Cathay General Bancorp (CATY) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Cathay General Bancorp's first quarter 2025 earnings conference call. My name is Rocco, and I will be your coordinator for today. (Operator Instructions). Today's call is being recorded and will be available for replay at www.cathaygeneralbancorp.com.

女士們、先生們，下午好，歡迎參加國泰萬通金控2025年第一季獲利電話會議。我叫羅科 (Rocco)，今天我將擔任您的協調員。（操作員指令）。今天的電話會議已被錄音，可在 www.cathaygeneralbancorp.com 上重播。

I would now like to turn the call over to Georgia Lo, Investor Relations of Cathay General Bancorp. Please go ahead.

現在我想將電話轉給國泰萬通金控投資者關係部的 Georgia Lo。請繼續。

Thank you, Rocco, and good afternoon. Here to discuss the financial results today are Mr. Chang Liu, our President and Chief Executive Officer; and Mr. Heng Chen, our Executive Vice President and Chief Financial Officer.

謝謝你，羅科，下午好。今天來討論財務結果的有我們的總裁兼執行長劉昌先生；以及我們的執行副總裁兼財務長陳恆先生。

Before we begin, we wish to remind you that the speakers on this call may make forward-looking statements within the meaning of the applicable provisions of the Private Securities Litigation Reform Act of 1995 concerning future results and events, and that these statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are further described in the company's annual report on Form 10-K for the year ended December 31, 2024, at Item 1A in particular, and in other reports and filings with the Securities and Exchange Commission from time to time.

在我們開始之前，我們想提醒您，本次電話會議的發言人可能會根據 1995 年《私人證券訴訟改革法》的適用條款就未來結果和事件做出前瞻性陳述，並且這些陳述受某些風險和不確定性的影響，可能導致實際結果大不相同。這些風險和不確定性在公司截至 2024 年 12 月 31 日的 10-K 表年度報告（特別是第 1A 項）以及不時向美國證券交易委員會提交的其他報告和文件中有進一步描述。

As such, we caution you not to place undue reliance on such forward-looking statements. Any forward-looking statement speaks only as of the date of which it is made. Except as required by law, we undertake no obligation to update or review any forward-looking statements to reflect future circumstances, developments or events or the occurrence of unanticipated events.

因此，我們提醒您不要過度依賴此類前瞻性陳述。任何前瞻性陳述僅代表其作出之日的觀點。除法律要求外，我們不承擔更新或審查任何前瞻性陳述以反映未來情況、發展或事件或意外事件的發生的義務。

This afternoon, Cathay General Bancorp issued an earnings release outlining its first quarter 2025 results. To obtain a copy of our earnings release as well as our earnings presentation, please visit our website at www.cathaygeneralbancorp.com. After comments by management today, we will open this call up for questions.

今天下午，國泰萬通金控發布了一份收益報告，概述了 2025 年第一季的業績。如需我們的收益報告以及收益介紹的副本，請造訪我們的網站 www.cathaygeneralbancorp.com。在聽取了今天管理層的評論後，我們將開始回答問題。

I will now turn the call over to our President and Chief Executive Officer, Mr. Chang Liu.

現在我將電話轉給我們的總裁兼執行長劉昌先生。

Thank you, Georgia, and good afternoon. Before we discuss our 2025 first quarter earnings, I want to address the current tariffs between the US and China.

謝謝你，喬治亞，下午好。在我們討論 2025 年第一季收益之前，我想談談美國和中國之間當前的關稅問題。

Based on our survey, customers have moved their sourcing away from China since 2018 to other countries including Samsung Mexico. Our borrowers have told us that, for the most part, they can move their sourcing to other countries or pass importing from China until the tariffs are more reasonable. We estimate that about 1.4% of total loans could be adversely impacted by the proposed tariffs. We are closely monitoring the impact of the evolving tariff situation on our borrowers and our loan portfolio.

根據我們的調查，自 2018 年以來，客戶已將採購從中國轉移到其他國家，包括三星墨西哥。我們的借款人告訴我們，在大多數情況下，他們可以將採購轉移到其他國家或不再從中國進口，直到關稅變得更合理。我們估計，擬議的關稅可能會對約 1.4% 的總貸款產生不利影響。我們正在密切關注不斷變化的關稅情況對我們的借款人和貸款組合的影響。

This afternoon, we reported net income of $69.5 million for Q1 2025, a 13.3% decrease as compared to $80.2 million for Q4 2024. Diluted earnings per share decreased 12.5% to $0.98 for Q1 2025 as compared to $1.12 in Q4 2024. During Q1 2025, we repurchased 876,096 shares of our common stock at an average of $46.83 per share for $41.1 million, completing our May 2024, $125 million stock repurchase program.

今天下午，我們報告稱，2025 年第一季的淨收入為 6,950 萬美元，與 2024 年第四季的 8,020 萬美元相比下降了 13.3%。2025 年第一季每股攤薄收益為 0.98 美元，而 2024 年第四季為 1.12 美元，下降 12.5%。2025 年第一季度，我們以平均每股 46.83 美元的價格回購了 876,096 股普通股，共計 4,110 萬美元，完成了 2024 年 5 月的 1.25 億美元股票回購計畫。

In Q1 2025, total gross loans decreased $23 million or 0.5% annualized, primarily driven by decreases of $100 million in commercial loans and $65 million in residential loans, offset by increases of $127 million in CRE loans and $13 million in construction loans. Given the uncertainties in the economy, we have widened our 2025 loan growth guidance to 1% to 4% and from the previous guidance of 3% to 4%.

2025 年第一季度，總貸款減少 2,300 萬美元，年化減少 0.5%，主要原因是商業貸款減少 1 億美元，住宅貸款減少 6,500 萬美元，但商業房地產貸款增加 1.27 億美元，建築貸款增加 1,300 萬美元。鑑於經濟的不確定性，我們已將 2025 年貸款成長預期從先前的 3% 至 4% 擴大至 1% 至 4%。

Slide 6 shows the percentage of loans in each major loan portfolio that are either at a fixed rate or hybrid loans in their fixed rate period. Our loan portfolio consists of 62% fixed rate and hybrid loans, excluding fixed-to-float interest rate swaps of 4.1% of total loans. Fixed rate loans comprised 30% of total loans and hybrid in fixed rate period comprised 32% of total loans. We expect these fixed rate loans to support our loan yields as market rates are expected to decline. We continue to monitor our commercial real estate loans.

投影片 6 顯示了每個主要貸款組合中固定利率貸款或固定利率期限內的混合貸款的百分比。我們的貸款組合包括 62% 的固定利率和混合貸款，不包括佔總貸款 4.1% 的固定浮動利率互換。固定利率貸款佔貸款總額的 30%，固定利率期限的混合貸款佔貸款總額的 32%。由於市場利率預計下降，我們預計這些固定利率貸款將支持我們的貸款收益率。我們將繼續監控我們的商業房地產貸款。

Turning to slide 8 of our earnings presentation as of March 31, 2025, the average loan-to-value of our CRE loans remained at 49%. As of March 31, 2025, our retail property loan portfolio is shown on slide 9, comprises 25% of our total CRE loan portfolio or 13% of our total loan portfolio. 90% of the $2.5 billion in retail property loans are secured by retail store, building mixed-use or strip centers and only 9% secured by shopping centers.

翻到我們截至 2025 年 3 月 31 日的收益報告第 8 張投影片，我們的 CRE 貸款的平均貸款價值比仍為 49%。截至 2025 年 3 月 31 日，我們的零售房地產貸款組合如投影片 9 所示，占我們總 CRE 貸款組合的 25% 或總貸款組合的 13%。在 25 億美元的零售房地產貸款中，90% 由零售商店、混合用途建築或商業街中心擔保，只有 9% 由購物中心擔保。

On slide 10, office property loans represent 15% of our total CRE loan portfolio or 8% of our total loan portfolio. Only 35% of the $1.5 billion in office property loans are collateralized by pure office buildings and only 3.4% are in CBDs. 38% of office property loans are collateralized by office, retail stores, office mixed use and medical offices, and the remainder, 27% are collateralized by office condos.

在投影片 10 中，辦公物業貸款占我們 CRE 貸款總額的 15% 或貸款總額的 8%。在 15 億美元的辦公大樓物業貸款中，只有 35% 是以純辦公大樓作為抵押的，而位於中央商務區的貸款僅佔 3.4%。 38% 的辦公大樓物業貸款以辦公室、零售店、辦公混合用途和醫療辦公室作為抵押，其餘 27% 以辦公公寓作為抵押。

For Q1 2025, we reported net charge-offs of $2 million as compared to $16.3 million in Q4 2024. Our nonaccrual loans were 0.8% of total loans as of March 31, 2025, which decreased $14.5 million to [$154.6 million] as compared to Q4 2024, primarily due to the transfer of a loan to loans held for sale and paydown in Q1 2025.

2025 年第一季度，我們報告的淨沖銷額為 200 萬美元，而 2024 年第四季為 1,630 萬美元。截至 2025 年 3 月 31 日，我們的非應計貸款佔總貸款的 0.8%，與 2024 年第四季相比減少了 1,450 萬美元至 [1.546 億美元]，主要是由於一筆貸款轉為持有待售貸款並於 2025 年第一季償還。

Turning to slide 12. As of March 31, 2025, classified loans remain at $380 million, the same as in Q4 2024, and our special mention loans increased slightly to $300 million from $293 million in Q4 2024. We recorded a provision for credit loss of $15.5 million in Q1 2025 as compared to $14.5 million for Q4 2024. Most of the provisions were to cover possible losses from one commercial client.

翻到第 12 張投影片。截至 2025 年 3 月 31 日，分類貸款仍為 3.8 億美元，與 2024 年第四季相同，我們的特別關注貸款從 2024 年第四季的 2.93 億美元小幅增加至 3 億美元。我們在 2025 年第一季記錄了 1,550 萬美元的信用損失準備金，而 2024 年第四季為 1,450 萬美元。大部分準備金是為了彌補一位商業客戶可能造成的損失。

Reserve to loan ratio increased from 0.83% for Q4 2024 to 0.91% for Q1 2025. However, excluding our residential mortgage portfolio, the total reserve to loan ratio would be 1.17%. Total deposits increased by $131 million or 2.7% annualized during Q1 2025, primarily due to a net increase of $67 million in core deposits and an increase of $64 million in time deposits.

準備金與貸款比率從 2024 年第四季的 0.83% 上升至 2025 年第一季的 0.91%。然而，如果不包括我們的住宅抵押貸款組合，總準備金與貸款比率將為 1.17%。2025 年第一季度，總存款增加了 1.31 億美元，即年化成長率為 2.7%，主要原因是核心存款淨增加 6,700 萬美元，定期存款增加 6,400 萬美元。

Total core deposits increased $67 million due to seasonal factors and marketing activities. Total time deposits, excluding broker deposits, increased $41 million during Q1 2025 due to promotional campaign in the first month of the year.

由於季節性因素和行銷活動，核心存款總額增加了 6,700 萬美元。由於今年第一個月的促銷活動，2025 年第一季定期存款總額（不包括經紀人存款）增加了 4,100 萬美元。

As of March 31, 2025, total uninsured deposits were $8.5 billion, net of $0.8 billion in collateralized deposits or 42.7% of total deposits. We have an unused borrowing capacity from the Federal Home Loan Bank of $7 billion and the Federal Reserve Bank of $343 million and unpledged securities of $1.5 billion as of March 31, 2025. These sources of available liquidity more than cover 100% of uninsured and uncollateralized deposits as of March 31, 2025.

截至 2025 年 3 月 31 日，無保險存款總額為 85 億美元，扣除 8 億美元的抵押存款，佔存款總額的 42.7%。截至 2025 年 3 月 31 日，我們從聯邦住房貸款銀行和聯邦儲備銀行獲得的未使用借款能力分別為 70 億美元和 3.43 億美元，未質押證券為 15 億美元。截至 2025 年 3 月 31 日，這些可用流動性來源涵蓋了 100% 以上的無保險和無抵押存款。

I will now turn the floor over to our Executive Vice President and Chief Financial Officer, Mr. Heng Chen, to discuss quarterly financial results in more detail.

現在，我將把發言權交給我們的執行副總裁兼財務長陳恆先生，更詳細地討論季度財務業績。

Thank you, Chang, and good afternoon, everyone. For Q1 2025, net income decreased $10.7 million or 13.3% to $69.5 million compared to [$80.2 million] for Q4 2024, primarily to an increase of $10.7 million and provision for income taxes due to an increase in the effective tax rate, resulting from no investment in solar tax credit funds in 2025. Net interest margin increased to 3.25% for Q1 2025, from 3.07% for Q4 2024.

謝謝張先生，大家下午好。2025 年第一季度，淨收入為 6,950 萬美元，較 2024 年第四季的 [8,020 萬美元] 減少 1,070 萬美元（13.3%），主要原因是由於 2025 年沒有投資太陽能稅收抵免基金，導致有效稅率上升，從而計提了所得稅。淨利差從 2024 年第四季的 3.07% 上升至 2025 年第一季的 3.25%。

In Q1 2025, interest recoveries and prepayment penalties added 6 basis points to net interest margin as compared to adding 4 basis points in net interest margin for Q4 2024. Based on the first quarter net interest margin, we have increased our 2025 guidance to 3.25% to 3.35% for NIM from the previous 3.10% to 3.2%.

2025 年第一季度，利息回收和提前還款罰金使淨利差增加了 6 個基點，而 2024 年第四季淨利差增加了 4 個基點。根據第一季的淨利差，我們將 2025 年淨利差預期從先前的 3.10% 至 3.2% 上調至 3.25% 至 3.35%。

Non-interest income for Q1 decreased $4.3 million to $11.2 million when compared to $15.5 million in Q4 of 2024. The decrease was primarily due to $2.9 million mark-to-market unrealized loss on equity securities and at $1.5 million decrease in other operating income due to lower foreign exchange income, loan and derivative fees and an interest swap -- interest rate swap loss.

第一季的非利息收入為 1,120 萬美元，而 2024 年第四季的非利息收入為 1,550 萬美元，減少了 430 萬美元。下降的主要原因是，股票證券的市價未實現損失為 290 萬美元，以及外匯收入、貸款和衍生性商品費用以及利率掉期（利率掉期損失）減少導致其他營業收入減少 150 萬美元。

Non-interest expense increased by $0.5 million or 0.6% to $85.7 million in Q1 2025 when compared to $85.2 million in Q4 of 2024. The increase was primarily due to $2.2 million higher FDIC assessment this quarter compared to Q4 2024, which was lower because of the reversal of an over accrual of FDI assessment and $1.1 million increase in computer and equipment expense, offset by $1.7 million in lower solar tax credit fund amortization and $1.3 million in lower professional expense.

2025 年第一季非利息支出為 8,570 萬美元，較 2024 年第四季的 8,520 萬美元增加 50 萬美元（增幅 0.6%）。成長的主要原因是本季的 FDIC 評估金額較 2024 年第四季增加了 220 萬美元，而 2024 年第四季的評估金額較低，是因為逆轉了 FDI 評估的過度應計以及電腦和設備費用增加了 110 萬美元，但太陽能稅收抵免基金攤銷減少了 170 萬美元，專業費用減少了 130 萬美元。

The effective tax rate for Q1 2025 was 19.82% as compared to 7.57% for Q4 2024. The increase in the effective tax rate was due to a decrease in solar tax credit fund investment because of limitations on tax credits.

2025 年第一季的有效稅率為 19.82%，而 2024 年第四季的有效稅率為 7.57%。有效稅率的增加是由於稅收抵免的限制導致太陽能稅收抵免基金投資減少。

As of March 31, 2025, our Tier 1 leverage capital ratio increased to 11.06% as compared to 10.97%. As of December 31, 2024, our Tier 1 risk-based capital ratio increased to 13.57% And from 13.55% as of December 31, 2024. And our total risk-based capital ratio increased to 15.1% and from 15.09% as of December 31, 2024.

截至 2025 年 3 月 31 日，我們的一級槓桿資本比率從 10.97% 上升至 11.06%。截至 2024 年 12 月 31 日，我們的一級創投比率從 2024 年 12 月 31 日的 13.55% 增加到 13.57%。我們的總創投比率從 2024 年 12 月 31 日的 15.09% 上升至 15.1%。

Thank you, Heng. We will now proceed to the question-and-answer portion of the call.

謝謝你，Heng。我們現在將進入電話會議的問答部分。

(Operator Instructions) Chris McGratty, KBW.

（操作員指示）Chris McGratty，KBW。

This is Andrew Leischner on for Chris McGratty. So just looking at the margin, can you provide what the sensitivity would be to the margin guide and maybe NII levels if we were to get more than the 1 interest rate cut in July?

這是克里斯麥格拉蒂 (Chris McGratty) 的安德魯萊施納 (Andrew Leischner)。那麼，僅從保證金來看，如果我們在 7 月獲得超過 1 次的降息，您能否提供保證金指南和 NII 水平的敏感度是多少？

Well, on a whole year basis, it would be about 4 basis points for every rate cut. So if it happens in July, it's only [2]. --

嗯，從全年來看，每次降息大約會降 4 個基點。所以如果它發生在七月，那隻是[2]。--

No, sorry, I was going to switch gears there. All right. Can you just provide the spot deposit cost at the end of the quarter? And also if you have the average margin for the month of March?

不，抱歉，我正要換個話題。好的。您能否提供季度末的現貨存款成本？另外您有三月的平均利潤率嗎？

Yes. The average margin for the month of March was 3.39%. It had the bulk of the interest recoveries or the first quarter, excluding the interest recoveries, the net margin was 3.21%. And then you like the rates on deposits or spot rates?

是的。3月份的平均利潤率為3.39%。第一季大部分利息回收都是由該公司承擔的，除去利息回收，淨利潤率為3.21%。那麼您喜歡存款利率還是現貨利率呢？

Yes, please.

是的，請。

Okay. So the spot rate for total interest-bearing deposits at March 31, 2025, was 3.36%.

好的。因此，2025 年 3 月 31 日總計利息存款的即期利率為 3.36%。

Gary Tenner, D.A. Davidson.

加里·坦納（Gary Tenner），地方檢察官戴維森。

I appreciate the change you made to your loan growth guide for the year, lowering it from 3% to 4% to 1% to 4%. Can you talk about kind of what you're seeing in your pipeline and customer behavior today compared to 30, 60 days ago that kind of drove that decline?

我很欣賞您對今年的貸款成長指南所做的修改，將其從 3% 至 4% 降低到 1% 至 4%。您能否談談與 30 或 60 天前相比，您今天在通路和客戶行為方面看到的情況，是什麼導致了這種下降？

Sure, Gary. I think for us, the pipeline in the commercial real estate side is still relatively strong compared to the last two years at the same time from a broad relative perspective. And then I think the guidance is really just to -- given the current uncertainty and what we're seeing on the tariff side, particularly on the C&I clients that were concerned about sort of the growth prospects in that particular side of the business.

當然，加里。我認為，從廣泛的相對角度來看，與過去兩年同期相比，我們在商業房地產的儲備仍然相對強勁。然後我認為指導實際上只是為了——考慮到當前的不確定性以及我們在關稅方面看到的情況，特別是那些擔心該業務特定方面的成長前景的 C&I 客戶。

And even the residential mortgage, while we've seen some slight uptick recently, I think there was a recent article in the Wall Street about how it's now not the seller's market and it's a little bit shifting a little bit. So we're seeing a little bit of pickup there. So that's the reason for the sort of revision to the guidance.

甚至住宅抵押貸款，雖然我們最近看到了一些小幅上漲，但我認為華爾街最近有一篇文章談到現在不是賣方市場，而且正在發生一些轉變。因此，我們看到那裡出現了一些回升。這就是對指南進行修改的原因。

So just as a follow-up to that, are you seeing projects being delayed or C&I customers talking about just not investing or undertaking any investment in their companies. What are you hearing, I guess, more specifically on the C&I side?

因此，作為後續問題，您是否看到專案被推遲，或者 C&I 客戶談論不投資或不對其公司進行任何投資。我想，您聽到了什麼，更具體地說是 C&I 方面的聲音？

Yes, that's probably the bulk of it is there were some growth plans or expansion plans or anything like that, I think there's some pause to that. I think they're more focused on managing their balance sheet and P&L, both sort of the top line side because the demand is going to slow down and as well as sort of the cost side, right. So their inventory prices is unpredictable somewhat in the near future, so they're trying to manage the P&L side and the balance sheet rather than thinking about growth/

是的，其中可能大部分是一些成長計劃或擴張計劃或諸如此類的東西，我認為其中有一些暫停。我認為他們更注重管理資產負債表和損益表，這兩者都是營收方面，因為需求將會放緩，而且成本方面也是如此，對吧。因此，他們的庫存價格在不久的將來是難以預測的，所以他們試圖管理損益表和資產負債表，而不是考慮成長/

Let me add. We also reasonably wide that guess if there's -- if the tariff situation doesn't improve, we expect some loan paydowns as some importers just stop importing and sell out. A very few of the importers import primarily from China, and they would just pause their imports for whatever, nine months or whenever until conditions improve. So that's another factor in widening the gap.

讓我補充一下。我們也合理地猜測，如果關稅情況沒有改善，我們預計一些進口商將停止進口並出售部分貸款。很少有進口商主要從中國進口，他們會暫停進口九個月或任何時候，直到情況好轉。這是擴大差距的另一個因素。

And I'll add one more. Some of our C&I customers have already told us that they've built up some excess inventory anywhere between three to nine months. So the line usage on what they need is going to be flat.

我再補充一點。我們的一些 C&I 客戶已經告訴我們，他們在三到九個月的時間內累積了一些過剩庫存。因此，他們所需的線路使用量將會持平。

Andrew Terrell, Stephens.

安德魯·特雷爾，史蒂芬斯。

If I could just go back to the question that was asked a minute ago around the margin and the impact of rate cuts specifically on the forward guide, I appreciate the 4 basis points annualized for every cut. Just to clarify, is that or if we go down 25% on rates, is that 4 basis points positive to the NIM on a full year basis or negative?

如果我可以回到剛才提出的關於利潤率以及降息對前瞻性指引的影響的問題，我很欣賞每次降息都帶來 4 個基點的年化收益。只是為了澄清一下，如果我們將利率降低 25%，那麼全年的 NIM 是否會上升 4 個基點還是下降？

Positive. So you can see in the first quarter, our loans only decreased by 2 basis points, and our deposits went down by 29%. So this year, I think we're going to be helped by the fact that about 60% of our loans are fixed or hybrids in the fixed period. So they're not going to go down that much.

積極的。所以你可以看到，在第一季度，我們的貸款只減少了 2 個基點，而存款下降了 29%。因此，我認為今年我們將受益於以下事實：大約 60% 的貸款是固定期限的固定貸款或混合貸款。所以它們不會下降那麼多。

100%. Yes, I get it. I just wanted to clarify that. Shifting over to the -- just the ACL. I think you called out that the provision this quarter, the allowance build was one specific C&I credit. I'm curious if that one specific commercial credit, was that a borrower that fell in that 1.4% of loans that you guys highlighted it could be impacted by tariffs?

100%。是的，我明白了。我只是想澄清這一點。轉移到－僅 ACL。我認為您提到本季的準備金、津貼建設是一項特定的 C&I 信貸。我很好奇，那個特定的商業信貸，是否是你們強調的 1.4% 貸款中的借款人，可能會受到關稅的影響？

And then just more broadly, as you did the work to kind of ring-fence the borrowers and exposure where you could be more impacted by tariffs, have you taken any incremental provisions or built allowances on those specific relationships?

然後更廣泛地說，當您開展工作以保護借款人和可能受關稅影響更大的風險敞口時，您是否針對這些特定關係採取了任何增量規定或建立了津貼？

Yes, that reserve, which was the majority of the Q1 reserve was for a domestic company. So they're not trade finance related at all. And then we did the rest of the buildup in the reserve was tariff related, we're hopeful that covers most of the exposure. As I mentioned before, yes, I think our importers, though just they should be able to pass on the cost of tariffs if they're reasonable, if not, they'll stop importing that particular line of imports.

是的，該儲備金，即第一季儲備金的大部分，是用於國內公司的。所以它們與貿易融資根本無關。然後，我們完成了與關稅相關的儲備的剩餘部分的積累，我們希望這能夠覆蓋大部分風險敞口。正如我之前提到的，是的，我認為我們的進口商應該能夠轉嫁關稅成本（如果關稅合理），否則他們就會停止進口該特定係列的產品。

Do you have what the allowance is on that aggregate 1.4% of loans?

您對總計 1.4% 的貸款有多少免稅額？

It's probably 2%.

大概是2%。

Got it. Okay. And if I could ask just one more on the buyback. It looks like you -- I mean, it's good to see you guys completed the authorization in the quarter. It looks like the price bought back was around -- I think it was [$46, $47].

知道了。好的。我是否可以再問一個有關回購的問題。看起來——我的意思是，很高興看到你們在本季完成了授權。看起來回購的價格大約是——我認為是[46美元，47美元]。

Yes, I didn't see -- I might have missed it, but I didn't see a new authorization in place. I would assume you've given you've still got pretty strong capital, it seems like the growth could maybe be a little bit more balance sheet-wise. Would expectations be that we get another buyback at some point in the future? And just remind us kind of your interest in repurchasing going forward.

是的，我沒有看到——我可能錯過了，但我沒有看到新的授權。我認為，鑑於您仍然擁有相當雄厚的資本，從資產負債表來看，成長似乎可能會更加強勁一些。我們是否期望在未來某個時候再次進行回購？請提醒我們您對未來回購的興趣。

Yes. We're waiting for regulatory approval. Once we get it, we'll announce our new buyback program.

是的。我們正在等待監管部門的批准。一旦我們得到它，我們將宣布我們的新回購計劃。

(Operator Instructions) Adam Butler, Piper Sandler.

（操作員指示）亞當·巴特勒、派珀·桑德勒。

This is Adam on for Matthew Clark. Just my first question is on non-interest expense. I know that your guidance outlook is consistent quarter-over-quarter for 4.5% to 5.5% growth year-over-year, but I just noticed that there were some puts and takes within some of the expense lines. So I was just curious if you could walk through some of the major expense lines and just kind of talk about how you expect them to grow or decline throughout the year.

這是亞當 (Adam) 代替馬修克拉克 (Matthew Clark)。我的第一個問題是關於非利息支出。我知道您的指導前景與上一季一致，年增 4.5% 至 5.5%，但我注意到，在某些費用項目上存在一些利弊。所以我只是好奇您是否可以介紹一些主要的支出項目，並談談您預計它們全年將如何增長或下降。

Let me cover that. So -- yes, just on some of the major categories, on the salaries, some benefits we picked up about $2.5 million from excess bonus accruals in 2024. So that offset the annual FICA yet, and we think our consulting expense should be lower in the second half of the year. I think that's -- that's pretty much it looking at the income statement.

讓我來解釋一下。所以 — — 是的，僅在一些主要類別、工資和一些福利方面，我們在 2024 年從超額獎金累積中獲得了約 250 萬美元。因此，這抵消了年度聯邦保險捐款法 (FICA)，我們認為下半年的諮詢費用應該會更低。我認為——這就是損益表的內容。

Okay. That's helpful. And then just one other one for me. Most of my questions have been asked and answered. But just on the deposit growth during the quarter was robust. And I was just curious what -- to what degree is there seasonality involved in the deposit flows this quarter? And you kind of -- what kind of trends are you seeing from the growth standpoint? .

好的。這很有幫助。然後我只需要再來一個。我的大部分問題都已提出並得到解答。但本季存款成長強勁。我只是好奇——本季存款流動在多大程度上受到季節性的影響？您從成長角度看到了什麼樣的趨勢？。

I think the only seasonality is that our Lunar New Year promotion is in January and February. So we picked up probably a net of about $200 million. And then we left some brokerage CDs run off given our increase in relationship deposits.

我認為唯一的季節性是我們的農曆新年促銷活動是在一月和二月。因此我們的淨利潤大概是 2 億美元。然後，由於我們的關係存款增加，我們留下了一些經紀存款單。

Okay. And if I could just follow up on the Lunar New Year deposit specials. What was the rate offered this year? And how does it compare to last year's special?

好的。我是否可以跟進農曆新年存款特價活動。今年的利率是多少？與去年的特別活動相比如何？

Yes, it was for the six months, it was about [410 versus the 450] or so for the July renewals. And then the one year, we actually did 13 months this year. That was also [410s], right?

是的，就六個月而言，七月的續約數量大約是 [410 比 450] 左右。然後這一年，我們今年實際上已經完成了 13 個月。那也是[410s]，對嗎？

It's about [410] as well.

這也是關於[410]的。

And that's coming off of I think, [540] or something, [530].

我認為這來自[540]或類似的東西，[530]。

Thank you for your participation. I will now turn the call back over to Cathay General Bancorp's management for closing remarks.

感謝您的參與。現在我將電話轉回國泰萬通金控管理階層，請他們作最後發言。

I want to thank everyone for joining us on our call, and we look forward to speaking to you next quarterly earnings release call.

我要感謝大家參加我們的電話會議，我們期待在下次季度收益發布電話會議上與您交談。

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。演講到此結束。您現在可以斷開連線。再會。