Business First Bancshares Inc (BFST) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Business First Bancshares' Q2 2023 Call. I would like to now turn the call over to Matt Sealy, Director of Corporate Strategy and FP&A. Matt, please go ahead.

女士們、先生們，感謝你們的支持並歡迎參加 Business First Bancshares 的 2023 年第二季電話會議。我現在想將電話轉給公司策略和 FP&A 總監 Matt Sealy。馬特，請繼續。

Good afternoon, and thank you all for joining. Earlier today, we issued our second quarter 2023 earnings press release, a copy of which is available on our website along with the slide presentation that we will reference during today's call.

下午好，感謝大家的加入。今天早些時候，我們發布了 2023 年第二季度收益新聞稿，我們的網站上提供了該新聞稿的副本以及我們將在今天的電話會議中參考的幻燈片演示文稿。

Please refer to Slide 3 of our presentation, which includes our safe harbor statements regarding forward-looking statements and the use of the non-GAAP financial measures. Those of you joining by phone, please note the slide presentation is available on our website at www.b1bank.com. Please also note our safe harbor statements are available on Page 7 of our earnings press release that was filed with the SEC today. All comments made during today's call are subject to the safe harbor statements in our slide presentation and earnings release.

請參閱我們簡報的投影片 3，其中包括我們有關前瞻性陳述和非公認會計準則財務指標使用的安全港聲明。透過電話參加的人員請注意，幻燈片簡報可在我們的網站 www.b1bank.com 上取得。另請注意，我們的安全港聲明可在今天向 SEC 提交的收益新聞稿的第 7 頁上找到。今天電話會議期間發表的所有評論均以我們的幻燈片演示和收益發布中的安全港聲明為準。

I'm joined this afternoon by Business First Bancshares' President and CEO, Jude Melville; Chief Financial Officer, Greg Robertson; Chief Banking Officer, Philip Jordan; and Chief Administrative Officer, Jerry Vascocu.

今天下午，Business First Bancshares 總裁兼執行長 Jude Melville 也加入了我的行列。財務長格雷格·羅伯遜；首席銀行長 Philip Jordan；和首席行政官傑裡·瓦斯科庫（Jerry Vascocu）。

After the presentation, we'll be happy to address any questions you may have. And with that, I'll turn the call over to you, Jude.

演示結束後，我們將很樂意解答您的任何問題。裘德，我會把電話轉給你。

Okay. Thanks, Matt, and thank you, everybody, for joining us. I know it's a busy time, and we appreciate you prioritizing this conversation.

好的。謝謝馬特，也謝謝大家加入我們。我知道現在很忙，我們感謝您優先考慮這次談話。

Last quarter, I began by discussing our longer-term objectives to give some context to our near-term results. And while I won't take as much time to review the specific long-term goals on this call, I do want to take a moment to remind us of what those general priorities are. Management of risk through diversification as geographical, industry, product set, duration, revenue streams, among others. Number two, achievement of greater efficiency and optionality through scaling. Number three, an increase in core profitability levels through a focus on capital allocation and management. Finally, a qualitative rather than a quantitative goal to continue selective additions when available with key teammates with the experience and talent to help us prepare for the opportunities that will present themselves, as we gained success on the previously mentioned 3 more numerical priorities.

上個季度，我首先討論了我們的長期目標，為我們的近期業績提供了一些背景資訊。雖然我不會花太多時間回顧這次電話會議的具體長期目標，但我確實想花點時間提醒我們這些整體優先事項是什麼。透過地理、產業、產品集、期限、收入流等多元化來管理風險。第二，透過擴展實現更高的效率和選擇性。第三，透過關注資本配置和管理來提高核心獲利水準。最後，定性而不是定量的目標是，當我們擁有經驗和才能的關鍵隊友可用時，繼續進行選擇性的補充，以幫助我們為即將出現的機會做好準備，因為我們在前面提到的另外3個數字優先事項上取得了成功。

We've been through enough periods of uncertainty to know we have a responsibility to continue preparing for the future even in the time of caution. I'm pleased to congratulate our team on another quarter of progress in each of these areas. On management of risk through diversification, how we continue to diversify our asset exposure even in a time of lower growth. Our loan growth was again led by our Dallas region, which generated over 50% of the net increase, with the runner up this quarter being our North Louisiana region. Two very different regions, both of which we are gaining significant brand recognition within.

我們經歷了足夠多的不確定時期，知道即使在謹慎的時期，我們也有責任繼續為未來做好準備。我很高興祝賀我們的團隊在這些領域又取得了四分之一的進展。關於透過多元化進行風險管理，即使在成長較低的時期，我們如何繼續實現資產多元化。我們的貸款成長再次由達拉斯地區引領，該地區佔淨成長的 50% 以上，本季排名第二的是北路易斯安那地區。兩個截然不同的地區，我們都在這兩個地區獲得了顯著的品牌認知。

On the type of loan front, growth was again led by increased C&I exposure accounting for roughly 2/3 of our increased balances. Also mentioned encouraging progress in diversifying revenue streams, there's some positive movement in our SBA line of business. Last year, we had about $200,000 in income from SBA and this year, we expect to average more than that number on a quarterly basis. So it's not yet the needle mover we eventually expect it will be, but we do like the trajectory.

在貸款類型方面，成長再次由 C&I 風險敞口的增加帶動，約占我們新增餘額的 2/3。也提到在收入來源多元化方面取得了令人鼓舞的進展，我們的 SBA 業務線也出現了一些積極的變化。去年，我們從 SBA 獲得了約 20 萬美元的收入，今年我們預計每季的平均收入將超過這個數字。所以它還不是我們最終期望的那樣，但我們確實喜歡它的軌跡。

On scale, we slowed down our growth to match the current economic and rate environments, a reflection of the optionality our current size offers. This size, we should be able to operate at solid levels of efficiency without relying on the significant levels of growth we blew up over the past few years. So we have the opportunity to be increasingly selective, it will pay off in asset quality, loan pricing and capital usage.

在規模上，我們放慢了成長速度，以適應當前的經濟和利率環境，這反映了我們目前規模所提供的選擇性。以這樣的規模，我們應該能夠以穩定的效率水平運營，而不必依賴過去幾年的大幅成長。因此，我們有機會越來越有選擇性，這將在資產品質、貸款定價和資本使用方面得到回報。

Our growth, while slow is still healthy at about 8% annualized level that's manageable, fundable and capitalizable within the limits of our retained earnings. Excluding the impact from our sub debt redemption, we were capital accretive on all regulatory ratios and if we were to back out the impact of AOCI, we would have been capital accretive on all of our capital ratios, including TCE levels. We expect this to continue to be the case in future quarters as we remain selective on loan growth, likely in the 4% to 5% range.

我們的成長雖然緩慢，但仍然保持健康，年化水準約為 8%，在我們的留存收益範圍內，這是可管理的、可資助的和可資本化的。排除次級債務贖回的影響，我們在所有監管比率上都實現了資本增值，如果我們取消 AOCI 的影響，我們將在所有資本比率（包括 TCE 水平）上實現資本增值。我們預計未來幾季這種情況將繼續存在，因為我們對貸款成長保持選擇性，可能在 4% 至 5% 的範圍內。

On earnings, we're very pleased with the results. And while we aren't yet where we want to be, we've taken a significant step forward. We booked a 1.18% ROA, a 14% ROE and $0.73 earnings per share. These are GAAP numbers. Three main drivers of our financial results were good NIM protection, good expense control, and continued solid asset quality. Greg will dive deeper into these -- into the -- each of these fronts in a few minutes.

在收益方面，我們對結果非常滿意。雖然我們還沒有達到我們想要的目標，但我們已經向前邁出了重要的一步。我們預計 ROA 為 1.18%，ROE 為 14%，每股收益為 0.73 美元。這些是 GAAP 數字。我們財務績效的三個主要驅動力是良好的淨利差保護、良好的費用控制和持續穩健的資產品質。格雷格將在幾分鐘內深入研究這些領域的每個領域。

Now these GAAP results that include some net positive non-run rate income and expenses. But even backing out those items, our results would still have performed at solid levels, producing non-GAAP results of 1.04% ROA, 12.4% ROE at $0.64 EPS.

現在，這些 GAAP 結果包括一些淨正的非運行率收入和支出。但即使取消這些項目，我們的業績仍將保持穩定水平，非 GAAP 業績的 ROA 為 1.04%，ROE 為 12.4%，每股收益為 0.64 美元。

A couple of points I want to note. First, non-run rate does not mean accidental or not real. Our additional income came primarily from the investments we've made over the years in small business investment companies or SBICs, which returned at a higher level than normal this quarter and through a decision to retire some holding company debt early. Second, we believe this fundamentally change in our earnings profile is at a roughly 1.0 ROA over the past year or 2 would have been where we expected to land assuming everything went right.

我想指出幾點。首先，非運行率並不意味著偶然或不真實。我們的額外收入主要來自多年來對小型企業投資公司或 SBIC 的投資，這些投資本季的回報率高於正常水平，並決定提前償還一些控股公司債務。其次，我們認為，如果一切順利的話，過去一兩年我們獲利狀況的根本性變化約為 1.0 ROA，這也是我們預期的水平。

Now we view a 1.0 ROA as a baseline from which we have the opportunity to outperform when things fall our way as happened this quarter. That doesn't make us a high performer yet, but it's a concrete step in the right direction and in line with the goals we've been articulating for you over the past few quarters.

現在，我們將 1.0 ROA 視為基準，當事情像本季那樣發生時，我們有機會超越大盤。這並不能讓我們成為一個高績效者，但這是朝著正確方向邁出的具體一步，並且符合我們在過去幾個季度為您闡明的目標。

Finally, on the topic of people, while we do not believe we need to add significant numbers of producers at this time, as our most recent hires still have capacity to grow their individual books. We did add 2 impactful back-office hires that are providing immediate impact. Zach Smith joined us as Treasurer, as Zach was 1 of the leaders in the Treasury Department of Bank OZK, a larger regional bank and also has the experience with Comerica. We are also joined by a new Chief HR Officer, Mike Pelletier. Michael was CHRO for IBERIABANK for many years prior to the merger with First Horizon.

最後，關於人員的話題，雖然我們認為目前不需要增加大量的製作人，因為我們最新的員工仍然有能力增加他們的個人書籍。我們確實增加了 2 名有影響力的後台人員，這些人員可以產生即時的效果。扎克史密斯 (Zach Smith) 加入我們擔任財務主管，因為扎克 (Zach) 是 OZK 銀行（一家較大的區域性銀行）財務部的領導之一，並且還擁有與聯信銀行合作的經驗。新任首席人力資源長 Mike Pelletier 也加入了我們的行列。在與 First Horizo​​n 合併之前，Michael 擔任伊比利亞銀行首席人力資源長多年。

Both of these individuals, each of them has been with larger banks as they have grown well through their experiences and relationships contribute materially to our journey, both navigating the current uncertain times and in the time of opportunity that will surely follow.

這兩個人都曾在較大的銀行工作過，他們透過自己的經驗和關係取得了良好的成長，為我們的旅程做出了重大貢獻，既度過了當前的不確定時期，也度過了必將到來的機會時期。

I'm going to turn it over now to Greg and Matt to cover these results in detail, but I'd like to reiterate my thanks to our team. We've navigated a number of crisis and perceived crisis together, beginning with a great financial crisis while we were a de novo bank. We've navigated not always perfectly but always with one eye towards the immediate needs of our current customers, shareholders and regulatory partners and one eye mindful of the long-term opportunity, we believe our franchise has before us. This quarter is another demonstration of our capacity on both fronts.

我現在將把它交給格雷格和馬特來詳細介紹這些結果，但我想重申我對我們團隊的感謝。我們一起度過了許多危機和感知到的危機，從我們還是一家新生銀行時發生的一場巨大的金融危機開始。我們的導航並不總是完美的，但總是一隻眼睛專注於當前客戶、股東和監管合作夥伴的直接需求，另一隻眼睛留意長期機會，我們相信我們的特許經營權擺在我們面前。本季再次展現了我們在這兩個方面的能力。

That concludes my remarks, and I'll turn it over to Greg for more detail on the financials.

我的演講到此結束，我會將其轉交給格雷格以獲取有關財務狀況的更多詳細資訊。

Thank you, Jude, and good afternoon, everyone. I'll spend a few minutes just reviewing our Q2 highlights, some of which as Jude had already mentioned, including some balance sheet and income statement trends and we'll include some updated thoughts on our current outlook.

謝謝你，裘德，大家下午好。我將花幾分鐘回顧我們第二季度的亮點，其中一些正如裘德已經提到的，包括一些資產負債表和損益表趨勢，我們將包括一些關於我們當前前景的最新想法。

In the second quarter, core net income number was $17.7 million or $0.70 earnings per share. That equated to a 1.13% ROA and 13.50% ROE. That was really driven by strong noninterest income, lower loan loss provision expense from our continued stable credit trends and a slightly lower loan growth, slightly higher-than-expected loan discount accretion, as Jude mentioned. These results were partially offset by slightly elevated noninterest expense during the quarter.

第二季核心淨利為 1,770 萬美元，即每股收益 0.70 美元。這相當於 1.13% 的 ROA 和 13.50% 的 ROE。正如裘德所提到的，這實際上是由強勁的非利息收入、持續穩定的信貸趨勢導致的貸款損失撥備費用降低以及貸款增長略低、貸款折扣增加略高於預期推動的。這些結果被本季非利息支出略有上升部分抵銷。

Before I dive into more of the specifics on the quarter, I'd like to take a moment to call out a few items that may not readily identifiable, but are important for the context to consider. Our core noninterest income, as Jude mentioned, included $2.8 million in equity investment from SBIC revenue, which $2.6 million or about was more than what we would have expected. We had modeled about $200,000 for the quarter. Our core noninterest expense included the $715,000 really onetime deal from our core provider for some services that were rendered in the past, and that won't be reoccurring in the future.

在深入了解本季度的更多細節之前，我想花點時間指出一些可能不容易識別的項目，但對於考慮背景很重要。正如裘德所提到的，我們的核心非利息收入包括來自 SBIC 收入的 280 萬美元股權投資，其中 260 萬美元左右超出了我們的預期。我們為該季度建立了大約 20 萬美元的模型。我們的核心非利息費用包括我們的核心提供者為過去提供的一些服務提供的 715,000 美元的一次性交易，並且將來不會再次發生。

Our loan loss provision of $500,000 was really a consequence of lower loan growth and the contained -- continued strength of our credibility. With all those adjustments, as Jude mentioned, I think it's important to consider more really a baseline for what we look at going forward from an earnings standpoint and that so-called adjusted run rate for the quarter would have been $16.2 million or a diluted EPS of $0.64, and ROA 1.04% and ROE of 12.14%. That's very strong for us for the quarter, and we're really proud of those results.

我們的 50 萬美元貸款損失撥備實際上是貸款成長放緩和我們信譽持續增強的結果。正如裘德所提到的，透過所有這些調整，我認為重要的是要更真正地考慮我們從收益角度看待未來的基線，以及所謂的本季度調整後的運行率將是1620 萬美元或稀釋後的每股盈餘0.64 美元，ROA 1.04%，ROE 12.14%。這對我們本季來說非常強勁，我們對這些結果感到非常自豪。

That was highlighted by a few things. We'll start with the balance sheet first and then work our way through some other income statement items. The loan growth for the quarter was 7.9%, really highlighted by our Dallas group with $55 million or 59% of that loan growth for the quarter. That loan growth from our Dallas group remained our Texas exposure at a 37% exposure rate for the portfolio as a whole. As far as loan type for the quarter, C&I was a headline again for the second quarter $69.9 million of that growth was in C&I loans, with $67 million in C&D loans that actually migrated over because of completion in projects into owner-occupied CRE and income-producing CRE with the other piece of the loan growth, the actual growth in CRE for the quarter was $9.5 million for the quarter.

有幾件事突出了這一點。我們將先從資產負債表開始，然後逐步了解其他一些損益表項目。本季的貸款成長率為 7.9%，這在我們的達拉斯集團中尤為突出，本季貸款成長率為 5,500 萬美元，佔貸款成長率的 59%。我們達拉斯集團的貸款成長仍然是我們德州的風險敞口，整個投資組合的風險敞口率為 37%。就本季的貸款類型而言，C&I 再次成為第二季度的頭條新聞，其中6,990 萬美元的增長來自C&I 貸款，其中6,700 萬美元的C&D 貸款實際上由於項目完成而轉移到了業主自住的CRE 和營收中- 產生 CRE 和貸款成長的另一部分，本季 CRE 的實際成長為 950 萬美元。

As far as deposits go, our deposits increased about $208 million for the quarter. $211 million of that were broker deposits. Really, there's some nuance and we're very proud of the fact that the work that our branches have done, the branch growth for the quarter was relatively flat with a little bit of extra story or script around that.

就存款而言，本季我們的存款增加了約 2.08 億美元。其中 2.11 億美元是經紀人存款。確實，存在一些細微差別，我們對此感到非常自豪，我們的分支機構所做的工作，本季度的分支機構增長相對平穩，有一些額外的故事或腳本。

In the beginning of the quarter, in April, the makeup of our portfolio from a deposit standpoint, being commercially focused, we experienced a little over $100 million on run out during April for tax-related payments from clients.

在本季度初，即 4 月份，從存款的角度來看，我們的投資組合以商業為重點，我們在 4 月份經歷了 1 億多美元的客戶與稅務相關的付款。

During the remainder of the quarter, branches did an excellent job of really in the production staff as a whole going out and really drawing that back to 0, and that's a really important part of the nuance of the quarter. So we feel like those wins in the second half of the second quarter really started to show positive results and we're seeing early results from the first month of this quarter with that continued deposit generation profile.

在本季度剩下的時間裡，分支機構做得非常出色，整個生產人員都出去了，並將其真正拉回了 0，這是本季度細微差別的一個非常重要的部分。因此，我們認為第二季下半年的這些勝利確實開始顯示出積極的成果，並且我們看到本季度第一個月的早期結果以及持續的存款產生情況。

Noninterest-bearing deposits is an important topic right now. Our portfolio sits at about 28% of the portfolio being in noninterest-bearing deposits, that's down about 3%. We feel like that, that migration has started to wane in the recent months. So we are very optimistic about that. We have been generating about $5 million to $7 million in new noninterest-bearing deposits every month so far this year. So really, really still optimistic about that.

無息存款是當前的重要議題。我們的投資組合中無利息存款約佔投資組合的 28%，下降了約 3%。我們認為，近幾個月來移民已經開始減少。所以我們對此非常樂觀。今年到目前為止，我們每月新增約 500 萬至 700 萬美元的無息存款。所以真的，真的對此仍然樂觀。

As far as capital goes, as Jude mentioned, capital increased nicely in the second quarter from a bank level perspective with Tier 1 leverage and Tier total risk base increasing about 15 basis points and 13 basis points, respectively. TCE to TA and total risk based at the consolidated level both decreased about 12 basis points. However, if you would back out the AOCI swing, which we had about $13.3 million in AOCI negative swing this quarter, that would have been an increase in TCE to TA ratio of about 9 basis points for the quarter.

就資本而言，如 Jude 所提到的，從銀行層級來看，第二季資本成長良好，一級槓桿率和第一級總風險基礎分別增加了約 15 個基點和 13 個基點。 TCE 至 TA 以及綜合層面的總風險均下降約 12 個基點。然而，如果您取消 AOCI 波動（本季 AOCI 負波動約為 1,330 萬美元），則本季 TCE 與 TA 比率將增加約 9 個基點。

Furthermore, if you think about it from a tangible book value perspective, looking at it when you strip values, AOCI, tangible book value ex AOCI, we had about 10% growth year-to-date in that and about 13.5% for the quarter and that tangible book value number ex-AOCI would have been slightly above $20. So really happy about that performance and creating the value for the shareholder.

此外，如果你從有形帳面價值的角度考慮，當你剝離價值、AOCI、有形帳面價值（除 AOCI 外）時，我們今年迄今的成長率約為 10%，本季成長率約為 13.5%除去AOCI以外的有形帳面價值將略高於20 美元。對於這樣的表現以及為股東創造的價值感到非常高興。

As far as the margin goes, our margin was down slightly 5 basis points. That is right in line with where we had projected. Our expectation on pricing going forward, we're really proud of the efforts of our production staff, the bank, the new loans generated for the quarter or really coming the average weighted yield is about 8.45% for the quarter. The majority of our loans now that are being priced are renewals and that renewal rate is slightly higher than that, closer to 8.80% and with the average of our new production being a bit about 8.60% on average.

就利潤率而言，我們的利潤率小幅下降了 5 個基點。這與我們的預測完全一致。我們對未來定價的期望，我們對我們的生產人員、銀行的努力、本季產生的新貸款或真正到來的新貸款感到自豪，本季的平均加權收益率約為 8.45%。我們現在定價的貸款大多是續約，續約率略高於此，接近 8.80%，而我們新產量的平均利率約為 8.60%。

For deposit pricing, I'll let Matt get into the details on the betas here in a minute. We're really happy with our continued deposit generation, although as everyone knows, the cost of those deposits is very competitive in this market right now. Our total deposit beta cycle to date is about 36%, and we expect that to be closer to 40% by year-end.

對於存款定價，我將讓馬特稍後詳細介紹測試版。我們對持續產生的存款感到非常滿意，儘管眾所周知，這些存款的成本目前在這個市場上非常有競爭力。到目前為止，我們的總存款 Beta 週期約為 36%，我們預計到年底將接近 40%。

And with that, really I'll turn it over to Matt to really kind of cover the deposit betas in more detail right now.

有了這個，我真的會把它交給馬特，現在就更詳細地介紹存款測試版。

Sure. Thanks, Greg. So as Greg mentioned, total cycle to date deposit beta is 36% during the quarter. Interest beta cycle to date during the quarter was about 50%. We see those trending up about 5 percentage points each quarter. So ending the year at around 60% for Q4. And on -- taking a step back, kind of thinking about total interest-bearing liabilities, those betas were 53%. So tracking pretty close to our interest-bearing deposit betas and again, see those going up about 5 percentage points each quarter, ending the year in Q4 at around 63%.

當然。謝謝，格雷格。正如 Greg 所提到的，本季迄今的總週期存款貝塔值為 36%。本季迄今的利息貝塔週期約為 50%。我們發現每季的成長趨勢約為 5 個百分點。因此，今年第四季的成長率約為 60%。退後一步，考慮總帶息負債，這些貝塔值為 53%。因此，追蹤我們的計息存款貝塔值非常接近，每季都會上升約 5 個百分點，到第四季結束時約為 63%。

And the quarterly snapshot betas, those were just a little bit above 100% for just the Q2 interest-bearing beta that snapshot. And I think that's relatively in line with some of the other releases, it appears that we've seen. But thinking about things more on a cycle to date basis, I think 5% increase over the next 2 quarters is roughly what we'll see.

季度快照貝塔值僅略高於第二季有息貝塔值的 100%。我認為這與我們已經看到的其他一些版本相對一致。但從迄今為止的周期來看，我認為未來 2 個季度 5% 的成長大致是我們將看到的。

And with that, I'll turn it back over to Jude for any closing remarks or before we take Q&A.

至此，我將把它轉交給裘德，讓他作結束語或在我們進行問答之前。

Nothing to add. I'm happy to jump in to questions now. Thank you.

沒什麼好補充的。我很高興現在就開始提問。謝謝。

Your first question comes from the line of Michael Rose from Raymond James.

你的第一個問題來自雷蒙德詹姆斯的邁克爾羅斯。

Maybe we could just start on the beta commentary that you just kind of laid out. What does that assume in terms of where kind of NIB mix stabilized? I think you guys are at about 29% at the end of the second quarter. I'm just trying to get a sense for where you think that stabilizes and what the expectations are for kind of ex brokered growth, which is down a little bit this year? I know you guys have several initiatives in place. Would just love some thoughts.

也許我們可以從您剛剛提出的測試版評論開始。就 NIB 混合類型的穩定情況而言，假設是什麼？我認為第二季末你們的進度約為 29%。我只是想了解一下您認為穩定的情況以及對今年略有下降的前經紀增長的預期是什麼？我知道你們已經採取了幾項措施。只是喜歡一些想法。

Yes. So I think that we'll see the noninterest-bearing composition kind of bottom out towards the end of the year, and we see that down another couple of percentage points between now and year-end. So bottoming out around maybe 26% or so, just as a percentage of the overall mix. Our appetite for brokered, I think that will just continue to be kind of be opportunistic with the pricing mix between brokered and other borrowing sources. But there's a little bit of room that we have certainly to rely on brokered.

是的。因此，我認為，我們將看到無息結構在年底前觸底反彈，並且從現在到年底，我們將看到它又下降了幾個百分點。因此，在總體組合中所佔的百分比可能會觸底，大約為 26% 左右。我認為我們對經紀的興趣將繼續是對經紀和其他借款來源之間的定價組合的機會主義。但我們肯定有一點空間需要依賴經紀。

And that said, I can let Greg give a little bit more specifics around what we're seeing early on in the third quarter, but we're encouraged that on just excluding brokered basis, deposits were flat during the second quarter. And 1 important thing to consider there is we did have some municipality and tax funds that rolled out during the quarter. So when you strip out brokered and you factor in the tax funds that had moved out being effectively flat from Q1 was in our eyes stabilization theme or trend that's starting to occur.

也就是說，我可以讓格雷格就我們在第三季初看到的情況提供更多細節，但我們感到鼓舞的是，在不包括經紀的基礎上，第二季的存款持平。需要考慮的一件重要事情是，我們確實在本季推出了一些市政和稅收基金。因此，當你剔除經紀業務並考慮到從第一季開始實際上持平的稅收基金時，我們認為穩定主題或趨勢正在開始出現。

I think we're nearing or turning a corner now, but maybe another quarter or 2 of a little bit further kind of decline in that mix of noninterest bearing. So I'd say it's conservatively maybe a 50-50 split in terms of funding between more wholesale and core deposits. But again, we're optimistic about some of the core funding generation that we've seen early on here in the third quarter, but I'll let Greg kind of hit on maybe some of the -- more of the new wins and trends we're seeing on the core side of the funding base.

我認為我們現在正在接近或扭轉局面，但也許再過一兩個季度，非利息支出會進一步下降。所以我想說，保守地說，更多批發存款和核心存款之間的資金比例可能是 50-50。但同樣，我們對第三季度早些時候看到的一些核心資金產生感到樂觀，但我會讓格雷格談談可能的一些——更多新的勝利和趨勢我們看到的是資金基礎的核心部分。

Michael, I think there's a little bit of a nuance. I think, first of all, we have seen and do feel like in the industry, not only us specifically, but in the industry, the outflow was starting to wane. The question for us noninterest-bearing depends on, how many more rate increases we see. If we hold flat from here on out, we think maybe we might have seen as much of the movement that we've experienced. Like I mentioned, we are consistently producing $5 million to $7 million in new deposits noninterest-bearing generation per month.

邁克爾，我認為有一點細微差別。我認為，首先，我們在這個行業中看到並且確實感覺到，不僅是我們，而且在這個行業中，資金外流開始減弱。對於我們這些無息人士來說，問題取決於我們還會看到多少次升息。如果我們從現在開始保持平穩，我們認為也許我們可能會看到我們經歷過的這麼多運動。正如我所提到的，我們每月持續產生 500 萬至 700 萬美元的新無息存款。

Now we have had some recent wins that I expect that number in the first part is especially July and August to be higher than that. To put in context, the average cost we've been generating in noninterest rate-bearing accounts, deposit accounts opened per month, about $100 million in new originations each month this year. And then most recent weighted average is about 4.38. So as we continue to manage the balance sheet from a loan growth perspective, and weigh that against the cost of broker, which today for 1-year brokerages going to be in the 5.35 range. So if we continue to be successful and I think we will, on the deposit generation front at that lower cost, it's materially different for us.

現在我們最近取得了一些勝利，我預計第一部分的數字尤其是七月和八月會高於這個數字。結合上下文來看，我們在無利率帳戶、每月開立的存款帳戶中產生的平均成本，今年每月新開戶的成本約為 1 億美元。那麼最近的加權平均值約為 4.38。因此，當我們繼續從貸款成長的角度管理資產負債表時，並將其與經紀人成本進行權衡，目前 1 年期經紀人的成本將在 5.35 範圍內。因此，如果我們繼續取得成功，而且我認為我們會在存款產生方面以較低的成本取得成功，那麼這對我們來說會有很大的不同。

We've seen some -- like I said, some wins. So we expect that to continue to happen, but the broker would be kind of plan B, obviously.

我們已經看到了一些——就像我說的，有些人取得了勝利。所以我們預計這種情況會繼續發生，但經紀人顯然是 B 計劃。

Very comprehensive. Question and that gets into the follow-up, which is the core margin was down kind of, I think, about 5 basis points. You said single digits. So it looks like that was good. Just kind of balancing, what you're expecting in terms of deposit beta expectations, NIB mix? And what you're seeing on the loan repricing side? Is that a good kind of way to think about the third quarter margins, down kind of mid single digits when you put it all together? Or am I missing something?

非常全面。問題是，核心利潤率下降了，我認為，下降了大約 5 個基點。你說的是個位數。所以看起來這很好。只是一種平衡，您對存款貝塔預期、NIB 組合有何期望？您在貸款重新定價方面看到了什麼？當你把所有因素放在一起時，第三季的利潤率下降了中個位數，這是一個很好的方式來考慮嗎？還是我錯過了什麼？

Yes. I would say about breakeven from where we are today, maybe with a basis point or 2 improvement would be what we'd expect going forward.

是的。我想說的是，從我們今天的情況來看，損益平衡點可能會是我們未來所期望的一個或兩個基點的改善。

Yes, Michael, I'll give you a little bit more context around that. So the beta assumption that I had mentioned previously that translates to roughly 35 basis points pickup in just interest bearing deposits in the third quarter. And when we look at our new and renewed loan yields coming on, like Greg had mentioned in the 8.60 to 8.80 range, we've been executing pretty nicely on pulling through from a cycle-to-date loan beta perspective holding at around 85%. We expect that to continue and pick up about 30 basis points in core loan yield expansion in the third quarter.

是的，邁克爾，我將為您提供更多相關背景資訊。因此，我之前提到的貝塔假設意味著第三季計息存款增加約 35 個基點。當我們看到新的和更新的貸款收益率時，就像格雷格在8.60 至8.80 範圍內提到的那樣，從週期至今的貸款貝塔值來看，我們一直表現得很好，保持在85%左右。我們預計第三季核心貸款收益率將繼續擴大約 30 個基點。

So when we kind of net all of that, the funding side and the earning asset and loan repricing side, I think we feel pretty good that the margin should hold -- core margin should hold flat here. Maybe a little bit too early to claim success and we're turning the quarter to be accretive, but I think we feel really good that flat in Q3 is where we'll be.

因此，當我們對所有這些、融資方面、獲利資產和貸款重新定價方面進行淨值計算時，我認為我們感覺很好，利潤率應該保持不變——核心利潤率應該保持不變。也許現在宣稱成功有點為時過早，我們正在將本季度轉變為增值，但我認為我們感覺非常好，因為我們將在第三季度持平。

That's very helpful. Maybe just 1 follow-up question for me. Just credit is exceptionally good. And I'd say, across the industry, we're seeing kind of more signs of normalization and definitely a pickup in kind of idiosyncratic of one-off credit. So you guys are doing really, really well. Anything that you're seeing kind of on the horizon that you guys are worried about? Or is it just the strength of your markets? And kind of, hopefully, we don't have a recession or anything like that, but just would love some general thoughts.

這非常有幫助。也許對我來說只是 1 個後續問題。只是信用特別好。我想說，在整個行業中，我們看到了更多正常化的跡象，並且肯定會出現一次性信貸的特殊情況。所以你們做得非常非常好。你們有什麼擔心的即將發生的事嗎？或者這只是您市場的實力？希望我們不會出現經濟衰退或類似的情況，但只是希望得到一些一般性的想法。

Yes. I don't think we've seen any evidence (inaudible) anything to say and just like last quarter and the quarter before we were all sensitive to see what will happen. We haven't seen any degradation in our portfolio. And (inaudible) if I want to add anything there that you're seeing, but I don't -- I don't think any of us would say would have an area that we would point to as showing times of stress.

是的。我認為我們沒有看到任何證據（聽不清楚）有什麼可說的，就像上個季度和之前的季度一樣，我們都很敏感地想看看會發生什麼。我們沒有看到我們的投資組合出現任何退化。 （聽不清楚）如果我想在其中添加您所看到的任何內容，但我沒有——我認為我們中的任何人都不會說會有一個我們會指出的顯示壓力時刻的區域。

No, Jude. I'm sorry, I can't add to that. I would agree, like you said, still strange to say that low, but right now, we feel very comfortable where we are. And like you said, strength of the markets and the bankers, we always stress credit for sure.

不，裘德。抱歉，我無法添加。我同意，就像你說的，說這麼低還是很奇怪，但現在，我們對自己所處的位置感到非常舒服。正如您所說，市場和銀行家的實力，我們始終強調信貸。

(inaudible)

（聽不清楚）

Your next question comes from the line of Matt Olney from Stephens Inc.

您的下一個問題來自 Stephens Inc. 的 Matt Olney。

On -- just following up on Michael's question around loan yields and those renewals. I think you mentioned that there could be about 30 bps of loan yield expansion core in the third quarter. Just looking for more color on that. The newer yield do you think are coming on 8.80. I think you said. What's the color on what yield those loans are rolling off at, like what's the differential? And then as you think about the loan maturities and renewals that are coming up, is this a pretty steady level that you're going to see in the next few quarters? Or could there be some time period where it's a higher number?

關於——只是跟進邁克爾關於貸款收益率和續簽的問題。我想你提到第三季貸款殖利率核心擴張可能約為30個基點。只是尋找更多的色彩。您認為新的收益率將在 8.80 左右。我想你說過。這些貸款的收益率是什麼顏色的，例如差額是多少？然後，當您考慮即將到來的貸款到期和續約時，您會在接下來的幾個季度中看到這個相當穩定的水平嗎？或者是否有某個時間段的數字更高？

Yes. I think the loan average weighted between new and renew now fortunately for us, the loan growth has slowed down on purpose by us, it has not been more strategic than it has been for the last pipeline. That renewal base has been a little bit greater than the new loans originated. So we've been seeing renewals come through, like I mentioned, about 8.80 with the new stuff being priced slightly less than that for an average between 2 about 8.60. The pickup we're seeing on the renewals towards creating the expansion is, in some cases, as much as 1% and that's a pretty steady stream of those renewals over the next 3 or 4 quarters approaching probably $1 billion of the portfolio that we'll continue to do that.

是的。我認為現在對我們來說幸運的是，新貸款和續簽貸款平均加權，我們故意放慢了貸款成長速度，它並不比最後一條管道更具戰略意義。此續約基數略高於新發放的貸款。因此，正如我所提到的，我們一直看到續訂價格約為 8.80，而新產品的價格略低於 2 的平均價格，約為 8.60。在某些情況下，我們看到為創建擴展而進行的續約增長高達 1%，並且在未來 3 或 4 個季度中，這些續約將相當穩定，接近我們投資組合的 10 億美元。我會繼續這樣做。

Now as we get quarters into the future, maybe that isn't 1% difference in the pricing, but some of them will be leaning into towards that early parts of it because of the difference in the origination to the maturity.

現在，當我們進入未來幾季時，也許這不是 1% 的定價差異，但由於起始到成熟的差異，其中一些將傾向於早期部分。

Yes, Matt. And I'll direct you to Page 21 in the investor deck to kind of answer your question on where the loans are sitting now and the repricing opportunity. We've got over the next 12 months, about $2.2 billion to reprice between 6 maturing in the next 12 months in floating rate. And those are sitting on the books at about a 7.67 weighted average yield. So when you think about the 8.60 to 8.80 new and renewed or guess renewed and new. That's about a 90-plus basis point pickup in those loans. So that translates to, if you just apply that 90 basis point pickup, in the actual renewal of that portfolio, which is about 45% of the book (inaudible) $20-plus million in annual revenue pick up there.

是的，馬特。我將引導您閱讀投資者資料中的第 21 頁，以回答您有關貸款目前狀況和重新定價機會的問題。我們在未來 12 個月內有大約 22 億美元的資金用於在未來 12 個月內到期的 6 個月內以浮動利率重新定價。這些資產的帳面加權平均收益率約為 7.67。所以當你考慮8.60到8.80的新和更新或猜測更新和新。這些貸款增加了約 90 多個基點。因此，如果您僅在該投資組合的實際更新中應用 90 個基點的回升，則這相當於賬面（聽不清楚）年收入回升 20 多萬美元的 45% 左右。

So that's -- I hope that kind of draws the line or connects the dots between the 30 bps in the overall total portfolio pickup and the actual pickup and just the repricing opportunities.

所以，我希望這能夠在整體投資組合回升的 30 個基點與實際回升以及重新定價機會之間劃清界限或將點連接起來。

Yes. That's perfect, Matt. Thanks for that flagging that slide in there. I missed that initially. Perfect. And on the loan growth front, I think I heard you say the back half of the year between 4% to 5%. I assume that's an annualized number for the back half. I just want to confirm that. And then as far as the mix, you mentioned it was a C&I portion that led the way in 2Q. As you think about pipelines and paydowns, is it going to be similar what we saw in 2Q where it's mostly C&I growth, whereas some of the construction projects are completed and they move off to a different category?

是的。太完美了，馬特。感謝您標記那張投影片。我一開始就錯過了。完美的。在貸款成長方面，我想我聽到你說下半年在 4% 到 5% 之間。我認為這是後半部的年化數字。我只是想確認一下。然後就組合而言，您提到第二季度領先的是 C&I 部分。當您考慮管道和付款時，是否會與我們在第二季度看到的類似，其中主要是工商業增長，而一些建設項目已完成並轉移到不同的類別？

Yes, I would. First part is, I didn't intend for that to be an annualized number. And then second part is that I would think that we would see a similar mix going forward, really not just this quarter but the past couple of quarters, we've had that mix as we've kind of downshifted construction production to recalibrate the portfolio. So we'll still see CRE as construction turns over or completes, also see CRE growth, but not at the rate of new production that we have seen historically and we definitely are not doing as much construction as we have done in the past. So I would anticipate C&I would continue to be the most significant contributor to any kind of that increase.

是的，我會。第一部分是，我並不打算將其作為年化數字。第二部分是，我認為我們未來會看到類似的組合，實際上不僅僅是本季度，而是過去幾個季度，我們已經有了這種組合，因為我們已經降低了建築生產以重新調整投資組合。因此，隨著建築交接或完成，我們仍然會看到商業房地產的成長，也會看到商業房地產的成長，但不會達到我們歷史上看到的新產量的速度，而且我們肯定不會像過去那樣進行那麼多的建設。因此，我預計工商業將繼續成為這種成長的最重要貢獻者。

Okay. And then just lastly, I think the accretion levels are a little bit higher this quarter. Any color on expected accretion in the next few quarters?

好的。最後，我認為本季的成長水準稍高一些。對未來幾季的預期成長有什麼看法嗎？

Yes. Matt, I would think we would -- we are expecting similar levels of accretion in the next couple of quarters just by the pace of the deals that we have kind of working through the process right now.

是的。馬特，我認為我們會 - 我們預計在接下來的幾個季度中，僅根據我們目前正在處理的交易的速度，就會出現類似的增長水平。

Your next question comes from the line of Brett Rabatin from Hovde Group.

您的下一個問題來自 Hovde Group 的 Brett Rabatin。

I wanted to first ask, you talked about the broker CDs in the market and your strength of gathering deposits. Some banks in your market area and in the Southeast in general have indicated that maybe the landscape has gotten a little less competitive with 1 larger regional that was super aggressive with the deposit campaign during May in particular. Have you guys seen that maybe in some of your markets in Louisiana where maybe it's the competitive landscape has ebbed a little bit? Or does this still seem as ferocious or everyone to put it as it has been for the past few months?

我想先問一下，您談到了市場上的經紀商CD以及您吸收存款的實力。您所在市場區域和東南部地區的一些銀行普遍表示，與 1 個較大的地區（特別是 5 月的存款活動非常積極）相比，競爭格局可能有所減弱。你們有沒有發現，也許在路易斯安那州的一些市場，競爭格局已經減弱？或者說這看起來仍然像過去幾個月那樣兇猛嗎？

Yes. I don't think we'd describe it as ferocious. I do think it's -- I might have said at 1 point, but I think it has to come down a little bit. I would say that some of our peers have raised deposits at a little greater clip, but I think they also have been a little more willing to pay out a little bit. So we're trying to check and balance between the deposit growth and protecting the NIM. But I do think that as we talked about, we're starting to see some signs of deposits coming in, and that's not because we've materially adjusted the strategy we have on the rates that we pay. It's because it is probably becoming a little bit looser, but still tough but not quite ferocious, I would say, but anybody want to add to that.

是的。我認為我們不會將其描述為兇猛。我確實認為——我可能已經說過了，但我認為它必須下降一點。我想說的是，我們的一些同行以更大的速度籌集了存款，但我認為他們也更願意支付一點錢。因此，我們正在努力在存款成長和保護淨利差之間進行製衡。但我確實認為，正如我們所討論的，我們開始看到一些存款流入的跡象，這並不是因為我們大幅調整了支付利率的策略。這是因為它可能變得有點寬鬆，但仍然強硬但不是很兇猛，我想說，但任何人都想補充這一點。

I would say part of the added talent and skill sets that we pulled in and given us a better visibility into our -- how we manage the deposits and Greg's get kind of a really good look at the deposit portfolio as a whole. So I think it's allowed us a better technology allowing us to make really good decisions on deposit pricing. It's good to see.

我想說的是，我們引進的部分新增人才和技能使我們能夠更好地了解我們如何管理存款，格雷格對整個存款組合有了很好的了解。所以我認為它為我們提供了更好的技術，使我們能夠在存款定價方面做出非常好的決策。很高興看到。

Okay. Okay. That's helpful. And then I didn't -- if you gave it, I missed it, but the securities that are maturing here in the back half of the year. How much is that? And will that be partially to fund loan growth? Or how do you think about the balance sheet management?

好的。好的。這很有幫助。然後我沒有——如果你給了它，我就錯過了它，但這些證券將在今年下半年到期。那個多少錢？這將部分用於資助貸款增長嗎？或者您如何看待資產負債表管理？

Yes. Brett, as far as securities go, I think we've only purchased 2 securities this year. The portfolio is about 13.5%, and as AOCI of assets right now, we haven't -- as far as cash flows go or maturities go, we have about an average of about $131 million per year for the next 3 years in maturities that are scheduled pretty systematically out. So we're really -- from a balance sheet standpoint, we would expect to plow that back in and not really be very selective on securities if and when we do purchase some to maybe extend some duration strategically to pick up some good yield now that the rates seem like they're getting towards the top.

是的。 Brett，就證券而言，我認為我們今年只購買了 2 種證券。投資組合約為 13.5%，作為目前資產的 AOCI，我們還沒有——就現金流或到期日而言，未來 3 年我們平均每年約 1.31 億美元的到期日都是相當系統地安排出來的。因此，從資產負債表的角度來看，我們確實希望將其重新投入，並且當我們確實購買一些證券以戰略性地延長一段時間以獲取良好的收益率時，我們實際上不會對證券非常有選擇性。利率似乎正在接近最高點。

But outside of that, we expect to put that money, those maturities back to work in the form of paying down debt or putting back into the loan portfolio.

但除此之外，我們預計會將這些資金、這些到期資金以償還債務或重新投入貸款組合的形式重新發揮作用。

The only thing that I'd add to is that during the quarter, we did take out a little bit more broker to have some -- just some more cash on balance sheet. I think we were about 5% cash to assets at the end of the second quarter. Typically, we've been a little bit lower than that, but that was just kind of a remixing of the liquidity. So we're comfortable letting some of those securities run off and just remix into loans to the (inaudible) securities might come down just a little bit, but we've already got more liquid interest-bearing cash balances on the book.

我唯一要補充的是，在本季度，我們確實聘請了更多的經紀人來擁有一些東西——只是資產負債表上有更多的現金。我認為第二季末我們的現金資產比率約為 5%。通常情況下，我們的水平會比這個低一些，但這只是流動性的重新混合。因此，我們很樂意讓其中一些證券流失，然後重新混合到（聽不清楚）證券的貸款中，這可能會減少一點，但我們帳上已經有了更多的流動性帶息現金餘額。

Okay. That's helpful. And then if I could sneak in 1 last one, just around strategy. When you guys raised capital in the fourth quarter, you're basically kind of a year ahead of your 5-year plan. And so Jude, I'm curious to hear if this environment in terms of either interest rates or some uncertainty on the economy, if maybe you've changed what you want to accomplish or if you're still kind of full steam ahead in Texas? Or what's changed maybe relative to the environment last year?

好的。這很有幫助。然後如果我能偷偷溜進最後一個，就策略而言。當你們在第四季度籌集資金時，你們的五年計劃基本上提前了一年。因此，裘德，我很想知道這種環境是否涉及利率或經濟的一些不確定性，您是否已經改變了您想要實現的目標，或者您仍然在德克薩斯州全速前進？或是與去年的環境相比發生了什麼變化？

Sure. So that's kind of why I started the call with kind of going over what our general priorities are. I talked about last time a little bit, too, but we are ahead of the game in terms of size, where we wanted to be size-wise, which, of course, required use of some of the capital that we raised last year or led to that. Also ahead of the game in diversity -- diversification by geography a little bit, not ahead really as of the end of last year on earnings. So what we wanted to do this year, even precede prices was to continue to grow, continue to diversify, but put more emphasis on earnings and we added the 3 main categories than we have in the past.

當然。這就是為什麼我在電話會議開始時首先回顧了我們的整體優先事項。我上次也談到了一點，但我們在規模方面處於領先地位，我們希望在規模方面取得領先，這當然需要使用我們去年籌集的一些資金，或者導致了這一點。在多元化方面也處於領先地位——按地理位置進行多元化，但截至去年年底，盈利方面並未真正領先。因此，我們今年想做的，甚至在價格之前，就是繼續成長，繼續多元化，但更加重視收益，我們比過去增加了 3 個主要類別。

So I wouldn't say that we have changed our strategy. I'd say that we're going to take advantage of the fact that we're a little ahead of pace on the first 2 components, so that we can prioritize a little more on the third to make sure that we achieve all 3. And I think this quarter is a really good example of us pivoting in that way. So we slowed down the loan growth, which -- but we're still able to continue to focus on growth in the Dallas area. And that slowed loan growth ensured that we were capital accretive, which is something I know when we raised capital in the fall, that was a question or winter that was a question was when would that enable us to be capital accretive.

所以我不會說我們已經改變策略了。我想說，我們將利用我們在前兩個組件上稍微領先的事實，這樣我們就可以在第三個組件上優先考慮更多一點，以確保我們實現所有三個組件。我認為本季度是我們以這種方式轉變的一個很好的例子。因此，我們放慢了貸款成長速度，但我們仍然能夠繼續關注達拉斯地區的成長。貸款成長放緩確保了我們的資本增值，這是我在秋季籌集資金時所知道的，這是一個問題或冬天，一個問題是我們什麼時候才能實現資本增值。

And I think we probably felt like that was possible now, but there was some hesitancy to accept that, I suppose. But so I'm pleased that we were able to do it. And we do plan on continuing that mode of operation. So our growth will be governed by the retained earnings growth, but that still leaves us well within the range of our targeted 5-year plan growth that we have outlined.

我想我們現在可能覺得這是可能的，但我想對於接受這一點有些猶豫。但我很高興我們能夠做到這一點。我們確實計劃繼續這種營運模式。因此，我們的成長將受到留存收益成長的控制，但這仍然使我們完全處於我們概述的五年計畫成長目標範圍內。

So long way to say, we haven't changed our goals. We're just managing the process by which we achieve them, but we still remain, in our minds, on target to accomplish all 3 and the iteration that we wanted to and we should be able to do so within our current capital structure supplemented by the retained earnings.

說了這麼多，我們並沒有改變我們的目標。我們只是管理實現這些目標的過程，但在我們看來，我們仍然致力於完成所有三個目標以及我們想要的迭代，並且我們應該能夠在我們當前的資本結構內做到這一點，並輔以留存收益。

Your next question comes from the line of Kevin Fitzsimmons from D.A. Davidson.

你的下一個問題來自 D.A. 的凱文·菲茨西蒙斯 (Kevin Fitzsimmons)。戴維森。

Great. I missed -- in your prepared remarks, you were talking about like a core ex non-run rate type pace of earnings per share. And I was wondering if that's what you said, if you could repeat it. And then also how I should be looking or how we should be looking at a run rate going forward for core fee revenues and core expenses. Is it really just -- are we just kind of pulling out that additional specific revenue and pulling out that extra data processing charge, if you can kind of guide us on those fronts?

偉大的。我錯過了——在您準備好的講話中，您談論的是核心的非運行率類型的每股收益步伐。我想知道您是否也是這麼說的，您是否可以重複。然後我應該如何看待或我們應該如何看待核心費用收入和核心支出的運作率。如果您能在這些方面為我們提供指導的話，我們真的只是取消額外的特定收入並取消額外的數據處理費用嗎？

Absolutely. Yes, I was talking about the way we've been thinking our core -- our published core net income, $0.17 -- $0.70 EPS. If you were going to take out those 2 items that we considered to be non-reoccurring, but not potential, like Jude said, so 1 would be the EIC income of $2.6 million and the other would be the core IT cost, $715,000. So if you did that, you would get an adjusted $16.2 million, $16.291 exactly, and that would equal a diluted EPS of $0.64.

絕對地。是的，我說的是我們思考核心的方式——我們公佈的核心淨利潤，每股收益 0.17 美元 - 0.70 美元。如果你要剔除我們認為不會重複發生但沒有潛力的 2 項，就像 Jude 所說，那麼 1 就是 EIC 收入 260 萬美元，另一個就是核心 IT 成本 715,000 美元。因此，如果您這樣做，您將獲得調整後的 1620 萬美元，確切地說是 16.291 美元，這相當於稀釋後每股收益 0.64 美元。

Got it. Okay.

知道了。好的。

As far as the noninterest income run rate, I think $8.5 million is probably the way we want to think about that going forward. And noninterest expense right about $39 million or slightly higher than $39 million for the quarter.

就非利息收入運行率而言，我認為 850 萬美元可能是我們未來考慮的方式。本季非利息支出約 3,900 萬美元，略高於 3,900 萬美元。

And is it fair to say -- I'm sorry, go ahead.

公平地說——對不起，繼續吧。

Yes, if you take what we reported core noninterest expense of $39.6 million (inaudible) about $700,000 kind of one-off data processing invoice that we received and then just bake in some just natural course of business expansion, maybe mid $39 million number a good run rate going forward, which -- that reflects that a 5% annualized increase in expenses.

是的，如果你把我們報告的3960 萬美元（聽不清楚）的核心非利息費用（大約70 萬美元）作為我們收到的一次性數據處理發票，然後只是加入一些業務擴張的自然過程，也許3900 萬美元是一個不錯的數字。未來的運行率，這反映了費用年化 5% 的成長。

Great. That's what I was going to ask next. And as far as the bond portfolio, you mentioned the cash flows of it. Some banks have pulled the trigger or evaluating doing a larger transaction to accelerate that opportunity to get proceeds out at higher rates or whichever alternative you want. Is that something even on the table for you all? Or is it more -- is that something more in the near term that can put pressure on capital that you might want not to do?

偉大的。這就是我接下來要問的。至於債券投資組合，你提到了它的現金流。一些銀行已經啟動或評估進行更大規模的交易，以加速以更高的利率或任何您想要的替代方案獲得收益的機會。這對你們所有人來說都是擺在桌面上的事情嗎？或者，是否有更多的事情會在短期內給資本帶來壓力，而你可能不想這樣做？

Yes. I think it's something we talk about and then we run an analysis every quarter on if we needed to execute on liquidating part of the portfolio immediately. We could do about $135 million of that overnight, but with less than a $3 million loss, but as far as we feel like the AOCI is going to unwind fairly quickly. So strategy, to your point, that would put pressure on capital right now (inaudible) to do anything like that.

是的。我認為這是我們討論的事情，然後我們每季都會進行一次分析，看看我們是否需要立即清算部分投資組合。我們可以在一夜之間賣出大約 1.35 億美元，但損失不會超過 300 萬美元，但就我們而言，AOCI 很快就會平倉。因此，就您的觀點而言，策略將立即對資本施加壓力（聽不清楚）去做類似的事情。

Well, not just for pressure on capital, but just a business decision, I think, is the way I would describe it. We have a further short duration of our investment portfolio and we're comfortable that our projections enable us to accomplish our goals without giving up money. And so we'll keep doing that most for some reason, some changes and we have to. We do analyze it though, and it certainly is on the table. We need to always look at options, but I think making the best business decision for us would indicate to me right now that, that's not a necessary move.

嗯，我認為這不僅僅是為了資本的壓力，而且只是一個商業決策。我們的投資組合期限進一步縮短，我們感到滿意的是，我們的預測使我們能夠在不放棄資金的情況下實現我們的目標。因此，出於某種原因，我們將繼續這樣做，進行一些改變，我們必須這樣做。不過，我們確實對其進行了分析，而且它確實擺在桌面上。我們需要始終考慮各種選擇，但我認為為我們做出最佳商業決策將向我表明，這不是必要的舉措。

Right. Right. Good point about the short duration. And then one last one for me. We've had a few deals announced here in recent days, one in the Mid-Atlantic. Curious if -- I know you all are still digesting the Houston deal. But as you look out later stage of the cycle and exit in the cycle, just curious if -- are there conversations going on in new regions or new markets you might have your eye on in terms of looking to expand?

正確的。正確的。關於持續時間短的好點子。然後是最後一張給我的。最近幾天我們在這裡宣布了幾筆交易，其中一項是在大西洋中部。很好奇——我知道你們仍在消化休士頓的交易。但是，當您觀察週期的後期階段和週期的退出時，只是好奇 - 在尋求擴張方面，您可能會關注新地區或新市場是否正在進行對話？

Sure. We're always -- like your prior question, is there something on the table? I think everything is -- most things are on the table, but certainly, the equation has to make sense for us and the equation is a little different today than it was a couple of years ago. One of the differences is that we are comfortable that we have a strong geography that we can build out. That doesn't mean we wouldn't look at other geographies over time, but we don't need to.

當然。我們總是──就像你之前的問題一樣，有什麼可以討論的嗎？我認為一切都是——大多數事情都擺在桌面上，但當然，這個方程式對我們來說必須有意義，而且今天的方程式與幾年前有些不同。差異之一是，我們對自己擁有可以建造的強大地理位置感到滿意。這並不意味著我們不會隨著時間的推移關注其他地區，但我們不需要這樣做。

I think given the markets that we're in, there's plenty of opportunity here. So the bar would be pretty high in terms of embarking upon an expansion of that geography through an M&A deal.

我認為考慮到我們所處的市場，這裡有很多機會。因此，透過併購交易拓展該地區的門檻相當高。

Not saying that it couldn't happen, but it's not something that we're necessarily aggressively looking for. And I would guess that the more likely outcome would be extension through at some point when we're ready would be expansion through a team lift down or something incremental of that nature. But there definitely are more conversations that we're either part of or hearing that they're happening, but I don't know that necessarily makes it more likely to happen.

並不是說它不可能發生，但這不是我們必須積極尋找的東西。我猜想，更可能的結果是，當我們準備好時，更可能的結果是透過團隊提升或類似性質的增量方式進行擴展。但肯定有更多的對話我們參與或聽說它們正在發生，但我不知道這一定會使其更有可能發生。

A lot of things have to fall in place. We've developed the organic capacity to be able to grow without M&A. So M&A needs to really fit our needs and the financial equation needs to work for us. And we are a partner as well, and this kind of goal is to get a win-win, but the hurdle is the bar is a little higher than it might have been earlier on just because we do have -- and that's what I've started my comments with about one of the values of scale is the optionality it gives you on future growth.

很多事情都必須落實到位。我們已經發展了無需併購即可實現成長的有機能力。因此，併購需要真正滿足我們的需求，而財務方程式需要適合我們。我們也是合作夥伴，這種目標是獲得雙贏，但障礙是門檻比之前高一點，因為我們確實有——這就是我的目標。我的評論一開始就談到了規模的價值之一，那就是它為你提供了未來成長的選擇性。

And so we feel like we're in a good spot to be able to partner with who we really want to and not necessarily seeking growth for growth sake and/or new markets for new markets sake. I do think over the long run, there's plenty out there -- are plenty of other markets across the Southeast, so we want to be in, but it's -- there's no rush is the way that I would put it. We have a team that is in position to be around for a long time, and we need to take things -- opportunities when they make a lot of sense for us. That's where we are today.

因此，我們覺得我們處於一個很好的位置，能夠與我們真正想要的人合作，而不一定為了成長而尋求成長和/或為了新市場而尋求新市場。我確實認為從長遠來看，東南部還有很多其他市場，所以我們想進入，但我想說的是，並不著急。我們有一支能夠長期存在的團隊，我們需要抓住對我們來說很有意義的機會。這就是我們今天的處境。

Yes. And a good point about the lift outs because that's really what you accomplished in Dallas Fort Worth, right correct? That was just all organic lift-out strategy.

是的。關於升降機，這是一個很好的觀點，因為這確實是您在達拉斯沃斯堡所取得的成就，對吧？這只是所有有機的撤離策略。

That's right. And New Orleans, we've had really good success with team lift out as well.

這是正確的。而新奧爾良，我們在球隊升級方面也取得了非常好的成功。

Your next question comes from the line of Feddie Strickland from Jenny Montgomery Scott.

你的下一個問題來自珍妮·蒙哥馬利·斯科特的費迪·斯特里克蘭。

Just given all the repricing opportunity that you've talked about on the loan side and we've got a potential for a Fed pause maybe this year. Can we see the margin start to rise in 2024, just given the amount of -- where you're putting on loans at new rates and the amount of turnover you've got coming online?

考慮到您在貸款方面談到的所有重新定價機會，我們今年可能會暫停聯準會的行動。考慮到您以新利率發放的貸款金額以及線上營業額，我們能否看到利潤率在 2024 年開始上升？

I think it's not beyond comprehension to think that, that might happen, but we certainly want to be conservative in how we think about it, just given the challenges in the environment. We have -- definitely still have some work to do and some planning to do. But while we're projecting kind of a neutral NIM for the rest of the year, I think we do believe that there are going to be some opportunities for expansion next year, even without a rate decrease. Jude, you want to speak more to it?

我認為這種情況可能會發生並不令人難以理解，但考慮到環境中的挑戰，我們當然希望在看待它的方式上保持保守。我們肯定還有一些工作要做和一些計劃要做。但是，雖然我們預計今年剩餘時間的淨息差將保持中性，但我認為我們確實相信，即使不降息，明年也會有一些擴張的機會。裘德，你想多說一點嗎？

I agree. I think the wildcard in that is the liability side. And from a competitive standpoint, that would be my caveat. I think we're doing a good job to manage the top end and our production staff is really focused on C&I account type of accounts, which are noninterest-bearing deposit accounts, treasury bills in there. That's the highest incentive product. So that's the biggest focus really the (inaudible) side and the speed at which those rates continue to go up is where that's really going to play.

我同意。我認為其中的通配符是責任方。從競爭的角度來看，這將是我的警告。我認為我們在管理高端方面做得很好，我們的製作人員確實專注於 C&I 帳戶類型的帳戶，這些帳戶是無利息存款帳戶、國庫券。這是最高激勵的產品。因此，這確實是（聽不清楚）方面最大的焦點，而這些利率繼續上升的速度才是真正發揮作用的地方。

Yes. I would say that we kind of like you said, core margin flat for the foreseeable future is where we're comfortable right now conservatively. But I would say that there's probably more upside, not significantly, but there's probably more upside in that than there is more downside. Does that make sense?

是的。我想說，我們有點像你說的那樣，在可預見的未來核心利潤率持平是我們現在保守地感到滿意的地方。但我想說的是，可能有更多的好處，雖然不是很顯著，但其中的好處可能比壞處更多。那有意義嗎？

No, that's very fair. I get it. And it's hard to predict exactly what the Fed is going to do, what's going to happen in 2024 and as one of the earlier callers mentioned you never know what competitors are going to do either. One other piece, and forgive me if I missed this earlier, but has the loan growth guidance really changed. I mean, should we have sort of an upper single-digit annualized growth rate for the next couple of quarters? Is that reasonable? Should it be low or higher? Just trying to figure out where we should peg growth going forward.

不，這很公平。我得到它。很難準確預測聯準會會做什麼，2024 年會發生什麼，正如之前的來電者所提到的，你永遠不知道競爭對手會做什麼。另一篇文章，如果我之前錯過了這一點，請原諒我，但是貸款成長指導真的改變了嗎？我的意思是，未來幾季我們的年化成長率是否應該達到較高的個位數？這樣合理嗎？應該是低還是高？只是想弄清楚我們應該在哪裡確定未來的成長。

I think we'll continue to kind of downshift a little bit. So I mean I would say probably more on the 4% to 6% annualized range as opposed to upper single digits. A lot of advantages in this environment is growing at that rate including capital appreciation and benefit that it provides to the margin being able to not have to fund that last dollar with highest cost funding. So we feel like we'll benefit the most economically with a kind of 4% to 6% annualized range.

我認為我們會繼續稍微降檔。所以我的意思是，我可能會說更多的是 4% 到 6% 的年化區間，而不是較高的個位數。在這種環境下，許多優勢正在以這種速度增長，包括資本增值和它為利潤提供的好處，使得不必以最高成本的融資來籌集最後一美元。因此，我們認為年化報酬率為 4% 至 6% 時，我們將獲得最大的經濟效益。

And we are seeing a little less demand. Last quarter, I would say that most of the slowdown in growth in the quarter before that, the slowdown was our decision for the most part. But I would say that we would expect the second half of the year and are starting to hear a little more, maybe it's closer to 50-50 decisioning versus demand and might even slip into more demand-based deceleration of loan growth from what we're hearing anyway. Obviously, due to the increasing interest rates.

我們發現需求減少。上個季度，我想說的是，之前的季度成長放緩大部分是我們的決定。但我想說的是，我們預計今年下半年會出現更多情況，可能會更接近 50-50 的決策與需求，甚至可能會陷入更多基於需求的貸款成長減速。無論如何，再聽一次。顯然，這是由於利率上升。

Got it. And just one final one for me. Jude, it sounds -- I think I heard you earlier say you feel like a 1% ROA is kind of a base from here from what you think you can achieve. Do you think that, that's -- I guess, -- just to clarify, do you think a 1% ROA is achievable for the year? And then if you take out the uncertainty of provision, do you feel like a 150 PPNR ROA that you bought I think I pegged you at 1.58% this quarter. Just what your thoughts are on that overall profitability?

知道了。對我來說，這只是最後一件事。裘德，聽起來 - 我想我之前聽你說過，你覺得 1% 的 ROA 是你認為可以實現的目標的基礎。您是否認為——我想——只是為了澄清一下，您認為今年可以實現 1% 的 ROA 嗎？然後，如果您排除撥備的不確定性，您是否感覺您購買的 ROA 為 150 PPNR？我認為本季我將您的利率定為 1.58%。您對整體獲利能力有何看法？

Yes. I do feel like a [0.25%] or 1% ROA is achievable for the year. My guys now are punching the numbers real quick to see about your other question. I don't usually think in terms of that ratio. But I do believe that we have evolved enough that we've kind of shifted from, as Matt put it earlier, the upside risk versus downside risk. We've gone from the downside risk of 1 being turning into that I think there's more upside opportunity to be 1. We do have variability within the different quarters, the different seasons and the first quarter tends to be lower, but I do expect that we'll be at 1% at least for the year and then build upon that next year. Great job.

是的。我確實覺得今年可以實現 [0.25%] 或 1% 的 ROA。我的伙伴們現在正在快速地輸入數字，以了解您的其他問題。我通常不會考慮這個比率。但我確實相信，我們已經發展得足夠好了，正如馬特早些時候所說，我們已經從上行風險與下行風險之間發生了轉變。我們已經從 1 的下行風險轉變為 1 的下行風險，我認為有更多的上行機會。我們確實在不同季度、不同季節存在差異，第一季往往會較低，但我確實預計我們今年至少會達到1%，然後明年在此基礎上再接再厲。做得好。

Matt, you want to answer to the other question?

馬特，你想回答另一個問題嗎？

Yes, yes. So the 1.50% you quoted there as a pretax and pre-provision ROA that's exactly in line with if we had the 1% or just over 1% core for the year. That translates to exactly 1.50%.

是的是的。因此，您引用的 1.50% 作為稅前和撥備前 ROA 與我們今年的核心 1% 或略高於 1% 完全一致。這相當於 1.50%。

Your final question comes from the line of Graham Dick from Piper Sandler.

你的最後一個問題來自 Piper Sandler 的 Graham Dick。

I just wanted to circle back to one of Kevin's questions on M&A. I know you said that it's a pretty high bar right now and would have to be attractive on a lot of fronts. But I guess as you look out a few quarters, maybe a calmer environment, multiples return. What criteria achieves that bar for you? What makes the deal look good and something you would really consider financially and then I guess also like strategically?

我只是想回到凱文關於併購的問題之一。我知道你說過現在的標準相當高，而且必須在很多方面都具有吸引力。但我想，當你觀察幾個季度，也許是一個更平靜的環境時，倍數會回歸。您達到該標準的標準是什麼？是什麼讓這筆交易看起來不錯，並且你會在財務上真正考慮，然後我想在戰略上也會喜歡？

Okay. Well, I'll start with probably an answer, you don't want because it's not necessarily quantifiable or fit in a model, but I do. I shouldn't say that, you might still want it, but it's not as easy to model. From my experience and we've done a number of mergers now, I think the first thing that I look for is a good partner. I would want to make sure that our culture is -- cultures mesh. It doesn't mean our business models have to mesh, but our culture need to mesh. The winning period and good person at top and the team has a value that they can add.

好的。好吧，我將從一個可能的答案開始，你不需要，因為它不一定是可量化的或適合模型，但我願意。我不應該這麼說，你可能仍然想要它，但建模並不那麼容易。根據我的經驗，我們現在已經進行了多次合併，我認為我首先要尋找的是一個好的合作夥伴。我想確保我們的文化是—文化融合。這並不意味著我們的商業模式必須融合，而是我們的文化需要融合。勝利的時期和優秀的高層人員以及球隊都有可以增加的價值。

So the first thing that I personally look for how does that cultural fit our work. And we've been blessed with our deals, too. We've done thus far to be able to partner with people and for every deal that we've done, we've grown the footprint that we inherited. And that was because we were able to bring some larger balance sheet string to a team that already has capability. So we'll continue to look for that.

因此，我個人首先要考慮的是這種文化如何適合我們的工作。我們的交易也很幸運。到目前為止，我們所做的一切都是為了能夠與人們合作，對於我們所做的每一筆交易，我們都在擴大我們繼承的足跡。這是因為我們能夠為已經具備能力的團隊帶來一些更大的資產負債表。所以我們將繼續尋找這一點。

As I've kind of talked about before, I think our first priority would be end markets, something that brings some density to one of our markets and which would imply also kind of lower operational risk. Ideally, that's a lower loan-to-deposit ratio, which helps with the liquidity questions. I would say anything -- I would say our sweet spot is probably $0.5 billion to $1.5 billion, I think, in the market, $1.5 billion makes a lot of sense. I think we -- the model that we used in Houston, where we did about $0.5 billion works well for a new market, which is to do that. That's kind of a big enough that you have something real, but it's also not so big that it's a better franchise on a movement in a new market when that time comes.

正如我之前談到的，我認為我們的首要任務是終端市場，這會為我們的一個市場帶來一定的密度，這也意味著較低的營運風險。理想情況下，貸存比較低，有助於解決流動性問題。我想說任何話——我想說我們的最佳點可能是 5 億到 15 億美元，我認為，在市場上，15 億美元很有意義。我認為我們在休士頓使用的模型，我們在那裡投入了大約 5 億美元，對於新市場來說效果很好，就是為了做到這一點。這是一個足夠大的東西，你可以擁有一些真實的東西，但它也沒有大到那時它是新市場運動中更好的特許經營權。

As far as the financial metrics, clearly, we want to have a limited as possible payback period for something that's really strong and when times are normalized. I think we would look a 2.5-, 3-year payback as kind of the outside. And that would just be in kind of a special case if that would work for us. But in today's environment, something did happen to happen price-wise, I would expect it to be somewhat closer to a year in terms of payback. So I think one day once things normalize a little bit, you can obviously consider expanding that out forward a little bit. But again, since we don't have to do M&A, we probably will be a bit conservative on that.

就財務指標而言，顯然，我們希望在時間正常化的情況下，對真正強大的東西有盡可能有限的投資回收期。我認為我們會將 2.5 年、3 年的投資回收期視為外在因素。如果這對我們有用的話，那隻是一種特殊情況。但在今天的環境下，價格方面確實發生了一些事情，我預計投資回收期會更接近一年。所以我認為有一天，一旦事情稍微正常化，你顯然可以考慮將其向前擴展一點。但同樣，由於我們不必進行併購，因此我們可能會對此持保守態度。

The question everybody wants to know about dilution and these things all kind of balance each other out. And so the payback period is really probably more important than the dilution necessarily. But obviously, at a normal time, we want to keep that probably in the 3% to 5% range, but it all depends also on the size of the bank. So over $1.5 billion bank is going to be, Matt just tells you, that it's going to be easier to have a lower dilution than it was $1.5 billion opportunity. So has been our historic kind of markers, not necessarily good or bad pricing, but more how big is the bank relative to our current balance sheet. What other metrics might not be missing out on that, Greg, what do you think?

每個人都想知道關於稀釋的問題，而這些事情都是相互平衡的。因此，投資回收期實際上可能比稀釋更重要。但顯然，在正常情況下，我們希望將其保持在 3% 到 5% 的範圍內，但這也取決於銀行的規模。馬特只是告訴你，銀行規模將超過 15 億美元，與 15 億美元的機會相比，稀釋度更低會更容易。我們的歷史標記也是如此，不一定是定價的好壞，而是銀行相對於我們目前資產負債表的規模有多大。還有哪些指標可能不會被遺漏，格雷格，你覺得怎麼樣？

I think you covered it..

我想你已經覆蓋了..

Yes, so the most important thing to me is does it have a chance, a, culture, b, do we have an opportunity to be accretive from an earnings standpoint on a per share basis in a reasonable period of time. And ideally within the first 6 months, I would probably hope that we could -- or at least ideally within the first 6 months of enacting the changes that lead to the cost saves that gives you the earnings accretion.

是的，所以對我來說最重要的是它是否有機會，a，文化，b，我們是否有機會在合理的時間內從每股收益的角度實現增值。理想的情況是在前 6 個月內，我可能希望我們能夠——或者至少理想的是在實施變革後的前 6 個月內，從而節省成本，從而增加收入。

All my other questions have been answered. I appreciate it guys.

我所有其他問題都已得到解答。我很感激你們。

Thanks, everybody, for your coverage.

謝謝大家的報道。

That concludes our questions. I would like to now turn the call over to Jude Melville for closing remarks.

我們的問題到此結束。我現在想把電話轉給裘德·梅爾維爾做總結發言。

Well, just to reiterate, really proud of our team's efforts, and I wouldn't even say this quarter, this quarter in banking, it doesn't move that quickly, right? You had some -- have some action that you have to deal with in the current environment, but the real most important notes occur over a period of time and the kind of transition and our strategy and the achievement of some of our longer-term goals is something that we've been working on for quite some time. And we'll continue to work on, and this was a good quarter of progress towards attainment of those goals. And look forward to getting more done next quarter. Thank you all. I think that concludes our remarks. Thanks.

好吧，重申一下，我們為我們團隊的努力感到非常自豪，我什至不會說本季度，本季度的銀行業，進展沒有那麼快，對吧？在當前環境下，你必須採取一些行動，但真正最重要的說明是在一段時間內發生的，以及過渡的類型、我們的策略以及我們一些長期目標的實現這是我們已經努力了一段時間的事情。我們將繼續努力，這是實現這些目標的一個很好的季度進展。並期待下個季度完成更多工作。謝謝你們。我想我們的發言到此結束。謝謝。