SmartFinancial Inc (SMBK) 2026 Q1 法說會逐字稿

(technical difficulty) busy quarter as we continue to execute on our strategy of leveraging the great foundation we've built over the last several years. Our team's focus on this execution continues to be outstanding. And this first quarter of 2026 was yet another example of that. So let me jump right into some of our highlights.

（技術性困難）在我們持續執行策略、善用過去幾年所建立的堅實基礎之際，本季依然相當忙碌。我們團隊對於執行面的專注依舊非常出色，而 2026 年第一季再次證明了這一點。接下來我就直接進入幾項重點亮點。

First, and in my opinion, one of the most important metrics, we continue to increase the tangible book value of our company which is now up to $27.33 per share, up from $26.86 at year-end. For the quarter, we posted operating earnings of $13.7 million or $0.81 per diluted share, with total operating revenue coming in at $53.8 million, higher than the $53.3 million in the prior quarter, even with two fewer days.

首先，也是我認為最重要的指標之一，我們持續提升公司的有形帳面價值，目前已達每股 27.33 美元，較年末的 26.86 美元上升。本季我們錄得營運盈餘 1,370 萬美元，或稀釋後每股 0.81 美元；營運總收入為 5,380 萬美元，高於前一季的 5,330 萬美元，即使本季少了兩天。

We continue to execute on outstanding growth on both sides of the balance sheet, posting 14% annualized growth in loans and 7% annualized growth in core deposits. Our history of strong credit continues with only 25 basis points in nonperforming assets. I'm very pleased with our credit performance and our extremely low level of NPAs. And operating noninterest expenses also came in on target at $32.9 million as we continue to exhibit expense discipline.

我們在資產負債表兩端持續展現亮眼成長，貸款年化成長 14%，核心存款年化成長 7%。我們一貫強勁的信用表現延續，非執行資產僅 25 個基點。我對我們的信用表現以及極低的 NPA 水準感到非常滿意。同時，營運非利息費用也如預期落在 3,290 萬美元，顯示我們持續維持費用紀律。

Looking at the first few pages in the deck, you'll see our continuation of some very nice trends. We're building our return metrics and most importantly, growing total revenue, EPS and tangible book value. All of those charts are great graphics to illustrate our execution. I'm looking forward to and expecting these trends to continue.

翻到簡報前幾頁，你會看到我們延續了一些非常好的趨勢。我們正在提升報酬率指標，更重要的是，總收入、EPS 與有形帳面價值都在成長。這些圖表都很能說明我們的執行力。我期待並預期這些趨勢將持續下去。

So a couple of additional high-level comments for me on growth, our balance sheet expansion is a direct result of the focus of our sales teams. Our continued evolution is an outstanding organic growth company is one of the things I've been most proud of, and I believe something that sets us apart from many other banks. We have hired well, and we have built an outstanding process on prospecting and bringing in new client relationships.

再補充幾點我對成長的高層次看法：我們的資產負債表擴張，直接來自銷售團隊的聚焦與努力。我們持續演進成為一家卓越的有機成長公司，是我最引以為傲的事情之一，也我相信這讓我們與許多其他銀行有所區隔。我們在人才招募上做得很好，也建立了出色的開發流程，用於拓展並導入新的客戶關係。

I would argue that we are in a top -- a small top-of-class roof when it comes to pure organic growth. As I stated, we grew our loan book 14% annualized quarter-over-quarter as sales momentum stays strong and balanced across all of our regions. Our average portfolio yield, including fees and accretion held up well at 6.02%.

我會主張，就純粹的有機成長而言，我們屬於同業中少數的頂尖梯隊。如我所述，在銷售動能持續強勁且各區域均衡發展下，我們的貸款餘額季對季年化成長 14%。我們的平均投資組合收益率（含手續費與折價攤銷增益）維持良好，為 6.02%。

Regarding deposits, again, core deposits were up 7% annualized, excluding -- when excluding broker fee payoffs, plus, we absorbed the large seasonal withdrawal early in the year. So all in all, a very nice deposit quarter. It's important to recognize how we're building this bank with core relationships, as we have intense focus on both sides of the balance sheet.

就存款而言，同樣地，核心存款年化成長 7%；若排除經紀存款到期清償的影響，此外我們也吸收了年初大型季節性提領。整體來看，這是一個非常不錯的存款季度。重要的是要認知到，我們是以核心關係來打造這家銀行，因為我們對資產負債表兩端都高度聚焦。

A couple of other highlights noted in our release bullets included an allowance for credit loss model change that [bump] their provisioning during the quarter. So we accomplished these results while adding an outsized provision adjustment with the new ACL model that better suits our company. Ron is going to discuss this a little bit more in a moment.

我們新聞稿重點條列中提到的另外幾項亮點，包括信用損失準備金模型的變更，這在本季推升了提存。因此，我們是在採用更適合本公司的新 ACL 模型、並額外增加較大幅度的提存調整之下，仍達成上述成果。Ron 稍後會再多談一些。

We also had a senior team addition with a new Director of Private Banking and Wealth Management from an end market regional bank that I believe is going to elevate this -- the work that we're doing in this area even further.

我們的高階團隊也新增一位成員：一位來自終端市場區域銀行的新任私人銀行與財富管理主管。我相信他將進一步提升我們在此領域的工作成果。

We don't talk a lot about our Wealth and Investments platform, but this business line has steadily grown over the last several years as we've added some outstanding private bankers and new financial advisers. This focus on assisting high net worth clientele is becoming a great business driver for us. And with our strategy, we can go toe to toe with any regional or national player. So all in all, a very nice way to start 2026.

我們不常談到財富與投資平台，但這條業務線在過去幾年隨著我們延攬優秀的私人銀行家與新的理財顧問而穩健成長。協助高淨值客群的聚焦，正成為我們重要的業務驅動力。以我們的策略，我們有能力與任何區域性或全國性同業正面競爭。總之，2026 年有個非常好的開局。

I'm going to stop there and hand it over to Ron and let him dive into some details.

我就先說到這裡，接下來交給 Ron，讓他深入說明一些細節。

Thanks, Billy, and good morning, everyone. I'll start by highlighting some key deposit results. During the quarter, our momentum remains strong with nonbrokered deposits increasing by $95 million, driven by two factors: new deposit generation at a cost of 2.82% and which was 22 basis higher than the previous quarter and seasonal inflows.

謝謝 Billy，各位早安。我先重點說明幾項存款成果。本季我們的動能依然強勁，非經紀存款增加 9,500 萬美元，主要由兩個因素帶動：以 2.82% 成本取得的新存款（較前一季高 22 個基點）以及季節性資金流入。

Given the strength in core funding, we took the opportunity to pay down the remaining $52 million in brokered deposits, which carried an average rate of 4.35%. And as we noted on the last call, our year-end totals included some transitory noninterest-bearing deposits. As those deposits rolled off and clients put some excess liquidity to work, noninterest-bearing deposits were over 18% of total deposits at quarter end.

鑑於核心資金來源強勁，我們把握機會償還剩餘 5,200 萬美元的經紀存款，其平均利率為 4.35%。另外，如同我們在上次電話會議提到的，年末總額包含部分短暫性的無息存款。隨著這些存款到期流出、客戶將部分多餘流動性投入運用，季末無息存款占總存款比重仍超過 18%。

Overall, interest-bearing deposits declined by 19 basis points to 2.60% and were 2.58% in March. We continue to maintain a robust liquidity profile as demonstrated by our loan deposit ratio of 87%.

整體而言，計息存款成本下降 19 個基點至 2.60%，而 3 月為 2.58%。我們持續維持強健的流動性結構，貸存比 87% 即為明證。

The net interest income for the quarter was $45.9 million, which was $782,000 higher than the previous quarter, even though this quarter had two fewer days. Our net interest margin also improved by 10 basis points to 3.48%. This increase was mainly driven by an 18 basis point reduction in funding costs, which more than offset a 3 basis point decline in asset yields.

本季淨利息收入為 4,590 萬美元，較前一季增加 78.2 萬美元，儘管本季少了兩天。我們的淨利差也改善 10 個基點至 3.48%。此增幅主要來自資金成本下降 18 個基點，足以抵銷資產收益率下降 3 個基點的影響。

The reduction in funding costs resulted from the full quarter effects of the prior quarter's federal rate cuts. The previously mentioned paydowns of higher cost brokered funding and new deposit generation and CD renewals at lower rates.

資金成本下降，來自前一季聯邦利率調降的整季效應、前述對高成本經紀資金的償還，以及以較低利率取得的新存款與定存（CD）續作。

The decline in asset yields was caused by a 6 basis point reduction in loan yields, mainly due to the impact of the rate cuts mentioned above and the pay downs and payoffs of higher rate loans. This reduction was slightly offset by strategic utilization of balance sheet cash.

資產收益率下降，源於貸款收益率下滑 6 個基點，主要是受到上述降息影響，以及較高利率貸款的償還與提前清償。此降幅部分被我們策略性運用資產負債表現金所略為抵銷。

The weighted average yield on new loan production for the quarter was 6.40% and 6.45% for March. Looking forward, we anticipate that our margin will stabilize and remain relatively flat for the second quarter before increasing slightly in the second half of the year.

本季新承作貸款的加權平均收益率為 6.40%，3 月為 6.45%。展望未來，我們預期第二季利差將趨於穩定並大致持平，之後在下半年小幅上升。

Turning to credit. Our provision expense for the quarter was $4.1 million, which includes $926,000 attributable to an increase in our unfunded commitments liability. As mentioned during the last earnings call, we've updated our CECL allowance model enabling broader capabilities such as economic forecasting, tailored to loan segments and stronger qualitative adjustments. Details about this model update will be included in our first quarter 10-Q filing.

接著談信用。本季提存費用為 410 萬美元，其中包含 92.6 萬美元，係因未動用承諾負債增加所致。如同上次法說所提，我們已更新 CECL 備抵模型，使其具備更廣泛的能力，例如經濟預測、依貸款分群量身打造，以及更強的質化調整。關於此次模型更新的細節，將納入我們第一季 10-Q 申報文件。

Due to the changes in our modeling approach and quarterly activities, the allowance for credit losses increased to $44 million, representing 0.97% of total loans compared to 0.94% in the previous quarter. And our liability for unfunded commitments totaled $4.5 million, up from $3.6 million.

由於建模方法的變更與本季活動，信用損失備抵（allowance for credit losses）增加至 4,400 萬美元，占總貸款 0.97%，高於前一季的 0.94%。同時，未動用承諾負債合計 450 萬美元，高於 360 萬美元。

Looking forward, we anticipate that the allowance to remain within the 97, 98 basis point range, contingent on prevailing market and credit conditions. Furthermore, our asset quality metrics remain robust with nonperforming assets accounting for just 0.25% of total assets and net charge-offs were limited to 2 basis points.

展望未來，我們預期備抵將維持在 97 至 98 個基點區間，視當前市場與信用狀況而定。此外，我們的資產品質指標仍然穩健，非執行資產僅占總資產 0.25%，淨沖銷也僅 2 個基點。

Operating noninterest income was $7.9 million, down slightly from the last quarter, but exceeding expectations. Higher investment services fees offset lower mortgage banking and capital markets revenue which was lower primarily due to seasonality. Other income sources met or modestly surpassed expectations.

本季營運非利息收入為 790 萬美元，較上季小幅下降，但仍高於預期。較高的投資服務手續費抵銷了較低的房貸銀行與資本市場收入；後者下降主要因季節性因素所致。其他收入來源符合或小幅優於預期。

Operating noninterest expenses for the quarter increased slightly to $32.9 million, which was modestly below our guidance. Salary and benefit expenses were higher mainly due to variable compensation on stronger-than-anticipated production as well as our annual merit increase adjustments that started in March.

本季營運非利息費用小幅增加至 3,290 萬美元，略低於我們的指引。薪資與福利費用較高，主要因產出優於預期而帶動的變動薪酬，以及我們自 3 月開始的年度調薪調整。

We also reduced our FDIC insurance accrual of $275,000 this quarter but expect this expense to return to normal levels in future periods. Our operating efficiency ratio for the first quarter remained around 60%-plus level showing our continued focus on improving margins and controlling costs.

本季我們也將 FDIC 保險費用應計數減少 27.5 萬美元，但預期未來期間該費用將回到正常水準。我們第一季的營運效率比率仍維持在 60% 以上水準，顯示我們持續聚焦於提升利差並控管成本。

For the second quarter, noninterest income is projected to be approximately $7.8 million and noninterest expense is expected to be in the range of $34 million to $34.5 million. Salary and benefit expenses are anticipated to range from $20.5 million to $20 million -- $21 million, slightly elevated from the prior quarter due to the full quarter effects of our merit increases and new hires. Our accruals for incentive-based compensation will fluctuate based on performance and may vary throughout the year.

就第二季而言，非利息收入預計約為 780 萬美元，非利息費用預期落在 3,400 萬至 3,450 萬美元之間。薪資與福利費用預計介於 2,050 萬至 2,000 萬—2,100 萬美元，較前一季略為上升，主要因為我們績效調薪與新進人員的整季效應。我們對以激勵為基礎之薪酬的應計將依績效而波動，並可能在全年期間有所變動。

I'll conclude with capital. The company's consolidated TCE ratio increased to 8%, and our total risk-based capital ratio remained well above regulatory well capitalized standards at 12.7%. Overall, we believe our capital levels remain optimally balanced to continue to support growth while maximizing returns on equity.

最後談資本。公司合併後的 TCE 比率上升至 8%，總風險基礎資本比率仍遠高於監理機關「資本充足」標準，為 12.7%。整體而言，我們認為目前資本水準仍維持最佳平衡，可在支持成長的同時，最大化股東權益報酬。

With that said, I'll turn it back over to Billy.

話說到這裡，我把時間交回給 Billy。

Thanks, Ron. As you can tell from Ron's comments, our trends continue to have a nice trajectory. We are successfully executing on the leveraging phase of growth for our company. And on our return metrics, we feel very confident in our ability now to move through the 1% and 12% ROA and ROE thresholds as we look into 2026.

謝謝你，Ron。從 Ron 的評論可以看出，我們的趨勢持續呈現良好走勢。我們正成功執行公司成長的槓桿化階段。就報酬指標而言，展望 2026 年，我們對於有能力跨越 ROA 1% 與 ROE 12% 的門檻感到非常有信心。

I mentioned on our last quarter call, our internal 4x4 challenge of hitting a $4 EPS run rate by the fourth quarter of 2026. So basically hitting $1 per share in EPS by Q4 of this year. We rolled that initiative out internally during the quarter, and our team embraced it.

我在上一季的電話會議提到，我們內部有一個 4x4 挑戰：在 2026 年第四季達到每股盈餘（EPS）4 美元的運行水準。也就是說，在今年第四季基本上要達到 EPS 每股 1 美元。我們在本季已於內部推動這項倡議，團隊也欣然接受。

We've got a little bit of work to do, but we've had a nice start to the year, and we're going to continue to push to hit that EPS target. I like our chances on accomplishing this goal.

我們還有一些工作要做，但今年開局不錯，我們會持續推進以達成該 EPS 目標。我看好我們達成這個目標的機會。

We believe we're one of the brightest banking stories in the Southeast. Outstanding growth markets paired with strong experienced bankers and a very focused executive team.

我們相信自己是美國東南部最亮眼的銀行故事之一：優異的成長市場，搭配資深且強大的銀行家團隊，以及非常聚焦的高階管理團隊。

Our primary efforts will be on generating more operating leverage throughout 2026 with our focus on doubling down on our organic strategy and getting deeper in our markets. As I mentioned, pipelines are solid, and I think we can continue growing at these high single digits plus pace.

我們的主要努力將放在 2026 年持續提升營運槓桿，重點是加碼我們的有機成長策略並更深入耕耘各個市場。如我所述，業務管線穩健，我認為我們可以持續以高個位數以上的速度成長。

Talent acquisition continues to be a high priority for our company, and I really like what I've seen during the first part of this year. We've continued to add select revenue producers in several markets and have several more committed to come onboard soon. We're constant recruiters and I like our position as we continue seeing market disruption in the South.

人才招募仍是公司的高度優先事項，而我非常喜歡今年前段時間所看到的進展。我們持續在多個市場增聘精選的營收創造者，並且還有數位已承諾不久後加入。我們一直在持續招募；隨著南方市場出現擾動，我很看好我們的態勢。

Just an anecdotal comment on that. I was at a client event in Alabama last week, and I had a new SmartBank client that one of our new bankers has brought over to us come up to me and say how much he enjoyed working with us, saying, you guys can do everything the regionals can do, but you're better and more nimble. That sums up our business strategy and our recruiting strategy, and we're having great success with both. So we will continue to look for these organic growth opportunities and remain very focused on recruiting.

補充一個軼事。上週我在阿拉巴馬州參加一場客戶活動，有一位新的 SmartBank 客戶（由我們一位新進銀行家帶來）走過來對我說，他非常享受與我們合作；他說，你們能做的事情跟區域型銀行一樣多，但你們更好、也更靈活。這正好總結了我們的商業策略與招募策略，而我們在兩者上都取得很大成功。因此，我們會持續尋找這些有機成長機會，並保持對招募的高度專注。

So to summarize, we kicked off a very solid 2026, and we are positioned very well. We are executing, growing revenue, EPS and book value and staying prudent on expense growth. We remain optimistic around our ability to add balance sheet growth and have a nice tailwind coming with rate resets in our loan portfolio over the coming quarters.

總結來說，我們在 2026 年有一個非常穩健的開局，且我們的定位非常好。我們正在執行計畫、提升營收、EPS 與帳面價值，同時在費用成長上保持審慎。我們對於增加資產負債表成長的能力仍然樂觀，且未來幾季隨著貸款組合利率重設，將帶來不錯的順風。

Credit remains very sound. And on goal setting, we're executing on this year's 4x4 initiative as we have line of sight to a $4-plus earnings per share target.

信用狀況仍然非常穩健。就目標設定而言，我們正在執行今年的 4x4 倡議，因為我們已清楚看見達成每股盈餘 4 美元以上目標的路徑。

And I also wanted to add how excited I am that we've elevated Cynthia Tan to our Chief Operating Officer role. Cynthia is one of the best leaders in our company and will be tasked on aligning all of our operational and tech initiatives. She's going to do a great job in this role.

我也想補充，我們將 Cynthia Tan 晉升為營運長（Chief Operating Officer）一職，讓我非常振奮。Cynthia 是公司最優秀的領導者之一，將負責整合我們所有營運與科技相關的倡議。她會在這個角色上做得非常出色。

I appreciate the work of our SmartFinancial, SmartBank team and the efforts of all of our associates. I'm very proud of what we've got going on here at SMBK. So I'm going to stop there and open it up for questions.

我感謝 SmartFinancial、SmartBank 團隊的努力，以及所有同仁的付出。我對 SMBK 目前正在進行的事情感到非常自豪。我先說到這裡，接下來開放提問。

(Operator Instructions) Brett Rabatin, StoneX.

（接線員指示）Brett Rabatin，StoneX。

Good morning, everyone. I wanted to start on just the growth outlook from here. Obviously, you guys continue to execute really well on growth. And there's been rumblings of some competitors in Tennessee, in particular, being very aggressive with rate? And just wanted to see if that -- if you were seeing any of that and then just the pace of growth in 1Q, if that's sustainable, particularly on loan growth over the rest of the year?

各位早安。我想先從接下來的成長展望談起。很明顯你們在成長執行上持續做得非常好。市場上也有一些傳聞，特別是在田納西州，有些競爭對手在利率上非常積極？想請教你們是否也有看到這種情況；另外，第一季的成長速度是否可持續，尤其是今年其餘時間的放款成長？

Brett, I'll start and Rhett, you can chime in from what you're seeing in pipelines as well. But yes, it has -- we had, again, a really solid first quarter. Our pipelines feel good. As I said in my comments, I think we can continue at or around that 10% plus/minus -- might be a little more, might be a little bit less -- but I like your pace.

Brett，我先回答，Rhett 也可以就你在業務管線看到的情況補充。是的——我們第一季確實又交出非常穩健的表現。我們對業務管線感覺良好。如我在評論中所說，我認為我們可以持續維持在大約 10% 上下（可能略高、也可能略低）——但我喜歡這個步調。

Competition is -- I'll tell you I don't know where we're talking about this today. We could have had a lot more we're turning away some do so good deals just because we're seeing some unreasonable rate competition. And that's okay. I mean, we just -- one of the things, and I think you've heard me comment on it in past calls is, we've really got a nice, disciplined approach around our pricing model.

至於競爭——我跟你說，我不知道我們今天要談到哪裡。我們其實本來可以做更多，但我們正在拒絕一些原本很好的案子，原因是我們看到一些不合理的利率競爭。不過這也沒關係。我的意思是，我們——其中一件事，而且我想你在過去的電話會議也聽我提過——我們在定價模型上確實有一套良好且嚴謹的做法。

And again, growing both sides of the balance sheet is really important for us. And so as not that we won't make an exception here or there for the right types of situations. But for the most part, we really hold to making sure that we're hitting our return on risk-adjusted capital targets.

再者，同時推動資產負債表兩端的成長對我們非常重要。因此，並不是說我們不會在某些合適情境下破例；但大多數情況下，我們會堅持確保達到我們的風險調整後資本報酬目標。

And so, we are seeing some competition that's a little bit crazy. We're letting some of those deals go. We're involved in them. Sometimes we just think the price [in step then.] But I mean, you might talk a little bit about pipelines and just how you feel about kind of this high single digits plus pace.

所以，我們確實看到一些有點瘋狂的競爭。我們會放掉其中一些案子。我們有參與，有時候我們只是覺得價格（[in step then.]）。不過，你可以談談業務管線，以及你對於這種高個位數以上成長步調的感受。

No. Billy, you kind of stole my thunder because I was going to say the same thing that despite the growth we saw, we actually could have -- we could have produced more, and we not been a little -- not been as disciplined as we were on our return brand. So the pipeline itself, though, continues to backfill at a pretty consistent pace.

不。Billy，你有點搶了我的話，因為我本來也要說同樣的事：儘管我們看到這樣的成長，我們其實本來可以——如果我們在報酬（return）方面沒有像現在這麼自律，我們可以做得更多。不過，業務管線本身仍以相當一致的速度持續補回。

I mean, as we've kind of monitored this growth like we've had for the past several quarters, you see it in the numbers. The pipeline just continues to backfill each quarter end when we look at -- and what we've got coming for the balance of the next couple of three quarters. So it -- all indicators are that the market pace is still good. There's a lot of opportunity out there, and we are certainly getting our pressure.

我的意思是，當我們像過去幾季一樣持續監控這個成長，你可以在數字上看到。每到季末我們檢視時，業務管線都會持續補回——以及接下來兩到三季的存量。因此——所有指標都顯示市場節奏仍然不錯。外面有很多機會，而我們當然也感受到壓力。

Brett, I'd also add, it's not just Tennessee. It's all across the footprint. All about in the Panhandle has been very strong as well.

Brett，我也補充一下，不只是田納西州，而是整個營運版圖都是如此。佛羅里達狹長地帶（Panhandle）那邊也一直非常強勁。

Okay. That's great color, guys. I appreciate all that. And then just wanted to ask on the balance sheet management. Your loan-to-deposit ratio has increased last year, and you talked about paying down some brokered CDs this quarter but just wanted to hear you guys' thoughts on managing the balance sheet the loan-to-deposit ratio, if there's an upper limit that you guys might have on that and then just funding the growth, where you think that comes from in terms of product, and how you're going to do that?

好的。各位，這些說明很有幫助，謝謝。接著想問資產負債表管理。你們的貸存比去年有所上升，你們也提到本季償還了一些經紀存單（brokered CDs）。想聽聽你們對於管理資產負債表、貸存比的想法：你們是否有一個可能的上限？另外，為了支應成長，你們認為資金來源會是哪些產品，以及你們打算如何做到？

Ron, do you want to take that?

Ron，你要回答這題嗎？

Sure. We've been hovering around the 86%, 87% loan deposit ratio. We're not afraid to go up to 90%, 90%-plus. But at this point, we don't see the need. Our deposit generation has been strong throughout our footprint.

當然。我們的貸存比一直大約在 86%、87% 左右。我們不怕升到 90% 或 90% 以上。但就目前而言，我們看不出有這個必要。我們在整個營運版圖的存款生成一直很強。

As you can see for Q1, a lot of it's been money market generated. We are leading off on the CD side. We feel the relationship building of that money market category has been pretty special for us going forward. Other than that, again, relationship building and a lot of -- we have a lot of deposit opportunities in our footprint.

如你在第一季所看到的，其中很大一部分是由貨幣市場帶動的。我們在定期存單（CD）端領先起跑。我們認為，貨幣市場這一類別的關係建立，對我們未來而言一直相當特別。除此之外，同樣地，關係建立以及——我們在營運版圖內有很多存款機會。

Russell Gunther, Stephens.

Russell Gunther，Stephens。

Good morning, guys. I wanted to ask on deposit costs. Did a great job dropping those this quarter. Within the margin update you guys provided, how are you thinking about the ability to lower deposit costs from here if the Fed does remain on pause? Do you have some incremental room, or should we be thinking about potentially some upward pressure on deposit costs going forward?

各位早安。我想問一下存款成本。你們這一季把存款成本降下來做得很棒。在你們提供的利差更新中，如果聯準會確實維持暫停（不升不降），你們怎麼看從這裡進一步降低存款成本的能力？還有一些額外空間嗎？還是我們應該預期未來存款成本可能會有一些上行壓力？

Ron, do you want to take that? I think from what Russell is saying, I think with rates being up a little bit, probably have a little bit more read on that. But you want to discuss kind of thoughts around deposit costs moving forward?

Ron，你要回答嗎？我想 Russell 的意思是，在利率稍微上來一些的情況下，可能對此會更有感覺。不過你要不要談談對未來存款成本走勢的想法？

Yeah, we're pretty neutral at this point in time. We've -- our flatness is really due to -- we have seen some mix shift in our deposit portfolio. Our team has done a great job of expanding our margin over the last several quarters. But we're seeing coming into a period of seasonality. Second quarter for us is traditionally a heavy cash quarter for clients for tax payments and other sources and other uses.

是的，我們目前大致偏中性。我們——目前的持平主要是因為——我們看到存款組合出現一些結構性變化。我們團隊在過去幾個季度把利差擴大做得很好。但我們正進入一段季節性期間。對我們而言，第二季傳統上是客戶現金需求較重的一季，用於繳稅以及其他來源與用途。

Even though we've seen competition through our footprint, as we'll probably get a question on that, our team has done a great job of bringing in deposits and keeping the rates down. So in essence, I think we will still see a little bit of rate movement upward, but we're only looking at very few basis points quarter-over-quarter from here on. So pretty neutral at this point.

儘管我們在營運版圖內看到競爭（我想等一下可能也會被問到），我們團隊在吸收存款並把利率壓低方面做得非常好。所以本質上，我認為我們仍會看到利率有一點點往上動，但從現在起我們只預期季度對季度變動是非常少的幾個基點。因此目前相當中性。

Okay. That is very helpful. And then you led the witness here a little bit. Let me follow up on your deposit cost competition. It's also a follow-up to Brett's very good question. I mean, the Southeast is always a competitive place to operate. Maybe just high level, how would you describe the environment this quarter incrementally? Has that high level of competition increased. It sounds like on the loan side, but perhaps just the deposit side too.

好的，這很有幫助。然後你剛剛也稍微帶到這點了。我想追問一下你們在存款成本上的競爭情況，這也算是對 Brett 那個很好的問題的延伸。我的意思是，美國東南部一直都是競爭激烈的營運區域。也許從高層次來看，你會如何描述本季環境的邊際變化？整體競爭是否加劇？聽起來在放款端是如此，但也請談談存款端。

Yeah, I'll grab that one, Russell. Yeah, it has. I think competition is ramping up. I don't think there's any doubt about that. I mean, you've got a lot of banks that are out there looking for growth. We've been fortunate. Again, I go back to -- I think our process has really been good. And I think that's what's allowed us to drive growth and continuing to do it at right levels that we're comfortable at.

Russell，我來回答。是的，確實如此。我認為競爭正在升溫，這點毫無疑問。你看，有很多銀行都在尋求成長。我們很幸運。再次回到——我認為我們的流程真的做得很好，而這也讓我們能推動成長，並且持續以我們覺得舒適的合理水準來做。

But yeah, it's on both sides. Brett talked about loan pricing. It's the same on the deposit pricing side. We're seeing especially with thoughts around maybe a flatter rate environment in '26, I think it's fueling a little bit of fire to keep deposit rates higher. So I think we're going to -- we'll continue with that.

但沒錯，兩邊都有。Brett 談到放款定價；存款定價端也是一樣。特別是市場對 2026 年可能較為平坦的利率環境的想法，我認為這在某種程度上助長了讓存款利率維持較高的動能。所以我想我們會——我們會持續面對這樣的情況。

But, again, we're -- our deposit growth is not always rate sensitive. I know we've -- I've talked about it on prior calls, the treasury management team that we have in our company, and they're doing such a great job with their commercial bankers. And we're bringing in some really good -- just good core operating business outside of just kind of where prevailing money market rates are.

不過，再次強調，我們的存款成長不一定對利率那麼敏感。我知道我在之前的電話會議也提過，我們公司有一個資金管理（treasury management）團隊，他們和商業銀行團隊配合得非常好。我們帶進來一些非常好的——就是很好的核心營運型存款業務，而不只是跟著當前貨幣市場利率走。

And so, I like the way we're growing the deposit side. I think we continue to do it like that, Ron said, probably had a little bit of mix shift this quarter that might give us a little bit of kind of short-term pressure. But all in all, I still think we continue to kind of do it at the same levels that we've been doing.

所以，我喜歡我們在存款端的成長方式。我認為我們會繼續用這種方式來做。正如 Ron 說的，本季可能有一點組合變動，短期內可能帶來一些壓力。但總體而言，我仍然認為我們會以過去一直在做的相同水準持續推進。

Great. Thanks, Billy. And then, guys, just last one for me, a follow-up in terms of very helpful to get production yields this quarter, the 6.40% and the 6.45% in March, and I always go right to that repricing slide on number 14. How are those kind of yields holding relative to what's coming on in the pipeline? Is that kind of similar levels? Or do you see some pressure there?

很好，謝謝你，Billy。然後各位，我最後一個問題：這一季提供的承作收益率很有幫助，3 月是 6.40% 和 6.45%，而我總是會直接看第 14 頁那張重定價（repricing）投影片。這些收益率相對於目前管線裡即將進來的案子，維持得如何？大致在相近水準嗎？還是你們看到一些壓力？

I think it's close to the same, maybe a little bit of additional pressure on those Russell. But all in all, we're getting some nice yield pickup. So I think we're trying to be strategic and trying to be out in front of these rate resets and maturities well in advance. But yeah, we're watching it closely. Maybe a little bit of additional pressure just like new production today, but still to the positive. Ron, I don't know if you've got anything to add on that?

我認為差不多，Russell，可能會有一點額外壓力。但整體而言，我們仍取得不錯的收益率提升。所以我想我們正努力更具策略性，並且在這些利率重設與到期之前就提前布局。不過是的，我們會密切關注。可能會有一點額外壓力，就像今天的新承作一樣，但仍然是正向的。Ron，我不知道你是否要補充？

The renewals and the repricing has been obviously a tailwind for us. We are renewing 88% of the loans that are coming up for repricing or renewal. That's -- and are coming in about 120 basis points higher. So they're very similar to the rates for today, maybe 10 basis points lighter but still very strong in that area.

續約與重定價顯然一直是我們的順風。我們對於到期需要重定價或續約的貸款，續約率達到 88%。而且——續約後的利率大約高出 120 個基點。因此它們與目前的市場利率非常接近，可能低個 10 個基點，但在那個區間仍然非常強勁。

(Operator Instructions) Catherine Mealor, KBW.

（接線員指示）Catherine Mealor，KBW。

Thanks. Good morning. Follow-up on the margin is in your guidance for the margin to be flat this quarter and then expand slightly in the back half of the year? So you have any -- what are your rate forecast under that scenario?

謝謝，早安。關於利差的追問：你們的指引是本季利差持平，然後在下半年小幅擴大？在這個情境下，你們的利率預測是什麼？

Yeah, we're -- it's flat. We're not assuming up or down at this point in time.

是的，我們——是持平。我們目前不假設利率上升或下降。

Okay. So no more rate cuts were just in a flat rate environment. We were kind of stable to maybe up as we get better loan repricing in the back half of the year?

好的。所以沒有更多降息，就是在利率持平的環境。我們會大致穩定，並且可能在下半年因為貸款重定價改善而略為上升？

Correct.

正確。

Even if deposit costs kind of start to trend up a little bit?

即使存款成本可能開始有一點上行趨勢？

Correct.

正確。

Okay. That's great. Thank you for that clarification. And then on the expense guide, it's helpful to see the next quarter's expense guide, which is still kind of shaking out to about that 5% annual growth rate. But just curious if you still feel like that 5% full year expense growth guide is appropriate? Or is there anything that with the recruiting you've talked about or anything else that you think we should be aware of to model in the back half of the year?

好的，很好。謝謝你們釐清。然後關於費用指引：看到下一季的費用指引很有幫助，換算下來仍大約是年增 5% 的成長率。但我想確認一下，你們是否仍認為全年費用年增 5% 的指引是合適的？或者因為你們提到的招募或其他因素，下半年是否有任何我們在建模時需要注意的地方？

Ron -- yeah, just high level for me, Catherine, from the recruiting side. We think we can we think we can handle some of the recruiting. We don't do -- we're not going out and doing really, really large ad. We're just kind of selectively adding the right producing team members when they come on board. So we should be able to absorb that with the increased production. But Ron can talk about guidance. But yes, I don't think we've got a lot of really heavy expense lift in the forecast going forward. Most of that's already built in. But Ron, any color on that?

Ron——是的，Catherine，我先從招募面做個高層次回應。我們認為我們可以——我們認為我們能夠消化一些招募。我們不會——我們不是出去做非常、非常大規模的招募；我們只是有選擇性地在合適的產能型成員加入時補進來。因此我們應該能用增加的產出來吸收這些成本。不過 Ron 可以談指引。但是的，我不認為我們的預測裡還有很多很重的費用上升。大部分都已經反映在內了。Ron，你要補充一些顏色嗎？

Catherine, we're projecting pretty much for the rest of the year, quarter-over-quarter. We're going to stay within a -- looking to stay within a tight band between $34.5 million to $35 million kind of in there. We're not expecting any other -- not expecting creep unless something strategic comes along. We're still looking to get our efficiency ratio to trend down to that target 60% level by year-end. So the only other item is the variable comp piece that could change some of this if we do get extended production and then variable comp will kick in. But no, we look like we can keep it in that band.

Catherine，我們對今年剩餘期間的預估基本上是逐季來看——我們會維持在一個緊的區間內，目標是落在 3,450 萬到 3,500 萬美元之間，大概在那個範圍。我們不預期還有其他——除非出現某些策略性機會，否則不預期費用會有上升漂移。我們仍希望效率比率在年底前往下趨勢到目標的 60% 水準。唯一可能改變的是變動薪酬那一塊，如果我們的產出延伸增加，變動薪酬就會啟動。但除此之外，看起來我們可以把費用控制在那個區間。

(Operator Instructions) Stephen Scouten, Piper Sandler.

（接線員指示）Stephen Scouten，Piper Sandler。

Thanks, guys. I guess going back to NIM just for one second. I'm kind of curious what you guys see as the biggest risk to the continued positive trajectory on the NIM, especially in that back half of '26, what could kind of cause that to be different than expected currently?

謝謝各位。我想再回到淨利息收益率（NIM）一下。我有點好奇，你們認為 NIM 在持續正向走勢上最大的風險是什麼？特別是在 2026 年下半年，什麼因素可能會讓結果與目前預期不同？

Ron, I'll let you take a stab at it is going to be just competitive pressure on really more just money market rates and funding rates probably a big driver in the second half is just not knowing exactly where rates are going to come or what kind of pressures we're going to get, Stephen. I still think if rates hold steady, I still think we can do a pretty nice job on the loan yield front. I think it's just going to be more funding cost -- pressures potentially. Ron, anything else you'd add to that?

Ron，我讓你先來回答一下。我認為這主要會是競爭壓力，更多是來自貨幣市場利率與資金成本利率；下半年的一個重要驅動因素，可能就是我們不確定利率究竟會走向何處，或我們會面臨什麼樣的壓力，Stephen。我仍然認為，如果利率維持穩定，我們在貸款收益率方面仍能做得相當不錯。我覺得更可能是資金成本方面的壓力。Ron，你還有什麼要補充的嗎？

No, exactly. It's going -- going to be in the funding cost. And if we do have trending more of our mix shift at noninterest-bearing, but really, those are the other items.

沒有，完全正確。這——將會是在資金成本上。而且如果我們的組合持續朝向更多無息存款的方向移動，但基本上，就這些因素。

Okay. And I know you guys noted that more of the growth had come kind of from money market and savings. Were there any sort of specials on the money market rates? Anything unusual that led to that kind of material pickup there from a mix shift?

好的。我也知道你們提到，更多的成長大概來自貨幣市場與儲蓄存款。貨幣市場利率方面有沒有任何特別方案？有沒有什麼不尋常的情況，導致因組合轉換而出現那種明顯的提升？

I don't think so. I don't think we really did anything.

我不這麼認為。我覺得我們並沒有真的做什麼。

It's actually hard work.

其實是靠努力。

And really, we prefer selling money markets and CDs. So -- but yeah, not we didn't have any rate promos or anything out of the norm, Stephen.

而且實際上，我們更偏好銷售貨幣市場帳戶和定存（CD）。所以——但對，Stephen，我們沒有任何利率促銷或任何不符合常態的作法。

Okay. Great. And then just last for me. I guess you guys noted the Director of Private Banking and some Wealth Management hires there in Nashville. How do you feel about your Nashville presence today? Is that something we should continue to see you focus on expanding given the current opportunity set? And if so, kind of what could that look like over the next couple of years?

好的。很好。那最後一個問題。你們提到在納什維爾聘請了私人銀行部主管以及一些財富管理的人才。你們如何看待目前在納什維爾的布局？鑑於目前的機會集合，這是否是你們應該持續聚焦擴張的方向？如果是的話，未來幾年大概會是什麼樣子？

Yeah, it is. We're -- as I've said, we're really -- just really lean into all of our zones. We've just got such great ability to grow share in so many of our markets. But obviously, Nashville is a big one. It's a big market. We're really starting to build some nice momentum.

是的。正如我說過的，我們真的——會更用力投入我們所有的區域。我們在許多市場都有很強的能力去提升市占。但顯然，納什維爾是其中一個重點。那是一個大市場。我們真的開始建立起不錯的動能。

I was over there with some clients a couple of weeks ago. And there's -- we've got really good energy over there. We've got a couple of them really got some nice team members that we've added over the course of the last couple of years. They've got more that we want to add over there.

我幾週前才和一些客戶去那邊。那邊——我們的氛圍真的很好。我們也在過去幾年陸續加入了幾位很不錯的團隊成員。我們還希望在那邊再增加一些人。

So I think that's a market that's going to be important to us as we go forward. But we're -- we've got a lot of other zones where we're growing share, too, but Nash is going to be one that I think has got a heck of an upside for us.

所以我認為，隨著我們往前走，那會是一個對我們很重要的市場。不過我們——在其他很多區域也都在提升市占，但我認為納什會是其中一個對我們而言上行空間非常大的市場。

Great. Appreciate that and congrats on all the continued progress here.

很好。感謝分享，也恭喜你們在這裡持續取得進展。

Steve Moss, Raymond James.

Steve Moss，Raymond James。

Good morning, guys, and nice quarter here. Most of my questions was asked to answer here. Just kind of curious in terms of just the -- maybe the pipeline mix is focusing to be more construction (inaudible) or just kind of how you guys are thinking about how you guys are feeling with that underlying mix?

各位早安，本季表現不錯。我大部分的問題剛剛都已經被問到並回答了。我只是有點好奇，就——也許是管線（pipeline）的組合是否更偏向建築（inaudible），或你們大致上是如何看待、如何感受那個底層組合的變化？

I'll dive in on pipelines and so seeing more of that. But we've been able to keep it pretty balanced and pretty agnostic to kind of what whatever group that I think we've been able to hold. I still think we'll be able to hold but any additional color on how you see the loan composition looking over the next few quarters.

我先談一下管線，確實看到更多那樣的情況。但我們一直能把它維持得相當均衡，對於是哪一個團隊或哪一個群組，其實也相對中性（agnostic），我認為我們一直能維持住。我仍然認為我們能維持，但想請你再補充一些看法：未來幾季你們預期貸款組成會是什麼樣子？

Name with regard to kind of what our focus is. I mean, clearly, you look at the graph got there, I think it's page 9 of the deck that outlines our loan composition. I mean, you might have a slight move here or there on a percentage point or two, one quarter to the next. But overall, as you can see, it's maintaining a pretty steady pace as it relates to the mix of the portfolio.

就我們的重點而言——我的意思是，很明顯地，你看那張圖，我想是在簡報第9頁，概述了我們的貸款組成。我的意思是，你可能會看到這裡或那裡有些微變動，季度之間可能差一到兩個百分點。但整體而言，如你所見，就投資組合的結構配置來說，它維持得相當穩定。

When you look at our fourth quarter production and it really ties in almost exactly to the same those same metrics for the quarter. So I mean, it's just a continued solid, strong mix across the different segments of the book. And we are we're focused in doing that.

當你看我們第四季的放款產出，其實幾乎完全對應到本季同樣的那些指標。所以我的意思是，這就是在不同業務區塊之間持續維持穩健、強勁的組合。我們也專注於做到這一點。

We've got our (inaudible) set where they have some target areas and specializations here and there, and each one of them are, as Billy pointed out earlier, across the geography and across our different markets. One of them are carrying their own waiting wireline. I mean, so far and say it's been a very consistent mix.

我們的（inaudible）團隊有一些目標領域，以及零星的專長領域；而且如Billy先前指出的，他們分布在不同地理區域、不同市場。每一個人都在各自的戰線上承擔責任。我的意思是，到目前為止，我會說這一直是非常一致的組合。

Okay. Appreciate that. And then maybe just in terms of expansion Bill, you just talked about the Nashville area. Just kind of curious, as you hire teams selectively here or people selectively -- should we think about any de novo expansion around that market? Or any thoughts on M&A these days? I know you guys are speaking to leverage your existing base, but just kind of updated thoughts there.

好的，感謝。那再問一下擴張方面，Bill，你剛剛談到納什維爾地區。我有點好奇，當你們在這裡選擇性地招募團隊或人才——我們是否應該把它理解為在那個市場周邊會有任何新設（de novo）擴張？或你們最近對併購（M&A）有什麼想法？我知道你們一直在談要槓桿既有基礎，但想請你更新一下看法。

On your third question on de novo expansion. No, not really. I mean, I think obviously, we -- last quarter, we talked about excited to get Columbus, Georgia started. Really excited about what our team is starting to build down there and building it really quickly. So I've been happy with that.

你第三個問題關於新設擴張。沒有，並不太是。我的意思是，很明顯地，我們——上季我們談到很期待在喬治亞州哥倫布（Columbus, Georgia）啟動。對我們的團隊在那邊開始建立的成果感到非常興奮，而且建立得很快。所以我對此很滿意。

But outside of that, nothing really will look -- I think we -- we'll probably look to add another Nashville area office sometime here in the foreseeable future. Just maybe a couple of other small offices to support some of our markets as we look out over the next couple of years. But nothing really big on that front, Steve.

但除此之外，沒有什麼特別——我想我們——在可預見的未來，可能會考慮在納什維爾地區再增設一個辦公室。也可能在未來幾年，增設幾個小型辦公室來支援我們的一些市場。但在這方面沒有什麼很大的動作，Steve。

Probably just like I said, focus on that de novo Columbus zone and then really focus on probably just growing national, maybe add a branch there and maybe another one in another market or two over the next couple of years.

大概就像我說的，聚焦在哥倫布這個新設區域，然後真的把重點放在持續擴大納什維爾，可能在那邊再加一個據點，未來幾年也許在另外一兩個市場再加一個。

Got it. And still all quiet on the M&A for provision I take?

了解。那我可以理解為，併購方面仍然都很安靜？

Yeah, in M&A. M&A, I forgot about M&A miller, we start lauging, it's -- I'll just -- and we have -- we've had -- we've been successful in M&A over the years, but before this pivot that we made a few years ago and the leadership that we've been able to put in on the sales side, the organic growth, and I think you see it the results and what it's done, the revenue growth, the EPS growth. And I said it take a unicorn to probably get us to move.

對，併購。併購——我差點忘了併購，Miller，我們開始笑了，這——我就說——我們這些年在併購上是成功的，但那是在我們幾年前做出這個轉向之前；以及我們在銷售端所建立的領導團隊、內生成長。我想你也看到成果了：營收成長、EPS成長。我說過，可能得有一隻獨角獸才會讓我們採取行動。

The resiliency of the firm, now and just the company and the work ethic in just -- what we're doing now is working.

公司現在的韌性——不只是企業本身，還有我們的工作倫理——我們現在所做的事情是有效的。

And so, yes, probably a little light on prioritizing that, Steve, but love where we're sitting.

所以，是的，Steve，在優先順序上可能比較沒有那麼著重，但我很喜歡我們目前的位置。

(Operator Instructions) We currently have no further questions and therefore concludes the Q&A session. I would now like to hand back to Miller Welborn, Chairman of the Board, for any closing remarks.

（接線員指示）目前沒有其他提問，因此問答環節到此結束。我現在把時間交回董事會主席Miller Welborn，請他做結語。

Thanks, Claire. And I appreciate everybody joining us today. It's great to be with you all. And as Billy said, it's just an exciting time to be part of this bank and just being cost of recruiters, and that's a great team members all across the bank footprint and also just great clients. We appreciate you all being part of it. Thank you, and have a great day.

謝謝你，Claire。也感謝大家今天加入我們。很高興與各位相聚。正如Billy所說，能成為這家銀行的一份子、也能以招募者的身份參與其中，這是一段令人振奮的時刻；我們在整個銀行營運版圖上都有很棒的團隊成員，也有很棒的客戶。我們感謝各位成為其中一部分。謝謝，祝大家有美好的一天。

This now concludes today's call. You may now disconnect your lines.

今天的電話會議到此結束。您現在可以掛線。

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

本逐字稿中標示為（technical difficulty）的部分表示音訊問題。若日後提供重播，將補上缺漏文字。