OFG Bancorp (OFG) 2026 Q1 法說會逐字稿

Good morning. Thank you for joining OFG Bancorp's conference call. My name is Nikki. I will be your operator today. Our speakers are Jose Rafael Fernandez, Chief Executive Officer and Chairman of Board of Directors; Maritza Arizmendi, Chief Financial Officer; and Cesar Ortiz, Chief Risk Officer.

早安。感謝您參加 OFG Bancorp 的電話法說會。我叫 Nikki。今天由我擔任接線員。我們的講者包括：執行長暨董事會主席 Jose Rafael Fernandez；財務長 Maritza Arizmendi；以及風險長 Cesar Ortiz。

The presentation accompanies today's remarks. It can be found on the home page of the OFG website under the First Quarter 2026 section. This call may feature certain forward-looking statements about management's goals, plans and expectations. These statements are subject to risks and uncertainties outlined in the Risk Factors section of OFG's SEC filings. Actual results may differ materially from those currently anticipated. We disclaim any obligation to update information disclosed in this call as a result of developments that occur afterwards. (Operator Instructions)

簡報資料將配合今天的發言。您可在 OFG 官網首頁的「2026 年第一季」專區找到。本次電話會議可能包含若干關於管理階層目標、計畫與預期的前瞻性陳述。這些陳述受 OFG 向 SEC 申報文件中「風險因素」章節所列之風險與不確定性影響。實際結果可能與目前預期有重大差異。對於本次電話會議所揭露之資訊，若日後發生任何後續發展，我們不承擔更新之義務。(接線員指示)

I would now like to turn the call over to Mr. Fernandez.

接下來我想把電話交給 Fernandez 先生。

Good morning, and thank you for joining us. We are pleased to report our first quarter results. Let's go to page 3 of our presentation. We started the year with a strong financial performance. Earnings per share diluted were up 26% year over year on 4% growth in total core revenues.

早安，感謝各位加入我們。我們很高興報告第一季的業績結果。請翻到簡報第 3 頁。我們以強勁的財務表現展開新的一年。在核心總營收成長 4% 的帶動下，稀釋後每股盈餘年增 26%。

This was driven by ongoing loan growth, high-quality credit performance, core deposit strength, expense and proactive balance sheet management. Loans grew 5% year over year and new loan production grew 9%.

這主要受持續的放款成長、高品質的授信表現、核心存款的穩健、費用控管以及積極的資產負債表管理所驅動。放款年增 5%，新承作放款年增 9%。

Reported core deposits declined 1%. Excluding the previously announced $500 million government deposit transfer, core deposits grew more than 4% year over year. This demonstrates how our strategies and operating model continue to deliver, supported by momentum in our businesses and disciplined execution across the franchise. We further our commitment to capital management, repurchasing $44.5 million of common shares and increasing the dividend 17%. Despite growing geopolitical uncertainties and their effect on energy prices, Puerto Rico economy continues to grow and businesses and consumers' balance sheets are solid with high liquidity levels.

申報口徑的核心存款下降 1%。若排除先前已公告的 5 億美元政府存款移轉，核心存款年增超過 4%。這顯示在各項業務動能與全行嚴謹執行的支持下，我們的策略與營運模式持續交出成果。我們也持續落實資本管理，回購 4,450 萬美元普通股，並將股利提高 17%。儘管地緣政治不確定性升高並影響能源價格，波多黎各經濟仍持續成長，企業與消費者資產負債表穩健，流動性水位高。

Please turn to page 4. Our core digital strategy consists of three main pillars, the first is our service offerings. We are targeting specific customer segments with accounts that meet their needs. Libre for the mass market, Elite for the mass affluent and My Biz for small businesses. This targeted approach is driving strong market adoption and deeper customer relationship.

請翻到第 4 頁。我們的核心數位策略由三大支柱構成，第一是服務方案。我們鎖定特定客群，提供符合其需求的帳戶產品。Libre 面向大眾市場，Elite 面向大眾富裕族群（mass affluent），My Biz 面向小型企業。這種精準定位的作法正帶動強勁的市場採用率，並深化客戶關係。

The second pillar is technology. Our omni-channel platform allows customers to interact with us seamlessly across all touch points. This is driving continued digital adoption, resulting in efficiency and savings that we reinvest in new ways to serve our customers. The third pillar is intelligent banking. We're leveraging data and real-time insights to help customers better manage their finances, while increasingly seeing real customer connections being built through our digital channels.

第二個支柱是科技。我們的全通路平台讓客戶能在所有接觸點與我們無縫互動。這推動數位採用持續提升，帶來效率與節省的成本，並讓我們將其再投資於以新方式服務客戶。第三個支柱是智慧銀行。我們運用數據與即時洞察，協助客戶更好地管理財務，同時也日益看到透過數位通路建立起真實的客戶連結。

Please turn to page 4 (sic) [page 5]. As proof of our success, we're driving innovation year over year. Retail digital enrollments are up by 10%, digital loan payments, 5% and virtual teller usage up by 7%. Net new retail and commercial customers each grew by close to 3%. The added benefit is that this enables us to free up more of our teams to provide personal value-added services, focus on sales to expand our market share and develop new digital products and services.

請翻到第 4 頁（更正）[第 5 頁]。作為成功的證明，我們逐年推動創新。零售數位註冊年增 10%，數位貸款繳款年增 5%，虛擬櫃員使用量年增 7%。零售與商業的新客戶淨增加數各自成長接近 3%。額外的好處是，這讓我們能釋放更多團隊資源，提供個人化的加值服務，專注銷售以擴大市占，並開發新的數位產品與服務。

Now here's Maritza to go over the financials in more detail.

接下來請 Maritza 更詳細說明財務表現。

Thank you, Jose. Let's turn to page 6 to review our financial highlights. All comparisons are to the fourth quarter unless otherwise noted. Core revenues at $186 million were approximately level. Total interest income was $194 million, a decrease of $3 million.

謝謝你，Jose。請翻到第 6 頁，檢視我們的財務重點。除非另有說明，所有比較皆以第四季為基準。核心營收為 1.86 億美元，約略持平。利息收入總額為 1.94 億美元，減少 300 萬美元。

This reflected lower average balances of cash and investment securities at lower average yields. This was partially offset by higher average balances of loans at higher average yield. First quarter interest income included $3.3 million from a PCD loan paid in full. There were two fewer days in the first quarter. This negatively affected interest income by about $3.1 million.

這反映現金與投資證券的平均餘額較低，且平均殖利率較低。部分被放款平均餘額較高且平均收益率較高所抵銷。第一季利息收入包含一筆 PCD 貸款全額清償所帶來的 330 萬美元。第一季少了兩天。這使利息收入約減少 310 萬美元。

Total interest expense was $40 million, a decrease of $4 million. This reflected lower average balances of core deposits at lower average yields. This was partially offset by higher average balances of brokered CDs and borrowings at lower average yields. The two fewer days reduced interest expense by approximately $1 million. Total banking and financial service revenues were $32 million, a decrease of $0.6 million.

利息費用總額為 4,000 萬美元，減少 400 萬美元。這反映核心存款平均餘額較低，且平均成本率較低。部分被經紀存單（brokered CDs）與借款平均餘額較高所抵銷，但其平均成本率較低。少了兩天使利息費用約減少 100 萬美元。銀行與金融服務收入總額為 3,200 萬美元，減少 60 萬美元。

This reflected favorable MSR valuation of about $1.3 million, while the fourth quarter included $2.3 million in annual insurance commission recognition. The other income category was $0.2 million compared to a loss of $1.1 million. The change reflected the absence of several previously reported items from the fourth quarter. Noninterest expense totaled $95 million, down $10.3 million from the fourth quarter.

這反映 MSR 估值有利變動約 130 萬美元，而第四季包含 230 萬美元的年度保險佣金認列。其他收入為 20 萬美元，相較之下第四季為虧損 110 萬美元。變動主要反映第四季先前揭露的數個項目在本季不再出現。非利息費用合計 9,500 萬美元，較第四季減少 1,030 萬美元。

The first quarter included $1 million in merit raises, $0.7 million in payroll tax costs, $1 million in costs related to our capital markets readiness and registration process, $3.6 million in business-related volume incentives compared to $3.1 million a year ago and $2.5 million in planned cost savings. The fourth quarter included net $6.8 million in previously reported expense items.

第一季包含：績效調薪 100 萬美元、薪資稅成本 70 萬美元、與資本市場就緒及註冊流程相關成本 100 萬美元、與業務量相關的獎勵 360 萬美元（去年同期為 310 萬美元），以及規劃中的成本節省 250 萬美元。第四季包含先前已揭露的費用項目淨額 680 萬美元。

Income tax was $14.9 million compared to a benefit of $8.5 million in the fourth quarter. The first quarter ETR was 21.60%. Looking at some other metrics. Tangible book value was $30.14 per share. Efficiency ratio was 51%. Return on average assets was 1.78%, and return on average tangible common equity was 16.4%.

所得稅費用為 1,490 萬美元，相較第四季為稅務利益 850 萬美元。第一季有效稅率（ETR）為 21.60%。再看其他指標。每股有形帳面價值為 30.14 美元。效率比率為 51%。平均資產報酬率為 1.78%，平均有形普通股權益報酬率為 16.4%。

Now let's turn to page 7 to review our operational highlights. Average loan balances were $8.2 billion, up $50 million from the fourth quarter. This reflected increases in Puerto Rico and US commercial loans, partially offset by lower balances in residential mortgage, auto and consumer. Loan yield was 7.87%, up 14 basis points.

現在請翻到第 7 頁，檢視營運重點。平均放款餘額為 82 億美元，較第四季增加 5,000 萬美元。這反映波多黎各及美國商業放款增加，部分被住宅房貸、汽車貸款與消費性貸款餘額下降所抵銷。放款收益率為 7.87%，上升 14 個基點。

Excluding the first quarter loan recovery, loan yield was 7.71%, down 2 basis points from the fourth quarter. New loan production was $609 million. This mainly reflected an increase in auto loan production. Year over year, new loan production increased 9%, primarily reflecting increases in new commercial loans with auto moderating as anticipated. Average core deposit balances were $9.6 billion, down 4% from the first quarter.

若排除第一季的放款回收（recovery），放款收益率為 7.71%，較第四季下降 2 個基點。新承作放款為 6.09 億美元。主要反映汽車貸款承作增加。年增而言，新承作放款增加 9%，主要反映新增商業放款增加，而汽車貸款如預期趨於溫和。平均核心存款餘額為 96 億美元，較第一季下降 4%。

This reflected the $500 million government deposit transfer to wealth management early in the first quarter. By the end of the quarter, this was partially offset by increases in retail and commercial deposits totaling more than $150 million across all categories, demand, savings and to a lower extent, time deposits. Core deposit cost was 1.29%, down 13 basis points. This was mainly due to the previously mentioned government deposit withdrawal, combined with lower average rates.

這反映第一季初將 5 億美元政府存款移轉至財富管理。至季末，零售與商業存款增加合計超過 1.5 億美元，涵蓋各類別：活期、儲蓄，以及較小幅度的定期存款，部分抵銷了上述影響。核心存款成本為 1.29%，下降 13 個基點。這主要由前述政府存款提領所致，並結合平均利率下降的影響。

Excluding public funds, cost of deposit was 1% compared to 1.02%. Also reported average noninterest-bearing deposits totaled $2.7 billion in the first quarter, an increase of 1.41% sequentially and 4.55% year over year. Investment totaled $2.8 billion, down $55 million. This reflected principal paydowns and maturities. This was partially offset by purchases of $49.2 million of mortgage-backed securities and residential mortgage securitization of $23.5 million.

排除公共資金後，存款成本為1%，相較於1.02%。另報告第一季平均無息存款總額為27億美元，較前一季增加1.41%，較去年同期增加4.55%。投資總額為28億美元，減少5,500萬美元。這反映了本金償還與到期。部分被購買4,920萬美元的不動產抵押貸款證券（MBS）以及2,350萬美元的住宅抵押貸款證券化所抵銷。

Average borrowings and brokerage deposits totaled $929 million compared to $787 million in the fourth quarter. The aggregate rate paid was 3.98%, down 5 basis points. By the end of the first quarter, balances were down to $747 million due to intentional runoff compared to $897 million in the fourth quarter. End of period cash at $636 million was 39% lower due to the government deposit transfer. Net interest margin was 5.36%, reflecting the previously mentioned $3.3 million interest recovery and lower cost of deposits and borrowings.

平均借款與經紀存款合計為9.29億美元，相較第四季為7.87億美元。支付的加權平均利率為3.98%，下降5個基點。至第一季末，由於刻意縮減（runoff），餘額降至7.47億美元，相較第四季為8.97億美元。期末現金為6.36億美元，因政府存款移轉而下降39%。淨利差為5.36%，反映前述330萬美元利息回收，以及較低的存款與借款成本。

Cesar will provide more detail on our credit quality in a moment, but first, let me summarize the quarter. We demonstrated year over year loan growth and production in line with expectations and continue to expect low single-digit growth with our expanding presence in commercial more than offsetting a decline in auto. Our Digital First strategy is continuing to lead to more customer and digital and debit card transactions. Digital First also helped grow deposits in line with our strategies. We continue to anticipate growth this year with our Libre, Elite and My Biz accounts.

Cesar稍後將更詳細說明我們的資產品質，但首先讓我總結本季表現。我們展現了年對年貸款成長，且放款產出符合預期；我們仍預期在商業業務版圖擴張的帶動下，足以抵銷汽車貸款下滑，整體維持低個位數成長。我們的Digital First策略持續帶動更多客戶交易，以及更多數位與簽帳金融卡交易。Digital First也協助存款成長，符合我們的策略方向。我們仍預期今年Libre、Elite與My Biz帳戶將帶動成長。

We now expect net interest margin to range from 5.10% to 5.20%. This updated range assumes no additional rate cuts in 2026 compared to two cuts previously expected and incorporates the exit of the large remaining government deposits later this year. Noninterest expense were maintained within our expected run rate. We remain on track to keep expenses in a range of $380 million to $385 million this year. Based on our first quarter results, the estimated tax rate for 2026 is anticipated with 22.3%, excluding any discrete items.

我們目前預期淨利差將介於5.10%至5.20%。此更新區間假設2026年不再有額外降息（先前預期降息兩次），並納入今年稍晚剩餘大型政府存款退出的影響。非利息費用維持在我們預期的常態水準內。我們仍按計畫將今年費用控制在3.80億至3.85億美元區間。根據第一季結果，2026年預估有效稅率為22.3%，不含任何一次性項目。

We were very active returning capital to shareholders. We will continue to be selective and opportunistic, balancing shareholder returns with disciplined growth.

我們在回饋股東資本方面非常積極。我們將持續採取審慎且把握時機的方式，在股東報酬與紀律性成長之間取得平衡。

Now here, Cesar.

接下來交給Cesar。

Thank you, Maritza. Please turn to page 8. Before getting into the details, let me start with the key highlights for the quarter. Our thesis that customer, higher customer liquidity in the first quarter drives better credit metrics was reinforced. We saw that most clearly across the retail portfolios, where early stage and total delinquency trends improved sequentially, consistent with normal seasonality.

謝謝你，Maritza。請翻到第8頁。在進入細節之前，我先說明本季的重點摘要。我們的論點再次獲得印證：第一季客戶（以及）較高的客戶流動性會帶來更佳的信用指標。這在零售投資組合中最為明顯；早期與整體逾期趨勢較前一季改善，符合正常季節性。

Net charge-offs totaled $21 million, down $5.5 million, reflecting normal portfolio activity with continued improvement in retail loss trends. Net charge-offs reflected $3.9 million from a final settlement of a previously reserved US loan, while the fourth quarter included $4.8 million related to a non-performing loan sale. The net charge-off rate was 1.05%, an improvement of 27 basis points from the fourth quarter. The auto net charge-off rate declined sequentially to 1.52%, an improvement of 29 basis points.

淨沖銷合計2,100萬美元，減少550萬美元，反映投資組合正常活動，且零售損失趨勢持續改善。淨沖銷包含先前已提列準備之美國貸款最終和解所致的390萬美元；而第四季則包含與不良貸款出售相關的480萬美元。淨沖銷率為1.05%，較第四季改善27個基點。汽車貸款淨沖銷率較前一季下降至1.52%，改善29個基點。

The consumer net charge-off rate also improved to 4.40%, 15 basis points better from the fourth quarter. Provision for credit losses was $22.5 million, down $9 million from the fourth quarter. This reflected $17.5 million from increased loan volume, $3.7 million in added reserves for a previously reserved commercial loan and $1 million for newly classified small commercial loans. Allowance coverage remained strong at 2.48% of loans and reserve levels continue to appropriately reflect the risk profile of the portfolio. Looking at other retail credit metrics.

消費金融淨沖銷率亦改善至4.40%，較第四季改善15個基點。信用損失準備為2,250萬美元，較第四季減少900萬美元。其中包括因貸款量增加而增加的1,750萬美元、針對先前已提列準備之商業貸款新增準備370萬美元，以及針對新分類的小型商業貸款新增100萬美元。備抵呆帳覆蓋率仍維持強勁，為貸款的2.48%；準備水準持續適切反映投資組合的風險輪廓。接著看其他零售信用指標。

Early and total delinquency rates declined meaningfully from the fourth quarter to 2.2% and 3.4%, respectively. These improvements were broad-based across the retail portfolio with auto, consumer and mortgage, all showing better early-stage performance. The non-performing loan rate was 1.47%, down 12 basis points. Retail nonperforming loan rates improved sequentially in auto and consumer while remaining stable in mortgage. Overall, retail credit behavior was consistent with the seasonal improvement we typically see in the first quarter, supported by higher customer liquidity and strong employment conditions in Puerto Rico.

早期與整體逾期率較第四季明顯下降，分別為2.2%與3.4%。這些改善在零售投資組合中相當廣泛，汽車、消費與房貸皆呈現更佳的早期表現。不良貸款率為1.47%，下降12個基點。零售不良貸款率在汽車與消費業務較前一季改善，而房貸則維持穩定。整體而言，零售信用行為符合我們通常在第一季看到的季節性改善，並受惠於較高的客戶流動性以及波多黎各強勁的就業狀況。

Turning to commercial. The non-performing loan rate declined to 2.36% from 2.50% last quarter, reflecting sequential improvement. Commercial asset quality outside of one specific credit continues to perform as expected. As we discussed last quarter, the commercial portfolio continues to include a single name telecommunication exposure that moved to non-accrual late last year. This exposure remains well understood and idiosyncratic and does not represent a broader trend within the commercial portfolio.

接著看商業業務。不良貸款率由上季的2.50%下降至2.36%，反映較前一季改善。除了一筆特定授信外，商業資產品質持續如預期表現。如同我們上季所討論，商業投資組合仍包含一筆單一客戶的電信曝險，於去年稍晚轉為停計息（non-accrual）。此曝險情況我們掌握充分且具個別性，並不代表商業投資組合出現更廣泛的趨勢。

Overall, credit continues to perform well. While we remain mindful that there are various geopolitical and economic headwinds that may increase the cost of living or inflationary pressures in Puerto Rico, the first quarter performance benefited from strong employment conditions and higher seasonal customer liquidity. Credit metrics remain well controlled and within our risk appetite and the portfolio is performing in line with our expectations and risk framework. Here's Jose to wrap up.

整體而言，信用表現仍然良好。儘管我們仍留意各種地緣政治與經濟逆風可能推升波多黎各的生活成本或通膨壓力，但第一季表現受惠於強勁的就業狀況與較高的季節性客戶流動性。信用指標仍受到良好控管並符合我們的風險偏好；投資組合表現與我們的預期及風險框架一致。接下來由Jose做總結。

Thank you, Cesar. Please turn to page 9. The Puerto Rico economy continues to perform well. Business and consumer liquidity levels are strong and unemployment is at historically low levels. Public reconstruction funds, private investments and new onshoring projects continue producing economic tailwinds.

謝謝你，Cesar。請翻到第9頁。波多黎各經濟持續表現良好。企業與消費者的流動性水準強勁，失業率處於歷史低點。公共重建資金、民間投資以及新的回流設廠（onshoring）專案持續帶來經濟順風。

And as Cesar mentioned, we are closely watching geopolitical macroeconomic uncertainties and their impact on the island, particularly with higher energy prices and overall inflation.

此外，如Cesar所提到，我們正密切關注地緣政治與總體經濟不確定性及其對本島的影響，特別是能源價格上升與整體通膨。

Against this economic backdrop, OFG remains very well positioned. Our digital (sic) [Digital First] strategy is driving unique customer experiences, attracting deposits and growing our customer base steadily. Our culture of continued improvement and investments in people, technology and automation are producing tangible efficiencies.

在此經濟背景下，OFG仍處於非常有利的位置。我們的數位（原文如此）[Digital First]策略正推動獨特的客戶體驗、吸引存款，並穩健擴大客戶基礎。我們持續改善的文化，以及對人才、科技與自動化的投資，正帶來具體的效率提升。

We continue to have a solid commercial loan pipeline, stable credit trends and strong risk management and disciplined asset liability. All these factors combined with Puerto Rico's level of business activity positions us well for continued growth.

我們持續擁有穩健的商業貸款案源、穩定的信用趨勢、強健的風險管理，以及紀律嚴謹的資產負債管理。上述因素結合波多黎各的商業活動水準，使我們具備持續成長的良好條件。

Before I end my prepared remarks, I want to highlight the recognition we received in the first quarter, where we were honored with a 2026 Gallup Exceptional Workplace Award. For us, this recognition goes well beyond employment engagement scores. It reinforces a culture we've been intentionally building for many years, one that emphasizes agility, openness to challenge and innovation. At OFG, our teams are encouraged to question how things have always been done to move quickly in responding to customer and market needs and to continuously improve how we operate. That mindset enables faster decision-making, more innovation across our digital and operating platforms and better execution in a dynamic environment.

在結束我準備好的發言之前，我想強調我們在第一季獲得的肯定：我們榮獲2026年Gallup卓越職場獎（Exceptional Workplace Award）。對我們而言，這項肯定遠不僅是員工敬業度分數。它強化了我們多年來有意識打造的文化——強調敏捷、勇於接受挑戰與創新。在OFG，我們鼓勵團隊質疑一向以來的做法，以便快速回應客戶與市場需求，並持續改善我們的營運方式。這樣的思維使我們能更快速做出決策、在數位與營運平台上推動更多創新，並在動態環境中更有效地執行。

This recognition highlights how our people, culture and strategy are united by a shared sense of purpose, driving meaningful progress for all our stakeholders. It is this commitment to purpose that empowers us to consistently achieve strong long-term results while making a positive impact across all our stakeholders. With this, we end our formal presentation.

這項肯定突顯出我們的人才、文化與策略如何在共同的使命感下凝聚一致，為所有利害關係人推動具意義的進展。正是對使命的承諾，使我們得以持續達成強勁的長期成果，同時為所有利害關係人帶來正向影響。至此，我們的正式簡報告一段落。

Operator, please open the call for Q&A.

接線員，請開放問答環節。

(Operator Instructions)

(接線員指示)

Brett Rabatin, StoneX.

Brett Rabatin，StoneX。

Hey, good morning, Maritza and Jose Rafael. Good. Wanted to start just on the margin, even excluding the $3.3 million that would have made it about 5.24%. That was obviously better than anticipated. And when I look at the cost of deposits, if I heard correctly, 1% excluding the government deposits in the quarter. It seems like things turned out better than expected on the margin. And I know the guidance is for a slightly lower level from here.

嗨，早安，Maritza 和 Jose Rafael。早安。我想先從利差談起，即使不計入那筆 330 萬美元（若計入，利差約為 5.24%）。這顯然優於預期。再看存款成本，如果我沒聽錯，本季若排除政府存款，約為 1%。看起來利差表現比預期更好。我也知道你們的指引是從這裡起略為走低。

But just any thoughts on the potential positives for the margin relative to the guidance, whether it be loan pricing or any other factors? It seems like you're probably getting close to a bottom here on funding costs.

不過，想請教一下，相較於指引，利差是否有任何可能的正面因素，例如放款定價或其他因素？看起來你們的資金成本可能已接近底部。

So Brett, before I let Maritza give you the specifics. Let's just be clear here. For us to provide guidance on the margin is a little tricky given the uncertainty on when, and how much of the large government deposit will exit, and how those funds will be replaced. So when we give a guidance on the NIM, we're using the most conservative guidance possible because we just really don't want to promise something that we really don't want to not deliver on. So bear that in mind, we still have a significant deposit from the government that has been telegraphed to us that it will depart some time. We don't know if it's tomorrow, if it's next year.

Brett，在我讓 Maritza 提供細節之前，先把話說清楚。由於大型政府存款何時、以及會流出多少仍具不確定性，且我們將如何補足這些資金，因此要提供利差指引有點棘手。所以當我們提供 NIM 指引時，我們採用最保守的假設，因為我們真的不想承諾最後無法兌現的事情。請把這點放在心上：我們仍有一筆可觀的政府存款，對方已向我們釋出訊息，未來某個時間點會離開。我們不知道是明天，還是明年。

So replacing those deposits, we certainly bet that our business teams, the commercial team as well as the retail team, as they did this first quarter, will deliver and deliver substantially better than what we expected in the first quarter. It definitely has a lot to do with the economic background that we are living in Puerto Rico. And sometimes, we undermine that in our own forecast given the 22 or 23 years that we've operated in the island. But bear that in mind before I pass, now I'll pass the answer to Maritza, so she can give you the specific details.

至於替代這些存款，我們當然押注我們的業務團隊——商業團隊以及零售團隊——會像第一季一樣交出成績，而且會大幅優於我們第一季原先的預期。這確實與我們在波多黎各所處的經濟背景有很大關係。有時候，基於我們在島上營運了 22 或 23 年的經驗，我們在自己的預測中反而低估了這點。在我把問題交給 Maritza 之前，請先記住這些；現在我把回答交給 Maritza，讓她提供具體細節。

Yes, thanks Jose for that color. And we need that for the first quarter, definitely, the fact that deposits increased at a higher rate than expected. It was a very good momentum for us. The reality is that going forward, we don't see thinking about the rate scenario that we're managing with no cuts, we don't see much of a flexibility to push down more the cost of deposits. So we will continue to see deposits at the same level as we saw during the first quarter.

好的，謝謝 Jose 補充這些背景。而就第一季而言，存款增長高於預期這件事，確實對我們很有幫助。對我們來說動能非常好。但現實是，往前看，在我們所面對的利率情境（沒有降息）下，我們看不到太多空間能進一步壓低存款成本。因此，我們預期存款成本將維持在第一季所見的同一水準。

And the other element that we, is embedded within the range that I provide is the asset composition because we will continue to see gradually commercial book being, having a higher proportion as auto continues to go down, as I shared with you in the prepared remarks. So that means we also have some impact on the loan yield that during this quarter went down 2 basis points.

另外一個我在所提供區間指引中已納入的因素，是資產組合，因為如我在事先準備的發言中分享的，隨著汽車貸款持續下滑，我們將逐步看到商業放款在整體放款組合中的占比提高。這也意味著對放款收益率會有一些影響，本季放款收益率下降了 2 個基點。

So we are seeing the asset sensitivity and the liability sensitivity somehow compensating between the two of them and since the NIM that we saw during the quarter going, keeping it stable, maybe 5 basis points down, 5 basis points up, but that's why we're giving the 5.10% to 5.20% range guidance. So for the quarter, if we exclude the recovery, it was 5.25%, and we will need to manage liquidity through the year, as Jose was mentioning. So that's why we're giving that base case scenario as a range.

因此，我們看到資產端敏感度與負債端敏感度在某種程度上彼此抵銷；而本季的 NIM 大致維持穩定，可能上下波動 5 個基點。這也是我們給出 5.10% 到 5.20% 區間指引的原因。就本季而言，若排除回收項目，NIM 為 5.25%；而我們在全年仍需要管理流動性，如 Jose 所提到的。因此，我們以區間方式提供這個基本情境。

And you guys know us, we're going to be conservative on our guidance in all the guidance that we provide. We've been doing that for many years. So that's kind of where we stand, Brett.

而你們也了解我們，我們在所有提供的指引上都會採取保守態度。我們多年來一直如此。所以大致就是這樣，Brett。

Okay. And can you remind me, Jose Rafael, how much of the government deposit piece is left? And it sounds like you're unsure of the timing, but just any thoughts on.

了解。Jose Rafael，你能提醒我政府存款那一塊還剩多少嗎？我知道你們對時點不確定，但想聽聽你們的看法。

Around $600 million on the one deposit. Remember, the other $500 million went to our broker dealer. So we're getting a little bit of a fee there. So that's where it stands right now.

單筆存款大約還有 6 億美元。記得另外那 5 億美元已轉到我們的券商子公司。所以我們在那邊會收取一些費用。目前就是這樣。

Okay. And then on credit quality, I heard the comments and totally, if you look at the numbers, it makes sense. There's some seasonality related to early-stage delinquencies, but there was some nice improvement this quarter. Was there anything else that might have been driving the improvement other than seasonality in customers having higher liquidity during 1Q. Are you seeing any other broad-based things that were improving credit?

好的。接著談資產品質，我聽到你們的評論，也完全同意；如果看數字，確實合理。早期逾期有一些季節性因素，但本季改善得不錯。除了季節性、以及客戶在第一季流動性較高之外，還有其他因素在推動改善嗎？你們是否看到任何更廣泛的面向正在改善信用表現？

Well, back in 2022 at the late stage of 2022, we adjusted, we improved the underwriting standards to make sure that we didn't book because that was record-breaking period. So we didn't, we wanted to make sure that we use that moment to improve our portfolio quality. So now we're seeing the results of those improvements in the credit quality where the auto portfolio is 91% prime. So we are starting to see the benefits in the credit metrics of those adjustments that we did back in the 2022 year.

嗯，在 2022 年、接近 2022 年底的後期，我們調整並提升了承作（授信）標準，以確保——因為那是一段破紀錄的期間——我們不會在那段時間承作不合適的案件。我們希望把握那個時點來提升投組品質。所以現在我們看到這些改善反映在資產品質上，例如汽車貸款投組有 91% 是優質（prime）。因此，我們開始在信用指標上看到 2022 年所做調整帶來的效益。

Yes. When you think about it, Brett, the seasonality of the vintage that is coming due in '26 is one that already has 80-plus percent in prime. So we expect to have lower loss content in the vintages that are becoming seasoned in the next couple of years. So that's part of an additional kind of element of our, of the consumer credit portfolio.

是的。Brett，若你這樣想：將在 2026 年到期的那批分期（vintage）的季節性特徵，本身就已經有 80% 以上屬於優質（prime）。因此，我們預期在未來幾年逐步成熟（seasoned）的各批次，損失含量會更低。這也是我們消費金融信用投組的另一個額外因素。

Okay. And then just last one for me around just the broad macro. I saw this morning that construction in Puerto Rico was slightly off in January, maybe February, but all this stuff going on with higher oil prices, inflation. Just wanted to hear anything you're seeing in terms of macro and Puerto Rico and maybe opportunities or challenges?

了解。最後一題，關於整體總體環境。我今天早上看到波多黎各的營建在一月、也許二月略有下滑；再加上油價上升、通膨等因素。想聽聽你們在波多黎各看到的總體情勢，以及可能的機會或挑戰？

Yes. So you heard me before talk about Puerto Rico economy, and it remains very constructive, very positive. Puerto Rico is probably in its best economic position in many, many, many decades. So if you think about it, right now, Puerto Rico has only 30% debt to GDP. Puerto Rico is, has the lowest levels of unemployment in 70-some years.

是的。你之前也聽我談過波多黎各的經濟，而目前仍然非常具建設性、非常正面。波多黎各可能正處於數十年來、很多很多很多個十年以來最好的經濟位置。如果你這樣看，波多黎各目前的債務占 GDP 比率只有 30%。波多黎各的失業率處於約 70 多年來的最低水準。

Puerto Rico receives around $4 billion to $6 billion in reconstruction funds a year, and will continue to receive them for the next five to seven years. Puerto Rico is benefiting from onshoring of medical devices, pharmaceutical and leveraging that infrastructure that has been in place for many years. Remember, Puerto Rico's manufacturing is around 45% of the entire economy in the island. So that is also helping.

波多黎各每年可獲得約 40 億到 60 億美元的重建資金，且未來五到七年仍將持續獲得。波多黎各也受惠於醫療器材與製藥產業的回流設廠（onshoring），並運用多年來已建置的基礎設施。別忘了，波多黎各的製造業約占全島經濟的 45%。因此，這也在提供助力。

So I think Puerto Rico, going back to our history, we are back on the limelight in terms of our geopolitical, geographic positioning. And you saw it when the military went into Venezuela. It all came from Puerto Rico, and they're hiring, they're increasing their military presence in the island.

所以我認為波多黎各，回顧我們的歷史，就我們的地緣政治與地理位置而言，我們再次回到聚光燈下。而你也在軍方進入委內瑞拉時看到了。一切都從波多黎各出發，而且他們正在招募人員、增加在島上的軍事存在。

So when you look at all that, it's just a very good economic backdrop that will certainly have to face threats, and those threats will come from the geopolitical that is going on around the world and the inflationary pressures and the United States potentially going into a recession and we'll get some of those effects. Puerto Rico is in a much stronger position today than several decades ago to embark in those challenges.

因此，當你把這些都納入考量時，這是一個非常好的經濟背景，但當然也必須面對威脅；而這些威脅將來自全球正在發生的地緣政治、通膨壓力，以及美國可能進入衰退，我們也會受到其中一些影響。相較於數十年前，波多黎各如今處於更強的地位來迎接這些挑戰。

So when you think of the quarter-to-quarter or month-to-month changes in economic data points and stuff, yes, they're real. But at the same time, what we're seeing on the ground is high levels of liquidity, strong interest in building infrastructure, strong private investments, and we're meeting with commercial clients. I had lunch yesterday with commercial clients that are really putting money to play in the island in different industries. And I think the next several years in Puerto Rico are going to continue to be pretty steady growth. And that's what we're seeing, Brett.

所以當你想到經濟數據點逐季或逐月的變化等等，是的，它們是真實存在的。但同時，我們在第一線看到的是高水準的流動性、對基礎建設的強烈興趣、強勁的民間投資，而且我們也在與商業客戶會面。我昨天和商業客戶共進午餐，他們確實在島上不同產業投入資金、積極布局。我認為未來幾年波多黎各將持續相當穩健的成長。Brett，這就是我們所看到的。

We're seeing a pretty solid positive economic environment that is not exempt of threats, and it's not exempt of risk. But I think we've been managing them for many years, and we're confident that we'll continue to grow our client base, we'll continue to grow our loans and our deposits. We have been doing in the last several decades being very strategic, being very intentional. And again, as I said, highlighting our team, our people are really focused on trying to be the challenger bank in the island and gaining market share out of it. So that's kind of my $0.10 that turned out to be more than $0.25.

我們看到的是相當扎實、正向的經濟環境，當然並非沒有威脅，也並非沒有風險。但我認為我們多年來一直在管理這些風險，我們有信心能持續擴大客戶基礎、持續成長放款與存款。過去幾十年我們一直非常有策略、非常有目的性地在做這些事。再一次，如我所說，特別要強調我們的團隊；我們的人員非常專注於成為島上的挑戰者銀行，並藉此提升市占率。所以這大概就是我那「一毛錢」的看法，結果講得超過「兩毛五」。

Well, I appreciate all the color, and it has been good to see the onshorings.

好的，感謝你提供這麼多背景資訊，也很高興看到回流（onshoring）的進展。

Arren Cyganovich, Truist Securities.

Arren Cyganovich，Truist Securities。

The deposit growth surprised me to the upside with the government deposit that you had guided coming out. You had pretty strong growth in the quarter to cover that where I thought it would actually come into the borrowing side. Maybe you could talk a little bit about, you mentioned that Libre, Elite and My Biz all contributed. Are you seeing any particular growth in any one of those particular products? And were you doing anything special to kind of drive that growth in the first quarter?

存款成長在政府存款如你們先前指引將流出之後，仍然超出我的預期。你們本季的成長相當強勁，足以彌補那部分；我原本以為會反映到借款端。也許你可以談談，你提到 Libre、Elite 和 My Biz 都有貢獻。你們是否看到其中某一個產品有特別明顯的成長？另外，你們在第一季是否做了什麼特別的措施來推動這個成長？

Yes. Very, I agree with you 100%. The three products are the driving force for us as an offering, very targeted, very focused. We don't have 50 different deposit accounts. We have one for mass, one for mass affluent and one for small business, and that's how we keep our focus of our team members.

是的。我百分之百同意你的看法。這三個產品作為我們的產品組合，是推動力：非常精準、非常聚焦。我們沒有 50 種不同的存款帳戶。我們有一個面向大眾、一個面向大眾富裕客群（mass affluent）、以及一個面向小型企業；這就是我們維持團隊聚焦的方式。

And we also have excellent, excellent benefits for each of those accounts. And that is what's driving the adoption and driving the account opening and driving the customer growth. So it's all across the board. What we saw with Libre in this quarter and Elite on the retail side showed increase in deposits. Libre is noninterest-bearing, mostly a digital account type of thing, where you can open it online if you want to. So we continue to see great adoption there, growing client base on a monthly basis steadily.

而且我們為每一種帳戶都提供非常、非常好的權益。這正是推動採用、推動開戶、推動客戶成長的原因。所以是全面性的成長。本季我們看到零售端的 Libre 與 Elite 存款都有增加。Libre 是不計息的，主要是一種數位帳戶類型，你想的話可以線上開戶。因此我們持續看到很好的採用率，客戶基礎每月穩定成長。

On the mass affluent, we also saw great growth too in terms of deposits. We continue to see steadily, those are higher balances. We continue to see steadily the penetration of different services within the Elite. What I mean by that is, we are seeing more and more Elite customers, deepening the relationship on the lending side with our, within Oriental, with OFG.

在大眾富裕客群方面，我們在存款上也看到很好的成長。我們持續穩定地看到那是較高的帳戶餘額。我們也持續穩定地看到 Elite 內不同服務的滲透率提升。我的意思是，我們看到越來越多 Elite 客戶在放款端深化與我們的關係，在 Oriental、在 OFG 之內。

And then on My Biz, it's our flagship. Our team members go out there, and they, we do have a very good solid cash management offering and the platform is very, very good and solid compares to the one that banks in the states have. So customers are starting to identify all those benefits, and we're seeing the results. Certainly, all of that has to do with the economy, too. So there's a lot of liquidity, so that helps. But I don't want to underestimate the power of our strategy, and how we're executing on it.

至於 My Biz，它是我們的旗艦產品。我們的團隊成員會外出拓展；我們確實有非常好且扎實的現金管理（cash management）產品，而這個平台非常、非常好且穩健，可與美國本土銀行的產品相比。因此客戶開始辨識到所有這些好處，我們也看到了成果。當然，這一切也與經濟有關。流動性很充裕，所以這也有幫助。但我不想低估我們策略的力量，以及我們執行策略的方式。

Great. That's helpful. Slide 5, you've always kind of talked about the Digital First aspect of your banking and the statistics are pretty impressive. What are you doing, or any particular new investments that you're looking at from the technology side where you can kind of continue to improve upon those statistics?

很好。這很有幫助。第 5 頁，你們一直在談你們銀行業務的「Digital First」面向，而這些統計數據相當令人印象深刻。在科技面，你們正在做什麼，或有沒有任何特別的新投資，讓你們能持續改善這些數據？

So we've made investments throughout the last several years. And some of what you're seeing today is the deployment of those, or the benefits of those investments. And we continue to invest. And right now, the biggest focus for us as we finalize our data kind of management and making sure that we have the data readily accessible for us to be able then to continue to extract insights for our customers and to improve their lives and give them value add. And that's something that we're already doing, and we are expanding that. And we have a team working on it for many years now. And that's something that we're focusing on.

所以過去幾年我們一直在投資。而你今天看到的一部分，是那些投資的落地部署，或是那些投資帶來的效益。我們也持續投資。目前我們最大的重點，是在我們完成資料的管理工作，並確保資料能隨時可取得，讓我們能進一步為客戶萃取洞察、改善他們的生活並提供附加價值。這是我們已經在做的事情，而且我們正在擴大。我們有一個團隊已經做這件事很多年了。這也是我們正在聚焦的方向。

I think the benefits of artificial intelligence are, first and foremost, on the efficiency side. And when you hear Maritza talk about expenses. You see the guidance being flat versus last year, as we talked about in the fourth quarter, we continue to see good opportunities for us to leverage AI and bring efficiencies to the bottom line for '27 and beyond.

我認為人工智慧的效益，首先且最重要的是在效率面。當你聽到 Maritza 談到費用時，你會看到我們的指引相較去年持平；正如我們在第四季討論的，我們持續看到很好的機會運用 AI，為 2027 年及之後的損益底線帶來效率提升。

And then the other side is value add to our customers, how do we make their lives simple. And those are the things that we're investing in right now. And it's tricky, and we're probably going to hit a good investment here or there in terms of the deployment to our customers, and we might miss some. But that's kind of how we operate. We do bet on the innovation. We think banking will require innovation going forward and Puerto Rico is way behind on that innovation curve and OFG is the one who's driving that innovation in Puerto Rico.

另一個面向是為客戶提供附加價值：我們如何讓他們的生活更簡單。這些就是我們現在正在投資的事情。這很棘手；在對客戶端的部署上，我們可能會在某些投資上做對、也可能會有些做錯。但這就是我們的運作方式。我們會押注創新。我們認為未來銀行業需要創新，而波多黎各在這條創新曲線上落後很多；OFG 是在波多黎各推動這項創新的那一家。

Kelly Motta, KBW.

Kelly Motta，KBW。

Hi. Good morning. Thanks for the question. Just a real quick one, just a guidance clarification from Maritza that 5.10% to 5.20% margin, just wanted to clarify, is that for the full year or the balance of 2026 quarters?

嗨。早安。謝謝讓我提問。我只有一個很快的問題：關於 Maritza 提到的 5.10% 到 5.20% 的利差（margin）指引，我想確認一下，這是針對全年，還是針對 2026 年剩餘季度？

It's for the full year. And I already shared a little bit on how we're seeing and why we're seeing that range and Jose also provided, how tricky is to forecast the timing of the big government deposits transfer. So that considered that and the fact that we are not seeing costs during the year, so.

是針對全年。我也已經分享了一些我們如何看待、以及為什麼會看到那個區間；Jose 也補充了，要預測大型政府存款移轉的時間點有多棘手。因此把那點納入考量，以及我們並未看到全年成本上升的情況，所以。

Got it. That's really helpful. And then similarly, I thought a real strength of the quarter was the core deposits. I know Puerto Rico has, I believe, a government tax rebate. Just wondering if you saw any positive impacts from that in 1Q? Or if not, just if you could help us out with the timing of where you expect that.

了解。這真的很有幫助。然後同樣地，我認為本季的一大強項是核心存款。我知道波多黎各有一項政府稅務退稅（rebate），我想是這樣。想請問你們在第一季是否看到它帶來任何正面影響？或者如果沒有的話，能否也請你們協助說明一下你們預期的時間點？

That's usually at the end of the quarter. We saw a little bit at the end of the quarter, certainly. And I think that plays out throughout the first half of the year. So we see the child tax credit. We also see the tax refunds in general, and that plays out throughout the first half of the year.

那通常是在季度末。我們確實在季度末看到了一點。而且我認為這會在上半年持續發酵。所以我們會看到兒童稅額抵免（child tax credit）。我們也會看到一般的退稅，而這些都會在上半年逐步反映。

Great. That's really helpful. And then maybe to turn to capital. You guys announced the pretty meaningful dividend raise earlier in the quarter and you guys were also more active the buyback with a new authorization out. Capital looks very healthy here. Can you remind us any guideposts or thoughts around the capital side of things?

很好。這真的很有幫助。接著也許談談資本。你們在本季較早時宣布了相當有感的股利上調，而且你們在回購方面也更積極，並推出新的授權。目前資本看起來非常健康。能否提醒我們一些關於資本面的指引或想法？

Yes. Everything starts with how do we deploy our capital and capital management. We want to deploy it first and foremost in our business here in Puerto Rico. So if there are some opportunities for us to deploy it in a growing balance sheet, we will certainly do that. And that's kind of the first level of thinking.

是的。一切都從我們如何運用資本與資本管理開始。我們希望首先、也是最重要的，是把資本投入在我們在波多黎各的業務。因此如果有一些機會讓我們在資產負債表成長的情況下部署資本，我們當然會這麼做。這算是第一層的思考。

We also certainly see the buyback as a way for us to continue to return capital to shareholders. We're methodical about it and opportunistic and we've shown it in the first quarter and we'll continue to be so during the rest of the year.

我們也確實把回購視為持續向股東返還資本的一種方式。我們會有系統地、並在有利時機下進行；我們在第一季已經展現了這點，且在今年剩餘時間也會持續如此。

And the dividend, we look at it also and we feel very confident about the earnings power that we have, and how we manage the capital with a 14, close to 14% CET1. I think it was a little lower this year, this quarter given the buybacks, but it's around 13.75% CET1. And we feel that part of our capital management strategy is to deploy back capital to shareholders, and we will continue to do so, Kelly.

至於股利，我們也同樣看待；我們對自身的獲利能力非常有信心，以及我們在接近14% CET1 的資本水準下如何管理資本。我想今年、這一季因為回購的關係稍微低一點，但大約是 13.75% 的 CET1。我們認為資本管理策略的一部分，就是把資本回饋給股東，我們會持續這麼做，Kelly。

Okay. Great. That's helpful. Maybe last ticky-tacky question for me, just modeling based. I appreciate the color on margin, you had the interest recovery. Just looking at your average balance sheet, it looks like there was a jump up in PCD interest income. Just to confirm, was that where that interest recovery came in?

好的。很好。這很有幫助。也許我最後一個比較瑣碎的問題，偏模型假設。感謝你們對利差的補充說明，你們提到有利息回收。我看你們的平均資產負債表，PCD 利息收入似乎跳升。想確認一下，那筆利息回收就是反映在這裡嗎？

Yes, yes, yes. It was very full of a loan that was within

是的，是的，是的。那主要是來自一筆貸款，該筆貸款是在……之內

Great. Thank you for confirming. I'll step back. Really nice quarter, guys.

很好。謝謝你確認。我先退到後面。各位這一季表現真的很不錯。

Yeah. Thank you. Thank you, Kevin.

好的。謝謝。謝謝你，Kevin。

Manuel Navas, Piper Sandler.

Manuel Navas，Piper Sandler。

Hi. How much do the taking out of fed rate cuts help that NIM guide? And if we did get one rate cut, what would you expect the impact to be?

嗨。聯準會降息預期被拿掉（不再預期降息）對你們的 NIM 指引有多大幫助？如果真的降息一次，你們預期影響會是什麼？

Well, thank you, Manuel. We continue to be asset sensitive, but the reality is that around 50 basis point cost will have a very low impact, less than 1%. But the reality is that we are taking that into consideration in this new guidance because we were expecting two cuts midyear and then at the end of the year, and that's no longer impacting the commercial book.

嗯，謝謝你，Manuel。我們仍然是資產敏感型（asset sensitive），但實際上大約 50 個基點的成本變動影響會非常小，低於 1%。但現實是，我們在這次新的指引中已把這點納入考量，因為我們原本預期年中兩次降息、年底再一次，而這現在已不再影響商業放款組合。

So that's why it is impacting positively the guidance that we provide, and we move it like 10 basis points, not necessarily fully related to the change in the expectation on rate cuts. But also it's a combination with the fact that the funding mix is better than expected because of the inflows that we received during the first quarter is encouraging us with the perspective that we had for the rest of the year. So we are expecting to core deposit to continue growing, so that will help funding mix in front of the potential exit of the government deposits, and that's what is embedded with that guidance.

所以這就是為什麼它會對我們提供的指引帶來正面影響；我們把它上調了大約 10 個基點，但不一定完全是因為對降息預期的改變。同時也結合了另一個因素：由於第一季我們收到的資金流入，資金來源組合（funding mix）比預期更好，這也讓我們對今年剩餘時間的展望更有信心。因此我們預期核心存款會持續成長，這將在政府存款可能流出的情況下，改善資金來源組合；而這些都已反映在該指引之中。

I appreciate that. So the success you're having with the new account types as long as they keep growing, they can replace borrowings and that should only benefit your funding? Is that kind of working that you're driving home?

了解，謝謝。所以你們在新帳戶類型上的成功，只要持續成長，就能取代借款，並且只會讓你們的資金面更有利？這就是你們想強調的重點嗎？

Yes. And it also has another component that we don't talk about it often, but it's also the large commercial book and business that we have. We do have some good size commercial accounts that have been long-standing clients of ours that also are benefiting from higher liquidity levels too.

是的。另外還有一個我們不常談到的面向，就是我們的大型商業放款組合與業務。我們確實有一些規模不小、長期往來的商業客戶，他們也同樣受惠於較高的流動性水準。

Great. And on that front, I know your loan growth is commercial led this year, a little bit less on the auto side. How do the pipelines look? Any update to the mix of loan growth from last quarter. It seems like it seems pretty consistent, but just trying to check in on any seasonal improvement in growth.

很好。在這方面，我知道你們今年的放款成長主要由商業帶動，汽車貸款那邊相對少一些。目前的案源（pipeline）看起來如何？相較上季，放款成長的組合有沒有任何更新？看起來似乎相當一致，但我想確認一下是否有任何季節性帶來的成長改善。

Yes. We do have a pretty good pipeline, and we are continuing to stick with our guidance of low single digits simply because, not because we don't feel comfortable with the commercial pipeline, but more importantly, because we are modeling a reduction on the auto business, auto loan book that it's hard to predict given the landscape here in Puerto Rico. But we're very happy with the business on the commercial side. We continue to grow it. We continue to have a very strong pipeline, Manuel.

是的。我們確實有相當不錯的案源，而且我們仍維持低個位數成長的指引；這並不是因為我們對商業案源沒有信心，而更重要的是，我們在模型中假設汽車業務、汽車貸款組合會縮減，而在波多黎各目前的環境下這部分較難預測。但我們對商業端的業務非常滿意。我們持續成長。我們也持續擁有非常強勁的案源，Manuel。

And I guess my last question is on credit. Is this kind of improvement in past dues, which is somewhat seasonal, could that drive a bit lower net charge-off levels for the year. I think we're looking at close to 1% plus.

我想我最後一個問題是關於信用。這種逾期（past dues）改善有一定季節性；它是否可能讓今年的淨沖銷（net charge-off）水準再低一些？我想我們目前看的大概接近 1% 以上。

We talked about the 1% last quarter, too. I don't want to project this quarter because it's a better quarter because of the seasonality, as you mentioned. So I'll stick to my 1% through the year. And hopefully, it's going to be better because we mentioned already the improvements of the FICO quality of the portfolio, which may equate into a better charge-off rate. But as of now, I would say 1%.

我們上季也談到 1% 這個數字。我不想因為這一季表現較好就做出推估，因為如你所說有季節性因素。所以我仍維持全年 1% 的看法。而且希望會更好，因為我們已提到投資組合的 FICO 品質有所改善，這可能會反映為更好的沖銷率。但就目前而言，我會說是 1%。

Thank you for your question.

謝謝你的提問。

(Operator Instructions)

（接線員指示）

At this time, there are no further questions. I will now turn the call back over to Mr. Fernandez for closing remarks.

目前沒有其他問題。我現在把電話交回給 Fernandez 先生做結語。

Thank you, operator. Thanks again to all our team members, and thank you to all our shareholders who are listening. Have a great day.

謝謝你，接線員。再次感謝我們所有團隊成員，也謝謝所有正在收聽的股東。祝大家有美好的一天。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位撥冗與會並參與。您現在可以掛線。