Business First Bancshares Inc (BFST) 2026 Q1 法說會逐字稿

Good morning, and thank you for standing by. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Business First Bancshares first-quarter 2026 earnings call. (Operator Instructions)

各位早安，感謝您耐心等候。我叫 John，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Business First Bancshares 2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the conference over to Matt Sealy, Director of Corporate Strategy. Please go ahead.

接下來我想將會議交給企業策略總監 Matt Sealy。請開始。

Thank you. Good morning, and thank you all for joining. Earlier today, we issued our first-quarter 2026 earnings press release, a copy of which is available on our website, along with the slide presentation that we'll reference during today's call.

謝謝。各位早安，感謝大家撥冗參與。今天稍早，我們已發布 2026 年第一季財報新聞稿，副本可於我們網站取得；同時也提供本次電話會議將引用的簡報投影片。

Please refer to slide 3 of our presentation, which includes our Safe Harbor statements regarding forward-looking statements and the use of non-GAAP financial measures. For those of you joining by phone, please note the slide presentation is available on our website at www.b1bank.com.

請參閱簡報第 3 頁，其中包含我們關於前瞻性陳述以及使用非 GAAP 財務衡量指標的「安全港」聲明。透過電話加入的各位也請注意，簡報投影片可於我們網站 www.b1bank.com 取得。

Please also note our Safe Harbor statements are available on page 6 of our earnings press release that was filed with the SEC today. All comments made during today's call are subject to the Safe Harbor statements in our slide presentation and earnings release.

也請注意，我們的「安全港」聲明亦載於今日向 SEC 提交之財報新聞稿第 6 頁。本次電話會議中的所有評論均受簡報投影片與財報新聞稿中的「安全港」聲明所規範。

I'm joined this morning by Business First Bancshares CEO and Chairman, Jude Melville; Chief Financial Officer, Greg Robertson; Chief Banking Officer, Philip Jordan; and President of b1BANK, Jerry Vascocu. After the presentation, we'll be happy to address any questions you may have.

今天早上與我一同出席的有：Business First Bancshares 執行長兼董事長 Jude Melville；財務長 Greg Robertson；銀行業務長 Philip Jordan；以及 b1BANK 總裁 Jerry Vascocu。簡報結束後，我們很樂意回答各位的提問。

And with that, I'll turn the call over to you, Jude.

那麼，接下來我把電話交給你，Jude。

Okay. Thanks, Matt. Good morning, and thank you for joining us today. We know there are plenty of things you all could be doing on a Monday morning in a world environment as complex as the one in which we find ourselves, and we appreciate you choosing to spend this time with us.

好的。謝謝你，Matt。各位早安，感謝今天加入我們。我們知道在週一早晨、且身處如此複雜的全球環境下，各位還有許多事情可以做；我們很感謝各位選擇撥出時間與我們在一起。

This was one of, if not the best, first quarters that we have had as a company. We continue to improve earnings, strengthen capital levels, and improve quality of our liquidity posture while consummating our second material acquisition in the past three years and making a number of non-acquisitive investments that will pay off over the course of the next few years.

這是我們公司有史以來最好的第一季之一，甚至可以說是最佳。我們持續提升獲利、強化資本水準、改善流動性部位的品質；同時在過去三年內完成第二筆重大併購，並進行多項非併購型投資，預期將在未來幾年逐步展現成效。

A highlight for the quarter was the addition of a substantial number of new teammates. As I just mentioned, we closed the Progressive transaction on January 1. In balance sheet terms, the acquisition adds over $700 million in assets and nine branches across North Louisiana, deepening our footprint in an area in which we were already a market leader. Asset quality of the acquired portfolio is stellar as is the makeup of the expanded client base.

本季的一大亮點是新增了相當多的新夥伴。如我剛才提到的，我們於 1 月 1 日完成 Progressive 交易。以資產負債表角度來看，該併購新增超過 7 億美元資產，並在路易斯安那州北部增加 9 家分行，進一步深化我們在原本已是市場領導者的區域之布局。所併入投資組合的資產品質極佳，擴大的客戶基礎結構亦相當優異。

On a very promising note, since we announced the acquisition, construction on the Meta Data Center project in Northlake, Louisiana has accelerated and been expanded, and we expect tens of billions of dollars of private investment in a region in which we are as well situated to capture the benefits of any financial institution, large or small.

另一個非常令人振奮的進展是，自我們宣布併購以來，位於路易斯安那州 Northlake 的 Meta 資料中心專案施工已加速並擴大規模；我們預期在該區域將出現數百億美元的民間投資，而就任何金融機構（不論規模大小）而言，我們都處於極佳位置以掌握其帶來的效益。

The morale among our former Progressive teammates is high, and the working partnership is off to a smooth start as any acquisition that we've had the honor to participate in, which bodes well for our ability to operate as one team over the course of this year, even before conversion is executed.

原 Progressive 團隊夥伴士氣高昂，合作關係的磨合也如同我們有幸參與過的任何併購案一樣順利，這對我們在今年內、甚至在系統轉換完成之前，就能以「一個團隊」方式運作的能力，是非常好的徵兆。

We also added a material number of bankers organically. In our last call, I mentioned the addition of Jon Heine, our new Market President in Houston, former Market President from Veritex Bank. To date, Jon has attracted an additional 11 teammates, including 7 production officers, the majority of which are also former Veritex bankers.

我們也以自然成長方式新增了相當數量的銀行人員。在上次電話會議中，我提到我們延攬了 Jon Heine 擔任休士頓新任市場總裁，他先前是 Veritex Bank 的市場總裁。截至目前，Jon 已吸引另外 11 位夥伴加入，其中包含 7 位業務生產主管，而其中多數也曾任職於 Veritex。

Also in Houston, we are honored to add Ben Marmande to lead our corporate banking activities in Texas. Ben was a long-time banker for IBERIA and then First Horizons, serving in leadership capacities across South Louisiana and for the past five years as President of the [FHM], Financial's Houston Market.

同樣在休士頓，我們很榮幸延攬 Ben Marmande 來領導我們在德州的企業金融業務。Ben 長期任職於 IBERIA，之後於 First Horizon 任職，曾在路易斯安那州南部多地擔任領導職務，並在過去五年擔任 [FHM] Financial 的休士頓市場總裁。

These new partners have already begun building a pipeline of opportunities, and we anticipate them contributing meaningfully to our growth in the second half of the year as we seek to take advantage of M&A-led disruption in the Houston market.

這些新夥伴已開始建立機會管線；我們預期在下半年，當我們把握休士頓市場因併購（M&A）所帶來的擾動與機會時，他們將對我們的成長做出實質貢獻。

We announced and have begun a partnership with Covecta, a provider of agentic AI capabilities. I include this in my discussion on new teammates because over time, we anticipate this partnership leading to both our more efficiently leveraging the talent we have on board and to are minimizing hiring as we continue to grow.

我們已宣布並開始與 Covecta（提供代理式 AI 能力的供應商）建立合作。我把這點納入「新夥伴」的討論，是因為隨著時間推進，我們預期此合作將使我們更有效率地運用現有人才，並在持續成長的同時，將新增招募需求降至最低。

We are beginning this effort focused on our consumer workflows in which we have already identified over 300 policy rules for potential automation and anticipate expanding utilization of the partnership across broader use cases throughout the bank, including deposits and credit. This effort will take time to unfold, but we are more confident with each day that the potential is actionable and will prove to be meaningful.

我們正以消費金融作業流程為起點推動此計畫，目前已辨識出超過 300 項政策規則可望進行自動化，並預期將把合作的應用擴展至全行更廣泛的使用情境，包括存款與授信。這項工作需要時間逐步展開，但我們每天都更有信心，相信其潛力可落地執行，並將帶來顯著效益。

It's important to note that as we explore the potential of agentic AI, we remain focused on governance, validation, and human oversight so that as models, policies, and industry requirements change, we retain our ability to manage that evolution in a disciplined and controlled way.

需要強調的是，在我們探索代理式 AI 潛力的同時，我們仍專注於治理、驗證與人工監督，以確保當模型、政策與產業要求發生變化時，我們仍能以嚴謹且可控的方式管理這些演進。

A very positive note for the quarter is that even as we grow the team, we remain focused on cost control with noninterest expenses for the quarter lower than anticipated. After accounting for the increased costs associated with the Progressive current run rate, our core expenses were essentially flat quarter over quarter, as well as in comparison to last year's first quarter.

本季另一個非常正面的訊息是，即便我們擴編團隊，仍持續聚焦成本控管，且本季非利息費用低於預期。在納入 Progressive 目前的經常性成本增加後，我們的核心費用基本上與前一季持平，也與去年第一季相當。

We do anticipate the cost of the new hires adding incrementally to our expense rate over the second quarter, but note that the super majority of the hires were production-oriented, which should lead to further operating leverage improvements.

我們確實預期新進人員的成本將在第二季使費用率小幅增加；但也請注意，絕大多數新聘人員屬於業務生產導向，這應可帶來進一步的營運槓桿改善。

As a key component of our positive earning results, we are pleased to note the contribution of our noninterest income, primarily through the Financial Services group and, in particular, the work providing interest rate swaps and SBA loan gains on sale.

作為本季正向獲利表現的關鍵組成之一，我們很高興看到非利息收入的貢獻，主要來自金融服務事業群，尤其是提供利率交換（interest rate swaps）以及 SBA 貸款出售收益（gains on sale）的相關業務。

As you know, we've been working in the past three years on diversifying our revenue streams with investments in this arena, in part so that we might be able to continue to produce consistent earnings even in quarters in which our spread income was not as strong as we hoped.

各位知道，過去三年我們一直致力於透過在此領域的投資來分散收入來源；部分原因是希望即使在利差收入不如預期強勁的季度，我們仍能持續產出穩健且一致的獲利。

The potential of this effect was put to test in the first quarter as loan volumes were lower than anticipated due primarily to heightened loan payoffs and paydowns.

第一季也驗證了這項效果的潛力，因為貸款量低於預期，主要是由於貸款提前清償與本金償還（payoffs 與 paydowns）增加。

In addition to the contribution to current earnings, we utilized the Financial Services group to successfully complete a fully self-managed private placement of subordinated debt just after quarter end, raising $85 million within our cohort of correspondent banking relationships.

除了對當期獲利的貢獻外，我們也運用金融服務事業群在季後不久成功完成一筆完全自主管理的次順位債私募，於我們的同業往來銀行（correspondent banking）關係圈中募集 8,500 萬美元。

Of the $85 million raised, we utilized $67 million to redeem existing sub debt, some of which have crossed the five-year mark and had already lost about $10 million in capital treatment. The successful debt raise is important in and of itself, but I'm most excited about the way in which we accomplished it, both utilizing and contributing to, our growing network of community bank partners.

在募集的 8,500 萬美元中，我們動用 6,700 萬美元用以贖回既有次順位債，其中部分已超過五年期，且在資本認列待遇上已減少約 1,000 萬美元。這次成功的發債本身就很重要，但我更興奮的是我們完成它的方式：同時運用並回饋我們日益成長的社區銀行合作夥伴網絡。

In closing, we feel very positive about the first quarter on a number of fronts and anticipated to be the start of a solid full year. We reiterate full year loan guidance on loan growth based on our sooner-than-expected hiring of production officers, and we continue to forecast a 1.25% ROA end of year run rate. One of our guiding principles is belief in the compounding power of our incremental improvement, and we see that principle in action in our first-quarter results.

最後，我們在多個面向對第一季表現感到非常正面，並預期這將是全年穩健表現的良好開端。基於我們比預期更早完成業務生產主管的招募，我們重申全年貸款成長指引；同時我們仍預估年底 ROA 經常性水準為 1.25%。我們的一項指導原則，是相信「逐步改善」所帶來的複利力量，而我們在第一季的成果中看到了這項原則的具體展現。

Thank you, again, for being with us. And with that, I'll turn it over to Greg.

再次感謝各位與我們同在。接下來我把電話交給 Greg。

Thank you, Jude, and good morning, everyone. As always, I'll spend a few minutes reviewing our results and we'll discuss our updated outlook before we open up to Q&A. First-quarter GAAP net income and EPS available to common shareholders was $22.2 million and $0.68, and included $2.2 million merger-related expenses, $28,000 gain on former bank premises, and $80,000 gain on sale of securities.

謝謝你，Jude，各位早安。如同往常，我會先花幾分鐘回顧我們的業績表現，並在進入問答（Q&A）前討論我們更新後的展望。第一季 GAAP 淨利與歸屬普通股股東之每股盈餘（EPS）分別為 2,220 萬美元與 0.68 美元，其中包含 220 萬美元的併購相關費用、2.8 萬美元的前銀行營業場所處分利益，以及 8 萬美元的證券出售利益。

Excluding the noncore items, non-GAAP core net income and EPS available to common holders was $24 million and $0.73 per share. From our perspective, first-quarter results marked another quarter of strong financial performance, generating a 1.10% core ROAA and a core efficiency ratio of 62% for the quarter. Our first-quarter earnings results were highlighted by continued discipline on the expense side and a meaningful contribution from our financial services and correspondent banking group that Jude mentioned.

排除非核心項目後，提供給普通股股東的非 GAAP 核心淨利與每股盈餘（EPS）分別為 2,400 萬美元與每股 0.73 美元。就我們的觀點而言，第一季結果標誌著又一季強勁的財務表現，本季核心 ROAA 為 1.10%，核心效率比率為 62%。我們第一季的獲利表現亮點在於持續嚴控費用端，以及 Jude 提到的金融服務與同業往來銀行（correspondent banking）團隊帶來的顯著貢獻。

Also during the quarter, we completed the acquisition of North Louisiana-based Progressive Bank, which closed on January 1 of this year and added $774 million in total assets and nine new locations.

此外，在本季期間，我們完成了對路易斯安那州北部 Progressive Bank 的收購，該交易於今年 1 月 1 日完成交割，新增總資產 7.74 億美元並增加 9 個新據點。

From a balance sheet perspective, total loans held for investment increased $494.8 million, or 32% annualized on a linked quarter basis. Excluding the acquired Progressive loans, total loans held for investment declined to $102.7 million or 6.2% annualized. Excluding acquired Progressive loans, organic commercial and commercial real estate loans decreased $58.6 million and $23 million, respectively, compared to the linked quarter.

從資產負債表角度來看，投資用途持有之貸款總額增加 4.948 億美元，按季連結（linked quarter）基礎年化增幅為 32%。若排除收購 Progressive 所取得的貸款，投資用途持有之貸款總額則下降至 1.027 億美元，年化降幅為 6.2%。在排除收購 Progressive 貸款後，有機的商業貸款與商用不動產貸款相較於前一季連結基礎分別減少 5,860 萬美元與 2,300 萬美元。

Texas-based loans ended the first quarter at 35% of total loans. This was anticipated due to the closing of the Progressive Bank transaction in early January. The lower-than-expected loan growth was driven primarily by an overall increase in loan paydowns and payoffs.

以德州為基礎的貸款在第一季末占總貸款的 35%。由於 Progressive Bank 交易於 1 月初完成交割，這一點在預期之內。低於預期的貸款成長主要是由於整體貸款提前償還與結清（paydowns and payoffs）增加所致。

Specifically, total paydowns and payoffs during the first quarter totaled $579 million, which compares to the total new and renewed loan production of $476 million during the quarter. If you recall, in the previous quarter, we experienced slightly higher new and renewed loan production at $500 million, while paydowns and payoffs during the quarter were lower at just $332 million.

具體而言，第一季的提前償還與結清總額為 5.79 億美元，相較之下，本季新承作與續作（new and renewed）貸款產出為 4.76 億美元。若您還記得，上一季我們的新承作與續作貸款產出略高，為 5.00 億美元，而當季提前償還與結清較低，僅 3.32 億美元。

Total deposits increased $766.4 million due to increases in interest-bearing deposits and noninterest-bearing deposits of $513.3 million and $253 million, respectively. The increase in interest-bearing deposits was largely driven by approximately $325 million in commercial money market accounts and $185 million in personal money market accounts. Excluding acquired Progressive deposits, organic deposit growth was $81.5 million or 4.4% annualized on a linked quarter basis.

存款總額增加 7.664 億美元，主要來自計息存款與不計息存款分別增加 5.133 億美元與 2.53 億美元。計息存款的增加主要由約 3.25 億美元的商業貨幣市場帳戶與 1.85 億美元的個人貨幣市場帳戶所帶動。若排除收購 Progressive 所取得的存款，有機存款成長為 8,150 萬美元，按季連結基礎年化增幅為 4.4%。

Lastly, on the funding side of the balance sheet, we took advantage of the improved liquidity position from SOFR overall net loan growth and repaid FHLB balances and broker deposits. Total FHLB borrowings decreased $170.4 million and broker deposits were reduced by $112.5 million from the linked quarter.

最後，在資產負債表的資金來源端，我們利用因 SOFR 環境下整體淨貸款成長所帶來的流動性改善，償還了 FHLB 餘額與經紀存款（broker deposits）。FHLB 借款總額較前一季連結基礎減少 1.704 億美元，經紀存款則減少 1.125 億美元。

Moving on to the margin. Our GAAP reported first quarter net interest margin decreased 6 basis points linked quarter to 3.65%, while the non-GAAP core net interest margin, excluding purchase accounting accretion, decreased 4 basis points from 3.64% to 3.60% for the quarter ended March 31.

接著談淨利差。我們 GAAP 口徑第一季淨利差（net interest margin）較前一季連結基礎下降 6 個基點至 3.65%；而非 GAAP 核心淨利差（排除購併會計攤提收益 purchase accounting accretion）在截至 3 月 31 日的本季由 3.64% 下降 4 個基點至 3.60%。

A driver to the lower-than-expected margin performance during the quarter was loan discount accretion falling lower than expected at $1.1 million, which is primarily caused by the lower actual rate marks from the Progressive acquisition. We would expect quarterly loan discount accretion to be in the low $1 million range for the balance of 2026. On a linked quarter basis, cost of deposits decreased 18 basis points, while total loan yields decreased 27 basis points.

本季淨利差表現低於預期的原因之一，是貸款折價攤提收益（loan discount accretion）低於預期，僅 110 萬美元，主要是因 Progressive 收購案的實際利率調整幅度（rate marks）較低所致。我們預期 2026 年剩餘期間每季貸款折價攤提收益將落在 100 萬美元出頭的區間。按季連結基礎，存款成本下降 18 個基點，而總貸款收益率下降 27 個基點。

Core loan yields, excluding loan discount accretion for the first quarter were 6.54%, down 24 basis points from the prior quarter. Total cost of deposits for the month ended March was 2.33%, which compared to the weighted average of the first quarter was 2.34%. We are pleased with our ability to hold the line on new loan yields during the quarter with a weighted average new and renewed loan yield of 7.20% for the quarter.

第一季核心貸款收益率（排除貸款折價攤提收益）為 6.54%，較前一季下降 24 個基點。3 月單月的存款總成本為 2.33%，與第一季加權平均的 2.34% 相比略低。我們對於本季能夠守住新貸款收益率感到滿意，本季新承作與續作貸款的加權平均收益率為 7.20%。

I would like to make a note of a few takeaways on slide 19 in our investor presentation. We continue to see 45% to 55% overall deposit betas as achievable regarding any future rate cuts. I would also like to point out overall core CD balance retention rate was 81% during Q1. This impressive statistic reflects on our team's continued focus on maintaining core deposit relationships.

我想就我們投資人簡報第 19 頁提出幾點重點。我們仍認為，針對未來任何降息，整體存款 beta（存款利率對政策利率變動的敏感度）達到 45% 至 55% 是可實現的。我也想指出，第一季整體核心定存（core CD）餘額留存率為 81%。這項亮眼數據反映出我們團隊持續專注於維繫核心存款關係。

Our baseline assumption is that we do not receive any further rate cuts in 2026. We have worked hard to manage our balance sheet in a relatively neutral position and believe we can achieve modest margin improvement in a slightly down or up rate environment.

我們的基準假設是 2026 年不會再有進一步降息。我們已努力將資產負債表管理在相對中性的部位，並相信在利率小幅下行或上行的環境中，我們都能實現溫和的淨利差改善。

Moving on to the income statement. GAAP noninterest expense was $57.5 million and included $2.2 million in acquisition-related expense. Core noninterest expense for the first quarter was $55.2 million, up $5 million from the prior quarter and included a full quarter impact of the progressive expense base mentioned earlier.

接著看損益表。GAAP 口徑非利息費用為 5,750 萬美元，其中包含 220 萬美元的併購相關費用。第一季核心非利息費用為 5,520 萬美元，較前一季增加 500 萬美元，並包含前述 Progressive 費用基礎的完整一季影響。

Core expenses for the first quarter did come in lower than we expected, mostly due to the timing of certain investments and marketing spend not hitting in the quarter, which we do expect to recognize going forward. We also did recognize a small amount of the Progressive cost saves during the quarter. As a reminder, we should recognize remaining potential cost saves post conversion, which is scheduled for late third quarter this year.

第一季核心費用確實低於我們預期，主要是因為部分投資與行銷支出的時點未落在本季入帳，我們預期後續將會認列。我們也在本季認列了少量 Progressive 的成本節省。提醒一下，剩餘可望實現的成本節省將在系統轉換後逐步反映，而該轉換預計於今年第三季末進行。

First-quarter GAAP and core noninterest income was $14.1 million and $13.9 million, respectively. GAAP results did include $80,000 gain on sale of securities and a $28,000 gain on former bank premises. Core noninterest income results for the first quarter were slightly better than we expected, primarily due to continued strong swap fee revenue and gain on sale from SBA activity.

第一季 GAAP 與核心非利息收入分別為 1,410 萬美元與 1,390 萬美元。GAAP 結果包含 8 萬美元的證券出售利益，以及 2.8 萬美元的前銀行不動產處分利益。第一季核心非利息收入略優於我們預期，主要來自持續強勁的換匯/利率交換（swap）手續費收入，以及 SBA 業務帶來的出售利益。

Lastly, I'd like to provide some context to the credit migration during the first quarter. Total loans past due 30 days or more, excluding nonaccruals as a percentage of total loans held for investment decreased from 0.64% to 0.42% at March 31.

最後，我想就第一季的信用遷徙（credit migration）提供一些背景說明。逾期 30 天以上的貸款總額（不含不計息貸款 nonaccruals）占投資用途持有之貸款總額的比例，於 3 月 31 日由 0.64% 降至 0.42%。

The ratio of nonperforming loans compared to loans held for investment increased 29 basis points to 1.53% at the end of the first quarter, while the ratio of nonperforming assets compared to total assets increased 29 basis points to 1.38% compared to the linked quarter.

不良貸款（nonperforming loans）相對於投資用途持有之貸款的比率在第一季末上升 29 個基點至 1.53%；不良資產（nonperforming assets）相對於總資產的比率亦較前一季連結基礎上升 29 個基點至 1.38%。

That concludes my prepared remarks. I'll hand the call back over to you, Matt, and we'll open it up for questions.

以上是我事先準備的發言。接下來我把電話交回給你，Matt，我們將開放提問。

Yeah. Thanks, guys. I think we will go ahead and open up to Q&A now.

好的，謝謝各位。我想我們現在就開始進行問答。

(Operator Instructions) Feddie Strickland, Hovde Group.

（接線員指示）Feddie Strickland，Hovde Group。

Hey. Good morning, everybody. Just wanted to start on credit. I just wanted to ask, you mentioned in the release you expect the migration we saw this quarter to be resolved over the next couple of quarters. And can you just help us understand the full opportunity set maybe here and how much we could maybe see NPAs come down by year-end, assuming no further migration?

嗨，各位早安。我想先從信用面開始。我想請教一下，你們在新聞稿中提到，預期本季看到的遷徙情況會在接下來幾季內解決。你們能否協助我們理解這裡可能的完整處置空間（opportunity set），以及在假設不再有進一步遷徙的情況下，到年底不良資產（NPA）可能下降多少？

Yeah. Thanks, Feddie. Good question. So we think in the near term -- let's talk about just specifically what we think will happen in Q2 and then more so during the later parts of the year. I'll caveat all that by saying we've been talking about some of these credits for almost a year now and the process through moving them to resolution is sometimes precarious and moves at different speeds.

好的，謝謝你，Feddie，問題問得很好。我們認為短期內——先談談我們預期第二季會發生什麼，然後再談今年較後段的情況。我先補充說明，我們談論其中一些授信案（credits）已將近一年，把它們推進到解決（resolution）的過程有時相當棘手，而且進度快慢不一。

So Q2, we think about 30% of the current NPA list will go through to resolution. So as we move past that, we would see it breaking up into thirds as we go through the rest of the year. So I think another pretty decent amount of it in the third quarter and hopefully some resolution with maybe only a few pieces hanging over past year-end.

就第二季而言，我們認為目前 NPA 名單中約 30% 會進入解決程序。之後，隨著我們走過第二季，剩餘部分在今年其餘時間大致會以三等分的方式逐步處理。我認為第三季還會有相當一部分得到解決，並希望到年底時只剩少數幾筆仍延續到年後。

Got it. And then the increase this quarter, I apologize, I cut out for a second when you were mentioning this in your opening comments. Was that the Houston medical facility? Or which credits contributed to the higher NPAs?

了解。那本季的增加部分，我先道歉一下，你在開場提到這段時我剛好斷線了一下。那是休士頓的醫療設施那筆嗎？或者是哪一些授信案導致 NPA 上升？

No. We had about $25 million increase this quarter, which were mostly attributable to -- we have a relationship with one client. It was about $16 million of exposure. Those are varying types of collateral and the timing of that resolution on that, some of it could be imminent. Some of it could last two, three quarters to resolve it. So that was the majority of the increase this quarter. The previously mentioned medical facility was already in the list.

不。我們本季大約增加了2,500萬美元，主要歸因於——我們與一位客戶有合作關係。大約有1,600萬美元的曝險。這些是不同類型的擔保品，而該事項解決的時點取決於進度，其中一部分可能很快就會發生；另一部分可能需要兩到三個季度才能解決。所以這是本季增加的主要部分。先前提到的醫療設施已經在名單上。

Got it. And just one quick follow-up on the margin. I saw you paid down the FHLB in the broker this quarter, but you also issued the sub debt. Should we expect the margin to -- I guess, the GAAP margin to still directionally move higher in the second quarter, or is more flat your expectation?

了解。再就淨利差快速追問一下。我看到你們本季在經紀端償還了FHLB借款，但你們也發行了次順位債。那我們是否應該預期淨利差——我想是GAAP口徑的淨利差——在第二季仍會方向性走高，還是你們的預期更偏向持平？

No. We think we're going to -- we think mid -- low to mid-single-digit margin expansion as we move forward. Part of that will be reliant on moving some of those NPAs back into accruing assets as well. But that's a little trickier to forecast. But we do think that just the core margin should tick up low to mid-single digits.

不。我們認為——我們認為往後會有中個位數偏低到中段個位數的淨利差擴張。其中一部分將取決於把部分不良資產（NPA）轉回計息資產。不過那一點比較難預測。但我們確實認為，僅就核心淨利差而言，應該會以低到中個位數小幅上升。

If you look at the spread we had during the quarter, spread was relatively flat quarter over quarter. And we think with the increase in loan volumes, we should get a little bit of pickup.

如果你看我們本季的利差，利差季對季相對持平。我們認為隨著放款量增加，應該會有一些小幅提升。

Great. Thanks. I'll step back.

很好，謝謝。我先退到後面。

Thank you.

謝謝。

Matt Olney, Stephens.

Stephens 的 Matt Olney。

Hey. Thanks. Good morning. Just want to follow up on the credit discussion. I think, Greg, you mentioned expectations of some resolution in the next few quarters. That's great to hear. Any thoughts as far as loss recognition, what allowances do you have on some of these credits? Just trying to anticipate if we should anticipate the charge-offs being a little bit higher in the near term. Thanks.

嗨，謝謝，早安。我想延續信用的討論。我想 Greg，你提到未來幾個季度內有一些解決的預期，這很高興聽到。就損失認列方面有什麼想法嗎？你們在其中一些授信上提列了多少備抵？我只是想預先判斷，我們是否應該預期近期的沖銷（charge-offs）會稍微高一些。謝謝。

Yeah. So far, Matt -- it's a good question. So far, we are seeing reserves versus loss recognition going forward to remain pretty consistent with what the Street has forecast for us from a loss standpoint. All of that is incremental as we move on. But so far, what we're seeing, we feel like we'll be in line.

是的。到目前為止，Matt——這是個好問題。到目前為止，我們看到的準備金相對於未來損失認列，將會與華爾街對我們損失面的預測大致一致。隨著我們往前推進，這些都會逐步反映。但就目前我們所看到的，我們覺得會符合預期。

If you look at the main driver that gives us a little comfort with that is moving past dues back down below 50 basis points. We feel like that the stuff that we've been talking about is in the list, and we'll just move forward with hopefully no change from that.

如果你看讓我們稍感安心的主要驅動因素，是逾期款已降回到50個基點以下。我們覺得我們一直在談的那些項目都已在名單上，接下來就希望能在此基礎上往前推進，且不會有變化。

Okay. Thank you for clarifying that. And then going back to the loan balances. Greg, I think you mentioned some higher paydowns this quarter. Any more color on those paydowns, whether by loan type or by market? Or just any color as far as what you're hearing from your customers given some of the volatility in the market right now?

好的，謝謝你釐清。接著回到放款餘額。Greg，我想你提到本季有較高的提前償還。能否就這些提前償還多提供一些細節，例如按貸款類型或按市場？或是就目前市場波動下，你們從客戶那邊聽到的情況提供一些說明？

Yeah. I think it was -- the majority of our paydowns were in the Texas franchise. And I think that's -- you could really draw a line back to some of our larger growth years, the '22, '23 years, '22, '23, some of those projects came to end.

好的。我認為——我們的提前償還大多發生在德州據點。我想這——你可以把它追溯到我們成長較快的年份，也就是2022、2023年，2022、2023年，有些專案已經結束。

Some of them, we just made the decision, whether it rate or credit to move away from relationships. So it's a mixed bag. But I think that's the general guidance is it's more commercial stuff probably in the Dallas first and the Houston markets.

其中一些，我們也做了決定，無論是因利率或信用因素而選擇淡出某些往來關係。所以情況是混合的。但我想整體指引是，更多是商業類，可能主要在達拉斯以及休士頓市場。

Yeah. I think it's not a small thing that we've really dramatically downshifted our exposure to construction. And so we're not -- we don't have the same large dollar construction projects coming up as we -- as some of these older construction projects come off the books. And so there's not a replacement there for that particular type of credit, which we feel comfortable with. We want to have a diversified portfolio and minimize our concentrations.

是的。我認為一點也不小的是，我們已經大幅下調了對建築/營建的曝險。因此，當一些較早的建築專案從帳上退出時，我們不會——我們不會像以前那樣有同等金額的大型建築專案接續上來。所以在那一類授信上沒有替代品，而我們對此感到安心。我們希望投資組合多元化並降低集中度。

And then I would also say that Greg mentioned our loan yields staying pretty flat quarter over quarter, which we certainly are prioritizing the need to get paid for what we do over just loan growth. And so I would echo his thoughts about that was part of the rationale there, but just from a competitive standpoint, seem to be disciplined on pricing, which I think is the right choice to make.

另外我也想說，Greg 提到我們的放款收益率季對季維持相當平穩；我們當然更優先考量的是，對我們所做的事情要獲得合理報酬，而不是單純追求放款成長。因此我也呼應他的看法，這是其中一部分的理由；但就競爭面而言，我們在定價上看起來相當自律，我認為這是正確的選擇。

Yes. Okay. Well, I appreciate the color. That's all for me.

是的。好的，我很感謝這些補充。我這邊就到這裡。

All right. Thanks, Matt.

好的，謝謝你，Matt。

Michael Rose, Raymond James.

Raymond James 的 Michael Rose。

Hey. Good morning, guys. Thanks for taking my questions. Just wanted to dig back on to the expenses as we move from here. So on the one hand, obviously, this quarter on a core basis, good expense control. But I think, Jude, in the press release, you talked about some additional hires by the end of the quarter. And then in your prepared comments, I think you mentioned even a few more. I assume you're continuing to hire.

嗨，各位早安。謝謝回答我的問題。我想再深入問一下接下來的費用走勢。一方面，很明顯本季以核心口徑來看，費用控制不錯。但我想 Jude，你在新聞稿裡提到在季末前會有一些額外招募；而在你們的事先準備講稿中，我想你也提到還會再多幾位。我猜你們仍在持續招募。

So how should we expect those expenses to -- from a timing and magnitude perspective to layer in? And then as you think about the layering in of the cost saves from Progressive, understanding that the systems conversion will happen late in the quarter. Just trying to frame out the expense outlook over the next few quarters. Thanks.

那麼從時間點與幅度的角度，我們應該如何預期這些費用逐步反映？另外，談到 Progressive 的成本節省逐步反映，理解系統轉換會在本季較晚時點發生。我只是想把未來幾季的費用展望框架化。謝謝。

Yeah. Thanks, Michael. I think in the near term, Q2, we would expect the mid- to upper 50%s and then migrating slightly from there. I think the cost saves, if we continue to have success hiring teammates, some of the cost saves will be offset by the hiring. But I think we would see that trickle up into the upper 50%s as we move through the end of the year.

好的，謝謝你，Michael。我想短期來看，第二季我們預期會在50%中段到高段，之後再略微變動。我認為如果我們持續順利招募夥伴，一部分成本節省會被招募所抵銷。但我想隨著我們走到年底，會逐步上升到50%高段。

Okay --

好的——

We still remain confident in our projections on the cost saves around the Progressive acquisition, achieving most of them in the fourth quarter. Craig, I think out of the $21 million Progressive run rate, we expect to achieve about $11 million. That's on an annualized basis on cost. So certainly, still anticipate recognizing the benefits of that -- those efficiencies, primarily in the fourth quarter.

我們仍然對於 Progressive 併購相關成本節省的預估很有信心，並會在第四季實現其中大部分。Craig，我想在2,100萬美元的 Progressive 年化費用run rate中，我們預期可實現約1,100萬美元——這是以年度化的成本基礎來看。因此，我們仍然預期能認列那——那些效率帶來的效益，主要會在第四季。

Perfect. Thanks for that, Jude. And then maybe just following up on some of the initial and the final marks on the portfolio. It looks like the accretion is going to be less as we move forward. So can you just walk us through maybe some of the purchase accounting adjustments from initial to when it actually closed? THanks.

很好，謝謝你，Jude。接著也許再追問一下投資組合的初始與最終評價調整（marks）。看起來往後的折溢價攤銷收益（accretion）會變少。你能否帶我們走一遍，從初始到實際交割時，購買會計調整有哪些變化？謝謝。

Yeah. I think it was just mainly that when we announced the yield curve was a lot different by the time we closed. So the interest rate piece of it was less credit still the same. So we felt like from a total dilutive standpoint for us, I think it is a little bit different, but I think it's all relative. We had forecasted about 44 basis points of tangible book value dilution, $0.44, and it ended up being ex-AOCI about $0.04. So we feel really good about the way everything shook out now.

好的。我想主要是因為我們宣布時的殖利率曲線，到了交割時已經差很多。所以利率那一塊的影響變小了，信用部分仍然相同。因此我們覺得，從對我們整體稀釋的角度來看，我想確實有些不同，但一切都是相對的。我們原先預估有形帳面價值稀釋約44個基點，也就是0.44美元，結果最後在排除AOCI後約為0.04美元。所以我們對現在的結果感到非常好。

So it will be less accretion going forward the trade-off is that we had less dilution than we modeled. So it's a good thing, Yeah. So I did want to mention real quick since we're talking about tangible book value. We last raised capital in October of '22. And beginning with the end of '22 going to now, we've grown tangible book value at about 16% annualized rate.

因此，往後的accretion會較少；但取捨是，我們的稀釋程度比模型假設更小。所以這是好事，是的。既然談到有形帳面價值，我也想很快提一下：我們上一次增資是在2022年10月。從2022年底到現在，我們的有形帳面價值以約16%的年化成長率成長。

So we remain focused on growing tangible book value, and we've done so during that period. We've consummated two acquisitions and grown assets by about $2 billion. And so the news on the accretion front versus tangible book value dilution on the Progressive deal is good. And then we look forward to continuing in future quarters to grow tangible book of ours. And so we're pleased with that result.

因此我們仍專注於提升有形帳面價值，而在那段期間我們確實做到了。我們完成了兩筆併購，資產規模增加約20億美元。所以在 Progressive 這筆交易上，accretion面相對於有形帳面價值稀釋的消息是正面的。接著我們也期待在未來幾季持續提升我們的有形帳面價值，因此我們對這個結果感到滿意。

Michael, we'll be about $1 million going forward for accretion per quarter.

Michael，往後每季的accretion大約會是100萬美元。

Yeah. Heard that. And maybe if I could just sneak one last in on the -- just as it relates to the tangible book value growth and the focus there. The buybacks this quarter were a little bit higher than I think I was looking for. How should we balance that now with a little bit higher starting capital just from the change in marks from the deal? Could we expect you guys to continue to be active with repurchases? Or is now a time to recoup and build tangible book value and capital? Thanks.

是的。聽到了。也許我可以再塞最後一個問題——就與有形帳面價值成長以及你們對此的聚焦相關。本季的庫藏股回購金額比我原先預期的稍高一些。考量到交易評價調整帶來的起始資本略高，你們現在應該如何在兩者之間取得平衡？我們是否可以預期你們會持續積極回購？還是現在是回收、累積有形帳面價值與資本的時點？謝謝。

Yeah. I think it's a balance between the two, the market -- if we feel the market is undervaluing our work, then we do have the -- we've now built our capital levels and our tangible book value to a level that we can take advantage of that perceived discrepancy.

是的。我認為這兩者之間需要取得平衡。市場——如果我們覺得市場低估了我們的成果，那麼我們確實——我們現在已把資本水準與有形帳面價值提升到一個層級，可以利用這種我們所認知的落差。

And so we felt like in the first quarter, we had probably a little more opportunity there than we might have guessed at the beginning of the quarter. So I think our average TPV multiple of the buybacks was about $119. And so we felt like that was certainly an undervaluation relative to the worth of the franchise, and we'll continue to look for opportunities there.

因此我們覺得在第一季，我們在這方面的機會可能比季初預想的還要多一些。我想我們回購的平均有形帳面價值倍數（TPV multiple）大約是 119 美元。因此我們認為，相較於這個特許經營的價值，這顯然是被低估了，我們也會持續尋找這類機會。

We're not going to -- we don't have mandatory buybacks and not going to do it just for the sake of doing it. But when we do see opportunities in that sub $120 level, we do believe we're in a position to take advantage of it. And that will be a higher priority than seeking out M&A opportunities in the near term.

我們不會——我們沒有強制性的回購，也不會為了做而做。但當我們看到 120 美元以下的機會時，我們確實相信自己有能力把握。而在短期內，這會比尋求併購（M&A）機會更優先。

All right. Perfect. I'll step back. Thanks for taking my questions.

好。完美。我先退下。謝謝回答我的問題。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) Gary Tenner, D.A. Davidson.

（接線員指示）Gary Tenner，D.A. Davidson。

Thanks. Good morning. I want to ask about your --

謝謝。早安。我想問一下你們的——

Good morning.

早安。

Hey. I just want to ask about your commentary around loan growth. I think you're sticking to the mid-single-digit growth outlook at this point. And I'm just wondering how much of that is -- what's the balance between that projection on the production versus payoff perspective? Do you have a lot more visibility into a reduction in payoffs just as construction projects are maturing? Or maybe just walk us through how you're looking at the next couple of quarters from a net growth perspective?

嗨。我想問一下你們對貸款成長的評論。我認為你們目前仍維持中個位數成長的展望。我想了解其中——在這個預估中，新增放款（production）與到期/提前清償（payoff）的平衡如何？你們是否對清償金額下降有更高的能見度，因為一些建築專案正在成熟？或者請帶我們走一遍，你們如何從淨成長的角度看未來幾季？

Yeah, I think from a net growth perspective, as we get further away from the impacts of bringing on '22 and '23 deals in those years, as we move through the year, we should see payoffs slightly reduce. I think the way we're thinking about net loan growth as we go forward with the addition of the new teammates, we're thinking about high single digits to 10% maybe in the second and third quarter, which would end up offsetting the slow first quarter with the mid-single digits, 6% to 8% or 5% to 6% range loan growth on an annualized basis.

是的。我想從淨成長的角度來看，隨著我們逐漸遠離 2022 與 2023 年承作交易在那些年度帶來的影響，隨著今年推進，我們應該會看到清償略為下降。我們對未來淨貸款成長的思考是：隨著新同仁加入，我們認為第二、第三季可能會有高個位數到 10% 左右的成長，這將抵消第一季較慢的表現，使全年年化貸款成長落在中個位數，大約 6% 到 8% 或 5% 到 6% 的區間。

I'll just add, this is -- things aren't always smooth lines. And you'll remember in the third quarter of last year, if I remember correctly, that we had elevated paydowns and lower growth in the third quarter, but then we had a -- I don't want to say a record fourth quarter loan growth, but it was a strong quarter, fourth quarter.

我再補充一下——事情不一定總是平滑的直線。你會記得去年第三季，如果我沒記錯，我們有較高的償還與較低的成長，但第四季——我不想說是創紀錄的第四季貸款成長，但確實是很強的一季，第四季。

And if you balance the two, it ended up being at this about 6% range. And we had more paydowns in the third quarter than we did in the fourth quarter. And I would anticipate that same effect helping us from a net loan growth over the remainder of the year.

如果把兩者平均起來，最後大約落在 6% 左右。而且第三季的償還比第四季多。我預期同樣的效果會在今年剩餘期間，對我們的淨貸款成長有所幫助。

Greg is right that there will be a point at which those larger dollar construction projects don't -- aren't material in terms of their continued impact on the portfolio. And then again, we've hired, I think, to date, about 11 new producers and more production-oriented staff, and we'll continue to look for talent as we see the opportunity.

Greg 說得對，會有一個時間點，那些大額的建築專案在其對投資組合的持續影響上就不再具重要性。再者，我們截至目前我想已聘用了大約 11 位新的業務開發人員（producers）以及更多偏向產能導向的員工，我們也會在看到機會時持續尋找人才。

So -- and none of their pipelines, obviously, have been manifested in terms of actual loan growth yet. And so we anticipate seeing some of that in the second quarter, but really the third and fourth quarters being reflective of that additional strength.

所以——而且他們的案源管道（pipeline）顯然還沒有在實際貸款成長上體現出來。因此我們預期第二季會看到其中一部分，但真正反映這股額外動能的，會是第三與第四季。

Got it. Appreciate that. And just on the construction segment topic just for another second, where do you see that segment bottoming out or stabilizing as a percentage of the overall portfolio? You're right over 10% right now. Where do you see that trending? Like where is your appetite and comfort level with that?

了解。感謝說明。再就建築類別這個主題多問一下，你們認為該類別占整體投資組合的比例會在什麼水準觸底或趨於穩定？你們目前略高於 10%。你們認為會往哪裡走？你們對此的偏好與舒適水準在哪？

I think we're getting close to the bottom now. I think you can see it bounce in the high single digits to 10% range on a go-forward basis would be comfort spot.

我認為我們現在已接近底部了。我想你會看到它在未來大致落在高個位數到 10% 的區間上下波動，這會是我們覺得舒適的水準。

Got it. Thank you.

了解。謝謝。

Thank you.

謝謝。

Matt Olney, Stephens.

Matt Olney，Stephens。

Hey. Thanks for taking the follow-up, guys. Just want to go back to the net interest margin. And I'm trying to appreciate if there's any more noise in that margin in this quarter. I went back to my notes last quarter, and it looks like there was that interest reversal that impacted the margin by about $1 million in the fourth quarter from that Houston one that we discussed. Was there any interest reversal again this quarter with the uptick of nonaccruals? Yeah, I'll just leave it there.

嗨。謝謝讓我追問，各位。我想回到淨利差（net interest margin）。我想了解本季利差是否還有更多雜訊。我回去看了上季的筆記，似乎有那筆利息沖回（interest reversal），在第四季對利差影響約 100 萬美元，就是我們討論過的休士頓那一筆。本季隨著不計息貸款（nonaccruals）上升，是否又有利息沖回？好，我先問到這裡。

Yeah. Yeah, you're right. There was some noise. I think when you think about relative to the nonaccruals, there was about $1.2 million in interest reversal. That was probably attributable to 6 or 7 basis points impact on the margin. That was due to the movement of about $25 million in loans to NPL during the quarter and the reversal.

是的。是的，你說得對，確實有一些雜訊。就不計息貸款而言，大約有 120 萬美元的利息沖回。這大概對利差造成 6 到 7 個基點的影響。這是因為本季約有 2,500 萬美元的貸款轉為不良貸款（NPL），並進行了沖回。

As we go forward, I think we'll start inching back toward reclaiming some of that as an earning asset. But as I mentioned, I think earlier, the timing of how that comes back to an earning or converts back to an earning asset is a little bit tricky because we're still having to resolve these in real time and the twists and turns sometimes of a conflict resolution of some of these credits, it's a little bit unpredictable. But we see some opportunity on the horizon with that for sure.

往後看，我認為我們會開始逐步把其中一部分重新收回，讓它回到生息資產（earning asset）。但如我先前提到的，何時能回到生息、或轉回生息資產的時間點有點棘手，因為我們仍需即時處理這些案子，而在解決部分授信的爭議/衝突過程中，常有一些曲折轉折，多少有點不可預測。不過我們確實看到前方有一些機會。

Okay. That's all for me. Thank you.

好。我就這些。謝謝。

Thank you. And at this time, we have no further questions. That concludes our Q&A session. I will now turn the call back over to Jude Melville for closing remarks.

謝謝。目前沒有其他問題。問答環節到此結束。我現在把電話交回給 Jude Melville 作結語。

Okay. Well, again, I appreciate everybody being with us and the questions and the attention and energy that you're giving to our calls. We again feel very positive about the first quarter and not only the performance in the first quarter, but also some of the investments and additions that we've made in the first quarter, which will lead to even more positive results in the future.

好的。再次感謝各位與會，以及各位提出的問題，還有你們對我們電話會議投入的關注、心力與能量。我們對第一季仍感到非常正面，不僅是第一季的表現，也包括我們在第一季所做的一些投資與新增配置，這些都將在未來帶來更正面的成果。

We like our footprint. We like our people and I just look forward to turning the wheels over the course of the year and showing some of that incremental progress, which will lead to increased ROA and ultimately, tangible book value. We just keep doing what we do.

我們喜歡我們的布局版圖。我們喜歡我們的團隊。我也期待在今年持續推動運轉，展現一些增量進展，進而提升 ROA，並最終提升有形帳面價值。我們就持續做我們擅長的事。

So I appreciate our team for all their effort. And again, I appreciate your attention this morning. Feel free to reach out if you want to talk any more detail about anything. Thank you, all. Have a good week.

因此我感謝我們團隊的所有努力。也再次感謝各位今天早上的關注。如果你想就任何事情再深入聊細節，歡迎隨時聯繫。謝謝各位。祝大家本週愉快。

This concludes today's conference call. You may now disconnect your lines at this time. Thank you for your participation, and have a pleasant day.

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