Heritage Financial Corp (HFWA) 2024 Q1 法說會逐字稿

Hello, and welcome to Heritage Financial Corporation First Quarter 2024 Earnings Call. My name is Lydia, and I will be your operator today. (Operator Instructions)

您好，歡迎參加 Heritage Financial Corporation 2024 年第一季財報電話會議。我叫莉迪亞，今天我將成為你們的接線生。（操作員說明）

I'll now hand you over to Jeff Deuel to begin. Please go ahead.

現在我將把您交給 Jeff Deuel 開始。請繼續。

Thank you, Lydia. Welcome and good morning to everyone who called in and those who may listen later. This is Jeff Deuel, CEO of Heritage Financial. Attending with me are Bryan McDonald, President and Chief Operating Officer; Don Hinson, Chief Financial Officer; and Tony Chalfant, Chief Credit Officer.

謝謝你，莉迪亞。歡迎所有來電的人和稍後可能收聽的人，早安。我是傑夫‧杜埃爾 (Jeff Deuel)，Heritage Financial 執行長。與我一起出席的有總裁兼營運長 Bryan McDonald；唐‧辛森 (Don Hinson)，財務長；和首席信貸官托尼·查爾凡特 (Tony Chhalfant)。

Our first quarter earnings release went out this morning premarket, and hopefully, you have had the opportunity to review it prior to the call. We have also posted an updated first quarter investor presentation on the Investor Relations portion of our corporate website, which includes more detail on deposits, loan portfolio, liquidity and credit quality. We will reference this presentation during the call. Please refer to the forward-looking statements in the press release.

我們的第一季財報於今天早上盤前發布，希望您有機會在電話會議之前對其進行審查。我們也在公司網站的投資者關係部分發布了更新的第一季投資者介紹，其中包括有關存款、貸款組合、流動性和信用品質的更多詳細資訊。我們將在通話期間參考此簡報。請參閱新聞稿中的前瞻性陳述。

Although there was some noise in the quarter, we're pleased to report a solid core performance, including active balance sheet management and expense management activities to reduce noninterest expense. We continue to see pressure on deposit pricing in Q1, and we expect to see that continue for the near term. Deposit balances declined modestly in Q1, and the mix of deposits continues to partially shift to higher rate products.

儘管本季存在一些噪音，但我們很高興報告穩健的核心業績，包括積極的資產負債表管理和旨在減少非利息支出的費用管理活動。我們在第一季繼續看到存款定價面臨壓力，並且預計這種情況在短期內會持續下去。第一季存款餘額小幅下降，存款結構繼續部分轉向利率較高的產品。

Loan growth was strong in Q1, running at an 8.4% annualized rate. Credit quality remains strong, resulting from our long-term practice of actively managing the loan portfolio. We have ample liquidity, a low loan-to-deposit ratio and a solid capital base. Going forward, we will keep a sharp eye on expenses while we focus on growing loans and deposits.

第一季貸款成長強勁，年化成長率為 8.4%。由於我們長期積極管理貸款組合，信貸品質依然強勁。我們流動性充裕，存貸比較低，資本基礎雄厚。展望未來，我們將密切關注支出，同時專注於增加貸款和存款。

We'll now move to Don Hinson, who will take a few minutes to cover our financial results.

我們現在請唐辛森 (Don Hinson) 發言，他將花幾分鐘時間介紹我們的財務表現。

Thank you, Jeff. I will be reviewing some of the main drivers of our performance for Q1. As I walk through our financial results, unless otherwise noted, all of the prior period comparisons will be with the fourth quarter of 2023.

謝謝你，傑夫。我將回顧第一季業績的一些主要驅動因素。當我瀏覽我們的財務表現時，除非另有說明，否則所有前期比較都將與 2023 年第四季進行比較。

I want to start by covering some actions that significantly impacted earnings for Q1, and are expected to help protect future earnings. First, we repositioned a portion of our investment portfolio, which resulted in a pretax loss of $10 million during Q1, which is similar to the loss recognized in Q4. We sold $144 million of securities with a weighted average yield of 2.37% and purchased $33 million of securities yielding 6.05%.

我想先介紹一些對第一季收益產生重大影響並預計將有助於保護未來收益的行動。首先，我們重新配置了部分投資組合，導致第一季稅前虧損 1,000 萬美元，與第四季確認的虧損類似。我們出售了 1.44 億美元的證券，加權平均收益率為 2.37%，並購買了 3,300 萬美元的證券，加權平均收益率為 6.05%。

Including the yield on cash not reinvested at quarter end, we are expecting an annualized net interest income pickup of about $4.6 million from these transactions, resulting in an earn-back period of approximately 2.5 years. Unlike the trade in Q4, where we reinvested substantially all of the proceeds, we intend to use a portion of this quarter's proceeds for other cash needs, such as the BTFP debt that matures in early May.

包括季末未再投資的現金收益率，我們預計這些交易的年化淨利息收入將增加約 460 萬美元，從而帶來約 2.5 年的獲利回收期。與第四季度的交易不同，我們將大部分收益進行了再投資，我們打算將本季收益的一部分用於其他現金需求，例如 5 月初到期的 BTFP 債務。

Second, we incurred certain costs related to expense management measures in order to lower expenses in future periods. For Q1, these primarily included severance costs of $1.1 million due to reduction in staffing levels, which we mentioned during our previous earnings call in January. These costs, in aggregate with expense management costs occurred in Q4, are expected to improve the annualized expense run rate by $5.3 million. Please see Page 6 of the investor presentation for more information on these actions.

其次，我們產生了與費用管理措施相關的某些成本，以降低未來期間的費用。對於第一季度，這些主要包括由於人員配備水準減少而產生的 110 萬美元的遣散費，我們在 1 月的上一次財報電話會議中提到了這一點。這些成本加上第四季發生的費用管理成本，預計將使年化費用運行率提高 530 萬美元。有關這些行動的更多信息，請參閱投資者簡報第 6 頁。

Moving on to the balance sheet. Loan growth was strong in Q1, as mentioned by Jeff, increasing $92.5 million for the quarter. Most of this growth occurred in the latter portion of the quarter, and the benefits won't be fully realized until Q2.

繼續看資產負債表。正如傑夫所說，第一季貸款成長強勁，該季度增加了 9,250 萬美元。大部分成長發生在本季後半段，其效益要到第二季才能完全實現。

Yields in the loan portfolio were 5.41% for the quarter, which was 6 basis points higher than Q4. Bryan McDonald will have an update on loan production and yields in a few minutes.

本季貸款組合收益率為 5.41%，較第四季高 6 個基點。布萊恩麥克唐納 (Bryan McDonald) 將在幾分鐘內通報貸款生產和收益率的最新情況。

Total deposits decreased $67.5 million during the quarter. This was due to a decrease of $154 million in nonmaturity deposits, approximately half of which was due to declines in noninterest-bearing deposits, partially offset by an increase of $87 million in CD balances.

本季存款總額減少了 6,750 萬美元。這是由於非到期存款減少 1.54 億美元，其中約一半是由於無息存款減少，部分被定期存款餘額增加 8,700 萬美元所抵消。

Customers continue to take advantage of the higher rate environment by lowering their excess balances and lower paying nonmaturity deposit accounts. These factors contributed to an increase of 22 basis points in our cost of interest-bearing deposits to 1.70% for Q1.

客戶繼續透過降低超額餘額和較低支付的非到期存款帳戶來利用較高的利率環境。這些因素導致第一季我們的計息存款成本上升 22 個基點至 1.70%。

Due to the market -- current market pressure related deposit rates, we expect to continue to experience an increase in the cost of our core deposits. This is illustrated by the cost of interest-bearing deposits being 1.78% for the month of March, with a spot rate of 1.80% as of March 31.

由於市場目前與存款利率相關的市場壓力，我們預期核心存款成本將持續增加。3月份的計息存款成本為1.78%，截至3月31日的即期利率為1.80%，就說明了這一點。

Investment balances decreased $143 million during Q1, mostly due to the loss trade previously discussed. The security trades occurred in March, therefore, the benefits of the loss trade was not fully realized in Q1. Even without full realization of the loss trade benefit, the yield on the securities portfolio increased 15 basis points from the prior quarter to 3.30% for Q1.

第一季投資餘額減少 1.43 億美元，主要是由於先前討論的虧損交易。證券交易發生在3月份，因此虧損交易的收益在第一季並未完全實現。即使沒有完全實現貿易損失收益，第一季證券投資組合收益率仍較上季上升 15 個基點至 3.30%。

Moving on to the income statement. Net interest income decreased $2.3 million from the prior quarter, due to a decrease in both the net interest margin and average earning assets. The net interest margin decreased to 3.32% for Q1 from 3.41% in the prior quarter. This decrease was primarily due to the cost of interest-bearing deposits increasing more rapidly than yields on earning assets.

繼續看損益表。由於淨利差和平均獲利資產下降，淨利息收入較上一季減少 230 萬美元。第一季淨利差從上一季的 3.41%下降至 3.32%。這一下降主要是由於生息存款成本的成長速度快於生息資產收益率的成長速度。

Although the impact of the loss trade will partially mitigate other factors, the pace and duration of our decrease in margin will be highly dependent on continued increases in our cost of interest-bearing deposits as well as maintaining deposit balances. As our cost of deposits as well as the deposit balances level off, we expect to experience margin stabilization due to the repricing of adjustable rate loans in addition to higher origination rates on new loans.

儘管虧損交易的影響將部分緩解其他因素，但我們保證金下降的速度和持續時間將在很大程度上取決於我們生息存款成本的持續增加以及維持存款餘額。隨著我們的存款成本和存款餘額趨於平穩，由於可調整利率貸款的重新定價以及新貸款發放利率的提高，我們預計利潤率將會穩定。

We recognized a provision for credit losses in the amount of $1.4 million during Q1, which is similar to the provision expense in Q4. The provision expense was due substantially to loan growth experienced during the quarter.

我們在第一季確認了 140 萬美元的信貸損失撥備，與第四季的撥備費用類似。撥備費用主要歸因於本季的貸款成長。

Noninterest expense decreased from the prior quarter due to lower FTE levels and lower costs related to contract renegotiations, partially offset by higher severance costs. Average FTE was 765 in Q1 compared to 803 in Q4, a reduction of 38 FTE.

由於 FTE 水準降低以及與合約重新談判相關的成本降低，非利息費用較上一季度有所下降，但被較高的遣散費部分抵消。第一季的平均 FTE 為 765 人，而第四季為 803 人，減少了 38 人。

As was communicated in the last earnings call, we expect the expense run rate to be between $40 million and $41 million for the remainder of the year.

正如上次財報電話會議中所傳達的那樣，我們預計今年剩餘時間的費用運行率將在 4000 萬美元至 4100 萬美元之間。

All of our regulatory capital ratios remain comfortably above well-capitalized thresholds, and our TCE ratio remained at 8.8%. Our strong capital ratios have allowed us to be active in loss trades, on investments and in stock buybacks.

我們所有的監管資本比率仍然輕鬆高於資本充足的門檻，我們的 TCE 比率保持在 8.8%。我們強大的資本比率使我們能夠積極參與虧損交易、投資和股票回購。

During Q1, we repurchased approximately 330,000 shares at a weighted average cost of $18.56 or 107% of March 31 tangible book value per share. As we announced in the earnings release, the Board has approved a new share repurchase plan in the amount of 5% of outstanding stock, which equates to 1.7 million shares. As we have done in the past, we will use the share repurchase plan to manage our capital levels.

第一季度，我們回購了約 33 萬股股票，加權平均成本為 18.56 美元，即 3 月 31 日每股有形帳面價值的 107%。正如我們在財報中宣布的那樣，董事會已批准一項新股票回購計劃，回購金額為已發行股票的 5%，相當於 170 萬股。正如我們過去所做的那樣，我們將利用股票回購計畫來管理我們的資本水準。

I will now pass the call to Tony, who will have an update on our credit quality metrics.

我現在將把電話轉給托尼，他將了解我們信用品質指標的最新情況。

Thank you, Don. I'm pleased to report that credit quality at quarter end remained strong and stable. As of quarter end, nonaccrual loans totaled just under $4.8 million, and we do not hold any OREO. This represents 0.11% of total loans and compares to 0.10% at the end of 2023.

謝謝你，唐。我很高興地報告，季度末的信貸品質仍然強勁且穩定。截至季末，非應計貸款總額略低於 480 萬美元，我們不持有任何奧利奧。這佔貸款總額的 0.11%，而 2023 年底為 0.10%。

Nonaccrual loans increased by $324,000 during the quarter. Increases of just under $600,000 in the quarter came primarily from moving one C&I loan to nonaccrual status. Partially offsetting this increase was $269,000 in loans that were either upgraded to accruing status or were paid off during the quarter. Page 18 of the investor presentation reflects the consistently low level of nonaccrual loans we've experienced over the past 2 years.

本季非應計貸款增加了 324,000 美元。本季度增加了近 60 萬美元，主要是由於將一筆 C&I 貸款轉為非應計貸款。部分抵消這一增長的是 269,000 美元的貸款，這些貸款要么升級為應計狀態，要么在本季度償還。投資者介紹的第 18 頁反映了我們在過去兩年中經歷的非應計貸款水準一直處於較低水準。

Loans that are delinquent more than 30 days and still accruing stood at 0.21% of total loans at year-end, up from 0.11% at year-end 2023. Most of the increase is attributed to one classified relationship that is being actively managed by our special assets team. The loans remain on accrual status, as they are well secured and in the process of collection.

截至年底，拖欠超過 30 天且仍在累積的貸款佔貸款總額的 0.21%，高於 2023 年底的 0.11%。大部分成長歸因於我們的特殊資產團隊正在積極管理的一種分類關係。這些貸款仍處於應計狀態，因為它們有良好的擔保且正在催收過程中。

Criticized loans totaled just over $172 million at the end of the quarter. This is an increase of $22 million over year-end 2023, almost entirely in the special mention category. The largest driver of this increase was the downgrade of one multifamily commercial real estate loan that represented just over $15 million of the total.

截至本季末，受到批評的貸款總額略高於 1.72 億美元。這比 2023 年底增加了 2,200 萬美元，幾乎全部屬於特別提及類別。這一增長的最大推動因素是一項多戶商業房地產貸款的評級下調，該貸款佔貸款總額略高於 1500 萬美元。

Overall, criticized loans have trended modestly higher over the last 12 months. However, remain in line with our historical performance with good economic conditions. Criticized loans at quarter end were 3.9% of total loans as compared to 3.5% at year-end '23 and 3.3% at the end of 2022.

總體而言，在過去 12 個月中，受到批評的貸款呈現小幅上升趨勢。然而，與我們的歷史表現保持一致，經濟狀況良好。截至季末，受到批評的貸款佔貸款總額的 3.9%，而 2023 年底為 3.5%，2022 年底為 3.3%。

The credit quality of our office loan portfolio remained stable in the quarter. This loan segment currently represents $551 million or 12.4% of total loans, and is split evenly between owner and nonowner occupied properties. The loans continue to be granular in size and diversified by geographic location, with little exposure in the core downtown markets. Criticized office loans are limited to just over $18 million, which is down modestly from the $19.2 million reported at the end of 2023.

本季我們辦公室貸款組合的信貸品質保持穩定。該貸款部分目前佔貸款總額 5.51 億美元或 12.4%，由業主和非業主佔用的房產平均分配。這些貸款的規模繼續細化，並且按地理位置多樣化，在核心市中心市場的風險敞口很小。受到批評的辦公大樓貸款僅限於略高於 1800 萬美元，比 2023 年底報告的 1920 萬美元略有下降。

We recently completed the targeted review of all significant office loans that have either a maturity or a repricing event over the next 2 years. The review focused on the adequacy of debt service coverage using current operating income and note rates, along with an estimated loan-to-value ratio using current cap rates.

我們最近完成了對未來兩年內到期或重新定價事件的所有重要辦公貸款的針對性審查。審查的重點是使用當前營業收入和票據利率的償債覆蓋率是否充足，以及使用當前上限利率估計的貸款價值比。

The review included 41 loans with $93 million in total outstanding balances. I'm pleased to report that we did not downgrade any loans to special mention or worse during this review. Page 17 of the investor presentation provides a more detailed information about our office loan portfolio.

此次審查包括 41 筆貸款，未償還餘額總額為 9,300 萬美元。我很高興地報告，在這次審查期間，我們沒有將任何貸款降級為特別提及或更糟的等級。投資者簡報第 17 頁提供了有關我們辦公室貸款組合的更詳細資訊。

During the quarter, we experienced total charge-offs of $200,000. The losses were offset by $233,000 in recoveries, leading to a net recovery position of $33,000 at quarter end. We continue to experience lower loan losses than historical norms.

本季度，我們總共沖銷了 20 萬美元。損失被 233,000 美元的回收抵消，導致季末淨回收部位為 33,000 美元。我們的貸款損失繼續低於歷史水平。

While we saw some modest deterioration in the first quarter, the credit quality of our loan portfolio remains strong. As we have discussed in prior quarters, we continue to see a slow move back to a more normalized credit environment, following a period of exceptionally high credit quality. We remain consistent in our disciplined approach to credit underwriting, and we believe this is reflected in the solid level of credit performance we have maintained over a wide range of business cycles.

儘管我們在第一季看到了一些小幅惡化，但我們的貸款組合的信貸品質仍然強勁。正如我們在前幾季所討論的那樣，在一段時期的信貸品質異常高之後，我們繼續看到信貸環境正在緩慢回歸更正常化的狀態。我們在信貸核保方面保持一貫的紀律性，我們相信這反映在我們在廣泛的商業週期中保持的穩健的信貸績效水準上。

I'll now turn the call over to Bryan for an update on loan production.

我現在將把電話轉給布萊恩，以了解貸款生產的最新情況。

Thanks, Tony. I'm going to provide detail on our first quarter loan production results, starting with our commercial lending group.

謝謝，托尼。我將提供有關我們第一季貸款生產結果的詳細信息，首先是我們的商業貸款集團。

For the quarter, our commercial teams closed $133 million in new loan commitments, down from $187 million last quarter and down from $228 million closed in the first quarter of 2023. Please refer to Page 13 in the investor presentation for additional detail on new originated loans over the past 5 quarters.

本季度，我們的商業團隊完成了 1.33 億美元的新貸款承諾，低於上季的 1.87 億美元，也低於 2023 年第一季的 2.28 億美元。請參閱投資者介紹中的第 13 頁，以了解有關過去 5 個季度新發放貸款的更多詳細資訊。

The commercial loan pipeline ended the first quarter at $409 million, up from $329 million last quarter and down from $587 million at the end of the first quarter of 2023. Loan demand showed improvement in the first quarter, and new opportunities have continued to present themselves at the same level during April. Competition remains very high for quality commercial business, but we anticipate the pipeline will continue its upward trajectory in the second quarter.

第一季末的商業貸款管道為 4.09 億美元，高於上季的 3.29 億美元，低於 2023 年第一季末的 5.87 億美元。第一季貸款需求有所改善，四月份新機會持續出現。優質商業業務的競爭仍然非常激烈，但我們預計第二季的管道將繼續呈上升趨勢。

Loan growth for the first quarter was $92.5 million, up from $69 million last quarter, due to higher loan balances relative to commitments on loans closed during the quarter, lower prepayments and payoffs and higher net advances on construction loans. Please see Slides 14 and 16 of the investor presentation for further detail on the change in loans during the quarter.

第一季的貸款成長為9,250 萬美元，高於上一季的6,900 萬美元，原因是貸款餘額相對於本季已結清的貸款承諾增加、預付款和還款減少以及建築貸款淨預付款增加。有關本季度貸款變化的更多詳細信息，請參閱投資者演示文稿的幻燈片 14 和 16。

Based on a higher projected level of construction loan payoffs in the second quarter and our building loan pipeline, we anticipate loan growth rate -- our loan growth rate will be mid-single digits near term and move back up to the first quarter levels in the second half of 2024.

基於第二季較高的建築貸款償還預期水準和我們的建築貸款管道，我們預期貸款成長率－短期內我們的貸款成長率將達到中個位數，並在2019 年恢復到第一季的水平。

The deposit pipeline ended the quarter at $191 million compared to $207 million last quarter, and estimated average balances on new deposit accounts opened during the quarter are $40 million compared to $55 million last quarter.

本季末的存款管道為 1.91 億美元，而上季為 2.07 億美元；預計本季開設的新存款帳戶平均餘額為 4,000 萬美元，而上季為 5,500 萬美元。

Moving to interest rates. Our average first quarter interest rate for new commercial loans was 7.05%, which is 12 basis points higher than the 6.93% average for last quarter. In addition, the first quarter rate for all new loans was 7.15%, up 11 basis points from the 7.04% last quarter. The market continues to be competitive, particularly for C&I relationships.

轉向利率。我們第一季新增商業貸款的平均利率為7.05%，比上季6.93%的平均利率高出12個基點。此外，第一季新增貸款利率為7.15%，較上季的7.04%上升11個基點。市場競爭依然激烈，特別是對於工商業關係而言。

I will now turn the call back to Jeff.

我現在將把電話轉回給傑夫。

Thank you, Bryan. As I mentioned earlier, we're pleased with our accomplishments for the first quarter of 2024. While we continue to experience the challenges of the rate environment on our deposit franchise, we're confident that the strength of the franchise will continue to benefit us over the long term. Our relatively low loan-to-deposit ratio positions us well to continue to support our existing customers as well as pursuing new high-quality relationships.

謝謝你，布萊恩。正如我之前提到的，我們對 2024 年第一季的成就感到滿意。雖然我們的存款業務繼續面臨利率環境的挑戰，但我們相信，從長遠來看，業務的實力將繼續使我們受益。我們相對較低的貸存比率使我們能夠繼續支持現有客戶並尋求新的高品質關係。

We will continue to benefit from our solid risk management practices and our strong capital position, and we will continue to focus on expense management, improving efficiencies within the organization. Overall, we believe we are well positioned to navigate the challenges ahead and to take advantage of any potential dislocation in our markets that may occur.

我們將繼續受益於我們可靠的風險管理實踐和強大的資本狀況，我們將繼續專注於費用管理，並提高組織內的效率。總的來說，我們相信我們有能力應對未來的挑戰，並利用市場中可能發生的任何潛在混亂。

That's the conclusion of our prepared comments. So Lydia, we are ready to open the call up to any questions callers may have for us.

這是我們準備好的評論的結論。莉迪亞，我們準備好回答來電者可能向我們提出的任何問題。

(Operator Instructions) Our first question today comes from Jeff Rulis of D.A. Davidson.

（操作員說明）我們今天的第一個問題來自 D.A. 的 Jeff Rulis。戴維森。

A question on the margin. Don, do you have the March average margin?

一個邊緣問題。唐，你有三月的平均利潤嗎？

Yes. The margin for March was 3.30%.

是的。3 月的利潤率為 3.30%。

Okay. And your thoughts on -- or commentary about margin stabilization? Could you kind of refine the timing there? I know a lot of moving pieces, but I wanted to get a sense for -- is that for the balance of the year? Or do you feel like we're in a kind of a bottoming out here in the second quarter and the impact of the positioning you have done?

好的。您對利潤穩定的看法或評論？你能改進一下那裡的時間安排嗎？我知道很多令人感動的事情，但我想了解一下——這是今年剩下的時間嗎？或者您覺得我們在第二季度正處於觸底反彈以及您所做的定位的影響？

Well, I think previously, I thought that we're probably leveling out by probably the midyear, but the rates have changed somewhat. The expectations of rate cuts impacting continued deposit pricing which is going up -- continue to go up higher than originally thought. I think it's probably delayed to later in the year now as far as before margin bottoms out.

嗯，我認為之前，我認為我們可能會在年中趨於平穩，但利率已經發生了一些變化。降息的預期會影響存款定價的持續上升—持續高於最初的預期。我認為現在可能會推遲到今年晚些時候，直到利潤率觸底為止。

Obviously, we have some things in our favor as far as what we've done on the investment portfolio and new loan rates. But the [deposits], the impact of having to refinance the BTFP at higher rates is I think going to push it out later in the year.

顯然，就我們在投資組合和新貸款利率方面所做的工作而言，我們有一些對我們有利的事情。但[存款]，我認為必須以更高的利率為 BTFP 再融資的影響將在今年稍後推出。

Any thoughts on further repositioning or restructure that you've done in the last couple of quarters?

您對過去幾季所做的進一步重新定位或重組有何想法？

We don't have any plans right now to do any more. Obviously, it's always in the cards that we feel we have opportunities to take advantage of. Again, we have a strong capital position. But at this point, we do not use our capital for other purposes at this point.

我們現在沒有計劃再做更多的事情。顯然，我們總是覺得有機會利用。再次強調，我們擁有雄厚的資本實力。但目前，我們不會將我們的資金用於其他目的。

Just wanted to touch on the loan growth side. Pretty encouraging commentary, and I wanted to try to get the minds of the customer, I guess, is -- I think the idea that maybe rates were coming down, kind of held some people off, but higher for longer, maybe some rationalization that we need to move on projects. Are you getting the sense that that's the case in terms of the new climate is that businesses are moving forward. Is that fair? Or what are you seeing?

只是想談談貸款成長方面。非常令人鼓舞的評論，我想嘗試了解客戶的想法是——我認為利率可能下降的想法讓一些人望而卻步，但價格上漲的時間更長，也許是一些合理化我們需要繼續推進項目。您是否感覺到，在新的氣候下，企業正在向前發展。這樣公平嗎？還是你看到了什麼？

Jeff, I think that is fair. That is pretty much what we're seeing happen if they -- customers maybe have been waiting to do things. Now they're taking action and moving forward.

傑夫，我認為這是公平的。這幾乎就是我們所看到的情況，如果客戶可能一直在等待做某事。現在他們正在採取行動並繼續前進。

The climate here is pretty good. And employment is fairly strong. And I think that they've -- some of them have waited a long time to take action and they're just moving forward now.

這裡的氣候非常好。而且就業也相當強勁。我認為他們中的一些人已經等了很長時間才採取行動，現在他們才開始前進。

I think loan production don't miss the fact that we made the comment that part of that loan production increase is tied to construction loans that we've had waiting to fund. But overall, we were pretty pleased with that level of production.

我認為貸款生產不會忽視這樣一個事實：我們曾評論說，貸款生產增長的一部分與我們等待融資的建築貸款有關。但總的來說，我們對這樣的製作水準非常滿意。

It feels like if you get into the numbers a little bit more, you can see there's a pretty good focus on growth on the C&I side. That's a result of Bryan and team working hard to kind of retinker with the focus of the production side of the bank, and we're happy to see the response on the results.

感覺如果你多了解這些數字，你會發現人們非常關注 C&I 方面的成長。這是 Bryan 和團隊努力以銀行生產方面為重點進行重新修改的結果，我們很高興看到對結果的反應。

We have -- we mentioned earlier, people focused on growth on loans and deposits. Obviously, deposits are very valuable right now. We've got a pretty significant focus in that area, too. But on the deposit side, it's a longer game, if I can put it that way.

我們之前提到過，人們關注貸款和存款的成長。顯然，存款現在非常有價值。我們也非常關注該領域。但在存款方面，如果我可以這麼說的話，這是一場更長的遊戲。

Our team needs to stay focused and just keep plotting to get those -- plotting and plotting to get those deposits to come across. And I think we continue to benefit from disruption in the market related to a variety of things that happened last year, and I think we'll continue to do so for the balance of the year, at least.

我們的團隊需要保持專注，並不斷策劃以獲得這些存款——策劃和策劃以獲取這些存款。我認為我們將繼續受益於與去年發生的各種事件相關的市場混亂，而且我認為我們至少在今年餘下的時間裡將繼續這樣做。

Okay. And Don, the tax rate, is it a kind of a range bound in that 15% to 17% range? Is that fair?

好的。唐，稅率，是不是限制在 15% 到 17% 範圍內的範圍？這樣公平嗎？

We had some discrete items occur in Q1 related to the vesting of stock awards. I think going forward, we're probably looking more in the 14% range for the remainder of the year.

我們在第一季發生了一些與股票獎勵歸屬相關的離散項目。我認為，展望未來，我們可能會在今年剩餘時間內將成長率維持在 14% 的範圍內。

Our next question today comes from Matthew Clark of Piper Sandler.

今天我們的下一個問題來自 Piper Sandler 的 Matthew Clark。

Maybe, Don, just first on the timing of the loss trade. Was that late in the quarter? Just trying to get a sense for whether or not that 3.30% NIM in March reflected that benefit fully or not?

也許，唐，先談談虧損交易的時機。那是在本季末嗎？只是想了解 3 月份 3.30% 的淨利差是否充分反映了這一好處？

Matthew, it did not, it occurred all in March. So it occurred during March. So partway through the month. Obviously, Q1, it did not impact it nearly as much as...

馬修，事實並非如此，這一切都發生在三月。所以它發生在三月。就這樣過了半個月。顯然，第一季度，它對它的影響幾乎沒有...

Okay. And then the size of the BTFP that you have out there, it sounded like you might refinance it, but I also thought you had proceeds here you can use to pay it off. I just can't remember the [size].

好的。然後，你所擁有的 BTFP 規模，聽起來你可能會對其進行再融資，但我也認為你在這裡有收益，可以用來還清它。我只是不記得了[尺寸]。

It's $400 million that's maturing in early May. We -- again, we didn't reinvest about $100 million from the loss trades. We have that to use to -- for those type of cash needs going forward to potentially lower that balance. We're obviously, we can't use the BTFP any further. That sunsetted in March, but we'll use other means for borrowings when that matures.

這筆金額為 4 億美元，將於 5 月初到期。我們再次強調，我們沒有從虧損交易中進行約 1 億美元的再投資。我們可以用它來滿足未來可能降低餘額的此類現金需求。顯然，我們不能再使用 BTFP。該貸款已於三月到期，但到期後我們將使用其他方式進行借款。

Okay. And then just on deposits, what does the pipeline look like there relative to last quarter? And then what are your latest thoughts on when and where noninterest-bearing might be able to stabilize?

好的。那麼就存款而言，與上季相比，管道情況如何？那麼，您對無息貸款何時何地可能穩定下來的最新想法是什麼？

Bryan, do you want to talk about the deposit pipeline?

布萊恩，你想談談存款管道嗎？

Yes, sure. Matt, the pipeline ended the quarter -- deposit pipeline ended the quarter at $191 million. That's down a little bit from $207 million, which is where we ended the year. And then the new balances on new business that we closed during the quarter is estimated at about $40 million.

是的，當然。馬特，本季結束時的存款管道——本季末的存款管道為 1.91 億美元。這比我們年底的 2.07 億美元略有下降。然後，我們在本季度關閉的新業務的新餘額估計約為 4000 萬美元。

And then on the noninterest-bearing migration, I would pass it to Don, but it's just -- it's a difficult one to predict. We're seeing just more judicious usage of the operating accounts customers keeping a little less balances than what they have when rates were lower. But Don, I'll pass it to you for that.

然後，關於無息遷移，我會將其傳遞給唐，但這只是 - 這是一個很難預測的問題。我們看到，客戶對營運帳戶的使用更加明智，他們的餘額比利率較低時要少一些。但是唐，我會把它交給你。

I don't have too much to add on that. Obviously, we see that continue to decline. And I don't -- it's hard to predict when that's going to bottom out. Obviously, we're already below levels that we were when we -- at the end of 2019. But so -- but there probably was a lot of excess funds at that point.

我對此沒有太多要補充的。顯然，我們看到這一數字繼續下降。我不認為——很難預測什麼時候會觸底。顯然，我們已經低於 2019 年底的水準。但確實如此——但那時可能有很多多餘的資金。

So obviously, we're down below 30%. I would probably expect us to start leveling off and probably stay in the high 20% range, but that's really just an estimate at this point. But hard to predict exactly where we're going to end up there.

很明顯，我們的比例下降到了 30% 以下。我可能會預計我們會開始趨於平穩，並可能保持在 20% 的高位範圍內，但這實際上只是目前的估計。但很難準確預測我們最終會到達哪裡。

And Matt, it's still is pretty -- I was just going to add, it's still pretty focused on access funds that customers have in their operating accounts, the traditional operating account balances are pretty consistent.

馬特，它仍然很漂亮 - 我只是想補充一點，它仍然非常專注於獲取客戶在其營運帳戶中擁有的資金，傳統的營運帳戶餘額非常一致。

And what we are seeing is, to Jeff's earlier question about what kind of activity are we seeing, we're just seeing really pretty basic activity with our customers, with funds moving in and out of accounts. They're buying buildings, they're investing, they're doing all kinds of things. So it's pretty traditional flows right now.

我們所看到的是，對於傑夫之前關於我們所看到的活動類型的問題，我們只是看到了與客戶的非常基本的活動，資金進出帳戶。他們正在購買建築物，他們正在投資，他們正在做各種各樣的事情。所以現在這是一個非常傳統的流程。

Okay. And then can you quantify how much you had in brokered CDs this quarter versus last?

好的。然後您能否量化本季與上季相比您的經紀 CD 數量？

We had $115 million at the end of the quarter. And I believe it's about the same as we had last quarter.

截至本季末，我們的資產為 1.15 億美元。我相信這與上個季度的情況大致相同。

Okay. Okay. And then just the step up in special mention, what drove that increase by kind of customer type and kind of the situation there?

好的。好的。然後，需要特別提及的是，是什麼推動了客戶類型和情況的成長？

Yes, Matthew, this is Tony. It was primarily one commercial real estate loan. It's a construction loan, but the property is completed, just having some lease-up issues, and we felt like we needed to move that to special mention.

是的，馬修，這是東尼。這主要是一筆商業房地產貸款。這是一筆建築貸款，但該房產已完工，只是存在一些租賃問題，我們覺得我們需要將其移至特別提及。

The other -- there was one other smaller C&I loan that was part of that. But between those two, that was the majority of what moved. If you see, substandards stayed stable quarter-to-quarter. It was mostly just in the special mention category.

另一筆——還有另一筆較小的工商業貸款是其中的一部分。但在這兩者之間，這是移動的大部分。如果您看到的話，不合格率每季都保持穩定。它主要屬於特別提及類別。

Okay. And then last one for me, just around kind of capital return. Is it fair to assume M&A is unlikely just given your currency, the marks, the approval process being extended? And should we just all then assume that you're going to be more active with the buyback than you were this quarter throughout the year?

好的。對我來說最後一個是關於資本回報的。考慮到你的貨幣、馬克和審批流程的延長，就可以假設併購不太可能發生，這公平嗎？那麼我們是否應該假設您全年的回購會比本季更積極？

On the first part, Matt, M&A for us and generally in the region with the banks of the site that we'd be interested in is just pretty quiet. I think it's hard for them to face into where our currency is now and it's complicated, as you pointed out, for all those reasons.

首先，馬特，對我們來說，併購活動以及通常在我們感興趣的網站銀行所在的地區都非常安靜。我認為他們很難面對我們的貨幣現在的狀況，正如你所指出的，由於所有這些原因，情況很複雜。

Buybacks, I think I'll leave that for Don to respond to.

回購，我想我會把這個問題留給唐來回應。

We're -- I think we're going to be somewhat active depending on the stock price, of course, and other needs for capital, probably somewhat in the range of what we did in Q1. I don't think we're to kind of go through this repurchase plan all in 1 or 2 quarters. But we do feel that our stock price has been very attractive for buybacks currently. So we will probably be active.

當然，我認為我們會採取一定程度的積極行動，這取決於股價以及其他資本需求，可能在我們第一季所做的範圍內。我認為我們不會在一兩個季度內完成這項回購計劃。但我們確實認為目前我們的股價對於回購來說非常有吸引力。所以我們可能會很活躍。

Our next question comes from David Feaster of Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的大衛費斯特。

Maybe just -- I'm glad to hear the pipeline has improved. I mean we touched on loan growth a bit. But I'm maybe -- just curious, how is the complexion of the pipeline shaping up? How is pricing in there? What do you think is driving it? Is it improving demand or an increased appetite for credit from your standpoint? And just maybe more broadly, what's the pulse of your clients?

也許只是——我很高興聽到管道已經改善。我的意思是我們稍微談到了貸款成長。但我也許只是好奇，管道的狀況如何？裡面的定價怎麼樣？您認為是什麼驅動了它？從您的角度來看，是需求增加還是信貸需求增加？也許更廣泛地說，您的客戶的脈搏是什麼？

Bryan, that's probably a good one for you to respond to.

布萊恩，這可能是你最好的回應。

Yes, happy to, Jeff. So David, the big shift in the pipeline has happened over the last year. This time last year, we had a larger component of the pipeline that was investor real estate. And then when the liquidity crisis hit, we saw those requests just really increase.

是的，很高興，傑夫。大衛，去年管道中發生了重大轉變。去年的這個時候，我們的管道中更大的組成部分是投資者房地產。然後，當流動性危機來臨時，我們看到這些請求確實增加了。

We made a shift with our sales team and said, we really want to migrate the portfolio primarily to commercial business. And so what we've seen over the last 12 months is closing those deals that we had in the pipeline that actually continued through to closing, but the sales teams for a year now have been primarily focused on C&I. It's something the banks obviously focused on for a long time. We just had a higher segment of the pipeline last year at this time that was an investor.

我們與銷售團隊進行了轉變，並表示，我們確實希望將產品組合主要遷移到商業業務。因此，我們在過去 12 個月中看到的是，我們正在完成那些實際上持續到完成的交易，但銷售團隊一年來主要專注於 C&I。這顯然是銀行長期以來關注的事情。去年此時我們剛剛擁有了更高的管道部分，即投資者。

So when you look at the pipeline today, it's close to 70% in C&I and owner-occupied real estate, and that's kind of across the footprint. And that's really the changes. And we've seen this building through the first quarter and even into April, the number of new opportunities in that commercial space have just continued to add on versus the last 12 months where we've been deducting out the CRE loans that we weren't going to continue through to closing for a variety of reasons.

因此，當你查看今天的管道時，會發現近 70% 是工商業和業主自用房地產，而且這在整個足跡中都是如此。這才是真正的改變。我們在第一季甚至到 4 月都看到了這項建設，該商業領域的新機會數量持續增加，而過去 12 個月我們一直在扣除我們未扣除的 CRE 貸款。會一直持續到關閉。

So it's that transition in the pipeline in terms of the mix. And then yes, we're seeing broad-based demand a bit higher than what we had in the fourth quarter. Net-net, it's really the result of our sales force, making more dedicated calling efforts and some improvement in the demand side from the customer here in 2024.

因此，這就是混合方面的轉變。然後，是的，我們看到廣泛的需求比第四季度略高。Net-net，這確實是我們的銷售團隊在 2024 年做出更專注的呼叫努力以及客戶需求方面的一些改進的結果。

Okay. Terrific. That's helpful. And then maybe, I'm curious your thoughts on credit more broadly. You've got a reputation as a conservative credit manager, quick to downgrade, slowed upgrades. So I'm just kind of curious, what you're seeing, maybe what you're watching more closely? And how you're thinking about managing credit?

好的。了不起。這很有幫助。也許，我很好奇你對信貸的更廣泛的看法。您被譽​​為保守的信貸管理者，快速降級，緩慢升級。所以我只是有點好奇，你看到了什麼，也許你正在更仔細地觀察什麼？您如何考慮信用管理？

And just, you alluded to a more competitive landscape, curious maybe if you could elaborate that on what you're seeing from the competition standpoint as well.

只是，你提到了一個更具競爭性的格局，也許你很好奇你是否也能從競爭的角度詳細闡述你所看到的情況。

Well, that's probably a good question for you, Tony, but I'd kick it off by saying, Tony did mention, David, that we continue to underwrite loans as we always have done. So conditions changing, doesn't necessarily mean we change the way we approach credit.

好吧，這對你來說可能是個好問題，托尼，但我首先要說的是，托尼確實提到過，大衛，我們將繼續像往常一樣承保貸款。因此，情況的變化並不一定意味著我們改變信貸方式。

So Tony, maybe you want to add to that with what you're seeing out there?

東尼，也許你想補充你所看到的內容？

Yes, David, we're -- I would just kind of add on to that. I think what we're seeing, as I've mentioned at the last couple of calls, just a more normalized move back to what we experienced before we were in this credit bubble over the last couple of years. I mean we would normally look at 9 or 10 basis points of the portfolio as a good year of net charge-offs. And of course, we came off -- we're coming off 2 years in a row of net recoveries.

是的，大衛，我們──我想補充一點。我認為，正如我在過去幾次電話會議中提到的那樣，我們所看到的只是更正常地回到過去幾年陷入信貸泡沫之前所經歷的情況。我的意思是，我們通常會將投資組合的 9 或 10 個基點視為淨沖銷的好年份。當然，我們已經連續兩年實現了淨復甦。

So what I'm seeing kind of from a broad base is some operating companies that have -- that are struggling a little bit more than we've seen over the last couple of years. From time to time, we'll see commercial real estate projects that really aren't hitting the net operating income, the rental rates for the most part that they expected.

因此，我從廣泛的基礎上看到，一些營運公司的處境比我們過去幾年看到的要困難一些。有時，我們會看到商業房地產項目實際上沒有達到淨營業收入，租金率大部分都沒有達到他們的期望。

A few things like that where it's becoming a little harder to convert from construction to perm once you get into the stabilization phase. But most of these are one-off type things, nothing really jumping out at me that seems broad-based or sort of systemic at this point.

類似這樣的一些事情，一旦進入穩定階段，從施工轉換到燙髮就會變得有點困難。但其中大多數都是一次性的事情，在這一點上，沒有什麼真正讓我感到廣泛或系統性的。

Okay. Okay. Perfect. And then last one for me, and we touched on this a bit with Matt's question, but I just kind of wanted to get a sense for -- how do you think about managing the balance sheet going forward? It doesn't sound like there's any plans for additional restructuring. We got the BTFP pay down.

好的。好的。完美的。然後是我的最後一個問題，我們透過馬特的問題稍微談到了這一點，但我只是想了解一下——您如何看待管理未來的資產負債表？聽起來似乎沒有任何額外重組的計劃。我們得到了 BTFP 的付款。

I'm just curious, you alluded to maybe preserving some capital for other options. I'm just curious, what else are you considering or looking at? And how might that change given the prospects of a higher-for-longer environment?

我只是好奇，你提到可能會為其他選擇保留一些資本。我只是好奇，你還在考慮或關注什麼？考慮到更高、更長期的環境前景，這種情況會發生怎樣的變化？

Well, for a for higher for longer, I think that we're looking at, again, or even things like the high-cost funding that we might have expected to come down, and maybe it's not going to at this point.

好吧，對於更高、更長的時間，我認為我們正在再次考慮，甚至是我們可能預計會下降的高成本融資之類的事情，也許目前還不會。

So it is a challenge to manage the balance sheet in the current environment when you actually don't know which way the rates are going, right? Obviously, everybody thinks they are coming down, but there's always a chance that could go up.

因此，當您實際上不知道利率走向時，在當前環境下管理資產負債表是一個挑戰，對吧？顯然，每個人都認為自己正在下跌，但總是有機會上漲。

So that's why in the last loss trade, we held on to some cash, going to pay down some debt. We'll be looking to probably pay down debt, which means that our probably overall asset levels will probably not increase over the near term. But we're looking to hopefully improve profitability.

這就是為什麼在上次虧損交易中，我們保留了一些現金，以償還一些債務。我們可能會尋求償還債務，這意味著我們的整體資產水準短期內可能不會增加。但我們希望提高獲利能力。

Again, it might allow for stock buybacks without actually impacting capital if we reduce assets. And so I guess those are the type of things where we'll take advantage of what's in front of us, such as potential buybacks at this point and other restructuring of the balance sheet that we feel makes sense for both short term and long term in various rate environments.

同樣，如果我們減少資產，它可能會允許股票回購，而不會實際影響資本。因此，我想這些都是我們將利用擺在我們面前的事情的類型，例如此時的潛在回購以及我們認為對短期和長期都有意義的資產負債表的其他重組。

And of course, balance sheet management is both looking at your kind of sustainable profitability and risk. So we'll be kind of balancing those 2 things as we look forward.

當然，資產負債表管理既著眼於你的永續獲利能力，也著眼於風險。因此，展望未來，我們將平衡這兩件事。

Maybe to that point, I mean, your crystal ball is as clear as mine. But it's -- a lot of this is just time, right, just repricing the book. When do you think we get back to normalized levels of profitability?

也許到那時，我的意思是，你的水晶球和我的一樣清晰。但其中很多只是時間，對吧，只是重新定價這本書。您認為我們什麼時候才能恢復正常的獲利水準？

I think if we -- if the yield curve remains in burden, it's going to -- it's probably going to take a while. It's just not -- commercial banks aren't meant long term to be very profitable in an inverted yield curve. So -- but I think if we can get the yield curve at least flat, if not upward sloping, I think it's going to be difficult to get back to historical profitability levels.

我認為，如果我們——如果殖利率曲線仍然承受壓力，那麼這可能需要一段時間。事實並非如此——從長遠來看，商業銀行並不意味著在殖利率曲線倒掛的情況下能夠獲得很高的利潤。所以，但我認為，如果我們能讓殖利率曲線至少平坦，即使不是向上傾斜，我認為將很難回到歷史獲利水平。

Our next question comes from Andrew Terrell of Stephens.

我們的下一個問題來自史蒂芬斯的安德魯·特雷爾。

Most of mine were addressed already. I just had one quick follow-up on some of the securities restructuring. Just Don, do you have the spot yield on the securities book as of 3/31?

我的大部分問題已經解決。我剛剛對一些證券重組進行了快速跟進。請問Don，您有截至3/31 的證券帳簿上的即期收益率嗎？

Andrew, I do not have that. I'm sorry. I think it's not much different than probably a little higher than it was for the quarter. But if I can find that quickly, I'll look that up, but I don't have that on me.

安德魯，我沒有。對不起。我認為這與本季度的水平沒有太大不同，可能略高一些。但如果我能很快找到的話，我會查一下，但我身上沒有。

Okay. No worries. That was my only question. I can follow up afterwards.

好的。不用擔心。這是我唯一的問題。事後我可以跟進。

(Operator Instructions) We have a question from Timothy Coffey of Janney Montgomery Scott.

（操作員說明）我們有 Janney Montgomery Scott 的 Timothy Coffey 提出的問題。

Don, just a couple of check-the-box questions for you. The balance sheet restructuring benefits, that is embedded in kind of your NIM outlook. Is that correct?

唐，請您回答幾個勾選問題。資產負債表重組的好處，體現在你的淨利差展望。那是對的嗎？

That is correct, Tim.

這是正確的，提姆。

Okay. And then you also said repurchases in the quarter were 130,000 shares?

好的。然後您還說本季回購了13萬股？

It's 330,000. I think it was.

是33萬。我想是的。

Yes. Okay. Great.

是的。好的。偉大的。

Okay. And then, Tony, a question for you. I appreciate all the discussion on the special mention loan, the loan that increased special mentions and where some of the stress is. I'm wondering, do you have a sense of how much is in your portfolio of those type of CRE loans where there's been a rehab, and then leasing -- in the leasing phase it struggled or is currently struggling?

好的。然後，東尼，問你一個問題。我感謝所有關於特別​​提及貸款、增加特別提及的貸款以及一些壓力所在的討論。我想知道，您是否知道您的商業房地產貸款投資組合中有多少是經過修復，然後是租賃的——在租賃階段它陷入困境或目前正在陷入困境？

Yes, Tim, just off the top of my head. I think that's really the only one I can think of that we've had a significant issue. I mean we have had situations where we've put something on a watch status because we recognized that there were some issues, but those have tended to resolve themselves.

是的，提姆，就在我的腦海裡。我認為這確實是我能想到的唯一一個我們遇到重大問題的問題。我的意思是，我們曾經遇到過這樣的情況：我們將某些內容置於觀察狀態，因為我們認識到存在一些問題，但這些問題往往會自行解決。

We had one a while ago that was in that position. The borrowers chose to sell the property actually at a nice profit rather than reinject more equity into the deal.

不久前我們就有一個處於這個位置。借款人選擇實際上以可觀的利潤出售該房產，而不是在交易中重新註入更多股權。

So we try to catch them early and recognize that and more often than not, because so many of our deals have guarantors behind an individual guarantors with some financial strength, we're able to sort of rightsize it or fix it before it becomes an issue.

因此，我們試圖儘早發現它們並認識到這一點，通常情況下，因為我們的許多交易都有具有一定財務實力的個人擔保人背後的擔保人，所以我們能夠在問題成為問題之前對其進行調整或修復。

Okay. The breakout that you gave on the criticized loans, which I really appreciate, and I fully understand they are criticized loans. The construction and developments team is about 18% of that. What type of construction loans would they be?

好的。您對受批評的貸款進行了突破，我真的很欣賞，我完全理解它們是受批評的貸款。建設和開發團隊約佔其中的18%。它們是什麼類型的建築貸款？

What are you -- I mean what are you referring to in the -- for the -- with the 18%?

你指的是什麼——我的意思是你指的是——18%？

Page 19 is the pie chart of criticized loans by loan segment.

第19頁是按貸款類別劃分的批評貸款餅圖。

Yes, yes. Okay.

是的是的。好的。

Yes, yes. So I was trying to figure out what kind of loans would those be?

是的是的。所以我想弄清楚這些貸款是什麼樣的？

I think what they're going to be primarily are a lot of the -- I'm not 100% sure of that.

我認為它們主要是——我不能 100% 確定這一點。

Okay. We can follow-up.

好的。我們可以跟進。

Yes, we can -- maybe we can follow-up on that offline.

是的，我們可以——也許我們可以在線下跟進。

Yes, that works. And then Jeff and Bryan, the loan pay downs that you've seen in the last 2 quarters, how much of that is a result of competition pricing?

是的，這有效。然後傑夫和布萊恩，您在過去兩個季度看到的貸款償還下降，其中有多少是競爭定價的結果？

Bryan, that's probably a better question for you since you're closer to it.

布萊恩，這對你來說可能是一個更好的問題，因為你離這個問題更近了。

Yes. There really isn't -- I can't think of any specific examples. It's usually construction projects where there's a takeout planned somewhere else or the loan just comes up to maturity, and the customer decides to pay it off with cash or sell the collateral. Those are the 3 most common.

是的。確實沒有——我想不出任何具體的例子。通常是在其他地方計劃外購的建築項目，或者貸款剛剛到期，客戶決定用現金還清或出售抵押品。這是最常見的 3 種。

I did mention we expected higher construction loan payoffs in the second quarter and that, that was going to impact our overall growth rate. Those are predominantly our low-income housing projects that are being paid off through tax credit equity at the end of the construction period. So that's the big driver behind the payoffs we expect in Q2.

我確實提到過，我們預計第二季的建築貸款回報會更高，這將影響我們的整體成長率。這些主要是我們的低收入住房項目，在建設期結束時透過稅收抵免權益償還。因此，這是我們預期第二季收益背後的重要推動因素。

Okay. Okay. That's a great color.

好的。好的。這是一個很棒的顏色。

We have no further questions in the queue. So I'll turn the call back over to Jeff Deuel for any closing comments.

我們隊列中沒有其他問題了。因此，我會將電話轉回傑夫杜埃爾 (Jeff Deuel)，以徵求結束意見。

Thank you, Lydia. Happy to wrap up the quarter's earnings calls. We thank you for your time and support and interest in our ongoing performance, and we look forward to talking with many of you in the weeks ahead. Thank you, and goodbye.

謝謝你，莉迪亞。很高興結束本季的財報電話會議。我們感謝您的時間、支持以及對我們持續表現的興趣，我們期待在未來幾週與您中的許多人交談。謝謝，再見。

Thank you again for joining. A replay of today's call will be available shortly. To access the replay, please dial +1 (404) 975-4839 and enter the access code 070217. Thank you.

再次感謝您的加入。今天的電話會議的重播很快就會公佈。如需觀看重播，請撥打 +1 (404) 975-4839 並輸入存取代碼 070217。謝謝。