Mechanics Bancorp (MCHB) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen; and welcome to the Mechanics Bancorp first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

各位女士、先生，早安；歡迎參加 Mechanics Bancorp 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次電話會議將被錄音。

I would like now to turn the call over to Nathan Duda, Chief Financial Officer of Mechanics. Please go ahead.

現在我想把電話交給 Mechanics 的財務長 Nathan Duda。請開始。

Thank you, operator, and good morning, everyone. We appreciate you joining our earnings conference call. With me here today are C.J. Johnson, our President and CEO; and Carl Webb, our Executive Chair. The related earnings press release and earnings presentation are available on the News and Events section of our Investor Relations website.

謝謝接線員，各位早安。感謝各位參加我們的財報電話會議。今天與我一同出席的有我們的總裁暨執行長 C.J. Johnson，以及我們的執行董事長 Carl Webb。相關的財報新聞稿與財報簡報可於我們投資人關係網站的「新聞與活動」專區取得。

Before we begin, I'd like to remind everyone that any forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated future results. Please see our Safe Harbor statements in our earnings press release and in our earnings presentation.

在開始之前，我想提醒各位，任何前瞻性陳述均受風險、不確定性及其他因素影響，可能導致實際結果與所預期的未來結果有重大差異。請參閱我們財報新聞稿與財報簡報中的安全港聲明。

All comments expressed or implied made during today's call are subject to those Safe Harbor statements. Any forward-looking statements made during this call are made only as of today's date; and we do not undertake any duty to update such forward-looking statements, except as required by law.

今日電話會議中所表達或暗示的所有評論均受上述安全港聲明約束。本次電話會議所作之任何前瞻性陳述僅以今日日期為準；除法律要求外，我們不承擔更新此等前瞻性陳述之任何義務。

Additionally, during today's call, we may discuss certain non-GAAP financial measures, which we believe are useful in evaluating our performance. A reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measure can also be found in our earnings release and in the earnings presentation.

此外，在今日電話會議中，我們可能會討論若干非 GAAP 財務衡量指標，我們認為這些指標有助於評估我們的表現。這些非 GAAP 財務衡量指標與最可比 GAAP 財務衡量指標之調節表亦可在我們的財報新聞稿與財報簡報中找到。

C.J., let me hand it over to you.

C.J.，我把時間交給你。

Thank you, Nathan, and good morning. We appreciate everyone joining our call and for your interest in Mechanics Bancorp.

謝謝你，Nathan，各位早安。感謝大家參加我們的電話會議並關注 Mechanics Bancorp。

I'll kick things off today and will summarize the highlights of our first quarter performance. I'll also provide another strategic update on the bank before handing things off to Nathan to review our financials in more detail. Carl, Nathan, and I will then open up the call for your questions.

我將先為各位總結我們第一季表現的重點。我也會在把時間交給 Nathan 更詳細說明財務數字之前，提供銀行策略面的最新進展。接著 Carl、Nathan 與我將開放提問。

With that, let's turn to slide 4. We had a productive first quarter, reporting $44.1 million in net income. On a fully diluted basis, our earnings per share was $0.19 and our tangible book value per share ended the quarter at $7.53, with $0.40 per share of dividends paid to investors in Q1.

那麼，請看第 4 頁投影片。我們第一季表現穩健，淨利為 4,410 萬美元。以完全稀釋基礎計算，每股盈餘為 0.19 美元；每股有形帳面價值於季末為 7.53 美元，且第一季向投資人支付每股 0.40 美元股利。

As anticipated, this was another noisy quarter, so I'll walk you through some of the major items. First, we reported a $6.5 million provision entirely related to qualitative CECL factors tied to geopolitical uncertainty stemming from the Iran war. Importantly, this was not driven by any specific credit deterioration within our loan portfolios.

如同預期，本季仍是雜訊較多的一季，因此我會帶各位看幾個主要項目。第一，我們提列了 650 萬美元的備抵提存，完全與定性 CECL 因素有關，係因伊朗戰爭所引發的地緣政治不確定性。重要的是，這並非由我們放款組合中的任何特定信用惡化所驅動。

Asset quality metrics remain strong, and I'm pleased to report that we have 0 basis points of net charge-offs when you exclude our auto net charge-offs. Our runoff auto portfolio, by the way, is also performing well as it winds down. This provision was a conservative response to the heightened global risk of the Iran war and its potential impact on the US economy, particularly given higher oil prices.

資產品質指標仍然強勁；我也很高興報告，若排除汽車貸款的淨沖銷，我們的淨沖銷為 0 個基點。順帶一提，我們逐步縮減中的汽車貸款組合在退場過程中表現也良好。此次提列是對伊朗戰爭所帶來的全球風險升高及其對美國經濟潛在影響（特別是在油價較高的情況下）所做的保守回應。

Second, we incurred just under $5 million of merger-related expenses as we continue to work through the final phases of our HomeStreet integration. These costs were in line with our expectations and are nearing completion.

第二，隨著我們持續推進 HomeStreet 整合的最後階段，我們發生了略低於 500 萬美元的併購相關費用。這些成本符合我們的預期，且即將完成。

The third non-core item was a $1.7 million tax provision related to the remeasurement of our deferred tax asset due to a lower anticipated effective tax rate moving forward for the company. For forecasting purposes, we expect our effective tax rate to be approximately 26.5% in 2026, but this could still move around a bit.

第三項非核心項目為 170 萬美元的所得稅費用，係因公司未來預期有效稅率較低，導致我們遞延所得稅資產重新衡量所致。就預測而言，我們預期 2026 年有效稅率約為 26.5%，但仍可能有些波動。

When you adjust for the non-core items, it adds up to $53.8 million of core net income for the quarter, representing a core ROAA of 1% and a core ROPC of 13%.

若調整上述非核心項目，本季核心淨利合計為 5,380 萬美元，對應核心 ROAA 為 1%，核心 ROPC 為 13%。

The first quarter is always the seasonally weakest for us for both non-interest expenses and core deposits. On the deposit front, our seasonality primarily stems from our $860 million of food and ag deposit customers who see large inflows in December and outflows in January.

第一季對我們而言在非利息費用與核心存款方面通常是季節性最弱的一季。在存款方面，我們的季節性主要來自約 8.60 億美元的食品與農業存款客戶，這些客戶通常在 12 月有大量流入、在 1 月有流出。

This quarter, $137 million of our non-maturity deposit decrease was from these customers, which is normal course activity. Otherwise, core deposits were roughly flat.

本季，我們的非到期存款減少中，有 1.37 億美元來自這些客戶，屬於正常業務活動。除此之外，核心存款大致持平。

Importantly, we did see a $640 million reduction in CD balances during the quarter. This was deliberate, as we continue to hold the line on CD pricing and let the hotter money from legacy HomeStreet customers leave the bank.

重要的是，本季我們的定期存單（CD）餘額減少了 6.40 億美元。這是刻意為之，因為我們持續堅守 CD 定價，並讓來自原 HomeStreet 客戶的較「熱錢」離開本行。

When we modeled the merger over a year ago, we expected $1 billion in CD runoff by the end of the second quarter of 2026. However, runoff has been greater than anticipated, and we now expect $1.4 billion cumulative reduction in CDs, with overall Mechanics CD balances expected to stabilize at a $2.0 billion run rate. This implies an additional reduction in CDs of just under $150 million in Q2.

在一年多前我們建模評估併購時，原先預期到 2026 年第二季末 CD 將流失 10 億美元。然而，流失幅度高於預期，我們目前預期 CD 累計減少 14 億美元，且整體 Mechanics 的 CD 餘額預期將在約 20 億美元的運行水準（run rate）趨於穩定。這意味著第二季 CD 仍將再減少略低於 1.50 億美元。

Notably, the vast majority of CDs leaving the bank were from single-account households; and our core deposit retention to the merger has been very strong. Also, nearly all of our CDs have repriced once at our lower rates and have maturities of seven months or less.

值得注意的是，離開本行的 CD 絕大多數來自單一帳戶家庭；而我們在併購後的核心存款留存表現非常強勁。此外，我們幾乎所有 CD 都已在較低利率下完成一次重新定價，且到期日多在七個月以內。

While this elevated time deposit runoff has a negative impact on earnings, it's higher risk, low ROE, non-core money that's better to not have in our bank. Getting a bit smaller also generates excess capital, which provides strategic flexibility.

雖然這種較高的定期存款流失會對獲利造成負面影響，但這些資金屬於風險較高、股東權益報酬率（ROE）較低的非核心資金，對我們而言不持有反而更好。規模略為縮小也會產生超額資本，提供策略上的彈性。

Staying on the topic of risk reduction, legacy HomeStreet construction loans also decreased nearly $100 million during the quarter as we made the strategic decision to let certain business go that we felt wasn't priced appropriately relative to the credit exposure we were taking as a bank.

延續降低風險的主題，原 HomeStreet 的建築融資貸款本季也減少了近 1 億美元，因為我們做出策略性決定，讓部分我們認為相對於所承擔信用曝險而言定價不夠合理的業務退出。

In general, competition for loans and deposits remains quite stiff. We are okay getting a bit smaller in the near term to minimize risk to the company and position ourselves for long-term success.

整體而言，放款與存款的競爭仍相當激烈。我們可以接受短期內規模略為縮小，以降低公司風險並為長期成功做好布局。

Our total assets are now $21.4 billion with total gross loans of $13.9 billion, total deposits of $18.2 billion, and tangible shareholders' equity of $1.7 billion. We remain 100% core funded with no broker deposits or FHLB borrowings at 3/31, and I'm pleased that we paid off $65 million of high-cost senior debt in March that was acquired from legacy HomeStreet.

我們目前總資產為 214 億美元，放款總額（總放款餘額）為 139 億美元，存款總額為 182 億美元，有形股東權益為 17 億美元。截至 3/31，我們仍為 100% 核心資金來源，沒有經紀存款或 FHLB 借款；我也很高興我們在 3 月償還了 6,500 萬美元的高成本優先債務，該債務係自原 HomeStreet 併入。

Primarily because of the Iran War provision, our ACL grew 5 basis points this quarter to 1.13% of loans and now totals $157 million. Our allowance is also a very robust, 2.95 times our total non-performing assets as of 3/31, with NPAs generally flat for the quarter.

主要因伊朗戰爭相關提存，本季我們的 ACL 增加 5 個基點至放款的 1.13%，目前合計為 1.57 億美元。截至 3/31，我們的備抵水準也非常充足，為總不良資產（NPA）的 2.95 倍，而本季 NPA 整體大致持平。

Our capital ratios remain healthy with a 13.9% CET1 ratio and an 8.7% Tier 1 leverage ratio. Our cost of deposits was 1.28% in the first quarter, down 15 bps from Q4; and our spot cost of deposits at 3/31 was 1.21%. Our NIM was 3.61% for the quarter, up 11 bps sequentially, and our CRE concentration ratio was 348%.

我們的資本比率仍然健康，CET1 比率為 13.9%，第一類資本槓桿比率為 8.7%。第一季存款成本為 1.28%，較第四季下降 15 個基點；3/31 的即期存款成本為 1.21%。本季淨利差（NIM）為 3.61%，較前一季增加 11 個基點；商用不動產（CRE）集中度比率為 348%。

Turning to slide 5, I'd like to provide you with an update on some of the key strategic initiatives happening at the bank. I'm very happy to report that we successfully converted all legacy HomeStreet customers onto our core banking platform the final week of March. This major milestone was achieved thanks to a tremendous amount of planning and hard work from all our employees.

接著看第 5 頁投影片，我想向各位更新銀行內幾項關鍵策略計畫的進展。我很高興報告，我們已在 3 月最後一週成功將所有原 HomeStreet 客戶轉換至我們的核心銀行系統平台。這項重大里程碑的達成，歸功於全體員工大量的規劃與辛勤投入。

We will substantially complete our merger integration during the second quarter and expect to realize significant additional expense synergies moving forward. As we will not be paying two core providers, other redundant contracts will be terminated and final headcount reductions occur.

我們將在第二季大致完成併購整合，並預期未來可實現顯著的額外費用協同效益。由於我們不再需要支付兩家核心系統供應商費用，其他重複合約將被終止，且最終的人力精簡也將完成。

We remain on track to deliver on our budgeted cost synergies from the merger and reiterate our prior guidance of achieving an annual run rate non-interest expense, excluding CEI, of approximately $430 million by the fourth quarter of this year.

我們仍按計畫達成併購所編列的成本協同效益，並重申先前指引：在不含 CEI 的情況下，預計於今年第四季達成年度運行水準的非利息費用約 4.30 億美元。

The $130 million sale of our DUS business line to Fifth Third has taken a bit longer than expected, but we have a high degree of confidence that it will close in the second quarter. Given the pending DUS sale, our first quarter earnings, and our modestly smaller balance sheet, we will have significant excess capital. And we expect to pay approximately $0.70 per share in dividends in Q2 subject to regulatory and Board approval.

我們將 DUS 業務線以 1.30 億美元出售給 Fifth Third 的交易進度比預期稍慢，但我們高度有信心將於第二季完成交割。考量待完成的 DUS 出售、本季獲利，以及我們略為縮小的資產負債表，我們將擁有可觀的超額資本。此外，在取得主管機關與董事會核准的前提下，我們預期第二季將支付約每股 0.70 美元的股利。

The merger integration is almost behind us after a very full year of work and the build-outs of our wealth, commercial banking, and treasury sales teams are substantially complete. It would be nice to move past integration work and focus entirely on growing each of our core business lines with a technology roadmap for the bank that is increasingly focused on leveraging AI tools to improve enterprise productivity.

在經過非常充實的一年工作後，併購整合幾乎已告一段落，而我們的財富管理、商業銀行與資金管理（treasury）銷售團隊擴編也已大致完成。若能走出整合工作、將重心完全放在各核心業務線的成長上，並推進一個愈來愈聚焦於運用 AI 工具提升企業生產力的銀行科技路線圖，將會是件好事。

As for the big picture, we expect a relatively flat NIM for the next two to three quarters as auto loan runoff remains a drag. And our deposit costs stop declining given we no longer expect any Fed rate cuts and our CD repricing moderates.

就整體而言，我們預期未來兩到三個季度的淨利差（NIM）將相對持平，因汽車貸款自然到期／流失（runoff）仍會形成拖累。同時，由於我們不再預期聯準會降息，且定期存單（CD）重新定價趨於溫和，我們的存款成本也將停止下滑。

Our NIM should begin expanding again in early 2027 as the impact of auto fades, driven by legacy Mechanics Bank earning asset repricing, which will continue to occur over the next five years and will provide a tailwind to earnings growth. We now expect to deliver a 17% to 18% ROATCe and a 1.3% to 1.4% ROAA in 2027 and beyond with a projected GAAP net income range of $275 million to $300 million for 2027.

隨著汽車貸款影響在 2027 年初開始淡化，我們的淨利差應會再度擴張，主要動能來自原 Mechanics Bank 既有生息資產的重新定價；此重新定價將在未來五年持續發生，並為獲利成長帶來順風。我們目前預期自 2027 年起及其後可達成 17% 至 18% 的 ROATCe 與 1.3% 至 1.4% 的 ROAA，並預估 2027 年 GAAP 淨利區間為 2.75 億至 3.00 億美元。

Our earnings guidance has been reduced primarily due to removing two Fed rate cuts from our projections as well as from a modestly smaller balance sheet due to the lower CD balances. We also expect outstanding construction loans to decline to roughly $300 billion over the rest of the year versus $500 billion previously.

我們下調獲利指引，主要是因為在預測中移除了兩次聯準會降息，此外也因 CD 餘額較低導致資產負債表規模略小。我們也預期未償還的建築貸款在今年剩餘期間將下降至約 3,000 億美元，先前則為 5,000 億美元。

Let's look to slide 6, which shows an overview of Mechanics Bancorp today. Again, we have $21.4 billion in assets with 166 branches and very competitive deposit market share. We are the fourth largest community bank in both California and on the West Coast with a branch map that's nearly impossible to replicate. We fully expect Mechanics to be a high-performing bank, despite taking very little risk with our earning assets strategy.

請看第 6 頁投影片，這裡概述了今日的 Mechanics Bancorp。再次說明，我們擁有 214 億美元資產、166 家分行，以及非常具競爭力的存款市占率。我們是加州與西岸第四大的社區銀行，分行版圖幾乎無法複製。即使我們在生息資產策略上承擔的風險非常有限，我們仍完全預期 Mechanics 會是一家高績效銀行。

On the left-hand side of the page, we compare Mechanics to all publicly traded banks, $10 billion to $100 billion in assets, which, including us, now has 77 banks in the comparative group. As you can see, our cost of deposits for the first quarter was 1.28% versus the median the 77 banks' of 1.76%, giving us a rank of number 10. And I expect our cost of deposits to continue to drop in the second quarter before flattening the remainder of the year.

在頁面左側，我們將 Mechanics 與所有公開交易銀行（資產規模 100 億至 1,000 億美元）進行比較；包含我們在內，該比較組目前共有 77 家銀行。如各位所見，我們第一季存款成本為 1.28%，相較於 77 家銀行的中位數 1.76%，因此排名第 10。我預期我們的存款成本在第二季仍會持續下降，之後在今年剩餘期間趨於持平。

Next, our non-interest-bearing deposit mix is 36%, which is third out of 77, up one spot from a quarter ago and the greatest store of value for our company. Our CET1 ratio of 13.9% ranks 19th, and our risk-weighted assets to total assets is just 59% versus the group median at 76%, which is the second lowest out of our 77 competitor banks nationwide. Despite this low risk profile, our expected 2027 ROATCE of 17% ranks eighth out of the 77 banks, which would be exceptional.

接著，我們的無息存款占比為 36%，在 77 家中排名第 3，較上一季上升一名，也是本公司最重要的價值儲存來源。我們的 CET1 比率為 13.9%，排名第 19；而我們的風險加權資產占總資產比率僅 59%，相較於同業組中位數 76%，在全國 77 家競爭銀行中為第二低。儘管風險輪廓如此保守，我們預期 2027 年 ROATCE 為 17%，在 77 家中排名第 8，將是非常出色的表現。

Finally, our 2027 efficiency ratio is now projected to be approximately 50%, which ranks 22nd out of 77, despite our operating in higher cost markets and with the majority of our deposits comprised of small balance consumer accounts.

最後，我們目前預估 2027 年效率比率約為 50%，在 77 家中排名第 22；即便我們營運於成本較高的市場，且存款多數由小額的消費者帳戶構成。

Slide 7 is key to our investment thesis and another way of visualizing some of the important statistics from page 6. The strength of our deposits and the efficiency with which we run our bank, both from an expense and a capital management standpoint, will allow us to post very strong returns despite having nearly the lowest risk-mix assets in the country.

第 7 頁投影片是我們投資論點的關鍵，也提供另一種方式來視覺化第 6 頁的一些重要統計數據。我們存款的強勁，以及我們在費用與資本管理面向的營運效率，將使我們即便擁有全國近乎最低風險組合的資產，仍能繳出非常亮眼的報酬。

These charts provide a great visual, in my opinion, especially the risk-weighted assets to total assets comparison. In fact, we expect our risk-weighted assets as a percentage of total assets to continue to come down over time as our auto loans run off and our CRE concentration ratio is managed below 300%.

我認為這些圖表提供了很好的視覺呈現，尤其是風險加權資產占總資產的比較。事實上，隨著汽車貸款持續流失，以及我們將商用不動產（CRE）集中度比率控制在 300% 以下，我們預期風險加權資產占總資產的比例將隨時間持續下降。

While we will pay substantial dividends the first half of 2026, we expect moving forward that our dividend payout ratio will be closer to 80% of net income as we retain some capital to support core growth and preserve strategic optionality.

雖然我們在 2026 年上半年將支付可觀的股利，但展望未來，我們預期股利支付率將更接近淨利的 80%，以保留部分資本來支持核心成長並維持策略彈性。

To wrap up my section, let's turn to slide 8. This slide summarizes our investment highlights. First and foremost, we have very strong market share across the West Coast with a branch footprint that's nearly impossible to replicate.

在我這部分的最後，請看第 8 頁投影片。本頁總結了我們的投資亮點。首先也是最重要的，我們在西岸擁有非常強的市占率，且分行據點布局幾乎無法複製。

We also expect to have very strong profitability due to our top-notch deposits and efficient business model despite taking very little credit risk. We are 100% core funded with no wholesale borrowings or brokered deposits and are highly capitalized with a very liquid balance sheet with 70% loan-to-deposit ratio forecast for 2027.

我們也預期將具備非常強的獲利能力，原因在於我們一流的存款基礎與高效率的商業模式，即便我們承擔的信用風險非常有限。我們 100% 以核心存款資金來源支撐，沒有批發借款或經紀存款（brokered deposits），資本水準也很高，資產負債表流動性充裕，並預估 2027 年放款對存款比率為 70%。

We are efficient with our capital and plan to pay off substantial dividends, which would imply a very attractive yield at today's share price. There's also firm alignment between our public and private investors, as Ford Financial Fund owns 74% of the company.

我們資本運用效率高，並計畫支付可觀的股利，這意味著以今日股價計算將具備非常具吸引力的殖利率。此外，我們的公開與私募投資人之間也有明確的一致性，因 Ford Financial Fund 持有公司 74% 股權。

Finally, we have an experienced management team with a strong operating and M&A track record. Overall, the future prospects of Mechanics are quite bright, and I'm looking forward to finishing the job with the HomeStreet integration and moving on to the next chapter of growth for our great company.

最後，我們擁有經驗豐富的管理團隊，具備強勁的營運與併購（M&A）實績。整體而言，Mechanics 的未來前景相當光明；我也期待完成與 HomeStreet 的整合工作，並邁向我們這家優秀公司下一個成長篇章。

With that, let me turn the call over to Nathan to dig into more detail on our first quarter results. Nathan?

接下來，我把電話交給 Nathan，請他更深入說明我們第一季的業績。Nathan？

Thank you, C.J. Starting on slide 10, for the first quarter, net interest income declined $3.9 million or 2.2% to $179 million compared to $183 million in the fourth quarter of 2025. Our net interest margin expanded 11 basis points to 3.61%, driven primarily from the reduction in deposit costs from the $640 million runoff of higher-cost legacy HomeStreet CDs.

謝謝你，C.J.。從第 10 頁投影片開始，第一季淨利息收入較 2025 年第四季的 1.83 億美元下降 390 萬美元（或 2.2%）至 1.79 億美元。我們的淨利差擴大 11 個基點至 3.61%，主要受惠於存款成本下降，原因是較高成本的原 HomeStreet 定期存單（CD）流失（runoff）6.40 億美元。

First quarter interest income included $12.7 million of discount accretion on loans acquired in the HomeStreet transaction. And we have approximately $150 million of remaining discount on those loans as of March 31, 2026. Lastly, the earning asset mix shifted modestly during the quarter, reflecting lower cash balances as CDs continue to roll off.

第一季利息收入包含在 HomeStreet 交易中取得之貸款折價攤銷（discount accretion）1,270 萬美元。截至 2026 年 3 月 31 日，這些貸款尚餘約 1.50 億美元的折價。最後，本季生息資產組合略有變動，反映在 CD 持續到期流失下，現金餘額較低。

Turning to slide 11, non-interest income declined $57.5 million or 73% to $21 million compared to $78.5 million in the linked-quarter. As a reminder, the fourth quarter included a $55.1 million bargain purchase gain related to the write-up of the debt intangible assets acquired in the HomeStreet merger. Excluding that item, underlying non-interest income declined $2.4 million quarter-over-quarter, primarily driven by lower trust fees, lower gain on sale of loans, and reduced BOLI income.

請看第 11 頁投影片，非利息收入較上一季下降 5,750 萬美元（或 73%）至 2,100 萬美元，上一季為 7,850 萬美元。提醒各位，第四季包含一筆 5,510 萬美元的廉價購買利益（bargain purchase gain），與 HomeStreet 併購中取得之債務無形資產重估（write-up）相關。排除該項目後，基礎非利息收入季減 240 萬美元，主要因信託費用下降、貸款出售利益下降，以及 BOLI 收入減少。

Turning to slide 12, non-interest expense increased $0.9 million, or 0.7%, to $130.4 million compared to $129.5 million in the fourth quarter. Merger-related expenses totaled $4.8 million, up modestly from $3.5 million last quarter, and were primarily comprised of professional services and severance costs.

請看第 12 頁投影片，非利息費用較第四季增加 90 萬美元（或 0.7%）至 1.304 億美元，第四季為 1.295 億美元。併購相關費用合計 480 萬美元，較上季的 350 萬美元小幅增加，主要由專業服務費與資遣費構成。

Excluding these one-time merger expenses, non-interest expense declined $0.4 million versus the linked-quarter. The efficiency ratio increased to 61.6% compared to 46.7% in Q4, reflecting the absence of the prior quarter bargain purchase gain rather than any deterioration in underlying operating efficiency.

排除這些一次性併購費用後，非利息費用較上一季下降 40 萬美元。效率比率上升至 61.6%，相較於第四季的 46.7%，反映的是前一季廉價購買利益不再出現，而非基礎營運效率惡化。

Turning to slide 13, loan interest income declined $12.9 million or 6.7% to $181.2 million; and loan yields declined 9 basis points to 5.25%, driven by slightly lower contractual yields and reduced discount accretion. Multi-family and single-family residential yields declined modestly by 6 and 3 basis points, respectively.

請看第 13 頁投影片，貸款利息收入下降 1,290 萬美元（或 6.7%）至 1.812 億美元；貸款收益率下降 9 個基點至 5.25%，主因為合約收益率略降以及折價攤銷減少。多戶住宅與單戶住宅的收益率分別小幅下降 6 個與 3 個基點。

The CRE concentration ratio increased to 348% at quarter end. During the quarter, we originated $546 million of loan commitments, predominantly in SFR and other consumer categories; and sold $54 million of loans, primarily debt, multifamily, and residential real estate.

商用不動產（CRE）集中度比率在季末上升至 348%。本季我們新增核貸承諾 5.46 億美元，主要集中於單戶住宅（SFR）及其他消費金融類別；並出售 5,400 萬美元貸款，主要為債務、 多戶住宅及住宅不動產。

Turning to slide 14, our commercial real estate portfolio remains well-diversified and continues to reflect our long-standing focus on lower-risk multifamily lending. Multifamily represents approximately 70% of the total CRE portfolio with an average loan size of $3.8 million, an average LTV of 56%, and an average debt coverage ratio of 1.55 times.

請看第 14 頁投影片，我們的商用不動產投資組合仍維持良好分散，並持續反映我們長期聚焦於較低風險的多戶住宅放款。多戶住宅約占整體 CRE 投資組合的 70%，平均單筆貸款金額為 380 萬美元，平均 LTV 為 56%，平均債務覆蓋比率為 1.55 倍。

The remainder of the CRE portfolio is broadly distributed across retail, office, industrial, hotel, and mixed-use categories, each with modest exposure and conservative credit characteristics. At the end of the first quarter, our CRE concentration was 348%, which would be 101% when excluding our multifamily portfolio.

CRE 投資組合其餘部分大致分散於零售、辦公、工業、飯店及複合用途等類別，各類別曝險均屬溫和，且信用特性保守。截至第一季末，我們的 CRE 集中度為 348%；若排除我們的多戶住宅投資組合，則為 101%。

We also continue to manage down the higher risk segments of the legacy HomeStreet portfolio. During the last six months, we made progress reducing our HomeStreet syndicated loan exposure with balances declining from approximately $142 million at September 30, 2025, to about $68 million at March 31, 2026.

我們也持續降低傳承自 HomeStreet 投資組合中風險較高的區塊。過去六個月，我們在降低 HomeStreet 聯貸曝險方面取得進展，餘額已由 2025 年 9 月 30 日約 1.42 億美元降至 2026 年 3 月 31 日約 6,800 萬美元。

During the first quarter, we sold roughly $9 million of unpaid principal balance or $18 million of commitments of Legacy HomeStreet C&I syndications at par. And we ended the quarter with no exposure to non-depository financial institutions.

第一季期間，我們以票面價出售約 900 萬美元未償本金餘額（unpaid principal balance），或約 1,800 萬美元承諾額度的傳承 HomeStreet C&I 聯貸部位。且我們在季末對非存款類金融機構已無任何曝險。

Turning to slide 15, you can see both legacy Mechanics asset quality trends and the impact of the HomeStreet merger. Mechanics has historically maintained excellent credit quality with minimal non-auto charge-offs and a very low level of non-performing assets.

接著看第 15 頁投影片，您可以看到傳承 Mechanics 的資產品質趨勢，以及 HomeStreet 併購的影響。Mechanics 歷來維持優異的信用品質，非汽車類核銷（charge-offs）極少，不良資產水準也非常低。

As shown on the slide, the majority of our historical charge-offs were auto-related. And as mentioned earlier, that portfolio is in run-off and continues to outperform expectations.

如投影片所示，我們過去的大部分核銷都與汽車相關。如先前提到，該投資組合正處於自然到期縮減（run-off），且表現持續優於預期。

As a reminder, the increase in the non-auto charge-offs in the fourth quarter of 2025 was due to a charge-off of a legacy HomeStreet acquired loan that has specific reserves established, and the actual charge-off was slightly lower than the original anticipated loss.

提醒一下，2025 年第四季非汽車類核銷增加，係因核銷一筆併購自傳承 HomeStreet 的貸款；該筆貸款已建立特定準備（specific reserves），而實際核銷金額略低於原先預估損失。

At March 31, non-performing assets represented 0.25% of total assets, modestly higher from 0.23% in the fourth quarter. The increase reflects the impact of lower loan balances in total and a slight increase in the non-auto non-performing assets of $2 million.

截至 3 月 31 日，不良資產占總資產比率為 0.25%，較第四季的 0.23% 略高。此一上升反映總貸款餘額下降的影響，以及非汽車類不良資產小幅增加 200 萬美元。

Loan loss reserves to loans held for investment were 1.13% at quarter end, compared to 1.08% in the prior quarter. The increase in the allowance reflects the incorporation of qualitative factor adjustments, including a $6.35 million pre-tax provision driven by the heightened economic uncertainty related to geopolitical development.

季末貸款損失準備金占投資性持有貸款（loans held for investment）比率為 1.13%，高於前一季的 1.08%。備抵增加反映納入質化因子調整，其中包含因地緣政治發展導致經濟不確定性升高而提列的 635 萬美元稅前提存（pre-tax provision）。

Turning to slide 16, securities interest income increased $3.5 million or 7% to $53.1 million from $49.5 million in the fourth quarter. The increase was driven by higher yields on the portfolio, which increased by 11 basis points to 3.97% as compared to the fourth quarter.

接著看第 16 頁，證券利息收入較第四季由 4,950 萬美元增加 350 萬美元（或 7%）至 5,310 萬美元。增加主因為投資組合殖利率上升，較第四季提高 11 個基點至 3.97%。

The increase in the portfolio's yield was due to the full quarter impact of the $650 million securities purchased in the fourth quarter of 2025 at accretive yield to the portfolio. The overall securities portfolio decreased by $83 million in the first quarter due to paydowns and a $33 million reduction in fair value due to higher interest rates.

投資組合殖利率上升，係因 2025 年第四季購入的 6.5 億美元證券在本季完整反映，且其殖利率對投資組合具增益（accretive）。整體證券投資組合於第一季減少 8,300 萬美元，主因為本金回收（paydowns），以及因利率上升導致公允價值減少 3,300 萬美元。

Turning to slide 17, total deposits declined $782 million during the quarter, driven by a $640 million reduction in higher cost-time deposits and $232 million reduction in non-interest-bearing demand and $137 million in seasonal non-maturity deposit outflows, partially offset by money market growth. This mix shift and balance reduction contributed to a $10.7 million or 15% decline in the deposit interest expense compared to the prior quarter.

接著看第 17 頁，總存款於本季減少 7.82 億美元，主要由高成本定期存款減少 6.40 億美元、無息活期存款減少 2.32 億美元，以及季節性非到期存款流出 1.37 億美元所致，部分由貨幣市場存款成長抵銷。此一結構轉換與餘額下降，使存款利息費用較前一季減少 1,070 萬美元（或 15%）。

The total cost of deposits improved to 1.28%, down 15 basis points from the prior quarter, driven primarily by the continued runoff of the higher-cost legacy HomeStreet time deposits. Spot cost of deposits at March 31 was 1.21%, reflecting ongoing repricing benefits. Non-interest-bearing deposits represented 36% of total deposits, continuing to support our low-cost funding profile.

存款總成本改善至 1.28%，較前一季下降 15 個基點，主要受惠於高成本的傳承 HomeStreet 定期存款持續自然到期縮減。截至 3 月 31 日的即期存款成本（spot cost of deposits）為 1.21%，反映持續的重訂價效益。無息存款占總存款 36%，持續支撐我們的低成本資金結構。

Turning to capital and liquidity on slide 19, we remain very well capitalized with a 13.9% CET1 ratio and an 8.7% Tier 1 leverage ratio at March 31. Available liquidity totaled approximately $16.3 billion. Book value per share at quarter end was $12.61, and tangible book value per share was $7.53.

在第 19 頁談資本與流動性，我們截至 3 月 31 日仍維持非常充足的資本水準，普通股權一級資本（CET1）比率為 13.9%，第一級槓桿比率為 8.7%。可用流動性合計約 163 億美元。季末每股帳面價值為 12.61 美元，每股有形帳面價值為 7.53 美元。

During the first quarter, we paid a $0.40 per share dividend on our Class A common stock. As C.J. discussed earlier, we expect the $130 million sale of our Fannie Mae delegated underwriting and servicing, or DUS, business to Fifth Third to be approved and closed shortly.

第一季期間，我們就 A 類普通股每股發放 0.40 美元股利。如 C.J. 先前所述，我們預期將我們的房利美（Fannie Mae）授權承銷與服務（delegated underwriting and servicing，DUS）業務以 1.30 億美元出售予 Fifth Third 的交易，將很快獲得核准並完成交割。

Pro forma for that transaction, we expect to have approximately $165 million of excess capital, which we intend to return to shareholders through a special dividend of approximately $0.70 per share in the second quarter, subject to regulatory and Board approval.

以該交易之擬制（pro forma）基礎計算，我們預期將有約 1.65 億美元的超額資本，並計畫在第二季透過每股約 0.70 美元的特別股利返還給股東，惟仍須取得主管機關及董事會核准。

That concludes our prepared remarks. Operator, please open the line for questions.

以上為我們預先準備的發言。接線員，請開放提問。

(Operator Instructions) Woody Lay, KBW.

（接線員指示）Woody Lay，KBW。

Wanted to start on the net interest margin. And just based off the spot rate of deposits you gave, I'm a little surprised the margin would be flat or relatively flat next quarter. Could you just walk through the puts and takes to the flat margin over the next couple of quarters and the glide path we need to see in order to hit the $275 million to $300 million of net income in 2027?

我想先從淨利差（net interest margin）開始。就您提供的存款即期利率來看，我有點意外下季利差會持平或相對持平。能否請您說明未來幾季利差持平的正負因素（puts and takes），以及為了在 2027 年達到 2.75 億至 3.00 億美元淨利所需的利差走勢（glide path）？

Sure. I'll take that. I'll start with it, maybe let Nathan comment as well. I think yes, the spot cost of deposits is down, and that will provide a bit of a tailwind. But I think we expect our deposit cost to be not quite at 1.21%, probably a little higher than that, for the quarter overall as we really are through most of our CD repricing.

好的，我來回答。我先說明，之後也請 Nathan 補充。我認為是的，存款即期成本下降，會帶來一些順風。但我們預期整體季度的存款成本不會低到 1.21%，可能會略高一些，因為我們的定存（CD）重訂價大多已完成。

We also have a bit of a day count issue with the first quarter in February and how we do some of our yields at the 3.61%, especially in February, which is a short month, is a bit elevated. So that gets some of it.

另外，第一季在 2 月的天數計算上也有些影響，以及我們在 3.61% 的部分收益率計算方式，特別是 2 月因為是短月，數值會略偏高，這也解釋了一部分。

I do think we now -- again, we're very liability sensitive. We're going to add a bit more disclosure around that in our next investor deck in the second quarter, but we do have -- of our $18 billion of deposits, $10 billion is at basically 1 basis point, non-interest-bearing or very low cost.

我確實認為我們現在——再次強調，我們對負債端利率變動非常敏感（liability sensitive）。我們會在第二季下一版投資人簡報中增加一些相關揭露。不過在我們 180 億美元存款中，有 100 億美元基本上是 1 個基點，屬於無息或極低成本。

But we do have $7 billion that's at 2.85% today. And so it's a bit of a bifurcated deposit base. And so not getting the rate cuts, having a flat forward curve, is a bit of a negative for us, clearly. And we do have about $3 billion -- basically, just about $4 billion of floating rate assets.

但我們也有 70 億美元目前成本在 2.85%。因此存款基礎有些兩極化（bifurcated）。所以若沒有降息、遠期殖利率曲線持平，對我們而言顯然是偏負面的。此外，我們大約有 30 億美元——基本上接近 40 億美元——的浮動利率資產。

So there's a $3 billion gap between our rate-sensitive liabilities and our floating rate assets. And we've been working to narrow that gap. It has come down and will continue to come down, but that's putting some of the pressure on the margin during the year, especially as we still have $600 million or so of auto loans at a 6.5% yield.

因此，我們的利率敏感負債與浮動利率資產之間存在約 30 億美元的缺口。我們一直在努力縮小這個缺口；它已經下降，且會持續下降，但這在今年仍會對利差造成一些壓力，尤其是我們仍有約 6 億美元左右、殖利率 6.5% 的汽車貸款。

Those are running off to zero. That's putting pressure on the margin. The offset is we've outsourced the expense for that. And as those loans run off, our NIE continues to proportionally run off with that as well.

這些將逐步縮減至零，對利差造成壓力。抵銷因素是我們已將該部分費用外包。隨著這些貸款自然到期縮減，我們的非利息費用（NIE）也會按比例同步下降。

We have $12 million right now that we're paying. And so as those balances run down, the $12 million also comes down. So the offset to the margin impact is going to show up in non-interest expense.

我們目前支付的金額是 1,200 萬美元。隨著餘額下降，這 1,200 萬美元也會下降。因此，利差受影響的抵銷效果將會反映在非利息費用上。

Nathan, do you want to add anything to that?

Nathan，你要補充嗎？

Yeah, I think you covered most of it. A couple of other items I would add is you gave updated guidance on the construction land balances, which is one of our highest yielding assets. So there's an impact there.

是的，我想你已涵蓋大部分。我再補充兩點：你提供了建築用地（construction land）餘額的最新指引，而那是我們收益率最高的資產之一，因此會有影響。

In addition, we have seen interest-bearing transaction costs pick up. Part of that is some of the CD runoff from HomeStreet. Strategically, we've been pushing some of that into interest-bearing transaction. And so we expect that to pick up during the second quarter, along with everything else that you discussed already.

另外，我們也看到計息交易型存款成本（interest-bearing transaction costs）上升。部分原因是 HomeStreet 的定存（CD）流失。從策略上，我們把其中一部分導向計息交易型存款，因此我們預期第二季這部分會上升，連同你剛才提到的其他因素一起反映。

Got it. And then maybe just with some of the moving pieces, is there a margin range you expect in 2027 in order to achieve the NII run rate you expect?

了解。那再問一下，考量一些變動因素，為了達到你們預期的淨利息收入（NII）運行水準，2027 年你們預期需要的利差區間大概是多少？

Yeah, I'd say probably 3.7%, 3.8% in '27 would be my estimate. Obviously, it's still a ways down the road and things can change, so I hesitate to give too much there. But what I do know is we're 100% core funded, and our deposit costs should be pretty stable, especially when we can grow core deposits which we think we can do.

是的，我的估計大概是 2027 年 3.7% 到 3.8%。當然距離現在還有一段時間，情況可能改變，所以我不太想在這裡給出過多承諾。但我確定的是，我們 100% 以核心資金來源支應（core funded），而我們的存款成本應該相當穩定，特別是在我們能夠成長核心存款的情況下——我們認為我們做得到。

I think our deposit cost should remain pretty stable once we get through the second quarter. And we have, I'd say, at least $5 billion of low-yielding legacy Mechanics assets that are a hangover from the COVID era that will continue to amortize, prepay, cash flow reprice. We're going to add some disclosure around that as well in the second quarter. But that's going to be a tailwind, and that's going to come.

我認為一旦我們度過第二季，我們的存款成本應該會維持相當穩定。而且我們有——我會說——至少 50 億美元的低收益、歷史遺留的 Mechanics 資產，這是 COVID 時代留下的包袱，將會持續攤銷、提前償還，並隨現金流進行重新定價。我們也會在第二季就這部分增加一些揭露。但那將會是一股順風，而且會到來。

That's happening. And so that will push our margin higher every year for the next five years. And so this run rate, this would eventually be a bank that's north of a 4% NIM. And there's levers we can pull to accelerate that.

這正在發生。因此，這會在未來五年每一年把我們的利差往上推。所以以這個運行水準來看，最終這會是一家 NIM 超過 4% 的銀行。而且我們也有一些槓桿可以拉動來加速達成。

We are going to be continuing to generate excess capital as we're a little smaller. And we've got low-yielding loans, low-yielding securities; and we may consider a restructure. But some of that, it would be small.

由於我們規模稍微小一些，我們將會持續產生超額資本。而我們有低收益貸款、低收益證券；我們也可能會考慮進行重整。但其中有些動作規模會很小。

The thing we're going to do eventually, Woody, is we're eventually going to sell these auto loans. And so that'll be -- I don't know when that'll be, but it's going to be back half of this year, early next year. We're still going to try to determine the ideal timing of it.

我們最終要做的一件事，Woody，是我們最終會把這些汽車貸款賣掉。所以那將會——我不知道會在什麼時候——但會是在今年下半年、或明年初。我們仍在嘗試判斷最理想的時點。

And that will be -- we may take a modest loss when that occurs, but it will be a pickup to earnings for sure because that's losing us money at the moment as we continue our runoff. So there's a lot of leverage we can pull, and the underlying earnings power of this bank is very strong, thanks to our rate deposits. And we haven't embedded any of that stuff in our guidance.

而那將會——發生時我們可能會承受一筆小幅損失，但肯定會提升獲利，因為在我們持續縮表（runoff）的同時，那塊業務目前正在讓我們虧錢。所以我們有很多槓桿可以拉動，而這家銀行的基礎獲利能力非常強，這要歸功於我們的利率型存款。而我們在指引中並沒有把那些因素納入。

Yeah. No, that's really helpful. Maybe just shifting over the balance sheet real quick. As you noted, some of the deposit runoff is something a little bit more than expected. And I think you said there's another $150 million of planned CDs from HomeStreet that's coming off next quarter.

是的。不，這真的很有幫助。也許快速把焦點轉到資產負債表。如你所提到的，部分存款流失比預期稍多一些。而我想你說過，HomeStreet 還有另外 1.5 億美元的計畫性定存（CD）會在下季到期退出。

Once we get through that tranche, how are you thinking about the size of the balance sheet? Should it remain pretty stable off those levels? Or is it just given the sale of the auto -- potential sale of the auto portfolio, could we see some additional shrinkage in the back half of the year?

等我們度過那一批之後，你們如何看待資產負債表的規模？是否會在那個水準附近保持相當穩定？還是說，考量到汽車——汽車資產組合可能出售，我們會在今年下半年看到進一步縮表？

No, I think once we get through any remaining CD reductions in the second quarter -- and again, the first quarter is also the seasonal low for deposits with us. Every quarter, that's the case. Every first quarter, that's the case. So we expect core deposit growth.

不，我認為一旦我們度過第二季任何剩餘的定存（CD）下降——而且再說一次，第一季對我們而言也是存款的季節性低點。每一季都是如此。每一個第一季都是如此。所以我們預期核心存款會成長。

We've always -- we think we should grow 2%, 3%, 4% a year in line with our economies. And we've got a ton of focus at the bank on growing core deposits. And so the non-core stuff is basically all out.

我們一直——我們認為我們應該每年成長 2%、3%、4%，與我們的經濟體同步。而銀行內部對於成長核心存款有非常高度的聚焦。因此，非核心的部分基本上都已經退出了。

If we sell auto loans, we'll get the proceeds and reinvest somewhere else. So the assets won't -- that won't change the size of the balance sheet. So I view this as very close to the low, and we should be growing. We're budgeting to grow.

如果我們出售汽車貸款，我們會拿到款項並在其他地方再投資。所以資產端——那不會改變資產負債表的規模。因此我把這視為非常接近低點，而我們應該會成長。我們的預算是要成長。

We think we've got momentum there. Deposit pipelines and stuff like that, I would not expect much, if any, more balance sheet shrinkage. Maybe a bit in the second quarter, but that should be the nadir.

我們認為那裡有動能。存款管線之類的，我不預期資產負債表會再有太多、如果有的話，縮減。第二季也許會再小一點，但那應該就是谷底（nadir）。

Got it. And then maybe just last for me, you'll note in your opening remarks 80% payout ratio in '27 that provide some capital to be strategic with. And as you noted, you could look at restructures. But I was also just interested in your thoughts on additional M&A from here, especially once we get past the official core conversion.

了解。那最後一個問題，你在開場談到 2027 年 80% 的配息率，這會提供一些資本讓你們可以更具策略性地運用。而如你所說，你們可能會看重整。但我也想了解你們對於從現在起進一步併購（M&A）的看法，尤其是在我們完成正式的核心系統轉換之後。

Carl, you want to take that one?

Carl，你要回答這題嗎？

Sure. Good morning, Woody. I think that you have to look at our past to somewhat predict our future. We've always been extremely acquisitive. We're always looking at situational opportunities.

當然。早安，Woody。我認為你必須回顧我們的過去，才能在某種程度上預測我們的未來。我們一直都非常積極併購。我們總是在尋找情境式的機會。

Obviously, the opportunities have to be within our footprint. We're not looking to really expand our West Coast footprint, and we don't want to do a M&A transaction simply to get bigger. It has to make us better. And I think the overlay to that is making us better with an M&A transaction gets harder and harder and harder.

顯然，機會必須在我們的營運版圖之內。我們並不打算真正擴張我們在西岸的版圖，而且我們不想只是為了變大而做一筆併購交易。它必須讓我們變得更好。而我認為疊加在其上的現實是：透過一筆併購交易讓我們變得更好，會愈來愈難、愈來愈難、愈來愈難。

You heard the 1.28% deposit cost for the quarter and the 1.21% spot rate. We protect these deposits judiciously, and I'm not talking about our time deposits. You know the story there is we've run those down intentionally.

你聽到本季存款成本是 1.28%，即期利率是 1.21%。我們審慎地保護這些存款——我說的不是我們的定期存款。你知道那部分的故事：我們是刻意把它們降下來的。

But it really gets harder and harder to move the needle. And I'm not saying that you know we have to buy another bank or acquire another opportunity that has a like deposit cost. But we think the value of a bank -- the franchise value of a bank is demonstrated predominantly by its liability structure and its deposit costs.

但要真正產生顯著影響，確實愈來愈難。我不是說我們一定得買另一家銀行或收購另一個機會，而且它必須有相同的存款成本。但我們認為，一家銀行的價值——銀行的特許經營價值——主要是由其負債結構與存款成本所展現。

And so we have to take that into consideration. And frankly, there just aren't a lot of banks out there. We're always looking. There are a scant few opportunities that we constantly monitor. And I think something in our favor is we're trading at a pretty good multiple.

因此我們必須把這點納入考量。坦白說，市場上其實沒有很多銀行。我們一直在看。有少數幾個機會是我們持續在監控的。而我認為對我們有利的一點是，我們目前的交易倍數相當不錯。

So all I can say is we're keen to the opportunity set. We're always looking. I would say, just being extremely transparent, there is nothing right now on the front burner. And that's simply because there is nothing more important for our bandwidth today than getting this integration right.

所以我能說的是，我們對這些機會集合保持敏銳。我們一直在看。我會說，完全透明地講，目前沒有任何事情是在優先處理清單的最前端。而這純粹是因為，對我們現在的資源與精力而言，沒有比把這次整合做對更重要的事。

We've only acquired HomeStreet, which significantly increased our size and our footprint, what is it, eight months ago. And we're now in the midst of getting our cost out, and C.J. spoke to the conversion.

我們在八個月前才完成對 HomeStreet 的收購，這顯著增加了我們的規模與版圖。而我們現在正處於把成本降下來的過程中，C.J. 也談到了系統轉換。

Those are the very important things that we've got to get done and get right first. And we're getting in the later innings of doing that. And then we'll certainly see what's out there.

這些都是我們必須先完成、而且必須做對的非常重要的事情。我們也正進入這些工作的後段。之後我們當然會再看看外面有什麼機會。

Awesome. Well, I appreciate you all taking my questions and all the color you provided.

太棒了。感謝各位回答我的問題，也謝謝你們提供的所有細節與補充說明。

Of course. Thanks for the questions, Woody.

當然。謝謝你的提問，Woody。

(Operator Instructions) Dave Rochester, Cantor.

（接線員指示）Dave Rochester，Cantor。

Back on your comments on growth in core deposits, it sounds like you feel pretty good about doing that through the end of this year. I was curious, just given the headwinds in auto, in construction, if you think you could still grow the loan book this year.

回到你們對核心存款成長的評論，聽起來你們對於在今年底前做到這點相當有信心。我想問的是，考量到汽車與營建方面的逆風，你們是否仍認為今年可以讓貸款餘額成長？

And I'm just trying to triangulate into an NII trend with a stable NIM. It kind of sounds like you're still expecting NII to grow through the end of this year as well with -- whether it's loan growth or securities growth through the end of the year, just given that you're growing core deposits. Just wanted to get your thoughts on that.

我只是想用穩定的 NIM 來推估淨利息收入（NII）的趨勢。聽起來你們也仍預期 NII 會在今年底前持續成長——不論是透過貸款成長或證券成長——因為你們在成長核心存款。想聽聽你們對此的看法。

Yeah. I think from a loan growth standpoint, we expect to grow our consumer loans. We had modest growth in single-family. We expect that to pick up throughout the year. And mortgages, HELOCs, we've seen good demand and growth.

是的。我認為就貸款成長而言，我們預期消費金融貸款會成長。獨棟住宅（single-family）方面我們有溫和成長，我們預期全年會逐步加速。至於房貸、HELOC，我們看到不錯的需求與成長。

And those verticals also are lending against the cash for undervalue of whole life policies through our partner, Incline. That's growing pretty rapidly. We're now at, I think, $600 million-plus, $670 million of drawn balances. We expect that over the course of the year to get to $1 billion drawn and really like that business from a risk-adjusted return standpoint, especially given its short duration and a good counter to that gap I talked to earlier of our floating rate-sensitive deposits versus our floating rate assets.

而這些垂直業務也透過我們的合作夥伴 Incline，以終身壽險保單的現金價值、按其折價後價值提供放款。那塊成長相當快。我們現在的動用餘額大概是 6 億美元以上、6.7 億美元。我們預期在今年內會達到 10 億美元的動用額度；從風險調整後報酬的角度來看，我們非常喜歡這項業務，尤其考量到它的存續期間短，且能很好地對沖我先前提到的缺口：我們的浮動利率敏感型存款相對於我們的浮動利率資產。

So the consumer should grow. We've talked before about our construction, that we expect those balances to go to decrease around $300 million. A lot of what -- the homebuilder team that came over from HomeStreet does a great job. They really are a strong team; but that business, it was thinly priced in some areas and we're getting it deliberately a little bit smaller.

所以消費端應該會成長。我們之前談過營建業務，我們預期那些餘額會下降約 3 億美元。從 HomeStreet 併入的建商團隊做得非常好。他們確實是一支很強的團隊；但那項業務在某些領域的定價偏薄，我們正有意識地把規模縮小一些。

So that will be a bit of a headwind through the year. But it will -- we're de-risking and not doing construction landing, which can be obviously -- goes great for a while and then it can go the other way very quickly. So I think that's prudent.

因此這在今年會是一點逆風。但這也會——我們正在去風險化，並且不做營建放款，因為那顯然——順風時可以表現很好，但情勢也可能很快反轉。所以我認為這是審慎的作法。

And on commercial real estate, I think we're originating loans. But the plan is still to get that below 300%. And so I'd model us over the next couple of years getting both 100%. There will be a modest decrease in outstanding multifamily CRE.

至於商用不動產（CRE），我認為我們仍在承作放款。但計畫仍是把它降到 300% 以下。因此我會把我們未來幾年的走勢建模為逐步降到 100%。未償的多戶型（multifamily）CRE 會有小幅下降。

C&I should be -- we deliberately sold some of the syndicated loans that HomeStreet had. That's part of the balance reduction there. That should be close to a nadir and should be starting to grow again.

C&I 應該會——我們刻意賣掉了 HomeStreet 持有的一些聯貸。那是那邊資產負債縮減的一部分。那應該已接近谷底，並且應該會開始再度成長。

So I don't know. Nathan, Carl, anything else you want to add to that?

所以我也不確定。Nathan、Carl，還有什麼想補充的嗎？

I would add just one other comment, C.J., and that is the market. It is extremely -- and I know everyone says the same thing And we've been monitoring earning releases and some have had lan growth, modest loan growth. But I'd say the competitive landscape on both term and pricing is as thin and as tight as I've ever seen it.

我再補充一點，C.J.，就是市場狀況。它非常——而且我知道大家都這麼說。我們一直在追蹤財報發布，有些公司確實有貸款成長、溫和的貸款成長。但我會說，無論是在期限條件還是定價上，競爭態勢之薄、之緊，是我所見過最嚴峻的。

And we're -- I'm just saying we're tough on credit, and I think that would be an opinion shared by probably a lot of our lenders that are out in the market today. It is -- you're seeing some things out there that I think may trend to this thing just getting really, really competitive to the extent that it's probably not all that healthy, particularly as it relates to term, which I equate to underwriting.

而我們——我只是說我們在授信上很嚴格，我想這應該也是目前在市場上的許多放款人共同的看法。你會看到一些情況，我認為可能會讓競爭變得非常、非常激烈，激烈到可能並不那麼健康，特別是就期限條件而言——我把它等同於承作標準（underwriting）。

And then credit spreads are extremely tight. And so my way of thinking, it's not the time to necessarily be pressing the accelerator too hard for loan growth and the overlay of our CRE concentration. We have to be very mindful of that.

另外，信用利差也極度收窄。所以以我的想法，現在未必是為了貸款成長而把油門踩得太深的時點，再加上我們的 CRE（商用不動產）集中度，我們必須非常謹慎。

Okay. Appreciate that. Are you, at this point, still expecting NII growth from the first quarter through the end of the year? Or is it more stable along with the margin?

好的。感謝說明。你們目前仍預期從第一季到年底 NII（淨利息收入）會成長嗎？還是會跟利差一樣比較穩定？

It should be pretty stable, I would say, for a couple of quarters and start to pick up. The balance sheet, again, is going to be getting a little bit smaller in the second quarter and then should start to grow, but the growth will be modest. I'd kind of guide the stable NII and then picking up, I think, pretty materially in '27.

我會說應該會相當穩定，維持幾個季度，之後開始回升。資產負債表同樣地，第二季會再小一點，之後應該會開始成長，但成長幅度會溫和。我大概會指引 NII 先穩定、再回升，而我認為在 2027 年會相當明顯地走高。

And you mentioned the upside in the margin as you get into the early part of '27. Where are you seeing that roll-on/roll-off differential in the earning asset buckets you have at this point?

你提到進入 2027 年初利差有上行空間。就你們目前的生息資產組合來看，你看到哪些資產桶的到期替換（roll-on/roll-off）利差差異？

Yeah. I mean, we have, I think, a lot of lower-yielding mortgages. I think our legacy Mechanics, single-family, is probably a low fours coupon. A fair amount of that is starting to prepay, amortize, coming back on the books at, call it, 6%.

是的。我的意思是，我們有不少低收益的房貸。我想我們傳承自 Mechanics 的既有單戶住宅貸款，票息大概是 4% 出頭。其中相當一部分開始提前還款、攤還，回到帳上時利率大概是 6%。

Multifamily, we've got $2.4 billion, north of $2 billion of multifamily loans that yield low fours. In aggregate, that business today is closer also to 5.75% to 6%. That entire book will reprice. It's all adjustable, 5%, 7%, 10%. It was mostly originated in '21 and '22. By '32, it will all have reset to market rates closer to 6%.

多戶住宅方面，我們有 24 億美元、超過 20 億美元的多戶住宅貸款，收益率在 4% 出頭。整體而言，這項業務目前更接近 5.75% 到 6%。整本帳冊都會重定價。它全部是浮動利率，5%、7%、10% 的調整期。多數是在 2021 與 2022 年承作。到 2032 年，將全部重設到更接近 6% 的市場利率。

And so there's a lot of tailwinds there. We also have an HTM portfolio that's a drag. It's a $1.3 billion today, yielding 1.61%. And $100 million of that amortizes a year, so slower, longer duration; but over time, will continue to be a tailwind.

因此那裡有很多順風。我們也有一個 HTM（持有至到期）投資組合會拖累表現。現在規模是 13 億美元，收益率 1.61%。其中每年攤還 1 億美元，所以速度較慢、久期較長；但隨著時間推進，會持續成為順風。

So I think it's there's a lot of upside to the bank over time. As time passes, we'll have a natural tailwind just from that occurring. And this year will be a bit more flat, though, just given the total flat, no Fed cuts, and the final drag of auto. And we'll make up for some of that zin our pretty substantial expense reductions that are coming here in the second quarter and third quarter.

所以我認為，隨著時間推移，這家銀行有很大的上行空間。時間過去，光是這些自然發生的變化就會帶來順風。不過今年會比較持平，主要是因為整體利率持平、聯準會不降息，以及車貸最後一段的拖累。我們會透過第二季與第三季即將到來、相當可觀的費用削減來彌補其中一部分。

Yeah. I mean, it looks like between now and the fourth quarter, you're looking at at least a $10 million reduction on a quarterly run rate basis on expenses, right? How much of that are you expecting to get in 2Q?

是的。看起來從現在到第四季，你們的費用以季度年化 run-rate 來看至少會減少 1,000 萬美元，對嗎？其中你們預期第二季能實現多少？

Yeah, we're at $474 million. Ex-CDI, annualized in the first quarter, we expect to get to $430 million. By the fourth quarter, that's $44 million. So, yes, annual -- over $10 million in quarterly.

是的，我們第一季（年化）是 4.74 億美元（不含 CDI）。我們預期會降到 4.30 億美元。到第四季就是減少 4,400 萬美元。所以，是的——年化來看，季度超過 1,000 萬美元。

In the second quarter, we should see, I don't know, maybe a lot. I don't know the exact number, but it's going to be a significant amount of cost reductions coming off. And that will persist into the third quarter. By the fourth, we'll be there.

第二季我們應該會看到，我不知道，可能很多。我不清楚確切數字，但會有相當可觀的成本下降。而且這會延續到第三季。到第四季，我們就會達標。

Good, that's totally good. Maybe just switching to the fee side for a minute on the trust business. You guys were opening an office in Delaware. Sorry if I missed your mentioning it.

很好，這非常好。接著我想先切到手續費端，談一下信託業務。你們在德拉瓦州要開一個辦公室。抱歉如果我漏聽了你們提到。

I think it was this quarter. I was just wondering if that were up and running, if you could just remind us what that does for you guys and what other expansion you're planning in that business going forward, that'd be great.

我想是在這一季。我只是想問那邊是否已經開始運作；另外也請你們再提醒一下，這對你們有什麼幫助，以及未來在這項業務上還計畫做哪些擴張，會很棒。

Yeah, we got a little bit delayed. It's now expected to open in May. So we're almost there on the Delaware trust business. We have some demand waiting for us to open that. That's a major step for our wealth group. So that's exciting, but it has been delayed a quarter.

是的，我們稍微延後了。現在預計 5 月開業。所以德拉瓦信託業務我們快要就緒了。有一些需求正在等我們開業。這對我們財富管理團隊是很重要的一步，所以很令人振奮，但確實延後了一個季度。

And yeah, I think overall, our build-out of the team is complete. We've got a great team. Really, almost everyone came over from -- at least a number of folks came over from First Republic after that failed right in our backyard.

另外，是的，我想整體而言，我們的團隊建置已完成。我們有一支很棒的團隊。其實幾乎所有人——至少有不少人——是在 First Republic 在我們後院倒閉之後從那邊加入的。

And so we've been laying the groundwork. We've been very busy with the integration with the merger. And we've picked up some private bankers and new clients from HomeStreet on the deposit side through it. And I think there's opportunity on the trust and wealth side to continue to grow.

因此我們一直在打底。我們在與併購整合上非常忙碌。透過這次交易，我們也在存款端從 HomeStreet 帶來了一些私人銀行家與新客戶。我認為在信託與財富管理端仍有持續成長的機會。

So I'm very much optimistic that that business will continue to grow and be a very, very creative business line for us. But it has been -- the trust business did take longer than we thought, but we're on the finish line.

所以我非常樂觀，這項業務會持續成長，並成為我們非常、非常有創造力（具貢獻度）的業務線。但確實——信託業務花的時間比我們原先想的更久，不過我們已經到終點線了。

Okay, great. Maybe just one last one on capital. You mentioned the big payout, obviously, next quarter. I think it was $165 million of excess that you're looking at. Does that get you down to your target [825] Tier 1 leverage, or do you keep a little bit of extra there for what you said in terms of flexibility going forward? How are you thinking about that?

好的，很好。最後一個關於資本的問題。你提到下一季顯然會有很大的配發。我想你說的是大約 1.65 億美元的超額資本。那會讓你們降到目標的 [825] 第一類資本槓桿比率嗎？還是你們會保留一些額外資本，以符合你提到的未來彈性？你們怎麼思考這件事？

Yeah, I think the way we've been managing capital is [8.25], but one quarter in arrears. And so it's more effectively like 8.5 to 8.6 leverage this quarter. We're at 8.7.

是的，我想我們管理資本的方式是以 [8.25] 為目標，但會落後一個季度反映。所以實際上這一季更像是 8.5 到 8.6 的槓桿比率。我們目前是 8.7。

To your comment, we actually are going to have excess. I think my rough math is maybe $35 million this quarter that we're not paying out in dividends. I mean, our dividend is going to be close to $160 million, $162 million this quarter, but there's still some that we're holding back. And we'll think about how best to use that.

就你提到的，我們確實會有超額。我粗略算一下，這一季可能有大約 3,500 萬美元我們不會以股利配發出去。我的意思是，我們這一季的股利會接近 1.60 億美元、1.62 億美元，但仍有一部分我們會先保留，並思考如何最妥善地運用。

And that will persist as we go into the third quarter. There's a lag on leverage assets as the bank gets a bit smaller. Leverage assets take a quarter to catch up fully. And so we'll have some excess capital.

而且當我們進入第三季時，這種情況會持續。隨著銀行規模變小，槓桿資產的反映會有落後；槓桿資產需要一個季度才能完全跟上。因此我們會有一些超額資本。

And the bank -- the other thing I'll point out is there's a lot of CDI amortization that doesn't show up in GAAP earnings, but it does compound in capital generation for the bank. So that's another source of excess capital that we create above and beyond the actual GAAP net income. So something else to think about.

另外我也要指出，還有很多 CDI 攤銷不會反映在 GAAP 盈利中，但它確實會累積並提升銀行的資本生成能力。這也是我們在實際 GAAP 淨利之外所創造的另一個超額資本來源。這也是值得思考的一點。

All right. Great. Thanks, guys. Appreciate it.

好。很好。謝謝各位。感謝。

Thanks, Dave.

謝謝你，Dave。

There are no further questions at this time. This concludes today's call. Thank you for attending, and you may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與，現在可以掛線。