SB Financial Group Inc (SBFG) 2026 Q1 法說會逐字稿

Good morning, and welcome to the SB Financial First Quarter 2026 Conference Call and Webcast. I would like to inform you that this conference call is being recorded and that all participants are in a listen-only mode.

早安，歡迎收聽 SB Financial 2026 年第一季電話法說會暨網路直播。我想提醒各位，本次電話會議將被錄音，且所有與會者目前皆為僅收聽模式。

We will begin with remarks by management and then open the conference up to the investment community for questions and answers. I will now turn the conference over to Sarah Meekus with SB Financial. Please go ahead, Sarah.

我們將先由管理團隊致詞，隨後開放投資社群進行問答。現在我把會議交給 SB Financial 的 Sarah Meekus。Sarah，請開始。

Thank you, and good morning, everybody. I'd like to remind you that this conference call is being broadcast live over the Internet and will be archived and available on our website.

謝謝，各位早安。提醒各位，本次電話會議正透過網際網路進行即時直播，並將存檔於我們的網站供日後收聽。

Joining me today are Mark Klein, Chairman, President, and CEO, Tony Cosentino.

今天與我一同出席的有董事長、總裁暨執行長 Mark Klein，以及 Tony Cosentino。

Chief Financial Officer, and Steve Walls, Chief Lending Officer.

財務長，以及放款長 Steve Walls。

Today's presentation may contain forward-looking information. Cautionary statements about this information, as well as reconciliations of non-GAAP financial measures, are included in today's earnings release materials, as well as our SEC filings.

今天的簡報可能包含前瞻性資訊。關於該等資訊的警示性聲明，以及非 GAAP 財務衡量指標的調節表，均載於今日的財報新聞稿資料以及我們向 SEC 提交的文件中。

These materials are available on our website, and we encourage participants to refer to them for a complete discussion of risk factors and forward-looking statements.

上述資料可於我們的網站取得，我們鼓勵與會者參閱，以完整了解風險因素與前瞻性聲明。

These statements speak only as of April 24, 2026, and SG Financial undertakes no obligation to update them.

上述聲明僅截至 2026 年 4 月 24 日為準，且 SG Financial 不承擔更新之義務。

I will now turn the call over to Mr. Klein.

現在我把電話會議交給 Klein 先生。

Thank you, Sarah, and good morning, everyone. Welcome to our first quarter 2026 conference call and webcast.

謝謝你，Sarah，各位早安。歡迎參加我們 2026 年第一季電話法說會暨網路直播。

First quarter represented a solid start to the year for SB Financial and really reinforces the consistency and resilience of our operating model.

第一季為 SB Financial 今年帶來穩健的開局，也再次印證我們營運模式的一致性與韌性。

Our results reflected balance sheet performance across the franchise, supported by loan growth, stable net interest income, improved fee-based revenue, disciplined expense management, and sound credit quality.

我們的成果反映出全體據點的資產負債表表現，並受惠於放款成長、淨利息收入穩定、手續費型收入改善、費用控管有紀律，以及良好的信用品質。

This quarter also marked the first full anniversary of the Marblehead acquisition, and we now view that transaction as a solid contributor to our funding base, expanded presence in Northern Ohio, and overall franchise stability.

本季也標誌著 Marblehead 併購案滿一周年；我們目前認為該交易對我們的資金來源基礎、在俄亥俄州北部的據點擴張，以及整體特許經營穩定性，皆有穩健貢獻。

While the operating environment remains competitive, we continue to feel good about our position. Balancesheet remains sound, our credit metrics continue to compare favourably, and our business line provides a healthy mix of margin and fee-based revenue.

儘管營運環境仍具競爭性，我們對自身定位仍感到樂觀。資產負債表依然健全，我們的信用指標持續表現優於同業，而各業務線也提供健康的利差與手續費型收入組合。

We believe that combination, along with our disciplined approach to growth and capital deployment, supports our ability to build long-term shareholder value.

我們相信，這樣的組合，加上我們對成長與資本配置的紀律性作法，將支持我們創造長期股東價值的能力。

Briefly, some highlights for the quarter. Net income, $4.3 million, with diluted EPS, $0.69 compared to GAAP diluted EPS of $0.33 for the first quarter of 2025.

簡要說明本季重點：淨利為 430 萬美元，稀釋後每股盈餘（EPS）為 0.69 美元，相較於 2025 年第一季 GAAP 稀釋後 EPS 的 0.33 美元。

This now marks our 61st consecutive quarter of profit goalie.

這也代表我們已連續第 61 季維持獲利。

Tangible book value per share ended the quarter at $18.45, compared to $15.79 for the first quarter of 2025, and $18 at year-end.

每股有形帳面價值於季末為 18.45 美元，相較於 2025 年第一季的 15.79 美元，以及年末的 18 美元。

Adjusted tangible book value per share, excluding AOCI, now comes in at nearly $22.

排除 AOCI 的調整後每股有形帳面價值目前接近 22 美元。

Our net interest income totaled $12.7 million, compared to $11.3 million in the first quarter of 2025, and $12.7 million in the linked-quarter. The year-over-year improvement was driven by higher interest income on loans.

我們的淨利息收入合計為 1,270 萬美元，相較於 2025 年第一季的 1,130 萬美元，以及前一季（連結季度）的 1,270 萬美元。年增主要由放款利息收入提高所帶動。

And a stable funding profile, while the linked-quarter comparison remained relatively consistent.

以及穩定的資金來源結構；而與前一季相比則大致維持一致。

Loan balances increased by approximately $92 million from the prior year quarter and approximately $500,000 from the linked-quarter, reflecting continued production across the franchise and extended our trend of sequential quarterly growth.

放款餘額較去年同期增加約 9,200 萬美元，較前一季增加約 50 萬美元，反映全體據點持續放款承作，並延續我們逐季成長的趨勢。

Total deposits in the quarter at $1.37 billion compared to $1.27 billion.

本季存款總額為 13.7 億美元，相較於 12.7 億美元。

For the first quarter of 2025 and $1.3 billion at year-end.

2025 年第一季，以及年末的 13 億美元。

On a year-over-year basis, deposits increased over $100 million or nearly 8%, reflecting continued organic deposit growth and stable client relationships across the franchise.

以年增來看，存款增加逾 1 億美元、約近 8%，反映持續的有機存款成長，以及全體據點穩定的客戶關係。

Nonage income improved to $4.7 million from $4.1 million in the first quarter of the year and $3.7 million from the linked-quarter.

非利息收入提升至 470 萬美元，高於今年第一季的 410 萬美元，亦高於前一季的 370 萬美元。

Our percentage of fee income to total revenue of 27% was slightly higher than the prior year and well ahead of the linked-quarter.

手續費收入占總營收比重為 27%，略高於去年同期，且明顯優於前一季。

Non-interest expense totaled $11.9 million and improved from the prior year quarter, while increasing modestly from the linked prior year quarter included acquisition-related expenses and incremental operating costs associated with Marblehead, which elevated the comparison period.

非利息費用合計為 1,190 萬美元，較去年同期改善，但較前一季小幅增加；前一季包含併購相關費用及與 Marblehead 相關的新增營運成本，使比較基期偏高。

Asset quality continues to remain a strength of SB Financial. Non-performing assets totaled $4.8 million or 0.3% of total assets compared to $6.1 million or 0.41 the first quarter.

資產品質仍是 SB Financial 的強項。不良資產合計為 480 萬美元，占總資產 0.3%，相較於第一季的 610 萬美元或 0.41。

While non-performing assets increased modestly from year-end, overall credit performance remained sound and reserve coverage remained strong.

雖然不良資產較年末小幅上升，但整體信用表現仍然穩健，且備抵覆蓋率維持強勁。

We're especially pleased with the efforts of not only our lenders, but more importantly, our collection team, which drove our total delinquency level down to just 28 basis points a quarter-end.

我們特別肯定不僅是放款團隊，更重要的是催收團隊的努力，將期末總逾期率降至僅 28 個基點。

As we've revealed in prior quarters, we continue to key on our five key strategic initiatives: growing and diversifying revenue, more scale for efficiency, a greater share of the client's wallet for more scope, operational excellence, and of course, asset quality.

如同先前季度所揭露，我們持續聚焦五項關鍵策略：成長並多元化營收、透過規模提升效率、提高客戶錢包占有率以擴大業務範疇、營運卓越，當然還有資產品質。

Looking a little closer at revenue diversity, mortgage originations totaled approximately $66 million compared to approximately $40 million for the first quarter of 2025 and approximately $72 million in the linked-quarter. Mortgage business remains an important part of our franchise, helping us expand household relationships while also contributing meaningful fee income across the company.

更進一步看營收多元性：房貸承作金額約為 6,600 萬美元，相較於 2025 年第一季約 4,000 萬美元，以及前一季約 7,200 萬美元。房貸業務仍是我們特許經營的重要一環，協助我們擴大家庭戶關係，同時也為全公司貢獻可觀的手續費收入。

While weaker volume than we anticipated in the quarter, the pipeline has stabilized at approximately $35 million, and we anticipate approximately 25% increase in volume for the second quarter sequentially from the linked-quarter.

雖然本季量能較我們預期疲弱，但案源管線已穩定在約 3,500 萬美元；我們預期第二季承作量將較前一季逐季增加約 25%。

Peak title continued to perform well during the quarter, benefiting both internal referrals and continued traction of clients outside of the bank.

Peak Title 本季持續表現良好，受惠於內部轉介以及銀行外部客戶持續增加的動能。

This business remains a valuable part of our product set and an important contributor to fee income diversification.

該業務仍是我們產品組合中具價值的一環，也是手續費收入多元化的重要貢獻來源。

On the scale front, the Marblehead acquisition continues to support our funding profile and we remain pleased with the stability of those client relationships just one year after closing.

在規模方面，Marblehead 併購案持續支撐我們的資金來源結構；在交割滿一年之際，我們對這些客戶關係的穩定性仍感到滿意。

Deposit growth continued to provide meaningful support to our balance sheet. We remain pleased with the stability of the Marblehead relationships, and more broadly, we continue to see opportunities to grow deposits organically through client calling efforts, treasury management activities, and the broader relationship model that has served us well across our markets, particularly with the current market disruption and consolidation.

存款成長持續為我們的資產負債表提供實質支撐。我們對 Marblehead 客戶關係的穩定性仍感到滿意；更廣泛而言，特別是在目前市場動盪與整併的背景下，我們仍看到透過客戶拜訪、財資管理活動，以及在各市場行之有效的整體關係經營模式來推動有機存款成長的機會。

As we discussed previously, we committed to two nearby markets recently, Angola, Indiana and Napoleon, Ohio, and these results have exceeded our admittedly aggressive goals.

如先前所述，我們近期承諾投入兩個鄰近市場：印第安納州的 Angola 與俄亥俄州的 Napoleon，而成果已超出我們坦白說相當積極的目標。

We have closed nearly now $19 million in loans and approximately $17 million in deposits in just five months of operation.

在僅五個月的營運期間內，我們已完成近 1,900 萬美元的放款，以及約 1,700 萬美元的存款。

These two markets have clearly been at the forefront of market disruption I just mentioned, and we certainly have seized on that opportunity.

這兩個市場顯然正處於我剛提到的市場動盪前線，而我們確實把握了這個機會。

Client relationships, more scope.

客戶關係，更多業務範疇。

We remain focused on serving clients through our relationship-based model that emphasizes responsiveness, local market knowledge, and a full suite of products and services.

我們仍專注於透過關係導向的模式服務客戶，強調快速回應、在地市場知識，以及完整的產品與服務組合。

We continue to believe that that approach, combined with our hybrid offers model and expanding digital capabilities, positions us well to serve our clients across both legacy and newer urban expansion markets.

我們持續相信，該作法結合我們的混合式服務模式與不斷擴充的數位能力，使我們能在既有市場與較新的都會擴張市場中，良好地服務客戶。

Referral activity continues to be an important tool in strengthening household relationships across our business line, and we continue to view that cross-functional approach as an important part of deepening client relationships across a franchise and delivering more scope and a greater share of the client wallet.

轉介活動仍是強化我們各業務線家庭戶關係的重要工具；我們也持續將此跨職能作法視為深化全體特許經營客戶關係、提供更多業務範疇並提升客戶錢包占有率的重要一環。

On operational excellence, we remain focused on matching growth with disciplined execution.

在營運卓越方面，我們仍專注於以嚴謹的執行來匹配成長。

The first quarter reflected that mindset with expense levels improving from the prior-year period and remaining controlled relative to revenue.

第一季反映了這種心態，費用水準較去年同期改善，且相對於營收仍維持受控。

Plus, we continue to evaluate staffing, technology and physical presence across the franchise to ensure resources are always aligned with current client activity and long-term market opportunities.

此外，我們持續評估整個特許經營體系的人力配置、科技與實體據點，以確保資源始終與目前客戶活動及長期市場機會相一致。

Capital levels remain strong with improvement in total capital and higher ratios for both TCE and CTE1 regulatory capital.

資本水準仍然強勁，總資本有所提升，TCE 與 CTE1 監管資本比率亦更高。

And finally, before I turn it over to our CFO, Tony Cosentino, asset quality, credit performance remained sound for the quarter, while non-performing assets increased modestly from year-end, they remained well below the prior year quarter level and reserve coverage exceeded 400% and continues to reflect our conservative approach to risk management.

最後，在我把時間交給我們的財務長 Tony Cosentino 之前，本季資產品質與信用表現仍然穩健；雖然不良資產較年末小幅增加，但仍遠低於去年同季水準，且備抵覆蓋率超過 400%，持續反映我們保守的風險管理作法。

The allowance for credit losses at 1.39% remain strong relative to total loans with criticized and classified loans at just $4.6 million, down $2.5 million, or 35%, from the prior year.

信用損失準備占比 1.39%，相對於總放款仍屬強勁；受關注與分類放款僅 460 萬美元，較去年減少 250 萬美元（或 35%）。

We continue to emphasize disciplined underwriting, proactive management of problem assets, and prudent growth across all markets.

我們持續強調嚴謹的授信審核、問題資產的主動管理，以及在所有市場的審慎成長。

We believe that combination remains one of the key differentiators for SP Financial and an important metric.

我們相信，這樣的組合仍是 SP Financial 的關鍵差異化因素之一，也是重要指標。

For our long-term performance. Now, I'd like to ask Tony to give us some more details on our quarterly performance. Tony.

對於我們的長期表現而言。現在，我想請 Tony 為我們提供更多關於本季表現的細節。Tony。

Thanks, Mark, and good morning again, everyone. Let me outline some highlights and important details of our first quarter results.

謝謝你，Mark，也再次向各位道早安。讓我概述第一季業績的一些重點與重要細節。

On the income statement, in the first quarter, total operating revenue increased to $17.4 million, representing a 13.2% increase from the $15.4 million in the prior-year period and a 6.1% increase from the linked-quarter.

在損益表方面，第一季總營運收入增至 1,740 萬美元，較去年同期的 1,540 萬美元成長 13.2%，較上一季（連結季度）成長 6.1%。

As Mark noted, this quarter reflected a balanced revenue performance with stable net interest income and a stronger contribution from our fee-based businesses.

如 Mark 所提到，本季營收表現均衡，淨利息收入穩定，且手續費型業務貢獻更強。

Mark also detailed our GAAP EPS earlier in the call, and when we adjust both years for OMSR recapture and the Marblehead merger costs, EPS would be $0.63 for the current period compared to $0.42 in Q1 of '25, up over 50% on an adjusted basis.

Mark 先前已在電話會議中說明我們的 GAAP 每股盈餘（EPS）；若將兩年度的 OMSR 回收及 Marblehead 併購成本加以調整，本期 EPS 將為 0.63 美元，較 2025 年第一季的 0.42 美元，在調整後基礎上成長超過 50%。

Net interest income was up $1.4 million or 12.7% from the first quarter of '25 and consistent to the linked-quarter.

淨利息收入較 2025 年第一季增加 140 萬美元（或 12.7%），且與上一季持平。

The year-over-year increase was driven primarily by continued balance sheet growth, better mix, and the repricing benefits within the portfolio.

年增主要由持續的資產負債表成長、更佳的結構組合，以及投資組合內重訂價帶來的效益所驅動。

Total interest expense increased modestly from the prior-year quarter as higher volume-driven deposit costs were partially offset by lower costs across other funding sources.

總利息費用較去年同季小幅增加，因存款成本在量增帶動下上升，但部分被其他資金來源成本下降所抵銷。

While funding costs remain an important point of focus, the overall funding profile of the company remains well aligned with the asset growth we have achieved over the last year.

雖然資金成本仍是重要關注重點，但公司整體資金結構仍與過去一年所達成的資產成長良好匹配。

Net interest margin for the quarter was 3.49% compared to 3.41% in the prior year quarter and 3.52% in the linked-quarter.

本季淨利差為 3.49%，相較去年同季為 3.41%，上一季為 3.52%。

Even with net interest income remaining flat sequentially, the company continued to benefit from the larger balance sheet and the repricing of interest earning assets.

即使淨利息收入在季比上維持持平，公司仍持續受惠於更大的資產負債表規模以及生息資產的重訂價。

Non-interest income increased to $4.7 million.

非利息收入增加至 470 萬美元。

On a percentage basis, that represents an increase of approximately 14.7% from the prior year period and 27% from the linked-quarter.

以百分比計，較去年同期約增加 14.7%，較上一季增加 27%。

The quarter-over-quarter and year-over-year improvement was driven by higher mortgage loan servicing fees, stronger gains on sale of mortgage loans and OMSR, and improved gains on the sale of SBA loans.

季比與年比的改善主要來自更高的房貸服務費、更強的房貸與 OMSR 出售收益，以及 SBA 貸款出售收益的提升。

The total mortgage banking contribution for the quarter was $1.8 million, compared to $1.5 million in the prior year quarter and $1.5 million in the linked-quarter.

本季房貸銀行業務總貢獻為 180 萬美元，去年同季為 150 萬美元，上一季亦為 150 萬美元。

We continue to utilize our hedging program, which was in the money for the quarter, as it successfully offset the disruption in the rate markets.

我們持續運用避險計畫，本季處於獲利狀態，成功抵銷利率市場的擾動。

Operating expenses totaled $11.9 million in the quarter, down $500,000 from the prior year and up just $700,000 from the linked-quarter.

本季營運費用合計 1,190 萬美元，較去年減少 50 萬美元，較上一季僅增加 70 萬美元。

The year-over-year comparison benefited from the one-time merger-related costs that were present in the first quarter of 2025.

年比比較受惠於 2025 年第一季出現的一次性併購相關成本。

The link quarter increase was modest and reflects normal quarterly expense variability.

季比增加幅度不大，反映正常的季度費用波動。

Our efficiency ratio for the first quarter was 68.1%, representing a meaningful improvement from the prior-year period and continued stability on a sequential basis.

第一季效率比率為 68.1%，較去年同期顯著改善，且在季比基礎上維持穩定。

Our adjusted efficiency ratio was down by over 500 basis points in the prior period, and the adjusted operating leverage was a positive 5 times.

我們的調整後效率比率較前期下降超過 500 個基點，而調整後營運槓桿為正 5 倍。

Turning to the balance sheet, loan balances ended the quarter at approximately $1.18 billion, reflecting continued year-over-year growth and a modest increase from year-end, with loans to assets at a healthy 74%.

轉向資產負債表，放款餘額於季末約為 11.8 億美元，反映持續的年增成長，且較年末小幅增加；放款占資產比率維持健康水準 74%。

We remain encouraged by the continued stability in production across the franchise, and we believe the current balance sheet remains well-positioned to support additional disciplined loan growth during the year.

我們對整個特許經營體系的產能持續穩定感到鼓舞，並相信目前的資產負債表已具備良好條件，可在今年支持更多具紀律的放款成長。

Our loan-to-deposit ratio at quarter end was 86%, although we continue to view the low to mid-90s as a reasonable long-term operating range. The current funding profile gives us flexibility to support loan growth while maintaining strong liquidity and a balanced risk posture.

季末放款對存款比率為 86%，不過我們仍認為低到中 90% 是合理的長期營運區間。現行資金結構讓我們在維持強勁流動性與均衡風險態勢的同時，具備支持放款成長的彈性。

On Capital Management, during the quarter, the company repurchased approximately 29,000 shares at an average price of $21.12.

在資本管理方面，本季公司以平均每股 21.12 美元回購約 29,000 股。

We have guided lower on the payback on the buyback for 2026 as prices are at or near our adjusted tangible book value.

由於股價處於或接近我們調整後的有形帳面價值，我們已下調 2026 年回購的回收效益（payback）指引。

We are also cognizant of the impending potential call of our sub-debt that would require a capital outlay, potentially impacting an aggressive buyback posture moving forward.

我們也留意到即將可能行使的次順位債（sub-debt）提前贖回，將需要資本支出，可能影響未來採取更積極回購策略的空間。

Turning lastly to asset quality, while non-performing assets totaled $4.8 million and relatively unchanged compared to the linked-quarter, we did foreclose on a large property that elevated Oreo with a like-size reduction in NPLs.

最後談到資產品質，雖然不良資產合計 480 萬美元，與上一季相比大致不變，但我們確實對一處大型不動產進行法拍，推升了 OREO，同時以相近規模降低了不良放款（NPL）。

We feel confident in our collateral position and do not anticipate further write-downs from this relationship.

我們對擔保品部位有信心，且不預期此一關係會再產生進一步減記。

The allowance for credit losses as a percentage of total loans was 1.39%.

信用損失準備占總放款比率為 1.39%。

Compared to 1.36% in the linked-quarter and 1.41% in the prior year.

相較上一季為 1.36%，去年為 1.41%。

Coverage of non-performing loans was higher than both the linked and prior-year quarters, underscoring the continued strength of the company's reserve position and disciplined approach to credit risk management.

不良放款覆蓋率高於上一季與去年同季，凸顯公司備抵水位持續強勁，以及在信用風險管理上的紀律作法。

Total delinquencies were also down substantially for both the linked and prior year. And when we exclude loans on non-accrual, the delinquency rate is effectively zero.

總逾期也在季比與年比上大幅下降。而當我們排除停計息放款後，逾期率幾乎為零。

I will now turn the call back over to Mark.

我現在把電話會議交回給 Mark。

Thank you, Tony. We certainly remain encouraged by our positioning as we move through 2026, supported by strong credit fundamentals, as we mentioned, a growing balance sheet and continued discipline in expense control and capital management.

謝謝你，Tony。隨著我們邁入 2026 年，我們對自身的定位仍深受鼓舞；如我們所提，這得益於強勁的信用基本面、持續成長的資產負債表，以及在費用控管與資本管理上的持續紀律。

We're focused on executing across all of our footprint, optimizing our lenders and lending capacity and driving cross-sell activity to support core deposit growth while maintaining a balanced approach to risk. We will be announcing a quarterly dividend of $0.16 per share, equating to an annualized yield of approximately 2.8%, representing 25% of our earnings.

我們專注於在所有營運版圖上落實執行，優化放款人員與放款產能，並推動交叉銷售活動，以支持核心存款成長，同時維持均衡的風險取向。我們將宣布每股 0.16 美元的季度股利，折算年化殖利率約 2.8%，約占我們盈餘的 25%。

We continue to believe the current environment presents attractive opportunities to build on our growth trends.

我們仍然相信，當前環境提供了具吸引力的機會，可在我們的成長趨勢上持續加碼。

Our capital levels provide flexibility, our collective experience provides a clear path to a broader footprint, and our continued focus on improvement supports our long-term objective of scaling our franchise.

我們的資本水位提供了彈性，我們的集體經驗為擴大版圖提供了清晰路徑，而我們持續聚焦改善也支持我們長期擴大經營規模的目標。

Toward the $2 billion strategic goal of a balance sheet.

朝向資產負債表達到 20 億美元的策略目標邁進。

Now I'll open it up for calls and questions.

現在我把時間交給來電與提問。

Sir.

先生。

Nick, you can open up the questions, please.

Nick，請開放提問。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（接線員指示）

Brian Martin, Brean Capital.

Brian Martin，Brean Capital。

Hey, good morning, guys.

各位早安。

Morning, Brian. Hi, Brian.

早安，Brian。嗨，Brian。

Hey, just maybe just a couple things here, and if you guys cover them, you talked to...

嗨，我這邊可能就幾點，如果你們已經涵蓋了，你們剛才提到……

A little bit there on the call about it, but just particularly the success you've had in the newer markets. Mark, you mentioned that. Just kind of trying to get a handle on when you look at loan growth and going forward here, just even the deposit growth, the benefits you've gotten from these new markets. Just can you frame up, just kind of your outlook on loan growth here? Is there more to come from those new markets? I mean, it seems like maybe you've kind of got the low-hanging fruit, but there's still more upside. But. Just frame up kind of your outlook on loan growth in the pipeline here?

你們在電話會議中也稍微談到一些，但我特別想了解你們在較新市場的成功。Mark，你有提到這點。我想掌握的是，當你們看放款成長以及未來走勢，甚至存款成長時，這些新市場帶來的效益。能否請你們說明一下你們對放款成長的展望？那些新市場是否還會有更多貢獻？我的意思是，看起來你們可能已經拿到一些『低垂的果實』，但仍有上行空間。不過，能否請你們就目前管線中的放款成長展望做個說明？

Sure. As I'm sure Brian, Angola was a mortgage production office originally and COVID hit and we left it a mortgage production office and some wealth management business.

當然。Brian，如你所知，Angola 原本是一個房貸生產辦公室（MPO），COVID 爆發後，我們就讓它維持房貸生產辦公室的定位，並搭配一些財富管理業務。

And then recently here... We knew that there was some certainly some opportunities in Angola to develop it in the full-service office and it's been really good, we've got a great staff and there's certainly a lot of opportunity. We used to spend some time up in that market, but when COVID hit, we kind of pulled back, but.

而最近……我們知道 Angola 確實有一些機會，可以把它發展成全方位服務據點，而且進展非常好；我們有很棒的團隊，機會也很多。我們過去也花過一些時間在那個市場，但 COVID 爆發後，我們就稍微收縮了，不過……

Angola is doing well, and we are right on the verge of having black numbers coming out of that with positive P&L. And then Napoleon was specifically a result of the disruption in the market that we all know about, which is a result of consolidation and mergers. And that's got great potential. As I mentioned before in webcast, there's probably $1 billion in that market that has now become deposits of larger regional banks, where, as before. They were deposits of smaller community banks.

Angola 表現得很好，我們也正接近讓那個據點轉正、損益表（P&L）呈現獲利。至於 Napoleon，則是我們都知道的市場動盪所帶來的結果，這源自整併與併購。那個市場潛力很大。正如我先前在網路直播中提到的，那個市場大概有 10 億美元的資金，如今成為大型區域性銀行的存款；而在過去，這些是較小型社區銀行的存款。

And so we feel there's a great opportunity in continuing to lever that. We've got a great staff and that's going to not only provide lending growth, but also nice deposit opportunities in a market that is longing for a community bank that.

因此我們認為，持續運用這個機會有很大的空間。我們有很棒的團隊，這不僅會帶來放款成長，也會在一個渴望社區銀行的市場中帶來不錯的存款機會；該市場先前失去了幾家社區銀行，另外也經歷了一些併購整併與動盪。所以我們對這些市場相當看好。最後，我們在 Gahanna 已經營運一段時間，整體上一直是房貸放款生產辦公室。很可能在年底前，我們會有更多討論，考慮在 Columbus 將其開設為全方位服務據點，因為我們知道那邊確實有一些機會，從我們在 Dublin 的零星業務就能看出來。以上是關於這些據點在新設（de novo）擴張機會方面的一點更新。

Lost a couple of them prior, as well as some merger consolidation and disruption. So we're pretty bullish on those. And then lastly, we've been in Gahanna for a period of time, and it's been generally a mortgage loan production office. And most likely by the end of the year, we'll be having more conversations about opening that as a full-service officer in Columbus, because we know there's certainly some opportunities down there with just the one-offs we have in Dublin. So that's a little update on. On those offices in terms of opportunities for de novo expansion?

好的，那就管線來看，以及你們對接下來幾季的預期呢？

Okay, and as far as just kind of the pipeline and kind of what you're expecting here in kind of the coming quarters?

是的，Steve 可以談談管線。我們最近有幾筆提前清償（payoff），不是因為他們想離開我們，而是因為他們出售了其中一個專案。不過我認為整體狀況相當不錯。我們也多次討論過，我們成長中占比偏高的一部分來自 Columbus，而且仍會持續如此。

Yeah, Steve can speak to the pipeline thing. We've had a few payoffs here recently, not because they wanted to leave us, but because they sold one of their projects. But I think it's generally pretty decent. We know and we've discussed many times about an outweighted segment of our growth has come from Columbus and continues to do so.

但我們今年也提到，我們希望其他市場，例如 Fort Wayne、Indianapolis、Toledo 和 Findlay，都能開始發力，貢獻它們在我們 7,500 萬到 1 億美元成長目標中的那一部分。Steve，你對管線狀況有什麼補充嗎？

But we also indicated this year, we were hoping that our other markets like Fort Wayne and Indianapolis and Toledo and Findlay all kick in and provide their portion of.

有的，Mark。我認為這與我們先前談到的高個位數成長一致。正如我們在之前的電話會議中討論的（Brian 你可能記得），我們正專注於擴大覆蓋面。當然，Columbus 為我們帶來大量成長，未來也會持續，但我們致力於把這個成長故事擴展到其他都會市場；其中也包括如 Mark 先前提到的，進入 Angola 並設立據點。這些——這個故事還有後續可說。那裡仍有更多成長，我們認為我們的模式很適合那些市場。

Our $75 million to $100 million growth, but Steve, any comments on what that pipeline looks like?

Brian，那些市場出現了很多動盪，這其實非常有利於我們。

Yeah, no, Mark, I think consistent with that high single-digits we talked about previously, as we discussed in previous calls, don't remember, Brian, we are focusing on expanding the breadth. Certainly, Columbus delivers a lot of growth for us and will continue to do so, but we are committed to expanding that growth story to those other urban markets, and that even does include, as Mark referenced. Earlier, entering the angle and deploying offices. Those are -- that story remains further to be told. There's more growth there, and we think our model serves those markets well.

即使在動盪之前我們也可以進去，但不會像我們今天看到的這麼強勁。

A lot of disruption, Brian, in those markets, which has really played well into our hand.

好的。

We could have gone there even before the disruption, but it wouldn't be quite as robust as we're finding it today.

在地緣政治風險之下，我們聽到更多人覺得——短期情緒在放款成長方面沒有那麼正向；但聽起來至少你們的管線仍然不錯，而且你們仍對達成今年的目標保持樂觀。

Okay.

是的，Brian，我想確實如此。而且至少到目前為止，我們還沒有看到中東局勢對我們造成太多反作用；你也知道，我們的農業（ag）投組並不小。

With the geopolitical risks out there, we've heard more people just kind of -- the sentiment's a little bit near-term isn't quite as positive on the loan growth side, but it sounds like at least your pipeline is still good and you're still optimistic about achieving kind of your targeted goals for the year.

我們的農戶大多已經預先採購了所有會受該事件影響的物資。因此我們不預期今年農業投組會受到衝擊；當然也希望那邊的情勢不要延續到今年之後。

Yes, I think that's true, Brian. And certainly, we have not seen yet, anyway, a whole lot of blowback from what's going on in the Middle East, our ag portfolio, which is not insignificant, as you know.

Brian，我也必須正式重申我們的授信文化：我們絕不會為了追求收益而承擔不成比例的風險。我們會放棄一些案子；如果我們願意的話，我想我們可以——Steve——很容易做到低雙位數的成長，但我們仍保持相當嚴謹的紀律。我們喜歡我們的資產品質，也知道一旦失去我們辛苦建立的成果，對獲利能力可能造成的影響。

Our farmers, by and large, have pre-purchased all those supplies that are impacted by that. So we wouldn't expect any hit to our ag portfolio, certainly this year, and hopefully, obviously, things over there don't persist beyond this year.

當然，我們所在的市場，加上我們在當地的布局，確實能提供那樣的機會，但對於不符合我們授信文化的案子，我們會選擇退出。

And Brian, I have to go on record and reiterate our credit culture, which is we're never going to get enough of yield to compensate for an undue amount of risk. We walk away from some deals, we could grow -- I think we could grow, Steve, in the.

好的。我們會持續關注其他市場的進展。再來可能想請教一下，Tony，關於利差（margin）。

Low double-digit easily if we wanted to, but we stay pretty disciplined. We like our credit quality, and we know the effect that potential is going to have on profitability should we lose what we've worked hard to get.

就你們目前的流動性而言，我知道你們談過競爭；至少以今天的流動性水位來看，似乎能在潛在的存款競爭上提供一些緩衝。但你能否談談，在可能利率環境穩定的背景下，你對接下來幾季利差的看法？

Certainly, the markets we're in would afford that kind of opportunity along with our presence there, but we walk away from deals that don't make sense for our credit culture.

是的，我們比上一季連續季（linked-quarter）下降了 5 個點，也就是 5 個基點，主要是因為我們的流動性非常充裕。

Okay. We'll stay tuned for some progress in the other markets. Maybe just, Tony, on the margin.

非常充裕。

Just the liquidity that you have today, I know you've talked about competition, at least the liquidity you have today seems to give you a little cover on the potential deposit competition, but just can you talk about how you feel about the margin here in kind of the next couple of quarters, just in the backdrop of maybe a stable rate environment?

我們這一季存款成長很多，增加了 6,500 萬美元。我們在利率方面並沒有特別積極；即使在新市場，我們大概也只是比市場高 25 個基點，沒有什麼太誇張的。

Yeah, I mean, we're down five points, five basis points from the linked-quarter, which is really a function of being.

Yeah, I mean, we're down five points, five basis points from the linked-quarter, which is really a function of being.

Very liquid.

我確實認為市場上出現了一點點——姑且稱之為——資金在市場裡稍微「停放」的情況。

We did a lot of deposit growth, $65 million in the quarter. We didn't really go out and were terribly aggressive on the rate side. Even in the new markets, we're maybe 25 basis points above market, nothing crazy.

而我們是因此受惠的一方。

I do think there's been a little bit of, call it, parking of money a little bit in the markets.

而且我們透過市場動盪所帶來的中斷效應取得的一些新客戶，其中有一部分是我們吸收到的存款資金。

And we were the benefactor of that.

我確實認為在接下來幾個季度，市場流動性會稍微減弱一些。

And a number of the new clients that we've gotten via disruption have been some deposit dollars that we've gotten.

而且我們在存款定價上已經開始變得稍微更「黏」一些，不會在某些產品上真的去跟進、去匹配一些很激進的利率。所以我確實認為我們目前處在相當不錯的位置。

I do think liquidity will wane a little bit here in the coming quarters.

我確實認為，這筆3.47億美元在第二季可能會上升幾個基點，主要是因為我認為我們會回到——姑且稱之為——單季1,500萬到2,000萬美元的貸款成長，而不是我們剛結束那一季大概只有100萬美元的成長。

And we've already started to get a little bit stickier on deposit pricing, not really matching on some. Some aggressive rate. So I do think we're in a pretty good spot.

I do think $347 million is probably going to move up a few basis points here in the second quarter, just because I think we'll get back to having, call it, $15 million to $20 million of loan growth in the quarter versus kind of the $1 million we had in the quarter that we just finished.

Okay. And in terms of the cost of deposits, I guess you still think that we're.

好的。那就存款成本而言，我想你仍然認為我們……

We're trending higher from here than lower in terms of thinking about that as you're going to next year with the competition.

就競爭環境來看，展望到明年，你認為存款成本從現在起更可能是往上走，而不是往下走，對嗎？

Yeah, I mean, I've been pretty confident that deposit costs would trend higher, and they continue to trend a bit lower. So I've missed that so far, but I still believe...

是的，我的意思是，我一直相當有信心存款成本會走高，但它們卻持續略為走低。所以到目前為止我判斷失準了，但我仍然相信……

The market disruption we've had, I don't think that's going to continue. I do think those competitors are going to become aggressive, and they're certainly in -- I've read their earnings release. They're certainly focused on growing loans. They're going to have to fund it.

我們經歷的這波市場擾動，我不認為會持續下去。我確實認為那些競爭對手會變得更具侵略性，而且他們當然也在——我讀過他們的財報新聞稿——他們顯然把重點放在擴大放款。他們必須為此籌措資金。

And I think, Tony, you would agree that deviating from CRE a bit to more ag-based C&I. Brings that deposit base that we're very happy about that we didn't have prior to six months ago. So not only are we acquiring similar balances, the full relationship comes with deposits, but it's been a real needle mover.

而且我想，Tony，你也會同意，從CRE稍微偏離一些、轉向更多以農業為基礎的C&I，帶來了我們非常滿意的那個存款基礎——這是六個月前我們還沒有的。所以我們不僅是在取得類似的餘額，完整的往來關係也會帶來存款，而且這確實是個顯著的推動因素。

Okay.

好的。

Absolutely.

完全同意。

Yeah. Okay. And in terms of...

是的。好的。那就……

The mortgage outlook, or just kind of big picture. I think you talked about it being 20 or 25%. I think that was a production maybe next quarter, but just bigger picture, kind of what rates are today and kind of what you're seeing in terms of the outlook for mortgage, maybe full year, just kind of zooming out a bit, just bigger picture, kind of how you're thinking about it.

房貸展望，或是更宏觀一點。我想你提到大概是20%或25%。我想那可能是指下季的產量，但從更大的角度來看，以目前的利率水準，以及你對房貸前景的觀察——也許是全年——稍微拉遠一點看，你整體是怎麼思考的？

Well, Brian, do you want my number? Do you want Tony's number or number? Because I'm still landing on the $350 million number just because I thought we were going to get a little bit of a play in the 10-year, which is, as we all know, has been temporarily disrupted.

嗯，Brian，你想要我的數字？你想要Tony的數字，還是要哪個數字？因為我仍然落在3.5億美元這個數字，主要是因為我原本以為10年期利率會有一些操作空間，而我們都知道，那目前是暫時受到干擾。

So that's going to be a bit of a fly in the ointment here going forward. But we just hired a couple of new high-producing MLOs in some of our urban markets.

所以這在未來會有點像是攪局因素。不過我們剛在一些都會市場新聘了幾位產能很高的房貸專員（MLO）。

Gaining some traction and a little more representation in some of our legacy markets.

在一些我們的既有市場也逐漸取得一些進展，並增加了一點覆蓋與能見度。

So we know that the average production has gone down, which is why we brought on more MLOs.

所以我們知道平均產量已經下降，這也是為什麼我們要再增加更多MLO。

So when we get closer to $30 million and they do $12 million to $13 million, $14 million on average, because we have some high producers, it's the 80/20 rule, 80% comes from 20% of the producers. But I'm still pretty optimistic that we can deliver something closer to that $350 million to $400 million number, but I'm sure Tony's got a different number.

因此當我們接近每月3,000萬美元，而他們平均能做到1,200萬到1,300萬、1,400萬美元——因為我們有一些高產能的人——這就是80/20法則，80%的業績來自20%的業務人員。但我仍相當樂觀，我們能交出更接近3.5億到4億美元的數字，不過我相信Tony會有不同的數字。

Yeah, I think March, we did 45% of our total first quarter volume, so I was very pleased with how the quarter ended. We did just shy of $30 million in the month of March.

是的，我們3月做了第一季總量的45%，所以我對這一季的收尾非常滿意。我們在3月單月做了接近3,000萬美元。

Our pipeline is kind of at that $35 million number. I think we're going to do. 90-ish-type million in the second quarter, and I would suspect we're going to repeat that probably in the third quarter if things are where they are. As Mark said, I'm encouraged that we're able to hire some high-performing folks in various markets. That tells you that our model is still working and that the volume is out there. So that would kind of put you on pace to get to $310 million to $325 million on kind of the high end, so for the full year. And I think rates are going to be rough. Stable where they are. I mean, the mortgage rates have fought back against, I would call it, the increase in the long end of the curve.

我們的案源管線大概在3,500萬美元左右。我認為第二季我們會做到大約9,000萬美元左右，如果情況維持目前這樣，我猜第三季大概也會再複製一次。正如Mark所說，我很受鼓舞的是，我們能在不同市場聘到一些高績效的人才。這也說明我們的模式仍然有效，而且市場上確實有量。所以以全年來看，這大概會讓你有機會達到3.10億到3.25億美元的步調，算是偏高端的情境。而我認為利率會很棘手——大致穩定在目前水準。我的意思是，房貸利率一直在對抗我所稱的殖利率曲線長端上升。

And as long as we're at six or five and seven-eighths, I think we can hang in there. You're starting to see a lot of the.

只要我們還在6%或5又7/8（5.875%）左右，我認為我們就能撐得住。你也開始看到很多……

Of the secondary people really get aggressive to try to get volume. And the FHLB is getting aggressive on doing very low-rate type opportunities to sell. And so we're going to be participating in all of those, which I think endures to our benefit.

二級市場的參與者為了搶量變得非常積極。而FHLB也在提供非常低利率的方案、讓大家去賣出（轉售）。所以我們會參與所有這些機會，我認為這對我們有利。

So, Tony, differently, you don't think worse is going to bend to every whim of President Trump and drop rates to get us something below four in a 10-year?

所以，Tony，換個問法，你不認為鮑爾會對川普總統的每個心血來潮都照單全收，然後降息，讓10年期利率掉到4%以下，給我們一些空間？

I wouldn't.

我不會這麼認為。

I do think it'll get there by the end of the year, but I don't know that it'll be that.

我確實認為到年底會到那個水準，但我不確定會是那樣的方式。

I'm hopeful, Brian, that we'll get a play on plan attending. I'm still optimistic with that. But again, with the larger balance sheet, it's the gift that keeps on giving every month. You just don't have to do $100 million in mortgages every month. We got the balance sheet size, and we got the operating revenue now.

Brian，我希望我們能在利率走勢上得到一些順風，我對此仍然樂觀。但再說一次，隨著資產負債表規模變大，它就像是每個月都持續帶來回饋的禮物。你不必每個月都做1億美元的房貸。我們現在有資產負債表的規模，也有營運收入了。

Yeah. And the mortgage folks you hired, you're still planning to hire more, but those were in metro markets, or what markets did you add people in?

是的。那你們新聘的房貸人員，你們仍計畫再招更多人，但那些是加在都會市場嗎？或是你們在哪些市場增補了人手？

Yes, we've added one in Cincinnati and Indianapolis, and we've got a couple other individuals that are considering, which has been kind of a gap for us in some of our legacy markets. Finley's been a gap for us, but we've had enough of people, Brian, to cover all those markets. So it's not like we haven't had anybody there. We just haven't had anybody that lives, works, plays, and does their thing in the market, which is more accretive to all the business lines if you have people that work, play, and live right there, like Angola.

是的，我們在辛辛那提和印第安納波利斯各新增了一位，另外還有幾位正在考慮中；這在我們一些既有市場一直算是個缺口。Finley對我們來說也一直是個缺口，但我們一直有足夠的人手，Brian，去覆蓋所有那些市場。所以不是說我們那裡完全沒有人，而是我們沒有那種在當地生活、工作、社交、把事情都在當地做的人；如果你有在當地工作、玩樂、生活的人，就像Angola那樣，對所有業務線的增益會更大。

We're currently hunting down somebody in Angola Market. So we're committed to the business line. We love to gain on sale, but getting another household with more products and services is a big deal.

我們目前正在Angola市場物色人選。所以我們對這條業務線是認真的。我們喜歡出售利得（gain on sale），但能再多拿下一個家庭戶、帶來更多產品與服務，這才是大事。

Yeah, okay. And then how about just the last two for me, just on expenses, big picture, how you're thinking about the full year, just ebbs and flows here, any initiatives or things that take it off, kind of the current run rate or the current run rate, kind of decent level to think about here in the coming quarters?

是的，好的。那最後兩個問題，關於費用：從大方向來看，你們對全年費用的思考是什麼？接下來幾季的起伏如何？有沒有什麼計畫或事項會讓費用偏離目前的run rate？還是說目前的run rate大致就是接下來幾季可以參考的合理水準？

I do think the run rate is in pretty good shape. I mean, we've had some opportunities here, I think.

我確實認為目前的run rate狀況相當不錯。我的意思是，我們這裡確實有一些機會，我想……

As we've seen some opportunities in the market that we've consolidated some areas in our operational sections and we've made some efficiencies, which I think will continue to help us. I think the bulk of our technology spend on new things is kind of in the rearview mirror a little bit. We do have the conversion to Fiserv that's going to happen here at the end of the year that I think will be a net zero in '26 and will be a bit of a headwind as. As we go into 27 as we try to find some opportunities. So I'm very hopeful on the expense side.

如同我們所看到的，市場上出現了一些機會，我們已在營運部門的某些領域進行整併並提升效率，我認為這將持續幫助我們。我認為我們在新事物上的科技支出大部分已經有點進入後照鏡了。今年年底我們確實會進行轉換到 Fiserv，我認為在 2026 年將是淨影響為零，但在我們進入 2027 年、嘗試尋找一些機會時，會帶來一些逆風。所以在費用端我非常樂觀。

As we've gotten bigger, we've founded more opportunities to do things and to do more with less, which I think is what we need to get to continually every month.

隨著我們規模變大，我們發現了更多可以做事的機會，也能以更少資源做更多事，我認為這正是我們需要每個月持續達成的。

Gotcha. Okay. And capital, you said told me the buyback's a little bit lower, but.

了解。好。那資本方面，你跟我說回購會稍微低一點，但是……

I guess it's the near-term, I guess you talked about the sub-debt and then maybe potentially M&A, is that kind of how to think about capital deployment today or just what you're doing there?

我想就短期來看，你提到次順位債，然後可能還有潛在的併購（M&A），這就是目前思考資本配置的方式嗎？或是你們現在在做的事情是什麼？

Yeah, I think so. I think we've obviously been very aggressive on the buyback and I still think it's a great use of our internal generated capital.

對，我想是的。我們顯然在回購上一直非常積極，我仍然認為這是我們內部產生資本的一個很好的用途。

But it's kind of at the price where it is today that I think we can afford to slow down a bit. We do have the sub-debt here in June that we've got to think about some things. And then we have a lot of opportunities to deploy. And if we do another $160 million, which I don't anticipate, of asset growth in '26 like we did in '25, we're going to be stressed a little bit on regulatory capital. So we've got to be cognizant of that in our rearview mirror.

但以目前的股價水準來看，我認為我們可以放慢一點。我們在 6 月有次順位債需要考量一些事情。另外我們也有很多部署資本的機會。如果我們在 2026 年像 2025 年那樣再做 1.6 億美元（我不預期會）的資產成長，我們在監管資本上會有點吃緊。所以我們必須把這點放在後照鏡裡保持警覺。

And on M&A, brand new, we continue to keep our year to the ground. That's downstream as well as middle stream and everything in the middle and everything above. But nothing transformative at this point other than we know that organic is great, but clearly M&A is divine. So we continue to look at opportunities that are in the region.

至於併購方面，完全是新的，我們持續保持高度關注。從下游到中游，以及中間的所有環節、甚至更上游的部分都有在看。但目前沒有任何具變革性的案子；只是我們知道有機成長很棒，但顯然併購是天賜良機。所以我們持續尋找區域內的機會。

Gotcha. And credit, all sounds good.

了解。那信用方面，聽起來都不錯。

A little bit of, I guess, improvement, I guess, or just continued success on the credit front, nothing really causing any problems in terms of, things you're seeing out there in terms of risk.

我想信用面有一點改善，或是說持續表現良好；就你們在風險方面看到的情況而言，沒有什麼真正造成問題的跡象？

Yeah, no, again, from a high level, we like to think we've, when you have a downturn, as we all know, that's when you get a good idea of your underwriting.

對，沒有。再說一次，從高層次來看，我們一直認為——如同大家都知道的——當景氣下行時，你才會更清楚你的承作標準（underwriting）。

Administration, and as we all know, we haven't had really much of a downturn. Our clients' balance sheets are pretty liquid.

管理面也是如此；而且如同大家所知，我們其實沒有真正遇到什麼景氣下行。我們客戶的資產負債表流動性相當充裕。

We get personal guarantees. We rely on makers. We have good projects in urban markets.

我們會取得個人保證。我們依賴借款人。我們在都會市場有很好的專案。

Generally, all is good, but as we all know, you have it until you don't.

整體而言一切都好，但如同大家所知，你擁有它直到你不再擁有。

So we're pretty precautious on the risk we take and the deals we do. And as I mentioned, if we wanted to really light it up, we've got great opportunities because we have 17 different lenders running around out there trying to find deals. So what our job is, Steve, myself, and Tony, is to hold back on the range to make sure we keep this thing measured and we keep it on the tracks. And Steve, any more perspective on credit call?

所以我們對承擔的風險與做的案子都相當謹慎。正如我提到的，如果我們真的想要大幅衝刺，我們有很棒的機會，因為我們有 17 位不同的放款人到處在找案子。所以我們的工作——Steve、我自己以及 Tony——就是要拉住韁繩，確保節奏可控、確保一切在軌道上。Steve，你對信用方面還有補充嗎？

Yeah, no, certainly I echo everything you said, Mark, and talked about previously, Brian.

對，沒有，當然我同意你說的每一點，Mark，也呼應你先前跟 Brian 談到的。

The stability of our asset quality, those credits are working, not a function of turnover and new credits coming into our.

我們資產品質的穩定性，那些授信都在正常運作，並不是因為周轉或新的授信進入我們的……

Non-accrual loans, it's kind of the same ones we've talked about in the past. Unfortunately, the wheels of justice grind a little more slowly than we might like. But Tony referenced, we did get control of one of those pieces of collateral that we are very confident in our position, all those credits, where we think we are and we're going to get out where ultimately we belong.

不計息貸款（non-accrual loans）；基本上還是我們過去談過的那些。不幸的是，司法程序的進展比我們希望的要慢一些。但如 Tony 所提到，我們確實已取得其中一項擔保品的控制權，我們對自身立場非常有信心；對於所有那些授信，我們認為我們目前的位置，以及最終我們會回到我們應該在的位置。

Okay, so a bit more progress there. And lastly, Tony, I'm going to ask you commented earlier, somebody, just the deposit growth and the liquidity.

好的，所以那邊又有一些進展。最後，Tony，我想問你先前提到的——有人——就是存款成長與流動性。

I guess, do deposits maybe tail off a bit here, given kind of what you've gotten some good growth, but I guess, is that a -- it sounds like some money may be going out the door, but just how are you thinking about deposit growth from here?

我想，存款接下來是否可能稍微趨緩？因為你們已經有不錯的成長，但我想——聽起來可能會有一些資金流出，但你們接下來怎麼看存款成長？

Yeah, I think -- I do think we're going to have a down quarter in the second quarter.

對，我想——我確實認為第二季會是一個下滑的季度。

On the deposit side, we already know of some kind of larger relationships that are moving.

在存款方面，我們已經知道有一些比較大的往來關係正在移動。

Moving out to normal business cases. So I don't think we'll have enough to overcome that on the retail side.

移出到正常的商業情境。所以我不認為零售端能有足夠的增量來抵消。

So I do think we're probably going to be at the 90% loan-to-deposit ratio here in the rest of the year, and I think that's a comfort level for us.

因此我確實認為今年剩餘時間我們的放款對存款比（loan-to-deposit ratio）大概會在 90% 左右，我認為這對我們來說是舒適的水位。

I don't think we need to be overly priced on the deposit side to get there.

我不認為我們需要在存款端用過高的價格去達到那個水位。

And I think we're only.

而且我認為我們只會……

Nervous about liquidity if the loan pipeline gets to be on the upper end of our range. I think we're comfortable at mid to high single-digits and funding that based upon all the things that we've got going on and if we get above that level is when we might have some stress.

在放款管線（loan pipeline）來到我們區間上緣時才會對流動性緊張。我認為在中到高個位數的成長，我們是有把握的，並且可以基於我們目前所有正在進行的事情來提供資金；如果超過那個水準，我們可能就會有一些壓力。

My only comment, Brian, is I don't think we want to downplay or trivialize the market disruption, which has been absolutely wonderful for us because we've garnered a relationship that we never would have probably been able to bring over to our company as a result of that. And that's really just begun. It's not like it's ending. We're nine months into our plan to find more of.

我唯一的補充，Brian，是我認為我們不想淡化或輕忽市場的動盪；這對我們來說非常棒，因為我們因此獲得了一段關係，若不是因為那樣的情況，我們大概永遠無法把它帶到我們公司。而且這才剛開始，並不是要結束。我們執行計畫、尋找更多……

Disrupted company's assets, and we're at that $110 million number. So we're cruising along to our strategic goal of a few 100 million. So a lot of opportunities and a bigger job to be done.

受衝擊公司的資產，現在已經到 1.1 億美元的規模。所以我們正朝著幾億美元的策略目標穩步前進。機會很多，還有更大的工作要完成。

Gotcha. Okay. Well, thanks for taking the questions, guys. I appreciate it.

了解。好。謝謝你們回答問題，各位。我很感謝。

All right. Thanks, Brian.

好的。謝謝，Brian。

See you, Brian.

再見，Brian。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Mark Klein for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Mark Klein 先生，請他做結語。

Thank you. And again, thanks for joining us this morning. We certainly look forward to having you join us in July for our second quarter 2026 results. Thanks for joining us. Goodbye. Have a great day.

謝謝。再次感謝各位今天早上加入我們。我們非常期待各位在 7 月參加我們 2026 年第二季的業績結果說明。感謝各位參與。再見。祝各位有美好的一天。

The conference is now concluded.

本次電話會議現已結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的簡報。您現在可以中斷連線。