Associated Banc-Corp (ASB) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to Associated Banc-Corp's first-quarter 2026 earnings conference call. My name is Kevin, and I'll be your operator today.

各位下午好，歡迎參加 Associated Banc-Corp 2026 年第一季財報電話會議。我是 Kevin，今天將擔任會議主持人。

(Operator Instructions)

（接線員指示）

We'll be conducting a question-and-answer session at the end of this conference. Copy of the slides that will be referred to during today's call are available on the company's website at investor.associatedbank.com. As a reminder, this conference call is being recorded.

我們將在本次會議結束時進行問答環節。今日電話會議中將引用的投影片副本，可於公司網站 investor.associatedbank.com 取得。提醒各位，本次電話會議將被錄音。

As outlined on Slide 2, during the course of discussion today, management may make statements that constitute projections, expectations, beliefs, or similar forward-looking statements. Associated with actual results could differ materially from the results anticipated or projected in any such forward-looking statements.

如投影片第 2 頁所述，在今日討論過程中，管理層可能會發表構成預測、期望、信念或類似之前瞻性陳述的聲明。Associated 的實際結果可能與任何此類前瞻性陳述中所預期或預測的結果存在重大差異。

Additional detailed information concerning the important factors that could cause Associated's actual results to differ materially from the information discussed today is readily available on the SEC website in the Risk Factors section of Associated's most recent Form 10-K and subsequent SEC filings. These factors are incorporated herein by reference.

關於可能導致 Associated 實際結果與今日討論資訊出現重大差異之重要因素的更多詳細資訊，可於美國證券交易委員會（SEC）網站上 Associated 最新的 Form 10-K 以及後續 SEC 申報文件之「風險因素」章節中查閱。該等因素以引用方式併入本文。

For reconciliation of the non-GAAP financial measures of the GAAP financial measures mentioned in this conference call, please refer to pages 28 and 29 of the slide presentation and to page 9 of the press release financial tables. Following today's presentation, instructions will be given for the question-and-answer session.

如需將本次電話會議中提及之非 GAAP 財務衡量指標與 GAAP 財務衡量指標進行調節，請參閱投影片簡報第 28 與 29 頁，以及新聞稿財務表格第 9 頁。今日簡報結束後，將提供問答環節的指示。

At this time, I'd like to turn the conference over to Andy Harmening, President and CEO, for opening remarks. Please go ahead, sir.

此刻，我想將會議交給總裁兼執行長 Andy Harmening 進行開場致詞。先生，請開始。

Well, good afternoon, and thank you for joining our first quarter earnings call. I'm Andy Harmening, and I am once again joined by our Chief Financial Officer, Derek Meyer; and our Chief Credit Officer, Pat Ahern. I'll start off with some highlights from the quarter, and then from there, Derek will cover the income statement and capital trends, and Pat will provide an update on asset quality.

各位下午好，感謝各位參加我們第一季財報電話會議。我是 Andy Harmening，今天同樣與我們的財務長 Derek Meyer 以及首席信用長 Pat Ahern 一同出席。我將先分享本季的一些重點，接著 Derek 將說明損益表與資本趨勢，Pat 則將提供資產品質的最新情況。

We entered 2026 with strong momentum as a company following a pivotal 2025 that advanced our growth strategy in several important ways with relationship loan and deposit growth, record customer growth and solid credit performance combining to drive the strongest annual net income in our company's history.

在 2025 年這個關鍵年度之後，我們帶著強勁動能進入 2026 年。2025 年在多個重要面向推進了我們的成長策略：關係型放款與存款成長、創紀錄的客戶成長，以及穩健的信用表現，共同推動公司史上最強的年度淨利。

In the first quarter of 2026, we remain squarely focused on maintaining momentum with our growth strategy, and our first quarter results reflect that trend. We posted annualized first quarter checking household growth of 2.2%, an encouraging result in what is typically a slower season for checking acquisition.

在 2026 年第一季，我們仍然專注於維持成長策略的動能，而第一季的結果也反映了這一趨勢。我們的第一季支票帳戶家庭戶數年化成長率為 2.2%，在通常屬於支票帳戶獲客較慢的季節中，這是一個令人鼓舞的成果。

We delivered over $500 million of period NC&I loan growth, a 4.6% increase point-to-point versus December 31. We've also made meaningful progress on our commitment to accelerate our growth momentum in the major metropolitan markets over the remainder of '26 and into '27.

我們實現了超過 5 億美元的期間 NC&I 放款成長，較 12 月 31 日點對點增加 4.6%。我們也在履行承諾方面取得實質進展，將在 2026 年剩餘期間及 2027 年持續加速主要都會市場的成長動能。

Year-to-date, we've made several key hires across our revenue lines of business, increased marketing acquisition spend, launched our new C&I office in Dallas, and launched a new national franchise banking vertical.

年初至今，我們在各條營收業務線完成數項關鍵招募、提高行銷獲客支出、在達拉斯成立新的 C&I 辦公室，並推出新的全國性特許經營銀行（franchise banking）垂直業務。

To further complement and accelerate our growth momentum, we announced the closing of our acquisition of American National Bank on April 1. Upon conversion, the combined company will feature a proven relationship-focused strategy, a dynamic products suite, a modern digital experience, an effective marketing acquisition engine, and expanded commercial capabilities, all positioning us to grow and deepen relationships in growth markets such as Omaha and the Twin Cities.

為了進一步補強並加速我們的成長動能，我們宣布已於 4 月 1 日完成對 American National Bank 的收購交割。完成系統轉換後，合併後的公司將具備經驗證的關係導向策略、具活力的產品組合、現代化的數位體驗、有效的行銷獲客引擎，以及擴大的商業金融能力，使我們得以在奧馬哈（Omaha）與雙子城（Twin Cities）等成長市場拓展並深化客戶關係。

Colleagues from both organizations continue to work closely together to facilitate a smooth and successful integration, and we expect to complete the conversion process late in the third quarter of this year. We're excited about our growth prospects that associate over the remainder of the year and beyond, but as always, our intention is to grow in a disciplined way.

兩家機構的同仁持續緊密合作，以促成順利且成功的整合；我們預期將於今年第三季末完成轉換流程。我們對今年剩餘期間及未來 Associated 的成長前景感到振奮，但一如既往，我們的目標是以審慎有紀律的方式成長。

Recent events have introduced volatility at the macro level, but we feel well positioned to navigate this uncertainty thanks to our disciplined approach to risk management, our enhanced profitability profile, a solid capital position, and the resilience and stability of our Midwestern markets. We look forward to providing additional updates on Associated Bank's growth journey along the way.

近期事件在總體層面帶來波動，但憑藉我們對風險管理的紀律作法、提升後的獲利結構、穩健的資本部位，以及美國中西部市場的韌性與穩定性，我們認為自身具備良好條件以因應這些不確定性。我們也期待在過程中持續提供 Associated Bank 成長旅程的最新進展。

With that, I'd like to walk through our financial highlights for the quarter on slide 4. We reported earnings of $0.70 per share in Q1. Total loans grew by over $600 million or 2% versus the prior quarter. The growth was driven primarily by commercial with C&I balances growing $540 million versus the prior quarter.

接下來，我想在投影片第 4 頁說明本季的財務重點。我們第一季每股盈餘為 0.70 美元。總放款較前一季增加超過 6 億美元或 2%。成長主要由商業放款帶動，其中 C&I 餘額較前一季增加 5.40 億美元。

On the funding side, total deposits grew by $179 million, while core customer deposits grew by over $800 million versus Q4. As is typical this time of year, the quarterly increase was impacted by strong seasonal inflows and a handful of accounts in Q1 that flow back out in Q2. With that said, Q1 core customer deposits were up $1.3 billion or 4.5% relative to the same period a year ago.

在資金面，總存款增加 1.79 億美元，而核心客戶存款較第四季增加超過 8 億美元。依照每年此時的典型情況，季度增幅受到強勁季節性流入以及第一季少數帳戶（其資金會在第二季流出）的影響。即便如此，第一季核心客戶存款較去年同期增加 13 億美元或 4.5%。

Moving to the income statement, Q1 net interest income of $307 million dipped slightly from the record quarterly NII we posted in Q4, but increased 7% relative to Q1 of 2025. Similarly, total non-interest income of $76 million decreased by $4 million from a Q4 that saw strong capital markets activity, but was up meaningfully versus the same period last year.

轉到損益表，第一季淨利息收入為 3.07 億美元，較我們在第四季創下的單季 NII 紀錄略有下滑，但較 2025 年第一季增加 7%。同樣地，第一季總非利息收入為 7,600 萬美元，較第四季（資本市場活動強勁）減少 400 萬美元，但相較去年同期則顯著成長。

Total non-interest expense of $219 million decreased slightly from the prior quarter, delivering positive operating leverage remains a primary objective as we continue to execute our plan. Shifting to credit. Credit asset quality trends remained strong in Q1. Total criticized loans decreased. We booked $11 million of provision and saw just 7 basis points of annualized charge-offs for the quarter after posting 12 basis points of charge-offs in 2025.

總非利息費用為 2.19 億美元，較前一季小幅下降；在我們持續執行計畫的同時，實現正向營運槓桿仍是主要目標。接著談信用。第一季信用資產品質趨勢依然強勁，整體受關注（criticized）放款下降。我們提列 1,100 萬美元備抵，且本季年化沖銷僅 7 個基點；相較之下，2025 年的沖銷為 12 個基點。

As I mentioned previously, we've seen strong growth momentum in the early part of 2026, and slide 5 lays that picture out in greater detail. After several years of investments to modernize our digital experience, enhance our product set and improve our marketing acquisition capabilities, we now have a proven ability to grow our customer base sustainably overtime time.

如我先前提到的，我們在 2026 年初展現強勁的成長動能，而投影片第 5 頁更詳細呈現了這幅圖景。經過多年投資以現代化我們的數位體驗、強化產品組合並提升行銷獲客能力後，我們如今已具備經驗證的能力，能夠隨時間持續且可持續地擴大客戶基礎。

In the first quarter, we posted annualized household growth of 2.2%. This number gives us a strong start to the year as we continue to focus on attracting and deepening customer relationships as a means to decrease our reliance on higher-cost wholesale funding sources.

第一季我們的家庭戶數年化成長為 2.2%。這個數字讓我們在年初就有良好開局；我們將持續聚焦於吸引並深化客戶關係，以降低對成本較高的批發資金來源的依賴。

We've also made significant investments to grow relationships and take market share on the commercial side with a steady cadence of leadership hires, RM hires and expansion capabilities. In Q1, we posted over $500 million in C&I loan growth, nearly a 5% quarterly growth rate. Pipelines have remained strong on both loans and deposits, and we expect our momentum to carry throughout the year.

我們也在商業端投入大量資源以拓展關係並提升市占，包括穩定節奏的領導職招募、RM 招募以及能力擴充。第一季我們的 C&I 放款成長超過 5 億美元，季度成長率接近 5%。放款與存款的業務管線（pipeline）皆維持強勁，我們預期動能將延續全年。

And as mentioned, we closed our acquisition of American National Bank on April 1. This partnership provides opportunities to deepen relationships with existing American national customers through our expanded product set and capabilities, while also providing growth opportunities in major metro markets like Omaha and Twin Cities, which are both growing faster than the average Midwest.

此外，如前所述，我們已於 4 月 1 日完成對 American National Bank 的收購。此一合作一方面透過我們擴大的產品組合與能力，提供深化既有 American National 客戶關係的機會；另一方面也在奧馬哈與雙子城等主要都會市場帶來成長機會，而這兩個市場的成長速度均高於中西部平均。

The investments we've made in prior years are driving results in 2026, but we also expect to sustain and accelerate our growth strategy into '27 and beyond. With that in mind, we executed on several investments here early in 2026 that are intended to drive additional momentum.

我們過去幾年的投資正在 2026 年帶來成果，但我們也預期將在 2027 年及更長期持續並加速成長策略。基於此，我們在 2026 年初已執行數項投資，旨在帶動更多動能。

First, we've leveraged our best-in-class value proposition and a proven marketing acquisition engine to accelerate customer growth. As a reflection of these efforts, our marketing acquisition spend was up 23% in Q1 versus the same period a year ago. As we continue to attract and deepen relationships, we're building a stronger pipeline into our private wealth business, particularly in major metropolitan markets where we're under-penetrated.

首先，我們運用同級最佳的價值主張以及經驗證的行銷獲客引擎，以加速客戶成長。反映這些努力，第一季的行銷獲客支出較去年同期增加 23%。隨著我們持續吸引並深化關係，我們也正在為私人財富業務建立更強的業務管線，特別是在我們滲透率仍偏低的主要都會市場。

To capitalize on these opportunities, we hired Lisa Buteau earlier this month as Director of Private Banking for major metropolitan markets. Based in the Twin Cities, Lisa brings more than 25 years of expertise, and she most recently served as Managing Director and Private Wealth Banking Manager at Wells Fargo, where she led client-facing banking and lending teams across 11 states.

為把握這些機會，我們於本月稍早聘請 Lisa Buteau 擔任主要都會市場的私人銀行業務總監。Lisa 以雙子城為據點，擁有超過 25 年的專業經驗；她最近任職於富國銀行（Wells Fargo），擔任董事總經理暨私人財富銀行經理，領導橫跨 11 州的客戶端銀行與放款團隊。

We've also taken several steps to drive incremental growth in commercial, adding another wave of talented bankers and expanding our capabilities. After launching a new C&I office in Kansas City last year and seeing promising results. We expanded the team in Q1 with one additional RM and two additional professionals.

我們也採取多項措施以推動商業端的增量成長，包括再加入一波優秀的銀行人才並擴充我們的能力。在去年於堪薩斯市成立新的 C&I 辦公室並看到可喜成果之後，我們在第一季擴編團隊，新增 1 名 RM 與 2 名專業人員。

Based in part on the successful model we've developed in Kansas City, we also officially launched a new C&I office in Dallas. The commercial market leader has been hired and we expect RM hires to begin in May. And earlier this week, we announced a new nationally focused franchise banking vertical led by Shaun Coard.

部分基於我們在堪薩斯城所建立的成功模式，我們也在達拉斯正式成立新的 C&I 辦公室。我們已聘任商業市場負責人，並預期 RM（客戶關係經理）招募將於 5 月開始。此外，本週稍早我們宣布成立一個全國性聚焦的特許經營銀行（franchise banking）新垂直業務，由 Shaun Coard 領導。

Based in the Twin Cities, Shawn brings more than 30 years of experience with deep expertise in scaling specialty banking platforms and building high-performing teams. Most recently, she led the National Franchise Banking Division for Bremer Bank. We also brought on a new RM and three other professionals to round out Shaun's team. As we work to accelerate growth across the company, the successful integration of American National is a key priority to position our combined company for long-term growth and success.

Shaun 以雙子城為據點，擁有超過 30 年經驗，並在擴展專業銀行平台與打造高績效團隊方面具備深厚專長。最近，她領導 Bremer Bank 的全國特許經營銀行事業部。我們也新增一位 RM 與另外三位專業人士，以完善 Shaun 的團隊。隨著我們致力於加速全公司成長，成功整合 American National 是關鍵優先事項，以使合併後的公司具備長期成長與成功的定位。

On slide 6, we provide a reminder of the expected benefits of the partnership and an updated timeline of the integration process, and three weeks post-close, we are on track. In the days immediately following the close on April 1, we had over 40 legacy associated colleagues on the ground in Omaha.

在第 6 張投影片中，我們提醒各位本次合作的預期效益，並更新整合流程的時程；在交割後三週，我們進度如期。在 4 月 1 日交割後的幾天內，我們有超過 40 位原 Associated 的同仁在奧馬哈現場支援。

We've completed culture surveys, repositioned their securities portfolios, completed the colleague decisioning process, and achieved several other integration milestones. Along the way, we've been impressed by the passion, enthusiasm, and cultural fit. Our new colleagues have shown within the combined organization and the professionalism they've exhibited as they navigate change.

我們已完成文化調查、重新配置其證券投資組合、完成同仁去留決策流程，並達成多項其他整合里程碑。在過程中，我們對其熱情、投入以及文化契合度印象深刻。我們的新同仁在合併後組織中展現的投入，以及在面對變革時所展現的專業態度，都令人讚賞。

Maintaining a strong local leadership presence in our newest market is a top priority. And last week, we announced Jason Hansen as the business segment leader for commercial banking and our new market President for Nebraska and Western Iowa.

在我們最新市場維持強而有力的在地領導團隊，是首要任務。上週我們宣布由 Jason Hansen 擔任商業銀行業務分部負責人，並出任內布拉斯加州與愛荷華州西部的新市場總裁。

Jason most recently served as President of American National Bank, and he is uniquely qualified to position our combined company for a long-term growth and success in Omaha and beyond, having joined American National Bank in 2000.

Jason 最近擔任 American National Bank 總裁；他自 2000 年加入 American National Bank，具備獨特資格，能在奧馬哈及更廣泛市場中，推動合併後公司邁向長期成長與成功。

Looking ahead, colleagues from both organizations continue to work closely to ensure smooth integration process, and we are on track for conversion of accounts, systems and branches in late Q3 of this year. We expect to finalize purchase accounting adjustments later this quarter.

展望未來，兩家機構的同仁將持續緊密合作，確保整合流程順暢；我們也按計畫在今年第 3 季末完成帳戶、系統與分行的轉換。我們預期將於本季稍晚完成購買會計（purchase accounting）調整。

On slide 7, we recapped our plans to drive sustainable growth in 2026 and beyond, and it starts right here in Wisconsin. We have a 165-year foundation of long-standing loyal relationships in the Badger State that provide us with strong funding base for growth.

在第 7 張投影片中，我們回顧了推動 2026 年及其後可持續成長的計畫，而起點就在威斯康辛州。我們在「獾州」擁有 165 年的基礎與長期忠誠關係，為成長提供強勁的資金來源基礎。

Looking forward, we see plenty of opportunities to grow and deepen relationships across the state, but we also see clear opportunities to accelerate our growth momentum with an expanded presence in major metro markets. We're already seeing the strategy pay off in legacy upper Midwest metros like Milwaukee, Chicago, and the Twin Cities, where we're growing households and driving relationship loan and deposit growth.

往前看，我們看到在全州擴大並深化客戶關係的眾多機會；同時也清楚看到，透過在主要都會市場擴大布局，可加速成長動能。我們已在傳統的上中西部都會區（如密爾瓦基、芝加哥與雙子城）看到策略奏效：我們正在增加家庭戶數，並帶動關係型放款與存款成長。

We're seeing similar success stories emerge in newer markets like Kansas City, where we've already expanded a commercial team that launched just a year ago. And already in 2026, we're further expanding our presence in the strategic growth markets. Through the American National deal, which provides entry into Omaha and deepens our presence in the Twin Cities and through the new C&I office we launched in Dallas.

我們也在較新的市場看到類似成功案例，例如堪薩斯城：我們已擴編一支僅於一年前成立的商業團隊。而在 2026 年，我們也將進一步擴大在策略性成長市場的布局：透過 American National 交易進入奧馬哈並加深我們在雙子城的據點，以及透過我們在達拉斯新成立的 C&I 辦公室。

Based on the strong results we've seen through the first quarter and the additional investments we've made in early 2026, we're on track to achieving our targets for household growth and C&I loan growth in 2026, and we expect our ongoing efforts to drive growth momentum sustainably overtime.

基於我們在第一季所見的強勁成果，以及我們在 2026 年初所做的額外投資，我們正按計畫達成 2026 年家庭戶數成長與 C&I 放款成長目標，並預期我們持續的努力將隨時間推動可持續的成長動能。

Shifting to our core financial results, we highlight our quarterly loan trends on slide 8. We saw strong loan growth in Q1, particularly in the back half of the quarter with total period-end loans up 2% or $635 million relative to Q4.

接著看核心財務結果，我們在第 8 張投影片重點說明季度放款趨勢。第一季放款成長強勁，尤其在季度後半段；期末總放款較第四季增加 2%，或增加 6.35 億美元。

As has been the case the past several quarters, C&I loans led the way with nearly $540 million of period-end loan growth during the quarter. We also saw total CRE balances increase by $143 million as loan production outpaced lower-than-expected payoffs during the quarter. We continue to expect payoffs to materialize throughout the year. After including the impact of American national acquisition, we now expect 2026 period-end loan growth of 17% to 19% as compared to associated stand-alone results for the year ended December 31, 2025.

如同過去幾季的情況，C&I 放款領先成長，本季期末放款增加近 5.40 億美元。由於放款承作量超過本季低於預期的回收（payoffs），我們也看到整體 CRE 餘額增加 1.43 億美元。我們仍預期回收將在全年逐步顯現。納入 American National 併購影響後，相較於截至 2025 年 12 月 31 日止年度的 Associated 單體（stand-alone）結果，我們目前預期 2026 年期末放款成長為 17% 至 19%。

Shifting to slide 9, period end deposits grew by $179 million during Q1, while core customer deposits grew by 3% or $820 million. As mentioned, the strength in core customer deposit core -- core customer balance flow was impacted by seasonal inflows we typically see toward the end of the quarter in a handful of accounts.

轉到第 9 張投影片，第一季期末存款增加 1.79 億美元，而核心客戶存款增加 3%，或 8.20 億美元。如前所述，核心客戶存款的強勁表現——核心客戶餘額流入——受到少數帳戶在季度末通常會出現的季節性流入影響。

With that said, Q1 core customer deposits were up 4.5% relative to the same period a year ago over the course of the quarter. We also saw balances shift away from brokerage CDs and network transaction deposits and into customer deposits and wholesale sources such as FHLB and other wholesale. We also accelerated our funding in Q1 to keep pace with strong loan growth we saw during the quarter.

即便如此，第一季核心客戶存款在季度期間較去年同期增加 4.5%。我們也看到餘額從經紀 CD（brokerage CDs）與網路交易存款（network transaction deposits）轉移至客戶存款，以及 FHLB 等批發資金來源與其他批發來源。此外，我們在第一季加速籌資，以跟上本季強勁的放款成長。

Over the remainder of 2026, we're bullish on our ability to drive incremental core customer deposit growth, thanks to the best-in-class consumer value proposition, household growth momentum supported by increased marketing acquisition spend in growth markets and significant momentum in our commercial deposit gathering capabilities.

在 2026 年剩餘期間，我們對推動核心客戶存款的增量成長持樂觀態度，原因包括：同級最佳的消費金融價值主張、在成長市場提高行銷獲客支出所支持的家庭戶數成長動能，以及我們商業存款募集能力的顯著動能。

After including the impact of American National acquisition, we now expect 2026 period-end total deposit growth of 17% to 19% and period-end customer deposit growth of 19% to 21% as compared to associated stand-alone results for the year ended December 31, 2025.

納入 American National 併購影響後，相較於截至 2025 年 12 月 31 日止年度的 Associated 單體結果，我們目前預期 2026 年期末總存款成長為 17% 至 19%，期末客戶存款成長為 19% 至 21%。

With that, I'll pass it over to Derek to discuss our income statement and capital trends.

接下來，我把時間交給 Derek，請他說明損益表與資本趨勢。

Thanks, Andy. I'll start with the yield trends on slide 10. In Q1, the yields on our largely floating rate CRE and commercial books both decreased by 29 basis points during the quarter. We also saw an 11 basis point decrease in auto yields, but slight increases in the investment portfolio and resi mortgage.

謝謝，Andy。我先從第 10 張投影片的殖利率趨勢談起。第一季，我們以浮動利率為主的 CRE 與商業放款組合殖利率，在季度內皆下降 29 個基點。我們也看到汽車貸款殖利率下降 11 個基點，但投資組合與自住房貸款（resi mortgage）殖利率略有上升。

Total interest-bearing deposit costs decreased by 17 basis points in Q1 and were down 47 basis points since Q1 of last year. In Q1, total earning asset yields decreased 14 basis points to 5.2%, while interest-bearing liabilities decreased 15 basis points to 2.67%. The benefit of net-free funds compressed by 5 basis points.

第一季計息存款總成本下降 17 個基點，且較去年第一季下降 47 個基點。第一季總生息資產殖利率下降 14 個基點至 5.2%，而計息負債成本下降 15 個基點至 2.67%。無息資金（net-free funds）的效益收斂 5 個基點。

Moving to slide 11. First quarter net interest income of $307 million decreased $3 million versus the prior quarter and increased $21 million versus Q1 of 2025. As Andy mentioned, the timing of our strong loan growth during the quarter outpaced the natural run rate of our deposit gathering. As such, we accelerated our funding to match, which puts some short-term downward pressure on both NII and margin. With this in mind, our net interest margin decreased 3 basis points to 3.03% for the quarter as compared to the same period a year ago, our NIM increased to 6 basis points.

接著看第 11 張投影片。第一季淨利息收入（NII）為 3.07 億美元，較前一季減少 300 萬美元，較 2025 年第一季增加 2,100 萬美元。如 Andy 所提，本季強勁的放款成長時點超過我們存款募集的自然運行速度，因此我們加速籌資以匹配，這在短期內對 NII 與利差造成一些下行壓力。基於此，我們本季淨利息利差（NIM）下降 3 個基點至 3.03%；相較去年同期，我們的 NIM 則增加 6 個基點。

Looking ahead, we continue to assess the balance sheet and income statement impacts from the acquisition of American National Bank that closed at the beginning of the month. As it stands today, balances are generally in line with our due diligence assumptions. We expect to share an income growth of 8% to 10% in 2026 as compared to associated stand-alone results for the year ended December 31, 2025.

展望未來，我們持續評估本月初完成交割的 American National Bank 併購對資產負債表與損益表的影響。就目前而言，各項餘額大致符合我們盡職調查時的假設。相較於截至 2025 年 12 月 31 日止年度的 Associated 單體結果，我們預期 2026 年收入成長為 8% 至 10%。

Moving to slide 15, total non-interest expense came in at $219 million in Q1, slightly lower versus the prior quarter. During the quarter, we saw slight increases in FDIC assessment, technology, legal and professional fees offset by quarterly decreases in business development, equipment and other expenses.

接著看第 15 張投影片，第一季非利息費用合計為 2.19 億美元，較前一季略低。本季我們看到 FDIC 評估費、科技、法律與專業費用小幅增加，但被業務開發、設備及其他費用的季度性下降所抵銷。

In Q1, our adjusted efficiency ratio increased slightly from 55.2% to 55.8%. Throughout the year, we continue to invest in the growth of our franchise, but we're anchored on delivering positive operating leverage. We expect to share an updated non-interest expense outlook for the next quarter following the finalization of purchase account adjustments tied to the acquisition of American National.

第一季，我們的調整後效率比率由 55.2% 小幅上升至 55.8%。全年我們持續投資於特許經營業務的成長，但我們仍以實現正向營運槓桿為核心目標。待與 American National 併購相關的購買會計調整完成後，我們預期在下季提供更新的非利息費用展望。

On slide 16, our CET1 ratio finished at 10.47% in Q1. This figure was up 36 basis points from Q1 of 2025, but decreased slightly quarter over quarter due in part to the strong loan growth we saw in the quarter. Our TCE ratio also decreased slightly from the prior quarter to 8.27%, down 2 basis points versus Q4, but up 31 basis points versus Q1 of 2025. We've continued to see our tangible book value per share expand on a quarterly basis, with Q1 finishing at $22.23, up nearly $2 versus Q1 versus last year.

在第 16 張投影片中，我們第一季 CET1 比率為 10.47%。該數值較 2025 年第一季上升 36 個基點，但因本季強勁放款成長等因素，較前一季略為下降。我們的 TCE 比率也較前一季小幅下降至 8.27%，較第四季下降 2 個基點，但較 2025 年第一季上升 31 個基點。我們的每股有形帳面價值持續按季成長，第一季為 22.23 美元，較去年第一季增加近 2 美元。

I'll now hand it over to our Chief Credit Officer, Pat Ahearn, to provide an update on asset quality.

我現在把時間交給我們的首席信用官 Pat Ahearn，請他就資產品質提供最新進展。

Thanks, Derek. I'll start with an allowance update on slide 17. Our CECL forward-looking assumptions utilized the Moody's February 2026 baseline forecast. The forecast remains consistent with a resilient economy containing a more optimistic GDP outlook despite the higher interest rate environment, higher levels of inflation and tariff negotiations. The Moody's forecast now contains less total rate cuts in the latter half of 2026 compared to prior quarter forecast.

謝謝，Derek。我先從第 17 頁的備抵更新開始。我們 CECL 的前瞻性假設採用穆迪（Moody's）2026 年 2 月的基準預測。該預測仍反映出具韌性的經濟，即使在較高利率環境、更高通膨水準以及關稅談判之下，GDP 展望仍較為樂觀。與前一季的預測相比，穆迪的預測在 2026 年下半年納入的降息次數更少。

In Q1, our ACLL increased by $6 million to $425 million. The increase was primarily driven by commercial and business lending and CRE construction, which largely stemmed from a combination of loan growth plus normal movement within risk rating categories. Our ACL ratio as a percentage of total loans has remained stable for the past several quarters. Here in Q1, the ratio decreased 1 basis point to 1.34%.

第一季，我們的 ACLL 增加 600 萬美元至 4.25 億美元。增加主要來自商業與企業放款以及商用不動產（CRE）建築放款，主要源於放款成長與風險評等類別內的正常變動之綜合作用。以總放款為基礎的 ACL 比率在過去幾季維持穩定。本季該比率下降 1 個基點至 1.34%。

On slide 18, we continue to review our portfolios closely amidst ongoing macro uncertainty, but we continue to see solid performance in Q1. Total delinquencies increased versus the prior quarter to $88 million, with $43 million of the increase being driven by two managed credits in which an extension process carried into Q2.

在第 18 頁，面對持續的總體不確定性，我們仍持續密切檢視各投資組合，但第一季表現依然穩健。逾期總額較前一季增加至 8,800 萬美元，其中 4,300 萬美元的增幅來自兩筆受管理的授信案，因展期流程延續至第二季。

We remain comfortable with the nine delinquency trends we've seen over the past several quarters. Total criticized loans decreased by $29 million versus the prior quarter, with decreases in the special mention and substandard accruing categories being partially offset by an increase in non-accrual loans.

我們對過去幾季所見的逾期趨勢仍感到安心。受批評放款總額較前一季減少 2,900 萬美元，其中「特別關注」與「次級（仍計息）」類別的下降，部分被不計息放款增加所抵銷。

Non-accrual balances increased to $111 million in Q1, up $10 million versus Q4, but down $24 million from the same period a year ago. We remain confident there hasn't been a material shift in the credit portfolio of the portfolio that would result in a corresponding risk of loss.

第一季不計息餘額增加至 1.11 億美元，較第四季增加 1,000 萬美元，但較去年同期減少 2,400 萬美元。我們仍有信心，授信投資組合並未出現會導致相應損失風險的重大變化。

Finally, after booking just $2 million of net charge-offs in Q4, we booked $5 million in net charge-offs here in Q1. Our net charge-off ratio for the quarter was just 7 basis points. We also added a modest provision of $11 million during the quarter.

最後，在第四季僅認列 200 萬美元淨沖銷後，我們在第一季認列 500 萬美元淨沖銷。本季淨沖銷比率僅 7 個基點。我們本季也提列了 1,100 萬美元的小幅備抵。

Here in 2026, our teams remained diligent in reviewing our portfolios and staying in regular contact with customers to stay ahead of any emerging risks. We also remain diligent in monitoring credit stressors in the macroeconomy to ensure current underwriting reflects the impact of ongoing inflation pressures, shifting labor markets, tariffs and other economic concerns.

在 2026 年，我們的團隊持續勤勉檢視各投資組合，並與客戶保持定期聯繫，以提前掌握任何新出現的風險。我們也持續密切監控總體經濟中的信用壓力因子，確保目前的授信承作能反映持續通膨壓力、勞動市場變化、關稅及其他經濟疑慮的影響。

In addition, we continue to maintain specific attention to the effects of elevated interest rates on the portfolio, including ongoing interest rate sensitivity analysis bank-wide. We expect any further provision adjustments will reflect changes to risk rates, economic conditions, loan volumes, and other indications of credit quality.

此外，我們持續特別關注高利率對投資組合的影響，包括全行持續進行利率敏感度分析。我們預期，後續任何備抵調整將反映風險評等、經濟狀況、放款量以及其他信用品質指標的變化。

With that, I will now pass it back to Andy for closing remarks.

接下來，我把時間交回給 Andy 做結語。

Thanks, Pat. On slide 19, we provided an initial update to our outlook following the close of American National acquisition. As we sit here three weeks post-close, we haven't seen any major surprises, and our current expectations are largely in line with the assumptions provided when we announced the deal. This outlook does not assume any material incremental growth expectations for the American National business in 2026.

謝謝，Pat。在第 19 頁，我們在完成 American National 收購交割後，對展望提供了初步更新。交割後三週至今，我們沒有看到任何重大意外，目前的預期大致符合我們在宣布交易時所提供的假設。此展望並未假設 American National 業務在 2026 年有任何重大的額外成長。

We expect to update this 2026 outlook with estimates for the net interest income and non-interest expense categories following the finalization of purchase accounting adjustments, which are expected to be completed later this quarter.

在完成購買會計調整（預計於本季稍晚完成）後，我們預計將以對淨利息收入與非利息費用類別的估計，更新 2026 年展望。

With that, I'll open it up to questions.

接下來我開放提問。

Thank you and I'll be conducting a question-and-answer session.(Operator Instructions)

謝謝。接下來我將進行問答環節。（接線員指示）

Jared Schwab, Barclays.

Jared Schwab，巴克萊（Barclays）。

Hey, good afternoon.

嗨，午安。

Hey, Jared.

嗨，Jared。

Hey. So maybe you could just help us with how we should think about 3Q. I know you're still finalizing some of those marks, but I think you said in the commentary that you sold all the securities and reinvested, so I'm guessing that there's no real accretion coming from the securities book. But maybe just walk through a couple of the puts and takes on margin and as we're going into second quarter, if you can?

嗨。所以也許你可以幫我們理解一下，第三季該怎麼看。我知道你們還在敲定一些評價調整，但我想你在說明中提到你們把所有證券都賣掉並再投資，所以我猜證券投資組合應該不會帶來什麼折溢價攤銷（accretion）。不過如果可以的話，能否帶我們走一遍，進入第二季時，利差方面有哪些拉抬與拖累因素？

Yeah, the puts and takes on margin relative to the A&B acquisition will not be any different than what we have disclosed before because as we took over April 1, we haven't closed a month and we need to get through the marks. However, we haven't seen anything that really surprises us to this point and we had initially forecasted a potential increase of 5 to 10 basis points, that's where we would sit today. Jared, is the potential impact once we get through the marks in the second quarter.

是的，關於 A&B 收購對利差的拉抬與拖累，與我們先前揭露的內容不會有不同，因為我們是在 4 月 1 日接手，目前還沒有完整結算一個月，而且我們需要完成那些評價調整。不過到目前為止，我們沒有看到任何真正讓我們意外的地方；我們原先預估可能增加 5 到 10 個基點，今天我們仍會落在那個區間。Jared，這是指我們在第二季完成評價調整後的潛在影響。

Okay. And then this sort of separately, looking at some of the new growth markets that you're talking about and the ability to hire RMs there. How competitive is it to find good people out in some of these markets. We're hearing from other people that they're targeting some of the same areas. Are you able to, are you starting to see pricing run up there and how much growth do you expect to get from those markets over this year?

了解。然後另外一個問題，關於你提到的一些新成長市場，以及在那裡招募客戶關係經理（RM）的能力。在這些市場要找到好的人才有多競爭？我們聽到其他同業也在鎖定一些相同區域。你們是否能夠招到人？你們是否開始看到那邊的定價被推高？以及今年你們預期這些市場能帶來多少成長？

No, I'd equate this to start in a 40-yard dash and we already had a running head start. So we've been in the acquisition of new colleagues for a little bit. And what happens is when you hired at the top and you get a really strong person which we did and fill Trier, and then you get market leaders along the way over the course of the last four years that are very strong.

不，我會把這比喻成 40 碼衝刺起跑，而我們已經有助跑的領先優勢。我們在招募新同仁這件事上已經進行了一段時間。當你在最上層先招到一位非常強的人——我們確實做到了，並補上 Trier——接著在過去四年裡，你一路也招到非常強的市場主管。

And then you start to get RMs underneath there. I'd say this long explanation because what's happening is we are able to get quality folks in each market. And so Kansas City, a great example of that, where we've not only grown, but we've doubled down on that bet because of the leader we got in that market.

然後你再往下配置 RM。我之所以講這麼長，是因為目前正在發生的是：我們在每個市場都能招到高品質的人才。以堪薩斯市為例，我們不僅成長，還因為在那個市場招到的領導者很出色，所以我們加碼投入。

We have, we just hired this week, Brandon White from the legacy middle market team with Comerica, who has a fantastic reputation personally, but also the banking for their middle market was significant. So the way I see this, Jared, outside of just the $500 million of growth is, we started 2025, and we basically had four major metropolitan markets we're operating in Milwaukee, Chicago, Twin Cities and St. Louis.

我們這週剛從 Comerica 傳統中型市場團隊延攬 Brandon White，他個人聲譽非常好，而且他們在中型市場的銀行業務規模也很可觀。所以我看這件事，Jared，除了那 5 億美元的成長之外，我們在 2025 年初基本上只在四個主要都會市場營運：密爾瓦基、芝加哥、雙子城以及聖路易斯。

We added Kansas City in '25. We added Omaha in '26. We added Dallas in '26, and that just gives a tailwind to what we're doing, and then we expanded in Twin Cities. So the talent that we're able to bring in, there's a lot of word of mouth at this point, and that's good for us. And when somebody wants to find out what it's really like working here. what is the culture really like? What is the support to get a deal done? What is credit really like?

我們在 2025 年新增了堪薩斯市；在 2026 年新增了奧馬哈；在 2026 年新增了達拉斯，這些都為我們正在做的事情帶來順風，此外我們也在雙子城擴張。就我們能延攬的人才而言，目前有很多是口耳相傳，這對我們很有利。當有人想了解在這裡工作到底是什麼感覺、文化到底如何、完成一筆案子的支援度如何、授信審查到底如何時——

Look, they'll interview with Pat Ahern, if they need to, our Chief Credit Officer, they'll interview with me but mostly, they're taking care of that with the local hiring manager. So it's a very different game we're playing right now than one year ago, two years ago, or three years ago on the hiring front. We're in a really good position. I just spent time with our commercial team, our top 60 leaders in the company and the energy in that room and the connectivity to our culture was palatable.

你看，如果需要的話，他們會和我們的首席信用官 Pat Ahern 面談，也會和我面談，但多數情況下，這些都由當地的招募主管來處理。所以我們現在在招募上的打法，和一年前、兩年前或三年前非常不同。我們處在很好的位置。我剛和我們的商業團隊——公司前 60 位領導者——一起相處了一段時間，那個房間裡的能量，以及與我們文化的連結，是非常明顯的。

Great, thanks. If I could just put one more in there. On the deposit funding side, some pretty good trends there, good data so far. Without any more rate cuts, how much more do you think you can squeeze from funding costs, deposit funding costs?

很好，謝謝。如果我再補問一題。在存款資金面，你們的趨勢看起來相當不錯，目前數據也很好。在沒有進一步降息的情況下，你認為資金成本、存款資金成本，還能再壓低多少？

Derek, you want to take that?

Derek，你要回答嗎？

Yeah. So I think there's still opportunity for remixing because we have most of our growth for the rest of the year coming from products like interest checking and savings, which are relationship-based and not as expensive as CDs, although we also have CD growth in there. But what we've seen based on our overall NII outlook at the legacy ASP part, given where our loan growth came in is probably some upside opportunity from, on net interest income versus our original guidance. And so we don't think funding is going to stop that.

好。我認為在重新配置（remixing）方面仍有機會，因為我們今年剩餘時間的大部分成長將來自計息支票與儲蓄等產品，這些是以關係為基礎，成本不像定存（CD）那麼高，雖然我們也包含定存成長。但就我們對既有 ASP 部分的整體淨利息收入（NII）展望來看，考量放款成長的實際表現，淨利息收入相對於原先指引可能有一些上行空間。因此我們不認為資金面會阻礙這一點。

Thank you.

謝謝。

Thanks, Derek.

謝謝你，Derek。

Casey Hare, Autonomous Research.

Casey Hare，Autonomous Research。

Yes. Great. Thanks. Maybe taking the flip side of the deposits, the loan yields. Where do we expect those to trend going forward? And then in your expansion markets, how do the new money yields in your expansion markets compare to your core footprint?

是的。很好。謝謝。也許從存款的另一面來看，也就是貸款收益率。我們預期未來這些會如何走勢？另外，在你們的擴張市場中，你們擴張市場的新資金收益率與核心版圖相比如何？

Yeah. We don't give out the market by market yield. I think we look for where the best opportunities are, where we're going to get most of the household growth. I think if we punch through the loans, you're still going to see most of our growth, as we've outlined in our guidance coming from C&I and CRE, which are still higher yields than the rest of our loan categories. So that's favorable.

是的。我們不會逐一市場提供收益率。我想我們會尋找最佳機會所在，也就是我們將獲得最多家庭戶數成長的地方。我認為如果我們看貸款結構，你仍會看到我們大部分的成長，如同我們在指引中所說，將來自 C&I 與 CRE，而這兩類的收益率仍高於我們其他貸款類別。所以這是有利的。

And obviously, it's more favorable for us given the no cuts outlook and the fact that those are more closely tied to the short end of the yield curve. We don't expect yields to go up in auto. Those are trickling around the areas we've seen. They took a step down, but we've seen that happen before, and that should moderate.

而且很明顯，鑑於目前「不降息」的展望，以及這些更緊密連結於殖利率曲線短端，對我們更為有利。我們不預期汽車貸款的收益率會上升；它們大致在我們看到的區間內緩慢變動。它們曾下滑一步，但我們以前也見過，之後應會趨於緩和。

So if we do get rate cuts, that will still help us as a hedge and we still expect resi to continue to trickle upwards a few basis points a quarter. So net-net, given the outlook on rate cuts, it's very favorable compared to what we thought about at the beginning of the year.

因此，如果真的降息，這仍會以避險的方式幫助我們；我們也預期房貸（resi）仍會每季小幅上升幾個基點。總體而言，考量降息展望，這相較於我們年初的想法非常有利。

Okay. Great. And then on the capital front, apologies if I missed this, the Basel 3 impact from the proposal and then any updated thoughts about share buyback appetite with A&B now closed.

好的。很好。接著在資本方面，如果我漏聽了先說抱歉：提案中的巴塞爾協定 III（Basel 3）影響，以及 A&B 現在已完成交割後，對股票回購意願是否有任何更新想法？

Yeah, A&B is closed, but we're working through the marks, which is the important part of understanding the balance sheet. So that hasn't really changed as a result of the close, but it will be very informed over the course of this quarter.

是的，A&B 已完成交割，但我們正在處理評價調整（marks），這是理解資產負債表的重要部分。所以交割完成本身並沒有改變什麼，但在本季的過程中會提供非常重要的資訊。

I'm very bullish on where we are if we just looked at our forecast for the year relative to the legacy stand-alone ASB, and what that means is we would be forecasting net interest income likely above the range that we have today. Well, when you start to do that and you start to get a return, that puts you in a positive position to create capital.

如果只看我們今年的預測，相對於過去獨立運作的 ASB，我對我們目前的位置非常樂觀；這代表我們預測的淨利息收入很可能會高於我們目前給出的區間。當你開始做到這點並開始產生報酬，就會讓你處於能夠創造資本的正向位置。

And grow at the same time, which is why we got the original $100 million authorization. I fully expect that we'll use that this year. With regards to the regulatory changes, do you want to touch on that? I mean, it's in the comment period.

而且同時還能成長，這也是我們當初取得 1 億美元授權的原因。我完全預期我們今年會使用這個額度。至於監管變動，你要不要談一下？我的意思是，現在還在徵詢意見期。

Yeah. It's in the comment period. There's obviously two ways you can go on that, depending on whether we opt in or opt out on the methodology. So we'll see which 1 makes sense given the cost. We expect that to go to be favorable for us, a scenario, but we don't think that's going to change the near-term outlook on the repurchase.

是的，仍在徵詢意見期。顯然依據我們在方法論上選擇 opt in 或 opt out，有兩種走法。所以我們會看哪一種在成本考量下更合理。我們預期那會對我們有利，但我們不認為這會改變短期的回購展望。

And then the reality is we're very comfortable with the guidance we gave with CET1 in the 10% to 10.7.5% range. When we get to the comment period, we only see that would likely have an upside for us to comment on the specific number on that would be premature because we don't have final guidance, but, if you think about the fact we're bullish on our NII and our return profile and if there is a regulatory change, that could only be good for us. I think that puts us in a great position to have flexibility with capital.

而現實是，我們對先前給出的 CET1 指引（10% 到 10.7.5% 的區間）非常有信心。等到徵詢意見期結束，我們認為那很可能對我們有上行空間；但要評論具體數字仍為時過早，因為我們還沒有最終指引。不過，如果你想到我們對 NII 與報酬輪廓都很樂觀，且若監管有變動，那只會對我們更有利。我認為這讓我們在資本運用上具備很大的彈性。

Okay, thanks.

好的，謝謝。

Thank you.

謝謝。

Brandon Rud, Stephens.

Brandon Rud，Stephens。

Hi, If I could touch quickly on the C&I growth. I'm just curious how much of that was seasonality. And I ask, I think on page 22, it looks like a little over $100 million came from the mortgage warehouse business. So I'm just curious how much of that is based on seasonality and how much should stay on the balance sheet a bit longer?

嗨，如果我可以快速談一下 C&I 成長。我只是好奇其中有多少是季節性因素。我這麼問是因為我想在第 22 頁看起來有略高於 1 億美元來自房貸倉儲（mortgage warehouse）業務。所以我想了解其中有多少是季節性、以及有多少會在資產負債表上停留更久一些？

Yeah. I mean the mortgage warehouse business has become a fairly small part of the balance sheet, but seasonality on that piece is there is a benefit there. I would say the rest of it, you don't typically see getting out of the gate this fast in commercial.

是的。我的意思是，房貸倉儲業務在資產負債表中已變成相當小的一部分，但那一塊確實存在季節性，會帶來一些好處。我會說其餘部分，你通常不會在商業貸款一開始就看到這麼快的起步。

So I'm very bullish on C&I growth for the year. I think we've forecast is 9% to 10%. And I would tell you, I would put us at the high end of that range today. Because when you get done with a quarter where you grow 540-ish million, I think, is the number you get through that quarter and then you look at your pipeline. And we have a pipeline after getting through that where the same period prior year, we're up 20%.

所以我對今年的 C&I 成長非常樂觀。我們的預測是 9% 到 10%。我會告訴你，就目前而言我會把我們放在區間的高端。因為當你一季成長約 5.4 億（大概是這個數字），然後再看你的案源（pipeline）。而我們在完成那一季之後的 pipeline，相較於去年同期高出 20%。

So, I'm from a pipeline standpoint. So I feel very, very good about that. We've hired a team on the franchise business that I expect will start to add to that during the year. And that's a pipeline we don't even have yet. And we expect that because of their knowledge of the marketplace, we'll have some good benefit there.

所以，從 pipeline 的角度來看，我感覺非常、非常好。我們在特許經營（franchise）業務上聘了一個團隊，我預期他們會在今年開始帶來增量。而那是一個我們目前甚至還沒有納入的 pipeline。我們之所以這麼預期，是因為他們對市場的了解，會讓我們獲得一些不錯的效益。

And getting open in the Dallas market. It will take time in 90 days, but I would expect in 90 days, we'll start to have a pipeline there that's not even part of the increase. So we have tailwind there, and we're seeing pull-through of pipeline, and I'm very bullish on our ability to meet the high end of the guidance on C&I loan growth for the year.

另外，我們也在達拉斯市場開展業務。這需要時間，大概 90 天，但我預期 90 天後我們就會在那裡開始建立一個 pipeline，而那甚至還不在目前的增幅之中。所以我們有順風，我們也看到 pipeline 的轉化（pull-through），我對我們達成今年 C&I 貸款成長指引高端的能力非常樂觀。

Got it. Thank you for that. And maybe just one more. The 2.2% annualized checking household growth, is that primarily still coming from the legacy markets and as the marketing spend hits the newer markets. Would that, would you anticipate that number continues to accelerate?

了解。謝謝你的說明。再問一個：支票帳戶家庭戶數年化成長 2.2%，這主要仍是來自既有市場嗎？隨著行銷支出在較新的市場開始發揮作用，你是否預期這個數字會持續加速？

I feel like I wrote that question, Brandon. Thank you. The answer is, it has nothing from the new market. It has nothing from Omaha. Obviously, we're in the Twin Cities, but it doesn't have anything from those new branches.

Brandon，我覺得那題像是我自己寫的。謝謝。答案是：新市場完全沒有貢獻；Omaha 也完全沒有貢獻。當然我們在雙子城（Twin Cities），但那些新分行也沒有任何貢獻。

The time that you turn on that spike is when you get done with systems conversion typically on the marketing side. So as we, assuming a late third quarter integration, you start the marketing in the fourth quarter. And so when we think about the efficacy of our company and what that means to things like fee income, debit card fee income, credit card fee income, we're actually experiencing a tailwind right now for the first time in probably 20 years.

通常在行銷端，你啟動那個成長尖峰的時間點，是系統轉換完成之後。所以如果我們假設在第三季末完成整合，你會在第四季開始行銷。因此當我們思考公司效能及其對手續費收入、簽帳金融卡手續費收入、信用卡手續費收入等的意義時，我們其實正首次在大概 20 年來感受到一股順風。

When we get done with that, we have a major growth market in Omaha that we will market heavily into. So I think this is where we say, hey, can we get above 2% this year in our legacy markets and then go into 2027, challenge the team to get to 2.5%. As we start to get to 2.5%, I think we'll be in the top quartile or decile of the peer group in that category. So when I think about our ability to continue to grow, I'm pretty optimistic based on what we've put together so far and then putting that out into the Omaha market.

等那一切完成後，我們在 Omaha 有一個主要的成長市場，我們會大力投入行銷。所以我認為這就是我們會說：嘿，我們能否在今年於既有市場把成長率拉到 2% 以上，然後在 2027 年挑戰團隊做到 2.5%。當我們開始做到 2.5% 時，我想我們在同業群中該項目會落在前四分位甚至前十分位。因此，當我想到我們持續成長的能力，我對目前為止的成果，以及把這套模式推向 Omaha 市場，都相當樂觀。

Got it. Thank you very much.

了解。非常感謝。

Thank you.

謝謝。

Daniel Tamayo, Raymond James.

Daniel Tamayo，Raymond James。

Thank you. Good afternoon, guys. I'll take a swing at the expenses. I completely understand that you guys don't have a number out there yet for the all-in. But a lot of good revenue opportunities and trends you're talking about here, Andy. Is it fair to say the stand-alone expense numbers are drifting up off the original guidance as well?

謝謝。各位下午好。我來談一下費用。我完全理解你們目前還沒有給出整體（all-in）的數字。但你在這裡談到很多很好的營收機會與趨勢，Andy。是否可以說，獨立口徑（stand-alone）的費用數字也正在偏離原先指引、往上漂移？

No. Actually, it's probably one of the things I'm most proud of. I mean we went from fourth quarter to first quarter and almost flat as a pancake. I mean we could say we went down, but it's $300,000. So let's say, flat in the first quarter.

沒有。其實這可能是我最自豪的事情之一。我們從第四季到第一季幾乎完全持平。我的意思是，我們可以說有下降，但只有 30 萬美元。所以就說第一季持平。

And our legacy stand-alone ASB business because we made difficult decisions at the end of each year, we are in a position to meet the expense number while we are seeing NII forecast creeping up and noninterest income forecast at the high end of the range or above as well. So no, I believe the legacy business will manage to that 3% number.

而我們既有、獨立運作的 ASB 業務，因為我們在每年年底做了艱難的決策，所以在看到 NII 預測逐步上修、非利息收入預測也在區間高端甚至更高的同時，我們仍有能力達成費用目標。所以沒有，我相信既有業務會把費用控制在那個 3% 的數字。

Great. And then I guess as we think about the expansion markets here, talk a lot about the loan growth. Still no branches, I think, in Dallas or Kansas City. How should we think about the infrastructure build that's planned over the next couple of years there? And if you're, I'm assuming going to attempt to capture perhaps some retail deposits as well. Thanks.

很好。接著我想，當我們思考這些擴張市場時，大家談了很多放款成長。我想在達拉斯或堪薩斯市仍然沒有分行。未來幾年那邊規劃的基礎建設擴建，我們應該怎麼看？另外，如果你們——我猜——也會嘗試吸收一些零售存款的話。謝謝。

Yeah, maybe we will, maybe we won't. I mean, really, what's on my mind and stop me if you've heard this I want organic growth, first and foremost. And we did these deals because we thought very strongly that in Twin Cities by getting a little bit bigger, that actually advances our marketing capabilities in that market. So it increases our exposure, our visibility, the places we can drive business into. So that's the first thing.

是啊，也許會，也許不會。我的意思是，真正放在我心上的——如果你聽過這句話就打斷我——我最優先要的是有機成長。我們做這些交易，是因為我們非常堅信，在雙子城把規模做大一點，實際上能提升我們在該市場的行銷能力。也就是提高我們的曝光度、能見度，以及我們可以把業務導入的觸點。所以這是第一點。

The second thing is Omaha, an incredible market. It is the fastest-growing major metropolitan market outside of Dallas, where we have branches, it's the fastest growth market of any major metro we have. And so our ability to grow that we think is going to be significant for us.

第二點是奧馬哈，這是一個非常棒的市場。它是達拉斯之外成長最快的主要都會市場——而我們在達拉斯有分行——也是我們所有主要都會市場中成長最快的市場。因此，我們認為在那裡的成長能力，對我們會非常顯著。

With regards to adding infrastructure, really, what I want to do is execute on this integration. We've executed on Phase 1 and Phase 2 of our plan, and it's driving a profitability profile that helps the bank significantly in capital accretion and return. We believe once we close on the, once we finish the integration on the AMB deal, because we have such similar cultures, we actually think we'll start the growth on that one in a significant way, and it will accelerate our organic growth. Beyond that, really, to me, organic growth is the number one question as opposed to building out expensive infrastructure that's difficult to pay for.

至於增加基礎建設，我真正想做的是把這次整合執行到位。我們已經完成了計畫的第一階段與第二階段，而且它正在帶動一個獲利輪廓，能在資本累積與報酬方面顯著幫助銀行。我們相信，一旦我們完成 AMB 交易的整合，因為文化非常相近，我們其實認為會在那一塊以顯著的方式開始成長，並加速我們的有機成長。除此之外，對我來說，有機成長才是第一個問題，而不是去擴建昂貴、又很難回收成本的基礎建設。

Understood. Thanks for all the color. And probably the last most important question here. Who are the packers going to take tonight?

了解。謝謝你提供這麼多細節。那可能是最後、也是最重要的一個問題：今晚包裝工隊會選誰？

I don't think we have a first round pick. I'm going to punt on that, that's almost a jab and unintended jab at the end of the questions.

我想我們沒有第一輪選秀權。我就先不回答這題了，這幾乎像是在最後問答時來了一記揶揄——而且是無心的揶揄。

That was unintended. Thanks, guys.

那是無心的。謝謝各位。

Thank you.

謝謝。

Scott, Piper Sandler.

Scott，Piper Sandler。

Good afternoon, guys. Thanks for taking the question. Andy, you actually already answered my question on sort of disaggregating the underlying loan growth versus what's coming from the American National transaction. It's obviously really good there. I was hoping you might please just sort of share your thoughts on the same thing on the deposit side. sort of legacy associated how those expectations might have change if we weren't layering in A&B?

各位下午好，謝謝讓我提問。Andy，你其實已經回答了我關於把基礎放款成長、以及來自 American National 交易的成長拆開來看的問題；那邊顯然表現很好。我想請你也分享一下，在存款端同樣的看法：也就是就既有（legacy）的 Associated 而言，如果我們不把 A&B 疊加進來，你們的預期可能會如何改變？

And then maybe as you think about the mix of deposits going forward through the remainder of the year, how do you see sort of noninterest-bearing levels sort of trending as a percentage of the total?

另外，當你們看今年剩餘期間的存款結構組合時，你們怎麼看無息存款占總存款的比例走勢？

Yeah. I mean a couple of good questions in there. So the way that I think about ASP overall, if I just think about the stand-alone, which we don't, we debated whether we have the stand-alone because we're not stand-alone anymore, and we don't want to act like we are. However, we want to be transparent. So on loans, we're at the high end of our guidance.

是的。裡面有幾個很好的問題。我看 ASP 整體的方式是這樣：如果只看單體（stand-alone）——雖然我們其實不這麼看，我們也討論過要不要提供單體數字，因為我們已經不再是單體了，也不想假裝我們還是；但我們希望透明——就放款而言，我們在指引區間的高端。

On deposits, we are the same as when we started the year. We're tracking exactly to where we expected to be. Net interest income, we're above the range that we had. Noninterest income, we're at the high end of the range or above that range and expenses we are at that, we're at our 3% number.

就存款而言，我們和年初時的看法一樣；目前的進度完全符合我們原先的預期。淨利息收入方面，我們高於原先的區間。非利息收入方面，我們在區間高端或高於該區間；費用方面，我們在——我們維持在 3% 的數字。

So what you probably can take out of that is the change in the view on rate cuts that helps our company. Our loan growth momentum, that helps our company. The accelerated deposit growth in the second half of the year, that helps our company.

所以你大概可以從中得到的是：對降息的看法改變，對我們公司有利；我們放款成長的動能，對我們公司有利；下半年存款成長加速，對我們公司有利。

The short-term nature of our contractual liability obligations puts us in a really good position to navigate the rate environment. So that foundationally is where the legacy associated bank is, right now, you asked a second question. Sorry, I forgot that one.

我們契約性負債義務偏短期的特性，讓我們在因應利率環境上處於非常有利的位置。所以，這就是目前既有 Associated Bank 的基本狀況。你剛剛問了第二個問題——抱歉，我忘了是哪一個。

No problem. And by the way, that was very good color on the first one. And it was just sort of mix of deposits as you look through the remainder of the year, especially if you can talk to the noninterest-bearing.

沒問題。順帶一提，第一個問題的說明很有幫助。第二個主要是看今年剩餘期間的存款組合，特別是如果你能談談無息存款。

Yeah. So I mean, everyone would love to have noninterest-bearing grow like a weed. It's just not the way it works in banking. And so what I would say is a couple of things and Derek and I discussed this all the time, I'm really, really pleased with the direction of our household growth. I mean I really think we're moving towards ultimately a best-in-class.

好的。我的意思是，每個人都希望無息存款像野草一樣猛長，但銀行業不是這樣運作的。所以我會說幾點——Derek 和我也一直在討論——我對我們家庭戶（household）成長的方向非常、非常滿意。我真的覺得我們正在朝向最終成為同業最佳（best-in-class）邁進。

And that helps your demand deposit growth over time. If somebody is growing at 2.5% and the market is growing at zero, where you're growing at 2% and the market is growing up zero. Over time, you're going to inch up in that category. So the goal is that you are not moving backwards in demand deposits as we saw the market do for a long time.

而這會隨時間推動你的活期存款成長。如果你成長 2.5%，而市場成長是零；或你成長 2%，而市場成長是零——隨著時間，你在那個類別的占比就會慢慢上升。所以目標是：在活期存款上，你不要像市場過去很長一段時間那樣往後退。

We've stabilized and now we have a faster growing customer base. But I would expect the interest-bearing would dominate that category. And right now, the thing that's probably most interesting to me is we have HSA business that is one of the fastest organic growth in HSA business in the country. And it's being fueled largely by our retail and commercial teams. We have an HOA title business that is launched right now and has a pipeline that we can actually execute because we did the technology already.

我們已經穩定下來，現在客戶基礎成長更快。但我預期計息存款會主導那個類別。就目前而言，對我來說最有意思的是：我們的 HSA 業務在全國是有機成長最快的 HSA 業務之一，而這主要是由我們的零售與商業團隊所帶動。我們也有一個 HOA 產權（title）業務，目前已經啟動，並且有一個我們實際可以執行的案源管線，因為我們已經先把技術建置完成。

We have a platform on consumer that is adding, growing at a 2.2% annualized pace and maintaining the quality of the customer. And so we're not adding customers just to add them. And frankly, our attrition is one of the lowest in the business because we have products out there that keep them and deepen them.

我們在消費金融端有一個平台，正以年化 2.2% 的速度增加，同時維持客戶品質。因此我們不是為了增加客戶而增加客戶。坦白說，我們的流失率是業界最低之一，因為我們有一些產品能留住客戶、並加深往來。

So as we head into the second quarter and the second half of the year, I expect to have a good deposit growth and acquisition in the second half of the year with modest increase from demand deposits as you would expect.

所以當我們進入第二季以及今年下半年，我預期下半年會有不錯的存款成長與獲客，活期存款也會如你所預期地小幅增加。

Perfect. Thank you.

太好了。謝謝。

Thank you.

謝謝。

Chris McGratty, KBW.

Chris McGratty，KBW。

This is Chris O'Connell filling in for Chris. (multiple speakers) Yes, no problem. So I just wanted to touch on the balance sheet and interest rate positioning following the close of the American National deal. Just any updates there as to how it impacted the balance sheet? And then was the securities repositioning, I guess, a part of bringing you back to, towards the stand-alone positioning?

我是 Chris O'Connell，代替 Chris。（多位講者）是的，沒問題。所以我想稍微談一下在 American National 交易完成後的資產負債表與利率部位。這方面有沒有任何更新：它對資產負債表造成了哪些影響？另外，那個證券部位的重新配置，我想，是不是部分是為了讓你們回到、或更接近單體（stand-alone）的部位配置？

Derek, I'll have you take that.

Derek，我請你來回答。

Yeah. So you're going to get a little bit, and then we'll probably give you the rest in when we closed the books for second quarter. So the easiest thing to say without the marks is that the loans and deposit balances came in, unmarked came in right where we expected during due diligence.

好的。你會先拿到一部分資訊，剩下的我們可能要等到第二季結帳後再提供。先用最簡單、且不含評價調整（marks）的方式來說：放款與存款餘額在未做評價調整的情況下，和我們在盡職調查期間的預期一致。

That gives us comfort in the first step telling us that we're materially on track from a balance sheet standpoint with what we expected during due diligence. Now the impact of the rate changes since then and how those affect the marks on capital and then the accretion of earnings after that.

這讓我們在第一步就有信心，表示從資產負債表角度來看，我們與盡職調查時的預期在實質上是按計畫進行。至於此後利率變動的影響，以及這些變動如何影響資本的評價調整，還有後續的盈餘攤提（accretion）。

We're going to wait until we actually do work through the market process and then report it, and then we'll give you the, how that accretion that we expect to impact NII and NIE going forward when you look at CDI also. So that's probably the best I can tell you because we have done the securities repositioning, but that's only one part of it, and you really can't get a grip on the whole impact, but we still think we're materially on track.

我們會等到實際走完市場流程、完成相關工作後再對外報告；屆時也會在你們看 CDI 時，一併提供我們預期這些攤提將如何影響未來的 NII 與 NIE。所以這大概是我目前能說的最好程度，因為我們確實做了證券部位重新配置，但那只是其中一部分；在還沒掌握整體影響前，很難完整評估。不過我們仍然認為整體上是按計畫進行。

Okay. Got it. And then just as a follow-up on the same vein as you guys have closed the acquisition taking a look at the overall loan portfolio. Is there any areas that are contemplated in terms of further balance sheet runoff or pockets of the portfolio that you guys might shy away from?

好的，了解。那再追問一個：同樣的脈絡下，既然你們已完成收購、也檢視了整體放款組合，是否有任何領域你們考慮進一步讓資產負債表縮表（runoff），或是投組中有些區塊你們可能會選擇避開？

No, the portfolios that they're in and the business that they do largely looks like what we do. Pat has, Ahern has commented on the strong kind of credit write-up and process that they had. The fact is that their Chief Credit Officer, we were keeping him, he's staying on board because he's good, and their approach to credit is good. And so there have been no surprises on that front. We got through a lot of those credits during due diligence and felt like we knew the portfolio very well. And frankly, since close, there has been no change to that.

沒有。他們的投組配置與業務型態，大致上看起來和我們做的很像。Pat——Ahern——也提到他們的授信評估（credit write-up）與流程相當扎實。事實上，他們的首席授信長（Chief Credit Officer）我們會留任，他會繼續留下來，因為他很優秀，而且他們的授信方法也很好。所以在這方面沒有任何意外。我們在盡職調查期間已經看過很多筆授信，覺得我們對投組非常了解。坦白說，自交割完成以來，這點也沒有任何改變。

Okay, great. That's all I had. Thanks for taking my questions.

好的，很棒。我這邊就這些。謝謝你們回答我的問題。

Thanks, Chris.

謝謝你，Chris。

Jon Arfstrom, RBC Capital Markets.

Jon Arfstrom，RBC Capital Markets。

Hi, thanks. Good afternoon, guys.

嗨，謝謝。各位下午好。

Hey, Jon.

嗨，Jon。

Hey, Just a few follow-ups. One on the commercial growth in the pipelines, Andy, I don't know if there's a way to separate this, but in your mind, what would you say the kind of the legacy associated client utilization looks like. I know you've got a lot of new hires that are driving the pipelines higher. But for the clients that have been around for a long time and associated. What is the pipeline like for clients like that?

嗨，我有幾個追問。第一個是關於商業端管線（pipeline）的成長，Andy，我不確定能不能把這部分拆開來看，但就你心中的判斷，你會怎麼描述既有客戶（legacy）相關的客戶使用率（utilization）大概是什麼樣子？我知道你們有很多新進人員在推動管線走高。但對於那些合作很久、已建立關係的客戶而言，這類客戶的管線狀況如何？

Are you asking about the individual RM productivity or I'm not, if you could just clarify that, Jon.

你是在問單一客戶關係經理（RM）的生產力嗎？我不太確定；Jon，你能再釐清一下嗎？

No, I'm just asking for how much of your pipeline growth is driven by the new hires and the new RMs versus the people that have been there for a while. And I'm just trying to get a gut check on like utilization from the typical metal vendor of Oshkosh or something like that. Does that make sense? Does that make sense, what I'm asking?

不是，我是想問你們的管線成長有多少是由新聘人員、新的RM帶動，相對於那些已在這裡一段時間的人。我只是想直覺確認一下，例如像Oshkosh之類典型的金屬供應商，他們的使用率大概如何。這樣說有道理嗎？你明白我在問什麼嗎？

Yeah. I mean it's a little bit hard to answer at this point because they are becoming us so quickly now. And so what I mean by that is we're up 44% in RM since I started. So there are a lot of new folks in what we do, and some are one year, two year, three year, four year. What I would say is that the legacy, if you want to call something over two years or three years legacy, they are driving more of the pipeline.

是的。我的意思是，現階段有點難回答，因為他們現在很快就融入我們了。我指的是，自從我開始以來，我們的RM人數增加了44%。所以在我們做的事情上有很多新面孔，有些是一年、兩年、三年、四年資歷。我會說，如果你把兩年或三年以上算作既有（legacy），那這些人正在帶動更多的管線。

They should. They're more of those folks. However, the gap is being bridged on the productivity per person. So we are seeing, whether it goes from 50% to 75%. And now as we head into the year, we have absolutely no non-solicitation agreements which we have very strictly lived up to.

他們也應該如此，因為這類人本來就比較多。不過，人均生產力的差距正在被縮小。所以我們看到，不管是從50%提升到75%。而且隨著我們進入今年，我們完全沒有任何禁止招攬（non-solicitation）協議，而我們也一直非常嚴格地遵守。

And so we have a team that there is upside from what we are doing today with the existing team, which is why I think we've seen another bump in what we see in the pipeline now versus 12 months ago. And that's what gives me a lot of confidence as we get through the rest of this year that we are at the high end of that we're at the high end of that forecast. But more of it has been done by legacy colleagues, but the, just on a per person basis, we're bridging the gap and they're getting closer and closer to 100% productivity.

因此，以現有團隊而言，我們在目前所做的事情上仍有上行空間，這也是為什麼我認為，相較於12個月前，我們現在看到的管線又再往上跳了一段。這也讓我對今年剩餘時間很有信心：我們會落在那個預測區間的高端。但整體來說，更多是由既有同仁完成；只是以人均來看，我們正在縮小差距，他們的生產力正越來越接近100%。

So broad and deep, you would say, the pipeline increases.

所以你會說，管線增加是又廣又深？

Oh, absolutely.

喔，絕對是。

Yeah. Okay. Derek, one for you. Slide 9 that customer CD increase. I understand that you have deposits that ebb and flow in the first quarter, but kind of what's the strategy behind that? And it looks like it was more of kind of a period-end increase.

好。Derek，我問你一題。第9頁那個客戶定存（CD）增加。我理解你們第一季存款會有進出波動，但背後的策略是什麼？而且看起來比較像是期末（period-end）的增加。

Yeah. I mean that's where you saw, when we saw during the quarter, I think we came into this quarter with a 41% increase in the pipeline on the C&I loan side. And we started to see that pipeline come through, and we were a little bit below market on CD rates.

是的。我的意思是，那就是你在本季看到的情況。我想我們進入本季時，商業與工業（C&I）放款端的管線增加了41%。我們開始看到那個管線轉化落地，而我們的CD利率相對市場略低。

We decided to raise our rates and try and make sure that we weren't looking into funding all of that growth that started to look like it was going to hit this quarter, which is well above our annual run rate, which is pretty high guidance anyways.

我們決定調高利率，確保不會在資金面落後，因為那波成長看起來會在本季入帳，而這遠高於我們的年度常態速度（run rate），即便我們給的指引本來就已經很高。

And so we decided to go ahead and front load that production. And the easiest way to do that in this market with these rates, I want to do it with the CDs. Now those CDs are all seven months that's the promo rate and we still stay very short on all our contractual fundings, which you'll see later in the deck. So we thought it was a good move. Ended up, we were right because the spot balance loan growth was very strong. And so we feel pretty good about it, but we'll have a chance to reprice all of that before the year ends.

因此我們決定先把這些募集量前置（front load）。在目前這個利率環境下，最容易的方式就是用CD來做。而且這些CD全部都是七個月期，那是促銷利率；同時我們在所有合約性資金來源上仍維持很短的期限，你們稍後在簡報中會看到。所以我們認為這是個好決定。結果證明我們判斷正確，因為即期餘額（spot balance）的放款成長非常強勁。因此我們對此感覺不錯，而且在年底前我們還有機會把這些全部重新訂價（reprice）。

Yeah. Okay. Makes sense. And then just last one, slide 19, the guidance. I'm assuming this is the case. But any material changes to like the core guidance that you gave last quarter. Is there any puts and takes there if you take American National off the slide?

好，了解，合理。最後一題，第19頁的指引。我假設是這樣，但相較於上季你們給的核心指引，有沒有任何重大變動？如果把American National從投影片上拿掉，有沒有什麼增減因素（puts and takes）？

I think the biggest one is net interest income. Our guidance was 5.5% to 6.5%. If you look at where our balances ended this quarter. And if you recognize the fact we're asset sensitive, we don't have two rate cuts, our guidance would be more like 7% to 8%.

我認為最大的一項是淨利息收入（net interest income）。我們的指引原本是5.5%到6.5%。如果你看本季期末的餘額水準，並且考量我們對利率變動是資產敏感（asset sensitive），而且我們沒有遇到兩次降息，那我們的指引會更像是7%到8%。

Okay, that makes sense. All right. Thank you very much, guys. Appreciate it.

好，這就說得通了。好，真的非常感謝各位，感激不盡。

Thank you.

謝謝。

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

謝謝。我們的問答環節到此結束。我想把時間交回給Andy，請他做任何進一步的結語。

Yeah. I'll just make a couple of quick comments. One, if you try to separate this into two pieces and hopefully, very soon, we won't anymore. It will be one company particular to this. But the legacy guidance on ASB basically improved from last quarter, if we break that out in the specific categories.

好。我簡單講幾點。第一，如果你試著把這件事拆成兩個部分——希望很快我們就不需要再拆了，因為會是一家公司——就這部分而言，ASB既有（legacy）的指引基本上較上季有所改善，如果我們把它在特定類別中拆開來看。

And I'm very bullish on the trends that I'm seeing that back that up. With regards to A&B, there are a lot of questions in a lot of different ways. And I just want to give a quick summary on that. One is we have a strong reinforcement that we have cultural alignment. That is a big deal. We have detailed plans to achieve our noninterest expense takeout that is right on track.

而且我對我看到、能支撐這點的趨勢非常樂觀。至於A&B，大家用很多不同方式問了很多問題，我想快速做個總結。第一，我們強烈確認我們在文化上是對齊的，這非常重要。第二，我們有非常詳細的計畫來達成非利息費用（noninterest expense）的削減（takeout），目前完全按計畫進行。

There's an ability at some point here to advance growth and it's becoming more clear based on FX, wealth, syndications, balance sheet size, common credit background, consumer products at digital platform and marketing acquisition capabilities. That's a long list, which gives me confidence that we will hit in some or many of those and that will be impactful. We're on track on systems integration and the time line there.

另外，在某個時間點，我們有能力推進成長，而且基於外匯（FX）、財富管理、聯貸（syndications）、資產負債表規模、共同的授信背景、消費金融產品、數位平台，以及行銷獲客能力等因素，這點正變得更清晰。這是一長串清單，讓我有信心我們會在其中一些或多項上達成，並帶來實質影響。我們在系統整合以及相關時程上也按軌道進行。

We will work through our purchase accounting marks in the second quarter. And most importantly, I saying all that is the A&B deal is what we had hoped it would be. So that's our story. We appreciate your interest, and we look forward to continuing to provide updates throughout the year.

我們會在第二季處理購買會計（purchase accounting）的評價調整（marks）。最重要的是，我之所以講這些，是因為A&B這筆交易正如我們所希望的那樣發展。這就是我們的說法。我們感謝各位的關注，也期待在今年持續提供最新進展。

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

謝謝。今天的電話會議與網路直播到此結束。您現在可以掛線，祝您有美好的一天。感謝各位今天的參與。