First Interstate BancSystem, Inc. (FIBK) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Interstate Bancsystem, Inc. first quarter 2026 earnings call. (Operator Instructions)

您好，感謝各位稍候。我的名字是 Dennis，今天將擔任本次電話會議的接線員。此刻，我謹代表第一州際銀行系統公司（First Interstate Bancsystem, Inc.），歡迎各位參加 2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the call over to Nancy Vermeulen. Please go ahead.

現在我想把電話交給 Nancy Vermeulen。請開始。

Thanks very much. Good morning, and thank you for joining us for our first quarter earnings conference call. As we begin, please note that the information provided during this call will contain forward-looking statements, and actual results or outcomes might differ materially from those expressed by those statements.

非常感謝。各位早安，感謝各位參加我們的第一季財報電話會議。在開始之前，請注意，本次電話會議所提供的資訊將包含前瞻性陳述，而實際結果或成果可能與這些陳述所表達者有重大差異。

I'd like to direct all listeners to read the cautionary notes regarding forward-looking statements contained in our most recent annual report on Form 10-K filed with the SEC and in our earnings release as well as the risk factors identified in the annual report and our more recent periodic reports filed with the SEC.

我想請所有聽眾閱讀我們最近向美國證券交易委員會（SEC）提交的 Form 10-K 年度報告，以及我們的財報新聞稿中所載關於前瞻性陳述的警示說明，並留意年度報告及我們近期向 SEC 提交之定期報告中所揭露的風險因素。

Relevant factors that could cause actual results to differ materially from any forward-looking statements are included in the earnings release and in our SEC filings, and the company does not undertake to update any of the forward-looking statements made today.

可能導致實際結果與任何前瞻性陳述有重大差異的相關因素，已載於財報新聞稿及我們向 SEC 提交的文件中；公司不承諾更新今日所作的任何前瞻性陳述。

A copy of our earnings release, which contains non-GAAP financial measures, is available on our website at fibk.com. Information regarding our use of the non-GAAP financial measures may be found in the body of the earnings release, and a reconciliation to their most directly comparable GAAP financial measures is included at the end of the earnings release for your reference.

我們的財報新聞稿（其中包含非 GAAP 財務衡量指標）可於 fibk.com 的網站上取得。關於我們使用非 GAAP 財務衡量指標的資訊，可在財報新聞稿正文中找到；而與其最直接可比之 GAAP 財務衡量指標的調節表，則附於財報新聞稿末尾供各位參考。

Again, this quarter, along with our earnings release, we've published an updated investor presentation that has additional disclosures that we believe will be helpful. The presentation can be accessed on our Investor Relations website. And if you have not downloaded a copy yet, we encourage you to do so.

本季同樣地，除財報新聞稿外，我們也發布了更新版投資人簡報，包含我們認為將有助益的額外揭露。該簡報可於我們的投資人關係網站取得。若您尚未下載副本，我們鼓勵您下載。

Please also note that as we discuss our financials today, unless otherwise noted, all of the prior period comparisons will be with the fourth quarter of 2025. Joining us from management this morning are Jim Reuter, our Chief Executive Officer; David Della Camera, our Chief Financial Officer; and other members of our management team.

另請注意，今天在討論財務表現時，除非另有說明，所有前期比較皆以 2025 年第四季為基準。今天早上與會的管理團隊成員包括：執行長 Jim Reuter、財務長 David Della Camera，以及其他管理團隊成員。

Now I'll turn the call over to Jim Reuter.

現在我把電話交給 Jim Reuter。

Jim?

Jim？

Thank you, Nancy, and thank you for joining us on our earnings call today. In the first quarter of 2026, we completed the redesign of our banking organization, which was a major step forward in the ongoing strategic focus on full relationship banking. This, along with the expansion of our teams in key markets such as Colorado, is translating into an increase in production as we move into the second quarter.

謝謝你，Nancy，也感謝各位今天參加我們的財報電話會議。2026 年第一季，我們完成了銀行組織的重新設計，這是我們持續聚焦「全方位關係銀行」策略的一大進展。再加上我們在科羅拉多等關鍵市場擴編團隊，隨著我們進入第二季，這些舉措正轉化為產能提升。

As a reminder, we initiated the redesign in the fourth quarter of last year with the intent of changing our banking organization from a layered structure to a flatter, more streamlined model, resulting in a better client experience. We completed the transition in the first quarter, successfully integrating top performers from within the company with exceptional external talent to create a more agile structure focused on delivering the full capabilities of the bank.

提醒各位，我們在去年第四季啟動此次重新設計，目標是將銀行組織由層級分明的架構，轉為更扁平、更精簡的模式，以帶來更佳的客戶體驗。我們已於第一季完成轉型，成功整合公司內部的頂尖績效者與優秀的外部人才，建立更敏捷的架構，專注於提供本行的完整能力。

We remain focused on disciplined earning asset growth, supporting earning asset repricing to drive the value inherent in our best-in-class deposit base. Over the course of 2025, we began reorienting our branch network to geographies that have high growth potential for us, which entailed divestitures of some of our lower density markets and planned branch openings in areas where we have opportunities to gain market share.

我們仍專注於有紀律的生息資產成長，並支持生息資產的重新定價，以驅動我們同業最佳的存款基礎所蘊含的價值。2025 年期間，我們開始將分行網絡重新導向對我們具有高成長潛力的地理區域，這包括處分部分密度較低市場的據點，並規劃在我們有機會提升市占率的地區開設分行。

We completed the previously announced consolidations of four branches in Eastern Nebraska, the closures of the single branches in Minnesota and North Dakota and the opening of an additional branch in Montana in the first quarter. On April 10, after quarter end, we completed the sale of 11 branches in rural Nebraska and later in the month, completed a major upgrade of our branch location in Sheridan, Wyoming.

第一季我們完成先前宣布的整併：內布拉斯加州東部四家分行的整併、明尼蘇達州與北達科他州各一處單一分行的關閉，並在蒙大拿州增設一家分行。4 月 10 日（季後），我們完成出售內布拉斯加州鄉村地區 11 家分行；同月稍晚，我們也完成懷俄明州謝里登（Sheridan）分行據點的重大升級。

We are currently consolidating two locations in Iowa and Oregon, which will close early in the third quarter. We have made significant progress optimizing our branch network in the past 18 months. And while we believe most of the large activity is behind us, branch optimization will always be an ongoing process to ensure we can serve our customers most effectively and efficiently.

我們目前正整併愛荷華州與奧勒岡州的兩個據點，預計將於第三季初關閉。過去 18 個月，我們在分行網絡最佳化方面已取得顯著進展。雖然我們認為大部分的大型調整已告一段落，但分行最佳化將始終是一項持續性的流程，以確保我們能以最有效率、最有效果的方式服務客戶。

Our overall objective is disciplined growth, placing assets on the balance sheet that are accretive to our return profile as we work to unlock the underlying value in our balance sheet. As we focus our capital investment in 2025, we initiated a share repurchase authorization and have purchased about 6 million shares since announcing the program last August. We continue to see value in share buybacks and are in a position to return capital as well as grow organically.

我們的整體目標是有紀律的成長，將能提升我們報酬輪廓的資產配置到資產負債表上，同時致力於釋放資產負債表的內在價值。隨著我們在 2025 年聚焦資本投入，我們啟動了庫藏股回購授權，自去年 8 月宣布該計畫以來已回購約 600 萬股。我們仍看好股票回購的價值，並具備回饋資本與有機成長的能力。

Turning to credit. In the first quarter of 2026, credit quality was generally stable with a modest decline in criticized loans. We experienced a modest increase in nonperforming loans that was driven by one individual credit. Net charge-offs were 6 basis points of average loans. In addition to efforts to optimize our physical branch network mentioned earlier, we are also investing in digital channels to meet customers where they are, whether that be in a branch or online.

接著談信用。2026 年第一季，信用品質整體維持穩定，受評級為「受關注」的貸款小幅下降。我們的不良貸款小幅增加，主要由單一個別授信案所致。淨沖銷為平均貸款的 6 個基點。除前述分行實體網絡最佳化外，我們也正投資數位通路，以在客戶所在之處與其互動，無論是在分行或線上。

We have made improvements to our online account opening experience and our Zelle P2P service. Both of these changes have produced positive results that are supporting our efforts to attract and retain customers. In addition, we are making investments in our management of data to ensure we are able to leverage new technologies and integrate the use of AI, which are key to many of our strategic initiatives.

我們已改善線上開戶體驗以及 Zelle P2P 服務。這兩項變更都帶來正面成果，支持我們吸引並留住客戶。此外，我們也投資於資料管理，以確保能運用新技術並整合 AI 的使用，而這些都是我們多項策略性計畫的關鍵。

Finally, we brought a new marketing partner on board in the first quarter, and this firm is now developing a creative campaign across consumer and business platforms. Given that the transformation at First Interstate is now visible in our footprint, our balance sheet and our delivery of first-class services and products, the timing is right to increase brand presence. You will begin to see that across our footprint over the summer months.

最後，我們在第一季引進新的行銷合作夥伴，該公司目前正跨消費者與企業平台開發創意行銷活動。鑑於第一州際的轉型如今已在我們的營運版圖、資產負債表，以及一流服務與產品的交付上清晰可見，現在正是提升品牌能見度的適當時機。您將在夏季期間於我們的營運版圖中開始看到相關呈現。

And now I will hand the call over to David to discuss our results and our guidance in more detail.

接下來我把電話交給 David，更詳細地說明我們的業績與展望指引。

David?

David？

Thanks, Jim. I'll start with our results for the quarter. The company reported net income of $60.2 million or $0.61 per diluted share in the first quarter compared to $108.8 million or $1.08 per diluted share in the fourth quarter. Net interest income decreased by $5.7 million compared to the prior quarter or 2.8% to $200.7 million.

謝謝，Jim。我先從本季業績開始。公司第一季淨利為 6,020 萬美元，稀釋後每股盈餘為 0.61 美元；相較之下，第四季淨利為 1.088 億美元，稀釋後每股盈餘為 1.08 美元。淨利息收入較前一季減少 570 萬美元，或下降 2.8%，至 2.007 億美元。

This was driven primarily by fewer accrual days in the first quarter compared to the fourth quarter, a reduction in earning assets due mostly to seasonally lower deposits and a reduction in the yield on earning assets due to fourth quarter rate movement.

主要原因是第一季的計息天數少於第四季、生息資產因存款季節性下降而多數減少，以及因第四季利率變動導致生息資產收益率下降。

These impacts were partially offset by a reduction in the cost of interest-bearing liabilities. Yield on average loans decreased 7 basis points to 5.60% and total deposit costs declined 10 basis points compared to the prior quarter. Total funding costs decreased 8 basis points compared to the fourth quarter, and results were broadly in line with our initial expectations shared on the prior earnings call.

上述影響部分被付息負債成本下降所抵銷。平均貸款收益率下降 7 個基點至 5.60%，總存款成本較前一季下降 10 個基點。總資金成本較第四季下降 8 個基點，整體結果大致符合我們在上一季財報電話會議中分享的初始預期。

Our fully tax equivalent net interest margin was 3.43% for the first quarter compared to 3.38% during the fourth quarter and to 3.22% during the first quarter of 2025. This is the eighth consecutive quarter in which we have seen margin expansion, and we continue to anticipate sequential expansion over the near and medium term.

第一季的完全稅負等值（FTE）淨利息收益率為 3.43%，相較第四季為 3.38%，而 2025 年第一季為 3.22%。這是我們連續第八個季度看到利差擴張，我們仍預期在短期與中期將持續呈現逐季擴張。

Non-interest income was $41.1 million, a decrease of $65.5 million from the prior quarter. The decline was driven by a gain on sale of $62.7 million associated with our divestiture from Arizona and Kansas and a $1.4 million gain from the sale of certain equity securities, both of which were recognized in the fourth quarter.

非利息收入為4,110萬美元，較前一季減少6,550萬美元。下降主要由第四季認列之6,270萬美元出售收益（與我們自亞利桑那州與堪薩斯州撤資相關）以及出售部分權益證券所產生的140萬美元收益所致。

The remainder of the decline was generally driven by seasonality in our fee businesses, including payment services. Non-interest expense was $157.6 million for the first quarter of 2026, a decrease of $9.1 million from the prior quarter. Severance expense totaled $1.3 million during the quarter and was primarily related to the redesign of the banking organization and branch closures.

其餘的下降一般主要由我們手續費業務（包括支付服務）的季節性因素所驅動。2026年第一季非利息費用為1億5,760萬美元，較前一季減少910萬美元。本季資遣費用合計130萬美元，主要與銀行組織重整及分行關閉相關。

As a reminder, fourth quarter results included $4.2 million in severance expense, $2.3 million in expenses related to the pending branch closures and a $1.2 million reversal related to the FDIC special assessment accrual.

提醒一下，第四季結果包含420萬美元的資遣費用、與待關閉分行相關的230萬美元費用，以及與FDIC特別評估費用應計相關的120萬美元回轉。

Results this quarter benefited from medical expense favorability to expectations as well as an OREO valuation adjustment, which benefited expenses by just over $1 million. We continue to exhibit discipline across expense categories while reinvesting in areas to support accretive organic growth, including the addition of relationship managers and increased advertising expense, which is included in our forward expense guidance.

本季結果受惠於醫療費用低於預期，以及一項OREO估值調整，使費用減少略高於100萬美元。我們持續在各項費用類別展現紀律，同時在支持具增值性的內生成長領域再投資，包括增聘關係經理與提高廣告費用；該等費用已納入我們前瞻性費用指引。

Moving to the balance sheet. Loans decreased by $473.2 million in the first quarter, which included $58.1 million of continued amortization of the indirect portfolio and a decline in agricultural loans as well as loan paydowns and payoffs. Total deposits decreased [$205.3 million to $21.9 million] as of March 31, 2026.

接著看資產負債表。第一季貸款減少4億7,320萬美元，其中包括間接投資組合持續攤銷5,810萬美元、農業貸款下降，以及貸款提前償還與到期清償。截至2026年3月31日，存款總額減少[2億530萬美元至2,190萬美元]。

Year-over-year, excluding the impact of the Arizona and Kansas sold deposits, deposits were a little changed. Our deposit performance in the first quarter reflected what we view as normal seasonality and was modestly favorable to our initial expectations.

以年對年來看，若排除已出售之亞利桑那州與堪薩斯州存款的影響，存款變動不大。我們第一季的存款表現反映了我們認為的正常季節性，且較我們最初預期略為有利。

We effectively captured beta on our interest-bearing deposits with the cost declining 12 basis points compared to the prior quarter. The ratio of loans held for investment to deposits was 67.3% at the end of the quarter compared to 68.8% at the end of the prior quarter and 76.4% at the end of the first quarter of the prior year.

我們有效地在付息存款上掌握了beta，存款成本較前一季下降12個基點。季末投資持有貸款對存款比率為67.3%，較前一季季末的68.8%下降，亦低於前一年第一季季末的76.4%。

As a note, the previously disclosed sale of 11 branches in Western Nebraska that closed in April contained approximately $244 million in sold deposits. Turning to credit. Net charge-offs decreased by $19.7 million in the first quarter to $2.4 million or 6 basis points of average loans.

補充說明，先前揭露之西內布拉斯加州11家分行出售案於4月完成交割，包含約2億4,400萬美元的出售存款。接著談信用。第一季淨沖銷較前一季減少1,970萬美元至240萬美元，約占平均貸款的6個基點。

Total provision for credit losses was $6.7 million in the first quarter. Criticized loans decreased $18.6 million or 1.8% from the prior quarter. Our total funded provision increased to 1.33% of loans held for investment from 1.26% in the fourth quarter. The increase in coverage this quarter broadly reflects specific credit activity within nonperforming loans. We repurchased approximately 2.4 million shares in the first quarter, totaling approximately $84 million and repurchases since initiation of the program in August totaled about $202 million.

第一季信用損失提存總額為670萬美元。受批評貸款較前一季減少1,860萬美元或1.8%。我們的已提列準備金總額占投資持有貸款比率由第四季的1.26%上升至1.33%。本季覆蓋率上升大致反映不良貸款中的特定信用活動。我們第一季回購約240萬股，合計約8,400萬美元；自8月啟動回購計畫以來，累計回購約2億200萬美元。

We continue to view share repurchases as our immediate capital allocation priority. We believe the accretive combination of earning asset growth, share repurchases, fixed asset repricing and the stabilization and improvement of our earning asset mix will drive shareholder value.

我們仍將股票回購視為當前資本配置的優先事項。我們相信，具增值性的生息資產成長、股票回購、固定資產重定價，以及生息資產組合的穩定與改善，將推動股東價值。

Finally, we declared a dividend of $0.47 per common share, which equates to a 5.3% annualized yield based on the average closing price of the company's common stock during the first quarter. Our common equity Tier 1 capital ratio ended the first quarter at 14.30%, a decrease of 8 basis points from the prior quarter. Our leverage ratio was 9.56% at the end of the first quarter compared to 9.61% at the end of the prior quarter.

最後，我們宣告每股普通股股利0.47美元，按公司普通股於第一季平均收盤價計算，相當於5.3%的年化殖利率。我們第一季末普通股權益第一類資本比率（CET1）為14.30%，較前一季下降8個基點。我們第一季末槓桿比率為9.56%，較前一季末的9.61%略降。

Moving to our guidance. Our guidance continues to include the impact of the sale of 11 branches in Nebraska, which closed subsequent to the end of the first quarter, while excluding the anticipated gain on sale from the transaction, which we expect will total approximately $19 million.

接著談我們的指引。我們的指引仍包含內布拉斯加州11家分行出售案的影響（該交易於第一季結束後完成交割），但不包含該交易預期的出售收益；我們預期該收益約為1,900萬美元。

Broadly, our guidance is generally consistent with the prior quarter with little change to our ranges for net interest income, noninterest income and noninterest expense. Our guidance continues to anticipate a decline in loan balances in the second quarter with stabilization and modest growth in the back half of the year. We continue to anticipate a benefit from fixed asset repricing over the next couple of years.

整體而言，我們的指引大致與前一季一致，淨利息收入、非利息收入與非利息費用的區間變動不大。我們的指引仍預期第二季貸款餘額將下降，並在下半年趨於穩定且小幅成長。我們仍預期未來幾年固定資產重定價將帶來助益。

As outlined in our investor presentation through 2027, we anticipate $2.6 billion of fixed and adjustable rate loans with a weighted average yield of 4.5% to mature or reprice. We expect an additional $2 billion of securities cash flows over the same period at a weighted average yield of 2.7%. Both the dollar amount and rate of anticipated investment portfolio cash flows have increased over the prior two quarters as we continue to target a short to mid-duration profile for new purchases.

如同我們投資人簡報所述至2027年，我們預期有26億美元的固定與浮動利率貸款將到期或重定價，加權平均殖利率為4.5%。同期間我們亦預期約20億美元的證券現金流入，加權平均殖利率為2.7%。隨著我們持續將新購資產的存續期間目標設定在短至中期，預期投資組合現金流的金額與利率在過去兩季均有所增加。

Similar to prior periods, we also continue to expect sequential improvement in our net interest margin each quarter in 2026 and into 2027, given the expectation for improving spread between loans and deposits and due to the loan repricing dynamic and continued amortization of lower-yielding investment securities.

與先前期間類似，鑑於我們預期貸款與存款之間的利差將改善，並受貸款重定價動態及低殖利率投資證券持續攤銷影響，我們也持續預期2026年每一季以及延續至2027年，我們的淨利息利差將逐季改善。

With that, I will hand the call back to Jim.

接下來，我把電話交回給Jim。

Jim?

Jim？

Thanks, David. First Interstate's strengths are in our low-cost deposit base, supported by dominant share in growing markets. Our balance sheet exhibits strong liquidity and capital flexibility, and we anticipate benefiting from earning asset repricing over the coming years.

謝謝，David。First Interstate的優勢在於我們的低成本存款基礎，並由在成長市場中的主導市占所支撐。我們的資產負債表展現強勁的流動性與資本彈性，且我們預期未來幾年將受惠於生息資產重定價。

We are pleased with the underlying momentum in the business, and we anticipate meaningful improvement to our return profile as we move forward. Now we would like to open the call up for questions.

我們對業務的基本動能感到滿意，並預期隨著我們持續推進，報酬結構將有顯著改善。現在我們想開放提問。

(Operator Instructions)

（接線員指示）

Andrew Terrell, Stephens Inc.

Andrew Terrell，Stephens Inc.。

Hey, good morning.

嗨，早安。

Good morning, Andrew.

早安，Andrew。

Hey, I wanted to start off just on loan growth. I see on the guidance slide, you're kind of assuming some improving production informed by strong commercial pipeline. I was hoping you could just quantify. I know there's been a lot of moving pieces recently, but maybe give us some color on what's building in the pipeline.

嗨，我想先從貸款成長談起。我看到指引投影片上，你們似乎假設在強勁的商業案源管線帶動下，放款產出會有所改善。我希望你們可以量化一下。我知道最近變動因素很多，但也許可以提供一些管線正在累積的情況與色彩。

How optimistic you are on returning to flat balance sheet growth, just given the decline we've seen recently as you guys have worked through some credit. Just maybe love to unpack the pipeline build a little bit more.

就你們近期在處理一些信用問題、導致我們看到餘額下滑的情況下，你們對回到資產負債表零成長（持平）有多樂觀。也很希望能更深入拆解一下管線的建立。

Yeah, sounds good, Andrew. Good question. And we I would just say that we expected as we put out our forward guidance for 2026 that we would see this decline, the first part leveling off midyear and then growing in the back half. And what I can tell you is we're seeing good pipeline activity. I'm not going to give you an exact number because, as you know, pull-through rates are always something that you have to make an assumption on.

好的，Andrew。聽起來不錯，問題問得很好。我想我會說，當我們發布2026年前瞻指引時，就預期會看到這樣的下滑：前段時間下降、年中趨於持平，然後在下半年成長。我可以告訴你的是，我們看到不錯的管線活動。我不會給你一個精確數字，因為如你所知，成交／轉換率（pull-through rates）總是需要做一些假設。

But I will say it's the best activity I've seen in 18 months since I've been here. Post the banking reorg, we have a flatter org chart with more people in production roles, we actually increased the number of bankers on the ground. We have clear scorecards and goals, and it's driving really strong sales activity. The bankers are doing not only a great job with that loan pipeline. I know that's the focus of your question, but -- they're bringing full relationships.

但我要說，這是我來這裡18個月以來看到最好的動能。銀行重整之後，我們的組織架構更扁平，有更多人擔任生產型角色，我們實際上也增加了前線銀行家的人數。我們有清楚的計分卡與目標，這正推動非常強勁的銷售活動。銀行家不僅在那個貸款管線上做得非常好——我知道那是你問題的重點——而且他們也在帶進完整的往來關係。

I sit in loan committee every week, and it's become the default that you're talking about the deposits that are coming with the loan. So with that said, though, we won't chase growth for the sake of growth. It will be smart growth that provides the appropriate return, credit profile that's accretive to our bottom line and build shareholder value. And so best pipeline I've seen. It's coming from all parts of the footprint, but they're not all created equal.

我每週都會參加貸款委員會，而現在已經成為常態：你在談貸款時，也會談到隨貸款一併帶進來的存款。所以話雖如此，我們不會為了成長而追逐成長。這會是能提供適當報酬的聰明成長，信用概況能對我們的獲利有增益，並建立股東價值。因此，這是我見過最好的管線。它來自我們版圖的各個區域，但各區域的品質並不完全相同。

We're seeing stronger activity in the Rocky Mountain region, Colorado, in particular, given the opportunity we have there.

我們在落磯山地區、特別是科羅拉多州，看到更強的活動，因為我們在那裡有很好的機會。

Great. I appreciate it, Jim. And if I could move over to the margin quickly. Was there any NPL interest reversal that negatively impacted loan yields this quarter? You guys have obviously done a good job in improving loan yield in the face of rate cuts, but this quarter, loan yields were down 7 basis points.

很好。謝謝你，Jim。若我可以快速轉到利差的部分。本季是否有任何不良貸款（NPL）利息回轉，對貸款收益率造成負面影響？你們在降息環境下仍把貸款收益率改善得很好，但本季貸款收益率下滑了7個基點。

Was there anything onetime in the loan yields? And any other headwinds we should contemplate when we think about the fixed asset dynamics going throughout the year?

貸款收益率是否有任何一次性因素？另外，當我們思考全年固定資產動態時，還有哪些逆風需要納入考量？

Nothing material there, Andrew. I think the decline you saw quarter-over-quarter was essentially the impact of the 4Q rate cuts. So each rate cut, all else equal, has about a 5 basis point impact on our loan yields, about 20% of the portfolio is variable. So that was really just that quarter-over-quarter impact there.

Andrew，沒有任何重大的因素。我認為你看到的季比下滑，基本上就是第四季降息的影響。因此，每一次降息在其他條件不變下，對我們的貸款收益率大約有5個基點的影響，我們的投組約20%是浮動利率。所以那真的就是季比的影響。

Got it. Okay. And then on the securities front, it looks like you built the bond book a little bit this quarter. You still got a pretty healthy cash position, and it's elevated versus where you ran at several years ago. I guess, updated thoughts on where you'd like to run cash at, David? And then should we expect incremental securities purchases going forward?

了解。好。接著在證券方面，看起來你們本季稍微增加了債券部位。你們仍有相當充裕的現金部位，而且相較幾年前的水準偏高。我想問，David，你對希望維持的現金水位有何最新看法？另外，未來是否預期會再增加證券買進？

Yeah. So I think a couple of comments there. Second quarter, we have the -- where we had the branch transaction that closed early in the period. So a little bit of a use of cash there, which is part of that. I think you'll see our cash position move around a little bit just given deposit seasonality as we try to smooth investment purchases over time.

是的。我想這裡有幾點說明。第二季，我們有一筆分行交易在期間初期完成，所以現金有一部分用在那裡，這是其中一部分原因。我想你會看到我們的現金部位會有些波動，主要是因為存款的季節性，我們也會嘗試隨時間平滑投資買進。

We will continue to be active in the investment space, just given the securities cash flow we have coming over the next few years, but probably a little outsized growth this period just given that change in loans that we anticipated.

我們會持續在投資端保持活躍，因為未來幾年我們的證券現金流會陸續回收；但本期的成長可能稍微偏大，主要是因為我們預期貸款的變化。

Matthew Clark, Piper Sandler.

Matthew Clark，Piper Sandler。

Hey, good morning. I want to start with the weighted average rate on new loans and securities as we think through the cash flows coming off both those portfolios going forward?

嗨，早安。我想先從新承作貸款與新買進證券的加權平均利率談起，因為我們在思考未來這兩個投組的到期/回收現金流？

Yeah. So first quarter for loans, kind of low sixes. I think later in the quarter, a little bit higher as the base rate moved higher. And then on new securities, I would think in that 5-year plus about 60 basis points, give or take, is kind of where the market is right now for those new purchases.

好的。第一季的新貸款大概在6%出頭。到季末，隨著基準利率走高，利率又稍微高一些。至於新買進的證券，我認為以5年期左右來看，大約是比5年期基準高60個基點上下，這大致是目前新買進的市場水準。

Okay. And then spot rate on deposits at the end of March and your outlook for deposit costs with the Fed on hold. Are there any other opportunities to reduce some higher cost deposits?

好的。那麼，3月底的存款即期利率，以及在聯準會按兵不動下你們對存款成本的展望如何？是否還有機會降低一些高成本存款？

So March interest-bearing deposit cost was [$155], so a few basis points lower than the full quarter. I think as we go into the second quarter, we feel like we're generally kind of where we will be without Fed moves.

3月的計息存款成本是[$155]，因此比整季平均低了幾個基點。我認為進入第二季後，在沒有聯準會動作的情況下，我們大致會落在目前這個水準。

So again, a few basis points of improvement we anticipate quarter-over-quarter just given ending versus average. But I think we've moved our rates where we think they will be given where the Fed is. And so without additional movements, I think you should expect us to settle around where that is.

所以再說一次，我們預期季比會有幾個基點的改善，主要是期末相對於平均的差異。但我認為我們已把利率調整到我們認為在目前聯準會水準下應有的位置。因此若沒有進一步變動，我想你應該預期我們會穩定在這附近。

Okay. And then just on criticized, any line of sight on a more material decline in those balances? Any resolutions coming up that you can see or upgrades?

好的。再來談到被列為「受關注/受批評」（criticized）的部分，是否能看到這些餘額有更明顯下降的跡象？你們是否看到即將到來的處置、解決或評等上調？

Yeah. Good question, Matt. I mentioned it in my opening comments, but we've continued to see stabilization in the credit bucket. That's a result of the proactive credit management and the great work by our bankers and credit teams. It's a dynamic part of the bank, so it won't move in a straight linear path quarter-to-quarter.

好問題，Matt。我在開場時提過，我們持續看到信用分類那一桶趨於穩定。這是主動式信用管理，以及我們銀行家與授信團隊出色工作的成果。銀行的這一塊是動態的，因此不會在每一季都呈現筆直、線性的變化。

But directionally, over the long term, I'm confident we'll see continued improvement.

但從方向上來看，長期而言，我有信心我們會持續改善。

Okay. And then just one minor housekeeping item. Is your full year NII guide on a taxable equivalent basis or a GAAP basis?

好的。最後一個小的例行問題：你們全年淨利息收入（NII）指引是以應稅等值（taxable equivalent）基礎，還是以GAAP基礎？

It's a GAAP basis, Matt.

是以GAAP基礎，Matt。

Jared Shaw, Barclays.

Jared Shaw，Barclays。

Hey, good morning. I guess maybe a little more specifically on the payment services revenue. How should we think about that going forward given the branch restructuring? Should we expect to see growth in that this year going forward?

嗨，早安。我想更具體問一下支付服務收入。考量分行重整，未來我們應該如何看待這塊？今年往後是否預期會有成長？

Yeah. Good question again, Jared. And I would just say that the pipeline activity, I mentioned the bankers are doing a great job of bringing deposits. They're also given incentives to bring along partners in the bank, both in treasury management as well as payments. And that's happening in spades and talking to folks in treasury management, they've never been busier accompanying bankers on calls. So that should give us some help in that area.

是的，又是個好問題，Jared。我只想說，管線活動方面，我提到銀行家在帶進存款上做得很好。他們也被激勵去帶著銀行內部的夥伴一起推進，包括財資管理以及支付。而這件事正在大量發生；我和財資管理的同仁聊過，他們說從來沒有像現在這麼忙，經常陪同銀行家一起拜訪客戶。所以這應該會在那個領域給我們一些助力。

And Jared, I would just add as well, as you think about the year-over-year impact, we just remind about the impact of the consumer credit card outsourcing last year, which happened in the second quarter. And then I would note the first quarter is generally seasonally lower for us. So just actual seasonality as well as day count impacting that.

另外，Jared，當你思考年比影響時，我們也提醒一下去年消費者信用卡外包的影響，那是在第二季發生的。再者，我也要指出第一季對我們而言通常有季節性偏低的特性，所以既有季節性因素，也有天數（day count）對該項目造成影響。

And one other thing I would add, Jared, is just from a payment standpoint, philosophically, I've always had the mindset that payments are a key service a bank offers. In fact, my philosophy is if you make the First Interstate Bank the easiest account to move money to and from, you end up with more idle funds in those operating accounts and those operating accounts tend to be your lowest cost deposit source. So it's a priority from a strategy standpoint to lean in into that space.

還有一點我想補充，Jared，就支付的角度而言，從理念上我一直認為支付是銀行提供的一項關鍵服務。事實上，我的理念是：如果你讓 First Interstate Bank 成為最容易把資金轉入與轉出的帳戶，你最終會在那些營運帳戶中留下更多閒置資金，而營運帳戶往往是你最低成本的存款來源。因此，從策略角度來看，我們會優先加大投入這個領域。

That's great color. Jim, you talked about spending time on data management and making sure that, that's in the place where you need it to be to take advantage of future opportunities. Can you give us an update on where are you sort of in that journey? And how are you looking at the opportunity of AI and maybe some other sort of newer to come tech and help you with that progress of restructuring the bank?

這些說明很有幫助。Jim，你提到花時間在資料管理上，確保資料處於你需要的狀態，以把握未來機會。你能否更新一下你們在這段旅程中的進度？以及你們如何看待AI、以及可能其他較新的新興科技，如何協助你們推進銀行重整的進程？

Yeah. So shortly after I started, we kicked off a project to get to one clean data source like any bank of our size and then through a series of merger and acquisition transactions, you end up with data in a lot of different places. And having one source of truth is really important, not just in the past, but when you think about the future with AI, if you don't have a good data source, you'll just make bad decisions faster. From an AI -- so that project wraps up early summer.

好的。我上任不久後，我們就啟動了一個專案，要建立單一、乾淨的資料來源；像我們這種規模的銀行都會需要這樣做。經過一連串的併購交易後，資料會散落在很多不同的地方。擁有單一真實來源（single source of truth）非常重要，不僅是為了過去的資料一致性，更是為了未來的AI應用：如果你沒有好的資料來源，你只會更快做出錯誤決策。至於AI——這個專案會在初夏完成。

And so we will have finished and be ready to go. But that hasn't slowed our efforts of looking at AI solutions. We have, as all banks do a lot of jobs that are stare and compare in audit, compliance, different parts of the bank. And those are ripe for AI to make you more efficient.

因此我們將會完成並準備就緒。但這並未放慢我們尋找 AI 解決方案的努力。我們和所有銀行一樣，在稽核、法遵以及銀行不同部門都有許多需要「盯著看並比對」的工作。而這些正是適合用 AI 來提升效率的領域。

But we're also piloting a business development tool that helps gather industry data, data that we have within our own four walls and really build a story and playbook for a business development officer as they're out on a client call, which we think from our pilot work will increase the success of those efforts. So in addition to the data, we are moving forward with AI efforts.

但我們也正在試行一個業務開發工具，協助彙整產業資料、我們內部既有的資料，並真正為業務開發人員在拜訪客戶時建立一套敘事與作戰手冊；我們認為從試行結果來看，將提高這些努力的成功率。因此，除了資料之外，我們也正推進 AI 相關工作。

Okay. And then finally, just you mentioned a specific nonperformer impact or a specific loan impacting non-performers this quarter. Any color around that? And can you share any color around broader ag trends that you're seeing or any areas of concern there with higher energy prices?

好的。最後，你提到本季有一筆特定的不良戶影響，或是一筆特定貸款影響到不良貸款。對此有沒有更多說明？另外，你能否分享一下你們看到的更廣泛農業趨勢，或在能源價格較高的情況下，有哪些領域值得關注？

Yeah. So the loan that we've called out is one we've had on our radar really for a better part of the time that I've been here, and we're just like I mentioned earlier, proactive credit management. Sometimes those end the way you want. Sometimes they end in ways that you don't necessarily want. We're appropriately reserved for various outcomes, and it's just part of the resolution.

是的。我們點名的那筆貸款，其實在我在這裡的大部分時間裡一直都在我們的雷達上；而且就像我先前提到的，我們採取的是主動的信用管理。有時候結果會如你所願；有時候結果不一定如你所願。我們已針對各種可能結果適當提列準備，這只是處理結案的一部分。

That's all the color I would share on that. And as far as -- I think your second question was on ag lending. And yes, you saw we had about almost $100 million in ag leave us this quarter. Those were tied to annual reviews that when we looked at the loan, just not the type of credit we want to make. But ag will always be an important part of our footprint, part of our portfolio given our footprint. But if you look, it's not a large part.

關於那筆貸款，我能分享的就這些。至於——我想你的第二個問題是關於農業放款。是的，你看到我們本季大約有將近 1 億美元的農業放款流出。那是與年度審查相關的案件；當我們檢視該筆貸款時，認為它不是我們想承作的信用類型。但鑑於我們的據點分布，農業永遠會是我們版圖與投資組合中的重要一部分。不過如果你看占比，它並不是很大的一部分。

And as far as the energy prices, fertilizer, different things in the Midwest, when we put together ACL, there's always qualitative factors. So just know that we take a look at those macroeconomic issues as we layer in those qualitative factors on our ACL. We're not seeing any acute stress, but there's certainly more conversations going on with customers.

至於能源價格、肥料，以及中西部的各種因素，當我們建立 ACL（信用損失準備）時，總會有質性因素。因此請放心，我們在將這些質性因素納入 ACL 時，會檢視那些總體經濟議題。我們沒有看到任何急性壓力，但確實與客戶之間有更多的對話正在進行。

And there'll be some customers advantaged by it as well, like we have a customer that does refurbished parts for combines and heavy equipment, and they're seeing an uptick in their business. So it's mixed, but no doubt going to have an impact on the -- especially the Midwest grain part of our market.

而且也會有一些客戶因此受惠，例如我們有一位客戶從事聯合收割機與重型設備的翻修零件，他們的業務正在增加。所以影響是混合的，但毫無疑問會對——尤其是我們市場中的中西部穀物區塊——造成影響。

Jeff Rulis, D.A. Davidson.

Jeff Rulis，D.A. Davidson。

Thanks. Good morning. Question on the -- I know you've given us a few pieces on the -- around NII, but maybe on the earning asset side, would seem to back into something in the range of $24.5 billion by year-end. Is that plus or minus a good figure to use?

謝謝。早安。關於——我知道你已經給了我們一些關於——NII（淨利息收入）周邊的資訊，但也許從生息資產端來回推，年底大概會落在 245 億美元左右。這個數字作為參考是合理的嗎（上下浮動）？

Yeah. I think just the pieces of our guide probably imply kind of maybe a few hundred million below that depending on kind of where you use on the ranges. But it implies from Q1 higher through the year just as deposit seasonality would -- and modest deposit growth would drive earning asset improvement, assuming we're able to see that.

是的。我認為我們指引中的各項拆解，可能暗示會比那個數字低個幾億美元，取決於你採用區間的哪個位置。但它確實意味著從第一季起，全年會逐步走高，因為存款的季節性——以及溫和的存款成長——會帶動生息資產改善，前提是我們能看到那樣的走勢。

Okay. David, and not to get too specific, but on that margin lift then, we've seen kind of 3 basis points to 5 basis points a quarter expansion. Would you expect a similar decelerate, accelerate type movement? I know you've talked about into '27. So that's a pretty good visibility. But just I guess, in the near term, next couple of quarters, is that three to five move in the ballpark?

了解。David，不想問得太細，但就利差上升而言，我們看到每季大概擴張 3 到 5 個基點。你會預期類似的減速或加速走勢嗎？我知道你談到一路到 2027 年，所以能見度相當不錯。但就近幾季、接下來一兩季來看，這個每季 3 到 5 個基點的變動還在合理範圍內嗎？

It is, yes. I think we still think about it sequentially. I think, again, the back half, we probably have a little bit more of a tailwind given a couple of things, one, that earning asset repricing two, the deposit seasonality. And then three, we have the branch transaction, while not a large transaction, that does provide a modest headwind in the second quarter, but we do think of it as sequential expansion, and that's an appropriate range from our view to think about it.

是的，還在。我們仍然以逐季來思考。我認為同樣地，下半年我們可能會有更多順風，原因有幾點：第一，生息資產重訂價；第二，存款季節性；第三，我們有一筆分行交易，雖然不是很大的交易，但在第二季確實帶來些許逆風。不過我們仍把它視為逐季擴張，而以我們的觀點來看，用那個區間來思考是合適的。

Appreciate it. Thanks. And you did mention the buyback. I mean you're over a couple of million shares a quarter kind of pace, and it seems like a very -- again, your highlighted capital tool at this point. Also a figure to maybe roll forward. That's kind of in that ballpark of where you've been on the buyback, barring significant valuation change or other opportunities coming around. Is that a good pace?

感謝。謝謝。你也提到庫藏股回購。我是說你每季回購的速度大概超過 200 萬股，看起來這在目前確實是——再次強調——你們主要的資本工具。也許可以把這個數字往後延伸。也就是說，在沒有顯著估值變動或其他機會出現的情況下，回購大致會維持在你們過去的這個水準。這樣的速度合理嗎？

I think it's a good question. We think about it on a long-term basis, obviously. And then we are always looking at market conditions, et cetera, as we deploy capital. So I don't think we're necessarily solving for a specific amount each quarter as much as we are trying to move our capital deployment over time towards our targets.

我覺得這是個好問題。我們當然是以長期角度來思考。同時，在配置資本時，我們也一直在看市場狀況等等。因此我不認為我們每一季都一定要解出一個特定金額；我們更像是希望隨時間推進，讓資本配置逐步朝我們的目標靠攏。

So I think you should expect us to continue to be active, but the actual dollar amount will obviously depend on facts and circumstances. To your point, we view it as an important tool in the near and long term to make sure we have the right capital level and drive value.

所以我認為你應該預期我們會持續積極，但實際的美元金額顯然會取決於事實與情況。正如你所說，我們把它視為近中長期都很重要的工具，以確保我們有正確的資本水位並創造價值。

Timur Braziler, UBS Financial.

Timur Braziler，UBS Financial。

Hi. Good morning. First question, just a follow-up on the cadence of NII. So the guidance was left unchanged, implying that 1Q is the trough. I'm just wondering, is more of that growth back-end loaded corollary to the margin comments that David, you just made? Or is the expectation with the fixed asset repricing and some steady margin improvement that to get to that guide is going to be kind of stair step throughout the rest of the three quarters here?

嗨，早安。第一個問題，想追問一下 NII 的節奏。指引維持不變，意味著第一季是谷底。我想問的是，更多成長是否會集中在後段，與 David 你剛才的利差評論相呼應？還是說，考量固定資產重訂價以及利差穩步改善，為了達到該指引，接下來三季會是一路階梯式上升？

Yeah. Good question. I would say we do think about the sequential improvement with the note that we think the back half is a little bit better than 2Q with the branch transaction kind of being the driver of that. I think just a couple of additional notes I'd make as well. Day count does have an impact, of course, just given a lot of our assets are day count earners.

是的，好問題。我會說我們確實是以逐季改善來看待，同時也要注意我們認為下半年會比第二季好一些，而分行交易是造成這種差異的主因。我還想補充幾點：日數當然會有影響，因為我們很多資產是按日計息的。

So 3Q, 4Q have two more days than 1Q, for example. Seasonality obviously matters as that drives our expectation for higher earning assets. Generally, kind of summer into fall are better seasonal deposit quarters for us. So if that recurs, that would drive higher earning assets in that period. And then to your point, that fixed asset repricing, we view as something that continues over time. So those would be the factors how we think about that.

例如第三季、第四季就比第一季多兩天。季節性也很重要，因為它會影響我們對生息資產走高的預期。一般而言，夏季到秋季對我們來說是存款季節性較好的季度。如果這種情況重現，就會在那段期間推升生息資產。然後如你所說，固定資產重訂價我們視為會隨時間持續發生的事情。所以我們就是用這些因素來思考。

Okay. Got it. And then maybe circling back to credit. So the criticized portfolio is still fairly large and then you have a good chunk of your loan book coming due over the next 24 months. Are those two related? And should we think that as you have a larger portion of the loan book repricing and/or maturing that, that's going to lead to the curing kind of at a faster pace of some of the criticized?

好的，了解。接著回到信用議題。所以受關注（criticized）的投資組合仍然相當大，而且你們有相當一部分貸款在未來 24 個月內到期。這兩者有關聯嗎？我們是否應該認為，隨著更大比例的貸款重訂價和／或到期，會讓部分受關注貸款的改善（cure）速度更快？

Yeah. No, Timur, I wouldn't tie those two together because we have a very robust process when we put a loan on a watch or criticized level that we're looking at them every quarter. So renewal will not make a big difference there because we're asking borrowers to do things as we travel throughout the term of the loan. So we don't wait until it's up for renewal before we'll ask for concessions or things that we need from the borrower.

是的。不，Timur，我不會把這兩者連在一起，因為當我們把一筆貸款列入觀察名單或列為受批評等級時，我們有一套非常嚴謹的流程，每一季都會檢視它們。因此，續約在這裡不會造成很大的差異，因為在貸款存續期間我們就會一路要求借款人配合做一些事情。我們不會等到要續約時，才去要求讓步或向借款人提出我們需要的事項。

Thanks, Jim. And maybe to that point, can you just provide us an update kind of on what the 1Q renewals were, what the retention rate was and what the uptake on the spread had been?

謝謝，Jim。也許就這點而言，你能否給我們一個更新，說明一下第一季的續約情況大概如何、留存率是多少，以及利差上調的採納情況如何？

Yeah, we don't tend to provide that level of detail on renewals and different things because it just doesn't make sense. It could lead to, frankly, folks making leaps that don't correlate with results.

是的，我們通常不會提供續約及其他事項那麼細的明細，因為那樣其實沒有意義。坦白說，那可能會導致外界做出一些跳躍式推論，而那些推論與實際結果並不相符。

Kelly Motta, KBW.

Kelly Motta，KBW。

Hey, good morning. Thanks for the question. My first few, I'd like to circle back to the commentary around deposits. I appreciate the color that the March spot was about [$155] for interest-bearing. Just as we think about the Nebraska deposits that were sold early this quarter, wondering if there was -- how the cost of those compared relative to the overall book?

嗨，早安。謝謝讓我提問。我前幾個問題想回到你們對存款的評論。我很感謝你們補充說明 3 月的即期水位，計息存款大約是 [$155]。在思考本季初出售的內布拉斯加州存款時，我想了解一下——那些存款的成本相較於整體存款組合是如何？

Yeah, sure. I would say slightly lower, but not materially different and represented about 1% of the total deposit base. So it won't have a material impact on 2Q cost of deposits. It will, of course, impact earning assets -- earning asset levels, but not a material total deposit cost impact.

好的，當然。我會說略低一些，但差異不大，而且約占總存款基礎的 1%。因此，它不會對第二季的存款成本造成實質影響。當然，它會影響生息資產——生息資產水位，但對整體存款成本不會有實質影響。

Got it. That's helpful. And then with where your deposits are now slightly inclusive of the sale, they're slightly below kind of your $22 billion to $22.5 billion EOP guide. Wondering to get back to that range, is that mostly seasonality? Or are you assuming some organic growth with the changes you've made on the front lines to drive relationship banking?

了解，這很有幫助。接著，就你們目前的存款水位（已略為反映出售影響）來看，似乎略低於你們期末（EOP）$220 億到 $225 億的指引區間。要回到那個區間，主要是季節性因素嗎？還是你們假設在前線所做的調整將帶動一些有機成長，以推動關係型銀行業務？

Thank you.

謝謝。

Sure. So I think it's going to be mostly seasonality second quarter -- late second quarter into third and fourth quarter, but there is an assumption of some slight year-over-year growth when you kind of adjust, if you will, for the different branch sales and things like that. We view it as quite a bit lower than what we would like to be growing over kind of the medium and long term, but there is some modest year-over-year growth by the end of the year in the underlying.

當然。我認為主要會是季節性因素，第二季——第二季後段進入第三、第四季；但在你把不同分行出售等因素做調整後，確實也假設會有一些輕微的年增。我們認為，這個成長幅度相較於我們在中長期希望達到的水準仍低不少，但在基礎面上，到年底會有一些溫和的年增。

Got it. And then on the criticized, they remain elevated, although the overall level hasn't changed much. Just kind of within that, can you provide any color in terms of -- have you -- has that pool of loans stayed relatively consistent? It's the same ones you're watching? Or is there -- have there been movements significantly in and out kind of offsetting one another? Just trying to get a sense of the dynamics here.

了解。再來談受批評資產，它們仍然偏高，雖然整體水位變化不大。就其中的組成而言，你能否提供一些說明——那一池貸款是否相對一致，還是基本上是同一批你們在關注的案子？或者是否有顯著的進出變動、彼此抵銷？我想了解這裡的動態。

Yeah. No, that's a good question, Kelly. And loan portfolios are dynamic by nature. I can tell you there's a set of loans in there that has been in there most of the time, but there is some movement in and out, just as you would expect. We see payoffs.

是的。這是個好問題，Kelly。貸款組合本質上就是動態的。我可以告訴你，其中有一部分貸款大多數時間都在那個池子裡，但也確實會有一些進出變動，這也符合你的預期。我們會看到提前清償。

We see borrowers cure, we see projects. We see the primary source of repayment showing up and meeting expectations. And then there's some new ones that get added to it. So it's a living, breathing part, but I think we're doing the right job of proactively managing it. And I still am confident directionally over the long term, you'll see that number come down.

我們會看到借款人狀況改善（cure），也會看到專案進展。我們會看到主要還款來源出現並符合預期。然後也會有一些新的案子被納入。所以這是一個持續變動、活生生的部分，但我認為我們在主動管理方面做得對。我仍然有信心，從長期方向來看，你會看到那個數字下降。

Got it. Last one, if I could just slip it in real quick. I heard the additional color around buybacks, very active this quarter. Just want to confirm, in the past, there's been no appetite for securities restructuring. Just wanted to confirm that's still the case here.

了解。最後一個問題，如果我能很快補問一下。我聽到你們對回購的補充說明，本季非常積極。我想確認一下，過去你們對證券重整一直沒有意願；想確認現在仍然是這樣嗎？

Thank you.

謝謝。

Yeah, sure. I don't think we've changed our view there. We still think we have a strong tailwind there over the long term as that portfolio cash flows. So I would say we would still have the same kind of view and thought process there.

好的，當然。我不認為我們在這方面的看法有改變。我們仍然認為，隨著該投資組合的現金流入帳，長期來看會有很強的順風。因此我會說，我們仍然維持相同的觀點與思考邏輯。

Andrew Terrell, Stephens Inc.

Andrew Terrell，Stephens Inc.。

Hey, thanks for taking the follow-up. I just wanted to clarify on the discussion around the average earning assets at the end of the year. I think we were -- the $24.5 billion range was mentioned. It feels like you're 23.7-ish today on average earning on an end-of-period basis or earning assets end of period.

嗨，謝謝讓我追問。我想釐清一下你們對年底平均生息資產的討論。我記得提到大約是 $245 億的區間。以期末口徑或期末生息資產來看，你們目前平均大概是 237 億左右。

You've got the branch sale that will take a little bit away from that. It feels like 24-ish is probably closer range on average earning. And I just want to -- maybe -- I think you said a couple of hundred million below $24.5 billion, but just wanted to get updated expectations there, a more kind of fine point on it.

你們還有分行出售，會讓這個數字再少一點。感覺平均生息資產可能更接近 240 億的區間。我只是想——也許——我記得你說會比 $245 億少個幾億美元，但想更新一下你們的預期，讓數字更精準一些。

Yeah. I think the pieces of the guide together, Andrew, is kind of in the, we'll call it, $24 billion to $24.5 billion range. So it kind of depends on when the growth comes in from an average perspective with deposits. But I think you're right, it's -- we'll call it $24 billion to $24.5 billion.

是的。把指引的各個部分合在一起看，Andrew，大概是在——我們就稱之為——$240 億到 $245 億的區間。所以會取決於存款成長在時間點上的進來方式，從平均值角度來看。但我認為你說得對——我們就稱之為 $240 億到 $245 億。

At this time, there are no further questions, and that will conclude the question-and-answer session. I will now turn the call over to Jim for closing remarks.

目前沒有其他問題，問答環節到此結束。我現在把電話交回給 Jim 作結語。

All right. Thank you, and thank you for the questions today. And as always, we welcome calls from investors and analysts. So please reach out if you have any follow-up questions, and thank you for tuning into the call today, and have a great day.

好的。謝謝，也謝謝大家今天的提問。一如往常，我們歡迎投資人與分析師來電。若你們有任何後續問題，請隨時與我們聯繫。也謝謝大家今天收聽本次電話會議，祝各位有美好的一天。

This concludes the First Interstate Bancsystem, Inc. First Quarter 2026 Earnings Call. Thank you all for joining. You may now disconnect.

第一州際銀行系統公司（First Interstate Bancsystem, Inc.）2026 年第一季財報電話會議到此結束。感謝各位參與。您現在可以掛線。