Old National Bancorp (ONB) 2026 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Old National Bancorp first-quarter earnings conference call. This call is being recorded and has been made accessible to the public in accordance with the SEC's Regulation FD. Corresponding presentation slides can be found on the Investor Relations page at oldnational.com and will be archived there for 12 months.

各位女士、先生，歡迎參加 Old National Bancorp 2026 年第一季財報電話會議。本次電話會議將被錄音，並依據美國證券交易委員會（SEC）的 Regulation FD 向大眾公開。對應的簡報投影片可於 oldnational.com 的投資人關係頁面取得，並將於該處保存 12 個月。

Management would like to remind everyone that certain statements on today's call may be forward-looking in nature and are subject to certain risks, uncertainties and other factors that could cause actual results or outcomes to differ from those discussed. The company refers you to its forward-looking statement legend in the earnings release and presentation slides.

管理團隊提醒各位，今日電話會議中的部分陳述可能屬於前瞻性陳述，並受若干風險、不確定性及其他因素影響，可能導致實際結果或成果與所討論內容有所差異。公司請各位參閱財報新聞稿與簡報投影片中的前瞻性陳述說明。

The company's risk factors are fully disclosed and discussed within its SEC filings. In addition, certain slides containing non-GAAP measures, which management believes provide more appropriate comparisons. These non-GAAP measures are intended to assist investors' understanding of performance trends. Reconciliations for these numbers are contained within the appendix of the presentation.

公司的風險因素已於其向 SEC 提交的文件中完整揭露並加以討論。此外，部分投影片包含非 GAAP 衡量指標，管理團隊認為其可提供更適切的比較。這些非 GAAP 指標旨在協助投資人理解績效趨勢。相關數字的調節表載於簡報附錄中。

I'd now like to turn the call over to Old National's Chairman and CEO, Jim Ryan for opening remarks. Mr. Ryan?

接下來我想把電話會議交給 Old National 董事長兼執行長 Jim Ryan 進行開場致詞。Ryan 先生？

Good morning. Earlier today, Old National reported first-quarter 2026 earnings that exceeded our internal expectations and analyst estimates. We carried strong momentum into the year and our performance in the first quarter reinforces our confidence in the full year plan.

各位早安。今天稍早，Old National 公布 2026 年第一季盈餘，表現超出我們內部預期與分析師預估。我們以強勁動能邁入新年度，而第一季的表現也強化了我們對全年計畫的信心。

This quarter demonstrates disciplined execution as we have reliably delivered quarter after quarter. We delivered robust loan growth, powered by continued strength in our core deposit franchise and disciplined funding management in a highly competitive market. We controlled expenses and generated strong fee income, which helped offset net interest income pressure from typical seasonality and the recent sub-debt issuance.

本季展現了我們一貫且有紀律的執行力，並且我們已連續多季穩定交出成果。我們實現強勁的放款成長，動能來自核心存款業務的持續韌性，以及在高度競爭市場中嚴謹的資金管理。我們控制費用並創造強勁的手續費收入，有助於抵銷因典型季節性因素與近期次順位債發行所帶來的淨利息收入壓力。

Credit performance remains solid, supported by healthy liquidity and capital levels. We also acted decisively on capital returns, repurchasing shares during the quarter, including reducing auto Otto Bremer's trust position in Old National, and we intend to deploy the remaining authorization over the course of the program.

信用表現仍然穩健，並由健康的流動性與資本水準所支撐。我們也果斷採取資本回饋行動，在本季回購股份，其中包括降低 Otto Bremer 信託在 Old National 的持股部位；我們也計畫在本回購計畫期間內運用剩餘的核准額度。

Bottom line, we are executing and we expect to keep building from here. Our priorities remain clear: drive organic growth and return capital to shareholders. Organic growth starts with talent, and we are investing accordingly. We recently announced a strengthened commercial leadership team, promoting proven internal leaders and adding experienced bankers from several super regional institutions.

總結來說，我們正在落實執行，並預期將在此基礎上持續推進。我們的優先事項依然明確：推動有機成長並將資本回饋股東。有機成長始於人才，因此我們正相應投入。我們近期宣布強化商業金融領導團隊，提拔經驗證明的內部領導者，並自多家超區域性金融機構延攬資深銀行家加入。

Our team is focused every day on winning new clients and deepening existing relationships and building the next generation of bankers. Our commercial pipelines are at record levels, and our talent pipeline is as strong as it has ever been. We are also accelerating efficiency and scalability through technology and AI investments supporting positive operating leverage. As a result, we delivered a record adjusted efficiency ratio that remains in the top decile of our industry.

我們的團隊每天都專注於贏得新客戶、深化既有關係，並培育下一代銀行人才。我們的商業業務管線創下歷史新高，而人才儲備也達到前所未有的強度。我們亦透過科技與 AI 投資加速效率提升與規模化，支持正向營運槓桿。因此，我們交出創紀錄的調整後效率比率，並持續位居同業前十分位。

On the operating environment, the quarter brought higher for longer rate outlook and continued industry uncertainty. Old National is built for this backdrop. Our balance sheet remains neutral to the short end of the curve, our granular low-cost deposit base helps contain funding costs and our strong underwriting and straightforward community banking model positions us to perform through volatility.

就營運環境而言，本季出現「利率更高、維持更久」的展望以及產業不確定性延續。Old National 的體質正是為此背景而打造。我們的資產負債表對殖利率曲線短端仍維持中性；我們分散且低成本的存款基礎有助於抑制資金成本；而我們嚴謹的授信與直接明確的社區銀行模式，使我們能在波動中持續表現。

Importantly, nothing we are seeing changes our outlook. Loan pipelines are at record levels. Momentum is building, and we remain confident in our full year expectations. To close, we're off to a great start in 2026, and we're executing against our commitments.

重要的是，我們目前看到的情況並未改變我們的展望。放款管線處於歷史高位，動能正在累積，我們仍對全年預期充滿信心。最後，2026 年我們開局良好，並正按承諾推進執行。

Our focus remains on organic growth and disciplined capital return. This is not a time where we need acquisitions to achieve our objectives. I want to thank our team for delivering a strong quarter and for staying relentlessly focused on our clients.

我們的重點仍是有機成長與有紀律的資本回饋。此時我們不需要透過併購來達成目標。我要感謝團隊交出強勁的一季，並始終如一地專注於服務客戶。

With that, I'll turn the call over to John to walk through the quarter's financial results in more detail.

接下來我把電話會議交給 John，請他更詳細說明本季財務結果。

Thanks. As Jim mentioned and as summarized on slide 4, we delivered another strong quarter and a solid start to the year, reflecting continued momentum in organic growth, disciplined expense management stable credit performance and increased capital return with robust capital levels.

謝謝。如 Jim 所提及，並如投影片第 4 頁所摘要，我們再度交出強勁的一季，為今年奠定穩健開局，反映有機成長動能延續、費用管理有紀律、信用表現穩定，以及在強健資本水準下提高資本回饋。

Beginning on slide 5, we reported GAAP 1Q earnings per share of $0.59. Excluding $0.02 of merger-related expenses and a noncash expense associated with the final distribution of a legacy First Midwest pension plan, adjusted earnings per share were $0.61.

從投影片第 5 頁開始，我們公布 GAAP 口徑的 2026 年第一季每股盈餘為 0.59 美元。扣除 0.02 美元的併購相關費用，以及與舊有 First Midwest 退休金計畫最終分配相關的非現金費用後，調整後每股盈餘為 0.61 美元。

Results were driven by better-than-expected loan growth and fee income along with well-controlled expenses. Credit remained stable with less than 20 basis points of non-PCD charge-offs. Our profitability profile as measured by return on assets and on tangible common equity remain top decile versus our peers.

本季結果主要受優於預期的放款成長與手續費收入帶動，同時費用控制良好。信用維持穩定，非 PCD 的核銷金額低於 20 個基點。以資產報酬率（ROA）與有形普通股權益報酬率（ROTCE）衡量，我們的獲利能力仍位居同業前十分位。

Capital finished the quarter with CET1 over 11% and we grew tangible book value per share, 6% annualized and 11% year-over-year despite absorbing the majority of Bremer onetime charges, better-than-expected balance sheet growth and returning capital to shareholders in dividends and share repurchases. Specifically, during the first quarter, we returned $151 million to shareholders.

資本方面，本季末 CET1 超過 11%；儘管吸收了 Bremer 多數一次性費用、資產負債表成長優於預期，且透過股利與庫藏股回購回饋股東，我們仍推升每股有形帳面價值，年化成長 6%，年增 11%。具體而言，第一季我們向股東回饋 1.51 億美元。

On slide 6, you can see our quarterly balance sheet trends, underscoring strength in our liquidity and capital positions. Our loan-to-deposit ratio remained 89% and the CET1 ratio is comfortably north of 11%. Again, we compounded tangible book value per share year-over-year despite the impact of the Bremer close merger charges over the past year and the increased pace of capital return. We repurchased 3.9 million shares during the current quarter and 6.1 million shares over the last year.

在投影片第 6 頁，您可以看到我們的季度資產負債表趨勢，凸顯流動性與資本部位的強勁。我們的放款對存款比率維持在 89%，CET1 比率也穩健高於 11%。同樣地，儘管過去一年承擔 Bremer 交割併購費用的影響並加快資本回饋步伐，我們仍使每股有形帳面價值年對年持續複利成長。本季我們回購 390 萬股，過去一年合計回購 610 萬股。

With dividends and repurchases, our combined payout ratio was 64% of 1Q adjusted net income to common. As we've stated in the last several quarters, the best investment we can make today is ourselves.

加計股利與回購後，我們的合計配發率為第一季調整後歸屬普通股股東淨利的 64%。如同我們在過去幾季所說，今天我們能做的最佳投資就是投資我們自己。

On slide 7, we show trends in earning assets. Total loans grew 8% annualized from the last quarter, led by 16.9% annualized growth in C&I. Production was diversified across our commercial book and the next few quarters should be supported by record high pipelines of $5.5 billion, up nearly 14% from year-end levels. The investment portfolio was essentially unchanged from the prior quarter with portfolio purchases offset by changes in fair values.

在投影片第 7 頁，我們呈現生息資產的趨勢。總放款較上季年化成長 8%，其中以 C&I 年化成長 16.9% 領先。放款承作在我們的商業放款組合中分布多元，未來幾季應可受創新高的 55 億美元管線支撐，較年末水準增加近 14%。投資組合相較前一季基本持平，組合買入與公允價值變動相互抵銷。

We expect approximately $2.4 billion in cash flow over the next 12 months. Today, new money yields are running about 83 basis points above back book yields on securities. Strong loan growth, ongoing repricing across both loans and securities and continued deposit pricing discipline supports stable to improving net interest income and net interest margin over the course of 2026.

我們預期未來 12 個月約有 24 億美元的現金流入。目前新投入資金在證券上的殖利率約比既有存量（back book）殖利率高 83 個基點。強勁的放款成長、放款與證券的持續重訂價，以及持續的存款定價紀律，將支持 2026 年期間淨利息收入與淨利差維持穩定至改善。

I would point out that the first quarter was impacted by two fewer days, our sub debt issuance in late January and the spread dynamics inherent in this quarter's loan production, which was skewed decidedly toward near investment-grade floating rate C&I.

我也要指出，第一季受到少了兩個營業日、我們在 1 月下旬發行次順位債，以及本季放款承作所固有的利差動態影響；本季放款明顯偏向接近投資等級的浮動利率 C&I。

Moving to slide 8, we show trends in deposits. Total deposits increased 4.2% annualized, primarily driven by commercial and retail growth and partially offset by seasonally lower public funds balances.

接著看投影片第 8 頁，我們展示存款趨勢。總存款年化成長 4.2%，主要由商業與零售存款成長帶動，部分被季節性較低的公款存款餘額所抵銷。

As a reminder, 1Q is the low point for our public funds deposits with those balances typically rebuilding over the second and third quarters. Noninterest-bearing deposits declined slightly to 23% of total deposits from 24% in the prior quarter, partly reflecting the seasonal factors I just mentioned.

提醒各位，第一季通常是我們公款存款的低點，這些餘額一般會在第二與第三季回升。無息存款占總存款比重由前一季的 24% 小幅降至 23%，部分反映我剛提到的季節性因素。

Despite remaining on offense with respect to client acquisition in a competitive deposit environment, we were able to decrease total deposit costs by 8 basis points and lowered interest-bearing deposits and even better 14 basis points linked quarter.

儘管在競爭激烈的存款環境中，我們仍積極拓展客戶，但我們仍能將總存款成本降低 8 個基點；其中，計息存款成本季比更進一步下降 14 個基點。

We achieved an approximate 93% beta in our exception priced book in conjunction with the Fed cuts in the fourth quarter. These actions resulted in a spot rate of 170 basis points on total deposits at March 31. Overall, our deposit strategy performed as we expected, and we successfully achieved the down rate beta that we had targeted for this rate cycle.

配合聯準會在第四季降息，我們在例外定價（exception priced）存款組合上達成約 93% 的 beta。這些措施使得截至 3 月 31 日總存款即期利率為 170 個基點。整體而言，我們的存款策略表現符合預期，並成功達成我們在本輪利率循環中所設定的下行利率 beta 目標。

Slide 9 shows our quarterly income statement trends. As I mentioned earlier, adjusted earnings per share were $0.61 for the quarter, and our profitability remains peer leading.

投影片第 9 頁顯示我們的季度損益表趨勢。如我先前提到，本季調整後每股盈餘為 0.61 美元，我們的獲利能力仍領先同業。

Moving on to slide 10, we present details of our net interest income and margin, both of which reflect my prior comments around day count, the nature of this quarter's loan production and the impact of our sub debt issuance. You'll note that we remain neutral to short-term interest rates, and we have a total of nearly $8 billion in fixed rate loans and securities expected to reprice over the next 12 months.

接著看第10頁投影片，我們提供淨利息收入與淨利差的細節，兩者皆反映我先前關於日數計算、本季放款產出性質，以及我們次順位債發行影響的評論。你會注意到，我們對短期利率仍維持中性部位，且未來12個月內預計將有近80億美元的固定利率放款與證券重新定價。

Slide 11 shows trends in adjusted noninterest income, which was $122 million for the quarter, exceeding our guidance. While most of our fee businesses performed in line with our expectations, we again saw better-than-expected performance within mortgage despite typical seasonal patterns in that business and within capital markets. In both cases, this was driven by the mid-quarter dip in rates.

第11頁顯示調整後非利息收入的趨勢，本季為1.22億美元，超出我們的指引。雖然我們多數手續費業務的表現符合預期，但我們再次看到房貸業務（儘管該業務通常有季節性型態）以及資本市場的表現優於預期。兩者皆受惠於本季中段利率下滑所帶動。

Continuing to slide 12. Adjusted noninterest expense was $354 million for the quarter. Run rate expenses remained well controlled, and we generated positive operating leverage, both quarter-over-quarter and year-over-year. We reported a record low 46% adjusted efficiency ratio, and we have now realized 100% of the $111 million of annual run rate cost saves that were anticipated with Bremer.

接著看第12頁。調整後非利息費用本季為3.54億美元。經常性費用仍受到良好控管，我們在季比與年比兩個維度皆實現正向營運槓桿。我們報告創新低的46%調整後效率比率，且目前已實現與Bremer相關、原先預期的1.11億美元年度經常性成本節省的100%。

On slide 13, we present our credit trends. Total net charge-offs were 26 basis points or 19 basis points, excluding charge-offs on PCD loans. Criticized and classified loans increased $113 million this quarter as Bremer loans transitioned to Old National's asset quality framework consistent with our due diligence expectations.

在第13頁，我們呈現信用趨勢。總淨沖銷為26個基點；若排除PCD貸款的沖銷，則為19個基點。本季受批評與分類貸款增加1.13億美元，係因Bremer貸款依我們盡職調查的預期，轉換至Old National的資產品質框架所致。

Legacy Old National upgrades partly offset this increase. Nonaccrual loans to total loans decreased modestly, the fourth consecutive quarter of improving performance trends due to active portfolio management.

傳統Old National的升級（改善）部分抵銷了這項增加。不良放款（nonaccrual）占總放款比率小幅下降，這是連續第四季在積極投資組合管理下呈現改善的表現趨勢。

The first quarter allowance for credit losses to total loans, including the reserve for unfunded commitments was 122 basis points, down 2 basis points from the prior quarter, primarily driven by charge-offs on PCD loans and loan growth in lower risk portfolios.

第一季信用損失備抵（含未動用承諾準備）占總放款比率為122個基點，較前一季下降2個基點，主要受PCD貸款沖銷以及較低風險投資組合的放款成長所驅動。

Consistent with the fourth quarter, our qualitative reserves incorporate a 100% weighting on the Moody's S2 scenario with additional qualitative factors to capture global economic uncertainty.

與第四季一致，我們的質化準備金在Moody's S2情境上採100%權重，並加入額外的質化因素以反映全球經濟不確定性。

Lastly, given the continued focus on loans to non-depository financial institutions, we'd again like to emphasize that our exposure is de minimis. All said, MDFIs are approximately 1% of total loans all are performing and like other businesses that we bank most are long-standing client relationships.

最後，鑑於市場持續關注對非存款類金融機構的放款，我們再次強調，我們的曝險微乎其微。總體而言，MDFI約占總放款的1%；全部皆正常履約，且如同我們往來的其他業務，多數為長期客戶關係。

Slide 14 presents key credit metrics relative to peers. As discussed in past calls, we've historically experienced a lower conversion rate of NPLs to NCOs as compared to our peers, driven by our approach to credit and client selection. That continues to be the case, and we remain comfortable around the credit outlook.

第14頁呈現相對同業的關鍵信用指標。如同過往電話會議所討論，我們歷來不良放款（NPL）轉為淨沖銷（NCO）的轉換率低於同業，這源自我們的授信方法與客戶選擇策略。此情況仍然如此，我們對信用展望依舊感到安心。

On Slide 15, you can see our capital position at the end of the quarter. Regulatory ratios in TCE were stable linked quarter as strong retained earnings were offset by the robust quarterly loan growth, share repurchases and merger-related charges. Still, tangible book value per share was up 6% linked quarter annualized and 11% year-over-year.

在第15頁，你可以看到我們季末的資本狀況。監理比率與有形普通股權益（TCE）在季比上維持穩定，因強勁的留存盈餘被本季強勁的放款成長、庫藏股回購及併購相關費用所抵銷。儘管如此，每股有形帳面價值季比年化上升6%，年增11%。

Our peer-leading profitability profile continues to generate significant capital, which opened the door for capital return late last year. As previously mentioned, we repurchased 3.9 million shares of common stock during the first quarter and have $383 million remaining under our program.

我們同業領先的獲利能力持續產生可觀資本，並在去年底為資本回饋創造空間。如先前所述，我們在第一季回購了390萬股普通股，且在計畫額度下仍剩餘3.83億美元。

Lastly, of note, while not yet finalized, we would clearly expect a capital benefit under the proposed capital rule changes. This would mainly come from reductions in RWA treatment within our mortgage book and changes to the treatment of unfunded commitments over one year. Obviously, these changes, if finalized, could present meaningful capital optionality. In any case, we feel confident in our plans to continue to execute on our buyback plan, which runs through the end of February.

最後值得一提的是，雖然尚未定案，但我們明確預期在擬議的資本規則變更下將獲得資本效益。這主要來自我們房貸組合中風險加權資產（RWA）處理方式的降低，以及對一年以上未動用承諾處理方式的調整。顯然，若這些變更最終定案，可能帶來具意義的資本選擇權。無論如何，我們對持續執行回購計畫充滿信心，該計畫將持續至2月底。

Slide 16 includes our outlook for the full year 2026, which is unchanged from our prior guidance. We believe our current pipeline supports full year loan growth of 4% to 6% and based on the results of the first quarter, we suspect we may trend to the higher end of this range. We anticipate continued success in the execution of our deposit strategy and expect to meet or exceed industry growth in 2026, generally in line with our asset growth.

第16頁包含我們對2026全年的展望，與先前指引一致未變。我們認為目前的案源管線支持全年放款成長4%至6%，且基於第一季結果，我們推測可能會落在區間較高端。我們預期存款策略的執行將持續成功，並預期在2026年達到或超越產業成長，整體大致與資產成長一致。

Our NII guidance remains unchanged, and our balance sheet remains neutrally positioned to short-term interest rates. Obviously, the exact path of NIM and NII in 2026 will depend on growth dynamics the shape of the yield curve, the absolute level of rates in the belly of the curve and the competitive landscape, but our base case outlook assumes the Fed has done for the balance of this year and that the five year, which has been volatile year-to-date, stabilizes at about current levels.

我們的淨利息收入（NII）指引維持不變，資產負債表對短期利率仍為中性配置。當然，2026年淨利差（NIM）與NII的確切走勢將取決於成長動能、殖利率曲線形狀、曲線中段利率的絕對水準以及競爭環境；但我們的基本情境假設聯準會在今年剩餘時間已完成動作，而年初至今波動較大的5年期利率將在約當前水準附近趨於穩定。

We expect our fee businesses to perform well, supported by a robust loan pipeline that is driving capital markets activity, along with continued momentum in our wealth management and brokerage businesses.

我們預期手續費業務將表現良好，受惠於強勁的放款案源管線帶動資本市場活動，以及我們財富管理與經紀業務持續的動能。

To that end, we believe we would trend towards the higher end of our full year fee income guide. Expense guidance is unchanged despite a lower-than-expected outcome in the first quarter. But this is due to a robust talent pipeline and our expectation of continued investment in operational excellence. As a reminder, second quarter includes normal seasonal factors such as merit increases.

因此，我們認為全年手續費收入將趨向指引區間的較高端。費用指引雖然在第一季結果低於預期，但仍維持不變；這是因為我們擁有強勁的人才管線，且預期將持續投資於營運卓越。提醒一下，第二季包含正常的季節性因素，例如績效調薪。

Our expectations for credit and income tax rates are unchanged. In aggregate, you'll note that we expect full year results that yield 15% plus growth in earnings per share and again, feature positive operating leverage with peer-leading profitability good growth in fees, controlled expenses and normalized credit.

我們對信用與所得稅率的預期維持不變。整體而言，你會注意到我們預期全年結果可帶來每股盈餘15%以上的成長，並再次呈現正向營運槓桿，具備同業領先的獲利能力、良好的手續費成長、受控的費用以及正常化的信用表現。

To close, the first quarter sets the tone for the rest of 2026, and we are on the front foot. We intend to stay there. Organic loan growth was strong and pipelines are healthy. we maintain a granular low-cost deposit franchise and our credit book remains stable. That gives us the flexibility to invest in ourselves in talent and in capabilities while continuing to return capital to shareholders.

總結來說，第一季為2026年其餘時間定下基調，而我們已搶得先機，並打算持續保持。內生成長的放款表現強勁，案源管線健康。我們維持細分且低成本的存款基礎，信用資產組合仍然穩定。這讓我們能夠在持續回饋股東資本的同時，保有彈性投資於自身的人才與能力。

As Jim said at the top of the call, Old National enters the balance of 2026 with good momentum and added conviction in our ability to execute.

正如Jim在電話會議一開始所說，Old National在2026年剩餘期間以良好動能前進，並對我們的執行能力更具信心。

With those comments, I'd like to open the call for your questions.

以上就是我的評論，接下來我想開放各位提問。

(Operator Instructions) Scott Siefers, Piper Sandler.

（接線員指示）Scott Siefers，Piper Sandler。

John, I was hoping you could please walk through sort of the major drivers of NII momentum going forward. I know you touched on the seasonality in the first quarter and the impact of the sub debt issuance.

John，我希望你能帶我們梳理一下，展望未來推動淨利息收入（NII）動能的主要驅動因素。我知道你提到了第一季的季節性，以及次順位債發行的影響。

But just that because I think the year started a little weaker than at least the market had expected those idiosyncratic factors notwithstanding. But you kept the guide, I think the quarterly NII will need to average about 5% higher through the remainder of the year to get to the midpoint. So just sort of what gives you confidence in the guide and what are the major puts and takes you see.

但我之所以問，是因為我認為今年開局比市場至少原先預期的要弱一些，即便撇除那些特定因素。不過你們仍維持指引；我想要達到中位數，全年剩餘期間的季度NII平均需要高出約5%。所以想請教，是什麼讓你們對指引有信心？你們看到的主要利多與利空因素分別是什麼？

Yes. So obviously, I think, first and foremost, we've got a more cooperative yield curve today than what we had on average for the first quarter. So that will be a helper -- and then we've got $5.5 billion sitting in the pipeline, up 14% year-over-year, and we feel really good about the growth outlook.

是的。所以很明顯，我認為首先也是最重要的是，今天的殖利率曲線比第一季平均水準更為有利，這會帶來助益——另外，我們管線中有55億美元，年增14%，我們對成長展望感覺非常好。

And what's driving that is a little bit more balanced in terms of CRE versus C&I than what we saw in the first quarter. So I think the spread implications of that are favorable to us as we look forward into 2Q, 3Q.

而推動這點的因素是，相較於第一季，我們看到商用不動產（CRE）與工商金融（C&I）的組合更為均衡。因此，當我們展望第二季、第三季時，這樣的利差影響對我們是有利的。

Okay. Perfect. And then -- so that sort of touches on the second one, which was sort of the margin specifically. So presumably, that beneficial mix shift in the loan portfolio should be helpful. But just when we think about the sort of launching point of the 355 margin, any other factors that would cause it to sort of jump up from here. I think in your prep remarks, you sort of suggested stable to improving for both NII and the margin.

好的，完美。然後——這也算是觸及第二個問題，也就是更聚焦在淨利差本身。所以推測放款組合朝有利方向移動應該會有幫助。但當我們以355個基點的淨利差作為起點來看，還有沒有其他因素可能讓它從這裡往上跳升？我記得你在準備好的發言中，似乎提到NII與淨利差都會維持穩定到改善。

Yes. I think stable to improving is the right way to think about it. Recall, we will get 4 basis points back on dates and so that will kind of the launch point there. And yes, I think stable to improve is the name of the game for this year.

是的。我認為用「穩定到改善」來理解是對的。回想一下，我們會在到期項目上回收 4 個基點，所以那會成為一個起點。是的，我認為今年的主軸就是維持穩定並逐步改善。

Ben Gerlinger, Citi.

Ben Gerlinger，花旗（Citi）。

I just want to double check as you king of run through the numbers a little quick, and it's a busy morning. You said NII higher in the range, fee higher end of the range. You're building out a bigger team and hiring. Did you guys say the higher end of the range on expenses? Or is it still within that despite the lower core on 1Q.

我只是想再確認一下，因為你剛才帶過數字的速度有點快，而且今天早上很忙。你說 NII 在區間的較高端、手續費在區間的較高端。你們正在擴編團隊並招募人員。那你們有說費用會落在區間的較高端嗎？還是即便 1Q 核心表現較低，費用仍然維持在原先區間內？

I'm just going to -- I'm going to walk it back on one thing that you said. So we said loans high end of range, NII guidance is unchanged, fees, high end of range and expenses is unchanged despite a better-than-expected outcome in the first quarter.

我先把你剛才說的一點更正一下。我們說的是：放款在區間的較高端；NII 指引不變；手續費在區間的較高端；而費用指引也不變，儘管第一季的結果優於預期。

And that piece of the guide, Ben, on the operating expense side is really not the talent pipeline that Tim and Jim are building I think we're having more conversations today than at any other time that I can remember since I've been at Old National, and we're really excited about that pipeline.

而且 Ben，指引裡營運費用那一塊，重點其實不在 Tim 和 Jim 正在建立的人才管道。我想我們現在的對話比我在 Old National 任職以來任何時候都多，我們對這個人才管道感到非常興奮。

Yes. I apologize. It was loan hire and not M&A -- but you reiterated it, still good. Just wanted to kind of push you a little bit here. So like things are looking good and you're hiring and you're setting up -- the hires today are obviously not impacting much for growth on '26, call it more of a '27 and the '28 story. Both looks good. Why not be more aggressive on the shareholder buyback or return?

是的，抱歉。我指的是放款招募（loan hire），不是併購（M&A）——但你也重申了，仍然沒問題。我只是想在這裡稍微推你一下。也就是說，情況看起來很好，你們在招人、在布局——今天的招募顯然對 2026 年的成長影響不大，更像是 2027、2028 年的故事。兩者看起來都不錯。那為什麼不在庫藏股回購或股東回饋上更積極一點？

Well, I think -- look, I think we feel really good about where capital is. We fully intend -- we've got $383 million left on this existing authorization. We would fully intend to use that through the end of that authorization in February. Look, a combined payout ratio that's close to two-thirs of what we generated in the first quarter and still being able to support 8% loan growth, I think is a pretty good place to be.

嗯，我想——你看，我們對資本水位感覺非常好。我們完全打算——在現有授權額度下還剩 3.83 億美元。我們完全打算在該授權於二月到期前把它用完。你看，第一季我們產生的資本中，合計配發率接近三分之二，同時仍能支撐 8% 的放款成長，我認為這是相當不錯的位置。

And so we feel comfortable with where we are. And obviously, we'll if those capital rules become final, we'll have some additional optionality and clearly, think about what we're going to do with that, and that would be --.

所以我們對目前的位置感到安心。而且很明顯地，如果那些資本規則最後定案，我們會有一些額外的選擇空間，也會清楚地思考要怎麼運用，那將會是——

Incremental to everything we're doing today.

在我們今天所做的一切之上再增加的（增量）空間。

Exactly.

沒錯。

Brendan Nosal, Hovde Group.

Brendan Nosal，Hovde Group。

Starting off on loan growth here. I know you've been kind of working towards these numbers for years and years in terms of the bank's growth capacity, but it really feels like something clicked this quarter and will continue to click for you through the balance of the year. Has anything changed environmentally in your favor? Or is this just kind of the culmination of a lot of effort.

先從放款成長談起。我知道你們多年來一直在朝這些數字努力，就銀行的成長產能而言，但這一季真的感覺像是某個關鍵點被打通了，而且在今年剩下的時間會持續發酵。外部環境有沒有出現對你們有利的變化？還是這只是長期努力的累積成果？

Yes. Thanks for the question. It's certainly -- we're leaning into go-to-market strategies. We're really focusing on sales excellence and just being tighter in who we're targeting, how we're targeting and leveraging the full plethora of products and our platform that we have to offer.

是的，謝謝你的問題。這確實——我們正在加大力道推進市場策略（go-to-market strategies）。我們非常聚焦在銷售卓越（sales excellence），並且在鎖定目標客群、鎖定方式上更精準，同時充分運用我們平台所能提供的完整產品組合。

And we've seen that really come together nicely this quarter, and we like the trends that we see in the record pipelines that we have. We think that will continue to come to fruition. And as we add more bankers and more talent, we like the opportunity to continue to drive that growth going forward.

而我們看到這一季這些要素很漂亮地整合在一起，我們也喜歡目前看到的趨勢——我們有創紀錄的案源管道（pipeline）。我們認為這些將持續轉化為實際成果。隨著我們增加更多銀行家與更多人才，我們也看好未來持續推動成長的機會。

Okay. Great. Maybe pivoting to capital. Heard the commentary on the proposed capital rules and the benefits that would drive for you for others, and I think you mentioned that opens up the option set down the road.

好的。很好。也許轉到資本面。聽到你對擬議資本規則的評論，以及它會為你們和其他同業帶來的好處，我想你也提到這會在未來打開更多選項。

I mean can you walk through that? I think at the near-term buyback commentary and lack of interest in M&A at present. But like longer term, if you and others are sitting with more capital, what does that allow you to do longer term?

你能否帶我們走一遍？我理解短期內你們對回購的說法，以及目前對併購（M&A）沒有興趣。但從長期來看，如果你們和其他同業都握有更多資本，長期而言這會讓你們能做什麼？

Yes. Look, for us, I think you'd see a reduction in RWA roughly in line with what other sort of estimated for midsized banks. Again, on our balance sheet, the two biggest drivers of that are the LTVs in our wonderful family book and the line utilization is greater than one year.

是的。你看，對我們而言，我認為你會看到風險加權資產（RWA）下降的幅度，大致與市場對中型銀行的其他估算相近。再說一次，就我們的資產負債表而言，最大的兩個驅動因素是：我們優質的家庭住宅貸款組合（family book）中的貸款價值比（LTV），以及授信額度的動用期間超過一年。

There were some banks that played a lot of games in the risk-weighted asset diet years kind of shrinking the commitments down to one year minus a day. Old National never did that. So the capital treatment on that piece of our book will be favorable. I think in total, it could be up to 100 basis points, give or take, on CET1, and that is not a level that we're going to run the bank at. And so I think it would be and foremost, supporting continued organic growth; and then secondly, return to capital.

有些銀行在過去幾年在風險加權資產「瘦身」上玩了很多花樣，把承諾期限縮到一年減一天。Old National 從來沒有這麼做。所以在我們這一塊業務的資本計提上會更有利。我認為整體來看，對普通股權益第一類資本比率（CET1）可能有高達約 100 個基點的提升，上下略有差異，但那不是我們會用來營運銀行的水準。因此我認為它首先會用來支持持續的內生成長；其次，才是資本回饋。

I think it's also just getting comfortable with where the industry settles at. Where is the right CET1 ratio, where the right TCE ratios to run the organization long term. I think the industry is still trying to find that target level. Clearly, we believe we have a lower risk model and should be at the peer average or lower, but there's a lot of work to kind of get there to define what those normalized levels should be.

我想另一個重點是，要先對產業最終落點感到安心：長期而言，合適的 CET1 比率是多少、合適的有形普通股權益（TCE）比率是多少。我認為產業仍在尋找那個目標水準。很明顯地，我們相信我們的風險模型較低，應該落在同業平均或更低，但要走到那裡、去定義那些常態化水準應該是多少，還有很多工作要做。

Chris McGratty, KBW.

Chris McGratty，KBW。

On the Basel discussion, the 100 basis points that John referenced, ballpark. We've heard a lot of banks. Kind of in our follow-up calls talk about the importance of balancing CET1 and TCE. One going as far as saying 8% might be the right number for TCE. How do you -- I know the rating agencies care, how do you view the interplay between the two?

關於巴塞爾（Basel）的討論，John 提到的大約 100 個基點只是概略值。我們聽到很多銀行在後續電話中談到平衡 CET1 與 TCE 的重要性，甚至有一家說 TCE 8% 可能是合適的數字。你們怎麼看——我知道信評機構會在意——你們如何看待兩者之間的互動關係？

Yes. Look, I think those are the two, and we have long been sensitive to those as you know, right? So I would say that we feel really good about where we are in TCE as evidenced by the fact that we're returning a pretty significant chunk of capital in the quarter and 64% combined payout ratio on the quarter's kind of core net income. While still supporting organic growth.

是的。你看，我認為這兩個指標都重要，而且如你所知，我們長期以來對這兩者都很敏感，對吧？所以我會說，我們對目前的 TCE 水位感覺非常好，這也反映在我們本季回饋了相當大一部分資本，以及以本季核心淨利計算的合計配發率為 64%。同時仍在支撐內生成長。

So as Jim said, I think we still got to kind of figure out what the right long-term numbers are as an industry and then what's appropriate for Old National Bank, but we feel really good about where we are.

所以如 Jim 所說，我想我們仍需要釐清，作為一個產業，長期合適的數字應該是多少，然後對 Old National Bank 來說什麼才是適當的，但我們對目前的位置感覺非常好。

The challenge Chris becomes from a stress testing perspective, we feel really good about our capital levels and now we could push it harder. But there becomes a point in time when under periods of stress, our industry goes back to the higher capital levels are the ones that maybe feel a little less pain.

Chris，挑戰在於壓力測試的角度：我們對資本水位感覺非常好，現在也許可以把它推得更緊。但會有一個時間點，在壓力情境下，產業會回到一個現實——資本水位較高的機構，可能承受的痛感會小一些。

So I think we're just trying to figure out what's the right long-term view and not get caught up in today's whatever short-term window might be. And how do we balance all the other stakeholders like you suggested.

所以我想我們只是試著找出正確的長期觀點，而不要被今天任何短期窗口牽著走。並且如你所說，如何在所有其他利害關係人之間取得平衡。

Yes, you want to stay off the screens when things get a to get it. On deposit pricing, as we stay -- if the forward curve is right, there's no more cuts, or read that 170 spot are we flatlined basically until the Fed moves again?

是的，當情況變得——變得很糟時，你會想遠離螢幕。關於存款定價，如果我們維持——如果遠期曲線是對的，沒有更多降息，或者你讀到那個 170 的即期水準，那我們基本上就是一路持平，直到聯準會再次動作嗎？

Look, I think we still got some opportunity in the back book. We've definitely got some opportunity as brokered roles but I think the material decreases in spot rate are probably behind us if the Fed's is done for the year, which is our base case expectation. And I would tell you, the deposit competition it's intense, but rational. And the environment around specials has stayed a little bit frothy longer than what we would have probably hoped for as an industry.

你看，我認為我們在存量組合（back book）上仍有一些空間。我們在經紀存款（brokered）方面也確實還有一些空間，但如果聯準會今年就此結束——這是我們的基本情境——那麼即期利率的大幅下降可能已經在我們身後了。我也會告訴你，存款競爭很激烈，但仍算理性。而且圍繞著特案利率（specials）的環境，比我們作為一個產業原本希望的還要更久地維持在偏熱（frothy）的狀態。

Janet Lee, TD Cowen.

Janet Lee，TD Cowen。

When I look at the slide 10 on the impact of net interest margin that 19 basis points negative impact from rate and volume mix. Relative to 5.88% total loan yields for the quarter, should we expect that loan yields to increase in the second quarter as the -- obviously, the rate impact is decreasing or basically gone.

當我看第 10 頁投影片中淨利差（net interest margin）的影響，那裡顯示利率與量/組合（rate and volume mix）帶來 19 個基點的負面影響。相較於本季 5.88% 的總放款收益率（total loan yields），我們是否可以預期第二季放款收益率會上升，因為——很明顯地，利率影響正在下降或基本上已經消失。

And then maybe the first quarter had a overly high concentration of higher-quality C&I loans, which carry lower spreads. I guess that's not a bad thing at all, but I just want to get a sense of what a good loan yields is to start off as we head into the second quarter.

然後也許第一季高品質的 C&I 貸款占比偏高，而這類貸款的利差較低。我想這其實也不是壞事，但我只是想先了解一下，當我們進入第二季時，合理的貸款收益率大概應該是多少。

Yes. I think you've got the moving parts of that, right, Janet. It's the on loan yields, like margin overall, 10 basis points of that was day count for us. The balance of it was sort of sober down and most of that was offset by funding costs.

是的。我想你把其中的變動因素都抓到了，Janet。就貸款收益率而言，像整體利差一樣，其中有 10 個基點對我們來說是天數（day count）的影響。其餘部分算是稍微回落，而其中大多數又被資金成本所抵消。

And then there was a de minimis amount, just on churn in the book, so sort of, call it, 5 basis points, 4 or 5 basis points on loan yields, just regular churn. And I think going forward, much like margin, I think it's kind of stable to improving and will depend a little bit on business mix of production.

另外還有一個非常小的影響，主要是投組的周轉（churn），所以大概可以說貸款收益率有 5 個基點、4 到 5 個基點的影響，就是正常的周轉。我認為往後看，和利差一樣，應該是穩定到略有改善，並且會在一定程度上取決於新增業務的組合。

Yes. When I look in the pipeline, just a couple of factors on the loan side. One, a greater portion of our pipeline is being driven in community markets, where we see a little less competition, and we see that segments and some of our strong community markets, where we have great market share and good brand picking up.

是的。當我看管線時，就貸款端有幾個因素。第一，我們管線中更大一部分是由社區市場帶動，在那裡我們看到競爭稍微少一些；而且在一些我們很強的社區市場，我們有很高的市占率與良好的品牌力，正在帶動動能回升。

And then secondly, a larger part of our pipeline for the second quarter is in kind of core middle market, which third, fourth generational companies where you can tend to get a little more spread on that as well. But also can get good core operating deposits with those loans as well. So as we look at the mix second quarter compared to first quarter from a timing standpoint, just had some of the higher quality loans that have slightly lower interest rates. In the second quarter, we see that mix shifting.

第二，我們第二季管線中更大一部分來自核心中型市場（core middle market），也就是第三、第四代家族企業，這類客戶通常可以拿到稍高一些的利差。同時，搭配這些貸款也能取得不錯的核心營運存款。因此，從時點來看，第二季相較第一季，第一季有一些品質更高、利率略低的貸款；而在第二季，我們看到組合正在轉變。

Got it. That's very helpful. And I would also love to hear a little bit more about what you're doing on the AI front that you mentioned earlier that's helping on the efficiency and expense enterprise-wise?

了解。這非常有幫助。另外我也很想多聽一些你先前提到、在 AI 方面你們正在做什麼，如何在全企業層面幫助提升效率與費用控管？

Yes. So like others, we are investing in AI. We've got an AI center of excellence stood up within our technology and data teams. I would describe our progress to date is a lot of -- it's a lot of singles and doubles. And a really good example of that, that we shared with people is we had some like old Power BI legacy code that we lifted and shifted into a new data environment. It was kind of clunky.

是的。和其他人一樣，我們正在投資 AI。我們在技術與數據團隊內成立了 AI 卓越中心（center of excellence）。我會形容目前的進展是——很多是「一壘安打、二壘安打」式的小成果。一個很好的例子是，我們把一些舊的 Power BI 遺留程式碼搬移到新的數據環境中，原本相當笨重。

We threw AI at it and had what would have taken some of our best programmers month cleanup was done in a week. And so that would be a real life example of sort of -- I would describe that as a single and I think we've got some really interesting use cases that we're looking at.

我們用 AI 來處理，原本可能需要我們最好的程式設計師花一個月清理的工作，一週就完成了。所以這是一個真實案例——我會把它形容為一個「一壘安打」，而我認為我們也有一些非常有意思的使用情境正在評估。

Probably the first one for us that we're going to dive deeper into is in risk management. If you think about everything that needs to be built to embed risk into the first line. Almost all of those jobs, which the big banks just through bodies at are checkers of checkers. And that is a perfect AI use case and I think something that, look, 100. That threshold is probably moving anyways, but it doesn't mean that we're not at work on thinking about things that we need to do as a bigger bank.

對我們來說，可能第一個要更深入投入的是風險管理。你想想看，為了把風險嵌入第一道防線，需要建立的所有東西。幾乎所有那些工作，大型銀行通常就是靠堆人力去做，基本上是「檢查者的檢查者」。這正是 AI 的完美使用情境。我想，坦白說，100 這個門檻本來可能也在移動，但這不代表我們沒有在思考，作為一家更大的銀行需要做哪些事情。

And I think that the cost of that going to be a fraction of what it would have been even just three years ago because of some of the advancements in AI. So we're excited about it. And there's a lot of stuff watt the bank that we think help drive frees up dollars for us to go and invest in the more exciting stuff, which is the revenue-facing talent pipeline that Tim is building.

而且我認為，因為 AI 的一些進展，這件事的成本將會只是三年前的很小一部分。所以我們很興奮。銀行內部有很多事情我們認為能幫助提升效率、釋放資金，讓我們可以把資源投入到更令人興奮的事情上，也就是 Tim 正在打造的面向營收的人才管線。

Brian Foran, Truist Securities.

Brian Foran，Truist Securities。

So the loan growth momentum, I mean, if we think about scenarios where it continues to be at the high end or above the guide, do you think earning assets will be growing at the same level? Or is there some point where if loan growth if we're start to pencil in 7% or 8% loan growth, we should moderate securities and cash a little bit.

關於貸款成長動能，我是說，如果我們思考一些情境：它持續落在指引高端甚至高於指引，你認為生息資產也會以同樣的幅度成長嗎？還是說到了某個程度，如果我們開始把貸款成長率估到 7% 或 8%，我們應該稍微降低證券與現金的配置？

Yes. I think, it's probably fair to think about everything sort of growing about lockstep. So I think as loan growth goes, the liquidity book would grow with it.

是的。我想把所有項目視為大致同步成長，可能是合理的。所以我認為隨著貸款成長，流動性投組也會跟著成長。

Got it. And then on the Basel discussion, I know it's very early, the proposals could change, so maybe it's too early for this question, but you referenced how some specific areas get much better treatment. Do you think this is big enough where from a strategic standpoint, you might do more hiring or focus in certain types of lending or you might deemphasize others. Is this a big enough move that you'll actually start remixing the business a little bit to optimize around it?

了解。然後關於巴塞爾（Basel）的討論，我知道現在還很早，提案也可能會變，所以也許這問題太早，但你提到某些特定領域會得到更好的待遇。你認為這影響大到足以讓你們從策略角度做出調整嗎？例如在某些類型的放款上增加招募或加大投入、或是弱化其他領域。這是否大到你們會開始重新調整業務組合，以便圍繞它做最佳化？

It's probably a little early to say for sure on that. The one place where I think when you think about our RWA treatment and one to four family. It seems clear that the regulators are trying to encourage banks to be back in that business in a somewhat more meaningful way. And so there's interesting implications to that, that we would think through, I think, if it became a permanent role.

現在要很確定地說，可能還有點早。不過有一個地方我認為值得注意：當你看我們的 RWA（風險加權資產）待遇，以及一到四戶住宅（one to four family）時，似乎很明顯監管機構正試圖鼓勵銀行以更有意義的方式回到那個業務。因此這會帶來一些有趣的含意；如果它成為永久性規則，我想我們會仔細評估。

Brandon Rudd, Stephens.

Brandon Rudd，Stephens。

My first question, if I could drill in on loan yields a bit. I know it's primarily rate mark related now, but do you have the purchase accounting accretion for the quarter?

我的第一個問題，如果可以的話，我想更深入問一下貸款收益率。我知道現在主要是利率重定價（rate mark）相關，但你們本季的收購會計增提（purchase accounting accretion）是多少？

Not handy. It was roughly unchanged, though. I think the net-net of sort of purchase accounting accretion and interest collected on nonaccrual was a wash, like no impact on overall margin.

我手邊沒有。不過大致上沒有變化。我認為整體來看，收購會計增提與不計息（nonaccrual）貸款所收取的利息，兩者相互抵消，等於對整體利差沒有影響。

Got you. Okay. And then for the other side of the balance sheet, I heard your earlier comments about deposit cost competition. Super regional Bank last week said the Midwest is a bit more competitive than other regions around the nation. Since your footprint kind of stretches across the Midwest, are there markets in particular that you're seeing more competition than less than others?

了解。好。那再看資產負債表的另一側，我聽到你先前談到存款成本競爭。有一家超區域銀行上週說，中西部比全國其他地區更競爭。由於你們的版圖橫跨中西部，是否有特定市場你們看到競爭更激烈、或相對沒那麼激烈？

In the Midwest, no, not really. I would say that our most competitive market is probably Nashville. And that does -- we don't really have a back book in Nashville to worry about or certainly not the size back book that we have in other markets. But yes, I think most of our markets are competitive but rational.

在中西部，沒有，並不特別。我會說我們競爭最激烈的市場可能是納什維爾（Nashville）。而且在納什維爾——我們其實沒有太多既有存款存量（back book）需要擔心，至少不像其他市場那樣有那麼大的既有存量。不過是的，我認為我們大多數市場競爭激烈但仍算理性。

Yes. I think the other interesting thing is that some of the large national players are hanging some pretty steamy rates out there. So that's primarily competing with our wealth and private client businesses, which can be a little bit challenging at times.

是的。我認為另一個有趣的點是，一些大型全國性業者正在推出相當火熱的利率。所以那主要是在和我們的財富管理與私人客戶業務競爭，這有時會帶來一些挑戰。

David Chiaverini, Jefferies.

David Chiaverini，Jefferies。

On expenses, can you talk about areas of investment and how we should think about positive operating leverage, the extent to which it should come through based on the guide we're modeling pretty decent operating leverage. But can you talk about those two things?

關於費用，你能談談投資的領域，以及我們應該如何看待正向營運槓桿嗎？就你們的指引來看，我們在模型中預估相當不錯的營運槓桿。但你能談談這兩點嗎？

We are likewise modeling pretty decent positive operating leverage on the year, David. I think, in fact, when we stack it up against our executive peers, we were either number one or number two on that metric for this year. And look, our expectation is that we'll continue to drive quarter-over-quarter and year-over-year positive operating leverage, and we walk into every single budget cycle.

David，我們同樣也在年度上預估相當不錯的正向營運槓桿。事實上，若與我們的同業高層相比，在這個指標上我們今年不是第一就是第二。你看，我們的預期是會持續推動季對季與年對年的正向營運槓桿，而且我們在每一次預算循環開始時，

With that as a guiding sort of principle. So we know that, that's a metric that's important. It's something that we're focused on, and it's something that I think will deliver in 2016 for sure.

都把這當作一個指導性的原則。所以我們知道這是個重要指標，是我們關注的重點，我也認為我們在 2016 年肯定會交出成果。

Great. And then shifting over to your comment about pipelines on the loan side being up 14%, great to hear. Any particular industries that are driving that?

很好。然後轉到你提到貸款端管線成長 14% 的評論，聽起來很棒。有沒有特定產業在帶動？

David, they're pretty balanced, no real industry concentration. And I would say we've seen a really nice pickup in CRE pipelines. So across the Board, C&I remains strong. CRE is building -- and we've seen markets like Minnesota, where our momentum there is building pipelines there are higher than they've been in the last 18 months. So we feel very good overall about the pipelines, and it's a good mix of CRE and C&I, but with no concentration from an industry standpoint.

David，整體相當均衡，沒有明顯的產業集中。我會說我們看到 CRE（商用不動產）管線有很不錯的回升。所以整體來看，C&I 仍然強勁；CRE 正在累積——而且我們看到像明尼蘇達這樣的市場，我們的動能正在建立，那裡的管線高於過去 18 個月的水準。因此我們對整體管線感覺非常好，CRE 與 C&I 的組合也很不錯，而且從產業角度看沒有集中。

Jared Shaw, Barclays.

Jared Shaw，巴克萊。

This is John Rawan on for Jared. Just looking at some of the components of deposit pricing, it seems like the exception book has been driving most of the downward pressure on deposit costs and the non-exception book might be even going up a little bit in terms of average cost. Can you just talk about the dynamics there? And is if there's any emphasis being placed on moving to more weighting towards exception pricing?

我是 John Rawan，代替 Jared 發言。就存款定價的一些組成來看，似乎例外簿（exception book）一直在推動存款成本的大部分下行壓力，而非例外簿（non-exception book）的平均成本可能甚至還小幅上升。能否談談其中的動態？另外，是否有任何重點放在提高例外定價的權重？

Yes. So the exception book is where we saw all of our uprate beta, and that's kind of how we've always managed deposit costs at Old National. So it is where we've experienced all of the down rate beta as well. we're really pleased with how that's performed.

是的。所以，例外簿是我們看到所有上調 beta 的地方，而這也一直是我們在 Old National 管理存款成本的方式。因此，我們也在那裡經歷了所有的下調 beta。對於它的表現，我們非常滿意。

I would say if you're looking at quarterly sort of puts and takes on deposits, don't forget that there's some seasonal factors in our first quarter. Our public funds balances are at a low point in 1Q, those rebuild in 2Q and 3Q, and there's some seasonality in our noninterest-bearing on both the commercial and the public side of things as well in the first quarter. So that might explain what you're kind of scratching out there on the quarter's deposit costs.

我會說，如果你在看季度層面的存款增減因素（puts and takes），別忘了第一季有一些季節性因素。我們的公款（public funds）餘額在第一季處於低點，第二季和第三季會回升；另外，在第一季，商業端與公部門端的無息存款（noninterest-bearing）也都有一些季節性。因此，這可能解釋了你在本季存款成本上所觀察到的情況。

Okay. Great. That's good color. And then maybe just a little more on the leadership changes in commercial banking bring in Chris. I guess, is there any specific areas of expertise in terms of lending verticals or anywhere else that he brings that would kind of alter the pace or areas that you're hiring in?

好的。很好。這些說明很有幫助。接著想再多問一點關於商業銀行領導層變動、引進 Chris 的部分。我想問的是，他是否在放款垂直領域或其他方面有特定專長，可能會改變你們招募的節奏或招募的領域？

Yes. Chris' background is diverse, and we're very excited about what he can bring. But primarily on the C&I side, when you think about asset-based lending and core C&I middle market banking, the old school banking that we're very known for and very proud of. I think Chris will do an exceptional job of helping to drive that growth.

是的。Chris 的背景很多元，我們對他能帶來的貢獻非常期待。但主要是在 C&I（商業與工業）這一側，當你想到資產基礎放款（asset-based lending）以及核心 C&I 的中型市場銀行業務，也就是我們非常有名、也非常引以為傲的傳統銀行業務。我認為 Chris 將能非常出色地協助推動那方面的成長。

At the same time, John Thurston on the -- corporate banking side, as our leader and President of that, we're looking at different ways to grow there, and we're excited about the depth he brings of a 30 year-plus career across business banking, commercial banking and corporate banking. So excited about what each of them can bring to our growth going forward.

同時，在企業銀行（corporate banking）這一側，由 John Thurston 擔任領導並出任該業務的總裁，我們也在尋找不同的成長方式；我們也很期待他能帶來的深度——他在商業銀行（business banking）、商業銀行（commercial banking）與企業銀行（corporate banking）領域累積了 30 年以上的職涯經驗。因此，我們對他們兩位各自能為未來成長帶來的貢獻都很期待。

John Arfstrom, RBC Capital Markets.

John Arfstrom，RBC 資本市場。

We were just in Minneapolis yesterday. I didn't see you in the Skyway.

我們昨天才在明尼阿波利斯。我在 Skyway 沒看到你。

No, I had a seatbelt on my office chair. Can't leave my desk. A few follow-ups. John, you said the yield curve maybe is a little bit more cooperative now. what changed, what makes it more cooperative and what's more ideal for you guys?

沒有，我在辦公椅上繫了安全帶。離不開我的辦公桌。幾個追問。John，你說殖利率曲線現在可能更「配合」一些了。是什麼改變了、讓它更配合？對你們而言更理想的是什麼樣的狀態？

Well, the five year came back to $390-ish , which is definitely helpful and there's some -- there's better -- there's a little bit better steepness finally. Now it may have gotten there for the wrong reasons, but we'll take it, right? So a little bit of steepness and a better belly is certainly helpful for us.

嗯，5 年期回到大約 3.90% 左右，這確實有幫助，而且也有一些——更好——終於有一點更陡峭了。現在它可能是因為不太理想的原因才走到這裡，但我們就接受吧，對吧？所以，曲線稍微變陡、以及中段（belly）更好一些，對我們當然有幫助。

Yes. Okay. And then just following up on the positive operating leverage question. You flagged a record adjusted efficiency ratio this quarter of 45.7%, which is great for your company. Are you saying that could go lower, John? Is that the message?

是的。好的。接著追問一下正向營運槓桿（positive operating leverage）的問題。你提到本季調整後效率比率（adjusted efficiency ratio）創新高，達到 45.7%，這對你們公司來說很棒。John，你的意思是它還可能更低嗎？這是你想傳達的訊息嗎？

I think we're going to try to keep it where it is or maybe grind it lower and --

我想我們會努力把它維持在目前水準，或是再慢慢磨低一些——

I think the tension, John, from my perspective, is that we don't want that to be an inhibitor to investing in our future, investing in growth, investing in talent. I think that's just the dynamics. We inherently know like if we're able to successfully convert this talent pipeline, that's an 18 month kind of break-even scenario.

John，以我的角度來看，拉扯點在於：我們不希望這個數字成為我們投資未來、投資成長、投資人才的阻礙。我想這就是其中的動態。我們本來就知道，如果我們能成功把這條人才管道轉化落地，那大概是 18 個月左右的損益兩平情境。

And inevitably, the people that we're looking at hiring are kind of top decile performers, so they just come at a much higher cost on average. And so I don't want that number of 45% to be a number that stops us from investing in our future or the growth of the organization.

而且不可避免地，我們想招募的人多半是前十分位（top decile）的績效者，所以平均成本就是高得多。因此，我不希望 45% 這個數字變成阻止我們投資未來或組織成長的門檻。

So that will be the tension that we'll just have -- as I've said publicly a few times like, hey, nothing would make me happier if I have to come and apologize to you all that our expense guide is going up because we just had that much success in recruiting and attracting great talent to join the organization.

所以這會是我們必須面對的拉扯——我之前也公開說過幾次：嘿，如果我得來跟各位道歉，說我們的費用指引（expense guide）上調了，原因是我們在招募與吸引優秀人才加入組織方面太成功了，那沒有什麼事會比這更讓我開心。

Yes, fair. I don't want to say it's good enough. We want to keep pushing, but that's pretty good for you guys.

是的，合理。我不想說已經夠好了。我們想繼續推進，但對你們來說這已經相當不錯。

I agree. I mean you know our history. That's remarkable, if you go back and look at our history.

我同意。我的意思是，你知道我們的歷史。如果你回頭看我們的歷史，那真的很了不起。

Yes. Okay. And then the last one on the buyback. You flagged that you took a piece of the buyback from you bought from the Bremer Trust, how much is left there? Are those negotiated transactions? And kind of what's the plan? Is it more of a -- I guess it's maybe more of a bummer question, but what do you think the plan is and how much did you get from the trust?

是的。好的。最後一個關於庫藏股回購（buyback）問題。你提到你們回購的一部分是從 Bremer Trust 買回的，那邊還剩多少？那些是協商交易（negotiated transactions）嗎？大概的計畫是什麼？我想這可能是比較掃興的問題，但你認為計畫會是什麼、以及你們從該信託買了多少？

Let me just, we actually flagged that transaction when we did it. It was around $50 million of stock. And so we just wanted to repoint that out. We did put a filing out on that. And the whole point is honestly, they see great value in long-term ownership.

我先說明一下，我們其實在交易發生時就已經提過了。大約是 5,000 萬美元的股票。所以我們只是想再提醒一次。我們也就此發布過申報文件（filing）。而重點老實說是，他們看重長期持有的價值。

We expect them to have long-term ownership -- we're obviously sensitive to the concentration that they bring. So no material change to the current ownership other than the $50 million we reduced and I just don't see them wanting to do anything different in the near future. Obviously, they're in control. The lockup expires really quickly here.

我們預期他們會長期持有——當然，我們也會留意他們帶來的持股集中度。因此，除了我們減少的那 5,000 萬美元之外，目前的持股結構沒有任何重大變化；而且我也不認為他們在短期內會想做任何不同的動作。顯然他們自己掌控決定。禁售期（lockup）很快就會到期。

But after the lockup expires, I don't see them doing any changes based on our conversations but anything after that, they have to decide. The good news is we have the right of first refusal. So to the extent that they want to come to the market, we'll be there to support that. But I don't anticipate that based on our most recent conversations.

但在禁售期到期後，根據我們的對話，我也不認為他們會做任何變動；不過再往後的事，就得由他們決定。好消息是我們有優先承購權（right of first refusal）。因此，如果他們想要到市場上出售，我們會在那裡支持。但基於我們最近的對話，我不預期會發生。

And there are no further questions at this time. I'd like to turn the call back to Jim Ryan for closing remarks.

目前沒有其他問題。我想把電話交回 Jim Ryan 做結語。

We appreciate everybody's support. And as usual, we'll be here all day to answer any follow-up questions. Thanks so much.

感謝各位的支持。一如往常，我們今天一整天都會在這裡回答任何後續問題。非常感謝。

And ladies and gentlemen, this concludes Old National's call. Once again, a replay, along with the presentation slides, will be available for 12 months on the Investor Relations page of Old National's website, oldnational.com.

各位女士、先生，Old National 的電話會議到此結束。再次提醒，會議重播以及簡報投影片將在 Old National 網站的投資人關係頁面（oldnational.com）提供 12 個月。

A replay of the call will also be available by dialing (800) 770-2030 access code 9394540 and this replay will be available through May 6. If anyone has additional questions, please contact Lynell Durkol at (812) 464-1366.

本次電話會議的重播也可撥打 (800) 770-2030，輸入存取碼 9394540 收聽；重播將提供至 5 月 6 日。如有任何其他問題，請聯絡 Lynell Durkol，電話 (812) 464-1366。

Thank you for your participation in today's conference call, and you may now disconnect.

感謝各位參與今天的電話會議，現在可以掛線。