First Financial Bancorp. (FFBC) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Financial Bancorp first-quarter 2026 earnings conference call and webcast. (Operator Instructions)

感謝各位耐心等候。我叫 Kate，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 First Financial Bancorp 2026 年第一季財報電話會議與網路直播。（接線員指示）

I would now like to turn the call over to Scott Crawley, Corporate Controller. Please go ahead.

現在我想把電話會議交給公司財務控制主管（Corporate Controller）Scott Crawley。請開始。

Thanks, Kate. Good morning, everyone. Thank you for joining us on today's conference call to discuss First Financial Bancorp's first quarter financial results. Participating on today's call will be Archie Brown, President and Chief Executive Officer; Jamie Anderson, Chief Financial Officer; and Bill Harrod, Chief Credit Officer.

謝謝你，Kate。各位早安。感謝各位參加今天的電話會議，一同討論 First Financial Bancorp 第一季財務結果。今天與會者包括：總裁兼執行長 Archie Brown；財務長 Jamie Anderson；以及首席授信長 Bill Harrod。

Both the press release we issued yesterday and the accompanying slide presentation are available on our website at www.bankatfirst.com under the Investor Relations section. We'll make reference to the slides contained in the accompanying presentation during today's call.

我們昨天發布的新聞稿以及隨附的簡報投影片，皆可於本公司網站 www.bankatfirst.com 的「投資人關係」專區取得。今天的電話會議中，我們將引用隨附簡報中的投影片內容。

Additionally, please refer to the forward-looking statement disclosure contained in the first quarter 2026 earnings release as well as our SEC filings for a full discussion of the company's risk factors. The information we will provide today is accurate as of March 31, 2026, and we will not be updating any forward-looking statements to reflect facts or circumstances after this call.

此外，請參閱 2026 年第一季財報新聞稿中的前瞻性陳述揭露，以及我們向 SEC 提交的文件，以取得公司風險因素的完整討論。我們今天提供的資訊截至 2026 年 3 月 31 日為準；本次電話會議結束後，我們不會更新任何前瞻性陳述以反映會後的事實或情況。

I'll now turn the call over to Archie Brown.

現在我把電話會議交給 Archie Brown。

Thanks, Scott. Good morning, everyone, and thank you for joining us on today's call. Yesterday afternoon, we announced our first quarter results, and I'm very pleased with our overall performance. The first quarter was a busy one as we closed the BankFinancial acquisition, completed the conversion of Westfield Bank and wrapped up the sale of the BankFinancial multifamily loan portfolio.

謝謝你，Scott。各位早安，感謝各位參加今天的電話會議。昨天下午我們公布了第一季業績，我對整體表現非常滿意。第一季相當忙碌：我們完成了對 BankFinancial 的收購、完成 Westfield Bank 的系統轉換，並完成出售 BankFinancial 的多戶住宅（multifamily）貸款組合。

Adjusted earnings per share were $0.77 with an adjusted return on assets of 1.45% and an adjusted return on tangible common equity of 19.2%. Adjusted earnings per share increased 22% compared to the first quarter of last year, driven by a robust net interest margin and strong fee income.

調整後每股盈餘為 0.77 美元，調整後資產報酬率（ROA）為 1.45%，調整後有形普通股權益報酬率（ROTCE）為 19.2%。調整後每股盈餘較去年第一季成長 22%，主要受惠於強勁的淨利差以及亮眼的手續費收入。

Our net interest margin was resilient despite the Fed funds rate cut in December as the expected decline in loan yields was offset by a similar decline in deposit costs. Assuming no short-term rate reductions by the Fed, we expect the margin to remain stable in the near term.

儘管聯準會在 12 月調降聯邦基金利率，我們的淨利差仍具韌性，因為預期貸款收益率的下滑被存款成本的類似幅度下降所抵銷。假設聯準會不再下調短期利率，我們預期短期內淨利差將維持穩定。

Loan balances increased slightly for the quarter due to the BankFinancial acquisition. Excluding the BankFinancial portfolio, loans declined for the quarter as seasonally strong loan production was offset by extended payoff pressure in the ICRE portfolio.

本季貸款餘額因 BankFinancial 收購而小幅增加。若排除 BankFinancial 組合，貸款在本季則呈下降，原因是季節性強勁的放款量被 ICRE 組合延續的提前清償壓力所抵銷。

Compared to the first quarter of 2025, originations increased approximately 45%. And excluding Westfield and BankFinancial, originations were up by over 25%. Our expectation for loan growth for 2026 has not materially changed. Loan pipelines are very healthy, and we expect strong production in the second quarter. We also expect payoff activity in ICRE to approach more normal levels, leading to solid loan growth in the second quarter.

與 2025 年第一季相比，承作量（originations）約增加 45%。若排除 Westfield 與 BankFinancial，承作量仍增加超過 25%。我們對 2026 年貸款成長的預期並未出現重大變化。貸款案源（pipeline）非常健康，我們預期第二季放款動能強勁。我們也預期 ICRE 的提前清償活動將回到較正常水準，帶動第二季實現穩健的貸款成長。

Adjusted fee income was strong for the quarter. Historically, fee income significantly dips early in the year. However, we successfully combated this trend in the first quarter. Adjusted non-interest income was $75.6 million, which was 24% higher than in the first quarter of 2025 and only a slight decline from the linked quarter.

本季調整後手續費收入表現強勁。歷史上，手續費收入在年初通常會明顯下滑；然而，我們在第一季成功對抗了這一趨勢。調整後非利息收入為 7,560 萬美元，較 2025 年第一季高出 24%，且僅較前一季小幅下降。

These results were driven by record wealth management income, strong client derivative income and record leasing business income. Additionally, expenses were well controlled during the quarter with total non-interest expenses coming in well below our expectations and acquisition-related cost savings exceeding our initial estimates.

上述成果主要由創紀錄的財富管理收入、強勁的客戶衍生性商品收入，以及創紀錄的租賃業務收入所帶動。此外，本季費用控管良好，非利息費用總額明顯低於我們的預期，且與收購相關的成本節省也超出我們的初始估計。

Net charge-offs were 35 basis points of total loans and were impacted by one large commercial relationship. Other asset quality indicators were stable with nonperforming assets slightly declining from the linked quarter to 44 basis points, while there is certainly more uncertainty in the economy due to the impact of the war in Iran and, our current expectations are for asset quality to gradually improve throughout the year, similar to our performance in 2025. Capital ratios are strong and continued to climb in the first quarter. All regulatory ratios were well in excess of regulatory minimums and the tangible common equity increased to 7.9%.

淨沖銷（net charge-offs）為總貸款的 35 個基點，主要受到一筆大型商業往來關係的影響。其他資產品質指標維持穩定，不良資產（NPA）較前一季小幅下降至 44 個基點。雖然伊朗戰爭的影響使經濟不確定性上升，但依我們目前的預期，資產品質將在全年逐步改善，與我們 2025 年的表現相近。資本比率強勁，且在第一季持續上升。所有監理資本比率均遠高於法定最低要求，有形普通股權益比率提升至 7.9%。

Tangible book value per share was $16.15, which was a 2.6% increase over the linked quarter and a 9% increase compared to the first quarter of 2025. Tangible book value was at approximately the same level as the third quarter of 2025 just prior to the Westfield Bank acquisition.

每股有形帳面價值為 16.15 美元，較前一季增加 2.6%，較 2025 年第一季增加 9%。有形帳面價值約與 2025 年第三季、亦即 Westfield Bank 收購前的水準相當。

This month, the Board of Directors authorized a $5 million share repurchase plan, replacing the plan we had in place through 2025, and we are evaluating opportunities to employ buybacks as part of our overall capital planning.

本月，董事會核准一項 500 萬美元的庫藏股回購計畫，以取代原先延續至 2025 年的計畫；我們正評估在整體資本規劃中運用回購的機會。

I'd like to take a minute and discuss our recent acquisitions. During the quarter, we successfully completed the conversion of Westfield Bank. And then for the quarter, Westfield deposit and loan balances were stable, we maintained high associate retention, and we have achieved the financial results that we expected from the transaction to date.

我想花一點時間談談近期的收購案。本季我們成功完成 Westfield Bank 的系統轉換。此外，本季 Westfield 的存款與貸款餘額維持穩定，我們維持了高員工留任率，且迄今已達成該交易預期的財務成果。

We're happy with the quality of the bank we acquired and with the talented team that has joined us. We also completed the purchase of BankFinancial on January 1 and plan to convert systems in early June. We remain excited about the opportunities in the Chicago market and continue to see growth potential from this transaction.

我們對所收購銀行的品質以及加入我們的優秀團隊感到滿意。我們也於 1 月 1 日完成 BankFinancial 的收購，並計畫於 6 月初進行系統轉換。我們仍對芝加哥市場的機會感到振奮，並持續看好此交易帶來的成長潛力。

Now I'll turn the call over to Jamie to discuss these results in greater detail. And after Jamie, I'll wrap up with some additional forward-looking commentary and closing remarks.

接下來我把電話會議交給 Jamie，更詳細說明這些結果。Jamie 之後，我將以一些額外的前瞻性評論與結語作結。

Thank you, Archie, and good morning, everyone. Slides 4, 5 and 6 provide a summary of our most recent financial performance. The first quarter results were excellent and included strong earnings, record revenues driven by a robust net interest margin and higher-than-expected fee income.

謝謝你，Archie。各位早安。投影片第 4、5 與 6 頁提供我們近期財務表現的摘要。第一季結果非常出色，包含強勁獲利、在強勁淨利差帶動下的創紀錄營收，以及高於預期的手續費收入。

Our net interest margin remains very strong at 3.99%, increasing 1 basis point during the quarter. Cost of funds declined 13 basis points, while asset yields declined 12 basis points. End-of-period loan balances increased $71 million, which included $228 million acquired in the BankFinancial transaction. This was partially offset by a $152 million decrease in ICRE balances, reflecting the payoff pressure that Archie mentioned earlier.

我們的淨利差仍維持在非常強勁的 3.99%，本季增加 1 個基點。資金成本下降 13 個基點，而資產收益率下降 12 個基點。期末貸款餘額增加 7,100 萬美元，其中包含 BankFinancial 交易取得的 2.28 億美元。此增幅部分被 ICRE 餘額減少 1.52 億美元所抵銷，反映 Archie 先前提到的提前清償壓力。

Total average deposit balances increased $1.7 billion, including $1.2 billion acquired in the BankFinancial transaction and the full quarter impact from Westfield. We maintained 20% of our total deposit balances and non-interest-bearing accounts and remain focused on growing lower cost deposit balances.

存款平均餘額合計增加 17 億美元，其中包含 BankFinancial 交易取得的 12 億美元，以及 Westfield 全季併入的影響。我們維持非付息存款帳戶占總存款餘額的 20%，並持續聚焦於成長較低成本的存款餘額。

Turning to the income statement. First quarter fee income overcame seasonal headwinds with strong performance across all income types. Additionally, we had an $8.9 million gain on bargain purchase related to the BankFinancial acquisition.

接著看損益表。第一季手續費收入克服季節性逆風，各類收入表現皆強勁。此外，我們因 BankFinancial 收購認列 890 萬美元的廉價購買利益（bargain purchase gain）。

Non-interest expenses increased from the linked quarter due primarily to the impact of our most recent acquisitions. Our ACL coverage decreased slightly during the quarter to 1.36% of total loans and we recorded $8.5 million of provision expense during the period, which was driven primarily by net charge-offs.

非利息費用較前一季增加，主要是受到近期收購案影響。本季我們的 ACL 覆蓋率小幅下降至總貸款的 1.36%，期間認列 850 萬美元的提存費用（provision expense），主要由淨沖銷所驅動。

On asset quality, net charge-offs were 35 basis points on an annualized basis, an increase of 8 basis points from the fourth quarter, while NPAs as a percentage of assets were 44 basis points, declining 4 basis points from the fourth quarter. Classified assets as a percentage of total assets also declined slightly during the period.

在資產品質方面，淨沖銷以年化計為 35 個基點，較第四季增加 8 個基點；不良資產（NPA）占資產比率為 44 個基點，較第四季下降 4 個基點。分類資產（classified assets）占總資產比率在期間內亦小幅下降。

From a capital standpoint, our ratios are in excess of both internal and regulatory targets. Tangible book value increased $0.41 to $16.15, while our tangible common equity ratio increased to 7.88%.

從資本角度來看，我們的比率高於內部與監管目標。有形帳面價值增加0.41美元至16.15美元，同時我們的有形普通股權比率提升至7.88%。

Slide 8 reconciles our GAAP earnings to adjusted earnings highlighting items that we believe are important to understanding our quarterly performance. Adjusted net income was $80.5 million or $0.77 per share for the quarter. Non-interest income was adjusted for $1.3 million of losses on the sales of investment securities, the $8.9 million gain on bargain purchase related to the BankFinancial acquisition and a $1.4 million loss on the surrender of a bank-owned life insurance policy. Non-interest expense adjustments exclude the impact of acquisition costs, tax credit investment write-downs and other expenses not expected to recur.

第8頁將我們的GAAP盈餘調節至調整後盈餘，並突顯我們認為對理解季度表現很重要的項目。本季調整後淨利為8,050萬美元，或每股0.77美元。非利息收入已就1) 出售投資證券的130萬美元損失、2) 與收購BankFinancial相關的890萬美元廉價購買利益，以及3) 交回一份銀行持有的人壽保險（BOLI）保單所產生的140萬美元損失進行調整。非利息費用的調整則排除收購成本、稅額抵免投資減記，以及其他預期不會再發生的費用之影響。

As depicted on slide 9, these adjusted earnings equate to a return on average assets of 1.45% and a return on average tangible common equity of 19% and a pretax pre-provision ROA of 1.99%.

如第9頁所示，這些調整後盈餘相當於平均資產報酬率（ROA）1.45%、平均有形普通股權報酬率19%，以及稅前、提存前ROA為1.99%。

Turning to slides 10 and 11. Net interest margin increased 1 basis point from the linked quarter to 3.99%. Total deposit costs declined 13 basis points from the linked quarter, offsetting the impact of lower asset yields.

接著看第10與第11頁。淨利差較上一季（連結季度）增加1個基點至3.99%。總存款成本較上一季下降13個基點，抵銷了資產收益率下降的影響。

Slide 13 illustrates our current loan mix and balance changes compared to the linked quarter. Loan balances increased $71 million during the period. As you can see on the right, we acquired $228 million of loans in the BankFinancial transaction. This was offset by a $152 million decrease in ICRE balances. [Absent] the acquisition, loan balances decreased 4.7% on an annualized basis, driven by elevated payoffs and ICRE.

第13頁說明我們目前的放款組合，以及相較上一季的餘額變動。期間放款餘額增加7,100萬美元。如右側所示，我們在BankFinancial交易中取得2.28億美元的放款。此增幅被ICRE餘額減少1.52億美元所抵銷。若[Absent]該收購，放款餘額按年化基礎下降4.7%，主要受較高的到期清償與ICRE影響。

Slide 15 depicts our NDFI exposure. As you can see, our total NDFI balances are approximately 3% of our total loan book and all NDFI loans were pass rated at the end of the first quarter. The majority of our NDFI lending is concentrated in loans to REITs, which we believe further mitigates our risk.

第15頁呈現我們的NDFI曝險。如各位所見，我們的NDFI總餘額約占整體放款組合的3%，且截至第一季末所有NDFI放款皆為合格評等（pass rated）。我們的NDFI放款多集中於對REITs的放款，我們認為這進一步降低了風險。

Slide 16 shows our deposit mix as well as the progression of average deposits from the linked quarter. In total, average deposit balances increased $1.7 billion, including a $1.2 billion impact from the BankFinancial transaction as well as a full quarter impact from Westfield.

第16頁顯示我們的存款組合，以及平均存款自上一季以來的變化。整體而言，平均存款餘額增加17億美元，其中包括BankFinancial交易帶來的12億美元影響，以及Westfield併入後完整一季的影響。

Slide 18 highlights our non-interest income. Total adjusted fee income was $76 million, with leasing and wealth management both posting record results. Foreign exchange delivered strong results and client derivative fees increased during the period as well.

第18頁重點說明我們的非利息收入。調整後手續費收入合計7,600萬美元，其中租賃與財富管理皆創下歷史新高。外匯業務表現強勁，客戶衍生性商品手續費在期間內也有所增加。

Non-interest expense for the quarter is outlined on slide 19. Core expenses increased $12.9 million as expected during the period. This was driven primarily by our recent acquisitions.

本季非利息費用列於第19頁。核心費用如預期在期間內增加1,290萬美元，主要由近期收購所帶動。

Turning now to slides 20 and 21. Our ACL model resulted in a total allowance, which includes both funded and unfunded reserves of $207 million, which includes $3.1 million of initial allowance on the BankFinancial portfolio. This resulted in an ACL that was 1.36% of total loans, which was a 3 basis point decline from the fourth quarter.

接著看第20與第21頁。我們的ACL模型得出的總備抵（包含已撥款與未撥款準備）為2.07億美元，其中包含BankFinancial投資組合的310萬美元初始備抵。因此ACL占總放款的1.36%，較第四季下降3個基點。

We recorded $8.5 million of provision expense during the period. Provision expense was primarily driven by net charge-offs, which were 35 basis points. Additionally, our NPAs to total assets decreased slightly to 44 basis points, while classified asset balances as a percentage of total assets decreased to 1.02%.

期間我們認列850萬美元的提存費用。提存費用主要由淨沖銷（net charge-offs）所驅動，淨沖銷為35個基點。此外，不良資產（NPA）占總資產比率小幅下降至44個基點，而分類資產餘額占總資產比率下降至1.02%。

Finally, as shown on slides 22 and 23, capital ratios remain in excess of regulatory minimums and internal targets. During the first quarter, tangible book value increased to $16.15, while the TCE ratio increased to 7.88% at the end of the period. Our total shareholder return remains strong with 35% of our first quarter earnings returned to our shareholders during the period through the common dividend.

最後，如第22與第23頁所示，資本比率仍高於監管最低要求與內部目標。第一季期間，有形帳面價值提升至16.15美元，而期末TCE比率上升至7.88%。我們的股東總報酬仍然強勁，本季期間我們透過普通股股利將第一季盈餘的35%回饋給股東。

The Board also approved a $5 million share repurchase program. We maintain our commitment to providing an attractive return to our shareholders and we'll evaluate capital actions that support that commitment.

董事會也核准一項500萬美元的庫藏股回購計畫。我們持續致力於為股東提供具吸引力的報酬，並將評估支持該承諾的資本行動。

I'll now turn it back over to Archie for some comments on our outlook. Archie?

接下來我把時間交回給Archie，請他就我們的展望發表一些看法。Archie？

Thank you, Jamie. Before we conclude our prepared remarks, I want to comment on our second quarter outlook, which can be found on slide 24. On the balance sheet, we expect mid-single-digit loan growth on an annualized basis during the second quarter as loans filter through our strong pipelines and ICRE payoffs slow.

謝謝你，Jamie。在結束我們事先準備的發言之前，我想談談我們對第二季的展望，內容可見第24頁。在資產負債表方面，我們預期第二季放款按年化基礎將呈現中個位數成長，因為放款將逐步從強勁的案源管道中落地，同時ICRE的到期清償將放緩。

On the deposit side, we expect core deposit balances to remain relatively flat compared to the first quarter. Our net interest margin remains among the highest in the peer group, and we expect it to hold steady in a 3.99% to 4.04% range over the next quarter, assuming no rate cuts.

在存款方面，我們預期核心存款餘額相較第一季將大致持平。我們的淨利差仍位居同業群中最高之列，且在假設不降息的情況下，預期未來一季將維持在3.99%至4.04%的區間。

Related to credit, we expect second quarter credit costs to approximate first quarter levels and ACL coverage to remain relatively stable as a percentage of loans. As I mentioned earlier, similar to last year, we expect credit trends to gradually improve over the course of the year.

在信用方面，我們預期第二季信用成本將大致接近第一季水準，且ACL覆蓋率占放款比重將相對穩定。如我先前提到的，與去年類似，我們預期信用趨勢將在全年過程中逐步改善。

Further down the income statement, we expect fee income to be between $75 million and $77 million, which includes $14 million to $16 million for foreign exchange and $20 million to $22 million for leasing business revenue.

在損益表更往下的部分，我們預期手續費收入介於7,500萬至7,700萬美元，其中包括外匯1,400萬至1,600萬美元，以及租賃業務收入2,000萬至2,200萬美元。

Non-interest expenses are expected to be between $151 million and $154 million. We successfully completed the Westfield conversion in March and are scheduled to convert BankFinancial over the summer, we're on pace to achieve our modeled cost savings in the Westfield acquisition and should realize full savings beginning in the third quarter, and we expect full BankFinancial savings to be realized beginning in the fourth quarter.

非利息費用預期介於1.51億至1.54億美元。我們已於3月順利完成Westfield的系統轉換，並預計在夏季完成BankFinancial的轉換；我們正按進度達成Westfield收購案中模型所估算的成本節省，並應自第三季起實現完整節省；同時我們預期BankFinancial的完整節省將自第四季起實現。

Before I wrap up, I want to thank our associates for the incredible work they've done this year integrating Westfield into First Financial and the work they're now doing as they prepare for the BankFinancial conversion.

在我結束之前，我要感謝我們的同仁今年在將Westfield整合進First Financial方面所做的卓越工作，以及他們目前為準備BankFinancial轉換所投入的努力。

I also want to mention how proud I am that First Financial was selected for the Gallup Exceptional Workplace Award for associate engagement. This marks the second consecutive year that we have received this honor which is awarded to 4% of the thousands of companies that Gallup works with worldwide.

我也想提到，我非常自豪First Financial因同仁敬業度而獲選Gallup「卓越職場獎」（Exceptional Workplace Award）。這是我們連續第二年獲得此項榮譽；該獎項在Gallup於全球合作的數千家公司中，僅頒發給其中4%。

We have partnered with Gallup for more than six years, and we've made associate engagement a core tenet of our corporate strategy. I want to commend our associates and leaders who work throughout the year to drive engagement, knowing that by doing so, we're also improving the client experience and shareholder value.

我們與Gallup合作已超過六年，並將同仁敬業度作為公司策略的核心信條。我想表揚我們的同仁與領導團隊，他們全年持續推動敬業度，因為我們知道，這麼做同時也在提升客戶體驗與股東價值。

To conclude, we're really happy with our first quarter results. We've made substantial progress across the company, and we worked diligently to be a bank that consistently produces top level results. We remain focused on the right things and are determined to build on the momentum generated by our first quarter performance. We've had a very strong start to 2026, and we believe that this is going to be another very successful year for First Financial.

總結來說，我們對第一季的結果非常滿意。我們在全公司各方面都取得了實質進展，並且勤勉努力，致力於成為一家能夠持續產出頂尖水準成果的銀行。我們仍專注於正確的事情，並決心在第一季表現所帶來的動能上再接再厲。2026年我們開局非常強勁，我們相信這將是First Financial另一個非常成功的一年。

Kate will now open up the call for questions.

接下來Kate將開放提問。

(Operator Instructions)

（接線員指示）

Daniel Tamayo, Raymond James.

Daniel Tamayo，Raymond James。

So I guess maybe first, starting on the loan growth side. You talked about the impact from the payoffs in the first quarter, $152 million, I think, is the number you gave. So we talked to a lot of banks this earnings season about this headwind and kind of what's going to change to remove that headwind going forward.

那我想也許先從放款成長談起。你提到第一季到期清償的影響，我記得你給的數字是1.52億美元。所以在這個財報季，我們和很多銀行都談到這個逆風，以及接下來要有哪些改變才能在未來消除這個逆風。

So just curious on your thoughts on that, kind of what drives your confidence those headwinds on the paydown side slow? And just a little bit more timing if it's second quarter or you think it's back half of the year. As it relates to the timing of the paydowns?

所以我只是想聽聽你對這點的看法，是什麼驅動你有信心認為在提前償還（paydown）那一端的逆風會放緩？另外在時間點上能否再多談一點：是第二季，還是你認為會落在下半年？就提前償還的時間點而言？

Yes. Thanks, Danny. Yes, I'll maybe start with some color, and then I'll come back to the kind of how we see our outlook on it. We talked about this primarily being ICRE. We don't show REITs in the ICRE totals, but we also had some REIT paydowns or exits, if you will, and that shows up more in our commercial line. That was probably another $23 million, but it's all related in the commercial real estate space, if you will.

是的。謝謝你，Danny。是的，我可能先補充一些背景，然後再回到我們如何看待這件事的展望。我們談到這主要是 ICRE。我們在 ICRE 總額中不包含 REITs，但我們也有一些 REIT 的提前償還或退出（如果你願意這麼說），而那更多會反映在我們的商業線上。那大概又是 2,300 萬美元，但如果你願意這麼看，全部都與商用不動產領域相關。

Look, it's been a mix. We probably saw about 30% of our ICRE balances were exited because of the properties were sold. So there's been a little more, I think, a little more volume of sales occurring as some of the developers owners are saying, look, I'm getting good pricing. It's a good time to do it with the uncertainty. So that's a piece of it.

你看，這是一個混合的情況。我們大概看到約 30% 的 ICRE 餘額是因為物件被出售而退出。所以我認為成交量確實多了一些，因為一些開發商/業主在說：你看，我拿到不錯的價格，在不確定性之下，現在是個好時機。所以這是其中一部分。

We've seen about maybe close to one-fourth of it go to the secondary market. And then we've seen other banks come back in. For several years, we weren't seeing the larger regionals in the space. They're back in and they're aggressive and they're taking out loans. In some cases, for us, hotels, we don't have a big book, but that's where some of it's come from. Other cases, loans that they're taking and they're taking for very aggressive pricing or, in some cases, structure that we don't think is appropriate. So we're seeing some of it move like that.

我們看到大概接近四分之一流向次級市場。然後我們也看到其他銀行又回來了。過去幾年，我們沒有看到大型區域性銀行在這個領域出現；現在他們回來了，而且很積極，正在承接貸款。有些情況下，對我們而言，例如飯店，我們的部位不大，但其中一部分就是來自那裡。其他情況則是他們承作的貸款，定價非常激進，或在某些情況下，結構上我們認為並不恰當。所以我們看到有一部分是以這種方式移動的。

So if you said property sales, secondary market, larger banks coming back in and then some REIT exits that's sort of been the mix of what we've seen happen. We talked to our commercial real estate team, just what we're seeing in their conversation with borrowers and just with the level of payoff requests coming in, they just are slowing. And what our team sees is that over the course of the second quarter, that will continue to slow.

所以如果你說是物件出售、次級市場、大型銀行回歸，然後再加上一些 REIT 退出，這大概就是我們看到的組合。我們和商用不動產團隊聊過，從他們與借款人的對話，以及目前進來的清償/提前償還請求量來看，確實正在放緩。而我們團隊的看法是，在第二季的過程中，這種放緩會持續。

In addition, our production ramps up more in the quarter. So it's a combination of the two, we don't know exactly where this is going to fall, of course. There's timing of payoff things that can occur. But they're hopeful that they're going to be somewhere that portfolio around flattish for the quarter. And if they're flattish along with the other activity we have, I think that drives our growth overall.

此外，我們的放款/承作量（production）在本季也會更明顯地拉升。所以兩者結合起來，我們當然不確定最後會落在哪裡，因為提前償還的時間點可能會有變動。但他們希望本季投資組合大致能接近持平（flattish）。如果能接近持平，再加上我們其他的活動，我認為就會帶動我們整體的成長。

That's great. Very helpful detail there, Archie. I guess the other side of that, and you touched on it at the end, is the production I think you talked a little bit about it in the prepared remarks, but maybe talk about the pipeline and some of the drivers within that, particularly on the commercial side for the rest of the year?

很好。Archie，這些細節非常有幫助。我想另一面你在最後也提到了，就是放款/承作量（production）。我想你在事先準備的講稿裡有稍微談到，但能否再談談 pipeline，以及其中的一些驅動因素，特別是今年剩餘時間在商業端的部分？

The pipeline, I think we signaled is pretty strong. Now look, I guess everybody can define what a pipeline means. In our -- in the language we're using here, we call these advanced stage pipeline or a late-stage pipeline. Generally, this is where we've been awarded the business. That doesn't mean we'll close them all. Sometimes they'll fall out for different reasons, but that's how we're looking at this. And it's up substantially from the early part of the year, and we think that activity is continuing.

我認為我們已經釋出訊號，pipeline 相當強。當然，你看，每個人對 pipeline 的定義可能不同。以我們這裡使用的語言，我們稱之為進階階段 pipeline 或後期階段 pipeline。一般來說，這是指我們已經拿到案子（awarded the business）。這不代表我們全部都會成交；有時候會因為不同原因掉案，但我們是用這種方式來看。而且相較於年初，這已經大幅增加，我們也認為這樣的活動仍在持續。

The sentiment in the market, I know there's a lot of macro activity going on, but demand is pretty strong. Borrowers are pretty active, and we think the pipeline will continue to build. So that's given us some confidence that we'll see the growth we've talked about. And it's pretty much across the board. When you look at all of the areas that we lend into, we're seeing good pipeline activity.

市場情緒方面，我知道宏觀層面有很多事情在發生，但需求相當強。借款人很活躍，我們認為 pipeline 會持續累積。因此這也讓我們對我們所談到的成長更有信心。而且幾乎是全面性的。當你看我們放款涵蓋的所有領域，我們都看到不錯的 pipeline 活動。

Okay. Great. And then lastly, again on the same topic, but just curious where you guys stand, I mean, in Chicago right now? You closed the BankFinancial deal. It was really for the deposit side? I know you had some presence there prior to the deal. So maybe update us on where you stand from like a lender perspective and where you're looking to get to over time?

好的。很好。最後一個問題，同樣是這個主題：想請教你們目前在芝加哥的狀況？你們完成了 BankFinancial 的交易。那主要是為了存款端？我知道在交易之前你們在那裡也有一些據點。所以能否從放款人的角度更新一下你們目前的位置，以及你們長期希望達到什麼目標？

Sure. So Danny, as you said, we closed early in the year, convert early June. As you said, it's been primarily a deposit play deposits are holding, I think, pretty well at this point. And we're sort of building out the team, if you will. So we've added some commercial banking talent.

當然。Danny，如你所說，我們在年初完成交割，並在六月初完成系統轉換（convert）。如你所說，這主要是一個存款布局；目前存款我認為維持得相當不錯。我們也正在擴建團隊。也就是說，我們新增了一些商業銀行的人才。

We had a team I think we've added one here in the last month or two. We plan to add more bankers to the commercial banking team. We've added wealth advisers to the team, private bankers to the team. So we're kind of filling out, if you will, what I call the more of the wholesale commercial team to complement the retail strategy.

我們原本有一個團隊，我想在過去一兩個月又新增了一位。我們計畫在商業銀行團隊再增加更多銀行家。我們也為團隊加入了財富顧問、私人銀行家。所以我們正在補齊——如果你願意這麼說——我所稱的更偏批發型（wholesale）的商業團隊，以搭配零售策略。

And we think there's good opportunity. If you go back and look at that bank, they really weren't generating activity in those areas to speak of. So we think as we get the team filled out, almost anything we do there is going to be additive to the bank's balance sheet.

我們認為機會很好。如果你回頭看那家銀行，他們在那些領域幾乎沒有產生活動可言。所以我們認為，隨著團隊逐步補齊，我們在那裡做的幾乎任何事情，都會對銀行的資產負債表帶來增量貢獻。

Brandon Rud, Stephens.

Brandon Rud，Stephens。

I guess maybe my first one, the cost of interest-bearing deposits was 2.33% for the full quarter. I'm just curious, embedded within your NIM guide, is that kind of a good starting base for the second quarter or I guess, I guess, yes, is that still a good starting point for the second quarter?

我想先問第一個：整季計息存款（interest-bearing deposits）的成本是 2.33%。我想確認一下，在你們的 NIM 指引裡，這是否可以作為第二季的一個不錯的起始基準？或者說，是的，這仍然是第二季的一個好起點嗎？

Yes, when we're talking deposits, Brandon, we really talk more like our overall cost of deposits. But that number that you're quoting there, I mean that's, I guess, the exit cost going into the second quarter would be slightly lower than that.

是的。Brandon，當我們談存款時，我們其實更常談的是整體存款成本。但你引用的那個數字，我想，作為進入第二季的期末（exit）成本，會比那個略低一些。

And so we're showing our overall cost of deposits in the first quarter was 1.83%, and we think we can get that down in the second quarter, another 2 or 3 basis points. So the cost of interest-bearing deposits would just kind of flow right off of that as well, obviously. So our starting cost of deposits in the second quarter. Again, 1.83% for the full quarter in the first quarter, the starting point is around 1.80%, 1.81%.

因此我們顯示第一季整體存款成本是 1.83%，我們認為第二季可以再降 2 到 3 個基點。當然，計息存款成本也會隨之變動。所以第二季的存款成本起點——再說一次，第一季整季是 1.83%，起點大約在 1.80%、1.81% 左右。

Okay. Perfect. And then I think you said the fourth quarter of this year, I think, is going to be the first clean quarter with all the expenses taken out. So thank you for the guide for the second quarter. I'm assuming kind of stair steps down from there. I guess what is that all-in run rate with all the cost saves kind of look like in the fourth quarter then?

好的。完美。然後我想你提到今年第四季，我想，會是第一個把所有費用都剔除後的乾淨季度。所以謝謝你提供第二季的指引。我假設之後會呈現階梯式下滑。我想問的是：到了第四季，把所有節省成本都反映後的整體 run rate 大概會是什麼樣子？

Yes. So we'll get a step down here -- let's see here -- in the second quarter, call it down into that range where we guided to. And we think then it is relatively flat for the remainder of the year. We may get a little bit more coming down.

是的。所以我們在第二季會先往下走一階——我看看——大概降到我們所指引的那個區間。然後我們認為今年剩餘時間會相對持平。我們可能還會再多降一點。

But obviously, we have some other stuff outside of the acquisitions where we're making other investments and whatnot where costs are moving up, just like normal in that 2% or 3% range that's going to offset the decline really from the BankFinancial deal.

但很明顯地，除了併購之外，我們還有一些其他事情在進行，例如做其他投資等等，相關成本也會像平常一樣上升，大概在 2% 到 3% 的區間，這將會抵銷主要來自 BankFinancial 交易所帶來的下降。

And the BankFinancial deal, obviously, was a little bit smaller in their expense base. But the fourth quarter, so we should see that step down in the second quarter, which gets us to that guide that we put in the outlook, and then it's relatively flat for the out quarters.

而 BankFinancial 這筆交易，很明顯地，他們的費用基礎規模稍微小一些。但在第四季，所以我們應該會在第二季看到那個階梯式下降，這會讓我們達到我們在展望中給出的指引，之後在後續幾個季度就相對持平。

Got you. Okay. So the cost savings effectively fund the investments and that's a stable rate?

了解。好。所以成本節省實際上為投資提供資金，而且那是一個穩定的速度？

Right.

對。

Karl Shepard, RBC Capital Markets.

Karl Shepard，RBC Capital Markets。

I guess I just want to start on the margin quick. We have the guide for 2Q. But just thinking about your balance sheet, I'm guessing if we don't see any cuts, that's probably a pretty good spot to be for the rest of the year? Or should we be thinking about loan growth maybe changing the mix a little bit and helping the margin?

我想我先快速從利差（margin）開始。我們有 2Q 的指引。但就你的資產負債表來看，我猜如果我們沒有看到任何降息，那可能對今年剩餘時間來說是個相當不錯的位置？還是我們應該考慮貸款成長可能會稍微改變組合並幫助利差？

Yes. This is Jamie, Karl. Yes. So that guide, obviously, with rate cuts getting looks like getting pushed out in either later in the year or into '27 at this point, obviously helps us from a margin standpoint, being slightly asset sensitive.

是的。我是 Jamie，Karl。是的，所以那個指引，顯然在降息看起來被推遲到今年稍晚，或在目前這個時間點甚至到 '27，從利差角度來看對我們有幫助，因為我們略偏資產敏感（asset sensitive）。

But yes, so as we remix out of some of the securities balances that we've put on with the liquidity that we got especially from the BankFinancial deal, you could see -- and it's not a lot, obviously, because based on the earning asset based on the earning asset base that we have, that rotation is relatively small out of the securities book into the -- if we have loan growth in that 5% to 7% range, you're talking about a couple of hundred million dollars a quarter, right?

但對，是的，所以當我們把部分證券部位重新調整出去——我們用流動性配置進去的那些證券，特別是來自 BankFinancial 交易帶來的流動性——你可能會看到——而且顯然不會很多，因為以我們的生息資產基礎來看，那種從證券簿轉到——如果我們的貸款成長在 5% 到 7% 的區間，你講的是每季幾億美元，對吧？

So if we rotate out of securities for a portion or all of that, it's not that much to basically get a lot of lift in the margin, but you might see a basis point or two.

所以如果我們把其中一部分或全部從證券轉出去，基本上不會大到能讓利差大幅提升，但你可能會看到 1 到 2 個基點。

Okay. And then I saw in the deck a new branch in the Westfield markets. I'm assuming that was planned ahead of the merger, but just we talked a little bit about Chicago expectations and investments there, two questions ago. But anything in Westfield markets to flag?

好的。然後我在簡報裡看到 Westfield 市場有一家新分行。我假設那是在合併之前就規劃好的，但我們兩個問題前才談到一些芝加哥的預期與投資。不過在 Westfield 市場這邊，有沒有什麼需要特別指出的？

Yes, Karl, this is Archie. So specific to that branch, that was actually a branch underway when we were negotiating and announcing a deal, they already had that branch under construction. So we just completed. Actually, we opened it up as a First Financial branch prior to the conversion which is, I think, a good thing from training and letting people get to kind of get to introduce to First Financial.

是的，Karl，我是 Archie。就那家分行而言，那其實是在我們談判並宣布交易時就已經在進行的分行，他們當時就已經在施工了。所以我們剛完成。其實，我們在轉換（conversion）之前就以 First Financial 分行的名義開業了，我認為這是件好事，因為有助於訓練，也讓大家能夠開始介紹並熟悉 First Financial。

With regard to other things we're doing in the Northeast Ohio market, I think altogether, so I think there's about four FTE added because of Wadsworth that branch. I think we've added about another nine producers whether they be on the commercial, small business side, wealth, private banking. We've added about nine producers to that market to kind of round out all the things that we do. That's all baked into the expense numbers as well. But we think there's upside of adding the additional production capability.

至於我們在俄亥俄州東北部市場做的其他事情，我想整體來看，因為 Wadsworth 那家分行，大概新增了 4 名 FTE。我想我們另外又在該市場新增了大約 9 位業務人員，不論是在商業、小型企業、財富管理、私人銀行等領域。我們在那個市場新增了約 9 位業務人員，讓我們的服務更完整。這些也都已經反映在費用數字裡。但我們認為增加額外的產能有上行空間。

Brian Foran, Truist.

Brian Foran，Truist。

Your capital has rebuilt pretty quickly here, which is a good problem to have. I mean, in some ways, maybe just an open-ended question on what you're thinking going forward. I think you mentioned maybe evaluating more buybacks. And then as part of that, if there's anything notable to share around Basel III or around how you're thinking about the binding minimum between CET1 and TCE and things like that. But yes, really just kind of focused on the excess capital and what you're thinking for the next 12 months or so?

你們的資本在這裡回補得相當快，這算是個好問題。我的意思是，某種程度上，可能是一個比較開放式的問題：你們對未來的想法是什麼？我想你提到可能會評估更多庫藏股回購。然後作為其中一部分，如果有任何值得分享的內容，關於 Basel III，或你們如何看待 CET1 與 TCE 之間的約束性最低門檻（binding minimum）等等。但對，主要就是聚焦在超額資本，以及你們對未來 12 個月左右的想法？

Yes, Brian, this is Jamie. So yes, we are compounding capital at a high rate just based on our earnings level. And if you look back pre Westfield and BankFinancial, I mean, maybe to a lesser extent, BankFinancial. But if you look back pre-acquisition, at the end of the third quarter, and I'm talking about our tangible book value per share we're basically back to where we were now pre-acquisition level.

是的，Brian，我是 Jamie。對，我們以很高的速度在累積資本，主要是基於我們的獲利水準。而如果你回頭看 Westfield 和 BankFinancial 之前——BankFinancial 可能影響較小一些——但如果你看併購前、第三季末，我指的是我們的每股有形帳面價值（tangible book value per share），我們基本上已經回到現在這個併購前的水準。

So what we were very pleased with. So we are piling in at this earnings level, a lot of capital. And really, when you think about it for us, I mean our regulatory ratios are fine. We have a lot of cushion there. Typically, our constraint when we look at -- like if we look at an acquisition, our constraint typically is in the TCE ratio.

所以我們對此非常滿意。因此在這樣的獲利水準下，我們正在累積大量資本。真正來說，對我們而言，當你這樣思考時，我們的監理比率都沒問題，我們有很大的緩衝。通常我們在評估——例如評估一筆併購時——我們的限制通常是在 TCE 比率上。

We're close to 8% now, just below 8%. Obviously, we have some AOCI impact in there. And then rates moved against us a little bit in the first quarter to -- or that would have been even a little bit higher.

我們現在接近 8%，略低於 8%。顯然其中有一些 AOCI 的影響。而且第一季利率對我們稍微不利——不然那個數字本來會再高一點。

So our typical constraint is to TCE ratio. We would like to have that above 8% and we're getting there pretty quickly. But when we talk about buyback and looking at that, obviously, we're going to be mindful of price and the earnback on that -- on a buyback and looking at that TCE ratio. When we look at the common dividend, we have a payout ratio in the low 30s, call it, 30% to 35% now based on our earnings level post acquisition.

所以我們典型的限制是在 TCE 比率。我們希望它高於 8%，而我們正很快達到。但當我們談到回購並評估時，顯然我們會留意股價以及回購的回收期（earnback）——在評估時也會看那個 TCE 比率。至於普通股股利，我們的配息率在 30% 出頭，可以說現在在併購後、以我們的獲利水準來看，大概是 30% 到 35%。

So we wanted to get a quarter or two of impact in from the acquisitions to see where we were from a capital ratio standpoint, where everything was going to fall out -- and then so we had the Board approve the share buyback. We haven't done any buybacks in several years, mainly because of, well, several things. We had a couple of nonbank acquisitions during that -- so we haven't done a buyback since '21.

所以我們想先讓併購的影響反映一到兩季，看看我們的資本比率狀況、各項數字最後會落在哪裡——然後董事會才核准了股票回購。我們已經好幾年沒有做回購了，主要是因為，嗯，幾個原因。在那段期間我們做了幾筆非銀行的併購——所以我們自 '21 以來就沒有做過回購。

And we had a couple of the nonbank acquisitions in there, which aid up a pretty significant amount of capital for us because they were all basically all cash deals. And so all goodwill aid into the TCE ratio.

而且我們中間有幾筆非銀行併購，對我們來說占用了相當可觀的資本，因為那些基本上都是全現金交易。因此所有商譽都反映到 TCE 比率裡。

So we think we're at a level now, especially with our earnings, the amount of capital we're bringing in, where we can look at buybacks and potentially, I think what we're looking at is looking at that total payout ratio, again, which now with just the common dividend is in the low 30s of increasing that somewhere in that 50% to 60% range.

所以我們認為我們現在的水準，特別是以我們的獲利、以及我們帶進來的資本量來看，我們可以考慮回購。而且我想我們在看的，是總配發率（total payout ratio）——目前僅普通股股利的情況下是在 30% 出頭——把它提高到大約 50% 到 60% 的區間。

And so if you do that math, obviously, the other piece of that is the buyback. So you're talking about another 20 to 30 points of where the buyback would play into that. And then -- but that we're -- I don't know if we're saying we're guaranteeing we we're going to do that, you could probably see us execute some on the buyback. It would be dependent on some other factors, potentially macro factors. And then if we see a strategic M&A deal, we would prioritize that in front of the buyback.

所以如果你做那個計算，顯然其中另一個部分就是回購。所以你談的是另外 20 到 30 個百分點，回購會在其中扮演的角色。然後——但我們——我不確定我們是不是在說我們保證會這麼做，你可能會看到我們執行一些回購。這會取決於其他一些因素，可能是總體因素。然後如果我們看到一筆策略性的併購（M&A）交易，我們會把它放在回購之前優先。

But yes, I think absent that, I think you would see us start executing on the buyback.

但對，我想如果沒有那些情況，我想你會看到我們開始執行回購。

That's great. If I could ask one follow-up. The CRE paydown discussion was really helpful. I think the last point you made was seeing some pricing and structure that you don't necessarily want to match. I wonder if just anecdotally, kind of at the aggressive end of the market, could you share where you're seeing yields or spreads get to?

很好。如果我可以再追問一個問題。關於 CRE 還款（paydown）的討論非常有幫助。我想你最後提到的一點是，你看到一些你不一定想跟進的定價與結構。我想問一下，就市場上比較激進的一端，能否以軼事方式分享一下，你看到殖利率或利差大概到什麼水準？

And are there any particular points in structure that you're seeing people give on? Is it an LTV thing? Is it a personal guarantee thing? What are the kind of things you're seeing in the market that you don't want to match?

那在結構方面，您看到大家特別在意哪些點？是 LTV 的問題嗎？是個人保證的問題嗎？您在市場上看到哪些您不想跟進匹配的條件？

Yes. This is Archie. I mean we had a deal that we thought we were within days of closing. It's like a $25 million or $30 million transaction. We thought we were in days of closing and one of the large regionals had been competing on it. And then, I guess, when they realized they had lost it, they came back and basically eliminated the covenants. So it wouldn't even change and just eliminated the covenants.

是的。我是 Archie。我的意思是，我們之前有一筆案子，我們以為再過幾天就能成交。那大概是一筆 2,500 萬或 3,000 萬美元的交易。我們以為只差幾天就要結案了，當時有一家大型區域銀行也在競爭。然後我想，當他們意識到自己輸了之後，又回來，基本上把契約條款（covenants）都取消了。所以條件甚至沒有變動，就直接把契約條款取消了。

So we're seeing that. Certainly on a fixed charge coverage ratio, those numbers may be coming down. It's those kind of things in particular. Our pricing is aggressive also, I may have mentioned earlier, but certainly sub-200 basis points of spread, 170, 180, in some cases, lower for some commercial, really high-quality commercial deals even lower on spread.

所以我們確實看到這種情況。當然，在固定費用覆蓋率（fixed charge coverage ratio）方面，那些數字可能正在下調。特別是這類事情。我們的定價也很積極，我之前可能提過，但確實有低於 200 個基點的利差，像是 170、180，在某些情況下更低；對一些商業、非常高品質的商業案子，利差甚至更低。

So it tends to be really aggressive pricing, loosening up some of the coverage ratios would be probably the primary areas we're seeing it.

所以通常是非常激進的定價，再加上放寬一些覆蓋率指標，這大概是我們看到的主要領域。

All right. Hopefully, it's not true with swooping in with no covenants.

好吧。希望不是真的有人衝進來就完全不要契約條款。

Yes. Well, I think the point here too is, I mean we're -- I think everybody is excited about activity and wanting loan growth, and we want it too, but we don't want to give our skis. So we're going to get growth, but we want it to make sense, and we want to be happy about it two years from now.

是的。嗯，我想這裡的重點也是，我是說，我們——我想大家都對活動回溫、想要放款成長感到興奮，我們也想要，但我們不想把底線讓掉。所以我們會取得成長，但我們希望它是合理的，而且希望兩年後回頭看，我們仍然會對此感到滿意。

(Operator Instructions)

（接線生指示）

Brendan Nosal, Hovde Group.

Brendan Nosal，Hovde Group。

Maybe just starting off here on some of the -- just the overall balance sheet. It looks like there's some pretty big discrepancies between where spot balances were for kind of loans, cash and securities versus average balances for the quarter, and I guess there's a lot of noise. So I guess, can you fill us in on when the BankFinancial loan sale occurred during the quarter? And then where do you see overall average earning assets landing in the second quarter?

我先從整體資產負債表談起。看起來本季貸款、現金與證券的期末即期餘額（spot balances）與季度平均餘額之間有相當大的差異，我想裡面有很多雜訊。所以想請教一下：BankFinancial 的貸款出售是在本季的什麼時點完成的？另外，您認為第二季整體平均生息資產（average earning assets）會落在哪個水準？

Yes. Great question, Brendan. This is Jamie. So the loan sale closed on at the very end of the quarter, it closed on March 30. So when you look at our cash and securities we had call it, roughly $400 million sitting in cash, not in securities, it was sitting in cash at the end of the quarter.

是的，Brendan，問得很好。我是 Jamie。這筆貸款出售是在季度末尾完成交割的，3 月 30 日結案。所以當你看我們的現金與證券時，季度末我們大概有約 4 億美元放在現金裡，不是在證券裡，是在現金裡。

And so that $400 million-ish we will not put that to work in the securities portfolio. We will kind of slowly let higher cost either borrowings or deposits or broker deposits run out, and we'll fund that with the cash from that loan sale.

而這大約 4 億美元，我們不會把它投入到證券投資組合中。我們會讓成本較高的借款或存款、或經紀存款逐步到期退出，並用這筆貸款出售所得的現金來替代資金來源。

And then so when you're talking about earning assets, the earning asset base for the first quarter kind of spot at the end of the quarter was around $19.7 million -- around [$9 million to $15.7 million]. So if you take that $400 million out sitting in cash, I guess, it's sitting in interest-bearing deposits at banks. So that will come out, and then you'll start to see again, with the loan growth that we guided to, if that is -- again, if that's in that 5% to 7% range, you're talking about a couple of hundred like $200 million a quarter.

然後談到生息資產，第一季季度末的生息資產基礎（spot）大約在 1,970 萬美元——大約在［900 萬到 1,570 萬美元］左右。所以如果把那 4 億美元的現金拿掉，我想它其實是放在銀行的計息存款裡。那部分會退出，接著你會再次看到我們所指引的貸款成長；如果——再次強調——是在 5% 到 7% 的區間，那你每季大概就是幾億，像是每季 2 億美元左右。

Our plan is to fund about half of that with cash flows from the securities portfolio and then the rest, we'll grow the earning asset base. So if you're talking about maybe $100 million or so increase in earning assets each quarter. Does that make sense?

我們的計畫是其中大約一半用證券投資組合的現金流來支應，其餘部分則讓生息資產基礎成長。所以如果你在講每季生息資產可能增加約 1 億美元左右。這樣說清楚嗎？

Yes. And then just I guess there's still a bit of a discrepancy on my end of just kind of where that number will land in the second quarter just with the moving pieces. Can you just maybe help a little more on kind of where [AEAs] land.

是的。然後我這邊還是覺得有點落差，主要是因為有很多變動因素，所以第二季那個數字大概會落在哪裡。你能不能再多幫忙說明一下大概 [AEAs] 會落在哪個水準？

Yes. So you're talking around $19.5 million.

是的。所以你大概是在講 1,950 萬美元左右。

Okay. All right. Fantastic. Maybe turning back to the margin just kind of unpacking the core NIM ex accretion versus the accretion piece. I think you had 10 basis points this quarter of fair value accretion. Just kind of curious when you kind of look at the path for that, what does that number look like?

好的。好，太好了。接著回到利差，想請你拆解一下核心 NIM（不含增值攤銷）相對於增值攤銷（accretion）那一塊。我想你們本季有 10 個基點的公允價值增值攤銷。想請教你們看那條路徑時，那個數字大概會是什麼樣子？

Yes. We think that will be relatively steady at that 10 basis points. Obviously, it could move around if we get either slowdown, and it's all based on the amount of payoff/prepayments that we get on that portfolio. But somewhere around that 10 basis point range and the dollars would be around that $4 million to $5 million of accretion income.

是的。我們認為大致會維持在 10 個基點左右。當然，如果出現放緩，它可能會有些波動；這完全取決於該投資組合的到期清償／提前清償（payoff/prepayments）金額。但大概就在 10 個基點附近，而以金額來看，增值攤銷收益大約會是 400 萬到 500 萬美元。

Okay. Perfect. Last one for me here. Just when you kind of look out at growth expectations for the balance of the year, can you kind of dissect that between the core commercial bank versus your various specialty businesses?

好的。完美。我最後一題：當你們展望今年剩餘期間的成長預期時，能否把它拆解成核心商業銀行與各個專業業務（specialty businesses）之間的貢獻？

Yes, this is Archie. So when you say the specialty, are you meaning core versus like specialty including Summit and Oak Street, things like that?

是的，我是 Archie。所以你說的專業業務，是指核心業務對比像 Summit 和 Oak Street 之類的專業業務，這些嗎？

Yes. So yes, when I say essentially Oak Street, Summit, Agile, those books versus kind of the traditional commercial bank.

是的。所以我說的主要是 Oak Street、Summit、Agile 這些業務組合，相對於傳統的商業銀行。

Yes. I mean it's the top of my head, but I'd say it's slightly tilted towards the core commercial. Agile is going to grow, but they're going to grow. It's just the base is not that huge, and they'll -- if they grow I can't recall now $20 million, $30 million.

是的。我先憑印象回答，但我會說稍微偏向核心商業。Agile 會成長，但他們會成長——只是基礎規模沒有那麼大，而且他們——如果他們成長，我現在記不太清楚，大概是 2,000 萬、3,000 萬美元。

Summit it will grow, but their amortizations have picked up, so their growth rates are just not as strong as they used to be. So specialty is contributing -- but I would say we're talking commercial core commercial consumer is going to be, as you said, 50% to 60%, maybe 65%.

Summit 也會成長，但他們的攤還（amortizations）加快了，所以成長率不像以前那麼強。所以專業業務會有貢獻——但我會說，我們談的商業、核心商業與消費金融會是，如你所說的，50% 到 60%，也許 65%。

Yes. This is Jamie. Yes, I would say it's about two-thirds, one-third. And then Agile, the second quarter is their big quarter for growth. Yes.

是的，我是 Jamie。是的，我會說大概是三分之二、三分之一。然後 Agile 的話，第二季是他們成長最大的季度。是的。

I'll now turn the call back over to Archie Brown for closing remarks.

我現在把電話會議交回給 Archie Brown 做結語。

Thank you, Kate. I want to thank everybody for joining us today and following along our progress during the first quarter. We look forward to talking again in the second quarter. And hopefully, we'll be sharing even more good news with you. Have a great day.

謝謝你，Kate。我要感謝各位今天加入我們，並一路關注我們第一季的進展。我們期待在第二季再次交流。也希望到時能與各位分享更多好消息。祝各位有美好的一天。

Have a great weekend. Bye now.

祝各位週末愉快。再見。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。