Flagstar Bank NA (FLG) 2026 Q1 法說會逐字稿

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

您好，感謝您耐心等候。我叫 Regina，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Flagstar Bank 2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the conference over to Sal DiMartino, Director of Investor Relations. Please go ahead.

現在我想將電話會議交給投資人關係總監 Sal DiMartino。請開始。

Thank you, Regina, and good morning, everyone. Welcome to Flagstar Bank's first quarter 2026 earnings call. This morning, our Chairman, President and CEO, Joseph Otting, along with the company's Senior Executive Vice President and Chief Financial Officer, Lee Smith, will discuss our results for the quarter. During the call, we will be referring to a presentation, which provides additional detail on our quarterly results and operating performance. Both the earnings presentation and the press release can be found on the Investor Relations section of our company website, ir.flagstar.com.

謝謝你，Regina，各位早安。歡迎參加 Flagstar Bank 2026 年第一季財報電話會議。今天早上，我們的董事長、總裁暨執行長 Joseph Otting，以及公司資深執行副總裁兼財務長 Lee Smith，將討論本季業績表現。在會議期間，我們將引用一份簡報，其中提供我們季度業績與營運表現的更多細節。財報簡報與新聞稿皆可於公司網站投資人關係專區 ir.flagstar.com 查閱。

Also, before we begin, I'd like to remind everyone that certain comments made today by the management team of Flagstar Bank, N.A. may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements we make are subject to the safe harbor rules. Please review the forward-looking disclaimer and safe harbor language in today's press release and presentation for more information about risks and uncertainties, which may affect us. Additionally, when discussing our results, we will reference certain non-GAAP measures, which exclude certain items and reported results. Please refer to today's earnings release for a reconciliation of these non-GAAP measures.

另外，在開始之前，我想提醒各位，Flagstar Bank, N.A. 管理團隊今天所發表的某些評論，可能包含《1995 年私人證券訴訟改革法》所界定的前瞻性陳述。我們所作的此類前瞻性陳述受安全港規則保護。請查閱今日新聞稿與簡報中的前瞻性聲明免責與安全港措辭，以取得更多關於可能影響本公司的風險與不確定性資訊。此外，在討論我們的業績時，我們將引用若干非 GAAP 指標，該等指標排除某些項目與已報告結果。請參閱今日財報新聞稿，以取得這些非 GAAP 指標的調節表。

And with that, I would now like to turn the call over to Mr. Otting. Joseph?

那麼，現在我想把電話交給 Otting 先生。Joseph？

Thank you, Sal. Good morning, everyone, and welcome to our first quarter 2026 earnings conference call. We are pleased to report another quarter of solid progress and continued momentum across our core banking franchise. Our first quarter performance reflects continued improving fundamentals, strong C&I growth, a high level in growth of core deposits, further progress in reducing the level of nonaccrual and criticized and classified loans, continued margin expansion and industry-leading capital levels. Just as importantly, our first quarter results demonstrate we are exceeding and executing on the strategy we laid out two years ago and delivering against our priorities.

謝謝你，Sal。各位早安，歡迎參加我們 2026 年第一季財報電話會議。我們很高興報告，本季在核心銀行業務版圖上再次取得穩健進展並延續成長動能。第一季表現反映基本面持續改善、C&I（商業與工業）放款強勁成長、核心存款高成長、非應計與受關注、以及被評級（criticized 與 classified）貸款水位進一步下降、利差持續擴張，以及業界領先的資本水準。同樣重要的是，我們第一季的結果顯示，我們不僅落實兩年前所提出的策略，且在各項優先事項上持續交付成果並超越目標。

We are doing exactly what we set out to do, strengthening our earnings profile, improving the quality of our balance sheet and building a top-performing regional bank. The progress we are making is intentional and driven by a clear focus on disciplined execution. Now turning to the slides. Slide number 3 of the investor presentation, I'd like to highlight some of the key performance factors and drivers during the quarter. First, disciplined expense management has been a hallmark of our return to profitability over the past two years.

我們正如同當初所設定的目標，強化獲利結構、提升資產負債表品質，並打造一家表現頂尖的區域性銀行。我們所取得的進展是有意為之，並由對紀律性執行的明確聚焦所驅動。現在請看投資人簡報。在投資人簡報第 3 頁，我想強調本季幾項關鍵績效因素與驅動力。首先，嚴謹的費用管理一直是我們過去兩年重返獲利的重要特徵。

And in the first quarter, operating expenses continued to decrease, and we expect them to decrease in 2026 and 2027. We also had another quarter of net interest margin expansion, driven primarily by lower funding costs. Second, one of our key growth strategies is to diversify our loan portfolio by increasing our C&I lending platform. This quarter marked the third consecutive quarter of C&I loan growth after us reducing our exposure to certain industries, lowering our single transaction exposures and exiting certain relationships that did not meet our return hurdles. And we've done this throughout 2024 and part of 2025.

在第一季，營運費用持續下降，我們預期 2026 年與 2027 年仍將持續下降。我們也再度實現淨利息收益率（NIM）擴張，主要由較低的資金成本所帶動。第二，我們的關鍵成長策略之一，是透過擴大 C&I 放款平台來分散貸款組合。在我們降低對特定產業曝險、降低單筆交易曝險，並退出未達報酬門檻的部分往來關係後，本季為 C&I 貸款連續第三季成長。而這些調整我們在 2024 年以及 2025 年部分期間持續推進。

Third, we experienced a further reduction in our overall CRE exposure, mostly through par payoffs resulting in the multifamily and CRE portfolios declining by $1.6 billion or 4% relative to the fourth quarter and further improvement in our CRE concentration. Fourth, we continue to see positive credit migration as nonaccrual loans declined by 11% and criticized and classified loans decreased by 3%.

第三，我們的整體 CRE（商用不動產）曝險進一步下降，主要透過按面額償還（par payoffs），使多戶住宅與 CRE 投資組合相較第四季減少 16 億美元或 4%，並進一步改善 CRE 集中度。第四，我們持續看到正向的信用遷徙（credit migration）：非應計貸款下降 11%，受關注與被評級貸款下降 3%。

Additionally, we ended the quarter with a robust CET1 capital ratio of 13.2%. In terms of future capital distributions, our focus first is on demonstrating several quarters of sustainable profitability and continued improvement in our nonaccrual loans and flexibility to support our anticipated loan growth. We expect the Board taking action on capital distributions in the second half of the year.

此外，本季結束時，我們的普通股權一級資本比率（CET1）達到強勁的 13.2%。就未來資本分配而言，我們的首要重點是展現連續數季可持續的獲利能力、非應計貸款持續改善，以及保有支持預期放款成長所需的彈性。我們預期董事會將於下半年就資本分配採取行動。

Finally, I would like to highlight two other milestones during the first quarter. We were very pleased with Fitch and Moody's upgraded the bank's long-term and short-term deposit ratings to investment grade with a positive outlook. And when we filed our 10-K in late February, we disclosed that the previously material weakness in internal controls have been remediated. Both of these milestones reflect the tremendous effort, dedication and hard work of our entire team. On the next couple of slides, we spotlight the significant progress we continue to make in our C&I lending businesses.

最後，我想強調第一季的另外兩項里程碑。我們很高興 Fitch 與 Moody's 將本行長期與短期存款評等上調至投資等級，且展望為正向。此外，我們在 2 月下旬提交 10-K 時揭露，先前屬重大缺失的內部控制弱點已完成補救。這兩項里程碑都反映了我們全體團隊的巨大努力、投入與辛勤工作。接下來幾頁，我們將聚焦於 C&I 放款業務持續取得的顯著進展。

During the quarter, C&I loans grew by $1.4 billion or 9% on a linked-quarter basis, significantly higher than in prior quarters. On slide 4, we go into detail on the trends in our C&I portfolio. While the first quarter is typically a seasonally slow quarter for originations, you can see on the left side of the slide that our originations were essentially flat compared to the fourth quarter. We also will note that the pipeline remains strong, and we expect second quarter fundings in C&I to be similar to Q1. On the right side is the five-quarter trend in the C&I portfolio.

本季 C&I 貸款以連結季度（linked-quarter）口徑增加 14 億美元或 9%，顯著高於先前季度。在第 4 頁，我們將詳細說明 C&I 投資組合的趨勢。雖然第一季通常是承作（originations）季節性較淡的季度，但您可以在投影片左側看到，我們的承作量與第四季相比基本持平。我們也要指出，案源管線（pipeline）仍然強勁，且我們預期第二季 C&I 撥款（fundings）將與第一季相近。右側則呈現 C&I 投資組合的五季趨勢。

After bottoming in the second quarter of last year, we've had steady growth and in the first quarter, C&I loans grew by $1.4 billion, up 9% compared to the fourth quarter and year-over-year 12%. The next slide provides quarter-over-quarter growth by loan category. While the majority of the growth was driven by our two main strategic focus areas, specialized industries lending and corporate and regional commercial banking. This quarter growth was broad-based with growth also occurring in the mortgage finance and asset-based lending verticals. Now turning to slide 6.

在去年第二季觸底後，我們持續穩定成長；第一季 C&I 貸款增加 14 億美元，較第四季成長 9%，年增 12%。下一頁提供各貸款類別的季對季成長。雖然大部分成長由我們兩個主要策略聚焦領域所帶動，即專業產業放款（specialized industries lending）以及企業與區域商業銀行（corporate and regional commercial banking）。但本季成長相當廣泛，房貸金融（mortgage finance）與資產基礎放款（asset-based lending）等垂直領域也出現成長。現在請看第 6 頁。

You can see the trends in our adjusted diluted EPS. We whereby we have now reported two consecutive quarters of EPS growth by executing on all our strategic initiatives. On an adjusted basis, we went from $0.03 in the fourth quarter to $0.04 during Q1. One other positive note I'd like to make is that during the first quarter, we completed the consolidation of our six legacy data centers into two co-location centers with no disruptions either to the organization or any of our customers and this positions us well in 2027 to have the baseline and platform for our core conversion with ultimately the goal in 2027 is to get on to one core.

您可以看到我們調整後稀釋每股盈餘（adjusted diluted EPS）的趨勢。透過執行我們所有策略性計畫，我們已連續兩季回報 EPS 成長。以調整後口徑計算，我們從第四季的 0.03 美元提升至第一季的 0.04 美元。我還想補充一點正面消息：第一季期間，我們完成將六座既有資料中心整併為兩座共置（co-location）中心，過程中對組織或任何客戶皆無中斷；這也使我們在 2027 年具備核心系統轉換所需的基礎與平台，而 2027 年的最終目標是整合至單一核心系統。

So with that, I'll now turn it over to Lee to review our financials and credit quality.

那麼，接下來我把時間交給 Lee，請他回顧我們的財務表現與信用品質。

Thank you, Joseph, and good morning, everyone. We're very pleased with another quarter where we continued to execute our strategic vision to make Flagstar one of the best-performing regional banks in the country. We were profitable for the second consecutive quarter following the bank's return to profitability in the fourth quarter. More importantly, we made real progress against key initiatives that drive our financial forecast. We achieved net C&I loan growth during the quarter of $1.4 billion, significantly higher than previous quarters following the origination of $2.6 billion in new C&I loans, of which $2 billion was funded.

謝謝你，Joseph，各位早安。我們對於又一個季度的表現感到非常滿意，因為我們持續落實我們的策略願景，讓 Flagstar 成為全美表現最佳的區域性銀行之一。在本行於第四季恢復獲利之後，我們已連續第二季維持獲利。更重要的是，我們在推動財務預測的關鍵計畫上取得了實質進展。本季我們達成 C&I（商業與工業）貸款淨成長 14 億美元；在新承作 26 億美元 C&I 貸款（其中 20 億美元已撥款）之後，該淨成長顯著高於前幾季。

As we've discussed, net C&I growth in previous quarters was muted as we rightsized legacy C&I positions within the portfolio. Most of this is behind us and you're now seeing the growth from new originations materialize into net loan growth. NIM expanded 10 basis points after adjusting for the onetime hedge gain of approximately $21 million in Q4. Furthermore, much of the new C&I growth occurred towards the end of Q1, meaning the full benefit of these newly originated loans will be felt in Q2 and beyond. Core deposits, excluding brokered, grew $1.1 billion, and we reduced deposit costs by 21 basis points.

如同我們先前所討論，過去幾季 C&I 淨成長較為溫和，因為我們在投資組合中對既有的 C&I 部位進行適度調整。這部分大多已告一段落，現在你們看到新承作帶來的成長正逐步反映為貸款淨成長。在剔除第四季約 2,100 萬美元一次性避險收益後，淨利差（NIM）擴大 10 個基點。此外，新增的 C&I 成長多發生在第一季末，意味著這些新承作貸款的完整效益將在第二季及之後逐步顯現。核心存款（不含經紀存款）增加 11 億美元，我們並將存款成本降低 21 個基點。

We paid off another $1 billion of FHLB advances and $300 million of brokered deposits as we further reduced our reliance on high-cost wholesale funding. Despite this deleveraging of $1.3 billion, our balance sheet only decreased $400 million quarter-over-quarter. CRE and multifamily payoffs were again elevated at $1.6 billion, $1.1 billion of which were par payoffs and 42% of these par payoffs were rated as substandard loans.

我們再償還 10 億美元的 FHLB（聯邦住房貸款銀行）墊款，以及 3 億美元的經紀存款，進一步降低對高成本批發資金的依賴。儘管去槓桿 13 億美元，我們的資產負債表規模季對季僅減少 4 億美元。商用不動產（CRE）與多戶住宅貸款的清償金額再次偏高，達 16 億美元；其中 11 億美元為按面額清償（par payoffs），而這些按面額清償中有 42% 被評為次級（substandard）貸款。

We resolved the situation with one borrower that was in bankruptcy and reduced our nonaccrual loans by $323 million, while substandard loans decreased almost $700 million, meaning we reduced nonaccrual and substandard loans over $1 billion quarter-over-quarter. Our ACL reserve decreased $78 million, primarily driven by lower CRE and multifamily loan balances.

我們解決了一位處於破產程序中的借款人案件，使不計息（nonaccrual）貸款減少 3.23 億美元，同時次級（substandard）貸款減少近 7 億美元；也就是說，我們季對季合計降低不計息與次級貸款超過 10 億美元。我們的 ACL（信用損失準備）減少 7,800 萬美元，主要是因 CRE 與多戶住宅貸款餘額下降所致。

Operating expenses were again well contained at $441 million, a decrease of 5% quarter-over-quarter. And we ended the quarter with 13.24% CET1 capital at or near the top of our regional bank peers. We were also thrilled to be upgraded by both Moody's and Fitch, particularly given that both agencies returned our long and short-term deposit ratings to investment grade. We continue to execute on our strategic plan, exactly as we said we would. Now turning to slide 7.

營業費用再次維持良好控管，為 4.41 億美元，季對季下降 5%。本季末 CET1 資本比率為 13.24%，位居或接近同業區域性銀行的前段班。我們也很高興同時獲得穆迪（Moody's）與惠譽（Fitch）調升評等，尤其兩家機構都將我們的長短期存款評等恢復至投資等級。我們持續按部就班執行策略計畫，完全如同我們所承諾的。接下來請看第 7 頁投影片。

We reported net income attributable to common stockholders of $0.03 per diluted share. On an adjusted basis, we reported net income attributable to common stockholders of $0.04 per diluted share. First quarter was a relatively clean quarter with only one adjustment, our investment in Figure Technologies, which decreased in value during the first quarter by $9 million based on its closing stock price as of March 31. Subsequent to the end of the quarter, we have sold out of approximately 75% of our Figure position at a gain of $1.8 million compared to our March 31 mark. On slide 8, we provide our updated forecast for 2026 and 2027.

我們報告歸屬於普通股股東的淨利為每股稀釋後 0.03 美元。以調整後口徑計算，我們報告歸屬於普通股股東的淨利為每股稀釋後 0.04 美元。第一季相對「乾淨」，僅有一項調整：我們對 Figure Technologies 的投資，依其截至 3 月 31 日的收盤股價計算，第一季價值下滑 900 萬美元。在季末之後，我們已出售約 75% 的 Figure 持股，較 3 月 31 日的評價（mark）實現 180 萬美元收益。在第 8 頁投影片，我們提供 2026 與 2027 年更新後的預測。

We have adjusted our interest income guidance downward for both years as a result of increased CRE and multifamily payoffs, paydowns and amortization. This is both good news and bad news as it accelerates our diversification strategy and reduces our CRE exposure, but also reduces interest income and NIM in the short term. Also, we are seeing fewer resetting loans staying on our balance sheet. We are currently retaining 35% to 40% of resetting loans versus 50% previously. Again, while this accelerates our overall diversification strategy, it reduces short-term net interest income and NIM temporarily and until we replace it with new C&I, CRE or consumer growth.

由於 CRE 與多戶住宅貸款的清償、提前償還（paydowns）與攤銷增加，我們下調了兩個年度的利息收入指引。這既是好消息也是壞消息：它加速我們的多元化策略並降低 CRE 曝險，但短期也會壓低利息收入與 NIM。此外，我們看到留在資產負債表上的重設利率貸款（resetting loans）變少。目前我們保留重設利率貸款的比例為 35% 至 40%，先前為 50%。同樣地，雖然這加速整體多元化策略，但在我們以新的 C&I、CRE 或消費金融成長補上之前，短期淨利息收入與 NIM 會暫時下降。

In order to retain some of the higher quality relationship CRE runoff in the future, we have assumed spreads off of SOFR in the 175 to 225 basis point range versus our contractual option of 275 to 300 basis points of a five-year swap. Lower noninterest-bearing DDA growth in Q1. Deposit growth in Q1 was all interest-bearing, which was positive, particularly as we also reduced interest-bearing deposit costs 21 basis points quarter-over-quarter. We believe the current rating agency upgrades will help us garner more noninterest-bearing DDAs going forward. But as it's been pushed out, it impacts net interest income and NIM.

為了在未來保留部分較高品質、具往來關係的 CRE 流失部位，我們假設相對 SOFR 的利差為 175 至 225 個基點，而非合約選項中以五年期利率交換（swap）計算的 275 至 300 個基點。第一季無息 DDA（活期存款）成長較低。第一季的存款成長全部來自計息存款，這是正面的，尤其我們也將計息存款成本季對季降低 21 個基點。我們相信目前評等機構的調升將有助於我們未來吸引更多無息 DDA。但由於時點被往後推延，這會影響淨利息收入與 NIM。

We expect total assets to be approximately $94 billion at the end of '26 and $102 billion at the end of '27 as a result of net loan growth. The reduction in interest income has been partially offset by reducing provision and operating expense guidance. Adjusted EPS is now forecast to be in the $0.60 to $0.65 range in '26 and in the $1.80 to $1.90 range in '27. Slide 9 depicts the trends in our net interest margin over the past five quarters. We continue to post steady quarterly improvements in NIM, driven largely by lower funding costs.

我們預期 2026 年底總資產約為 940 億美元，2027 年底約為 1,020 億美元，主要來自貸款淨成長。利息收入下滑已部分透過下調提存與營業費用指引而抵銷。調整後 EPS 現預估 2026 年為 0.60 至 0.65 美元區間，2027 年為 1.80 至 1.90 美元區間。第 9 頁投影片呈現我們過去五個季度的淨利差趨勢。我們持續呈現 NIM 穩健的季度改善，主要由較低的資金成本所帶動。

First quarter NIM increased 10 basis points quarter-over-quarter to 2.15% after adjusting for the recognition of a onetime hedge gain of $21 million in the fourth quarter. Turning to slide 10. Our operating expenses continued to decline, reflecting our focus on cost containment. Quarter-over-quarter, operating expenses declined $21 million or 5%. Slide 11 shows the growth in our capital over the last few quarters.

在剔除第四季認列 2,100 萬美元一次性避險收益後，第一季 NIM 季對季增加 10 個基點至 2.15%。接下來請看第 10 頁投影片。我們的營業費用持續下降，反映我們對成本控管的重視。季對季而言，營業費用減少 2,100 萬美元或 5%。第 11 頁投影片顯示我們近幾季資本成長的情況。

At 13.24%, our CET1 ratio ranks among the top relative to other regional banks, and we have about $1.6 billion in excess capital after tax relative to the low end of our target CET1 operating range of 10.5%. The next slide provides an overview of our deposits. Core deposits, excluding brokered, increased $1.1 billion on a linked-quarter basis or about 2%. This growth was primarily driven by growth in commercial and private bank deposits of $461 million and retail deposits, which were up $142 million. As in past quarters, during the current quarter, we paid down $300 million of brokered deposits with a weighted average cost of 4.76%.

以 13.24% 計，我們的 CET1 比率在區域性銀行中名列前茅；相較於我們目標 CET1 營運區間下緣 10.5%，稅後約有 16 億美元的超額資本。下一頁投影片提供我們存款概況。核心存款（不含經紀存款）以連續季度（linked-quarter）口徑增加 11 億美元，約 2%。此成長主要由商業與私人銀行存款增加 4.61 億美元，以及零售存款增加 1.42 億美元所帶動。如同過去幾季，本季我們償還 3 億美元的經紀存款，其加權平均成本為 4.76%。

In addition, approximately $5.3 billion of retail CDs matured during the quarter with a weighted average cost of 4.13%, and we retained 86% of these CDs as they moved into other CD products with rates approximately 35 to 40 basis points lower than the maturing products. In the second quarter, we had $4.8 billion of retail CDs maturing with an average cost of 3.98%.

此外，本季約有 53 億美元的零售定存（CD）到期，加權平均成本為 4.13%；隨著這些定存轉入其他 CD 產品（利率約較到期產品低 35 至 40 個基點），我們保留了其中 86%。在第二季，將有 48 億美元的零售 CD 到期，平均成本為 3.98%。

Also during the quarter, we further deleveraged the balance sheet by paying down $1 billion of FHLB advances with a weighted average cost of 3.85%. The deleveraging CD maturities and other deposit management actions led to a 21 basis point reduction in the cost of interest-bearing deposits quarter-over-quarter. Slide 13 shows our multifamily and CRE par payoffs, which were again elevated this quarter of $1.1 billion, of which 42% were rated substandard.

同樣在本季，我們進一步透過償還 10 億美元的 FHLB 墊款來降低槓桿，其加權平均成本為 3.85%。去槓桿、CD 到期以及其他存款管理措施，使計息存款成本季對季降低 21 個基點。第 13 頁投影片顯示我們多戶住宅與 CRE 的按面額清償金額，本季再次偏高，達 11 億美元，其中 42% 被評為次級（substandard）。

These payoffs are resulting in a significant reduction in overall CRE balances and in our CRE concentration ratio. Total CRE balances have decreased $13.4 billion or 28% since year-end 2023 to approximately $34 billion, aiding in our strategy to diversify the loan portfolio to a mix of one-third CRE, one-third C&I and one-third consumer. Additionally, the par payoffs have helped lower our CRE concentration ratio by 134 basis points to 3.67%. The next slide provides an overview of the multifamily portfolio, which declined $5.5 billion or 17% on a year-over-year basis and $1.1 billion or 4% on a linked-quarter basis. The reserve coverage on the total multifamily portfolio was 1.83% and remains the highest relative to other multifamily focused lenders in the Northeast.

這些提前償還正帶來整體商業不動產（CRE）餘額以及我們CRE集中度比率的顯著下降。自2023年年底以來，CRE總餘額已減少134億美元（降幅28%）至約340億美元，這有助於我們將貸款組合多元化為三分之一CRE、三分之一商業與工業（C&I）以及三分之一消費金融的策略。此外，按面額償還也使我們的CRE集中度比率下降134個基點至3.67%。下一張投影片概述多戶住宅投資組合，其年比下降55億美元（降幅17%），季比（連續季度）下降11億美元（降幅4%）。整體多戶住宅投資組合的備抵覆蓋率為1.83%，相較於東北地區其他以多戶住宅為主的放款機構，仍為最高。

Additionally, the reserve coverage on these multifamily loans where 50% or more of the units are rent regulated is 3.20%. Currently, there are $11.9 billion of multifamily loans that are either resetting or maturing through year-end 2027 with a weighted average coupon of approximately 3.75%. Moving to slides 15 and 16, we have again provided detailed additional information on the New York City multifamily portfolio, where 50% or more of the units are rent regulated.

此外，對於這些多戶住宅貸款中有50%或以上單位受租金管制者，其備抵覆蓋率為3.20%。目前，有119億美元的多戶住宅貸款將於2027年年底前重設利率或到期，其加權平均票面利率約為3.75%。接著看第15與第16張投影片，我們再次提供紐約市多戶住宅投資組合的更詳細補充資訊，其中50%或以上單位受租金管制。

At March 31, this tranche of the portfolio totaled $8.8 billion, down 4% compared to the previous quarter and has an occupancy rate of 97% and a current LTV of 70%. Approximately 52% or $4.6 billion of the $8.8 billion are pass rated loans and the remaining 48% or $4.3 billion are criticized or classified, meaning they are either special mention, substandard or nonaccrual.

截至3月31日，該分層投資組合總額為88億美元，較前一季下降4%，入住率為97%，目前貸款價值比（LTV）為70%。約52%（或46億美元）的88億美元為通過評等（pass rated）貸款，其餘48%（或43億美元）為受關注或分類（criticized or classified）貸款，亦即屬於特別關注（special mention）、次級（substandard）或停息（nonaccrual）。

Of the $4.3 billion, $1.9 billion are nonaccrual and have already been charged off to at least 90% of appraised value, meaning $287 million or 15% has been charged off against these nonaccrual loans. Furthermore, we also have an additional $73 million or 5% of ACL reserves against this nonaccrual population, meaning we have taken 20% of either charge-offs or reserves against this population. Of the remaining $2.7 billion that are special mention and substandard loans between reserves and charge-offs, we have 5.8% or $154 million of loan loss coverage. We believe we're adequately reserved or have charged these loans off to the appropriate levels. And with excess capital of $2.2 billion before tax, we think we're more than covered were there to be any further degradation in this portion of the portfolio.

在這43億美元中，有19億美元為停息貸款，且已至少按估值的90%進行沖銷，亦即針對這些停息貸款已沖銷2.87億美元（占15%）。此外，我們也針對這一停息族群另提列7,300萬美元（占5%）的ACL備抵，表示我們對該族群已合計承擔20%的沖銷或備抵。對於其餘27億美元的特別關注與次級貸款，綜合備抵與沖銷，我們的貸損覆蓋為5.8%（即1.54億美元）。我們認為已提列足夠備抵，或已將這些貸款沖銷至適當水準。且在稅前超額資本22億美元的支撐下，我們認為即便該部分投資組合進一步惡化，我們也綽綽有餘。

Slide 17 details our ACL coverage by category. The $78 million reduction in the ACL was largely driven by lower CRE and multifamily held-for investment balances. Our coverage ratio, including unfunded commitments, was at 1.67% at quarter end. On slide 18, we provide additional details around credit quality, which trended positively during the quarter. Nonaccrual loans totaled $2.7 billion, down $323 million or 11% compared to the prior quarter.

第17張投影片詳述我們按類別劃分的ACL覆蓋。ACL減少7,800萬美元，主要由較低的CRE與多戶住宅持有供投資（held-for investment）餘額所驅動。期末我們的覆蓋率（含未動用承諾）為1.67%。在第18張投影片，我們提供更多關於信用品質的細節，本季呈現正向趨勢。停息貸款合計27億美元，較前一季減少3.23億美元（降幅11%）。

Criticized and classified loans also declined, decreasing $385 million or 3% compared to the prior quarter. During the quarter, we did see an increase in special mention loans as a result of our comprehensive and prudent process that analyzes in detail all loans with a reset or maturity date 18 months out, 18 months from March 31, 2026, is September '27. And '27 is our largest reset year where nearly $9 billion CRE loans either reset or mature. This amount includes approximately $2.9 billion of multifamily, where 50% or more of these units are rent regulated. As part of this internal forward-looking process, we've applied the relevant pro forma contractual interest rate calculations and adjusted risk ratings accordingly.

受關注與分類貸款亦下降，較前一季減少3.85億美元（降幅3%）。本季我們確實看到特別關注貸款增加，這是因為我們採取全面且審慎的流程，針對所有在18個月後將重設或到期的貸款進行細部分析；以3月31日往後推18個月至2026年9月，而再往後的'27年9月。而2027年是我們最大的重設年度，將近90億美元的CRE貸款將重設或到期。其中約29億美元為多戶住宅，且其單位中有50%或以上受租金管制。作為此一內部前瞻流程的一部分，我們已套用相關的備考（pro forma）合約利率計算，並相應調整風險評等。

Three items I would note, we are now 75% through analyzing the entire 2027 cohort. The results of this analysis is reflected in our ACL, and we continue to see significant substandard par payoffs each quarter. At the end of the quarter, 30- to 89-day delinquencies were approximately $967 million, a decrease of $19 million from the previous quarter.

我想指出三點：我們目前已完成對整個2027年批次（cohort）約75%的分析。此分析結果已反映在我們的ACL中，而且我們每一季仍持續看到大量次級貸款按面額提前償還。季末，30至89天逾期約為9.67億美元，較前一季減少1,900萬美元。

As mentioned last quarter, the biggest driver of this delinquency number is the additional day or 31st day of March when calculating delinquencies at precisely 30 days. As of April 21, approximately $493 million of these delinquent loans have been brought current. We continue to deliver on our strategic plan and are excited about the journey we're on and the value we will create for our shareholders over the next two years.

如同上季所提到的，造成此逾期數字的最大因素，是在精準計算30天逾期時，3月多出第31天。截至4月21日，約4.93億美元的這些逾期貸款已恢復正常。我們持續落實策略計畫，並對我們正在進行的旅程感到振奮；未來兩年我們將為股東創造價值。

With that, I will now turn the call back to Joseph.

接下來，我把電話交回給Joseph。

Thank you very much, Lee. Before moving to Q&A, I wanted to add that we are encouraged by our continued progress made in the first quarter and remain focused on driving sustainable profitability, improving returns and delivering long-term value for our shareholders. With continued improvement in credit trends, solid loan and deposit growth and strong capital levels, we believe that Flagstar is well positioned in 2026. In addition, I'd like to thank our Board of Directors, our executive leadership team and all the teammates at Flagstar for their dedication and commitment to the organization and our customers.

非常感謝你，Lee。在進入問答之前，我想補充，我們對第一季持續取得的進展感到鼓舞，並將持續專注於推動可持續的獲利能力、提升報酬並為股東帶來長期價值。隨著信用趨勢持續改善、貸款與存款穩健成長以及資本水準強勁，我們相信Flagstar在2026年具備良好定位。此外，我也要感謝董事會、執行領導團隊以及Flagstar所有同仁，感謝大家對本組織與客戶的投入與承諾。

And operator, with that, I would be happy to turn it over to you to open the line for questions.

那麼，主持人，我很樂意把時間交給你，開放線路讓大家提問。

(Operator Instructions)

（主持人指示）

Chris McGratty, KBW.

Chris McGratty，KBW。

Lee, maybe a question for you to start the margin adjustment for next year. I hear you on being a little bit more competitive on the payoffs. Could you unpack just the differences in your assumptions for the margin for next year? Specifically, is it a balance sheet size and the NII conversation size versus margin?

Lee，先請教你一個關於明年利差調整的問題。我聽到你提到在提前償還方面會更具競爭力一些。你能否拆解一下你們對明年利差假設的差異？具體來說，這是資產負債表規模與淨利息收入（NII）規模的討論，還是偏向利差本身？

Yes. So it's a little bit about balance sheet and then a little bit of the additional payoffs of the CRE and multifamily book. So as I mentioned, the balance sheet at the end of '26 will be about $94 billion and $102 billion at the end of '27. So we are assuming a slight reduction versus what we had previously guided to sort of in that $500 million to $750 million range. But if you look at Q1, we did see $1.6 billion of par payoffs, paydowns and amortization in that CRE and multifamily book.

是的。這一部分與資產負債表有關，另一部分則與CRE與多戶住宅帳簿的額外提前償還有關。如我提到的，2026年底資產負債表規模約為940億美元，2027年底約為1,020億美元。因此，相較於我們先前給出的指引，我們假設會略為下調，大致是在5億至7.5億美元的區間。但如果你看第一季，我們在CRE與多戶住宅帳簿看到16億美元的按面額提前償還、償還（paydowns）與攤還。

And as I mentioned in the prepared remarks, it's both good news and bad news. The good news is it's allowing us to get to our diversified strategy more quickly of a third, but it does impact short-term interest income and NIM, and that's what you're seeing. So we think that we'll be able to use the funds from those par payoffs to just further grow the C&I, the consumer and originate new CRE loans, but it sort of pushes everything out. So that's one of the items that is impacting the NIM. I think some of the better quality CRE loans that we would look to retain, we'll be pricing those off the spread to SOFR in the 1.75% to 2.25% range.

如我在事先準備的發言中提到，這既是好消息也是壞消息。好消息是，這讓我們更快達成三分之一、三分之一、三分之一的多元化策略；但它會影響短期利息收入與淨利差（NIM），這就是你所看到的。因此，我們認為可以運用這些按面額提前償還回收的資金，進一步擴大C&I與消費金融，並承作新的CRE貸款，但整體時程會被往後推。所以這是影響NIM的因素之一。我認為對於我們希望保留的一些較高品質CRE貸款，我們將以相對SOFR的利差來定價，約在1.75%至2.25%的區間。

And that's obviously a lower rate than the contractual reset, which is five-year plus 300. And we've deliberately left that contractual rate in place because, as you know, Chris, we've been trying to reduce our exposure to those CRE multifamily assets where we have -- we're overweight and there's higher risk. So that's obviously working. And then we're seeing, as a result of that, fewer loans that are resetting are staying with us. We were sort of originally in the 50% range.

而那顯然比合約重設利率更低，合約重設是五年期加300個基點。我們刻意讓該合約利率維持不變，因為如你所知，Chris，我們一直在努力降低對那些商用不動產（CRE）多戶住宅資產的曝險；在那一塊我們配置偏重、風險也較高。所以這顯然正在發揮作用。因此我們也看到，重設利率的貸款中，留在我們這裡的比例變少了。我們原本大概在50%左右。

It's now in the 35% to 40% range. And then the final piece that I mentioned was we saw very strong deposit growth in the quarter, $1.1 billion, very pleased with that. It was all interest-bearing. We would like to see more noninterest-bearing growth. We think that will come with the rating agency upgrades, but that sort of pushes, it affects NIM in the short term, and it sort of pushes everything out. So it's a combination of those items that you're seeing just bring the NIM down 10 to 12 basis points.

現在落在35%到40%的區間。我提到的最後一點是，本季我們看到存款成長非常強勁，增加了11億美元，對此非常滿意。全部都是計息存款。我們希望看到更多不計息存款的成長。我們認為這會隨著評等機構上調評等而到來，但這在短期內會推升成本、影響淨利差（NIM），也會讓整體節奏往後推。所以你看到的淨利差下滑10到12個基點，是這些因素綜合作用的結果。

That's great. And then, Joseph, for you, I mean, the consequence of this is you have more capital and then I heard you on the Basel III. It feels like everything is lining up for the back half of the capital distribution that you alluded to in your prepared remarks. Can you just talk through the mile markers that from here you might need to see before you pull that lever?

很好。接著，Joseph，對你來說，我的意思是，這樣的結果是你們有更多資本，而且我也聽到你提到巴塞爾III。感覺一切都在為你們在事先準備稿中提到的下半年資本分配鋪路。你能否談談，從現在起在你們拉動那個槓桿之前，可能需要看到哪些里程碑？

So Chris, we've been fairly consistent saying is we wanted the company to demonstrate consistent quarterly earnings. And our goal is -- obviously, we feel that will occur now as we've turned the quarter in the fourth quarter and then the first quarter. So that's one of the legs of the stool. The second would be our goal is to get the nonperforming assets down to $2 billion by the end of the year. And so that was kind of the second leg of that and to continue to make progress from roughly the $2.6 billion level that we are at today.

Chris，我們一直相當一致地表示，我們希望公司能展現每季獲利的穩定性。而我們的目標是——顯然，我們覺得在第四季扭轉局面、以及第一季之後，這應該會發生。所以這是三腳凳的一隻腳。第二個目標是，到年底將不良資產降至20億美元。因此這算是第二隻腳，也就是要從目前約26億美元的水準持續往下改善。

And then the third is just understanding how much growth we can have in the C&I portfolio and balancing that against the CRE payoffs, I'd say the way we look at that is the CRE payoffs have been greater than we expected, but the C&I originations have also been more. And we do see some acceleration in the C&I occurring not only in our pipeline, but as we add more people into the various industry specializations and geographic strategy that we actually think that will continue to grow. And so when you take those kind of three factors into account. It was always management's intention to have a good insight to that through the second quarter and then have dialogue with the board on capital actions going forward.

第三點則是，了解我們在商業與工業（C&I）貸款組合能有多少成長，並在此與商用不動產（CRE）回收之間取得平衡；我們的看法是，CRE回收金額比我們預期更大，但C&I承作量也更多。而且我們確實看到C&I有加速的跡象，不僅在我們的案源管線中如此，隨著我們在各產業專精與地理策略上增補更多人力，我們也認為這將持續成長。因此，當你把這三個因素納入考量。管理層一向的意圖是，在第二季之前對此有相當清晰的掌握，然後與董事會就未來的資本行動進行對話。

Jared Shaw, Barclays.

Jared Shaw，巴克萊。

Maybe just sticking with margin. But for this year, when we look at loan yields this quarter, I guess that was a little bit weaker than we were expecting. Anything that you're seeing there that we should call out? And then just sort of as we look at the pace of margin expansion for the next few quarters, how is the loan yield playing into that?

也許就繼續談利差。但就今年而言，當我們看本季的貸款收益率時，我想那比我們預期的稍微弱一些。你們那邊有看到什麼需要特別點出的嗎？另外，當我們看未來幾季利差擴張的速度時，貸款收益率在其中扮演什麼角色？

Yes. Well, if you look at the actual asset yield, it wasn't down that much quarter-over-quarter when you consider the two rate reductions in the fourth quarter. That's what I would say. The reduction was twofold. So in terms of the interest income, you've got what I just mentioned we had more payoffs and paydowns as it relates to that CRE and multifamily book, which we think is sort of a -- it's a good news story, but it does impact that short-term interest income a NIM.

是的。嗯，如果你看實際的資產收益率，考量到第四季兩次降息，其實季對季並沒有下降那麼多。我會這麼說。下降的原因有兩個面向。就利息收入而言，正如我剛提到的，與那本CRE與多戶住宅組合相關的提前清償與部分償還更多；我們認為這算是——算是好消息，但確實會在短期內影響利息收入與淨利差（NIM）。

And remember, you do need to adjust in Q4, you do need to adjust for that hedge gain of $21 million, which was included in interest income and NIM. So when you adjust for that, the NIM was 2.05% in Q4, increasing 10 basis points to 2.15% in Q1. The other thing that I would point out, and I allude you to some of these in my prepared remarks, Jared, when you think of the $1.4 billion of net C&I growth in the quarter, I would say $600 million of that came right at the end of the quarter, in the last week or 10 days. So you're not seeing any pickup in NIM and interest income in Q1 as a result of that but you will see that flow through in Q2 and beyond. The other part of it is the borrower that was in bankruptcy that got resolved on March 31, the last day of the quarter.

另外請記得，你需要在第四季做調整：有2,100萬美元的避險收益被計入利息收入與淨利差（NIM）。因此，若排除該項影響，第四季的淨利差為2.05%，第一季上升10個基點至2.15%。我還想指出另一點，我在準備稿中也提到一些，Jared：當你想到本季C&I淨成長14億美元時，我會說其中6億美元是在季末才進來的，就在最後一週或10天。所以第一季你不會因為這些新增而看到淨利差與利息收入的提升，但你會在第二季及之後看到反映。另外一部分是，有一位處於破產程序的借款人於3月31日——也就是本季最後一天——完成解決。

So you've got a significant amount of loans coming off of nonaccrual and then a new accruing loan that is coming on, you didn't see any benefit of that in the first quarter because it occurred on the last day of the month and the quarter. You will see that flow through in Q2 and beyond. And I would just point out the net C&I growth of $1.4 billion in the quarter, we feel that we can continue at least at that run rate throughout this year, and we've been talking about growing C&I and people have been asking us what do we think we can do. And I think this is the first quarter where we're really showing the power of everything that Joseph and Rich have built and what those bankers are doing on the C&I side.

因此，有相當大一部分貸款從停計息（nonaccrual）狀態轉出，並且有一筆新的計息貸款轉入；由於發生在該月與該季的最後一天，你在第一季看不到任何效益。你會在第二季及之後看到反映。我也想指出，本季C&I淨成長14億美元，我們認為今年至少可以維持這樣的運行速度；我們一直在談要成長C&I，大家也一直問我們覺得能做到多少。我認為這是第一個季度，我們真正展現出Joseph和Rich所打造的一切的威力，以及那些銀行家在C&I端所做的事情。

Okay. All right. And then if I could just ask quickly one more. You in the past talked about adding cash and securities. I think it was about $2 billion to $4 billion. Is that still -- what's sort of the path forward on cash and securities balances with the broader backdrop?

好的。好。那如果我可以再快速問一個。你們過去談過要增加現金與證券部位。我記得大概是20億到40億美元。現在仍然是——在更廣泛的背景之下，現金與證券餘額接下來的路徑會是什麼？

Yes. I think as you look forward in '26, you will probably see our cash position come down a couple of billion. We will be buying more securities. I think you can expect us in Q2 to be buying at least $1 billion, $1.5 billion of securities. And we would look to get that securities balance back up to probably $16 billion or so as we move into the second half of 2026.

是的。我想展望2026年，你可能會看到我們的現金部位下降幾十億美元。我們會買進更多證券。我認為你可以預期我們在第二季至少會買進10億到15億美元的證券。而隨著我們進入2026年下半年，我們會希望把證券餘額拉回到大約160億美元左右。

The securities we're buying, as I've said before, pretty vanilla short duration RMBS CMOs. But it gives us an additional lever should we need to create more cash to let some of those securities run off. But a lot of it, as well, remember, Jared is, given by what are the par payoffs because as we're seeing those CRE and multifamily loans pay off, that is generating cash and we've got the option to grow the securities or pay down wholesale borrowings. And you saw us pay down another $1.3 billion of expensive wholesale borrowings in the quarter between FHLB and brokered deposits.

我們買的證券，如我之前說過的，基本上是相當標準、存續期間較短的住宅抵押貸款支持證券（RMBS）擔保抵押債務（CMO）。但這也給了我們額外的一個槓桿：若我們需要創造更多現金，可以讓其中一些證券自然到期／到期回收。不過其中很大一部分也要記得，Jared，是來自按面額回收（par payoffs）；因為當我們看到那些CRE與多戶住宅貸款被清償時，就會產生現金，而我們可以選擇增加證券部位或償還批發融資借款。而你也看到我們本季在FHLB與經紀存款之間，又償還了13億美元的高成本批發融資借款。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，摩根士丹利。

Maybe staying on the topic of the Moody's and Fitch upgrades. I think Moody's upgrade also came with a deposit rating upgrade. So can you talk about the implications for both funding costs? I think you mentioned more DDA growth. But also for expenses, is there any benefit on the FDIC expense side? So would love to get a full set of benefits from the upgrades beyond just the capital side?

或許延續穆迪（Moody's）與惠譽（Fitch）調升評等的話題。我認為穆迪的調升也伴隨存款評等的上調。所以你們能談談這對兩者融資成本的影響嗎？我想你提到更多的 DDA 成長。但在費用方面，FDIC 費用端是否有任何好處？因此很希望能完整了解，除了資本面之外，評等調升還能帶來哪些效益？

Sure. Let me take the Moody's upgrade on the deposit. As we obviously look to bring on new relationships and roughly, there were 75 new relationships that came in, in the first quarter, is part of our strategy, obviously, is to make those both depository and fee income relationships in addition to loans. And not so much in the middle market, but in the lower end of the corporate market, where we are focused on a lot of those companies have in their -- kind of their bank or their investment policy is that the bank had to have an investment-grade rating generally from Moody's or an S&P rating to be able to exceed the FDIC insurance levels. And so that rating is very important to that strategy as we look to penetrate in and gain operating accounts that often exceed those dollar amounts.

當然。我先談穆迪對存款評等的調升。如同我們明顯在尋求建立新的往來關係，而第一季大約新增了 75 個新往來關係，這是我們策略的一部分；我們的策略顯然是讓這些關係除了貸款之外，也同時成為存款與手續費收入的關係。而且不是那麼著重在中型市場，而是在我們聚焦的企業市場較低端，許多公司在其——銀行或投資政策中，通常會要求銀行必須具備穆迪或標普（S&P）的投資級評等，才能讓其存款金額超過 FDIC 保險上限。因此，當我們希望深入滲透並取得經常性營運帳戶（其金額往往超過那些門檻）時，這個評等對該策略非常重要。

And so we think that is a turning point, so to speak, for us of our ability to gain sizable new deposits with the relationships that we're bringing into the institution. And so we think that will be significant for us as we move forward in that strategy. And I'll turn it over to expense question to Lee and let him answer that.

因此我們認為，這可說是我們在爭取可觀新存款、並把新建立的往來關係導入本行方面的一個轉捩點。所以我們認為，隨著我們推進該策略，這將對我們非常重要。至於費用的問題，我把它交給 Lee，讓他來回答。

Yes. The upgrades have no direct impact on FDIC expenses. But as Joseph mentioned, I think it's a huge advantage in terms of being able to raise deposits going forward. And both Moody's and Fitch took our short- and long-term deposit ratings back to investment grade. So we're very pleased with that, and Moody's still has us on a positive outlook as well.

是的。評等調升對 FDIC 費用沒有直接影響。但如 Joseph 所提，我認為在未來吸收存款方面，這是一個巨大的優勢。而且穆迪與惠譽都把我們的短期與長期存款評等調回投資級。所以我們對此非常滿意，另外穆迪也仍給予我們正向展望。

Got it. And then maybe to stay on the expense side, Joseph, you spoke about the consolidation of the legacy data centers and the setup for the core conversion in 2027. I guess how big of a lift is that? Is that multiple years? And how are you thinking about the expense number there? And I'm guessing it's baked into your guidance, but if you can just speak to that.

了解。那麼也許繼續談費用面，Joseph，你提到整併既有資料中心，以及為 2027 年核心系統轉換做準備。我想問這個工程量有多大？會是跨好幾年嗎？你們如何看待相關費用數字？我猜這已經納入你們的指引，但如果可以的話，請談談這部分。

Yes. So obviously, closing six data centers and getting into two co-location centers was really positive for us. It was reflected in our expense forecast for this year. Next year, we do today run two cores where we have two of the legacy organizations on one core provider and one on a third. It is our intent by July of next year to be on one core and on a run rate basis, we believe when that gets completed, it's roughly a $40 million decrease in expenses for the company.

是的。很明顯，關閉六個資料中心並轉入兩個共置機房（co-location centers）對我們非常正面。這已反映在我們今年的費用預測中。明年，我們目前確實是跑兩套核心系統：兩個既有組織在同一家核心系統供應商上，另一個則在第三家。我們的目標是在明年 7 月前切換到單一核心系統；以年化運行基礎（run rate）來看，我們相信完成後，公司費用大約可減少 4,000 萬美元。

David Chiaverini, Jefferies.

David Chiaverini，Jefferies。

So wanted to drill into credit quality a little bit. Trends continue in the right direction with criticized and classified loans trending lower. Can you talk about your expectations going forward with these loans? Do you expect a continued downward trend? And any surprises you've observed either good or bad as these loans have matured or reset?

我想更深入了解一下信用品質。受批評與分類貸款持續下降，趨勢仍朝正確方向發展。你能談談你們對這些貸款未來的預期嗎？你們預期會持續下行嗎？以及在這些貸款到期或重設時，你們是否觀察到任何意外（不論好壞）？

Thanks, David. Yes, no, we do not expect any surprises. Let me address that in the first instance. And we continue to see continued reduction of criticized and classified. As Joseph mentioned, we're on track to reduce nonaccruals by up to $1 billion this year, and we saw a nice reduction in Q1, and we believe that will continue throughout 2026.

謝謝，David。是的，我們不預期會有任何意外。我先就這點回應。我們也持續看到受批評與分類貸款進一步下降。如 Joseph 提到，我們今年有望將不計息貸款（nonaccruals）降低最多 10 億美元；第一季我們已看到不錯的下降幅度，我們相信這個趨勢會延續到 2026 年全年。

And that's obviously accretive from both an earnings and a capital point of view because those nonaccruals are 150% risk rated, we continue to see a lot of liquidity around the multifamily loans and that is why of the $1.1 billion of payoffs in Q1, 42% was substandard. And that is consistent with the trend that we've seen for multiple quarters now. So we expect to continue to see a reduction in the substandard loans. And then I mentioned the special mention loans have increased this quarter because we're doing that very comprehensive 18-month look forward of all loans that are maturing or resetting in the next 18 months. 2027 is our biggest reset maturity year.

這顯然在獲利與資本兩方面都有增益，因為那些不計息貸款的風險權數為 150%；我們持續看到多戶住宅（multifamily）貸款周邊有大量流動性，這也是為什麼第一季 11 億美元的還款中，有 42% 屬於次級（substandard）。這與我們過去多個季度所見的趨勢一致。因此我們預期次級貸款將持續下降。另外我也提到，本季「特別關注」（special mention）貸款增加，是因為我們正在對未來 18 個月內到期或重設的所有貸款，進行非常全面的 18 個月前瞻檢視。2027 年是我們重設與到期規模最大的一年。

There's $9 billion that is resetting and maturing. So with three quarters of the way through that analysis. And by the end of Q2, we will be all the way through 2027. And again, everything -- even though there was an increase in special mention loans, given the reductions in the other categories, given the reduction in CRE and multifamily HFI balances it's all reflected within our ACL reserve. And the final point I would like to add is on the charge-offs, as you brought up credit, David.

有 90 億美元將重設與到期。因此在這項分析已完成約四分之三的情況下，到第二季底，我們將把 2027 年的部分全部完成。再者，儘管特別關注貸款有所增加，但考量其他類別的下降、以及 CRE 與多戶住宅 HFI（持有供出售/投資）餘額的下降，這些都已反映在我們的 ACL（信用損失準備）中。最後一點，我想補充你提到的信用議題中的核銷（charge-offs）。

So charge-offs were $78 million this quarter versus $46 million last quarter. However, $34 million of what was charged off related to the one borrower that was in bankruptcy. And of that $34 million, $30 million was already fully reserved. So there was an incremental $4 million related to that bankruptcy really just sales costs that we needed to take. And if you subtract that $34 million from the $78 million, you're basically at $44 million of net charge-offs versus $46 million last quarter, which is about 30 basis points. So we are consistent from a net charge-off -- on a net charge-off basis and we expect that trend to continue next quarter as well.

本季核銷為 7,800 萬美元，上一季為 4,600 萬美元。不過，其中有 3,400 萬美元的核銷與一位已進入破產程序的借款人有關。而在這 3,400 萬美元中，有 3,000 萬美元先前已完全提列準備。因此與該破產案相關的增量影響只有 400 萬美元，主要是我們需要認列的出售成本。如果你把 7,800 萬美元中的 3,400 萬美元扣除，基本上就是 4,400 萬美元的淨核銷，相較上一季 4,600 萬美元，約為 30 個基點。因此以淨核銷來看，我們維持一致，我們也預期這個趨勢在下季會延續。

Yes. And David, the one other thing that I would add, I think Lee did a good job of describing that is when we do that look forward, 99% of those loans today are current in the special mention category. So if you called those borrowers up, they would say, well, I've never missed a payment. But what we do in that 18-month look forward is we apply the current rate that they would incur if that loan matured today. And then we analyze that cash flow and make a determination where does their cash flow sit against fixed charge cover or cash flow coverage on the property.

是的。另外 David，我還想補充一點，我認為 Lee 已經描述得很好：當我們做那個前瞻檢視時，目前在特別關注類別中的那些貸款，有 99% 都是正常還款（current）。所以如果你打電話給那些借款人，他們會說，我從未錯過任何一期付款。但我們在那個 18 個月前瞻檢視中，會套用如果該貸款今天到期時他們將承擔的現行利率。接著我們分析其現金流，並判斷其現金流相對於固定費用覆蓋（fixed charge cover）或該物件的現金流覆蓋（cash flow coverage）處於什麼位置。

And so if your property is at 3.5% today, and you take it up to 6.5% for our contractual rollover, that's what's causing those loans to look slightly impaired when actually that is really a forward look to those with pretty punitive interest rates.

因此，如果你的物件目前利率是 3.5%，而我們依合約展期（rollover）把它提高到 6.5%，這就是造成那些貸款看起來略有減損的原因；但實際上，這是對未來、在相當嚴苛利率下的前瞻評估。

Very helpful. And sticking with this theme, can you provide us with your latest views on a potential rent freeze and the impact this could have on your portfolio?

非常有幫助。延續這個主題，你能否提供你們對於可能實施租金凍結（rent freeze）的最新看法，以及這可能對你們投資組合造成的影響？

Yes, absolutely. So we have modeled out a rent freeze, three-year rent freeze occurred or starting October 1 of '26. So a couple of other assumptions that I would add, we also assume as part of this analysis, the operating expenses increased 2.75% per annum and think about that as being inflationary. And we also assume that the market units or the non-rent regulated units are able to increase their rent 2.1% per annum. So here's what we found when we ran that analysis anything that is 70% or less rent regulated, there is no impact to the NOIs.

是的，絕對是。因此我們已經把「租金凍結」納入模型：自 26 年 10 月 1 日起發生或開始為期三年的租金凍結。另外我想補充幾個假設：在這項分析中，我們也假設營運費用每年增加 2.75%，可視為通膨因素。同時我們也假設市場單位或非租金管制單位的租金每年可上調 2.1%。因此我們跑完分析後發現：凡是租金管制占比 70% 或以下的，對 NOI 沒有影響。

And the reason for that is the rent freezes on the rent-regulated units are offset by increasing the rent on the market or nonrent-regulated units. So 70% is sort of the demarcation line. Anything that is above 70% rent regulated, the recent impact to NOI over that time horizon, the three-year time horizon of about 7% or 8%. And if you look at the rent regulated slides that we have in the earnings deck. So we have -- and the earnings deck shows everything that is more than 50% rent regulated, and we have $8.8 billion.

原因在於：租金管制單位的租金凍結，會被市場或非租金管制單位租金上調所抵銷。所以 70% 算是一條分界線。凡是租金管制占比高於 70% 的，在該期間（約三年的期間）對 NOI 的影響約為 7% 或 8%。另外，如果你看我們財報簡報（earnings deck）裡的租金管制相關投影片。我們在財報簡報中呈現的是租金管制占比超過 50% 的全部項目，規模是 88 億美元。

But $4.6 billion is pass rated with an amortizing DSCR of 1.5. So those borrowers would be able to absorb the rent freezes and that impact on NOI. And then when you look at the criticized and classified, which is $4.2 billion, we have taken significant charge-offs. So between charge-offs and ACL reserves, we've taken over $500 million of charge-offs, and we have reserves against that population. So we believe that we're more than covered just given when we re-underwrote that book in '24 and we took over $900 million of charge-offs, and we increased our ACL reserves, we believe we're more than covered given what we've already done.

但其中 46 億美元是 pass 評級，且攤還型 DSCR 為 1.5。因此這些借款人有能力吸收租金凍結及其對 NOI 的影響。再看被列為 criticized 與 classified 的部分，規模是 42 億美元，我們已經提列了相當可觀的核銷。因此在核銷與 ACL 準備之間，我們已核銷超過 5 億美元，並且對該族群提列了準備。所以我們認為覆蓋程度綽綽有餘；考量到我們在 24 年重新承作（re-underwrote）那本資產時已核銷超過 9 億美元，並提高了 ACL 準備，我們相信就我們已經做過的動作而言，覆蓋已經非常充足。

A couple of other things I'd point out, though, on this. It's not just about the rent freeze. As you know, we're getting annual financial statements from these borrowers and looking and digging into those. We're doing a deep dive on everything that is maturing in the next 18 months, and we undertake a robust analysis on all of those loans. We're reviewing things like the worst landlord list and lien and violation list, and we don't have much exposure there.

另外還有幾點我想指出。這不只是租金凍結的問題。如你所知，我們每年都會向這些借款人取得年度財務報表並加以檢視、深入分析。我們也會對未來 18 個月內到期的所有項目做深度檢視，並對所有這些貸款進行嚴謹分析。我們會審查例如「最差房東名單」、留置權與違規名單等，而我們在那方面的曝險不大。

A lot of our borrowers, as you know, these are families where the properties have been with them for multiple years. So they have a low-cost basis where they benefited from the 1031 tax rollover. So we do not have any REO on our balance sheet. And if there was an issue, it would be showing up in our charge-offs and ACL reserve, which, as we've just been through, you're not seeing. And the final thing I would add is there is still an incredible amount of liquidity for this asset class as we've seen from our quarterly par payoffs and as we saw again this quarter as well.

我們很多借款人，如你所知，都是家族持有，這些物業已經持有多年。因此他們的成本基礎很低，並且受益於 1031 稅務遞延交換。所以我們的資產負債表上沒有任何 REO（收回不動產）。而如果真的有問題，也會反映在我們的核銷與 ACL 準備上；正如我們剛剛談過的，你並沒有看到那樣的情況。最後我想補充的是：就我們從每季按面額提前償還（par payoffs）所看到的，以及本季再次看到的情況而言，這個資產類別仍然有非常充沛的流動性。

David Smith, Truist Securities.

David Smith，Truist Securities。

I guess big picture. You obviously took your '26 and '27 earnings guidance a bit lower. Do you just view this as a delay and push out of your expectations by a couple of quarters? Or has anything changed at all about your medium and long-term profitability expectations for the bank?

我想從大方向來看。你們顯然把 26 年與 27 年的盈餘指引稍微下調。你們是否只是把這視為延後、把你們的預期往後推遲幾個季度？還是你們對銀行中期與長期的獲利能力預期有任何改變？

David, you are spot on. And that is exactly Joseph and I were having this conversation. If you look at our thesis and everything we're doing, we are executing against our strategy. And all this does worst case is maybe pushes things out one quarter or two quarters. And let me tell you what I mean by that.

David，你說得非常到位。而這正是 Joseph 和我一直在討論的。如果你看我們的投資論點以及我們正在做的一切，我們是在依照策略執行。而這件事最壞情況也只是把進度往後推一季或兩季。我來說明我指的是什麼。

Because the -- we're seeing increased paydowns or payoffs of that CRE multifamily maybe we just need one more quarter of $2 billion-plus net C&I growth for two quarters. So everything is intact, those reset and maturity dates. We know they're coming. We just need to sit here and be patient. It's just time and worst-case scenario, maybe you're just looking at an extra quarter or two. So I think you've hit the nail right on the head there.

因為——我們看到 CRE 多戶住宅那邊的償還或清償增加，所以也許我們只需要再多一季，讓淨 C&I 成長在兩個季度都達到 20 億美元以上。所以一切都還在軌道上，那些重設與到期日。我們知道它們會到來。我們只需要在這裡保持耐心。這只是時間問題；最壞情況下，也許只是多一季或兩季。所以我認為你確實一語中的。

And then the change in assumption on multifamily loan repricing to $175 million to $225 million over SOFR instead of 300 over the five-year. Does that have any impact on credit as you do the 18 months look forward on loans resetting?

另外，你們把多戶住宅貸款重新定價的假設，改成 SOFR 之上 1.75 億到 2.25 億（基點）而不是五年期之上 300。在你們對未來 18 個月重設的貸款做前瞻性檢視時，這對信用有任何影響嗎？

Yes. So let me just clarify that. The contractual resets, we are sticking by. So anything that is resetting or maturing but really resetting, the contractual term is five-year plus 300 or 5 plus 275. We're not wavering off that, and we haven't wavered off that.

有。我先澄清一下。合約約定的重設條款，我們仍然遵守。所以任何正在重設或到期——但主要是重設——合約條款是五年期加 300 或五年期加 275。我們不會偏離這一點，而且我們也從未偏離。

All we are saying is if there are better quality CRE loans within our portfolio, maybe it's in the builder finance arena or maybe it's in a non-office CRE where there's a deposit relationship. It's a strong credit then we probably need to -- in order to retain them, we probably need to move to a market rate which would be SOFR plus 175 to 225. So that's all we're saying that we'll be very selective in only selecting those credits that are extremely high quality, and we think that there's either an existing or the potential for a future relationship.

我們要說的只是：如果在我們投資組合裡有品質更好的 CRE 貸款，可能是在建商融資領域，或是在非辦公室的 CRE，且有存款往來關係。如果是強健的信用，那麼為了留住他們，我們可能需要把利率調到市場水準，也就是 SOFR 加 175 到 225。所以我們的意思只是：我們會非常有選擇性，只挑選那些品質極高的授信，而且我們認為存在既有關係或未來可能建立關係的客戶。

David, one point I think you were perhaps asking there was like when we're doing that forward look, and we're applying our contractual rate. We probably are 75 basis points over the market when we do that analysis that would perhaps push some of the loans into the special mention category that if you use strictly a market rate and that analysis you would not see as any special mention credits.

David，我想你剛才可能在問的一點是：當我們做那個前瞻性檢視、並套用合約利率時，在做該分析時，我們的利率可能比市場高 75 個基點，這可能會把部分貸款推進「特別關注（special mention）」類別；但如果你嚴格使用市場利率來做分析，你可能就不會把它們視為任何特別關注授信。

Dave Rochester, Cantor.

Dave Rochester，Cantor。

Appreciate the comments on the Board meeting coming up and your thoughts on just capital deployment in general. You called out the $1.6 billion of excess capital above the bottom end of your target capital range. You talked about that for a quarter or two now. I was just curious how you're looking at that excess capital because we've seen some banks manage that down to their targets fairly quickly. Now that we have some clarity with the capital proposals.

感謝你們對即將召開的董事會會議以及對整體資本部署的看法。你提到在目標資本區間下緣之上有 16 億美元的超額資本。你們已經談這件事一兩個季度了。我想了解你們如何看待這筆超額資本，因為我們看到有些銀行相當快就把資本管理回到目標水準。現在資本提案也更明朗了。

You've got more loan growth that's ramping up through the end of this year. Obviously, that's going to be improving profitability and whatnot, and you want to save capital for that. But are you in a situation now where you could easily just save half of that excess and dedicate that to the loan growth that you're expecting over the next couple of years and then take the other half and pay that out over the next couple of quarters? How are you thinking about getting to your targets more so in terms of timing?

你們的放款成長在今年底前會加速。顯然這會提升獲利能力等等，而你們也想為此保留資本。但你們現在是否處於這樣的情況：可以很容易地把超額資本的一半保留下來、用於未來幾年預期的放款成長，然後把另一半在接下來幾個季度配發出去？就時間點而言，你們更具體是如何思考回到目標水準的？

Yes. Well, great question. And look, I think we're in the fortunate position, what's sort of ironic is if you turn the clock back 18 months ago, people were asking if we had enough capital and you sort of fast forward to where we are today, and again, because of the great work that the Flagstar team has done, we're in this sort of situation where people are asking, what are you going to do with all the capital. We're in the fortunate position where we can do both, we can grow, and we can obviously execute on capital actions later in the year, as Joseph alluded to. I think also what Joseph said is exactly what we're looking to do here, which is the consistent profitability, and we've now had two quarters of profitability.

是的。嗯，這是個很好的問題。而且你看，我認為我們處在一個很有利的位置；有點諷刺的是，如果把時間倒回 18 個月前，大家還在問我們資本是否足夠，而快轉到今天，再次因為 Flagstar 團隊做得非常出色，我們反而處在大家在問：你們要拿這麼多資本做什麼。我們很幸運，兩者都能做：我們可以成長，而且如 Joseph 稍早提到的，我們也顯然可以在今年稍晚執行資本相關行動。我也認為 Joseph 所說的正是我們在這裡要做的，也就是持續一致的獲利能力，而我們現在已經連續兩季獲利。

So we're on the right track. We want to see those problem loans come down. We had a nice quarter in Q1, and so we want to see more of that and then the organic growth, particularly on the C&I side, and you're really beginning to see that come through as you saw in Q1 with $1.4 billion of net C&I growth. But we can do both. And you mentioned the new capital rules and the Basel III proposal, look, we've analyzed that, and we believe that, that will give us an additional 60 to 80 basis points of CET1.

所以我們走在正確的軌道上。我們希望看到那些問題貸款下降。我們在第一季有一個不錯的季度表現，因此我們希望看到更多這樣的表現，並且推動有機成長，特別是在 C&I 方面；而你在第一季也看到這點開始顯現，C&I 淨成長達 14 億美元。但我們兩者都能做。你提到新的資本規則與巴塞爾協定 III（Basel III）提案，我們已經分析過了，我們相信那將為我們的 CET1 額外增加 60 到 80 個基點。

So that's all in the risk ratings. And again, that's something that would be very helpful to us as well. But yes, we have optionality, and we're able to, I think, grow and we're able to take capital actions. We just want to prove out the consistent profitability as you see and see a little bit more reduction in those problem loans.

所以那都反映在風險評等上。而且再次強調，這對我們也會非常有幫助。但沒錯，我們有彈性選擇，我認為我們既能成長，也能採取資本行動。我們只是想要證明獲利能力能夠持續一致，如你所見，同時也希望那些問題貸款能再多一些下降。

Sounds good. Appreciate it. And then just on the new C&I bankers you've hired, I was just wondering how they've done with their marching orders to bring in the first deal in the first 90 days. And if you can just give an update on where you are on hiring for this year. I think you're targeting 200 bankers by the end of this year, which meant maybe another 75 that you had to go. If you could just give us an update on that. And then any lingering derisking efforts that you're wrapping up in equipment finance or any of the other segments? That would be good to hear about as well.

聽起來不錯。感謝。另外，關於你們新聘的 C&I 銀行家，我想了解他們在「前 90 天完成第一筆交易」這個任務上的表現如何。也請你更新一下今年的招募進度。我記得你們目標是在今年底達到 200 位銀行家，這表示可能還需要再補大約 75 位。如果可以，請就此提供最新進度。另外，在設備融資或其他業務區塊，是否還有任何尚未完成、正在收尾的去風險（derisking）工作？也希望能聽聽相關情況。

Yes. Let me start with the bankers. So first of all, I mean, I just want to complement the job and the work that Rich and those bankers are doing. They have been phenomenal. As you can see from the net C&I growth in Q1. And again, this is very granular. The average loan size is in that $20 million to $30 million range in Q1. The average spread to SOFR was actually went up. It was actually 242 basis points, and we've got just over 70% utilization. So doing a tremendous job.

是的。我先從銀行家談起。首先，我想稱讚 Rich 以及那些銀行家所做的工作與表現。他們非常出色。你從第一季 C&I 淨成長就看得出來。而且再次強調，這些數據非常細。第一季平均貸款規模約在 2,000 萬到 3,000 萬美元之間。相對 SOFR 的平均利差其實上升了。實際上是 242 個基點，而且我們的動用率略高於 70%。所以他們做得非常好。

Today, we have 131 customer-facing C&I bankers I think Rich would like to probably more like 180. So I think you've probably got another 40 to 60 to go in terms of new hires. As we said before, our expectation and these are all seasoned bankers that know Joseph, know Rich. Our expectation is that they're executing on their first deal within 90 days. And then they're doing, on average, three or four deals in that first year, five or six deals a year thereafter.

目前我們有 131 位面向客戶的 C&I 銀行家，我想 Rich 可能更希望接近 180 位。所以就新聘人數而言，大概還需要再增加 40 到 60 位。如我們之前所說，我們預期這些人都是資深銀行家，認識 Joseph，也認識 Rich。我們的預期是，他們會在 90 天內完成第一筆交易。接著在第一年平均做三到四筆交易，之後每年做五到六筆交易。

And I think if you sort of do the math on that, that's how we're getting to the C&I growth that we've alluded to. And again, you saw that come through in the first quarter. And then the second part of the question, yes, as I mentioned, a lot of the tall trees, as we referred to, where we had outsized exposure to single names. We are mostly through that. And if you look at the page on earlier in the deck, you can see that we really.

我想如果你把這些數字算一算，就能理解我們如何達到先前提到的 C&I 成長。而且你在第一季也看到這點開始反映出來。至於問題的第二部分，是的，如我提到的，那些我們稱之為「高大樹木」的部位，也就是對單一名稱曝險過大的部分，我們大多已經處理得差不多了。我們基本上已經走過那段。如果你看簡報前面那一頁，你會看到我們確實……

We didn't have anywhere near as much runoff in those legacy equipment finance, asset-based lending categories. There was a little bit of a swap between the two. So that's why there may be a little noise there. But on a net basis, there wasn't much runoff at all. And we feel that you'll start to see those areas grow, which will then complement what we're doing with the national lending verticals, the specialty verticals as well as what we're doing from a middle and upper C&I market point of view going forward as well.

我們在那些傳統的設備融資、資產基礎貸款（asset-based lending）類別上，流失（runoff）並沒有那麼多。兩者之間有一點互換。所以那可能會造成一些雜訊。但以淨額來看，幾乎沒有什麼流失。我們認為你將開始看到那些領域成長，進而補強我們在全國放款垂直領域、專業垂直領域，以及從中型與中大型 C&I 市場角度未來所做的工作。

Yes. The other thing, obviously, Lee hit on the spot, we've assembled really an incredible team in the C&I space that have come to the company in that 20 to 25-year experience level across both geographic markets and industry specialization. Our focus really is in kind of that $20 million to $75 million range type credit size. And that gives us the ability both to scale quickly, but also clients that use a lot of bank products and services that gives us cross-sell opportunities. So I would say, I think if Rich was here, he would say probably 90% of the people are kind of hitting that first deal in 90 days with a number of them far exceeding that kind of production level.

是的。另外一點，顯然 Lee 說得很到位：我們在 C&I 領域確實組建了一支非常出色的團隊，加入公司的成員在各地理市場與產業專精方面，普遍都有 20 到 25 年的經驗。我們的重點其實是在大約 2,000 萬到 7,500 萬美元這個信用額度規模區間。這讓我們既能快速擴張，也能服務那些會使用大量銀行產品與服務的客戶，從而帶來交叉銷售機會。所以我會說，如果 Rich 在這裡，他可能會說大概 90% 的人都能在 90 天內完成第一筆交易，而且其中不少人的產能水準遠超過那個標準。

So it's really been an impressive story and I think if you had to assess where we are, I think we're kind of sliding in the second based on that overall strategy. So we really do continue to see, I think, good market expansion, good growth in both adding people and those people that have now been in the company for six to nine months, are really hitting the stride. I commented in my comments that we really expect to be at or above the production level for Q2 to what we've done in Q1.

所以這確實是一個令人印象深刻的故事；如果要評估我們目前的位置，我認為依照整體策略，我們大概正滑上二壘。因此我們確實持續看到良好的市場擴張，以及在增聘人員與這些已在公司待了六到九個月的人員方面的良好成長，他們真的開始進入狀態。我在發言中也提到，我們確實預期第二季的產出水準會達到或高於第一季的表現。

And we actually were pretty hot coming out of the box this quarter with new closings that may have tried to get down in the first quarter, but leaked over into the second quarter. So the opposite of what we had in the first quarter is we had a really strong March on closing. We actually came out of the box really hot at April. And so we look for this to be an exceptional quarter.

而且本季一開始我們的動能其實相當強，新成交案中有些原本可能想在第一季完成，但延後到第二季。所以與第一季相反的是，我們在三月的結案非常強勁。我們在四月一開始也非常火熱。因此我們預期這將是一個非常出色的季度。

Anthony Elian, JPMorgan.

Anthony Elian，摩根大通（JPMorgan）。

Lee, on fee income, you reduced slightly the '26 outlook, but it still implies a material step-up for the rest of this year to hit that range. Talk to us about the areas you think will drive the increase in 2Q and beyond?

Lee，關於手續費收入，你把 2026 年展望略微下調，但要達到該區間，仍意味著今年剩餘期間需要有顯著的提升。請談談你認為哪些領域將推動第二季及之後的增長？

Yes, sure. So a couple of things on the fee income. First of all, and you probably already have, but I want to make sure people are adjusting for the figure gains, losses because that is in the noninterest fee income section. So we had a $9 million gain in Q4 and then we reduced the valuation and effectively, you saw a $9 million degradation in Q1. So that's an $18 million swing quarter-over-quarter.

好的，當然。關於手續費收入有幾點。首先，你可能已經注意到了，但我想確保大家在調整數字時把股權（figure）損益納入考量，因為那是列在非利息手續費收入（noninterest fee income）項下。所以我們在第四季有 900 萬美元的收益，而在第一季我們下調了估值，等於你看到第一季有 900 萬美元的減損。因此，季度對季度之間出現了 1,800 萬美元的擺盪。

So I just want to make sure people are capturing that. But we think that -- it's really all of the line items. So capital markets syndication income, swap and derivatives. We hired a new head of Capital markets towards the end of last year and he's just getting his feet under the table, and we feel pretty excited about some of the things that we're seeing there. As we originate more loans, we expect unused loan fees to increase.

所以我只是想確保大家都有掌握到這一點。但我們認為——其實涵蓋所有的明細項目。所以資本市場承銷收入、交換（swap）與衍生性商品。我們在去年年底左右聘請了一位新的資本市場主管，他才剛上手，我們對於目前看到的一些進展感到相當振奮。隨著我們承作更多貸款，我們預期未動用貸款承諾費（unused loan fees）會增加。

We have some SBIC investments. The returns were slightly down in Q1 versus normal quarters, and we expect that to return to normal as we move forward. Q1 is seasonally low for mortgage gain on sale, and we would expect gain on sale to increase or will increase as you move into Q2 and beyond. And then the CRE fee income should increase as we start originating new CRE loans. The consumer overdraft and service charges should increase.

我們有一些SBIC投資。第一季的報酬率相較於一般季度略為下降，我們預期隨著往後推進會回到正常水準。第一季在房貸出售收益（mortgage gain on sale）方面具有季節性偏低的特性，我們預期進入第二季及之後，出售收益會增加或將會增加。接著，隨著我們開始承作新的商用不動產（CRE）貸款，CRE手續費收入應會增加。消費金融的透支與服務費也應會增加。

We think net loan fees and charges, deposit fees will increase. And we've said before, one of the things that we identified that was happening was we were waiving a lot of fees in the private bank and we are gradually reducing the amount of fees that we've been waiving in the private bank. So it's not one area in particular. We expect to drive fee income across all categories and in all parts of our business model.

我們認為淨貸款手續費與費用、存款手續費都會增加。而且我們之前也提過，我們辨識到的一件事是，我們在私人銀行（private bank）端豁免了很多費用，而我們正逐步降低在私人銀行端豁免費用的金額。所以並不是某一個特定領域。我們預期將在所有類別、以及我們商業模式的各個部分推動手續費收入成長。

And then on NII, can you share with us how much visibility you have just on the level of commercial real estate payoffs going forward, right, what you saw in 1Q would lead to such a sharp reduction in your NII outlook next year? And really what I'm trying to get at is the confidence you have that this is it for reductions to the NII outlook.

另外關於淨利息收入（NII），你們能否分享一下，對於未來商用不動產還款（payoffs）的水準，你們有多少能見度？也就是說，你們在第一季看到的情況，為何會導致你們對明年NII展望出現如此大幅的下修？我真正想問的是，你們有多大信心認為這就是NII展望下修的最後一次？

Yes. No, it's a fair question. I would tell you that what people, I think, need to appreciate is there are more moving parts to this model than probably any other bank out there especially banks that are mature because you're dealing with par payoffs, pay downs, new originations, we're in growth mode, you're dealing with reductions in nonaccrual loans and they're lumpy. It's not linear. We're looking to pay down wholesale borrowings, reduce the cost of core deposits.

是的。不，這是個合理的問題。我會告訴你，我認為大家需要理解的是，這個模型的變動因素比外面可能任何一家銀行都多，尤其是成熟銀行，因為你同時面對按票面償還（par payoffs）、分期償還（pay downs）、新承作，我們又處於成長模式；你也在處理不計息貸款（nonaccrual loans）的下降，而這些是跳動式的。它不是線性的。我們也在尋求償還批發融資（wholesale borrowings），並降低核心存款（core deposits）的成本。

There are more moving parts to the story than any other bank out there. We are moving in the right direction. To be absolutely precise on every single one of those, it's not easy. And so we feel, based on the guidance that we've provided that this is the best look that we have today. But could par payoffs or paydowns increase?

這個故事的變動因素比外面任何一家銀行都多。我們正朝正確方向前進。要對每一個因素都做到絕對精準，並不容易。因此，基於我們所提供的指引，我們認為這是我們今天所能做出的最佳判斷。但按票面償還或分期償還會不會增加？

Sure, they could. We've got strategies in place, as I mentioned, for the better quality loans to try and retain them. But there's a lot of moving parts. I think what I would look at is the bigger picture. And as Joseph and I have both said, we are doing exactly what we said we would do and executing on our strategy.

當然，有可能。如我提到的，我們已針對品質較好的貸款制定策略，嘗試把它們留住。但變動因素很多。我認為應該看更大的全貌。而且如同Joseph和我都說過的，我們正在做我們說過會做的事，並落實我們的策略。

And the worst case here is maybe pushes things out one or two quarters. So instead of Q4 of '27, we get there in 1Q of '28 or 2Q of '28 because we just need another quarter or two of $2 billion-plus of net C&I growth. That's the worst-case scenario. And that's how I would look at it when you're looking at the -- you got to look at the bigger picture.

而最壞的情況，可能只是把時程往後推一到兩個季度。所以不是在2027年第四季達成，而是在2028年第一季或2028年第二季達成，因為我們只是需要再多一到兩個季度、每季超過20億美元的淨C&I成長。那就是最壞情境。當你在看——你必須看更大的全貌時，我會用這種方式來看。

Matthew Breese, Stephens.

Matthew Breese，Stephens。

I wanted to touch on the inflows and outflows of NPAs this quarter. And going back to the Pinnacle Group the bankruptcy loans, which I thought was maybe $500 million or $600 million in balances. If that came out, it implies a decent chunk of new NPAs went in. And so I was just curious if that's the case, could you provide some color on the new inflows of NPAs number of loans, size of relationship. And Joseph, do you -- are you sticking with your outlook for a $1 billion reduction in nonaccruals this year?

我想談一下本季不良資產（NPA）的流入與流出。回到Pinnacle Group那批破產貸款，我記得餘額可能是5億或6億美元。如果那部分已經出表，代表有相當一部分新的NPA流入。所以我想確認是否如此；如果是的話，能否提供一些關於新流入NPA的背景資訊：貸款筆數、關係戶規模等。另外Joseph，你是否仍維持今年不計息貸款（nonaccruals）減少10億美元的展望？

Yes. First of all, Matthew, we are sticking with that. It's kind of -- you got to look at that category kind of like accounts receivable each quarter, and we've had that like volatility where some come in and some go out. We had roughly $700 million of resolutions during the quarter.

是的。首先，Matthew，我們仍維持那個看法。這個類別有點——你得把它看得有點像每季的應收帳款（accounts receivable），我們一直都有那種波動：有些進來、有些出去。我們在本季大約完成了7億美元的處置／解決（resolutions）。

So you do have inflows and outflows that occur and that has always been there where things are transitioning through that. We do expect this next quarter to be down $200 million in additional NPAs. So it's the trend line that we take a look at, but there is ins and outs of that category on a fairly consistent basis.

所以確實會有流入與流出，而這一直都存在，因為有些項目會在這個過程中轉換。我們預期下一季NPA還會再額外下降2億美元。因此我們看的會是趨勢線，但這個類別確實會相當持續地出現進進出出。

And Matt, I'll just remind you, 35% of our nonaccruals are current and paid. We're very punitive on ourselves in the way that we risk rate these loans and no one else has that amount of their nonaccruals current and paid. But you've got to bear that in mind as well.

另外Matt，我也提醒你，我們的不計息貸款中有35%是正常繳款且已支付的。我們在對這些貸款做風險評等（risk rate）時對自己非常嚴格，沒有其他銀行會有這麼高比例的不計息貸款仍是正常繳款且已支付。但你也必須把這點納入考量。

And real estate secured.

而且是以不動產作擔保的。

Understood. Okay. And then, Lee, could you just clarify where the hedge gain was flowing through in the average balance sheet. I thought it was in borrowings, but I think you had mentioned it was in interest income.

了解。好。另外Lee，你能否釐清一下，避險收益在平均資產負債表中是流到哪一項？我原本以為是在借款（borrowings），但我想你提到是在利息收入（interest income）。

Finish your question, Matt, sorry.

Matt，不好意思，把你的問題講完。

I was squeezing in two questions in one.

我把兩個問題塞在同一個問題裡。

Well, let me do -- let me handle one first because you'll have to pay for the next one. It's all in the FHLB, the wholesale borrowings line. That's where that gain was, Matt.

那我先——我先處理一個，因為下一個你得付費。全部都在FHLB那一項，也就是批發借款（wholesale borrowings）那條線。那個收益就在那裡，Matt。

Okay. And then could you just provide this quarter, what were new loan yield originations overall? How does that compare to the pipeline? And how does that compare to the fourth quarter?

好。那另外你能否提供本季整體新承作貸款的收益率（new loan yield originations）是多少？這和管線（pipeline）相比如何？又和第四季相比如何？

Yes. So I mentioned a couple of questions. The new C&I loans were coming on at a spread to SOFR of 242 basis points in Q1. Which was higher that they were coming on around 225 in Q4. So we saw a nice increase in Q1 in terms of average spread to SOFR.

可以。所以我提到幾個問題。第一季新承作的C&I貸款，其相對SOFR的利差是242個基點。第四季大約是225個基點。因此就平均相對SOFR的利差而言，我們在第一季看到不錯的提升。

Casey Haire, Autonomous.

Casey Haire，Autonomous。

Lee, I had a question for you on the balance sheet forecast of $102 billion in '27. So if we start at 87 today, you have about $12 billion of multifamily coming back to you between now and '27. You lose 60% of it that is a $7 billion drag, that takes you down to 80. You originate $2 billion a quarter of C&I that takes you back up to $94 billion where is the -- what's the -- you're still $8 billion short versus that 102? I guess what are we missing here?

Lee，我想問你關於你們在2027年資產負債表預測為1,020億美元的問題。如果我們從現在的870億開始算，你們在現在到2027年之間大約有120億美元的多戶住宅（multifamily）會回到你們這邊。你們流失其中60%，那就是70億美元的拖累，會把你們降到800億。你們每季承作20億美元的C&I，會把你們拉回到940億美元；那——你們相較於1,020億仍少了80億美元。我想問的是，我們這裡漏算了什麼？

Yes. So a couple of things. C&I growth is pretty significant in both years. You're sort of looking at $7 billion-plus in both years. But remember, on the CRE multifamily side, we are originating new CRE loans, not New York City CRE loans, but CRE loans in other parts of our footprint.

是的。所以有幾點。C&I 在兩年中的成長都相當顯著。你看到兩年都大約是 70 億美元以上。但請記得，在 CRE 多戶住宅這一側，我們正在承作新的 CRE 貸款，不是紐約市的 CRE 貸款，而是我們版圖內其他地區的 CRE 貸款。

So the Midwest, South Florida, California. So you've got to factor in the runoff in CRE and multifamily is not as big as you think because we're replacing some of that with new CRE originations. And then we also expect to see growth in the residential mortgage line item as well as we're originating mortgages for balance sheet. So I think the piece you're probably missing is the CRE multifamily runoff is probably not as great as you're thinking because of the new loans we're originating.

例如中西部、南佛羅里達、加州。所以你必須把這點納入考量：CRE 與多戶住宅的到期/縮減（runoff）沒有你想的那麼大，因為我們用新的 CRE 放款承作替代了其中一部分。此外，我們也預期住宅房貸這個項目會成長，因為我們正在承作用於資產負債表的房貸。所以我認為你可能忽略的一點是：由於我們正在承作新的貸款，CRE 多戶住宅的 runoff 可能沒有你想像的那麼大。

Okay. Fair enough. And then the deposit growth was decent this quarter. What's the outlook there? Can you build on this momentum? And where do you want to what's -- how is the loan-to-deposit ratio? Where do you want to live on that ratio going forward?

好的。有道理。另外，本季存款成長不錯。那邊的展望如何？你們能延續這個動能嗎？以及你們希望——貸存比（loan-to-deposit ratio）目前如何？未來你們希望把這個比率維持在什麼水準？

Yes. We believe we can build on it. And as we said before, leveraging the new C&I customers that we're bringing in is one area that we feel that we can be successful in. And if you look at Q1 and you look at the deposit growth, about $450 million was from the commercial customers and the private bank customers. And ultimately, we want to get the operating accounts of those commercial customers.

是的。我們相信可以延續。如同我們之前說過的，善用我們新引進的 C&I 客戶是一個我們認為能成功的領域。如果你看第一季的存款成長，其中約 4.5 億美元來自商業客戶與私人銀行客戶。最終，我們希望取得這些商業客戶的營運帳戶。

But if we have to start with some interest there in deposits, that's fine as well. So we believe that we can leverage those new relationships on the C&I side. And our treasury management team is working diligently to make that happen, and we saw some green shoots in Q1. We believe the private bank is another area where we can grow deposits. And Mark Pittsey runs the private bank.

但如果一開始必須在存款上付一些利息，那也可以。因此我們相信能在 C&I 端善用這些新關係。我們的財資管理（treasury management）團隊正努力推動這件事，而我們在第一季也看到一些初步的正向跡象。我們相信私人銀行也是我們可以成長存款的另一個領域。而 Mark Pittsey 負責私人銀行。

He really built out a real private bank with the Chief Investment Officer, trust adviser. We've got a family wealth planner. We've got all the products that they would need, interest-only mortgages now in a broad mortgage product set subscription lending. So we feel that that's an area where we can continue to bring in more deposits and then leveraging our 340 bank branches as well. And obviously, the new CRE lending we're doing, the expectation is that is relationship driven and will come with deposits and fee income opportunities as well.

他確實打造出一個真正的私人銀行體系，包含首席投資長、信託顧問。我們也有家族財富規劃師。我們具備他們所需要的所有產品：現在有只付利息房貸（interest-only mortgages），以及更完整的房貸產品組合、訂閱式融資（subscription lending）。因此我們認為這是我們可以持續帶進更多存款的領域，同時也會善用我們 340 家銀行分行。而且很明顯，我們正在做的新 CRE 放款，預期是以關係為導向，並且也會帶來存款與手續費收入的機會。

So we do believe that we can continue the momentum and grow more deposit I'd like to see some more noninterest-bearing DDA growth, but we think that will come with those upgrades that we got this quarter for Moody's and Fitch.

所以我們確實相信可以延續動能並帶來更多存款。我希望能看到更多不計息的 DDA（活期存款）成長，但我們認為這會隨著本季穆迪（Moody's）與惠譽（Fitch）的評等上調而到來。

Bernard Von Gizycki, Deutsche Bank.

德意志銀行 Bernard Von Gizycki。

I know your specialized and regional banking segments are being built out and deposit gathering initiatives will be in a different life cycle versus peers. But with rates potentially on hold, how would you describe deposit pricing pressure. It sounds like the Moody's and Fitch upgrade could help alleviate some pressure that some peers might be seeing more of. Just talk on what you're seeing within your footprint?

我知道你們的專業銀行與區域銀行事業部正在擴建中，存款募集的推動相較同業會處於不同的生命週期。但若利率可能維持不變，你會如何形容存款定價壓力？聽起來穆迪與惠譽的評等上調，可能有助於緩解一些同業所面臨更大的壓力。請談談你們在自身版圖內看到的情況？

Yes. Obviously, it's competitive, Bernie, and we meet every week on this, and we review deposit gathering in every single market that we're in and we look at what our competitors are doing, and we make sure. Obviously, you need to be competitive. But what I would say is not only did we bring $1.1 billion of new deposits in Q1, we also reduced that cost of core deposits 21 basis points. So we're not overpaying for these deposits.

是的。顯然競爭激烈，Bernie，我們每週都會針對此事開會，檢視我們所在每一個市場的存款募集情況，並觀察競爭對手的作法，確保——顯然你必須具備競爭力。但我要說的是，我們不僅在第一季帶來 11 億美元的新存款，同時也把核心存款成本降低了 21 個基點。所以我們並沒有為了這些存款而付出過高的價格。

I think we're leveraging our relationships. We're leveraging the model that we built. And we'd be mindful, obviously, of what our peers and competitors are doing, you have to be. But I would say despite that, you've still seen us sort of execute and be successful with the deposits that we brought in and the reduction in core deposit costs.

我認為我們是在善用既有關係。我們也在善用我們建立的模式。當然，我們會留意同業與競爭對手在做什麼，你必須這麼做。但我會說，即便如此，你仍看到我們持續執行並成功帶進存款，同時降低核心存款成本。

And just a follow-up. I know you paid down the FHLB advances by $1 billion during the quarter. What are your expectations for paydowns for the rest of the year?

再追問一下。我知道你們本季償還了 10 億美元的 FHLB 預支款（advances）。你們對今年剩餘期間的償還有何預期？

Yes. I think the way we're thinking about it, Bernie, is we believe we can pay down another $2 billion or $3 billion over the rest of the year. And again, a lot of it will be driven by what excess cash do we have and that will be driven by what's going on with deposit growth, what's going on with the payoffs, the paydowns, but we think we can pay down another $2 billion or $3 billion of FHLB advances.

是的。Bernie，我們的想法是：我們相信在今年剩餘期間還可以再償還 20 億到 30 億美元。同樣地，其中很大一部分將取決於我們有多少超額現金，而這又取決於存款成長的情況、到期回收（payoffs）與償還/減少（paydowns）的情況；但我們認為還可以再償還 20 億到 30 億美元的 FHLB 預支款。

Which would get us into the like $6 billion, which, if you recall, when we got here, it was about $23 billion.

這會讓我們降到大約 60 億美元；如果你還記得，我們剛接手時大約是 230 億美元。

And that concludes our question-and-answer session. I'll turn the call back over to Joseph for any closing comments.

以上結束我們的問答環節。我將把電話交回給 Joseph，請他做結語。

Thank you very much, operator, and thank you for taking the time to understand our story. We often say here, we started with 20 big items that we needed to knock off the list. We really feel we're down to about four, we have those well under control and are executing on that. And we remain extremely focused on executing on our strategic plan. We really want to transform Flagstar into a top-performing regional bank.

非常感謝，接線員，也謝謝各位撥冗了解我們的故事。我們常說，一開始我們有 20 個重大事項需要逐一完成。我們真的覺得現在大約只剩 4 個，而且都已在良好掌控之中並持續執行。我們仍然高度專注於落實我們的策略計畫。我們非常希望把 Flagstar 轉型為表現頂尖的區域性銀行。

Creating a customer-centric organization with a relationship-based culture and effectively manage risk to drive long-term value. So thank you for your time this morning, and thank you for joining us.

打造以客戶為中心的組織、建立以關係為基礎的文化，並有效管理風險，以驅動長期價值。所以謝謝各位今天早上的時間，也謝謝各位加入我們。

This concludes our call today. Thank you all for joining. You may now disconnect.

我們今天的電話會議到此結束。感謝各位參與。現在可以掛線。