National Bank Holdings Corp (NBHC) 2026 Q1 法說會逐字稿

You are currently on hold for today's conference call. At this time, we are assailing today's audience and plan to be underway shortly. We appreciate your patience and please remain on the line.

您目前正在等候今日的電話會議。此時，我們正在接通今日的與會者，並計劃很快開始。感謝您的耐心，請保持在線。

Good morning, everyone, and welcome to the National Bank Holdings Corporation 2026 first-quarter earnings call. My name is Anna, and I will be your conference operator for today. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

各位早安，歡迎參加 National Bank Holdings Corporation 2026 年第一季財報電話會議。我是 Anna，將擔任今天的會議接線員。（接線員指示）提醒各位，本次會議將錄音以供重播。

I will now turn the call over to Emily Gooden, Chief Accounting Officer and Director of Investor Relations.

現在我將把電話會議交給首席會計官兼投資人關係總監 Emily Gooden。

Thank you, Anna, and good morning. We will begin today's call with prepared remarks followed by a question-and-answer session. I would like to remind you that this conference call will contain forward-looking statements, including, but not limited to, statements regarding the company's strategy, loans, deposits, capital, net interest income, noninterest income, margins, allowance, taxes and noninterest expense.

謝謝你，Anna，大家早安。我們將先進行事先準備的發言，接著進入問答環節。我想提醒各位，本次電話會議將包含前瞻性陳述，包括但不限於有關公司策略、放款、存款、資本、淨利息收入、非利息收入、利差、備抵、稅負以及非利息費用的陳述。

Actual results could differ materially from those discussed today. These forward-looking statements are subject to risks, uncertainties and other factors, which are disclosed in more detail in the company's most recent filings with the US Securities and Exchange Commission. These statements speak only as of the date of this call, and National Bank Holdings Corporation undertakes no obligation to update or revise these statements.

實際結果可能與今日討論內容有重大差異。這些前瞻性陳述受風險、不確定性及其他因素影響，相關內容已在公司最近向美國證券交易委員會提交的文件中更詳細揭露。這些陳述僅截至本次電話會議日期有效，National Bank Holdings Corporation 不承擔更新或修訂這些陳述的義務。

In addition, the call today will reference certain non-GAAP measures, which National Bank Holdings Corporation believes provides useful information for investors. Reconciliations of these non-GAAP financial measures to the GAAP measures are provided in the news release posted on the Investor Relations section of www.nationalbankholdings.com.

此外，今天的電話會議將提及若干非 GAAP 指標，National Bank Holdings Corporation 認為這些資訊對投資人具有參考價值。這些非 GAAP 財務指標與 GAAP 指標之間的調節表，已提供於發布在 www.nationalbankholdings.com 投資人關係專區的新聞稿中。

It is now my pleasure to turn the call over and introduce National Bank Holdings Corporation's Chairman and CEO, Mr. Tim Laney

現在我很榮幸把電話會議交出，並介紹 National Bank Holdings Corporation 董事長兼執行長 Tim Laney 先生。

Well, thank you, Emily, and good morning, and thank you for joining us as we discuss National Bank Holdings' first-quarter 2026 financial performance. I'm joined by our President, Aldis Berkonz; our Chief Financial Officer, Nicole Van Denville; and John Steines, our Executive Vice Chair and Executive Managing Director of Strategic Initiatives.

謝謝你，Emily，大家早安，也感謝各位加入我們，一同討論 National Bank Holdings 2026 年第一季的財務表現。今天與我一同出席的有：總裁 Aldis Berkonz；財務長 Nicole Van Denville；以及執行副董事長兼策略計畫執行董事總經理 John Steines。

The NBH team delivered an outstanding first quarter, and we believe we're well positioned to have a very strong year. In fact, momentum across the organization reinforces our belief in our ability to grow our earnings this year and surpass $1 of earnings per share in the fourth quarter. In the first quarter, we delivered record loan fundings and our net interest margin expanded to 4.06%.

NBH 團隊在第一季交出亮眼成績，我們相信已具備在今年創造非常強勁表現的良好條件。事實上，整個組織的動能進一步強化我們的信心：今年有能力提升獲利，並在第四季使每股盈餘超過 1 美元。第一季我們創下放款撥付新高，淨利息利差擴大至 4.06%。

We experienced positive trends with all credit metrics, and we believe the NBH team is well positioned to deliver meaningful growth in earnings this year. I want to thank our bankers for their focus on taking market share as well as expanding relationships with existing clients. I also want to thank our teammates who worked diligently behind the scenes to efficiently deliver a great experience for our clients.

我們在所有信用指標上都看到正向趨勢，並相信 NBH 團隊已準備好在今年帶來具意義的獲利成長。我要感謝我們的銀行同仁專注於爭取市占，同時深化與既有客戶的關係。我也要感謝在幕後辛勤投入的團隊夥伴，以高效率為客戶提供優質體驗。

And on that note, I'll turn the call over to Nicole for greater financial details on the quarter. Nicole?

接下來，我將把電話會議交給 Nicole，請她提供本季更詳細的財務資訊。Nicole？

Thank you, Tim, and good morning. This morning, I'll review our first quarter financial results and provide guidance for the remainder of 2026. As a reminder, our guidance does not include any future interest rate policy changes by the Fed.

謝謝你，Tim，大家早安。今天早上我將回顧第一季財務結果，並提供 2026 年剩餘期間的指引。提醒各位，我們的指引不包含聯準會未來利率政策變動。

For the first quarter, on an adjusted basis, we reported net income of $32.6 million or $0.72 of earnings per diluted share, 43% higher than the prior quarter. The first quarter's adjusted return on tangible assets was 1.2% and the adjusted return on tangible equity was 11.8%.

第一季在調整後基礎上，我們報告淨利為 3,260 萬美元，稀釋後每股盈餘為 0.72 美元，較前一季高出 43%。第一季調整後有形資產報酬率為 1.2%，調整後有形股東權益報酬率為 11.8%。

During the first quarter, we closed the Vista acquisition, generated record quarterly loan originations of $805 million and delivered annualized loan growth of 12.4%. Fully taxable equivalent pre-provision net revenue increased $8.5 million or 21.7% compared to the prior quarter after adjusting for transaction-related expenses.

第一季期間，我們完成 Vista 收購案，創下單季放款承作（起貸）8.05 億美元的新高，並實現年化放款成長 12.4%。在調整交易相關費用後，完全應稅等值的提列備抵前淨收益較前一季增加 850 萬美元，增幅 21.7%。

Loan balances increased by $2.2 billion or 29% during the quarter. Our team generated $285 million of organic loan growth on top of $1.9 billion of loans acquired in the Vista acquisition. We entered the second quarter with robust loan pipelines, and we expect to achieve our full year loan growth guidance of approximately 10%.

本季放款餘額增加 22 億美元，增幅 29%。除 Vista 收購案取得的 19 億美元放款外，我們團隊另帶來 2.85 億美元的有機放款成長。我們以強勁的放款案源進入第二季，並預期可達成全年約 10% 的放款成長指引。

Fully taxable equivalent net interest income for the quarter totaled $111 million, an increase of 25.7% compared to the prior quarter. The linked quarter increase was primarily driven by $2.1 billion of higher average earning assets and the quarter's strong margin. Net interest margin expanded 17 basis points during the first quarter to 4.06%, driven by a 24 basis point increase in earning asset yields.

本季完全應稅等值淨利息收入為 1.11 億美元，較前一季增加 25.7%。與前一季連動比較的增幅，主要來自平均生息資產增加 21 億美元，以及本季強勁的利差表現。第一季淨利息利差擴大 17 個基點至 4.06%，主要由生息資產收益率上升 24 個基點所帶動。

For the remainder of 2026, we expect net interest margin to remain near 4%. Deposit balances increased by $2.2 billion during the quarter on a spot basis, inclusive of Vista balances added at acquisition close. Deposit costs remained low at 1.94% and our loan-to-deposit ratio ended the quarter at 91.9%.

在 2026 年剩餘期間，我們預期淨利息利差將維持在接近 4% 的水準。以時點（spot）基礎計算，本季存款餘額增加 22 億美元，包含在 Vista 收購交割時納入的存款餘額。存款成本維持在 1.94% 的低檔，本季末貸存比為 91.9%。

Turning to asset quality. Credit quality remains strong. We recorded $4 million of provision expense, primarily to support the quarter's strong loan growth. Net charge-offs were 8 basis points for the quarter or 34 basis points on an annualized basis, and the allowance coverage ratio remained consistent at 1.18%.

接著談資產品質。信用品質仍然強勁。我們認列 400 萬美元的提列費用，主要用以支應本季強勁的放款成長。本季淨沖銷為 8 個基點（年化為 34 個基點），備抵覆蓋率維持一致，為 1.18%。

As of March 31, we continue to hold $24 million of marks against our acquired loan portfolio, which would provide an additional 25 basis points of loan loss coverage if applied across the entire loan book. Noninterest income increased 16.9% year over year and totaled $18 million for the quarter.

截至 3 月 31 日，我們仍持有針對所收購放款組合的 2,400 萬美元估值調整（marks）；若將其套用至整體放款帳冊，將可額外提供 25 個基點的放款損失覆蓋。非利息收入年增 16.9%，本季合計為 1,800 萬美元。

For the remainder of 2026, we project to achieve our full year fee income guidance of $75 million to $80 million. As a reminder, this outlook includes $2 million to $4 million of Unifi revenue, which we expect to be weighted towards the back half of the year. Net interest expense totaled $96.8 million for the quarter and included $15.3 million of acquisition and restructuring costs.

在 2026 年剩餘期間，我們預期可達成全年手續費收入指引 7,500 萬至 8,000 萬美元。提醒各位，此展望包含 200 萬至 400 萬美元的 Unifi 收入，我們預期將偏重於下半年。非利息費用本季合計為 9,680 萬美元，其中包含 1,530 萬美元的收購與重整成本。

Excluding these onetime items, noninterest expense was $81.5 million. We have begun realizing cost efficiencies from the Vista acquisition. We remain on track to achieve our targeted expense synergies, the majority of which are expected to be realized following the third quarter system integration.

排除這些一次性項目後，非利息費用為 8,150 萬美元。我們已開始實現 Vista 收購案帶來的成本效率。我們仍按計畫達成目標費用協同效益，其中大部分預期將在第三季系統整合後實現。

In addition, we continue to invest in future growth by adding new bankers across our footprint. We have recently added more than 10 new bankers, resulting in approximately $0.5 million of incremental expense during the first quarter and which will add approximately $4 million in annual run rate expense.

此外，我們持續透過在營運版圖內增聘新銀行人員來投資未來成長。我們近期新增超過 10 位銀行人員，導致第一季增加約 50 萬美元的增量費用，並將使年度經常性費用（run rate）增加約 400 萬美元。

As previously guided, we project total noninterest expense for the full year 2026 to be in the range of $320 million to $330 million. Our capital levels remain well in excess of well-capitalized regulatory thresholds, even after deploying capital for our most recent acquisition and for share repurchases during the quarter.

如先前所指引，我們預估 2026 全年非利息費用總額將落在 3.20 億至 3.30 億美元區間。我們的資本水準仍遠高於「資本充足」的監理門檻，即使在最近一次收購案及本季庫藏股回購動用資本之後亦然。

Common equity Tier 1 ratio ended the quarter at 12.5%, and the total capital ratio was a strong 15.8%. Tangible book value per share was $26, and we expect to outperform our earn-back expectations for the Vista acquisition. Importantly, we are on track to deliver earnings in excess of $1 per share in the fourth quarter of 2026.

普通股第一類資本比率（CET1）本季末為 12.5%，總資本比率強勁達 15.8%。每股有形帳面價值為 26 美元，我們預期 Vista 收購案的回本速度將優於原先預期。更重要的是，我們正按計畫在 2026 年第四季實現每股盈餘超過 1 美元。

With that, I will turn the call over to Aldis.

接下來，我將把電話會議交給 Aldis。

All right. Well, thank you, Nicole, and good morning. Our first quarter was highly productive, and I want to thank our team for getting us off to a great start in 2026. The first quarter's performance is consistent with our internal expectations. And as Tim shared, we remain confident in our trajectory towards achieving $1 EPS by the fourth quarter.

好的。謝謝你，Nicole，大家早安。我們第一季成果豐碩，我要感謝團隊讓我們在 2026 年有一個非常好的開局。第一季表現符合我們內部預期。正如 Tim 所分享的，我們仍對朝著在第四季達成每股盈餘 1 美元的軌跡充滿信心。

In terms of the Vista acquisition, the onboarding of new associates and clients has gone well, and our integration efforts remain on track. Turning to our financial performance. The strength of our balance sheet was on full display this quarter. We generated record quarterly new loan fundings of $805 million, which drove an annualized 12% loan growth. I will note that this quarter's loan production was not just strong but also well diversified across asset classes and geographies, reflecting the breadth of our platform.

就 Vista 併購而言，新進同仁與客戶的導入進展順利，我們的整合作業也仍按計畫推進。接著談談我們的財務表現。本季我們資產負債表的強勁實力展露無遺。我們創下單季新增放款撥付（new loan fundings）8.05 億美元的歷史新高，帶動年化 12% 的放款成長。我也要指出，本季放款產出不僅強勁，且在資產類別與地理區域上高度多元化，反映出我們平台的廣度。

Furthermore, as we move into the second quarter, we are encouraged by our robust pipelines. And as Nicole shared, we are on track to deliver our full year loan growth guidance. The portfolio credit trends are positive, and we are proud of our top quartile performance.

此外，隨著我們進入第二季，我們對強勁的案源管線（pipeline）感到鼓舞。正如 Nicole 所分享的，我們正按進度達成全年放款成長指引。投資組合的信用趨勢正向，我們也以名列同業前四分位（top quartile）的表現為榮。

We ended the quarter with the lowest levels of criticized loans in four years while further reducing both NPAs and NPLs this quarter. This quarter's new loan production came in at an average rate of 6.4%, which remains complementary to our overall loan portfolio yield and contributed to a strong net interest margin of 4.06%.

本季結束時，我們的受關注放款（criticized loans）降至四年來最低水準，同時本季進一步降低不良資產（NPAs）與不良放款（NPLs）。本季新增放款產出的平均利率為 6.4%，仍與整體放款投資組合殖利率相互補強，並促成強勁的淨利差（net interest margin）4.06%。

Our ability to maintain margin at these high levels highlights the quality of our deposit franchise and our commitment to relationship-based banking. We offer the best-in-class treasury management capabilities that contribute meaningfully today and position us well to drive sustained deposit growth in the future. I'm also pleased to report that our Trust and Wealth Management business has grown to $1.4 billion in assets under management, more than doubling over the past three years since we entered the space.

我們能在如此高的水準維持利差，凸顯了我們存款業務（deposit franchise）的品質，以及我們對關係型銀行（relationship-based banking）的承諾。我們提供同業領先的資金管理（treasury management）能力，當下已帶來顯著貢獻，並使我們在未來推動存款持續成長方面具備良好定位。我也很高興報告，我們的信託與財富管理業務資產管理規模（assets under management）已成長至 14 億美元，自我們三年前進入該領域以來已超過倍增。

This momentum translates into double-digit fee growth in 2026, reinforcing our noninterest income outlook and highlighting the important role this business plays in our broader noninterest income diversification strategy.

這股動能將在 2026 年轉化為兩位數的手續費收入成長，強化我們對非利息收入的展望，並凸顯該業務在我們更廣泛的非利息收入多元化策略中所扮演的重要角色。

Finally, reflecting our confidence in the durability and quality of our earnings, we took steps earlier this year to enhance our shareholder returns. We increased our quarterly dividend by 3% to $0.32 per share and took advantage of the market volatility to restart our stock buyback program with $16 million purchased in Q1.

最後，基於我們對獲利韌性與品質的信心，我們在今年稍早採取措施提升股東報酬。我們將季度股利提高 3% 至每股 0.32 美元，並把握市場波動重啟庫藏股計畫，於第一季回購 1,600 萬美元。

With that, I'll turn it over to John.

接下來我把時間交給 John。

Thank you, Aldis, and good morning, everyone. We appreciate you making the time to be on the call. It's hard to believe it has only been 105 days since we closed our transaction. In that short window, we've already seen real momentum, retaining key talent, attracting new talent and driving meaningful growth across our markets. From the beginning, we believe Vista and NBH were a strong cultural fit, and that conviction has only strengthened as our teams work side by side.

謝謝你，Aldis，各位早安。感謝大家撥冗參與本次電話會議。很難相信我們完成交易至今才 105 天。在這麼短的時間內，我們已看到實質動能：留任關鍵人才、吸引新人才，並在各個市場推動顯著成長。從一開始，我們就相信 Vista 與 NBH 在文化上高度契合，而隨著團隊並肩合作，這份信念只會更加堅定。

Both organizations share the same foundational values, a disciplined credit culture, and unwavering commitment to client service and a people-first philosophy that drives everything we do. That said, I want to thank our legacy Vista teammates for their continued trust, hard work and grit through the first quarter. I would like to thank our new NBH colleagues for the way that you've welcomed us to the team. Together, we are doing great things. We also have made meaningful progress on the operational side, integrating Vista into NBH's broader systems and platform.

兩個組織共享相同的核心價值、嚴謹的授信文化，以及對客戶服務與以人為本理念的堅定承諾，這些驅動著我們所做的一切。話雖如此，我要感謝 Vista 原團隊在第一季持續的信任、辛勤投入與韌性。我也要感謝 NBH 的新同仁以熱情的方式歡迎我們加入團隊。我們攜手正在做出很棒的成果。我們在營運面也取得重大進展，正將 Vista 整合進 NBH 更廣泛的系統與平台。

Successful combinations are built on shared values. They are executed through discipline, hard work and an unwavering commitment to win, and I could not be more proud of our team. As I mentioned last quarter, joining NBH means the opportunity to pair a strong market presence and client relationships with a broader platform, enhanced offerings and a bigger balance sheet.

成功的合併建立在共同價值之上，並透過紀律、努力與堅定的致勝承諾來落實，我對我們的團隊感到無比自豪。如同我在上季提到的，加入 NBH 意味著有機會把強大的市場能見度與客戶關係，與更廣泛的平台、更強化的產品服務，以及更大的資產負債表結合起來。

The momentum from this combination is already visible, both internally and externally across all existing markets and to our clients and teammates alike. Since closing, we've added over 10 exceptional bankers to the organization, four of whom were sitting presidents at their prior institutions, which is humbling the bank. I've always believed the best clients follow the best bankers and the best bankers follow the best culture.

這次結合所帶來的動能已清楚可見，無論在內部或外部、在所有既有市場，以及對我們的客戶與同仁皆是如此。自完成交易以來，我們已為組織新增超過 10 位傑出的銀行家，其中 4 位在原任職機構擔任總裁（president）職務，這讓我們深感謙卑。我一直相信，最好的客戶會追隨最好的銀行家，而最好的銀行家會追隨最好的文化。

We are seeing that play out with time. Additionally, Texas remains one of the most attractive banking markets in the country, with its pro-business environment, diverse account for our company. To meet that demand, we are delivering a broad set of capabilities, such as enhanced treasury management services, wealth and trust services and an expanded mortgage offering. and is built to meet clients across the full life cycle of their needs from day-to-day operations to generational wealth planning.

我們正看到這一點隨時間逐步實現。此外，德州仍是全美最具吸引力的銀行市場之一，具備親商環境、多元化，並為本公司帶來需求。為了滿足該需求，我們提供一整套更廣泛的能力，例如強化的資金管理服務、財富與信託服務，以及擴大的房貸產品；並且旨在於客戶需求的完整生命週期中提供服務，從日常營運到跨世代的財富規劃。

We are energized by the opportunities in front of us. NBH has the right platform, the right markets and most importantly, the right people. To our shareholders, thank you for your continued trust. We could not be more excited about the road ahead.

我們對眼前的機會充滿幹勁。NBH 擁有正確的平台、正確的市場，而最重要的是，正確的人才。致各位股東，感謝你們持續的信任。我們對前方的道路感到無比振奮。

And with that, Tim, I'll turn it back over to you.

那麼，Tim，我把時間交回給你。

Well, thanks, John. Well, as you now know, we have a lot to feel good about with our first quarter results. We also feel great about our momentum as we dive into the second quarter. We've covered the company's core performance, and I want to also provide you with an update on our Camber and two Unified businesses.

謝謝，John。各位也都知道，我們對第一季的結果有許多值得欣慰之處。隨著我們深入第二季，我們也對目前的動能感到非常振奮。我們已涵蓋公司核心業務表現，我也想向各位更新 Camber 與兩項 Unified 業務的進展。

With respect to Unify, the platform has generated over 1,300 user applications year-to-date with weekly application volume accelerating from about 40 per week to most recently, nearly 400, while top of the funnel growth and early engagement metrics are strong, we still have work to do to drive higher deposit account openings and loan fundings.

就 Unify 而言，該平台今年迄今已產生超過 1,300 份使用者申請，且每週申請量由約每週 40 件加速至最近接近 400 件。雖然漏斗頂端（top of the funnel）的成長與早期互動指標表現強勁，但我們仍需努力推動更高的存款帳戶開立數與放款撥付（loan fundings）。

Having said this, I believe the team is gaining traction and getting close to a meaningful breakthrough. So more to come. Now in the three years that we've operated Camber, we've grown the program over $700 million to greater than $2 billion.

儘管如此，我相信團隊正在取得進展，並接近一個具意義的突破，因此後續還會有更多更新。接著，在我們營運 Camber 的三年期間，我們已將該計畫規模增加超過 7 億美元，達到 20 億美元以上。

Further, the team has continued to increase and diversify its deposit distribution network giving Camber far more pricing power and funds movement flexibility. Our small but mighty Camber team is making an incredibly positive impact.

此外，團隊持續擴大並多元化其存款分銷網路，使 Camber 擁有更強的定價能力與資金調度彈性。我們規模不大但戰力十足的 Camber 團隊正在帶來極為正面的影響。

Turning back to our core business. We continue to build market share in attractive US markets and our demonstrated ability to rapidly grow capital translates into a broad set of opportunities for NBH. Our focus remains on supporting our teammates, serving our clients, our communities and, of course, creating greater shareholder value. And we stand on our track record of doing just that.

回到我們的核心業務。我們持續在具吸引力的美國市場提升市占率，而我們已證明能快速擴張資本的能力，為 NBH 帶來廣泛的機會。我們的重點仍是支持同仁、服務客戶與社區，當然也包括創造更高的股東價值。我們也以過往的實績證明我們做得到。

On that note, let's open up the call for questions.

在此，我們開放提問。

(Operator Instructions)

（接線員指示）

Jeff Rulis, D.A. Davidson.

Jeff Rulis，D.A. Davidson。

Thanks. Good morning.

謝謝，早安。

Hey, Jeff. Good morning.

嗨，Jeff。早安。

Wanted to check in on that sort of that dollar expectation plus of earnings in the fourth quarter. You kind of made that initial expectation margin was at 3.89% and you were coming off a net loan runoff here kind of fast forward to 12% plus organic growth and a 406% margin. I guess, any potential for breach that figure earlier in the third quarter. It seems like certainly your confidence, you doubled down in the release, but I wanted to check on the possibility of what needs to take place potentially if that happens in the third quarter?

我想追問一下你們對第四季每股盈餘大約 1 美元以上的預期。你們最初提出該預期時，利差是 3.89%，而且當時淨放款還在縮減；但現在快轉到有 12% 以上的有機成長，以及 4.06% 的利差。我想問的是，是否有可能在第三季就提前突破那個數字？看起來你們的信心很強，且在新聞稿中也再次強調，但我想確認一下：若第三季真的發生，可能需要哪些條件到位？

Jeff, we had a track record of underpromising and overdelivering. I've got to tell you, having said that, we feel very, very good about our momentum. I feel like we're running on all cylinders at this point, which is quite remarkable when, just to remind everyone, we closed on the Vista acquisition in the first week of January. So if you think about the time required to assemble organized teams, get alignment and then get focused on clients and markets, it's pretty remarkable what we were able to see our teams do, generating that 12%, 12.4% loan growth.

Jeff，我們一向有「保守承諾、超額達成」的紀錄。話雖如此，我必須說，我們對目前的動能感覺非常、非常好。我覺得我們此刻幾乎是全速運轉，這相當了不起；提醒大家，我們是在一月第一週完成 Vista 併購交割。因此若你想想，組建有組織的團隊、取得一致方向，接著聚焦客戶與市場所需的時間，我們的團隊能做到這些並帶來 12%、12.4% 的放款成長，確實相當驚人。

We think it's, it may very well be the tip of the iceberg. And then beyond that, what we're seeing early on in terms of the opportunity to expand treasury management services, wealth management services, residential banking services in markets like Dallas, get us very excited.

我們認為這很可能只是冰山一角。此外，我們在資金管理服務、財富管理服務，以及在達拉斯等市場擴展零售銀行服務方面，早期所看到的機會也讓我們非常振奮。

Thanks, Tim. And just maybe jump into Nicole or all this on the margin, do you have March average for, where that was?

謝謝，Tim。那我可能再追問一下 Nicole，或是關於利差這塊，你們有沒有 3 月的平均值，大概落在哪裡？

Yes. March came in very much in line with the overall quarter's margin.

有的。3 月的表現基本上與整體季度的利差水準非常一致。

Okay. And Nicole, I guess as you talk about the outlook for near 4% for the rest of the year, is that suggestive of maybe accretion was a bit higher in the first quarter? It seems a little conservative. I know that Tim just said is under promise over the liver, but I wanted to see if anything one timing of 406% margin, why that might lean back towards four for the balance?

好的。那 Nicole，我想你提到今年剩餘時間接近 4% 的展望，這是否意味著第一季的增厚（accretion）可能稍微高一些？聽起來有點保守。我知道 Tim 剛才說是「低承諾、高交付」，但我想確認一下，4.06% 利差在時點上有什麼因素，為什麼後續會回落到 4% 左右？

Yes. Yes. Well, Jeff, I'll start by saying that we are very proud of our 4-plus percent margin. The first quarter had about 5 basis points of loan accretion addition from the Vista acquisition. So even without that loan accretion impact, very strong net interest margin and from a loan yield cost of funding perspective, as Aldis mentioned, Q1 loan origination rate 6.4%, very consistent with where our current loan book is and we expect to fund that loan growth with full relationship core deposits, so maintaining our strong cost of deposits under 2%. That gives you right at a 4% margin.

是的。是的。Jeff，我先說我們對 4% 以上的利差非常自豪。第一季因 Vista 併購帶來的貸款增厚（loan accretion）大約增加了 5 個基點。所以即便不考慮這個貸款增厚的影響，淨利息利差仍然非常強勁；從貸款收益率與資金成本的角度來看，如 Aldis 提到的，第一季貸款承作利率是 6.4%，與我們目前貸款組合的水準非常一致，而我們預期會以完整關係型核心存款來支應這些貸款成長，因此能維持我們強勁的存款成本、低於 2%。這樣就能把利差維持在接近 4%。

Okay, great. I'll step back. Thanks.

好的，很棒。我先退下。謝謝。

Thank you, Jeff.

謝謝你，Jeff。

Kelly Motta, KBW.

Kelly Motta，KBW。

Hey, good morning. Thanks for the question. maybe building on that, that under promise, over deliver concept of the 10% loan growth. Notably, I mean you came in stronger out of the gate with the noise acquisition with 12% organic loan growth. So 10% seems to imply a slowdown in the remainder of the year. I guess, it does sound like your pipeline and expectations remain quite strong. How are you thinking about the cadence of growth? And what would be the factors, I guess, that would get you to potentially come in over the top of that 10%?

嗨，早安。謝謝讓我提問。延續剛才那個「低承諾、高交付」的概念，關於 10% 的貸款成長指引。很明顯你們在年初就很強勁，扣除 Noise 併購後有 12% 的有機貸款成長。所以 10% 看起來意味著今年剩餘時間會放緩。我想聽起來你們的 pipeline 和預期仍然很強。你們如何看待成長的節奏？以及有哪些因素可能讓你們最終超過這個 10%？

Well, Kelly, as a reminder, we provided the guidance on 10% going into the year. And we don't typically make changes in year-end guidance. And having said that, I think the 12.4% growth in the first quarter, given everything that was going on speaks to the kind of opportunity we're seeing in the market. So I think it's noteworthy that we saw very strong diversified growth across our markets. I really, I can't complement our banking teams enough for focusing on clients, taking market share, expanding relationships. And we feel very good about our growth prospects this year.

Kelly，提醒一下，我們在年初就給了 10% 的指引，而我們通常不會在年度中途調整年終指引。話雖如此，第一季 12.4% 的成長，在當時各種情況下仍能做到，反映出我們在市場上看到的機會。所以我認為值得注意的是，我們在各個市場都看到非常強勁且多元化的成長。我真的怎麼稱讚我們的銀行團隊都不為過，他們專注於客戶、搶市占、擴大關係。我們對今年的成長前景感到非常有信心。

Got it. Got it. That's really helpful. Turning to expenses. I appreciate the color that you added new bankers over time that helps to drive growth, and it's ahead, which is what we want to see. It does seem like there are some moving parts with the cadence of expenses with hires plus the conversion later in the year. And I'm wondering if there's any way to get kind of a Q4 exit expense run rate, given the noise or how much on a dollar basis, you're expecting the cost saves to be post conversion? Just so we can manage the cadence appropriately coming out of the year for, as we think through next year.

了解，了解。這很有幫助。接著談費用。我很感謝你提到你們會隨時間增加新的銀行家來帶動成長，而且這是前置投入，這也是我們希望看到的。不過看起來費用的節奏有一些變動因素，包括招募以及今年稍晚的系統轉換。我想問，有沒有辦法提供一個第四季退出（Q4 exit）的費用 run rate？或者以金額來看，轉換後你們預期的成本節省大概是多少？這樣我們在評估今年結束後、展望明年時，能更好掌握費用節奏。

Yes, it's a great question, Kelly. And first, we really been delighted with the quality of bankers that have been coming to us as we've looked at opportunities to expand in certain targeted markets. And a good example of that is what John has been doing in our resort markets, I mean it's, we think we're going to get very attractive returns on those investments.

是的，這是個很好的問題，Kelly。首先，我們對於近期加入我們的銀行家品質非常滿意，尤其是在我們尋找機會、在某些目標市場擴張時。很好的例子就是 John 在我們度假區市場所做的事，我們認為這些投資將帶來非常有吸引力的報酬。

I would tell you that we are also very diligent in tracking our expense reductions related to the synergies of the Vista acquisition. It's something we've got strong alignment with, with respect to our incentives and something our Board is very focused on.

我也想說，我們在追蹤與 Vista 併購綜效相關的費用下降方面非常嚴謹。這件事在我們的獎酬機制上有很強的一致性，而且董事會也非常關注。

I am convinced we will not only meet but beat the expense synergies that we modeled in the acquisition and shared with, the Street. And now I'll throw it to Nicole maybe for a little more detail and answer to your question.

我相信我們不僅會達成，還會超越我們在併購時建模並向市場（the Street）分享的費用綜效。接下來我把問題交給 Nicole，請她補充更多細節並回答你的問題。

Yeah, good morning, Kelly, you're right. So as we all expected, 2026 is a noisy year on the expense front. I will reiterate that full year guide of $320 million to $330 million. Where possible, we're taking action to realize expense efficiencies ahead of the system conversion, but the bulk of those synergies will come after our systems conversion, which is at the end of July.

好的，早安 Kelly，你說得對。正如大家預期的，2026 年在費用面會是一個「雜訊」較多的一年。我再重申一次全年指引為 3.20 億到 3.30 億美元。在可行的地方，我們會在系統轉換前就採取行動、提前實現費用效率，但大部分綜效會在系統轉換之後才會出現，而我們的系統轉換是在 7 月底。

That, coupled with, as I mentioned, we're continuing to invest in growth. And then a little bit of color, if I think about Q2 on the expense run rate perspective. Q2 does have a couple of additional payroll days. Our merit increases come online. So there wouldn't be surprised if there's an uptick in expense from Q1 to Q2, and then it will trend down throughout the year as those expense synergies come online.

再加上如我提到的，我們仍在持續投資成長。再補充一點，如果從第二季的費用 run rate 來看，第二季會多幾個薪資發放日，我們的年度調薪也會開始反映，所以從第一季到第二季費用上升並不意外；之後隨著費用綜效逐步到位，全年會呈現下降趨勢。

Got it. That's helpful. Last one, if I can sneak it in, just because we are on the topic of expenses, the expenses related to Unifi that's still about $22 million for the year here?

了解，這很有幫助。最後一個問題，如果我可以插問一下，既然我們在談費用，與 Unifi 相關的費用今年仍然大約是 2,200 萬美元嗎？

Yes, yes. That is correct. We recognized about one-fourth of that in the first quarter and very much on track to keep at that $22 million, which just as a reminder, is flat compared to where we were last year. The $22 million does have for this year, full year of depreciation expense, which means that we've brought down the cash burn rate meaningfully year over year.

是的，是的。沒錯。我們在第一季已認列了大約四分之一，而且非常按計畫維持在 2,200 萬美元。提醒一下，這個 2,200 萬美元與去年相比是持平。今年的 2,200 萬美元包含了全年折舊費用，這表示我們的現金消耗率（cash burn rate）相較去年已顯著下降。

To expand on that, if you look at it on a pure cash burn basis, it's about $10 million this year. So that's noteworthy.

再補充一下，如果用純現金消耗來看，今年大約是 1,000 萬美元。所以這點值得注意。

Correct.

正確。

Great. Awesome. Thank you so much. I will step back and let others on. Thank you and congrats on closing the deal.

很好，太棒了。非常感謝。我先退下讓其他人提問。謝謝，也恭喜交易完成交割。

Yeah, thank you, Kelly.

好的，謝謝你，Kelly。

Andrew Terrell, Stevens.

Andrew Terrell，Stevens。

Hey, good morning.

嗨，早安。

Good morning, Andrew.

早安，Andrew。

Hey, I appreciate all the color. I wanted to ask on the dollar per share in the fourth quarter, the guidance there. What kind of provision are you assuming in that dollar per share? And I ask just because it seems somewhat tough if we just take out of the midpoint of the guide for fees and expenses and if the margin stays near kind of a 4% level. I guess it kind of feels tough to get to $1 per share. So I'm trying to figure out where specifically the guide could be conservative on those few points? Or if it's just a difference in provision.

嗨，謝謝你們提供這麼多細節。我想問第四季每股盈餘（dollar per share）的指引。你們在這個每股盈餘裡假設了多少提存（provision）？我之所以問，是因為如果我們用指引中手續費與費用的中位數來看，再假設利差維持在接近 4% 的水準，感覺要達到每股 1 美元似乎有點吃力。所以我想了解，指引在哪些點上可能比較保守？還是其實差異主要在提存假設？

This is Aldis. I'll try to answer that one. In terms of, if you look at kind of breaking down by pieces, right, if we deliver on our loan growth and our promise we deliver type of basis we should be sitting at $1 billion-ish, if not more, of earning assets in fourth quarter than where you sit, what we did in Q1. If you look at the fee guidance that Nicole provided, that has some upside there as we discussed expenses, certainly a significant step down in expense run rate from Q1 to Q4, as Nicole indicated, due to synergies and while we don't provide specific provision expense, there is plenty of room to provide for new loan growth in Q4 as well in order to deliver $1 EPS.

我是 Aldis。我試著回答。就拆解各個組成來看，如果我們能達成貸款成長、以「承諾並交付」的方式落實，那麼第四季我們的生息資產規模應該會比第一季多出大約 10 億美元左右，甚至更多。再看 Nicole 提供的手續費指引，我們也討論過那裡有一些上行空間；費用方面，如 Nicole 所說，從第一季到第四季費用 run rate 會顯著下降，主要因為綜效。至於我們不提供具體的提存費用數字，但在第四季仍有相當空間為新增貸款成長進行提存，同時達成每股 1 美元的 EPS。

To be very specific on provision, look, our models will drive provisioning. We use those models as we forecast. It's part of what we rely on as we get to that $1 plus of earnings in the fourth quarter. So there's no, I would say, Andrew, maybe to answer your question this way, there's nothing unusual. There's no assumption around meaningful, in fact, any reduction in provision. That's not what this is about. This is on the strength of earning assets and fee income as well as realizing the expense synergies in the Vista acquisition. And it's, in our mind, pretty straightforward.

更具體談提存：我們的模型會驅動提存，我們在做預測時會使用這些模型。這也是我們達到第四季每股 1 美元以上獲利時所依據的一部分。所以我會說，Andrew，換個方式回答你的問題：沒有任何不尋常之處。並沒有假設提存會有顯著、甚至任何的下降；這不是重點。重點在於生息資產與手續費收入的強勁，以及 Vista 併購帶來的費用綜效落地。在我們看來，這相當直接。

Yes. Andrew, it's a good question. One thing to also keep in mind is we did invest in some really high-caliber bankers in this first quarter. And I think you're going to see strong results leading into the second half as they come over and execute on those expenses that we like to see as investments.

是的。Andrew，這是個好問題。還有一點要記得的是，我們在第一季確實投資聘用了幾位非常高水準的銀行家。我認為，隨著他們加入並開始執行那些我們視為投資的費用項目，你會在邁向下半年時看到強勁的成果。

Yes, great point. Okay. I appreciate it. And then on the just 34 basis points of annualized charge-offs this quarter. This is a couple of quarters in a row of a little bit higher charge-offs. Just maybe could you speak to what drove the first quarter charge-offs. And I know some of the commentary in the prepared remarks, just around criticized, classified NPAs coming down a little bit this quarter. It seems like it would suggest that you'd expect kind of a normalization lower in charge-offs. So maybe just want to unpack kind of the credit piece a bit.

是的，很好的觀點。好的，我很感謝。接著關於本季年化核銷僅34個基點。這已經是連續幾季核銷略高。能否談談第一季核銷的驅動因素？我也注意到你們在事先準備的講稿中提到，本季受批評、分類以及不良資產（NPA）略有下降。這似乎暗示你們預期核銷會回歸正常、走低。所以想請你再拆解一下信用面向的情況。

Yes. Look, you can't see it yet, but we've had a dramatic reduction in our criticized classified loan ratios this quarter. we are feeling very, very good about the credit quality. There, as it relates to NPAs being flat, I would just tell you that we've had normal ins and outs. We do expect NPAs to trend down over the course of this year.

是的。你現在可能還看不出來，但我們本季的受批評與分類貸款比率大幅下降。我們對資產品質感到非常、非常有信心。至於不良資產（NPA）持平，我只能說這是正常的進出變動。我們確實預期今年不良資產會呈下降趨勢。

but we're not apologizing for where we stand right now. Our goal is always to operate in that top quartile of performance. You couple that focus with the fact that we are very excited about what we're seeing in terms of the reductions in Cris and classified and we're feeling good about the year.

但我們不會為目前的狀況道歉。我們的目標一向是維持在表現的前四分位。把這個重點與我們在受批評與分類貸款下降所看到的令人振奮的趨勢結合起來，我們對今年的表現感到樂觀。

Got it. Okay. Thank you for taking the questions.

了解。好的，謝謝你回答問題。

You bet.

不客氣。

Matthew Clark, Piper Sandler.

Matthew Clark，Piper Sandler。

Hey, good morning.

嗨，早安。

Hey, good morning.

嗨，早安。

Just a follow up on the margin. Was there a special FHLB dividend this quarter? And if so, how much?

就利差再追問一下。本季是否有FHLB的特別股利？如果有，金額是多少？

There was no special FHLB dividend this quarter.

本季沒有FHLB的特別股利。

Okay. Great. And then do you happen to have the spot rate on deposit costs at the end of March 31?

好的，很好。那你們在3月31日的存款成本即期利率（spot rate）大概是多少？

Yes, that's right around where we did for the quarter, low 190s.

是的，大概就跟本季平均差不多，在190多個基點的低端。

Okay. Great. And then on the the buyback, how many shares we repurchased or at what price either one?

好的，很好。那關於庫藏股回購，你們回購了多少股，或是以什麼價格回購（任一項都可以）？

I don't think we disclosed the price at which we purchase. But again, as we see markets pull back, we are opportunistic in the market. And I think that's how we operate it on, we do have a specific price in mind, but if you see a meaningful pullback in our stock, it's, we jump in opportunistically.

我想我們沒有揭露回購的價格。不過再說一次，當市場回檔時，我們會在市場上把握機會。我們的操作方式就是如此；我們心中確實有一個特定價格，但如果看到我們股價有明顯回落，我們就會伺機進場。

Okay. I didn't see the price per share, I just saw the dollars, sorry. Okay. And then just double checking the baseline you're using for the 10% growth guide for loans is $9.3 billion with Vista. Okay. And then on the organic deposit front, excluding Vista this quarter, it looked flattish to down modestly. Just any color there on whether some of that might have been deliberate or chalking it up to seasonality? And what's the

好的。我沒看到每股價格，只看到金額，抱歉。好的。再確認一下，你們貸款10%成長指引所用的基準是包含Vista的93億美元。好的。然後在有機存款方面，若排除Vista，本季看起來大致持平到小幅下降。這部分能否補充一下，是否有部分是刻意為之，或是主要歸因於季節性？以及……

It's a great question. It's actually a combination of all above. It was there's some seasonality as we pull the books together, there was some remixing of deposits and that's why you're seeing kind of flat. I'll say, Vista was operating at 2.5% cost deposits, so us keeping deposit costs all on a linked quarter basis almost flat. You can imagine there is a bit of a shuffling around there.

這是個好問題。其實是以上皆是的組合。當我們把帳冊整合在一起時，確實有一些季節性因素，也有存款的重新配置，所以你才會看到大致持平。我會說，Vista當時的存款成本是2.5%，而我們在連續季度基礎上仍能讓整體存款成本幾乎持平；你可以想像，中間確實有一些調整與挪移。

Got it. Okay. And last one for me. Just, any update on the progress you're making to execute to unifi partnership and whether or not that we should expect something still this year?

了解。好的。最後一題：關於你們推進Unifi合作夥伴關係的執行進度，有沒有更新？我們是否仍應預期今年會有進展？

Look, it remains a focus, and there's not much more we can say about it at this point.

我們仍然把它當作重點，但目前沒有太多可以再補充的。

Okay, fair enough. Thank you.

好的，可以理解。謝謝。

Good. Thank you, Matthew.

好的。謝謝你，Matthew。

Jeff Riulis, DA Davidson.

Jeff Riulis，DA Davidson。

Thanks. A little more of a housekeeping question. I guess I'm just trying to map the merger, the costs. I would imagine a lot in other, but were there others sprinkled in the salaries or occupancy or professional fees, just trying to get to where we could remove those going forward.

謝謝。這比較像是作業性問題。我想把併購成本對應到各項目。我猜很多在「其他」裡，但是否也有分散在薪資、場地/租用（occupancy）或專業費用中？我只是想釐清，未來我們可以從哪些項目中把這些費用剔除。

Yes, Jeff, I'll take that one. I can give you some color. So for Q1, the majority of those acquisition onetime fit in salary and benefits. So as you can expect, as we work through our expense synergies, a lot of those are people-related items.

是的，Jeff，這題我來回答。我可以提供一些說明。第一季這些併購一次性費用的大部分列在薪資與福利中。所以如你所預期，當我們推進費用協同效益時，其中很多都是與人員相關的項目。

Yes, I guess not, I just want to make sure we're clear. The synergies, I get looking at the onetime merger costs of $15 million and the restructuring of $1 million by line item, you're saying a decent portion of the merger, onetime in salaries.

是的，我想我不是……我只是想確認我們講清楚：協同效益我理解；但就一次性併購成本1,500萬美元與重整費用100萬美元來看，若按科目拆分，你是說併購一次性費用中有相當一部分是在薪資項下？

Yes. Think of severance, I think of other exit-related compensation.

是的。可以把它想成資遣費，以及其他與退出相關的補償。

Got it. Okay.

了解。好的。

Thank you.

謝謝。

Kelly Motta, KBW.

Kelly Motta，KBW。

Hey, thanks for letting me jump in. One of my follow-ups was just taken, in terms, I guess the last one for me is on the fee outlook here. at least Q1 is annualizing below that range. And I believe there's some to unify expectation in the second half of the year, mapping. Is there anything else that would load that's expected to build in order to get you to that range? I'm just trying to think through kind of the moving parts and how much is to unify versus other kind of core banking fee related uplift of this level? Thank you.

嗨，謝謝讓我插問。我其中一個追問剛剛已經被問到了；我想我最後一題是關於手續費（fee）展望。至少第一季年化後低於你們給的區間。我相信你們預期下半年會有一些與Unify相關的貢獻來補上。除了這個之外，還有其他預期會增加、以便讓你們達到該區間的項目嗎？我想釐清各個變動因素，以及其中有多少來自Unify、多少來自其他核心銀行手續費相關的提升？謝謝。

Right. This is Aldis. That's a great question. So yes, you're right, the unified elite fee component really is going to start hitting in the second half. So that's an uplift relatively to what we delivered in the first quarter, you look at the interchange and service charges, those are expected to grow some.

對。我是Aldis。這是個好問題。是的，你說得沒錯，Unify Elite的手續費組成確實會在下半年開始反映出來。相較於我們第一季交出的表現，這會帶來上行。再看交換手續費（interchange）與服務費（service charges），我們也預期會有一些成長。

And the piece that is always light in first and fourth quarters of the year are mortgage-related gains on sale as we enter in the summer season, we do expect we'll at least plan for some pick up there as well.

另外，每年第一季與第四季通常較淡的是房貸相關的出售收益（gains on sale）。進入夏季旺季後，我們預期那部分至少會有所回升，也會把這點納入規劃。

Kelly, we very much like what we're seeing in terms of fee income opportunity for this year. We have no hesitation in standing behind our guidance on fee income for '26.

Kelly，我們非常喜歡今年在手續費收入機會方面所看到的趨勢。我們對於維持我們對2026年手續費收入的指引毫不猶豫。

Got it. Thank you so much for the color. If it's all for me, I'll step back.

了解。非常感謝這些補充。如果我這邊就這樣，我先退下。

All right.

好的。

Thank you, Kelly.

謝謝你，Kelly。

And I am showing we have no further questions at this time. I will now turn the call back to Mr. Laney for his closing remarks.

我這邊顯示目前沒有其他提問。我現在把電話交回給Laney先生做結語。

Well, thank you, Anna. And really, thank you, everyone, for your participation. I'll thank the analysts for their great questions today, and wish everybody a great day and the rest of the week. Goodbye.

謝謝你，Anna。也非常感謝各位的參與。也謝謝分析師今天提出的精彩問題，祝大家今天以及接下來這一週都過得愉快。再見。

And this concludes today's conference call. If you would like to listen to the telephone replay of this call, it will be available in approximately 24 hours, and the link will be on the company's website on the Investor Relations page. Thank you very much, and have a great day. You may now disconnect.

今天的電話會議到此結束。若您想收聽本次會議的電話重播，約在24小時後可供使用，連結將放在公司網站的投資人關係頁面。非常感謝，祝您有美好的一天。您現在可以掛線。