S&T Bancorp Inc (STBA) 2026 Q1 法說會逐字稿

Welcome to the S&T Bancorp first-quarter 2026 earnings conference call. (Operator Instructions) Now, I would like to turn the call over to Chief Financial Officer, Mark Kochvar. Please go ahead.

歡迎參加 S&T Bancorp 2026 年第一季財報電話會議。(接線員指示) 現在，我想把電話交給財務長 Mark Kochvar。請開始。

Thank you. Good afternoon, everyone. Thank you for participating in today's earnings call.

謝謝。各位下午好。感謝各位參與今天的財報電話會議。

Before beginning the presentation, I want to take time to refer you to our statement about forward-looking statements and risk factors. This statement provides the cautionary language required by the Securities and Exchange Commission for forward-looking statements that may be included in this presentation.

在開始簡報之前，我想先請各位留意我們關於前瞻性陳述與風險因素的聲明。此聲明提供美國證券交易委員會（SEC）對本簡報中可能包含的前瞻性陳述所要求的警示用語。

A copy of the first-quarter 2026 earnings release, as well as this earnings supplement slide deck, can be obtained by clicking on the Materials button in the lower-right section of your screen. This will open up a panel on the right where you can download these items. You can also obtain a copy of these materials by visiting our Investor Relations website at stbancorp.com.

2026 年第一季財報新聞稿，以及本次財報補充簡報投影片，可透過點選您螢幕右下角的「Materials」按鈕取得。這將在右側開啟一個面板，您可在其中下載這些資料。您也可以造訪我們的投資人關係網站 stbancorp.com 取得這些資料的副本。

With me today are Chris McComish, S&T's CEO; and Dave Antolik, S&T's President. I'd now like to turn the program over to Chris.

今天與我一同出席的有 S&T 執行長 Chris McComish，以及 S&T 總裁 Dave Antolik。現在我想把流程交給 Chris。

Mark, thank you. And I want to welcome everybody to the call. Good afternoon. We appreciate the analysts being here with us, and we look forward to your questions. I'm going to begin my comments on page 3. Before I do that, though, I want to just reflect on the busy week that it's been here in Western Pennsylvania and in Pittsburgh, as Pittsburgh is the center of the sporting universe with the NFL draft taking place starting today.

Mark，謝謝你。我也想歡迎各位參加本次電話會議。各位下午好。我們很感謝分析師與我們同在，也期待各位的提問。我將從第 3 頁開始我的說明。在此之前，我想先回顧一下本週在賓夕法尼亞州西部與匹茲堡這裡相當忙碌的一週，因為匹茲堡正成為體育界的中心，NFL 選秀從今天開始舉行。

Mark, Dave, and I are actually coming to you from the S&T Bank draft headquarters in downtown Pittsburgh, where there's been quite a buzz. We have significant customer engagement events going on, which actually started yesterday evening. And it's very gratifying to see the impact our bank has on the markets we serve and the customer relationships that we've built.

Mark、Dave 和我目前是在匹茲堡市中心的 S&T Bank 選秀總部與各位連線，現場氣氛相當熱絡。我們正在舉辦多場重要的客戶互動活動，實際上昨晚就已開始。看到我們銀行對所服務市場的影響，以及我們所建立的客戶關係，令人非常欣慰。

A big thank you to our employees and teammates who are leading the charge building our People-Forward Bank. We're seeing it firsthand this week with all of these interactions.

非常感謝我們的員工與夥伴，帶頭打造我們以人為本（People-Forward）的銀行。透過本週的各種互動，我們也親眼見證了這一點。

Turning to the quarter, our $35 million in net income equates to $0.94 per share, up almost 6% from Q4 2025 and 8% from the first quarter a year ago. Returned metrics were strong again this quarter, highlighted by a 1.44% ROA, up 7 basis points and an ROTCE of 13.22%, which was up almost 1% over Q4 2025.

回到本季表現，我們的淨利為 3,500 萬美元，折合每股 0.94 美元，較 2025 年第四季成長近 6%，較去年同期第一季成長 8%。本季報酬指標再度強勁，亮點包括 ROA 1.44%，上升 7 個基點；ROTCE 為 13.22%，較 2025 年第四季提高近 1%。

Almost $50 million in buybacks in the quarter played a key role in this ROTCE improvement. Our NIM and efficiency ratios remained solid at 3.92% and 55.3%, and Mark will provide more color here. Asset quality showed good improvement over the last quarter, and Dave will provide more color on both asset quality and loan growth.

本季近 5,000 萬美元的庫藏股回購，對 ROTCE 的改善扮演了關鍵角色。我們的淨利差（NIM）與效率比率維持穩健，分別為 3.92% 與 55.3%，Mark 會在此提供更多說明。資產品質較上季有良好改善，Dave 也會就資產品質與放款成長提供更多細節。

Turning to page 4, I'd like to focus on our strong deposit growth. For the quarter, our customer deposit growth was up over $300 million. We achieved the highest level of customer deposit growth in the 125-year history of our company, surpassing $8 billion. This growth was broad-based with all lines of business contributing and all product categories showing growth.

翻到第 4 頁，我想聚焦在我們強勁的存款成長。本季客戶存款增加超過 3 億美元。我們達成公司 125 年歷史以來最高的客戶存款成長水準，突破 80 億美元。這項成長相當廣泛，各業務線皆有貢獻，且所有產品類別均呈現成長。

In fact, we showed growth in more than 80% of our branches in the market, which is a real testament to the great work our employees are doing with customers every day and the disciplined customer engagement processes that we've built. It really is a strong reflection of the customer relationships that we have.

事實上，我們在市場中超過 80% 的分行都呈現成長，這充分證明我們員工每天與客戶互動所做的出色工作，以及我們所建立的嚴謹客戶互動流程。這也確實反映出我們所擁有的客戶關係之強度。

This deposit growth allowed us to reduce wholesale fundings by almost $200 million in the quarter, and the quality of the growth was quite strong as our DDA levels relative to total deposits increased to 28% in the quarter, up 1% from Q4 2025.

這項存款成長使我們在本季將批發資金（wholesale funding）降低近 2 億美元；且成長品質相當強勁，因為本季活期存款（DDA）占總存款比重提升至 28%，較 2025 年第四季上升 1%。

While I'd love to be able to tell you that I will be able to repeat another 16% annualized growth in Q2, we do want to make sure that we're realistic, as there are always temporary fluctuations in deposit balances. We've done an analysis and we do see some seasonal or temporary growth in these balances. However, our analysis would tell you that $150 million to $200 million of this growth is what we define as a solid core growth in our customer deposit base. Again, even at this level, would be one of the best quarters we've had in our history.

雖然我很希望能告訴各位，我們在第二季也能再複製一次年化 16% 的成長，但我們仍希望務實看待，因為存款餘額總會有短期波動。我們已進行分析，確實看到這些餘額存在一些季節性或暫時性的成長。不過，我們的分析顯示，其中約 1.5 億至 2 億美元的成長可被我們定義為客戶存款基礎的穩健核心成長。再次強調，即便以這個水準來看，也會是我們歷史上表現最好的季度之一。

So I'll stop right there and turn it over to Dave, and he can touch on asset quality and loan growth.

我就先說到這裡，接下來交給 Dave，請他談談資產品質與放款成長。

Great. Thank you, Chris, and good afternoon, everyone. Continuing on page 4 of the presentation, loan balances declined in Q1 by $113 million. Several factors impacted this outcome. First, we entered the new year with a reduced commercial pipeline as a result of solid activity in Q4 of last year. This, along with increased competition for new commercial deals, especially related to pricing that contributed to lower-than-anticipated new fundings in the first quarter.

好的。謝謝你，Chris，各位下午好。延續簡報第 4 頁，第一季放款餘額減少 1.13 億美元。有幾個因素影響了這個結果。首先，由於去年第四季活動強勁，我們在新年度開始時的商業放款案源（pipeline）較為縮減。再加上新商業案件競爭加劇，尤其在定價方面，導致第一季新撥款低於原先預期。

Second, commercial real estate payoffs were higher than anticipated, primarily as the result of permanent market offerings from insurance companies and other non-bank lenders who offer more aggressive pricing and structure.

第二，商用不動產（CRE）提前清償金額高於預期，主要是因為保險公司及其他非銀行放款機構提供永久性市場融資方案，且在定價與結構上更具侵略性。

Third, we did see a slight reduction in utilization rates on our revolving credit commitments. Q1 construction fundings were negatively impacted by poor weather, particularly in February, but we anticipate increased draw activity in Q2 as projects move forward. Our unfunded commitments -- construction commitments remained at similar levels to year-end.

第三，我們確實看到循環信用承諾的動用率略有下降。第一季的建築融資撥款受到惡劣天候影響而偏弱，尤其是 2 月，但我們預期第二季隨著專案推進，提用（draw）活動將增加。我們的未撥款承諾——建築承諾，仍維持在與年末相近的水準。

In our consumer loan categories, we saw reductions in our residential mortgage balances, including construction. We anticipate this level of reduced activity in Q2. Based on current pipeline and activity, we expect increased growth in our home equity balances for Q2, and we continue to focus on mortgage and home equity products as key components to enhancing customer engagement. Looking forward, we're adjusting our loan growth guidance to low single-digits for the second quarter.

在消費性放款類別方面，我們看到住宅房貸餘額（包含建築貸款）有所下降。我們預期第二季仍將維持這樣的低迷活動水準。根據目前的案源與活動，我們預期第二季房屋淨值貸款（home equity）餘額將有較高成長；我們也持續將房貸與房屋淨值產品視為提升客戶互動的關鍵組成。展望未來，我們將第二季放款成長指引調整為低個位數成長。

In response to growth pressures, we're focused on adding talent and building for the long term with the goal of increasing our commercial banking team in 2026, primarily focused on C&I additions and some geographic expansion in the CRE space. During the first quarter, we hired four new commercial bankers and saw a modest increase in our pipelines.

為因應成長壓力，我們專注於延攬人才並為長期發展做準備，目標是在 2026 年擴編我們的商業銀行團隊，主要聚焦於 C&I 人才增補，並在 CRE 領域進行部分地理擴張。在第一季期間，我們新聘了四位商業銀行業務人員，並看到我們的案源小幅增加。

Turning to page 5, credit results for the quarter were in line with expectations. Non-performing assets were down $5.7 million and remain at a manageable level of $50 million or 63 basis points. This reduction was a result of our ability to execute on well-defined asset resolution strategies, primarily related to one C&I credit that was mentioned last quarter.

翻到第 5 頁，本季的信用表現符合預期。不良資產減少 570 萬美元，且仍維持在可控水準，為 5,000 萬美元或 63 個基點。此一下降主要來自我們能夠執行明確界定的資產處置策略，主要與上一季提到的一筆 C&I（商業與工業）授信有關。

Loan charge-offs were low at $1.7 million or 9 basis points. We saw criticized and classified assets increase during the quarter as compared to year-end 2025 when we were at so historically low levels. C&C loans remain at a very manageable level. And when factored into our reserve methodology, our allowance for credit losses remain stable at 1.17%.

本季貸款沖銷金額偏低，為 170 萬美元或 9 個基點。與 2025 年底相比，本季我們看到被批評與分類資產有所增加，當時水準處於歷史低點。C&C（被批評與分類）貸款仍維持在非常可控的水準。而在納入我們的備抵方法後，我們的信用損失準備金比率仍穩定在 1.17%。

Now I'll turn the call over to Mark. Mark?

接下來我把電話交給 Mark。Mark？

Great. Thanks, Dave. First-quarter managed income declined by $2.6 million, due primarily to two fewer days, which counts for $1.4 million. And we also had an interest recovery in the fourth quarter of '25 that was for $900,000. In addition, strong deposit growth and loan decline led to a higher cash balance as we adjusted our wholesale borrowing levels.

很好。謝謝你，Dave。第一季管理口徑收入下降 260 萬美元，主要是因為少了兩天，影響約 140 萬美元。此外，我們在 2025 年第四季有一筆利息回收，金額為 90 萬美元。另外，強勁的存款成長與貸款下滑，使我們在調整批發融資借款水位時，現金餘額提高。

The interest recovery in the fourth quarter of '25 and higher cash levels in the first quarter were the main reasons behind the net interest margin rate decline in the first quarter of 7 basis points, to still a very strong 3.92%. With muted expectations for Fed moves in 2026, we expect relative NIM stability to continue and believe we are well-positioned for the remainder of this year should interest rate conditions change.

2025 年第四季的利息回收，以及第一季較高的現金水位，是第一季淨利差（NIM）下降 7 個基點的主要原因，但仍維持在非常強勁的 3.92%。在 2026 年市場對聯準會動作的預期較為溫和的情況下，我們預期 NIM 的相對穩定將持續；若今年剩餘期間利率環境出現變化，我們也相信自身已具備良好布局。

Tailwinds from our maturing received fixed swaps, along with security, fixed-rate loan, and CD group pricing all contribute to stability in the face of somewhat heightened loan and deposit pricing competition. As you look into 2026, again, we expect relative stability in the net interest margin around the current level, with net interest income growth coming from a return of loan growth.

我們已收取固定利率交換（swap）到期所帶來的順風，加上證券、固定利率貸款與定存（CD）族群的定價，皆有助於在貸款與存款定價競爭略為升溫的情況下維持穩定。展望 2026 年，我們同樣預期淨利差將在目前水準附近維持相對穩定，而淨利息收入的成長將來自貸款成長的回歸。

Next, on non-interest income, it decreased by $0.7 million in the first quarter. Debit and credit card activity was seasonally slower, and other includes timing related to some letter of credit fees and distributions from some SIBC investments that happened in the fourth quarter. Our expectations for fees in 2026 remain at approximately $13 million to $14 million per quarter.

接著談非利息收入，第一季減少 70 萬美元。簽帳卡與信用卡活動呈現季節性放緩；其他項目則包含部分信用狀費用的入帳時點，以及部分 SIBC 投資在第四季發生的分配。我們對 2026 年手續費收入的預期仍約為每季 1,300 萬至 1,400 萬美元。

On the expense side, they were in line in the first quarter, down about $500,000 compared to the fourth quarter. Largest variance was in salaries and benefits. And within that, medical costs were lower with the reset of deductibles, and salaries were lower due to a number of days.

在費用方面，第一季整體符合預期，較第四季下降約 50 萬美元。最大差異來自薪資與福利。其中，醫療成本因自付額重置而較低，薪資也因天數因素而較低。

Occupancy was impacted by higher seasonal snow removal costs and utilities. Other taxes, also a little bit higher due to the Pennsylvania shares tax, which is based on equity levels. We expect to manage our 2026 non-interest expense year-over-year increase to around 3%, which implies a quarterly run rate of right around $58 million.

營運場地相關費用受到季節性較高的除雪成本與公用事業費用影響。其他稅費也略高，主要因賓夕法尼亞州的股份稅，其係以股東權益水準為基礎計算。我們預期 2026 年非利息費用的年增幅可控在約 3%，意味著單季費用的運行水準約為 5,800 萬美元。

The capital and TCE ratio decreased by 43 basis points this quarter, primarily due to the share repurchases that we completed in the first quarter. Over 1,146,000 shares, the average price was $43.30, total just under $50 million. That brings our total repurchases over the last two quarters to $85.8 million, over 2 million shares, to approximately 5.5% of outstanding shares.

本季資本與 TCE（有形普通股權益）比率下降 43 個基點，主要因我們在第一季完成的庫藏股回購。回購超過 1,146,000 股，平均價格 43.30 美元，總額略低於 5,000 萬美元。使得過去兩季合計回購金額達 8,580 萬美元、超過 200 萬股，約占流通在外股數的 5.5%。

Our regulatory ratios continue to be very strong with significant excess capital. We have just over $50 million remaining in our authorized repurchase program. We're comfortable with these levels, even considering additional repurchases. We have more than sufficient capital, current capital, and generation capability to position us well for the environment and enable us to take advantage of organic or inorganic growth opportunities.

我們的監理資本比率仍然非常強勁，且具備顯著的超額資本。在已核准的回購計畫中，我們尚餘略高於 5,000 萬美元的額度。即使考量進一步回購，我們也對目前水準感到安心。我們擁有綽綽有餘的資本、目前的資本水準與資本生成能力，使我們能在此環境下保持良好定位，並把握內生成長或外延式成長機會。

Thanks very much. At this time, I'd like to turn the call back over to the operator to provide instructions for asking questions.

非常感謝。此時我想把電話交回給接線員，請其說明提問方式。

Thank you. The floor is now open for questions. (Operator Instructions)

謝謝。現在開放提問。（接線員指示）

Justin Crowley, Piper Sandler.

Justin Crowley，Piper Sandler。

Hey, good afternoon, everyone. Just wanted to start out on the loan growth. I think you touched on it, Dave, but can you give a little more detail just on how origination versus payoff activity fared in the quarter and then just -- a sense of where the pipeline end of the period at?

嗨，大家午安。我想先從貸款成長談起。我想你有提到一些，Dave，但你能否再多提供一些細節，說明本季承作（origination）與到期/償還（payoff）活動的表現如何？另外——期末的案源管線（pipeline）大概在什麼水準？

Yeah, sure. Relative to origination activity in Q1, as I mentioned, we entered the quarter with a little lower pipeline. We built pipelines, but the fallout from the early stage pipeline was a little higher than what we anticipated. And that was primarily a result of increased competition relative to pricing in the space. We had some lower utilization that impacted balance growth. And, as I mentioned, some construction draws were delayed due to weather, so we know those will happen.

好的，當然。就第一季的承作活動而言，如我提到的，我們在本季開始時的管線略低。我們有建立管線，但早期階段管線的流失率（fallout）比我們預期略高。這主要是因為該領域的定價競爭加劇。我們也看到較低的動用率（utilization）影響了餘額成長。另外，如我提到的，部分工程款撥付（construction draws）因天候延遲，因此我們知道那些之後會發生。

We anticipate utilization to improve as we move throughout Q2 because it was lower than what we had expected, and there's no specific reason for that other than some specific paydowns that were the result of large draws that happened in Q4 and then repaid in Q1. But overall, the pipeline is up modestly. And when I say modestly, 10% to 15% over year-end. So as we onboard new bankers, continue to be disciplined around pricing, that all kind of boils down to a little lighter loan growth than what we had expected in Q4.

我們預期隨著進入第二季，動用率會改善，因為它低於我們原先預期；除此之外沒有特定原因，只是有一些特定的還款（paydowns），係因第四季發生的大額動用在第一季償還所致。但整體而言，管線小幅上升。我所謂的小幅，是相較年末增加 10% 到 15%。因此，隨著我們引進新的銀行業務人員、並持續在定價上保持紀律，整體結果就是第一季的貸款成長比我們在第四季所預期的略為偏弱。

Okay. And then you mentioned some of the hires and adding bankers. Is that coming across the board, or is it more weighted towards C&I? I know that's been an area you've talked a lot about in terms of just the investments that you've made there.

了解。另外你提到一些招募與增加銀行業務人員。這是全面性的，還是比較偏向 C&I？我知道那一直是你們談得很多的一個領域，關於你們在那裡所做的投資。

Yeah, the hiring in Q1 was more C&I focused, but we're hiring both C&I and CRE bankers. We still feel really good about our ability to grow CRE. We're good at it. We have historically been able to build a brand in that space. So we're adding to that staff as well. Just based on our geographies, there are significant opportunities in the C&I space for us.

是的，第一季的招募比較以 C&I 為主，但我們同時也在招募 C&I 與 CRE（商用不動產）銀行業務人員。我們仍然對 CRE 的成長能力非常有信心。我們很擅長這一塊。我們過去在該領域也一直能建立品牌。因此我們也在擴增那邊的人力。就我們的地理布局而言，C&I 領域對我們來說有相當可觀的機會。

The CRE space, as I mentioned in the prepared comments, might include some geographic expansion, particularly in Ohio. So it's a combination of the two. We're also adding business bankers, treasury management officers, really growth-focused positions to the organization.

如同我在事先準備的評論中提到的，商用不動產（CRE）領域可能會有一些地理版圖的擴張，特別是在俄亥俄州。所以這是兩者的結合。我們也在增聘商業銀行客戶經理、資金管理（Treasury Management）主管等，這些都是以成長為導向的職位，來強化組織。

Okay, great. And then just one last one, pivoting a little, just on the margin guide, calling for stability here, we think this higher for a longer environment that I suppose we're in is beneficial. So just trying to square some of the puts and takes as far as loan repricing. I'm not sure if there's anything that offsets that as far as funding costs, perhaps, maybe moving in the other direction and starting to see upper pressure. What are some of our some of the underlying assumptions there?

好的，很棒。最後一個問題，稍微轉個方向，關於淨利差指引，你們預期這裡會維持穩定；我們認為目前這種「高利率維持更久」的環境應該是有利的。所以我想釐清一下在貸款重新定價方面的一些利多與利空。我不確定在資金成本方面是否有什麼會抵銷這些利多，例如可能往相反方向走、開始看到上行壓力。你們在這裡的一些基本假設是什麼？

Yeah, I mean, we're kind of back to thinking that there's not going to be a lot of rate increase. And given that, we would have some natural improvement in margin. But as Dave mentioned, we have seen some higher competitive pressures, particularly on the loan side. So factoring that in, that kind of gets us to more a flatter NIM as we move throughout the year. So we still have those tailwinds, but the thinking is that a lot of that might get absorbed by the more competitive loan environment.

是的，我的意思是，我們的想法大致回到認為利率不會再大幅上升。在這樣的前提下，我們的利差會有一些自然改善。但如同 Dave 提到的，我們確實看到競爭壓力升高，特別是在貸款端。把這些因素納入考量後，會讓我們在今年接下來的時間裡，淨利差（NIM）走勢更偏向持平。所以我們仍有那些順風因素，但我們的看法是，其中很大一部分可能會被更具競爭性的貸款環境所吸收。

Okay, and what does that, I guess, the spreads tightening -- I mean, where is new production coming on the book side? And how does that compare to what's repricing or rolling off, if you have that detail?

了解，那我想問利差收斂——也就是，新承作在帳上的新放款利差大概是多少？如果你們有細節的話，它和正在重新定價或到期滾出（rolling off）的部分相比如何？

On the spread side, I think we're kind of in the mid, like a 2.25% range, and we've seen that flip by 5 or 10 basis points over the last quarter.

就利差而言，我想我們大概在 2.25% 左右的區間中段，而在過去一季我們看到大約上下變動 5 到 10 個基點。

Yeah, in the bank competition, we saw two deals that I'm thinking of right now that were [sub-2%] that we decided not to move forward with, and we lost to the competition. So for us, it's about getting more looks, which leads to adding more bankers, and that will allow us to accelerate growth. But we also want to be cognizant of the impact that that growth has on the NIM and that interest income.

是的，在銀行同業競爭方面，我現在想到有兩筆案子是低於 2% 的，我們決定不再往前推進，最後輸給了競爭對手。所以對我們來說，重點是要看到更多案源，這也導向我們增聘更多銀行客戶經理，並讓我們能加速成長。但我們也希望留意這樣的成長對淨利差（NIM）以及利息收入的影響。

Understood. Great. I will leave it there. Thank you guys so much.

了解。很好。我就先到這裡。非常感謝各位。

Thank you, Justin.

謝謝你，Justin。

Daniel Tamayo, Raymond James.

Daniel Tamayo，Raymond James。

Thank you. Good afternoon, everyone. Maybe starting first on the capital and the buyback side, you've got -- you did about $50 million in the first quarter. You've got a similar amount remaining in the authorization, I think you just said. Capital is still really strong, CET1 over 14%, really by any measure you look at.

謝謝。各位下午好。或許先從資本與庫藏股回購談起，你們第一季回購了大約 5,000 萬美元。我想你剛剛也說授權額度剩下的金額差不多也是這個水準。資本仍然非常強勁，CET1 超過 14%，不管用什麼指標來看都是如此。

Do you think that it's in the cards to re-up that authorization and continue the repurchase further out than just the second quarter? Or how are you guys thinking about the trajectory of buybacks given the level of capital you have and the growth expected?

你們覺得有可能會再延長（re-up）這個回購授權，並把回購持續到不只是第二季之後嗎？或者，考量你們目前的資本水準與預期成長，你們對回購的節奏是怎麼思考的？

Yeah, I think we would definitely take a very hard look at the remaining authorization. I think we'll see how that goes before we look at the next leg of that. I mean, our internal target ratios, the next [$50 million] will put us quite a bit closer to that, so we may enter more of a maintenance phase in terms of target capital ratios at that point. And so then going forward, it might be more dependent on that growth trajectory from there and how much capital that uses up.

是的，我想我們一定會非常仔細地檢視剩餘的授權額度。我想我們會先看看執行情況，再來考慮下一階段。以我們內部的目標比率來看，再回購下一個 5,000 萬美元會讓我們更接近該目標，因此屆時我們可能會進入較偏「維持」的階段，以符合目標資本比率。所以往後可能會更取決於之後的成長軌跡，以及成長會消耗多少資本。

Remind me what the target capital ratio is, if you don't mind?

方便提醒一下你們的目標資本比率是多少嗎？

Well, we're looking to be approximate, I mean, across the different ratios, above kind of median peer levels between median and 75th percentile. So they vary for the different ratios, but we want to make sure that we have enough to grow and enough to take advantage of a merger that might arise or that might present itself.

我們希望大致上——我的意思是，在不同的比率上——能高於同業的中位數水準，介於中位數到第 75 百分位之間。不同資本比率的目標會有所差異，但我們希望確保有足夠的資本來支持成長，也有足夠的資本在出現或浮現併購機會時能把握。

Yes, Danny, this is Chris. That's what I want to re-emphasize, given us the financial flexibility that we have is a real benefit for us. As Mark described, that being able to think about in inorganic growth while at the same time having the financial flexibility should an inorganic opportunity present itself is important to us. But by the same token, we knew as we were getting north of 14%, so we were -- it made sense to dial that back. And as Mark said, those ratios closer from 50 to 75th percentile make a lot more sense to us long term.

Danny，我是 Chris。我想再次強調，我們擁有的財務彈性對我們而言是一項很大的優勢。如 Mark 所說，能夠在思考非有機成長的同時，也保有在非有機機會出現時的財務彈性，對我們很重要。但同時，我們也知道當 CET1 超過 14% 之後——所以我們——適度把它調降是合理的。而如 Mark 所說，長期來看，把這些比率維持在同業第 50 到第 75 百分位附近，對我們更有意義。

Understood. And then maybe just diving in a little bit on the hirings, the last question talked about it a little bit. But you said that the new geographic expansion, I think you mentioned Ohio. Just curious if you could provide a little more detail on the markets where you're hiring.

了解。接著想再深入問一下招募的部分，上一個問題也稍微提到。但你們提到新的地理擴張，我想你們提到了俄亥俄州。想請教能否提供更多你們正在招募的市場細節？

Sure. Well, we've got a group of bankers in Columbus, and we're looking westward, like Cincinnati market perhaps, and then in Northeast Ohio expanding more towards Cleveland. So there are opportunities in those two markets that we think we can take advantage of as we grow.

當然。我們在哥倫布（Columbus）有一組銀行客戶經理團隊，我們也在往西看，例如辛辛那提（Cincinnati）市場；另外在俄亥俄州東北部，我們也在往克里夫蘭（Cleveland）方向擴張。我們認為在這兩個市場都有機會，能在我們成長的過程中加以把握。

We've also, in our Eastern Pennsylvania franchise, we've done a lot of work into Maryland and Delaware, particularly around in the CRE space, so we think there's more opportunity there for us to grow as well.

另外，在我們賓夕法尼亞州東部的據點，我們也在馬里蘭州與德拉瓦州做了很多拓展，特別是在商用不動產（CRE）領域，因此我們認為那裡也有更多機會讓我們持續成長。

Okay, great. All right, I'll step back. Thanks for the answers.

好的，很棒。好，那我先退到後面。謝謝你們的回答。

Thank you.

謝謝。

Kelly Motta, KBW.

Kelly Motta，KBW。

Hey, good afternoon. Thanks for the question. I would love to follow up on that capital question since you mentioned M&A. I'll bite on -- if you could maybe, Chris, give us an update on the pace of conversations. Clearly, there's an M&A window open at this time and how those are going.

嗨，下午好。謝謝讓我提問。既然你提到併購（M&A），我想延伸追問剛剛的資本問題。我就直接問了——Chris，你是否可以跟我們更新一下目前洽談的節奏？顯然現在有一個 M&A 的窗口期，想了解目前進展如何。

What I would describe, we're consistently having discussions and we look at opportunities. We're disciplined, as you could tell, and we're going to remain so. But I think you're right, Kelly. There's a window here that seems to make sense, and we would like to capitalize on the right opportunity should it present itself.

我會這樣描述：我們一直都有持續在討論，也會評估各種機會。如你所見，我們很有紀律，而且會持續保持這樣的紀律。但我想你說得對，Kelly。目前確實有一個看起來合理的窗口期，如果有合適的機會出現，我們也希望能把握。

So we haven't slowed down at all in the number of conversations that we've had. And quite honestly, the financial performance, the returns that we're able to deliver, that opens up windows for conversations for us, so that's what we want to -- we want to be able to capitalize on those things.

因此，我們在對話的數量上完全沒有放慢。而且坦白說，我們能夠交出的財務表現與報酬，會為我們打開更多對話的窗口，所以這正是我們想要的——我們希望能夠把握並善用這些優勢。

Great. That's great color. I would like to switch back to the deposit growth because, clearly, that was a major highlight of the quarter and something you guys have been working really diligently on. Just wondering if there was one or a couple of things that really drove that outsized growth. It was just things moving in the right direction and kind of just all clicking here, any sort of market dynamics. I'm just trying to get a sense of it, as it clearly was a remarkable quarter for you.

很好。這些說明很有幫助。我想把話題切回存款成長，因為很明顯這是本季的一大亮點，也是你們一直非常努力在推動的事情。想請教是否有一兩個關鍵因素真正帶動了這種超預期的成長。是各項事情都往正確方向發展、剛好在這裡全面到位，還是有任何市場動態的因素？我只是想更了解背後原因，因為這對你們來說顯然是非常亮眼的一季。

Thanks for that recognition, Kelly, and it's a real point of pride for our employees. I'm going to -- I'm coming up on my fifth year here at the company in another couple of months, and we've been pretty unrelenting on our focus on the importance of building on a high-quality core deposit franchise. And we've seen positive momentum over the -- I would really call it over the last 18-plus months in the consumer side of our business.

謝謝你的肯定，Kelly，這也是我們員工非常引以為傲的一點。我再過幾個月就要在公司滿第五年了，而我們一直非常堅定地聚焦在：建立高品質核心存款特許經營的重要性。而在我們業務的消費金融端，我會說在過去18個月以上，我們看到了正向的動能。

We've talked a lot about the rigor and discipline of the process that we -- our customer engagement process that we define as care. And you think, well, how do you know it's working? And I'll go back to that anecdote that I provided to you. When we saw broad-based growth in 80% of our branches in the quarter, that tells me that the right customer interactions are taking place.

我們也談過很多關於我們所謂「關懷（care）」的客戶互動流程，其嚴謹度與紀律性。你可能會想，那你怎麼知道它有效？我會回到我先前跟你分享的那個例子。當我們看到本季有80%的分行出現廣泛的成長，這告訴我，正確的客戶互動正在發生。

We've also talked a lot about the way that we manage exception pricing and the need to be dynamic with that, at the same time responsive. And that's a process that was built over the past couple of years, and it continues to work in this environment or a rising or declining rate environment.

我們也談過很多關於我們如何管理例外定價（exception pricing），以及在同時保持回應速度的前提下，需要具備動態調整能力。這套流程是在過去幾年建立起來的，而且在目前這種環境——不論是升息或降息的利率環境——都持續有效。

On the commercial side of the business and business banking side, we've spent the past few years working on enhancing our treasury management capabilities, the number of teammates, both in commercial banking as well as business banking. We're seeing good momentum there, and we know that a portion of this on the commercial space was true new customer acquisition that added to it.

在商業端與企業金融（business banking）端，我們過去幾年一直在強化我們的財資管理（treasury management）能力，以及增加團隊人力，涵蓋商業銀行與企業金融兩邊。我們在那裡看到不錯的動能，而且我們也知道，商業端這部分的成長有一部分來自真正的新客戶開發所帶來的增量。

As I did say, we wanted to analyze one of the other things that we looked at. I don't know if you've seen this in other calls that you've had was, well, what was the impact of -- you talk about the tax law changes. And what we saw with tax receipt, so deposits, tax receipt deposits into our accounts, a year-over-year growth was about $30 million.

如我所說，我們也想分析我們觀察到的另一件事。我不確定你在其他電話會議中是否也聽過：也就是你們提到稅法變更的影響。而我們看到的稅款入帳——也就是稅收款項存入我們帳戶的存款——年增約3,000萬美元。

So in higher tax return receipts coming in, tax refunds did contribute to some of this. And so that's why we were guiding toward all $300 million. This probably isn't going to stick forever. There's some fluctuation in it. But what we can tell, we feel really good about that $150 million to $200 million, which by itself would have been a really strong quarter.

因此，較高的報稅回款入帳、退稅確實對其中一部分有所貢獻。這也是為什麼我們指引會朝向總計3億美元。這可能不會永遠維持。其中會有一些波動。但我們可以說的是，對於其中1.5億到2億美元的部分，我們感覺非常好；單就這個水準而言，本來就會是一個非常強勁的一季。

Great. That's really helpful. Thanks for the color. I'll step back.

很好。這真的很有幫助。謝謝補充說明。我先回到隊列。

Tyler Cacciatori, Stephens, Inc.

Tyler Cacciatori，Stephens, Inc.。

Good afternoon. This is Tyler on Matt Breese.

午安。我是Tyler，代Matt Breese提問。

Hi, Tyler.

嗨，Tyler。

Maybe just to follow up on the M&A commentary, can you just update us on what the ideal target would look like and if there's any ideal size or whether you want to dive into new markets or maybe complement existing ones?

也許延續一下併購（M&A）的評論，你能否更新一下理想的標的會是什麼樣子？以及是否有理想的規模區間，或是你們想進入新市場，或可能是補強既有市場？

Yeah, I'll be consistent, Tyler, with what we've talked about in the past. We look geographically at the core markets we're in and adjacent markets, and we're active in building relationships throughout that geography.

可以，我會延續我們過去談過的一貫說法，Tyler。從地理角度來看，我們會聚焦在我們所在的核心市場以及相鄰市場，並且在該地理範圍內積極建立關係。

We -- if you think about a pure acquisition, given our size, you're talking about banks probably in the $1 billion to $6 billion, $7 billion range, makes sense from a size standpoint. And that's been our focus. Very focused on quality of the core deposit franchise, cultural fit, ability to accelerate growth in the company are kind of the criteria that we look through.

如果你把它視為純粹的收購，以我們的規模來看，從規模角度合理的可能是資產規模約10億到60億、70億美元區間的銀行。這一直是我們的重點。我們評估的標準大致包括：核心存款特許經營的品質、文化契合度，以及能否加速公司成長的能力。

Understood. Thank you for the color. And then just moving to credit, nice to see the charge-offs move much lower, led to quite a bit of a lower provision than what I was expecting. Maybe just talk about what you're saying from a credit perspective going forward and what levels of charge-offs you're comfortable running the bank at. Just trying to get a sense of how to model the provision from here.

了解。謝謝補充說明。接著談到信用面，很高興看到核銷（charge-offs）降了不少，導致提存費用（provision）也比我預期低很多。能否談談你們對未來信用狀況的看法，以及你們認為銀行在什麼樣的核銷水準下是可接受的？我想掌握一下接下來該如何建模提存。

Yeah, I think in total for 2026, we expect similar total results relative to 2025. Level of charge-offs, kind of NPLs, we're targeting to reduce from where we are now modestly. As I mentioned in the comments, though we did see a slight uptick in our criticized and classified assets, it didn't have a significant impact on provisioning or a large increase in the ACL.

是的，我想就2026年整體而言，我們預期總體結果與2025年大致相近。在核銷水準、以及不良貸款（NPLs）方面，我們的目標是相較目前小幅下降。如我在評論中提到的，雖然我們的受關注與分類資產（criticized and classified assets）略有上升，但並未對提存造成顯著影響，也沒有導致ACL（信用損失準備）大幅增加。

There's nothing outside that we anticipate, just normal movement. We're a commercial-focused bank, so when something happens negatively from a credit perspective, it tends to be a little larger than a bank that might have a larger consumer base. So we acknowledge that, but we have really fine-tuned our methodology and spent a lot of time, obviously, internally as a management team talking about the impact of asset quality and how we can get ahead of things and forecast better.

我們沒有預期會有任何異常狀況，主要就是正常的變動。我們是一家以商業放款為主的銀行，所以當信用面出現負面事件時，單一事件的金額往往會比消費金融占比較高的銀行來得更大。我們理解這點，但我們也已經把方法論調整得更精細，並且管理團隊內部花了很多時間討論資產品質的影響，以及如何更早掌握狀況、提升預測能力。

Obviously, in addition to that, it's just the external environment, right? I mean, you see the run-up in gas prices and oil prices and things like that, and we believe that that has not really impacted the economy dramatically right now in the short term, but it continues this way. You can see things impacting it for all of us down the road. And we're not outsized one way or another, but there's a lot that we also don't control that we have to pay attention to.

當然，除此之外還有外部環境，對吧？例如你看到天然氣價格、油價上漲等等，我們認為短期內這些尚未對經濟造成顯著衝擊，但如果這樣的情況持續下去，你可能會看到未來對我們所有人都產生影響。我們在曝險上並沒有特別偏向某一邊，但也有很多我們無法控制的因素需要持續關注。

Understood. Thank you. And then just a real quick one on deposit costs, if you have the detail. Do you have the spot cost of deposits at quarter end or in the month of March?

了解。謝謝。最後很快一題，關於存款成本，如果你手上有更細的資料：你們在季末或3月份的存款即期成本（spot cost of deposits）是多少？

The margin was -- for March was at where we ended for that quarter on the deposit -- on the overall deposit number for the month. That would have been right around -- I have it [right here]. Total deposit right around it -- this is costing only 2.47%.

利差是——3 月的利差落在我們該季結束時的存款——就該月整體存款數字而言。大概會在——我這裡有[就在這裡]。總存款大概在那個水準——這只花費 2.47%。

Great, thank you. I'll step back here.

很好，謝謝你。我先退下了。

Okay, Tyler, thank you.

好的，Tyler，謝謝。

(Operator Instructions) David Bishop, Hovde Group.

(接線員指示) David Bishop，Hovde Group。

Hey, good afternoon, Chris. Excited for the draft as well down here -- excited for the draft down here.

嗨，Chris，下午好。我們這邊也很期待選秀——我們這邊也很期待選秀。

We're not going to say anything about Baltimore, Dave. (laughter)

Dave，我們不會提巴爾的摩的事。(笑聲)

Come on. You got it. You got it. I'm sure you're waving your terrible towel out there. (laughter)

拜託。你說得對。你說得對。我敢說你在那邊正揮著你那條可怕的毛巾。(笑聲)

That's right. Well, David has his eye black on right now. He's locked in.

沒錯。嗯，David 現在眼眶還黑著。他很投入。

I'm wearing a Steelers helmet as well. (laughter)

我也戴著一頂鋼人隊的頭盔。(笑聲)

I love it. Hey, a lot of my questions have been asked and asked, but to be curious, you have the good growth in deposits and maybe some cash flows from the loan portfolio sitting in -- cash at the end of the quarter, is that sort of earmarked for funding expected loan growth? I don't know if you see any line of sight to, maybe, temporary deposits outflowing. Just curious how we should think about cash levels moving into the back half of the year?

太棒了。嘿，我很多問題都已經被問過、也回答過了，但我想確認一下：你們存款成長不錯，而且可能有一些來自放款組合的現金流在——季末以現金形式留存，這是否算是預留用來支應預期的放款成長？我不確定你們是否看到任何跡象，例如部分暫時性存款可能會流出。只是想了解，我們該如何看待今年下半年現金水位的變化？

We do expect those to decrease. We still have some wholesale borrowings that we have an opportunity to reduce, so that would be the first priority. And then as Chris mentioned, we do expect some of that to potentially roll off during the second -- at least temporarily in the second quarter.

我們確實預期那些會下降。我們仍有一些批發融資借款有機會降低，所以那會是第一優先。另外如 Chris 提到，我們也預期其中一部分可能會在第二——至少在第二季暫時性地到期流失。

So we'll keep some cash powder dry for that and then to return some loan growth in the second quarter, but then perhaps more in the back half of the year. So I think that cash will not stay at those levels for a combination of all those things, reducing wholesale and then the natural deposit fluctuations and then return to loan growth.

因此我們會保留一些現金彈藥以因應這點，並在第二季支應一些放款成長，但可能在今年下半年更多。所以我認為現金不會維持在目前水準，原因綜合包括：降低批發融資、存款自然波動，以及放款成長回升。

Got it. Then I guess final question, as you look across your fee income, segments and categories, any areas, with all the changes you've implemented here, you're most pulled up about for augmentation as you look out into the rest of the year? Thanks.

了解。那我想最後一個問題：當你們檢視手續費收入的各個區塊與類別時，考量你們在這裡實施的所有變革，有沒有哪一些領域是你們最看好、希望在今年剩餘時間加強提升的？謝謝。

We have seen some -- sometimes, it's hard to see in the numbers, but we have seen some encouraging pickup on the treasury management side that we talked about. There's a group within that kind of a non-account analysis group that we've seen some improvement on, especially in the last couple of quarters. And there's a renewed emphasis for that in the bank and especially in our business banking group.

我們確實看到一些——有時候從數字上不容易看出來，但我們在先前提到的資金管理（treasury management）方面看到一些令人鼓舞的回升。其中有一個團隊，算是非帳戶分析（non-account analysis）團隊，我們看到一些改善，尤其是在最近幾季。而且銀行內部、特別是我們的商業銀行（business banking）團隊，對此也重新加強重視。

So that's something that we have higher expectations for. And then just on the basic treasury management side on the account analysis, we did some price adjustments that helped in the first quarter. And that group is making some headway in the market as well, so I think that the deposit fee on the treasury management AA side probably offers some potential, and then financial services has been solid for us as well.

所以這是我們期待更高的一塊。另外在基本的資金管理、帳戶分析（AA）方面，我們做了一些價格調整，在第一季有所助益。該團隊在市場上也取得一些進展，所以我認為資金管理 AA 端的存款手續費可能有一些潛力；此外，金融服務對我們而言也一直很穩健。

Dave, the non-analyzed treasury management services, that's really the result of work that we started a couple of years ago. We built a product for the small-business business banking space that provided a combination of, call it, six to eight important treasury management products, anything from information reporting to collection and disbursement services, fraud protection, those kinds of things, packaged them into basically one price.

Dave，所謂非分析型的資金管理服務，這其實是我們幾年前開始推動工作的成果。我們為小型企業的商業銀行客群打造了一個產品，提供大約六到八項重要的資金管理產品組合，從資訊報表到收付款服務、詐欺防護等這些項目，並把它們打包成基本上一個價格。

And so what we've seen -- and then we rolled that out a couple of years ago, trained our teams, put it in the market. We believed at the time it was a differentiating factor, and we're seeing balanced growth come from it as well as some treasury management fee income and the annuity nature of that. So it's nice to see something going from concept to reality and starting to see some results.

因此我們看到——我們在幾年前推出後，訓練團隊、投放市場。當時我們相信這是一個差異化因素，而我們也看到它帶來均衡的成長，同時帶來一些資金管理手續費收入，以及其年金式（持續性）收入特性。所以很高興看到某個構想走向落地，並開始看到一些成果。

Got it. That's a great color. That was all I had. Thanks.

了解。這些補充很有幫助。我就這些問題。謝謝。

And that concludes the question-and-answer session. I would like to turn the call back over to Chief Executive Officer Chris McComish for closing remarks.

問答環節到此結束。我想把電話交回給執行長 Chris McComish 做結語。

Well, as we always say, thank you for your interest in our company and your good questions and the relationships that you've built with us. It's really, really important to us. We're, again, really proud of the performance that we're showing. Looking for continued growth and impact in the marketplace. And spring is here, so the weather has turned, and there's a lot of optimism in the air. So thanks all for your time, and have a great rest of the day.

嗯，就像我們一向說的，感謝各位對我們公司的關注、提出很好的問題，以及你們與我們建立的關係。這對我們非常、非常重要。我們也再次為目前展現的表現感到非常自豪。我們期待在市場上持續成長並帶來影響力。而且春天到了，天氣轉暖，空氣中充滿樂觀。所以謝謝大家撥冗參與，祝各位今天剩下的時間愉快。

And that concludes today's conference. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。