ServisFirst Bancshares Inc (SFBS) 2026 Q1 法說會逐字稿

Greetings, and welcome to the ServisFirst Bancshares first-quarter earnings conference call. (Operator Instructions)

各位好，歡迎參加 ServisFirst Bancshares 第一季財報電話會議。(接線員指示)

It's now my pleasure to turn the call over to Davis Mange, Director of Investor Relations. Davis, please go ahead.

現在我很榮幸將電話交給投資人關係總監 Davis Mange。Davis，請開始。

Good afternoon, and welcome to our first-quarter earnings call. We'll have Tom Broughton, our CEO; Jim Harper, our Chief Credit Officer; and David Sparacio, our CFO, covering some highlights from the quarter and then take your questions. I'll now cover our forward-looking statements disclosure.

各位下午好，歡迎參加我們的第一季財報電話會議。我們的執行長 Tom Broughton、首席信貸長 Jim Harper，以及財務長 David Sparacio，將先就本季重點做一些說明，接著回答各位的提問。我現在先說明我們的前瞻性陳述揭露。

Some of the discussion in today's earnings call may include forward-looking statements. Actual results may differ from any projections shared today due to factors described in our most recent 10-K and 10-Q filings. Forward-looking statements speak only as of the date they are made, and ServisFirst assumes no duty to update them.

今天的財報電話會議部分討論內容可能包含前瞻性陳述。由於我們最近一期 10-K 與 10-Q 申報文件所述之因素，實際結果可能與今日分享的任何預測不同。前瞻性陳述僅截至其作成之日有效，ServisFirst 不承擔更新之義務。

With that, I'll turn the call over to Tom.

接下來，我把電話交給 Tom。

Davis, thank you. Good afternoon, and thank you for joining our first-quarter conference call. We're really pleased with our start to the year, and I'm going to highlight a few things before I turn it over to Jim Harper to give credit update.

Davis，謝謝你。各位下午好，感謝各位參加我們的第一季電話會議。我們對今年的開局非常滿意，在我把電話交給 Jim Harper 進行信貸更新之前，我先強調幾點。

On the loan side, we had pretty solid loan growth for the quarter. Loan growth is usually not very robust in the first quarter, but we did see some pretty good loan growth. We are seeing loan payoffs begin to diminish compared to the last two years, which is certainly a great thing.

在放款方面，本季放款成長相當穩健。第一季的放款成長通常不會太強勁，但我們確實看到相當不錯的放款成長。相較於過去兩年，我們看到放款提前清償開始減少，這當然是非常好的事情。

I don't know what kind of trend we'll see in the second quarter, but on a quarter-to-date basis, we've seen some very nice growth in the first 20 days or so of the quarter. Forward loan pipeline over 90 days, 90-plus days, it's the strongest we've ever had in our history. And of course, on a 90-day loan pipeline, the closing rate is much lower than on a 30-day loan pipeline, for example. But it is great to see a long list of new relationships across all of our markets in a variety of industries on that list.

我不確定第二季會呈現什麼樣的趨勢，但以本季迄今來看，我們在本季前約 20 天左右看到非常亮眼的成長。超過 90 天、90 天以上的前瞻放款管線，是我們公司史上最強的一次。當然，相較於例如 30 天放款管線，90 天放款管線的成交率要低得多。但很高興看到在我們所有市場、各種產業中，有一長串新的往來關係列在名單上。

On the deposit side, they grew by 8% annualized in the first quarter, which is ceded our expectations as we typically see our deposit growth in the second-half of the year. We continue to try to manage our deposit costs to improve margins. We continue to attract new clients with our strong financial condition, our profitability. And our personal service that we provide to commercial clients and correspondent banks.

在存款方面，第一季以年化計算成長 8%，這超出我們的預期，因為我們通常在下半年才會看到存款成長。我們持續努力管理存款成本以改善利差。憑藉我們強健的財務狀況與獲利能力，我們持續吸引新客戶。以及我們為商業客戶與同業往來銀行所提供的個人化服務。

David will elaborate in a few minutes, but our net interest margin continues to improve. Our efficiency ratio continues to be the best in class as we dropped below 30% in the first quarter. We do have 161 producers at quarter end. We've hired over the last 12 months 32 new FTEs. And 75% of those FTEs are frontline employees. So we should see, obviously, some improved productivity over time and profitable growth there.

David 稍後會再詳細說明，但我們的淨利差持續改善。我們的效率比率仍維持同業最佳水準，第一季已降至 30% 以下。截至季末，我們共有 161 位業務開發人員。過去 12 個月我們已聘用 32 名新的全職員工（FTE）。其中 75% 的 FTE 為第一線員工。因此，隨著時間推進，我們顯然應能看到生產力提升與更具獲利性的成長。

Our Houston team has found an office they've leased it not ready to move into yet, but they've got a 26,000 square feet to build out. We do have 18 bankers on board there today, and the pipelines are building quite nicely. We actually closed our first loan in Texas, which is a large supply chain company with long-term contracts in March. So we're pleased with the start there.

我們休士頓團隊已找到並承租了一個辦公室，但目前尚未準備好搬入，仍有 26,000 平方英尺需要裝修。目前那裡已有 18 位銀行從業人員到位，管線正在相當順利地建立。我們在三月實際上完成了在德州的第一筆放款，對象是一家大型供應鏈公司，且擁有長期合約。因此我們對那邊的起步感到滿意。

And now I'm going to turn it over to Jim Harper for a credit update.

接下來我把電話交給 Jim Harper，請他提供信貸更新。

Thanks, Tom. As noted, loan growth for the quarter was solid at 7% annualized. So we definitely experienced an uptick in loan activity beginning late in the quarter, which reinforces Tom's comments about our forward pipeline. From a credit metrics standpoint, net charge-offs for the first quarter were around $8.3 million, most of which was associated with the remaining balance of one credit, with the charge representing the final resolution of a loan to a longtime troubled borrower.

謝謝你，Tom。如前所述，本季放款成長穩健，年化為 7%。因此我們確實在季末開始看到放款活動升溫，這也印證了 Tom 對前瞻管線的評論。就信用品質指標而言，第一季淨沖銷約為 830 萬美元，其中大部分與單一授信的剩餘餘額相關；該筆沖銷代表對一位長期問題借款人的貸款最終處置結果。

Our allowance to total loans remained static when compared to the end of 2025, ending the quarter with an allowance compared to total loans of 125 basis points. Non-performing assets to total assets at quarter end were 100 basis points, which was slightly higher than the 97 basis points we reported at fiscal year end '25. However, we are confident in some near-term reductions in NPAs of approximately $17 million or just over 9% of our 331.26 NPAs, stemming from the US Coast Guard's purchase of a private university campus and the assumption of two other loans by a long-term customer. As always, we continue to actively and aggressively manage our NPAs and this portfolio.

我們的備抵呆帳占總放款比率，與 2025 年底相比維持不變，本季末備抵占總放款為 125 個基點。季末不良資產占總資產為 100 個基點，略高於我們在 2025 會計年度末所報告的 97 個基點。然而，我們對近期不良資產（NPA）可望減少約 1,700 萬美元、或占我們 3.3126 億美元 NPA 的略高於 9% 充滿信心；此減少主要來自美國海岸防衛隊購買一所私立大學校園，以及一位長期客戶承接另外兩筆貸款。一如既往，我們將持續積極且強力地管理我們的不良資產與該投資組合。

And David will be next with a discussion of our first quarter financial performance.

接下來將由 David 討論我們第一季的財務表現。

Thank you, Jim, and good afternoon, everyone. I will walk you through the financial details of our first quarter, and I am pleased to report a strong start to 2026 across virtually every metric we track. The headline numbers reflect continued expansion in the net interest margin, disciplined expense control, solid loan and deposit growth, and a meaningful year over year improvement in operating leverage, all of which speak to the durability of the service-first model.

謝謝你，Jim，各位下午好。我將帶各位檢視第一季的財務細節；我很高興報告，2026 年我們在幾乎所有追蹤的指標上都呈現強勁開局。主要數字反映出淨利差持續擴張、費用控管嚴謹、放款與存款穩健成長，以及營運槓桿較去年同期顯著改善；這些都顯示「服務優先」模式的韌性。

For the first quarter of 2026, we reported net income of $83 million or $1.52 per diluted share or $1.54 on a normalized basis. To put that in context, we earned $1.16 per diluted share in the first quarter of 2025. So we are up 33% year over year on earnings per share.

2026 年第一季，我們的淨利為 8,300 萬美元，稀釋後每股盈餘為 1.52 美元；以常態化基礎計算為 1.54 美元。作為對照，2025 年第一季我們的稀釋後每股盈餘為 1.16 美元。因此，我們的每股盈餘年增 33%。

On a linked-quarter basis, EPS stepped back from $1.58 we reported in the fourth quarter of '25, and I want to briefly explain why. Fourth quarter included a $4.3 million non-recurring BOLI death benefit that flowed through non-interest income, and fourth quarter also had more calendar days to earn net interest and fee income.

以與前一季相連（linked-quarter）的基礎來看，EPS 較我們在 2025 年第四季所報告的 1.58 美元略為回落，我想簡要說明原因。第四季包含一筆 430 萬美元的一次性 BOLI（銀行持有壽險）身故給付，計入非利息收入；此外，第四季的日曆天數也較多，因此可賺取更多淨利息與手續費收入。

During the first quarter, we also had a prior period adjustment to BOLI income of $1 million, which was a headwind. Excluding those items, the core earnings trajectory is clearly upward. Our return on average assets was 1.89% for the quarter, which was essentially in line with the fourth quarter and well above the 1.45% we delivered one year ago. Return on average common equity was 17.91%. These are strong industry-leading returns and they reflect the operating leverage inherent in our model when loan growth, deposit repricing and expense discipline all move together in the right direction.

第一季我們也對 BOLI 收入做了 100 萬美元的前期調整，形成逆風。排除這些項目後，核心獲利走勢顯然向上。本季平均資產報酬率為 1.89%，基本與第四季持平，且明顯高於一年前我們交出的 1.45%。平均普通股權益報酬率為 17.91%。這些都是強勁、領先同業的報酬表現，反映出在放款成長、存款重新定價與費用紀律同時朝正確方向推進時，我們模式所固有的營運槓桿。

In net interest income for the first quarter, it was $148.2 million, which is up from $146.5 million in the fourth quarter and up from $123.6 million a year ago. The net interest margin expanded to 3.53%, 15 basis points better than linked-quarter and 61 basis points better than the same quarter last year. That progression reflects two drivers working in tandem, continued repricing of our low fixed rate loan portfolio and a full quarterly impact of the Fed rate cuts from the fourth quarter.

第一季淨利息收入為 1.482 億美元，高於第四季的 1.465 億美元，也高於一年前的 1.236 億美元。淨利差擴大至 3.53%，較前一季改善 15 個基點，較去年同期改善 61 個基點。這樣的進展反映兩項因素同步作用：我們低固定利率放款組合持續重新定價，以及第四季聯準會降息在本季的完整季度影響。

As we have mentioned in previous quarters, we continue to see opportunities on loan repricing. For the next 12 months, we have about a $2 billion opportunity for low fixed-rate loans renewing, normal payment cash flows, covenant violations and modifications.

如同我們在前幾季所提到的，我們仍持續看到放款重新定價的機會。在未來 12 個月內，約有 20 億美元的機會來自低固定利率放款到期續作、正常還款現金流、契約條款違反以及修改（modifications）。

In fact, we have about $2.9 billion in fixed-rate loans maturing in the next three years that are priced below our current going-on rate for loans. On the deposit side, average interest-bearing deposit cost fell to 2.79%, down 22 basis points from fourth quarter and 61 basis points from over a year ago. That repricing is still working through the book, and we continue to expect meaningful benefit as higher-rate kind deposits mature and renew at current market rates.

事實上，我們在未來三年內約有29億美元的固定利率貸款到期，而這些貸款的定價低於我們目前貸款的現行利率水準。在存款端，平均計息存款成本降至2.79%，較第四季下降22個基點，較一年前下降61個基點。這項重新定價仍在存款組合中逐步反映，我們仍預期，隨著較高利率的存款到期並以目前市場利率續作，將帶來顯著效益。

On the asset side, loan yields were 6.18%, an 11 basis point step down from quarter four that reflects the normal variability in the declining rate environment, and it does not represent any systemic pricing pressure. Investment yields of 3.78% were essentially flat versus fourth quarter and up meaningfully from a year ago.

在資產端，貸款收益率為6.18%，較第四季下滑11個基點，反映在降息環境下的正常波動，並不代表存在任何系統性的定價壓力。投資收益率為3.78%，與第四季基本持平，且較一年前明顯上升。

I would also note that during the fourth quarter, we redeemed $30 million in 4.5% subordinated notes due in November of 2027, which was a cleanup item that removed an above-market funding cost as we entered 2026. From a non-interest income perspective, our income was $10.8 million for the quarter compared to $15.7 million in the fourth quarter.

我也要提到，在第四季我們贖回了3,000萬美元、票面利率4.5%、於2027年11月到期的次順位票據；這是一項清理項目，使我們在進入2026年時移除了高於市場水準的資金成本。從非利息收入角度來看，本季收入為1,080萬美元，較第四季的1,570萬美元下降。

The late-quarter decline is explained almost entirely by a $4.3 million non-recurring Bull Week death benefit that boosted the fourth quarter, stripping that out and the negative adjustment this quarter to Bull Week, non-interest income was essentially up 4% versus fourth quarter and continues to show solid organic growth year-over-year.

季末的下滑幾乎完全可由第四季一筆430萬美元、一次性的Bull Week身故給付所致，該項目推升了第四季表現；剔除該項以及本季對Bull Week的負向調整後，非利息收入較第四季實際上約成長4%，且年比年仍持續展現穩健的有機成長。

Service charges were $3.3 million, which is flat versus late quarters despite fewer days and up 29% year-over-year, fully reflecting the service charge rate increases we implemented in July of 2025. Mortgage banking revenue was $1.9 million, a 14% increase on a late quarter basis, driven by higher secondary market volumes.

服務手續費為330萬美元，儘管本季天數較少，仍與前一季持平，且年增29%，充分反映我們於2025年7月實施的服務費率調升。房貸銀行業務收入為190萬美元，較前一季增加14%，主要受次級市場交易量提升所帶動。

Net credit card income grew 12% year over year to $2.2 million, and underlying BOLI income was up $2.8 million, up 32% from a year ago, which is in line with the growth in our portfolio assets. These fee lines reflect genuine relationship deepening across our markets.

信用卡淨收入年增12%至220萬美元；基礎BOLI收入增加至280萬美元，較一年前成長32%，與我們投資組合資產的成長一致。這些手續費收入線反映出我們在各市場的客戶關係確實正在加深。

From a non-interest expense perspective, the total was $47.4 million in the first quarter, which is up modestly from $46.7 million in fourth quarter and up 2.8% versus quarter a year ago. We are very pleased that the efficiency ratio came in at 29.81%, the second consecutive quarter below 30%.

從非利息費用角度來看，第一季總額為4,740萬美元，較第四季的4,670萬美元小幅上升，較一年前同季增加2.8%。我們非常高興效率比率為29.81%，連續第二季低於30%。

This is a benchmark that very few banks our size can claim, and it reflects the fundamental scalability of the service-first model. The primary driver of the salary increase, up 13% on the linked-quarter basis and up 17% year over year is the combination of the continued build-out of our Texas banking team and the seasonally higher payroll taxes in the first quarter.

這是一項極少有與我們同規模的銀行能達成的指標，反映出「服務優先」模式在本質上具備可擴展性。薪資增加的主要驅動因素為：按季比較上升13%、年增17%，原因是我們持續擴編德州銀行團隊，以及第一季季節性較高的薪資稅負。

We are investing intentionally in Texas and expect the revenue contribution to more than justify the cost overtime time, offsetting this, other operating expenses fell 37% year over year to $4.3 million and third-party processing costs were modestly lower, keeping overall expense growth a fraction of our revenue growth rate.

我們正有意識地在德州投入，並預期隨時間推移，營收貢獻將足以、甚至超過成本的合理性；作為抵銷，其他營運費用年減37%至430萬美元，第三方處理成本也小幅下降，使整體費用成長率僅為營收成長率的一小部分。

Our effective tax rate for first quarter was 17.83%, down considerably from 19.72% in fourth quarter and 20.06% a year ago. This reduction reflects the purchase of investment tax credits during the quarter, a tax planning strategy that delivers immediate recognized benefit and fits well within our capital deployment framework. We continue to evaluate similar opportunities selectively and expect a full-year effective rate to remain modestly below our peers.

第一季有效稅率為17.83%，明顯低於第四季的19.72%以及一年前的20.06%。此一下降反映我們於本季購買投資稅額抵減，這是一項稅務規劃策略，可立即認列效益，且與我們的資本配置架構相當契合。我們將持續有選擇地評估類似機會，並預期全年有效稅率將維持略低於同業。

Our capital position continued to strengthen in the first quarter. Common equity Tier 1 capital to risk-weighted assets reached 11.86% on a preliminary basis, up 21 basis points from year-end and up 38 basis points from one year ago.

我們的資本部位在第一季持續強化。普通股權第一類資本（CET1）占風險加權資產比率在初步數據下達到11.86%，較年末上升21個基點，較一年前上升38個基點。

Total capital to risk-weighted assets was 13.13%, our Tier 1 leverage ratio was 10.71%, intangible common equity to total tangible assets stood at 10.46%, we are building capital organically while supporting balance sheet growth and we believe the current capital trajectory is highly sustainable.

總資本占風險加權資產比率為13.13%，第一類資本槓桿比率為10.71%，無形資產調整後的普通股權占有形資產比率為10.46%。我們在支持資產負債表成長的同時，以有機方式累積資本，並相信目前的資本成長軌跡具有高度可持續性。

Book value per share was $34.99 at quarter end, reflecting annualized growth of 13.4% from year end and 14.5% year-over-year growth. Tangible book value per share was $34.74. Shareholders are seeing real compounding growth in intrinsic value.

每股帳面價值於季末為34.99美元，較年末換算年化成長13.4%，年增14.5%。每股有形帳面價值為34.74美元。股東正看到內在價值的實質複利成長。

On liquidity, we ended the quarter with $1.84 billion in cash, approximately 10% of total assets. We have no FHLB advances, we have no brokered deposits. Our funding base is entirely core and relationship-driven, which we believe positions us well to support continued organic growth, especially as we build out our Texas market.

在流動性方面，我們於季末持有18.4億美元現金，約占總資產的10%。我們沒有FHLB預付款，也沒有經紀存款。我們的資金來源完全來自核心存款與關係導向的資金，我們相信這使我們具備良好條件以支持持續的有機成長，特別是在我們擴展德州市場之際。

In summary, the first quarter was a quarter that demonstrated the strength and consistency of the service-first franchise. Net interest margin continues to expand. The efficiency ratio came in below 30% for the second consecutive quarter. Normalized earnings per share are up 33% year over year. Capital is building, and our liquidity position remains strong. We remain focused on what we control, deepening relationships, building the Texas franchise, and sustaining the operational discipline that has driven these results.

總結而言，第一季展現了「服務優先」特許經營模式的實力與一致性。淨利差持續擴大。效率比率連續第二季低於30%。常態化每股盈餘年增33%。資本持續累積，流動性部位仍然強勁。我們仍專注於可控事項：深化客戶關係、打造德州特許經營版圖，以及維持推動這些成果的營運紀律。

Now, I will turn it back over to the operator to begin the question-and-answer session.

接下來我把時間交還給接線員，開始問答環節。

Thank you. We'll now be conducting a question-and-answer session.(Operator Instructions)

謝謝。我們現在將進行問答環節。（接線員指示）

Steven Scouten, Piper Sandler.

Steven Scouten，Piper Sandler。

Hey, good afternoon, everyone. Appreciate the time. Tom, it sounds like you're pretty encouraged about the trends you're seeing around loan and deposit growth for the remainder of the year. What would you anticipate that, that could translate to and maybe getting specific on it? How much have you seen out of the new Texas team now that they've kind of started booking loans? I know you mentioned first loan closing in March. Just kind of how do you feel about the potential of that team now that. You know a little bit more about their potential within the franchise.

嗨，各位下午好。感謝撥冗。Tom，聽起來你對今年剩餘期間在貸款與存款成長方面看到的趨勢相當受到鼓舞。你預期這可能會轉化成什麼結果？也許可以更具體一點？新的德州團隊在開始承作貸款之後，你們目前看到多少成果？我知道你提到三月完成第一筆貸款結案。想請教你對這個團隊的潛力感受如何，尤其是現在你對他們在整個特許經營體系中的潛力有了更多了解之後。

Yeah, I think they have a robust pipeline. I don't know exactly what the closing percentages would be on that, Stephen. But it's a lot of names. It's a lot of new deals with people they've worked with over the years. So we are optimistic that they'll end on.

是的，我認為他們的案源管線相當扎實。Stephen，我不確定其結案比例會是多少。但名單很多。有很多是他們多年來合作過的客戶所帶來的新案子。所以我們樂觀地認為他們會以良好成果收尾。

It takes time to build a pipeline, but towards the end of the year, we think we'll certainly see some success in closing and help if we fall short in our pipeline of where we think we are already. We think it will certainly help push us to a more optimistic tone of loan growth for the whole year.

建立案源管線需要時間，但我們認為到今年下半年，肯定會在結案上看到一些成果；而且如果我們的管線不如目前預期的水準，我們也認為這將有助於補足。我們相信這會推動我們對全年貸款成長的展望更偏向樂觀。

Loan growth is not great. I mean, I'd give it a B-plus if I had to rate it. It's not easy, and there's a lot of, a fair amount of price and credit term competition that we've tried not to take part in. If you -- they'll say, if your competitor is happy with a 10% return on equity, you're trying to get a 20% return on equity, he's probably going to beat you on some terms and rates.

貸款成長並不算太好。我的意思是，如果要我評分，我會給B+。這並不容易，而且在價格與授信條件上有相當程度的競爭，而我們一直盡量不參與那種競爭。他們會說，如果你的競爭對手滿足於10%的股東權益報酬率，而你想要20%的股東權益報酬率，那他很可能會在某些條件與利率上勝過你。

So that's certainly still the case today, and we see it today probably more than you'd think we would, given that the economy is pretty good things are progressing nicely. So, I mean, I guess the wildcard on everything with the consumer is, of course, going to be gas prices. So I don't -- I think that could trickle into the whole economy if we don't see them. Some moderation in gas -- gasoline prices, in the next, 60, 90 days. But that's far afield from your question, Steven. Did I answer your question?

所以這點今天當然仍然成立，而且即使在經濟相當不錯、各項進展也很順利的情況下，我們今天看到的情形可能比你想像的還要多。所以，我的意思是，我想消費者這一切當中的變數，當然會是汽油價格。所以我不——我認為如果我們沒有看到汽油——汽油價格在接下來 60、90 天內有所降溫，這可能會逐步影響到整體經濟。

Yeah, you did. That's helpful directionally, for sure. And then if I can think about maybe the -- kind of what you would expect from average earning assets this year relative to maybe the loan book. The past year, you saw really nice loan growth, but, average assets. Were kind of flat and average earning assets, trended down a little bit over the course of the year. So I'm curious if this year you think maybe that average earning asset growth can more closely match the growth in loans that you expect to see?

有，你回答到了。這在方向上確實很有幫助。然後如果我可以再想一下，也許是——你們今年對平均生息資產相對於可能的放款組合會有什麼樣的預期。過去一年你們看到非常不錯的放款成長，但平均資產大致持平，而平均生息資產在一年當中還略微下滑。所以我想了解的是，今年你們是否認為平均生息資產的成長可以更貼近你們預期的放款成長？

Yeah, I would agree with that, Steven. This is David. And, I mean, we're going to continue to see growth in our assets. We saw about 8%. In loan growth year-over-year. And so we continue to look at investments and we have good deposit growth, which is going to obviously drive the asset growth. So we are looking at investments with the offset that loan demand is not there, and so we can continue to do that. So I would expect average assets to rise in line with loan growth.

是的，我同意這點，Steven。我是 David。我的意思是，我們會持續看到資產成長。我們看到大約 8%的放款年增率。因此我們持續看投資端，而且我們的存款成長良好，這顯然會帶動資產成長。所以在放款需求不足的情況下，我們會以投資來做對沖，而我們也可以持續這麼做。因此我預期平均資產會與放款成長同步上升。

Okay, great. And then maybe just last thing for me, I was curious on the expense side of things, obviously continue to be best in class there. There was a particularly large move, I think you guys called out in the release on the other non-expense, just curious if you can give any detail on that and if this is kind of a good run rate to think about into the second quarter and beyond?

好的，很棒。然後也許最後一點，我對費用端有點好奇，你們在這方面顯然仍是同業最佳。其他非利息費用有一個特別大的變動，我想你們在新聞稿裡也有提到；想請教能否提供一些細節，以及這是否可以視為第二季及之後的合理運行水準（run rate）？

Yeah, so there were two things that were going on in other operating expense. If you recall, first quarter of 2025, we had a pretty large operational loss, it was about $1.8 million, so that inflates first quarter of 2025 other operating expense. And then this quarter, we saw, which I think I've seen other banks come out in their releases as well and note it was a reduction in the special assessment from the FDIC from the spring of 2023 crisis, and so we saw a $1.2 million benefit from that. And so, I would advise you not to use the 4.4% number as another operating expense kind of a go-forward model. I think it's closer to a 5.5% number.

好的，所以其他營業費用裡有兩件事在發生。如果你還記得，2025 年第一季我們有一筆相當大的營運損失，大約 180 萬美元，所以這會墊高 2025 年第一季的其他營業費用。然後本季我們看到——我想我也看到其他銀行在他們的公告裡提到——這是 FDIC 針對 2023 年春季危機所徵收的特別評估費下調，因此我們因此得到 120 萬美元的利益。所以我會建議你不要把 4.4% 這個數字當作其他營業費用往後的模型基準。我認為更接近 5.5%。

Got it. That's extremely helpful, David. Thank you guys for the color and congrats on the quarter.

了解。這非常有幫助，David。謝謝你們提供的補充說明，也恭喜本季表現。

Thank you.

謝謝。

Steve Moss, Raymond James.

Steve Moss，Raymond James。

Good afternoon, guys. Maybe just following up. Hey, Tom, maybe just following up on expenses here and the efficiency ratio. You guys came in sub-30. I hear you have a little bit of an extra benefit from the FDIC expense here. But going forward, you talked about margin expansion, loan growth, and just kind of curious, it seems like you guys can run around 30 or maybe a little bit below. How do you guys think about the expense trajectory for the remainder of the year as you make investments?

各位下午好。我可能只是接續追問一下。Tom，可能接著問費用和效率比率。你們的數字低於 30。我聽到你提到這裡有一點來自 FDIC 費用的額外利多。但往前看，你們談到利差擴張、放款成長，所以我有點好奇，看起來你們可以把效率比率維持在 30 左右或甚至略低。在你們進行投資的同時，你們如何看待今年剩餘期間的費用走勢？

Yeah, so I know we talked to you in Chicago last year and told you that you are aggressive on our efficiency ratio, right, and I mean, dropping below 30, I think, is kind of a flattening point, right, I mean, we're going to continue to grow as an organization built into that, we have a fairly sizable complement of the Texas franchise, right, and they're not producing revenue. So, as they produce revenue, as the year goes on and they build out their book of business, that's going to help us.

是的，所以我知道我們去年在芝加哥跟你談過，並告訴你我們對效率比率是很積極的，對吧？我的意思是，降到 30 以下，我認為某種程度上是一個趨於平坦的點，對吧？也就是說，我們會持續成長為一個組織；在這之中，我們有相當規模的德州據點團隊，對吧？而他們目前還沒有產生收入。所以隨著他們開始產生收入、隨著一年進行並建立他們的業務組合，這會對我們有幫助。

But, I mean, we don't have any major investments to do in the back office side. But as we continue to grow, there will be, increases in expenses. I mean, our biggest expenses are employees. We're not on a one cycle for merit increases. So, you'll see each month, you'll see employees get merit increases, and that will drive the salary and benefit expense up. So, I think if you're using that 30% mark, we're not going to dip too much lower than where we are at a high 29% efficiency ratio today.

不過，我的意思是，我們在後台營運端沒有任何重大投資要做。但隨著我們持續成長，費用會有所增加。我的意思是，我們最大的費用是員工。我們不是在單一時間點進行年度調薪。所以你會看到每個月都會有員工獲得績效調薪，這會推升薪資與福利費用。因此我認為，如果你以 30% 這個水準來看，我們不會比目前約 29% 高段的效率比率再低太多。

Right. And I'm just kind of thinking about expense growth for the year, like high single-digits to low double-digits is kind of a fair assumption based on what you see.

了解。那我在想今年的費用成長，例如高個位數到低雙位數，依你們看到的情況，這樣的假設算合理嗎？

Yeah, I would say mid to high single-digits. I wouldn't put it in the double-digit as an expense growth.

是的，我會說中到高個位數。我不會把費用成長放到雙位數。

Appreciate that. And then on the margin here, I guess just a couple of questions. David, in your comments, you said continue to see core margin expansion, kind of curious how much additional margin expansion you expect? And also on the $2 billion in loans repricing, maturing, cash flows, you name it, just kind of curious as to what that incremental pickup is versus on the roll-off yields versus the roll-on yields?

感謝。然後關於利差，我想再問兩個問題。David，你在評論中提到核心利差持續擴張，我有點好奇你預期還會再擴張多少？另外，關於 20 億美元的放款重定價、到期、現金流等等，我也想了解一下，相較於到期退出（roll-off）的收益率與新承作（roll-on）的收益率，增量提升大概是多少？

Yeah, absolutely, Steve. So I stand by my comments that I've made for a while now in that I expect the margin to expand 7 to 9 basis points given a flat rate environment, right? Obviously, in fourth quarter, we had a few rate cuts and we had the full impact of the September rate cut in the fourth quarter as well. So we saw a pretty dramatic decrease in our deposit costs.

好的，當然可以，Steve。我仍然維持我一段時間以來的看法：在利率持平的環境下，我預期利差會擴張 7 到 9 個基點，對吧？很明顯地，在第四季我們有幾次降息，而且第四季也完整反映了 9 月那次降息的影響。所以我們看到存款成本相當明顯地下滑。

And even this quarter, the last rate cut was, I think it was December 10, and so we didn't get much of an impact of that in fourth quarter, but we saw it this quarter. Nobody obviously knows what the Fed is going to do with rates, right? I mean, the latest projection that the Fed released, it was in early March, mid-March, and it was a prediction that they're going to raise. I'm sorry, well, we're 25 basis points one time this year.

即使在本季，最後一次降息我記得是 12 月 10 日，所以第四季沒有受到太多影響，但本季就反映出來了。當然沒有人知道聯準會接下來會怎麼做，對吧？我的意思是，聯準會最新一次發布的預測是在 3 月上旬、3 月中旬，預測他們會升息。抱歉，我是說，今年會降息一次 25 個基點。

I don't know if that's going to hold true today or not. I mean, that's as Tom's point, I mean, that was before the war in the Mideast and the gasoline prices started to rise. And so not sure what the Fed is going to do on the rate side. If they do reduce rates once, we're going to aggressively drop our rates as well on deposits and we'll see a significant benefit given the beta that we realized in the fourth quarter.

我不知道這在今天是否仍然成立。我的意思是，正如 Tom 所說，那是在中東戰事之前、以及汽油價格開始上漲之前。所以不確定聯準會在利率方面會怎麼做。如果他們真的降息一次，我們也會在存款端積極下調利率，並且鑑於我們在第四季所呈現的 beta，我們將會看到顯著的效益。

On the asset side, you talked about the $2 billion we have, and yes, I mean, for instance, we have $1.2 billion in loan maturities that are fixed rate, low fixed rate loan maturities in the next 12 months. And their weighted average yield is 5.19% today. Our going-on rate for new loan activity is 6.5%. So we have substantial pickup. I'm not saying we're going to get 131 basis points on every single loan that we reprice, but we're going to see some decent-sized pickup on that loan repricing. And so we continue for that to happen for the next 12 months. So that's kind of what we're seeing on the margin side, Steve.

在資產端方面，你提到我們有20億美元，是的，我的意思是，例如，我們在未來12個月內有12億美元的貸款到期，這些到期貸款是固定利率、且固定利率偏低。而它們目前的加權平均收益率是5.19%。我們新承作貸款的現行利率約為6.5%。所以我們有相當可觀的提升空間。我不是說我們對每一筆重新定價的貸款都能拿到131個基點，但我們會在這些貸款重新定價上看到不錯幅度的提升。因此，我們預期這種情況會在接下來12個月持續發生。所以，Steve，這大概就是我們在利差端看到的情況。

Okay, appreciate that color there. And then just on credit here, just kind of curious with regard to the large borrower, $100 million borrower, just kind of curious as to what the status of that workout is. I know you guys mentioned last time it's going to take a lot longer. I believe they may have filed for bankruptcy, so just kind of curious as to, is it still a couple of quarters to get to resolution or how that could play out?

好的，感謝你提供這些補充說明。接著在信用方面，我想就那位大型借款人、1億美元借款人問一下，想了解那個重整/處置（workout）的進度如何。我知道你們上次提到會花更久時間。我相信他們可能已經申請破產，所以想請教一下，是否仍需要再過幾個季度才能解決，或可能會如何發展？

Just keeping in mind that there are literally dozens of special purpose entities within that family of borrowers. None of our borrowers to date have filed bankruptcy, so just an important distinction. So far, so good on that front. We are continuing to proactively work with the borrower and related entities to try to find the best path forward on all eight of the loans that we have and slow and steady is probably the way I'd characterize it. Tom or Rodney may have a different approach, but we're working on it as diligently as we can, trying to produce the best outcome we can.

先提醒一下，在那個借款人家族之下，實際上有數十個特殊目的實體（SPE）。截至目前，我們的借款人都沒有申請破產，所以這是一個重要的區別。到目前為止，這方面一切都還不錯。我們持續主動與借款人及相關實體合作，試圖為我們持有的八筆貸款找出最佳的前進路徑；我會用「穩紮穩打、循序漸進」來形容。Tom或Rodney可能會有不同的說法，但我們正盡可能勤勉地推進，努力達成我們能做到的最佳結果。

We think we'll see good progress in the next two quarters, probably six months.

我們認為在接下來兩個季度、約六個月內，會看到不錯的進展。

Okay, great. Well, I appreciate all the color here and nice quarter and I'll step back in the queue. Thank you very much, guys.

好的，很好。感謝所有補充說明，這一季表現不錯，我先回到隊列後面。非常感謝，各位。

Thank you, Steve.

謝謝你，Steve。

David Bishop, [Polter] Group.

David Bishop，[Polter] Group。

Tom, quick question, circling back to the Texas market expansion. You hired some pretty senior lenders out of their former franchise. When you ring-fence it, looking out a couple of years, is the clear opportunity set in terms of growth and the hundreds of millions going to approach the billions of dollars. Just curious how big you think that Texas market could get to you, get for you over time?

Tom，簡單問一下，回到德州市場擴張的話題。你們從他們原先的體系挖角了一些資深放款人。如果把範圍框定、往後看兩三年，成長的明確機會集合（opportunity set）從數億美元是否會接近數十億美元。想請教你認為德州市場隨時間推進，對你們而言規模可能會做到多大？

Over what time period, Dave?

Dave，你指的是多長的時間區間？

Let's say over a three to four-year period.

假設是三到四年的期間。

One year? Three to four. Oh, three to four. Oh, yeah. I would think it would be more like a B instead of an M on the number in terms of opportunity in that timeframe.

一年？三到四年。喔，三到四年。喔，是的。我認為在那個時間範圍內，就機會規模而言，數字會更像是以「B」（十億）而不是以「M」（百萬）來計。

And the types of loans that the team's going to provide, is it more C&I in nature versus CRE or legacy portfolio? Just curious how you see that mix coming out of that franchise?

而團隊將提供的貸款類型，是以商業與工業（C&I）為主、相對於商用不動產（CRE）或既有投資組合嗎？想了解你如何看待從那個據點/團隊出來的組合結構？

It's virtually all C&I at this point.

目前幾乎全部都是C&I。

Got it. Have you started to see any deposit relationships migrate yet or is it still too old?

了解。你們是否已開始看到任何存款關係移轉過來，還是現在還太早？

Yes, C&I deposit relationships as well.

是的，也包含C&I的存款關係。

And then a couple of quarters, the other thing, Tom, you mentioned in terms of the loan payoffs, I think it was like $0.50. Every dollars of due loans, is that still trending down in terms of loan payoffs versus originations?

另外再問一個，Tom，你前幾個季度提到貸款清償（payoffs），我記得大概是每1美元到期貸款會有0.50美元被清償；目前相較於新承作（originations），貸款清償的趨勢是否仍在下降？

It's trending down. It's more like $0.30, and we think we'll see it continue to moderate from there, Dave. So, that's helpful to us. First quarter is just kind of slow, I mean, right? We're seeing much better moderation and probably 30% is too high, it's probably 20%, 25% of bookings. So it's not the old $0.50% payoff day.

趨勢在下降。現在更像是0.30美元，而且我們認為之後還會繼續趨緩，Dave。所以這對我們是有幫助的。第一季本來就比較慢，你知道的，對吧？我們看到更明顯的趨緩，而且30%可能還偏高，可能是承作量（bookings）的20%到25%。所以已經不是以前那種0.50的清償日子了。

Got it. And then a question for Dave. You talked about the some of the impacts and puts and takes on the operating expense side and then you mentioned the boldly headwind, I think it was about $1 million. Does that apply like a $3.8 million as a good run rate for the bolding line moving forward?

了解。接著問Dave一個問題。你談到營業費用端的一些影響與增減因素，然後你提到一個「boldly」的逆風，我記得大約是100萬美元。這是否表示往後「bolding」那一項的合理常態水準（run rate）大約是380萬美元？

Yeah, that's correct, David, because we had, like I said, a $1 million headwind related to the fourth quarter prior to project adjustment, so $3.8 million would be a more realistic trend going forward.

是的，David，沒錯。因為如我所說，我們有一個與第四季、在專案調整之前相關的100萬美元逆風，所以往後380萬美元會是更貼近實際的趨勢水準。

And then from a credit perspective, the charge-offs there, just curious if there was any significant sort of new non-accrual inflows or backfills on the non-accrual side that you could point out?

再從信用角度問一下，關於本季的核銷（charge-offs），想了解是否有任何顯著的新不計息（non-accrual）流入，或在不計息端有任何回補/補入（backfills）值得指出？

One or two relatively small ones, but to be honest with you, I wouldn't classify any of them as terribly material. They're both pretty small in the quarter.

有一兩筆相對較小的，但坦白說，我不會把任何一筆歸類為非常重大。它們在本季都相當小。

I think I heard in the preamble, you expect about a near-term $17 million reduction in NPAs, if I remember you're right.

我想我在開場說明中聽到，你們預期短期內不良資產（NPAs）會減少約1,700萬美元，如果我沒記錯的話。

That's right. We've got some really good visibility into three assets that will be paid off or taken out by a better quality borrower here in a really short-term.

沒錯。我們對三項資產有非常高的能見度，它們將在非常短期內被清償，或由信用更好的借款人承接/取代。

Got it. Maybe one final question for Dave on the margin outlook. If I'm looking at the supplemental information deck, it looks like deposit costs were pretty much on top of the average for the quarter. Is most of the expected margin expansion predicated more on the earning asset side or a combination of earning asset and funding costs going lower? Thanks.

了解。最後可能再問Dave一個關於利差展望的問題。如果我看補充資訊簡報，看起來存款成本幾乎與本季平均水準一致。那麼你們預期的利差擴張，主要是建立在生息資產端，還是生息資產端與資金成本下降的組合？謝謝。

I mean, it's predominantly on the earning assets. We do have about a $1.3 billion book in time deposits that are going to reprice, right? I mean, and those are maturing -- I think there's like a five-month remaining duration on those. So they're going to reprice in the next couple of quarters, and they may reduce funding costs a little bit, but it's not going to be significant enough to really move the needle on deposit costs. It's going to come from the asset side. Welcome.

我的意思是，主要來自生息資產端。我們確實有大約13億美元的定期存款部位將要重新定價，對吧？也就是說，這些會到期——我想剩餘存續期大概還有五個月。所以它們會在接下來幾個季度重新定價，可能會讓資金成本稍微下降一些，但幅度不足以對存款成本產生顯著影響。利差改善會來自資產端。不客氣。

Thank you. We've reached out of our question-and-answer session. And ladies and gentlemen, that does conclude today's teleconference and webcast. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation today.

謝謝。我們的問答環節到此結束。各位女士、先生，今天的電話會議與網路直播也到此結束。您現在可以掛線，祝您有美好的一天。感謝您今天的參與。