CrossFirst Bankshares Inc (CFB) 2024 Q2 法說會逐字稿

Good day and welcome to the CrossFirst Bankshares Inc., second-quarter 2024 conference call (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 CrossFirst Bankshares Inc. 2024 年第二季電話會議（操作員說明） 請注意，本次活動正在錄製中。

I would now like to turn the conference over to Mike Daley, Chief Accounting Officer and Head of Investor Relations.

我現在想將會議交給首席會計官兼投資者關係主管 Mike Daley。

Please go ahead.

請繼續。

Good morning, and welcome to CrossFirst Bankshares second-quarter earnings conference call.

早安，歡迎參加 CrossFirst Bankshares 第二季財報電話會議。

Before we begin, please be aware this call will include forward-looking statements, including statements about our business plans, growth opportunities, expense control initiatives, cash requirements and sources of liquidity, capital allocation strategies and plans, and our future financial performance.

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、成長機會、費用控制舉措、現金需求和流動性來源、資本配置策略和計劃以及我們未來財務業績的陳述。

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.

這些評論是基於我們目前的預期和假設，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有重大差異。

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.

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。

Statements made on this call should be considered together with the risk factors identified in today's earnings release and our other filings with the SEC.

本次電話會議中的聲明應與今天的收益報告和我們向 SEC 提交的其他文件中確定的風險因素一起考慮。

We may also refer to adjusted or non-GAAP financial measures.

我們也可能參考調整後的或非公認會計原則的財務指標。

A reconciliation of non-GAAP financial measures to GAAP financial measures can be found in our earnings release.

非 GAAP 財務指標與 GAAP 財務指標的調整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.

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。

Our presentation will include prepared remarks from Mike Maddox, President and CEO of CrossFirst Bankshares; Randy Rapp, President of CrossFirst Bank; and Ben Clouse, CFO of CrossFirst Bankshares.

我們的演講將包括 CrossFirst Bankshares 總裁兼執行長 Mike Maddox 準備好的演講；蘭迪‧拉普 (Randy Rapp)，CrossFirst 銀行總裁；和 CrossFirst Bankshares 財務長 Ben Clouse。

At the conclusion of our prepared remarks, our operator, Betsy, will facilitate a Q&A session.

在我們準備好的演講結束時，我們的接線生 Betsy 將主持問答環節。

At this time, I would like to turn the call over to Mike, who will begin on slide 8 of the presentation available on our website and filed with our earnings release.

此時，我想將電話轉給 Mike，他將從我們網站上提供的簡報的幻燈片 8 開始，並與我們的收益發布一起歸檔。

Mike?

麥克風？

Good morning, and thank you for joining us to discuss CrossFirst's second-quarter financial results.

早安，感謝您與我們討論 CrossFirst 第二季的財務表現。

I'd like to start by thanking our Colorado Springs Market President, Cory Leppert, and our Colorado Springs team for hosting us today for the call.

首先，我要感謝我們的科羅拉多斯普林斯市場總裁 Cory Lepert 和我們的科羅拉多斯普林斯團隊今天接待我們參加電話會議。

Our company had a great quarter, delivering solid earnings growth, maintaining strong credit quality, and strategically returning capital to shareholders.

我們公司度過了一個出色的季度，實現了穩健的獲利成長，保持了良好的信用質量，並策略性地向股東返還了資本。

We increased earnings in the quarter to $18.6 million or $0.37 per diluted share.

我們將本季收益增至 1,860 萬美元，即稀釋後每股收益 0.37 美元。

The earnings growth is a result of our focused strategy to scale our markets and verticals, resulting in expansion of net interest income and fee income.

獲利成長是我們擴大市場和垂直產業的重點策略的結果，從而導致淨利息收入和費用收入的擴大。

In turn, we continue to drive operating leverage across our expense base.

反過來，我們持續提高整個費用基礎的營運槓桿。

Not only did we increase earnings, but credit quality improved in the quarter and we continue to feel good about our reserve levels against lower classified assets and manageable nonperforming balances.

我們不僅增加了收益，而且本季度的信貸品質也得到了改善，並且我們繼續對我們針對較低分類資產和可控不良餘額的準備金水準感到滿意。

I also want to highlight the longer-term progress we've made as evidenced by solid growth in year-to-date operating revenue and over 6% growth in adjusted net income compared to a year ago despite the increased cost of deposits.

我還想強調我們所取得的長期進展，儘管存款成本增加，但年初至今營業收入的穩健增長以及調整後淨利潤較上年同期增長超過 6% 就證明了這一點。

We are pleased to see steady performance in our fee lines, with service charge and credit card revenues growing a combined 17% year over year through the first six months.

我們很高興看到我們的收費項目表現穩定，前六個月服務費和信用卡收入較去年同期成長 17%。

We continue to focus on initiatives to drive profitable growth and leverage the investments we have made in new markets, technology, and talent.

我們持續專注於推動獲利成長的舉措，並利用我們在新市場、技術和人才方面的投資。

Total assets grew to $7.6 billion, an increase of 2% from the previous quarter, led by loan growth from our dynamic Texas, Colorado, and Arizona markets.

總資產增至 76 億美元，較上一季成長 2%，這主要得益於充滿活力的德州、科羅拉多州和亞利桑那州市場的貸款成長。

We continue to see selective new business opportunities.

我們繼續看到選擇性的新商機。

We have strategically moderated loan growth and remain focused on quality relationships while strictly adhering to our credit underwriting and pricing guidelines.

我們策略性地控制了貸款成長，並繼續專注於優質關係，同時嚴格遵守我們的信貸承銷和定價準則。

We are fortunate to be located in great markets with strong economies, which we believe will allow us to continue to produce steady growth with high-quality customers.

我們很幸運地位於經濟強勁的大市場，我們相信這將使我們能夠繼續與高品質客戶一起穩定成長。

Building density and scaling our markets continues to be a priority.

建立密度和擴大市場仍然是我們的首要任務。

As I mentioned, we continue to be pleased with our credit quality metrics.

正如我所提到的，我們仍然對我們的信用品質指標感到滿意。

Past-dues, non-accruals, nonperforming assets, and classified assets are all improved in the quarter.

逾期未付款項、非應計項目、不良資產和分類資產在本季度均有所改善。

We acknowledge that market conditions continue to apply pressure to borrowers across the country.

我們承認，市場狀況繼續給全國各地的借款人帶來壓力。

We are actively monitoring credit risks through regular portfolio reviews, quarterly deep dives across all lines of business, and regular reviews by independent third parties to validate our assessment of risk in the portfolio, which Randy will cover in more detail in a moment.

我們透過定期投資組合審查、對所有業務線的季度深入研究以及獨立第三方的定期審查來積極監控信用風險，以驗證我們對投資組合風險的評估，蘭迪稍後將對此進行更詳細的介紹。

Deposit growth continues to be an area of focus, and we continue to make progress on a number of our deposit initiatives.

存款成長仍然是一個重點領域，我們的多項存款措施繼續取得進展。

The second quarter is always challenging for deposit growth as our customers make tax payments in April.

由於我們的客戶在四月納稅，第二季的存款成長始終充滿挑戰。

Despite that headwind, we drove net growth in client deposits led by Texas and our energy group.

儘管存在這種逆風，我們還是推動了以德克薩斯州和我們的能源集團為首的客戶存款淨增長。

We also made progress this quarter on our focus to improve our efficiency ratio.

本季我們在提高效率方面也取得了進展。

I'm pleased to report that we completed a successful negotiation of our core services contract, which we expect will result in meaningful savings.

我很高興地報告，我們成功完成了核心服務合約的談判，我們預計這將帶來有意義的節省。

Ben will cover the details during his remarks.

本將在演講中介紹詳細資訊。

Our strong earnings growth allowed us to both build capital in the quarter, while also returning capital to our shareholders through our share buyback program.

我們強勁的獲利成長使我們能夠在本季度累積資本，同時也透過股票回購計畫向股東返還資本。

For much of the quarter, our stock price was trading at a price that we believe does not fairly reflect the true value of our company.

在本季的大部分時間裡，我們的股價交易價格我們認為並不能公平地反映我們公司的真實價值。

We took advantage of that opportunity and bought back stock at an average price that was well below book value, which has highly accretive value to our shareholders.

我們利用這個機會，以遠低於帳面價值的平均價格回購股票，這對我們的股東來說具有很高的增值價值。

We plan to continue to leverage our earnings power to build capital while also remaining opportunistic with the buyback.

我們計劃繼續利用我們的獲利能力來累積資本，同時在回購中保持機會主義。

Finally, I'd like to thank our employees for their continued hard work, their expertise, and their strong commitment to our clients, shareholders, and communities.

最後，我要感謝我們的員工持續的辛勤工作、他們的專業知識以及他們對客戶、股東和社區的堅定承諾。

We have a team of highly experienced bankers who remain focused on optimization and efficiency as we continue to scale our operations while enhancing franchise value.

我們擁有一支經驗豐富的銀行家團隊，隨著我們不斷擴大業務規模，同時提高特許經營價值，他們始終專注於優化和效率。

And now I'd like to turn the call over to our President of CrossFirst Bank, Randy Rapp.

現在我想將電話轉給 CrossFirst 銀行總裁 Randy Rapp。

Thanks, Mike, and good morning, everyone.

謝謝麥克，大家早安。

In Q2, we continue to report solid loan and deposit growth, increased fee income, and improved credit metrics.

第二季度，我們繼續報告穩健的貸款和存款成長、費用收入增加和信貸指標改善。

Total loan growth for the quarter was $95 million, resulting in a growth rate of 6% on an annualized basis.

本季貸款總額成長 9,500 萬美元，年化成長率為 6%。

Primary contributors to growth in the quarter were C&I, energy, and commercial real estate.

本季成長的主要貢獻者是工商業、能源和商業房地產。

In Q2, we hired an experienced C&I team in the Dallas market that was able to move a significant number of long-term relationships late in the quarter.

在第二季度，我們在達拉斯市場聘請了一支經驗豐富的 C&I 團隊，該團隊能夠在本季度末建立大量長期關係。

The growth in CRE was primarily fundings on existing construction facilities in the multifamily and industrial space.

商業房地產的成長主要是為多戶住宅和工業空間的現有建築設施提供資金。

We continue to focus on increasing loan yields, and the average loan yield on new production in the quarter was a strong 8.93%.

我們持續專注於提高貸款收益率，本季新產品的平均貸款收益率高達 8.93%。

At quarter end, average C&I line utilization was 52%, which is above the historical usage percentage rate of 50%.

截至季末，工商業線路平均利用率為 52%，高於 50% 的歷史使用率。

As expected, portfolio churn increased slightly during the quarter and is now at a historical average level.

正如預期的那樣，投資組合流失率在本季度略有增加，目前處於歷史平均水平。

We continue to expect this churn to increase over the next several quarters, primarily in the commercial real estate portfolio.

我們仍然預計這種流失在未來幾季將會增加，主要是在商業房地產投資組合中。

Our loan portfolio continues to remain balanced, with 44% in commercial real estate and 44% in C&I and owner-occupied real estate.

我們的貸款組合繼續保持平衡，其中商業房地產佔 44%，工商業和業主自用房地產佔 44%。

Energy outstandings were $234 million or 4% of total portfolio.

能源未償餘額為 2.34 億美元，佔投資組合總額的 4%。

On slide 9, you can see there remains good diversity within each of those portfolios, with the highest CRE property type, industrial, accounting for 22% of total CRE exposure, and the largest industry segment in C&I, being restaurants, at 12% of C&I exposure and for 4% of total loans.

在投影片9 上，您可以看到每個投資組合中仍然存在良好的多樣性，其中最高的CRE 房地產類型是工業，佔CRE 總風險敞口的22%，而C&I 中最大的行業領域是餐館，佔12%。

Our exposure in the restaurant space is primarily to proven quick-service operators with multiple locations, and there remains good brand granularity in this portfolio.

我們在餐廳領域的業務主要針對擁有多個地點的成熟快速服務營運商，且該產品組合中仍然保留了良好的品牌粒度。

In the CRE portfolio, total office exposure is now $286 million, which is down slightly from the end of Q1 and is 4.5% of total loans.

在商業房地產投資組合中，辦公室風險總額目前為 2.86 億美元，較第一季末略有下降，佔貸款總額的 4.5%。

The average office loan size decreased slightly to $6.3 million and the largest is $25 million.

平均辦公貸款規模小幅下降至 630 萬美元，最大為 2,500 萬美元。

The average loan to value is 63% and the majority of the portfolio is suburban Class A and B office.

平均貸款成數為 63%，投資組合的大部分是郊區 A 級和 B 級辦公室。

Approximately 63% of the portfolio is set to mature in the next two years.

大約 63% 的投資組合將在未來兩年內成熟。

However, 83% of these maturities are loans with floating rates, which have been repricing up throughout this rate cycle.

然而，其中 83% 的到期貸款是浮動利率貸款，這些貸款在整個利率週期中一直在重新定價。

We continue to have one $13.8 million office transaction graded special mention, which has the support of a strong guarantor and the remainder of the portfolio has a pass grade.

我們繼續有一項價值 1,380 萬美元的辦公室交易獲得特別關注，該交易得到了強有力的擔保人的支持，而投資組合的其餘部分則獲得了通過評級。

The majority of the office exposure is in our footprint centered in North Texas, Kansas City, and Colorado.

大部分辦公室暴露在我們以北德克薩斯州、堪薩斯城和科羅拉多州為中心的足跡中。

During Q2, total CRE commitments remained relatively flat at $3.3 billion and unfunded CRE exposure increased from $595 million at the end of Q1 to $651 million at the end of Q2.

第二季度，CRE 承諾總額相對持平，為 33 億美元，無資金支持的 CRE 曝險從第一季末的 5.95 億美元增加到第二季末的 6.51 億美元。

Total CRE outstandings remained relatively flat at $2.69 billion.

CRE 未償還總額保持相對平穩，為 26.9 億美元。

As previously mentioned, we anticipate increased churn in the CRE portfolio, which will lower total CRE exposure and are focused on reducing our total CRE exposure back below 300% of capital in the next several quarters.

如前所述，我們預期 CRE 投資組合的流失率將增加，這將降低 CRE 總風險敞口，並致力於在未來幾季將我們的 CRE 總風險敞口降至資本的 300% 以下。

Moving to credit highlights on slide 10.

前往投影片 10 上的信用要點。

For Q2, we reported a decrease in our nonperforming assets to total assets ratio from 27 basis points at the end of Q1 to 22 basis points at the end of Q2.

第二季度，我們的不良資產佔總資產的比率從第一季末的 27 個基點下降到第二季末的 22 個基點。

The decrease was primarily due to a reduction in past-due 90 transactions, client payments, and some partial charge-offs.

減少的主要原因是逾期 90 筆交易、客戶付款和部分沖銷的減少。

The remaining non-performing loans are primarily C&I transactions, with the largest exposure remaining under $5 million.

剩餘的不良貸款主要是工商業交易，最大的不良貸款仍低於 500 萬美元。

The ORE balances ended the quarter at $4.8 million and includes residential lots and residences in the Austin market.

本季末 ORE 餘額為 480 萬美元，包括奧斯汀市場的住宅用地和住宅。

Classified assets to capital, plus combined reserves, decreased to 13.3% at the end of Q2 from 15.8% at the end of Q1.

分類資產佔資本（加上合併準備金）的比例從第一季末的 15.8% 降至第二季末的 13.3%。

At the end of Q1, classified totals were comprised 72% in the C&I space, 12% commercial real estate, and 14% owner-occupied real estate.

截至第一季末，分類總數中工商業房地產佔 72%，商業房地產佔 12%，自住房地產佔 14%。

Classified loans in the energy portfolio are negligible.

能源投資組合中的分類貸款可以忽略不計。

As anticipated, at the end of Q2, we reported a decrease in past-due transactions back to historical levels.

正如預期的那樣，在第二季末，我們報告逾期交易減少至歷史水平。

The largest transaction in the 30 to 89 past due total is a $7 million credit that is scheduled to pay off in late July.

在 30 至 89 筆逾期總額中，最大一筆交易是一筆 700 萬美元的信貸，計劃於 7 月下旬還清。

For the quarter, we reported net charge-offs of $1 million, resulting in a charge-off rate of 7 basis points on an annualized basis and 9 basis points on a trailing 12-month basis.

本季度，我們報告淨沖銷額​​為 100 萬美元，導致年化沖銷率為 7 個基點，過去 12 個月沖銷率為 9 個基點。

Charge-offs for the quarter were primarily attributable to one C&I credit.

本季的沖銷主要歸因於一項 C&I 貸項。

At quarter end, we reported an allowance for credit loss to total loan loss ratio of 1.42% and a combined allowance for credit loss and reserve for unfunded commitments ratio of 1.28%, both of which are consistent with the prior quarter.

截至季末，我們公佈的信用損失準備金佔總貸款損失率為 1.42%，信貸損失準備金與無資金承諾準備金合計比率為 1.28%，兩者與上一季一致。

Provision expense totaled $2.4 million, resulting in a provision to charge-off ratio of 232%.

撥備費用總計 240 萬美元，撥備沖銷率為 232%。

With a total ACL of $76.2 million, our current ACL to nonperforming loan ratio is 640%.

我們的 ACL 總額為 7,620 萬美元，目前 ACL 與不良貸款的比率為 640%。

We are pleased with the improvements in our credit metrics during the quarter and remain highly focused on maintaining good credit quality moving forward.

我們對本季信用指標的改善感到高興，並將繼續高度關注維持良好的信用品質。

As a reminder, our ongoing credit monitoring activities include third-party reviews that cover 65% of our portfolio on an annual basis.

謹此提醒，我們正在進行的信用監控活動包括每年涵蓋我們 65% 投資組合的第三方審查。

Those reviews continue to validate our credit monitoring practices and approach to risk rates.

這些審查繼續驗證我們的信用監控實踐和風險率方法。

Turning to slide 11.

轉到投影片 11。

For Q2, deposits increased 2% to $6.7 billion, up $147 million from the previous quarter.

第二季存款成長 2%，達到 67 億美元，比上一季增加 1.47 億美元。

Non-interest bearing deposits increased slightly during the quarter to $958 million and represent 14% of total deposits.

本季無息存款小幅成長至 9.58 億美元，佔存款總額的 14%。

In the quarter, time deposits grew 5.6% to $1.9 billion and money market deposits grew 4.5% to $3.1 billion.

本季，定期存款成長 5.6%，達到 19 億美元，貨幣市場存款成長 4.5%，達到 31 億美元。

Tax payments in April have historically provided pressure on deposits in Q2, and the deposit market remains highly competitive.

歷史上，4月納稅對第二季存款構成壓力，存款市場競爭依然激烈。

In Q2, we increased fee income, with service charge fees increasing 11% over Q1 to $2.3 million, but credit card income increased 5% over Q1 to $1.6 million.

第二季度，我們的費用收入增加，服務費比第一季成長 11%，達到 230 萬美元，但信用卡收入比第一季成長 5%，達到 160 萬美元。

We have previously made significant investments in these programs, which are now gaining traction in the market.

我們之前對這些項目進行了大量投資，現在這些項目在市場上越來越受歡迎。

We are pleased with our overall deposit, loan, and fee income growth in the second quarter.

我們對第二季存款、貸款和手續費收入的整體成長感到滿意。

Strong portfolio management remains a key focus for the remainder of the year, given the economic uncertainty and we are proud of the decrease in nonperforming assets, classified assets, charge-offs, and past dues reported for the quarter.

鑑於經濟的不確定性，強有力的投資組合管理仍然是今年剩餘時間的重點，我們對本季度報告的不良資產、分類資產、沖銷和逾期未付款項的減少感到自豪。

I will now turn the call over to Ben to cover the financial results in more detail.

我現在將把電話轉給本，以更詳細地介紹財務業績。

Ben?

本？

Thanks, Randy, and good morning, everyone.

謝謝蘭迪，大家早安。

As Mike said, net income this quarter was $18.6 million or $0.37 per diluted share on a GAAP basis.

正如麥克所說，本季淨利潤為 1860 萬美元，以 GAAP 計算稀釋後每股收益為 0.37 美元。

This was an increase of about 2% from last quarter or $0.01 of EPS.

這比上個季度增加了約 2%，即 EPS 增加了 0.01 美元。

Operating revenue, consisting of net interest income and noninterest income, also expanded 2% this quarter.

由淨利息收入和非利息收入組成的營業收入本季也成長了 2%。

Provision expense was modestly higher as the prior quarter included a higher mix of commitment funding that was already reserved.

由於上一季已預留的承諾資金組合較多，撥備費用略有上升。

Noninterest expense was up slightly, less than 1% and included an incremental cost for restructuring our core system contract.

非利息支出略有上升，不到 1%，其中包括重組核心系統合約的增量成本。

This restructuring is expected to generate significant savings going forward, with an expected earn-back of four months and expected annual run rate savings of approximately $2 million per year on our current volumes.

此次重組預計將在未來產生大量節省，預計在四個月內實現盈利，預計每年在當前產量上節省約 200 萬美元。

Adjusting for the core contract restructuring would add another $0.01 to EPS.

在核心合約重組進行調整後，每股收益將再增加 0.01 美元。

The quarterly return on average assets was 1.0% and return on average common equity was 10.6%.

季平均資產報酬率為1.0%，平均普通股報酬率為10.6%。

We realized continued balance sheet growth in the quarter, as Randy outlined, and we are really pleased to see profitability improvement in the quarter's results.

正如蘭迪所概述的那樣，我們在本季度實現了資產負債表的持續增長，我們非常高興看到本季度業績的盈利能力有所改善。

Interest income expanded this quarter, driven by both higher yields and higher average balances.

在收益率上升和平均餘額增加的推動下，本季利息收入有所增長。

Slide 12 outlines the underlying changes in net interest margin this quarter.

投影片 12 概述了本季淨利差的基本變化。

The yield on loans increased 7 basis points, resulting in an earning asset yield of 6.78% this quarter.

貸款收益率上升7個基點，本季生息資產收益率為6.78%。

Average yield on new loans for the quarter was 8.93%.

該季度新增貸款平均收益率為8.93%。

Better yields on our investment securities portfolio also contributed.

我們的投資證券投資組合的更高收益率也做出了貢獻。

Average earning assets increased $161 million compared to the prior quarter, primarily due to loan growth, which was somewhat backloaded toward the end of the quarter.

與上一季相比，平均獲利資產增加了 1.61 億美元，主要是由於貸款成長，而貸款在本季末有所回升。

Our total cost of deposits was 3.92% for the quarter, increasing 5 basis points.

本季我們的總存款成本為 3.92%，增加了 5 個基點。

Our total non-maturity deposit beta against the entire rate cycle through the second quarter remained at 57% in line with our expectations and the pace of increase in the cost of deposits continued to moderate, falling from a 13 basis point increase last quarter.

第二季整個利率週期的非到期存款貝他係數總額維持在 57%，符合我們的預期，存款成本成長速度持續放緩，較上季 13 個基點的增幅有所下降。

Our deposit base remained consistent with the prior quarter in terms of diversification and composition and client deposits grew by quarter end.

我們的存款基礎在多元化和組成方面與上季度保持一致，客戶存款截至季度末有所增長。

Our loan-to-deposit ratio was down slightly to 94%.

我們的貸存比率小幅下降至 94%。

We utilized borrowings within the quarter due to some seasonal client cash outflows, which were resolved by the end of the quarter, leaving the ending balance flat to last quarter, and wholesale funding moved up slightly by 1% to 16% of assets.

由於一些季節性客戶現金流出，我們在本季度內動用了借款，這些問題在本季度末得到了解決，期末餘額與上季度持平，批發資金佔資產的比例略有上升 1% 至 16%。

Fully tax equivalent net interest margin was consistent with the prior quarter at 3.20%, in line with our expected range.

全額稅款等值淨利差與上一季一致，為 3.20%，符合我們的預期範圍。

We expect some improvement to our NIM with any rate cuts this year.

我們預計今年的降息將改善我們的淨利差。

For the quarter, yield on assets kept pace with the increase in cost of funds.

本季度，資產收益率與資金成本的成長保持同步。

Our NIM has remained stable in the low [3.20s] since the second quarter of 2023.

自 2023 年第二季以來，我們的淨利差一直穩定在[3.20s]的低點。

We've worked diligently to position our balance sheet to perform in the current higher-for-longer rate environment while preparing for potential rate cuts.

我們一直在努力調整我們的資產負債表，以適應當前長期較高的利率環境，同時為潛在的降息做好準備。

Our earning assets continue to be primarily variable as 66% reprice or mature in the next 12 months.

我們的獲利資產仍然主要存在變數，66% 的資產將在未來 12 個月內重新定價或到期。

As Randy outlined, our loan growth was at the lower end of our expected range this quarter, and we are moderating our estimated loan growth in 2024 to a range of 6% to 8% for the year.

正如 Randy 所概述的那樣，本季我們的貸款成長處於預期範圍的下限，我們將 2024 年的貸款成長預期下調至 6% 至 8% 的範圍。

On the liability side, we have good variability as well. 27% of our client deposits are indexed and will automatically move down with any Fed rate movements.

在負債方面，我們也有很好的可變性。我們 27% 的客戶存款已被指數化，並會隨著聯準會利率變動而自動下降。

In addition, we have short-duration brokered deposits of 16%.

此外，我們還有 16% 的短期經紀存款。

Our CD portfolio duration has continued to shorten as we incentivize clients to move into six- and nine-month products, and we have $850 million of client CDs that mature in the next 12 months.

隨著我們激勵客戶轉向六個月和九個月的產品，我們的 CD 投資組合期限持續縮短，我們有 8.5 億美元的客戶 CD 將在未來 12 個月內到期。

As we renew the CDs, the expected pressure to margin continues to narrow with declining spreads to new renewal rates.

隨著我們續訂存款證，預期的保證金壓力將繼續縮小，新的續訂利率利差不斷縮小。

The rate environment outlook continues to be very dynamic, and we continue to assume two rate cuts this year with a potential September cut being the only significant impact for 2024.

利率環境前景仍然非常活躍，我們繼續假設今年兩次降息，其中 9 月可能降息是 2024 年唯一重大影響。

Based on that assumption, and including somewhat lower loan growth, our expected margin is still in the range of 3.20% to 3.25% for the year.

基於這個假設，並考慮到貸款成長有所下降，我們預計今年的利潤率仍處於 3.20% 至 3.25% 的範圍內。

The absence of a rate cut would leave our margin at the lower end of that range.

如果不降息，我們的利潤率將處於該範圍的下限。

Noninterest income was $5.7 million for the quarter, expanding 2% from last quarter.

本季非利息收入為 570 萬美元，較上季成長 2%。

Growing noninterest income is a key strategic priority for us.

增加非利息收入是我們的策略重點。

And as previously mentioned, the biggest driver of this expansion was service charges and credit card revenues.

如前所述，這種擴張的最大動力是服務費和信用卡收入。

These will be continued focus areas of growth in 2024.

這些將是 2024 年持續的重點成長領域。

Moving to slide 13.

轉到投影片 13。

Noninterest expense increased slightly this quarter compared to the prior quarter, driven by the core contract restructuring as I mentioned.

正如我所提到的，受核心合約重組的推動，本季非利息支出較上一季略有增加。

Expenses would have declined otherwise and been in line with our guidance.

否則，費用將會下降，並符合我們的指導。

Compensation declined due to lower taxes and benefits, partially due to seasonality.

由於稅收和福利下降，薪資下降，部分原因是季節性。

Our headcount was unchanged from the prior quarter and remains the same level as a year ago as we continue to scale with some remixing of talent toward production roles.

我們的員工人數與上一季相比沒有變化，並保持與一年前相同的水平，因為我們繼續擴大規模，對生產角色進行人才重新組合。

We expect noninterest expense to be around $37 million per quarter for the rest of 2024, including the core contract renegotiation savings.

我們預計 2024 年剩餘時間內每季的非利息支出約為 3,700 萬美元，其中包括核心合約重新談判節省的費用。

We remain highly focused on our efforts to drive additional efficiencies and gain operating leverage in 2024 as evidenced by operating revenue growth outpacing expense growth this quarter.

我們仍然高度關注 2024 年提高效率和獲得營運槓桿的努力，本季營業收入成長超過費用成長就證明了這一點。

Our tax rate this quarter was consistent with last quarter at 21%, and we expect the tax rate to remain in a range of 20% to 22% this year.

我們本季的稅率與上季一致，為 21%，我們預計今年稅率將維持在 20% 至 22% 的範圍內。

On slide 14, our liquidity remains strong, consistent with the prior quarter at 34% of assets.

在投影片 14 中，我們的流動性仍然強勁，與上一季保持一致，佔資產的 34%。

We have liquidity of approximately $2.6 billion from on and off-balance sheet sources.

我們擁有來自表內和表外來源的約 26 億美元的流動性。

On slide 15, we continue to advance our goal of building capital this quarter as we saw continued asset growth and strong earnings.

在投影片 15 中，我們看到持續的資產成長和強勁的收益，因此我們繼續推進本季建立資本的目標。

We continue to focus on building capital balance and shareholder returns.

我們繼續專注於建立資本平衡和股東回報。

As Mike mentioned, we took advantage of some price pressure on our stock and increased our level of buybacks.

正如麥克所提到的，我們利用了股票的價格壓力，提高了回購水準。

We repurchased 237,000 shares at a weighted average cost of $12.78 compared to tangible book value per share of $14.02 at quarter end.

我們以 12.78 美元的加權平均成本回購了 237,000 股股票，而季度末每股有形帳面價值為 14.02 美元。

We believe we can continue to achieve our goal of building capital while dedicating a portion of our earnings to shareholder return.

我們相信，我們可以繼續實現累積資本的目標，同時將部分收益用於股東回報。

In summary, we are very happy with the first half of 2024, with strong earnings, continued organic growth, and advancement of our strategy.

總而言之，我們對 2024 年上半年非常滿意，實現了強勁的盈利、持續的有機成長以及我們策略的推進。

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。

(Operator Instructions) Michael Rose, Raymond James.

（操作員說明）麥可羅斯、雷蒙詹姆斯。

Hey, good morning, everyone.

嘿，大家早安。

Thanks for taking my questions.

感謝您回答我的問題。

Maybe we could just start on deposits.

也許我們可以從存款開始。

The growth was was really strong.

成長非常強勁。

I know you kind of cited energy in Texas, I believe, but I know also that you recently signed up with Nimbus and just wanted to see how we should think about the pace and complexion of deposit growth.

我相信您提到了德克薩斯州的能源，但我也知道您最近與 Nimbus 簽約，只是想看看我們應該如何考慮存款增長的速度和情況。

Like, do you think that the NIB mix is essentially at a stabilized level?

例如，您認為 NIB 組合基本上處於穩定水平嗎？

How would you comment on costs and how should we think about the continued deposit growth as we move not only through the next two quarters, but also into next year?

您對成本有何評論？

Thanks.

謝謝。

Yes, thanks, Michael.

是的，謝謝，邁克爾。

I think we do feel like our mix has stabilized.

我認為我們確實感覺到我們的組合已經穩定下來。

We've obviously continued to focus on improving that mix by growing our non-interest bearing.

顯然，我們繼續致力於透過增加無息貸款來改善這種組合。

We had nice growth across our footprint.

我們的足跡實現了良好的成長。

I did highlight a couple of our groups that outperformed a little bit.

我確實強調了我們的幾個表現稍好一點的小組。

But we're in dynamic markets, and so we continue to see great opportunity to grow deposits in our markets and our footprint.

但我們處於充滿活力的市場，因此我們繼續看到在我們的市場和足跡中增加存款的巨大機會。

Nimbus is still in process.

Nimbus 仍在進行中。

We have not launched that yet, and we expect that will launch in the fourth quarter.

我們尚未推出該產品，預計將在第四季度推出。

So the growth in the second quarter was just core deposit growth from our markets.

因此，第二季的成長只是我們市場的核心存款成長。

So should we assume that there's the potential for deposit growth to actually outpace loan growth?

那麼我們是否應該假設存款成長實際上有可能超過貸款成長？

And then hopefully, if there's a little bit more clarity on the economy, as we move into next year, that loan growth could accelerate?

然後希望，當我們進入明年時，如果經濟狀況更加清晰，貸款成長可能會加速？

Is that kind of the way we should think about it?

我們該這樣思考嗎？

Yes, I think that's a fair way to think about it.

是的，我認為這是一個公平的思考方式。

And we're trying to be thoughtful on loan growth.

我們正在努力考慮貸款成長。

We want to stick to our pricing model and to our credit standards.

我們希望堅持我們的定價模式和信用標準。

And as Randy said, we're focused on reducing our CRE concentration down -- under that 300 mark.

正如蘭迪所說，我們致力於將 CRE 濃度降低到 300 大關以下。

And so we're trying to be thoughtful as we look at that area as well.

因此，我們在考慮該領域時也試圖深思熟慮。

We expect loan churn to pick up a little bit, which ought to allow us to also increase our new loan volume.

我們預期貸款流失率會上升，這應該會讓我們能夠增加新貸款量。

Michael, this is Randy, I might add.

邁克爾，我可以補充一下，這是蘭迪。

As we've highlighted, we made some tweaks to our incentive model to highlight deposit growth.

正如我們所強調的，我們對激勵模型進行了一些調整，以突出存款成長。

I think we're starting to see that gain traction as well in our markets.

我認為我們開始看到這在我們的市場上也受到了關注。

And so we have all our relationship managers out asking.

所以我們所有的客戶關係經理都出來詢問。

No matter what line of business they're in, they're asking for deposits.

無論他們從事什麼行業，他們都會要求存款。

And as we think about new loans, we're making sure that comes with a full relationship and deposits as well.

當我們考慮新貸款時，我們會確保新貸款也附帶完整的關係和存款。

Okay.

好的。

And then maybe just finally for me, just to kind of tie all this together.

然後也許最後對我來說，只是將所有這些聯繫在一起。

So it sounds like the potential for stronger deposit growth, you being very thoughtful on loan growth, maybe you look to add a little bit incrementally to the securities book, but it would seem to me that the actual ability to grow NIM, assuming we only get two cuts this year, whatever it's going to be, is somewhat limited just given those dynamics.

因此，這聽起來像是存款成長強勁的潛力，你對貸款成長非常深思熟慮，也許你希望在證券帳簿中逐步增加一點，但在我看來，增加淨利差的實際能力，假設我們只考慮到這些動態，今年的兩次削減，無論會發生什麼，都受到一定程度的限制。

Is that kind of fair as we kind of think about it into next year or am I missing something?

正如我們明年所考慮的那樣，這公平嗎？

Thanks.

謝謝。

Michael, I still think we have the opportunity to grow NIM and net interest income.

邁克爾，我仍然認為我們有機會增加淨利差和淨利息收入。

A lot of our loan growth in the second quarter was late in the quarter.

我們第二季的許多貸款成長都是在季度末實現的。

Otherwise, our net interest income would have been stronger.

否則，我們的淨利息收入會更高。

We think we'll have a little tailwind in the third quarter with that.

我們認為第三季我們將會有一些順風。

And yes, I think we are going to continue to see solid growth for the rest of the year.

是的，我認為今年剩餘時間我們將繼續看到穩健成長。

And hopefully with a rate cut in September, if not sooner, we ought to get some expansion of our NIM.

希望隨著 9 月降息（如果不是更早的話），我們的淨利差應該會得到一定程度的擴張。

Michael, it's Ben.

邁克爾，是本。

I would add.

我想補充一下。

While we are a little bit more balanced on sensitivity than we were a quarter ago, we will benefit from a rate cut and we're positioned for that.

雖然我們在敏感度方面比一個季度前更加平衡，但我們將從降息中受益，並且我們已經為此做好了準備。

Mike and Randy talked about non-interest bearing, but those have moved a little bit, but I think it's important to note they've grown with the growth of our balance sheet and really haven't moved off of that 14%, 15% level in a while.

麥克和蘭迪談到了無息，但這些已經發生了一些變化，但我認為重要的是要注意它們隨著我們資產負債表的增長而增長，而且實際上並沒有脫離 14%、15%一會兒就達到水平。

Woody Lay, KBW.

伍迪萊，KBW。

Hey, good morning, guys.

嘿，早上好，夥計們。

Yes, so the really strong quarter for credit.

是的，這是信貸真正強勁的季度。

I was hoping that you could just give us some color on what drove the classified improvement in the quarter.

我希望您能給我們一些關於推動本季度分類改進的原因的資訊。

This is Randy.

這是蘭迪。

Yes, it was really across the whole portfolio.

是的，它確實貫穿了整個投資組合。

We saw decreases in CRE, in C&I.

我們看到 CRE 和 C&I 的下降。

And really, it was just portfolio performance.

事實上，這只是投資組合的表現。

We had some transactions refinanced.

我們對一些交易進行了再融資。

We had some that we restructured with additional equity, which will allow us to upgrade it.

我們用額外的股權重組了一些，這將使我們能夠對其進行升級。

And so it was really no one thing that drove that decrease during the quarter.

因此，實際上沒有任何一件事導致了本季的下降。

Makes sense.

有道理。

And then as it relates to the reserv, just on a percentage basis, it was flat given some of the credit metric improvement that we saw.

然後，由於它與準備金相關，僅按百分比計算，考慮到我們看到的一些信用指標的改善，它與準備金持平。

Did you tweak some of the qualitative factors in the quarter to keep that percentage flat?

您是否調整了本季的一些定性因素以保持該百分比持平？

Woody, it's Ben.

伍迪，這是本。

We look at those qualitative factors, obviously, every quarter.

顯然，我們每季都會審視這些定性因素。

We've not made any significant moves in those.

我們尚未在這些方面採取任何重大措施。

We're cautiously optimistic about the economic outlook, which I don't think is probably different than anyone else would think about it.

我們對經濟前景持謹慎樂觀的態度，我認為這可能與其他人的想法沒有什麼不同。

Our goal really is to continue to maintain our reserve at that level, at that 1.20 level, which we think is appropriate.

我們的目標實際上是繼續將我們的儲備維持在這個水平，即我們認為合適的 1.20 水平。

And the underlying change is primarily driven by loan growth and charge-offs, obviously, is how the math works.

根本的變化主要是由貸款成長和沖銷推動的，顯然，這就是數學的運作方式。

Andrew Liesch, Piper Sandler.

安德魯·利施，派珀·桑德勒。

Thanks for taking my questions here.

感謝您在這裡提出我的問題。

The commercial real estate as a percentage of capital, you mentioned a couple of times now, your goal is to get it below 300%.

商業不動產佔資本的比例，你已經提過幾次了，你的目標是讓它低於300%。

Do you have where that was at the end of the quarter?

您知道本季末的情況嗎？

Yeah, it's about

是的，這是關於

[320%].

[320%]。

And Andrew, historically, we've been in the [270%] range.

安德魯，從歷史上看，我們一直處於 [270%] 範圍內。

We made a strategic decision to increase that given market conditions and opportunities we are seeing.

鑑於我們看到的市場條件和機會，我們做出了增加這項策略的策略決策。

And so that peaked at about 330%.

所以峰值約為 330%。

And then now we're starting to work that back down below 300%, but we finished at about 320%.

然後現在我們開始努力將其降低到 300% 以下，但我們最終完成了大約 320%。

Well the percentage has also changed with the two acquisitions we've made in Colorado and Arizona that were a little heavier real estate.

嗯，隨著我們在科羅拉多州和亞利桑那州進行的兩次收購，該百分比也發生了變化，這兩項收購的房地產規模較大。

And so we're just trying to methodically work that back down.

所以我們只是試著有條不紊地解決這個問題。

Right, right.

對，對。

Makes sense there.

這是有道理的。

And then on the expense front here to get the savings from the contract renegotiation, it sounds like a lot of that's going to be reinvested back into the franchise.

然後在費用方面，從合約重新談判中節省費用，聽起來其中很大一部分將重新投資回特許經營權。

Just curious where some of this spending might be.

只是好奇這些支出的一部分可能花在哪裡。

Does this include the new team that you hired?

這包括您僱用的新團隊嗎？

Good morning, Andrew, it's Ben.

早安，安德魯，我是本。

That is probably the biggest portion.

這可能是最大的部分。

As I said, we continue to remix our headcount a little bit while really holding it flat to to continue to tilt it more toward production roles as we find efficiencies or leverage in our expense base, which, as Mike said, is our long-term goal.

正如我所說，我們繼續稍微重新調整我們的員工人數，同時真正保持不變，繼續將其更多地向生產角色傾斜，因為我們發現我們的費用基礎的效率或槓桿作用，正如邁克所說，這是我們的長期目標目標。

The other lesser factors would be we, of course, continue to experience a significant amount of inflation in our cost base as our balance sheet continues to grow, in particular, in the second half of the year.

當然，其他較小的因素是，隨著我們的資產負債表持續成長，特別是在今年下半年，我們的成本基礎繼續經歷大幅通膨。

Our regulatory assessment is growing.

我們的監管評估正在不斷增長。

And then the last piece would be we have a little bit of a tilt on our marketing business development spend towards the second half of the year, but the primary driver is investment production talent.

最後一點是，我們對下半年的行銷業務開發支出有一點傾斜，但主要驅動力是投資生產人才。

To add to that, we're seeing some disruption in our markets which is really presenting some nice talent opportunities for us.

除此之外，我們看到市場出現了一些混亂，這確實為我們提供了一些很好的人才機會。

And so we're trying to be very selective in how we add that talent.

因此，我們在添加人才的方式上非常有選擇性。

But the market disruption is generating a high degree of interest in CrossFirst.

但市場混亂引起了人們對 CrossFirst 的高度興趣。

And we were able to add five more production people in the quarter that really weren't budgeted.

我們在本季又增加了五名未列入預算的製作人員。

But just through normal attrition and the employee base, we were able to keep our total head count flat.

但僅僅透過正常的人員流動和員工基礎，我們就能夠維持總人數不變。

So as Randy said, we are seeing some opportunities and we want to make sure we are in a position to take advantage of that.

正如蘭迪所說，我們看到了一些機會，我們希望確保我們能夠利用這些機會。

Great.

偉大的。

That's really encouraging to hear.

聽到這真是令人鼓舞。

Thanks for taking the questions.

感謝您提出問題。

I'll step back.

我會退後一步。

(Operator Instructions) Matt Olney, Stephens.

（操作員說明）Matt Olney，Stephens。

Hey, thanks.

嘿，謝謝。

Good morning, everybody.

大家早安。

Want to ask more about capital and capital deployment.

想了解更多關於資金和資金配置的問題。

And I think in the second quarter, you deployed some capital via the buyback and looks like that trade's working out well so far.

我認為在第二季度，您透過回購部署了一些資金，到目前為止，這筆交易看起來進展順利。

And I think late last year, you deployed some capital via the little restructuring.

我認為去年年底，您透過小型重組部署了一些資本。

I guess over the last few weeks, we've seen these bank valuations move higher, we've seen rates move lower.

我想在過去的幾周里，我們看到這些銀行的估值走高，我們看到利率走低。

I'm curious around kind of the updated thoughts around capital from here and potential for deployment given these more recent moves over the last few weeks.

鑑於過去幾週的最新舉措，我對這裡有關資本的最新想法以及部署潛力感到好奇。

Matt, it's Ben.

馬特，這是本。

As you said, we deliberately hit the buyback harder, in particular earlier on in second quarter.

正如您所說，我們故意加大回購力度，特別是在第二季早些時候。

That, of course, is the beauty of a buyback, is flexibility.

當然，這就是回購的美妙之處，就是靈活性。

And the math is nowhere near as desirable today, which we're happy about, as we've seen a lot of price improvement through the quarter and through July.

今天的數學遠沒有那麼理想，我們對此感到高興，因為我們看到整個季度和七月的價格都有很大改善。

As Mike said, we continue to have a long-term goal to build our ratios from where they are.

正如麥克所說，我們仍然有一個長期目標，就是在現有的基礎上建立我們的比率。

They all moved up a little bit quarter over quarter and nicely year over year.

它們每個季度都略有上升，同比也有不錯的增長。

You are correct.

你是對的。

We utilize around $1 million dollars of capital in fourth quarter to do a bond trade, although we did that in a way that was actually positive to our risk-weighted capital ratio because of how we've redeployed the funds as well as realizing some NIM improvement.

我們在第四季度利用大約 100 萬美元的資本進行債券交易，儘管我們這樣做的方式實際上對我們的風險加權資本比率是積極的，因為我們如何重新部署資金以及實現一些淨息差改進。

So our goal remains to continue, as Mike said, to be opportunistic about that capital deployment and continue to build those ratios.

因此，正如麥克所說，我們的目標仍然是繼續對資本配置採取機會主義態度，並繼續建立這些比率。

Yeah, Matt.

是的，馬特。

Look, we're really pleased with the movement in our stock price.

看，我們對股價的變動感到非常滿意。

And today, it probably makes a little more sense to deploy that capital in the high-quality growth in our markets.

如今，將這些資本用於我們市場的高品質成長可能更有意義。

And so as Ben said, we want to continue to build capital, but we're in markets that are going to provide us plenty of opportunity to put on high-quality growth as well.

正如本所說，我們希望繼續累積資本，但我們所處的市場也將為我們提供大量機會來實現高品質成長。

Yes.

是的。

Okay.

好的。

I appreciate that.

我很欣賞這一點。

Thanks for the color.

謝謝你的顏色。

And then I think, Ben, you mentioned that the balance sheet migrate a little bit more towards being rate neutral, more so than what we saw the previous quarter.

然後我想，本，你提到資產負債表更傾向於利率中性，比我們上一季看到的更嚴重。

Any more color on what drove this move?

還有更多關於推動這項措施的原因嗎？

And any commentary about expectations and movements from here?

關於這裡的期望和動向有什麼評論嗎？

Thanks.

謝謝。

Sure, Matt.

當然，馬特。

Really, two main drivers that produced the small change from Q1 to Q2, one, our level of repricing assets increased as we added a higher mix of variable rate loans in the quarter, and we also carried a bit more cash.

實際上，導致第一季到第二季出現微小變化的兩個主要驅動因素是，隨著我們在本季度增加了更高的可變利率貸款組合，我們的資產重新定價水平有所提高，而且我們也持有更多的現金。

Then on the liability side, we've shifted our time deposit maturities out a little bit further.

然後在負債方面，我們將定期存款的到期期限進一步推遲了一些。

They are now a little bit more spread out than they were in the first quarter.

現在，它們的分佈比第一季更加分散。

So between those two things, we've shifted a little bit more neutral, but we are continuing to position in such a way that would benefit from a rate cut.

因此，在這兩件事之間，我們的立場變得更加中立，但我們將繼續以從降息中受益的方式進行定位。

Okay.

好的。

Thanks for the commentary.

感謝您的評論。

That's all for me.

這就是我的全部。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Mike Maddox for any closing remarks.

我想將會議轉回給邁克·馬多克斯（Mike Maddox）發表閉幕詞。

I just want to thank everyone for joining the call today.

我只想感謝大家今天加入電話會議。

Again, we're really pleased with our quarter, and I want to thank our teams for all their hard work, and we continue to see improving conditions.

再次，我們對本季感到非常滿意，我要感謝我們的團隊的辛勤工作，我們繼續看到狀況不斷改善。

And we believe that the rest of the year should continue to be strong.

我們相信今年剩餘時間應該會持續強勁。

And we'll continue to focus on really profitable growth and continue to take advantage of the opportunities we're seeing in our dynamic market.

我們將繼續專注於真正盈利的成長，並繼續利用我們在充滿活力的市場中看到的機會。

So thank you again for joining us, and you have a great day.

再次感謝您加入我們，祝您有個愉快的一天。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。