CrossFirst Bankshares Inc (CFB) 2023 Q2 法說會逐字稿

Good day, and welcome to the CrossFirst Bankshares, Inc. Second Quarter 2023 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Mike Daley, Chief Accounting Officer and Head of Investor Relations. Please go ahead.

美好的一天，歡迎參加 CrossFirst Bankshares, Inc. 2023 年第二季度收益電話會議。 （操作員指示）我現在想將會議轉交給首席會計官兼投資者關係主管 Mike Daley。請繼續。

Good morning, and welcome to CrossFirst Bankshares Second Quarter 2023 Earnings Conference Call.

早上好，歡迎參加 CrossFirst Bankshares 2023 年第二季度收益電話會議。

Before we begin, please be aware this call will include forward-looking statements, including statements about our business plans, expansion and growth opportunities, expected acquisition of Canyon Bancorporation, Inc. and our future financial performance. These comments are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from these statements.

在我們開始之前，請注意，本次電話會議將包含前瞻性陳述，包括有關我們的業務計劃、擴張和增長機會、預期收購 Canyon Bancorporation, Inc. 以及我們未來財務業績的陳述。這些評論基於我們當前的預期和假設，並受到風險和不確定性的影響，可能導致實際結果與這些陳述存在重大差異。

Our forward-looking statements are as of the date of this call, and we do not assume any obligation to update or revise them, except as required by law. Statements made on this call should be considered together with the risk factors identified in our earnings release and our other filings with the SEC. We may also refer to adjusted or non-GAAP financial measures. A reconciliation of non-GAAP financial measures to GAAP financial measures can be found in our earnings release.

我們的前瞻性陳述截至本次電話會議之日，我們不承擔任何更新或修改這些陳述的義務，除非法律要求。本次電話會議中所做的聲明應與我們的收益報告和向美國證券交易委員會提交的其他文件中確定的風險因素一起考慮。我們還可能參考調整後的或非公認會計原則的財務指標。非 GAAP 財務指標與 GAAP 財務指標的調節表可以在我們的收益報告中找到。

These non-GAAP financial measures are not meant to be a substitute for or superior to financial measures prepared in accordance with GAAP. Our presentation will include prepared remark from Mike Maddox, President and CEO of CrossFirst Bankshares; Randy Rapp, President of CrossFirst Bank; and Ben Clouse, CFO of CrossFirst Bankshares.

這些非公認會計原則財務措施並不意味著替代或優於根據公認會計原則制定的財務措施。我們的演講將包括 CrossFirst Bankshares 總裁兼首席執行官 Mike Maddox 準備好的發言；蘭迪·拉普 (Randy Rapp)，CrossFirst 銀行總裁；和 CrossFirst Bankshares 首席財務官 Ben Clouse。

At the conclusion of our prepared remarks, our operator, Betsy, will facilitate a Q&A session. At this time, I would like to turn the call over to Mike, who will begin on Slide 4 of the presentation available on our website and filed with our earnings release. Mike?

在我們準備好的發言結束時，我們的接線員 Betsy 將主持問答環節。此時，我想將電話轉給 Mike，他將從我們網站上提供的演示文稿的幻燈片 4 開始，並與我們的收益發布一起歸檔。麥克風？

Thank you, Mike. I look forward to this opportunity to share an update on our second quarter results. It has been an unprecedented and challenging time for the banking industry. But despite all the recent turmoil, we continue to focus on delivering value to our clients, employees, shareholders and communities. Deposit stability and liquidity are top of mind for investors, and our financial results reflect the benefits of our relationship-driven business model, balanced business mix, high-quality client base, desirable growing markets and the relentless efforts of our extraordinary team.

謝謝你，邁克。我期待著有機會分享我們第二季度業績的最新情況。對於銀行業來說，這是一個前所未有且充滿挑戰的時期。但儘管最近發生了種種動盪，我們仍繼續專注於為客戶、員工、股東和社區提供價值。存款穩定性和流動性是投資者最關心的問題，我們的財務業績反映了我們以關係驅動的業務模式、平衡的業務組合、高質量的客戶群、理想的增長市場以及我們非凡團隊的不懈努力所帶來的好處。

During the past quarter, we delivered a consistent level of earnings, grew our capital, managed our growth and optimized our expense base, all focused toward delivering long-term value and making our company even stronger. We will continue to take a measured approach to expenses to drive efficiency improvement and gain additional operating leverage as we grow.

在過去的季度中，我們實現了穩定的盈利水平，增加了資本，管理了增長並優化了費用基礎，所有這些都致力於實現長期價值並使我們的公司更加強大。我們將繼續對費用採取審慎的方法，以推動效率提高，並隨著我們的發展獲得額外的運營槓桿。

Our team delivered adjusted net income of $17.3 million or $0.35 per share for the quarter. Margin was compressed as cost of funds increased higher than our earning asset yields.

我們的團隊本季度調整後淨利潤為 1730 萬美元，即每股 0.35 美元。由於資金成本上升高於我們的盈利資產收益率，利潤率受到壓縮。

As the Federal Reserve continues to rein in inflation, we expect that margin will continue to be pressured. However, we remain optimistic that we will see margins stabilize, given our largely variable loan portfolio and expectations for slower asset growth the rest of this year. As expected, our loan growth moderated this quarter as the economy slows and we become even more selective on new lending opportunities.

隨著美聯儲繼續抑制通脹，我們預計利潤率將繼續承壓。然而，考慮到我們的貸款組合變化很大以及對今年剩餘時間資產增長放緩的預期，我們仍然樂觀地認為利潤率將會穩定。正如預期的那樣，隨著經濟放緩，我們的貸款增長在本季度放緩，而且我們對新的貸款機會變得更加挑剔。

Our deposit base remains stable despite the volatility in the industry. Our focus on relationship banking and building strong customer relationships continues to serve us well. We had a nice increase in fee-based revenue this quarter, led by our new SBA lending team, a highlight of the acquisition we completed last year. While our loan and deposit growth have historically been very strong, strategically, we continue to focus on fee income generation to diversify our revenue and enhance our profitability. We are monitoring our loan portfolio for signs of stress and are pleased with the stability of our credit quality this quarter.

儘管行業波動，我們的存款基礎仍保持穩定。我們對關係銀行業務和建立牢固的客戶關係的關注繼續為我們提供良好服務。在我們新的 SBA 貸款團隊的帶領下，本季度我們的收費收入大幅增長，這是我們去年完成的收購的一大亮點。雖然我們的貸款和存款增長歷來非常強勁，但從戰略上講，我們將繼續專注於手續費收入的產生，以實現收入多元化並提高盈利能力。我們正在監控我們的貸款組合是否存在壓力跡象，並對本季度信貸質量的穩定性感到滿意。

We also continue to build reserves and Randy will cover more details on credit in his remarks. Our team remains focused on serving our clients, monitoring credit quality and executing our strategic initiatives. We started the year with a successful implementation of our digital banking platform, completing the system conversion for our Colorado and New Mexico acquisition and immediately following entered into a definitive agreement with Canyon Community Bancorporation and its wholly owned subsidiary, Canyon Community Bank in Tucson, Arizona. I am excited to share that we have received regulatory approval to close on the acquisition of Canyon. We are working towards closing and planning for integration and look forward to welcoming new clients and team members.

我們還將繼續建立儲備，蘭迪將在講話中介紹更多有關信貸的細節。我們的團隊仍然專注於服務客戶、監控信用質量和執行我們的戰略計劃。今年伊始，我們成功實施了數字銀行平台，完成了科羅拉多州和新墨西哥州收購的系統轉換，並立即與 Canyon Community Bancorporation 及其全資子公司亞利桑那州圖森的 Canyon Community Bank 簽訂了最終協議。我很高興地告訴大家，我們已獲得監管部門批准完成對 Canyon 的收購。我們正在努力完成並規劃整合，並期待歡迎新客戶和團隊成員。

We believe the acquisition of Canyon will be complementary to our existing geographic footprint in the Arizona market. The acquisition is expected to provide liquidity, lower cost deposits and an attractive means to further expansion goals in Arizona. In June, we opened our fourth bank in the Dallas area, conveniently located in Preston Center where we see an opportunity to build relationships and grow deposits. Since we entered the Texas market in 2016, we continue to expand our presence to serve the greater metropolitan area, which also includes bank locations in Frisco and Fort Worth.

我們相信，收購 Canyon 將補充我們在亞利桑那州市場現有的地理足跡。此次收購預計將提供流動性、降低存款成本，並為亞利桑那州進一步擴張目標提供有吸引力的手段。六月，我們在達拉斯地區開設了第四家銀行，位於交通便利的普雷斯頓中心，我們在那裡看到了建立關係和增加存款的機會。自 2016 年進入德克薩斯州市場以來，我們不斷擴大業務範圍，為更大的都市區提供服務，其中還包括弗里斯科和沃斯堡的銀行網點。

We will continue to work towards scaling and optimizing the investments we have made and remain focused on driving long-term profitability and shareholder return. Our focus continues to be on efficiency and driving operating leverage. We have made the investments in people, technology and locations necessary to drive strong, continued organic growth. We are working through a challenging time in the overall banking industry, but I am confident in our team's ability to deliver for our clients while building franchise value. Optimizing our investments is important and we made progress in the second quarter that should provide for continued earnings improvement in the quarters to come. And now I'd like to turn the call over to our President of CrossFirst Bank, Randy Rapp.

我們將繼續努力擴大和優化我們所做的投資，並繼續專注於推動長期盈利能力和股東回報。我們的重點仍然是效率和提高運營槓桿。我們對人員、技術和地點進行了必要的投資，以推動強勁、持續的有機增長。我們正在經歷整個銀行業的一個充滿挑戰的時期，但我對我們的團隊在為客戶提供服務的同時建立特許經營價值的能力充滿信心。優化我們的投資非常重要，我們在第二季度取得了進展，這將為未來幾個季度的盈利持續改善提供條件。現在我想將電話轉給 CrossFirst 銀行總裁蘭迪·拉普 (Randy Rapp)。

Thanks, Mike, and good morning, everyone. In Q2, we continued to intentionally slow loan growth and remained highly focused on deposit generation and fee income. We operated for a full quarter with our new digital banking platform and a full quarter integrated with our Colorado and New Mexico teams, which includes SBA and residential mortgage. We are actively monitoring our loan portfolio and market conditions to assess the impact of higher interest rates on our borrowers.

謝謝邁克，大家早上好。第二季度，我們繼續有意放緩貸款增長，並繼續高度關注存款生成和手續費收入。我們通過新的數字銀行平台運營了整個季度，並與科羅拉多州和新墨西哥州團隊（包括 SBA 和住宅抵押貸款）整合了整個季度。我們正在積極監控我們的貸款組合和市場狀況，以評估利率上升對借款人的影響。

Turning to Q2 highlights. We slowed our loan growth activity but still reported total loan growth of $149 million, a growth rate of almost 3% for the quarter or 11% on an annualized basis. The increase was balanced across C&I, owner-occupied real estate and energy. Year-to-date, loans have increased 8% with the growth well diversified across our lending areas of focus.

轉向第二季度的亮點。我們放慢了貸款增長活動，但貸款總額仍增長了 1.49 億美元，本季度增長率接近 3%，年化增長率為 11%。工商業、自用房地產和能源領域的增長是平衡的。今年迄今為止，貸款增長了 8%，而且我們重點貸款領域的增長十分多元化。

During the quarter, we continued to see growth from areas we have recently made investments in talent, including restaurant finance, energy, Phoenix and the Colorado markets. Although we had strong loan activity, we are strictly adhering to our underwriting standards, incorporating the impact of higher interest rate environment and continued economic uncertainty. Approximately 70% of the loan portfolio is on floating rates that continues to reprice as market rates increase, and we have completed the transition of nearly all transactions tied to a LIBOR index.

在本季度，我們繼續看到我們最近進行的人才投資領域的增長，包括餐飲金融、能源、鳳凰城和科羅拉多市場。儘管我們的貸款活動強勁，但我們嚴格遵守承保標準，並考慮到利率上升環境和持續的經濟不確定性的影響。大約 70% 的貸款組合採用浮動利率，並隨著市場利率的上升而繼續重新定價，並且我們已經完成了幾乎所有與 LIBOR 指數掛鉤的交易的過渡。

We continue to see opportunities to price loans at widened spreads while maintaining our underwriting standards. Average C&I line utilization for the quarter was 46%, consistent with the prior quarter, and portfolio churn increased slightly and is now at the historical average level.

我們繼續看到在維持我們的承保標準的同時以擴大的利差定價貸款的機會。本季度平均 C&I 線路利用率為 46%，與上一季度一致，投資組合流失率略有增加，目前處於歷史平均水平。

We expect portfolio churn to increase slightly over the next several quarters. Our loan portfolio continues to remain diversified with a 42% concentration in commercial real estate and 45% concentration in C&I and owner-occupied real estate.

我們預計未來幾個季度投資組合流失率將略有增加。我們的貸款組合繼續保持多元化，42% 集中在商業房地產，45% 集中在工商業和業主自用房地產。

Energy exposure is now $233 million or 4% of the total portfolio. This portfolio remains approximately 60% weighted to oil with the remaining exposure primarily in natural gas.

能源敞口目前為 2.33 億美元，佔投資組合總額的 4%。該投資組合中石油的權重仍約為 60%，其餘主要是天然氣。

Turning to Slide 6. There remains good diversity within each of those portfolios with the highest CRE property type, industrial, accounting for 17% of total CRE exposure and the largest industry segment in C&I being manufacturing at 11% of C&I exposure.

轉向幻燈片 6。這些投資組合中每個投資組合中都保持著良好的多樣性，其中 CRE 房地產類型最高的是工業，佔 CRE 投資總額的 17%，而 C&I 中最大的行業部門是製造業，佔 C&I 投資的 11%。

Total office exposure is $312 million or 5% of total loans. The average office loan is $7 million, and the largest is $25 million. The average loan to value is 58%, and the majority of this portfolio is suburban office. Although we follow our strongest sponsors to other markets, the majority of the exposure is in footprint, centered in North Texas, Kansas City and Colorado.

寫字樓風險總額為 3.12 億美元，佔貸款總額的 5%。辦公室貸款平均為 700 萬美元，最大為 2500 萬美元。平均貸款價值率為 58%，且該投資組合的大部分是郊區寫字樓。儘管我們跟隨我們最強大的讚助商進入其他市場，但大部分曝光都集中在北德克薩斯州、堪薩斯城和科羅拉多州。

For the quarter, deposits increased 4.5% to $6.1 billion, up $263 million from the previous quarter. Ben will cover additional deposit portfolio statistics in his remarks. Client deposit generation with an emphasis on demand deposits remains a key area of focus for our company. We are executing a multifaceted strategy that consists of targeted calling efforts in our markets and lines of business, continued investment in treasury management products and personnel, investments in new locations like Preston Center in Dallas, increasing deposit penetration in newer markets like Phoenix and Denver and enhanced incentive compensation tied directly to deposit generation while evaluating potential new deposit verticals. In short, our growth to this point has been built on the foundation of relationship banking, and that remains a strength going forward.

本季度存款增長 4.5%，達到 61 億美元，比上一季度增加 2.63 億美元。本將在講話中介紹更多存款組合統計數據。以活期存款為重點的客戶存款生成仍然是我們公司關注的一個關鍵領域。我們正在執行一項多方面的戰略，包括在我們的市場和業務領域進行有針對性的呼叫工作，對資金管理產品和人員的持續投資，對達拉斯普雷斯頓中心等新地點的投資，提高鳳凰城和丹佛等新興市場的存款滲透率，以及加強與存款產生直接相關的激勵補償，同時評估潛在的新存款垂直領域。簡而言之，我們迄今為止的發展是建立在關係銀行業務的基礎上的，而這仍然是未來的優勢。

Moving to credit highlights. On Slide 7. For Q2, we reported an increase in nonperforming assets of $2.1 million to $13.3 million, resulting in a nonperforming asset to total asset ratio of 0.19%. The increase was due primarily to 2 C&I credits moving to nonperforming. The nonperforming portfolio is primarily C&I with very minimal energy exposure. This ratio remains down from 0.54% from the same period in 2022.

轉向信用亮點。在幻燈片 7 中，我們報告第二季度不良資產增加​​了 210 萬美元，達到 1,330 萬美元，不良資產佔總資產的比率為 0.19%。這一增長主要是由於 2 個 C&I 信用轉為不良貸款。不良投資組合主要是能源暴露極少的工商業。這一比率仍低於 2022 年同期的 0.54%。

During the quarter, we sold the only remaining ORE property and now have no ORE. Classified assets to capital plus combined reserves ended Q2 at 9.6%, which is relatively flat compared to the end of Q1. For the quarter, we reported net charge-offs of $603,000, resulting in a net charge-off rate of 4 basis points on an annualized basis and 7 basis points on a trailing 12-month basis.

在本季度，我們出售了唯一剩餘的礦石資產，現在沒有礦石了。第二季度末分類資產與資本加合併準備金之比為 9.6%，與第一季度末相比相對持平。我們報告的本季度淨沖銷額為 603,000 美元，導致年化淨沖銷率為 4 個基點，過去 12 個月的淨沖銷率為 7 個基點。

On Slide 7, at quarter end, we reported an allowance for credit loss to total loan ratio of 1.17%, and combined allowance for credit loss and reserve for unfunded commitments of 1.3%. For the quarter, we reported provision expense of $2.6 million, resulting in a provision to charge-off rate of 438%. Provision was slightly lower than Q1 driven primarily by lower loan growth during the quarter and improved credit metrics. With a total ACL of $68 million, our current ACL to nonperforming loan ratio is 508%. We remain highly focused on maintaining good credit metrics moving forward.

在幻燈片 7 中，季度末，我們公佈的信貸損失準備金佔總貸款的比例為 1.17%，信貸損失準備金和無資金承諾準備金的合計比例為 1.3%。本季度，我們報告撥備費用為 260 萬美元，撥備沖銷率為 438%。撥備金略低於第一季度，主要是由於本季度貸款增長放緩和信貸指標改善所致。我們的 ACL 總額為 6800 萬美元，目前 ACL 與不良貸款的比率為 508%。我們仍然高度關注未來保持良好的信用指標。

We continue to heavily scrutinize the loan portfolio to assess the impact of higher interest rates and inflation on our clients. We are confident in our underwriting standards and proven sponsors who have significant equity contributions, but could see some grade migration in certain sectors of the CRE portfolio as many projects are faced with higher interest rates, operating costs and property taxes. We expect our loan growth rate to continue to moderate in the last half of 2023 and will remain focused on deposit generation and fee income growth. I will now turn the call over to Ben to cover the financial results in more detail. Ben?

我們繼續嚴格審查貸款組合，以評估利率上升和通貨膨脹對客戶的影響。我們對我們的承保標準和擁有大量股權出資的成熟發起人充滿信心，但由於許多項目面臨更高的利率、運營成本和財產稅，商業房地產投資組合的某些部門可能會出現一些等級遷移。我們預計 2023 年下半年貸款增長率將繼續放緩，並將繼續關注存款生成和手續費收入增長。我現在將把電話轉給本，以更詳細地介紹財務業績。本？

Thanks, Randy, and good morning, everyone. GAAP net income this quarter was $16 million or $0.33 per share, which included some acquisition and severance costs. Adjusted net income was $17.3 million or $0.35 per share. Both GAAP and adjusted net income were consistent with the prior quarter as margin pressure was offset by lower provision and noninterest expenses as well as higher noninterest income.

謝謝蘭迪，大家早上好。本季度 GAAP 淨利潤為 1600 萬美元，即每股 0.33 美元，其中包括一些收購和遣散費用。調整後淨利潤為 1730 萬美元，即每股 0.35 美元。公認會計準則和調整後淨利潤均與上一季度保持一致，因為利潤率壓力被撥備和非利息支出減少以及非利息收入增加所抵消。

Our adjusted return on average assets was 1% and adjusted return on average equity was 10.7%. We acknowledged the profitability compression from the lower margin and took several expense actions in the quarter to drive higher profitability in the future. Net interest income on a fully tax equivalent basis declined $3.7 million or 6% from the first quarter due to higher cost of funds outpacing the benefits of higher average earning assets, higher loan yields and 1 additional day. Average earning assets increased $222 million compared to the prior quarter. The yield on loans increased 31 basis points due to repricing as well as higher yields on new loans. The cost of funds increased 75 basis points due to continued pressure on deposits as well as the mix of deposits shifting into higher cost products as anticipated.

我們調整後的平均資產回報率為 1%，調整後的平均股本回報率為 10.7%。我們承認利潤率下降導致盈利能力壓縮，並在本季度採取了多項費用行動，以推動未來更高的盈利能力。完全稅等價基礎上的淨利息收入比第一季度下降了 370 萬美元，即 6%，原因是資金成本上升超過了平均收益資產上升、貸款收益率上升和額外一天的收益。與上一季度相比，平均盈利資產增加了 2.22 億美元。由於重新定價以及新貸款收益率上升，貸款收益率上升了 31 個基點。由於存款持續面臨壓力以及存款組合如預期轉向更高成本的產品，資金成本增加了 75 個基點。

As I noted last quarter, we had the benefit of some additional noninterest-bearing deposits through most of the first quarter that were deployed by clients. The change in those balances was a contributor to the decline in net interest income. Fully tax equivalent net interest margin narrowed 38 basis points compared to the prior quarter to 3.27%. We expect margin to remain in a range of 3.2% to 3.35% for the full year.

正如我上季度指出的那樣，在第一季度的大部分時間裡，我們受益於客戶部署的一些額外的無息存款。這些餘額的變化是淨利息收入下降的一個原因。全額稅款等值淨息差較上一季度收窄 38 個基點至 3.27%。我們預計全年利潤率將維持在 3.2%至 3.35%的範圍內。

Our balance sheet is only slightly sensitive through the anticipated 25 to 50 basis point rate moves expected this year and with lower anticipated loan growth, we don't expect as great of a need to add higher cost deposits going forward. We updated our presentation of loan categories this quarter to better reflect how we manage the portfolios and better align with peers.

我們的資產負債表僅對今年預計的 25 至 50 個基點的利率變動略有敏感，並且由於預期貸款增長較低，我們預計未來不需要增加更高的存款成本。我們本季度更新了貸款類別的介紹，以更好地反映我們管理投資組合的方式並更好地與同行保持一致。

Turning to Slide 9. Our percentage of demand deposits declined slightly this quarter and was 15% of total deposits at quarter end. The balance of noninterest-bearing deposits held up fairly well with the decline in the ratio partially attributable to the growth of our balance sheet. As I noted, we had a level of elevated demand deposits through most of the first quarter, but we continue to experience good client retention with no significant client losses this quarter.

轉向幻燈片 9。本季度我們的活期存款百分比略有下降，佔季末存款總額的 15%。無息存款餘額保持較好，比率下降主要是由於資產負債表的增長。正如我所指出的，我們在第一季度的大部分時間里活期存款水平都在上升，但我們仍然保持著良好的客戶保留率，本季度沒有出現重大客戶損失。

Our total cost of funds was 3.41% for the quarter. Our total non-maturity deposit beta against rate increases through the second quarter remained about 65%, in line with our expectations.

本季度我們的總資金成本為 3.41%。整個第二季度，我們的非到期存款貝塔值相對於加息的比率仍保持在 65% 左右，符合我們的預期。

Our deposit base remained consistent with the prior quarter in terms of diversification and composition. Our effective uninsured deposits percentage improved slightly from 35% to 32% when considering pass-through accounts. Our deposit concentration across the top 25 clients also improved to 20% this quarter from 23%.

我們的存款基礎在多元化和構成方面與上一季度保持一致。當考慮轉手賬戶時，我們的有效未保險存款百分比從 35% 略有提高至 32%。本季度我們前 25 名客戶的存款集中度也從 23% 提高到 20%。

As we have managed through this rate cycle, we have realized the majority of our deposit beta expectations in our results already. While we acknowledge competition for deposits will persist, we believe we are nearing the peak of deposit pricing, allowing us to defend our NIM as we move forward from here. Noninterest income was $5.8 million for the quarter, increasing 31% or $1.4 million from first quarter. The primary drivers were gains on SBA loan sales and growth of fee income from both the acquisition and our legacy markets.

由於我們已經度過了這個利率週期，我們已經在業績中實現了大部分存款貝塔預期。雖然我們承認對存款的競爭將持續存在，但我們相信我們正接近存款定價的峰值，這使我們能夠在繼續前進的過程中捍衛我們的淨息差。本季度非利息收入為 580 萬美元，較第一季度增長 31%，即 140 萬美元。主要驅動因素是 SBA 貸款銷售的收益以及來自收購和我們傳統市場的費用收入的增長。

The market was not favorable for SBA loan sales heading into 2023, but it has improved, and we are moving back to an originate and sell model with our enhanced SBA capabilities.

進入 2023 年，市場對 SBA 貸款銷售並不有利，但情況已經有所改善，我們正在憑藉增強的 SBA 能力回歸發起和銷售模式。

Moving to Slide 12. Excluding acquisition and severance expenses in both the first and second quarters, noninterest expense declined $800,000 or 2%. Going forward, we are focused on driving additional efficiencies and gaining operating leverage. At the end of the quarter, we reduced head count by about 5% and have also identified additional anticipated net savings in noninterest expense. Accordingly, we anticipate noninterest expenses to be in a range of $34 million to $35 million per quarter for the back half of 2023.

轉到幻燈片 12。不包括第一季度和第二季度的收購和遣散費用，非利息費用下降了 800,000 美元，即 2%。展望未來，我們的重點是提高效率並獲得運營槓桿。在本季度末，我們將員工人數減少了約 5%，並且還確定了非利息費用的額外預期淨節省。因此，我們預計 2023 年下半年每季度的非利息支出將在 3400 萬美元至 3500 萬美元之間。

Our tax rate was 21% for the quarter, and we expect the tax rate to remain in the range of 20% to 22% for the year. At the end of the quarter, stockholders' equity totaled $651 million, with the increase being driven by earnings, partially offset by an increase in the unrealized loss on available-for-sale securities. As of quarter end, we are well capitalized under all capital ratios. We were able to advance our goal of building capital this quarter as we saw moderating asset growth, strong earnings and an anticipated decline in unfunded commitments.

我們本季度的稅率為 21%，我們預計全年稅率將保持在 20% 至 22% 的範圍內。截至本季度末，股東權益總額為 6.51 億美元，增長是由收益推動的，但部分被可供出售證券未實現虧損的增加所抵消。截至季度末，我們在所有資本比率下的資本充足。由於我們看到資產增長放緩、盈利強勁以及無資金承諾的預期下降，我們能夠在本季度推進建立資本的目標。

We are continuing to work toward 11% total risk-based capital and 10% CET1 ratios. Our liquidity remains strong, consistent with the prior quarter with some modest improvement to 36% of assets. As we outlined on Slide 13, we have significant liquidity of approximately $2.6 billion from on- and off-balance sheet sources. In addition to our cash on the balance sheet, our 100% AFS investment portfolio includes $282 million that can be pledged to the FHLB and we have an additional $169 million of securities we could sell today at a net gain. We also have multiple sources of additional off-balance sheet liquidity, including capacity at the FHLB, Federal Reserve, Fed funds and other wholesale funding sources, totaling approximately $1.5 billion.

我們將繼續努力實現 11% 的總風險資本和 10% 的 CET1 比率。我們的流動性依然強勁，與上一季度一致，資產比例略有改善，達到 36%。正如我們在幻燈片 13 中概述的那樣，我們擁有來自表內和表外來源的約 26 億美元的大量流動性。除了我們資產負債表上的現金之外，我們的 100% AFS 投資組合還包括可以質押給 FHLB 的 2.82 億美元，我們還有另外 1.69 億美元的證券，我們今天可以以淨收益出售。我們還有多種額外的表外流動性來源，包括 FHLB、美聯儲、聯邦基金和其他批發資金來源的能力，總計約 15 億美元。

Slide 14 outlines the composition of our investment portfolio. We have continued to increase the liquidity in our portfolio with an ongoing moderate shift in the ratio of munis. Lastly, as Mike mentioned, we anticipate closing the acquisition of Canyon in the third quarter and are actively working on post-closing integration efforts. We expect the deal will provide additional liquidity, continued partnership opportunity with the seller and earnings accretion of $0.02 to $0.03 on a run rate basis.

幻燈片 14 概述了我們投資組合的構成。我們繼續增加投資組合的流動性，並持續適度調整市政債券比率。最後，正如邁克提到的，我們預計在第三季度完成對 Canyon 的收購，並正在積極開展完成後的整合工作。我們預計該交易將提供額外的流動性、與賣方繼續合作的機會以及按運行率計算的 0.02 至 0.03 美元的收益增長。

The consideration for this deal is expected to be less than book value with about 1% tangible book value dilution and an anticipated earn back of about a year. It will add about $200 million in assets and will have a minimal impact on our capital ratios.

預計本次交易的對價將低於賬面價值，有形賬面價值稀釋約 1%，預期盈利約一年。它將增加約 2 億美元的資產，對我們的資本比率影響極小。

In summary, for the quarter, we shifted our cost base to fit a lower growth environment, continued to see steady credit quality and held our client deposits stable, leading to a consistent level of earnings in a tough environment.

總而言之，本季度我們調整了成本基礎以適應較低的增長環境，繼續保持穩定的信貸質量並保持客戶存款穩定，從而在嚴峻的環境中實現了穩定的盈利水平。

Operator, we are now ready to begin the question-and-answer portion of the call.

接線員，我們現在準備開始通話的問答部分。

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

我們現在開始問答環節。 （操作員說明）

The first question today comes from Brady Gailey with KBW.

今天的第一個問題來自 KBW 的 Brady Gailey。

If you look in fee income, the gain on the sale of loans was up pretty nicely. I think I heard Ben say you've shifted SBA to an originate and sell model now. So that $1.2 million, is that -- was that like a really good quarter? Or is that a good run rate? Like how do you think about gain on the sale of loans going forward?

如果你看一下費用收入，就會發現出售貸款的收益增長得相當不錯。我想我聽到 Ben 說你們現在已經將 SBA 轉向發起和銷售模式。那麼 120 萬美元是不是一個非常好的季度？或者說這是一個很好的運行率嗎？比如您如何看待未來出售貸款的收益？

Brady, it's Ben. That -- you're correct, about $1.2 million. That was a really good quarter with a little bit of pent-up demand and our expectation would be about half of that on a run rate basis for the next couple of quarters.

布雷迪，是本。那——你是對的，大約120萬美元。這是一個非常好的季度，有一點被壓抑的需求，我們的預期是未來幾個季度運行率的一半左右。

Okay. All right. And then I heard -- I know energy is not huge at CrossFirst. I think it's only like 4% of loans. And then I think I heard it's 60% oil, 40% nat gas. And we are seeing some lenders to the nat gas space that they're seeing some credit quality issues. Are you also -- I know that's a pretty small percent of your loan book, especially when you're looking just at natural gas. Are you all seeing any sort of credit weakness there? .

好的。好的。然後我聽說——我知道 CrossFirst 的能量並不大。我認為這只是貸款的4%。然後我想我聽說其中 60% 是石油，40% 是天然氣。我們看到天然氣領域的一些貸方發現了一些信用質量問題。你也是嗎——我知道這只佔你貸款簿的一小部分，特別是當你只關注天然氣時。你們都看到那裡有任何信用弱點嗎？ 。

Brady, this is Randy. No, we're really not. I mean the energy portfolio is -- credit metrics are holding in very well. And one thing that I think you'll see in our portfolio is a little bit lower advance rate, a little higher hedging percentage to try and take some of that price movement off the table. So Brady, we're really not seeing migration there.

布雷迪，這是蘭迪。不，我們真的不是。我的意思是能源投資組合——信用指標保持得很好。我認為您會在我們的投資組合中看到的一件事是預付款率略低，對沖百分比略高，以嘗試消除部分價格波動。布雷迪，我們確實沒有看到那裡的移民。

Okay. And then growth is slowing. So you guys are seeing increases in your capital ratios. I think you're only like 30 basis points away from your targeted 11% total risk base and about 50 basis points away from your targeted 10% common equity Tier 1. So as you get closer to those targets, do you start to consider a share buyback just given the stock is trading at roughly 90% of tangible book value?

好的。然後增長放緩。所以你們看到你們的資本比率有所增加。我認為，距離 11% 總風險基礎的目標僅差 30 個基點，距離 10% 普通股一級目標的目標僅差約 50 個基點。因此，當您接近這些目標時，您是否開始考慮考慮到該股票的交易價格約為有形賬面價值的 90%，就需要回購股票嗎？

Yes, Brady, I think that's a good question. And we have an authorized buyback plan. And as you've said, I mean, right now, we're focused on building capital and being fairly conservative. But once we get to kind of some of those levels, we will certainly consider that. And if our stock continues to trade at a discounted rate, we will take advantage of that.

是的，布雷迪，我認為這是一個很好的問題。我們有一個授權的回購計劃。正如你所說，我的意思是，現在我們專注於建立資本並相當保守。但一旦我們達到其中一些水平，我們肯定會考慮這一點。如果我們的股票繼續以折扣價交易，我們將利用這一點。

Okay. All right. Great. Thanks for the color.

好的。好的。偉大的。謝謝你的顏色。

The next question comes from Michael Rose with Raymond James.

下一個問題來自邁克爾·羅斯和雷蒙德·詹姆斯。

Just wanted to go back to some of the commentary around the margin to kind of square it with kind of the guidance for the year. So I appreciate the revised outlook for the margin. I understand there's a lot of moving pieces, but the range is still pretty wide, and we have 2 quarters left for the year. You did talk about betas reaching kind of terminal values here in the relatively short term, slowing loan growth, which obviously would help a little bit, but it still has a pretty wide range of outcomes, just given the range. Can you just help us walk through kind of what your base case would be? And then what would cause you to be kind of above or below? I think I can guess, but we'd just love to put a finer point on it.

只是想回到邊緣的一些評論，以使其與今年的指導相一致。因此，我很欣賞修改後的利潤率前景。我知道有很多變化，但范圍仍然很大，而且今年還剩下兩個季度。你確實談到了貝塔在相對短期內達到某種最終價值，減緩了貸款增長，這顯然會有所幫助，但只要考慮到範圍，它仍然會產生相當廣泛的結果。您能幫我們了解一下您的基本情況嗎？那麼什麼會導致你處於之上或之下呢？我想我可以猜測，但我們只是想提出更具體的觀點。

Yes. Michael, it's Ben. So our model, I would tell you is in the upper end of that range on a static balance sheet. So the biggest question mark would be, can we hold our current deposit base and mix. And then as you well know, DDA is incredibly important. And so we had some clients deploy some DDA at the very end of the first quarter. We haven't seen DDA frankly move a whole lot this whole quarter, which is great and would support us being toward the upper end of our range. I'll let Mike or Randy comment further on loan growth, of course, which is the other piece of that equation. But as we've said, we really expect that to moderate and the other impact that will have on NIM is we won't need to be as aggressive on adding deposits at the top end of the price range to fund loan growth like we had to certainly in first quarter and then a little bit of momentum into the second quarter. Mike or Randy, I don't know if you want to say anything further?

是的。邁克爾，是本。所以我會告訴你，我們的模型處於靜態資產負債表上該範圍的上限。因此，最大的問號是，我們能否保持現有的存款基礎和組合。眾所周知，DDA 非常重要。因此，我們有一些客戶在第一季度末部署了一些 DDA。坦率地說，我們整個季度都沒有看到 DDA 發生很大的變化，這很好，將支持我們走向范圍的上限。當然，我會讓邁克或蘭迪進一步評論貸款增長，這是該等式的另一部分。但正如我們所說，我們確實預計這種情況會放緩，而對淨息差的另一個影響是，我們不需要像以前那樣在價格範圍的頂端積極增加存款來為貸款增長提供資金當然是在第一季度，然後在第二季度有一點動力。邁克或者蘭迪，不知道你們還想再說什麼嗎？

Michael, I'd just add on a positive note on NIM, I feel like our DDA balances have stabilized. As Ben talked about, we had 2 large customers who had exits of their businesses in the first quarter. We had a lot of DDA sitting there. We knew that was going to transition out into other investments and it did. So that changed our mix a bit in the second quarter. But I do think our DDA balances have stabilized. I think some of our loan yields will catch up as we have renewals and refinancing. So I anticipate our loan yields ought to improve through the rest of the year. So I'm hopeful that we've kind of seen a bottoming of margin and that we may be able to get it going back the same direction.

Michael，我只想補充一下 NIM 的積極一面，我覺得我們的 DDA 餘額已經穩定下來。正如 Ben 所說，我們有 2 個大客戶在第一季度退出了業務。我們有很多 DDA 坐在那裡。我們知道這將轉向其他投資，而且確實如此。因此，這在第二季度稍微改變了我們的組合。但我確實認為我們的 DDA 餘額已經穩定。我認為，隨著我們進行續約和再融資，我們的一些貸款收益率將會趕上。因此，我預計今年剩餘時間我們的貸款收益率應該會有所改善。因此，我希望我們已經看到利潤率觸底，並且我們也許能夠讓它回到原來的方向。

The other thing is I feel like we're getting closer to the end of the rate hiking cycle. And I think banks will be less -- there'll be less pressure on raising deposit costs. So I'm hopeful we can continue to keep our beta below where it's at today.

另一件事是我覺得我們越來越接近加息週期的結束。我認為銀行的規模將會減少，提高存款成本的壓力也會減少。因此，我希望我們能夠繼續將 Beta 值保持在今天的水平以下。

And then Michael, this is Randy. Finish it out on the loan yield side. As we're being more selective and slowing our loan growth, we really are focusing on spread. And where you saw spreads dip into the mid- to low 2s, you're now seeing those in the low to mid-3s. And so the loans we're adding to the portfolio now are at wider spreads than we've seen in the last 18 months.

然後邁克爾，這是蘭迪。在貸款收益率方面完成它。隨著我們更加挑剔並放慢貸款增長速度，我們真正關注的是利差。之前您看到價差降至 2 中低至 2 的水平，而現在則看到 3 左右的低至中水平。因此，我們現在添加到投資組合中的貸款利差比過去 18 個月的利差更大。

Very helpful. I appreciate it. Just as a separate topic, I know you guys had done some trimming here in the quarter on the staffing levels. But in the slide, and as you mentioned, there's additional savings that you've identified. Just wanted to get a sense for color around what those are and what the magnitude could be both on a gross and then on a net basis, just I assume some of the savings will be redeployed in the franchise.

很有幫助。我很感激。作為一個單獨的主題，我知道你們在本季度對人員配置水平進行了一些調整。但在幻燈片中，正如您所提到的，您已經確定了額外的節省。只是想了解一下這些是什麼以及其總量和淨值的大小，只是我假設一些節省的資金將在特許經營權中重新部署。

Yes. So Michael, all of that's incorporated in the guidance I gave, the $34 million to $35 million range. We obviously do have some costs that are escalating going against the gross number. But those are all inclusive. We were really focused on, obviously, things that are discretionary. So what are we doing in the marketing and business development space that could naturally slow down with lower asset growth. We're being very selective on training, travel, meeting costs, those sort of things and trying to be as efficient as we possibly can. So it's really across those categories.

是的。邁克爾，所有這些都包含在我給出的指導中，即 3400 萬美元到 3500 萬美元的範圍內。顯然，我們確實有一些成本與總成本相比不斷上升。但這些都是包容性的。顯然，我們真正關注的是可自由裁量的事情。那麼，我們在營銷和業務發展領域正在做什麼，隨著資產增長的降低，這些領域自然會放緩。我們在培訓、差旅、會議費用等方面都非常精挑細選，並儘力提高效率。所以它確實跨越了這些類別。

Going the other direction, we have a little bit higher FDIC assessment rate that we got at the beginning of the year. So that's pressure in the other direction. And then, of course, our balance sheet is bigger, so higher transaction volume, larger client base, in particular, as we fold in Central. So we have some costs there going the other way. But again, the $34 million to $35 million is all inclusive there. I think we had mentioned previously the compensation run rate adjustment was about $4 million on a run rate basis will, of course, only obtain $2 million of that savings in the second half of the year but have a little bit more opportunity as we think about 2024.

另一方面，我們的 FDIC 評估率比年初稍高一些。所以這是另一個方向的壓力。當然，我們的資產負債表更大，因此交易量更大，客戶群更大，特別是當我們在中環折疊時。所以我們有一些相反的成本。但同樣，3400 萬至 3500 萬美元是全包的。我想我們之前已經提到過，補償運行率調整約為 400 萬美元，當然，下半年只能節省 200 萬美元，但我們認為還有更多的機會2024 年。

Yes, Mike, just to add, we've looked at every expense line item, and we are working hard to continue to improve our efficiency. That's going to happen in 2 ways. One, we're going to continue to take advantage of the operating leverage opportunity we have in our new markets. But we're also going to be very, very prudent on expenses. And we are very, very committed to getting that efficiency ratio down to a run rate in the low, low 50s by the end of the year, and we think we'll get there.

是的，邁克，補充一下，我們已經檢查了每一個費用項目，並且我們正在努力繼續提高我們的效率。這將以兩種方式發生。第一，我們將繼續利用新市場中的運營槓桿機會。但我們也會在開支上非常非常謹慎。我們非常非常致力於在年底前將效率比降低到 50 左右，我們認為我們會實現這一目標。

Very helpful. And then maybe just one final one for me. This is related to the acquisition. I assume it's going to close in the next couple of weeks, just given that you've gotten regulatory approval. But do you have a sense for what the accretable yield addition would be and if you have any sort of expectations for what the run rate would be for that once the deal closes over the next couple of quarters?

很有幫助。也許對我來說只是最後一件事。這與收購有關。我想只要你已經獲得監管部門的批准，它就會在接下來的幾週內關閉。但是，您是否知道可增加的收益率是多少，以及您是否對未來幾個季度交易完成後的運行率有任何預期？

Yes, we anticipate closing here in the early part of August. As you said, we got regulatory approval, and we're lined up to do that. Our modeled expectation, of course, we haven't done a final valuation of the loan book, is about $4 million mark on their portfolio, and I would probably initially think about that over a 5-year period. I'm not smart enough to do that math in my head, but that would be essentially what our expectation would be out of the gate, Michael.

是的，我們預計在八月初在此關閉。正如你所說，我們已經獲得了監管部門的批准，並且我們已經做好了準備。當然，我們的模型預期是，我們還沒有對貸款賬簿進行最終估值，他們的投資組合約為 400 萬美元，我可能最初會在 5 年時間內考慮這一點。我不夠聰明，無法在頭腦中進行數學計算，但這基本上就是我們的期望，邁克爾。

The next question comes from Matt Olney with Stephens.

下一個問題來自馬特·奧爾尼和斯蒂芬斯。

I want to focus on the loan growth side. I appreciate Randy's comments on the pipelines and be more selective at this point. One of the things Randy mentioned was commentary around the portfolio churn. It sounds like that churn has moved higher, a little bit in the second quarter, now in line with historical levels. I think you also mentioned expectations for this to increase over the next few quarters. Just looking for any kind of additional color around that commentary?

我想關注貸款增長方面。我很欣賞蘭迪對管道的評論，並在這一點上更加有選擇性。蘭迪提到的一件事是圍繞投資組合流失的評論。聽起來第二季度的客戶流失率有所上升，略有上升，現在與歷史水平一致。我想你也提到了未來幾個季度這一數字將會增加的預期。只是在該評論中尋找任何額外的色彩嗎？

Matt, it's Randy. We expect the churn to increase a bit in the CRE book. We're seeing the capital markets in that space a little more active, some of the refinance activity picking up, and we just know that from -- we have some visibility when clients call and say, hey, we're scheduled to pay this transaction off in 30 days, 60 days, a little more visibility into what that looks like moving forward. And we just see a little bit more of that activity than we had seen previously this year.

馬特，我是蘭迪。我們預計 CRE 中的客戶流失率會有所增加。我們看到該領域的資本市場更加活躍，一些再融資活動有所增加，我們只是知道，當客戶打電話說，嘿，我們計劃支付這筆費用時，我們有一些可見性交易將在 30 天、60 天后完成，對未來的情況有更多的了解。我們看到的此類活動比今年之前的活動要多一些。

And just staying with that, Randy, any specific loan types or any kind of themes you can pick up on as far as the improved activity in that market? .

蘭迪，只要堅持這一點，就該市場的活動改善而言，您可以了解任何特定的貸款類型或任何類型的主題嗎？ 。

The multifamily market seems to be pretty active. The agencies are -- have some good programs out there. And so some of the multifamily is churning a bit faster than it has so far this year.

多戶住宅市場似乎相當活躍。這些機構有一些很好的項目。因此，一些多戶住宅的流失速度比今年迄今為止要快一些。

Okay. I appreciate that. And then I guess on impact on the margin. I appreciate the commentary you guys (inaudible) there previously. Any more color on the incremental funding costs you're seeing today as you grow the loan book with the deposit specials or any color there?

好的。我很感激。然後我猜測對利潤的影響。我很感謝你們之前的評論（聽不清）。當您通過存款特價或任何顏色增加貸款簿時，您今天看到的增量融資成本還有更多顏色嗎？

Well, I'll start. This is Ben, and Randy or Mike, please chime in. We're really focused on money market, which is primarily what our client base utilizes. We're obviously very, very commercial. We have done some CD specials and we've raised a little bit of money in CDs, but that's never been our primary focus. We're really concentrating on money market and DDA. Maybe I'll give the incremental color run rate or beginning rate out of the gate at the end of June on our current balance sheet is about $350 million for incremental deposits. And as I said, with a lower level of balance sheet growth, we don't anticipate as great of a need to add deposits at the higher cost range as we've had in the beginning of the year. .

好吧，我要開始了。我是本，蘭迪或邁克，請插話。我們真正關注的是貨幣市場，這也是我們的客戶群主要利用的市場。我們顯然非常非常商業化。我們製作了一些 CD 特別專輯，並通過 CD 籌集了一些資金，但這從來都不是我們的主要關注點。我們真正關注的是貨幣市場和 DDA。也許我會給出 6 月底的增量彩色運行率或起始利率，在我們當前的資產負債表上，增量存款約為 3.5 億美元。正如我所說，由於資產負債表增長水平較低，我們預計不會像年初那樣以較高的成本範圍增加存款。 。

Matt, it's Randy. I would just add, obviously, the deposit environment is highly competitive and we really think about -- you've got to pull multiple levers here. And with an emphasis on client deposits, and we have, as Ben said, run some CD specials that have been successful, making sure we're competitive in money market rates. First half of the year, we saw some rotation into the ICS product. That growth and rotation has slowed. And in the quarter, we opened net 1,100 new deposit accounts. So there's multiple channels there to look at as we grow our deposit base.

馬特，我是蘭迪。我想補充一點，顯然，存款環境競爭非常激烈，我們真正考慮的是——你必須在這里拉動多個槓桿。正如本所說，我們重點關注客戶存款，經營了一些成功的定期存款特價業務，確保我們在貨幣市場利率方面具有競爭力。今年上半年，我們看到了 ICS 產品的一些輪換。這種增長和輪換已經放緩。本季度，我們淨開設了 1,100 個新存款賬戶。因此，當我們擴大存款基礎時，可以考慮多種渠道。

Okay. That's helpful. I appreciate the commentary. And then just lastly for me, on the Canyon deal, I think you mentioned that EPS impact upon closing something around $0.02 or $0.03 on an annualized basis, I assume. I thought we were looking for something previously a little bit north of that originally. Just any color on Canyon overall as far as their recent performance or recent fundamental trends.

好的。這很有幫助。我很欣賞你的評論。最後對我來說，關於 Canyon 交易，我想你提到了每股收益對年化 0.02 美元或 0.03 美元左右的收盤影響，我猜。我以為我們之前正在尋找一些比最初的東西稍靠北的東西。就 Canyon 整體近期表現或近期基本趨勢而言，只是任何顏色。

Yes, they have remained very consistent. Their balance sheet has not changed with any significance. That's a very conservative number on their current balance sheet. I'll let Mike and Randy talk about the market a little bit further, but we think there's very significant opportunity for expansion within the Tucson market itself, just given their historical business model.

是的，他們一直非常一致。他們的資產負債表沒有發生任何重大變化。在他們當前的資產負債表上，這是一個非常保守的數字。我會讓邁克和蘭迪進一步討論這個市場，但考慮到他們歷史上的商業模式，我們認為圖森市場本身有非常重要的擴張機會。

Matt, I'd just say that's a pretty conservative number. We've been conservative on cost takeouts, and we've been very conservative on growth. We think we'll do better than that. But that's where we're modeling it today. And I think there's a great opportunity in Tucson. Tucson is 1 million people, and I think it's going to be a good banking market for us to compete in. And that market is seeing a lot of growth. So I think with our increased capacity and products that we'll be able to grow there faster than we're modeling.

馬特，我只想說這是一個相當保守的數字。我們對成本支出一直持保守態度，對增長也持保守態度。我們認為我們會做得更好。但這就是我們今天建模的地方。我認為圖森有一個很好的機會。圖森有 100 萬人口，我認為這將是我們競爭的一個很好的銀行市場。而且這個市場正在快速增長。因此，我認為，隨著我們產能和產品的增加，我們將能夠比我們建模的速度更快地增長。

(Operator Instructions) The next question comes from Andrew Liesch with Piper Sandler.

（操作員說明）下一個問題來自 Andrew Liesch 和 Piper Sandler。

I just wanted to touch base on the wholesale funding that was added late in the quarter. Just curious where -- what rates those were added at. And maybe if there's any full quarter effect on that, that could affect the margin here in the third quarter?

我只想談談本季度末增加的批發資金。只是好奇這些是在哪裡添加的——以什麼速率添加。也許如果對此有任何整個季度的影響，這可能會影響第三季度的利潤率？

Andrew, it's Ben. Wholesale is primarily for us. We're doing brokered deposits wherever we can find those on the most cost-effective basis. And for the quarter, those were happening in the 5s, in the low 5s. And so that's what I was referring to as funding for us on the top end of the pricing scale. We don't anticipate those will increase in the remainder of the year and will be steady or lower.

安德魯，是本。批發主要是給我們的。我們正在盡可能以最具成本效益的方式提供經紀存款。就本季度而言，這些情況發生在 5 年代，低 5 年代。這就是我所說的在定價範圍的高端為我們提供資金。我們預計今年剩餘時間這些數字不會增加，而是會保持穩定或較低。

Got it. You also mentioned that loan spreads though up to the low 3s. So I mean if I use this funding, are you saying maybe that you're getting loans yielding in the low 8s at this point? .

知道了。您還提到貸款利差高達 3 多倍。所以我的意思是，如果我使用這筆資金，你是說你現在獲得的貸款收益率可能在 8 左右嗎？ 。

Yes, this is Randy. Yes, that's correct. We're trying to make sure that the new loan production has an 8 in front of it.

是的，這是蘭迪。對，那是正確的。我們正在努力確保新的貸款產出前面有一個 8。

Got it. So I mean, if you saw the growth a little bit, loans in the low 8s, but then incremental funding may not be at the low 5s anymore, could see presumably some -- a lot less margin compression that we saw in the last quarter, which I think you were alluding to earlier, but am I looking at the math the right way?

知道了。所以我的意思是，如果你看到增長一點點，貸款在 8 左右，但增量資金可能不再是 5 左右，可能會看到一些——我們在上個季度看到的利潤率壓縮要少得多，我想你之前已經提到過，但我看待數學的方式正確嗎？

You got it right, Andrew.

你說得對，安德魯。

Got it. Got it. You've covered all my other questions. I will step back, thanks.

知道了。知道了。你已經回答了我所有其他問題。我會退後一步，謝謝。

All right. Thank you.

好的。謝謝。

This concludes our question-answer session. I would like to turn the conference back over to Mike Maddox, President and CEO, for any closing remarks.

我們的問答環節到此結束。我想將會議轉回總裁兼首席執行官邁克·馬多克斯 (Mike Maddox) 發表閉幕詞。

Well, I just want to thank everybody for joining us this morning. We feel really good about our quarter amongst a lot of challenging backdrop in the macro environment. But really proud of our continued growth, our work on efficiency and operating leverage and our continued improvement in profitability. And also credit quality continues to be a highlight for us. So really proud of our team and the job everybody has done and really, really feel good about where we're positioned for the third and fourth quarters. So thank you, everybody, for joining us, and have a great day.

嗯，我只想感謝大家今天早上加入我們。在宏觀環境充滿挑戰的背景下，我們對本季度的感覺非常好。但我們對我們的持續增長、我們在效率和運營槓桿方面的工作以及我們盈利能力的持續提高感到非常自豪。信用質量仍然是我們的一大亮點。因此，我們為我們的團隊和每個人所做的工作感到自豪，並且對我們在第三季度和第四季度的定位感到非常非常滿意。謝謝大家加入我們，祝您有美好的一天。

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。