Independent Bank Corp (Michigan) (IBCP) 2025 Q1 法說會逐字稿

Hello everyone and welcome to the Independent Bank Corporation reports 2025 first quarter results. My name is Ezra, and I will be your coordinator today. (Operator Instructions). I will now hand you over to Brad Kessel, President and CEO, to begin. Please go ahead.

大家好，歡迎閱讀獨立銀行公司 2025 年第一季業績報告。我叫伊茲拉，今天我將擔任您的協調員。（操作員指令）。現在我將把發言權交給總裁兼執行長布拉德凱塞爾 (Brad Kessel)。請繼續。

Good morning and welcome to today's call. Thank you for joining us for Independent Bank Corporation's conference call and webcast to discuss the company's first quarter, 2025 results. I'm Brad Kessel, President and Chief Executive Officer, and joining me is Gavin Mohr, EVP and Chief Financial Officer, and Joel Rahn, Executive Vice President of commercial banking.

早上好，歡迎參加今天的電話會議。感謝您參加獨立銀行公司的電話會議和網路廣播，討論公司 2025 年第一季的業績。我是總裁兼執行長布拉德‧凱塞爾 (Brad Kessel)，與我一起出席的是執行副總裁兼財務長加文‧莫爾 (Gavin Mohr) 和商業銀行執行副總裁喬爾‧拉恩 (Joel Rahn)。

Before we begin today's call, I would like to direct you to the important information on page two of our presentation, specifically the cautionary note regarding forward-looking statements. If anyone does not already have a copy of the press release issued by us this morning, you can access it at the company's website, www.independentbank.com.

在我們開始今天的電話會議之前，我想向您介紹我們演示文稿第二頁上的重要信息，特別是有關前瞻性陳述的警告說明。如果有人還沒有我們今天早上發布的新聞稿副本，您可以訪問該公司的網站 www.independentbank.com 進行訪問。

The agenda for today's call will include prepared remarks followed by a question-and-answer session and then closing remarks. I am pleased to report on our strong first quarter results as we advance our mission of inspiring financial independence today with tomorrow in mind.

今天電話會議的議程將包括準備好的演講、隨後的問答環節和結束語。我很高興地報告我們第一季的強勁業績，我們正在推進我們的使命，即激發今天的財務獨立並著眼於明天。

Our vision is a future where people approach their finances with confidence, clarity, and the determination to succeed. Our core values of courage, drive, integrity, people focused, and teamwork are the blueprint our employees live by. We strive to be Michigan's most people focused bank.

我們的願景是未來人們能夠自信、清晰地處理自己的財務狀況並決心取得成功。我們的核心價值是勇氣、動力、正直、以人為本和團隊合作，也是我們員工生活的藍圖。我們致力於成為密西根州最以人為本的銀行。

Today, Independent Bank Corporation reported first quarter 2025 net income of $15.6 million or $0.74 per diluted share versus net income of $16 million or $0.76 per diluted share in the prior year period. I am proud of our team and very pleased to see us continue our positive trends.

今天，獨立銀行公司公佈 2025 年第一季淨收入為 1,560 萬美元，即每股攤薄收益 0.74 美元，而去年同期淨收入為 1,600 萬美元，即每股攤薄收益 0.76 美元。我為我們的團隊感到自豪，並很高興看到我們繼續保持積極的趨勢。

Overall loans increased 3.4% annualized while core deposits are up 0.8% annualized. We were able to generate net interest income growth on both a linked quarterly basis and on a year over year quarterly basis and produce four basis points in margin expansion. We believe that our expenses continue to be well managed, and we continue to see improved operational scale from strategic investments we have made in recent quarters, recent years.

整體貸款年化成長 3.4%，核心存款年化成長 0.8%。我們能夠實現季度環比和年比淨利息收入成長，並實現利潤率擴大 4 個基點。我們相信，我們的費用繼續得到良好的管理，並且我們最近幾個季度和最近幾年進行的策略投資繼續改善了營運規模。

These fundamentals continue to drive positive growth and tangible book value per share, 13.2% compared to the prior year quarter. Our credit metrics continue to be very good with a low level of watch credits, 14 basis points of non-performing assets to total assets, and 1 basis point in net charge-offs for the quarter to average loans annualized.

這些基本面持續推動每股有形帳面價值的正成長，與去年同期相比成長了 13.2%。我們的信用指標持續保持良好，關注信用水準較低，不良資產佔總資產的 14 個基點，本季淨沖銷額佔年化平均貸款的 1 個基點。

The allowance for credit losses factoring in recent market uncertainty was 1.47% of total loans. We are staying in close contact with our client base during this volatile period and keeping abreast of what they are experiencing and how they are adjusting if needed. We continue to be focused on what we can control and optimistic on the long-term future of the IBC franchise.

考慮到近期市場不確定性，信貸損失準備金佔貸款總額的 1.47%。在這個動盪的時期，我們與客戶保持密切聯繫，了解他們的經歷以及他們在必要時如何進行調整。我們將繼續專注於我們能夠控制的事情，並對 IBC 特許經營的長期未來持樂觀態度。

Moving to page five of our presentation, total deposits at March 31, 2025, were $4.63 billion. Overall, core deposits increased $9.1 million during the first quarter. On a linked quarter basis, retail deposits increased by $34.2 million. Business deposits declined by $44 million and municipal deposits increased by $18.9 million.

翻到我們簡報的第五頁，截至 2025 年 3 月 31 日的總存款為 46.3 億美元。總體而言，第一季核心存款增加了 910 萬美元。與上一季相比，零售存款增加了 3,420 萬美元。商業存款減少了 4,400 萬美元，市政存款增加了 1,890 萬美元。

Our customer base continues to exhibit a remix out of non-interest bearing and or lower yielding deposit products into our higher yielding product offerings, but the remix pace has slowed. Additionally, our sales team continues to bring in new relationships well below our wholesale cost of funds.

我們的客戶群繼續表現出從無息或低收益存款產品到高收益產品的轉變，但轉變速度已經放緩。此外，我們的銷售團隊繼續以遠低於批發資金成本的價格建立新的關係。

On page six, we have included in our presentation a historical view of our cost of funds as compared to the Fed fund spot rate and the Fed effective rate. For the quarter, our total cost of funds decreased by 12 basis points to 1.80%.

在第六頁，我們在簡報中納入了與聯邦基金即期利率和聯準會有效利率相比的資金成本的歷史視圖。本季度，我們的總資金成本下降了 12 個基點，至 1.80%。

At this time, I'd like to turn the presentation over to Joel Rahn to share a few comments on the success we are having in growing our loan portfolios and provide an update on our credit metrics.

現在，我想將演講交給喬爾·拉恩 (Joel Rahn)，讓他就我們在擴大貸款組合方面取得的成功分享一些評論，並提供一些有關我們的信貸指標的最新信息。

Yeah, thank you, Brad, and good morning, everyone. On page seven, we share an update on the loan activity for the quarter. We had a solid, we had solid loan growth to start the year, as Brad said, total loans grew $34 million, representing a 3.4% annualized rate.

是的，謝謝你，布拉德，大家早安。在第七頁，我們分享了本季貸款活動的最新情況。正如布拉德所說，我們在年初實現了穩健的貸款成長，總貸款成長了 3,400 萬美元，年化成長率為 3.4%。

Commercial loan generation was strong with $54.8 million of Q1 growth or an 11% annualized rate. Our residential mortgage portfolio realized a slight decline of $3.9 million while our installment loan portfolio declined $17 million in the first quarter.

商業貸款成長強勁，第一季成長 5,480 萬美元，年化率為 11%。第一季度，我們的住宅抵押貸款組合小幅下降了 390 萬美元，而分期貸款組合則下降了 1,700 萬美元。

Our continued strategic investment in commercial banking town continues to supplement our growth. We added three experienced commercial bankers in the first quarter, bringing our team to 47 bankers across our statewide footprint.

我們對商業銀行城的持續策略投資將繼續促進我們的成長。我們在第一季增加了三名經驗豐富的商業銀行家，使我們在全州範圍內的團隊銀行家總數達到 47 名。

As noted in previous quarters, our new loan production in each segment continues to come on. It yields well above the respective portfolio yield. Within the commercial loan activity, the mix of C&I lending versus investment real estate for the quarter was 59% and 41% respectively.

正如前幾季所指出的，我們各部門的新貸款產量都在持續成長。其收益率遠高於相應的投資組合收益率。在商業貸款活動中，本季商業和工業貸款與投資房地產的比例分別為 59% 和 41%。

While our commercial pipeline is solid, it is softer than a year ago, and we're as we're seeing some cautiousness by business owners regarding business expansion. Page eight provides detail on our commercial loan portfolio. There's not been any significant shift in our portfolio concentrations, with the portfolio remaining very well diversified.

雖然我們的商業管道穩健，但比一年前更疲軟，而且我們看到企業主對業務擴張持謹慎態度。第八頁提供了我們商業貸款組合的詳細資訊。我們的投資組合集中度沒有任何重大變化，投資組合仍然保持良好的多樣化。

Our largest segment of the C&I category is manufacturing at 9.2% of the total portfolio. It's worth noting that within the manufacturing segment is $134 million, or 6.7% of our portfolio of automotive industry exposure that we're monitoring closely for any tariff-related impact.

我們在商業與工業類別中最大的部分是製造業，佔總投資組合的 9.2%。值得注意的是，製造業領域的投資額為 1.34 億美元，占我們汽車產業投資組合的 6.7%，我們正在密切關注任何與關稅相關的影響。

As Brad noted, credit quality metrics and trends are outlined on page nine, and they continue to be excellent. Total non-performing loans were $7.1 million or 17 basis points of total loans at quarter end, up slightly from 15 basis points at year end 24.

正如布拉德所指出的，第九頁概述了信用品質指標和趨勢，而且它們仍然非常出色。本季末不良貸款總額為 710 萬美元，佔貸款總額的 17 個基點，略高於 2014 年末的 15 個基點。

Past due loans totaled $3.9 million or 10 basis points, down slightly from 17 basis points at year end 2024. It's not reflected on the slide, but it's worth noting that our net charge offs was $68,000 or one basis point of average loans on an annualized basis for the quarter.

逾期貸款總額為 390 萬美元，即 10 個基點，略低於 2024 年底的 17 個基點。投影片上沒有反映這一點，但值得注意的是，本季我們的淨沖銷額為 68,000 美元，即按年率計算的平均貸款的一個基點。

At this time, I'd like to turn the presentation over to Gavin for his comments, including the outlook for the remainder of the year.

現在，我想將演講交給加文，請他發表評論，包括對今年剩餘時間的展望。

Thanks, Joel. Good morning, everyone. I'm starting on page 10 of our presentation. Page 10 highlights our strong regulatory capital position. Turning to page 11, net interest income increased $3.5 million from the year ago period. Our tax equivalent net interest margin was 3.49% during the first quarter of 2025 compared to 3.30% in the first quarter of 2024 and up 4 basis points from the fourth quarter of 2024.

謝謝，喬爾。大家早安。我從簡報的第 10 頁開始。第 10 頁重點介紹了我們強大的監理資本狀況。翻到第 11 頁，淨利息收入比去年同期增加了 350 萬美元。2025 年第一季度，我們的稅收等值淨利差為 3.49%，而 2024 年第一季為 3.30%，比 2024 年第四季上升了 4 個基點。

Average interest earning assets were $5.08 billion in the first quarter of 2024 compared to $4.91 billion in the year ago quarter and $5.01 billion in the fourth quarter of 2024. Page 12 contains a more detailed analysis of the late quarter increase in net interest income and the net interest margin.

2024 年第一季平均生息資產為 50.8 億美元，去年同期為 49.1 億美元，2024 年第四季為 50.1 億美元。第12頁對本季末淨利息收入和淨利差的成長進行了更詳細的分析。

On a late quarter basis, our first quarter 25% net interest margin was positively impacted by two factors. A decrease in funding costs benefited 18 basis points, and a change in earning assets mix benefited 3 basis points. These were partially offset by a decrease in the yield on earning assets of 12 basis points and a change in funding mix of 5 basis points.

從季末來看，我們第一季 25% 的淨利差受到兩個因素的正面影響。融資成本下降帶來18個基點的收益，生息資產組合變動帶來3個基點的收益。但生息資產收益率下降 12 個基點以及融資組合變動 5 個基點，部分抵銷了上述影響。

On page 13, we provide details on the institution's interest rate risk position. The comparative simulation analysis for the first quarter of 2025 and fourth quarter of 2024 calculates the change in net interest income over the next 12 months under five rate scenarios. All scenarios assume a static balance sheet.

在第 13 頁，我們提供了該機構利率風險狀況的詳細資訊。2025年第一季與2024年第四季的比較模擬分析，計算了五種利率情境下未來12個月淨利息收入的變化。所有情境都假設資產負債表為靜態。

The base rate scenario applies the spot you curve from the valuation date. The shock scenarios considered immediate, permanent, and parallel rate changes. The base case modeled NII is modestly higher during the quarter as asset yields are augmented by a shift in the asset mix and with strong loan growth largely funded by runoff of lower yielding retail loans and the investment portfolio.

基準利率情境適用於您從估值日開始繪製的曲線。衝擊情景考慮了即時、永久和平行的利率變化。由於資產收益率因資產組合的變化而增加，且貸款強勁增長主要由收益較低的零售貸款和投資組合的流失提供資金，因此基準案例模型的 NII 在本季度略有上升。

The NII sensitivity position shows slightly more exposure to declining rates due to faster asset repricing during the quarter we had growth and variable rate commercial loans, and HELOCs. Currently 35.5% of assets repriced in one month and 47.4% repriced in the next 12 months.

由於本季資產重新定價速度加快，NII 敏感度狀況顯示出對利率下降的稍微更大的曝險，我們擁有成長和浮動利率商業貸款以及 HELOC。目前，35.5% 的資產在一個月內重新定價，47.4% 的資產在未來 12 個月內重新定價。

Moving on to page 14, non-interest income totaled $10.4 million in the first quarter of 2025, as compared to $12.6 million in a year ago quarter and $19.1 million in the fourth quarter of 2024. First quarter 2025 net gains on mortgage loans totaled $2.3 million compared to $1.4 million in the first quarter of 2024.

翻到第 14 頁，2025 年第一季的非利息收入總計 1,040 萬美元，而去年同期為 1,260 萬美元，2024 年第四季為 1,910 萬美元。2025 年第一季抵押貸款淨收益總計 230 萬美元，而 2024 年第一季為 140 萬美元。

The increase is due to higher profit margins and higher volume of loan sales, negatively impacting non-interest income was $0.6 million dollar loss on mortgage loan servicing net.

成長的原因是利潤率提高和貸款銷售量增加，對非利息收入產生了負面影響，抵押貸款服務淨損失為 60 萬美元。

This comprised of $1.5 million or $0.06 per diluted share after tax loss due to change in price, $0.9 million decrease due to pay downs, and a [$1 million or $0.1 million] loss on sale of originated mortgage servicing rights that's partially offset by a $1.9 million of servicing revenue in the first quarter of 2025.

其中包括因價格變動造成的稅後損失 150 萬美元或每股攤薄收益 0.06 美元、因首付而減少 90 萬美元，以及出售發起抵押貸款服務權的損失 [100 萬美元或 10 萬美元]，但 2025 年第一季的 190 萬美元服務收入部分抵消了這一損失。

The decline in servicing revenue compared to the prior year quarters attributed to the sale of approximately $931 million of mortgage servicing rights on January 31, 2025. The detailed-on page 15, our non-interest expense total of $34.3 million in the first quarter of 2025 is compared to $32.2 million in the year ago quarter and $37 million in the fourth quarter of 2024.

與去年同期相比，服務收入的下降是由於 2025 年 1 月 31 日出售了約 9.31 億美元的抵押貸款服務權。詳細資訊請見第 15 頁，2025 年第一季我們的非利息支出總額為 3,430 萬美元，而去年同期為 3,220 萬美元，2024 年第四季為 3,700 萬美元。

Compensation expense decreased $0.4 million primarily due to lower health benefits related costs and higher deferred loan origination costs due to higher commercial and mortgage loan production. Data processing costs increased $0.4 million from the prior year period, primarily due to quarter data processor and annual asset growth and CPI related cost increases, as well as annual increases in other software solutions.

薪資費用減少了 40 萬美元，主要原因是健康福利相關成本降低以及商業和抵押貸款產量增加導致遞延貸款發放成本增加。資料處理成本較去年同期增加了 40 萬美元，主要原因是季度資料處理器和年度資產成長以及 CPI 相關成本增加，以及其他軟體解決方案的年度成長。

Other non-interest expense increased $0.5 million primarily due to cost associated with the MSR sale referenced earlier. Page 16 is our update for 2025 outlook to see how our actual performance during the fourth quarter compared to the original outlook that we provided in January 2024.

其他非利息支出增加了 50 萬美元，主要原因是前面提到的 MSR 銷售相關成本。第 16 頁是我們對 2025 年展望的更新，以了解我們第四季度的實際表現與我們在 2024 年 1 月提供的原始展望相比如何。

Our outlook estimated loan growth in the mid-single digits. Loans increased $33.9 million in the first quarter of 2025 or 3.4% annualized, which is below our forecasted range. Commercial had loan growth while mortgage loans and installment loans decreased in the first quarter.

我們的預測是貸款成長率將達到中等個位數。2025 年第一季貸款增加了 3,390 萬美元，年化成長率為 3.4%，低於我們的預測範圍。第一季商業貸款成長，抵押貸款和分期貸款減少。

First quarter of 2025, net interest income increased by 8.7% over 2024, which is within our forecast. Of high single digit growth, the net interest margin was 3.49% for the current quarter and 330 for the prior year quarter, and it was up 4 basis points on a late quarter basis.

2025年第一季，淨利息收入較2024年成長8.7%，符合我們的預測。淨利差呈現高個位數成長，本季淨利差為3.49%，去年同期為330%，較季末上升4個基點。

First quarter, 2025 provision for credit losses was an expense of $0.7 million which was below our forecasted range. Moving on to page 17, non-interest income total of $10.4 million in the first quarter of 2025, which is lower than our forecasted range of $11 million to $12 million in the first quarter.

2025 年第一季信貸損失準備金支出為 70 萬美元，低於我們的預測範圍。轉到第 17 頁，2025 年第一季的非利息收入總計 1,040 萬美元，低於我們預測的第一季 1,100 萬美元至 1,200 萬美元的範圍。

First quarter 2025 mortgage loan originations, sales and gains total of $107.8 million, $82.6 million, and $2.3 million respectively. Mortgage loan servicing net generated a loss of $0.6 million in the first quarter of 2025, which is below our forecasted target.

2025 年第一季抵押貸款發放量、銷售額和收益總額分別為 1.078 億美元、8,260 萬美元和 230 萬美元。2025 年第一季抵押貸款服務淨額產生 60 萬美元的虧損，低於我們的預測目標。

Non-interest expense was $34.3 million in the first quarter, slightly lower than our forecasted range of $34.5 million to $35.5 million. Our effective income tax rate was 18.5% for the first quarter of 2025. Lastly, there were 1,093 shares of common stock repurchase for an aggregate purchase price of $0.03 million in the first quarter.

第一季非利息支出為 3,430 萬美元，略低於我們預測的 3,450 萬美元至 3,550 萬美元範圍。2025 年第一季我們的有效所得稅率為 18.5%。最後，第一季回購了 1,093 股普通股，總購買價為 3 萬美元。

After a quarter end from April 3, 2025, through April 22, 2025, there were 249,482 additional shares of common stock repurchased for an aggregate purchase price of $7.2 million. That concludes my prepared remarks, and I would now like to turn the call back over to Brad.

2025 年 4 月 3 日至 2025 年 4 月 22 日的一個季度結束後，又回購了 249,482 股普通股，總購買價為 720 萬美元。我的準備好的演講到此結束，現在我想將電話轉回給布拉德。

Thanks, Gavin. We've built a strong community bank franchise which positions us well to effectively manage through a variety of economic environments and continue delivering strong and consistent results for our shareholders. As we move through 2025, our focus will be continuing to invest in our team, leveraging our technology and supporting our communities.

謝謝，加文。我們建立了強大的社區銀行特許經營權，這使我們能夠有效地管理各種經濟環境，並繼續為股東提供強勁而穩定的業績。邁入 2025 年，我們的重點將繼續投資於我們的團隊、利用我們的技術和支持我們的社區。

Earlier today, we launched our new website. This redesigned site is faster, easier to navigate, and more helpful for every visitor. It's built to reflect who we are, a people first bank that makes things simple and accessible. At this point, we'd now like to open up the call for questions.

今天早些時候，我們推出了新網站。重新設計的網站速度更快、更易於瀏覽，對每個訪客更有幫助。它的建立體現了我們的宗旨：一家以人為本、讓一切變得簡單、便利的銀行。現在，我們想開始提問。

(Operator Instructions) Our first question comes from Brendan Nosal with Hovde Group. Brendan, your line is now open. Please go ahead.

（操作員指示）我們的第一個問題來自 Hovde Group 的 Brendan Nosal。布倫丹，你的線路現已開通。請繼續。

Hey, good morning, folks. Hope you're doing well. Maybe just to start off here at a super high level, obviously a really nice strong start to the year, and I know that you don't typically update the guidance you provide at the start of the year, but I'm just kind of curious as you sit here today, you look at that guidance from three months ago, where do you think you could potentially perform given that strong start?

嘿，大家早安。希望你一切都好。也許只是為了從這裡開始，以一個超高的水平，顯然這是今年一個非常好的強勁開端，我知道你通常不會在年初更新你提供的指導，但我只是有點好奇，當你今天坐在這裡，你看看三個月前的指導，你認為在如此強勁的開局下，你的表現會如何？

Yeah, I probably start with, the provision. Given that where we came out of the gate, I think there's probably opportunity depending on where the What happens within in the next few months with the on the deposit side, if we would see some rate cuts, we may be able to pick up a little bit there, but I overall I think we're really on plan and out of the gate as we expected.

是的，我可能從規定開始。考慮到我們一開始的狀況，我認為可能存在機會，這取決於未來幾個月存款方面的情況，如果我們看到一些降息，我們可能會在那裡稍微好轉，但總的來說，我認為我們確實在按照計劃進行，並且正如我們預期的那樣。

Yeah, I agree, Gavin. I think we've rerun a couple different scenarios and Gavin probably can speak to those a little more, but, if We get no change in the Fed rate for the balance of the year and then alternatively, as the market, I believe is now pricing in about 4 cuts between now and year end, we feel the balance sheets and kicking off earnings that are consistent in both those scenarios.

是的，我同意，加文。我認為我們已經重新演繹了幾種不同的情景，加文可能可以對這些情景多講一些，但是，如果美聯儲利率在今年剩餘時間內沒有變化，那麼，我認為市場現在預計從現在到年底將有 4 次降息，我們認為資產負債表和初始盈利在這兩種情景下都是一致的。

Yeah, I mean, I give a little more detailed Brad's statement. So, and by design we've continually tried to work volatility out of the out of the income statement and so we're really indifferent to the Fed flat or today or no rate changes or the Fed cuts $100. It's our modeling, if you isolate the balance sheet, it's a couple $100,000 of NII.

是的，我的意思是，我給了更詳細的布拉德的聲明。因此，我們按照設計一直試圖從損益表中消除波動性，因此我們對聯準會持平或今天或沒有利率變化或聯準會降息 100 美元實際上漠不關心。這是我們的模型，如果你單獨看資產負債表，它就是幾十萬美元的NII。

Yeah, okay, I appreciate the color there, maybe turning to something a little more specific, just looking at mortgage banking gain on sale within fee income, really strong quarter there seemed to certainly buck the seasonal trend, seemingly thanks to a really strong gain on sale margin for the quarter. I'm just kind of curious where you see that fee line running over the next few quarters.

是的，好的，我很欣賞那裡的顏色，也許可以轉向更具體的東西，只看費用收入中的抵押銀行銷售收益，真正強勁的季度似乎肯定逆轉了季節性趨勢，這似乎要歸功於本季度銷售利潤率的強勁增長。我只是有點好奇您認為未來幾季的費用線會如何發展。

Yeah, the margin, we continue to target that 250, and we, we've been intentionally working to get a few extra basis points wherever we can. So I think we're on trend. I think the overall question is going to be production. It's still very supply side constrained and so, I think out of the gate, we feel good about the first quarter. We just have to see how the how the summer develops.

是的，我們繼續以 250 為目標，並且我們一直在努力盡可能地獲得一些額外的基點。所以我認為我們正處於潮流之中。我認為總體問題是生產。供應方面仍然受到很大限制，因此我認為，我們對第一季的前景感到樂觀。我們只需要看看夏天會如何發展。

Okay fantastic thank you for taking the questions.

好的，非常好，感謝您回答這些問題。

Thanks Brendan.

謝謝布倫丹。

Our next question comes from Peter Winter with D.A. Davidson. Peter, your line is now open. Please go ahead.

下一個問題來自 D.A. 的 Peter Winter。戴維森。彼得，你的線路現已開通。請繼續。

Good morning. I was wondering, could you guys talk what the conversations are like with the clients just given all the certainty, uncertainty, and I realized it's early, but are you starting to see any stress from your borrowers? You mentioned you're watching the automotive portfolio, more closely.

早安.我想知道，考慮到所有的確定性和不確定性，您能否談談與客戶的對話情況如何，我意識到現在還為時過早，但您是否開始看到借款人的壓力？您提到您正在更密切地關注汽車投資組合。

Yeah, Peter, I'd like to have or Joel comment on that earlier in the week we had our board meeting and Joel gave a nice presentation to our full board on some reporting that the team's been a compiling in their conversations with our customer base. So, Joel, maybe give some of the highlights there.

是的，彼得，我想讓喬爾對此發表評論，本週早些時候，我們舉行了董事會會議，喬爾向我們的全體董事會成員做了一個很好的演示，介紹了團隊在與客戶群的對話中彙編的一些報告。那麼，喬爾，也許可以給出一些亮點。

Yeah sure, no. It's a good question and it's difficult one to answer, but in terms of where it's going, so there is a lot of uncertainty as we all know, and we focus primarily on the automotive industry within our portfolio, which, as I said in my comments is pretty small piece of the overall pie, about 6.5% of our portfolio, in automotive exposure.

是的，當然不是。這是一個好問題，而且很難回答，但就其發展方向而言，我們都知道存在許多不確定性，我們主要關注投資組合中的汽車行業，正如我在評論中所說，汽車行業在整個投資組合中所佔比例很小，約占我們投資組合的 6.5%。

So, it's a really a blessing to have a well-diversified portfolio. But what we're hearing, the business owners certainly are watching it, trying to figure this out, trying to figure out what the potential impacts are. We're not seeing any, tangible impact yet today because, many of the tariffs aren't even implemented yet.

因此，擁有一個多元化的投資組合真是一件幸事。但我們聽到的是，企業主肯定在關注此事，試圖弄清楚這一點，試圖弄清楚潛在的影響是什麼。我們今天還沒有看到任何切實的影響，因為許多關稅甚至還沒有實施。

We're anecdotally we're hearing from a couple of stamping customers that steel supply is getting harder to come by because the OEMs and the large tier ones have been purchasing up the kind of any excess domestic steel inventory and you know trying to get ahead of the tariff game.

我們從一些沖壓客戶那裡聽說，鋼材供應越來越難獲得，因為原始設備製造商和大型一線企業一直在購買任何過剩的國內鋼材庫存，並試圖在關稅競爭中佔據上風。

So, I mean that that's probably the most tangible piece of feedback that we heard from one of our stamping customers, but again everyone's looking forward trying to read the tea leaves, but there's really no immediate impact yet.

所以，我的意思是，這可能是我們從一位印章客戶那裡聽到的最實在的反饋，但同樣，每個人都期待著嘗試解讀茶葉，但目前還沒有真正產生直接影響。

Got it, helpful. Yeah, credit quality is excellent. You have more reserves, I guess, than you, but know what to do with. I mean, [60 million reserves against 7.5 million] non-performing assets and That charge us, they've averaged 1 basis points or 2 basis points over the last eight quarters. Do you think there's a need to continue to build reserves even if the economy gets worse, just given the really strong credit trends?

明白了，有幫助。是的，信用品質非常好。我想，你的儲備比你多，但你知道該怎麼用。我的意思是，[6000 萬儲備金對抗 750 萬] 不良資產，這給我們帶來了費用，在過去八個季度中，它們平均為 1 個基點或 2 個基點。鑑於信貸趨勢非常強勁，您是否認為即使經濟惡化，仍有必要繼續建立儲備？

Yeah, I guess I'll take the first stab at that and then Gavin maybe follow up. So today we're at a 1.47% total loans. $60 million of that, it is, I think we have 20% is subjective, and We added a little bit to the subjective here in Q1 just with the uncertainty.

是的，我想我會先嘗試一下，然後 Gavin 再跟進。所以今天我們的貸款總額為 1.47%。其中 6000 萬美元，我認為有 20% 是主觀的，而且我們在第一季增加了一點主觀因素，只是因為存在不確定性。

I was probably I don't know $1.5 million plus [$2 million] and hey, we have a very detailed model that we utilize for CECL and you probably could attribute maybe the higher reserve level as a function of the mortgage portfolio that we carry that has a longer duration to it, but we feel good about the reserve levels.

我當時大概是 150 萬美元加上 [200 萬美元]，嘿，我們有一個非常詳細的模型用於 CECL，您可能可以將更高的儲備水平歸因於我們所持有的抵押貸款組合的期限較長，但我們對儲備水平感到滿意。

That we have today and the overall performance of the portfolio as we move through the year right now, I'm thinking that the provisioning will be directly attributed to the loan growth that we experience so that's sort of what the outlook looks like there you haven't no, well.

就我們今天所擁有的以及我們今年投資組合的整體表現而言，我認為撥備將直接歸因於我們經歷的貸款增長，所以這就是前景看起來的樣子，嗯。

Got it. And if I could just ask one more question just on buybacks, you didn't buy back any stock last year. You do have the buyback, announcement at the start of the year, and the guidance really wasn't, you weren't modeling any stock buybacks.

知道了。如果我可以再問一個有關回購的問題，那麼去年您沒有回購任何股票。你確實在年初發布了回購公告，但實際上並沒有提供指導，你也沒有為任何股票回購制定模型。

So my mind, I feel like it, it's good to see you, you're in the market. It is the plan to continue to be in the market and do you have like a certain price level or if it's dependent on loan demand that determines if you're going to buy back stock.

所以在我看來，我感覺很高興見到你，你在市場上。這是一個繼續留在市場上的計劃，您是否有一定的價格水平，或者是否取決於貸款需求來決定您是否要回購股票。

Yeah, Peter, first off, great question. The share repurchases is one component to the overall capital management of the company. We're looking at obviously. A consistent upward trending payout on the dividend.

是的，彼得，首先，這個問題問得很好。股票回購是公司整體資本管理的一個組成部分。我們顯然正在觀察。股息支付持續呈上升趨勢。

We're looking at what's happening with needs to support organic growth of the company. And then, of course, share repurchases, where it where it makes sense and in consideration of everything else. We had the pretty good pullback in the stock that was essentially consistent with what happened with other public traded banks and community banks.

我們正在關注支持公司有機成長的需求。然後，當然還有股票回購，這是有意義的，並考慮到其他所有因素。我們的股票出現了相當不錯的回調，這與其他上市銀行和社區銀行的情況基本一致。

We had in place a [10b-5-1] filing going into the blackout period and we were able to then do some repurchases as the tariffs were announced as we go forward, we're going to continue to look at all the various needs, and we may or may not be back in the market.

在進入禁售期之前，我們已經提交了一份 [10b-5-1] 文件，並且隨著關稅的公佈，我們能夠進行一些回購，我們將繼續關注各種需求，我們可能會或可能不會重返市場。

I think we've shared publicly before that one of the parameters that we try to meet is being within a three year earn back of any dilution that's incurred as a result of. It's a tangible book as a result of buying back shares. So, I think you'll just see us, be consistent with our historical, trending there. Anything to that, Gavin? No.

我想我們之前已經公開分享過，我們試圖滿足的參數之一是在三年內收回任何由此產生的稀釋。這是回購股票後產生的一本有形的書。所以，我想你會看到我們與我們的歷史趨勢保持一致。有什麼事嗎，加文？不。

That's great. Thanks for taking the questions.

那太棒了。感謝您回答這些問題。

Thank you.

謝謝。

Our next question comes from Damon DelMonte with KBW. Damon, your line is now open. Please go ahead.

我們的下一個問題來自 KBW 的 Damon DelMonte。達蒙，你的線路現已開通。請繼續。

Hey, good morning, guys. Hope everybody's doing well and thanks for taking my questions here. So, first question on the outlook for loan growth, do you feel that kind of just general uncertainties are kind of giving some borrowers pause and that if we do, strike some agreements on the tariff front that you could see kind of like some pent-up demand and growth really accelerate in the coming quarters.

嘿，大家早安。希望大家一切順利，感謝您在這裡回答我的問題。那麼，關於貸款成長前景的第一個問題，您是否認為這種普遍的不確定性會讓一些借款人猶豫不決，如果我們在關稅方面達成一些協議，您可能會看到一些被壓抑的需求和增長在未來幾個季度真正加速。

Hey Brendan, this is Joel, it's hard to say, but I think that that's kind of the way I'm looking at it. I think it, it's common sense that you know if you're a business owner right now, we're seeing some activity, don't get me wrong, and some replacement of equipment, that sort of thing, but in terms of significant expansion.

嘿，布倫丹，我是喬爾，很難說，但我想這就是我的看法。我認為，這是常識，如果你現在是企業主，你就會知道，我們會看到一些活動，不要誤會我的意思，還有一些設備的更換，諸如此類的事情，但就顯著擴張而言。

Plant additions, those are few and far between right now and people are, I do think they're just kind of waiting for some clarity on, from an economic front where which we were headed and, but I think there's absent the news headlines, coming into the year we all felt really good about the economy and felt we were kind of status quo and automotive industry was pretty stable.

目前，新增工廠的數量很少，我認為人們只是在等待經濟方面的一些明朗信息，以了解我們的發展方向，但我認為新聞頭條表明，進入今年以來，我們對經濟都感覺很好，感覺我們處於現狀，汽車行業相當穩定。

A little shift with EB transition going on, but our customers were dealing with that and so I do think that that there could be some pent-up demand on the backside of this if the news calms down.

隨著 EB 轉型的進行，發生了一些變化，但我們的客戶正在應對這一問題，因此，我確實認為，如果消息平靜下來，背後可能會有一些被壓抑的需求。

Okay great thanks and then just kind of curious you know along the topic of capital management just kind of wonder what your thoughts are on M&A if that would be something you guys would consider to, kind of take advantage of opportunities across your footprint.

好的，非常感謝，然後我只是有點好奇，你知道關於資本管理的話題，只是有點想知道你對併購的看法，這是否會是你們會考慮的事情，有點利用你們足跡中的機會。

Yes, yeah. When you look, yeah, I mean, when you look back at our history, the last acquisition we made was in 2018. And that was Traverse City State Bank and that has worked out terrific for our company.

是的，是的。是的，當你回顧我們的歷史時，你會發現我們上一次收購是在 2018 年。那就是特拉弗斯城州立銀行，這對我們公司來說非常有利。

A and I think we continue to try to build a franchise that It would be viewed as a good partner for other community banks, and we've shared, in the past about, some of the technology investments that we're making, I mentioned earlier on today's call.

我認為，我們將繼續努力打造一個特許經營權，使其成為其他社區銀行的良好合作夥伴，我們過去曾分享過我們正在進行的一些技術投資，我在今天的電話會議上提到過。

The investment that we made in our, in our website and its redesign and really making it much more interactive with chat and zoom video and a bunch of additional features. So, I think we'd be a good partner, and we would welcome conversations there. Thanks.

我們對網站進行了投資，並對其進行了重新設計，透過聊天、縮放影片和一系列附加功能使其更具互動性。所以，我認為我們會是一個很好的合作夥伴，我們歡迎在那裡進行對話。謝謝。

Great, Brad, I appreciate the color there. That's all that I had. Thank you very much.

太好了，布萊德，我很欣賞那裡的色彩。這就是我所擁有的一切。非常感謝。

Our next question comes from Nathan Race with Piper Sandler. Nathan, your line is now open. Please go ahead.

我們的下一個問題來自 Piper Sandler 的 Nathan Race。內森，你的線路現已開通。請繼續。

Yeah, hi guys, good morning. Thanks for taking the questions. Maybe Gavin for you, deposit costs, they came down nicely in the quarter, just curious, as long as the Fed remains on hold, presumably through the second quarter, how much, additional deposit cost leverage do you think you have just based on kind of competition, the footprint and just kind of what you're seeing in terms of deposit pricing today that's coming in.

是的，大家好，早安。感謝您回答這些問題。也許加文 (Gavin) 可以為您解答，存款成本在本季度下降幅度很大，我只是好奇，只要聯準會保持利率不變，大概到第二季度，您認為您有多少額外的存款成本槓桿，這僅基於競爭類型、足跡以及您今天看到的存款定價情況。

Yeah, it's a good question. I'm not going to have an exact. Dollar figure or percentage figure for it, but I would say that clearly the deposit downward leverage is not what it was, right? The longer we're here and it's really going to be dependent on the market.

是的，這是個好問題。我不會給出確切答案。美元數字或百分比數字，但我想說的是，存款下行槓桿顯然不是原來的樣子，對嗎？我們在這裡的時間越長，它就越依賴市場。

We continue to try to find a basis point here, there, wherever we can, but there's plenty of competition, where we operate. And so, I think, I give you this for a reference point, the maturing CD book versus kind of where they're coming on in terms of the specials we have. It's about 5 basis points better right now.

我們將繼續努力在任何地方尋找基點，但我們經營的地方競爭非常激烈。因此，我認為，我給你這個作為參考點，成熟的 CD 書與我們擁有的特別之處的對比。目前大約好了 5 個基點。

Maturing versus new, so kind of give you an indication of where the pricing is at. It really has, I think level off, but the other big key to this is going to, of course it's going to be the mix. So, how we're funding the bank.

成熟產品與新產品的對比，可以讓你了解價格處於什麼水準。我認為它確實已經趨於平穩，但另一個關鍵當然是混合。那麼，我們如何為銀行提供資金。

Right. And along those lines, Gavin, can you remind us, how much cash will have come off the bond book in terms of kind of what your, fixed rate loan repricing looks like over the next few quarters as well?

正確的。加文，您能否提醒我們一下，就未來幾季的固定利率貸款重新定價而言，債券帳簿上會有多少現金流出？

Yeah, the Bond books got about $100 million projected yet to come off this year, and then on the loan repricing, so we had commercial new origination going on at 6.97% for the quarter versus portfolio at 6.55%. Mortgage new production was 7.02% versus 4.85%. An installment was 7.52% verse 5.03%.

是的，預計今年債券帳簿上還有約 1 億美元尚未到期，然後是貸款重新定價，因此本季我們的商業新貸款發放率為 6.97%，而投資組合的發放率為 6.55%。抵押貸款新增量為 7.02%，而同期為 4.85%。分期付款利率為 7.52%，而同期利率為 5.03%。

Right. And in terms of the 42% of commercial loans that are fixed, how much of that is kind of repricing over the next few quarters?

正確的。就 42% 的固定商業貸款而言，其中有多少是未來幾季的重新定價？

The fixed pipeline, I don't have that offhand, they let me. Let me take a look and I can come back to the to this group with a cash flow.

固定管道，我沒有現成的，他們讓我這麼做。讓我看一看，然後我就可以帶著現金流回到這個小組。

Okay.

好的。

Gotcha. And then, within the outside mortgage, are you seeing any other kind of opportunities to drive growth, whether it's within treasury management or other areas of the bank with some of the technology upgrades that you that you've done recently that could maybe drive some upside to kind of the guidance that that was laid out in January.

明白了。然後，在外部抵押貸款領域，您是否看到了其他推動成長的機會，無論是在資金管理還是銀行的其他領域，您最近進行的一些技術升級可能會對 1 月制定的指導方針產生一些推動作用。

Yeah, you know I think that I'm looking at a our deck slide 14 and our fee income has been pretty consistent and probably the wild card there to some degree is just what happens with mortgage gains as we go forward. And I think there's there may be upside potential there more than what we've guided, but otherwise, I think the components are fairly constant.

是的，你知道，我正在看我們的第 14 張投影片，我們的費用收入一直很穩定，而且在某種程度上，那裡的未知數可能就是我們未來抵押貸款收益會發生什麼。我認為那裡的上行潛力可能比我們預期的要大，但除此之外，我認為各個組成部分都相當穩定。

Okay, I appreciate the color. Thanks guys.

好的，我很欣賞這個顏色。謝謝大家。

Thank you.

謝謝。

Thank you very much. We currently have no further questions, so I will now hand back to Brad for any closing remarks.

非常感謝。我們目前沒有其他問題，因此我現在將交還給布拉德進行結束語。

Thanks Ezra. In closing, I'd like to thank our board of directors and our senior management for their support and leadership. I also want to thank all our associates. I continue to be so proud of the job being done by each member of our team.

謝謝埃茲拉。最後，我要感謝董事會和高階管理層的支持和領導。我還要感謝我們所有的同事。我繼續為我們團隊的每個成員所做的工作感到自豪。

Each team member in his or her own way continues to do their part toward our common goal of guiding our customers to be independent. Finally, I'd like to thank each of you for your interest in Independent Bank Corporation and for joining us on today's call. Have a great day.

每個團隊成員都以自己的方式繼續為實現引導客戶獨立的共同目標做出貢獻。最後，我要感謝大家對獨立銀行公司的關注以及參加今天的電話會議。祝你有美好的一天。

Thank you very much, Brad, and thank you, Gavin and Jewel for being the day's speakers. We appreciate all the insights. Thank you everyone for joining. You may now disconnect your line.

非常感謝布拉德，也感謝加文和朱厄爾擔任今天的演講者。我們感謝所有的見解。感謝大家的參與。現在您可以斷開線路了。