Cadence Bank (CADE) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for your patience. At this time, I would now like to introduce Will Fisackerly, Director of Finance. Will, please go ahead.

女士們先生們，感謝你們的耐心等待。現在，我想介紹一下財務總監 Will Fisackerly。威爾，請繼續。

Good morning. Thank you for joining the Cadence Bank Fourth Quarter 2020 Earnings Conference Call. We have our executive management team here with us this morning, Dan, Paul, Chris, Valerie and Hank. Our speakers are referring to prepared slides during the discussion. You can find aside by going to our investor relations page at ir.cadancebank.com, where you'll find them on the entire webcast or you can view them at the (inaudible) to 8-K that we filed yesterday afternoon.

早上好。感謝您加入 Cadence Bank 2020 年第四季度收益電話會議。今天早上，我們的執行管理團隊與我們在一起，丹、保羅、克里斯、瓦萊麗和漢克。我們的發言人在討論期間指的是準備好的幻燈片。您可以通過訪問我們位於 ir.cadancebank.com 的投資者關係頁面找到它們，您可以在整個網絡廣播中找到它們，或者您可以在我們昨天下午提交的（聽不清）到 8-K 中查看它們。

These slides are also in the presentation section of our Investor Relations website. I would remind you that the presentation, along with our earnings release contain our customary disclosures around forward-looking statements and any non-GAAP metrics that may be discussed. These disclosures regarding forward-looking statements contained in those documents apply to our presentation today.

這些幻燈片也位於我們的投資者關係網站的演示部分。我想提醒您，該演示文稿以及我們的收益發布包含我們對前瞻性陳述和可能討論的任何非 GAAP 指標的慣例披露。這些文件中包含的有關前瞻性陳述的披露適用於我們今天的演示文稿。

And now I'll turn to Dan Rollins for his opening comments.

現在請 Dan Rollins 發表開場白。

(inaudible) a year of tremendous change, progress and success for our company, highlighted by the fourth quarter completion of our rebranding across our footprint and the related systems integration. The results of our business development efforts will be discussed this morning will validate the unity, optimism and excitement shared by our teammates as we are now operating under one name and brand.

（聽不清）我們公司發生了巨大變化、進步和成功的一年，突出表現在第四季度完成了我們的足跡和相關係統集成的品牌重塑。今天上午將討論我們的業務發展努力的結果，這將驗證我們的團隊成員分享的團結、樂觀和興奮，因為我們現在以同一個名稱和品牌運營。

As we look at our annual and fourth quarter 2022 financial results, the storylines and key highlights are very similar for both the quarter and the full year. So I'd like to make a few comments about both of those. We reported adjusted net income for the fourth quarter of $142.9 million or $0.78 per common share, which resulted in annual adjusted net income of $542 million or $2.94 per common share. Adjusted PPNR was $195.5 million or 1.62% of average assets for the fourth quarter.

當我們查看我們的年度和 2022 年第四季度財務業績時，本季度和全年的故事情節和主要亮點非常相似。所以我想對這兩個問題發表一些評論。我們報告第四季度調整後淨收入為 1.429 億美元或每股普通股 0.78 美元，這導致年度調整後淨收入為 5.42 億美元或每股普通股 2.94 美元。調整後的 PPNR 為 1.955 億美元，佔第四季度平均資產的 1.62%。

We continue to benefit from a strong pipeline, which is reflected in net loan growth of $1.1 billion or 14% annualized for the fourth quarter and $3.5 billion or 13% for the full year. Our fourth quarter results were again very diverse from a product and geographic standpoint. We had 6 of the 7 regions within our company report net growth for the quarter, and our corporate banking team had another outstanding quarter. We also continue to see favorable results from many of our specialized industry verticals, along with our mortgage team.

我們繼續受益於強大的渠道，這反映在第四季度淨貸款增長 11 億美元或年化 14%，全年增長 35 億美元或 13%。從產品和地域的角度來看，我們第四季度的業績再次非常多樣化。我們公司 7 個地區中有 6 個地區報告了本季度的淨增長，我們的企業銀行業務團隊也有另一個出色的季度。我們還繼續從我們的許多專業垂直行業以及我們的抵押貸款團隊中看到有利的結果。

Total deposits were flat for the fourth quarter and down $860 million or 2.2% for the year. While we, like many of our peers have seen a decline in average account balances and a shift towards interest-bearing products, our bankers remain focused on preserving and growing core deposit relationships. We continue to evaluate and tweak our product offerings and our posted rate structure in an effort to ensure our relationship managers have the tools necessary to compete in this highly competitive environment.

第四季度總存款持平，全年下降 8.6 億美元或 2.2%。雖然我們和許多同行一樣看到平均賬戶餘額下降並轉向生息產品，但我們的銀行家仍然專注於維護和發展核心存款關係。我們繼續評估和調整我們的產品供應和公佈的費率結構，以確保我們的客戶經理擁有在這個競爭激烈的環境中競爭所必需的工具。

The rate environment, combined with the balance sheet dynamics that we just discussed, resulted in continued improvement in our net interest margin. Our fourth quarter margin improved 5 basis points linked quarter, and our margin for the full year was 3.15%, up almost 20 basis points compared to the prior year. Valerie will discuss the margin components in just a few more minutes.

利率環境，加上我們剛剛討論的資產負債表動態，導致我們的淨息差持續改善。我們第四季度的利潤率環比提高了 5 個基點，全年的利潤率為 3.15%，比上年提高了近 20 個基點。 Valerie 將在幾分鐘後討論保證金組成部分。

Credit quality continues to be a positive story, while I -- let me start that again. Our fourth quarter provision of $6 million was necessary to support continued loan growth. We reported net recoveries for both the fourth quarter and the full year. We have now reported net recoveries 6 out of the previous 7 quarters. Our nonperforming assets also declined 8% for the quarter and 38% for the full year and now stand at 24 basis points on total assets at year-end, which is very low by any standard.

信用質量仍然是一個積極的故事，而我 - 讓我重新開始。我們在第四季度撥備 600 萬美元，以支持持續的貸款增長。我們報告了第四季度和全年的淨回收率。我們現在已經報告了前 7 個季度中的 6 個淨回收率。我們的不良資產在本季度也下降了 8%，全年下降了 38%，目前年末總資產下降 24 個基點，以任何標準衡量都非常低。

We will continue to monitor credit quality very closely as we move into 2023. But as of today, we simply aren't seeing any areas of significant weakness. We continue to improve our operating efficiency. Our fourth quarter adjusted efficiency ratio of 58.7% marks our fifth consecutive quarter of improvement in this metric. As we move into 2023, while there are some headwinds that Valerie will mention in a moment, continuing this improvement is this key strategic focus for our team.

進入 2023 年，我們將繼續密切監控信貸質量。但截至今天，我們根本看不到任何明顯的弱點。我們不斷提高我們的運營效率。我們第四季度調整後的效率比率為 58.7%，標誌著我們連續第五個季度在該指標上有所改善。隨著我們進入 2023 年，雖然 Valerie 稍後會提到一些不利因素，但持續改進是我們團隊的關鍵戰略重點。

Finally, I'd like to briefly touch on capital. We repurchased 6.1 million shares of our 2022 share repurchase authorization during the first half of 2022. Recently, our Board approved an authorization of 10 million shares for 2023. While we currently remain on pause with our repurchase activity, we are pleased to have this authorization in our toolkit, and we'll continue to monitor both the economic environment as well as our capital position as we move forward this year.

最後，我想簡單談談資本。我們在 2022 年上半年回購了 2022 年股票回購授權中的 610 萬股。最近，我們的董事會批准了 2023 年 1000 萬股的授權。雖然我們目前仍暫停回購活動，但我們很高興獲得這項授權在我們的工具包中，我們將在今年繼續監測經濟環境以及我們的資本狀況。

Valerie, I'll get it to you.

瓦萊麗，我去拿給你。

Thanks, Dan. Dan spoke to the key highlights that are applicable to both our quarterly and annual results that you'll see on Slide 4. Very consistent loan growth, continued margin expansion, stable credit quality and steady progress in the adjusted metrics. Focusing on the fourth quarter of 2022, the results include quarterly improvement in our net interest revenue due to loan growth and increasing margin and improvement in adjusted expenses due to year-end employee benefit adjustments.

謝謝，丹。丹談到了適用於我們的季度和年度業績的主要亮點，您將在幻燈片 4 中看到。非常一致的貸款增長、持續的利潤率擴張、穩定的信貸質量和調整後指標的穩步進展。著眼於 2022 年第四季度，結果包括由於貸款增長和利潤率增加導致的淨利息收入季度改善以及由於年終員工福利調整導致調整後費用的改善。

These were partially offset by seasonal declines in insurance revenue and change in mortgage servicing rights valuation and a modest provision for credit losses. Fourth quarter adjusted PPNR was $195.5 million, up from $5.7 million from the prior quarter. Referencing Slides 5 and 6, we reported net interest income of $359 million for the fourth quarter, an increase of $4 million compared to the third quarter of 2022. Our net interest margin was 3.33% for the fourth quarter, up 5 basis points from the linked quarter.

這些被保險收入的季節性下降和抵押貸款服務權估值的變化以及信貸損失的適度準備金部分抵消。第四季度調整後的 PPNR 為 1.955 億美元，高於上一季度的 570 萬美元。參考幻燈片 5 和 6，我們報告第四季度的淨利息收入為 3.59 億美元，比 2022 年第三季度增加 400 萬美元。我們第四季度的淨息差為 3.33%，比去年同期上升 5 個基點連接季度。

Now surprisingly, the pace of improvement in the margin slowed this quarter as our deposit costs accelerated in response to continued rate increases and strong deposit competition. Total cost of deposits increased to 76 basis points from 35 basis points in the third quarter. Despite this increase, we continue to have a favorable deposit beta, thanks to our large mix of community bank deposits. Our total deposit beta was 28% for the fourth quarter and 17% cycle to date.

現在令人驚訝的是，本季度利潤率的改善速度放緩，因為我們的存款成本因持續的利率上漲和激烈的存款競爭而加速。總存款成本從第三季度的 35 個基點增至 76 個基點。儘管有這種增長，但由於我們大量的社區銀行存款，我們繼續保持良好的存款貝塔。我們第四季度的總存款貝塔率為 28%，迄今為止為 17%。

This compares to the fourth quarter's loan beta, excluding accretion of 49% and 39% cycle to date. Our yield on net loans, excluding accretion, was 5.41% for the fourth quarter, up 71 basis points from the prior quarter. Our balance sheet remains asset sensitive with approximately 48% of our loan portfolio or $14.8 billion repricing in the next 12 months of which $12.6 billion of that reprices within the next 3 months.

這與第四季度的貸款貝塔相比，不包括迄今為止 49% 和 39% 週期的增長。第四季度，我們的淨貸款收益率（不包括增值）為 5.41%，比上一季度上升 71 個基點。我們的資產負債表仍然對資產敏感，我們的貸款組合中約有 48% 或 148 億美元在未來 12 個月內重新定價，其中 126 億美元在未來 3 個月內重新定價。

At a higher level, as laid out on Slide 7, 72% of our loan book is floating were has variable rate terms with 28% fixed rate. Noninterest revenue highlighted on Slides 8 and 17 was $114.9 million, which represents a decline of $9.6 million for the quarter. The decline is driven primarily by a $7.1 million unfavorable swing in the MSR market valuation adjustment as well as a $5.2 million decline in insurance commission revenue related to seasonality in the policy renewal cycle.

在更高的層次上，如幻燈片 7 所示，我們 72% 的貸款賬簿是浮動的，具有可變利率條款和 28% 的固定利率。幻燈片 8 和 17 中突出顯示的非利息收入為 1.149 億美元，本季度下降了 960 萬美元。下降的主要原因是 MSR 市場估值調整出現 710 萬美元的不利波動，以及與保單更新周期的季節性相關的保險佣金收入下降 520 萬美元。

While the insurance decline is in line with typical fourth quarter seasonal results, on a year-over-year basis, total insurance commission revenue actually increased 6.3% from the fourth quarter of 2021. In addition to these 2 items, we saw a decline in deposit service charges, primarily as a result of an increase in the earnings credit rate on corporate analysis accounts and an increase in BOLI income, which is attributable to timing of death benefits.

雖然保險業務的下降與典型的第四季度季節性結果一致，但與去年同期相比，保險佣金總收入實際上比 2021 年第四季度增長了 6.3%。除了這兩項之外，我們還看到了下降存款服務費，主要是由於公司分析賬戶的收益信貸利率增加和 BOLI 收入增加，這歸因於死亡撫卹金的時間安排。

Moving on to expenses, which are highlighted on Slides 9 and 10. Total adjusted noninterest expense was $279.3 million for the fourth quarter, a decline of $10.9 million compared to the third quarter. The decline was driven primarily by a decline in compensation expense, largely related to employee benefits year-end adjustments, including lower accruals on insurance costs and the annual assessment of other employee benefit obligations that have been impacted by higher discount rates.

轉到幻燈片 9 和 10 中突出顯示的支出。第四季度調整後的非利息支出總額為 2.793 億美元，比第三季度減少 1090 萬美元。下降的主要原因是補償費用下降，這主要與員工福利年終調整有關，包括保險費用的應計費用減少以及對受更高貼現率影響的其他員工福利義務的年度評估。

The decline in other miscellaneous expense included a number of small variances, including lower franchise taxes, legal and other items. You may recall that last quarter, we guided toward a $290 million base level of adjusted noninterest expenses, which was in line with the fourth quarter results, factoring out the year-end adjustments made to employee benefits.

其他雜項費用的下降包括一些小的差異，包括較低的特許經營稅、法律和其他項目。您可能還記得上個季度，我們將調整後非利息支出的基準水平定為 2.9 億美元，這與第四季度的結果一致，其中考慮了對員工福利所做的年終調整。

Regarding nonroutine adjusted items, merger and merger-related costs increased to $53 million this quarter as we completed the franchise rebranding and the core system conversion. A large component of these costs were in advertising and public relations, which reflects the rebranding of our franchise under the Cadence Bank name and new logo, including nearly 400 offices. We also incurred a $6.1 million pension settlement expense due to the elevated number of retirements in the fourth quarter and branch closing expense of $2.3 million associated with the 17 branches that were closed to consolidated in the fourth quarter.

關於非常規調整項目，本季度合併和合併相關成本增加到 5300 萬美元，因為我們完成了特許經營品牌重塑和核心系統轉換。這些成本的很大一部分用於廣告和公共關係，這反映了我們的特許經營權以 Cadence Bank 名稱和新徽標進行了品牌重塑，包括近 400 個辦事處。由於第四季度退休人數增加，我們還產生了 610 萬美元的養老金結算費用，以及與第四季度關閉合併的 17 家分支機構相關的 230 萬美元分支機構關閉費用。

Dan spoke to the loan and deposit activity included on Slides 11 and 12. Slide 13 provides credit quality highlights that further demonstrate the points Dan made earlier with steady declines in nonperforming assets throughout the year. Classified assets increased somewhat during the quarter but declined 15% as compared to the end of 2021. As mentioned earlier, the $6 million provision for the quarter supports continued growth in loans and unfunded commitments that we've experienced. The ACL coverage finished the year at 1.45% of loans.

Dan 在幻燈片 11 和 12 中談到了貸款和存款活動。幻燈片 13 提供了信貸質量亮點，進一步證明了 Dan 早些時候提出的全年不良資產穩步下降的觀點。分類資產在本季度有所增加，但與 2021 年底相比下降了 15%。如前所述，本季度 600 萬美元的準備金支持我們所經歷的貸款和無資金承諾的持續增長。年末 ACL 覆蓋率為貸款的 1.45%。

Capital, as shown on Slide 14, continues to be stable across the board with the quarter's earnings absorbing the growth in risk-weighted assets. As we look forward into 2023, from a loan growth perspective, we anticipate a high single-digit growth rate with investment security cash flows continuing to support growth. We expect that approximately $3.3 billion in securities cash flows and maturities in 2023, including $1.5 billion of low-yielding treasuries maturing in the fourth quarter of this year.

如幻燈片 14 所示，資本繼續全面穩定，本季度的收益吸收了風險加權資產的增長。展望 2023 年，從貸款增長的角度來看，我們預計將實現高個位數的增長率，投資安全現金流將繼續支持增長。我們預計 2023 年證券現金流量和到期日約為 33 億美元，其中包括今年第四季度到期的 15 億美元低收益國債。

Deposits continue to be more difficult to predict with increasing rates and aggressive competition. However, we do anticipate our deposit costs will continue to increase and currently expect to reach our cumulative total deposit beta of 28% to 30% towards the middle of this year. Net interest margin will be in part dependent on our deposit levels and pricing, but we do anticipate margins to be higher in the fourth quarter of this year than in the '22 fourth quarter. This expectation is due to the asset mix shift out of lower-yielding securities into higher-yielding loans, combined with the ongoing asset repricing in our variable loan book.

隨著利率的上升和激烈的競爭，存款繼續變得更加難以預測。然而，我們確實預計我們的存款成本將繼續增加，目前預計到今年年中我們的累計總存款貝塔將達到 28% 至 30%。淨息差將部分取決於我們的存款水平和定價，但我們確實預計今年第四季度的利潤率將高於 22 世紀第四季度。這種預期是由於資產組合從低收益證券轉移到高收益貸款，加上我們可變貸款賬簿中正在進行的資產重新定價。

Slide 7 in the slide deck provides a nice visual of the repricing timing of our portfolios. We also anticipate steady growth in our fee businesses, except for mortgage and analysis service charges, which we expect to continue to be negatively impacted by the higher rate environment. Regarding noninterest expenses, we currently anticipate a low single-digit growth rate on an annualized basis compared to the $290 million quarterly run rate guidance we previously provided for the fourth quarter of 2022.

幻燈片中的幻燈片 7 很好地展示了我們投資組合的重新定價時機。我們還預計我們的收費業務將穩步增長，但抵押貸款和分析服務收費除外，我們預計這些業務將繼續受到較高利率環境的負面影響。關於非利息支出，與我們之前為 2022 年第四季度提供的 2.9 億美元的季度運行率指導相比，我們目前預計年化增長率將保持較低的個位數。

This factors in the anticipated benefits from our merger integration, but also the number of headwinds, including increased FDIC insurance assessments, higher pension expense, increased CPI levels in many vendor and technology agreements and continued wage pressure. Importantly, we expect merger and merger-related expenses to be materially behind us, although we are continuing to aim to reap efficiencies beyond our initial targets. Our 2022 net charge-offs, which were actually a small net recovery for the year, we're clearly very low. So, we do expect those to increase to a more normalized level in 2023.

這既考慮了我們合併整合的預期收益，也考慮了不利因素的數量，包括 FDIC 保險評估增加、養老金支出增加、許多供應商和技術協議中的 CPI 水平增加以及持續的工資壓力。重要的是，我們預計合併和與合併相關的費用將大大落後於我們，儘管我們繼續致力於獲得超出我們最初目標的效率。我們 2022 年的淨註銷，實際上是當年的小幅淨復甦，我們顯然非常低。因此，我們確實預計這些會在 2023 年增加到更正常的水平。

However, as Dan noted earlier, while cautious, we are just not seeing areas of significant weakness currently. We have a lot to be pleased with. Looking back at the results and accomplishments of 2022, but I think we would all agree the excitement is in the opportunity that lies ahead.

然而，正如 Dan 之前指出的那樣，儘管我們持謹慎態度，但目前我們還沒有看到明顯的弱點。我們有很多值得高興的地方。回顧 2022 年的成果和成就，但我想我們都會同意，令人興奮的是擺在面前的機會。

Operator, we would like to open the call to questions.

接線員，我們想打開問題電話。

Of course. Thank you. We will now begin the question-and-answer session. (Operator Instructions) Please limit yourself to one question and one follow-up. At this time, we will pause momentarily to assemble our roster.

當然。謝謝。我們現在開始問答環節。 （操作員說明）請將自己限制在一個問題和一項跟進中。這時候，我們會暫時停下來整理我們的花名冊。

Today's first question comes from Catherine Mealor with KBW.

今天的第一個問題來自 KBW 的 Catherine Mealor。

Appreciate everybody's patience with our technical problems this morning.

感謝大家今天早上對我們的技術問題的耐心等待。

No. All good. Dan gave a lot of great guidance at the end of your comments. So thank you for all of that. And I wanted to start my questions with maybe on expenses. So it seems like you're saying take the $290 million from this quarter and then grow that at a low single-digit pace. So is that net of cost savings? Or should we grow at that pace and then allow the rest of the cost savings to offset it from there? I just want to make sure I'm clear on that guide.

不，一切都很好。丹在您的評論末尾給出了很多很好的指導。所以謝謝你所做的一切。我想從費用開始我的問題。因此，您似乎是在說從本季度提取 2.9 億美元，然後以低個位數的速度增長。那是節省成本的淨額嗎？或者我們應該以這種速度增長，然後讓剩餘的成本節約從那裡抵消它嗎？我只是想確保我清楚該指南。

That's a fully baked-in number, realizing the savings that we've got baked in as well as the work that's continuing to be done and the expense headwinds that we and I believe our peers are also experiencing as we look into 2023.

這是一個完全成熟的數字，實現了我們已經節省下來的成本以及正在繼續完成的工作以及我們和我相信我們的同行在展望 2023 年時也會遇到的支出逆風。

Okay. And then that $9 million that was from some of the employee and insurance changes from this quarter. How do we think about that in the run rate for next year? Is that coming -- as that was kind of give you like a onetime event from this quarter? Or is that partly in the run rate as we pull that forward to next year?

好的。然後來自一些員工和保險的 900 萬美元從本季度開始發生變化。我們如何看待明年的運行率？那會不會 - 因為這有點像本季度的一次性活動？或者，當我們將其提前到明年時，這部分在運行率中嗎？

That's a onetime.

那是一次性的

Yes. The big chunk of that is really related to the annual assessment of employee benefit obligations and the fact at a higher discount rate because the interest rate changes allowed us to take a credit on that. So that's not something that happens every quarter.

是的。其中很大一部分實際上與員工福利義務的年度評估以及更高貼現率的事實有關，因為利率變化使我們能夠將其歸功於此。所以這不是每個季度都會發生的事情。

Great. Okay. And then maybe my follow-up is just on the margin. It does feel like you're saying that this is peak margin, but I sounded interesting that your guide is fourth quarter to fourth quarter is going to be higher. So does that imply that there may be some fluctuations between now and end just depending on how deposit costs flow. But ultimately, by the time we get to the end of next year, we'll have a higher NIM. Is that a fair equator.

偉大的。好的。然後也許我的後續行動就在邊緣。確實感覺你是在說這是最高利潤率，但我聽起來很有趣，你的指南是第四季度到第四季度將會更高。這是否意味著從現在到結束之間可能存在一些波動，具體取決於存款成本的流動方式。但最終，到明年年底時，我們將擁有更高的 NIM。那是一個公平的赤道嗎？

I think you got it well. As you said, it's -- the deposits are the bigger key there. But assuming no surprises there, we actually -- we could have some modest improvement before things kind of stabilize or soften. But we are anticipating a better margin as we look to the end of the year really related to all the repricing and the mix out of the securities book into the loan book. And as we've talked about a number of times, the variable rate loans that continue to reprice as long as we're in a higher rate environment.

我認為你理解得很好。正如你所說，它是 - 存款是那裡更大的關鍵。但假設那裡沒有意外，我們實際上 - 在事情穩定或軟化之前我們可以有一些適度的改善。但我們預計利潤率會更高，因為我們期待今年年底真正與所有重新定價和證券賬簿混合到貸款賬簿相關。正如我們多次談到的那樣，只要我們處於更高利率的環境中，可變利率貸款就會繼續重新定價。

What you said it, I think, Catherine, is correct. I think we see an upward trajectory on our margin, but maybe not linear. We could bounce around here, but we're moving in an upward direction.

凱瑟琳，我認為你說的是對的。我認為我們看到利潤率呈上升趨勢，但可能不是線性的。我們可以在這裡反彈，但我們正在向上移動。

The next question comes from Michael Rose with Raymond James.

下一個問題來自 Michael Rose 和 Raymond James。

Just wanted to start on your commentary on the fee businesses. Obviously, I understand mortgage and service charges under pressure, just given the ECR. But can you just kind of lay out expectations for some of the other businesses? Like I know insurance is obviously benefiting from a relatively hard pricing market. And I guess maybe on a little on the trust and wealth side, maybe that's a little bit harder to see, but it sounds like you're kind of guiding or at least the outlook is to see kind of year-over-year progression. Can you just kind of walk through some thoughts there by business line and maybe how we should think about them?

只是想開始您對收費業務的評論。顯然，鑑於 ECR，我理解壓力下的抵押貸款和服務費。但是你能不能對其他一些業務提出一些期望？就像我知道的那樣，保險顯然受益於相對堅硬的定價市場。而且我想也許在信任和財富方面有點，也許這有點難以看到，但聽起來你有點指導，或者至少前景是看到同比進展。您能否按業務線介紹一下那裡的一些想法，也許我們應該如何考慮它們？

Yes, I think you covered some of that, Michael, good to hear from you. Mortgage is clearly flying into headwinds. I would expect that 1Q is not going to be a good quarter for mortgage. Hopefully, 2Q, 3Q during normal home selling season will come back a little bit on that piece. We're portfolioing more of those loans. The secondary market for arms is not working today. If that market comes back on, and then we can fix that. That means we're not collecting that gain on sale for the loans that we're booking onto the balance sheet, the arms.

是的，我想你已經涵蓋了其中的一些內容，邁克爾，很高興收到你的來信。抵押貸款顯然遇到了不利因素。我預計 1Q 不會是抵押貸款的好季度。希望在正常的房屋銷售季節的第二季度、第三季度會有所回升。我們正在投資更多這些貸款。武器二級市場今天行不通。如果那個市場重新開始，我們就可以解決這個問題。這意味著我們不會為我們在資產負債表上登記的貸款收取銷售收益，即武器。

So mortgage is clearly under pressure. I think you were spot on, on insurance. Insurance looks to be in good shape today. I think we continue to win business. Our insurance team is growing customer base. Our insurance team is growing their fee income and that hard insurance market will help us. So we expect to see good progress on the insurance side in 2023.

因此抵押貸款顯然面臨壓力。我認為你在保險方面是正確的。保險今天看起來狀況良好。我認為我們繼續贏得業務。我們的保險團隊正在擴大客戶群。我們的保險團隊正在增加他們的費用收入，而硬保險市場將幫助我們。因此，我們預計 2023 年保險方面將取得良好進展。

The wealth management team is all similar to anybody else in wealth management, dependent upon asset value. So depending upon what asset values do this year, we'll drive that revenue. We're hoping that the market will move up and that, that will see a benefit there. And then I think you hit the ECR on treasury management, we do believe that we'll see some pressure because of the rising ECR on treasury management. Other than that, though, I think our bank fees, we've already given back the pieces of the puzzle we needed to give back. And so we continue to see stability there. Our card servicing fees. We continue to see increasing volume on cards. We continue to see increasing average ticket or average transaction on cards. So the card income continues to be moving up. [Indiscernible, did I miss anything?

財富管理團隊與財富管理中的其他任何人都相似，取決於資產價值。因此，根據今年的資產價值，我們將推動該收入。我們希望市場會上漲，並且會從中受益。然後我認為你在資金管理方面達到了 ECR，我們確實相信，由於資金管理方面的 ECR 上升，我們會看到一些壓力。不過，除此之外，我認為我們的銀行費用，我們已經退還了我們需要退還的拼圖。因此，我們繼續看到那裡的穩定。我們的卡服務費。我們繼續看到卡片的數量在增加。我們繼續看到卡的平均票價或平均交易量增加。因此，卡收入繼續上升。 [聽不清，我錯過了什麼嗎？

It sounds like the big ones. Thanks for the call. Maybe just switching to capital and the purchase it sounded like if I got this right from the prepared comments that maybe buybacks wouldn't be a near-term thing. Maybe you'll let capital build a little bit here as kind of the operational efficiencies from the merger continue to play out. Is that the way to think about it that maybe nearer-term purchases not on the forefront, but maybe think about it more usage in the back half?

聽起來像大的。感謝您的來電。也許只是轉向資本和購買聽起來就像我從準備好的評論中得到的那樣，也許回購不會是近期的事情。也許你會讓資本在這裡積累一點，因為合併帶來的運營效率會繼續發揮作用。是不是這樣想的，也許近期購買不在最前沿，但也許在後半部分考慮更多使用？

Yes, I think that's a fair way, Michael, to look. I think we want to be prepared if the market backs up on us. We certainly have that in our tool kit, and we can take advantage of the market if it backs up. But we're currently watching where we are. We're watching the economy. There's still unknowns in front of us, and we want to make sure that we're fully prepared.

是的，我認為這是一種公平的方式，邁克爾，看起來。如果市場支持我們，我認為我們要做好準備。我們的工具包中當然有它，如果它支持，我們可以利用市場。但我們目前正在觀察我們的位置。我們正在關注經濟。我們面前還有未知數，我們要確保我們已經做好充分準備。

And then maybe just finally for me. Just on the margin back to the margin call. I assume you -- Valerie, you're talking about the core margin. And I believe last quarter, you kind of talked about accretion income for the year, somewhere in the 22 million to 23 million range is obviously higher this quarter. Just wondered to clarify that and then get any sort of updated expectations for what you would expect for scheduled accretion for this year?

然後也許終於對我來說。就在保證金上回到追加保證金通知。我假設你 - 瓦萊麗，你在談論核心利潤率。我相信上個季度，你談到了今年的增值收入，本季度明顯高於 2200 萬至 2300 萬的範圍。只是想澄清一下，然後對今年的預定增生有什麼更新的期望？

No, that's exactly right. The core margin is really the direction that we were headed there. On the accretion, you're spot on, on the scheduled accretion numbers for next year, close to $23 million. And that is a headwind for this year. We had $47 million nearly for the year of 2022. It was a little bit higher this fourth quarter because of some paydowns and so forth. But no change to the expected scheduled accretion for 2023.

不，完全正確。核心利潤率確實是我們前進的方向。在增長方面，明年預定的增長數字接近 2300 萬美元。這是今年的逆風。到 2022 年，我們的收入將近 4700 萬美元。由於一些償還等原因，第四季度略高。但 2023 年的預期預定增長沒有變化。

The next question comes from Manan Gosalia with Morgan Stanley.

下一個問題來自摩根士丹利的 Manan Gosalia。

I wanted to follow up on the comment on deposit beta. I think you noted 20% to 30% cumulative deposit betas by the middle of this year. Do you expect that to be the peak? Or just given your other comments on the elevated level of competition that you and others in the industry are seeing right now, should that deposit beta ramp up as we go towards the end of the year?

我想跟進有關存款測試版的評論。我想你注意到今年年中 20% 到 30% 的累積存款貝塔。你認為那會是高峰期嗎？或者只是考慮到您對您和業內其他人目前看到的競爭加劇的其他評論，存款貝塔是否應該在我們接近年底時增加？

No. Actually, what we are modeling is an increase from where we are today, which is the 17% cumulative to kind of our peak deposit beta midyear of next year, which would be in that 28% to 30% level on a total deposit basis.

不，實際上，我們正在建模的是我們今天的增長，這是我們明年年中的峰值存款 beta 的累積 17%，即總存款的 28% 到 30% 水平基礎。

And then as you think about the mix of funding, to the extent that loan growth exceeds the securities runoff between the quarters and the year, could we assume that you would plug that with FHLB? Or are there other funding levers that you might want to pull such as growing the CD book.

然後當你考慮資金組合時，如果貸款增長超過季度和年度之間的證券徑流，我們是否可以假設你會用 FHLB 來彌補？或者是否有其他您可能想要拉動的資金槓桿，例如增加 CD 書籍。

I think that we've got lots of securities running off in 2023. So most of the loan growth in 2023 can be funded, if not all, with securities portfolio and the move up of the loan-to-deposit ratio. So moving our loan-to-deposit ratio north of 75% is a goal of ours. We would like to see our loan-to-deposit ratio higher in a more normal environment. So I think from a funding standpoint, it's just a temporary spot. So we're currently playing in all of the spaces that you just mentioned.

我認為我們在 2023 年將有大量證券流失。因此，2023 年的大部分貸款增長（如果不是全部）都可以通過證券投資組合和提高貸存比來提供資金。因此，將我們的貸存比提高到 75% 以上是我們的目標。我們希望在更正常的環境中看到我們的貸存比更高。所以我認為從資金的角度來看，這只是一個臨時地點。所以我們目前正在您剛才提到的所有空間中播放。

I think we've got our team looking to grow deposits. Some of our customers are moving CDs around some people because of rates have taken CDs. So I think the answer is all of the above is where we would be funding from them.

我認為我們的團隊正在尋求增加存款。我們的一些客戶正在將 CD 轉移到一些人身邊，因為費率已經拿走 CD。所以我認為答案是以上所有內容都是我們將從他們那裡獲得資金的地方。

And are those states more shorter-term dated -- or are you putting on a little bit of duration there?

那些州的期限是否更短——或者你在那裡放了一點時間？

Yes. CDs is such a small piece of our book. It's mostly short. We're not offering any specials for any long-term money.

是的。 CD 只是我們書中的一小部分。它主要是短的。我們不會為任何長期資金提供任何特價。

The next question comes from Brandon King with Truist.

下一個問題來自 Brandon King 和 Truist。

So I'm curious with putting all the pieces of guidance together, are you still speaking with kind of the 54% efficiency ratio target for next year?

所以我很好奇將所有指導放在一起，你是否還在談論明年 54% 的效率比目標？

Yes, that's a great question. I think we've got a lot of headwinds on that, Valerie.

是的，這是一個很好的問題。我認為我們在這方面遇到了很多阻力，瓦萊麗。

Yes. So what we're anticipating is gradual progress, just like what we saw in 2022 gradual progress on that efficiency ratio improvement and expect to continue that. There are a few headwinds, as Dan mentioned, some of the FDIC expenses and some of the other things that we talked about that in a way. May be early 2024 before we get to that number, but I think we'll be making gradual improvements and certainly working toward that number pretty aggressively.

是的。因此，我們期待的是漸進式的進步，就像我們在 2022 年看到的效率比改善的漸進式進步一樣，並希望繼續這種進步。正如 Dan 提到的那樣，有一些不利因素，一些 FDIC 費用和我們在某種程度上討論過的其他一些事情。可能要到 2024 年初才能達到這個數字，但我認為我們會逐步改進，並且肯定會非常積極地朝著這個數字努力。

And then on loan growth, high single digits is seems to be a bit above period. I'm just curious what gives you confidence in that number and kind of what you're seeing as far as the main community platform versus corporate?

然後在貸款增長方面，高個位數似乎略高於同期。我很好奇是什麼讓您對這個數字以及您所看到的主要社區平台與企業平台的種類有信心？

So I'm not sure I'm hearing the whole question. You're talking about loan growth being above peers. What was the second part of that?

所以我不確定我聽到了整個問題。你說的是貸款增長高於同行。第二部分是什麼？

Yes. So loan growth kind of what gives you confidence in that high single-digit growth figure for next year? And then if you could provide some commentary around community versus the corporate lending kind of the demand outlook there.

是的。那麼貸款增長是什麼讓你對明年的高個位數增長數字充滿信心？然後，如果你能提供一些關於社區與企業貸款的需求前景的評論。

So opportunities within the corporate lending and confidence around the high single-digit loan growth, I think, is what you're asking about. I think our footprint is going to give loan growth. So the footprint that we're sitting in is continuing to perform well. As I said, we're not seeing really any weakness we speak of today. Chris and Hank are both in the room here and can talk about all you want to talk about on loan growth, which one of you guys want to go.

因此，我認為企業貸款中的機會和對高個位數貸款增長的信心就是你要問的。我認為我們的足跡將帶來貸款增長。因此，我們所處的足跡繼續表現良好。正如我所說，我們並沒有真正看到我們今天所說的任何弱點。克里斯和漢克都在這個房間裡，可以談論所有你想談論的關於貸款增長的話題，你們中的哪一個想去。

Chris, I'll let you go first and (inaudible).

克里斯，我會讓你先走（聽不清）。

Yes. Dan started at the 400-branch footprint commercial teams with deep relationships with diverse products and services. We're in resilient growth markets as well as what I would call a more stable and lower risk markets as well. So there's just a lot of levers that we can pull. And when we look at our pipelines, we're seeing still active, and we still see looking at least out the next few months, we see like we've got a good pipeline and activity, so we're comfortable in some of those loan growth targets.

是的。 Dan 從 400 家分支機構的商業團隊開始，與各種產品和服務有著深厚的關係。我們處於有彈性的增長市場以及我稱之為更穩定和風險更低的市場。所以我們可以使用很多槓桿。當我們查看我們的管道時，我們看到仍然活躍，我們仍然看到至少在接下來的幾個月裡，我們看到我們有一個很好的管道和活動，所以我們對其中的一些感到滿意貸款增長目標。

So I agree 100%, Chris, I would categorize it as it's not too hot, but not too cold, and we're positive in 2023. We do have capacity in our corporate teams, which is a nice thing to have when you're headed into some needs -- or to have some loan growth, which we're going to do. A lot of it depends on the macro environment and what that gives us through the second half of the year. But right now, I would tell you that I feel good and positive about the guidance we've given on that Valerie mentioned earlier.

所以我 100% 同意，克里斯，我會把它歸類為它不太熱，但也不太冷，我們對 2023 年持樂觀態度。我們的企業團隊確實有能力，這是一件好事，當你'重新滿足一些需求 - 或者有一些貸款增長，我們將要做的。這在很大程度上取決於宏觀環境以及下半年給我們帶來的影響。但現在，我想告訴你，我對我們為前面提到的瓦萊麗提供的指導感覺良好和積極。

The next question comes from Brett Rabatin with Hovde Group.

下一個問題來自 Hovde Group 的 Brett Rabatin。

I wanted to talk about credit for a second. And obviously, spectacular numbers. Thinking about the reserve, it's basically been flat the past 3 quarters from a dollar perspective. And just wanted to hear some thoughts on provisioning going forward and just thinking about the black box of CECL as well as the classified assets are really low, but they did tick up a little bit in the fourth quarter. Anything that was prevalent in that increase and anything that you guys are watching from a credit perspective.

我想談談信用一秒鐘。顯然，驚人的數字。考慮到儲備，從美元的角度來看，過去 3 個季度基本上持平。只是想听聽關於未來撥備的一些想法，只是想一想 CECL 的黑匣子以及分類資產確實很低，但它們在第四季度確實有所上升。在這種增長中普遍存在的任何事情，以及你們從信用角度來看的任何事情。

Yes. So as I said, I don't think we're seeing anything today that's got any alarm bells ringing on it. So I think the move around in classified assets is just normal move in, move out, bounce and I'll let the guys cover that further. We look at CECL, I think our model continues to work for us. I think what you saw this quarter was provisioning for growth. So we're not seeing weaknesses in the portfolio, so we're provisioning for growth. You guys want to touch on.

是的。所以正如我所說，我認為我們今天沒有看到任何敲響警鐘的事情。所以我認為分類資產的變動只是正常的進場、出場、反彈，我會讓大家進一步討論。我們看看 CECL，我認為我們的模型繼續為我們工作。我認為你在本季度看到的是為增長做準備。所以我們沒有看到投資組合中的弱點，所以我們正在為增長做準備。你們想接觸一下。

Yes. The -- back to the classified loans, normal cycle, normal loan grading. Our average loan if your legacy BXS from a view, we've got an average larger average loan size now. So you're going to see some larger loans moving out. Nothing in there that was systematic or a trend that we would note, normal loan grading normal working with customers and I think from there, you get to model. It's what the model is going to project for us, the economic forecast and what our own loan grading systems do. Hank, any other core.

是的。 ——回到分類貸款，正常週期，正常貸款分級。我們的平均貸款，如果從您的遺留 BXS 來看，我們現在的平均貸款規模更大。所以你會看到一些更大的貸款搬出。那裡沒有任何系統性或我們會注意到的趨勢，正常的貸款評級正常與客戶合作，我認為從那裡開始，你可以建模。這就是模型將要為我們預測的內容、經濟預測以及我們自己的貸款分級系統所做的事情。漢克，任何其他核心。

And Dan, anything maybe not for your bank, but just anything that you would point out as something that you kind of view as potentially problematic for the industry, whether it's office or some other segment of lending that you would say, hey, this is something that we're keeping a close eye on.

丹，任何事情可能不適合你的銀行，但只要你指出任何你認為對行業有潛在問題的事情，無論是辦公室還是你會說的其他貸款領域，嘿，這是我們正在密切關注的事情。

Yes. We're just not saying it, Brett. So when we look at what's happening today, we're like everybody else, we're watching carefully. We're paying attention. We think we're making good credit decisions. The credit team is asking lots of questions. But across the footprint that we're serving, the economies continue to move along. We're still seeing some stresses on labor in some places. Some places are still not able to find labor. People are moving up their labor costs, but we're still moving.

是的。我們只是不說，布雷特。因此，當我們審視今天發生的事情時，我們和其他人一樣，都在仔細觀察。我們正在關注。我們認為我們正在做出良好的信貸決策。信貸團隊提出了很多問題。但在我們服務的足跡中，經濟繼續向前發展。在某些地方，我們仍然看到一些勞動力壓力。有些地方還找不到勞動力。人們正在提高他們的勞動力成本，但我們仍在前進。

If the comings was resilient. Thanks for all the color, Dan.

如果未來是有彈性的。感謝所有的顏色，丹。

Appreciate your time.

珍惜你的時間。

The next question is from Matt Olney with Stephens. Pardon... This is a follow-up from Catherine Mealor with KBW.

下一個問題來自 Matt Olney 和 Stephens。請原諒...這是凱瑟琳·梅勒與 KBW 的後續報導。

I didn't mean to jump in front of Matt. My follow-up is just back to the efficiency ratio question that Brandon asked. Dan, can you just clarify what number efficiency ratio you were referring to? Is that -- I think you originally put out slides when the deal came together. I think it was a 54% efficiency ratio. Is that a number that you think is achievable by '24? Or do you think it's higher than that, just given some of the expense headwinds you talked about?

我不是故意跳到馬特面前的。我的後續只是回到 Brandon 問的效率比問題。丹，你能澄清一下你指的是什麼數字效率比嗎？那是——我想你最初是在交易達成時放出幻燈片的。我認為這是 54% 的效率比。這是你認為到 24 年可以實現的數字嗎？或者你認為它比這更高，只是考慮到你談到的一些費用逆風？

I think that's the number we're talking about. We're still targeting getting there.

我認為這就是我們正在談論的數字。我們的目標仍然是到達那裡。

Great. Okay. But just maybe not until sometime in '24.

偉大的。好的。但也許要等到 24 年的某個時候。

Yes. I think that the things that have happened in the last little bit has delayed that that trip to get there a little bit, but we're going to get there.

是的。我認為最近發生的事情稍微推遲了到達那裡的那次旅行，但我們會到達那裡。

Great. Okay. I just wanted to clarify that.

偉大的。好的。我只是想澄清一下。

The next question is actually from Matt Olney with Stephens.

下一個問題實際上來自 Matt Olney 和 Stephens。

I think most of my questions have been answered. I just want to circle back on the Insurance segment. I know insurance has been an important part of the strategy going back several years, even in the Bancorp South dates. I guess there is some speculation in the marketplace about some of your larger bank peers that may not be married to their insurance segment longer term. I'm curious about the strategy of cadence in the insurance segment. Just I'm curious how important this insurance segment is to the longer-term strategy of the bank?

我想我的大部分問題都得到了回答。我只想回到保險部分。我知道幾年前保險一直是該戰略的重要組成部分，即使在 Bancorp South 時期也是如此。我想市場上有一些猜測，認為您的一些較大的銀行同行可能不會長期與他們的保險部門聯姻。我很好奇保險領域的節奏策略。我很好奇這個保險部門對銀行的長期戰略有多重要？

Yes. I think we're no different than anybody else. We're watching what's happening in the market. But we like insurance. We've always liked insurance. We continue to grow insurance. In the last quarter, we added another insurance agency that we were able to add into our team. So it's clearly a big part of what we're doing every day, but the market is always doing something different. And so you pay attention to what's happening in the market.

是的。我認為我們和其他人沒有什麼不同。我們正在觀察市場上正在發生的事情。但我們喜歡保險。我們一直喜歡保險。我們繼續發展保險。在上個季度，我們增加了另一家保險機構，我們能夠將其添加到我們的團隊中。因此，這顯然是我們每天所做工作的重要組成部分，但市場總是在做一些不同的事情。所以你要注意市場上發生的事情。

All my other questions have been addressed.

我的所有其他問題都已得到解決。

(Operator Instructions) The next question comes from Jon Arfstrom with RBC Capital Markets.

（操作員說明）下一個問題來自 RBC Capital Markets 的 Jon Arfstrom。

Just a couple of follow-ups, maybe obvious, but the high single-digit growth rate you're assuming period-end, we use period end as a base. Is that right?

只是幾個後續行動，也許很明顯，但你假設期末的高個位數增長率，我們使用期末作為基礎。是對的嗎？

That's a period of guidance.

那是一段指導期。

Yes, further loans. Yes.

是的，進一步的貸款。是的。

Valerie, you talked about just some -- using some securities cash flow from securities to fund loan growth. How do you feel about earning asset growth and balance sheet growth for the year? Help us understand the mix change?

瓦萊麗，你只談到了一些——利用證券產生的一些證券現金流來為貸款增長提供資金。您如何看待今年的資產增長和資產負債表增長？幫助我們了解混音變化？

Yes. And again, it just all goes back to deposits. And what we saw the industry see this year, you're not going to grow much in earning assets, if you your deposits, if we're able to grow deposits, so forth, and that would allow for some earning asset growth, otherwise, that's just simply the variable.

是的。再一次，這一切都回到了存款。而我們今年看到的行業情況是，如果您的存款增加，如果我們能夠增加存款等等，那麼您的盈利資產不會增長太多，這將允許一些盈利資產增長，否則，這只是變量。

Yes. Nobody wants to go backwards. And I think when we look at 2022, we're going to see that the industry as a whole lost deposits. We lost some to. Hopefully, that trend is turning. And so that's really the question here. If we can grow deposits, then you'll see earning assets growth.

是的。沒有人願意倒退。而且我認為，當我們展望 2022 年時，我們將看到整個行業都在損失存款。我們失去了一些。希望這種趨勢正在轉變。這就是這裡的真正問題。如果我們能夠增加存款，那麼您就會看到賺取資產的增長。

Yes, the earnings notes look kind of the opposite of what we wrote 18 months ago, right, on balance sheet movements. What would you say is like an average new interest-bearing rate that you're paying right now? And are you seeing that pressure ease at all kind of the second derivative of deposit pricing pressure?

是的，收益說明看起來與我們 18 個月前在資產負債表變動方面所寫的相反。您認為您現在支付的平均新利率是多少？您是否看到存款定價壓力的所有二階導數都減輕了壓力？

No, there's no ease on the competition on deposits at all. The competition is peers out there. Most people are competing off the yield curve you see in the short term. So competition is in the short-term CD space and the money market space. I mean that's, I think, why you're seeing the man move out of noninterest-bearing accounts. But I don't if you have an average number but the CDs were going on the specials we're running in the 4s and especially on money markets, some exception pricing there and the high 3s.

不，存款競爭根本沒有緩和。競爭是同行。大多數人都在競爭你在短期內看到的收益率曲線。所以競爭在短期CD空間和貨幣市場空間。我的意思是，我想這就是為什麼你會看到這個人從無息賬戶中撤出。但如果你有一個平均數字，但我不知道，但 CD 正在我們在 4s 中運行的特價商品上，尤其是在貨幣市場上，那裡有一些例外定價和高 3s。

(inaudible) for the quarter, the new interest-bearing came on at about 2.57%.

（聽不清）本季度，新的利息收入約為 2.57%。

Okay. And then any difference between -- on the pressures between the community bank footprint and that 76% you flag in the other parts of the business. Or is that down everywhere.

好的。然後是關於社區銀行足跡與您在業務其他部分標記的 76% 之間的壓力之間的任何差異。或者是到處都是。

It's intense everywhere, not from my perspective. In some ways, the community bank gets -- that local competition may be more fierce than the metal policy competition. It just depends.

到處都是激烈的，而不是從我的角度來看。在某些方面，社區銀行得到 - 本地競爭可能比金屬政策競爭更激烈。這取決於。

I'll wrap it up. I could go on forever on Slide 7, but I like it, it's good. But I guess, Dan, an easy one for you, maybe a softball, but rebranding feedback, is there anything that hasn't gone well or generally been satisfied with it?

我會把它包起來。我可以永遠在幻燈片 7 上繼續下去，但我喜歡它，它很好。但我想，丹，對你來說很簡單，也許是壘球，但品牌重塑反饋，是否有任何不順利或總體上不滿意的地方？

Yes. 5,000 and some-odd signs changed in a short period of time. Lots of activity went on to that. We've been really pleased with the way that was executed. I think that we could have had a whole lot of issues, but we spent some time getting ready for that. The full 18 months, we're slower and getting everything done, but the benefit of waiting the benefit of putting it all together at one time, the benefit of getting it all behind us in the fourth quarter, we're really excited about where we are.

是的。 5,000 和一些奇怪的跡像在短時間內發生了變化。很多活動都在繼續。我們對執行方式非常滿意。我認為我們可能會遇到很多問題，但我們花了一些時間為此做好準備。整整 18 個月，我們的速度變慢了，一切都完成了，但是等待的好處是一次把所有的東西放在一起的好處，在第四季度把它全部拋在腦後的好處，我們真的很興奮在哪裡我們是。

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

我們的問答環節到此結束。我想將會議轉回 Dan Rollins 的閉幕詞。

Thanks again, everyone, for your questions and your participation today. As I mentioned a minute ago, 2022 marked a year of tremendous change, progress and success for our company.

再次感謝大家今天的提問和參與。正如我剛才提到的，2022 年是我們公司發生巨大變化、進步和成功的一年。

In closing, I just want to take one more opportunity to brag on our team. It took an incredible amount of effort and focus for everyone in our company to achieve what we accomplished in 2022. And as we continue into 2023, we are committed to continuing to grow our business, improve our operating performance and enhance the value created for our teammates, shareholders and communities that we serve.

最後，我只想再藉一次機會吹噓一下我們的團隊。我們公司的每個人都付出了難以置信的努力和專注，才實現了我們在 2022 年取得的成就。隨著我們進入 2023 年，我們致力於繼續發展我們的業務，提高我們的經營業績，並提高為我們創造的價值我們服務的隊友、股東和社區。

Thanks again, everybody, for your time today. We look forward to speaking to you again soon.

再次感謝大家今天的時間。我們期待很快再次與您交談。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。