FIRST BANK (Hamilton) (FRBA) 2026 Q1 法說會逐字稿

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

感謝各位耐心等候。我叫 Kate，今天將擔任各位的電話會議接線員。此刻，我謹代表第一銀行，歡迎各位參加 2026 年第一季盈餘電話會議。（接線員指示）

I would now like to turn the call over to Patrick Ryan, President and CEO. Please go ahead.

現在我想將電話交給總裁兼執行長 Patrick Ryan。請開始。

Thank you. I'd like to welcome everyone today to First Bank's first quarter 2026 earnings call. I'm joined by Andrew Hibshman, our CFO; Darleen Gillespie, our Chief Retail Banking Officer; and Peter Cahill, our Chief Lending Officer. Before we begin, Andrew will read the Safe Harbor statement.

謝謝。我想在此歡迎各位參加第一銀行 2026 年第一季盈餘電話會議。與我一同出席的有：財務長 Andrew Hibshman；零售銀行長 Darleen Gillespie；以及授信長 Peter Cahill。在開始之前，Andrew 將宣讀「安全港」聲明。

The following discussion may contain forward-looking statements concerning the financial condition, results of operations, and business of First Bank. We caution that such statements are subject to a number of uncertainties, and actual results could differ materially, and therefore, you should not place undue reliance on any forward-looking statements we make. We may not update any forward-looking statements we make today for future events or developments. Information about risks and uncertainties are described under Item 1A Risk Factors in our annual report on Form 10-K for the year ended December 31, 2025, filed with the FDIC.

以下討論可能包含有關第一銀行財務狀況、營運結果及業務的前瞻性陳述。我們提醒各位，此類陳述受多項不確定因素影響，實際結果可能出現重大差異，因此，您不應過度依賴我們所作的任何前瞻性陳述。對於今日所作之前瞻性陳述，我們可能不會就未來事件或發展進行更新。有關風險與不確定性的資訊，載於我們向 FDIC 提交、截至 2025 年 12 月 31 日止年度之 Form 10-K 年報第 1A 項「風險因素」。

Pat, back to you.

Pat，交還給你。

Thank you, Andrew. Earnings came in below our expectations in the first quarter. Elevated credit costs in the credit scored small business portfolio were the primary driver. We have taken very proactive stance regarding the management and cleanup of this portfolio. The product parameters and sales processes were revamped starting in the summer of 2025, and all known issues in the portfolio have either been charged off in full or specific reserves have been established. Elevated loan payoff activity also impacted earnings.

謝謝你，Andrew。第一季盈餘低於我們的預期。主要原因是信用評分小型企業投資組合的信用成本偏高。我們已就該投資組合的管理與清理採取非常積極的立場。自 2025 年夏季起，我們已重新調整產品參數與銷售流程，且投資組合中所有已知問題要麼已全數沖銷，要麼已建立特定準備。貸款提前清償活動偏高亦對盈餘造成影響。

As Peter and Andrew will discuss, unusually high payoffs in the fourth quarter drove lower average balances during Q1, and that impacted the overall results. We're still working to make up for those elevated payoffs, but strong loan growth so far in April and healthy pipelines provide reason for optimism that we can still achieve our loan growth goals. The net interest margin was down slightly in the first quarter, partly driven by reduced purchase accounting accretion income and partly driven by heightened deposit competition.

如 Peter 與 Andrew 將會說明，第四季異常偏高的清償金額導致第一季平均餘額下降，進而影響整體結果。我們仍在努力彌補這些偏高的清償影響，但截至目前 4 月的強勁放款成長以及健康的案源管線，讓我們有理由保持樂觀，仍可達成放款成長目標。第一季淨利差略為下滑，部分原因是購併會計攤銷增益收入減少，部分原因則是存款競爭加劇。

Overall, credit quality seems to be holding in at manageable levels. Specifically, our levels of non-performing assets and criticized loans remain at levels well within historical norms and peer averages. Furthermore, our strong allowance for credit losses and overall capital levels provide a strong buffer. Regarding overall core profitability, I believe we'll see a return to strong balance sheet growth as we move forward as payoffs normalize. And in fact, through mid-April, net loan growth was up $50 million, putting us pretty close to plan. The margin will obviously be dependent on the overall rate and competitive environment, but we expect it should remain at healthy levels moving forward.

整體而言，資產品質似乎仍維持在可控水準。具體來說，我們的不良資產與受評級（criticized）貸款水準仍明顯落在歷史常態與同業平均範圍內。此外，我們充足的信用損失準備與整體資本水準提供了強而有力的緩衝。就整體核心獲利能力而言，我相信隨著清償回歸常態，未來我們將重回強勁的資產負債表成長。事實上，截至 4 月中旬，淨放款成長增加 5,000 萬美元，使我們相當接近計畫目標。淨利差顯然將取決於整體利率與競爭環境，但我們預期未來仍可維持在健康水準。

And the first quarter expenses were somewhat elevated based on seasonal factors like payroll taxes and snow removal, and we expect they will remain relatively stable throughout the remainder of this year. Furthermore, our strong capital levels provide significant dry powder for share buybacks should attractive buying opportunities emerge.

第一季費用因薪資稅與除雪等季節性因素而略為偏高，我們預期今年剩餘期間將維持相對穩定。此外，我們強勁的資本水準也為股份回購提供了充足的「乾火藥」，一旦出現具吸引力的買回機會即可運用。

In summary, while the quarterly results were disappointing, we believe the elevated credit costs are isolated to the small business portfolio and profitability should return to stronger levels as we move forward in 2026.

總結而言，儘管本季結果令人失望，我們相信偏高的信用成本僅限於小型企業投資組合；隨著 2026 年持續推進，獲利能力應可回升至更強的水準。

At this time, I'd like to turn it over to Andrew to provide some additional detail on the financial results. Andrew?

此刻，我想把時間交給 Andrew，請他就財務結果提供更多細節。Andrew？

Thanks, Pat. For the three months ended March 31, 2026, we recorded net income of $7.6 million or $0.30 per diluted share. This translates to a 0.79% return on average assets. Net interest income decreased $2.2 million compared to the fourth quarter, primarily due to lower average loan balances, which resulted from the limited growth during the current quarter, coupled with the late quarter timing of payoffs in the linked fourth quarter.

謝謝，Pat。截至 2026 年 3 月 31 日止三個月，我們錄得淨利 760 萬美元，稀釋後每股盈餘為 0.30 美元。這相當於平均資產報酬率 0.79%。與前一季相比，淨利息收入減少 220 萬美元，主要因平均放款餘額較低；這是由於本季成長有限，加上前一季（相連第四季）清償發生在季末時點所致。

Additionally, the yield on average loans declined by 21 basis points, which was partly related to the elevated level of prepayment fees in the linked fourth quarter. This outpaced the 15 basis point decline in interest-bearing deposit costs and contributed to a 5 basis point decline in the net interest margin.

此外，平均放款收益率下降 21 個基點，部分與相連第四季提前清償手續費水準偏高有關。此降幅超過計息存款成本下降的 15 個基點，並導致淨利差下降 5 個基點。

I'll note that compared to last year's first quarter, net interest income grew by $1.9 million or 6%, and that was primarily driven by lower interest-bearing deposit costs. At 3.69%, we believe our first quarter net interest margin remained very strong and compares favorably to our peers.

我也要指出，與去年第一季相比，淨利息收入增加 190 萬美元（或 6%），主要由計息存款成本下降所帶動。在 3.69% 的水準下，我們認為第一季淨利差仍然非常強勁，且與同業相比具競爭力。

Looking ahead, we continue to manage a well-balanced asset and liability position, and we anticipate stronger loan and deposit growth, which should result in increased net interest income generation regardless of what happens with rates. We anticipate continued declines in our acquisition accounting accretion over the next several quarters, and we are also seeing enhanced deposit pricing pressure as the market adjusts to the expectation that the effective Fed funds rate will stay higher for longer.

展望未來，我們將持續管理均衡的資產與負債部位，並預期放款與存款成長將更為強勁；無論利率如何變動，這都應帶來更高的淨利息收入創造能力。我們預期未來幾季購併會計攤銷增益將持續下降；同時，隨著市場調整為「有效聯邦基金利率將在更長時間內維持較高水準」的預期，我們也看到存款定價壓力加大。

Offsetting some of that pressure is that we continue to replace the runoff of lower-yielding assets with higher-yielding loans. We expect these factors in aggregate to support a relatively stable margin with the potential for some pressure should the current flat yield curve environment persist.

部分抵銷上述壓力的是，我們持續以收益率較高的貸款，替換到期或流失的低收益資產。我們預期綜合而言，這些因素將支撐淨利差相對穩定；若目前平坦的殖利率曲線環境持續，淨利差仍可能面臨一定壓力。

Net charge-offs increased to $5 million for the first quarter from $1.7 million in the linked quarter, almost exclusively related to our small business portfolio. This was the primary driver of increased credit loss expenses in the first quarter. Our allowance for credit losses to total loans increased 1 basis point to 1.39% from 1.38% at December 31. With the recent increases in our allowance, our reserve coverage ratios are very strong.

第一季淨沖銷增加至 500 萬美元，較相連季度的 170 萬美元上升，幾乎完全與我們的小型企業投資組合相關。這是第一季信用損失費用增加的主要原因。我們的信用損失準備占總放款比率較 12 月 31 日的 1.38% 上升 1 個基點至 1.39%。隨著近期準備金的增加，我們的準備覆蓋比率非常強勁。

Non-interest income grew to $2.4 million in the first quarter of 2026 compared to $2.3 million in the linked fourth quarter and $2 million in the first quarter of 2025. The slight increase in the current quarter primarily relates to higher earnings from some modest investments we have made in certain small business investment funds.

2026 年第一季非利息收入增至 240 萬美元，高於相連第四季的 230 萬美元，也高於 2025 年第一季的 200 萬美元。本季小幅增加主要與我們對部分小型企業投資基金所做的適度投資帶來較高收益有關。

Non-interest expenses were $20.9 million for the first quarter compared to $17.1 million in Q4. The increase was primarily driven by $1.9 million gain on sale of an OREO asset, which was booked as a contra expense in the fourth quarter. Excluding the impact of this non-recurring item in Q4, non-interest expense increased by $1.9 million, primarily due to seasonal factors.

第一季非利息費用為2,090萬美元，較第四季的1,710萬美元增加。增加主要是因第四季出售一項OREO資產的190萬美元收益，該收益以費用沖減（contra expense）方式入帳。若排除第四季此一非經常性項目的影響，非利息費用增加190萬美元，主要由季節性因素所致。

Salary and benefits expense increased primarily due to typical first quarter increases related to merit salary adjustments, benefit cost increases, and increased employment taxes connected to annual incentive payments. Occupancy and equipment expenses were impacted by annual rent increases, along with the impact of higher maintenance costs, given the harsh winter in our primary footprint.

薪資與福利費用增加，主要是因第一季通常會出現的調薪（績效調薪）調整、福利成本上升，以及與年度獎勵金發放相關的就業稅增加。場地與設備費用則受到年度租金調漲影響，且由於我們主要營運區域冬季嚴寒，維護成本上升亦造成影響。

Looking ahead, we view our first quarter expense level as a reasonable overall run rate as we move forward. The first quarter marked our 27th consecutive quarter of operating with an efficiency ratio below 60%. This has positioned us as a top quartile performer among our peers on this metric and is a differentiating strength for First Bank. We expect to drive revenue growth during the rest of the year without needing to add to expenses, which should move our efficiency ratio down over the next several quarters.

展望未來，我們認為第一季的費用水準作為後續的整體常態化費用水準（run rate）是合理的。第一季是我們連續第27個季度的營運效率比率低於60%。這使我們在同業此項指標上位居前四分位，並成為第一銀行的差異化優勢。我們預期在今年剩餘期間推動營收成長時無需增加費用，這應可在未來幾個季度進一步降低我們的效率比率。

Tax expenses totaled $2.3 million for the first quarter with an effective tax rate of 22.7%. This compares to 25.7% for Q4. First quarter taxes included the benefit of items related to stock compensation activity, which historically has an outsized impact during the first quarter. We anticipate our future effective tax rate will be approximately 24% to 25%.

第一季所得稅費用合計230萬美元，有效稅率為22.7%。相較之下，第四季為25.7%。第一季稅負包含與股票酬勞活動相關項目的稅務利益，歷史上此類項目在第一季的影響通常較為顯著。我們預期未來有效稅率約為24%至25%。

Our capital ratios remained strong. We executed a modest amount of share repurchases during the quarter, and we could fully execute our approved $20 million buyback program and still maintain strong capital ratios.

我們的資本比率仍然強勁。本季我們執行了少量庫藏股回購；即使完整執行已核准的2,000萬美元回購計畫，我們仍可維持強健的資本比率。

For example, assuming $20 million in buybacks and a static balance sheet, our total risk-based capital would be approximately 12.5%, well in excess of any regulatory minimums or internal policy limits. Going forward, we aim to continue driving shareholder value through a combination of core earnings, a stable cash dividend, and share buybacks as applicable over time.

例如，假設回購2,000萬美元且資產負債表維持不變，我們的總風險基礎資本比率約為12.5%，遠高於任何監理最低要求或內部政策上限。展望未來，我們目標是透過核心獲利、穩定的現金股利，以及視情況適時進行股票回購的組合，持續提升股東價值。

At this time, I'll turn it over to Darleen Gillespie, our Chief Retail Banking Officer for her remarks. Darleen?

接下來，我把時間交給我們的零售銀行長Darleen Gillespie發表談話。Darleen？

Thanks, Andrew, and good morning, everyone. Deposit growth of $25.1 million was modest during the quarter, while we saw solid activity onboarding new relationships and expanding existing seasonal fluctuations and some expected outflows influence ending balances for the quarter. Average interest-bearing deposit costs came down 15 basis points during the quarter, and we benefited from the Federal Reserve rate cuts that occurred in the fourth quarter of 2025 as well as our continued proactive efforts to optimize and manage deposit pricing. Going forward, we may see some moderation in this benefit as heightened industry competition continues to place pressure on deposit pricing.

謝謝你，Andrew，各位早安。本季存款成長2,510萬美元，增幅不大；同時我們在導入新往來關係與擴大既有關係方面活動穩健，但季節性波動以及部分預期的資金流出影響了本季期末餘額。本季平均計息存款成本下降15個基點；我們受惠於2025年第四季聯準會降息，以及我們持續主動優化並管理存款定價的努力。展望未來，隨著產業競爭加劇持續對存款定價造成壓力，我們可能會看到此項效益有所趨緩。

We remain focused on striking the appropriate balance between growth and cost discipline. Overall, we continue to execute effectively against our dual priorities of deepening relationships while prudently managing funding costs. In addition, targeted promotional pricing has proven successful in attracting new customers and importantly, retaining those relationships beyond the promotional period.

我們仍專注於在成長與成本紀律之間取得適當平衡。整體而言，我們持續有效執行兩項優先事項：深化客戶關係，同時審慎管理資金成本。此外，具針對性的促銷定價已證明能成功吸引新客戶，更重要的是，能在促銷期結束後留住這些往來關係。

Our newly opened and relocated branches are doing well and meeting deposit growth expectations. Retention levels among customers impacted by branch consolidations have remained strong, and associated attrition has tracked within our planned and budgeted expectations. This is a testament to the outstanding execution of our relationship bankers across our footprint.

我們新開設與遷址的分行表現良好，並達到存款成長預期。受分行整併影響的客戶留存率仍維持強勁，相關流失率也符合我們規劃與預算的預期範圍。這證明了我們營運版圖內各地關係銀行人員的卓越執行力。

Looking ahead in 2026, deposit growth continues to be a priority in order to fund our expected loan growth in a profitable manner and to maintain a strong net interest margin. We intend to achieve this by maintaining a strong deposit funding pipeline, continuing to retain and grow existing relationships, and utilizing promotional pricing when prudent and necessary to win in this highly competitive market. Our teams are closing loans and adding full operating accounts, which is a key element of our growth and funding strategy.

展望2026年，為了以具獲利性的方式支應我們預期的放款成長並維持強健的淨利差，存款成長仍是優先事項。我們將透過維持強健的存款資金來源管道、持續留存並擴大既有往來關係，以及在審慎且必要時運用促銷定價，以在高度競爭的市場中勝出。我們的團隊正在完成放款並新增完整的主要往來帳戶（full operating accounts），這是我們成長與資金策略的關鍵要素。

After a very active year of optimizing our branch network in 2025, we have minimal branch activity on the horizon in 2026. We will continue to be opportunistic where it makes sense to enhance the efficiency of our network, the convenience for our customers, and our potential exposure to new clients in existing or adjacent markets. But right now, our focus is on optimizing the growth and pricing of our deposit portfolio. We intend to keep working to achieve our goal of bringing our deposit costs closer to our peer bank median.

在2025年我們積極優化分行網絡之後，2026年可預見的分行活動將相對有限。我們仍會在合理時機把握機會，以提升網絡效率、增進客戶便利性，並提高我們在既有或鄰近市場接觸新客戶的潛在機會。但目前我們的重點是優化存款組合的成長與定價。我們將持續努力，達成使存款成本更接近同業銀行中位數的目標。

At this time, I'll turn it over to Peter Cahill, our Chief Lending Officer, for his remarks. Peter?

接下來，我把時間交給我們的放款長Peter Cahill發表談話。Peter？

Thanks, Darleen. As Pat and Andrew described, our Q1 numbers reflected a slower quarter in terms of loan growth. Last year, as you know, despite average loan growth of $267 million, we finished with annual growth of $149 million or 4.7%. Much of that second half decline was due to loan payoffs in Q4 of $135 million, which far exceeded payoffs that averaged $50 million in each of the previous three quarters.

謝謝你，Darleen。如Pat與Andrew所述，我們第一季的數字反映出放款成長較為放緩的一季。如各位所知，去年儘管平均放款成長2.67億美元，全年期末成長為1.49億美元，或4.7%。下半年成長下滑多數是因第四季放款清償（payoffs）達1.35億美元，遠高於前三季每季平均5,000萬美元的清償水準。

Results this past quarter were impacted again by loan payoffs. We mentioned a good loan pipeline at year-end. And I think we had a pretty good quarter from the standpoint of converting that pipeline into new funded loans. Loans closed and funded in Q1 totaled $106 million, which equals the quarterly average for both 2024 and 2025. So not a slow quarter from a standpoint of new loans closing and funding.

本季結果再次受到放款清償的影響。我們在年末提到有不錯的放款案源（pipeline）。我認為就將該案源轉換為新增撥款放款而言，本季表現相當不錯。第一季完成簽約並撥款的放款合計1.06億美元，等同於2024年與2025年的季度平均水準。因此，從新增放款完成簽約與撥款的角度來看，這並不是一個緩慢的季度。

Payoffs in Q1 were $73 million, however, higher than our average quarterly payments in each of the past five years. Payoffs bank-wide were made up of 59% investor real estate loans. Of all of the payoffs in the quarter, the same figure, 59%, stemmed from the underlying asset being sold, and the balance of those payoffs were primarily from loans being refinanced out of the bank.

然而，第一季清償金額為7,300萬美元，高於過去五年各季平均清償水準。全行清償中有59%為投資型不動產放款。就本季所有清償而言，同樣有59%源自標的資產出售，其餘清償主要來自放款在本行以外再融資。

As in previous quarters, new loans continue to be centered in C&I and owner-occupied real estate. For the quarter, this category made up 50% of new loans, with investor real estate loans comprising 40% and consumer lending 10%.

與前幾季相同，新增放款仍以商業與工業（C&I）以及自用不動產為主。本季此類別占新增放款的50%，投資型不動產放款占40%，消費金融占10%。

We're seeing the same competition we've seen in previous quarters, primarily from the regional banks in our market. We continue to get decent spreads in the 250 basis point range over FHLB. Some of the competition is pricing lower, and we're also seeing banks loosening terms a bit by not requiring deposits or offering longer amortization schedules, et cetera.

我們看到的競爭情況與前幾季相同，主要來自我們市場中的區域性銀行。我們持續能取得相對於FHLB約250個基點區間的合理利差。部分競爭對手的定價更低，我們也看到一些銀行在條件上稍微放寬，例如不要求存款或提供更長的攤還年限等。

Despite the competition, we are still seeing good things in our lending pipeline. After closing and funding over $100 million in new loans, as I just described during the quarter, the pipeline at quarter end stood at what we call probable fundings of $383 million, up 15% from where it was at year-end.

儘管競爭激烈，我們的放款案源（pipeline）仍呈現良好態勢。如我剛才在本季說明的，我們在本季完成結案並撥款超過1億美元的新貸款後，季末的案源（我們稱為「可能撥款」）為3.83億美元，較年末增加15%。

The number of loans in the pipeline, these are the number of individual loans in the -- at quarter end was up 9% over year-end. Regarding the makeup of those loans, 65% of C&I loans compared to 61% at 12/31.

案源中的貸款筆數——也就是季末案源內的單筆貸款數——較年末增加9%。就貸款組成而言，C&I（商業與工業）貸款占比為65%，相較於12/31的61%。

The impact of our solid pipeline, as Pat mentioned, has been seen already in Q2. In mid-April, we hit loan growth for the year of close to $50 million, which is where we should have been a couple of weeks earlier at March 31.

如Pat所提到，我們強勁案源的影響已在第二季反映出來。在4月中旬，我們今年以來的貸款成長接近5,000萬美元，這其實是我們在3月31日應該早兩週左右就達到的水準。

On the topic of asset quality, we've mentioned the softness we've been experiencing in the small business portfolio over the last couple of quarters, and Pat and Andrew both talked about the impact this past quarter. Last quarter, I mentioned that we've turned over staff in that area and significantly tightened credit parameters, which, as you would imagine, has slowed production significantly. Delinquencies are no longer growing, and we are very focused on providing attention to the relationships we have in that portfolio presently.

談到資產品質，我們在過去幾季提到小型企業投資組合出現的疲弱情況，Pat與Andrew也都談到本季的影響。上季我提到，我們已在該領域進行人員更替並大幅收緊授信參數，這也如各位所想像，顯著放慢了新增承作速度。逾期已不再增加，我們也非常專注於目前該投資組合中既有客戶關係的管理與關注。

Otherwise, delinquencies across all business lines were very manageable at quarter end. The earnings release did mention that our increase in nonperforming loans was related primarily to the addition of a well-secured single-borrower commercial real estate credit totaling $9.5 million. I'll just add that this assisted living property shows current cash flows north of 1.8 times debt service coverage and a loan-to-value of 52%. So while it impacts our numbers presently, we expect a positive resolution there.

除此之外，截至季末，各業務線的逾期情況都在可控範圍內。財報新聞稿確實提到，不良貸款增加主要與新增一筆擔保充足的單一借款人商用不動產授信有關，金額合計950萬美元。我補充一下，該安養（assisted living）物業目前現金流的債務償付覆蓋倍數（DSCR）高於1.8倍，貸款價值比（LTV）為52%。因此，雖然目前會影響我們的數字，但我們預期此案將有正向的解決結果。

In summary, while the payoffs we experienced resulted in a slow quarter as far as loan growth goes, we've seen pickup since then, and we remain confident of our plan to grow the loan portfolio by $200 million this year. All segments are expected to contribute to that growth.

總結來說，雖然我們經歷的提前清償（payoffs）使得本季在貸款成長方面較為緩慢，但此後已看到回升，我們仍對今年貸款投資組合成長2億美元的計畫充滿信心。預期所有業務區塊都將對該成長做出貢獻。

That concludes my remarks about lending. So I'll turn things back now to Pat for some final comments.

以上是我對放款業務的說明。接下來我把時間交還給Pat，請他做一些最後的補充。

Thanks, Peter. At this point, I'd like to open it up for the Q&A.

謝謝你，Peter。接下來，我想開放進入問答環節。

(Operator Instructions) Justin Crowley, Piper Sandler.

（接線員指示）Justin Crowley，Piper Sandler。

First, I was just wondering if you could spend just a little more time on the small business portfolio that I know we've discussed a lot. Just a little more on what's been driving the weakness there? And what gets you to a point now where you're comfortable that any further negative impact in that book should be contained, with just some of the actions taken over the past couple of quarters?

首先，我想請你們再多花一點時間談談我們已經討論很多的小型企業投資組合。能否再多說一些，究竟是什麼在驅動那邊的疲弱？以及在過去幾季採取了一些行動之後，是什麼讓你們現在有信心，認為該組合任何進一步的負面影響應該可以被控制在一定範圍內？

Yeah. Absolutely. So the short answer, Justin, is there's no one factor. Certainly, I think we've seen plenty of data in the market that small businesses have been feeling some stress, given the volatility in the overall economy. And so certainly, I just think general economic factors within a small business portfolio, obviously, these are companies by definition that have a smaller revenue base and therefore, just less of a cushion to absorb things like volatility in margins, loss of a big customer, et cetera.

好的。當然可以。簡短的答案是，Justin，並沒有單一因素。很明顯地，我們在市場上看到不少數據顯示，在整體經濟波動之下，小型企業正承受一些壓力。因此，我認為小型企業投資組合中的一般經濟因素確實在發揮作用；這些公司按定義營收規模較小，因此在吸收例如利潤率波動、失去大客戶等衝擊時，緩衝空間也較小。

On top of that, some of it, we believe, was tied to folks being a little more aggressive than we would have liked on the overall marketing of the product. It is a credit score product. It is one that we've been using for six or seven years now. So it wasn't a brand-new solution. But certainly, we were looking to grow and scale that business over the last couple of years. And I think some folks in an effort to try to build that. We're moving beyond kind of the core tenets of our relationship banking model.

除此之外，我們認為其中一部分與某些人在產品整體行銷上比我們希望的更為積極有關。這是一個以信用評分為基礎的產品。我們已使用它六、七年了。所以它並不是全新的解決方案。但過去幾年我們確實希望擴大並規模化這項業務。我想有些人為了推動成長，在某種程度上偏離了我們關係銀行模式的核心原則。

So we've revamped those processes. We've tightened up the parameters. And as Peter mentioned, sort of new production has slowed down significantly. And we're tracking the data closely. When we see issues, when we have significant delinquency, we're moving quickly to take care of those loans either through charge-off or specific reserve and as Peter mentioned, as we've looked at some of the delinquency trends, it feels like things are starting to settle down there.

因此我們已重新調整這些流程。我們收緊了相關參數。如Peter提到的，新增承作已顯著放緩。我們也密切追蹤數據。當我們看到問題、出現顯著逾期時，我們會迅速處理這些貸款，透過沖銷（charge-off）或提列個別準備；而且如Peter所說，從一些逾期趨勢來看，感覺那邊的情況開始趨於穩定。

Obviously, time will tell, but definitely feeling like that initial surge is past us. And given the changes we make -- we've made over the last nine months, we think the results moving forward should be significantly better, exactly what better means. Obviously, time will tell.

當然，最終仍需時間驗證，但我們確實覺得最初那波上升已經過去了。而且考量我們在過去九個月所做的調整——我們認為未來的結果應該會明顯改善；至於「改善」到底會到什麼程度，同樣還是要交由時間來證明。

But again, it's a relatively small portfolio. It's down under $100 million at this point. And given the steps we've taken to address the known issues, we think we're definitely getting past the uptick, and we think we'll see some better performance out of that portfolio moving forward.

不過再說一次，這是一個相對較小的投資組合。目前已降到1億美元以下。基於我們為解決已知問題所採取的步驟，我們認為確實正在走過那段上升期，並且預期該投資組合未來的表現會更好。

Okay. And then just to clarify, the stress you're seeing, it's not coming from the SBA product. It's coming outside of that program and smaller dollar type loans. Is that accurate?

了解。另外確認一下，你們看到的壓力並不是來自SBA產品。而是來自該計畫以外、金額較小的那類貸款。這樣理解正確嗎？

Correct, correct. These are smaller ticket, a couple of hundred thousand lines of credit term loans that are not necessarily SBA related. So it's not an SBA-specific situation.

正確，正確。這些是較小額的授信，例如幾十萬美元的循環信用額度或分期貸款，不一定與SBA相關。所以這不是一個SBA特定的情況。

Okay. And you said it was about $100 million. Just looking to put some more numbers around it. Do you have what the reserves against that portfolio where those stand? And then just a sense of where charge-off rates, what you've experienced in that book specifically so far?

好的。你剛才說大約是1億美元。我想再把數字具體化一些。你們有沒有針對該投資組合提列的準備金水位是多少？另外也想了解一下，到目前為止你們在那個組合上實際經歷的沖銷率大概如何？

Yeah. If you look at over -- obviously, if you looked at the quarter, right, the $5 million number was almost exclusively related to that portfolio. I think over a 12-month period, the number was probably closer to $9 million. But if you sort of scroll back further, again, this isn't a brand-new product. It was one that we've been using for a while that it -- it felt like the scoring became a little less predictable. Some of it might have been related to some of the cash infusion from COVID. We can't really say for sure.

是的。如果你看整體——很明顯，如果你看那一季，對吧，那個500萬美元的數字幾乎完全與那個投資組合有關。我想以12個月期間來看，這個數字可能更接近900萬美元。但如果你再往前回溯一點，同樣地，這不是一個全新的產品。這是我們使用了一段時間的產品，只是——感覺評分變得比較不那麼可預測。其中一部分可能與COVID帶來的一些現金注入有關。我們也無法非常確定。

But prior to that, the performance was actually really good. We had very minimal charge-offs. So if you look at it at a point in time, the numbers look really high, you spread it out over a two- or three-year period, you're probably looking at maybe 2% to 3% a year over that time frame.

但在那之前，表現其實非常好。我們的核銷非常少。所以如果你在某個時間點來看，數字看起來會很高；但如果把它攤到兩到三年的期間，你大概會看到在那段時間每年可能約2%到3%。

So again, higher than we'd like. And obviously, as a result, we made the changes to the underwriting and the sales process to slow that production down. But what we have in the portfolio now is folks that have been with us for a while, folks that have been paying as agreed that haven't been showing delinquency issues. And so again, we think the performance moving forward should be significantly better.

所以同樣地，比我們希望的要高。而且很明顯，因為這個結果，我們對承作審核與銷售流程做了調整，以放慢那部分的放款產出。但我們目前投資組合裡的是跟我們往來一段時間的客戶，是依約還款、沒有顯示逾期問題的客戶。因此同樣地，我們認為未來的表現應該會顯著改善。

Pat and Justin, I'll just quickly add. So we have about $2 million of specific reserves allocated to known problems. And we've obviously also made some adjustments in our allowance calculation to put some money away for unknown problems. But right now, it's $2 million of specific reserves for identified specific loans, and we've adjusted some of the other factors within our calculation to put some more money away to address some potential issues going forward.

Pat和Justin，我快速補充一下。我們大約配置了200萬美元的特定準備金，用於已知問題。而且我們也很明顯在備抵損失（allowance）計算上做了一些調整，為未知問題預留一些資金。但目前是針對已辨識的特定貸款提列200萬美元的特定準備金，同時我們也在計算中的其他因子做了調整，再多提一些，以因應未來可能出現的一些問題。

Okay. So does that get you north of sort of like a 3% reserve in that book?

了解。所以這會讓那本帳的準備金率高於大概3%嗎？

Yeah, probably. I mean, again, within the allowance models, the small business is part of the overall C&I. But you can see the overall allowance is up at [137], which is obviously a very healthy level relative to where we've been, relative to where the industry is. So we certainly think there's significant money set aside to deal with potential issues.

是的，可能會。我的意思是，同樣地，在備抵模型裡，小型企業是整體商業與工業（C&I）的一部分。但你可以看到整體備抵已經到[137]，相較於我們過去的水準、也相較於同業，這顯然是非常健康的水準。所以我們確實認為已經預留了相當可觀的資金來因應潛在問題。

And listen, we're charging everything off in full. There will be some recoveries here. We're not factoring that into the numbers, but we think that we put a lot of money aside to make sure we're protected here.

而且你聽我說，我們是把所有項目都全額核銷。之後會有一些回收。我們沒有把回收納入這些數字，但我們認為我們已經預留了很多資金，以確保在這裡我們是受到保護的。

Got it. I guess just shifting gears, just on the comment that the NIM should hold relatively stable here, and that's kind of been the messaging. I was wondering if you could detail a little of what's embedded in that just in the way of new loan yields, where those are coming on it versus what's rolling off the portfolio? And then just if you have it, just a sense of the volume of repricing opportunity as we get through the year?

明白。我想換個話題，關於你們提到淨利差（NIM）在這裡應該會相對穩定，這也一直是你們對外的訊息。我想請你們更詳細說明一下其中隱含的假設，例如新承作貸款的殖利率是多少、這些新貸款的利率相對於投資組合中到期或退出的部分是怎麼樣？另外如果可以的話，也想了解一下，隨著今年推進，重訂價（repricing）的機會量大概有多少？

Yeah, I can address part of that. And Peter, you can jump in, obviously, on the new loan yields. With some of the volatility in the markets, treasury yields moving higher, I think, you have put loan pricing well in the 6% to 6.5% range, higher depending on asset class product type things like that.

好的，我可以先回答其中一部分。Peter，你也可以補充新貸款殖利率的部分。隨著市場波動、國庫券殖利率走高，我認為貸款定價已經落在6%到6.5%的區間，依資產類別、產品型態等因素不同，可能還會更高。

And then in terms of, Andrew, the repricing and the modeling, if you want to provide some of the details there.

然後就重訂價與模型的部分，Andrew，如果你願意的話，請你提供一些細節。

Yes. So we still have a good chunk without getting into a ton of specifics of loans that were repricing off of loans that we originated five years ago, obviously, a significantly lower interest rate environment. So we have we have a lot of loan activity that's repricing into, like I said, a couple of hundred basis points higher in some instances.

好的。所以我們仍然有相當一部分——不談太多細節——是從我們五年前承作的貸款在進行重訂價，當時顯然是利率環境顯著較低。所以我們有很多貸款活動正在重訂價到我剛才說的水準，在某些情況下會高出幾百個基點。

So again, I think we believe that that repricing is going to offset some of the purchase accounting accretion declines that -- those declines we expect to be a little bit more muted than they were over the last couple of quarters. I believe purchase accounting accretion was $1.2 million in the first quarter. It was $2.6 million, I believe, last year. So that will continue to come down, but probably only $100,000 to a couple of hundred thousand dollars a quarter going forward. So that will continue to have a negative pull on the margin.

所以同樣地，我們認為這些重訂價將會抵銷部分購併會計折溢價攤銷（purchase accounting accretion）的下滑——我們預期這些下滑會比過去幾季更為溫和。我記得第一季的購併會計折溢價攤銷是120萬美元。我相信去年是260萬美元。所以它會持續下降，但往後每季大概只會再下降10萬到20多萬美元。因此它仍會對利差造成負面拉力。

But again, I do think that we continue to see enough loans repricing higher that should offset most of those declines. And then obviously, it will be very dependent on what we can do on the deposit pricing side. Whether we need to price up to bring in new money to fund the loan growth that we expect is the big wildcard there. But again, I think we feel fairly confident that we can maintain a fairly stable margin with, I think, a lean towards maybe some pressure depending on deposit pricing over the next several months.

但同樣地，我確實認為我們持續看到足夠多的貸款以更高利率重訂價，應該可以抵銷大部分這些下滑。然後很明顯，這會非常取決於我們在存款定價端能做到什麼。我們是否需要提高利率來吸收新資金，以支應我們預期的貸款成長，這是最大的變數。但同樣地，我想我們相當有信心可以維持相對穩定的利差，不過我認為未來幾個月可能會偏向有些壓力，取決於存款定價。

Okay. And then do you just have just what floating rate exposure is in the loan book?

了解。那你們貸款組合裡的浮動利率曝險大概是多少？

So it's still about 25% of the portfolio. It fluctuates a little bit. We have -- that number has moved a little higher over the last couple of years because we've been doing more C&I and shorter-term stuff than we had been doing in the past, but it's still about a quarter or about 25% of the portfolio. It's gone up. I think it was closer to 20%, maybe a couple of years ago. And now, it's between 25% and 30%, but around 25% is still the right number.

目前仍大約是投資組合的25%。會有一些波動。這個比例在過去幾年略有上升，因為我們做了更多商業與工業（C&I）以及較短天期的業務，相較於過去，但仍大約是四分之一、也就是約25%。確實有上升。我想幾年前可能更接近20%。現在是在25%到30%之間，但大約25%仍是正確的數字。

Okay. And so would that all reprice immediately? Or is there -- how much of a lag is there in that? And then is there any protection in the way of interest rate floors?

了解。那這些會立刻全部重訂價嗎？還是會有——大概有多少落後期？另外在利率下限（interest rate floors）方面，有沒有任何保護？

I don't have the details on the floors, but yes, there is some protection there. Most of it would reprice either right away or like the next month. We still do have some interest rate swaps in place that are protecting us a little bit on some of these things, but not much, especially as rates move lower, some of those would move lower.

我沒有利率下限的細節，但有的，確實有一些保護。大部分會立即重訂價，或是在下個月重訂價。我們仍有一些利率交換（interest rate swaps）在位，對其中一些項目提供一點保護，但不多；尤其當利率走低時，其中一些也會跟著往下。

But it's pretty much right away for the 25%. There are some floors, but I don't believe most of the loans are at the floors. Obviously, if we see some bigger rate cuts, the floors become more relevant than like 0.25 point adjustment by the Fed.

但對於那 25% 幾乎是立刻就會反映。確實有一些利率下限，但我不認為大多數貸款都落在下限上。顯然，如果我們看到更大幅度的降息，那些下限就會變得更重要，而不只是聯準會 0.25 個百分點的調整。

Okay. That's helpful. And then just on expenses, you called out some of the seasonally higher occupancy costs inflated the number in the period. But as we look at the comp line, is something a good way to think about that level moving forward? I know you mentioned some higher payroll taxes. Just kind of curious if that's a decent run rate or if there's -- how much should flow back out just as we think about the forward trajectory here?

好的。這很有幫助。接著談費用，你提到一些季節性較高的場地使用成本把本期數字墊高了。但我們看同業比較（comp）這條線時，未來要怎麼看待這個水準比較合適？我知道你也提到一些較高的薪資稅。只是想了解這是否算是一個合理的常態水準，或是——隨著我們思考未來走勢，有多少會再回落？

Yeah, first quarter is a pretty reasonable expectation. It could move a little bit down because of that (technical difficulty) salary increases in March, so you don't have the full impact of those salary increases in the first quarter. So I think the run rate in Q1 is probably pretty close to where we'd see things going forward because some of the onetime items will get offset by the increases in the salary line item that would happen late in the quarter.

是的，第一季作為預期其實相當合理。它可能會稍微下降一點，因為（技術問題）3 月的加薪，所以第一季不會完整反映這些加薪的全部影響。因此我認為，Q1 的常態水準大概就很接近我們未來會看到的走勢，因為一些一次性項目會被季末發生的薪資科目增加所抵銷。

But I don't anticipate there being any significant increases to that number going forward. So I think -- again, I think as we mentioned, I think in most the expense line items, I think a fairly stable run rate going forward over the next several quarters is kind of where we're seeing things.

但我不預期未來這個數字會有任何顯著增加。所以我想——再說一次，正如我們提到的，我認為大多數費用科目在未來幾季會相當穩定，這大概就是我們目前看到的情況。

Okay. And then just maybe on the broader topic of expenses, maybe a higher-level question here as well, but just a lot of talk on managing expense levels. And so I was just wondering how you balance that against further investment. And where do you think you stand, particularly on the technology side as you're seeing more rapid AI adoption, a lot of banks experimenting with different use cases trying to be fast followers? So just any thoughts on how you're implementing that to the extent that you are?

好的。那再談更廣泛的費用議題，這可能也是個更高層次的問題，但市場上有很多關於管理費用水準的討論。所以我想知道你們如何在這與進一步投資之間取得平衡。特別是在科技面，隨著 AI 採用加速、許多銀行在不同使用情境上做實驗、試著成為快速跟進者，你覺得你們目前處於什麼位置？所以想聽聽你們在可行範圍內是如何導入的？

Yeah. I'd say it's a combination of working internally with folks who are sort of our first movers in terms of, we've got a full team that's sort of doing testing. They have access to the more advanced tools developing use cases. I think as those use cases roll out, there will almost certainly be some tech costs associated with them, but in many cases, there should also be corresponding savings. And so there may be a situation where the tech spend might increase a bit, but we also would envision some other expenses coming down.

是的。我會說這是結合了內部與一些算是我們先行者的人一起合作；我們有一個完整團隊在做測試。他們可以使用更進階的工具來開發使用情境。我認為當這些使用情境推出時，幾乎肯定會伴隨一些科技成本，但在很多情況下，也應該會有相對應的節省。所以可能會出現科技支出略增的情況，但我們也預期其他一些費用會下降。

Certainly, in conversations with our primary technology providers, they're looking at embedding AI tools into products and services we're already using. We have, in most cases, fixed price contracts there. So we don't expect that will drive significantly higher cost in the short run, what it might mean moving forward as the quality or value add of the tools they embed are more noticeable, could that drive some pricing power on their part, perhaps.

當然，在與我們主要科技供應商的對話中，他們正在把 AI 工具嵌入到我們已經在使用的產品與服務中。多數情況下，我們那邊是固定價格合約。因此我們不預期短期內會推升成本大幅增加；至於往後，當他們嵌入的工具品質或附加價值更明顯時，是否可能讓他們在定價上更有議價能力，也許會。

But I guess the short answer is, we will be looking to make strategic incremental investments based on use cases that we uncover, but it's not something that we expect would be huge additional dollars, right? We're not spending time on R&D and coding and the types of things that the big guys are doing to try to get a step ahead. But obviously, as you said, we want to be ready to move quickly, which is why we've develop the working groups and the use cases and the testing parameters and the sandbox safety parameters so that we can really start using some of these AI tools in a safe way.

但我想簡短的答案是：我們會根據我們發掘的使用情境，進行策略性的增量投資，但這不是我們預期會需要投入大量額外資金的事情，對吧？我們不會像大型機構那樣花時間做研發、寫程式，做那些試圖領先一步的事情。但顯然，如你所說，我們希望能準備好快速行動，這也是為什麼我們建立了工作小組、使用情境、測試參數，以及沙盒的安全參數，讓我們能以安全的方式真正開始使用其中一些 AI 工具。

David Bishop, Hovde Group.

David Bishop，Hovde Group。

I think you mentioned in the preamble, that you still sit in a very enviable -- tangible and regulatory capital position. Just maybe your view of excess capital, maybe how aggressive you can be in terms of addressing the buyback on any sort of pullback in the share price?

我想你在開場提到，你們仍然處於一個非常令人稱羨的——有形資本與監管資本水準。想請教你對超額資本的看法，以及若股價出現任何回檔，你們在回購方面能有多積極？

Yeah. I mean, listen, we have a buyback -- approved buyback in place. There's plenty of availability within the plan. Obviously, slower growth in the quarter isn't the goal, but the paydowns during fourth quarter and first quarter, led to some significant additional capital appreciation during the last half year. So the short answer is I think we've got strong capital levels to put to work if it makes sense.

是的。我的意思是，聽著，我們有一個已核准的回購計畫在執行。在該計畫內仍有充足的可用額度。顯然，本季成長較慢不是目標，但第四季與第一季的償還（paydowns）在過去半年帶來了相當可觀的額外資本增加。所以簡短的答案是：如果有意義，我認為我們有很強的資本水準可以投入運用。

Got it. And then just in terms of holistically, maybe the revamping of the small business group there, you've got the other specialized business units. Do you guys continue to see good opportunity to grow there? Any stress you're seeing in any of those segments like private equity or ABL and just appetite to continue to grow those segments?

了解。那再從整體來看，關於小型企業團隊的重整，你們也有其他專業化的事業單位。你們是否仍然看到那邊有不錯的成長機會？在那些區隔（例如私募股權或 ABL）有看到任何壓力嗎？以及你們是否仍有意願持續擴張那些區隔？

Yeah. No, I think those segments are doing well. And we talk about them together as sort of niche businesses, but they're really very different businesses, right? You're talking about a credit scored product that's supposed to be scalable, but it's supposed to be light touch, which is very different than the detailed, thorough traditional underwriting that we're doing on the ABL and the private equity side.

是的。沒有，我認為那些區隔表現得很好。我們把它們一起談，算是利基型業務，但其實它們是非常不同的業務，對吧？你談的是一個以信用評分為基礎、應該可擴張的產品，但它應該是輕接觸（light touch）的，這與我們在 ABL 與私募股權那邊所做的細緻、全面、傳統的授信審查非常不同。

And so the short answer is, I think those other groups are performing well. And we think, again, without -- we try to take a very measured, methodical approach. We're not looking to bet the farm on any one of these individual segments, but we think each of them could grow reasonably over the next couple of years and continue to contribute to overall profitability and diversification of the portfolio.

所以簡短的答案是，我認為其他團隊的表現都很好。而且我們認為——同樣地，我們會採取非常審慎、循序漸進的方法。我們不打算在任何單一區隔上孤注一擲，但我們認為每一個區隔在未來幾年都可以合理成長，並持續為整體獲利能力與投資組合多元化做出貢獻。

Got it. And as a follow-up, I think Peter may have mentioned the one larger commercial real estate credit assisted living. Any sort of color or more details you can add there in terms of ultimate resolution and the near-term outlook for that credit?

了解。那作為追問，我想 Peter 可能提到一筆較大的商用不動產授信，屬於輔助生活（assisted living）。就最終處置以及該筆授信的短期展望，你能否補充一些背景或更多細節？

Yeah. So we're a participant with a larger bank on that. So we're sort of taking our cues from them. But again, all the data regarding our specific borrower, which is part of a much larger corporate entity that's going through a restructuring points to the fact that we're in a very strong position.

是的。那一筆我們是與一家較大的銀行共同參貸（participant）。所以我們某種程度上會依循他們的節奏與判斷。但同樣地，所有關於我們特定借款人的資料——該借款人是正在進行重整的一個更大型企業實體的一部分——都顯示我們處於非常有利的位置。

But obviously, when you've got a corporate restructuring, things kind of get put on hold while that restructuring gets sorted out. But again, given the underlying strength of the asset from a cash flow and LTV perspective, we have every reason to believe we're going to be fine there. But the timing of when that sort of comes off the books will be driven by how long it takes to work through that corporate restructuring process. So we certainly think and hope it would be gone by the end of the year, but it's hard to be a little more specific than that.

但很明顯，當你遇到企業重組時，在重組釐清完成之前，很多事情會暫時擱置。不過再說一次，從現金流與LTV的角度來看，鑑於該資產的基本面強勁，我們完全有理由相信那邊會沒問題。但這類項目何時能從帳上移除，將取決於完成該企業重組流程需要多久。所以我們當然認為並希望在年底前就能結束，但很難比這更具體。

Got it. And final question, obviously, a lot of discussion about deposit pricing competition across the metro New Jersey, New York market, obviously very competitive. Just curious, Pat or Andrew, if you had the spot rate of deposits or margin at the end of the quarter and maybe sort of the marginal cost of deposits so far through April?

了解。最後一個問題，顯然大家對大都會新澤西、紐約市場的存款定價競爭討論很多，競爭非常激烈。想請教一下，Pat或Andrew，你們在季末的存款即期利率或利差是多少？以及截至4月目前為止，存款的邊際成本大概是多少？

Yeah. Sure. Andrew, you probably have the March deposit cost number. Maybe that's the best place to start. Certainly, for incremental dollars, we're seeing pressure like if you want to try to raise some money out on the CD market, that might have been a 3.50% rate three, six months ago, and now it's moving closer to 3.75% or even higher. I'm sure you've seen the costs move higher on the brokered and wholesale side. And so those markets are kind of moving in lockstep.

是的。當然。Andrew，你應該有3月的存款成本數字。也許從那裡開始最合適。就新增資金而言，我們確實看到壓力；例如如果你想在定存（CD）市場募集一些資金，三到六個月前利率可能是3.50%，現在正往3.75%甚至更高移動。我相信你也看到經紀存款與批發資金端的成本在上升。因此這些市場基本上是同步變動。

But Andrew, if you've got more specific data around kind of what the March deposit level look like.

不過Andrew，如果你有更具體的數據，關於3月的存款水準大概是什麼樣子。

Yeah. I think, obviously, we had a rate cut in December and a couple of other rate cuts earlier in the quarter. So that trickled into the first quarter. We saw the big benefit of that hit in January. Pricing has stayed relatively stable when you look at kind of the deposit -- overall deposit cost January, February, March. So I think relatively stable.

是的。我想很明顯，我們在12月降息，且在本季稍早也有幾次降息。所以這些影響延續到第一季。我們在1月看到最大幅度的效益反映。從1月、2月、3月整體存款成本來看，定價維持相對穩定。所以我認為是相對穩定的。

Obviously, like Pat said, there's a little bit of pressure now with us trying to bring in some additional money, and the pricing has gotten a little bit more competitive with the treasury yields moving a little bit. But I do think deposit pricing should remain relatively stable compared to the first quarter with maybe a little bit of pressure as we saw a little bit of pressure starting in March. And I do think that we're going to have to continue to be competitive into the second quarter.

當然，如Pat所說，現在我們在嘗試引入一些額外資金時會有一點壓力，而隨著公債殖利率略有變動，定價競爭也變得更激烈一些。但我確實認為，相較第一季，存款定價應會維持相對穩定，只是可能會有些壓力，因為我們在3月開始看到一些壓力。而且我也認為第二季我們將必須持續保持競爭力。

Jake Civiello, DA Davidson.

Jake Civiello，DA Davidson。

You talked about -- on the compensation expense side, you talked about some of the moving parts associated with that. Is any of that competition-related or opportunistic hiring?

你談到—在薪酬費用方面，你提到了一些相關的變動因素。其中有任何部分是與競爭有關，或是機會性招募嗎？

Yeah. I mean, listen, I think regarding opportunistic hiring, that's sort of always happening, but I don't think there was anything in particular I would point to in Q1 to say that was -- that was a driver. Again, I think it was really more a function of what we see as kind of seasonal items that, I don't want to call them non-recurring because they happen every season, but they're non-recurring for the remainder of the year, and I think that was kind of the driver of the elevated numbers in Q1.

是的。我的意思是，聽著，關於機會性招募，這基本上一直都在發生，但我不認為第一季有什麼特別的事情值得指出，說那是—那是主要驅動因素。再說一次，我認為更多是我們所看到的一些季節性項目所致；我不想稱之為非經常性，因為每個季節都會發生，但在今年剩餘期間它們不會再發生，而我認為這就是第一季數字偏高的原因。

I would just add that we're -- I mean, I think the market is still competitive where we are finding people, but we haven't seen a ton of extra pressure, like salary increases were pretty standard this year.

我補充一下，我們—我的意思是，我認為我們所在的市場仍然具有競爭性，我們也確實在找人，但我們沒有看到太多額外壓力，例如今年的薪資調升都相當標準。

So overall, it was more standard stuff and some seasonal items in Q1, but nothing outside of normal or outsized salary increases or anything this year. And we don't expect that we're going to have to be more competitive than normal to continue to drive and bring good people into the bank.

所以整體而言，主要是一些常規項目以及第一季的一些季節性因素，但今年沒有任何超出正常的情況，也沒有不成比例的加薪之類的。而且我們不預期，為了持續吸引並延攬優秀人才加入銀行，我們需要比平常更具競爭性。

That's fair. Thank you. And then just one more for me. You pointed to the kind of $50 million net loan growth number in the first couple of weeks of April. Does that kind of follow the similar 50-40-10 split that you referenced earlier?

合理。謝謝。然後我再問一個。你提到4月前幾週淨貸款成長約5,000萬美元。這是否也大致符合你先前提到的50-40-10分配比例？

Yeah. I think year-to-date growth has been pretty consistent with kind of the portfolio that exists today. In any given quarter or month, you could have a particular larger loan that might sway the particular numbers one way or the other.

是的。我認為年初至今的成長，與目前既有的投組結構相當一致。在任何一個季度或月份，你可能會有某一筆較大的貸款，讓特定數字在某個方向上有所偏移。

But I don't know, Peter, was there anything that jumped out of you if you looked at year-to-date growth that was sort of an outlier from kind of the overall portfolio composition?

不過我不知道，Peter，如果你看年初至今的成長，有沒有什麼特別顯眼、相對於整體投組組成而言算是離群的地方？

No, I'd say it fits right in. I do -- I mean, because it's more recent, I know a couple of the chunkier loans since 3/31, were in that C&I owner-occupied category. So it's not was not the case where we closed and funded a couple of investor real estate loans to help the numbers or anything like that. It's been kind of more of what we've been chasing for previous years.

沒有，我會說很吻合。我確實—我的意思是，因為時間更近，我知道自3/31以來有幾筆較大額的貸款是在C&I自用不動產（owner-occupied）類別。所以並不是我們為了讓數字好看而成交並撥款了幾筆投資型不動產貸款之類的。整體來說，還是比較符合我們過去幾年一直在追求的方向。

(Operator Instructions) I will now turn the call back over to Patrick Ryan for closing remarks.

(接線員指示) 我現在把電話交回給Patrick Ryan做結語。

Okay. Well, thank you, everybody. We appreciate your time today, and we look forward to regrouping with folks once we get through the second quarter here. Thanks, everyone.

好的。那麼，謝謝各位。感謝大家今天撥冗參與，我們也期待在第二季結束後再與各位重新交流。謝謝大家。

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

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。