South Plains Financial Inc (SPFI) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to South Plains Financial, Inc.'s first-quarter 2026 earnings conference call.

各位女士、先生，下午好，歡迎參加 South Plains Financial, Inc. 2026 年第一季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to Steve Crockett, Chief Financial Officer and Treasurer of South Plains Financial. Please go ahead.

（接線員指示）提醒各位，本次會議將被錄音。現在我想把電話交給 South Plains Financial 的財務長兼司庫 Steve Crockett。請開始。

Thank you, operator, and good afternoon, everyone. We appreciate you joining our earnings conference call. The related earnings press release and earnings slide deck presentation issued today are available on the SEC's website as well as the News and Events section of our website, spfi.bank.

謝謝接線員，各位下午好。感謝各位參加我們的財報電話會議。今日發布的相關財報新聞稿與財報簡報投影片，可於美國證券交易委員會（SEC）網站以及我們網站 spfi.bank 的「新聞與活動」專區取得。

Please refer to slide 2 of the presentation for our Safe Harbor statements regarding forward-looking statements. All comments expressed or implied made during today's call are made only as of today's date and are subject to the safe harbor statements in the presentation and earnings release.

請參閱簡報第 2 頁，了解我們關於前瞻性陳述的「安全港」聲明。今日電話會議中所有明示或暗示之評論，僅以今日日期為準，並受簡報與財報新聞稿中的安全港聲明所規範。

In addition, please refer to slide 2 of the presentation for our disclaimer regarding the use of non-GAAP financial measures. A reconciliation of these measures to the most comparable GAAP financial measures can be found in our presentation and earnings release.

此外，請參閱簡報第 2 頁，了解我們關於使用非 GAAP 財務衡量指標的免責聲明。這些指標與最可比 GAAP 財務衡量指標之調節表，可於我們的簡報與財報新聞稿中查閱。

I'm joined here today by Curtis Griffith, our Chairman and CEO; Cory Newsom, our President; and Brent Bates, City Bank's Chief Credit Officer. Curtis, let me hand it over to you.

今天與我一同出席的有：董事長兼執行長 Curtis Griffith、總裁 Cory Newsom，以及 City Bank 的首席授信長 Brent Bates。Curtis，我把時間交給你。

Thank you, Steve, and good afternoon. We delivered solid first-quarter results, highlighted by strong profitability, continued improvement in credit quality, and disciplined balance sheet management, as can be seen on slide 4. While the market backdrop has been uncertain, we have continued to execute our strategy designed to enhance the earning power of Citibank.

謝謝你，Steve，各位下午好。我們交出穩健的第一季成果，重點包括強勁的獲利能力、信用品質持續改善，以及審慎的資產負債表管理，如第 4 頁所示。儘管市場環境充滿不確定性，我們仍持續執行旨在提升 Citibank 獲利能力的策略。

Our strategy remains focused on expanding our lending team across our high-growth Texas markets, while also pursuing accretive M&A. We have a meaningful organic growth opportunity as we expand our lending team across our key Texas markets.

我們的策略仍聚焦於在德州高成長市場擴充放款團隊，同時尋求具增益效果的併購（M&A）。隨著我們在德州主要市場擴編放款團隊，我們擁有可觀的內生成長機會。

We continue to selectively add experienced lenders who fit our culture and can bring long-term customer relationships to the bank. While we remain cautious and conservative given the uncertain macroeconomic backdrop, we are excited by the opportunities that we see to further expand our team and drive sustainable organic loan growth over time.

我們持續有選擇地延攬符合企業文化、並能為銀行帶來長期客戶關係的資深放款人員。鑑於宏觀經濟環境不確定，我們仍保持謹慎與保守；但我們對於進一步擴大團隊、並隨時間推進帶動可持續的內生放款成長所見到的機會感到振奮。

Turning to our M&A strategy and the Bank of Houston, we were pleased to complete our merger on April 1 and officially welcome the BOH team to Citibank. We've spent a significant amount of time on the integration since announcing the merger in December to ensure that our new employees are welcomed into the bank and positioned for success.

談到我們的併購策略與休士頓銀行（Bank of Houston），我們很高興於 4 月 1 日完成合併，並正式歡迎 BOH 團隊加入 Citibank。自 12 月宣布合併以來，我們在整合上投入大量時間，以確保新同仁能順利融入銀行並具備成功所需的條件。

We continue to be impressed with the BOH team, the dedication they have to delivering strong results in the Houston market, and the similarities in our cultures. From an operational perspective, things are going according to plan. We expect the core conversion to be completed in early May and continue to see opportunities to reduce BOH's cost of funds over time.

我們持續對 BOH 團隊印象深刻，包括他們在休士頓市場交出強勁成果的投入，以及我們文化上的相似性。從營運角度來看，各項進度皆按計畫進行。我們預期核心系統轉換將於 5 月上旬完成，並持續看到隨時間推進降低 BOH 資金成本的機會。

In fact, steps have already been taken to optimize the balance sheet as there has been a reduction in broker deposits and Federal Home Loan Bank borrowings starting in Q1. Overall, we believe BOH is a good strategic fit with low execution risk, and we continue to expect the merger to be 11% accretive to our earnings in 2027 with a tangible book value earned back of less than three years, which remains compelling.

事實上，為優化資產負債表已採取相關措施，因自第一季起經紀存款與聯邦住房貸款銀行（FHLB）借款已出現下降。整體而言，我們認為 BOH 在策略上高度契合、執行風險低；我們仍預期該合併將在 2027 年使我們的盈餘增加 11%，且有形帳面價值回收期少於三年，仍具吸引力。

Now that the BOH acquisition is completed, we will continue to explore additional M&A opportunities. However, our approach has not changed. We remain highly disciplined and patient, and to date, we have not identified another transaction that meets our strict criteria. As we've said many times in the past, we're not interested in growth for growth's sake. Any potential partner must align with our culture, credit discipline, and community banking focus, while also making strategic and financial sense for our shareholders.

BOH 收購完成後，我們將持續探索其他併購機會。然而，我們的方法並未改變：我們仍高度自律並保持耐心；截至目前，我們尚未發現另一筆符合我們嚴格標準的交易。正如我們過去多次所說，我們對「為了成長而成長」沒有興趣。任何潛在合作夥伴都必須與我們的文化、授信紀律與社區銀行定位一致，同時在策略與財務面對股東而言也必須合理。

Turning to the market backdrop, we remain cautious over the near term as inflationary pressures appear to be resurfacing, driven in part by elevated energy prices related to the ongoing conflict in the Middle East. These dynamics may limit the Federal Reserve's ability to further reduce interest rates and could act as a headwind to economic activity and loan growth as we move through the year.

就市場環境而言，短期內我們仍保持謹慎，因通膨壓力似乎再度浮現，部分原因是中東持續衝突導致能源價格居高不下。這些動態可能限制聯準會進一步降息的能力，並可能在今年接下來的時間對經濟活動與放款成長形成逆風。

This could also limit our ability to further reduce our cost of funds. While the near-term outlook is uncertain, we continue to be positive on the longer-term potential of the Texas economy, especially compared to the broader United States. Corporations continue to move their operations and headquarters to Texas, attracted by the state's pro-business environment, favorable demographics, and ongoing population growth, which provides a constructive backdrop for economic growth and relationship-based banking.

這也可能限制我們進一步降低資金成本的能力。雖然短期展望不明朗，但我們對德州經濟的長期潛力仍持正面看法，尤其相較於美國整體。企業持續將營運與總部遷往德州，受惠於該州友善商業環境、有利的人口結構與持續的人口成長，為經濟成長與以關係為基礎的銀行業務提供了建設性的背景。

To conclude, we believe that we're in a strong capital position that will allow us to execute our growth strategy and benefit from the many opportunities that we have in front of us. Given our capital position, we remain focused on both growing Citibank while also returning a steady stream of income to our shareholders through our quarterly dividend and keeping a share buyback program in place.

總結而言，我們認為目前資本部位強健，足以支持我們執行成長策略並把握眼前眾多機會。基於我們的資本狀況，我們仍聚焦於一方面推動 Citibank 成長，另一方面透過季度股利持續回饋股東穩定的收益，並維持庫藏股回購計畫。

To that end, our Board of Directors authorized a $0.17 per share quarterly dividend on April 16, which will be our 28th consecutive dividend. Now, let me turn the call over to Cory.

為此，我們董事會於 4 月 16 日核准每股 0.17 美元的季度股利，這將是我們連續第 28 次發放股利。接下來我把電話交給 Cory。

Starting on slide 5, our loans held for investment decreased by $41 million to $3.1 billion in the first quarter as compared to the linked quarter. The decrease was primarily due to the expected early payoff of a $30 million multifamily loan, which we discussed on our fourth quarter call, and $24 million of seasonal net paydowns of agricultural loans.

從第 5 頁開始，我們用於投資的放款（loans held for investment）在第一季較上一季（連結季度）減少 4,100 萬美元至 31 億美元。下降主要來自一筆 3,000 萬美元多戶住宅（multifamily）貸款的預期提前清償（我們在第四季電話會議中曾提及），以及農業貸款 2,400 萬美元的季節性淨回收。

Importantly, we experienced strong unfunded loan commitment growth during the quarter, driven in part by our new hires. Which was notable. These commitments are largely in construction and will fund through the year. Our yield on loans was 6.83% in the first quarter as compared to 6.79% in the linked quarter.

重要的是，本季我們的未動用放款承諾（unfunded loan commitments）成長強勁，部分由新進人員帶動，這點相當顯著。這些承諾多集中於建築相關，將在今年內逐步撥款。我們第一季放款收益率為 6.83%，相較上一季為 6.79%。

Excluding problem loan interest and fee recoveries noted on slide 5, our yield on loans has held relatively steady over the last four quarters.

如第 5 頁所示，若排除問題貸款利息與費用回收，我們的放款收益率在過去四個季度維持相對穩定。

While we have not experienced a material impact on our loan yields from the FOMC's most recent 25 basis point reductions in their target interest rate in September and December, we do expect our loan yields to moderate in the quarters ahead. As Steve will touch on, our goal is to maintain our margin as we grow our balance sheet in order to drive earnings growth and returns.

雖然聯邦公開市場委員會（FOMC）在 9 月與 12 月最近各下調目標利率 25 個基點，對我們的放款收益率尚未造成重大影響，但我們預期未來幾季放款收益率將趨於溫和下行。正如 Steve 將提到的，我們的目標是在擴張資產負債表的同時維持利差，以推動盈餘成長與報酬。

Turning to slide 7. Our loans held for investment in our major metropolitan markets of Dallas, Houston, and El Paso declined by $23 million to $1 billion as compared to the linked quarter, largely due to the expected early payoff of the multi-family loan that I just mentioned.

轉到第 7 頁。我們在達拉斯、休士頓與艾爾帕索等主要都會市場的投資放款，較上一季下降 2,300 萬美元至 10 億美元，主要原因是我剛提到的那筆多戶住宅貸款預期提前清償。

Looking ahead, we also expect another early payoff of approximately $34 million multifamily loan as some large payoffs will continue to be a headwind to loan growth. Importantly, our loan pipeline remains healthy, and we remain confident in delivering our loan growth guidance for the full year, albeit towards the lower end of our mid to high.

展望未來，我們也預期將有另一筆約 3,400 萬美元的多戶住宅貸款提前清償，因而一些大額清償將持續對放款成長形成逆風。重要的是，我們的放款案源（pipeline）仍然健康，我們仍有信心達成全年放款成長指引，儘管可能落在我們中至高單位數區間的較低端。

Single-digit range. We will also continue to execute our organic growth strategy as we look for lenders who fit our culture and can bring deep local market knowledge and long-term customer relationships to the bank. We continue to benefit from the consolidation that the Texas banking industry continues to undergo as large regional and out-of-state institutions continue to acquire Texas-based franchises.

單位數區間。我們也將持續執行內生成長策略，尋找符合我們文化、並能為銀行帶來深厚在地市場知識與長期客戶關係的放款人員。隨著大型區域性銀行與外州機構持續收購德州本地銀行品牌，德州銀行業持續整併，我們也持續從中受益。

Additionally, South Plains remains committed to being a Texas-focused community bank with experienced local bankers empowered to serve their markets. As competitors integrate acquisitions or streamline operations, we continue to attract both customers and talented bankers, reflecting the strength of our culture and conservative operating philosophy.

此外，South Plains 仍致力成為以德州為核心的社區銀行，並授權具經驗的在地銀行家服務其市場。當競爭對手整合收購案或精簡營運時，我們持續吸引客戶與優秀銀行人才，反映出我們文化的力量與保守的經營理念。

Importantly, South Plains occupies a unique position in our market, offering the product breadth and capabilities that smaller banks cannot match while delivering the personalized service larger banks often struggle to provide. We believe this balance provides a durable competitive advantage as we move through 2026 and beyond.

重要的是，South Plains 在市場中具備獨特定位：我們提供小型銀行無法匹敵的產品廣度與能力，同時也能提供大型銀行往往難以做到的個人化服務。我們相信，這種平衡將在 2026 年及其後帶來持久的競爭優勢。

Since launching our recent organic growth strategy, we have completed about 50% of our expected hiring occurring across our Dallas, Houston, and Midland markets. I continue to be pleased with the quality of bankers that we are speaking to and remain optimistic on our ability to recruit exceptional talent to the bank through the balance of the year now that we have cleared the first quarter, which is typically a slower time for hiring.

自我們啟動近期的內生成長策略以來，我們已完成預期招募人數約 50%，招募主要發生在達拉斯、休士頓與米德蘭市場。我持續對我們正在接觸的銀行人才品質感到滿意；隨著我們度過第一季（通常是招募較慢的時期），我對於在今年剩餘時間招募到卓越人才加入銀行仍保持樂觀。

Keeping ahead to slide 11, we generated $11.3 million of non-interest income in the first quarter compared to $10.9 million in the linked quarter. The increase from the fourth quarter of 2025 was primarily due to an increase of $1.5 million in mortgage banking revenues, partially offset by a loss of approximately $800,000 in an SBIC investment.

接續往前到第 11 張投影片，我們第一季的非利息收入為 1,130 萬美元，相較於上一季的 1,090 萬美元。較 2025 年第四季增加，主要是因按揭銀行業務收入增加 150 萬美元所致，但部分被一項 SBIC 投資約 80 萬美元的損失所抵銷。

Mortgage revenues grew mainly as a result of the quarter-over-quarter change of $915,000 in the MSR fair value adjustment, as can be seen on slide 12. Overall. We continue to be pleased with how our mortgage business is performing in this low transaction and interest rate environment, and we believe we are well-positioned for the eventual upturn in volumes. For the first quarter, non-interest income was 21% of bank revenues, essentially flat with the linked quarter. Continuing to grow our non-interest income remains the focus of our team. I would now like to turn the call over to Steve.

按揭收入成長主要來自 MSR 公允價值調整的季對季變動 91.5 萬美元，如第 12 張投影片所示。整體而言，在目前交易量偏低且利率環境下，我們仍對按揭業務的表現感到滿意，並相信我們已為未來交易量回升做好準備。第一季非利息收入占銀行收入的 21%，與上一季基本持平。持續提升非利息收入仍是我們團隊的重點。接下來我想把電話交給 Steve。

Thanks, Cory. For the first quarter, diluted earnings per share were $0.85 compared to $0.90 from the linked quarter. This decrease was primarily due to acquisition-related expenses, which I'll touch on in a moment, and the SBIC investment loss, partially offset by lower provision for credit losses.

謝謝，Cory。第一季稀釋後每股盈餘為 0.85 美元，較上一季的 0.90 美元下降。這一下降主要是因併購相關費用（我稍後會提到）以及 SBIC 投資損失所致，但部分被較低的信用損失準備所抵銷。

Starting on slide 14, net interest income was $43 million for the first quarter, in line with the fourth quarter's results. Our net interest margin on a tax equivalent basis was 4.04% in the first quarter as compared to 4% in the linked quarter.

從第 14 張投影片開始，第一季淨利息收入為 4,300 萬美元，與第四季結果一致。以稅賦等值基礎計算，我們第一季淨利差（NIM）為 4.04%，相較於上一季的 4.00%。

Our first quarter NIM was positively impacted by 5 basis points due to $545,000 of non-accrual loan interest recovery. Excluding the problem loan interest and fee recoveries noted on this slide, we've delivered steady NIM expansion through 2025 and which has started to moderate. As a result, our goal is to maintain our profitability at current levels while growing our balance sheet, which will drive earnings and returns.

第一季 NIM 因 54.5 萬美元的不計息（non-accrual）貸款利息回收而正向影響 5 個基點。排除本投影片所列的問題貸款利息與費用回收後，我們在 2025 年持續實現穩健的 NIM 擴張，但近期已開始趨於緩和。因此，我們的目標是在維持目前獲利水準的同時擴大資產負債表規模，以帶動盈餘與報酬。

As outlined on slide 15, deposits increased by $154 million or 4% from the linked quarter to $4.03 billion. During the quarter, we experienced strong organic growth across retail, commercial and public fund deposits. As in prior years, we expect a portion of the public funds to flow back out of the bank and for other depositors to see outflows in the second quarter as customers make their annual tax payments.

如第 15 張投影片所示，存款較上一季增加 1.54 億美元（或 4%），至 40.3 億美元。本季我們在零售、商業及公款存款方面皆有強勁的有機成長。與往年相同，我們預期第二季部分公款將自本行流出，且其他存款戶也可能因客戶繳納年度稅款而出現資金外流。

As a result, we would expect deposit growth to be flat to down in the second quarter before returning to growth in the second half of 2026 before you factor in acquisition deposits. Non-interest-bearing deposits modestly increased by $11 million in the first quarter and represents 25.7% of total deposits at the end of that quarter as compared to 26.4% at the end of the linked-quarter.

因此，在不考慮併購帶來的存款之前，我們預期第二季存款成長將持平至小幅下滑，並在 2026 年下半年恢復成長。第一季無息存款小幅增加 1,100 萬美元，於該季末占總存款的 25.7%，相較於上一季季末的 26.4%。

Our cost of deposits decreased by 4 basis points to 1.97% compared to the linked quarter as we have continued to reprice our deposit base lower following the FOMC's most recent 25 basis points reduction in December. Looking forward, we expect our cost of funds to hold steady in the second quarter, absent further rate reductions by the Fed, and before we factor in the cost of the acquisition deposits.

由於我們在 FOMC 於 12 月最近一次降息 25 個基點後持續將存款基礎重新定價至較低水準，存款成本較上一季下降 4 個基點至 1.97%。展望未來，若聯準會未再進一步降息，且在不計入併購存款成本之前，我們預期第二季資金成本將維持穩定。

Turning to Slide 17, a ratio of allowance for credit losses to total loans held for investment was 1.44% at the end of the first quarter, stable from the prior quarter end. We recorded a $260,000 provision for credit losses, which all related to unfunded loan commitments in the first quarter, which compares to $1.8 million in the linked quarter. The decrease in provision expense was largely attributable to the decrease in loan balances combined with the decrease of $4.8 million in non-performing loans and a $460,000 decrease in loan net charge-offs.

轉到第 17 張投影片，第一季季末投資用途貸款（held for investment）之備抵信用損失占總貸款比率為 1.44%，與前一季季末持平。我們第一季提列 26 萬美元的信用損失準備，全部與未動用貸款承諾相關；相較之下，上一季為 180 萬美元。準備費用下降主要歸因於貸款餘額下降、非執行（non-performing）貸款減少 480 萬美元，以及貸款淨沖銷（net charge-offs）減少 46 萬美元。

Giving ahead to slide 19, our non-interest expense increased $2.5 million to $35.5 million in the first quarter as compared to the linked quarter. We had a $1.8 million increase in personnel expenses, mainly due to annual salary adjustments and higher incentive-based compensation. We also had a $542,000 increase in professional service expenses.

接著往前到第 19 張投影片，第一季非利息費用較上一季增加 250 萬美元至 3,550 萬美元。人事費用增加 180 萬美元，主要因年度薪資調整及較高的獎勵型薪酬。我們的專業服務費用也增加 54.2 萬美元。

There was approximately $1.5 million in acquisition-related expenses in the first quarter of 2026, of which $1.2 million was for professional services, as compared to approximately $500,000 in the fourth quarter of 2025, all of which was for professional services. I'll touch on our expectations for the second quarter in a moment.

2026 年第一季約有 150 萬美元的併購相關費用，其中 120 萬美元為專業服務費；相較之下，2025 年第四季約為 50 萬美元，且全部為專業服務費。我稍後會談到我們對第二季的預期。

Moving to slide 21, we remain well-capitalized with tangible common equity to tangible assets of 10.48% at the end of the first quarter, representing a modest decline from the end of the fourth quarter. Tangible book value per share increased to $29.65 as of March 31, 2026. Compared to $29.05 as of December 31, 2025. The increase was primarily driven by $11.8 million net income after dividends paid.

來到第 21 張投影片，我們仍維持良好資本水準；第一季季末有形普通股權益對有形資產比率為 10.48%，較第四季季末小幅下降。截至 2026 年 3 月 31 日，每股有形帳面價值上升至 29.65 美元，相較於 2025 年 12 月 31 日的 29.05 美元。增加主要由支付股利後的 1,180 萬美元淨利所帶動。

Turning to slide 23, we provided high-level financials for BOH as well as spot metrics for key financial metrics for the pro forma combined bank at March 31, 2026, to help you with your modeling of South Plains looking to the second quarter of 2026. That or as of the first quarter ended March 31, 2026, consolidated BOH had approximately $632 million of loans with a portfolio loan yield of 6.94% and $596 million of deposits, where non-interest-bearing deposits represented 16% of that total and interest-bearing deposits had a cost of 342 basis points.

轉到第 23 張投影片，我們提供了 BOH 的高層次財務資訊，以及截至 2026 年 3 月 31 日合併後銀行（pro forma）的關鍵財務指標即期數據，以協助各位在展望 2026 年第二季時對 South Plains 進行模型推估。也就是說，截至 2026 年 3 月 31 日止第一季，BOH 合併口徑約有 6.32 億美元貸款，貸款組合收益率為 6.94%；存款為 5.96 億美元，其中無息存款占 16%，計息存款成本為 342 個基點。

BOH had $15 million in borrowings, and their NIM was 3.9%. BOH had $226,000 of non-interest income, and their non-interest expense was $4 million for the first quarter, excluding transaction-related expenses. Pro forma for the deal for the first quarter, the combined bank's cost of deposits was 210 basis points, and the NIM was 4.02%. This concludes our. Prepared remarks. I will now turn the call back to the operator to open the line for any questions. Operator?

BOH 有 1,500 萬美元借款，其 NIM 為 3.9%。BOH 第一季非利息收入為 22.6 萬美元，非利息費用為 400 萬美元（不含交易相關費用）。以第一季交易的備考（pro forma）口徑計算，合併後銀行的存款成本為 210 個基點，NIM 為 4.02%。以上為我們準備好的發言內容。接下來我把電話交回給接線員，開放提問。接線員？

(Operator Instructions)

（接線員指示）

Wood Lay, KBW.

Wood Lay，KBW。

Hey guys, thanks for taking my question. The pro forma slide deck, slide 23, is super helpful. Thanks for providing that. You mentioned that you went through some balance sheet repositioning of BOH, and it looks like the balance sheet shrank a little bit. Could you just sort of walk through the reposition you went through, and it sounds like, despite the smaller balance sheet, it doesn't impact the EPS accretion outlook?

各位好，謝謝讓我提問。備考投影片第 23 張非常有幫助，謝謝你們提供。你們提到對 BOH 做了一些資產負債表的重新配置，看起來資產負債表規模縮小了一點。能否請你們大致說明一下你們做了哪些重新配置？另外聽起來即使資產負債表較小，也不會影響每股盈餘（EPS）增厚（accretion）的展望？

Yeah, Woody, this is Steve. I would just say there were not a lot of big changes during the quarter for them, but it did start changing as they moved on. Some of the -- they were able to tighten up a little bit on liquidity from where they've been, knowing where the deal was headed, some of the Federal Home Loan Bank borrowings had dropped from where they had been. Some of the brokered time broker deposits did not get redone. So a little bit of back and forth on some of that with us working with them.

好的，Woody，我是 Steve。我想說他們在本季其實沒有太多重大變動，但隨著進程推進確實開始出現一些調整。部分方面——他們在流動性上比先前更能稍微收緊一些，因為知道交易將往哪個方向走；部分聯邦住房貸款銀行（Federal Home Loan Bank）的借款也從先前水準下降；一些經紀定期存款（brokered time deposits）沒有續作。所以我們與他們合作時，在這些項目上有一些來回調整。

So that started. We'll continue looking to optimize the balance sheet and seeing what -- the borrowings would be pretty easy when those come up, they're all short-term on that, we'll continue to look at the non-core funding where we can and pare that back, but again, overall, like you said, there's not a huge impact. To the net interest margin.

所以這已經開始了。我們會持續尋求最佳化資產負債表，並觀察——借款在到期時會相對容易處理，因為那些都是短期的；我們也會持續檢視可行之處的非核心資金來源並加以縮減。但整體而言，如你所說，影響並不大，對淨利差也是如此。

Their net interest margin for the whole quarter was $3.90. I mean, as you got closer to the end of the quarter, if you were just looking at it for the month of March or toward the end there, it would have been a little bit higher than that.

他們整個季度的淨利差是 3.90%。我的意思是，若你更接近季末來看，例如只看 3 月份或接近季末那段時間，淨利差會比這個數字稍微高一些。

We've just been -- I mean, Steve and I've had tons of conversations about this, and as he always likes to remind me this is a bit more of a marathon than a sprint, we're trying to be very thoughtful on how we manage the balance sheet.

我們一直在——我的意思是，Steve 和我就這件事談了很多次；而他也總喜歡提醒我，這更像是一場馬拉松而不是短跑。我們正努力以非常審慎的方式來管理資產負債表。

And knowing that there may even be things on our balance sheet that we can eliminate as a result of stuff that's set here with theirs that they bring across. We just think it blends nicely with what we've done, what we have, but there's definitely room for improvement as we move forward.

而且我們也知道，因為他們帶過來、並與我們這邊既有安排相互配合的事項，我們的資產負債表上甚至可能有一些項目可以加以剔除。我們認為這與我們已經做過的、以及我們目前擁有的內容能很好地融合，但隨著我們往前推進，確實仍有改善空間。

Yeah, that's helpful color. And as you just mentioned, you think there could be room for improvement, especially maybe repricing some of the higher-costing deposits.

是的，這些補充說明很有幫助。正如你剛才提到的，你認為可能還有改善空間，尤其是也許可以對一些成本較高的存款重新定價。

How realistic of an opportunity is that in the near term? And do you think that could, lead to some expansion going forward?

短期內這個機會有多現實？你認為這是否可能在未來帶來一些擴張？

I mean, the opportunity is real. It's just, again, trying to balance the overall liquidity position we're at, what loan expectations, loan growth expectations are, all of that, and, just finding which.

我的意思是，機會確實存在。只是，再次強調，我們要在目前的整體流動性部位、對貸款的預期、貸款成長預期等各方面之間取得平衡，並且找出哪些是合適的。

Who -- we don't want to run off -- we're not looking to lose customers, we're looking at the non-core type stuff and the stuff that's easier, we will certainly do, but it's just going to be part of the overall plan.

我們——我們不想讓資金流失——我們不是要流失客戶；我們會著眼於非核心類型的項目，以及那些比較容易處理的部分，我們當然會去做，但這會是整體計畫的一部分。

We want to do the best that we can and improve it if we can, but also knowing, as we said, it's not about what our number looks like next quarter. It's about where we end up the year and next year, and just trying to do it in a thoughtful manner. But there's definitely some non-core sources that we can look at doing something with.

我們希望盡我們所能、在可行的情況下加以改善，但同時也要知道，正如我們所說，重點不在於我們下個季度的數字長什麼樣，而在於我們今年年底以及明年的落點，並且以審慎的方式來推動。不過，確實有一些非核心資金來源是我們可以著手處理的。

The other thing that you've got to kind of keep in mind, they do a good job of pricing the loans on the other side. What we're really trying to factor in is being prepared for the kind of demand that they kind of had to keep tamped down just a little bit, getting up to this, because, I mean, look, there's some question.

另外一點你也得稍微記在心上：他們在另一端的貸款定價做得不錯。我們真正想納入考量的是，要為他們那種需求做好準備——在走到這一步之前，他們不得不把需求稍微壓一壓——因為，坦白說，這裡面確實有一些疑問。

The liquidity kept getting tighter and tighter, and it made it a bit of a challenge on some of the funding opportunities. That's one of the things that we think we bring to the table and how we can go help them.

流動性一直越來越吃緊，這讓某些資金取得的機會變得有點具挑戰性。這也是我們認為自己能帶上桌、並且能去協助他們的一點。

We could be very beneficial with the purchase of this bank that we bought. What we have not wanted to do was go buy a bank and then screw it up from all the benefits that we thought we could bring across with it. So there is no question that we think there's room to improve on the deposit cost. But I can tell you unequivocally, our ultimate focus is trying to look at what our core NIM was before this acquisition and make sure that we do not. Diminish that in any form or fashion if we can help it.

就我們收購這家銀行而言，我們可以帶來很大的助益。我們不想做的是：買了一家銀行，結果把我們原本以為能帶過去的所有好處都搞砸了。所以毫無疑問，我們認為存款成本有改善空間。但我可以非常明確地告訴你，我們最終的重點是回頭看這次收購之前我們的核心淨利差（core NIM）是多少，並確保在我們力所能及的情況下，不以任何形式或方式去削弱它。

Woody, this is Curtis, and I just tell you that in our last ALCO meeting, they already put together the list of some of the broker deposits and other non-core funding sources, and some of those are non-maturity as well. And essentially, as all of the higher-cost stuff hits maturity and payoff dates, we're fortunate right now that we've got a lot of on-hand liquidity.

Woody，我是Curtis。我想跟你說，在我們上一次的ALCO會議上，他們已經整理出一份清單，列出一些經紀存款（broker deposits）以及其他非核心資金來源，其中有些也屬於非到期（non-maturity）類型。基本上，隨著所有高成本的項目陸續到期並到達償付日，我們目前很幸運，手上有相當充裕的即期流動性。

And we want to grow core deposits in the Houston market, and I'll be very clear about that. But as some of these higher-cost things that are not core hit the dates we can, we'll just pay them off. So, yes, we'll get some benefit, but don't lose sight of the fact that overall, this is still a fairly small piece of our overall balance sheet. It's not going to be a radical improvement in overall deposit cost for us, but if you look at it on a BOH stand-alone basis of what they were formally, yes, we can make a pretty significant improvement in that.

而且我們希望在休士頓市場成長核心存款，我要很清楚地說明這一點。但當這些非核心、成本較高的項目到期時，只要我們做得到，我們就會把它們償還掉。所以，是的，我們會得到一些好處，但也別忽略，整體而言，這仍然只是我們整體資產負債表中相當小的一部分。對我們來說，整體存款成本不會出現劇烈改善；但如果你以BOH單獨口徑、相較於他們原本的狀況來看，是的，我們可以在那方面做出相當顯著的改善。

I appreciate all the color there. Maybe just the last for me, sticking on the NIM and looking at your sort of core loan yields for standalone for South Plains. If I adjust for the interest recovery, it still looks like loan yields were up quarter over quarter. Just was curious on the dynamic driving, some of that loan yield expansion?

我很感謝這些補充說明。也許最後一個問題，我想繼續聚焦在NIM，並看你們South Plains單獨口徑的核心貸款收益率。如果我把利息回收（interest recovery）調整掉，看起來貸款收益率仍然是季比上升。想請教一下，是什麼動態因素在推動這部分貸款收益率的擴張？

Yeah, I'll start and then I'll let Brent jump in. I mean, obviously, we have seen some of the loans that have repriced down with what Feds did in the fourth quarter.

是的，我先說，然後讓Brent補充。我的意思是，很明顯地，我們確實看到部分貸款因為聯準會在第四季的動作而下調重定價。

But again, we still have -- we still have -- continue to have loans that have been in the lower part that the fixed rate stuff from. Three to five years ago that is continuing to help mitigate some of that. So that's been beneficial to us.

但再說一次，我們仍然有——我們仍然有——持續存在的一些貸款，是來自三到五年前那批較低區間的固定利率項目，這些仍在持續幫助我們緩和其中一部分影響，所以對我們是有利的。

Yeah, and Woody, this is Brent. A little bit of that is the mix inside the portfolio, too. Some of those -- some loan types are yielding better than others, and that mix does kind of influence that. But I said, overall, yields are holding pretty well.

是的，Woody，我是Brent。其中一部分也來自投組內部的組合結構。有些——某些貸款類型的收益率比其他類型更好，而這種組合確實會產生影響。不過我會說，整體而言，收益率維持得相當不錯。

Woody, just go back on both sides of the balance sheet. As we've said on every call that we do, we're still using exception-based pricing all the way through. And I mean, our first and foremost is to get all you can get on the loan side, but we're still not going to -- I mean, there's some opportunities out there that we can be as competitive as we need to be at the same time, and we're going to do that if we think the credit warrants what we need to do. So, like I said, it's -- we are very focused on this, on how this comes together, but really looked at the NIM more than anything.

Woody，再回到資產負債表兩端。正如我們每次電話會議都說的，我們仍然全程採用例外式定價（exception-based pricing）。而且我的意思是，我們最優先的目標是在貸款端盡可能拿到能拿到的收益，但我們仍然不會——我的意思是，市場上確實有一些機會，我們可以在需要的程度上保持競爭力，同時如果我們認為信用條件值得我們這麼做，我們就會去做。所以如我所說——我們非常專注於這件事如何整合起來，但我們看的重點，最主要還是NIM。

Yes. All right. Well, I appreciate y'all taking all my questions.

好的。好吧，感謝你們回答我所有的問題。

Always.

隨時。

Thank you.

謝謝。

Brett Rabatin, StoneX.

Brett Rabatin，StoneX。

Hey, good afternoon, everyone. I wanted to just talk about the loan pipeline and this, you've added some more lenders and you're going to be an over $5 billion bank here in CQ. And just wanted to see, are any of these new lenders that you're adding in what you call specialized lines of business, and is that something that you guys are thinking about maybe as you get a little bigger, doing some things that might be a little more specialized as opposed to the traditional community banking subset?

嗨，各位下午好。我想談一下貸款案源（loan pipeline）。你們新增了一些放款人員，而且在CQ你們將成為一家資產規模超過50億美元的銀行。我想了解的是：你們新增的這些放款人員當中，有沒有任何人是你們所稱的「專業化業務線」（specialized lines of business）？以及你們是否在思考，隨著規模變大，可能會做一些更專業化的事情，而不是傳統的社區銀行（community banking）範疇？

Let me go first, and I want to be very clear about this. Of all the lenders we've hired, there's not a single one that we've hired that's going to put us into something that we don't think we have good expertise in doing or gets us out of the fairway that we like to stay in.

我先回答，而且我想把這點講得非常清楚：在我們聘用的所有放款人員中，沒有任何一位會把我們帶進我們認為自己不具備良好專業能力的領域，或讓我們偏離我們喜歡待在的「球道」。

So no, we're not getting into anything that's specialized that could ever, I think, lead to some issues. Now, if you want to talk about the quality of these lenders, very good, and they blend nicely with the quality of the team that we already had in place. But yeah, the thing that we like is it's bringing us opportunities to have new relationships that we would not have had had we not done these hires that have come along. But these are, I mean, we're very fortunate with the ones that we've done. But please, no, we're not getting outside of our skis by any stretch.

所以不會，我們不會進入任何那種專業化、而且我認為可能導致問題的領域。當然，如果你要談這些放款人員的素質，他們非常好，並且能與我們既有團隊的品質很好地融合。但我們喜歡的一點是，這些聘用為我們帶來了新的關係機會——如果沒有這些加入，我們原本不會有這些機會。總之，我們在這些聘用上非常幸運。但請放心，不，我們完全沒有任何逾越本分、超出能力範圍的情況。

Okay, that's helpful. And then just back on the cost of interfering funds for Bank of Houston, I was looking at the regulatory data. And saw that the cost was down like 12 basis points linked quarter to 346.

好的，這很有幫助。接著再回到Bank of Houston的資金成本（cost of funds），我在看監理資料時看到，該成本較上季下降了大約12個基點，降到346。

And that's obviously, I think, one of the key opportunities for the margin from here. Just competitively in Houston, what are you guys seeing on rate competition on deposits and, how much can you lower that over the coming quarters?

而這顯然——我認為——是接下來推動利差的一個關鍵機會。就休士頓市場的競爭而言，你們看到存款利率競爭的情況如何？以及未來幾個季度你們能把它降低多少？

I think it's very competitive. One thing that. I think if Houston adds nicely to the other Houston business that we have, they do a better job with deposit relationships than we've been able to do on our own, and that's okay.

我認為競爭非常激烈。有一點——我認為——如果休士頓這塊能與我們既有的休士頓業務很好地結合，他們在存款關係經營上做得比我們單靠自己時更好，而這也沒關係。

But I think the fact that we can manage liquidity, that they're not facing the same constraints they've had in the past, I think we have the ability to improve the cost of funds that are actually there. I mean, we do see the benefits that are going to come with this. There's definitely room to improve the cost of funding in that portion of the portfolio.

但我認為，因為我們能管理流動性，他們不再面臨過去那種限制，我們就有能力去改善目前實際存在的資金成本。我的意思是，我們確實看得到這筆交易將帶來的效益。在那部分投組中，資金成本確實有明顯的改善空間。

Okay. And then maybe just lastly for me on mortgage banking, obviously a little noise with the servicing asset, but, better than I would have expected, given seasonality and 1Q.

好的。那最後一個問題，關於房貸銀行業務（mortgage banking），顯然在服務權資產（servicing asset）上有一些雜訊，但考量到季節性以及第一季（1Q），表現比我預期的要好一些。

Some higher interest rates, and I know mortgage is tough to predict, but maybe, Brad, any thoughts on what you see, mortgage from here and just, it's obviously been a business you like, but it was down last year, can it get back to 24 levels or better, or just any thoughts on production and sale margins?

利率上升了一些，我知道房貸很難預測，但也許，Brad，你對接下來房貸市場的看法是什麼？這顯然一直是你們喜歡的業務，但去年下滑了；它能回到 24 年的水準或更好嗎？或者你對產量以及銷售利差（margin）有任何想法？

Yeah, this is Brad. I mean, look, mortgage is good business. We like it. But right now, it's kind of the same song, second or third, fourth, first, quarter over quarter. We're doing well. We're not losing money at it. We're making money. But it's not the days you're talking about. It's robust. I think grades probably have to drop quite a bit to make a meaningful difference there.

對，這是 Brad。我的意思是，你看，房貸是門好生意，我們喜歡。但現在有點像同一首歌，連續第二、第三、第四、第一季，季比季都是這樣。我們做得不錯，沒有在這上面虧錢，我們在賺錢。但不是你說的那種榮景。它是穩健的。我認為利率可能得降不少，才會在那裡帶來有意義的差異。

Here's the thing you got to look at mortgage. Do we think we're setting the world on fire? Absolutely not. Here's the thing that we're proud of. I know that there's others that are successful like we are. And when I talk about success, we've kept the nucleus of this business together and we're not losing any money.

關於房貸這件事你得這樣看：我們覺得自己是在大放異彩嗎？當然不是。我們引以為傲的是——我知道也有其他人像我們一樣做得成功——而我說的成功是，我們把這項業務的核心團隊維持住了，而且我們沒有虧錢。

That is what we've been very focused on. We're also very focused on hiring in this portion of the industry as well. So we're trying to be very thoughtful about how we go about that. We are trying to advance the ball with the hiring aspect. Of that, but more than anything, what we look at on the mortgages that we can offer this service to our clients without referring them to a competitor and be able to turn the spigot back on when rates improve and the demand comes back like it should.

這一直是我們非常專注的事。我們也非常專注於在這個產業的這一塊進行招募，所以我們在做法上很謹慎、很有想法。我們正試著在招募這一塊推進進度。但最重要的是，對於我們的房貸業務，我們看重的是：我們能為客戶提供這項服務，而不必把他們轉介給競爭對手；並且在利率改善、需求如預期回來時，能夠把水龍頭再打開。

I don't know that if you sit here and look over the last three or four years, if we've sat here and been losing money every quarter on this, I don't know that we'd still be doing it. But we know how to run this and keep it in the black and keep it very efficient. And I think our guys have done a very good job with it. And we're very proud to be in this business because it's something that we want to be able to offer our clients.

我不知道，如果你回頭看過去三、四年，假如我們每一季在這上面都在虧錢，我不確定我們還會不會繼續做。但我們知道怎麼經營，讓它維持獲利、保持在黑字，而且非常有效率。我認為我們的團隊做得非常好。我們也很自豪能在這個業務裡，因為這是我們希望能提供給客戶的服務。

Okay, great. Appreciate the call, guys.

好的，很棒。感謝各位的電話會議。

Stephen Scouten, Piper Sandler.

Stephen Scouten，Piper Sandler。

Hey, good evening, everyone. I wanted to just follow back around on kind of the loan growth commentary, if I could. I think, as you said, Corey, you guys had talked about the multifamily payoff last quarter.

嗨，各位晚安。我想如果可以的話，我想再回到貸款成長的評論追問一下。我想如你所說，Corey，你們上季談到了一筆多戶住宅（multifamily）的到期清償。

Just kind of wondering if the incremental payoff that you spoke of, the $30 million-plus, was already anticipated in your guide? Or kind of, if not, what changed in terms of loan growth demand or dynamics overall?

我想了解的是，你提到的額外清償（incremental payoff）那筆 3,000 萬美元以上，是否已經在你們的指引（guidance）裡預期到了？或者如果沒有，整體貸款成長需求或動態方面有什麼改變？

I don't think there's anything that we're seeing like that that wasn't just kind of in the normal course of business. A lot of these that kind of just run their cycle of life. I mean, from the time that we help them go out there and finance them, whether they're going to try to get them stabilized with whatever. We've never been in a position that we're the long-term holder of some of these multifamilies in most of these situations describe that correctly.

我不認為我們看到的有什麼不是在正常業務過程中發生的。很多案子就是走完它們的生命週期。我的意思是，從我們協助他們出去融資開始，不管他們是要把案子穩定化還是怎樣。我們從來就不是在多數這類情況下、作為某些多戶住宅的長期持有人；我想這樣描述是正確的。

Yeah, Steven, we anticipated this. This is what we talked about in the fourth quarter. It was kind of baked in, and we think there's probably maybe one more that is stabilized. And these are credits that are looking for long-term fixed-rate financing that we're just not going to do.

對，Steven，我們有預期到。這就是我們在第四季談到的內容。基本上已經反映在內了（baked in），而且我們認為可能還有一筆會完成穩定化。這些授信案是在尋求長期固定利率融資，而我們就是不會做那種。

But like the credit that they're performing, and this was kind of the plan all along back from origination. I'd say it's fully expected.

但就授信品質而言，它們表現良好，而這從承作（origination）開始就一直是計畫的一部分。我會說這是完全在預期之內。

I would say most of these, when we come into something like a multifamily or something of this caliber, I mean, we're usually a five-year player in one of these deals to where it goes out, it can usually get some non-recourse funding from some other arm that's out there that's not necessarily as traditional as what we are. We kind of think we fit that role pretty well.

我會說，多數這類案子，當我們介入像多戶住宅或這種等級的案子時，我的意思是，我們通常在這類交易裡扮演大約五年的角色；之後它通常可以從市場上其他部門取得某種無追索權（non-recourse）的資金來源，那不一定像我們這麼傳統。我們覺得我們很適合扮演這個角色。

And I don't know that we're really prepared to start being the long-term holder on some of this stuff. What we try to make sure is that we're ready to turn around and find something to replace it as those things. To cycle, and it's typically we're using some of the same relationships that are cycling some of this stuff on multiple occasions. So, I mean, and we're going to be careful with our whole limit. I mean, we'd like to see this fall off and then the next one come back on and just keep going.

而我不確定我們是否真的準備好開始成為這些資產的長期持有人。我們努力確保的是：當這些案子進入週期、退出時，我們能夠回頭找到東西來替補。通常我們使用的是同一批關係戶，這些案子會多次循環。我是說，我們也會對整體限額（limit）保持謹慎。我們希望看到這筆下來，下一筆再補上，然後就這樣持續運轉。

Yeah, to Corey's point, just adding on, I mean, to your comment, that's really where some of our unfunded growth came from, replacing with same clients that were successful achieving their long-term fixed-rate goal.

對，補充 Corey 的觀點，我再加一句：就你剛剛的評論而言，我們一些未動用額度（unfunded）的成長，正是來自於用同一批客戶來替補；這些客戶成功達成了他們長期固定利率的目標。

Got it. Okay. Makes sense. So, I mean, if I think about the reduction in loans on an end-of-period basis this quarter, I mean, that would seem to imply if you think you can still hit the guide that there's, maybe $200 million of incremental organic growth for the rest of the year, a pretty significant pace. Am I thinking about that correctly for the rest of the year?

了解。好的，有道理。所以，如果我看本季期末口徑（end-of-period）的貸款下降，我的意思是，這似乎意味著如果你們仍然認為能達到指引，那今年剩下時間可能需要大約 2 億美元的額外有機成長（incremental organic growth），速度相當快。我這樣理解今年剩下時間是對的嗎？

We're still very comfortable with the guidance that we put out. I mean, we're not sitting here trying to convince everybody that we're going to be high single-digits, but I mean, low to mid-single-digit growth, we're still very comfortable where we think we are.

我們對自己提出的指引仍然非常有信心。我的意思是，我們不是坐在這裡要說服大家我們會做到高個位數成長，但低到中個位數的成長，我們對目前的狀況仍然很有把握。

Okay, helpful. And then maybe lastly, I know it's still very early days here, but just in terms of BOH and the extraction of the synergies. Kind of how has that progressed? Do you feel good about the realization of all those cost saves and kind of any change in terms of the timing of when you'd anticipate those coming through?

好的，很有幫助。那最後一個問題：我知道現在還很早，但就 BOH 以及協同效益（synergies）的釋放而言，進展如何？你們對所有那些成本節省的實現有信心嗎？以及在你們預期它們開始反映出來的時間點上，有沒有任何變化？

Here's what I tell you. This is kind of what we're really proud of. And this is what we've been very focused on, is trying to make sure that we're efficient in the process of trying to do an acquisition. Because I think it's going to impact how people look at us on the next acquisition that we want to do.

我可以這樣跟你說：這是我們真正引以為傲的地方，也是我們一直非常專注的事——確保我們在進行併購的流程上很有效率。因為我認為這會影響外界在我們想做下一筆併購時，如何看待我們。

If you look at how this one came together, we closed, we have converted and integrated everything about this inside of a quarter. And that's, I mean, like, we're going through a conversion May 8. And our team has been very thoughtful.

如果你看這一筆是怎麼整合起來的，我們完成交割後，在一個季度內就把所有事情都完成轉換與整合。這——我的意思是——我們在 5 月 8 日進行系統轉換，而我們的團隊一直非常周全。

I mean, we've had, I mean, from project. All the way through trying to make sure that we take this from cradle to grave all the way in the right fashion. The other side of that is we've tried to make sure that we maintain very good communication in trying to onboard these people so that we can be successful.

我的意思是，我們從專案規劃一路到確保把這件事從頭到尾（from cradle to grave）都以正確方式完成。另一方面，我們也努力確保在讓這些人員上線（onboard）的過程中保持非常良好的溝通，讓我們能夠成功。

Well, the last thing we want to do is come in here and not be successful in retaining the business that they have that we really liked. I mean, if you look back through when we did due diligence, I mean, we were past 65% of the portfolio looking at it. Liked what we saw, and we don't want to lose it.

我們最不希望做的，就是進來之後無法成功留住我們很喜歡的、他們原本擁有的業務。我的意思是，如果你回頭看我們做盡職調查（due diligence）的時候，我們檢視了超過 65% 的投資組合；我們喜歡我們看到的，我們不想失去它。

So we've had to really be thoughtful in trying to make sure that we're prepared to do this in a way that we could find success instead of the way you see some transactions have gone where you kind of have a big runoff after the fact. I don't see that coming for us. I'm really content where we are. I don't think any one of us would sit here and tell you that I don't think you could find buyer's regret at any point in time with us right now at all.

所以我們必須非常謹慎地確保我們以能夠成功的方式來做，而不是像你看到某些交易那樣，事後出現很大的流失（runoff）。我不認為那會發生在我們身上。我對我們目前的狀況很滿意。我想我們任何一個人坐在這裡都不會告訴你：我們現在在任何時點會有買方後悔（buyer’s regret）。完全沒有。

Steve, this is Curtis. And to be clear, this is not in the projections and everything that we put out, but we felt all along, and in talking and working with the team there, I think we're even more convinced of it, that they have some real good opportunities. They were becoming, as we've said a few times now, pretty constrained by liquidity, and now that's not a problem.

Steve，我是 Curtis。補充說明一下，這並沒有包含在我們對外發布的預測等內容裡，但我們一直以來都覺得——而且在與那邊的團隊溝通合作後，我想我們更確信——他們有一些非常好的機會。正如我們已經說過幾次的，他們之前在流動性方面相當受限，而現在這不再是問題。

I mean, I guess, ultimately, everybody, we've got to maintain good liquidity. We're not going to get stretched, but it's going to be transformative to their ability to go back out to their customers and customers they wanted to get.

我的意思是，最終大家都必須維持良好的流動性。我們不會把自己拉得太緊，但這將會對他們重新去接觸既有客戶、以及他們想爭取的客戶的能力帶來轉型性的改變。

And start bringing those loans in. That's not going to happen overnight. I don't look for huge increases in Q2, but I do think that we'll hit some targets in Q3, Q4 for overall for the year because I think the business is there and I think this team can go get it.

並開始把那些貸款做進來。這不會一夕之間發生。我不預期第二季會有大幅成長，但我確實認為第三季、第四季以及全年整體我們會達成一些目標，因為我認為市場需求在那裡，而且我相信這個團隊能把它拿下來。

I mean, look, we like what Bank of Houston brings to us, but I think it's fair to say they like what we bring to them. And I think we just expand a little bit of an opportunity with some of the scale that we've had the ability to probably do that it's been a little bit more challenging for them. And so I do feel really good about it right now. But we're not taking anything for granted. We have to be very focused on it.

我的意思是，你看，我們喜歡休士頓銀行（Bank of Houston）能帶給我們的東西，但我覺得公平地說，他們也喜歡我們能帶給他們的。我認為，憑藉我們具備的規模，我們只是把機會再擴大一些，這些事情對他們來說可能一直比較具挑戰性。所以我現在對此感覺非常好。但我們不會把任何事視為理所當然；我們必須非常專注。

And what are you hearing, last thing from me really, what are you hearing from your customers maybe in West Texas and kind of throughout your footprint around the price of oil and kind of the macro impacts from the Iranian conflict and kind of if that extends, if the price of oil extends here around $100 for a longer period of time, would that have a, kind of pronounced impact on those markets and potentially the loan growth targets?

最後一個問題，你從客戶那邊聽到什麼？也許是在西德州以及你們整個營運版圖內，關於油價，以及伊朗衝突帶來的宏觀影響。如果情勢延續、油價在約 100 美元附近維持更長一段時間，是否會對那些市場造成較明顯的影響，並可能影響貸款成長目標？

I think there's a lot of them that are taking advantage of price of oil, if they're on that side of the deal, nobody's going out there and trying to make long-term commitments on a price of oil being at that level. We're not seeing any of that with our customer base.

我認為其中很多人如果是在受惠的一方，確實在利用油價的優勢；但沒有人會因為油價在那個水準就跑去做長期承諾。我們在客戶群中沒有看到那種情況。

They're pretty much everybody we talk to, they're all telling you the same thing, it ain't no less, and we're not going to get ourselves back to a corner on it. Brent, you've talked about, I mean, from the deck of your underwriting, I mean, you always even factor that in at all.

我們幾乎跟每個人聊到，他們都在講同樣的話：不會更低了，但我們也不會把自己逼到牆角。Brent，你也談過——我是說，從你們承作審貸（underwriting）的假設來看，你們會把那個因素納入考量嗎？

Yeah, we don't. We don't factor in. And I mean, on the consumer side, we haven't seen any impact on that side either from the consumer side of that at this stage.

對，我們不會。我們不會把它納入。我的意思是，就消費端而言，現階段我們也還沒看到油價對消費端有任何影響。

I don't think we really have much of our customer base that's in a position where they get hurt by it in some big fashion.

我不認為我們的客戶群裡有太多人會因此在很大的程度上受到傷害。

Got it. Thanks so much for the time.

了解。非常感謝你撥冗。

You bet. Thanks, Steve.

當然。謝謝你，Steve。

(Operator Instructions)

（接線員指示）

Joe Yanchunis, Raymond James.

Joe Yanchunis，Raymond James。

Good afternoon. I want to beat the horse one more time and ask about the NIM here. It sounds like you're optimistic you can keep the NIM relatively steady. And I understand there's a lot of moving parts. So, in your deck, you call it a pro forma NIM of 4.02. Does that pro forma NIM back out the one-time loan interest recovery you received in the March quarter? I'm just trying to understand what the jumping off point is.

下午好。我想再追問一次 NIM（淨利差）。聽起來你們對於能讓 NIM 維持相對穩定感到樂觀。我也理解其中有很多變動因素。所以在你們的簡報裡，你們稱之為備考（pro forma）NIM 4.02。這個備考 NIM 是否已扣除你們在 3 月季度收到的一次性貸款利息回收？我只是想了解起跳點是什麼。

No, that is just using our gross NIM. Just pushing the two together.

沒有，那只是用我們的總體 NIM（gross NIM），把兩邊加總在一起。

And then shifting over to loans. So, can you talk about, just a little more about your energy portfolio and what the exposure is on a pro forma basis? And, what does loan demand look like in that vertical in the quarter?

接著談貸款。你能否再多談一點你們的能源投資組合，以及在備考基礎下的曝險？另外，這一季在該垂直領域的貸款需求看起來如何？

Yeah, Joe, most of our energy portfolio is really on the C&I servicing side. That's small business clients that we know well have been in the business and survived cycles in the past.

好的，Joe，我們的能源投資組合大多其實是在商業與工業（C&I）服務端。那是我們很熟悉的小型企業客戶，他們在這個產業多年，過去也挺過景氣循環。

And so, really, we don't have a whole lot of exposure in that segment to upstream lending.

所以在那個區塊，我們對上游（upstream）放款其實沒有太多曝險。

Okay, so pretty steady then for on a pro forma basis. I think last update you gave, I think it was around 4%.

了解，所以備考基礎下相當穩定。我記得你們上次更新大概是 4% 左右。

Yes. We're still running under 5% of the portfolio.

是的。我們仍然低於投資組合的 5%。

And then what about the -- it looks like the major metro kind of market loan balances appear to be on a downward trajectory, and I assume that's a function of payoffs. Can you talk about your pipeline, that exists within these markets, especially given the backdrop of your kind of aggressive lender hire approach?

另外，主要都會市場的貸款餘額看起來似乎呈下降趨勢，我猜是因為提前清償（payoffs）。你能談談你們在這些市場的案源管線（pipeline）嗎？尤其是在你們採取較積極的放款人員招募策略的背景下。

Yeah, the pipeline is really -- I'm pleased with it, particularly on a combined basis. It's strong. I think what you're seeing there is the effect of the decline in multifamily over the last really four quarters, which is exactly what we experienced this quarter, loans going into the permanent market for long-term fixed rates.

是的，管線其實——我對它很滿意，尤其是合併後的整體來看，表現很強。你看到的情況，我認為是過去大概四個季度多戶住宅（multifamily）下滑的影響；這一季我們也一樣，因為貸款轉入永久性市場（permanent market）去做長期固定利率。

So I think that's really the effect that you're seeing there in the metro markets. A lot of those loans were in our metro markets, but our pipelines are very strong, particularly on a combined basis.

所以我認為你在都會市場看到的就是這個效果。那些貸款很多都在我們的都會市場，但我們的管線非常強，尤其是合併後的整體來看。

So I think if you go back and look, over the last year, we had identified a handful of credits that we wanted to exit a relationship with. We didn't hide it in any form or fashion. We don't have that right now. I mean, we feel pretty good about the portfolio, and I don't really know of anything, of any significance that we've got identified that we need to separate from.

我想如果你回頭看，過去一年我們曾經辨識出少數幾筆授信，我們想要退出那段往來關係。我們沒有以任何形式掩飾這件事。現在我們沒有那種情況了。我的意思是，我們對投資組合感覺相當不錯，而且我也不知道有任何重要的項目是我們已經辨識出需要切割的。

And so I think we accomplished what we wanted to. We identify the ones that we felt like they were probably weren't prepared to move into higher rates from the cheaper stuff the way they got into it originally. I think we're kind of past that. I mean, we're stressing the portfolio every which way you can imagine, and we feel really good about it. That's why we still feel confident about the guidance we gave out on loan growth.

所以我認為我們完成了想做的事。我們找出那些我們覺得可能沒有準備好、要從當初以較低成本進入的便宜資金環境，轉向更高利率環境的客戶。我想我們已經走過那一段了。我的意思是，我們用你能想像的各種方式對投資組合做壓力測試，我們對結果感覺非常好。這也是為什麼我們仍然對先前給出的貸款成長指引有信心。

Okay, then last one for me here. So, I mean, it sounds like the kind of. Year-over-year decline in multifamily portfolio loans could reverse with some of the unfunded commitments that you have. Just kind of wondering, what are you seeing the best risk-adjusted returns across your portfolios right now?

好的，那我最後一個問題。聽起來多戶住宅投資組合貸款的年減可能會因為你們一些未動用承諾額度（unfunded commitments）而反轉。我想問的是，就目前而言，你們在各個投資組合中看到風險調整後報酬（risk-adjusted returns）最好的地方在哪裡？

Sorry, I couldn't hear you, Joe. What was your question?

抱歉，Joe，我聽不清楚。你的問題是什麼？

The best risk-adjusted returns that you're seeing from a lending perspective.

從放款角度來看，你們目前看到風險調整後報酬最好的領域。

CD secured.

以定存單（CD）作擔保的貸款。

No, I mean, if you look at the, I mean, the owner-occupied stuff, I mean, there's a variety of things that, I mean, just like we said earlier, we're not getting out there doing a lot of stuff that is a little bit edgy in any stretch.

不過我的意思是，如果你看——我是說，自用型（owner-occupied）的案子，還有各式各樣的東西——就像我們先前說的，我們不會跑去做很多在任何意義上都比較偏激進（edgy）的案子。

I'd agree. And, when, to Corey's point, I mean, on our residential sides, we got pretty good risk-adjusted yields there as well as IAG. Production still actually has good yields on the funded balances as it funds throughout the year.

我同意。而且，呼應 Corey 的觀點，我們在住宅端也有相當不錯的風險調整後收益率，IAG 也是如此。產出（production）其實仍然有不錯的收益率，因為在全年逐步撥款（fund）時，已撥款餘額的收益率表現良好。

Okay, great. Well, thank you for taking my questions.

好的，很好。謝謝你回答我的問題。

Thanks, Jim.

謝謝你，Jim。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Curtis Griffith for closing remarks.

我們的問答環節到此結束。我想把會議交回給 Curtis Griffith 做結語。

Thank you, operator, and thanks to everyone joining us on today's call. We are pleased with our first-quarter performance. It reflects some strong profitability, improving credit quality, and continued discipline across our balance sheet.

謝謝接線員，也謝謝今天加入我們電話會議的各位。我們對第一季的表現感到滿意。這反映出強勁的獲利能力、信用品質改善，以及我們在資產負債表各方面持續的紀律。

We've also successfully completed the Bank of Houston acquisition, a transaction that meaningfully enhances our presence in a highly attractive market and aligns well with our long-term strategy. We believe we've laid the foundation to continue building a larger, more capable community bank that includes investments in our people, technology, operating infrastructure that support both organic growth and disciplined M&A.

我們也已成功完成對休士頓銀行（Bank of Houston）的收購。這筆交易大幅提升我們在一個極具吸引力市場的布局，並與我們的長期策略高度契合。我們相信，我們已奠定基礎，持續打造一家規模更大、能力更強的社區銀行，包括對人才、科技與營運基礎設施的投資，以支持內生成長與有紀律的併購（M&A）。

While the near-term environment remains uncertain, we are confident in our strategy, our capital position, and our ability to execute. Most importantly, we remain focused on creating a long-term value for our shareholders while continuing to serve our customers and communities.

儘管短期環境仍充滿不確定性，我們對我們的策略、資本部位以及執行能力充滿信心。最重要的是，我們仍專注於為股東創造長期價值，同時持續服務我們的客戶與社區。

I'd also like to take a moment to thank our employees across Citibank, including our newest team from Bank of Houston, for their hard work, commitment, and professionalism, particularly during a period of ongoing change. Their dedication to our customers and communities continues to be a key driver of our success. Thank you again for your time and interest in South Plains Financial.

我也想藉此機會感謝我們在花旗銀行（Citibank）的員工，包括來自休士頓銀行（Bank of Houston）的新加入團隊，感謝大家的辛勤工作、投入與專業，尤其是在持續變動的期間。他們對客戶與社區的奉獻，持續是我們成功的關鍵驅動力。再次感謝各位撥冗與對 South Plains Financial 的關注。

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛線，並感謝您的參與。