Business First Bancshares Inc (BFST) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Chris and I will be your conference operator today. At this time, I would like to welcome everyone to Business first bank shares. Fourth quarter, 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Matt Sealy, Senior Vice President, Director of Corporate Strategy and FP&A. Matt. You may begin.

女士們、先生們，感謝你們的支持。我叫克里斯，今天我將擔任您的會議主持人。現在，我謹歡迎大家來到商業第一銀行股份。2024 年第四季財報電話會議。（操作員指示）現在，我想將會議交給資深副總裁、企業策略和 FP&A 總監 Matt Sealy。馬特。你可以開始了。

Thank you. Good morning and thank you all for joining. Earlier. Today, we issued our fourth quarter 2024 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.

謝謝。早安，感謝大家的加入。早些時候。今天，我們發布了 2024 年第四季度收益新聞稿，其副本可在我們的網站上查閱，同時附有我們將在今天的電話會議上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 Non-GAAP Financial measures for 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.

請參閱我們簡報的第 3 張投影片，其中包括有關前瞻性陳述和非公認會計準則財務指標的使用的安全港聲明，供透過電話加入的各位使用。請注意，幻燈片簡報可在我們的網站 www.b1bank.com 上找到。另請注意，我們的安全港聲明可在今天向美國證券交易委員會提交的收益新聞稿第 7 頁上找到。今天電話會議中的所有評論均受我們幻燈片演示和收益報告中的安全港聲明約束。

I'm joined this afternoon by Business First Bank shares. CEO and President, Jude Melville; Chief Financial Officer, Greg Robertson; Chief Banking Officer, Philip Jordan; and President of B1 Bank, Jerry Vasque.

今天下午我參加了商業第一銀行的股票交易。執行長兼總裁 Jude Melville；財務長 Greg Robertson；首席銀行長 Philip Jordan；以及 B1 銀行總裁 Jerry Vasque。

After the presentation, we'll be happy to address any questions you may have 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可能遇到的任何問題。我會把電話轉給你，裘德。

Thanks Matt. Good afternoon, everybody. I'd like to begin by saying thank you to everyone listening in today or reading the transcripts at some future date. We know you have choices to make when it comes to allocating your attention and we appreciate you prioritizing our company.

謝謝馬特。大家下午好。首先，我要向今天聆聽以及將來閱讀本演講稿的所有人表示感謝。我們知道，在分配您的注意力時您需要做出選擇，我們感謝您優先考慮我們的公司。

2024 was a significant year for us. One in which we not only made but numerically demonstrated material progress towards goals that we've articulated in this forum over past quarters. And the fourth quarter was a particularly nice capstone to our efforts over the course of the year.

2024 年對我們來說是重要的一年。我們不僅取得了進展，而且從數字上證明了我們在過去幾個季度中在這個論壇上闡明的目標方面取得了實質進展。第四季是我們全年努力的一個特別好的頂點。

Over 2024 we grew our client base while exercising discipline, loan and deposit pricing, generating another quarter of double digit basis point expansion of our net interest margin which topped off on nearly 30 basis point expansion since our trough in the first quarter, helping us to achieve a sustainable over 3.5% core. Now, sooner than expected, we continued our focus on expense management leading to greater structural profitability even while continuing to invest in key technology platforms and adding seasoned employees as we prepare internally for a responsible approach towards $10 billion in assets.

2024 年，我們在嚴格執行貸款和存款定價紀律的同時，擴大了客戶群，使淨息差再度實現兩位數基點擴大，自第一季低谷以來，淨息差已擴大近 30 個基點，幫助我們實現了可持續的 3.5% 以上的核心目標。現在，我們比預期更早將重點放在費用管理上，從而提高結構性盈利能力，同時繼續投資關鍵技術平台並增加經驗豐富的員工，為我們內部準備以負責任的方式實現 100 億美元資產的目標。

Over the next few years, we funded our portfolio of increasingly diversified loans with even stronger core deposit growth, improving the mix of both sides of the balance sheet, reducing CRE and C&D concentrations markedly while also maintaining strong asset quality, increasing our loan loss reserve to 0.98% not including our remaining loan discount from previous acquisitions.

在接下來的幾年裡，我們透過更強勁的核心存款成長為日益多樣化的貸款組合提供資金，改善資產負債表兩邊的組合，顯著降低CRE和C＆D集中度，同時保持強勁的資產質量，將我們的貸款損失準備金提高到0.98％，不包括我們之前收購的剩餘貸款折扣。

Even while we diversify by type of credit asset, we also continue to diversify geographically with over 40% of our exposure. Now in the Dallas and Houston markets, we demonstrated traction in our various non interest income revenue sources including building out the infrastructure of our correspondent banking function, serving over 100 bank clients, growing income from SPA and interest rate swap provisioning.

即使我們以信貸資產類型進行多樣化，我們也繼續按地域進行多樣化，我們的投資比例超過 40%。現在在達拉斯和休士頓市場，我們展示了各種非利息收入來源的吸引力，包括建立我們的代理銀行功能的基礎設施，為超過 100 家銀行客戶提供服務，增加來自 SPA 和利率互換撥備的收入。

In addition to normal organic operations over the course of the year, we successfully took advantage of opportunities to complete two mergers, one whole bank acquisition of Oakwood Bank in Dallas and one non bank transaction and SBA loan service provider out of Houston. In both cases, we're either on track or ahead of forecasts on earnings impact employee and client retention, earn back periods and minimization of tangible book value dilution.

除了全年正常的有機營運外，我們還成功利用機會完成了兩次合併，一次是對達拉斯 Oakwood Bank 的整體收購，另一次是對休士頓的一家非銀行交易和 SBA 貸款服務提供商的收購。在這兩種情況下，我們在收益影響員工和客戶保留、獲利回收期和有形帳面價值稀釋最小化方面的目標要么達到預期，要么超出預期。

We accomplished both these acquisitions without the need of additional capital and finish the year with a higher [TCE] ratio, higher [TBV] per share, higher tier one leverage ratio and a stable total risk based capital ratio. It was a solid constructive quarter and a solid constructive year And I congratulate our team for all the work that went into it.

我們在不需要額外資本的情況下完成了這兩次收購，並以更高的 [TCE] 比率、更高的每股 [TBV]、更高的一級槓桿率和穩定的總風險資本比率結束了這一年度。這是一個堅實而富有建設性的季度，也是一個堅實而富有建設性的一年，我祝賀我們團隊為此所付出的所有努力。

What I'd like to emphasize in closing is that while this was a solid year, it was not a unique year in terms of our priorities, which will continue to be our points of emphasis in the 2025 and beyond healthy diversified growth within our capacity for capital generation. A focus on liquidity and capital accretion. Continued focus on developing a growing set of robustly served clients and preparation through investments, prioritization of revry relationships, reputation and balance sheet structuring so that we may continue seizing opportunities as they present themselves as we're confident they will, but that'll turn it back over to you now.

最後，我想強調的是，雖然這是堅實的一年，但就我們的優先事項而言，這並不是獨特的一年，我們的重點仍將是 2025 年及以後的健康多元化增長（在我們的資本創造能力範圍內）。重點在於流動性和資本增值。繼續專注於發展一群不斷成長的、服務強勁的客戶，並透過投資、優先考慮重組關係、聲譽和資產負債表結構做好準備，以便我們能夠繼續抓住機遇，我們有信心，但現在將把權力交還給您。

Great. I'll give you a give you a view on the floor to you to kind of go over more detail.

偉大的。我將向你們提供現場視圖，以便你們更詳細地了解情況。

Thanks, Matt, thanks, Jude and good afternoon. Everyone. As Jude mentioned in his remarks, the fourth quarter marked a strong end to a productive year. I'll spend a few minutes reviewing our results and we'll discuss our updated outlook before we open up for Q&A fourth quarter, GAAP net income and EPS available to sign the shareholders of $15.1 million and included $4.8 million onetime provision related to the Q foreclosing in Oakwood $168,000 merger related expense, $463,000 core conversion related expense and a $21,000 gain on sale securities excluding these non core items, non-GAAP core net income and EPS available to common orderers was $19.5 million and $0.66.

謝謝，馬特，謝謝，裘德，下午好。每個人。正如裘德在演講中提到的那樣，第四季度為富有成效的一年畫上了圓滿的句號。我將花幾分鐘回顧我們的業績，並在開始問答環節之前討論我們的最新展望。 ，非 GAAP 核心淨收入和可供普通股訂購者的 EPS 分別為 1,950 萬美元和 0.66 美元。

From our perspective. Fourth quarter, results were highlighted by solid core margin expansion, disciplined expense management continued execution non interest revenue, business segments and discipline balance sheet growth.

從我們的角度來看。第四季的業績亮點包括核心利潤率穩健擴大、嚴格的費用管理、非利息收入持續執行、業務部門和嚴格的資產負債表成長。

Total loans held for investment increased $761.3 million or 58% annualized during the fourth quarter, excluding acquired Oakwood loans. During the quarter, organic growth was $62.8 million or 4.8% annualized loan growth from the linked quarter was largely attributable to net growth in the C&I portfolio of $54.3 million and $20.8 million in the residential 1 to 4 family portfolio. While construction loans declined by $31.9 million link quarter.

第四季度，不包括收購的 Oakwood 貸款，持有的投資貸款總額增加了 7.613 億美元，年化成長率為 58%。本季度，有機成長為 6,280 萬美元，較上季成長 4.8%，這主要歸因於 C&I 投資組合的淨成長 5,430 萬美元以及住宅 1 至 4 戶家庭投資組合的淨成長 2,080 萬美元。建築業貸款季減 3,190 萬美元。

Organic production was led by our Southwest Louisiana and Greater New Orleans region which accounted for all of the net loan growth for the linked quarter based on unpaid principal balances. Texas based loans represent approximately 41% of the overall loan portfolio. As of December 31, 2024 total deposits increased $870.4 million or 61.4%. Annualized quarter over quarter excluding acquired acquired deposits from Oakwood organic deposit growth for the quarter was $156.8 million or 11.1%.

有機生產由我們的西南路易斯安那州和大新奧爾良地區主導，該地區佔相關季度基於未付本金餘額的所有淨貸款增長。德州的貸款約佔整體貸款組合的 41%。截至 2024 年 12 月 31 日，總存款增加了 8.704 億美元，增幅為 61.4%。本季度，Oakwood 有機存款成長不包括收購存款，較上季年化成長率為 1.568 億美元，即 11.1%。

Annualized organic deposit growth for the quarter was highlighted by increases in money market deposits of $51.8 million and $33.3 million net growth in non interest bearing deposits. With the remainder of the growth being attributed to the bank's seasonal inflow of municipality deposits.

本季年化有機存款成長主要體現在貨幣市場存款增加 5,180 萬美元以及無息存款淨成長 3,330 萬美元。其餘成長歸因於該銀行季節性的市政存款流入。

Fourth quarter funding costs benefited from a full quarter impact of the Federal Reserve September rate cut and partial quarter impact of the November and December rate cuts. We are pleased with our ability to manage down our deposit rates while still generating posi positive deposit growth and lowering our loan to deposit ratio. Total interest bearing deposit costs declined by 29 basis points from the linked quarter highlighted by 44 basis points quarter over quarter reduction in overall cost of now accounts and a 41 basis point reduction in the overall cost of money market accounts notably the weighted average total cost of deposits for the fourth quarter was 2.81% down 13 basis points from the length.

第四季的融資成本受益於聯準會9月降息的整個季度影響以及11月份和12月份降息的部分季度影響。我們很高興能夠降低存款利率，同時仍能實現存款正成長並降低貸存比。總計息存款成本較上季下降 29 個基點，其中活期帳戶總成本較上季下降 44 個基點，貨幣市場帳戶總成本下降 41 個基點，值得注意的是，第四季存款加權平均總成本為 2.81%，較上季下降 13 個基點。

While December, the December weighted average cost of total deposits was 2.68%. We are encouraged this trajectory will bode well for us as we enter the new year, total non interest bearing deposits represent 20.8% of total deposits as of December 31, 2024 slightly down from 21.1% in the link quarter, but remain line with their expectations at the end of 2024 and to end 2024 in the low 20% range, we think the composition of non interest bearing deposits should hold relatively constant in the low 20% range for the foreseeable future.

12月份，總存款12月份加權平均成本率為2.68%。我們很高興看到，在進入新的一年時，這一軌跡對我們而言是個好兆頭，截至 2024 年 12 月 31 日，無息存款總額佔總存款的 20.8%，略低於環比季度的 21.1%，但仍符合他們在 2024 年底和 2024 年底的預期，在 20% 的預期內保持相對穩定。

Our GAAP reported fourth quarter net interest margin expanded 10 basis points linked quarter from 3.51 to 3.61. While the non-GAAP core net interest margin excluding purchase accounting accretion also increased 10 basis points during the quarter from 3.46% to 3.56%. fourth quarter. Net interest income and net interest margin reflect the first full quarter impact of both balance sheet, both GAAP and core margin for the quarter expanded more than we expected due to the improved funding costs.

我們根據 GAAP 報告的第四季淨利差環比擴大了 10 個基點，從 3.51 擴大至 3.61。而不包括購買會計增值的非 GAAP 核心淨利差在本季也增加了 10 個基點，從 3.46% 增加到 3.56%。第四季。淨利息收入和淨利差反映了兩個資產負債表對第一季的影響，由於融資成本的改善，本季的 GAAP 和核心利潤率均超出我們的預期。

Previously mentioned, the discipline pricing on new loan production. I think it's worth noting that our overall deposit beta for the fourth quarter reflecting just the September rate cut was, was 51% considering full quarter impact of the late Q4 rate cuts. We would expect deposit costs to continue to decline in the near term will be affected by our ability to retain and attract lower cost and deposits and non interest bearing deposits.

前面提到過，新貸款產生的定價紀律。我認為值得注意的是，考慮到第四季末降息對整個季度的影響，我們第四季的整體存款貝塔係數僅反映 9 月的降息，為 51%。我們預計存款成本在短期內將繼續下降，這將受到我們保留和吸引低成本存款和無息存款的能力的影響。

I would like to make a note of a few takeaways to slide 21 in our investor presentation including Oakwood, we continue to see 45% to 55% overall deposit pay as achievable. I would also like to point out overall core city D balance increase from 90% to to 90% during December, up from 83% in September. This impressive statistic reflects our team's continued focus on maintaining and retaining core deposit relationships.

我想記下我們投資者簡報第 21 頁中的幾個要點，包括 Oakwood，我們繼續看到 45% 至 55% 的整體存款支付是可以實現的。我還想指出，核心城市 D 的整體餘額從 9 月的 83% 增加到 12 月的 90%。這令人印象深刻的統計數據反映了我們的團隊持續致力於維護和保留核心存款關係。

As you also see on slide 22, we have approximately $2.5 billion floating rate loans at approximately 7.75 weighted 7.75% weighted average rate, but also have approximately $600 million fixed rate, $600 million in fixed rate loans maturing over the next 12 months at a weighted average rate of 6.43% which we would expect to reprice in the mid 7% range. Last thing I would add in our expectations for loan discount accretion to average approximately $700,000 to $800,000 per quarter. Moving forward, moving on to the income statement. GAAP non interest expense was $49.6 million and included $168,000 of acquisition related expense of $463,000 conversion related expense, core non interest expense for the fourth quarter of $48.9 million and increased approximately $7.3 million link quarter due to the full impact of Oak Oakwoods expense base and some seasonality. Around year end, we would expect continued increase in our core expenses in the first quarter due to further seasonality around year end.

正如您在第 22 頁上看到的，我們有大約 25 億美元的浮動利率貸款，加權平均利率約為 7.75%，但也有大約 6 億美元的固定利率貸款，6 億美元的固定利率貸款將在未來 12 個月內到期，加權平均利率為 6.43%，我們預計該利率將在 7% 的中間區間定價。最後我要補充的是，我們預期貸款折扣增量平均每季約 70 萬至 80 萬美元。接下來，我們來看損益表。GAAP 非利息支出為 4,960 萬美元，包括 168,000 美元的收購相關費用和 463,000 美元的轉換相關費用，第四季度的核心非利息支出為 4890 萬美元，由於 Oak Oakwoods 費用基礎的全面影響和一些季節性因素，環比增加約 730 萬美元。由於年底的季節性因素，我們預計第一季的核心支出將繼續增加。

We also think that that the current consensus outlook for core expenses in the low $50 million per quarter range is reasonable. I would like however like to remind folks that given the late 2025 conversion, we're hopefully franchise. We do not expect material cost savings during the year four quarter. GAAP in core non interest income was $11.9 million and $11.8 million respectively.

我們也認為，目前對每季核心支出約 5,000 萬美元的普遍預期是合理的。不過，我想提醒大家，考慮到 2025 年末的轉換，我們希望獲得特許經營權。我們預計今年第四季不會出現材料成本節約。以 GAAP 計算的核心非利息收入分別為 1,190 萬美元和 1,180 萬美元。

GAAP results did include $21,000 gain on sale of securities non interest income results for the third quarter did come in slightly better than we had expected and was driven by and the contribution from our newly formed customer swap business line which generated approximately $1.3 million in revenue during the quarter.

GAAP 業績確實包括出售證券非利息收入的 21,000 美元收益，第三季度的業績確實略好於我們的預期，這得益於我們新成立的客戶掉期業務線的貢獻，該業務線在本季度創造了約 130 萬美元的收入。

Fourth quarter did benefit from a one off Holy death benefit of $300,000 as well. We do view Q3, Q3 core non interest income is a good run rate going forward as well as Q4 expect our non interest income to continue to trend to trend with the upward trajectory. That will be bumpy as we've mentioned before.

第四季也受惠於 30 萬美元的一次性神聖死亡撫卹金。我們確實認為第三季的核心非利息收入將有一個良好的運行率，並且預計第四季度我們的非利息收入將繼續呈現上升趨勢。正如我們之前提到的，這將會很坎坷。

That concludes my prepared remarks and I'll hand it back over to you.

我的準備好的發言到此結束，我將把發言權交還給你們。

We're prepared to take questions now. It's been a good solid year that we're proud of and we're as excited about 2025 as we've ever been.

我們現在準備好回答問題。這是豐碩的一年，我們對此感到自豪，我們對 2025 年也充滿期待。

Thank you. We will now begin the question and answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指令）

Matt Olney, Stephens.

馬特奧爾尼、史蒂芬斯。

Hey, thanks. Good afternoon guys.

嘿，謝謝。大家下午好。

Yeah, I did. Thanks. I'll start on the margin really good momentum on that core margin the fourth quarter. Results on both on reported and core based on that commentary that Greg provided around deposit cost, competition and loan yield. It feels like this momentum can continue. At least the first few quarters of 2025 we would love to hear any additional thoughts you have around the margin next few quarters.

是的，我做到了。謝謝。我將從第四季的核心利潤率開始，看到非常好的利潤動能。根據 Greg 對存款成本、競爭和貸款收益提供的評論，報告和核心的結果均基於此。感覺這種勢頭還可以持續下去。至少在 2025 年的前幾個季度，我們很樂意聽到您對未來幾季利潤的任何其他想法。

Yeah, I think Matt, thanks for the question. I think you're right. I think we'll, we're, our plan is to continue to grind out low to mid single digit margin expansion throughout the year, maybe a little more in the, in the beginning of the year because we probably hadn't, as I mentioned, I got the full impacts of the last rate cut. But that that's the plan. But you know, the key obviously is to continue to, to track and grow deposits organically. If we can, can do that, like we've been in full rate, loan rates steady, we should see some continued expansion.

是的，我想，馬特，謝謝你的提問。我認為你是對的。我認為，我們的計劃是全年繼續努力實現低至中等個位數的利潤率擴張，也許在年初會多一點，因為正如我提到的，我們可能還沒有充分感受到上次降息的影響。但這就是計劃。但你知道，關鍵顯然是繼續追蹤並有機地增加存款。如果我們能夠做到這一點，就像我們一直保持全額利率、貸款利率穩定一樣，我們應該會看到持續的擴張。

Okay? And then I guess also looking for any kind of commentary you have around loan yields, loan pricing. Just the competition out there. I would think at some point this year we'll see some other banks get more aggressive on some of their loan pricing. Is, is that something you're, you're, you're seeing yet in any signs of that, this far.

好的？然後我想您也想看看我對貸款收益率、貸款定價有何評論。只是那裡的競爭。我認為今年某個時候我們會看到其他一些銀行在某些貸款定價方面採取更激進的措施。是的，您到目前為止，是否已經看到了任何這樣的跡象？

I'll talk about, kind of what we've seen so far and maybe I'll let Philip or Jerry make a comment about what they're seeing with the pipeline. You know, we are weighted average for production new and renewed for the fourth quarter was about 758. So still holding in line nicely where, where we think we should be. I would expect you're right, the challenge will be the competition. Some, some of our competition may decide to get more aggressive. And, and we'll have to deal with that on a one off basis. I don't think that changes are focused on, growing relationships and making sure the whole relationship is priced the right way.

我會談論我們目前所看到的情況，也許我會讓菲利普或傑瑞對他們所看到的管道發表一些評論。您知道，我們第四季新產量和續產量的加權平均數約為 758。因此，我們仍然堅持我們認為應該堅持的方向。我希望你是對的，挑戰就是競爭。我們的一些競爭對手可能會決定變得更具攻擊性。而且，我們必須一次處理這個問題。我認為改變的重點並不是發展關係和確保整個關係的定價正確。

But I'll let Jerry Phillip Yeah, I would, I would say.

但是我會讓傑瑞·菲利普，是的，我會的，我會說。

Matt, obviously it's always a very competitive environment. And now is no different, but I do think that we have been pretty consistent over the year. We have some new software as far as our pricing capabilities where we're able to, as Greg said, take in consideration the entire relationship. So those with you know, significant deposit relationships, etcetera, we're able to be very competitive and retain those relationships. So our bankers do a good job of pulling a lot.

馬特，顯然這一直是一個非常競爭的環境。現在也沒有什麼不同，但我確實認為我們一年來一直保持相當一致的態度。就定價能力而言，我們有一些新軟體，正如格雷格所說，我們能夠考慮整個關係。因此，對於那些擁有大量存款關係的客戶等等，我們能夠保持強大的競爭力並維持這些關係。所以我們的銀行家在拉動很多事情方面做得很好。

Yeah, I would, I would just add, I think this year was a good illustration of our willingness to exercise discipline when it comes to trade offs between growth and margin.

是的，我想補充一點，我認為今年很好地證明了我們願意在成長和利潤之間的權衡中保持紀律。

And we certainly will continue growing and plan to continue growing and want to grow. But we also recognize that over the long term, we'll create more value by maintaining pricing discipline even while we grow, even if it's at a more moderate pace. So, it's not just what will the market give us, it's also how we will allocate our capital.

我們肯定會繼續發展、計劃繼續發展、並且希望繼續發展。但我們也意​​識到，從長遠來看，即使在成長速度較為溫和的情況下，我們也可以透過維持定價紀律來創造更多價值。因此，這不僅關乎市場會給我們什麼，也關乎我們如何分配我們的資本。

And I think, I think we are more prepared than ever both in terms of our mindset and in terms of our data availability, given the technological advancements that we've made to, to be able to think through those choices. And, and so we certainly will continue to grow and plan on being a large organization in the future, but we want to do it the right way and I think here has been a good transition for us mindset wise. And what we look, we'll look to continue to think through those trade offs.

我認為，考慮到我們所取得的技術進步，無論是在思維方式方面還是在數據可用性方面，我們都比以往任何時候都更有準備，能夠仔細考慮這些選擇。因此，我們肯定會繼續發展，並計劃在未來成為一個大型組織，但我們希望以正確的方式去做，我認為這對我們的思維方式來說是一個很好的轉變。我們將會繼續仔細思考這些權衡。

Yeah. Okay. And then just lastly for me, I guess on the fee income side, we just saw some really strong growth throughout the year from a, several different sources. I think you mentioned this past quarter. It was a customer swap group that contributed nicely. I guess just kind of want to look forward to 25 and Greg in your commentary, I think you said that the third quarter run rate is the best quarter to kind of consider for our, our forecast. That did I hear that right. And then any general commentary about what, what drivers you expect, what different groups and teams you expect to drive that fee income growth in 2025.

是的。好的。最後，對我來說，在費用收入方面，我們從幾個不同的來源看到了全年真正強勁的成長。我記得您提到過上個季度。這是一個做出了很大貢獻的客戶交換小組。我想只是想期待 25 和 Greg 在您的評論中，我認為您說第三季的運行率是我們預測的最佳考慮季度。我聽得沒錯。然後您能不能談談您預期的驅動因素、預計哪些不同的團體和團隊將在 2025 年推動費用收入成長。

Matt, I think what we could expect is that, I may have said Q3, but I think it's Q3 and the, and the bill, the Q4 at $11.8 million in Q4 is what we produced and, and I think that's a good run rate to think about how we're going to go forward. I think somewhere you're going to see from [40 million to 50 million] per year end to '25. You know, as we mentioned, it might be bumpy getting there because there's going to be different contributors along the way as those build businesses kind of build out and continue to round out. But I think ending the year between [40 million and 50 million] maybe closer to 50 is probably what, what the non interest income target would be.

馬特，我認為我們可以預期的是，我可能說過第三季度，但我認為是第三季度，而第四季度的賬單為 1,180 萬美元，這是我們生產的，我認為這是一個很好的運行率，可以考慮我們將如何前進。我認為到 2025 年每年的銷售額將會在 [4,000 萬到 5,000 萬] 之間。你知道，正如我們所提到的，實現這一目標的過程可能會很坎坷，因為在這一路上會有不同的貢獻者，因為這些貢獻者會建立業務並不斷完善。但我認為，今年年底的非利息收入目標應該在 [4,000 萬至 5,000 萬] 之間，或更接近 5,000 萬。

Yeah, the important thing for us here is what we're trying to do is build an infrastructure that provides multiple opportunities for that growth so that no one product set or no one function has to consistently all perform. But we can, we can kind of work together on how we get to where we want to go. And I&I think the SBA platform and the swaps are, are a good example of maybe even different reactions to interest rate movements. You know, as come down a little more and they're more stable, maybe the SPA has more of an opportunity to pick up.

是的，對我們來說，重要的是我們要嘗試建立一個能夠為這種成長提供多種機會的基礎設施，這樣就不會有一套產品或一項功能需要一致地執行。但我們可以，我們可以共同努力，達到我們想要的目標。我認為 SBA 平台和掉期是對利率變動做出不同反應的一個很好的例子。您知道，隨著價格進一步下降並且更加穩定，SPA 也許將有更多的機會回升。

Whereas in a higher rate environment that begins to limit some of your SPA opportunities. But perhaps the opportunities aren't as great in a, in a more comfortable interest rate environment for everybody. So hopefully, hopefully we're, we're adding enough different components to our non interest income that in any given quarter, we'll see a continued increase. But as Greg said, it's, harder to predict than than interest rate margins. And so I might see a little volatility but we feel really a bullish on our opportunity when it comes to non interest income over the course of 2025.

而在較高利率的環境下，這會開始限制您的一些 SPA 機會。但在一個對所有人都更舒適的利率環境下，機會可能並沒有那麼好。因此，希望我們能夠在非利息收入中添加足夠多的不同部分，以便在任何一個季度，我們都能看到持續的成長。但正如格雷格所說，它比利率差更難預測。因此，我可能會看到一點波動，但就 2025 年非利息收入而言，我們對機會非常樂觀。

Yeah, I would add. One thing. I think our markets and. Our bankers out there really gathered a really good command of the ship and right environment and a little more you know, normalized yield curve creates new and different opportunities. So I think it's nice to have the tools we've got the SB a swaps, kind of driving some opportunities for clients. So it's, it's been nice to watch the strategy kind of take hold as we prepare for a normalized.

是的，我想補充一下。有一件事。我認為我們的市場和。我們的銀行家確實對情況和正確的環境有著很好的掌控，更重要的是，標準化的殖利率曲線創造了新的和不同的機會。因此，我認為擁有 SB 交換工具是件好事，可以為客戶帶來一些機會。因此，當我們為正常化做準備時，很高興看到這項策略得以實施。

And, in a similar vein with the thinking about our bankers that are out there, I think this was a good year in terms of confidence building in the product side. So these are now these are new tools and not too new to the industry, but, but a focus on them is new to us and, and that's really been a 68 quarter journey.

而且，與我們銀行家的想法類似，我認為從產品的信心建立來看，今年是很好的一年。所以這些都是新的工具，對行業來說並不太新，但是，關注它們對我們來說是新的，這確實是一段 68 個季度的旅程。

And so I think by the end of 2024 we began to see bankers think about it more often. And, and, and begin to recognize that there are incentive opportunities and, and the ways that we can serve clients more robustly than they might have thought two or three years ago. So I'm, partly it's the yield curve does make a difference as Jerry pointed out. But I think also our, our institutional knowledge and our institutional confidence will lead to more business in 2025 regardless.

因此我認為到 2024 年底，我們會開始看到銀行家更頻繁地考慮這個問題。並且，並且，我們開始認識到，存在著激勵機會，以及我們可以比兩三年前想像的更有力地為客戶服務的方式。因此，正如傑瑞指出的那樣，部分原因是殖利率曲線確實產生了影響。但我認為，無論如何，我們的機構知識和機構信心都將在 2025 年帶來更多的業務。

Yeah.

是的。

Okay, guys, I appreciate the commentary and congrats on the year. I'll step back.

好的，夥計們，我很感謝您的評論，並祝賀您今年的成就。我就退後一步。

Michael Rose, Raymond James.

麥可羅斯、雷蒙詹姆斯。

Hey, good afternoon, everyone. Thanks for taking my questions. Just wanted to get a little more color on this quarter's C&I growth. It was really strong on an organic basis. Just trying to understand if you know, that was more kind of line driven or, just customer growth. And then if you can kind of you know, shape up the pipelines for us and, and maybe June, if you can just discuss the kind of competition within the different regions and you know, if there's any hiring plans as we kind of contemplate a 2025 loan growth outlook. Thanks.

嘿，大家下午好。感謝您回答我的問題。只是想進一步了解本季的 C&I 成長情況。從有機基礎來看，它的實力確實很強大。只是想了解一下，您是否知道，這更多的是一種線路驅動，或者只是客戶成長。然後，如果您能為我們整理一下管道，也許在六月，您可以討論一下不同地區的競爭情況，以及是否有任何招聘計劃，因為我們正在考慮 2025 年的貸款成長前景。謝謝。

Yeah, I would say. Greg mentioned that we had some success in our Southwest and, and New Orleans Markets. And actually I volume is a little low. If I heard your first part of your question correctly, I would say that it was. A little bit of both. We had deepening of some existing relationships on C&I, but I picked up some new new customers, but definitely focus on. That as we transition and down. Shifted more on. I'm sorry, strong focus on that CN I, but some really good wins.

是的，我想說。格雷格提到我們在西南部和新奧爾良市場取得了一些成功。事實上我的音量有點低。如果我沒聽錯你問題的第一部分，我會說是的。兩者都有。我們加深了與 C&I 的一些現有關係，但我也獲得了一些新客戶，但我肯定會集中精力。這就是我們轉變和下降的過程。轉移更多。很抱歉，我主要關注的是 CN I，但也取得了一些確實不錯的勝利。

And I would just say that, I don't know that our c and I has increased as much as, it appears so on a relative basis. Right? So what we talked about, let's say six quarters ago was down shifting growth a little bit, but we felt like most of the down shifting would come through.

我只想說，我不知道我們的 c 和 I 是否增加了那麼多，相對而言似乎如此。正確的？因此，我們所討論的是，假設六個季度前經濟成長略有放緩，但我們覺得大部分放緩都會實現。

Less of a focus on construction and CRE and we all like the C&I core business that we have would continue to perform. And that's really kind of what we've seen is that, is that, that's been the case. So not necessarily an outlier quarter, I think the whole year has been pretty representative of the fact that C&I has, has been relatively stable in terms of its production, but because of the shift in focus, it's taken all up really the pole position that we wanted, we've always wanted it to, when you think about being a business bank.

我們不太關注建築和商業房地產，我們都希望我們現有的商業和工業核心業務能夠繼續表現良好。這正是我們所看到的，情況確實如此。因此，這不一定是一個異常的季度，我認為全年相當有代表性，表明 C&I 在生產方面一直相對穩定，但由於重點的轉移，它真正佔據了我們想要的杆位，當你想到成為一家商業銀行時，我們一直都希望如此。

I think it's important that you're, you have a robust set of offerings and, and and not just do the real estate, although we of course, feel very comfortable doing the real estate as well. But so excited about that and see that as a continued opportunity for us and, always, we have we have tried to focus on C&I so that we could get the benefits of a more robust deposit relationship. And so part of our success in the and deposit generation this year and in particular, in the fourth quarter has been focused on C&I relationships, not for the types of loans, but for the holistic banking relationship. And we still see, we think we are a little bit differentiated from other community banks in our ability to conduct that type of business and, and not just to do it but to do it right. You know, we have we have internal auditing capabilities that, that we've invested in over the years and, and you know, we recognize that it has a different risk profile and I just want to be sure that we're, that we're not doing it just for the sake of doing it but doing it because because we're good at it, I think that's a little bit of a, a little bit of, a little bit of a mode again because most community banks aren't making the same investments.

我認為重要的是你要有一套強大的產品和解決方案，而不僅僅是做房地產，儘管我們當然也對做房地產感到滿意。但我們對此感到非常興奮，並將其視為我們的持續機遇，而且我們始終致力於專注於 C&I，以便能夠從更穩健的存款關係中獲益。因此，我們今年（特別是第四季）在存款方面的成功部分來自於對 C&I 關係的關注，不是貸款類型，而是整體的銀行關係。我們仍然認為，我們在開展此類業務的能力上與其他社區銀行略有不同，而且我們不僅能做，而且能做好。您知道，我們擁有內部審計能力，多年來我們一直在投資這些能力，您知道，我們認識到它具有不同的風險狀況，我只是想確保我們這樣做不是為了做而做，而是因為做我們擅長做，我認為這又有點像一種模式，因為大多數社區銀行並沒有進行相同的投資。

I can remember. Seems like every three or four years we all talk about doing C&I lending, but it doesn't really change in general. But we have chosen to make some investments as the banks haven't made and I think that's paying off.

我記得。似乎每隔三、四年我們都會談論做 C&I 貸款，但總體來說並沒有真正改變。但我們選擇進行一些銀行尚未進行的投資，我認為這是有回報的。

Michael. I will say that one other detail, that kind of highlights. Your question is at the end of Q1 of 23 we were about 120% concentrated in C&D as a percentage of capital. And in real time, we finished the fourth quarter at about 78%. So that, that decline in the C&D book and, and the total CRE number from 275 to 254 over that same time frame actually kind of highlights what you were saying is that, I don't know that our focus is any different. It's just that when you're unwinding the C&D book specifically, as we noted in the quarter as well. But this is, this is not the first quarter that that's happened. And that was, that's my design.

麥可。我要說的是另一個細節，那種亮點。您的問題是，截至 23 年第一季末，我們的資本中 C&D 的集中度約為 120%。實際上，我們第四季的完成率約為 78%。因此，在同一時間範圍內，C&D 帳簿的下降以及 CRE 總數從 275 降至 254 實際上凸顯了您所說的內容，我不知道我們的重點是否有任何不同。正如我們在本季所指出的那樣，當您具體解除 C&D 帳簿時就會發生這種情況。但這並不是第一次發生這種情況。這就是我的設計。

As well. I would say also Michael, the second part of your question about hiring, we don't have ambitious hiring goals this year. We feel like we have capacity internally. We'll, we'll continue to add bankers when we think they're a good cultural fit and we'll continue to have those conversations, but we believe that our, our growth opportunities exist within our current set of bankers and with some incremental additions over the course of the year.

也一樣。邁克爾，我想說，你問題的第二部分是關於招聘，我們今年沒有雄心勃勃的招聘目標。我們覺得我們內部有能力。當我們認為他們能夠很好地適應公司文化時，我們將繼續招募銀行家，我們也將繼續進行這些對話，但我們相信，我們的成長機會存在於我們現有的銀行家中，並且會在今年內逐步增加一些銀行家。

But you know, there was a point maybe three years ago where we, where we were growing 2,530 bankers a year and, and we feel like we've achieved a certain level of platform from which we're able to, to grow more by adding support staff and making sure that our processes and procedures are adapting as we grow. And, and so we think we have more institutional capability to grow without necessarily going on a hiring spree in order to do so.

但您知道，大概三年前，我們每年增加 2,530 名銀行家，並且我們覺得我們已經達到了一定的平台水平，我們能夠透過增加支援人員並確保我們的流程和程序隨著我們的發展而適應，從而實現進一步發展。因此，我們認為，我們擁有更強的機構能力來實現成長，而不必為了實現成長而大舉招募。

But with that said, we're always looking for good partners and, and certainly we'll continue to add, but we'll do so when it, when it's right and not, not just because we need to grow.

但話雖如此，我們一直在尋找好的合作夥伴，當然我們會繼續增加，但我們會在合適的時候這樣做，而不是只是因為我們需要成長。

I appreciate all that color. Sorry, I asked a couple of questions in one there. I think last quarter, you kind of talked about a mid single digit loan growth forecast. Any reason that that would change just given some of the momentum that you mentioned. And yeah, I was just.

我很欣賞所有這些顏色。抱歉，我在這裡問了幾個問題。我認為上個季度您談到了中等個位數的貸款成長預測。鑑於您提到的一些勢頭，這種情況發生改變的任何理由。是的，我剛才就是這樣。

Out there. No, no, I think, I think you can still count on, count on that. We you know, again, it's one thing to be able to produce the loans, but it's also, it's another thing to think about how that relates to your capital structure and how it relates to your organic core deposit growth. And we want to make sure that we maintain balance between all three components. So that's still our, our our intention for the year.

在那裡。不，不，我想，我想你仍然可以指望，指望這一點。我們知道，能夠提供貸款是一回事，但考慮它與你的資本結構以及你的有機核心存款成長之間的關係又是另一回事。我們希望確保三個組成部分之間保持平衡。所以這仍然是我們今年的目標。

Okay, great. And then maybe just one quick final one for me just on the cost savings related to the deal. Any, any changes and expect expectations there. Or is it all kind of status quo?

好的，太好了。最後我再簡單問一下與這筆交易相關的成本節約問題。任何、任何變化以及預期的期望。還是這一切都是現狀？

It's all status quo. We won't, we're doing our core conversion in May and then we won't convert them until September. So we're not modeling in any cost saves, material cost saves for 2025 from the Oakwood acquisition that should set us up for 26 to, to pull through what we had, what we had to advertise that announcement.

一切都維持現狀。我們不會，我們將在五月進行核心轉換，然後直到九月才會進行轉換。因此，我們沒有模擬透過收購 Oakwood 來實現 2025 年的任何成本節約、材料成本節約，而這應該能讓我們 26 年來克服困難，實現我們所擁有的，以及我們必須宣傳該公告的一切。

Great. I'll step back. Thanks for taking my questions.

偉大的。我就退後一步。感謝您回答我的問題。

Feddie Strickland, Hovde Group

費迪·斯特里克蘭（Feddie Strickland），Hovde 集團

Hey, good afternoon. Just wanted to start on the borrowing. I saw you reduced borrowings by about $10.3 million this quarter. Can you just talk about how you, how you think about those going forward and whether there's any, major upcoming maturities that you potentially pay down or, or kind of how you want to use borrowing and also funding in general over the course of the next year or so.

嘿，下午好。只是想開始借錢。我發現你本季減少了約 1030 萬美元的借款。您能否談談您對未來的看法，以及是否有任何潛在的重大到期債務需要償還，或者您希望在未來一年左右如何使用借款和融資。

Yeah, I think there's some opportunities with, I'll start with borrowings and kind of transition from there to other wholesale funding, I think. We think there's an opportunity in a caveat that city with as long as we continue to have success growing deposits organically like we have over the last year, I think that's going to present itself an opportunity to, to pay down about $50 million of FHLB maturities this coming year, which would be a fairly significant improvement to margin if we execute on that.

是的，我認為有一些機會，我將從借款開始，然後從那裡過渡到其他批發融資。我們認為，只要我們繼續像去年一樣成功實現存款有機成長，這個城市就有機會，我認為這將為我們提供一個機會，在明年償還約 5000 萬美元的 FHLB 到期債務，如果我們執行這一目標，將對保證金產生相當大的改善。

I think, you know, with broker deposits, we see that the same opportunity over the course of 20 to 24 maybe not with as much pick up on the, from the expense side of those deposits. We structure those a little bit differently where there's maturities coming due every quarter. Opportunity in both fhob and broker deposits to, to reprice. I think that that's all caveat on what the current rate environment if it continues to stay like it is. And if we continue to be successful, I think if we are, then you'll see us do what we did in the fourth quarters. Pay down those as the opportunity presents itself.

我認為，對於經紀人存款，我們看到在 20 到 24 年間同樣的機會可能不會從這些存款的費用方面獲得太多收益。我們的結構略有不同，每季都有到期債務。fhob 和經紀存款都有機會重新定價。我認為，如果當前的利率環境繼續保持現狀，這一切都將是一個警告。如果我們繼續取得成功，那麼我想如果我們能成功的話，你就會看到我們在第四季所取得的成績。一旦有機會就償還這些款項。

Got it. Thanks for that and just curious, I appreciate all the detail in the deck on the loans come up for renewal. But as these come up for renewal, do you have a sense, kind of broadly speaking for how much you've been keeping on the loans coming up for renewal versus kind of what's either rolled off gone elsewhere? Just trying to get a sense for how much repricing opportunity there is and how much stays with the bank.

知道了。謝謝你，只是好奇，我很感謝你提供的所有關於貸款續期的詳細資訊。但是，隨著這些貸款即將續期，您是否大致了解一下，您保留了多少即將續期的貸款，以及有多少貸款已經轉給了其他地方？只是想了解有多少重新定價的機會以及有多少留在銀行。

Yeah, I think it's a good question. I know. We experienced about $200 million in loan maturities or, or renewals in the quarter in the fourth quarter, think that was higher than, than the other three quarters in the year. So, I would say we, what we've done is, has done a good job of the relationships that we want to keep within the, in the quarter. We've done a good job of doing that.

是的，我認為這是個好問題。我知道。我們在第四季度經歷了約 2 億美元的貸款到期或續約，我認為這比今年其他三個季度都要高。因此，我想說，我們所做的就是，在本季度，我們很好地建立了我們希望保持的關係。我們在這方面做得很好。

I think in re, in reality there's, to pin down a exact number of the $600 million that we would expect to renew, to be kind of tough because the market changes day to day almost. But we think we have a good shot at it and, with the weighted average, even from where we are, the pick up, would be nice. I know that's not a real direct answer, but that's, that's a tough one to answer.

我認為，實際上，要確定我們預計續簽的 6 億美元的確切數字有點困難，因為市場幾乎每天都在變化。但我們認為，我們有很大機會實現這一目標，而且按照加權平均值，即使從我們現在的水平來看，如果能有所回升，那就太好了。我知道這不是一個直接的答案，但這是一個很難回答的問題。

No, fair enough. I guess I'll just, sorry. Go ahead.

不，夠公平。我想我只能說聲抱歉。前進。

Well, I was going to say, part of the point of the repricing opportunity is not just repricing loans that stay, it's also the opportunity to reprice with new loans. And it's really is, where is that funding going? Is it, is the funding going to maintain older relationships at a new price or is the funding going to a new relationships at a new price? And the new price is the important part? And, you know, certainly it's better to keep a relationship than not. But, what we want to be sure we try to do is, is, continue to have that discipline on the market.

好吧，我想說的是，重新定價機會的部分意義不僅在於對留下的貸款進行重新定價，還在於用新貸款進行重新定價的機會。而真正的問題是，這些資金都用到哪裡了？那麼，這些資金是以新的價格來維持舊的關係，還是以新的價格建立新的關係？新價格是重要的部分嗎？而且你知道，維持一段關係肯定比失去關係好。但是，我們要確保的是，我們努力做到的是，繼續保持市場紀律。

If and when I think about it from my seat to bring G point home, I'm thinking about it if we say we're going to grow 5% or 6% or whatever the number is in loans next year. I'm thinking about the net and the re price of new and renewed. So, the challenge for our bankers is just to make sure that we get to the number. Sometimes that's many different ways of how we get to the number.

如果我坐在座位上思考如何將 G 點帶回家，那麼我會想我們是否說明年我們的貸款將增加 5％ 或 6％ 或任何數字。我正在考慮淨價以及新品和續訂品的重新價格。所以，我們銀行家面臨的挑戰就是確保達到這個數字。有時我們可以透過很多不同的方法來得出這個數字。

You know, another way to think about that repricing opportunity. And the reason we originally started looking at it was thinking through the pricing cliff, like what would it were we facing in a particular quarter, so much repricing and then with tension with rates being higher than they were when the loans were originally built with the asset quality problems. And it's been interesting to see that that has not been the case that, any, any bumps that we've had over the course of the year really due to just normal banking credit risk as opposed to interest rate risk.

您知道，這是思考重新定價機會的另一種方式。我們最初開始關注這個問題的原因是透過定價懸崖進行思考，例如我們在某個特定季度會面臨什麼，如此多的重新定價，以及由於資產品質問題而導致的利率高於貸款最初建立時的利率的壓力。有趣的是，我們今年遇到的任何困難實際上都不是正常的銀行信貸風險而非利率風險造成的。

And so that's the real good news there is that we've been working our way through that portfolio, whether it's maintaining the relationship and repricing it or encouraging those clients to find a home somewhere else. I think from a credit perspective and the health of the portfolio, it's been been a big positive and then, the secondarily almost you have the opportunity to, to reprice at a higher level for income. But really the reason we began tracking it was more just to think about the credit exposure.

所以，真正的好消息是，我們一直在努力處理該投資組合，無論是維持關係和重新定價，還是鼓勵這些客戶在其他地方尋找住所。我認為從信貸角度和投資組合的健康狀況來看，這是一個很大的積極因素，其次，你幾乎有機會在更高的水平上重新定價以獲得收入。但實際上我們開始追蹤它的原因只是為了考慮信用風險。

Yeah, that one other way, we also think about, we're not just thinking about repricing loans. We're thinking about the other side of the balance sheet as well on the liability side. So looking at time deposit maturity is coming, in the next 90 days, 120 days, I mean, that's a, that's a material number that almost matches the fixed rate loans that re price as well. So there's opportunity on that side. So it's, it's the net of the two is kind of the way we think about it and, and we come out with a better relationship at a better price with an existing one, sometimes we do and sometimes we go to, to try to maybe use the capital for a new relationship as well.

是的，我們也考慮了另一種方式，我們不只是考慮重新定價貸款。我們也正在考慮資產負債表的另一邊，也就是負債方面。因此，看看定期存款到期日即將到來，在接下來的 90 天、120 天內，我的意思是，這是一個幾乎與重新定價的固定利率貸款相符的重要數字。因此，這方面還有機會。所以，這就是我們思考的方式，即兩者的結合，然後我們以更優惠的價格與現有的關係建立更好的關係，有時我們會這樣做，有時我們會嘗試將資本也用於新的關係。

One thing that I'd add is just to put the context of betas in this, new downrate environment relative to the rising rate, environment beta on our new loan yields. So rising rate environment when rates were moving up, we were at around an 85% beta on new and renewed loan yields. That's holding true roughly on new and renewed loan yields and kind of this decline, right environment.

我要補充的一點是，將貝塔係數的背景放在這個位置，新的下行利率環境相對於上升利率，環境貝塔係數對我們的新貸款報酬率的影響。因此，在利率上升的環境下，當利率上升時，我們的新貸款和續約收益率的貝塔係數約為 85%。這大致適用於新貸款和續約收益率以及這種下降的情況，正確的環境。

So, and then put that a little bit more in the context, we're getting closer to 100% based on new offering rates on our interest bearing deposit account. So there's still that little spread baked into just the asset liability side of it. But in terms of the actual dollars of loans that are repricing, we're being quantified much easier on the yield side, from the beta perspective. But the dollar perspective, I'd say we're, we're close to 100% kind of pull through and, and renewal on the dollars.

因此，再將其更詳細地說明一下，根據我們有利息的存款帳戶的新利率，我們將接近 100%。因此，資產負債方面仍存在小幅利差。但就重新定價的貸款實際金額而言，從貝塔係數的角度來看，我們在收益率方面可以更輕鬆地進行量化。但從美元角度來看，我想說我們幾乎 100% 實現了美元復甦。

Got it. Thanks for the color guys. Just one last quick one, just curious. I saw a greater share of loans came from Louisiana portion footprint rather than Texas. This quarter at Oak Oakwood. You know, should we, what, what should we expect sort of going forward in terms of where loans are coming from? The footprint, I guess is the pipeline maybe a little heavier Louisiana than it than it was before. Just, just kind of curious on that.

知道了。感謝你們的顏色。最後一個問題，只是好奇。我發現，來自路易斯安那州的貸款份額比來自德克薩斯州的貸款份額更大。本季在 Oak Oakwood 舉行。你知道，就貸款來源而言，我們該期待什麼呢？我猜這條管道的足跡可能比以前的路易斯安那州要大一些。只是，只是有點好奇。

I think each quarter you're going to see a little different mix. And we have a, we have a history that's one of the reasons to have a diversified geography is that not only from a credit perspective but also from a source of production perspective and each we're still a size where regions having different outcomes, effects are overall in different ways. And you know, I do think the down shifting or down shifting of the focus on construction over the past few quarters logically impacts Dallas more because they had more construction than Louisiana for obvious reasons in terms of growth and development.

我認為每個季度你都會看到略有不同的組合。我們擁有歷史，這也是實現地理多元化的原因之一，不僅從信貸角度，而且從生產來源角度，每個地區的規模都不同，不同地區的結果、影響也大致不同。你知道，我確實認為，過去幾季對建築業的關注度下降或降低在邏輯上對達拉斯的影響更大，因為出於顯而易見的增長和發展原因，達拉斯的建築業比路易斯安那州多。

And so it's not a surprise that there, there might be some rebalancing there in terms of our, of our our bookings. You know, I think as we kind of stabilize where we want to be on construction, exposure as a concentration, then you then, then we shouldn't see as much negative impact to the down shifting away from construction, but we're always going to rotate. I hope we do and, and we're continuing to invest in Louisiana even as, even as we invest in Texas and, and want more robust shifting areas of growth, we want to add anything.

因此，就我們的預訂而言，可能會出現一些重新平衡，這並不奇怪。你知道，我認為，當我們在建築業上穩定下來，將曝光度作為集中度時，我們就不應該看到建築業下滑帶來的負面影響，但我們總是會輪換。我希望我們能做到，我們會繼續在路易斯安那州投資，即使我們在德克薩斯州投資，並且希望有更強勁的成長領域，我們也想增加任何東西。

I was just going to say that the volume that we talk about is the growth rate. So to use point, those. Large C&D loans. Paying off. We're doing, we're making new loans in. Dallas. It's just place. We place like greater re rate. And, then the second part is that. You know, with acquisition, they have a great book that, that will build on as well.

我只是想說，我們談論的數量就是成長率。所以要使用點，那些。大額建築與拆除貸款。得到回報。我們正在做，我們正在發放新的貸款。達拉斯。這只是一個地方。我們喜歡更高的利率。那麼第二部分就是這樣。您知道，透過收購，他們擁有了一本很棒的書，並且能夠以此為基礎繼續發展。

So yeah, yeah, when you think about it, the amount of production that it takes to offset natural. Amortization. That occurs in that book because of that significant growth over the years. It's there. There remains a lot of. Activity, a lot of production. Doubts. Keep a little bit moderate risk.

所以，是的，是的，當你考慮它時，需要生產多少才能抵消自然的。攤銷。這本書之所以能出現這種情況，是因為多年來取得了顯著的成長。它就在那兒。還剩下好多。活動多，產量多。疑惑。保持一點點中等風險。

Yeah. And I think one thing we want to be sure that we do and maybe we can provide more information this in the future. But I think it's we want to remain focused on the granularity of the relationship. And even as we get bigger in terms of our aggregate asset size, we don't want our individual credit perspective to be in linear relationship with that overall balance sheet growth.

是的。我認為有一件事我們要確保能夠做到，也許我們將來可以提供更多資訊。但我認為我們希望繼續關注關係的具體細節。即使我們的總資產規模不斷擴大，我們也不希望個人信用觀點與整體資產負債表成長呈線性關係。

We want to, we want to try to continue to serve in our sweet spot and, and that means slightly smaller loans which, which hopefully will be more profitable and, and long term healthier from a credit perspective, but it does mean that you gotta do more of them to the same dollar amount, right? But one advantage of C&I is that they tend to be more profitable over time than construction given the totality of the relationship and we're excited about that, but we'll continue to try to derisk even as we grow.

我們希望，我們希望嘗試繼續在我們的最佳範圍內提供服務，這意味著稍微小一點的貸款，希望從信貸角度來看這將更有利可圖，並且長期更健康，但這確實意味著你必須在相同的金額內做更多的貸款，對嗎？但商業和工業的一個優點是，考慮到整個關係，從長遠來看，它們往往比建築業更有利可圖，我們對此感到興奮，但即使在發展過程中，我們仍會繼續努力降低風險。

Manuel Avas, DA Davidson.

曼努埃爾·阿瓦斯、DA 戴維森。

Good afternoon. I appreciate the quarterly nim guidance of low single digits to mid single digits per quarter growth. What type of rate environment is behind that assumption?

午安.我讚賞季度 nim 指引，即每季成長率為低個位數到中個位數。這假設背後的利率環境是怎麼樣的？

I'm so I'm sorry, I didn't hear the last part of that. Could you repeat?

非常抱歉，我沒有聽到最後一部分。你能重複一遍嗎？

What, rate assumptions have you made in terms of further decreases in the bed funds trade? Yes.

就床位資金交易的進一步下降而言，您做出了哪些利率假設？是的。

So we we're forecasting a flat rate environment. We think the work we've done on our balance sheet coming more from becoming more neutral. That's, that's the most conservative way to approach it.

因此，我們預測利率環境將保持穩定。我們認為我們在資產負債表上所做的工作更多地來自於變得更加中立。這是最保守的解決方法。

And what would be the, what would be the impact if there were more cuts? How would that shift that kind of a basis, one or two if there were for every cut going forward.

如果進一步削減，會產生什麼影響？如果今後每次削減都有一兩個基礎，那麼這將如何改變這種基礎？

If I take your, if we stay flat, could and you got, let's say three basis points per quarter, could you get to $375 million and fourth quarter of '25?

如果我接受你的假設，如果我們保持平穩，並且你每季獲得 3 個基點，你能達到 3.75 億美元和 25 年第四季嗎？

I think that's, that would be optimistic. I think, I think anywhere from the 365 to 375 range would, would probably be somewhere, would we be pleased with that? You know, I think it back to my earlier statement, I think in this environment, it's going to depend on how successful we are in attracting deposits, as well as pricing loans. The right way. I think the yield curve movement that we've had lately, especially on the longer end, is we, is going to make it challenging.

我認為那是樂觀的。我認為，從 365 到 375 之間的任何數字都可能在某個範圍內，我們會對此感到滿意嗎？你知道，我回想一下我之前的說法，我認為在這種環境下，這將取決於我們在吸引存款以及貸款定價方面的成功程度。正確的方法。我認為最近殖利率曲線的變動，尤其是長期殖利率曲線的變動，將使其充滿挑戰。

Yeah, I'll give you a little bit more color. I think, I think a [370] by the end of the year isn't completely out of the realm of possibility. One thing that I would remind you about is our business manager, factory, light business that we have where those fees are they run through the margin, but they don't come with an actual balance that weighs against the earning asset base.

是的，我會給你多一點色彩。我認為，我認為到今年年底實現 [370] 並非完全不可能。我想提醒你的一件事是我們的商務經理、工廠、輕型業務，這些費用是透過利潤來支付的，但它們並沒有產生與獲利資產基礎相稱的實際餘額。

So those I think we mentioned last quarter were a little elevated de de depending on how some of those clients kind of progress over the course of the year that could influence that core margin more so than you might think simply because of the fact that it, there's no actual earning assets that will weigh down on the, on the actual margin calculation. But for the [370] is not completely out of the realm of possibility.

所以我認為我們上個季度提到的那些有點高，這取決於一些客戶在一年中的發展情況，這可能會對核心利潤率產生比你想像的更大影響，僅僅是因為沒有實際的盈利資產會對實際利潤率計算產生壓力。但對[370]來說並非完全不可能。

And then the broker deposit and FHLB borrowing opportunity, is that assumed to happen? Or is that if you get the excess deposit growth, you pay those.

那麼經紀人存款和 FHLB 借貸機會是否會發生？或者如果您獲得了超額存款成長，您就支付這些。

I would say wholesal get the deposit growth. It would look a lot like what we did in the 3rd and 4th quarter where we were able to pay those down. If not, then they would reprice but you wouldn't get the full benefit of the difference in the repricing from an organic deposit standpoint.

我想說批發獲得了存款成長。這看起來很像我們在第三季和第四季所做的那樣，我們能夠償還這些債務。如果不是，那麼他們會重新定價，但從有機存款的角度來看，你將無法充分利用重新定價的差額。

Okay. So that's not a, that's not necessarily in core men guidance, but it is a potential positive.

好的。所以這不一定是核心男性的指導，但它是一個潛在的正面因素。

Correct. Yeah. It's a, it's an opportunity. Yes.

正確的。是的。這是一個，這是一個機會。是的。

Got it, got, it just was just, was trying to see what's in and what isn't. And I like that opportunity. It's, it's a very nice one.

明白了，明白了，只是想看看裡面有什麼，沒有什麼。我喜歡這個機會。這是非常好的一個。

Stepping over to net charge off, they stepped up a bit just this quarter. Any thoughts on how net charge off or provision should it, should it extend across the next year? Is it just kind of a modest blip and we normalize back down. What are, what are your kind of thoughts of progression across the next year?

至於淨沖銷，他們在本季就取得了一些進展。對於淨沖銷或撥備應如何進行，您有什麼想法嗎？這是否只是一種溫和的曇花一現，然後我們就會恢復正常。您對明年的發展有什麼想法？

Yeah, I would say the fourth quarter for us was a little higher. I think it's a clean up quarter for a few credits that we had out outstanding. A settlement of one. I would call those kind of outliers. I think what we're expecting is to just continue to plot along like we have been in the past quarters. No, no material decline in the book.

是的，我想說我們第四季的業績略高一些。我認為這是一個清理季度，用於清理一些我們未償還的學分。一個人的定居點。我會把這些稱為異常值。我認為，我們所期望的只是繼續像過去幾季那樣發展。不，帳面金額沒有實質的下降。

We are big enough though that, we will have an occasional one off and I always try to caveat on this conversation with that and, these things are going to happen. But we're not seeing any systemic issues and we're not seeing any any blanket degradation. But certainly our special assets team is, is is on the case and active and working through situations and did over the course of 2024 successfully and anticipate continuing that. But but we need to stay vigilant because there will be one off events. But I would absolutely agree with Greg that from oh, portfolio point of view.

儘管我們已經足夠大了，但我們偶爾會發生一些事情，我總是試圖在這次談話中提出警告，這些事情將會發生。但我們沒有看到任何系統性問題，也沒有看到任何全面惡化。但可以肯定的是，我們的特殊資產團隊正在處理此案，積極處理相關情況，並在 2024 年成功地完成了工作，並預計將繼續這樣做。但我們需要保持警惕，因為會發生一次性事件。但從投資組合的角度來看，我完全同意格雷格的觀點。

So as confident in 2025 as we did in 2024.

因此，我們對 2025 年的信心與對 2024 年的信心一樣。

And Manuel one thing circling back to the margin, I realized that we had failed to mention the accretion outlook. And so in 2025 it's going to be we see around $800,000 a quarter, a little over $3 million for the full year, which compares to a little over $4 million for 2024.

當曼努埃爾 (Manuel) 把一件事回溯到邊緣時，我意識到我們沒有提到積聚前景。因此，到 2025 年，每季的收入將達到約 80 萬美元，全年收入將略高於 300 萬美元，而 2024 年的收入將略高於 400 萬美元。

What was it in 24? I'm sorry, I didn't hear that.

24 中是什麼？抱歉，我沒聽到。

It was a little over $4 million, not quite $4.5 million.

這個數字略高於400萬美元，但還不到450萬美元。

In '24. Okay, I appreciate this. Appreciate all the commentary. It just the last thing on the credit. I it's these are really low levels, but on the reserve did step up a bit. Are we likely to kind of stay at that level for now?

在'24年。好的，我很感激。感謝所有評論。這只是信用上的最後一件事。我認為這些確實水平很低，但儲備確實有所提高。我們現在有可能維持在這個水準嗎？

We we're going to reserve it of 120 of every new loan produced. So we think that that that, that will at least stay at that level, maybe slightly improved. You know, it takes to move it 1% point of our size, it takes, $800,000, more dollars to end the model. So almost a million more. So I think it's pretty big, need to move to, to get it to move up. But I think we're, we're going to try.

我們將從每筆新發放的貸款中保留 120% 的份額。因此我們認為，至少會保持在這個水平，甚至可能略有改善。您知道，要將其規模擴大 1%，就需要 80 萬美元，甚至更多美元來結束這個模式。因此幾乎又增加了一百萬。所以我認為它相當大，需要移動，才能讓它上升。但我認為我們會嘗試。

We were really pleased though with the, with the return to normality, essentially of our overall loan loss provision being almost one there. It's been a while because of our inquisitive history. It's been a while since we've been kind of at one or at fear because as you'll know, we had the loan loss provision and then we had credit marks associated with the acquired assets that don't show up in the provision for off balance sheet. So we, we've always tried to, to make the math clear for everybody and show what the effect of low loss reserve was, but which is about 20 basis points today more than the low mass revision is.

不過，我們真的很高興，隨著恢復正常，我們的整體貸款損失準備幾乎恢復到了正常水平。由於我們好奇的歷史，已經有一段時間了。我們已經有一段時間沒有感到過這種恐懼了，因為如你所知，我們有貸款損失準備金，而且我們有與所收購資產相關的信用標記，但這些標記並沒有出現在表外準備金中。因此，我們一直試圖讓每個人都清楚地了解數學知識，並展示低損失準備金的影響，但今天這比低品質修訂高出約 20 個基點。

But we finally found something positive in the c so accounting rules. And that meant that with the transaction, we were able to actually move the reserve over to the reserve and, and so we'll benefit from a low normalization there which I'm excited about, but definitely want to want to kind of stay in that in that range, if not slightly above over the coming year.

但我們最終在 C 所以會計規則中發現了一些積極的東西。這意味著，透過交易，我們實際上能夠將儲備轉移到儲備中，因此我們將受益於那裡的低正常化，我對此感到興奮，但肯定希望保持在這個範圍內，如果不是在未來一年略高於的話。

We have no further questions at this time. I will now turn the call back over to Jude Melville for closing remarks.

目前我們沒有其他問題。現在我將把電話轉回給裘德·梅爾維爾，請他作最後發言。

Okay, good. Well, thanks everybody again for participating and thanks to our team for, for a great year, I think just in closing, we spend so much time, particularly on this call thinking about the metrics and numbers and, and they are and the models and they're certainly very important. But I do like when I can to, to point out that, that first and foremost, we're still a relationship business.

好的，很好。好吧，再次感謝大家的參與，感謝我們團隊度過了美好的一年，我想最後，我們花了很多時間，特別是在這次電話會議上思考指標和數字，它們是模型，它們當然非常重要。但我確實想指出，首先，我們仍然是一種關係業務。

And if I think about the work that we did in 2024 and, and and the good things that we accomplished a lot of it really has to do with the building of relationships, whether that be a core set of investors that we didn't know before or, or analysts, relationships that we've enjoyed, growing over time or our revry relationships or our employees, we have over 800 now, which is a lot compared to the 200 or so that we had 44 or five years ago and, and to be able to manage through that and feel really good about the culture that's developing here, that's all about the relationships and that all, all those relationships lead to relationships with clients.

如果我想想我們在 2024 年所做的工作，以及我們取得的很多成就，這實際上與建立關係有關，無論是我們以前不認識的核心投資者，還是分析師，我們一直享受的關係，隨著時間的推移，或者我們的關係或我們的員工，我們現在有 800 多人，與 44 年或 5 年前的 200 人左右的文化所有這些關係都會帶來與客戶的關係。

And we have more than we've ever had. And, and so if I'm thinking about things we're proud of in 2024 and things that we're excited about in 2025 it really comes down to deepening and expanding those relationships and we appreciate you all being a key component of that. So, thank you for your time.

我們擁有的比以往任何時候都多。因此，如果我考慮 2024 年讓我們感到自豪的事情和 2025 年讓我們感到興奮的事情，那實際上就是深化和擴大這些關係，我們感謝你們所有人成為其中的關鍵組成部分。感謝您抽出時間。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。