Norwood Financial Corp (NWFL) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to Norwood Financial Corp. first-quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位早安，感謝您撥冗等候。歡迎參加 Norwood Financial Corp. 2026 年第一季財報電話會議。（接線員指示）敬請注意，今日會議將進行錄音。

I'd now like to hand the conference over to Mackenzie Jackson, Corporate Secretary. Please go ahead.

現在我想將會議交給公司秘書 Mackenzie Jackson。請開始。

Thank you, Liz. Good morning, everyone, and welcome to our first-quarter 2026 earnings conference call. With me today are Jim Donnelly, our President and CEO; and John McCaffery, our CFO. The press release we issued earlier this morning, together with the presentation material that accompanies our remarks, are available on the Investor Relations section of our web page.

謝謝你，Liz。各位早安，歡迎參加我們 2026 年第一季財報電話會議。今天與我一同出席的有我們的總裁兼執行長 Jim Donnelly，以及財務長 John McCaffery。我們今天稍早發布的新聞稿，以及配合我們發言的簡報資料，均可於本公司網站「投資人關係」專區取得。

Comments made by any participant on today's call may include forward-looking statements. These statements are subject to various risks and uncertainties, and other factors that are difficult to predict. Actual results may differ materially from those expressed or implied and we assume no obligation to update any forward-looking information. Please refer to our most recent Form 10-K and other subsequent reports filed with the SEC for more information about risks related to forward-looking statements.

今日電話會議中任何與會者所發表的評論，可能包含前瞻性陳述。此等陳述受多項風險與不確定性及其他難以預測之因素影響。實際結果可能與明示或暗示之內容有重大差異，我們亦不承擔更新任何前瞻性資訊之義務。關於與前瞻性陳述相關之風險，請參閱我們最近一期 Form 10-K 及其後向美國證券交易委員會（SEC）提交的其他報告，以取得更多資訊。

During our discussion, we may refer to certain non-GAAP financial measures. These measures are useful for analysts, investors, and management to evaluate ongoing performance. A reconciliation of these measures to GAAP financial results is provided in our presentation materials.

在討論過程中，我們可能會提及若干非 GAAP 財務衡量指標。這些指標有助於分析師、投資人及管理階層評估持續性營運表現。相關指標與 GAAP 財務結果之調節表已載於我們的簡報資料中。

I will now turn the call over to Jim.

接下來我將把電話會議交給 Jim。

Thank you, Mackenzie. Good morning, everyone. We began 2026 with strong performance, extending the momentum we began to build last year. This is the first quarter that included results from the Presence Bank acquisition, increasing our assets, loan portfolio, geographic presence, and earnings power. I am proud of our team's ability to focus on our mission to make every day better by serving our customers and communities while making significant progress on our integration activities.

謝謝你，Mackenzie。各位早安。我們以強勁表現展開 2026 年，延續去年開始累積的動能。本季是首次納入 Presence Bank 併購案的業績，提升了我們的資產規模、放款組合、地理據點覆蓋與獲利能力。我為團隊感到自豪：在大力推進整合作業的同時，仍專注於我們「讓每一天更美好」的使命，服務客戶與社區。

Net interest income was a record $24,600,000, an increase of 38% compared with the first quarter of 2025. Net interest income margin expanded by 38 basis points to 3.68%. It was a great quarter for the bank as we benefited from our repositioned bond portfolio and favorable interest rate movement. Net income and earnings per share increase improved 35% and 14%, respectively, on an adjusted basis with higher adjusted returns on average assets and tangible equity.

淨利息收入創下 2,460 萬美元新高，較 2025 年第一季成長 38%。淨利息收入利差擴大 38 個基點至 3.68%。本季對銀行而言表現非常出色，我們受惠於重新配置的債券投資組合以及有利的利率變動。以調整後基礎計算，淨利與每股盈餘分別成長 35% 與 14%，平均資產與有形股東權益的調整後報酬率亦同步提升。

I am pleased with our first-quarter performance and remain optimistic that 2026 will be a great year for the bank. During our fourth-quarter earnings call, I introduced our 2026 strategic priorities. I would like to provide you with an update on these.

我對第一季表現感到滿意，並持續樂觀認為 2026 年將是銀行表現亮眼的一年。在第四季財報電話會議中，我提出了 2026 年的策略重點。接下來我想就這些重點提供最新進度。

The first priority is to successfully complete the Presence Bank integration. I am pleased to report that we are on plan with these activities. Our plans include driving uniform systems and operating practices across the new combined entity, uniting the acquired businesses and branches under our new brand, and engaging in open conversations across our locations and functions to identify and adopt the best-in-class policies that will enable us to better serve our communities while improving our results.

第一項重點是成功完成 Presence Bank 的整合。我很高興報告，我們的整合作業正按計畫推進。我們的計畫包括：在新的合併實體中推動一致的系統與營運作法、將併購而來的業務與分行統一納入我們的新品牌之下，並在各據點與各職能之間進行開放式對話，以辨識並採納同級最佳政策，讓我們在改善經營成果的同時，更好地服務社區。

Among our early accomplishments is the completion of our core integration, unifying our IT and HR systems. We have also begun the work of unifying all acquired locations under our brand, including signage logos and other branded materials, to drive consistency and unity across our organization. The integration requires a lot of planning, organization, and executing across sites and functions to complete.

我們早期成果之一，是完成核心整合，統一 IT 與人資系統。我們也已開始將所有併購據點統一使用本公司品牌，包括招牌、標誌及其他品牌物料，以提升全組織的一致性與凝聚力。整合工作需要大量的規劃、組織與跨據點、跨職能的執行，才能完成。

While we have been actively integrating the systems, we have not taken our eye off serving our customers and communities, which have resulted in impressive loan and deposit growth during the same period. I am proud of our team for going above and beyond to ensure our integration plans have been -- are being accomplished and for taking great care of our customers while doing so.

在積極整合系統的同時，我們也未曾忽略服務客戶與社區；在同一期間，我們的放款與存款成長令人印象深刻。我為團隊感到驕傲，他們不僅超越本分，確保整合計畫已經——正在——如期完成，也在此過程中妥善照顧我們的客戶。

Our second strategic priority is to increase operating efficiency and elevate the customer experience through AI. This is an area where you're implementing best practices from Presence Bank and deploying their developed systems and processes across the combined organization. One item I am really excited about is the commercial credit system, which we will integrate in July. This uses embedded AI and machine learning to enhance the productivity of our talented credit officers by bringing automation, speed and quality to the process.

第二項策略重點是透過 AI 提升營運效率並強化客戶體驗。這方面我們正導入 Presence Bank 的最佳實務，並將其已開發的系統與流程部署至合併後的整體組織。我特別期待的一項是商業授信系統，我們將於 7 月完成整合。該系統運用內嵌式 AI 與機器學習，透過自動化、速度與品質的提升，強化我們優秀授信人員的生產力。

For example, automatic spreading will allow our credit analysts to save time, better reporting will provide our credit officers with helpful insights to make informed decisions and the ability to draft credit memos will be -- will improve the speed and quality of the documentation process. These benefits will enable our employees to perform higher-value functions as well as underwriting deals more quickly to improve deal flow.

例如，自動攤提（automatic spreading）將讓授信分析師節省時間；更完善的報表將為授信主管提供有用洞見，以做出更明智的決策；而撰寫授信備忘錄的功能將——將提升文件作業流程的速度與品質。這些效益將使員工能投入更高價值的工作，同時更快速地完成承作審核，以改善案件流量（deal flow）。

Our third objective is to strengthen the talent pool and deepen our leadership bench. As I've met with our employees across the sites, including the newly added sites in Chester, Lancaster and [Orphan] Counties, I am continually reminded of the great team we have, and I firmly believe our key to success is our people. They are dedicated to serving the communities and working hard to find the ways to make every day better.

第三項目標是強化人才庫並加深領導梯隊。當我走訪各據點與同仁交流，包括新加入的 Chester、Lancaster 與 [Orphan] Counties 據點時，我不斷感受到我們擁有一支優秀的團隊，也堅信成功的關鍵在於人才。他們致力於服務社區，並努力尋找讓每一天更美好的方法。

The team became bigger and stronger during the quarter as we welcomed the former Presence Bank employees to our organization, including additions to our executive leadership team. I'm confident that together, we can continue to deliver financial solutions that improve the lives of our customers, allowing them to achieve their financial goals.

本季團隊規模更大、實力更強，我們歡迎前 Presence Bank 的員工加入本公司，其中也包括加入我們高階管理團隊的新成員。我相信，透過共同努力，我們能持續提供改善客戶生活的金融解決方案，協助他們達成財務目標。

Our fourth and final priority is to ensure everything we do increases shareholder value. The results we reported today demonstrate how we have accomplished this during the quarter, accumulation of our performance in Q1 and actions taken in previous periods, including the portfolio rebalancing we completed in 2024.

第四項也是最後一項重點，是確保我們所做的一切都能提升股東價值。我們今天公布的結果，展現了我們在本季如何達成此目標，這是第一季表現的累積，以及先前期間所採取行動的成果，包括我們於 2024 年完成的投資組合再平衡。

The first three priorities I have reviewed position us to create even more value in future periods. One shining example of how we are creating value for shareholders is through our recent acquisition. Not only did the transition bring immediate and meaningful growth to our bank, but we are also realizing the strategic and financial benefits of our acquisition more quickly than planned. One demonstration of this is that we now expect accretion to shareholder value ahead of our original projections. As a result of the quality of the Presence Bank team and assets plus interest rates that have moved in our favor, we anticipate the tangible book value payback to occur more quickly than planned.

我剛回顧的前三項重點，使我們得以在未來期間創造更多價值。我們近期併購案就是為股東創造價值的一個亮眼例子。這次交易不僅為本行帶來即時且具意義的成長，我們實現併購的策略與財務效益也比原先規劃更快。其中一項證明是：我們目前預期對股東價值的增厚（accretion）將早於原先預測。由於 Presence Bank 團隊與資產的品質，加上利率走勢對我們有利，我們預期有形帳面價值回收期（tangible book value payback）將比原先計畫更快達成。

After only one quarter since we closed the acquisition, it is obvious that we acquired a solid business with high-quality credit metrics and an excellent team, including several talented executives that have joined the Wayne Bank team, demonstrating their confidence in our joint future. The strong strategic fit and cultural alignment is contributing to our early success. I'm encouraged by our initial progress and even more optimistic about our future and ability to generate meaningful and lasting shareholder value.

在完成併購僅一季後，已很明顯我們收購的是一項穩健的業務，具備高品質的授信指標與優秀團隊，其中包括多位才華出眾的高階主管加入 Wayne Bank 團隊，展現他們對我們共同未來的信心。強大的策略契合度與文化一致性，正促成我們的早期成功。我對初期進展感到鼓舞，並對未來及我們創造具意義且持久的股東價值之能力更加樂觀。

I will now turn the call over to John to walk us through the results.

接下來我將把電話會議交給 John，由他帶領我們檢視本季業績。

Thank you, Jim. Good morning, everyone. In the first quarter, we delivered improved financial results on an adjusted basis, continuing to benefit from our repositioned balance sheet and the outstanding performance of the entire Norwood team. It was a great start to the year, continuing the momentum from 2025.

謝謝你，Jim。各位早安。第一季我們以調整後口徑交出更佳的財務表現，持續受惠於我們重新定位後的資產負債表，以及整個 Norwood 團隊的卓越表現。這是新年度很好的開局，也延續了 2025 年的動能。

We achieved record net interest income increasing $3.6 million on a linked quarter basis due to higher interest-earning assets. Margin improved 8 basis points due to a slight decline in deposit costs, coupled with a 7 basis point increase in interest-earning asset yields. Below the margin line, our quarterly results do continue to include merger charges. We had about $5 million in merger charges in the quarter. We provided adjusted returns in the press release to show you performance ratios, excluding these expenses.

我們的淨利息收入創下新高，較前一季增加 360 萬美元，主要因為生息資產增加。淨利差提升 8 個基點，原因是存款成本小幅下降，同時生息資產收益率上升 7 個基點。在淨利差線以下，我們的季度結果仍包含併購費用。本季約有 500 萬美元的併購費用。我們在新聞稿中提供了調整後報酬，以便向各位呈現剔除這些費用後的績效比率。

We're also providing pre-provisioned net revenue across the entire span of the press release. The provision was higher in Q1 versus the fourth quarter of 2025, sort of the increase was the result of annual updating and historical factors in the model as well as the integration of the Presence Bank portfolio. Our coverage ratio stands at 1.09% compared to 1.07% at year-end. I will also note that we elected to adopt early [ASU-202508] and therefore, did not experience a CECL double count on the acquired non-PCD loans.

我們也在整份新聞稿中提供了稅前提存前淨收益（pre-provisioned net revenue）。第一季的提存較 2025 年第四季為高，增加主要來自模型的年度更新與歷史因素，以及整合 Presence Bank 投資組合的影響。我們的覆蓋率為 1.09%，高於年末的 1.07%。我也要補充，我們選擇提前採用 <xml>[ASU-202508]</xml>，因此在收購的非 PCD 貸款上未出現 CECL 的重複計提。

Adjusted pre-provision net revenue was up about 11% on a linked-quarter basis, mostly due to the improved margin on a larger balance sheet, offset by higher expenses. Noninterest income increased compared to the same period last year. This was due to higher service charges and debit card income. Quarterly expenses were up as a percent of average assets compared to Q4 2025. Most of this increase is in technology related.

調整後提存前淨收益較前一季約成長 11%，主要因為在更大資產負債表規模下淨利差改善，但部分被較高費用所抵銷。非利息收入較去年同期增加，主要來自較高的服務手續費與簽帳金融卡收入。季度費用占平均資產比重較 2025 年第四季上升，其中大部分增幅與科技相關。

This is as we are investing in new systems that will ultimately drive efficiency in the future. On that note, I would like to give a shout out to the finance team who implemented a new accounting system while executing a merger and a core conversion.

這是因為我們正在投資新系統，最終將在未來帶動效率提升。也藉此機會，我想特別感謝財務團隊，他們在執行併購與核心系統轉換的同時，仍成功導入新的會計系統。

The first quarter was a transition period as we integrated the acquisition with GAAP results impacted by [related] expenses. On an adjusted basis, we achieved strong growth in net interest income, partially offset by higher expenses. To expand on Jim's point earlier, growth since January 5, loans grew approximately $46 million or 8.4% annualized and deposits grew about $70 million or $11.6 million on an annualized basis. Overall, we are pleased with our performance and believe that our sound balance sheet management and credit metrics position us well for the future.

第一季是整合收購的過渡期，GAAP 結果受到<xml>[相關]</xml>費用影響。以調整後口徑來看，我們的淨利息收入強勁成長，但部分被較高費用所抵銷。延伸 Jim 先前的重點，自 1 月 5 日以來，貸款約增加 4,600 萬美元，年化成長率約 8.4%；存款約增加 7,000 萬美元，或年化約 1,160 萬美元。整體而言，我們對表現感到滿意，並相信穩健的資產負債表管理與信用指標，讓我們在未來具備良好定位。

Jim and I will now be happy to answer any questions you may have. Operator, please provide instructions for asking questions.

接下來 Jim 和我很樂意回答各位的問題。接線員，請提供提問指引。

(Operator Instructions) Daniel Cardenas, Brean Capital.

（接線員指示）Daniel Cardenas，Brean Capital。

Morning, guys. So a couple of questions, on the operating expense number that came in this quarter, how much -- you said part of that was tech related. How much was that? And then are all of the tech-related investments, have those been made? I'm just trying to get a sense for what's a good run rate on the operating expenses going forward.

早安，各位。我有幾個問題。關於本季的營業費用數字，你提到其中一部分與科技相關，那大概是多少？另外，所有與科技相關的投資是否都已完成？我想了解一下，未來營業費用合理的常態水準（run rate）大概會是多少。

So the tech -- increase in tech expenses were mostly due to -- well, again, we are increasing investments, as Jim mentioned in the Abrigo system and our new accounting system. So their ongoing expenses, we tried to exclude all of the conversion and other charges that were one-timers in Q1. So I think for OpEx going forward, the level that we're at is probably a pretty good run rate.

科技方面——科技費用的增加主要是因為——再次強調，如 Jim 所提到，我們正在加大對 Abrigo 系統以及新會計系統的投資。因此這些是持續性的費用；我們已盡量排除第一季一次性的轉換費用及其他一次性費用。所以我認為，未來營業費用（OpEx）大致維持在目前水準，應該就是不錯的常態水準。

[16-1] per quarter is kind of where you think things will kind of shake out here?

也就是說，你認為每季大概會落在 <xml>[16-1]</xml> 左右？

Yeah, I'd like to see them come down a little bit. Again, we're trying to pull apart how much actually was related to activity during the quarter because of the merger, but I do think we'll get efficiencies, but I wouldn't drop it more than below [15-8] I think, for the quarter.

是的，我希望能再降一點。再次說明，我們正在拆分本季到底有多少是因併購活動所致；我確實認為會取得效率，但我想每季不會降到低於 <xml>[15-8]</xml> 太多。

All right, good. Thank you. And then on the margin, the 3.68% margin, I probably missed it in the press release, but what was the contribution from yield accretion in the quarter?

好的，了解，謝謝。再來關於淨利差，3.68% 的淨利差，我可能在新聞稿裡漏看了，本季收益率增提（yield accretion）的貢獻是多少？

Yield accretion in the quarter was -- I think actually it was, the total pretax impact of purchase accounting was $435,000. That's substantially margin-related. There's some for the leases, but -- that's kind of a minimal amount.

本季的收益率增提——我想其實，購買會計（purchase accounting）的稅前總影響是 43.5 萬美元。這部分大多與淨利差相關；租賃也有一些，但——那部分金額相對很小。

So probably about 6 basis points this quarter. And what kind of impact do you think is a yield accretion is going to contribute on a go-forward basis?

所以本季大概是 6 個基點。那你認為往後收益率增提在未來會貢獻多少？

So on a go-forward basis for the full year of 2026, we're scheduled at about $2.2 million for 2026, dropping to about $2 million for 2027 in total margin accretion.

以未來來看，2026 全年我們預計約 220 萬美元（2026 年），到 2027 年則降至約 200 萬美元，這是總體淨利差增提（margin accretion）。

competitive with our current rates, and we're not seeing seen a lot of upward pressure. I'm still seeing some competitors bringing their rates down.

與我們目前的利率相比仍具競爭力，而且我們沒有看到太多上行壓力。我仍看到一些同業正在下調他們的利率。

Okay.

好的。

In 2027, $2 million.

2027 年是 200 萬美元。

$2 million in 2027, got you. Okay. Ann then one more question then I'll step back and let others ask. But the non-performing number for the quarter, roughly $11 million, if I'm calculating that correctly, was that all attributable to the acquisition or was there other issues going on in the portfolio?

2027 年 200 萬美元，了解。好的。那再問最後一個問題，我就先退下讓其他人提問。本季的不良（non-performing）金額大約 1,100 萬美元，如果我算得沒錯的話，這全部都可歸因於收購案嗎？還是投資組合中還有其他問題？

I don't think they contributed any non-performing from Presence. That was mostly us. I'm not aware of any large non-performance that came in.

我不認為 Presence 帶來任何不良資產。那主要是我們自身的。我沒有注意到有任何大型不良新增。

A pretty granular increase. Was that mostly on the commercial side or maybe a little bit of color as to what was making up the linked quarter increase?

這次增加相當分散。主要是在商業端嗎？能否多給一點說明，前後相鄰季度（linked quarter）的增加主要由哪些項目構成？

Largely -- it's largely on commercial side. There's very little. The indirect and consumer portfolios are about the same that they were in the quarter before. We had a little dip in the last quarter on the commercial side, and we came back up to about where we were the previous quarter , Dan. So it's -- I think we leveled off at that amount.

大致上——主要是在商業端。其他部分很少。間接貸款與消費性投資組合大致與前一季相同。上一季商業端稍微下降了一點，這一季又回到大約前前一季的水準，Dan。所以——我認為我們大致在這個金額水準上趨於持平。

Okay. I'll step back for now. Thank you.

好的。我先退下。謝謝。

Matthew Breese with Stephens.

Stephens 的 Matthew Breese。

Hey, good morning. I was hoping (multiple speakers) maybe touch on the components of the margin. First, maybe more broadly, would love just some color on competitive conditions around deposits. I think in the Northeast we've started to hear inklings of maybe some high 3% and low 4% promotional rates. Wanted to hear if you're dealing with that and maybe what your thoughts around deposit cost outlook is, now that it doesn't seem like we're getting much of any rate cuts.

嗨，早安。我希望（多位發言者）能談一下淨利差的組成。首先，較宏觀地說，我想聽聽存款端競爭情況的補充說明。我認為在美國東北部，我們開始聽到一些跡象，像是 3% 高段到 4% 低段的促銷利率。想了解你們是否也面臨這種情況，以及在看起來不太會有降息的情境下，你們對存款成本展望有何看法。

So through the -- even into, I guess, Q1, we were continuing to lower deposit costs based upon the December rate cut. I'm -- we are not talking about raising any of our specials on CDs at all. I don't know about the new markets. I think they're a little more competitive than we're used to up here in Northeast Pennsylvania. We're not seeing competitive pressure in our markets on deposit pricing yet, I guess.

因此，透過——甚至到我想是第一季（Q1）為止，我們都在根據 12 月的降息持續降低存款成本。我——我們完全沒有在談要調高任何我們的定存（CD）特案利率。我不太清楚新市場那邊的情況。我認為那裡的競爭比我們在賓州東北部這邊習慣的要更激烈一些。我想我們在自身市場的存款定價上，還沒有看到競爭壓力。

Yeah, Matt, we see some spotty stuff on if you dig into why they're doing it. They're people with very high loan to deposit ratios, or just interesting business strategies sometimes. We see that we're competitive with our current rates, and we're not seeing a lot of upward pressure. I'm still seeing some competitors bringing their rates down.

是的，Matt，如果你深入去看他們為什麼這麼做，我們確實看到一些零星的情況。有些是放款對存款比率非常高的人，或是有時候只是一些有趣的商業策略。我們看到以我們目前的利率來說是有競爭力的，也沒有看到很大的上行壓力。我仍然看到一些競爭對手在把利率往下調。

Got it, okay. How much more room do you think there is to squeeze deposit costs lower than? If I look at your CD costs this quarter in knocking on 3.6%, is the blended rate of maturities still in kind of that 3.30% range with some downside?

了解，好的。你覺得存款成本還有多少空間可以再往下壓？如果我看你們本季的定存（CD）成本接近 3.6%，到期續作的加權平均利率是否仍大概在 3.30% 左右，且還有一些下行空間？

Yeah, it's -- most of that is just really churning our -- the special we've had out there. So -- and there is a push on to, again, try to get our CD number to be down below 40% of total deposits. So we hope that that will give us some more levers to push on going forward.

是的，這——其中大部分其實就是我們——我們推出的那個特案在大量滾動。所以——而且我們也在推動一件事，就是再次嘗試把我們的定存（CD）占比降到總存款的 40% 以下。因此我們希望這能讓我們在未來有更多可以施力的槓桿。

But I think it's going to be like you said. We had like a pretty -- just a couple of basis point drop in some of the deposit categories, just 1 basis point overall, but I want to try to get a better feel for the full portfolio now that they've got -- now that we have the deposits in one system, it's going to be easier for me to kind of look at where we are from a go-forward basis, which we completed the core conversion on April 5. So get -- trying to get that kind of data is on the come.

但我想會像你說的那樣。我們在某些存款類別上大概只有——相當小的下降——就幾個基點，整體也只下降 1 個基點；但我想更好地掌握整個投資組合的情況，因為他們已經——因為我們現在把存款放在同一個系統裡了，從未來展望的角度來看，我會更容易去檢視我們目前的位置；我們在 4 月 5 日完成了核心系統轉換。所以要——取得那類資料正在進行中。

But on the -- yeah, I think there's -- we're not seeing downward pressure on the lending rates to the level that you might be seeing in the Northeast as well. And -- but I think our ability to squeeze out of the deposits will be smaller than it had been. It's there, but it will be at a smaller amount.

但在——是的，我認為——我們沒有看到放款利率有你在東北部可能也看到的那種程度的下行壓力。而且——但我認為我們從存款端再擠壓的能力會比之前小一些。還是有，但幅度會更小。

Okay. And then maybe on the lending side, same question around competitive conditions, yeah, would love to hear kind of what what new origination yields are on the pipeline right now? And how does the pipeline look?

好的。那接著可能在放款端，同樣關於競爭狀況的問題，是的，很想聽聽目前管線中新承作的殖利率大概是多少？以及管線看起來如何？

Pipeline is very healthy and has been. So when we look ahead, [30, 60, 90]. we're ahead of our general pipeline. Quality is very good and pricing is in line with our expectations where the closings that we just had averaged 7.05 for the last $18.5 million we booked.

管線非常健康，而且一直都是。所以當我們往前看，[30、60、90]，我們都領先於我們一般的管線水準。品質非常好，定價也符合我們的預期；我們剛完成的那些結案，最近入帳的 1,850 萬美元平均利率是 7.05%。

Yes. I'm still seeing, I guess, most -- almost all the rates that are coming across are still higher than what the portfolio yield is. So we think there's still room there for some expansion.

是的。我仍然看到，我想，絕大多數——幾乎所有進來的利率都仍高於投資組合的收益率。所以我們認為那裡仍有一些擴張空間。

Okay. So it sounds like deposit costs are flat to down a little bit. There's still upward repricing on the loan side. So maybe, John, help me out with the margin, how you feel like it's gonna shake out as we progress through the year.

好的。所以聽起來存款成本持平到小幅下降。放款端仍在向上重訂價。所以也許，John，請幫我看一下利差（margin），你覺得隨著今年推進會怎麼走？

Well, I think if -- yeah, I think we still have room to expand somewhat. I guess I wouldn't put it at, again, what we experienced in the first quarter given the different financial ins and outs with the acquisition that went on. But if we can get another, let's say, 3 or 4 or 5 basis points on loans going forward, I think we can better use.

嗯，我想如果——是的，我認為我們仍有一些擴張空間。我想我不會把它設定為——再次強調——像第一季那樣的幅度，因為併購帶來了不同的財務進出項目。但如果我們接下來能在放款上再拿到，比如說 3 或 4 或 5 個基點，我想我們可以更好地運用。

We had some drag on cash in Q1 as well, which we'll be able to deploy more easily going forward, just given the systems issues. Again, I think the margin can increase throughout the year. I wouldn't put it at 8 basis points on linked quarter basis, but, maybe 3 or 4 , 5 basis points.

第一季我們的現金也有一些拖累，而隨著系統問題解決，往後我們會更容易把它部署出去。再說一次，我認為利差可以在全年逐步上升。我不會說以季對季（linked quarter）來看會有 8 個基點，但也許是 3 或 4、5 個基點。

Great. I appreciate all that. I'll stop there. Thank you.

很好。我很感謝這些說明。我就先到這裡。謝謝。

Thanks, Matt.

謝謝你，Matt。

Daniel Cardenas, Brean Capital.

Daniel Cardenas，Brean Capital。

Yeah. Thanks, guys. Just a couple quick questions. Hello. The margin discussion that you just had, John, are you talking three to five basis points for the remainder of the year or perhaps over the next couple quarters?

是的。謝謝，各位。我只有幾個簡短問題。你好。剛才你們討論的利差，John，你說的 3 到 5 個基點，是指今年剩餘期間，還是可能是接下來幾季？

Over the next couple quarters.

接下來幾季。

Okay, great. On the fee income side, nice improvement quarter-over-quarter. What are some of the drivers that could potentially drive that number higher, as we look at 2Q and beyond?

好的，很好。在手續費收入方面，季對季有不錯的改善。展望第二季（2Q）及之後，有哪些驅動因素可能讓這個數字再往上？

You know, part of it, Dan, is we were an underperformer from debit revenue. We put a strategy in place a couple years ago and changed the way we were looking about that and promoting it. Part of it is getting more debit cards in more people's hands and promoting the utilization of it. And then we've been working on growing our fee income businesses for the last few years, and it's starting to pay dividends. But there's lots of room for us to grow there. It's just a matter of making sure that we're able to staff up appropriately to grow our brokerage, trust, and mortgage businesses.

你知道的，Dan，其中一部分是我們在簽帳金融卡（debit）收入方面過去表現不佳。我們在幾年前制定了一個策略，並改變了我們看待與推廣它的方式。其中一部分是讓更多人拿到更多簽帳金融卡，並推動其使用率。然後我們過去幾年一直在擴大我們的手續費收入業務，現在開始看到成效。但我們在那方面還有很大的成長空間。關鍵只是要確保我們能適當增補人力，以擴展我們的經紀、信託與房貸業務。

Okay.

好的。

Treasury management is geared up for the second half of the year. Should do a nice job as well.

資金管理（Treasury management）已為下半年做好準備，也應該會有不錯的表現。

I was just gonna ask you about that. Okay, perfect. All right. I'll step back. Thank you.

我正想問你這個。好的，完美。好吧，我先退下。謝謝。

That concludes today's question-and-answer session. I'd like to turn the call over to Jim Donnelly for closing remarks.

今天的問答環節到此結束。我想把電話會議交給 Jim Donnelly 做結語。

Thank you once again for joining us this morning. We made a great start to 2026, continuing the momentum built in 2025 and as we live out our mission to help our customers and communities build strong financial futures, so that every day, every year, every generation is better than the last. As we continue to integrate the Presence Bank acquisition and benefit from the shared best practices, we will be better positioned to deliver that better future united to serve our communities.

再次感謝各位今天早上加入我們。我們在 2026 年有一個很好的開局，延續了 2025 年建立的動能；同時我們也在實踐我們的使命——協助客戶與社區打造強健的財務未來，讓每一天、每一年、每一代都比上一代更好。隨著我們持續整合 Presence Bank 的收購案並受益於共享的最佳實務，我們將更有能力在團結一致、服務社區的基礎上，交付那個更好的未來。

As we move forward, our disciplined approach, high-quality credit metrics and careful execution enables us to deliver improved financial results and lasting value for our shareholders. I look forward to updating you on our progress. Have a great day.

展望未來，我們嚴謹自律的方法、高品質的信用指標與審慎的執行力，使我們能夠交出更佳的財務成果，並為股東創造長期價值。我期待向各位更新我們的進展。祝各位有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。