BOK Financial Corp (BOKF) 2026 Q1 法說會逐字稿

Greetings. Welcome to BOK Financial Corporation first quarter 2026 earnings conference call. (Operator Instructions) . As a reminder, this conference call is being recorded.

各位好。歡迎參加 BOK Financial Corporation 2026 年第一季財報電話會議。(接線員指示)。提醒各位，本次電話會議將被錄音。

I would now like to turn the presentation over to Heather King, Director of Investor Relations for BOK Financial Corporation. Please proceed.

現在我想將簡報交給 BOK Financial Corporation 投資人關係總監 Heather King。請開始。

Good afternoon, and thank you for joining our discussion of BOK Financial's first quarter 2026 financial results. Our CEO, Stacy Kymes, will provide opening comments cover the loan portfolio and related credit metrics. Scott Grauer, Executive Vice President of Wealth Management, will cover our fee-based results and our CFO, Marty Grunst, will then discuss financial performance for the quarter as well as our forward guidance. The slide presentation and press release are available on our website at bokf.com. We refer you to the disclaimers on slide 2 regarding any forward-looking statements made during this call.

各位下午好，感謝各位參與我們對 BOK Financial 2026 年第一季財務結果的討論。我們的執行長 Stacy Kymes 將發表開場評論，涵蓋貸款組合及相關信用指標。財富管理執行副總裁 Scott Grauer 將說明我們以手續費為主的業務表現，而我們的財務長 Marty Grunst 隨後將討論本季財務表現以及我們的前瞻指引。投影片簡報與新聞稿可於我們的網站 bokf.com 取得。我們請各位參閱第 2 頁投影片中的免責聲明，內容涉及本次電話會議中所做的任何前瞻性陳述。

I will now turn the call over to Stacy Kymes, who will begin on slide 4.

現在我將把電話會議交給 Stacy Kymes，他將從第 4 頁投影片開始。

Thank you, Heather. We appreciate you joining the call this afternoon. We reported earnings of $155.8 million or EPS of $2.58 per diluted share for the first quarter. What stood out this quarter was the consistency of execution across the company and how our teams continue to build on the momentum we established in 2025. During the quarter, total loans grew $536 million or 2.1% sequentially.

謝謝你，Heather。感謝各位今天下午加入本次電話會議。我們第一季淨利為 1.558 億美元，稀釋後每股盈餘（EPS）為 2.58 美元。本季最突出的地方在於全公司執行的一致性，以及我們的團隊如何持續延續 2025 年建立的動能。本季總貸款較前一季增加 5.36 億美元，季增 2.1%。

That growth was well distributed across the portfolio. We saw strong momentum last year, and we're encouraged to see that continue. Pipelines remain solid and business activity across our footprint and customer base has been constructive, even with more macroeconomic uncertainty. Growth was also well balanced geographically across our franchise with Texas growing $208 million or 8% on an annualized basis, Oklahoma posting growth of $163 million or approximately 9% annualized and Arizona increasing $236 million.

這項成長在整體組合中分布相當均衡。我們去年看到強勁動能，也很高興看到這股趨勢延續。案源（pipeline）仍然穩健，我們營運版圖與客戶基礎的商業活動表現具建設性，即使宏觀經濟不確定性升高亦然。成長在我們的特許經營版圖中也呈現良好的地理均衡：德州貸款增加 2.08 億美元，年化成長 8%；奧克拉荷馬州增加 1.63 億美元，年化約 9%；亞利桑那州增加 2.36 億美元。

Our fee-based businesses also performed well even in an environment with elevated uncertainty in a rapidly changing macroeconomic backdrop. Fee income exceeded three of the past four quarters, reflecting the diversification and underlying strength of those platforms. Expenses declined meaningfully this quarter, reflecting our continued focus on managing our core cost structure. Over the past several quarters, we worked to better align expenses with market opportunities and customer needs. This quarter illustrates that progress. expenses were down $6.9 million, and we posted an efficiency ratio of 63.2%.

即使在不確定性升高、宏觀環境快速變動的情況下，我們以手續費為主的業務也表現良好。手續費收入高於過去四個季度中的三個季度，反映這些平台的多元化與基本面實力。本季費用明顯下降，反映我們持續專注於管理核心成本結構。過去幾季，我們致力於讓費用與市場機會及客戶需求更一致。本季展現了這項進展。費用減少 690 萬美元，效率比率為 63.2%。

Importantly, this quarter provides a clean view of a more typical expense profile with prior actions now embedded and temporary items less meaningful. Capital levels remain very strong with tangible common equity at 9.3% and CET1 at 12.6%.

重要的是，本季提供了更清晰的視角，呈現較為典型的費用輪廓：先前措施已內嵌於基礎中，臨時性項目的影響也較不顯著。資本水準仍然非常強勁，有形普通股權比率為 9.3%，普通股權第一類資本（CET1）比率為 12.6%。

Slide 6 provides a closer look at our loan portfolio. Total outstanding loans grew 2.1% this quarter with strong growth across our core C&I portfolio, energy and commercial real estate. Our core C&I loan portfolio, which represents our combined services and general business portfolios grew 2.1% sequentially. This is the fourth consecutive quarter of growth in this portfolio, reflecting long-term sustained customer relationships. Healthcare loans decreased 1.3%.

第 6 頁投影片更詳細地呈現我們的貸款組合。本季未償貸款總額成長 2.1%，核心商業與工業（C&I）組合、能源及商用不動產均有強勁成長。我們的核心 C&I 貸款組合（包含綜合服務與一般企業組合）較前一季成長 2.1%。這是該組合連續第四季成長，反映長期且穩固的客戶關係。醫療保健貸款下降 1.3%。

Loan production in this segment remained at record highs with a very strong pipeline. This business has also supported our fee income lines with strong syndication fees generated during the quarter. The reduction in loan balances this quarter is primarily related to cyclical payoff activity. We believe we are well positioned to grow this portfolio throughout the remainder of the year. Energy loans grew this quarter, increasing 4.3% and this marks another reversal of the payout trends we discussed last year.

該分部的放款承作量仍處於歷史新高，案源非常強勁。此業務也透過本季產生的強勁聯貸（syndication）費用，支撐了我們的手續費收入線。本季貸款餘額下降主要與景氣循環性的還款活動有關。我們相信在今年剩餘期間，我們具備良好條件推動該組合成長。能源貸款本季成長，增加 4.3%，這也標誌著我們去年討論的還款（paydown）趨勢再次出現反轉。

We are not currently seeing clients seeking to add production capacity yet. Our CRE business increased 3.7% compared to the prior quarter. We remain well within our concentration limit for this segment, which allows us to be selective about opportunities and deploy capital where structure, terms and returns make sense.

目前我們尚未看到客戶尋求增加產能。我們的商用不動產（CRE）業務較前一季增加 3.7%。我們在此分部仍遠低於集中度上限，這讓我們能夠對機會保持選擇性，並在結構、條款與報酬合理之處配置資本。

Mortgage finance loans totaled $228 million, an increase of $50 million from the fourth quarter. We are happy with the progress this business is making, but it's important to note that the loan growth exhibited in the first quarter was driven by our existing businesses.

房貸金融貸款為 2.28 億美元，較第四季增加 5,000 萬美元。我們對此業務的進展感到滿意，但需要指出的是，第一季呈現的貸款成長是由我們既有業務所帶動。

Moving to slide 7. It has become a theme for me to keep my comments short on this topic, and I'm going to do that again this quarter. Credit quality remains strong. Nonperforming assests not guaranteed by the US government decreased $14 million to $52 million.

接著看第 7 頁投影片。我在這個主題上已經形成一個習慣，就是讓評論保持簡短，本季我也會如此。資產品質仍然強勁。未由美國政府擔保的不良資產（nonperforming assets）減少 1,400 萬美元至 5,200 萬美元。

The resulting nonperforming assets to period end loans and repossessed assets decreased 6 basis points to 20 basis points. Committed criticized assets decreased this quarter, remaining very low relative to historical standards. We had net charge-offs of just $1.9 million during the quarter, averaging 3 basis points over the last 12 months.

因此，不良資產占期末貸款與收回資產（repossessed assets）之比率下降 6 個基點至 20 個基點。本季承諾型受批評資產（committed criticized assets）下降，且相較歷史標準仍維持在非常低的水準。本季淨沖銷僅 190 萬美元，過去 12 個月平均為 3 個基點。

I'll reiterate that the limited charge-offs we've seen show no patterns or concentrations that raise concerns about specific business lines or geographies. And I would also note proactively that we have virtually no exposure to private credit facilities.

我再強調一次，我們所看到的有限沖銷並未呈現任何模式或集中度，足以引發對特定業務線或地理區域的疑慮。我也想主動補充，我們幾乎沒有對私人信貸融資工具（private credit facilities）的曝險。

Over the long term, we do expect credit metrics to normalize. In the near term, we continue to expect net charge-offs to remain below historical averages. No provision was required this quarter. Our provision benefited from the favorable impact of higher projected oil prices in our energy portfolio and improved overall credit quality. This was offset by loan growth and a modest downward revision to economic forecast assumptions.

從長期來看，我們確實預期信用指標將回歸常態。短期內，我們仍預期淨沖銷將低於歷史平均。本季不需要提列備抵。我們的備抵提列受惠於能源組合中較高的預測油價所帶來的正面影響，以及整體資產品質改善。上述效益被貸款成長以及對經濟預測假設的小幅下修所抵銷。

Our combined allowance for credit losses is a healthy $323 million or 1.23% of outstanding loans. Overall, credit performance this quarter was exceptionally strong.

我們合併的信用損失準備金（allowance for credit losses）為健康的 3.23 億美元，約占未償貸款的 1.23%。整體而言，本季信用表現格外強勁。

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

接下來，我把電話會議交給 Scott。

Thank you, Stacy. Turning to our operating results for the quarter on slides 9 and 10. Fee income remained solid this quarter despite the volatile market environment and macroeconomic backdrop for the quarter. Fees declined $5.1 million sequentially following a very strong fourth quarter.

謝謝你，Stacy。接著看第 9 與第 10 頁投影片，說明本季營運結果。儘管本季市場環境波動、宏觀背景多變，手續費收入仍維持穩健。在第四季表現非常強勁之後，手續費較前一季下降 510 萬美元。

Fee income totaled $209.8 million, exceeding three of the past four quarters and underscoring the underlying strength of our fee-based business in any market environment. Total trading revenue, which includes trading-related net interest income increased modestly to $34.7 million from $34.1 million in the prior quarter. Customer hedging revenue grew $1.1 million as our energy customers predictably increased their hedging activity when higher short-term crude oil prices presented themselves.

手續費收入合計 2.098 億美元，高於過去四個季度中的三個季度，凸顯我們以手續費為主的業務在任何市場環境下的基本面實力。總交易收入（包含與交易相關的淨利息收入）由前一季的 3,410 萬美元小幅增加至 3,470 萬美元。客戶避險收入增加 110 萬美元，因為當短期原油價格走高時，我們的能源客戶如預期般提高了避險活動。

Investment Banking revenue, which includes investment banking and syndication fees, decreased $4.1 million after delivering two outstanding quarters. Results reflect the normal seasonality of this business. with the quieter first quarter before activity begins to build in the second quarter.

投資銀行收入（包含投資銀行與聯貸費用）在連續兩個季度表現出色後下降 410 萬美元。結果反映該業務的正常季節性：第一季通常較為清淡，活動會在第二季開始回升。

I would note that the first quarter of 2026 is the strongest first quarter syndication activity on record. This result represents a 40% increase from the same quarter a year ago. Mortgage banking revenue grew $2 million linked quarter with higher production and refinance activity.

我想指出，2026 年第一季是有紀錄以來最強勁的第一季聯貸活動。此結果較去年同期增加 40%。房貸銀行收入較前一季增加 200 萬美元，與較高的承作量與再融資活動相關。

Turning to slide 10 to discuss our asset management and transactions businesses. Fiduciary and asset management revenue delivered strong results, contributing $66.5 million to revenue. This was the second strongest quarter on record, only surpassed by the prior quarter.

接著看第10頁，討論我們的資產管理與交易業務。受託與資產管理收入表現強勁，為營收貢獻6,650萬美元。這是有紀錄以來第二強的季度表現，僅次於上一季。

As a reminder, the prior quarter included higher-than-usual transaction-related fees. Assets under management and administration (AUMA) declined $3 billion to $123.6 billion, driven by lower market valuations and normal seasonality. Transaction card revenue continued its trend of record-setting results, contributing $32 million to revenue. These results demonstrate the strength of this franchise, which has been created through sustained momentum and reliable execution. Taken together, our fee income performance this quarter reflects disciplined execution and the strength of these businesses, even amidst shifting market conditions.

提醒一下，上一季包含高於通常水準的交易相關手續費。管理與行政資產（AUMA）下降30億美元至1,236億美元，主要受市場估值下滑與正常季節性因素影響。交易卡收入延續創新高的趨勢，為營收貢獻3,200萬美元。這些結果展現了此特許經營業務的實力，係透過持續動能與可靠執行所建立。綜合而言，本季手續費收入表現反映出紀律性的執行力與這些業務的強韌性，即使在市場環境變動之際亦然。

The overall foundation remains solid and continues to support consistent fee generation.

整體基礎仍然穩固，並持續支撐穩定的手續費收入產生。

With that, I'll hand the call over to Marty to cover the financials.

接下來我把電話交給Marty來說明財務表現。

Thank you, Scott. Turning to slide 12. Net interest income decreased $0.7 million, and reported net interest margin declined 8 basis points. Excluding trading, core net interest income decreased $4.8 million and core margin decreased 7 basis points. We continue to expect margin expansion over the course of 2026.

謝謝你，Scott。請看第12頁。淨利息收入減少70萬美元，報告淨利差下滑8個基點。若排除交易影響，核心淨利息收入減少480萬美元，核心利差下滑7個基點。我們仍預期在2026年期間利差將逐步擴張。

Fixed rate asset repricing and loan growth were positive drivers for this quarter and are expected to persist. However, we saw several small negatives impacting the quarter, all at the same time. Noninterest DDA declined with Q1 being the seasonal low point. Day count, of course, loan fees were down sequentially, and SOFR spreads were abnormally wide in Q4, and we benefited from that in Q4, but spreads returned to normal in Q1 and drove some compression sequentially. Funding costs for counterparty margin posted to exchanges for energy derivatives had a small negative effect.

固定利率資產重訂價與放款成長是本季的正向驅動因素，且預期將持續。不過，我們同時看到幾項小幅負面因素影響本季表現。無息活期存款（DDA）下降，第一季通常是季節性低點。當然，天數因素、放款手續費較前一季下降，以及SOFR利差在第四季異常偏寬，我們在第四季因此受益；但第一季利差回到正常水準，導致利差較前一季出現部分壓縮。就能源衍生性商品而言，交易所要求對手方繳交的保證金之資金成本，亦帶來小幅負面影響。

And lastly, we saw the full quarter impact of the sub debt issued last November. Each of those items had 1 or 2 basis point negative effect individually, which accumulated to overcome the positives of loan growth and fixed rate asset repricing in the first quarter.

最後，我們也看到去年11月發行次順位債的完整季度影響。上述每一項因素單獨看約造成1到2個基點的負面影響，累積起來抵銷了第一季放款成長與固定利率資產重訂價帶來的正面效益。

Turning to slide 13. Total expenses decreased $6.9 million, producing an efficiency ratio of 63.2% for the quarter. Personnel expenses were down $11.6 million. Normal increases from payroll taxes and merit increases were more than offset by lower incentive compensation as well as the benefits of the realignment actions we took in late 2025.

請看第13頁。總費用減少690萬美元，使本季效率比率為63.2%。人員費用下降1,160萬美元。薪資稅與調薪帶來的正常增加，已被較低的獎酬支出以及我們在2025年末採取的組織調整措施效益所抵銷。

Non-personnel expense increased $4.7 million. However, during the fourth quarter, we experienced a $9.5 million benefit from the updated FDIC special assessment. Excluding that prior quarter benefit, non-personnel expense decreased $4.8 million, largely related to lower professional fees. Slide 14 provides our outlook for full year 2026. On loan growth, we continue to produce strong results.

非人員費用增加470萬美元。然而，在第四季，我們因FDIC特別評估費更新而獲得950萬美元的利益。若排除上一季該項利益，非人員費用實際減少480萬美元，主要與專業服務費降低有關。第14頁提供我們對2026全年展望。在放款成長方面，我們持續交出強勁成果。

Our pipelines are healthy and borrower sentiment and our footprint remains upbeat. We expect to see loan growth near 10% for full year 2026. Our guidance for total revenue has not changed. We expect growth to be in the mid-single-digit range.

我們的案源管線健康，借款人情緒與我們營運版圖內的景氣氛圍仍然正向。我們預期2026全年放款成長接近10%。我們對總營收的指引沒有改變。我們預期成長將落在中個位數區間。

The mix of that revenue between NII and fees is somewhat rate curve dependent as trading income can shift between the two. Our current forecast reflects no rate cuts in 2026 versus the two cuts reflected in our prior guidance. Our NII expectations for 2026 are now slightly lower at $1.42 billion to $1.45 billion, and our fee income expectations are now similarly higher at $820 million to $845 million.

該營收在淨利息收入（NII）與手續費之間的組合，某種程度取決於利率曲線，因為交易收入可能在兩者之間移轉。我們目前的預測假設2026年不降息，相較於先前指引中反映的兩次降息。因此，我們對2026年NII的預期略為下調至14.2億至14.5億美元，而手續費收入預期則相應上調至8.20億至8.45億美元。

We continue to anticipate the growth rate for expenses to be in the low single digits. This should result in a 2026 full year average efficiency ratio in the 63% area. We expect 2026 provision expense to be in the $15 million to $35 million range. Portfolio credit quality continues to be exceptionally strong and we see no tangible evidence of credit normalization. Our guide does allow for some amount of normalization later in the year.

我們仍預期費用成長率將落在低個位數。這應使2026全年平均效率比率約在63%左右。我們預期2026年提存費用將介於1,500萬至3,500萬美元。投資組合的信用品質仍然格外強勁，我們未看到任何明確的信用正常化跡象。我們的指引仍保留在年內稍晚出現一定程度正常化的空間。

Lastly, I'll note that Visa announced on April 13 that its second exchange program for Visa Class B shares has officially commenced. This allows us to monetize 50% of our remaining Visa B shares. We currently hold the equivalent of approximately 190,000 common shares and monetizing half that position would equate to roughly a $29 million pretax benefit based on Visa's April 13 closing price of $309 per share.

最後補充，Visa於4月13日宣布，其針對Visa Class B股份的第二次交換計畫已正式啟動。這使我們得以將剩餘Visa B股的50%變現。我們目前持有約等同19萬股普通股的部位，若將其中一半變現，按Visa於4月13日每股309美元的收盤價計算，約相當於2,900萬美元的稅前利益。

While this potential gain is not reflected in our guidance, we expect to participate in the exchange and recognize a gain based on the market value at the time of the exchange for disposition.

雖然此潛在收益未反映在我們的指引中，我們預期將參與此次交換，並依處分交換時點的市價認列收益。

With that, I would like to hand the call back to the operator for Q&A, which will be followed by closing remarks from Stacy.

接下來，我想把電話交回給主持人進行問答，之後將由Stacy做結語。

(Operator Instructions)

（主持人指示）

Michael Rose, Raymond James.

Michael Rose，Raymond James。

Maybe, Marty, if we can go back to the margin, it seems like there was just a confluence of factors this quarter that drove the compression. But I think if I heard you right, you'd expect margin kind of expansion from here. Can you just give us some details behind that, what you'd expect in terms of deposit betas as we move forward, loan pricing and fixed asset repricing opportunities, just kind of the puts and takes as we kind of contemplate no rate cuts this year.

Marty，也許我們回到利差的部分，本季看起來是多項因素同時發生而導致利差壓縮。但如果我沒聽錯，你預期接下來利差會有所擴張。你能否提供一些細節，例如未來存款beta的走勢、放款定價與固定資產重訂價的機會，以及在今年不降息的情境下，我們該如何看待這些利多利空因素？

Sure, you bet. So as you think about each of those factors. The one that will be durable has been durable and will continue to be durable as the fixed rate asset repricing. You'll see both bond portfolio and fixed-rate loan portfolio continue to pick up spread there. Deposit betas, deposit competition in the market is kind of like it's been for the last few quarters.

當然，沒問題。當你逐一思考這些因素時，其中最具持續性、過去一直持續且未來也會持續的，就是固定利率資產的重訂價。你會看到債券投資組合與固定利率放款組合的利差都會持續改善。至於存款beta與市場上的存款競爭，大致與過去幾季差不多。

So without rate moves, I don't think you're going to see a lot in the betas. But to the extent that we have incremental rate moves, we still see our cumulative down beta has been 66% in deposits. We continue to see that play out as it would relate to future rate moves to the extent you have them.

因此在沒有利率變動的情況下，我不認為beta會有太大變化。但若出現額外的利率變動，我們仍看到存款的累積下行beta為66%。若未來確實有利率變動，我們預期這個趨勢仍會延續。

A couple of the things that affected this quarter, the loan fees and the DDA, you'll see both those what's typical is for you to see growth in those two components. Kind of in the back half of the year. So you'll see some support there as we get into 3Q and 4Q. Loan competition. We've seen some of that I mean, it's always competitive.

本季受到影響的幾個因素中，放款手續費與DDA，通常的情況是這兩個項目會在下半年出現成長。大概在年中的後半段。因此進入第三季與第四季時，你會看到一些支撐。至於放款競爭，我們確實看到一些——我的意思是，市場一直都很競爭。

We've seen some incrementally competitive behavior at the kind of high end of the credit size and very strong end of credit quality spectrum in the investment-grade territory. But not enough to really move the needle in terms of this quarter. So we'll kind of continue to watch that. But all those components are part of what gives us confidence in the trajectory of margin.

我們看到在較大額度、信用品質非常強的那一端，也就是投資等級區間，競爭行為有些許升溫。但就本季而言，還不足以真正造成顯著影響。所以我們會持續觀察。但上述所有構成要素，都是讓我們對利差走勢有信心的原因之一。

One thing I might add on margin, if you think long term, one thing you can do just really simply to get give yourself some perspective on where ultimately that lands if you just take our 290 margin that we printed this quarter and take both the available for sale and held to maturity securities portfolios and rerun that this quarter with those at their kind of mature rates where we're replacing at about 450.

關於淨利差我想補充一點：如果你從長期角度思考，有個很簡單的方法可以讓你對最終會落在什麼水準有些概念。也就是把我們本季列示的 290 個基點淨利差，將可供出售（AFS）與持有至到期（HTM）兩個證券投資組合，以我們目前大約以 450 的水準進行替換時的「到期後利率」重新跑一次。

If that recasts our margin at just a little over 315 basis points and while it will take some time to get there, that gives you a little perspective on what really long in a big picture of what the long run looks like for our margin expansion story.

如果那樣重估，我們的淨利差會回到略高於 315 個基點；雖然需要一些時間才能到達，但這能讓你從更宏觀、長期的角度理解，我們淨利差擴張故事在長期看起來會是什麼樣子。

Marty, that's a great context, very, very helpful. Maybe just as my follow-up, you mentioned the Visa Class B period has now commenced. I think you said about half of that position would equate to a roughly $29 million pretax benefit is the plan to monetize half of that?

Marty，這個脈絡很棒，非常非常有幫助。也許作為追問，你提到 Visa B 類股的期間現在已經開始。我想你說大約一半的部位相當於約 2,900 萬美元的稅前利益；計畫是要把其中一半變現嗎？

And then would you look to potentially repurchase shares with the proceeds or historically, you've used some of these gains to either pay down debt or repurchase shares, things like that? Just trying to better understand what the plan of action would be for those shares.

另外，你們會考慮用所得款項回購股票嗎？或是過去你們曾把部分這類收益用來償還債務或回購股票之類的。我只是想更清楚了解，對這些股份的行動計畫會是什麼。

Yeah. So our expectation is that, that program will officially start transacting shares later this quarter and so we'd be able to recognize that gain in Q2. And we have not yet determined exactly the disposition of what we'll do with the proceeds, but all those avenues are on the table for us. But at this point, we just look forward to being able to capture that gain.

是的。我們的預期是，該計畫會在本季稍晚正式開始進行股份交易，因此我們能在第二季認列那筆收益。至於所得款項要如何處置，我們目前尚未做出明確決定，但上述各種途徑我們都在考量之列。不過就現階段而言，我們期待的是能夠把那筆收益先入帳。

Michael, we'll let the year play out and kind of see what this is Stacy. We'll let the year play out and kind of see what opportunities may unfold, if you will, reinvest those gains. If you recall, when we did the Visa B before there was some really kind of good opportunities in our investment portfolio to get really good IRRs by selling securities and losses and then essentially using those gains to do that and keep earnings relatively flat as a result of that.

Michael，我們會讓今年的情況先走一走，看看會出現哪些機會——我是 Stacy。我們會讓今年的情況先走一走，看看有哪些機會可以把這些收益再投資。如果你還記得，上一次我們處理 Visa B 時，投資組合裡有一些相當不錯的機會：透過賣出有損失的證券來取得很好的 IRR，然後基本上用那些收益去做這件事，讓盈餘因此維持相對平穩。

Our run rate earnings relatively flat. That equation isn't as compelling this time. The IRRs aren't very good relative to where they were before. Obviously, the unrealized losses in the portfolio are much smaller today than they were when we had this opportunity before. The other piece that we've looked at historically is contributing those to our foundation.

讓我們的經常性盈餘相對平穩。但這次那個等式就沒那麼有吸引力了。相較於之前，IRR 沒那麼好。顯然，投資組合中的未實現損失也比我們上次有這個機會時小得多。另外一塊我們過去也看過的做法，是把這些收益捐給我們的基金會。

There's been some changes to kind of corporate tax policy that makes that a little bit more challenging to do and get the tax benefit for it. And so for now, it's kind of all of the above in terms of options that are on the table, including do nothing.

但企業稅制政策有一些變動，使得這樣做、並取得相應的稅務利益變得更具挑戰。所以目前來說，選項基本上是「以上皆是」，包括什麼都不做，也都在我們的考量範圍內。

So we'll see as the year unfolds if we want to invest that gain or if we just don't see an opportunity that merits the return profile that we should consider there.

因此我們會看今年接下來的發展：如果想把那筆收益拿去投資，或是我們沒有看到任何值得、且符合我們應考量之報酬輪廓的機會，那就可能不會動用。

All right. Appreciate the color and context. I'll step back. Thanks.

好的。感謝補充說明與脈絡。我先退到後面。謝謝。

John Arfstrom, RBC Capital Markets.

RBC Capital Markets 的 John Arfstrom。

Hey, thanks. Good afternoon, everyone. I guess I wanted to ask you a little bit about the loan growth environment, Stacy. You talk a little bit about the general business drivers, just kind of the general business balance drivers. And then on energy, you used the term not yet in describing energy clients seeking to add production? What do you think needs to happen there for that to show a little bit more of a growth profile?

嗨，謝謝。各位下午好。Stacy，我想問一下貸款成長的環境。你談到一些一般性的業務驅動因素，也就是整體業務的資產負債驅動因素。另外在能源方面，你用「還沒有」來形容能源客戶尋求增加產量？你認為需要發生什麼，才會讓那邊呈現更明顯的成長輪廓？

Yeah. So let me start with just obviously, the loan growth was broad-based by geography, by loan type, you know that we've been exerting significant effort around core C&I. Really, really excited to see that expansion continue. We continue to invest there we're excited about what we see the future there as well.

是的。我先從整體來說：貸款成長在地理區域與貸款類型上都相當廣泛；你也知道，我們在核心 C&I（商業與工業貸款）上投入了相當大的努力。看到那個擴張持續，我們非常、非常振奮。我們也持續在那裡投資，對未來所看到的機會同樣感到興奮。

Obviously, it's been nice to see a little bit of a bounce back on the energy side. We kind of troughed, I think, around this time last year, and we've been stable to increasing since then. I think if you look at where it would have to go for folks to continue to drill. I mean, if you look I look at rig counts, I mean, rig counts are down from last week. Rig counts are down by over 40 rigs from this time a year ago.

當然，在能源端看到一些反彈也很不錯。我認為大概在去年這個時候觸底，之後就維持穩定到略為增加。如果你看要到什麼程度大家才會繼續鑽探，我的意思是，我會看鑽機數（rig counts）；鑽機數比上週還少。鑽機數也比一年前同期少了 40 多座。

And so my view generally is you're going to have to have out the strip. I think the folks are awfully focused on the prompt month or the near spot price. But it's really the strip price out 2 to 3 years, really three years that's going to create the incentive for people to drill for oil. And so if you look at three years, oil is below 70% and I think 70% is kind of a magic number. And so my view is you're not going to see folks drilling unless they can lock in a return with oil above 70% out that long.

所以我整體的看法是，你必須看期貨曲線（strip）。我認為大家非常關注近月或接近現貨的價格。但真正會形成鑽油誘因的是 2 到 3 年後的 strip 價格，尤其是 3 年期。如果你看 3 年期，油價低於 70 美元，而我認為 70 美元有點像是個關鍵門檻。因此我的看法是，除非他們能在那麼長的期間鎖定油價高於 70 美元、並鎖定報酬，否則你不會看到大家去鑽油。

And so obviously, things are volatile, things could change and the curve has moved a lot. But I think it's more important to look at the curve three years out than it is to look at the prop line. in terms of what driller behavior will look like. So I don't see obviously, you've seen in the rig count. There's no impetus right now for folks to drill. given the backwardation of the curve, that could change, but we're not seeing that today.

當然，市場波動很大，情況可能改變，曲線也已經移動很多。但就鑽探行為會如何表現而言，我認為看三年後的曲線比看近月線（prompt line）更重要。所以我不認為——你也從鑽機數看到了——目前有任何促使大家去鑽探的動力。在曲線呈現逆價差（backwardation）的情況下，未來可能會改變，但我們今天還沒有看到。

Yeah. Okay. Yes, fair enough. And then, Marty, for you, just a follow-up on Michael's deposit data question. You had a nice step down in the interest-bearing deposit costs this quarter.

是的。好的。了解，這樣說也合理。接著 Marty，我想就 Michael 關於存款數據的問題追問一下。你們本季計息存款成本下降得不錯。

Just curious how much more room you think you have in an environment without any further cuts.

想請教在沒有進一步降息的環境下，你覺得還有多少下調空間？

Yeah, there's probably still a little bit of room. But as we've been chipping away at that over the quarters, it's a declining returns sort of situation. But I think that there's still a little bit more there. But but not as much as there was clearly a year ago relative to where short rates are.

是的，可能還有一點空間。但我們這幾季一路把它慢慢往下調，屬於邊際效益遞減的情況。不過我認為仍然還有一些可以做。只是相較於一年前、相對於短端利率所在的位置，空間顯然沒有那麼大了。

Thank you very much.

非常感謝。

Peter Winter, DA Davidson.

DA Davidson 的 Peter Winter。

Stacy, I wanted to ask, there's been a lot of merger activity in your markets. Are you seeing opportunities for Team Liftout, something that you've done successfully in the past?

Stacy，我想問一下，你們市場裡有很多併購活動。你們是否看到「團隊挖角／整隊帶走」（Team Liftout）的機會？這是你們過去成功做過的事情。

As that's a strategy for us, some of the periods of most rapid growth in our history have been when there's been broad dislocation that's created from mergers and acquisitions.

這確實是我們的一項策略；我們歷史上成長最快的一些時期，往往是在併購造成廣泛錯位（dislocation）之後。

You have both employees and clients of those institutions who didn't choose to be a part of that institution and so.

因為那些機構的員工與客戶中，有些人並不是自己選擇要成為那家機構的一部分，所以。

They may select to go somewhere else. So what I would tell you is, obviously, we see it, it's prevalent in our footprint and you can assume that we're being very active and attempting to collect prospect for both employees and customers in this environment, but nothing specific to report today.

他們可能會選擇去別的地方。所以我能告訴你的是：很顯然，我們看得到這些情況，在我們的營運版圖中相當普遍；你可以假設我們在這樣的環境下非常積極，嘗試同時爭取員工與客戶的潛在機會，但今天沒有特定事項可以報告。

And then, Marty, you guys have always maintained really strong capital levels. I was wondering, could you quantify the estimated impact and benefits from the new regulatory proposals?

接著，Marty，你們一直以來都維持非常強健的資本水準。我想請問，你能否量化新監管提案所帶來的預估影響與效益？

Yeah, Peter, we don't, at this juncture, have a number yet, but it's definitely going to be a benefit to us both on the loan book and particularly in the real estate secured loan book, those LTV parameters, I mean how we underwrite, we do a pretty good job of that. So because of where our LTVs and FICOs and so forth are, that's going to be a benefit to us. On RWAs and loans book. And then actually in the trading book, we'll get a little benefit there too based on our read at this point.

是的，Peter，我們目前這個時間點還沒有具體數字，但這肯定會對我們有利，無論是在整體放款組合，尤其是在不動產擔保放款組合方面；那些LTV參數，也就是我們的承作（授信審查）方式，我們在這方面做得相當不錯。因此，基於我們的LTV、FICO等指標所處的位置，這會對我們有利。在RWA與放款組合方面。另外其實在交易簿方面，依我們目前的解讀，也會有一些小幅的好處。

Got it. Thanks for taking the questions.

了解。謝謝回答問題。

David Chiaverini, Jefferies.

David Chiaverini，Jefferies。

Hi, thanks for taking the question. So back on deposits, I think you mentioned that the noninterest-bearing DDA deposits should bottom in the first quarter. I was curious about the driver of the rebound in the second quarter and potentially the magnitude? And then should this rebound continue through the year?

嗨，謝謝讓我提問。回到存款部分，我想你提到無息的DDA存款應該會在第一季觸底。我想了解第二季回升的驅動因素，以及可能的幅度？另外，這個回升是否會在全年持續？

Yeah, David, a little bit of context on that. So DDA was pretty steady for us last year and kind of that rate-seeking behavior that you've seen in prior years that have kind of come to an end. And what's typical for us is to see a little bit of seasonal increase at the end of the fourth quarter, which we did see and then a seasonal decrease in the first quarter, which we did see we did also see a little bit of our commercial customers kind of middle market customers just deploy some of their cash into their businesses, and that's certainly healthy for business growth.

是的，David，先補充一點背景。我們去年的DDA相當穩定，而你在前幾年看到的那種追逐利率的行為，某種程度上已經告一段落。而對我們而言，典型情況是第四季末會有一些季節性增加，我們確實也看到了；接著第一季會有季節性下降，我們也看到了。我們也確實看到部分商業客戶、也就是中型市場客戶，把一些現金投入到他們的業務中，這對業務成長當然是健康的。

But if you look at you've had several years where you haven't really had a nice normal history of DDA to look at. But what is typical for us and to some extent, the industry is to see DDA climb more in the back half of the year than the front half as as people build cash flow. So that's our expectation for the year.

不過如果你回頭看，過去幾年其實沒有一段很正常、很漂亮的DDA歷史可以參考。但對我們而言、某種程度上對整個產業而言，典型情況是：DDA在下半年比上半年爬升得更多，因為大家會累積現金流。所以這就是我們對今年的預期。

Great. And then on to mortgage finance. So we did see balances grow nicely on a percentage basis here, and I know that you're still building that business. Previously, you mentioned about getting to $1 billion in commitments by the end of this year. But now that the forward curve, we know what's happened there, with a higher for longer environment, are you still comfortable with that $1 billion commitment level?

很好。接著談房貸融資。我們確實看到這裡的餘額以百分比來看成長不錯，我也知道你們仍在建立這項業務。先前你提到今年底要達到10億美元的承諾額度（commitments）。但現在遠期曲線的情況大家都知道了，在「高利率維持更久」的環境下，你們對10億美元的承諾額度目標仍然有信心嗎？

Yeah, I think so. I think what we talked about was by the end of the year being in $1 billion in commitments with roughly 50% of that committed outstanding. So given where we are and kind of the newness of the business for us, I feel good about that. Obviously, there's going to be some seasonality in this business. Second and third quarter tend to be pretty good and then just like the mortgage business.

是的，我想是的。我們談的是到年底承諾額度達到10億美元，其中大約50%會是已承諾且已動用在外（committed outstanding）。所以以我們目前的進度，以及這對我們而言仍屬新業務的情況來看，我對此感覺良好。當然，這項業務會有一些季節性。第二季和第三季通常表現不錯，就像房貸業務一樣。

So it will track that. And so we're not going to be perfect there on the estimate, but I feel feel good about that.

所以它會跟著那樣的節奏走。因此我們在估計上不會做到完全精準，但我對此很有信心。

Very helpful. Thank you.

非常有幫助。謝謝。

Matt Olney, Stephens.

Matt Olney，Stephens。

Yeah. Hey, guys. Thanks for taking the question. Just want to go back to the liability side of the balance sheet. I think in the deck, you mentioned you moved from a wholesale deposits into more wholesale borrowings, I think, this past quarter. I was hoping you could just expand on that strategy.

是的。嗨，各位。謝謝讓我提問。我想回到資產負債表的負債端。我記得在簡報裡你提到，這一季你們從批發存款轉向更多批發借款。我希望你能再多談談這個策略。

Yeah. So let me talk about that a little bit, Matt, good question. So if you go back to Q4, when you had a couple of rate cuts and some of the market spreads got a little dislocated, we were able to find some deposits or technically deposits, but they're wholesale in the way we get them. And so we put on a little over $1 billion of deposits in Q4 at prices that were actually better than wholesale funding, which is rare, but we found that opportunity, and obviously, we took it.

好的。Matt，這題問得很好，我稍微說明一下。如果回到第四季，當時有幾次降息，加上一些市場利差出現些許錯位，我們找到了一些存款機會——嚴格來說是存款，但取得方式屬於批發性質。因此我們在第四季增加了略高於10億美元的存款，且價格其實比批發資金更便宜，這很少見，但我們找到這個機會，當然就把握了。

And so we mentioned that would probably run off in in Q1 when we talked on the call and it did. So that ran off in Q1. And so that's the main driver of the deposit decline that you see Q4 to Q1 is just that opportunistic wholesale deposit trade we did in Q4 running off. So it's kind of that simple.

所以我們也提到，當我們在電話會議上討論時，這些存款很可能會在第一季流失（run off），而確實也發生了。所以第一季就流失了。因此，你看到第四季到第一季存款下降的主要原因，就是我們在第四季做的那筆機會型批發存款交易在第一季到期流失。所以事情就是這麼簡單。

Okay. Yes. And then just, I guess, as a follow-up, going forward on that same topic, how should we think about funding the loan growth from here as far as core funding, wholesale deposits versus the borrowings.

好的。是。那接著追問同一個主題，往前看，關於未來放款成長的資金來源，我們應該如何看待核心資金、批發存款與借款之間的搭配？

Yeah. So at the loan-to-deposit ratio, we have, we certainly have some flexibility on how we do that. Our expectation for this year is see loan growth be as we guided, very good and consistent with our history, deposit growth, probably a little bit less than that, but we will see deposit growth this year, so we can end with a little bit lower a little higher loan-to-deposit ratio at the end of the year. But going forward, generally speaking, the loan growth and deposit growth are going to be somewhat aligned just knowing that we've got flexibility that many others down to let that float around a little bit.

好的。以我們目前的存放比（loan-to-deposit ratio）來看，我們在操作上確實有一些彈性。我們對今年的預期是：放款成長會如我們指引所述，表現很好且與我們過往歷史一致；存款成長可能會略低於放款成長，但今年仍會有存款成長，因此年底的存放比可能會稍微提高一些。但往前看，一般而言，放款成長與存款成長會在某種程度上保持一致；只是我們的彈性比很多同業更大，可以讓這個比率在一定範圍內稍微浮動。

Jared Shaw, Barclays.

Jared Shaw，Barclays。

A lot of them have been answered. But I guess could you -- Marty, maybe just give the dollar impact of the loan fee reduction quarter-over-quarter that you had called out?

很多問題都已經被回答了。但我想問——Marty，你能否提供你剛提到的放款手續費（loan fee）季對季下降的美元影響金額？

I don't have a it's basically 2 basis points, and that's something that quarter-over-quarter, just 2 basis points, and that's quarter-to-quarter, there's a little bit of noise in there. But broadly speaking, that's year-over-year, a good growth area for us.

我沒有美元金額；基本上是2個基點，這是季對季的2個基點，而季與季之間會有一些雜訊。但整體而言，年對年來看，這對我們是個成長表現不錯的領域。

Okay. And then are you are you seeing what are the trends that you're seeing in customer hedging activity as you're going through 2Q? Is that staying pretty strong?

好的。另外，在你們進入第二季的過程中，客戶避險活動的趨勢如何？是否仍然相當強勁？

Yeah, this is Scott. We have, obviously, with the volatility in the global setting. It creates some spurts of activity on the energy side. We have seen less activity on our interest rate side because we've had relatively stable rate environment. But we're continuing to see good demand really across all the hedging opportunities with the biggest focus being on the energy side.

是的，我是Scott。顯然，在全球環境的波動之下，能源端會出現一些活動的爆發期。在利率端我們看到的活動較少，因為利率環境相對穩定。但我們仍持續看到整體各類避險需求良好，其中最大的重點仍在能源端。

Okay. And I guess finally for me, when we look at the guidance for provision for the year, should we think that, that's sort of to the next 3 quarters equal contribution? Or is that a little more back-end weighted with growth?

好的。最後一題，當我們看你們對全年提存（provision）的指引時，我們是否應該把它理解為接下來三個季度平均分攤？還是會因成長而更偏向下半年？

Yeah. You don't want to get 2Q with quarterly, but certainly the way the portfolio looks right now, it's very logical to think that there's a little back-end weighting there. Just the portfolio today just looks so clean and you can always have a little bit of visibility in the next quarter or two. And after that, it's a little harder. So I think that's the right way to think about the provision.

是的。你不希望把季度表現看成是「第二季」那樣去對照，但就目前投資組合的樣貌而言，認為在後段有些權重偏重是很合乎邏輯的。就今天的投資組合來看非常乾淨，而且你通常也能對接下來一到兩季有一些能見度。再往後就會比較難。所以我認為這就是看待備抵（提列）的正確方式。

Woody Lay, KBW.

Woody Lay，KBW。

I wanted to start on expenses. They are very well managed. It was good to see the run rate come in, following some of the actions you've taken in the fourth quarter. You touched the efficiency ratio down a little bit. Is there a conviction that you could be on kind of the lower end of the stated range?

我想先從費用談起。你們管理得非常好。很高興看到在你們第四季採取一些措施之後，費用的運行率（run rate）已經落在預期水準。你們也把效率比率稍微下修了一點。你們是否有把握能落在所述區間的較低端？

Or is it too early to tell just given some of the hiring question marks.

還是說考量到一些招募上的不確定性，現在判斷仍為時過早？

Yeah. We feel really good about how Q1 turned out just in terms of that nice run rate that, that displays for what the first quarter had in expenses. And just in terms of how that plays into the second quarter, basically pretty straightforward. I mean you'll have a little bit -- the rest of the merit increase will flow through in the second quarter, but then that's the offset there for the -- how payroll taxes play out. And we're always looking to hire producers, as you know.

是的。就第一季的結果而言，我們對於費用呈現出的良好運行率感覺非常好。至於這如何影響第二季，基本上相當直接。我的意思是，第二季會有一點點——其餘的績效調薪（merit increase）會在第二季反映出來，但同時也會被——薪資稅的變化所抵銷。而且如你所知，我們一直都在尋找招募業務開發人員（producers）。

But those are kind of the main things you'd point to in how that transpires. And so we feel pretty good about the guidance of 63 area.

但大致上就是這些你會想指出、用來解釋其如何發展的主要因素。因此，我們對於約在63左右的指引感到相當有信心。

Got it. And then maybe last for me. I know you mentioned oil prices factored into the ACL. Can you just walk through how that's included and you all see the model? And is there any risk that as oil prices normalize lower, it could require a catch-up provision in the future?

了解。那最後一個問題。我知道你提到油價已納入ACL（信用損失準備）考量。你能否說明一下這是如何納入、以及你們如何在模型中看待？另外，若油價回歸正常並走低，未來是否有需要補提（catch-up）備抵的風險？

Yeah. So here's the way to think about that. So higher oil prices means the credit quality that's supportive for the energy loan book, both the valuation of the collateral and the cash flows in the business. So that's a nice positive, and that's easy to think through. But there's also the impact that higher input prices to basically the bulk of the C&I book, there's a little bit of extra expense load borne by that portfolio.

是的。可以這樣理解。油價較高意味著對能源放款組合的信用品質有支撐，包含擔保品估值以及企業現金流。這是很好的正面因素，也很容易理解。但同時也有另一個影響：較高的投入成本基本上會影響大部分的工商貸款（C&I）組合，該組合會承擔一些額外的成本負擔。

And so we recognize that as well.

因此我們也會把這點納入考量。

And so those are kind of natural offsets if you think about how we manage the CECL book. And so there's probably not a whole lot of risk of on a net basis of that being a particular driver that would drive an adverse outcome in the future.

所以如果你從我們管理CECL組合的角度來看，這些算是自然的相互抵銷因素。因此，從淨額角度來看，這不太可能成為未來導致不利結果的特定驅動因素。

Brett Rabatin, StoneX.

Brett Rabatin，StoneX。

Wanted to go back to guidance and just talking about the fee income guidance. I get that the change is partly a function of interest rates and how you guys account for the income. But wanted to see it just seems like the $820 million to $845 million fee income guidance in the first quarter. It seems like that could have been a higher number. Is there are there any other businesses that maybe you're expecting to not grow this year?

我想回到指引，談談手續費收入（fee income）的指引。我理解變動部分是利率以及你們如何認列收入的會計處理所致。但我想確認一下：第一季給出的8.20億到8.45億美元手續費收入指引，看起來似乎可以更高一些。是否有其他業務你們預期今年不會成長？

Or are there any other factors in that?

或是還有其他因素影響？

Brett, this is Marty. So I'd give you the following thoughts. We feel very good about the fee business. That group, the trajectory there is really good. We feel very confident in the history there and the outlook in really all those businesses across the board, and we can talk to each one if you want.

Brett，我是Marty。我給你幾點想法。我們對手續費業務感到非常有信心。那個團隊的發展軌跡非常好。我們對過往表現以及幾乎所有業務線的展望都非常有信心；如果你想，我們也可以逐一談每一項。

I think it's important to think through that for the trading business, part of that revenue stream is in the fee line and part of that revenue stream is in the NII line. And so you really kind of have to combine those two when you think about the veracity of all the fee businesses and so hopefully, that will kind of help you think through any changes in multiyear, if you're looking at a multiyear trend, some of that business some of that revenue has moved into the NII line. You kind of have to recombine that when you think about that business.

我認為重要的是要理解：就交易業務而言，部分收入流會列在手續費項下，另一部分則列在淨利息收入（NII）項下。因此在評估所有手續費業務的真實表現時，你其實需要把這兩者合併來看；希望這能幫助你理解若你在看多年期趨勢時的一些變化——其中一部分業務、部分收入已移到NII項下。在看那項業務時，你需要把它重新合併回來。

Okay. And then, Stacy, you talked about producer adds and possibly adding people with disruption. Would you guys happen to have a net producer ad number for the quarter?

好的。另外，Stacy，你提到增加業務開發人員（producer）以及可能在市場出現動盪時增聘人員。你們這一季是否有業務開發人員的淨增加數？

That's not the way we think about it. We think about adding a talent. We don't have a goal around adding x number of net new producers at each quarter. we have a perpetual goal of adding the best talent in every market that we're in. And those discussions have been ongoing for years in many cases.

我們不是用那種方式來思考。我們是以增補人才為出發點。我們沒有設定每一季要淨增加x位新業務開發人員的目標；我們有一個持續性的目標，就是在我們所在的每個市場都招募最優秀的人才。而且在很多情況下，這些討論已經持續了好幾年。

And so as we have an opportunity to add talent, we do it and if it's not the A talent in the market, then we don't. And we don't track it that way or think about it that way. And so I don't have anything to report on that.

因此，只要有機會增補人才，我們就會做；如果不是該市場的A級人才，我們就不會做。我們不會用那種方式追蹤或思考。所以我沒有相關數字可以報告。

Okay. Fair enough. If I could sneak in one last one. The decrease on the provisioning for the year despite a little bit better loan growth expectations. I know Stacy, late last year, we had the conversation about eventually credit will normalize, but it does look like 26% was was going to be that year.

好的。可以理解。如果我可以再塞最後一題。今年的提列（provision）下調，儘管放款成長預期略有上修。我知道Stacy，去年底我們談過信用最終會回歸常態，但看起來26%原本會是那一年。

Is the reduction is that just better visibility that that's actually the case. The 26% is going to continue to be fairly benign and you're just not seeing anything at all?

這次下調，是不是只是因為你們更有把握確實如此？也就是26%將持續相當溫和，而你們完全沒有看到任何問題？

The reduction is pretty small, and it's really just a reflection that we've already got one quarter behind us now. And so when I was in credit, I used to tell people, the crystal ball was pretty good for 3 to 6 months and then it got really foggy after that. And I think that's just a reflection that we've got one quarter in the bag and so we just have just a little bit more visibility going forward, and so we brought the guidance down there just a little bit, but it's not that different, really.

下調幅度其實很小，主要只是反映我們現在已經走過一個季度了。我以前在信用部門時常跟大家說，水晶球在未來3到6個月還算準，但之後就會變得很模糊。我認為這只是反映我們已經把一季放進口袋，因此對未來的能見度稍微提高了一點，所以我們把指引小幅下修，但其實差異不大。

That concludes our question-and-answer session. I will now turn the conference back over to Stacy for closing comments.

問答環節到此結束。我現在把電話會議交回給Stacy作結語。

To wrap up, the first quarter is at the sets the stage with solid core operating results, diversified loan growth, resilient fee performance, excellent credit quality, and disciplined expense management. We're off to a strong start in 2026, and we're well positioned for growth as the year progresses.

總結來說，第一季以穩健的核心營運成果、多元化的放款成長、具韌性的手續費表現、優異的信用品質，以及嚴謹的費用管理，為後續奠定基礎。我們在2026年有一個強勁的開局，並且隨著年度推進，已具備良好的成長定位。

We appreciate your interest in BOK Financial and you're willingness to spend time with us this afternoon. please reach out the Heather King if you have any further questions at h.king@bokf.com.

感謝各位對BOK Financial的關注，以及願意在今天下午撥冗與我們交流。如有任何進一步問題，請聯絡Heather King：h.king@bokf.com。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位的參與，現在可以掛線。