Origin Bancorp Inc (OBK) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Origin Bancorp Inc first-quarter earnings conference call. My name is Jen, and I will be your Evercall coordinator. (Operator Instructions) Please note this event is being recorded.

各位早安，歡迎參加 Origin Bancorp Inc 第一季財報電話會議。我是 Jen，將擔任本次 Evercall 協調員。（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 Chris Reigelman, Director of Investor Relations. Please go ahead.

現在我想把電話交給投資人關係總監 Chris Reigelman。請開始。

Good morning, and thank you for joining us today. We issued our earnings press release yesterday afternoon, a copy of which is available on our website, along with a slide presentation that we will refer to during this call.

各位早安，感謝今天加入我們。我們已於昨天下午發布財報新聞稿，副本可在我們網站上取得；同時也提供本次電話會議將引用的簡報投影片。

Please refer to Page 2 of our slide presentation, which includes our safe harbor statements regarding forward-looking statements and the use of non-GAAP financial measures. For those joining by phone, please note the slide presentation is available on our website at ir.origin.bank. Please also note that our safe harbor statements are available on Page 6 of our earnings release filed with the SEC yesterday.

請參閱我們簡報投影片第 2 頁，其中包含關於前瞻性陳述及使用非 GAAP 財務衡量指標的安全港聲明。對於以電話加入的與會者，請注意簡報投影片可於我們網站 ir.origin.bank 取得。另請注意，我們的安全港聲明亦載於昨日向 SEC 提交之財報新聞稿第 6 頁。

All comments made during today's call are subject to safe harbor statements in our slide presentation and our earnings release.

今日電話會議中的所有評論均受我們簡報投影片及財報新聞稿中的安全港聲明所規範。

I'm joined this morning by Origin Bancorp's Chairman, President and CEO, Drake Mills; President and CEO of Origin Bank, Lance Hall; our Chief Financial Officer, Wally Wallace; Chief Risk Officer, Jim Crotwell; our Chief Accounting Officer, Steve Brolly; and our Chief Credit and Banking Officer, Preston Moore. After the presentation, we'll be happy to address any questions you may have.

今天早上與我一同出席的有 Origin Bancorp 董事長、總裁暨執行長 Drake Mills；Origin Bank 總裁暨執行長 Lance Hall；財務長 Wally Wallace；風險長 Jim Crotwell；會計長 Steve Brolly；以及信貸與銀行業務長 Preston Moore。簡報結束後，我們很樂意回答各位的提問。

Drake, the call is yours.

Drake，電話交給你。

Thanks, Chris, and thanks for being with us this morning.

謝謝你，Chris，也謝謝各位今天早上與會。

While I'm pleased with the results of this quarter, I'm even more encouraged by the momentum we're building as we focus on developing a high-performing organization through Optimize Origin. Our ROA in the past 2 quarters highlights the level of focus we have in strategically improving performance for all of our stakeholders. In Q1, our ROA was 1.11%, and we are on pace to achieve our target run rate by year-end.

雖然我對本季的成果感到滿意，但更令我振奮的是，隨著我們透過 Optimize Origin 專注於打造高績效組織，我們正在累積的動能。過去兩季的 ROA 突顯了我們在策略性提升績效、以造福所有利害關係人方面的專注程度。第一季我們的 ROA 為 1.11%，並正朝著在年底前達成目標運行水準（run rate）的進度前進。

The momentum we spoke about last quarter has only accelerated as we've started the new year. We saw very positive loan and deposit growth for the quarter, which has been disciplined and strategic. I remain encouraged with what I'm seeing and hearing throughout our markets.

我們上季談到的動能在新年度開始後只增不減。本季我們看到非常正面的放款與存款成長，而且是有紀律且具策略性的。我仍對在各個市場中所見所聞感到鼓舞。

The growth we saw in Texas and in the Southeast is a reflection of both the strength within those dynamic markets and the generational dislocation that is occurring. This dislocation is creating valuable opportunities to add new relationships, expand on existing ones and add new bankers to our already impressive team.

我們在德州與東南部看到的成長，反映了這些充滿活力市場的內在強勁，以及正在發生的世代性結構位移（generational dislocation）。這種位移正在創造寶貴機會，讓我們能新增往來關係、深化既有關係，並為我們本就令人印象深刻的團隊增添新的銀行家。

Lance will provide more detail on this, but we are receiving calls from bankers within our current markets as well as in new markets who have an interest in joining our team. The volume of activity being created by disruption is even greater than we anticipated. Momentum is strong at Origin and is based on our award-winning culture and our drive for elite financial performance through Optimize Origin.

Lance 會提供更多細節，但我們正接到來自現有市場以及新市場的銀行家來電，他們有意加入我們團隊。由於市場擾動所帶來的活動量甚至超出我們的預期。Origin 的動能強勁，建立在我們屢獲獎項的企業文化，以及透過 Optimize Origin 追求卓越財務表現的驅動力之上。

Again, I'm proud of our results this quarter, and I'm optimistic about what we can accomplish.

再次強調，我為本季成果感到自豪，也對我們能達成的目標抱持樂觀。

Now I'll turn it over to Lance and the team.

接下來我把時間交給 Lance 與團隊。

Thanks, Drake, and good morning. It's an exciting time for Origin. Across our company, Optimize Origin has clearly become the operating system driving more consistent, higher-quality performance. We are seeing Optimize translate into stronger execution, disciplined growth and increased operating leverage.

謝謝你，Drake，各位早安。對 Origin 而言，這是一個令人振奮的時刻。在全公司範圍內，Optimize Origin 顯然已成為驅動更一致、更高品質績效的作業系統。我們看到 Optimize 正轉化為更強的執行力、有紀律的成長，以及更高的營運槓桿。

In Q1, we delivered strong loan and deposit growth. Loans held for investment, excluding mortgage warehouse, increased $200 million or 2.8% quarter-over-quarter. Total deposits, adjusting for deposits sold at the end of 2025 grew $234 million or 2.8%.

第一季，我們交出強勁的放款與存款成長。投資性放款（Loans held for investment）在排除房貸倉儲（mortgage warehouse）後，較前一季增加 2 億美元或 2.8%。總存款在調整 2025 年底出售的存款後，增加 2.34 億美元或 2.8%。

As expected, this production is being driven out of our Houston, DFW and the Southeast markets. This growth reflects disciplined execution, not opportunistic volume. We remain fully focused on full relationship profitability, balancing loan growth with core deposit generation, pricing discipline and long-term client value. This consistency is critical as we continue to build a more durable and high-performing balance sheet.

如預期，這些產出主要由我們的休士頓、DFW 以及東南部市場所帶動。這樣的成長反映的是有紀律的執行，而非機會式的量能追逐。我們仍全力聚焦於整體往來關係的獲利能力，在放款成長與核心存款生成、定價紀律及長期客戶價值之間取得平衡。這種一致性至關重要，因為我們持續打造更具韌性且高績效的資產負債表。

As Drake mentioned, the interest we are receiving from high-quality bankers who desire stability, opportunity and a vision for the future has been exceptional. Since the beginning of this year, we have added 15 bankers to our production teams. While our loan growth in the first quarter was strong, it doesn't capture what our new bankers will add throughout the remainder of the year. I'm confident that we will continue to strategically enhance our teams across our footprint during this time of disruption.

如 Drake 所提到，我們收到希望獲得穩定性、機會與未來願景的高品質銀行家所表達的興趣，表現非常突出。自今年年初以來，我們已為生產團隊新增 15 位銀行家。雖然第一季放款成長強勁，但尚未反映新加入銀行家在今年剩餘期間將帶來的貢獻。我有信心，在這段市場擾動期間，我們將持續在營運版圖內策略性強化團隊。

Our footprint, geographic model and talented bankers create an environment where I feel confident we will capture our desired growth without needing to take any unreasonable credit or interest rate risk. We have the luxury of not needing to stretch or deviate from our standards or credit culture in any way.

我們的營運版圖、地理布局模式以及優秀的銀行家，創造出一個讓我有信心能在不必承擔任何不合理信用或利率風險的情況下，達成我們期望成長的環境。我們有餘裕不必勉強拉伸或以任何方式偏離我們的標準或信貸文化。

At the same time, we are continuing to invest in the capabilities that will define our next phase of performance. During the first quarter, we hired Brad Waldhoff as Chief Technology and Innovation Officer. Brad has more than 20 years of success leading digital innovation for high-growth companies.

同時，我們也持續投資於將定義下一階段績效的能力。第一季，我們聘請 Brad Waldhoff 擔任技術與創新長（Chief Technology and Innovation Officer）。Brad 在帶領高成長公司推動數位創新方面擁有超過 20 年的成功經驗。

He is already partnering with our teams across the organization to align technology, data and AI more directly with business outcomes. This focus on enterprise architecture and innovation strategy is directly connected to driving measurable improvements in productivity, decision speed and quality and enhanced client experiences. Over time, we expect this alignment to enhance our ability to scale effectively, strengthen revenue and risk management and drive better overall returns.

他已開始與全組織各團隊合作，使科技、數據與 AI 更直接地與業務成果對齊。這項對企業架構與創新策略的聚焦，與推動可衡量的生產力提升、決策速度與品質改善，以及強化客戶體驗直接相關。隨著時間推進，我們預期這種對齊將提升我們有效擴張的能力、強化營收與風險管理，並帶來更佳的整體報酬。

As we continue to Optimize Origin, we are hyper-focused on revenue creation, process improvement, speed of delivery, scaling with discipline and driving elite financial performance. This unique position of a dynamic footprint and ability to take advantage of market disruption through talent acquisition and award-winning culture as well as a commitment to AI, technology and automation is why we are so confident and optimistic on Origin's strategic path. As other financial institutions are consolidating, we are investing in our independent future.

在我們持續推動 Optimize Origin 的同時，我們高度聚焦於創造營收、流程改善、交付速度、以紀律擴張，以及驅動卓越的財務表現。我們具備動態的營運版圖，並能透過人才招募與屢獲獎項的企業文化把握市場擾動所帶來的機會，同時也承諾投入 AI、科技與自動化；這正是我們對 Origin 策略路徑如此有信心且樂觀的原因。當其他金融機構正在整併之際，我們正投資於我們獨立發展的未來。

Now I'll turn it over to Jim.

接下來我把時間交給 Jim。

Thanks, Lance. I'm pleased to report continued sound credit metrics for the first quarter of 2026. Total past dues 30 to 89 days increased to 0.22% and compared favorably to an average of 0.25% over the previous 4 quarters. Net charge-offs for the quarter were $2.8 million, down from $3.2 million, and represent an annualized charge-off rate of 0.15% for the quarter. Nonperforming assets increased $6.4 million, increasing moderately from 1.07% of loans to 1.12% and remain below the level of 1.18% reported at Q3 2025.

謝謝你，Lance。我很高興報告 2026 年第一季我們持續維持穩健的信用指標。逾期 30 至 89 天的總額上升至 0.22%，相較於前四季平均 0.25% 仍表現良好。本季淨沖銷（net charge-offs）為 280 萬美元，低於 320 萬美元，折算年化沖銷率為 0.15%。不良資產增加 640 萬美元，不良資產占放款比率由 1.07% 小幅升至 1.12%，且仍低於 2025 年第三季所報告的 1.18%。

Classified assets also increased moderately from 1.93% of total loans to 1.97%, an increase of $6.3 million, driven primarily by the downgrade of 9 relationships, partially offset by balance reductions in 6 relationships. For the quarter, our allowance for credit losses increased $2.2 million to $99 million. On a percentage basis, our allowance remained stable at 1.34% of total loans net of mortgage warehouse. As in recent quarters, we did not experience any significant changes in our CECL model assumptions.

分類資產（classified assets）亦由占總放款 1.93% 小幅升至 1.97%，增加 630 萬美元，主要由 9 個往來關係被調降評等所致，部分被 6 個往來關係的餘額下降所抵銷。本季，我們的信用損失準備（allowance for credit losses）增加 220 萬美元至 9,900 萬美元。以比例計算，在扣除房貸倉儲後，我們的準備金維持穩定，為總放款的 1.34%。與近期各季相同，我們的 CECL 模型假設並未出現任何重大變動。

As to total ADC and CRE and as we have shared on previous calls, we continue to have ample capacity to meet the needs of our clients and grow this segment of our portfolio, reflecting funding to total risk-based capital of 48% for ADC and 233% for CRE. We continue to be pleased with the sound credit performance of our portfolio.

至於整體 ADC 與 CRE，如同我們在先前電話會議中分享的，我們仍具備充足的承作容量，以滿足客戶需求並成長此一投資組合區塊；其反映於 ADC 的資金占風險性資本總額比率為 48%，以及 CRE 為 233%。我們持續對投資組合穩健的信用表現感到滿意。

I'll now turn it over to Wally.

接下來我把時間交給 Wally。

Thanks, Jim, and good morning, everyone.

謝謝你，Jim，各位早安。

Turning to the financial highlights. In Q1, we reported diluted earnings per share of $0.89. As you can see on Slide 25, the combined financial impact of notable items during the quarter equated to net expense of $577,000, equivalent to $0.01 of EPS pressure. On a pretax pre-provision basis, we reported $40.2 million in Q1. Excluding notable items, pretax pre-provision earnings were $40.8 million and annualized pretax pre-provision ROA was 1.61%.

接著談財務重點。第一季我們報告稀釋後每股盈餘（EPS）為 0.89 美元。如投影片第 25 頁所示，本季重大項目（notable items）的合計財務影響為淨費用 57.7 萬美元，相當於對 EPS 造成 0.01 美元的壓力。以稅前、提存前（pretax pre-provision）基礎計算，第一季為 4,020 萬美元。排除重大項目後，稅前、提存前盈餘為 4,080 萬美元，稅前、提存前 ROA 年化為 1.61%。

On the balance sheet side, loans grew 2.5% sequentially and 2.8% when excluding mortgage warehouse. Total deposits grew 5.4% during the quarter. However, on the last day of the year, we sold $215 million in interest-bearing deposits. These deposits were repurchased two days later. Excluding this sale, deposits would have increased 2.8% during the quarter.

在資產負債表方面，貸款較前一季成長 2.5%，若排除房貸倉儲（mortgage warehouse）則成長 2.8%。總存款在本季成長 5.4%。然而，在年度最後一天，我們出售了 2.15 億美元的計息存款；兩天後這些存款又被回購。若排除此筆出售，存款在本季本應成長 2.8%。

Noninterest-bearing deposits grew 4.2% sequentially and ended the quarter at 23.6% of total deposits. Moving forward, we continue to target loan and deposit growth in the mid- to high single digits for the year, though we are clearly tracking towards the higher end after Q1.

無息存款較前一季成長 4.2%，季末占總存款的 23.6%。展望未來，我們仍以全年貸款與存款成長達到中至高個位數為目標，儘管在第一季之後，我們顯然正朝向較高端的水準推進。

Turning to the income statement. Net interest margin contracted 2 basis points during the quarter to 3.71%, in line with our guidance of slight compression. Moving forward, we expect margin will bounce back in Q2 by about 10 basis points, plus or minus, as excess liquidity from seasonal balances in our public funds customer accounts runs back off, leaving average earning asset balances roughly flat.

接著看損益表。淨利差（NIM）在本季收窄 2 個基點至 3.71%，符合我們「小幅壓縮」的指引。展望未來，我們預期第二季利差將回升約 10 個基點（上下浮動），原因是公共資金客戶帳戶中的季節性餘額所帶來的超額流動性將回落，使平均生息資產餘額大致持平。

By Q4, we continue to anticipate NIM in the 3.7% to 3.8% range with current bias remaining at the higher end. Our outlook now includes 25 basis point Fed rate cuts in July and December. Combined with our balance sheet growth expectations, we continue to expect net interest income growth in the mid- to high single digits for both the full year and Q4 over Q4.

到第四季，我們仍預期淨利差將落在 3.7% 至 3.8% 區間，目前偏向區間高端。我們的展望現已納入聯準會於 7 月與 12 月各降息 25 個基點。結合我們對資產負債表成長的預期，我們仍預期全年以及第四季相較第四季（Q4 over Q4）的淨利息收入成長將為中至高個位數。

Shifting to noninterest income. We reported $16.8 million in Q1. Excluding $438,000 in net benefits from notable items in Q1 and $483,000 in net benefits in Q4, noninterest income increased slightly to $16.4 million from $16.3 million in Q4 as $3.3 million in net losses on limited partnership investments offset the seasonal strength in our insurance business. We are maintaining our outlook for full year noninterest income growth in the mid- to high single digits with Q4-over-Q4 growth in the low to mid-single digits when excluding notable items, though we are currently tracking on the lower end.

再看非利息收入。我們第一季為 1,680 萬美元。若排除第一季顯著項目帶來的 43.8 萬美元淨收益，以及第四季的 48.3 萬美元淨收益，非利息收入由第四季的 1,630 萬美元小幅增加至 1,640 萬美元，原因是有限合夥投資的 330 萬美元淨損失抵銷了我們保險業務的季節性強勁表現。我們維持全年非利息收入成長中至高個位數的展望；若排除顯著項目，第四季相較第四季的成長預期為低至中個位數，但目前我們的進度偏向較低端。

We reported noninterest expense of $63.8 million in Q1. Excluding $1 million in expense from notable items in Q1 and $1.3 million in Q4, noninterest expense increased to $62.8 million from $61.5 million in Q4. Our expense growth outlook remains for mid-single-digit growth for both the full year and on a Q4-over-Q4 basis after excluding notable items. Notably, we are maintaining our run rate ROA expectation of at least 1.15% in Q4 and a pretax pre-provision run rate ROA in excess of 1.72%.

我們第一季非利息費用為 6,380 萬美元。若排除第一季顯著項目的 100 萬美元費用，以及第四季的 130 萬美元，非利息費用由第四季的 6,150 萬美元增加至 6,280 萬美元。我們的費用成長展望仍為：在排除顯著項目後，全年以及第四季相較第四季皆為中個位數成長。值得注意的是，我們維持第四季經常性 ROA（run rate ROA）至少 1.15% 的預期，以及稅前、提存前的經常性 ROA（pretax pre-provision run rate ROA）高於 1.72%。

Lastly, turning to capital. We note that Q1 tangible book value grew sequentially to $35.61, the 14th consecutive quarter of growth, and the TCE ratio ended the quarter at 11%. During Q1, we repurchased 165,500 shares while maintaining all regulatory capital ratios above levels considered well capitalized, as shown on Slide 24 of our investor presentation.

最後談資本。我們注意到第一季每股有形帳面價值（tangible book value）較前一季增至 35.61 美元，為連續第 14 季成長；有形普通股權益比率（TCE ratio）季末為 11%。第一季期間，我們回購 165,500 股，同時維持所有監理資本比率均高於「資本充足（well capitalized）」的標準，如我們投資人簡報第 24 頁所示。

Furthermore, we announced yesterday the Board's approval of an increase in our quarterly dividend from $0.15 to $0.25. We believe this decision, combined with our continued share repurchases is a reflection of both the strength in our capital levels and a more consistent earnings stream to support dividend payout levels closer to peers.

此外，我們昨日宣布董事會核准將季度股利由 0.15 美元提高至 0.25 美元。我們相信此決策，結合我們持續的庫藏股回購，反映了我們資本水準的強勁，以及更為穩定的獲利能力，足以支持將股利配發水準提升至更接近同業。

With that, I'll now turn it back to Drake.

接下來我把時間交回給 Drake。

Wally, thank you. Optimize Origin continues to shape how we operate, how we allocate capital and how we think about long-term value creation. Over the past few years, we've invested in top-tier talent, infrastructure, technology while strengthening our culture. My optimism is based on our focus and our ability to execute. We will remain strategic and deliberate in how we drive value for our stakeholders.

Wally，謝謝你。Optimize Origin 持續形塑我們的營運方式、資本配置方式，以及我們對長期價值創造的思考。過去幾年，我們投資於頂尖人才、基礎設施與科技，同時強化我們的文化。我之所以樂觀，是基於我們的專注與執行能力。我們將在為利害關係人創造價值的方式上，持續保持策略性與審慎。

Thanks for being on the call today. We'll open it up for questions.

感謝各位今天參與電話會議。接下來我們開放提問。

Thank you, Drake. At this time, we will conduct the question-and-answer session. (Operator Instructions)

謝謝你，Drake。此時我們將進行問答環節。（接線員指示）

Matt, Stephens.

Matt，Stephens。

Hey, thanks. Good morning. I have a few questions around loan growth. Just looking for more color around the drivers of what we saw in the first quarter. It looks like it was a lot of CNI, I think, mostly in Texas. Just any more color on what you saw there and kind of how the pipelines look today? And then secondly, we've heard a few of your peers in Texas mentioned that loan pricing continues to tighten for a handful of the CNI segments in Texas. Just would love to know kind of what you're seeing there.

嗨，謝謝。早安。我有幾個關於貸款成長的問題。想請你們多補充第一季所見成長動能的驅動因素。看起來主要是 CNI，我想多半在德州。能否多談談你們在那裡看到的情況，以及目前的案源（pipeline）狀況？第二點，我們聽到幾家在德州的同業提到，德州部分 CNI 分項的貸款定價仍在收緊。也想了解你們那邊看到的狀況。

Yeah. Hey, good morning. This is Lance. Thanks for the question. Really excited about what we produced in the first quarter and what we see from a pipeline and a forecast perspective for the rest of the year and going forward. You were right. It's exactly what we would hope it would be. I think $184 million of the growth was in CNI, Texas and the Southeast, where we've been making our big investments, were the huge drivers of that. Houston did a great job. We're really seeing the increase now from Nate and his team in the Southeast as well as that's really coming through.

好的。嗨，早安。我是 Lance。謝謝你的提問。我們對第一季的成果，以及從案源與預測角度看今年剩餘期間與未來的表現，都感到非常振奮。你說得沒錯，這正是我們希望看到的樣子。我想其中約 1.84 億美元的成長來自 CNI；德州與東南部是我們重點投資的區域，也是主要驅動因素。休士頓做得非常好。我們也確實看到 Nate 與他在東南部的團隊帶來的增量，現在正逐步反映出來。

We are seeing competitive pressures on pricing. I will say, for the first quarter, I thought we did a really good job of being disciplined. We were seeing new loan pricing come in between about 6.3% and 6.5%, which I feel is really good. As I said in our commentary, I feel like our footprint, our investment in bankers, gives us a little bit of luxury that we don't have to reach as much. So I'm proud of our teams. I'm proud of our credit officers for the discipline that they're driving.

我們確實看到定價上的競爭壓力。我會說，在第一季我們在保持紀律方面做得很好。我們看到新承作貸款的定價大約落在 6.3% 到 6.5% 之間，我覺得這非常不錯。正如我在評論中提到的，我認為我們的據點布局與對銀行家團隊的投資，讓我們在某種程度上有餘裕，不必過度追逐。我為我們的團隊感到自豪，也為我們信貸主管所推動的紀律感到自豪。

The mix of the loans as far as industries was really spread out, pretty granular, pretty typical to what you would see from us. There were some industrial services, transportation, construction, construction equipment, a little bit of clean energy, renewable stuff that we saw, so a little bit across the board that we feel good about. I think we had talked about $190 million pipeline in Q1. So we were kind of right at that level. We're seeing about $150 million to $160 million pipeline for Q2.

就產業別而言，貸款組合分布相當分散、顆粒度高，也很符合你們一貫看到的我們的樣貌。包含一些工業服務、運輸、營建、營建設備，還有一點潔淨能源、再生能源相關，因此我們覺得整體各面向都不錯。我想我們曾提到第一季約 1.90 億美元的案源，所以實際上大致就在那個水準。第二季我們看到的案源約為 1.5 億到 1.6 億美元。

We've had good success kind of through the first part of the quarter, and I think that, that's really going to pay dividends. And as we talked about, I'm going to say that the growth that we've seen so far is organic completely, not a function of new hires or disruption yet. And so that investment for us is going to really pay dividends in the back half of the year and for the next couple of years, as that investment continues to pay off.

我們在本季前段取得了不錯的進展，我認為這將帶來回報。並且如我們所談到的，我會說目前為止看到的成長完全是內生成長（organic），尚未來自新聘人員或任何尚未發生的擾動。因此，這些投資將在今年下半年以及未來幾年持續帶來回報，因為投資效益會逐步顯現。

Okay. I appreciate the color there, Lance. And if I could switch gears over to the capital side. I think Drake noted some good capital actions during the quarter, the Board approved the dividend that we'll see here and also bought back some shares in the first quarter. Just would love to hear updated thoughts around capital priorities. Are there certain capital levels you're targeting? And at what point does M&A come back into play?

好的。謝謝你提供這些細節，Lance。若我可以換個話題談資本面。我想 Drake 提到本季一些不錯的資本動作：董事會核准我們將看到的股利調升，第一季也回購了一些股票。想請你們更新一下對資本優先順序的看法。你們是否有鎖定某些資本水準？以及在什麼情況下，併購（M&A）會重新納入考量？

Yeah, Matt, thank you. Our capital deployment outlook is pretty much as it has been. I mean we are -- we feel like we're first in a position of luxury from the standpoint of strength of capital. But obviously, growth is our major emphasis on capital deployment. But on the second -- on the other hand, we have to become more peer-like in how we utilize capital, especially excess capital. We're very pleased with the approval, the increase of dividend.

好的，Matt，謝謝。就資本運用而言，我們的展望大致與過去一致。我的意思是——從資本強度的角度來看，我們確實處於相對有利的位置。但顯然，成長是我們資本配置的主要重點。不過另一方面，我們也必須在資本運用方式上更接近同業，特別是對於超額資本的運用。我們對股利調升獲得核准感到非常滿意。

That will give us an opportunity to continue in the next several years to be peer plus like in how we manage capital return. But from a buyback activity standpoint, we are focused on, as we always have been, not just ROA, but ROE and how do we manage capital from a perspective of shareholder return, but yet at the same time, get this ROE number up.

這將讓我們在未來幾年有機會持續以「優於同業（peer plus）」的方式來管理資本回饋。但就回購活動而言，我們一如既往地關注的不只是 ROA，還有 ROE，以及我們如何從股東報酬的角度管理資本，同時也要把 ROE 這個數字拉升。

And so our deployment is going to be the same. We're very pleased with the levels of growth that we're seeing in all markets, and we'll continue to focus on that. But at this point, we're in a, like I said, a position of strength. We have significant confidence in our earnings durability, which gives us the opportunity to move forward with increased dividends. And ultimately, as I said, there's going to be a desire to continue to deploy this through organic growth, and we're seeing some significant opportunities on markets.

因此，我們的資金部署將會維持相同。我們對於在所有市場看到的成長水準感到非常滿意，並將持續聚焦於此。但就目前而言，如我所說，我們處於一個相對強勢的位置。我們對獲利的持久性具有相當高的信心，這也讓我們有機會推動提高股利。最終，如我所說，我們會希望持續透過內生成長來部署這些資本，而我們也在市場上看到一些相當顯著的機會。

And Drake, the last part of that, can you address M&A for the bank?

Drake，最後一部分，你能談談銀行的併購（M&A）嗎？

Yeah. For us, I think the best plan is for us to grow -- we've got a nice opportunity to grow organically. M&A is just not on the table at this point. We've got too much opportunity to maintain awesome culture, strong credit quality. The growth we're seeing is high quality. So we're going to take advantage of this organic growth, this lift-out opportunity, really do the things that we've done for years that's made us who we are, but focus on a disciplined approach of return and profitable growth. And I think that's going to be the driver that keeps us out of the M&A game.

可以。對我們而言，我認為最好的計畫就是成長——我們有很好的內生成長機會。現階段併購並不在考量範圍內。我們有太多機會去維持卓越的文化與強健的信用品質。我們看到的成長是高品質的。因此我們會把握這些內生成長、這些團隊挖角（lift-out）的機會，真正去做我們多年來一直在做、也塑造了我們的那些事情，但會聚焦在有紀律的報酬與獲利性成長方法上。我認為這將是讓我們不參與併購競賽的主要驅動因素。

Okay. Makes sense. Thank you, guys.

好的。合理。謝謝各位。

Michael, Raymond James.

Michael，Raymond James。

Hey, good morning, guys. Thanks for taking my questions. I was trying to write down some of the commentary, Wally, that you provided around NII and fees. I think what I'm hearing is that the margin should maybe be towards the upper end. Does that imply that the NII should also be kind of towards the upper end of the range? And then I think I heard that fee income would maybe be tracking towards the lower end of the range, but the full year revenue should kind of balance out. Is that broadly kind of the way to think about it?

各位早安。謝謝讓我提問。我一直在試著記下你對淨利息收入（NII）與手續費的評論，Wally。我理解到的是，利差可能會落在區間的上緣。這是否意味著淨利息收入也會偏向區間上緣？另外我想我也聽到手續費收入可能會偏向區間下緣，但全年營收大致會互相抵銷、維持平衡。整體上可以這樣理解嗎？

Generally, I would say, yes, Michael. The NII would certainly be tracking towards the higher end, especially if loan growth and NIM is tracking towards the higher end of guidance. On the fee income side or the total revenue side, NII is obviously going to be the biggest driver of our total revenue growth. So even with our fee income tracking towards the lower end, primarily a result of the losses on the LP investments in the first quarter, that's still -- the total revenue still looks stronger due to the NII strength.

一般來說，是的，Michael。如果放款成長與淨利差（NIM）都朝指引上緣走，淨利息收入當然也會朝較高端走。就手續費收入或總營收而言，淨利息收入顯然會是我們總營收成長的最大驅動因素。因此即使手續費收入偏向區間下緣——主要是第一季LP投資的損失所致——總營收仍會因淨利息收入的強勁而看起來更強。

Okay. Helpful. I appreciate that clarification. And then Drake, maybe for you, obviously, the Optimize Origin efforts, I know it's been a lot of work to kind of get where you are, but it seems like the momentum is really beginning to build here, and I think you'll have more progress as you move into next year. Just as you think about some of those efforts and maybe finishing kind of the job, kind of where do you see the company over the next 2 to 3 years? I know you've talked about prior getting back to kind of a top quartile performance. What needs to happen from here to really kind of get there because it does seem like the bar has certainly moved higher? So just trying to balance what you've laid out already with kind of what's to come and how we get back to that top quartile profitability. Thanks.

好的，很有幫助。謝謝你釐清。接著 Drake，可能請你回答：很明顯 Optimize Origin 的推動，我知道一路走到現在投入了很多工作，但看起來動能真的開始建立起來，而且我想你們進入明年會有更多進展。當你思考這些努力、以及某種程度上把工作收尾時，你怎麼看公司未來2到3年的樣貌？我知道你之前談過要回到同業前四分位（top quartile）的表現。從現在開始要真正達到那個目標，需要發生什麼事？因為看起來門檻確實提高了。所以我想在你已經提出的規劃與接下來的發展之間取得平衡，並理解我們如何回到前四分位的獲利能力。謝謝。

Well, thanks to Lance and his team, Optimize Origin, and I love how Lance refers to it as our operating system. And it's not a project. It's not a point in time. It is literally how we look at this company moving forward. And I think to answer the bulk of your question, organic growth at the levels we're seeing today, maybe a little less, have to continue for us to be able to get to the point of a top quartile performer, and we are very confident in that.

嗯，謝謝。這要歸功於 Lance 和他的團隊，以及 Optimize Origin。我也很喜歡 Lance 把它稱作我們的作業系統。它不是一個專案，也不是某個時間點的事情；它確實就是我們未來看待這家公司的方式。我想回答你問題的核心：我們必須讓目前看到的內生成長水準——也許略低一些——持續下去，才能讓我們達到前四分位的表現者位置，而我們對此非常有信心。

That's why we're seeing a significant balance in the opportunities we have at this point for teams that are contacting us. We are looking at what is the impact to our financial model and our ability to hit these targets from an ROA standpoint in the next couple of years, but yet balance bringing these teams in. And so we're looking at teams that have significant CNI focus, that have funding capabilities themselves, that have longevity in their relationships with significant credit quality because ultimately, a derailer, if we have the growth is the credit quality aspect of it. So we are so focused on high-quality growth.

這也是為什麼我們現在看到一個很顯著的平衡：有許多團隊主動聯繫我們的機會。我們在評估把這些團隊納入後，對我們財務模型以及未來幾年以資產報酬率（ROA）角度達成目標的影響，同時也要在引進團隊之間取得平衡。因此我們在看的是：對CNI有高度聚焦的團隊、具備自身籌資能力的團隊、與客戶關係具有長期性且信用品質顯著的團隊，因為最終如果我們有成長，可能讓成長脫軌的因素就是信用品質。所以我們非常專注於高品質成長。

We're focused, as Lance said, on discipline, pricing and profitability. And so if we can continue managing Optimize Origin as, say, our operating system and our entire organization buys into that, then we'll see high credit quality. We'll see pricing discipline that will allow us to stay in the game, and we'll see growth that matters. So I would rather take a 6%, 7% growth that's high quality, high profit versus just throwing up a 10%, 12% growth.

我們也如 Lance 所說，聚焦在紀律、定價與獲利能力。因此如果我們能持續把 Optimize Origin 當作我們的作業系統來管理，並且整個組織都認同它，那麼我們會看到高信用品質；我們會看到定價紀律，讓我們能持續參與競爭；我們也會看到有意義的成長。所以我寧可要6%、7%的高品質、高獲利成長，也不要只是追求10%、12%的成長數字。

So I see a company that's growing at this 8% to 10% level in the next couple of years with significant discipline, high-quality credit and earnings power that continues to grow. So with those factors, I've got a lot of confidence in our ability to be an upper quartile earner in the next 3 years and continue with being a disciplined performance company.

因此我看到的是，未來幾年公司以8%到10%的水準成長，同時具備顯著的紀律、高品質信用，以及持續增長的獲利能力。有了這些因素，我對我們在未來3年成為上四分位的獲利者、並持續作為一家有紀律的績效型公司，充滿信心。

Yeah. I might want to add to that. That was a great answer, Drake. The back end of it, through the lens of Optimize, is really trying to continue to identify lower returning sections, markets, bankers, clients, products, understanding where our expenses are, how we can take advantage of the market and move expenses into what I'm going to call future revenue streams.

是的，我可能想補充一下。Drake，你回答得很好。從 Optimize 的角度來看，後半段其實是在持續辨識報酬較低的區塊——市場、銀行家、客戶、產品——並理解我們的費用在哪裡，以及我們如何利用市場，把費用移轉到我所稱的未來營收來源上。

And so right now, with the emphasis on artificial intelligence, we have taken advantage of a window to really dig into contract renegotiations with technology vendors and are having a tremendous amount of success. And that in the moment, not just for the -- not just to cut costs, but then to be able to reinvest those dollars into future automation as well as future investments in banking teams that are going to drive revenue. They're going to push us forward.

因此目前在強調人工智慧的背景下，我們把握了一個窗口期，深入推進與科技供應商的合約重新談判，而且取得了非常大的成功。而這在當下不只是——不只是為了削減成本——更是為了能把這些資金再投資到未來的自動化，以及未來對能帶動營收的銀行團隊的投資。他們會推動營收，並帶領我們向前。

I mean the hire of our new Chief Technology and Innovation Officer points to that, the real emphasis on data and how decisions are made through automation, through speed of delivery, process improvement. We are doing a deep dive inside the organization on all things along this journey and personalization for the clients so that we're delivering in a cheaper manner and we're driving this that's really pushing ROA significantly.

我的意思是，我們新任技術與創新長（Chief Technology and Innovation Officer）的聘任就指向這一點：真正強調資料，以及如何透過自動化、交付速度與流程改善來做決策。我們正在組織內部就這段旅程中的所有事項進行深度盤點，並為客戶提供個人化服務，讓我們能以更低成本交付，同時推動這些作為，確實大幅提升ROA。

I appreciate all the context and color. Thanks, guys.

我很感謝所有背景說明與細節。謝謝各位。

Thank you.

謝謝。

Stephen, Piper Sandler.

Stephen，Piper Sandler。

Yeah, thanks, everyone. Appreciate it. I wanted to dig into some of the guide a little bit more, just particularly around the deposit growth. Does that kind of guidance account for the movement we saw around year-end and the beginning of the year, with managing around the $10 billion in assets?

是的，謝謝各位，感謝。我想再更深入了解一下指引，特別是存款成長的部分。這個指引是否已經納入我們在年底與年初看到的變動，也就是在資產約100億美元附近進行管理所造成的影響？

Yes. So just to kind of give you some thoughts around maybe how the deposit growth will trend, the first quarter is always a seasonally strong quarter for us. Our public funds customers, especially in Louisiana, have a lot of inflows from tax receipts. Those deposits then run off in the second quarter. So the second quarter is typically down slightly, and then we build back up in the third and fourth quarters.

是的。為了提供你一些關於存款成長可能如何走勢的想法：第一季對我們而言一向是季節性較強的一季。我們的公款客戶，特別是在路易斯安那州，會因稅收入帳而有大量資金流入。這些存款接著會在第二季流出。因此第二季通常會略為下降，然後我們在第三、第四季再把水位建立回來。

So yes, if you look at the guide, that mid-single -- mid- to high single-digit guide would be on the higher end if you don't add back the deposits that we sold at the end of 2025.

所以是的，如果你看指引，那個中到高個位數的指引，若不把我們在2025年底出售的存款加回來，會落在較高端。

Got it. And then, Wally, I think I heard you say that the NIM guide currently assumes 2 cuts in July and December. Would there be any material change to the path for the NIM if we do not get any cuts this year?

了解。接著 Wally，我想我聽到你說目前的NIM指引假設7月與12月各降息一次（共2次）。如果今年完全沒有降息，NIM的走勢路徑會有任何重大改變嗎？

So we have about $350 million or so of loans that are maturing for the rest of this year. Those loans on average are priced around 5%. As Lance said, we're pricing -- in the first quarter, we were pricing new loans in the 630 to 650 range. So if the Fed doesn't cut and we don't see meaningful spread pressures, then we'll pick up an extra 25 basis points or so on those loans that are repricing.

所以我們今年剩餘期間大約有3.5億美元左右的貸款到期。這些貸款平均利率大約在5%。如 Lance 所說，我們在第一季新承作貸款的定價大約在6.30到6.50的區間。因此如果聯準會不降息、而我們也沒有看到明顯的利差壓力，那麼在這些重新定價的貸款上，我們大概還能多拿到約25個基點。

We've moved cuts from March and June to July and December. And so that's -- that would be in the guide. So the December cut is not going to impact the guide that much. So if the July cut comes out of our guidance, then we'd have a little bit of extra boost from those $350 million or so of loans that are repricing. Not hugely material.

我們已將降息從 3 月與 6 月移到 7 月與 12 月。因此——這會反映在指引中。所以 12 月的降息不會對指引造成太大影響。因此，如果 7 月的降息不納入我們的指引，那麼來自約 3.5 億美元左右正在重新定價的貸款，我們會有一些額外的提振。影響不算特別重大。

Yes. Makes sense. Okay. And then just last thing for me. Obviously, Texas clearly represents the lion's share of loans today. And can you give us any kind of color into what you're seeing in DFW, Houston markets in terms of demand and maybe impacts from continued dislocation with deals in those markets and kind of how you would expect that concentration of loans to the Texas markets to continue as we move forward?

是的。合理。好。那我最後一個問題。顯然，德州目前占了貸款的絕大部分。你們能否就你們在 DFW、休士頓市場看到的需求情況提供一些說明，以及這些市場交易持續失衡所帶來的影響，並談談你們預期未來德州市場貸款集中度會如何演變？

Yes, you're 100% right. Our teams are doing a great job. As we talked about, think $160 million of the CNI growth came out of the Texas market in Q1, and the pipeline would look very similar to that as far as the mix. But also on the deposit side, I mean, we grew $200 million in deposits in Texas. And the exciting part of that is because of the CNI focus we have in those markets with our operating companies, the NIB percentage in Dallas and Houston is clearly higher than other markets across our corporation. So they've actually worked and done a great job now that their total deposit costs in Dallas and Houston are the cheapest that we have, which is crazy to think about. They've done such a good job. A lot of TM revenue that's flowing through there.

是的，你說得完全正確。我們的團隊做得非常出色。正如我們提到的，第一季 CNI 成長中約 1.6 億美元來自德州市場，而就組合而言，管線看起來也非常類似。但在存款端也是如此，我們在德州的存款成長了 2 億美元。令人振奮的是，因為我們在這些市場聚焦 CNI、服務我們的營運型企業客戶，達拉斯與休士頓的 NIB 比例明顯高於我們公司其他市場。因此他們確實努力運作、做得非常好，以至於達拉斯與休士頓的總存款成本現在是我們最低的，這想起來很不可思議。他們做得非常出色。很多 TM 收入都在那裡流動。

From a dislocation perspective, you're right. I think Drake used the term generational. I can tell you that we're feeling it in a significant way. A year ago, I was spending all of my time around Optimize and sort of resetting, thinking through cost reductions. I can tell you right now, I'm spending all my time recruiting. We're having significant and meaningful conversations across our footprint, literally in every market.

從市場失衡的角度來看，你說得對。我想 Drake 用了「世代級」這個詞。我可以告訴你，我們確實以非常顯著的方式感受到。一年前，我把所有時間都花在 Optimize 上，並且在重置、思考如何降低成本。我可以告訴你，現在我把所有時間都花在招募上。我們在整個版圖上、幾乎每一個市場，都在進行重大且有意義的對話。

Of the 15 new production hires that we had in Q1, I think it's lined out exactly like you would hope it would be. It was 6 in Houston and 6 in North Texas. The opportunities we're seeing, and think hopefully, we'll be announcing very soon, are going to really move this company forward.

至於第一季新增的 15 位生產端新聘人員，我想配置正如你所期待的那樣：休士頓 6 位、北德州 6 位。我們看到的機會——也希望很快就會宣布——將真正推動這家公司向前。

I would also say that we see significant opportunity in the Southeast market. That they're maturing and coming into their own, conversations that are being had. So while Texas clearly is the driver for us, the Southeast is going to pick up dramatically.

我也想說，我們在東南部市場看到顯著機會。那裡正在成熟並逐步站穩腳步，相關對話也正在進行。因此，雖然德州顯然是我們的主要驅動力，但東南部將會大幅加速成長。

Great. Thanks for all the call. I really appreciate it.

很好。感謝整場電話會議。我非常感激。

(Operator Instructions)

（接線員指示）

Gary, Davidson.

Gary，Davidson。

Thank you. Good morning. I had just another question about the CNI growth in the quarter. Do you have a sense of kind of how much was new customer generated versus increased utilization among your existing customer base? Is there any sense that there's a pickup in company investment to take advantage of the tax bill and accelerated depreciation or anything along those lines?

謝謝。早安。我還有一個關於本季 CNI 成長的問題。你們是否能大致判斷其中有多少來自新客戶、又有多少來自既有客戶提高使用額度？是否有跡象顯示企業投資有所回升，以利用稅改法案與加速折舊等措施，或類似因素？

Yeah. I don't have an exact number for you, but I will tell you kind of going through loan committee and going through pipelines, looking at that, I think you're right. I do think the vast majority of it was more business from existing customers. I mean we are actively working with our business development officers and TMOs and bankers to make calls and bring in new customers, and that will pick up even greater with these new hires that we're bringing on new clients. But the vast majority of this is additional business in Texas. And I think you're right. I think there's incentives to drive new business from this administration that's paying off.

是的。我沒有精確數字可以給你，但我可以告訴你，從我們走貸款委員會、看管線的情況來看，我認為你說得對。我確實認為其中絕大部分是既有客戶帶來的更多業務。我們確實正積極與業務開發主管、TMO 與銀行同仁合作，進行拜訪並帶進新客戶；而隨著我們新聘人員加入、帶來新客戶，這部分會更明顯提升。但這次成長的絕大部分是德州的新增業務。我也認為你說得對，這屆政府提供的激勵正在帶動新業務，並且正在產生效果。

Okay. I appreciate that. And then just another kind of NIM-related question. In terms of the deposit cost side of things right now. You've got obviously some CDs repricing in the second quarter. Just hoping to get a sense of where you -- how much opportunity you think there still is in terms of deposit repricing, let's say, in the absence of rate cuts from here? Or are we pretty near a bottom?

好的，謝謝說明。接著再問一個與 NIM 相關的問題。就目前存款成本端而言，你們第二季顯然有一些定存（CD）要重新定價。我想了解的是：如果從現在起沒有再降息，你們認為存款重新定價還有多少空間？還是我們已經接近底部？

I would tell you that with the last cut that we got, our markets worked very hard to improve pricing. We looked at what we thought were opportunity with some higher cost deposits across the franchise. And I would tell you that absent another cut, I don't see that we have more opportunity to improve those costs. And our goal, part of our ethos, as Drake mentioned, was that to be disciplined around pricing. And as loan growth accelerates, we need to fund that loan growth with new deposit growth.

我會說，隨著我們上一次獲得的那次降息，我們各市場非常努力地改善定價。我們檢視了整個據點中一些成本較高的存款，看看有哪些機會。我會告訴你，如果沒有再一次降息，我看不到我們在降低這些成本上還有更多空間。而我們的目標——也是我們的理念之一，正如 Drake 提到的——是在定價上保持紀律。隨著貸款成長加速，我們需要以新的存款成長來支應這些貸款成長。

So I would suspect that we are near bottom on deposits as we have to make sure that we're funding new loans with deposits. New deposits tend to come in a little bit more expensive than your existing deposit base. So yes, I don't think -- I wouldn't model that we have a lot of opportunity on the deposit side from a net interest margin perspective. The greater opportunity is really coming from the repricing of loans, where I mentioned, we're picking up today 125 basis points to 150 basis points of spread.

因此我推測，我們的存款成本已接近底部，因為我們必須確保用存款來支應新增貸款。新進存款通常會比既有存款基礎稍微昂貴一些。所以是的，我不認為——我不會在模型中假設我們在存款端、就淨利差角度還有很大的改善空間。更大的機會其實來自貸款重新定價；如我提到的，我們目前可增加 125 個基點到 150 個基點的利差。

Appreciate that. And just kind of one more deposit-related question. Have you seen a significant shift in competition around deposit pricing, whether Louisiana or Texas or otherwise?

了解，謝謝。再問一個與存款相關的問題。你們是否看到存款定價競爭出現明顯變化，不論是在路易斯安那、德州或其他地區？

Yeah, it's leaking in. As a matter of fact, I had -- I've got two mailers sitting on my desk right now from competitor banks here in North Louisiana. One was a 3.8% CD, and one was about a 3.55% money market. And so we're fortunate here that we have such a competitive advantage in North Louisiana. I mean obviously, the pricing does matter, but we're being very disciplined on that. We have long-term relationships with these clients. But you are right, as these banks are trying to get growth, they're going to have to fund it somehow. And so the competition is going to be fierce.

是的，競爭正在滲透進來。事實上，我現在桌上就放著兩份來自北路易斯安那競爭銀行的郵寄宣傳。一個是 3.8% 的定存（CD），另一個是約 3.55% 的貨幣市場利率。因此我們很幸運，在北路易斯安那我們有很強的競爭優勢。當然，定價確實重要，但我們在這方面非常有紀律。我們與這些客戶有長期關係。但你說得對，當這些銀行想要成長時，他們必須以某種方式取得資金來源，因此競爭會非常激烈。

Very good. Thank you.

很好。謝謝。

And ladies and gentlemen, this concludes the Q&A session. Handing it back to Drake Mills for any final remarks.

各位女士、先生，問答環節到此結束。接下來交回給 Drake Mills 做最後結語。

As I mentioned earlier, we have just a deep commitment throughout our company to deliver on Optimize Origin. We have significant momentum in all of our markets, and we're seeing an acceleration of high-quality production, as I said earlier. As we're blessed to be a part of these dynamic markets that are truly experiencing generational dislocation, it has given us opportunities that I just didn't see it as an opportunity in my career. So as we move forward, we are going to be highly disciplined and not only our growth, our pricing, our quality and the decisions that we make that balance growth and earnings momentum.

如我先前提到的，我們全公司上下都對落實 Optimize Origin 有非常深的承諾。我們在所有市場都有顯著動能，並且正如我先前所說，我們看到高品質生產正在加速。由於我們有幸身處這些充滿活力、且確實正在經歷世代級失衡的市場，這為我們帶來了我職涯中從未預期會出現的機會。因此，展望未來，我們將在成長、定價、品質以及我們所做的決策上保持高度紀律，以在成長與獲利動能之間取得平衡。

So I appreciate everybody being on the call. Appreciate your confidence in us, and look forward to seeing most of you on the road in the month of May. Thank you.

因此，感謝各位參與本次電話會議。感謝你們對我們的信心，也期待在 5 月份的行程中與各位多數人見面。謝謝。

Thank you. This concludes today's call. A replay will be made available shortly after today's call. Thank you and have a great day.

謝謝。今天的電話會議到此結束。稍後將提供本次電話會議的重播。謝謝，祝各位有美好的一天。