Bank of Marin Bancorp (BMRC) 2026 Q1 法說會逐字稿

Good morning. Thank you for joining Bank of Marin Bancorp's earnings call for the first quarter ended March 31, 2026. I'm Krissy Meyer, Corporate Secretary for the Bank of Marin Bancorp. (Operator Instructions)

早安。感謝您參加 Bank of Marin Bancorp 截至 2026 年 3 月 31 日之第一季財報電話會議。我是 Krissy Meyer，Bank of Marin Bancorp 的公司秘書。（接線員指示）

Joining us on the call today are Bank of Marin President and CEO, Tim Myers; and Chief Financial Officer, Dave Bonaccorso. Our earnings news release and supplementary presentation, which were issued this morning, can be found in the Investor Relations section of our website at bankofmarin.com, where this call is also being webcast. Closed captioning is available during the live webcast as well as on the webcast replay.

今天與會的有 Bank of Marin 總裁兼執行長 Tim Myers，以及財務長 Dave Bonaccorso。我們今早發布的財報新聞稿與補充簡報，可於 bankofmarin.com 網站的投資人關係專區查閱，本次電話會議亦將於該網站同步網路直播。直播期間及重播皆提供即時字幕。

Before we get started, I want to note that we will be discussing some non-GAAP financial measures. Please refer to the reconciliation table in our earnings news release for both GAAP and non-GAAP measures. Additionally, the discussion on the call is based on information we knew as of Friday, April 24, 2026, and may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, please review the forward-looking statements disclosure in our earnings news release as well as our SEC filings.

在開始之前，我想先說明，我們將討論部分非 GAAP 財務衡量指標。請參閱我們財報新聞稿中的調節表，以了解 GAAP 與非 GAAP 指標。此外，本次電話會議的討論係基於我們截至 2026 年 4 月 24 日（星期五）所掌握之資訊，且可能包含涉及風險與不確定性的前瞻性陳述。實際結果可能與該等陳述所載內容有重大差異。關於這些風險與不確定性的討論，請查閱我們財報新聞稿中的前瞻性陳述揭露，以及我們向 SEC 提交的文件。

Following our prepared remarks, Tim, Dave and our Chief Credit Officer, Misako Stewart, will be available to answer your questions.

在我們的準備發言結束後，Tim、Dave 以及我們的首席信用長 Misako Stewart 將回答各位的提問。

And now I'd like to turn the call over to Tim Myers.

接下來我想把電話會議交給 Tim Myers。

Thank you, Krissy. Good morning, everyone, and welcome to our quarterly earnings call. We are very pleased that our execution in the first quarter across a number of key areas resulted in continued improvement in year-over-year profitability metrics, loan production, net interest margin expansion, and improved credit quality.

謝謝你，Krissy。各位早安，歡迎參加我們的季度財報電話會議。我們非常高興，第一季在多個關鍵領域的執行帶來成果，使我們的年對年獲利能力指標、放款承作、淨利差擴張，以及信用品質改善均持續提升。

I'd like to discuss our first highlights. Compared to the first quarter of 2025 net income and earnings per share grew by 75% and 77%, respectively, in the first quarter of this year, largely due to the repositioning of our balance sheet our net interest margin increased 6 basis points on a sequential quarter basis and 47 basis points over the prior year's period.

我想先談談第一季的重點。與 2025 年第一季相比，今年第一季淨利與每股盈餘分別成長 75% 與 77%，主要受惠於我們對資產負債表的重新配置；我們的淨利差在季對季基礎上增加 6 個基點，較去年同期增加 47 個基點。

During the quarter, we originated $81 million in new loans $61 million of which was funded and almost 30% increase over the prior year's period. While the first quarter is a seasonally slower period for production, the additional hires we made to our banking team, the generally favorable economic conditions we continue to see in our markets and a healthy increase in commercial real estate loan demand led to our strongest first quarter in a number of years. New loan product allocation was roughly in line with our existing portfolio with a slight skewing towards C&I.

本季我們新承作放款 8,100 萬美元，其中 6,100 萬美元已撥款，較去年同期增加近 30%。雖然第一季在季節性上通常是承作較慢的期間，但我們對銀行團隊新增的人才、我們市場中持續看到的整體有利經濟情勢，以及商用不動產放款需求的健康成長，使我們創下多年來最強勁的第一季表現。新放款的產品配置大致與既有投資組合一致，但略偏向 C&I（商業與工業放款）。

During the quarter, we worked diligently to improve our credit quality. We sold our longest tenure classified and nonaccrual loans totaling $16.3 million, which were downgraded to substandard in 2021 and moved to nonaccrual in 2024. At that time, we took specific reserves of $7.3 million based on property valuations. The no sale proceeds validated our reserve assumptions with the charge-offs equaling the specific amounts reserved. While other workouts were offset by new downgrades, the impact of the no sales on credit metrics was substantial.

本季我們積極努力改善信用品質。我們出售了任期最久的分類放款與停息放款，合計 1,630 萬美元；該等放款於 2021 年被降級為次級（substandard），並於 2024 年轉為停息。當時我們依據不動產估值提列 730 萬美元的特定備抵。此次出售所得為零，驗證了我們的備抵假設，因為沖銷金額等同於先前提列的特定備抵金額。雖然其他重整處置被新的降級所抵銷，但此次零價出售對信用指標的影響相當顯著。

Non-accrual loans declined from 1.27% of assets to 0.41% and the ratio of classified to total loans decreased from 1.51% to 0.85%. Notably, following the no sales, virtually all of the remaining non-accrual balances are comprised of one nonowner-occupied commercial real estate loan that has no loss expectations based on underlying valuation and cash flow.

停息放款占資產比率由 1.27% 降至 0.41%，分類放款占總放款比率由 1.51% 降至 0.85%。值得注意的是，在完成零價出售後，剩餘的停息餘額幾乎全部由一筆非自用商用不動產放款構成；基於其標的估值與現金流，我們預期不會產生損失。

Despite strong seasonal loan originations, Q1 loan growth was negatively impacted by our nonaccrual loan resolutions. Excluding these purposeful exits, loan payoffs were roughly in line with the prior year's period and were generally driven by asset sales and cash payoffs.

儘管季節性放款承作強勁，第一季放款成長仍受到我們停息放款處置結案的負面影響。若排除這些有意為之的退出，放款清償大致與去年同期一致，主要由資產出售與現金清償所帶動。

We continue to experience elevated payoffs in consumer-related loans primarily within acquired portfolios, including auto and mortgage loans. Despite these dynamics, our net interest margin benefited as new loans came on to the books at an average rate that was 40 basis points higher than the average rate on payoffs. The Q4 interest recovery of $667,000 not repeated in Q1 and the decreased number of days in the first quarter masked that rate spread benefit. Excluding other unique transactions, we believe our loan portfolio will positively impact the net interest margin in 2026 going forward.

我們仍持續面臨較高的消費性相關放款清償，主要集中於併購取得的投資組合，包括汽車貸款與房貸。儘管有上述動態，隨著新放款以平均利率較清償放款平均利率高 40 個基點的水準入帳，我們的淨利差仍受惠。第四季一次性的利息回收 66.7 萬美元未在第一季重複發生，加上第一季天數較少，掩蓋了該利率利差帶來的效益。排除其他特殊交易後，我們認為 2026 年起我們的放款投資組合將對淨利差帶來正面影響。

Our banking team continues its relationship-based approach to attract lending opportunities and drive to cultivate new deeply rooted relationships with particularly strong momentum in the first quarter in the Greater Sacramento area. While we continue to navigate a competitive market environment on pricing and structure, we have attracted a significant amount of new client relationships while maintaining our disciplined underwriting and pricing criteria.

我們的銀行團隊持續採取以關係為本的方法來吸引放款機會，並致力培養新的、深度扎根的客戶關係；第一季在大薩克拉門托地區的動能尤其強勁。雖然我們仍需因應在定價與結構方面競爭激烈的市場環境，但我們在維持嚴謹的授信審查與定價紀律的同時，也吸引了大量新的客戶關係。

Our total deposits increased in the first quarter due to a combination of increased balances from long-time clients as well as continued activity bringing in new relationships. The rate environment remains competitive and clients remain rate sensitive. However, they continue to bank with us for our service levels, accessibility, and commitment to our communities allowing us to continue reducing our cost of deposits while growing our deposit base.

第一季我們的存款總額增加，主要來自長期客戶餘額提升，以及持續引進新往來關係的活動。利率環境仍具競爭性，客戶對利率也依然敏感。然而，客戶仍因我們的服務水準、可近性，以及對社區的承諾而持續與我們往來，使我們得以在擴大存款基礎的同時，持續降低存款成本。

With that, I'll turn the call over to Dave Bonaccorso to discuss our financial results in greater detail.

接下來我把電話會議交給 Dave Bonaccorso，請他更詳細說明我們的財務表現。

Thanks, Tim, and good morning, everyone. Our net income was $8.5 million or $0.53 per share. Our net interest income increased from the prior quarter to $30.3 million due to average balance sheet growth and higher investment security yields and reduce deposit costs as well as the positive churn in the loan portfolio that Tim discussed, resulting in a 6 basis point increase in our net interest margin. Adjusting for the fourth quarter recovery of interest and fees on a paid off nonaccrual loan relationship our sequential quarter net interest margin growth would have been even more impressive at 14 basis points.

謝謝你，Tim，各位早安。我們的淨利為 850 萬美元，或每股 0.53 美元。由於平均資產負債表規模成長、投資證券殖利率提高、存款成本下降，以及 Tim 所提到放款投資組合的正向汰換效應，我們的淨利息收入較前一季增加至 3,030 萬美元，帶動淨利差增加 6 個基點。若調整第四季因一筆已清償的停息放款往來所回收的利息與費用，我們的季對季淨利差成長將更為亮眼，達 14 個基點。

During the quarter, the expansion of the deposit relationship with a relatively high cost was a headwind to net interest margin. At quarter end, we moved a portion of these funds off balance sheet to take advantage of a relatively high one-way sell rate, which boosts our overall net income and contributes to noninterest income. This opportunity has persisted into Q2, and we will continue to look for opportunities like these to actively manage our balance sheet to improve shareholder returns.

本季，一筆成本相對較高的存款往來關係擴大，對淨利差形成逆風。在季末，我們將其中一部分資金移至表外，以利用相對較高的單向出售利率，進而提升整體淨利，並貢獻非利息收入。此一機會延續至第二季，我們將持續尋找類似機會，主動管理資產負債表，以提升股東報酬。

Moving to noninterest income. Most areas of fee income were relatively consistent with the prior quarter, although we did receive a special dividend on FHLB stock as well as BOLI death benefit, which positively impacted our total noninterest income in the first quarter. Our noninterest expense increased by $2.5 million in the prior quarter, primarily due to higher salaries and employee benefits related to seasonal salary and benefit accrual resets including payroll taxes, incentive compensation accruals, profit sharing, insurance, and 401(k) matching. The first quarter also included a higher level of our annual charitable giving, which we expect will comprise almost 70% of total for 2026.

接著談非利息收入。多數手續費收入項目與前一季大致一致，但我們收到一筆 FHLB 股票的特別股利，以及一筆 BOLI（銀行持有人壽保險）死亡給付，對第一季非利息收入總額帶來正面影響。我們的非利息費用較前一季增加 250 萬美元，主要因薪資與員工福利較高，與季節性的薪資與福利應計重設有關，包括薪資稅、獎酬應計、盈餘分享、保險，以及 401(k) 雇主提撥配對。第一季亦包含較高水準的年度慈善捐贈，我們預期其將占 2026 年全年總額的近 70%。

Overall, Q1 noninterest expense was broadly in line with our expectations. Though charitable giving is expected to return to more normalized levels, during the coming quarters, we otherwise expect noninterest expense to continue near current levels as we continue to invest in people and technology, which we believe will fuel our growth and ultimately drive shareholder returns.

整體而言，第一季非利息費用大致符合我們的預期。雖然慈善捐贈預期在未來幾季回到較正常水準，但除此之外，隨著我們持續投資於人才與科技，我們預期非利息費用將維持在目前水準附近；我們相信這將推動成長，並最終帶動股東報酬。

Due to the improvement in asset quality in our loan portfolio and a substantial level of reserves we have already built, we did not require a provision for credit losses in the first quarter, and our allowance for credit losses remained strong at 1.08% of total loans which we believe is an appropriate level following the sale of our nonperforming loans. Given the continued strength of our capital ratios, our Board of Directors declared a cash dividend of $0.25 per share on April 23, the 84th consecutive quarterly dividend paid by the company.

由於我們貸款組合的資產品質改善，以及我們先前已建立相當可觀的準備金水準，我們在第一季不需要提列信用損失準備；而我們的信用損失備抵仍維持強勁，佔總貸款的1.08%。我們認為，在出售不良貸款之後，這是一個適當的水準。鑑於我們資本比率持續強勁，董事會於4月23日宣告每股0.25美元的現金股利，為公司連續第84季發放季度股利。

With that, I'll turn it back over to you, Tim, to share some final comments.

接下來，我把時間交還給你，Tim，請你分享一些最後的評論。

Thank you, Dave. We continue to see stable economic conditions in our markets. Our credit quality continues to improve. Our loan pipeline remains strong amid healthy demand, and we continue to expect to generate solid loan growth in 2026, while also continuing to grow deposits through the addition of new relationships and expansion of existing client relationships. Given the positive trends we are seeing in many key metrics, we expect to continue to deliver strong financial performance for our shareholders as we move through the year.

謝謝你，Dave。我們持續看到我們市場的經濟狀況穩定。我們的信用品質持續改善。在需求健康的情況下，我們的貸款案源（pipeline）仍然強勁；我們也持續預期在2026年可帶來穩健的貸款成長，同時透過新增往來關係以及擴展既有客戶關係來持續增加存款。鑑於我們在多項關鍵指標上看到的正向趨勢，隨著今年推進，我們預期將持續為股東交出強勁的財務表現。

With that, I want to thank everyone on today's call for your interest and your support. We will now open the call to questions.

最後，我要感謝今天參與電話會議的各位對我們的關注與支持。我們現在開放提問。

(Operator Instructions)

(接線員指示)

Matthew Clark, Piper Sandler.

Matthew Clark，Piper Sandler。

How much was the interest reversal that negatively impacted the loan yield on a dollar basis?

以金額計算，影響貸款收益率（loan yield）而造成負面影響的利息沖回（interest reversal）是多少？

That was a -- in Q4, it was, I believe, $667,000.

那是——在第四季，我記得是667,000美元。

Okay. I'm sorry. I think I misheard you. I thought there was another one here in 1Q.

好的。抱歉。我想我聽錯了。我以為在第一季這裡還有另一筆。

There's not.

沒有。

It was quarter over quarter. And part of the decline was impacted by that $670,000 interest accrual reversal in Q4.

那是季對季（quarter over quarter）。而下降的一部分是受到第四季那筆670,000美元利息應計沖回的影響。

Got it. Okay. Okay. And then I saw the spot rate on deposits. How are you thinking about deposit costs beyond that spot rate with the Fed on hold?

了解。好的。好的。另外我看到存款的即期利率（spot rate）。在聯準會按兵不動的情況下，你們如何看待即期利率之外的存款成本？

And what would you suggest is your marginal cost of new deposits these days?

以及你們會認為目前新增存款的邊際成本（marginal cost）大概是多少？

So I think similar to what we've done in recent quarters, we'll continue to look at targeted adjustments away from Fed cuts. Obviously, probably fewer Fed cuts expected than compared to what the market was expecting to start the year. So that's how we'll continue to address that. We also have time deposit repricing happening in the background. I believe that was a 24 basis point decline sequential quarter. So those are a couple of data points.

我想，類似我們近幾季的作法，我們會持續進行有針對性的調整，而不完全取決於聯準會降息。顯然，市場目前預期的降息次數可能比年初市場預期的更少。因此我們會以此方式持續因應。同時，定期存款也在背景中進行重訂價（repricing）。我相信這一項在季比上下降了24個基點。以上是幾個數據點。

Anything else you want to add, Tim?

Tim，你還想補充什麼嗎？

No. I think some of the total -- or the pressure on total deposits continues to be just large existing clients that have relationship rates that continue to go up. Some of that's -- we're managing with one-way sells, et cetera. But now overall, we continue to look for off-cycle reductions. And as you noted, the spot rate is 4 bps lower than the total deposit rate at the end of the quarter -- or sorry, end of the year.

沒有。我認為總存款的壓力之一，仍然來自一些大型既有客戶，其關係利率（relationship rates）持續上升。其中一部分——我們透過單向銷售（one-way sells）等方式在管理。但整體而言，我們仍持續尋找非例行（off-cycle）的降息空間。而如你所指出，即期利率比本季末——或抱歉，是年底——的總存款利率低4個基點。

Yes. Okay. Great. And then you haven't bought back stock for the last couple of quarters. You've got credit.

是的。好的。很好。另外，你們過去幾季都沒有回購股票。你們的信用狀況。

A lot of your credit pretty much resolved here? How do you think about -- how should we think about the buyback here going forward?

你們大部分的信用問題現在幾乎都解決了嗎？你們怎麼看——我們應該如何看待未來的回購？

So as we described when we did the balance sheet restructure, given that we got support from the regulators and all our constituents to do without any equity raises with sub debt. We had said we were going to earn our way back into a median leverage ratio or CET1 ratio coming back towards peer level. And certainly, at the time, that was -- the perception was holding more capital is better in the event that the credit situation with those loans worsen. As you noted, taking that off the table, brings us closer to having a comfort level to do that.

如同我們在進行資產負債表重整（balance sheet restructure）時所說，鑑於我們獲得監管機關以及所有利害關係人的支持，得以在不增資、僅發行次順位債（sub debt）的情況下完成。我們當時表示，會透過獲利把槓桿比率或CET1比率拉回到接近同業水準的中位數。而且在當時——市場觀感是，若那些貸款的信用狀況惡化，持有更多資本會更好。如你所說，現在把那個因素排除後，我們更接近具備進行回購的舒適水準。

So it's a conversation we're going to start having, but we still want to earn our way back into a bit of a higher ratio before maybe embarking on that. But certainly not needing to keep capital for the risk inherent in those deals we shed during the quarter, we'll feel better about having that conversation. So I don't want to overpromise, but that did remove a big hurdle for sure.

因此這是我們將開始討論的議題，但在可能著手之前，我們仍希望先透過獲利把比率再提升一些。不過，既然我們在本季已剝離的那些交易不再需要保留資本以因應其內含風險，我們會更有信心進行這個討論。所以我不想過度承諾，但這確實移除了一個很大的障礙。

Jeff Rulis, DA Davidson.

Jeff Rulis，DA Davidson。

I guess kind of following the restatement you had during the quarter, trying to get my bearings on the margin and expense levels. I think you kind of outline the expense expectation, it sounds like pretty flat from here, a pretty front-end loaded Q1 and then leveling off. But I guess if I try to get into NII and the margin, I think we had sort of had discussions of a terminal margin level in the high 3s given kind of the adjusted number is sort of mid-3 figure. I'm trying to get a sense for -- you've had a lot of restructuring and repositioning. It sounds like still an upward bias to the margin but kind of all in, whether specific or not kind of a margin level you think that's indicative of the balance sheet today?

我想延續你們本季更正重述（restatement）之後的情況，試著釐清利差與費用水準。我認為你們已概述費用的預期，聽起來從現在起大致持平，第一季較為前置（front-end loaded），之後趨於平穩。但如果我再看淨利息收入（NII）與利差，我想我們之前討論過在高3%區間的終端利差水準（terminal margin level），因為調整後的數字大概在3%中段。我想了解的是——你們做了很多重整與重新配置。聽起來利差仍有上行偏向，但整體而言，不論是否具體，你們認為以目前資產負債表所反映的利差水準大概會是什麼？

I think on a full year basis, mid-3s is probably still appropriate or appropriate in line with the comment you just made, obviously, adjusted downward given the restructuring. And we covered deposit costs a little bit, but we still think there are decent tailwinds with regard to loan repricing.

我認為以全年來看，3%中段可能仍然合適，或與你剛才的評論一致；當然，因為重整而向下調整。我們稍早也談到存款成本，但我們仍認為貸款重訂價（loan repricing）方面有不錯的順風。

So Dave, the step-up this quarter, linked quarter, I guess for the jump off rate of March is 3.26% and you so to say, by the end of the year, a mid-3s is doable. I guess that would put the kind of the linked quarter margin increase. Is that give or take a pretty good proxy?

所以Dave，本季相較前一季的上升，我想以3月的起跳點（jump off rate）來看是3.26%，而你也提到到年底做到3%中段是可行的。我想那會反映在季對季利差的提升。這大致上是不是一個相當好的代理指標（proxy）？

Yes. Well, I guess I would look at it a different way. I mean you're probably looking at a handful of basis points a quarter. I mean there's some movements comparing off the prior quarter with that nonaccrual loan payoff, et cetera. But that's how I would think about it moving ahead is with the benefits to loan repricing, that's probably worth a few basis points and then any other deposit repricing benefits we have along the way would add to that such that you get to potentially up to a mid-3s number for the year.

是的。不過我可能會用不同方式來看。我的意思是，你每季大概會看到幾個基點的變動。當然，與前一季相比，還有一些變動因素，例如那筆停止計息（nonaccrual）貸款的清償等。但我對未來的看法是：貸款重訂價帶來的效益大概值幾個基點，再加上我們一路上任何其他存款重訂價的效益，如此就有機會在全年達到3%中段的水準。

That's great. And then maybe just one other question on the credit side. The timing of the large loan resolution, is that its own independent path? Or do you find that's indicative or something moving in the market that you feel like you can move forward on this other larger $8 million owner occupied CRE? Or do you view them really independently, that's something that you are chasing down separately?

很好。另外在信用面再問一題。那筆大型貸款的處置時點，是走它自己獨立的路徑嗎？還是你認為這反映了市場上有些變化，使你覺得可以推進另一筆較大的800萬美元自用型商用不動產（owner occupied CRE）？或者你把它們視為彼此獨立、分別追蹤處理的案件？

And this remaining loan you expect the workout phase to continue for quarters to come?

而對於這筆剩餘貸款，你預期其重整/催收（workout）階段還會持續好幾個季度嗎？

Yes. So they're completely different animals, Jeff. The notes we sold were the ones we downgraded. That was our pandemic special that we've been talking about ad nauseam for a number of years. The market just wasn't going to recover in time for that to be properly restructured.

是的。所以它們完全是兩回事，Jeff。我們賣掉的票據是我們已經下調評級的那一筆。那是我們多年來一再反覆提到的「疫情特例」。市場根本不可能及時復甦，讓它能被妥善重組。

We're not going to maintain a book -- a loan on our books where we need to take a charge off. So we elected to sell the note and Misako done a really good job of estimating value and negotiating that sale such that we didn't have any further provisioning impact.

我們不會在帳上維持一筆需要認列沖銷的貸款。因此我們選擇出售該票據，而Misako在估值與談判出售條件方面做得非常好，使得我們不需要再承受任何額外的備抵提列影響。

The other loan we've mentioned on the call is something where, again, the loan-to-value, the debt service coverage ratio, all the metrics are adequate. We're in a dispute over terms of an extension or renewal -- I'm sorry, extension. And so that's really what's keeping it. So we're in the middle of a legal process on that. And so there really isn't -- they're not -- it's not apples-to-apples.

我們在電話會議中提到的另一筆貸款，同樣地，其貸款價值比（LTV）、債務償付覆蓋率（DSCR）等各項指標都足夠。我們是在展期或續約條款上有爭議——抱歉，是展期。所以真正卡住的是這個。因此我們正處於相關的法律程序中。所以這真的不是——它們不是——不能相提並論。

And so we will look to -- continue to look to resolve that, but we don't have any loss expectations on that credit, whereas the other one had a serious valuation impact, as you know.

因此我們會持續尋求解決，但我們對那筆授信並沒有任何損失預期；相較之下，另一筆如你所知，對估值有嚴重影響。

Appreciate it. Tim, maybe most importantly, interested in your view of the -- just the general market on the CRE side. And as you view vacancy rates and the general kind of broader Bay Area sort of firming up? Or how would you characterize kind of recent CRE trends in the area?

了解，謝謝。Tim，或許最重要的是，我想聽聽你對商用不動產（CRE）整體市場的看法。當你觀察空置率，以及整體灣區是否正在回穩？或者你會如何描述該地區近期的CRE趨勢？

Yes. So I would continue to bifurcate Bay Area between San Francisco, particularly for office and the rest of Bay Area. We never saw the significant value degradation or lease rate declines in the outer markets that we saw in San Francisco, which, as you know, plummeted. The trends continue to be very positive. Certainly, a lot of that driven by AI-related investments. And even on the property on the note we sold, we were looking at 20% to 30% a year of improving NOI.

是的。所以我仍會把灣區區分為舊金山（特別是辦公室）以及灣區其他地區。在外圍市場，我們從未看到像舊金山那樣顯著的價值下滑或租金下跌；舊金山如你所知是大幅下挫。趨勢仍然非常正面。當然，其中很大一部分是由AI相關投資所帶動。甚至就我們賣掉票據所對應的那個物件而言，我們原本看到NOI每年改善20%到30%。

So the market is rebounding. There's news about retail coming back in the retail areas. It has to hit a bottom. You see people being opportunistic now for those of us that had assets at prior valuations, that was going to take a long time. But we certainly see more opportunism in the market. Some of our activity over the last couple of quarters has been related to people taking advantage and making purchases.

所以市場正在反彈。也有新聞提到零售正在零售區域回流。它終究得觸底。你現在看到人們開始把握機會；對於我們這些在先前估值水準持有資產的人來說，那會需要很長時間。但我們確實看到市場上更多的機會型行為。我們過去幾季的一些活動，與人們趁勢進場購買有關。

And so I view all of that as a positive. Again, I would bifurcate between dealing with an asset that was on the book before the value degradation and what's happening now. But overall, the trends remain very positive in San Francisco.

因此我把這些都視為正面訊號。同樣地，我會把「在價值下滑之前就已在帳上的資產」與「現在正在發生的情況」區分開來看。但整體而言，舊金山的趨勢仍然非常正面。

Wood Lay, KBW.

Wood Lay，KBW。

I was just hoping that you could sort of walk through the higher expenses in the first quarter, the jump from 1Q to 4Q. And then it sounds like the forecast, excluding the charitable contribution should remain relatively flat. Does that embed any additional hiring from here?

我只是希望你們能大致說明一下第一季費用較高的原因，也就是從第四季到第一季的跳升。然後聽起來你們的預測是，扣除慈善捐款後應該會相對持平。這裡面是否包含從現在起的額外招募？

Sure. I'll start that one off. So just zooming out a little bit, I think the company has a long-standing history of very strong expense management. If you go back the last 10 years or so, our noninterest expense to average assets has been in the favorable top 30% of peers. So it's important to what we do.

當然。我先來回答。先稍微拉遠一點看，我認為公司長期以來在費用管理方面一直非常強。如果回顧過去大約10年，我們的非利息費用占平均資產比率，一直位於同業中表現較佳的前30%。所以這對我們的營運很重要。

I think we're pretty thoughtful around it, and that's despite operating in some pretty expensive markets. I think where the deviation may have happened is if an estimate was jumping off of Q4 for personnel expense, keep in mind, we did have some incentive bonus reversals in Q4. And I think historically Q3 has probably been a better predictor of Q1 than Q4 has. And so our Q3 actually looks -- relative to Q3, our Q1 looks similar to where it has been in the last couple of years. And then you put on top of that the annual resets that we discussed in our earnings materials like payroll taxes, profit sharing, et cetera. That's how we get to the key driver of our overall number this quarter, which is in personnel.

我想我們在這方面相當審慎，即便我們是在一些成本相當高的市場營運。我認為偏差可能出現在：如果有人以第四季的人事費用作為估算起點，請記得我們在第四季確實有一些激勵獎金回轉。而且從歷史來看，第三季可能比第四季更能預測第一季。因此相較於第三季，我們第一季看起來與過去幾年的水準相近。再加上我們在財報資料中提到的年度重設項目，例如薪資稅、盈餘分紅等。這就是我們本季整體費用數字的主要驅動因素，也就是人事費用。

And then you hit on charitable contributions. We expect that to normalize. I think one other area that was a little bit of an outlier this quarter was the FDIC insurance expense. And due to the repositioning, we had a lower leverage ratio and negative earnings in our last assessment because of those losses. That was applied to a higher assessment base and given the balance sheet growth and also lower tangible equity.

接著你也提到慈善捐款。我們預期那會回到正常水準。我想本季另一個稍微偏離常態的項目是FDIC保險費用。由於資產配置調整，我們的槓桿比率較低，且在上一期評估中因那些損失而出現負盈餘。這些因素套用在較高的評估基礎上，再加上資產負債表成長以及有形股權較低。

So that, I think, explains some of the expenses you're seeing in Q1, and we expect that to normalize as more of the benefits of the repositioning flow through.

所以我想，這解釋了你在第一季看到的一些費用；而隨著資產配置調整的效益逐步反映，我們預期這些會回歸正常。

Got it. That's helpful. And then maybe just last for me, sort of putting some of the moving pieces together. I mean, it sounds like there's continued tailwind to the margin. You've got a slightly higher expense base, but it should be relatively stable versus 1Q.

了解。這很有幫助。那最後一個問題，將一些變動因素綜合起來看。我的意思是，聽起來利差仍有持續的順風。你們的費用基礎略高，但相對於第一季應該會相當穩定。

So I mean the expectation is still for positive operating leverage throughout the year.

所以我的意思是，你們仍預期全年會有正向的營運槓桿。

Yes, I agree with that.

是的，我同意。

Yes. I believe that's the case. We are looking to be opportunistic, though, and continue to add hires that can help us drive the growth. I can't really predict the timing for that. But we are looking to make strategic growth efforts in some of the markets that maybe have been lesser performing for us to kind of round out, get more pistons firing.

是的。我相信確實如此。不過我們也會把握機會，持續增聘能協助我們推動成長的人才。我無法真正預測時點。但我們希望在一些過去對我們而言表現較弱的市場，進行策略性的成長布局，讓整體更完整、讓更多引擎缸開始發力。

And so if we can make some hires that can help drive the growth, certainly, we'll be doing that with a mind towards adding interest-bearing assets to the books, but that could impact the run rate over the year. But as Dave said, I think when you take all the noise out, it starts to flatten out minus any adds.

因此如果我們能招募到有助於推動成長的人才，我們當然會這麼做，同時也會以增加帳上生息資產為考量；但這可能會影響今年的費用運行率。不過如Dave所說，我認為把所有雜訊剔除後，扣除任何新增人員，費用趨勢就會開始趨於平坦。

Andrew Terrell, Stephens.

Andrew Terrell，Stephens。

Maybe going back to the margin. I was hoping we could maybe get a finer point on some of the loan repricing dynamics and maybe -- just curious where new origination yields are coming in today, how that compares to what's rolling off? And if you have kind of the cadence of what you expect to reprice or turn over on the loan book throughout the year?

也許回到利差的問題。我希望我們能更精準地談談貸款重訂價的動態，並且——我也好奇目前新承作的收益率大概落在哪裡，與到期或轉出的那部分相比如何？以及你們是否能提供今年貸款組合預期重訂價或周轉的節奏？

Sure. I'll start. So the usual statistic we gave is a 12-month look at monthly loan yields and that number is probably 15 to 20 basis points comparing the monthly loan yield in March 2027 to March 2026. That's interest rates flat and flat balance sheet. So there's that.

當然。我先說。我們通常提供的統計是：以12個月視角觀察每月貸款收益率；以2027年3月相較2026年3月的每月貸款收益率來看，差不多高出15到20個基點。那是在利率持平且資產負債表規模持平的假設下。所以有這一點。

And then I think you asked about yields on new loans. Those were [5. 91%] in Q1, which compares to [5.51%] for paid off loans. We have about 17% of the portfolio repricing in the next year and 34% over the next three years, and that is on page 25 of the deck. Not much change in those numbers and then still a relatively low level of floating rate (inaudible).

接著我想你問到新承作貸款的殖利率。第一季為[5.91%]，相較於到期償還貸款的[5.51%]。我們約有17%的投資組合會在未來一年內重新訂價、未來三年內則有34%，這在簡報第25頁。這些數字變化不大，而且浮動利率的占比仍相對偏低(聽不清)。

One of the headwinds is obviously nice because I think for the prior couple of quarters, it was a pretty flat trend to new asset yields versus -- or loan yields versus those paying off. As we continue to have headwinds in the payoff of some of the acquired mortgage or auto loans that we've talked about. And that was one of the larger payoff categories in the quarter again, and those are at higher yields. And so getting a 40 basis point lift in -- despite that is encouraging, but that has been a headwind because those are some of our better yielding loans and the payoffs on that because of the rates have been slightly higher.

其中一個逆風顯然算是好事，因為我認為在前幾個季度，新資產殖利率相對於——或貸款殖利率相對於那些到期償還的貸款——基本呈現相當平坦的趨勢。隨著我們持續面臨先前提到的部分併購而來的房貸或車貸提前償還的逆風。而這一季那仍是較大的償還類別之一，而且那些貸款的殖利率較高。因此，儘管有這樣的因素仍能帶來40個基點的提升令人鼓舞，但這一直是個逆風，因為那些是我們收益較好的貸款之一，而由於利率因素，這些貸款的提前償還略有增加。

Yes. Okay. Great. I appreciate it. And then if I could shift over to -- I know you talked about a little bit on the question on the buyback.

是的。好的。很好。感謝。接著如果我可以轉到——我知道你在回購那題上稍微談到了一點。

But your CET1 and capital ratios have normalized post the restructure last year. It seems like you're relatively in line with peer levels. I guess can you just reframe post restructure now that the credit picture looks a lot cleaner right now post this quarter. Where would you like to be from a CET1 or leverage ratio standpoint? I guess, can you remind us kind of the north stars there, the binding constraints?

不過你們的CET1與資本比率在去年重整後已經正常化。看起來你們與同業水準相當接近。我想請你在重整之後、且本季之後信用狀況看起來乾淨許多的情況下，重新框架一下：就CET1或槓桿比率而言，你們希望落在什麼水準？也請你提醒我們你們的「北極星」指標大概是什麼、哪些是具約束力的限制條件？

We really haven't established a level where we need to be. It's all relative, relative to the risk on your balance sheet, obviously. And so as I mentioned before, that's a conversation we're going to be more willing to have now that we have less risk within our loan book and less of a chance of large surprising provisioning or charge-offs. So I'm reluctant to give a target there, but I would say a conversation we're going to be more willing to have as a management board.

我們其實還沒有訂出一個必須達到的水準。這一切都是相對的，當然是相對於你資產負債表上的風險。因此如我先前提到的，現在因為我們的放款組合風險較低、出現大幅意外提存或沖銷的機率也較小，我們會更願意進行這樣的討論。所以我不太願意在這裡給出目標，但我會說，這是我們管理團隊董事會更願意展開的對話。

And I'll just add because I think a lot of attention gets paid to holding company capital ratios. An important consideration for us is our bank level capital ratios and relative to peers there. And I think that's where we have probably more to do in terms of rebuilding those.

我再補充一下，因為我認為大家很關注控股公司層級的資本比率。對我們而言，一個重要考量是銀行層級的資本比率，以及與同業相比的狀況。我認為在那一塊，我們可能還有更多需要做的，以重建那些比率。

Got it. Okay. Makes sense. And I guess just last question for me. Your earnings, your profitability is up quite a lot since the restructure, but the ROTCE on an operating basis, still kind of around that 10%-ish level.

了解。好的。合理。我想我最後一個問題。你們的獲利能力自重整以來提升很多，但以營運基礎來看，ROTCE仍大概在10%左右的水準。

I'm just curious, your thoughts. You'll obviously improve as the margin continues to move higher throughout the year. But as you step back and kind of look at your forecast, where do you see the kind of incremental levers to pull to improve profitability closer to peer levels?

我只是好奇你們的想法。顯然隨著今年利差持續走高，你們會改善。但當你退一步、從預測角度來看，你認為有哪些額外的槓桿可以拉動，讓獲利能力更接近同業水準？

So I mean the two we're most internally focused is building loan activity and particularly while yields are where they are and also driving more fee income, and we have some strategic initiatives around that. And so I can't remember if it was you earlier in this or someone else mentioned building more operating leverage into the model. That's really what we're looking to do.

我們內部最聚焦的兩個方向是提升放款動能——特別是在目前殖利率水準下——以及推動更多手續費收入，我們也有一些相關的策略性計畫。我不記得是你先前提到，還是其他人提到，要在模型中建立更多營運槓桿。那正是我們想做的。

So if we make ads, it will be mainly around -- the staff, sorry, mainly around driving loan growth. If that happens quickly enough and you get that almost immediate positive operating leverage, and again, some strategies around driving fee income that we'd rather not give any color on, but nothing overly dramatic, but things that we think can add meaningfully to the bottom line. So we'll continue in that area. I don't see any big cost reduction activity. The goal at this point is not to cut our way into more profitability.

所以如果我們要增聘人力，主要會在——人員方面，抱歉——主要是為了推動放款成長。如果成長發生得夠快，你就能幾乎立刻看到正向的營運槓桿；另外，我們也有一些推動手續費收入的策略，我們不太想提供太多細節，但也沒有什麼過於戲劇性的作法，只是一些我們認為能對最終獲利帶來實質貢獻的事情。所以我們會持續在那方面努力。我不認為會有任何大規模的成本削減行動。現階段的目標不是靠削減成本來提高獲利。

(Operator Instructions)

(接線員指示)

David Feaster, Raymond James.

David Feaster，Raymond James。

I want on the growth side for a minute. There's some really encouraging trends there with the originations and the pipeline growth. I was hoping you could maybe elaborate a bit on some of the drivers behind this, right? You've alluded to new hires, that makes obvious sense as to increasing productivity, but you also discussed in the deck, you talked about comp program enhancements, updates to calling programs. So maybe you can elaborate on what you did there and how much of the growth in originations you're seeing in this quarter is from the new hires versus increasing productivity from existing hires just as we think of the success on some of those adjustments that you've made.

我想先談一下成長面。你們在承作量與管線成長方面有一些非常令人鼓舞的趨勢。我希望你能再多談一點背後的驅動因素，好嗎？你們提到新聘人員，這很容易理解能提升生產力；但你們也在簡報中提到薪酬方案的強化、拜訪（calling）計畫的更新。所以也許你可以說明你們做了哪些調整，以及就本季看到的承作成長而言，有多少來自新聘人員、又有多少來自既有人員生產力提升，讓我們能評估這些調整的成效。

Yes. Thanks, David. I would say the majority of the production came from those hires we've been referencing over the last year. The top people continue to be the top people. We've made some leadership changes in our Sacramento market that certainly realizing we need to better post the American River Bank acquisition to capture the opportunities out there, and that is paying dividends.

是的。謝謝你，David。我會說大部分的產出來自我們過去一年一直提到的那些新聘人員。頂尖的人仍然是頂尖的人。我們在沙加緬度市場做了一些領導層調整，因為我們意識到在美國河岸銀行（American River Bank）收購案之後，我們需要做得更好以掌握那裡的機會，而這些調整正在帶來成效。

I would say the Sacramento market overall because a good portion of the growth that was booked in other offices are loans to borrowers that are in Sacramento just other people's relationships. So I think it's doing a better job in Sacramento. It's doing a better job with the hiring. It's having an incentive plan that pays people fairly without so many caps so that you're incenting a more of a hockey stick approach. I think, was key to that.

我會說沙加緬度市場整體而言——因為在其他辦公室入帳的成長中，有相當一部分其實是借款人位於沙加緬度、只是屬於其他人的客戶關係。所以我認為這是我們在沙加緬度做得更好。也是我們在招募方面做得更好。同時，我們的激勵計畫更公平地支付給員工、減少了許多上限，避免誘導出那種「曲棍球棒」式的表現（後段才急遽拉升）。我認為這點是關鍵。

So maybe people have to do more to enter into the incentive component. But if accelerate or exceed their higher hurdles, then the payouts get bigger. And I think you combine good people with a better plan and you're going to get results. And that's what we're seeing. We're starting to see life in the construction market.

所以也許大家需要做更多，才能進入激勵的計算區間。但如果加速或超越更高的門檻，獎金支付就會更高。我認為把好的人才與更好的方案結合，就會帶來成果。而這正是我們看到的。我們也開始看到營建市場出現活力。

Our construction group has gotten a lot more active, going back to my comments earlier. I think Jeff Rulis' question about activity in San Francisco, a lot more people stepping in to buy properties for development for condos and/or single-family residences. So we're starting to see that come back as well. So it's not any one thing. It's a combination of all those things.

我們的營建團隊活躍度提高了很多，呼應我先前的評論。我想Jeff Rulis問到舊金山的活動情況，現在有更多人進場買地產，用於開發公寓（condos）和／或獨棟住宅。所以我們也開始看到那一塊回溫。因此並不是單一因素。而是所有這些因素的組合。

Maybe just touch on the credit side. It was nice to that credit cleanup this quarter. Exclusive of that, with that in the rearview, I mean, things look pretty benign, at least on your balance sheet. I'm curious what -- if you could touch on what you're seeing on credit broadly. I know the wine industry is under a bit of pressure.

也許再談一下信用面。本季完成信用出清很不錯。撇除那部分、且把它拋在腦後來看，你們資產負債表上的狀況似乎相當溫和。我好奇你能否談談你們對整體信用環境的觀察。我知道葡萄酒產業正承受一些壓力。

You've done a deep dive into kind of some upcoming CRE maturities. Curious if you could just talk away some of the takeaways from that high-level credit commentary and just whether you're seeing more pressure on underwriting just -- or credit broadly just given increasing industry competition.

你們也針對即將到期的一些商用不動產（CRE）到期情況做了深入分析。想請你分享一下從高層次信用評論中得到的一些重點結論，

Well, I'll start at your end there. I think competition has picked up, loan-to-value, debt coverage, recourse versus nonrecourse. We certainly see the market getting frothy at times, particularly in certain asset classes like multifamily. Wine is a big weak spot. I think we're managing that well and our exposure is not all that big there anymore.

好，我先從你那邊的問題開始。我認為競爭已經加劇，貸款成數（LTV）、債務覆蓋率，以及有追索權與無追索權的條件。我們確實看到市場有時會變得偏熱，特別是在某些資產類別，例如多戶住宅。葡萄酒是一個很大的弱點。我認為我們管理得很好，而且我們在那一塊的曝險現在也不算太大了。

But in terms of headwinds to part of the North Bay economy, yes, that industry is struggling. We don't see a lot of impact within our customer base or prospects of things that are making the national news like tariffs or cost of oil or transportation, not that it's not out there, but we're generally seeing stable and healthy economic trends with what we're looking at.

但就北灣（North Bay）經濟部分領域所面臨的逆風而言，是的，那個產業正處於困境。我們在客戶基礎或潛在客戶中，沒有看到太多像全國新聞所報導的關稅、油價或運輸成本等因素帶來的影響；並不是說外面沒有這些情況，但就我們觀察到的而言，整體經濟趨勢仍然穩定且健康。

So I would say we feel good about our commercial real estate and minus some ups and downs and individual performance, I don't see any trends that caused me to worry that we're going to see -- revert back to some of these larger downgrades into substandard or nonaccrual. And again, if you -- if you took out the legal aspect of what we're dealing with -- with pretty much the singular nonaccrual loan we have, we'd be back to almost zero, which, as you know, is where we love to be.

所以我會說，我們對商用不動產的狀況感覺良好；除了某些起伏與個別表現之外，我沒有看到任何趨勢會讓我擔心我們會——回到過去那種較大幅度降級到次級（substandard）或停止計息（nonaccrual）的情況。再說一次，如果你——如果把我們正在處理的——幾乎是唯一一筆停止計息貸款所涉及的法律層面拿掉，我們就會回到幾乎為零，而如你所知，那正是我們最希望維持的狀態。

That's helpful. And then just looking at your slide deck, on slide 6, you got those four top priorities for you all that are to drive long-term value. The number three, scaling through efficiency gains in M&A. We've already talked a bit about number four and number one, and you said you're not going to talk about number two. So I was hoping you could talk a bit about number three and where you're seeing opportunities for efficiency gains and any thoughts that you might have on M&A?

這很有幫助。另外看你們的簡報，在第6頁，你們列了四項推動長期價值的首要任務。第三項是透過併購（M&A）帶來的效率提升來擴大規模。我們已經談過第四項和第一項，你也說你不會談第二項。所以我希望你能多談談第三項：你們在哪些地方看到效率提升的機會？以及你對併購有什麼想法？

Yes. So I will talk about number two. It's not that I won't. It's just giving guidance is something that we are very reluctant to do. But we do have specific initiatives around treasury management, fee income, wealth management trust income. There's a number of components to that that will add up to a meaningful increase in that component, but no one thing that's overly dramatic to discuss, all part of getting better.

是的。那我會談第二項。不是我不談。只是提供指引（guidance）是我們非常不願意做的事。但我們確實有一些具體的計畫，圍繞在資金管理（treasury management）、手續費收入、財富管理信託收入等。這裡面有很多組成部分，累積起來會讓那一塊有顯著的提升，但沒有哪一件事特別戲劇性到值得單獨拿出來講，都是持續變得更好的過程。

M&A, obviously, getting our valuation back and continuing to build on that opens more doors for us. So it's certainly something we remain open to and haven't shut the door on that at all just for a while. It was challenging on deal metrics or deal economics with where we were trading. But again, we're hoping that continues to make improvements and we can -- that can become a more realistic opportunity for us. We are looking at efficiency over the last couple of years.

至於併購（M&A），顯然，讓我們的估值回升並持續在此基礎上建構，會為我們打開更多大門。所以這當然是我們仍然願意保持開放的方向，我們並沒有把門關上，只是暫時如此。以我們當時的交易價格水準來看，在交易指標或交易經濟性上確實具有挑戰。但同樣地，我們希望這能持續改善，讓——這能成為對我們更現實的機會。過去幾年我們一直在看效率提升。

We have done some staff adjustments. We've closed some branches, and now we have -- well, going on the second year now, pretty significant efficiency strategies within the technology or back office world and now going forward around AI, using that intelligently to build efficiencies into the system and more operating leverage.

我們做了一些人員調整。我們關閉了一些分行，而現在——嗯，已經進入第二年了——我們在科技或後勤（back office）領域推動相當顯著的效率策略；接下來也會在AI方面，智慧地運用它，把效率建構到系統中，並帶來更多營運槓桿。

So again, it's lots of arrows in the quiver as opposed to any one or two big things. But those are the main things we mean in that number three.

所以再說一次，這是多支箭在箭袋裡，而不是一兩件大事。但這些就是我們在第三項所指的主要內容。

Tim Coffey, Brean Capital.

Tim Coffey，Brean Capital。

Okay. So I got a couple of questions on kind of the loan side. When it comes to the spreads in the market right now, are you at all concerned about some of that starting to -- those spreads starting to compress given, one, the general competition, but also some of the new entrants to the market?

好的。我有幾個關於貸款端的問題。就目前市場利差而言，你們是否擔心在一般競爭加劇、以及一些新進入者加入市場的情況下，利差會開始——出現收窄？

There's no question. There's been pretty incredible compression in pricing. We really try to stick hard to an approach that meets our ROA hurdles. Generally, loans priced in the 200 over treasury depending on the type of loan or above are going to meet that. We regularly see people bidding at the 1.5 to 1.75 level.

毫無疑問。定價的壓縮相當驚人。我們真的努力堅持一個能達到我們資產報酬率（ROA）門檻的方法。一般而言，依貸款類型不同，定價在國庫券利率（treasury）之上200個基點左右或更高的貸款，會符合這個門檻。我們經常看到有人出價在1.5到1.75的水準。

And so our job is to parse through or what we've been doing is parsing through those really attractive opportunities, get as much as we can, not race to the bottom, but get high-quality credit as high spread as we can. But there is no question the market is very aggressive on pricing.

所以我們的工作是去篩選——或者說我們一直在做的是，從那些非常有吸引力的機會中篩選出來，能做多少就做多少，不去比誰更低價，但要在盡可能高的利差下取得高品質的信用。但毫無疑問，市場在定價上非常積極。

And as you grow loans this year or book new loans, are you agnostic to the type? Or do you prefer one or the other, like commercial over commercial real estate for instance?

那今年你們在擴張貸款或承作新貸款時，對類型是中性的嗎？還是你們會偏好某一類，例如商業貸款（commercial）相對於商用不動產（commercial real estate）？

Well, I've been saying for a while, I would love to do a higher proportion of C&I. That's not -- that's a slow ship to turn, in terms of more aggressively building that, but we are seeing a higher proportion. If you look at the breakdown of loans we booked this quarter, pretty much mirrors that of the overall portfolio. But within that breakdown, there was a skewing towards C&I as a percentage. So we're hoping to have almost $9 million of unfunded commitments within that C&I bucket for the quarter. So we'd love to continue to drive that.

嗯，我講了一段時間了，我很希望能提高C&I（工商企業貸款）的比重。就更積極地建立那一塊而言——那不是一艘能很快轉向的船，但我們確實看到比重在提高。如果你看我們本季承作貸款的結構分布，基本上與整體投資組合相當一致。但在那個分布之內，C&I的占比有偏高。所以我們希望在本季C&I這個桶子裡，能有接近900萬美元的未動用承諾額度（unfunded commitments）。因此我們很希望能持續推動這一塊。

We are seeing a higher mix over the last few quarters of multifamily, I think all of which has been CRA qualified. And so that accomplishes a number of things. So if we can win a multifamily deal at a good spread and get that, that's something worth being moderately aggressive over. I expect construction to pick back up. Obviously, there's always risk in that book, you have to manage, but that's been a piece or a piston that wasn't firing given the kind of construction projects we did in the geographies as we did them, it's nice to see that coming back as well.

過去幾季我們看到多戶住宅（multifamily）的占比提高，我認為其中全部都符合CRA資格。因此這能達成好幾件事。所以如果我們能以良好的利差贏下一筆多戶住宅案並拿到它，那就是值得我們適度更積極爭取的。我預期營建（construction）會再度回升。顯然，那個組合一直都有風險需要管理，但那曾是一個沒有發力的部分或引擎汽缸；考量我們在那些地理區域所做的營建專案類型與時點，現在看到它回來也很不錯。

So you're right, we are generally agnostic, but I think if we continue those trends, it will help from both the concentration standpoint, but also just the growth aspect of it. But I think where we're doing a good job and what the growth in the market is right now seem to align pretty well.

所以你說得對，我們一般而言是中性的，但我認為如果這些趨勢能延續，無論從集中度角度，或是成長面，都會有所幫助。但我覺得我們目前做得不錯，而且市場現在的成長方向似乎也與我們相當契合。

Okay. Further growth in C&I and construction, all else equal, would probably put upward pressure on your allowance ratio. Is that about right?

好的。在其他條件不變下，C&I與營建的進一步成長，可能會對你們的備抵比率（allowance ratio）造成上行壓力。大概是這樣嗎？

Say that last part again, put upward pressure on what?

你最後那部分再說一次，是對什麼造成上行壓力？

If you see more production in C&I and construction, that would probably put an upward bias on your allowance ratio?

如果你們在C&I與營建的承作量增加，這可能會讓你們的備抵比率帶有上行偏向？

Well, I guess possibly, yes. I guess it depends on the individual credits. But yes, it depends is almost always the answer, but that's possible, yes.

嗯，我想有可能，是的。我想這取決於個別授信。但對，答案幾乎永遠是「視情況而定」，不過這確實有可能，是的。

Okay. And then one for you, Dave. What's the appropriate tax rate to use?

好的。然後有一題給你，Dave。適合使用的稅率應該是多少？

What we experienced this quarter, I think it's pretty indicative for the full year. A little easier year from a tax perspective than last year.

我們本季的實際稅率，我認為對全年來說相當具有代表性。從稅務角度看，今年比去年輕鬆一些。

We have no further questions at this time. I will hand back to Tim Myers for closing remarks.

我們目前沒有其他問題。我把時間交回給Tim Myers做結語。

Thank you again to everybody. If you need any follow-up information, by all means, please reach out to Dave and/or myself, and we will get you answers. Looking forward to seeing you guys on the next quarterly call.

再次感謝各位。如果你需要任何後續資訊，請務必聯絡Dave和／或我本人，我們會提供答案。期待在下一次季度電話會議上再見到各位。