First Bancshares Inc (Mississippi) (FBMS) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by, and welcome to the review of Fourth Quarter 2022 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持，歡迎參加 2022 年第四季度財務業績電話會議的回顧。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Hoppy Cole. Please go ahead.

我現在想把會議交給今天的發言人 Hoppy Cole。請繼續。

Well, good morning, everybody. I'm Hoppy Cole, President and CEO of First Bancshares, and we've got several of our team members with us today. We have Dee Dee Lowery, CFO. We have JJ Fletcher, our Chief Lending Officer; George Noonan, our Chief Credit Officer; and Leonard Moreland, who I'm proud to say is the former CEO of Heritage Southeast Bank and is currently the regional president for Georgia in our company. And as always, we've got some prepared comments, and we'll talk about some high-level events that went on during the quarter, then I'll change -- I'll give it over to the individual areas, and they'll talk about as additional color in each of their respective areas of expertise.

嗯，大家早上好。我是 First Bancshares 的總裁兼首席執行官 Hoppy Cole，今天我們有幾位團隊成員。我們有首席財務官 Dee Dee Lowery。我們有首席貸款官 JJ Fletcher；我們的首席信貸官 George Noonan；還有倫納德·莫蘭德，我可以很自豪地說，他是 Heritage Southeast Bank 的前任首席執行官，目前是我們公司佐治亞州的區域總裁。和往常一樣，我們有一些準備好的評論，我們將討論本季度發生的一些高級別事件，然後我會改變——我會把它交給各個領域，他們將在各自的專業領域中談論作為額外的顏色。

So to start, we had a good quarter, but an exceptional year. We're really excited given all that we accomplished in 2022 about how we're positioned and some of the tailwinds that we're going to enjoy from some of the acquisitions that we did and some of the organic growth that we had in 2022. So for the quarter, we closed in the Heritage Southeast transaction, effective 1/1.

因此，首先，我們有一個不錯的季度，但也是非凡的一年。考慮到我們在 2022 年取得的所有成就，以及我們將從我們所做的一些收購和 2022 年的一些有機增長中獲得的一些順風，我們感到非常興奮。因此，在本季度，我們完成了 Heritage Southeast 交易，1/1 生效。

We were very excited because we stayed within 150 days from announcement to actual legal day 1, which in this environment, we were very pleased with. The systems conversion is scheduled for March 31 on Heritage Southeast. During the quarter, we also completed the system conversion of Beach Bank. Early December, we converted a transaction with very smooth, with minimal client impact.

我們非常興奮，因為我們在從公告到實際法定第 1 天的 150 天內停留了下來，在這種環境下，我們對此感到非常滿意。系統轉換定於 3 月 31 日在 Heritage Southeast 進行。本季度，我們還完成了 Beach Bank 的系統轉換。 12 月初，我們非常順利地轉換了一筆交易，對客戶的影響最小。

So if you look together, those 2 acquisitions added $2.3 billion in -- approximately $2.3 billion in assets to the company. And so today, we're about $8.1 billion in total assets. In addition to providing increased scale, it really is an inflection point for the growth opportunities for our company. And that these 2 acquisitions give us a meaningful president in new markets in Atlanta, Georgia, Savannah, Jacksonville, Tampa, and really increased our market share in the Florida Panhandle.

因此，如果你一起看，這兩項收購為公司增加了 23 億美元——大約 23 億美元的資產。所以今天，我們的總資產約為 81 億美元。除了提供更大的規模之外，它確實是我們公司增長機會的轉折點。這兩項收購讓我們在佐治亞州亞特蘭大、薩凡納、傑克遜維爾、坦帕等新市場成為有意義的總裁，並真正增加了我們在佛羅里達狹長地帶的市場份額。

It's not just scale. It's not just opportunities that gave us also a real high-quality group of community bankers in both markets. And again, we think that, that's -- these markets are really an inflection point. And it will help us enjoy some tailwinds going into 2023. In addition to the acquisitive growth, we had a great year and a great quarter in terms of organic growth. For the quarter, we were up $55 million in net loans or 6% on an annualized basis.

這不僅僅是規模。這不僅僅是機會，還讓我們在兩個市場都擁有真正高素質的社區銀行家群體。再一次，我們認為，這些市場確實是一個拐點。它將幫助我們享受到 2023 年的一些順風。除了收購增長之外，我們在有機增長方面度過了一個偉大的一年和一個偉大的季度。本季度，我們的淨貸款增加了 5500 萬美元，按年率計算增加了 6%。

For the year, $316 million of net loan growth or 11%. So a really good year, really good sort of tailwinds pushing us in terms of unfunded commitments as well. JJ will dig into that a little more, and we feel really good about where we're going in terms of growth for 2023. We're also pleased during the quarter with how -- where the margin came out. On the core margin was only down 3 basis points.

今年，淨貸款增長 3.16 億美元，增幅為 11%。所以這是一個非常好的一年，非常好的順風推動我們在沒有資金的承諾方面也是如此。 JJ 將深入研究這一點，我們對 2023 年的增長方向感到非常滿意。我們也對本季度的利潤率感到滿意。核心利潤率僅下降 3 個基點。

If you guys will remember, we guided the margin compression in the fourth quarter because of the seasonality of our deposits. And if you look back over history because we've got a pretty good public money deposit portfolio, they tend to cycle through the year. The fourth quarter is our seasonal low point. So we're really pleased we were able to manage the margin, only keep it relatively flat -- or essentially keep it relatively flat quarter-over-quarter. Dee Dee will offer a lot more color in terms of margin management where we came out for the quarter.

如果你們還記得的話，由於我們存款的季節性，我們在第四季度指導了利潤率壓縮。如果你回顧歷史，因為我們有一個非常好的公共存款組合，它們往往會在一年中循環。第四季度是我們的季節性低點。所以我們真的很高興我們能夠管理利潤率，只是保持相對平穩 - 或者基本上保持季度相對平穩。 Dee Dee 將在本季度推出的利潤管理方面提供更多色彩。

We also took an interesting strategy. At the end of the third quarter, we made a really strong move in terms of our posted deposit rates. And on a percentage basis, normally than we would usually do. So we moved from the lower end of the tier of our competitive set across our markets for interest-bearing deposits. We moved to the midpoint and then backed off of it. So we made a fairly large move at the end of the quarter so that when people open the statements in the beginning of the fourth quarter, they would see we made a fairly large move, and it would slow some of the runoff that we we're experiencing.

我們還採取了一個有趣的策略。在第三季度末，我們在公佈的存款利率方面採取了非常有力的舉措。並且以百分比為基礎，通常比我們通常做的要多。因此，我們從我們整個市場競爭層級的低端轉移到生息存款。我們移動到中點，然後後退。所以我們在本季度末做了一個相當大的變動，這樣當人們在第四季度初打開報表時，他們會看到我們做了一個相當大的變動，這會減緩我們的一些流失速度。正在經歷。

And so I think we were pleased to essentially only have deposits down 1% quarter-over-quarter. We haven't moved our posted rates since then. We've just been matching around the margin sort of when we had to.

所以我認為我們很高興存款基本上只比上一季度下降了 1%。從那時起，我們就沒有改變公佈的利率。我們只是在不得不這樣做的時候進行了匹配。

And then finally, credit metrics continue to improve. George will dig into that a little bit, but pass-throughs nonperformers improved during the quarter and during the year. So again, a good quarter. We're pleased with the quarter, but an exceptional year. We think we enjoy some tailwinds, some real tailwinds in terms of growth in earnings going into 2023.

最後，信用指標繼續改善。 George 將對此進行深入研究，但在本季度和這一年中，傳遞不良者有所改善。又是一個好季度。我們對本季度感到滿意，但這是非凡的一年。我們認為我們享受一些順風，一些真正的順風，在 2023 年的收入增長方面。

So with that, I'll hand it off to Dee Dee to dig into the financials a little bit more.

因此，我將把它交給 Dee Dee 來深入研究財務狀況。

Okay. Great. Thanks Hoppy. And obviously, as Hoppy mentioned on our 2 acquisitions, we do have a little noise again in this quarter really related to acquisition charges on both of each transaction and then the Heritage HSBI transaction that closed January 1. But a couple of things I wanted to kind of reiterate that we discussed last quarter was that we did expect margin compression and really that was coming from as we have in the past prior to COVID due to the seasonality of our deposit portfolio, we would be in a borrowed position typically late third quarter, fourth quarter into the beginning of the year until some of this public funds money come back in the beginning of the year.

好的。偉大的。謝謝霍皮。顯然，正如 Hoppy 在我們的 2 次收購中提到的那樣，我們在本季度確實再次遇到了一些噪音，這些噪音確實與每筆交易的收購費用以及 1 月 1 日結束的 Heritage HSBI 交易有關。但有幾件事我想重申一下，我們上個季度討論的是，我們確實預計利潤率會受到壓縮，而且由於存款組合的季節性，我們確實會像過去那樣在 COVID 之前出現這種情況，我們通常會在第三季度末處於借入狀態，四季度進入年初，直到年初部分公募資金回籠。

So we talked about that a lot last quarter and wanted to kind of bring that up again to mention. And then also, we talked about that we would have increased deposit costs due to our rate increases on our deposit portfolio. Hoppy mentioned a few minutes ago about how we did make a big -- a significant move at the end of September to bring us from kind of well below our peers to kind of right at our peer average. And we did that early and increased our deposit cost.

所以我們在上個季度談了很多，想再次提到這一點。然後，我們還談到，由於我們的存款組合利率上升，我們的存款成本會增加。 Hoppy 幾分鐘前提到我們如何在 9 月底取得重大進展，使我們從遠低於同行的水平轉變為處於同行平均水平的水平。我們很早就這樣做了，增加了我們的存款成本。

It impacted October, but then it leveled off for November and December. And we are matching and managing our good key core deposit relationships on a case-by-case basis and continuing to do that as some of the other competition is offering some higher rate specials. And we're just managing them case by case. But for the fourth quarter, we did report earnings of $16.3 million or $0.67. On an (inaudible) basis, it was -- earnings were $17.2 million or $0.71. This did compare to $19.6 million last quarter, $85 million which was a decrease of about $2.4 million.

它影響了 10 月，但隨後在 11 月和 12 月趨於平穩。我們正在逐案匹配和管理我們良好的關鍵核心存款關係，並繼續這樣做，因為其他一些競爭對手正在提供一些更高利率的特價商品。我們只是逐案管理它們。但對於第四季度，我們確實報告了 1630 萬美元或 0.67 美元的收益。在（聽不清）的基礎上，它是 - 收入為 1720 萬美元或 0.71 美元。與上一季度的 1,960 萬美元和 8,500 萬美元相比，減少了約 240 萬美元。

But if you recall quarter we talked about the nonaccrual interest income recapture we had in the third quarter of $1.5 million. That was 10 basis points to the margin and also $1.5 million for this decrease. And then during the fourth quarter, we always have kind of year-end additional expenses related to year-end accruals. Salary benefit was about $700,000. So those are a couple of big items that we -- to compare between third and fourth quarter. We are very pleased that we remained flat for the quarter on our margin -- I mean, on our income here. We feel like with those 2 items that we basically maintained where we were and really less contraction than we initially thought we might have on the margin.

但是，如果你還記得那個季度，我們談到了我們在第三季度收回的 150 萬美元的非應計利息收入。這是利潤率的 10 個基點，也減少了 150 萬美元。然後在第四季度，我們總是有一些與年終應計費用相關的年終額外費用。工資福利約為 700,000 美元。所以這些是我們在第三季度和第四季度之間進行比較的幾個大項目。我們很高興我們的利潤率在本季度保持不變——我的意思是，我們在這裡的收入。我們覺得這兩個項目基本上保持在原來的位置，而且收縮確實比我們最初認為的邊緣要小。

But we have a great low-cost diversified deposit base, and I think that showed this quarter for us. And so we're very pleased with our quarter. On a yearly basis, Hoppy mentioned, we had a great year, and we reported $62.9 million. On an operating basis, that was $68.3 million and that compared to $64.4 million for 2021. That was a 6% increase or $3.9 million.

但我們有一個偉大的低成本多元化存款基礎，我認為本季度為我們展示了這一點。所以我們對我們的季度非常滿意。 Hoppy 提到，每年我們都過得很好，報告了 6290 萬美元。在運營基礎上，這是 6830 萬美元，而 2021 年為 6440 萬美元。增加了 6% 或 390 萬美元。

And also just a note, 2021 did include $11.5 million in PPP fee income that was only $1.7 million in '22. So we feel like basically overcoming that $9.5 million of PPP fee income and then increasing that $4 million year-over-year was a great year for us. We were -- we had just hoped to kind of at the beginning to cover the PPP fee, and we did that and more. So we're very happy for that. As we mentioned, our margin did contract on a core basis, 3 basis points because if you remember, we reported [350] last quarter.

另外請注意，2021 年確實包括 1150 萬美元的 PPP 費用收入，而在 22 年僅為 170 萬美元。因此，我們覺得基本上克服了 950 萬美元的 PPP 費用收入，然後同比增加 400 萬美元對我們來說是偉大的一年。我們 - 我們只是希望在開始時能夠支付 PPP 費用，我們做到了這一點，甚至更多。所以我們對此感到非常高興。正如我們提到的，我們的保證金確實在核心基礎上收縮了 3 個基點，因為如果你還記得的話，我們上個季度報告了 [350]。

The 10 basis points of that was related to that recapture. So really, the [340], we mentioned we would have contraction that we did 3 basis points to [337]. Loan yields did increase 31 basis points when you adjust that for that recapture last quarter for the third quarter. So we were very pleased with loan yields increasing 31 basis points. And then our deposit -- cost of deposits increased 31 basis points as well for the fourth quarter, which we feel is a really acceptable beta on that increase.

其中的 10 個基點與那次奪回有關。所以真的，[340]，我們提到我們會收縮，我們對 [337] 做了 3 個基點。當你為第三季度的上一季度收回調整貸款收益率時，貸款收益率確實增加了 31 個基點。因此，我們對貸款收益率增加 31 個基點感到非常高興。然後我們的存款——存款成本在第四季度也增加了 31 個基點，我們認為這是一個真正可以接受的增長 beta。

And when you look at our cost of deposits for the whole year, where we were fourth quarter of '21 to fourth quarter of '22, it's basically the same increase. We were at basically $0.19 cost of deposits for the fourth quarter of last year and then to increased 32 basis points for this quarter. So I think given that Fed funds increased 425 basis points over that course of '22 and our deposit costs only increased 31 basis points. So we're very happy with that.

當您查看我們全年的存款成本時，從 21 年第四季度到 22 年第四季度，增幅基本相同。去年第四季度我們的存款成本基本上為 0.19 美元，然後本季度增加了 32 個基點。所以我認為，鑑於聯邦基金在 22 年期間增加了 425 個基點，而我們的存款成本僅增加了 31 個基點。所以我們對此非常滿意。

We also mentioned last quarter that we projected our margin to be in the range of $3.50 to $3.60 with a Fed funds rate of $4.50, and we're still reiterating that today. We do have Heritage obviously coming on 1/1, that will add to our margins. So we feel like that's still acceptable for 2023. So a couple of notes on our ratios. Our operating ratios for the fourth quarter were -- our ROA was the 1.07% and a return on our average tangible common equity was at 16.83%, and our efficiency ratio operating was 59.34%. So we feel kind of given everything that happened in the fourth quarter with the increasing cost of deposits, and those were great metrics for the quarter.

上個季度我們還提到，我們預計我們的利潤率將在 3.50 美元至 3.60 美元之間，聯邦基金利率為 4.50 美元，我們今天仍在重申這一點。我們確實有 Heritage 顯然是 1/1，這將增加我們的利潤。所以我們覺得這在 2023 年仍然可以接受。所以對我們的比率有幾點說明。我們第四季度的運營比率是——我們的資產回報率為 1.07%，我們的平均有形普通股回報率為 16.83%，我們的運營效率比率為 59.34%。因此，考慮到第四季度隨著存款成本的增加而發生的一切，我們感覺有點像，而這些都是本季度的重要指標。

Our capital ratios, our TCE of 6.9%. And our leverage ratio was 9.4% and our total risk-based capital was 16.7%. So all of our capital ratios are still very good, and we're very pleased with the quarter. That's all my prepared marks Hoppy, if you want to take it back over.

我們的資本比率，我們的 TCE 為 6.9%。我們的槓桿率為 9.4%，我們的總風險資本為 16.7%。所以我們所有的資本比率仍然非常好，我們對這個季度非常滿意。霍皮，我準備的標記就這些了，如果你想收回的話。

Thank you, Dee Dee. JJ, now would you give us some color on the loan portfolio for the quarter?

謝謝你，迪迪。 JJ，現在你能給我們介紹一下本季度的貸款組合嗎？

Yes. Thank you, Hoppy. And as Hoppy said, we were pleased with organic loan growth of about $55 million in the quarter, particularly given the headwinds and rising rate environments and Fed moves, a lot of uncertainty during the quarter. We were very proactive in moving up uncommitted rates and then reviewing all renewals and modifications very timely and picking up yield at every opportunity during the quarter. And a bit of an outlier, and George may cover this, we also have about $8 million in criticized and classified loans that paid off at the end of -- the very end of the year mostly, I think the hospitality field as a result of COVID downgrade.

是的。謝謝你，霍皮。正如 Hoppy 所說，我們對本季度約 5500 萬美元的有機貸款增長感到滿意，特別是考慮到逆風和利率上升環境以及美聯儲的舉措，本季度存在很多不確定性。我們非常積極地提高未承諾的利率，然後非常及時地審查所有續訂和修改，並在本季度抓住每一個機會獲得收益。有點異常，George 可能會提到這一點，我們還有大約 800 萬美元的受批評和機密貸款在年底還清了——我認為酒店業主要是在年底還清的，因為冠狀病毒病降級。

So very positive there. Fourth quarter was also the first full quarter of integration with the Beach legacy portfolio. Happy to report that they had a very positive contribution to the overall bank. Out of that $55 million, approximately $20 million of that growth was attributable to the Beach Bank portfolio, our legacy portfolio. We also finished the year on a high note with about $106 million in originations in December.

那裡非常積極。第四季度也是與 Beach 傳統產品組合整合的第一個完整季度。很高興地報告他們對整個銀行做出了非常積極的貢獻。在這 5,500 萬美元中，約有 2,000 萬美元的增長歸因於我們的遺留投資組合 Beach Bank 投資組合。我們還以高調結束了這一年，在 12 月創收了約 1.06 億美元。

So a strong close to the year, which helped our year-end numbers. We continue to track our loan payoffs and pay downs. About 10% loss of competition remain constant. We focus on that to make sure that we are not loosing a business to our competitors. Also with the integration of Beach, our trailing unfunded commitments that we track pretty closely, it ranged from [$3.50] to [$3.70]. We had a nice bump there to about $424 million at the end of the year with the lines and availability from the Beach Bank portfolio.

如此強勁的一年臨近，這有助於我們的年終數據。我們繼續跟踪我們的貸款還款和還款。大約 10% 的競爭損失保持不變。我們專注於此，以確保我們不會將業務拱手讓給競爭對手。此外，隨著 Beach 的整合，我們密切跟踪的尾隨資金承諾額從 [3.50 美元] 到 [3.70 美元] 不等。憑藉 Beach Bank 投資組合的線路和可用性，我們在年底時實現了不錯的增長，達到約 4.24 億美元。

Pipelines, as we expected, did compress about 20% at year-end. However, we're comparing that to really record year throughout 2022. So about $422 million in total combined pipeline at the end of the year. So we're pleased with that number. And then also, we note that we had some areas of a positive gain, private bank for one, which continued a stellar year in 2022.

正如我們預期的那樣，管道在年底確實壓縮了約 20%。但是，我們將其與 2022 年真正創紀錄的一年進行比較。因此，到今年年底，總的合併管道約為 4.22 億美元。所以我們對這個數字很滿意。然後，我們注意到我們在一些領域取得了積極的進展，其中一個是私人銀行，這在 2022 年繼續表現出色。

And then Tampa -- Beach Bank Tampa region actually had an increase at year-end in the pipeline. So -- and I'll just close with private bank. I wanted to note that also with the integration of Beach, we were able to fully put in our specialty healthcare division in the fourth quarter, and we have those locations strategically along the Alabama, Mississippi, Florida, Gulf Coast area and then in Tampa. So we're looking forward to expanding that throughout the year in 2023.

然後是坦帕——Beach Bank Tampa 地區實際上在年底時有所增加。所以 - 我將關閉私人銀行。我想指出的是，通過對 Beach 的整合，我們能夠在第四季度完全投入我們的專業醫療保健部門，我們在阿拉巴馬州、密西西比州、佛羅里達州、墨西哥灣沿岸地區以及坦帕戰略性地擁有這些地點。因此，我們期待在 2023 年全年擴大這一範圍。

So Hoppy, I'll turn it back over to you.

所以 Hoppy，我會把它還給你。

Thanks, JJ. I appreciate the update. George, could you give us a color on our credit metrics and performance for the quarter?

謝謝，JJ。感謝更新。喬治，你能給我們介紹一下我們本季度的信用指標和業績嗎？

Will do, Hoppy. Thank you. Just to give you some -- basically kind of an annual look with some key credit metics highlights. Hoppy referred to delinquencies. Our 30-day past due loans for the year averaged what we think is a very manageable 33.5 basis points for the year and continued to improve from first quarter through the fourth quarter, so a continuing improvement there. Our total past dues plus loans on nonaccrual at year-end were acceptable, about 49 basis points compared to total loans.

會的，霍皮。謝謝。只是給你一些 - 基本上是一種年度外觀，其中包含一些關鍵的信用指標亮點。 Hoppy提到拖欠。我們今年 30 天的逾期貸款平均為我們認為今年非常可控的 33.5 個基點，並且從第一季度到第四季度持續改善，因此持續改善。我們的逾期未付總額加上年底的非應計貸款是可以接受的，與貸款總額相比約為 49 個基點。

So we think pretty good place to be at year-end. Nonperforming assets as a percentage of loans plus OREO were -- actually, we were able to get those cut in half during the year. We started quarter 1 with about 100 basis points in that metric, and we finished the year at -- right at 47 basis points. So some good performance and results there. A lot of that came as a result of one transitional change in a large nonaccrual, but we had a lot of other OREO progress too, which we'll cover in a minute.

所以我們認為年底的位置非常好。不良資產佔貸款加上 OREO 的百分比是——實際上，我們能夠在這一年中將其減半。我們在第一季度開始時在該指標上有大約 100 個基點，而我們在這一年結束時——剛好在 47 個基點。所以那裡有一些好的表現和結果。其中很多是由於大型非應計項目的一個過渡性變化而產生的，但我們也有很多其他的 OREO 進展，我們將在一分鐘內介紹。

Our loans on nonaccrual were reduced by a little over 50%. So that had a very positive impact. While we do show an actual increase in OREO for a net increase of about $1.99 million for the year, we keep in mind that, that also includes taking on in August, approximately $8.1 million in Beach Bank OREO in the third -- end of the third quarter. So that did have an impact on our year-end OREO, but we were able to reduce -- of that $8.1 billion, we got a sale of $6 million in OREO out of the Beach bucket in the fourth quarter.

我們的非應計貸款減少了 50% 多一點。所以這產生了非常積極的影響。雖然我們確實顯示 OREO 的實際增長為今年淨增長約 199 萬美元，但我們要記住，這還包括在 8 月，Beach Bank OREO 在第三季度末的約 810 萬美元。第三季度。所以這確實對我們年終的奧利奧產生了影響，但我們能夠減少——在這 81 億美元中，我們在第四季度從海灘桶中獲得了 600 萬美元的奧利奧銷售額。

So that got us back to $1.99 million for the year in terms of the increase. And we managed, through the sale of OREO throughout the year, to end up with about [$214,000] net gain on sales. So good marketing efforts and interest in our OREO, and it's always good to have a net gain on sale as you're liquidating disposed properties. Charge-offs for the year were manageable. We had $660,000 in charge-offs, but that was offset by recoveries of almost $2.5 million.

因此，就增長而言，這使我們回到了當年的 199 萬美元。通過全年銷售奧利奧，我們最終獲得了約 [214,000 美元] 的淨銷售額。如此良好的營銷努力和對我們 OREO 的興趣，並且在您清算處置的財產時獲得淨收益總是好的。這一年的沖銷是可控的。我們有 660,000 美元的沖銷，但這被近 250 萬美元的回收所抵消。

So we had net recoveries actually at $1.88 million. So essentially, for every dollar we charged off, we recovered $3.85. So we like that ratio, and I hope that will continue to 2023. And as far as our risk rating of our loan portfolio criticized and classified loans showed some good improvement. We had a net reduction of criticized and classifieds for the year of a little over $30 million, and that, of course, included taking on the Beach Bank C&C loans, and we're working with those to try to achieve some upgrades into the first and second quarter of the year.

所以我們的淨回收率實際上是 188 萬美元。所以基本上，我們每沖銷一美元，就能收回 3.85 美元。所以我們喜歡這個比率，我希望它能持續到 2023 年。就我們的貸款組合的風險評級而言，我們的批評和分類貸款顯示出一些良好的改善。我們今年淨減少了 3000 萬美元多一點的批評和分類廣告，當然，這包括接受海灘銀行 C&C 貸款，我們正在與那些人合作，試圖實現對第一個和今年第二季度。

At the end of the year, our special mentioned loans were a little over $43 million and $58.5 million for sub standards. And just on a comparative basis, C&C loans at quarter 1 were 24% of capital plus ACL. We ended the year at 15%. So a positive trend there. And we believe we're adequately reserved with an ACL in the 103 basis point range. We took $6.9 million in provisions during the year. That included our fourth quarter $705,000 provision as well as the provision for -- in the end of the third quarter for the Beach Bank [PCB] (inaudible) for about $1.3 million.

到年底，我們的特別關注貸款略高於 4300 萬美元和 5850 萬美元的次級貸款。僅在比較基礎上，第一季度的 C&C 貸款佔資本加上 ACL 的 24%。我們以 15% 結束了這一年。所以那裡有一個積極的趨勢。我們相信我們對 103 個基點範圍內的 ACL 有足夠的保留。這一年我們撥備了 690 萬美元。這包括我們第四季度 705,000 美元的準備金以及第三季度末海灘銀行 [PCB]（聽不清）的準備金約 130 萬美元。

So those were our key metrics for the year and generally stable. And (inaudible) obviously, with the macroeconomic trends out there in the direction we're all expecting. We are maintaining a lot of focus as well as being adaptive while still adhering to our long-standing corporate credit culture. We remain focused on stressing interest rates on our maturing loans. We have a little over $305 million to $310 million or so in loans maturing in 2023.

所以這些是我們今年的關鍵指標，並且總體上是穩定的。而且（聽不清）顯然，宏觀經濟趨勢朝著我們都期待的方向發展。在堅持我們長期存在的企業信用文化的同時，我們保持著高度的關注和適應性。我們仍然專注於強調到期貸款的利率。我們有 3.05 億美元到 3.1 億美元左右的貸款將於 2023 年到期。

And the average weighted rate for that segment portfolio is a little under 5%. So we can expect to see a 250 basis points to 300 basis points elevation in rates on that segment of the portfolio. We are looking closely at gross and operating margins of our borrowers for increased elevated expenses later impacting those margins. And obviously, their continued capacity for acceptable coverages on the leverage side.

該細分市場投資組合的平均加權利率略低於 5%。因此，我們可以預期該投資組合部分的利率將上升 250 個基點至 300 個基點。我們正在密切關注借款人的毛利率和營業利潤率，以了解日後增加的高額費用會影響這些利潤率。顯然，他們在槓桿方面的可接受覆蓋範圍的持續能力。

For nonowner-occupied commercial real estate segments. We -- our ongoing monitoring for tenant lease quality, strength terms and conditions. That and so one area and a lot of our subsegments and CRE, such as multifamily, hospitality and other segments. Rates and -- can be adjusted outside of a fixed lease. So we are paying close attention in particular to the retail side.

對於非業主自用的商業房地產細分市場。我們——我們對租戶租賃質量、強度條款和條件的持續監控。那等等一個領域以及我們的許多子細分市場和 CRE，例如多戶家庭、酒店和其他細分市場。費率和 - 可以在固定租約之外進行調整。因此，我們特別關注零售方面。

And in closing, I'd say I believe we're positioned well for any changes ahead. We might have the impact of rising rates and our forwards -- and look forward to 2023 continued performance.

最後，我想說我相信我們已經為未來的任何變化做好了準備。我們可能會受到利率上升和遠期的影響——並期待 2023 年的持續表現。

Thank you, George. Appreciate the comments, additional color on the credit book. So that concludes our prepared comments, and I think -- wait a minute (inaudible) you had to remind me, Leonard, I'm sorry, Leonard. Leonard Moreland, the former CEO of Heritage and our current regional president will update us on Heritage performance for the quarter. Sorry about that later. Leonard.

謝謝你，喬治。感謝評論，在學分簿上添加顏色。我們準備好的評論到此結束，我想——等一下（聽不清）你必須提醒我，Leonard，對不起，Leonard。 Heritage 前首席執行官兼我們現任區域總裁 Leonard Moreland 將向我們介紹 Heritage 本季度的最新業績。稍後對此感到抱歉。倫納德。

Thant's all right, Hoppy. Thank you, everyone, glad to have this opportunity. First, I'd like to just say it was our goal at HSBI to not only deliver a quality organization into the first organization, but also do so with a lot of momentum for the 2023 year. For the quarter for HSBI and HSB (inaudible) many moving parts, especially last month of the year, culminating in our year-end closing the transaction (inaudible) quarter end of the year are as follows: Total assets are at $1.6 billion. This was down simply from the third quarter ending assets of (inaudible) transactions involving the alignment of the company's balance sheet with out of the first and the retirement of the HSBI debt.

沒關係，Hoppy。謝謝大家，很高興有這個機會。首先，我想說的是，我們在 HSBI 的目標不僅是將優質組織交付給第一個組織，而且還要在 2023 年保持強勁勢頭。對於 HSBI 和 HSB（聽不清）的季度，許多移動部分，尤其是今年的最後一個月，最終在我們年終結束交易（聽不清）的季度末如下：總資產為 16 億美元。這僅低於第三季度結束的（聽不清）交易資產，涉及公司資產負債表與第一季度和 HSBI 債務退役的調整。

Deposits declined during the quarter, $103 million to $1.4 billion. Approximately $40 million of this decrease is associated with normal cyclical activities by our business clients. The remaining roughly $60 million was related to clients seeking higher rates of returns than the bank was offering on interest-bearing deposits.

本季度存款下降 1.03 億美元至 14 億美元。其中約 4000 萬美元與我們的商業客戶的正常週期性活動有關。剩下的大約 6000 萬美元與客戶尋求比銀行提供的計息存款更高的回報率有關。

The liquidity position of HSBI allowed the retention of core, low-cost deposits while allowing higher-cost single service clients to move outside of the bank. Loans grew during the quarter $49 million and concluded the year at $1.2 billion, a $136 million or 12.9% increase for 2022. Loan growth was robust across all sectors with nonfarm, nonresidential and commercial and industrial leading the way with double-digit growth.

HSBI 的流動性狀況允許保留核心的低成本存款，同時允許成本較高的單一服務客戶轉移到銀行之外。本季度貸款增長 4,900 萬美元，年末達到 12 億美元，即 2022 年增長 1.36 億美元或 12.9%。所有部門的貸款增長強勁，非農、非住宅和工商業以兩位數的增長領先。

Asset quality remains strong with total delinquencies, including nonaccruals of 0.33% of total loans, total nonperforming assets ended the year at 0.22% of total assets. And net charge-offs for the year were 2 basis points of total loans. Earnings for the quarter were impacted by the merger. Net income before tax for the quarter was a loss of $8.8 million. Core earnings would have been approximately $8.2 million pretax and $6.2 million after tax or $0.85 per share.

資產質量依然強勁，總拖欠率包括非應計項目佔貸款總額的 0.33%，不良資產總額佔總資產的 0.22%。當年的淨註銷是貸款總額的 2 個基點。本季度的收益受到合併的影響。本季度稅前淨收入虧損 880 萬美元。核心收益約為稅前 820 萬美元和稅後 620 萬美元或每股 0.85 美元。

This compares to $6 million or $0.83 per share for the third quarter of 2022, excluding transaction-related costs. The net interest margin continues to improve and concluded the year at 4.65%. The team of bankers at HSB has spent the past 6 months of working with The First team to ensure a smooth transition over the coming months, and we're off to a great start.

相比之下，2022 年第三季度為 600 萬美元或每股 0.83 美元，不包括與交易相關的成本。淨息差繼續改善，年末為 4.65%。 HSB 的銀行家團隊在過去 6 個月中與第一團隊合作，以確保在未來幾個月內順利過渡，我們有了一個良好的開端。

With that, Hoppy, I'll conclude my comments.

至此，Hoppy，我將結束我的評論。

Thank you, Leonard. Great quarter. I appreciate it. So as you see, we're really excited about how we're positioned going forward for the coming year and beyond. We've got some real significant tailwinds, particularly in terms of new opportunities for growth and some real tailwinds in terms of EPS growth, we believe. So that concludes our prepared comments, we'll open it up for questions.

謝謝你，倫納德。偉大的季度。我很感激。因此，正如您所見，我們對來年及以後的發展定位感到非常興奮。我們相信，我們有一些真正重要的順風，特別是在新的增長機會和每股收益增長方面的一些真正的順風。我們準備好的評論到此結束，我們將公開提問。

(Operator Instructions) And our first question comes from Matt Olney from Stephens.

（操作員說明）我們的第一個問題來自 Stephens 的 Matt Olney。

Just a few questions here. I want to clarify on the deposit commentary. I think what you said was you made the big move in posted rates in September. So fourth quarter would have received the full impact of this, and you've not made any meaningful changes to those posted rates since then. So I guess, one, is that right? And then two, as you look at your current posted rates versus your competition and what they're doing, how do you feel about the need to make another catch-up in posted rates over the next few weeks and months?

這裡只是幾個問題。我想澄清存款評論。我認為你所說的是你在 9 月份對公佈的利率做出了重大調整。所以第四季度會受到這方面的全部影響，從那時起你就沒有對公佈的利率做出任何有意義的改變。所以我想，一個，是嗎？然後兩個，當您查看當前公佈的價格與競爭對手以及他們正在做的事情時，您如何看待在接下來的幾周和幾個月內再次追趕公佈價格的必要性？

You're exactly right on the timing, right? In the last week of the month, we made a material move to get to the midpoint of our competitive set. And so we got the full impact of that in the quarter. But we just haven't seen any -- that's really timing to slow down the runoff we saw in some of those interest-bearing accounts. And we haven't felt the need to move those. And not only interesting transaction accounts, the city rates as well.

你的時機完全正確，對吧？在本月的最後一周，我們採取了重大舉措，以達到競爭優勢的中點。因此，我們在本季度得到了它的全部影響。但我們還沒有看到任何 - 這真的是放慢我們在一些有息賬戶中看到的徑流的時機。我們覺得沒有必要移動它們。不僅有趣的交易賬戶，城市利率也是如此。

So we haven't had to move those to maintain our deposit basing given where we think the cash flow coming back to us, the growth in public money, the combination with HSBI, the liquidity that's going to provide us because we'll liquidate their bond -- we're in the process of liquidating their bond portfolio, and we'll take that to pay down the borrowed. We were net borrowed for the quarter last quarter. With normal seasonality, we would -- (inaudible) come back, we paid it off anyway, but we're kind of getting the $200 million head start with liquidating the bond portfolio at HSBI. So we don't think -- we don't feel like we're going to have the same percentage increase at least over the next quarter or 2 that we had in this last quarter.

因此，鑑於我們認為現金流回到我們的地方、公共資金的增長、與 HSBI 的結合、將為我們提供的流動性，我們將清算他們的流動性，因此我們不必移動這些以維持我們的存款基礎債券——我們正在清算他們的債券組合，我們將用它來償還借款。上個季度我們是淨借入的。在正常的季節性情況下，我們會——（聽不清）回來，無論如何我們都還清了，但我們在清算 HSBI 的債券投資組合方面獲得了 2 億美元的先機。所以我們不認為 - 我們不認為我們至少在下一個季度或 2 個季度會有與上個季度相同的百分比增長。

Okay. That's helpful. And I think Dee Dee mentioned that there were some higher borrowings in the fourth quarter from the seasonal aspect. Have those also been paid down since the quarter?

好的。這很有幫助。而且我認為 Dee Dee 提到第四季度從季節性方面來看有一些更高的借款。這些自本季度以來是否也已付清？

We're working on that right now, Matt, as Hoppy mentioned, the public funds tend to come in a little bit more later in January and February, but we're in the process of selling the bond portfolio from Heritage. And so we have reduced that 1 -- it was [130] at year-end, we have reduced that so far, but we're not completely done yet, but we anticipate that will be shortly.

正如 Hoppy 所提到的，我們現在正在努力，馬特，公共基金往往會在 1 月和 2 月晚些時候進入，但我們正在出售 Heritage 的債券組合。所以我們減少了 1 - 到年底是 [130]，到目前為止我們已經減少了，但我們還沒有完全完成，但我們預計很快就會完成。

Talking about mid-February?

談論二月中旬？

Oh yes.

哦是的。

Somewhere in that regard. Yes.

在這方面的某個地方。是的。

Okay. Got it. And then just to clarify, Hoppy, I think you said you already sold $200 million of securities from the transaction. Is that right? And just remind me of expectations of securities cash flows in -- over the course of the year.

好的。知道了。然後澄清一下，Hoppy，我想你說過你已經從交易中賣出了 2 億美元的證券。是對的嗎？並提醒我對一年中證券現金流量的預期。

So we've done about 1/3 of it so far because it's a whole bunch of smaller securities. And so we've done about 1/3 of it so far, but we should have it complete in a couple of weeks. And that's why we feel pretty confident about paying out that borrowed position as well as the public money is coming in.

所以到目前為止我們已經完成了大約 1/3，因為它是一大堆較小的證券。到目前為止，我們已經完成了大約 1/3，但我們應該會在幾週內完成。這就是為什麼我們對償還借來的頭寸以及即將到來的公共資金充滿信心。

Okay. And then as far as the margin that you talked about, the $3.50 to $3.60, just clarify the timing of when that's set for? And then does that include or exclude some of the accretion from the transaction?

好的。然後就您談到的利潤率而言，3.50 美元到 3.60 美元，只是澄清一下設定的時間？那麼這是否包括或排除交易中的一些增長？

Generally, we're kind of looking at that excluding some of the accretion from the transaction for Heritage. But I think the timing will really kind of pick up probably into the second quarter or so because we still have the borrowing cost on for this -- some portion of this quarter. So I anticipate hoping to start that increasing later in the year.

一般來說，我們正在考慮排除 Heritage 交易中的一些增長。但我認為時間可能真的會在第二季度左右有所回升，因為我們仍有借貸成本——本季度的某些部分。所以我預計希望在今年晚些時候開始增加。

When we think about it, Matt, is we're starting the year at $3.37, we would average, say, $3.50 or so for the year. So it can kind of account linear for averaging, yes. Does that make sense?

馬特，當我們考慮一下，如果我們以 3.37 美元的價格開始今年，那麼我們今年的平均價格是 3.50 美元左右。所以它可以對平均進行線性計算，是的。那有意義嗎？

And our next question comes from Catherine Mealor from KBW.

我們的下一個問題來自 KBW 的 Catherine Mealor。

Nice to see the NIM guidance was unchanged that are very different from what we're seeing in other banks. So thank you for that. One other thing I wanted to talk about was just the size of the balance sheet and growth -- your growth outlook for the year. I feel like when we were thinking about the first with the Beach deal in Heritage, we thought that growth would actually kind of accelerate as we moved into 2023, but most are lowering your growth guidance for the year. So how are you thinking about just kind of organic growth for you all this coming year?

很高興看到 NIM 指南沒有改變，這與我們在其他銀行看到的非常不同。非常感謝你的幫忙。我想談的另一件事是資產負債表的規模和增長——你們今年的增長前景。我覺得當我們考慮 Heritage 的第一個海灘交易時，我們認為隨著我們進入 2023 年，增長實際上會加速，但大多數人都在降低今年的增長指導。那麼，您如何看待來年的有機增長？

In terms of growing the size of the balance sheet, we think it's kind of flattish. That's what we're projecting to try to be conservative, Catherine. But we do think there will be a remix and we talked about being able to essentially redeploy some of this liquidity we've got coming out of the bond portfolio, and that we're going to get out of Heritage Southeast. We're going to use that to fund our loan growth as we move forward.

就資產負債表規模的增長而言，我們認為它有點持平。凱瑟琳，這就是我們打算盡量保守的做法。但我們確實認為會有重組，我們談到能夠從根本上重新部署我們從債券投資組合中獲得的部分流動性，並且我們將退出 Heritage Southeast。隨著我們前進，我們將用它來為我們的貸款增長提供資金。

So I would say we're forecasting an increased loan-to-deposit ratio and more of a remix in the loan book and a 5-or-so-percent growth rate in terms of loan -- net loan growth. And essentially funding that organically -- funding that through the existing deposit structure, not having to go out and really grow the size of the balance sheet and pay up to do that.

因此，我想說我們預測貸存比將增加，貸款賬簿將出現更多重組，貸款增長率將達到 5% 左右——淨貸款增長。本質上是有機地為其提供資金——通過現有的存款結構為其提供資金，而不必走出去真正擴大資產負債表的規模並為此付出代價。

Okay. Great. And then back on the securities book. So you will -- you're selling most of Heritage securities. But in terms of just your core book, do you expect that to also decline throughout the year as you kind of -- as you just mentioned, you're remixing the balance sheet, how much of kind of the decline outside of Heritage, would you expect for us to see out of the bond book this year?

好的。偉大的。然後回到證券簿上。所以你會——你正在出售大部分傳統證券。但就您的核心賬簿而言，您是否預計全年也會下降，就像您剛才提到的那樣，您正在重新混合資產負債表，Heritage 之外的下降幅度有多大，會您希望我們今年看到債券簿嗎？

So the way the bond book is set up is it provides us about 1/4 -- about $250 million or so a year of cash flow out of the portfolio. So it's laddered out so that we get about $1 billion or so over the next 4 years. So that $250 million plus prepayment fees and things will provide significant cash flow out of the loan portfolio to be able to fund our 5% to 7% loan growth.

因此，債券簿的設置方式是它每年為我們提供大約 1/4 - 大約 2.5 億美元左右的投資組合現金流。所以它被逐步淘汰，以便我們在未來 4 年內獲得大約 10 億美元左右。因此，2.5 億美元加上預付費用和其他東西將從貸款組合中提供大量現金流，從而能夠為我們 5% 至 7% 的貸款增長提供資金。

Right. Okay. Perfect. And on the expense guide. I know you all are typically very quick in realizing cost savings. Can you just help us think about the timing of the Heritage cost savings and maybe how we should think about expense run rate in the next couple of quarters?

正確的。好的。完美的。並在費用指南上。我知道你們所有人通常都能很快實現成本節約。您能否幫助我們考慮一下 Heritage 成本節省的時間，以及我們應該如何考慮未來幾個季度的費用運行率？

Well, the -- I would think the Heritage cost savings will be -- I think we modeled 50% -- 75% for '23.

好吧，我認為 Heritage 成本節省將是 - 我認為我們為 23 年建模了 50% - 75%。

(inaudible)

（聽不清）

But as Hoppy mentioned earlier, we're anticipating that merger -- I meant the systems conversion, March 31. So typically, that -- through that period and then a couple of months after the staffing, typically the hypertension agreements stay on for a couple of months post that. So that would be full quarter will be third quarter as far as the salaries and benefits piece of that.

但正如 Hoppy 之前提到的，我們期待合併——我的意思是系統轉換，3 月 31 日。通常情況下，在那段時間以及人員配置後的幾個月，高血壓協議通常會持續一段時間幾個月後。因此，就工資和福利部分而言，這將是整個季度將是第三季度。

But run rate, I'm kind of looking at -- I'm still trying to finish up my budget for '23. But I'm thinking that kind of looking at there, what they've been in hours is probably going to be 40-ish $42-or-so billion a quarter in expenses. That's just kind of a what I'm looking at right now, but I'm still working through the budget. So -- but give or take $1 million or so there.

但是運行率，我有點在看——我仍在努力完成 23 年的預算。但我在想，從那裡看，他們在幾個小時內的支出可能會達到每季度 40 至 42 億美元左右的支出。這就是我現在正在看的東西，但我仍在努力完成預算。所以 - 但在那裡給予或接受 100 萬美元左右。

$1 million there.

那裡有 100 萬美元。

$1 million. That sounds (inaudible)

100 萬美元。聽起來（聽不清）

The 1Q, would you expect, to your point, with the conversion in March 1Q should be higher than that?

就您的觀點而言，您認為 1Q 3 月 1Q 的轉化率應該高於此嗎？

Yes. Yes.

是的。是的。

And then we get to that...

然後我們開始......

Go ahead, Catherine.

去吧，凱瑟琳。

I was saying you're higher 1Q, but then you get into that maybe $40 million to $42 million level as you move through the year?

我是說你的 1Q 更高，但隨著你一年的移動，你可能會進入 4000 萬到 4200 萬美元的水平？

Exactly. Yes, I was kind of looking at a total one, $55 million or so somewhere in that range. But yes, it will take to the later part for the year to get to that $42 million probably.

確切地。是的，我當時看的是總計 5500 萬美元左右。但是，是的，可能要到今年晚些時候才能達到 4200 萬美元。

(Operator Instructions) And our next question comes from Christopher Marinac from Janney.

（操作員說明）我們的下一個問題來自 Janney 的 Christopher Marinac。

Just want to go back to the loan-to-deposit ratio, Hoppy. You mentioned it, but I didn't fully catch it. Would it increase from here or not? I understand the point about funding internally with the measures you just said.

只想回到貸存比，Hoppy。你提到了，但我沒有完全理解。它會從這裡增加還是不增加？我理解通過你剛才所說的措施在內部提供資金的意義。

I think you said do we expect longer deposit ratio to increase?

我想你說我們是否期望更長的存款比率會增加？

Correct.

正確的。

Yes, we do. We don't plan on growing the size of the balance sheet per se in order to fund loan growth. So we'd like to add some more leverage than we think that we can (inaudible) quarter would.

是的，我們有。我們不打算擴大資產負債表本身的規模來為貸款增長提供資金。因此，我們想增加一些比我們認為的（聽不清）季度更多的槓桿作用。

About 68% on average.

平均約 68%。

68%. I think we're projecting 72% loan deposit ratio. It's kind of our visibility, Chris.

68%。我認為我們預計貸存比為 72%。這是我們的知名度，克里斯。

Okay. So a few points from here. Great. And then would your use of the debt, which I know is low, would that kind of stay the same? Or would that actually go down just given funding internally?

好的。所以這裡有幾點。偉大的。然後你對債務的使用，我知道它很低，會保持不變嗎？還是僅在內部提供資金的情況下實際上會下降？

You said you debt, Chris?

你說你欠債，克里斯？

Yes, all the borrowings combined.

是的，所有的借款加起來。

Yes. No, all the borrowings, that would be -- those were declined. We hope to -- as we typically done in the past, the seasonality of public funds come in, the selling of Heritage portfolio, we expect them to not be borrowed post the first quarter.

是的。不，所有的借款都被拒絕了。我們希望——正如我們過去通常所做的那樣，公共資金的季節性進入，遺產投資組合的出售，我們預計它們不會在第一季度後被借入。

And Leonard -- Chris, Leonard noted in his comments, part of the reduction in the size of their balance sheet would paying off some of the debt that they had as we put the 2 balance sheets together.

倫納德 - 克里斯，倫納德在他的評論中指出，他們資產負債表規模的部分減少將償還他們在我們將兩個資產負債表放在一起時所擁有的部分債務。

Yes. I got that. I guess just to go back to the deposit beta, I know you mentioned in Matt's question earlier about just the pricing in September, et cetera. Are betas in general going to have a little bit more lift at the moment or would they actually sort of trend down? And I guess I'm curious if you think about betas holistically, but also maybe on some of the perceived sensitive areas like the public firms, would those have any more movement than you have historically seen?

是的。我明白了。我想回到存款測試版，我知道你之前在馬特的問題中提到過 9 月份的定價等等。目前，Beta 總體上會有所提升，還是實際上會呈下降趨勢？我想我很好奇，如果你從整體上考慮貝塔，但也可能在一些感知到的敏感領域，比如上市公司，這些領域的變化會比你以往看到的更多嗎？

Well, I can't tell you I've ever managed -- we've ever managed through similar scenarios we've had over the last couple of years. I told somebody, hey, this commercial pain is supposed to be boring. We're not supposed to (inaudible) volatility. But in any event, we just -- we don't feel the deposit pressure right now that we felt at the end.

好吧，我不能告訴你我曾經管理過 - 我們曾經管理過我們在過去幾年中遇到的類似情況。我告訴某人，嘿，這種商業上的痛苦應該是無聊的。我們不應該（聽不清）波動。但無論如何，我們只是 - 我們現在沒有感受到我們最後感受到的存款壓力。

Literally, we looked up at the end of September and $200 million went away like just in a matter of weeks. And so that's why we agonize over that decision, should we move on a percentage basis this large, but I think it was the right decision because it really timing the runoff. So we continue to see banks out there doing deposit specials that are really high.

從字面上看，我們在 9 月底抬頭，發現 2 億美元在幾週內就消失了。這就是為什麼我們為這個決定苦惱，我們是否應該在如此大的百分比基礎上移動，但我認為這是正確的決定，因為它確實為決選計時。因此，我們繼續看到那裡的銀行提供非常高的存款特價。

And our strategy has been, we don't feel the pressure to move right now on our transaction rates. In our CD specials, we're still keeping below our competitors because we're just trying to retain the money that we have because we don't have to grow the balance sheet to make our returns because of remixing and taking our -- we're so liquid, the ability to redeploy that in the loan book. We don't have to -- now that doesn't mean we're not going to go where we find opportunities. I don't mean that. We just don't feel the need to get up there to compete at the top end of the market.

我們的策略是，我們現在沒有感受到改變交易率的壓力。在我們的 CD 特價中，我們仍然低於我們的競爭對手，因為我們只是想保留我們擁有的錢，因為我們不必因為重新混合和採取我們的 - 我們而不必增加資產負債表來獲得回報流動性很強，可以在貸款簿中重新部署。我們不必——現在這並不意味著我們不會去我們找到機會的地方。我不是那個意思。我們只是覺得沒有必要站起來在高端市場競爭。

So having said that, I don't -- it doesn't feel that way now. And it seems like the consumer -- when they were first here and how much rates have gone up, they're going, well, gosh, rates are skyrocketing. But now the field is kind of rates are plateauing a bit. And I know I've read some other guidance where people talking about betas accelerating. I just -- I don't -- and I could be way off. We just -- we don't feel it right now.

所以話雖如此，我不——現在感覺不是那樣了。看起來像消費者——當他們第一次來到這裡時，利率上漲了多少，他們會去，好吧，天哪，利率在飛漲。但現在這個領域的利率有點趨於平穩。而且我知道我已經閱讀了一些其他指南，其中人們在談論 Beta 加速。我只是 - 我不 - 我可能會離開。我們只是——我們現在感覺不到。

We put that CD special in. I can't remember exactly what month was. We had adjusted that once during the quarter. But that's been -- we haven't changed that. And I really don't think we're just doing these one-off matches, we've been doing that basically in November, December and continuing a little bit in January. But I (inaudible) movement in our deposit cost that much moving forward because we're...

我們把那張特別的 CD 放進去了。我不記得具體是哪一個月了。我們在本季度對此進行了一次調整。但這一直是——我們沒有改變。而且我真的不認為我們只是在進行這些一次性比賽，我們基本上在 11 月、12 月一直在這樣做，並在 1 月繼續進行一些。但是我（聽不清）我們存款的變動成本向前移動了那麼多，因為我們......

Chris, on the posted rate on -- our current special is no secret. Our current special with 9-month CD for [$305 million], and are we [$170 million]? What's the...

克里斯，關於發布的價格——我們目前的特價不是秘密。我們目前的 9 個月 CD 特價 [3.05 億美元]，我們是 [1.7 億美元]？什麼是...

[$175 million].

[1.75 億美元]。

[$175 million] for 19 months. And we've been able to kind of retain at that. So -- and again, those are posted, everybody knows they're out there. We're just fighting around the margin.

[1.75 億美元] 19 個月。我們已經能夠保留下來。所以 - 再一次，這些已經發布，每個人都知道它們在那裡。我們只是在邊緣戰鬥。

The other thing I would say to you what we talked about not necessarily growing about being aggressive and having to pay up to grow the balance sheet, where we started this, the markets that we added this last year are very different, definitely an inflection point for our company.

我要告訴你的另一件事是我們談論的不一定是積極進取和必須付出代價來擴大資產負債表，我們從哪裡開始，我們去年添加的市場非常不同，絕對是一個拐點為我們公司。

So the ability to grow noninterest-bearing deposits is even greater in Tampa, Savannah, Jacksonville, Atlanta, particularly Atlanta, Jacksonville, Tampa, where we have a much more C&I. There's much more C&I opportunity and our treasury management services become much more important. So we definitely will grow the balance sheet or have a strategy to grow noninterest-bearing deposits as we get more C&I focused.

因此，在坦帕、薩凡納、傑克遜維爾、亞特蘭大，尤其是亞特蘭大、傑克遜維爾、坦帕，我們擁有更多 C&I 的地方，無息存款增長的能力甚至更強。有更多的 C&I 機會，我們的資金管理服務變得更加重要。因此，隨著我們更加關注 C&I，我們肯定會擴大資產負債表或製定增加無息存款的戰略。

No. That's helpful background. And I guess, just my follow-up, Hoppy, just more strategically. Are you comfortable not doing an acquisition this next 12 months? I mean you have a lot to do internally and obviously, you have many great things ahead of you, as you discussed.

不，那是有用的背景。我想，只是我的後續行動，Hoppy，更具戰略意義。您是否願意在接下來的 12 個月內不進行收購？我的意思是你在內部有很多事情要做，很明顯，正如你所討論的那樣，你有很多偉大的事情等待著你。

We are. We absolutely are. As you know, we've done a number of acquisitions and a lot of that is in order to drive our profitability and growth, we sort of need those acquisitions. But the markets -- I just talked about, we feel strongly will provide the sort of growth we need to make the returns that we've sort of put out there.

我們是。我們絕對是。如您所知，我們已經進行了許多收購，其中很多是為了推動我們的盈利能力和增長，我們有點需要這些收購。但是市場——我剛才談到，我們強烈認為將提供我們需要的那種增長，以實現我們已經在那裡投入的回報。

And we have a follow-up question from Matt Olney from Stephens.

Stephens 的 Matt Olney 提出了一個後續問題。

Just want to ask about the noninterest income in the fourth quarter, a little bit slower. It looks like mortgage drove that. Just any other commentary on the 4Q fees and the outlook from here?

只想問一下四季度的非利息收入，慢一點。看起來抵押貸款推動了這一點。關於 4Q 費用和這裡的前景的任何其他評論？

You're right, Matt. It was basically our mortgage was off more than we really anticipated. That continues to be a little bit flat. As you know, we have a pretty good private banking. So private banking market share. So we do a lot of 1 to 4 family in that book from high net worth individuals. And that -- those pipelines look pretty good, but the basic mortgage pipeline, I think, is still pretty slow.

你是對的，馬特。這基本上是我們的抵押貸款比我們真正預期的要多。這仍然有點平坦。如您所知，我們擁有相當不錯的私人銀行業務。所以私人銀行市場份額。所以我們在那本書中做了很多來自高淨值個人的 1 到 4 個家庭。而且——那些管道看起來不錯，但我認為基本的抵押貸款管道仍然很慢。

Okay. And then I think Heritage had a pretty decent fee income platform. So when we kind of layer this together, Dee Dee, what kind of fee range can you give us for the first quarter?

好的。然後我認為 Heritage 有一個相當不錯的收費收入平台。因此，當我們將這些放在一起時，Dee Dee，第一季度你能給我們什麼樣的費用範圍？

Actually, let me see one second right here, Matt. I think -- I'm -- I would think maybe in the $10 million, $12 million, maybe, maybe. Really haven't finished that section kind of going through all that in detail and adding Heritage in. So I really hate to give a number, but I think it definitely may be $10 million or $11 million there, but that's just kind of a guess -- I mean, a good guess at the moment.

實際上，讓我在這裡看一秒鐘，馬特。我認為 - 我 - 我認為可能在 1000 萬美元、1200 萬美元，也許，也許。真的還沒有完成那部分詳細介紹所有內容並添加 Heritage 的內容。所以我真的不想給出一個數字，但我認為它肯定可能是 1000 萬或 1100 萬美元，但這只是一種猜測-- 我的意思是，目前是一個很好的猜測。

Okay. Maybe we can follow up on that later.

好的。也許我們可以稍後跟進。

Yes, we can.

我們可以。

(inaudible) Dee Dee know her guesses are pretty good there.

（聽不清）Dee Dee 知道她的猜測非常準確。

That's right. Exactly right. Well, I guess just stepping back a little bit, Hoppy, when you announced the Heritage deal last year, I think you mentioned the goal of achieving that $4 EPS run rate with the full integration of Beach, full integration of Heritage. And since we talked about that, I think the deposit markets changed. You mentioned the adjustments you've made on your deposit rates. I'm just trying to appreciate how impactful that change in deposits the world has been that could impact that $4 EPS goal? Or are there any other puts and takes that are material that could -- that we should think about in relation to that $4 EPS goal?

這是正確的。非常正確。好吧，我想退後一步，Hoppy，當你去年宣布與 Heritage 的交易時，我想你提到了通過完全整合 Beach 和 Heritage 來實現 4 美元 EPS 運行率的目標。自從我們談到這一點後，我認為存款市場發生了變化。您提到了您對存款利率所做的調整。我只是想了解世界存款變化對 4 美元 EPS 目標的影響有多大？或者是否有任何其他重要的看跌期權和看跌期權可能——我們應該考慮與 4 美元的每股收益目標相關的問題？

Yes, I think so, Matt. I mean, what we're looking at and go through and working through right now, I still think because of where I think on the asset earnings side, we did pick up as far as besides just looking at increased costs on the deposit side. I think with the savings that (inaudible) Heritage, I still think by the end of the year, we can shoot for that $4 run rate for next year.

是的，我想是的，馬特。我的意思是，我們現在正在研究、經歷和努力的事情，我仍然認為，因為我認為在資產收益方面，我們確實在考慮存款方面增加的成本之外。我認為，有了（聽不清）Heritage 的節省，我仍然認為到今年年底，我們可以爭取明年 4 美元的運行率。

We still feel confident in that Matt. One thing we didn't really talk about, but we still are -- legacy bank is slightly assets sensitive in the quarter. But HSBI really improves our asset sensitivity on hold. So we still think there's a little -- and that's why we're guiding back to sort of the $3.50 margin $3.50, $3.60 we're talking about because that kind of gets us back to that $4 EPS run rate back half of the year. And at this point, what we see is we feel confident, Matt.

我們仍然對馬特充滿信心。我們沒有真正談論的一件事，但我們仍然是 - 傳統銀行在本季度對資產略微敏感。但 HSBI 確實提高了我們持有的資產敏感性。所以我們仍然認為有一點 - 這就是為什麼我們正在引導回到我們正在談論的 3.50 美元利潤率 3.50 美元，3.60 美元，因為這讓我們回到了今年上半年 4 美元的每股收益運行率。在這一點上，我們看到的是我們感到自信，馬特。

I would like to add, I had my notes, I didn't mention just for reference. We did issue $6.9 million in the shares to the Heritage HSBI shareholders. So when you all are -- your calculations, we all have the same shares.

我想補充一點，我有我的筆記，我沒有提到只是為了參考。我們確實向 Heritage HSBI 股東發行了 690 萬美元的股票。因此，當你們都——你們的計算時，我們都有相同的份額。

If not, you would be getting a follow up call from Dee Deen about making sure your share counts are right.

如果沒有，您會接到 Dee Deen 的跟進電話，以確保您的股票數量正確。

(inaudible)

（聽不清）

Yes. I'll make sure to capture that in the model update.

是的。我將確保在模型更新中捕捉到它。

And I'm showing no further questions. I would now like to turn the call back over to Hoppy Cole for closing remarks.

我沒有再提出任何問題。我現在想將電話轉回給 Hoppy Cole 以作結束語。

Well, thanks, everyone. I appreciate your attendance today. As you can see, we think we're in a really good shape and look forward for 2023. So thanks for joining, and we'll be in touch next quarter.

嗯，謝謝大家。感謝您今天的出席。如您所見，我們認為我們的狀態非常好，並期待 2023 年。感謝您的加入，我們將在下個季度保持聯繫。

This concludes today's conference call. Thank you for participating. You may disconnect.

今天的電話會議到此結束。感謝您的參與。您可能會斷開連接。