Hope Bancorp Inc (HOPE) 2026 Q1 法說會逐字稿

Good day and welcome to the Hope Bancorp, Inc. first quarter 2026 earnings conference call. All participants will be in the listen-only mode. (Operator Instructions)

各位好，歡迎參加 Hope Bancorp, Inc. 2026 年第一季財報電話會議。所有與會者將以僅收聽模式參與。（接線員指示）

Please note that this event is being recorded. I would now like to turn the conference over. To Mr. Maxim Olivan, Investor Relations Manager. Thank you, and over to you.

請注意，本活動將被錄音。我現在將把會議交給投資人關係經理 Maxim Olivan 先生。謝謝，交給您。

Thank you, Maya. Good morning, everyone, and thank you for joining us for the Hope Bancorp, Inc. Investor Conference Call for the first quarter of 2026.

謝謝您，Maya。各位早安，感謝各位參加 Hope Bancorp, Inc. 2026 年第一季投資人電話會議。

As usual, we will be using a slide presentation to accompany our discussion this morning, which is available on the Presentations page of our Investor Relations website.

如同往常，我們今天早上的討論將搭配投影片簡報，簡報可於我們投資人關係網站的「簡報（Presentations）」頁面取得。

Beginning on slide 2. Let me start with a brief statement regarding forward-looking remarks.

從第 2 頁投影片開始。首先我將就前瞻性陳述做一段簡短說明。

The quote today contains forward-looking projections regarding the future financial performance of the company and future events. Forward-looking statements are not guarantees of future performance. Actual outcomes and results may defer to you.

今天的引述包含對公司未來財務表現及未來事件的前瞻性預測。前瞻性陳述不保證未來表現。實際結果與成果可能與您所預期者不同。

Hope Bancorp, Inc. pursues no obligation to revise any forward-looking projections that may be made on today's graph.

Hope Bancorp, Inc. 不承擔修訂今日圖表中任何前瞻性預測之義務。

In addition, some of the information referenced during this call today includes non-GAAP financial measures. For a more detailed description of the risk factors and a reconciliation of GAAP to non-GAAP financial measures, please refer to the company's filings with the SEC, as well as the Safe Harbor statements in our press release issued this morning.

此外，今日電話會議中提及的部分資訊包含非 GAAP 財務衡量指標。關於風險因素的更詳細說明，以及 GAAP 與非 GAAP 財務衡量指標之調節，請參閱公司向 SEC 提交的文件，以及我們今早發布新聞稿中的安全港聲明。

Presenting from management today will be Kevin Kim, Hope Bancorp Chairman, President and CEO. And Juliana Bilisca, Hope Bancorp Executive Vice President and Chief Financial Officer. Peter Ko, Bank of Hope President and Chief Operating Officer is also here with us as usual and will be available for the Q&A session.

今日由管理團隊出席簡報者包括 Hope Bancorp 董事長、總裁暨執行長 Kevin Kim，以及 Hope Bancorp 執行副總裁暨財務長 Juliana Bilisca。Bank of Hope 總裁暨營運長 Peter Ko 也如往常一樣與會，並將在問答環節提供回應。

With that, let me turn the call over to Kevin Kim. Kevin.

接下來，我把電話交給 Kevin Kim。Kevin。

Thank you, Maxim. Good morning, everyone, and thank you for joining us today.

謝謝你，Maxim。各位早安，感謝各位今天加入我們。

Our first quarter 2026 results reflected strong year-over-year growth in net income, revenue, loans and deposits, driven by organic growth and the strategic benefits of the Territorial Bancorp acquisition. Quarter-over-quarter, our pre-provision net revenue grew, supported by improved efficiency. And continued progress in lowering our cost of deposits.

我們 2026 年第一季的結果反映出淨利、營收、放款與存款的年增強勁成長，主要由內生成長以及收購 Territorial Bancorp 的策略效益所帶動。與前一季相比，我們的提列前淨收益（pre-provision net revenue）成長，受惠於效率提升，以及持續降低存款成本的進展。

Beginning with Slide 3, you will find a brief overview of our results.

從第 3 頁投影片開始，您將看到我們業績的簡要概覽。

Net income for the first quarter of 2026 totaled $30 million, up 40% year over year from $21 million in the prior year period. Quarter over quarter, net income decreased from $34 million. Reflecting higher provision for credit losses and income taxes, partially offset by growth in pre-provision net revenue.

2026 年第一季淨利合計 3,000 萬美元，較去年同期的 2,100 萬美元年增 40%。與前一季相比，淨利自 3,400 萬美元下降，反映信用損失準備與所得稅增加，部分被提列前淨收益成長所抵銷。

Pre-provision net revenue for the first quarter totaled $47 million, up 43% year over year from $33 million and up 1% quarter over quarter from $46 million.

第一季提列前淨收益合計 4,700 萬美元，較去年的 3,300 萬美元年增 43%，並較前一季的 4,600 萬美元季增 1%。

The provision for credit losses increased in 2026 first quarter, primarily reflecting higher net charge-offs due to the successful resolution of problem loans. This quarter, criticized loans decreased $26 million or 7% from the prior quarter.

2026 年第一季信用損失準備增加，主要反映因成功處理問題放款而導致的淨沖銷（net charge-offs）上升。本季，受批評放款（criticized loans）較前一季減少 2,600 萬美元或 7%。

The effective tax rate was higher in the first quarter of 2026 as the 2025 fourth quarter tax provision. Benefited from true-up items.

2026 年第一季有效稅率較高，因 2025 年第四季的所得稅提列受惠於調整（true-up）項目。

On March 31, 2026, we announced the accretive acquisition of the commercial banking unit of SMBC Manubank, which we will refer to as Manubank throughout this call.

2026 年 3 月 31 日，我們宣布具增益性的收購 SMBC Manubank 的商業銀行業務單位；在本次電話會議中，我們將其稱為 Manubank。

We expect the transaction to close in the second-half of 2026, subject to regulatory approvals and dissatisfaction of other customary closing conditions.

我們預期該交易將於 2026 年下半年完成，惟仍須取得監管核准並滿足其他慣常交割條件。

We are very excited about this transaction, which aligns with our key priorities of building our commercial banking capabilities, expanding our reach among middle-market and multinational clients. And growing our core deposit franchise.

我們對此交易感到非常振奮，因其符合我們的關鍵優先事項：強化商業銀行能力、擴大在中型市場與跨國客戶的觸及，以及成長核心存款版圖。

We believe Manubank will deepen our presence in the greater Los Angeles market and at a highly complementary commercial banking platform, including diversified middle-market lending, franchise finance, and specialty deposit verticals such as trust and estate banking.

我們相信 Manubank 將深化我們在大洛杉磯市場的布局，並帶來高度互補的商業銀行平台，包括多元化的中型市場放款、特許經營融資（franchise finance），以及信託與遺產銀行等專業存款垂直領域。

The pending transaction will bring a unique opportunity to combine SMBC Manubank's Japanese banking division with our established Korean subsidiary banking group, creating a differentiated, scaled platform to serve Asian multinational businesses operating in the United States.

此一待完成交易將帶來獨特機會，把 SMBC Manubank 的日系銀行部門與我們既有的韓系子公司銀行集團結合，打造具差異化且具規模的平台，以服務在美國營運的亞洲跨國企業。

From a financial perspective. The pending acquisition is expected to add approximately $2.5 billion in commercial and industrial and commercial real estate loans and $2.7 billion in deposits, of which only approximately 3% are CDs and which we anticipate will contribute a lower overall cost of deposits.

從財務角度來看，預期本次待完成收購將新增約 25 億美元的工商業放款（C&I）及商用不動產放款（CRE），以及 27 億美元存款，其中僅約 3% 為定期存單（CDs），我們預期這將有助於降低整體存款成本。

We project this transaction to be meaningfully accretive to earnings in 2027, strengthen our recurring core earnings power and improve our profitability, including returns on equity, through an efficient deployment of capital without the issuance of new shares. In addition.

我們預估此交易將在 2027 年對盈餘帶來顯著增益，強化我們經常性核心獲利能力並提升獲利性（包括股東權益報酬率），透過有效運用資本且不發行新股。此外。

We will establish a collaboration and partnership agreement with SMBC, which is expected to create meaningful opportunities to expand our services to a broader global multicultural customer base. Overall, this is a highly attractive transaction that we believe will support our progress toward achieving our strategic objectives.

我們也將與 SMBC 建立協作與夥伴關係協議，預期可創造具意義的機會，將我們的服務擴展至更廣泛的全球多元文化客群。整體而言，這是一筆極具吸引力的交易，我們相信將支持我們朝策略目標邁進。

Moving on to Slide 4.

接著看第 4 頁投影片。

During the quarter, we returned capital through a repurchase of approximately 604,000 common shares, totaling $7 million and representing about 0.5% of total shares outstanding.

本季我們透過回購約 604,000 股普通股返還資本，總額 700 萬美元，約占流通在外總股數的 0.5%。

We have $29 million of remaining capacity under our existing authorization, which we intend to deploy opportunistically.

在現有授權下，我們尚有 2,900 萬美元的剩餘額度，並計畫視情況機動運用。

Our Board of Directors declared a quarterly common stock dividend of $0.14 per share, payable on or around May 22, 2026, to stockholders of record as of May 8, 2026.

董事會宣告每股 0.14 美元的季度普通股股利，預計於 2026 年 5 月 22 日前後支付給截至 2026 年 5 月 8 日登記在冊的股東。

Under the terms of the definitive agreement, the pending Manubank acquisition will be settled in an all-cash transaction and is expected to result in a net cash benefit to Hope Bancorp, Inc. On this slide, you can see our optimized pro forma capital ratios, and we are anticipating a tangible book value earn-back period of approximately two years. The pro forma tangible book value dilution would come from the creation of the core deposit intangible and the net impact to equity from balance sheet marks and acquisition-related charges.

依最終協議條款，待完成的 Manubank 收購將以全現金交易結算，並預期將為 Hope Bancorp, Inc. 帶來淨現金利益。本頁投影片顯示我們最佳化後的備考（pro forma）資本比率；我們預期有形帳面價值回補期（tangible book value earn-back period）約為兩年。備考有形帳面價值稀釋將來自核心存款無形資產（core deposit intangible）的認列，以及資產負債表評價調整（marks）與併購相關費用對權益的淨影響。

Continuing to Slide 5, loan balances were essentially stable linked-quarter. At March 31, 2026, gross loans totaled $14.74 billion, compared with $14.79 billion in the prior quarter.

接續到第 5 頁投影片，放款餘額與前一季相比基本持平。截至 2026 年 3 月 31 日，放款總額為 147.4 億美元，較前一季的 147.9 億美元略低。

Year-over-year, gross loans increased 10% from $13.34 billion at March 31, 2025, reflecting the impact of the Territorial Bancorp acquisition and organic residential mortgage growth.

與去年同期相比，放款總額較 2025 年 3 月 31 日的 133.4 億美元增加 10%，反映收購 Territorial Bancorp 的影響以及住宅房貸的內生成長。

As we enter the second quarter, our loan pipelines are strong and building, reflecting improving production trends and increased activity across our markets.

進入第二季，我們的放款案源（pipeline）強勁且持續增加，反映產能趨勢改善，以及我們各市場活動度提升。

On the deposit side, deposits were $15.73 billion at March 31, 2026, growing 1% quarter-over-quarter.

在存款方面，截至 2026 年 3 月 31 日存款為 157.3 億美元，較前一季成長 1%。

Non-maturity interest-bearing deposits were up 3% and non-interest-bearing demand deposits were up 0.5%. Higher cost CDs were intentionally runoff. Year-over-year, deposits increased 9%, primarily due to the Territorial Bancorp acquisition.

非到期計息存款增加 3%，不計息活期存款增加 0.5%。高成本定期存單（CDs）則刻意讓其到期流失。與去年同期相比，存款增加 9%，主要來自收購 Territorial Bancorp。

With that, I will ask Juliana to provide additional details on our financial performance for the first quarter. Juliana.

接下來，我請 Juliana 進一步說明第一季的財務表現細節。Juliana。

Thank you, Kevin, and good morning, everyone.

謝謝你，Kevin，各位早安。

Beginning on Slide 6, our net interest income totaled $124 million for the first quarter of 2026. Up 23% from the first quarter of 2025 and a decrease of 3% from the prior quarter. Quarter over quarter, the decrease in net interest income reflected the impact of a lower day count in the first quarter and a modest decrease of 0.4% in average earning assets, in which average loans were up, but other earning assets declined.

從第 6 頁投影片開始，我們 2026 年第一季淨利息收入合計 1.24 億美元，較 2025 年第一季成長 23%，並較前一季下降 3%。與前一季相比，淨利息收入下降反映第一季天數較少的影響，以及平均生息資產小幅下降 0.4%；其中平均放款上升，但其他生息資產下降。

The first quarter 2026 net interest margin was 2.90%, unchanged quarter over quarter. The impact from decreased loan yields was more than offset by lower deposit costs. Year over year, our net interest margin expanded 36 basis points from the first quarter of 2025.

2026 年第一季淨利差為 2.90%，較前一季持平。貸款收益率下降的影響，已被較低的存款成本所抵銷且有餘。與去年同期相比，我們的淨利差較 2025 年第一季擴大 36 個基點。

The increase was primarily driven by improvements in our funding costs. The cost of our average interest-bearing deposits decreased 77 basis points. To 3.37% in the first quarter of 2026, down from 4.14% in the first quarter of 2025, equivalent to a deposit beta of over 100% relative to the decline in the federal funds target rate over the same period.

這項增加主要由我們的資金成本改善所帶動。我們平均計息存款的成本下降 77 個基點，2026 年第一季降至 3.37%，低於 2025 年第一季的 4.14%；相當於相對於同期間聯邦基金目標利率下調幅度的存款 beta 超過 100%。

The full impact of the Fed funds target rate cuts is still benefiting us with the continued repricing. Of time deposits. In the first quarter of 2026, we originated time deposits at a blended rate of 3.62%, down from a blended rate of 3.99% on our maturing CDs.

聯邦基金目標利率下調的完整影響，仍透過持續重訂價而使我們受益，尤其是定期存款方面。2026 年第一季，我們新承作的定期存款加權平均利率為 3.62%，低於到期 CD 的加權平均利率 3.99%。

On Slide 7, we present the quarterly trends in our average loan and deposit balances and our weighted average yields and costs. On to Slide 8, where we summarize our non-interest income.

在投影片 7，我們呈現平均貸款與存款餘額的季度趨勢，以及加權平均收益率與成本。接著到投影片 8，我們將彙總非利息收入。

For the first quarter of 2026, non-interest income totaled $17 million, down $1 million compared with $18 million in the prior quarter and up $1 million compared with $16 million for the first quarter of 2025. The quarter-over-quarter decrease in non-interest income was primarily due to less gains on the sale of investment securities and lower customer-level swap fee income, the latter of which reflected less underlying transaction activity in the first quarter.

2026 年第一季非利息收入合計 1,700 萬美元，較前一季的 1,800 萬美元減少 100 萬美元，較 2025 年第一季的 1,600 萬美元增加 100 萬美元。非利息收入季減主要因投資證券出售收益較少，以及客戶層級的換匯（swap）手續費收入較低；後者反映第一季基礎交易活動較少。

During the first quarter of 2026, we sold $53 million of SBA loans, compared with $46 million sold in the fourth quarter of 2025. Accordingly, we recognized SBA gains from sale of $3 million for the first quarter of 2026, up approximately $700,000 from the fourth quarter of 2025.

2026 年第一季，我們出售 5,300 萬美元的 SBA 貸款，較 2025 年第四季出售的 4,600 萬美元增加。因此，我們於 2026 年第一季認列 SBA 出售收益 300 萬美元，較 2025 年第四季約增加 70 萬美元。

Moving on to non-interest expense on Slide 9. Our non-interest expense totaled $94 million in the first quarter of 2026, down from $99 million in the fourth quarter of 2025.

接著看投影片 9 的非利息費用。我們 2026 年第一季非利息費用合計 9,400 萬美元，低於 2025 年第四季的 9,900 萬美元。

The sequential quarter decrease reflected continued expense management discipline. Year-over-year, non-interest expense increased from $84 million in the first quarter of 2025, primarily due to the inclusion of Territorial Bancorp's operating expenses.

本季較前季下降，反映我們持續維持費用管理紀律。與去年同期相比，非利息費用自 2025 年第一季的 8,400 萬美元增加，主要因納入 Territorial Bancorp 的營運費用。

The efficiency ratio for the first quarter of 2026 improved to 67%, down from 68.2% in the prior quarter and down from 72% in the year-ago quarter, demonstrating continued positive operating leverage alongside disciplined expense management.

2026 年第一季效率比率改善至 67%，低於前一季的 68.2%，亦低於去年同期的 72%，顯示在嚴謹費用管理下，營運槓桿持續呈現正向。

Next, on to Slide 10. I'll review our asset quality, which has continued to steadily improve and reflected a quarter-over-quarter reduction in non-performing loans.

接下來到投影片 10。我將回顧我們的資產品質，其持續穩步改善，並反映不良貸款較前一季下降。

This was primarily driven by successful resolutions of problem loans.

這主要是由於問題貸款成功處置所致。

At March 31, 2026, criticized loans totaled $325 million, down 7% quarter-over-quarter and down 28% year-over-year.

截至 2026 年 3 月 31 日，受關注（criticized）貸款合計 3.25 億美元，較前一季下降 7%，較去年同期下降 28%。

The sequential quarter improvement included a 23% reduction in special mention loans and a 2% reduction in classified loans. The criticized loan ratio improved to 2.22% of total loans at March 31st, 2026, down from 2.39% at December 31, 2025, and down from 3.36% at March 31, 2025.

本季較前季的改善包括：特別關注（special mention）貸款減少 23%，以及分類（classified）貸款減少 2%。截至 2026 年 3 月 31 日，受關注貸款比率改善至占總貸款 2.22%，低於 2025 年 12 月 31 日的 2.39%，亦低於 2025 年 3 月 31 日的 3.36%。

Net charge-offs were $11 million for the 2026 first quarter or annualized 29 basis points of average loans, compared with 10 basis points annualized for the prior quarter and 25 basis points annualized for the year-ago quarter.

2026 年第一季淨沖銷為 1,100 萬美元，折算年化為平均貸款的 29 個基點；相較之下，前一季年化為 10 個基點，去年同期年化為 25 個基點。

Reflecting the linked-quarter change in net charge-offs, the 2026 first quarter provision for credit losses was $9 million, up from $7 million for the 2025 fourth quarter.

反映淨沖銷的季對季變動，2026 年第一季信用損失提存為 900 萬美元，高於 2025 年第四季的 700 萬美元。

The allowance for credit losses totaled $155 million, and the coverage ratio was 1.06% at March 31, 2026, compared with $157 million and a coverage ratio of 1.07% at December 31, 2025.

信用損失準備金合計 1.55 億美元，截至 2026 年 3 月 31 日覆蓋率為 1.06%；相較之下，截至 2025 年 12 月 31 日為 1.57 億美元，覆蓋率為 1.07%。

With that, let me turn the call back to Kevin.

接下來我把電話交回給 Kevin。

Thank you, Juliana.

謝謝你，Juliana。

Moving on to the outlook on Slide 11, we present our updated Managed Outlook for the full year 2026, including the preliminary impact of the pending Manubank transaction, which we expect to close in the second-half of 2026, subject to regulatory approvals and dissatisfaction of other customary closing conditions.

接著看投影片 11 的展望，我們提出 2026 全年的最新「管理層展望」（Managed Outlook），其中包含尚待完成的 Manubank 交易之初步影響；該交易預期於 2026 年下半年完成，但仍須取得監管核准並滿足其他慣常交割條件。

Accordingly, we expect loan growth of. Over 20% between December 31, 2025 and December 31, 2026, reflecting the impact of the Manubank transaction and organic growth.

因此，我們預期 2025 年 12 月 31 日至 2026 年 12 月 31 日期間，貸款成長將超過 20%，反映 Manubank 交易影響與內生成長。

Relative to our assumptions at the beginning of the year, we are moderating CRE loan growth. Ahead of the transaction close to manage pro forma loan concentration. Our current pipelines are strong in building, and we anticipate commercial and residential mortgage loan growth will continue to be robust in 2026.

相較於年初的假設，我們正在放緩商用不動產（CRE）貸款成長，以在交易完成前管理備考（pro forma）貸款集中度。我們目前的案源管線持續強勁，我們預期 2026 年商業與住宅房貸成長仍將維持強勁。

We anticipate year-over-year total revenue growth to be at the higher end of our 15% to 20% range.

我們預期總營收年增率將落在 15% 至 20% 區間的較高端。

For the full year of 2026, assuming one quarter of contribution from the pending Manubank transaction. The incremental revenue from Manubank would be partially offset by the impact from the aforementioned slower commercial real estate loan growth. We assume no Fed funds target rate cuts in 2026. We anticipate unchanged pre-provision net revenue growth, excluding notable items, at a range of 25% to 30% for the full year 2026. This includes a quarter's worth of impact of Manubank's operating expenses. We anticipate the benefits of cost savings from the Manubank transaction will begin from 2027. Accordingly, we project the Manubank transaction to be meaningfully accretive to 2027 earnings.

就 2026 全年而言，假設尚待完成的 Manubank 交易貢獻一個季度，Manubank 帶來的增量營收將部分被前述商用不動產貸款成長放緩的影響所抵銷。我們假設 2026 年聯邦基金目標利率不再降息。剔除重大項目後，我們預期 2026 全年稅前、提存前淨收益（pre-provision net revenue）成長率將維持不變，落在 25% 至 30% 的區間。此亦包含 Manubank 營運費用一個季度的影響。我們預期 Manubank 交易的成本節省效益將自 2027 年開始顯現。因此，我們預估 Manubank 交易將對 2027 年盈餘具有顯著增益（meaningfully accretive）。

We continue to assume a steady asset quality backdrop and a full-year effective tax rate between 20% and 25% in 2026.

我們仍假設資產品質環境維持穩定，且 2026 全年有效稅率介於 20% 至 25%。

With that, operator, please open up the call for questions.

接下來，請接線員開放提問。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（接線員指示）

Gary Tenner, DA Davidson.

Gary Tenner，DA Davidson。

Thanks. Good morning. I wanted to ask about the repurchase activity in the quarter. Could you characterize the forward appetite here and whether you've got a. Updated target payout ratio or target capital levels we should be thinking about.

謝謝，早安。我想問一下本季的庫藏股回購活動。你能否說明一下未來的回購意願，以及是否有我們應該關注的最新目標配發率（payout ratio）或目標資本水準？

That will depend on capital generation and growth opportunities. We will continue to evaluate opportunistic repurchases within that framework. We still have capacity under our share repurchase authorization and.

這將取決於資本生成能力與成長機會。我們會在該框架下持續評估機會型回購。我們在股份回購授權額度之下仍有空間，而且……

We already purchased $7 million of shares since it was refreshed last quarter. So that's where we stand today, and we regularly review our capital allocation priorities. So our use of capital to repurchase our shares will be opportunistic.

自上季更新授權以來，我們已回購 700 萬美元的股份。這就是我們目前的狀況，我們也會定期檢視資本配置的優先順序。因此，我們運用資本回購自家股票將採機會型方式進行。

Appreciate that. And then, Juliana, can you provide the purchase accounting benefit for the quarter?

了解，謝謝。接著，Juliana，你能提供本季的收購會計（purchase accounting）效益嗎？

Not material.

不具重大性。

Not materially different than last quarter, or just in dollars, not material?

是指相較上季沒有重大差異，還是就金額而言不重大？

Not materially different quarter over quarter. It's about similar. It's $4 million.

季對季沒有重大差異，差不多一樣，大約是 400 萬美元。

Okay.

好的。

I mean, I told you last, I believe I answered this question in prior quarters. It might have been even your question.

我的意思是，我上次應該也在前幾季回答過這個問題，甚至可能就是你問的。

With the Territorial Bancorp transaction, right, that these residential mortgage loans are long-dated loans. It's a long-term portfolio, so the purchase accounting benefit is going to be a steady benefit.

就 Territorial Bancorp 這筆交易而言，對吧，這些住宅房貸是長天期貸款，是一個長期投資組合，所以收購會計效益會是一個穩定的效益。

Of each quarter for a number of years as opposed to when you do a commercial loan acquisition where it's a much shorter weighted average life of the portfolio, it's a much more there's much more fluctuation to purchase accounting benefit.

在若干年期間的每一季，相較於您進行商業貸款收購時投資組合的加權平均存續期間要短得多，因此購買會計帶來的效益波動也會大得多。

I appreciate that. I just wanted to confirm the number.

了解，謝謝。我只是想確認一下這個數字。

Matthew Clark, Piper Sandler.

Matthew Clark，Piper Sandler。

Hey, good morning, everyone. Thanks for the questions. I wanted to start on the expense run rate, some pretty good improvement here from the fourth quarter. Just wanted to get a sense for whether that's sustainable and what a normalized run rate might be here in the first quarter?

各位早安，謝謝讓我提問。我想先從費用的執行率（run rate）談起，這一季相較第四季有相當不錯的改善。想請教這是否具有可持續性，以及第一季這裡的常態化執行率大概會是多少？

Thank you, Matt. So this quarter, you saw some good expense management, and I would say I'll go back to our comments about expenses for the full year of 2026 relative to last quarter. When we gave we we made comments around the fourth quarter as a jump-up point for a run rate, so the first quarter was a good quarter with some good expense control, but I would anticipate that as our production strengthens and our revenue growth strengthens throughout the year, the expenses will tick up from there, but overall, we'll stay within. That original comments that we made for you last quarter with full year growth, that we talked about.

謝謝你，Matt。這一季你看到我們在費用管理上有不錯的表現。我會回到我們上季對 2026 全年費用（相較上季）的評論。當時我們提到第四季是執行率上跳的起點；因此第一季確實是費用控制良好的一季。不過我預期，隨著我們的產能增強、全年營收成長動能轉強，費用會從這裡開始略為上升，但整體仍會維持在我們上季對你們所提到的全年成長區間之內。

Got it. Okay. And then are you opting out of the CECL double count with the acquisition?

了解。那麼，這次收購案你們會選擇不適用 CECL 的雙重計提（double count）嗎？

We are still going to evaluate.

我們仍會持續評估。

Okay. And then just the spot rate on deposits if you have it and. I know there's going to be an incremental benefit from CD repricing, but just thoughts on deposit cost outlook with the Fed on hold?

好的。另外，如果你們手上有存款的即期利率（spot rate）也請分享一下。我知道定存（CD）重定價會帶來額外好處，但在聯準會按兵不動的情況下，對存款成本展望、以及 CD 端的競爭性定價，你們怎麼看？

Sorry, could you repeat the second part of your question?

抱歉，你可以重複一下你問題的第二部分嗎？

Just the deposit cost outlook with the Fed on hold and competitive pricing on the CD side.

就是在聯準會維持利率不變、以及 CD 端競爭性定價的情況下，存款成本的展望。

Right. So our CDs are continuing to reprice, as we quoted in our script, about how much pickup we're getting each quarter. So when we look at our deposit cost outlook for the rest of the year, each quarter, we see about five to seven basis points of interest-bearing deposit cost reduction just from the mathematics.

好的。我們的 CD 仍在持續重定價；正如我們在講稿中引用的，我們每一季大概能獲得多少提升。就今年剩餘時間的存款成本展望而言，我們每一季大約可看到計息存款成本下降 5 到 7 個基點，這主要是數學上的自然結果。

Yes, thank you. And then on the CECL double count, in our Form 10-K and Form 10-Q, you would have seen that we already adopted the ASU for the Territorial Bancorp transaction.

是的，謝謝。另外關於 CECL 的雙重計提，在我們的 Form 10-K 與 Form 10-Q 中你應該已經看到，我們先前已針對 Territorial Bancorp 交易採用了該 ASU。

Okay, thanks again.

好的，再次感謝。

(Operator Instructions)

（接線員指示）

Kelly Mota, KBW.

Kelly Mota，KBW。

For the question, maybe to kick it off with loan growth, your guidance implies that some pullback in commercial real estate with an eye to manage those concentrations. Can you provide any color into Q1 was down a little bit. I'm wondering if that was in anticipation of signing this deal, kind of what you were seeing in terms of payoffs and kind of strategically moving forward, your organic outlook for resi and commercial as you manage ahead. Thanks.

我想先從貸款成長問起。你們的指引暗示商用不動產（CRE）會有些回收，以管理集中度。能否補充一些細節：第一季小幅下滑，我想知道這是否是預期將簽署這筆交易而提前調整？以及你們看到的還款（payoffs）情況如何？再往前看，在你們提前管理的同時，住宅與商業貸款的有機成長展望是什麼？謝謝。

I think that for our outlook, organic outlook, kind of looking forward, I would say on a full-year basis, I would expect organic loan growth to be mid-single-digits, and it would come from C&I and residential mortgage, C&I, of course, being the higher percentage loan grower, and I would expect flat CRE balances.

就我們的有機展望、往前看，我會說以全年來看，我預期有機貸款成長會是中個位數（mid-single-digits），主要來自 C&I 與住宅房貸；其中 C&I 當然會是成長占比更高的那一塊，而我預期 CRE 餘額會持平。

Okay, that's pretty helpful. Can you remind us your pro forma CRE concentrations for SMBC Manubank?

好的，這很有幫助。可以提醒我們，SMBC Manubank 的備考（pro forma）CRE 集中度是多少嗎？

It will be something in that 320% range, depending on where the final balance is land.

大概會在 320% 左右，取決於最終餘額落點。

Got it. That's helpful.

了解，這很有幫助。

And then I just wanted to add, we'll land at that pro forma concentration, but it is our belief and we are planning for organically growing into that. So although we are slowing down CRE loan growth ahead of the transaction, we also don't foresee the closing to be anything disruptive and be able to grow into that concentration within a fairly reasonable timeframe.

另外我補充一下：我們會落在那個備考集中度，但我們相信、也正在規劃以有機成長去消化（grow into）該集中度。因此，雖然我們在交易完成前放緩 CRE 貸款成長，但我們也不預期交割會造成任何干擾，並且能在相當合理的時間內透過成長把集中度降到更舒適的水準。

Got it. That's a very helpful caller. A point of clarification on your guidance. I believe you said that you have about a quarter of SNBC Manubank, like a quarter's worth of results. I know the close is in the second-half of the year. Could you just provide what's baked into the guidance in terms of how much.

了解，這點很有幫助。關於你們指引我想釐清一下：我記得你們說大概會納入 SMBC Manubank 約一季的業績。我知道交割在下半年。你們能否說明一下指引中假設納入多少？

Timing versus earlier in the first half, the second-half of the year versus the end. I just want to make sure I'm modeling that appropriately.

也就是時間點：是偏向下半年較早、還是接近年底？我只是想確保模型設定正確。

Nothing more complicated to that other than just plugging in a close at the midpoint of the second-half of the year for simple arithmetic. The close will come when it comes to the second-half of the year. Obviously, we would like to close earlier than later, but for the pure amount. Mathematics of an Outlook, we're just doing it mid of second-half.

沒有更複雜的假設；我們只是為了簡單算術，假設在下半年中點完成交割。實際交割會在下半年某個時間點發生；當然我們希望越早越好，但就展望的純粹數學計算，我們用下半年中點。

Got it. That's helpful. Maybe last question for me, just to slip it in.

了解，這很有幫助。我最後再插問一題。

Net charge-offs were up a little bit, although you did have improvement in MPAs and I believe criticized. Can you provide any color and overview as to what you guys are seeing in the book and anything you're. Incrementally watching more.

淨沖銷（net charge-offs）小幅上升，雖然你們的 MPAs 以及我記得被列為 criticized 的項目有改善。能否提供一些說明與概覽，談談你們在資產組合中看到的狀況，以及是否有任何你們正在額外關注的部分？

Sure. This is Peter. Yes, the charge-offs, I think, are a little elevated this quarter. It's up and down a little bit, but still within kind of the reasonable range that we've been expecting. And a lot of these represent sort of previously identified credit concerns that we are cleaning up right now. So overall, we feel very good about asset quality. I think you see continuing improvement in asset quality trends. I think NPLs were down and criticized assets have been coming down sequentially quarter-over-quarter. So overall, I think we're in good shape in terms of credit.

當然。我是 Peter。是的，本季沖銷我認為稍微偏高一些，會有些上下波動，但仍在我們預期的合理區間內。其中很多其實是我們先前已辨識的信用疑慮，現在正在清理。整體而言，我們對資產品質感到非常放心。你也看到資產品質趨勢持續改善：不良貸款（NPLs）下降，而被列為 criticized 的資產也在季對季持續下降。所以整體信用面我們狀況良好。

Great. Thank you so much.

非常好，謝謝你們。

Tim Coffey, Brein Capital.

Tim Coffey，Brein Capital。

Thank you. Good morning, everybody. What were the new loan yields, the yields on the new loans in the quarter?

謝謝。各位早安。本季新承作貸款的收益率是多少？也就是新貸款的利率水準。

The yields on the new loans were approximately 6.4%.

新承作貸款的收益率約為 6.4%。

And then kind of on the organic margin, I think the conventional thinking was that we'd see expansion going into the back half of this year. Is that still a reasonable expectation?

另外關於有機淨利差（margin），市場一般看法是今年下半年會看到擴張。這仍是合理的預期嗎？

If the Fed Fund stays flat and we continue to have improvement on our cost of deposits from the repricing of CDs, and if interest rates stay flat for a loan yields of... Equal, then you would see margin expansion because the earning asset side would not come down with rate cuts. And in fact, it would benefit because the back book of our low-yielding CRE loans would continue to mature and reprice to market rates, and we're continuing to improve our cost of funds.

如果聯邦基金利率維持不變，而我們持續因 CD 重定價而改善存款成本，且利率維持平穩使得貸款收益率大致持平，那麼你會看到利差擴張，因為在沒有降息的情況下，生息資產端不會下滑。事實上還會受益：我們存量中收益率較低的 CRE 貸款會持續到期並以市場利率重定價，同時我們也持續改善資金成本。

Great. The rest of my questions have been asked and answered.

很好。我其他問題都已經被問到並回答了。

Thank you. That was the last question. I would like to turn the conference back over to the management for any closing comments.

謝謝。以上是最後一個問題。我想把電話會議交回管理層，請他們做結語。

Thank you. In summary, with our continued progress across our key strategic priorities and the addition of a compelling strategic transaction, we believe we are well-positioned to continue building momentum and delivering long-term value for our stockholders.

謝謝。總結來說，隨著我們在關鍵策略優先事項上持續取得進展，並新增一項具吸引力的策略性交易，我們相信公司已處於有利位置，能持續累積動能，並為股東創造長期價值。

In closing, I would also like to thank our colleagues for their ongoing dedication and commitment, which remain critical to the execution of our strategy and the strength of our organization. Thank you all again for joining us today, and we look forward to speaking with you next quarter.

最後，我也要感謝同仁們持續的投入與承諾，這對我們策略的落實以及組織的強健至關重要。再次感謝各位今天的參與，我們期待在下個季度再與各位交流。

Bye, everyone.

各位再見。

Thank you. The conference is now concluded. Thank you for attending this presentation. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位出席本次簡報。您現在可以掛線。