First Foundation Inc (FFWM) 2024 Q1 法說會逐字稿

Greetings, and welcome to First Foundation's first-quarter 2024 earnings conference call. Today's call is being recorded. Speaking today will be Scott Kavanaugh, First Foundation's President and Chief Executive Officer. Jamie Britton, First Foundation's Chief Financial Officer; and CN, Chief Operating Officer.

您好，歡迎參加 First Foundation 2024 年第一季財報電話會議。今天的通話正在錄音。今天發表演說的是第一基金會總裁兼執行長 Scott Kavanaugh。Jamie Britton，第一基金會財務長； CN，營運長。

Before I hand the call over to Scott, please note that management will make certain predictive statements during today's call that reflect their current views and expectations about the company's performance and financial results. These forward-looking statements are made subject to the safe harbor statement included in today's earnings release. In addition, some of the discussion may include non-GAAP financial measures.

在我將電話轉交給史考特之前，請注意，管理階層將在今天的電話會議中做出某些預測性陳述，反映他們目前對公司業績和財務表現的看法和期望。這些前瞻性陳述是根據今天的收益發布中包含的安全港聲明做出的。此外，一些討論可能包括非公認會計準則財務指標。

For a more complete discussion of the risks and uncertainties that could cause actual results to differ materially from any forward-looking statements and reconciliations of non-GAAP financial measures, please see the company's filings with the Securities and Exchange Commission.

如需更完整地討論可能導致實際結果與任何前瞻性陳述和非公認會計準則財務指標調節表存在重大差異的風險和不確定性，請參閱該公司向美國證券交易委員會提交的文件。

And now I would like to turn the call over to President and CEO, Scott Kavanaugh. Please go ahead.

現在我想將電話轉給總裁兼執行長 Scott Kavanaugh。請繼續。

Good morning, and welcome, everyone. Thank you for joining us for today's first-quarter 2024 earnings call. As the banking industry continues to face headwinds and a continued inverted yield curve, I am proud of our team for the effort put forth to make the company stronger. I have never felt as comfortable with a management team in my entire career as I fill with the team that we currently have in place.

早上好，歡迎大家。感謝您參加今天的 2024 年第一季財報電話會議。隨著銀行業繼續面臨逆風和持續倒掛的殖利率曲線，我為我們的團隊為使公司更強大而付出的努力感到自豪。在我的整個職業生涯中，我從來沒有像現在這樣對管理團隊感到如此自在。

Once again, we were able to improve our loan-to-deposit ratio, maintain overall loan yield and continued the process of improving the sensitivity of our balance sheet to changing interest rates. Most importantly, we took great strides to improve recurring revenue and reduced core expenses to increase future profitability. First Foundation advisor's closed the quarter at near record assets under management and the trust department posted another good quarter.

我們再次提高了貸存比，維持了整體貸款收益率，並繼續提高了資產負債表對利率變化的敏感度。最重要的是，我們在提高經常性收入和減少核心支出方面取得了長足進步，以提高未來的獲利能力。第一基金會顧問以接近創紀錄的管理資產結束了本季度，信託部門又發布了良好的季度業績。

For the first quarter, we reported net income attributable to common shareholders of $793,000 or $0.014 per share for the basic and diluted shares. Tangible book value, which is a non-GAAP measure, ended the quarter up $0.05 from the fourth quarter of 2023 and ended at $16.35. Pretax preprovision revenue totaled $0.5 million essentially unchanged from the fourth quarter. Interest income totaled $150.5 million for the quarter, compared to $146.6 million as of December 31, 2023, and $137 million for the first quarter of 2023. Noninterest income as a percentage of total revenue was 25% for the quarter compared to 25% for the fourth quarter of 2023.

第一季度，我們報告普通股股東應佔淨利潤為 793,000 美元，基本股和稀釋股每股淨利潤為 0.014 美元。有形帳面價值是非公認會計準則衡量標準，本季末較 2023 年第四季增加 0.05 美元，最終達到 16.35 美元。稅前預撥收入總計 50 萬美元，與第四季基本持平。本季利息收入總計 1.505 億美元，而截至 2023 年 12 月 31 日為 1.466 億美元，2023 年第一季為 1.37 億美元。本季非利息收入佔總收入的百分比為 25%，而 2023 年第四季為 25%。

Our net interest margin was 1.17% as compared to 1.36% for the fourth quarter of 2023. This was largely driven by the return of MSR deposits returning later in the quarter as opposed to earlier in the quarter. Noninterest expense decreased to $50.6 million in the quarter, compared to $55.9 million in the prior quarter. Our efficiency ratio improved to 98.4% compared to 98.5% for the fourth quarter of 2023. Adjusted return on assets, again, another non-GAAP measure, ended the quarter at 0.03% compared to 0.09% as of December 31, 2023.

我們的淨利差為 1.17%，而 2023 年第四季為 1.36%。這主要是由於 MSR 存款在本季稍後（而不是在本季早些時候）返還所致。本季非利息支出下降至 5,060 萬美元，而上一季為 5,590 萬美元。我們的效率從 2023 年第四季的 98.5% 提高到 98.4%。調整後的資產報酬率（另一個非公認會計原則指標）本季結束時為 0.03%，截至 2023 年 12 月 31 日為 0.09%。

Our loan-to-deposit ratio improved to 94.8% in the quarter compared to 95.2% as of December 31, 2023. This was largely driven by an increase in core deposits late in the quarter. We remain committed to continuing to improve this ratio through a combination of strategically reducing lower-yielding loan balances and continuing to grow core relationship deposits. I just returned from Florida visiting our branches and I am extremely encouraged by the growth we are experiencing in many of those branches and throughout our entire branch network. Our deposit pipeline remains robust into the second quarter.

本季我們的貸存比率從截至 2023 年 12 月 31 日的 95.2% 提高至 94.8%。這主要是由於本季末核心存款的增加所致。我們仍然致力於透過策略性減少低收益貸款餘額和繼續增加核心關係存款相結合的方式繼續提高這一比率。我剛從佛羅裡達州回來參觀了我們的分支機構，我們對許多分支機構以及整個分支機構網絡所經歷的增長感到非常鼓舞。我們的存款管道在第二季度仍然強勁。

Management made a strategic decision to exit the equipment finance operations late in the first quarter. As most of these loans were originated using third parties we felt that it did not fit our overall goals of getting back to our roots of relationship banking. We still will be able to accommodate our value clients' needs as necessary for any of their equipment financing needs. We currently plan to continue servicing the remaining loan portfolio, but exiting the space will provide approximately $1.5 million in annualized cost saves.

管理層在第一季末做出了退出設備融資業務的策略決定。由於大多數貸款都是透過第三方發放的，我們認為這不符合我們回歸關係銀行業務根源的整體目標。我們仍然能夠根據我們的價值客戶的任何設備融資需求來滿足他們的需求。我們目前計劃繼續為剩餘的貸款組合提供服務，但退出該領域將節省約 150 萬美元的年度成本。

Total deposits were $10.64 million in the quarter compared to $10.69 million in the fourth quarter. Core non-brokered deposits increased to 64% during the quarter compared to 60% in the fourth quarter of 2023. Noninterest-bearing demand deposits increased to 17% for the quarter compared to 14% of the deposits in the fourth quarter of last year. As indicated earlier, our deposit pipeline remains healthy, with most of the pipeline being in noninterest-bearing category.

本季存款總額為 1,064 萬美元，而第四季為 1,069 萬美元。本季核心非經紀存款增加至 64%，而 2023 年第四季為 60%。本季無息活期存款增至 17%，去年第四季則為 14%。如前所述，我們的存款管道保持健康，其中大部分管道屬於無利息類別。

Our insured and collateralized deposits were at 85% of total deposits at the end of the quarter compared to 87% of total deposits in the fourth quarter. We maintained a strong liquidity position of $4.4 billion. At these levels, our liquidity to uninsured and collateralized deposits ratio was 2.7x. Borrowings were $1.7 billion as of March 31, 2024 compared to $1.4 billion at the end of the fourth quarter.

截至本季末，我們的保險和抵押存款佔總存款的 85%，而第四季佔總存款的 87%。我們維持了 44 億美元的強勁流動性部位。在這些水準上，我們的流動性與未投保和抵押存款的比率為 2.7 倍。截至 2024 年 3 月 31 日，借款為 17 億美元，而第四季末為 14 億美元。

Average borrowings outstanding were $1.6 billion or 11.8% of total average assets for the quarter. compared to $1.1 billion or 8.7% of total average deposits for the prior quarter. The increased average borrowings from the prior quarter were used to enhance on-balance sheet liquidity as cash and cash equivalents increased to 11.7% at the end of the first quarter from 10% and at the end of the fourth quarter of last year.

平均未償還借款為 16 億美元，佔本季平均資產總額的 11.8%。相較之下，上一季為 11 億美元，佔平均存款總額的 8.7%。上一季增加的平均借款用於增強資產負債表內的流動性，因為現金和現金等價物從去年第四季末的 10% 增加到第一季末的 11.7%。

Credit quality continues to serve as a crucial differentiator for First Foundation. Our nonperforming assets to total assets was 0.18% at the end of the first quarter compared to 0.15% as of December 31, 2023. We Loan balances ended the quarter at $10.1 billion, a reduction of $100 million compared to December 31, 2023. It is important to note that loans would have grown for the quarter, but we had several C&I loans totaling approximately $200 million pushed into the second quarter. many of these loans have already funded or will fund in the next several weeks. These additional C&I loans will have a net spread of over 3%.

信用品質仍然是 First Foundation 的關鍵差異化因素。第一季末我們的不良資產佔總資產的比例為 0.18%，截至 2023 年 12 月 31 日為 0.15%。截至本季末，We Loan 餘額為 101 億美元，較 2023 年 12 月 31 日減少 1 億美元。值得注意的是，本季貸款有所成長，但我們有幾筆總計約 2 億美元的工商業貸款被推入第二季。其中許多貸款已經提供資金或將在未來幾週內提供資金。這些額外的工商業貸款的淨利差將超過3%。

Multifamily remains a strong asset class for the bank. Our underwriting on these loans has never wavered since the company's inception. This sector of the CRE gained refocused attention in the first quarter with events on the East Coast. Chris will provide significant detail on this segment later in the call. First Foundation Advisors grew approximately $200 million to end the first quarter at $5.5 billion compared to $5.3 billion at December 31.

多戶住宅仍然是該銀行強大的資產類別。自公司成立以來，我們對這些貸款的承銷從未動搖過。隨著東海岸發生的事件，商業房地產的這一領域在第一季重新受到關注。克里斯將在稍後的電話會議中提供有關此部分的重要細節。First Foundation Advisors 成長了約 2 億美元，第一季末達到 55 億美元，而 12 月 31 日為 53 億美元。

Our pipeline of new relationships remain strong. Assets under advisement at FFBs trust department was $1.2 billion for the quarter compared to $1.3 billion in the fourth quarter. During the quarter, management worked diligently to build additional recurring revenue. Most of the revenue generation was added in the middle of the first quarter or as I mentioned funded at the beginning of the second quarter, so the full benefit were not reflected during the first quarter. This included adding investment securities to our AFS portfolio and swapping rates to a fix a spread and adding additional C&I loans and core deposits. We will continue to strategically add hedges to both improve recurring revenues and reduce our interest rate sensitivity. Jamie will provide greater insight on this section.

我們的新關係管道依然強勁。FFB 信託部門本季提供諮詢的資產為 12 億美元，而第四季為 13 億美元。本季度，管理層努力創造額外的經常性收入。大部分收入是在第一季中期增加的，或者正如我所提到的在第二季初提供資金，因此全部收益並未在第一季得到體現。這包括向我們的 AFS 投資組合添加投資證券、透過互換利率來固定利差以及增加額外的工商業貸款和核心存款。我們將繼續策略性地增加對沖，以提高經常性收入並降低利率敏感度。Jamie 將對此部分提供更深入的見解。

Once again, I will close by reiterating my appreciation for the incredible efforts and unwavering dedication of our entire team.

最後，我將再次重申對我們整個團隊的巨大努力和堅定不移的奉獻精神的讚賞。

I will now turn the call over to Jamie to cover the financials in greater detail.

我現在將把電話轉給傑米，以更詳細地介紹財務狀況。

Thank you, Scott. I'll start with the balance sheet and our net interest margin. As Scott mentioned, NIM contracted 19 basis points during the quarter from 1.36% in the fourth to 1.17% in the first. There's another slight improvement in our earning asset yield this quarter, which increased from 4.62% in Q4 to 4.64% in Q1. Earning asset yields begin with loan yields, which remained stable at 4.7%. The held-to-maturity portfolio yield improved slightly by 2 basis points, while the yield on the available-for-sale portfolio declined modestly by 7 basis points as we continue to reposition the investment portfolio to support our liquidity position improve the balance sheet rate profile and more efficiently enhance recurring revenue.

謝謝你，斯科特。我將從資產負債表和淨利差開始。正如史考特所提到的，NIM 在本季收縮了 19 個基點，從第四季的 1.36% 降至第一季的 1.17%。本季我們的獲利資產收益率再次略有改善，從第四季的 4.62% 上升至第一季的 4.64%。收益資產收益率首先是貸款收益率，穩定在 4.7%。持有至到期投資組合收益率小幅提高 2 個基點，而可供出售投資組合收益率小幅下降 7 個基點，因為我們繼續重新配置投資組合以支持流動性頭寸，改善資產負債表利率並更有效地提高經常性收入。

There were several factors contributing to the change in the AFS portfolio yield but the most noteworthy was taking advantage of the market's early quarter optimism for declining rates by adding securities in conjunction with new short-term funding, which we swap to a more attractive longer-term fixed rate. This transaction provides additional rate insensitive recurring revenue and due to the execution timing several weeks into the first quarter, we expect it to provide additional benefit in the second and beyond.

有幾個因素導致了AFS 投資組合收益率的變化，但最值得注意的是，利用市場在季度初對利率下降的樂觀情緒，增加證券和新的短期融資，我們將其轉換為更具吸引力的長期融資。該交易提供了額外的對利率不敏感的經常性收入，並且由於執行時間是第一季的幾週後，我們預計它將在第二季及以後提供額外的收益。

As I mentioned, we are open to acquiring safe, highly liquid securities at attractive yields and considering transactions that help us to achieve our desired long-term interest rate risk profile and mitigate the earnings risk of future short-term rate increases. To the extent we can use some of our improving capital position to also enhance recurring revenue in this type of safe and prudent way, all the better.

正如我所提到的，我們願意以有吸引力的收益率收購安全、高流動性的證券，並考慮進行有助於我們實現預期的長期利率風險狀況並減輕未來短期利率上漲的收益風險的交易。如果我們能夠以這種安全審慎的方式利用部分改善的資本狀況來增加經常性收入，那就更好了。

Moving to the right-hand side of the balance sheet, the most important thing to highlight is the seasonal nature of our noninterest-bearing deposit portfolio and its MSR escrow balances which began their normal annual outflows later in the fourth quarter before beginning to rebuild late in the first. As we noted on last quarter's call, amidst the seasonal transition, we also had some balances leave the bank due to our customers' desire to diversify their exposure across additional banks.

轉向資產負債表的右側，最需要強調的是我們的無息存款投資組合及其 MSR 託管餘額的季節性特徵，這些餘額在第四季度晚些時候開始正常的年度流出，然後開始重建。第一個。正如我們在上個季度的電話會議中指出的那樣，在季節性過渡期間，由於我們的客戶希望將其風險分散到更多銀行，我們也有一些餘額離開銀行。

This, too, drove some of the quarter-over-quarter decline we saw in average balances. We appreciate our customers' proactive approach to their own risk management and welcome the improved diversification it provides in our own deposit portfolio as well. We believe the strong multiproduct relationships we foster in this business are contributing to its overall growth and we fully expect more deposit balances to continue building in the second quarter.

這也導致了我們看到的平均餘額環比下降的部分原因。我們讚賞客戶對自身風險管理採取的積極主動的做法，並歡迎這種做法為我們自己的存款組合提供了更好的多元化。我們相信，我們在該業務中建立的強大的多產品關係正在為其整體成長做出貢獻，我們完全預計第二季將繼續建立更多的存款餘額。

Accompanying the decline in average noninterest-bearing deposits was another quarterly decline in customer service costs. which we have seen decline from $24.7 million in the third quarter of '23 to $16.4 million last quarter and only $10.7 million in the first.

伴隨著平均無息存款的下降，客戶服務成本也出現了季度下降。我們發現，這一數字從 2023 年第三季的 2,470 萬美元下降到上季的 1,640 萬美元，而第一季僅為 1,070 萬美元。

As we've discussed previously, the mix to interest-bearing liabilities, which we secure to replace declining noninterest-bearing balances, will weigh on our net interest margin, and it was a factor again this quarter. But the quarter's balance sheet actions overall were net accretive to earnings when considering both net interest income and customer service costs. Given the holistic nature of these relationships, we are comfortable with the seasonal fluctuations they will cause in our margin.

正如我們之前討論的那樣，我們確保用有息負債來取代不斷下降的無息餘額，這將影響我們的淨息差，這在本季度再次成為一個因素。但考慮到淨利息收入和客戶服務成本，本季的資產負債表行動總體上對盈利產生了淨增值。考慮到這些關係的整體性，我們對它們對我們的利潤造成的季節性波動感到滿意。

Interest-bearing liability costs increased modestly this quarter from 4.19% in the fourth to 4.24% in the first. Though borrowing costs remained relatively stable Interest-bearing deposit costs increased by 7 basis points to 4.28%. Factors included an increase in our mix of higher cost deposits, which, as I mentioned a moment ago, we're used to absorb the seasonal declines in noninterest-bearing MSR balances. Additional client migration to higher rate products such as CDs ahead of potential declines in short-term market rates and continued competition in the market for balances driving rate accommodations in the retail channel. We remain pleased with our retail business' performance and believe it is an important driver of our long-term success despite the modest increases it may continue to drive in the bank's deposit costs near term.

本季有息負債成本小幅上升，從第四季的 4.19% 上升至第一季的 4.24%。儘管借貸成本保持相對穩定，但計息存款成本上升 7 個基點至 4.28%。因素包括增加我們的高成本存款組合，正如我剛才提到的，我們習慣於吸收無息 MSR 餘額的季節性下降。在短期市場利率可能下降以及市場持續競爭推動零售通路利率調整之前，更多客戶轉向更高利率的產品，例如 CD。我們對零售業務的業績仍然感到滿意，並相信這是我們長期成功的重要推動力，儘管短期內零售業務可能會繼續推動銀行存款成本小幅成長。

Stepping back to consider overall deposit costs, monthly trends exited the quarter favorably A majority of our products showed improvement throughout the quarter and March's total interest-bearing deposit costs were in line with the quarterly average of 4.28%. We have improved our monitoring and analytics in this area, and our teams are working as proactively as possible to hold the line while we wait for greater certainty in the rate market.

回過頭來考慮整體存款成本，本季月度趨勢良好 我們的大多數產品在整個季度都表現出改善，3 月份的計息存款總成本與季度平均值 4.28% 一致。我們改進了在這一領域的監控和分析，我們的團隊正在盡可能積極主動地堅守陣地，同時等待利率市場出現更大的確定性。

As you will see, we continue to make progress on strengthening our balance sheet both our on-hand liquidity and our capital positions are much stronger than they were before we entered this phase of market uncertainty. And as Scott mentioned, our focus on full relationship banking is paying dividends in terms of recurring revenue and earnings stability.

正如您將看到的，我們在加強資產負債表方面繼續取得進展，我們的現有流動性和資本頭寸都比進入市場不確定階段之前強得多。正如斯科特所提到的，我們對全面關係銀行業務的關注是在經常性收入和盈利穩定性方面支付股息。

The new securities we added in conjunction with swapped fixed rate funding over $150 million of outstanding loan balances fully self-funded by customer deposits at 3% spread and the savings gain by exiting the Equipment Finance business will generate almost $13 million of recurring annualized pre-provision net revenue. We will continue to monitor the rate environment for opportunities to take advantage of our liability sensitivity and pivot towards a more sustainable long-term interest rate risk profile, but our continued focus on relationship banking and day-to-day execution will continue to be the keys to drive long-term shareholder value. We're encouraged by our successes in the first quarter as well as here in the start of the second, and we remain optimistic on the year ahead.

我們新增的新證券與超過1.5 億美元的未償還貸款餘額的交換固定利率融資相結合，完全由客戶存款以3% 的利差自籌資金，以及退出設備融資業務的儲蓄收益，將產生近1300萬美元的經常性年化預付款。我們將繼續監控利率環境，尋找利用我們的負債敏感性並轉向更永續的長期利率風險狀況的機會，但我們對關係銀行業務和日常執行的持續關注將繼續成為我們的目標。的關鍵。我們對第一季以及第二季初的成功感到鼓舞，並且我們對未來一年保持樂觀。

Moving to the income statement. Interest income continued to grow, ending the quarter at $150.5 million versus $146.6 million realized in the fourth. As discussed, interest expense was added to account for the quarterly declines in average noninterest-bearing MSR deposit balances.

轉到損益表。利息收入持續成長，本季末達到 1.505 億美元，而第四季實現的利息收入為 1.466 億美元。正如所討論的，增加了利息支出，以解釋平均無息 MSR 存款餘額的季度下降。

Though this drove a 19 basis point reduction in our net interest margin and a $4.1 million decline in net interest income when considering the concurrent $5.7 million decline in customer service costs the balance sheet's overall contribution to pretax pre-provision net revenue improved for the quarter. We expect the net interest income to benefit from increasing noninterest-bearing deposit balances in the second quarter, but more importantly, we believe the actions we are taking to improve recurring revenue will continue to enhance balance sheet contribution.

儘管考慮到客戶服務成本同時下降570 萬美元，這導致我們的淨利差下降19 個基點，淨利息收入下降410 萬美元，但資產負債表對本季度稅前撥備前淨收入的總體貢獻有所改善。我們預計第二季淨利息收入將受益於無息存款餘額的增加，但更重要的是，我們相信我們為改善經常性收入而採取的行動將繼續提高資產負債表的貢獻。

Moving to the rest of the income statement. Wealth and Trust related fees were flat for the quarter at $8.6 million, as Scott mentioned, however, AUM continued its strong performance, increasing point-to-point again this quarter and exceeding the $200 million of growth seen in the fourth. AUM ended the quarter at $5.5 billion, $300 million higher than at year-end 2023 and $500 million higher than at the end of the third quarter. We are encouraged by the FFA team's continued success and look forward to taking our history of exceptional proven customer service to the high-growth Texas and Florida markets.

轉到損益表的其餘部分。正如史考特所提到的，本季財富和信託相關費用持平，為 860 萬美元，但資產管理規模持續保持強勁表現，本季再次點對點成長，超過第四季 2 億美元的成長。本季末資產管理規模為 55 億美元，比 2023 年底增加 3 億美元，比第三季末增加 5 億美元。我們對 FFA 團隊的持續成功感到鼓舞，並期待將我們卓越的、經過驗證的客戶服務歷史帶到高速成長的德州和佛羅裡達州市場。

Outside of customer service costs, remaining noninterest expense categories totaled $39.9 million for the quarter, modestly higher than the fourth quarter's $39.5 million. As expected, compensation and benefits increased this quarter as a result of annual adjustments and tax resets, while all other categories saw modest quarter-over-quarter declines. Maintaining core expenses at responsible levels remains a focus. And as I mentioned, we expect the decisions made to exit equipment finance to mitigate growth here.

除客戶服務成本外，本季剩餘的非利息費用類別總計 3,990 萬美元，略高於第四季的 3,950 萬美元。正如預期的那樣，由於年度調整和稅收重置，本季度的薪酬和福利有所增加，而所有其他類別的季度環比略有下降。將核心支出維持在負責任的水平仍然是一個重點。正如我所提到的，我們預計退出設備融資的決定將減緩這裡的成長。

As Scott and I have mentioned several times, the entire organization is laser-focused on improving operating efficiency and controlling these discretionary costs. First Foundation made some very difficult decisions in 2023 to reduce expense during the market's volatility. As profitability returns, taking advantage of the opportunities available in North Texas and Southwest Florida will require measured investment but holding aside customer service costs, we intend to maintain our best-in-class expense to assets ratio.

正如斯科特和我多次提到的那樣，整個組織都專注於提高營運效率和控制這些可自由支配的成本。First Foundation 在 2023 年做出了一些非常艱難的決定，以在市場波動期間減少開支。隨著盈利能力的回歸，利用德克薩斯州北部和佛羅裡達州西南部的機會將需要謹慎的投資，但撇開客戶服務成本不談，我們打算保持一流的費用與資產比率。

Moving finally to capital and liquidity. We expect another significant improvement in First Foundation Inc's. total risk-based capital ratio, which we estimate will be 12.49% and or 22 basis points higher than that in Q4 and 105 basis points higher than its Q1 2023 level. We believe our strong capital base positions us well for growth, once uncertainty around the economic environment subsides.

最後轉向資本和流動性。我們預計 First Foundation Inc 將會有另一項重大改進。總風險資本比率，我們預計將比第四季高 12.49% 或 22 個基點，比 2023 年第一季水準高 105 個基點。我們相信，一旦經濟環境的不確定性消退，我們強大的資本基礎將為我們的成長奠定良好的基礎。

It also provides a relatively strong risk capital balance versus peer when considering our held-to-maturity portfolio is favorable after-tax unrealized loss position of $60.1 million or only 6.6% of tangible common equity, which is slightly higher than last quarter, but still well positioned relative to peer; and second, our strong liquidity position and low levels of uninsured and uncollateralized deposits, which, as a reminder, are those that prove to be the most vulnerable during times of significant stress. As noted, our uninsured and uncollateralized deposits stand at only 15% of total deposits, and this will continue to improve through the year as MSR-related deposit balances return.

考慮到我們的持有至到期投資組合的稅後未實現損失頭寸為6,010 萬美元，僅佔有形普通股的6.6%，略高於上一季度，但仍提供了相對較強的風險資本平衡，但仍相對於同行處於有利地位；其次，我們強勁的流動性狀況以及低水準的無保險和無抵押存款，提醒人們，這些存款在重大壓力時期被證明是最脆弱的。如前所述，我們的無保險和無抵押存款僅佔總存款的 15%，隨著 MSR 相關存款餘額的回歸，這一情況將在今年繼續改善。

As I mentioned before, we are pleased with the stability we have achieved in our liquidity position and we are comfortable with the level of on-balance sheet liquidity we are holding today and confident our total available liquidity of 2.7x uninsured and uncollateralized deposits is more than sufficient to mitigate risk should market volatility return. I echo Scott's comments on the team's continued efforts and dedication to First Foundation, and I remain confident we are positioned for success moving forward.

正如我之前提到的，我們對流動性頭寸實現的穩定性感到滿意，我們對今天持有的表內流動性水平感到滿意，並相信我們的可用流動性總額為2.7 倍，無保險和無抵押存款超過如果市場波動再次出現，不足以緩解風險。我同意斯科特對團隊對第一基金會的持續努力和奉獻的評論，並且我仍然相信我們已經做好了向前邁進的成功的準備。

With that, I'll now turn it over to Chris to provide additional detail on our loan portfolio, asset quality and important distinctions and opportunities within our multifamily portfolio. Chris?

現在，我將把它交給克里斯，以提供有關我們的貸款組合、資產品質以及我們的多戶投資組合中的重要區別和機會的更多詳細資訊。克里斯？

Thank you, Jamie. I will be spending a fair amount of time addressing our multifamily portfolio, our reserves and the benefits of rent control in the marketplace that are being wildly misunderstood by the market. I will also speak to the stability and growth of our deposit franchise. As quarter-over-quarter comparison illustrates, we continue to reduce our multifamily concentration exposure by leveraging our existing robust C&I platform to diversify into index plus margin-based product. This renewed relationship prioritized focus has yielded quarter-over-quarter deposit growth and truly signals the strategic pivot and return to our core ethos of a franchise value driven by relationships and not transactions.

謝謝你，傑米。我將花費相當多的時間來討論我們的多戶型投資組合、我們的儲備金以及市場上租金管制的好處，這些都被市場廣泛誤解。我還將談論我們存款業務的穩定性和成長。如季度環比比較所示，我們利用現有強大的 C&I 平台進行多元化發展，涉足指數加保證金產品，從而繼續減少多戶集中風險敞口。這種新的關係優先重點帶來了季度環比的存款成長，並真正標誌著戰略支點和回歸我們的核心精神，即由關係而不是交易驅動的特許經營價值。

We continue to be committed to a healthy gradual cadence of an increasing CECL reserve, which will be a natural byproduct of greater C&I growth in the portfolio. Characteristics of the C&I asset class as well as the historical data supports greater reserves for C&I product than those for multifamily real estate. I will be discussing this specifically as it relates to multifamily in detail shortly. For now, let us quickly summarize the metrics of our diverse and strong loan portfolio, which as of March 31, 2024, remains composed of 51.9% multifamily loans down from its height of approximately 54% as of Q3 2022.

我們繼續致力於以健康的漸進節奏增加 CECL 儲備，這將是投資組合中 C&I 更大增長的自然副產品。C&I 資產類別的特徵以及歷史資料支援 C&I 產品的儲備高於多戶型房地產。我將專門討論這個問題，因為它與多戶家庭有關。現在，讓我們快速總結一下我們多樣化且強大的貸款組合的指標，截至 2024 年 3 月 31 日，多戶貸款仍佔 51.9%，低於 2022 年第三季約 54% 的最高水準。

32% commercial business loans, including owner-occupied commercial real estate and legacy equipment finance compared to approximately 28% as of Q4 2022. 9% consumer and single-family residential loans, 6% nonowner-occupied commercial real estate and approximately 1% of land and construction loans. Loan fundings continue to be comprised of primarily high-quality adjustable rate C&I, SBA and mortgage lending totaling $302 million for the first quarter offset by loan paydowns and payoffs of $393 million in the quarter as lower yielding fixed rate loans continue to pay down, you can anticipate seeing (inaudible) in the net interest margin as well as the aforementioned reserve increasing.

32% 的商業企業貸款，包括業主自用商業房地產和遺留設備融資，而截至2022 年第四季度，這一比例約為28%。房地產和約1%土地和建築貸款。貸款資金仍然主要由高品質的可調整利率C&I、SBA 和抵押貸款組成，第一季總額為3.02 億美元，但由於收益率較低的固定利率貸款繼續償還，本季貸款還款和還款額為3.93 億美元。

Driving down our commercial real estate exposure to yield a greater balance between fixed and variable rate lending we'll take a measured long-term approach. As a reminder, over the near term, we are taking a cautious protectionary lending approach with our existing multifamily portfolio. And as a result, the fixed rate portion of the portfolio will comprise a smaller and smaller percentage of the whole. Given the relatively short duration of the multifamily asset class, which is less than 2 years, the cash flow focus of most investors, we anticipate a future benefit of anticipated repricing activity. As shown in a new slide within the investor presentation, we believe the repricing opportunity in a higher rate environment is meaningful, and we are proactively working with our clients to ensure they are prepared well in advance of considering their alternatives.

為了降低我們的商業房地產風險，在固定利率貸款和浮動利率貸款之間取得更大的平衡，我們將採取審慎的長期方法。提醒一下，短期內，我們將對現有的多戶住宅投資組合採取謹慎的保護性貸款方法。因此，投資組合中的固定利率部分在整體中所佔的比例將越來越小。鑑於多戶資產類別的持續時間相對較短（不到兩年），是大多數投資者關注的現金流焦點，我們預計預期的重新定價活動將帶來未來的好處。正如投資者簡報中的新幻燈片所示，我們相信在較高利率環境下的重新定價機會是有意義的，我們正在積極與客戶合作，以確保他們在考慮替代方案之前做好充分準備。

On a long-term basis, we need to be, and we will be more diversified overall on all our underlying assets. Despite regional pressures in rhetoric around certain geographical challenges in multifamily housing, we remain confident in the asset class, particularly our unique workforce housing exposure within the broadly defined sector. On previous calls, you have heard our teams speak to the value of workforce housing in the face of record low housing affordability.

從長遠來看，我們需要並且我們將在所有基礎資產上實現更加多元化。儘管圍繞多戶住宅某些地理挑戰的言論存在區域壓力，但我們對該資產類別仍然充滿信心，特別是我們在廣泛定義的行業中獨特的勞動力住房敞口。在先前的電話會議中，您已經聽到我們的團隊談到了在住房負擔能力創歷史新低的情況下勞動力住房的價值。

I want to spend some time here and break down the nuances of the asset class with a focus on our California concentration, and specifically, Los Angeles County, where approximately 51% of our multifamily real estate portfolio is concentrated as a proxy for the widespread misunderstanding contributing to unfounding comparisons to different markets. Workforce housing refers to residential units that are affordably priced for middle-income workers such as teachers, firefighters and health care workers who are essential to the functioning of a local economy in our primary lending area. These housing units are typically priced to be affordable for individuals and families earning between 60% and 120% of the area median income.

我想在這裡花一些時間，分解資產類別的細微差別，重點關注我們在加州的集中度，特別是洛杉磯縣，我們的多戶型房地產投資組合中約51% 集中在洛杉磯縣，這代表了普遍存在的誤解有助於對不同市場進行毫無根據的比較。勞動力住房是指中等收入工人（例如教師、消防員和醫護人員）價格可以負擔的住宅單元，他們對我們主要貸款領域的當地經濟運作至關重要。這些住房單位的定價通常適合收入在該地區收入中位數 60% 至 120% 之間的個人和家庭負擔得起。

Looking at Los Angeles County, as an example, as of 2023, the area median income for a 4-person household was set to $10,900 by the Los Angeles County Planning Authority. The goal of workforce housing is to provide housing options that are within a reasonable cost range, allowing these workers to live near their places of employment. This is not only beneficial for the employees but also supports the overall economic health and sustainability of our communities. As a financial institution, our investment in workforce housing represents a strategic opportunity to foster community development while stabilizing our asset base with real estate that historically has evidenced steady demand through economic cycles.

以洛杉磯縣為例，截至 2023 年，洛杉磯縣規劃局將 4 人家庭的地區收入中位數設定為 10,900 美元。勞動力住房的目標是提供合理成本範圍內的住房選擇，使這些工人能夠住在工作地點附近。這不僅有利於員工，也支持我們社區的整體經濟健康和永續發展。作為一家金融機構，我們對勞動力住房的投資代表了促進社區發展的戰略機遇，同時穩定了我們的房地產資產基礎，歷史上證明了經濟週期中需求的穩定性。

Going on the real estate offensive, Blackstone's $10 billion acquisition of private Apartment Income REIT, an owner of upscale apartment buildings is Blackstone's largest transaction in the multifamily market according to the Wall Street Journal. AIR communities touts a portfolio of underlying assets primarily in coastal communities like Boston, Miami and Los Angeles. As I mentioned a moment ago, approximately 51% of First Foundation Bank's portfolio of multifamily residential is located in Los Angeles County. These assets have a current weighted average loan-to-value of 54.8% with a conservative best-in-class underwritten weighted average current principal and interest debt service coverage ratio of 1.36x.

根據《華爾街日報》報道，黑石集團繼續發動房地產攻勢，以 100 億美元收購私人 Apartment Income REIT（高檔公寓大樓的所有者），這是黑石集團在多戶住宅市場上最大的交易。AIR 社群主要在波士頓、邁阿密和洛杉磯等沿海社區兜售基礎資產組合。正如我剛才提到的，第一基金會銀行的多戶住宅投資組合中大約 51% 位於洛杉磯縣。這些資產的目前加權平均貸款價值比為 54.8%，保守的同類最佳承保加權平均當前本金和利息償債覆蓋率為 1.36 倍。

If we can learn anything from the behaviors in the market right now, it is that CRE and multifamily pricing indices based on stock prices are not always the best proxies for real-world valuations. Blackstone's CEO, John Gray, has even gone so far in recent months to make the case that commercial real estate prices were bottoming and that now is a good time to buy.

如果說我們現在可以從市場行為中學到什麼的話，那就是基於股票價格的商業房地產和多戶住宅定價指數並不總是現實世界估值的最佳代表。黑石集團執行長約翰·格雷(John Gray)近幾個月來甚至極力主張商業房地產價格正在觸底，現在是購買的好時機。

If you that according to rental housing economist, (inaudible) is increasingly accepted in multifamily, where the consensus outlook now seems to be that multifamily is well positioned for growth by 2025 through 2026 after working through a multi-decade high supply wave. This is on the heels of U.S. apartments posting the strongest Q1 leasing demand in 20-plus years following a healthier than anticipated Q4 2023 according to real data.

如果您認為，根據租賃住房經濟學家的說法，（聽不清楚）在多戶型住宅中越來越被接受，目前的共識前景似乎是，在經歷了數十年的高供應浪潮後，多戶型住宅在2025 年至2026 年之前處於良好的成長態勢。此前，根據實際數據，繼 2023 年第四季健康狀況好於預期之後，美國公寓第一季租賃需求創下 20 多年來最強勁的水平。

From a historical perspective, Moody's Analytics data highlights that the lowest occupancy rate in Los Angeles since 2007 has been 95.20% which occurred in 2009 and as of 2023, the occupancy rate was approximately 96.80%. During this time, asking rents have increased in all but 3 years, 2009, 2020 and 2023 which saw decreases of negative 4%, negative 4% and negative 2.3%, respectively. Asking rents in aggregate from 2007 to 2023, including these decreases totaled approximately 59.3% or an average increase of 3.49% per year.

從歷史角度來看，穆迪分析數據顯示，洛杉磯自2007年以來的最低入住率出現在2009年，為95.20%，截至2023年，入住率約96.80%。在此期間，除2009年、2020年和2023年這三年外，租金要價均有所上升，這三年分別下降了負4%、負4%和負2.3%。從 2007 年到 2023 年，租金要價總計約 59.3%，即每年平均成長 3.49%，其中包括這些下降。

Strong occupancy and steady rent increases are obviously very positive for multifamily and a couple of the reasons First Foundation Bank has never experienced a loss in its multifamily portfolio. Across the same 17-year Moody's analysis period for all California commercial banks average net losses in multifamily were reported in only 5 years, 2008, 2009, 2010, 2011 and 2012 with losses of 0.03%, 0.2%, 0.29%, 0.13% and 0.03% respectively. These losses came at a time when the Great Recession had exposed some liberal underwriting standards, including underwriting to pro forma rents, underwriting to low or even breakeven debt service coverage ratios and/or underwriting to the subject property without considering sponsorship. At no point in First Foundation's history has the bank ever underwritten with anything other than its stable, conservative time-tested methodology. This includes a lower of in-place or market rents, averaging historical repairs and maintenance of a period no less than 2 years, the greater of actual vacancy or market vacancy and grossed up expense costs.

強勁的入住率和穩定的租金上漲顯然對多戶型住宅非常有利，這也是第一基礎銀行的多戶型投資組合從未經歷過虧損的幾個原因。在穆迪對所有加州商業銀行的同一17 年分析期間內，多戶家庭的平均淨虧損僅在5 年（2008 年、2009 年、2010 年、2011 年和2012 年）中報告，虧損分別為0.03 %、0.2%、0.29%、0.13% 和分別為0.03%。在這些損失發生之際，大衰退暴露了一些自由的承保標準，包括承保預計租金、承保低甚至損益平衡的償債覆蓋率和/或承保主題財產而不考慮贊助。在第一基金會的歷史上，該銀行從未使用過除其穩定、保守且經過時間考驗的方法之外的任何其他方式進行承保。這包括就地租金或市場租金中的較低者、平均歷史維修和保養時間不少於 2 年、實際空置或市場空置中的較高者以及總計費用成本。

The bank underwrites to full principal and interest payments even for interest-only loans, and the bank underwrites a sponsorship on all nonrecourse loans. As a reminder, California is a single action state under California's 1 action rule, a lender can only take one action against you, whether it is to conduct a trustee sale, so on the promissory note for the balance of the debt or judicially foreclose.

即使是只付利息的貸款，銀行也能全額支付本金和利息，並且對所有無追索權貸款提供擔保。提醒一下，加州是單一行動州，根據加州的 1 行動規則，貸方只能對您採取一項行動，無論是進行受託人出售、債務餘額本票還是司法取消抵押品贖回權。

This saves a tremendous amount of time in the worst case event scenario of a default when compared to many other states. Another question we received is whether we stressed expenses enough during the underwriting as there has been a lot of conjecture about expense increases in the state of California, particularly insurance and taxes, which many falsely believe will guarantee degraded cash flow over time. I wish I could say California has ever been a cheap state to (inaudible) it has not.

與許多其他狀態相比，這在最壞的違約事件場景中節省了大量時間。我們收到的另一個問題是，我們在承保期間是否對費用強調得足夠多，因為人們對加州的費用增加有很多猜測，特別是保險和稅收，許多人錯誤地認為隨著時間的推移，這將導致現金流下降。我希望我能說加州曾經是一個便宜的州，但事實並非如此（聽不清楚）。

Wildfires flooding and earthquakes have long impacted the state and insurance costs have reflected this for decades. Regions like Florida and Texas have seen significant increases with average insurance cost per unit growing approximately 37% and 43%, respectively, from 2020 to 2022. California's insurance market is tightly regulated with Proposition 103 passed by voters on November 8, 1988, requiring insurers to obtain state approval for rate changes. This regulation can and does influence the overall insurance cost landscape, but it didn't stop the average insurance cost per unit for multifamily apartments from jumping approximately 33% over the 3-year period from 2020 to 2022. While impactful to bank's underwriting pro forma insurance coverage in California assumes no less than a 20% or more increase per year for a new loan. When it comes to taxes, Proposition 13 passed by California voters in 1978 significantly impacts all real estate properties in California, including multifamily apartments. Its primary effects are on the property tax rate assessment procedures and reassessment time lines, which have broad implications for property owners, including First Foundation's customers owning and managing multifamily apartment buildings.

野火、洪水和地震長期以來一直影響著該州，幾十年來保險成本也反映了這一點。佛羅裡達州和德克薩斯州等地區的保險費用顯著增長，從 2020 年到 2022 年，每單位平均保險成本分別增長約 37% 和 43%。加州的保險市場受到選民於 1988 年 11 月 8 日通過的 103 號提案的嚴格監管，該提案要求保險公司的費率變更必須獲得州政府的批准。這項規定能夠而且確實會影響整體保險費用格局，但它並沒有阻止多戶公寓的平均保險費用在 2020 年至 2022 年的 3 年期間上漲約 33%。雖然加州的形式保險承保範圍對銀行承保有影響，但假設新貸款每年增加不少於 20% 或更多。在稅收方面，加州選民於 1978 年通過的第 13 號提案對加州的所有房地產（包括多戶公寓）產生了重大影響。其主要影響在於財產稅率評估程序和重新評估時間表，這對業主（包括擁有和管理多戶公寓大樓的 First Foundation 客戶）具有廣泛影響。

Proposition 13 capped the annual real estate property tax at 1% of the assessed value plus any voter-approved local taxes and assessments. This cap applies to multifamily apartments providing a predictable tax expense for property owners by limiting how much property taxes can increase each year, Proposition 13 has made it somewhat more feasible for investors to hold on to multifamily properties over the long term. without facing significant tax hikes providing for predictable future expense figures and is an incentive to hold assets long term. The proposition also restricts the assessment of property values to when the property is bought newly constructed or undergoes a change in ownership. For multifamily apartments, this means that the property tax basis is essentially set at the time of purchase and only increases at a maximum of 2% per year until the property is sold or significantly renovated. This also means that the repairs and maintenance figures for capital expenditures averaged over 2 years or more generally captures units being renovated as units turn over.

第 13 號提案將年度房地產稅上限限制為評估值加上任何選民批准的地方稅和評估的 1%。這一上限適用於多戶型公寓，透過限制每年可增加的財產稅數量，為業主提供可預測的稅收支出。無需面臨大幅增稅，可以提供可預測的未來支出數字，並且可以激勵長期持有資產。該提案還將財產價值的評估限制在購買新建財產或所有權發生變更時。對於多戶公寓，這意味著財產稅基礎基本上是在購買時確定的，並且每年最多僅增加 2%，直到財產出售或進行重大翻修為止。這也意味著兩年或更長時間的平均資本支出的維修和保養數據通常包含隨著單位週轉而進行翻新的單位。

To answer directly those asking whether we sufficiently stress expenses during our underwriting, yes. We assume enough stress in our underwriting. With stabilized predictable expenses and conservatively underwritten gross potential income clarified, the elephant in the room as it relates to multifamily in California is the unwarranted stigma around rent control laws. I will say it here clearly, when underwritten appropriately, rent control insulates lenders from risk and potential downside. It also makes for stable, predictable returns for multifamily investors. Rent control laws in the United States to exhibit significant variance influenced by state-specific legislations and the autonomy granted to local governments. Notably, 31 states restrict local authorities from enacting rent control measures, underscoring a complex national landscape of housing regulations.

直接回答那些詢問我們在承保期間是否充分重視費用的人，是的。我們在核保方面承擔了足夠的壓力。隨著可預測費用的穩定和保守地承保的潛在總收入的澄清，與加州多戶住宅相關的房間裡的大像是圍繞租金管制法的無理恥辱。我要在這裡明確地說，當承保適當時，租金管制可以使貸方免受風險和潛在負面影響。它也為多戶型投資者帶來穩定、可預測的回報。美國的租金管制法受各州具體立法和賦予地方政府的自治權的影響而表現出顯著差異。值得注意的是，31 個州限制地方當局製定租金管制措施，凸顯了全國住房法規的複雜性。

Unfortunately, to understand how this impacts multifamily loans and those making them requires a deep regional and nuance based understanding of each submarket. Take, for example, California and New York, which offer 2 distinct approaches to rent control. In California, the statewide rent control law signed by Governor Newsom in 2019 caps rent increases at 5% and plus inflation, subject to certain conditions and exceptions. This legislation empowers local jurisdictions to adopt stricter controls, highlighting California's layered response to rent control deeply rooted in its housing history. Los Angeles, for instance, has been grappling with rent control and affordability housing since the 1940s, marking a significant legislative milestone in the early 1940s and in the late 1970s, which are far more restrictive in the recent statewide legislature.

不幸的是，要了解這如何影響多戶家庭貸款以及發放這些貸款的人，需要對每個子市場有深入的區域和細微差別的了解。以加州和紐約州為例，它們提供了兩種不同的租金管制方法。在加州，紐瑟姆州長於 2019 年簽署的全州租金管制法將租金漲幅限制在 5% 並加上通貨膨脹，但須遵守某些條件和例外情況。這項立法授權地方司法管轄區採取更嚴格的控制，凸顯了加州對根植於其住房歷史的租金管制的分層反應。例如，洛杉磯自1940 年代以來一直在努力解決租金管制和經濟適用住房問題，這標誌著1940 年代初和1970 年代末的一個重要立法里程碑，而最近的全州立法機構對這些問題的限制要嚴格得多。

Conversely, New York's rent control paradigm is notably more localized and intricate with a focus on New York City. The state's legislative framework distinguishes between rent-controlled and rent-stabilized units, reflecting a tailored approach to address the city's unique housing market dynamics. The Housing Stability and Tenant Protection Act of 2019 further expanded tenant protections indicating New York's progressive stance on housing regulation. All of this to say that the changes made to New York City's rent control appear to have been the catalyst for the challenges in their multifamily market. The loose landlord-friendly regulation in place for more than 20 years before 2019 gave way to what appears to have been some degradation of lending and underwriting standards by market area banks which is contributing to hypothetical unrealized potential losses today. Weaker underwriting requirements closely tracked what was allowable under the law instead of the more conservative and more normalized practices for similarly situated properties in other states.

相反，紐約的租金管制範式明顯更加本地化和複雜，重點關注紐約市。該州的立法框架區分了租金管制單位和租金穩定單位，反映了針對該市獨特的房屋市場動態而量身定制的方法。2019年《住房穩定與租戶保護法》進一步擴大了租戶保護範圍，顯示紐約在住房監管方面的進步立場。所有這些都表明，紐約市租金管制的變化似乎是多戶型市場面臨挑戰的催化劑。2019 年之前 20 多年來實行的寬鬆的房東友好型監管讓位於市場區域銀行的貸款和承保標準似乎有所下降，這導致了今天假設的未實現的潛在損失。較弱的承保要求密切關注法律允許的內容，而不是其他州類似情況財產的更保守和更規範的做法。

As money poured into the market to take advantage of the pre-2019 regulations, it is impossible to say whether underwriting to rents in place alone would have contained the asset price bubble that developed over time, but it certainly would have helped those holding the loans today. Differences between the 2 states rent control measures can be characterized by the scope and application of their respective laws. The presence or absence of vacancy bonuses and vacancy decontrol and their historical context. California statewide policy broadly applies to most rental properties with local jurisdictions capable of enforcing stricter laws and has done so for decades. New York's rent regulation is deeply ingrained with in New York City's housing market, highlighting a long-standing commitment to tenant protections and housing affordability, which after a period of flexibility got significantly more restrictive in 2019. The historical evolution of rent control in both states reflects their unique responses to housing crisises, with California adopting a more uniform approach in recent years, while New York maintains a complex city-focused regulatory environment.

隨著資金湧入市場以利用 2019 年前的規定，不可能說單獨承保租金是否會遏制隨著時間的推移而形成的資產價格泡沫，但它肯定會對那些持有貸款的人有所幫助今天。兩個州租金管制措施之間的差異可以透過各自法律的範圍和適用來表徵。空缺獎金和空缺解除控制的存在與否及其歷史背景。加州全州政策廣泛適用於大多數出租物業，當地司法管轄區能夠執行更嚴格的法律，並且幾十年來一直這樣做。紐約的租金監管在紐約市的房屋市場中根深蒂固，凸顯了對租戶保護和住房負擔能力的長期承諾，經過一段時間的靈活性之後，這種承諾在 2019 年變得更加嚴格。這兩個州租金管制的歷史演變反映了它們對住房危機的獨特反應，加州近年來採取了更統一的方法，而紐約則維持著以城市為中心的複雜監管環境。

When underwriting in California for workforce housing, it is clear to see that in 1 respect, California has a more predictable consistent approach to rent control on buildings that are also generally not as old as those in New York, which require a much greater investment in repairs and maintenance and capital expenditures to stay competitive. All of this explains why when you look at our portfolio, its strength is evident in both the continued credit quality metrics and the low NPAs to total assets ratio for the first quarter of 18 basis points compared to 15 basis points from the prior quarter. The bank's return to profoundly deeper relationships with our clients has been fruitful, and we continue to believe that when combined with our value proposition of service, we'll both distinguish us in the marketplace while making the clients stickier.

在加州承保勞動力住房時，可以清楚地看到，在一方面，加州對建築物的租金管制採取了更可預測的一致方法，這些建築物通常也不像紐約的那麼老舊，這需要更大的投資維修和保養以及資本支出以保持競爭力。所有這些都解釋了為什麼當您查看我們的投資組合時，您會發現其實力在持續的信貸品質指標和第一季不良資產與總資產比率較低（18 個基點）和上一季度15 個基點（15 個基點）方面顯而易見。該銀行與客戶建立更深層的關係是富有成效的，我們仍然相信，與我們的服務價值主張相結合，我們將在市場上脫穎而出，同時提高客戶的黏性。

Maintaining a close eye on our near-term liquidity and funding, we have begun to see a return on our investments in culture and growth quarter-over-quarter within our core funding, up from $9.4 billion as of fiscal year-end 2023 to over $9.7 billion as of Q1 2024. This growth can be attributed to both the return of our seasonal MSR deposit, tax and insurance impound account outflows in Q4 of 2023 as well as both growth of existing relationships and new relationships to the organization. Our strategy to drive down any long-term overdependence on broker deposits and home loan bank advances is taking shape. The breakdown of our current deposits is as follows: money market and savings, 29%, certificates of deposits, 28% and interest-bearing demand deposits 23%, noninterest-bearing demand deposits at 20%.

透過密切關注我們的短期流動性和資金，我們已經開始看到核心資金中文化和成長投資的季度環比回報，從 2023 財年末的 94 億美元增加到超過截至 2024 年第一季為 97 億美元。這一增長可歸因於 2023 年第四季度我們的季節性 MSR 存款、稅收和保險扣押帳戶流出的回歸，以及現有關係和與組織的新關係的增長。我們降低對經紀人存款和房屋貸款銀行預付款的長期過度依賴的策略正在形成。我們的活期存款組成如下：貨幣市場和儲蓄佔29%，存單佔28%，有息活期存款23%，無利息活期存款20%。

Our core deposits are diversified geographically with California accounting for 28% of total core deposits, Florida at 24% and Texas at 6%. Outside of this majority in Nevada, Hawaii and other states make up the remaining total. We believe both the Texas and Florida markets have tremendous untapped upside potential for additional deposit growth in the near future. We continue to be pleased with the growth of our digital branches online account opening infrastructure and technology. The seamless account opening and funding with real-time risk mitigation and fraud detection is already prepared for deployment in our physical branches. It will initially be utilized for consumer accounts so that we can free up more time to focus on the high-touch needs of our business clients and the complexities of their banking needs.

我們的核心礦床在地理位置上多元化，加州佔核心礦床總數的 28%，佛羅裡達州佔 24%，德州佔 6%。除了內華達州的大部分之外，夏威夷和其他州也佔了剩餘的總數。我們相信，德州和佛羅裡達州市場在不久的將來都有巨大的未開發的上行潛力，可以實現額外的存款成長。我們對數位分支機構線上開戶基礎設施和技術的發展持續感到滿意。無縫開戶和融資以及即時風險緩解和詐欺偵測已經準備好在我們的實體分公司部署。它最初將用於消費者帳戶，以便我們可以騰出更多時間專注於企業客戶的高接觸需求及其複雜的銀行業務需求。

As we noted last quarter, we have begun to change the culture of our physical branches to empower and incentivize employees to aggressively grow our granular core retail deposit franchise. We want to foster and enable an outbound network of active participants in the communities we serve. We also want to ensure that parts of First Foundation are properly compensated and incentivized to grow the franchise. From a timing perspective, we have begun preparing for a challenging landscape ahead of potential rate cuts during the 2024 calendar year. However, we are prepared for a worst-case scenario in which there may be none. We continue to strategically deprioritize marketing based on rate and instead highlighting relationships, community and service, a trend we have seen in the marketplace as several large banks have already begun cutting their deposit rates.

正如我們上季度指出的那樣，我們已經開始改變實體分支機構的文化，以授權和激勵員工積極發展我們的細粒度核心零售存款特許經營權。我們希望在我們所服務的社區中培養和啟用積極參與者的出境網絡。我們也希望確保第一基金會的部分成員得到適當的補償和激勵以發展特許經營權。從時間角度來看，我們已經開始為 2024 年可能降息前所面臨的挑戰做好準備。然而，我們已經做好了應對最壞情況的準備，即可能沒有任何情況。我們繼續策略性地取消基於利率的行銷，而是強調關係、社區和服務，這是我們在市場上看到的趨勢，因為幾家大型銀行已經開始降低存款利率。

In the ever-evolving landscape of banking regardless of size, we are proud of how our teams have been able to pivot and adjust during challenging times. In 2023, we learned how resilient we were. However, in 2024, we strive to highlight our team's ability to grow and pivot to an offensive growth strategy. While there are certainly volatile and challenging economic times ahead, the management team and I are incredibly grateful for the support and confidence of our clients and our employees.

在不斷發展的銀行業格局中，無論規模大小，我們的團隊能夠在充滿挑戰的時期進行調整和調整，對此我們感到自豪。2023 年，我們體認到了自己的韌性。然而，到 2024 年，我們努力強調我們團隊的成長能力並轉向進攻性成長策略。儘管未來的經濟狀況肯定會不穩定且充滿挑戰，但我和管理團隊非常感謝客戶和員工的支持和信心。

I will now hand the call back to the operator for questions.

我現在將把電話轉給接線員詢問問題。

(Operator Instructions) David Feaster, Raymond James.

（操作員說明）David Feaster，Raymond James。

That was a lot of great color, Chris. I really appreciate that. And the slide that you gave on the contractual repricing is extremely helpful. We've talked in the past though about how oftentimes borrowers are interested in refinancing ahead of the contractual terms, but loan shift to full P&I. Just given the significant amount of growth that was originated in 2021 and 2022, we're going to be coming up on some of that, right?

那是很多很棒的顏色，克里斯。我真的很感激。您提供的關於合約重新定價的幻燈片非常有幫助。我們過去曾討論過，借款人經常有興趣在合約條款之前進行再融資，但貸款轉向全額保賠險。考慮到 2021 年和 2022 年出現的大幅成長，我們將會考慮其中的一些，對嗎？

First, I guess, my question is, am I thinking about that correctly? And second (inaudible) are you hearing this, you're starting to see this from borrowers? And maybe how do you think of a realistic pace of repricing that may be coming in the next 12 to 18 months, so rather than relative to that $700 million or so that is scheduled.

首先，我想我的問題是，我的想法正確嗎？其次（聽不清楚）您是否聽到了這一點，您是否開始從借款人那裡看到這一點？也許您如何看待未來 12 至 18 個月內可能出現的現實重新定價速度，而不是相對於預定的 7 億美元左右。

Well, yes, I think you are thinking about it the right way. Look, I know that there's a lot of concern in the market about the behaviors that we're seeing, and there has been a bit of a pause. Real estate investors have been doing this for decades and in some cases, multi-generations. So they're looking at the volatility in the market and they're saying to themselves, I'm going to wait and see what happens.

嗯，是的，我認為你的思考方式是正確的。聽著，我知道市場對我們所看到的行為有很多擔憂，並且有一些停頓。房地產投資者這樣做已經有幾十年了，在某些情況下，甚至是好幾代。因此，他們正在關注市場的波動，並對自己說，我將等待，看看會發生什麼。

If you start to see the 10-year rise, which I expect us to see and you start to see pricing in this particular space start to creep up, they're going to start locking in and being thoughtful and proactive. As of right now, they aren't concerned enough with what they're seeing in the repricing market to be hyper-aggressive with locking in. These guys also are going from P&I -- I'm sorry, interest only in some cases, the principal and interest, they're going to be really interested in locking back in interest only.

如果你開始看到 10 年的上漲（我希望我們能看到這一點），並且你開始看到這個特定領域的定價開始攀升，那麼他們將開始鎖定並採取深思熟慮和積極主動的態度。截至目前，他們對重新定價市場的情況還不夠關心，因此無法過度積極地鎖定市場。這些人也來自保賠協會——抱歉，在某些情況下只收取利息，本金和利息，他們真的會對只鎖定利息感興趣。

So yes, I think you think about it the right way. I think you're going to see a pretty normal cadence of refinance activity. They're not going to get quite the cash flow they once did, certainly as rates have changed, but they'll all cash flow fine, and they'll be very happy to do so.

所以是的，我認為你的思考方式是正確的。我認為您會看到再融資活動的節奏非常正常。他們將不會獲得以前那樣的現金流，當然，因為利率已經發生了變化，但他們的現金流都會很好，而且他們會很樂意這樣做。

David, just to kind of put some real stuff in your question there. I would tell you that when it looked like at the start of this year, that interest rates were going to decline precipitously, A lot of people were holding out some of the data that's come out recently as maybe suggested that the Fed is going to pause for a period of time rather than reduce rates.

大衛，只是想在你的問題中加入一些真實的內容。我想告訴你，今年年初的時候，利率將急劇下降，很多人都持有最近公佈的一些數據，這些數據可能表明聯準會將暫停利率一段時間而不是降低利率。

In talking to our Chief Lending Officer yesterday, in our pipeline, just to give you an anecdote, is about $20 million that is now coming into the pipeline or in the pipeline, I should say, that is going to be exiting in the very low 3s and coming back on in the mid- to low 6s.

昨天與我們的首席貸款官交談時，在我們的管道中，只是給您講一個軼事，大約有2000 萬美元現在正在進入管道中或正在管道中，我應該說，這將以非常低的價格退出3秒並在中低6秒時恢復。

That's terrific. So I guess the way I'm thinking about it is like this is almost the baseline of what's going to be repricing. It's probably actually higher than what we've laid out in this slide.

真了不起。所以我想我的想法就像這幾乎是重新定價的基線。它實際上可能比我們在這張投影片中列出的要高。

I truly believe so, yes.

我確實這麼認為，是的。

I think the slide that we put in there, those are the absolute role periods that somebody has to do something or it rolls. But I think, as Chris described just a couple of minutes ago, you're going to see some people start to step up and want to lock in.

我認為我們放在那裡的幻燈片是某人必須做某事或事情發生的絕對角色時期。但我認為，正如克里斯幾分鐘前所描述的那樣，你會看到一些人開始站出來並想要鎖定。

Again, I would tell you, and Chris would tell you, that multifamily borrowers are really all about cash flow. And they're trying to figure out what their cash flow can be. So them locking it in right now, I think is very prudent on their part. And for us, you're seeing margins improve somewhere around 3% -- over 3% just on those that are being refinanced.

再說一遍，我會告訴你，克里斯也會告訴你，多戶家庭借款人實際上最關心的是現金流。他們正試圖弄清楚他們的現金流量是多少。所以他們現在就鎖定它，我認為他們非常謹慎。對我們來說，您會看到利潤率提高了 3% 左右——僅那些進行再融資的利潤率就超過 3%。

And David, I'd also like to point out that one of the things we started doing well over a year ago was we started looking at asset quality review financials that come in, re-underwriting this stuff and calling people proactively to say, hey, look, let's talk about refinancing your loan well in advance and letting them know what their scenarios were. So we know what their financial positions are. We know what their refinance would look like, and we're very confident in those numbers.

大衛，我還想指出，我們一年多前開始做的事情之一就是我們開始查看資產品質審查的財務數據，重新承保這些東西並主動打電話給人們說，嘿，聽著，讓我們談談談提前為您的貸款再融資，並讓他們知道他們的情況是什麼。所以我們知道他們的財務狀況如何。我們知道他們的再融資會是什麼樣子，我們對這些數字非常有信心。

I would just add to you, David, not to pile on, but all of these outcomes are beneficial for First Foundation. They either move to floating, which is illustrated on the slide, they refinance at a higher fixed rate again, like Scott described, and we hate to lose a customer. But even if those relationships decide to refinance a loan or 2 elsewhere, that's a benefit to us as well because we're able to extinguish higher cost funding from balance sheet. So we see these as all these attractive options and benefits to the bank.

大衛，我想補充一點，不是要堆積如山，但所有這些結果都對第一基金會有利。他們要么轉向浮動利率，如幻燈片所示，要么再次以更高的固定利率再融資，就像斯科特所描述的那樣，我們討厭失去客戶。但即使這些關係決定在其他地方為一兩筆貸款進行再融資，這對我們來說也有好處，因為我們能夠從資產負債表中消除成本較高的融資。因此，我們認為這些都是對銀行有吸引力的選擇和好處。

Absolutely. That was kind of my point is it seems like this is -- the opportunity could be even larger than what is laid out on that slide. Okay. That's great. And then maybe touching on the deposit side. It was great to see the NIB growth in the quarter. I appreciate the color on the seasonal dynamics and the customer diversification. But I'm curious, how are things heading into the second quarter you alluded to a healthy deposit pipeline. But just curious, what strategies you're most focused on? And where are you having the most success at this point? And how you think about deposit trends going forward?

絕對地。我的觀點是，機會可能比幻燈片上所展示的還要大。好的。那太棒了。然後可能會涉及存款方面。很高興看到本季度 NIB 的成長。我欣賞季節性動態和客戶多元化的色彩。但我很好奇，您提到的健康的存款管道進入第二季度情況如何。但只是好奇，你最關注什麼策略？目前您在哪些方面取得了最大的成功？您如何看待未來的存款趨勢？

Chris?

克里斯？

Yes. So obviously, everything we're talking about right now is relationship focused. You heard it in the narrative, quite a few times from all three of us. With that, we're really, really highlighting the C&I business growth, both the middle markets, the small balance stuff and all the way up to your larger corporate credits. And the reason why is those come with compensating balances, those come with a holistic relationship. We still have an entire wealth advisory business with a ton of high net worth individuals who are still in very much in business today, and they're looking at this current economic climate as an opportunity to grow.

是的。顯然，我們現在談論的一切都是以關係為中心的。你在敘述中聽過這句話，我們三個人都聽過好幾次了。有了這個，我們真的非常非常強調 C&I 業務的成長，包括中間市場、小額餘額，一直到更大的企業信貸。原因是那些帶有補償平衡，那些帶有整體關係。我們仍然擁有完整的財富諮詢業務，擁有大量高淨值個人，他們今天仍在大量從事業務，他們將當前的經濟環境視為成長的機會。

So anything we can do to help expand those relationships and bring deposits in. We are for strategic -- strategically, you heard me talk a little bit about the moving to a more outbound really client-focused deposit gathering network. I don't want branch managers in the branches. I want them physically outgoing to talk to clients and being proactive.

因此，我們可以採取一切措施來幫助擴大這些關係並吸引存款。我們支持策略性的——策略性地，你聽到我談到了轉向一個更加出站、真正以客戶為中心的存款收集網絡。我不希望分行有分行經理。我希望他們外向地與客戶交談並採取主動。

The one that really differentiates one bank from another these days is the value proposition of service. we want to be out in front of people and the bank that's in front of them asking for their business and giving them what they need.

如今，真正將一家銀行與另一家銀行區分開來的是服務的價值主張。我們希望在人們和他們面前的銀行面前尋求他們的業務並為他們提供他們所需要的東西。

So our pipeline right now is about $300 million to be more specific. And it's pretty definitive that those deposits are going to come back. And we as we -- as I think all three of us said, we're really refocusing our energy just on relationships, on people, I went to a presentation of one of our loan clients the other day. As I was talking to the treasurer, I actually asked, do we have a deposit relationship with you. I was there with a couple of our credit folks, and he said, well, no, you never asked. And I said, well, I'm asking. Well, we just set up those accounts two days ago, and they are transferring the funds in, which is part of that $300 million.

更具體地說，我們目前的管道規模約為 3 億美元。可以肯定的是，這些存款將會回來。我們——正如我認為我們三個人都說過的那樣，我們確實將我們的精力重新集中在人際關係和人身上，前幾天我參加了我們的一位貸款客戶的演講。我跟掌櫃說話的時候，其實我問的是，我們跟你有存款關係嗎？我和我們的幾個信貸人員在那裡，他說，好吧，不，你從來沒有問過。我說，好吧，我問一下。嗯，我們兩天前剛設立了這些帳戶，他們正在轉入資金，這是這 3 億美元的一部分。

We have another client that's doing something similar that we've had loans outstanding and never before did we really go after those clients and shame on us for not being more definitive. But now we're circling back with a lot of our great relationships and me, too. I'm making outbound calls as much as anybody, and we're having great success doing it.

我們有另一個客戶正在做類似的事情，我們有未償還的貸款，而我們以前從未真正追隨這些客戶，並為我們沒有更加明確而感到羞恥。但現在我們帶著很多偉大的關係和我一起回來了。我和其他人一樣經常撥打外線電話，而且我們在這方面取得了巨大的成功。

That's terrific. Glad to hear it. And then last one for me. Scott, you talked about an increase in C&I fundings in the second quarter so far, which is encouraging. Curious maybe where are you seeing opportunity? How is demand trending? And then I'm just curious, maybe broadly what you're seeing in Texas and Florida and whether this timing issue, originations were down in those markets. I'm just curious whether this timing issue was a part of that. So just kind of curious about the C&I pipeline where you're seeing opportunities in Texas and Florida specifically?

真了不起。聽到那個消息很開心。然後是我的最後一張。斯科特，您談到到目前為止第二季度商業和工業資金的增加，這是令人鼓舞的。也許您好奇在哪裡看到機會？需求趨勢如何？然後我只是好奇，也許你在德克薩斯州和佛羅裡達州看到了什麼，以及這個時間問題，這些市場的起源是否有所下降。我只是好奇這個時間問題是否是其中的一部分。那麼，您對工商業管道感到好奇，特別是在德克薩斯州和佛羅裡達州，您看到了哪些機會？

Well, our C&I has been pretty diversified overall. We've got great teams in California. Frankly, we've got good teams in Nevada. I will tell you Florida, we've got some pretty good teams. But I would say that leading up to and recently when I was in Florida just a week or so ago, I sat down with our C&I teams. And I would say there was a period, as Chris described, we were playing a bit defense, and we were probably a little too restrictive. So conversations have been -- being had between credit, our lending teams, and I think there's a lot of opportunities, for instance, I want to say we have like 8 or 9 C&I bankers in Florida. We're reinvigorating sitting back down with them, talking to say, yes, probably we were a little bit restrictive at the time.

嗯，我們的 C&I 整體來說相當多元化。我們在加州有很棒的團隊。坦白說，我們在內華達州擁有優秀的團隊。我會告訴你佛羅裡達州，我們有一些非常好的球隊。但我想說的是，大約一周前我在佛羅裡達州之前和最近，我與我們的 C&I 團隊坐下來。我想說的是，正如克里斯所描述的那樣，有一段時間我們採取了一些防守措施，而且我們可能有點過於嚴格。因此，信貸部門、我們的貸款團隊之間一直在進行對話，我認為有很多機會，例如，我想說我們在佛羅裡達州有大約 8 或 9 名 C&I 銀行家。我們正在重新坐下來與他們交談，說，是的，可能我們當時有點限制。

If you remember, it wasn't 6 months or so ago that I was basically telling everybody we were going to shrink the balance sheet. And we've kind of pivoted since that point in time, and we're looking to expand. And the only way to do that is to set our teams free. So I'm of the belief that Florida has the capacity, definitely California has the capacity. I will tell you, Dallas, we are lacking C&I teams. And as we continue to improve our recurring revenue, that is going to be a major, major focus for us.

如果你還記得的話，大約六個月前我基本上就告訴大家我們要縮減資產負債表。從那時起我們就發生了轉變，我們正在尋求擴張。做到這一點的唯一方法就是讓我們的團隊自由。所以我相信佛羅裡達州有能力，加州肯定有能力。我告訴你，達拉斯，我們缺少 C&I 團隊。隨著我們繼續提高經常性收入，這將成為我們的一個主要關注點。

I mean, I'm sure you guys have read the same thing that I have that the Dallas-Fort Worth Metroplex is supposed to be the largest metro (inaudible) in the country in the next 10 years. we came here for a reason, and we want to expand in this marketplace. And I feel like we're on the precipice of being able to do that.

我的意思是，我相信你們都讀過和我一樣的內容，即達拉斯-沃斯堡大都會將在未來 10 年內成為美國最大的地鐵（聽不清楚）。我們來到這裡是有原因的，我們希望在這個市場上擴張。我覺得我們正處於能夠做到這一點的邊緣。

That's great. And so just this growth that you're talking about, just taking kind of all this commentary together, it seems like you think you're going to be able to fund your growth with core deposits.

那太棒了。因此，就您所談論的成長而言，將所有這些評論放在一起，似乎您認為您將能夠透過核心存款為您的成長提供資金。

Yes.

是的。

Gary Tenner, D.A. Davidson.

坦納，D.A.戴維森。

I wanted to ask a little bit about the noncustomer service cost expenses. I think, Jamie, you may have alluded to this a little bit in your comments. But obviously, a lot of attention not pushing down deposit -- or excuse me, expenses over the past year or so and you made this push into C&I lending. As you think of the runway of C&I growth opportunities with your existing workforce or business development people? Just wondering how you're thinking about growing that over time and what background that looks like from an expense perspective as well.

我想問一下有關非客戶服務成本費用的問題。我想，傑米，你可能在評論中提到了這一點。但顯然，很多注意力都沒有壓低存款——或者對不起，過去一年左右的開支，而你卻推動了工商業貸款。您是否在考慮現有員工或業務開發人員的 C&I 成長機會？只是想知道您如何考慮隨著時間的推移而增長，以及從費用角度來看是什麼樣的背景。

Gary, I think we're going to -- like I mentioned, we're going to remain really prudent and measured on this. And as Scott said, as recurring revenue returns, and we're able to basically afford investing in those teams will start to do so. So I would expect the expenses to grow modestly. Hopefully, that's through this year. as we see recurring revenue improve and knock on wood, if we do get some benefit from the rate environment. But either way, we'll make sure that investments remain in line with referring revenue and profitability so that we're not sacrificing operating leverage going forward.

加里，我認為我們將——就像我提到的那樣，我們將在這方面保持非常謹慎和謹慎。正如斯科特所說，隨著經常性收入的回報，並且我們基本上能夠負擔得起對這些團隊的投資，我們將開始這樣做。因此，我預計支出將適度成長。希望今年就這樣過去了。如果我們確實從利率環境中獲得一些好處，我們將看到經常性收入的改善和打擊。但無論哪種方式，我們都會確保投資與參考收入和獲利能力保持一致，這樣我們就不會犧牲未來的營運槓桿。

The one thing I would tell you, Gary, sorry, is that just of the few relationships that I have happened to reach out to they are coming in at substantially lower pricing than wholesale funding. So we're hopeful that we can continue that trend and get better, more granular deposits at lower deposit costs.

加里，抱歉，我要告訴你的一件事是，我碰巧接觸到的少數關係中，他們的定價遠低於批發融資。因此，我們希望能夠繼續這一趨勢，以更低的存款成本獲得更好、更細微的存款。

I'm sorry, Gary, I'm not sure I understand. Can you just talk about --

抱歉，加里，我不確定我是否明白。你能談談嗎--

the amount of deposits that were that you had those customer service costs on in the quarter, the average deposit balance and

您在該季度用於支付客戶服務費用的存款金額、平均存款餘額以及

No, you didn't miss it. I didn't mention that. I'd say it was probably in the $500 million or $600 million range on average for the quarter. Sorry, that's for MSR deposits. There's probably another $300 million or $400 million on average for the remaining customer service. Yes, you got 1031 exchange, title escrow stuff like that.

不，你沒有錯過。我沒有提到這一點。我想說，該季度的平均收入可能在 5 億美元或 6 億美元之間。抱歉，這是 MSR 存款。剩餘的客戶服務平均可能還有 3 億或 4 億美元。是的，你有 1031 交換、產權託管之類的東西。

So down a little bit versus the quarter prior, but obviously the dollar amount of expense came down. So curious just tenor as you as you've been negotiating with those depositors and the ability to reduce those costs, I mean, how has that gone and how much more pressure or not pressure, but how much more downward push, can you make on customer service cost ahead of rate cuts? Both?

與上一季相比略有下降，但顯然費用金額有所下降。像你一樣好奇，因為你一直在與那些儲戶談判以及降低這些成本的能力，我的意思是，這一切進展如何，有多少壓力或沒有壓力，但你能做出多少向下的推動力？前的客戶服務成本？兩個都？

Well, unfortunately, there's not a ton of opportunity there, and we're investing in that business. I mean, some of the best relationships we have are from MSR clients who we provide loans to add attractive spreads even to the deposit that they bring in and at the cost where they are. And so the customer service costs will increase as deposits return deposits were, on average, lower in the first quarter than they were in the fourth because they didn't start returning until later in the first and we do have some of those already in the pipeline returning here in the second. So the rate "on those deposits" isn't likely to come down, but we are still pleased with the benefits, their core deposits, they're insured. And oftentimes, they bring more products like loans at attractive spreads.

不幸的是，那裡沒有很多機會，而我們正在投資這項業務。我的意思是，我們擁有的一些最好的關係來自 MSR 客戶，我們向他們提供貸款，以增加有吸引力的利差，甚至增加他們帶來的存款並以他們所在的成本計算。因此，客戶服務成本將會增加，因為第一季的存款返還存款平均低於第四季度，因為他們直到第一季晚些時候才開始返還，而且我們確實有一些已經在第四季度了。第二次返回這裡。因此，「這些存款」的利率不太可能下降，但我們仍然對這些好處感到滿意，他們的核心存款有保險。通常，他們會以有吸引力的利差提供更多產品，例如貸款。

Andrew Terrell, Stephens.

安德魯·特雷爾，史蒂芬斯。

Maybe just a quick question. You guys provide a lot of color around some of the moving pieces around deposits and kind of the loan repricing and margin. But maybe just simply put, would you expect that the first quarter is the trough on net interest income? And then as it relates to margins, specifically, how much margin expansion would you expect over the next 12 months?

也許只是一個簡單的問題。你們為存款、貸款重新定價和保證金等一些動態部分提供了許多色彩。但也許簡單地說，您是否認為第一季是淨利息收入的低谷？然後，由於與利潤率相關，具體來說，您預計未來 12 個月的利潤率會成長多少？

Well, the first question is a little easier. I think as the customer service deposits return that will provide some relief to interest expense and improved net interest income, the recurring revenue that we mentioned a few times will also continue to help. We'll also look to opportunistically pull some more of our liability sensitivity forward here and there. So I would be comfortable saying that net interest income, barring a rate increase from here is troughing here in the first.

嗯，第一個問題比較簡單。我認為，隨著客戶服務存款回報將減輕利息支出並提高淨利息收入，我們幾次提到的經常性收入也將繼續提供幫助。我們也將尋求機會，將我們的責任敏感度進一步提高。因此，我可以放心地說，除非升息，否則淨利息收入首先就已觸底。

On the NIM expansion, that's a much tougher question to answer. I think it depends on the rate environment. and just how much success we have on the customer service deposits and continuing to build relationships there. So I don't know that we're prepared to provide any guidance on NIM at this point.

關於 NIM 擴張，這是一個更難回答的問題。我認為這取決於利率環境。以及我們在客戶服務存款和繼續在那裡建立關係方面取得了多大成功。所以我不知道我們目前是否準備好提供有關 NIM 的任何指導。

Okay. Understood. I appreciate it. And then maybe just a similar question on the customer service cost kind of line items specifically just given kind of the seasonality there, can you help us understand maybe in terms of dollars of magnitude, just how much this line item kind of builds going from 1Q into 2Q and beyond?

好的。明白了。我很感激。然後，也許只是關於客戶服務成本類型的訂單項目的類似問題，特別是考慮到那裡的季節性，您能否幫助我們理解，也許從美元的大小來看，該訂單項類型從第一季開始構建了多少進入第二季及以後？

Yes. I'd say it's anecdotally given some of the wins that are back on into the second quarter here coupled with just the normal seasonal flows. I would expect us to have a good build in the second. I don't know that we get back to 4Q levels of expense here in the second quarter. But I'd say they'd be several million off the Q1 number. Is that helpful?

是的。我想說的是，考慮到第二季的一些勝利以及正常的季節性流量，這是有趣的。我希望我們在第二場比賽中能夠取得良好的成績。我不知道第二季度我們的支出是否會回到第四季的水平。但我想說，它們比第一季的數字少了幾百萬。有幫助嗎？

Yes. Okay. So maybe fair to just think about split in the middle of 1Q and 4Q, somewhere in that neighborhood.

是的。好的。因此，考慮在第一季和第四季中間（該附近的某個地方）進行拆分也許是公平的。

Yes, probably. I'd probably err on the side of higher, but I think that's a good starting point.

應該是。我可能會犯更高的錯誤，但我認為這是一個很好的起點。

And Chris, appreciate all the commentary on the multifamily was helpful.

克里斯，感謝所有關於多戶家庭的評論很有幫助。

There are no further questions at this time. I would like to turn the call over back to Scott for closing remarks.

目前沒有其他問題。我想將電話轉回給斯科特，讓他發表結束語。

Thank you, everyone for participating in today's call, and we look forward to speaking again at the end of the second quarter. Thank you.

感謝大家參加今天的電話會議，我們期待在第二季末再次發言。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。