Pinnacle Financial Partners, Inc. (PNFP) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Pinnacle Financial Partners first quarter 2026 earnings call. (Operator Instructions) Please note, this event is being recorded. I will now turn the call over to Jennifer Demba, Senior Director, Investor Relations. Please go ahead.

早安，歡迎參加 Pinnacle Financial Partners 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我將把電話交給投資人關係資深總監 Jennifer Demba。請開始。

Thank you, and good morning. During today's quarterly earnings call, we will reference the slides and press release that are available within the Investor Relations section of our website, pnfp.com. President and CEO, Kevin Blair will begin the call. He will be followed by our Chief Financial Officer, Jamie Gregory, and they will be available to answer your questions at the end of the call.

謝謝，早安。在今天的季度財報電話會議中，我們將引用可於本公司網站 pnfp.com 之投資人關係專區取得的簡報投影片與新聞稿。總裁兼執行長 Kevin Blair 將先行開場。接著將由財務長 Jamie Gregory 發言，並於會議最後回答各位的提問。

Our comments include forward-looking statements. These statements are subject to risks and uncertainties, and the actual results could vary materially. We list these factors that might cause results to differ materially in our press release and in our SEC filings, which are available on our website. We do not assume any obligation to update any forward-looking statements because of new information, early developments or otherwise, except as may be required by law. During the call, we will reference non-GAAP financial measures related to the company's performance. You may see the reconciliation of these measures in the appendix to our presentation.

我們的評論包含前瞻性陳述。這些陳述受風險與不確定性影響，實際結果可能出現重大差異。我們在新聞稿及向 SEC 提交的文件中列示可能導致結果出現重大差異的因素，相關文件可於我們網站查閱。除法律可能要求外，我們不承擔因新資訊、早期發展或其他原因而更新任何前瞻性陳述之義務。在本次電話會議中，我們將引用與公司表現相關的非 GAAP 財務衡量指標。您可在簡報附錄中看到這些指標的調節表。

And now Kevin Blair will provide an overview of the quarter.

接下來由 Kevin Blair 概述本季表現。

Thank you, Jennifer. Good morning, everyone, and thanks for joining us. January 1, marked the official close of our merger with Synovus. And rather than slow down, we hit the ground running. We're choosing to lead. In our first 90 days together, we focused on what has always mattered at Pinnacle, building the best team, delivering exceptional client experiences and translating that into sustainable, profitable growth. The early results speak for themselves.

謝謝你，Jennifer。各位早安，感謝大家加入我們。1 月 1 日標誌著我們與 Synovus 合併案的正式完成。我們不但沒有放慢腳步，反而迅速展開行動。我們選擇領先。在合併後的前 90 天，我們聚焦於 Pinnacle 一直以來最重要的事：打造最強團隊、提供卓越的客戶體驗，並將其轉化為可持續且具獲利性的成長。初步成果已不言自明。

For the first quarter, Pinnacle delivered diluted earnings per share of $0.89 and adjusted diluted EPS of $2.39. On an organic basis, we generated over $2 billion in loan growth and almost $2 billion in core deposit growth, right in line with our 2026 expectations. The net interest margin expanded into the top half of our target range and adjusted noninterest revenue grew over 20% versus combined results in the first quarter of 2025. Moreover, credit remained stable, and we continue to see strength in key metrics and ratios such as adjusted return on tangible common equity and adjusted tangible efficiency.

第一季，Pinnacle 稀釋每股盈餘為 0.89 美元，調整後稀釋 EPS 為 2.39 美元。以有機成長口徑計算，我們實現超過 20 億美元的放款成長，以及接近 20 億美元的核心存款成長，與我們對 2026 年的預期一致。淨利差擴大至我們目標區間的上半部，且調整後非利息收入相較於 2025 年第一季合併口徑結果成長逾 20%。此外，信用維持穩定，我們在多項關鍵指標與比率上持續展現強勁表現，例如調整後有形普通股權益報酬率與調整後有形效率比率。

As expected, our results this quarter included $275 million of merger-related costs. At the same time, our recruiting engine continues to do what it does best, when. We added 50 experienced revenue producers during the quarter, up 22% on a combined basis from the fourth quarter of 2025 and up 11% on a combined basis from the prior year. This momentum has carried into April with another 37 new hires or accepted offers. That's not a coincidence.

如預期，本季業績包含 2.75 億美元的合併相關成本。同時，我們的招募引擎持續發揮其最擅長的能力。本季我們新增 50 位具經驗的營收創造者（revenue producers），以合併口徑計較 2025 年第四季增加 22%，較去年同期合併口徑增加 11%。這股動能延續至 4 月，另有 37 位新進人員到職或已接受錄用邀約。這並非巧合。

Great bankers are drawn to environments that are empowering, engaging and frictionless making it easier to deliver distinctive seamless client service. Integration is progressing ahead of plan, and importantly, without losing the soul of what makes Pinnacle work. Our operating model is in full motion.

優秀的銀行家會被賦權、投入且低摩擦的環境所吸引，因為這能更容易提供具差異化、無縫的客戶服務。整合進度超前於計畫，更重要的是，並未失去讓 Pinnacle 得以成功的核心精神。我們的營運模式已全面運轉。

Leadership accountability is clear. Technology and system decisions are largely complete, and we remain firmly on track for operational and brand conversion by March 2027. Most importantly, our clients noticed positively. In the latest Coalition Greenwich survey, legacy Pinnacle ranked number one nationally in Best Bank awards earned while Synovus ranked six. According to Coalition Greenwich, outcomes like this are exceptionally rare in bank mergers and they don't happen by accident.

領導責任分工清楚。科技與系統決策大致已完成，我們仍堅定按計畫於 2027 年 3 月完成營運與品牌轉換。最重要的是，我們的客戶也正面感受到這一點。在最新的 Coalition Greenwich 調查中，原 Pinnacle 在獲得的「最佳銀行」獎項上全美排名第一，而 Synovus 排名第六。依 Coalition Greenwich 表示，像這樣的結果在銀行合併中極為罕見，且絕非偶然。

We have never viewed this as a merger of two companies. It's a merger of relationships, and that has met one clear mandate from day one, maintain what clients value and make it better. These results tell us we're doing both.

我們從未將此視為兩家公司的合併。這是一場關係的合併，並自第一天起就遵循一項明確使命：維持客戶所重視的價值，並讓它更好。這些結果告訴我們，我們兩者都做到了。

Our team members felt it too. This month, Pinnacle was named number 12 on the Fortune 100 Best Companies to Work For List, our tenth consecutive year earning that recognition. Through a period of real change, our culture didn't fade, it showed up.

我們的團隊成員也同樣感受到了。本月，Pinnacle 在《Fortune》「100 家最佳雇主」榜單中名列第 12 名，這是我們連續第十年獲得此項肯定。在真正變革的期間，我們的文化不但沒有淡化，反而更加彰顯。

Finally, last month, Pinnacle joined the KBW NASDAQ Bank Index or BKX. This transition from the KRX places us amongst a select group of banks recognized globally for scale, consistency and strong returns, and reflects the outstanding reputation we have built with investors. As we look ahead, we remain firmly focused on executing the Pinnacle playbook. Our priorities are clear, consistent and unchanged.

最後，上個月 Pinnacle 納入 KBW NASDAQ 銀行指數（BKX）。從 KRX 轉入 BKX，使我們躋身一小群在全球因規模、穩定性與強勁報酬而受到認可的銀行之列，也反映我們在投資人間建立的卓越聲譽。展望未來，我們仍將堅定聚焦於執行 Pinnacle 的作戰手冊（playbook）。我們的優先事項清楚、一致且不變。

We remain focused on top quartile organic growth, disciplined hiring of experienced revenue producers and sustained earnings expansion. These priorities are supported by strong risk management and fundamentals built to perform through cycles and deliver superior results over time. Scale only matters if it makes you better, and this combination does exactly that.

我們仍聚焦於有機成長達到同業前四分位、以紀律方式招募具經驗的營收創造者，以及持續擴大獲利。這些優先事項由強健的風險管理與基本面所支撐，使我們能穿越景氣循環並在時間推移中交出更優異的成果。規模只有在讓你變得更好時才有意義，而這次結合正是如此。

With that, I'll turn it over to Jamie to walk through the quarter and the key drivers in more detail. Jamie?

接下來我把時間交給 Jamie，請他更詳細說明本季表現與關鍵驅動因素。Jamie？

Thank you, Kevin. Our first quarter sequential and year-over-year comparisons are significantly impacted by the Synovus merger, which closed on January 1. As a result, we will make selected references to combined results for legacy Pinnacle and Synovus in prior quarters to give you a clear view of our organic growth in the first quarter.

謝謝你，Kevin。由於 Synovus 合併案於 1 月 1 日完成，我們第一季的季比與年比比較受到顯著影響。因此，我們將選擇性引用前幾季原 Pinnacle 與 Synovus 的合併口徑結果，以便讓各位清楚了解第一季的有機成長表現。

The primary driver between our reported EPS and adjusted EPS in the first quarter was $275 million of merger-related expenses. Net interest income was $933 million in the first quarter driven by excellent balance sheet growth. Period-end loans excluding the day one purchase accounting loan mark, increased $2.1 billion or 10% annualized from the combined firm's fourth quarter 2025.

第一季報告 EPS 與調整後 EPS 之間的主要差異來源為 2.75 億美元的合併相關費用。第一季淨利息收入為 9.33 億美元，主要受惠於優異的資產負債表成長。期末放款（不含第一天收購會計的放款評價調整）較合併後公司 2025 年第四季增加 21 億美元，年化成長率為 10%。

The majority of the organic loan growth was in C&I credits, with contributions from our geographic markets as well as in our specialty lending lines. Linked quarter organic core deposit growth was $1.9 billion or 8% annualized in the first quarter. This healthy growth in core deposits was driven by higher interest-bearing demand deposits and money market accounts and was broad-based across our geographic business units.

有機放款成長主要來自 C&I（商業與工業）授信，同時也受惠於我們各地理市場以及專業放款產品線的貢獻。第一季按季連結（linked quarter）之有機核心存款成長為 19 億美元，年化成長率為 8%。核心存款的健康成長主要由較高的計息活期存款與貨幣市場帳戶所帶動，且在各地理業務單位間呈現廣泛分布。

Total deposit growth was impacted by a strategic reduction of broker deposits. The net interest margin expanded to 3.53%, which was in line with our previous guidance of 3.45% to 3.55% and driven by purchase accounting, balance sheet marks and fixed rate asset repricing. Recall that in January, we repositioned a portion of the legacy Synovus securities portfolio. These transactions reduced interest rate risk in the securities portfolio, support our Level 1 HQLA position and eliminated approximately all of the PAA associated with the securities portfolio. We also took other securities actions during the first quarter to enhance balance sheet liquidity and yield.

總存款成長受到策略性降低經紀存款（broker deposits）的影響。淨利差擴大至 3.53%，符合我們先前 3.45% 至 3.55% 的指引，主要由收購會計、資產負債表評價調整以及固定利率資產重訂價所驅動。請回想 1 月時，我們對原 Synovus 的部分證券投資組合進行了重新配置。這些交易降低了證券投資組合的利率風險、支持我們的第一級高品質流動性資產（Level 1 HQLA）部位，並幾乎消除了與證券投資組合相關的所有 PAA。第一季我們也採取了其他證券相關措施，以提升資產負債表流動性與收益率。

On a combined basis, adjusted noninterest revenue increased over 20% year-over-year and was stable compared to the fourth quarter. Core banking, wealth management and capital markets fee growth was strong year-over-year. Income from our equity method investment in BHG was $31 million during the first quarter, in line with expectations. We remain disciplined with noninterest expense control while continuing to invest in revenue-producing talent and technology, partially offset by the realization of some of our merger-related cost synergies.

以合併口徑計算，調整後非利息收入年增逾20%，且較第四季持平。核心銀行、財富管理與資本市場手續費收入年增強勁。第一季我們按權益法認列對BHG之投資收益為3,100萬美元，符合預期。我們在持續投資於創收人才與科技的同時，仍嚴守非利息費用控管；部分被實現部分併購相關成本協同效益所抵銷。

Our adjusted tangible efficiency ratio was 51%, in line with expectations for this phase of the merger integration. We incurred $275 million of nonrecurring merger expense in the first quarter. On a combined basis, our nonmerger-related linked quarter growth was driven by higher employment expenses largely due to seasonally higher personnel costs. Also, on a combined basis, head count was down 2% sequentially. We realized the majority of our 2026 merger-related expense synergies in the first quarter.

我們的調整後有形效率比率為51%，符合此併購整合階段的預期。第一季我們發生2.75億美元的一次性併購費用。以合併口徑計算，我們非併購相關的季比成長主要由較高的雇用費用所帶動，主要原因為季節性較高的人事成本。此外，以合併口徑計算，人員編制較前一季下降2%。第一季我們已實現2026年併購相關費用協同效益的大部分。

Credit trends remained very healthy in the first quarter. Net charge-offs were in line with expectations at $49 million or 23 basis points. This compares to 25 basis points for the combined firm in the fourth quarter and 19 basis points for the combined firm in 2025. The nonperforming asset ratio was 0.58%, which was largely impacted by two senior housing relationships that were previously rated, have a specific reserve and should be resolved this year.

第一季信用趨勢仍非常健康。淨沖銷符合預期，為4,900萬美元或23個基點。相較之下，合併公司第四季為25個基點，2025年合併公司為19個基點。不良資產比率為0.58%，主要受兩筆高齡住宅（senior housing）往來案影響；該等案件先前已評等、已提列特定準備，且應可於今年解決。

The allowance for credit losses ended the first quarter at 1.19% compared to 1.17% for legacy Pinnacle at the end of December. This increase in the reserve was driven by net loan growth, a deterioration in the economic forecast and an increase in individually analyzed loans. These factors were partially offset by a decline in qualitative reserves. For your reference, we have included slides in the appendix on our nondepository financial institution loan portfolio and the private credit exposure within this portfolio.

信用損失準備金（ACL）於第一季末為1.19%，相較於12月底傳統Pinnacle為1.17%。準備金增加係由淨放款成長、經濟預測惡化，以及個別分析放款增加所致。上述因素部分被質性準備金下降所抵銷。供您參考，我們在附錄中納入了關於本行非存款金融機構（NDFI）放款組合，以及該組合內私募信貸曝險的投影片。

As you can see, Pinnacle's NDFI loan exposure is approximately $7.3 billion. In the first quarter, approximately $700 million of legacy Pinnacle music catalog loans that were previously classified as general C&I credits were reclassified as NDFI. Our common equity Tier 1 ratio ended the quarter at 9.8%. Our intent remains to deploy capital generated through earnings to client growth as we proceed through 2026, while building CET1 to the low end of the range.

如您所見，Pinnacle的NDFI放款曝險約為73億美元。第一季，約7億美元的傳統Pinnacle音樂目錄（music catalog）放款，先前分類為一般商業與工業（C&I）授信，已重新分類為NDFI。本季末普通股權第一級資本比率（CET1）為9.8%。我們的意圖仍是於2026年推進期間，將盈餘所產生的資本用於客戶成長，同時將CET1提升至目標區間的低端。

I will now hand it back to Kevin to review our 2026 financial outlook.

接下來我把時間交還給Kevin，請他說明我們2026年的財務展望。

Thank you, Jamie. Pinnacle's differentiated revenue producer hiring model continues to be the engine of our growth, and it performs well through cycles. That's not a claim, it's a track record. The momentum we're building today through disciplined hiring and client consolidation is what drives our confidence in the path ahead.

謝謝你，Jamie。Pinnacle具差異化的創收人才招募模式持續是我們成長的引擎，且在各景氣循環中表現良好。這不是主張，而是有紀錄可循的成果。我們今天透過紀律性招募與客戶整併所建立的動能，正是驅動我們對前路充滿信心的原因。

Our 2026 outlook is unchanged from what we shared in January, and our first quarter results reinforce it. We expect period-end loan growth of 9% to 11%, excluding the purchase accounting loan mark versus combined balances at year-end 2025. We're on track with 3% organic period-end loan growth, excluding the purchase accounting loan mark in the first quarter. Importantly, our assumptions are not dependent on changes in line utilization rates or moderation in current paydown and payoff activity. Same model, same results, our bankers win clients, and these clients consolidate to Pinnacle.

我們對2026年的展望與1月分享的內容一致，第一季結果也再次印證。我們預期期末放款成長9%至11%，係以2025年年底合併後餘額為比較基礎，並排除購買會計放款折溢價（loan mark）的影響。第一季我們已達成3%的有機期末放款成長（同樣排除購買會計放款折溢價）。重要的是，我們的假設不依賴授信動用率的變化，也不依賴目前還款與清償活動的降溫。同樣的模式、同樣的結果：我們的銀行家贏得客戶，而這些客戶將業務整併至Pinnacle。

Total deposits should grow 8% to 10% versus combined year-end 2025 balances. That growth will be driven by continued recruiting momentum, core commercial client deepening and the ongoing contribution from our specialty deposit verticals. Our adjusted revenue outlook remains $5 billion to $5.2 billion for the full year. The net interest margin is expected to be approximately 3.5% with the marginal benefits of near- to medium-term fixed rate asset repricing within the legacy Pinnacle portfolio generally offset by a methodical increase in our on-balance sheet liquidity position. Our net interest margin range assumes a forward rate path consistent with current market expectations.

總存款預計將較2025年年底合併後餘額成長8%至10%。該成長將由持續的招募動能、核心商業客戶深化，以及我們專業存款垂直領域（specialty deposit verticals）的持續貢獻所帶動。我們調整後營收展望仍為全年50億至52億美元。淨利差預期約為3.5%；傳統Pinnacle投資組合中近至中期固定利率資產重訂價的邊際效益，整體上將被我們有計畫提高資產負債表內流動性部位所抵銷。我們的淨利差區間假設之前瞻利率路徑與目前市場預期一致。

The balance sheet remains approximately 1% asset sensitive to the front end of the curve and 1.5% asset sensitive to long-term rates. And our goal continues to be towards managing a relatively neutral posture for the foreseeable horizon. We continue to expect approximately $1.1 billion in adjusted noninterest revenue this year, driven by sustained execution in treasury management, capital markets and wealth management. This guidance also includes a projection for BHG investment income of approximately $105 million to $115 million for 2026. The slight headwind relative to our prior estimate is not a reflection of BHG's core performance.

資產負債表對殖利率曲線前端約為1%的資產敏感度，對長期利率約為1.5%的資產敏感度。我們的目標仍是於可預見期間維持相對中性的部位。我們仍預期今年調整後非利息收入約11億美元，主要來自資金管理、資本市場與財富管理的持續執行。此指引亦包含2026年BHG投資收益約1.05億至1.15億美元的預估。相較先前估計的些微逆風，並非反映BHG核心表現。

Rather, this is part of a strategic effort to further optimize their funding and delivery platforms, a decision which presents a modest near-term revenue recognition headwind, but which we believe best positions BHG to enhance long-term profitability and enterprise value.

相反地，這是其進一步優化資金來源與交付平台的策略性努力之一；該決策在短期內對收入認列帶來小幅逆風，但我們相信這最能使BHG提升長期獲利能力與企業價值。

We're managing for the right outcome, not just the next quarter. Our adjusted noninterest expense forecast remains in the range of $2.675 billion to $2.775 billion. We expect to realize approximately 40% or $100 million of our merger-related savings this year. Underlying tangible expense growth is driven by revenue producer hiring from the back half of 2025, continued 2026 recruiting, real estate build-out to support market expansion and normal inflationary items. We now estimate $400 million to $450 million of the $720 million in nonrecurring merger-related and LFI charges will be incurred this year, excluding merger-related equity acceleration cost.

我們追求的是正確的結果，而不只是下一季的表現。我們調整後非利息費用預測仍為26.75億至27.75億美元。我們預期今年可實現約40%或1億美元的併購相關節省。有形費用的基礎成長主要來自2025年下半年招募的創收人員、2026年持續招募、支持市場擴張的不動產建置，以及正常的通膨項目。我們目前估計，今年將發生7.2億美元一次性併購相關與LFI費用中的4億至4.5億美元（不含併購相關股權加速成本）。

We continue to operate in a constructive credit environment. Net charge-offs are expected to be in the range of 20 to 25 basis points for the full year, consistent with combined company performance in 2025. The fundamentals underpinning that outlook are sound, and we see nothing on the horizon that changes our view.

我們仍處於具建設性的信用環境中運作。全年淨沖銷預期介於20至25個基點，與合併公司2025年的表現一致。支撐該展望的基本面穩健，我們未見任何將改變我們看法的跡象。

Our focus for capital management for the rest of 2026 remains on managing our CET1 ratio towards our target of 10.25% while continuing to prioritize deployment for core client growth. As it relates to the most recent capital NPR, we estimate the proposal could have a 60 basis point positive impact to our CET1 ratio. We continue to expect an adjusted effective tax rate of approximately 20% to 21% for the year.

2026年其餘期間的資本管理重點，仍是在持續優先投入核心客戶成長的同時，將CET1比率管理至我們10.25%的目標。就最新的資本NPR（擬議規則制定通知）而言，我們估計該提案可能對我們的CET1比率帶來60個基點的正面影響。我們仍預期全年調整後有效稅率約為20%至21%。

In summary, Pinnacle is navigating this year from a position of strength. While some question the pace, complexity or disruption inherent in a merger of this size, the first quarter delivered exactly what we said it would and in a meaningful way. Top quartile revenue growth, expanding merger synergies and disciplined execution across every geography and specialty banking unit reinforce our conviction and what lies ahead integration is progressing.

總結而言，Pinnacle今年是以強勁的態勢前行。儘管有人質疑如此規模併購所固有的速度、複雜度或干擾程度，第一季以具體且有意義的方式交出我們所承諾的成果。營收成長位居同業前四分位、併購協同效益擴大，以及在各地區與各專業銀行單位的紀律執行，強化了我們的信念；整合工作正持續推進。

The team is performing and the model built over the past 25 years is precisely what this environment rewards. We are only one quarter in ahead of pace and exceeding expectations, but make no mistake, this is just the opening act. The model works, the team is motivated and we're locked in on proving that this is built to last.

團隊表現出色，而過去25年建立的模式正是這種環境所獎勵的。我們才剛進入第一個季度，就已領先進度並超出預期，但千萬別搞錯，這只是序幕。模式有效、團隊士氣高昂，我們也全力以赴要證明這套模式是可長可久的。

With that, operator, let's transition to the Q&A portion of today's call.

那麼，接線員，我們接著進入今天電話會議的問答環節。

(Operator Instructions)

(接線員指示)

John McDonald, Truth Securities.

John McDonald，Truth Securities。

Just wondering if you guys could drill down a bit into the outlook for loan and deposit growth. The things that you've seen so far this quarter that give you confidence in both? And maybe just a reminder, how much is driven by the seasoning of hires that have already been done and how much is coming from other factors?

想請教你們能否更深入談談貸款與存款成長的展望。本季迄今你們看到哪些跡象，讓你們對兩者都有信心？另外也請提醒一下，有多少是來自先前已完成招募人員的「成熟期」效應，有多少則來自其他因素？

John, it's a great question. As we've talked about the first quarter, I think, answered the question of whether the combined companies can continue to grow. And what gave me a great deal of confidence was the diversification across the geographies and the specialties and the momentum that we continue to see in our pipelines in all of those areas is what gives me a great deal of confidence in the trajectory that this is not just a one quarter or two quarter growth story. As you recall, the combined companies back in fourth quarter also grew double digits.

John，這是個很好的問題。如同我們談到第一季時，我認為已回答了合併後公司是否能持續成長的問題。讓我非常有信心的是，我們在不同地理區域與專業領域的多元化布局，以及我們在所有這些領域的業務管線持續展現的動能，這讓我對成長軌跡很有信心——這不只是單一季度或兩個季度的成長故事。如你所記得，合併後公司在第四季也同樣達成雙位數成長。

We had about $4.2 billion in funded production this past quarter. As you saw in the deck, it was largely across all of our geographies and our specialty units. And so that gives me a great deal of comfort that it's not coming from one asset class or one area. We know that the bankers that we've hired in previous years continue to generate a lot of that growth. Also, we know that some of the hires that we made this year, the 50 that we talked about are already hitting the ground running.

上季我們的已撥款產出約為42億美元。如你在簡報中所見，這些產出大致分布於我們所有地理區域與專業單位。因此這讓我很安心，成長並非來自單一資產類別或單一區域。我們也知道，過去幾年招募的銀行家持續帶來相當多的成長。同時，我們也知道今年招募的、我們提到的那50位新人，已經迅速上手、開始產出。

So, for me, the pipelines are robust. The combination of the benefits from previous hiring as well as the cross-selling opportunities that we have from introducing each of the organization's capabilities to the other client base. That's what gives me confidence.

所以對我而言，業務管線非常強勁。結合先前招募所帶來的效益，以及我們透過把各自機構的能力介紹給對方客戶群所產生的交叉銷售機會。這些就是我有信心的原因。

And so you saw we maintain our guidance. Same thing on the deposit side. It's coming from the new hires. It's coming from some of our deposit specialties. And again, it's fairly broad-based. And that, again, gives us confidence that we reiterated the guidance for the year.

因此你也看到我們維持既有指引。存款端也是同樣情況。成長來自新進招募人員。也來自我們部分存款專業團隊。而且同樣是相當廣泛的來源。這也再次讓我們有信心，因此我們重申全年指引。

Great. And maybe just a follow-up on the deposits for Jamie. The core deposit growth was plus 6% and -- the total was plus 6%, the core was plus 8%. You mentioned a little bit of strategic reduction of brokered. Can you give us a little color on that? And do you see the core deposit growth kind of accelerating up a bit as you go through the year?

很好。另外想針對存款請Jamie補充追問一下。核心存款成長是+6%，而——總存款是+6%，核心是+8%。你提到有一些策略性地降低經紀存款。能否多提供一些背景說明？另外你是否看到核心存款成長在今年進行過程中會稍微加速？

Yes, John. As we look into 2026, we do expect to see deposit growth to be more back-end loaded as we look to the seasonals and the growth, as Kevin mentioned, from the hires. The first quarter was very strong. I mean growing core deposits at $1.9 billion, pretty much in line with loan growth gives us a lot of flexibility. And so what do we do with that flexibility? We reduced our broker deposits. Basically, it's just a cost optimization play and wanted to reduce costs where we could.

是的，John。展望2026年，我們確實預期存款成長會更偏向下半年，考量季節性因素，以及Kevin提到的招募帶來的成長。第一季非常強勁。核心存款增加19億美元，幾乎與貸款成長同步，這給了我們很大的彈性。那我們如何運用這個彈性？我們降低了經紀存款。基本上這就是一個成本最佳化的作法，我們希望在可行之處降低成本。

Timur Braziler, UBS.

Timur Braziler，瑞銀（UBS）。

First question is just any change in the go-to-market strategy on either side of the bank and just wondering what the reception has been early on from any changes made.

第一個問題是，銀行兩端在市場推進（go-to-market）策略上是否有任何改變？也想請教，對於已做出的任何調整，市場在初期的反應如何？

Yes, go-to-market strategy. As we've talked about, Timur, it's really moving to the Pinnacle model. And what that means is that we're adopting the rapid hiring of revenue producers. And I think what you can see this quarter is about 40% of the producers that were hired were hired in what I would consider the legacy Synovus footprint. And that is about a 50% increase over what we would have done in the same period last year. So the model of hiring has been rolled out and is actually being executed within that Synovus model, within the Synovus footprint.

是的，市場推進策略。如同我們談過的，Timur，核心是轉向Pinnacle模式。這代表我們採用快速招募營收創造者的做法。我想你在本季可以看到，約40%新招募的業務人員是在我所認為的Synovus既有版圖內完成招募。這比我們去年同期原本會做的水準高出約50%。因此，這套招募模式已經推行，並且確實正在Synovus模式、Synovus版圖內落地執行。

The model that we're executing on the Pinnacle side has to do with autonomy, a decentralized framework that allows specialty bankers to support the local geographies that's been rolled out. Our bankers on the legacy Synovus side love it. It quite frankly, is what they were used to years ago within Synovus, so it wasn't a great deal of change. I would tell you that the engagement level with our frontline team members is very high. And I think you can see that with the results.

我們在Pinnacle端所執行的模式，重點在於自主權——一個分散式的架構，讓專業銀行家能支援在地市場，這已經推行。Synovus既有團隊的銀行家很喜歡。坦白說，這就是他們多年前在Synovus內部所熟悉的做法，因此變動並不大。我可以告訴你，我們第一線團隊成員的投入程度非常高。我想你也能從結果看得出來。

This could have been a quarter where people were focused on distractions and talking about the merger and changes, but reality is everyone continue to serve their clients and generate the growth that we thought they could generate. And so I would say the model changed a little bit from the Synovus side, but it was well received, and it's already in the process of being well executed.

本季原本可能會是大家把注意力放在干擾因素、討論合併與變動的一季，但實際上每個人都持續服務客戶，並產生我們認為他們能帶來的成長。所以我會說，Synovus端的模式確實有些改變，但反應很好，而且已經在被有效地執行中。

On the Pinnacle side, really no changes. We -- as I said, we've kept the incentive structure, we've kept the hiring model. We've kept the decentralized geographic framework. So there shouldn't be a lot of changes on that side.

在Pinnacle端，基本上沒有變動。我們——如我所說，我們保留了獎酬架構、保留了招募模式。我們也保留了分散式的地理架構。因此那一端不應該會有太多改變。

Okay. Great. And then one on expenses, as my follow-up. We got the guide for this year. I'm just wondering, as we go out into next year, and we get the majority of the cost saves starting to hit, just how do those flow through?

好的。很好。接著追問費用方面。我們已拿到今年的指引。我想請教，展望明年，當大部分的成本節省開始反映出來時，這些會如何流入損益？

Are you expecting there to be net reduction of expenses as you get the majority of the cost saves? Or are we in growth mode where investment into the franchise is going to maybe eat into some of those, and it's still going to drive increased expenses maybe at a decelerated growth rate.

當大部分成本節省到位時，你們是否預期費用會出現淨下降？或者我們仍處於成長模式，對特許經營的投資可能會吃掉部分節省，使費用仍然增加，只是成長率可能放緩？

Yes, Timur, as we look at 2027, there are two components, and you hit them both. First is we will continue to operate in this model where we expect to be winning with recruiting, bringing bankers over. We expect that to continue. And so you should look at the historical kind of core NIE growth rate of legacy Pinnacle, and that's in line with how we're looking at longer term. And so for 2027, you could see that be in the high single digits.

是的，Timur，展望2027年，有兩個組成面向，而你兩者都提到了。第一，我們會持續在這個模式下運作，我們預期在招募上持續勝出，把銀行家延攬過來。我們預期這會持續。因此你可以參考Pinnacle既有的歷史核心非利息費用（core NIE）成長率，這與我們對長期的看法一致。所以在2027年，你可能會看到其落在高個位數的區間。

And then from there, you back out the synergies. And we said our target for 2027 is 75% of the overall synergies, so going from the 40% to the 75% will offset a portion of that core NIE spend, but just a portion of it.

然後從那裡把協同效益扣回來。我們說過 2027 年的目標是整體協同效益的 75%，因此從 40% 提升到 75% 將會抵銷一部分核心 NIE 支出，但也只是其中一部分。

John Pancari, Evercore.

John Pancari，Evercore。

On the -- on the loan front, I think your organic growth was pretty solid in the quarter against your 9% to 11% guide. Could you give us a little bit more detail in terms of what you're seeing in terms of credit spreads and new money loan yields? Are you seeing any competitive pressure there? And then also on the lending front, if you can give us a little bit more granularity what you're seeing in terms of loan demand and line utilization in the quarter, how that's faring?

在——在貸款方面，我認為你們本季的內生成長相當穩健，對照你們 9% 到 11% 的指引。能否請你們再多提供一些細節，談談你們看到的信用利差以及新增資金貸款殖利率的情況？你們是否看到任何競爭壓力？另外在放款端，如果可以的話，能否更細緻地說明本季你們看到的貸款需求與授信額度使用率的狀況，以及表現如何？

John, I'll start with the end. We actually didn't see a lot of change in line utilization this quarter. It was actually down a little bit. But we did put on about $8.2 billion of commitments versus just $4.2 billion of funded loans. So I think you could see some fund-ups happen over the next several quarters based on this quarter's production, but the growth this quarter was not driven from line utilization increases.

John，我先從最後一個問題開始。我們本季其實沒有看到授信額度使用率有太大變化。實際上還小幅下降。但我們新增了承諾額度約 82 億美元，而實際動用（撥款）貸款只有約 42 億美元。所以我認為，基於本季的產出，接下來幾個季度可能會看到一些承諾轉為動用，但本季的成長並不是由授信額度使用率上升所驅動。

When we look at loan pricing this quarter, our yields came in right around $620 million on new loans. And I think that's within our expectations and essentially flat with kind of where the combined company's fourth quarter experience would have been. So I don't think there's any surprises. I've heard a lot on the deposit front as it relates to competition and hypercompetitive environment. We came in at $262 million roughly on production there. It was up about 6 basis points from last quarter when you combine the organization. That was really more just movement into the money market category.

當我們看本季的貸款定價時，新承作貸款的收益率大約落在 6.20%。我認為這符合我們的預期，基本上與合併後公司在第四季的經驗大致持平。所以我不認為有任何意外。我在存款端聽到很多關於競爭與高度競爭環境的說法。我們那邊的新承作成本大約是 2.62%。把組織合併後來看，較上季上升約 6 個基點。那主要只是資金往貨幣市場類別移動所致。

So I think in general, when we analyze the competitive landscape, not only on loans but also on deposits, I think it's pretty rational. I think what's different is that a lot of folks expected some of these promotional rates to come down. And they haven't come down. They've remained fairly stable. But it's a competitive world we're living in, but we're not seeing anything that's irrational or anything that we can't compete with. And so we feel pretty good about where we are on a pricing standpoint, and there's nothing in that competitive data that would make us change our outlook on NIM or on growth.

所以整體而言，當我們分析競爭態勢，不僅是貸款端，也包括存款端，我認為相當理性。不同之處在於，很多人原本預期一些促銷利率會下來。但它們並沒有下來。而是維持相當穩定。我們所處的確是個競爭激烈的世界，但我們沒有看到任何不理性的情況，或任何我們無法競爭的狀況。因此就定價角度而言，我們對目前的位置感到相當不錯，而且那些競爭數據沒有任何會讓我們改變對 NIM 或成長的展望。

Got it. All right. And then I appreciate the color on the competitive dynamics on both side to the balance sheet. Separately, on the broader growth strategy, and I certainly appreciate your commitment to the 9% to 11% loan growth and the 8% to 10% deposit growth and the whole growth strategy and the hiring behind it. In this backdrop, certainly some uncertainty out there, if the macro backdrop does weaken and you tighten standards on the credit front, what does that mean for your growth expectations? How do you expect that you could modify and adapt to the backdrop and still -- would you still be confident in these targets on the lending side?

了解。好。也謝謝你們對資產負債表兩端競爭動態的補充說明。另外，關於更廣泛的成長策略，我也確實肯定你們對 9% 到 11% 的貸款成長、8% 到 10% 的存款成長，以及整體成長策略與背後招募的承諾。在這樣的背景下，外部確實存在一些不確定性；如果總體環境轉弱，而你們在授信端收緊標準，這對你們的成長預期意味著什麼？你們預期如何調整並適應環境，同時——在放款端你們仍會對這些目標有信心嗎？

John, that's the beauty of this model is that a lot of the growth that we're talking about is predicated on bankers bringing their books over. And so we put some slides out there in the past laying out the book of business that we expect to build just based on bankers that have already been hired. And that still exists. And you could say that on the Pinnacle side, there's $15 billion to $20 billion of growth embedded and people who are on the team today, and they will bring clients over, build their books to where they used to be, where we've seen all the rest of the bankers build their books. And that's not economic dependent.

John，這個模式的妙處在於，我們談到的許多成長是建立在銀行家把他們的客戶組合帶過來之上。所以我們過去也放過一些投影片，說明僅基於已經聘用的銀行家，我們預期能建立的業務組合。而那仍然存在。你可以說，在 Pinnacle 這邊，今天團隊裡的人就內含了 150 億到 200 億美元的成長，他們會把客戶帶過來，把他們的業務組合建立回以前的規模——我們也看到其他銀行家都是這樣把業務做起來的。而這不取決於經濟。

And so sure, a stronger economy is a positive, stronger growth is a positive, being in the Southeast as a positive. But our growth is more predicated on that hiring than anything else. And in that number, the $15 million to $20 million, that doesn't include the prior Synovus hires, and that may be another $5 billion on top of that. And so -- we see a lot of growth just from bankers, bringing over books of business, building their books. And it's more about that than it is the general volatility of the economy.

所以當然，更強的經濟是正面因素、更強的成長是正面因素、位於美國東南部也是正面因素。但我們的成長更多是由招募所驅動，而不是其他因素。而在那個 150 億到 200 億美元的數字裡，並不包含先前從 Synovus 招募來的人才，那部分可能還會再多 50 億美元。因此——我們看到很多成長來自銀行家把業務組合帶過來、並把他們的業務做大。這比起整體經濟的波動更為關鍵。

And Jamie, just to add on to that, John, we do -- as you know, we look at all of our transaction activity, we analyze pipelines, but we also survey over 400 commercial clients every quarter. We also look at the actual cash inflows and outflows of 24 industry categories. And looking at that survey this quarter, as Jamie said, we don't rely on the underlying economic growth to drive it. But the bottom line is, I think we're operating in a great footprint. -- and our clients are remaining constructive even in this environment.

Jamie，我再補充一下，John——我們確實，如你所知，會檢視所有交易活動、分析案源管線，但我們也每季對超過 400 家商業客戶進行調查。我們也會觀察 24 個產業類別的實際現金流入與流出。從本季的調查看，正如 Jamie 所說，我們不依賴基礎經濟成長來驅動。但重點是，我認為我們所處的市場版圖非常好——而且我們的客戶即使在這樣的環境下仍保持建設性。

Now not euphoric, but they're durable -- and I think they're adapting and finding efficiencies and they're leaning in a little bit. And so we saw that the overall sentiment of our client base hasn't really changed even with all these geopolitical risk and some of the uncertainty that's out there. So I think that gives us confidence that the economy at this point won't serve as a headwind.

當然不是欣喜若狂，但他們很有韌性——我認為他們正在調整、尋找效率，並且稍微更積極一些。因此我們看到，即使面對這些地緣政治風險與外部不確定性，我們客戶群的整體情緒其實沒有太大改變。所以我認為這讓我們有信心，現階段經濟不會成為逆風。

Ebraham Poonawala, Bank of America.

Ebraham Poonawala，美國銀行。

I just wanted to go back to sort of the net interest margin. When we think about the purchase accounting benefit and then the loan deposit growth dynamic, when you look at the first quarter growth that came on the balance sheet, is that around the same ballpark? I'm just trying to figure out what the resiliency of the 3.5%-ish margin is in a world where there's no big change in the interest rate backdrop. And maybe tied to that, Jamie, what's your sense of noninterest-bearing deposits as the mix of total changing from here? Do you see that going thing flat, going up or going down?

我想回到淨利差（NIM）這個話題。當我們考量購併會計帶來的效益，以及貸款與存款成長的動態時，回頭看第一季資產負債表上的成長，是否大致在相同的區間？我只是想釐清，在利率環境沒有太大變化的情況下，約 3.5% 左右的利差有多大的韌性。另外也許與此相關，Jamie，你對無息存款占總存款比重接下來的變化有何看法？你覺得會持平、上升，還是下降？

Yes, Ebrahim, it's a great question. As we look at growth, kind of circling back to the prior question, the growth in core deposits is a huge positive in the first quarter, tying that out with the with loan growth. As we look forward, we expect to see strong core deposit growth continuing relatively in line with loan growth a little bit behind. And that will help us out in the funding mix. But in the first quarter. Kevin mentioned loan production rate was 6.2%. On the deposit side, it was 2.62%. And so you think about that margin, it's about 3.6% and between loan yields and deposit costs of just the growth in the first quarter.

是的，Ebrahim，這是個很好的問題。談到成長，回到前一個問題，第一季核心存款的成長是很大的正面因素，並且與貸款成長相互對應。展望未來，我們預期強勁的核心存款成長將持續，整體上大致與貸款成長相當、但會稍微落後一些。這將有助於我們的資金來源組合。不過在第一季，Kevin 提到貸款承作利率是 6.2%。在存款端是 2.62%。所以你去看那個利差，大約是 3.6%，也就是第一季新增成長部分的貸款收益率與存款成本之間的差距。

Now you can't use that and just say, okay, well, that's actually not accretive for the rest of the year if you continue to do that because there are other things that go into that, and you will see us do some actions as we go through the year for liquidity management, there will be a little bit of a headwind to the margin. So I think the right way to look at it longer term kind of when we get beyond 2026, as you think about the legacy Pinnacle margin, which was approximately 3.3%, just below premerger, that's probably a decent margin for future incremental growth. And if you use that as a proxy for incremental margin of growth beyond 2026, then what you see is slight -- very slight headwind to the margin in the out years. And so that's generally how I'm thinking about it.

現在你不能用那個就直接說，好吧，如果你持續那樣做，那其實對今年剩餘時間並不具增益性（accretive），因為還有其他因素會影響其中；而且你會看到我們在今年推進流動性管理時會採取一些行動，這會對利差帶來一點點逆風。所以我認為，從更長期的角度來看，大概是在我們走過2026年之後，當你思考傳統（legacy）Pinnacle 的利差約為3.3%，略低於合併前水準，那可能是未來新增成長一個不錯的利差水準。如果你把它當作2026年之後增量成長利差的代理指標，那你會看到在更往後的年度，利差會有些微——非常些微的逆風。所以這大致就是我目前的思考方式。

For this year, we're saying a 350 margin for the full year 2026, coming off the 353 in the first quarter. I will just say that in the first quarter, there are a couple of positives that will not reoccur in the second quarter. And that's day count is a little positive and also our securities repositioning in the month of January was slightly positive to the margin. So a good baseline for Q1. Adjusted for those is in the 350 area. And basically, what we're saying is that's a good full year number as well. With regard to NIB, we do expect that to remain relatively stable at around 20% of deposits.

就今年而言，我們對2026年全年給出的指引是利差350個基點，從第一季的353個基點往下。我補充一下，第一季有幾個正面因素在第二季不會再出現。其中一個是天數（day count）略為正面，另外我們在1月做的證券部位調整（securities repositioning）對利差也有些微正面貢獻。所以第一季是一個不錯的基準。把這些因素調整掉後，大概就在350附近。基本上，我們的意思是，這也是一個不錯的全年數字。至於NIB，我們預期其將維持相對穩定，約占存款的20%左右。

Got it. That is good color. And just one quick follow-up. I believe when we did the deal -- so you talked about a lot of growth coming from banker hiring. Are there opportunities given the larger balance sheet size to bring on wallet of existing relationships, which are on the balance sheet and where you could see a bit more loan growth beyond what's coming from the hiring? Like is that something we should be thinking about? Is that a real opportunity?

了解。這些說明很有幫助。我再快速追問一個問題。我記得我們做這筆交易時——你提到很多成長來自於招募銀行家。在資產負債表規模更大之後，是否有機會把既有往來關係的「錢包份額」（wallet）帶進來——也就是那些已經在資產負債表上的關係——從而在招募帶來的成長之外，再多一些放款成長？這是我們應該納入思考的方向嗎？這是一個真實的機會嗎？

Well, Ebrahm, I will start with some successes we had in the first quarter. We had six capital markets deals that totaled $10 million in revenue that basically they are lead arranger fees, investment banking advisory, I mean these are some of the benefits when you have more balance sheet, more clients you get more of this type of business. So that's fee revenue, it's not exactly what you're asking, but that's the type of business that has a $120 billion bank that we're going to see more and more of. And so we're really pleased to see that in the first quarter post close to hit the ground running with that. And yes, obviously, we can have bigger whole limits, things like that on the balance sheet. But in all aspects, we're just more relevant to the larger clients here in the Southeast.

嗯，Ebrahm，我先從第一季的一些成功案例談起。我們完成了六筆資本市場交易，合計帶來1,000萬美元收入，基本上是主辦行（lead arranger）費用、投資銀行顧問費等；當你有更大的資產負債表、更多客戶時，就會帶來更多這類業務的好處。所以那是手續費收入，並不完全是你問的內容，但這正是作為一家1,200億美元規模銀行，我們會看到越來越多的業務型態。因此我們很高興在交割後的第一季就能迅速展開並取得這樣的成果。而且是的，顯然我們在資產負債表上可以承作更大的整體授信額度（whole limits）之類的。但在各個面向上，我們對東南部這裡的大型客戶而言都更具相關性與吸引力。

And Ebrahim, you recall, we put $100 million to $130 million in revenue synergies, and one of the categories was relationship expansion. And a lot of that had to do with being able to offer the other client base, some of the services that the company would bring to the combined firm. This quarter, equipment finance, we were able to put up about $120 million guidance facilities in the legacy Synovus footprint coming from the Pinnacle Equipment Finance team.

另外，Ebrahim，你還記得我們提出了1億到1.3億美元的營收綜效（revenue synergies），其中一個類別就是關係擴張（relationship expansion）。其中很大一部分是能把各公司帶來的某些服務，提供給另一方的客戶群，進而讓合併後的公司受益。本季在設備融資（equipment finance）方面，我們在原Synovus版圖內，透過Pinnacle設備融資團隊，新增了約1.2億美元的承諾額度（guidance facilities）。

On the dealer finance side, we have about $650 million in the pipeline coming from the legacy Synovus footprint, asset-based lending. We have about $200 million of new market deals that are in process. And then in capital markets, we were able to do $110 million in multicurrency syndications which we wouldn't have been able to do in legacy Pinnacle. So you're already starting to see, as Jamie mentioned, on fee income and lending, the fruits of bringing the companies together, but we're in the early innings there. And I think it's going to continue to drive growth. But that would obviously be embedded in our expectations for this year.

在經銷商融資（dealer finance）方面，我們在原Synovus版圖內的管線約有6.5億美元；資產基礎融資（asset-based lending）方面，約有2億美元的新市場交易正在進行中。

Casey Haire, Autonomous.

Casey Haire，Autonomous。

So I wanted to touch on the recruiting strategy. Very good momentum here at 87% or so year-to-date. I was wondering if there is upside to that 250 target for 2026. And then are you still getting the same economics on these hires, but just noticed the expense guide, while it's the same, it does imply a bit of a step up going forward versus flat.

我想談一下招募策略。今年迄今動能非常好，大約達到87%左右。我想知道，2026年250人的目標是否有上修空間。另外，這些新進人員的經濟效益（economics）是否仍然相同？只是我注意到費用指引雖然不變，但似乎暗示未來費用會比持平略有上升。

Previously. Well, Casey, I don't want to bet against ourselves and up our targets today. But as I said, I feel really great about what we've been able to accomplish in the first quarter not just because of the numbers. But I think, as you know, many people were questioning whether we could continue to hire with a merger weighing on some of these decisions where bankers may be waiting, watching and taking a pause.

相較於之前。嗯，Casey，我今天不想跟自己打賭、把目標往上調。但如我所說，我對第一季我們能達成的成果感到非常振奮，不只是因為數字。而且我想你也知道，很多人一直在質疑，在合併因素影響下，我們是否還能持續招募，因為銀行家可能會觀望、等待，先暫停做決定。

So I think first quarter shows that the model itself is the attraction point and the merger has not changed that. Could we go over that number? Sure. I mean but we're still focused on where we are today. You saw the 50 that we've hired another 37 that have already accepted offers.

所以我認為第一季顯示，這個模式本身就是吸引點，而合併並沒有改變這一點。我們能超過那個數字嗎？當然有可能。但我們仍專注在當下的進度。你看到我們已經招了50位，另外還有37位已經接受了offer。

I think 22 of those individuals are already in the bank and have started working here. And so I'm super excited about it. And as I mentioned in my earlier comment, the fact that when we look at some of our legacy Synovus leaders, they've already started to execute on the model, seeing a 50% increase there.

我想其中有22位已經到任並開始在這裡工作了。所以我非常興奮。而且如我先前提到的，當我們看一些原Synovus的領導團隊，他們已經開始執行這個模式，並看到那邊增加了50%。

So in terms of the economics, I think we go into this expecting similar economics. I can't tell you whether the 50 we hired to date are going to exceed or fall below that. But what we've been seeing in tracking gives me -- it gives me a great deal of confidence and no change into what those individuals will bring to the bank. And it goes back to what Jamie said earlier.

至於經濟效益方面，我們進入這個階段時預期會是相近的經濟效益。我無法告訴你目前招募的這50位，最終會高於或低於那個水準。但我們追蹤到的情況讓我——讓我非常有信心，對於這些人能為銀行帶來的貢獻並沒有任何改變。而這也回到Jamie先前提到的。

The model isn't just about hiring. We're not bringing over people using headhunters. We're recruiting people that have worked with other Pinnacle team members so that there is a great deal, a higher probability of success because we know what their work was at their previous institution. And so I think that you'll continue to see that growth. Jamie mentioned earlier, $15 billion to $20 billion of embedded growth on the Pinnacle side, let's say, another $5 million from the legacy Synovus hires.

這個模式不只是招募而已。我們不是透過獵頭把人挖過來。我們招募的是曾與其他Pinnacle團隊成員共事過的人，這樣成功機率更高，因為我們了解他們在前一家機構的工作表現。所以我認為你會持續看到那樣的成長。Jamie先前提到，Pinnacle那邊內含（embedded）的成長有150億到200億美元；再加上原Synovus招募人員帶來的，假設再多500萬美元。

I'm incredibly bullish on our ability to continue to add. And what's interesting to me when I look at it across the geography, it came from every geography, and it came from every specialty. 28 geographic hires, 22 specialty hires. And so I think there's a lot of additional hires that will happen this year.

我對我們持續增加人手的能力非常看多。而且對我來說有趣的是，從地域來看，這些招募來自每一個地區，也來自每一個專業領域：28位是地域型招募，22位是專業型招募。所以我認為今年還會有很多額外的招募發生。

Great. And just switching to capital. Is there any -- just some updated thoughts on potential BHG monetization or making use of the Greystar JV with credit risk transfers to speed up the CET1 rebuild.

很好。接著切換到資本面。關於潛在的 BHG 變現，或是運用與 Greystar 的合資（JV）並搭配信用風險移轉，以加速 CET1 重建，是否有任何——一些最新想法？

No update on the BHG side as far as a liquidity event. But I will say that we spend a lot of time with that team and -- we really do believe in their strategy going forward of remixing their distribution. We think that it will improve long-term profitability as well as improve enterprise value. So we appreciate that partnership.

就 BHG 方面的流動性事件而言，目前沒有更新。但我會說，我們花了很多時間和那個團隊一起討論——我們確實相信他們未來透過重新配置其分銷渠道的策略。我們認為這將提升長期獲利能力，也會提高企業價值。所以我們很珍惜這段合作夥伴關係。

On capital ratios, starting here at 983 on CET1, our intention is to build capital as we go through the year to get to the low end of that target range, get to the 1,025 area. There is a chance that we would use some sort of a CRT or SRT strategy to help with capital, but it would have to be the right situation and the right cost of capital. Right now, we're not really contemplating anything in that regard, but that is definitely a tool in the toolkit should we find the right fit at the right cost. So we'll continue to evaluate those options as we go through the year.

就資本比率而言，目前 CET1 在 983，我們的意圖是在今年逐步累積資本，以達到目標區間的低端，也就是到 1,025 左右。我們有可能會採用某種 CRT 或 SRT 策略來協助資本，但必須是在合適的情境與合適的資本成本之下。目前我們並未真正考慮在這方面採取任何行動，但如果能以合適的成本找到合適的方案，這絕對是工具箱裡的一項工具。因此，我們會在今年持續評估這些選項。

Michael Rose, Raymond James.

Michael Rose，Raymond James。

Maybe just to touch on the revenue synergy slide. Obviously, I understand that all the ranges provided were reiterated. But any sense on what could -- what areas we could see progress maybe a little bit sooner versus later in that two to three year dynamic? And then I guess just from the outside looking in, how do we get comfortable because it's always hard to see, I think, from the outside looking in that you're actually realizing those revenue synergies. So any sort of comfort there would be helpful.

也許先談一下營收協同效益那張投影片。顯然，我理解所提供的所有區間都再次確認不變。但能否談談——在兩到三年的節奏中，哪些領域可能會較早看到進展、哪些可能較晚？另外我想，從外部角度來看，我們要如何更有信心？因為我覺得從外部往往很難看出你們是否真的實現了那些營收協同效益。所以若能提供任何讓人更安心的說法會很有幫助。

Thanks, Michael. I'm glad I brought it up because I think the context does matter here because we are only one quarter in, and we're still operating on two separate systems, which create some barriers to be able to offer the other organizations products. I think where you'll see the early wins are more concentrated in the accelerated RM hiring, which was one of the areas that we thought we would see early wins. And then the specialty cross-sell pollination that I mentioned earlier, whether that's equipment finance, asset-based lending, dealer finance, family office, those sort of things we can offer without being on the same platform. So still feel very comfortable with the $100 million to $130 million.

謝謝你，Michael。我很高興你提到這點，因為我認為這裡的背景脈絡確實重要：我們才進入第一個季度，而且仍在兩套獨立系統上運作，這會造成一些障礙，使我們較難向另一個組織提供產品。我認為你會看到的早期成果會更集中在加速 RM（客戶關係經理）招募上，這也是我們原本就預期會較早見效的領域之一。再來是我先前提到的專業領域交叉銷售的相互導流，不論是設備融資、資產基礎融資、經銷商融資、家族辦公室等，這些即使不在同一平台上也能提供。因此，我們對 1 億至 1.3 億美元的目標仍然非常有信心。

I think if you remember in one of the industry conferences we were at, we said we expected a modest, I think, $20 million in 2026, and what we're seeing in our pipelines and the opportunities there, I think we'll be able to achieve that within this year's numbers. And so we'll be very transparent as we get to those numbers, we'll share where they're coming from, and we'll go back and show you those relative to what our targets were so that you can see the pull-through, but I would just say one quarter in, we're still on two systems. The synergy story is coming to life. And I think when we put the combined toolkit in front of our bankers on one platform, these numbers will really begin to accelerate.

我想如果你還記得，我們在某場產業會議上曾說過，我們預期 2026 年會有一個溫和的、我記得是 2,000 萬美元的貢獻；而從我們目前看到的管線與機會來看，我認為我們能在今年的數字中就達成。而且當我們接近那些數字時，我們會非常透明，會分享它們來自哪裡，並回頭把實際結果與我們的目標對照，讓你看到轉化落地的情況；但我仍要說，才過了一個季度，我們仍在兩套系統上運作。協同效益的故事正在逐步成形。我認為當我們把整合後的工具組合放到同一平台、交到我們的銀行家手上時，這些數字將會真正開始加速。

Okay. Very helpful. Appreciate that, Kevin. And then maybe just as my follow-up. Obviously, a really good start on the hiring front. It's been brought up a couple of times here. I think in these types of deals, though, we always worry about retention. And I think that was one of the key attributes of Pinnacle over a very long time period was just the high level of retention.

好的。非常有幫助。謝謝你，Kevin。那也許作為我的追問。顯然，在招募方面有一個非常好的開局。這裡也被提到好幾次。不過在這類交易中，我們總是會擔心留任。而我認為 Pinnacle 長期以來的一個關鍵特質就是非常高的留任率。

Can you just talk to that there? Because obviously, it seems like the backdrop for hiring, everybody is hiring at this point and more so than they have in the past couple of years at least. So maybe you can just talk to some of the retention of lenders and associates and how that should trend moving forward?

你能談談這點嗎？因為顯然，看起來目前的招募背景是大家此刻都在招人，而且至少比過去一兩年更積極。所以也許你可以談談放款人與同仁的留任情況，以及未來趨勢應該如何發展？

Yes, Michael. Like internally, to your point, not only do we set the goals for hiring, we also set a retention goal for voluntary turnover at 7%. And that was the combined retention number of both organizations. And you could argue that's a fairly aggressive target given that we're going through a merger. And through the first 90 days of the year, we're right on that target.

是的，Michael。就內部而言，正如你所說，我們不僅設定招募目標，也把自願離職率的留任目標訂在 7%。那是兩個組織合併後的整體留任目標數字。你也可以說，考量我們正在進行合併，這其實是相當積極的目標。而在今年前 90 天，我們正好達到這個目標。

And yes, we've had a couple of folks leave the organization. A lot of them retired. I think of our producers that have left, almost 20% were due to retirement. And so I think we're ahead of the game there. As you know, once you pay out bonuses, you generally see a higher level of turnover. And so that percentage that we have to this point that's been annualized. We would expect it to continue to decline from here.

而且是的，我們確實有少數人離開組織。其中很多人是退休。我想我們離開的產能人員（producer）中，將近 20% 是因退休所致。所以我認為我們在這方面是領先的。如你所知，一旦發放完獎金，通常會看到較高的離職率。因此，我們目前這個比例是以年化方式計算的。我們預期從現在開始它會持續下降。

So I think others have said this merger would be a huge opportunity to poach Pinnacle team members that just hasn't happened. And I think, again, it has everything to do with the model and the fact that these team members are deeply engaged in our company, they are successful and they're not searching out another opportunity. And that's, I think, what's different from what you've seen from other mergers.

所以我認為有人曾說，這次合併會是挖角 Pinnacle 團隊成員的巨大機會，但那並沒有發生。我想這再次完全與我們的模式有關，以及這些團隊成員對公司高度投入、他們很成功，因此不會去尋找其他機會。而我認為這就是你在其他合併案中所看到的不同之處。

Jared Shaw, Barclays.

Jared Shaw，Barclays。

I guess, just sticking on the hiring question. Are you, at this point, looking to expand into any new geographies? Or is most of the hiring just getting more concentration in markets you're already in?

我想延續招募的問題。你們目前是否打算擴張到任何新的地理區域？還是大部分招募只是讓你們已經進入的市場更提高密度？

Jared, no new expansion markets at this point. If you recall, we recently expanded into the national capital region within the last five years. We continue to hire in that Maryland District of Columbia, Virginia market. It's continued to be a great growth engine for us that has expanded down into Richmond. We're making hires in Central Virginia, and that is a growth engine.

Jared，目前沒有新的擴張市場。如果你還記得，我們在過去五年內最近才擴張到全國首都圈。我們持續在馬里蘭、華盛頓特區、維吉尼亞這個市場招募。它一直是我們很好的成長引擎，並且已向南延伸到里士滿（Richmond）。我們也在維吉尼亞中部進行招募，而那也是一個成長引擎。

I would tell you that this quarter, the state of Florida has been our best growth both in kind of the Northern, Central Florida as well as South Florida. I think that's a real opportunity because as we've shared in the past, even though we have a strong presence there, we believe we can add a lot of density in each of those markets.

我會告訴你，本季佛羅里達州是我們成長最好的地區，涵蓋北佛州、中佛州以及南佛州。我認為那是一個真正的機會，因為如我們過去分享的，即使我們在那裡已有很強的據點，我們仍相信可以在各個市場增加很多密度。

And then more recently, we added a new -- Pinnacle data, a new market in mobile Alabama, and that's been a real growth engine for us. And so I would tell you, we will continue to focus on the nine states in the District of Columbia that we're in today, and there is lots of opportunity within those. And the pipelines that we have today are largely focused on those markets.

另外更近期，我們新增了一個——Pinnacle 的資料顯示，一個新市場在阿拉巴馬州的莫比爾（Mobile），那也一直是我們真正的成長引擎。因此我會說，我們將持續聚焦於目前所在的九個州與華盛頓特區，而在這些區域內有很多機會。而我們目前的業務管線也大多聚焦在這些市場。

Okay. And then just as a follow-up, I know the systems conversion is still a little ways out, but how are you -- I guess how are you looking at AI and maybe seeing how that could change your ultimate either tech spend or tech opportunity as you're moving towards this broader tech integration?

好的。接著追問一下，我知道系統轉換還要一段時間，但你們怎麼看待 AI——我想問的是，你們如何看 AI，並且可能看到它在你們邁向更廣泛的科技整合時，會如何改變你們最終的科技支出或科技機會？

Well, look, number one, yes, we're still focused on March 2027. We know that, that conversion will be the first time that our clients will fill the impact of this merger. And so we're progressing on plan, and we're in a good place to be able to have all the systems conversion -- all the systems converted. We've decisioned over 250 technology platforms, and now we've gone through a built processes to be able to complement those technology decisions. So AI is something that we've been deploying for some time.

嗯，你看，第一點，是的，我們仍然聚焦在 2027 年 3 月。我們知道，那次轉換將是我們的客戶第一次真正感受到這次合併的影響。因此我們正按計畫推進，而且目前處於很好的位置，能夠完成所有系統轉換——把所有系統都轉換完成。我們已經對超過 250 個科技平台做出決策，現在也已經建立流程來配合這些科技決策。所以 AI 是我們部署了一段時間的事情。

I think we're kind of through the pilot phase. If you may recall, we rolled something out at Synovus several, I guess, a year ago that was called ChatPFP, which is kind of an internal policy forms and procedures platform. I think we've answered now 18,000 banker questions. And I think we've saved over 3,000 hours from the work that we've done there.

我認為我們某種程度上已經走過試點階段。如果你還記得，我們在 Synovus 大概一年前推出了一個叫 ChatPFP 的東西，它算是一個內部的政策、表單與作業程序平台。我想我們現在已經回答了 18,000 個銀行員的問題。而且我想我們已經節省了超過 3,000 小時的工作時間。

We also have 13 portfolio initiatives that are in flight. And I would tell you that our AI focus is around three things: banker and team member productivity, where we can use it to not replace team members, but to make them more effective at doing their job.

我們也有 13 個投資組合層級的專案正在進行中。我會告訴你，我們的 AI 聚焦在三件事：銀行員與團隊成員的生產力——我們可以用它不是為了取代團隊成員，而是讓他們在工作上更有效率。

Number two, credit intelligence, where we can use it to really reduce the time that it takes from client application to closing. And then third, leveraging the capabilities with our business partners so that we can use the technology, the AI technology that they're deploying. We will leverage some of the AI tools as we do conversion. We've used it on process reengineering. We'll use it on some of the coding that we have to do. And so it is fully embedded in our culture today. And we're rolling out lots of tools across the organization to help all of our bankers be more effective.

第二，信用智慧（credit intelligence），我們可以用它來大幅縮短從客戶申請到結案所需的時間。第三，與我們的業務夥伴一起運用這些能力，讓我們能使用他們正在部署的技術、AI 技術。在我們進行轉換時，也會運用部分 AI 工具。我們已經把它用在流程再造上。我們也會把它用在一些必須進行的程式撰寫上。所以它今天已經完全融入我們的文化。我們正在全組織推行許多工具，幫助所有銀行員更有效率。

Anthony Elian, JPMorgan.

Anthony Elian，摩根大通（JPMorgan）。

A follow-up on capital. I know you have the buyback authorization in place, but Jamie, the expectation to get to the low end of the 1,025 CET1 target before you begin or contemplate any amount of buybacks.

關於資本的追問。我知道你們已經有庫藏股回購授權，但 Jamie，市場預期是你們會先把 CET1 拉到 1,025 目標區間的低端，之後才會開始或考慮進行任何規模的回購。

Tony, that's our plan. And so when you think about our capital accretion, it remains similar to what we discussed last quarter. The capital waterfall in today's earnings deck is a pretty good illustration of that. So we have 38 basis points of capital generated in the first quarter from earnings, and then we deployed 8 basis points of that to our common dividends. And when you look at the remaining 30 basis points, that is what gets either delivered to clients or is either used for -- to grow capital ratios or to be deployed to something like share repurchases.

Tony，這就是我們的計畫。所以當你思考我們的資本累積（capital accretion）時，它仍然與我們上季討論的內容相近。今天的財報簡報中的資本瀑布圖（capital waterfall）對此有很好的說明。第一季我們從獲利產生了 38 個基點的資本，接著我們把其中 8 個基點用於普通股股利。而你看剩下的 30 個基點，那就是要嘛交付給客戶、要嘛用來——用於提高資本比率，或用於像股票回購這類用途。

And in the first quarter, we deployed 24 basis points to clients. Now that was a little bit higher than what we said in January when we said that we would expect to deploy about 20 basis points, but truthfully, that resulted from the growth in commitments more than the growth in loans. And so as we look forward, I think that's a healthy way to look at capital accretion each quarter. We still think that there are many scenarios where capital -- where RWA growth consumes about 20 basis points, but you could see quarters like this quarter where it's a little bit higher than 20.

而在第一季，我們把 24 個基點投入到客戶端。這比我們 1 月所說的略高，當時我們說預期大約投入 20 個基點，但坦白說，這主要是承諾額度（commitments）的成長大於放款（loans）的成長所致。因此往前看，我認為用這種方式來看每季的資本累積是健康的。我們仍然認為在許多情境下，資本——也就是 RWA 成長會消耗大約 20 個基點，但你也可能看到像本季這樣略高於 20 的季度。

Okay. And then on slide 27 in the appendix, what drove the decline in the total loan mark to $675 million and the year one purchase accounting now expected at $90 million, which I think is at the low end of the previous range.

了解。另外，附錄第 27 頁，是什麼原因導致總放款評價調整（total loan mark）下降到 6.75 億美元，以及第一年購併會計（purchase accounting）現在預期為 9,000 萬美元？我想這是在先前區間的低端。

Yes, Tony, that's largely driven by rates. There's a little bit of a shift in the valuation due to kind of where the marks came out by loan product. And so that was really just a rate story. But what I'll say on the PAA and amortization going forward, 70% of that is in residential mortgages. And so you look at those residential mortgages, the average rate is around 4.25%, the average underlying loan rate, and we're assuming about a 7% prepay rate on those mortgages.

是的，Tony，這主要是由利率所驅動。另外也有一點估值上的位移，因為不同放款產品的評價調整（marks）結果略有差異。所以這基本上就是利率的故事。但我想說的是，關於未來的 PAA 與攤銷（amortization），其中 70% 來自住宅房貸。所以你看這些住宅房貸，平均利率大約在 4.25%，也就是平均的底層貸款利率，而我們假設這些房貸的提前清償率（prepay rate）約為 7%。

So the volatility around PAA amortization should be relatively light. And so -- unless rates decline significantly. And so that's generally how you should think about the PAA amortization from year-end evaluation.

因此，PAA 攤銷的波動性應該相對不大。除非利率大幅下滑。所以大致上，你應該用這種方式來看待從年末評價（year-end evaluation）延伸出的 PAA 攤銷。

Stephen Scouten, Piper Sandler.

Stephen Scouten，Piper Sandler。

I wanted to go back to BHG really quickly. I think, Kevin, you mentioned some of the change in guide was relative to adapting funding mechanisms. I'm just curious, looking at the slide, it looks like originations were up year-over-year. Could that revenue be a little bit more episodic around securitizations? Or kind of how should we think about the cadence of BHG and kind of what that looks like longer term?

我想很快回到 BHG 的話題。我想 Kevin，你提到指引（guide）的一些變動與調整資金來源機制有關。我只是好奇，從投影片來看，承作量（originations）似乎年增。那這個收入會不會在證券化（securitizations）時點上比較具事件性（episodic）？或者我們應該如何看待 BHG 的節奏，以及長期來看會是什麼樣子？

The BHG outlook remains strong. As I mentioned earlier, it's a great partnership. I mean the team down there just continues to dominate in consumer lending. And we're pretty pleased with everything they're doing. When you look at the production in 2026, I mean, there's a strong increase from 2025.

BHG 的展望仍然強勁。如我先前提到的，這是一個很棒的合作夥伴關係。我的意思是，那邊的團隊在消費金融放款上持續保持領先。我們對他們所做的一切都相當滿意。當你看 2026 年的產量（production），相較 2025 年確實有明顯增加。

The real change is the distribution. And the way to think about that from our perspective is that the price received on the loans of bank partnerships is just simply a lot higher than the price received on securitization or whole loan sales. And so the reason you would choose the lower price, though, is because you don't have any ongoing costs to voluntary repurchases, things like that. And so we think the right strategy is to take the lower premium today by selling more into securitizations and loan sales to asset managers, and improve long-term profitability. But it also should improve enterprise value.

真正的變化在於分銷（distribution）。從我們的角度來看，理解方式是：透過銀行合作夥伴關係出售貸款所取得的價格，單純就是比透過證券化或整筆貸款出售（whole loan sales）所取得的價格高很多。不過你之所以會選擇較低的價格，是因為你不需要承擔任何持續性的成本，例如自願回購（voluntary repurchases）之類。因此我們認為正確的策略是：今天先接受較低的溢價（premium），把更多賣到證券化以及賣給資產管理人的貸款銷售，來提升長期獲利能力。但這也應該能提升企業價值（enterprise value）。

And the reason for that is it gives people more certainty into that forward earnings profile when it's just based on the production and the price of production of the loan sales. And so we're really pleased with the strategy. We look forward to seeing it play out, but it will result in lower fee revenue for us in 2026, but it's the right long-term move.

原因在於，當未來獲利輪廓（forward earnings profile）只是建立在貸款銷售的產量與產量價格上時，市場會有更高的確定性。所以我們對這個策略非常滿意。我們期待看到它逐步發酵，但它會使我們 2026 年的手續費收入（fee revenue）較低，不過這是正確的長期作法。

Got it. Great color there. And then just one other piggyback on all the hiring questions. I know you said mobile a newer market. How long do you think today the existing footprint can kind of drive this level of growth? And if you had to expand markets, is it fair to think of you guys moving west slightly with all the dislocation that's occurred in those markets?

了解。這些說明很有幫助。另外再延伸一下所有關於招募（hiring）問題的討論。我知道你說 Mobile 是較新的市場。你認為以目前既有的據點版圖（footprint），還能在多長時間內推動這樣的成長幅度？如果你們必須擴張市場，是否可以合理地認為你們會因為那些市場出現的各種錯位（dislocation），而稍微往西邊移動？

For me, Steve, for the foreseeable future, there's so much opportunity. When we look at the market share data and you look at the Greenwich data, I mean, look, we haven't talked about that today, but for legacy Pinnacle to be number one in the country and the Net Promoter Score and legacy Synovus to be number six in the country, it shows you we have two strong organizations coming together, creating a loyal client base.

對我來說，Steve，在可預見的未來，機會非常多。當我們看市占率數據、再看Greenwich的數據時，我的意思是，你看，我們今天沒有談到這點，但傳統Pinnacle在全國排名第一，以及傳統Synovus的淨推薦值（Net Promoter Score）在全國排名第六，這顯示有兩個強大的組織正在結合，打造出忠誠的客戶基礎。

When we look at the data in the markets we serve today, the only thing that people are hired than Pinnacle on is market share. And the market share that some of these bigger banks have, they're also those same banks that have very low Net Promoter Scores. And so our opportunity to hire in the existing markets and to take share from those bigger institutions is right in front of us, and we're doing it every day. So that's going to fuel the growth.

當我們看我們目前所服務市場的數據時，人們被Pinnacle「聘用」得更多的唯一因素就是市占率。而一些大型銀行擁有的市占率，同時也往往是那些淨推薦值非常低的銀行。因此，我們在既有市場招募人才、並從那些更大的機構手中取得市占的機會，就在眼前，而且我們每天都在做。所以這將推動成長。

As it relates to expanding into new markets, what I think we've proven out is it's less about choosing a market and trying to then go and find talent. What we've done is we find the talent regardless of where the market is. If you get the right leader, that person will be able to bring over the right team, and we'll be able to grow by rolling out that Pinnacle model.

至於擴展到新市場，我認為我們已經證明，重點不在於先選一個市場，然後再去找人才。我們做的是不論市場在哪裡，先找到人才。如果你找到對的領導者，那個人就能帶來合適的團隊，而我們也能透過推行Pinnacle模式來成長。

Bernard Von Gizycki, Deutsche Bank.

Bernard Von Gizycki，德意志銀行。

Just on credit, the allowance for credit losses during the quarter. Just I wanted to see if you could unpack a few of the things, the deterioration economic forecast, the increase in the individually analyzed loans and just the decline in the qualitative reserves that you show on slide 34 of the deck. Could you just unpack the drivers a little bit here for us?

就信用方面，本季的信用損失準備（allowance for credit losses）。我想看看你是否能拆解幾個因素：經濟預測惡化、個別評估貸款增加，以及你們在簡報第34頁所顯示的質化準備下降。你能否為我們稍微拆解一下這裡的驅動因素？

Yes, it's a great question. I mean when you look at the economic impact, a couple of things were happening there. One, we obviously use the updated forecast from Moody's. But as you can see in the appendix, we also adjusted the weightings of the scenarios. And the reason we did that was because of the economic uncertainty, everything that's going on in the world.

是的，這是個很好的問題。我的意思是，當你看經濟影響時，有幾件事正在發生。第一，我們當然使用了Moody's更新後的預測。但如你在附錄中所見，我們也調整了情境的權重。我們這麼做的原因是因為經濟不確定性，以及世界上正在發生的一切。

We just wanted to put a little heavier weighting on slow growth and basically just acknowledge what's going on out there. And that drove the change in the economic outlook. And then what was the rest of your question?

我們只是想把「低成長」的權重稍微提高一些，基本上就是承認外部正在發生的情況。而這驅動了經濟展望的變化。那你問題的其餘部分是什麼？

Qualitative.

質化。

The qualitative -- the qualitative reserves, obviously, we have those in there. each quarter, it's a fairly significant amount of the allowance. Those ebb and flow based on the differences or how we see the outlook of individual portfolios. That came down this quarter based on us just seeing a little bit reduced risk in some of those portfolios that we had allocated. We had it in multifamily and a few others. And our outlook has improved on those areas, and we reduced the qualitative accordingly.

質化——質化準備，顯然我們每一季都會納入，且在整體備抵中占比相當可觀。這些會隨著差異、或我們對各個投資組合展望的看法而起伏變動。本季之所以下降，是因為我們看到先前配置的部分投資組合風險略有降低。我們之前配置在多戶住宅（multifamily）以及其他幾個領域。我們對那些領域的展望有所改善，因此相應地下調了質化準備。

Great. And just my follow-up. In case I missed this, just there's no change in the full year guide of the 1.1 to 1.15 of the adjusted fee income, despite the reductions in BHG, like you mentioned, from optimizing their funding. Just what areas helped offset this? I mean, Jamie, you mentioned some of the capital markets deals. I'm thinking something from there. Just any thoughts on what the offsets were?

很好。那我追問一下。如果我沒漏聽的話，儘管你提到BHG因為最佳化其資金來源而有所下調，但全年調整後手續費收入（adjusted fee income）1.1到1.15的指引沒有改變。哪些領域幫忙抵銷了這個影響？我的意思是，Jamie，你提到一些資本市場的交易。我在想可能是那邊的貢獻。能否談談有哪些抵銷因素？

Yes. When you look at the rest of the year, first, I'll kind of get the starting point on the first quarter. You had core banking fees up 11%, wealth up 14%, capital Markets more than doubled when you look at year-over-year comparison. So we have great momentum to start the year. And as we look forward, we really expect to see that continue.

是的。看今年剩餘時間之前，我先從第一季的起點說起。核心銀行手續費年增11%，財富管理年增14%，資本市場在年對年比較下成長超過一倍。所以我們在年初就有很好的動能。而往前看，我們確實預期這種趨勢會延續。

So embedded in that guidance is mid- to upper single-digit growth in each of those categories. We expect that in core banking fees and wealth and in capital markets. And then that will be offset partially by that reduction in BHG revenue.

因此，該指引已內含各類別中到高個位數的成長。我們預期核心銀行手續費、財富管理以及資本市場都會如此。然後其中一部分會被BHG收入下降所抵銷。

Catherine Mealor, KBW.

Catherine Mealor，KBW。

It was nice to see the average earning assets ahead of expectations. Can you give any update to how you're thinking about the building cash and securities as we move through the year?

很高興看到平均生息資產高於預期。你能否更新一下，隨著今年推進，你們對增加現金與證券部位的思考？

Yes, Catherine, in the first quarter, you saw us grow the securities portfolio by about $750 million. And you should expect to see us continue growing the securities portfolio as we go through the year. and we could end the year up $1.5 billion to $2 billion. Longer term, I would expect to see the securities portfolio grow to 19%, 20% of assets over time, and you'll just continue to see us build towards those levels.

是的，Catherine，第一季你看到我們的證券投資組合增加了約7.5億美元。而你應該預期我們在今年接下來的時間會持續增加證券投資組合，年底可能增加15億到20億美元。長期來看，我預期證券投資組合占資產比重會隨時間成長到19%、20%，你會持續看到我們朝那些水準累積。

Okay. Great. And then maybe one follow-up on just the reserve question. You gave your net charge-off guidance of 20 to 25 basis points. As we think about the reserve, do you view that as more stable bias upward or bias lower just as you kind of sit here at our -- at the current reserve and how you're thinking forward about the credit risk.

好的。很好。那再追問一個關於準備的問題。你給的淨沖銷（net charge-off）指引是20到25個基點。就準備而言，當你們目前處在這個準備水準、並往前看信用風險時，你認為準備是比較偏向穩定、偏向上升，還是偏向下降？

A lot of that depends on the economic outlook. And as we just discussed, we increased the weighting to slower growth. And if the economic outlook improves, well, that would be a tailwind to reducing the allowance. But we believe outside of that, we expect it to be relatively stable. And you didn't ask the question, but as I think about it, in provision expense, you should continue to see what you saw this quarter outside of the change in the ratio, you should expect to see a provision about $20 million higher than charge-offs just due to strong loan growth and providing for that loan growth.

這很大程度取決於經濟展望。如我們剛才討論的，我們提高了對較慢成長的權重。如果經濟展望改善，那將有利於降低備抵。但除此之外，我們預期會相對穩定。你沒有問這個，但我補充一下：在提存費用（provision expense）方面，除了比率變動之外，你應該會持續看到本季的情況；由於放款成長強勁、需要為該放款成長提列準備，你應該預期提存大約會比沖銷高出2,000萬美元。

David Chiaverini, Jefferies.

David Chiaverini，Jefferies。

So overall growth was stronger than expected in the first quarter. You previously mentioned earlier this year that the first half might be slower than the second half. Is it fair to say that growth could be more consistent through the year than originally expected?

整體而言，第一季成長強於預期。你們先前在今年稍早提到，上半年可能會比下半年慢。是否可以說，全年成長可能會比原先預期更為均衡？

Well, there are seasonal in the second half of the year that we would expect to play out. And so we view the first quarter as being ahead of schedule. And so it's a strong quarter for us with regards to growth in both loans and core deposits. And so we're going to strive to maintain that momentum, but this is definitely being ahead of schedule.

嗯，下半年確實有一些季節性因素，我們預期會如期發生。因此我們把第一季視為進度超前。就放款與核心存款的成長而言，這對我們來說是強勁的一季。我們會努力維持這股動能，但這確實是進度超前。

Great. And then back on to capital. Can you talk about the Basel III end game and the impact that could have on your capital ratios? And how you might deploy any incremental capital that may result that?

很好。接著回到資本。你能談談巴塞爾協定III最終方案（Basel III end game）以及它可能對你們資本比率造成的影響嗎？以及若因此產生任何額外資本，你們可能會如何運用？

Yes. That's the question of the day from my perspective, strategically, the proposed rules can really work to our advantage. The impact of AOCI inclusion is fairly immaterial to us at these rate levels, but the changes in risk weightings further enhance the attractiveness of our core client business, C&I lending and commercial real estate lending relationships. So we feel that we are very well positioned for this, both in our go-to-market strategy and our balance sheet management. Of the estimated 60 basis points benefit in the risk-weighting asset changes, about 35 to 40 basis points comes from commercial lending and about between 10 to 15 basis points comes from residential mortgages. So we await the finalization of these -- of the rules.

是的。從我的角度來看，這是今天的關鍵問題；在策略上，所提議的規則確實可以為我們帶來優勢。在目前的利率水準下，納入AOCI對我們的影響相當不重大，但風險權重的變更進一步提升了我們核心客戶業務的吸引力，也就是C&I放款以及商用不動產放款關係。因此，無論是在我們的市場推進策略或資產負債表管理方面，我們都認為自己處於非常有利的位置。在風險加權資產變動所估計的60個基點效益中，約35到40個基點來自商業放款，約10到15個基點來自住宅房貸。所以我們會等待這些——這些規則的最終定案。

We look forward to getting through the comment period and implementing in the new regime because we think it will just really only enhance what we do and how we serve our clients. But your question on the incremental capital, we're not going to make any decisions today based on this until we get to the final rules and the rules implemented, but it's definitely going to -- it definitely looks like it's going to be a positive to our capital ratios.

我們期待度過意見徵詢期並在新制度下落實，因為我們認為這只會進一步強化我們的作為以及我們服務客戶的方式。至於你問到的增量資本，在最終規則出爐並實施之前，我們今天不會基於此做任何決策，但它肯定會——看起來確實會對我們的資本比率帶來正面影響。

Gary Tenner, D.A. Davidson.

Gary Tenner，D.A. Davidson。

I had clarifying question about the NIM roll forward in the deck. It included securities mark benefit of 7 or 8 basis points. I'm just curious how that -- it was 9 basis points. But with the bond repositioning in the first quarter, I'm surprised that it was reflected quite that way. So could you talk about that item versus kind of ongoing securities yield and in the wake of the repositioning?

我想釐清一下簡報中NIM的roll forward。其中包含證券評價（mark）帶來的7或8個基點的效益。我只是好奇那個——其實是9個基點。但第一季做了債券部位重整後，我很意外它會以那樣的方式反映。所以你能談談這個項目，相較於持續性的證券殖利率，以及在重整之後的影響嗎？

Yes, that was going to come through one way or another. By doing the repositioning, it came through in NII instead of PAA. And so that's really basically at close, we marked that book to market, the securities portfolio. And so that's really just a placement on the income statement difference between the two. And I think that's a testament to the permanence of PAA when it's rate driven.

是的，那本來不管怎樣都會反映出來。透過部位重整，它是透過NII而不是PAA反映。基本上在交割時，我們把那本——也就是證券投資組合——按市價重估。所以這其實只是兩者在損益表上的列示差異。我認為這也證明了當PAA是由利率驅動時，它的持久性。

I mean basically, with loans and securities, you can make that PAA go away and turn it in NII by executing a market trade. And so we feel really good about the future of NII from the marking of the Synovus balance sheet. And I think that, that just kind of shows the longevity of it. But really one way or another, that was going to be in the margin in the first quarter, but the trades just made it traditional NII.

基本上，對於貸款與證券，你可以透過執行一筆市場交易，讓PAA消失並把它轉成NII。因此，從對Synovus資產負債表的評價（marking）來看，我們對未來的NII感到非常有信心。我認為這也某種程度顯示了它的延續性。但不管怎樣，那原本第一季就會反映在利差裡，只是交易讓它變成傳統的NII。

Okay. So that was just the margin benefit, not necessarily the accretion. Can you give us, Jamie, just what the kind of net accretion benefit was in the quarter overall?

好的。所以那只是利差的效益，不一定是攤銷增益（accretion）。Jamie，你能否提供一下本季整體的淨攤銷增益大概是多少？

Yes. The way to think about that is -- so securities accretion, PAA accretion would have been $25 million a quarter is kind of a good number. If you look at loan accretion, it's about $20 million a quarter. And that's, again, as I mentioned earlier, that 70% of that is coming from residential mortgages. And so that's the general accretion that's in the margin each quarter.

可以。理解方式是——證券攤銷增益、PAA攤銷增益，每季大約2,500萬美元是一個不錯的數字。如果看貸款攤銷增益，每季大約2,000萬美元。而且如我先前提到，其中70%來自住宅房貸。所以這就是每季反映在利差中的一般攤銷增益。

Chris Marinac, Brean Capital Research.

Chris Marinac，Brean Capital Research。

Can you talk about the NDFI business line in terms of is there an upper bound to where you want that to go over time? And I appreciate the disclosure you gave on NDFI to?

你能談談NDFI這條業務線嗎？就長期而言，你們希望它成長到哪裡，有沒有上限？也謝謝你們對NDFI所提供的揭露。

Chris, you saw it on slide 37, it's 9% or $7 billion. And I think what's important, you see the headlines, only about $1.7 billion in private credit, less than 2%. And look, just think about the backdrop, I know the media investors are painting this picture of all NDFI exposure being the same. And I just don't believe that to be accurate. And it's not how we manage the book.

Chris，你在第37頁投影片看到，它是9%或70億美元。我認為重要的是，你看那些標題新聞，私募信貸只有約17億美元，不到2%。而且你看，想想整體背景，我知道媒體與投資人把所有NDFI曝險都描繪成一樣。但我不認為那是準確的。而且我們也不是那樣管理這個組合。

Where we do have exposure there -- our protection is structural. We said on the very top of the capital structure, senior secured first lien loans. And we largely have effective advance rates when you factor in the liquidity and the eligibility buffers of around 50%. So we are well structured there.

我們在那裡確實有曝險的部分——我們的保護是結構性的。我們位於資本結構的最上層，是優先擔保第一順位留置權（first lien）貸款。而且當你把流動性與合格性（eligibility）緩衝納入考量後，我們大致上有約50%的有效預支率（advance rates）。所以我們在那裡的結構安排很穩健。

The biggest part of that book for us is our structured lending division, which is about $3.4 billion. And so we've been operating that for the last seven years, and that group has not produced a single charge-off and hasn't had an NPA since 2019. So I think they execute with a great deal of credit and operational discipline. So I don't believe that there's an upper bounds. We believe that each loan that we're bringing on today is well structured, secured and performing well.

對我們而言，這個組合最大的一部分是結構性放款部門，約34億美元。我們過去七年一直在經營這塊，而該團隊沒有產生過任何一筆核銷（charge-off），自2019年以來也沒有出現NPA。所以我認為他們在信用與營運紀律上執行得非常到位。因此我不認為有一個上限。我們相信我們今天新增的每一筆貸款都有良好的結構、具擔保，且表現良好。

like any asset class once you start getting a 10% or larger, I think you have to start thinking about whether you have concentration risk, and so we would look at that. But the great thing about this book, as you heard, Jamie, even the catalog music business, these loans, although they are contained in one bucket, they're very different, and they're very granular.

就像任何資產類別一樣，一旦你開始達到10%或更高，我認為就必須開始思考是否存在集中度風險，因此我們會檢視這點。但這個組合很棒的一點是，如你所聽到的，Jamie，甚至像目錄音樂（catalog music）業務，這些貸款雖然被歸在同一個桶（bucket）裡，但其實差異很大，而且非常分散、顆粒度很細。

And so I would hate to set a target for something based on an asset category that, quite frankly, has different underlying structural components that are not homogeneous in nature, and hence, likely are not likely to perform similarly through different economic scenarios.

因此，坦白說，我不希望基於一個資產類別去設定目標，因為它的底層結構組成各不相同、並非同質（homogeneous），因此在不同經濟情境下的表現也很可能不會相似。

No, that makes sense. And then the reserve assigned to these is just part of the general C&I bucket, correct?

不，這很合理。那分配給這些的備抵（reserve）只是一般C&I桶的一部分，對嗎？

That's correct.

沒錯。

Robert Rutschow, Wells Fargo.

Robert Rutschow，Wells Fargo。

I guess, first, do you expect to have a Visa gain, and would there be any impact to capital from that?

我想先問，你們預期會有Visa的收益（gain）嗎？如果有，會對資本造成任何影響嗎？

No, we do not.

不，我們不會。

Okay. And then second, if I could just follow up on the retention question. Do you think you'll provide that retention number going forward? And is there a period where you might expect sort of elevated churn in the legacy Synovus employee base over the next, say, 12 to 18 months?

好的。第二個問題，如果我可以追問一下留任（retention）問題。你們之後會持續提供那個留任數字嗎？另外，在接下來例如12到18個月，你是否預期原Synovus員工群會出現較高的流失（churn）？

Look, we are a transparent organization. We'll be happy to provide that data. The real answer to that is this last quarter. If you have folks that don't want to be part of the new company, the first quarter is the period in which they would have self-selected based on the fact that bonuses are paid, and generally, that's when recruiting picks up. So I would tell you the kind of the worst is behind us and the fact that we're on track tells me that it should only get better from here, but we will be extremely transparent on that.

你看，我們是一個透明的組織。我們很樂意提供那個數據。真正的答案是就在上一季。如果有人不想成為新公司的一部分，第一季通常就是他們會自我選擇離開的期間，因為獎金會發放，而且一般來說那也是招募活動升溫的時候。所以我會告訴你，最糟的情況大概已經過去了；而且我們進度如期，這也告訴我接下來只會更好，但我們會在這方面保持高度透明。

This concludes our question-and-answer session. I'd now like to turn the conference back over to Kevin Blair for any closing remarks.

我們的問答環節到此結束。接下來我想把電話會議交回給 Kevin Blair，請他做結語。

Thank you, Matthew, and thank you all for your thoughtful questions and for your continued investment in what we are building here. I think one quarter in as a combined company, the results speak for themselves. Loan growth, deposit growth, margin expansion, recruiting momentum and a culture that just didn't survive the merger, it's strengthening and scaling. That doesn't happen by accident. It happens because of the model, the people and the strong commitment from leadership to doing the right thing.

謝謝你，Matthew，也謝謝各位提出深思熟慮的問題，並持續投資於我們在此所打造的一切。我認為，作為合併後的公司走過第一個季度，成果已不言自明。貸款成長、存款成長、利差擴大、招募動能，以及一種不僅在合併中存續下來、而且正在強化並擴張的文化。這不是偶然發生的。這是因為我們的模式、我們的人才，以及領導團隊對做正確事情的堅定承諾。

And doing things the right way matters. While some of our industry peers go through mergers and they've leaned in on things like elevated promotional deposit rates as a big client retention tool, that's not how we operate. Our retention strategy has one solid foundation, and that's talent. The best bankers attract the best clients, the best clients stay. It's that simple, and it works. People are what makes the difference.

而以正確方式做事很重要。當我們的一些同業在併購過程中，傾向以提高促銷性存款利率作為重要的客戶留存工具時，我們的運作方式並非如此。我們的留才留客策略只有一個堅實的基礎，那就是人才。最優秀的銀行家吸引最優秀的客戶，最優秀的客戶就會留下來。就是這麼簡單，而且行之有效。人才才是關鍵差異所在。

What the first quarter tells me is that we didn't merge into mediocrity. The Pinnacle model is fully intact. We're actively expanding. We're producing exactly the results it was built to produce. What particularly energizes me, as I said earlier, is the speed at which our Synovus leaders have embraced and applied the Pinnacle hiring model, up 50% year-over-year.

第一季告訴我的是，我們並沒有合併成平庸。Pinnacle 的模式完全保持完整。我們正在積極擴張。我們產出的結果，正是這個模式被打造出來要產出的結果。尤其讓我振奮的是，如我先前所說，我們的 Synovus 領導團隊以極快的速度接受並運用 Pinnacle 的招募模式，年增 50%。

As excited as I am about the progress we've made, we're not perfect. There have been moments in this integration where we've moved too fast. We've had to course correct or we didn't have the immediate answer. That will continue, and undertaking of this size doesn't come without its share of bumps, and I wouldn't suggest otherwise. But I'd tell you this, the wins have greatly and consistently outweighed the misses, and we learn from every one of them.

儘管我對我們取得的進展感到振奮，但我們並不完美。在這次整合過程中，有些時候我們推進得太快。我們不得不修正方向，或是當下沒有立即的答案。這種情況還會持續；如此規模的工作難免會有些顛簸，我也不會暗示相反。但我要告訴各位的是，勝利遠遠且持續地多於失誤，而我們也會從每一次經驗中學習。

One quarter will not define us, but it will set a standard that we intend to exceed, and we're not done proving it. Culture is what I think about every single day because results follow it, not the other way around. And the culture is holding. The recruiting momentum, the systems conversion ahead, the revenue synergies being locked in and the client relationships deepening across our nine states, those are the chapters that are still to be written. We have shown that this model can do what it does and do it well. The best of what this firm has to offer is still in front of us.

一個季度不會定義我們，但它會建立一個我們打算超越的標準，而我們也還沒停止證明。我每天都在思考文化，因為成果是跟著文化走，而不是反過來。而這個文化正在穩住。招募動能、即將到來的系統轉換、逐步落實的營收協同效益，以及我們在九個州的客戶關係持續加深——這些章節仍有待書寫。我們已經證明，這個模式能做到它該做的事，而且能做得很好。本公司最精彩的部分仍在前方。

Before I close, I want to speak directly to our team members because no number in this presentation, no metric we reported today happens without you. Many of you didn't ask for this merger. Many of you had real concerns about your role, your market, your clients and your future. Those concerns are valid, and I never want to minimize them. Change of this magnitude is hard, and you faced it head on.

在我結束之前，我想直接對我們的團隊成員說：今天簡報中的任何數字、我們今天報告的任何指標，沒有你們都不可能發生。你們當中很多人並沒有要求這次合併。你們當中很多人對自己的職務、所在市場、客戶以及未來都有真實的擔憂。這些擔憂是合理的，我也絕不想淡化。如此規模的變革很艱難，而你們正面迎上了它。

You showed up, you served your clients without missing a beat. You welcome new team members you've never met, and you made them felt like they belong. That kind of character cannot be manufactured, it cannot be taken for granted. Your efforts, your passion, your dedication is exactly why I have no doubt about where this firm is headed. You're the reason it works, and I'm deeply grateful.

你們如常到位，服務客戶毫不間斷。你們歡迎素未謀面的新團隊成員，並讓他們感受到歸屬感。這樣的品格無法被製造，也不能被視為理所當然。你們的努力、熱情與投入，正是我對本公司未來走向毫不懷疑的原因。你們是成功運作的關鍵，我由衷感謝。

I also want to recognize Jennifer Demba, our Director of Investor Relations, who will be retiring in June. Jennifer, over the past three years, you've been an extraordinary partner, elevating our investor relationships, and leading the function better than you found it. Your impact from this organization will be felt long after June. Thank you, and we wish you nothing but success in this well-deserved next chapter of your life.

我也想表揚我們的投資人關係總監 Jennifer Demba，她將於六月退休。Jennifer，在過去三年裡，你一直是非凡的夥伴，提升了我們與投資人的關係，並把這項職能帶領得比你接手時更好。你對本組織的影響，將在六月之後很長一段時間仍被感受到。謝謝你，也祝福你在這個實至名歸的人生新篇章中一切順利、成功。

As we wrap up today's call, I'll end where we started. We entered 2026 with a promise to deliver for our shareholders, our clients and our communities and, most importantly, our team. One quarter end, we've delivered. We did exactly what we said we would do. And this is just the opening act.

在我們結束今天的電話會議之際，我會回到我們一開始所說的。我們帶著承諾進入 2026 年，要為股東、客戶與社區交付成果，而最重要的是為我們的團隊交付成果。一個季度結束，我們做到了。我們完全照我們說的去做。而這只是序幕。

The model has proven, the team is unified, and we are locked in on executing every promise we have made. We look forward to seeing many of you at upcoming conferences. And with that, Matthew, we can conclude today's call.

這個模式已被證明可行，團隊已凝聚一致，而我們正全力以赴，落實我們所做出的每一項承諾。我們期待在接下來的各項會議上與各位見面。Matthew，以上我們可以結束今天的電話會議。

Certainly. Thank you for joining us today. That concludes the Pinnacle Financial Partners first quarter 2026 earnings call. Have a good day.

當然。感謝各位今天加入我們。Pinnacle Financial Partners 2026 年第一季財報電話會議到此結束。祝各位有美好的一天。