First Bancshares Inc (Mississippi) (FBMS) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Review of the First Quarter 2024 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的耐心等待，歡迎參加 2024 年第一季財務業績回顧電話會議。（操作員指示）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, Chairman and CEO.

現在我想將會議交給今天的發言人、董事長兼執行長霍皮·科爾 (Hoppy Cole)。

Morning, everyone, and welcome to our first quarter earnings call. We've got several of our team members with us today. We have DeeDee Lowery, our CFO; J.J. Fletcher, our Chief Lending Officer; and George Noonan, our Chief Credit Officer. And each of those will give us some color on their respective areas after I cover a few highlights for the quarter.

大家早安，歡迎參加我們的第一季財報電話會議。今天我們有幾位團隊成員和我們在一起。我們有財務長 DeeDee 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)。在我介紹本季的一些亮點之後，每一個都將為我們各自的領域提供一些色彩。

Let's go to dive right in. I thought it was a great quarter and a really good start to the year, a strong beginning point for 2024. Operating earnings were up 10% quarter over quarter to $20.6 million, and that was due to reduced operating expenses and reduced provision expense. And we did see some stabilization in the margin. Our core margin was only down 4 basis points compared to 19 basis points last quarter.

讓我們直接潛入。我認為這是一個很棒的季度，也是今年一個非常好的開始，也是 2024 年的一個強有力的起點。營業利潤季增 10% 至 2,060 萬美元，這是由於營業費用和撥備費用的減少。我們確實看到利潤率穩定。與上季的 19 個基點相比，我們的核心利潤率僅下降了 4 個基點。

Loan balances at quarter end decreased, but actually, average balances were up for the quarter. We got some expected payoffs on a few large loans right at the end of the quarter. We also had some SBA loan sales while pipelines grew pretty substantially, and J.J. will give us a lot more in-depth color on that in his report.

季末貸款餘額有所下降，但實際上，本季平均餘額有所上升。到本季末，我們就獲得了幾筆大筆貸款的預期回報。我們也出售了一些 SBA 貸款，同時管道數量大幅增長，J.J.他將在他的報告中為我們提供更深入的資訊。

Credit quality remained strong, continued to do well with low past dues at 26 basis points. We had an improvement in NPAs, and charge-offs were low at 1 basis point. So credit quality remains -- continues to perform extremely well.

信貸品質依然強勁，持續表現良好，逾期欠款低至 26 個基點。我們的不良資產有所改善，沖銷率低至 1 個基點。因此，信用品質仍然表現良好。

We grew our tangible book value during the quarter by $0.35 or 2% for a quarterly basis. We increased our quarterly dividend by $0.35 or 2% for a quarterly basis. We increased our quarterly dividend by (inaudible) share to $0.25 per share per quarter or $1 per year, which has been an internal goal for quite some time. So all in all, we thought it was a really strong start to the year. I'm pleased with where we are and pleased with what the progress looks like for the rest of the year.

本季我們的有形帳面價值成長了 0.35 美元，即按季度計算成長了 2%。我們將季度股息增加了 0.35 美元，即 2%。我們將季度股息（聽不清楚）增加至每季每股 0.25 美元或每年 1 美元，這一直是相當長一段時間以來的內部目標。總而言之，我們認為這是今年一個非常強勁的開端。我對我們的現狀感到滿意，並對今年剩餘時間的進展感到滿意。

So DeeDee, would you like to give us an update on our financial performance for the quarter?

DeeDee，您願意向我們介紹本季財務表現的最新情況嗎？

Sure. Thanks, Hoppy. Obviously, as Hoppy mentioned, a great quarter and first time in several, several quarters that we had really no nonoperating items, so very, very -- few thousand dollars, so it's great to not have all that noise in there for you all to have to go through and explain. But on an operating basis, I do have to do that because of last quarter, we had several things. But earnings did increase $1.9 million, which was $0.06 per diluted share, up $20 million -- $20.6 million from $18.7 million, so very pleased with that.

當然。謝謝，霍皮。顯然，正如霍皮所提到的，這是一個很棒的季度，也是幾個季度以來的第一次，我們真的沒有非營運項目，所以非常非常——幾千美元，所以很高興沒有那麼多噪音讓大家知道必須經歷並解釋。但在營運的基礎上，我確實必須這樣做，因為上個季度我們發生了幾件事。但收益確實增加了 190 萬美元，即稀釋後每股收益 0.06 美元，從 1870 萬美元增加了 2000 萬美元，即 2060 萬美元，對此非常滿意。

And as Hoppy mentioned, most of that was driven by a decrease in our noninterest expenses by $1 million and then the no provision needed this quarter, so provision expense was down $1.3 million and we're still at an ACL reserve of 1.05%. So those two were the big drivers. And our net interest income was basically flat, down about -- right at $300,000 for the quarter.

正如Hoppy 所提到的，其中大部分是由於我們的非利息支出減少了100 萬美元，然後本季不需要撥備，因此撥備支出減少了130 萬美元，而我們的ACL 準備金仍為1.05% 。所以這兩個人是主要的推動者。本季我們的淨利息收入基本持平，下降約 30 萬美元。

Our cost of deposits increased 24 basis points for the quarter to 178 basis points. It's still a really good number based on our granularity in our deposit portfolio.

本季我們的存款成本增加了 24 個基點，達到 178 個基點。根據我們存款組合的粒度，這仍然是一個非常好的數字。

Our interest-bearing deposit cost increased 27 basis points to 2.45%, and that drove our beta up to 43% from 38% last quarter, so about five basis points. Our yield on our earning assets increased 8 basis points, but we also had an increase, obviously, in our interest-bearing liabilities of 18 basis points.

我們的計息存款成本增加了 27 個基點，達到 2.45%，這使得我們的貝塔值從上季的 38% 上升到 43%，大約是 5 個基點。我們的生息資產收益率增加了 8 個基點，但我們的有息負債顯然也增加了 18 個基點。

And so as Hoppy mentioned that we did have a decrease in our core margin of 4 basis points, which is obviously less than we had last quarter and what we -- led to, for this quarter, that we would see compression this quarter and then into the next quarter, hopefully midyear, maybe stabilized. And this was pretty good, 4 basis points is pretty good staying stable. I think we'll still see a little more compression into the second quarter. But we're talking about here, a few basis points.

正如 Hoppy 所提到的，我們的核心利潤率確實下降了 4 個基點，這顯然低於上個季度的水平，而本季度我們將看到壓縮，然後到下個季度，希望年中，也許會穩定下來。這非常好，4個基點保持穩定非常好。我認為第二季我們仍會看到更多的壓縮。但我們在這裡討論的是幾個基點。

So I think it's -- depending on a few factors, could go either way on that. But if no change in rates from the Fed, I think we're still going to see our cost of deposits go up some this next quarter. Just from the competition we're still facing with the Fed not cutting, we're still having to reprice and we're still having to match competition.

所以我認為，取決於一些因素，可能會出現任何一種情況。但如果聯準會不改變利率，我認為下個季度我們的存款成本仍將有所上升。僅從我們仍然面臨的競爭來看，聯準會不降息，我們仍然需要重新定價，我們仍然需要匹配競爭。

And our specials we had in the fourth quarter expired at the end of the year, but we're still offering higher rates close to what we were for those specials because of what's out there in the competition. So we're still having to have increased costs. So until we see a cut on that, I think our deposit costs are still going to be increasing a little bit as we go, but hopefully can start bringing that down some.

我們在第四季的特價商品已於年底到期，但由於競爭的原因，我們仍然提供接近這些特價商品的更高價格。所以我們仍然不得不增加成本。因此，在我們看到削減之前，我認為我們的存款成本仍將略有增加，但希望能夠開始降低一些。

Our loans, as Hoppy mentioned, did decrease of $30.1 million, but our average loans actually increased $12.8 million. So that was great on average for the quarter. J.J. will give some more information on that.

正如 Hoppy 所提到的，我們的貸款確實減少了 3,010 萬美元，但我們的平均貸款實際上增加了 1,280 萬美元。因此，本季的平均值非常好。J.J.將提供更多相關資訊。

Deposits increased $247.5 million for the quarter. And that was -- $256 million of that was public funds. So if you exclude the public funds, we were down about $9 million, which really is basically flat for the quarter overall, a small decrease. If you recall, this is our public fund season where we're increasing our public funds for a large amount, as we've talked about in the past, anywhere from $200 million to 300 million. And then we'll see that spend out for the remaining part of the year, so we're expecting that as we go forward.

本季存款增加 2.475 億美元。其中 2.56 億美元是公共資金。因此，如果排除公共資金，我們會減少約 900 萬美元，這實際上與本季整體持平，只是小幅下降。如果你還記得的話，這是我們的公共基金季節，正如我們過去談到的那樣，我們正在大量增加公共基金，從 2 億美元到 3 億美元不等。然後我們將看到今年剩餘時間的支出，因此我們預計隨著我們的前進。

We also paid down our borrowings during the quarter about $280 million. And so we're down to $110 million, still at the bank term funding program. That will expire in December.

我們還在本季償還了約 2.8 億美元的借款。因此，我們的資金減少到了 1.1 億美元，仍在銀行定期融資計畫中。該期限將於 12 月到期。

And then I also want to talk a little bit about our non-interest-bearing deposit portfolio. We noticed that decreased this quarter. It was 28.6% last quarter, and it was 27.4% of total deposits this quarter, so down just a little over 1%. But a big piece of that, almost all of that is because the increase in deposits was from public funds, which is interest bearing. If we had just remained the same, basically that all the influx of interest bearing, our non-interest bearing would have been about the same.

然後我還想談談我們的無利息存款組合。我們注意到本季有所下降。上季為 28.6%，本季佔總存款的 27.4%，下降略高於 1%。但其中很大一部分，幾乎全部是因為存款的增加來自公共資金，這是有利息的。如果我們保持不變，基本上所有有息流入，我們的無息就會大致相同。

So on our liquidity, our liquidity position still remains strong. Our ratios are well above our limit on our loan deposit ratio at 77%. We have a borrowing capacity at the Home Loan Bank of $2.5 billion. And then we have about 28% of our securities are in pledge, which is about $480 million.

因此，就我們的流動性而言，我們的流動性狀況仍然保持強勁。我們的比率遠高於貸款存款比率 77% 的限制。我們房屋貸款銀行的借貸能力為 25 億美元。我們大約有 28% 的證券被質押，約 4.8 億美元。

Over the next four quarters, our securities portfolio, estimated cash flows coming out of that is about $210 million. And that's coming out at about 180 basis points, so part of it, we've been talking about the last really several quarters, is just the restructuring of the balance sheet. I think we'll continue to see that this year as these cash flows come off at that 180, it'll go into our funds or loans. And so it will definitely pick up in some yield from that. But still, remixing the balance sheet this year is the plan.

在接下來的四個季度，我們的證券投資組合預計產生的現金流量約為 2.1 億美元。這個數字大約是 180 個基點，所以我們在過去幾季一直在談論的一部分就是資產負債表的重組。我認為今年我們將繼續看到，當這些現金流達到 180 時，它將進入我們的基金或貸款。因此，它肯定會從中獲得一些收益。但今年重新調整資產負債表仍是計畫。

Our ratios for the quarter, ROAA, was 1.03%. And our return on average tangible common was 13.48%. And then our efficiency ratio was 61%. All of our capital ratios were in line from last quarter: 8.1% TCE; leverage ratio, 9.7%; and a total risk base of 15.2%. So all of our best quarter and overall, very pleased with where we're sitting today.

我們本季的 ROAA 比率為 1.03%。我們的平均有形普通股報酬率為 13.48%。然後我們的效率是61%。我們所有的資本比率與上季一致：TCE 8.1%；槓桿比率9.7%；總風險基數為15.2%。因此，我們整個季度表現最好，並對我們今天所處的位置感到非常滿意。

That's all from me, Hoppy.

這都是我說的，霍皮。

Thank you, DeeDee. Appreciate the report. Now J, would you like to follow up with lending?

謝謝你，迪迪。讚賞該報告。現在，J，您想跟進貸款嗎？

Yes, sir. Thank you, Hoppy. As DeeDee and Hoppy both alluded to, we did have a slight decrease in net loans. But behind that, there were a lot of positive factors that happened during the quarter. First of all, again, the SBA division had a record quarter in terms of loans sold in the secondary market, about $23 million. And really, we're happy to see that because the legacy HSBI -- SBA group, which we did not have at the first, we began integrating that through the company. And so that was really a result of a lot of referrals from legacy First Bank and then also loans from HSBI that had seasoned either construction or matured to be able to be sold in the first quarter. So really happy to see that, the income that came from that.

是的先生。謝謝你，霍皮。正如 DeeDee 和 Hoppy 都提到的那樣，我們的淨貸款確實略有下降。但背後，本季發生了很多正面因素。首先，SBA 部門在二級市場出售的貸款數量再創歷史新高，約 2,300 萬美元。事實上，我們很高興看到，因為我們一開始並沒有遺留的 HSBI——SBA 集團，所以我們開始透過公司整合它。因此，這實際上是來自傳統第一銀行的大量推薦的結果，以及來自匯豐銀行的貸款的結果，這些貸款已經成熟或成熟，可以在第一季出售。很高興看到由此產生的收入。

The other thing we did have, as Hoppy said, a couple of large payoffs at the end of the quarter. But on a positive note, about $35 million were made up in three credits, and the majority of that were priced at 3.25%, so we'll be able to redeploy that in this quarter at much higher rates. And one of those credits, the largest one was in the hospitality sector, which will give us some additional capacity in that area. So again, a net decrease, but a lot of positive attributes to those numbers.

正如霍皮所說，我們所做的另一件事是在季度末獲得了一些巨額回報。但從積極的方面來看，大約 3500 萬美元由三個積分組成，其中大部分定價為 3.25%，因此我們將能夠在本季度以更高的利率重新部署。其中最大的一項是在酒店業，這將為我們在該領域提供一些額外的能力。同樣，淨下降，但這些數字有很多積極的因素。

Average yield did decline a little bit from 8.26% to 8.12%. But again, if you look deeper into that number, we had two large credits in a very modest origination quarter that amounted to $35 million, one of which is a large C&I credit, the other, one of our top development groups that we have full relationship with, that we were real competitive on those two deals. Absent of those two, our yield would have been about 8.30% for the quarter.

平均收益率確實略有下降，從 8.26% 降至 8.12%。但同樣，如果你更深入地研究這個數字，我們在一個非常溫和的創始季度獲得了兩項大額信貸，總計3500 萬美元，其中一項是大額C&I 信貸，另一項是我們擁有充分資金的頂級開發集團之一。如果沒有這兩者，我們本季的收益率約為 8.30%。

We did begin to see some pressure though through all the regions, as the Fed signaled a pause and then potentially decreased in rates in '24. Some banks did start pricing in the 7s, so we're seeing that more often, in the mid-7s on average in several markets, so we'll be looking at that on a go-forward basis.

我們確實開始在所有地區看到一些壓力，因為聯準會發出暫停利率的信號，然後可能在 24 年降低利率。一些銀行確實開始以 7 美元的價格定價，因此我們更經常看到這種情況，在幾個市場中平均價格為 7 美元左右，因此我們將在未來的基礎上關注這一點。

Probably the most positive thing from the quarter Hoppy alluded to: pipelines. We had a slight contraction at the end of the year, but at the end of the quarter, we were up almost 50% in total pipelines. And really across the board, there was no one area that had that substantial increase that was really averaged out throughout the complete footprint. So we're looking very forward to that in the second and third quarter from a pipeline standpoint. Other than that, it was a pretty uneventful quarter regionally. Everybody had modest production, but pretty consistent.

霍皮提到的本季最積極的事情可能是：管道。我們在年底略有收縮，但在本季末，我們的總管道數量增加了近 50%。事實上，從整體來看，沒有一個區域的大幅成長能夠真正在整個足跡中實現平均。因此，從管道的角度來看，我們非常期待第二季和第三季的情況。除此之外，從地區來看，這是一個相當平靜的季度。每個人的產量都有限，但相當穩定。

And then lastly, I would say that we've made a lot of progress in our systems. We always talk about that. George and his team were rolling out a beta test for a small business express loan for $100,000 and below, which will help our commercial team quickly respond to those needs. And then our centralized consumer underwriting platform should be integrated. George may have more color on this. But really, this month or by the end of next month, so by the end of this quarter, that will be fully integrated, which will add to our efficiency there on the consumer side.

最後，我想說我們的系統已經取得了很大進展。我們總是談論這個。George 和他的團隊正在針對 10 萬美元及以下的小型企業快速貸款推出 Beta 測試，這將有助於我們的商業團隊快速回應這些需求。然後我們集中的消費者承保平台應該被整合。喬治對此可能有更多的看法。但實際上，這個月或下個月底，到本季末，這將完全整合，這將提高我們在消費者方面的效率。

So all in all, even though a net negative number on loan growth, a lot of positives came out quarter from a lending standpoint. So thank you all.

總而言之，儘管貸款成長出現淨負數，但從貸款的角度來看，本季出現了許多正面的因素。謝謝大家。

Thanks for the report. George, credit quality?

感謝您的報告。喬治，信用品質？

Thank you, Hoppy. We continue to see acceptable and generally improving trends for most of our credit quality metrics during the first quarter. Our leading early indicator metric, 30-day delinquencies, was certainly favorable. We finished, as Hoppy said earlier, 30-day past dues at 26 basis points. That tracks, really, 12 basis points under our annual average in 2023, so good movement there.

謝謝你，霍皮。我們繼續看到第一季大多數信用品質指標都呈現可接受且普遍改善的趨勢。我們的主要早期指標指標——30 天拖欠率——無疑是有利的。正如霍皮之前所說，我們以 26 個基點的價格完成了 30 天的逾期未付款項。實際上，這比我們 2023 年的年平均值低 12 個基點，所以走勢良好。

Asset quality, I think, reflected stability when compared to quarter four, '23. Our loans on non-accrual were up minimally but $270,000, but very manageable there. NPAs declined by [$1.9 million] in the quarter. That's a decrease in NPAs of almost 9%. NPAs as a percentage of total loans and OREO remained level at 40 bps for the second consecutive quarter.

我認為，與 23 年第四季相比，資產品質反映了穩定性。我們的非應計貸款略有增加，不過 27 萬美元，但非常可控。本季不良資產減少[190 萬美元]。NPA 減少了近 9%。不良資產佔總貸款和OREO 的百分比連續第二個季度保持在40 個基點的水平。

We're still in positive territory for loan recoveries exceeding loan charge-offs by $106,000 for the quarter. When just looking at the loan charge-off, net fees were at a minus 0.002%, excluding the DDK charge offs there.

本季我們的貸款回收率仍高於貸款沖銷額 106,000 美元。僅查看貸款沖銷時，淨費用為負 0.002%，不包括 DDK 沖銷。

ACL ratio remained level at 105. ACL as a percentage of NPLs increased favorably from 456% to 463% there. CRE concentration over time decreased a little bit by 1 basis point from 207% to 206% of risk-based capital. And that's comfortably below our 300% interagency guidance level.

ACL比率維持在105的水準。ACL 佔不良貸款的比例從 456% 上升至 463%。隨著時間的推移，CRE 的創投集中度略有下降 1 個基點，從 207% 降至 206%。這遠低於我們 300% 的跨機構指導水準。

There was an uptick of 29 basis points for classified loans as a percentage of capital plus ACL. This resulted in a small, manageable increase in the ratio from 6.76% to 7.05%. That increase was really comprised of a handful of small mid-sized relationships and really no delinquencies among them from a problematic staple.

分類貸款佔資本加 ACL 的百分比上升了 29 個基點。這導致該比率從 6.76% 輕微上升至 7.05%。這種增長實際上是由少數中小型關係組成的，而且他們之間確實沒有因有問題的主食而拖欠款項。

Overall, as you see in the pie charts, our overall loan portfolio continues to reflect a strategic balance by our major loan types. Owner-occupied CRE still stands at 25% of total loans. Non-owner occupied CRE, 21%. One to four family, 19%. C&I, 15% and C&D at 12%.

總體而言，正如您在餅圖中看到的那樣，我們的整體貸款組合繼續反映了我們主要貸款類型的策略平衡。自住型 CRE 仍佔貸款總額的 25%。非業主佔用 CRE，21%。一到四口之家，19%。C&I 為 15%，C&D 為 12%。

And managing this segment continues to be a higher priority from both the production and the credit side, especially with respect to the CRE and C&D segments. Our four major segments in C&D exposure, land development at 30%, multi-family 21%, other at 20%, and residential at 18% reflect pretty stable trends for the last year or so. In CRE, only two segments of our portfolio achieved 15% of the overall CRE portfolio pie chart: professional office at 25% -- excuse me, 24%, retail center at 16%.

管理這一細分市場仍然是生產和信貸方面的首要任務，特別是在商業房地產和建築開發領域。我們的 C&D 業務的四個主要部分，土地開發佔 30%，多戶住宅佔 21%，其他佔 20%，住宅佔 18%，反映了去年左右相當穩定的趨勢。在商業房地產中，我們的投資組合中只有兩個部分達到了整個商業房地產投資組合餅圖的 15%：專業辦公大樓佔 25%——對不起，是 24%，零售中心佔 16%。

Average loan size in the portfolio continues to remain conservative with $228,000 for our average loan size buying wide. And from a portfolio of stack ranking, the largest single loan outstanding is an outstanding $28.6 million. And the top 20 loans in the bank represent only 6% of the total portfolio. At the borrower relationship level, top 75 borrowing relationships comprise 24.1% of total loans. And that ranges from relationships with $43 million down to the $10 million level.

投資組合中的平均貸款規模持續保持保守，我們的平均貸款規模為 228,000 美元。從投資組合的堆疊排名來看，最大的單筆未償還貸款為未償還 2,860 萬美元。而銀行前20名貸款僅佔總投資組合的6%。在藉款關係層面，前75名的借款關係佔貸款總額的24.1%。其範圍從 4300 萬美元到 1000 萬美元的關係。

Professional office quality continues to perform well with an average loan size of $726,000 in professional office. We think we're positioned well with relatively no exposure to the metro office tower segment. Our buildings with heights over two to three floors. We continue to see minimal lease renewal issues, acceptable tenant stability, and very few credit issues in our office loan portfolio.

專業辦公室的品質繼續表現良好，專業辦公室的平均貸款規模為 726,000 美元。我們認為，我們的定位很好，相對而言，我們沒有涉足地鐵辦公大樓領域。我們的建築物高度超過兩到三層。在我們的辦公室貸款組合中，我們仍然看到很少的續約問題、可接受的租戶穩定性以及很少的信用問題。

And we talked about this a little bit last quarter though, we have seen insurance costs escalating across not only office but all CRE segments. We're continuing to monitor those closely for operating margin progression across our markets.

不過，我們在上個季度對此進行了一些討論，我們發現保險成本不僅在辦公室而且在所有商業地產領域都在不斷上升。我們將繼續密切監控整個市場的營業利潤率進展。

Substandard office loans were unchanged at 4.2% of our total office loans. Combined, owner and non-owner-occupied professional office loans make up about 9.4% of our total loan portfolio. And I think of particular note at the close of quarter one, professional office loans with 30-day delinquencies represented less than 1 basis point of our total outstanding professional office loans. So we like that trend.

次級辦公室貸款佔辦公室貸款總額的 4.2% 不變。業主和非業主自用專業辦公室貸款合計約占我們貸款組合總額的 9.4%。我認為特別值得注意的是，在第一季末，拖欠 30 天的專業辦公貸款在我們未償還的專業辦公貸款總額中所佔比例不到 1 個基點。所以我們喜歡這種趨勢。

In summary, asset and credit quality continues to demonstrate the solid borrower resiliency across our markets. And recently, risk management and enhancements have been added with a new internal loan review function within the bank. We think combined with our ongoing external loan review process, that will certainly help us augment our continued credit quality improvement initiatives for '24 and beyond.

總之，資產和信貸品質繼續證明我們市場上借款人的穩健彈性。最近，銀行內部新增了內部貸款審查職能，增加了風險管理和增強功能。我們認為，結合我們正在進行的外部貸款審查流程，這肯定會幫助我們加強 24 世紀及以後的持續信貸品質改善計劃。

Thank you, George. Great report. Credit quality remains strong and resilient in the face of macro stresses out there in the market, so great report. Appreciate that. That concludes our prepared comments. We'd open it up for questions now.

謝謝你，喬治。很棒的報告。面對市場的宏觀壓力，信貸品質仍然強勁且富有彈性，這是一份很棒的報告。感謝。我們準備好的評論到此結束。我們現在就開放提問。

(Operator Instructions) Brett Rabatin, Hovde Group.

（操作員說明）Brett Rabatin，Hovde Group。

Wanted to start on the deposits again and just thinking about the DDA was -- it seems like it's gotten to a level of stabilization, but it could have also been somewhat seasonal. Any thoughts on the DDA levels? And then just the strong growth you had in the now and other, what you would attribute that to, if anything?

想要再次開始存款，只是想到了 DDA——它似乎已經達到了穩定的水平，但也可能有些季節性。關於 DDA 級別有什麼想法嗎？然後，您現在和其他方面的強勁增長，您會將其歸因於什麼（如果有的話）？

DDAs, yeah, there is some stabilization and there's some seasonality to it because now, when we'll be coming in -- we've got a pretty good market share in tourist markets, particularly South Mississippi, South Alabama, Panhandle of Florida, capital markets. So those markets will be into their seasons now and we'll see an increase or should see some increase in non-interest bearing DDAs as those of those monies cycle through the season. So we were at a low point probably at the end at the beginning of the first quarter, and so we'll begin to see that stabilize as we move forward. I think you were talking about the public influence.

DDA，是的，有一定的穩定性，也有一定的季節性，因為現在，當我們進來時——我們在旅遊市場上擁有相當好的市場份額，特別是南密西西比州、南阿拉巴馬州、佛羅裡達州狹長地帶，資本市場。因此，這些市場現在將進入旺季，隨著這些資金在整個季節的循環，我們將看到無息 DDA 的增加或應該會看到一些增加。因此，我們可能在第一季初末處於低點，因此隨著我們的前進，我們將開始看到這種情況穩定下來。我認為你在談論公眾影響力。

Yes, the now another, really a big portion of that was our public fund. They're considered in that now account, and that was $256 million, I believe, was in the public fund inflows. So that's really most of that. (multiple speakers) Oh, yeah, the rate on the overall public transport book of business is about 270.

是的，現在的另一個，確實很大一部分是我們的公共基金。它們被計入現在的帳戶中，我相信這 2.56 億美元屬於公共資金流入。這就是大部分內容。（多名發言者）哦，是的，整個公共交通業務的費率大約是270。

Okay. That's helpful. And then it sounds like the loan pipeline is building, and I think a lot of banks were talking about mid-single-digit growth this year. Can you talk maybe about your expectations for loan growth and then how much remix we might see from securities to loans this year?

好的。這很有幫助。然後聽起來貸款管道正在建設，我認為很多銀行都在談論今年的中個位數成長。您能否談談您對貸款成長的預期，以及今年我們可能會看到從證券到貸款的多少混合？

I don't know that we've changed guidance recently. We had this little dip this quarter. Again, it's hard to tell one quarter over another, but currently, the pipelines really had a nice growth. I don't really know where that goes the rest of the year. We'll just have to see --

我不知道我們最近改變了指導方針。本季我們的業績略有下滑。同樣，很難區分一個季度與另一個季度的情況，但目前，管道確實有不錯的增長。我真的不知道今年剩下的時間會去哪裡。我們只需要看看--

I think we're still thinking -- with our budget still mid-single digits, as you mentioned, that's our budget for the year. And a lot of that rebates will be coming out of our securities portfolio, so that's that's essentially using up all of that cash flow out of the securities portfolio, remixed and below.

我認為我們仍在考慮——正如您所提到的，我們的預算仍然是中個位數，這就是我們今年的預算。大部分的回扣將來自我們的證券投資組合，因此這基本上耗盡了證券投資組合中所有現金流（重新混合及以下）。

Yes.

是的。

Okay. And then just last one, if I can sneak this one in on expenses. It's good to see the expense management. Is there other pressure points from here relative to the 1Q level? Or can you keep that fairly flat throughout the year?

好的。然後就是最後一項，如果我能把這項一項偷偷地算進費用的話。很高興看到費用管理。相對於第一季的水平，這裡還有其他壓力點嗎？或者你能全年保持相當平穩嗎？

I think that will be fairly flat. Usually, our fourth quarter, we haven't -- an uptake usually end of the year for alternated just -- but I think the consensus out there, the $178 million for the year, and I think that's a pretty good number, which would be a little bit of an increase from this $43.4 million we had this quarter. But overall, I think -- I've been talking about $44 million or so a quarter.

我認為這將相當平坦。通常，我們的第四季度，我們沒有——通常是在年底進行交替——但我認為達成的共識是，今年的收入為1.78 億美元，我認為這是一個相當不錯的數字，這將是一個非常好的數字。但總的來說，我認為——我一直在談論每季 4400 萬美元左右。

Okay, that's helpful. Thanks for the color.

好的，這很有幫助。謝謝你的顏色。

For sure. Thanks, Brett.

一定。謝謝，布雷特。

Matt Olney, Stephens.

馬特·奧爾尼、史蒂芬斯。

Hey, I want to ask more about these deposit costs and the competition around that, and curious what you're seeing in your markets in recent weeks, I think in the prepared remarks, you mentioned just a handful of competitors. There were some higher promotional rates. I think you mentioned that back in January as well. Just looking to see if there's any change in that in recent weeks, or still the same level of pressure.

嘿，我想更多地了解這些存款成本以及與之相關的競爭，並且很好奇您最近幾週在市場上看到的情況，我認為在準備好的評論中，您只提到了少數競爭對手。有一些更高的促銷率。我想你在一月也提到過這一點。只是想看看最近幾週情況是否有任何變化，或者壓力仍然相同。

It's changed a little, but we're still -- with the pressure of the competition, they're still running their specials. We ended, as I mentioned, we had that six months, 5.25%. It was our special last fall. And what we've dropped it to now is we have like a three months at 5%. But what we're seeing out there from big names five months, eight months at 5% and 5.25%.

雖然發生了一些變化，但我們仍然——在競爭的壓力下，他們仍在推出特價商品。正如我所提到的，我們結束了這六個月，5.25%。這是我們去年秋天的特別節目。我們現在已經把它降到了三個月的時間，利率是 5%。但我們從大牌公司看到，五個月、八個月分別為 5% 和 5.25%。

So we had the one-offs, as I mentioned, last quarter from some smaller banks in different markets that are running a little bit higher. But I think it's -- and we still had a little bit of money market pressure. We had that special for the money markets was six month guaranteed rate. It was 5% for six months and then it was going to drop.

因此，正如我所提到的，上個季度我們在不同市場的一些規模較小的銀行中遇到了一次性的情況，這些銀行的運作情況稍高一些。但我認為，我們仍然面臨一些貨幣市場壓力。我們為貨幣市場提供了六個月的保證利率。六個月來一直是 5%，然後就會下降。

And so what we had set up as those come due or that six-month period ends for them, they're cycling into the tiered rate product that we have. And so depending on their balance, that's anywhere from 3.5% to 4.25%. But as you know, when they're coming out, well, I just had 5% and I need to be close to 5% because so and so has this. So we're still having to face a little bit of that repricing pressure, but some will obviously reprice into these tiers that I mentioned, but --

因此，當這些到期或六個月期限結束時，我們所設定的內容將循環到我們擁有的分級利率產品。因此，根據其餘額，該比例從 3.5% 到 4.25% 不等。但如你所知，當他們出來時，嗯，我只有 5%，我需要接近 5%，因為某某有這個。因此，我們仍然必須面對一點重新定價的壓力，但有些人顯然會重新定價到我提到的這些級別，但是--

I don't think it's as bad as the fourth quarter, though.

不過，我認為情況沒有第四季那麼糟。

Oh, definitely not fourth quarter.

哦，絕對不是第四季。

Yeah. Compared to fourth quarter, it was really an intense battle, but it seems like there's a little less pressure out them. Did you hear that through your folks?

是的。與第四節相比，這確實是一場激烈的戰鬥，但他們的壓力似乎減輕了一些。你是透過你的家人聽到的嗎？

That's what we hear throughout the regions, yeah. I agree.

是的，這就是我們在各個地區聽到的。我同意。

Okay. Thanks for the commentary there. And in your prepared remarks, you mentioned the seasonality in the first quarter. Can you just remind us of the seasonality that we should be forecasting for the second quarter, just the overall size of balance sheet? I think we've seen some contraction on the average balances of last two years in 2Q. Just curious what you expect for the overall size of the balance sheet in 2Q this year.

好的。感謝那裡的評論。在您準備好的發言中，您提到了第一季的季節性。您能否提醒我們，我們應該預測第二季的季節性，也就是資產負債表的整體規模？我認為第二季度我們看到過去兩年的平均餘額有所收縮。只是好奇您對今年第二季資產負債表的整體規模有何預期。

Well I didn't look back at last year's 2Q, but I think we'll start -- usually, we still get -- if you're talking about public funds on that seasonality, we still -- a little bit still in April, maybe May, and then they'll start spending that, but we also have the seasonality that Hoppy mentioned from our customers that are in the destination places that will pick up their balances. So I'm thinking we'll be where we are, those things offset each other.

嗯，我沒有回顧去年的第二季度，但我認為我們會開始 - 通常，我們仍然會 - 如果你談論公共基金的季節性，我們仍然 - 4 月份仍然有一點，也許是五月，然後他們就會開始消費，但我們也有霍皮從我們的客戶那裡提到的季節性，他們會在目的地收回他們的餘額。所以我想我們會維持現狀，這些事情會互相抵銷。

Yeah. Kind of flat, then you really see it in the third quarter, more so in fourth quarter, when you got a double thing when you got public funds in and out the money plus you got the the tourist markets are out of their season. So there's enough, the money they burned during the summer months. So you see probably the biggest contraction in the fourth quarter, Matt.

是的。有點持平，然後你真的會在第三季度看到它，尤其是在第四季度，當你得到雙重的東西時，你得到了公共資金的進出，加上你得到了旅遊市場淡季。所以他們在夏季燒掉的錢已經夠多了。所以你會看到第四季可能出現最大的收縮，馬特。

Okay, that's helpful. Thanks for that. And then just lastly, on the securities yields, I think we saw some of the benefits in the first quarter of that restructuring from a few months ago. Curious just what the appetite is for additional security sales and repurchases like you did previously. Can there be appetite there? And then as you look at the market, the financials of such a trade, is it reasonable to assume a similar trade today or given markets and the yield curve? Just curious what you're seeing there.

好的，這很有幫助。感謝那。最後，關於證券收益率，我認為我們在幾個月前的重組第一季看到了一些好處。很好奇您對額外的證券銷售和回購的興趣是什麼，就像您之前所做的那樣。那裡還能有食慾嗎？然後，當您觀察市場、此類交易的財務狀況時，假設今天或給定市場和殖利率曲線的類似交易是否合理？只是好奇你在那裡看到了什麼。

Well actually, we were talking about it yesterday and starting to run the numbers on that process to see if we can do the same kind of trade and get the same pickup. We we did have some treasury that we were able to sale that had been purchased in the past for short term. They were kind of Fed funds alternatives, back when rates were lower, and so we were able to sell those before and have a bigger gauge.

事實上，我們昨天討論過這個問題，並開始運行該流程中的數字，看看我們是否可以進行相同類型的交易並獲得相同的提貨。我們確實有一些我們能夠出售過去短期購買的金庫。它們是聯邦基金的替代品，當時利率較低，所以我們能夠之前出售它們並擁有更大的指標。

So we're running the numbers. And obviously, if it makes sense and we can do something similar, we will do it again, I would say in this quarter. But we're running the numbers now for that.

所以我們正在計算數字。顯然，如果有意義並且我們可以做類似的事情，我們會在本季再次這樣做。但我們現在正在為此進行統計。

Okay, thank you.

好的謝謝。

Thanks, Matt.

謝謝，馬特。

Catherine Mealor, KBW.

凱瑟琳·梅勒，KBW。

I wanted to ask on the buyback. You've announced the authorization earlier this quarter. Just curious, your thoughts on how active you think you'll be on that?

我想問一下回購的事。您已於本季早些時候宣布了授權。只是好奇，您認為您對此會有多積極？

So we did announce this earlier in the quarter and got it renewed. We still look to use that as one of our capital management tools. Stock price at $25 is not as attractive. As it gets down to lower $20s, Catherine, I think it makes a lot more sense for us.

因此，我們確實在本季度早些時候宣布了這一點，並對其進行了更新。我們仍然希望將其用作我們的資本管理工具之一。25 美元的股價並不那麼有吸引力。當價格降到 20 美元以下時，凱瑟琳，我認為這對我們來說更有意義。

Great. Somewhat price sensitive than anything.

偉大的。對價格比什麼都敏感。

Yeah.

是的。

And then on the margin, how should we think about -- so you gave guidance for the margin to be down just a little bit more this next quarter. How you think about if we don't see rate cuts in the back half of the year, how you think your margin will trend? Do you see more downside as just deposit cost keeps pricing up? Or is there a scenario we could see your NIM actually start to expand even in a higher-for-longer environment?

然後在利潤方面，我們應該如何考慮——所以你給出了下個季度利潤率進一步下降一點的指導。您如何看待如果下半年我們沒有看到降息，您認為您的利潤率會如何改變？您是否認為存款成本會導致價格上漲，帶來更多負面影響？或者是否有一種情況我們可以看到您的 NIM 實際上開始擴展，即使在更高、更長的環境中？

Yeah, I think part of what we have been talking about was looking at our modeling and our projections on looking forward. And that's higher single digit increase in margin, but that also has the two cuts, the July to November cuts built in. So I think we'll still see pickup in yield on our loans. There's still some room there as those reprice the cash flows out of that.

是的，我認為我們一直在討論的部分內容是研究我們的模型和對未來的預測。這是利潤率較高的個位數成長，但也有兩次削減，即 7 月至 11 月的削減。因此，我認為我們的貸款收益率仍將上升。當這些人重新定價現金流時，仍有一些空間。

And new loans that are going on, we'll see some pickup in that. I don't think as much, as we have seen, the past few quarters have been increasing on the loan yields. But I still see pickup from that. I think pickup from whether it's in the loan yields or in just deposits from the cash flow coming out of the investment book, we'll see a pickup in yield on that.

正在發生的新貸款，我們會看到一些回升。我認為，正如我們所看到的那樣，過去幾個季度貸款收益率一直在增長。但我仍然看到了這種情況的改善。我認為，無論是貸款收益率還是投資帳簿中現金流出的存款，我們都會看到收益率的上升。

So those may offset what I think, if there is no change in rates, some of the deposit pressure, because we're still repricing a few things. People, believe it or not, after how many years it has been now with rate cuts going 2.5%, are just now saying, hey, I'm only earning this much; I need a better rate. And you're thinking, where have they been? (laughter) So we're kind of glad, but -- so we an occasional one of those come up, but I think hopefully, we're just maintaining.

因此，如果利率沒有變化，這些可能會抵消我的想法，部分存款壓力，因為我們仍在對某些東西進行重新定價。不管你信不信，在降息 2.5% 已經多少年之後，人們現在才說，嘿，我只賺這麼多；我需要更好的價格。你在想，他們去了哪裡？（笑聲）所以我們有點高興，但是——所以我們偶爾會出現其中一個，但我認為希望我們只是維持下去。

And it looks like -- looking at -- when you look at the deck on the deposit costs, we label it out for you per month, January, February, March. And then looking at April, April is trending pretty much in line with March. So I think that we shouldn't see a whole lot of difference. But I'm still always leaning toward a little bit of compression just because we are still facing some competition in price in a few things. So I'm always going to be on that side.

看起來，當你查看存款成本表時，我們會為你按月（一月、二月、三月）標記出來。然後看看四月，四月的趨勢與三月幾乎一致。所以我認為我們不應該看到很大的差異。但我仍然總是傾向於稍微壓縮一點，因為我們在某些​​方面仍然面臨價格競爭。所以我永遠站在那邊。

Stablize it a bit.

稍微穩定一下。

I think so. Yeah, it's just a lot of little moving pieces there. But it seems very positive, I think, which -- just being down 4 basis points, that's --

我想是這樣。是的，那裡只是很多移動的小部件。但我認為這似乎非常積極，僅僅下降了 4 個基點，那就是--

(multiple speakers) stronger refis up the curve are doing loans. But then also the cash flow, common knowledge. So seeing the substantial increase of loan pipelines really gives me some comfort around the health of the margin in the back half of the year, because we'll be able to use that cash flow coming out of the bond portfolio, 181, reprice that back up the curve hopefully, as 8, something with 8 probably, for the most part.

（多個發言者）曲線上更強勁的再融資正在貸款中。但還有現金流，常識。因此，看到貸款管道的大幅增加確實讓我對今年下半年的利潤狀況感到一些安慰，因為我們將能夠利用來自債券投資組合的現金流，181，重新定價希望能沿著曲線向上，達到8，大部分情況下可能是8。

Yeah.

是的。

That makes sense. And then loan yields, you've seen really nice increase in loan yields the past couple of quarters. So you're saying, DeeDee, that should moderate a little bit in the next couple of quarters until growth picks up?

這就說得通了。然後是貸款收益率，在過去的幾個季度中，您已經看到貸款收益率的大幅成長。所以你是說，DeeDee，在接下來的幾個季度中，這種情況應該會有所放緩，直到成長回升？

I think so, yeah. yeah.

我想是的，是的。是的。

Yeah.

是的。

Okay. That makes sense. Okay, great. Thank you.

好的。這就說得通了。好的，太好了。謝謝。

Christopher Marinac, Janney Montgomery Scott LLC.

克里斯多福·馬裡納克，詹尼·蒙哥馬利·斯科特有限責任公司。

I just wanted to drill down on the office portfolio just for a second. So Hoppy, we should be thinking of this holistically as the combination of your construction office, the non-owner occupied, and then a residual component and the owner-occupied. Is that correct to get us to that total number that was cited in the slides?

我只是想深入了解辦公室投資組合。因此，Hoppy，我們應該從整體上將其視為您的建築辦公室、非業主佔用的組合，然後是剩餘部分和業主佔用的組合。讓我們得到幻燈片中引用的總數是否正確？

George?

喬治？

Yes. That would include all of those components.

是的。這將包括所有這些組件。

Okay, great, just wanted to clarify. And then can you walk us through the process for debt service coverage and stressing those? And to what extent is that already done? Or would that be something that may adjust on criticizing classifieds as this year unfolds?

好吧，太好了，只是想澄清一下。然後您能否向我們介紹一下償債流程並強調這些？這已經完成到什麼程度了？或者隨著今年的展開，這可能會針對批評分類廣告進行調整嗎？

We're stressing right now. We started using, essentially, a 300-basis-point shock in most of our stress methodology, realizing that we're probably at the top of the curve at this point, but that's still the shock bandwidth, if you will, that we use.

我們現在壓力很大。我們開始在大多數壓力方法中使用 300 個基點的衝擊，意識到我們此時可能處於曲線的頂部，但如果你願意的話，這仍然是我們使用的衝擊頻寬。

And of course, with all renewals, we're looking at a similar -- every loan approval has a similar rate shock, up to 300 basis points, as we're looking at those from an approval standpoint. So really have not changed our methodology there.

當然，對於所有續約，我們都會看到類似的情況——每次貸款批准都會有類似的利率衝擊，最高可達 300 個基點，因為我們是從批准的角度來考慮的。所以我們的方法確實沒有改變。

Great. Thanks for that. And just I guess a similar question on the multi-family side. Just what are you seeing in multi-family for either construction or for permanent that you are keeping on the balance sheet? And just any trends that are different there.

偉大的。感謝那。我猜多戶家庭方面也有類似的問題。您在資產負債表上保留的建築物或永久多戶住宅中到底看到了什麼？還有任何不同的趨勢。

We still have, I think, 8 or 10 projects to move over from construction into perm. The most recent of those, or right on track for their absorption forecast, we're in some big markets in multifamily and are seeing good occupancy.

我認為，我們還有 8 或 10 個項目需要從建設階段轉移到燙髮階段。其中最新的，或者說正處於吸收預測的正軌中，我們在多戶住宅的一些大市場中，並且看到了良好的入住率。

A lot of our apartment complexes are not necessarily in the larger metropolitan areas where competition tends to be maybe more predominant, and so there are fewer options. And when you're the new shiny object of a complex in a smaller market, I think it helps shorten the absorption period. So we're not really seeing any problems there. Most of our permanent loans, as we look at those around the footprint, we don't see rent concessions being made among our multifamily developers and things that you see in some of your larger, maybe oversaturated, larger metropolitan markets.

我們的許多公寓大樓不一定位於大城市地區，那裡的競爭可能更為激烈，因此選擇較少。當你成為較小市場中綜合體的新閃亮物件時，我認為這有助於縮短吸收期。所以我們並沒有真正看到任何問題。我們的大多數永久貸款，當我們觀察周圍的足跡時，我們沒有看到我們的多戶開發商做出租金優惠，以及你在一些更大的、可能過度飽和的大都市市場中看到的事情。

Got it. Great. Thank you for that background. And then Hoppy, just I guess a quick question for you. From a strategic standpoint, do you find that other banks are more willing to engage with you now than in the past? Or is that conversation still the same?

知道了。偉大的。謝謝你的背景。然後霍皮，我想問你一個簡單的問題。從策略角度來看，您是否發現其他銀行現在比過去更願意與您合作？或者那段對話還是一樣嗎？

The conversations are still -- I think people are thinking about it, but again, the math is somewhat challenging and there's lot of uncertainty in the market. And gosh, you saw the new guidance that came out, or the new proposal that came out from the FDIC, I guess on some merger -- things that we're using to decide mergers on application approvals. So I don't know if it doesn't -- it's not a ton, or we haven't seen a ton of conversations going on right now.

談話仍在繼續——我認為人們正在考慮這個問題，但同樣，數學有點具有挑戰性，而且市場存在著許多不確定性。天哪，你看到了新的指導意見，或者 FDIC 提出的新提案，我想是關於一些合併的——我們用這些東西來決定申請批准的合併。所以我不知道是否沒有——不是很多，或者我們現在還沒有看到大量的對話。

Great. Thank you for taking all my questions.

偉大的。感謝您回答我所有的問題。

Thanks, Chris.

謝謝，克里斯。

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

謝謝你。我沒有再提出任何問題。我現在想將電話轉回給霍皮·科爾 (Hoppy Cole) 進行結束語。

Well, good. Well, thanks, everyone. We appreciate you participating this morning. We begin -- we think we had a really good quarter and a strong start to the year and a really good position for the balance of the year. So if there are no further questions, that'll conclude our call for this morning for this quarter.

嗯，很好。嗯，謝謝大家。我們感謝您今天早上的參與。我們開始——我們認為我們有一個非常好的季度和一個強勁的今年開局，並且在今年剩餘的時間裡處於一個非常好的位置。因此，如果沒有其他問題，我們今天上午關於本季的電話會議就到此結束。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。