First Internet Bancorp (INBK) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Rebecca, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Internet Bancorp earnings conference call for the first-quarter 2026. (Operator Instructions) Please note this event is being recorded.

感謝您耐心等候。我叫 Rebecca，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 First Internet Bancorp 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

It is now my pleasure to turn the call over to Julia Ferrara from ICR. You may begin your conference.

現在，我很榮幸將電話交給 ICR 的 Julia Ferrara。您可以開始您的會議。

Thank you, operator. Hello, everyone, and thank you for joining us to discuss First Internet Bancorp's first-quarter 2026 financial results.

謝謝，接線員。各位好，感謝各位加入我們，一同討論 First Internet Bancorp 2026 年第一季財務結果。

The company issued its earnings press release earlier this afternoon, and it is available on the company's website at www.firstinternetbancorp.com. In addition, the company has included a slide presentation that you can refer to during the call. You can also access these slides on the website.

公司已於今天下午稍早發布新聞稿，並已登載於公司網站 www.firstinternetbancorp.com。此外，公司也提供了投影片簡報，供各位在會議期間參考。您也可以在網站上取得這些投影片。

Joining us from the management team today are Chairman and CEO, David Becker; President and COO, Nicole Lorch; and Executive Vice President and CFO, Ken Lovik. David and Nicole will provide an overview, and Ken will discuss the financial results, and then we'll open up the call for your questions.

今天與會的管理團隊成員包括：董事長兼執行長 David Becker；總裁兼營運長 Nicole Lorch；以及執行副總裁兼財務長 Ken Lovik。David 與 Nicole 將提供概覽，Ken 將說明財務結果，之後我們將開放提問。

Before we begin, I'd like to remind you that this conference call contains forward-looking statements with respect to the future performance and financial conditions of First Internet Bancorp that involves risks and uncertainties. Various factors could cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. These factors are discussed in the company's SEC filings, which are available on the company's website. The company disclaims any obligation to update any forward-looking statements made during the call.

在開始之前，我想提醒各位，本次電話會議包含有關 First Internet Bancorp 未來營運表現與財務狀況的前瞻性陳述，並涉及風險與不確定性。多項因素可能導致實際結果與此等前瞻性陳述所明示或暗示的任何未來結果存在重大差異。相關因素已於公司向 SEC 提交的文件中討論，並可於公司網站查閱。公司不承擔更新本次會議中任何前瞻性陳述的義務。

Additionally, management may refer to non-GAAP measures, which are intended to supplement but not substitute for the most directly comparable GAAP measures. The press release available on the website contains the financial and other quantitative information to be discussed today as well as the reconciliation of the GAAP to non-GAAP measures.

此外，管理團隊可能會提及非 GAAP 指標，其目的在於補充而非取代與之最直接可比的 GAAP 指標。網站上的新聞稿包含今日將討論的財務及其他量化資訊，以及 GAAP 與非 GAAP 指標之間的調節表。

At this time, I'd like to turn the call over to David.

此刻，我想將電話交給 David。

Thank you, Julia. Good afternoon, and thank you for joining us on the call today. We delivered strong first-quarter results that demonstrated the resilience and strength of our diversified business model. We generated solid revenue growth, expanded our net interest margin and continued making meaningful progress on credit quality, all the while navigating an uncertain macroeconomic environment.

謝謝你，Julia。各位下午好，感謝各位今天參與本次電話會議。我們交出強勁的第一季成績，展現我們多元化商業模式的韌性與實力。在充滿不確定性的總體經濟環境下，我們仍實現穩健的營收成長、擴大淨利差，並在信用品質方面持續取得實質進展。

Let me start with some of the highlights for the quarter. Total revenue reached $43.1 million in the first quarter, up 21% year over year, driven by a 26% increase in net interest income. Our fully taxable equivalent net interest margin expanded to 2.45%, a 54-basis-point improvement from a year ago and 15 basis points sequentially. This margin expansion reflects the benefits of our proactive balance sheet management strategy and the power of our deposit franchise, combined with our scalable nationwide lending platforms.

我先從本季幾項重點開始。第一季總營收達 4,310 萬美元，年增 21%，主要受淨利息收入年增 26% 所帶動。以完全應稅等值（FTE）計算的淨利差擴大至 2.45%，較去年同期提升 54 個基點，較前一季提升 15 個基點。淨利差擴大反映我們主動式資產負債表管理策略的成效，以及我們存款業務的優勢，並結合可擴展的全國性放款平台所帶來的動能。

Pre-provision net revenue grew 51% year over year to $18.1 million, underscoring our ability to generate strong operating leverage while maintaining disciplined expense management. This performance gives us confidence in our ability to drive sustainable profitability as we continue to work through our credit normalization process.

提列備抵前淨收益（pre-provision net revenue）年增 51% 至 1,810 萬美元，凸顯我們在維持嚴謹費用管理的同時，仍能創造強勁的營運槓桿。這樣的表現讓我們更有信心，在持續推進信用正常化流程的同時，能夠帶動可持續的獲利能力。

On credit, our overall loan book remains solid and continues to perform in line with industry trends. In addition, we're seeing tangible evidence that the decisive actions we've taken over the past several quarters are yielding favorable results on the two problem portfolios: SBA and Franchise.

在信用方面，我們整體放款組合仍然穩健，且表現持續符合產業趨勢。此外，我們也看到明確證據顯示，過去幾季所採取的果斷措施，正為兩個問題投資組合——SBA 與 Franchise——帶來有利成果。

Our provision for credit losses for the quarter came in better than expected, and we're observing improving trends in our portfolio with delinquencies and nonperforming loans headed in the right direction. The credit trends we're seeing, particularly in our SBA portfolio, reflect the impact of enhanced underwriting standards, more vigorous portfolio monitoring and responsive problem loan resolution.

本季信用損失準備提列優於預期；同時我們也觀察到投資組合趨勢改善，逾期與不良放款正朝正向方向發展。我們所看到的信用趨勢，特別是在 SBA 投資組合中，反映更嚴格的授信審核標準、更積極的投資組合監控，以及更即時的問題放款處置所帶來的影響。

On the growth front, our commercial lending pipelines remain robust across multiple verticals. Total loans increased to $3.8 billion with particularly strong production in single tenant, lease financing and construction lending as well as in one of our emerging verticals, wealth advisory lending. While we maintain appropriately conservative underwriting standards, we're seeing great opportunities to deploy capital into high-quality commercial relationships at attractive yields.

在成長方面，我們的商業放款案源（pipeline）在多個垂直領域仍然強勁。總放款增加至 38 億美元，其中單一承租戶（single tenant）、租賃融資與建築融資的承作特別強勁，此外在我們新興垂直領域之一——財富顧問放款（wealth advisory lending）——也有亮眼表現。在維持適度保守的授信審核標準之下，我們看到許多機會，能以具吸引力的收益率將資本投入高品質的商業往來關係。

Turning to the other side of our balance sheet. Total deposits reached $5 billion, up from $4.8 billion in the prior quarter. We continue to benefit from the strength and flexibility of our Banking-as-a-Service initiatives. Importantly, we're seeing continued growth in lower-cost fintech deposits, which has also allowed us to let higher cost CDs and broker deposits mature without replacement.

接著談資產負債表的另一端。總存款達 50 億美元，高於前一季的 48 億美元。我們持續受惠於 Banking-as-a-Service（BaaS）計畫的實力與彈性。更重要的是，我們看到低成本的金融科技（fintech）存款持續成長，這也讓我們得以讓成本較高的定期存單（CD）與經紀存款到期後不再續作。

Our fintech deposit platform also provides us with significant balance sheet management flexibility. During the quarter, average fintech deposits totaled $2.4 billion, an increase of over 186% from the first quarter of 2025. At quarter end, we have moved approximately $1.5 billion of these deposits off balance sheet, optimizing our asset size while maintaining these valuable customer relationships and the associated fee income streams. This capability is a unique competitive advantage that enhances both our profitability and our capital efficiency.

我們的金融科技存款平台也為資產負債表管理提供顯著的彈性。本季金融科技存款平均餘額為 24 億美元，較 2025 年第一季增加逾 186%。截至季末，我們已將其中約 15 億美元的存款移出資產負債表，在維持這些寶貴客戶關係及其相關手續費收入來源的同時，優化我們的資產規模。此項能力是一項獨特的競爭優勢，可同時提升我們的獲利能力與資本效率。

In our SBA business, while seasonality and tightened underwriting resulted in softer loan production for the quarter, we're pleased with the strong foundation we're building and how the business is positioned for long-term profitable growth.

在 SBA 業務方面，儘管季節性因素與授信審核趨嚴使本季放款承作較為疲弱，但我們對正在建立的堅實基礎感到滿意，也看好該業務在長期獲利成長上的定位。

To further align our strategy in SBA, we've strengthened the business by promoting Gary Carter to the position of National Sales Manager. Gary rejoined us a year ago as our Senior SBA Credit Officer, bringing deep industry expertise, including his role at Live Oak Bank that will help us continue building this business on a sound foundation.

為了讓 SBA 策略更一致，我們透過晉升 Gary Carter 為全國銷售經理（National Sales Manager）來強化該業務。Gary 於一年前以資深 SBA 授信長（Senior SBA Credit Officer）身分回到公司，具備深厚的產業專業，包括他在 Live Oak Bank 的任職經驗，將協助我們持續在穩健基礎上打造此項業務。

Our capital and liquidity position remains solid as we were able to closely manage the size of the average balance sheet while continuing to grow revenue. Regulatory capital ratios remain well above minimum requirements, with a total capital ratio of 12.5% and a Common Equity Tier 1 ratio of 8.97% as well as substantial liquidity coverage.

我們的資本與流動性部位仍然穩健，因為我們得以在持續推動營收成長的同時，嚴密管理平均資產負債表規模。監理資本比率仍遠高於最低要求，總資本比率為 12.5%，普通股權第一類資本（CET1）比率為 8.97%，並具備充足的流動性覆蓋。

Moving to our strategic investments in technology and artificial intelligence. We continue to invest thoughtfully in digital capabilities that enhance the customer experience, improve operational efficiency and position us for long-term growth. These technology investments aren't just about maintaining our competitive position, they're also about creating sustainable advantages in how we serve customers, manage risk and drive operational excellence.

接著談我們在科技與人工智慧方面的策略性投資。我們持續審慎投資於數位能力，以提升客戶體驗、改善營運效率，並為長期成長奠定基礎。這些科技投資不僅是為了維持競爭地位，更是為了在服務客戶、風險管理與推動卓越營運方面建立可持續的優勢。

Looking ahead, we're navigating an uncertain macro environment from a position of increasing strength. Our diversified business model is generating strong revenue growth. Our deposit franchise provides funding advantages and strategic flexibility. We've proven our ability to make difficult decisions and execute effectively.

展望未來，我們在日益強健的基礎上因應充滿不確定性的總體環境。我們多元化的商業模式正帶動強勁的營收成長。我們的存款業務提供資金成本優勢與策略彈性。我們也已證明具備做出艱難決策並有效執行的能力。

The credit challenges we've experienced are manageable in the context of our overall business. We've taken decisive action, strengthening underwriting standards, enhancing risk management and addressing problem loans proactively. We see the benefits in improving trends and expect continued progress throughout 2026.

我們所經歷的信用挑戰，在整體業務脈絡下是可控的。我們已採取果斷行動，包括強化授信審核標準、提升風險管理，並主動處理問題放款。我們已在改善趨勢中看到成效，並預期 2026 年將持續取得進展。

We are not standing still. We're investing in AI and technology to enhance efficiency and customer experience, strengthening our commercial banking capabilities, expanding fintech partnerships and repositioning our SBA business on a stronger foundation. We're confident in our strategy, our team and our ability to deliver value for shareholders.

我們不會停下腳步。我們正投資於 AI 與科技以提升效率與客戶體驗，強化商業銀行能力，擴大金融科技合作夥伴關係，並在更穩固的基礎上重新定位我們的 SBA 業務。我們對自身策略、團隊以及為股東創造價值的能力充滿信心。

I'll now turn it over to Nicole for operational highlights, including commercial lending, SBA, Banking-as-a-Service and credit.

我現在把時間交給 Nicole，請她分享營運重點，包括商業放款、SBA、Banking-as-a-Service 以及信用相關內容。

Thank you, David. Starting with commercial real estate, we saw solid first quarter activity with particularly strong production in construction and single-tenant lease financing. These businesses continue to perform well with strong credit quality and attractive risk-adjusted returns on new originations. We were also pleased to see higher balances in a couple of our emerging verticals, wealth advisory lending and equipment finance. The pipeline remains healthy with disciplined underwriting and good yields on new commitments.

謝謝你，David。先從商業不動產談起，我們第一季活動穩健，尤其在建築融資與單一承租戶租賃融資方面的承作表現特別強勁。這些業務持續表現良好，信用品質強健，新承作具備具吸引力的風險調整後報酬。我們也樂見在幾個新興垂直領域的餘額提高，包括財富顧問放款與設備融資。在嚴謹授信審查與新承諾具備良好收益率的前提下，案源管線仍維持健康。

Turning to SBA. As David mentioned in his comments, the deliberate shift we communicated in our last call that prioritizes credit quality over volume, combined with a seasonally lighter first quarter, resulted in lower originations for the quarter. This translated into lower loan sale volume and lower gain on sale revenue compared to the linked quarter.

接著談 SBA。如 David 在評論中提到，我們在上次電話會議中所溝通、刻意將重點由量轉向信用品質的策略調整，加上第一季季節性較淡，導致本季承作量較低。因此，相較上一季，貸款出售量與出售利益（gain on sale）收入均較低。

Regarding gain on sale revenue, while premiums have been strong so far this year, we still expect to retain more production on our balance sheet in future periods as the pricing on certain higher-quality deals will not fetch quite the same premiums in the secondary market. We generally look at a 12-month earn-back period when making decisions on whether to sell or hold loans. While this will impact gain on sale revenue for the year, it will be highly additive to net interest income and net interest margin in future periods.

關於出售利益收入，雖然今年迄今溢價表現強勁，但我們仍預期未來期間會將更多承作留在資產負債表上，因為某些較高品質案件的定價在次級市場未必能取得同等溢價。我們在決定貸款要出售或持有時，通常會以 12 個月的回收期（earn-back period）作為評估基準。雖然這將影響今年的出售利益收入，但在未來期間將大幅增益淨利息收入與淨利息收益率（NIM）。

Nonetheless, barring any macroeconomic deterioration, we remain optimistic about the previously shared production and gain on sale targets for the full year. Importantly, while we're being selective about growth in this portfolio, we remain committed to small business lending as a core business. This is an attractive lending vertical with good long-term economics, and we have the platform, expertise and relationships to compete effectively once we've fully worked through this current credit cycle.

儘管如此，在沒有任何總體經濟惡化的情況下，我們仍對先前分享的全年承作量與出售利益目標保持樂觀。重要的是，雖然我們對該投資組合的成長採取更審慎的選擇性策略，但我們仍致力於將小型企業放款作為核心業務。這是一個具吸引力的放款垂直領域，長期經濟效益良好；一旦我們完全度過目前的信用循環，我們具備平台、專業與關係，能有效競爭。

As to credit performance, we've made substantial progress over the past several quarters through proactive and prudent actions. We've significantly enhanced our underwriting standards, added experienced talent to our credit and portfolio management teams and implemented more robust monitoring and early warning systems.

就信用表現而言，過去幾季我們透過主動且審慎的作為已取得顯著進展。我們大幅強化授信審查標準，為信用與投資組合管理團隊增聘具經驗的人才，並導入更健全的監控與預警系統。

We've also been proactive in working with our borrowers to prevent the formation of nonperforming loans, and we're seeing results. As of March 31, delinquencies in the SBA portfolio have improved 118 basis points quarter over quarter and 126 basis points year over year. As we look ahead, our focus in SBA is on durability and consistency rather than near-term volume.

我們也主動與借款人合作，以防止不良放款形成，且已看到成效。截至 3 月 31 日，SBA 投資組合的逾期率較前一季改善 118 個基點，較去年同期改善 126 個基點。展望未來，我們在 SBA 的重點是耐久性與一致性，而非短期承作量。

Loans originated under our revised standards are showing more stable early behavior. While these newer vintages are still early in their life cycle, we're encouraged by what we're seeing in terms of borrower performance, responsiveness and overall portfolio dynamics.

在修訂後標準下承作的貸款，早期表現更為穩定。雖然這些較新的批次（vintages）仍處於生命週期早期，但就借款人表現、回應度與整體投資組合動態而言，我們對目前所見感到鼓舞。

The operational changes we've made across underwriting, execution and portfolio oversight are now fully embedded in the business. This enables us to remain selective today while preserving the ability to scale responsibly as conditions normalize. Our objective is an SBA portfolio with attractive long-term economics and reduced volatility across cycles, and we are building with that goal in mind.

我們在授信審查、執行與投資組合監督方面所做的營運調整，現已全面內嵌於業務之中。這使我們得以在當前保持選擇性，同時保留在環境正常化後負責任地擴張的能力。我們的目標是打造一個具吸引力長期經濟效益、且跨循環波動性更低的 SBA 投資組合，我們正以此為目標進行建置。

In Franchise Finance, we continue to make progress working through problem loans. Our special assets team was busy during the quarter coming to resolution on several credits. While net charge-off activity remained elevated during the quarter, it more than offset nonperforming loan formation as nonaccrual Franchise Finance loans dropped to their lowest level in four quarters.

在特許經營融資（Franchise Finance）方面，我們持續推進問題貸款的處理。本季我們的特殊資產團隊相當忙碌，已就多筆授信達成處置結案。雖然本季淨沖銷（net charge-off）仍維持在較高水準，但其幅度超過不良放款形成，使得停計息的特許經營融資貸款降至四季以來最低水準。

Looking at our Banking-as-a-Service operations, we continue to see strong momentum with our fintech partners. These relationships provide valuable deposit funding, generate attractive fee income and position us at the forefront of innovation in digital banking.

就我們的 Banking-as-a-Service 營運而言，我們與金融科技合作夥伴持續展現強勁動能。這些合作關係提供有價值的存款資金來源，帶來具吸引力的手續費收入，並使我們站在數位銀行創新的前沿。

We processed over $82 billion in payments volume during the quarter, an increase of over 260% year over year through a carefully curated partner network, a reflection of our efforts to strengthen and deepen existing relationships while cultivating new partnerships. We are constantly evaluating new partnership opportunities while ensuring we maintain the highest standards of compliance and risk management.

本季我們處理的支付交易量超過 820 億美元，透過精心挑選的合作夥伴網路，年增超過 260%；這反映我們在強化並深化既有關係、同時培育新合作方面的努力。我們持續評估新的合作機會，同時確保維持最高標準的法遵與風險管理。

Across the bank, we continue to invest strategically in AI and automation to drive efficiency and enhance customer service. Our strong data foundation built through previous investments in our data warehouse and integrated data sources, now supports our infrastructure upgrades for AI agent processing.

在全行層面，我們持續策略性投資於 AI 與自動化，以提升效率並強化客戶服務。我們先前在資料倉儲與整合資料來源上的投資所建立的強大資料基礎，現正支援我們為 AI 代理（agent）處理所進行的基礎設施升級。

While scoping our own proprietary agents, we've already deployed third-party AI capabilities with measurable impact, such as fraud detection agents that screen outbound transfers before processing. Additionally, our virtual customer service agent resolves approximately 45% of inquiries, significantly reducing the burden on human agents and improving response times.

在規劃自有專屬代理的同時，我們已部署第三方 AI 能力並取得可衡量的成效，例如在處理前先行篩檢對外轉帳的詐欺偵測代理。此外，我們的虛擬客服代理可解決約 45% 的詢問，顯著降低人工客服負擔並改善回應時間。

The effects of this are validated by the favorable results from the Net Promoter Score framework and customer listening program we implemented in the first quarter with our consumer and small business banking team. Out of the gate, our scores are well above industry average. We have built relationships through transparency and delivering on our promises, and that loyalty delivers strong returns.

我們在第一季與消費金融及小型企業銀行團隊導入的淨推薦值（Net Promoter Score）架構與客戶聆聽計畫，其良好結果也驗證了上述成效。一開始，我們的分數就明顯高於產業平均。我們透過透明溝通與兌現承諾建立關係，而這份忠誠帶來強勁回報。

The diversity of our business model is another key strength. We have multiple engines driving growth and profitability. Our commercial lending is performing well. Our consumer lending remains stable. Our fintech partnerships continue to grow, and we're seeing improving trends in SBA. We're executing on all of this with appropriately conservative underwriting standards that position us for sustainable profitable growth.

我們商業模式的多元性是另一項關鍵優勢。我們有多個引擎驅動成長與獲利。我們的商業放款表現良好。我們的消費金融放款維持穩定。我們的金融科技合作持續成長，且我們看到 SBA 的趨勢正在改善。我們以適度保守的授信審查標準推動上述各項執行，使我們具備可持續的獲利成長定位。

I will now turn it over to Ken for additional insight into our first-quarter performance and update to our 2026 outlook.

我現在把時間交給 Ken，請他就我們第一季表現提供更多洞見，並更新我們對 2026 年的展望。

Thanks, Nicole. We are pleased to report solid first-quarter results with net income of $2.5 million or $0.29 per diluted share. Total revenue for the quarter was $43.1 million, a 21% increase over the prior-year period and, when combined with well-managed expenses, pre-provision net revenue totaled $18.1 million, up 51% year over year. These results reflect our diversified business model, strong operational execution and sustained business momentum across our core segments.

謝謝，Nicole。我們很高興報告第一季成果穩健，淨利為 250 萬美元，或稀釋後每股盈餘 0.29 美元。本季總營收為 4,310 萬美元，較去年同期成長 21%；在費用控管得宜的情況下，提列備抵前淨收益（pre-provision net revenue）合計 1,810 萬美元，年增 51%。這些結果反映我們多元化的商業模式、強勁的營運執行力，以及核心業務分部持續的動能。

Net interest income for the first quarter was $31.6 million or $32.8 million on a fully taxable equivalent basis, up about 26% and 25%, respectively, year over year. Net interest margin improved to 2.36% or 2.45% on a fully taxable equivalent basis, up 14 and 15 basis points, respectively, from the prior quarter and both up 54 basis points year over year.

第一季淨利息收入為 3,160 萬美元；若以完全應稅等值（fully taxable equivalent）基礎計算則為 3,280 萬美元，分別較去年同期成長約 26% 與 25%。淨利息收益率提升至 2.36%；若以完全應稅等值基礎計算則為 2.45%，分別較前一季上升 14 與 15 個基點，且兩者皆較去年同期上升 54 個基點。

The yield on average interest-earning assets for the quarter rose to 5.67% compared to 5.57% in the prior-year period as higher rates on new loan originations more than offset the impact of Federal Reserve rate cuts in late 2025. We also saw a meaningful decline in funding costs during the same period, with the cost of interest-bearing deposits falling 56 basis points to 3.45%. The ability to maintain and increase yields on interest-earning assets in conjunction with declining cost of interest-bearing deposits demonstrates delivery on our years-long effort to reposition the balance sheet and optimize our mix of earning assets.

本季平均生息資產收益率上升至 5.67%，相較去年同期的 5.57%，主要因新承作貸款的較高利率，足以抵銷聯準會於 2025 年底降息的影響。同期間我們也看到資金成本明顯下降，計息存款成本下滑 56 個基點至 3.45%。在計息存款成本下降的同時，仍能維持並提高生息資產收益率，顯示我們多年來重新配置資產負債表並優化生息資產組合的努力已見成效。

Noninterest income for the quarter totaled $11.5 million, up almost 11% year over year as fee revenue from our fintech partnerships continued to grow, supplemented by higher net loan servicing revenue following the servicing retained sale of single-tenant lease financing loans in 2025. David and Nicole both touched on our positive momentum in the Banking-as-a-Service space, which is evidenced by the growth in fee revenue with quarterly revenue increasing over 200% compared to the first quarter of 2025 and increasing over 220% on a trailing 12-month basis.

本季非利息收入合計 1,150 萬美元，年增近 11%，主要因我們與金融科技合作夥伴的手續費收入持續成長，並受惠於 2025 年出售並保留服務權的單一承租戶租賃融資貸款後，淨貸款服務收入提高所帶動。David 與 Nicole 都提到我們在 Banking-as-a-Service 領域的正向動能，這也反映在手續費收入的成長上：本季收入較 2025 年第一季成長逾 200%，以過去 12 個月（TTM）基礎計算則成長逾 220%。

Noninterest expense for the quarter totaled $25 million, up only 6% year over year despite continued investment in technology and AI to enhance both front and back-office operations and costs related to working out problem loans.

本季非利息費用合計2,500萬美元，年增僅6%，儘管我們持續投資於科技與AI，以強化前台與後台營運，且亦包含處理問題貸款所產生的相關成本。

Turning to credit. The provision for credit losses was $16.3 million in the first quarter, which was a little better than our initial expectations. The provision for the quarter included net charge-offs of $15.8 million and additional specific reserves in our Franchise Finance portfolio.

接著談信用。第一季信用損失準備為1,630萬美元，略優於我們最初的預期。本季提列包含1,580萬美元的淨沖銷，以及我們在特許經營融資（Franchise Finance）投資組合中額外提列的特定準備。

Relative to our original forecast, the lighter provision was due to a combination of lower loan balances and unfunded commitments as well as updates to the assumptions in the CECL model. Our allowance for credit losses at quarter end was $56.5 million or 1.5% of total loans, up slightly from year-end.

相較於我們原先的預測，提列較少係由於貸款餘額與未動用承諾較低，以及對CECL模型假設的更新等多項因素共同造成。季末信用損失備抵為5,650萬美元，約占總貸款的1.5%，較年末略為上升。

Nonperforming loans increased to $61.6 million or 1.63% of total loans. However, a portion of the increase consists of fully guaranteed SBA 7(a) balances where the government guarantee substantially mitigates our loss exposure. Excluding fully guaranteed balances, nonperforming loans to total loans drops to 1.22%.

不良貸款增加至6,160萬美元，約占總貸款的1.63%。然而，增幅的一部分來自於完全由SBA 7(a)擔保的餘額，政府擔保在很大程度上降低了我們的損失曝險。若排除完全擔保的餘額，不良貸款占總貸款比率降至1.22%。

Another component of the increase in nonperforming loans was accruing loans 90 days or more past due. However, the largest portion of this increase, about $6 million, relates to one relationship that we expect to pay off in full in the second quarter. I will also note that our SBA team was successful in bringing some past due borrowers current shortly after quarter end, reducing delinquencies even further.

不良貸款增加的另一個組成項目是逾期90天以上但仍計息的貸款。不過，此項增加中最大的一部分約600萬美元，與單一往來關係有關，我們預期將於第二季全額清償。我也要指出，我們的SBA團隊在季末後不久成功讓部分逾期借款人恢復正常還款，進一步降低了逾期情況。

At quarter end, the ratio of the allowance for credit losses to nonperforming loans was 92%. Adjusting nonperforming loans to remove the fully guaranteed SBA balances, the allowance coverage ratio improves to 122%. While we are pleased with the improvement in nonperforming loans and delinquencies, our updated allowance for credit losses model reflects our expectation that the provision for credit losses will remain elevated in the second quarter, but then improve gradually in the second half of the year.

季末信用損失備抵對不良貸款的比率為92%。若將不良貸款中完全擔保的SBA餘額剔除，備抵覆蓋率提升至122%。雖然我們對不良貸款與逾期情況的改善感到滿意，但我們更新後的信用損失備抵模型反映出我們預期第二季信用損失準備仍將維持在較高水準，之後在下半年逐步改善。

Total loans as of March 31, 2026, were $3.8 billion, an increase of $29.1 million or 1% compared to the linked quarter and a decrease of $479 million or 11% compared to March 31, 2025. David and Nicole both covered some of the lending highlights from the quarter where we experienced growth.

截至2026年3月31日，總貸款為38億美元，較前一季增加2,910萬美元或1%，較2025年3月31日減少4.79億美元或11%。David與Nicole已就本季我們出現成長的部分放款亮點做了說明。

Overall, origination activity was fairly strong across our commercial and consumer areas. We did, however, experience some early payoff and maturity activity in the Franchise Finance, Public Finance and Recreational Vehicles portfolios and in particular, saw early payoffs of some large balance relationships in the investor commercial real estate portfolio, which impacted total loan growth during the quarter.

整體而言，我們在商業與消費金融領域的承作活動相當強勁。不過，我們在特許經營融資、公共融資與休閒車（Recreational Vehicles）投資組合中出現部分提前清償與到期情形；尤其是在投資人商用不動產投資組合中，部分大額往來關係提前清償，影響了本季總貸款成長。

Total deposits as of March 31, 2026, were $5 billion, representing an increase of $142 million or 3% compared to December 31, 2025, and an increase of $36 million or 1% compared to March 31, 2025. David talked about the continued strong growth in fintech deposits, which has allowed us to further improve the mix of deposits and drive funding costs lower.

截至2026年3月31日，總存款為50億美元，較2025年12月31日增加1.42億美元或3%，較2025年3月31日增加3,600萬美元或1%。David談到金融科技（fintech）存款持續強勁成長，使我們得以進一步改善存款結構並降低資金成本。

Average CD and broker deposit balances, our highest cost of deposit funding, were down over $180 million from the prior quarter. The weighted average cost of maturing CDs in the first quarter was 4.19%, while the average cost of fintech deposits was 3.19% and the cost of new CDs was 3.62%. As the cost of maturing CDs in the second quarter is 4.11% and in the third quarter is 4.06%, we have the ability to drive funding costs lower throughout the year and hence, drive net interest income and net interest margin higher even in a flat rate environment.

平均定存（CD）與經紀存款餘額（我們成本最高的存款資金來源）較前一季減少超過1.8億美元。第一季到期定存的加權平均成本為4.19%，而金融科技存款的平均成本為3.19%，新承作定存的成本為3.62%。由於第二季到期定存成本為4.11%、第三季為4.06%，我們有能力在全年持續降低資金成本，因此即使在利率持平的環境下，也能推升淨利息收入與淨利差。

Looking at our full-year 2026 outlook, we're broadly maintaining the guidance we provided in January. However, we want to acknowledge the heightened macroeconomic uncertainty we're navigating, including volatile energy prices and other potential geopolitical developments. While we're confident in our business momentum and strategic positioning, we're taking a measured approach given the current uncertain environment.

就我們2026年全年展望而言，我們大致維持1月提供的指引。不過，我們也要承認目前面臨更高的總體經濟不確定性，包括能源價格波動以及其他潛在的地緣政治發展。雖然我們對業務動能與策略定位有信心，但在當前不確定的環境下，我們採取審慎的做法。

With regard to loan growth, while our commercial pipelines remain robust and our consumer business continues to produce solid results, we recognize our full-year target could prove ambitious given higher-than-expected loan payoffs and the evolving macro headwinds, which could lead to further tightening of underwriting standards. We're closely monitoring the current environment, and we'll provide updates as the year progresses.

就貸款成長而言，儘管我們的商業放款案源（pipeline）仍然強勁、消費金融業務也持續交出穩健成果，但鑑於貸款提前清償高於預期以及總體逆風的演變（可能導致承作標準進一步收緊），我們也認知全年目標可能偏具挑戰性。我們將密切監控目前環境，並在年度進行過程中提供更新。

In summary, we feel confident in the underlying momentum of our business and our ability to navigate the current macro environment while positioning the business for accelerating profitability in the second half of the year and into 2027.

總結而言，我們對業務的基本動能以及在當前總體環境下的應對能力充滿信心，同時也將公司定位於今年下半年並延續至2027年加速提升獲利能力。

With that, I'll turn it back to the operator for questions.

接下來我把時間交回給接線員，進入提問環節。

(Operator Instructions) Nathan Race, Piper Sandler.

(接線員指示) Nathan Race，Piper Sandler。

I was wondering if you could just help us kind of unpack the charge-offs a bit more for this quarter. And just generally, what kind of visibility you have into charge-offs over the balance of this year?

我想請教你們是否能協助我們更進一步拆解一下本季的沖銷情況。以及更一般性地，你們對今年剩餘期間的沖銷有多大程度的能見度？

I know you guys have spent a lot of time scrubbing the SBA portfolio. But just curious within that context, how we should think about the $50 million to $53 million provisioning forecast that was laid out last quarter for this year?

我知道你們花了很多時間徹底檢視SBA投資組合。但在這樣的背景下，我想了解我們應如何看待上季提出的、今年5,000萬至5,300萬美元的提列預測？

Yeah. I think as we think about it, it's -- I think it's still very similar to what we had talked about last quarter where we expect the bulk of it in the second half of the year. In terms of charge-offs for this quarter, we had $15 million to $16 million of charge-offs. I think where SBA -- I think our SBA came in line with what we were forecasting. Our Franchise number was a little bit higher because we took action on some other credits probably sooner rather than later.

是的。我想我們的看法是——我認為仍與上季討論的非常相近，也就是我們預期其中大部分會落在下半年。就本季沖銷而言，我們有約1,500萬至1,600萬美元的沖銷。我認為SBA——我們的SBA表現符合我們的預測。特許經營融資的數字略高一些，因為我們對其他一些授信採取了行動，可能是更早而不是更晚。

But I think we still continue to feel like first quarter is probably going to be the worst of the quarters in the second quarter. You can look at -- even though we made progress on reducing nonaccrual unguaranteed SBA balances and Franchise balances, we still have elevated nonperforming loans that we need to work through.

但我認為我們仍然覺得第一季大概會是最差的一季，第二季也是。你可以看到——即便我們在降低不計息的未擔保SBA餘額與特許經營融資餘額方面取得進展，我們仍有偏高的不良貸款需要處理。

But our special assets team is working through those. And I think we'll probably see some resolution on many of those here in the second quarter. And I think by the time we get to the third and fourth quarters, I think our feeling is that we'll be through a lot of the kind of some of the older vintages where there's probably still some potential problems. And by the time we get to the end of the year, the credit costs are going to be at a far more moderate level.

不過，我們的特殊資產團隊正在處理這些案件。我認為我們可能會在第二季看到其中許多案件的解決。而我認為到了第三、第四季，我們的感覺是，許多較早期批次（vintages）中可能仍存在的問題，我們將會處理掉相當一部分。到年底時，信用成本將會回到更為溫和的水準。

Okay. Got it. That's really helpful. Maybe changing gears to the margin. With the Fed on hold, I think that's a bit of a headwind in terms of deposit repricing. But David, you mentioned a lot of the success you're having bringing on some lower-cost deposits from some fintech relationships.

好的。了解。這非常有幫助。或許換個話題談淨利差。在聯準會按兵不動的情況下，我認為這在存款重訂價方面會形成一些逆風。但David，你提到你們在引入一些來自金融科技合作關係的低成本存款方面取得了很大成功。

So just curious how you're kind of thinking about the margin trajectory over the next few quarters, assuming the Fed remains on pause and just trying to drive that with the NII growth expectations for this year that were laid out last quarter of, I believe, $155 million to $160 million.

因此我想請教，在假設聯準會持續暫停升降息的情境下，你們如何看待未來幾季淨利差的走勢？以及在推動淨利差的同時，如何與上季提出的今年淨利息收入（NII）成長預期相互對應——我記得是1.55億至1.60億美元。

We're sitting here, Nate, Ken and I are pointing fingers back and forth on it. Yeah, the net interest margin, the biggest issue that we have out here even without -- and we did not put in our forecast at the beginning of the year, any rate decreases. We have not come back and modified it with any rate increases yet. But we -- from the get-go, we weren't anticipating any rate fall off this year.

我們坐在這裡，Nate、Ken 和我在這件事上互相指來指去。是的，淨利差（net interest margin）是我們目前面臨的最大問題，即使在沒有——而且我們在年初的預測中也沒有納入任何降息。我們也尚未因任何升息而回頭修改預測。但我們——從一開始就不預期今年會有任何利率下滑。

But because of the CDs that are maturing and running off, as Ken said earlier, they're north of 4% new CDs that we're adding and rolling are in the 3.6% range. So there's a gap there, but even better yet on the fintech deposits are coming in at about 3.19%, almost 100 basis points improvement.

但因為到期並流失的定存（CDs），如 Ken 先前所說，我們新增與續作的新定存利率在 3.6% 左右，而到期的那些在 4% 以上。所以中間有個落差；不過更好的是，金融科技存款的成本大約在 3.19%，改善了將近 100 個基點。

So that will continue throughout the course of the year. We have another $800 million rolling between now and year-end. So we could be up in that $290 million range by the end of the year.

所以這會在今年全年持續發生。從現在到年底，還有另外 8 億美元會續作。因此到年底我們可能會到達約 2.90 億美元的區間。

Yeah. I think, Nate, in terms of what we -- I mean, kind of similar to what we talked about last quarter, I think our forecasting still holds that we'll probably -- I mean, feel like a 10- to 15-basis-point improvement through the -- 10- to 15-basis-point improvement per quarter through the end of the year is a very, very achievable target on our end.

是的。我想，Nate，就我們——我的意思是，跟我們上季談的有點類似，我認為我們的預測仍然成立：我們可能——我的意思是，感覺到年底前，每一季改善 10 到 15 個基點——每季 10 到 15 個基點的改善，對我們而言是非常、非常可達成的目標。

Okay. And then, David, I believe you said to get you to the $290 million by the fourth quarter, if I heard you correctly?

好的。然後，David，我相信你說的是到第四季達到 2.90 億美元，如果我沒聽錯的話？

Yes.

是的。

Brett Rabatin, StoneX Group.

Brett Rabatin，StoneX Group。

I wanted to just continue to talk about guidance, and you just mentioned the $290 million guidance. I think for the outlook in January, you mentioned $275 million to $280 million by the fourth quarter. It sounds like the only tweak that you've made, if I'm hearing this right, really is you're a bit more conservative on that 15% to 17% loan growth target, just given some uncertainties.

我想繼續談談指引，你剛提到 2.90 億美元的指引。我記得你們在 1 月的展望中提到第四季為 2.75 億到 2.80 億美元。聽起來如果我理解正確，你們唯一做的調整其實是：在 15% 到 17% 的放款成長目標上稍微更保守一些，主要是因為一些不確定性。

But I was a little surprised you didn't tweak down maybe the expense guide a little bit from the $111 million to $112 million. And then also, it seemed like the fee income guide could have increased. Any thoughts on fee income and expense guidance and just the variables that might impact that?

但我有點意外你們沒有把費用指引從 1.11 億到 1.12 億美元稍微下修一些。另外，感覺手續費收入指引也可以上調。對於手續費收入與費用指引有什麼想法？以及哪些變數可能會影響它們？

Yeah. I think on the expense side, Brett, I think we're -- the guidance we had out there before, I think we're good keeping it there just for conservatism. I do think if, for example, in the macro headwinds, if you will, impact originations or maybe the SBA originations are lighter in the first half of the year or whatever, we have some offsets on the expense side, certainly in incentive compensation tied to loan origination. So there are definitely some offsets there on the expense side that would take that number lower.

是的。在費用端，Brett，我想我們——先前給出的指引，我認為為了保守起見，維持在那個水準是可以的。我確實認為，例如若總體環境逆風（如果你願意這麼說）影響承作量，或 SBA 承作在上半年較弱之類，我們在費用端會有一些抵銷，特別是與放款承作掛鉤的獎酬性薪酬。所以費用端確實有一些抵銷因素，可能會讓那個數字更低。

And then on the fee side, too, there's levers there, too. I mean, as we -- Nicole said in her comments that we expect to retain more balances going forward in SBA, given some of the higher quality deals we're doing. But as we put in our deck, look, premiums are holding in there on gain on sale.

至於手續費端，也有一些槓桿可以調整。我的意思是，正如 Nicole 在她的評論中提到的，鑑於我們正在做一些品質更高的案子，我們預期未來在 SBA 會保留更多餘額。但如同我們在簡報中放的，你看，出售收益（gain on sale）的溢價仍維持得不錯。

So there could be -- if the premium levels hold up near the high end of the range, I mean, there's the opportunity to sell more into the secondary market and drive higher fee income. So there's a number of different levers there that could offset perhaps any shortfall in the loan growth.

所以如果溢價水準能維持在區間的高端附近——我的意思是，就有機會在次級市場賣出更多，並帶動更高的手續費收入。因此有許多不同的槓桿，可以在放款成長可能不如預期時提供一些抵銷。

Okay. So there's leverage to both those line segments?

好的。所以這兩個科目都有槓桿可調？

Yes. Absolutely.

是的。絕對是。

And then I know you guys have been working really hard on the Franchise and SBA. When I think about the macro of higher oil prices, I guess the only piece of your portfolio that I start to think about would be the RV portfolio. And I know quite a few of that or a lot of that is not RVs per se. It's horse trailers and things that people use for work.

另外我知道你們在特許經營（Franchise）和 SBA 上一直非常努力。當我想到油價上升這個總體因素時，我開始想到你們投資組合中可能受影響的只有 RV（休旅車／露營車）組合。而我知道其中相當一部分或很多其實不完全是 RV。而是馬拖車以及人們用於工作的設備。

But have you guys seen any migration in the RV book as you've been looking at that portfolio just to watch it as oil prices/gas has been higher?

但你們在檢視該投資組合、並在油價／汽油價格較高時持續觀察時，是否看到 RV 放款帳冊有任何變化趨勢？

A great question, Brett. I'll take that one. We actually just had a credit committee meeting this morning, and we're talking around the table with all of our lending lines about the impact of fuel prices. I think diesel fuel is up over $1 per gallon and certainly regular gasoline is as well.

問得很好，Brett。我來回答這題。我們今天早上其實剛開完信用委員會會議，我們和所有放款線的同仁在桌邊討論燃料價格的影響。我想柴油每加侖已經上漲超過 1 美元，一般汽油當然也一樣。

Our consumers have not been affected. We are not seeing any increase in delinquencies or any problem loans in the consumer book as a result of fuel prices. The horse trailers in particular, have always performed well even with headwinds.

我們的消費者並未受到影響。我們沒有看到因燃料價格而導致的逾期增加或消費金融帳冊中的問題放款。尤其是馬拖車，即使在逆風下也一直表現良好。

Other lines of business that could be -- and in fact, originations are very solid. So even in this first quarter and the conflict has been going on for a little over a month now, so we're not seeing any depreciable decline in new originations with people spooked by the prices. So that's a positive sign.

其他業務線可能會——而且事實上，承作量非常穩健。所以即使在第一季，而且衝突已經持續一個多月了，我們也沒有看到因人們被價格嚇到而使新承作量出現任何明顯下滑。所以這是個正面訊號。

In other lines of business, equipment finance, we do some lending for fleet vehicles. We're not seeing any issues there that are related to fuel prices. We've also done some outbound contacting of our top SBA customers who are most likely based on their industry to be affected by fuel pricing. So that's not just transportation, but it's anything that would have a fuel component to it. And there -- we're hearing no issues related to fuel pricing at this point.

在其他業務線方面，例如設備融資，我們有做一些車隊車輛的放款。我們沒有看到任何與燃料價格相關的問題。我們也主動外撥聯繫了一些最可能因其產業而受燃料定價影響的主要 SBA 客戶。所以不只是運輸業，而是任何包含燃料成本成分的產業。而目前我們聽到的都沒有與燃料定價相關的問題。

Some have had to pass along price increases to their customers. But overall, we're not seeing any weakness in the portfolio as a result. Certainly, we all hope that the conflict gets resolved sooner than later.

有些客戶不得不把漲價轉嫁給他們的客戶。但整體而言，我們沒有看到投資組合因此出現任何疲弱。當然，我們都希望衝突能儘早解決。

Yeah. That's -- I think everyone knows that. And then if I could just ask one last one just around -- you guys highlighted the $82 billion of payments processed. When I think about some of the stuff that you've been doing in fintech, I guess I look at the fee income and just think that there should be some momentum in fees aside from whatever happens to the SBA bucket.

是的。那——我想大家都知道。如果我可以再問最後一題，關於——你們強調了處理了 820 億美元的支付交易。當我想到你們在金融科技方面做的一些事情時，我會看手續費收入，並覺得除了 SBA 那一塊會怎麼走之外，手續費應該也會有一些動能。

Do we start to see bigger fees related to all these things you're doing in fintech? Or is that just going to be a process over time? It just seems like you're gaining some momentum on the fintech side, but it hasn't yet showed up really in a meaningful way on the fee side.

我們是否開始看到與你們在金融科技所做的這些事情相關的更大手續費？還是那會只是隨時間推進的過程？看起來你們在金融科技端正在累積一些動能，但在手續費端似乎還沒有以真正有意義的方式反映出來。

Well, we are seeing some momentum there. And I think what's important is that we have negative net revenue churn, which means we are seeing really good retention from our existing programs, and we have been able to increase our fee structure in a way that helps us to support them and support the growth of the program.

嗯，我們確實看到那邊有一些動能。而我認為重要的是，我們的淨收入流失率（net revenue churn）為負，這表示我們現有方案的留存非常好，而且我們也能以一種方式提高我們的費率結構，讓我們能夠支援他們並支援該方案的成長。

We're not bringing on new programs at a rate that we cannot sustain. So we always have a backlog of customers that we've been talking to. We're in due diligence with half a dozen programs, but we're trying to make sure that we're bringing them on in a really responsible way. And we have some solid partners that are meaningful.

我們不會以無法維持的速度導入新的專案。因此，我們一直都有一批正在洽談中的客戶待辦清單。我們目前正對約半打的專案進行盡職調查，但我們希望確保以非常負責任的方式把它們導入。而且我們也有一些穩健且具重要性的合作夥伴。

So I think on a year-over-year basis, we've doubled the fees that we're seeing in our fintech partnership line of business. But it does show up in different ways across our income statement. For instance, the balances that we've been able to push off balance sheet, those are not showing up in the interest income or interest expense, but those are showing up in noninterest income.

所以我認為，以年對年來看，我們在金融科技合作夥伴業務線所看到的費用收入已經翻倍。但它會以不同方式反映在我們的損益表各項目中。例如，我們能夠移出資產負債表的那些餘額，不會出現在利息收入或利息費用中，但會出現在非利息收入中。

You're also seeing the fees in the noninterest income. And then we do have a couple of lending programs and those are going to show up then in interest income.

你也會在非利息收入中看到這些費用。另外我們確實有幾個放款專案，那些就會反映在利息收入中。

Does that help?

這樣有幫助嗎？

That is helpful. Do those things show up in the other line? Or what line items did those show up in?

這很有幫助。那些會列在「其他」那一行嗎？或者它們是列在哪些科目？

Yeah. Brett, they really -- they show up in the other line item. Well, they show up in the other line item. They also show up in the services and fees, service charges and fees line item. But just to put some numbers around that. I mean, in the fourth quarter, we had about just, call it, a little bit over $1 million for the quarter in fee income. This -- in the first quarter of '26, we had a little over $1.5 million of fee income.

是的。Brett，它們確實——會列在「其他」那個科目。嗯，它們會列在「其他」那個科目。同時也會列在「服務與費用／服務手續費與費用」那個科目。不過為了提供一些數字作為參考。我的意思是，在第四季，我們的手續費收入大約是——就算略高於100萬美元（單季）。而在26年第一季，我們的手續費收入略高於150萬美元。

So to Nicole's point, with some of the momentum that we're getting with some of our existing partners, higher volumes, higher payments volumes, higher deposits, more deposits pushed off balance sheet. I mean if you run rate that, you're talking about a 50% growth year over year and you're starting to talk about real dollars.

所以呼應Nicole的觀點，隨著我們與部分既有合作夥伴的動能提升，交易量更高、支付量更高、存款更高，且有更多存款被移出資產負債表。我的意思是，如果把它年化來看，你談的是年對年50%的成長，而且開始是有感的金額了。

Okay. And Ken, just to be clear, that $1.5 million, that encompasses all of your fintech operations?

好的。Ken，為了確認清楚，那150萬美元是涵蓋你們所有的金融科技營運嗎？

Yeah. That's just fees, right? That doesn't include any interest income from any of our lending partners. That's just pure fee income. Yes.

是的。那只是費用，對吧？不包含我們任何放款合作夥伴帶來的利息收入。那只是純手續費收入。是的。

Emily Lee, KBW.

Emily Lee，KBW。

This is Emily stepping in for Tim Switzer. Yeah. So you mentioned you're in due diligence with about half a dozen programs right now on the fintech side. Can you speak more on just those partners in the pipeline and maybe the projected timing of those launches or an idea of kind of potential earnings impact surrounding those?

我是Emily，代Tim Switzer提問。是的。你提到目前在金融科技方面，正對大約半打的專案進行盡職調查。你能否多談談管線中的那些合作夥伴，以及這些上線的預估時程，或是它們可能帶來的獲利影響概況？

Well, we are not known for being easy in the fintech space. In fact, I think we've gotten a reputation for being one of the tougher due diligence programs out there. So we certainly kick the tires and give them a good opportunity to understand what our expectations are because, in fact, we are the regulators of these programs because they are, in fact, our customers in many cases.

嗯，我們在金融科技領域並不以「好過」著稱。事實上，我想我們已經有了名聲，被認為是市面上較嚴格的盡職調查流程之一。所以我們確實會仔細檢視，並讓他們充分了解我們的期待，因為事實上，我們在某種程度上就是這些專案的監管者，因為在很多情況下，他們確實是我們的客戶。

So right now, I know we have a couple of lending programs that we are taking a look at. We also have a couple of deposit programs that are out there. We have one that is moving much closer to approval. And so I think that would be a second-quarter onboarding event.

所以目前我知道我們有幾個放款專案正在評估。我們也有幾個存款專案在進行中。其中有一個已經更接近核准。因此我認為那會是在第二季的導入（onboarding）事件。

But some of them will go more slowly, especially when there is a consumer lending program involved, for instance, that's going to be probably the longest due diligence process. Something that might be a business payments program can be a bit faster. It just depends on the nature of the program and when that starts to show up.

但有些會進展得更慢，尤其是涉及消費者放款專案時，例如那可能會是最長的盡職調查流程。像是企業支付專案可能會快一些。這取決於專案的性質，以及它何時開始反映出來。

Also depends on whether or not the program is existing with another financial institution as a sponsor bank. A conversion is a different beast and usually can be quicker to have an impact on the financial statements as opposed to a brand new program that needs to ramp up itself. So it all depends is the very official answer to that, but we have some that we do expect to be bringing on in the next quarter and then the third quarter as well.

也取決於該專案是否已在另一家金融機構以贊助銀行（sponsor bank）的形式既有運作。轉換（conversion）是另一種情況，通常相較於需要自行爬坡的新專案，能更快對財務報表產生影響。所以最官方的答案就是「視情況而定」，但我們確實預期有一些會在下一季導入，第三季也會有。

Understood. And then also just on the NIM, you mentioned 10 to 15 basis points of improvement per quarter through the end of the year as a very achievable target. That's if the Fed doesn't cut, but what would be the impact of 125 bps cut?

了解。另外關於NIM，你提到到年底前每季改善10到15個基點是非常可達成的目標。那是在聯準會不降息的情境下；但如果降息125個基點，影響會是什麼？

If they cut -- and this is -- keep in mind, we run this on a static balance sheet. So this doesn't impact -- this doesn't take into account growth. But on a static balance sheet, you're talking about probably $2.2 million to $2.3 million annually of net interest income.

如果他們降息——而且這點——請記得，我們是以靜態資產負債表來跑這個測算。所以這不會影響——這沒有把成長納入考量。但在靜態資產負債表下，你談的可能是每年約220萬到230萬美元的淨利息收入。

George Sutton, Craig-Hallum.

George Sutton，Craig-Hallum。

This is Logan on for George. First one for you, Ken. I was wondering if you could just kind of talk about the loan-to-deposit ratio. I've got it kind of stepping down again this quarter, and you've talked about how it's kind of a historically low point for you guys. I wonder if you could just sort of address sort of the path for that from here, especially as we think about potentially lower loan growth this year and just sort of how you plan to manage that?

我是Logan，代George提問。第一個問題給你，Ken。我想請你談談貸存比（loan-to-deposit ratio）。我看到這一季又往下走了一些，而你也提過這大概是你們歷史上的低點。我想請你說明一下從現在開始的走勢，特別是考量今年可能較低的放款成長，以及你們打算如何管理？

Well, I think over the course of the year, we expect the loan-to-deposit ratio to increase. We ended the year with pretty healthy cash balances. And it's kind of hard to look at any particular quarter end cash balances because sometimes they're inflated due to payments activity at the end of the month.

嗯，我想在今年的過程中，我們預期貸存比會上升。我們在年底時有相當健康的現金餘額。而且其實很難只看某一季季末的現金餘額，因為有時候會因為月底的支付活動而被墊高。

But we do have, in our minds, excess cash that we can just take out of the cash and deploy. So we probably see that ratio. If we're at 75%, 76% this quarter, probably gradually stepping up and probably being somewhere closer to 85% to 90% in the fourth quarter. And I think that's -- we like that because you're obviously -- you're deploying cash into higher interest-earning assets, loans, but on keeping the balance sheet relatively -- keeping balance sheet growth to a minimum.

但我們心中確實有一部分超額現金，可以直接從現金部位拿出來加以運用。所以我們大概會看到那個比率——如果這一季在75%、76%，可能會逐步上升，並在第四季接近85%到90%。而我認為那——我們喜歡這樣，因為你顯然是把現金配置到較高的生息資產、也就是放款，同時讓資產負債表相對——讓資產負債表成長維持在最低。

We had a couple of very large commercial loans, literally one paid at the last day of the quarter that was over $50 million and knocked it down. So that kind of messed up the ratios pretty quickly. But as we are in that commercial market now, we can have some pretty big swings.

我們有幾筆非常大的商業放款，真的有一筆在季末最後一天償還，金額超過5,000萬美元，讓數字被拉低。所以那讓比率很快就被打亂了。但當我們現在在商業市場運作時，確實可能出現一些相當大的波動。

And as Ken said, we have swings on the deposit side at quarter end because of bill payment services and we also have people trying to close deals or clear them up by quarter end. So that number didn't intentionally go down. It was just a matter of math and the way things happen in that last week of the quarter.

而且如Ken所說，我們在季末存款端也會因為帳單支付服務而波動，另外也有人會在季末前試著完成交易或把事項結清。所以那個數字並不是刻意下降。只是數學結果，以及事情在季末最後一週發生的方式所致。

Okay. Got it. And then maybe just a high-level one for you, David. I mean the last few quarters, you kind of mentioned that returning to that 1% return on asset level. And obviously, there's a lot of moving dynamics this year. But maybe just talk about sort of the steps that you need to take to sort of get back there and call it the medium term?

好的。了解。接著可能想請教你一個較高層次的問題，David。我是說，過去幾個季度你提到要回到 1% 的資產報酬率水準。而且很明顯，今年有很多變動因素。但能否談談要回到那個水準需要採取哪些步驟，並把它視為中期目標？

Yeah. We get back to our -- what we think our numbers are for the fourth quarter, that will set us up to be back into the 1% return for 2027. And we just continue the improvements. We've got a great base taking that number forward through our calculations, we'll be right back at 1% by the end of 2027.

是的。我們回到——我們認為第四季的數字，將使我們有條件在 2027 年回到 1% 的報酬水準。我們會持續推動改善。我們有很好的基礎，把這個數字納入我們的推算後，到 2027 年底我們就會回到 1%。

John Rodis, Brean Capital.

John Rodis，Brean Capital。

Ken, the -- what drove the tax benefit this quarter? And how should we think about the tax rate going forward?

Ken，這一季的稅務利益是由什麼驅動的？以及我們應該如何看待未來的稅率？

The -- again, it's -- when net income is low like it has been, we do get a significant benefit from our tax-exempt businesses, particularly our Public Finance portfolio. So we have to get to a certain level of pretax income before you start applying rates to it.

這個——再說一次，當淨利像目前這樣偏低時，我們會從免稅業務獲得顯著的利益，特別是我們的公共融資（Public Finance）投資組合。因此，在你開始對其適用稅率之前，必須先達到一定的稅前所得水準。

I mean I think if we're in the range of I don't know, call it, maybe $3 million of pretax or less, probably that tax rate is going to be non-existent to a credit. And then kind of once you get into maybe north of $5 million to $8 million or so, you're probably a low-mid-single-digit tax rate. And then if we get into, say, a $10 million to $12 million of pretax income, you're probably looking closer to a 7% to 9% tax rate, effective tax rate that is.

我的意思是，我認為如果我們落在——我不知道，就說稅前大約 300 萬美元或更低的區間，那稅率可能幾乎不存在，甚至會是稅額抵減。然後一旦進到大概 500 萬到 800 萬美元以上，你可能會是低到中個位數的稅率。再來如果我們到例如 1,000 萬到 1,200 萬美元的稅前所得，你可能會更接近 7% 到 9% 的稅率，也就是有效稅率。

It's just when income -- when pretax income is low, we just -- we get such a benefit from the not only the tax-exempt business in public finance, but we also get benefits from some LIHTC investments. And obviously, from last year, we have an NOL that we can carry forward when we make money. So as long as when pretax income is low, we're going to have a pretty -- we're going to have a decent tax credit.

主要是當所得——當稅前所得偏低時，我們——不僅公共融資的免稅業務帶來很大的利益，我們也會從一些 LIHTC 投資獲得利益。而且很明顯，從去年開始，我們有可在獲利時結轉使用的 NOL。所以只要稅前所得偏低，我們就會有相當——我們會有不錯的稅額抵減。

Okay. It's a moving target then.

好的。所以這是一個會變動的目標。

It is.

是的。

Nathan Race, Piper Sandler.

Nathan Race，Piper Sandler。

Just on the SBA revenue going forward, I appreciate Nicole's comments earlier around holding some production for a longer seasoning period, I think, was what she was alluding to. So I'm just trying to think about kind of the cadence of SBA revenue. I think in the past, it's been more back half loaded.

關於未來的 SBA 收入，我很感謝 Nicole 先前提到要把部分產出持有更長的熟成期（seasoning period），我想她是在暗示這點。所以我想釐清一下 SBA 收入的節奏。我認為過去通常是偏向下半年較多。

But I know you guys have made a number of changes to your platform and credit infrastructure over the last handful of quarters. So I was just hoping you could kind of speak to the cadence of kind of SBA revenue within that context.

但我知道你們在過去幾個季度對平台與授信基礎建設做了不少調整。所以希望你們能在這個背景下，談談 SBA 收入節奏會是如何。

Yeah. I think historically, if we go back in time a couple of years, it's probably like first quarter, you had -- it was seasonally light, although oftentimes, you may reap the benefit of a strong fourth quarter in terms of loan sales. But in terms of originations, first quarter historically has been light and it ramps up in the second, ramps in the third and then usually maybe comes back a little bit in the fourth quarter.

是的。我想歷史上，如果我們回到兩年前，大概是第一季——季節性偏淡，雖然很多時候你可能會在貸款出售方面享受到強勁第四季的效益。但就承作（originations）而言，第一季歷來偏淡，第二季開始拉升、第三季再拉升，然後通常第四季可能會稍微回落一些。

I think the way that we're looking at it this year and the experience we saw in the first -- certainly in the first quarter with, again, kind of changing our approach on underwriting and having our team get around that, combined with just the typical seasonality, is that probably the way that we're looking at originations this year is that there's just -- there's going to be a ramp-up throughout the year. And second quarter will be a little bit higher than first and third quarter and fourth quarter will be -- I don't want to use the word significantly higher. But we do have those third and fourth quarters ramping up in terms of origination volume, much higher than we have second and first quarter.

我認為我們今年的看法，以及我們在第一——至少在第一季看到的經驗是：再次強調，因為我們調整了核貸（underwriting）方式、團隊也在適應，再加上典型的季節性因素，我們對今年承作的看法是——全年會逐步爬升。第二季會比第一季高一些，而第三季與第四季會——我不想用「顯著更高」這個詞。但第三季與第四季在承作量方面確實會逐步拉升，且會明顯高於第二季與第一季。

And our pipeline is building. It's up about a third from where it was at year-end. So that would suggest that we're going to be in a good position to hit that.

而且我們的案源（pipeline）正在增加。相較於年末水準大約成長了三分之一。因此這表示我們將處於有利位置來達成目標。

Okay. So it sounds like the base case is SBA revenue grows from here and the guidance from last quarter on total fee income, which I believe was $33 million to $35 million, it's going to be higher than that, correct?

好的。所以聽起來基本情境是 SBA 收入會從現在開始成長，而上季對總手續費收入的指引——我記得是 3,300 萬到 3,500 萬美元——會高於那個水準，對嗎？

Well, I think right now, we think -- keep in mind, that's total fee income. I think last quarter, we said in terms of just pure gain on sale, somewhere in the $19 million to $20 million range, just that line item within the fee income.

嗯，我想目前我們認為——請記住，那是總手續費收入。我想上季我們提到，若只看純粹的出售收益（gain on sale），大約在 1,900 萬到 2,000 萬美元區間，也就是手續費收入中的那一個科目。

I think as we talked about, I think we still feel good about that total amount. Maybe it just shifts a little bit more towards third and fourth quarter than say -- I mean, we had a pretty good first quarter without a doubt. The second -- the third and the fourth quarters are definitely stronger than the second quarter.

我想如同我們所談到的，我們仍然對那個總額感到有信心。也許只是時間分布會更偏向第三季與第四季，而不是——我的意思是，我們第一季確實表現不錯，毫無疑問。第二——第三季與第四季肯定會比第二季更強。

I will now turn the call back over to David Becker for closing remarks.

我現在把電話會議交回給 David Becker 作結語。

We thank you for joining us today and for all the thoughtful questions we had. We're pleased with the strong momentum that we built during the first quarter. We remain confident in our ability to execute on the priorities we've outlined for the year. We are very mindful, as we have said many times. about the macroeconomic uncertainty, but we think we're executing from a position of strength and we're well positioned for improving profitability throughout this year and beyond.

感謝各位今天加入，也謝謝大家提出許多深思熟慮的問題。我們對第一季所建立的強勁動能感到滿意。我們仍然有信心能夠執行我們為今年所列出的優先事項。我們也非常留意——正如我們多次提到的——總體經濟的不確定性，但我們認為我們是在優勢位置上執行，並且已做好準備，在今年及未來持續改善獲利能力。

So we appreciate your continued support. Look forward to keeping you updated on our progress next quarter. Thank you very much.

因此我們感謝各位持續的支持。期待在下個季度向各位更新我們的進展。非常感謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。