Texas Capital Bancshares, Inc. (TCBI) 2026 Q1 法說會逐字稿

Hello, everyone, and thank you for joining us today for the TCBI first-quarter 2026 earnings conference call. My name is Sami, and I'll be coordinating your call today. (Operator Instructions)

各位早安，感謝各位今天加入我們參加 TCBI 2026 年第一季財報電話會議。我叫 Sami，今天將由我協調本次會議。（接線員指示）

I'll now hand over to your host, Jocelyn Kukulka, Head of Investor Relations, to begin. Please go ahead, Jocelyn.

現在我將把電話交給今天的主持人——投資人關係主管 Jocelyn Kukulka。Jocelyn，請開始。

Good morning, and thank you for joining us for TCBI's first-quarter 2026 earnings conference call. I'm Jocelyn Kukulka, Head of Investor Relations. Before we begin, please be aware this call will include forward-looking statements that are based on our current expectations of future results or events.

各位早安，感謝各位參加 TCBI 2026 年第一季財報電話會議。我是投資人關係主管 Jocelyn Kukulka。在開始之前，請注意本次電話會議將包含前瞻性陳述，該等陳述係基於我們對未來業績或事件之目前預期。

Forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from these statements. Our forward-looking statements are as of the date of this call, and we do not assume any obligation to update or revise them.

前瞻性陳述受已知與未知之風險與不確定性影響，可能導致實際結果與該等陳述存在重大差異。我們的前瞻性陳述以本次電話會議日期為準，且我們不承擔更新或修訂該等陳述之任何義務。

Today's presentation will include certain non-GAAP measures, including, but not limited to, adjusted operating metrics, adjusted earnings per share, and return on capital. For a reconciliation of these and other non-GAAP measures to the corresponding GAAP measures, please refer to the earnings press release and our website.

今天的簡報將包含若干非 GAAP 指標，包括但不限於調整後營運指標、調整後每股盈餘以及資本報酬率。關於這些及其他非 GAAP 指標與相對應 GAAP 指標之調節，請參閱財報新聞稿及我們的網站。

Statements made on this call should be considered together with the cautionary statements and other information contained in today's earnings release, our most recent annual report on Form 10-K, and subsequent filings with the SEC. We will refer to slides during today's presentation, which can be found along with the press release in the Investor Relations section of our website at texascapital.com.

本次電話會議所作之陳述，應與今日財報新聞稿、我們最近一期 Form 10-K 年報及其後向 SEC 提交之文件中所載之警示性陳述與其他資訊一併考量。

Our speakers for the call today are Rob Holmes, Chairman, President, and CEO; and Matt Scurlock, CFO. At the conclusion of our prepared remarks, the operator will open up the call for Q&A.

今天出席的講者包括：董事長、總裁兼執行長 Rob Holmes，以及財務長 Matt Scurlock。在我們預先準備的發言結束後，接線員將開放問答。

I'll now turn the call over to Rob for opening remarks.

現在我將把電話交給 Rob 進行開場致詞。

Good morning. We entered this quarter with clear conviction in our strategy and the disciplined execution required to continue unlocking substantial value for our shareholders and clients.

各位早安。我們以對策略的明確信念，以及持續釋放對股東與客戶之重大價值所需的紀律執行力，進入本季。

First-quarter outcomes reflect our shift in strategic focus to consistent execution and realizing the full potential of our investments. This quarter, we took decisive steps to align our organizational structure with that imperative.

第一季的成果反映我們將策略重心轉向穩定執行並實現既有投資的全部潛力。本季，我們採取果斷措施，使組織架構與此一要務一致。

I am pleased to announce strategic executive leadership appointments that further enhance our positioning for growth. Jay Clingman will transition to Head of Private Banking and Family Office following five successful years building and scaling our middle market and business banking franchises. Dustin Cosper assumes the role of Head of Commercial Banking, overseeing real estate banking, middle market banking, and business banking. This shift positions the firm to drive enhanced client outcomes across private banking and commercial banking through more comprehensive and integrated solutions.

我很高興宣布多項策略性高階主管任命，進一步強化我們的成長布局。Jay Clingman 在成功建立並擴大我們的中型市場與企業銀行業務五年後，將轉任私人銀行與家族辦公室主管。Dustin Cosper 將出任商業銀行主管，負責不動產銀行、中型市場銀行及企業銀行。此一調整使本公司能透過更全面且整合的解決方案，在私人銀行與商業銀行領域推動更佳的客戶成果。

John Cummings has been named Chief Operating Officer, charged with driving sustained operational excellence and further positioning our platform for scale. Matt Scurlock, Texas Capital's Chief Financial Officer, will assume the role of President of Texas Capital Bank, further aligning financial, operational, and business leadership across the organization. We have also appointed Jeff Hood as Chief Human Resources Officer to ensure our talent strategy and culture align with our operational and commercial ambitions. He will be joining the firm in early May.

John Cummings 已被任命為營運長，負責推動持續的營運卓越，並進一步使我們的平台具備可擴展性。Texas Capital 財務長 Matt Scurlock 將出任 Texas Capital Bank 總裁，進一步整合全公司財務、營運與業務領導。我們亦任命 Jeff Hood 為人力資源長，以確保我們的人才策略與文化與營運及商業目標一致。他將於五月初加入本公司。

Turning to the quarterly results. Contributions across the firm enabled another quarter of strong financial progress as adjusted quarterly earnings per share increased 72% versus the prior-year period to $1.58 per share as total revenue increased 16% year over year to $324 million, driven by 8% growth in net interest income and 56% growth in noninterest revenue.

接著說明本季業績。全公司各項貢獻使我們再度繳出強勁的財務進展：調整後季度每股盈餘較去年同期成長 72% 至每股 1.58 美元；總營收年增 16% 至 3.24 億美元，主要由淨利息收入成長 8% 與非利息收入成長 56% 所帶動。

Fee income from our areas of focus increased 59% year over year, reaching $58.8 million in the quarter, a record for the firm. Notably, all three focus areas delivered record quarterly fee income, demonstrating the platform's continued maturity and enhanced cross-functional strength. This is not a single driver story. It reflects embedded momentum across advisory, capital markets, wealth and treasury services, all facilitated by excellent client banking coverage across the platform.

我們重點領域的手續費收入年增 59%，本季達 5,880 萬美元，創公司紀錄。值得注意的是，三個重點領域皆創下單季手續費收入新高，顯示平台持續成熟且跨職能協作能力提升。這並非單一驅動因素的故事。這反映出顧問服務、資本市場、財富與財資服務等領域的內生動能，並由全平台優異的客戶銀行服務覆蓋所促成。

New client acquisition remains a fundamental driver to platform value. Each quarter, the firm onboards clients to generate revenue across multiple service lines, a structural advantage that indeed compounds over time. Investment banking fees of $42.3 million grew 89% year over year with broad contributions across syndications, capital markets and sales and trading, reflecting our unique ability to deliver high-quality client outcomes across a range of product solutions.

新客戶取得仍是平台價值的根本驅動力。每一季，本公司都會導入客戶，並在多條服務線上創造收入；這是一項結構性優勢，確實會隨時間複利累積。投資銀行手續費為 4,230 萬美元，年增 89%，承銷、資本市場以及銷售與交易等領域均有廣泛貢獻，反映我們在多元產品解決方案上提供高品質客戶成果的獨特能力。

Treasury product fees of $12.1 million increased 14% as existing clients continue to leverage our differentiated payment capabilities and new clients onboard at an accelerated pace. Wealth management fees also increased for the third straight quarter, reflecting building momentum that we expect to continue through the year.

財資產品手續費為 1,210 萬美元，成長 14%，因既有客戶持續運用我們具差異化的支付能力，且新客戶導入速度加快。財富管理手續費亦連續第三季成長，反映動能正在形成，我們預期將延續至全年。

In total, fee income comprised 21% of total revenue versus 16% a year ago, demonstrating the success of our multiyear shift toward a more diversified, capital-efficient, and resilient revenue base. This trajectory directly reflects disciplined client selection and our ability to deepen relationships over time.

整體而言，手續費收入占總營收比重為 21%，高於一年前的 16%，顯示我們多年來轉向更分散、更具資本效率且更具韌性的營收基礎之策略已見成效。此一走勢直接反映我們在客戶選擇上的紀律，以及隨時間深化關係的能力。

Our first-quarter capital position highlights both the strength of our platform and the discipline of our capital management approach. Tangible book value per share of $75.67 increased 11% year over year, marking an eighth consecutive quarterly record for this important metric. During the quarter, we repurchased approximately $75 million of common shares at a weighted average price of $96.82 per share, demonstrating our confidence in the franchise and our conviction that earnings momentum will continue.

我們第一季的資本狀況凸顯平台的實力，以及我們資本管理方法的紀律。每股有形帳面價值為 75.67 美元，年增 11%，此一重要指標已連續第八季創新高。本季我們以每股 96.82 美元的加權平均價格回購約 7,500 萬美元普通股，展現我們對本特許經營的信心，以及對獲利動能將持續的堅定信念。

Tangible common equity and tangible assets of 9.87% exceeds peer levels and CET1 of 11.99% remains well above our stated target of 11% and internally assessed risk profile. As previously discussed, we do not manage the firm to an expected economic scenario. We instead regularly evaluate potential macroeconomic impacts on both credit quality and earnings capacity. Detailed reviews over the past few quarters include topics such as private credit, disruption from artificial intelligence and exposure to data center supply chains, all of which confirm our adherence to disciplined client selection and diligent concentration management.

有形普通股權益占有形資產比率為 9.87%，高於同業水準；CET1 比率為 11.99%，仍明顯高於我們所揭示的 11% 目標及內部評估的風險輪廓。如先前所述，我們不以單一預期經濟情境來管理公司。相反地，我們會定期評估潛在總體經濟對信用品質與獲利能力的影響。過去幾季的詳細檢視涵蓋私募信貸、人工智慧帶來的擾動，以及資料中心供應鏈曝險等議題，均確認我們對紀律性客戶選擇與審慎集中度管理的堅持。

Leading up to the recent conflict in the Middle East, we assess the impact of rising commodities pricing on a series of client segments, including commercial clients that rely on commodity inputs such as helium, urea and aluminum as well as clients whose customers are potentially impacted by rising prices. While our assessment across these topical areas suggest impacts on specific clients or at this point, tangential, we nonetheless continue to assume a credit posture in the reserve calculation that is increasingly reliant on a downside scenario weighting.

在近期中東衝突之前，我們已評估大宗商品價格上升對一系列客戶區隔的影響，包括依賴氦氣、尿素與鋁等大宗投入品的商業客戶，以及其客戶可能受價格上漲影響的客戶。雖然我們對這些主題領域的評估顯示，影響僅限於特定客戶，或就目前而言屬間接影響，但我們在備抵計算中仍持續採取信用立場，並日益依賴下行情境的權重。

We maintain a balance sheet that is intentionally positioned, carry capital and reserves that provide meaningful flexibility and deliver a breadth of products and services that keep the firm relevant to our clients in any environment. That posture is a choice, one we have made consistently and is the reason we approach periods of uncertainty from a position of strength and are front-footed in the market.

我們維持一個經刻意配置的資產負債表，持有可提供實質彈性的資本與準備，並提供廣泛的產品與服務，使本公司在任何環境下都能對客戶保持相關性。此一立場是我們的選擇，我們一貫如此，也因此我們能以強勢姿態面對不確定時期，並在市場上採取更積極的作為。

Our earnings trajectory is sustainable. Our balance sheet is strong, and our platform is positioned for durable growth. Today, we are pleased to announce the initiation of a quarterly common stock cash dividend, a tangible expression of our confidence in earnings momentum and our commitment to returning capital to shareholders while funding continued organic growth.

我們的獲利走勢具可持續性。我們的資產負債表強健，平台亦已就長期穩健成長完成布局。今天，我們很高興宣布啟動季度普通股現金股利，這是我們對獲利動能信心的具體展現，也體現我們在支持持續內生成長的同時，致力於回饋股東資本。

This dividend reflects a mature platform, the strength of our capital position and management's conviction in the long-term trajectory of the firm. Thank you for your continued interest in and support of Texas Capital. I'll turn it over to Matt for details on the financial results for the quarter.

此一股利反映平台已趨成熟、我們資本部位的強度，以及管理團隊對公司長期走勢的信念。感謝各位持續關注並支持 Texas Capital。接下來我將把時間交給 Matt，說明本季財務結果的細節。

Thanks, Rob, and good morning. Starting on slide 4. First quarter total revenue increased $43.5 million or 16% year over year, driven by 8% growth in net interest income and a 56% increase in noninterest revenue. Net interest income increased $18.7 million year over year to $254.7 million, in line with our January guidance of $250 million to $255 million, which anticipated modest linked quarter decline of $12.7 million, consistent with typical first quarter seasonality.

謝謝你，Rob，早安。從第 4 頁投影片開始。第一季總營收年增 4,350 萬美元（或 16%），主要受淨利息收入成長 8% 以及非利息收入增加 56% 所帶動。淨利息收入年增 1,870 萬美元至 2.547 億美元，符合我們 1 月提供的 2.50 億至 2.55 億美元指引；該指引已預期淨利息收入較前一季小幅下滑 1,270 萬美元，與第一季典型季節性一致。

Net interest margin expanded 24 basis points year over year to 3.43% the sixth consecutive quarter of year-over-year expansion and improved 5 basis points relative to the prior quarter. Noninterest expense increased 5% year over year to $213.6 million. On an adjusted basis, noninterest expense was $212.2 million, an increase of $9.1 million relative to the first quarter of last year as expense base productivity continues to deliver anticipated revenue growth and incremental new investments aligned directly with defined areas of capability build.

淨利差年增 24 個基點至 3.43%，為連續第六季呈現年增擴張，且較前一季改善 5 個基點。非利息費用年增 5% 至 2.136 億美元。以調整後口徑計，非利息費用為 2.122 億美元，較去年第一季增加 910 萬美元；在費用基礎生產力持續帶來預期的營收成長之際，我們也進行與既定能力建置領域直接對齊的新增投資。

Taken together, pre-provision net revenue increased $33 million or 43% year over year to $110.4 million. Adjusted PPNR reached $111.8 million, up $34.4 million or 44%, marking the fifth consecutive quarter of year-over-year expansion.

綜合來看，提列前淨收益（pre-provision net revenue）年增 3,300 萬美元（或 43%）至 1.104 億美元。調整後 PPNR 達 1.118 億美元，增加 3,440 萬美元（或 44%），為連續第五季呈現年增擴張。

Provision for credit losses of $16 million was stable year over year, reflective of anticipated quarterly credit trends and management's continued assumption of economic scenarios materially more severe than consensus estimates. Net income to common was $69.5 million, up $26.7 million or 63% year over year, and adjusted net income increased 65% to $70.5 million.

信用損失準備金為 1,600 萬美元，與去年同期持平，反映我們對季度信用趨勢的預期，以及管理層持續採用顯著嚴於市場共識估計的經濟情境假設。歸屬普通股股東淨利為 6,950 萬美元，年增 2,670 萬美元（或 63%）；調整後淨利年增 65% 至 7,050 萬美元。

Strong financial performance, coupled with a disciplined multiyear share repurchase program is consistently driving meaningful EPS growth for our shareholders. First-quarter earnings per share reached $1.56, which is up 70% year over year, with adjusted earnings per share of $1.58, up 72% year over year.

強勁的財務表現，加上有紀律的多年期庫藏股回購計畫，持續為股東帶來顯著的每股盈餘（EPS）成長。第一季每股盈餘達 1.56 美元，年增 70%；調整後每股盈餘為 1.58 美元，年增 72%。

Book value per share of $75.71 and tangible book value per share of $75.67, both increased 11% year over year, representing the eighth consecutive quarter end record high for the firm, while the allowance for credit losses held relatively steady at $331 million or 1.32% of total LHI and 1.81% of total LHI, excluding mortgage finance.

每股帳面價值為 75.71 美元、每股有形帳面價值為 75.67 美元，兩者皆年增 11%，為本公司連續第八個季末創下歷史新高；同時，信用損失備抵（allowance for credit losses）維持相對穩定於 3.31 億美元，約占總 LHI 的 1.32%，若排除房貸金融（mortgage finance），則約占總 LHI 的 1.81%。

Total LHI of $25.2 billion increased 13% year over year and 5% linked quarter, with contributions across both the commercial and mortgage finance portfolios. Period-end commercial loans of $12.5 billion increased $1.2 billion or 10% year over year, driven by now consistent contributions across industries and geographies and sustained quarterly increases in target client acquisition.

總 LHI 為 252 億美元，年增 13%、較前一季增加 5%，商業與房貸金融投資組合皆有貢獻。期末商業放款為 125 億美元，年增 12 億美元（或 10%），主要受各產業與各地區更為一致的貢獻，以及目標客戶獲取量持續按季增加所帶動。

Linked-quarter commercial loans increased $336 million or 3%, representing the ninth consecutive quarter of commercial loan growth and continuing the trajectory of risk-appropriate and return accretive portfolio expansion facilitated by our bankers across business banking, middle market, and corporate banking.

商業放款較前一季增加 3.36 億美元（或 3%），為連續第九季成長，延續在風險適當且提升報酬的前提下擴張投資組合的軌跡；此一擴張由我們在商業銀行（business banking）、中型市場（middle market）與企業金融（corporate banking）的銀行團隊所促成。

Commercial real estate loans of $5.3 billion decreased 9% year over year and 2% linked quarter as payoff rates continue to outpace client appetite for capital deployment, with expectations previously provided for full-year average CRE balances to decline approximately 10% remaining intact. Despite the expected seasonal linked quarter pullback, average mortgage finance loans increased 32% year over year to $5.2 billion, with period-end balances increasing to $7 billion, 33% above average for the quarter and consistent with the annual pattern of origination volumes building at the end of Q1 heading into the spring and summer home buying season.

商用不動產（CRE）放款為 53 億美元，年減 9%、較前一季減少 2%，因償還速度持續快於客戶資本部署意願；我們先前提供的全年平均 CRE 餘額約下降 10% 的預期仍維持不變。儘管如預期出現季節性的較前一季回落，平均房貸金融放款仍年增 32% 至 52 億美元，期末餘額增至 70 億美元，較本季平均高出 33%，並符合每年在第一季末承作量逐步累積、迎向春夏購屋旺季的模式。

Enhanced credit structures now represent 67% of period-end mortgage finance balances, up from 59% in Q4 2025, further improving the blended risk weighting of the portfolio to 53%. We anticipate that an incremental 5% could migrate to the enhanced structures over the next several quarters, at which point, we should read the maximum near-term potential for the portfolio.

強化的信用結構目前占期末房貸金融餘額的 67%，高於 2025 年第四季的 59%，進一步將投資組合的加權平均風險權數改善至 53%。我們預期未來幾季還可再有約 5% 轉移至強化結構；屆時，我們應可視為該投資組合短期內的最大潛在提升幅度。

Total deposits of $28.5 billion at quarter end increased 9% year over year and 8% linked quarter, with reductions in interest-bearing deposits associated with seasonal tax payments supplemented by modest levels of broker deposits to support the temporary and predictable late Q1 growth in mortgage finance volumes. Ending period commercial noninterest-bearing deposits increased $76 million or 2% and are now $309 million since Q3 2025, with average commercial noninterest-bearing deposits remaining at 13% of total deposits for the quarter.

季末總存款為 285 億美元，年增 9%、較前一季增加 8%；其中，與季節性稅款支付相關的計息存款下降，並以適度的經紀存款（broker deposits）補足，以支應第一季末房貸金融量能暫時且可預期的成長。期末商業無息存款增加 7,600 萬美元（或 2%），自 2025 年第三季以來累計增加 3.09 億美元；本季商業無息存款平均仍占總存款的 13%。

Average noninterest-bearing mortgage finance deposits of $4.2 billion decreased $288 million year over year, bringing the self-funding ratio down to 80% for the quarter as eight quarters of focused reduction clearly improved both the balance sheet resilience and earnings generation. We have now established a more balanced deposit base with a complete treasury offering increasingly embedded across our clients' platforms and would expect the mortgage finance self-funding ratio to settle between 70% to 80% in the near to medium term.

平均房貸金融無息存款年減 2.88 億美元至 42 億美元，使本季自籌資金比率（self-funding ratio）降至 80%；連續八季的聚焦式降低，已明顯改善資產負債表韌性與獲利能力。我們目前已建立更為均衡的存款基礎，完整的資金管理（treasury）方案也日益嵌入客戶平台；我們預期房貸金融自籌資金比率在短中期將落在 70% 至 80% 之間。

The majority of mortgage finance noninterest-bearing deposits are compensated through relationship pricing, which results in application of an interest credit to either the client's mortgage finance or commercial loan yield. The compensation attribution is evaluated on a periodic basis and determined that the 60% mortgage finance and 40% commercial split be updated to reflect the evolution of the mortgage finance business, resulting in a 70% mortgage finance and 30% commercial distribution beginning on the first of this year.

多數房貸金融無息存款透過關係定價（relationship pricing）予以補償，亦即將利息抵減（interest credit）適用於客戶的房貸金融或商業放款收益率。補償歸屬會定期檢視；我們已決定更新原先 60% 房貸金融、40% 商業的分攤比例，以反映房貸金融業務的演進，自今年 1 月 1 日起調整為 70% 房貸金融、30% 商業。

Average cost of interest-bearing deposits declined 15 basis points linked quarter and 65 basis points year over year to 3.32% as we continue to add value to banking relationships beyond simply price. This is in part evidenced by the 75% cumulative interest-bearing deposit beta realized since the beginning of this evening cycle.

計息存款平均成本較前一季下降 15 個基點、年減 65 個基點至 3.32%，因我們持續在價格之外為銀行往來關係創造更多價值。部分證據在於，自本次降息循環開始以來，我們已實現累計 75% 的計息存款 beta。

During the quarter, we completed a $400 million fixed to floating senior notes offering due in 2032, priced at a coupon of 5.301%. Proceeds from the issuance will be used in part to redeem the holding company's $375 million fixed to floating rate subordinated notes in May, leveraging improved risk-weighting asset positioning associated with the enhanced credit structures to fulfill holding company cash objectives with a lower cost instrument.

本季我們完成一筆 4 億美元、固定轉浮動（fixed to floating）的 2032 年到期優先票據（senior notes）發行，票面利率為 5.301%。本次發行所得將部分用於於 5 月贖回控股公司 3.75 億美元固定轉浮動利率次順位票據（subordinated notes）；我們將運用與強化信用結構相關的風險加權資產配置改善，以較低成本的工具達成控股公司現金目標。

Current prospective balance sheet positioning continues to reflect the balance sheet and business model that is intentionally more resilient to changes in market rates. Our modeled earnings at risk improved as expected this quarter as market rates moved consistent with our previously communicated preferences for adding duration to the swap book.

目前的前瞻性資產負債表配置，持續反映我們刻意打造、對市場利率變動更具韌性的資產負債表與商業模式。隨著市場利率走勢符合我們先前所溝通、偏好在交換（swap）部位增加存續期間（duration）的方向，本季我們模型估算的盈餘風險（earnings at risk）如預期改善。

During Q1, $350 million in swaps matured with a 3.31% receive rate. These were replaced with $500 million in received fixed SOFR swaps executed at 3.45% with $100 million becoming effective March 1 and the remainder becoming effective on April 1.

第一季有 3.5 億美元的利率交換到期，收取利率（receive rate）為 3.31%。我們以 5 億美元的收取固定 SOFR 交換取代，執行利率為 3.45%，其中 1 億美元自 3 月 1 日生效，其餘自 4 月 1 日生效。

Looking ahead, we'll continue to exercise discipline in appropriately augmenting rate fall earnings generation embedded in our business model, but at this point, are comfortable with our near-term positioning across a range of forward interest rate paths.

展望未來，我們將持續以紀律方式，適度強化商業模式中內嵌的「利率下行」獲利動能；但就目前而言，我們對於在多種前瞻利率路徑下的短期配置感到安心。

Net interest income of $254.7 million declined $12.7 million linked quarter, primarily related to seasonal mortgage finance dynamics and fewer days in the quarter, which were partially offset by quarter-over-quarter improvements in deposit costs. LHI, excluding mortgage finance yields compressed modestly, consistent with expected SOFR-linked loan repricing.

淨利息收入為 2.547 億美元，較前一季減少 1,270 萬美元，主要與房貸金融的季節性動態及本季天數較少有關；部分影響由存款成本的季比改善所抵銷。排除房貸金融後的 LHI 收益率小幅收斂，符合對 SOFR 連動放款重訂價的預期。

Adjusted noninterest expense of $212 million increased 5% from Q1 2025, reflecting continued investment in frontline talent across fee income areas of focus and increasing tech-enabled capabilities meant to both improve the client experience while positioning the firm for continued scale. Q1 adjusted salaries and benefits increased $29 million to $137.9 million due to $17 million of seasonal compensation, annual incentive reset, new frontline talent, and annual merit-based salary increases. For the remainder of 2026, we continue to anticipate approximately $125 million of salaries and benefits and $75 million of all other noninterest expense, both on a quarterly basis.

調整後非利息費用為 2.12 億美元，較 2025 年第一季增加 5%，反映我們持續在手續費收入重點領域投資第一線人才，並提升以科技賦能的能力，以改善客戶體驗並使公司具備持續擴張規模的條件。第一季調整後薪資與福利增加 2,900 萬美元至 1.379 億美元，主要因 1,700 萬美元的季節性薪酬、年度獎酬重設、新增第一線人才，以及年度績效調薪。對於 2026 年剩餘期間，我們仍預期每季薪資與福利約 1.25 億美元、其他所有非利息費用約 7,500 萬美元。

As Rob described, noninterest income increased 56% year over year and 15% linked quarter, setting several records for the firm. Noninterest income as a percentage of total revenue reached 21% in the quarter, up from 16% in Q1 2025, consistent with our strategic priority to increase noninterest income to revenue through expanded products and services delivered across our platform.

如 Rob 所述，非利息收入年增 56%，較前一季成長 15%，並為本公司創下多項紀錄。本季非利息收入占總營收比重達 21%，高於 2025 年第一季的 16%，符合我們的策略重點：透過在平台上擴展產品與服務，提高非利息收入占營收的比重。

Investment banking and trading income of $42.3 million increased 89% year over year, supported by broad-based contributions across the platform. Wealth Management and trust fee income of $4.4 million also represented a record high, increasing 11% year-over-year, supported by assets under management of $4.4 billion, which increased 16% year over year from organic net inflows and favorable market conditions.

投資銀行與交易收入為 4,230 萬美元，年增 89%，受惠於平台各業務的廣泛貢獻。財富管理與信託費用收入為 440 萬美元，同樣創下歷史新高，年增 11%；在管理資產規模（AUM）達 44 億美元的支持下，AUM 因有機淨流入及有利的市場環境而年增 16%。

Treasury product fees of $12.1 million, which is a record high as well, increased 14% year over year, driven by continued client adoption and the expansion of payment and cash management capabilities that have driven north of 10% growth in gross payment volume in four of the last five years.

財資產品費用為 1,210 萬美元，同樣創下歷史新高，年增 14%，主要受持續的客戶採用以及支付與現金管理能力的擴張所帶動；在過去五年中有四年推動總支付量（GPV）成長超過 10%。

Total noninterest income is expected to be $65 million to $70 million for Q2, with revenue attributed to Investment Banking and Sales and Trading contributing approximately $40 million to $45 million. The total allowance for credit loss, including off-balance sheet reserves of $331 million remains near our all-time high. When excluding the impact of mortgage finance allowance and related loan balance, the allowance was relatively flat linked quarter at 1.81% of total LHI, which is in the top decile among the peer group.

預期第二季非利息收入合計為 6,500 萬至 7,000 萬美元，其中歸因於投資銀行以及銷售與交易的營收貢獻約 4,000 萬至 4,500 萬美元。包含表外準備金在內的信用損失準備總額為 3.31 億美元，仍接近我們的歷史高點。若排除房貸融資準備金及相關貸款餘額的影響，準備金占 LHI 總額比率較前一季大致持平，為 1.81%，在同業中位居前十分位。

Net charge-offs for the quarter were $17.4 million or 30 basis points of LHI and tied to previously identified credits in the commercial portfolio. During the quarter, previously discussed commercial real estate multifamily credits were further downgrade as projects and lease-up continue to require ongoing rental concessions to gain or maintain occupancy. Despite these net operating income influence rate adjustments, material project-specific equity and sponsor support give us confidence in the fundamental portfolio quality moving through the year.

本季淨沖銷為 1,740 萬美元，或占 LHI 的 30 個基點，並與商業投資組合中先前已辨識的授信案相關。季內，先前討論過的商用不動產多戶住宅授信進一步被降級，因為專案建置與出租進度仍需持續提供租金讓利以取得或維持入住率。儘管這些淨營運收入（NOI）影響利率的調整存在，具體專案層級的實質股權投入與贊助商支持，讓我們對今年度推進過程中的基本投資組合品質仍具信心。

Capital ratios remained strong and well in excess of our internally assessed risk profile with tangible common equity to tangible assets of 9.87% and a CET1 ratio of 11.99%. During the quarter, the firm repurchased approximately 770,000 shares for $74.6 million at a weighted average price of $96.82 per share, representing 127% of prior month tangible book value per share.

資本比率仍然強勁，且明顯高於我們內部評估的風險輪廓；有形普通股權對有形資產比率為 9.87%，CET1 比率為 11.99%。本季公司以每股加權平均價格 96.82 美元回購約 77 萬股，金額 7,460 萬美元，相當於前一個月每股有形帳面價值的 127%。

We remain committed to prudent capital deployment that balances organic growth and tangible book value accretion through share repurchases at levels that we view as attractive relative to the firm's intrinsic value. Additionally, against the backdrop of more durable and structurally higher levels of earnings generation across the platform, the Board of Directors has approved the initiation of a quarterly common stock dividend of $0.20 per share, providing another tool to effectively manage capital on behalf of our shareholders.

我們仍致力於審慎的資本配置，在有機成長與透過在我們認為相對公司內在價值具吸引力的水準進行庫藏股回購、以提升每股有形帳面價值之間取得平衡。此外，在平台各業務更具韌性且結構性更高的獲利能力背景下，董事會已核准啟動每季每股 0.20 美元的普通股股利，提供另一項工具，以代表股東更有效地管理資本。

For full year 2026, our overall outlook remains unchanged from guidance given in January as we continue to realize scale from multiyear platform investments. Guidance accounts for one additional rate cut in December with a Fed funds rate of 3.5% at year-end. We anticipate total revenue growth in the mid- to high single-digit range, driven by industry-leading client adoption and continued growth in our fee income areas of focus with full-year noninterest revenue expected to reach $265 million to $290 million.

就 2026 全年而言，隨著我們持續從多年平台投資中實現規模效益，整體展望維持與 1 月提供的指引一致，未有改變。指引假設 12 月再降息一次，年底聯邦基金利率為 3.5%。我們預期總營收成長落在中至高個位數區間，主要由業界領先的客戶採用率以及我們重點費用收入領域的持續成長所帶動；全年非利息營收預期可達 2.65 億至 2.90 億美元。

Anticipated noninterest expense growth in mid single digits reflects increased year-over-year compensation expenses tied to improved performance, targeted expansion in defined client coverage areas and sustained platform investments. Given continued economic uncertainty and our commitment to operating from a position of financial resilience, we reiterate the full-year provision outlook of 35 basis points to 40 basis points of average LHI, excluding mortgage finance. This outlook reflects another year of positive operating leverage and sustainable earnings generation.

預期非利息費用成長為中個位數，反映因績效改善而增加的年對年薪酬費用、在特定客戶覆蓋領域的目標性擴張，以及持續的平台投資。鑑於經濟不確定性仍在，且我們承諾以財務韌性為基礎營運，我們重申全年提存展望為平均 LHI 的 35 至 40 個基點（不含房貸融資）。此展望反映另一年正向的營運槓桿與可持續的獲利能力。

Operator, we'd now like to open up the call for questions. Thank you.

接線員，我們現在想開放提問。謝謝。

(Operator Instructions) Woody Lay, Keefe, Bruyette & Woods.

(接線員指示) Woody Lay，Keefe, Bruyette & Woods。

Hey, good morning, guys. So the earnings momentum is really great to see. You mentioned some of the uncertainty in the Middle East and feel good about your clients. As it pertains to the investment banking pipeline, I know last year with some of the tariff noise, we saw some timing pushed out to the back half of the year. Do you expect a similar dynamic to happen here if this uncertainty lasts longer in the quarter?

各位早安。所以看到獲利動能真的很不錯。你們提到中東的一些不確定性，並且對你們的客戶感到放心。就投資銀行案源（pipeline）而言，我知道去年因為一些關稅雜音，我們看到部分時點被推遲到下半年。如果這種不確定性在本季持續更久，你們是否預期也會出現類似的情況？

I'd start by saying that we're really pleased with our track record of finding the right solutions for our clients, which continued this quarter, whether that's bank debt or nonbank debt. So we were the number one arranger of middle market syndicated credit in the country this quarter, along with arranging over $11 billion of debt outside the bank markets for our clients. We raised over $1 billion on -- still new equities platform.

我先說，我們對於為客戶找到合適解決方案的往績感到非常滿意，而這一季也持續如此，無論是銀行債務或非銀行債務。因此，本季我們是全美中型市場聯貸信貸的第一大主辦行，同時也為客戶在銀行市場之外安排了超過 110 億美元的債務。我們在——仍屬新的股票平台上——募集了超過 10 億美元。

So when you think about how we use the investment bank as a differentiator in the market, I think the coverage bankers are really doing a great job of leveraging the product partners to win new relationships, particularly with our target prospects. And I think that's evidenced in part by over half of the investment banking fees outside of sales and trading that we generated in the last six months coming alongside new client acquisition and banking.

因此，當你思考我們如何把投資銀行作為市場差異化因素時，我認為覆蓋銀行家確實做得很好，善用產品夥伴來贏得新關係，特別是我們鎖定的目標客群。我想這也部分反映在：過去六個月我們所產生、且不含銷售與交易的投資銀行費用中，超過一半是伴隨新客戶取得與建立銀行往來而來。

So these record fee quarters continue to be underpinned by much more granular deal volumes. So these are not a couple of large transactions. [They're] really durable, consistent approach to delivering service in the market, and we still feel really good about the $40 million to $45 million for the quarter and $160 million to $175 million for the full year.

因此，這些創紀錄的費用季度，持續由更細緻、分散的交易量所支撐。也就是說，並非靠少數幾筆大型交易。[而是]在市場上以非常耐久、穩定一致的方式提供服務；我們對本季 4,000 萬至 4,500 萬美元以及全年 1.60 億至 1.75 億美元的目標仍然非常有信心。

I'd just add one thing, Woody. Matt clearly articulated what I think is very good stats. But remember, we're not doing investment banking with a different set of clients. We're doing it -- we're delivering investment banking products to our middle market and corporate clients because of the great relationships our middle market and corporate bankers have with those clients, which gives credibility to the investment bank and bankers when they come into the room, which I think is a differentiated part of this platform.

Woody，我再補充一點。Matt 已清楚闡述我認為非常好的數據。但請記得，我們不是用一套不同的客戶群在做投資銀行。我們是在——因為我們的中型市場與企業銀行家與這些客戶有很好的關係——把投資銀行產品提供給我們的中型市場與企業客戶；這讓投資銀行與銀行家進到會議室時更具可信度，我認為這是這個平台的差異化之處。

Got it. That's helpful color. Maybe just shifting over to the mortgage finance business. The period-end loan balances were well above where they have been historically. I know that can be kind of volatile with timing. But just any expectation for average balances as we head into the second quarter?

了解。這些補充很有幫助。或許把話題轉到房貸融資業務。期末貸款餘額明顯高於過去的歷史水準。我知道這在時點上可能會有些波動。但就我們進入第二季而言，對平均餘額有任何預期嗎？

Yeah, there was quite a bit of volatility in Q1 on 30-year fixed rate mortgages. We got as low as about [5.98] in the last quarter -- I'm sorry, in the last week of February and then hit the high point in the last week of March at about 64%.

是的，第一季 30 年期固定利率房貸的波動相當大。我們在上季——抱歉，是在 2 月最後一週——最低大約到 [5.98]，然後在 3 月最後一週達到高點，大約 64%。

If you'll recall, the full year guide about 15% is predicated on $2.3 trillion origination market and an average 6.3% 30-year fixed rate mortgage, which while there could be some volatility along the way, we still think that's the right number for the full year. That gets you to about a $6 billion full-year average warehouse balance.

如果你還記得，全年約 15% 的指引是以 2.3 兆美元的承作市場規模，以及 30 年期固定利率房貸平均 6.3% 為前提；雖然過程中可能會有一些波動，但我們仍認為這是全年正確的數字。這會對應到全年平均約 60 億美元的倉儲融資（warehouse）餘額。

So we think that's actually the number for Q2 as well, Woody, that you'll have about $6 billion of average mortgage finance volumes. You should end around $7.2 billion, and that comes with about $4.5 billion of average mortgage finance deposits. So that self-funding ratio should push down to around 75%, which should help the yield move from around 3.99%, I think, is where we were this quarter to somewhere around 4.05% in Q2.

所以我們認為第二季也是這個數字，Woody，也就是房貸融資平均量約 60 億美元。期末大約會在 72 億美元左右，並搭配約 45 億美元的房貸融資平均存款。因此，自籌資金比率應會下降到約 75%，這應有助於收益率從本季約 3.99% 提升到第二季約 4.05%。

And then the last thing I'd note on that, we've clearly completely restructured that business with now 67% of those balances residing in the enhanced credit structure which is generating a significant amount of capital in that for the loans that are in the structure, it's a weighted average risk weighting of 30%, 53% of the entire portfolio.

然後關於這點我最後想補充的是，我們顯然已經徹底重整了這項業務；目前有 67% 的這些餘額放在信用增強結構中，對於納入該結構的貸款，這能釋放相當可觀的資本——其加權平均風險權重為 30%，而該結構涵蓋整體投資組合的 53%。

And then 78% of those clients do things with us in the dealer and 100% of them are on our treasury platform. So incremental volume in the mortgage finance business is significantly more profitable for us now than it's really ever been.

此外，這些客戶中有 78% 也透過我們的經銷商端與我們往來，而 100% 都在我們的資金管理（treasury）平台上。因此，現在按揭融資業務的增量規模對我們而言，獲利能力顯著高於以往任何時候。

I would just suggest that that new credit enhanced structure fundamentally changed the firm. It took a business that, by definition, was a subpar loan-only business and moved it in concert with a new product and service platform where we're doing many, many things with those clients, and we're lending to them through a dramatically less risk structure that allows, Woody, a higher return and release capital.

我只想說，這個新的信用增強結構從根本上改變了公司。它把一項按定義屬於表現不佳、僅做放款的業務，與新的產品與服務平台同步轉型；我們現在與這些客戶進行非常多元的合作，同時也透過風險大幅更低的結構向他們放款，這讓我們——Woody——能取得更高的回報並釋放資本。

So we -- it fundamentally changed the way we look at that business. It's more of an industry vertical than a mortgage warehouse.

所以我們——它從根本上改變了我們看待這項業務的方式。它更像是一個產業垂直領域，而不是按揭倉儲融資。

And just to put a couple of more numbers around that, Woody. I mean, over the last 12 months, we've grown loans by $2.8 billion or 13%. And we've also bought back 6% of the company, $228 million for inside of $87 a share, while actually growing CET1 by 36 basis points. So this has been a critical factor, not just in structurally enhancing profitability, but enabling us to deploy capital in a variety of different ways.

再補充幾個數字，Woody。我的意思是，在過去 12 個月，我們的貸款增加了 28 億美元，或 13%。同時，我們也回購了公司 6% 的股份，金額 2.28 億美元、每股低於 87 美元，且在此同時 CET1 還增加了 36 個基點。因此，這不僅是結構性提升獲利能力的關鍵因素，也讓我們能以多種不同方式部署資本。

Yeah, all right. Well, that's all for me. Thanks for taking my question.

好，了解。那我就到這裡。謝謝回答我的問題。

Thanks, Woody.

謝謝你，Woody。

Casey Haire, Autonomous Research.

Autonomous Research 的 Casey Haire。

Hi, good morning. This is Jackson Singleton on for Casey Haire. Matt, just wanted to start on NIM. Any color you can give us on the drivers heading into 2Q?

嗨，早安。我是代替 Casey Haire 的 Jackson Singleton。Matt，我想先從 NIM（淨利差）開始。你能否分享一下進入第二季（2Q）時的驅動因素？

Yeah, Jack. Happy to walk through that. So we're really pleased with the ability to generate NII improvement across a range of interest rate environments. And as we've talked about in previous calls, that's really predicated on improved deposit repricing, which for us is a result of being more relevant for clients and just a deliberate move away from historically higher cost funding sources.

好的，Jack。很樂意說明。我們對於能在不同利率環境下帶來 NII（淨利息收入）改善的能力感到非常滿意。而如同我們在先前電話會議中提到的，這主要建立在存款重新定價的改善之上；對我們而言，這是因為我們對客戶更具相關性，同時也刻意遠離過去成本較高的資金來源。

That said, we have been pretty vocal on previous calls. We think the cost of funding for the industry is going to go higher over time. And our strategy and perspective resource allocation tries to contemplate the mix of businesses and services that we're going to need to earn an acceptable return against that reality.

話雖如此，我們在先前的電話會議也相當直言不諱。我們認為整個產業的資金成本會隨時間上升。而我們的策略與資源配置觀點，會試圖把我們需要的業務與服務組合納入考量，以便在這個現實下仍能賺取可接受的報酬。

So we have no additional reduction in deposit costs incorporated in the full-year guide. And for Q2, we do anticipate slightly higher interest-bearing deposit volumes, which will be in place -- I'm sorry, interest-bearing deposit costs to support volumes necessary to fund the seasonal predictable and temporary increase in mortgage finance, which we just walked through anticipated growth there.

因此，我們在全年指引中並未納入存款成本進一步下降。至於第二季，我們預期計息存款成本會略為上升，以支撐為按揭融資季節性、可預期且暫時性的增加所需的資金量——我們剛才也說明了那裡預期的成長。

So as you see mortgage finance grow in the second quarter, that's obviously a lower yielding asset. So the yields moving from 3.99% to 4.05% where the yield on all other loans outside the mortgage finance business is around 6.55%. So that blends the overall loan yields down from 6.04% to, call it, mid to high [590s], which should push the margin down to 3.35%, 3.40% while seeing NII actually increase on the larger balance sheet to 2.60%, 2.65%.

因此，當你看到第二季按揭融資成長時，那顯然是收益率較低的資產。所以收益率從 3.99% 升至 4.05%，而按揭融資業務以外的其他貸款收益率約為 6.55%。因此，整體貸款收益率會被拉低，從 6.04% 降到大約 5.9% 中高區間，這應會把淨利差壓到 3.35%～3.40%；但在資產負債表規模更大的情況下，NII 實際上會增加到 2.60%～2.65%。

Got it. Okay. Super helpful. And then just one follow-up for me. How should we think about buybacks going forward, given CET1 is still well above 11%, but your TCE is now around 10%, which is around the soft target? And then you just announced the dividend, obviously. So just any color you can give into how management is thinking about buybacks for the rest of the year?

了解。好的。非常有幫助。接著我還有一個追問。考量到 CET1 仍遠高於 11%，但你們的 TCE 現在約 10%，接近軟性目標，我們應該如何看待未來的回購？而且你們也剛宣布股利，顯然。所以想請你分享一下管理層對今年剩餘時間回購的思考。

Yeah. We've got $125 million of remaining authorization. We've shown propensity to buy back inside of 1.3 times tangible, which is essentially two- to three-year out tangible book value per share. I look for us to be constructive around those prices.

好的。我們剩餘的回購授權額度是 1.25 億美元。我們已展現出在有形淨值（tangible）1.3 倍以內回購的傾向，而那基本上相當於兩到三年後的每股有形帳面價值。我預期在那些價格水準，我們會採取較為積極、建設性的態度。

And then the decisions around buyback or the recently announced dividend, which Rob can talk to, were not influenced by potential changes in the regulatory capital treatment.

另外，關於回購或近期宣布的股利（Rob 也可以補充），相關決策並未受到監管資本處理方式可能變動的影響。

But just for you, Jack, I mean, that's roughly 100 basis points of potential pickup in rent cap should you actually see these changes go through. So we're confident in our current levels of earnings generation, our capital position, our reserve levels of liquidity, and we're pleased to have another tool at our disposal to effectively allocate capital.

但就你而言，Jack，如果這些變更真的通過，大約會帶來 100 個基點的 rent cap 上行空間。因此，我們對目前的獲利創造能力、資本部位、準備金水準與流動性水準都有信心，也很高興能多一項工具來有效配置資本。

Yeah. I would just say I think we've proved to be pretty good stewards of allocating capital and distribution policy is something that's important to shareholders and us. And the dividend shows great confidence in the platform and our bankers and our earnings and prospects going forward as well as our capital and our risk posture. So we're really, really excited about just having another quiver and ability to add to the distribution policy as we go forward.

是的。我只想說，我認為我們已證明自己在資本配置上是相當稱職的管理者，而股利分配政策對股東與我們都很重要。股利的宣布展現了我們對平台、我們的銀行家團隊、我們的獲利能力與未來前景，以及我們的資本與風險狀況的高度信心。所以我們對於能多一支箭在箭袋裡、並在未來逐步強化分配政策的能力感到非常、非常振奮。

Great. Thanks for all the help. I'll step back.

很好。謝謝你的協助。我先退下。

(Operator Instructions) Anthony Elian, JP Morgan.

（接線員指示）JP Morgan 的 Anthony Elian。

Good morning. This is [Mike Petrino] on for Tony. So I guess I'll start. I'm curious if you guys could provide any color on what drove the quarter-over-quarter increase in NPAs. Any industry in particular that stood out? Anything you could provide on that would be great.

早安。我是代替 Tony 的 [Mike Petrino]。那我就先開始。我想了解你們能否說明一下，推動不良資產（NPA）季對季上升的原因是什麼。是否有特定產業特別突出？任何你們能提供的資訊都會很有幫助。

Yeah. Those are a few previously identified credits that we've been reserving for now for multiple quarters. They're continuing to go through work out in a way that we think is going to be maximally beneficial for the firm. So no industry concentration. There's one Multi-SAM, a couple of corporate credits consistent with our guide of 35 to 40 basis points provision for the year.

好的。那是幾筆先前已辨識的授信案件，我們已經為其提列準備金好幾個季度了。它們仍在持續進行重整／處置（work out），而我們認為這將以對公司最有利的方式完成。所以沒有產業集中度問題。其中有一筆 Multi-SAM，另外有幾筆公司授信，與我們對全年 35～40 個基點提存（provision）指引一致。

Okay. Great. And then just one on expense, how are you guys sort of thinking of the split between comp expense and non-comp expense?

好的。很棒。那再問一個費用的問題，你們如何看待薪酬費用與非薪酬費用之間的拆分？

Yeah. When you strip out all the seasonal comp and benefit expense from Q1, it's about $17 million and you add back in annual incentive comp accruals, impact of new hires, primarily in the fee income areas of focus and then just a few weeks of merit increases that were processed late March, think that moves to $125 million in Q2. And then all other noninterest expense, we continue to expect around $75 million.

好的。如果把第一季所有季節性的薪酬與福利費用剔除，大約是 1,700 萬美元；再把年度激勵薪酬提列加回來，以及新聘人員（主要在手續費收入的重點領域）帶來的影響，還有 3 月底才處理的幾週調薪影響，第二季大概會到 1.25 億美元。至於其他所有非利息費用，我們仍預期約 7,500 萬美元。

As a reminder, that's heavily focused on expenses associated with putting new capabilities in the market. So growth in occupancy, marketing and technology expense, which another way to think about that, is that's expense in support of revenue.

提醒一下，這部分主要集中在把新能力推向市場所相關的費用。因此，包含辦公場地（occupancy）、行銷與科技費用的成長；換個角度看，這些是用來支撐營收的費用。

So we like $200 million in Q2 and I think that's probably a pretty good number for Q3 and Q4 as well. And just as a reminder, that's enough to cover the high end of the revenue guide. So if you see revenue, particularly fees come in inside the high end of the guide, you would have some offset to noninterest expense.

所以我們喜歡第二季約 2 億美元，我認為這對第三季和第四季來說也可能是相當不錯的數字。另外提醒一下，這個水準足以涵蓋營收指引的高端。因此如果你看到營收，特別是手續費收入落在指引高端區間內，你在非利息費用方面就會有一些抵銷。

Great. Thank you.

很好。謝謝。

You bet.

不客氣。

Jared Shaw, Barclays.

Jared Shaw，巴克萊。

Hi, sorry about that. Good morning. Yeah, with the self-funding ratio guiding lower now, what does that mean for total end-to-period and average TDA balances as we look at next quarter?

嗨，不好意思。早安。是的，現在自籌資金比率指引下修，這對我們看下一季期末以及平均的 TDA 餘額意味著什麼？

Yeah. We'd like -- in aggregate, we like $4.5 billion of average balances for mortgage finance for next quarter, and then you'll see that drift a little bit higher towards the end of the quarter. But the self-funding ratio, we think at this point, we've essentially rightsized our deposits in that particular segment with almost all of those clients having an appropriate treasury relationships.

是的。整體而言，我們希望下一季房貸融資的平均餘額約為 45 億美元，然後你會看到它在季末略微走高。但就自籌資金比率而言，我們認為目前我們基本上已在該特定業務區隔把存款規模調整到合適水準，幾乎所有這些客戶都建立了適當的資金管理（treasury）關係。

So Jared, I wouldn't anticipate the self-funding ratio really moving much lower. I think somewhere between 70% and 80% is probably the right way to think about it over the rest of this year.

所以 Jared，我不預期自籌資金比率會再明顯下滑。我認為今年剩餘時間大概以 70% 到 80% 的區間來看會比較合適。

Okay, all right, thanks. And I think you went through the NII guide or outlook for second quarter. Was that $2.60 to $2.65? Did I catch that right?

好的，了解，謝謝。另外我想你剛剛有提到第二季的淨利息收入（NII）指引或展望。是 2.60 到 2.65 嗎？我有聽對嗎？

You got it. You got it right. $2.60, $2.65, margin, $2.35, $3.40.

沒錯。你聽得沒錯。2.60、2.65；利差 2.35、3.40。

David Shivarini, Jefferies.

David Shivarini，Jefferies。

Hey, guys. How are you doing? [Max] on for David. Just a quick question around C&I and their pipelines. I know you attributed a lot of the growth to actual new client growth rather than just high utilization. So I was kind of hoping you'd talk around new client growth versus high utilization lines for fiscal year 2026.

嗨，各位。你們好嗎？我是代替 David 的 [Max]。想快速問一下關於 C&I 以及其案源（pipeline）。我知道你們把很多成長歸因於實際的新客戶成長，而不只是高動用率。所以我希望你們能談談 2026 財年的新客戶成長相較於高動用額度的情況。

Yeah, utilization is up 1% linked quarter. It's down 2% year over year. We continue to sit around that 45% level. The majority of the growth continues to come from new client acquisition. Commitments are up $2.8 billion, almost 15% year over year and I think an important thing to remember on that, we noted earlier in the Q&A, is that when we're acquiring these clients through the banking verticals or doing other things with them, they're generating investment banking fees quite often at the outset of the relationship.

是的，動用率（utilization）季比上升 1%。年比下降 2%。我們仍大致維持在 45% 左右。成長的大部分仍來自新客戶取得。承諾額度（commitments）增加 28 億美元，年比接近 15%；我認為要記住的一個重點是，我們在先前的問答中提到，當我們透過銀行業務垂直領域取得這些客戶或與他們進行其他合作時，他們往往在關係初期就會帶來投資銀行費用收入。

Over 90% of them are doing treasury business with us, which is why you're seeing continued pickup in year-over-year treasury product fees. So the incremental profitability associated with new client acquisition and C&I is significant.

其中超過 90% 也與我們進行資金管理（treasury）業務，這也是你看到資金管理產品手續費年比持續回升的原因。因此，與新客戶取得及 C&I 相關的增量獲利能力相當可觀。

And to Matt's point earlier, when you arrange $11 billion of debt for clients that's not bank debt, but term loan B and high yield and private credit, and close to $1 billion of equity, your new clients aren't showing up through loan growth. They're showing up in other ways at the firm.

另外呼應 Matt 先前的觀點，當你為客戶安排 110 億美元的債務融資，那不是銀行債務，而是 B 期定期貸款（term loan B）、高收益債以及私募信貸，並且還有接近 10 億美元的股權，你的新客戶不會透過貸款成長反映出來。他們會以公司其他面向的方式呈現。

Got it. Thank you very much for that color. I appreciate it. Just a quick follow-up. Going to CRE loans, paydowns decreased again this quarter. Any color you can add to that? Any specifics that you expect for CRE declines for the rest of the year?

了解。非常感謝這些說明。我很感激。再追問一個。談到 CRE 貸款，本季償還（paydowns）再次下降。你們能補充一些原因嗎？對今年剩餘時間 CRE 下滑幅度有沒有更具體的預期？

I would still think average balances are down at least 10%. So that's $5.7 billion average last year. I think it's down at least 10%. You see $100 million come off in each of the next three quarters. Credit availability in that space just dramatically outstrips demand.

我仍然認為平均餘額至少會下降 10%。去年平均是 57 億美元。我認為至少會下降 10%。你會看到接下來三個季度每季大約減少 1 億美元。在那個領域，信貸供給遠遠超過需求。

We are fairly focused on multifamily and industrial, have a great set of clients and the starts in those spaces are at the lowest levels in 10 years. So the reduction in those balances is nothing other than a reflection of our clients just transacting less and us having plenty of opportunities to deploy capital elsewhere, so not chasing lower yields on the marginal client.

我們相當聚焦在多戶住宅（multifamily）與工業類，擁有很好的客戶群，而這些領域的開工量處於 10 年來最低水準。因此，這些餘額的下降純粹反映我們的客戶交易活動變少；同時我們也有很多機會把資本配置到其他地方，所以不會為了邊際客戶去追逐更低的收益率。

Matt Olney, Stephens.

Matt Olney，Stephens。

Yeah, thanks. Good morning. Most of my questions have been addressed. Just want to go back to capital. And I appreciate the commentary around the common dividend and the buyback. I'm just curious, as far as M&A, where does M&A rank as far as the capital priority list this year? Thanks.

是的，謝謝。早安。我大多數問題都已經被回答了。我想回到資本議題。也感謝你們對普通股股利與庫藏股回購的評論。我只是好奇，就併購（M&A）而言，今年在資本優先順序清單上，M&A 排名在哪裡？謝謝。

Nothing has changed there. It's part of the menu on the strategy continuum. We continue to look at opportunistic alternatives in M&A, whether it's whole bank or otherwise, and we will continue to do that. So the great news -- you're going to get tired of hearing me say it.

這方面沒有任何改變。它是我們策略光譜中可選的一部分。我們仍會持續尋找併購上的機會性選項，不論是整家銀行或其他類型，我們會繼續這麼做。所以好消息是——你會聽我講到膩。

The great news is we don't have to do anything. Our M&A transaction was a transformation, and we still have a ton of synergies, both cost and revenue that we can exploit and that will benefit the shareholders for a long period to come. So we're really, really excited about being in the position that we're in and not having to do something strategically to achieve our goals.

好消息是我們不必做任何事。我們的那筆併購交易是一次轉型，而我們仍有大量的綜效，不論是成本或營收，都可以加以發揮，並在很長一段時間內讓股東受益。因此我們對目前所處的位置感到非常、非常興奮，也不需要為了達成目標而在策略上非得做些什麼。

Okay, thanks. That's all from me.

好的，謝謝。我這邊就這些。

(Operator Instructions) Jon Arfstrom, RBC.

（接線員指示）Jon Arfstrom，RBC。

Thanks. Good morning, everyone.

謝謝。各位早安。

Hey, John.

嗨，John。

A few follow-ups. Matt, you like technology spending as one of the drivers you're focused on. Can you just talk a little bit about where you're spending in terms of tech and what some of the projects are that you have going there?

幾個追問。Matt，你提到科技支出是你們聚焦的驅動因素之一。你能否稍微談談你們在科技方面的投入方向，以及目前有哪些相關專案？

Yeah. I mean, Jon, we hope at this point, we've got a track record externally of effectively investing in a technology platform that yields either new products that generate revenue with the target clients or drive real structural efficiencies. And the mandate here is no different. So we continue to look aggressively at ways to automate, digitize, eliminate processes that can improve the client experience, improve the employee experience, and decrease operating risk.

是的。我是說，Jon，我們希望到目前為止，我們在對外溝通上已建立一個有效投資科技平台的紀錄：要嘛產出能對目標客戶帶來營收的新產品，要嘛帶來真正的結構性效率提升。而這裡的要求也沒有不同。因此我們持續積極尋找自動化、數位化、消除流程的方法，以改善客戶體驗、改善員工體驗，並降低營運風險。

So if we think about the year-over-year increase in tech spend, some of that is just capitalized project portfolio that should have the outcome of reducing expense or showing increase in revenue elsewhere on the platform. And then we are quite focused on figuring out ways internally to leverage AI. So you see some of that come through in the tech expenses as well.

所以如果我們看科技支出的年比增加，其中一部分只是資本化的專案組合，預期成果是降低費用，或在平台其他地方帶來營收增加。另外我們也非常專注於找出在內部運用 AI 的方式。因此你也會看到其中一部分反映在科技費用上。

Yeah, Jon, I'll tell you like, I grew a little frustrated a short period back about our progress with AI. And then we realized if you do AI really, really well, you got to have a great data platform. We've been building that for the past five years. It's called Big Sky. You heard us talk about it. We're in the cloud. It's a modern tech infrastructure. We have over 250 internal APIs that you need for AI.

是的，Jon，我跟你說，我前一陣子對我們在 AI 上的進展有點沮喪。但後來我們意識到，如果要把 AI 做得非常、非常好，你必須有很棒的資料平台。我們過去五年一直在建這個平台。它叫 Big Sky。你們聽我們談過。我們在雲端上。這是一個現代化的科技基礎架構。我們有超過 250 個內部 API，是做 AI 所需要的。

So we're -- we have all the things that we need. And then in the past short period of time, we've made up a lot of ground. We have a secure -- our own secure multi-LLM AI platform called Ranger. It's available to most of our employees. It was built by our tech team. About 80% of employees have access to that used it in the last four weeks. So it's widely used and widely adopted and then we have kind of a three-pronged strategy on the AI.

所以我們——我們已經具備所需的一切。然後在過去這段不長的時間裡，我們已經追趕了很多進度。我們有一個安全——我們自有的安全多 LLM AI 平台，名為 Ranger。它對我們大多數員工開放。它是由我們的技術團隊打造的。約 80% 的員工在過去四週內有使用並可存取它。所以它被廣泛使用、廣泛採納，而我們在 AI 方面有一個大致的三管齊下策略。

Number one, we have firm-wide agents. Right now, they're in production for loan ops and fraud. We'll have credit agents to do portfolio reviews, et cetera, here pretty soon in the next quarter, great adoption by the credit team there. And we have over 170 processes that we're mapping for firm-wide agents as well. And what I mean by that is every company has process mapping, but they're done vertically, not horizontally.

第一，我們有全行級的代理（agents）。目前它們已在貸款營運與反詐欺方面上線投入生產。我們很快在下一季也會推出信用代理，用於投資組合檢視等，信用團隊那邊的採用度很高。此外，我們也在為全行級代理盤點並繪製超過 170 個流程。我所說的是，每家公司都有流程盤點，但通常是垂直做，而不是水平做。

So they're done risk, tech, ops, frontline product, service, but they're not done as a continuum like you onboard a loan across the entirety of the platform of origination, approval, onboard, monitoring, et cetera. So we've got about 170-plus processes that we'll look at either digitizing or improving or applying AI on top of that process mapping.

也就是說，通常是按風險、科技、營運、前線產品、服務等分別做，但不會把它們當作一個連續體來做，例如把一筆貸款從發起、核准、上線、監控等，跨整個平台端到端串起來。因此我們有大約 170 多個流程，會評估要數位化、改善，或在這些流程盤點之上導入 AI。

We also have Agent Builder, where we have about 64 employees on that who have created 280 agents that they want to use. We're tracking those agents. So if there's eight employees that have all created the same agent, we'll create a better agent, retire the seven, and leave the single one and use it across the firm for adoption. And then lastly, we're selectively deploying third-party solutions. So an AI solution for certain things that we'll use as well.

我們也有 Agent Builder，目前約有 64 位員工在使用，他們已建立了 280 個想要使用的代理。我們會追蹤這些代理。所以如果有 8 位員工都建立了同一個代理，我們就會打造一個更好的代理，把另外 7 個退役，保留單一版本，並在全行推廣採用。最後，我們也會選擇性部署第三方解決方案，也就是針對某些事項使用第三方的 AI 解決方案。

So we think that's the right way to move forward, and we're really, really excited about it, and we have the right embedded governance and risk management into every stage of development and deployment, which I think is important.

所以我們認為這是正確的前進方式，我們對此非常、非常興奮，而且我們在開發與部署的每個階段都嵌入了適當的治理與風險管理，我認為這很重要。

Yeah, okay, good. That's very helpful. One question on the promotions -- and congrats, Matt, on that. But the Private Banking and Family Office title, it says, reading wealth capabilities as well. Is that -- it's the first time I've seen Private Banking and Family Office named in any of your -- kind of titles or documents. What's the plan there and does that include wealth management? Where do you think you are in terms of the timeline for growing that business?

好，了解。這非常有幫助。有個關於升遷的問題——也恭喜你，Matt。不過「私人銀行與家族辦公室」這個職稱，看起來也涵蓋財富能力（wealth capabilities）。這——這是我第一次在你們的——算是職稱或文件中看到「私人銀行與家族辦公室」被這樣命名。那邊的計畫是什麼？是否包含財富管理？你認為在擴大這項業務的時間表上，你們目前處於什麼階段？

So that business was a legacy business here. However, like most things, we found the infrastructure and it was really, really poor. So we had to go to a new custody. We had to improve the digital journey of clients. We had to do -- we had to restructure service. We had to change a lot of different things.

所以那項業務在這裡原本就是既有（legacy）業務。不過，像很多事情一樣，我們發現其基礎設施真的、真的很差。所以我們必須更換新的託管（custody）。我們必須改善客戶的數位旅程。我們必須——我們必須重整服務。我們必須改變很多不同的事情。

Now that's in really, really good shape. We have one of the highest rated high-yield savings digital accounts in America. So we know how to digitally improve client journeys. Now our client journey on our private bank platform is as good as M&A bank. I suggest you go try it. We can onboard you, Jon, if you want.

現在這些都已經處於非常、非常好的狀態。我們擁有美國評價最高的高收益儲蓄數位帳戶之一。所以我們知道如何以數位方式改善客戶旅程。現在我們在私人銀行平台上的客戶旅程，已經和 M&A 銀行一樣好。我建議你去試試看。如果你願意的話，我們可以幫你開戶上線，Jon。

Our custody works right now. Our portfolios have always done really, really well competitively. I mean, or better than competition for [like-for-like] risk portfolio. But now with the right infrastructure and the right client journey, we think we can really put weight behind that business and grow it.

我們的託管目前運作良好。我們的投資組合一直以來在競爭上都表現非常、非常好。我的意思是，對於相同風險（[like-for-like]）的投資組合，我們的表現不輸、甚至優於同業。但現在有了正確的基礎設施與正確的客戶旅程，我們認為可以真正加大力道投入這項業務並推動成長。

Just like -- remember, our bankers are already calling all these clients, these managers of these companies and the brands already won their trust and confidence. So just like a middle-market banker that's the point of the spear for investment banking, now they can do the same thing for wealth and with much more confidence.

就像——記得，我們的銀行家已經在聯繫所有這些客戶、這些公司的管理層，而品牌也已經贏得他們的信任與信心。所以就像中型市場銀行家是投資銀行業務的前鋒一樣，現在他們也能以更高的信心，對財富業務做同樣的事。

Jay has run a wealth business before here in Texas. And so it's something that he's familiar with and knows well, and he knows our clients. And he can partner really, really well with Dustin, who used to report to Jay at running commercial real estate, and they can really partner on that with growing that business across the platform.

Jay 以前在德州這裡經營過財富業務。所以這是他熟悉且很了解的領域，他也了解我們的客戶。他可以和 Dustin 非常、非常好地合作；Dustin 以前在商用不動產業務上向 Jay 匯報，他們可以在整個平台上合作推動這項業務的成長。

So it's something we're really, really excited about. The family office, we're just excited about. That is new as of six months ago, maybe six months ago. We hired someone from a money center bank who ran that business on the West Coast to come here. There's more family offices in Texas than any other state in the country and more in Dallas than any other city in Texas. And so we think that's a real key component in differentiating both for the private bank as well as investment banking and treasury.

所以這是我們非常、非常興奮的一件事。至於家族辦公室，我們也很興奮。那是大約六個月前才新增的，可能是六個月前。我們從一家貨幣中心銀行（money center bank）聘請了一位曾在西岸負責該業務的人來到這裡。德州的家族辦公室數量比全美任何一州都多，而達拉斯又是德州任何城市中最多的。因此我們認為，這是用來做出差異化的一個關鍵組成，不僅對私人銀行，也對投資銀行與資金管理（treasury）都很重要。

Okay. And then just one last one for me. On the dividend, I like that decision. But I'm just kind of curious how heavily debated was that at the Board level? Or do you think that was just a relatively easy decision and rational in terms of the life cycle of the company? Thanks.

好的。那最後一個問題。關於股利，我喜歡這個決定。但我有點好奇，董事會層級對此的討論有多激烈？或者你認為這只是相對容易的決定，從公司生命週期的角度來看也很合理？謝謝。

Well, the good news, Jon, is the Board has complete confidence in this management team and the people that work here. We've created a lot of credibility at the Board level, just like I hope we have in the investor level. We certainly have with the regulators by doing exactly what we said we'd do over a long period of time, both in the short and long run.

嗯，好消息是，Jon，董事會對這個管理團隊以及在這裡工作的同仁有完全的信心。我們在董事會層面建立了很高的可信度，就像我希望我們在投資人層面也一樣。我們當然也在監管機構那邊建立了信任，因為長期以來——不論短期或長期——我們都確實做到我們說過要做的事。

New employees here in our bankers, middle and back office have delivered exactly what we said. And so when you have these conversations, it's on the backdrop of a lot of confidence and a lot of proven performance that gives them the confidence to fully support the dividend. And I would say that it was an important decision, but it was not labored.

我們的新進員工、我們的銀行家，以及中後台，都交付了我們所承諾的一切。因此當你進行這些對話時，是在高度信心與已被證明的績效背景下進行的，這也讓他們有信心全力支持股利。我會說這是一個重要的決定，但並沒有反覆斟酌拖很久。

Okay. Thank you. Appreciate it.

好的。謝謝。感謝。

We currently have no further questions. So I'd like to hand back to Chairman and CEO, Rob, for some closing remarks.

目前沒有其他問題。因此我想把時間交回給董事長兼執行長 Rob，請他做一些結語。

Just want to say thank you to everybody for dialing in and look forward to next quarter.

只想感謝各位撥冗參與，也期待下個季度再見。

This concludes today's call. We thank everyone for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位加入。您現在可以掛線。