Seacoast Banking Corporation of Florida (SBCF) 2026 Q1 法說會逐字稿

Welcome to Seacoast Banking Corporation's first-quarter 2026 earnings conference call. My name is Kate, and I will be your operator.

歡迎參加 Seacoast Banking Corporation 2026 年第一季財報電話會議。我是 Kate，將擔任本次會議的接線員。

Before we begin, I have been asked to direct your attention to the statement at the end of the company's press release regarding forward-looking statements. Seacoast will be discussing issues that constitute forward-looking statements within the meaning of the Securities and Exchange Act, and its comments today are intended to be covered within the meaning of that act. Please note that this conference is being recorded.

在開始之前，請各位留意公司新聞稿末尾關於前瞻性陳述的聲明。Seacoast 將討論依《證券交易法》所界定之構成前瞻性陳述的事項，且我們今天的評論意在受該法所涵蓋。請注意，本次會議將被錄音。

I will now turn the call over to Chuck Shaffer, Chairman and CEO of Seacoast Bank. Mr. Shaffer, you may begin.

接下來我將把電話交給 Seacoast Bank 董事長兼執行長 Chuck Shaffer。Shaffer 先生，您可以開始了。

Okay. Thank you, Kate, and good morning, everyone, and thank you for joining us. As we move through today's presentation, we'll reference our first-quarter 2026 earnings slide deck, which is available on our website, seacoastbanking.com.

好的。謝謝你，Kate，各位早安，也感謝各位加入我們。在今天的簡報過程中，我們將參考 2026 年第一季財報簡報投影片，該投影片已公布於我們的網站 seacoastbanking.com。

Joining me today is Tracey Dexter, our Chief Financial Officer; Michael Young, our Chief Strategy Officer; and James Stallings, our Chief Credit Officer.

今天與我一同出席的有：財務長 Tracey Dexter、策略長 Michael Young，以及信用長 James Stallings。

The Seacoast team delivered another great quarter, highlighted by robust deposit growth, particularly in noninterest-bearing deposits, meaningful expansion in the net interest margin, and solid progress towards the financial guidance we introduced last quarter.

Seacoast 團隊再度交出亮眼的一季，重點包括存款強勁成長，尤其是無息存款；淨利差顯著擴大；以及朝我們上季提出的財務指引持續取得扎實進展。

Commercial loan production momentum remains strong, up 35% year over year. And as expected, the first-quarter loan growth was seasonally softer and further impacted by elevated payoffs. Importantly, our loan pipeline remains strong, and we expect payoffs to moderate in the coming quarters, supporting a return to stronger loan growth as the year progresses.

商業放款承作動能依然強勁，年增 35%。如預期，第一季放款成長受季節性因素影響較為疲弱，且亦受到較高提前清償的進一步影響。重要的是，我們的放款案源（pipeline）仍然強勁，且我們預期未來幾季提前清償將趨於緩和，隨著年度推進，將有助於放款成長回到更強勁的水準。

Asset quality remains exceptional with limited charge-offs, no change in criticized and classified assets from the prior quarter, and a modest uptick in nonaccrual loans. Noninterest income continued to perform well, driven by strength across wealth management, insurance, treasury, and our mortgage businesses. And our expansion in the villages is already delivering results with solid mortgage production and growing demand for wealth management services.

資產品質依然極佳，呆帳沖銷有限，較上季相比受關注與分類資產（criticized and classified assets）沒有變化，不良放款（nonaccrual loans）則小幅上升。非利息收入持續表現良好，受惠於財富管理、保險、財資（treasury）以及房貸業務的全面走強。此外，我們在 The Villages 的擴張已開始帶來成果，房貸承作穩健，對財富管理服務的需求亦持續增加。

Expense discipline remained excellent this quarter. Overhead was well controlled. The adjusted efficiency ratio was 55%, and the ratio of adjusted noninterest expense to tangible assets remained at near 2.1%, even as we continue to invest deliberately in growth.

本季費用控管依然出色。管理費用控制得宜。調整後效率比率為 55%，調整後非利息費用占有形資產比率仍維持在接近 2.1%，即使我們仍持續有計畫地投入成長。

Our strategy to drive improved shareholder returns remains firmly on track. Excluding merger-related costs associated with Villages Bancorporation, our return profile continues to strengthen. For the quarter, adjusted return on assets was 1.31%, and the adjusted return on tangible equity was 16.3%. These results underscore the strong earnings power of the combined franchise.

我們推動提升股東報酬的策略仍穩步推進。排除與 Villages Bancorporation 相關的併購成本後，我們的報酬表現持續增強。本季調整後資產報酬率（ROA）為 1.31%，調整後有形股東權益報酬率（ROTE）為 16.3%。這些結果凸顯合併後特許經營體（franchise）強勁的獲利能力。

And looking ahead, we remain confident in our 2026 outlook. As outlined in the slide deck, we continue to expect full-year earnings per share in a range of $2.48 to $2.52 despite two less rate cuts.

展望未來，我們對 2026 年展望仍具信心。如投影片所示，即使降息次數少了兩次，我們仍預期全年每股盈餘將落在 2.48 至 2.52 美元區間。

And finally, capital and liquidity remain exceptionally strong. We continue to operate with a fortress balance sheet and remain one of the strongest banks in the industry.

最後，資本與流動性依然格外強勁。我們持續以堅實如堡壘的資產負債表運作，並仍是業界最強健的銀行之一。

With that, I'll turn it over to Tracey to walk through our financial results.

接下來我把時間交給 Tracey，請她帶各位回顧我們的財務結果。

Thank you, Chuck. Good morning, everyone. Beginning with slide 4 and first-quarter performance highlights. Seacoast reported net income of $31.9 million, or $0.29 per share in the first quarter. Reported results include a $39.5 million pretax loss related to the strategic repositioning of a portion of our available-for-sale securities portfolio, which we executed in January.

謝謝你，Chuck。各位早安。先從投影片第 4 頁與第一季績效重點開始。Seacoast 第一季淨利為 3,190 萬美元，合每股 0.29 美元。公告結果包含一筆 3,950 萬美元的稅前損失，係因我們於 1 月執行可供出售（AFS）證券投資組合部分部位的策略性重新配置所致。

On an adjusted basis, net income was $67.8 million, or $0.62 per share, increasing 42% from the prior quarter, and 111% year over year. These results reflect meaningful improvement in our core earnings power, driven by expanding net interest income, disciplined balance sheet management, and continued execution on organic growth initiatives.

以調整後口徑計算，淨利為 6,780 萬美元，合每股 0.62 美元，較上季成長 42%，年增 111%。這些結果反映我們核心獲利能力的顯著改善，主要受淨利息收入擴張、嚴謹的資產負債表管理，以及持續推進內生成長計畫所帶動。

During the quarter, we delivered 7% annualized organic deposit growth, including 29% annualized growth in noninterest-bearing demand deposits. We also delivered a 13-basis-point decline in the cost of deposits to 1.54% and a 9-basis-point decline in overall cost of funds to 1.71%. Expansion in the net interest margin was a highlight this quarter, driven largely by lower deposit costs and the bond portfolio restructure.

本季我們達成存款內生成長年化 7%，其中無息活期存款年化成長 29%。我們亦使存款成本下降 13 個基點至 1.54%，整體資金成本下降 9 個基點至 1.71%。本季淨利差擴大是一大亮點，主要由較低的存款成本與債券投資組合重整所驅動。

On an adjusted basis, return on average assets was 1.31%, and return on average tangible equity was 16.26%. Our capital position remains very strong. We also were more active in share repurchases, buying back over 317,000 shares.

以調整後口徑計算，平均資產報酬率為 1.31%，平均有形股東權益報酬率為 16.26%。我們的資本水準仍非常強勁。我們也更積極進行庫藏股買回，回購超過 317,000 股。

Turning to net interest income and margin on slide 5. Net interest income totaled $178.2 million, up $1.9 million from the prior quarter. The net interest margin expanded 17 basis points to 3.83%, and excluding the impact of accretion on acquired loans, margin expanded 13 basis points to 3.57%. This improvement was driven by lower deposit costs combined with higher securities yields.

接著看投影片第 5 頁的淨利息收入與淨利差。淨利息收入合計 1.782 億美元，較上季增加 190 萬美元。淨利差擴大 17 個基點至 3.83%；若排除收購放款折溢價攤銷（accretion）的影響，淨利差擴大 13 個基點至 3.57%。此改善主要來自較低的存款成本與較高的證券收益率相結合。

Moving to noninterest income on slide 6. Reported noninterest income was a net loss of $12.6 million. Adjusted noninterest income, which excludes the securities repositioning, totaled $26.9 million, down 6% from the prior quarter and up 22% year over year, reflecting continued growth in fee-based businesses with the growth of the franchise.

接著看投影片第 6 頁的非利息收入。公告非利息收入為淨損失 1,260 萬美元。調整後非利息收入（排除證券重新配置影響）合計 2,690 萬美元，較上季下降 6%，年增 22%，反映隨著特許經營體擴張，手續費型業務持續成長。

Wealth Management remains a key contributor with revenue up 36% year over year, and assets under management increasing 33% year over year, including $125 million of new organic assets under management added during the quarter.

財富管理仍是主要貢獻來源，營收年增 36%，管理資產（AUM）年增 33%，其中本季新增 1.25 億美元的內生新增管理資產。

Mortgage banking income declined from the fourth quarter, primarily due to volatility in mortgage servicing rights acquired in The Villages transaction. Underlying loan volumes and pipelines remain strong in the business. Insurance agency income benefited from a seasonal contingent commission payment, increasing $0.2 million year over year.

房貸銀行業務收入較第四季下滑，主要因 The Villages 交易中取得的房貸服務權（MSR）波動所致。該業務的基礎放款量與案源仍然強勁。保險代理收入受惠於季節性或有佣金（contingent commission）入帳，年增 20 萬美元。

Moving to slide 7. Our Wealth Management team delivered another quarter of strong results with income growing 36% year over year, and AUM balances growing 33% year over year, with a 21% annual CAGR in the past five years. We expect to continue to see strong volumes throughout 2026.

接著看投影片第 7 頁。我們的財富管理團隊再度交出強勁表現，收入年增 36%，AUM 餘額年增 33%，且過去五年年化複合成長率（CAGR）為 21%。我們預期 2026 年全年將持續看到強勁的業務量。

Moving to slide 8. Noninterest expense totaled $122.2 million in the first quarter, which includes $8.5 million of merger and integration costs. On an adjusted basis, noninterest expense was $113.6 million, just slightly higher than the prior quarter. Importantly, we saw continued improvement in operating leverage, with the efficiency ratio improving to 59.5%, and the adjusted efficiency ratio at 55.3%, reflecting disciplined expense control alongside core revenue growth.

接著看投影片第 8 頁。第一季非利息費用合計 1.222 億美元，其中包含 850 萬美元的併購與整合成本。以調整後口徑計算，非利息費用為 1.136 億美元，僅較上季略高。重要的是，我們看到營運槓桿持續改善，效率比率提升至 59.5%，調整後效率比率為 55.3%，反映在核心營收成長的同時，仍維持嚴謹的費用控管。

Moving to loan growth and portfolio composition on slides 9 and 10. Loans ended the period at $12.6 million, up modestly from year-end. Production remains strong with growth largely offset by elevated payoffs during the first quarter. The commercial pipeline increased to over $1 billion at quarter end, supporting continued organic growth as we move through the year.

接著看投影片第 9 與第 10 頁的放款成長與投資組合結構。期末放款為 126 億美元，較年末小幅增加。承作量仍然強勁，但第一季較高的提前清償大致抵銷了成長。商業放款案源於季末增加至逾 10 億美元，支持我們在今年推進過程中持續的內生成長。

Our loan portfolio remains well diversified by asset class, industry, and loan type, with average loan sizes that reflect the granular nature of our franchise and exposure levels that remain well within regulatory guidance and that provide significant flexibility for forward growth.

我們的貸款組合在資產類別、產業與貸款類型方面仍維持高度多元化；平均貸款規模反映出我們業務版圖的分散特性，而曝險水準仍明顯落在監管指引範圍內，並為未來成長提供相當大的彈性。

On credit quality, shown on slides 11 and 12, asset quality metrics remain solid. The allowance for credit losses totaled $176 million, or 1.39% of loans, 3 basis points lower than the prior quarter. Combined with the remaining $138 million of unrecognized purchase discount on acquired loans, we continue to maintain meaningful loss absorption capacity.

就信用品質而言，如投影片11與12所示，資產品質指標仍然穩健。信用損失準備金合計為1.76億美元，約占貸款的1.39%，較前一季下降3個基點。再加上收購貸款仍有1.38億美元尚未認列的購買折價，我們持續維持具實質意義的損失吸收能力。

We saw a modest increase in nonperforming loans compared to the prior quarter to 0.75% of total loans, though still well within the range of low historical levels. The increase in nonaccrual loans during the first quarter reflects the movement of two commercial credits to nonaccrual status, each having collateral values well in excess of balances outstanding and therefore, no credit loss is expected.

與前一季相比，不良貸款占總貸款比率小幅上升至0.75%，但仍處於歷史低檔區間之內。第一季非應計貸款增加，反映兩筆商業授信轉為非應計狀態；兩筆授信的擔保品價值均遠高於未償餘額，因此預期不會產生信用損失。

Accruing past due loans declined. Net charge-offs remained low at 11 basis points annualized, and criticized and classified loans were stable sequentially.

計息逾期貸款下降。淨沖銷維持在低檔，年化為11個基點；而受批評與分類貸款則較前期持平。

Turning to deposits on slides 13 and 14. Total deposits increased $382 million during the quarter, or 9.5% annualized. Excluding brokered balances, growth remained solid and relationship-driven, with organic growth of 7% annualized. Deposit costs are lower by 13 basis points. Transaction accounts represented 50% of total deposits, and the deposit base continues to be highly granular, with the top 10 depositors representing only 3% of total balances.

接著看投影片13與14的存款。本季總存款增加3.82億美元，年化成長9.5%。若排除經紀存款餘額，成長仍然穩健且以客戶關係帶動，內生成長年化為7%。存款成本下降13個基點。交易性帳戶占總存款的50%，存款基礎仍高度分散，前十大存款戶僅占總餘額的3%。

Moving to slide 15 and the investment securities portfolio. As I mentioned, we took advantage of constructive market conditions and repositioned a portion of the available-for-sale portfolio in late January, which will enhance forward earnings while maintaining balance sheet flexibility. We sold securities with proceeds of approximately $277 million, resulting in a pretax loss of $39.5 million impacting first-quarter results. The proceeds were reinvested in primarily agency mortgage-backed securities with a tax equivalent book yield of approximately 4.8%.

接著看投影片15與投資證券組合。如我先前提到的，我們在1月下旬把握有利的市場條件，重新配置了部分可供出售（AFS）投資組合，這將在維持資產負債表彈性的同時提升未來獲利。我們出售證券，取得約2.77億美元的處分款，並產生3,950萬美元的稅前損失，影響第一季業績。處分款主要再投資於機構抵押擔保證券（agency MBS），其稅當量帳面殖利率約為4.8%。

Turning to capital and liquidity on slide 16. Seacoast continues to operate with a fortress balance sheet. Tangible equity to tangible assets was 9.2%, and capital ratios remain very strong, providing significant flexibility to support organic growth, disciplined capital deployment and opportunistic actions, such as the approximately 317,000 in share repurchases completed during the quarter.

接著看投影片16的資本與流動性。Seacoast持續以堅實如堡壘的資產負債表運作。有形股權占有形資產比率為9.2%，資本比率仍非常強勁，為支持內生成長、審慎的資本配置與機會性行動提供顯著彈性，例如本季完成約317,000股的庫藏股回購。

On slide 17, we reiterate the guidance we provided last quarter. The adjusted earnings per share outlook remains unchanged at $2.48 to $2.52, with the potential for slightly lower revenue resulting from the change in previously expected rate cuts but with no change to bottom-line results.

在投影片17，我們重申上季提供的指引。調整後每股盈餘展望維持不變，為2.48至2.52美元；由於先前預期的降息幅度調整，收入可能略低，但對最終獲利結果不造成影響。

In summary, our results demonstrate meaningful improvement in core profitability, strong funding trends, and continued execution against our strategic priorities. We remain focused on disciplined growth and long-term shareholder value creation.

總結而言，我們的結果展現核心獲利能力的明顯改善、強勁的資金趨勢，以及持續落實我們的策略優先事項。我們仍專注於紀律性成長與長期股東價值的創造。

With that, Chuck, I'll turn the call back to you.

接下來，Chuck，我把電話交回給你。

All right. Thank you, Tracey. And Kate, I think we're ready for Q&A.

好的。謝謝你，Tracey。Kate，我想我們可以開始問答了。

(Operator Instructions) Woody Lay, KBW.

(接線員指示) Woody Lay，KBW。

Hey, good morning, guys.

各位早安。

Morning, Woody.

早安，Woody。

I just wanted to start on loan growth and higher payoffs impacted the growth in the quarter. But I just wanted to get a sense of how the pipeline is shaping up in 2Q '26, especially given some of the macro uncertainty that's out there?

我想先從貸款成長談起，本季較高的提前償還影響了成長。但我想了解一下，2026年第二季（2Q '26）的案源管線目前進展如何，尤其是在外部仍有一些總體不確定性的情況下？

Thanks, Woody. And just to kind of go back to the quarter itself, payoffs were very elevated. We notated in the release and in the slides, you can see what it was year over year. And in particular, in the first quarter, we did have three larger credits pay off in aggregate, $150 million amongst the three, so -- and it was multiple loans, so a couple of borrowers in there.

謝謝你，Woody。回到本季本身，提前償還確實非常高。我們在新聞稿與投影片中都有註記，你可以看到其年對年的變化。特別是在第一季，我們確實有三筆較大的授信合計提前清償，三筆合計1.5億美元；而且是多筆貸款，所以其中有幾位借款人。

But -- so it was -- good news is they paid off. They're great borrowers and the bad news is we got paid off. But that's kind of the way the business operates. And so when we look forward into the remainder of the year, the pipeline remains strong. We expect to return to high-single digits here in the coming quarters and remain very confident throughout the remainder of the year.

不過——好消息是他們都還清了。他們是很好的借款人；壞消息是我們被提前還款了。但這就是這個業務的運作方式。因此展望今年剩餘時間，案源管線仍然強勁。我們預期在接下來幾季回到高個位數成長，並對今年其餘時間保持高度信心。

The impact of the geopolitical concerns are unknown, I would describe at this point. It's still probably too early to tell. And so we'll have to see how that all plays out here over the back half of the year. But for now, we remain confident in the guidance and expect to return to high-single digits.

至於地緣政治疑慮的影響，目前我會形容仍屬未知。現在可能還太早下定論。因此我們得看看今年下半年情勢如何發展。但就目前而言，我們仍對指引有信心，並預期回到高個位數成長。

Hey, Woody, this is Michael. Just adding on one thing at the end. We had 15% annualized growth in the fourth quarter. Our average loan growth in the first quarter was still high single digits, kind of 9%-plus. We just had a lot of pull-through the pipeline late in the quarter. And so we still feel like we remain on track and consistent. It's just our normal kind of seasonal trends here with strong fourth-quarter production and growth, and then first quarter generally as expected, being a bit softer, impacted by the payoffs.

Woody，我是Michael。最後再補充一點。我們在第四季的年化成長是15%。第一季的平均貸款成長仍是高個位數，大約9%以上。只是本季後段有不少案子從管線中落地。因此我們仍覺得進度如期且表現一致。這只是我們一貫的季節性趨勢：第四季產能與成長較強，而第一季通常如預期會稍微偏弱，並受到提前償還的影響。

And then just maybe one call headed into the second quarter, we have a stronger, kind of, first quarter seasonal deposit growth. And then second quarter, we do see that kind of come back a bit before we have seasonal trends return to tailwinds in the back half of the year.

另外，進入第二季時再補充一點：第一季通常有較強的季節性存款成長。到了第二季，我們確實會看到這股動能稍微回落，之後在下半年季節性趨勢又會轉為順風。

Got it. That's helpful. And then maybe on deposits. I believe the first quarter is typically a seasonally stronger quarter, but, I mean, the noninterest-bearing deposit growth you saw in the quarter was really strong. Just trying to get a sense of how much you think that's seasonal versus actual core deposit growth?

了解。這很有幫助。那再談存款。我相信第一季通常是季節性較強的一季，但你們本季看到的無息存款成長非常強勁。我想了解一下，你們認為其中有多少是季節性因素、又有多少是真正的核心存款成長？

Yes, it's a good question. We typically see outflows related to tax payments at the kind of end of first quarter, early second quarter. So we did see that normal kind of seasonal trend, but it's not that all of that came from DDA, or noninterest-bearing deposits. Certainly some did, but I think we'll expect to hold higher levels of noninterest-bearing deposits as we move forward, given just kind of growth in aggregate across the franchise and growth in customer account. So we certainly see some tax-related outflows here in April, but not enough to backslide us on noninterest-bearing deposits.

是的，這是個好問題。我們通常會在第一季末、第二季初看到與繳稅相關的資金流出。所以我們確實看到那種正常的季節性趨勢，但並不是所有流出都來自活期存款（DDA）或無息存款。當然有一部分是，但我認為隨著我們整體據點規模成長以及客戶帳戶成長，未來我們預期能維持較高水準的無息存款。因此我們在4月確實看到一些與稅款相關的流出，但不足以讓我們在無息存款上出現倒退。

Got it. And then maybe just last for me. So you have The Villages conversion coming up here this summer. Can you just remind me how much cost saves are still set to come out of the run rate?

了解。最後一個問題。你們今年夏天即將進行The Villages的系統轉換。可以提醒我一下，還有多少成本節省預計會在經常性費用水準（run rate）中逐步反映出來？

Yeah. So we articulated a 26%, 27% cost out kind of at announcement. As we talked about, I think, on the last call, we have an earnings step -- or I'm sorry, an expense step-up here in the second quarter with our normal annual pay cycle and increase. We'll expect maybe a little tick up in the efficiency ratio headed into conversion as well in the second quarter.

是的。所以我們在公告時闡述了大約 26%、27% 的成本削減幅度。如同我們在上次電話會議中提到的，第二季因為我們正常的年度薪酬週期與調薪，獲利端——抱歉，是費用端——會有一個階梯式上升。我們也預期在第二季、接近系統轉換前，效率比率可能會小幅上揚。

And then we'll see the cost out come in the back half of the year as our efficiency ratio begins to step back down into the fourth quarter. So that's kind of a way to think about it. We are, as we talked about, hiring and growing as well. And so that will offset some of the expense saves that are just discrete from the deal.

接著在下半年，隨著效率比率在第四季開始階梯式回落，我們會看到成本削減逐步反映出來。大致可以這樣理解。另外，如同我們談到的，我們也在招募並擴張。因此，這會抵銷一部分僅由交易本身所帶來、較為離散的費用節省。

And I'd just remind you to push back to the guidance we laid out last quarter that's reiterated in the slide. We think a full-year efficiency ratio is somewhere between 53% and 55%. So as you're modeling, that's kind of the ballpark where we expect to be full year.

我也提醒你回頭看我們上季提出、並在投影片中再次重申的指引。我們認為全年效率比率大約會落在 53% 到 55% 之間。所以你在建模時，這就是我們預期全年大致所在的區間。

Perfect. All right. Well, thanks for taking my questions. Congrats on the good quarter.

完美。好。謝謝你回答我的問題。恭喜這一季表現不錯。

Thanks, Woody.

謝謝你，Woody。

Russell Gunther, Stephens.

Russell Gunther，Stephens。

Hey, good morning, guys. Chuck, maybe to start on the core margin. It would be helpful to get a sense for how you are expecting that to trend going forward, maybe touching on incremental commercial loan yields versus deposit costs?

各位早安。Chuck，或許先從核心利差談起。希望能了解你們對未來走勢的預期，能否談談新增商業貸款殖利率相對於存款成本的變化？

And then on that last front, as it relates to the cost of deposits from here, do you think you have the ability to continue to lower? Or is there, perhaps with the Fed on pause an upward bias to deposit costs embedded in the revenue guide?

另外，就存款成本而言，從現在起你們覺得還有能力繼續降低嗎？或者，若聯準會暫停降息，存款成本是否可能帶有上行偏誤，並已反映在營收指引中？

Hey, Russell, this is Michael. I'll take that one. A couple of questions in there, so I'll try to hit each one.

Russell 你好，我是 Michael。我來回答。你這裡面有幾個問題，我會盡量逐一回覆。

First, on the margin progression, we do expect continued margin expansion here in the second and third quarter. You saw we exited the quarter with lower deposit costs than we kind of started the quarter as we continue to blend the rate volume mix down. We're still at a 75% loan-to-deposit ratio. So we're in a really strong balance sheet position there.

首先，關於利差的走勢，我們預期第二季與第三季利差會持續擴張。你也看到我們在季末的存款成本比季初更低，因為我們持續把利率與量的組合往下調整。我們的貸存比仍在 75%。所以資產負債表的狀況非常強健。

But I think as we've approached kind of this 1.30% ROA and 16% ROTE that we've been targeting, we do want to be on the offensive and grow. And so I think we'll continue to try to do that throughout the year while maintaining the profitability levels and the guidance that we talked about. But we do expect continued pretty nice margin progression here in the second quarter, third quarter.

不過我想，當我們逐步接近我們目標的 1.30% ROA 與 16% ROTE 時，我們確實希望更積極進攻、推動成長。因此我認為我們會在全年持續嘗試這麼做，同時維持我們談到的獲利水準與指引。但我們確實預期第二季、第三季利差會有相當不錯的延續性改善。

That will -- on the deposit cost side, without Fed cuts, as you saw, we revised the revenue guidance low end down by 1 percentage point. That's basically our rate sensitivity to two cuts is really all that is. And so we could see some stabilizing to increasing deposit costs potentially later this year without Fed rate cuts as we grow the deposit balances from here.

至於存款成本這一塊，在沒有聯準會降息的情況下，如你所見，我們把營收指引的低端下修了 1 個百分點。那基本上就是我們對兩次降息的利率敏感度所反映的影響。因此，如果今年稍晚仍未降息，而我們又從這裡開始擴大存款餘額，存款成本可能會出現趨於穩定到略為上升的情況。

On the loan yields side, the other part of your question. We still saw kind of add-on yields in the low 6s this quarter. We are seeing a little more mix of residential mortgage retention, as we've talked about before, which with the high -- the long end of the curve at higher levels is pretty attractive rates and good risk-adjusted returns. So we've seen that coming through as a benefit.

至於貸款殖利率，也就是你問題的另一部分。本季我們仍看到新增貸款殖利率在 6% 出頭的水準。如同我們之前提過，我們看到更多住宅房貸留存的組合；在殖利率曲線長端維持較高水準的情況下，這些利率相當有吸引力，且風險調整後報酬良好。因此我們看到這部分帶來正面效益。

On the commercial side, there's obviously been competitive forces at play, but we still are being disciplined there and really holding around kind of the 6% level.

在商業端，顯然存在競爭壓力，但我們仍保持紀律，基本上把水準維持在約 6% 左右。

Okay, thank you, Michael. Thanks for tackling all of those. Maybe switching gears on the expense side, a follow-up to the discussion already appreciate the glide path. Maybe just some color, or clarification in terms of your efficiency target and how tethered that is to revenue. So if we're at the high end of revenue, should we be at the low end of efficiency, or is there some flex there?

了解，謝謝你，Michael。也謝謝你把這些都回答到了。接著換個方向談費用端，延續剛才的討論，我很感謝你們提供的路徑說明。想請你們再補充或釐清一下：你們的效率目標與營收之間的連動程度如何？也就是說，如果營收落在高端，效率比率是否就應該落在區間低端，還是中間有彈性？

And then kind of post-conversion, how do you think about a normalized growth rate for Seacoast given the franchise investment you kind of see ahead of you, at least on the lending hiring front?

另外，在轉換完成之後，考量你們在特許經營投資上（至少在放款端的人才招募方面）所看到的前置投入，你們如何看待 Seacoast 的常態化成長率？

Yeah. I would think about it this way. We put the guide out there, the 53% to 55% to give you a sense of where we think we'll land full year. If revenue is higher, I think that does fall to the bottom line and pushes us to the lower end of that range. We're -- given the fact that, as Michael laid out, we won't potentially have two Fed cuts, that's going to probably not drive as low deposit costs as we thought we'd see on the back half of the year.

是的。我會這樣看。我們提出 53% 到 55% 的指引，是為了讓你了解我們認為全年會落點在哪裡。如果營收更高，我認為那會直接反映到獲利端，並把我們推向該區間的低端。但鑑於 Michael 所說，我們可能不會有兩次聯準會降息，這大概會使下半年存款成本不會像我們原先預期那樣下降得那麼多。

And as such, that's going to require us to, probably, tighten a little bit on the expense side to navigate through that. But we're confident in our ability to deliver on the overall EPS range. We'll sort of feather that depending on what the back half of the year looks like, but we've given ourselves enough room to be 100% confident in delivering the EPS range. So that would be the way I think about it.

因此，這可能需要我們在費用端稍微收緊一些，以便因應。但我們對於達成整體 EPS 區間的能力很有信心。我們會依下半年實際情況做一些微調，但我們已經預留了足夠空間，對於交付 EPS 區間有 100% 的信心。我會用這樣的方式來理解。

Long term, we'd like to run the company in that same range, kind of that 53% to 55% range is probably where we land. The way we're thinking about the business is running with a return on tangible equity north of 16% and ROA, north of 130% and high-single-digit growth rates kind of with a 53% to 55% efficiency ratio delivers really strong shareholder return compounding over time. And so that's kind of where I think the optimal run rate is for the company and what we're working to deliver to shareholders.

長期來看，我們希望公司的營運也維持在同樣的區間，大概就是 53% 到 55% 這個範圍。我們對業務的思考是：以有形股東權益報酬率（ROTE）高於 16%、資產報酬率（ROA）高於 130 個基點，並搭配高個位數的成長率，再加上 53% 到 55% 的效率比率，能在時間推移下帶來非常強的股東報酬複利。所以我認為這就是公司最理想的常態化運行水準，也是我們努力為股東交付的目標。

Very helpful. Thank you, Chuck. Thanks, guys, for taking my questions.

非常有幫助。謝謝你，Chuck。也謝謝各位回答我的問題。

Thanks, Russ.

謝謝你，Russ。

Liam Coohill, Raymond James.

Liam Coohill，Raymond James。

Hey, good morning, guys. This is Liam on for David Feaster.

各位早安。我是 Liam，代 David Feaster 提問。

Hey, Liam.

嗨，Liam。

So I appreciate all the color on loan and deposit growth. And I'm curious where in your footprint have you been seeing the most success, and where do you expect the most opportunity to be moving forward? Is a lot of that deposit growth coming from The Villages or is it more of the core markets?

我很感謝你們對貸款與存款成長提供的各種補充說明。我想了解在你們的營運版圖中，哪些地區目前最成功？未來你們預期最大的機會會在哪裡？這些存款成長多數是來自 The Villages，還是更多來自核心市場？

It's broad-based. I mean, I would say that we're seeing good solid growth in The Villages. Some of the new offices that have opened in the Villages II development are growing nicely. We've been very pleased with that. Some of the expansionary markets up into North Florida, up towards Gainesville, Ocala have seen really, really solid growth as we continue to expand what was the legacy Drummond franchise, and then we layered on a really strong banking team up in that market. And then Atlanta is also off to a really nice start.

是全面性的。我的意思是，我會說我們在 The Villages 看到良好且穩健的成長。在 Villages II 開發案中新開的幾個據點成長得很不錯。我們對此非常滿意。另外，一些向北佛州擴張的市場，往 Gainesville、Ocala 方向，隨著我們持續擴大原 Drummond 的既有特許經營版圖，並在該市場再加上一支非常強的銀行團隊，也看到非常、非常扎實的成長。而 Atlanta 也有一個相當不錯的開局。

And so it's fairly broad-based with most of the growth coming from, probably, The Villages and the expansionary markets, some of the new markets we've opened up.

因此，這是相當廣泛的成長基礎，大部分成長可能來自 The Villages 以及擴張型市場，也包括我們新開拓的一些新市場。

Great, thanks. And then on deposit costs, do you expect noninterest balance growth to be the larger driver of total deposit cost reductions in the back half of the year, especially if we're assuming kind of more of a stable rate environment?

很好，謝謝。接著關於存款成本，您是否預期在今年下半年，非計息存款餘額的成長會成為推動整體存款成本下降的更大動能，特別是在我們假設利率環境大致穩定的情況下？

Yes, it's a good question. I think we've been optimizing, particularly on the CD rate side, letting some of the higher rate CDs roll down, which has been a driver along with some noninterest-bearing growth and just repricing of money markets as the Fed cut rates.

是的，這是個好問題。我認為我們一直在做最佳化，特別是在定存（CD）利率端，讓一些較高利率的定存到期後往下調整，這一直是推動因素之一；同時也有一些非計息存款的成長，以及在聯準會降息後，貨幣市場存款的重新定價。

I think as we move forward, some of it will be mix driven, certainly that will improve cost of funds, or maybe keep cost of funds from going up as much over the medium term. But then over time, it's really about the pace of growth. So if we need to grow at higher paces of growth, then we'll see a little more pricing pressure. So I think it's more geared to overall balance sheet growth and how quickly we're growing the deposit portfolio.

我認為往後看，其中一部分會由組合結構所驅動，這當然會改善資金成本，或至少在中期讓資金成本不至於上升那麼多。但隨著時間推進，真正關鍵在於成長速度。因此，如果我們需要以更快的速度成長，那麼我們會看到一些更大的定價壓力。所以我認為這更取決於整體資產負債表的成長，以及我們存款組合成長的速度。

That makes sense. And last thing for me to touch on was it was really impressive to see the wealth management balance growth in a quarter where the market was down almost 5%. And with new asset growth continuing and the market rebounding in April, would it be unreasonable to expect some nice balance growth into 2Q?

了解。我最後想提的是，在市場下跌將近 5% 的季度裡，看到財富管理餘額仍能成長，真的很令人印象深刻。隨著新增資產持續成長、且市場在 4 月反彈，若預期第二季（2Q）餘額有不錯的成長，會不會不太合理？

We do expect that to continue to grow in some of the -- what we're really excited about in the first quarter is we saw almost $17 million of new AUM coming out of The Villages, and $15 million-plus coming out of what was the legacy Heartland market. So it's really great to see new opportunities coming out of those two new acquisitions from last year. And the business is operating exceptionally well, and we expect to continue to grow throughout the year.

我們確實預期這會持續成長。我們在第一季真正感到振奮的是，我們看到來自 The Villages 的新增 AUM（管理資產）接近 1,700 萬美元，另外來自原 Heartland 傳統市場的新增也超過 1,500 萬美元。因此，看到去年兩項新併購帶來的這兩個新市場出現新的機會，真的很棒。而且這項業務的營運表現非常出色，我們預期全年都會持續成長。

I continue to be -- remain very bullish on that business inside of Seacoast, and it continues to drive really solid returns on capital. And so ideally, as we move through time, we'll continue to get opportunities in The Villages footprint and the remainder of the franchise. So so far, everything is going right according to plan.

我對 Seacoast 內部的這項業務仍然非常看多，它也持續帶來相當穩健的資本報酬。因此理想情況下，隨著時間推進，我們會在 The Villages 的據點範圍以及整個特許經營版圖的其他地區，持續獲得更多機會。所以到目前為止，一切都完全按計畫進行。

Appreciate all the color. Thanks, guys.

感謝提供這麼多細節。謝謝各位。

Awesome. Thanks, Liam.

太好了。謝謝你，Liam。

Kyle Gierman, Hovde Group.

下一位是 Hovde Group 的 Kyle Gierman。

Hi, this is Kyle on for Dave Bishop.

嗨，我是 Kyle，代 Dave Bishop 提問。

Good morning.

早安。

Good morning. I was wondering in your prior guidance, you referenced plans for a meaningful banker headcount growth into 2026. I believe it was around 15%. I was wondering if you could update us on the progress so far this year, your target for like net new producers for 2026, and how that hiring pace factors into your efficiency and revenue guidance?

早安。我想請教，在你們先前的指引中提到，計畫在 2026 年前大幅增加銀行家人數。我記得大約是 15%。想請你們更新一下今年迄今的進度、你們對 2026 年淨新增產能人員（producers）的目標，以及這樣的招募速度如何反映在你們的效率與營收指引中？

Yes, I'll take that. We're about halfway there. That would be the way to describe it. We, through the first quarter, got about half of what we wanted to get done. Through the remainder of the year, we'll see what opportunities emerge.

好的，我來回答。我們大概完成一半了。可以這樣形容。截至第一季，我們大約完成了想做的一半。至於今年剩下的時間，我們會看看有哪些機會出現。

We're going to be thoughtful about making sure we manage efficiency and manage the EPS guide we've given, but we'll see what opportunities emerge for us. But so far, so good. We continue to focus on that. And particularly, as I mentioned earlier, in some of the expansionary markets, we continue to add on bankers and I remain excited about what's out there for us.

我們會審慎確保能管理好效率，並管理我們已給出的 EPS 指引，但我們會看看有哪些機會浮現。不過到目前為止，一切都很順利。我們會持續聚焦在這件事上。尤其如我先前提到的，在一些擴張型市場，我們持續增聘銀行家，我也仍然對我們面前的機會感到興奮。

Thank you. And then maybe I was wondering how your M&A appetite, kind of, evolved heading into the back half of 2026, especially with The Villages conversion approaching. I was wondering if you are actively evaluating in market or adjacent opportunities in your Florida and Georgia markets, or is the near-term focus squarely on integration and organic growth? Thanks.

謝謝。另外我想請教，隨著 The Villages 的系統轉換日益接近，你們在 2026 年下半年之前，對併購（M&A）的意願有什麼樣的變化？你們是否正積極評估佛羅里達與喬治亞市場內或鄰近市場的機會，還是短期重點會完全放在整合與有機成長？謝謝。

Yeah, great question. At the moment, it's heads down, focused on integration. Obviously, the impacts of this transaction are substantial on the earnings profile of the company. We want to get this absolutely 100% right, and we're going to deliver a flawless conversion. The team is heads down, very focused on it, and I'm confident we'll get that done.

是的，這是個好問題。目前我們是埋頭專注在整合上。顯然，這筆交易對公司獲利結構的影響相當重大。我們希望把這件事做到百分之百正確，並且我們會交付一次零瑕疵的轉換。團隊正埋頭投入、非常專注，我有信心我們能完成。

As we come out of that, we'd obviously be available to do M&A. We remain kind of focused only on Florida from an M&A perspective. There's only about a handful of banks left that are big enough and in the right markets to be impactful. And if one of those were to emerge, we would certainly look at it.

等我們完成之後，我們當然也會有能力進行併購。從併購角度來看，我們仍然大致只聚焦在佛羅里達。目前只剩下少數幾家規模夠大、且位於合適市場、能帶來實質影響的銀行。如果其中之一出現機會，我們一定會評估。

But it is -- there is a limited opportunity set as we move through time under that structure. And so it could be there. It might not be there. But right now, it's focused on The Villages.

但在這樣的架構下，隨著時間推進，可選的機會集合確實有限。所以可能會有。也可能沒有。但現在的重點是 The Villages。

Thank you for taking my questions.

謝謝回答我的問題。

Awesome. Thank you.

太好了。謝謝你。

I'll now turn the call back over to Chuck Shaffer for closing remarks.

接下來我把電話交回給 Chuck Shaffer 做結語。

All right. Well, thank you all for joining us this morning. And just for the Seacoast team, really proud of the team this quarter. They continue to do an excellent job growing the franchise amongst working exceptionally hard to deliver an upcoming conversion and a lot of hard work going on, on that as well with building around other new tools, AI products, and we're going to come out of '26 much stronger than we came into it. So I couldn't be more excited about the year ahead, and thank you all for being on the call, and we're available for follow-up calls if anybody has them.

好的。非常感謝各位今天早上加入我們。另外就 Seacoast 團隊而言，我對本季團隊的表現感到非常自豪。他們持續在拓展特許經營版圖方面做得非常出色，同時也非常努力地推進即將到來的系統轉換；在這方面也投入了大量辛勤工作，並且也在建置其他新工具與 AI 產品。我們將在 2026 年結束時比進入 2026 年時更強大。因此我對接下來的一年感到非常振奮，也謝謝各位參與本次電話會議；若有人需要，我們也可安排後續電話討論。

So that will conclude our call. Thank you, Kate.

那麼本次電話會議到此結束。謝謝你，Kate。

Ladies and gentlemen, that concludes today's call. Thank you for joining. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。