Central Pacific Financial Corp (CPF) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by and welcome to the Central Pacific Financial Corp first quarter 2026 earnings conference call. (Operator Instructions). This call is being recorded and will be available for replay shortly after its completion on the company's website at www.cpb.bank.

各位女士、先生，下午好。感謝各位在線等候，歡迎參加 Central Pacific Financial Corp 2026 年第一季財報電話會議。（接線員指示）。本次電話會議將被錄音，並將於會議結束後不久在公司網站 www.cpb.bank 提供重播。

I'd now like to turn the call over to Mr. Jayrald Rabago, Senior Strategic Financial Officer. Please go ahead.

現在我想把電話交給資深策略財務長 Jayrald Rabago 先生。請開始。

Thank you, Rob, and thank you all for joining us today as we review Central Pacific Financial Corp's financial results of the first quarter of 2026. Joining me this morning are Arnold Martines, Chairman, President and Chief Executive Officer; David Morimoto, Vice Chairman and Chief Operating Officer; Ralph Mesick, Senior Executive Vice President and Chief Risk Officer and Dayna Matsumoto, Executive Vice President and Chief Financial Officer.

謝謝你，Rob，也感謝各位今天與我們一同回顧 Central Pacific Financial Corp 2026 年第一季的財務結果。今天早上與我一同出席的有：董事長、總裁暨執行長 Arnold Martines；副董事長暨營運長 David Morimoto；資深執行副總裁暨風險長 Ralph Mesick；以及執行副總裁暨財務長 Dayna Matsumoto。

We have prepared a supplemental slide presentation with additional details on our earnings release. The presentation is available in our Investor Relations section of our website at ir.cpb.bank. During today's call, management may make forward-looking statements. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially.

我們已準備一份補充簡報投影片，提供本次財報新聞稿的更多細節。簡報可於我們網站的投資人關係專區 ir.cpb.bank 取得。在今天的電話會議中，管理團隊可能會作出前瞻性陳述。這些陳述係基於目前的預期與假設，並受可能導致實際結果與預期有重大差異之風險與不確定性影響。

For a complete discussion of these risks related to our forward-looking statements, please refer to Slide 2 of our presentation.

關於與我們前瞻性陳述相關之風險的完整討論，請參閱簡報第 2 頁。

With that, I will now turn the call over to our Chairman, President and CEO, Arnold Martines.

接下來，我將把電話交給我們的董事長、總裁暨執行長 Arnold Martines。

Thank you, Jayrald, and hello to everyone joining us today. The first quarter represented a strong start to 2026 with solid earnings performance and continued execution across our franchise. We delivered growth in both loans and quarter deposits, maintained strong credit quality and continue to operate from a position of capital strength. This momentum reflects the strength of our relationship-focused banking model and our continued commitment to serving the people, businesses and communities of Hawaii.

謝謝你，Jayrald，也向今天加入我們的各位問好。第一季為 2026 年帶來強勁開局，獲利表現穩健，並持續在我們的特許經營版圖上落實執行。我們在放款與季內存款兩方面皆實現成長，維持強健的資產品質，並持續以充足資本實力營運。這股動能反映我們以關係為核心的銀行模式之優勢，以及我們持續致力於服務夏威夷人民、企業與社區的承諾。

Our results also demonstrate the durability and organic earnings power of the franchise. With return on equity above 13% and robust capital levels, we remain focused on disciplined, sustainable growth and thoughtful capital allocation.

我們的成果也展現了本特許經營體系的韌性與內生成長的獲利能力。在股東權益報酬率超過 13% 且資本水準強勁的情況下，我們仍聚焦於有紀律、可持續的成長，以及審慎的資本配置。

From a shareholder perspective, we remain committed to deploying capital in ways that enhance long-term value. This includes supporting organic growth, maintaining a strong balance sheet, returning capital through dividends and share repurchases, and preserving flexibility to respond to market opportunities. We were also pleased that CPB was named the Hawaii-US Small Business Administration Lender of the Year for 2025.

從股東角度來看，我們仍致力於以能提升長期價值的方式運用資本。這包括支持內生成長、維持強健的資產負債表、透過股利與庫藏股回購回饋資本，並保留彈性以因應市場機會。我們也很高興 CPB 獲選為 2025 年夏威夷—美國小型企業管理局（SBA）年度最佳放款機構。

This marks the 17th time. [EPP] has received this recognition and reflects our long-standing commitment to Hawaii's small business community. Turning to the broader environment, Hawaii's economy remained resilient during the first quarter.

這是 [EPP] 第 17 次獲得此項肯定，反映我們長期以來對夏威夷小型企業社群的承諾。就整體環境而言，夏威夷經濟在第一季仍具韌性。

Visitor arrivals and spending increased, and the state's unemployment rate remained exceptionally low at 2.3%. While oil prices have increased due to the conflict in the Middle East, the direct impact on Hawaii's economy has been limited to date, and we continue to monitor conditions closely.

旅客到訪人次與消費支出增加，州內失業率仍維持在極低水準 2.3%。雖然中東衝突推升油價，但迄今對夏威夷經濟的直接影響仍有限，我們將持續密切關注相關情勢。

At the same time, Hawaii continues to benefit from ongoing construction activity, military spending, and a resilient local economy. Recent storm activity and flooding, including impacts from the Kona [Loa], caused isolated but significant damage in parts of the state.

同時，夏威夷仍受惠於持續的建築活動、軍事支出，以及具韌性的在地經濟。近期風暴活動與洪水（包括 Kona [Loa] 的影響）在州內部分地區造成零星但嚴重的損害。

We remain committed to supporting affected customers and communities as they recover and rebuild. Against this backdrop, our strategy remains consistent: support local businesses through prudent lending, grow and deepen core deposit relationships. Invest thoughtfully in our franchise and manage risk with discipline through the cycle.

我們仍致力於在受影響客戶與社區復原與重建之際提供支持。在此背景下，我們的策略維持一致：透過審慎放款支持在地企業，擴大並深化核心存款關係。審慎投資於我們的特許經營體系，並在景氣循環中以紀律管理風險。

With that, I will turn the call over to Dayna.

接下來，我把電話交給 Dayna。

Thanks, Arnold. For the first quarter, net income was $20.7 million and earnings per diluted share was $0.78. Return on average assets was 1.12% and return on average equity was 13.90%. Compared to the year-ago quarter, our EPS increased by 20%, reflecting revenue growth and expense discipline as we continue to successfully execute on our strategy.

謝謝你，Arnold。第一季淨利為 2,070 萬美元，稀釋後每股盈餘為 0.78 美元。平均資產報酬率為 1.12%，平均股東權益報酬率為 13.90%。與去年同期相比，我們的每股盈餘增加 20%，反映營收成長與費用控管紀律，並顯示我們持續成功執行策略。

Net interest income totaled $61.4 million, and net interest margin remained healthy at 3.53%. Compared to the prior quarter, results reflected typical seasonal factors and balance sheet timing, including lower day count and lower average loan balances.

淨利息收入合計 6,140 萬美元，淨利息收益率（NIM）維持健康水準 3.53%。與前一季相比，結果反映典型的季節性因素與資產負債表時點影響，包括計息天數較少以及平均放款餘額較低。

The decline in our loan yields were partially offset by the improvement in our deposit costs. For the second quarter, we are projecting NIM of 3.50% to 3.55%. Our guidance for full-year net interest income remains at a 4% to 6% increase over the prior year.

放款收益率下降的影響，部分被存款成本改善所抵銷。第二季我們預估 NIM 為 3.50% 至 3.55%。我們對全年淨利息收入的指引維持不變，預期較前一年增加 4% 至 6%。

Across a range of potential rate environments, our balance sheet positioning and funding mix continue to provide meaningful resilience. Total other operating income was $11.6 million and declined from the prior quarter by $2.6 million.

在各種可能的利率環境下，我們的資產負債表配置與資金來源組合仍持續提供顯著的韌性。其他營業收入合計 1,160 萬美元，較前一季減少 260 萬美元。

In the prior quarter, we had one-time BOLI death benefit income of $1.4 million. Current quarter BOLI income was further impacted by equity market volatility. Additionally, Q1 seasonality typically results in lower levels of fee income in the mortgage banking and wealth areas.

前一季我們有一次性的 BOLI 身故給付收入 140 萬美元。本季的 BOLI 收入亦進一步受到股市波動影響。此外，第一季的季節性因素通常會使房貸銀行業務與財富管理領域的手續費收入水準較低。

We continue to expect our full-year other operating income to increase modestly over normalized prior year. Total other operating expense was $43.7 million and declined by $2.0 million from the prior quarter. The decline was primarily driven by higher incentive accruals in the prior quarter and lower deferred compensation expense this quarter.

我們仍預期全年其他營業收入將較常態化的前一年小幅增加。其他營業費用合計 4,370 萬美元，較前一季減少 200 萬美元。下降主要來自前一季較高的獎酬提列，以及本季較低的遞延薪酬費用。

We expect our expenses to increase over the year. But our full-year expense growth is still expected to be modest at 2.5% to 3.5% from 2025 normalized. In the first quarter, we paid a cash dividend of $0.29 per share and repurchased approximately 321,000 shares for a total of $10.5 million.

我們預期費用將在今年內增加。但全年費用成長仍預期溫和，較 2025 年常態化水準增加 2.5% 至 3.5%。第一季我們每股發放現金股利 0.29 美元，並回購約 321,000 股，總金額為 1,050 萬美元。

With our strong earnings and capital position, our Board declared a second quarter cash dividend of $0.29 per share. We had $44.5 million remaining available under our share repurchase program as of March 31, and we plan to continue to utilize it as part of our capital allocation strategy.

憑藉我們強勁的獲利與資本部位，董事會宣告第二季每股現金股利為0.29美元。截至3月31日，我們在股票回購計畫下仍有4,450萬美元可用額度，並計畫持續運用該額度，作為我們資本配置策略的一部分。

I will now turn the call over to David.

接下來我把電話交給David。

Thank you, Dayna. During the first quarter, our total loan portfolio grew by $31 million, bringing total loans to $5.3 billion at quarter end. The majority of the loan growth came near the end of the first quarter. Therefore, we will see the benefit in our net interest income in subsequent quarters.

謝謝你，Dayna。第一季期間，我們的貸款總組合增加3,100萬美元，使季末貸款總額達到53億美元。貸款成長的大部分發生在第一季接近季末的時候。因此，我們將在後續季度的淨利息收入中看到其帶來的效益。

Loan growth this quarter was driven by commercial real estate, where we continue to see good risk-reward opportunities both in Hawaii and the mainland. We had a roughly equal amount of loan production volume in Hawaii and the mainland this quarter, while loan runoff was greater in the Hawaii portfolio as it represents over 80% of overall balances.

本季貸款成長主要由商用不動產帶動；我們在夏威夷與美國本土仍持續看到良好的風險報酬機會。本季我們在夏威夷與美國本土的放款承作量大致相當，但由於夏威夷投資組合占整體餘額逾80%，因此夏威夷投資組合的貸款到期/償還流失量較大。

Average loan portfolio yield in the first quarter was 4.93% compared to 4.99% in the prior quarter. The yield decline was primarily due to the impact of the fourth quarter fed rate cuts on repricing and new loan yields. Total deposits increased $90 million during the quarter, ending at $6.7 billion.

第一季平均貸款組合收益率為4.93%，相較前一季的4.99%。收益率下滑主要是因第四季聯準會降息對重訂價與新承作貸款收益率的影響。本季存款總額增加9,000萬美元，期末達到67億美元。

Core deposits represent over 90% of total deposits, with continued growth in non-interest-bearing and relationship-based accounts. At the same time, total deposit costs decreased by 4 basis points quarter-over-quarter to 0.90%.

核心存款占總存款逾90%，其中無息存款與關係型帳戶持續成長。同時，存款總成本較上季下降4個基點至0.90%。

Looking ahead, our loan pipeline remains solid across Hawaii and select mainland CRE markets. And currently, we see stronger opportunities in commercial loans relative to retail lending. We will continue to execute our deposit strategy, focusing on new customer acquisition and deepening existing relationships.

展望未來，我們在夏威夷以及美國本土部分商用不動產（CRE）市場的放款案源仍然穩健。目前我們看到商業貸款相較於零售貸款有更強的機會。我們將持續執行存款策略，聚焦於新客戶開發並深化既有客戶關係。

As a result, we are maintaining our full-year 2026 guidance of loan and deposit growth in the low single-digit percentage range.

因此，我們維持2026全年指引不變：貸款與存款成長率維持在低個位數百分比區間。

With that, I'll turn the call over to Ralph.

接下來我把電話交給Ralph。

Thank you, David. We continue to operate within risk appetite and the credit profile of the bank is unchanged at quarter end. We maintain an approach of seeking to achieve optimal returns, balance and diversification, emphasizing underwriting discipline, relationship lending and risk-based pricing.

謝謝你，David。我們持續在風險偏好範圍內營運，且截至季末本行的信用概況並無改變。我們維持以追求最佳報酬、平衡與分散為目標的作法，強調嚴謹的授信承作紀律、關係型放款以及風險基礎訂價。

Our credit metrics stayed near cycle lows during the first quarter. Non-performing assets were totaled $14.5 million or 19 basis points of total assets. Net charge-offs were 18 basis points. Past due trends were stable.

第一季我們的信用指標維持在景氣循環低點附近。不良資產合計1,450萬美元，占總資產19個基點。淨沖銷為18個基點。逾期趨勢維持穩定。

Criticized loans were less than 200 basis points of total loans and within an expected range. Changes in criticized loans reflect relationship-specific dynamics rather than any broad-based credit trends. Provision expense for the quarter was $2.4 million. We added $2.7 million to the allowance, while the reserve for unfunded commitments declined by $300,000.

受關注（criticized）貸款占總貸款低於200個基點，且在預期範圍內。受關注貸款的變動反映的是特定往來關係的動態，而非任何廣泛性的信用趨勢。本季提存費用為240萬美元。我們將備抵損失增加270萬美元，同時未動用承諾的準備金減少30萬美元。

We identified no material matters impacting our customers from the recent Kona low flooding. At quarter end, our total risk-based capital ratio was 14.7%. At this level, we retain ample flexibility to manage through adverse conditions.

近期Kona低地淹水事件，我們未發現對客戶造成任何重大影響事項。截至季末，我們的總風險基礎資本比率為14.7%。在此水準下，我們仍保有充足彈性以因應不利情境。

With that, let me turn the call back over to Arnold.

接下來讓我把電話交回給Arnold。

Thank you, Ralph. To summarize, the first quarter was a strong start to the year. We delivered solid earnings, maintained strong credit quality through both loans and quarter deposits, and continued to operate from a position of capital strength.

謝謝你，Ralph。總結來說，第一季為今年帶來強勁的開局。我們交出穩健的獲利表現，透過貸款與存款維持強勁的信用品質，並持續在資本實力雄厚的基礎上營運。

I want to thank our employees for their continued commitment, care, and dedication to our customers and communities.

我要感謝我們的員工持續投入、關懷，並以敬業精神服務我們的客戶與社區。

We are now happy to answer your questions.

我們現在很樂意回答各位的問題。

(Operator Instructions)

（接線員指示）

Evan [Kwitkowski], Raymond James.

Evan [Kwitkowski]，Raymond James。

Hey, good morning, guys. I'm on for David Feaster.

各位早安。我代替David Feaster上線。

Good morning.

早安。

So I just wanted to start on loans. I'm just curious, what you've been hearing from borrowers in your market and maybe how demand has been holding up, given a lot of the uncertainty we're seeing in the market today.

我想先從貸款談起。我很好奇，你們在市場上從借款人那邊聽到什麼，以及在目前市場不確定性很高的情況下，需求表現如何、是否仍能維持。

And then going forward, I think you mentioned seeing more opportunities or maybe focusing more on the commercial side. So I'm just kind of curious -- what kind of credits you're targeting there as well. Thanks.

另外往前看，我想你們提到看到更多機會，或可能更聚焦在商業端。所以我也想了解一下——你們在那邊鎖定的是哪些類型的授信。謝謝。

Yeah, man, it's David Morimoto. Yeah, I think on what we're seeing and hearing from our customers, hasn't changed much from prior quarters. They're continue -- we continue to see opportunities, but -- as we mentioned, they currently are focused more in the commercial area than in the retail area.

對，我是David Morimoto。就我們從客戶那邊看到與聽到的情況而言，和前幾季相比沒有太大改變。他們仍然——我們仍持續看到機會，但——如同我們提到的，目前相較於零售領域，他們更聚焦在商業領域。

And that's industry wide. A lot of the retail loan categories are subdued right now as a result of the interest rate environment. But hopefully that will change going forward. So right now we're seeing good. Risk-reward loan opportunities, they tend to be primarily focused in commercial mortgage and to a lesser extent in commercial and industrial.

這是整個產業普遍的情況。在目前利率環境下，許多零售貸款類別的需求都偏弱。但希望未來會有所改變。所以目前我們看到不錯的風險報酬放款機會，主要集中在商用房貸，另外在商業與工業（C&I）方面則相對少一些。

And then maybe on that, is that more -- are you seeing more opportunities on the Mainland or in Hawaii, or is it kind of balanced or just wherever you see the opportunity?

那再延伸一下，這些機會是更多出現在美國本土還是夏威夷？還是大致均衡，或是你們就看哪裡有機會就做哪裡？

Yeah, currently it's relatively balanced. I will say that quarter to quarter, there's always a lot of variability, right, in deals, right? When things ultimately end up closing, you might think it's going to close. Close in the second quarter and it slips to the subsequent quarter.

對，目前相對均衡。我會說每一季之間交易都有很大的變動性，對吧？交易最終何時完成交割也會有變數；你可能以為會在第二季完成，結果延到下一季。（同上）

But currently, what we're seeing in the pipeline is it's relatively balanced. And we're always targeting rough to grow both Hawaii and the Mainland every quarter. But as we saw, like in this quarter, it varies based on a lot of different factors.

但就目前我們在案源管線中看到的情況而言，整體相對均衡。而且我們每一季的目標大致都是同時推動夏威夷與美國本土的成長。但如同本季所見，結果會因許多不同因素而有所差異。

That's really helpful. And then maybe pivoting to the margin, you were able to achieve further funding cost leverage during the quarter, which is no [easy feat] seeing as all the costs are at 90 bps.

這真的很有幫助。接著也許轉到淨利差（margin）部分，你們在本季能夠進一步在資金成本上取得槓桿效益；考量到所有成本都在 90 個基點，這並非[易事]。

Do you think you've kind of hit a floor on the funding cost side from here? And if so, what do you think the main drivers for the margin are going forward with the Fed seemingly on hold?

你覺得從這裡開始，資金成本端是否已經大致觸底了？如果是的話，在聯準會看似按兵不動的情況下，你認為未來淨利差的主要驅動因素會是什麼？

Hi, Evan. It's Dayna. Thank you for the question.

嗨，Evan。我是 Dayna。謝謝你的提問。

Yeah, with the Fed on hold, we expect our deposit costs will level out somewhat. We do have some downward repricing opportunity on our CD portfolio. We have about $480 million or that's slightly less than 50% of our CD portfolio maturing in the second quarter.

是的，在聯準會按兵不動的情況下，我們預期存款成本會在某種程度上趨於持平。我們的定存（CD）投資組合也有一些向下重定價的機會。我們大約有 4.8 億美元（或略低於我們 CD 投資組合的 50%）會在第二季到期。

And that has a weighted average rate of 2.8% coming off. While our new CD rates on a blended basis are approximately 2.5%. And then just thinking about the NIM going forward, some of the dynamics there are we will improve our earning asset mix as we do plan to optimize our excess liquidity by growing loans and some securities.

這部分到期的加權平均利率是 2.8%。而我們新承作的 CD 利率以混合基礎計算約為 2.5%。再談到未來的淨利差（NIM），其中一些動態包括：我們計畫透過增加放款與部分證券，來優化我們的超額流動性，進而改善生息資產組合。

We also expect to continue to get a positive lift from back book repricing, although that lift has moderated somewhat. And as I mentioned, on the funding side, we do expect some modest continued decline in our CD costs. But all in all, our NIM is expected to remain relatively close to where it is today.

我們也預期會持續從存量資產（back book）的重定價中獲得正向挹注，儘管這個挹注已稍微放緩。另外如我提到的，在資金端，我們確實預期 CD 成本還會有一些溫和的續降。但整體而言，我們預期 NIM 會大致維持在接近目前的水準。

With the Fed on hold and our position being fairly neutral to slightly asset sensitive, we think it could be modestly positive to us, but not a big overall impact. But bottom line is, we feel really good about our strong NIM being in the mid-3% range, and that gives us some. Flexibility to be more competitive in the market to drive growth and revenue.

在聯準會按兵不動、且我們的部位對利率變動相對中性到略偏資產敏感的情況下，我們認為對我們可能是溫和正面，但整體影響不大。不過重點是，我們對於目前處於 3% 中段區間的強勁 NIM 感到非常有信心，而這也給了我們一些彈性，能在市場上更具競爭力，以推動成長與營收。

That's really helpful. And then maybe if I can ask one more. I saw that you were active on the buyback this quarter, and you still maintain a good amount of excess capital. I just wanted to get a sense of how you're thinking about capital priorities today, and if you see any opportunities for balance sheet optimization with that excess capital?

這真的很有幫助。另外如果我可以再問一題。我看到你們這季有積極進行庫藏股回購，而且你們仍維持相當程度的超額資本。我想了解你們目前對資本配置優先順序的思考，以及是否看到任何利用這些超額資本來優化資產負債表的機會？

Sure. Our capital priorities, Evan, they remain the same. We continue to deploy our capital in a very thoughtful and deliberate manner. And as we've said before, our top priority is going to be to use capital for loan growth and to support our clients. We do plan to continue our quarterly cash dividend.

當然。Evan，我們的資本配置優先順序維持不變。我們會持續以非常審慎且有計畫的方式運用資本。如同我們先前所說，我們的首要優先事項會是把資本用於放款成長並支持我們的客戶。我們也計畫持續按季發放現金股利。

And then any excess capital beyond what we can use to organically roll the business, we will consider that for share repurchases. So what you'll likely see is that we'll return a similar amount of capital as we did this past quarter through both dividends and share repurchases.

此外，任何超出我們用於有機推動業務所需的資本，我們會考慮用於股票回購。因此你們很可能會看到，我們透過股利與股票回購，回饋與上一季相近規模的資本。

Matthew Clark, Piper Sandler.

Matthew Clark，Piper Sandler。

Hey, good morning, everyone. Just a couple more questions around the margin Dayna, if you had the spot rate on deposits, deposit costs at the end of March.

各位早安。Dayna，我再問幾個關於淨利差的問題：如果你們有存款的即期利率（spot rate），也就是 3 月底的存款成本。

For the March month-to-date deposit costs, it was 90 basis points. And then the spot rate at the end of March was about in the same area.

3 月份截至目前（month-to-date）的存款成本是 90 個基點。而 3 月底的即期利率大約也在相同區間。

Okay. And then on the asset side, can you remind us. On average, how much you have in fixed loan repricing per quarter and same on the security side in terms of cash flows?

好的。那在資產端，你能提醒我們一下嗎？平均而言，每一季固定利率放款有多少會重定價？另外在證券端，就現金流而言大概是多少？

Yes, we typically have around $200 million to $250 million of loan runoff each quarter. And our weighted average new loan yield in the first quarter was 6.0%. And you can compare that to our average loan portfolio yield in the quarter of 4.9%.

是的，我們通常每季大約有 2 億到 2.5 億美元的放款到期/回收（runoff）。而第一季新承作放款的加權平均收益率是 6.0%。你可以把這與本季整體放款投資組合的平均收益率 4.9% 做比較。

So we continue to see positive repricing there. On the securities portfolio, the cash flows, it's about $30 million per quarter at a weighted average rate of about 2.8%. And our new security purchase yields have been around 5%, so we continue to get a very nice lift there.

因此我們仍持續看到那邊有正向的重定價效果。在證券投資組合方面，現金流每季大約是 3,000 萬美元，加權平均利率約 2.8%。而我們新買入證券的收益率大約在 5% 左右，所以那邊我們也持續獲得相當不錯的挹注。

Okay, great. So I guess wondering why the margin guide is 350 to 355 when you put these dynamics together, a couple of base points on CD repricing, a few basis points, three to four on loans and securities. I haven't done the math yet, but I assume it's modestly helpful.

好的，很好。所以我想知道，當把這些動態加總起來時，為什麼你們的淨利差指引是 350 到 355？CD 重定價帶來幾個基點、放款與證券大概也有幾個基點（約 3 到 4 個基點）。我還沒算過，但我猜應該是溫和正面。

I mean, it puts you closer to 360, I guess what's keeping you at, I'm just curious what why the why the $350 or the lower end of the range there? What's driving that?

我的意思是，這看起來會讓你們更接近 360；我只是好奇，是什麼讓你們維持在 350，或是區間的較低端？背後的驅動因素是什麼？

Yeah, Matthew, I mean, there's a lot of factors and variables that go into the NIM, as you know. I think one other thing, in addition to the moderation of the back book repricing that I mentioned, on the competitive front, we do see some pressure on spreads and new loan yields.

是的，Matthew，我是說，正如你所知，NIM 受到很多因素與變數影響。我想除了我提到的存量資產（back book）重定價挹注放緩之外，另一個因素是競爭面：我們確實看到利差與新承作放款收益率有一些壓力。

Just due to the competitive nature of the market. So that's some of the factors we're considering. But our NIM path will just largely depend on loan growth, the market dynamics, and the shape of the yield curve going forward.

主要是因為市場競爭激烈。所以這是我們考量的一些因素。不過我們的 NIM 走勢在很大程度上仍取決於放款成長、市場動態，以及未來殖利率曲線的形狀。

And maybe, Matthew, I'll add, this is Arnold. I think we do have a pretty healthy level of healthy NIN level. And I think we want to be thoughtful about balancing improvement in property, which we have done the last few years with being selective on competitiveness in the local market.

另外 Matthew，我補充一下，我是 Arnold。我認為我們確實有相當健康的 NIN 水準。而且我想我們希望在平衡獲利能力的改善（過去幾年我們已經做到）與在本地市場競爭上保持選擇性之間，保持審慎。

So that's kind of what is happening there. But we continue to be very committed to maintaining a very healthy NIM overall.

所以大致上就是這樣的情況。但我們仍非常致力於整體維持非常健康的 NIM。

Got it. And then do you still anticipate a few construction projects funding this quarter? Where does that stand as we think about the related reserves you put against it?

了解。那麼你們本季仍預期會有幾個建築專案的融資嗎？就你們針對其提列的相關準備而言，目前進展如何？

Yeah, hey, Matthew, it's David. There is one large residential condominium project that is expected to close in the second quarter, so that will be paid on the construction side, but it will largely be offset by take-out mortgages on the residential mortgage side for the homeowners.

是的，嗨，Matthew，我是David。有一個大型住宅公寓（condominium）專案預計在第二季完成交割，因此在建築融資端會償還，但在住宅房貸端，將主要由屋主的承接房貸（take-out mortgages）所抵銷。

Okay, great. And then last one, just on the uptick in criticized in the slide deck, which drove that, and what's the plan there for resolution?

好的，很好。最後一個問題，關於簡報中被列為「受批評」的項目有所上升，是什麼因素驅動的？以及那邊的解決計畫是什麼？

Yeah, Matthew, this is Ralph. The increase in criticized loans really was related to one-- primarily one commercial relationship, so there's no systemic deterioration there.

是的，Matthew，我是Ralph。受批評貸款的增加其實與一個——主要是一個商業往來關係有關，所以並沒有系統性的惡化。

This is a long-time customer. It's a viable business, I think a fairly strong balance sheet. They had experienced some operating losses that resulted in some drawdown and liquidity. I think the plan there really is to retain and support this customer. We don't see any lost content in that credit.

這是一位長期客戶。這是一門可行的生意，我認為資產負債表相當強健。他們曾出現一些營運虧損，導致動用額度並使流動性下降。我認為那邊的計畫主要是留住並支持這位客戶。我們不認為那筆授信會有任何損失。

Kelly Motta, KBW.

Kelly Motta，KBW。

Maybe if I could circle back to the margin. I apologize if I missed it. I did catch your commentary around some greater competition on the loan pricing side. Can you remind us where a blended rate of newer patients is now relative to maybe a quarter ago?

也許我可以回到淨利差的問題。如果我漏聽了先說聲抱歉。我有聽到你提到貸款定價端競爭更激烈的一些評論。你能提醒我們，新發放貸款的綜合利率目前相較於大約一季前處於什麼水準嗎？

Sure. Hi, Kelly. It's Dayna. In the first quarter, our weighted average new loan yield was 6.0%.

當然。嗨，Kelly。我是Dayna。第一季，我們新承作貸款的加權平均收益率為6.0%。

And then if you compare that in the fourth quarter, I believe it was 6.8%. So we do see a little bit of moderation there.

若與第四季相比，我記得是6.8%。所以我們確實看到一些溫和下滑。

And then I appreciate the commentary around capital return. It seems very consistent with the commentary you've had so far. I know it's really early, but just, given residential mortgage is -- decent part of the portfolio. I wonder if it's fair to say the proposed capital rules would be beneficial to you guys and have you guys done any preliminary sensitivity around the impact to your regulatory capital ratios?

另外也感謝你對資本回饋的說明。看起來與你們迄今的說法非常一致。我知道現在還很早，但由於住宅房貸是——投資組合中相當重要的一部分。我想問，是否可以說擬議的資本規則對你們會有利？你們是否已就其對監理資本比率的影響做過任何初步敏感度分析？

That's correct, Kelly. It will definitely be beneficial to us. I'd say on the proposal, we're still evaluating it, but it's positive it will have a favorable impact for our capital ratios, particularly from the residential mortgage risk weighting changes.

沒錯，Kelly。這對我們肯定是有利的。就該提案而言，我們仍在評估中，但整體是正面的，會對我們的資本比率帶來有利影響，特別是來自住宅房貸風險權數變動。

And an early estimate is we're expecting around 50 basis point to 100 basis point improvement in our CET1 ratio. But we'll continue to monitor the developments on the proposal, and we don't really expect it to change. Capital strategy in any way.

初步估計，我們預期CET1比率可改善約50個基點到100個基點。但我們會持續關注該提案的進展，我們也不太預期它會以任何方式改變我們的資本策略。

Maybe two last just [nitpicky] modeling questions, if I may. Just on the tax rate, it jumped up a bit from Q4, but you did have the bully death benefit. Dayna, is this kind of 23% tax rate, a good go-forward rate, or any considerations as we think through the full year that did come in a bit higher.

如果可以的話，最後兩個比較「吹毛求疵」的建模問題。先談稅率，從Q4起跳升了一些，但你們確實有BOLI身故給付。Dayna，這種約23%的稅率是否可作為未來的合理假設？或就全年來看，有沒有任何需要考量的因素，因為實際結果確實高了一點。

The increase in our effective tax rate this quarter was due to less tax-exempt BOLI income, as you noted. Also, in the prior quarter, in Q4, we had some tax credit benefits.

本季有效稅率上升是因為免稅的BOLI收入較少，如你所提。另外，在前一季，也就是Q4，我們有一些稅額抵減的效益。

Going forward, kind of on a normalized rate, we expect the ETR to be in the range of about 22% to 23%.

往後看，以較正常化的水準，我們預期ETR大約會落在22%到23%的區間。

It could trend lower to the extent that we bring on additional tax credits or have more tax-exempt income, but we feel pretty good about that range for now.

若我們取得更多稅額抵減或有更多免稅收入，稅率可能會走低；但就目前而言，我們對這個區間相當有信心。

Got it. That's helpful. And then last question from me. You noted part of the maybe greater pressure than we may have expected on Q1 margin was liquidity was higher. Dayna, can you remind us what, how you guys manage your liquidity levels, as I'm assuming some of that gets redeployed back into the growth you're seeing?

了解。這很有幫助。那我最後一個問題。你提到Q1淨利差可能比我們預期承壓更大的一部分原因是流動性較高。Dayna，你能提醒我們你們如何管理流動性水位嗎？因為我猜其中一部分會再部署到你們看到的成長上。

Yeah, that's right, Kelly. At 331, our cash and liquidity position was very healthy. We did have some inflows of deposits. We do have some excess cash, maybe in the range of about $100 million to $150 million that could be deployed to opportunities as those present itself.

是的，沒錯，Kelly。截至3/31，我們的現金與流動性部位非常充裕。我們確實有一些存款流入。我們有一些超額現金，大約在1億到1.5億美元的範圍內，可在出現機會時加以運用。

So I think our average earning asset growth may not be too significant as we shift some of that excess cash to loans or securities. But going forward, it's always going to be a function of good loan risk-reward opportunities and also our continued focus on growing core deposits.

因此，當我們把部分超額現金轉投到貸款或證券時，我認為我們的平均生息資產成長可能不會太顯著。但往後，這始終取決於良好的貸款風險報酬機會，以及我們持續專注於成長核心存款。

(Operator Instructions)

（接線員指示）

As there are no further questions, I will now turn the call back over to Jayrald Rabago for closing remarks.

由於沒有進一步提問，我現在將把電話交回給Jayrald Rabago作結語。

Thank you, everyone, for joining us today and for your continued interest in Central Pacific Financial Corp. We look forward to updating you again next quarter.

感謝各位今天加入我們，並持續關注Central Pacific Financial Corp。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

以上為今日電話會議內容。感謝各位的參與。您現在可以掛線。