First Business Financial Services Inc (FBIZ) 2026 Q1 法說會逐字稿

Good afternoon. Welcome to the First Business Financial Services first-quarter 2026 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

下午好。歡迎參加 First Business Financial Services 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to First Business Financial Services Inc., CEO, Corey Chambas. Please go ahead.

現在我想將會議交給 First Business Financial Services Inc. 執行長 Corey Chambas。請開始。

Good afternoon, everyone, and thank you for joining us. We appreciate your time and your interest in First Business Bank. Joining me today is our President and Chief Operating Officer, Dave Seiler; and our CFO, Brian Spielmann.

各位下午好，感謝各位加入我們。我們感謝各位撥冗並關注 First Business Bank。今天與我一同出席的有我們的總裁兼營運長 Dave Seiler，以及財務長 Brian Spielmann。

Today, we'll discuss our financial performance, followed by a Q&A session. I'd like to direct you to our first-quarter earnings release and supplemental earnings call slides, which are available through our website at ir.firstbusiness.bank. We encourage you to review these along with our other investor materials.

今天我們將先討論財務表現，接著進行問答。我想請各位參閱我們第一季財報新聞稿以及本次電話會議的補充投影片，可透過我們網站 ir.firstbusiness.bank 取得。我們鼓勵各位搭配其他投資人資料一併閱讀。

Before we begin, please note, this call may include forward-looking statements, and the company's actual results may differ materially from those indicated in any forward-looking statements. Important factors that could cause actual results to differ materially from those indicated in the forward-looking statements are listed in the earnings release and the company's most recent annual report Form 10-K and as may be supplemented from time to time in the company's other filings with the SEC, all of which are expressly incorporated herein by reference. There you can also find information related to any non-GAAP financial measures we discuss on today's call, including reconciliations of such measures.

在開始之前，請注意，本通話可能包含前瞻性陳述，而公司實際結果可能與任何前瞻性陳述所示有重大差異。可能導致實際結果與前瞻性陳述所示有重大差異的重要因素，已列於財報新聞稿以及公司最近一期年度報告 Form 10-K 中，並可能不時於公司向美國證券交易委員會（SEC）提交的其他文件中補充；上述文件均以引用方式明確納入本文。您也可在其中找到與我們今天通話中討論的任何非 GAAP 財務衡量指標相關的資訊，包括該等指標的調節表。

We are very pleased with our strong start to 2026. Our team's execution was exceptional. We won new relationships in a highly competitive environment, growing loans and deposits at a pace that well exceeded our expectations. We grew fee income by nearly 16% year over year with strong contributions from multiple sources.

我們對 2026 年的強勁開局感到非常滿意。我們團隊的執行表現極為出色。在競爭激烈的環境中，我們贏得了新的往來關係，放款與存款成長速度遠超出我們的預期。在多項來源的強力貢獻下，我們的手續費收入年增近 16%。

I'll highlight our Private Wealth business, which again produced record revenues and provides annuity-like support for our revenue growth and diversification goals. Asset quality remained stable in our core performing portfolio, and we were pleased to see some swift progress toward resolving our largest nonperforming asset, which was downgraded last quarter.

我想特別提到我們的私人財富（Private Wealth）業務，再次創下營收新高，並以類年金式的穩定性支持我們的營收成長與多元化目標。核心正常放款組合的資產品質維持穩定；我們也很高興看到在處理我們最大的一筆不良資產（上季已被降級）方面取得一些快速進展。

At the bottom line, we grew net income and earnings per share by more than 9% over last year's first quarter, even as our margin returned to a more normalized level after being elevated in early 2025, which was residual from the period of rapid Fed tightening. And perhaps most importantly, our strong earnings and disciplined capital deployment drove 14% year-over-year growth in tangible book value per share.

在獲利方面，即使我們的利差在 2025 年初因聯準會快速升息期間的殘留效應而偏高、如今已回到較正常水準，我們的淨利與每股盈餘仍較去年第一季成長超過 9%。或許最重要的是，我們強勁的獲利與審慎的資本配置，帶動每股有形帳面價值年增 14%。

This success reflects our commitment to four key objectives: prioritizing high-quality relationship-based growth, diversifying our revenue streams, maintaining long-term positive operating leverage and preserving a culture that attracts and keeps the highest quality talent.

這些成果反映了我們對四項關鍵目標的承諾：優先推動以高品質、關係為本的成長；多元化我們的營收來源；維持長期正向的營運槓桿；以及維護能吸引並留住最高品質人才的企業文化。

We are very pleased with the momentum of our first-quarter results, which Dave will discuss more now. Dave?

我們對第一季成果所展現的動能感到非常滿意，接下來 Dave 會進一步說明。Dave？

Thank you, Corey. Our outstanding first-quarter growth positions us well to achieve our long-term goals. As you know, we aim for 10% loan and core deposit growth on an annual basis. In the first quarter, we grew loans by $126 million or 15%, far outpacing our plan. Growth came from across our markets, led by Madison, Milwaukee, and Kansas City, as well as from asset-based lending, which is generating some great momentum under the new leader we brought on a year ago.

謝謝你，Corey。我們第一季卓越的成長表現，使我們更有利於達成長期目標。如各位所知，我們的目標是每年放款與核心存款成長 10%。第一季我們放款增加 1.26 億美元，成長 15%，大幅超越計畫。成長來自我們各個市場，其中以麥迪遜、密爾瓦基與堪薩斯市為首；同時也來自資產基礎放款（asset-based lending）業務，在我們一年前延攬的新主管帶領下，正帶來很好的動能。

The growth occurred late in the quarter with $90 million or 72% in March. That had margin implications, which Brian will cover, and it included some pull forward of growth we had forecasted for the second quarter.

這波成長主要發生在季末，其中 3 月增加 9,000 萬美元，占本季增量的 72%。這對利差有影響，Brian 會進一步說明；同時也包含我們原先預估在第二季才會出現的部分成長提前發生。

After an extremely strong first quarter, our pipelines are lighter going into Q2, and we will have some known payoffs in the second quarter. Therefore, we expect the second quarter to be lighter on growth than Q1 with normalization in the second half of the year, placing us on track to achieve our 10% annual growth goal for 2026.

在第一季極為強勁之後，進入第二季時我們的案源管線較為清淡，且第二季也會有一些已知的到期清償。因此，我們預期第二季的成長將較第一季溫和，並在下半年回歸常態，使我們仍可望按計畫達成 2026 年全年 10% 的成長目標。

Our 10% growth expectations are driven by continued positive trends in our businesses and the banking industry. Our largest markets in Southern Wisconsin continue to benefit from a strong regional economy. Our clients in the manufacturing and distribution space are doing well. Commercial real estate occupancies have remained strong particularly in multifamily properties.

我們對 10% 成長的預期，來自於我們各項業務與銀行業持續出現的正向趨勢。我們在威斯康辛州南部的最大市場，持續受惠於強勁的區域經濟。我們製造與配銷領域的客戶表現良好。商用不動產的出租率仍維持強勁，特別是多戶住宅物件。

We are also seeing signs that new development is picking up after a slight slowdown in 2024 and 2025. Additionally, we continue to expect the 2026 changes to federal tax policy should be a tailwind for our business clients and C&I portfolio.

我們也看到在 2024 與 2025 年略為放緩之後，新開發案有回升的跡象。此外，我們仍預期 2026 年聯邦稅制政策的變動，將成為我們企業客戶與商業及工業（C&I）放款組合的利多。

We continue to see tangible benefits from talent acquisitions as well. We recently hired a new President for our Private Wealth business. We are also seeing positive results from producers and asset-based lending who were hired in the second half of 2025. Obviously, we are looking at the same wildcards as everyone else, and we'll continue to monitor for any impact of oil prices and geopolitical uncertainty. So far, it's been business as usual.

我們也持續看到人才延攬帶來的具體效益。我們最近為私人財富（Private Wealth）業務聘任了新總裁。我們也看到 2025 年下半年招募的業務開發人員與資產基礎放款團隊帶來正面成果。當然，我們也和大家一樣關注一些不確定因素，並將持續監測油價與地緣政治不確定性可能帶來的影響。截至目前，一切仍如常運作。

I also want to highlight our exceptional double-digit growth in core deposits this quarter. First-quarter balances were up 18% from the linked quarter and up 14% year over year. That's not an easy feat in this environment. Our focus on hiring the best treasury management talent and maintaining a disciplined approach to business development continues to pay off.

我也想強調本季核心存款出現卓越的雙位數成長。第一季餘額較前一季（連結季）成長 18%，較去年同期成長 14%。在目前環境下，這並不容易。我們專注於延攬最優秀的資金管理（treasury management）人才，並在業務開發上維持紀律性的做法，持續帶來成果。

We are pleased to see this core deposit growth coming from multiple bank markets and our private wealth group. Our strength is in taking market share, as you saw this quarter. So we are confident in our team's ability to not only maintain existing client relationships, but also to continue bringing in new deposit balances. As with loans, we continue to target 10% growth on an annual basis.

我們很高興看到這些核心存款成長來自多個銀行市場以及我們的私人財富團隊。我們的強項在於搶占市占率，正如各位本季所見。因此，我們對團隊不僅能維繫既有客戶關係、也能持續帶入新的存款餘額充滿信心。如同放款，我們仍以每年 10% 成長為目標。

Another highlight was our strong noninterest income, which grew 16% compared to last year's first quarter. Private Wealth produced record revenue of $3.9 million, up 11% year over year. This business consistently generates more than 40% of our total quarterly fee income.

另一項亮點是我們強勁的非利息收入，較去年第一季成長 16%。私人財富（Private Wealth）創下 390 萬美元的歷史新高營收，年增 11%。該業務一向貢獻我們每季總手續費收入的 40% 以上。

Strong deposit growth contributed to service charges increasing more than 26% year over year, displaying our team's impressive success in adding and expanding full business banking relationships, and our other fee income sources, which tend to be variable from quarter-to-quarter, posted favorable results for the quarter.

強勁的存款成長帶動服務費年增超過 26%，展現我們團隊在新增並擴大完整企業銀行往來關係方面的亮眼成果；此外，我們其他手續費收入來源（通常每季波動較大）在本季也繳出有利的表現。

Moving to credit. We saw some rapid progress on our largest nonperforming asset. Recall that we downgraded $20.4 million in CRE loans from a single Southeast Wisconsin based client relationship on nonaccrual status last quarter. In Q1, $3.4 million of land development loans in this portfolio were sold at par. You can see the benefit of this to our nonperforming asset ratio on slide 12 of the earnings supplement.

接著談到信用。我們在最大的一項不良資產上看到一些快速進展。回顧一下，上季我們將來自單一位於威斯康辛州東南部客戶關係的2,040萬美元商用不動產（CRE）貸款下調至停止計息（nonaccrual）狀態。在第一季，該投資組合中的340萬美元土地開發貸款以面值出售。您可以在財報補充資料第12頁看到這對我們不良資產比率的助益。

Appraisals exceed carrying values on the land and the remaining $17 million of loans with no specific reserves recorded. We expect ongoing resolution, but the timing will be variable. Based on current activity, we don't anticipate additional progress to occur before the second half of 2026. The remainder of our portfolio was stable, and you can see our favorable trends on slide 11.

土地及剩餘1,700萬美元貸款的估值高於帳面價值，且未提列任何特定準備。我們預期將持續推進處置，但時點會有所變動。依目前進度，我們預期在2026年下半年之前不會有進一步進展。其餘投資組合維持穩定，您可在第11頁看到我們的有利趨勢。

Before I hand it off to Brian, I'll note that this is Corey's last call before his retirement next week. I want to thank Corey for his leadership and service to First Business Bank. It's difficult to summarize as many contributions to our company, so I'll leave you with this.

在交棒給Brian之前，我要提到這是Corey在下週退休前的最後一次電話會議。我要感謝Corey對First Business Bank的領導與服務。很難總結他對公司的眾多貢獻，所以我就用這段話作結。

During Corey's tenure as CEO, First Business Bank has produced cumulative shareholder returns of nearly 700%, outperforming bank and regional bank indices by a multiple of more than 3x and the Russell 2000 by more than 200 percentage points. This is no coincidence. Corey's a visionary, and we are grateful for his leadership and friendship. We are also very happy that Corey will be continuing to serve on our Board.

在Corey擔任執行長期間，First Business Bank累計股東報酬接近700%，相較銀行與區域銀行指數的表現高出逾3倍，並且較Russell 2000高出超過200個百分點。這絕非巧合。Corey是具遠見的領導者，我們感謝他的領導與情誼。我們也非常高興Corey將繼續在董事會任職。

Now I'll hand it off to Brian.

現在我把時間交給Brian。

Well said, Dave, thanks. First-quarter net interest margin increased 3 basis points to 356 and there are some noise in both the first and linked quarters. You can see a breakdown of this on slide 6 of our earnings supplement. First-quarter NIM included the 5-basis point impact of fewer accrual days in the quarter. Excluding this impact, first-quarter NIM was 361, which will be in line with our internal budget expectations.

說得很好，Dave，謝謝。第一季淨利差（NIM）上升3個基點至356，第一季與前一季的數據中都有一些雜訊因素。您可以在財報補充資料第6頁看到拆解。第一季NIM包含本季計息天數較少所造成的5個基點影響。排除此影響後，第一季NIM為361，將符合我們內部預算預期。

As a reminder, fourth-quarter NIM included 10 basis points of compression from the nonaccrual interest reversal on the downgraded CRE NPL. Excluding this, fourth-quarter NIM would have measured 363. There was no nonaccrual interest reversal activity in Q1. The 2-basis point difference in these adjusted NIM measurements primarily reflects the late quarter timing of loan growth.

提醒一下，第四季NIM包含因下調的CRE不良貸款（NPL）停止計息利息回沖所造成的10個基點壓縮。排除此因素，第四季NIM本可達363。第一季沒有停止計息利息回沖活動。這兩個調整後NIM之間2個基點的差異，主要反映貸款成長發生在季末的時間點。

As Dave mentioned, the bulk of our significant loan growth came late in the quarter. Two-thirds of the growth was from our C&I portfolios, which are higher yielding than CRE, and we expect this to benefit our net interest margin going forward. You can see the historical trend of this yield differential on slide 5 of the earnings supplement.

如Dave所提，我們大部分顯著的貸款成長發生在季末。其中三分之二的成長來自我們的工商貸款（C&I）投資組合，其收益率高於CRE；我們預期這將在未來有利於淨利差。您可以在財報補充資料第5頁看到此收益率差異的歷史趨勢。

Looking out at the year, we think the early momentum of C&I loan growth in Q1 positions us well to operate within or toward the lower to middle portion of our targeted $3.60 to $3.65 range for the year.

展望全年，我們認為第一季C&I貸款成長的早期動能，使我們有利於將全年表現維持在或朝向我們目標區間每股盈餘3.60至3.65美元的較低至中段。

Our outlook assumes a stable to modestly changing interest rate environment. Margin performance is expected to be driven primarily by balance sheet mix and our targeted annual 10% loan and core deposit growth rather than additional rate tailwinds.

我們的展望假設利率環境維持穩定或僅小幅變動。利差表現預期主要由資產負債表結構組合，以及我們鎖定的年度10%貸款與核心存款成長所驅動，而非額外的利率順風。

On the funding side, ongoing core deposit growth has improved our funding mix over time, and we continue to manage deposit pricing with discipline in a competitive environment. Where needed, we supplement with wholesale funding to match fund fixed rate loans and maintain NIM stability.

在資金面，持續的核心存款成長隨時間改善了我們的資金結構；在競爭環境下，我們也持續以紀律管理存款定價。在需要時，我們會以批發資金（wholesale funding）補充，以配合固定利率貸款的資金配置並維持NIM穩定。

On noninterest income and expense, I'll remind you that quarterly comparisons are impacted by last quarter's accounting classification change related to limited partnership investments. Specifically, last quarter, we reclassified $904,000 out of our other noninterest expense and into other noninterest income to net against the related revenue.

關於非利息收入與費用，我提醒各位，季度比較會受到上季與有限合夥投資相關的會計分類變更影響。具體而言，上季我們將90.4萬美元自其他非利息費用重分類至其他非利息收入，以與相關收入相互抵銷。

This expense represented the bank's share of costs for the first nine months of 2025 related to our latest run of limited partnership investments. Our strong first-quarter fee income supports our expectation of 10% growth for the full year compared to 2025, and we view first quarter as a good starting point for quarterly fee income in 2026.

這筆費用代表銀行分攤我們最新一輪有限合夥投資在2025年前九個月的成本。我們第一季強勁的手續費收入支持我們對全年相較2025年成長10%的預期；我們也將第一季視為2026年各季手續費收入的良好起點。

Looking at expenses, we saw the typical first-quarter increases related to compensation. Compensation expense increased by about $1.4 million in Q4, mainly due to first-quarter resets for payroll taxes and 401(k) match contributions along with annual merit increases and higher average FTEs, which were up about 5.7% from a year ago. Looking ahead, payroll taxes will come down throughout the year, but new FTE adds will go up.

就費用而言，我們看到第一季典型的薪酬相關增加。薪酬費用在第一季增加約140萬美元，主要因薪資稅與401(k)雇主提撥配對在第一季重設，加上年度調薪與平均全職員工數（FTE）較去年同期增加約5.7%。展望未來，薪資稅將在全年逐步下降，但新增FTE將上升。

Professional fees were also higher in Q1, increasing by about $445,000 in Q4. Elevated recruiting costs and seasonal legal fees related to the company's annual 10-K and proxy filings drove the increase. We typically base our full-year expense forecast on first-quarter actuals, which remain an appropriate run rate for 2026.

第一季專業費用也較高，增加約44.5萬美元。增加主要由較高的招募成本，以及與公司年度10-K與委託書（proxy）申報相關的季節性法律費用所帶動。我們通常以第一季實際數作為全年費用預測基礎，這仍是2026年適當的常態水準（run rate）。

I'll reiterate that our primary expense management objective is achieving annual positive operating leverage that is annual expense growth at some level modestly below our target level of 10% annual revenue growth.

我再重申，我們費用管理的主要目標是達成年度正向營運槓桿，也就是年度費用成長率在某個程度上略低於我們鎖定的年度營收成長10%。

The effective tax rate was 15.2% for the first quarter. Our effective tax rate varies modestly quarter-to-quarter, in part due to the timing of tax benefits received from our investment and limited partnerships and the timing of stock compensation vesting activity. We continue to expect our effective tax rate will be within our expected annual range of 16% to 18% for 2026.

第一季有效稅率為15.2%。我們的有效稅率每季會有小幅波動，部分原因在於我們投資與有限合夥所取得稅務利益的入帳時點，以及股票酬勞歸屬（vesting）活動的時點。我們仍預期2026年有效稅率將落在16%至18%的年度預期區間內。

Finally, our strong earnings have continued to generate excess capital to facilitate organic growth. We continue to believe reinvestment in the growth of the company provides the best return for our shareholders. We do, of course, evaluate all capital management tools at our disposal to maximize shareholder returns.

最後，我們強勁的獲利持續產生超額資本，以支持內生成長。我們仍相信再投資於公司的成長能為股東帶來最佳報酬。當然，我們也會評估所有可運用的資本管理工具，以最大化股東報酬。

And now I'll hand it back over to Corey.

現在我把時間交回給Corey。

Thank you, Brian and Dave. Dave was the architect of our current five-year strategic plan, and you can see our outstanding progress toward achieving the goals of this plan on slide 15. I believe nothing has been more instrumental to achieving the success than our culture. So I'll take a final opportunity to bang the drum on this.

謝謝你，Brian和Dave。Dave是我們現行五年策略計畫的設計者，您可以在第15頁看到我們在達成該計畫目標方面的卓越進展。我相信，沒有什麼比我們的企業文化更能促成這些成功。因此我想把握最後一次機會再強調這一點。

Our culture defines us and it is our secret sauce. It is in the DNA of First Business Bank to be passionate about our people and obsessed with our strategic plan, and it's foundational to our mission to be an entrepreneurial partner to our clients, investors and communities.

我們的文化定義了我們，也是我們的獨門秘方。在 First Business Bank 的 DNA 中，對我們的人才充滿熱情、對我們的策略計畫全心投入；這也是我們使命的基石——成為客戶、投資人與社區的創業型夥伴。

This intense cultural focus has been fundamental in achieving our superior long-term shareholder returns. It has been my North Star of sorts, and I'm confident Dave's leadership will bring continued success. We have the right team in place to continue achieving both strong earnings and above industry growth, and I'm excited for the future of First Business Bank.

這種對文化的高度聚焦，一直是我們實現優異長期股東報酬的根本。它一直是我某種程度上的北極星，而我也相信 Dave 的領導將帶來持續的成功。我們已具備合適的團隊，能持續達成強勁獲利與高於同業的成長，我對 First Business Bank 的未來感到振奮。

Thank you for taking time to join us today. We're happy to take your questions now.

感謝各位今天撥冗參與。我們現在很樂意回答各位的問題。

(Operator Instructions) Daniel Tamayo, Raymond James.

(接線員指示) Daniel Tamayo，Raymond James。

First, I just wanted to say congratulations on your retirement, Corey. It's been a pleasure working with you over the last few years and obviously, good luck to Dave. I guess on the heels of that, I'll throw out a longer-term question here for you, Dave, as you look to the future.

首先，我想恭喜你退休，Corey。過去幾年能與你共事是我的榮幸，當然也祝 Dave 一切順利。接著，我想拋出一個較長期的問題給你，Dave，關於你對未來的看法。

Looking at slide 15 with your goals and progress on it in the 2024 to 2028 goals from a profitability perspective, you guys, obviously, have talked about this 10% growth, and I think that certainly holds.

看第 15 頁投影片，從獲利能力角度來看你們在 2024 到 2028 年目標與進度的規劃，你們顯然談到 10% 的成長，我認為這點當然仍然成立。

But just curious how you think about from a profitability perspective, I guess, if it's efficiency or return on tangible common equity, how do you anticipate changing any of these long-term goals and progress, the slide or anything like that as you think about your leadership. And if not, what's the plan over the next few years to get these -- or keep these numbers kind of at these levels?

但我想了解的是，從獲利能力的角度來看，不論是效率比率或有形普通股權益報酬率（ROTCE），在你思考你的領導方向時，你預期會如何調整這些長期目標與進度、投影片或任何相關內容？如果不會調整，那未來幾年的計畫是什麼，來讓這些——或讓這些數字大致維持在目前的水準？

Yes, good question. So our strategic plan is a five-year strategic plan. We're a little over two years into it. And every quarter or more often, we look at all of these metrics and evaluate if they're still the right metrics for us to be looking at.

是的，這是個好問題。我們的策略計畫是一個五年期的策略計畫。我們已經執行了兩年多。每一季或更頻繁地，我們都會檢視所有這些指標，評估它們是否仍是適合我們關注的正確指標。

And I would say right now, you look at our efficiency ratio, for example, that blipped up a little bit this quarter for reasons that I think we've outlined in some of our comments already. So we expect that to kind of return to where we want it to be over the balance of the year and in the upcoming quarters.

我會說，以我們的效率比率為例，本季確實稍微跳升了一下，原因我想我們在先前的一些評論中已經說明過。因此，我們預期在今年剩餘期間以及接下來幾季，會回到我們希望的水準。

At this point, we still think these are good metrics for us to be working on, and we've identified five strategies from our strategic plan, and we have teams of leaders working on each of the strategies. And at this point, I think we think they're all -- these are the right targets for us.

就目前而言，我們仍認為這些是值得我們努力的良好指標；我們也從策略計畫中辨識出五項策略，並由各策略的領導團隊分別推動。在這個時間點，我們認為——這些仍是我們的正確目標。

All right. Good start, Dave.

好的。開局不錯，Dave。

I'm not official yet, Danny.

我還沒正式上任呢，Danny。

All right. Fair enough. And then I think I get what you guys are saying on the margin. I'm assuming this is going to be an annual thing. I mean, it's just the math, right, of the fewer days in the first quarter.

好吧。也對。然後我想我理解你們對利差的說法。我猜這會是每年都會發生的事。我的意思是，這就是數學問題，第一季天數比較少。

But as we think about modeling the margin, we should think about modeling that down a bit in the first quarter going forward and then popping back up in the second quarter remaining in the targeted range, Brian?

但當我們在建模利差時，我們是否應該預期未來第一季的利差會稍微下滑，然後第二季再回升並維持在目標區間內，Brian？

Yes. That's a fair statement. I would say we're always going to have the first-quarter accrual mechanics issue, right? But for us, specifically for this quarter, to me, it was more of a timing difference on when our funding came in versus when we deployed that funded in the quarter.

是的。這樣說很合理。我會說，我們第一季永遠都會有應計項目的機制問題，對吧？但就我們而言，特別是這一季，在我看來更像是資金進來的時間點，與我們在本季把這些資金投放出去的時間點之間的時差。

That to me is more of the driver on why the NIM was reported outside of our range. If we would have had the loan growth aligned with that funding growth earlier in the quarter, the NIM would have been within our range. So that's more of it. But I think (inaudible) though in terms of the quarterly first-quarter estimates that there's going to be that day basis impact us all.

對我來說，這才是淨利息收益率（NIM）落在我們區間之外的主要原因。如果本季較早時點，放款成長能與資金成長更早對齊，NIM 就會落在我們的區間內。所以主要是這個因素。但我想（聽不清楚）就第一季的季度預估而言，天數基礎的影響會影響到我們所有人。

Okay. And as it relates to that dynamic with the late in the quarter loan growth, like you're thinking basically the margin comes back up into the range in the second quarter and then relatively stable from there?

好的。那就你提到的這個動態——也就是本季後段放款成長——你們的看法基本上是利差在第二季會回到區間內，之後大致維持穩定？

Yes.

是的。

Jeff Rulis, D.A. Davidson.

Jeff Rulis，D.A. Davidson。

I wanted to check on the expenses. Brian, got your comments there. Just seemed a little high. I mean, maybe I'm just still updating the model on the reclass a little bit. But if I heard that right, that this level, it kind of flatlined for the year? If I just annualize it and then run it off across full-year '25, something in the high single digits, is that kind of where we should be thinking?

我想確認一下費用的部分。Brian，我聽到你剛才的說明了。看起來就是有點高。我的意思是，也許我還在把重分類的影響更新到模型裡。但如果我沒聽錯的話，這個水準今年會大致持平？如果我把它年化，然後延伸到 2025 全年，會是高個位數的增幅，這大概就是我們應該預期的方向嗎？

Exactly. Yes. Spot on.

完全正確。是的。一針見血。

Okay. Well, while I got you, Brian, on that, do you have the margin for the month of March just to try to -- a jump off point.

好的。Brian，趁我還在線上，想再問一下，你們有 3 月單月的利差數字嗎？只是想找個——作為起點。

We don't have that. And it would be influenced by the late growth. That's kind of the point behind the late growth commentary is that there's more Q1 margin of [$359 million] being impacted -- sorry, by [$356 million] being impacted by that. So it's going to be pushing us back into our range based on that March activity.

我們沒有那個數字。而且它會受到季末成長的影響。這也是我們提到季末成長的重點：第一季的利差有大約 [$359 million] 受到影響——抱歉，是大約 [$356 million] 受到影響。因此，基於 3 月的活動，它會把我們推回到我們的區間內。

Okay. Fair enough. You were pretty clear about the resuming back into that range. So I'll stick with that. Just was curious. Maybe just the last one on the growth. Dave, I think you alluded to the geography, but maybe the -- do you have a breakout of maybe the mix of that growth? Pretty strong, but was it the mix of existing customers versus new? I think you mentioned maybe that was a 60:40 split last quarter or something, but just trying to get a sense for market share gains or existing customers?

好的。了解。你已經很清楚地說明會回到那個區間。所以我就以此為準。只是好奇問問。最後一個關於成長的問題。Dave，我想你提到地理區域，但也許——你們是否能拆分一下這些成長的組成？成長很強勁，但它是既有客戶的成長占比高，還是新客戶占比高？我記得你提到上季可能是 60:40 的分配之類的，我只是想了解是市占率提升，還是既有客戶帶動？

Yes. Well, we don't have a mix between existing clients and new clients. I think as we stated before, it was really across all of our Southern Wisconsin bank market. It's in Kansas City as well as asset-based lending. I would say within those groups, it really wasn't concentrated in any particular area.

是的。嗯，我們沒有既有客戶與新客戶之間的組成拆分。我想如同我們先前所說，成長其實遍及我們在威斯康辛州南部的所有銀行市場。也包括堪薩斯市，以及資產基礎放款（asset-based lending）。我會說，在這些業務群組之內，並沒有特別集中在任何單一領域。

It was spread fairly evenly. And I would say, always our growth is going to be driven by new. We do more loans to existing clients over time, but the driver of our growth is always going to be new client relationships.

分布相當平均。而且我會說，我們的成長一向會由新增業務所驅動。隨著時間推移，我們確實會對既有客戶做更多放款，但我們成長的驅動力永遠會是新的客戶關係。

Well, I think one of the things you can look at that reinforces that is the growth in our service fee income, that we've had very rapid growth in our service fee income. And you don't get that without adding new clients [on service charges].

嗯，我認為有一件事可以看出並強化這點的是，我們的服務費收入成長，因為我們的服務費收入成長非常快速。如果沒有新增客戶，[在服務收費方面]你不可能做到這樣。

Okay. Thanks for the color. And Corey, thanks for the conversations over the years. All the best and appreciate what you've done. And Dave, I look forward to catching up in Nashville in a couple of weeks. So thanks.

好的。謝謝提供這些細節。Corey，也謝謝這些年來的交流。祝一切順利，也感謝你所做的一切。Dave，我期待幾週後在納什維爾再聊聊。謝謝。

Nathan Race, Piper Sandler.

Nathan Race，Piper Sandler。

Congratulations, Corey, Dave. I wanted to check in on just the fee income outlook. Brian, I think you mentioned kind of a stable outlook. Just curious kind of what momentum you're seeing on the SBA front. Obviously, Wealth Management has shown some nice growth year over year as well. So just curious how you're thinking about kind of the overall year-over-year trajectory?

恭喜你們，Corey、Dave。我想請教一下手續費收入的展望。Brian，我想你提到大致是穩定的展望。我只是好奇你們在SBA這邊看到的動能如何。顯然，財富管理的年增也有不錯的成長。所以想了解你們如何看待整體年對年走勢？

I can speak to the total broader fee income piece and then maybe Dave has a couple of comments on SBA. But the total fee income line, I think, is consistent with the prior messaging around 10% year-over-year growth expectations with Q1 being a good starting point for that.

我可以先談整體、更廣義的手續費收入部分，然後也許Dave可以補充幾點SBA。不過就總手續費收入這條線來看，我認為與先前傳達的訊息一致，也就是年對年約10%的成長預期，而第一季是個不錯的起點。

I know we had some noise in Q4, but really strong performance from those more consistent annuity streams for us, Private Wealth, service charges, and other, which now includes starting to build more of our SBIC investment product there that will start kicking off more returns as well over time. But that's really the primary drivers of that fee income, which again, we believe is a 10% growth in total for us throughout '26. Dave.

我知道第四季有一些雜訊，但我們那些較為穩定的年金型收入來源表現非常強勁，包括私人財富、服務收費以及其他項目；而「其他」現在也包含我們開始建立更多SBIC投資產品，隨著時間推移也會開始帶來更多報酬。但這些確實是手續費收入的主要驅動因素；同樣地，我們相信在'26年全年，我們的總手續費收入將成長10%。Dave。

Yes. And on the SBA side, we actually expected that to be a little bit higher this quarter after the shutdown late last year. But I think as we look at pipelines, we expect it to be relatively flat going forward.

是的。至於SBA方面，去年底停擺之後，我們原本預期本季會稍微高一些。但就我們看管線，我們預期接下來會相對持平。

Okay. Got it. And Dave, I think you mentioned earlier, you're expecting some softer growth in the same quarter, just given maybe some pull-through and some expected payoffs this quarter. So is it fair to expect maybe like mid- to low single-digit growth in the same quarter and then get back up to that kind of high to low double -- high single digit to low double-digit trajectory in the back half of the year?

好的。了解。Dave，我想你先前提到，你預期同一季度的成長會稍微偏弱，可能是因為一些轉換率（pull-through）以及本季預期的還款。所以是否可以合理預期第二季大概是中到低個位數成長，然後在下半年回到那種高個位數到低雙位數的成長軌跡？

Yes, I think that's probably reasonable for Q2, Nate. A little bit depends on payoffs and those aren't -- some of those are in flux right now. So we can't predict them 100%, but I think that's a reasonable point, and we still expect to be at 10% for the year.

是的，Nate，我認為對第二季來說這樣的判斷大致合理。有一部分取決於還款情況，而其中一些目前仍在變動中。所以我們無法100%預測，但我認為這是合理的看法，而且我們仍預期全年會是10%。

Okay. And then maybe one last one. Any color that you could shed on the charge-offs in the quarter and just how you're budgeting or thinking about charge-offs over the balance of this year. It doesn't sound like there's been much movement on the ABL credit that we've talked about, which again, shouldn't really result in any loss content. And within that context, it also seems like the Southeast properties are still slated to sell that part similar to what we saw this quarter. So we're just hoping to get any color along those lines, please.

好的。最後再問一個。你們能否就本季的核銷（charge-offs）提供一些說明，以及你們如何編列預算或看待今年剩餘期間的核銷。聽起來我們談過的那筆ABL授信並沒有太多進展，而那筆看起來也不應該造成任何損失。在此背景下，東南部的那些物件似乎仍預計出售，情況與本季看到的類似。所以想請你們就這些方向提供一些說明，謝謝。

So I can talk about the Southeast properties and the asset-based lending credit that we have. So on the Southeast properties, last quarter, we talked about how we're going to work this out of this over time. And we started that with a little over $3 million in payoffs with no losses in the past quarter. Right now, we are pursuing foreclosure on the rest of the properties in that nonperforming portfolio.

我可以談談東南部物件以及我們那筆資產基礎放款（ABL）的授信。關於東南部物件，上季我們提到會隨時間逐步處理。我們已經先做了這一步，在過去一季有略高於300萬美元的回收/清償，且沒有損失。目前我們正在對該不良投資組合中其餘物件進行法拍程序。

And so we shouldn't really expect any resolution in Q2. That's probably more the back half of the year based on how long those proceedings take in Wisconsin. And again, as it relates to the asset-based lending credit, that's going to be an end of the year type of end most likely. But we've had no negative news there. It's just moving through the court system very, very slowly. But we're being told that's what we should expect in this case.

因此，我們不太預期第二季會有任何解決。依照威斯康辛州相關程序所需時間，可能要到下半年。另外，至於資產基礎放款那筆授信，最可能也是年底左右才會告一段落。但目前沒有任何負面消息。只是案件在法院系統中推進得非常、非常慢。不過我們被告知在這個案子中，這就是應有的進度。

Nate, on the broader charge-off question. I would say for Q1, nothing kind of unusual to report kind of a broad mix of charge-offs coming from SBA, C&I. I will say that EF finance improved from a charge-off perspective from Q4 to Q1. So that's a good indication that we're improving and working for that portfolio.

Nate，關於更廣泛的核銷問題。我會說第一季沒有什麼特別異常可報告，核銷來源相當分散，來自SBA、C&I等。我也要說，EF finance從第四季到第一季在核銷角度有所改善。所以這是個好跡象，顯示我們正在改善並處理那個投資組合。

I think we had about 25 basis points of charge-offs in the quarter. Little higher than we would think. We tend to think around 20 basis points on average for the year. But nothing that's alarming to us by any means.

我想本季核銷大約是25個基點。比我們原先想的稍高一些。我們通常認為全年平均大約20個基點。但對我們而言完全不算令人擔憂。

Just to add to that, Nate, that transportation segment of that equipment finance portfolio, which started out at about $61 million is down to $18.1 million or $18.2 million, something like that. So we're making nice progress on that.

再補充一下，Nate，那個設備融資投資組合中的運輸（transportation）分項，一開始大約是6,100萬美元，現在已降到1,810萬或1,820萬美元左右。所以我們在那方面進展不錯。

(Operator Instructions) Damon DelMonte, KBW.

(接線員指示) Damon DelMonte，KBW。

First off, Corey, congratulations on the retirement. I think I've been covering you guys for probably close to 12 years. So it's been an enjoyable run. And Dave, I look forward to working with you in your new role. So congrats.

首先，Corey，恭喜退休。我想我追蹤你們大概將近12年了。所以這段時間很愉快。Dave，我也期待在你新職務上與你合作。恭喜。

Thank you.

謝謝。

Sure. So with that, I guess, most of my questions have been asked and answered. But Brian, I may have missed this, but do you know what the fees and low of interest were included in the margin this quarter?

當然。那麼，我想我的大部分問題都已經被問過也回答了。不過Brian，我可能漏聽了，你知道本季利差（margin）中包含的手續費與低於利息（low of interest）是多少嗎？

We're about $2.2 million. So that's more in line with kind of run rate, a little bit higher than the run rate. That's up from the prior quarter. But remember, the prior quarter had the nonaccrual interest rate reversal in Q4, so --

大約220萬美元。所以這比較符合我們的常態水準（run rate），略高於常態。這比上一季有所增加。但請記得，上一季在第四季有不計息（nonaccrual）利息的回轉（reversal），所以--

And then kind of along the lines of credit and trying to figure out provisioning going forward. The reserve, do you expect to kind of maintain this reserve level? And then if you kind of have average net charge-offs of 20 basis points kind of just back into the provision that way? Is that a good way to think about it?

接著沿著信用的脈絡，並試著推估未來的提存。這個備抵，您預期會大致維持在目前這個水準嗎？另外，如果您把平均淨沖銷（net charge-offs）約 20 個基點，回推到提存費用上，是不是可以用這種方式來估算？這樣理解是否合理？

Yes. That's all I think about it, Dan. I think the macro piece of this equation with the -- [you'd be] subscribed to Moody's, right? So that's the wildcard with geopolitical, but I think all else equal, you're provisioning for growth off this reserve level with the 20 basis points, that's appropriate.

是的。Dan，我就是這樣看待的。我認為這個等式中的總體（macro）部分——你應該有訂閱穆迪（Moody's），對吧？所以地緣政治是個不確定因素，但在其他條件相同下，以目前這個備抵水準、搭配 20 個基點來因應成長做提存，我認為是合適的。

And we saw -- for example, this quarter, $1 million of the provision was due to loan growth of about 2.9% in the quarter. So that will come back down. Obviously, as we talked about with Q2 growth coming back down. But yes, with the uncertainty around the macro, to me, that's -- no change is a reasonable place to be.

而且我們看到——例如本季，提存中有 100 萬美元是因本季放款約成長 2.9% 所致。所以那部分會回落。當然，如同我們談到的，第二季成長會回到較低水準。但沒錯，在總體環境不確定性之下，對我而言——維持不變是個合理的位置。

Brian Martin, Brean.

Brian Martin，Brean。

Just maybe one for me on the loan growth front. Can you talk a little bit about where your -- just the growth this year, so just kind of big picture, kind of where you're optimistic? I know this quarter, you talked about having really strong growth on the specialty side. But just wondering where you're seeing the growth by component? Or just kind of where you're most optimistic going into the year and maybe areas that aren't really optimistic about in terms of delivering the targeted growth this year?

我這邊可能有一題關於放款成長。能否談談你們——就今年的成長，從大方向來看，你們對哪些部分比較樂觀？我知道你們提到本季在專業領域（specialty）那邊成長很強。但我想了解你們按組成項目來看，成長主要來自哪些部分？或是說，進入今年，你們最樂觀的是哪些領域；以及在達成今年目標成長方面，有哪些領域你們其實不那麼樂觀？

Sure. Well, I mean, I think if you look for the -- where it's going to come from for the rest of the year, I think we're going to continue to see nice growth from our ABL team, also from our accounts receivable finance team.

當然。嗯，我的意思是，我認為如果你看——今年剩下的時間成長會從哪裡來，我想我們會持續看到我們 ABL 團隊（資產基礎放款）帶來不錯的成長，另外也會來自我們應收帳款融資團隊。

Kansas City is looking really good. We continue to add talent in Kansas City. And particularly our Southern Wisconsin markets are still strong. We have good teams in both of those markets. So we should continue to see growth there.

堪薩斯市（Kansas City）的狀況看起來非常好。我們持續在堪薩斯市延攬人才。而且我們南威斯康辛（Southern Wisconsin）市場依然強勁。我們在這兩個市場都有很好的團隊。所以我們應該會持續看到那邊的成長。

Okay. And in terms of the build-out, it sounds like you're still adding some folks in Kansas City. Is that primarily complete at this point? So you've got a full team? Are there just more areas you're adding down there?

好的。那就建置（build-out）而言，聽起來你們仍在堪薩斯市增聘一些人。目前這部分主要已經完成了嗎？也就是說你們已經有完整的團隊了？還是說你們在那邊還會再擴增更多領域？

I don't think we'll have a lot more adds down there, Brian, but we could have another add. And in order for us to continue to grow at 10%, we have to continue to add folks really across our markets. So I think we will likely have another add in Kansas City this year.

Brian，我不認為那邊還會增加很多人，但我們可能還會再增聘一位。而且為了讓我們能持續以 10% 的速度成長，我們必須在各個市場持續增聘人員。所以我認為今年我們很可能會在堪薩斯市再增加一位。

Got you. Okay. And then maybe just jumping to the -- just the fee income per section. And I appreciate the color you guys have already given your comments, Brian. Just in terms of the lumpiness, that kind of seems within this portfolio.

了解。好的。那我再跳到——按項目來看的手續費收入（fee income）。Brian，也謝謝你們在評論中已經提供的補充說明。就波動性（lumpiness）而言，這在這個投資組合裡似乎是存在的。

Do you still expect some lumpiness count throughout the year? I know the [movie made or reclasses], but just kind of trying to think about the quarterly movement or progression. Do you expect a little bit more consistency? Is it still going to be a little bit lumpy as we go along?

你們仍預期全年會有一些波動嗎？我知道有些（[movie made or reclasses]）的因素，但我想從季度的變動或走勢來思考。你們預期會更一致一些嗎？還是接下來仍會有些起伏？

I would say, yes, is the answer. There's still going to be lumpiness, but that's something we're working on and trying to improve, right? We talked about the success of our private wealth and our service charges, those are becoming more and more consistent in annuity like more so than they had before.

我會說，是的，答案是會。仍然會有波動，但這也是我們正在努力、試著改善的部分，對吧？我們談到私人財富管理（private wealth）與服務費（service charges）的成功，這些正變得越來越一致，更像年金式（annuity-like）的穩定性，比以前更明顯。

And then I also just really kind of briefly talked about our investments in small business investment company funds. We're deploying more capital there. There's a 5% limit, right, for regulatory capital, but we're doing that over time to add a more stable level of fee income to the quarterly run rate.

另外我也很簡短地提到我們對小型企業投資公司（SBIC）基金的投資。我們正在那邊投入更多資本。監理資本有 5% 的上限，對吧，但我們會隨時間逐步進行，以便為季度的常態水準（run rate）增加更穩定的手續費收入。

So that will take some time, but that's the part of our process to smooth those earnings out on a quarterly basis. But it's just the nature of swap fees and SBA gains. It's just going to be lumpy still, but it's why we're really focused on that 10% year-over-year growth.

所以這需要一些時間，但這是我們流程的一部分，用來在季度基礎上平滑這些獲利。但這就是換匯（swap）手續費與 SBA（小企業管理局）收益的特性。它仍然會有波動，但這也是為什麼我們非常專注於年增 10% 的成長。

Yes. Okay. Okay. That covers -- Damon got the credit parts. Other than that, I'm good and just the same comment that both guys have made. It's been great working with you over the years, Corey, and I wish you the best in retirement. And Dave, it's been good to continue to know you and continue to work going forward. So congrats on everything, and thanks for taking the question.

是的。好的。好的。這部分就——Damon 已經問到信用相關的部分了。除此之外我沒問題，也同樣呼應兩位剛才的評論。Corey，這些年和你合作非常愉快，也祝你退休一切順利。Dave，也很高興能持續認識你並在未來繼續合作。所以恭喜你們的一切，也謝謝讓我提問。

That concludes our Q&A session. I will now turn the conference over back to CEO, Corey Chambas, for closing remarks.

問答環節到此結束。我現在把電話會議交回給執行長 Corey Chambas 作結語。

Thanks. First, I'd just like to say I appreciate all the relationships I've dealt with all of you over the years. So I will definitely miss that and miss you all. Overall, I just want to say thanks, everybody, for your interest in First Business Bank joining us today, and I hope everybody has a great weekend.

謝謝。首先，我想說我很感謝這些年來與各位建立並互動的所有關係。所以我一定會想念這一切，也會想念各位。總體而言，我只想說謝謝大家今天對 First Business Bank 的關注並加入我們，我也希望大家週末愉快。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。