Bank of NT Butterfield & Son Ltd (NTB) 2026 Q1 法說會逐字稿

Good morning. My name is Bailey, and I will be your conference operator today. At this time, I would like to welcome everyone to the first-quarter 2026 earnings call for The Bank of N.T. Butterfield & Son Limited. (Operator Instructions) Please note this event is being recorded.

早安。我叫 Bailey，今天將擔任本次會議的接線員。此刻，我謹代表主辦方歡迎各位參加 The Bank of N.T. Butterfield & Son Limited 2026 年第一季財報電話會議。（接線員指示）請注意，本活動將被錄音。

I would now like to turn the call over to Noah Fields, Butterfield's Head of Investor Relations. Please go ahead.

現在我想把電話交給 Butterfield 投資人關係主管 Noah Fields。請開始。

Thank you. Good morning, everyone, and thank you for joining us. Today, we will be reviewing Butterfield's first-quarter '26 financial results. On the call, I am joined by Michael Collins, Butterfield's Chairman and Chief Executive Officer; Michael Schrum, President and Chief Financial Officer; and Jody Feldman, Managing Director of Bermuda. Following their prepared remarks, we will open the call up for a question-and-answer session.

謝謝。各位早安，感謝各位加入我們。今天我們將回顧 Butterfield 2026 年第一季的財務結果。參與本次電話會議的還有 Butterfield 董事長兼執行長 Michael Collins；總裁兼財務長 Michael Schrum；以及百慕達董事總經理 Jody Feldman。在他們的事先準備發言之後，我們將開放問答環節。

Yesterday afternoon, we issued a press release announcing our first-quarter 2026 results. The press release and financial statements, along with a slide presentation that we will refer to during our remarks on this call, are available on the Investor Relations section of our website at www.butterfieldgroup.com.

昨天下午，我們發布新聞稿，公布 2026 年第一季業績。新聞稿與財務報表，以及我們在本次電話會議發言中將引用的簡報投影片，均可於我們網站 www.butterfieldgroup.com 的「投資人關係」專區取得。

Before I turn the call over to Michael Collins, I would like to remind everyone that today's discussion will refer to certain non-GAAP measures, which we believe are important in evaluating the company's performance. For a reconciliation of these measures to US GAAP, please refer to the earnings press release and slide presentation.

在我把電話交給 Michael Collins 之前，我想提醒各位，今天的討論將提及若干非 GAAP 指標，我們認為這些指標對評估公司表現很重要。關於這些指標與美國 GAAP 的調節，請參閱財報新聞稿與投影片簡報。

Today's call and associated materials may also contain certain forward-looking statements, which are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those contemplated by these statements. Additional information regarding these risks can be found in our SEC filings.

今天的電話會議及相關資料也可能包含若干前瞻性陳述，這些陳述受風險、不確定性及其他因素影響，可能導致實際結果與這些陳述所預期者存在重大差異。關於這些風險的更多資訊，請參閱我們向 SEC 提交的文件。

I will now turn the call over to Michael Collins.

現在我把電話交給 Michael Collins。

Thank you, Noah, and thanks to everyone joining the call today. The first quarter of 2026 represents a strong start to the year with solid financial performance and continued execution of our disciplined growth strategy.

謝謝你，Noah，也感謝今天加入電話會議的各位。2026 年第一季為今年帶來強勁開局，財務表現穩健，並持續落實我們嚴謹的成長策略。

We were pleased to announce the agreement to acquire Rawlinson & Hunter Guernsey, reinforcing our commitment to build scale in key markets. Demand across our core businesses of banking, wealth management and trust remained robust, reflecting the strength of our client relationships and the resilience of our franchise.

我們很高興宣布已達成收購 Rawlinson & Hunter Guernsey 的協議，進一步強化我們在關鍵市場擴大規模的承諾。我們核心業務—銀行、財富管理與信託—的需求依然強勁，反映出我們客戶關係的實力以及本行特許經營的韌性。

Net interest income benefited from lower costs, while deposit volumes remained stable across all jurisdictions. At the same time, we improved noninterest expenses, demonstrating our ability to manage costs effectively in a low rate, more volatile environment.

淨利息收入受惠於成本下降，而存款量在各司法管轄區均維持穩定。同時，我們改善了非利息費用，展現出在低利率且波動較大的環境中有效控管成本的能力。

I'm also pleased to report that following our announcement in February, the acquisition of both Rawlinson & Hunter Guernsey has now closed. This is a strategically important transaction that enhances the scale and capability of our private trust business in Guernsey and further strengthen our position as a leading international provider of trust services with group assets under administration of $146 billion.

我也很高興報告，繼我們於 2 月公告後，對 Rawlinson & Hunter Guernsey 的收購現已完成交割。這是一項具策略重要性的交易，可提升我們在根西島私人信託業務的規模與能力，並進一步鞏固我們作為領先的國際信託服務提供者之地位；本集團管理資產規模（AUA）為 1,460 億美元。

Looking ahead, acquisitions remain a key driver of our growth. We will continue to pursue high-quality opportunities in island banking and trust that align with our strategy and deliver long-term value for our stakeholders.

展望未來，併購仍將是我們成長的關鍵驅動力。我們將持續尋求符合策略、並能為利害關係人創造長期價值的高品質島嶼銀行與信託機會。

Butterfield is a leading offshore bank and wealth manager with strong leading market positions in Bermuda and the Cayman Islands and an expanding retail presence in the Channel Islands. Across markets, we deliver a broad range of services, including trust, private banking, asset management and custody, which are designed around the needs of our clients. We also support international private trust clients in the Bahamas, Switzerland, and Singapore and originate high net worth residential mortgages for prime London properties through our London office.

Butterfield 是領先的離岸銀行與財富管理機構，在百慕達與開曼群島擁有強勢的市場領導地位，並在海峽群島擴大零售業務布局。於各市場中，我們提供廣泛服務，包括信託、私人銀行、資產管理與託管，皆以客戶需求為核心設計。我們亦在巴哈馬、瑞士與新加坡為國際私人信託客戶提供服務，並透過倫敦辦事處為倫敦優質地段的高淨值住宅物業承作房貸。

I will now turn to the first-quarter highlights on page 5. Butterfield reported net income of $62.6 million and core net income of $63.2 million. We reported core earnings per share of $1.55 with a core return on average common equity of 24.1% in the first quarter.

接下來我將說明第 5 頁的第一季重點。Butterfield 報告淨利為 6,260 萬美元，核心淨利為 6,320 萬美元。我們第一季核心每股盈餘為 1.55 美元，平均普通股權益核心報酬率為 24.1%。

The net interest margin was 2.75% in the first quarter, an increase of 6 basis points from the prior quarter with the cost of deposits falling 13 basis points to 124 basis points from the prior quarter. But we again are announcing a quarterly cash dividend of $0.50 per share.

第一季淨利息收益率為 2.75%，較前一季增加 6 個基點；存款成本較前一季下降 13 個基點至 124 個基點。但我們再次宣布每股 0.50 美元的季度現金股利。

During the first quarter, we continued to repurchase shares with a total of 800,000 shares at a cost of $42.4 million. We continue our active capital management and plan to continue to return excess capital that we do not require to support the business and growth initiatives.

第一季期間，我們持續回購股份，共回購 80 萬股，成本為 4,240 萬美元。我們將持續積極進行資本管理，並計畫持續返還不需要用於支持業務與成長計畫的超額資本。

I will now turn the call over to Jody for an update on Bermuda and Cayman markets and businesses.

現在我把電話交給 Jody，請她更新百慕達與開曼市場及業務概況。

Thank you, Michael. Starting with Bermuda, the economic outlook remains constructive, underpinned by steady growth in a thriving international business sector anchored by reinsurance. Real GDP growth is estimated at 3% for 2025, reflecting continued economic momentum. Bermuda's fiscal position has improved markedly with the government projecting a record surplus of $472 million for the 2027 fiscal year, largely driven by revenues from the new corporate income tax.

謝謝你，Michael。先從百慕達開始，經濟展望仍偏正向，主要由以再保險為支柱、蓬勃發展的國際商業部門所帶動的穩健成長所支撐。2025 年實質 GDP 成長率估計為 3%，反映經濟動能延續。百慕達的財政狀況亦顯著改善，政府預估 2027 財政年度將出現 4.72 億美元的創紀錄盈餘，主要由新的公司所得稅帶來的收入所驅動。

While economic growth is positive, Bermuda continues to navigate structural challenges, including a high cost of living and doing business, an aging population, and limited availability of affordable housing. These factors remain important considerations as the island plans for sustainable long-term growth.

儘管經濟成長為正向，百慕達仍需因應結構性挑戰，包括生活與營運成本偏高、人口老化，以及可負擔住宅供給有限。隨著該島規劃可持續的長期成長，這些因素仍是重要考量。

The hospitality sector is benefiting from renewed investment with $182 million of capital spend planned for infrastructure and tourism revitalization. The partial reopening of the Fairmont Southampton in late 2026, followed by a full re-opening in 2027 is expected to bring hotel room inventory above pre-pandemic levels. We are also encouraged by plans for the redevelopment of Elbow Beach Resort, which is expected to commence later this year.

觀光旅宿業受惠於投資回溫，規劃投入 1.82 億美元資本支出，用於基礎建設與觀光振興。Fairmont Southampton 預計於 2026 年底部分重新開放，並於 2027 年全面重新開放，預期將使飯店客房供給量回升至疫情前水準以上。我們也對 Elbow Beach Resort 的重建計畫感到鼓舞，預計將於今年稍晚動工。

Finally, Bermuda continues to reinforce its global profile as a premier destination for international sporting events, including the PGA Tour Butterfield Bermuda Championship, the Newport to Bermuda Sailing Race, and SailGP. These events not only support tourism and international visibility but also reinforce Bermuda's position as a high-quality jurisdiction for business visitors and residents alike.

最後，百慕達持續強化其作為國際體育賽事首選目的地的全球形象，包括 PGA 巡迴賽 Butterfield Bermuda Championship、Newport to Bermuda Sailing Race，以及 SailGP。這些活動不僅支持觀光與提升國際能見度，也進一步鞏固百慕達作為商務旅客與居民皆適宜的高品質司法管轄區地位。

Now turning to the Cayman Islands. GDP forecasts suggest that growth is expected to moderate in 2026 to around 2% for the year, which is a steadier and more stable pace of development in the past few years of 4% to 6% GDP growth. Unlike Bermuda, Cayman has seen significant population increases, which are forecasted to grow to the low 90,000s over the next couple of years. Tourism and financial services continue to grow. January and February saw record stayover arrivals consisting primarily of US tourists.

接著談開曼群島。GDP 預測顯示，2026 年成長預期將放緩至全年約 2%，相較過去幾年 4% 至 6% 的 GDP 成長，這將是更平穩且更穩定的發展步調。不同於百慕達，開曼人口顯著增加，預計未來幾年將成長至 9 萬出頭。觀光與金融服務持續成長；1 月與 2 月的過夜旅客到訪人數創下新高，主要由美國旅客構成。

Financial Services in Cayman continue to grow with reinsurance a growing industry and the international fund services business remaining a cornerstone. The Cayman government continues to be fiscally disciplined with 2026, '27 budget expectations of a modest surplus, suggesting Cayman is entering a slower growth phase following rapid expansion.

開曼的金融服務持續成長，再保險為成長中的產業，而國際基金服務業務仍是基石。開曼政府持續維持財政紀律，2026、2027 年預算預期為小幅盈餘，顯示開曼在快速擴張後正進入較慢的成長階段。

I will now turn the call over to Michael Schrum for more detail on the quarter. Michael?

現在我把電話交給 Michael Schrum，請他就本季提供更多細節。Michael？

Thank you, Jody, and good morning. On slide 6, we provide a summary of net interest income and net interest margin. In the first quarter, we reported net interest income before provisions for credit losses of $93.3 million, an increase of $700,000 from the prior quarter.

謝謝你，Jody，各位早安。在第 6 張投影片，我們提供淨利息收入與淨利息收益率的摘要。第一季，我們在提列信用損失準備前的淨利息收入為 9,330 萬美元，較前一季增加 70 萬美元。

Net interest margin increased 6 basis points to 2.75% compared to 2.69% in the prior quarter. This increase is largely due to lower deposit costs and increased investment yields, partially offset by treasury and loan yields as central banks cut market interest rates as well as a lower day count in the first quarter of 2026. We expect the NIM to be broadly stable with a slight positive bias for the remainder of this year.

淨利息收益率較前一季的 2.69% 上升 6 個基點至 2.75%。此一增加主要來自較低的存款成本與較高的投資收益率，但部分被央行下調市場利率導致的資金部位與放款收益率下降，以及 2026 年第一季天數較少所抵銷。我們預期今年剩餘期間的 NIM 整體將大致維持穩定，並略偏正向。

Average investment volumes increased as assets were deployed into higher-yielding available-for-sale investment securities, helping to increase the average investment yield by 6 basis points to 2.78%. Average loan balances were stable compared to the prior quarter. Net loan volumes actually increased during the quarter in Jersey and Cayman. However, the impact of foreign exchange translation from the weakening of the pound sterling against the US dollar masked this uptick.

平均投資規模隨著資產配置至收益率較高的可供出售（AFS）投資證券而上升，帶動平均投資收益率提高6個基點至2.78%。平均貸款餘額與前一季相比保持穩定。事實上，本季澤西與開曼的淨貸款規模有所增加。然而，英鎊兌美元走弱所造成的外匯換算影響掩蓋了這一增幅。

During the quarter, the bank continued to pursue its conservative strategy of reinvesting the paydowns and investment maturities into a mix of US agency MBS securities and medium-term US treasuries. Slide 7 provides a summary of non-interest income, which totaled $62.6 million, a decrease of $3.7 million over last quarter. This was due to expected decrease in seasonally higher comparative fourth-quarter banking fees.

本季，銀行持續採取保守策略，將提前償還款項與投資到期資金再投資於美國機構MBS證券與中期美國公債的組合。投影片7提供非利息收入摘要，合計6,260萬美元，較上季減少370萬美元。主要原因為季節性較高、可比的第四季銀行手續費如預期下降。

Gross fees were also down due to lower time-based and special fees compared to the prior quarter. Foreign exchange fees increased slightly due to higher volumes in the quarter. The fee income ratio decreased overall to 40.6% compared to 41.7% in the prior quarter and continuing to compare favorably to historical peer averages.

總手續費亦因較前一季的按時間計費與特殊費用較低而下滑。本季外匯手續費因交易量較高而小幅增加。整體手續費收入比率降至40.6%，前一季為41.7%，且仍優於歷史同業平均水準。

On slide 8, we present core non-interest expenses. Core non-interest expenses decreased compared to the prior quarter due to lower costs associated with professional and outside services fees for project work, lower technology, and communications expenses, which were offset by higher payroll taxes related to the annual vesting of share-based compensation in the first quarter.

在投影片8，我們呈現核心非利息費用。核心非利息費用較前一季下降，原因包括專業及外部服務（專案工作）費用降低、科技與通訊費用降低；但部分被第一季因股權型薪酬年度歸屬而導致的較高薪資稅所抵銷。

Slide 9 shows Butterfield's balance sheet is liquid and conservatively positioned. Period-end deposit balances were slightly elevated compared to the prior quarters. Butterfield's low-risk density of 28.7% continues to reflect the regulatory capital efficiency of the balance sheet.

投影片9顯示，Butterfield的資產負債表具備充裕流動性且配置保守。期末存款餘額較前幾季略為偏高。Butterfield 28.7%的低風險密度持續反映資產負債表在監管資本上的效率。

On slide 10, we show that Butterfield's asset quality remains strong. The investment portfolio is low risk, consisting entirely of AA or higher rated US treasuries and government-guaranteed agency securities. Credit performance was stable this quarter with negligible net charge-offs, non-accrual at 2%, and allowance for credit losses at 0.6% of total loans.

在投影片10，我們顯示Butterfield的資產品質仍然強勁。投資組合風險偏低，完全由評級AA或以上的美國公債及政府擔保的機構證券構成。本季信用品質表現穩定，淨沖銷幾乎可忽略不計，不計息（non-accrual）為2%，信用損失準備為總貸款的0.6%。

Our loan book is anchored by high-quality residential mortgages with 71% full recourse loans with nearly 80% at loan-to-value below 70%. We continue to apply conservative underwriting across Bermuda, the Cayman Islands and our UK and Channel Islands businesses.

我們的貸款組合以高品質住宅抵押貸款為核心，其中71%為完全追索權貸款，且近80%的貸款成數（LTV）低於70%。我們持續在百慕達、開曼群島以及英國與海峽群島業務中採取保守的授信審核標準。

On slide 11, we present the average cash and securities balances with a summary of net interest rate sensitivity. Net unrealized losses in the AFS portfolio included in OCI were $99.7 million at the end of the first quarter, an increase of $10.3 million over the prior quarter.

在投影片11，我們呈現平均現金與證券餘額，並摘要淨利率敏感度。第一季末，AFS投資組合中計入其他綜合損益（OCI）的未實現淨損失為9,970萬美元，較前一季增加1,030萬美元。

Interest rate sensitivity has increased slightly against the prior quarter, driven by changes in asset composition with an increase in short duration assets. We continue to expect improvement in OCI with additional burn down over the next 12 to 24 months of 20% and 47%, respectively.

相較前一季，利率敏感度略有上升，主要由於資產組成變化、短存續期資產占比提高所致。我們仍預期OCI將改善，並預計未來12至24個月分別再消化20%與47%。

Slide 12 summarizes regulatory and leverage capital levels. The Board of Directors has once again approved a quarterly dividend of $0.50 per share. TCE to TA continues to be conservatively above our targeted range of 6% to 6.5%. Finally, tangible book value continued to increase and closed the quarter at $26.56 per share, an increase of 0.6% over the prior quarter end.

投影片12摘要監管資本與槓桿資本水準。董事會再次核准每股0.50美元的季度股利。普通股有形權益（TCE）占有形資產（TA）比率持續保守地高於我們6%至6.5%的目標區間。最後，有形帳面價值持續上升，本季末為每股26.56美元，較前一季季末增加0.6%。

I will now turn the call back to Michael Collins for closing remarks.

我現在把電話交回Michael Collins作結語。

Thank you, Michael. Butterfield's geographic footprint includes some of the world's key global financial jurisdictions, which position us well for sustained expansion, supported by both targeted acquisitions and internally driven growth initiatives.

謝謝你，Michael。Butterfield的地理布局涵蓋全球若干關鍵的國際金融司法管轄區，使我們具備持續擴張的良好條件，並同時受惠於有針對性的併購與內生性成長計畫的支持。

We continue to seek overlap and complementary bank and private trust acquisitions that best utilize our management team's extensive experience and furthers our ambition as a leading independent bank and wealth management group operating across strategic financial centers and island economies with favorable profiles and potential for growth.

我們持續尋找具重疊性與互補性的銀行及私人信託併購標的，以最有效運用管理團隊的豐富經驗，並推進我們的願景：成為領先的獨立銀行與財富管理集團，於具策略性的金融中心與具良好特性及成長潛力的島嶼經濟體中營運。

Our capital-light fee-driven businesses continue to offer distinctive solutions tailored to evolving client needs, reinforcing our strong competitive position. Looking ahead, we are committed to further improving operational effectiveness while maintaining disciplined cost management.

我們以資本占用較低、以手續費驅動的業務，持續提供貼合客戶需求演變的差異化解決方案，鞏固我們強勁的競爭地位。展望未來，我們致力於在維持嚴謹成本管理的同時，進一步提升營運效能。

Butterfield's capital management remains central to our approach. Strong earnings generation enables us to strike an appropriate balance by delivering consistent shareholder returns through dividends, investing in organic growth, pursuing strategic and value-enhancing acquisitions, and executing share repurchases as appropriate.

Butterfield的資本管理仍是我們策略的核心。強勁的獲利能力使我們能在多項目標間取得適當平衡：透過股利提供穩定的股東報酬、投資於有機成長、推動具策略性且能提升價值的併購，並在適當時機執行庫藏股回購。

Our balance sheet remains strong with a conservative liquidity profile that is closely aligned with our operating model and regulatory oversight. The bank is well positioned to deliver service and value to all stakeholders.

我們的資產負債表仍然穩健，流動性結構保守，並與我們的營運模式及監管要求高度一致。銀行已做好充分準備，為所有利害關係人提供服務與價值。

Thank you. And with that, we would be happy to take your questions. Operator?

謝謝。接下來我們很樂意回答各位的問題。接線員？

(Operator Instructions) Evan Kwiatkowski, Raymond James.

（接線員指示）Evan Kwiatkowski，Raymond James。

This is Evan on for David Feaster. Good morning, everybody. I just wanted to start off on the deal. I know it's early innings still, but just curious how things are progressing and what you're hearing from both the team and customers broadly.

我是Evan，代替David Feaster出席。各位早安。我想先從這筆交易談起。我知道目前仍在初期階段，但想請教進展如何，以及你們從團隊與客戶整體上聽到的回饋是什麼。

And then maybe on the financial impacts, I'm just curious what your updated fee income growth expectations are. And then any additional onetime costs that are expected from the transaction?

另外就財務影響而言，我想了解你們更新後對手續費收入成長的預期。以及這筆交易是否預期會有任何額外的一次性成本？

Hi, it's Michael Collins. It's -- the client base is very similar to ours. So we've been in the private trust business for 70 years, and this was a founder-owned trust company that we've looked at for years in Guernsey. So we know it quite well. The client base, I think, will be very comfortable with our approach. Very similar to their approach. We don't sort of compete in terms of trying to sell asset management into our private trust relationships and clients appreciate that.

嗨，我是Michael Collins。客戶基礎與我們非常相似。我們從事私人信託業務已有70年，而這是一家由創辦人持有、我們多年來一直關注的根西島信託公司，所以我們非常了解它。我認為客戶群會對我們的做法感到很自在，因為與他們的做法非常相近。我們不會在私人信託關係中試圖推銷資產管理產品，客戶也很欣賞這一點。

It's 50 really highly qualified staff in Guernsey, 71 client groups and about $9 billion of assets under trusteeship. So that takes us up to about $146 billion assets under administration or trusteeship. So it's not huge. And as we've said in the past, we're very disciplined in terms of how we price these acquisitions. So it's sort of up to $50 million in terms of private trust acquisitions, 8 times EBITDA, sort of 12%, 15% IRR or higher and has to be at least two-thirds private trust.

在根西島有50位非常高素質的員工、71個客戶群組，以及約90億美元的受託管理資產。這使我們的管理或受託資產（assets under administration or trusteeship）提升至約1,460億美元。因此規模不算巨大。正如我們過去所說，我們在這類併購的定價上非常自律：私人信託併購金額大約上限5,000萬美元、約8倍EBITDA、內部報酬率（IRR）約12%至15%或更高，且至少三分之二必須是私人信託業務。

So we know the business well. It's incremental in terms of fee income. It helps quite a bit, but it gets us 70 new client groups, which are very high quality. So we're very happy with it. It's closed. We're working on integration. It should be seamless, very low risk.

因此我們很了解這項業務。就手續費收入而言是增量貢獻，幫助相當大，同時也為我們帶來約70個新的客戶群組，品質非常高。我們對此非常滿意。交易已完成，我們正在進行整合，應該會很順利，風險非常低。

Yeah, Evan, it's Michael Schrum. Just on the question in terms of updated fee projections, we're sort of expecting this to add about GBP8 million to GBP10 million annualized. So obviously, we'll start to put that into the next quarter. Obviously, with that comes -- both the integration costs and also the cost line will obviously increase due to onboarding of the new colleagues as well.

是的，Evan，我是Michael Schrum。關於更新後的手續費預測，我們預期年化大約增加800萬至1,000萬英鎊。因此我們會從下一季開始把這部分納入。當然，隨之而來會有整合成本，同時由於新同事的加入與到職，成本端也會相應上升。

I mean, I think it's a really good book of business and the people we've met have been very pleased with the model that we run, which is the independent trust model. This gives our new colleagues a genuine sort of career path and the clients really do like Butterfield. It's a well-known brand in Guernsey. And I think, again, this will be -- they'll be comforted by the private credit rating of the bank and obviously, the balance sheet that sits behind the new fiduciary provider.

我的意思是，我認為這是一個非常優質的業務組合，而我們接觸到的人也對我們採行的模式——獨立信託模式——感到非常滿意。這也為我們的新同事提供了真正的職涯發展路徑，而客戶確實很喜歡Butterfield。在根西島這是一個知名品牌。我也認為，這將會——他們會因為銀行的私人信用評級，以及新受託服務提供者背後所依託的資產負債表而感到安心。

So we just closed it. We're just in the process of looking at, obviously, the integration and potential synergies, et cetera. So we'll come back once we finalize the PPA work next quarter and give some more detail on how it's going.

所以我們剛剛完成交割。我們目前正在檢視，當然，包括整合以及潛在的協同效益等等。因此，等到我們在下個季度完成PPA（購買價格分攤）工作後，我們會再回來提供更多細節，說明進展如何。

That's really helpful. Thank you. And then next, I thought I would touch on the NIM. I noticed you called out you managed the duration of the portfolio a bit to be a bit shorter, increasing rate sensitivity. And I'm just curious how you view the NIM trajectory from here given current Central Bank expectations.

這非常有幫助，謝謝。接著我想談一下NIM（淨利差）。我注意到你提到你們把投資組合的存續期間管理得稍微更短一些，以提高利率敏感度。我想請教，在目前央行預期的背景下，你們如何看待接下來的NIM走勢？

Yeah. No, great question. Obviously, maybe better than it was a month ago. I think we view the flat, higher for longer rate environment is constructive for the balance sheet. I think I said last quarter, NIM should be broadly flat.

是的。這個問題很好。顯然，可能比一個月前的情況更好一些。我們認為，在利率持平、且「高利率維持更久」的環境下，對資產負債表是建設性的。我想我在上個季度說過，NIM應該大致持平。

We have some tailwinds and headwinds in that. And actually, the -- I think the exit NIM for March month was at the 2.70% level. So it's a little bit lower, but again, plus/minus 5 basis points depending on the deposit composition. And what's really driving that is this quarter was really the lowering of deposit costs overtaking essentially the downward trajectory in treasury and short cash repricing.

其中同時有一些順風與逆風。實際上——我想3月份單月的期末NIM大約在2.70%的水準。所以略低一些，但同樣地，會因存款組合而上下約5個基點。真正驅動這一點的是，本季度存款成本下降，基本上已經超過了國庫券與短期現金重新定價下行的趨勢。

So I think for the remainder of the year, we sort of remain cautiously optimistic that we can fight those headwinds with the asset repricing model that's in there, both on the loan and the investment securities. So at the moment, the average investment security yields for the quarter was 3.96%. And so that provides -- when you have that $1 billion or close to $1 billion resetting over the next year with a tailwind of 1%, that should be a positive bias.

所以我認為在今年剩餘時間，我們仍然保持審慎樂觀，認為可以透過既有的資產重新定價模型來對抗這些逆風，包含貸款與投資證券兩端。目前，本季度投資證券的平均收益率為3.96%。因此——當你有10億美元或接近10億美元在未來一年內重設，且有1%的順風時，這應該會帶來偏正面的影響。

And certainly, like I said, central banks are, I think, weighing their options at the moment. And any time we see a higher for longer environment around us, that's going to be better for us because we get the whole asset repricing coming through.

而且，正如我所說，我認為各國央行目前正在權衡其選項。只要我們周遭出現「高利率維持更久」的環境，對我們就會更有利，因為整體資產重新定價的效果會逐步反映出來。

That's helpful color. Thank you. And then lastly for me, you already kind of alluded to it, but just keeping in mind your through-cycle efficiency ratio target of 60%. Curious, is it fair to see core expenses tick back into that $90 million to $92 million range per quarter for the rest of the year? Or just any updated expectations there, especially with the deal? And then maybe any seasonality trends would also be helpful.

這些補充很有幫助，謝謝。最後一個問題，你剛才也稍微提到，但考量你們穿越景氣循環的效率比率目標為60%，我想確認一下：是否可以合理預期今年剩餘時間每季核心費用會回到9,000萬到9,200萬美元的區間？或是有任何更新的費用展望，特別是考量這筆交易？另外，如果能分享任何季節性趨勢也會很有幫助。

Yeah. Great question. It's Michael Schrum again. So I mean, the first quarter is always a little bit seasonally low. There tends to be a lot of sort of expense drive up to the end of the year.

是的，這個問題很好。我是Michael Schrum再回答一次。第一季通常在季節性上會稍微偏低。通常在年底前會有不少費用推升。

But I mean, it's not enough really to call it out. But in terms of the deal, so I think, yeah, $90 million to $92 million without the additional new colleagues that we're onboarding and system conversion, et cetera.

不過，幅度其實不足以特別點出來。就交易而言，我認為是的，如果不包含我們正在招募的新同事，以及系統轉換等等額外項目，每季9,000萬到9,200萬美元是合理的。

So it's a little bit of non-core cost this quarter related to the drafting of the SBA and that type of thing. But we're sort of expecting, obviously, for this to be accretive overall. And so if you think about the fees that are getting added to the top line, we would expect for that to sort of generate that cost drive as well on the cost increase from salaries.

所以本季度有一些與起草SBA（股份購買協議）及類似事項相關的非核心成本。但我們預期整體而言這筆交易會帶來增益（accretive）。因此，如果你把新增到營收端的費用收入納入考量，我們也預期薪資帶動的成本增加會相應出現。

And as we onboard the new folks there, they're going to be brought on to our platforms. And so it's a little bit early to talk about forward guidance on cost. But without the deal, I would say $90 million to $92 million is a good number.

而當我們把新同事納入後，他們會被導入到我們的平台上。因此，現在談成本的前瞻指引還稍早。但如果不考慮這筆交易，我會說每季9,000萬到9,200萬美元是一個不錯的數字。

Emily Lee, KBW.

Emily Lee，KBW。

This is Emily Lee stepping in for Tim Switzer. Congrats on the quarter. So just on credit, NPLs and provision took a step up this quarter. So I was wondering if you could provide any color on the drivers there and what we should expect on both metrics going forward.

我是Emily Lee，代替Tim Switzer出席。恭喜本季表現。我想就信用面請教：本季度NPL（不良貸款）與提存（provision）都有所上升。想請你們說明背後的驅動因素，以及未來這兩項指標我們應該如何預期。

Yeah. I mean, we're starting from a very low base. Sorry, it's Michael Schrum again. I would say when you look at Note 6 to the financials, you'll see some past due migration. And really, it's something that we've seen in sort of the -- we've seen a few of these cases in -- over the last couple of years. And these are really related primarily to residential mortgages in our prime Central London loan book. And they went into -- they drop into the sort of short-term past due account this quarter.

是的。我們是從非常低的基期開始。抱歉，我是Michael Schrum再回答一次。我會說，當你看財報附註6時，你會看到一些逾期遷徙（past due migration）。而這其實是我們在過去幾年中看到的幾個案例之一。這些主要與我們在倫敦核心地段（prime Central London）貸款組合中的住宅房貸有關。本季度它們進入——也就是落入了短期逾期的帳戶分類。

Just as a reminder, these are three to five-year mortgages underwritten at 60%, 65% LTV. So really well secured, and there's a lot of equity in these loans. We continue, therefore, to believe that they will resolve themselves over the medium term as liquidity in the London prime and super prime markets is sort of relatively thin at the moment. There's been a number of policy changes in that market, and we are patient lenders, as you know. And so we've continued to work with borrowers facing sort of temporary liquidity issues.

提醒一下，這些是3到5年期的房貸，承作時LTV為60%、65%。因此擔保非常充足，這些貸款有很高的權益緩衝。基於此，我們仍然相信它們會在中期內自行解決，因為目前倫敦prime與super prime市場的流動性相對偏薄。該市場也出現了一些政策變動；而如你所知，我們是有耐心的放款人，因此我們持續與面臨短期流動性問題的借款人合作。

So I think bottom line, it's a little bit elevated right now, but we expect for that to normalize either through refinancing or through repayment when the property is sold. But these are sort of similar to what we've seen before in terms of prime Central London mortgages.

所以我認為結論是：目前確實稍微偏高，但我們預期會透過再融資，或在房產出售後償還而回到正常水準。就倫敦核心地段房貸而言，這些情況與我們過去看到的案例相當類似。

Got it. Thank you. And then how is the current loan pipeline looking? And what are you hearing from borrowers on the demand front? Are there any particular industries or jurisdictions that are seeing strength or that you're leaning into other -- over others right now?

了解，謝謝。那目前的放款管線（loan pipeline）看起來如何？你們從借款人那邊聽到的需求面狀況是什麼？是否有特定產業或司法管轄區表現較強，或是你們目前更偏向某些領域而非其他？

Yeah. I mean, maybe I'll start off and Jody, who's closer to the clients, can give a little bit more color on that. But essentially, it's been -- the market is all different. I think prime, super prime in London is facing some uncertainty around governmental policy changes, including the res non-dom regime changes that are phasing in some additional property taxes that need to kind of filter through the market in terms of either valuation changes. So there's a lot of buyers on the side at the moment in that market.

是的。我想我先開頭，之後更貼近客戶的Jody可以再補充一些細節。基本上，市場狀況各不相同。我認為倫敦的prime、super prime市場正面臨一些與政府政策變動相關的不確定性，包括住宅非本地居民（res non-dom）制度變更，逐步引入一些額外的房地產稅負，這需要時間在市場中消化，並反映在估值變動等方面。因此目前那個市場有很多買方在觀望。

On the flip side, we're seeing the sort of Middle Eastern situation. There's a lot of people moving back and renting. So that's kind of a temporary fix, if you will, for that, particularly from Dubai, people are moving back into Central London now.

另一方面，我們也看到中東局勢的影響：有不少人搬回來並選擇租屋。所以如果你願意這麼說，這對那邊算是一個暫時性的解方；特別是從杜拜，有人正在搬回倫敦市中心。

Cayman actually is looking pretty good. We obviously want residential mortgages because our model is a return on risk-weighted asset model. So 35% risk weight and now potentially even lower at LTV bands under the Basel IV Endgame. So we strongly prefer residential mortgages.

開曼其實看起來相當不錯。我們顯然偏好住宅房貸，因為我們的模型是以風險加權資產報酬（return on risk-weighted asset）為核心。住宅房貸的風險權重為35%，而在Basel IV Endgame下，於較低LTV分段可能甚至更低。因此我們強烈偏好住宅房貸。

The Cayman loan book actually is looking decent. So as you know, we have in Bermuda and Cayman fully amortizing mortgages underwritten at 80%, max 80% LTV with the appropriate exception underwriting in place. And for the first time in a couple of years, actually, the Cayman residential mortgage book originations overtook those amortization rundown as we improve the LTV profile overall. And Jody, do you want to talk about Bermuda?

開曼的貸款組合其實看起來不錯。如你所知，我們在百慕達與開曼提供完全攤還型房貸，承作時LTV為80%，最高80%，並且有適當的例外核貸機制。且在過去幾年來首次，隨著我們整體改善LTV結構，開曼住宅房貸的新增放款實際上超過了攤還帶來的存量下滑。Jody，你要談談百慕達嗎？

Yes. Thanks, Michael. And let me just highlight, obviously, we're not a loan growth story. But as Michael pointed out, some good pipeline, particularly here in Cayman with some of the high-end resi towers that are popping up. We're participating pretty prominently in a lot of those, which is great to see.

好的，謝謝Michael。我也想強調，顯然我們不是一個追求放款成長的故事。但如Michael所指出，我們確實有不錯的管線，特別是在開曼，因為有一些高端住宅大樓正在興建。我們在其中許多案子都有相當積極的參與，看到這點很令人振奮。

On Bermuda, obviously, some pretty acute supply/demand imbalances in housing, but we do have a good position within the retail and private banking lending space, particularly in Bermuda, constrained a little bit on the corporate side in Bermuda just to lack of pretty significant projects coming online. But overall, we're seeing some decent pipeline in all of the markets combined, but a little bit subdued in Bermuda, but some good pockets of opportunity in Cayman.

在百慕達，顯然住房供需失衡相當嚴重，但我們在零售與私人銀行放款領域（尤其是在百慕達）具備良好布局；在百慕達的企業端則稍微受限，主要是因為缺乏相當大型的新專案上線。不過整體而言，把所有市場合併來看，我們看到還不錯的案源管線；百慕達略顯低迷，但在開曼有一些不錯的機會區塊。

That's very helpful. Thank you. And if I could just squeeze in one more. You mentioned expectations for asset repricing to kind of help fight those pressures on the NIM. How are incremental loan yields looking right now?

這非常有幫助，謝謝你。如果我可以再追問一個問題。你提到預期資產重訂價可在某種程度上協助對抗淨利差（NIM）壓力。目前新增貸款殖利率看起來如何？

I didn't catch the last bit. How is incremental --?

我沒聽清楚最後那一段。新增的——是怎麼樣？

Loan yields looking?

貸款殖利率看起來如何？

Revenue?

營收？

Loan yields.

貸款殖利率。

Loan yields. Yeah. I mean, there's a couple of dynamics in there. As you know, in Bermuda, we underwrite LTV. We have a lot of fixed rate loans that are coming up actually this year, both in Bermuda and Cayman, which are sort of temporarily or you would probably call them arms. So they're resetting back to their original floating rate, which obviously is still elevated. So there's some significant tailwinds from that asset repricing.

貸款殖利率。對。我的意思是，裡面有幾個動態因素。如你所知，在百慕達我們是以貸款價值比（LTV）來承作。我們有不少固定利率貸款其實會在今年到期，百慕達與開曼都有，這些貸款算是暫時性的，或你可能會稱之為可調利率貸款（ARM）。因此它們會重設回原本的浮動利率，而目前浮動利率顯然仍處於高位。所以資產重訂價帶來一些相當顯著的順風。

I would say new loans in Bermuda, typically around the 7% mark. Cayman is a little bit more competitive around new originations. There's a number of other participants who are pretty aggressive on price competition in this market, so around kind of 6%-ish. Channel Islands maybe around 5%. Again, these are sterling, Bank of England, fixed and floating rate loans that are three to five year.

我會說百慕達的新貸款通常大約在 7% 左右。開曼在新承作方面競爭更激烈，這個市場有不少其他參與者在價格競爭上相當積極，所以大約在 6% 左右。海峽群島可能在 5% 左右。同樣地，這些是英鎊計價、以英格蘭銀行（BoE）利率為基礎的固定與浮動利率貸款，期限三到五年。

So if you average that out over new originations probably ends up somewhere in the 6% range, which is reasonable for that risk weighting. And the pipeline really is beyond what we can control. We can be a participant in the market.

所以如果把新承作平均起來，可能落在約 6% 的區間，對應那樣的風險權重算是合理。而案源管線其實超出我們能控制的範圍；我們可以作為市場的參與者。

(Operator Instructions) Robert Rutschow, Wells Fargo.

（接線員指示）Robert Rutschow，富國銀行（Wells Fargo）。

A question on deposits. Could you give us an update on the outlook for deposits? Any concerns that we should think about in terms of outflows? And then do you expect to get any inflows from the R&H deal?

有一個關於存款的問題。你們能否更新一下存款展望？在資金外流方面是否有任何我們需要留意的疑慮？另外，你們是否預期會從 R&H 交易帶來任何資金流入？

Yeah. It's Michael Schrum again. Maybe I'll just talk about the R&H deal. Initially, these clients are trust clients. And obviously, occasionally, we can provide banking services to those clients as well.

好的。我是 Michael Schrum。也許我先談談 R&H 交易。一開始，這些客戶是信託客戶。而且很顯然，我們有時也能為這些客戶提供銀行服務。

Actually, a few of them were already banking clients of ours because obviously, they were an independent trust company. So it's always something that we would like to do for administrative ease ins and outs, and we sort of can see and understand the client a bit better that way. But obviously, we're not competing on asset management for those clients. So there could be a little bit of trickle in, but I wouldn't expect it to be a major uplift to deposit balances overall.

其實其中有一些本來就已經是我們的銀行客戶，因為他們顯然是一家獨立信託公司。為了行政作業的便利（資金進出等），這一直是我們希望能做的事；透過這樣的方式，我們也能更清楚地看見並理解客戶。不過很明顯，我們不會在這些客戶的資產管理上與人競爭。所以可能會有一些零星流入，但我不預期會對整體存款餘額帶來重大提升。

We, for a while, have been monitoring a couple of these sort of lumpier deposits, which are typically from our trust business in Bermuda and private client business in Bermuda and some corporate deposits. So we were expecting some further outflows and for the balance sheet to kind of normalize at around $12 billion. Now we're getting notified of some new incoming deposits. So it could be a bit longer and some of the composition of the deposit base will probably end up changing a little bit over time.

我們一段時間以來一直在監控幾筆較為「大額、波動較大」的存款，通常來自我們在百慕達的信託業務、百慕達的私人客戶業務，以及一些企業存款。因此我們原本預期還會有進一步外流，資產負債表大致會在約 120 億美元左右正常化。現在我們又收到一些新的存款流入通知，所以可能會拉長一些時間，而且存款基礎的組成可能也會隨時間略有變化。

So I think at the moment, it's $12 billion to $12.5 billion is probably a decent number for now. We'll obviously see it when we see it, but some of those corporate deposits are held up in court proceedings and appeals processes and that type of thing. So -- but generally constructive, actually, I think.

所以我認為目前來看，120 億到 125 億美元大概是個不錯的數字。我們當然會在實際發生時再觀察；但其中一些企業存款牽涉到法院程序、上訴流程之類的事情。所以——不過整體而言，我覺得其實是偏正面的。

Okay. Great. And if I can follow up with a broader question. As you think about the acquisition opportunities, how many competitors might be out there that you would be able or willing to buy? And is there any increase in competitive pressures that might encourage someone to sell like technology requirements or anything else that might spur a little more activity than we've seen, say, over the past five years?

好的，很好。如果我可以再追問一個更廣泛的問題。當你們思考併購機會時，市場上大概有多少競爭者是你們有能力或願意收購的？另外，是否有任何競爭壓力上升，可能會促使某些機構出售，例如科技需求或其他因素，讓活動度比過去五年左右更高？

Yes. So there's sort of three types of offshore trust entities, so to speak. So the first is the private trust companies that we're interested in. And the first type is sort of founder-owned, which is what R&H Guernsey was. So part of an affiliated network, Rawlinson & Hunter, but founder-owned, really good book of business, usually pretty small. So as we talked about, it's not huge, but a great book of business.

是的。大致上離岸信託機構可分為三種類型。第一種是我們感興趣的私人信託公司。第一類是所謂創辦人持有（founder-owned）的公司，R&H Guernsey 就是這一類。它是 Rawlinson & Hunter 關聯網絡的一部分，但由創辦人持有，業務組合非常好，通常規模相當小。所以如我們所說，量不大，但業務品質很棒。

Then you have the sort of big bank-owned trust companies, whether it's an HSBC or RBC. Those are a lot bigger. We still think that a lot of big banks are motivated to sell offshore trust companies just from regulatory pressure. And let's be honest, scale wise, it's just sometimes not worth having something like that. So we still think that there could be opportunities there.

第二種是大型銀行持有的信託公司，不論是匯豐（HSBC）或加拿大皇家銀行（RBC）那種。這些規模大得多。我們仍然認為，許多大型銀行在監管壓力下有動機出售離岸信託公司。坦白說，就規模效益而言，有時候持有這類業務並不划算。所以我們仍認為那裡可能存在機會。

And the third kind is sort of the big private equity-owned fee businesses offshore, which do basically like third private trust, company administration, and in fund administration. We've looked at those. We're sort of hesitant to go into those sorts of businesses because we're really focused on private trust. Fund administration is very different. It needs a lot of technology. Company administration is tough because you have AML issues sometimes. So we're very focused on private trust. And also, if you're sort of the third buyer from private equity, it's probably not the best price. So we tend to stay away from that.

第三種是由大型私募股權持有的離岸收費型業務，基本上做的是第三方私人信託、公司管理，以及基金行政管理。我們也看過這些。我們對進入這類業務相對謹慎，因為我們真正聚焦的是私人信託；基金行政管理非常不同，需要大量科技投入。公司管理也很棘手，因為有時會有反洗錢（AML）問題。所以我們非常專注在私人信託。另外，如果你是從私募股權手上第三手買家，價格通常也不會太好。因此我們傾向避開這一類。

So there's a lot of opportunities, founder-owned and also big sort of onshore bank-owned offshore trust companies, and we just have to be patient and stick to our guns. So we're not going to really pay above 8 or 9 times EBITDA, and it's got to be a decent IRR. And we're 40% fee income ratio. So our goal is to get that higher and become more of a fee company. And every one of these acquisitions adds a couple of percent on to that fee income ratio. So we just need to be patient, buy the right books and be very disciplined about pricing.

所以機會很多，包括創辦人持有的，以及大型在岸銀行持有的離岸信託公司；我們只需要有耐心並堅持原則。我們不會付出高於 8 到 9 倍 EBITDA 的價格，而且必須有不錯的內部報酬率（IRR）。我們目前手續費收入比率是 40%，目標是把它提高，讓我們更像一家以手續費為主的公司。每一筆這類收購都能讓手續費收入比率增加幾個百分點。所以我們只需要有耐心，買到對的業務組合，並在定價上非常自律。

This concludes our question-and-answer session. I would like to turn the call back over to Noah Fields for any closing remarks.

問答環節到此結束。我想把電話交回給 Noah Fields，請他做結語。

Thank you, Bailey, and thanks to everyone for dialing in today. We look forward to speaking with you again next quarter. Have a great day.

謝謝你，Bailey，也謝謝各位今天撥冗參與。我們期待在下個季度再次與各位交流。祝各位有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。