Glacier Bancorp Inc (GBCI) 2026 Q1 法說會逐字稿

Thank you for standing by. Welcome to the Glacier Bancorp first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您耐心等候。歡迎參加 Glacier Bancorp 2026 年第一季財報電話會議。(接線員指示) 提醒您，今天的節目將被錄音。

And now I'd like to introduce your host for today's program, Randy Chesler, President and CEO. Please go ahead, sir.

現在我想介紹今天節目的主持人，總裁兼執行長 Randy Chesler。先生，請開始。

Good morning, and thank you for joining us today. With me here in Kalispell is Ron Copher, our Chief Financial Officer; Tom Dolan, our Chief Credit Administrator; Angela Dose, our Chief Accounting Officer; and Byron Pollan, our Treasurer.

各位早安，感謝今天加入我們。今天在卡利斯佩爾與我一同出席的有：財務長 Ron Copher；首席授信管理長 Tom Dolan；會計長 Angela Dose；以及財務主管 Byron Pollan。

I'd like to point out that the discussion today is subject to the same forward-looking considerations outlined starting on page 9 of our press release, and we encourage you to review this section.

我想指出，今天的討論受我們新聞稿第 9 頁開始所列之相同前瞻性聲明考量所約束，並鼓勵各位查閱該段內容。

Last night, we issued our earnings release for the first quarter of 2026, and we believe it represents a great start to the year with another quarter of strong results. Net income was $82.1 million, an increase of $18.4 million or 29% from the prior quarter and an increase of $27.6 million or 51% from the prior year first quarter. Diluted earnings per share was $0.63 per share, an increase of $0.14 per share or 29% from the prior quarter and an increase of $0.15 per share or 31% from the prior year first quarter.

昨晚，我們發布了 2026 年第一季盈餘新聞稿，我們認為這代表今年有個很好的開端，再度繳出強勁的一季成果。淨利為 8,210 萬美元，較前一季增加 1,840 萬美元（29%），較去年第一季增加 2,760 萬美元（51%）。稀釋後每股盈餘為 0.63 美元，較前一季增加 0.14 美元（29%），較去年第一季增加 0.15 美元（31%）。

A key driver of our performance continues to be margin expansion. The net interest margin as a percentage of earning assets on a tax equivalent basis was 3.80%, an increase of 22 basis points from the prior quarter and an increase of 76 basis points from the prior year first quarter. The loan yield of 6.16% in the current quarter increased 7 basis points from the prior quarter and increased 39 basis points from the prior year first quarter.

推動我們表現的關鍵因素之一仍是利差擴張。以稅負等值（tax equivalent）基礎計算、占生息資產比例的淨利息收益率為 3.80%，較前一季增加 22 個基點，較去年第一季增加 76 個基點。本季貸款收益率為 6.16%，較前一季增加 7 個基點，較去年第一季增加 39 個基點。

The total earning assets yield of 5.11% in the current quarter increased 11 basis points from the prior quarter and increased 50 basis points from the prior year first quarter. The total cost of funding of 1.4% in the current quarter decreased 12 basis points from the prior quarter and decreased 28 basis points from the prior year first quarter.

本季總生息資產收益率為 5.11%，較前一季增加 11 個基點，較去年第一季增加 50 個基點。本季總資金成本為 1.4%，較前一季下降 12 個基點，較去年第一季下降 28 個基點。

Turning to balance sheet trends. The loan portfolio of $21 billion at the end of the quarter increased $106 million or 2% annualized from the prior quarter. The Southwest region, which includes Arizona and Texas, grew in excess of 7% annualized during the current quarter, underscoring the strength of our diversified geographic footprint. On the funding side, total deposits of $24.7 billion at quarter end increased $151 million or 2% annualized from the prior quarter. Noninterest-bearing deposits of $7.4 billion increased $113 million or 6% annualized from the prior quarter.

接著談資產負債表趨勢。季末貸款組合為 210 億美元，較前一季增加 1.06 億美元，年化成長 2%。西南區域（包含亞利桑那州與德州）在本季年化成長超過 7%，凸顯我們多元化地理布局的優勢。在資金端，季末總存款為 247 億美元，較前一季增加 1.51 億美元，年化成長 2%。不計息存款為 74 億美元，較前一季增加 1.13 億美元，年化成長 6%。

Looking past the quarterly acquisition-related expenses, the non-GAAP operating results show the core strength of the business without acquisition expenses. Operating EPS was $0.70 per share. Operating expenses were $188.2 million for the quarter, demonstrating consistent cost control.

若排除與併購相關的季度費用，非 GAAP 的營運結果可在不含併購費用的情況下呈現業務的核心實力。營運每股盈餘為 0.70 美元。本季營運費用為 1.882 億美元，展現一致的成本控管。

Our credit portfolio continues to perform very well. Nonperforming assets remained low at 25 basis points of total assets with a slight increase from the prior quarter. Net charge-offs declined to 2 basis points of total loans, down from 6 basis points in the prior quarter. Our allowance for credit remains at 1.22% of total loans, reflecting our conservative approach to risk management.

我們的授信組合持續表現非常良好。不良資產維持在低檔，為總資產的 25 個基點，較前一季略有上升。淨沖銷降至總貸款的 2 個基點，低於前一季的 6 個基點。我們的備抵呆帳（信用損失準備）仍為總貸款的 1.22%，反映我們保守的風險管理作法。

We also executed well on integration and operations. During the quarter, we completed the core conversion of Guaranty Bank, which we acquired in October of 2025. And I want to thank our teams for their excellent work and focus on our customers throughout the conversion.

我們在整合與營運執行方面也表現出色。本季我們完成了 Guaranty Bank 的核心系統轉換；該行為我們於 2025 年 10 月收購。我也要感謝我們的團隊在轉換期間展現卓越的工作成果，並始終以客戶為重。

As always, we remain committed to consistent shareholder returns. In March, we declared our quarterly dividend of $0.33 per share, representing our 164th consecutive quarterly dividend. We are very encouraged with the business performance in the first quarter and look forward to a strong 2026. Our exceptional team, expanding footprint, unique business model, strong business performance, disciplined credit culture, and strong capital base continue to provide a solid foundation for future growth. That ends my formal remarks.

一如既往，我們仍致力於為股東提供穩健且持續的報酬。3 月，我們宣告每季股利為每股 0.33 美元，為連續第 164 次季度配息。我們對第一季的業務表現深受鼓舞，並期待 2026 年表現強勁。我們卓越的團隊、持續擴張的版圖、獨特的商業模式、強勁的營運表現、嚴謹的授信文化，以及雄厚的資本基礎，持續為未來成長提供堅實根基。以上是我的正式發言。

And now I would like the operator to please open the line for any questions that our analysts may have.

接下來請接線員開放電話線，讓分析師提問。

Jeff Rulis, D.A. Davidson.

Jeff Rulis，D.A. Davidson。

Randy, just kind of at a high level, I wanted to chat about the sort of the Texas market or the Southwest footprint. I got larger banks kind of spare the names of those, but talking about as they enter the market kind of putting a positive spin on maybe an out-of-market buyer getting in and talking about the opportunities. We've also heard from smaller banks that there's even greater market share opportunities due to disruption. I guess how would you put your experience as you've been in the market now for some time and particularly through Guaranty, how would you couch that environment?

Randy，我想先從較高層次聊聊德州市場或西南區域布局。我知道有些大型銀行（先不點名）在進入市場時，會以正面角度解讀外地買方進場，並談論其中的機會。我們也聽到一些小型銀行表示，因為市場受到擾動，反而有更大的市占機會。我想請教，以你們已在該市場耕耘一段時間、尤其透過 Guaranty 的經驗，你會如何描述那樣的環境？

Yes. Well, I think to some extent, the numbers speak for themselves. They grew in excess of 6% in the first quarter. During the same period of time, we were completing the conversion. So they did a great job.

是的。我想在某種程度上，數字已經說明了一切。他們在第一季年化成長超過 6%。同一期間，我們正在完成系統轉換。所以他們做得非常好。

I really see the bulk of what's happening there is business as usual. They're just continuing to grow in the markets that they're in with good customers. There is some disruption happening as some of the larger banks acquire some of the midsized banks there. It's still a little bit early to tell just how expensive that's going to be at this point, Jeff.

我認為那裡大部分的情況其實就是照常運作。他們只是持續在所處市場中，與優質客戶一起成長。確實有一些擾動，因為部分大型銀行正在收購當地一些中型銀行。但目前還稍早，尚難判斷那會變得多昂貴，Jeff。

Fair enough. And Randy, if I could extend that, maybe a question to additional M&A conversations in the footprint, and I guess I'd ask you if you could just focus on Texas for a bit and then maybe opine on the broader Glacier footprint as well. But starting with just what -- as guarantee and conversations have occurred, how is that update and then broadly speaking?

了解。Randy，如果我可以延伸一下，想問關於你們版圖內更多併購（M&A）對話的情況；我想請你先聚焦談談德州，然後也請你評論一下更廣泛的 Glacier 版圖。先從德州開始：就 Guaranty 而言，隨著相關對話的進行，目前更新如何？以及更廣泛來看又如何？

Yes. One of the things that we thought would happen is that our model and our approach would be really well received in the market in Texas, given the dynamics down there, given the type of banks and the type of business very aligned already with how we do business. And I think that's been demonstrated. We've had already multiple conversations. So I think that's proceeding well, and people are on different timelines, and we're in no hurry. And we continue to be very, very disciplined with good banks and good markets with good people. So that's continuing.

是的。我們原本就認為，考量德州當地的市場動態，以及那裡銀行型態與業務類型本就與我們的經營方式高度契合，我們的模式與作法會在德州市場獲得很好的接受度。我想這點已經得到驗證。我們已經進行了多次對話。所以我認為進展良好；各方時程不同，而我們並不急。我們也持續保持非常、非常嚴謹的紀律，只與優質銀行、優質市場、以及優秀的人才合作。因此這方面仍在持續推進。

Mountain West region, still some very good discussions. That hasn't changed at all. So again, I think we made the point, one of the strengths for Glacier Bancorp is the size of the geographic area that we have to kind of look for opportunities. And so I think that's continuing and will prove to be very good advantage for us.

至於山區西部（Mountain West）區域，仍有一些非常好的洽談在進行。這點完全沒有改變。所以再一次，我想我們已經提過，Glacier Bancorp 的優勢之一，就是我們擁有相當廣的地理範圍，可以用來尋找機會。因此我認為這會持續下去，並將證明對我們而言是非常大的優勢。

I appreciate the perspective. And then just one last one, if I could just talk to the margin, want to check in on you've had that north of 4% goal or had that coming into the quarter and a pretty sizable jump. I don't know if that resets the ceiling or you just got there quicker. If you could just reorient where we sit on the margin traction trend.

感謝分享觀點。最後再問一個，如果可以的話想談一下利差，想確認一下你們在本季前就有「高於4%」的目標，而且這季有相當明顯的跳升。我不確定這是否等於把上限重設，或只是你們比預期更快達到。能否請你重新說明一下我們目前在利差改善趨勢上的位置？

Yes, Jeff, this is Byron. I would say very pleased with our margin lift in the first quarter. I would say our margin was really firing on all cylinders in Q1. We've now had nine consecutive quarters of margin expansion. And that plus 22% was the largest quarterly increase over that run.

好的，Jeff，我是Byron。我會說我們對第一季利差的提升非常滿意。我會說我們第一季的利差表現可說是全面發力。我們現在已經連續九個季度利差擴張。而且這個+22%是這段期間單季最大的增幅。

So just very pleased to see what we've been able to accomplish there. We do see more lift ahead of us, and with the strong start to the year, I would say that puts us right on track to hit that 4% target. I wouldn't say that we're looking to go much beyond that. Maybe it accelerates it a little bit, but I still think we're -- we'll see that 4% in the second half of this year. So it really hasn't changed our timing in terms of that broader guide of second half of '26 in terms of hitting 4%.

所以我們對目前能達成的成果非常滿意。我們確實看到後續還有進一步提升的空間，而以今年強勁的開局來看，我會說我們正按計畫達成4%的目標。我不會說我們打算大幅超過那個水準。也許會稍微加速，但我仍然認為——我們會在今年下半年看到4%。因此，就達到4%這個更廣泛的指引而言，時間點其實沒有改變，仍是指向'26年下半年。

Byron, if I just put that a different way, if this is correct. The levers that you had and maybe the FHLB, I mean, you're kind of pulling those and you took advantage of, but that doesn't necessarily mean that you've pushed that ceiling higher potentially, but you got to there quicker maybe than some had expected. Is that fair?

Byron，如果我用另一種方式表達，看看是否正確。你們原本的槓桿、也許還有FHLB，我是說，你們把這些槓桿拉動並加以利用，但這不一定代表你們把潛在上限推得更高，而是你們可能比一些人預期更快到達。這樣說公平嗎？

I think that's right. And I would say going forward, you talked about the levers. The drivers of our margin are shifting a little bit. I would say we retain a clear upward bias. But just kind of you mentioned FHLB payoff, well, that's complete. We did finalize the payoff of our FHLB advances in Q1. So that's done.

我想是的。而且我會說往前看，你提到的那些槓桿——我們利差的驅動因素正在稍微轉變。我會說我們仍然明顯偏向上行。但像你提到的FHLB償還，那已經完成了。我們在第一季已完成FHLB預支款的清償。所以那部分已經結束。

From a deposit cost perspective, I think we could, from here, maybe squeak out another couple of basis points of deposit cost reduction. But I would say with the Fed on hold, it feels like deposit costs for the most part will be stabilizing and moving sideways from here.

從存款成本的角度來看，我認為從現在起，或許還能再擠出幾個基點的存款成本下降。但我會說在聯準會按兵不動的情況下，存款成本大致上會趨於穩定，接下來大多是橫盤整理。

So to this point, we really enjoyed a boost from both sides of the balance sheet. I think going forward, we're going to lean a little bit more on the asset side of our balance sheet to see further margin lift. Our asset repricing, as we've talked a lot about, does have momentum to it. I think you could see a slow and steady up on our asset repricing through '27, in fact. We have $3 billion of loans repricing in the next year, and that's going to earn an incremental rate of 75 to 100 basis points. Now that we have all the guaranteed data converted and into our reporting, that's where that increased number is coming from, that $3 billion of repricing.

所以到目前為止，我們確實同時受惠於資產負債表兩端的推升。我認為往後我們會更倚重資產端來帶動進一步的利差提升。如同我們談過很多次的，我們的資產重訂價確實有動能。事實上，你可能會看到我們的資產重訂價一路到'27年呈現緩慢且穩定的上升。未來一年有30億美元的貸款將重訂價，將帶來額外75到100個基點的利率提升。現在我們已把所有保證資料完成轉換並納入報表，這就是那個提高後的數字來源，也就是這30億美元的重訂價規模。

And then new loans, new production rates are very strong, I would say, north of 6.5%. So that's very helpful. And on the investment side, we're still seeing very strong cash flow. And those securities are running off at a very low rate with the one handle on. And so you put all those drivers together, we're still seeing lift ahead of us, but probably going to be leaning more on the asset side of the balance sheet to realize that additional lift.

另外，新貸款、新承作利率非常強，我會說在6.5%以上。這非常有幫助。而在投資端，我們仍看到非常強勁的現金流。這些證券以非常低的速度到期/流失，約在1%出頭。把這些驅動因素加總起來，我們仍看到後續還有提升空間，但可能會更倚重資產負債表的資產端來實現額外的提升。

Understood. That's great. And Byron, the $3 billion, is that just a forward-look 12 months? Are you talking about just in '26?

了解。很好。Byron，那30億美元是指往前看12個月嗎？還是你指的是只在'26年？

That's the forward-look 12 months from March 31.

那是以3月31日為起點往前看12個月。

Matthew Clark, Piper Sandler.

Piper Sandler的Matthew Clark。

Just wanted to start on the loan growth this quarter, 2% annualized, at least in a period basis, maybe a little slower start to the year, but I assume there was some -- that's partly due to seasonality. Just remind us how you feel about the kind of growth expectations for the year. I think we were thinking somewhere in that 3% to 5% range, and just speak to the pipeline, I guess, coming into 2Q.

想先從本季貸款成長談起，年化2%，至少以期間口徑來看，可能算是今年開局稍慢一些，但我猜其中有一部分——這部分是季節性因素。請再提醒我們一下你們對今年成長預期的看法。我想我們原先預期大概在3%到5%的區間，也請談談進入第二季時的案源/管線狀況。

Yes. Matthew, at this point, I think we're still comfortable with that low to mid-single digit. The pipeline still shows continued strength in levels in both pull-through and backfill. But there's a lot of uncertainty out there. And depending on some of the geopolitical and associated economic risks that go along with that, that could potentially change. So I think we're still comfortable with the low to mid-single digits.

好的。Matthew，就目前而言，我認為我們仍對低到中個位數的成長感到有把握。管線在承作轉換率（pull-through）與補充案源（backfill）兩方面的水位仍顯示持續強勁。但外部不確定性很多。而取決於一些地緣政治及其伴隨的經濟風險，這可能會改變。所以我認為我們仍對低到中個位數感到有把握。

Your point on the first quarter definitely was a seasonal impact. I think we'll see improvement in the second and the third quarter. And as Randy mentioned in his comments, the benefits of the Southwestern region of our footprint doesn't quite have the same level of seasonality trends that the northern part of the footprint, a lot more susceptible to colder weather that tends to slow down construction advances, et cetera.

你提到第一季的確受到季節性影響。我認為第二季與第三季會看到改善。而如Randy在評論中提到的，我們版圖中的西南區域，季節性趨勢不像北部版圖那麼明顯；北部更容易受寒冷天氣影響，往往會放慢建築放款撥付等。

Great. And then just on expenses, you came in a little bit below the guidance range for the quarter. Any update there going forward? And do you still contemplate getting to that 54%, 55% efficiency ratio in the fourth quarter?

很好。再來談費用，你們本季略低於指引區間。往後有任何更新嗎？你們仍預期在第四季達到54%、55%的效率比率嗎？

Yes, Matthew, Ron here. We definitely plan to get to the 54%, 55% efficiency ratio. I just want to point out again that that's core operating, so when you look at our efficiency ratio reported for the first quarter, it came in at 63%, while that's loaded in the numerator with the acquisition expenses, including the compensation relief coming out of that acquisition. So yes, we'll do that. The guide that I gave three months ago on the call in January, I just want to reiterate that, $750 million to $766 million for the full year.

好的，Matthew，我是Ron。我們確實計畫達到54%、55%的效率比率。我想再次指出，那是核心營運口徑，所以當你看我們第一季揭露的效率比率時是63%，其分子包含了併購費用，包括該併購帶來的薪酬減免（compensation relief）。所以是的，我們會做到。我在三個月前、1月電話會議上給的全年指引，我想重申一次，全年為7.50億到7.66億美元。

And I think it's important to point out that we remain cautious on hiring spending in general, given the economic uncertainty, certainly add in the Middle East conflict. So we think all of our divisions, corporate departments have done a good job in looking at where they might pull back on some expenses, but likely to show up in the -- as the year unfolds, too early to tell. So just reiterating 54% to 55%, feel very good about that on a core operating basis and staying with the guide.

我也認為重要的是指出，鑑於經濟不確定性，我們整體在招募與支出上仍保持審慎，當然也要把中東衝突納入考量。因此我們認為各事業部與公司部門在檢視哪些費用可以收斂方面做得很好，但可能要隨著年度推進才會逐步反映出來，現在還太早下定論。所以再次重申核心營運口徑的54%到55%，我們對此非常有信心，並維持該指引。

Okay. And that efficiency ratio, I know it obviously excludes merger charges and related comp. But does it also exclude amortization expense?

好的。那個效率比率，我知道它顯然排除合併費用與相關薪酬。但它也排除攤銷費用嗎？

No. So for instance, think of the -- you're talking the core deposit intangible amortization?

不是。所以舉例來說，你是指核心存款無形資產攤銷嗎？

Yes.

是。

That would still be in there.

那仍然會包含在裡面。

David Feaster, Raymond James.

David Feaster，Raymond James。

Maybe just switching back to Texas and the Guaranty deal just for a minute. That's converted integrated at this point, it sounds like they did about 6% growth in the first quarter. I guess, first, how did the conversion and integration go? It sounds like they didn't miss a beat, but just wanted to see how that went. And the growth that they're seeing, what's driving that? And what are they excited about?

也許先回到德州以及 Guaranty 這筆交易，稍微談一下。目前看起來已經完成轉換並整合了，聽起來他們第一季大約成長了 6%。我想先問，轉換與整合進行得如何？聽起來你們幾乎沒有受到影響，但我想確認一下實際情況。另外，他們目前看到的成長，是由什麼驅動的？他們對哪些方面感到興奮？

Is it growth from existing clients where they can deepen relationships now that they've got more capabilities and a bigger balance sheet? Or is this new relationships that you can now service them because they previously could? Just kind of curious some of those dynamics, if you could touch on that.

這是來自既有客戶的成長，因為現在你們有更多能力與更大的資產負債表，可以加深往來關係嗎？還是說這是新的往來關係，因為以前他們做不到、現在你們可以提供服務？我只是好奇其中的一些動態，如果可以的話請談談。

Sure. Yes, the conversion is behind us. I think the teams are doing a great job continuing to help out the folks in Texas and get them used to our systems. But that's moving forward. As you noted, they really didn't miss a beat. You look at the loan growth of 6%, very, very pleased with that. So I think all those things have gone well and are really moving in the right direction.

當然。是的，轉換已經完成。我認為團隊做得很好，持續協助德州的同仁，讓他們熟悉我們的系統。而且進展順利。如你所說，他們確實幾乎沒有受到影響。你看貸款成長 6%，我們非常、非常滿意。所以我認為這些事情都進行得很順利，方向也都很正確。

I think Tom can give you a little color on the makeup of that business. Tom, do you want to comment on that?

我想 Tom 可以就這塊業務的組成提供一些補充說明。Tom，你要不要評論一下？

Sure. Yes. David, I think your question around whether it's coming from existing borrowers deepening the relationship or new borrowers, it's a little bit of both. They've seen some nice strong pipeline growth. That's continuing. That's continued to be stable even going into the second quarter.

好的。是的。David，關於你問到成長是來自既有借款人加深關係，還是來自新借款人，答案是兩者都有一些。他們看到放款案源（pipeline）有不錯且強勁的成長。而且仍在延續。即使進入第二季，這個狀況也持續保持穩定。

And certainly, one of the main benefits for them is the ability now to deepen those relationships that, at one point, from an aggregate standpoint, you might have been bumping up against their comfort level. And so we're able to continue growing with those as well. But certainly, new customers, really throughout their footprint, has been a good source of pipeline growth as well.

當然，對他們而言其中一個主要好處，是現在能夠加深那些關係；過去從整體曝險的角度來看，你可能會碰到他們可接受範圍的上限。因此我們也能持續與這些客戶一起成長。但同時，新客戶在他們整個據點範圍內，也一直是案源成長的良好來源。

And maybe just a high-level follow-up kind of on Matthew's question on the growth side. Could you maybe just elaborate on -- like how are the pipelines across your footprint? Where are you seeing growth? I know there was some noise from reclassification this quarter from resi to CRE. But just kind of curious the complexion of the pipeline and how competition is across your footprint. Anecdotally, we hear a lot on the pricing front, but curious if you're seeing that and kind of how origination yields are looking in the pipeline. And just any details you can help us out with?

另外，針對 Matthew 關於成長面的問題，我想再做一個高層次的追問。你能否再多談談——例如你們整個據點的案源情況如何？你們在哪些地方看到成長？我知道本季有一些因重新分類（從住宅轉到商用不動產 CRE）造成的雜訊。但我想了解案源的結構，以及你們各據點的競爭情況。從市場傳聞來看，大家談很多的是定價壓力，但我想知道你們是否也有看到，以及案源中的承作收益率（origination yields）看起來如何。以及任何你能提供的細節？

Sure. Yes, the composition of the pipeline is still largely driven by commercial real estate, and it's a good representation of both owner and nonowner, and that's really spread throughout the footprint. And following on the heels of that is probably some C&I opportunities as well. And I've mentioned this in the last couple of calls, a bigger component of the total pipeline compared to -- you wind the clock a couple of years, we're starting to see more construction demand. And as we know, those don't fund at close. So we've seen good strong top-line production levels.

當然。是的，案源的組成仍主要由商用不動產驅動，且在自用與非自用之間都有良好代表性，並且分布在整個據點範圍。緊接在後的，可能還有一些工商貸款（C&I）的機會。我在最近幾次電話會議也提過，相較於——如果把時間往回推幾年——我們開始看到建築融資需求占整體案源的比重更高。而我們也知道，這些在結案時不會立即全額撥款。因此我們看到整體新增承作量（top-line production）維持在良好且強勁的水準。

And as we get into the summer parts of the year, we'll start to see those lines drop in addition to utilization lines for other segments of the portfolio as well, including agriculture as we get into the growing season. So I think certainly, we're going to see some stronger second and third quarter as we move into this year.

隨著進入一年中的夏季時段，我們會開始看到這些額度動用（lines）增加；此外，投資組合中其他區塊的動用額度也會上升，包括農業在進入生長季時。所以我認為，隨著今年推進，我們在第二季與第三季確實會看到更強的表現。

And then from a competition standpoint, we haven't really seen any significant change in the last quarter. Markets where we have a controlling market share, we're generally able to get much better pricing, and that allows us to compete better in the larger markets where we do have more pricing competition. So the production yield was about 6.75% for the quarter. We're still getting good spreads. We saw that middle part of the curve increase in March. And as a result, we saw late quarter and into the early second quarter production yields come up a little bit as well to follow through.

至於競爭面，我們在上一季並沒有看到任何顯著變化。在我們擁有主導市占的市場，我們通常能取得更好的定價，而這也讓我們在定價競爭較激烈的大型市場中更具競爭力。因此本季的新增承作收益率約為 6.75%。我們仍取得不錯的利差。我們在 3 月看到殖利率曲線中段上升。因此，我們也看到季末以及進入第二季初的新增承作收益率跟著小幅上升。

And maybe just on the other side of the balance sheet. I mean, deposit growth is really strong in what's typically a seasonally slower period, especially on the noninterest-bearing side. Just could you touch on, again, the competitive landscape on the funding side as the industry is trying to accelerate growth and fund that? And then are there any segments or markets where you're having more success driving core deposit growth?

再問一下資產負債表的另一端。存款成長非常強勁，而第一季通常是季節性較慢的期間，尤其是在無息存款那一塊。你能否再談談資金端的競爭環境？因為整個產業都在試圖加速成長並為此籌措資金。另外，有沒有任何客群或市場，你們在推動核心存款成長方面更有斬獲？

Yes, David, we had a great quarter for deposits. First quarter can be a mixed bag sometimes. Sometimes it's the outflow in Q1. So to see such strong deposit growth was really encouraging. I think the divisions are doing a great job of competing in their market.

是的，David，我們這一季的存款表現非常好。第一季有時候會是好壞參半。有時候第一季會出現資金流出。所以看到如此強勁的存款成長，確實令人振奮。我認為各事業部在各自市場的競爭做得非常好。

And you saw our balance increase and, at the same time, bringing our overall cost down. And so just a fantastic result and really encouraged by what we see on the noninterest-bearing side. And so that really outperformed our expectations for Q1.

你也看到我們的存款餘額增加，同時整體資金成本還下降。所以這是非常出色的成果，而且我們對無息存款端所看到的表現感到非常鼓舞。因此，這一季的表現確實超出我們對第一季的預期。

And so I think that bodes well for the rest of the year. I can't say exactly kind of where that will play out, but we do see headwinds in Q2, particularly with the seasonal tax flows. But overall, what we see, we've seen a very strong start to the year and encouraged by the success that our divisions have had.

所以我認為這對今年剩餘時間是個好兆頭。我無法精確說明會在哪些地方具體展現，但我們在第二季確實看到一些逆風，特別是季節性的稅款資金流。但整體而言，我們看到今年開局非常強勁，也對各事業部所取得的成果感到鼓舞。

Andrew Terrell, Stephens.

Andrew Terrell，Stephens。

If I could go back to just the margin quickly. Good to see you guys in the quarter at 0, I mean, FHLB advances. I don't think there's any brokered deposits. But just curious on -- as you look forward kind of throughout the year, I heard the commentary around deposits and maybe being able to eke out just a little bit more on the cost side.

如果我可以快速回到淨利差（margin）。很高興看到你們本季在 0——我是指 FHLB 預借款（advances）。我想也沒有任何經紀存款（brokered deposits）。但我想請教——當你們展望今年接下來的時間，我聽到你們對存款的評論，以及也許在成本端還能再擠出一點空間。

But any other changes you can make in the funding position or deposit base, just acknowledging kind of the cash flows you'll have coming up this year on the bond book or what the kind of net expectation is there?

但在資金結構或存款基礎方面，還有沒有其他你們可以做的調整？也考量到今年你們在債券投資組合上將會有一些現金流入，或你們對那部分的淨預期大概是什麼？

Yes. I do think we could see a couple more basis points in Q2. And really, I'd point to our CD portfolio. We do have over 60% of our CDs maturing every quarter. And so in Q2, what we have maturing, the renewal rates that we've seen at least early on are coming in a little bit lower than those maturing rates.

是的。我確實認為第二季可能還會再改善幾個基點。主要我會指向我們的定期存款（CD）組合。我們每一季都有超過 60% 的 CD 到期。因此在第二季，對於到期的部分，我們至少在初期看到的續作利率，會比到期利率略低一些。

And so I think if I were to point to any particular line item, I would say, look for maybe a little bit of cost decline in our overall CD portfolio. But beyond that, with the Fed on hold, I do think for the most part, we might see deposit rates moving sideways for the rest of the year.

因此我認為，如果要我指出任何特定的科目，我會說，請留意我們整體定存（CD）投資組合的成本可能會有些微下降。但除此之外，在聯準會按兵不動的情況下，我確實認為大致上今年剩餘時間存款利率可能會呈現橫盤走勢。

And then I guess with the FHLBs now down at 0, should we expect relative kind of stability in the bond book? Are you starting to purchase securities again? Or is that kind of excess cash go?

那我想，既然現在FHLB的利率已降到0，我們是否應該預期債券投資組合相對穩定？你們是否開始再次買進證券？或者那部分多餘現金會怎麼處理？

Yes. With excess cash that we see building, particularly in the second half of this year, we are evaluating investment strategies. So we do expect to be active in the market buying bonds in the second half of this year. So yes, looking to put that excess cash to work.

是的。隨著我們看到多餘現金逐步累積，特別是在今年下半年，我們正在評估投資策略。因此我們預期今年下半年會在市場上更積極買進債券。所以是的，會把那部分多餘現金投入運用。

And if I can ask just around, you guys have had the dividend pretty stable the past couple of years and the payout ratio has obviously dropped pretty drastically over the past two years or so. Just can you remind us where you generally like to operate from a dividend payout range and just kind of your thoughts on capital deployment going forward?

另外我想問一下，你們過去幾年的股利相當穩定，而股利支付率在過去兩年左右顯然大幅下降。能否提醒我們，你們一般偏好在什麼樣的股利支付率區間運作，以及對未來資本運用的想法？

Yes. Yes, the dividend payout ratio has dropped significantly. We're very, very pleased to see that. It's going to continue to trend down. We're looking forward to seeing that drop below 50 in the next couple of quarters. So I think we feel very good about that.

是的。是的，股利支付率已顯著下降。我們對此非常、非常滿意。它還會持續往下走。我們期待在接下來幾個季度看到它降到50%以下。所以我想我們對此感覺非常好。

And certainly, we've had a lot of discussions about capital. We're going to be building quite a bit of capital when you take in the regulatory relief plus just the position of the balance sheet. And so Byron and team, Ron been very active in looking really at rethinking all options given the amount of capital that's going to be accumulating.

當然，我們也就資本進行了很多討論。考量到監管紓困再加上資產負債表的狀況，我們將累積相當多的資本。因此Byron和團隊，以及Ron一直非常積極地在檢視，鑑於將累積的資本規模，重新思考所有選項。

Do you have a general expectation on -- I know it's just a proposal right now, but the kind of capital benefit you could expect if the proposal goes through as written right now?

你們對—我知道目前還只是提案—如果該提案按目前文字通過，你們大概可期待的資本效益有沒有一個大致的預期？

Yes. We took a look at that. I understand it's still early in proposed stage. But most of the impact to us would be on the risk-weighted asset side. So we do expect to see some risk-weighted asset relief. Early calculations indicate that that could be somewhere in the neighborhood of 75 to 80 basis points of CET1 capital ratio for us. And so if this rule as proposed does become final, I think we'd see a bump somewhere in the neighborhood of 75 basis points on our risk-weighted ratio.

是的。我們有看過。我了解目前仍處於提案的早期階段。但對我們影響最大的是在風險加權資產端。因此我們確實預期會看到一些風險加權資產的紓解。初步計算顯示，對我們而言，普通股權益第一類資本（CET1）比率可能約可增加75到80個基點。因此如果這項規則按提案內容成為最終定案，我認為我們的風險加權比率大概會上升約75個基點。

(Operator Instructions) Kelly Motta, KBW.

(接線員指示) Kelly Motta，KBW。

I would love to follow up. I apologize if I missed it, but when you were discussing the margin in regards to the excess liquidity and the deployment of that, did you quantify what you consider to be kind of excess cash levels currently on the balance sheet? It's a little tougher to see given the breakout in tax exempt and taxable, it's baked in with securities. So I'm trying to just get a sense of kind of the dry powder in there.

我想追問一下。如果我漏聽了先說聲抱歉，但你們在討論利差、以及超額流動性與其運用時，你們是否量化了目前資產負債表上你們認為的「超額現金」水位？由於免稅與應稅的拆分，且它被包含在證券裡，這點比較難看出來。所以我想了解一下裡面大概有多少可動用的「乾火藥」。

Yes. I don't know that we have a specific target in mind. More than anything, I think we're looking at the runoff as bonds are maturing and cash builds, and I'll just throw a number out there, somewhere above the $1 billion range in terms of overall cash. I think that's really where we'll be looking to redeploy those cash flows going forward.

是的。我不確定我們是否有一個明確的目標。更重要的是，我們在看債券到期帶來的自然到期流失（runoff），以及現金累積的情況；我先隨口給個數字，整體現金大概會在10億美元以上的區間。我想那大概就是我們未來會考慮重新部署這些現金流的水位。

That level could ebb and flow kind of depending on market opportunities, depending on timing of what we see ahead of us and what's going on in the broader balance sheet, but probably somewhere in that $750 million to $1 billion in cash. Beyond that would be a zone where we would look to reinvest.

這個水位可能會因市場機會、我們看到的時點，以及更廣泛的資產負債表狀況而上下波動，但大概會落在7.5億到10億美元的現金。超過那個水位，就會進入我們會考慮再投資的區間。

And then not to beat a dead horse about the margin, but understanding that this really remarkable level in Q1 was in part driven by the liability side where things are leveled off kind of from here. It still seems like there's a lot of earning asset expansion, 11 basis points, I believe, this quarter, which bodes well for exit margin potentially higher than that 4% by 4Q.

另外，不想在利差問題上老調重彈，但我理解第一季這個非常亮眼的水準，部分是由負債端驅動，而從這裡開始大致趨於平穩。不過看起來生息資產仍有相當幅度的擴張，我記得本季是11個基點，這對於第四季退出利差可能高於4%是個好兆頭。

Just wondering, is that 11 basis points sustainable? Any sort of puts or takes there? And is there a way that we should be thinking about that continued cadence and exit margin in '26 and through '27, given it seems like those dynamics are fairly durable? Sorry, I know there's a lot in there.

想請問，這11個基點是可持續的嗎？有沒有什麼上行或下行因素？另外，考量這些動態似乎相當持久，我們應該如何看待這樣的節奏，以及在2026年與2027年期間的退出利差？抱歉，我知道問題有點多。

Yes, sure. The 11 basis points in Q1, one thing to point out with the day count and the way that the interest accrued, I would say that helped. That margin is -- or that boost has increased in Q1. So a little bit of an unwind, we would expect to see just from a day count perspective in 2Q and beyond. The repricing lift that I mentioned earlier, as you say, is durable and will be there. In terms of an exit margin, there's a little bit of potential to maybe go past 4%. I wouldn't say we're going to blow through it. Maybe we creep above it a little bit. But those are my expectations at least at this point.

好的，當然。第一季的11個基點，有一點要指出的是，受天數計算（day count）以及利息應計方式影響，我會說這對第一季有幫助。因此第一季的利差—或者說那個提振—在第一季被放大了。所以從天數計算的角度來看，我們預期第二季及之後會有一些回吐（unwind）。至於我先前提到的重定價帶來的提振，如你所說，是具持久性的，會持續存在。就退出利差而言，確實有一點可能性會略高於4%。我不會說會大幅突破。可能只是稍微高於4%一點點。但至少目前這是我的預期。

And that sustainability of earning asset yield understanding the day count into '27. Is that the correct kind of way to think about it given the longer-term tail of the repricing story?

那麼，考量到天數因素一路延伸到2027年，生息資產收益率的可持續性也是如此理解嗎？也就是說，鑑於重定價故事的長尾效應，這樣想是正確的嗎？

I think it is. Yes, I think it is.

我認為是的。是的，我認為是。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Randy Chesler for any further remarks.

今天節目的問答環節到此結束。我想把節目交回給Randy Chesler，請他做進一步的結語。

Yes. Thank you, Jonathan, and thank you, everyone, for dialing in today. We appreciate you taking time out of your Friday. We wish everyone a great, great weekend, and thank you again for joining us.

是的。謝謝你，Jonathan，也謝謝各位今天撥冗參與。我們感謝大家在週五抽空。祝大家週末愉快，也再次感謝各位加入我們。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士先生參與今天的電話會議。本節目到此結束。您現在可以掛線。祝您有美好的一天。