Avidbank Holdings Inc (AVBH) 2026 Q1 法說會逐字稿

Good morning. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Avid Bank Holdings, Inc. First Quarter 2026 Earnings Conference Call.

早安。我是 Tiffany，今天將擔任本次電話會議的接線員。此刻，我想歡迎各位參加 Avid Bank Holdings, Inc. 2026 年第一季財報電話會議。

(operator instructions)

(接線員指示)

Thank you.

謝謝。

I'd like to introduce the presenters, Chairman and CEO Mark Mordell, Chief Financial Officer Pat Oakes.

我想介紹今天的簡報人員：董事長兼執行長 Mark Mordell、財務長 Pat Oakes。

And Chief Operating Officer Gina Thoma Peterson. You may begin your conference.

以及營運長 Gina Thoma Peterson。您可以開始會議。

Good morning.

早安。

Thank you for joining us today for the Avid Bank's Holding first quarter 2026 earnings call. Before we begin, let me remind you that today's call is being recorded and is available in the Investor Relations section of our website at avidbank.com, along with our earnings release and presentation materials. Today's call contains forward-looking statements, which are subject to certain risks, uncertainties, and other factors that could cause actual results to differ materially from those discussed.

感謝各位今天參加 Avid Bank Holdings 2026 年第一季財報電話會議。在開始之前，提醒各位今天的電話會議將被錄音，並可於 avidbank.com 我們網站的投資人關係專區收聽，同時也可取得我們的財報新聞稿與簡報資料。今天的電話會議包含前瞻性陳述，這些陳述受某些風險、不確定性及其他因素影響，可能導致實際結果與所討論內容有重大差異。

Those statements are intended to be covered in the Safe Harbor provisions of the Federal Securities Law. For a list of factors that may cause actual results to differ materially from expectations, please refer to our earnings release under the heading Forward-Looking Statements, as well as the disclosures contained within our SEC filings. We will also reference non-GAAP financial measures alongside our discussion of GAAP results. We encourage you to review the GAAP to non-GAAP reconciliations provided in our earnings release. With that, I'd like to turn the call over to our Chairman and CEO, Mark Mordell.

這些陳述旨在受聯邦證券法之「安全港」條款保護。關於可能導致實際結果與預期有重大差異的因素清單，請參閱我們財報新聞稿中「前瞻性陳述」標題下的內容，以及我們向 SEC 申報文件中的相關揭露。我們也將在討論 GAAP 結果的同時，引用非 GAAP 財務衡量指標。我們鼓勵各位查閱財報新聞稿中提供的 GAAP 與非 GAAP 調節表。接下來，我想把電話會議交給我們的董事長兼執行長 Mark Mordell。

Thanks, Gina, and thank you all for attending our Q1 earnings call. We appreciate your interest as well as your support.

謝謝你，Gina，也感謝各位出席我們第一季財報電話會議。我們感謝各位的關注以及支持。

Now, as we stated in the release, overall, we're pleased with what we've accomplished not only for Q1, but certainly what we've done over the last several quarters in putting ourselves in a more profitable.

如同我們在新聞稿中所述，整體而言，我們對第一季的成果感到滿意，當然也包括過去幾季我們所做的努力，讓公司處於更具獲利能力的狀態。

Profitable metrics situation. I'm not a big believer in seasonality, but as far as first quarter goes, this was a pretty good quarter for us. We usually have some pull-back and shrinkage, and we were able to grow loans by about $25 million, and our core deposits were reasonably flat, although...

更佳的獲利指標狀態。我不太相信季節性因素，但就第一季而言，這對我們來說是相當不錯的一季。我們通常會有一些回落與縮減，但我們仍能讓放款成長約 2,500 萬美元，而核心存款大致持平，雖然……

Pat's going to give you certainly some more metric information, and we're going to follow it up with some questions after that. So at this point, I'd like to turn it over to Pat and kind of go through the quarter, the high-level metrics, and we'll open up for questions.

Pat 會提供各位更多指標資訊，之後我們也會進行問答。所以此刻我想把時間交給 Pat，請他帶各位回顧本季的高層級指標，然後我們開放提問。

Thanks, Mark. Good morning, everyone. Let me start with the headline numbers. So in the first quarter, we earned net income of $9 million, or $0.84 per diluted share. That was up from $ 6.9 million, or $ 0.65 per diluted share in the fourth quarter.

謝謝，Mark。各位早安。我先從重點數字開始。第一季我們的淨利為 900 萬美元，稀釋後每股盈餘為 0.84 美元。相較之下，第四季為 690 萬美元，稀釋後每股盈餘為 0.65 美元。

Return on assets improved to $146,000 from $112,000, and return on average equity increased to 12.7%.

資產報酬率提升至 146,000 美元（由 112,000 美元上升），平均股東權益報酬率提高至 12.7%。

Turning to the balance sheet, as Mark said, loans grew $24 million in the first quarter.

接著看資產負債表，如 Mark 所說，第一季放款增加 2,400 萬美元。

That was driven mainly by a $26 million increase in non-owner-occupied security loans, partially offset by a $9 million decline in C&I balances due to higher payoffs and paydowns.

主要由非自用（non-owner-occupied）擔保放款增加 2,600 萬美元所帶動，但部分被 C&I（商業與工業）餘額減少 900 萬美元所抵銷，該減少係因提前清償與分期償還增加。

Overall, loans are up $332 million, or 18%, since March 31, 2025.

整體而言，自 2025 年 3 月 31 日以來，放款增加 3.32 億美元，或 18%。

Deposits also moved higher, up $13 million in the first quarter, and they're up $270 million, or 14%, since March 31, 2025.

存款也上升，第一季增加 1,300 萬美元；自 2025 年 3 月 31 日以來增加 2.70 億美元，或 14%。

We reported a net interest margin of $438 in the first quarter, up 25 basis points from the fourth quarter.

我們第一季淨利差為 $438，較第四季上升 25 個基點。

Loan yields were essentially flat, and our interest-bearing deposit costs came down 20 basis points. And just a reminder, the fourth quarter included a $726,000 interest reversal on non-performing loans, which reduced our margin in the fourth quarter by 12 basis points.

放款收益率基本持平，而計息存款成本下降 20 個基點。另外提醒一下，第四季包含對不良放款的 726,000 美元利息沖回，使第四季利差降低 12 個基點。

And in the first quarter, we also had the benefit of a special FHLE dividend, which added about four basis points to the margin.

而在第一季，我們也受惠於一次性的 FHLE 特別股利，約為利差增加 4 個基點。

During the first quarter, we did see some upward pressure on our cost of interest-bearing deposits. The average cost for the quarter was $298. And the spot rate was 303 at March 31.

第一季期間，我們確實看到計息存款成本有一些上行壓力。本季平均成本為 $298。而 3 月 31 日的即期利率（spot rate）為 303。

The provision of credit losses was $1.4 million in the first quarter, down from $2.8 million in the fourth quarter.

第一季信用損失準備為 140 萬美元，低於第四季的 280 萬美元。

Net charge-off for the quarter were $2.8 million, or 52 basis points of average loans, primarily driven by the charge-off of two C&I credits.

本季淨沖銷為 280 萬美元，約為平均放款的 52 個基點，主要是因兩筆 C&I 授信的沖銷所致。

Non-performing loans declined to $16.3 million or 75 basis points of loans, mainly reflecting the payoff of a construction loan and the charge-off of those two C&I credits.

不良放款下降至 1,630 萬美元，約占放款的 75 個基點，主要反映一筆建築放款清償，以及上述兩筆 C&I 授信的沖銷。

Non-interest income was $1.5 million compared to $1.8 million in the fourth quarter.

非利息收入為 150 萬美元，第四季為 180 萬美元。

We saw higher core banking fee income, including service charges, FX, and credit card income.

我們看到核心銀行手續費收入增加，包括服務費、外匯（FX）以及信用卡收入。

That was offset by lower warrant and success fee income and fund investment income.

但這被較低的認股權證（warrant）與成功費收入，以及基金投資收入下降所抵銷。

On the expense side, non-interest expense totaled $14.1 million, up $231,000 from the fourth quarter, mainly due to higher credit-related legal and professional fees.

在費用方面，非利息費用合計 1,410 萬美元，較第四季增加 231,000 美元，主要因信用相關的法律與專業費用較高。

We also saw another improvement in our efficiency ratio, which came down to 50.4%.

我們的效率比率也再次改善，下降至 50.4%。

Salary and benefits were flat at $9.6 million.

薪資與福利持平，為 960 萬美元。

Lower salary and bonus expense was offset by higher payroll taxes and benefits expense, along with fewer capitalized loan retaliation costs.

較低的薪資與獎金費用，被較高的薪資稅與福利費用所抵銷，另外資本化的放款報復成本（capitalized loan retaliation costs）也較少。

We added three people in the first quarter, bringing total headcount to 154, and we expect to hire additional bankers in the second quarter.

第一季我們新增 3 位同仁，使總人數達到 154 人，並預期第二季將再聘用更多銀行業務人員。

Book value per share increased to $26.33, and Tier 1 capital increased to $11.39.

每股帳面價值增加至 26.33 美元，第一類資本（Tier 1 capital）增加至 11.39 美元。

During the quarter, we also repurchased 25,000 shares at an average price of $2,769 for a total of $693,000. The effective tax rate for the quarter was 27.5%.

本季我們也以平均價格 $2,769 回購 25,000 股，總金額為 693,000 美元。本季有效稅率為 27.5%。

That included a discrete tax benefit related to equity or investing. And we continue to expect the tax rate to be in the mid-28 for the remainder of 26. With that, Mark, right back to you.

其中包含一項與股權或投資相關的一次性稅務利益。我們仍預期 26 年剩餘期間的稅率將落在 28% 的中段水準。Mark，接下來交還給你。

Thanks, Pat.

謝謝，Pat。

As you all can see, we've had a lot of improvements in our profitability metrics, which we mentioned earlier. And at this point, I'd just like to open it up for questions because, that's what's really on your mind. So, please.

各位可以看到，我們的獲利能力指標有許多改善，這點我們先前也提到。此刻我想直接開放提問，因為那才是各位真正關心的。請。

(Event Instructions)

(活動指示)

Your first question comes from the line of Andrew Terrell with Stevens. Your line is open.

第一個問題來自 Stevens 的 Andrew Terrell。您的線路已開通。

Hey, good morning.

嗨，早安。

Morning, Andrew.

早安，Andrew。

Hey, I want to...

嗨，我想要……

I want to start off asking just a question around the SaaS exposure and venture lending. I appreciate the commentary you put in the presentation. It's about $165 million of exposure, it looks like.

我想先從 SaaS 曝險與創投放款（venture lending）相關的問題開始。我很感謝你們在簡報中提供的說明。看起來曝險大約是 1.65 億美元。

Can you just talk about -- it looks like you conducted a review in the quarter, and there's obviously a lot of headlines out there right now, but just maybe sum up for us what the conclusions around this review were. If you could talk about just kind of the, any reserves specifically against this pool, whether you're worried about lost content, and then how should we think about, your interest in this space, software specifically going forward? Are you pulling back the reins a bit, modifying underwriting standards? Just kind of want to run the gambit on this fast exposure.

您能否談談——看起來你們在本季進行了一次檢視，而目前外界顯然有很多新聞標題，但能否請您為我們總結一下這次檢視的結論是什麼。另外也請談談，是否有針對這個組合特別提列任何準備金、你們是否擔心內容流失，以及我們應該如何看待你們未來在這個領域（特別是軟體）的投入意願？你們是否正在稍微收緊、或調整承作／授信標準？想就這個快速成長的曝險把各面向都問一遍。

Well, from a...

嗯，從一個……

30,000 feet, the SaaS exposure is evolving. So we did do kind of a deep dive and really looked at where we were exposed. And what we're finding is that companies that, it's just not SaaS, it's how they're dealing with AI. And so a lot of these companies that have a good space that...

從三萬英尺的高度來看，SaaS 的曝險正在演變。所以我們確實做了一次相當深入的檢視，仔細看了我們的曝險落在哪裡。而我們發現，重點不只是 SaaS，而是這些公司如何應對 AI。因此，很多在這個領域有良好定位的公司……

Our SaaS base have been utilizing AI or starting to utilize it more in their business plan in order to compete. And those companies are going to be the top end of the food chain. It's the companies that aren't adapting.

我們的 SaaS 客群一直在運用 AI，或開始在其商業計畫中更大量地運用 AI 以便競爭。而這些公司將會位於食物鏈的頂端。真正的問題是那些沒有在適應的公司。

That are going to be more suspect as we go forward. And if they're not able to get those funding, the funding that's necessary because their metrics are off, because their platform is just not going to be as competitive as people anticipated, those are the ones that we're concerned about. So, Pat can get in some kind of the detail of how much dollar exposure we do have.

這些公司在往後會更令人存疑。如果他們因為指標走樣、因為其平台不如市場原先預期那麼有競爭力，而無法取得所需的資金挹注，那些就是我們擔心的對象。至於我們到底有多少美元曝險，Pat 可以補充一些細節。

But what we found is that the vertical integration of AI and SaaS models is really where we want to be. Those are much more specialized in workflow versus the horizontal type, which is, kind of encompassing more broad-based aspects of it. Doesn't mean one's necessarily better than the other, but one just has a little bit more legs to it than the other at this point. And so we've done.

但我們發現，AI 與 SaaS 模式的垂直整合才是我們真正想要布局的方向。這類模式更偏向在工作流程上的專精，相對於橫向型態——也就是涵蓋較廣泛、較通用的面向。這不代表哪一種一定比較好，但就目前而言，其中一種的延展性（續航力）比另一種更強一些。因此我們已經做了。

A strong analysis, talk to VCs, is there going to be additional losses embedded? I don't know. When we're talking about early-stage investing, it's really, are we going to let their cash balances cross over their loan balances? And so, it gives us another factor that we have to monitor months ahead before that cash approaches their loan balance. So, we know if we need to pull a.

我們做了很強的分析，也和創投（VC）交流：是否還會有額外損失隱含在其中？我不知道。當我們談早期投資時，關鍵其實是：我們會不會讓他們的現金餘額低於（或交叉到）其貸款餘額？因此，這又給了我們一個必須提前數月監控的因素，在現金接近其貸款餘額之前就要盯緊。所以我們知道是否需要啟動一個。

A investor abandonment clause or something of that nature. Are we going to let them borrow or are we going to let that cash cross over? And we're being pretty critical of that from across the board from a credit perspective.

例如投資人放棄條款（investor abandonment clause）或類似性質的條款。我們會讓他們繼續借款，還是會讓現金跨過那個界線？從信用角度來看，我們在全體範圍內都以相當嚴格的標準在審視這件事。

You got any additional color there?

你還有什麼補充嗎？

Yeah. So as you can see from the schedule we provided, right, with the breakdown we did with the venture group, it was really that horizontal stuff, this smaller piece of that that's more general that I think is the most concern that are they going to better raise funds going forward.

有。所以如你從我們提供的明細表所看到的，對吧？我們和創投團隊做的拆解顯示，真正比較令人擔心的是那種橫向的東西——其中那一小塊更通用的部分——因為要看它們未來是否能更順利地募到資金。

That portfolio is small. There's 2 loans in there that are either criticized or classified. It's about $4 million total.

那個投組很小。裡面有 2 筆貸款屬於被關注（criticized）或被分類（classified）。總額大約 400 萬美元。

In fact, one of those is cash flow positive, right? So.

事實上，其中一筆是現金流為正，對吧？所以。

So far, the portfolio is doing well. I mean, the concern is what's going to happen 6 to 12 months from now, right? So I think through our bankers and I think the investors and everybody else, I think everybody's on this and tracking this quite closely.

到目前為止，這個投組表現良好。我的意思是，擔心的是 6 到 12 個月後會發生什麼，對吧？所以我認為透過我們的銀行團隊，以及投資人和其他所有人，我想大家都在密切關注並追蹤這件事。

Great, okay. And so I guess it sounds like important bifurcation of horizontal versus vertical.

很好，了解。所以我想聽起來，橫向與垂直之間的區分很重要。

This is, it sounds like within the vertical space, you're still going to be lending and forming new relationships, picking up new clients in that specific vertical, so no kind of change, they're just still being critical and diligent from a credit standpoint.

聽起來在垂直領域內，你們仍會放款並建立新關係、爭取該垂直領域的新客戶，所以沒有什麼方向性的改變；只是從信用角度仍然保持嚴謹與勤勉。

I think everybody's looking at it a little bit differently in terms of new funding. Obviously, there's a lot more funding going into the AI space in the venture community at this point. So if there isn't a new funding...

我想大家在新一輪資金挹注方面的看法都有些不同。顯然，目前創投圈有更多資金流向 AI 領域。所以如果沒有新的資金挹注……

You could argue have a very strong model going forward, because they started off with integrating AI. Some of these companies that are two, three, four years old are needing to pivot, and they've needed to pivot, just not today, but, months or quarters ago in order to be more competitive given the explosive growth that AI has had on the industry. So I think it all pours into the underwriting. For everything that we're looking at, and it's very similar to what we've done for the last several years, is how viable are these early-stage companies, and what's their backing like, and, how strong is their business plan. And so, it's just another factor that we're taking into account. And, yes, we do have some legacy credits, and we're monitoring those pretty closely.

你可以主張它們未來的商業模式會非常強健，因為它們一開始就把 AI 整合進去。有些成立兩、三、四年的公司需要轉型，而且其實不是今天才需要，而是在幾個月或幾季前就需要轉型，才能在 AI 對產業帶來爆炸性成長的背景下更具競爭力。所以我認為這一切都會回到授信審查（underwriting）。對於我們正在看的所有案子，而且這和我們過去幾年做法非常類似：這些早期公司有多可行、背後的支持力道如何、以及其商業計畫有多強。因此，這只是我們納入考量的另一個因素。而且，是的，我們確實有一些既有（legacy）授信案，我們也在非常密切地監控。

Okay, great. I appreciate it. If I could move over.

好的，很好。感謝。如果我可以換個話題。

Pat just on the margin, you obviously outperformed a bit this quarter, even normalizing for BFHLB Special.

Pat，關於淨利差，你們本季表現顯然略優於預期，即使把 BFHLB Special 正規化調整後也是如此。

It sounds like maybe some deposit cost pressure into period end, but just talk about relative to that $299 interest-bearing costs, and I think you said $303 on the spot rate.

聽起來期末可能有一些存款成本壓力，但請談談相對於那個 299 的計息成本（interest-bearing costs），以及我想你提到即期利率是 303。

Just, where you're bringing on new deposits at on a weighted average basis and kind of general expectations for the margins as we move forward.

也請談談，你們新吸收的存款以加權平均來看大概落在哪個水準，以及我們對未來利差走勢的整體預期應該如何看。

Yeah, I think that's why I just wanted to throw that 303 out there because, look, we're a growth bank. We're having to put some deposit costs on at a higher cost than we'd like at this point, right, which is probably in the low threes at this point on average.

對，我想這就是我為什麼想把 303 提出來，因為，聽著，我們是一家成長型銀行。我們目前必須以比我們希望更高的成本來承接一些存款成本，對吧？大概平均在 3% 出頭。

I think hopefully we can drive that time over time, but at this point we want to grow deposits, right? So I would assume that that's going to stay above 3% at this point, cost of inter-sparing deposits. Could it creep up a little bit? Yes, potentially short-term.

我希望隨著時間推移我們能把它壓低，但目前我們想要成長存款，對吧？所以我會假設，目前計息存款的成本會維持在 3% 以上。它會不會再往上爬一點？是的，短期內有可能。

So, that's going to take the margin down a little bit from where it is today. We realize that, loan yield, I'm not as worried about. I think that loan yield will be, relatively stable. Could it go up or down a few basis points, sure, with loan fees and the mix change and all that stuff. But so, you'll see that margin move down a little bit here.

所以，這會讓利差從目前水準稍微下滑一些。我們也理解這點；至於放款收益率，我沒有那麼擔心。我認為放款收益率會相對穩定。當然，因為貸款手續費、組合變化等等，它可能上下變動幾個基點。但總之，你會看到利差在這裡稍微往下走一點。

That's for sure. And one other factor too is just to keep in mind, DDA was probably a little bit high at 331. We had some clients bringing some money late in the quarter.

這是肯定的。另外還有一個因素要記得，DDA（活期存款）在 331 可能偏高了一點。有些客戶在季末較晚的時點把一些資金匯入。

That moved in the DDA account, that change has moved in April. So, I wouldn't count on that DDA remaining as high as it is today.

那筆資金先進到 DDA 帳戶，而這個變動已在 4 月移出。所以，我不會指望 DDA 能維持在目前這麼高的水準。

So that's a little bit of pressure too that we're seeing is to grow that. So hopefully we can keep it in the mid-20s, but it is probably a little bit elevated.

所以我們也看到一點壓力，就是要把那部分做大。因此希望我們能把它維持在20%中段，但它可能確實有點偏高。

Yes. Okay. Great.

是的。好的。很好。

Thank you guys for taking the questions.

謝謝各位回答問題。

Your next question comes from the line of Matthew. Mark with Piper Sandler, your line is open.

下一個問題來自Matthew。Piper Sandler的Mark，您的線路已開通。

Hey, good morning. This is Adam Kroll on for Matthew Clark, and thanks for taking my questions.

嗨，早安。我是Adam Kroll，代替Matthew Clark提問，謝謝讓我提問。

Hello.

您好。

Maybe just if we could get your updated thoughts on loan and deposit growth expectations for the year. I think your previous target was in the low double-digit range, so I was just curious if that's changed at all, and maybe more broadly what you're hearing from your borrowers, given some of the macro uncertainty.

想請教一下您對今年放款與存款成長預期的最新看法。我記得您先前的目標是低雙位數區間，所以想確認是否有任何變化；另外在一些總體不確定性之下，也想更廣泛了解您從借款人那邊聽到的情況。

Well, I think there were... We did experience a little softness in the quarter in terms of people making decisions and fundraising and that aspect of it. But I don't think our outlook has really changed. I think it's a low double-digits going forward. We have some work to do on the deposit side, as Pat had mentioned, but feel pretty good about the overall pipelines that we're seeing across the all verticals as far as loans go. And in terms of deposits, we have a strong pipeline, but I think timing is an issue at this point. A little bit more because I think fundings are seemingly taking a little bit longer. People are doing a little extra diligence. There's geopolitical noise that's been out there, which is constantly out there. So I don't know why that should be as much of a factor in this quarter as it was historically every quarter in the last several years. So our outlook hasn't changed. I think we are built for a growth bank and we should be low double-digits for the year and we do have some work to do on the. Liability side of the balance sheet as I mentioned.

嗯，我想確實有……本季在大家做決策、募資等方面，我們確實感受到一點疲軟。但我不認為我們的展望真的有改變。我認為往前看仍是低雙位數。存款端我們還有一些工作要做，正如Pat提到的，但就放款而言，我們對在各個垂直領域看到的整體案源管線感覺相當不錯。至於存款，我們也有很強的管線，但我認為目前的問題在於時點。主要是因為我覺得資金到位（fundings）似乎需要更長時間。大家會做更多額外的盡職調查。外部也一直有地緣政治雜音，這些雜音一直都在。所以我不確定為什麼這一季它會比過去幾年每一季都更成為因素。因此我們的展望沒有改變。我認為我們的定位就是成長型銀行，今年應該會是低雙位數成長；而且如我所說，我們在……資產負債表的負債端還有一些工作要做。

Got it. I appreciate the color there.

了解。謝謝您提供的說明。

Maybe switching to expenses, they're really well managed during the quarter. So I was just curious, how are you thinking about maybe a Q2 run rate and overall growth for the year?

再切換到費用面，本季費用控管得非常好。所以我想請教，您如何看待第二季的費用run rate，以及全年整體的成長？

So.

所以。

What I would say is, I kind of mentioned that we've been doing some hiring here. Mark can talk a little bit more detail around that in the first quarter, then more in the second quarter.

我想說的是，我剛才有提到我們最近在做一些招募。Mark可以更詳細談談第一季的情況，以及第二季會更多一些。

So that's going to put a little pressure on the growth in expenses here, along with Q1 merit increase and some other things. So, it's really, the variable here is really that personnel expense.

因此，這會讓費用成長承受一些壓力，再加上第一季的績效調薪（merit increase）以及其他一些因素。所以這裡的變動因素主要就是人事費用。

It was $9.5 million. I could see that creeping up to closer to $10 for the quarter when you factor in everything.

當季是950萬美元。把所有因素都算進去，我可以想像它會逐步上升到接近1,000萬美元。

We did have a little bit of higher legal and professional fees that could come down a little bit to offset some of that. But, expenses will definitely be up in the second quarter. But hopefully, that's all investment in growth here.

我們確實有一些較高的法律與專業服務費，可能會下降一些，以抵消其中一部分。但第二季費用肯定會上升。不過希望這些都是對成長的投資。

Yeah, I think Pat's spot on on that. I think we have, with the successful IPO that we had and our profitability metrics going where they are, and with our plan, long-term plan of scaling our operation.

是的，我覺得Pat說得很到位。我想，隨著我們成功完成IPO、獲利指標朝目前方向發展，以及我們長期擴大營運規模的計畫。

I think we could probably we will likely have more bankers this year than we have in the last several years, so as we mentioned, we brought on, I think, three in the in Q1, and we're probably going to have, two to four in more in Q2, and...

我想我們今年的銀行家人數可能、也很可能會比過去幾年都多；如我們提到的，我們在第一季新增了，我想是三位，而第二季大概還會再增加兩到四位，然後……

Probably a couple more after that as we look down the road. So, I think there's some opportunity out there, there's some consolidation, and we're going to take advantage of it given our overall business plan.

再往後看，可能還會再增加幾位。所以我認為外面有一些機會，也有一些整併，我們會依照整體商業計畫把握這些機會。

Got it. Thanks for taking my questions. I'll step back.

了解。謝謝回答我的問題。我先回到隊列。

Thank you.

謝謝。

Your next question comes from the line of Gary Tanner with D.A. Davidson. Your line is open.

下一個問題來自D.A. Davidson的Gary Tanner。您的線路已開通。

Thanks. Good morning, everybody.

謝謝。各位早安。

I wanted to kind of follow-up on the SaaS conversation earlier, just kind of broaden it to the larger venture lending business. Obviously, SaaS is a big part of that business, but just curious about kind of the pace of.

我想延續先前關於SaaS的討論，把它稍微擴大到更大的創投放款（venture lending）業務。顯然SaaS是那項業務的重要部分，但我想了解一下目前……的節奏。

What you're seeing in the pace of venture investment into start-ups at this point, has that, have you seen much diminution of that flow and then how that impacts both the venture lending and potentially the capital call business?

您目前看到創投資金投入新創的節奏如何？這股資金流是否有明顯減弱？以及這會如何影響創投放款，並可能影響資本催繳（capital call）業務？

Well, as far as venture lending goes, I think it has, gained a lot more momentum over the last couple of quarters this, apocalypse or whatever they're calling it at this point. So I think everyone's doing the homework that's necessary because nobody wants to sow good money after bad. And so there's no question that the new fundings are better valuations than a company that's two or three years old. And the question is, how can they pivot? Do they need to pivot? And so I think the.

嗯，就創投放款而言，我認為在過去幾個季度其實更有動能了，這個「末日」或不管他們現在怎麼稱呼它的時期。所以我想每個人都在做必要的功課，因為沒有人想把好錢再砸在壞錢後面。因此毫無疑問，新一輪融資的估值會比成立兩、三年的公司來得更合理。問題在於，他們能否轉型？他們是否需要轉型？所以我認為……

The VCs and the entrepreneurs out there are looking at it very analytically, but when this kind of transition or disruption happens, they really decide to pick their horses, and so for us, again...

創投與創業者都在非常理性、分析式地看待這件事；但當這種轉換或顛覆發生時，他們會真正決定要押注哪些標的，所以對我們而言，再次……

We monitor everything on a monthly basis, in terms of growth, in terms of metrics, and if they're not on plan, if they're falling off plan, we know that ahead of time. We're having these conversations way ahead of time. So I do think, just like any time a vertical gets really hot, which AI is, just like cyber was a few years ago, there's more money going into AI-based investments than most anything else at this point. So, we just got to use. Solid judgment across the board as far as the new investments are being made and really be ultra-critical on the investments that we do have at this point and determining do they have an opportunity for new funding or are they going to die on the vine and are we going to let that cash cross over, like I mentioned earlier, our loan balance, because that's our only savior at that point.

我們每月監控所有事項，包括成長與各項指標；如果他們不符合計畫、或偏離計畫，我們會提前知道。我們會在很早之前就開始進行這些對話。所以我確實認為，就像任何垂直領域一旦變得非常火熱——AI就是如此——就像幾年前的資安一樣，目前流向AI相關投資的資金比幾乎任何其他領域都多。所以我們必須運用……在新投資上全面採取穩健判斷；同時對我們現有的投資要非常嚴格地檢視，判斷他們是否有機會獲得新一輪資金，或是會不會就此凋零；以及我們是否要讓那筆現金像我先前提到的那樣跨過、超過我們的放款餘額，因為那時候那就是我們唯一的救命稻草。

Is to not let them borrow or sweep the account if necessary because the investors are not going to continue to support the company.

也就是必要時不讓他們再借款，或把帳戶資金掃走（sweep），因為投資人不會再繼續支持這家公司。

Got it.

了解。

Thank you for that. And I'm sure you would have flagged this. I just wanted to confirm the $3.1 million construction loan that paid off in the quarter, there was no related interest recovery or benefit from that, correct?

謝謝您的說明。我相信你們應該已經注意到這點。我只是想確認，本季償還的那筆310萬美元建築貸款，沒有相關的利息回收或任何收益，對嗎？

No, we had everything that was owed to us on that one.

沒有，那筆我們該收的都收到了。

Okay.

好的。

Thank you.

謝謝。

(event instructions)

(活動指示)

Your next question comes from the line of Tim Coffey with Breen Capital. Your line is open.

下一個問題來自Breen Capital的Tim Coffey。您的線路已開通。

Thank you. Good morning, everybody.

謝謝。各位早安。

Morning, Tim.

早安，Tim。

Mark, if I could just kind of, follow back up on the SaaS discussion.

Mark，如果可以的話，我想接續回到 SaaS 的討論。

I appreciate the details of the deck. Kind of parsing through the loans and deposits stuff, it looks like the SaaS portfolio, both vertical and horizontal, have loan-to-deposit ratios somewhere around 45%, whereas the total venture portfolio is somewhere around a 30% lower deposit ratio.

感謝你在簡報裡提供的細節。我在拆解貸款與存款的資料時看到，SaaS 投資組合（不論垂直或水平）其貸存比大約在 45% 左右，而整體創投投資組合的貸存比則大約低了 30%。

I'm wondering, historically speaking, has the SaaS book always kind of been there in that kind of 45% ratio?

我想請教，從歷史角度來看，SaaS 這本業務一直都大致維持在約 45% 的比率嗎？

No, I would say, look, I think what I would hear from our bankers is, these companies are still getting funding, right? I would say it's at a slower pace than it was previously, right? This is almost like 22, right? Where the rounds of funding, shrink a little bit and not get as much, right?

不，我會說，你看，我從我們銀行家那邊聽到的是，這些公司仍然在拿到資金，對吧？我會說速度比以前慢了，對吧？這幾乎有點像 22 年那樣，對吧？募資輪次會縮小一些，拿到的金額也沒那麼多，對吧？

So I did just be a little bit more careful, I think, if they're giving out funding, especially some of the horizontal stuff, right? So it probably is a little bit less than has been historically. We could run that analysis. I haven't got it, but my gut would tell me that a little bit.

所以我認為確實需要更謹慎一些，尤其是在他們提供資金的時候，特別是一些水平型的業務，對吧？因此它可能比歷史水準略低一些。我們可以做那個分析。我手上還沒有，但直覺告訴我會低一點。

I think what Pat's saying does make sense. I think when you do have a little stress in a vertical, they do tend to spoon-feed it as opposed to give it to, two years of runway, which is what is typically happening in a more, less.

我覺得 Pat 說的確實有道理。我認為當某個垂直領域出現一些壓力時，他們往往會採取「一點一點給」的方式，而不是一次給足兩年的 runway（資金續航期），這通常是在較不令人擔憂的垂直領域才會發生。

Concerning vertical. And so, I think companies are getting funded, but it's more metric-based. So, they may, just fund it for the next four to six months as opposed to two years, see where they end up on that, see if they're getting the traction that's necessary.

在較令人擔憂的垂直領域。因此，我認為公司仍然能拿到資金，但會更以指標為基礎。所以，他們可能只先資助接下來四到六個月，而不是兩年，看看最後表現如何，看看是否取得必要的成長動能。

And that's kind of typical when there's this kind of disruption in the market.

而這在市場出現這種干擾時是很典型的情況。

And that's why we're taking a closer look at these, 60 plus counts, right, watching them very carefully.

這也是為什麼我們會更仔細地檢視這些 60 多個案子，對吧，並非常密切地觀察它們。

Right. It sounds like a topic I should follow-up with next quarter, kind of see how things are playing out.

了解。聽起來這是我下季應該再追問的主題，看看事情如何發展。

I'll mark that down.

我會把它記下來。

Mark, as you talk to clients in the technology space, in the venture space, do you get a sense that there's been any material slowdown in planned IPOs or takeout activity?

Mark，當你和科技領域、創投領域的客戶交流時，你是否感覺到計畫中的 IPO 或併購（takeout）活動有任何實質性的放緩？

Yeah, I think the IPO market has been, certainly quiet at best for a period of time. So, and M&A, given some of the disruption, is slowing down at this point until people kind of figure out what's viable and what's not. I think there's going to be a lot of companies out there that are going to be looking for soft landings that aren't going to find a soft landing. So, whenever there's this kind of disruption, people are pretty cautious at this point, because I think with this kind of disruption, there's.

是的，我認為 IPO 市場在一段時間內確實非常冷清，至少可以這麼說。至於併購，在一些干擾之下，目前也在放緩，直到大家弄清楚哪些是可行的、哪些不可行。我認為市場上會有很多公司在尋求軟著陸，但最後可能找不到軟著陸。所以，每當出現這種干擾時，大家此刻都相當謹慎，因為我認為在這種干擾下，會有……

Some people feel there's bound to be more opportunities the more stress there is in the marketplace, as opposed to getting too far ahead of it. And I think we've got to just continue to monitor the overall space like we do, but certainly with this disruption, we have to really pay attention to where money's flowing and what's happening there from an M&A perspective, because the IGO market just, I think, is not something we're focused on. This point.

有些人覺得，市場壓力越大，機會就越多，而不是太早就衝在前面。我認為我們必須像以往一樣持續監控整體領域，但在這次干擾下，我們更要密切關注資金流向，以及從併購角度來看那邊發生了什麼，因為 IPO 市場我想並不是我們此刻關注的重點。此刻。

Okay. All right. Appreciate that color. And then, Mark, as you go look to add bankers, is there a specific geographies or business lines you're looking to support?

好的。好。謝謝你提供的補充說明。另外，Mark，當你要增聘銀行家時，有沒有特定想支援的地理區域或業務線？

I think, the overall feeling is continuing to be the same, that the bankers that we're adding are going to be more on the business lines than real estate.

我認為整體感受仍然相同：我們新增的銀行家會更多配置在業務線，而不是房地產。

We do a good job in commercial real estate, a good job in construction, but as far as the number of employees go, you can run those two verticals with a lot less employees than we're talking about in the business lines, in venture and traditional C&I, asset-based, sponsor, search.

我們在商用不動產做得很好，在建築業務也做得很好，但就員工人數而言，這兩個垂直領域用更少的人就能運作；相較之下，我們談的業務線——創投與傳統 C&I、資產基礎融資、贊助商、搜尋——需要更多人力。

So I think what you're going to see, those bankers are going to be more in the business lines of the overall strategy because we feel that adds more to our franchise value.

所以我認為你會看到，這些銀行家會更多投入整體策略的業務線，因為我們覺得那能為我們的特許經營價值帶來更多增益。

Okay, great.

好的，很好。

And then, Pat, a question about the margin. So, coming into the quarter, I think, we were kind of looking for margin in the fourth quarter to be somewhere around 420, 425. Does that still seem reasonable, given all the puts and takes we've discussed today?

接著，Pat，我有個關於利差的問題。進入本季時，我想我們原本預期第四季的利差大概會在 420 到 425 左右。考量我們今天討論的各種利多利空，這個看法仍然合理嗎？

Yeah, that probably -- it's going to be below -- my guess is below that 430, maybe 425-ish, right, in that general range, that would be my guess. Hopefully, we can say above 425.

是的，那可能——會低於——我猜會低於 430，可能在 425 左右，對吧，在那個大致區間，這是我的猜測。希望我們能說是在 425 以上。

But it's probably not 425 to 430 range, I would guess.

但我猜大概不會落在 425 到 430 的區間。

It's only moving pieces to it, right?

因為有很多變動因素，對吧？

Right.

對。

Yeah, deposit costs being kind of the biggest one, sounds like.

聽起來存款成本算是最大的因素。

Yeah.

對。

Yeah.

對。

Yes. All right. Well, those are my questions.

是的。好。以上就是我的問題。

Thank you very much.

非常感謝。

Thanks, Tim.

謝謝，Tim。

Your next question comes from the line of Matthew Clark with Piper Sandler. Your line is open.

下一個問題來自 Piper Sandler 的 Matthew Clark。請開啟您的線路。

Hi, guys. Maybe just to follow-up on credit quality, I was wondering if you could just provide some additional color on, what drove the increase in criticized loans during the quarter and if there's any concern there?

嗨，各位。我想追問一下信用品質：能否再補充一些說明，本季被列為「受批評」的貸款增加是由什麼因素所驅動？是否有任何疑慮？

We're always concerned about credit, for sure. So, I think the...

我們當然一直都會關注信用風險。所以，我想……

I think the biggest increase was a criticized real estate loan, which drove that up. And we think it's a money good loan again, but it's performing. But there's some concerns about a near-term tenant vacating.

我認為增加最多的是一筆被列為受批評的不動產貸款，這推升了該數字。我們認為這仍是一筆最終可回收的貸款（money good），而且目前仍在正常還款。但對於短期內可能有租戶退租存在一些疑慮。

So, low loan-to-value, I think it's fine. I think we're going to get through it.

所以，貸款價值比很低，我認為沒問題。我想我們會度過這一關。

So that's the main reason for the increase was a relationship that needed to be downgraded that consisted of two buildings in the South Bay here.

因此，增加的主要原因是一個需要降級的往來關係，包含了我們這裡南灣的兩棟建築。

Got it. Appreciate it for taking my question.

了解。謝謝你回答我的問題。

There are no further questions at this time. I would like to turn the call back over to the presenters.

目前沒有其他問題。我想把電話會議交回給簡報人。

Well, again, we certainly do appreciate everyone's interest and support and appreciate you attending our Q1 earnings release and earnings call and, look forward to following up with a solid quarter for Q2.

再次感謝各位的關注與支持，也感謝各位參加我們第一季財報發布與法說會；我們期待第二季也能以穩健的一季來跟進。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。