Byline Bancorp Inc (BY) 2026 Q1 法說會逐字稿

Good morning, and welcome to Byline Bancorp first quarter 2026 earnings call. My name is Tiffany, and I will be your conference operator today. (Operator Instructions) Please note, the conference call is being recorded.

早安，歡迎參加 Byline Bancorp 2026 年第一季財報電話會議。我叫 Tiffany，今天將擔任會議接線員。(接線員指示) 請注意，本次電話會議將被錄音。

At this time, I would like to introduce Brooks Rennie, Head of Investor Relations for Byline Bancorp to begin the conference call.

此刻，我想介紹 Byline Bancorp 投資人關係主管 Brooks Rennie 來開始本次電話會議。

Thank you, Tiffany. Good morning, everyone, and thank you for joining us today for the Byline Bancorp first quarter 2026 earnings call. In accordance with Regulation FD, this call is being recorded and is available via webcast on our Investor Relations website along with our earnings release and the corresponding presentation slides.

謝謝你，Tiffany。各位早安，感謝各位今天參加 Byline Bancorp 2026 年第一季財報電話會議。依據公平揭露規則（Regulation FD），本次電話會議將被錄音，並可透過我們投資人關係網站的網路直播收看，同時亦提供我們的財報新聞稿及相對應的簡報投影片。

As part of today's call, management may make certain statements that constitute projections, beliefs or other forward-looking statements regarding future events of the future financial performance of the company. We caution that such statements are subject to certain risks, uncertainties, and other factors that could cause actual results to differ materially from those discussed. The company's risk factors are disclosed and discussed in its SEC filings.

在今天的電話會議中，管理團隊可能會就未來事件或公司未來財務表現發表若干構成預測、信念或其他前瞻性陳述的說法。我們提醒，這些陳述受到若干風險、不確定性及其他因素影響，可能導致實際結果與所討論內容出現重大差異。公司的風險因素已在其向美國證券交易委員會（SEC）提交的文件中揭露並加以討論。

In addition, our remarks and slides may reference and contain certain non-GAAP financial measures, which are intended to supplement, but not substitute for the most directly comparable GAAP measures. Reconciliation of each non-GAAP financial measure to the comparable GAAP financial measure can be found within the appendix of the earnings release. For additional information about risks and uncertainties, please see the forward-looking statement and non-GAAP financial measure disclosures in the earnings release.

此外，我們的發言與投影片可能會提及並包含若干非 GAAP 財務衡量指標，其目的在於補充而非取代最可直接比較的 GAAP 指標。各項非 GAAP 財務衡量指標與相對應 GAAP 財務衡量指標之調節表，可於財報新聞稿附錄中查閱。如需更多關於風險與不確定性的資訊，請參閱財報新聞稿中的前瞻性陳述與非 GAAP 財務衡量指標揭露。

As a reminder for investors, during the quarter, we plan to participate in two upcoming conferences here in Chicago. The Stephen Chicago Bank Tour on May 14 and the Raymond James Chicago Bank Symposium on May 28.

提醒投資人，本季我們計畫在芝加哥參加兩場即將舉行的會議。5 月 14 日的 Stephen Chicago Bank Tour，以及 5 月 28 日的 Raymond James Chicago Bank Symposium。

With that, I'll now turn the call over to Alberto Paracchini, President of Byline Bancorp.

接下來，我將把電話會議交給 Byline Bancorp 總裁 Alberto Paracchini。

Great. Thank you, Brooks. Good morning, and welcome to Byline's first quarter earnings call. We appreciate all of you taking the time to join the call this morning. With me today are Chairman and CEO, Roberto Herencia; our CFO, Tom Bell; and our Chief Credit Officer, Mark Fucinato.

很好。謝謝你，Brooks。各位早安，歡迎參加 Byline 第一季財報電話會議。感謝各位今天早上撥冗參與本次電話會議。今天與我一同出席的有董事長兼執行長 Roberto Herencia；財務長 Tom Bell；以及首席信用長 Mark Fucinato。

Before we get started, I'd like to pass the call over to Roberto for his comments. Roberto?

在我們開始之前，我想先把電話交給 Roberto 發表他的評論。Roberto？

Thank you, Alberto, and good morning to all. As Alberto said, we do appreciate you joining us today and taking the time to engage with Byline. Markets in general continue to offer plenty of distractions and at times entertainment. Shifting interest rate expectations, inconsistent economic signals, policy uncertainty, and heightened geopolitical tensions with the Iran war at the center of it and its brother implications.

謝謝你，Alberto，也向各位道早安。如 Alberto 所說，我們非常感謝各位今天加入並撥冗與 Byline 交流。整體市場持續充滿各種分心因素，有時甚至帶來一些「娛樂性」。利率預期的轉變、經濟訊號不一致、政策不確定性，以及以伊朗戰爭為核心並帶來更廣泛影響的地緣政治緊張局勢升高。

These add another layer of complexity for businesses and investors alike. We have learned over time that durable results do not come from reacting to every headline. They come from being anchored to purpose, disciplined execution, and long-term thinking. So we remain focused on driving value for our stockholders as we work and make progress, I may add, toward becoming the preeminent commercial bank in Chicago.

這些因素為企業與投資人都增添了另一層複雜性。我們長期以來學到，持久的成果並非來自對每一則新聞標題的反應。而是來自以使命為錨、紀律性的執行，以及長期思維。因此，我們仍專注於為股東創造價值，同時我也要補充，我們正努力並持續取得進展，朝成為芝加哥首屈一指的商業銀行邁進。

We started the year with another strong quarter. ROA, PTPP, NIM, and efficiency remain among the best-in-class. Tangible book value growth of 14% year over year are also knocking on the door of best-in-class. Our balance sheet remains strong and positioned to support customers through the cycle. I want to recognize what matters deeply to us, our people.

我們以另一個強勁的季度開啟今年。ROA、PTPP、NIM 與效率比率仍名列同業最佳水準。有形帳面價值年增 14%，也已逼近同業最佳水準。我們的資產負債表依然穩健，並已就位以在景氣循環中支持客戶。我想特別肯定對我們而言至關重要的一點：我們的同仁。

Byline Bank was recently honored as a US best-in-class employer in Gallagher's 2025 US benefits strategy and benchmarking survey. We were also named to Newsweek's America's greatest midsized workplaces for women, highlighting our dedication to practices grounded in transparency, professional development, and flexibility, empowering women to build careers that grow with their lives.

Byline Bank 近期在 Gallagher 2025 年美國福利策略與基準調查中，獲選為美國同業最佳雇主。我們也入選《Newsweek》「美國最優秀中型女性職場」，凸顯我們致力於以透明、專業發展與彈性為基礎的實務作法，賦能女性打造能與人生同步成長的職涯。

These awards reflect effective people strategies with measurable outcomes, including employee well-being and engagement. They reinforce our people-first approach and strengthens our ability to attract, retain, and develop top talent in a very competitive environment.

這些獎項反映了有效的人才策略及可衡量的成果，包括員工福祉與投入度。它們強化了我們以人為本的作法，並提升我們在高度競爭的環境中吸引、留任與培育頂尖人才的能力。

I would like to point out that our SBA platform continues to perform well for the 16th consecutive year. Our team ranked as the number one SBA 7(a) lender in Illinois, according to the most recently published fiscal year rankings.

我也想指出，我們的 SBA 平台已連續第 16 年維持良好表現。根據最新公布的財政年度排名，我們團隊在伊利諾伊州名列 SBA 7(a) 放款機構第一名。

This kind of consistency does not happen by accident. It reflects decades of experience, disciplined execution, and the dedication of an outstanding team. I would also like to recognize two individuals who have been familiar voices to many of us for a long time. This marks the end of an era as Terry McEvoy of Stephens and David Long of Raymond James step into new chapters in their careers.

這樣的穩定表現並非偶然。它反映了數十年的經驗、紀律性的執行，以及一支卓越團隊的投入。我也想表揚兩位長期以來對許多人而言都很熟悉的聲音。隨著 Stephens 的 Terry McEvoy 與 Raymond James 的 David Long 進入職涯新篇章，這也象徵一個時代的落幕。

Collectively, as sell-side analysts, they've covered more than 200 earnings seasons. And more importantly, they brought professionalism, consistency and thoughtful engagement to their work. We are grateful for the time they spend covering Byline and for the relationships built over many years. On behalf of the Board and the entire management team, we wish both Terry and David continued success in their new roles.

作為賣方分析師，他們合計追蹤了超過 200 個財報季。更重要的是，他們在工作中展現了專業、穩定與深思熟慮的互動。我們感謝他們長年投入時間追蹤 Byline，也感謝多年來建立的關係。我謹代表董事會與整個管理團隊，祝福 Terry 與 David 在新職務上持續成功。

To close, I remain very optimistic about Byline. We are operating with clarity of purpose supported by strong fundamentals, an engaged workforce, and a resilient business model. We are very focused on compounding returns the right way through prudent growth, disciplined risk management, and an unwavering commitment to our people and customers.

最後，我對 Byline 仍然非常樂觀。我們在明確使命的引導下運作，並有強健的基本面、投入的員工隊伍，以及具韌性的商業模式作為支撐。我們非常專注於以正確方式累積報酬：透過審慎成長、紀律性的風險管理，以及對同仁與客戶始終如一的承諾。

With that, Alberto, back to you.

以上，Alberto，交回給你。

Thank you, Roberto. As is our normal practice, I'll start with the highlights for the quarter, followed by Tom, who will take you through the financials and then I'll come back to wrap up before we open the call up for questions. As always, you can find the deck we're using this morning on the IR section of our website, and please refer to the disclaimer at the front.

謝謝你，Roberto。依照我們一貫的作法，我將先說明本季重點，接著由 Tom 帶各位檢視財務數字，然後我會回來做總結，之後我們將開放提問。一如往常，各位可在我們網站投資人關係（IR）專區找到今天早上使用的簡報，並請參閱前頁的免責聲明。

Turning to slide 4 on the deck. Overall, I'm pleased to report that we had a solid start to the year and delivered another excellent quarter. Earnings momentum continued along with strong profitability, disciplined expense management, and stable credit quality despite an evolving macro and geopolitical backdrop.

接著看簡報第 4 頁。整體而言，我很高興報告我們今年開局穩健，並再度交出一個非常出色的季度表現。在宏觀與地緣政治背景持續演變之際，我們的獲利動能延續，並維持強勁的獲利能力、嚴謹的費用管理，以及穩定的信用品質。

For the quarter, we reported net income of $37.6 million and EPS of $0.83 per diluted share, representing growth of 8.9% and 9.2%, respectively. Profitability was strong with ROA of 156 basis points and ROTCE of 13.77%. Pretax preparation income totaled $55.2 million, resulting in a pretax provision margin of 229 basis points, which marks the 14th consecutive quarter in which this metric exceeded 2%, reflecting the durability and consistency of our operating results.

本季我們報告淨利為 3,760 萬美元，稀釋後每股盈餘（EPS）為 0.83 美元，分別成長 8.9% 與 9.2%。獲利能力表現強勁，資產報酬率（ROA）為 156 個基點，有形普通股權益報酬率（ROTCE）為 13.77%。稅前備抵提列前收入合計 5,520 萬美元，使稅前提列前利差達 229 個基點；這是該指標連續第 14 個季度高於 2%，反映我們營運成果的耐久性與一致性。

Total revenues were $112.4 million for the quarter. Net interest income remained solid at just under $100 million, while noninterest income was lower at $12.5 million, largely due to lower fair value marks for the quarter. The margin remained stable at 4.33%, notwithstanding a lower day count and lower yields. This was offset by a drop in deposit costs driven by a better mix coupled with pricing discipline, which Tom will cover in more detail shortly.

本季總營收為 1.124 億美元。淨利息收入維持穩健，略低於 1 億美元；非利息收入則較低，為 1,250 萬美元，主要因本季公允價值評價較低所致。儘管本季天數較少且收益率較低，利差仍維持穩定在 4.33%。這部分由存款成本下降所抵銷，存款成本下降係由更佳的存款結構搭配嚴謹的定價紀律所帶動；Tom 稍後會更詳細說明。

From a balance sheet standpoint, total deposits increased 8.2% annualized to $7.8 billion, reflecting growth across both core as well as time deposits. Loan balances were modestly lower linked quarter as payoffs more than offset solid origination activity of $241 million. Expenses remain well managed at $57 million, down 5.3% from the prior quarter, with our efficiency ratio improving to 49.8% for the first quarter, one of the lowest levels we've reported since becoming a public company.

從資產負債表角度來看，總存款年化成長 8.2% 至 78 億美元，反映核心存款與定期存款皆有成長。貸款餘額較上季小幅下降，因償還金額超過穩健的承作量（2.41 億美元）。費用仍維持良好控管，為 5,700 萬美元，較前一季下降 5.3%；第一季效率比率改善至 49.8%，為我們成為上市公司以來所報告的最低水準之一。

Asset quality remained stable. Credit costs were $5.5 million for the quarter and consisted of $6 million in net charge-offs and a small reserve release of $0.5 million. Both NPLs and criticized loans showed declines and the ACL increased 1 basis point to 1.46% of total loans.

資產品質維持穩定。本季信用成本為 550 萬美元，包含 600 萬美元的淨沖銷，以及 50 萬美元的小幅備抵回轉。不良貸款（NPL）與受關注貸款皆呈下降，而貸款損失準備（ACL）提高 1 個基點至總貸款的 1.46%。

Moving on to capital. Our capital levels continue to grow and balance sheet strength is evident with a TCE at 11.1% and CET1 over 12.5%. We exercised some of that capital flexibility this quarter and returned 40% of net income back to shareholders by repurchasing approximately 318,000 shares of stock at an average price of $30.84, in addition to our quarterly dividend of $0.12 per share.

接著談資本。我們的資本水準持續成長，資產負債表的強健亦十分明顯：有形普通股權益比率（TCE）為 11.1%，普通股第一類資本比率（CET1）超過 12.5%。本季我們運用部分資本彈性，透過以平均每股 30.84 美元回購約 318,000 股股票，將淨利的 40% 回饋給股東，另加上每股 0.12 美元的季度股利。

With that, I'll turn the call over to Tom, who will walk you through our results.

接下來我把電話會議交給 Tom，由他帶各位回顧我們的業績表現。

Thank you, Alberto, and good morning, everyone. Starting with our loans on slide 5. Total loans stood at $7.5 billion, down slightly from the prior quarter. The decline in balances was primarily driven by $72 million in runoff related to loan participations and acquired loans.

謝謝你，Alberto，各位早安。先從第 5 頁的貸款開始。總貸款為 75 億美元，較前一季略為下降。餘額下滑主要是因與貸款參與（loan participations）及收購貸款相關的 7,200 萬美元自然到期／流失（runoff）。

Origination activity was solid with $241 million in new loans, while payoffs remain elevated at $320 million. Loan commitments increased and line utilization declined slightly to 59.2%. Loan yields came in at 6.84%, down 11 basis points linked quarter as a result of the December Fed rate cut. Pipelines remain strong, and we expect full year loan growth in the mid-single digits.

承作活動穩健，新承作貸款 2.41 億美元，但償還金額仍偏高，達 3.20 億美元。貸款承諾額增加，額度動用率小幅下降至 59.2%。貸款收益率為 6.84%，較上季下降 11 個基點，係因 12 月聯準會降息所致。案源（pipeline）仍然強勁，我們預期全年貸款成長為中個位數百分比。

Turning to slide 6. Total deposits were $7.8 million for the quarter, up $154 million or 8.2% annualized from the prior quarter. The growth was due to increases in interest-bearing checking and time deposits. We saw a 6-basis-point improvement in deposit costs, driven by lower money market rates, which brought over overall deposit costs down to 1.91%.

接著看第 6 頁。本季總存款為 7.8 百萬美元，較前一季增加 1.54 億美元（年化 8.2%）。成長主要來自計息活期存款與定期存款的增加。受貨幣市場利率下降帶動，存款成本改善 6 個基點，使整體存款成本降至 1.91%。

Turning to slide 7. Net interest income was $99.9 million in Q1, down 1% from the prior quarter and up 13% year over year. Net interest income was impacted by two fewer days in the quarter lower yields on earning assets and higher borrowing costs as a result of a balance sheet hedge that matured in March. This was partially offset by lower rates paid on deposits.

接著看第 7 頁。第一季淨利息收入為 9,990 萬美元，較前一季下降 1%，年增 13%。淨利息收入受到本季少兩天、孳息資產收益率較低，以及因 3 月到期的資產負債表避險導致借款成本上升的影響。上述影響部分由存款付息利率下降所抵銷。

The net interest margin was stable at 4.33%, declining modestly by 2 basis points from the last quarter, with 50% of the decline coming from lower accretion while expanding 26 basis points year over year. Our outlook for net interest income is based on the forward curve, which currently assumes no rate cuts or hikes in 2026.

淨利息利差維持穩定在 4.33%，較上季小幅下降 2 個基點，其中 50% 的下降來自折價攤銷（accretion）減少；但年增擴大 26 個基點。我們對淨利息收入的展望係依據遠期利率曲線，目前假設 2026 年不升息也不降息。

Given the rate outlook and our balance sheet position, this implies a net interest income range of $99 million to $101 million in the second quarter. We expect net interest income to grow driven by overall balance sheet growth and disciplined deposit pricing in the event short-term rates move lower.

依據利率展望與我們的資產負債表部位，這意味著第二季淨利息收入區間為 9,900 萬至 1.01 億美元。我們預期淨利息收入將在整體資產負債表成長，以及在短期利率走低時維持嚴謹存款定價的帶動下成長。

Turning to slide 8. Noninterest income totaled $12.5 million in Q1, which was down approximately $3.2 million linked quarter. The decline on a quarter-over-quarter basis was driven by an additional negative fair value mark on loan servicing assets of $755,000 and a $1.3 million decline in fair value of equity securities. Excluding these fair value adjustments, fee income remained stable. We expect gain on sale to average $5.5 million per quarter and our noninterest income to be in the $14 million to $15 million range for the second quarter.

接著看第 8 頁。第一季非利息收入合計 1,250 萬美元，較上季約減少 320 萬美元。季對季下滑主要是因貸款服務資產（loan servicing assets）額外出現 75.5 萬美元的負向公允價值評價，以及權益證券公允價值下滑 130 萬美元。排除這些公允價值調整後，手續費收入維持穩定。我們預期出售利益（gain on sale）每季平均約 550 萬美元，第二季非利息收入預估落在 1,400 萬至 1,500 萬美元區間。

Turning to slide 9. Expenses came in at $57 million, down 5.3% from the prior quarter. This was driven by salary and benefits from lower incentives, legal costs, and advertising spend, partially offset by higher data processing expenses. Our efficiency ratio improved 54 basis points to 49.78%, with noninterest expense to average asset ratio 2.37%, down 10 basis points. Looking forward, our noninterest expense full year guidance remains unchanged at $58 million to $60 million per quarter.

接著看第 9 頁。費用為 5,700 萬美元，較前一季下降 5.3%。主要來自薪資與福利（因獎酬降低）、法律費用與廣告支出下降，部分被較高的資料處理費用所抵銷。效率比率改善 54 個基點至 49.78%，非利息費用對平均資產比率為 2.37%，下降 10 個基點。展望未來，我們全年非利息費用指引維持不變，仍為每季 5,800 萬至 6,000 萬美元。

Turning to slide 10. Credit costs declined for the quarter with the provision coming in at $5.5 million. NPLs decreased $4 million or 5.6% linked quarter to $67 million, while NPAs to total assets improved to 71 basis points from 77 basis points in Q4. The improvement was driven by resolution activity during the quarter. The ACL remained flat at 1.46% of total loans.

接著看第10頁投影片。本季信用成本下降，提列備抵為550萬美元。NPLs較前一季連結（linked quarter）下降400萬美元或5.6%，至6,700萬美元；同時，NPAs占總資產比率由第四季的77個基點改善至71個基點。改善主要來自本季的處置／解決活動。ACL維持不變，為總放款的1.46%。

Moving on to capital on slide 11. Capital levels continue to grow and remain robust with CET1 at 12.5%, 22 basis points linked quarter and up 77 basis points year over year. Total capital came in at 15.5%, up 69 basis points year over year.

接著看第11頁投影片的資本。資本水準持續成長且維持強勁，CET1為12.5%，較前一季連結增加22個基點，年增77個基點。總資本比率為15.5%，年增69個基點。

In addition, tangible book value per share grew to $23.79, increasing 1.5% on a linked quarter basis and 14% year over year. And last month, roll bond rating as we affirmed our BBB+ credit rating and outlook. In closing, another great quarter across the board and a solid start to the year.

此外，每股有形帳面價值成長至23.79美元，較前一季連結增加1.5%，年增14%。另外，上個月，在Roll Bond Rating方面，我們確認（affirmed）了BBB+的信用評等與展望。最後總結，各項表現又是一個很好的季度，也為今年打下穩健的開局。

With that, Alberto back to you.

接下來交回給你，Alberto。

Thank you, Tom. So to wrap up, we were pleased with our results and performance for the quarter, notwithstanding the level of uncertainty in the environment, we're optimistic in our ability to execute our strategy, continue to grow the business, and deliver value to shareholders. In terms of the outlook, pipelines remains at solid levels across our businesses, and we remain well positioned to take advantage of opportunities in the marketplace.

謝謝你，Tom。總結來說，儘管環境中存在相當程度的不確定性，我們對本季的結果與表現感到滿意；我們對執行策略、持續成長業務並為股東創造價值的能力保持樂觀。就展望而言，各項業務的pipeline仍維持在穩健水準，我們也仍處於有利位置，可把握市場上的機會。

With that, operator, we can open the call up for questions.

接下來，接線員，我們可以開放提問。

(Operator Instructions)

（接線員指示）

Nathan Race, Piper Sandler.

Nathan Race，Piper Sandler。

Hope you're all doing well. Alberto, I was hoping you could just shed some more color just on the production levels in the quarter in terms of how much of the year-over-year decline may just been due to some of the macro factors at play these days versus seasonality. I know you mentioned the pipeline sold going to the rest of the year, but I was just hoping you could shed some light on that in what in terms of payoffs as well.

希望大家都一切順利。Alberto，我想請你再多補充一些本季產出水準（production levels）的細節：年對年下滑中，有多少可能只是因為目前一些總體因素（macro factors）所致，而非季節性因素。我知道你提到pipeline可支撐到今年其餘時間，但也想請你就這點以及還款／提前清償（payoffs）方面再說明一下。

Yes, of course. Not a lot of -- so on your second point there. So not -- we didn't really see -- we had pretty good origination level. So the level of business activity was pretty good in commercial banking, our leasing business. Real estate was nothing unexpected on that end.

好的，當然。先回應你第二點。我們其實沒有看到太多——我們的承作（origination）水準相當不錯。因此，商業銀行與租賃業務的業務活動水準都相當良好。不動產方面也沒有任何出乎意料的情況。

A lot of the payoff activity or a portion of the payoff activity that we saw this quarter was just simply recycle -- us essentially recycling loan participations and loans that we had acquired coming from some acquisitions. That's really what drove it.

本季我們看到的還款活動中，有相當一部分只是單純的再循環（recycle）——也就是我們把一些貸款參與（loan participations）以及先前透過併購取得的貸款進行再配置／汰換。主要就是這個因素所驅動。

If you actually strip out the impact of those, which is -- I mean, it's perfectly aligned with what we want to do ultimately with those books. If you strip that out, I think loan growth would have been somewhere in the 4% kind of level for the quarter. So nothing unusual other than just planned runoff coming from books that we've acquired over the years.

如果把這些影響剔除——而且這其實完全符合我們最終對那些資產組合（books）想做的方向——若剔除後，我認為本季放款成長大概會落在4%左右的水準。所以除了我們多年來併購而來的資產組合按計畫縮減（planned runoff）之外，沒有什麼不尋常。

Got it. That's really helpful. Maybe a question for Tom. I know you don't give margin guidance specifically, but just trying to understand the trajectory of loan yields over the balance of this year just in terms of the context of kind of what the roll-off yield looks like and kind of what you're seeing in terms of blended rates on loan per these days.

了解。這很有幫助。或許問Tom一題。我知道你們不會提供明確的利差（margin）指引，但我想了解今年剩餘期間放款殖利率（loan yields）的走勢：就到期／回收（roll-off）的殖利率大概長什麼樣，以及你們目前看到的新承作放款加權平均利率（blended rates）大概如何。

Roll-offs are, call it, $300 million-ish like a 450 kind of coupon, so new production is typically around 675, 680 kind of coupons.

到期／回收（roll-offs）大概是3億美元左右，票息（coupon）約4.50%；而新承作通常大概在6.75%、6.80%左右的票息。

Okay. So imagine, again, without giving margin guidance that you're thinking the margin could kind of there just given maybe more rational deposit pricing competition these days and just given what you just described in terms of the roll-off.

好的。所以我想像一下——同樣不要求你提供利差指引——在目前存款定價競爭較為理性，以及你剛剛描述的到期／回收情況下，你們認為利差大致可以維持在目前附近？

I mean, certainly, on the loan side, spreads will -- are maintaining well. I think as you'll see in the balance sheet, right, we grew the securities portfolio this year. That's a tighter spread transaction. So when you start to include that in, you could have a small tweak to the margin overall. But again, NII guidance growing over the year here.

我的意思是，至少在放款端，利差（spreads）維持得不錯。我想你也會在資產負債表上看到，我們今年擴大了證券投資組合。那是一筆利差較窄的交易。因此當你把那部分納入後，整體利差可能會有小幅調整。但再次強調，我們的淨利息收入（NII）指引是今年會成長。

Got you. And maybe one last one, Alberto, or Roberto. Just curious what you guys are seeing in terms of M&A conversations and activity levels these days. Obviously, you have a little bit of a headwind to earnings next year with the Durbin impact, which I know is not particularly big for you guys, but just curious if you're feeling more optimistic on M&A announcement over the balance of this year.

了解。最後再一題，給Alberto或Roberto。想請教你們最近看到的併購（M&A）對話與活動水準如何。顯然，Durbin影響會讓你們明年獲利有些逆風；我知道對你們而言不是特別大，但想了解你們是否對今年剩餘時間出現M&A公告更樂觀一些。

We're always optimistic in terms of just the level of conversations. I would tell you maybe right now, and I don't think this is inconsistent with what others have said in their earnings call. I mean, certainly, the uncertainty in the environment given the macro and geopolitical issues maybe causing some sellers to pause. That being said, I think the underlying level of conversations continues to be, I think, from my view, pretty healthy.

我們一向對對話的熱度保持樂觀。我會說也許就目前而言，而且我不認為這與其他人在法說會上所說的有出入。在總體與地緣政治議題帶來的不確定性下，確實可能讓一些賣方先按兵不動。即便如此，我認為整體對話的基本面水準，從我的角度看，仍相當健康。

Okay. Great. I appreciate all the color. I hope guys have a good weekend.

好的。很好。感謝你們提供這些細節。祝各位週末愉快。

Brendan Nosal, Hovde Group.

Brendan Nosal，Hovde Group。

Hope you're doing well. Maybe starting off here on capital. I think if my math is correct, you've nearly tapped out the current buyback plan. Is there a willingness to re-upping that and remaining in the market? Just given how much capital you have today and how much you'll continue to generate.

希望你們一切都好。我先從資本談起。如果我算得沒錯，你們幾乎已經用完目前的庫藏股回購計畫額度。是否願意再加碼（re-up）並持續在市場上回購？尤其考量你們目前的資本水準，以及未來仍會持續產生的資本。

Yes. Brendan, we're not -- we've only done about 300,000 shares. So we have to over a $2 billion program. So we have plenty of room to continue to repurchase shares.

是的。Brendan，我們其實沒有——我們只回購了大約30萬股。我們有一個超過20億美元的計畫。所以我們還有很大的空間可以繼續回購股份。

Great. And apologies for that after a long earnings week. Maybe pivoting to kind of funding here. A really nice quarter for deposit growth both overall and core funding. Just kind of curious why you opted to grow CDs as much as you did, given the lack of loan growth and then tie that into the competitive landscape in Chicago for core funding?

很好。也為在漫長的財報週之後的狀況致歉。也許把話題轉到資金來源這邊。本季存款成長表現非常不錯，無論是整體或核心資金皆然。我有點好奇，在放款成長不明顯的情況下，你們為什麼選擇把定存（CD）拉高到這個程度？另外也請把這點跟芝加哥核心資金的競爭態勢連結說明一下？

I mean, we're first focused on full relationship customers. But we -- our CD book has grown over the years, and we're still trying to maintain a certain level of CDs. As you know, loan-to-deposit ratio was higher at the end of the year because of as an example on maybe some more institutional deposits. But generally speaking, we think we have a good deposit base.

我的意思是，我們首先聚焦在完整往來關係的客戶。不過——我們的定存（CD）部位這些年來一直在成長，而我們也仍在努力維持一定水位的CD。如你所知，年末的存放比偏高，舉例來說，可能是因為一些較偏機構型的存款。但整體而言，我們認為我們的存款基礎是好的。

The CD book is good. The back book is performing well. As you can see that the CD yields are coming down kind of quarter over quarter. But given the Fed on hold, that's probably going to slow down here. But you still need to fund the bank, and we like the diversification that we get from it with the opportunity to potentially cross-sell those CD customers and other products.

CD部位是好的。既有存量（back book）的表現也很不錯。你可以看到CD殖利率（收益率）季對季正在下滑。但在聯準會按兵不動的情況下，這個下滑速度可能會放慢。不過你仍然需要為銀行提供資金來源，而我們喜歡它帶來的多元化，同時也有機會把這些CD客戶交叉銷售到其他產品。

Damon DelMonte, KBW.

Damon DelMonte，KBW。

Hope you're all doing well. First one, just kind of regarding loan growth and the pipeline that you referenced. Could you just give a little color on kind of what is -- what's that comprised of? And what segments are building that pipeline for you?

希望大家都一切順利。第一個問題，關於你提到的放款成長以及管線（pipeline）。你能否補充一些細節，這個管線主要是由哪些內容構成？又是哪些業務區塊在推動這個管線的累積？

So all segments, Damon, but I would say like we have touched on in prior calls, probably the delta there, the one that's more rate sensitive is probably going to be real estate. I would think rates have backed up, and I'm not talking about short-term rates, but the back up in five years, the backup in the 10-year real estate is much more sensitive to those.

Damon，是所有業務區塊都有，但我會說，正如我們在先前電話會議提過的，差異最大的、也就是對利率更敏感的，可能是房地產。我認為利率已經回升，我不是在講短端利率，而是5年期、10年期利率的回升；房地產對這些利率更敏感。

So I suspect if we see a decline in that later on in the year, potentially, that's going to probably positively impact volumes still within the range that we provide, which is that mid-single-digit target. That's the one that I would say has the highest -- probably the highest chance of having some volatility around rates.

所以我猜測，如果我們在今年稍晚看到那些利率下滑，可能仍會在我們給出的區間內對量能帶來正面影響，也就是我們的中個位數成長目標。我會說，這一塊最有可能在利率變動下出現一些波動。

As far as the other category, which are really just commercial banking and our leasing business in general, pipelines are solid. And we really -- here to for, we really haven't seen an impact where people are saying, you know what, given the uncertainty in the environment, we are going to take a breather here and postpone something that we're planning to do for a few months just to see how the environment settles down.

至於其他類別，主要就是商業銀行以及我們整體的租賃業務，管線都很穩健。而且到目前為止，我們並沒有看到有人因為環境不確定性而說：你知道嗎，我們先暫停一下，把原本計畫要做的事情延後幾個月，等環境更明朗再說。

I mean, activity has been good. We've seen, for example, to give you some color, companies are actively being marketed and sold in our sponsor business as well as we're hearing some of that also in our commercial banking book, which is a positive sign from a transaction activity standpoint. And borrower activity continues to be good. So demand for credit remains solid in those segments, Damon.

我的意思是，活動量一直不錯。舉例來說，為了讓你更有感，我們在贊助商（sponsor）業務看到企業正積極被推介並出售；我們在商業銀行組合中也聽到一些類似情況，從交易活動的角度來看是正面訊號。而借款人活動也持續良好。所以在那些業務區塊，信貸需求仍然穩健，Damon。

That's great. Great color. Tom, you mentioned about the securities portfolio increasing in size, and you can see the average balances were up quarter over quarter. How do we think about that for the remainder of the year? Do you expect to add to that? Or do you think that might start to trail down a little bit?

很棒。資訊很有幫助。Tom，你提到證券投資組合的規模增加，而且可以看到平均餘額季對季上升。我們該如何看待今年剩餘時間的走勢？你預期會繼續加碼嗎？還是你覺得可能會開始小幅回落？

I think stable, Damon, we'll probably reinvest cash flows. I mean, we could go up a little bit just depending on market opportunities. But assuming loan growth will deliver, which we expect, there's probably no need to grow the portfolio meaningfully.

我認為會維持穩定，Damon，我們大概會把現金流再投資。我的意思是，視市場機會而定，可能會小幅增加一些。但假設放款成長如我們預期能夠實現，那就沒有必要讓投資組合出現顯著成長。

I think big picture, Damon, the way we think about securities at least from a big picture standpoint, we're always going to be trying to grow deposits. Irrespective of what the environment is, we are always going to be looking to try to grow deposits over time through the cycle.

從更宏觀的角度來看，Damon，至少就我們對證券的整體思維而言，我們始終會努力去增加存款。不論環境如何，我們都會在景氣循環中持續尋求讓存款隨時間成長。

We just don't think we are good enough to be able to as some of our colleagues in the industry say, turn us big it on, turn is bigger off. So we're constantly trying to grow deposits to the degree that deposits start outpacing our ability to grow loans, then by definition, you would see that growth probably end up in the securities portfolio. So just big picture, that's kind of how we think about it.

我們只是認為，我們沒有厲害到能像業界一些同業所說的那樣，想把它開大就開大、想關小就關小。所以我們會持續努力增加存款；當存款成長開始超過我們放款成長的能力時，按定義來說，你就會看到那部分成長最終可能會落在證券投資組合上。所以從大方向來看，我們就是這樣思考的。

Great sense.

很有道理。

Brandon Rud, Stephens, Inc.

Brandon Rud，Stephens, Inc.。

If I could follow up on an earlier question about the deposit costs. Can you maybe talk about the trajectory through the quarter relative to the $191 million reported? And when you think about a starting point as we enter the second quarter, would you anticipate that number kind of trending down a few more basis points.

如果我可以追問先前關於存款成本的問題。你能否談談本季內的走勢，相對於所揭露的1.91億美元？以及當我們進入第二季時，若以期初水準來看，你是否預期那個數字會再下滑幾個基點？

Pretty consistent. The average over the quarter versus period end pretty much unchanged. March was exactly on top of where the cost of funds was for the quarter. So not a meaningful change. I think the -- again, just maybe touching back on the prior question, the CD book is very short. It's four months, five months at length. So a lot of opportunity to reprice, but most of the book is repriced given that made its last cut, so to speak, in December.

相當一致。本季平均值與期末水準幾乎沒有變化。3月的水準正好與本季資金成本一致。所以沒有顯著變動。我想——再回到前一題，CD部位的期限非常短。大概是4個月、5個月左右。所以有很多重新定價的機會，但由於（聯準會）上一次降息（或調整）是在12月，所以可以說大部分部位都已經完成重新定價了。

Okay. And maybe just a higher-level question. I think back in January, the plan was to not manage below $10 billion this year. I guess, is that still the plan? And can you remind me what the Durbin impact would be in, I guess, '27?

了解。再問一個比較高層次的問題。我記得在1月時，計畫是今年不會把資產規模管理在100億美元以下。我想問，這仍然是計畫嗎？另外你能提醒我一下，Durbin（修正案）的影響在我想應該是2027年會是什麼樣子嗎？

Sure. Yeah, Brandon, we are not trying to manage the balance sheet artificially stay under $10 billion. It just so happens that we're at $9.9 billion at the end of this quarter, but it could very well be -- it could have very well have been that we would have been over $10 billion. So we're kind of -- as we think about it, we're kind of there, and we expect to be crossing that barrier here at any point. And as part, maybe you want to take the Durbin impact for '27?

當然。是的，Brandon，我們並不是要用人為方式去管理資產負債表、刻意維持在100億美元以下。只是剛好本季末我們是99億美元，但也很可能——其實也完全可能我們會超過100億美元。所以我們的想法是——我們基本上已經在那個水位附近了，而且我們預期隨時都可能跨過那個門檻。至於2027年的Durbin影響，也許你想來回答一下？

Sure. Yes, as we mentioned, we don't have the same kind of entertain costs some of the other banks do. And I think we kind of quoted like about 4 basis points to ROA is a decline, just given that it takes effect again in July 1, 2027.

當然。是的，如同我們提到的，我們不像其他一些銀行有同樣類型的招待娛樂費用。而且我想我們大概提過，對ROA約有4個基點的下滑，主要是因為它會在2027年7月1日再次生效。

So it'd be July 1, '27. And I think we had said publicly, we had said $3.5 million to $4 million in terms of the Durbin impact, Brandon. So obviously, that's an annualized number. So in July of 2027, all else being constant, we would see the impact of half of that in the second half of the year.

所以會是2027年7月1日。而且我想我們也曾公開表示，就Durbin的影響而言，大約是350萬到400萬美元，Brandon。所以很明顯，那是年化數字。因此在2027年7月，若其他條件不變，我們會在下半年看到其中一半的影響。

(Operator Instructions)

（接線員指示）

Brian Martin, Brean Capital.

Brian Martin，Brean Capital。

Just wondering if you -- Tom, your last question, maybe I didn't hear your response or just on the call, I was just going to ask you on the cost of deposits, given the backdrop, like you said, the Fed the major last rate cut, it's pretty stable from here. I mean there's not much opportunity, like you said, on the CD side, given the book short. So just you would think relatively stable, give or take, as you think about going forward? Just wondering how the competitive pressures are and if you're seeing the loan growth outlook looks pretty bright, so just trying to understand the competition.

我只是想問一下——Tom，你上一個問題，也許我沒聽到你的回覆，或是在電話上沒聽清楚；我想問的是存款成本。就你說的背景來看，聯準會上一次主要降息之後，從這裡起應該相當穩定。我的意思是，如你所說，在定存（CD）那一端，因為存量期限偏短，機會不大。所以往前看，你會認為大致上相對穩定、上下些微波動嗎？也想了解競爭壓力如何；而且你們的放款成長展望看起來相當不錯，所以我想更理解競爭態勢。

Yeah. I would say relatively flat, maybe down a little bit. Again, mix helps us. We're always focused on relationship banking and commercial banking. So those are typically lower cost deposits, and that will help us.

是。我會說大致持平，可能小幅下降。再者，組合（mix）對我們有利。我們一直聚焦於關係銀行與商業銀行。所以那通常是較低成本的存款，這會幫助我們。

On the competitive front, on the consumer side, yeah, it's the typical competition we see as far as rates, I don't think anything is crazy at this point. But we just want to keep our market share in that category. And so I would say nothing is going higher, at least at this point. And we just -- the book is almost fully repriced. So there's not a lot of lift for lower costs as we move forward other than mix.

在競爭方面，消費端是的，利率方面就是我們一貫看到的典型競爭，我不覺得目前有什麼特別誇張的情況。但我們希望維持在該類別的市占。所以我會說至少就目前而言，沒有什麼在往上走。而且我們——這個存款組合幾乎已經完全重新定價。因此，除了組合因素之外，往前看要再降低成本的空間不大。

Got you. Okay. That's helpful. And just the commercial payments business. I guess your confidence in just continuing to grow deposits, is that giving you some tailwind there on that opportunity?

了解。好。這很有幫助。另外關於商業支付業務。我想問你對持續成長存款的信心，是否會在那個機會上帶來一些順風？

Yeah. I mean I think that's more of a year goes on, we'll see more benefit from that. And obviously, the fee income that comes with that as well. And it takes a while to onboard the customers. So we'll start seeing that more here in the second half of the year.

是的。我的意思是，我認為隨著一年進行，我們會看到更多來自那方面的效益。當然也包括隨之而來的手續費收入。而且導入（onboard）客戶需要一些時間。所以我們會在今年下半年開始更明顯地看到這些。

Got you. Okay. And then maybe just the last one, just some of the noise in the quarter in terms of the fee income. Can you just give some thoughts on kind of a baseline or how to think about -- you've given some color on the SBA business. Just kind of the some of the noise in the quarter, if you can just talk a little bit about how to think about the jumping off point, if you will, going into 2Q?

了解。好。最後一個問題，關於本季手續費收入的一些雜訊。你能否談談基準水準，或該如何思考——你已經對SBA業務提供了一些說明。就本季的一些雜訊而言，如果可以的話，能否再多談一點，該如何看待進入第二季（2Q）的起始點？

Yeah. We still gave guidance of $14 million to $15 million, Brian, I don't know if you heard that.

可以。Brian，我們仍然給出的指引是1,400萬到1,500萬美元，我不確定你是否有聽到。

Sorry. Okay.

抱歉。好。

But no, no, no. But for the quarter, we had lower swap fee income from our back-to-back program, and we expect that to pick up here. And then we had a small lower valuation on the sale of some lease assets, which was a one-off. So I would expect that's why I've given guidance of the $14 million to $15 million. But those were the two drivers other than the fair value adjustments.

不，不，不。但就本季而言，我們的背對背（back-to-back）計畫帶來的換匯/利率交換（swap）手續費收入較低，我們預期接下來會回升。另外，我們出售部分租賃資產時的估值略低，這是一次性的。所以我才會給出1,400萬到1,500萬美元的指引。但除了公允價值調整之外，主要就是這兩個因素。

Yeah. Okay. That's all I had, guys. I appreciate you taking the color. And congrats on the quarter.

是的。好。我就這些了，各位。謝謝你們提供這些說明。也恭喜本季表現。

Thank you for your questions today. I will now turn the call back over to Mr. Alberto Paracchini, for any closing remarks.

感謝您今天的提問。我現在把電話交回給Alberto Paracchini先生，請他做結語。

Great. Thank you, Tiffany. So in closing, I'd like to congratulate and thank all our employees on another solid quarter. Our level of performance would not be possible without their dedication, their effort, and their commitment to customers, it really -- we couldn't do it without them. So thank you all.

很好。謝謝你，Tiffany。最後，我想祝賀並感謝我們所有員工又完成了一個穩健的季度。沒有他們的投入、努力，以及對客戶的承諾，我們不可能達到這樣的表現——真的，沒有他們我們做不到。所以謝謝大家。

And to everyone on the call, thank you for joining us today. We appreciate your continued interest in Byline, and we look forward to talking to you again next quarter. Thank you.

也謝謝所有在線上的各位，感謝今天加入我們。我們感謝各位持續關注Byline，也期待下個季度再與各位交流。謝謝。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。