CVB Financial Corp (CVBF) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the first quarter of 2026 earnings conference call for CVB Financial Corporation and its subsidiary, Citizens Business Bank. My name is Sherry, and I'm your operator for today. (Operator Instructions) Please note that this call is being recorded.

各位女士、先生，早安，歡迎參加 CVB Financial Corporation 及其子公司 Citizens Business Bank 2026 年第一季財報電話會議。我是 Sherry，今天的會議由我擔任接線員。（接線員指示）請注意，本次通話將被錄音。

I would now like to turn the presentation over to your host for today's call, Allen Nicholson, Executive Vice President and Chief Financial Officer. You may proceed.

現在我想將會議交給今天的主持人——執行副總裁兼財務長 Allen Nicholson。您可以開始。

Thank you, Sherry, and good morning, everyone. Thank you for joining us today to review our financial results for the first quarter of 2026. Joining me this morning is our Chief Executive Officer, Dave Brager; and our President, Clay Jones. Our comments today will refer to the financial information that was included in the earnings announcement released yesterday. To obtain a copy, please visit our website at www.cbbank.com, and click on the Investors tab.

謝謝你，Sherry，各位早安。感謝各位今天加入我們，一同回顧 2026 年第一季的財務結果。今天早上與我一同出席的有我們的執行長 Dave Brager，以及總裁 Clay Jones。我們今天的發言將引用昨日發布之財報新聞稿中所包含的財務資訊。如需取得副本，請造訪我們的網站 www.cbbank.com，並點選「Investors」分頁。

The speakers on this call claim the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. For a more complete discussion of the risks and uncertainties that may cause actual results to differ materially from our forward-looking statements, please see the company's annual report on Form 10-K for the year ended December 31, 2025, and in particular, the information set forth in Item 1A Risk Factors therein. For a more complete version of the company's Safe Harbor disclosure, please see the company's earnings release issued in connection with this call.

本次電話會議的發言人主張適用 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所載之安全港條款保護。關於可能導致實際結果與我們之前瞻性陳述出現重大差異之風險與不確定性之更完整討論，請參閱公司截至 2025 年 12 月 31 日止年度之 Form 10-K 年報，特別是其中第 1A 項「風險因素」所載資訊。關於公司安全港揭露之更完整版本，請參閱公司就本次電話會議所發布之財報新聞稿。

I'll now turn the call over to Dave Brager. Dave?

接下來我把電話交給 Dave Brager。Dave？

Thank you, Allen. Good morning, everyone. For the first quarter of 2026, we reported net earnings of $51 million or $0.38 per share, representing our 196th consecutive quarter of profitability, which is every quarter for 49 years. We previously declared a $0.20 per share dividend for the first quarter of 2026, representing our 146th consecutive quarter of paying a cash dividend to our shareholders. We produced a return on average tangible common equity of 13.4% and a return on average assets of 1.33% for the first quarter of 2026.

謝謝你，Allen。各位早安。2026 年第一季，我們報告淨利為 5,100 萬美元，或每股 0.38 美元，這是我們連續第 196 個季度獲利，也就是連續 49 年每一季都獲利。我們先前已宣告 2026 年第一季每股 0.20 美元股利，為連續第 146 個季度向股東發放現金股利。2026 年第一季，我們的平均有形普通股權報酬率為 13.4%，平均資產報酬率為 1.33%。

Our net earnings of $51 million or $0.38 per share compared with $55 million for the fourth quarter of 2025 or $0.40 per share and $51.1 million or $0.36 per share for the prior year quarter. Results of the first quarter of 2026 reflects solid growth year over year across several financial metrics, including pretax pre-provision income growth, net interest margin expansion, loan growth and growth in deposits and customer repurchase agreements. Pretax pre-provision income grew by $4 million or 6% over the first quarter of 2025.

我們的淨利 5,100 萬美元或每股 0.38 美元，與 2025 年第四季的 5,500 萬美元或每股 0.40 美元，以及去年同期的 5,110 萬美元或每股 0.36 美元相比。2026 年第一季的結果反映出多項財務指標在年比基礎上穩健成長，包括稅前提存前收益成長、淨利差擴大、放款成長，以及存款與客戶附買回協議的成長。稅前提存前收益較 2025 年第一季增加 400 萬美元或 6%。

Our net interest margin expanded by 13 basis points over the prior year quarter to 3.44% as our earning asset yields increased by 7 basis points, while our cost of funds decreased by 7 basis points. Average loans grew by $157 million or approximately 2% from the first quarter of 2025. We also increased our average total deposits and customer repurchase agreements by $288 million or 2.4% from the first quarter of 2025.

我們的淨利差較去年同期擴大 13 個基點至 3.44%，因為生息資產收益率提高 7 個基點，而資金成本下降 7 個基點。平均放款較 2025 年第一季增加 1.57 億美元或約 2%。我們的平均總存款與客戶附買回協議亦較 2025 年第一季增加 2.88 億美元或 2.4%。

Now let's discuss loans further. Total loans at March 31, 2026, were $8.64 billion, a $280 million or 3.3% increase from the end of the first quarter of 2025. This increase was driven primarily by growth in commercial real estate loans of $141 million, a $62 million increase in dairy and livestock and agribusiness loans and a $43 million increase in construction loans. We also had $34 million of growth in SBA 504 loans and C&I loan outstandings increased by $10 million over the prior year.

接下來進一步談放款。截至 2026 年 3 月 31 日，放款總額為 86.4 億美元，較 2025 年第一季末增加 2.80 億美元或 3.3%。此增幅主要由商用不動產放款增加 1.41 億美元、乳牛與牲畜及農業企業放款增加 6,200 萬美元，以及營建放款增加 4,300 萬美元所帶動。我們的 SBA 504 放款亦成長 3,400 萬美元，且 C&I（商業與工業）放款餘額較去年增加 1,000 萬美元。

Total loans declined by $56 million from the end of 2025 as dairy and livestock and agribusiness loans declined by $117 million due to the seasonal peak and line usage that occurs every calendar year end. The seasonal decline is evident by the decrease in line utilization rate from 78% at the end of 2025 to 69% at March 31, 2026.

放款總額較 2025 年底減少 5,600 萬美元，原因是乳牛與牲畜及農業企業放款因每個曆年年底出現的季節性高峰與額度使用情形而減少 1.17 億美元。此季節性下降可由額度動用率自 2025 年底的 78% 降至 2026 年 3 月 31 日的 69% 看出。

C&I loans decreased quarter over quarter by $21 million as line utilization decreased from 32% at the end of 2025 to 30% at the end of the first quarter of 2026. Partially offsetting the decline in line usage from the end of 2025 was commercial real estate loan growth of $57 million, SBA 504 loan growth of $13 million and construction loans increasing by $22 million.

C&I 放款較前一季減少 2,100 萬美元，因額度動用率自 2025 年底的 32% 降至 2026 年第一季末的 30%。部分抵銷 2025 年底以來額度使用下降的因素包括：商用不動產放款成長 5,700 萬美元、SBA 504 放款成長 1,300 萬美元，以及營建放款增加 2,200 萬美元。

Loan originations have started off the year at a strong pace as originations for the first quarter of 2026 were approximately 90% higher than the first quarter of 2025 and 15% higher than the fourth quarter of 2025. Our loan pipelines remain relatively strong, although rate competition for high-quality loans continues to be intense.

放款承作在年初即以強勁速度展開，2026 年第一季的承作量約較 2025 年第一季高出 90%，並較 2025 年第四季高出 15%。我們的放款案源（pipeline）仍相對強勁，惟高品質放款的利率競爭仍然激烈。

C&I loan originations have stayed relatively consistent over the past five quarters, but commercial real estate loan originations have been strengthening. Loan originations in the first quarter had average yields of approximately 6%, which was roughly 25 basis points lower than the prior quarter. Our average loan yield was 5.32% for the first quarter of 2026, compared to 5.47% for the fourth quarter of 2025 and 5.22% for the first quarter of 2025.

過去五個季度，C&I 放款承作量維持相對一致，但商用不動產放款承作量則持續走強。第一季承作放款的平均收益率約為 6%，較前一季約低 25 個基點。2026 年第一季我們的平均放款收益率為 5.32%，相較之下，2025 年第四季為 5.47%，2025 年第一季為 5.22%。

During the fourth quarter of 2025, we collected $3.2 million of interest on a nonperforming loan. Excluding this additional interest income, our loan yield would have been 5.32% for the fourth quarter of 2025. We experienced $9,000 of net recoveries during the first quarter of 2026, compared to $325,000 of net recoveries for the fourth quarter of 2025.

在 2025 年第四季，我們自一筆不良放款收取了 320 萬美元利息。若排除此額外利息收入，2025 年第四季的放款收益率將為 5.32%。2026 年第一季我們出現 9,000 美元的淨回收（net recoveries），相較之下，2025 年第四季的淨回收為 325,000 美元。

Total nonperforming loans increased by $1.5 million to $6.1 million at March 31, 2026, which represents 0.07% of total loans. The increase is primarily due to the downgrade of a $2.9 million C&I loan for which we established a specific reserve in our allowance for credit losses. Classified loans were $83.1 million at March 31, 2026, compared to $52.7 million at December 31, 2025, and $94.2 million at March 31, 2025. Classified loans as a percentage of total loans were less than 1% at March 31, 2026.

截至 2026 年 3 月 31 日，不良放款總額增加 150 萬美元至 610 萬美元，占放款總額的 0.07%。增加主要源於一筆 290 萬美元的 C&I 放款被降級，且我們已在信用損失準備（allowance for credit losses）中為其提列特定準備。分類放款（classified loans）截至 2026 年 3 月 31 日為 8,310 萬美元，相較於 2025 年 12 月 31 日的 5,270 萬美元，以及 2025 年 3 月 31 日的 9,420 萬美元。截至 2026 年 3 月 31 日，分類放款占放款總額的比例低於 1%。

Now on to deposits. Our average total deposits and customer repurchase agreements for the first quarter of 2026 were $12.5 billion, which compares to $12.2 billion for the first quarter of 2025, and $12.6 billion during the fourth quarter of 2025. Our noninterest-bearing deposits declined on average by $112 million compared to the first quarter of 2025 and by $107 million compared to the fourth quarter of 2025.

接下來談存款。2026 年第一季，我們的平均總存款與客戶附買回協議為 125 億美元，相較於 2025 年第一季的 122 億美元，以及 2025 年第四季的 126 億美元。與 2025 年第一季相比，我們的平均無息存款減少 1.12 億美元；與 2025 年第四季相比則減少 1.07 億美元。

On average, noninterest-bearing deposits were 58% of total deposits for both the first quarter of 2026 and the fourth quarter of 2025, compared to 59% for the first quarter of 2025. Interest-bearing non-maturity deposits and customer repurchase agreements grew on average by $400 million from the first quarter of 2025. Our cost of deposits and repos was 82 basis points for the first quarter of 2026, compared to 86 basis points for the fourth quarter of 2025 and 87 basis points for the year ago quarter.

平均而言，2026 年第一季與 2025 年第四季的無息存款皆占總存款的 58%，相較之下，2025 年第一季為 59%。計息的非到期存款（non-maturity deposits）與客戶附買回協議的平均餘額較 2025 年第一季增加 4 億美元。2026 年第一季我們的存款與附買回協議成本為 82 個基點，相較之下，2025 年第四季為 86 個基點，去年同期為 87 個基點。

I will now turn the call over to Allen to further discuss additional aspects of our balance sheet and income.

我現在把電話交給 Allen，請他進一步討論我們資產負債表與損益表的其他面向。

Thanks, Dave. Pretax pre-provision income was $71.6 million in the first quarter of 2026, compared to $71.9 million in the fourth quarter of 2025 and $67.5 million in the first quarter of last year. After adjusting for acquisition expense and gains on OREO, our operating income grew from the first quarter of 2025 by $8 million, reflecting positive operating leverage of 6%. The growth in operating income was driven by growth in net interest income of $7.4 million by 7% rate of growth.

謝謝，Dave。2026 年第一季稅前、提存前收益為 7,160 萬美元，較 2025 年第四季的 7,190 萬美元及去年第一季的 6,750 萬美元相比。剔除併購費用與 OREO 處分收益後，我們的營運收益較 2025 年第一季增加 800 萬美元，反映 6% 的正向營運槓桿。營運收益的成長主要由淨利息收入增加 740 萬美元所帶動，成長率為 7%。

Net interest income was $117.8 million in the first quarter of 2026, compared to $122.7 million in the fourth quarter of '25 and $110.4 million in the first quarter of 2025. Interest income decreased from the fourth quarter of 2025 by $6.9 million due primarily to two fewer calendar days in the first quarter, a $134 million decrease in earning assets and the $3.2 million of non-accrued interest paid during the fourth quarter. Interest income increased from the first quarter of 2025 by $6.1 million as our earning asset yield increased by 7 basis points from 4.28% to 4.35%, and our average earning assets increased by $336 million.

2026 年第一季淨利息收入為 1.178 億美元，較 2025 年第四季的 1.227 億美元及 2025 年第一季的 1.104 億美元相比。相較 2025 年第四季，利息收入減少 690 萬美元，主要因第一季少了兩個曆日、孳息資產減少 1.34 億美元，以及 2025 年第四季支付了 320 萬美元的非應計利息。相較 2025 年第一季，利息收入增加 610 萬美元，原因是我們孳息資產收益率上升 7 個基點，從 4.28% 提升至 4.35%，且平均孳息資產增加 3.36 億美元。

Interest expense declined from both the prior quarter and the prior year quarter. Interest expense was $31.3 million in the first quarter of 2026, compared to $33.3 million in the fourth quarter of 2025 and $32.6 million in the first quarter of 2025. Our cost of funds decreased from 1.01% in the fourth quarter of 2025 to 97 basis points in the first quarter of 2026. Our cost of funds was 7 basis points lower than the first quarter of 2025, even though the average balance of interest-bearing deposits and repos increased by $400 million.

利息費用較前一季與去年同期皆下降。2026 年第一季利息費用為 3,130 萬美元，較 2025 年第四季的 3,330 萬美元及 2025 年第一季的 3,260 萬美元相比。我們的資金成本由 2025 年第四季的 1.01% 降至 2026 年第一季的 97 個基點。即使計息存款與附買回（repo）的平均餘額增加 4 億美元，我們的資金成本仍較 2025 年第一季低 7 個基點。

Noninterest expense -- noninterest income was $14.3 million in the first quarter of 2026, compared to $11.2 million in the fourth quarter of 2025 and $16.2 million in the first quarter of 2025. The fourth quarter of 2025 included a $2.8 million loss on the sale of securities, while the first quarter of 2025 included a gain on sale of OREO of $2.2 million. The quarter-over-quarter increase in noninterest income also included a $1.1 million increase in the cash surrender value of bank-owned life insurance. Trust and investment services income grew by $313,000 or 9% from the first quarter of 2025 but decreased by $307,000 over the fourth quarter of 2025 due to lower brokerage fee income. Our allowance for credit loss was $80.2 million at March 31, 2026.

非利息收入（淨額）在 2026 年第一季為 1,430 萬美元，較 2025 年第四季的 1,120 萬美元及 2025 年第一季的 1,620 萬美元相比。2025 年第四季包含 280 萬美元的證券出售損失，而 2025 年第一季包含 220 萬美元的 OREO 出售收益。非利息收入的季增也包含銀行持有壽險（BOLI）現金解約價值增加 110 萬美元。信託與投資服務收入較 2025 年第一季增加 31.3 萬美元（或 9%），但較 2025 年第四季減少 30.7 萬美元，主因經紀手續費收入較低。我們的信用損失準備金於 2026 年 3 月 31 日為 8,020 萬美元。

In comparison, our allowance for credit losses was $77 million at December 31, 2025. The $3 million increase in the allowance was primarily due to the establishment of a specific reserve totaling $3.2 million. Our economic forecast continues to be a blend of multiple forecasts produced by Moody's. We continue to have the largest individual scenario weighting on Moody's baseline forecast with both upside and downside risks weighted among multiple forecasts.

相較之下，我們的信用損失準備金於 2025 年 12 月 31 日為 7,700 萬美元。準備金增加 300 萬美元，主要是因新增一筆合計 320 萬美元的特定準備。我們的經濟預測仍採用 Moody's 所提供多個預測的加權組合。我們仍以 Moody's 的基準情境作為單一情境中權重最高者，同時在多個預測中納入上行與下行風險的權重。

The resulting economic forecast at March 31, 2025, was modestly different from our forecast at the end of 2025 -- I'm sorry, the resulting economic forecast at March 31, 2026 was modestly different than the forecast at the end of 2025. Real GDP is forecasted to be below 1% in the second half of 2026 and stay below 2% through 2027. The unemployment rate is forecasted to reach 5% by the middle of 2026 and remain above 5% through 2028. Commercial real estate prices are forecasted to continue to decline through the end of 2026 before experiencing growth in the back half of 2027.

因此，2026 年 3 月 31 日的最終經濟預測與 2025 年底的預測略有不同——抱歉，我是說，2026 年 3 月 31 日的最終經濟預測與 2025 年底的預測略有不同。實質 GDP 預估在 2026 年下半年低於 1%，並在 2027 年期間維持低於 2%。失業率預估在 2026 年年中達到 5%，並在 2028 年之前維持高於 5%。商用不動產價格預估將持續下跌至 2026 年底，之後在 2027 年下半年出現成長。

So switching to our investment portfolio. Investment securities totaled $4.8 billion at March 31, 2026, a $116 million decrease from the end of 2025. Available for sale or AFS investment securities were $2.59 billion, and our held-to-maturity investments totaled $2.25 billion. The unrealized loss on AFS securities increased by $2 million from $308 million on December 31, 2025, to $310 million. Our $700 million in fair value hedges generated negative carry in the first quarter of 2026, resulting in a $1.1 million and $750,000 decrease in interest income compared to the first and fourth quarters of 2025, respectively.

接著談我們的投資組合。投資證券於 2026 年 3 月 31 日合計 48 億美元，較 2025 年底減少 1.16 億美元。可供出售（AFS）投資證券為 25.9 億美元，持有至到期（HTM）投資合計 22.5 億美元。AFS 證券的未實現損失由 2025 年 12 月 31 日的 3.08 億美元增加 200 萬美元至 3.10 億美元。我們 7 億美元的公允價值避險在 2026 年第一季產生負 carry，導致利息收入分別較 2025 年第一季與 2025 年第四季減少 110 萬美元與 75 萬美元。

Now turning to our capital position. At March 31, 2026, our shareholders' equity was $2.3 billion, a $93 million increase from the first quarter of 2025, including the $52 million increase in other comprehensive income. The company's tangible common equity ratio was 10.5% at March 31, 2026, while our common equity Tier 1 capital ratio was 16.3%. Our tangible book value per share increased over the last 12 months by 9% from $10.45 at March 31, 2025, to $11.42.

現在談我們的資本狀況。截至 2026 年 3 月 31 日，我們股東權益為 23 億美元，較 2025 年第一季增加 9,300 萬美元，其中包含其他綜合收益增加 5,200 萬美元。公司有形普通股權益比率於 2026 年 3 月 31 日為 10.5%，普通股第一類資本比率（CET1）為 16.3%。我們每股有形帳面價值在過去 12 個月增加 9%，由 2025 年 3 月 31 日的 10.45 美元提升至 11.42 美元。

I'll now turn the call back to Dave for further discussion of our expenses.

我現在把電話交回給 Dave，請他進一步討論我們的費用。

Thank you, Allen. Noninterest expense for the first quarter of 2026 was $60.6 million, which includes $1.1 million in onetime merger acquisition of Heritage Bank of Commerce and $500,000 in provision for off-balance sheet reserves. Regulatory assessment expense decreased by $1.6 million as a result of the unwinding, the remaining accrual for the special FDIC assessment.

謝謝你，Allen。2026 年第一季非利息費用為 6,060 萬美元，其中包含 110 萬美元的一次性 Heritage Bank of Commerce 併購費用，以及 50 萬美元的表外準備提列。監理評估費用減少 160 萬美元，係因特殊 FDIC 評估費剩餘應計的回轉所致。

Excluding acquisition expense and the provision for off-balance sheet reserves, the level of core operating expense was essentially flat to both the prior quarter and the first quarter of 2025. Our efficiency ratio was 45.8% in the first quarter of 2026, compared to 46.3% in the fourth quarter of 2025 and 46.7% in the first quarter of 2025.

剔除併購費用與表外準備提列後，核心營運費用水準相較前一季與 2025 年第一季基本持平。2026 年第一季效率比率為 45.8%，相較 2025 年第四季為 46.3%，2025 年第一季為 46.7%。

Noninterest expense, excluding acquisition expense as a percentage of average assets totaled 1.55% for the first quarter of 2026, compared to 1.53% in the fourth quarter of 2025 and 1.58% for the first quarter of 2025.

非利息費用（剔除併購費用）占平均資產比率在 2026 年第一季合計為 1.55%，相較 2025 年第四季為 1.53%，2025 年第一季為 1.58%。

This concludes today's presentation. Now Allen and I and Clay will be happy to take any questions that you might have.

今天的簡報到此結束。接下來 Allen、我以及 Clay 很樂意回答各位可能有的任何問題。

(Operator Instructions) David Feaster, Raymond James.

（接線員指示）David Feaster，Raymond James。

I wanted to start on the deal and welcome to the call, Clay. So I know we're only a week into this, but I just wanted to get a sense of how to (technical difficulty).

我想先從這筆交易開始，也歡迎你加入電話會議，Clay。我知道我們才進行一週，但我想了解一下目前進展如何（技術問題）。

How has it gone thus far? Like what are your top priorities just in these first few weeks after the deal is closed from an operational perspective? And Dave, I know like the goal is always to CVB, the bank. Like where are you focused initially and you see the most opportunity to add value?

到目前為止進行得如何？從營運角度來看，在交易完成後的頭幾週，你們最優先的事項是什麼？另外 Dave，我知道目標一向是 CVB、這家銀行。你一開始會把重點放在哪裡？你認為在哪些方面最有機會創造附加價值？

Yes. So I think initially, David, obviously, we're just trying to acclimate all the new associates that have joined us through the merger. So Clay has been -- Clay and his team, the former Heritage folks have been drinking through a firehose. There's a lot of training, a lot of information that's going on. We're looking at how we set up accounts, how we structure relationships.

是的。所以我認為一開始，David，很明顯地，我們只是想讓所有透過合併加入我們的新同仁盡快適應。因此 Clay 一直在——Clay 和他的團隊，也就是原 Heritage 的同仁，一直在「像用消防水帶喝水」一樣快速吸收資訊。有很多訓練、很多資訊在進行。我們在看我們如何開立帳戶、如何架構客戶關係。

All of those things are part of that initial timeframe. Clay and Julie, who joined our Board, were in our first Board meeting yesterday. So they're getting acclimated. Clay is going to be spending a lot of time down here. We'll be spending a lot of time together. We've sort of restructured the organization to involve the new senior leaders that are joining us, Clay and his former senior leadership team that are remaining.

所有這些事情都屬於那個初期階段。加入我們董事會的 Clay 和 Julie 昨天也參加了我們的第一次董事會會議，所以他們也在適應中。Clay 會花很多時間待在這裡；我們也會花很多時間在一起。我們已經某種程度上重整了組織架構，把新加入的資深領導團隊納入其中，包括 Clay 以及他原先資深領導團隊中留下來的成員。

So there's just a lot of education about the culture of our bank, the way we do things. And that's not an event, it's a process. So it's going to take some time to do that. But all in all, things went very well on closed weekend and it will continue to get easier and better as we go forward. But I'd love to -- Clay can give his perspective as well.

所以有很多關於我們銀行文化、我們做事方式的教育。而這不是一個事件，而是一個流程，所以需要一些時間。但整體而言，交割週末進展非常順利，接下來也會隨著時間推進變得更容易、更好。不過我也想——Clay 也可以分享他的觀點。

Yes, David, I think, Dave, the integration is going just fine. As Dave said, the team is just getting acclimated to do reporting lines and new systems and reporting lines. So it's all going just fine. I think the primary focus we have is one thing close to our customers and clients and making sure that they hear from us often and also just keeping a close eye on our associates to make sure that they're keeping pace with the integration and the training.

是的，David，我想，Dave，整合進行得很順利。就像 Dave 說的，團隊正在適應新的匯報架構、新系統以及新的匯報線。所以一切都很順利。我認為我們主要的重點有一個：貼近我們的客戶與客戶群，確保他們能經常聽到我們的訊息；同時也密切關注我們的同仁，確保他們能跟上整合與訓練的進度。

Okay. That's great. And I know we didn't include much in the way of optimization. Look, the deal gives you a ton of financial flexibility, right? Didn't really include any optimization in guidance outside of maybe some of the purchase mortgages that we talked about.

好的。很棒。而且我知道我們在最佳化方面沒有納入太多。你看，這筆交易給了你很大的財務彈性，對吧？除了我們談到的一些購屋抵押貸款之外，指引裡其實沒有真的包含任何最佳化。

With the deal closed, and all this financial flexibility, has your thoughts changed at all about opportunities to optimize things or deploy excess liquidity just given the fully marked balance sheet?

交易完成後，在擁有這些財務彈性的情況下，考量到資產負債表已全面按市價重估，你對於最佳化機會或部署多餘流動性的想法有任何改變嗎？

David, you're right. We do have some ability to restructure the balance sheet a little bit. We have announced and do have a sale in place for the single-family mortgage pools of Heritage. Beyond that, we're still evaluating it. I think we'll come out of the quarter with a balance sheet and a plan that you'll be able to see on the next quarterly earnings. But a lot of moving parts right now because it does give us a fair amount of optionality.

David，你說得對。我們確實有一些能力去稍微重整資產負債表。我們已宣布，並且已就 Heritage 的單戶住宅抵押貸款池安排出售。除此之外，我們仍在評估中。我想我們會在本季結束時帶著一份資產負債表與計畫，讓你在下一次季度財報時看得到。不過目前變動因素很多，因為這確實給了我們相當程度的選擇權與彈性。

Okay. And then just last one for me. The commentary on the origination activity is extremely encouraging. I wanted to dig into that a bit. How much of the improvement that you're seeing is you gaining share at this point and your bankers being more productive versus improving demand?

好的。然後我最後一個問題。你們對於承作（origination）活動的評論非常令人鼓舞。我想再深入一點。你們看到的改善，有多少是因為你們此刻正在取得市占、你們的銀行家生產力提升；又有多少是因為需求改善？

And just kind of curious, how do you think about the growth outlook, just in light of the competitive landscape that you alluded to, which it sounds like it's primarily on the pricing side. And then just again, the expansion in the Bay Area?

另外也想請教，你們如何看待成長展望——考量到你們提到的競爭環境，聽起來主要是在定價面；以及再一次，灣區的擴張？

Yes. Well, obviously, we're not going to compete on the credit quality side. We're going to maintain that pristine credit quality. And when you're fighting for those types of deals, you have to price them in a way that you can win them, assuming that you're monetizing the rest of the relationship as well. But I think, initially, I would say, to answer your question more specifically, I would say, initially, it was just there was more opportunity out there.

是的。嗯，很明顯地，我們不會在信用品質上競爭。我們會維持那種無可挑剔的信用品質。當你在爭取這類案子時，你必須以能夠贏得交易的方式來定價，前提是你也能把整體關係的其他部分變現。但我想，一開始，若更具體回答你的問題，我會說，一開始只是市場上有更多機會。

I think what's happened over the last couple of quarters, for example, and with the increase in the opportunities that we're seeing, I think that we're in a very good position from a liquidity perspective, from a market perspective. Obviously, from the Heritage -- the former Heritage perspective, there's some significant opportunity there just with the capacity of the combined organization relative to hold limits, house lending limits, those types of things.

我認為過去幾個季度發生的情況，例如我們看到的機會增加，我覺得我們在流動性面、市場面都處於非常好的位置。當然，從 Heritage——原 Heritage 的角度來看，僅就合併後組織的承作容量相對於持有上限、單一借款人（house）授信上限等這些限制而言，確實存在一些相當顯著的機會。

So we view it as very positively. We need to get them integrated and understand how we look at it. But from a credit perspective, very similar. From a pricing perspective on the lending side, very similar. On the deposit pricing side, that's probably a little more work that we're going to have to do ultimately.

所以我們非常正面看待。我們需要把他們整合進來，並讓大家理解我們如何看待這些事情。但從信用角度來看，非常相似；從放款端的定價角度來看，也非常相似。至於存款定價端，最終可能還需要做更多工作。

But at the end of the day, we're going after the same types of relationships. We were going after the same types of relationships. So I think it's our people recognizing that, hey, we're ready, but a lot of it is just -- there's a lot going on out there, but there's a lot of competition. So that's primarily why even though in some ways, the treasury rates have gone up a little bit, and our loan origination yields have gone down slightly just because we're having to compete if we want to win.

但歸根結底，我們追求的是同樣類型的客戶關係；我們一直在追求同樣類型的關係。所以我認為是我們的人意識到：嘿，我們準備好了；但其中很大一部分也只是——外面發生很多事，同時競爭也很激烈。所以這主要就是原因：即便在某些方面，公債利率略有上升，而我們的放款承作殖利率略有下降，原因只是如果我們想贏，就必須競爭。

Is our pipeline still holding up pretty solid? And do you think you can kind of hold new origination yields in the 6% realm?

我們的案源（pipeline）是否仍維持得相當穩健？你覺得你們能把新承作殖利率維持在 6% 左右嗎？

Yes. I mean, I would say that it's going to be around that 6% range going forward. Obviously, it depends on the mix of real estate versus C&I and then the utilization of that because we're actually getting better rates on the C&I stuff than on the real estate stuff. And that was part of the reason the net interest margin -- well, there's a lot of -- the Fed lowered rates in December, there was a number of things that happened, and our yields stay the same, essentially the same if you exclude the NAIP.

是的。我會說未來大概會在 6% 左右。當然，這取決於不動產相對於 C&I（商業與工業貸款）的組合，以及其動用率，因為我們在 C&I 的利率其實比不動產更好。這也是淨利差——嗯，還有很多——聯準會在 12 月降息，發生了不少事情；而如果你排除 NAIP，我們的殖利率基本上維持不變。

And so I think that was a big victory for us. And if this loan demand remains and we're continuing to book what we've been booking, I think that's a big tailwind for us as we keep going through the year. But yes, pipelines are holding up and there's plenty of opportunities for us out there for the right relationships.

所以我認為那對我們來說是一個很大的勝利。而如果這個貸款需求持續、我們也持續承作我們一直在承作的量，我認為這會是我們今年持續推進的一個重要順風。但沒錯，案源仍然穩健，而且對於合適的客戶關係，市場上有很多機會。

Kelly Motta, KBW.

Kelly Motta，KBW。

Maybe building upon David's question, I do appreciate the color on pipelines, and it's all quite encouraging. I'm wondering in your markets, if you're seeing any increased competitive dynamics. Notably, I think, growth at Wells was a lot stronger with the asset cap coming off. I'm just wondering if there's been any notable shifts or change in dynamics in your markets?

或許延續 David 的問題，我確實很感謝你們對案源的補充說明，整體都相當令人鼓舞。我想問在你們的市場裡，是否看到競爭態勢加劇？特別是我認為 Wells 在資產上限解除後成長強很多。我想了解在你們的市場是否有任何值得注意的變化或競爭動態的改變？

Yes. I don't know if I would say there's been any noticeable shift. I mean it's always extremely competitive, especially for the types of relationships that we're looking for. There are some banks, you mentioned Wells Fargo. I would -- there's other banks.

是的。我不確定我會說有任何明顯的轉變。我的意思是，競爭一直都非常激烈，尤其是針對我們在尋找的那類客戶關係。有一些銀行，你提到 Wells Fargo。我會——還有其他銀行。

Pac Premier was not as active for the last few years. Columbia is going to be much more active. I mean there's a number of organizations. The Fifth Third, the regional banks, BMO. There's a number of banks that are coming into our market.

Pac Premier 過去幾年沒有那麼積極。Columbia 會變得更積極。我的意思是，有不少機構。Fifth Third、各區域性銀行、BMO。有很多銀行正在進入我們的市場。

And plus, you always have the big guys. And so I think there is maybe some increase at the higher end of sort of our typical type relationship we go after, but it's not significantly different than before. I don't know, Clay, do you want to.

再加上你永遠都有那些大型銀行。所以我認為在我們通常追求的典型客戶關係中，較高端的那一段可能有些增加，但和以前相比並沒有顯著不同。我不知道，Clay，你要不要——

No. I echo Dave's comments here. The market continues to be very competitive. I don't think there's been any recent shifts in competitive nature of the clients that we go after. In the Bay Area, it continues to be just as competitive as it is here.

不。我同意 Dave 在這裡的評論。市場仍然非常競爭。我不認為我們所追求的客戶在競爭性質上最近有任何變化。在灣區，那裡的競爭也仍然和這裡一樣激烈。

Yes. And Kelly, I would just say this, we're -- our bankers are most successful in their new customer origination, new relationship origination business, it's with the biggest banks. We provide a super high level of service that allows us to compete. We have the product array. And I think that's another sort of tailwind from the Heritage merger as far as both combined organizations being able to provide that wide array of products and services to our relationships and prospects.

是的。而且，Kelly，我想補充的是，我們——我們的銀行家在新客戶開發、新關係開發這塊業務上，最成功的對象其實是最大的銀行。我們提供極高水準的服務，讓我們能夠競爭。我們具備完整的產品組合。我認為，Heritage 併購也帶來了另一股順風，因為合併後的兩個組織能夠為我們的客戶關係與潛在客戶提供更廣泛的產品與服務。

So there are some very positive things that are occurring. And as we get everybody integrated and acclimated, it should improve.

所以目前正在發生一些非常正面的事情。而隨著我們把所有人都整合到位並適應新環境，情況應該會改善。

Got it. That's really helpful color. Turning to capital, your levels should still be quite robust pro forma for the merger just closed. You had been a bit active in the buyback prior to announcing the deal, which put that on hold. Wondering any updated thoughts on capital management, buybacks, future deals, the works?

了解。這些補充資訊很有幫助。轉到資本面，這次剛完成的併購，以備考（pro forma）來看，你們的資本水準應該仍然相當強健。你們在宣布交易之前回購相對積極，之後就暫停了。想請教對資本管理、回購、未來交易等方面，有沒有更新的想法？

Yes. So I'll sort of start with the tail end of your question first. Look, we want to make sure we integrate Heritage appropriately. That is our number one focus. So unless there's something that's really unique or an opportunity that's really unique and something we've been looking at, I would say we're more focused on the integration of Heritage than additional M&A.

有的。我先從你問題的後半段談起。你看，我們希望確保把 Heritage 整合到位，這是我們的第一要務。所以除非出現非常獨特的情況或非常獨特的機會，而且是我們一直在關注的，我會說我們目前更專注於 Heritage 的整合，而不是進一步的併購（M&A）。

We do recognize that we have an enormous amount of capital. And prior to us getting in conversations with Clay and Heritage, that was something that we were very active in, and we repurchased 4.2 million shares last year, and we'll continue to evaluate that. Obviously, the combined company's earnings, we'll be looking at the dividend, ultimately.

我們也確實意識到我們有非常充裕的資本。在我們與 Clay 和 Heritage 展開對話之前，這一直是我們非常積極在做的事情；我們去年回購了 420 萬股，我們也會持續評估。當然，合併後公司的獲利表現，我們也會最終一併考量股利政策。

This quarter is really where we're going to get all that, Allen can opine on this as well, but we're going to get the balance sheet set up the way that we want to set up and then we'll be working on those capital management things. And definitely, buybacks are going to be part of that strategy going forward.

本季其實是我們要把這些事情都落地的季度——Allen 也可以補充——我們會先把資產負債表調整到我們想要的樣子，接著就會著手處理那些資本管理事項。毫無疑問，回購將會是未來策略的一部分。

So I don't know, Allen, do you have anything you want to add?

所以我不知道，Allen，你有沒有想補充的？

Kelly, as Dave said, it will be noisy in Q2, a little bit more noise in Q3. But as we get into Q3, I think we'll have a lot more visibility into our capital. And of course, as you pointed out, our pro forma is already very strong. And historically, we've been able to generate a lot of organic capital. And we'll definitely have to evaluate all those things that Dave mentioned.

Kelly，如 Dave 所說，第二季會比較雜訊（noisy），第三季也會再多一些雜訊。但進入第三季後，我認為我們對資本狀況會有更高的能見度。當然，如你指出的，我們的備考資本本來就非常強。而且從歷史來看，我們一直能夠產生大量的內生資本。我們也一定會評估 Dave 提到的所有事項。

Got it. If I could just slip it in as a follow up. You mentioned the resi mortgage, it's held for sale right now. Do you anticipate that off the balance sheet by quarter end? Or is there a possibility that could stick around a bit longer than perhaps we expected at announcement?

了解。如果我可以再追問一下。你提到住宅房貸（resi mortgage）目前是列為待售（held for sale）。你們預期在季末前就會從資產負債表移除嗎？還是有可能會比我們在宣布時預期的停留更久一些？

No, we do expect it to be off the balance sheet by the end of the quarter.

不，我們確實預期在本季結束前會從資產負債表移除。

Matthew Clark, Piper Sandler.

Matthew Clark，Piper Sandler。

I want to start on the C&I credit that you assigned some specific reserves to, and then the other classified credits that migrated. I know classified overall still sub 1%, but just wanted to get some color on what happened there and your plans for resolution and timing, if possible?

我想先從你們針對某筆 C&I 信貸提列了特定準備金（specific reserves），以及其他被列為分類（classified）後遷移的授信談起。我知道整體 classified 仍低於 1%，但想請你們補充一下那邊發生了什麼事，以及你們的處理計畫與可能的解決時程（如果可以的話）？

Yes. So I'll start with the nonperformer. So that C&I loan was impacted by one of their customers who declared bankruptcy. So we have shored up our collateral position. We did put a specific reserve because at the time we had not shored up the collateral position in the way that we wanted to.

好的。我先從不良（nonperformer）那筆開始。那筆 C&I 貸款受到其一位客戶申請破產的影響。我們已經強化了我們的擔保品（collateral）部位。我們確實提列了特定準備金，因為當時我們還沒有把擔保品部位強化到我們希望的程度。

So I don't really anticipate -- there could be some challenges there, but we're very proactive when we grade things and when we look at things and how we classify them. So just being very transparent, it's -- for lack of a better term, they're a marketing company for a larger organization and they sell agricultural products. So it's something that we've been involved with since one of these customers, but we just wanted to make sure that we elevated it to that level.

所以我不太預期——那裡可能會有一些挑戰，但我們在評等（grade）與檢視，以及分類（classify）方面一向非常積極。坦白說，這家公司——姑且這麼說——他們是某個大型組織的行銷公司，並銷售農業產品。這是我們因為其中一位客戶而接觸到的，但我們只是想確保把它提升到那個層級來處理。

As far as the classified loans, it's really centered in two relationships. They both happen to be C&I. We're in very good collateral positions in both of those deals. That makes up the majority of the increase in the classified loans. One of the companies is in the midst of a sale and that could happen.

至於 classified 貸款，主要集中在兩個往來關係上，兩者剛好都是 C&I。我們在這兩筆交易的擔保品部位都非常好。classified 貸款增加的大部分就來自這兩筆。其中一家公司正在進行出售流程，這件事有可能會發生。

I mean we're obviously prepared if it doesn't. But they're both within their collateral guidelines, and we think one of them, it's just a situation with the operations, and they're working hard on that. So again, just being very proactive, and it's something that happens now and again. And -- but nothing systematic or endemic of the rest of the portfolio. These are just two separate situations.

當然，如果沒有發生，我們也已做好準備。但兩者都在其擔保品指引範圍內；我們認為其中一筆只是營運面的狀況，他們也正在努力改善。所以再次強調，我們只是非常主動地處理，這種情況偶爾會發生。但這並非系統性問題，也不是整體投組的普遍現象；就只是兩個獨立事件。

Okay. Great. And then just a few housekeeping items. Do you plan to do the CECL double count here in 2Q, resulting in an outsized provision? Or are you not (multiple speakers)?

好的，很好。接著幾個例行問題。你們是否計畫在第二季做 CECL 的雙重計提（double count），導致提存（provision）異常偏大？還是你們不會（多位發言者）？

Matthew, we elected the new accounting, so there won't be a double count.

Matthew，我們選擇採用新的會計處理方式，所以不會有雙重計提。

Okay. Great. And then accretion expectations. I know the marks can still move around a little bit, but I assume you have preliminary marks at this stage. Any guesstimate, I mean we have our own, but I just wanted to check in to see what you thought may be quarterly or normal accretion -- normal accretion might be per quarter?

好的，很好。再來是折價攤銷（accretion）的預期。我知道評價調整（marks）可能還會有些變動，但我想你們現階段應該已有初步的 marks。能否大概估一下——我們自己也有估——你們認為每季或正常情況下的 accretion，大概會是多少？

Too early, Matt. Too early, sorry. We'll have -- we'll be able to give you better answers next quarter.

太早了，Matt。太早了，抱歉。我們——下個季度會能給你更好的答案。

Okay. And then just -- I think there was a special FHLB dividend. Can you just quantify that this quarter?

好的。還有——我想有一筆特別的 FHLB 股利。你能量化一下本季是多少嗎？

I think it was about $400,000.

我想大約是 40 萬美元。

Andrew Terrell, Stephens.

Andrew Terrell，Stephens。

So maybe just wanted to start off. I know you guys don't generally guide, but with the merger closed in the second quarter, the kind of range of forecast for the margin for 2Q are pretty widespread. I was hoping you could maybe just help us out. I don't know if you have kind of day one pro forma margin, what the general kind of impact is to your reported margin when you layer in Heritage. Just any kind of guardrails you could put kind of around margin expectations for us?

我想先從這裡開始。我知道你們通常不提供指引（guide），但由於併購在第二季完成，市場對第二季淨利差（margin）的預測區間差異很大。我希望你們能稍微幫我們一下。我不知道你們是否有第一天（day one）的備考淨利差，或是把 Heritage 納入後對你們報表淨利差的整體影響大概如何。任何你們能提供的淨利差預期「護欄」（guardrails）都會很有幫助。

Andrew, once again, sorry, it's a little bit too early. As Dave said we closed four days ago. We did include on page 31 of the investor presentation, the pro forma loans and deposits for the combined organization, excluding the mortgages we're selling. So at least, I mean, you can look at that from a starting point, but we are still evaluating the balance sheet in terms of what we're going to do with repositioning the bond portfolio, repositioning some of our wholesale funds. So unfortunately, it's just too preliminary for me to give you much more information.

Andrew，再次抱歉，現在還是有點太早。如 Dave 所說，我們是四天前才完成交割。我們在投資人簡報第 31 頁有提供合併後組織的備考貸款與存款（不含我們要出售的房貸）。所以至少——你可以把那當作起點來看，但我們仍在評估資產負債表，包括我們要如何重新配置債券投組、重新配置部分批發資金（wholesale funds）。所以很遺憾，現階段對我來說還太初步，無法提供更多資訊。

Okay. Does the yield on page 31 of the deck for HTBK loans, the 5.60%, does that include the single-family yield? And I'm assuming the 5.60% is pre for any kind of mark?

好的。簡報第 31 頁中 HTBK 貸款的收益率 5.60%，那有包含單戶住宅（single-family）的收益率嗎？另外我假設 5.60% 是在任何評價調整（mark）之前？

Yes. There's no mark. And if you look at the pro forma yield of 5.47%, that's excluding the single-family. And that's on a combined basis, of course.

是的。沒有 mark。而且如果你看備考收益率 5.47%，那是不含單戶住宅的。當然那是合併後的整體數字。

Got it. Okay. We talked some in the past just about maybe some of the opportunity to upsize some of the legacy Heritage relationships and maybe that some of that was already occurring pre-deal close. Just can you remind us general kind of opportunity set there? How that influences kind of how you're thinking about loan growth throughout the year?

了解。好的。我們過去談過一些關於把 Heritage 既有客戶關係做更大規模（upsize）的機會，可能在交易完成前就已經在發生。你能否再提醒我們那邊大致的機會集合（opportunity set）？以及這如何影響你們對今年貸款成長的思考？

Yes, Andrew, no question about it. At deal announcement, we gave a mantra to the team to make sure that we captured all of those clients that we're growing and that were reaching our upper limits at Heritage. We now have greatly expanded that capacity and those clients obviously have extended their runway with Heritage significantly. So there's great opportunities in terms of our largest clients that on the going forward basis.

是的，Andrew，毫無疑問。在交易宣布時，我們給團隊一個口訣，確保我們把所有正在成長、且在 Heritage 已接近我們上限的客戶都納入。我們現在已大幅擴充了那個承載能力，而這些客戶顯然也在 Heritage 的可發展空間大幅延長。因此，就我們最大的客戶而言，未來有很大的機會。

I would add to that, too, as Dave said, there's some additional synergies amongst the two firms as combined in terms of ag, dairy, lending, mortgage origination, trust, wealth services, international services. So there's just a wide variety of opportunities that our relationship management teams and calling officers are engaged in. So going forward looks good.

我也補充一下，正如 Dave 所說，兩家公司合併後在農業、乳業、放款、房貸承作、信託、財富服務、國際服務等方面也有一些額外的綜效。因此，我們的關係管理團隊與客戶經理正在投入各式各樣的機會。展望未來看起來不錯。

Yes. And I would just say, I wanted to Clay to answer that first just from the perspective of the former Heritage offices. But from the overall perspective, Andrew, just to your question, a lot of this is four days in, they're drinking through the firehose, trying to figure out everything. And so we're working on it. But just overall, pipelines have remained strong.

是的。我也想說，我希望先請 Clay 從原 Heritage 據點的角度回答。但從整體角度來看，Andrew，回到你的問題，很多事情才過了四天，他們就像在「用消防水管喝水」一樣，努力弄清楚所有事情。所以我們正在處理。不過整體而言，案源管線仍然強勁。

The relationships, we haven't had a lot of turnover in relationships. We're seeing opportunities for us to do maybe a little bit better than we did last year as far as loan growth. But I do think that as we get through the second quarter, we'll have a much better idea.

在客戶關係方面，我們沒有看到太多關係流失。我們也看到機會，讓我們在貸款成長方面可能比去年做得更好一些。但我確實認為，等我們走過第二季後，會有更清楚的判斷。

And you're right. I mean I've always said sort of low single-digit growth. I mean that could be mid-single-digit growth, but we just need to make sure that we understand the relationships as we look out on the opportunities that are out there. But for now, we're sort of sticking with what we've been doing and what's been done in the past.

你說得沒錯。我的意思是，我一直都說大概是低個位數成長；也可能是中個位數成長，但我們需要確保在評估外部機會時，充分理解這些客戶關係。不過目前，我們大致仍維持我們一直在做、以及過去所做的方式。

So I don't know if that gives you a better answer, but we're still kind of in -- we want quality stuff, and we're having to price it aggressively. And so I think that is going to be somewhat of a limiting factor as well. But on the positive side are definitely the things Clay said, not just on the loan side, but on the overall relationship side.

所以我不知道這是否讓你有更好的答案，但我們仍處於——我們想要高品質的案子，而我們必須以更具競爭力的價格去爭取。因此我認為這也會在某種程度上成為限制因素。但正面的一面，確實是 Clay 所說的那些，不僅在貸款端，也在整體關係端。

(Operator Instructions) Gary Tenner, DA Davidson.

（接線員指示）Gary Tenner，DA Davidson。

I had one follow up on the initial loan growth commentary. In terms of the strengthening of the commercial real estate segment from a demand and production perspective, how much -- could you kind of parse that a little bit in terms of more -- is it more customer activity? Is it borrowers getting more comfortable with the rate environment we're in and moving forward on projects? Is it CBB getting more competitive on pricing? Just kind of parse out kind of the moving parts that's attributed to that strength?

我想就一開始的貸款成長評論追問一點。就商用不動產（CRE）部門在需求與產出面轉強而言，你們能否稍微拆解一下：這更多是客戶活動增加？是借款人對目前利率環境更安心、因此推進專案？還是 CBB 在定價上更具競爭力？能否把促成這股強勢的幾個動因拆開談談？

Yes. Well, I definitely think it starts with the potential borrowers out there. It's, I mean, our existing customers, it's -- our bankers' ability to go and attract new relationships to the bank. So I think that's driving some of it. I think also, Gary, I'd say our average size of new loan origination has creeped up a little bit as well.

是的。我確實認為，首先是外部潛在借款人的因素。也就是我們既有客戶，以及——我們的銀行家去吸引新關係進入本行的能力。我認為這推動了其中一部分。另外，Gary，我會說我們新承作貸款的平均規模也略有上升。

There are a number of things that are sort of assisting us in reaching that low single-digit growth that we had last year. So I think that's part of it. I don't know that we're getting more aggressive on pricing than we have been in the past. We were always aggressive for the right relationships.

有許多因素在協助我們達到去年那個低個位數成長。因此我認為這是其中一部分。我不確定我們在定價上是否比過去更積極；我們一向會為了合適的關係而採取積極定價。

Obviously, the loan pricing is just one component of the overall relationship. We have to look at the deposit side, we look at the fee income side. We look at how we monetize the entire relationship. And so that -- I don't know that we're getting more aggressive, but I definitely think customers are more used to the rate environment and money can't sit on the sidelines for that long. So there are people that are doing things, and we're seeing some of that activity and capturing a good part of it.

顯然，貸款定價只是整體關係的一個組成。我們必須看存款端、看手續費收入端，也看我們如何將整體關係變現。因此——我不認為我們變得更激進，但我確實認為客戶對利率環境更習慣了，而且資金不可能長期停在場邊不動。所以有人開始採取行動，我們也看到部分活動，並且抓住了相當一部分。

But yes, I think it's all of those things that are sort of contributing to those opportunities. And we just -- 90% of new loan originations in the first quarter over the first quarter of last year, it's basically double what we did last year. And that's -- I think that speaks to just the opportunities that we're seeing and the opportunities that we're winning.

不過是的，我認為就是上述所有因素共同促成這些機會。而且我們——第一季的新貸款承作量相較去年第一季成長 90%，基本上是去年的兩倍。我認為這反映了我們所看到的機會，以及我們贏得的機會。

Appreciate that. And actually, as a follow-up there, any particular asset class within CRE that you're seeing more activity in or maybe is driving more of the activity?

了解，謝謝。再追問一下，在 CRE 裡面是否有任何特定資產類別的活動更熱絡，或是更驅動整體活動？

Yes. I don't know that there's a specific asset class. It's pretty well balanced between all asset classes. I will say even it's probably easier to parse it out by owner or non-owner. We were doing a lot of owner-occupied in the past.

是的。我不確定有特定資產類別。各類資產之間相當均衡。我會說，或許用自用與非自用（投資）來拆分會更容易。我們過去做了很多自用型。

The thing that was really missing was investor commercial real estate really across all classes, multifamily, industrial, retail. I mean, we are seeing much more investor commercial real estate than we have in the past. I mean, going back the last year, it's been pretty steady in that area. But before that, we weren't really seeing any investor commercial real estate. Nobody was doing anything.

真正缺少的是投資型商用不動產，幾乎涵蓋所有類別：多戶住宅、工業、零售。我們看到的投資型商用不動產比過去多得多。回顧過去一年，這個領域一直相當穩定；但在那之前，我們幾乎看不到任何投資型商用不動產，沒有人在做任何事。

So I think it's just more investor real estate across all asset classes and those opportunities, we've been doing pretty well with.

所以我認為就是各資產類別的投資型不動產增加，而在這些機會上，我們做得相當不錯。

I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. Brager for any closing remarks.

目前我看到隊列中沒有其他問題。我現在想把電話交回給 Brager 先生，請他做結語。

Great. Thank you, Sherry. First, I would like to welcome Heritage Bank of Commerce customers, associates and shareholders to Citizens Business Bank. The merger with Heritage Bank of Commerce marks the most strategic and largest acquisition by asset size in our history, bringing together two premier relationship-focused business banks and advancing our long-standing objective of expanding Citizens throughout California by entering the Bay Area.

很好。謝謝你，Sherry。首先，我想歡迎 Heritage Bank of Commerce 的客戶、同仁與股東加入 Citizens Business Bank。與 Heritage Bank of Commerce 的合併，是我們歷史上最具策略性、且以資產規模計最大的收購案，結合兩家以關係為核心的頂尖商業銀行，並推進我們長期目標：透過進入灣區，將 Citizens 的版圖擴展至整個加州。

Our team is eager to build on the strong customer and community relationships that Heritage has established, and our performance in the first quarter demonstrates our continued financial strength and focus on our vision of serving the comprehensive financial needs of small to medium-sized businesses and their owners. Our consistent financial performance is highlighted by our 196 consecutive quarters of profitability and our 146 consecutive quarters of paying cash dividends. I would like to thank our customers and associates for their continuing commitment and loyalty.

我們的團隊渴望在 Heritage 已建立的強大客戶與社區關係基礎上再接再厲；而我們第一季的表現也展現了我們持續的財務實力，以及對願景的專注——滿足中小型企業及其所有人的全面金融需求。我們一貫的財務表現，體現在連續 196 個季度獲利，以及連續 146 個季度發放現金股利。我也要感謝我們的客戶與同仁持續的承諾與忠誠。

Thank you for joining us this quarter. We appreciate your interest and look forward to speaking with you in July for our second quarter 2026 earnings call. Please let Allen or I know if you have any questions. Have a great day.

感謝各位本季與會。我們感謝您的關注，並期待在 7 月的 2026 年第二季法說會上再與各位交流。如有任何問題，請告訴 Allen 或我。祝各位有美好的一天。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝各位參與。您現在可以掛線。