Independent Bank Corp (IBCP) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Independent Bank Corporation first quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Independent Bank Corporation 2026 年第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Brad Kessel, President and CEO. Sir, please go ahead.

現在我想將會議交給今天的主講人——總裁兼執行長 Brad Kessel。先生，請開始。

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 results for the first quarter of 2026. I am Brad Kessel, President and Chief Executive Officer, and joining me this morning is Gavin Mohr, Executive Vice President and our Chief Financial Officer; as well as Joel Rahn, Executive Vice President and Head of Commercial Banking for Independent.

各位早安，歡迎參加今天的電話會議。感謝各位參加 Independent Bank Corporation 的電話會議與網路直播，一同討論公司 2026 年第一季的營運結果。我是總裁兼執行長 Brad Kessel，今天早上與我一同出席的還有 Gavin Mohr（執行副總裁兼財務長）以及 Joel Rahn（執行副總裁暨 Independent 商業銀行業務主管）。

Before we begin today's call, I would like to direct you to important information on page 2 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 today, you can access it at our website, independentbank.com. The agenda for today's call will include prepared remarks, followed by a question-and-answer session and then closing remarks.

在開始今天的會議之前，我想請各位留意我們簡報第 2 頁的重要資訊，特別是關於前瞻性陳述的警示說明。若各位尚未取得我們今天發布的新聞稿，可至我們的網站 independentbank.com 查閱。今天會議的議程將包括事先準備的發言，接著是問答環節，最後為結語。

Independent Bank Corporation reported first quarter 2026 net income of $16.9 million or $0.81 per diluted share versus net income of $15.6 million or $0.74 per diluted share in the prior year period. Highlights for our first quarter include a net interest margin of 3.65%, which is a 3-basis point increase on a linked-quarter basis. An increase in net interest income of $500,000 or 1.1% over the fourth quarter of 2025. An increase in tangible common equity per share of common stock at $0.33 or 5.9% annualized from December 31, 2025. A return on average assets and return on average equity of 1.24% and 13.43%, respectively.

Independent Bank Corporation 2026 年第一季淨利為 1,690 萬美元，稀釋後每股盈餘為 0.81 美元；相較於去年同期淨利 1,560 萬美元、稀釋後每股盈餘 0.74 美元。本季重點包括：淨利差為 3.65%，以連續季度（linked-quarter）比較增加 3 個基點；淨利息收入較 2025 年第四季增加 50 萬美元或 1.1%；普通股每股有形普通股權益增加 0.33 美元，較 2025 年 12 月 31 日起算年化成長 5.9%；平均資產報酬率與平均股東權益報酬率分別為 1.24% 與 13.43%。

Net growth in total deposits was brokered time deposits of $80.4 million or 6.9% annualized from December 31, 2025. Net growth in loans of $31.8 million or 3% annualized from December 31, 2025. An increase in tangible common equity ratio to 8.7%. And finally, the payment of a $0.28 per share quarterly dividend on our common stock on February 13, 2026.

存款總額的淨成長主要來自經紀定期存款（brokered time deposits）增加 8,040 萬美元，較 2025 年 12 月 31 日起算年化成長 6.9%。放款淨成長 3,180 萬美元，較 2025 年 12 月 31 日起算年化成長 3%。有形普通股權益比率提升至 8.7%。最後，我們於 2026 年 2 月 13 日就普通股支付每股 0.28 美元的季度股利。

Our first quarter results reflect the strength of our core fundamentals, including growth in net interest income, expansion in net interest margin, continued growth in both loans and core deposits. Our balance sheet growth remained disciplined with $80.4 million in core deposit growth and just under $32 million in total loan growth, including $53.8 million or 9.9% annualized in commercial loans, reflecting continued execution of our strategic plan.

我們第一季的結果反映核心基本面的強勁，包括淨利息收入成長、淨利差擴大，以及放款與核心存款持續成長。我們的資產負債表成長仍維持紀律：核心存款成長 8,040 萬美元，放款總額成長接近 3,200 萬美元，其中商業放款增加 5,380 萬美元（年化 9.9%），顯示我們持續落實策略計畫。

Credit quality remains sound, while geopolitical uncertainty has increased. We have not seen a direct impact on our customers yet, and we continue to monitor conditions closely. Profitability remains strong, again, with a return on average assets of 1.24% and return on average equity of 13.43%. We remain encouraged by our momentum and are optimistic about our opportunities and confident in the benefits of our recently announced merger with HCB Financial Corp., which will provide enhanced shareholder value.

資產品質仍然穩健，儘管地緣政治不確定性有所升高。我們尚未看到對客戶的直接影響，並將持續密切監控情勢。獲利能力依舊強勁，平均資產報酬率 1.24%、平均股東權益報酬率 13.43%。我們對目前的動能仍感到鼓舞，對機會保持樂觀，並對近期宣布與 HCB Financial Corp. 的合併所帶來的效益充滿信心，該合併將提升股東價值。

Moving to page 5 of our presentation. Deposits totaled $4.9 billion at March 31, 2026, an increase of $80.4 million from year-end. This growth occurred in non-interest-bearing, savings and interest-bearing checking and reciprocal, offset by a small decline in time deposits. On a linked-quarter basis, business deposits increased by $94 million, retail deposits increased by $28 million. These were offset by a $42 million decrease in municipal deposits, primarily due to seasonality. The deposit base is comprised of 47% retail, 38% commercial, and 15% municipal.

請看簡報第 5 頁。截至 2026 年 3 月 31 日，存款總額為 49 億美元，較年末增加 8,040 萬美元。成長主要來自無息存款、儲蓄存款、有息支票存款與互惠存款（reciprocal），部分被定期存款的小幅下降所抵銷。以連續季度比較，企業存款增加 9,400 萬美元，零售存款增加 2,800 萬美元；上述成長被市政存款減少 4,200 萬美元所抵銷，主要因季節性因素所致。存款結構為：零售 47%、商業 38%、市政 15%。

On page 6, we've included in our presentation a historical view of cost of funds as compared to the Fed fund spot rate and Fed effective rate. For the first quarter, our total cost of funds decreased by 13 basis points to 1.54%.

在第 6 頁，我們於簡報中提供資金成本相較於聯邦基金即期利率（Fed fund spot rate）與聯邦基金有效利率（Fed effective rate）的歷史走勢。第一季我們的總資金成本下降 13 個基點至 1.54%。

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

接下來，我想把簡報交給 Joel Rahn，請他分享我們在放款組合成長方面的成果，以及對信用指標的簡要更新。

Yes. Well, thank you, Brad, and good morning, everyone. On page 7, we share an update on loan activity for the quarter. We started the year with loan growth of $32 million or 3% on an annualized basis. Commercial loan generation was solid with approximately $54 million of quarterly growth or 9.9% annualized.

好的，謝謝你，Brad，各位早安。在第 7 頁，我們分享本季放款活動的更新。我們以放款成長 3,200 萬美元（年化 3%）開啟今年。商業放款承作表現穩健，單季成長約 5,400 萬美元（年化 9.9%）。

During the quarter, our residential mortgage and consumer installment loan portfolios declined by $4.5 million and $17.5 million, respectively. Our strategic investment in commercial banking talent continues to supplement our loan growth. During the first quarter, we added two experienced commercial bankers in West Michigan, bringing our total to 50 bankers comprising 8 commercial loan teams across our statewide footprint.

本季期間，我們的住宅房貸與消費分期放款組合分別下降 450 萬美元與 1,750 萬美元。我們在商業銀行人才上的策略性投資，持續支撐放款成長。第一季我們在密西根州西部新增兩位資深商業銀行家，使我們的團隊總數達到 50 位銀行家，組成 8 個商業放款團隊，覆蓋全州營運版圖。

Compared to a year ago, we have added a net of 5 experienced commercial bankers to our team. Looking ahead, based on a strong pipeline, we believe we will continue low double-digit growth of our commercial loan portfolio in 2026. We continue to see market share opportunities from regional banks in both talent and customer acquisition and are seeing steady organic growth from existing customers.

與一年前相比，我們的團隊淨增加 5 位資深商業銀行家。展望未來，基於強勁的案源（pipeline），我們相信 2026 年商業放款組合將可持續維持低雙位數成長。我們持續看到來自區域性銀行在人才與客戶取得方面的市占機會，並且既有客戶也帶來穩定的有機成長。

Looking at the commercial loan production activity for the quarter, the mix of C&I lending versus investment real estate was 57% and 43%, respectively. And for our commercial portfolio, our mix is 68% C&I and 32% investment real estate.

就本季商業放款產出活動而言，工商放款（C&I）相較於投資型不動產（investment real estate）的比重分別為 57% 與 43%。而在我們的商業放款組合中，結構為 68% C&I 與 32% 投資型不動產。

Page 8 provides detail on our commercial loan portfolio concentrations. There's not been any shift -- significant shift in our portfolio over the past year with the portfolio remaining very well diversified. Our largest segment of the C&I category is manufacturing at $191 million or 8.4% of the total portfolio. In the investment real estate segment of the portfolio, the largest concentration is industrial at $212 million or 8.8%.

第 8 頁提供我們商業放款組合集中度的細節。過去一年我們的組合並未出現——顯著的變化，整體仍維持高度分散。我們在 C&I 類別中最大的產業別為製造業，金額 1.91 億美元，占總放款組合 8.4%。在投資型不動產類別中，最大的集中度為工業類，金額 2.12 億美元，占比 8.8%。

We outlined key credit quality metrics and trends on page 9. We continue to demonstrate strong credit quality. Total nonperforming loans were $27.5 million or 64 basis points of total loans at quarter end, up slightly from 54 basis points at 12/31. It's worth noting that $20 million of this total is one commercial development exposure that we discussed in previous quarters. We continue to work through the challenges of this particular project and are appropriately reserved for any loss exposure.

我們在第 9 頁列示主要資產品質指標與趨勢。我們持續展現強勁的資產品質。截至季末，不良放款總額為 2,750 萬美元，占總放款 64 個基點，較 12/31 的 54 個基點略為上升。值得注意的是，其中 2,000 萬美元來自一筆商業開發案曝險，我們在前幾季已討論過。我們持續處理該專案的挑戰，並已就任何可能的損失曝險適當提列準備。

Past due loans totaled $8.2 million or 19 basis points, basically unchanged from 12/31/25. It's worth noting that $4 million of total delinquency was one commercial loan that was in process of renewal and was completed after quarter end. It's not reflected on this slide, but also worth noting that we realized net charge-offs of $266,000 or 2 basis points of average loans for the quarter. This compares to $68,000 or 1 basis point in Q1 of 2025.

逾期放款總額為 820 萬美元，占比 19 個基點，與 12/31/25 基本持平。值得注意的是，逾期總額中的 400 萬美元為一筆正在辦理展期（renewal）的商業放款，並已於季後完成。此情況未反映在本頁投影片中；另外也值得一提的是，本季我們認列淨沖銷（net charge-offs）26.6 萬美元，約占平均放款 2 個基點；相較之下，2025 年第一季為 6.8 萬美元，約占 1 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 2026.

此時，我想將簡報交給 Gavin，請他發表評論，包括對 2026 年剩餘期間的展望。

Thanks, Joel, and good morning, everyone. I'm starting at page 10 of our presentation. Page 10 highlights our strong regulatory capital position.

謝謝你，Joel，各位早安。我將從我們簡報的第 10 頁開始。第 10 頁重點說明我們強勁的監管資本部位。

Turning to page 11. Net interest income increased $3.2 million from the year ago period. Our tax equivalent net interest margin was 3.65% during the first quarter of 2026 compared to 3.49% in the first quarter of 2025 and up 3 basis points from the fourth quarter of 2025. Average interest-earning assets were $5.21 billion in the first quarter of 2026 compared to $5.09 billion in the year ago quarter and $5.16 billion in the fourth quarter of 2025.

接著看第 11 頁。淨利息收入較去年同期增加 320 萬美元。我們的稅負等值淨利差在 2026 年第一季為 3.65%，相較於 2025 年第一季的 3.49%，並較 2025 年第四季上升 3 個基點。2026 年第一季平均生息資產為 52.1 億美元，相較於去年同期的 50.9 億美元，以及 2025 年第四季的 51.6 億美元。

Page 12 contains a more detailed analysis of the linked quarter increase in net interest income in the net interest margin. On a linked quarter basis, our first quarter 2026 net interest margin was positively impacted by two factors. The change in interest-bearing liability mix added 1 basis point and a decrease in funding costs added 10 basis points. These were offset by a change in earning asset mix and yield of 6 basis points and interest charged off on a commercial loan of 2 basis points.

第 12 頁包含更詳細的分析，說明本季相較前一季淨利息收入與淨利差的增加。在與前一季連結比較的基礎上，我們 2026 年第一季的淨利差受到兩項因素的正面影響：計息負債結構的變化貢獻 1 個基點，資金成本下降貢獻 10 個基點。上述影響部分被生息資產結構與收益率變動的 6 個基點，以及一筆商業貸款沖銷所收取利息的 2 個基點所抵銷。

On page 13, we provide details on the institution's interest rate risk position. The comparative simulation analysis for first quarter 2026 and fourth quarter 2025 calculates the change in net interest income over the next 12 months under 5 rate scenarios. All scenarios assume a static balance sheet.

在第 13 頁，我們提供本行利率風險部位的細節。針對 2026 年第一季與 2025 年第四季的比較模擬分析，計算在 5 種利率情境下，未來 12 個月淨利息收入的變化。所有情境均假設資產負債表維持不變。

The base rate scenario applies the spot yield curve from the valuation date. The shock scenarios consider immediate, permanent and parallel rate changes. The base case modeled NII is slightly higher during the quarter due to $70 million of earning asset growth and 1 basis point of modeled margin expansion. Earning asset expansion was centered in commercial loans of $54 million and overnight liquidity up $40 million.

基準利率情境採用估值日的即期殖利率曲線。衝擊情境則考量立即、永久且平行的利率變動。由於生息資產成長 7,000 萬美元，以及模型假設淨利差擴張 1 個基點，基準情境下本季模型推估的淨利息收入略為提高。生息資產擴張主要集中在商業貸款增加 5,400 萬美元，以及隔夜流動性增加 4,000 萬美元。

Runoff and lower-yielding investments in consumer loans helped fund earning asset growth. Asset and liability yields were stable during the quarter with asset yields up 2 basis points and liability costs 1 basis point higher.

消費者貸款的到期回收（runoff）以及較低收益的投資，有助於為生息資產成長提供資金。本季資產與負債收益率大致穩定，資產收益率上升 2 個基點，負債成本上升 1 個基點。

The NII sensitivity to lower rates declined modestly, while the benefit to higher rates remained largely unchanged. Reduced exposure to lower rates is due to $75 million of notional for purchases and the termination of $87 million of short-term pay fixed swaps and a slight shortening in the maturity structure of time deposits. The overall position is closely matched for smaller rate changes of plus or minus 100 basis points.

對較低利率的淨利息收入敏感度小幅下降，而較高利率帶來的效益大致維持不變。對低利率曝險降低，係因名目金額 7,500 萬美元的購買，以及終止名目金額 8,700 萬美元的短期「支付固定」利率交換（swap），並且定期存款到期結構略為縮短。整體部位在較小的利率變動（上下 100 個基點）下匹配度相當高。

The bank has modest exposure to large rate declines and benefits from larger rate increases. Currently, 38.2% of assets repriced in one month and 49.3% reprice in the next 12 months.

本行對大幅降息的曝險有限，並可受益於較大幅度的升息。目前有 38.2% 的資產在一個月內重新定價，且有 49.3% 在未來 12 個月內重新定價。

Moving on to page 14. Noninterest income totaled $12 million in the first quarter of 2026 compared to $10.4 million in the year ago quarter and $12 million in the fourth quarter of 2025. First quarter 2026 net gains on mortgage loans totaled $1.3 million compared to $2.3 million in the first quarter of 2025. The decrease is due to lower profit margins. It was partially offset by a higher volume of loan sales.

接著看第 14 頁。2026 年第一季非利息收入合計 1,200 萬美元，相較於去年同期的 1,040 萬美元，以及 2025 年第四季的 1,200 萬美元。2026 年第一季房貸淨收益合計 130 萬美元，相較於 2025 年第一季的 230 萬美元。下降原因為利潤率較低，但部分被較高的貸款出售量所抵銷。

Mortgage loan servicing net was a gain of $1.6 million in the first quarter of 2026 compared to a loss of $0.6 million in the prior year quarter. The change due to price was a gain of $0.9 million or $0.04 per diluted share after tax in the first quarter of 2026 compared to a loss of $1.5 million or $0.06 per diluted share after tax in the prior year quarter. The decline in servicing revenue compared to the prior year quarter is attributed to the sale of approximately $930 million of mortgage servicing rights on January 31, 2025.

2026 年第一季房貸服務（mortgage loan servicing）淨額為 160 萬美元收益，相較於前一年同期為 60 萬美元損失。2026 年第一季因價格變動帶來的影響為 90 萬美元收益，或稅後每股稀釋盈餘 0.04 美元；相較之下，前一年同期為 150 萬美元損失，或稅後每股稀釋盈餘減少 0.06 美元。與前一年同期相比，服務收入下降主要歸因於我們於 2025 年 1 月 31 日出售約 9.30 億美元的房貸服務權（mortgage servicing rights）。

As detailed on page 15, our non-interest expense totaled $38.3 million in the first quarter of 2026 as compared to $34.3 million in the year ago quarter and $36.1 million in the fourth quarter of 2025. Compensation expense increased $1.4 million, primarily due to salary increases that were predominantly effective on January 1, 2026. Litigation expense was $1.5 million in the quarter attributed to an accrual established for losses we consider probable as a result of all of our outstanding litigation matters in aggregate.

如第 15 頁所述，2026 年第一季非利息費用合計 3,830 萬美元，相較於去年同期的 3,430 萬美元，以及 2025 年第四季的 3,610 萬美元。薪酬費用增加 140 萬美元，主要由薪資調升所致，且多數自 2026 年 1 月 1 日起生效。本季訴訟費用為 150 萬美元，係因我們就所有未結訴訟事項合併考量後，對我們認為可能發生的損失所建立的應計提列。

Advertising expense increased $0.3 million in the first quarter of 2026 compared to prior year quarter, primarily due to a retroactive new deposit account opening incentives attributed to accounts opened in prior periods. We recorded merger-related expenses of $0.3 million in the first quarter of 2026. Non-recurring non-interest expense items totaled approximately $1.9 million in the first quarter of 2026.

2026 年第一季廣告費用較前一年同期增加 30 萬美元，主要因追溯性的新存款帳戶開戶獎勵，歸因於先前期間開立的帳戶。我們在 2026 年第一季認列 30 萬美元的併購相關費用。2026 年第一季一次性非利息費用項目合計約 190 萬美元。

Turning to page 16 is our update for our 2026 outlook to see how our actual performance during the first quarter compared to the original outlook that we provided in January of this year. Our outlook estimated full year loan growth of 4.5% to 5.5%. Loans increased $31.8 million in the first quarter of 2026 or 3% annualized, which is below our forecasted range. Commercial loans increased $53.8 million in the first quarter, while mortgage and installment loans decreased.

接著看第 16 頁，這是我們對 2026 年展望的更新，用以比較第一季實際表現與我們今年 1 月提供的原始展望。我們的展望預估全年貸款成長 4.5% 至 5.5%。2026 年第一季貸款增加 3,180 萬美元，年化為 3%，低於我們預測區間。第一季商業貸款增加 5,380 萬美元，而房貸與分期貸款則下降。

First quarter 2026 net interest income increased 7.3% over 2025, which is within our forecasted range of 7% to 8%. The net interest margin was 3.65% for the quarter and 3.49% for the prior year quarter and up 3 basis points from a linked-quarter basis. The first quarter 2026 provision for credit losses was an expense of $0.4 million, which was below our forecasted range.

2026 年第一季淨利息收入較 2025 年增加 7.3%，落在我們預測的 7% 至 8% 區間內。本季淨利差為 3.65%，前一年同期為 3.49%，並在與前一季連結比較下上升 3 個基點。2026 年第一季信用損失準備提列為 40 萬美元費用，低於我們預測區間。

Moving on to page 17. Non-interest income totaled $12 million in the first quarter of 2026, which was within our forecasted range of $11.3 million to $12.3 million in the first quarter. First quarter '26 mortgage loan originations, sales and gains totaled $130.6 million, $84.1 million and $1.3 million, respectively.

接著看第 17 頁。2026 年第一季非利息收入合計 1,200 萬美元，落在我們第一季預測區間 1,130 萬至 1,230 萬美元之內。2026 年第一季房貸承作、出售與收益分別為 1.306 億美元、8,410 萬美元與 130 萬美元。

Mortgage loan servicing net generated a gain of $1.6 million in the first quarter of '26, which is above our forecasted range. Non-interest expense was $38.3 million in the first quarter, above our forecasted range of $36 million to $37 million. Non-recurring expense items included $1.5 million accrual and litigation expense and $0.4 million in retroactive new to deposit account opening incentives attributed to accounts opened in prior periods.

2026 年第一季房貸服務淨額產生 160 萬美元收益，高於我們預測區間。第一季非利息費用為 3,830 萬美元，高於我們預測的 3,600 萬至 3,700 萬美元區間。一次性費用項目包括 150 萬美元的應計提列與訴訟費用，以及 40 萬美元的追溯性新存款帳戶開戶獎勵（歸因於先前期間開立的帳戶）。

Our effective income tax rate was 16.6% for the first quarter of 2026. Lastly, there were no shares of common stock repurchased in the first quarter of 2026. That concludes my prepared remarks. I would now like to turn the call back over to Brad.

我們 2026 年第一季的有效所得稅率為 16.6%。最後，2026 年第一季未回購任何普通股。以上為我預先準備的發言內容。接下來我想把電話會議交回給 Brad。

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 2026, our focus will be continuing to invest in our team, investing in and leveraging our technology while striving to be Michigan's most people-focused bank.

謝謝你，Gavin。我們已建立起強健的社區銀行特許經營體系，這讓我們能在各種經濟環境中有效管理並持續為股東交付強勁且一致的成果。隨著我們邁入2026年，我們的重點將是持續投資於團隊、投資並善用科技，同時努力成為密西根州最以人為本的銀行。

At this point, we'd now like to open up the call for questions.

此刻，我們想開放電話會議進入提問環節。

(Operator Instructions)

（接線員指示）

Brendan Nosal, Hovde Group.

Brendan Nosal，Hovde Group。

Maybe just starting off here on the net interest margin. I think when you offered your initial margin outlook for '26 a couple of months back, you embedded 2 rate cuts in that outlook. Just kind of curious if we don't get any rate cuts over the course of this year, does that change the margin calculus versus your initial outlook one way or the other?

我先從淨利差談起。記得你們在幾個月前提供2026年的初步利差展望時，當中納入了兩次降息。想請教一下，如果今年整年都沒有降息，這會不會以某種方式改變你們相較於初始展望的利差推算？

Not measurably, Brendan. That forecast holds.

不會有明顯影響，Brendan。那個預測仍然成立。

Okay. Great. Maybe digging deeper on the deposit cost side of things. Just kind of curious like what the competitive environment for core funding is like across your markets. And I'm asking because I'm getting very different answers to this question based on market to market across the Midwest. So I would love to hear what you're seeing across Michigan.

好的。很好。那我再深入問一下存款成本這一塊。想了解你們各市場核心資金的競爭環境大概如何。我之所以問，是因為我在中西部不同市場得到的答案差異很大。所以很想聽聽你們在密西根看到的情況。

Brendan, I think it continues to be very competitive. In the Michigan markets, we've got a heavy field of credit unions. So I think oftentimes, they can lead the pack. But I think it oftentimes depends -- if you look at the competitor and sort of their balance sheet profile, you can sort of see who's maybe fighting a little bit higher -- harder with higher pricing than others.

Brendan，我認為競爭仍然非常激烈。在密西根市場，我們面對大量的信用合作社（credit unions），所以很多時候它們可能會帶頭拉高競爭。不過我也認為，這往往取決於競爭對手及其資產負債表結構；從中你大致可以看出哪些機構可能在用更高的定價更用力地搶資金。

Our focus continues to be led by that commercial effort. And our goal is to have the operating accounts for our business clients and then also for our municipal clients. And we continue to hold, retain but add to that portfolio. And so I'm really pleased with that. But it is competitive, no doubt.

我們的重點仍然是以商業端的拓展為主導。我們的目標是取得企業客戶的營運帳戶，以及市政客戶的帳戶。我們持續維持、留存並擴大這個組合，對此我非常滿意。但毫無疑問，競爭確實激烈。

Okay. Good. I'm going to try and sneak one more in here. The world has changed geopolitically quite a lot over the past three months and there could be knock-on impacts to the domestic economy. So I guess when you look at the outlook you provided for 2026, are there any areas where you're feeling either better or worse today versus when we last spoke three months ago?

好的。那我再偷問最後一題。過去三個月全球地緣政治變化很大，可能對國內經濟產生連鎖影響。所以我想問，當你們回頭看2026年的展望時，相較於三個月前我們上次談話，你們現在有沒有在哪些面向感覺更樂觀或更悲觀？

I think -- and I'll let Joel jump in here, too. But I think we continue to be very optimistic about how we expect 2026 to unfold. One of the things that we do at Independent is rescore the entire retail portfolio for their credit scores twice a year. And we recently got the results from that rescore. And I continue to be very pleased in seeing very solid scores for the portfolio, not a lot of change in the various bands.

我想——我也讓Joel一起補充——但我認為我們對2026年的發展仍然非常樂觀。Independent有一項作法是每年兩次對整個零售投資組合的信用分數進行重新評分。我們最近剛拿到這次重評的結果，我仍然很高興看到投資組合的分數非常穩健，各分數區間的變化不大。

Of course, we lend predominantly up in that 750-plus FICO area, at least north of 700, and those bands continue to be strong. So I'll let Joel maybe comment a little bit on the commercial side.

當然，我們放款主要集中在FICO 750以上的區間，至少也在700以上，而這些區間仍然很強勁。那我讓Joel就商業端稍微評論一下。

Yes. It just -- it so much is dependent on how long the conflict lasts and what it does to prolong high energy prices. And it's probably the same thing I said maybe a quarter ago. It's just -- the duration of this, the high energy prices could be a drag on the economy and to state the obvious. And if that happens, you could see loan growth muted, I suppose, but we've not seen that yet.

是的。這很大程度取決於衝突會持續多久，以及它是否會延長高能源價格的時間。這大概也是我可能在一季前說過的同樣觀點。就是——這件事的持續時間、高能源價格可能會拖累經濟，這點不言自明。而如果真的發生，你可能會看到貸款成長趨於溫和，但我們目前還沒看到。

And business owner confidence is still unchanged, relatively high. So we have businesses that are making the decision to expand and construct new facilities, et cetera, despite the news headlines of the day. So only time will tell if that's a smart move on their part or not, but it's just -- it's such a fluid environment, Brendan. So we're just watching it carefully, and we'll react accordingly.

而企業主信心仍然沒有改變，維持在相對高的水準。所以儘管每天都有新聞標題，企業仍在做出擴張、興建新設施等決策。時間會告訴我們這對他們而言是否是明智之舉，但環境真的非常多變，Brendan。所以我們會密切觀察，並視情況做出相應反應。

Adam Kroll, Piper Sandler.

Adam Kroll，Piper Sandler。

I'm on for Nate Race. So maybe a question on expenses. I know there were some one-time items that kind of drove them higher in the first quarter. But if I strip those out, I get to a core number around $36.4 million. So I guess, do you still feel comfortable with the $36 million to $37 million run rate guide excluding the deal? Or do you expect those to trend higher?

我代替Nate Race提問。想問費用方面。我知道第一季有一些一次性項目把費用推高了。但如果把那些剔除，我算出的核心數字大約是3,640萬美元。所以我想問，若不含交易因素，你們仍然對3,600萬到3,700萬美元的費用運行率指引感到有把握嗎？還是你們預期會走高？

No, we feel good about that, excluding the deal and the non-recurring.

是的，我們對此很有信心——在不含交易以及非經常性項目的情況下。

Got it. And then how should we think about the cadence of cost saves associated with the deal?

了解。那交易相關的成本節省，其落地節奏我們應該怎麼看？

Yes. So it was announced 50% phased in, in year 1 and fully phased in, in year 2. And just to point out, that's 50% half a year.

是的。先前公告的是：第1年分階段實現50%，第2年完全到位。並補充說明一下，那個50%是指半年（half a year）的50%。

Got it. And maybe a last one for me is just, Gavin, I was wondering if you could provide us with some updated thoughts on how you're thinking about deploying some of the excess liquidity brought over from the HCB deal?

了解。那我最後一題是，Gavin，我想請你更新一下你們對於HCB交易帶來的部分超額流動性，打算如何部署的想法？

Yes, we're not going to -- we're not ready to give direction specifically on that, Adam. I would say that as we think about how the banks come together, clearly, our first choice would be to deploy it through the commercial bank. And then from there, we would just move down asset classes in terms of yield. We're going to have opportunity to address maybe wholesale funding if we don't have a pipeline to absorb it as well as potential securities purchases. But that's still all very much in the analysis phase.

是的，Adam，我們目前還不準備就此給出具體指引。我會說，當我們思考兩家銀行如何整合時，很明顯我們的第一選擇會是透過商業銀行端來部署。接著，我們會依照收益率由高到低往下移動不同資產類別。如果我們沒有足夠的業務管道來吸收這些資金，我們也會有機會處理一些批發資金（wholesale funding），以及可能進行證券買入。但這些都仍在分析階段。

(Operator Instructions)

（接線員指示）

I'm showing no further questions at this time. And I would like to turn the conference back over to Brad Kessel for any further remarks.

目前顯示沒有其他提問。我想把電話會議交回給Brad Kessel，請他做進一步的結語。

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 of our associates. I continue to be so proud of the job being done by each member of our team. Each team member in his or her own way continues to do their part towards our common goal of guiding customers to be Independent.

在結語中，我想感謝我們的董事會與高階管理團隊所提供的支持與領導。我也要感謝我們所有同仁。我一直以來都為團隊每一位成員所做的工作感到非常自豪。每位團隊成員都以各自的方式，持續為我們共同的目標盡一份心力——引導客戶選擇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.

最後，感謝各位對Independent Bank Corporation的關注，並加入今天的電話會議。祝各位有美好的一天。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝各位參與，現在可以掛線。各位，祝有美好的一天。