Civista Bancshares Inc (CIVB) 2026 Q1 法說會逐字稿

Before we begin, I would like to remind you that this conference call may contain forward-looking statements with respect to the future performance and financial condition of Civista Bancshares Inc that involve risks and uncertainties. Various factors could cause actual results to be materially different from any future results expressed or implied by such forward-looking statements.

在我們開始之前，我想提醒各位，本次電話會議可能包含有關 Civista Bancshares Inc 未來經營表現與財務狀況的前瞻性陳述，且涉及風險與不確定性。多項因素可能導致實際結果與此等前瞻性陳述所明示或暗示的任何未來結果存在重大差異。

These factors are discussed in the company's SEC filings, which are available on the company's website. The company disclaims any obligation to update any forward-looking statements made during the call.

這些因素已在公司向 SEC 提交的文件中討論，相關文件可於公司網站取得。公司不承擔更新本次電話會議中所作任何前瞻性陳述的義務。

Additionally, management may refer to non-GAAP measures which are intended to supplement, but not substitute the most directly comparable GAAP measures. The press release, also available on the company's website, contains the financial and other quantitative information to be discussed today, as well as the reconciliation of the GAAP to non-GAAP measures.

此外，管理層可能會提及非 GAAP 指標，其目的在於補充而非取代與之最直接可比的 GAAP 指標。新聞稿（亦可於公司網站取得）包含今日將討論的財務及其他量化資訊，以及 GAAP 與非 GAAP 指標之間的調節表。

This call will be recorded and made available on Civista Bancshares' website at www.civb.com. At the conclusion of Mr. Shaffer's remarks, he and the Civista management team will take any questions you may have. Now I will turn the call over to Mr. Shaffer. Please go ahead.

本次電話會議將被錄音，並於 Civista Bancshares 的網站 www.civb.com 提供回放。在 Shaffer 先生發言結束後，他與 Civista 管理團隊將回答各位可能提出的任何問題。現在我把電話交給 Shaffer 先生。

Good afternoon. This is Dennis Shaffer, President and CEO of Civista Bancshares, and I would like to thank you for joining us for our first quarter 2026 earnings call. I'm joined today by Chuck Parcher, EVP of the company and President of the Bank; Rich Dutton, SVP of the company and Chief Operating Officer; Ian Whinnem, SVP of the company and Chief Financial Officer; and other members of our executive team.

各位下午好。我是 Civista Bancshares 總裁兼執行長 Dennis Shaffer，感謝各位參加我們 2026 年第一季財報電話會議。今天與我一同出席的有：公司執行副總裁兼銀行總裁 Chuck Parcher；公司資深副總裁兼營運長 Rich Dutton；公司資深副總裁兼財務長 Ian Whinnem；以及我們執行團隊的其他成員。

This morning, we reported net income for the first quarter of $15 million or $0.72 per diluted share, which represents a $4.8 million or 47% increase over our first quarter of 2025 and a $2.7 million or 22% increase over our linked quarter. This also represented an increase in pre-provision net revenue of $3.8 million or 29% over our first quarter in 2025 and a $3.2 million or 3.8% increase over our linked quarter.

今天上午，我們公布第一季淨利為 1,500 萬美元，或稀釋後每股盈餘 0.72 美元，較 2025 年第一季增加 480 萬美元或 47%，較上一季（連續季度）增加 270 萬美元或 22%。這也代表稅前、提存前淨收益（pre-provision net revenue）較 2025 年第一季增加 380 萬美元或 29%，較上一季增加 320 萬美元或 3.8%。

Our first quarter highlights include the successful completion of the core system conversion of the Farmers Savings Bank that we acquired during the fourth quarter of 2025. As a result, our first quarter earnings include what should be the last expenses associated with the acquisition. These onetime expenses impacted our first quarter net income by approximately $400,000 or $0.02 per common share.

第一季亮點包括：成功完成我們於 2025 年第四季收購之 Farmers Savings Bank 的核心系統轉換。因此，我們第一季獲利包含了應為與該收購相關的最後一筆費用。這些一次性費用使第一季淨利約減少 40 萬美元，或每股普通股約 0.02 美元。

For the quarter, core deposit funding increased organically by over $60 million. This allowed us to reduce brokered deposits by $25 million. This represents the sixth consecutive quarter in which we reduced the brokered funding. Our net interest margin expanded by 16 basis points to 3.85% as we continued our disciplined approach to managing our asset pricing and funding costs.

本季核心存款資金來源有機成長超過 6,000 萬美元。這使我們得以將經紀存款（brokered deposits）減少 2,500 萬美元。這是我們連續第六個季度降低經紀資金來源。隨著我們持續以嚴謹方式管理資產定價與資金成本，淨利差擴大 16 個基點至 3.85%。

Our earning asset yield for the quarter increased by 5 basis points over our linked quarter to 5.66%. Our cost of funds was 1.96% for the quarter, down 35 basis points from the first quarter of 2025 and 12 basis points from the linked quarter, while our cost of deposits was 1.81%, down 19 basis points year-over-year and 11 basis points sequentially.

本季生息資產收益率較上一季提高 5 個基點至 5.66%。本季資金成本為 1.96%，較 2025 年第一季下降 35 個基點，較上一季下降 12 個基點；其中存款成本為 1.81%，年減 19 個基點，季減 11 個基點。

Our decline in funding cost was largely attributable to $125 million of brokered CDs that matured in late December that carried a weighted average rate of 4.23%. And we were able to replace and reduce these mature and brokered CDs with $100 million in brokered CDs with a weighted average rate of 3.87%, representing a savings of 36 basis points in addition to reducing the amount of brokered funding.

資金成本下降主要歸因於 1.25 億美元的經紀定存（brokered CDs）於 12 月下旬到期，其加權平均利率為 4.23%。我們得以用 1 億美元、加權平均利率 3.87% 的經紀定存來替換並同時縮減這些到期的經紀定存，除降低經紀資金規模外，亦節省了 36 個基點。

Net interest income for the quarter was $37.8 million, which represents an increase of $5.1 million or 15% compared to the first quarter of 2025 and an increase of $1.4 million or 4% compared to our linked quarter. Despite loan balances being down, we had strong loan production across our footprint during the quarter that was offset by significant payoffs.

本季淨利息收入為 3,780 萬美元，較 2025 年第一季增加 510 萬美元或 15%，較上一季增加 140 萬美元或 4%。儘管貸款餘額下降，我們本季在營運版圖內的放款承作量仍然強勁，但被大量提前清償所抵銷。

Our lending teams generated $214 million of new loan production during the quarter that was offset by $83 million in early payoffs in addition to normal principal pay down. Our ROA for the quarter was 1.41%, our ROE for the quarter improved to 10.97%, and our tangible book value per share improved to $19.70.

本季我們的放款團隊新增貸款承作 2.14 億美元，但除正常本金攤還外，另有 8,300 萬美元提前清償予以抵銷。本季資產報酬率（ROA）為 1.41%，股東權益報酬率（ROE）提升至 10.97%，每股有形帳面價值提升至 19.70 美元。

Our continued strong financial performance and ability to consistently create capital gives us options as we think about the best ways to deploy our capital. Earlier this week, we announced a quarterly dividend of $0.18 per share, which is consistent with our prior dividend and the renewal of our stock repurchase program authorizing management to repurchase up to $25 million in outstanding common shares.

我們持續強勁的財務表現與穩定創造資本的能力，使我們在思考如何最佳運用資本時擁有更多選項。本週稍早，我們宣布每股 0.18 美元的季度股利，與先前股利水準一致；同時也續行股票回購計畫，授權管理層最多可回購 2,500 萬美元的流通在外普通股。

During the quarter, noninterest income declined by $453,000 or 4.6% from our linked quarter and increased $1.6 million or 20% over the first quarter of 2025. The primary driver of the decline from our linked quarter was a $336,000 decline in card fees due to the typical elevated spending that comes during the holiday. The primary drivers of the increase in noninterest income over the prior year were a $190,000 increase in service charges, a $1 million increase in net gains on loan and lease sales and a $444,000 increase in other income related to reserves that have been established at our insurance subsidiary for claims that subsequently never materialized.

本季非利息收入較上一季減少 45.3 萬美元或 4.6%，較 2025 年第一季增加 160 萬美元或 20%。較上一季下滑的主要原因為卡片手續費減少 33.6 萬美元，係因假期期間通常會出現較高的消費支出。非利息收入較去年同期增加的主要動能包括：服務費增加 19 萬美元、貸款與租賃出售淨收益增加 100 萬美元，以及其他收入增加 44.4 萬美元（與我們保險子公司先前為理賠所提列、但後續未實際發生之準備金相關）。

Noninterest expense declined by $1.1 million or 3.6% from our linked quarter and decreased -- or increased $2.7 million or 10% over the prior year. The decline from our linked quarter was a result of a commission accrual adjustment in the fourth quarter of 2025. Our actual commission expense was $1.4 million lower than what had been accrued and was adjusted in the fourth quarter. We are now adjusting all accruals at least quarterly.

本季非利息費用較上一季減少 110 萬美元或 3.6%，且較去年同期增加 270 萬美元或 10%。較上一季下降係源於 2025 年第四季的佣金應計調整。我們實際發生的佣金費用比先前應計金額少 140 萬美元，並已於第四季進行調整。我們目前至少每季調整一次所有應計項目。

The primary driver of the increase in noninterest expense over the prior year was a $2.2 million increase in compensation expense associated with increased salaries, commissions and medical expenses.

非利息費用較去年同期增加的主要原因為薪酬費用增加 220 萬美元，與薪資、佣金及醫療費用上升相關。

In addition to annual increases, our average FTE employees increased from 520 in the first quarter of last year to 535 in the first quarter of 2026. Much of the increase in FTEs came from the employees that joined us through our recent Farmers acquisition. We also had $400,000 in other expenses that we believe will be the last significant expenses related to the acquisition. Our efficiency ratio for the quarter improved to 60.1% compared to 64.9% for the prior year first quarter. Our effective tax rate was 16.8% for the quarter.

除年度調薪外，我們的平均全職當量（FTE）員工數由去年第一季的 520 人增加至 2026 年第一季的 535 人。FTE 增加多數來自近期收購 Farmers 所加入的員工。此外，我們還有 40 萬美元的其他費用，我們認為這將是與該收購相關的最後一筆重大費用。本季效率比率改善至 60.1%，相較去年第一季為 64.9%。本季有效稅率為 16.8%。

Turning our focus to the balance sheet. Strong loan production across our footprint was offset by significant payoffs during the quarter. Our lending teams generated $214 million of new loan production during the quarter that was offset by $83 million in payoffs in addition to normal principal pay down.

接著把焦點轉向資產負債表。本季我們在營運版圖內的強勁放款承作量，被大量清償所抵銷。本季我們的放款團隊新增貸款承作 2.14 億美元，但除正常本金攤還外，另有 8,300 萬美元清償予以抵銷。

This compares to the prior year's first quarter, when we originated $181 million in new loans and we experienced $21 million in loan payoffs. We consider these good payoffs, as they were successful real estate projects that were sold or taken to the permanent market. We also had a few loans to operating companies that were sold during the quarter and paid off their loans.

相較之下，去年第一季我們新增放款 1.81 億美元，且貸款清償為 2,100 萬美元。我們認為這些清償是良性的，因為它們來自成功的房地產專案，相關資產已出售或轉入長期（永久）融資市場。本季我們也有少數營運公司貸款，因公司在本季出售而清償其貸款。

Loan production grew with each month's production during the quarter from $49 million in January to $59 million in February to $106 million in March. During the quarter, new and renewed commercial loans were originated at an average rate of 6.52%, and leases were originated at an average rate of 9.03%.

本季各月的放款產出逐月成長，從1月的4,900萬美元增至2月的5,900萬美元，再到3月的1.06億美元。本季新承作及續作的商業放款平均利率為6.52%，租賃平均承作利率為9.03%。

Additionally, our undrawn construction lines were $175 million at quarter-end compared to $161 million at year-end. We ended the quarter with a loan-to-deposit ratio of 92%. Loans secured by office buildings make up only 4.7% of our total loan portfolio.

此外，季末我們未動用的建築授信額度為1.75億美元，較年末的1.61億美元增加。本季末我們的放款對存款比率為92%。以辦公大樓作為擔保的放款僅占我們整體放款組合的4.7%。

As we have stated previously, these loans are not secured by high rise metro office buildings, rather, they are predominantly secured by single- or two-story offices located outside of central business districts. We also have very little exposure to non-deposit financial institutions.

如我們先前所述，這些放款並非以都會區高樓層辦公大樓作為擔保；相反地，主要以位於非核心商業區、單層或雙層的辦公室作為擔保。我們對非存款型金融機構的曝險也非常有限。

As a commercial real estate lending bank, we are mindful of our non-owner occupied CRE concentration and continue to diversify our loan portfolio. At March 31, 2026, our CRE to risk-based capital ratio was 261%.

作為一家商用不動產放款銀行，我們留意自身非自用（non-owner occupied）商用不動產（CRE）集中度，並持續分散我們的放款組合。截至2026年3月31日，我們的CRE對風險基礎資本比率為261%。

While we experienced a reduction in total loans during the quarter, loan demand remains solid in each of our markets, and our pipelines continue to grow. At March 31, 2026, our residential mortgage loan pipeline was up 25%, and our commercial loan pipeline was up 102% over the prior year. We anticipate growing the loan portfolio at a mid-single-digit rate over the balance of the year.

雖然本季我們的放款總額有所下降，但各市場的放款需求仍然穩健，我們的案源管線也持續成長。截至2026年3月31日，我們的住宅房貸案源管線較前一年增加25%，商業放款案源管線較前一年增加102%。我們預期在今年剩餘期間，放款組合將以中個位數的速度成長。

On the funding side, total deposits increased $35.4 million or an annualized growth rate of 4%. However, if we back out the brokered deposits, our core deposit balances grew by $60.4 million or 8% for the quarter. This represents six of the last seven quarters in which we have grown our core deposit balances while reducing our cost of funds.

在資金端方面，存款總額增加3,540萬美元，折算年化成長率為4%。然而，若扣除經紀存款（brokered deposits），我們的核心存款餘額本季增加6,040萬美元，增幅為8%。這是過去七個季度中有六個季度，我們在降低資金成本的同時仍能提升核心存款餘額。

Much of this growth came in interest-bearing demand accounts and in our savings and money market accounts. This increase in lower rate deposits, combined with our continued shift from brokered deposits to more core deposit funding, contributed to an 11 basis point decline in our cost of deposits from the linked quarter.

這些成長多來自計息活期存款帳戶，以及我們的儲蓄與貨幣市場帳戶。較低利率存款的增加，加上我們持續將資金來源由經紀存款轉向更多核心存款資金，促使我們的存款成本較上一季下降11個基點。

Our deposit base remains fairly granular, with our average deposit count, excluding CDs, approximately $28,000. Other than the $523 million of public funds, which are primarily operating accounts with various municipalities across our footprint, we had no deposit concentrations at quarter-end.

我們的存款基礎仍相當分散；排除定期存單（CD）後，我們的平均存款金額約為28,000美元。除5.23億美元的公款（public funds）外（主要為我們服務範圍內各地方政府的營運帳戶），季末我們並無任何存款集中度。

Our commercial bankers, treasury management officers, private bankers and retail staff continue to have success gathering additional deposits from our commercial, small business and retail customers, as evidenced by our organic deposit growth. We believe our low-cost deposit franchise continues to be one of Civista's most valuable characteristics, contributing significantly to our solid net interest margin and overall profitability.

我們的商業銀行團隊、財資管理主管、私人銀行家與零售人員，持續成功自商業、小型企業與零售客戶吸收更多存款，從我們的有機存款成長即可見一斑。我們相信低成本存款平台仍是Civista最具價值的特質之一，對我們穩健的淨利息利差與整體獲利能力有重大貢獻。

We view our securities portfolio as a significant source of liquidity. At quarter-end, our securities portfolio totaled $682 million, which represented 16% of our balance sheet, and when combined with our cash balances, represents 22% of our total deposits. Our securities are classified as available for sale and had $49 million or approximately 7% of unrealized losses associated with them.

我們將證券投資組合視為重要的流動性來源。季末我們的證券投資組合總額為6.82億美元，占資產負債表的16%；若加計現金餘額，合計相當於存款總額的22%。我們的證券分類為可供出售（available for sale），其相關未實現損失為4,900萬美元，約占7%。

Civista's strong earnings continue to create capital, and our overall goal remains to maintain our capital at a level that supports organic growth and allows for prudent investment into our company.

Civista強勁的獲利持續創造資本，而我們的整體目標仍是將資本維持在可支持有機成長、並允許對公司進行審慎投資的水準。

Earlier this week, we announced an $0.18 per share dividend based on the quarter-end market close of $22.79. This represents an annualized yield of 3.16% and a payout ratio of 25%. We view this as a sign of confidence management and our Board of Directors have in Civista's ability to continue generating strong earnings.

本週稍早，我們宣布每股0.18美元的股利，以季末收盤價22.79美元計算，年化殖利率為3.16%，配息率為25%。我們將此視為管理團隊與董事會對Civista持續創造強勁獲利能力的信心展現。

Additionally, Civista's Board of Directors increased and renewed a $25 million common share repurchase authorization earlier this week. While we have not repurchased any shares over the past several quarters, our regulatory capital and tangible common equity ratios are strong and continue to grow. We continue to believe our stock is a value, and we'll continue to evaluate repurchase opportunities.

此外，本週稍早Civista董事會提高並續期了2,500萬美元的普通股回購授權。雖然過去幾個季度我們未回購任何股份，但我們的監理資本與有形普通股權益比率（tangible common equity ratios）仍然強勁且持續成長。我們仍相信本公司股票具備價值，並將持續評估回購機會。

During the quarter, we made a $768,000 credit to our provision and had net charge-offs of $716,000. The credit to our provision was attributable to lower expected losses due to lower outstanding loans and our continued strong credit metrics.

本季我們對備抵提存（provision）認列76.8萬美元的回沖（credit），且淨沖銷（net charge-offs）為71.6萬美元。備抵提存回沖主要歸因於放款餘額下降使預期損失降低，以及我們持續維持強勁的信用指標。

Our ratio of the allowance for credit losses to total loans is 1.26% at March 31, 2026, which is consistent with the 1.28% at December 31, 2025. Similarly, our ratio of allowance to nonperforming loans of 135% was virtually unchanged when comparing the same periods.

截至2026年3月31日，我們的信用損失準備（allowance for credit losses）對總放款比率為1.26%，與2025年12月31日的1.28%一致。同樣地，我們的準備金對不良放款比率為135%，與前述期間相比幾乎沒有變化。

Other than the general concern over the impact of macroeconomic uncertainties, the economy across Ohio and Southeastern Indiana is showing no sign of deterioration, and our credit quality remains strong.

除對總體經濟不確定性影響的普遍擔憂外，俄亥俄州及印第安納州東南部的經濟未見惡化跡象，我們的資產品質仍然強勁。

In summary, we are very pleased with the continued expansion in our net interest margin, our ability to generate noninterest income from diversified revenue streams and to control our noninterest expense. We're also very pleased with our team's success in attracting more lower cost funding, which allowed us to continue reducing our dependency on brokered funding and anticipate mid-single-digit deposit and loan growth for the balance of 2026. Overall, 2026 is off to a good start, and our focus continues to be on creating shareholder value.

總結而言，我們對淨利息利差持續擴張、透過多元化收入來源創造非利息收入的能力，以及對非利息費用的控管，感到非常滿意。我們也非常滿意團隊在吸收更多低成本資金方面的成果，使我們得以持續降低對經紀資金的依賴，並預期2026年剩餘期間存款與放款將以中個位數成長。整體而言，2026年開局良好，我們的重點仍是創造股東價值。

Thank you for your attention this afternoon and in your investment. And now, we'll be happy to address any questions you may have.

感謝各位今天下午的關注以及對我們的投資。接下來，我們很樂意回答各位可能有的任何問題。

(Operator Instructions)

（接線員指示）

Brendan Nosal, Hovde Group.

Brendan Nosal，Hovde Group。

Maybe just starting off here on the loan growth outlook. I totally get the moving pieces this quarter. I mean, it sounds like origination activity is quite strong, but the payoffs were a significant headwind for this quarter. I guess just as you look ahead, what gives you confidence that payoff levels will decline such that you can get back to that mid-single-digit pace of growth?

我想先從放款成長展望談起。我完全理解本季有許多變動因素。聽起來承作動能相當強，但提前清償（payoffs）對本季造成了顯著逆風。我想請教，展望未來，什麼因素讓你們有信心提前清償的水準會下降，從而讓成長回到中個位數的步調？

This is Chuck. We watch those closely. We've got a couple of other large ones we know that we're going to look at here in the second quarter, but we still think we're going to see some growth in the second quarter. And we feel like that mid-single-digit outlook is pretty good looking forward.

我是Chuck。我們會密切追蹤那些情況。我們知道第二季還會有幾筆較大的案子需要觀察，但我們仍認為第二季會看到一些成長。而且我們覺得，往前看這個中個位數的展望相當不錯。

I've got confidence in -- as Dennis mentioned in his comments, our pipeline today is twice as large as it was in the pipeline at the same time last year. And we just got to get those to the closing table. And our -- just based on the production we had in the first quarter, as Dennis also alluded to, our undrawn construction funds are $14 million higher at the end of this quarter than they were at the end of the year. So we feel good about kind of [prognosticating] out that mid-single digits.

我有信心——正如Dennis在評論中提到的，我們目前的案源管線是去年同期的兩倍。我們只需要把這些案子推進到完成簽約交割。另外——也如Dennis所暗示的，基於第一季的產出，本季末我們未動用的建築資金較年末增加了1,400萬美元。因此，我們對於推估中個位數成長感到樂觀。

And first quarter typically is slower for us, too, Brendan, just because we do some construction-type commercial construction loans and stuff. And as Chuck alluded to, I think we put on a lot of balances there towards the end of the first quarter, and some of those were construction projects that we think those funds will draw up.

而且第一季對我們而言通常也比較慢，Brendan，主要因為我們有一些建築類的商業建築放款等業務。如Chuck所提到的，我認為我們在第一季末增加了不少餘額，其中一些是建築專案，我們認為這些資金會逐步動用。

Okay. Okay. Thanks for the color, guys. Maybe pivoting to the net interest margin. Heck of a lot of margin expansion this quarter, certainly more than I was expecting. Just as we look ahead, if we're in an environment where we don't get any more Fed rate cuts this year, how do you see the margin trending from this quarter's 3.85% level?

好的。好的。謝謝各位提供的補充說明。也許我們把話題轉到淨利差。本季淨利差擴張幅度非常大，確實比我預期的還多。往前看，如果今年聯準會不再降息，在本季 3.85% 的水準之上，你們認為淨利差走勢會如何？

Brendan, this is Ian. So second quarter, we expect flat to maybe a little bit of expansion, 1 to 2 basis points. And then likely putting that in the mid- to upper 3.80s and then leveling out in the high 3.80s in Q3 and beyond. That's with no rate cuts being planned. If there is a rate cut, we expect that to be maybe 1 to 2 basis points lower. If there's a rate increase at the end of the year, it could be 1 to 2 basis points higher.

Brendan，我是 Ian。第二季我們預期大致持平，可能小幅擴張 1 到 2 個基點。這樣大概會落在 3.80% 中段到高段，然後在第三季及之後大致持平於 3.80% 高段。這是在不規劃降息的情境下。如果有降息，我們預期可能會低 1 到 2 個基點。如果年底有升息，則可能會高 1 到 2 個基點。

And Brendan, we do have about $60 million of loans repricing in the second quarter and I think about $140 million after that for the remainder of the year. So a couple of hundred million dollars of loans will reprice from the 4.75% range to -- reprice today in the 6%s.

另外 Brendan，我們第二季大約有 6,000 萬美元的貸款會重新定價，之後今年剩餘期間大約還有 1.4 億美元。所以大概有 2 億美元左右的貸款會從約 4.75% 的區間重新定價到——以目前來看會重新定價到 6% 多的水準。

Jeff Rulis, D.A. Davidson.

Jeff Rulis，D.A. Davidson。

Thanks. Good afternoon. Late last year, we had discussions of kind of the bank putting up $0.75 in quarterly earnings towards the end of '26, implying a $3 annual run rate. It kind of seems like you pulled that forward 9 to 12 months, you're basically at that -- at the core level. I guess as you think about where you reorient with kind of the outlook from here, not to put you on the spot of earnings, but I guess, how do you met that opportunity with also as you talked about the buyback?

謝謝。午安。去年底我們曾討論過，銀行在 26 年底左右每季可做到約 0.75 美元的獲利，意味著年化約 3 美元的 run rate。看起來你們把這個時程提前了 9 到 12 個月，基本上在核心層面已經達到那個水準。我想問的是，當你們重新調整接下來的展望時（不是要你們當場給出獲利指引），你們如何在把握這個機會的同時，也如你們提到的進行庫藏股回購？

I would say, Jeff, the part of the earnings lift this time was that provision. We didn't have to fund any loan growth. That's going to cost us a couple of cents every quarter, on top of the couple of cents reduction that we got this quarter. So from a normalized basis, that $0.72 is probably more in the mid-60s. So not quite into that run rate of $0.75 yet, but we do still anticipate getting there towards the end of this year, maybe into the first quarter next year.

Jeff，我會說這次獲利拉升的一部分來自提存費用。我們不需要為任何貸款成長提供資金。未來每一季這會讓我們多花幾美分，加上本季我們少了幾美分的影響。所以以常態化來看，0.72 美元可能更接近 0.60 多美元的中段。因此還沒有完全進入 0.75 美元的 run rate，但我們仍預期在今年底、或最晚到明年第一季可以達到。

Got it. Appreciate that. And then I guess on the expense run rate, I think we talked previously that as merit increases kind of kick in, in the second quarter, offset by maybe some -- the conversions complete. So just trying to walk through the quarterly progression, do you see sort of flat linked quarter on a core basis and then maybe in -- a little -- some savings? Or how do you see the outlook on run rate?

了解。謝謝說明。接著關於費用 run rate，我記得之前談到第二季會開始反映績效調薪（merit increases），同時可能會被一些——轉換作業完成後的影響所抵消。所以想請你們帶我們走一遍季度的變化：在核心基礎上，你們是否預期與前一季大致持平，然後可能在——有一些節省？或你們怎麼看 run rate 的展望？

So excluding the nonrecurring items, we're at $29.4 million for the first quarter. So that would include some of the, I'll call them, duplicative operating expenses, pre-conversion, having 2 cores and some staff that's no longer with Civista. So we've also done reinvestment back into the company by hiring some revenue-generating colleagues, some marketing spend and some tech improvements.

若排除一次性項目，第一季我們是 2,940 萬美元。其中包含一些我稱之為轉換前的重複性營運費用，例如同時維持兩套核心系統，以及一些已不再任職於 Civista 的人員成本。我們也把資源再投入公司，包括聘用一些能帶來營收的同仁、增加部分行銷支出，以及一些科技改善。

So with that, we're anticipating second quarter being $29.5 million to $30 million, and then probably a little bit of an expansion maybe to $30 million, $30.7 million in the third quarter and fourth quarter.

在此基礎上，我們預期第二季會在 2,950 萬到 3,000 萬美元之間，第三季與第四季可能會再小幅擴張到約 3,000 萬到 3,070 萬美元。

But we have merit increases that took effect in the -- took effect April 1. So that's in those expense numbers that Ian's (inaudible)

不過我們的績效調薪在——於 4 月 1 日生效。所以這已經反映在 Ian 的那些費用數字裡。(聽不清楚)

Okay. And so any sort of cost saves kind of offset by investment kind of getting to that run rate that you outlined?

好的。所以任何成本節省大致會被你們提到的投資所抵消，最後落在你們剛剛說的那個 run rate？

Yes, that's correct. It's helping to fund some of those cost investments or spend investments that were just mentioned.

是的，沒錯。這有助於支應剛才提到的一些成本投資或支出型投資。

Adam Kroll, Piper Sandler.

Adam Kroll，Piper Sandler。

Good afternoon and thanks for taking my questions. Maybe just starting on deposits, some really impressive core deposit growth during the quarter. And just given some of the recent investments you made on the tech side, I was just curious, how large of a contributor was the digital channel to that growth and maybe just overall prospects within that segment?

午安，謝謝回答我的問題。先從存款談起，本季核心存款成長非常亮眼。考量你們近期在科技端的投資，我想了解數位通路對這個成長的貢獻有多大，以及該區塊整體的前景如何？

Well, we think it's helping some. Most of our investments are aimed at making it easier to do business with us. So it is helping some. We have all set up to do online account opening now with our digital apps and stuff. So we are getting that.

我們認為確實有一些幫助。我們的大多數投資都是為了讓客戶更容易與我們往來。所以確實有一些助益。我們現在也都建置好了，可透過數位 App 等進行線上開戶。所以我們有看到這方面的成果。

The bigger thing that's helping us in some of the deposit growth, at least the organic stuff, is just some of the recent disruption within our marketplace. Ohio has had quite a bit of disruption. And we think by one of the investments we made in the technology and making it easier to do business with us, and then just that disruption, it -- we think we're very well positioned, I think, to attract new clients to the bank and to expand existing relationships.

不過更大的助力——至少就有機成長的部分——是我們市場近期出現的一些動盪。俄亥俄州的動盪相當多。我們認為，透過我們在科技上的投資、讓往來更便利，再加上這些市場動盪，我們——我們覺得自己處於非常有利的位置，可以吸引新客戶並擴大既有關係。

So our teams are doing a fantastic job with their calling efforts. We're being really collaborative, and we're going to market as a team. And I think through their efforts and making -- just making it easier to do business with us and that disruption, that's the reason behind a lot of that deposit growth.

因此我們的團隊在外呼拜訪方面做得非常出色。我們協作性很強，並以團隊方式推向市場。我認為透過他們的努力、再加上讓客戶更容易與我們往來以及市場動盪，這就是存款成長背後的主要原因。

Got it. I really appreciate the color there. Sticking on the funding side, deposit costs came down quite nicely during the quarter. I was just curious, are you still seeing opportunities to reduce funding costs on both the maturity and non-maturity side if the Fed were to remain on hold?

了解。非常感謝這些補充說明。延續資金端的問題，本季存款成本下降得相當不錯。我想請教，如果聯準會維持利率不變，你們在到期與非到期存款兩端，是否仍看到降低資金成本的機會？

So right now -- this is Ian. If rates stay flat on the CDs that are maturing, we're renewing those or picking up these fees at about the same. Staying with those brokers, we're not going to see that significant increase that we saw from the Q4 maturities into Q1. So we have some wiggle room on some of our non-maturities. For the most part, I think most of that's passed and we will be staying about the same.

目前——我是 Ian。如果利率維持不變，對於到期的定存（CD），我們續作或承作的利率大致差不多。在經紀存款方面，我們不會再看到像第四季到期轉到第一季那樣顯著的上升。在部分非到期存款上我們還有一些調整空間。但整體而言，我認為大部分都已經反映完畢，接下來大致會維持在差不多的水準。

Got it. And last one for me. Ian, I was wondering if you had the purchase accounting accretion number for the quarter?

了解。我最後一個問題。Ian，我想請問你本季的購買會計攤提（purchase accounting accretion）金額是多少？

I will have to follow up with you on that.

這個我需要再跟你補充確認。

Tim Switzer, KBW.

Tim Switzer，KBW。

Good afternoon. Thanks for taking my question. Well, first off, congrats on the retirement announcement, Dennis, and for Chuck on becoming CEO on the exciting news.

午安。謝謝讓我提問。首先，恭喜 Dennis 宣布退休，也恭喜 Chuck 將出任執行長，這是令人振奮的消息。

Thank you.

謝謝。

Thank you.

謝謝。

Most of my questions have been asked already, but the first one I had is on deposit competition. There's been some chatter about it picking up a little bit. Can you talk about what you guys are seeing in your markets and if there's any specific geographies or deposit categories where it's been a little bit more intense?

我大部分的問題其實都已經有人問過了，但我第一個問題是關於存款競爭。最近有一些討論說競爭似乎有稍微升溫。你們能談談在你們的市場看到的情況嗎？是否有任何特定地區或存款類別的競爭更為激烈？

I would tell you -- this is Chuck. I think it's almost equally intense across almost all of our -- at least our major metro markets. Obviously, the most banked of all the cities is Columbus, so we're probably seeing a little bit more pressure there from the rate side.

我會這麼跟你說——我是 Chuck。我認為幾乎在我們所有的——至少是主要都會市場——競爭強度都差不多。很明顯地，銀行密度最高的城市是 Columbus，所以我們在那裡可能在利率面承受的壓力會更大一些。

But we've held our own pretty well, as you can tell by the deposit growth that we've had. And we feel like we're priced properly to continue to retain our clients and grow at that mid-single-digit pace. So it is very competitive. We're still seeing some banks with some 4 handles, and we're kind of in the high 3s right now, but we feel good about where we're positioned.

但我們維持得相當不錯，從我們的存款成長你也看得出來。而且我們覺得目前的定價是合適的，能持續留住客戶，並以中個位數的速度成長。所以競爭確實非常激烈。我們仍看到有些銀行利率是 4 字頭，而我們目前大概在 3 字頭偏高，但我們對自己的定位很有信心。

We're really just focused on relationships, growing relationships and providing value and providing solutions for our clients. And again, I think attacking the market from a team perspective by bringing different business lines into meeting a lot of our business customers, I think it's been working for us, and that's really going to be our focus. And with that disruption, I think it gives us opportunity there.

我們真正專注的是關係經營、擴大關係，並為客戶提供價值與解決方案。再者，我認為以團隊角度切入市場，把不同業務線帶進去，與許多企業客戶一起會面，對我們很有效，而這也會是我們的重點。而在這種動盪之下，我認為也給了我們機會。

To Dennis' point, the disruption, some of the bigger players in our market, Huntington's, Fifth Third's, Park's, First Financial's are all working on acquisitions, not just in Ohio, but in other regions. I feel like their eye is off the ball a little bit on Ohio. Our biggest competition is coming from really, some of the smaller institutions. From a rate perspective, not from a, I guess, competitive perspective, but from a rate perspective.

呼應 Dennis 提到的動盪，我們市場上一些較大的業者——Huntington、Fifth Third、Park、First Financial——都在進行併購，不只在俄亥俄州，也在其他地區。我覺得他們對俄亥俄州的注意力有點分散。我們最大的競爭其實來自一些較小的機構。這是從利率角度來看，不是從我想的那種整體競爭角度，而是從利率角度。

Got it. Very helpful. And then the last question I had was in terms of credit. Any areas that have caused you guys to want to pull back at all, or any levels of concern? And do you have exposure to any end market that could maybe be exposed by the higher oil prices?

了解。非常有幫助。那我最後一個問題是關於信用。有沒有任何領域讓你們想要稍微收縮，或有任何程度的擔憂？另外，你們是否曝險於任何終端市場，可能會因油價上漲而受到影響？

Go ahead, Mike.

Mike，你先說。

This is Mike. No, we're not seeing anything that's market-specific or industry-specific right now that's causing us any concerns, especially to pull back on any areas.

我是 Mike。沒有，我們目前沒有看到任何特定市場或特定產業的情況會讓我們擔心，尤其不至於因此在任何領域收縮。

Matthew Breese, Stephens.

Matthew Breese，Stephens。

Good afternoon. I wanted to just touch on the NIM a little bit. I know you didn't have a accretable yield at your fingertips, but maybe you could help me out. To what extent the prepayment fees play a role this quarter in loan yields and the NIM? Was that a factor? And is that a factor in kind of your more stable guide in the back half of the year?

下午好。我想稍微談一下淨利差（NIM）。我知道你手邊沒有可攤提收益（accretable yield）的數字，但也許你可以幫我釐清一下。本季提前還款費用在貸款收益率與 NIM 上扮演多大角色？這是不是一個因素？以及這是否也是你們在今年下半年給出較穩定指引的原因之一？

This is Ian. No, the payoffs really didn't impact the NIM that way. We got a little bit of fee income on those, just breakage fees, but nothing in the NIM.

我是 Ian。沒有，提前清償並沒有以那種方式影響 NIM。我們在那些交易上有一些手續費收入，就是解約費（breakage fees），但不在 NIM 裡。

And as Dennis mentioned earlier, we have a lot of loans that are just going to be repricing in the remainder of the year. So they're going to be moving from these mid 4s into the low 6s. So that's the stuff that we saw come across the first quarter. And we'll continue to see for the remainder of the year, just some NIM lift coming from that.

另外如 Dennis 先前提到，我們有很多貸款會在今年剩餘期間重新定價。所以它們會從 4% 中段移到 6% 初段。這就是我們在第一季看到開始反映的部分。而在今年剩餘期間也會持續看到，NIM 會因此有一些上升。

Yes. The biggest NIM lift again, was the repricing of that brokered CD and the reduction of it. So we reduced to $25 million, then we repriced $100 million and picked up 36 basis points. That was -- that contributed more. And then on the fee income side, it was just really -- most of those fees were generated by our residential mortgage teams and our leasing group, who both had much better production results than we had a year ago. So that's where a lot of the fees came from.

是的。NIM 最大的提升來源，再次強調，是那筆經紀存單（brokered CD）的重新定價以及規模的降低。我們先降到 2,500 萬美元，接著把 1 億美元重新定價，利差增加了 36 個基點。那個——貢獻更大。至於手續費收入方面，主要——大多數費用是由我們的住宅房貸團隊與租賃團隊所帶來，兩者的產出表現都比一年前好很多。所以很多費用是從那裡來的。

Understood. You had mentioned just some of the fixed asset repricing. So outside of loans that are pure floating priced off of prime or SOFR, what is kind of the cash flow schedule and maturity schedule for fixed rate and adjustable rate loans for the rest of the year? And new origination yields I'm assuming are kind of in the mid- to high 6s. Is that accurate there?

了解。你提到一些固定資產的重新定價。所以，除了那些純浮動利率、以最優惠利率（prime）或 SOFR 計價的貸款之外，今年剩餘期間固定利率與可調利率貸款的大致現金流時程與到期時程是怎麼樣？另外，新承作的收益率我猜大概在 6% 中段到 6% 高段。這樣的理解正確嗎？

That's correct. On what's -- the repricing, we're somewhere in that 6.5% range as far as new loans going on and things that would adjust. Most of them are -- the real estate loans are written on 5-year adjustables, and the average margin on those are probably 2.75% over a 5-year treasury or so which will take us a little bit, maybe 6.5%, 6.6% today. And we're looking for your -- what was your other question?

沒錯。就重新定價而言，新承作貸款以及會調整的部分，大概在 6.5% 左右。其中多數——不動產貸款是以 5 年期可調利率承作，平均利差大概是較 5 年期公債利率加 2.75% 左右，這會讓我們今天大概落在 6.5%、6.6%。你另外想問的是——你另一個問題是什麼？

Just the loans that are either fixed rate or adjustable, kind of quarterly maturities or quarterly cash flows. You had mentioned that what's maturing is going from a 4 handle to a 6 handle. I just want to get some sense for how much is going to mature this year.

就是那些固定利率或可調利率貸款，每季到期或每季現金流的大致情況。你提到到期的會從 4 字頭變成 6 字頭。我只是想了解今年大概會有多少到期。

I would tell you, over the next 12 months, we got a little over $200 million.

我會跟你說，未來 12 個月大概略高於 2 億美元。

Yes. $60 million of that -- this is Rich. $60 million of that will happen in the next quarter, in Q2. The balance of it is the rest of the year.

是的。其中 6,000 萬美元——我是 Rich——會在下一季，也就是第二季發生。其餘的會在今年剩下的時間。

Right.

好的。

Got it. Okay. And then you had mentioned brokered being a big area of deposit cost pickup. How much of that is maturing over the next three quarters? And what are the rates -- or what is the estimated rate on the stuff that's maturing?

了解。好。另外你提到經紀存款是存款成本上升的一個主要來源。接下來三個季度有多少會到期？以及到期的那部分利率是多少——或預估到期利率是多少？

Yes. So we have some that's maturing in April or is maturing this month. That was at 3.70%, repricing a little bit under 4%. Then we have about another $125 million maturing still this quarter outside of April. That's in that 3.80% range. And then a little bit in September.

是的。所以我們有一部分在 4 月到期，或就是這個月到期。那部分利率是 3.70%，重新定價會略低於 4%。接著在本季（不含 4 月）還有大約另外 1.25 億美元到期。那部分大概在 3.80% 左右。然後 9 月還有一小部分。

We would stay relatively short on all of that. So it's going to reprice pretty close to where it's at, maybe a little bit higher. But again, our plan is to continue to gather deposits and reduce brokered. That helps offset some of that, too.

我們在這些方面都會維持相對短天期。所以重新定價會非常接近目前水準，可能略高一些。但再次強調，我們的計畫是持續吸收存款並降低經紀存款比重。這也有助於抵銷其中一部分影響。

Got it. Okay. Last one for me is just on [regi] production that you keep for yourselves and put on the balance sheet versus pursue the secondary market and gain on sale. What is kind of the breakdown of that? And did it shift more towards gain on sale this quarter? Just seasonality-wise, I would expect gain on sale to be down this quarter, but you were up modestly. I'm just curious, how that breakdown was?

了解。好的。我最後一個問題是關於你們自留並放在資產負債表上的[regi]產出，與你們在次級市場操作並取得出售收益（gain on sale）之間的取捨。這兩者大概的比例拆分是怎樣？而且本季是否更偏向出售收益？就季節性而言，我原本預期本季出售收益會下降，但你們卻小幅上升。我只是好奇，這個拆分情況是如何？

Our breakdown by number is usually -- or has been here for the last couple of quarters is about 60% sold, 40% portfolio. And I would tell you that from a balance perspective, that probably runs close to 50-50, just because the stuff that we have to hold on the balance sheet is usually some of our private banking, what I call physician loans and some of the higher balance things, higher balance construction.

我們按筆數來看的拆分通常是——或過去幾季大致是——約60%出售、40%留在投資組合。但我會告訴你，從餘額角度來看，可能更接近50-50，因為我們必須留在資產負債表上的通常是一些私人銀行業務，我稱之為醫師貸款，以及一些較高餘額的項目，例如高餘額建築貸款。

So dollar volume, 50-50, number, 60-40. And we feel like it's going to probably continue to trend that way. If we get any kind of blip downward in interest rates, we'll see a little bit more refinance action. And that refinance action is normally much more 80-20-ish that would be sold versus held. But that's kind of the run rate we've had here over the last couple of quarters.

所以以金額來看是50-50，以筆數來看是60-40。我們認為這個趨勢大概會持續。如果利率有任何短暫下滑，我們會看到再融資活動增加一些。而再融資活動通常更接近80-20，也就是出售的比例相對於持有會更高。但這就是我們過去幾季的常態水準。

Adam Kroll, Piper Sandler.

Adam Kroll，Piper Sandler。

Just a follow-up for me. A pretty strong start to the year on the core fee income side. And I know leasing can kind of jump around, but I'm just curious, how you're thinking about core fee income growth for the remainder of the year?

我再追問一下。今年在核心手續費收入方面開局相當強勁。我知道租賃收入可能會有些波動，但我想了解，你們如何看待今年剩餘期間核心手續費收入的成長？

Yes. So for the noninterest income, so as you mentioned, strong first quarter, had a good recovery on the mortgage and CLF when compared to this time last year. We did have a captive reinsurance reserve release that occurred in the first quarter that would be nonrecurring and only a small amount of security gains. So when we adjust for the seasonality of gain on sale, thinking that Q2 comes in between $9.1 million and $9.5 million and then maybe increasing another $0.25 million in the third quarter just due to seasonality on gain on sale.

是的。就非利息收入而言，如你所提到的，第一季表現強勁；相較去年同期，房貸與CLF都有不錯的回升。第一季確實有一筆自保再保險準備金釋放，屬於一次性、非經常性項目，另外也只有少量的證券處分收益。因此，當我們就出售收益的季節性進行調整後，我們預期第二季會落在910萬至950萬美元之間，第三季可能因出售收益的季節性再增加約25萬美元。

Daniel Cardenas, Brean Capital.

Daniel Cardenas，Brean Capital。

Good afternoon. Just a quick question. Given the market disruption that we've seen in Ohio, what kind of opportunities is that presenting for you on the talent addition side?

下午好。我有個簡短問題。鑑於我們在俄亥俄州看到的市場動盪，這在人才引進方面為你們帶來了哪些機會？

It's been really good for us, to be honest with you, Dan. I mean, we've had a lot of -- not moving as far as lenders moving out, but we've reassigned some people, people got promoted, et cetera. And we've done a really good job of picking up talent from those institutions that have had some M&A activities with them.

老實說，Dan，這對我們非常有利。我的意思是，我們有很多——與其說放款人外流，不如說我們重新分派了一些人員，有人獲得晉升等等。而且我們也很成功地從那些發生併購活動的機構中延攬到人才。

The one we still benefit from, even though it's probably the farthest one away, is the whole WesBanco/Premier piece. We've continued to get some talent from that area, but it's probably the one that we've probably got the most talent from in our entire organization.

即便可能距離最遠，我們仍持續受益的一個案例是WesBanco/Premier那一塊。我們持續從那個區域招募到一些人才，但那大概也是我們整個組織中吸收人才最多的一個來源。

But it's been good. And everybody is sitting around our table right now is continuing to get calls from some of those institutions to see if they got -- if we've got opportunities here, probably our most recent acquisition came from the Westfield deal that got sold. We just -- our new Treasurer just came over and started a month ago from their institution. So it's been really good for us to be able to upgrade talent.

但整體來說很不錯。而且現在坐在我們桌邊的每個人都還在持續接到那些機構的來電，看看我們這邊是否有——是否有職缺機會；我們最近一次的招募大概是來自被出售的Westfield交易。我們的新財務主管（Treasurer）一個月前才從他們那邊轉過來並到職。所以這確實讓我們能夠升級人才配置。

Excellent. And then I know you just completed the FSB deal, but as you look at future acquisitions, I mean, geographically, where do you see yourself targeting?

很好。另外我知道你們剛完成FSB的交易，但展望未來的併購，就地理上而言，你們會把目標放在哪些地方？

You want to take -- I mean, I think we're going to be very similar. Our thoughts are still very similar to what they always have been. Ohio and the adjoining states is probably as far as we would look right now. And obviously, if it's fill in, it would be a little bit more preferable than to an add-on in some of those locations.

你要不要——我的意思是，我想我們會非常類似。我們的想法仍然和以往差不多。目前我們大概只會看到俄亥俄州以及相鄰州。而且很明顯，如果是補強型（fill-in）的交易，會比在那些地點做外加式（add-on）的擴張更理想一些。

But I think that we're not going to jump to Tennessee or to South Carolina or whatever. We're going to kind of stick to our knitting and stay within our marketplace right now in Ohio and the adjoining states.

但我想我們不會跳去田納西州、南卡羅來納州之類的地方。我們會專注本業、守住我們的核心，先留在目前的市場範圍，也就是俄亥俄州及其相鄰州。

And I would just say, Dan, that our first priority really is on organic initiatives that create sustainable value for the company. We made -- as I mentioned, those -- we've made a lot of investments in technology that makes it easier to do business with us. And with all that disruption, we think we're really well positioned to attract new clients and deepen those relationships.

我還想補充一下，Dan，我們的第一優先其實是能為公司創造可持續價值的有機成長措施。正如我提到的，我們在科技方面做了很多投資，讓客戶更容易與我們往來。在這些動盪之下，我們認為自己處於非常有利的位置，可以吸引新客戶並深化這些關係。

We continue to maintain pretty good dialogue with a lot of the banks within our footprint here. But anything we would do, I think will need to create great strategic value for us and be financially compelling. But the first -- our main focus really right now is on building capacity from within and prioritizing just some of that organic development.

我們也持續與我們據點覆蓋範圍內的許多銀行保持相當良好的溝通。但我認為我們做的任何事情，都必須為我們創造很高的策略價值，且在財務上具有吸引力。不過第一——我們目前的主要重點，確實是從內部建立產能，並優先推動一些有機成長。

There are no further questions at this time. I will now turn the call over to Mr. Shaffer. Please continue.

目前沒有其他問題。我現在把電話交回給Shaffer先生。請繼續。

Okay. Well, in closing, I just want to thank everyone for their investment in Civista and for joining today's call. Our first quarter results, I think, were due in large part to the hard work and discipline of our team. I'm very pleased with this quarter's accomplishments, our strong financial results and just the disciplined approach that we have here in managing Civista. And I remain very confident that we are well positioned for long-term future success. So I look forward to talking to you all again in a few months to share our second quarter results. Thank you for your time today.

好的。最後，我只想感謝各位投資Civista並參加今天的電話會議。我認為我們第一季的成果，很大一部分歸功於團隊的努力與紀律。我對本季的成就、強勁的財務表現，以及我們在管理Civista時所採取的嚴謹作法感到非常滿意。我也仍然非常有信心，我們已為長期的未來成功做好了充分準備。因此，我期待幾個月後再與各位交流，分享我們第二季的業績。感謝各位今天撥冗參與。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. 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。您現在可以掛線。