Enterprise Financial Services Corp (EFSC) 2025 Q4 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Enterprise Financial Services Corporation fourth quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您耐心等候。我叫 Regina，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Enterprise Financial Services Corporation 2025 年第四季財報電話會議。(接線員指示)

I would now like to turn the conference over to Jim Lally, President and CEO. Please go ahead.

現在我想將電話會議交給總裁兼執行長 Jim Lally。請開始。

Good morning, and thank you all very much for joining us, and welcome to our 2025 fourth-quarter earnings call. Joining me this morning is Keene Turner, EFSC's Chief Financial Officer and Chief Operating Officer; and Doug Bauche, Chief Banking Officer of Enterprise Banking Trust. Before we begin, I would like to remind everybody on the call that a copy of the release and accompanying presentation can be found on our website. The presentation and earnings release were furnished on SEC Form 8-K yesterday. Please refer to slide 2 of the presentation entitled forward-looking statements and for our most recent 10-K and 10-Q for reasons why actual results may vary from any forward-looking statements that we make today.

各位早安，非常感謝大家撥冗參與，歡迎收聽我們 2025 年第四季財報電話會議。今天早上與我一同出席的有 Keene Turner，EFSC 的財務長兼營運長；以及 Doug Bauche，Enterprise Banking Trust 的首席銀行業務長。在開始之前，我想提醒各位，新聞稿及隨附簡報可於我們的網站上取得。簡報與財報新聞稿已於昨日以 SEC Form 8-K 形式提交。請參閱簡報第 2 頁「前瞻性聲明」，並參考我們最新的 10-K 與 10-Q，以了解為何實際結果可能與我們今天所做的任何前瞻性聲明有所差異。

Our financial highlights begin on slide 3. I am pleased with our results for the fourth quarter and for all of 2025. For the quarter, we earned $1.45 per diluted share, which compares favorably to the $1.19 that we earned in the linked quarter and $1.28 in the fourth quarter of 2024. These results produced a return on average assets of 1.27% and a pre-provision return on average assets of 1.74%.

我們的財務重點自第 3 頁開始。我對第四季以及 2025 全年的表現感到滿意。就本季而言，我們稀釋後每股盈餘為 1.45 美元，優於上一季（相鄰季度）的 1.19 美元，也高於 2024 年第四季的 1.28 美元。上述結果帶來平均資產報酬率 1.27%，以及提列備抵前平均資產報酬率 1.74%。

As we discussed in our last earnings call, we closed on the branch purchase in Arizona and Kansas early in the fourth quarter. Earnings from this complemented our relationship-oriented business model helping drive expansion of net interest income for the quarter to $168 million, which was a quarterly increase of $10 million when compared to the linked quarter and $22 million compared to the fourth quarter of 2024. Margin too improved slightly to 4.26%, driven by disciplined loan and deposit pricing throughout both books of business. Our ability to hold our margin at this level illustrates the quality of our deposit base and the relationship-oriented loan portfolio. The ability to continue to expand our net interest income, along with widening our net interest margin to the extent that we have reflects the strength of the franchise we are building and we remain positioned to produce high-quality earnings for years to come.

如同我們在上次財報電話會議中所提到的，我們在第四季初完成了亞利桑那州與堪薩斯州的分行收購案交割。該收購帶來的獲利與我們以關係為導向的商業模式相輔相成，推動本季淨利息收入擴增至 1.68 億美元，較上一季增加 1,000 萬美元，較 2024 年第四季增加 2,200 萬美元。淨利差亦小幅改善至 4.26%，主要受惠於在兩個業務組合中對放款與存款定價的紀律性管理。我們能將淨利差維持在此水準，顯示出我們存款基礎的品質以及以關係為導向的放款組合。我們持續擴大淨利息收入的能力，以及將淨利差擴大至目前程度，反映出我們正在打造之特許經營體的實力；我們仍具備條件在未來多年持續產出高品質獲利。

As important, the branch purchase accelerated our strategy in two of our higher growth markets by several years. Since the closing, I've spent time with our new team and our new clients and feel even better about how this fits into our overall strategy and the impact that this expansion will have on our long-term performance. The strength of our companies are well-positioned balance sheet, which provides for great flexibility when it comes to capital management.

同樣重要的是，這次分行收購使我們在兩個高成長市場的策略推進加速了好幾年。自交割以來，我花時間與新加入的團隊及新客戶交流，更加確信此案與我們整體策略的契合度，以及這項擴張對長期績效的影響。我們公司的優勢在於資產負債表定位良好，這使我們在資本管理方面具備高度彈性。

We came into 2025 with a goal of growing our balance sheet at a mid- to high single-digit pace. With our organic growth complemented by the aforementioned branch purchase, we're able to exceed this goal of growing our balance sheet by 11%. Capital levels at quarter end were stable and strong with our tangible common equity to tangible assets ratio at 9.07%. As impressive was our 14.02% return on tangible common equity for the fourth quarter.

我們在 2025 年初設定的目標，是以中到高個位數的速度擴張資產負債表。在內生成長並搭配前述分行收購的助力下，我們得以超越該目標，資產負債表成長 11%。季末資本水準穩健且強勁，有形普通股權對有形資產比率為 9.07%。同樣亮眼的是，我們第四季有形普通股權報酬率達 14.02%。

Because of the branch purchase, we expected some dilution to tangible book value, but due to our strong earnings during the quarter, tangible book value per share was relatively stable at $41.37. This represents an 11% increase in tangible book value per share growth for the year. Because of our confidence to continue to produce high-quality earnings at the pace that we are, we increased our dividend by $0.01 per share to $0.32 for the fourth quarter and repurchased 67,000 shares at an average price of $52.64. Loan growth for the quarter was $217 million and was largely attributed to the acquired loans that came with the branch acquisition. Further reducing our loan balances in the quarter was the movement of approximately $70 million of Southern California commercial real estate loans into [OREO]. I will provide an update on our progress with these properties later in my comments.

由於分行收購，我們原預期有形帳面價值會出現一些稀釋，但受惠於本季強勁獲利，每股有形帳面價值相對穩定，為 41.37 美元。這代表全年每股有形帳面價值成長 11%。基於我們對持續以目前步調產出高品質獲利的信心，我們將股利每股提高 0.01 美元至第四季的 0.32 美元，並以平均價格 52.64 美元回購 67,000 股。第四季放款成長 2.17 億美元，主要來自分行收購所取得的放款。此外，本季我們的放款餘額也因約 7,000 萬美元的南加州商用不動產放款移轉至[OREO]而進一步下降。稍後在我的發言中，我將就這些資產的處理進度提供更新。

Deposit growth and the quality of the deposit base continues to be a significant differentiator for our company. In the fourth quarter, we saw deposits grow by $1 billion, $400 million of which came from new and existing clients with the remaining approximately $600 million coming from the branch purchase. The cost and composition of the deposit base continues to improve and has aided in the consistency of earnings and profitability. The quarterly cost of deposits decreased to 1.64%, and our level of DDA to total deposits improved to 33.4%. It should be noted that we have maintained our DDAs at over 30% of total deposits for the last four years.

存款成長以及存款基礎的品質，仍是我們公司一項重要的差異化優勢。在第四季，我們的存款增加 10 億美元，其中 4 億美元來自新舊客戶，其餘約 6 億美元來自分行收購。存款基礎的成本與結構持續改善，並有助於獲利與盈利能力的穩定性。本季存款成本降至 1.64%，DDA（活期存款）占總存款比率提升至 33.4%。值得注意的是，過去四年我們的 DDA 一直維持在總存款的 30% 以上。

Finally, liquidity remains strong as evidenced by our loan-to-deposit ratio of 81%. There were several moving parts with respect to credit in the quarter. The most important movement occurred with the real estate associated with the seven real estate loans in Southern California that we discussed on last quarter's earnings call. With a favorable verdict handed down by the bankruptcy courts during the quarter, we were able to take six of these properties into OREO with the seventh to follow shortly. Like we assumed, interest in these properties have been high with purchase sale agreements on several of the properties expected to be received in the very near future.

最後，流動性仍然強勁，從我們 81% 的放款對存款比率可見一斑。本季在信用方面有數個變動因素。最重要的變動，發生在我們於上季財報電話會議中提到的南加州七筆不動產放款所對應的不動產。本季破產法院作出有利裁決後，我們得以將其中六處不動產納入 OREO，第七處也將很快跟進。如我們所預期，市場對這些不動產的興趣很高，預計在不久的將來即可收到其中數處不動產的買賣協議。

Further improvement to our overall credit metrics is a high priority. I can see a clear path for the elevated level of NPAs and OREO to reduce significantly in the next couple of quarters to more historical levels. Doug will comment on the specifics related to all of this in his comments.

進一步改善整體信用指標是我們的高度優先事項。我清楚看到一條路徑，可使目前偏高的 NPA 與 OREO 水準在未來一到兩季內顯著下降，回到較符合歷史水準的區間。Doug 將在他的發言中就相關細節進一步說明。

Slide 5 summarizes our performance for all of 2025. For the year, we earned $201 million of net income or $5.31 of diluted earnings per common share. We leveraged capital advantageously to expand in two key markets while growing tangible book value per share by 11%. Other uses of capital included increasing our annual dividend by $0.16 per share to $1.22 and repurchasing just over 258,000 shares at an average price of $54.60. You will hear much more about these and other financial highlights in Keene's comments.

第 5 頁總結了我們 2025 全年的表現。全年我們淨利為 2.01 億美元，普通股稀釋後每股盈餘為 5.31 美元。我們有效運用資本優勢，在兩個關鍵市場擴張，同時使每股有形帳面價值成長 11%。其他資本運用包括將年度股利每股提高 0.16 美元至 1.22 美元，並以平均價格 54.60 美元回購略高於 258,000 股。您將在 Keene 的發言中聽到更多關於這些以及其他財務重點的內容。

Slide 6 illustrates where we are focused as we turn the page into a new year. Like I stated previously, I can see a clear path to improve credit statistics in the next quarter or two. Nonetheless, this is a key focus for us in 2026. The level of NPAs is not compatible with the quality company we've built and improvement to more historical levels will be accomplished. At the same time, we will continue to grow the balance sheet with the quality and consistency that we've displayed for many years, serving our existing clients' needs while adding new ones that appreciate our concentrative approach and willing to give up a few basis points on both loans and deposits to experience this.

第 6 頁說明了我們在邁入新的一年時所聚焦的方向。如我先前所述，我清楚看到在未來一到兩季改善信用統計數據的路徑。儘管如此，這仍將是我們在 2026 年的關鍵重點。目前的 NPA 水準與我們所打造的高品質公司並不相稱，我們將把它改善回更符合歷史水準的區間。同時，我們也將延續多年來所展現的品質與一致性，持續擴張資產負債表：一方面滿足既有客戶需求，另一方面新增願意認同我們專注式經營方式的新客戶，並願意在放款與存款兩端各讓出幾個基點，以換取這樣的服務體驗。

And finally, like many of our clients, we will continue to find more ways to automate mundane, nonvalue-added tasks utilizing the investments we have made in technology over the last few years in order to enhance productivity and efficiency within our business.

最後，和我們許多客戶一樣，我們將持續運用過去幾年在科技方面的投資，尋找更多方式來自動化瑣碎、非增值的工作，以提升我們業務內部的生產力與效率。

Before handing the call over to Doug, I would like to share with you what I'm hearing from our clients throughout our markets and national business lines. For the most part, our clients remain optimistic about the economy and how their businesses perform in 2026. In particular, clients that are developers, contractors, subcontractors, and suppliers to companies in and around power generation and the data center industries are expecting particularly good and long runs ahead. This obviously trickles down to manufacturers and service businesses to that support these industries.

在把電話會議交給Doug之前，我想與各位分享我在我們各個市場與全國業務線上從客戶那裡聽到的情況。整體而言，我們的客戶對經濟以及其企業在2026年的表現仍保持樂觀。尤其是開發商、承包商、分包商，以及為發電與資料中心產業周邊公司提供供應的供應商客戶，預期未來將有特別良好且長期的景氣走勢。這顯然也會向下帶動為這些產業提供支援的製造商與服務型企業。

Industries and companies that serve infrastructure improvements throughout our markets, too, should see many opportunities. This includes water projects, utility work and highway and road construction. Furthermore, there is a keen focus by our client base to further improve productivity and efficiencies. I cannot help thinking that this will come with investments in technology, robotics, at other machine learning capabilities, the expense of which will be partially offset by the favorable tax treatment that such investments now receive.

此外，在我們各市場中服務於基礎建設改善的產業與公司，也應會看到許多機會。這包括水利專案、公用事業工程，以及高速公路與道路建設。再者，我們的客戶群也高度聚焦於進一步提升生產力與效率。我不禁認為，這將伴隨對科技、機器人，以及其他機器學習能力的投資，而此類投資的成本將可部分由目前對此類投資所提供的有利稅務待遇所抵銷。

The agility and resilience that our client base continues to show has been quite remarkable. I would expect this to continue in 2026 and beyond. We are pleased with the results for the fourth quarter and the entire year of 2025 and look forward to what lies ahead in 2026. Our company is positioned extremely well to continue to execute on our strategic plan and drive long-term shareholder value. Our diversified relationship-oriented model has compounded tangible book value per share at a rate of over 11% for the last 14 years, and I see this continuing for many years to come.

我們客戶群持續展現的敏捷性與韌性相當令人驚豔。我預期這種情況將在2026年及其後持續。我們對2025年第四季以及全年成果感到滿意，並期待2026年的發展。本公司具備極佳的定位，可持續執行我們的策略計畫並推動長期股東價值。我們多元化、以關係為導向的模式，在過去14年使每股有形帳面價值以超過11%的速度複利成長，我認為這將在未來多年持續。

With that, I would like to turn the call over to Doug Bauche. Doug?

接下來，我想把電話會議交給Doug Bauche。Doug？

Thank you, Jim, and good morning, everyone. The fourth quarter, as Jim just described, was full of activity. The completion of our branch acquisition and onboarding of new clients and associates has gone exceptionally well. The feedback that I continue to receive from our new partners has been overwhelmingly positive.

謝謝你，Jim，各位早安。如同Jim剛才所描述，第四季活動非常頻繁。我們完成分行收購以及新客戶與新同仁的導入，進展非常順利。我持續從新夥伴那裡收到的回饋幾乎一面倒地正面。

We also successfully completed foreclosure of the previously highlighted Southern California real estate portfolio and are now one very important step closer to substantially reducing our nonperforming assets. And certainly not to be overlooked, we continue to expand the balance sheet through the attraction of new organic commercial relationships and are positioned with momentum heading into the new year.

我們也成功完成先前提及的南加州不動產投資組合的法拍程序，現在距離大幅降低不良資產又更接近了一個非常重要的步驟。此外同樣不容忽視的是，我們持續透過吸引新的自然成長型商業往來關係來擴大資產負債表，並帶著動能邁入新的一年。

Slide 7 demonstrates the diversity and growth of our loan portfolio across all asset classes. Asset categories representing credit to commercial and industrial businesses, including C&I, CRE owner-occupied, SBA, and Sponsor Finance combined are just over 50% of our portfolio, while investor-owned CRE, life insurance, and tax credit lending largely round out the balance of the portfolio at 24%, 10%, and 7%, respectively. Loans grew $217 million in the quarter and $580 million for the year.

投影片7展示了我們放款組合在各資產類別的多元性與成長。代表對工商企業授信的資產類別，包括C&I、CRE自用型、SBA以及贊助商融資（Sponsor Finance）合計略高於我們組合的50%；而投資型CRE、人壽保險，以及稅額抵免融資則大致構成其餘部分，分別為24%、10%與7%。本季放款增加2.17億美元，全年增加5.80億美元。

Organic growth in the quarter and LTM from our C&I, investor-owned CRE and life insurance premium finance lines were offset by contraction in our Sponsor Finance and Construction and Land development segments as sponsors monetize portfolio companies and developers completed and sold a number of industrial and mixed-use construction projects.

本季以及過去十二個月（LTM）來自C&I、投資型CRE與人壽保險保費融資業務線的自然成長，被贊助商融資以及建築與土地開發部位的收縮所抵銷，原因在於贊助商將投資組合公司變現，以及開發商完成並出售多項工業與複合用途建案。

Additionally, reported organic growth at $288 million for the year was muted by our sale of $78 million in SBA guaranteed debt the movement of the aforementioned $70 million in real estate loans to OREO and our election to exit several loan participations that no longer met our return thresholds. Adjusted for those three items alone, organic loan growth for 2025 was in line with our mid-single-digit expectations.

此外，全年報告的自然成長2.88億美元，受到三項因素影響而顯得較為溫和：我們出售7,800萬美元的SBA保證債權、將前述7,000萬美元不動產放款移轉至OREO，以及我們選擇退出數筆不再符合報酬門檻的參貸案。僅就這三項調整後，2025年的自然放款成長與我們中個位數成長的預期一致。

Slide 8 displays our loan portfolio balances and growth across our geographic footprint in specialty lines. Specialty lending and all three of our geographic markets contributed to positive loan growth during the year and our portfolio remains favorably balanced. Within the specialty lending business lines, our SBA 7(a) owner-occupied CRE production topped $250 million in originations for the year and is poised to expand as we continue to head into a more favorable interest rate environment in 2026.

投影片8呈現我們在專業業務線與地理版圖上的放款組合餘額與成長。專業放款以及我們三個地理市場在今年皆對放款正成長有所貢獻，而我們的組合仍維持有利的均衡。在專業放款業務線中，我們的SBA 7(a)自用型CRE承作量全年核貸發放超過2.5億美元，並且隨著我們在2026年持續進入更有利的利率環境，具備擴張動能。

Additionally, growth in other low credit risk categories of life insurance premium finance and tax credit finance outpaced contraction and sponsor finance. Our momentum in the Southwest continues. Growth in the Southwest outpaced all other markets and was driven by expansion of quality, C&I and CRE relationships throughout Arizona, New Mexico, Northern Texas, and Southern Nevada, including the relationships added in the branch acquisition.

此外，人壽保險保費融資與稅額抵免融資等其他低信用風險類別的成長，超過了贊助商融資的收縮幅度。我們在西南地區的動能持續。西南地區的成長超越其他所有市場，主要由亞利桑那、新墨西哥、北德州與南內華達各地優質的C&I與CRE往來關係擴張所帶動，其中也包括分行收購所新增的關係。

Turning your attention to slide 9. Deposits grew $1 billion in the quarter and approximately 11% or $1.5 billion year over year, inclusive of the $609 million in branch acquired deposits in our Arizona and Kansas City markets. Organically generated deposit growth for the year was right in line with our expectations at 6.5% or $854 million. For the quarter, organic deposit growth was seasonally strong at $432 million with noninterest-bearing deposits representing 63% or $274 million of growth during the period.

請把注意力轉到投影片9。本季存款增加10億美元，年增約11%或15億美元，其中包含我們在亞利桑那與堪薩斯城市場透過分行收購取得的6.09億美元存款。全年自然生成的存款成長為6.5%或8.54億美元，符合我們的預期。就本季而言，自然存款成長因季節性因素而強勁，增加4.32億美元，其中無息存款占本期成長的63%或2.74億美元。

Similar to our legacy deposit portfolio, the $609 million in acquired branch deposits are favorably mixed with nearly 35% or $213 million in noninterest-bearing commercial transaction accounts. Strong deposit generation and favorable mix provide us opportunity to control the cost of interest-bearing deposits and defend our net interest margin in this down rate environment.

與我們既有的存款組合類似，收購取得的6.09億美元分行存款結構也相當有利，其中近35%或2.13億美元為無息的商業交易性帳戶。強勁的存款吸收能力與有利的結構，使我們有機會控制付息存款成本，並在此降息環境中捍衛我們的淨利差。

Slide 10 depicts the dispersion of our deposit base across the Midwest, Southwest, West, and our deposit verticals. A core strength of our business model continues to be our ability to execute our deposit strategies with balanced growth coming from new relationships, deepening of wallet share with existing clients, acquisition of attractive deposit franchises, and leveraging our differentiated deposit verticals.

投影片10描繪了我們存款基礎在中西部、西南部、西部以及各存款垂直領域的分布。我們商業模式的一項核心優勢，仍在於我們能夠執行存款策略，並透過新往來關係、加深既有客戶的錢包占比、收購具吸引力的存款特許經營，以及運用我們差異化的存款垂直領域，來達成均衡成長。

In our Midwest region, in particular, deposit balances have grown steadily and are approaching $7 billion in aggregate. As our average client relationship duration continues to lengthen, we find we are regularly rewarded with greater share of wallet and ancillary products, including private banking, commercial card, and merchant services.

尤其在我們的中西部地區，存款餘額穩定成長，合計正接近70億美元。隨著我們平均客戶往來年限持續拉長，我們經常獲得更高的錢包占比與附加產品的回報，包括私人銀行、商務卡與收單服務。

The breakdown of our deposit verticals is reflected on slide 11. Community association and property management largely contributed to our deposit vertical growth in 2025, while we exited higher-yielding deposits within our legal industry and [Escrow] Services segment. We've redirected our efforts in the legal industry and [escrow] services area, and our pipeline of more favorable mix and price deposits is gaining traction. These three businesses continue to provide a diverse growing an overall favorable cost adjusted source of funding that complements our geographic base.

我們存款垂直領域的拆分如投影片11所示。2025年我們的存款垂直領域成長主要由社區協會與物業管理所貢獻，同時我們退出了法律產業以及[Escrow] Services部門中收益率較高的存款。我們已將在法律產業與[escrow]服務領域的努力重新導向，而更有利的結構與價格之存款管線正逐步取得進展。這三項業務持續提供多元、成長中且整體成本經調整後仍具優勢的資金來源，以補強我們的地理基礎。

Turning to slide 12. You'll see that our deposit base is intentionally well balanced across our core commercial business and consumer banking and specialty deposit channels. With the recent branch acquisition, our core commercial business and consumer banking and specialty deposits are 39%, 33%, and 28% of total customer deposits, respectively.

接著看投影片12。你會看到，我們的存款基礎刻意在核心商業業務、消費金融，以及專業存款通路之間維持良好均衡。隨著近期的分行收購，我們的核心商業業務、消費金融與專業存款分別占客戶存款總額的39%、33%與28%。

I'd also like to provide some commentary on asset quality. As Jim noted earlier, we see a clear path to reducing our elevated nonperforming assets of 95 basis points to our more historically normalized level of 35 to 40 basis points over the next quarter or two. To bridge that path, let me say that we are actively negotiating PSAs on five of the six properties in Southern California that we moved into OREO in December.

我也想就資產品質提供一些評論。如 Jim 先前所提到的，我們看到一條清晰的路徑，可在接下來一到兩個季度內，將目前偏高的 95 個基點不良資產降至我們較符合歷史常態的 35 至 40 個基點水準。為了銜接這一路徑，我想說明，我們正積極就去年 12 月轉入 OREO 的南加州六處物業中的五處，洽談並協商 PSA。

With the final execution of these PSAs and sale of the related OREO assets, we would realize proceeds at or above our carrying value. Furthermore, we continue to chip away and make good progress on a number of other specific nonperforming loans. The combination of these successful resolutions alone will reduce NPAs in half without charge or write-down.

隨著這些 PSA 的最終簽署以及相關 OREO 資產的出售，我們將可實現不低於（甚至高於）帳面價值的處分款項。此外，我們也持續逐步處理並在多筆其他特定不良貸款上取得良好進展。僅憑這些成功的解決方案組合，就能在不產生費用或減記的情況下，將不良資產（NPA）減少一半。

Keene will discuss some of our asset quality metrics, but it is worth noting that our reported 21 basis points of net charge-offs for the full year includes 3 basis points related to two of the loans in the Southern California relationship. On a net basis, we did not take a loss on the foreclosure of the 6 properties that we took possession of in the fourth quarter. Excluding those loans for that reason, our adjusted net charge-offs were 18 basis points for 2025.

Keene 將會說明我們的一些資產品質指標，但值得注意的是，我們全年揭露的 21 個基點淨沖銷（net charge-offs）中，包含與南加州該關係中的兩筆貸款相關的 3 個基點。以淨額計算，我們在第四季取得並接管的 6 處物業之法拍處置並未產生損失。基於該原因，若排除上述貸款，我們 2025 年調整後的淨沖銷為 18 個基點。

Now I'll turn the call over to Keene Turner for his comments.

接下來我把電話會議交給 Keene Turner，請他發表評論。

Thanks, Doug, and good morning, everyone. Turning to slide 13. We reported earnings per share of [$1.45] in the fourth quarter on net income of $55 million. Excluding certain nonrecurring items, earnings per share on an adjusted basis was $1.36, a $0.16 increase from the third quarter adjusted earnings per share of $1.20. Pre-provision earnings increased over $9 million from the linked quarter to $75 million, primarily due to continued expansion in net interest income and the seasonal fourth quarter increase in tax credit income.

謝謝你，Doug，各位早安。請看第 13 頁投影片。我們第四季每股盈餘為 [$1.45]，淨利為 5,500 萬美元。排除若干一次性項目後，調整後每股盈餘為 1.36 美元，較第三季調整後每股盈餘 1.20 美元增加 0.16 美元。提列備抵前盈餘（pre-provision earnings）較上一季增加逾 900 萬美元至 7,500 萬美元，主要來自淨利息收入持續擴張，以及第四季季節性增加的稅額抵免收入。

The branch acquisition that closed on October 10, increased our liquidity and earning assets while also adding to the bottom line. Earnings also benefited from a gain on other real estate owned that is not included in our pre-provision earnings. The provision for credit losses increased from the linked quarter and was primarily driven by net charge-offs and a change in the mix of nonperforming loans. The increase in noninterest expense in the quarter was mainly due to the addition of the run rate expenses from the branch acquisition and onetime acquisition costs related to the transaction. In conjunction with the finalization of our tax return we have updated our state tax apportionment and effective tax rate, which resulted in a slightly higher tax rate in the fourth quarter.

10 月 10 日完成交割的分行收購，提升了我們的流動性與生息資產，同時也對獲利有所貢獻。獲利亦受惠於其他不動產（other real estate owned）處分收益，而該收益未包含在我們的提列備抵前盈餘中。信用損失準備（provision for credit losses）較上一季增加，主要由淨沖銷以及不良貸款組合結構變化所驅動。本季非利息費用增加，主要是因分行收購帶來的常態化費用（run rate expenses）納入，以及與該交易相關的一次性收購成本。隨著我們完成報稅申報，我們更新了州稅分攤（state tax apportionment）與有效稅率，導致第四季稅率略為提高。

Turning to slide 14 and with more details to follow on 15. Net interest income was $168 million in the fourth quarter, an increase of $10 million from the prior period, inclusive of the branch acquisition. Net interest income growth resulted from a combination of strong deposit growth, higher investment balances, and a favorable spread on acquired loans and deposits, partially offset by lower interest rates paid on interest-earning assets.

請看第 14 頁投影片，並在第 15 頁會有更詳細的說明。第四季淨利息收入為 1.68 億美元，較前一期間增加 1,000 萬美元，並已包含分行收購的影響。淨利息收入成長來自強勁的存款成長、更高的投資部位，以及收購貸款與存款帶來的有利利差，部分被生息資產所收取利率下降所抵銷。

Interest income increased $7 million from the prior period mainly due to higher earning asset balances. Loan interest increased $2 million, including $4.4 million from acquired branches as average loan balances increased $340 million compared to the linked period and was partially offset by lower interest rates. The rate on loans booked in the quarter was 6.75% remained accretive to the overall portfolio yield. Interest on investments was $3.2 million higher compared to the linked period with average balances increasing $270 million and the portfolio yield improving by 9 basis points. The average tax equivalent purchase yield in the fourth quarter was 4.61%.

利息收入較前一期間增加 700 萬美元，主要因生息資產餘額提高。貸款利息增加 200 萬美元，其中包含收購分行貢獻的 440 萬美元；平均貸款餘額較上一期間增加 3.40 億美元，但部分被利率下降所抵銷。本季新增承作貸款利率為 6.75%，仍對整體投資組合收益率具有增益（accretive）。投資利息較上一期間增加 320 萬美元，平均餘額增加 2.70 億美元，且投資組合收益率提升 9 個基點。第四季平均稅前等值（tax equivalent）購入收益率為 4.61%。

Interest on excess cash balances increased $1.8 million in the fourth quarter, mainly as a result of seasonally higher deposit balances. Interest expense declined $3 million compared to the linked quarter and included $1.7 million in interest expense from deposits at acquired branches. Total deposit expense decreased $1.4 million as a result of lower interest rates, partially offset by higher average balances. Interest expense on borrowings decreased $1.6 million mainly due to lower balances on short-term advances along with lower interest rates. Interest expense also reflected the redemption of our subordinated debt in September that was replaced with a new floating rate senior note at a lower interest rate.

第四季超額現金餘額利息增加 180 萬美元，主要因季節性存款餘額較高。利息費用較上一季下降 300 萬美元，其中包含收購分行存款所產生的 170 萬美元利息費用。總存款利息費用減少 140 萬美元，係因利率下降所致，但部分被平均餘額上升所抵銷。借款利息費用減少 160 萬美元，主要因短期融通餘額下降以及利率降低。利息費用亦反映我們於 9 月贖回次順位債，並以利率較低的新浮動利率優先票據取代。

Our resulting net interest margin for the fourth quarter was 4.26% on a tax equivalent basis an increase of 3 basis points over the linked period. The earning asset yield declined 13 basis points, driven mainly by lower rates on variable loans and short-term assets. Our cost of interest-bearing liabilities declined 25 basis points, led by lower interest rates on deposits and borrowings, including a lower average interest rate on the acquired deposit portfolio along with a more favorable shift in the funding mix.

因此，我們第四季稅前等值基礎的淨利息利差為 4.26%，較上一季增加 3 個基點。生息資產收益率下降 13 個基點，主要由浮動利率貸款與短期資產利率下降所驅動。我們的計息負債成本下降 25 個基點，主要來自存款與借款利率下降，其中也包含收購存款組合的平均利率較低，以及資金來源結構更有利的轉變。

Moving into 2026, we expect net interest margin run rate to be roughly 4.2%. Compared to the fourth quarter, we will have some additional loan repricing based on periodic and longer-term resets and would expect to see some additional attrition of deposit balances during the first quarter. We believe our balance sheet composition and funding mix have us well positioned to limit the overall impact of interest rates to net interest margin as we have demonstrated with recent cuts. We will continue to respond to interest rate changes by appropriately managing pricing on both sides of the balance sheet. We believe that by executing our plans to grow the balance sheet funded by core deposits, we will continue to see positive momentum in net interest income growth.

展望 2026 年，我們預期淨利息利差的常態化水準（run rate）約為 4.2%。相較第四季，我們將因定期與較長期重設而有部分貸款重新定價，並預期第一季存款餘額會有一些額外流失。我們認為，我們的資產負債表結構與資金組合使我們處於有利位置，可將利率對淨利息利差的整體影響降至最低，這點也已在近期降息中獲得驗證。我們將持續透過適當管理資產負債表兩端的定價，以因應利率變動。我們相信，透過執行以核心存款支持的資產負債表成長計畫，淨利息收入成長將持續呈現正向動能。

Slide 16 reflects our credit trends. We had net charge-offs of $20.7 million in the fourth quarter compared to $4.1 million in the linked quarter. As Jim and Doug discussed, we made significant progress in the fourth quarter towards resolving our largest nonperforming relationship that consists of seven different properties. In the process of foreclosing on the real estate collateral in this relationship, we had a charge-off on a few properties and gain on others. While the impact of these items is reported on different line items, we recognized a net gain in earnings related to the foreclosures. This is consistent with what we had expected and previously disclosed.

第 16 頁投影片反映我們的信用趨勢。第四季淨沖銷為 2,070 萬美元，較上一季的 410 萬美元增加。如 Jim 與 Doug 所討論，我們在第四季就解決我們最大的不良關係戶取得顯著進展，該關係戶包含 7 處不同物業。在對該關係戶的不動產擔保品進行法拍的過程中，我們對部分物業認列沖銷，對其他物業則認列收益。雖然這些項目的影響分別列示於不同損益科目中，但就法拍相關事項而言，我們在獲利上認列了淨收益。這與我們先前的預期及已揭露內容一致。

Other than this relationship, we had a loss on a California C&I loan and also charged off several loans that have been reserved in prior periods. Net charge-offs for the year were 21 basis points of average loans compared to 16 basis points last year. The provision for credit losses was $9.2 million in the period compared to $8.4 million in the linked quarter. The increase in provision was mainly due to net charge-offs in the quarter. Nonperforming assets increased $29 million to 95 basis points of total assets compared to 83 basis points in the linked quarter. Doug discussed the components of the movement within our nonperforming assets and the progress and expectations we have to reduce levels in 2026.

除該關係戶外，我們在一筆加州商業與工業（C&I）貸款上發生損失，並且也沖銷了數筆在先前期間已提列準備的貸款。全年淨沖銷為平均貸款的 21 個基點，去年為 16 個基點。本期信用損失準備為 920 萬美元，較上一季的 840 萬美元增加。提列增加主要是因本季淨沖銷所致。不良資產增加 2,900 萬美元至總資產的 95 個基點，上一季為 83 個基點。Doug 已說明不良資產變動的組成，以及我們在 2026 年降低該水準的進展與預期。

Slide 17 shows the allowance for credit losses. We continue to be well reserved with an allowance for credit losses of 1.19% of total loans or 1.29% when adjusting for government guaranteed loans. We adopted the new CECL accounting standard for purchase loans that was issued in November. This eliminated the CECL double count that would have been recognized on the acquired loan portfolio and the $3.3 million credit mark on these loans was added to the allowance for credit losses and purchase accounts.

第 17 張投影片顯示信用損失備抵。我們持續維持充足提列，信用損失備抵占總放款的 1.19%，若調整政府保證放款則為 1.29%。我們已採用 11 月發布、適用於購入放款的新 CECL 會計準則。此舉消除了原本會在收購放款組合上認列的 CECL 重複計提，而這些放款的 330 萬美元信用減值（credit mark）已加計至信用損失備抵與購入會計科目中。

On slide 18, fourth quarter noninterest income of $25.4 million decreased $23.2 million from the linked quarter. However, if you exclude the impact of the tax credit recapture in the linked quarter, noninterest income increased $9 million. The increase was primarily due to the other real estate owned gains and seasonally stronger tax credit income. This was partially offset by lower gains on SBA loan sales as we did not sell any production in the fourth quarter. Depending on the levels of planned growth and activity in the SBA space, we may take the opportunity to continue to sell SBA loans in coming quarters.

在第 18 張投影片，第四季非利息收入為 2,540 萬美元，較上一季（連結季度）減少 2,320 萬美元。然而，若排除上一季稅額抵免回收（tax credit recapture）的影響，非利息收入增加 900 萬美元。增加主要來自其他不動產（OREO）處分收益，以及季節性較強的稅額抵免收入。部分被 SBA 放款出售收益下降所抵銷，因為我們第四季未出售任何產出。視 SBA 業務規劃成長與活動水準而定，我們可能會把握機會在未來幾季持續出售 SBA 放款。

Turning to slide 19. Fourth quarter noninterest expense of $115 million increased $4.7 million from the linked quarter. Onetime branch acquisition costs were $2.5 million in the quarter, which is an increase of $1.9 million from the linked quarter. The impact of incremental operating expenses of the expanded branch footprint totaled $4.2 million in the quarter and were partially offset by seasonally lower employee benefit items and the reversal of a portion of the FDIC special assessment that was recorded in prior years. The resulting core efficiency ratio was 58.3% for the quarter.

接著看第 19 張投影片。第四季非利息費用為 1.15 億美元，較上一季增加 470 萬美元。本季一次性分行收購成本為 250 萬美元，較上一季增加 190 萬美元。擴大分行據點所帶來的新增營運費用本季合計 420 萬美元，部分被季節性較低的員工福利項目，以及沖回前幾年已入帳的 FDIC 特別評估費（special assessment）的一部分所抵銷。因此，本季核心效率比率為 58.3%。

Our capital metrics are shown on slide 20. Tangible book value per share of $41.37 was relatively stable with the linked quarter. We leveraged our excess capital in the period to support the branch acquisition which was modestly dilutive on a per share basis. This dilution was offset by our strong earnings performance and the favorable improvement in the fair value of the securities portfolio in the quarter. Our tangible common equity was 9.1% compared to 9.6% in the linked quarter, and our common equity Tier 1 ratio was 11.6%.

我們的資本指標如第 20 張投影片所示。每股有形帳面價值為 41.37 美元，與上一季相對持平。我們在本期運用多餘資本以支持分行收購，按每股計算略具稀釋效果。此稀釋被我們強勁的獲利表現，以及本季證券投資組合公允價值的有利改善所抵銷。有形普通股權益比率為 9.1%，上一季為 9.6%；普通股權益第一級資本比率（CET1）為 11.6%。

In addition to absorbing the branch acquisition, the strength of our capital position allowed us to repurchase $3.5 million of common stock and to increase our quarterly dividend by $0.01 to $0.33 per share for the first quarter of 2026. This was another solid quarter of financial performance with a 1.3% return on average assets and a 14% return on average tangible common equity. As it relates to capital, we have a history of driving shareholder value by managing our capital position and compounding tangible book value.

除了吸收分行收購之外，我們強勁的資本部位也使我們得以回購 350 萬美元普通股，並將 2026 年第一季的季度股利每股提高 0.01 美元至 0.33 美元。本季財務表現同樣穩健，平均資產報酬率為 1.3%，平均有形普通股權益報酬率為 14%。就資本而言，我們一向透過管理資本部位並複利成長有形帳面價值，來提升股東價值。

2025 marks the 14th consecutive year that we have increased tangible book value per share with an 11% compound annual growth rate over that period. Since we started increasing our common stock dividend in 2015, we have increased the dividend by a 17% compound annual growth rate over the past 11 years. We are well positioned with a strong balance sheet and capital position to continue this trend and to execute our strategic initiatives in 2026.

2025 年是我們連續第 14 年提升每股有形帳面價值，在此期間的年複合成長率為 11%。自 2015 年開始提高普通股股利以來，過去 11 年股利的年複合成長率為 17%。我們具備強健的資產負債表與資本部位，足以延續此趨勢，並在 2026 年推動我們的策略性計畫。

I appreciate your attention today, and I will now open the line for questions.

感謝各位今天的聆聽，接下來我將開放提問。

We will now begin the question-and-answer session. (Operator Instructions)

現在開始問答環節。（接線員指示）

Jeff Rulis, D.A. Davidson.

Jeff Rulis，D.A. Davidson。

Thanks. Good morning. Wanted to check in on the foreclosed properties. I appreciate the detail. I'm hoping to get maybe a little bit more the timing of when you took control of those in the fourth quarter and I guess, it sounds like you expect the reduction in NPAs and OREO one to two quarters.

謝謝。早安。想請教一下關於法拍取得的不動產。感謝你提供的細節。我希望能再多了解一些你們在第四季何時取得對這些資產的控制權；另外聽起來你們預期 NPA 與 OREO 會在一到兩季內下降。

So my guess is you're anticipating sales early part of this year as that plays out. Just wanted to check in a little more if we have exact timing.

所以我猜你們預期今年年初就會開始出售、並逐步反映出來。想再確認一下是否有更精確的時間點。

Yes, Jeff, it's Doug. Just to remind you on the timing of this, we cried the original foreclosures on these properties back in October. And then a bankruptcy filing was posted by the debtors so that delayed our process, and it was in the middle of December that we received the favorable ruling from the bankruptcy court that recognized our October 15 foreclosure process a legitimate process. So in the middle of December, we were able to take six of the seven properties into OREO.

是的，Jeff，我是 Doug。先提醒一下時程：我們在 10 月就對這些不動產進行了最初的法拍程序。之後債務人提出破產聲請，導致流程延宕；直到 12 月中旬，我們取得破產法院的有利裁定，認定我們 10 月 15 日的法拍程序為合法程序。因此在 12 月中旬，我們得以將其中 7 處資產的 6 處納入 OREO。

The seventh property, the reason it didn't come into OREO is because back in October, there was an unrelated third party that had outbid us on that particular property. So that will have to be recried here in the first week of February. So having control now of six of the seven properties, as we mentioned, we are actively engaged with parties on sale agreements at this point in time. We feel that the valuations for these negotiations continue to reaffirm our positive outlook on the resolution of these properties. As you noted, we took the gain on the OREO here in the fourth quarter. We feel good about how we're positioned.

第 7 處之所以未納入 OREO，是因為在 10 月時有一位無關的第三方在該不動產的競標中出價高於我們。因此該案必須在 2 月第一週重新進行法拍。目前我們已掌控 7 處中的 6 處，如同我們提到的，我們此刻正積極與各方就出售協議進行洽談。我們認為，這些談判中的估值持續印證我們對於處理這些資產的正向展望。如你所提，我們已在第四季就 OREO 認列了收益。我們對目前的布局感到樂觀。

Timing of it, Jeff, is always a bit hard to predict, but we've got good momentum, good progress here, and we're optimistic that by the end of the second quarter, we're going to see some resolution.

至於時程，Jeff，一向有點難以精準預測，但我們目前動能良好、進展順利，我們樂觀預期在第二季底前會看到一些處理結果。

Doug, is it safe to say, I mean, the litigation process has been an issue. I don't know how you're able to market those properties. I mean, in terms of some interested parties, I mean for the balance of '25, probably knew that these may be coming to a sale.

Doug，可以說訴訟程序一直是個問題嗎？我不太確定在那種情況下你們如何行銷這些不動產。我的意思是，就一些有興趣的買方而言，在 2025 年剩餘期間，他們可能早就知道這些資產可能會拿出來出售。

Do you glean any momentum that maybe conversations have predated taking control of those properties? Or is that truly you really couldn't discuss those until you've got legal ownership of that.

你是否觀察到一些動能，表示在你們取得控制權之前就已經開始有相關對話？還是說在你們取得法律所有權之前，確實就無法討論這些？

Yes. It was very public, Jeff, as you know, right? It was a very public litigation that was going on. Just not only for the seven properties that we were a direct lender on, but other properties that these parties were engaged in.

是的。Jeff，這件事非常公開，你也知道，對吧？當時進行的是一場非常公開的訴訟。不僅是我們作為直接放款人的那 7 處不動產，這些當事人也牽涉到其他不動產。

So it was well known. There were a lot of parties reaching out to us before we had control of the properties, and we're able to even speak of the situation. So now that we've taken control and ownership, fee simple ownership it really clears the path now for us to move forward in contract negotiations and the monetization of the assets.

所以大家都很清楚。在我們尚未取得不動產控制權、甚至還不能談論該情況之前，就有很多人主動與我們聯繫。現在我們已取得控制權與所有權，也就是完整所有權（fee simple ownership），這確實為我們後續推進合約談判與資產變現掃清了道路。

Appreciate it, Doug. Thanks for the detail. Just hopping over to the -- maybe Keene on the sort of the moving pieces on the fee income and noninterest expense lines. I don't know if you could reorients on a run rate and/or kind of growth expectations on both.

感謝你，Doug。謝謝你提供的細節。我想把話題跳到——也許請 Keene 談談手續費收入與非利息費用這兩條線上的一些變動因素。不確定你能否就兩者的運行水準（run rate）以及/或成長預期再幫我們重新梳理一下。

Yes. So when I think about the 2025 fee income run rate, you got to take out the gain on the [OREO]. And then you're getting -- which you really didn't see here in the quarter, you had about $2 million from the branches we acquired. And then other than the tax credit line item, which I think about as being relatively flat, we've got fees growing at about 5% year over year on a recurring basis.

好的。所以當我看 2025 年手續費收入的運行水準時，你得把[OREO] 的處分收益扣掉。另外，你會有——其實你在本季並沒有真正看到——我們收購的分行大約帶來 200 萬美元。再來，除了稅額抵免那一項，我認為相對持平之外，我們的經常性手續費收入年增大約 5%。

And then from an expense perspective, I've got -- if you call the run rate for 2025, $423 million of expenses, and you've got 18 that the full year for the branches we think expenses grow around 5%. So that gets you -- that will get you in the ballpark. And I'd like to back up for a second and just highlight one assumption that's there.

然後從費用角度來看，我這邊——如果你把 2025 年的運行水準來看，是 4.23 億美元的費用，另外收購分行全年大概還有 1,800 萬美元；我們認為費用大約成長 5%。所以這樣——大致就會落在那個區間。我想先退一步，強調其中一個假設。

So we've got three Fed fund cuts in that projection, which predominantly affects the deposit costs. So year over year, we're accounting for that expense guide, we're accounting for deposit costs on a run rate basis to be relatively flat. And I'll say significantly, but down from fourth quarter annualized run rate. And that's inclusive of the growth that we're expecting in those three businesses.

我們在那個預測裡假設聯準會會降息三次，這主要影響存款成本。所以以年對年來看，在我們的費用指引中，我們把存款成本以運行水準計算為大致持平。我會說是明顯地——但相較於第四季年化運行水準是下降的。而且這也包含我們預期那三項業務的成長。

Thanks, Keene. Just to recap that. So I got it on the expense side. You're talking about a [423] core plus 18 annual on the acquired branches. So kind of growing 5% off of [441] is that correct number to use? Okay.

謝謝，Keene。我簡單重述一下。所以在費用端我理解是：你說的是核心 [423]，再加上收購分行全年 18。所以等於以 [441] 為基礎成長 5% 左右，這樣用是對的嗎？好的。

Yes. I mean range of reasonableness on both sides of that, but that's how I'm thinking about it and how we've built it.

是的。兩邊都會有一個合理區間，但這就是我目前的思考方式，也是我們建模的方式。

Nathan Race, Piper Sandler.

Nathan Race，Piper Sandler。

Was wondering if you could just shed some additional color on the two loans totaling [$20] million that migrates to nonaccrual in 4Q in terms of what type of impairment was taken in the quarter? And then also what the timing for resolution is? I appreciate that you guys are pretty well secured here. So just curious on some of the background there and any color on just the timing.

想請你們再補充一些資訊：第四季有兩筆合計約 [20] 百萬美元的貸款轉為停息（nonaccrual），本季針對這些貸款提列了哪種類型的減損？另外，預計何時能解決/處置？我理解你們的擔保相當充足。所以想了解一些背景，以及時間點方面的看法。

Yes, sure. This is Doug. I'll just comment again. So these particular assets, one is a retail center in Riverside, California, approximately $22 million or $23 million in debt. Valuations that we have on current appraisals would suggest we're at a very good loan to value and comment that we're actively negotiating the exit of that credit.

好的，當然。我是 Doug。我再說明一下。這些特定資產中，其中一筆是位於加州 Riverside 的零售中心，債務規模約 2,200 萬或 2,300 萬美元。依我們目前的鑑價來看，貸款價值比（LTV）非常不錯；我們也正在積極協商退出/結清這筆授信。

The second loan that came in was a $6 million loan that's secured by a residential property in San Diego. Again, I think from a valuation perspective, we're somewhere in the neighborhood of 60% to 65% of appraised value, and we feel good about our position. Timing on that one is not as clear for me in terms of the exit may take a little bit longer. But from a valuation perspective, we feel good and lost content. I believe there to be very little loss content in either one of those assets.

第二筆貸款是 600 萬美元，以聖地牙哥的一處住宅不動產作為擔保。同樣地，從估值角度看，我們大概在鑑價的 60% 到 65% 左右，我們對自身部位很有信心。至於那一筆的處置時點我目前不那麼明確，退出可能會花更久一些。但就估值而言，我們感覺良好，損失含量不高。我認為這兩項資產的損失含量都非常低。

Okay. That's really helpful. And then, Keene, I'd be curious to get your thoughts on -- I appreciate the broader fee income comments earlier. But just in terms of SBA gain on sale revenue, obviously, the government shutdown had an impact in the fourth quarter, but just any expectations for that revenue line to grow this year?

了解。這很有幫助。另外，Keene，我也想聽聽你對——我理解你先前對整體手續費收入已經有評論。但就 SBA 貸款出售收益（gain on sale）而言，顯然政府停擺對第四季有影響；那今年這條收入線有沒有成長的預期？

Yes. I think that, Nate, we did not take gains on SBA loan sales in the quarter. I'm not sure with the tax credit strength, we would have done that anyway. But the shutdown did tie our hands a little bit. We had a good quarter there, but it was all half -- second half of December weighted.

有的。我想，Nate，我們本季沒有認列 SBA 貸款出售的收益。我不確定在稅額抵免業務表現強勁的情況下，我們本來是否就會去做。但政府停擺確實讓我們有點綁手綁腳。那邊其實有個不錯的季度，但幾乎都集中在 12 月下半月。

For 2026, I would expect the SBA gain on sale to grow modestly from the 2025 levels in that 5%. But we do have that as part of our plan coming out of the gate here in '26.

至於 2026 年，我預期 SBA 出售收益會較 2025 年水準小幅成長，大概落在那個 5% 的範圍。而且我們在 26 年一開始的計畫裡就已經把這項納入。

Okay. Great. And I just want to clarify on the tax credit revenue. (inaudible), you had some noise in that number in the third quarter. So I think your comment was kind of flat. Was that flat versus just under $8 million in 2025?

好的。很好。我也想釐清一下稅額抵免收入。（聽不清）你們第三季那個數字有一些雜訊。所以我理解你剛剛的說法是大致持平。這個「持平」是相對於 2025 年略低於 800 萬美元的水準嗎？

Yes, like 7.5%, 7% to 7.5% is what we're thinking. I mean, obviously, that line is fairly volatile given rates and the performance of that business, but we think it repeats by and large in 2026. But to your point, there might be some puts and takes depending on how the year and the rate cycle plays out.

是的，我們的想法大概是 7% 到 7.5%（像 7.5%、7% 到 7.5%）左右。當然，這一條線因為利率以及該業務的表現而波動性較高，但我們認為 2026 年大致可以重複。不過如你所說，仍可能會因年度進展與利率循環的走勢而有一些增減因素。

Okay. Great. And then I appreciate the commentary around kind of mid-single-digit loan growth for this year. Is the expectation that deposit gathering should largely keep pace just based on some momentum you're having with share gains and just with some of the hires continuing to ramp up. Would just be curious also within that context where your spot rate of deposit costs were coming out of the quarter?

了解。很好。另外也謝謝你們提到今年貸款成長大概是中個位數。那存款募集的預期是否也會大致跟上，主要基於你們在市占提升上的動能，以及一些新聘人員持續上手帶來的貢獻？在這個脈絡下，也想請教第四季結束時你們存款成本的即期利率（spot rate）大概是多少？

Yes, I'll take the first part of that, Nate, this is Jim. On the overall balance sheet growth, we're looking at 6% to 8%. And to your point, loans at about mid-single digit. But certainly, the deposit gathering rate and pace will exceed the loan growth pace relative to the spot rate on deposits in the fourth quarter. Do you want to hand that one.

好的，Nate，前半段我先回答，我是 Jim。就整體資產負債表成長而言，我們看的是 6% 到 8%。如你所說，貸款大概是中個位數。但可以確定的是，存款募集的速度與幅度會超過貸款成長的步伐；至於第四季存款的即期利率——你要不要接著回答那題？

Yes, it's 1.6% coming out of the summer.

是 1.6%，從夏季之後的水準來看。

Damon DelMonte, KBW.

Damon DelMonte，KBW。

Hope everybody is doing well. Just wanted to circle back on the margin, Keene, I think you had kind of guided to like a [420] for the year in 2026. Just kind of curious on the cadence of kind of how you're seeing that play out. We have a bit of a step down here in the first quarter with some seasonality and then kind of just stay flat? Or what are some of the dynamics you're thinking about?

希望大家都一切順利。我想回到淨利差（margin）這題，Keene，我記得你對 2026 年全年大概指引到像 [420]。想請教一下你對其走勢節奏的看法。我們第一季因為一些季節性因素會先下滑一階，然後大致持平？或者你在思考哪些動態因素？

Yes. I think I normalize out about 3 basis points in the quarter. We didn't have any headwinds from prepayment of SBA loans that are acquired at a premium. So that was a few basis points. So we do see that [423] stepping down to around [420] and then it just kind of hangs there and that is pretty sticky whether we have no real rate changes or whether we actually have the three cuts that I mentioned in our forecast.

是的。我認為本季我把大約 3 個基點做了常態化調整。我們沒有受到以溢價收購之 SBA 貸款提前還款的任何逆風影響。所以那是幾個基點。因此我們確實看到 [423] 下降到大約 [420]，然後就大致維持在那裡；不論是利率沒有實質變動，或是如我在我們預測中提到的實際出現三次降息，這個水準都相當黏著。

The dollars moves around a little bit, but we feel pretty comfortable that at least with the Fed funds rate coming down, but the shape of the curve remaining reasonably intact that we're pretty well positioned to defend margin in that environment. I think we've -- I highlighted in my comments that we've done that successfully so far with the prior Fed cuts.

金額會有些微波動，但我們相當有信心：至少在聯邦基金利率下行、但殖利率曲線的形狀仍大致保持完整的情況下，我們的部位配置相當到位，能在那樣的環境中捍衛利差。我想我們——我在評論中也強調——在先前聯準會降息時，我們到目前為止確實成功做到了。

Got it. That's good color. And then kind of along the lines of the credit outlook, you guys seem pretty optimistic that you'll see some meaningful resolutions on some of these NPAs in the first half of the year. How do we think about provisioning going forward? Do you think you kind of go back to a more normalized level versus what we saw in the back half of the year?

了解。這些說明很有幫助。接著從信用展望的角度來看，你們似乎相當樂觀，認為今年上半年一些 NPA 會有具體且有意義的處理進展。那我們該如何看待未來的提存？你認為會回到較常態化的水準，相較於我們在下半年看到的情況嗎？

Or do you think it kind of stays a little bit elevated until you kind of completely come out of the woods?

還是你認為在你們完全走出困境之前，提存會維持在稍微偏高的水準？

Yes. I mean, Damon, based on where we sit today, everything that we know that's a nonperformer or that's a problem have the appropriate reserve or fair value on it, whether it's in [ORE] or in the allowance. And so I think that we're approaching it like this, which is the allowance because of the charge-offs and the activity, actually, the coverage came down I think that reflects where we sit from a balance sheet perspective. And as long as we don't have unexpected migration, I think our expectation is that charge-offs moved down from the level they were at in 2025, and then that will alleviate some of the provisioning. We do have, I think, aspirations to get a little bit more net growth in the portfolio this year.

是的。我是說，Damon，就我們今天所處的位置而言，所有我們已知的不良或有問題的項目，不論是在 [ORE] 裡或是在備抵（allowance）裡，都已配置了適當的準備或以公允價值反映。因此我認為我們的做法是這樣：由於核銷與相關活動，備抵其實覆蓋率下降了；我想那反映了我們從資產負債表角度目前所處的狀況。只要沒有出現非預期的遷徙（migration），我們的預期是核銷會從 2025 年的水準下降，進而減輕部分提存壓力。我們今年也確實希望投組能有多一些淨成長。

And so that will be a counterbalance, but we'd rather provision, obviously, for growth and for charge-offs. So I think that's a long way of saying we're optimistic, but we're also realistic about just having a little bit more crit-class and ORE than we'd like.

因此那會形成一個對沖（counterbalance），但很顯然，我們寧可因為成長與核銷而提存。所以我想，長話短說，我們是樂觀的，但也務實地看待：我們的次級（critic-class）與 ORE 的量仍比我們希望的稍多一些。

Got it. Okay. Great. And then just lastly, on capital management. You noted you guys did a little bit of buyback this quarter or last quarter.

了解。好。很好。最後一個問題，關於資本管理。你提到你們本季或上季做了一點庫藏股回購。

I guess how do you think about the buyback here as we go into '26? And what is the remaining capacity?

我想問的是，進入 '26 年後，你們如何看待回購？剩餘的回購額度是多少？

Yes. So this is Jim again, Damon. We would very tested in terms of utilizing our capital for buybacks. We've got roughly, we've got 150,000 shares or so.

是的。Damon，我是 Jim 再次回答。我們在運用資本進行回購方面會非常審慎。我們大約還有 150,000 股左右。

There's $1.1 million that's still authorized. There's about $100,000 that's covered by a plan right now.

目前仍有 $110 萬美元的授權額度。其中大約 $10 萬美元目前是由一個計畫所涵蓋。

Yes. And then obviously, growth is a big part of it for '26 and then certainly, we'll continue relative to the increase of the dividend over time as well.

是的。另外很顯然，'26 年成長會是很重要的一部分；同時，我們也會持續隨時間推進，逐步提高股利。

And I'll cover that in a little bit, too. I mean I think the question that we get is, you could have done more in 2025. Why didn't you? We wanted -- we leveraged our capital through the branch acquisition. When you look at the stack, the total stack looks good, but we're a little inefficient on TCE.

我稍後也會再談這點。我的意思是，我們常被問到：你們在 2025 年其實可以做更多回購。為什麼沒有？我們希望——我們透過分行收購來槓桿運用資本。當你看整個資本結構（stack），總體看起來不錯，但我們在 TCE 上稍微有點效率不佳。

And so I think we've got a little bit of work to do when we come out of year-end here to work on the cap stack, and I think the environment is set up well for that. So more to come there, but that's on our radar as an early 2026 item.

因此我認為在年底結束後，我們還有一些工作要做來調整資本結構（cap stack），而我認為目前的環境很適合做這件事。所以後續還會有更多消息，但這確實在我們雷達上，會是 2026 年初的事項之一。

And Damon, I'll just get ahead of the M&A question, which is a very low priority for us. It's about executing the plan to (inaudible) giving our credit right organic growth, making sure we're integrating well what we did in 2025.

另外 Damon，我先提前回應一下併購（M&A）問題：這對我們而言優先順序非常低。重點在於執行計畫以（聽不清）推動我們的信用、正確的有機成長，並確保我們把 2025 年所做的整合工作做好。

Got it. Thanks for being preemptive with that. That's all that I had. Thank you very much.

了解。謝謝你先把這點說在前面。我這邊就這些問題。非常感謝。

David Long, Raymond James.

Raymond James 的 David Long。

As it relates to your charge-offs for the quarter, I think the number was a little over $20 million. You had a few million from the properties that you've been talking about those seven properties. There's a good -- it's still elevated when you take that out. I think you mentioned that you decided to move forward on some credits that you had built reserves for. Just curious what drove that higher and why make the decision now to move some of those and charge them off at this point?

就你們本季核銷而言，我記得數字是略高於 2,000 萬美元。你們有幾百萬是來自你們一直在談的那七處資產。把那部分扣除後，核銷仍然偏高。我想你提到你們決定推進處理一些你們先前已建立準備的授信。我想了解是什麼因素導致核銷更高，以及為什麼選擇在現在把其中一些處理掉並在此時核銷？

Yes. David, it's Doug Bauche here. Let me comment just on charge-offs. Again, fourth quarter, $20 million thereabouts in charge-offs. Net of the aforementioned OREO properties that Keene talked about, right, we had about $3 million of charges there.

是的。David，我是 Doug Bauche。我先就核銷做些說明。同樣地，第四季核銷約 2,000 萬美元左右。扣除 Keene 提到的上述 OREO 資產後，對，那部分我們大約有 300 萬美元的核銷。

We're really talking about $18 million of commercial charges in the quarter. We had two sponsored finance credits totaling $3.5 million in aggregate that were previously recognized in reserve for. We had one multifamily project in LA County that was still back acquired asset that we took a $3 million charge on. And then really, what came up in the fourth quarter was a C&I credit in our Southern California portfolio, a company that was engaged in kind of last mile logistics and delivery of e-commerce packaging a company that really -- its growth rate outstripped its capital. It was a $10 million credit.

我們實際談的是本季約 1,800 萬美元的商業核銷。我們有兩筆贊助融資（sponsored finance）授信，合計 350 萬美元，先前已在準備中認列。我們有一個位於洛杉磯郡的多戶住宅專案，屬於仍在帳上的收購資產，我們對其認列了 300 萬美元的核銷。而第四季真正新增的是我們南加州投組中的一筆 C&I 授信；該公司從事類似最後一哩路物流與電商包裝配送，該公司——其成長速度超過了其資本承載能力。那是一筆 1,000 萬美元的授信。

We took an $8.5 million charge on that. We continue to carry a $1.5 million balance that we feel we're well secured by the remaining assets of the company. But I think we wanted just to recognize that fully and head into the 2026 year with a really clean slate and good position. So those were the primary drivers of charges in the quarter.

我們對那筆認列了 850 萬美元的核銷。我們仍保留 150 萬美元的餘額，我們認為有公司剩餘資產作為擔保，保障相當充足。但我想我們希望把它完整認列，並以非常乾淨的狀態與良好的部位進入 2026 年。所以以上是本季核銷的主要驅動因素。

Okay. Great. No, I appreciate that color. And I think it goes without saying, but this is the fourth quarter aggregate here, net charge-offs is not reflective of anything that you expect going forward, correct?

好的。很好。不，我很感謝這些補充說明。我想這不言而喻，但這裡的第四季合計數字，淨核銷並不代表你們對未來的預期，對嗎？

No, it's not. And I'd just refer back, right? We look at it -- if you look at the year charges again, whether you look at it 18 basis points adjusted or 21 reported that's relatively in line, David, with what our 10-year average is, right? I think our 10-year average net charge-off rate is somewhere in that 15 to 16 basis points.

不，不是。我只是回到先前的說法，對吧？我們看待它——如果你再看一次年度費用，不論你看的是調整後的18個基點或是報告的21個基點，David，這都相對符合我們的10年平均水準，對吧？我想我們10年平均的淨沖銷率大約在15到16個基點左右。

So I think it's largely in line with our historical performance and quite frankly, it's representative of who we are and the commercial credit that we originate and take. But I feel good about how we're positioned going into the new year.

所以我認為這大致上與我們的歷史表現一致，而且坦白說，這也反映了我們的本質，以及我們所承作並承擔的商業授信。但我對我們在邁入新的一年時的定位感到很有信心。

(Operator Instructions) Brian Martin, Janney Montgomery.

(接線員指示) Brian Martin，Janney Montgomery。

Most of mine were just covered there. But just one clarification, Keene, on the fee income side, just thinking about the base, I guess, I think you talked about mid-single-digit growth, maybe is that based around -- just given some of the noise throughout the quarters, around $75 million. Is that kind of the starting point that you're thinking about? Or is it different than that in terms of --

我大部分的問題剛剛都已經被涵蓋了。但我想就手續費收入這一塊再釐清一點，Keene，從基期來看，我想你提到中個位數成長，這是否是以——考量各季之間的一些雜訊——大約7,500萬美元為基礎？這是你所思考的起點嗎？還是就--

No, that's about right. I mean the biggest item in there is the fourth quarter gain on [ORE], there are a couple of BOLI payouts throughout the year, but nothing that accumulates to be material, and we'll have items like that moving forward.

不，差不多就是那樣。我的意思是，裡面最大的一項是第四季在[ORE]上的收益；全年也有幾筆BOLI給付，但累積起來並不重大；而未來我們也會持續有這類項目。

So yes, I'm really just stripping out the $6 million and then growing off of that and adding the $0.04 or $2 million for the branches that will start to earn some fees here in early 2026.

所以是的，我基本上就是把那600萬美元剔除，然後在此基礎上成長，並且再加上0.04美元或200萬美元，這是那些分行在2026年初開始會賺取一些手續費的貢獻。

Yes. So how much of the -- I mean, that $2 million run rate in branches, was that in the fourth quarter number? Or that's I guess, fully in the number or not -- I guess, what part of that was in that --

是。那分行那200萬美元的運行率——我的意思是——這有包含在第四季的數字裡嗎？還是說，我想，它是否已完全反映在數字裡或沒有——我想問的是，那當中有多少已經在那個--

If you think about the timing, I mean we typically put the holidays in place. So you wouldn't have charged fees in October and likely November. So you're not -- the number in and of itself, $2 million is not that large. And then if you have a little bit of run rate in December it's not meaningful. So really, you'll start to get that $500,000 a quarter year in 2026.

如果你考量時點，我們通常會先把假期安排進去。所以10月你不會收取費用，11月很可能也不會。因此——這個數字本身，200萬美元並不算大。而且即便12月有一點點運行率，也不具意義。所以真正來說，你會在2026年開始看到每季50萬美元的貢獻。

Got you. Okay. So it's roughly 75-ish, [5%] and then add in the branches, and that's how we think about it. So that's helpful.

了解。好的。所以大概是7,500萬左右、[5%]，然後再加上分行的部分，我們就是這樣來思考。這很有幫助。

And then just the loan pipeline, I think you talked about or, I guess, the SBA being a bit -- maybe a bit stronger. And just wondering in terms of other areas or segments or markets that are stronger today that you're seeing? I know him comment about the infrastructure. But anything else in terms of where you're -- the growth outlook maybe a little bit better in 2026.

另外關於貸款管線，我想你提到——或者說——SBA可能稍微更強一些。我想了解的是，就其他領域、區隔或市場而言，你們目前看到哪些比較強？我知道你有提到基礎建設。但除此之外，還有沒有其他你們看到在2026年的成長展望可能更好一些的地方？

Yes, Brian, this is Jim. I'd say we look at it closely. We feel very good about where the pipeline sits today. The life insurance premium finance portfolio looks good. Portfolio -- or the pipeline.

是的，Brian，我是Jim。我會說我們會密切檢視。我們對目前管線的位置感到非常滿意。壽險保費融資投資組合看起來不錯。投資組合——或是管線。

The pipeline down the Southwest looks really good. As Doug mentioned, there's great momentum down there. And it's really a nice mix between C&I and the CRE side. So we like the mix. We like the pace of play.

西南地區的管線看起來非常好。如Doug提到的，那邊動能很強。而且在C&I與CRE兩端之間的組合非常不錯。所以我們喜歡這個組合。我們也喜歡推進的節奏。

We feel very comfortable about where we sit today and the projected growth for 2026.

我們對目前的位置以及2026年的預期成長感到非常有把握。

Okay. And the projected growth is still consistent with what you -- consistent with this year's performance? Is that how to think about?

好的。那預期成長仍然與你們——與今年的表現一致嗎？應該這樣理解嗎？

I think we said we're mid-single digits, net-net-net for 2026.

我想我們說的是，2026年整體而言是中個位數成長，淨額、淨額、淨額。

Yes. Got you. Okay. All right.

是。了解。好的。好。

And that concludes our question-and-answer session. I'll hand the call back over to Jim for any closing comments.

以上為我們的問答環節。我將把電話交回給Jim，請他做任何結語。

Well, thank you, and thank you all very much for joining us this morning and for your interest in our company. We look forward to speaking with you again at the end of the first quarter, if not sooner. Have a great day.

好的，謝謝，也非常感謝各位今天早上參與，以及對我們公司的關注。我們期待在第一季結束時——如果不是更早——再與各位交流。祝各位有美好的一天。

This concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。