Bank7 Corp (BSVN) 2023 Q4 法說會逐字稿

Welcome to Bank7 Corp's fourth-quarter and full year earnings call. (Operator Instructions)

歡迎參加 Bank7 Corp 第四季和全年財報電話會議。（操作員說明）

Please note, this event is being recorded. Before we get started, I'd like to highlight the legal information and disclaimer on page 24 of the investor presentation. For those who do not have access to the presentation, management is going to discuss certain topics that contain forward-looking information, which is based on management's beliefs as well as assumptions made by and information currently available to management.

請注意，此事件正在被記錄。在我們開始之前，我想強調一下投資者簡報第 24 頁的法律資訊和免責聲明。對於無法存取簡報的人，管理層將討論包含前瞻性資訊的某些主題，這些主題是基於管理層的信念以及管理層所做的假設和當前可獲得的資訊。

Although management believes that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to be correct. Such statements are subject to certain risks, uncertainties, and assumptions, including, among other things, the direct and indirect effects of economic conditions on interest rates, credit quality, loan demand, liquidity, and monetary and supervisory policies of banking regulators. Should one or more of these risks materialize or should underlying assumptions prove incorrect, actual results may vary materially from those expected.

儘管管理階層認為此類前瞻性聲明中反映的預期是合理的，但他們不能保證此類預期將被證明是正確的。此類陳述受到某些風險、不確定性和假設的影響，其中包括經濟狀況對利率、信貸品質、貸款需求、流動性以及銀行監管機構的貨幣和監管政策的直接和間接影響。如果其中一項或多項風險成為現實，或基本假設被證明不正確，則實際結果可能與預期有重大差異。

Also, please note that this conference call contains references to non-GAAP financial measures. You can find reconciliations of these non-GAAP financial measures to GAAP financial measures in an 8-K that was filed this morning by the company.

另請注意，本次電話會議引用了非公認會計準則財務指標。您可以在公司今天早上提交的 8-K 中找到這些非 GAAP 財務指標與 GAAP 財務指標的調整表。

Representing the company on today's call, we have Brad Haines, Chairman; Tom Travis, Vice Chairman and CEO; J. T. Phillips, Chief Operating Officer; Jason Estes, Chief Credit Officer; Kelly Harris, Chief Financial Officer.

代表公司出席今天的電話會議的是董事長佈拉德‧海恩斯 (Brad Haines)；湯姆‧特拉維斯 (Tom Travis)，副董事長兼執行長； J. T. Phillips，營運長； Jason Estes，首席信貸長；凱利哈里斯，財務長。

And with that, I will turn the call over to Tom Travis. Please go ahead.

接下來，我會將電話轉給湯姆·崔維斯 (Tom Travis)。請繼續。

Thank you. Good morning, everyone. It's a beautiful day here in Oklahoma City. To those of you that are around the country, we've had a cold spell of weather that is nice to be over with. As you can see, we had signaled in our last earnings call back in late October that we had subsequent events post the third-quarter closing that were going to affect, significantly affect, the fourth-quarter numbers. And as you can see, that in fact did happen.

謝謝。大家，早安。這是俄克拉荷馬城美好的一天。對於全國各地的人們來說，我們經歷了一段寒冷的天氣，但現在已經過去了。正如您所看到的，我們在 10 月底的最後一次財報電話會議中表示，我們在第三季結束後發生的後續事件將極大地影響第四季的數據。正如你所看到的，這確實發生了。

And so I suppose that it reminds me of a comment I've heard before and I think everyone on the call has heard before, and that is, except for the one event, how was the play, Mrs. Lincoln? And not to be morbid, but that's pretty much how we view our company today because when you look at the totality of the fundamentals of the company for the year, but for that one event, it was a phenomenal year.

所以我想這讓我想起了我以前聽過的一個評論，我想參加電話會議的每個人都聽過，那就是，除了一個事件之外，林肯夫人，這齣戲怎麼樣？並不是病態的，但這幾乎就是我們今天看待我們公司的方式，因為當你看到公司今年基本面的整體情況時，但就那一個事件而言，這是非凡的一年。

And when you evaluate what we say is a phenomenal year, even with the large charge related to the one credit, we're still at almost 19.5% return on tangible common equity. Actually, that is average tangible common equity, and we did some analytics about three weeks ago, and we used the first three months or first nine months of the year. And about 90% of the banks in the country did not make 19.5% return on average tangible common equity.

當你評估我們所說的非凡的一年時，即使與一個信用相關的巨額費用，我們的有形普通股回報率仍然接近 19.5%。實際上，這是平均有形普通股，我們大約三週前做了一些分析，我們使用了今年的前三個月或前九個月。該國約 90% 的銀行的有形普通股平均回報率達不到 19.5%。

So as you can see and as we mentioned in the last earnings call, in a perverse way, the strength of the company is highlighted by the fact that we took this significantly one-off out-of-character negative event and just kept right on moving forward. And so that's the way we view it, and we take comfort in that.

因此，正如您所看到的，正如我們在上次財報電話會議中提到的那樣，我們以一種反常的方式突顯了公司的實力，因為我們接受了這一重大的一次性的不符合性格的負面事件，並繼續堅持下去向前進。這就是我們看待它的方式，我們對此感到安慰。

And if you look at the other components of the company and not just the earnings and the return on equity, you can see that the company has done an excellent job of managing its net interest margin. The historical averages of the net interest margin are pretty much where we are today, and we did that through a pretty difficult rate environment, but not for that one credit.

如果你看看公司的其他組成部分，而不僅僅是收益和股本回報率，你會發現該公司在管理淨利差方面做得非常出色。淨利差的歷史平均值與我們今天的水平差不多，我們是在相當困難的利率環境下做到這一點的，但不是針對這一信貸。

The credit metrics are really strong and even better than they had been for the prior year or two. And so we feel really good about the book. The interest of the operating expenses for the company are very much intact as far as maintaining our efficiency ratio.

信用指標非常強勁，甚至比前一兩年還要好。所以我們對這本書感覺非常好。就維持我們的效率而言，公司營運費用的利息非常完好。

The one comment I would make is that the company, as a part of that one credit, we acquired a couple of handfuls of oil and gas wells. We did not acquire a company. We acquired specific working interest in oil and gas wells. And as a result of that, you'll see a slightly inflated non-interest income number. You'll also see a slightly inflated non-interest expense number.

我要說的一個評論是，作為該信用的一部分，該公司獲得了幾口石油和天然氣井。我們沒有收購一家公司。我們獲得了油氣井的具體工作權益。因此，您會看到非利息收入數字略有增加。您還會看到略微誇大的非利息支出數字。

And so if you remove those two items out of the income statement, you will have -- you would have seen that the efficiency ratio would still be in that 33% to 34% range instead of a 39% range.

因此，如果您從損益表中刪除這兩項，您將會看到效率比率仍將在 33% 至 34% 的範圍內，而不是 39% 的範圍內。

And so when we look at the fundamentals of the company, we feel really good about it. I would say that with regard to the one particular one-off credit, we are in the seventh or eighth inning of the bankruptcy process in litigation. We have real strong clarity and good optics into where we think it's going to end up. We feel good about the amount of money that's been either expensed or set aside relative to some certainty. Clearly, we don't feel good about having to do it. However, we are confident that we've accounted for what we need to account for.

因此，當我們審視公司的基本面時，我們感覺非常好。我想說的是，關於一項特定的一次性信貸，我們正處於破產訴訟程序的第七或第八局。我們對我們認為最終的結果有非常強的清晰度和良好的光學效果。我們對相對確定的支出或預留的資金數量感到滿意。顯然，我們對於必須這樣做感到不舒服。然而，我們有信心我們已經考慮到了我們需要考慮的問題。

And with regard to that credit, with regard to the bankruptcy, with regard to the litigation, we're a very transparent company. We always answer every question we can. However, we cannot really speak much to it, and we need to be respectful of the fact that details and specifics are in the public realm here today. And so we're not really going to comment much beyond what's been said today, other than we feel like we've accounted for it properly.

就信用、破產、訴訟而言，我們是一家非常透明的公司。我們總是盡力回答每一個問題。然而，我們真的不能對此說太多，我們需要尊重今天在這裡的公共領域的細節和細節。因此，除了我們覺得我們已經正確解釋了這一點之外，我們不會對今天所說的內容進行太多評論。

And so with all that being said, we feel really good about our company, and we're excited to move forward into this new year.

話雖如此，我們對我們的公司感覺非常好，我們很高興能夠進入新的一年。

And with that, we'll open it up for questions.

接下來，我們將開放提問。

(Operator Instructions) Brady Gailey, KBW.

（操作員說明）Brady Gailey，KBW。

Thank you. Good morning, guys. So I understand the impact of owning these energy assets and it's pushing up the income, it's pushing up expenses. How long do you anticipate owning these assets? Is this going to be a short-term thing? Or is this something that you anticipate holding for a while?

謝謝。早上好傢伙。所以我理解擁有這些能源資產的影響，它增加了收入，增加了支出。您預計擁有這些資產多久？這會是短期的事嗎？或者這是您預計會持有一段時間的東西？

This is Tom, and I've got -- I'll give you the approximate numbers. I have the exact numbers on my lap, but just to make it easy for you -- so we booked approximately $16.9 million of an asset value on the balance sheet, and the effective date and cash flow of the wells started September 1 of last year.

這是湯姆，我會給你大概的數字。我手上有確切的數字，但只是為了方便您了解——所以我們在資產負債表上登記了大約 1690 萬美元的資產價值，油井的生效日期和現金流從去年 9 月 1 日開始。

And so when you look at the starting point of the balance sheet of $16.9 million, for the first four months, we will have collected $4.5 million. So the new asset or the actual cash flow that results from that is about $12.4 million. So we will have collected for the first four months, and most of which we have collected, 27% of that asset value.

因此，當您查看 1,690 萬美元的資產負債表起點時，前四個月我們將收取 450 萬美元。因此，新資產或由此產生的實際現金流約為 1240 萬美元。因此，我們將在前四個月收集資產價值的 27%，其中大部分已收集。

So then when you think about cash flow for 2024, the cumulative cash flow at the end of this year is projected to be 60%. So in math, that means we will have collected $10.2 million of the $16.9 million. And then if you want to roll that forward through 2025, we will have collected $13.2 million of the $16.9 million, which is about 78% of the cash flow.

那麼當你考慮2024年的現金流時，今年年底的累計現金流預計為60%。因此，從數學上來說，這意味著我們將籌集 1,690 萬美元中的 1,020 萬美元。然後，如果你想將其延續到 2025 年，我們將收取 1,690 萬美元中的 1,320 萬美元，約佔現金流的 78%。

And for anyone on the call that's not familiar, the cash flows from producing oil and gas wells is not a linear decline curve. It's skewed more heavily towards the more recent months. And so as you collected cash flow, the asset value will come down much more quickly in the early months and then smoothed out.

對於任何不熟悉電話會議的人來說，來自石油和天然氣井生產的現金流並不是線性下降曲線。它更傾向於最近幾個月。因此，當您收集現金流時，資產價值在最初幾個月會下降得更快，然後趨於平滑。

And so the bottom line is that, again, we will have collected a little over 25% of the cash flows of that beginning asset value by now, and then by the end of the year, 60%. And so we expect -- it's already not a material amount relative to the company, but we will expect by the end of the year to be pretty immaterial.

因此，底線是，我們現在將收集到初始資產價值的 25% 多一點的現金流，然後到年底，將收集到 60%。因此，我們預計，相對於公司而言，這已經不是一個重大數額，但我們預計到今年年底，這筆金額將變得相當無關緊要。

Okay. All right, so that's the plan, and there's not a thought of just simply selling these assets more near term?

好的。好吧，這就是計劃，有沒有想過在短期內簡單地出售這些資產？

If possible. I will tell you that we have hedged the -- about -- what is it, 62%?

如果可能的話。我會告訴你，我們已經對沖了──大約──是什麼，62%？

Of the oil revenue, yeah.

石油收入，是的。

So this is predominantly oil and not natural gas. And so we have hedged to make sure that we can receive most of the cash flows, if not all of it. And so it is possible if you saw an increase in the commodity prices and the market would value the assets higher. It's possible we could sell.

所以這主要是石油而不是天然氣。因此，我們進行了對沖，以確保我們能夠收到大部分（即使不是全部）現金流。因此，如果您看到大宗商品價格上漲，市場可能會對資產估值更高。我們有可能可以賣掉。

Okay, all right. And then maybe back or looking at the core fundamentals of the bank, which were pretty impressive in the quarter, how are you guys thinking about loan growth from here? And what's the outlook for the core net interest margin?

好吧，好吧。然後也許回過頭來看看銀行的核心基本面，本季的表現相當令人印象深刻，你們如何看待這裡的貸款成長？核心淨利差的前景如何？

Hi, Brady. This is Jason. I think, again, kind of like last year at this time, we were sitting here coming off of a really rapid growth in 2022. And we signaled, hey, this is going to be a different year. We think it will be more like a mid, moderate single-digit. I think we ended up at 7%.

嗨，布雷迪。這是傑森。我想，就像去年的這個時候一樣，我們坐在這裡，剛剛經歷了 2022 年的快速成長。我們表示，嘿，這將是不同的一年。我們認為這將更像是中等個位數。我想我們最終的比例是 7%。

I think something in that range is probably reasonable to expect for this year. I think we've got a fair amount of known payoffs coming in the first half of the year, expected known quantified payoffs. The deal pipeline is still nice.

我認為今年這個範圍內的情況可能是合理的預期。我認為今年上半年我們將獲得相當多的已知回報，預計會有已知的量化回報。交易管道仍然不錯。

We booked about $90 million of new fundings in the fourth quarter, which was a nice solid quarter. And so it looks like first-quarter pipeline is decent. But with those known payoffs, I think we'll be pretty muted in the first half of the year and picking up in the second half.

我們在第四季度預訂了約 9000 萬美元的新資金，這是一個不錯的季度。因此，第一季的管道看起來不錯。但考慮到這些已知的回報，我認為我們將在今年上半年表現平平，並在下半年回升。

I would also note that we would have to signal that the large energy credit paydown and payoff has been delayed somewhat because of the bankruptcy. So you could likely see a little bit higher payoff amount in the first quarter due to that than you would normally see.

我還要指出的是，我們必須表明，由於破產，巨額能源信貸的還款和還款已延遲。因此，您可能會在第一季看到比通常情況下更高的支付金額。

All right, that's helpful. And then the core margin, it's been pretty consistent around 4.50% for the back half of '23. Is that how we should think about it going forward? Or do you think that there could be some slippage there?

好的，這很有幫助。然後是核心利潤率，23 年下半年一直穩定在 4.50% 左右。我們該這樣思考未來嗎？或者您認為那裡可能會出現一些滑點？

Hey, Brady. This is Kelly. If you look at December NIM, we were at 4.45%, average 4.50% for the quarter. We do have a large tranche of US treasuries that mature at the end of February that that will move to a higher-yielding asset of 5.33%, assuming the Fed. And so you will see there's some positive events that will occur during the quarter that should lift NIM. That said, no color on what the Fed is going to do in March as well as then fighting paydowns.

嘿，布雷迪。這是凱利。如果你看看 12 月的淨利差，你會發現我們的淨利差為 4.45%，本季平均為 4.50%。我們確實有大量美國國債將於 2 月底到期，假設聯準會將其轉為 5.33% 的較高收益資產。因此，您會看到本季將發生一些積極事件，這些事件應該會提升淨利差。也就是說，對於聯準會三月將採取什麼行動以及隨後的還款行動尚無任何細節。

That's a good recap, Kelly. I would use the word delighted but not surprised. We are delighted with our company's ability to manage the NIM through the interest rate cycle. We're not surprised about it. We've purposely worked very hard to match the balance sheet so that we're not caught with interest rate swings and wild fluctuations.

這是一個很好的回顧，凱利。我會用「高興」這個詞，但並不感到驚訝。我們對公司在利率週期內管理淨利差的能力感到高興。我們對此並不感到驚訝。我們故意非常努力地匹配資產負債表，這樣我們就不會受到利率波動和劇烈波動的影響。

And so as we are prone to say on a regular basis, we are pleased with our ability to illustrate a NIM that's very steady, irrespective of the changes in the interest rate markets, and we don't see that changing.

因此，正如我們經常說的那樣，我們很高興能夠說明無論利率市場如何變化，淨利差都非常穩定，而且我們認為這種情況不會改變。

And then just finally for me, Kelly, what's the size of those treasuries that are rolling off, and what's the rate there?

最後對我來說，凱利，這些正在滾動的國債規模是多少，利率是多少？

$100 million at 1.5%.

1 億美元，利率 1.5%。

Okay, great. Thanks, guys.

好的，太好了。多謝你們。

Nathan Race, Piper Sandler.

內森·雷斯，派珀·桑德勒。

Hey, guys. Good morning. I just want to clarify on the last point around the securities that are maturing in the first quarter. Is the plan just to leave those in cash? Or do you guys plan on redeploying that into securities in the first half of the year or just leaving it for some dry powder to redeploy into loans as Jason described earlier?

大家好。早安.我只想澄清有關第一季到期證券的最後一點。計劃只是留下現金嗎？或者你們計劃在今年上半年將其重新部署到證券中，還是像傑森之前描述的那樣，將其重新部署到貸款中？

We're not going to speculate. Obviously, it's tempting to believe that we're at the end of a rate cycle. However, as we all know that I think the wise thing for anyone to do is to not speculate and think you know, and so we're going to take advantage of the yield curve inversion.

我們不會猜測。顯然，人們很容易相信我們正處於利率週期的末尾。然而，眾所周知，我認為對任何人來說明智的做法是不要猜測並認為你知道，因此我們將利用殖利率曲線反轉的優勢。

And I think today, the 10-year somewhere around -- what is it, 4.1% and the Fed's still over 5%. So I think our belief is that we'll put it at the Fed and kind of stay away from any kind of a fixing in and try to anticipate rates dropping.

我認為今天的 10 年期利率大約是 4.1%，而聯準會的利率仍然超過 5%。因此，我認為我們的信念是，我們將把它交給美聯儲，並遠離任何形式的調整，並嘗試預測利率下降。

I think you also remember that liquidity is a real important function of the bank and part of the Rubik's cube. And so $100 million sounds like a lot of money, but it's really not relative to the movements on the balance sheet relative to loans and liquidity. So keeping it short, and then cash will benefit us on the yield curve side that also maintains that strength and flexibility for liquidity and cash.

我想你還記得，流動性是銀行真正重要的功能，也是魔術方塊的一部分。因此，1 億美元聽起來是一大筆錢，但它實際上與資產負債表上貸款和流動性的變動無關。因此，保持短期，然後現金將使我們在殖利率曲線方面受益，同時也保持流動性和現金的實力和靈活性。

Okay, got it. That's helpful. I'm just curious how you guys are thinking about deposit betas and pricing on the way down. If you have to get a few Fed rate cuts at some point this year, how do you see that impacting the margin and just kind of, overall, the trajectory and NII over the course of 2024?

好，知道了。這很有幫助。我只是好奇你們如何看待存款貝塔值和下跌過程中的定價。如果今年某個時候聯準會必須進行幾次降息，您認為這會如何影響 2024 年的利潤率以及整體軌跡和 NII？

I mean, Kelly or Jason, do you want to talk about we've budgeted pretty similar for where we are?

我的意思是，凱利或傑森，你們想談談我們的預算非常相似嗎？

Yeah, I think if you look at our historical NIM to various rate cycles, we've been able to manage it up and manage it down. I don't foresee that being any different. And so if the Fed cuts, then we'll be able to push down the deposit rates in tandem with the asset side.

是的，我認為如果你看看我們歷史上不同利率週期的淨利差，我們已經能夠向上和向下管理它。我預計情況不會有什麼不同。因此，如果聯準會降息，那麼我們將能夠與資產方面同步壓低存款利率。

Anything you want to add to that, Jason?

傑森，你還有什麼要補充的嗎？

No, other than we spend a lot of time on these calls talking about NIM and growth rates, and they're very important things. And I think if you look at our history, we've proven that we're not willing to sacrifice margins for the sake of growth.

不，除了我們在這些電話會議上花費大量時間討論淨利差和成長率之外，它們是非常重要的事情。我認為，如果你看看我們的歷史，我們已經證明，我們不願意為了成長而犧牲利潤。

And so I think you're going to see our discipline just like it was there last year. It's going to continue to be the same, right? We're going to work as hard as we can to maintain top-tier profitability while we grow this company.

所以我認為你會看到我們的紀律就像去年一樣。它將繼續保持不變，對嗎？我們將在發展公司的同時盡最大努力保持頂級盈利能力。

Got it, very helpful, makes sense. Just one last one for me on excess capital priorities into this year. You guys are operating with pretty healthy capital levels across the board, so just curious what you're seeing in terms of acquisition opportunities and just kind of your optimism level on that front?

明白了，很有幫助，很有道理。對我來說，這只是今年過剩資本優先事項的最後一個。你們的營運資本水準相當健康，所以只是好奇你們在收購機會方面看到了什麼，以及你們在這方面的樂觀程度如何？

I would say that we are laser focused on acquisition opportunities, and it takes laser focus because there's still a healthy amount of what we call the zombie banks. And I think you guys do too. And we continue to have conversations. We are making calls on people that are not for sale. We're planting seeds. We are constantly evaluating everything we can.

我想說的是，我們高度關注收購機會，而這需要高度關注，因為仍然存在大量我們所說的殭屍銀行。我想你們也是一樣。我們繼續進行對話。我們正在拜訪非出售品的人。我們正在播種。我們不斷評估一切我們能做的。

And it's probably going to be a tougher environment for the next two or three or four months for -- or just as tough of an environment, I should say. And then if rates do start coming down, some of the, quote, zombie banks may have an ability to sell. And so you might see a little flurry there in the back half of the year if the rates come down.

在接下來的兩、三、四個月內，這可能會是一個更艱難的環境——或者我應該說，環境同樣艱難。然後，如果利率確實開始下降，一些殭屍銀行可能有能力出售。因此，如果利率下降，您可能會在今年下半年看到一些混亂。

And so our goal is to position ourselves and try to be there when we can so that we can buy. And we definitely are -- we definitely have a mindset to do that.

因此，我們的目標是定位自己，並盡力在可能的情況下購買。我們絕對是──我們絕對有這樣做的心態。

Got it. That's great. And if I could squeeze actually one last one in, just curious, Jason, maybe in terms of overall migration trends criticized and classified in the quarter, outside of the one energy loan that we've touched on?

知道了。那太棒了。如果我真的能把最後一項塞進去，只是好奇，傑森，也許就本季度批評和分類的總體移民趨勢而言，除了我們提到的一項能源貸款之外？

Yes, so the quarter, as Tom mentioned in his opening comments, the credit quality of the book, the metrics have actually improved outside of this one credit. Not that they were bad other than this deal, but I think if you recall a couple of years ago, we had another charge-off. That loan paid in full during the quarter, the remainder of it, and so the balance we had left was all paid off and it's gone.

是的，所以這個季度，正如湯姆在開場白中提到的那樣，這本書的信用質量，指標實際上在這一信用之外得到了改善。並不是說除了這筆交易之外，他們的情況很糟糕，但我想如果你還記得幾年前，我們又進行了一次沖銷。這筆貸款在本季度全額支付，剩下的部分，所以我們剩下的餘額全部還清了，然後就消失了。

And then we've had another NPA we've been carrying that's about 34% of the NPA balance at the end of the year. And we're optimistic that that thing could be off of that list here maybe even in the first quarter. And so we're not seeing stress throughout the portfolio.

然後我們還有另一個不良資產，佔年底不良資產餘額的 34% 左右。我們樂觀地認為，即使在第一季度，這件事也可能被排除在清單之外。因此，我們在整個投資組合中沒有看到壓力。

That being said, we've got a medical relationship that has migrated down, and it's about $10 million altogether. But it's more going positive than there has been negative for the last couple of quarters outside of the one credit.

話雖這麼說，我們的醫療關係已經向下遷移了，總共大約有 1000 萬美元。但在過去幾個季度中，除了一個信用點之外，它的積極性比消極的要多。

Got you. And just within that context, do you envision the reserve remaining where it was come the end of the year, relative to loans? Or do you guys see it as an overinflated level, just given some of the credit events that occurred late last year?

明白你了。就在這種情況下，您是否預期儲備金相對於貸款仍將維持在年底的水平？或者，考慮到去年年底發生的一些信貸事件，你們是否認為這是一個過度誇大的程度？

I would say it's probably overinflated of our historical range and where we strive to keep it. But I think it's warranted based on what's transpired in the last couple of quarters.

我想說，這可能誇大了我們的歷史範圍以及我們努力維持的範圍。但我認為根據過去幾個季度發生的情況，這是有道理的。

Okay, great. I appreciate all the color. Thank you.

好的，太好了。我欣賞所有的顏色。謝謝。

Matt Olney, Stephens.

馬特·奧爾尼、史蒂芬斯。

Thanks, guys. Good morning. Do you guys have the dollar amount of the charge-off for the fourth quarter? I didn't see that one.

多謝你們。早安.你們有第四季沖銷的金額嗎？我沒看到那個。

Hey, Matt. This is Kelly. The total NCO for the quarter was $16.5 million.

嘿，馬特。這是凱利。本季的 NCO 總額為 1,650 萬美元。

Okay, perfect. Thank you, Kelly. And then on the deposit side, really strong non-interest-bearing deposits in the fourth quarter. Any color on the growth there? And then you hit on the betas earlier, but just the appetite to grow deposit balances for the year.

好的，完美。謝謝你，凱利。然後在存款方面，第四季的無息存款確實強勁。那裡的生長有顏色嗎？然後你早些時候就接觸了貝塔，但只是想增加今年的存款餘額。

Well, the non-interest bearing will come down a little bit in the early part of the year. We have a few large, significant non-interest-bearing deposits that occurred later in the last year, and we expect some of that to run off. And so we don't believe that the non-interest-bearing deposits are going to show much absolute growth from the prior year because of that inflated number that came in late in the last year.

嗯，今年年初無息貸款會稍微下降一些。去年晚些時候，我們有一些大額無息存款，我們預計其中一些會流失。因此，我們認為，由於去年年底出現的數字誇大，無息存款不會比去年大幅絕對成長。

So now relative to -- if you take those few deposits out, we would expect to do what we've always done. And that is a nice, steady growth in our deposit book and our relationship deposits. Our bankers are doing a really nice job of making loans when we have new deposit relationships. And so we don't expect there to be much, much difference, if at all, in the way we operate going forward.

所以現在相對來說，如果你取出那幾筆存款，我們預計會做我們一直在做的事情。我們的存款簿和關係存款出現了良好、穩定的成長。當我們建立新的存款關係時，我們的銀行家在發放貸款方面做得非常好。因此，我們預計我們未來的營運方式不會有太大的差異（如果有的話）。

I think it's probably fair too to say we're still seeing some migration where people are moving what were non-interest-bearing accounts over into some interest-bearing products. And that's been ongoing ever since the rate -- this last rate cycle moving up started.

我認為，公平地說，我們仍然看到一些遷移，人們將無息帳戶轉移到一些有息產品。自從上一次利率上升週期開始以來，這種情況就一直持續著。

Yeah, okay, that makes sense. And then just as far as the rate sensitivity, you gave us some good details there on slide 4. It looks like about 78% of your earning assets repriced in that first year, just within the loans and that's it. It seems like most of those that repriced the first year are going to be floaters that reprice in the first few weeks after a Fed cut. Is that right, or any color on what percent of those loans are floaters?

是的，好吧，這是有道理的。然後就速率敏感度而言，您在幻燈片 4 上為我們提供了一些很好的細節。看起來大約 78% 的獲利資產在第一年就重新定價了，僅在貸款範圍內，僅此而已。看起來第一年重新定價的大多數將是在聯準會降息後的頭幾週內重新定價的浮動利率。是這樣嗎？或者有什麼顏色可以說明這些貸款中有多少比例是浮動貸款嗎？

Yeah, I think if you look at the first footnote on that same page, Matt, of that [$1.143 million] in loans and that less than a year, $901 million are daily floaters. And of that, you've got $86 million at the ceiling. So roughly, 90% of that total.

是的，我想，如果你看看同一頁上的第一個腳註，馬特，那筆 [114.3 萬美元] 的貸款，不到一年，就有 9.01 億美元是每日浮動資金。其中，上限為 8600 萬美元。粗略地說，佔總數的 90%。

That was -- you said that there's a $1 billion in loans that are floaters?

那是——你說有 10 億美元的貸款是流動資金？

$900 million, yeah. And look, I think we always have to remember, not saying that people don't, but we are very active in managing our floors. And so that's part and parcel to the stability in the NIM and the historical illustration that we show you in our ability to maintain that NIM. So yes, they'll float down, but at some point, we start hitting floors. And that's a big component of our bank.

9億美元，是的。看，我認為我們始終必須記住，並不是說人們不這樣做，而是我們在管理樓層方面非常積極。因此，這是 NIM 穩定性的重要組成部分，也是我們維護 NIM 能力的歷史例證。所以，是的，它們會漂浮下來，但在某些時候，我們開始撞擊地板。這是我們銀行的一個重要組成部分。

Yeah, okay, good points. And then on expenses and fees, any color on the way you're thinking about that in 2024 if we just remove the oil and gas assets that you mentioned before?

是的，好的，好的。然後關於費用和費用，如果我們只是刪除您之前提到的石​​油和天然氣資產，您對 2024 年的情況有何看法？

We're proud of that. If you look at the expense load for the bank and you take out the oil and gas impact -- and am I right, Kelly, it was 33% efficiency ratio? And if you look at the expenses to the size of the bank -- and we feel really good about our ability to manage our expenses. And I think that's been proven over the years, and nothing is going to change.

我們為此感到自豪。如果你看看銀行的費用負擔，並剔除石油和天然氣的影響，凱利，我說得對嗎？效率率為 33%？如果你看看銀行規模的開支——我們對自己管理開支的能力感到非常滿意。我認為多年來這一點已經得到證明，而且不會有任何改變。

We are spending a little bit of money to upgrade and relocate a few fixed assets, but that really won't show up until very late in the year and probably really not until next year because it just takes a while to construct a few branches. But even with that, we don't expect the expense load of the bank to change in a meaningful way.

我們花了一點錢來升級和搬遷一些固定資產，但這實際上要到今年很晚才會出現，而且可能要到明年才會出現，因為建造幾個分支機構只需要一段時間。但即便如此，我們也不認為銀行的費用負擔會發生有意義的變化。

Okay. All right, guys, thanks for your help.

好的。好吧，夥計們，謝謝你們的幫助。

This concludes our question-and-answer session. I would like to turn the conference back over to Tom Travis for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給湯姆·特拉維斯（Tom Travis）發表閉幕詞。

Thank you. Again, we're pleased with our position of our company and our results. And we're especially pleased to move past that one-off event. It's in the rearview mirror, and we've shown the ability to manage through that and still produce good results. And we're really excited about this year and excited to just get right back on track to those really, truly strong numbers. And we appreciate everyone's participation and involvement.

謝謝。再次，我們對公司的地位和業績感到滿意。我們特別高興能夠超越這一次性事件。這是在後視鏡中，我們已經展示了處理這個問題並仍然產生良好結果的能力。我們對今年感到非常興奮，並且很高興能回到正軌，實現那些真正非常強勁的數字。我們感謝每個人的參與和參與。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。