投資於具經驗的人才，並以更有意識的方式推動成長，聚焦於我們認為能帶來穩定性、一致性與可持續營收成長的正確基本面。

Our top priority is continuing to improve our efficiency, which the team executed well against this quarter. Our net income for Q1 was in line with our guidance, and we have significantly reduced noninterest expenses quarter-over-quarter, supported by better-than-expected cost savings. To put this in perspective, our expense management efforts represents approximately $30 million in cost savings for 2026.

我們的首要任務是持續提升效率，而團隊在本季的執行表現良好。第一季淨利與我們的指引一致，且在優於預期的成本節省支持下，我們的非利息費用較前一季大幅下降。為了讓各位更有概念，我們的費用管理工作在 2026 年約可帶來 3,000 萬美元的成本節省。

Additionally, we saw strong growth in favorable low-cost international deposits as a result of the reactivation of the Venezuelan economy and our deep knowledge and experience in the market as well as the extensive work that, for many years, we have done to preserve and expand our relationships in the country.

此外，受惠於委內瑞拉經濟重新活絡、我們對該市場的深厚知識與經驗，以及多年來為維繫並擴大當地關係所做的廣泛努力，我們看到有利的低成本國際存款強勁成長。

In line with this, I would like to take a moment to provide some additional context on our international deposit growth. Last quarter, we highlighted Venezuela as an area of opportunity. And this quarter, we delivered, recording $188 million of total deposit growth in Q1, from which $95 million came from Venezuela and $66 million of this growth was in March alone. These deposits are quite attractive due to their stability, overall cost of funds and beta in rates-up cycle, such as the one we recently experienced, allowing for improved profitability as we continue to grow our international presence.

基於此，我想花點時間就我們的國際存款成長提供更多背景說明。上季我們提到委內瑞拉是一個機會領域。而本季我們交出成果，第一季總存款成長 1.88 億美元，其中 9,500 萬美元來自委內瑞拉，而其中 6,600 萬美元的成長僅發生在 3 月。這些存款因其穩定性、整體資金成本，以及在升息循環（如我們近期所經歷）中的利率敏感度（beta）而相當具吸引力，使我們在持續擴大國際布局的同時得以提升獲利能力。

Furthermore, these customers are well aligned with our relationship-first approach as they can be cross-sold via our wealth management offering. Moving forward, Venezuela represents a key opportunity to continue generating net interest income from a source of funds and to capture increased market share. We believe Amerant is uniquely positioned to take advantage of this opportunity and support both individual entities as the country reopens.

此外，這些客戶也與我們「關係優先」的策略高度契合，因為我們可透過財富管理服務進行交叉銷售。展望未來，委內瑞拉是持續以資金來源創造淨利息收入並提升市占率的關鍵機會。我們相信，隨著該國重新開放，Amerant 具備獨特優勢可把握此機會，並同時支持個人與企業客戶。

In summary, we believe we executed well against our strategic plan. We took a focused, deliberate action to further optimize our credit portfolio while reinforcing risk management. We implemented cost savings initiatives that have reduced our expenses and improved our efficiency. We generated loan growth that is aligned with our risk appetite despite exits of certain criticized loans and significant loan prepayments, which provides a clear line of sight to sustained credit performance. And we executed well on our international strategy, particularly in Venezuela, which we view as a meaningful opportunity to further scale our international deposit franchise and drive incremental earnings.

總結來說，我們認為我們在策略計畫上的執行表現良好。我們採取聚焦且審慎的行動，進一步優化信貸投資組合，同時強化風險管理。我們推動成本節省措施，降低費用並提升效率。儘管退出部分受批評貸款並出現大量提前還款，我們仍實現符合風險偏好的放款成長，並對持續的信用表現具備清晰可見度。同時，我們在國際策略上執行到位，尤其是在委內瑞拉；我們視其為一項重要機會，可進一步擴大國際存款業務規模並帶動增量獲利。

With that, I will turn it over to Shary to review our quarterly financial results in more detail.

接下來，我將把時間交給 Shary，更詳細地說明我們本季的財務結果。

Thank you, Carlos, and good morning, everyone. I want to begin by saying that, going forward, we will be discussing results without breaking down core versus noncore metrics in our financials. We would like to be more selective with adjustments with the goal of providing a clearer and more straightforward view of our quarterly performance. All comparisons made to last quarter's results are to our GAAP reported figures.

謝謝你，Carlos，各位早安。我想先說明，未來我們在討論業績時，將不再於財務數據中拆分核心與非核心指標。我們希望在調整項目上更為審慎，以提供更清晰且更直接的季度表現觀點。所有與上季結果的比較，皆以我們 GAAP 申報數字為準。

Let's turn to slide 4, where you will see our balance sheet highlights. Note that in the next three slides, I will focus on those items that are most relevant to the quarter and will not be covered in subsequent slides. Total assets were $9.9 billion as of the end of the first quarter, an increase from $9.8 billion as of the end of the fourth quarter. The increase was primarily driven by higher deposit balances.

我們來看第 4 張投影片，您將看到資產負債表重點。請注意，在接下來三張投影片中，我將聚焦於本季最相關的項目，且這些項目在後續投影片中將不再重複說明。截至第一季末，總資產為 99 億美元，較第四季末的 98 億美元增加。此增幅主要由較高的存款餘額所帶動。

Additionally, we reallocated our assets to fund net loan growth, including selected residential loan purchases and deploy available cash into higher-yielding assets. Cash and cash equivalents were $188.7 million, down by $281.5 million compared to $470.2 million in the fourth quarter due to the purchases of investment securities at attractive yields as well as to fund loan growth.

此外，我們重新配置資產以支應淨放款成長，包括選擇性購買住宅貸款，並將可用現金投入收益率較高的資產。現金及約當現金為1.887億美元，較第四季的4.702億美元減少2.815億美元，主要因以具吸引力的殖利率購買投資證券，以及用以支應放款成長。

Total investment securities were $2.4 billion, up by $346.3 million compared to $2.1 billion in the previous quarter. Total gross loans were $6.8 billion, up by $56.5 million compared to $6.7 billion in the fourth quarter. While we experienced increases in certain portfolios, overall loan balances were only slightly higher than in the fourth quarter due to a high level of prepayments and some loans that we exited in line with our focus on credit quality. This was anticipated and guided to in our call last quarter.

投資證券總額為24億美元，較前一季的21億美元增加3.463億美元。放款總額（毛額）為68億美元，較第四季的67億美元增加5,650萬美元。儘管部分投資組合有所增加，但由於提前還款水準偏高，以及我們依循對信用品質的聚焦而退出部分放款，整體放款餘額僅較第四季略為提高。這一點我們在上一季的電話會議中已預期並提供指引。

On the deposit side, total deposits were $7.9 billion, up by $152.2 million compared to $7.8 billion in the fourth quarter, primarily driven, as Carlos mentioned, by strong growth in international deposits. Our assets under management increased $148.6 million to $3.4 billion, driven by higher market valuations. As we've shared previously, we continue to see this business as an area of opportunity for us to grow fee income going forward, increasingly in light of the opportunity in Venezuela.

在存款方面，存款總額為79億美元，較第四季的78億美元增加1.522億美元，主要如Carlos所提及，係由國際存款強勁成長所帶動。我們的資產管理規模增加1.486億美元至34億美元，主要受較高的市場估值推動。如先前所分享，我們持續將此業務視為未來擴大手續費收入的機會領域，尤其是鑑於委內瑞拉的機會日益浮現。

Let's turn to slide 5. Looking at the income statement, diluted income per share for the first quarter was $0.44 compared to $0.07 in the fourth quarter. Net interest income was $80.3 million, down $9.9 million from $90.2 million in the fourth quarter.

接著請看第5頁投影片。從損益表來看，第一季稀釋後每股盈餘為0.44美元，較第四季的0.07美元增加。淨利息收入為8,030萬美元，較第四季的9,020萬美元減少990萬美元。

This was primarily driven by lower average balances and yields on interest-earning assets, largely attributable to the anticipated cuts of 50 basis points in market rates, impacting the portfolio for the entire quarter. The decrease in net interest income was also driven by the asset mix reallocation. That translated into a contraction of our financial margin to 3.55% from 3.78% in the fourth quarter.

這主要是由於生息資產的平均餘額與收益率下降，主要可歸因於市場利率如預期下調50個基點，對整個季度的投資組合造成影響。淨利息收入的下降亦受到資產組合重新配置的影響。因此，我們的金融利差由第四季的3.78%收斂至3.55%。

Provision for credit losses was $7.8 million compared to $3.5 million in the fourth quarter. Noninterest income was $17.4 million, down $4.6 million from $22 million, primarily driven by the absence of the gain that we had in the fourth quarter from the sale and leaseback of two banking centers as well as lower securities gains this quarter compared to the fourth quarter.

信用損失準備為780萬美元，較第四季的350萬美元增加。非利息收入為1,740萬美元，較2,200萬美元減少460萬美元，主要因第四季出售並回租兩處銀行營運據點所認列的收益本季不再出現，以及本季證券收益較第四季減少。

Noninterest income this quarter includes securities gains of $516,000. Noninterest expense was $66.9 million, down by $39.9 million or 37.3% from $106.8 million in the fourth quarter. The significant reduction in noninterest expenses this quarter was primarily driven by our cost savings efforts, which included $3.3 million savings in vendor contract renegotiations. The decrease in noninterest expenses in 1Q '26 was partially offset by $1.7 million in an impairment on investment carried at cost and $1.8 million in net losses on loans held for sale.

本季非利息收入包含51.6萬美元的證券收益。非利息費用為6,690萬美元，較第四季的1.068億美元減少3,990萬美元或37.3%。本季非利息費用大幅下降主要來自我們的成本節省措施，其中包括重新協商供應商合約節省330萬美元。2026年第一季非利息費用的下降，部分被以成本法入帳之投資認列170萬美元減損，以及待售放款淨損180萬美元所抵銷。

Pretax pre-provision net revenue was $30.7 million compared to $5.4 million in 4Q '25. As mentioned earlier, we have significantly reduced noninterest expenses this quarter, which more than offset the lower net interest income and noninterest income, driving an improvement in PPNR. You can also see that ROA and ROE this quarter were 0.73% and 7.63% compared to 0.10% and 1.12%, respectively, and our efficiency ratio was 68.52% compared to 95.19%. These ratios were primarily impacted by the increase in net income and significant decreases in expenses this quarter.

稅前、提存前淨收益（PPNR）為3,070萬美元，較2025年第四季的540萬美元增加。如先前所述，我們本季大幅降低非利息費用，足以抵銷淨利息收入與非利息收入的下降，帶動PPNR改善。同時可見本季資產報酬率（ROA）與股東權益報酬率（ROE）分別為0.73%與7.63%，相較之下分別為0.10%與1.12%；效率比率為68.52%，相較之下為95.19%。這些比率主要受到本季淨利增加以及費用大幅下降的影響。

Turning now to slide 6 to discuss our capital metrics. Our CET1 remains strong at 11.84% compared to 11.80% last quarter, mainly driven by lower risk-weighted assets and from net income during the quarter, while partially offset by $18.7 million in share repurchases and $3.7 million in shareholder dividends.

接著請看第6頁投影片，討論我們的資本指標。我們的普通股權益第一類資本比率（CET1）維持強勁，為11.84%，較上季的11.80%略升，主要受風險加權資產下降及本季淨利帶動，但部分被1,870萬美元庫藏股回購與370萬美元股東股利所抵銷。

We paid our quarterly cash dividend of $0.09 per share of common stock on February 27, 2026, and our Board of Directors just approved a quarterly dividend of $0.09 per share payable on May 29 of this year. During the first quarter, we also repurchased 859,493 shares at a weighted average price of $21.77 per share compared to tangible book value of $22.38 as of March 31, 2026. This represented 97% of tangible book value and 95% of book value.

我們已於2026年2月27日支付普通股每股0.09美元的季度現金股利，董事會亦剛核准本年度5月29日支付普通股每股0.09美元的季度股利。第一季期間，我們亦以每股加權平均價格21.77美元回購859,493股；截至2026年3月31日，每股有形帳面價值為22.38美元。此回購價格相當於有形帳面價值的97%及帳面價值的95%。

On slide 7, we show our well-diversified deposit mix along with the composition of our loan portfolio. Total deposits for the quarter were $7.9 billion, up $152.2 million or 2% compared to $7.8 billion in the previous quarter. As Carlos mentioned, this increase was primarily driven by the significant deposit growth in our international deposits as a result of Venezuela's economy starting to reactivate, which we believe presents a strong opportunity for us to pursue.

在第7頁投影片，我們展示多元化的存款組合，以及放款投資組合的構成。本季存款總額為79億美元，較前一季的78億美元增加1.522億美元或2%。如Carlos所提及，此增幅主要來自國際存款顯著成長，係因委內瑞拉經濟開始重新活絡；我們認為這為我們帶來值得把握的強勁機會。

In terms of deposit mix, broker deposits totaled $548.1 million, up by $112.4 million compared to $435.7 million in the fourth quarter as we used mostly short-term funding to compensate for some large fund providers that left in the prior quarter. We also saw an increase in interest-bearing demand, savings and money market deposits partially offset by a reduction on noninterest-bearing deposits. Total loans were $6.8 billion, up $56.5 million or 0.8% compared to $6.7 billion in the fourth quarter. This increase was driven by a combination of originations as well as purchases of selected residential mortgages during the quarter, which were largely offset by the higher prepayments we received as well as loan sales completed in this period.

就存款結構而言，經紀存款合計5.481億美元，較第四季的4.357億美元增加1.124億美元，因我們主要使用短期資金以彌補前一季流失的部分大型資金提供者。我們亦看到計息活期、儲蓄及貨幣市場存款增加，但部分被不計息存款下降所抵銷。放款總額為68億美元，較第四季的67億美元增加5,650萬美元或0.8%。此增幅來自本季承作放款以及選擇性購買住宅抵押貸款的綜合影響，但大致被較高的提前還款以及本期間完成的放款出售所抵銷。

Next, on slide 8, you can see the evolution of our net interest income. You can see that we maintained a healthy net interest margin despite this first quarter fully capturing the impact of two rate cuts towards the end of the last year and our asset mix reallocation. We continue to reprice our interest-bearing deposits during the quarter to maintain a healthy NIM and saw the cumulative beta at 0.48% since the rate down period started. Our net interest income was also impacted by nonperforming loans and some of the exits of classified loans that I mentioned earlier. While this may have a short-term impact, it improves the long-term sustainability of our business.

接下來在第8頁投影片，您可以看到我們淨利息收入的變化。您可以看到，儘管第一季完整反映去年底兩次降息的影響以及我們的資產組合重新配置，我們仍維持健康的淨利息利差（NIM）。本季我們持續調整計息存款的定價以維持健康的NIM，自降息週期開始以來的累積beta為0.48%。我們的淨利息收入亦受到不良放款以及我先前提到的部分分類放款退出的影響。雖然這可能對短期造成影響，但可提升我們業務的長期可持續性。

Now I'd like to turn it over to Lee Ann, who will speak a bit more about some of the updates we have made to our portfolio management processes as we continue improving credit quality.

接下來我想把時間交給Lee Ann，她將進一步說明我們在持續提升信用品質的同時，對投資組合管理流程所做的一些更新。

Thanks, Shary, and thank you for having me on today's call. As Carlos highlighted, we are taking significant steps to improve our credit quality evaluation processes, which I'd like to highlight for you today.

謝謝你，Shary，也感謝你邀請我參加今天的電話會議。如 Carlos 所強調，我們正採取重大措施來改善我們的信用品質評估流程，今天我想為各位重點說明。

To begin, we staffed a dedicated portfolio management team to improve the timeliness of the collection of financial information from borrowers and for the escalation of possible issues to the credit team. We've also invested in additional training for both credit and line of business teams to improve the accuracy and consistency of assigning regulatory risk ratings. We have further embedded new checkpoints throughout our monitoring process upon which updated risk rating models should be run and attested.

首先，我們配置了一支專責的投資組合管理團隊，以提升向借款人收集財務資訊的及時性，並將可能的問題升級通報給信貸團隊。我們也加碼投資，為信貸團隊與各業務線團隊提供額外訓練，以提升指派監理風險評等的準確性與一致性。我們進一步在整個監控流程中嵌入新的檢核點，要求於這些節點執行並確認更新後的風險評等模型。

Beyond that, we've made our review procedures more rigorous and risk focused. We redesigned our annual review format to drive deeper risk identification and recalibrated the review threshold from total credit exposures of $5 million to $3 million to expand portfolio coverage.

除此之外，我們也讓審查程序更嚴謹且更聚焦於風險。我們重新設計年度審查格式，以推動更深入的風險辨識，並將審查門檻由總授信曝險 500 萬美元下調至 300 萬美元，以擴大投資組合覆蓋範圍。

Subsequently, and with additional process and staff build-out, we expect to review all exposures over $1 million through our standardized review. We also introduced quarterly top 20 reviews across CRE, C&I and Private Banking segments to closely monitor our largest relationships. These discussions include risk ratings, exceptions and exposure strategy. These quarterly meetings will be held for portfolio segments that may be deemed in higher-risk categories throughout the year.

隨後，隨著流程與人力的進一步建置，我們預期將透過標準化審查覆蓋所有超過 100 萬美元的曝險。我們也在 CRE、C&I 與私人銀行（Private Banking）等分部導入每季前 20 大審查，以密切監控我們最大的往來關係。這些討論涵蓋風險評等、例外事項與曝險策略。對於全年可能被認定為較高風險類別的投資組合分部，將召開這些季度會議。

We have also increased the cadence of hosting multiple loan monitoring meetings. These meetings are for adversely classified loans with ongoing proactive strategy discussions, focusing on restructures or obtaining additive credit enhancements where possible. Finally, we're aligning our incentives with asset quality by incorporating portfolio management metrics into banker compensation starting in 2026. Collectively, these steps provide stronger controls, better visibility and more hands-on portfolio management.

我們也提高了召開多場貸款監控會議的頻率。這些會議針對不利分類貸款，持續進行主動式策略討論，重點在於可能的重整，或在可行時取得額外的信用增強措施。最後，我們將透過自 2026 年起把投資組合管理指標納入銀行家薪酬，讓激勵與資產品質更一致。整體而言，這些措施帶來更強的控管、更佳的能見度，以及更積極的投資組合管理。

Now turning to asset quality. As shown on slide 10, nonperforming loans were up $4.7 million or 2.7% for a total of $176.1 million or 1.78% of total assets. During Q1 '26, downgrades to NPL were primarily driven by three relationships that included a combination of CRE, owner-occupied and commercial loans, and were offset by payoff and note sales as noted on the slide.

接著談資產品質。如投影片 10 所示，不良貸款（NPL）增加 470 萬美元或 2.7%，總額達 1.761 億美元，占總資產 1.78%。在 2026 年第一季，降級為 NPL 主要由三個往來關係所驅動，涵蓋 CRE、自用型（owner-occupied）及商業貸款的組合；並如投影片所示，部分由清償與票據出售所抵銷。

In the next slide, we have included similar information as it relates to the classified portfolio. During 1Q '26, downgrades to classified loans were primarily driven by the three relationships just mentioned in NPL as well as a large nondepository financial institution loan with underlying CRE property as collateral and one large single-family residential loan, which was adequately secured with real estate.

下一張投影片，我們提供與分類投資組合相關的類似資訊。在 2026 年第一季，降級為分類貸款主要由前述三個 NPL 往來關係所驅動，另包括一筆大型非存款類金融機構貸款（以 CRE 不動產作為擔保品）以及一筆大型單戶住宅貸款，該筆貸款有足夠的不動產擔保。

On this slide, you can also see the results of our efforts to reduce the loan balances in this classification during this quarter, with loan payoffs totaling $59.5 million and loans sold totaling $65.7 million during the period.

在本投影片中，您也可以看到我們於本季降低此分類貸款餘額的成果：期間貸款清償合計 5,950 萬美元，出售貸款合計 6,570 萬美元。

Now moving into slide 12, we discuss special mention loans and their key characteristics, including portfolio composition and collateral coverage. During the first quarter of 2026, downgrades to special mention were primarily driven by three CRE loans, partially offset by upgrades to pass totaling $67.3 million. This is based on new year-end financial information that was received and analyzed. As of April 22, special mention loans were reduced to $117.3 million due to a $30.9 million CRE loan sale and is projected to reach a further reduced level to $88.3 million as a result of an additional CRE loan exit of $29 million. This is expected in the coming weeks.

接著到投影片 12，我們討論特別關注（special mention）貸款及其關鍵特徵，包括投資組合構成與擔保覆蓋情況。在 2026 年第一季，降級為特別關注主要由三筆 CRE 貸款所驅動，部分由升級為正常（pass）合計 6,730 萬美元所抵銷。此係基於收到並分析的新年度期末財務資訊。截至 4 月 22 日，由於出售一筆 3,090 萬美元的 CRE 貸款，特別關注貸款降至 1.173 億美元；並預計因另一次 2,900 萬美元的 CRE 貸款退出而進一步降至 8,830 萬美元。預期將在未來幾週內發生。

Overall, these results reflect the proactive approach to credit monitoring, evaluation and resolution that we have taken to effectively manage risk across the portfolio. You will also see the impact of these efforts as we continue to exit these credits through paydowns, payoffs and loan sales with expected balances declining as a result.

整體而言，這些結果反映了我們在信用監控、評估與處置上採取的主動作為，以有效管理整體投資組合風險。隨著我們持續透過攤還、清償與出售貸款退出這些授信，您也將看到這些努力的影響，預期餘額將因此下降。

And with that, I'd like to pass it back to Shary.

以上，我想把時間交回給 Shary。

Thank you, Lee Ann. Now moving on to slide 13. Here, we show the drivers of the provision recorded this quarter and impact to the allowance for credit losses. The provision for credit losses was $7.8 million in the first quarter. The provision was driven by $6.3 million in additional reserves for charge-offs, a $1.7 million net increase in specific reserve allocations and $2.6 million attributable to changes in credit quality and macroeconomic factors. These increases were partially offset by a $2.9 million release related to held for investment loan volume changes.

謝謝你，Lee Ann。接著看投影片 13。在這裡，我們說明本季認列提存（provision）的驅動因素，以及對信用損失備抵（allowance for credit losses）的影響。第一季信用損失提存為 780 萬美元。提存主要由以下因素驅動：為沖銷（charge-offs）增加的準備金 630 萬美元、特定準備金分配淨增加 170 萬美元，以及因信用品質與總體經濟因素變動所致的 260 萬美元。上述增加部分被一筆 290 萬美元的回轉所抵銷，該回轉與持有供投資（held for investment）貸款量變動相關。

During the first quarter of 2026, gross charge-offs totaled $9.1 million, which includes $4.4 million related to a commercial loan participation agreement that the borrower and the company agreed to wind down in 4Q 2025, and no further charge-offs are expected from this agreement going forward. The remaining charge-offs were related to one commercial relationship and indirect consumer loans. These charge-offs were offset by $1.9 million due to recoveries. Lastly, the allowance for credit losses ratio was up slightly to 1.21% from 1.20% in the fourth quarter, primarily due to increases in specific reserves.

在 2026 年第一季，總沖銷金額為 910 萬美元，其中包括 440 萬美元，與一項商業貸款參貸（participation）協議相關；借款人與本公司已同意於 2025 年第四季逐步終止該協議，未來預期不會再因該協議產生進一步沖銷。其餘沖銷與一個商業往來關係及間接消費者貸款相關。這些沖銷由 190 萬美元的回收（recoveries）所抵銷。最後，信用損失備抵比率由第四季的 1.20% 小幅上升至 1.21%，主要因特定準備金增加所致。

On slide 14, you can see our outlook for 2026. For 2Q '26, we project loan balances to reach approximately $7 billion, driven by organic originations and selective residential loan purchases, which also support a shift towards a more granular portfolio. For the full year 2026, we expect annualized loan growth of approximately 7%.

在投影片 14，您可以看到我們對 2026 年的展望。就 2026 年第二季而言，我們預估貸款餘額將達約 70 億美元，主要由自然承作（organic originations）與選擇性住宅貸款購買所帶動，亦支持投資組合朝更細分（granular）的方向轉變。就 2026 年全年而言，我們預期年化貸款成長約 7%。

These expectations will be governed by two deliberate and nonnegotiable priorities. First, we will continue to exit certain credits to further optimize our loan portfolio, which will offset a portion of organic production in the near term. Second, we will pursue future loan growth that is consistent with our risk appetite and supports the predictability of our credit metrics.

這些預期將由兩項審慎且不可妥協的優先事項所主導。第一，我們將持續退出部分授信，以進一步優化貸款投資組合，短期內將抵銷部分自然產出。第二，我們將追求符合風險偏好、並支持信用指標可預測性的未來貸款成長。

On the funding side, we expect deposits to reach $8 billion by 2Q '26 and cumulative deposit growth between 8% to 10% for 2026. The confidence in our deposit growth outlook is supported by emerging opportunities in Venezuela, as Carlos mentioned, and our continued efforts to grow domestically. We expect net interest margin to be in the 3.4% to 3.5% range in 2Q '26, stabilizing around 3.4% towards year-end, reflecting disciplined balance sheet management and pricing.

在資金面，我們預期存款於 2026 年第二季達到 80 億美元，且 2026 年累計存款成長介於 8% 至 10%。我們對存款成長展望的信心，來自如 Carlos 所提到的委內瑞拉新興機會，以及我們持續推動國內成長的努力。我們預期 2026 年第二季淨利差將落在 3.4% 至 3.5% 區間，並於年底前後穩定在約 3.4%，反映我們在資產負債表管理與定價上的紀律。

From an expense perspective, we are projecting approximately $68 million to $69 million in expenses for 2Q '26 with quarterly expenses stabilizing around $68 million by the second part of the year as we continue to make progress towards our target efficiency ratio of approximately 60%.

在費用方面，我們預估 2026 年第二季費用約為 6,800 萬至 6,900 萬美元；隨著我們持續朝約 60% 的目標效率比率邁進，季度費用將在下半年趨於穩定於約 6,800 萬美元。

Lastly, we continue to believe that buying back our stock represents an attractive use of capital, and we expect to continue using a portion of our cash to directly return capital to our shareholders through repurchases and dividends.

最後，我們仍然認為回購本公司股票是具吸引力的資本運用方式，並預期將持續使用部分現金，透過回購與股利直接向股東返還資本。

And with that, I pass it back to Carlos for additional comments and closing remarks.

說到這裡，我把時間交回給 Carlos，請他補充說明並做結語。

Thank you, Shary. As we wrap up today's call, I would like to reiterate, as shown on slide 15, the continued progress we have made in stabilizing the business, optimizing our credit portfolio and growing sustainably. Our results this quarter reflect strong execution and tangible progress from the decisive actions we have taken over the past two quarters across these priorities.

謝謝你，Shary。在結束今天的電話會議之際，我想再次強調，如投影片 15 所示，我們在穩定業務、優化信用投資組合並以可持續方式成長方面，持續取得進展。本季的業績反映出我們強而有力的執行力，以及過去兩個季度在這些優先事項上所採取果斷行動帶來的具體進展。

As we look ahead, we will continue to prioritize building a healthier loan portfolio that is consistent with our risk appetite and long-term goals. We will also continue our disciplined expense management efforts, driving efficiencies across the organization. And lastly, we will emphasize growth in our core business with a clear line of sight to sustained credit performance.

展望未來，我們將持續優先打造更健康的放款投資組合，使其符合我們的風險偏好與長期目標。我們也將持續推動嚴謹的費用管理工作，在全組織範圍內提升效率。最後，我們將著重於核心業務的成長，並對信用表現的可持續性保持清晰的可視性。

We will continue to strengthen our relationship-first model to enhance collaboration across our business lines to unlock synergies, proactively manage deposit funding costs and capitalize on strong deposit growth opportunities, including Venezuela. We have a durable franchise, a clear strategic vision and a disciplined execution plan. While there is more work ahead, we are excited about the opportunities and remain confident in our ability to deliver value for our shareholders over the long term.

我們將持續強化以關係為先的模式，提升各業務線之間的協作以釋放綜效，主動管理存款資金成本，並把握強勁的存款成長機會，包括委內瑞拉。我們擁有穩健的特許經營基礎、清晰的策略願景與嚴謹的執行計畫。雖然前方仍有更多工作要做，但我們對這些機會感到振奮，並對長期為股東創造價值的能力保持信心。

With that, Shary, Lee Ann and I will take questions. Operator, please open the line for Q&A.

說到這裡，Shary、Lee Ann 和我將開始回答問題。接線員，請開放問答。

(Operator Instructions) Evan Yee, Raymond James.

(接線員指示) Evan Yee，Raymond James。

So just want to start on expenses. So it looks like expenses trended a little bit better than the initial first half of 2026 expectation. Could you just give us some color into what is factoring in your outlook for the rest of the year?

我想先從費用談起。看起來費用走勢比你們對 2026 年上半年最初的預期稍微好一些。能否請你們補充說明一下，對於今年剩餘期間的展望，主要考量因素有哪些？

Yes. Thank you so much for the question. So pretty much we accelerated some of the contract renegotiation that we have scheduled for later into 2026. So we had it completed in early 2026 and the run-up rate seems to be closer to the $68 million for the entire year quarter-over-quarter. So that's a collective effort that we have done to improve expenses.

是的。非常感謝這個問題。基本上，我們把原本排定在 2026 年較後期的部分合約重新談判加速進行。因此我們在 2026 年初就完成了，按季比較的年化費用水準看起來更接近全年 6,800 萬美元。這是我們為改善費用所做的集體努力。

Shary, I'm not sure --

Shary，我不確定--

Yes. Yes, Carlos, to complement that, I think it's important that we state that we're not looking into just a onetime cost reduction. We're looking more into sustainability quarter-over-quarter. So that's why you're going to see that the run rate that we have provided some guidance on it goes to the $68 million more or less in the upcoming quarters.

是的。是的，Carlos，補充一下，我認為重要的是要說明，我們追求的不只是一次性的成本降低。我們更著重於按季的可持續性。因此你們會看到，我們所提供的指引中，未來幾季的費用運行率大致會到 6,800 萬美元左右。

And we continue to plan to cross the $10 billion threshold. I know we're at $9.9 billion right now, but we continue to plan to cross that threshold. We're going to have some investments in people and technology. So it means that we have to make sure that we materialize those cost savings initiatives that we have identified so that we get to that run rate of $68 million that we have guided to.

而且我們仍然計畫跨越 100 億美元的門檻。我知道我們目前大約是 99 億美元，但我們仍計畫跨過那個門檻。我們會在人員與科技方面進行一些投資。因此這意味著，我們必須確保把已識別的節省成本措施落實到位，才能達到我們所指引的 6,800 萬美元運行率。

I guess the takeaway is that those savings are durable throughout the entire 2026.

我想重點是，這些節省在整個 2026 年都具有持續性。

Got it. That's super helpful. And then I guess switching over the capital. So it looks like you used a large utilization -- a large portion of utilization this quarter. Just kind of curious on what the appetite is there moving forward. I know you've mentioned it was an attractive option.

了解。這非常有幫助。接著我想轉到資本。看起來你們本季動用了很大一部分的使用額度——動用比例相當高。我想了解一下未來在這方面的偏好。我知道你們提到這是一個很有吸引力的選項。

You mean in terms of the buyback? The leftover of the buyback right now is $21 million, and we are planning to complete the buyback through Q2.

你是指回購嗎？目前回購剩餘額度是 2,100 萬美元，我們計畫在第二季完成回購。

Yes. I mean, we definitely saw opportunity, we believe, in the bank, and we saw a lot of value and opportunity in the first quarter because we were trading below tangible book. We're now over tangible book, but we continue to see opportunities through the buyback program. So as Carlos mentioned, the plan is to continue with the plan throughout the year with the remaining portion.

是的。我的意思是，我們確實看到了機會，我們相信這家銀行的價值；而且在第一季我們看到很多價值與機會，因為當時股價低於有形帳面價值。現在我們已高於有形帳面價值，但我們仍透過回購計畫看到機會。因此如 Carlos 所提到的，計畫是在今年持續執行，完成剩餘的部分。

Russell Gunther, Stephens.

Russell Gunther，Stephens。

This is Nick stepping in for Russell. So it's good to see progress on special mention, especially with that $31 million sale already closed. But looking ahead to that additional CRE exit you guys have targeted for mid-2Q, does that effectively wrap up the heavy lifting on derisking? I'm just trying to gauge if there are more bulk exits on the horizon or if the portfolio is finally where you want it to be.

我是 Nick，代替 Russell 發問。很高興看到特別關注（special mention）項目有所進展，尤其是那筆 3,100 萬美元的出售已經完成交割。但展望你們目標在第二季中期完成的額外商用不動產（CRE）退出，這是否等同於去風險（derisking）的主要艱鉅工作已告一段落？我想評估一下，未來是否還會有更多整批退出，或是投資組合終於已達到你們希望的狀態。

Sure. Thank you for the question. And the exercise that we have been doing, and probably you noticed the progression, has been risk identification. We exit the relationships that we consider that were critical exits in Q4 2024. And from now on, it will be a risk calibration exercise. So what we place in available for sale reflects a combination of line items that are either out of footprint, or they are too bulky with our new risk appetite.

當然。謝謝你的問題。我們一直在做的工作——你可能也注意到其進展——是風險辨識。我們在 2024 年第四季退出了我們認為屬於關鍵必須退出的客戶關係。從現在開始，將會是一個風險校準的工作。因此，我們列為可供出售（available for sale）的項目，反映的是一些科目組合：要嘛不在我們的經營版圖內，要嘛在我們新的風險偏好下規模過大。

So the progression will be that those line items will continue to fade away out of the balance sheet. Right now, we executed on the $30 million, and there is another exit up coming weeks. So that will left with $130 million in available for sale, but the plan is to continue to execute, and the plan is to create a portfolio that is more granular going forward. So you minimize the swings between the risk rating categories.

因此接下來的進程是，這些科目會持續從資產負債表中逐步淡出。目前我們已執行了 3,000 萬美元，接下來幾週還會有另一筆退出。因此可供出售的餘額將剩下 1.3 億美元，但計畫是持續執行；同時也要打造未來更為分散（granular）的投資組合。如此一來，就能把不同風險評等類別之間的波動降到最低。

Yes. And Carlos, to complement that, too, if we look also at the categories of classified or NPLs, we are looking into different paths to exit those. Some have opportunities for upgrades, which we'll look into, but others have opportunities, whether it's to refi and so on. So when we think about what is the derisking that we have left over the portfolio, as Carlos mentioned, we have the available for sale that we plan to exit, and then we have the reductions of the classified portfolio as well.

是的。另外補充 Carlos 的說法，如果我們也看被歸類（classified）或不良貸款（NPLs）的類別，我們正在評估不同的退出路徑。有些有機會上調評等，我們會評估；但也有些有機會透過再融資（refi）等方式處理。因此當我們思考投資組合剩餘的去風險工作時，如 Carlos 所說，我們有計畫退出的可供出售項目，同時也包括對已分類投資組合的縮減。

Woody Lay, KBW.

Woody Lay，KBW。

I wanted to start on the net interest margin in the quarter. It came below the guide you all had given for the quarter, and it looks like it came from lower loan yields. One, I was just wondering, were there any elevated interest reversals in the quarter? And two, is new loan production coming on at lower yields just given the adjustment in the risk appetite and trying to put on cleaner and safer credits?

我想先從本季的淨利差（NIM）談起。它低於你們先前對本季給出的指引，看起來主要是因為放款收益率較低。第一，我想確認一下，本季是否有較高的利息沖回（interest reversals）？第二，考量到風險偏好的調整，以及希望新增更乾淨、更安全的授信，新承作放款是否是以較低的收益率進來？

Sure. And Woody, what I'm going to do is I'm going to walk you through some of the elements of the NIM that may be helpful to get to that response. But the first thing is we had a change -- I mean, we have the repricing of the loan portfolio due to the cuts as we had planned for. So that did happen, and that's why we had guided to a lower number versus the NIM that we had in Q4.

當然。Woody，我會先帶你看幾個可能有助於理解 NIM 的要素，之後再回到你的問題。首先，我們確實出現了變化——也就是如我們原先規劃，因應降息而對放款投資組合進行重新定價。這確實發生了，因此我們才會指引較第四季的 NIM 更低。

But then after that, during Q1, we had a different asset mix. You're going to see that we had a higher proportion of investments available for sale. We had some impact due to the timing of the funding of the loan growth, which occurred later in the quarter.

但在那之後，在第一季期間，我們的資產組合有所不同。你會看到可供出售投資的占比更高。由於貸款成長資金到位的時點（發生在本季較後段），我們也受到一些影響。

And then additionally, to your point, we had onboarding of production with a quality that's aligned with the current risk appetite that will come and is expected to come with an overall lower yield than the existing portfolio. And then on top of that, we also had an impact of approximately 3 basis points associated to the number of days in the quarter versus the last quarter.

另外，如你所說，我們導入的新增承作（production）品質與目前的風險偏好一致，這些資產將會、且預期會帶來相較於既有投資組合更低的整體收益率。此外，與上一季相比，本季天數差異也帶來約3個基點的影響。

I think you also had a question regarding if we had certain impacts of nonaccrual. I didn't see anything significant this quarter. But if we compare that to the last quarter, last quarter, we did have some impact due to collections or recoveries on NPL loans. So trying to create something comparable for apples-to-apples, you're going to see that because we didn't have that in Q1, the NIM is slightly lower as well. So I hope that helps with that bridge.

我想你也問到是否有某些不計息（nonaccrual）的影響。我在本季沒有看到任何顯著的情況。但若與上一季相比，上一季我們確實因不良貸款（NPL）之收款或回收而受到一些影響。因此，若要做同口徑（apple-to-apples）的比較，你會看到因為第一季沒有那項因素，淨利差（NIM）也會略低一些。希望這能幫助你理解這段差異的銜接。

Woody, the other item that I would like to emphasize, this guidance that we're providing, and we're pending still to see the progression, international deposits started to resume. And as you know, they come with a lower cost of funds, closer to the 1% or in some cases, even lower. So we started to see that coming over. As we started to see a significant progression and we started to see a clear path towards accumulation of those deposits, that may have an impact on the cost of funds and will trigger a recalibration on the guidance for the financial margin.

Woody，我還想強調另一點：我們目前提供的這份指引，仍在觀察後續進展；國際存款已開始恢復成長。如你所知，這類存款的資金成本較低，接近1%，有些情況甚至更低。所以我們開始看到這些資金流入。當我們看到顯著的進展，並且看到這些存款累積的清晰路徑時，可能會影響資金成本，並觸發我們對財務利差指引的重新校準。

So for the time being, the financial margin projected includes the lower loan spreads. Remember that the production that we're looking at right now, it's probably closer to the 200 basis points, so it's even lower in some cases over SOFR. And generally speaking, what we'll have is that if the international portfolio of deposits starting to increase furthermore, we'll have additional savings in the cost of funds. But that's something that we're carefully assessing right now. We have a good quarter from that perspective and looking forward to see what's the accumulation of those line items. Okay.

因此，就目前而言，所預估的財務利差已納入較低的貸款利差。請記得，我們目前觀察的新增承作，可能更接近200個基點，有些情況下相對SOFR甚至更低。一般而言，如果國際存款組合進一步增加，我們的資金成本將有額外節省。但這是我們目前正在審慎評估的事項。從這個角度來看，我們本季表現不錯，接下來也會觀察這些科目的累積情況。好的。

And Carlos, to add to that, now on the deposit side, given the uncertainty in the rate environment, although we are expecting some positive improvement in terms of cost of funds due to the maturities of customer time deposits and broker deposits as it relates to other interest-bearing products, there's still uncertainty as to the timing of the repricing of those deposits. So it's something that we will continue to look and model, but that definitely will impact the guidance to the NIM.

Carlos，補充一下：在存款端，鑑於利率環境的不確定性，雖然就資金成本而言，我們預期客戶定期存款與經紀存款到期，並轉向其他計息產品，將帶來一些正向改善，但這些存款重新定價的時點仍存在不確定性。因此，這是我們會持續觀察並建模的事項，但它確實會影響我們對淨利差（NIM）的指引。

That's really helpful color. I appreciate you walking me through that. And then maybe to follow up on the international deposits. As you mentioned, the growth was really impressive as Venezuelan market is opening up. But how are you shifting the strategy on your end?

這些補充資訊非常有幫助。謝謝你帶我逐步理解。接著我想追問一下國際存款。如你提到，隨著委內瑞拉市場重新開放，成長確實令人印象深刻。但你們在策略上會如何調整？

Do you need to hire more people that call on that market? How do you unlock the potential of Venezuela? And could you also just remind us of the cost of those Venezuelan deposits or the cost on the incremental deposits that would be helpful.

你們是否需要增聘更多人員來開發該市場？你們如何釋放委內瑞拉的潛力？另外，也請提醒我們委內瑞拉存款的成本，或新增存款的邊際成本是多少，這會很有幫助。

No. Thank you so much for the question. So definitely, we are looking to increase the staff to help us with these efforts. Something that is really important and is that we have seen a progression in the way that the jurisdiction is being looked from the perspective of sanctions.

不會。非常感謝你的提問。我們確實正在考慮增加人手，以協助推動這些工作。有一點非常重要：我們看到在制裁角度下，外界對該司法管轄區的看法正在出現進展。

So progressively, we have seen a path towards reducing the number of sanctions towards Venezuela and the Central Bank from the country having access to their funds. So therefore, there is an incremental flow of funds through the economy, and this is happening in conjunction with the U.S. Treasury Department.

我們逐步看到，針對委內瑞拉的制裁數量正在下降，且該國中央銀行取得其資金的限制也在鬆動。因此，資金在經濟體中的流動量正在增加，而這一切也與美國財政部同步進行。

So we're seeing that positive uptick. We're looking to increase the staff in the international side, and we're also resuming our outreach to the region since now traveling into the country is much easier now than it used to be before. And the cost of funds right now for the entire international portfolio sits around 1.30% -- actually even a little bit lower, 1.15% maybe. And then we have the incremental deposits that we're getting are actually sub 1%.

所以我們看到正向的上升趨勢。我們計畫在國際業務端增加人員，同時也恢復對該地區的外拓，因為現在前往該國旅行比以前容易得多。目前整體國際存款組合的資金成本約在1.30%——其實可能更低一些，大概1.15%。而我們新增取得的存款，其實低於1%。

Got it. And then maybe just last for me on credit, thinking about the charge-off expectations going forward, it's good to see the quarter-over-quarter improvement over charge-offs. But the noise in the Middle East and some of the inflation to input costs, does that make achieving resolution for some of these credits more expensive, and we would expect charge-offs to go up? Or any thoughts there?

了解。最後我想就信用品質再問一下：就未來的核銷（charge-off）預期而言，很高興看到核銷較上一季改善。但中東局勢的雜音，以及投入成本的通膨，是否會讓部分授信案的處置成本更高，因而我們會預期核銷上升？你有什麼看法？

So we have no direct exposure to exploration or extraction on the oil piece. So we're obviously looking at our overall portfolio to see impacts there. But what I would say from a high level on our overall charge-off is that we're predicting around 30 to 35 basis points, which is in line with our guidance. We're not seeing any need for elevation at this point.

我們在石油相關的勘探或開採方面沒有直接曝險。因此，我們當然會檢視整體投資組合以評估可能的影響。但就整體核銷而言，從高層次來看，我們預估約在30到35個基點，與我們的指引一致。目前我們沒有看到需要上調的理由。

We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

我們的問答環節到此結束。我想把時間交回去，看看是否有任何進一步或結語的評論。

Thank you, everyone, for joining our first quarter earnings call as well as your continued support and interest in Amerant, and have a great day.

感謝各位參加我們第一季法說會，也感謝大家持續支持並關注Amerant，祝各位有美好的一天。

Thank you. That does conclude today's teleconference webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議網路直播到此結束。你現在可以掛線，祝你有美好的一天。感謝你今天的參與。