FB Financial Corporation (FBK) 2026 Q1 法說會逐字稿

Good morning everyone and welcome to the FB Financial first quarter 2026 earnings call. Please note this event is being recorded.

各位早安，歡迎參加 FB Financial 2026 年第一季財報電話會議。請注意，本活動將被錄音。

At this time I'd like to turn the conference call over to [Rachel Duresky] with FB Financial. Please go ahead.

此刻我想將電話會議交給 FB Financial 的 [Rachel Duresky]。請開始。

Good morning, and welcome to FB Financial Corporation's first quarter 2026 earnings conference call. Hosting the call today from FB Financial are Chris Holmes, President and Chief Executive Officer; and Michael Mettee, Chief Operating and Financial Officer. Please note FB Financial's earnings release, supplemental financial information, and this morning's presentation are available on the Investor Relations page at the company's website at www.firstbankonline.com and on the Securities and Exchange Commission's website at www.sec.gov.

各位早安，歡迎參加 FB Financial Corporation 2026 年第一季財報電話會議。今天由 FB Financial 主持會議的是總裁兼執行長 Chris Holmes，以及營運長兼財務長 Michael Mettee。請注意，FB Financial 的財報新聞稿、補充財務資訊以及今天上午的簡報，可於公司網站 www.firstbankonline.com 的投資人關係頁面，以及美國證券交易委員會網站 www.sec.gov 取得。

Today's call is being recorded and will be available for replay on FB Financial's website approximately an hour after the conclusion of the call.

今天的電話會議將被錄音，並將於會議結束後約一小時在 FB Financial 的網站提供重播。

At this time, all participants have been placed in a listen-only mode. The call will open for questions after the presentation. During the presentation, FB Financial may make comments which constitute forward-looking statements under the federal securities laws.

目前所有與會者皆已進入僅收聽模式。簡報結束後將開放提問。在簡報期間，FB Financial 可能會發表依據聯邦證券法規所定義的前瞻性陳述。

Forward-looking statements are based on management's current expectations and assumptions and are subject to risks.

前瞻性陳述係基於管理階層目前的預期與假設，並受風險影響。

Uncertainties, and other factors that may cause actual results and performance or achievements of FB Financial to differ materially from any results expressed or implied by such forward-looking statements. Many of such factors are beyond FB Financial's ability to control or predict, and listeners are cautioned not to put undue reliance on such forward-looking statements.

不確定性及其他因素可能導致 FB Financial 的實際結果、表現或成就與該等前瞻性陳述所明示或暗示的結果有重大差異。其中許多因素超出 FB Financial 的控制或預測能力，提醒聽眾勿過度依賴此類前瞻性陳述。

A more detailed description of these and other risks that may cause actual results to materially differ from expectations is contained in. FB Financial's periodic and current reports filed with the SEC, including FB Financial's most recent Form 10-K.

關於這些及其他可能導致實際結果與預期有重大差異之風險的更詳細說明，載於FB Financial 向 SEC 提交的定期與即時報告中，包括 FB Financial 最近一期的 Form 10-K。

Except as required by law, FB Financial disclaims any obligation to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events, or otherwise.

除法律另有規定外，FB Financial 不承擔更新或修訂本簡報所載任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因所致。

In addition, these remarks may include certain non-GAAP financial measures as defined by SEC Regulation G. A presentation of the most directly comparable GAAP financial measures and a reconciliation of the non-GAAP measures to comparable GAAP measures is available in FB Financial's earnings release supplemental financial information in this morning's presentation, which are all available on the Investor Relations page of the company's website at www.firstbankonline.com and on the SEC's website at www.sec.gov.

此外，本次談話可能包含依 SEC Regulation G 所定義的某些非 GAAP 財務衡量指標。最直接可比的 GAAP 財務衡量指標之呈列，以及非 GAAP 指標與可比 GAAP 指標之調節表，載於 FB Financial 的財報新聞稿補充財務資訊及今天上午的簡報中；上述資料皆可於公司網站 www.firstbankonline.com 的投資人關係頁面及 SEC 網站 www.sec.gov 取得。

I would now like to turn the presentation over to Mr. Chris Holmes, FB Financial's President and CEO.

現在我想將簡報交給 FB Financial 總裁兼執行長 Chris Holmes 先生。

All right. Good morning. Thank you, Rachel. Thanks to everybody for joining the call this morning.

好的。各位早安。謝謝你，Rachel。也感謝各位今天早上加入本次電話會議。

And I'll always thank you for your interest in FB Financial. I want to start today's call by calling attention to a distinguished award the company received recently and what it means first thing.

我也一如既往地感謝各位對 FB Financial 的關注。我想先在今天的電話會議一開始，提請大家注意公司近期獲得的一項重要獎項，以及它所代表的意義。

The bank received J.D. Power's Retail Banking Award in the South Central region for placing number one among the banks in the region for customer satisfaction. J.D. Power surveyed over 100,000 banking customers across our region, surveying them about their satisfaction with their primary bank. And when the results were tabulated, First Bank ranked number one on the list for overall customer satisfaction.

本行在南中部地區獲得 J.D. Power 的零售銀行獎，於該地區銀行客戶滿意度評比中名列第一。J.D. Power 在我們的區域內調查了超過 10 萬名銀行客戶，詢問他們對主要往來銀行的滿意度。在彙整結果後，First Bank 在整體客戶滿意度方面排名第一。

First Bank also ranked number one in the subcategories of client trust and quality of our people. What made this award even more gratifying was that we weren't even aware that our customers were being surveyed.

First Bank 在「客戶信任」以及「我們員工的服務品質」兩個子項目也同樣排名第一。更令人欣喜的是，我們甚至不知道客戶正在接受調查。

So, the ranking is a result of our natural service behavior and not something that resulted from any special preparation. As bank investors, we watch every basis point of margin, efficiency, return, et cetera. And every penny of EPS.

因此，這項排名反映的是我們自然的服務行為，而非任何特別準備所帶來的結果。作為銀行投資人，我們會關注每一個基點的利差、效率、報酬等指標。以及每一分錢的每股盈餘（EPS）。

But we can struggle to find effective relative measures of the actual driver of superior sustainable bank performance, which is our ability to attract, satisfy and retain bank clients. This award is independent, tangible verification of what I've known about our team. That's when stacked against the competition, we win.

但我們往往難以找到有效的相對衡量方式，去量化卓越且可持續的銀行績效之真正驅動因素，也就是我們吸引、滿足並留住銀行客戶的能力。這個獎項提供了獨立且具體的驗證，印證了我對我們團隊的認知。也就是：與競爭對手相比，我們能勝出。

I want to thank our clients who participated. In the process and our associates who are the first bank story and who take such outstanding care of our clients. You are literally the best at what you do, and I'm proud to be on the team with you. So with that, now let me get into the quarter.

我要感謝參與調查的客戶。也要感謝我們的同仁，你們是 First Bank 故事的核心，並以卓越的方式照顧我們的客戶。你們確實是所做之事的佼佼者，我很榮幸能與你們同隊。那麼，接下來我進入本季表現。

We reported EPS of $1.10 and adjusted EPS of $1.12. And have grown our tangible book value per share, excluding the impact of AOCI at a compounded annual growth rate of 11.6% since our IPO back in 2016.

我們公布的 EPS 為 1.10 美元，調整後 EPS 為 1.12 美元。自 2016 年 IPO 以來，在排除 AOCI 影響後，我們的每股有形帳面價值以 11.6% 的年複合成長率成長。

Our net income was $57.5 million or $58.3 million on an adjusted basis, and our pre-tax, pre-provision net revenue, or we may refer to as PPNR during the call, was $77.2 million or $78.2 million on an adjusted basis. So even with two fewer days in the quarter, we were able to grow our pre-tax pre-provision net revenue versus the prior quarter.

我們的淨利為 5,750 萬美元，調整後為 5,830 萬美元；稅前、提存前淨收益（我們在電話會議中可能稱之為 PPNR）為 7,720 萬美元，調整後為 7,820 萬美元。因此，即使本季少了兩個營業日，我們仍能使稅前提存前淨收益較前一季成長。

Revenue declined slightly during the quarter, but expenses had an even greater decrease to keep our net income and profitability metrics in line with our expectations.

本季營收略有下滑，但費用降幅更大，使我們的淨利與獲利指標符合我們的預期。

We kept our PPNR return on average assets near our benchmark range of 2%. Coming in at 1.93% or 1.95% adjusted. We're pleased with our returns and as Michael will cover in his comments, our growth gained momentum during the quarter given us optimism about the remainder of the year. We're now a quarter of the way through 2026. We continue to believe it's a great time to be at First Bank.

我們將 PPNR 的平均資產報酬率維持在接近 2% 的基準區間。本季為 1.93%，調整後為 1.95%。我們對報酬表現感到滿意；正如 Michael 在他的評論中將提到的，本季成長動能有所提升，讓我們對今年剩餘時間保持樂觀。我們現在已走過 2026 年的四分之一。我們仍然相信，現在是加入 First Bank 的絕佳時機。

Our strategic pillars of award-winning client experience, high associate engagement, operational efficiency, and elite financial performance are all working together to grow our franchise and position us for continued success.

我們的策略支柱——屢獲獎項的客戶體驗、高度的員工投入、營運效率，以及卓越的財務表現——正共同發揮作用，推動我們的特許經營版圖成長，並使我們具備持續成功的定位。

When you add that our geography. Is one of the best in the country, and our size is optimal to allow for both capacity and agility. We're optimistic about our path to creating shareholder value, both short-term and long-term.

再加上我們的地理位置是全國最優之一，而我們的規模也恰到好處，兼具產能與敏捷性。我們對創造股東價值的路徑保持樂觀，無論是短期或長期。

So before I turn the call over to Michael, I do want to acknowledge that like all of you, we're following the macro events of the times -- of our times closely.

在我把電話會議交給 Michael 之前，我也想先說明：和各位一樣，我們正密切關注當前的總體事件——我們這個時代的宏觀事件。

But most of these things like geopolitical conflicts. Technology disruptions, economic shocks, and interest rate volatility are things that we have to react to versus exercise control over.

但其中多數事項，例如地緣政治衝突、科技顛覆、經濟衝擊與利率波動，都是我們必須因應的，而非能夠加以掌控的。

What we do control is our position in preparation for a range of circumstances and risk scenarios with active and prudent management of our robust capital, robust liquidity, and our high reserve levels. We remain in a position of strength and believe that we have the ability to perform. Through the various economic cycles as they come.

我們能掌控的是：透過積極且審慎地管理我們充足的資本、充足的流動性，以及高水準的準備金，讓自身在面對各種情境與風險情境時都做好準備。我們仍處於強勢地位，並相信我們有能力在各種經濟循環到來時持續展現表現。

So, with that, I'll now turn the call over to our Chief Financial and Operating Officer, Michael Mettee, for some more color on the quarter.

那麼，接下來我把電話會議交給我們的財務長兼營運長 Michael Mettee，請他就本季表現提供更多說明。

Thank you, Chris, and good morning, everyone. I'll begin my comments this quarter with the balance sheet.

謝謝你，Chris，各位早安。我將以本季的資產負債表作為開場。

While we started the year at a slower pace than we originally anticipated, with annualized loan growth of approximately 4%, deposit growth around 5%. We are seeing momentum build across the business in the right areas.

雖然我們今年開局的步調較原先預期更慢，年化貸款成長約4%，存款成長約5%。我們正看到業務在正確的領域逐步累積動能。

Although these growth levels fell at the lower end of our internal expectations, the underlying activity and pipeline trends give us confidence that we are positioned to execute on the core fundamentals Chris outlined and drive improved results as the year progresses.

儘管這些成長水準落在我們內部預期的較低端，但基礎活動與案源管線的趨勢讓我們有信心：我們已就位，能夠落實Chris所概述的核心基本面，並隨著年度推進帶動更佳表現。

During the first quarter, we began to see a more intense wave of competitive pressure, particularly around pricing. While profitability will always remain central to our decision-making, we're focused on striking the appropriate balance between disciplined returns and sustainable growth.

在第一季期間，我們開始看到更為強烈的一波競爭壓力，尤其是在定價方面。雖然獲利能力始終是我們決策的核心，我們也專注於在嚴謹的報酬與可持續成長之間取得適當平衡。

Our strategy remains centered on building deep, long-term customer relationships that create enduring value for our shareholders. We will continue to be disciplined in acquiring new relationships and remain committed to protecting and strengthening our existing ones, always with a focus on delivering value to both our clients and shareholders.

我們的策略仍以建立深厚、長期的客戶關係為核心，為股東創造持久價值。我們將持續以紀律方式取得新關係，並致力於保護與強化既有關係，始終聚焦為客戶與股東同時創造價值。

The company has the size and scale to compete effectively and win attractive deals when it makes sense to do so. And do not hesitate to act aggressively in competitive situations when warranted.

公司具備足夠的規模與量體，能有效競爭，並在合理時機贏得具吸引力的交易。在需要時，也不會猶豫在競爭情境中採取更積極的行動。

Ultimately, our value proposition is not about being the low price provider. It's about delivering peer leading customer satisfaction through strong financial advice and trusted services. By keeping the client at the center of everything we do, we believe will be.

歸根結底，我們的價值主張並非成為最低價的提供者。而是透過強而有力的財務建議與值得信賴的服務，提供同業領先的客戶滿意度。藉由將客戶置於我們一切作為的中心，我們相信將能做到。

We will continue to drive improved profitability over time and create the same long-term value for our shareholders.

我們將持續隨時間推進提升獲利能力，並為股東創造同樣的長期價值。

On that front, March was our strongest month of the quarter with upper single-digit loan growth and meaningful expansion in our loan pipeline. As we move through the second quarter, we're seeing the momentum continue with a portion of that activity beginning to translate into on-balance sheet growth.

在這方面，3月是本季最強勁的月份，貸款成長達到高個位數，且我們的貸款案源管線也有顯著擴張。進入第二季後，我們看到動能延續，其中部分活動開始轉化為資產負債表內的成長。

We expect second-quarter balances to reflect continued improvement. With additional pipeline conversion extending into the third quarter and larger volumes building into the back half of the year.

我們預期第二季期末餘額將反映持續改善。此外，更多管線轉換將延伸至第三季，且更大的量能將在下半年逐步累積。

On a full-year basis, we continue to expect both loan and deposit growth in the mid to high-single-digit range, with growth increasingly weighted towards the second-half as momentum builds.

以全年來看，我們仍預期貸款與存款成長皆落在中至高個位數區間，且隨著動能建立，成長將愈來愈偏向下半年。

Turning to earnings for the quarter. Pre-provision net revenue totaled $77.2 million or $78.2 million on an adjusted basis compared to $71.1 million in the prior quarter and $77.1 million on an adjusted basis. Net income also improved quarter-over-quarter despite the shorter reporting period coming in at $57.5 million or $58.3 million on an adjusted basis.

接著談本季獲利。提列備抵前淨收益（PPNR）合計7,720萬美元；調整後為7,820萬美元，較前一季的7,110萬美元（調整後為7,710萬美元）增加。儘管本季報導期間較短，淨利仍較前一季改善，達5,750萬美元；調整後為5,830萬美元。

Our net interest margin for the quarter was 3.94%, representing a modest decline driven primarily by balance sheet mix and the full quarter impact of rate cuts implemented late in the fourth quarter. Total loan yields for the quarter was 6.51%, with yields on new production toward the end of the quarter running a bit closer to 6.6%. On the deposit side, total cost. Total cost declined at 2.27% while rates on new production were approximately 2.7% around quarter end.

本季淨利差為3.94%，小幅下滑，主要受資產負債表組合影響，以及第四季末實施降息的整季影響。本季整體貸款收益率為6.51%，而季末新承作的收益率略接近6.6%。在存款端，總成本。總成本降至2.27%，而季末新承作的利率約為2.7%。

Both loan and deposit yields were modestly lower than the prior quarter, reflecting benchmark rate cuts across the variable rate portions of our balance sheet. As we move deeper into 2026, we expect some additional pressure on margin as competitive dynamics remain elevated and we continue to pursue targeted growth opportunities in our market.

貸款與存款收益率皆較前一季略低，反映我們資產負債表中浮動利率部分隨基準利率下調而調整。隨著我們更深入進入2026年，在競爭態勢仍然偏高、且我們持續在市場中追求具針對性的成長機會之下，我們預期利差將面臨一些額外壓力。

Based on current conditions. We would expect full-year net interest margin, excluding loan accretion, to be in the range of 3.76% to 3.8%, representing a modest decline from our prior guidance.

基於目前狀況。我們預期全年淨利差（不含貸款溢折價攤銷/增值 accretion）將落在3.76%至3.8%區間，較先前指引小幅下修。

We would expect second-quarter margin to trend towards the lower end of that range before stabilizing as the year progresses.

我們預期第二季利差將朝該區間的較低端走勢，之後隨著年度推進而趨於穩定。

Finally, we would note that the interest rate environment remains uncertain, particularly around the timing and magnitude of future benchmark rate movements. As a slightly asset-sensitive balance sheet, changes in rates can be both favorable and unfavorable depending on the direction and speed of those moves.

最後，我們要指出利率環境仍具不確定性，特別是未來基準利率變動的時點與幅度。由於我們的資產負債表略偏資產敏感，利率變動可能帶來正面或負面影響，取決於變動方向與速度。

While our margin outlook assumes a continuation of current conditions, modest rate actions, either higher or lower than current levels, will impact some of the competitive and growth-related margin pressure we've outlined.

雖然我們的利差展望假設目前狀況延續，但利率若出現溫和調整（高於或低於目前水準），將影響我們所提及部分與競爭及成長相關的利差壓力。

We'll continue to actively manage the balance sheet and pricing strategy to position the company as effectively as possible across a range of potential scenarios.

我們將持續積極管理資產負債表與定價策略，以在各種可能情境下，盡可能有效地讓公司保持最佳定位。

Non-interest income declined $2.4 million during the quarter, primarily driven by lower secondary mortgage volume, as well as absence of several non-recurring items recognized in the prior quarter, including a higher BOLI benefit payout.

本季非利息收入減少240萬美元，主要因次級房貸量下降，以及前一季認列的數項一次性項目本季不再出現，包括較高的BOLI（銀行持有壽險）利益給付。

In addition, the quarter reflected fewer calendar days relative to the prior period, which modestly impacted overall fee generation, particularly within mortgage-related activity.

此外，相較前一期間，本季日曆天數較少，對整體手續費收入的產生造成小幅影響，尤其是在房貸相關活動上。

With mortgage, we saw a really strong start to the quarter and that flowed as the quarter progressed due to the increased interest rate volatility and heightened uncertainty in the housing market and really the world economy.

在房貸方面，我們在本季初有非常強勁的開局，但隨著本季推進，由於利率波動加劇、房市以及整體世界經濟不確定性升高，表現有所轉弱。

Shifting rate expectations and broader market dynamics impacted borrower sentiment and transaction activity, which weighed on production as rates moved throughout the quarter.

利率預期的變化與更廣泛的市場動態影響借款人情緒與交易活動，隨著利率在本季波動，進而壓抑了產出。

Mortgage revenue also tends to exhibit some seasonality with activity typically building as we move further into the year.

房貸收入也往往具有季節性，活動通常會隨著年度進一步推進而逐步增加。

On the expense side, first quarter non-interest expense totaled $95.2 million, representing an approximate 11% decline from the prior quarter, or roughly 7% on an adjusted basis.

在費用端，第一季非利息費用合計9,520萬美元，較前一季約下降11%，若以調整後基礎則約下降7%。

Personnel costs moderated as compensation-related accruals returned to a more normalized run rate, and merger and integration expenses declined as we completed the majority of costs associated with the southern states accommodation. We also saw quarter-over-quarter reductions across several other expense categories as the year reset and teams maintained strong expense discipline.

人員成本趨於緩和，因與薪酬相關的應計項目回到較正常的運行水準；而隨著我們完成與Southern States併購整合相關的大部分成本，併購與整合費用也下降。此外，隨著年度重置且團隊維持強勁的費用紀律，我們也看到其他多個費用類別較前一季下降。

As a result, our efficiency ratio for the quarter was 55.2% or 54.3% on an adjusted basis, driven in part by our banking segment, which delivered an adjusted efficiency ratio of 50.9%.

因此，本季效率比率為55.2%，調整後為54.3%；部分受惠於我們的銀行業務部門，其調整後效率比率為50.9%。

Looking ahead, we remain focused on disciplined expense management. With banking segment non-interest expense expected to range between $325 million and $335 million for the year, and a total company efficiency ratio anticipated to remain in the low 50% range.

展望未來，我們仍聚焦於有紀律的費用管理。預期銀行業務部門全年非利息費用將介於3.25億至3.35億美元之間，而全公司效率比率預計將維持在50%出頭的區間。

Turning to credit, our provision expense for the quarter totaled approximately $3 million, with our allowance coverage ratio ending the period at 1.49% of loans held for investment. Net charge-offs were modest at an annualized rate of 11 basis points, which was a slight uptick for us, but were driven by a small number of isolated bar-specific situations rather than any deterioration tied to broader economic stress.

接著談信用，本季提列備抵費用約300萬美元，期末備抵覆蓋率為投資持有貸款的1.49%。淨沖銷金額不大，年化為11個基點，對我們而言略有上升，但主要由少數孤立、特定借款人情況所致，而非與更廣泛的經濟壓力相關的惡化。

In evaluating the allowance for the quarter, we gave additional consideration to potential macroeconomic events stemming from the conflict in the Middle East. We reviewed the most relevant economic forecast, assessed our portfolio for direct exposure to the recent increase in energy prices.

在評估本季備抵時，我們也額外考量中東衝突可能引發的總體經濟事件。我們檢視了最相關的經濟預測，並評估我們的投資組合對近期能源價格上升的直接曝險。

While it remains early to fully understand the broader downstream impact of operating companies, our analysis focused on a limited set of industries most sensitive to near-term energy price shocks. Our exposure to those sectors remains minimal, and we believe our reserve levels are appropriate given the current risk profile of the portfolio.

雖然目前仍屬早期，尚難完全掌握對營運企業更廣泛的後續影響，我們的分析聚焦於一小部分對短期能源價格衝擊最敏感的產業。我們對這些產業的曝險仍然很低，且我們認為在目前投資組合風險輪廓下，我們的備抵水準是適當的。

With respect to capital, we continue to be in a very strong position, supported by solid capital ratios and a robust liquidity profile that provide meaningful flexibility. During the quarter, we were optimistic in repurchasing shares amid purchases of periods of market volatility, and we remain well-positioned to deploy capital thoughtfully as opportunities present themselves.

就資本而言，我們仍然處於非常強勁的狀態，穩健的資本比率與強健的流動性結構提供了實質的彈性支撐。本季期間，我們在市場波動的時段進行了股票回購，對此我們抱持樂觀態度；同時，隨著機會出現，我們仍具備良好條件以審慎方式運用資本。

Our capital ratios continue to reflect that strength with a common equity tier 1 ratio of 11.5%, a tier 1 leverage ratio of 10.4%, and total risk-based capital of 13.4%. This strong capital foundation allows us to remain flexible in supporting organic growth, pursuing strategic opportunities, and returning capital to shareholders where appropriate.

我們的資本比率持續反映這項強勢：普通股權第一類資本比率（CET1）為11.5%，第一類槓桿比率為10.4%，總風險基礎資本比率為13.4%。這個強健的資本基礎，使我們能在支持內生成長、追求策略性機會，以及在適當情況下回饋股東資本方面，保持彈性。

In closing, I want to echo Chris's congratulations to our team on earning the J.D. Power recognition. This award is a direct reflection of our associates' commitment to our core values and the strength of our franchise, and it reinforces our focus on delivering consistent value to our customers, shareholders, and communities.

最後，我想呼應Chris對我們團隊獲得J.D. Power肯定的祝賀。這項獎項直接反映了我們同仁對核心價值的承諾以及我們特許經營體系的實力，也進一步強化我們專注於為客戶、股東與社區持續創造一致價值的目標。

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

接下來，我把電話交回給Chris。

All right. Thanks for the call, Michael. Thanks again to everyone joining the call this morning for your interest in FB Financial. And operator, at this time, we'd like to open the line for questions.

好的。Michael，謝謝你的說明。也再次感謝今天早上加入電話會議、關注FB Financial的各位。接線員，現在我們想開放提問。

(Operator Instructions) Dave Rochester, Cantor.

(接線員指示) Dave Rochester，Cantor。

Hey, good morning, guys, and congrats on the award that sounded very impressive. Good morning, Dave.

嘿，各位早安，也恭喜你們得獎，聽起來非常令人印象深刻。早安，Dave。

Thanks very much.

非常感謝。

And Michael, just your comments on the March momentum on loan growth and then the guide for the year sounded positive, but it sounds like you're also expecting those competitive pressures to continue. I was wondering where you're seeing the bulk of those pressures coming from. Is it larger banks, smaller banks? Is there any variance by market that's noticeable? And are you assuming more elevated paydown activity to continue as well? And I guess you'll just originate more to offset that to get to that mid to high single-digit range. Any thoughts there would be great.

Michael，想請你談談3月貸款成長的動能；另外，你們對全年指引聽起來偏正向，但也似乎預期競爭壓力會持續。我想了解你們看到這些壓力主要來自哪裡。是大型銀行、還是小型銀行？不同市場之間是否有明顯差異？以及你們是否也假設較高的提前償還（paydown）活動會持續？我想你們可能會透過更多承作來抵消，進而達到中到高個位數的區間。若能分享一些看法將非常感謝。

Good morning, Dave. Some of the optimism, right, as the pipeline continues to build, and you can see the kind of the closing dates in sight for a lot of those deals. I would say on the loan side, competitive pressure is generally larger institutions. We're seeing it really across the Board. Nashville is obviously pretty competitive, but we're seeing it in a lot of our large metro markets. So whether that's Birmingham, Huntsville, Knoxville. Memphis. We saw some large payoffs in Memphis where competition took us out on some deals this quarter. So it really is across the board. On the deposit side, I would actually say it's both large and smaller.

早安，Dave。我們之所以較為樂觀，是因為案源管線持續累積，而且你也能看到許多交易的結案日期已逐漸明朗。我會說在貸款端，競爭壓力通常來自較大型的機構。我們幾乎在各方面都看得到。Nashville當然競爭非常激烈，但我們在許多大型都會市場也都看得到。不論是Birmingham、Huntsville、Knoxville。Memphis也是。本季在Memphis我們看到一些大型清償案，競爭對手在部分交易上把我們擠出局。所以確實是全面性的。至於存款端，我反而會說大型與小型機構都有。

We see community banks that have gotten really aggressive, specifically in the kind of 12-month CD space, but even interest checking. Rates that will make you blush a little bit. And then for the larger institutions, we're seeing money market rates well above four from regional banks that actually we haven't seen advertise and market in quite a while. So I'd say it's coming from both sides. The optimism is the team has put in the work, has been working with our clients, both our existing clients and new prospects. There's a lot of.

我們看到社區銀行變得非常積極，特別是在約12個月期定存（CD）產品上，甚至連計息支票也是。利率高到會讓你有點臉紅。而在大型機構方面，我們看到一些區域銀行的貨幣市場利率遠高於4%，而這些銀行其實已經好一陣子沒有這麼大力宣傳與行銷了。所以我會說兩邊都有。我們樂觀的原因在於團隊做了大量工作，持續與客戶互動，包含既有客戶與新潛在客戶。有很多的。

Kind of economic excitement, even with everything going on in the world, people are pretty positive about the economic environment. And so deal flow is happening. And I would say that's across the company, whether that's in our communities of 7,000 people or our metros of, 4 million people.

某種經濟上的興奮感；即便世界上發生了這麼多事情，人們對經濟環境仍相當正面。因此交易流量正在發生。我會說這在全公司都很普遍，不論是在我們人口7,000人的社區，或是人口400萬人的都會區。

And Dave, you mentioned paydowns and we've seen some of those both. Second-half of last year and end of this year, and do we think that will continue? We do. There will be some of that. Michael mentioned a couple of payoffs. We'll continue to see some of those.

Dave，你提到提前償還（paydowns），我們在去年下半年以及今年年底前也都看到一些。我們認為這種情況會持續嗎？我們認為會。會有一部分這樣的情況。Michael提到幾筆清償。我們仍會持續看到一些。

But, it's okay when we know about them, it's the unexpected ones that get you. And so we do expect to continue to see those. But as you heard kind of where the pipeline is and what things look like, we're considering that. That in our -- as we're talking about net growth.

不過，當我們事先知道時就還好，真正讓人措手不及的是那些出乎意料的。因此我們確實預期仍會持續看到這些。但如你所聽到的，從管線位置與目前情況來看，我們已將這些因素納入考量。也就是在我們——在談論淨成長時。

Okay, great. That's a great call, guys. Appreciate that. And maybe just one more. Just on the talent pipeline, obviously, a lot of disruption in the market. You guys have talked about this before. Seems like a good opportunity, but, of course, everybody's trying to retain their people. Can you just give us an update on what you're seeing there, the dynamics of conversations that are going on right now and what. How confident are you guys that you might be able to pick up some value add there over the rest of the year? Thanks.

好的，很棒。各位這通電話會議很精彩。感謝分享。也許再問最後一個。關於人才管線，市場上顯然有很多動盪。你們之前也談過這點。看起來是個不錯的機會，但當然每家公司都在努力留才。能否請你們更新一下目前看到的情況、現在正在進行的對話動態，以及。你們對於今年剩餘時間能否招募到一些能帶來附加價值的人才，有多大信心？謝謝。

Yeah, it's a daily topic here, Dave, right, is kind of offense and defense with regard to talent. And so I'd say conversations have heated up. I mean, we added, let's say, 15 revenue producers in the first quarter.

是的，Dave，這裡每天都在談這個議題，也就是在人才方面的進攻與防守。所以我會說對話確實升溫了。我的意思是，我們在第一季新增了大約15位營收創造者。

Yeah, we also lost a couple. And some of that is people going to other institutions and some of it's retirements, things like that. But yeah, these are really waterfall events. It's not necessarily who you think is acquiring your talent, but when one person moves, it opens up a door for someone else. And so you're constantly trying to keep your key players in your key markets. And that's both large and small too. I think a lot of it.

是的，我們也流失了幾位。其中一部分是轉到其他機構，另一部分是退休之類的因素。不過沒錯，這些往往是連鎖效應。不一定是你以為會挖走你人才的那家在挖，但當一個人移動，就會為另一個人打開一扇門。因此你必須不斷努力，把關鍵市場的關鍵人才留住。而這同樣也發生在大型與小型機構之間。我認為很多時候。

People equate to, I'll call it Nashville or like a Huntsville, but it's happening across the board, in places like Jackson, Tennessee, Birmingham, Atlanta. So I feel good about the conversations. We're hot and heavy on a lot of recruiting. It's more important to me that we have the right people that fit our culture.

大家會把它等同於，我稱之為Nashville或像Huntsville這類市場，但其實是全面發生的，在像Jackson（田納西州）、Birmingham、Atlanta等地也是如此。所以我對這些對話感覺良好。我們在許多招募上正積極推進。對我來說，更重要的是我們找到符合我們文化的對的人。

And our business opportunities versus putting numbers on a page, even though I just quoted 15, it's much more important that those are the right people.

以及符合我們的業務機會，而不是只是在紙上填數字；儘管我剛剛提到15位，但更重要的是那些人必須是對的人。

And so that's where we continue to be focused, and we think we'll get more than our fair share of those right people as we move forward.

因此我們會持續聚焦在這點上，也相信隨著我們往前推進，我們會招募到超過我們應得份額的那些合適人才。

On a net basis, that sounds really positive in terms of the ads that you just brought in the first quarter. Just curious, what areas. Are they in? Are they primarily loan producers, deposit guys? Is it commercial? Where are you seeing those ads?

以淨額來看，第一季你們新增的人才數量聽起來相當正面。我只是好奇，他們主要在哪些領域？是在哪些部門？主要是貸款開發人員、存款端的人員？是商業金融嗎？你們主要在哪裡看到這些新增？

Yeah, so one point of clarity when I'm recruiting, I expect all our bankers to be bankers, loans and deposits. So generally not bringing in just loan people, sometimes bring in just deposit people, but even though those are equipped to take care of their clients.

是的，所以在我招募時，有一點需要釐清：我希望我們所有的銀行家都是真正的銀行家，同時做放款與存款。所以一般不會只找純放款的人；有時會只找存款的人，但即便如此，那些人也具備照顧其客戶的能力。

It's eight or so relationship managers, couple of mortgage people and a couple of people that are focused really on consumer and small business relationship development. So, and we do have a couple of, I guess, loan-heavy businesses, right? So, yeah, it's positive. And we think we can continue the momentum.

大概有八位左右的客戶關係經理、幾位房貸人員，以及幾位主要專注於消費金融與小型企業關係開發的人員。所以，而且我們確實也有幾個，我想算是放款比重較高的業務，對吧？所以，是的，這是正面的。而且我們認為可以延續這股動能。

Yeah, David, and I think that, it's always, I think, a topic. And it's a little like the customer service topic I talked about. It's important. One thing I would say about this one, it's kind of hard to get relative measures on talent because folks look at it differently. And for us, it's become something that we know that folks want to try to get their arms around, but it's not really a key performance metric for us in terms of we don't have a goal where we say we're going to hire this many this quarter, this many the next quarter.

是的，David，我想這一直都是一個話題。而且有點像我提到的客戶服務議題。這很重要。關於這點我想說的是，要取得人才的相對衡量其實有點難，因為每個人看法不同。對我們而言，這已成為大家想要掌握的事情，但就我們來說，它並不是關鍵績效指標；我們不會設定目標說這一季要招多少人、下一季要招多少人。

We're looking for the right people at the right time. And there is a lot of movement. The one thing I would say is probably more movement and more recruiting going on, particularly in our metropolitan markets, but Michael said it, even in some of our smaller markets than we've seen across the board. And typically, you see people going from smaller banks to larger banks, but we're seeing. Some larger banks, some much larger than we are that are coming in and recruiting talent from banks even smaller than we are. And so it's just, I think it's an interesting time.

我們是在對的時間找對的人。而且人員流動很多。我想說的一點是，整體來看，流動與招募活動可能比我們以往看到的都更頻繁，尤其是在我們的都會市場；但如 Michael 所說，即使在一些較小的市場也是如此。通常你會看到人從小型銀行跳到大型銀行，但我們現在看到的是——一些大型銀行，甚至比我們大很多的銀行，正在進來，從比我們還小的銀行挖角人才。所以我覺得這是一個很有意思的時期。

But again, Michael said it, you have to play offense and defense all the time. And defense is best played by making sure you've got a great place to work, making sure you've got engaged. Folks and making sure that you're taking good care of them. And that's as important as anything. So that's how we do it.

但再說一次，如 Michael 所說，你必須隨時同時打進攻與防守。而最好的防守，就是確保你是一個很棒的工作場所，確保你有投入的同仁，並確保你把他們照顧好。這跟任何事情一樣重要。所以我們就是這樣做的。

Russell Gunther, Stephens.

Russell Gunther，Stephens。

I wanted to ask on the expense side of things, so really strong first quarter results. But you guys have reiterated the banking segment expense guide for the year. So just be helpful to get some color in terms of what's driving that sort of pickup over the course of the year.

我想問一下費用端的情況，第一季的結果非常強勁。但你們重申了今年銀行業務部門的費用指引。所以如果能補充一些背景，說明今年接下來費用上升的驅動因素，會很有幫助。

Yeah, I mean, there's a dose of expectation around performance picking up, which, obviously impacts we're a performance-based company when it comes to compensation. And so we want to expect peer-leading returns and so that drives that number a little bit higher as we look out over the year and some of that will come with growth there, Russell.

是的，我的意思是，部分是因為我們預期績效會提升，而這當然會影響——我們在薪酬方面是一家以績效為基礎的公司。因此我們希望達到同業領先的報酬率，這使得我們在展望全年時，那個數字會稍微高一些；其中一部分也會隨著成長而來，Russell。

There's not any. Expectations of the huge like technology investments or anything like that. So it's more just maintaining our run rate expectations and performance-based comp type stuff moving higher throughout the year.

並沒有任何像是大規模科技投資之類的預期。所以更多只是維持我們對既有費用水準（run rate）的預期，以及以績效為基礎的薪酬類項目在全年逐步走高。

Just an adjacent follow-up. So I'm curious, deal synergies were fully realized this quarter. In aggregate, did they come in in line with what you were expecting or maybe better than modeled? And then bigger picture, what's a good kind of core expense growth rate or range to think about for FBK?

再追問一個相關問題。我很好奇，交易協同效益在本季已完全實現。整體而言，結果是否符合你們原先預期，或是比模型假設更好？另外從更宏觀的角度，對 FBK 來說，合理的核心費用成長率或區間應該怎麼看？

Yeah. Actually, I would say from a combination perspective. We landed pretty much right on top of our deal expense number, maybe plus or minus $100,000 or $200,000 or so.

是的。其實我會說，從合併的角度來看，我們幾乎正好落在交易費用的目標數字上，大概上下差 $100,000 或 $200,000 左右。

It was really close, except I thought it was just a shade. As Michael said, the difference is really immaterial because it's like in the, on a fairly large number, it's down less than a million bucks. And I actually think it may be just a hair under, but it's right on the number.

非常接近，只是我覺得稍微——如 Michael 所說，差異其實無關緊要，因為在一個相當大的基數上，差距不到一百萬美元。而且我其實覺得可能還略低一點，但基本上就是在那個數字上。

Yeah, and I'd say for. And we haven't done a real merger in, five years. So it's good to kind of get set off and resharpen the knife a little bit. So, yeah, we're around expectations. I think the proof, right, Russell is getting to that kind of 50% range by year end as we continue. To efficiency ratio to your end as we get to the combined company, make sure the revenue engine is still going, which is really important. When you say synergy, I think about revenue as well in maintaining our ability to grow in our legacy Southern states markets. So, yeah, I think we're in a good spot there. And then I'd say, 4% to 5% kind of core expense growth as you look forward, if I think about '27, which is a long ways away.

是的，我會說——而且我們已經五年沒有做過真正的併購了。所以能重新上手、把刀再磨利一點也不錯。所以，是的，我們大致符合預期。我想證明點在於，Russell，到年底我們能否如我們持續推進那樣，把效率比率拉到大約 50% 的區間。在我們走向合併後的公司時，確保營收引擎仍在運轉，這非常重要。當你說協同效益時，我也會想到營收面，以及維持我們在傳統南方州市場的成長能力。所以，是的，我覺得我們目前處在不錯的位置。另外我會說，往前看，核心費用成長大概 4% 到 5%，如果我想到 2027 年的話——那還很久。

But that would not include, back to Dave's question, talent acquisition and opportunities to really add teams and scale. But we'll maintain our expense discipline as we kind of look forward.

但這不包含——回到 Dave 的問題——人才招募，以及真正增加團隊與擴大規模的機會。不過我們在往前看時，仍會維持費用紀律。

Got it. Okay, thank you. And then just last question for me would be circling back to the loan growth side of things, the mid versus high single-digits. What are the largest drivers that would get you to the high end versus the low end?

了解。好的，謝謝。那我最後一個問題是回到放款成長這一塊，中段到高個位數。哪些最大的驅動因素會讓你們落在高端而不是低端？

Yeah, I mean, some of it's just the time of the quarter, I guess. But if you think about the year, we have -- it is a competitive environment. And so. People step in, other companies step in, and sometimes we'll get really aggressive and some customers are more price sensitive than others. And so you can see large deals move one way or the other.

是的，我的意思是，有一部分可能只是季度時間點的因素。但如果你看全年，我們——這是一個競爭激烈的環境。所以——有人會介入、其他公司也會介入；有時我們會變得非常積極，而有些客戶比其他客戶更在意價格。因此你會看到大型案子可能往某一邊或另一邊移動。

But our pipeline, when I look at it on confidence interval, and so we're pretty confident about where we are, but you could see some payoffs come in, like Chris said, the unexpected ones. What you hope doesn't happen. If you're really servicing your clients, you should know, but sometimes we're all surprised.

但當我用信賴區間來看我們的案源（pipeline）時，我們對目前的位置相當有信心；不過你也可能會看到一些提前清償（payoffs）發生，就像 Chris 說的，那些意料之外的。那是你希望不要發生的。如果你真的有在服務客戶，你應該會知道，但有時我們都會被嚇一跳。

Yeah, the other thing I would say, Russell, it goes a little bit like we talked about on the people side in that as people, as bankers move, that also makes customers more vulnerable. To move it to changing magnets. And so as I think about one of the generally, we're looking at as we're rolling forward, we're looking at what we have, customers that we have and things that we know are in a pipeline.

是的，Russell，我還想補充一點，這有點像我們在人員那邊談到的：當人、當銀行家流動時，也會讓客戶更容易受到影響，進而轉向、改變吸引他們的「磁鐵」。所以當我在思考我們一般在往前推進時，我們會看我們手上已有的客戶，以及我們知道在案源管道中的事項。

So part of the optimism is we also are having more and more conversations. With really solid customers that have big balance of both in loans and deposits that are in play. And so you certainly don't bet 1,000 on those by a long shot. But the more at bat you get, the more hits you get. And so we're getting more and more at bats. And so there's some optimism around that as we get into -- because we're having a lot of those conversations now. And as you get in -- you think some of those are going to hit as you get later into the year and as you get into next year, that seems to be picking up momentum.

所以樂觀的一部分原因是，我們也正在進行越來越多的對話，對象是非常優質、而且在放款與存款兩端都有很大餘額、正在被爭取中的客戶。當然你絕對不會對這些案子下注 100%——差得遠。但你上場打擊的次數越多，安打就越多。所以我們獲得越來越多的打席。因此，隨著我們進入——因為我們現在正在進行很多這類對話——這讓我們有一些樂觀。而且當你進入——你會覺得其中一些會在今年後段、以及明年逐步落地，這股動能看起來正在加速。

Stephen Scouten, Piper Sandler.

Stephen Scouten，Piper Sandler。

I guess one other kind of maybe point of clarification on loan growth. Could you give us a feel for kind of. Maybe the cadence of growth. I mean, obviously, you said the pipelines and growth picked up in the back of the quarter, but still a little bit below your expectations. So was the cadence just that things started off a little slower? Did you see any sort of demand pullback with all the macro and the geopolitical events? And then you talked about payoffs, but kind of do you have any sort of numbers there in terms of quarter-over-quarter payoffs or year-over-year that if that was part of the driver for the slightly slower-than-expected growth maybe?

我想另外還有一點，可能是關於貸款成長的釐清。你能不能讓我們大概了解一下。也許成長的節奏。我的意思是，顯然你提到管線和成長在本季後段有所回升，但仍略低於你們的預期。所以這個節奏是不是一開始就比較慢一些？在宏觀環境與地緣政治事件之下，你們有看到任何需求回落嗎？另外你也談到提前清償（payoffs），但你們是否有任何數字，例如季對季或年對年的提前清償金額；如果那是造成成長略低於預期的原因之一的話？

Yeah, on cadence, I don't know that I would -- I think I'd describe things as fairly steady and normal with the exception of a few big balance things.

是的，關於節奏，我不確定我會不會——我想我會把情況描述為相當穩定且正常，除了少數幾筆大額餘額的案子之外。

We did have a couple of payoffs that were just big balance things, but we've talked about that before and we anticipated some of that.

我們確實有幾筆提前清償是屬於大額餘額的案子，但我們之前談過，也預期會有一部分這樣的情況。

Other things, you do see a little bit of push down the calendar, if you will, or push forward some, maybe that's related to just. Some uncertainty, but I wouldn't say that's a material event. I would just say that as we have continued to do what we do, make changes here, make changes there.

其他方面，你確實會看到一些案子在時間上稍微往後推，或者有些往前推，若你願意這麼說的話；也許這跟。某些不確定性有關，但我不會說那是重大的事件。我只會說，隨著我們持續做我們在做的事，這裡調整一點、那裡調整一點。

Remember, we had the disruption second-half of last year of integrating. First Bank in southern states, and that does create a little bit of distraction. And so, as you really get back on a good cadence, you can use your word there, you just begin to see the momentum pick up. And so, I wouldn't say there's anything unusual about it.

記得我們去年下半年在整合。南部各州的 First Bank 時有一些干擾，而那確實會造成一些分心。因此，當你真正回到良好的節奏——用你的說法——你就會開始看到動能回升。所以，我不會說有任何不尋常之處。

Rather than you can see things bump a little bit maybe related to. I'll call it economic uncertainty, but again, I wouldn't read too much into that. Those tend to be small bumps, not big bumps, like I said. But if it bumps, it could bump 30 days, but that could move it between quarters.

而不是說你會看到一些小幅波動，可能與。我稱之為經濟不確定性有關，但同樣地，我不會過度解讀。那些通常是小波動，不是大波動，如我所說。但如果有波動，可能會延後 30 天，這就可能讓它跨到不同季度。

And so we do see that, but we see that every quarter.

所以我們確實會看到這種情況，但每一季都會看到。

Yeah, and I'd say for Path, we did -- timing wise, that's a -- you're sitting here in January as you're saying about us. Really tough start to the year here coming off.

是的，而且我會說就 Path 而言，我們確實——就時點來看，那是——你現在在一月，正如你在談我們時所說的。今年一開始真的很艱難，因為剛從上一段時間接續過來。

At the end of January, you look at it and go, wow, it's done Gilbert.

到了一月底，你看著它會想，哇，這事就這麼結束了，Gilbert。

Yeah, I mean, especially coming off what I'd say were elevated payoffs in December. I mean, we're running $600 million or so in payoffs and amortization a quarter, Stephen. And so then you got -- you also have people paying down lines and then you got new lines being extended and paying up. So it's a little bit of a moving target.

是的，我的意思是，尤其是在我所說的 12 月提前清償偏高之後。Stephen，我們每季大概有 6 億美元左右的提前清償與攤還。然後你還有——也有人在償還額度（lines），同時又有新的額度被核發並動用。所以這有點像是移動的目標。

But that kind of that $500 million to $600 million range is where I expect payoffs and paydowns to occur kind of on a quarterly basis, which means you've got to be growing at $600 million, $700 million to get to that mid to high single-digit plus increases in lines and things of that nature. So it was -- I mean, the first quarter was a bit elevated.

但大概 5 億到 6 億美元這個區間，是我預期每季提前清償與償還會發生的水準；這意味著你必須成長 6 億、7 億美元，才能達到中到高個位數以上的增長，還要加上額度增加與這類事情。所以——我的意思是，第一季確實偏高一些。

But not so much over the fourth quarter because the fourth quarter is also elevated.

但相較第四季並沒有高出太多，因為第四季也偏高。

Okay, really helpful. I appreciate that. And then on the updated NIM guidance, only a couple basis points below kind of where you were previously. Just kind of wondering what, if any, rate cuts do you have built into that guidance and kind of -- I know you said maybe not an overly material change one way or the other, but would expect if we didn't get cuts maybe. That could lead you to the higher end of the range? And then the reason kind of for the decline, would that be just increase in deposit pricing pressure? Is that the biggest delta maybe quarter over quarter?

好的，非常有幫助。感謝。接著關於更新後的 NIM 指引，只比你們先前的水準低了幾個基點。想請教在那個指引中，你們納入了哪些（如果有的話）降息假設——我知道你說可能不算是很重大的變動，但如果我們沒有降息，也許。那會讓你們落在區間的高端？另外，下降的原因會不會只是存款定價壓力增加？那是不是季對季最大的差異來源？

Yeah, you nailed it. So we have a rate cut in our NIM guidance. And that's what we had when we talked about the full year in January. So. Yeah, and like you said, I mean, it's basically a basis point or two lower, so I would call that pretty stable.

是的，你說中了。所以我們在 NIM 指引中有納入一次降息。而這也是我們一月談全年展望時的假設。所以。是的，而且如你所說，基本上只低了一到兩個基點，所以我會稱之為相當穩定。

So, the reality is rates are, if you look at the forward curve, most would say it's probably a market would say it's probably rates up at this point, right?

所以，現實是利率如果你看遠期曲線，多數人會說市場現在大概是在預期利率上升，對吧？

We're slightly asset sensitive, it's probably worth kind of three to four basis points in margin, but then if I think about. What you just said, deposit pressure and center loans, you kind of get back to the same place.

我們的資產敏感度略偏正，這大概對利差有 3 到 4 個基點的影響；但接著如果我再想想。你剛剛提到的存款壓力與中心（center）貸款，你又會回到差不多同樣的位置。

So there's probably a little bit of upside in flat to up rate scenario. I would say any what I'll call stair-step rate movement, either direction is manageable. It's the elevator is up and down, which really create a lot of volatility in your margins. So the team will be able to manage through either way.

所以在利率持平到上升的情境下，可能會有一點上行空間。我會說任何我所稱的「階梯式」利率變動，不論方向，都可控。真正會讓利差大幅波動的是那種「電梯式」上上下下的變動。所以團隊不管哪種情況都能管理得過去。

But we certainly prefer that stair step. And Chris says to our team all the time, it will never get easier than today to get deposits. And so, we expect that that to continue to be challenging in the rate environment. Now, you've got, treasuries are attractive, again, with where rates are. And so, that's a competitive pressure outside of the banking system.

但我們當然更偏好那種階梯式。而且 Chris 常常對團隊說，取得存款永遠不會比今天更容易。所以我們預期在目前的利率環境下，這仍會是個挑戰。另外，公債在目前利率水準下又變得有吸引力。因此，這也形成了銀行體系之外的競爭壓力。

As well as customers need to or companies need to fund loan growth and economic expansion. So it's a competitive market. It always is, but it's been a little bit more fierce as we turn the calendar.

同時，客戶或企業也需要為貸款成長與經濟擴張提供資金。所以這是一個競爭激烈的市場。一直都是，但在跨年之後變得更為激烈一些。

Got it. Makes sense. And maybe just one housekeeping question, just on the tax rate, anything to note there? It looks maybe slightly elevated relative to the past this quarter.

了解。有道理。另外一個例行問題，關於稅率，有什麼需要注意的嗎？看起來本季相較過去可能略高一些。

Probably in this kind of [20 to 22] range is your normal operating environment. We had some franchise tax that -- an excise tax that's kind of local state related that picked up this quarter. And so that drove the higher number. And so, there's community opportunities where we can invest in our communities that can move that number around a bit. And so we do those when. When the deals make sense. And so you can see that move around, and that's what you saw late last year. But we're pretty normal range here, maybe slightly lower on a go-forward basis.

大概在這種 [20 到 22] 的區間是你正常的營運環境。我們本季有一些特許經營稅——一種地方州相關的消費稅（excise tax）有所增加。所以推高了這個數字。另外也有一些社區機會，我們可以投資在社區，這會讓那個數字有些波動。所以我們會在。交易合理時去做。因此你會看到它有所變動，而你在去年底就看到了。但我們目前大致在正常區間，往後看可能會略低一些。

[Brett Rabatin, Stonex].

[Brett Rabatin，Stonex]。

Wanted to start off with just a strategy question, and you guys are now $16.5 billion in assets headed to $20 billion, I would guess, over the next couple of years organically. And I know when you think about First Bank, it's very community bank oriented. And so I wanted just to get. An idea, one, from a philosophy perspective, would you guys start to think about specialized lines of business, equipment finance, those kinds of things that might further drive the loan pipeline? And then just secondly, you guys didn't talk about the First Bank way. I wanted to see where you guys were in your evolution of that and just if there's anything left that you guys were trying to do in terms of the franchise and how you do business.

我想先從一個策略問題開始。你們目前資產規模是165億美元，依我推測，未來幾年在自然成長下會走向200億美元。我知道談到 First Bank 時，大家會覺得它非常偏向社區銀行導向。所以我想了解一下。第一，從理念角度，你們是否會開始思考發展一些專業化的業務線，例如設備融資之類，來進一步推動放款管線？第二，你們沒有談到「First Bank way」。我想看看你們在這方面的演進進度如何，以及在特許經營（franchise）與你們的營運方式上，是否還有任何你們想要完成的事情。

Yeah, Brett. So, I mean, you may have been -- I'm afraid maybe one of our conference rooms is bugged. You're hitting on some topics that have been heavy topics over the last two months. And so let me see if I can just kind of run down and talk about some of those. We are -- you label us as community bank oriented, which I would.

是的，Brett。所以，我是說，你可能——我擔心我們某間會議室可能被裝了竊聽器。你提到的幾個主題，正是過去兩個月我們反覆討論的重點。我看看能不能把其中一些重點梳理一下來談。我們——你把我們定位為社區銀行導向，我會。

Give a strong indication that that continues, yeah, a strong message that that continues and that will continue. We think you heard us start off by talking about what our customers think about that. And that was JD Power, but if you look at Greenwich information, that's very strong as well. And so we. We think we have a formula there and sort of a special sauce and how we run in our community orientation is really a key ingredient there, not the only ingredient, but it's a key ingredient, so we'll continue that as we scale and so we spend a lot of time, I talked about spend a lot of time.

我會很明確地表示，這一點會持續，是的，這會是一個強烈訊息：會持續，而且將會持續。我想你們也聽到我們一開始就談到客戶對此的看法。那是 JD Power 的結果，但如果你看 Greenwich 的資料，也同樣非常強。所以我們。我們認為我們在這裡有一套公式，某種「獨門配方」。我們的社區導向經營方式確實是其中一個關鍵成分——不是唯一成分，但它是關鍵成分——因此我們在擴大規模時也會延續這點。我們花了很多時間，我剛才也提到花了很多時間。

Strategizing in the last 60 days, but part of that strategy is how do we maintain that as we scale the company. And so that's really important to us, and you're going to continue to see that.

在過去60天做策略規劃，但策略的一部分就是：當公司規模擴大時，我們要如何維持這種特質。所以這對我們非常重要，你們也會持續看到這一點。

You also mentioned specialized lines of business.

你也提到了專業化的業務線。

So part of what we're working through is how do we add some specialized lines of business. We have some today, MH, manufactured housing being one, for instance, that we excel at. How do we continue to add some other lines of business like that and continue that community bank orientation, okay? And so that's an important part of the strategy. And then what you labeled as FBOA, sometimes we'll talk about our -- internally, we'll talk about our customer-centric business model. And that -- those two overlap and can even be used interchangeably sometimes. But again, heavy focus on that very thing and we will continue to do that in -- because that's just making us better. And again, we look -- literally yesterday, we sat around the conference room, we're talking about where we rank in customer service and one of our goals for our executive team to hit our.

所以我們正在推進的一部分工作，就是如何新增一些專業化的業務線。我們目前已經有一些，例如 MH（組合式住宅／預製住宅，manufactured housing）就是其中之一，而且我們在這方面做得很出色。我們要如何持續新增其他類似的業務線，同時維持社區銀行導向，好嗎？因此這是策略中很重要的一環。另外，你提到的 FBOA，我們有時候會談到——在內部我們會稱之為以客戶為中心的商業模式。而這兩者是重疊的，有時甚至可以互換使用。但同樣地，我們非常聚焦在這件事上，而且我們會持續做下去——因為這只會讓我們變得更好。再者，我們——就在昨天，我們真的坐在會議室裡，討論我們在客戶服務上的排名，而我們高階主管團隊今年的目標之一，要達成我們的。

Objectives for the year, we have to increase that score. Even though we're number one, we have to increase that score by a certain percentage. And so that is a continuous process for us on how we basically keep that community bank orientation and continue to scale the company. So that's critical to us. And I'll give you another line of business that we've added in the last 90 days.

年度目標，就必須把那個分數再提高。即使我們是第一名，我們也必須把那個分數提高到某個百分比。所以對我們而言，這是一個持續的流程：我們如何基本上維持社區銀行導向，同時持續擴大公司規模。所以這對我們至關重要。我再給你一個我們在過去90天新增的業務線例子。

Is the SBA line, okay. We haven't had that as a line in the company. We've got, we've dabbled, we've got just a few small SBA things out there that we had before this, but that's now a line where we have an all-star that heads that, Lane Rhodes, who joined us. And so we are.

就是 SBA 業務線，好嗎。我們過去在公司裡並沒有把它當作一條正式的業務線。我們有涉獵過，也有一些零星的小型 SBA 案子在外面，在此之前就有，但現在它成為一條正式業務線，我們有一位明星級的人才來負責——Lane Rhodes，他已加入我們。所以我們正在。

And so that's another example. So you're going to see exactly what you described, where we continue that orientation, but we do continue to grow certain lines and some certain verticals.

所以這是另一個例子。因此你會看到你所描述的情況：我們會延續那種導向，但同時也會持續成長某些業務線與特定垂直領域。

Okay, that's helpful. And then the other question I wanted to ask was just around, there's an obvious expectation that there's going to be some market disruption, in the southeast with some of the recent transactions.

好的，這很有幫助。另外一個我想問的是，顯然市場預期東南部會因近期一些交易而出現某種市場擾動。

Would you guys view -- Chris, would you view M&A as too distracting from here? I've had some color from some banks saying that they're just, they think, focusing organically and looking to take advantage of maybe some of the other acquisitions that have happened here recently, is a bigger opportunity. Just wanted to see if your philosophy had changed much, if any, around M&A and potential opportunities, particularly in maybe newer markets like North Carolina, et cetera?

你們會不會認為——Chris，你會不會認為從現在開始做併購（M&A）太分心？我從一些銀行那裡聽到一些看法，他們認為專注於自然成長，並把握近期其他併購所帶來的機會，反而是更大的機會。我想了解你們對 M&A 與潛在機會的理念是否有任何改變，特別是在像北卡羅來納等較新的市場？

Again, Manny, I'm afraid you have us bugged here because that's a frequent topic of conversation is exactly that. With the organic opportunity, do we need to or is it too distracting to do M&A? The answer for us is no, it's not. But we are very conscious of distractions ourselves. And so that does cause us to look at it strategically a little differently than we traditionally looked at it, and probably causes us to be even more careful and picky and juicy about what we do, because it needs to be both strategically compelling and financially compelling for us. And you have to be careful about markets, okay? We can.

Manny，再次地，我擔心你把我們這裡也裝了竊聽器，因為這確實是我們常常討論的主題。在自然成長機會存在的情況下，我們是否需要做 M&A，或是做 M&A 會不會太分心？我們的答案是否定的，不會。但我們自己也非常有意識地留意「分心」這件事。因此這也讓我們在策略上看待它的方式，與過去傳統做法有些不同，可能也使我們在選擇上更謹慎、更挑剔、更精打細算，因為它必須同時在策略上有吸引力、在財務上也有吸引力。而且你必須小心選擇市場，好嗎？我們可以。

Generally keep distractions away from markets that don't have any involvement through overlap in a transaction, we can limit the distraction. And so, those are all the things we consider, but we will still keep that arrow in our quiver and maybe, we could exercise that on a transaction at any point.

一般而言，對於在交易中沒有任何重疊、沒有牽涉的市場，我們可以把干擾降到最低。所以這些都是我們會考量的事情，但我們仍會把這支箭留在箭袋裡；也許在任何時間點，我們都可能在某筆交易上出手。

Steve Moss, Raymond James.

Steve Moss，Raymond James。

I want to start here. Good morning. I want to start here just following up on the loan pipeline here that you guys spoke is stronger. Just kind of curious, where you're seeing the pickup in demand in terms, by loan type, if you will?

我想先從這裡開始。早安。我想先就你們提到放款管線更強這件事追問一下。我有點好奇，就放款類型來看，你們看到需求回升主要出現在哪些類別？

Yeah. David, I would say it's across the board, but I would say, I'll caveat that or a little bit more close, more in operating businesses. That's really where we've been focused is developing out that strength from a C&I perspective.

是的。David，我會說是全面性的，但我會加個但書：更偏向營運中的企業。我們真正聚焦的，是從 C&I（商業與工業）角度把那個優勢建立起來。

If you look at where we've gotten smaller, a lot of that is kind of non-owner occupied CRE or construction over the last couple of years. And so some of the pressure that we faced in payoffs this quarter and late last quarter was, if you think back that 2021 timeframe, a lot of growth out of the company, a lot of it was in that construction and non-owner occupied CRE space. So you're seeing that kind of roll off and we're replacing it, we're still in those businesses and taking care of clients and we still like those asset classes, but it's not growing at the same velocity, so it's much more about.

如果你看我們縮小的部分，過去幾年很多是非自用的商用不動產（CRE）或營建。因此，本季以及上季末我們面臨的部分提前清償壓力，若回想2021年那段時間，公司成長很大一部分是在營建與非自用 CRE 領域。所以你會看到那部分逐步到期／流失，而我們正在用其他業務來補上；我們仍在那些業務裡、仍在服務客戶，我們也仍然喜歡那些資產類別，但它的成長速度沒有以前那麼快，所以更重要的是。

Operating businesses and some owner-occupied real estate type of transactions.

營運型企業以及部分自用型不動產類型的交易。

Okay, great, appreciate that color there. And then second question for me here, just on the margin, you talked about the core margin, just kind of curious as to where you're thinking, any updated thoughts I should say on purchase accounting accretion here for different quarters?

好的，很棒，感謝你提供這些補充說明。那我這邊第二個問題是關於利差，你提到核心利差，我有點好奇你對不同季度的收購會計增提（purchase accounting accretion）有沒有任何更新的看法？

Yeah, I think it's going to be in that same kind of 15 to 17, 18 basis point range. I don't think you'll see it go up unless we get even faster payoffs, but I think it's going to be pretty consistent here.

對，我認為會維持在差不多15到17、18個基點的區間。除非我們看到更快的提前償還，否則我不覺得它會上升；但我認為會相當一致。

Okay, excellent. All the rest of my questions and one more question just on capital here. You guys bought back late in the quarter with the pullback. Just kind of should we expect you guys to continue to be opportunistic or sitting at 9.9 TCE, more favorable regulatory environment, do you guys press the gas on that a little bit more?

好的，太好了。我其他問題都問完了，最後再問一個關於資本的問題。你們在季度後段因為股價回檔而進行了回購。想請教我們是否應該預期你們會持續採取機會式回購？或者在9.9%的TCE、監管環境更有利的情況下，你們會不會更積極一點？

Yeah, we'll continue to be opportunistic when it comes to buybacks. We're watching the volatility there, but we usually regard that as opportunistic and we really haven't changed that stance.

對，我們在回購方面會持續保持機會式操作。我們會觀察那邊的波動，但我們通常把它視為機會式的，而且我們的立場其實沒有改變。

Catherine Mealor, KBW.

Catherine Mealor，KBW。

All right. I got one more on the margin. I've got one more on the margin just on deposit costs. Do you have the spot rate of where deposit costs ended the quarter and. Let's just say we are in a position where we don't have any more rate cuts until maybe the very end of the year, so basically no more for $26. Do you think that your deposit cost increase from this $280 interest-bearing level, or are you just more stable?

好。我還有一個關於利差的問題。我還有一個關於利差、主要是存款成本的問題。你們能提供一下季度末存款成本的即期水準（spot rate）是多少嗎？假設我們處在一個情境：直到可能年底才會再降息，所以基本上2026年都不會再降。你覺得你們的存款成本會從目前這個2.80%的計息存款水準再上升，還是會比較穩定？

Yeah, at $280 level, so we think about total. New originations were $270. That's probably on the low end, H1stly, like you said, of interest-bearing $283. I think you probably see those increase a little bit given where you have to acquire new customers, Catherine. So market rate is significantly higher to acquire new customers. The goal there. Is to translate that into relationships over time and full operating business, and then you get back to more of an equilibrium.

對，在2.80%的水準，我們會看整體。新承作（new originations）是2.70%。那大概是在低端，坦白說，正如你說的，計息存款是2.83%。我認為考量到你必須去獲取新客戶，你可能會看到它們小幅上升，Catherine。所以市場上為了獲取新客戶的利率顯著更高。目標是——隨著時間把它轉化為往來關係與完整的營運型業務，然後回到比較均衡的狀態。

There's a bit of a disconnect reality-wise of where you can fund the company either through borrowing or brokered and wholesale versus kind of where I'll call the consumer retail commercial market is, it's actually significantly, I'd say significantly higher to go out and acquire new customers versus funding the bank, so it's a balance.

就現實而言，透過借款或經紀存款與批發資金來為公司融資，和我稱之為消費者/零售/商業市場的資金成本之間，存在一些落差；實際上，外出獲取新客戶的成本顯著更高——我會說是明顯更高——相較於為銀行融資，所以這是一個平衡。

If rates are up or flat, Fed funds, I think you see competitive pressure pushing deposit costs modestly higher, but our goal is always to get the full relationship.

如果利率上升或持平、聯邦基金利率維持不變，我認為你會看到競爭壓力把存款成本小幅推高，但我們的目標始終是取得完整的往來關係。

Got it.

了解。

And then new deposit costs of $270,000, does that include non-interest-bearing or that's just on new interest-bearing? That's inclusive. Relative to your kind of $227,000. So, your cost of new is still higher than, where you are today.

那新存款成本2.70%，這包含不計息存款嗎？還是只針對新計息存款？那是包含在內的。相較於你們大概2.27%的水準。所以你們新承作的成本仍然高於你們目前的水準。

Yeah. Okay. And I will say this too, Catherine, just to clarify, the days I think of loading up on non-interest-bearing deposits and not paying your customers a lot of interest or interest is, we don't really see that as a long-term. We obviously want all the operating accounts we can, but we also want a fair value proposition. And with all these fintechs and competitive market, we don't expect our customers to be asleep at the wheel, and we're not going to try to nickel and dime them to zero.

對。好的。另外我也想補充一下，Catherine，澄清一下：那種大量累積不計息存款、幾乎不付客戶利息或付很少利息的日子，我們不太把它視為長期可行。我們當然希望能有越多營運帳戶越好，但我們也希望提供公平的價值主張。在這麼多金融科技公司與競爭激烈的市場下，我們不期待客戶會毫無警覺，而我們也不會試圖把他們的利息一點一滴砍到接近零。

That's right. As a matter of fact, sometimes we'll even wake them up intentionally and say, hey, we'll give you a better deal.

沒錯。事實上，有時候我們甚至會刻意把他們「叫醒」，說：嘿，我們可以給你更好的條件。

That -- the days of -- that's really cheap BackBooks, we view that as quickly coming to an end, which changes a lot of competitive dynamics. And so just, again, viewing our window strategically on how we're thinking about it.

那——那種——那種非常便宜的存款「BackBooks」（既有存款存量），我們認為很快就會走到盡頭，這會改變很多競爭動態。所以再次強調，我們會以策略性的角度來看待我們的窗口期，以及我們如何思考這件事。

And then by product type, where do you think you see the biggest growth in deposits? Just interest-bearing demand.

那按產品類型來看，你覺得存款最大的成長會在哪裡？就是計息活期存款。

Yeah, so that's a you've obviously been in our treasury meetings and our pricing committee. The so we saw we saw money market decreases this quarter because what we're talking about the aggressive nature of other rate offerings. So, yeah, there's probably some work to do there just to get back to equilibrium.

對，所以——你顯然也參加過我們的資金（treasury）會議和定價委員會。我們這一季看到貨幣市場存款下降，原因就是我們在談的其他同業利率方案的激進程度。所以，是的，那邊可能還有一些工作要做，讓它回到均衡。

On money market. CDs, we continue to see CD renewals and new production CDs as a growth opportunity. We saw that in the back half of the year and through the quarter.

在貨幣市場方面。至於定存（CD），我們持續把CD續作與新承作CD視為一個成長機會。我們在去年下半年以及本季都看到了這點。

We've been more in the short and long kind of a barbell approach. We're seeing a lot of competition in that middle ground, which I'll call 12 to 15 months. So CDs are an opportunity.

我們比較採取短端與長端的「槓鈴式」策略。我們看到中間區間（我稱之為12到15個月）競爭非常激烈。所以CD是一個機會。

But getting some of our money market business back is probably the biggest lever.

但把部分貨幣市場業務拉回來，可能是最大的槓桿。

(Operator Instructions) Christopher Marinac, Brean Capital Research.

（接線員指示）Christopher Marinac，Brean Capital Research。

Hey, good morning. Chris and Michael, can you talk about the growth of securities as another tool to grow NII? I know it's not the focus of loans and deposits as we're all talking about, but just curious if securities are a component of how you continue to grow revenue?

嗨，早安。Chris和Michael，你們能談談把證券投資的成長作為另一個工具來提升淨利息收入（NII）嗎？我知道我們都在談放款與存款，那不是重點，但我想了解證券是否也是你們持續成長營收的一個組成？

Yeah, good morning, Chris. I mean, the investment portfolio is about 9% of the balance sheet, total assets. And so we've been as high in the past, that kind of 14% range. But that really comes down to funding in a lot of cases. And so there's not a whole lot of times where I would sit around and say, hey, we have excess deposits.

對，早安，Chris。我的意思是，投資組合大約占資產負債表、總資產的9%。過去我們曾高到大概14%左右。但很多時候那其實取決於資金來源。所以我很少會坐在那裡說，嘿，我們有多餘的存款。

So to go and invest in the investment portfolio, we'd much rather deploy through organic growth opportunities. But that certainly is a lever to do that. We've been mainly in kind of floating rate government-backed stuff from a. From an investment portfolio perspective, it's been a higher yielding asset than, fixed rate mortgages and things of that nature. So, we'll continue to do that. It's not top of the list. Yeah, we want to be organic in nature. And if we stick at 9% to 10%, or even if it went down a bit and liquidity levels remained in that 11% on balance sheet liquidity range, I'd be a happy person. I mean, we're deploying through loan growth.

所以要去增加投資組合的投資，我們更願意透過有機成長機會來部署資金。但那當然也是一個可以運用的槓桿。我們主要配置在浮動利率、政府背書的資產。從投資組合的角度來看，它的收益率比固定利率房貸等資產更高。所以我們會持續這麼做。但它不是清單上的首要項目。對，我們希望以有機成長為主。如果我們維持在9%到10%，甚至再低一點，而流動性水準仍維持在資產負債表流動性約11%的區間，我會很滿意。我的意思是，我們正透過放款成長來部署資金。

Yeah, Chris, I'll just add this. When we're looking at banks, we're valuing banks and we see wholesale funding and sometimes then wholesale assets on the balance sheet, we quickly discount that to zero. And so, when we're thinking about our own company, we don't do that as a matter of practice. We think, hey, to be successful and to continue to. Be creating value, we've got to be adding what we call customer, and that can take a lot of different forms, but I'll broadly call it customer assets and customer deposits. We think that's what we do. And if we don't continue to do that well, we won't continue to be able to sit at this table.

是的，Chris，我再補充一點。當我們在看銀行、為銀行估值時，我們看到批發融資，有時資產負債表上也會有批發資產，我們很快就會把那部分折價到零。因此，當我們思考我們自己的公司時，我們不會把這當作一種慣例。我們認為，嘿，要成功並且持續下去，持續創造價值，我們必須增加我們所謂的客戶——這可以有很多不同形式，但我會廣義地稱之為客戶資產與客戶存款。我們認為這就是我們在做的事。如果我們不能持續把這件事做好，我們就無法繼續坐在這張桌子上。

And so that doesn't mean that there are times where we -- that doesn't mean that there are times where we might leverage up for some specific reason or if we know something is coming or something is leaving, we will use that leverage, but we keep a lot of dry powder there to use, we just don't typically use it for revenue growth purposes and when we are.

因此，這並不表示沒有某些時候我們——這並不表示沒有某些時候我們可能會因為某個特定原因而提高槓桿，或如果我們知道有事情要來或要走，我們會運用那個槓桿，但我們會保留大量的「乾火藥」以備使用；我們通常不會把它用在營收成長目的上，而當我們在……

And when we think about our portfolio, we don't keep a very large investment portfolio and it's basically, it's simply a liquidity vehicle for us. So if you also look at it in there, it's very vanilla and liquid in terms of its marketability because, again, that fits that same philosophy of we're really trying to plow it into the assets that we think really grow our shareholder value.

而當我們思考我們的投資組合時，我們不會維持一個非常大的投資組合；基本上，它對我們而言只是流動性工具。所以如果你也看那一塊，它在可交易性方面非常樸素、非常具流動性，因為再一次，這符合相同的理念：我們真正想把資金投入到我們認為能真正提升股東價值的資產上。

Understood. Thank you both for that. And then just a quick follow-up on new accounts that you're opening as you look at it internally. Do you see net new account growth? And is there sort of a general case that you're looking for as the next several quarters and years play?

了解。謝謝你們兩位。接著就你們內部在看新開立帳戶的情況，簡單追問一下。你們看到淨新增帳戶成長嗎？而在接下來幾個季度與幾年，你們是否有一個大致的基準情境在觀察？

Out? Yeah, we actually have been quite successful in growing consumer accounts over the past year. It's interesting as we're going through some of this generational shift.

什麼？是的，過去一年我們在成長消費者帳戶方面其實相當成功。在我們經歷這種世代交替時，這很有意思。

Adding, I don't know what the youngest generation is now because I'm getting older, but I'm going to say adding millennials is a different structure and you got to add a lot of those accounts for one baby boomer that may be passing away or what have you. So that evolution of your accounts, you got to add a lot of smaller ones. We like that actually.

補充一下，我不知道現在最年輕的一代叫什麼，因為我年紀也越來越大了，但我就說增加千禧世代是一種不同的結構；你必須新增很多那樣的帳戶，才能抵上一位可能過世的嬰兒潮世代或諸如此類。所以在你的帳戶演變過程中，你得新增很多較小的帳戶。其實我們喜歡這樣。

We like granular deposits and granular loans, so we're all for it just takes a little bit more time to grow your balances. So the number of accounts has been quite good, but the balance growth comes over a significantly longer period of time than adding $400,000, $500,000.

我們喜歡分散的存款與分散的貸款，所以我們完全支持；只是要把餘額做大會花比較多時間。因此帳戶數量的表現相當不錯，但餘額成長所需的時間會明顯更長，和一次新增40萬、50萬美元相比。

Deposit accounts when they're coming in $2,000 to $3,000 chunks. So it's been positive. I'll also say, back to Catherine's question, we've seen some success in savings in our savings account product, which is probably an odd thing for people externally to hear, but it helps add that younger generation.

當存款帳戶是以每次2,000到3,000美元的幅度進來時。所以整體是正面的。我也想回到Catherine的問題：我們在儲蓄方面、在我們的儲蓄帳戶產品上看到一些成功；對外界來說這可能聽起來有點奇怪，但它有助於吸引較年輕的一代。

You got a savings accounts, got a companion checking account, and, it's of interest to people that are.

你有一個儲蓄帳戶，還有一個搭配的支票帳戶，而且，這對……的人是有吸引力的。

Not quite yet adults, but it's worked well for families as people move into the stages of life, so.

還不算完全成年的族群；但對家庭來說運作得很好，因為人們會進入不同的人生階段，所以。

Yeah. Hey, Chris, I want to add one thing that we have had good success at growing accounts, and we are -- and we still -- about half our deposits are retail. And so.

是的。嘿，Chris，我想再補充一點：我們在成長帳戶方面確實取得了不錯的成果，而且我們——而且我們仍然——大約一半的存款是零售存款。因此。

We have a lot of small balance accounts, which Michael said, we love that construction on our balance sheet and the granularity that gives us and all the things, all the positive things that go with that. One of the other things we have done, which is not easy to do, and I won't say we're perfect at it, but we feel like it gives us a leg up is.

我們有很多小額餘額帳戶；正如Michael所說，我們很喜歡資產負債表上這樣的結構，以及它帶來的分散度與所有伴隨而來的正面效益。我們做的另一件事——這不容易做到，我也不會說我們做得完美——但我們覺得這讓我們更具優勢的是。

Traditionally in banking, we've counted accounts, even some banks have gotten in trouble for that in terms of how they did that and how they motivated folks to do that. We're very aware of that. And so we actually go through and define a relationship.

傳統上在銀行業，我們會去計算帳戶數；甚至有些銀行因此惹上麻煩，涉及他們如何計算，以及他們如何激勵員工去做這件事。我們非常清楚這點。因此我們其實會去定義什麼叫做「關係」。

And so we actually count relationships because you can add accounts, but frankly, some of them aren't very valuable and they're not really a relationship. And so we have moved into relationship counting.

因此我們實際上是計算「關係」的數量，因為你可以新增帳戶，但坦白說，其中一些並不太有價值，也不算真正的關係。所以我們已經轉向以關係為單位來計數。

And it's paying some dividends, but we think it's going to pay big dividends as we roll forward.

這已經帶來一些成效，但我們認為隨著時間推進，它會帶來更大的成效。

That's great stuff. Thank you both for getting into that detail, and we appreciate you hosting us all this morning.

這些內容很棒。謝謝你們兩位深入說明這些細節，也感謝你們今天早上接待我們大家。

This concludes our question-and-answer session. I would like to turn the conference back over to Chris Holmes for any closing remarks.

我們的問答環節到此結束。我想把電話會議交回給Chris Holmes，請他做任何結語。

Thank you all for joining us. We always appreciate your participation and your interest. And any further questions from either anybody in the investment community or analyst community, you can reach out to us directly. Everybody have a great day. Thanks.

感謝各位加入我們。我們一向很感謝各位的參與與關注。若投資界或分析師社群的任何人還有進一步問題，歡迎直接與我們聯繫。祝大家今天愉快。謝謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議現在結束。感謝各位出席今天的簡報。您現在可以中斷連線。