Firstsun Capital Bancorp (FSUN) 2025 Q1 法說會逐字稿

Good morning and welcome to the Firstsun Capital Bancorp first quarter 2025 earnings conference call. At this time, all participants are in the listen and only mode.

早安，歡迎參加 Firstsun Capital Bancorp 2025 年第一季財報電話會議。此時，所有參與者都處於聆聽和唯一模式。

(Operator Instructions)

（操作員指示）

I'd now like to turn the call over to Ed Jacques, Firstsun's Director of Investor Relations and Business Development. You may begin.

現在我想將電話轉給 Firstsun 投資者關係和業務發展總監 Ed Jacques。你可以開始了。

Thank you and good morning. I'm joined today by Neal Arnold, our Chief Executive Officer and President, Rob Cafera, our Chief Financial Officer, and Jennifer Norris, our Chief Credit Officer. We will start the call with some brief remarks to highlight a few items of interest and then move into questions.

謝謝，早安。今天與我一起出席的還有我們的執行長兼總裁尼爾·阿諾德 (Neal Arnold)、我們的首席財務官羅布·卡菲拉 (Rob Cafera) 和我們的首席信貸官詹妮弗·諾里斯 (Jennifer Norris)。我們將以一些簡短的評論開始通話，強調一些感興趣的事項，然後進入提問環節。

Our comments will reference the earnings release and investor presentation, which you will find on our website under the investor relations section. During this call, we may make remarks about future expectations, plans, and prospects for the company that constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.

我們的評論將參考收益報告和投資者介紹，您可以在我們網站的投資者關係部分找到。在本次電話會議中，我們可能會對公司未來的預期、計畫和前景發表評論，這些評論構成《1995 年私人證券訴訟改革法案》安全港條款規定的前瞻性陳述。

Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in our annual report on Form 10K, which is on file with the SEC. I will now turn the call over to Neal Arnold.

由於各種重要因素，包括我們向美國證券交易委員會提交的 10K 表格年度報告中所討論的因素，實際結果可能與這些前瞻性陳述所示的結果有重大差異。現在我將電話轉給尼爾·阿諾德。

Good morning and thank you for joining us and thank you Ed we might be a little rusty it's been a while since we did earnings calls but let me start by saying we're quite pleased with the start for the year, certainly here in the first quarter.

早安，感謝您加入我們，謝謝 Ed，我們可能有點生疏，我們已經有一段時間沒有進行收益電話會議了，但首先我要說的是，我們對今年的開局感到非常滿意，當然是第一季。

Our focus on consistently delivering value added solutions across the footprint continues to drive our growth and our strong financial performance.

我們專注於在整個業務範圍內持續提供增值解決方案，這將繼續推動我們的成長和強勁的財務表現。

This quarter we achieved net income of $23.6 million representing earnings per share of $0.83 and a 120 ROA. This quarter also was highlighted by continued strong net interest margin performance at 4.07% and solid loan deposit growth with loans up 7% and deposits up 12% annualized at the end of the quarter.

本季度，我們實現淨收入 2,360 萬美元，每股收益 0.83 美元，ROA 為 120。本季的另一個亮點是淨利差持續保持強勁，達到 4.07%，貸款存款穩定成長，季末貸款年化成長 7%，存款年化成長 12%。

Our focus on relationship-based banking across our business lines continues to be evidenced by the revenue mix with our service fee income up slightly over last quarter and representing 22.6% of our total revenues.

我們對各業務線關係型銀行業務的關注繼續體現在收入結構上，我們的服務費收入較上一季略有增長，佔總收入的 22.6%。

We also maintained expense at a level flat to last quarter adjusted for all the growth opportunities in front of us. Our focus remains on delivering positive operating leverage in 2025 and beyond. We believe we are making the right investments to position us favorably as we move forward.

我們還將支出維持在與上一季持平的水平，以適應我們面臨的所有成長機會。我們的重點仍然是在 2025 年及以後實現積極的經營槓桿。我們相信，我們正在進行正確的投資，這將使我們在未來的發展中佔據有利地位。

Certainly we all recognize the talk about tariffs and potential economic impact is spreading around the industry right now.

當然，我們都認識到有關關稅和潛在經濟影響的討論目前正在整個行業中蔓延。

Well, it's still early, I think many are exercising more and more caution. We haven't seen pervasive issues emerging within our loan portfolio and that is somewhat a function of the nature of our customer base and not being overly reliant on any one industry.

嗯，現在還為時過早，我認為很多人都會越來越謹慎。我們的貸款組合中沒有出現普遍性的問題，這在某種程度上取決於我們的客戶群的性質，而不是過度依賴任何一個行業。

Having said that, in the first quarter we did see $113 million dollar commercial credit experience and performance challenges but has cross border component to it. The credit was moved to non-accrual and did it negatively impact our loan loss provision in the first quarter and I think most of you have heard us say that challenge with CNI is it's lumpy.

話雖如此，在第一季我們確實看到了 1.13 億美元的商業信貸經驗和績效挑戰，但其中涉及跨境部分。信貸被轉為非應計，這是否對我們第一季的貸款損失準備產生了負面影響，我想大多數人都聽我們說過，CNI 面臨的挑戰是它的波動性。

We don't see any other pervasive issues, however, at this time.

然而，目前我們還沒有發現任何其他普遍存在的問題。

We understand we still have a ways to go to really figure out what's going to happen this year from a macro policy standpoint and so we remain cautious, but we also continue to build throughout the year as we see things settle out.

我們明白，從宏觀政策的角度看，我們還有很長的路要走才能真正弄清楚今年會發生什麼，因此我們保持謹慎，但隨著事態逐漸穩定，我們也將在全年繼續建設。

Uncertainty may cause some of our companies to delay their investment and spending plans, but our focus is on controlling what we can control. We execute on all of our businesses across the franchise. We think we'll continue to deliver strong long term financial performance, and we still believe that the US economy will be resilient, especially in this region of the country.

不確定性可能會導致我們的一些公司推遲其投資和支出計劃，但我們的重點是控制我們能夠控制的事情。我們執行特許經營範圍內的所有業務。我們認為我們將繼續實現強勁的長期財務業績，我們仍然相信美國經濟將具有彈性，特別是在這個地區。

Overall, I'm excited to share the momentum we've achieved across our markets, and we continue to see success in winning new relationships with our business model. We are favorably positioned in some of the nicest growth markets in the country, and we believe that our investments will continue to provide excellent growth opportunities.

總的來說，我很高興與大家分享我們在各個市場的進展，並且我們繼續透過我們的商業模式成功贏得新的關係。我們在國內一些最好的成長市場中佔據有利地位，我們相信我們的投資將繼續提供良好的成長機會。

We believe we have plenty of runway for growth in these markets given our very small market share and that will continue to be our predominant focus. We benefit from a diverse and strong balance sheet, solid capital position, sound credit, and risk management.

我們相信，鑑於我們的市場份額非常小，我們在這些市場中擁有足夠的成長空間，這將繼續成為我們的重點。我們受益於多元化且強勁的資產負債表、穩固的資本狀況、良好的信用和風險管理。

I will now pass the call over to Rob Cafera to discuss more of our financial results in the quarter, Rob.

我現在將電話轉給 Rob Cafera，討論本季的更多財務業績，Rob。

Thank you, Neil.

謝謝你，尼爾。

Several highlights to touch on here this morning as we look at our results thus far this year, and I'll start on the balance sheet side. Loan growth was strong this quarter up 7% on an annualized basis and ending the quarter right at $6.5 billion in total balance. Growth was driven primarily by the CNI portfolio as we continue to see success in the high growth markets on our footprint.

今天上午，當我們回顧今年迄今為止的業績時，需要談論幾個亮點，我將從資產負債表方面開始。本季貸款成長強勁，以年率計算成長 7%，本季末總餘額達到 65 億美元。成長主要由 CNI 投資組合推動，因為我們繼續在高成長市場中取得成功。

Growth in the CNI portfolio was partially offset by a decline in our commercial real estate portfolio. To that end, our regulatory CRE to capital ratio now stands at 115%. Which we think provides us some nice flexibility.

CNI 投資組合的成長部分被我們的商業房地產投資組合的下降所抵消。為此，我們的監管 CRE 與資本比率目前為 115%。我們認為這為我們提供了很好的靈活性。

Total new loan fundings totaled $399 million in the first quarter. That's up 48% from last quarter and up 37% from the first quarter last year, so a significant measure, a significant increase on either measure.

第一季新增貸款總額達3.99億美元。這比上一季成長了 48%，比去年第一季成長了 37%，因此這是一個顯著的指標，兩個指標都有顯著的成長。

We also saw healthy deposit growth this quarter with total quarter and deposits increasing by about $200 million or 12% annualized. Growth was strongest in savings and money market accounts, and we enjoyed growth in both our consumer as well as our business accounts with total annualized savings and money market growth at up 20%.

本季我們也看到存款健康成長，季度總額和存款增加約 2 億美元，年化率增加 12%。儲蓄和貨幣市場帳戶的成長最為強勁，我們的消費者帳戶和商業帳戶均實現了成長，年化儲蓄和貨幣市場總額成長率達到 20%。

Overall mix improved in total this quarter with non-interest bearing deposits pretty stable and and right at 22.9% of our total deposit mix.

本季整體結構有所改善，無利息存款相當穩定，佔總存款結構的 22.9%。

Our loan to deposit ratio was at 94.3% at the end of the quarter, and that's improved from a 95.6% level at the end of last year. We also saw improvement in our already low ratio of wholesale borrowings and deposits the total liabilities this quarter, which was down to approximately 7% from the 8% level at the end of last year. So good progress, continued on the liquidity front in our balance sheet.

本季末，我們的貸存比率為 94.3%，較去年末的 95.6% 有所改善。本季度，批發借款和存款佔總負債的比例也進一步改善，從去年年底的 8% 下降至約 7%。因此，我們的資產負債表的流動性方面繼續取得了良好的進展。

I will note that our balance sheet growth in the first quarter was back and loaded. Our average balances on the loan side were actually down slightly, that'd be about 4% on an annualized basis, while our average deposit balances were up slightly, about 1% on an annualized basis. So I guess maybe a little tailwind for us as we started off the second quarter here.

我要指出的是，我們第一季的資產負債表成長已經恢復並有所成長。我們的貸款平均餘額實際上略有下降，按年率計算約為 4%，而我們的平均存款餘額略有上升，按年率計算約為 1%。因此我想，當我們開始第二季時，這對我們來說可能是一個小小的順風。

Our pipelines remain pretty robust and and we still expect mid single digit growth for both loans and deposits for the full year.

我們的通路仍然非常強勁，我們仍然預計全年貸款和存款都將實現中等個位數成長。

Turning to the P&L side, as Neil mentioned, our net interest margin continues to remain very strong at 4.07%. I think we've been above the 4% level now for 10 straight quarters. Our level of net interest income declined by about 3% from the prior quarter, certainly impacted by date count difference and the average balance, topic that I just mentioned.

談到損益方面，正如 Neil 所提到的，我們的淨利差繼續保持在 4.07% 的強勁水平。我認為我們已經連續 10 個季度保持在 4% 以上的水平。我們的淨利息收入水準較上一季下降了約 3％，這肯定受到日期計數差異和平均餘額的影響，我剛才提到了這一點。

Net interest income was up 5% compared in the first quarter last year.

淨利息收入與去年第一季相比成長了5%。

Our net interest margin was down slightly this quarter by about two bits and impacted by the full quarter effect from the macro rate declines that we saw back in the fourth quarter with a 13-basis point decline in earning asset yields in comparison to a 16-basis point decline in interest bearing liabilities with deposit rates down 12 dips.

本季度，我們的淨息差略有下降，下降了約兩位數，並受到第四季度宏觀利率下降對整個季度的影響，生息資產收益率下降了 13 個基點，而計息負債則下降了 16 個基點，存款利率下降了 12 個基點。

In terms of full year guidance for net interest income, we expect an increase in the mid single digit range. Our expectations are in part based on the forward curve view from earlier this month and include Fed cuts in September and November and impacts from asset repricing and and a deposit made around 50% in the near term.

就全年淨利息收入指引而言，我們預期增幅將達到中等個位數。我們的預期部分是基於本月稍早的遠期曲線觀點，包括聯準會在 9 月和 11 月的降息以及資產重新定價的影響和短期內約 50% 的存款。

We've strayed from consensus slightly in terms of the timing of rate actions for the remainder of '25, as Neil mentioned, we acknowledge the prevailing market or macro uncertainty and it's likely impact on business and consumer investment and spending, and we expect, we'll all continue to see a rapidly evolving environment for the foreseeable future here.

正如尼爾所提到的那樣，我們在 25 年剩餘時間的利率行動時機方面略微偏離了共識，我們承認當前的市場或宏觀不確定性及其可能對企業和消費者投資和支出產生的影響，我們預計，在可預見的未來，我們都將繼續看到快速變化的環境。

Our overall '25 guidance dots are as much based on the vibrant markets we operate in as well as our focus across all of our sales teams on execution.

我們的整體 25 個指導點既基於我們營運的活躍市場，也基於我們所有銷售團隊對執行的關注。

On the service fee revenue side, our performance in total was fairly consistent with the prior quarter. Activity across each of our service revenue businesses was a bit mixed. We saw a notable increase in our swap and syndication revenues which were up about 6,000.

在服務費收入方面，我們的整體業績與上一季基本一致。我們每項服務收入業務的活動都有些混亂。我們的掉期和銀團收入顯著增加，增加了約 6,000。

It is about 111% and really a function just more activity there in the first quarter we also saw growth in our treasury management service revenues to our business customers which is consistent with our focus on driving CNI relationship growth.

它大約是 111%，實際上只是第一季活動的增加，我們也看到我們為企業客戶提供的財務管理服務收入有所成長，這與我們專注於推動 CNI 關係成長的重點一致。

Our consumer deposit service revenues were down about 9% and really a function of a lesser level of NSF activity somewhat impacted by some program changes we implemented late in '24. We also saw interchange revenues decline slightly as total transaction volumes were down about 8% from the prior quarter, which was a little heavier of a decrease on the interchange side than the seasonal decrease we historically have seen in the first quarter.

我們的消費者存款服務收入下降了約 9%，這實際上是由於 NSF 活動水平較低，並受到我們在 24 年末實施的一些計劃變更的影響。我們也看到交換收入略有下降，因為總交易量較上一季下降了約 8%，交換方面的降幅比我們歷史上第一季看到的季節性降幅要大一些。

Our wealth advisory and trust revenues were largely flat as the benefits from new AUM inflow were offset by the impact from market value declines.

我們的財富諮詢和信託收入基本上持平，因為新 AUM 流入帶來的好處被市場價值下降的影響所抵消。

Finally, our mortgage revenues also saw a decline compared to the prior quarter, and while we enjoyed a welcome improvement and gain on sale margin. Total revenue was down largely related to MSR activity which was impacted by the lesser rate environment during the quarter and a slight increase in CPR.

最後，我們的抵押貸款收入與上一季相比也有所下降，儘管我們獲得了可喜的改善和銷售利潤的成長。總收入下降主要與 MSR 活動有關，該活動受到本季較低的利率環境和 CPR 略有增加的影響。

Total net interest expense on an adjusted basis was also flat with the fourth quarter while compensation expense was up primarily related to the seasonality impact from higher payroll taxes and some, the impact from annual merit. We also saw an improvement in some more discretionary categories like T&E professional and marketing expenses, to name a few.

調整後的總淨利息支出也與第四季度持平，而薪資支出的增加主要與工資稅增加帶來的季節性影響以及年度績效的影響有關。我們也看到一些更可自由支配的類別有所改善，例如差旅和娛樂專業費用和行銷費用等。

In terms of full year guidance on the non-interest income side, we're expecting a high single digit to low double digit growth rate, and we expect non-interest expenses in the mid to high single digit growth range compared to the prior year adjusted non-interest expense.

就非利息收入的全年指引而言，我們預期成長率將在高個位數至低兩位數之間，而與去年調整後的非利息支出相比，我們預期非利息支出的成長將在中高個位數之間。

As Neil noted, we're very focused on driving positive operating leverage in '25 and positioning the bank for continued growth in the future. We will, of course, keep a close eye on the macro environment and any emerging trends there, and such will certainly dictate the magnitude and pace of the investment and growth opportunities that we pursue.

正如尼爾所說，我們非常注重在 25 年推動積極的經營槓桿，並為銀行未來的持續成長做好準備。當然，我們會密切關注宏觀環境和任何新興趨勢，這必將決定我們所追求的投資和成長機會的規模和速度。

Regarding asset quality, our provision expense for the first quarter was $3.8 million, resulting in an allowance for credit loss ratio of 1.42%. We had a couple moving pieces here this quarter. First, we saw some experience factor benefits, namely upgrades that occurred within the within the quarter, as well as higher prepayments, which both favorably impacted the model reserve.

關於資產質量，我們第一季的撥備費用為 380 萬美元，導致信用損失準備率為 1.42%。本季我們遇到了一些變動。首先，我們看到了一些經驗因素的好處，即本季內發生的升級，以及更高的預付款，這兩者都對模型儲備產生了有利的影響。

Second, and in light of recent macroeconomic developments, we added stress to the economic qualitative factors which unfavorably impacted the model reserve. We see it likely that there will be additional volatility in the Moody's economic forecast component model throughout the rest of this year.

其次，結合近期宏觀經濟發展情況，我們加強了對模型儲備產生不利影響的經濟定性因素的強調。我們認為，今年剩餘時間內穆迪的經濟預測成分模型可能會出現進一步的波動。

Lastly, as Neil referenced earlier, we did see one larger credit fall in the non accrual status in the first quarter, and it had an associated specific reserve which was also an unfavorable impact of the model reserve.

最後，正如尼爾之前提到的，我們確實看到第一季非應計狀態的信貸下降幅度更大，而且它有一個相關的特定準備金，這也是模型準備金的不利影響。

In total, our nonperforming loans as a percent of total loans increased 13 bits to 1.21% this quarter. While we did see some resolutions in the non-accrual bucket in Q1, the inflow of the one larger credit did lead to the net increase to that 121 basis points at quarter end.

總體而言，本季我們的不良貸款佔總貸款的比例增加了 13 位，達到 1.21%。雖然我們確實看到第一季非應計項目中出現了一些解決方案，但一筆較大信貸的流入確實導致季度末的淨增長達到 121 個基點。

Annualized net charge offs as a percentage of average loans remain very low at 4 bits for the quarter. However, as it relates to the full year, we expect net charge offs to be in the high 10s to low 20s range in terms of basis points and certainly linked to how. Macroeconomic landscape evolves throughout the year.

本季度，年化淨沖銷額佔平均貸款的百分比仍維持在非常低的 4 位。然而，就全年而言，我們預計淨沖銷額將在基點 10 多到 20 多之間，並且肯定與如何沖銷有關。宏觀經濟情勢全年都在變化。

The increase in expected charge offs for the full year is attributable primarily to the one loan that moved in a non-accrual status in the first quarter. We expect losses on that loan would be covered by the specific reserve established in the first quarter.

全年預計沖銷額的增加主要歸因於第一季轉為非應計狀態的一筆貸款。我們預計該貸款的損失將由第一季設立的專款儲備金彌補。

On the capital side, we continue to strengthen our position and we saw our TBD per share improved to $34.88.

在資本方面，我們繼續加強我們的地位，我們看到每股 TBD 提高到 34.88 美元。

We saw our CET1 improved by 8 basis points to 13.26%, and we saw tier one leverage improved 36 bits to 12.47%. Our priorities on the capital side remain focused on our organic growth plan as well as opportunistic pursuits to add to our franchise. Certainly if the stock market and banking sector overall remain at depressed levels, we'll expand our analysis to look at your buyback alternatives.

我們的 CET1 提高了 8 個基點，達到 13.26%，一級槓桿率提高了 36 個基點，達到 12.47%。我們在資本方面的重點仍然集中在我們的有機成長計劃以及擴大特許經營權的機會主義追求。當然，如果股市和銀行業整體仍處於低迷水平，我們將擴大分析範圍，並研究您的回購替代方案。

I will now turn the call back to the moderator to open the line for questions.

我現在將電話轉回給主持人，以便大家開始提問。

Thank you. The floor is now open for questions.

謝謝。現在開始接受提問。

(Operator Instructions)

（操作員指示）

Our first question today comes from Woody Lee with KBW.

我們今天的第一個問題來自 KBW 的 Woody Lee。

Please go ahead, your line's open.

請繼續，您的線路暢通。

Hey, good morning guys.

嘿，大家早安。

Morning.

早晨。

Wanted to start on the expense guide, you moved it lower for the full year '25 and I I'd imagine part of that drivers is lower variable comp from the adjusted fee income guide but are there any other drivers behind the lower expense guide?

想從費用指南開始，您將其下調至 25 年全年，我想部分驅動因素是調整後費用收入指南中較低的可變薪酬，但降低費用指南背後還有其他驅動因素嗎？

Yes, you're right on, the expense and income guides are linked, and it's really just. The overall macro uncertainty out there we did see a little bit of a of a slow down on the mortgage side and of course as you said that also carries through on the expense side in terms of variable comp so that you know that's a big factor as we're looking forward and just you know the macro backdrop secondly we did see a little bit of a slowdown.

是的，您說得對，支出和收入指南是相互關聯的，而且確實如此。整體宏觀不確定性讓我們看到抵押貸款方面出現了一些放緩，當然，正如你所說，這也影響到了可變薪酬的支出方面，所以，這是我們展望未來的一個重要因素，其次，在宏觀背景下，我們確實看到了一些放緩。

In consumer activity with card, debit and credit, so, maybe a little bit of a of a pull back on expectations just on spending and related intercharge interchange there really driving some of the moderation on the fee side.

在使用卡片、金融卡和信用卡的消費者活動中，對支出和相關的互換費用的預期可能會略有回落，這確實推動了費用方面的一些緩和。

Got it. That that's helpful. And then maybe for my last question I just wanted to touch on M&A and I know during periods of uncertainty, in the past this has opened opportunities for y'all to move on the offensive, so how does this environment impact your thoughts around M&A?

知道了。這很有幫助。然後，也許我的最後一個問題只是想談談併購，我知道在不確定的時期，這在過去為你們採取攻勢提供了機會，那麼這種環境如何影響您對併購的看法？

Yeah, I mean, what he we're always, we always have the posture of being opportunistic and certainly times of difficulty, we try to be flexible I guess the thing I'd say is we feel like we're in a good spot with our capital levels.

是的，我的意思是，我們總是，我們總是保持機會主義的姿態，當然在困難時期，我們試圖保持靈活性，我想說的是，我們覺得我們的資本水平處於良好狀態。

I wouldn't want to be trying to issue a bunch of stock in this environment to fill a hole, but I think we feel pretty good where we're at and you know things are moving around. I think we all thought there'd be more activity, but I do think it's still going to continue.

我不想在這種環境下試圖發行大量股票來填補空缺，但我認為我們對目前的狀況感覺很好，而且你知道事情正在好轉。我想我們都認為會有更多的活動，但我確實認為它仍將繼續。

Got it thanks for taking my questions.

明白了，感謝您回答我的問題。

Thanks, sweetie.

謝謝，親愛的。

Our next question comes from Tim Mitchell with Raymond Jane. Please go ahead.

我們的下一個問題來自雷蒙德簡 (Raymond Jane) 的 Tim Mitchell。請繼續。

Hey, good morning everyone.

嘿，大家早安。

Morning Tim.

早安，提姆。

Wanted to start out, want to start on the loan growth this quarter, which is solid and, kind of in contrast to your peers that we, we've seen reports so far. I was just curious if you could kind of give some color around the competition and, the rate they're putting new loans on and then, any more color on the pipeline which it sounds like is still pretty solid.

首先，我想談談本季的貸款成長情況，這是穩健的，與我們迄今為止看到的報告相比，您的同業表現更好。我只是好奇您是否可以介紹一下競爭情況，以及他們發放新貸款的利率，然後，再介紹一下聽起來仍然相當穩固的管道。

Yeah, maybe I'll start off and I know Neil will, have a comment or two as well.

是的，也許我會開始，而且我知道尼爾也會發表一兩則評論。

Yes, I think, overall activity we're seeing continues to be strong, in that CNI space pricing, also remains strong, so we're very pleased with the credit spreads we're still seeing there, competitions competition, it's always there of course as we noted earlier.

是的，我認為，我們看到的整體活動繼續保持強勁，CNI 空間定價也保持強勁，因此我們對仍然看到的信用利差感到非常滿意，競爭當然始終存在，正如我們之前提到的。

I think we did see a little bit of a of a lag or a pause during the quarter and then really right at the end of the quarter we saw more heavier activity you know that's continued into pipeline here in Q2 remaining strong we've seen not as much pause thus far in the second quarter, but we certainly saw some pause in the first quarter there for the first couple months of the quarter.

我認為我們確實在本季度看到了一點滯後或停頓，然後實際上在本季度末，我們看到了更為活躍的活動，您知道，這種活動在第二季度繼續保持強勁，到目前為止，我們在第二季度沒有看到太多的停頓，但在第一季度的前幾個月，我們確實看到了一些停頓。

Yeah, I don't know if you would.

是的，我不知道你是否會這麼做。

Yeah, the only I would add, yeah.

是的，我只想補充一點，是的。

The only thing I would add is I think Rob's right we saw you know March was stronger than the other months in the quarter, and I think a lot of times during economic uncertainty some of our stronger clients take advantage of the opportunity and I think this might be no different where we see some of the people taking advantage of the uncertainty to maybe.

我唯一想補充的是，我認為羅布是對的，我們看到 3 月份的表現比本季度的其他月份要強勁，而且我認為在經濟不確定的時期，很多時候我們的一些實力較強的客戶會利用這個機會，我認為這可能也沒什麼不同，我們看到一些人利用不確定性來做這件事。

Tackle some things that you know needs the financial strength, but I would say more broadly, I think you know there are sectors that are impacted by all the tariff uncertainty, but they're also ones that are continuing to have strong backlog, so, it's a bit of a mixed bag at this point, caution is out there, but, we continue to see good activity and I think pipelines pretty strong.

解決一些你知道需要財務實力的事情，但我想更廣泛地說，我認為你知道有些行業受到所有關稅不確定性的影響，但它們也是繼續有大量積壓的行業，所以，目前情況有點複雜，謹慎是存在的，但是，我們繼續看到良好的活動，我認為管道相當強勁。

Great, thanks for all the color. And then on the deposit side, I see the outlook for stable them, but just given the commentary around, expecting CD balances decline and some pretty solid growth and non-interest bearing balances, is it fair to assume and I know you're making in some rate cuts in your guide, but even absent a rate cuts just given those dynamics that deposit cost could move lower.

太棒了，謝謝你提供的所有顏色。然後在存款方面，我看到了穩定的前景，但考慮到周圍的評論，預計 CD 餘額會下降，並且會有一些相當穩健的增長和無息餘額，這是否可以公平地假設，我知道您在指南中做出了一些降息，但即使沒有降息，考慮到這些動態，存款成本可能會降低。

And then secondly, I assume a lot of the core deposit right there is based on the new branches in Southern California. So if you just give color to, hiring efforts and in early days in the in those markets.

其次，我認為那裡的許多核心存款都來自南加州的新分公司。因此，如果您只是對這些市場的早期招聘工作進行點綴。

Yeah definitely you know I would say, certainly we always welcome lower rates on the deposit side you know it's still pretty competitive out there, both in consumer and in the corporate world so we certainly we expect mixed, improvement, but I think we're also, seeing and expecting to continue to see.

是的，當然，我想說，我們當然歡迎存款利率降低，你知道，無論是在消費者領域還是在企業領域，競爭仍然相當激烈，所以我們當然預計會出現好壞參半的改善，但我認為我們也看到並期待繼續看到這種情況。

It's going to remain pretty tight on the pricing side, so, I don't think you'll see, any outsize movements down over and above what happens with macro rates there.

定價方面仍將保持相當緊張的狀態，因此，我認為你不會看到任何超出宏觀利率水準的大幅波動。

In terms of balanced growth, that's really being driven on both the corporate side as well as the consumer side, we've seen, very nice reception in, our Southern California efforts in those offices and with the teams down there very nice reception.

就平衡成長而言，這實際上是由企業和消費者兩方面共同推動的，我們看到，我們在南加州的努力得到了很好的反響，在那裡的團隊也得到了很好的反響。

We've got a couple $100 million in deposits, that we've seen there already, so very strong performance I think the pipeline, for the teams there is also quite strong, so, I think we expect, to see growth from SoCal as well as from, some of our other markets, that will drive growth here in '25.

我們已經在那裡獲得了數億美元的存款，因此我認為表現非常強勁，對於那裡的團隊來說，渠道也相當強大，因此，我認為我們預計會看到來自南加州以及我們的一些其他市場的增長，這將推動 25 年這裡的增長。

Got it. Alright, well thanks for taking my questions.

知道了。好的，非常感謝您回答我的問題。

Thank you.

謝謝。

The next question comes from Matthew Clark with Piper Sandler. Please go ahead, your line's open.

下一個問題來自 Piper Sandler 的 Matthew Clark。請繼續，您的線路暢通。

Hey, good morning, thanks for the questions.

嘿，早上好，謝謝你的提問。

Good morning. Just want to H1 in a little bit more on the margin kind of in the near term. Do you have the spot rate on deposits at the end of March and the average margin in the month of March?

早安.只是希望短期內 H1 的利潤率能再高一點。您有三月底存款的即期匯率和三月的平均保證金嗎？

The month of March, I think our margin for the month was I think we were right around I think yeah we were in the mid for single digit I think we were you know 407 408 range so we were pretty stable on margin levels and deposit pricing similarly, pretty stable through the first several months of the year in the first quarter.

三月份，我認為我們當月的利潤率大概在個位數的中間值，大概在 407 到 408 之間，所以我們的利潤率水平和存款價格都相當穩定，在今年第一季的前幾個月也相當穩定。

Okay.

好的。

Okay.

好的。

Yeah, spot rate would be helpful and deposits if you had it just to give us some visibility, at the end of March if we could follow up, and that 407-408 is non-FTE right on a FTE basis. (inaudible)

是的，現貨匯率和存款會很有幫助，如果您有的話，只是為了讓我們有一些了解，如果我們可以在三月底跟進，那麼 407-408 是非 FTE，以 FTE 為基礎。（聽不清楚）

That's not FTE that's correct, yeah, that is not FTE.

那不是 FTE，這是正確的，是的，那不是 FTE。

All right thanks and then. On the mortgage revenue line can you just quantify how much. How much the MSR write down kind of net hedging was that negatively impacted that. Number?

好的，謝謝，然後。在抵押貸款收入線上，您能量化多少嗎？MSR 減記類型的淨對沖對此產生了多大的負面影響。數字？

Yeah, and it was more you know the on the MSR side. The fair value net of hedging impact was relatively negligible from, one quarter to the next (Q4) to Q1, that we really saw the impact in, the what I'm characterizing is kind of the MSR net capitalization which is, the combination of new inflow and amortization on the portfolio as a result of macro rate and you know what's happening with CPR, so that's where we saw more of the impact.

是的，您知道這更多的是在 MSR 方面。從一個季度到下一個季度（第四季度）再到第一季度，扣除套期影響後的公允價值淨額相對可以忽略不計，我們真正看到的影響是，我所描述的是 MSR 淨資本化，即宏觀利率導致的投資組合新流入和攤銷的組合，你知道 CPR 發生了什麼，所以這就是我們看到的更多影響的地方。

I think that the MSR net fair, net of hedging fair value change was less than $100,000 but it was really the pickup in CPR and the impact in overall net capitalization, that drove the comparison to the prior quarter.

我認為 MSR 淨公允價值（扣除套期公允價值變動）不到 100,000 美元，但實際上是 CPR 的回升和整體淨資本的影響，推動了與上一季的比較。

Okay.

好的。

(multiple speakers) And then just on the total rate here, go ahead.

（多位發言者）然後就這裡的總費率進行討論。

Sorry, I was just going to, I think in total, average life decreased by about three months, just to put that CPR in perspective.

抱歉，我只是想，我認為總的來說，平均壽命減少了大約三個月，只是為了讓大家了解心肺復甦術。

Yeah, okay. And just on the expense run rate in two Q, like yeah, the payroll tax merit increase. But any, and I know you know you gave the efficiency ratio guys we can all kind of back into that but just wanted to. You speak more to the expense run rate two Q.

嗯，好的。就兩個季度的費用運行率而言，工資稅有增加的趨勢。但是，我知道你知道你給了效率比率，夥計們，我們都可以回到那個狀態，但只是想。您更多地談論的是費用運行率二問。

Any color there?

有顏色嗎？

I mean, I think, certainly in total starting with total, you know our expectations for the year on expenses is going to be in that mid to high single digit growth rate level, you know that translates to it is going to pick up the pace is going to pick up.

我的意思是，我認為，當然從總體上看，你知道我們對今年支出的預期將處於中高個位數的成長率水平，你知道這意味著它將會加快步伐。

If, all things are aligned with our expectations, in order to get to that point, on the full year level, so yes, we're expecting Q2 to pick up efficiency, you know we would we would expect that to take a little bit higher in Q2, and then start to come down, a little bit and then a little bit more in Q4, just as the revenue ramps on that side.

如果所有事情都符合我們的預期，為了達到全年水平，是的，我們預計第二季度的效率會提高，你知道我們預計第二季度的效率會稍微高一點，然後開始下降一點，然後在第四季度下降一點，就像收入在那方面增加一樣。

Okay.

好的。

Got it. .

知道了。。

(technical difficulty) And then just back to the M&A question just to close up. The conversation. Give us a sense for your maybe your wish list or top maybe top 3 in terms of, where you can prioritize.

（技術難題）然後回到併購問題，就此結束。對話。請告訴我們您的願望清單，或您可以優先考慮的前 3 個願望。

(technical difficulty) We, we'd like to enhance your presence, I assume so in California, but just trying to get a better sense of, if you had your choice from geographic and size perspective, where would that be?

（技術難題）我們，我們想增強您的存在感，我想是在加利福尼亞州，但只是想更好地了解，如果您可以從地理和規模角度進行選擇，那會是哪裡？

Why don't you, yeah.

為什麼不呢，是的。

Let me know, yeah, I guess I'd say, the thought is predominantly in footprint, continuing to add, with being an opportunistic we don't always dictate the who and where, so I would just say we're going to stay focused within our footprint as we look to add and you know I don't have, any ticker symbols for you, but, I think our thought is to continue what we've always done.

讓我知道，是的，我想我會說，我們的想法主要是在足跡上，繼續添加，作為一個機會主義者，我們並不總是決定誰和在哪裡，所以我只想說，我們會繼續專注於我們的足跡，因為我們希望添加，你知道我沒有任何股票代碼給你，但是，我認為我們的想法是繼續我們一直在做的事情。

Fair enough thanks again.

足夠了，再次感謝。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Our next question comes from Matt On with Steven.

我們的下一個問題來自 Steven 的 Matt On。

Please go ahead. Your line's Nathan.

請繼續。你們的電話是 Nathan。

Hey, great, thanks. Good morning everybody.

嘿，太好了，謝謝。大家早安。

Good morning. Good morning.

早安.早安.

Sticking with that M&A discussion, Neil, I'm sure you saw the distressed deal announced last week in Texas, and in many respects that deal checked a lot of the boxes of your M&A strategy, good deposit based, obviously some some near term challenges. Did you get a look at that deal and is this the the profile of something that you that you would consider?

尼爾，繼續討論併購事宜，我相信您已經看到了上週在德克薩斯州宣布的不良資產交易，而且從很多方面來看，該交易符合您的併購戰略的許多方面，以良好的存款為基礎，顯然也面臨一些近期的挑戰。您是否看過那筆交易？這是您會考慮的交易的概況嗎？

Yeah, I think in fairness industry got looked at by everybody in Texas that I'm aware of you know it was certainly a challenging situation, solid deposit franchise with a horrific mark to market on the asset side, it took a pretty large institution to be able to swallow that, you know those numbers are not insignificant.

是的，我認為公平地說，我知道德克薩斯州的每個人都在關注這個行業，這無疑是一個具有挑戰性的情況，穩固的存款特許經營權與資產方面的可怕市價比，需要一個相當大的機構才能接受這一點，你知道這些數字並不是微不足道的。

And at the end of the day you know certainly fit a lot of the pieces but we're not going to put our shareholders at risk with a big hole that you know has volatility in this market.

最終，您知道我們確實可以彌補許多缺陷，但我們不會讓股東面臨巨大的風險，因為這個市場波動很大。

Sure, I understand.

當然，我明白。

And then I guess switching gears over to the guidance and some of the moving parts there you maintain the guidance around the loan growth and the deposit growth, and you mentioned you lower the guidance around the net interest income. It sounds like that was that was driven partially by the timing of the that cut that you're assuming just any more color on that incremental change from the from a lower guidance.

然後我想轉到指導和一些移動部分，您維持有關貸款增長和存款增長的指導，並且您提到您降低了有關淨利息收入的指導。聽起來這部分是由於降息時機所致，您認為這種增量變化與較低指導相比會更加明顯。

Yeah, absolutely, Matt, I would tell you, a chunk of that relates certainly to the experience in the first quarter, where you know we actually had average balance declination, which was a little different than our original expectations, because of that back end loaded loan growth.

是的，馬特，我會告訴你，這很大程度上肯定與第一季的經驗有關，你知道我們實際上的平均餘額有所下降，這與我們最初的預期略有不同，因為後端貸款增長。

So, that that had a larger impact on the overall guidance that that that we're expecting on the NII side, certainly the potential for continued or an increase in in competitiveness on deposit pricing, will play a role, but you know the experience in the first quarter is the biggest factor.

因此，這對我們預期的 NII 方面的整體指導產生了更大的影響，當然，存款定價競爭力持續或增加的潛力將發揮作用，但您知道第一季的經驗是最大的因素。

Thanks for that, Robin just remind us of your overall interest rate sensitivity as you see it today.

謝謝您，羅賓只是提醒我們您今天看到的整體利率敏感度。

Yeah, I mean, I like to say we're relatively neutral we're actually, slightly asset sensitive in that, but relatively neutral, so that's what we would expect in a down and or up scenario.

是的，我的意思是，我想說我們是相對中立的，實際上，我們對資產有點敏感，但相對中立，所以這就是我們在下行或上行情景中所能預期的。

Okay. And then as far as the higher non-accrual loan that was mentioned in prepared remarks, any more color on this loan I think you mentioned cross border exposure, any civic industry.

好的。然後，就準備好的評論中提到的更高的非應計貸款而言，關於這筆貸款還有什麼細節嗎？我認為您提到了跨境風險，任何民間行業。

You know there was a little cross border element to it and that was just with their manufacturing, so you know I put it in that space for you as Neil mentioned, I mean you know we're going to see, lumpiness on occasion.

您知道這其中有一點跨境元素，而這只是與他們的製造有關，所以您知道我把它放在那個空間裡，正如尼爾提到的，我的意思是，您知道我們偶爾會看到不均勻的情況。

And you know we we're seeing a little bit of that, you know that was the real driver on our NTA experience this quarter we did see some outflow, but as you mentioned that was about a $13 million dollar size credit that we saw on the inflow side.

您知道我們看到了一點這樣的情況，您知道這是我們本季 NTA 體驗的真正驅動力，我們確實看到了一些資金流出，但正如您所提到的，我們在流入方面看到的信貸規模約為 1300 萬美元。

Okay, thanks for taking my questions.

好的，感謝您回答我的問題。

Thank you.

謝謝。

That concludes our Q&A session. I'll now send the conference back over to Neil Arnold for closing remarks.

我們的問答環節到此結束。現在我將會議交還給尼爾·阿諾德，請他作閉幕發言。

Thank you all for joining our call this morning. As always, we appreciate your continued interest in firstsun have a great day thank you.

感謝大家今天上午參加我們的電話會議。像往常一樣，我們感謝您對 firstsun 的持續關注，祝您有美好的一天，謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation. Your line will now be disconnected.

感謝您的參與。您的線路現在將被斷開。