Renasant Corp (RNST) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Renasant Corporation 2026 first quarter earnings conference call and webcast. (Operator Instructions) Please note this event is being recorded.

早安，歡迎收聽 Renasant Corporation 2026 年第一季財報電話會議與網路直播。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Kelly Hutcheson, Executive Vice President and Chief Accounting Officer with Renasant Corporation. Please go ahead.

現在我想把會議交給 Renasant Corporation 執行副總裁兼首席會計官 Kelly Hutcheson。請開始。

Good morning, and thank you for joining us for Renasant Corporation's Quarterly Webcast and Conference Call. Participating in the call today are members of Renasant's executive management team. Before we begin, please note that many of our comments during this call will be forward-looking statements, which involve risk and uncertainty. There are many factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements.

早安，感謝各位參加 Renasant Corporation 的季度網路直播與電話會議。今天參與會議的是 Renasant 的高階管理團隊成員。在開始之前，請注意，我們在本次電話會議中的許多評論將屬於前瞻性陳述，涉及風險與不確定性。有許多因素可能導致實際結果與前瞻性陳述中預期的結果或其他期望出現重大差異。

Such factors include, but are not limited to, changes in the mix and cost of our funding sources, interest rate fluctuation, regulatory changes, portfolio performance and other factors discussed in our recent filings with the Securities and Exchange Commission, including our recently filed earnings release, which has been posted to our corporate site, www.renasant.com at the Press Releases link under the News and Market Data tab.

這些因素包括但不限於：我們資金來源組合與成本的變化、利率波動、監管變動、投資組合表現，以及我們近期向美國證券交易委員會提交的文件中所討論的其他因素；其中包括我們最近提交的財報新聞稿，該新聞稿已張貼於我們公司網站 www.renasant.com，在「News and Market Data」分頁下「Press Releases」連結中。

We undertake no obligation, and we specifically disclaim any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. In addition, some of the financial measures that we may discuss this morning are non-GAAP financial measures. A reconciliation of the non-GAAP measures to the most comparable GAAP measures can be found in our earnings release.

我們不承擔任何義務，並且明確聲明不承擔更新或修訂前瞻性陳述的任何義務，以反映假設的變更、未預期事件的發生，或未來營運結果隨時間的變化。此外，我們今天早上可能討論的部分財務衡量指標屬於非 GAAP 財務指標。非 GAAP 指標與最可比 GAAP 指標之間的調節表可在我們的財報新聞稿中找到。

And now I will turn the call over to our President and Chief Executive Officer, Kevin Chapman.

現在我將把電話會議交給我們的總裁兼首席執行官 Kevin Chapman。

Thank you, Kelly, and good morning. Two years ago, we challenged ourselves by setting aspirational goals to improve our financial performance. At that time, we targeted the first quarter of 2026 as a key measuring stick that would show the financial benefits of our work. Frankly, the strong results for the first quarter exceed our goals. Adjusted earnings per share were $0.93 in the first quarter representing a 41% increase year over year. For the quarter, adjusted return on assets grew from 95 basis points in 2025 to 133 basis points in 2026.

謝謝你，Kelly，早安。兩年前，我們透過設定具企圖心的目標來挑戰自己，以提升財務表現。當時，我們將 2026 年第一季設定為關鍵的衡量標尺，用以展現我們努力所帶來的財務效益。坦白說，第一季的強勁成果超出我們的目標。第一季調整後每股盈餘為 0.93 美元，年增 41%。本季調整後資產報酬率由 2025 年的 95 個基點提升至 2026 年的 133 個基點。

Our adjusted return on tangible equity grew from 10.3% to 16.3%. And last of all, the efficiency ratio improved from 65.5% to 55.7%. I am extremely proud of our team's accomplishments to remain customer-centric while we went through our largest merger, conversion, and integration. As we move forward, the Renasant team is engaged and focused on the priorities for our company to continue to grow customer relationships and hiring talented bankers.

我們的調整後有形股東權益報酬率由 10.3% 提升至 16.3%。最後，效率比率由 65.5% 改善至 55.7%。我為團隊的成就感到非常自豪：在經歷我們最大規模的併購、系統轉換與整合期間，仍能以客戶為中心。展望未來，Renasant 團隊投入且專注於公司的優先事項，持續深化客戶關係並招募優秀的銀行人才。

I will now turn the call over to Jim to give more details on the financial results.

我現在把電話會議交給 Jim，請他提供更多財務結果的細節。

Thank you, Kevin, and good morning. Looking at the balance sheet, loans were down $71.8 million on a linked quarter basis or 1.5% annualized. Deposits were up $626.4 million from the fourth quarter or 11.8% annualized. Reported net interest margin decreased 2 basis points to 3.87%, while adjusted margin decreased 1 basis point to 3.61% on a linked quarter basis. Our adjusted total cost of deposits decreased 3 basis points to 1.94%, while our adjusted loan yields decreased 7 basis points to 6.04%.

謝謝你，Kevin，早安。從資產負債表來看，貸款在連續季度基礎上減少 7,180 萬美元，或按年化計算下降 1.5%。存款較第四季增加 6.264 億美元，或按年化計算成長 11.8%。報告口徑的淨利差下降 2 個基點至 3.87%，而調整後淨利差在連續季度基礎上下降 1 個基點至 3.61%。我們的調整後存款總成本下降 3 個基點至 1.94%，同時調整後貸款收益率下降 7 個基點至 6.04%。

From a capital standpoint, all regulatory capital ratios remain in excess of required minimums to be considered well capitalized. We recorded a credit loss provision on loans of $8.1 million, comprised of $4.2 million for funded loans and $3.9 million for unfunded commitments. Net charge-offs were $2.3 million and the ACL as a percentage of total loans increased 2 basis points quarter over quarter to 1.56%.

從資本角度來看，所有監管資本比率仍高於被認定為「資本充足」所需的最低要求。我們就貸款提列 810 萬美元的信用損失準備，其中 420 萬美元用於已撥付貸款，390 萬美元用於未撥付承諾。淨核銷為 230 萬美元，且 ACL（貸款損失準備）占總貸款比率較上季增加 2 個基點至 1.56%。

Turning to the income statement. Our adjusted pre-provision net revenue was $118.3 million. Net interest income decreased $3.8 million quarter over quarter. Non-interest income was $50.3 million in the first quarter, a linked quarter decrease of $0.9 million. The decline in non-interest income is primarily related to the recognition in the fourth quarter of a one-time gain of $2 million resulting from the exit of low-income housing tax credit partnerships.

接著看損益表。我們的調整後提列前淨收入（pre-provision net revenue）為 1.183 億美元。淨利息收入較上季減少 380 萬美元。第一季非利息收入為 5,030 萬美元，較上季減少 90 萬美元。非利息收入下滑主要與第四季認列一次性 200 萬美元收益有關，該收益來自退出低收入住宅稅額抵免（LIHTC）合夥投資。

The absence of this gain in the first quarter was partially offset by strong performance on SBA loan sales. Non-interest expense was $155.3 million for the first quarter. Excluding merger and conversion expenses of $10.6 million in the fourth quarter, this is a linked quarter decrease of $4.9 million. I will now turn the call back over to Kevin.

第一季未有此項收益，部分由 SBA 貸款銷售的強勁表現所抵銷。第一季非利息費用為 1.553 億美元。若排除第四季 1,060 萬美元的併購與轉換費用，則較上季減少 490 萬美元。我現在把電話會議交回 Kevin。

Thank you, Jim. We believe that Renasant is uniquely positioned to capitalize on organic growth opportunities. We appreciate your interest in Renasant and look forward to further discussing our results with you this morning. I will now turn the call over to the operator for questions.

謝謝你，Jim。我們相信 Renasant 具備獨特優勢，可把握內生成長機會。感謝各位對 Renasant 的關注，並期待今天早上與各位進一步討論我們的業績。我現在把電話會議交給接線員進行提問。

(Operator Instructions) Michael Rose, Raymond James.

(接線員指示) Michael Rose，Raymond James。

Just wanted to start on expenses. Obviously, a lot of hard work has been done on the first cost savings. The step down was maybe a little bit better than I think you guys had talked about last quarter. Maybe, Kevin, if you can just give us kind of an update on where the merger cost savings stand. I would assume that you've got most of them at this point, but wanted to see if there's anything left.

我想先從費用談起。顯然，在第一階段的成本節省上做了很多艱辛的工作。費用下台階的幅度可能比你們上季談到的還要好一些。也許 Kevin，你能否就併購成本節省目前的進展給我們一個更新。我猜想你們此時大多已經實現了，但想確認是否還有剩餘空間。

Maybe you can also talk about kind of the reduction in employee headcount that you've had. And if we can kind of assume that there'd be a little bit of growth off of this 155 rate that we saw in the first quarter. Just trying to get kind of a near-term outlook.

也請談談你們員工人數的縮減情況。以及我們是否可以假設，費用會在第一季看到的 155 這個水準之上出現一些成長。只是想了解一下近期展望。

Michael, it's Jim. I'll start, and I'm sure Kevin will add some color. But we're really pleased with what's happened in that line item. I mean, we -- it's been a focus, as you know, for the company for a number of years. And we started to see the real progress beginning, call it, 18 months ago, even before we started to see the benefits from the merger with the first, we could see it start to bend down.

Michael，我是 Jim。我先開始，我相信 Kevin 也會補充一些說明。不過我們對這個費用項目的表現非常滿意。我的意思是，正如你所知，這一直是公司多年來的重點。而我們大約在 18 個月前開始看到真正的進展；甚至在我們開始看到與 First 的併購帶來的效益之前，我們就能看到它開始往下彎。

So that's been a focus and remains a focus. In terms of where we go from here, I mean, as you point out, we hit our goals with respect to expense saves from the first.

因此這一直是重點，並且仍將是重點。至於接下來怎麼走，我的意思是，如你所指出的，我們在與 First 相關的費用節省方面達成了目標。

So very pleased with that. I don't see a lot of savings associated with the merger from this point on, I think we realized most of those expense saves. That's not to say that we can't be more just as a company as a whole, but I think expenses that are -- expense saves that are truly related to the merger are pretty much in this run rate. Looking forward there, I guess, a couple of things. We will have merit increases, obviously, in the second quarter, and there's a day count factor as we look to Q2 and beyond.

對此非常滿意。從現在起，我看不出併購還能帶來很多節省，我認為我們已經實現了大部分的費用節省。這並不是說我們作為一家公司整體不能做得更好，但我認為真正與併購相關的費用節省，基本上已經反映在目前這個費用水準（run rate）中。往前看，我想有幾件事。第二季我們顯然會有績效調薪（merit increases），而且在展望第二季及之後時，還有天數（day count）因素。

But I think -- so I think we do have those things, which will cause expenses to drift up moderately. The other variable, and this is probably something Kevin should speak to, but is we have seen and are seeing opportunities to hire. As you know, there's a lot of dislocation going on in the marketplace. And so we've seen that already and expect to see more of it. I would say that's the part of the picture in NIE that will be a little hard to predict.

但我認為——所以我認為我們確實有這些因素，會使費用溫和上升。另一個變數——這可能是 Kevin 應該談的——是我們已經看到、也正在看到招募的機會。如你所知，市場上正在發生很多人員與資源的重新配置（dislocation）。因此我們已經看到這種情況，並預期會看到更多。我會說，這是 NIE 圖像中比較難以預測的一部分。

And Kevin, please add to that.

Kevin，請補充。

Yes, thank you, Jim. And Michael, I'll just add, you mentioned about the headcount. So if you go back to June of '24, which we announced the merger with the first in July. But if you look at just our combined FTEs, we were just shy of 3,400 employees. If you just take us plus them, that's what our FTEs were.

是的，謝謝你，Jim。Michael，我再補充一點，你提到人數（headcount）。如果你回到 2024 年 6 月，我們在 7 月初宣布與 First 的併購。但如果你只看我們合併後的全職當量（FTE），當時員工數接近 3,400 人。如果單純把我們加上他們，那就是當時的 FTE。

At 3/31, that number will be about 2,950. So we've carved out 420 employees over that time period. Not all of them were due to the cost saves of the merger.

截至 3/31，這個數字大約會是 2,950。所以在那段期間我們減少了 420 名員工。其中並非全部都來自併購的成本節省。

Prior to that, Renasant was highly focused on accountability and ensuring that we had the right team for what we want the goals to be. So I agree with Jim that our cost save number we've achieved, but the accountability measures and the requirements to be higher performing at Renasant haven't changed. And so we'll continue to focus on that, find incremental ways to improve costs to reallocate expenses to higher-performing endeavors. That effort will not change, but that didn't occur because of the first. That was happening long before that.

在那之前，Renasant 就非常重視問責（accountability），並確保我們擁有符合目標所需的正確團隊。所以我同意 Jim 的看法：我們已達成成本節省的數字，但 Renasant 的問責措施與更高績效要求並沒有改變。因此我們會持續聚焦於此，尋找額外改善成本的方法，把費用重新配置到更高績效的工作上。這項努力不會改變，但它並不是因為 First 才發生。在那之前很久就已經在做了。

Jim also mentioned the new hires. I think one thing that is hidden in the focus on expenses that we've had over the past couple of quarters is the hiring we've been doing. The cost saves and the expenses where they land today, that includes new hires that we've been making along -- all along the past several quarters. In Q1, we hired 18 revenue producers. In Q4, we hired six. And in Q3 of last year, we hired nine. So if you look at the real cost saves associated with the merger, associated with accountability measures, it's much deeper than optically what we're showing in the numbers.

Jim 也提到新進人員。我認為過去幾季我們對費用的關注之下，有一件事其實被忽略了：我們一直在招募。我們目前的成本節省與費用水準，已經包含了過去幾季一路以來所做的新聘。第一季我們聘用了 18 位營收創造者（revenue producers）。第四季我們聘用了 6 位。去年第三季我們聘用了 9 位。所以如果你看與併購相關的真正成本節省、以及與問責措施相關的節省，其實比數字表面呈現的更深。

But we're extremely excited about the hiring opportunities we have, the market dislocation that is giving us the opportunity to have conversations with extremely talented bankers all throughout the Southeast. And I think we've said it in the past, we kind of grade out -- you grade out your employees, A, B, C, D, and F. I think we've said this that we will always hire A-rated talent when they're available. And maybe I'll say it a little bit more pointedly, we won't flinch at the opportunity to hire A-rated talent. And we're seeing that opportunity all around us right now.

但我們對目前的招募機會感到非常興奮；市場的重新配置（dislocation）讓我們有機會與整個美國東南部非常有才華的銀行家對話。而且我想我們以前說過，我們會把員工分級——A、B、C、D、F。我們也說過，只要有機會，我們永遠會聘用 A 級人才。也許我講得更直接一點：只要有機會聘用 A 級人才，我們不會猶豫。而我們現在在周遭到處都看到這樣的機會。

That's great color. So I'm not trying to pin you down, but just as a starting point, it sounds like with the puts and takes, maybe a couple of million bucks higher in the second quarter is what we could expect? Or is that fair? Just trying to better appreciate kind of a starting run rate with the seasonality aspects.

這些說明很有幫助。我不是要把你釘死，但作為起點，聽起來在各種增減因素（puts and takes）之下，第二季費用可能會高出幾百萬美元，是我們可以預期的嗎？這樣說合理嗎？只是想更好理解在季節性因素下的起始費用水準（run rate）。

I would say this, that from Q1, probably a low single-digit percent increase, and that factors in some of the hiring Kevin is talking about, but that's the variable that's hard to predict because as Kevin points out, we see opportunities to be opportunistic, and we intend to pursue those. So that's the piece that Michael is a little tough to forecast. But at its base, I would give you that that day count and merit is probably, call it, I don't know, low single digits, and then we'll see what comes from the hiring, which will add to that.

我會這麼說：相較第一季，可能是低個位數百分比的增加；其中也包含 Kevin 所談到的一些招募，但這個變數很難預測，因為如 Kevin 所指出，我們看到可以把握機會的空間，而我們也打算去追求。所以對 Michael 來說，這一塊比較難以預估。但就基礎而言，我會給你的看法是：天數與績效調薪大概是低個位數，然後再看招募帶來什麼影響，這會在此之上再增加。

Perfect. I appreciate that, Jim. Maybe just as a follow-up, I think the one thing you can point to this quarter is just the loan contraction. I think you guys did a good job kind of laying that out. It does look like the production was down maybe a little bit more than I think maybe some of us would have expected and down year over year as well despite the addition of the first.

很好。謝謝你，Jim。再追問一下，我想本季你們可以指出的一件事就是貸款收縮。我覺得你們已經把這點說得很清楚。看起來放款產出（production）可能比我們一些人原先預期的還要低一些，而且即使納入 First 的加入，年比也仍然下滑。

Maybe you can just maybe update loan growth expectations from here. I think last quarter, you kind of talked about mid-single digits for the year. That could be a little tough just given the starting point, but just any puts and takes and then maybe what paydowns would look like?

你們能否更新一下接下來的貸款成長預期？我記得上季你們談到全年中個位數（mid-single digits）的成長。以目前的起點來看可能有點難，但想請教有哪些增減因素（puts and takes），以及提前償還（paydowns）可能會是什麼樣子？

Yes. So look, we recognize loan growth was slightly down, but it has not changed our outlook for our growth profile. We think we are squarely a mid-single-digit grower. Michael, when I listen to conversations, I get feedback from our team, they're active and engaged. If you break down Q1, let's just break it down into the three months of Q1.

是的。所以你看，我們承認貸款成長略為下滑，但這並沒有改變我們對成長輪廓的展望。我們認為我們明確就是一個中個位數成長者。Michael，當我聽各種對話、從團隊得到回饋時，他們很積極也很投入。如果把第一季拆開來看，就把它拆成第一季的三個月份。

January and February, we had good growth. In March, that growth evaporated on us a little bit. And I think two things caused that. One was some macro events. We saw some of our pipeline and some opportunities get pushed into Q3.

1 月和 2 月，我們有不錯的成長。到了 3 月，那個成長有點消失了。我認為有兩件事造成這樣的情況。第一是一些總體（macro）事件。我們看到部分管線（pipeline）與一些機會被推遲到第三季。

Right now, the -- at the beginning of the quarter, our pipeline is up 30% from where it was at the beginning of the year. So I think some of it is our pipeline got pushed just with some macro events. The other thing is that we saw some very aggressive pricing and terms on some incumbent banks that were being aggressive to retain customers. And so that's the two things that really kind of led to the slight decrease in our loan growth in Q1. But we think one of those corrects with that pipeline being pushed into Q2.

目前——在本季初，我們的管線較年初增加了 30%。所以我認為其中一部分是因為一些總體事件，導致我們的管線被往後推。另一件事是，我們看到一些既有往來銀行（incumbent banks）為了留住客戶，在定價與條件上非常積極。因此，這兩件事確實導致我們第一季貸款成長小幅下降。但我們認為其中一項會隨著管線推進到第二季而得到修正。

And then also, we'll just continue to operate in a very competitive environment and make decisions that's best for Renasant. And in some cases, we may try to match terms. In other cases, we may not. But we -- just in talking with our team, we still have confidence that over the course of a longer period of time, not just one quarter, but over several quarters, we are a mid-single-digit grower.

然後另外，我們也會持續在一個競爭非常激烈的環境中營運，並做出對 Renasant 最有利的決策。在某些情況下，我們可能會嘗試匹配條件。在其他情況下，我們可能不會。但我們——就我們與團隊的討論而言——我們仍然有信心，在較長的一段時間內，不只是單一季度，而是跨越數個季度，我們會是中個位數成長的公司。

So it sounds like you're reaffirming the outlook for the year.

所以聽起來你們是在重申今年的展望。

Catherine Mealor, KBW.

Catherine Mealor，KBW。

Great to see you reaffirmed the mid-single-digit growth outlook. The deposit growth was really strong this quarter. Can you talk about if any of that was seasonal or should pull back and kind of how you're thinking about deposit growth relative to loan growth for the year? And maybe within deposits, what you're seeing on incremental deposit costs as well?

很高興看到你們重申中個位數成長的展望。本季存款成長非常強勁。你能談談其中是否有任何季節性因素、是否可能回落，以及你們如何看待今年存款成長相對於放款成長的關係嗎？另外，在存款結構內部，你們看到新增存款成本的變化如何？

Sure. Catherine, this is Jim. So yes, the first quarter was a good quarter -- the first quarter was a good quarter in terms of deposit growth. And there was some seasonality to it, and much of that would be on the public fund side. We -- as you know, we felt some of those tailwinds in the latter half of last year in terms of public fund outflows.

當然。Catherine，我是 Jim。所以是的，第一季是個不錯的季度——就存款成長而言，第一季確實表現良好。其中有一些季節性因素，主要來自公款（public funds）端。我們——如你所知——去年下半年在公款外流方面感受到了一些順風。

That reversed itself in Q1. So a meaningful, call it, 50% or 60% of the growth that we saw in Q1 came from public funds. And the balance was just core deposit growth.

這在第一季出現了反轉。因此，我們在第一季看到的成長中，有相當大一部分——大概可說是 50% 或 60%——來自公款。其餘則是核心存款成長。

And as we look forward, I would say we'll have some seasonality here in April, tax season, plus we'll start to see some of that -- some of those public inflows moderate as we go throughout the year, and they'll trend downward. Our outlook overall, though, for the year is that we've got mid-single-digit growth in deposits. That's the goal, and that's what we're focused on in terms of growing core deposits in that mid-single-digit range. We want to try to have that growth be roughly parallel with the loan growth, and that's still our outlook for the year.

展望未來，我會說四月會有一些季節性因素，因為報稅季；另外，隨著一年推進，我們也會開始看到——那些公款流入會趨於溫和，並呈現下行趨勢。不過，我們對全年整體的展望仍是存款中個位數成長。這是目標，也是我們聚焦的方向：讓核心存款以中個位數的幅度成長。我們希望這樣的成長大致與放款成長平行，這仍然是我們今年的展望。

Catherine, I may just add to that that we recognize that public funds have created some noise. But if you kind of look through that and just tying this back to the market disruption, we've seen an uptick in the month of April in new account openings on deposits. And it's a marked improvement. I'll just give you one data point that I learned this morning. Over the last four days, we've opened up 340 deposit accounts.

Catherine，我補充一下：我們知道公款帶來了一些雜訊。但如果你把這部分因素剔除、並把它與市場擾動連結起來看，我們在四月份看到存款新開戶數量上升。而且改善非常明顯。我提供一個我今天早上才得知的數據點。過去四天，我們開立了 340 個存款帳戶。

Normal trend line in 2025 is that we're probably opening a couple of hundred accounts per month.

2025 年的正常趨勢線大概是每月開立兩百個左右的帳戶。

And over the last 4 days, we've opened up over 300. So I think that's just an interesting point of data. It will ultimately show up in the numbers. But again, I think it also speaks to how our team is responding throughout our markets and meeting needs of customers who may be uncertain at this moment, providing certainty to them. But I think that's an interesting data point that as we get into Q2 and Q3, we'll see how it plays out with balance sheet growth.

而在過去 4 天，我們就開了超過 300 個。所以我認為這是一個有意思的數據點。它最終會反映在數字上。但同時我也認為，這也說明了我們的團隊如何在各個市場中做出回應，滿足那些此刻可能感到不確定的客戶需求，為他們提供確定性。不過我認為這是個有趣的數據點；當我們進入第二季與第三季時，我們會看看它如何在資產負債表成長上發酵。

That's great. And then maybe just thinking about average earning asset growth. It looks like the bond book increased this quarter, and maybe that was to replace some of the slowness of the loan growth this quarter and that's temporary. But do you expect to continue to grow securities as we move through the year? Or do you think the back half of the year is really more geared towards loan growth and the bond book will be a little bit more flat?

很好。接著也許談談平均生息資產的成長。看起來本季債券投資組合增加了，可能是為了彌補本季放款成長偏慢的情況，且屬於暫時性。但你們預期今年接下來仍會持續增加證券部位嗎？或者你們認為下半年會更偏向放款成長，而債券投資組合會比較持平？

I mean, that's the outlook we would hope for because as you point out, we didn't have quite the loan growth that we anticipated, and that was some of the reason you saw the growth in the bond book. So I think as we go through the course of the year, we've got -- I think our securities portfolio is roughly $4 billion, plus or minus, and that's comfortably $1 billion above where we would -- we feel comfortable.

我的意思是，這是我們希望看到的展望，因為如你所指出的，我們的放款成長沒有達到原先預期，而這也是你看到債券投資組合成長的部分原因。所以我認為，隨著今年推進，我們的——我想我們的證券投資組合大約是 40 億美元上下浮動，而這比我們——我們覺得舒適的水位——高出大約 10 億美元。

So there's plenty of capacity there to fund loan growth, and we would expect and hope that probably that securities portfolio starts to trend downward as we have that loan growth. And of course, some of that will depend on what we see on the deposit side. But you're correct to point out that was a function of a couple of things, just the strong deposit growth we had and the lower-than-average loan growth in Q1.

因此，在資金上有充足的空間可以支應放款成長；我們也預期並希望，隨著放款成長出現，證券投資組合可能會開始呈現下行趨勢。當然，其中一部分也取決於我們在存款端看到的情況。但你指出得沒錯，這是幾個因素共同作用的結果：我們存款成長很強，以及第一季放款成長低於平均。

Matt Olney, Stephens.

Matt Olney，Stephens。

I wanted to follow up on the net interest margin discussion. I think last time we talked on the call, we talked about the margin being relatively flattish for the year with the expectation of a few rate cuts. So I would love to hear just updated thoughts on the net interest margin, absent any rate cuts and any kind of sensitivity you have if the Fed does cut from here?

我想追問一下淨利差（net interest margin）的討論。我記得上次在電話會議中，我們談到在預期會有幾次降息的情況下，今年的利差大致會相對持平。所以我很想聽聽你們對淨利差的最新看法：在沒有任何降息的情況下，以及如果聯準會從現在開始降息，你們的敏感度大概如何？

Our guidance was really unchanged on the margin. We -- our current forecast does not have any rate cuts in it. And even though I think as you point out, I think we had two cuts in our prior call or in the model when we had the fourth quarter call, it really doesn't change that much the outlook for NIM. So I think we're -- I think the outlook from here is stable in that core NIM. If we get a couple of cuts, I don't know that that really influences it very much. So I think it's sort of steady as she goes on core NIM for the balance of '26.

我們對利差的指引基本上沒有改變。我們——目前的預測並未納入任何降息。而且即便如你所說，我想我們在上一通電話或第四季電話會議時的模型中納入了兩次降息，但對淨利差（NIM）的展望其實影響不大。所以我認為，從現在起核心淨利差的展望是穩定的。如果真的有兩次降息，我不確定那會對它造成多大影響。因此，我認為在 26 年剩餘期間，核心淨利差大致就是維持穩定。

Okay. Appreciate that, Jim. And then I guess just following up on that. Deposit costs were great this quarter, moved that down a little bit more. Any more opportunities on the, I guess, the overall funding side for improvement from what we saw in the first quarter?

好的。謝謝你，Jim。然後我想再追問一下。本季存款成本表現很好，又再下降了一些。在整體資金端方面，從第一季的表現來看，還有沒有更多改善的機會？

I would say not much, Matt. I mean, I think we've exhausted much of what we're going to see in terms of repricing opportunities on the deposit side. We still do have on the left-hand side, we've got loans maturing. I think we've got $1.2 billion or $1.3 billion over the next 12 months or like at 5% or 5.1%. So that represents some repricing benefit, but not so much -- we don't see so much on the deposit side.

我會說不多，Matt。我的意思是，我認為我們在存款端可看到的重新定價機會大多已經用盡了。不過在資產端，我們仍有到期的放款。我想未來 12 個月大概有 12 億或 13 億美元的放款會到期，利率約在 5% 或 5.1%。所以那代表一些重新定價的好處，但在存款端就沒有那麼多——我們在存款端看不到太多。

Dave Bishop, Hovde Group.

Dave Bishop，Hovde Group。

Kevin, I'm curious, you talked about the hiring opportunities within the market. Are there any specific niches or segments that maybe you're not in that are enticing you here? Are these sort of the tried and true commercial C&I bankers that you're going to be targeting?

Kevin，我很好奇，你提到市場內的招募機會。這裡是否有任何你們目前尚未涉足、但正吸引你們的特定利基或細分領域？你們鎖定的會是那種久經考驗、成熟穩健的商業 C&I 銀行家嗎？

Yes. So really, not so much niches per se, but what we are seeing is the opportunity to build out some -- outside of your -- what you mentioned, kind of your traditional commercial bankers or bankers in a specific market. What we are seeing is the ability to kind of more develop or fully develop and mature some business lines that we already have, whether it's some of our secured lending conversations that we're having there or in the case of a line of business like wealth management. We're seeing opportunity there, which just gives us -- we already have some of these throughout our footprint.

是的。所以嚴格來說，與其說是利基領域，不如說我們看到的是一些建置機會——在你提到的那種傳統商業銀行家或特定市場的銀行家之外。我們看到的是能夠進一步發展、或把我們既有的一些業務線完整發展並使其成熟的能力，不論是我們正在進行的一些擔保放款（secured lending）洽談，或像財富管理這類業務線。我們在那裡看到機會，這也讓我們——其實我們在整個營運版圖內已經有部分這些業務。

This has just given us the ability to get more depth and reach in some of those business lines, but not necessarily looking to add a new vertical in the lending unit. It's really just being able to more mature and put more bench strength within already lines of businesses or some of our established secured lending lines. And again, that's just outside of your traditional C&I or your market-specific banking team.

這只是讓我們能在其中一些業務線取得更深度與更廣的觸及，但不一定是在放款單位新增一個新的垂直領域。重點是讓既有業務線更成熟，並在既有業務線或我們已建立的部分擔保放款業務線中，補強更多人才梯隊與戰力。同樣地，這些都在傳統 C&I 或特定市場的銀行團隊之外。

And so I'd just say that opportunity is all throughout -- that opportunity for conversations and hiring is all throughout. There's also just with the disruption and how we overlay with the disruption, I think we've shared this in past conversations, but we created an internal map just overlays our footprint with the markets that are going through disruption, and we overlay nicely with that.

所以我會說，這個機會是遍布各處——對話與招募的機會到處都有。另外，隨著市場的動盪以及我們如何與這些動盪重疊，我想我們在過去的交流中也分享過：我們做了一張內部地圖，把我們的營運版圖與正在經歷動盪的市場疊加起來，而我們與那些市場的重疊度很高。

But to quantify the opportunity, there's over $90 billion in deposits that are currently going through a transformational merger. And again, not that we're going to pick up and I'm not saying we're going to pick up $90 billion, but it just shows you the level of disruption that's happening. We also firmly believe there's going to continue to be M&A in the Southeast, and that disruption just gets more loud. And to be in a position where Renasant is today to be converted, to be merged, to be integrated and to be focused on customers and employees, that's a very good place to be right now in a world of disruption.

但若要量化這個機會，目前正處於轉型式合併中的存款規模超過 900 億美元。再說一次，我不是說我們會拿到 900 億美元，我也不是在暗示我們會拿到 900 億美元，但這顯示了動盪的程度。我們也堅信東南部地區將持續出現併購（M&A），而那種動盪只會更明顯、更強烈。而以 Renasant 目前的狀態——能夠完成轉換、完成合併、完成整合，並專注於客戶與員工——在這個充滿動盪的世界裡，這是非常好的位置。

Stability is a great place to be in a world of disruption. And so I think that's what gives us an opportunity and a little bit of an edge at the moment. But specifically to your question, we're having conversations with people that bring sticky business and sticky revenue, and that will enhance and complement what we do.

在動盪的世界裡，穩定是一個很好的狀態。所以我認為這就是我們此刻的機會來源，也讓我們在當下略有優勢。但就你具體的問題而言，我們正在與能帶來高黏著度業務與高黏著度營收的人才對話，這些將強化並補足我們的業務。

Great. And one follow-up on the buyback, the aggressiveness there. Just curious, holistically, is there sort of any targeted TCE regulatory capital ratios that sort of govern how aggressive you're going to be?

了解。另外追問一個關於庫藏股回購（buyback）與其積極程度的問題。我想了解，從整體來看，是否有任何目標的 TCE 監管資本比率，來約束你們會有多積極？

Thanks, Dave. This is Jim. Yes, I think our outlook there is similar to what we talked about in the Q4 call. We -- if we pick CET1 as a ratio to point to, we started the year at roughly 11.25%, plus or minus percent. And I think our desired outcome would be to roughly finish somewhere in that range at year-end.

謝謝你，Dave。我是 Jim。是的，我想我們的看法與我們在第四季電話會議中談到的相近。我們——如果以 CET1 作為一個指標的話，我們年初大約是 11.25%，上下些微浮動。而我認為我們希望的結果，是在年底大致仍落在那個區間。

And so balance sheet growth will play a role in that. But our expectation is obviously take care of whatever balance sheet growth comes our way and make sure we capitalize that, but then continue to lean into buybacks.

因此，資產負債表成長會在其中扮演角色。但我們的預期當然是先照顧任何出現的資產負債表成長，並確保我們為其提供足夠資本，然後持續加大回購力道。

So as you saw, we were active in Q1, and we continued that activity in early Q2. And so our goal is to continue to avail ourselves of buybacks. We're very optimistic about our performance outlook as a company. And so we like the opportunity to invest in our stock. And bear in mind those sort of capital guardrails, our goal is to continue to take advantage of opportunities to buy back our stock.

所以如你所見，我們在第一季很積極，而在第二季初也延續了這個動作。因此，我們的目標是持續把握回購的機會。我們對公司整體表現展望非常樂觀。所以我們喜歡投資自家股票的機會。同時請記得那些資本的護欄（capital guardrails），我們的目標是在這些前提下，持續把握回購自家股票的機會。

Stephen Scouten, Piper Sandler.

Stephen Scouten，Piper Sandler。

Maybe a little bit following up on that line of questioning. But just wondering how aggressive you would see yourselves being in this macro environment, kind of the level of cautiousness versus what you described as kind of the opportunity set before you and a mindset of always wanting to hire good talent, a talent when it's out there, just kind of how you balance that as you look ahead to the rest of this year.

我想稍微延續剛才那條提問脈絡。但我想了解，在目前這個總體環境下，你們會認為自己會有多積極——也就是謹慎程度與你們所描述的機會集合、以及一貫想在市場上有人才時就延攬好人才的心態之間，你們在展望今年剩餘時間時會如何取得平衡？

Yes. So one, great question because -- and I'm going to talk very holistic with you because I think it speaks to our capital plan, right? So this is a long-term plan. And if you look at what we've been doing over the last couple of quarters, we've been fully enacting this capital plan. And that plan starts with a strong balance sheet, strong capital ratios, strong allowance for loan loss. And we try to think in terms of optionality and being best positioned in a variety of scenarios.

是的。第一，這是個好問題，因為——我會用更整體的角度跟你談，因為我認為這其實呼應到我們的資本計畫，對吧？這是一個長期計畫。如果你看我們過去幾季的作為，我們一直在完整落實這個資本計畫。而這個計畫從強健的資產負債表、強健的資本比率、以及強健的備抵呆帳（allowance for loan loss）開始。我們也試著用「選擇權／彈性（optionality）」的思維，讓自己在各種情境下都處於最佳位置。

And so we believe we are well positioned to be opportunistic to deploy capital for future hiring and have capital allocated for future growth. If things get bad from a macro level, I think if we start looking at the stability of the balance sheet or the strength of a holding company, the cash on hand at a holding company or in a stress scenario with allowance, we're going to screen out very well in that draconian scenario as well. So we can be -- we are well positioned to be opportunistic in a good environment or defensive in a bad environment.

因此，我們相信自己具備良好條件，可以在未來招募上以機會主義方式部署資本，並為未來成長配置資本。如果總體環境變差，我想若我們開始檢視資產負債表的穩定性、控股公司（holding company）的強度、控股公司手上的現金，或在壓力情境下搭配備抵，我們在那種嚴苛情境下也會表現得很好。所以我們可以——我們確實具備條件：在好環境中更具機會性，在壞環境中更具防禦性。

And that's -- that's a great place to be in a world of uncertainty where the whole world can change in a matter of minutes with a tweet. That's really where we feel like we need to be right now. And -- but if you look at where we are from a return on tangible common equity or return on Tier 1 capital, being at 16% gives us a lot of optionality. It gives us the ability to pay roughly a 30% dividend payout ratio. It gives us the ability to stockpile capital for future growth.

而這——在一個充滿不確定性的世界裡，這是很好的位置，因為整個世界可能因為一則推文就在幾分鐘內改變。這正是我們認為此刻需要達到的狀態。另外——如果你看我們的有形普通股權益報酬率（return on tangible common equity）或第一級資本報酬率（return on Tier 1 capital），達到 16% 讓我們有很大的彈性。這讓我們有能力維持約 30% 的股利配發率。也讓我們有能力為未來成長累積資本。

And then it gives us the ability to have some extra capital to either stockpile for future M&A, stockpile for future hires and their growth or look at the option of buying back in the form of a stock buyback.

接著也讓我們有能力保留一些額外資本：要嘛為未來併購（M&A）預作準備、要嘛為未來招募及其帶來的成長預作準備，或是選擇以股票回購的形式進行回購。

So I'm giving you a very roundabout answer to say, we -- with where we've gotten the profitability of the company, particularly from a return on Tier 1 capital, return on tangible common equity, that gives us a lot of optionality to choose which way we want to lean based on how we see hiring or performance of the stock or M&A or just simply be defensive. We feel like we are well positioned to have that option in our control as opposed to being behind as the environment change, and it could change rapidly.

所以我用一個比較繞的方式回答你：以我們目前公司的獲利能力，特別是從第一級資本報酬率、有形普通股權益報酬率來看，這給了我們很大的彈性，讓我們能依據我們對招募、股價表現、併購，或只是單純採取防禦策略的看法，來決定要往哪個方向傾斜。我們覺得自己很有條件把這個選擇權掌握在自己手上，而不是在環境改變時落後；而環境可能會快速改變。

Yes. That's great color, Kevin. I appreciate the idea of the optionality there. I guess one follow-up for me, and I think you somewhat answered it when you talked about your internal mapping of the dislocation. But as you think about the concentration of new hires, would you say it's been more about where those opportunities just exist currently based on dislocation?

是的。Kevin，這個補充說明很到位。我很欣賞你提到其中的選擇性（optionalitiy）的概念。我想我有一個後續問題，而我覺得你在談到你們內部如何對錯位（dislocation）進行對應/映射時，某種程度上已經回答了。但當你們思考新進人員的集中度時，你會說這更多是因為基於錯位，目前機會主要存在於哪些地方嗎？

Or has there been any incremental effort to kind of deepen the newer markets that you entered into from the first? Just kind of wondering where those hires are concentrated, if at all.

還是說，你們是否有額外投入一些努力，去加深你們最初進入的那些較新市場？我只是想了解一下，這些招募是否（以及在何種程度上）集中在某些地方。

Yes. So they're really -- they're really concentrated in markets -- in new markets we've entered or markets where we don't necessarily have the market share that we want to have. So I'll just take, for example, North Mississippi. We've done some selective hiring. But what we've mainly done there is our teams have been focused on customer acquisition as opposed to talent acquisition just because of the overlap.

是的。所以他們確實——他們確實集中在一些市場——也就是我們新進入的市場，或是我們在那些市場的市占率未必達到我們希望水準的市場。我舉個例子，北密西西比（North Mississippi）。我們做了一些選擇性的招募。但我們在那裡主要做的是，團隊把重心放在客戶取得（customer acquisition）而不是人才取得（talent acquisition），主要是因為兩者之間有重疊。

In other areas -- in other markets, it's given us the opportunity to build bench strength. And also, there are certain parts of our company, we can't have enough employees.

在其他地區——在其他市場，這讓我們有機會建立人才梯隊/後備力量（bench strength）。而且，公司內部有些部門，我們永遠都不嫌人多。

It always feels like we're a player or two behind in those areas. And this has given us the opportunity to get a player or two ahead in those areas and just build bench strength and take pressure off of our current employees. They do a great job, but just give them some additional support. Stephen, the other thing we're doing is taking the opportunity to pick up back office talent. Right now, our back office, we have tremendous talent in our back office.

在那些領域，我們總覺得好像總是少一兩個人。而這讓我們有機會在那些領域多補上一兩個人、走在前面一點，並建立人才梯隊/後備力量，同時也減輕現有員工的壓力。他們做得非常好，但我們只是想給他們更多支援。Stephen，我們另外在做的一件事，是把握機會補進後勤/後台（back office）人才。目前我們的後台擁有非常優秀的人才。

This gives us the ability to build bench strength and also increase our time horizon, extend our runway and have the potential to grow to higher levels than maybe we currently are contemplating by adding that staff today, it will give us that runway and optionality to become a bigger bank without immediately meeting a growing pain as we do that. So just -- we're being very selective, but I would say that most of it has been targeted in either new markets where we want to build out additional footprint and market share or very selective places where we're just adding talent to provide more bench strength.

這讓我們有能力建立人才梯隊/後備力量，同時也拉長我們的時間視野、延長我們的跑道（runway），並且透過今天就增補這些人力，使我們有潛力成長到比目前所設想更高的規模；這會給我們那樣的跑道與選擇性（optionalitiy），讓我們在成為更大型銀行的過程中，不必立刻就遇到成長痛。所以——我們非常審慎地挑選，但我會說大部分的招募都鎖定在：要嘛是我們希望擴大據點與市占率的新市場；要嘛是非常少數、我們只是增補人才以提供更多後備力量的地方。

(Operator Instructions) Janet Lee, TD Cowen.

（接線員指示）Janet Lee，TD Cowen。

You've already touched on it, and I understand that payoff and paydowns you can never really predict precisely. But is it realistic to assume that your CRE loans are going to just continue decline from here on and a lot of your growth will be coming from C&I? Or do you have a line of sight into we're at the low point on CRE and things are likely to improve in the second half of 2026?

你們已經提到一些了，而且我也理解，提前清償（payoff）與本金償還（paydown）你們不可能精準預測。但是否可以合理假設，你們的商用不動產（CRE）貸款將從現在起持續下滑，而你們的成長多半會來自工商企業貸款（C&I）？或者你們是否看得到一些跡象，顯示CRE已經在低點，並且在2026年下半年可能改善？

Janet, this is David Meredith. So I guess we'll look at it a few different ways. One, I would say CRE is not an area we intend to shrink. We continue to have a great deal of focus on our commercial real estate business. We've got some great lines of business that continue to pursue just commercial real estate.

Janet，我是David Meredith。我想我們可以從幾個角度來看。第一，我會說CRE不是我們打算縮減的領域。我們仍然非常專注於我們的商用不動產業務。我們有一些很強的業務線，持續專注於商用不動產。

So it's a dedicated effort we have. I think there's -- obviously, there's a lot of noise in commercial real estate. We've had the expectation for an increased level of payoffs for some time based on interest rates and the aging of some properties.

所以這是我們一項專門投入的工作。我認為——很明顯地，商用不動產有很多雜音。基於利率以及部分資產屋齡/持有年限增加，我們一段時間以來就預期提前清償的水準會提高。

And so there's going to be a certain level of rotation or volatility in that commercial real estate space as some of them pay off. But we continue to look at new opportunities and continue to be aggressive in that space. When we look at increase in commitments over the last couple of quarters, we have an increased level of commitment in our construction book. Obviously, with the level of equity going into construction projects, it may be 6 to 9 months before we start to see fundings, but we are growing our commitment levels in those areas, and we've done those for the past couple of quarters as well.

因此，隨著部分貸款被清償，商用不動產領域會出現一定程度的輪動或波動。但我們仍持續尋找新機會，並在該領域保持積極。當我們看過去幾季承諾額（commitments）的增加時，我們在建築/營建（construction）組合的承諾額水準有所提高。當然，考量到建築專案投入的股權比例，可能要6到9個月後我們才會開始看到撥款（fundings），但我們在這些領域的承諾額確實在成長，而且過去幾季我們也一直這麼做。

But what we will continue to see is based on the interest rate environment, we'll continue to see some -- just some rotation of loans as they've matured and just the normal course of business for commercial real estate opportunities, they're going to go to -- they're going to either sell the asset, they're going to go to the private debt market, look for private placement long-term rates, things that aren't traditionally a bank-type financing vehicle.

但我們將持續看到的是：在目前的利率環境下，隨著貸款到期，我們會持續看到一些——就是一些貸款輪動；而就商用不動產機會的正常業務流程而言，他們可能會——他們要嘛出售資產，要嘛轉向私募債務市場，尋找私募配置的長期利率等，這些並非傳統銀行型融資工具的方案。

So we'll continue to see some volatility in that space, but it's definitely an area we're still continuing to pursuing at a high level of our growth strategy, along with -- as we've seen increased levels of C&I. As you pointed out, we invested in those lines of business, the factoring the asset-based lending, the corporate C&I effort. So we continue to focus there. But it's a broad-based commercial real estate, C&I. We're not being specific in any one area.

所以我們會持續看到該領域的一些波動，但它絕對仍是我們成長策略中、我們持續以高優先順序推進的領域之一；同時——如你所見，C&I的水準也在提高。如你指出的，我們在那些業務線上做了投資：保理（factoring）、資產基礎融資（asset-based lending）、以及企業C&I的推進。所以我們仍會持續聚焦那裡。但整體而言是廣泛布局的商用不動產與C&I。我們不會特別只押注在某一個領域。

Got it. And it looks like the second quarter, fee income, there was some strong performance on the SBA loan sales. Where do you see the most upside in terms of fee income opportunities? It looks like there are some different puts and takes within the specific line items within fee. But overall, it's been growing pretty nicely. But how should we think about the pace of your fee income growth from here?

了解。另外看起來第二季的手續費收入（fee income），SBA貸款出售（SBA loan sales）的表現相當強勁。就手續費收入的機會而言，你們認為最大的上行空間在哪裡？看起來在手續費各個細項之間有一些不同的拉抬與抵銷（puts and takes）。但整體而言成長得相當不錯。那麼，從現在起我們應該如何看待你們手續費收入的成長速度？

This is Jim Mabry. I would say, as you mentioned SBA, there are a couple of areas that have done really well. And our outlook for the balance of the year would be, I think there are some puts and takes, but generally, the first quarter is a pretty good jumping off point. I would think there's a chance for some modest improvement there. But I think it's a good run rate to think about.

我是Jim Mabry。我會說，如你提到的SBA，有幾個領域表現得非常好。而我們對今年剩餘期間的展望是，我認為確實有一些拉抬與抵銷（puts and takes），但整體來看，第一季是一個相當不錯的起點。我認為那裡有機會小幅改善。但我覺得把它視為一個不錯的常態化水準（run rate）來思考是合理的。

Mortgage had a good quarter in Q1. It was up a bit from fourth quarter. SBA was good. We didn't see -- and this relates to some of the commentary about loan production.

房貸在第一季表現不錯。比第四季略有上升。SBA也表現良好。我們沒有看到——而這也呼應了先前關於放款產出（loan production）的一些評論。

We didn't have the capital markets performance that we typically do in Q1. So I think as we start to see that production fall through and become loan growth, we would expect that capital markets would exhibit higher levels of fee income. And I guess lastly, I would say wealth is an area that's been very steady. I do think that that holds promise as we look forward for solid single-digit, mid-single-digit growth and potentially better down the road. We're putting a lot of effort and energy into that area.

我們在第一季沒有出現我們通常會有的資本市場（capital markets）表現。所以我認為，隨著我們開始看到那些產出落地並轉化為貸款成長，我們預期資本市場業務的手續費收入會呈現更高水準。最後我想說，財富管理（wealth）一直是非常穩定的領域。我確實認為，往前看它有望帶來穩健的個位數成長、偏中段的個位數成長（mid-single-digit），而且未來可能更好。我們在那個領域投入了很多努力與資源。

And I think with the things that we're doing just internally with legacy Renasant and then some of the things that are going on around us in terms of dislocation, I see that as an area that will do well in coming years.

我認為，結合我們在內部針對既有的 Renasant 所做的各項工作，以及周遭在錯位（dislocation）方面正在發生的一些情況，我把這視為未來幾年表現會很好的領域。

Jim, I may just add to that. Just some of the hiring we've done, we've enhanced wealth management. You'll start to see that revenue lift. As we get -- as we start to exit Q2 and get into Q3 and Q4, I do want to take the opportunity to talk about mortgage. Mortgage was an interesting quarter, particularly if you go back to February, February prior to kind of the macro Middle East conflict events, and the subsequent rates rising, the 30-year rate had gotten down to a five handle on a conventional mortgage and our pipeline popped.

Jim，我也許補充一下。就我們所做的一些招募而言，我們強化了財富管理。你將開始看到營收的提升。隨著我們——當我們開始走出第二季並進入第三季與第四季時，我也想藉此機會談談房貸。房貸是一個有意思的季度，特別是如果你回到二月，二月在某種程度上宏觀的中東衝突事件之前，以及隨後利率上升之前，30 年期利率在傳統房貸上已降到 5 字頭，而我們的案源管線（pipeline）就跳升了。

We saw immediate -- and it really just kind of spoke to how we've built mortgage with the retooling of the production we've added.

我們立刻看到——這其實也反映出我們如何打造房貸業務：透過我們新增的產能所帶來的生產端重整（retooling）。

And as rates cooperate, that pipeline, the revenue, it immediately shows up. And so again, I know we're not in a position where rates are cooperating with mortgage. They'll continue to slug it out, continue to be profitable. But when rates cooperate, mortgage will -- you will see almost an immediate impact from mortgage. And you kind of see that a little bit in Q1 because of what happened with rates in February.

而當利率配合時，那條管線、那份營收會立刻反映出來。所以再說一次，我知道目前利率並不配合房貸。他們會繼續苦戰，也會持續保持獲利。但當利率配合時——你會幾乎立刻看到房貸帶來的影響。而你在第一季其實也稍微看到一些，因為二月利率的變化。

So again, we wait for the day that we don't have to apologize for mortgage and for being in the mortgage industry, but we continue to be well positioned and invest in that arm of our company and feel like we're really well positioned if rates ever cooperate with us.

所以再一次，我們等待有一天不必再為房貸、也不必再為身處房貸產業而道歉；但我們仍持續保持良好布局並投資公司這個部門，而且我們覺得只要利率有一天願意配合我們，我們的定位就會非常好。

And we have a follow-up from Dave Bishop with Hovde Group.

接下來是來自 Hovde Group 的 Dave Bishop 的追問。

Yes. Just a quick follow-up on credit. Trends look fairly well behaved. It looks like there's a little bit of inflow on the nonaccrual side. Just maybe some color there.

是的。就信用方面快速追問一下。趨勢看起來相當受控。看起來在不計息（nonaccrual）那邊有一點流入。能否提供一些說明。

And then, Kevin, maybe holistically, speaking in the past, I know you guys have always taken pride in the reserves to loans, sort of like building a rainy day fund there. Do you think that the ACL to loan sort of sits in the mid-150s range as you go through the year? Do you think there's a little bit of a bleed if things improve from a macroeconomic perspective?

然後，Kevin，也許從整體角度來看，回顧過去，我知道你們一直以「備抵對放款」為傲，有點像是在那裡建立一個雨天基金。你認為 ACL 對放款的比率在今年走下來會維持在 150 多（中段 150s）的區間嗎？如果宏觀經濟面改善，你覺得會不會有一點回落（bleed）？

David Meredith. On the NPL question, we did see a little bit of an inflow in Q2, and that number has increased somewhat over the last couple of quarters. And that increase has kind of been broad-based. There's nothing in particular. If we look at Q2, we had about a $24 million increase.

David Meredith。關於不良貸款（NPL）問題，我們在第二季確實看到一些流入，而這個數字在過去幾個季度也有所上升。而這個增加算是相對廣泛分布。沒有特別集中在某一項。如果看第二季，我們大約增加了 2,400 萬美元。

I will say that was about $69 million of new NPLs on a $45 million outflow. So we continue to resolve our NPL loans. But the inflow was centered in really a few larger dollar transactions, about $7 million in CRE, $19 million in C&I and then a little bit in construction and development. And really, it was centered in just a handful of loans that we believe we're in a position to work out.

我會說，這其中大約是新增 NPL 6,900 萬美元、流出 4,500 萬美元。所以我們仍在持續處理並結清我們的 NPL 貸款。但流入主要集中在少數幾筆金額較大的交易：商用不動產（CRE）約 700 萬美元、工商業放款（C&I）約 1,900 萬美元，另外在營建與開發也有一點。而且實際上就集中在少數幾筆貸款上，我們相信我們有能力進行重整／協商處理（work out）。

Our composition of our NPL book continues to be somewhat consistent quarter-over-quarter. There's not any one area that I would say is concentrated in from an asset type or a geography. Our average NPL size is small. I will say we've -- when we look at our kind of our general asset quality, we see some positives. Our 30- to 89-day numbers continue to be low.

我們的 NPL 組合結構在各季之間仍大致一致。無論從資產類型或地理區域來看，我不會說有任何單一領域特別集中。我們的平均 NPL 規模不大。我也會說——當我們看整體資產品質時，我們看到一些正面訊號。我們 30 至 89 天逾期的數字仍然偏低。

So we like within the breadth of our portfolio, we don't see a broader level of losses. I also will say our charge-offs in Q4, as you saw, were only 5 basis points. And consistently, it was in our deck, we -- over the last 12 months, we resolved a high level of NPLs with minimal charge-offs.

所以就我們投資組合的廣度而言，我們沒有看到更廣泛層面的損失。我也要說，如你所見，我們在第四季的核銷（charge-offs）只有 5 個基點。而且一如我們簡報所示——在過去 12 個月，我們以極低的核銷處理了大量的 NPL。

And so we feel comfortable that our underwriting that we're structuring loans properly as we continue to resolve those problems. So it's something we'll continue to work through. We continue to have processes in place to identify loans early so we can resolve them quickly and mitigate any loss that's out there. So a lot of positives, 30-day, 89-day charge-offs, criticized classifieds came down. And we'll just continue to work through our NPLs.

因此，我們對於我們的授信承作（underwriting）以及在持續處理這些問題時正確地架構貸款（structuring loans properly）感到放心。所以這是我們會持續推進的事項。我們也持續有流程來及早辨識貸款，讓我們能快速處理並降低可能的損失。所以有很多正面因素：30 天、89 天逾期，核銷，受批評與分類資產（criticized classifieds）也下降了。我們會繼續處理我們的 NPL。

And Dave, I'll just add on the allowance. Look, I think as we look around credit quality is stable. And -- but one thing that really probably just concerns us, and this goes back to when we built the allowance back to 2020 was just all the volatility and uncertainty that's out there that's putting strain on either consumers or commercial businesses cash flows. And so I don't think that the macro concerns have alleviated yet. Just take what happened in March with energy costs.

Dave，關於備抵我再補充一下。你看，我認為就我們所見，資產品質是穩定的。但有一件事確實可能仍讓我們擔心——這也回到我們自 2020 年建立備抵時的考量：外部存在的波動與不確定性，正在對消費者或商業企業的現金流造成壓力。所以我不認為宏觀面的疑慮已經消退。就拿三月能源成本發生的事情來說。

All you have to do is go fill up your car, and you saw a 30% to 40% increase in 30 days of what it costs just to fill up your car.

你只要去把車加滿油，就會看到在 30 天內，加滿一桶油的成本上升了 30% 到 40%。

And we think that ultimately, that's got to catch up with people in some way in their cash flows. And so just continue to keep what we think is an appropriate level of allowance just given the uncertainty and as we have clear pictures from a macro level, at that point in time, we'll reevaluate the sufficiency of the allowance. But right now, I just think there's enough macro uncertainty, even though it may not be showing up quantitatively in our credit quality numbers, there is enough uncertainty out there to keep the level of reserve where it is.

而我們認為，最終這必然會以某種方式反映到人們的現金流上。因此，考量到不確定性，我們會持續維持我們認為適當的備抵水準；等到從宏觀層面有更清晰的圖像時，我們再重新評估備抵的充足性。但就目前而言，我認為宏觀不確定性仍然足夠高；即便它可能尚未在我們的資產品質數據上以量化方式呈現，外部仍有足夠的不確定性，使我們維持目前的備抵水準。

This concludes our question-and-answer session. I would like to turn the conference back over to Kevin Chapman, President and CEO, for any closing remarks.

我們的問答環節到此結束。我想把電話會議交回給總裁兼執行長 Kevin Chapman，請他做結語。

I appreciate that. Thank you, and thank you to all of those that have joined us this morning. We appreciate your interest in the company and look forward to meeting with you throughout the quarter. Thank you.

謝謝。也謝謝今天早上所有加入我們的人。感謝各位對公司的關注，我們也期待在本季度期間與各位會面交流。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。