First Bancshares Inc (Mississippi) (FBMS) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the review of Second Quarter 2023 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. And I would now like to hand the conference over to your speaker today, Mr. Hoppy Cole, CEO; and Sir, please go ahead.

美好的一天，感謝您的支持。歡迎參加 2023 年第二季度財務業績電話會議回顧。 （操作員指示）請注意，今天的會議正在錄製中。現在，我想將會議交給今天的發言者，首席執行官霍皮·科爾 (Hoppy Cole) 先生。先生，請繼續。

Thank you, and good morning. I've got several of our team members with me this morning, Donna Lowery, our CFO; J.J. Fletcher, our Chief Lending Officer; and George Noonan, our Chief Credit Officer. The agenda for today, I'll give a few highlights of the quarter, and then I'll let each of the respective team members give us some more detail in their areas of management. First, we were very pleased with the quarter, particularly with the performance of our balance sheet and the resiliency and consistency of our earnings stream given the very difficult operating environment.

謝謝你，早上好。今天早上，我們的幾位團隊成員和我在一起，我們的首席財務官唐娜·洛厄裡 (Donna Lowery)； J.J.弗萊徹，我們的首席貸款官；以及我們的首席信貸官喬治·努南 (George Noonan)。今天的議程，我將介紹本季度的一些亮點，然後我將讓每個團隊成員向我們介紹他們管理領域的更多細節。首先，我們對本季度非常滿意，特別是在非常困難的運營環境下，我們的資產負債表表現以及收入流的彈性和一致性。

And I think everybody knows that we're fighting for every basis point of margin out there as deposits can certainly pretty difficult to keep. When you talk about operating earnings, when you talk about pretax fee provision however you want to measure our core earnings, again, I thought they were consistent quarter-over-quarter. We produced operating earnings per share of $0.85 for the second quarter.

我想每個人都知道我們正在為保證金的每一個基點而奮鬥，因為存款肯定很難保留。當你談論營業收入時，當你談論稅前費用撥備時，無論你想要衡量我們的核心收入，我再次認為它們與季度相比是一致的。第二季度我們的每股營業收益為 0.85 美元。

Return on assets operating at 1.36% and return on tangible common operator in 19.35%, all return metrics that we're very pleased with. We also talked about the performance of our balance sheet, particularly our deposit base. As you know, we have a highly granular retail oriented of the base across the Southeast.

資產運營回報率為 1.36%，有形普通運營商回報率為 19.35%，所有回報指標我們都非常滿意。我們還討論了我們的資產負債表的表現，特別是我們的存款基礎。如您所知，我們在整個東南部擁有高度精細的零售導向基地。

That really shined again this quarter and the ability to manage our margin. We had a really good -- we did really good job of managing our margin. Our GAAP margin actually increased 13 basis points given some fair value adjustments relative to the HSBI acquisition. But maybe more importantly, our core margin only compressed 4 basis points quarter-over-quarter, again, given all the headwinds out there in terms of margin management, we were very pleased with that.

本季度這一點以及管理利潤的能力再次大放異彩。我們在管理利潤方面做得非常好。考慮到與 HSBI 收購相關的公允價值調整，我們的 GAAP 利潤率實際上增加了 13 個基點。但也許更重要的是，我們的核心利潤率僅比上一季度壓縮了 4 個基點，考慮到利潤管理方面的所有不利因素，我們對此感到非常滿意。

And Dee Dee's analysis, she'll dig into the margin in a lot more detail. In terms of loan portfolio, we were pleased to see modest loan growth of $41 million at 3.3% on an annualized basis. As we noted in last quarter's call, pipelines were down a bit from year end for the first quarter. But in our travels and J.J. will dig in a little more granular detail. It feels like pipelines are building back and really business to picking up a bit in terms of loan portfolio.

對於迪迪的分析，她將更詳細地探討利潤率。就貸款組合而言，我們很高興看到貸款小幅增長 4,100 萬美元，年化增長率為 3.3%。正如我們在上季度的電話會議中指出的那樣，第一季度的管道數量較年底略有下降。但在我們的旅行中，J.J.將挖掘更詳細的細節。感覺管道正在重建，貸款組合方面的業務確實有所回升。

We also believe, given the position of our balance sheet that we're very good, we're well capitalized, that this is going to be a real opportunity for us, particularly on the repairing side of the business, as some other people pull back in terms of types of loans they make, the ability for us to manage our concentration levels and to get fully priced, particularly in the construction area, we think there's going to be an opportunity for us.

我們還相信，考慮到我們的資產負債表狀況非常好，我們資本充足，這對我們來說將是一個真正的機會，特別是在業務的修復方面，正如其他一些人所認為的那樣就他們發放的貸款類型、我們管理集中度和完全定價的能力而言，特別是在建築領域，我們認為我們將有機會。

We've been able to add several banking teams around the footprint, particularly Tampa, St. P as well as (inaudible) and J.J. will talk a little more about that in this presentation. Just to note, J.J. spent couple of days down in Tampa with our team recently in Tampa, St. P making calls, we got some, we're so excited about that. As you remember, the Beach grew both in the Penhall, Florida and in Tampa St. Pete area, they are really getting their feet under beginning to focus on growth and really lever the advantages that our balance sheet brings to them.

我們已經能夠在足跡周圍添加多個銀行團隊，特別是坦帕、St. P 以及（聽不清）和 J.J.將在本次演示中更多地討論這一點。請注意，J.J.最近，我們的團隊在坦帕度過了幾天，在聖保羅州坦帕市打電話，我們接到了一些電話，我們對此感到非常興奮。如您所知，海灘在佛羅里達州彭霍爾和坦帕聖皮特地區都在增長，他們確實已經站穩腳跟，開始專注於增長，並真正利用我們的資產負債表給他們帶來的優勢。

This system integration was last December. So they are a good 7 months, 8 months post system integration. So they're past the points figuring out sort of new process within procedures and now they're really beginning to get their stride in terms of focusing on growth again. And then Georgia Group was -- has come on extremely well -- come on extremely good as well. They're about 90 days post system integration.

該系統集成是去年12月進行的。所以他們在系統集成後的 7 個月、8 個月裡表現良好。因此，他們已經過了在程序中找出新流程的階段，現在他們真正開始在再次關注增長方面取得進展。然後佐治亞集團的表現非常好，也表現得非常好。系統集成後大約 90 天。

So they very much are beginning to think now more about getting over that sort of uncertainty with new process, procedures are beginning to focus and build their pipelines back, particularly in the Atlanta area and the coastal region. Credit quality was good. Actives were as good as they've been in quite some time.

因此，他們現在開始更多地考慮通過新的流程來克服這種不確定性，程序開始集中精力並重建管道，特別是在亞特蘭大地區和沿海地區。信用質量良好。活動一如既往地好。

We saw improved nonperformers and reduction in nonaccrual loans and also charge-offs were somewhat muted. So those were some high-level comments about the quarter here, we're pleased with the performance. We think our balance sheet continues to perform well in this environment. And with that, Dee Dee, would you like to give us some detail around the financials for the quarter.

我們看到不良貸款有所改善，非應計貸款有所減少，沖銷也有所減弱。這些是關於本季度的一些高層評論，我們對業績感到滿意。我們認為我們的資產負債表在這種環境下繼續表現良好。迪迪（Dee Dee），您願意向我們提供有關本季度財務狀況的一些詳細信息嗎？

Yes, sir, thank you. Well, again, it feels like our normal trend of noise in the quarter, acquisition expenses. And so we have to kind of go through the GAAP and the operating earnings. But if that's okay, we don't mind.

是的，先生，謝謝您。好吧，這又是我們本季度噪音的正常趨勢，收購費用。因此，我們必須了解一下公認會計準則和營業收入。但如果可以的話，我們不介意。

So we -- as Hoppy said, we are very pleased with the quarter and feel like we -- but kind of the same really on top of where we were last quarter with the pretax pre-provision being the same or the core being down about $300,000. We're very pleased with that.

因此，正如霍皮所說，我們對本季度非常滿意，並且感覺我們的情況與上季度的情況基本相同，稅前預撥備相同或核心下降了大約30萬美元。我們對此非常滿意。

Our GAAP earnings were $23.8 million or 76 -- $0.75 per share, but we exclude those acquisition charges of $3.1 million after tax, that's $26.8 million or $0.85 diluted and that compares to $27.1 million, so $300,000 difference there compared to the first quarter.

我們的GAAP 收益為2380 萬美元，即每股76 - 0.75 美元，但我們排除了稅後310 萬美元的收購費用，即攤薄後的2680 萬美元或0.85 美元，而稀釋後的收益為2710 萬美元，因此與第一季度相比存在30 萬美元的差異。

A couple of those, if you kind of stay flat, same as last quarter, but just a couple of things to bring out. We did have additional accretion income related to heritage of about $2.5 million or so. And it really getting that -- those marks loaded on the core systems to start accreting with each loan.

如果你的表現與上季度持平，那麼其中有一些，但只有幾件事需要指出。我們確實有大約 250 萬美元左右的與遺產相關的額外收入。它確實得到了這一點——這些標記加載到核心系統上，開始隨著每筆貸款而增值。

And so there were some pay downs from Heritage during the first 5 months of the year that kind of all got caught up in this quarter with the accretion. And then provision expense this quarter, we took $1.250 million versus last quarter was $273,000.

因此，今年前 5 個月，Heritage 的支出有所減少，而本季度的支出增加了。然後，本季度的撥備費用為 125 萬美元，而上季度為 273,000 美元。

And when you back out what was needed for the CECL day 1. So the extra $1 million, thy are provision expense this quarter compared to last quarter. And then we had about $1 million of extra expenses this quarter. I know we talked about seeing maybe a decrease of a few hundred thousand in expenses for this quarter.

當您收回 CECL 第 1 天所需的資金時。因此，與上季度相比，您本季度的準備金支出為額外的 100 萬美元。本季度我們還有大約 100 萬美元的額外費用。我知道我們討論過本季度的開支可能會減少幾十萬。

So we had a couple of things that weren't onetime to be noted as not core or they are operating expenses that happens with banks, just was kind of a bigger number this quarter, about $1 million worth of several items, write-down on (inaudible) and then as well as some also check broad.

因此，我們有一些事情並不是一次性被認為不是核心的，或者它們是銀行發生的運營費用，只是本季度的數字更大，一些項目價值約 100 萬美元，減記（聽不清）然後還有一些也進行廣泛的檢查。

So it was just kind of up there a little bit bigger number this quarter and were commenting and hopefully not expecting that to move forward. So I feel like if we take those out, we're really on top of our expenses for last quarter and then still hoping to decrease as we go forward.

因此，本季度的人數有點多，並且正在發表評論，希望不會出現這種情況。所以我覺得如果我們把這些去掉，我們確實已經超出了上季度的支出，並且仍然希望隨著我們的前進而減少。

We are budgeting to decrease as we go forward in the next quarter, as we talked about last quarter. Also, if you recall from last quarter, we did -- we talked about from the fourth quarter to the first, that we would have margin expansion in the first quarter and would contract going forward.

正如我們上個季度所討論的那樣，隨著下個季度的進展，我們的預算將減少。另外，如果你還記得上個季度，我們確實——我們從第四季度到第一季度都談到過，我們將在第一季度實現利潤率擴張，並在未來收縮。

And that was really due to adding the heritage portfolio in the first quarter and receive that margin expansion for that. But our core -- and they did expand this quarter because of the additional accretion we talked about 13 basis points. But our core margin, when you back out those marks decreased 4 basis points, which we're very pleased with.

這實際上是由於第一季度增加了傳統投資組合併因此獲得了利潤率擴張。但我們的核心——他們確實在本季度擴張，因為我們談到了 13 個基點的額外增長。但當你收回這些標記時，我們的核心利潤率下降了 4 個基點，我們對此感到非常滿意。

And still -- we still are expecting margin compression this year as we talked about last quarter. We're still matching -- we're still fighting for deposits as we kind of talked about the first -- last quarter, matching and keeping our -- being defense on our customers, fighting some of the specials out there. But we are kicking off.

儘管如此，正如我們上季度談到的那樣，我們仍然預計今年的利潤率會壓縮。我們仍在匹配 - 我們仍在爭取存款，就像我們談到第一季度 - 上個季度一樣，匹配並保持我們的 - 為我們的客戶辯護，與那裡的一些特價商品作鬥爭。但我們正在開始。

And as we said last quarter, we would kind of move on the office if we felt like our pipelines were there and the loan volume was picking up and that we needed to kind of go on the offhand. So we're going to kind of be playing both sides of that ball going forward this year.

正如我們上個季度所說，如果我們覺得我們的渠道已經到位並且貸款量正在增加並且我們需要立即搬走，我們就會搬遷辦公室。因此，今年我們將在這個球的兩側進行比賽。

I think with a program of kind of a campaign coming out, and it's more relationship driven, not so much being the highest rate in the market for CD, but it's going to be a relationship product campaign. So we're excited about trying to get that kick off next month. But -- so we still feel like we can see some contractions on that, just still fighting the deposit costs. We did provide a page in the deck that talks about and shows our net interest margin impact in kind of each category that breaks that margin down and the changes.

我認為，隨著一項類似活動的計劃的出現，它更多地是由關係驅動的，與其說是 CD 市場上最高的價格，不如說它將是一個關係產品活動。因此，我們很高興嘗試在下個月啟動這一計劃。但是 - 所以我們仍然覺得我們可以看到一些收縮，只是仍在對抗存款成本。我們確實在幻燈片中提供了一個頁面，討論並顯示了我們對每個類別的淨息差影響，這些影響細分了利潤率和變化。

And you can see you're looking at the margin with how much was for the loan yield minus that accretion. And so our loan yield minus accretion still increased 22 basis points and then our deposit cost about 14 basis points of that. So we're still seeing that improvement.

您可以看到，您正在查看的保證金是貸款收益率減去增量。因此，我們的貸款收益率減去增值仍然增加了 22 個基點，然後我們的存款成本增加了約 14 個基點。所以我們仍然看到這種改進。

The big -- I guess the biggest change this quarter was probably in the borrowing cost. We talked about last quarter being in the bank term funding program, we did at $250 million, we take an additional $30 million of that during the quarter. So we had a full quarter of that compared to last quarter. So you can see that breakdown and from last quarter to this quarter detailed in our debt.

我想本季度最大的變化可能是藉貸成本。我們談到上個季度的銀行定期融資計劃，我們籌集了 2.5 億美元，本季度我們又額外獲得了 3000 萬美元。因此，與上一季度相比，我們的收入增長了整整一個季度。因此，您可以在我們的債務中看到從上個季度到本季度的詳細情況。

So -- with -- just looking at the yield on our earning assets up 42 basis points and then our cost of funds, 19 basis points for the quarter, and that was a 19 basis-point increase. We're at 91 basis points from 72. So still very pleased with that as we go forward. Our interest-bearing cost did increase 28 basis points up to 132 and that brings our cumulative deposit beta since the beginning of the cycle to 22% from 18% last quarter.

因此，只要看看我們的盈利資產收益率上升了 42 個基點，然後我們的資金成本，本季度上升了 19 個基點，那就是 19 個基點的增長。我們從 72 個基點上升至 91 個基點。因此，我們對未來的發展仍然感到非常滿意。我們的計息成本確實增加了 28 個基點，達到 132，這使得我們自周期開始以來的累積存款貝塔值從上季度的 18% 增加到 22%。

So I think that's still minimal increase and still looks good. And where we've kind of been talking about thinking this may be trying to hang around kind of where we were in the last cycle in the mid-20. So we're just at 22% this quarter. Allowance did increase $41 million, that's annualized a little over 3%.

所以我認為這仍然是最小的增長，而且看起來仍然不錯。我們一直在談論的想法可能是試圖維持我們在 20 世紀 20 年代中期的最後一個週期中的狀態。所以本季度我們的增長率僅為 22%。津貼確實增加了 4100 萬美元，年增長率略高於 3%。

J.J. will give a lot more color on the loan book in just a minute. Deposit runoff for this quarter did decline from what we had seen last quarter. It was a little over 3% when you look at the decline from the brokered CDs in last quarter. But when you look at this quarter, it's 2.6%, $175 million, which is down from last quarter.

J.J.只需一分鐘，貸款簿就會變得更加豐富多彩。本季度的存款徑流確實比我們上季度看到的有所下降。從上個季度經紀 CD 的跌幅來看，這一數字略高於 3%。但如果你看看本季度，就會發現增長了 2.6%，即 1.75 億美元，比上季度下降了。

We did have one remaining piece of the broker CD matured. And then we also had our public funds decreasing. And both of those items was approximately half of that decline. So that really just left the remaining half of about $88 million, a decrease in our retail base, our money market book. So if you recall in our public funds, this is kind of starting to cycle when spending their public front, the uptick in the first part of the year and spend out as we go.

我們確實有剩餘的一份經紀商 CD 已成熟。然後我們的公共資金也減少了。這兩個項目大約佔下降的一半。因此，實際上只剩下大約 8800 萬美元的剩餘一半，即我們的零售基礎、我們的貨幣市場賬簿的減少。因此，如果你回想一下我們的公共基金，當他們的公共支出、今年上半年的上升和我們的支出不斷增加時，這就開始循環。

So we'll start seeing that portion decline as we go forward. Our noninterest-bearing deposits increased another 1% increase. Even though the deposit portfolio balances were down, we had increased as far as percentage and dollars. We did see an increase in our interest-bearing dollars and then up 1% to 32%.

因此，隨著我們的前進，我們將開始看到該部分下降。無息存款再增長1%。儘管存款組合餘額下降，但我們在百分比和美元方面有所增加。我們確實看到我們的計息美元有所增加，然後上漲 1% 至 32%。

So we feel very good about our deposit book, as Hoppy mentioned. Our liquidity position, we remain strong. Our ratios are well above limits. Non-deposit ratio did increase a little bit this quarter to 77%. Our deposit -- excuse me, our borrowing capacity is at $2.2 billion. And then we still have -- we have about 41% of the securities portfolio when pledged, which is about $750 million. So available.

因此，正如霍皮提到的，我們對我們的存款簿感覺非常好。我們的流動性狀況仍然強勁。我們的比率遠高於限制。本季度非存款比率確實略有上升，達到 77%。我們的存款——對不起，我們的借貸能力是22億美元。然後，我們仍然擁有約 41% 的證券投資組合的質押資金，約為 7.5 億美元。如此可用。

And then we have about $230 million coming due off our bond portfolio over the next quarter -- next 4 quarters. So we feel like we're in very good shape with our liquidity position as we go forward. Our brokerage -- I did mention our broker CDs did mature $27.4 million, and we did increase our bank term funding program by $30 million.

然後，我們的債券投資組合將在下個季度（即接下來的 4 個季度）中到期約 2.3 億美元。因此，我們認為，隨著我們的發展，我們的流動性狀況非常好。我們的經紀業務——我確實提到過，我們的經紀商存款證確實到期了 2740 萬美元，而且我們確實將銀行定期融資計劃增加了 3000 萬美元。

Our original $250 million was at $469 million per year, and then this last $30 million is at 4.82%. So both still good rates in this environment we're in as well. And obviously, as a reminder, before that year is up, we can -- if rates decline, we can pay that off and/or refinance at a lower rate for a year as well.

我們最初的 2.5 億美元是每年 4.69 億美元，然後最後的 3000 萬美元是每年 4.82%。因此，在我們所處的環境中，這兩個利率仍然很高。顯然，作為提醒，在那一年結束之前，我們可以 - 如果利率下降，我們也可以還清和/或以較低的利率再融資一年。

So Hoppy did mention a few of our operating results ratios that for the quarter, ROA 1.36%. Our return on average tangible capital -- or common equity was 19.35% and our efficiency ratio remained about the same as last quarter at 53.87%. All great numbers and we're (inaudible). Capital ratios, TCE 7.4% into the quarter and then our leverage ratio of 9.1% and our total risk base at 14.5%. So all in line with last quarter and I think that's all my prepared comments. Hoppy, I'll turn it back over to you.

Hoppy 確實提到了我們本季度的一些運營業績比率，ROA 為 1.36%。我們的平均有形資本（或普通股本）回報率為 19.35%，效率比率與上季度大致相同，為 53.87%。所有偉大的數字，我們（聽不清）。本季度資本比率為 7.4%，槓桿率為 9.1%，總風險基礎為 14.5%。這一切都與上季度一致，我想這就是我準備好的全部評論。霍皮，我會把它還給你。

Thank you, Dee Dee. So J.J., give us some color on the portfolio.

謝謝你，迪迪。 J.J.，請給我們的作品集一些顏色。

Sure, Hoppy. Thank you. I think we've already covered the $41-plus million net number by everybody. So I'll cover that one. But overall, paydowns lined a bit this quarter, which was good. We did finish the month of June on a high note with about $160 million in new originations. That's against an up $362 million for the entire quarter. Construction lending continues to be a strong component accounts for about half of the total loans originated.

當然，霍皮。謝謝。我認為我們已經覆蓋了每個人超過 4100 萬美元的淨值。所以我會介紹這一點。但總體而言，本季度的付款有所減少，這很好。我們確實以約 1.6 億美元的新產品量在 6 月份結束了。整個季度的收入增加了 3.62 億美元。建築貸款仍然是一個重要組成部分，約佔貸款總額的一半。

So that's given us more reserve for future funding. Hoppy mentioned pipelines. We had a contraction there at the end of '22, saw a good increase in the first quarter and continued uptick here in the second quarter. So we really feel good about pipelines for the rest of the year, hopefully. Average yield, as Hoppy said, we fight for every point. $762 million for June. That was up from $736 million at the end of the first quarter. Regionally product bank division continues to be our strongest performer. We've got the health care specialty division, which is surely traction in the metro markets. Hoppy also mentioned legacy HSBI and Beach enhanced capacity in those markets, into the metro markets, starting to see some new relationship opportunities and really some enhanced opportunities with existing client relationships that we're able to leverage that. We're really starting to see some traction in those areas.

所以這給了我們更多的未來資金儲備。霍皮提到了管道。我們在 22 年底出現了收縮，在第一季度看到了良好的增長，並在第二季度繼續上升。因此，希望我們對今年剩餘時間的管道感到滿意。平均收益率，正如Hoppy所說，我們為每一分而戰。 6 月份為 7.62 億美元。這高於第一季度末的 7.36 億美元。區域產品銀行部門仍然是我們表現最強勁的部門。我們擁有醫療保健專業部門，這無疑對地鐵市場具有吸引力。 Hoppy 還提到，傳統 HSBI 和 Beach 增強了這些市場的能力，進入了地鐵市場，開始看到一些新的關係機會，以及我們能夠利用的現有客戶關係的一些增強機會。我們確實開始在這些領域看到一些吸引力。

And Dee Dee mentioned this in the release and Hoppy as well, probably for me, the most exciting thing about the quarter was really from talent acquisition and a new market opportunity. So St. P, we opened that just about 30 days ago with 2 new lenders.

Dee Dee 在新聞稿中提到了這一點，Hoppy 也提到了這一點，可能對我來說，本季度最令人興奮的事情實際上來自人才收購和新的市場機會。所以，St. P，我們在大約 30 天前與 2 個新貸款人一起開設了這個項目。

New Orleans is an area we've worked on for years, and we finally were able to recruit a 3-person team already seeing traction there from that group. And then also, we were able to attract a 30-year plus corporate banker in Tampa and Hoppy mentioned calls, he and I were down there a few weeks ago making several calls within, and we're really excited about opportunities from that vendor.

新奧爾良是我們工作多年的一個地區，我們終於能夠招募到一支 3 人團隊，我們已經看到了該團隊對該地區的吸引力。然後，我們還吸引了坦帕一位擁有 30 多年經驗的企業銀行家，Hoppy 提到了電話，幾週前他和我在那裡打了幾次電話，我們對來自該供應商的機會感到非常興奮。

So -- and also, I would say that most of those new lenders except for one in St. P really came on at the very end of the quarter. So those pipeline numbers are not really impacted materially to any positive rate. So we really look forward to the third quarter here and see what happens there as well. So overall, a positive quarter from both numbers and a talent acquisition standpoint, and we just hope to keep the momentum going in the back half of the year.

因此，我想說的是，除了 St. P 的一家之外，大多數新貸款機構確實在本季度末出現了。因此，這些管道數量並沒有真正對任何正利率產生重大影響。所以我們真的很期待第三季度，看看那裡會發生什麼。因此，總體而言，從數字和人才招聘的角度來看，這是一個積極的季度，我們只是希望在今年下半年保持這一勢頭。

Thanks, J.J. George, you want to on credit quality?

謝謝，J.J.喬治，你想要信用質量嗎？

Thank you, Hoppy. Just touch on a few key performance metrics for the quarter and then talk a little bit about professional office space. For the quarter, we were generally pleased with asset quality and performance metrics, moderately improving return.

謝謝你，霍皮。只需談談本季度的一些關鍵績效指標，然後談談專業辦公空間。本季度，我們對資產質量和績效指標總體感到滿意，回報率略有提高。

Delinquency showed a very good improvement. We finished the quarter at 25 basis points. That's well below our year-to-date average as well as our annual average for '22. So good work there on part of all of our lending and credit points. Loans on nonaccrual were reduced about $1.40 million compared to quarter 1. NPAs were down a little bit, $800,000.

拖欠率顯示出非常好的改善。我們以 25 個基點結束本季度。這遠低於我們今年迄今的平均水平以及 22 年的平均水平。我們所有的貸款和信用點都做得很好。與第一季度相比，非應計貸款減少了約 140 萬美元。不良資產略有減少，為 80 萬美元。

And so really unchanged on NPAs to total assets at about 28 basis points compared to quarter 1. Net charge-offs did tick up a little bit. We've moved from 1 basis point to 7 basis points. And some of that, we think was not necessarily credit-related directly, but we did see a little tick up there.

因此，與第一季度相比，不良資產與總資產的比例確實沒有變化，約為 28 個基點。淨沖銷確實有所增加。我們已從 1 個基點調整至 7 個基點。我們認為其中一些不一定與信貸直接相關，但我們確實看到了一些增長。

ACL remained relatively unchanged. We ended the quarter at $105 million allowance compared to $106 million last quarter. And I think particularly noteworthy, we did see total criticized and classified loans. Those balances declined by $9.2 million quarter-over-quarter. And frankly, a big portion of that, some $8.5 million came through payoffs.

ACL 保持相對不變。本季度末，我們的津貼為 1.05 億美元，而上季度為 1.06 億美元。我認為特別值得注意的是，我們確實看到了受到批評和分類的貸款總額。這些餘額環比下降了 920 萬美元。坦率地說，其中很大一部分（約 850 萬美元）來​​自付款。

So our lenders and our credit people are working well on exit strategies for some of these substandard and special mention loans, and that's an intent focus as we go through this credit cycle and great teamwork there from the production and the credit side. Talk a little bit about professional office as we know that's been a heightened interest in a lot of quarters and give you a little bit of a kind of a flavor for our profile of our total office portfolio, only 44% is nonowner occupied.

因此，我們的貸方和信貸人員正在為其中一些次級貸款和特別關注貸款制定退出策略，這是我們在經歷這個信貸週期以及生產和信貸方面的出色團隊合作時的重點關注點。談談專業辦公室，因為我們知道這在很多方面都引起了人們的高度興趣，這讓您對我們整個辦公室投資組合的概況有一點了解，只有 44% 是非業主佔用的。

The average loan size in that subgroup is about $758,000. So not big large exposures on a loan-by-loan basis. And almost all of our office buildings are one of the 2 floor type facilities. We've got a few 3-story buildings. But our portfolio does not consist of any large, in fact we have no central business district mid-rise or suburban actually mid-rise buildings in that 4, 5, 8 range.

該子組的平均貸款規模約為 758,000 美元。因此，逐筆貸款的風險敞口並不大。我們幾乎所有的辦公樓都是二層樓類型的設施之一。我們有幾棟三層樓房。但我們的投資組合併不包含任何大型建築，實際上我們沒有中央商務區的中層建築或郊區的 4、5、8 層建築。

So what you'd expect, I think, from a community bank of our sales. Our largest nonowner-occupied office loan is $18 million. That was recently -- it's anchored by Fortune 500 (inaudible) just recently renewed the lease. So we feel very good. But then you see a big drop down, the second largest owner-occupied office line in $7.5 million. So we're in a $5 million to $7.5 million on a number of those credits. I would say of that, if you look at the maturities, which is ended back, I think on Page 17, only 8.27% of our nonowner-occupied office line to mature between now in 20 -- the end of 2025. So we've got a good 2.5-year run rate to work through a little over 8% in our matured loans.

我想，您對我們銷售的社區銀行的期望是一樣的。我們最大的非業主自用辦公室貸款為 1800 萬美元。那是最近的事——它由財富 500 強公司（聽不清）最近續簽了租約。所以我們感覺很好。但隨後你會看到大幅下降，第二大自用辦公樓價格為 750 萬美元。因此，我們在其中的一些信貸上花費了 500 萬至 750 萬美元。我想說的是，如果你看一下到期日，我認為在第 17 頁，我們的非業主佔用辦公線中只有 8.27% 會在 20 至 2025 年底之間到期。所以我們'我們的到期貸款的2.5 年期運行利率略高於8%。

So we feel good about our exposure there. In general, we are obviously monitoring very closely both our renewals as well as our new opportunities for credits, sticking to the underwriting guidelines that has historically served us very well. And we're going to do that for the rest of the year. We feel like we'll get any early signs of any potential credit contribution and be able to address it the adequately. So that's pretty much it for credit at this point.

所以我們對在那裡的曝光感覺很好。總的來說，我們顯然正在非常密切地監控我們的續約以及新的信貸機會，並遵守歷史上對我們非常有用的承保准則。我們將在今年餘下的時間裡這樣做。我們認為我們將獲得任何潛在信用貢獻的早期跡象，並能夠充分解決它。至此，信用就差不多了。

Thank you, George. Appreciate it. Well, that concludes our prepared comments. We will open it up for questions now.

謝謝你，喬治。欣賞它。好了，我們準備好的評論就到此結束。我們現在將開放供提問。

(Operator Instructions) Our first question will come from Brett Rabatin of Hovde.

（操作員說明）我們的第一個問題將來自 Hovde 的 Brett Rabatin。

Wanting to first ask, Dee Dee, you talked about the 22% deposit beta. And obviously, your cost of deposits is a lot lower than peers. Can you go back over what you were expecting the deposit beta to do from here? And then I guess the risk is that you have some sort of catch-up quarter where maybe the beta moves up just given your relative level of funding cost versus the market?

首先想問一下，Dee Dee，您談到了 22% 的存款貝塔值。顯然，你的存款成本比同行低很多。您能回顧一下您對存款測試版的預期嗎？然後我猜風險在於，你有某種追趕季度，考慮到你的融資成本與市場的相對水平，貝塔值可能會上升？

So I'm not sure that we would have a hiccup quarter. We are still kind of doing the same thing we've been doing really this year, and that's kind of matching and playing defense with the other competitors in the market. So I won't say that, that would be any different going forward. As I mentioned, we do have this campaign that we're coming out with that will be more a relationship campaign.

所以我不確定我們的季度是否會出現問題。我們仍然在做我們今年一直在做的同樣的事情，那就是與市場上的其他競爭對手進行匹配和防守。所以我不會這麼說，未來會有所不同。正如我所提到的，我們確實推出了這項活動，這將更像是一場關係活動。

So the kind of work we're looking at internally is if we kind of continue on the same pace, what does that look like for a beta going forward and maybe your cost of deposits going forward? And if we kind of continue on the same trend, it looks like that 22% could be 26% or 27% maybe next quarter around that. So I mean that's still kind of just increasing that cost of deposits on our interest-bearing side, about 30 -- almost 30 basis points.

因此，我們內部正在考慮的工作是，如果我們繼續保持同樣的速度，那麼未來的測試版會是什麼樣子，也許你未來的存款成本會怎樣？如果我們繼續保持同樣的趨勢，看起來下個季度 22% 可能會達到 26% 或 27%。所以我的意思是，這仍然只是增加我們生息方面的存款成本，大約 30 個基點——幾乎 30 個基點。

And so we're not really -- unless something majorly changes in the market, I don't see that we're going to be doing anything different or any kind of a catch-up besides kind of what we've been doing, and we have that 25 basis point hike last quarter. So I hope that answers your question. It's just -- okay.

所以我們並不是真的——除非市場發生重大變化，我認為除了我們一直在做的事情之外，我們不會做任何不同的事情或任何形式的追趕，上個季度我們加息了25 個基點。所以我希望這能回答你的問題。只是——好吧。

Yes, that's very helpful. And it's good to hear. It's -- you guys obviously have a much better cost of funds advantage than most. The other question I wanted to ask...

是的，這非常有幫助。很高興聽到。你們顯然比大多數人擁有更好的資金成本優勢。我想問的另一個問題是...

I'm sorry, Brett, you just asked the follow-up, I didn't answer the rest of that. But if you kind of carry that same calculation forward with the $160 million on the interest-bearing that puts that cost of deposits to about $110 million. So kind of using the same average balances if that kind of stays the same, that 26, 27 beta would be about a $110 million cost deposits next quarter.

抱歉，布雷特，你只是問了後續問題，我沒有回答其餘的問題。但如果你將同樣的計算與 1.6 億美元的利息一起進行，那麼存款成本約為 1.1 億美元。因此，如果使用相同的平均餘額，如果保持不變，下個季度的 26、27 beta 成本存款將約為 1.1 億美元。

Okay. That's really helpful. And then the other thing I just wanted to ask was around the accretion. Obviously, you mentioned the catch-up on that, just given in that system online. Can you give us any idea of what obviously, payoffs will impact it to some extent, but any idea of the scheduled accretion from here in the back half of the year and maybe '24?

好的。這真的很有幫助。然後我想問的另一件事是關於吸積的。顯然，您提到了這一點的追趕，剛剛在該系統中在線給出。您能否告訴我們，顯然，回報會在一定程度上影響它，但您是否知道今年下半年（也許是 24 年）預計的增長？

Well, obviously, like you said, it depends on payoffs on the loans. But I think that number, I would think for next quarter and going forward, if we back off, as I mentioned, I think, about $2.5 million was kind of a catch-up for loan payoffs. I think it's probably at least for the heritage piece -- I'm going to pull my number right in front of me. The quarter, it was -- yes, I feel like we will probably be in, I would say, for the quarter in that 4 -- $3.5 million, $4 million kind of like we were last quarter, unless there's just more payoffs or continued payoffs. The first quarter for the Heritage book was just kind of a straight-line calculation until it got loaded after conversion on each loan.

嗯，顯然，就像你說的，這取決於貸款的償還情況。但我認為這個數字，我認為下個季度和未來，如果我們退縮，正如我提到的，我認為大約 250 萬美元是貸款償還的追趕。我想這可能至少對於傳統作品來說是這樣——我要把我的號碼拉到我面前。這個季度，是的，我覺得我們可能會在第 4 個季度達到 350 萬美元、400 萬美元，就像我們上個季度一樣，除非有更多的回報或繼續回報。遺產書的第一季度只是一種直線計算，直到每筆貸款轉換後加載。

So it's just hard to tell. I know it's not very good information. But I would say I'd back off a couple of $23 million of this quarter and kind of carry that forward.

所以很難說。我知道這不是很好的信息。但我想說的是，我會在本季度削減 2300 萬美元，然後將其結轉。

That's kind of interest offset by the expenses, you can tell.

你可以看出，這是利息被費用所抵消。

Yes,yes, yes.

對對對。

Okay. And just last one, if I could sneak it in. Just if I understood correctly, there are some things on the expense bucket that are not core, but they are ongoing. With the expense base in the back half of the year, I didn't quite understand the guidance on that. Is that the back half of the year a little bit higher than 2Q or flattish? I didn't quite understand the...

好的。最後一個，如果我能偷偷地放進去的話。如果我理解正確的話，支出桶上有一些不是核心的事情，但它們正在進行中。考慮到下半年的費用基礎，我不太明白這方面的指導。今年下半年是比第二季度略高還是持平？我不太明白...

Well -- I'm sorry if I was confusing. But last -- first quarter, we were like $41.8 miilion in core expenses. This quarter, it was $42.8 million. And I was saying there's about $1 million of kind of extra expenses within those the write-downs, those things that are still core, but we feel like it was kind of onetime for this quarter. That puts us in line with last quarter. But going forward, we are budgeting a decrease for third and fourth quarter coming from our cost saves of our acquisitions. And so we feel like we would see prices down $500,000 or so next quarter -- $2,500,000 million next quarter and the next for those cost saves.

好吧——如果我讓你感到困惑，我很抱歉。但上一季度，我們的核心支出約為 4180 萬美元。本季度為 4280 萬美元。我說的是，在這些減記中，有大約 100 萬美元的額外費用，那些仍然是核心的東西，但我們覺得這在本季度是一次性的。這使我們與上季度保持一致。但展望未來，我們預計第三和第四季度的預算會減少，因為我們節省了收購成本。因此，我們認為下個季度價格將下降 50 萬美元左右，下個季度和下個季度將下降 25 億美元，以節省成本。

Relative to 2Q?

相對於第二季度？

Yes.

是的。

Okay. Congrats on the quarter.

好的。恭喜本季度。

Our next question will come from Catherine Mealor of KBW.

我們的下一個問題將來自 KBW 的 Catherine Mealor。

Dee Dee, I just want to just make sure I'm doing the expense trajectory right. So you said you're lower next quarter, is that relative to just the stated operating expenses this quarter or backing out that kind of $1 million or so of kind of extra stuff you had?

Dee Dee，我只是想確保我的支出軌跡正確。所以你說你下個季度的收入會降低，這是相對於本季度規定的運營支出還是相對於你擁有的 100 萬美元左右的額外費用而言？

Well, I was saying backing out the extra and then being down is what we're hopeful because of our cost saves now. But yes, that's what we have budgeted to be down due to our cost saves.

嗯，我是說，我們希望取消額外的費用，然後下降，因為我們現在節省了成本。但是，是的，這就是我們由於節省成本而減少的預算。

Got it. Okay. So that's an expense run rate kind of around $41 million or $40 million?

知道了。好的。那麼費用運行率約為 4100 萬美元或 4000 萬美元？

That's $41 million, yes.

是的，那是 4100 萬美元。

$41 million. Okay. All right. Did that right. Okay, great. And then how about loan yields? Can you talk about just the trajectory of how you're thinking about loan yields repricing in the back half of the year? And even really how you're thinking about into next year, I feel like that's been a lag for you, but should provide a tailwind to kind of support the margin to move potentially higher next year once rate -- deposit cost stabilize?

4100萬美元。好的。好的。做對了。好的，太好了。那麼貸款收益率又如何呢？您能否談談您對下半年貸款收益率重新定價的看法？甚至你真的如何考慮明年，我覺得這對你來說是一個滯後，但應該提供一種順風，以支持明年一旦利率存款成本穩定，利潤率可能會更高？

Yes. You're right, Catherine. And the way our balance sheet is constructed, particularly on the earning asset side, on the loan side is we don't have as many pure floating rate loans, but we do have a relatively short fixed rate we are continuing to reprice approved material amount every month -- everyday, every month, every quarter. And so where a lot of folks who have pure floating rates got a lot of their yield already for the -- during some time.

是的。你是對的，凱瑟琳。我們的資產負債表的構建方式，特別是在盈利資產方面，在貸款方面，我們沒有那麼多純浮動利率貸款，但我們確實有相對較短的固定利率，我們正在繼續對批准的材料金額重新定價每個月——每天，每個月，每個季度。因此，許多擁有純浮動利率的人在一段時間內已經獲得了大量收益。

We're getting ours a little -- it's a little bit elongated. So I think you're right. We think that the continued improvement in loan yields will continue to get it this quarter, next quarter, in the next year as we reprice the fixed rate growth.

我們的有點長了——有點長。所以我認為你是對的。我們認為，隨著我們重新定價固定利率增長，貸款收益率的持續改善將在本季度、下季度和明年繼續實現。

And any -- do you know what the duration on your fixed rate book is or maybe just the amount that is repricing or coming due this year or in the next year?

您是否知道固定利率賬簿上的期限是多少，或者只是今年或明年重新定價或到期的金額？

It's about $300 million or $400 million -- $350 million or so a quarter, just straight repricing, just loans.

每個季度大約有 3 億美元或 4 億美元——3.5 億美元左右，只是直接重新定價，只是貸款。

Yes. Got it. On the fixed rate piece, not your floating piece. Got it. Okay. Perfect. Okay. And then any -- what have you seen on the credit value ? Your credit metrics look really good this quarter. You made some comments on that. But are you seeing anything within your borrowing base that gives you concern that you're any downgrades within your watch or classified that we don't think you going on behind the scenes or we're not seeing in the nonperformers yet?

是的。知道了。在固定費率部分，而不是浮動部分。知道了。好的。完美的。好的。然後，您在信用值上看到了什麼？本季度您的信用指標看起來非常好。您對此發表了一些評論。但是，您是否在您的借貸基礎中看到任何讓您擔心您的觀察或分類中的任何降級，我們認為您沒有在幕後進行，或者我們還沒有在不良者中看到？

Catherine, I wouldn't say anything has been extraordinary at this point. I'm not kind of just what you would see in a normal year. Now we think that just from a common sense perspective, we might expect some of that. But even as we saw some of the payoffs on some of our substandard and special mention loans, we were able to exit a number of those relationships and there was somebody else to staffing and those folks gone to home.

凱瑟琳，我不會說此時有什麼不尋常的事情。我和你平常看到的不一樣。現在我們認為，僅從常識的角度來看，我們可能會預料到其中的一些。但即使我們看到一些次級貸款和特別關注貸款得到了一些回報，我們還是能夠退出其中一些關係，並且還有其他人在配備人員，而那些人則回家了。

So I think we're obviously watching it. We're doing a stress analysis. We're doing loan review, and we have gone now to a quarterly loan review as opposed to a couple of times a year, just so we can keep a more fresh look at a lot of our loan portfolio. So that has been one thing that we've implemented to help us churn a certain segment of our portfolio on a more frequent basis. So we're taking a look at it. But thus far, we have not identified any material weakness on any kind of sustained basis.

所以我認為我們顯然正在關注它。我們正在做壓力分析。我們正在進行貸款審查，現在我們已經每季度進行一次貸款審查，而不是每年幾次，這樣我們就可以更新鮮地審視我們的許多貸款組合。因此，這是我們實施的一件事，以幫助我們更頻繁地攪動投資組合的某個部分。所以我們正在研究它。但到目前為止，我們尚未發現任何持續的實質性弱點。

And then maybe just last one on just loan growth outlook. The growth was a little bit slower this quarter is because of the paydowns you mentioned, but it feels like the origination volume has a good pipeline. So any commentary on what your growth expectations are for the back half of the year?

然後也許只是關於貸款增長前景的最後一篇。由於你提到的支付，本季度的增長有點慢，但感覺發起量有一個良好的渠道。那麼您對今年下半年的增長預期有什麼評論嗎？

Actually, we're up a few million over quarter 1. I would think we should be consistent and maybe a slight uptick. And we talked about all the new folks coming on board, we've got...

事實上，我們比第一季度增長了幾百萬。我認為我們應該保持一致，也許還會略有上升。我們談到了所有新加入的人，我們有......

Kind of mid-single digit. 5% or 6%.

有點中等個位數。 5%或6%。

Very cautious on the credit side. That's always...

在信貸方面非常謹慎。那總是...

Yes. I would expect nothing less from you.

是的。我對你的期望絲毫不減。

Our next question will come from Christopher Barnett of Janney Montgomery Scott LLC.

我們的下一個問題將來自 Janney Montgomery Scott LLC 的 Christopher Barnett。

Anyone I wanted to ask just a clarification that's on Slide 26, just about the cash flow that comes back from the securities. Would that roughly 15% by year-end '24, would that be kind of a straight line in terms of how the AOCI impact would benefit you? Or would it be more or less just given those precise securities?

我想向大家詢問第 26 張幻燈片上的澄清，即有關從證券返回的現金流的問題。到 24 年底，這一數字大約為 15%，就 AOCI 的影響如何使您受益而言，這是否是一條直線？或者它或多或少只是考慮到這些精確的證券？

I kind of think about that, that increase is the maturity schedule is pretty level. Yes, it is. The portfolio has struggled and it's fairly level. So if you kind of straight line it, I think it'd be real close.

我想，成熟度計劃的增加是相當水平的。是的。該投資組合一直在掙扎，但相當水平。所以如果你把它畫成直線，我認為它會非常接近。

Okay. That's what I thought. I just want to clarify. Okay. Great. And then can you just comment further on kind of new business in terms of loan yields, what's coming on, whether it's the portfolio in general or even the sort of anecdotal example that you were making about the Tampa lenders and the opportunities there?

好的。我也這麼想。我只是想澄清一下。好的。偉大的。然後，您能否進一步評論一下貸款收益率方面的新業務、即將發生的情況、總體投資組合，甚至是您關於坦帕貸方及其機會的軼事例子？

Well, I think really a mix of the markets. We're trying to be as competitive as we can be, but we're foregoing some really low-rate opportunities we've seen in some other markets where we're trying to hold yield really it's market-specific and deal specific, but we're going to raise our hurdle rate which is really a prime for all smaller stuff that's under like $1.5 million that we call business banking. But I think we're just taking a case by case and trying to hope breaches every day increase yields in more debt. So that's what we're trying to do.

嗯，我認為市場確實是一個混合體。我們正在努力保持盡可能的競爭力，但我們放棄了在其他一些市場中看到的一些非常低利率的機會，在這些市場中，我們試圖保持收益率，這實際上是針對特定市場和特定交易的，但是我們將提高我們的門檻利率，這對於所有 150 萬美元以下的小型業務（我們稱之為商業銀行業務）來說確實是一個首要條件。但我認為我們只是在個案分析，並試圖希望每天的違規行為都能增加更多債務的收益率。這就是我們正在努力做的事情。

So seeing that pick up 30 bps quarter-over-quarter, it feels pretty good that we can sustain that. It's kind of what Catherine asked earlier about we're repricing up the curve in our fixed rate portfolio and the new stuff coming on 80 -- or approximately at 80%. So combined cores, we feel pretty good about loan deals continue to grow.

因此，看到季度環比上升 30 個基點，我們能夠維持這一勢頭感覺非常好。這有點像凱瑟琳之前問的，我們正在對固定利率投資組合的曲線進行重新定價，而新產品的價格將達到 80——或大約 80%。因此，結合核心，我們對貸款交易的持續增長感到非常滿意。

Got it. That's helpful. And I guess just the last one for me is Hoppy. Can you kind of refresh our ourselves, everything included with the recent acquisitions that kind of where kind of average deposit life is of your relationships. I feel like a cost of funds maybe stabilizes in future quarters that kind of going back to that kind of deposit tenure that you have for so long is kind of worth bringing back up?

知道了。這很有幫助。我想對我來說最後一位就是霍皮。您能否刷新一下我們自己，包括最近收購的所有內容，以及您的關係的平均存款壽命。我覺得資金成本可能會在未來幾個季度穩定下來，那麼回到長期以來的存款期限是否值得恢復？

So again, those are -- Chris, our balance sheet in that deposit base is a lot of smaller community banks kind of across the Southeast and many of them are 80, 100 years old. So it's obviously a long-term sticky deposit base.

克里斯，我們的資產負債表中的存款基礎是東南部地區的許多小型社區銀行，其中許多已有 80、100 年的歷史。因此，這顯然是一個長期粘性存款基礎。

And it's really shown that in this market. And earlier in the year, deposit runoff was much faster than its sort of decelerated over the last quarter. So we think that a return that will continue -- again, accepting out the seasonality of the public money, which -- it's got a long life. In terms of average loss, I'm not sure exactly what the year is, but it's a long-term deposit portfolio there.

在這個市場上也確實證明了這一點。今年早些時候，存款流失速度比上個季度減速的速度要快得多。因此，我們認為，回報將持續下去——再次，接受公共資金的季節性，它的壽命很長。就平均損失而言，我不確定具體是哪一年，但這是一個長期存款投資組合。

We're actually not steady. So we'll have that in...

我們其實並不穩定。所以我們會把它放在...

Sure. We should have some exact numbers in terms of the credit rates.

當然。我們應該有一些關於信貸利率的準確數字。

Right. But safe to say it's multiple years, which I think all of us know, I just want to kind of put the work around that.

正確的。但可以肯定地說，這已經是很多年了，我想我們所有人都知道，我只是想圍繞這個問題開展工作。

Yes, we don't have much wholesale hot money as you may get.

是的，我們沒有像您可能得到的那麼多批發游資。

Our next question will come from the line of Matt Olney of Stephens.

我們的下一個問題將來自斯蒂芬斯的馬特·奧爾尼。

Just want to follow up on the expense discussion. And Dee Dee, you gave us some good data points around the puts and takes. Just at a higher level, thinking about cost savings. Just remind us of the overall level of cost savings is still remaining that's not in the 2Q run rate that we could see in the next few quarters?

只是想跟進費用討論。 Dee Dee，您為我們提供了有關看跌期權和看跌期權的一些很好的數據點。只是在更高的層面上，考慮節省成本。只是提醒我們，成本節省的總體水平仍然存在，這不在我們在接下來的幾個季度中看到的第二季度運行率中？

And that's really -- Matt, what I was giving between that $500,000 and $1 million. I think down next quarter and the mix would really come from that. Really, that's what I'm projecting, and budgeting is the cost savings from that. So I think those numbers I gave you to hold around that $41 million would come from those deals.

這確實是——馬特，我所捐出的 50 萬到 100 萬美元之間的金額。我認為下個季度的混合將真正來自於此。確實，這就是我的預測，預算就是由此節省的成本。所以我認為我給你的數字是 4100 萬美元左右，這將來自這些交易。

Heritage, as we talked about closed -- I mean, converted into March. And so we would still had a lot of folks that stayed on through probably the end of May. So really, we'll have a full quarter coming up of that. So that's kind of where we're pulling it from.

遺產，正如我們所說的關閉——我的意思是，轉換為三月。因此，我們仍然有很多人可能會留下來直到五月底。所以說真的，我們將有整整一個季度的時間。這就是我們的出發點。

Okay. And to clarify, the first fully loaded quarter of cost savings, is that 3Q? Or is that more in 4Q?

好的。澄清一下，第一個滿載成本節省的季度是第三季度嗎？還是第四季度會更多？

I think it should be more -- probably the full quarter 4, but majority of the third quarter. To kind of get to July, I would say, yes, 2 months this quarter and maybe the full quarter next -- the fourth quarter.

我認為應該更多——可能是整個第四季度，但大部分是第三季度。到了 7 月份，我會說，是的，本季度兩個月，也許下一個季度——第四季度。

Okay. Okay. That's helpful, Dee Dee. And then I guess, George, going back to the commentary you made a few times on the payoff of some loans that were maybe a little lower quality. Can you just clarify, are those loans being moved off? Are they being refinanced by other banks still in the banking system? Or are these just borrowers paying down the debt with their liquidity?

好的。好的。這很有幫助，迪迪。然後我想，喬治，回到你多次對一些質量可能稍差的貸款的償還情況發表的評論。您能否澄清一下，這些貸款是否已被轉移？它們是否正在由仍在銀行系統中的其他銀行進行再融資？或者這些只是藉款人用其流動性償還債務？

Most of those were actually taken out by other lenders. So -- and not through borrowing liquidity. But I would say the majority of them were.

其中大部分實際上是由其他貸方取出的。所以——而不是通過借入流動性。但我想說的是，其中大多數都是。

And any color on the profile of banks that are restarting some of these loans.

以及正在重啟部分貸款的銀行的形象。

Exit strategies differ loan by loan, but a combination of maybe pricing on a renewal or -- and some of them came up at the renewal point. And so maybe some of our underwriting terms were a little more stringent than others, but I would say probably in most cases, they were.

退出策略因貸款而異，但可能是續約定價的組合，其中一些是在續約時出現的。因此，也許我們的某些承保條款比其他條款更嚴格，但我想說的是，在大多數情況下，它們確實如此。

So I think it's the (inaudible) I don't know about all of them because those are smaller community banks that took those out. I think they weren't the larger banks, Matt, they were smaller banks.

所以我認為這是（聽不清）我不了解所有這些銀行，因為這些都是較小的社區銀行，他們把它們拿出來了。我認為他們不是較大的銀行，馬特，他們是較小的銀行。

Okay. That's helpful. And then I guess just lastly for Hoppy. Hoppy, it's been a while we've talked about M&A. So we've had a few assets this week. So would love to get your view of M&A in the Southeast. Just help us appreciate how much chatter you're hearing in the southeastern markets. And then in the past, the bank has been heavily involved in M&A. Would love to just appreciate the appetite of M&A from the bank at this point?

好的。這很有幫助。我想最後是霍皮。霍皮，我們談論併購已經有一段時間了。所以本週我們有一些資產。所以很想了解您對東南部併購的看法。請幫助我們了解您在東南市場聽到的議論。過去，該銀行一直大力參與併購活動。是否想了解銀行此時對併購的興趣？

Well, we hear a lot of talk about it kind of slowed down after the first part of the year after the bank failures. But now there's an awful lot of, I think, of conversations going on right now. So we'll -- it's part of our business model. We think we going to prefer to acquire in the Southeast. We continue to look for opportunities to grow our company. We're just below $8 billion now.

嗯，我們聽到很多關於銀行倒閉後今年上半年放緩的討論。但我認為現在正在進行大量的對話。所以我們將——這是我們商業模式的一部分。我們認為我們更願意在東南部收購。我們繼續尋找發展公司的機會。我們現在的資產略低於 80 億美元。

So thinking about $10 billion and how you cross that is certainly part of our strategic plan. I think we talked a lot about the preparations that we're making for that $10 billion mark. So we think there'll be a lot of opportunity for us coming out of the cycle or in this cycle, I should say, because of the stresses that are felt particularly down for downstream by smaller banks, the world is not getting any easier.

因此，思考 100 億美元以及如何跨越這個目標無疑是我們戰略計劃的一部分。我想我們就我們為 100 億美元大關所做的準備工作進行了很多討論。因此，我們認為，我們將有很多機會走出這個週期，或者在這個週期中，我應該說，由於下游銀行感受到的壓力尤其小，世界並沒有變得更容易。

I mean it's just getting more and more complicated with potentially higher degrees of regulation, but then deposit pressures, the margin pressures. And we're fortunate to be -- had a pretty solid balance sheet. We're -- our earnings are ramping up materially. So we're recruiting capital pretty rapidly.

我的意思是，隨著監管程度的提高，情況變得越來越複雜，然後是存款壓力、保證金壓力。我們很幸運，擁有相當穩健的資產負債表。我們的收入正在大幅增加。因此，我們正在快速招募資金。

So the ability to be selective on sort of treating people what we want is out there. So I think we have an appetite for M&A. We've done that. We continue to think about doing it as a way to grow it further. We've done a tailwind over the last few quarters or the last 2 acquisitions we've done.

因此，有選擇性地以我們想要的方式對待人們的能力是存在的。所以我認為我們對併購有興趣。我們已經做到了。我們繼續考慮將其作為進一步發展的一種方式。我們在過去幾個季度或最近兩次收購中取得了順風車。

And so we -- I think, Matt, we always stay nimble. It's more of the same as strategic plan really hasn't changed. Over the last 15 years, continue to look for opportunities to grow our company and provide improved return to our shareholders.

所以我們——我想，馬特，我們總是保持敏捷。這更像是戰略計劃確實沒有改變。在過去 15 年裡，我們繼續尋找發展公司的機會，並為股東提供更高的回報。

(Operator Instructions) I am seeing no further questions in the queue. I would now like to turn the conference back to Hoppy Cole for closing remarks.

（操作員說明）我在隊列中沒有看到更多問題。現在我想請霍皮·科爾 (Hoppy Cole) 致閉幕詞。

Well, thanks, everyone. We're very pleased with the quarter. We appreciate your participation this morning in support of the company. So have a great day, and we'll visit again next quarter.

嗯，謝謝大家。我們對這個季度非常滿意。我們感謝您今天上午的參與對公司的支持。祝您度過愉快的一天，我們下個季度將再次訪問。

This concludes today's conference call. Thank you all for participating. You may now disconnect and have a pleasant day.

今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連接並度過愉快的一天。