Dime Community Bancshares, Inc. (DCOM) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Dime Community Bancshares first quarter earnings call. (Operator Instructions) Please be advised that today's call is being recorded. Before we begin, the company would like to remind you that discussions during this call contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995.

各位好，感謝您稍候。歡迎參加 Dime Community Bancshares 第一季財報電話會議。（接線員指示）請注意，今天的電話會議將被錄音。在我們開始之前，公司提醒您，本次電話會議中的討論包含依據 1995 年《美國私人證券訴訟改革法》安全港條款所作之前瞻性陳述。

Such statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those contained in any such statements, including as set forth in today's press release and the company's filings with the US Securities and Exchange Commission to which we refer you.

此類陳述受風險、不確定性及其他因素影響，可能導致實際結果與任何此類陳述所載內容存在重大差異，包括今日新聞稿以及公司向美國證券交易委員會提交之文件中所列示者，敬請參閱。

During this call, references will be made to non-GAAP financial measures as supplemental measures to review and assess operating performance. These non-GAAP financial measures are not intended to be considered in isolation or a substitute for the financial information prepared and presented in accordance with the US GAAP. For more information about these non-GAAP financial measures and for reconciliation to GAAP, please refer to today's earnings release.

在本次電話會議中，將提及非 GAAP 財務衡量指標，作為補充性衡量指標以檢視與評估營運表現。這些非 GAAP 財務衡量指標不應被單獨考量，亦不應作為依據美國 GAAP 編製與呈列之財務資訊的替代。關於這些非 GAAP 財務衡量指標以及與 GAAP 的調節資訊，請參閱今日的財報新聞稿。

I would now like to hand it over to our first speaker, Stu Lubow, President and CEO. Please go ahead.

現在我想把時間交給我們的第一位講者，總裁兼執行長 Stu Lubow。請開始。

Good morning. Thank you, Victor, and thank you all for joining us this morning for our quarterly earnings call. With me today, as usual, are Avi Reddy, our Chief Operating Officer and CFO; and also Tom Geisel, our Chief Commercial Officer.

各位早安。謝謝你，Victor，也謝謝各位今天早上參加我們的季度財報電話會議。今天與我一同出席的，照例有我們的營運長兼財務長 Avi Reddy；以及我們的商業長 Tom Geisel。

In my prepared remarks, I will touch upon the progress we are making as we continue to execute on all aspects of our strategic plan. Avi will then provide financial details for the first quarter. EPS for the first quarter was up 67% versus the prior year. The growth in EPS was driven by record total core revenues of $124 million. All of our revenue growth has been organic, built by our existing bankers and new hires.

在我準備好的發言中，我將談及我們在持續推進並落實策略計畫各項面向時所取得的進展。接著 Avi 將提供第一季的財務細節。第一季每股盈餘（EPS）較去年同期成長 67%。EPS 的成長主要由創新高的核心總營收 1.24 億美元所帶動。我們所有的營收成長皆為有機成長，由現有銀行家與新進人員共同打造。

NIM was up 10 basis points quarter-over-quarter as we were able to lower our cost of deposits. Year-over-year, our core deposit growth was $1 billion. On the loan front, we continue to execute on our stated plan of growing business loans and managing the CRE ratio lower. Year-over-year, growth in business loans were approximately $575 million, which represents a 21% increase. Our loan pipeline continues to be strong and is in excess of $1.5 billion with a weighted average rate of between 6.25% and 6.5%.

淨利差（NIM）較前一季上升 10 個基點，因為我們成功降低了存款成本。以年增來看，我們的核心存款成長 10 億美元。在放款方面，我們持續執行既定計畫：擴大企業放款並將商用不動產（CRE）比率往下管理。以年增來看，企業放款成長約 5.75 億美元，代表 21% 的增幅。我們的放款案源（pipeline）仍然強勁，超過 15 億美元，加權平均利率介於 6.25% 至 6.5% 之間。

As you know, disruption in our local marketplace remains very high, and the environment for our organic growth strategy continues to be very attractive. As outlined in the press release, we had a very strong start to the year from a recruiting standpoint. In addition to fully building out our Lakewood branch with a strong group of bankers, we added management depth to our branch network, and we also hired two very strong deposit teams who had a strong track record at the former Signature Bank.

如各位所知，我們在本地市場的擾動仍然非常高，而對我們的有機成長策略而言，環境依舊相當具吸引力。如新聞稿所述，從招募角度來看，我們在今年開局非常強勁。除了以一支強大的銀行家團隊完整建置 Lakewood 分行外，我們也為分行網路增添了管理深度，並且聘用了兩支非常優秀的存款團隊，他們在前 Signature Bank 擁有亮眼的實績。

We are confident that these hires will be accretive to earnings in 2027. The teams we hired to date, as you know, have grown deposits to nearly $3 billion with $1.2 billion of DDA and a cost of funds of 1.6%. The new deposit teams have hit the ground running and will benefit from the path and platform that has been created over the past few years, and we are excited for their growth in the months and years ahead.

我們有信心，這些新聘人員將在 2027 年對盈餘具增益效果（accretive）。截至目前我們所聘用的團隊，如各位所知，已將存款規模提升至接近 30 億美元，其中 12 億美元為活期存款（DDA），資金成本為 1.6%。新的存款團隊已迅速上手，並將受惠於過去幾年所建立的路徑與平台；我們也對他們在未來數月與數年的成長感到振奮。

Finally, we will be adding a new equipment and franchise finance vertical starting May 1. This new vertical strengthens our core commercial bank offerings and enhances our competitive position. When the opportunity arose to hire this high-quality team of bankers, we capitalized on it. Keith Smith, who will lead this vertical for us previously worked with Tom Geisel externally and successfully built and scaled that vertical externally to more than $1 billion.

最後，我們將自 5 月 1 日起新增「設備與特許經營融資」的新垂直業務。此新垂直業務將強化我們核心商業銀行的產品組合並提升競爭地位。當出現聘用這支高品質銀行家團隊的機會時，我們把握住了。將帶領此垂直業務的 Keith Smith 先前曾在外部與 Tom Geisel 共事，並成功在外部建立並擴張該垂直業務至超過 10 億美元規模。

In conclusion, Dime is the bank of choice for talented bankers in our footprint, and we've continued to be the primary beneficiary of the disruption in our marketplace. Earlier in this year, we announced plans to rebrand Dime at Dime Commercial Bank. This marks the culmination and a logical next step in Dime's evolution. Over 70% of our deposit base is from commercial and municipal customers and approximately 60% of our loan portfolio is from the business and commercial real estate.

總結而言，Dime 是我們營運版圖內優秀銀行家首選的銀行，而我們也持續成為市場擾動的主要受益者。今年稍早，我們宣布計畫將 Dime 重新品牌為 Dime Commercial Bank。這標誌著 Dime 演進的階段性成果，也是合乎邏輯的下一步。我們超過 70% 的存款基礎來自商業與市政客戶，約 60% 的放款組合來自企業與商用不動產。

It's been a remarkable transformation over the past 10 years away from the legacy thrift and multifamily heritage, and we believe that Dime Commercial Bank brand truly represents the bank that we have grown into. In conclusion, Dime has differentiated our franchise from our local competitors as it relates to our organic growth trajectory. We continue to focus on diversifying our balance sheet, driving our efficiency ratio lower and attracting talented bankers. We are positioned very favorably with significant loan repricing over the next two years, and our organic growth prospects are strong.

過去 10 年間，我們從傳統儲蓄機構（thrift）與多戶住宅（multifamily）的歷史定位大幅轉型，這是一段令人矚目的變革；我們相信 Dime Commercial Bank 的品牌確實能代表我們已成長為的那家銀行。再總結一次，Dime 在有機成長軌跡方面已使我們的特許經營（franchise）與本地競爭者形成差異化。我們將持續專注於分散資產負債表、降低效率比率並吸引優秀銀行家。未來兩年我們將有大量放款重新定價（repricing），使我們處於非常有利的位置，而我們的有機成長前景依然強勁。

I want to end by thanking all our dedicated employees for their efforts in positioning Dime as the best commercial bank in the New York Metro area.

最後，我要感謝所有敬業的員工，因為你們的努力，讓 Dime 得以定位為紐約都會區最佳的商業銀行。

With that, I will turn over the call to Avi to provide some color on the first quarter.

接下來，我把電話會議交給 Avi，請他就第一季提供一些補充說明。

Thank you, Stu. EPS for the first quarter was $0.75 per share, representing 10% linked quarter growth and 67% year-over-year growth. Core pretax pre-provision net revenue of $60.5 million represented 162 basis points of average assets. By maintaining a strong focus on cost of funds management, our NIM has now increased for eight consecutive quarters.

謝謝你，Stu。第一季每股盈餘（EPS）為每股 0.75 美元，較前一季成長 10%，較去年同期成長 67%。核心稅前、提存前淨收益（core pretax pre-provision net revenue）為 6,050 萬美元，占平均資產的 162 個基點。透過持續聚焦資金成本管理，我們的淨利差（NIM）已連續八個季度上升。

The NIM expansion versus the prior quarter was driven by a reduction in deposit costs to 1.70%. We continue to have catalysts for growing our NIM over the medium to long term, including a significant back book loan repricing opportunity that I will talk about later. The reported first quarter NIM increased to 3.21%. Given the day count convention in the first quarter with February only having 28 days, the first quarter NIM is always seasonally elevated.

相較前一季的 NIM 擴張，主要由存款成本降至 1.70% 所帶動。我們在中長期仍有推升 NIM 的催化因素，包括一項顯著的舊帳放款（back book loan）重新定價機會，我稍後會再說明。第一季揭露的 NIM 上升至 3.21%。由於第一季的日數計算慣例（2 月僅 28 天），第一季 NIM 通常會呈現季節性偏高。

Excluding the impact of the day count and the benefits from purchase accounting, the run rate NIM for the first quarter would have been closer to 3.14%. As we mentioned on the fourth quarter earnings call, the fourth quarter balance sheet cash position and deposits were all elevated by approximately $400 million due to seasonality and municipal deposits. As expected, we saw some normalization in the balance sheet size over the first two months of the quarter.

若排除日數影響以及購併會計（purchase accounting）帶來的效益，第一季的 NIM 以運行率（run rate）計算將更接近 3.14%。如同我們在第四季財報電話會議中提到的，第四季資產負債表的現金部位與存款因季節性與市政存款因素而均增加約 4 億美元。如預期所示，我們在本季前兩個月看到資產負債表規模出現一定程度的正常化。

Average earning assets for the first quarter was approximately $14.2 billion and average earning assets for the month of March was approximately $14 billion, which should serve as a good base for modeling purposes going forward. Core cash operating expenses, excluding intangible amortization, was $63 million, which was generally in line with our expectations. The loan loss provision was approximately $12 million and the allowance to loans increased to 95 basis points, which is at the midpoint of our 90 basis points to 1% operating range.

第一季平均生息資產約為 142 億美元，而 3 月份的平均生息資產約為 140 億美元，這應可作為未來建模的良好基礎。核心現金營運費用（不含無形資產攤銷）為 6,300 萬美元，整體大致符合我們的預期。貸款損失提存約為 1,200 萬美元，貸款備抵（allowance）提升至 95 個基點，位於我們 90 個基點至 1% 的營運區間中點。

At the end of the first quarter, we transferred four loans totaling $38 million into held-for-sale status. This shows up on the March 31 balance sheet in the loans held-for-sale category with a nonaccrual designation. We successfully sold these loans earlier this week, generating $36 million in total proceeds. As a result, in the second quarter, we expect to have a modest $2 million negative impact in the gain on sale line item on the income statement.

在第一季末，我們將四筆合計3,800萬美元的貸款轉列為持作出售。這在3月31日的資產負債表上，會呈現在「持作出售貸款」類別中，並標示為停止計息（nonaccrual）。我們已於本週稍早成功出售這些貸款，合計取得3,600萬美元的出售款項。因此，在第二季，我們預期損益表中的「出售收益」項目將出現約200萬美元的小幅負面影響。

Criticized loans remained relatively flat on a linked-quarter basis and capital levels continue to grow. Our tangible equity ratio crossed 9%. Our common equity Tier 1 ratio grew to 11.87%, and our total capital ratio is in excess of 16%. Having best-in-class capital ratios versus our local peer group is a competitive advantage. Maintaining strong capital ratios provides us the flexibility to execute on our business plan and provides us a cushion to continue growing client relationships regardless of the overall economic environment and any external shocks.

受評（criticized）貸款在與前一季相連的季度比較下大致持平，而資本水準持續成長。我們的有形股權比率已突破9%。普通股第一類資本比率（CET1）提升至11.87%，總資本比率超過16%。相較於本地同業，我們擁有同級最佳的資本比率，這是一項競爭優勢。維持強健的資本比率，讓我們能更有彈性地執行商業計畫，並在整體經濟環境及任何外部衝擊下，仍能持續拓展客戶關係，提供緩衝。

Next, I'll provide some thoughts on the remainder of 2026. As I mentioned previously, excluding the day count convention for the first quarter and purchase accounting, the run rate NIM for the first quarter would have been closer to 3.14%. We would use this as a starting point for modeling purposes going forward. In addition, and as I mentioned earlier, average earning assets for the month of March was approximately $14 billion.

接下來，我將就2026年剩餘期間提供一些看法。如我先前提到，若排除第一季的日數計算慣例以及購併會計（purchase accounting），第一季的淨利差（NIM）常態化水準會更接近3.14%。往後建模時，我們會以此作為起點。此外，如我先前也提到，3月份的平均生息資產約為140億美元。

We expect modest NIM expansion in the second quarter and more pronounced NIM expansion in the back half of the year and in 2027 as the pace of the back book loan repricing picks up. To give you a sense of the significant back book repricing opportunity in our adjustable and fixed rate loan portfolios, for the remainder of 2026, we have approximately $1.3 billion of adjustable and fixed rate loans across the loan portfolio at a weighted average rate of 4.10% that either reprice or mature in that time frame.

我們預期第二季NIM將小幅擴張，而在下半年以及2027年，隨著存量（back book）貸款重訂價速度加快，NIM擴張將更為明顯。為了讓各位了解我們在浮動利率與固定利率貸款組合中，存量重訂價的重大機會：在2026年剩餘期間，我們整體貸款組合中約有13億美元的浮動與固定利率貸款，其加權平均利率為4.10%，將在該期間內重訂價或到期。

As we look into the back book for 2027, we have another $1.7 billion of loans at a weighted average rate of 4.30%. Assuming a 225 to 250 basis point spread to treasuries on these repricing and maturing loans over the next seven quarters, we could see another 40 to 45 basis point increase in the quarterly NIM by the end of 2027 when starting from the base NIM of 3.14%.

展望2027年的存量貸款，我們另有約17億美元的貸款，加權平均利率為4.30%。假設未來七個季度內，這些重訂價與到期貸款相對於美國公債利率的利差為225至250個基點，我們可能在2027年底看到季度NIM再增加40至45個基點（以3.14%的基礎NIM為起點）。

While it's hard to predict the NIM in individual quarters and the path may not mean a straight line on equal increments, we are focused on the ultimate destination by the fourth quarter of 2027, which we expect to be over 3.50% assuming the consensus forward curve plays out and competition remains rational.

雖然很難預測單一季度的NIM，且其走勢未必是等幅、直線式上升，但我們聚焦於2027年第四季的最終目標；在共識的遠期利率曲線如預期發展且競爭維持理性之假設下，我們預期屆時NIM將高於3.50%。

Given our current cash position, any future 25 basis point reduction or increase in short-term interest rates will likely not have more than a 1 to 2 basis point impact on our NIM. Our NIM expansion in future quarters will be entirely driven by the back book loan repricing as well as core deposit growth and business loan growth. We believe our large cash position is a competitive advantage that will allow us to take advantage of lending opportunities as they arise and will help us create a sustainable NIM that is not subject to cyclical moves based on the trajectory of short-term rates.

以我們目前的現金部位來看，未來短期利率每下調或上調25個基點，對我們NIM的影響很可能不會超過1至2個基點。未來季度的NIM擴張將完全由存量貸款重訂價，以及核心存款成長與企業放款成長所驅動。我們相信龐大的現金部位是一項競爭優勢，能讓我們在放款機會出現時把握機會，並協助我們建立不受短期利率走勢循環性波動影響的可持續NIM。

We expect to continue to reduce our CRE concentration ratio lower to 350% sometime between the second and third quarter of this year, primarily driven by a reduction in transactional multifamily and transactional investor CRE. At that point, we expect to reach an inflection point on investor CRE balances with multifamily continuing a downward trend until we get to around 25% of total loans for multifamily.

我們預期將持續把商用不動產（CRE）集中度比率進一步降至350%以下，時間點大約落在今年第二季到第三季之間，主要由交易型多戶住宅（transactional multifamily）與交易型投資人CRE的縮減所帶動。屆時，我們預期投資人CRE餘額將到達一個拐點；而多戶住宅將持續下行，直到多戶住宅占總貸款約25%為止。

We believe operating with a CRE ratio that is 350% or lower will set us apart from all of the other local banks, which are operating between 375% and 450% and we will be rewarded in the medium to longer term with a higher valuation as well as more optionality to take advantage of opportunities regardless of the economic or regulatory environment.

我們相信，將CRE比率控制在350%或以下，將使我們有別於其他所有本地銀行（其比率多介於375%至450%）。中長期而言，我們將因而獲得更高的估值，並在不論經濟或監管環境如何的情況下，擁有更多可選擇性以把握機會。

Next, I'll turn to expenses. On our prior call, we had provided annual guidance for core cash operating expenses, excluding intangible amortization for 2026 of between $255 million and $257 million. This was based on the employee base we had in January. Given the significant hires we announced since that time, including the acquisition of two strong deposit teams from Signature and the build-out of a full equipment and franchise finance vertical, we are increasing the expense guidance for core cash operating expenses, excluding intangible amortization for the full year to approximately $260 million.

接下來談費用。在上一通電話會議中，我們曾提供2026年核心現金營運費用（不含無形資產攤銷）的年度指引，介於2.55億至2.57億美元之間，該指引係基於我們1月份的員工編制。鑑於此後我們宣布的重大招募，包括自Signature延攬兩支強勁的存款團隊，以及建立完整的設備與特許經營融資（equipment and franchise finance）垂直業務，我們將全年核心現金營運費用（不含無形資產攤銷）的費用指引上調至約2.60億美元。

Like Stu said in his prepared remarks, we expect the hires to be accretive to EPS starting in 2027. Finally, we expect the tax rate for the remaining quarters of 2026 to be 28.5%.

如同Stu在其事先準備的發言中所說，我們預期這些招募自2027年起將對每股盈餘（EPS）具增益（accretive）。最後，我們預期2026年剩餘季度的稅率為28.5%。

With that, I'll turn the call back to Victor, and we'll be happy to take your questions.

以上，我把電話會議交回給Victor，我們也很樂意回答各位的問題。

(Operator Instructions) David Konrad, KBW.

（接線員指示）David Konrad，KBW。

Quick question on the $38 million loan that was sold in April. It looks like there's maybe a $2 million loss for next quarter. But was that in the nonperforming nonaccrual bucket at year-end? In other words, I'm trying to get a feel for the flow. Nonaccruals went from $52 million to $57 million. Was the $38 million in the $52 million and the buck was refilled? Or just kind of talk about the flows into the nonperforming bucket.

關於4月出售的那筆3,800萬美元貸款，我有個簡短問題。看起來下季可能會有約200萬美元的損失。但那筆在年末時是在不良／停止計息（nonperforming nonaccrual）的分類裡嗎？換句話說，我想了解其流向：停止計息貸款從5,200萬美元增加到5,700萬美元。這3,800萬美元原本包含在那5,200萬美元裡，然後又補回來了？或是請談談流入不良分類的變動情況。

No, David, it wasn't. We made a decision to sell the loans at the end of the first -- towards the end of the first quarter here. So that was new at March 31. But in the prepared remarks, like I said, it's off the books right now. We got the cash in the bank last week.

不，David，不是。我們是在第一季末——更接近第一季末的時候——決定出售這些貸款的。所以在3月31日那時是新增的。但如同我在事先準備的發言中所說，這些現在已經從帳上移除了。我們上週已把現金收進銀行。

And look, I think we said this a couple of quarters back. We have the pre-provision earnings power of the bank, the capital to offload relationships and credits where we don't think it meets our long-term objectives here at the bank. So we made the decision and we moved on from the credit, and we're happy to be behind it at this point.

另外，我想我們在幾個季度前就提過：本行具備提列前盈餘能力（pre-provision earnings power）以及資本，足以卸除那些我們認為不符合本行長期目標的客戶關係與授信。因此我們做出決定、處理掉這筆授信，而目前能把它拋在腦後，我們也很高興。

Great. Okay. And then I guess just on loan growth overall, really good commercial loan growth, which is kind of offset by the intentional kind of wind down of some of the real estate assets. In your guidance, do you expect total growth to start to occur in the back half of the year? When do we see an inflection that we'll see the loan portfolio start to increase?

了解，謝謝。那我想再問整體放款成長：商業放款成長非常不錯，但部分被你們刻意縮減某些不動產資產所抵銷。在你們的指引中，是否預期總放款成長會在下半年開始出現？我們何時會看到拐點，讓貸款組合開始增加？

Yes. I think, for example, this quarter, we had $170 million of multifamily payoff and $90 million of CRE investor CRE payoff. And as we get to that 3.5% total CRE ratio, we'll -- you'll start to see us maintain our overall CRE balances, not necessarily multifamily, but CRE overall and continued growth on the other business loan vertical. So yes, our view is towards the back six months of this year, you'll start to see nice growth on the loan portfolio.

是的。我舉例來說，本季我們有1.70億美元的多戶住宅提前清償（payoff），以及9,000萬美元的CRE投資人CRE提前清償。當我們達到3.5%的總CRE比率時，我們——你會開始看到我們維持整體CRE餘額（不一定是多戶住宅，但整體CRE），同時在其他企業放款垂直領域持續成長。所以是的，我們的看法是，在今年後六個月，你將開始看到貸款組合出現不錯的成長。

Yes, David, I would just add, the way we're thinking about the loan portfolio is probably in three different segments. On the business loan front, we're seeing nice around, call it, $150 million-ish of net loan growth, including payoffs on that. A lot of the teams that Tom has hired, they've not been at the bank a full year yet. A lot of them have been here six to nine months.

是的，David，我只想補充一下，我們對貸款投資組合的思考方式大概分成三個不同的區塊。在商業貸款方面，我們看到相當不錯的淨貸款成長，大概可說是約1.5億美元左右，這個數字已包含其中的到期清償。Tom 招募的許多團隊，加入本行還不到滿一年；很多人來了六到九個月。

So they're just starting to hit that stride and typically takes 12 to 15 months to get into a good cadence, right? So that's going to help. The equipment finance and franchise vertical that we're bringing on board, they're starting in May. So they'll probably be online by the third quarter. So you add that up, we're probably trending towards $200 million-ish to a little bit more than that in terms of business loan growth.

所以他們才剛開始進入狀態，而通常需要12到15個月才能進入良好的節奏，對吧？因此這會帶來幫助。我們正在導入的設備融資與加盟（franchise）垂直業務，將於5月開始，所以大概到第三季就能上線。把這些加總起來，就商業貸款成長而言，我們大概正朝著約2億美元左右、甚至略高一些的趨勢前進。

The next part of the balance sheet is the Investor CRE side, and we're back in the market right now for Investor CRE. We're doing relationship deals on the Investor CRE side. We're back in the market for relationship construction. So I think once we get to that 350%, and we've got a $2.7 billion, $2.8 billion investor CRE portfolio, that probably grows at $200 million on an annual basis, just using a 5% to 6% growth rate, right?

資產負債表的下一部分是投資人 CRE（商用不動產）端，而我們目前已重新回到投資人 CRE 市場。我們在投資人 CRE 端做的是關係型交易。我們也重新回到關係型建築融資市場。所以我認為，一旦我們達到那個350%，而我們擁有27億至28億美元的投資人 CRE 投資組合，按年成長大概是2億美元左右，只要用5%到6%的成長率來估算即可，對吧？

So you got $800 million of business loan growth run rate. You've got $200 million of Investor CRE relationship run rate, including any payoffs and refinancings that we have in that. And then I said in my prepared remarks that multifamily is probably -- intentionally, we're trying to take that ratio down to around 25% of total loans. Again, we're doing relationship multifamily, but not transactional multifamily. So there's $1 billion in and $500 million out, and the residential portfolio is probably going to grow $50 million to $100 million.

所以你有8億美元的商業貸款成長年化速度（run rate）。你有2億美元的投資人 CRE 關係型業務年化速度（run rate），其中也包含我們在該部分的任何到期清償與再融資。然後我在事先準備的發言中提到，多戶住宅（multifamily）方面——我們是刻意要把那個比重降到總貸款約25%。同樣地，我們做的是關係型多戶住宅，但不做交易型多戶住宅。因此會是10億美元流入、5億美元流出，而住宅貸款投資組合大概會成長5,000萬到1億美元。

So you put that all together, it should be mid-single-digit growth starting in the third quarter of this year.

把這些全部加總起來，從今年第三季開始，應該會是中個位數的成長。

Steve Moss, Raymond James.

Steve Moss，Raymond James。

Maybe just starting on the Signature deposit team here, the team that you hired. Just curious if you could give us any color around the size of the teams and what their historical book was.

也許先從你們這次聘用的 Signature 存款團隊談起。我想了解一下，你們能否提供一些資訊，關於團隊的規模以及他們過去的存款/客戶資產規模（historical book）大概是多少。

Yes. I'll first start off by saying these were significant teams that we've been talking to for three years. I mean it's been a long road. But these are teams that -- we said there weren't too many teams we were interested going forward on previous calls, but these were two teams that we somewhat coveted as we move forward. Avi can give you some of the details in terms of what we expect.

好的。我先說，這些都是我們談了三年的重要團隊。我的意思是，這是一段很長的過程。但這些團隊——我們在先前的電話會議中說過，往後我們感興趣的團隊不多，但這兩個團隊是我們在推進過程中某種程度上非常看重、也很想要的。Avi 可以就我們的預期提供一些細節。

Yes. So Steve, I mean, collectively, all the hires that we had, including the Lakewood build-out, they manage well north of $1 billion of deposits currently. So this is after all the outflows in '23 and '24. So I think our expectation is in the medium to longer term, this is a $1 billion opportunity for us.

好的。Steve，整體來看，我們所有的招募（包含 Lakewood 的建置擴編）目前管理的存款規模遠超過10億美元。這是在2023年與2024年所有資金外流之後的數字。所以我認為，我們的預期是在中期到較長期，這對我們而言是一個10億美元的機會。

I think we have proof of concept. The teams that we did hire early on, they're over $3 billion at this point. And the thing that we like the most about the team that we've hired is that cost of funds is actually lower than the bank's overall cost of funds. It's actually at 160 right now, given the high proportion of DDAs that they have. And these teams that we hired, it's kind of the same profile where very high percentage of DDA tied to what they have.

我認為我們已經有概念驗證（proof of concept）。我們早期聘用的那些團隊，目前已經超過30億美元。且我們最喜歡這次聘用團隊的一點是，他們的資金成本其實低於本行整體的資金成本。考量他們活期存款（DDA）的占比很高，目前大約在160（基點）左右。而我們聘用的這些團隊，輪廓也類似——他們所帶來的存款中，有非常高比例的 DDA。

It will take time. I think '23 and '24 were unique environments just given what was going on at the competition. It's probably going to be slow and steady relationship by relationship at this point. But as Stu said, these were two teams that we wanted back in 2023, and it finally came to fruition now. So we're very happy with that.

這需要時間。我認為2023年與2024年是特殊的環境，主要是因為同業競爭端發生的事情。接下來大概會是以關係為單位、一步一步穩健推進。但如 Stu 所說，這兩個團隊是我們在2023年就想要的，現在終於成真了。所以我們對此非常高興。

Okay. Interesting. I appreciate that color there. And then just on the equipment finance side, just curious the type of equipment finance loans you guys are seeking to make here with the new setup.

好的，很有意思。感謝你提供這些資訊。接著在設備融資方面，我想了解一下，在新的架構下，你們打算承作哪一類型的設備融資貸款？

Yes, sure. So this group is really going to focus on middle market to large ticket equipment finance deals. I would say we're looking companies with middle market credit quality of single B through investment grade. The focus is really on critical machinery and equipment for manufacturing and warehouses, and we'll continue to -- just like we do with all our businesses, we'll look for relationship kind of driven companies to help support there.

好的，當然。這個團隊將主要聚焦於中型市場到大額（large ticket）的設備融資案。我會說，我們鎖定的公司信用品質大概介於中型市場的單B到投資等級。重點會放在製造業與倉儲所需的關鍵機械與設備；而且我們會持續——就像我們對所有業務一樣——尋找以關係驅動的公司來支持這一塊。

This is a credit-focused business. So yes, you have to take a look at the machinery and the equipment that you're financing, but it's credit focused. So I think what that's going to do is it's going to enable us to lend into most industries. We'll be looking at material handling, commercial, specialty vehicles, medical, waste management, things of that nature.

這是一個以信用為核心的業務。所以是的，你必須檢視你所融資的機械與設備，但核心仍是信用。我認為這將使我們能夠對多數產業放款。我們會看物料搬運、商用、特種車輛、醫療、廢棄物管理等這類領域。

Okay. Appreciate that color there, Tom. And then just one more for me here. Just going back to the held for sale bucket. Just kind of curious, is this a one-off? Or do you guys think you'll maybe utilize the sale of select loans? It sounds like it was multifamily credits over the next 12 or 24 months just to accelerate maybe certain dispositions.

好的。Tom，感謝你提供這些資訊。最後再問一個：回到「持有待售」（held for sale）那一塊。我有點好奇，這是一次性的作法嗎？還是你們認為未來可能會運用出售部分貸款？聽起來像是接下來12到24個月會針對多戶住宅的授信，透過出售來加速某些處置。

Yes. I think case-by-case basis, Steve, I think we've been very good at resolving stuff in an expeditious manner. It depends on the market for these credits as well. I mean, this particular instance, fairly low-yielding relationship. The yield on the loans is probably 3.25% to 3.30% plus or minus.

是的。Steve，我認為要視個案而定。我們在快速解決問題方面一直做得很好。也取決於這些授信在市場上的需求。就這個特定案例而言，這是一筆收益率相對較低的關係型業務。這些貸款的收益率大概是3.25%到3.30%，上下些微浮動。

So at the end of the day, it's going to be accretive to NIM going forward. Obviously, it wasn't in the NIM numbers for Q1, right? But if you remove $40 million at a yield of 3.5%, you're earning money already on the NIM side. So I would say just given our pre-provision earnings power of 160 basis points, it just helps us resolve stuff more expeditiously going forward. But it's really done on a granular basis.

所以歸根結底，這將在未來對淨利差（NIM）具有增益（accretive）。顯然，它沒有反映在第一季的 NIM 數字裡，對吧？但如果你移除4,000萬美元、收益率3.5%的資產，你在 NIM 端其實已經是在賺錢了。所以我會說，考量我們稅前提存前獲利能力（pre-provision earnings power）有160個基點，這只會幫助我們未來更迅速地處理這些事項。但這確實是以非常細的顆粒度逐筆處理。

We've never done bulk sales at this bank. You want to maximize the value relationship by relationship. So it's probably going to be one-offs and working through stuff as they may come up.

我們在這家銀行從未做過整批出售（bulk sales）。你會希望以「一段關係一段關係」的方式把價值最大化。所以這大概會是零星個案，並在事情出現時逐步處理。

Okay. Appreciate that call there, Avi, and thank you very much. Nice quarter here.

好的。Avi，感謝你剛才的說明，也非常感謝。這一季表現不錯。

Manuel Navas, Piper Sandler.

Manuel Navas，Piper Sandler。

I really appreciate the NIM trajectory, a lot of it based on the back book repricing. But with these teams that should bring a lot of deposits, what's kind of the opportunity for continued deposit declines or just improvement in the funding base from core deposit generation?

我非常欣賞 NIM 的走勢，其中很大一部分來自存量資產（back book）的重新定價。但隨著這些團隊應該會帶來大量存款，從核心存款生成的角度來看，持續的存款下降空間或是資金來源結構改善的機會大概是什麼？

So I think, look, the Fed is going to stay steady in terms of rates and not drop rates, it's going to be challenging for any bank to continue to drop deposit costs, right? I mean there'll be a little bit of creep basis point or two every quarter, some customers come to us and ask for higher rates.

所以我認為，你看，聯準會在利率方面會維持不變、不會降息，對任何一家銀行來說，要持續降低存款成本都會很有挑戰，對吧？我的意思是，每一季可能會有一、兩個基點的小幅上升，有些客戶會來找我們要求更高的利率。

That said, the reason why I pointed out that the existing $3 billion that we have, the cost of funds on that is 150. So it's actually lower than our overall cost of funds, right? So I think with these new teams, it's going to be slow and steady over time. It gives us another avenue to grow deposits over time. And the existing teams are still opening accounts.

話雖如此，我之所以指出我們現有的30億美元，是因為那部分的資金成本是150。所以它其實低於我們整體的資金成本，對吧？因此我認為，隨著這些新團隊加入，進展會是緩慢但穩健、隨時間推進。這也為我們提供另一條隨時間增加存款的途徑。而現有團隊也仍在開立帳戶。

So I would say, look, we're viewing this as a medium- to longer-term play, and it's going to help with making the deposit franchise even more valuable. Like I also said, it's going to come with a lot of DDA basically, very DDA-heavy groups, which should aid in the cost of funds overall. I think on the flip side, if the Fed does cut rates later this year by even 25 basis points, that will be a driver for reducing deposit costs, Manuel.

所以我會說，你看，我們把這視為一個中期到長期的布局，並且會讓我們的存款業務平台更有價值。就像我也提到的，這基本上會帶來大量的DDA，也就是以DDA為主的客群，這應該有助於降低整體資金成本。另一方面，如果聯準會在今年稍晚即使只降息25個基點，那也會成為降低存款成本的驅動因素，Manuel。

Yes. I mean these teams basically had 50% of their deposits in DDA. So we're very excited about the opportunity over time to have these deposits move to us and be part of our core deposit franchise.

是的。我的意思是，這些團隊基本上有50%的存款是在DDA。因此我們對於這些存款隨時間移轉到我們這裡、並成為我們核心存款平台的一部分的機會感到非常興奮。

I think the other thing, too, not to forget is that the commercial business is relationship focused, right? So that business will continue to also bring in deposits. We've got this great noncommercial private bank franchise that brings in these terrific core deposits, but the commercial team will also continue to support that.

我想另外一點也別忘了，商業業務是以關係為導向的，對吧？所以那塊業務也會持續帶來存款。我們有一個很棒的非商業私人銀行平台，帶來這些非常優質的核心存款，但商業團隊也會持續支持這一點。

That's great commentary. Can you speak to the continued kind of M&A opportunity for talent and further loans and deposit growth and speak to maybe pipelines for talent from here. You have a lot that came in this quarter. So I understand that you have to digest these teams, which are fantastic adds. But just what is the kind of the pipeline for talent? And how are you taking advantage of M&A disruption in your footprint?

這些評論很棒。你能談談持續透過併購（M&A）取得人才、以及進一步的放款與存款成長機會嗎？也請談談從現在起的人才管線。你們這一季引進了很多人，所以我理解你們需要消化這些團隊——這些都是很棒的補強。但目前的人才管線大概是什麼樣子？以及你們如何利用你們據點範圍內的併購動盪？

Yes, Manuel, I'll start off and Tom, you might chip in. Look, I think the goal of the bank for the next 90 days here is to work really well with the teams that we have. I mean we have a handful with the number of people that we've onboarded. But like Stu said, some of these teams, we spent three years speaking to them, right? And the time was right for them to move eventually, and we capitalized on it.

是的，Manuel，我先開始，Tom你也可以補充。你看，我認為銀行接下來90天的目標，是把現有的團隊合作得非常好。我的意思是，以我們已經完成到職（onboard）的員工人數來看，確實有好幾組團隊。但就像Stu說的，有些團隊我們花了三年時間與他們溝通，對吧？而時機終於成熟，他們最終願意轉過來，我們也把握住了。

So there are combinations like that with other teams on the deposit side, on the lending side as well. And sometimes we're not in control is the eventual timing of when people are ready to move. I would say on the commercial banking side, with the build-out of equipment and franchise finance, we're pretty much in every industry that we want to be in. So there's not going to be a build-out in terms of adding support staff and adding people behind that. It's probably going to be adding more depth to the existing verticals that we do have.

所以在存款端、放款端也都有類似的組合情況。而有時候，我們無法掌控的是人們準備好轉換的最終時間點。我會說，在商業銀行端，隨著設備融資與特許經營融資（franchise finance）的建置，我們基本上已經涵蓋了我們想進入的每個產業。因此未來不會在增加支援人員、或在後端再加人方面做大幅擴編。比較可能的是在我們既有的垂直領域上增加更深的厚度。

So when we brought Tom on a year back, we went through a business plan of these are the five or six areas that we want to be in. And I think right now, we are in all of those, right? So you're not going to see significant expansion in the number of verticals going forward. It's going to be more depth to the existing staff that we have.

所以當我們在一年前把Tom找來時，我們走過一個商業計畫：這五到六個領域是我們想進入的。我認為現在我們已經都在那些領域裡了，對吧？因此你不會看到未來在垂直領域數量上有顯著擴張。會更多是讓我們現有的人員配置更有深度。

Yes. I do think -- and I'll let Tom comment on this. When you talk about the M&A disruption, there's going to be opportunity for us to take advantage of client opportunities that might be displaced or have relationships with some of our competition that might change. And so I think that's going to be an opportunity.

是的。我確實認為——我也讓Tom來評論一下。當你談到併購（M&A）造成的擾動時，我們會有機會去把握一些客戶機會：可能有些客戶被迫轉移，或是他們與我們某些競爭對手的關係可能會改變。因此我認為那會是一個機會。

The other thing I think is really important to understand that the verticals we brought on are really fledgling. I mean they've been with us less than a year, and they're just beginning to grow their pipeline and get loans closed. So there's a real opportunity as we move into the latter part of this year and certainly into '27, where you see much more strength, I think, in terms of origination on the business banking front.

另外我認為很重要的一點是要理解，我們引進的這些垂直領域其實都還在起步階段。我的意思是，他們加入我們還不到一年，才剛開始建立他們的案源管線並把貸款成交。所以當我們進入今年下半年，當然也包括到2027年，你會看到在商業銀行端的承作（origination）方面更強的動能與實力。

I think the only thing that I'll add to that is that Dime has put itself in a pretty good position, right? So out in the market, people understand the growth mindset, the deposit franchise, the strength of the back office and a reputation being a place that people want to work. So we've kind of shifted over the last couple of years, trying to be proactive, which is good.

我想我唯一要補充的是，Dime把自己放在一個相當不錯的位置上，對吧？所以在市場上，人們了解我們的成長思維、存款平台、後勤作業的強度，以及作為一個大家想來工作的地方的聲譽。因此過去幾年我們某種程度上已經轉向更主動出擊，這是好事。

We've been very successful being proactive and the M&A dislocation is helping us. But now we're really in a great position where we can be reactive. We've got a lot of inbound calls, and we can be very selective in who we bring on and make sure it's matching the skill sets that we need to enhance the teams we currently have in place. So we feel really good about where we are right now, but we will be doing some kind of additive hiring over the next year.

我們主動出擊一直非常成功，而併購（M&A）造成的錯位也在幫助我們。但現在我們真的處在一個很好的位置，我們也可以更偏向被動應對。我們接到很多主動來電（inbound calls），而且我們可以非常有選擇性地決定要引進誰，並確保其能力組合符合我們需要、能強化目前既有團隊。因此我們對現在的位置感覺非常好，但接下來一年我們會做一些增量式的招募。

I'm not showing any further questions in the queue at this time. I would now like to turn it back over to Stu for any closing remarks.

目前我在提問佇列中沒有看到其他問題。我現在想把時間交回給Stu，請他做結語。

Thank you, Victor, and thank you all. Thank you to all our dedicated employees and our shareholders for their continued support, and we look forward to speaking to you after the second quarter.

謝謝你，Victor，也謝謝各位。感謝我們所有敬業的員工，以及股東們持續的支持，我們期待在第二季之後再與各位交流。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝各位參與今天的電話會議。至此本次議程結束。各位現在可以斷線。祝大家今天愉快。