Old Second Bancorp, Inc (OSBC) 2026 Q1 法說會逐字稿

Good morning, everyone, and thank you for joining us today for Old Second Bancorp, Inc.'s first-quarter 2026 earnings call.

各位早安，感謝各位今天加入 Old Second Bancorp, Inc. 2026 年第一季法說會。

On the call today are Jim Ecker, the company's Chairman, President, and CEO; Brad Adams, the company's COO and CFO; Darin Campbell, the company's Head of National Specialty Lending and Gary Collins, the Vice Chairman of our Board.

今天與會者包括公司董事長、總裁兼執行長 Jim Ecker；公司營運長兼財務長 Brad Adams；公司全國專業放款主管 Darin Campbell，以及本公司董事會副董事長 Gary Collins。

I will start with a reminder that Old Second's comments today will contain forward-looking statements about the company's business, strategies, and prospects, which are based on management's existing expectations in the current economic environment.

我先提醒各位，Old Second 今日的評論將包含有關公司業務、策略與前景的前瞻性陳述，這些陳述係基於管理階層在目前經濟環境下的既有預期。

These statements are not a guarantee of future performance, and results may differ materially from those projected. Management would ask you to refer to the company's SEC filings for a full discussion of the company's risk factors. The company does not undertake any duty to update such forward-looking statements.

這些陳述不保證未來績效，實際結果可能與預測有重大差異。管理階層請各位參閱公司向 SEC 提交之文件，以取得公司風險因素的完整討論。公司不承擔更新此類前瞻性陳述的任何義務。

On today's call, we will also be discussing certain non-GAAP financial measures. These non-GAAP measures are described and reconciled to their GAAP counterparts in our earnings release, which is available on our website at oldsecond.com on the homepage under the Investor Relations tab.

在今天的電話會議中，我們也將討論若干非 GAAP 財務衡量指標。這些非 GAAP 指標已於我們的財報新聞稿中說明並與其 GAAP 對應項目進行調節；新聞稿可於我們網站 oldsecond.com 首頁的「投資人關係」分頁取得。

Now I will turn it over to Jim Ecker.

接下來把時間交給 Jim Ecker。

Hey, good morning, and thank you for joining us. I have several prepared opening remarks. I'll give you my overview of the quarter and then turn it over to Brad for additional color. I will then conclude with certain summary comments and thoughts about the future before we open it up to Q&A.

各位早安，感謝各位加入。我準備了幾點開場談話。我會先概述本季表現，接著交由 Brad 補充更多細節。之後我將以若干總結性評論與對未來的看法作結，然後開放問答。

From a GAAP perspective, net income was $25.6 million, or $0.48 per diluted share in the first quarter, and return on assets was 1.51%. First quarter 2026, return on average tangible common equity is 14.2%, and the tax equivalent and efficiency ratio is 52.4%.

以 GAAP 口徑來看，第一季淨利為 2,560 萬美元，稀釋後每股盈餘為 0.48 美元，資產報酬率為 1.51%。2026 年第一季平均有形普通股權益報酬率為 14.2%，稅務等值（tax equivalent）效率比率為 52.4%。

Excluding all adjustments, which include MSR valuation adjustments and costs related to the 2025 acquisition of Bancorp Financial and its wholly owned subsidiary, Evergreen Banc Group, net income for the first quarter was $26 million, or $0.49 per diluted share.

排除所有調整項（包括 MSR 估值調整，以及與 2025 年收購 Bancorp Financial 及其全資子公司 Evergreen Banc Group 相關的成本）後，第一季淨利為 2,600 萬美元，稀釋後每股盈餘為 0.49 美元。

First quarter 2026 earnings were impacted by $9.8 million of net loan charge-offs, which primarily included a commercial real estate investor charge-off of $3.9 million that was an office property located in downtown Chicago.

2026 年第一季獲利受到 980 萬美元淨貸款沖銷（net loan charge-offs）的影響，其中主要包括一筆 390 萬美元的商用不動產投資人貸款沖銷，該擔保品為位於芝加哥市中心的一處辦公大樓。

Property experienced some vacancy and an updated valuation that was approximately 50% lower than prior estimates.

該物件出現部分空置，且更新後的估值較先前估計約低 50%。

The property does now cash flow adequately at the new carrying value after a restructuring. A commercial and industrial charge-off of $1.3 million in the warehousing and distribution space that has seen its cash flow position deteriorate over the last year.

在重整後，該物件以新的帳面價值計算，目前已能產生足夠現金流。另有一筆 130 萬美元的商業與工業（C&I）貸款沖銷，位於倉儲與配送領域，過去一年其現金流狀況惡化。

And lastly, net charge-offs related to the Powersport business totalled $3.9 million, a relatively higher-than-normal level due to some seasonality and continuing consumer lending softness consistent with what's being seen in the broader economy.

最後，與 Powersport 業務相關的淨沖銷合計 390 萬美元；由於季節性因素以及消費者放款持續疲弱（與整體經濟所見一致），該水準相對高於正常。

Tangible book value per share increased to $14.35 as of March 31, 2026, from $14.12 as of December 31, 2025. The tangible equity ratio increased 5 basis points from last quarter from 11.02% to 11.07% and is 73 basis points higher than the late period one year ago.

截至 2026 年 3 月 31 日，每股有形帳面價值增至 14.35 美元，較 2025 年 12 月 31 日的 14.12 美元上升。有形股權比率較上季增加 5 個基點，由 11.02% 升至 11.07%，並較一年前同期高出 73 個基點。

Common equity Tier 1 was 13.13% in the first quarter, increasing from 12.99% last quarter, but decreased 34 basis points from a year ago.

第一季普通股權第一級資本比率（CET1）為 13.13%，較上季的 12.99% 上升，但較一年前下降 34 個基點。

Our financial performance continued to reflect an exceptionally strong net interest margin at 5.14% for the first quarter, that's a 5 basis point improvement from last quarter and 26 basis point increase over the prior like quarter on a tax equivalent basis.

我們的財務表現持續反映出極為強勁的淨利差（NIM），第一季為 5.14%，較上季改善 5 個基點，並以稅務等值口徑較去年同期增加 26 個基點。

Pre-provision net revenues decreased in the first quarter from the prior quarter, primarily due to day count, lower loan balances, and a decline in rates overall.

第一季提存前淨收益（pre-provision net revenues）較前一季下降，主要原因為天數因素、貸款餘額較低，以及整體利率下滑。

Cost of deposits was 105 basis points for the first quarter, compared to 115 basis points for the prior link quarter and 83 basis points for the first quarter of 2025.

第一季存款成本為 105 個基點，前一相連季度（linked quarter）為 115 個基點，2025 年第一季為 83 個基點。

For the first quarter of 2026 compared to last quarter, tax equivalent income on average earning assets decreased $4 million, while interest expense on average interest-bearing liabilities decreased $2.1 million. The loan-to-deposit ratio is 93.2% as of March 31, 2026, compared to about 94% last quarter and 81.2% as of March 31, 2025.

2026 年第一季相較上季，平均生息資產的稅務等值收入減少 400 萬美元，而平均計息負債的利息費用減少 210 萬美元。截至 2026 年 3 月 31 日，貸存比為 93.2%，上季約為 94%，而截至 2025 年 3 月 31 日為 81.2%。

The first-quarter of 2026 experienced a decrease in total loans of $66.9 million from last quarter.

2026 年第一季總貸款較上季減少 6,690 萬美元。

Tax equivalent loan yields declined 5 basis points during the first quarter of 2026 compared to the linked-quarter, but reflected a 48 basis point increase from the quarter year-over-year.

2026 年第一季稅務等值貸款收益率較相連季度下降 5 個基點，但較去年同期增加 48 個基點。

The decrease in yield in comparison to the prior quarter is primarily a function of Fed rate cuts working through the portfolio.

相較前一季收益率下降，主要是聯準會降息逐步反映在投資組合中的結果。

Asset quality trends softened during the quarter. Non-performing loans increased $22.7 million, but classified assets declined by $2.8 million. In general, our collateral position is very good on quarter one downgraded credits. We recorded $9.8 million in net loan charge-offs in the first quarter, with the majority stemming from the Powersports portfolio and one relationship each in commercial real estate investor and commercial.

本季資產品質趨勢轉弱。不良貸款增加 2,270 萬美元，但分類資產（classified assets）下降 280 萬美元。整體而言，我們對第一季被降評授信的擔保品部位非常良好。第一季我們認列 980 萬美元淨貸款沖銷，其中大多數來自 Powersports 投資組合，另各有一筆來自商用不動產投資人及商業授信關係。

The allowance for credit losses on loans was $72.1 million as of March 31, or 1.39% of total loans, from $72.3 million at year end, which was 1.38% of total loans.

截至 3 月 31 日，貸款信用損失準備（allowance for credit losses on loans）為 7,210 萬美元，占總貸款 1.39%；年末為 7,230 萬美元，占總貸款 1.38%。

Unemployment and GDP forecast views and future loss rate assumptions remain fairly static from last quarter, with no material changes in the unemployment assumptions on the upper end of the range based on recent Fed data projections.

失業率與 GDP 的預測觀點及未來損失率假設，與上季相比大致維持不變；根據近期聯準會資料預測，在區間上緣的失業率假設亦無重大變動。

The impact of the global tariff volatility and the war in Iran continues to be considered within our modelling. Provision levels quarter over link quarter increased by $6.5 million to $9.5 million and were largely driven by the Powersports portfolio net loan charge-offs as well as the two larger credits that we mentioned earlier.

全球關稅波動以及伊朗戰爭的影響，仍持續納入我們的模型考量。本季相較相連季度，提存金額增加 650 萬美元至 950 萬美元，主要由 Powersports 投資組合的淨貸款沖銷，以及我們先前提到的兩筆較大型授信所驅動。

Non-interest income reflected a $476,000 increase in the first-quarter compared to the prior link quarter and $2.4 million increase from the prior year linked quarter. Mortgage banking income increased $225,000 compared to the link quarter. It increased $574,000 compared to the light prior year period, primarily due to volatility of mortgage servicing rights mark-to-market valuations.

第一季非利息收入較前一相連季度增加 47.6 萬美元，較去年同期相連季度增加 240 萬美元。房貸銀行業務收入較相連季度增加 22.5 萬美元。相較去年同期增加 57.4 萬美元，主要因房貸服務權利（MSR）按市價評價（mark-to-market）估值的波動所致。

Excluding the impact of mortgage servicing rights, mark-to-market adjustments, mortgage banking income decreased $51,000 over the prior link quarter, but increased $156,000 from the prior year-like period.

排除房貸服務權利按市價評價調整的影響後，房貸銀行業務收入較前一相連季度減少 5.1 萬美元，但較去年同期增加 15.6 萬美元。

Other income increased $358,000 in the first-quarter compared to the prior link quarter and $714,000 compared to the prior year-like quarter, driven largely by Powersports loan service fees and dealer chargebacks.

第一季其他收入較前一相連季度增加 35.8 萬美元，較去年同期增加 71.4 萬美元，主要由 Powersports 貸款服務費與經銷商回扣扣回（dealer chargebacks）所帶動。

Total non-interest expense for the first quarter of 2026 declined $2.7 million from the prior link quarter as the first quarter experienced $349,000 in acquisition costs compared to $2.3 million in the fourth quarter last year.

2026 年第一季非利息費用總額較前一相連季度下降 270 萬美元，因第一季收購相關成本為 34.9 萬美元，而去年第四季為 230 萬美元。

Our efficiency ratio continues to be excellent as the tax equivalent efficiency ratio adjusted to exclude core deposit intangible. Amortization, OREO costs, and the adjustments to net income, as noted earlier, was 51.7% for the first quarter, compared to 51.28% for the fourth quarter 2025.

我們的效率比率仍然非常出色；稅務等值效率比率在調整排除核心存款無形資產攤銷、OREO 成本，以及如前所述對淨利的調整後，第一季為 51.7%，而 2025 年第四季為 51.28%。

On the credit front, we're obviously disappointed in the level of charge-offs in the quarter, but otherwise, trends at Old Second remain excellent.

在信用面方面，我們顯然對本季的核銷水準感到失望，但除此之外，Old Second 的趨勢仍然非常優異。

Commercial real estate office continues to be under pressure broadly with valuations coming in at steep discounts to prior levels and rents declining broadly. The good news is that we don't have very much of it on a relative basis and don't see circumstances in other credits similar to this credit that declined in value this quarter.

商用不動產中的辦公室類別整體仍持續承壓，估值相較先前水準出現大幅折價，租金也普遍下滑。好消息是，我們在相對比例上持有的辦公室曝險不多，且未見其他授信出現與本季這筆價值下滑的授信相似的情況。

I would say that the last office credit we were generally worried about is a participation loan that came with us via acquisition in 2021, that we unfortunately acquired an additional piece with the Evergreen transaction.

我會說，我們最後一筆普遍較擔心的辦公室授信，是一筆參貸，於 2021 年透過併購隨同納入；不幸的是，我們又在 Evergreen 交易中額外取得了其中一部分。

I would like to call your attention to page 6 of our loan portfolio disclosures for more color on our office portfolio. With respect to the aforementioned C&I relationship, we are working through that one, and there's underlying cash flow and value in that business.

我想請各位留意我們貸款組合揭露資料的第 6 頁，以取得更多關於辦公室投資組合的資訊。至於前述的 C&I（商業與工業）往來關係，我們正在處理中，該業務仍有其基礎現金流與價值。

More broadly, our focus continues to be on the optimization of the balance sheet to perform and withstand the variability of current future interest rates, as well as diligent oversight of commercial credits and assessment of potential collateral shortfalls.

更廣泛而言，我們的重點仍在於優化資產負債表，使其能在目前及未來利率的變動下維持表現並承受波動，同時對商業授信進行嚴謹監督，並評估潛在的擔保品不足風險。

We continue to reduce reliance on wholesale funding as we allow the legacy Evergreen Bank brokered CDs to run off and reprice higher cost deposits in the falling interest rate environment. With that, I'll turn it over to Brad for more color.

我們持續降低對批發資金的依賴，讓傳承自 Evergreen Bank 的經紀存單逐步到期流失，並在利率下行環境中將高成本存款重新定價。接下來我把時間交給 Brad 補充說明。

Thank you, Jim. As Jim mentioned, revenue trends were generally excellent with only a modest decline in net interest income relative to last quarter. That's pretty unusual.

謝謝你，Jim。如 Jim 所提到，營收趨勢整體非常出色，淨利息收入相較上季僅小幅下滑。這相當不尋常。

Relative to the prior year quarter, net interest income increased by $18 million or 29%. Tax equivalent loan yields decreased by only 5 basis points, but securities yields increased 4 basis points in the first quarter relative to last quarter.

相較去年同季，淨利息收入增加 1,800 萬美元，增幅 29%。以稅賦等值（tax equivalent）計，貸款收益率僅下降 5 個基點，但證券收益率在第一季相較上季上升 4 個基點。

Overall, total yield on interest-earning assets declined 3 basis points, and the cost of interest-bearing deposits decreased 15 basis points.

整體而言，生息資產總收益率下降 3 個基點，而計息存款成本下降 15 個基點。

Total interest-bearing liabilities decreased by 12 basis points. The end result was a 5 basis point increase in the tax equivalent NIM to 5.14% relative to 5.09% last quarter. Obviously, we believe this continues to be exceptional margin performance.

計息負債總成本下降 12 個基點。最終結果是，以稅賦等值計的淨利差（NIM）較上季的 5.09% 上升 5 個基點至 5.14%。顯然，我們認為這仍是非常卓越的利差表現。

Tax equivalent then for the first quarter of 2026 increased 26 basis points compared to 4.88% last year.

以稅賦等值計，2026 年第一季較去年 4.88% 上升 26 個基點。

Average loans decreased by $70 million or 1.3% quarter-over-linked-quarter and average deposits decreased by $162 million. Deposit runoff is largely concentrated in high beta effectively wholesale deposit captions as planned.

平均貸款較上季減少 7,000 萬美元或 1.3%，平均存款減少 1.62 億美元。存款流失主要如計畫般集中在高 beta、實質上屬批發性質的存款科目。

Loan origination activity in the first quarter was seasonally slower, but the pipeline remained strong. Certainly, the market environment, including ongoing pricing challenges due to tariffs and the uncertainty with war results in reluctance on borrowers and to invest in capital projects.

第一季的放款承作活動受季節性影響較慢，但案源管線仍然強勁。當然，市場環境（包括關稅導致的持續定價挑戰，以及戰爭結果的不確定性）使借款人對資本投資專案更為猶豫。

Our lending teams are working with their customers to ensure we can meet their needs and offer loans at a good price when the demand is there.

我們的放款團隊正與客戶合作，確保在需求出現時，我們能滿足其需求，並以合理價格提供貸款。

From a stock repurchase perspective, we acquired 1.2 million shares at an average price of $19.63, resulting in a reduction in equity and a growth in treasury stock of $23.1 million for the first quarter of 2026. That enhanced EPS by about $0.01 for the quarter.

就庫藏股回購而言，我們以平均每股 19.63 美元回購 120 萬股，導致 2026 年第一季股東權益減少，庫藏股增加 2,310 萬美元。這使本季每股盈餘（EPS）約增加 0.01 美元。

We're a little more than halfway through the existing buyback authorization we expect to continue to remain active. Obviously, capital still managed to grow in the quarter despite the size of this capital return. And that's due to the exceptional earnings power that's inherent in this balance sheet right now. It's pretty remarkable that we can have a couple of stumbles in credit and still produce this level of earnings with an ROTCE still in the mid-teens.

我們已完成現有回購授權的一半以上，預期將持續積極進行。顯然，儘管資本回饋規模不小，本季資本仍得以成長。這歸因於目前這張資產負債表所內含的卓越獲利能力。相當值得注意的是，即便信用上出現幾次小挫折，我們仍能產出這樣的獲利水準，且有形普通股權益報酬率（ROTCE）仍維持在十幾%的中段。

Margin trends still feel very good and stable in the near term. I do think later in the year, we'll start to trend back towards 5%. Loan growth for the remainder of the year is still being targeted in the mid-single-digit level. Expense growth will continue to be modest in the quarters ahead, as you can see. As I mentioned, stock buyback will continue to be an attractive alternative for us as our capital continues to grow.

利差趨勢在短期內仍感覺非常良好且穩定。我確實認為在今年稍晚，我們會開始回落並趨近 5%。今年剩餘期間的貸款成長目標仍為中個位數水準。如各位所見，未來幾季費用成長仍將保持溫和。如我所提，隨著資本持續成長，股票回購將持續是我們具吸引力的替代選項。

That's it from my end. So, with that, I'll turn the call back over to Jim.

我這邊就到這裡。接下來我把電話會議交回給 Jim。

Okay, thanks, Brad. In closing, obviously, a mixed quarter. Especially as it relates to the two aforementioned credits, but the rest of the bank is performing exceptionally well and far ahead of expectations, and the earnings power is extremely strong. We remain optimistic about loan growth in the coming quarters and the potential for more strategic growth opportunities as well.

好的，謝謝你，Brad。總結來說，這是一個好壞參半的季度。特別是與前述兩筆授信相關的部分，但銀行其餘業務表現極為出色，遠超預期，且獲利能力非常強勁。我們對未來幾季的貸款成長以及更多策略性成長機會的潛力仍保持樂觀。

That concludes our prepared comments this morning, so I'll turn it over to the moderator and open it up to Q&A.

以上是我們今天上午的預先準備發言，接下來我把時間交給主持人，並開放問答。

(Operator Instructions)

（接線員指示）

Jeff Rulis, D.A. Davidson.

Jeff Rulis，D.A. Davidson。

Thanks. Good morning.

謝謝。早安。

Just a question on maybe the net charge-off expectations just to kind of realign with maybe where we are for the balance of the year. You've kind of been bouncing around the 40 basis points, and you've talked about that with the Powersports book. Given this quarter's elevated level, is there any pull forward on some of those losses, or should we revert back to kind of that prior guide on net charge-offs?

想請教一下淨核銷（net charge-off）的預期，主要是想重新對齊今年剩餘期間我們所處的位置。你們大致一直在 40 個基點附近上下波動，也談到這與 Powersports 組合有關。考量本季水準偏高，是否有部分損失提前認列（pull forward），還是我們應該回到先前對淨核銷的指引？

Yeah, good question, Jeff. I mean, I think that the first thing is, as it relates to Powersports, the absolute level of charge-outs is going to be a little bit higher.

是的，Jeff，問得好。我的意思是，我認為第一點是，就 Powersports 而言，核銷的絕對金額水準會稍微高一些。

I call your attention to page 9 of our loan disclosure deck. You can see, and Darin can speak to this, certainly, but the actual absolute losses were certainly higher this quarter, but the contribution margins were at an all-time high.

我請各位留意我們貸款揭露簡報的第 9 頁。你可以看到，當然 Darin 也可以補充，但本季實際的絕對損失確實較高，不過貢獻利差（contribution margin）創下歷史新高。

So that's the trade-off here. We had an 8.3% really net contribution margin after charge-offs. That will probably -- we think lost content will probably trend lower in the coming quarters due to normal seasonality.

所以這就是取捨。在扣除核銷後，我們的淨貢獻利差達到 8.3%。我們認為，因正常季節性因素，損失內容在接下來幾季可能會走低。

As it relates to commercial office, page 6 I mentioned before, we've got a little over 3.5% of loan book in office today. 68% loan to value based on updated appraisals, only $3 million is classified. Now, there's one other credit that's not classified that we're keeping a close eye on it, and we may see some pull-forward losses, but it's too early to tell at this point.

至於商用辦公室部分，我先前提到第 6 頁，我們目前辦公室類別約占貸款組合 3.5% 多一點；依更新後鑑價計算的貸款價值比（LTV）為 68%，僅有 300 萬美元被列為分類資產（classified）。另外還有一筆尚未被分類、但我們正密切關注的授信，可能會看到一些損失提前認列，但目前仍言之過早。

So, roundabout way of saying, we think losses will trend lower in coming quarters, but just keep in mind that Powersport losses will be a little more elevated than what we normally report.

所以，繞一圈來說，我們認為未來幾季損失會走低，但請記住，Powersports 的損失會比我們平常揭露的水準稍微偏高。

Appreciate it, Jim. And yeah, I guess I'd take the positive side of the next question on the margin. I guess the first part is -- I heard your comments, Brad, on expectations for the margin, but is there any residual, maybe positive impact on the sub-debt payoff? Is that inclusive of your expectations? And the second piece of that is just, are you assuming kind of a static rate environment? Thanks.

了解，謝謝你，Jim。接著我想從正面角度問下一題，關於利差。第一部分是——我聽到你們對利差的看法，Brad，但次順位債（sub-debt）償還是否還會帶來一些殘餘的正面影響？這是否已包含在你們的預期之中？第二部分是，你們是否假設利率環境大致維持不變？謝謝。

Well, what I tell you at this point, and obviously, no, this is required to pay it off further, but what we have done for the go-forward is we paid down a portion of the sub-debt that resulted in the basically gross dollar amount of interest expense remaining the same.

嗯，我此刻能跟你說的是，顯然，不，這並不是必須要再進一步償還，但我們為了後續的安排所做的是，我們償還了一部分次順位債務，使得利息費用的基本總美元金額維持不變。

Obviously, we have ample flexibility to pay it down further, or we could refinance, depending on what we view our capital needs as capital needs are not urgent at this point, obviously, as you can see by looking at our balance sheet.

顯然，我們有充足的彈性可以再進一步償還，或者也可以再融資，取決於我們如何看待自身的資本需求；而資本需求目前並不迫切，顯然，從我們的資產負債表就看得出來。

But I don't think the name of the game is any different than what we've said for the last two years, Jeff, is that we've got lots of flexibility. Balance sheet's ridiculously strong. To be able to see the kind of delta that we've seen in rates along the curve and deliver this kind of margin stability has been something I'm very proud of.

但我不認為重點跟我們過去兩年所說的有任何不同，Jeff，也就是我們有很大的彈性。資產負債表強得離譜。能夠在殖利率曲線各期限利率出現我們所看到的那種變化幅度下，仍交出這樣的利差穩定性，這是我非常自豪的事。

And I don't see a lot of volatility going in. I think we'll see more competition on consumer loan yields as it relates to Powersports. I think we'll see, in the near term, some of that mitigated by the movement back up in rates with some of the macro uncertainty, what that's done to overnight index swap rates and so on and so forth.

而我不覺得接下來會有很大的波動。我認為在消費者貸款收益率方面，與動力運動（Powersports）相關的競爭會更激烈。我認為短期內，其中一部分會因利率在一些宏觀不確定性下回升而被抵消，這些不確定性對隔夜指數掉期（OIS）利率等等造成的影響也是如此。

But all in all, this is about as upbeat and positive as I can sound on interest rates, and I realize I still sound monotone and boring, but it's about as upbeat as I can be.

但總體而言，這已經是我對利率能表現得最樂觀、最正面的語氣了；我也知道我聽起來還是很平淡、很無聊，但這已經是我能做到最樂觀的程度。

Appreciate it. Thanks.

感謝。謝謝。

Yes.

是。

Brandon Rud, Stephens Inc.

Brandon Rud，Stephens Inc.。

I guess the first one, I think for the color on the charge-offs, can we drill into the increase in the non-performing loans? I think the press release mentions a few larger relationships, if you could provide a bit more color there.

我想第一個問題，關於核銷的補充說明，我們能否深入談談不良貸款增加的原因？我想新聞稿提到幾個較大的往來關係，如果你能提供更多細節就更好了。

Yeah, so actually classifieds were lower. We did have an uptick in some seven, or substandard accruing loans. The largest was that aforementioned C&I credit that is cash flow dependent. They've been hit pretty hard with supply chain disruption and tariff issues. That's really the largest one.

好的，其實分類（classified）是下降的。我們確實看到一些七級，或次級但仍計息的貸款有所上升。最大的一筆就是前面提到的那筆依賴現金流的工商業（C&I）授信。他們受到供應鏈中斷與關稅問題的衝擊相當大。那就是最大的一筆。

We did have a little bit of an uptick in special mention, two or three credits, one of which we talked about was in office, one that we repositioned, but again, classified as in total, we're down about $3 million.

我們也看到特別關注（special mention）小幅上升，有兩到三筆授信，其中一筆我們提到是在辦公室（office）領域，另一筆我們做了重新定位；但再說一次，分類（classified）總額方面，我們約下降了300萬美元。

Okay, thank you. And then maybe if I kind of put some pieces together here, the provision a bit higher than expected, I'm assuming that's to cover the charge-offs in this quarter, but the reserve ratio kind of held flat.

好的，謝謝。那接著如果我把一些資訊串起來看，本季提存（provision）比預期高一些，我猜是為了覆蓋本季的核銷，但備抵比率大致持平。

Looking ahead, should we assume the reserve level kind of -- sorry, the ACL ratio kind of holds flat at this, call it 140%-ish level going forward, or plus or minus? Or as a classified virtual assistant, they come down.

往前看，我們是否可以假設備抵水準——抱歉，是ACL比率——之後大致維持在這個、約140%左右的水準，可能上下些微波動？或者隨著分類……虛擬助理，他們會下降。

Plus or minus, that's a reasonable expectation, Brandon.

上下些微波動，這是合理的預期，Brandon。

Okay, thank you. And then one last one, just kind of taking a step back. I think there's a new exhibit on slide 4 at the bottom, showing the decline in participation and syndication exposure over time. Is there a level that you'd like to get that down to just over time?

好的，謝謝。最後一個問題，稍微拉遠一點看。我想第4頁底部有一個新的圖表，顯示參貸與聯貸曝險隨時間下降。就長期而言，你們希望把它降到什麼水準？

Yeah, that's a good point. I mean, that portfolio largely came over with the West Suburban acquisition, peaked at right around $500 million. We've done a real good job of reducing that portfolio. We've essentially more than halved it, over the last couple of years. Yeah, there's probably some room here. We'd like to continue to wind that down.

是的，這點問得好。那個投資組合主要是隨著收購West Suburban而併入的，最高峰大約在5億美元左右。我們在縮減那個投資組合方面做得非常好。過去幾年我們基本上已經把它減少到不到一半。是的，這裡可能還有一些空間。我們希望繼續把它逐步縮減。

But, certainly it's created a headwind to grow for the last few quarters. But that's not a main line of business for us. We don't view that as franchise-enhancing type of business. So, I think you can expect us to continue to wind that down. There's a certain level we'll probably keep, but we'd like to continue to wind this down even further.

但當然，這在過去幾個季度對成長造成了逆風。不過那不是我們的主要業務線。我們不認為那是能強化特許經營價值（franchise-enhancing）的業務類型。所以，我想你可以預期我們會持續把它逐步縮減。我們可能會保留一定的規模，但我們希望能再進一步縮減。

Okay, thank you. Maybe just one last one on loan yields. I think broadly we've kind of heard that spreads were a bit compressed last quarter. So did you have where new origination yields are relative to roll-off yields and what that incremental pickup is?

好的，謝謝。也許最後一個關於貸款收益率的問題。我想整體上我們聽到的是，上季利差有些被壓縮。所以你們能否說明新承作的收益率相對於到期/流失（roll-off）收益率的水準，以及增量提升是多少？

Yeah, if I look at it quarter over quarter, we've been -- . The weighted average yield that we've put on as far as new businesses averaged between 6.6 and 6.75 over the last couple of quarters. That's actually down, obviously, 50 to 75 basis points from prior quarters.

好的，如果我看季度對季度，我們一直是——。就新業務而言，我們過去幾個季度新增資產的加權平均收益率大約在6.6到6.75之間。這顯然比前幾個季度低了50到75個基點。

Okay. Thank you very much.

好的。非常感謝。

Thanks, Brandon.

謝謝你，Brandon。

Nathan Race, Piper Sandler.

Nathan Race，Piper Sandler。

Hey, guys. Good morning. Thanks for taking the question.

嗨，各位。早安。謝謝讓我提問。

Good morning, Nate.

早安，Nate。

Bigger picture question, the earnings power and the high-quality and kind of top quartile earnings that you guys have been putting up over the last several quarters seem to be being masked by just the ongoing credit inconsistencies and noise there. Jim, is there anything else you can offer just to assure investors that we're getting towards the tail end of some of those credit noise in the legacy portfolio?

比較宏觀的一個問題：你們過去幾個季度展現出的獲利能力、高品質、以及某種程度上屬於同業前四分位的獲利表現，似乎被持續的信用面不一致與雜訊所掩蓋。Jim，你是否能再補充一些內容，讓投資人更有信心：我們正接近把舊有投資組合中那些信用雜訊處理到尾聲？

Yeah, I guess it, they're non-performers overall. If you look at two years ago to the end of last year, we're almost halved, right? Obviously, this is a little bit of a disappointing print, having them go up again this quarter. I'd just say, credit progress. Improvement isn't always linear. So, this office credit's been hanging out there for some time. We think we're through most of that book.

是的，我想整體來看，是不良資產（non-performers）。如果你看兩年前到去年底，我們幾乎減半了，對吧？顯然，這次的數字有點令人失望，因為本季又上升了。我只能說，信用改善的進展。改善不一定是線性的。所以，這筆辦公室授信已經懸在那裡一段時間了。我們認為那一塊我們大多已經處理得差不多了。

And then the C&I relationship kind of came to a head over the last six months. All I can say is, we understand our NPAs are higher than we'd like, and we're working very hard to reduce those.

然後那個C&I往來關係在過去六個月左右算是到了關鍵點。我能說的是，我們了解我們的不良資產（NPA）高於我們希望的水準，我們也正非常努力地降低它們。

Okay. That's helpful. And maybe, Brad, just given the buyback pace this quarter, is the appetite near-term just given you're expecting some moderation charge-offs going forward and the margins pretty well positioned for the current rate environment with the Fed on hold? Just any thoughts on just kind of the pace of buybacks and the appetite just to limit excess capital inflows going forward?

好的。這很有幫助。另外，Brad，考量本季回購速度，你們短期的意願如何？因為你們預期未來核銷會有所趨緩，而且在聯準會按兵不動的情況下，利差對目前的利率環境也算是配置得不錯。想請教你對回購節奏與意願的看法，尤其是為了限制未來多餘資本流入的部分？

I don't see any reason why buyback can't continue at these levels subsequent to the remaining amount on the authorization. If you would ask me today what my intentions are, it would be to refile another authorization in short order once this is filled.

我看不出在現有授權剩餘額度用完之後，回購有任何理由不能以這樣的水準持續下去。如果你今天問我我的意圖，我會是在這次額度用完後不久就再提出新的回購授權申請。

We have more than enough capital to do anything strategic that I could envision coming our way and still continue to return capital to shareholders.

我們有綽綽有餘的資本，可以做任何我能想像到、可能出現的策略性行動，同時也能持續把資本回饋給股東。

Okay, got it. And I apologize, I jumped down late, but just, Jim, maybe any thoughts on just what you're seeing from a pipeline perspective and just kind of how you're thinking about loan growth of the balance of this year?

好的，了解。也抱歉我比較晚才加入，不過，Jim，想請教你從案源管線（pipeline）的角度來看，你目前看到的是什麼情況？以及你對今年剩餘期間資產負債表貸款成長的看法是什麼？

Yeah, I think first quarter is obviously soft in commercial and it's soft at Powersport. Pipelines are building. We still are anticipating, low to single-digit growth through the balance of the year. Nothing's changed on that front.

是的，我想第一季在商業放款方面顯然偏疲弱，Powersport 也偏弱。案源管線正在建立中。我們仍預期今年剩餘期間將呈現低至個位數的成長。這方面沒有任何改變。

Okay. And just, from a pricing competition perspective, are you seeing anything kind of rational out there on the commercial lending side of things in Chicago land these days, or just generally how are kind of new spreads holding up on the commercial portfolio?

好的。另外，從定價競爭的角度來看，你們最近在芝加哥地區的商業放款市場上，是否看到一些較為理性的競爭？或更一般地說，商業放款組合的新利差（spreads）目前維持得如何？

Yeah, I would say commercial real estate is just fiercely competitive right now. We're still getting acceptable spreads and, in our C&I group and leasing, as Brad mentioned, we think Powersports yields will come down a little bit due to competition, but we're still bullish. Our margin's going to be hanging in there around 5%.

是的，我會說商用不動產現在競爭非常激烈。我們仍能取得可接受的利差；而在我們的 C&I 團隊與租賃業務方面，如 Brad 提到的，我們認為因競爭關係，Powersports 的收益率會小幅下滑，但我們仍然看多。我們的利差（margin）應該會維持在約 5% 左右。

Okay, great. I appreciate all the color. Thanks, guys.

好的，很棒。感謝你提供這些細節。謝謝各位。

Thank you.

謝謝。

(Operator Instructions) David Conrad, KBW.

（接線員指示）KBW 的 David Conrad。

Hey, good morning. Just a follow-up question on the loan growth from here. I just was hoping you can kind of break that down a little bit between commercial and Powersports. I imagine Powersports, this is kind of a trough, seasonal level for the year. So maybe those two asset classes give a little bit of expectations for the year.

嗨，早安。我想就接下來的貸款成長再追問一下。希望你們能把商業放款與 Powersports 之間的貢獻稍微拆解說明。我猜 Powersports 目前應該是全年季節性低點。所以想請你們針對這兩類資產，談談今年的預期。

And maybe I'll let Darin talk about Powersports. As it relates to commercial, we think it'll be pretty broad-based. I think we'll see growth in commercial real estate, C&I-sponsored leasing.

也許我先請 Darin 談談 Powersports。至於商業放款，我們認為成長會相當廣泛。我想我們會在商用不動產、C&I、以及贊助型租賃（sponsored leasing）看到成長。

We're not seeing any one sector with higher expectations than the other. As it relates to Powersport, that's maybe Darin, you can comment on that.

我們沒有看到任何單一產業的預期明顯高於其他產業。至於 Powersport 的部分，Darin，你也許可以評論一下。

Yeah, so I'm the same as where I was at end of the year. We'll have in the overall group, and with that I include the collector-car lending that we do as well nationally, we'll have single-digit growth, I'm still projecting for the remainder of the year.

好的，我的看法和去年年底時一樣。就整體團隊而言（其中也包含我們在全國做的收藏車貸款業務），我仍預估今年剩餘期間會有個位數成長。

And then, charge-offs in Powersports were a little bit over 2% this quarter, but to your point, the excess spread, the contribution margin was actually one of the highest you've had in recent quarters. I just wonder if you're doing anything to tweak the credit on that aspect as you're looking at originations going forward in terms of underwriting?

另外，Powersports 本季的核銷（charge-offs）略高於 2%，但如你所說，超額利差（excess spread）/貢獻毛利（contribution margin）其實是近幾季中最高之一。我想了解，展望未來承作（originations），你們在核貸/授信（underwriting）上是否會針對這點做任何調整？

We have a little bit, a little tighter on the underwriting, but not a material change, because we do focus on that net contribution margin, which the overall profitability of the business. And a lot of it's driven, which is important to note, it's a product mix, so we have a good mix of originations that's endorsed OEM products and non-endorsed products, and we charge higher on the non-endorsed products than we do for our endorsed products.

我們在授信上有稍微收緊一點，但不是重大改變，因為我們確實聚焦在淨貢獻毛利，也就是業務的整體獲利能力。而其中很大一部分（這點很重要）是由產品組合所驅動：我們的承作來源在 OEM 背書產品與非背書產品之間有不錯的組合；非背書產品的收費會高於背書產品。

For example, would be endorsed Indian Triumph, KTM. If you're non-endorsed, maybe it's Harley, BMW, Yamaha, Suzuki, those type of products, we charge a point higher for those products. So part of the little higher charge-off rate is related to the product mix coming in over the last couple of years, which is driving the overall profitability. So it doesn't charge off at a point higher, but we charge a point higher. So it's driving a little bit higher the charge-off rate, but it's also driving a better profitable portfolio.

例如，背書的有 Indian、Triumph、KTM。若是非背書，可能是 Harley、BMW、Yamaha、Suzuki 這類產品，我們對這些產品會多收 1 個百分點。因此，稍高的核銷率有一部分與過去幾年進來的產品組合有關，而這也在推升整體獲利。也就是說，它的核銷率可能高 1 個百分點，但我們也多收 1 個百分點。所以它會讓核銷率略高一些，但同時也帶來更高獲利的投組。

And so I see it staying around this level, maybe slightly less with a couple of changes that we made. Our overall mix of paper that we did first quarter, so if you include everything that we did nationally in the business, first quarter of '25 compared to the first quarter of '26, or actually our FICO score went from 735 up to 743 on the full mix of business that we did comparing quarter over quarter.

因此我預期會大致維持在目前水準，可能因我們做的幾項調整而略低一些。以我們第一季整體承作的票據組合來看（若把全國業務都納入），2025 年第一季相較 2026 年第一季，我們整體業務組合的 FICO 分數從 735 提升到 743，這是以季對季比較。

So all that will start playing into the mix as this portfolio continues to turn over. And so that number should start coming down a little bit. But I wouldn't say materially going down because we like the mix of business that's going into the portfolio from a profitability standpoint.

隨著這個投組持續汰換，這些因素都會逐步反映在組合中。因此那個數字應該會開始小幅下降。但我不會說會大幅下降，因為從獲利角度來看，我們喜歡目前進入投組的業務組合。

Got it. Perfect. And last one from me, Brad. Expenses were much lower than at least what I expected this quarter. Just maybe a little bit more color on core expenses where we go from here for the year?

了解。很好。我最後一題給 Brad。本季費用比至少我預期的低很多。能否再多分享一些核心費用（core expenses）以及今年接下來的走勢？

So I think that's, fourth quarter is always tough because you see bonus levels can have more variability in the fourth quarter based on where everything comes out. And acquisition costs were also in there. So I think that I point you to broadly just the overall expense guide, which is we're trying to go in that kind of 3% to 4% range for the year, that feels right. So I would just expect it to follow that range from here.

我想第四季一向比較棘手，因為獎金水準在第四季會因最終結果而有較大變動。另外也包含併購成本。所以我會建議你大方向參考我們整體的費用指引：我們希望全年落在約 3% 到 4% 的區間，這樣的感覺是合理的。因此我預期接下來會沿著這個區間走。

I would say, given how well the businesses are performing, I would expect to see an overall bonus level as a component of the salary and benefits to be relatively consistent with what we saw last year. So that all minus the one-time stuff, of course.

我會說，考量各項業務表現良好，我預期整體獎金水準作為薪資與福利的一部分，會與去年看到的水準大致一致。當然，這是在扣除一次性項目之後。

Again, I feel like we've done a good job controlling it, and 3% to 4% in this kind of inflationary world, given the type of double-digit increases that we have in. And employee benefits is pretty good performance for us. I'm pleased with that.

再說一次，我覺得我們在控管上做得不錯；在這種通膨環境下，費用成長 3% 到 4%，相較於我們在薪資與員工福利上面臨的那種雙位數增幅，對我們來說是相當好的表現。這對我們而言是很好的成果。我對此感到滿意。

Okay. Thank you. Appreciate it.

好的。謝謝。感謝。

We have reached the end of the question-and-answer session, and I will now turn the call over to Jim Ecker for closing remarks.

問答環節到此結束，接下來我將把電話會議交給 Jim Ecker 做結語。

Okay. Thank you, everyone, for joining us this morning. Appreciate your interest in the company, and we look forward to speaking with you again next quarter. Thank you.

好的。感謝各位今天早上加入我們。感謝各位對本公司的關注，我們期待在下個季度再次與各位交流。謝謝。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束，您現在可以掛斷電話線。感謝您的參與。