ConnectOne Bancorp Inc (CNOBP) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the ConnectOne Bancorp, Inc. first quarter 2025 earnings call. (Operator Instructions).

感謝您的支持。我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家參加 ConnectOne Bancorp, Inc. 2025 年第一季財報電話會議。（操作員指令）。

Thank you. I would now like to turn the call over to Siya Vansia, Chief Brand and Innovation Officer. Please go ahead.

謝謝。現在我想將電話轉給首席品牌和創新長 Siya Vansia。請繼續。

Good morning and welcome to today's conference call to review ConnectOne Bancorp, Inc.'s results for the first quarter of 2025 and to update you on recent developments. On today's conference call will be Frank Sorrentino, Chairman and Chief Executive Officer, and Bill Burns, Senior Executive Vice President and Chief Financial Officer.

早安，歡迎參加今天的電話會議，回顧 ConnectOne Bancorp, Inc. 2025 年第一季的業績並向您通報最新進展。出席今天的電話會議的有董事長兼首席執行官弗蘭克·索倫蒂諾 (Frank Sorrentino) 和高級執行副總裁兼首席財務官比爾·伯恩斯 (Bill Burns)。

I'd also like to caution you that we may make forward-looking statements during today's conference calls that are subject to risks and uncertainties, factors that may cause actual results to differ materially from expectations are detailed in our SEC filing.

我還想提醒您，我們可能會在今天的電話會議中做出前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果與預期存在重大差異的因素在我們提交給美國證券交易委員會的文件中詳細說明。

The forward-looking statements included in this conference call are only made as of the date of this call, and the company is not obligated to publicly update or revise them.

本次電話會議中所包含的前瞻性陳述僅截至本次電話會議之日作出，本公司沒有義務公開更新或修改這些陳述。

In addition, certain terms used in this call are non-GAAP financial measures, reconciliations of which are provided in the company's earnings release and accompanying tables or schedules which have been filed today on Form-8K with the SEC and may also be found through that company's website.

此外，本次電話會議中使用的某些術語是非公認會計準則財務指標，這些指標的對帳資訊已在公司收益報告和隨附的表格或時間表中提供，這些表格或時間表已於今日以 8K 表格形式提交給美國證券交易委員會，也可在該公司網站上找到。

I will now turn the call over to Frank Sorrentino. Frank, please go ahead.

現在我將電話轉給弗蘭克·索倫蒂諾。弗蘭克，請繼續。

Thank you and good morning everyone. We appreciate you joining our call today.

謝謝大家，早安。感謝您今天參加我們的電話會議。

I'm pleased with ConnectOne Bancorp, Inc.'s performance to start the year reflecting the disciplined execution of our operating strategies as well as the continued commitment to our client first culture and relationship banking model.

我對 ConnectOne Bancorp, Inc. 今年的業績感到滿意，這體現了我們對經營策略的嚴格執行以及對客戶至上文化和關係銀行模式的持續承諾。

Some highlights from the quarter include a nearly 20% year over year increase in net income available to common shareholders. Our net interest margin expanded again this quarter. Tangible book value per share continues to build ahead of our planned merger with First of Long Island, increasing by about 4% since the transaction was announced. Additionally, credit quality trends remain stable, and our balance sheet remains well positioned.

本季度的一些亮點包括普通股股東淨收入年增近 20%。本季我們的淨利差再次擴大。在我們計劃與長島第一銀行合併之前，每股有形帳面價值持續增加，自交易宣布以來已成長約 4%。此外，信貸品質趨勢保持穩定，我們的資產負債表保持良好狀態。

Looking ahead, this positive momentum will continue, reflecting both ConnectOne Bancorp, Inc. stand-alone progress and the benefits of our pending merger with First of Long Island. They will walk us through some additional details shortly.

展望未來，這種積極勢頭將持續下去，反映出 ConnectOne Bancorp, Inc. 的獨立進步以及我們與長島第一銀行即將合併的好處。他們很快就會向我們介紹一些額外的細節。

Regarding our lending, while our portfolio contracted slightly on a point to point basis during the first quarter, primarily due to elevated payoff activity within the commercial real estate segment, our loan pipeline remains robust as we continue to see healthy demand from our clients.

關於我們的貸款，雖然我們的投資組合在第一季逐點略有收縮，主要是由於商業房地產領域的還款活動增加，但由於我們繼續看到客戶的健康需求，我們的貸款管道仍然強勁。

Turning to deposits while as of demand deposit balances declined since year end, our average demand deposits actually increased sequentially. This anomaly was due to temporary client inflows occurring at the end of last year.

談到存款，雖然自年底以來活期存款餘額有所下降，但我們的平均活期存款實際上卻是環比增加。這種異常現像是由於去年年底出現的臨時客戶流入所造成的。

As you've heard me emphasize before, supporting our clients is ConnectOne Bancorp, Inc.'s top priority, an approach that is consistently proven effective and has enabled us to expand our banking relationships, grow in the number of verticals, and expand into new markets.

正如您之前聽到我強調的那樣，支持我們的客戶是 ConnectOne Bancorp, Inc. 的首要任務，這種方法已被證明是有效的，並使我們能夠擴大銀行關係、增加垂直行業數量並擴展到新市場。

Shifting to credit quality, trends remain solid, reflecting proactive portfolio management, our long standing high credit standards, our track record of avoiding riskier subsegments, and the success we've had last year actively managing non-relationship loans off our balance sheet.

轉向信貸質量，趨勢依然穩固，反映了積極主動的投資組合管理、我們長期以來的高信貸標準、我們避免高風​​險細分市場的記錄，以及我們去年在積極管理資產負債表外非關係貸款方面取得的成功。

Next, we're moving forward towards finalizing our planned merger with First of Long Island. I'm excited about the opportunity to serve their distinguished client base with the resources and products out of our combined institutions.

接下來，我們將推進與長島第一銀行的最終合併計畫。我很高興有機會利用我們合併後的機構的資源和產品為他們尊貴的客戶群提供服務。

Our proactive engagement with First of Long Island clients has been very productive. These interactions have provided valuable insights and opportunities deep in these relationships. We're already seeing new business materialized on Long Island.

我們與長島第一客戶的積極合作非常有成效。這些互動為這些關係的深層提供了寶貴的見解和機會。我們已經看到長島出現了新的業務。

We've already identified opportunities to leverage our South Florida footprint to support first of Long Island clients who similar to ConnectOne Bancorp, Inc.'s client base have a business presence in Florida.

我們已經發現了利用我們在南佛羅裡達州的業務機會，為長島的首批客戶提供支持，這些客戶與 ConnectOne Bancorp, Inc. 的客戶群類似，在佛羅裡達州有業務。

Integration planning efforts are well underway, and we're seeing strong early synergies already emerge fueled by a collaborative team mindset. Transaction remains on track to close during the second quarter as we wait for final regulatory approval, which is expected shortly. At ConnectOne Bancorp, Inc., we remain highly optimistic about the path ahead for our clients, our team, and our shareholders.

整合規劃工作正在順利進行，我們看到在協作團隊思維的推動下，強大的早期綜效已經顯現。我們正在等待最終監管部門的批准，預計很快就會獲得批准，但該交易仍有望在第二季完成。在 ConnectOne Bancorp, Inc.，我們對客戶、團隊和股東的未來發展仍然非常樂觀。

Shifting to the economic environment, while there's still a number of unknowns, ConnectOne Bancorp, Inc. has a proven track record of adjusting to and navigating market uncertainties. We remain confident in our business strategy and proven ability to execute.

轉向經濟環境，雖然仍然存在許多未知因素，但 ConnectOne Bancorp, Inc. 擁有適應和應對市場不確定性的良好記錄。我們對我們的業務策略和已證實的執行能力仍然充滿信心。

Importantly, for the vast majority of our clients, we believe any effective tar of the tariff policy will be narrow in scope and not widespread.

重要的是，對於我們的絕大多數客戶而言，我們認為關稅政策的任何有效影響都將是範圍狹窄而非廣泛。

With all that said, I'll turn it over to Bill.

說了這麼多，我會把話題交給比爾。

All right, thank you, Frank, and good morning everyone. Let me start by saying, I too am very pleased with our performance, and I share Frank's optimism regarding ConnectOne Bancorp, Inc.'s future financial performance.

好的，謝謝你，弗蘭克，大家早安。首先我要說的是，我對我們的表現也非常滿意，我和弗蘭克一樣對 ConnectOne Bancorp, Inc. 未來的財務表現感到樂觀。

This quarter's results reflected continued margin expansion to 2.93%, which I will confirm as core, and it was a little higher than expected. In addition, expense growth was slightly muted as cost saved from the merger are already making their way into our results.

本季的業績反映利潤率持續擴大至 2.93%，我將確認這是核心利潤率，而且略高於預期。此外，由於合併節省的成本已計入我們的業績，因此費用成長略有放緩。

I partially offsetting these improvements with loan portfolio growth that was below our guidance, but we believe that to be temporary due to the timing of actual loan closings and increased payoffs. Today, we possess a large and diversified loan pipeline, one that points to loan growth of at least 2.5% for the second quarter.

我透過低於我們指導的貸款組合成長部分抵消了這些改善，但我們認為，由於實際貸款結算的時間和還款增加，這只是暫時的。如今，我們擁有龐大且多樣化的貸款管道，預計第二季貸款成長率至少為 2.5%。

Now, over the past year, we've strengthened our financials in several respects. Our net interest margin has widened significantly. It bottomed out about a year ago, and since that time, we've widened 30 basis points with further widening on the horizon. The improvement is strictly organic without any reliance on lost trades, and we expect the core interest margins to reach 3% this second quarter.

現在，在過去的一年裡，我們在多個方面加強了我們的財務狀況。我們的淨利差大幅擴大。大約一年前，利率觸底，從那時起，利率已擴大 30 個基點，並且還將進一步擴大。這種改善是完全有機的，不依賴交易損失，我們預計第二季核心利息收益率將達到 3%。

Our loan to deposit ratio continues to trend lower, reflecting solid core deposit growth. It was below 106 at quarter end. All of our capital ratios have increased. The holding company tangible common equity ratio stands at 9.73%, while the bank leverage ratio is 11.67%. And in addition, our tangible book value per share continues to increase each and every quarter. It was up 4% over the past year, $24.16.

我們的貸款與存款比率持續呈下降趨勢，反映出核心存款穩健成長。本季末該數字低於 106。我們所有的資本比率都增加了。控股公司有形普通股權益比率為9.73%，而銀行槓桿率為11.67%。此外，我們的每股有形帳面價值每季都在持續增加。過去一年，該價格上漲了 4%，達到 24.16 美元。

And commercial real estate concentration continues its steady decline. It is down 40% points from a year ago to 420%, reflecting successful efforts to diversify our loan originations, a renewed focus on relationship lending, and a consistent capital build. Our goal is to reduce this ratio to below 400 during 2026.

商業地產集中度持續穩定下降。與一年前相比，這一數字下降了 40%，至 420%，這反映出我們在實現貸款來源多元化、重新關注關係貸款以及持續累積資本方面做出了成功努力。我們的目標是到 2026 年將這一比例降至 400 以下。

Turning to credit, our charge offs and provisioning remained at relatively low levels, which is consistent with 2024 metrics. Non-accrual loans declined by 13% this quarter, and we already expect further declines during the current quarter. 30 to 89 day delinquencies ticked up slightly, but that ratio today amounts to only 0.18% of total loans, while criticizing and classified also increased, but again, very slightly from 2.68% to 2.79%.

談到信貸，我們的沖銷和撥備仍保持在相對較低的水平，這與 2024 年的指標一致。本季非應計貸款下降了 13%，我們預計本季將進一步下降。 30 至 89 天的拖欠率略有上升，但目前這一比例僅佔總貸款的 0.18%，而批評和分類貸款也有所增加，但同樣只是小幅增加，從 2.68% 增至 2.79%。

Although our performance measures in terms of return on assets and return equity may not be at the levels of a couple of years ago, our balance sheet positioning and the merger will facilitate and accelerate our return to top tier financial performance.

儘管我們的資產回報率和股本回報率的業績指標可能不如幾年前的水平，但我們的資產負債表定位和合併將促進和加速我們重返頂級財務業績。

I want to give you more color on our interest margin outlook. I'm just going to reiterate our prior guidance of a 5 basis point of proving each quarter, independent of any Fed rate reductions, plus an additional 5 basis points for each 25 basis points of Fed cuts. And that guidance, at least for now, also holds post-merger, which includes purchase accounting accretion and first of Long Island's balance sheet positioning.

我想向您詳細介紹一下我們的息差前景。我只是要重申我們先前的指導，每季證明 5 個基點，與聯準會的任何降息無關，再加上聯準會每降息 25 個基點額外證明 5 個基點。並且，至少就目前而言，這項指導意見也適用於合併後的情況，其中包括購買會計增值和長島的資產負債表定位。

The first Long Island's performance is following a similar trajectory to ours, and we expect to close the transaction in the latter part of the second quarter. When we report next in July for the second quarter, we will have nearly $15 billion in assets and $1.2 billion in market cap.

第一家長島的表現與我們的發展軌跡相似，我們預計在第二季後半段完成交易。當我們在 7 月發布第二季報告時，我們的資產將接近 150 億美元，市值將達到 12 億美元。

In terms of longer term projections, we all understand that it is particularly challenging today given the uncertainties related to the impact of tariffs, tariff policy on economic growth and the timing of rate cuts.

就長期預測而言，我們都明白，鑑於關稅的影響、關稅政策對經濟成長的影響以及降息時機等不確定性，今天的預測尤其具有挑戰性。

For now, I'm going to generally stick with our previously disclosed conservative estimates regarding the merger, which includes upon full phase in of cost saves or return of assets exceeding 1.2%. And a return on tangible common equity of approximately 15%, and that's supported by an interest margin of 320% or greater. Clearly these projections are subject to change and we will, as always, update you regularly.

目前，我將總體堅持我們先前披露的有關合併的保守估計，其中包括全面實施成本節約或資產回報率超過 1.2%。有形普通股權益報酬率約為 15%，且由 320% 或更高的利息利潤率支撐。顯然，這些預測可能會發生變化，我們將一如既往地定期向您更新。

With that, Frank, I'll turn it back to you for closing remarks, and then we'll take your questions.

法蘭克，接下來我將把話題轉回給你，請你做最後發言，然後我們再回答你的問題。

Thanks Bill.

謝謝比爾。

In summary, ConnectOne Bancorp, Inc. was built for moments like this.

總而言之，ConnectOne Bancorp, Inc. 就是為這樣的時刻而建立的。

With our client-centered culture and disciplined execution, we're ready to capitalize on the momentum we've built. We're energized with our impending increased scale to accelerate growth on Long Island, expanding both our team and our client relationships along with our reach and markets we've already built successively. We're significantly enhancing financial performance while building New York Metro Premier Bank that offers a compelling investment opportunity at this juncture. As always, we appreciate your interest in ConnectOne Bancorp, Inc. and thanks again for joining us today.

憑藉以客戶為中心的文化和嚴謹的執行力，我們已準備好利用我們已經建立的勢頭。我們對即將擴大的規模感到充滿活力，這將加速長島的成長，擴大我們的團隊和客戶關係以及我們已經建立的覆蓋範圍和市場。我們在建立紐約大都會高級銀行的同時，也顯著提高了財務業績，這為當前提供了一個極具吸引力的投資機會。像往常一樣，我們感謝您對 ConnectOne Bancorp, Inc. 的關注，並再次感謝您今天加入我們。

And with that, I'd like to turn it over to some questions, operator.

好了，接線生，我想回答一些問題。

At this time, I would like to remind everyone in order to ask a question, press start then the number one on your telephone keypad. We will pause for just a moment to compile the Q&A roster.

此時，我想提醒大家，要想提問，請按電話鍵盤上的“開始”，然後按數字 1。我們將暫停一會兒來整理問答名單。

Your first question comes from the line of Tim Switzer with KBW. Please go ahead.

您的第一個問題來自 KBW 的 Tim Switzer。請繼續。

Hey, good morning. Thank you for taking my questions.

嘿，早安。感謝您回答我的問題。

Yeah, I can.

是的，我可以。

The first question I have is related to kind of the economic uncertainty here and I appreciate some of the color you guys gave. I know it's still a little early, but, have you guys seen, a large customer reaction at all in terms of, any notable changes their behavior or spending their willingness to invest into the company, anything like that?

我的第一個問題與這裡的經濟不確定性有關，我很感謝你們給出的解釋。我知道現在還為時過早，但是，你們有沒有看到客戶的反應，例如他們的行為或投資意願有什麼顯著的變化，諸如此類？

Can we, we've spoken to a number of our clients, specifically about what may be the impact of some of the various, proposals that have been spoken about to this point, and there are certain industries, companies, specific instances where there could be some changes in either the cost structure of some part of some businesses but for the most part we don't see anything that is dramatic.

我們已經與許多客戶進行了交談，具體討論了目前為止討論過的各種提案可能產生的影響，並且在某些行業、公司和特定情況下，某些業務部分的成本結構可能會發生一些變化，但總體而言，我們並沒有看到任何重大變化。

There may be some small issues across the board in different places, construction comes to mind, right? Yeah, what's going to happen to lumber, steel, concrete, things like that, but when you look at what the percentage of those things are relative to the overall project and what sort of the pricing of the product will be in the future, we really don't see anything that's dramatic at this point.

各個地方可能都有一些小問題，例如建築方面，對嗎？是的，木材、鋼材、混凝土等材料會發生什麼變化，但是當你看看這些東西在整個項目中所佔的比例以及未來產品的定價時，我們目前確實沒有看到任何戲劇性的變化。

That gets further complicated but we really don't know what's going to happen and how much of it's actually going to take effect and we also don't know what the offsets are to that. We've already heard clients who are talking about products that maybe they source and maybe a European market that they can get domestically today.

這變得更加複雜，但我們真的不知道會發生什麼，也不知道其中有多少實際上會產生影響，我們也不知道對此的抵消是什麼。我們已經聽到客戶談論他們可能採購的產品以及他們目前可以在國內獲得的歐洲市場。

So there already seems to be solutions for some of the problems that we're not even sure are going to present themselves so it's a very difficult thing to be working through today but for the most part I have a pretty good feeling from speaking directly to the clients that whatever issues there are fairly contained.

因此，對於一些我們甚至不確定是否會出現的問題，似乎已經有了解決方案，所以今天要解決的是一個非常困難的事情，但在大多數情況下，透過直接與客戶交談，我有一種很好的感覺，無論存在什麼問題，都得到了相當程度的控制。

Okay, got it that's really helpful and I appreciate your commentary on the upcoming flick merger and it sounds like you're pretty optimistic about achieving the cost save.

好的，我明白了，這真的很有幫助，我很欣賞您對即將到來的電影合併的評論，聽起來您對實現成本節約非常樂觀。

Can you give us an update on, if the areas you're achieving this cost is coming from have changed at all and if you found other opportunities? And then if we get into 2026 and it's maybe a worse macro environment, slower growth, revenues coming down? What levers will you have as a combined company to help fight profitability?

您能否向我們提供最新消息，您實現這一成本的領域是否發生了變化，以及您是否發現了其他機會？那麼，如果進入 2026 年，宏觀環境可能會變得更糟，成長會更慢，收入會下降嗎？作為一家合併後的公司，你們將採取哪些手段來幫助提高獲利能力？

Let me just make a general statement and then you can talk a little bit to the cost savings, but you know one of the things we really have not spoken about relative to the value of the first of Long Island transaction is that you know this is a gem. This is a Long Island based organization in one of the strongest markets in the New York metro market, which is one of the strongest markets in the country.

讓我做一個概括性的陳述，然後你可以稍微談談成本節約，但你知道，與長島第一筆交易的價值相比，我們還沒有談到的一件事是，你知道這是一顆寶石。這是一個位於長島的組織，位於紐約大都會市場最強大的市場之一，而紐約大都會市場又是全美最強大的市場之一。

And so for us to take advantage of being able to work together with the folks at First of Long Island and provide additional products and services to their extremely deep client base. I think gives us an enormous amount of confidence in our ability to not only achieve some revenue synergies but also be able to leverage the expense base that's there at Long Island. On top of that, we have our, what we project to be the costs. I'll talk a little bit more.

因此，我們可以利用與長島第一銀行員工合作的優勢，為他們極其深厚的客戶群提供額外的產品和服務。我認為這讓我們對自己的能力充滿信心，不僅能夠實現一些收入協同效應，而且還能夠利用長島的支出基礎。除此之外，我們還有預計的成本。我再多講一點。

Yeah, no, good question, Tim. There's a lot of moving parts here, but I do feel confident we'll get to those return objectives that we, that I talked to one way or another.

是的，不，這是個好問題，提姆。這裡有很多活動的部分，但我確實有信心我們會以某種方式實現我所說的回報目標。

One of the areas that the projections might be conservative is on the net interest margin. We're seeing a lot of momentum on an interest margin and we also, the accretion from the deal could add anywhere from five to 15 basis points. So, I want to be conservative with objections right now, but having that kind of margin over and above the projections will add a lot to our earnings going forward.

預測可能較保守的領域之一是淨利差。我們看到利息差出現了很大的成長勢頭，而且這筆交易帶來的利息差增值可能會增加 5 到 15 個基點。因此，我現在想對反對意見持保守態度，但超出預期的這種幅度將大大增加我們未來的利益。

So even if growth was a little bit slower. I think we could make it up in margin. As far as cost saves go, I think we have about 24 million or so in total cost saves. I know originally we said we'd have them all done by the by, say, January 1. It's possible that it takes us a little bit longer. You might want to stretch that out a little bit towards a year from closing. But all in all, one way or another, I feel pretty good with, the projections that I laid out.

因此，即使成長速度稍微慢一些。我認為我們可以彌補差額。就成本節省而言，我認為我們總共節省了大約 2400 萬美元左右。我知道我們最初說過會在 1 月 1 日之前完成所有工作。我們可能需要更長的時間。您可能希望將這一時間延長至關閉後一年。但總而言之，不管怎樣，我對自己所訂定的預測感到很滿意。

Got it. Thank you guys very helpful.

知道了。非常感謝你們的幫忙。

Your next question comes from the line of Feddie Strickland with Hovde Group. Please go ahead.

您的下一個問題來自 Hovde Group 的 Feddie Strickland。請繼續。

Hey, good morning. It's --

嘿，早安。它是--

Good to have you on board, covering the company. We're really pleased with that.

很高興您能加入我們，負責公司事務。我們對此感到非常高興。

Thank you very much. We're happy to be here. And just wondering if you could talk a little bit more, on the puts and takes on credit. I know you talked a little bit in your prepared remarks, but just trying to think through, what areas are you looking at a little bit more closely and are there any kind of specific credits where maybe we could see some positive movement, over the next couple quarters?

非常感謝。我們很高興來到這裡。我只是想知道您是否可以再多談一點有關信貸的賣出和賣出問題。我知道您在準備好的發言中談了一些，但只是想仔細想想，在接下來的幾個季度裡，您會更密切地關注哪些領域，是否有任何具體的信貸可能會讓我們看到一些積極的變化？

It's just been really steady and the delinquencies are at, historically extremely low levels. So, knock on wood, the credit quality's been, if anything, improving and we don't really see a pipeline at this point of, any kind of workouts.

情況一直非常穩定，拖欠率處於歷史極低水準。因此，信用品質一直在改善，但我們目前還沒有看到任何形式的重組方案。

Understood. And can you refresh us on the repricing opportunities here over the next 12 months, just high level in terms of the fixed rate loans and deposits?

明白了。您能否向我們介紹未來 12 個月的重新定價機會，就固定利率貸款和存款而言，其水準會有多高？

Yeah, we've had. Well, we've had so far, and I tracked this pretty closely, close to a billion dollars of loans that have already repriced going back to the middle of 2023, and so the credit quality of those has performed remarkably well.

是的，我們有。嗯，到目前為止，我已經密切跟踪了這一情況，自 2023 年中期以來，我們已經對近 10 億美元的貸款進行了重新定價，因此這些貸款的信用質量表現非常好。

There's been very low level of charge offs on that, on those three pricing. Even the downgrades, although there has been some downgrades, overall it's really small. So that's good news and we continue to track that each quarter.

這三種定價的沖銷率都很低。即使是降級，儘管也有一些降級，但總體而言，降級幅度真的很小。這是個好消息，我們會每季繼續追蹤。

Going forward, we're going to have, I think somewhere around a billion dollars of repricing through 2026. So, obviously, we continue to monitor that as we have in the past, but so far the track record is good and so I'm pretty optimistic that, if there are any issues with that repricings, we'll be able to handle that in terms of on regular earnings and provisioning.

展望未來，我認為到 2026 年，我們將進行約 10 億美元的重新定價。因此，顯然，我們會像過去一樣繼續監控這一點，但到目前為止，記錄良好，所以我非常樂觀，如果重新定價存在任何問題，我們將能夠透過定期收益和撥備來處理。

That's helpful. And if I could squeeze in just one last one here, understand the margin expansion, is that mostly driven really by the funding side here? I mean, could we see loan yields creep back up a little bit given what's in the pipeline just trying to think through the dynamic of the yields versus cost.

這很有幫助。如果我可以在這裡再擠一點，了解一下利潤率的擴大，這主要是由融資方面推動的嗎？我的意思是，考慮到目前的情況，我們是否可以看到貸款收益率略有回升，只是試圖思考收益率與成本的動態關係。

Well, yeah, we still have, CDs repricing some billion dollars or so over the next six months so that's helping on the on the funding side. Obviously cuts., Fed rate cuts will lower deposit pricing further, and we have, a large portion of our loan portfolios in that adjustable category, so it takes time. So we could be in a position, right, where the loan yields are going up and deposit costs go down, and those two things combined, will accelerate our marginal improvement.

嗯，是的，我們仍然有大約 10 億美元的 CD 在未來六個月內重新定價，這對融資方面有所幫助。顯然，聯準會降息將進一步降低存款價格，而我們的貸款組合中很大一部分屬於可調整類別，因此這需要時間。因此，我們可能處於這樣的境地：貸款收益率上升，存款成本下降，這兩件事結合起來，將加速我們的邊際改善。

Alright, great, thanks for taking my questions.

好的，太好了，感謝您回答我的問題。

Thanks.

謝謝。

Your next question comes from the line of Daniel Tamayo with Raymond James. Please go ahead.

您的下一個問題來自 Raymond James 的 Daniel Tamayo。請繼續。

Hey, good morning guys.

嘿，大家早安。

I apologize if I missed this and jumped on a little bit late, but just on the loan growth side, just wondering if you can talk about a little bit of the puts and takes of kind of where you're seeing what you're seeing right now relative to what you're expecting for the rest of the year. Just curious. How much of the slowdown is impacting the current months and how much kind of improvement you're baking into to any guidance in the back half of the year.

如果我錯過了這一點並且回答得有點晚，我深感抱歉，但就貸款增長方面而言，我只是想知道您是否可以談談您目前看到的情況與您對今年剩餘時間的預期之間的對比。只是好奇。經濟放緩對當前幾個月的影響有多大，以及您對下半年的指導有多大改善。

I would say, Dan, that, we definitely have seen a little bit of a pullback on enthusiasm to move forward with certain projects, certain, types of expansions or any other opportunities, but it's really a bit of a pause and I think I'm already starting to see some of that dissipate. So it's really kind of hard to get our hands on it, but if you think about whether it's a construction project or someone who's growing their business, if that particular business is doing well and they continue to grow, they're going to need the funding to be able to continue to compete.

丹，我想說，我們確實看到人們對推進某些項目、某些類型的擴張或任何其他機會的熱情有所回落，但這確實是一個停頓，我認為我已經開始看到其中一些熱情正在消散。因此，我們確實很難獲得資金，但如果你想想，無論是一個建築項目還是某個正在發展業務的人，如果那個特定的業務做得很好並且繼續增長，他們就需要資金才能繼續競爭。

So we are, we have spent the last 24 months or so really doubling down with our existing client base and supporting all of their needs and certainly as the New York metro market is still pretty hot. You can't build enough inventory in the housing market. The businesses that are here are doing quite well, difficult to hire people in order to expand.

所以，我們花了大約 24 個月的時間真正加倍努力地服務現有客戶群，滿足他們的所有需求，當然，紐約大都會市場仍然非常火爆。你無法在房地產市場上建立足夠的庫存。這裡的企業經營得很好，很難招募人來擴大規模。

So there's a lot of great dynamics that are taking place within this New York metro market where our bank is located. That are, supporting that level of growth that we forecasted for the year which I would say is somewhere in the mid to high single digits.

因此，我們銀行所在的紐約大都會市場正在發生許多重大變化。這就是說，支持我們預測的今年的成長水平，我想說，這個水平大約在中高個位數之間。

Okay, so mid to high single digits, obviously waited to the back half of the year, maybe a little bit of slowness in the second quarter. I don't mean to put words in your mouth, but it sounds like, yeah.

好的，所以中高個位數，顯然要等到下半年，第二季可能會有點放緩。我並不是想強迫你說話，但聽起來，是的。

We see our pipeline is quite strong and we stand here right today and you know it's look, it's hard to forecast exactly when things are going to close and when things pay off, and so we saw a little bit of that in the first quarter. We actually had a fairly strong, loan generation quarter, but we also saw a number of payoffs. Now those payoffs are good. That means construction projects got done, got sold, and we got paid back. But, I, from what we can see right at this moment, there appears to be a pretty robust pipeline ahead of us, and it should be fairly consistent going through the rest of the year.

我們看到我們的管道非常強大，我們今天站在這裡，你知道它看起來很難準確預測什麼時候事情會結束以及什麼時候事情會有回報，所以我們在第一季度看到了一點這種情況。事實上，我們這個季度的貸款產生表現相當強勁，但我們也看到了一些回報。現在這些回報是好的。這意味著建築項目完成了，賣了，我們也得到了回報。但是，從我們目前所看到的情況來看，我們面前似乎有一個相當強勁的管道，並且在今年剩餘時間內應該會保持相當的穩定。

And I did say you may have missed it, Danny, that we expect 2.5% sequential loan growth for the second quarter.

我確實說過，丹尼，你可能錯過了，我們預計第二季貸款將季增率為 2.5%。

Oh great though, yeah, okay, so.

哦，太好了，是的，好的，那麼。

And then I just did some numbers, piece of paper here before the before the call and probably about 5% increase for the year from December 31.

然後我在打電話之前在這張紙上做了一些數字，從 12 月 31 日起，今年的成長率大概是 5%。

Okay.

好的。

But that's taking into account by our news cycle, right.

但這是考慮到我們的新聞週期的，對吧。

Yeah, it's changing every day.

是的，它每天都在變化。

And maybe a follow up question kind of unrelated, but you know you guys are in the middle of closing a deal and you're obviously dealing with the regulators. I'm just curious if you can give any color on, the types of conversations that you're having with regulators now relative to a year ago or prior to that if there's like a tangible difference in in in those conversations and the relationships if you're seeing any kind of progress on the regulatory front in this new administration.

也許這是一個與此無關的後續問題，但你知道您正在達成交易，而且顯然正在與監管機構打交道。我只是好奇，您是否可以透露一下，與一年前或之前相比，您現在與監管機構的對話類型是否有明顯差異，以及您是否看到新政府在監管方面取得了任何進展。

Yeah, I would say we have a very good relationship with the regulators that are, weighing in on this application and the folks we've been dealing with are all here, all working very earnestly to get the application completed. I personally, I think I can speak to the team. I don't think we've seen any change of direction or focus or, you know that the issues or challenges that they look at when they look at these types of applications. It seems pretty standard business to me.

是的，我想說我們與監管機構保持著非常好的關係，他們正在權衡這個申請，而且我們一直在打交道的人們都在這裡，都非常認真地工作以完成申請。就我個人而言，我認為我可以和團隊談談。我認為我們沒有看到任何方向或重點的變化，或者，你知道他們在研究這些類型的應用程式時所關注的問題或挑戰。在我看來，這似乎是很正常的事。

Now, keep in mind we were not regulated by the CFPB, so we really don't have that to comment about and we're not regulated by, the Federal Reserve either. So, our regulator is the State Department of banking in New Jersey and the FDIC. And with both of those entities, they seem to be doing you know the job that they've always done and you know we're doing.

現在，請記住我們不受消費者金融保護局 (CFPB) 的監管，因此我們真的沒有必要對此發表評論，而且我們也不受聯準會的監管。因此，我們的監理機構是新澤西州銀行部和聯邦存款保險公司。這兩個實體似乎都在做他們一直在做的工作，你知道我們也在做。

They have a lot of boxes to check to get these mergers through and that's what they're working on. That's basically it, It's always been that way.

為了使這些合併順利進行，他們需要做很多工作，而這正是他們正在努力的方向。基本上就是這樣，一直都是這樣。

They've been very cooperative and, I, that's always been the case with our relationship with them.

他們一直非常合作，我認為我們與他們的關係也一直如此。

Okay great well thanks for answering that one. I know it's a little tricky but thanks for taking the questions appreciate it.

好的，非常好，感謝您回答這個問題。我知道這有點棘手，但還是感謝您回答這些問題。

Yes.

是的。

(Operator Instructions). Your next question comes from the line of Matthew Breese with Stephens, Inc. Please go ahead.

（操作員指令）。您的下一個問題來自 Stephens, Inc. 的 Matthew Breese。請繼續。

Hey, good morning.

嘿，早安。

Hi.

你好。

First I just hope we could start with expenses and near term expectations for expense, for expense growth?

首先，我只是希望我們可以從費用和近期費用預期、費用成長開始？

Well, we're going the next time we report we're going to be a combined company, so it starts getting a little bit challenging to project when we're dealing with cost saves. But for this quarter, I think I mentioned that some of the cost saves were in the first quarter numbers. I'd say probably about half a million, out of 24 million in total cost saves. So, on a standalone basis, we're probably growing in the 4% to 5% range. And obviously, you can run your own numbers to come up with what the combined base will be.

好吧，下次我們報告時，我們將成為一家合併的公司，因此，當我們處理成本節約時，預測就會開始變得有點具有挑戰性。但對於本季度，我想我提到過，一些成本節省是在第一季的數字中。我認為在總共 2400 萬美元的成本節省中，大概節省了 50 萬美元。因此，從獨立角度來看，我們的成長率可能在 4% 到 5% 之間。顯然，您可以計算自己的數字來得出合併後的基數。

And that's 4% to 5% annual.

也就是每年 4% 到 5%。

And just to, just to add a little bit more color to what Bill said during our prepared remarks, this transaction we feel very strongly about the quality of the franchise that we're getting together with, and it is our goal to make certain that we do everything possible to satisfy and embrace the client base that First of Long Island has. It is a phenomenal client base. Goes back over decades, very strong relationships we couldn't get out of there with a crowbar before. And so we're going to take every precaution, every measure, we're going to put everything we have into, not only saving but nurturing every single one of those relationships and so.

只是為了給比爾在我們準備好的發言中所說的內容添加一點色彩，在這次交易中，我們對我們所獲得的特許經營權的質量感到非常有信心，我們的目標是確保我們盡一切可能讓長島第一的客戶群感到滿意和擁抱他們。這是一個非凡的客戶群。回想幾十年前，我們之間的關係非常牢固，以前連撬棍都無法擺脫。因此，我們將採取一切預防措施、採取一切措施，我們將傾盡所有，不僅要挽救，還要培育每一種關係等等。

If there's a little bit of cost involved in doing that, I, we're okay with that. So, I think it, we may drag out a little bit how long it takes to get some of the expenses, but we're, we think it's well worth it to really bring that franchise together in a way that's incredibly meaningful to the overall company.

如果這樣做需要花費一點成本，我們可以接受。所以，我認為，我們可能需要稍微拖延一下收回部分費用的時間，但我們認為，以一種對整個公司來說意義非凡的方式將該特許經營權真正整合在一起是值得的。

Yeah, that makes sense.

是的，這很有道理。

Maybe just turning to incremental lo yields in the pipeline. I'm curious where were those stand and where those stand, and I'm curious what spreads you're doing, I could see either way we hear a lot about a lot of payoff activity and customers going to bigger banks, so competitive pressures, but with everything going on macro wise, I could see spreads moving higher due to risk brings. So could you help me out with that?

也許只是轉向管道中的增量低收益。我很好奇這些情況過去和現在的情況，我很好奇你們的利差是多少，我可以看到，無論哪種情況，我們都聽到很多關於支付活動和客戶轉向更大銀行的消息，因此競爭壓力很大，但從宏觀角度來看，我可以看到由於風險帶來的影響，利差會走高。那你能幫我解決這個問題嗎？

Yeah, I mean the pipeline that we have has a rate of 7.25, okay, and the loans that we put on in the past quarter, I think was about 740. So it's within that range of what loans are going on at spread versus match funding is 2.50 to 3 even sometimes, and I would agree with you that spread should widen that out based on economic conditions. But there's always a lot of competition out there, Matt, so I wouldn't count on that and how you feel, Frank?

是的，我的意思是，我們現有的管道利率是 7.25，而我們上個季度發放的貸款，我認為大約是 740。因此，貸款與配套資金的利差有時甚至在 2.50 到 3 之間，我同意你的觀點，利差應該根據經濟狀況擴大。但是馬特，外面總是有很多競爭，所以我不會指望這一點，你感覺如何，弗蘭克？

Yeah and I think you would expect spreads to widen out based on everything that's going on, but there are certain segments of the market where I would tell you spreads are becoming tighter than I would have expected. And then there are others where you know it's obvious that some of the larger banks don't want to play in a particular space and so you get the wider spreads.

是的，我認為根據目前發生的一切，你可能會預期利差會擴大，但我想告訴你，在市場的某些部分，利差比我預期的要小。然後，還有其他一些情況，很明顯，一些較大的銀行不想在特定領域開展業務，因此會出現更大的利差。

So it's not, I don't think it, I don't think you can look at it as an across the board, this is, some sort of indication of what's going on in the market relative to whether it's the news, the tariffs or whatever. I think it's dependent on what particular banks are focused on. I can tell you for instance, construction lending, anything CRA related, multi-family, God forbid you do an office loan, those spreads are really wide. You start looking at CNI. I'm sure you've heard it in everybody's call, everybody's focused on CNI, and certain parts of that portfolio, I think that we're seeing spreads that are somewhat uncompetitive.

所以，我認為，你不能把它看作是一個全面的指標，這只是某種指標，表明市場上正在發生的事情，無論是新聞、關稅還是其他什麼。我認為這取決於特定銀行關注的重點。例如，我可以告訴你，建築貸款，任何與 CRA 相關的貸款，多戶型貸款，上帝禁止你做辦公室貸款，這些利差真的很大。您開始查看 CNI。我相信你已經在每個人的電話會議上都聽到了，每個人都關注 CNI，以及該投資組合的某些部分，我認為我們看到的利差有些缺乏競爭力。

And Matt, if you're asking that question because you're also trying to figure out where margin is going, certainly a steeper curve, would help the industry and connect one in particular.

馬特，如果你問這個問題是因為你也在試圖弄清楚利潤的走向，那麼更陡峭的曲線肯定會對產業有所幫助，特別是對某個產業而言。

All of the above, yeah, I appreciate that.

以上所有，是的，我很感激。

And then in terms of close timing for the deal, and maybe so update on closing time for the deal and then where do we stand in terms of approvals?

然後就交易的結束時間而言，也許可以更新交易的結束時間，然後我們在批准方面處於什麼位置？

Well, we, we've indicated thus far that we believe that we will have the deal closed, by the end of the second quarter at some point in the second quarter. We still believe that to be true, and so for that to be true, that means regulatory approvals got to be around.

嗯，我們迄今為止已經表示，我們相信我們將在第二季末的某個時候完成這筆交易。我們仍然相信這是真的，而要做到這一點，就意味著必須獲得監管部門的批准。

Yeah, right.

是的，對。

And then the last one is just, with the deal there was talk about a debt freeze to help on the capital ratio front. Where do you stand on that front and has anything changed in terms of desire for sub dead or alternative forms of capital?

最後一個問題是，關於達成協議，有傳言稱將凍結債務以幫助提高資本比率。您對此持什麼立場？對於替代死亡或其他形式資本的渴望有什麼改變嗎？

No, we're sticking with the subject, and so that'll take place, most likely prior to closing.

不，我們會堅持這個主題，所以這很可能會在結束之前發生。

Yeah, and it appears that the market's been sort of friendly towards what we need to accomplish relative to that, pricing has come down a bit and there appears to be a tremendous appetite for that type of bank debt today.

是的，而且看起來市場對我們需要實現的目標比較友好，價格有所下降，而且今天對這種類型的銀行債務似乎有很大的需求。

I think a couple of months ago, the stock prices were 10% to 20% higher and the sub debt rate had a 100 basis points more expensive. So it's much more beneficial to the sub debt right now.

我認為幾個月前，股票價格上漲了 10% 到 20%，次級債務利率上漲了 100 個基點。因此，現在這對次級債務來說更有利。

Understood. I appreciate taking all my questions.

明白了。我很感謝回答我的所有問題。

Thank you.

謝謝。

Thanks, man.

謝謝，老兄。

I will now turn the call back to the management for closing remarks.

現在我將把電話轉回給管理階層，請他們作最後發言。

Okay, well, thanks everyone again for your time today. We look forward to speaking to you again during the second quarter earnings, so have a great day.

好的，再次感謝大家今天的抽出時間。我們期待在第二季收益期間再次與您交談，並祝您有美好的一天。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining. You may not disconnect.

感謝大家的加入。您不能斷開連線。