RBB Bancorp (RBB) 2026 Q1 法說會逐字稿

Good day, everyone. Welcome to the RBB Bancorp Q1 2026 earnings call. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Rebeca Rico. The floor is yours.

各位好。歡迎參加 RBB Bancorp 2026 年第一季財報電話會議。(接線員指示) 現在我很榮幸把會議交給主持人 Rebeca Rico。請開始。

Thank you, Kelly. Good day, everyone, and thank you for joining us to discuss RBB Bancorp's results for the first quarter of 2026.

謝謝你，Kelly。各位好，感謝各位加入我們，一同討論 RBB Bancorp 2026 年第一季的營運結果。

With me today are President and CEO, Johnny Lee; Chief Financial Officer, Lynn Hopkins; Chief Credit Officer, Jeffrey Yeh; and Chief Operations Officer, Gary Fan. 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.

今天與我一同出席的有總裁兼執行長 Johnny Lee；財務長 Lynn Hopkins；信貸長 Jeffrey Yeh；以及營運長 Gary Fan。Johnny 與 Lynn 將簡要總結本季結果（可於我們投資人關係網站上的財報新聞稿與投資人簡報中查閱），之後我們將開放提問。

I would ask that everyone please refer to the disclaimer regarding forward-looking statements in the investor presentation and the company's SEC filings.

也請各位參考投資人簡報以及公司向 SEC 申報文件中，關於前瞻性陳述的免責聲明。

Now I'd like to turn the call over to RBB Bancorp's President and Chief Executive Officer, Johnny Lee. Johnny?

現在我想把電話會議交給 RBB Bancorp 總裁兼執行長 Johnny Lee。Johnny？

Thank you, Rebeca. Good day, everyone, and thank you for joining us today. The first quarter was a strong start to the year with continued earnings growth, expanding margin and further improvement in our credit metrics. We generated net income of $11.3 million or $0.66 per share, which was an 11% increase from the fourth quarter and our highest quarterly earnings level in two years. Return on assets increased to 1.09%, and we continue to grow tangible book value per share.

謝謝你，Rebeca。各位好，感謝今天加入我們。第一季為今年帶來強勁的開局，獲利持續成長、利差擴大，且我們的信用指標進一步改善。我們創造淨利 1,130 萬美元，或每股 0.66 美元，較第四季增加 11%，並創下兩年來最高的單季獲利水準。資產報酬率提升至 1.09%，我們也持續提升每股有形帳面價值。

Net interest margin increased another 16 basis points to 3.15%, which marked our fifth consecutive quarter of margin expansion. The increase was driven by both lower funding costs and higher asset yields. Our cost of deposits declined 10 basis points and our spot rate on deposits ended the quarter at 2.79%, which gives us some additional opportunity for improvement in the second quarter.

淨利息利差再增加 16 個基點至 3.15%，這是我們連續第五季利差擴大。此一提升同時受惠於資金成本下降與資產收益率上升。我們的存款成本下降 10 個基點，且存款即期利率在季末為 2.79%，這讓我們在第二季仍有進一步改善的空間。

Loan growth was more modest in the first quarter with loans increasing by approximately $11 million or 1% annualized. We originated $131 million of new loans at an average yield of 6.4%, but that growth was offset by elevated payoffs and pay-downs as some borrowers refinance or sold assets.

第一季放款成長較為溫和，貸款增加約 1,100 萬美元，年化約 1%。我們新承作 1.31 億美元貸款，平均收益率 6.4%，但部分成長被較高的提前清償與還款所抵銷，因為部分借款人進行再融資或出售資產。

As we mentioned before, we remain disciplined on pricing and structure and have focused on profitable growth. Our pipelines remain healthy, and we continue to believe we are positioned to deliver stronger loan growth over the balance of the year.

如同先前提到的，我們在定價與結構上仍維持紀律，並專注於具獲利性的成長。我們的案件管線仍然健康，我們也持續相信，在今年剩餘期間我們具備實現更強勁放款成長的有利條件。

Deposits declined slightly during the quarter due to a reduction in wholesale deposits, but this was more than offset from a quality standpoint by another quarter of growth in retail relationships.

本季存款小幅下降，主要因批發存款減少；但從品質角度來看，這已被零售客戶關係連續一季成長所抵銷，且更具正面意義。

We also continue to make progress on credit. Nonperforming assets declined 9% from prior quarter and are down 24% from a year ago. Overall, we believe the first quarter reflected continued progress in returning RBB to its historical levels of performance. We continue to focus on disciplined growth, maintaining strong credit quality and increasing long-term shareholder value.

我們在信用方面也持續取得進展。不良資產較前一季下降 9%，較一年前下降 24%。整體而言，我們認為第一季反映出 RBB 持續朝回到歷史表現水準的方向前進。我們將持續專注於有紀律的成長、維持強健的信用品質，並提升股東長期價值。

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

接下來我把時間交給 Lynn，請她更詳細說明本季結果。Lynn？

Thank you, Johnny. Please feel free to refer to the investor presentation we have provided as I discuss the company's first quarter of 2026 financial performance. As Johnny mentioned, net income for the first quarter was $11.3 million or $0.66 per diluted share, which compares to $10.2 million or $0.59 per diluted share in the fourth quarter.

謝謝你，Johnny。在我說明公司 2026 年第一季財務表現時，歡迎各位參考我們提供的投資人簡報。如 Johnny 所提，第一季淨利為 1,130 萬美元，或稀釋後每股 0.66 美元；相較之下，第四季為 1,020 萬美元，或稀釋後每股 0.59 美元。

Despite two fewer days in the quarter, net interest income increased $1 million to $30.5 million and included a $1.4 million decrease in interest expense, partially offset by a $390,000 decrease in interest income. The decrease in interest expense was due mainly to the shorter quarter and lower rates on retail deposits as we continue to benefit from the repricing of our deposit portfolio into the current rate environment following the Federal Reserve rate cuts made towards the end of 2025.

儘管本季少了兩天，淨利息收入仍增加 100 萬美元至 3,050 萬美元，其中利息費用減少 140 萬美元，部分被利息收入減少 39 萬美元所抵銷。利息費用下降主要由於季度較短，以及零售存款利率較低；我們持續受惠於存款組合在目前利率環境下的重新定價，這是在聯準會於 2025 年底降息後所帶來的效益。

Retail deposits increased by $50 million and included a shift from time deposits into a high-yield savings product. The decrease in interest income was due to the shorter quarter and lower cash and securities yields, offset by higher loan yields and the receipt of a $430,000 FHLB special dividend.

零售存款增加 5,000 萬美元，並包含從定期存款轉向高收益儲蓄產品的結構性移轉。利息收入下降則是因季度較短以及現金與證券收益率較低，但部分被較高的放款收益率以及收到 43 萬美元的 FHLB 特別股利所抵銷。

Our net interest margin increased to 3.15% in the first quarter from 2.99% in the fourth quarter. The increase included an 8-basis-point increase in the yield on earning assets and an 8-basis-point decline in the overall cost of funds. The FHLB dividend added 4 basis points to our NIM in the fourth quarter -- sorry, 4 basis points to our NIM in the first quarter.

第一季淨利息利差由第四季的 2.99% 提升至 3.15%。此一提升包含生息資產收益率增加 8 個基點，以及整體資金成本下降 8 個基點。FHLB 股利為我們第一季的 NIM 增加了 4 個基點——抱歉，是為我們第一季的 NIM 增加 4 個基點。

Turning to credit quality. Nonperforming loans remained basically unchanged. Substandard loans decreased $2.7 million and special mention loans increased $5.5 million. All special mention loans are on accrual status. We had effectively no net charge-offs in the quarter, and we recorded a small reversal of provisions for credit losses, supported by pay-downs on nonperforming loans, overall stable credit quality, and positive economic indicators in the underlying forecast. We believe that we are adequately reserved and with credit quality generally improving over the past year, we expect future provisions to reflect that.

接著談信用品質。不良貸款基本上維持不變。次級（Substandard）貸款減少 270 萬美元，而特別關注（Special Mention）貸款增加 550 萬美元。所有特別關注貸款皆為計息（accrual）狀態。本季幾乎沒有淨沖銷，我們也小幅回轉信用損失準備，主要受不良貸款還款、整體信用品質穩定，以及基礎預測中的正向經濟指標所支持。我們認為目前提存水準充足，且過去一年信用品質整體改善，我們預期未來提存將反映此一趨勢。

Noninterest income increased $1.4 million to $4.3 million. The increase was driven primarily by an $890,000 higher net gain on REO, $484,000 in a recovery on a fully charged-off acquired loan and $360,000 of interest income on tax refunds related to purchased federal tax credits. Noninterest expense increased by $293,000 to $19.3 million due mainly to higher payroll taxes and employee benefit costs at the beginning of the year. Even with the increase, our efficiency ratio improved to 55% from 59% in the fourth quarter. We expect noninterest expense for the next few quarters to be in the $18 million to $19 million range.

非利息收入增加 140 萬美元至 430 萬美元。增加主要來自：REO 淨處分利益增加 89 萬美元、對一筆已全數沖銷的收購貸款回收 48.4 萬美元，以及與購入聯邦稅額抵減相關之退稅利息收入 36 萬美元。非利息費用增加 29.3 萬美元至 1,930 萬美元，主要因年初薪資稅與員工福利成本較高。即便費用增加，我們的效率比率仍由第四季的 59% 改善至 55%。我們預期未來幾季的非利息費用將落在 1,800 萬至 1,900 萬美元區間。

Turning to the balance sheet. Total assets were $4.2 billion at quarter end. Loans held for investment increased $11 million since year-end and deposits declined $10.5 million. Importantly, the mix of deposits continued to improve as we reduced wholesale funding and grew lower costing retail deposits. Book value per share increased to $31.10 and tangible book value per share increased 2% to $26.84.

接著看資產負債表。季末總資產為 42 億美元。投資用貸款自年末以來增加 1,100 萬美元，而存款減少 1,050 萬美元。重要的是，存款結構持續改善：我們降低批發資金來源，並增加成本較低的零售存款。每股帳面價值提升至 31.10 美元，每股有形帳面價值增加 2% 至 26.84 美元。

This concludes my prepared remarks. Kelly, we are now ready to take questions.

以上是我預先準備的發言。Kelly，我們現在準備開始回答問題。

(Operator Instructions) Brendan Nosal, Hovde Group.

(接線員指示) Brendan Nosal，Hovde Group。

Nice to see continued workout on the asset quality front and improvement there. So I guess I just want to start my questions on that front.

很高興看到在資產品質方面持續推進並有所改善。所以我想先從這方面開始提問。

Brendan?

Brendan？

Can you hear me now?

你現在聽得到我嗎？

Yes.

是的。

Okay. So sorry about that. Maybe just starting off on asset quality. Nice to see continued work out an improvement in ratios this quarter. Can you offer a little bit of color on some of the larger nonperforming assets you still have kind of in the workout process and then to the extent that you're able to continue to work those out, what do you view as a normalized kind of reserve to loan ratio as you work through the noise?

好。很抱歉剛剛那樣。也許先從資產品質開始。很高興看到本季持續處理並且比率有所改善。你能否就一些仍在處理流程中的較大型不良資產提供一些補充說明？另外，在你們能持續處理並化解這些項目的情況下，當你們消化這些雜訊時，你們認為較為常態化的備抵對貸款比率大概會落在什麼水準？

Okay. Well, how about I start with the end of your question and we'll go backwards. We -- well, first, we'll acknowledge we're elevated on our NPLs and we would expect those to normalize down at a much smaller percent of our total loans. I think you are familiar that 90% of our NPLs are represented by the same three relationships, so that remains stable or understood.

好的。那我先從你問題的最後一部分開始，然後再往前回答。我們——嗯，首先，我們承認目前不良貸款（NPL）偏高，我們預期它們會回歸常態，降至占總貸款更小的比例。我想你也熟悉，我們90%的不良貸款是由同樣三個往來關係所構成，因此這部分仍然穩定且可掌握。

And I think as far as a normalized coverage ratio given the composition of our overall loan portfolio we could see it coming down somewhat relative to the levels it is now. But we do go through a robust process, and I think we have to take into consideration everything that's going on in the market. So I think it has an opportunity to move lower. As you recall, last year, it was much higher with those specific reserves that ultimately we did some charge-offs and now we resolved loans. So I think that's where we would say going forward.

至於在我們整體貸款組合的構成之下，常態化的覆蓋率（coverage ratio），我認為相較於目前水準，確實可能會略為下降。但我們會經過一個嚴謹的流程，也必須把市場上正在發生的一切納入考量。所以我認為它有機會往下走。如你所記得，去年因為那些特定備抵而高得多，之後我們做了一些沖銷（charge-offs），現在也已處理並解決了貸款。所以我想這就是我們對未來的看法。

With respect to specific comments on the NPLs, I think I can turn that over to you, Johnny or Jeffrey.

至於對不良貸款的具體評論，我想我可以把這部分交給你，Johnny 或 Jeffrey。

Yes, NPL actually this is virtually not changed during the quarter. However, there's a reduction of the numbers of the loans. So there is to exit one in. And then the one that those exit are those are successful workout and then they pay off. One thing that is just only a little bit of technical issue, maybe some nonaccrual. So -- but virtually, this is a pretty quiet quarter.

是的，不良貸款其實本季幾乎沒有變化。不過，貸款筆數有所下降。所以是有一筆退出、也有一筆進來。而退出的那筆是成功完成處理，然後已償還結清。另外有一點只是小小的技術性問題，可能涉及某些停計息（nonaccrual）。所以——但整體而言，這一季相當平靜。

I'll just add, we have represented that our largest one is working its way through a bankruptcy process, and we will continue to work on that. So we do see an opportunity for NPLs to be resolved during 2026, but it is a process.

我再補充一下，我們先前已說明，我們最大的一筆正在走破產程序，我們會持續處理。因此我們確實看到在2026年期間有機會化解不良貸款，但這需要一個過程。

Actually, they're still paying down, right?

其實他們仍在還款、對吧？

Okay. Okay. That's super helpful color on that topic. Maybe turning to capital ratios obviously remain quite strong. Asset quality is incrementally getting better from here with good line of sight. Any updated thoughts on kind of capital deployment from here? I think you had a tranche of sub debt that was repricing and perhaps looking at the buyback at some point, but any updated color there would be great.

好的。好的。這些補充說明非常有幫助。接著談資本比率，顯然仍然相當強勁。資產品質從這裡開始也在逐步改善，而且能見度不錯。對於接下來的資本運用，有沒有更新的想法？我記得你們有一批次順位債（sub debt）要重新定價，可能也會在某個時間點考慮回購，但若能提供一些最新看法會很棒。

Sure. So we have stated that we've been focused on the sub debt that's coming up for repricing. We recognize that its capital treatment, we'll start to sunset. It does reprice April 1. We do view, I think the sub debt from as a capital instrument is sort of something that we're going to address this year.

當然。我們先前已表示，我們一直聚焦在即將重新定價的次順位債。我們也了解它在資本認列上的待遇將開始逐步退場（sunset）。它會在4月1日重新定價。我們確實認為，次順位債作為資本工具，是我們今年要處理的一件事。

I think that there's also opportunity for us to look at a stock buyback. But I do think the sub debt is our first priority. I think that based on the current interest rate environment and how we're looking at the balance sheet, there may be a good reason to look to retire a good portion of it. So we're working through, I think, that process, as everyone knows, it does require regulatory approval.

我想我們也有機會評估股票回購。但我確實認為次順位債是我們的第一優先。依目前利率環境以及我們對資產負債表的看法，可能有充分理由去償還其中相當一部分。所以我們正在推進這個流程；如大家所知，這確實需要監管機關核准。

Okay. Fantastic. I'm going to try and sneak one more here on the margin. Can I guess, just comment on whether that 4 basis points of margin from the FHLB special dividend is onetime in nature. And then to the extent that we don't get any more Fed cuts for the foreseeable future. Just talk about your expectations for the margin path from here.

好的。太好了。我想再偷問一題關於淨利差。我想請你評論一下，來自FHLB特別股利所貢獻的4個基點淨利差是否屬於一次性。另外，如果在可預見的未來我們不再看到聯準會降息，請談談你們對接下來淨利差走勢的預期。

Excellent question. So there's definitely a few dynamics in our net interest margin. I think you're right, the FHLB special dividend is onetime in nature. We would welcome a special dividend every quarter, but I don't view that as recurring. I think with the sub debt, our retirement dates are the first date of each quarter. So in the near term, we will be absorbing the sub debt at a little bit higher price in the second quarter at least.

很好的問題。我們的淨利差確實有幾個動態因素。我想你說得對，FHLB特別股利屬於一次性。我們當然歡迎每季都有特別股利，但我不認為那會是經常性。至於次順位債，我們的可提前償還日是每一季的第一天。因此在短期內，至少在第二季，我們會以稍高的成本承接這筆次順位債。

And then I think the other thing I would point out is half of our portfolio is a mortgage portfolio. And as everyone knows, those are priced on a 30/360 basis. So we do get a bit of a benefit in the shorter quarters, and then it will normalize in the rest of the year. So on one hand, we'll have more days, which is usually higher net interest income. But from a margin perspective, it may push down a little bit on it.

另外我想指出的是，我們的投資組合有一半是房貸組合。如大家所知，這些是以30/360基礎計價。所以在較短的季度我們會得到一些好處，而在今年其餘時間會回歸常態。一方面，天數增加通常會帶來較高的淨利息收入。但從淨利差角度來看，可能會讓淨利差稍微下滑一些。

Having said all of that, I think we still have an opportunity to expand our margin from a more normalized basis, which is probably closer to or just above 3% with balance sheet growth in the current environment and some modest repricing of our deposits. So I think that's where we're headed in the near term.

即便如此，我仍認為，若以較常態化的基礎來看，我們仍有機會擴大淨利差；常態化水準大概接近或略高於3%，在目前環境下透過資產負債表成長以及存款的些許重新定價即可達成。所以我想短期內我們會朝這個方向前進。

Kelly Motta, KBW.

Kelly Motta，KBW。

Question. Maybe on loan growth -- the growth for the quarter was a bit more muted than we had expected. I think the pipelines coming into the quarter were quite strong. Can you provide any color as to kind of where that variance? What drove that and how pipelines are looking as we look ahead here?

提問。也許談談貸款成長——本季的成長比我們預期更為溫和。我認為本季開始時的案源（pipeline）相當強勁。你能否說明一下這個落差大概出在哪裡？是什麼因素造成的？以及展望未來，案源情況如何？

This is Johnny. Thanks for the question. Well, Q1 is always sort of a seasonal quarter and also with the geopolitical risk everything, obviously, there's still a lot of uncertainty out there. But -- it was -- in some ways, we're trying to balance, obviously, as always, we look at quality first and then look to see if based on the competition on the pricing side, whether it makes sense or not for us to aggressively compete on certain types of deals.

我是Johnny。謝謝你的問題。嗯，第一季一向帶有季節性，而且在地緣政治風險等因素下，顯然外部仍有很多不確定性。不過——在某些方面，我們也在努力取得平衡；一如既往，我們先看品質，然後再看在定價競爭上，對某些類型的案子我們是否有必要積極競爭。

And we weren't prepared to sort of compete in sort of submarket rates in the 5.5% to -- for the MFRs, 5.75%, we have been lower for some CRE loans. So we feel like a commander in a battlefield trying to have arms, trying to hold the line. So we stay pretty disciplined during the first quarter in keeping our rates above 6%, unless, as always, if there are certain sort of enhancements to the yield with ancillary businesses such as deposits or other potential fee income that might come with that relationship. Otherwise, we're trying to stay pretty disciplined as far as keeping the rate high. So in that sense, we did sort of let go, if you will, of a few deals during the Q. And then also, there's been a little bit higher pay downs, payoffs during the So certainly that impacted the net growth.

而且我們當時並沒有準備好去以某種次級市場利率競爭，大約在 5.5% 到——就 MFR 而言是 5.75%；對於一些 CRE 貸款，我們的利率曾更低。所以我們覺得自己像戰場上的指揮官，想要有足夠的武器、想要守住防線。因此，我們在第一季相當自律，把利率維持在 6% 以上；除非一如既往，若能透過存款等附帶業務或該關係可能帶來的其他費用收入，對收益率有某些提升。否則，我們會盡量保持自律，把利率維持在較高水準。所以從這個角度來看，我們在本季確實「放手」了幾筆案子（如果你這麼說的話）。另外，在這段期間也出現了稍高一些的攤還、清償。因此，這當然影響了淨成長。

But to your question about the pipeline, pipeline is still very healthy. And I think you'll see for Q2 based on this build that we have right now, we should be able to get trending training toward what we have achieved in the past year for the second quarters. I think we're in a good trending. So I'm very positive about the pipeline overall. But again, we definitely set for quality first and making sure any pricing that we're going to compete on makes sense with for the bank.

但回到你關於 pipeline 的問題，pipeline 仍然非常健康。而且我認為，依照我們目前的累積情況，第二季應該能夠朝向我們過去一年第二季所達成的水準趨近。我覺得我們的趨勢不錯。所以我對整體 pipeline 非常正面。但再次強調，我們一定是品質優先，並確保我們要競爭的任何定價，對銀行而言是合理的。

Got it. That's helpful. And then on the deposit costs, those came down quite nicely. I think you mentioned in your prepared remarks, you had shifted some customers to different categories to help manage that. As we look ahead, barring rate cuts, is there still any room to bring down deposit costs within categories outside time? And then within time, can you remind us the roll-on versus roll-off rates?

了解。這很有幫助。接著關於存款成本，那確實下降得很不錯。我記得你在事先準備的講稿中提到，你們把部分客戶轉到不同類別，以協助管理成本。往前看，在不考慮降息的情況下，除了定期存款以外，各類別的存款成本還有空間可以再下降嗎？另外，在定期存款方面，可以再提醒我們一下，新承作（roll-on）與到期流出（roll-off）的利率水準嗎？

Sure. So I think there is still some opportunity with the latest changes in interest rates, the belly of the curve kind of moving up. I think there's probably less opportunity. I think we have historically had a very strong 12-month CD ladder. And as those CDs mature, 98% mature over a 12-month period of time. Those have typically repriced into a lower environment.

當然。我認為，隨著最近利率變動、殖利率曲線的中段上移，仍然有一些機會。但我覺得機會可能比較少了。我們歷來有非常強的 12 個月期 CD 階梯（ladder）。而這些 CD 到期時，有 98% 會在 12 個月期間內到期。這些通常會在較低的環境中重新定價。

For the amounts that are coming off, they are probably pretty similar to these higher interest rates and the competition that we're seeing. We are seeing things as high as 4% now being offered by other banks. So I think that the opportunity is maybe smaller. But having said that, our spot rate at the end of the quarter is lower than what the average was over the quarter. So I do think there's still a little bit of opportunity.

至於到期下來的那部分金額，其利率可能與目前較高的利率水準，以及我們看到的競爭狀況相當接近。我們現在看到其他銀行提供的利率高達 4%。所以我認為機會可能比較小。不過話說回來，我們在季末的即期利率（spot rate）低於本季平均水準。因此我確實認為仍有一點點機會。

I would -- as far as the runoff rate, we did mention that we did mention that a portion of our CDs moved to a higher yielding, what we call a savings product. And when we sit back and look at both our CDs and this particular product, about 1/3 of it is able to reprice in the first quarter. And again, it probably reprices similarly or maybe a little bit lower than what we saw in the fourth quarter. So we still have a fair amount of repricing in the current quarter, but maybe it's a few basis points.

至於到期流出（runoff）利率，我們確實提到，我們有一部分 CD 轉到一個收益率較高、我們稱之為儲蓄產品（savings product）的產品。當我們回頭看我們的 CD 與這個特定產品時，大約有 1/3 能在第一季重新定價。而且同樣地，它的重新定價大概與第四季相近，或可能略低一些。所以我們在本季仍有相當一部分會重新定價，但可能只是幾個基點的差異。

Got it. That's helpful. Last question, if I can just sneak it in is just in regards to, I think, Trump, it's been reported that he may look to do an executive order requiring banks to collect citizenship data on their customers. I'm wondering if you guys have looked out at this and have any preliminary thoughts of how that could impact the way you look to do business or anything of that nature?

了解。這很有幫助。最後一個問題，如果我可以插問一下：關於川普，據報導他可能會考慮發布行政命令，要求銀行蒐集客戶的公民身分資料。我想請問你們是否有關注這件事，並且對這可能如何影響你們做生意的方式或類似事項，有任何初步看法？

Kelly, are you speaking to like the SBA type order?

Kelly，你是指像 SBA 那類的命令嗎？

I think this is a broader --

我想這是更廣泛的--

Broader.

更廣泛的。

It's not -- it's hypothetical, but I think Scott Bessent talked about Trump's potentially working on an executive order to collect citizenship -- requiring banks to collect citizenship data on their customers.

這不是——這是假設性的，但我想 Scott Bessent 談到川普可能正在研擬一項行政命令來蒐集公民身分——要求銀行蒐集其客戶的公民身分資料。

Yes. No, the only thing that we were kind of sort of monitoring a little bit more closely with respect to the US SBA administration's recent sort of procedural guidelines, if you will, which restrict applicants to only -- to the US citizens, if you will. So that's the only thing that we were kind of watching more closely.

是的。不，我們目前唯一比較密切在監測的，是美國 SBA 管理局最近的某些程序性指引（如果你這麼說的話），其限制申請人只能——只能是美國公民（如果你這麼說的話）。所以那是我們唯一比較密切關注的事情。

Got it. You guys do have an SBA business? Like has that does that have any bearing on kind of your expectation for that on a go-forward basis?

了解。你們確實有做 SBA 業務？那這對你們未來對該業務的預期，是否會有任何影響？

No, no. In fact, when you first -- no, it would be neither. We don't have any -- there's no impact based upon our system.

不，不會。事實上，當你一開始——不，兩者都不會。我們沒有任何——依我們的系統來看，沒有任何影響。

Matthew Clark, Piper Sandler.

Matthew Clark，Piper Sandler。

Just wanted to drill into the loan growth outlook a little more. I think coming into the year, the expectation was for high single digits, a little bit more of a challenge here after the first quarter. Are we -- do you expect to kind of work toward high single digits as we move through the year? Or do you still think we can bounce back here and get close to something in that high single-digit range?

我想再更深入問一下貸款成長展望。我想在年初時，市場預期是高個位數成長；但第一季之後看起來挑戰更大一些。我們——你們是否預期在今年接下來的時間逐步朝高個位數努力？或者你們仍認為可以在這裡反彈，回到接近高個位數的區間？

I'm going to turn it over to Johnny in a second, but let me make a couple of comments. So we had loan production of about $145 million in the fourth quarter. We came into the first quarter of about $130 million, approximately the same yield kind of holding the line as we observed interest rates. Kind of stop moving down even some talk of potentially moving up, we recognize our funding base.

我等一下把問題交給 Johnny，但我先補充幾點。我們第四季的放款產出大約是 1.45 億美元。第一季大約是 1.30 億美元，收益率大致相同；在我們觀察利率走勢時，我們算是守住了防線。當利率似乎停止下行，甚至有一些可能上行的討論時，我們也認知到我們的資金基礎。

I think that while we didn't observe much of an impact with the government shutdown, call it, in our SBA business, I would say our originations in that area were maybe a little bit lighter in the first quarter. So there's opportunity there.

我認為，雖然我們在 SBA 業務上沒有觀察到政府關門（姑且這麼說）帶來太大影響，但我會說第一季在那個領域的承作量可能稍微偏輕。所以那裡仍有機會。

Our second and third quarters have historically been our highest producing quarters, so much so that they achieve, I think that higher number. So we're stringing together I think, positive quarters. There's business to be done. And with interest rates as high as they are, it will depend whether people come off with sidelines and go ahead and move forward.

我們歷來第二季與第三季是產出最高的季度，高到足以達成我想的那個較高數字。所以我們正在把我認為是正向的季度串連起來。市場上有生意可做。而在利率仍然這麼高的情況下，將取決於人們是否願意從觀望中走出來並推進交易。

And so when I think about the range, high single digits, I mean, I would put it mid- to high-single digits. So we were only building off of a $3 billion and change portfolio in big areas, we should be able to participate. But to the extent that we're operating inside this interest and rate environment that might be tempered with maintaining NIM. So I think piecing together everything we're seeing an attractive pipeline. Historically, fourth and first quarter can be a little bit lower we would still remain optimistic, but let's maybe anchor it in the mid- to high single digits. So I can turn more comments over to Johnny, but that I think what we're looking at.

所以當我想到區間——高個位數——我的看法會是中到高個位數。我們只是以一個 30 億美元出頭的投資組合為基礎，在一些大的領域，我們應該能夠參與。但在目前這種利率環境下運作的同時，也可能需要兼顧維持 NIM（淨利差），因此會有所節制。所以綜合我們看到的一切，我們的 pipeline 很有吸引力。歷史上第四季與第一季可能會稍微低一些；我們仍然保持樂觀，但也許把目標錨定在中到高個位數會更合適。我可以把更多補充交給 Johnny，但這就是我認為我們目前的看法。

No, I echo on Lynn's comments. Nothing to add there other than looking into high single digits. And again, our pipeline is healthy. We just want to be very disciplined in and what kind of loans we find quality wise and also making sure we're generating appropriate returns for the bank with these new relationships that we're bringing.

不，我呼應 Lynn 的評論。除此之外沒有要補充的，只是看起來會落在高個位數。再說一次，我們的案源管道很健康。我們只是希望在我們找到的貸款類型上保持非常嚴謹的紀律，無論是品質面向，同時也要確保透過我們帶進來的這些新關係，能為銀行創造適當的報酬。

Great, the one I had was to get a little more color on the CD repricing and the savings promotional product. Just want to get the specific amount of CDs that are coming due here in 2Q and the related rate. And then it sounds like the renewal rate is similar, maybe a little bit lower, but I just want to get the specific numbers, including the promotional savings rate product.

很好，我這邊想再多了解一些關於定存（CD）重新定價以及儲蓄促銷產品的細節。我想知道第二季（2Q）到期的定存具體金額以及相關利率。另外聽起來續作利率差不多、可能略低一些，但我想要具體數字，也包括促銷儲蓄利率產品。

Sure. So I think what we are looking at is about 60% of our deposits sit into the CDs and sort of Flex savings products and 1/3 of them repriced in the first quarter. And our observation in the marketplace is I think the more rate-sensitive money is now costing between 3.85% and 4%. We've been successful, a little bit lower than that, and that's what it's actually coming off that.

當然。我想我們看到的是，大約 60% 的存款放在定存以及類似 Flex 儲蓄產品中，其中約三分之一在第一季重新定價。我們對市場的觀察是，較為利率敏感的資金現在的成本大約在 3.85% 到 4% 之間。我們做得更成功一些，實際上略低於那個水準，而目前到期轉出的就是那一批。

So we're working with our relationships and our customers, but our ladder at the same time last year, when we were putting on 12-month money, that was around at the 3.75% level, right? So that's what's coming due. And interestingly, it's all 3.85% to 4% despite short-term or Fed fund rates being lower.

所以我們一方面與我們的往來關係與客戶合作，但同時我們的到期梯（ladder）在去年同一時間，當時我們做 12 個月期資金，大約是在 3.75% 的水準，對吧？所以現在到期的就是那一批。而且有趣的是，儘管短期利率或聯邦基金利率較低，市場上仍然是 3.85% 到 4%。

So yes, we still have about 60% of our funding base in CDs and savings about 1/3 reprices in the first quarter. And we've been kind of in the 3.70% to 3.75% range. I think that we are competing heavily and we've done a really great job. But we are observing rates at 3.85% and 4% when you look around at offer rates.

所以是的，我們的資金來源中仍有大約 60% 在定存與儲蓄，約三分之一在第一季重新定價。而我們大致落在 3.70% 到 3.75% 的區間。我認為我們競爭得很激烈，而且我們做得非常好。但當你看看市場上的報價利率時，我們觀察到的是 3.85% 與 4% 的水準。

(Operator Instructions) Jackson Laurent, Stephens.

(接線員指示) Jackson Laurent，Stephens。

This is Jackson on for Andrew Terrell. Maybe coming back to margin. I appreciate the color on kind of the short-term glide path. But if we look a little bit longer term, you've run out a 4% NIM in the past. Do you guys see a path to get back to that?

我是 Jackson，代替 Andrew Terrell 發問。想回到利差（margin）這個話題。謝謝你們分享短期走勢的看法。但如果我們看得更長期一些，你們過去曾經做到 4% 的淨利息收益率（NIM）。你們認為有路徑可以回到那個水準嗎？

Can you just start your question again. I think the line cut, and I didn't catch all of it.

你可以再把問題從頭說一次嗎？我想線路有中斷，我沒有聽到全部內容。

Yes, of course. So just more longer term on the margin. You guys have run at a, call it, 4% NIM in the past. I was just wondering if you guys see a path to kind of get back to that level? And if so, what do you think is kind of required to get back there?

好的，當然。就是關於利差的較長期展望。你們過去曾經跑出大約 4% 的淨利息收益率（NIM）。我想請教你們是否看到一條路徑可以回到那個水準？如果可以，你們認為需要哪些條件才能回到那裡？

So I think what you may be referring to is a point in time in RBB's history where there was a very high percent of noninterest-bearing deposits. And in order to move to, I think, that mid-3% net interest margin, it requires a high percent of noninterest-bearing deposits. And we remain focused on building the commercial or C&I part of our business, which tends to have the more attractive deposits and funding base associated with it.

我想你指的可能是 RBB 歷史上某個時間點，當時無息存款的占比非常高。而要提升到我認為是 3% 中段的淨利息收益率，需要較高比例的無息存款。我們仍然專注於建立我們的商業放款或 C&I（商業與工業）業務，這類業務通常會帶來更具吸引力的存款與資金來源結構。

I think before we start talking about a NIM with a 4% handle, we'll need to squarely get into 3%, 3.25%. And I think we believe we have the opportunity to do that. But it does require staying focused on our C&I business growing that, bringing in more noninterest-bearing or less rate-sensitive customers and then continuing to work with our relationships that we have so that we can move down on our wholesale funding, which we did in the first quarter.

我認為在我們開始談論 NIM 以 4% 開頭之前，我們需要先穩穩地進入 3%、3.25% 的區間。而我們相信我們有機會做到這點。但這確實需要持續聚焦在我們的 C&I 業務、推動其成長，帶進更多無息或對利率不那麼敏感的客戶，並且持續與既有往來關係合作，以便降低我們的批發資金成本——我們在第一季已經做到了。

Got it. That's helpful. And then just last one for me on fees. I was wondering if you guys could just talk about gain on sale margin trends and kind of how we should be thinking about loan sales versus loan retention going forward?

了解。這很有幫助。那我最後一個問題是關於手續費收入。我想請你們談談出售收益（gain on sale）的利差趨勢，以及未來我們應該如何看待貸款出售與貸款留存之間的取捨？

I can start. So for loan sales, I think they fall into two buckets. One is our mortgage banking business. That tends to be a higher volume, lower premiums. We like to test the secondary markets to make sure that we do have an off-ramp relative to our loan production. But generally, we hold the majority of it, look at our prepayments and then we're balancing our mortgage portion of our portfolio against our overall total portfolio. We've kept out at about 50%. We would like to continue to grow our commercial side, which includes multifamily CRE, C&I, and SBA.

我先開始回答。關於貸款出售，我認為可分成兩個部分。第一是我們的房貸銀行業務。這部分通常是量較大、溢價較低。我們會測試次級市場，以確保相對於我們的放款產出，我們確實有一個退出管道（off-ramp）。但一般而言，我們會持有其中大部分，觀察提前還款情況，並在我們的房貸投資組合與整體投資組合之間做平衡。我們大致維持在約 50%。我們希望持續成長我們的商業端，包括多戶住宅 CRE（商用不動產）、C&I，以及 SBA。

And then on the SBA loan sales, those are smaller dollar volume but higher premiums. And we would expect to be -- it's similar, if not higher levels than what we were able to achieve in 2025. 2025 is a little bit lower than 2024, a little bit of disruption from the government shutdown, it's a little bit of noise. So we still see that as a good opportunity. We've hired a couple of people last year. So I think there's still opportunity in the fee income area to have that move higher in other quarters compared to the first quarter.

至於 SBA 貸款出售，金額規模較小，但溢價較高。我們預期會維持在——與 2025 年達成的水準相近，甚至更高。2025 年比 2024 年略低，主要是政府關門造成一些干擾，帶來一些雜音。所以我們仍然認為這是一個不錯的機會。我們去年也新聘了幾位人員。因此我認為在手續費收入方面仍有機會，讓其他季度相較第一季有所提升。

Thank you. There appear to be no further questions in queue at this time. I would now like to turn the floor back over to Johnny Lee for any closing remarks.

謝謝。目前看起來沒有其他排隊提問。現在我想把時間交回給 Johnny Lee，請他做結語。

Thank you. 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, everyone. Thank you.

謝謝。再次感謝各位今天參與。我們期待在接下來幾天與幾週內與各位中的許多人交流。祝大家今天愉快。謝謝。

Thank you, everyone. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

謝謝各位。今天的電話會議到此結束。各位現在可以掛斷電話線，祝各位有美好的一天。感謝各位的參與。