RBB Bancorp (RBB) 2025 Q1 法說會逐字稿

Good day everyone, and welcome to the RBB Bancorp first-quarter 2025 earnings call. (Operator Instructions) It is my pleasure to turn the floor over to your host Rebeca Rico. Ma'am, the floor is yours.

大家好，歡迎參加 RBB Bancorp 2025 年第一季財報電話會議。（操作員指示）我很高興將發言權交給主持人 Rebeca Rico。女士，請您發言。

Thank you Matthew. Good day everyone and thank you for joining us to discuss our RBB Bancorp results for the first quarter of 2025. With me today are Johnny Lee, David Morris, Lynn Hopkins, and Jeffrey Yates. David, Johnny, and Lynn will briefly summarize the results which can be found in the earnings press release and investor presentation that are available on our Investor Relations website, and then we'll open up the call to your questions.

謝謝你，馬修。大家好，感謝您加入我們討論 RBB Bancorp 2025 年第一季的業績。今天和我一起的有 Johnny Lee、David Morris、Lynn Hopkins 和 Jeffrey Yates。David、Johnny 和 Lynn 將簡要總結可在我們投資者關係網站上的收益新聞稿和投資者介紹中找到的結果，然後我們將開始回答您的問題。

I would ask that everyone please refer to the disclaimer regarding forward-looking statements in the investor presentation and the company's SEC filings. Now, I'd like to turn over the call to RBB Bancorp Chief Executive Officer, David Morris. David?

我希望大家參閱投資者介紹和公司向美國證券交易委員會提交的文件中有關前瞻性陳述的免責聲明。現在，我想將電話轉給 RBB Bancorp 執行長 David Morris。戴維？

Thank you, Rebecca. Good day everyone, and thank you for joining us today. First quarter, net income declined to $2.3 million, or $0.13 per share, as we took decisive strategic action to address our non-performing assets. We reduced our non-performing assets by 20%, and our net exposure to non-performing loans by 32% to $51 million.

謝謝你，麗貝卡。大家好，感謝大家今天加入我們。由於我們採取了果斷的策略行動來解決不良資產問題，第一季淨收入下降至 230 萬美元，即每股 0.13 美元。我們的不良資產減少了 20%，不良貸款淨敞口減少了 32%，降至 5,100 萬美元。

To accomplish this, we sold $18 million of loans, recognized provisions of $6.7 million and received paydowns of $1.8 million. We believe the provisions we have taken over the last few quarters have addressed the vast majority of potential losses in our non-performing loans.

為了實現這一目標，我們出售了 1800 萬美元的貸款，確認了 670 萬美元的撥備，並收到了 180 萬美元的還款。我們相信，過去幾季我們提取的撥備已經解決了不良貸款中絕大多數的潛在損失。

As we said last quarter, we are focusing on resolving our non-performing loans as quickly as possible while minimizing the impact of earnings and capital, and we think our actions in the first quarter helped accomplish this.

正如我們上個季度所說，我們正致力於盡快解決不良貸款，同時盡量減少對收益和資本的影響，我們認為我們在第一季採取的行動有助於實現這一目標。

We continue to work through our remaining non-performing assets and expect to be able to report additional progress in the coming quarters.

我們將繼續處理剩餘的不良資產，並期望能夠在未來幾季報告更多進展。

We did downgrade a $5.3 million New York CRE loan to non-performing in the first quarter after the largest tenant moved out. While unfortunate, we feel relatively confident that it will be resolved without any loss of principle, as the borrower is actively working to fill the vacancy and has also listed the property for sale.

在最大的租戶搬走後，我們確實在第一季將一筆價值 530 萬美元的紐約 CRE 貸款降級為不良貸款。雖然很不幸，但我們相對有信心這個問題將在不損失任何原則的情況下得到解決，因為借款人正在積極努力填補空缺，並且已經將房產掛牌出售。

A recently completed appraisal of on the property indicates the LTV of about 85%. Now, I'll hand it over to Johnny to talk about happier subjects like loan growth and margin expansion. Johnny?

最近完成的對該房產的評估表明其 LTV 約為 85%。現在，我將把時間交給約翰尼，讓他談談貸款成長和利潤率擴大等更令人愉快的話題。約翰尼？

Thank you, David. As David mentioned, in addition to making good progress resolving our travel loans, we have strong loan growth in the first quarter, another quarter of new expansion. Long healthful investment grew by $90 million or 12% on an annualized basis, driven by the continued execution of our growth initiatives.

謝謝你，大衛。正如大衛所提到的，除了在解決旅行貸款方面取得良好進展之外，我們在第一季的貸款成長強勁，這是另一個新季度的擴張。在我們持續執行成長計畫的推動下，長期健康投資成長了 9,000 萬美元，即年增率為 12%。

Growth in commercial SBA and SFR balances more than offset the decline in CND loans. We've seen especially strong results from our in-house mortgage origination business, which despite the rare environment originated $112 million in mortgages in the first quarter.

商業 SBA 和 SFR 餘額的成長超過了 CND 貸款的下降。我們內部抵押貸款發放業務的業績尤其強勁，儘管環境艱難，但我們在第一季發放了 1.12 億美元的抵押貸款。

These contribute nicely to our total first quarter loan originations of $201 million at a blended yield of 6.77%, which will continue to support our efforts yields and margins going forward. Our pipelines remain full, so we expect to continue to see long growth, but likely at a more moderate pace than we experienced in the first quarter.

這些對我們第一季 2.01 億美元的貸款發放總額（混合收益率為 6.77%）做出了巨大貢獻，這將繼續支持我們未來的收益率和利潤率努力。我們的管道仍然滿滿的，所以我們預計將繼續看到長期成長，但速度可能比第一季更為溫和。

Net interest margin increased 12 basis points to 2.88% due primarily to a 29 basis point decline in the cost of our interest bearing deposit, which drove a 17 basis point decline in our overall cost of funds. We expect some incremental decreases in funding costs from here, but likely at a slower pace than we've seen since they peaked in the third quarter last year.

淨利差增加 12 個基點至 2.88%，主要由於我們的計息存款成本下降 29 個基點，從而帶動我們的整體資金成本下降 17 個基點。我們預計融資成本將從現在開始逐步下降，但下降速度可能會比去年第三季達到高峰以來的下降速度要慢。

It's worth highlighting that since that time, we've reduced the cost of deposits by 50 basis points and the total cost of funds by 42 basis points.

值得強調的是，自那時以來，我們已將存款成本降低了 50 個基點，資金總成本降低了 42 個基點。

With that, I'll hand it over to Lynn to talk about the results in more detail. Lynn?

說完這些，我將把話題交給 Lynn 來更詳細地討論結果。琳恩？

Thank you, Johnny. Please feel free to refer to the investor presentation we've provided as I share my comments on the company's first quarter of 2025 financial performance. Slide 3 of our investor presentation has a summary of our first-quarter results. As David mentioned, net income was $2.3 million or $0.13 per diluted share.

謝謝你，強尼。當我分享對公司 2025 年第一季財務表現的評論時，請隨時參考我們提供的投資者介紹。我們的投資者簡報的投影片 3 總結了我們的第一季業績。正如大衛所提到的，淨收入為 230 萬美元，即每股 0.13 美元。

First-quarter results were negatively impacted by a $6.7 million pre-tax provision for credit losses, as we work to address several non-performing assets. Net interest income before the provision increased for the third consecutive quarter to $26.2 million.

由於我們努力解決多項不良資產，第一季的業績受到 670 萬美元稅前信貸損失準備金的負面影響。提列撥備前淨利息收入連續第三個季度增長至 2,620 萬美元。

We are optimistic that lower future provisions and the redeployment of capital previously tied up in non-performing assets will result in increasing net interest income after provisions in the coming quarters. As Johnny mentioned, we had another quarter of net interest margin expansion, or third in a roll, primarily driven by the decrease in the cost of deposits.

我們樂觀地認為，未來撥備的降低以及先前被不良資產佔用的資本的重新部署將導致未來幾季撥備後的淨利息收入增加。正如約翰尼所提到的，我們的淨利差又一個季度擴大，或者連續第三個季度擴大，這主要是由於存款成本下降所致。

Our spot rate on deposits on March 31 was 3.06% or 7 basis points below the average of [313] for the first quarter. So costs are likely to continue to decrease, but in a more measured pace in future quarters.

3 月 31 日，我們的存款即期利率為 3.06%，比第一季的平均利率 [313] 低 7 個基點。因此，未來幾季的成本可能會繼續下降，但速度會更加穩定。

Funding costs also included the first quarter maturity of $150 million of low cost FHOB term advances, which were largely replaced with $110 million of FHLB advances with an average rate of $388,000. Non-interest income declined by $434,000 to $2.3 million in the first quarter due to lower gain on sale of loans and other income that was partially offset by higher fees and servicing income.

融資成本還包括第一季到期的 1.5 億美元低成本 FHOB 定期預付款，這些預付款大部分被平均利率為 388,000 美元的 1.1 億美元 FHLB 預付款所取代。第一季非利息收入下降 43.4 萬美元至 230 萬美元，原因是貸款出售收益和其他收入減少，但費用和服務收入增加部分抵消了這一影響。

First quarter non-interest expenses increased by $873,000 to $18.5 million due to a seasonal increase in comp and benefits, higher data processing fees, and an increase in legal and professional expenses. We expect comp and benefit expenses to normalize next quarter and for legal and professional expenses to trend down from here.

第一季非利息支出增加了 873,000 美元，達到 1,850 萬美元，原因是薪資和福利的季節性增加、數據處理費用的增加以及法律和專業費用的增加。我們預計下個季度的薪資和福利費用將恢復正常，而法律和專業費用也將隨之下降。

Turning to credit, the provision for credit losses was $6.7 million compared to $6 million in the prior quarter. The first quarter provision was due to an increase in specific reserves of $2.8 million, net charge-offs of $2.6 million and an increase in general reserves of $1.3 million due mainly to loan growth.

談到信貸，信貸損失準備金為 670 萬美元，而上一季為 600 萬美元。第一季的撥備是由於專用準備金增加 280 萬美元、淨沖銷 260 萬美元以及一般準備金增加 130 萬美元，主要原因是貸款成長。

The increase in specific reserves relates mostly to two lending relationships. Net charge offs included $1.2 million related to an $8.8 million loan that was moved to REO and subsequently sold, and $1.4 million related to a bulk sale of $10.8 million of underperforming SFR mortgages, of which $6.5 million were on non-accrual at year end.

專案儲備的增加主要與兩種借貸關係有關。淨沖銷包括與一筆 880 萬美元的貸款有關的 120 萬美元，這筆貸款被轉移到 REO 並隨後出售，以及與批量出售 1080 萬美元表現不佳的 SFR 抵押貸款有關的 140 萬美元，其中 650 萬美元在年底未計提。

Slide 5 and 6 have additional color on our loan portfolio and yields. The loan portfolio yield was stable from the fourth quarter at 6.03%. Slide 7 has details about our $1.5 billion residential mortgage portfolio, which remains stable and consists of well secured non-QM mortgages, primarily in New York and California, with an average LTB of 55%.

投影片 5 和 6 對我們的貸款組合和收益率進行了進一步說明。貸款組合收益率與第四季相比保持穩定，為6.03%。幻燈片 7 詳細介紹了我們 15 億美元的住宅抵押貸款組合，該組合保持穩定，由擔保良好的非 QM 抵押貸款組成，主要在紐約和加利福尼亞州，平均 LTB 為 55%。

Slides 9 through 12 have details on asset quality, some of which David has already covered in detail. NPLs decreased $20.7 million, or 25% to $60.4 million and represent 1.92% of loans held for investment at quarter end. With the increase in specific reserves to $9.7 million our net exposure to NPLs decreased 32% to $50.6 million.

第 9 至 12 張投影片詳細介紹了資產質量，其中一些 David 已經詳細介紹過。不良貸款減少 2,070 萬美元，或 25%，至 6,040 萬美元，佔季末投資貸款的 1.92%。隨著專案儲備增加至 970 萬美元，我們的不良貸款淨敞口減少了 32%，至 5,060 萬美元。

Substandard loans decreased $24 million and totaled 76.4% at the end of the first quarter. The decrease was primarily due to $11.7 million in loan sales, transfers to REO totaling $12.8 million, of which $8.8 million was subsequently sold, and payoffs and pay downs totaling $5.4 million. These decreases were partially offset by downgrades of two loans totaling $6.2 million.

第一季末次級貸款減少 2,400 萬美元，總額為 76.4%。下降的主要原因是貸款銷售額為 1,170 萬美元，向 REO 的轉移總額為 1,280 萬美元（其中 880 萬美元隨後被出售），以及還款和還款總額為 540 萬美元。這些減少被兩筆總額為 620 萬美元的貸款的降級部分抵消。

Of the total substandard loans at March 31, $16 million were on accrual status. The ratio of allowance for loan losses to total loans held for investment increased by 9 basis points to 1.65%, inclusive of the specific reserves, while the coverage ratio of our allowance for loan losses to non-performing loans increased to 86%, up from 68%.

截至 3 月 31 日的次級貸款總額中，有 1,600 萬美元處於應計狀態。貸款損失準備金與投資貸款總額比率上升 9 個基點至 1.65%（含專案準備），貸款損失準備金對不良貸款的覆蓋率由 68% 上升至 86%。

When we exclude specific reserves and individually reviewed loans, the ratio of allowance for loan losses to loans held for investment was up 1 basis point to 1.36% at the end of the first quarter. By 313 has details about our deposit franchise.

若剔除專款與單獨審核的貸款，第一季末貸款損失準備金與投資貸款比率上升1個基點至1.36%。313 上有關於我們存款特許經營權的詳細資訊。

Total deposits increased at an 8% annualized rate from the fourth quarter to $3.14 billion with growth in money market accounts and CDs more than offsetting the decline in non-interest bearing accounts. Our tangible book value per share increased to $24.63. Our capital ratios remain strong with all capital ratios above regulatory well capitalized levels.

總存款從第四季起以 8% 的年率成長至 31.4 億美元，貨幣市場帳戶和存單的成長足以抵銷無息帳戶的下降。我們的每股有形帳面價值增至24.63美元。我們的資本適足率保持強勁，所有資本適足率均高於監理規定的資本適足水準。

Now, I'd like to hand it back over to David and Johnny for a few closing remarks.

現在，我想把發言權交還給戴維和強尼，請他們發表一些結束語。

Thank you, Lynn. As this is my last earnings call here at RBB, I want to take a moment to express my gratitude to all of our employees, customers, the Board, and our shareholders. We have had our share of challenges over the last few years but have not lost sight of our goal to be the bank of choice for Asian Americans nationwide. I've enjoyed the friendships, I've built since joining RBB over 15 years ago, and I look forward to continuing to be service on our Board of Directors. Johnny?

謝謝你，林恩。這是我在 RBB 的最後一次財報電話會議，我想藉此機會向我們所有的員工、客戶、董事會和股東表達我的感謝。過去幾年我們遇到了不少挑戰，但我們始終沒有忘記成為全國亞裔美國人首選銀行的目標。我很享受自 15 年前加入 RBB 以來建立的友誼，並期待繼續在我們的董事會任職。約翰尼？

Thank you, David, and thank you for your years of leadership and contributions to Royal Business Bank. We are particularly grateful for all the work you have done over the last year to work through our non-performing assets, and we look forward to your continuing input and guidance as a member of Board Directors.

謝謝你，大衛，感謝你多年來對皇家商業銀行的領導和貢獻。我們特別感謝您在過去一年中為處理我們的不良資產所做的所有工作，我們期待您作為董事會成員繼續提供投入和指導。

With that, we are happy to take your questions. Operator, please open up the call.

我們很樂意回答您的問題。接線員，請打開通話。

Certainly, everyone at this time will be conducting a question-and-answer session. (Operator Instructions)

當然，此時每個人都會進行問答環節。（操作員指示）

Brendan Nosal, Hovde Group.

布倫丹‧諾薩爾（Brendan Nosal），霍夫德集團（Hovde Group）。

Everybody hope you're doing well. Maybe just starting off here on capital, we just love to get your thoughts -- your updated thoughts that is on potential for sharing purchases at some point this year, feels like you're getting a better line of sight toward asset quality resolution and made progress this quarter. Capital ratios are strong and obviously the pricing for a buyback would remain, pretty attractive?

大家都希望你一切順利。也許剛從資本開始，我們只是想了解您的想法——您關於今年某個時候共享購買潛力的最新想法，感覺您對資產品質解決方案有了更好的了解，並且在本季度取得了進展。資本比率很高，回購價格顯然會保持相當有吸引力？

Thank you, and thanks for starting with that. I think we all can recognize that with our current share price and our capital ratios, a buyback is one of the best uses of our excess capital. So we are working hard to put a buyback in place, and hope to have more to report to everyone soon.

謝謝，謝謝你從這個開始。我想我們都能認識到，以我們目前的股價和資本比率，回購是我們過剩資本的最佳用途之一。因此，我們正在努力實現回購，並希望很快向大家報告更多資訊。

Okay, thanks for that, Lynn. Maybe moving over to a couple of dynamics within the margin, maybe just first, when in the quarter exactly did that FHLB roll from the lower cost to the higher cost one just to get a sense of how much, that is embedded in this quarter's margin?

好的，謝謝你，Lynn。也許可以轉到利潤率內的幾個動態，也許首先，FHLB 究竟在哪個季度從低成本轉向高成本，只是為了了解一下這個季度的利潤率中包含了多少？

Probably could answer that a couple of different ways. It's fully priced into our March, net interest margin, and I would say our net March net interest margin is a little bit below the whole quarter's average, obviously the FHLB advances at $150 million or just a fraction of our total funding base even though they needed to come up into the mid to high 3s.

或許可以用幾種不同的方式來回答這個問題。它已完全計入我們 3 月份的淨息差，我想說我們 3 月份的淨息差略低於整個季度的平均水平，顯然 FHLB 預付款為 1.5 億美元，或者只是我們總融資基礎的一小部分，儘管他們需要達到 3% 左右的水平。

Okay, alright, that's helpful. Last one for me before I step back here, just wanted to hit on the interplay of the margin and non-accruals for a minute. Can you just give us a sense of how much margin drag you're currently experiencing from the non-accrual base at the moment? Thanks.

好的，好的，這很有幫助。在我回到這裡之前，我要說的最後一點是，我只想花一點時間談談保證金和非應計專案的相互作用。您能否告訴我們目前非應計基數對您造成的利潤拖累有多大？謝謝。

I don't know that I translated it completely into basis points, but there's certainly a drag on our net interest margin. Last year when we were reversing, our interest income when we were placing them on non-accrual, those were expensive. I think when we look at just $20 million able to come back onto accrual status at 6%, it's about $1.2 million in the year, so that's probably how I would look at it and we have $60 million more to go, so.

我不知道我是否將其完全轉化為基點，但這肯定會拖累我們的淨利差。去年，當我們逆轉我們的利息收入時，我們將其置於非應計狀態，這些收入是昂貴的。我認為，當我們看到只有 2000 萬美元能夠以 6% 的利率恢復到應計狀態時，一年下來大約有 120 萬美元，所以我可能就是這麼看待的，我們還有 6000 萬美元需要花，所以。

Yeah. Alright. Fantastic, thanks for taking the questions.

是的。好吧。太棒了，謝謝你回答這些問題。

Yeah, no thank you.

是的，不用了，謝謝。

Thank you. Matthew Clark, Piper Sandler.

謝謝。馬修克拉克、派珀桑德勒。

Hey, good morning, everyone. Just on the staying on the margin, did you have any and outsized interest recoveries in the quarter from unloading some of these problem loans just trying to get a sense if there was any outsized reversals in the quarter?

嘿，大家早安。就保持邊際而言，您是否透過卸下部分問題貸款在本季度獲得了超額利息回收，只是想了解本季是否出現了超額逆轉？

Fair question. I did, the short answer is no. We tried to, I think articulate that in the earnings, I think re-releases so for this quarter the resolution of the non-performing assets did not result in the recapture of any interest income with them being the loans being sold, and then also a couple of them moving to REO.

公平的問題。我問過，簡短的回答是「沒有」。我認為我們試圖在收益中清楚地表達這一點，我認為本季度不良資產的處置並沒有導致任何利息收入的重新獲得，因為這些貸款被出售，然後其中一些轉移到了 REO。

Okay. And what's your appetite for doing more of these problem loan sales at this stage?

好的。您在現階段對於進行更多此類問題貸款銷售有何興趣？

Okay, we believe, we want to keep all of our options open. However, we believe that we're well reserved for future, write-offs, if any.

好的，我們相信，我們希望保留所有的選擇。然而，我們相信，如果有的話，我們會為未來的註銷做好充分的準備。

Yeah, so I think they were, let me add, I think we were opportunistic in the sales that occurred in the first quarter, obviously we took some charge offs associated with them, one was, it's a unique property, we would have had operating costs. We took the opportunity to get that closed by quarter-end.

是的，所以我認為他們是，讓我補充一下，我認為我們在第一季度的銷售中抓住了機會，顯然我們拿走了一些與之相關的沖銷，一是，這是一項獨特的財產，我們會有運營成本。我們抓住機會在季度末完成這項任務。

I think having the opportunity to approach a bulk sale where a majority of them had been on non-accrual year end, and then we were able to fold in some other less desirable SFRs, and again get it done by quarter and help move it forward.

我認為有機會進行批量銷售，其中大多數都是在非應計年末，然後我們能夠加入一些其他不太理想的 SFR，並再次按季度完成並幫助推動它向前發展。

I think for what's left, we believe that we're adequately reserved for what we would need to do to take action. And we are open to sales, working with the borrowers to return them to accrual status if that was a possibility, but do look to add them back to being performing assets or redeploying the money into earning assets.

我認為，對於剩下的事情，我們相信我們已經為採取行動做好了充分的準備。我們對銷售持開放態度，如果可能的話，我們會與借款人合作，讓他們恢復到應計狀態，但確實希望讓他們重新成為正常資產，或將資金重新部署到盈利資產中。

Okay. And then just on the tariff war, have you all, it's probably still a little early, but have you made -- have you done any work to try to ring fence or quantify what exposure you might have from kind of an import export perspective, and maybe even from an indirect perspective?

好的。然後就關稅戰而言，現在可能還為時過早，但你們有沒有做過任何工作來嘗試從進出口的角度，甚至從間接的角度，來限製或量化你們可能面臨的風險？

Yeah, hi Matthew, this is Johnny. Yeah, we have reached out to like our top10 customers and just to do a health check, if you will. So far, yeah, we don't, observe any potential financial impact at this time. Obviously, things are, still, there's still uncertainty here with the changing sort of terms associated with the tears and how it's going to be applied and everything, but so far it's that we do not observe any potential financial impact and I also just want to keep in mind that our overall C&I tree finance mix of the loan to our total portfolio, loan portfolios contribute current is about 4% only. So again, that's a roughly you can mix up all of our loan portfolio this time.

是的，嗨，馬修，我是強尼。是的，我們已經聯繫了我們的前 10 名客戶，如果您願意的話，可以進行健康檢查。到目前為止，是的，我們目前沒有觀察到任何潛在的財務影響。顯然，事情仍然存在不確定性，與淚水相關的條款會發生變化，以及它將如何應用等等，但到目前為止，我們還沒有觀察到任何潛在的財務影響，我也只想記住，我們的整體 C&I 樹狀融資組合中的貸款占我們的總投資組合，貸款組合貢獻的當前金額僅為 4% 左右。所以，再說一次，這次你可以大致混合我們所有的貸款組合。

Okay. And the last one for me just on the gain on sale this quarter, a little light, maybe speak to the weakness there in your outlook if you could?

好的。最後一個問題是關於本季的銷售收益，稍微簡單一點，如果可以的話，您能否談談您前景中的弱點？

You want me to start, sure, so I'll start. Loan sales were a little bit lower in the first quarter. We did take the opportunity to keep some of it on the balance sheets. I believe that there's a little bit of a pipeline building, on SBA that has larger gains, and I think our outlook is that it would return to more normalized levels that, we at least saw in the fourth quarter.

你想讓我開始，當然，那我就開始。第一季的貸款銷售額略有下降。我們確實藉此機會將其中一部分保留在資產負債表上。我相信，SBA 上有一些通路建設，收益較大，我認為我們的前景是，它將恢復到更正常的水平，至少我們在第四季度看到了這一點。

Okay. Alright, thank you.

好的。好的，謝謝。

Yeah.

是的。

it's just I want to comment on the SBA site. We did have new hire right beginning of January. So, yeah, so coming online, so we do expect higher volume of SBA loans being funded in Q2.

我只是想對 SBA 網站發表評論。我們確實在一月初就僱用了新員工。是的，上線之後，我們確實預計第二季 SBA 貸款的資助量會更大。

Great. Thanks again.

偉大的。再次感謝。

Thank you. Andrew Terrell, Stephens.

謝謝。安德魯·特雷爾，史蒂芬斯。

Hey, good morning. Hey, I wanted to ask on just, I heard some of the comments early on. It sounds like expectations around loan growth are still generally positive, maybe at a slower pace relative to a pretty strong quarter here in the first quarter, but I wanted to shift to the deposits and, just get a sense on expectations around ability to core fund that expected loan growth, the sensitivity around the 100% loaded deposit ratio if any, and then I also wanted to drill down a bit on if you have any color on the non-interest bearing deposit trends, it looks like off a bit towards the end of the period, any color as to what drove the NIB rotation this quarter?

嘿，早安。嘿，我只是想問一下，我早些時候聽到了一些評論。聽起來，對貸款成長的預期仍然總體上是積極的，可能與第一季度相當強勁的增長速度相比有所放緩，但我想轉到存款方面，只是想了解一下對預期貸款增長的核心資金能力的預期，以及 100% 存款比率的敏感度（如果有的話），然後，我還想深入了解本季度

Sure, I'll start in command, so, good question, Andrew thank you, with respect to the non-interest bearing deposits, I think some of it was seasonal business activities, we observed and then we did observe some migration into higher yielding money market and CD product.

當然，我會開始指揮，所以，好問題，安德魯，謝謝你，關於無息存款，我認為其中一些是季節性的商業活動，我們觀察到，然後我們確實觀察到一些向高收益貨幣市場和 CD 產品的遷移。

So, I did, I think we did observe some of that in the first quarter, we did have a successful CD campaign in the first quarter, that we were able to reduce our reliance on wholesale funding, a little bit when you consider FHLV advances and our brokered funds.

所以，我認為我們確實在第一季觀察到了其中的一些情況，我們在第一季確實進行了成功的 CD 活動，當您考慮到 FHLV 預付款和我們的經紀基金時，我們能夠減少對批發融資的依賴。

I think that we foresee success in being able to fund our loan growth organically, and again our reliance on wholesale funding I think is modest we have some room there to the extent that loan growth remains at a similar level and then we still remain focused on C&I production how we can bring in some additional non-interest bearing deposits, but that will take a lot longer time period.

我認為，我們預見到能夠成功地為我們的貸款增長提供資金，而且我認為我們對批發融資的依賴是適度的，我們有一定的空間，只要貸款增長保持在類似的水平，然後我們仍然專注於 C&I 生產，我們如何能夠引入一些額外的無息存款，但這將需要更長的時間。

Got it. Thank you. Thank you, Lynn. I appreciate it. And then also just do you have the weighted average, it looks like the average LB that you added in the quarter had varying maturities. Do you have the weighted average term or the range of terms there?

知道了。謝謝。謝謝你，林恩。我很感激。然後，您是否有加權平均值，看起來您在本季度添加的平均 LB 具有不同的到期日。您是否有加權平均數或數列範圍？

Sure, so, $z130 million of them are putable advances with the longest final terms at seven years. However, the put options, at the FHLB side range from, I'm thinking the June until September this year, so pretty short on the FHLB's call option side of things with final maturity at three, four, and seven years.

當然，其中 1.3 億美元是可回售預付款，最長期限為 7 年。然而，我認為聯邦家庭銀行 (FHLB) 的看跌期權期限從今年 6 月到 9 月不等，因此聯邦家庭銀行 (FHLB) 的看漲期權期限相當短，最終到期日為 3 年、4 年和 7 年。

I got it. Okay, I appreciate it. And yeah, I just want to say David, it's been a pleasure speaking with you on these quarterly calls for a while now, so congratulations.

我得到了它。好的，我很感激。是的，我只想說，大衛，很高興在季度電話會議上與您交談，所以祝賀您。

Okay. Thanks. Thanks.

好的。謝謝。謝謝。

Thank you. (Operator Instructions) Kelly Motta, KBW.

謝謝。（操作員指示）Kelly Motta，KBW。

Hi, thank you so much for the question. I just again want to echo the sentiments of David. It's been a pleasure working with you, and congrats on a well-deserved retirement and congrats again, Johnny on the upcoming role.

你好，非常感謝你的提問。我只是想再次表達大衛的觀點。很高興與您合作，祝賀您當之無愧的退休，並再次祝賀約翰尼即將擔任的職務。

I guess with the credit, I apologize if you've addressed this at this point, but in terms of the workout, I know you talked a bit about your approach to the sales. I'm just wondering in terms of the time frame of this workout. I think originally you were hopeful that would be completed by mid this year.

我想，如果您現在就談論這個問題，我深表歉意，但就鍛煉而言，我知道您談了一些關於銷售的方法。我只是想知道這次鍛鍊的時間範圍。我認為您最初希望能夠在今年年中完成。

It feels like that might get pushed out a bit. Do you have any sense in terms of the time frame in the your ability to work out these credits, understanding that there's a lot of parties, insurance involved, etc.

感覺這可能會被推遲一點。您是否了解在時間範圍內解決這些信用的能力，是否了解其中涉及許多方、保險等？

Yeah, Kelly, it's, thanks for the question. It is really hard for us to tell exactly when the NPLs are going to come off our balance sheet, and to decrease it down to our normal baseline. However, we believe that by the second half of 2025, that could be our target. MPLs will continue to be lumpy through, 2025. It's going to continue to be out there.

是的，凱利，謝謝你的提問。我們確實很難確切地說出不良貸款何時會從我們的資產負債表中消失，並將其減少到正常基準。然而，我們相信到 2025 年下半年，這可能是我們的目標。到 2025 年，MPL 仍將不穩定。它會繼續存在。

And so forth, but we are making steady progress on all of these, right now. We're making steady progress and we expect to see more to go off in the second quarter.

等等，但我們現在正在所有這些方面取得穩步進展。我們正在取得穩步進展，預計第二季將取得更多進展。

Got it. That's really helpful. And I appreciate the color on the trade finance and the C&I component. I know it's relatively small, but, digging in a little further, I believe a lot of those factories in China have shifted production during the last Trump administration.

知道了。這真的很有幫助。我很欣賞貿易融資和 C&I 部分的細節。我知道這個數字相對較小，但進一步深入研究，我相信中國的許多工廠在上屆川普政府執政期間已經轉移了生產。

Do you have any ballpark as to your exposure to China versus some other countries given you're a Chinese American bank and might get lumped into that narrative with that niche there, just trying to understand what the actual exposure might be?

鑑於您是一家美籍華人銀行，並且可能會因為那裡的利基市場而被歸入這一敘述中，您是否對您在中國和其他一些國家的風險敞口有一個大致的估計，只是想了解實際的風險敞口可能是什麼？

Kelly, that's a good question. And all I can say is right now as of today, all we know is that there's a 10% baseline, right, that impacts all countries and then so I, for me personally, separate into two buckets, one that's, US, China and US, rest of the world. So right now US, China, I mean the China cars obviously up to what 145%.

凱利，這個問題問得很好。我只能說，截至今天，我們所知道的是，有一個 10% 的基線，對吧，這會影響所有國家，因此，就我個人而言，我將其分為兩類，一類是美國，中國，另一類是美國，世界其他國家。所以現在美國、中國，我的意思是中國汽車顯然達到 145%了。

And rest of the world, there's that based on 10, and then additionally, there will be, obviously depend on the trading balance between US and those respective countries. There'll be different tariffs, potentially be applied to but now at the (inaudible)

而世界其他地區，則以 10 為基礎，此外，顯然還取決於美國與這些國家之間的貿易平衡。可能會有不同的關稅，但現在（聽不清楚）

So it, it's remains to be seen how that all going to play out, obviously it impacts, different industries or different types of businesses are getting impacted somewhat differently. So it remains to be played out.

因此，這一切將如何發展還有待觀察，顯然它會產生影響，不同行業或不同類型的企業受到的影響會有所不同。所以事情還有待解決。

Kelly, in addition to Johnny's comments, our loan portfolio, the 4% we mentioned, about $120 million in trade finance. The port -- the portion that's China specific versus other countries or markets where they might have taken action. I don't think we have that exactly broken down within that category, but again I think anecdotally with the reach out we're not identifying anything at this point.

凱利，除了約翰尼的評論之外，我們的貸款組合，我們提到的 4%，大約有 1.2 億美元的貿易融資。港口－這是針對中國的特定部分，而不是他們可能已經採取行動的其他國家或市場。我認為我們還沒有在這個類別中將其完全細分，但我再次認為，從傳聞來看，我們目前還沒有確定任何東西。

Yeah, nothing at this point and, in fact, our existing bars, they're all very season, obviously they've either made preparations in advance already or they have contingency plans put in place as the -- as this all plays out.

是的，目前還沒有，事實上，我們現有的酒吧，它們都是季節性的，顯然他們要么已經提前做好了準備，要么已經制定了應急計劃——隨著這一切的發生。

Got it. Last question for me, it sounds like again there's a lot of optimism about the loan growth pipeline, obviously not as strong as what was a really strong first quarter, but wondering if you could provide some insight as to the composition of that pipeline either if there's any particular markets that are particularly strong that you're seeing or which categories the pipeline is weighted to?

知道了。對我來說最後一個問題，聽起來大家對貸款成長管道再次抱有很大的樂觀態度，但顯然不如第一季度那麼強勁，但想知道您是否可以提供一些關於該管道構成的見解，或者您是否看到任何特別強勁的特定市場，或者該管道主要集中在哪些類別？

Sure, I, if I can answer that. So, our pipeline remains strong and pretty much a still primary contributor by our, CRE loans and, single family residents. However, our C&I are starting to pick up that debt, take time, but because of the new hires that we have recently since the beginning of this year, we do expect that to incrementally contribute to that pipeline.

當然，如果我可以回答的話。因此，我們的管道仍然強勁，並且 CRE 貸款和單戶住宅居民仍然是我們的主要貢獻者。然而，我們的 C&I 開始承擔這些債務，這需要時間，但由於我們自今年年初以來最近招募了新員工，我們確實希望這將逐步為該管道做出貢獻。

But at this time, the pipeline is predominantly made up of CRE, MFRs and SFRs primarily, even though, it is a relatively small mix of the loan, but I think we're doing gaining very good momentum on the SBA loans as well.

但目前，通路主要由 CRE、MFR 和 SFR 組成，儘管這在貸款中所佔比例相對較小，但我認為我們在 SBA 貸款方面也取得了非常好的勢頭。

Thank you so much. I'll step back.

太感謝了。我會退後。

Thank you. Tim Coffey, Janney.

謝謝。提姆科菲、詹妮。

Great, thank you. And I thank you for the opportunity to ask a question or two here. Then, apologies if this is already, been discussed, but I have a question about non-interest expenses going forward. I heard the comments you made in the prepared remarks. Is it reasonable to think that expenses could look a little bit like they did the second half of last year versus the first half of last year?

太好了，謝謝。我感謝你們給我這個機會在這裡提出一兩個問題。然後，如果這個問題已經討論過了，我很抱歉，但我對未來的非利息支出有一個疑問。我聽到了您在準備好的發言中提出的評論。認為支出與去年下半年相比可能略有相似，這種想法合理嗎？

Yes, I think that's reasonable. I think we are still looking at our OpEx ratio to be around the 180 of average assets, so we do think they were a bit elevated in the first quarter kind of as I talked about in our prepared remarks, and especially with salary and benefits moderating down and I think there's opportunity and OPS to also trend down.

是的，我認為這是合理的。我認為我們仍然認為我們的營運支出比率約為平均資產的 180，因此我們確實認為第一季的營運支出比率略有上升，就像我在準備好的發言中談到的那樣，尤其是隨著工資和福利的下降，我認為機會和營運支出也呈下降趨勢。

How much is you additive to expenses are the new hires and the lending side going to be if at all?

新進員工和貸款方面的支出會增加多少？

It's a little hard to say in the sense that you have people coming in that are new and in charge of certain things, but then we're also rationalizing the expense in other places so I don't think it's a direct ad I would just stick with the idea that we would estimate our operating expense run rate to be in kind of $17.5 million to $18 million maybe, with some puts and takes.

這有點難說，因為你有新人來負責某些事情，但我們也在合理化其他地方的開支，所以我不認為這是一個直接的廣告，我只是堅持這樣的想法，我們估計我們的運營費用運行率大概在 1750 萬美元到 1800 萬美元之間，還有一些投入和支出。

Okay. Alright. Those are my questions. Thank you.

好的。好吧。這些都是我的問題。謝謝。

Thanks, Tim.

謝謝，蒂姆。

Thank you. That concludes our Q&A session. I'll now hand the conference back to our host for closing remarks. Please go ahead.

謝謝。我們的問答環節到此結束。現在我將把會議交還給主持人，請他作結束語。請繼續。

Once again, thank you for joining us today. We look forward to speaking to many of you in the coming days and weeks. Have a great day.

再次感謝您今天加入我們。我們期待在未來幾天和幾週內與你們中的許多人交談。祝你有美好的一天。

Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝。各位，今天的活動就到這裡了。現在您可以斷開連接，並享受美好的一天。感謝您的參與。