Great Southern Bancorp Inc (GSBC) 2022 Q3 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Great Southern Bancorp, Inc. Third Quarter 2022 Earnings Call. (Operator Instructions) At this time, I would like to turn the conference over to Ms. Kelly Polonus. Ma'am, please begin.

女士們先生們，美好的一天，謝謝你們的支持。歡迎參加 Great Southern Bancorp, Inc. 2022 年第三季財報電話會議。 （操作員指示） 現在，我想將會議交給Kelly Polonus 女士。女士，請開始。

Thank you, Howard. Good afternoon, and welcome. The purpose of this call today is to discuss the company's results for the quarter ending September 30, 2022. Before we begin, I need to remind you that during this call, we may make statements about future events and financial performance. Please do not place undue reliance on any forward-looking statements, which speak only as of the date they are made. Please see our forward-looking statements disclosures in our third quarter 2022 earnings release for more information. President and CEO, Joe Turner; and Chief Financial Officer, Rex Copeland, are on the call with me today. I'll now turn the call over to Joe.

謝謝你，霍華德。下午好，歡迎光臨。今天本次電話會議的目的是討論公司截至 2022 年 9 月 30 日的季度業績。在開始之前，我需要提醒您，在本次電話會議期間，我們可能會就未來事件和財務業績發表聲明。請不要過度依賴任何前瞻性陳述，這些陳述僅代表發布當日的情況。請參閱我們在 2022 年第三季財報發布中揭露的前瞻性聲明，以了解更多資訊。總裁兼執行長喬·特納；財務長雷克斯·科普蘭 (Rex Copeland) 今天與我通話。我現在會把電話轉給喬。

Okay. Thanks, Kelly. Good afternoon, everyone. We appreciate you joining us today for our third quarter earnings call. Our third quarter earnings continue to be strong, continuing our momentum from the second quarter. We're focused on ensuring that our company is properly positioned, especially in light of the changing interest rate environment that we're in. As always, we are concentrating on building lasting relationships with our customers and making decisions that are in the best interest of all our constituents over the long term. Our great team of associates understands this and is working hard every day to fulfill this mission. I'm really proud of our team. As usual, I'll provide some brief remarks about the company's performance and then turn the call over to Rex Copeland, who will go into more detail on our financial results. Then we'll open it up for questions.

好的。謝謝，凱利。大家下午好。感謝您今天參加我們的第三季財報電話會議。我們第三季的獲利持續強勁，延續了第二季的動能。我們專注於確保我們的公司處於正確的定位，特別是考慮到我們所處的不斷變化的利率環境。一如既往，我們專注於與客戶建立持久的關係，並做出符合最佳利益的決策從長遠來看，我們所有選民的利益。我們偉大的員工團隊明白這一點，並且每天都在努力完成這項使命。我真的為我們的團隊感到自豪。像往常一樣，我將簡要介紹公司的業績，然後將電話轉給雷克斯·科普蘭，他將更詳細地介紹我們的財務業績。然後我們將打開它來提問。

In the third quarter of 2022, we earned $18.1 million or $1.46 per diluted common share compared to $20.4 million or $1.49 per diluted common share for the same period in 2021. It was a decrease of $2.3 million from the prior year quarter, but how we got there was significantly different in both quarters. So I do want to go into a little bit more detail.

2022 年第三季度，我們賺取了1,810 萬美元，即每股稀釋普通股1.46 美元，而2021 年同期為2,040 萬美元，即每股稀釋普通股1.49 美元。比去年同期減少了230 萬美元，但我們如何兩季的情況都有顯著差異。所以我確實想更詳細地討論一下。

First of all, in the third quarter of '22, we earned $8 million more in net interest income than we did in the same quarter a year ago. And this was even after earning a $1.6 million in PPP fee accretion in the 2021 quarter.

首先，22 年第三季度，我們的淨利息收入比去年同期增加了 800 萬美元。即使在 2021 年季度 PPP 費用增加了 160 萬美元之後也是如此。

Another big driver -- the biggest driver really of the change between the quarters was the change in provision expense, which was we had $3.3 million in provision expense in this year's quarter versus the negative provision of $2.4 million in the year ago quarter. So a swing of $5.7 million there.

另一個重要驅動因素 - 季度之間變化的最大驅動因素是撥備費用的變化，今年季度我們的撥備費用為 330 萬美元，而去年同期的撥備費用為 240 萬美元。因此，這裡有 570 萬美元的波動。

Noninterest income was about $1.8 million lower in the third quarter of this year, mainly as a result of lower gain on loan sales, gain on loans. Operating expenses were $3.4 million higher in the third quarter this year than they were in the third quarter last year. About $1.1 million of that related to professional fees regarding our conversion that we've data servicing conversion that we've talked about the last couple of quarters. We also had 300 -- almost $400,000 of professional fees related to a swap that we entered into in the third quarter of '22. Our salary and employee benefits increased about $1.1 million in the third quarter of '22 over the third quarter of '21. About $300,000 of that increase related to the loan production offices we opened -- so about $800,000 just related to maybe some additional staffing as well as probably higher comp levels given the kind of employment environment we're in. So if we look at reported pretax pre-provision earnings, our pretax pre-provision earnings were $26.1 million in Q3 of '22 versus $23.4 million in Q3 of '21. So we were up $2.7 million.

今年第三季非利息收入減少約 180 萬美元，主要是因為貸款銷售收益和貸款收益下降。今年第三季的營運費用比去年第三季增加了 340 萬美元。其中約 110 萬美元與我們過去幾季討論過的數據服務轉換相關的專業費用有關。我們還有 300 - 近 40 萬美元的專業費用與我們在 22 年第三季簽訂的互換有關。 22 年第三季我們的薪資和員工福利比 21 年第三季增加了約 110 萬美元。其中約30 萬美元的增長與我們開設的貸款生產辦公室有關- 因此，考慮到我們所處的就業環境，約800,000 美元可能與額外的人員配置以及可能更高的薪酬水平有關。因此，如果我們查看報告的稅前數據撥備前收益，22 年第三季我們的稅前撥備前收益為 2,610 萬美元，而 21 年第三季為 2,340 萬美元。所以我們增加了 270 萬美元。

And this was -- would have been about a 9% lower share. I think our fully diluted shares in the '21 quarter were $13.6 million versus 12.4 million in this year's quarter. Our earnings ratios were strong, 13% return on equity, 130 return on assets. I'm talking about this quarter now, obviously, our margin was 3.96% versus 3.36% in the year ago quarter and 3.78% in the second quarter of '22. The Federal Reserve continues to signal that there will be additional rate increases, maybe 75 basis points coming soon, maybe another 50 basis points after that, maybe another quarter. I think as with -- as is typical in rate increase cycle, probably most of the benefit -- we still consider ourselves to be maybe moderately, maybe slightly to moderately [assets to this] (inaudible) -- so we would anticipate that we might see some benefits to our margins from continued increases. But I think definitely the lion's share of the benefit that we'll see from the rate increase that has already appeared in our margin.

這本來會降低約 9% 的份額。我認為我們 21 年季度完全稀釋後的股票為 1,360 萬美元，而今年季度為 1,240 萬美元。我們的獲利比率很高，股本回報率為 13%，資產回報率為 130。我現在談論的是本季度，顯然，我們的利潤率為 3.96%，而去年同期為 3.36%，22 年第二季為 3.78%。聯準會繼續暗示將進一步升息，可能很快就會升息 75 個基點，之後可能再加息 50 個基點，也許再加一個季度。我認為，就像升息週期中的典型情況一樣，可能是大部分好處——我們仍然認為自己可能是適度的，可能是輕微到適度的[對此的資產]（聽不清楚）——所以我們預計我們持續成長可能會為我們的利潤帶來一些好處。但我認為，我們將從利潤率中已經出現的利率上漲中看到最大的收益。

As far as loans go during the quarter, loan production and activity in our markets continue to be strong in all our markets, including our newest markets. Our net loans have grown about $490 million since the beginning of the year. Our pipeline has also grown over $400 million this the beginning of the year. So a very strong loan origination market for us. We do probably expect things to slow as interest rates are coming up. Cap rates are coming up. So we expect the flow origination activity to slow. We're in a pretty good position, though, because we have $1.4 billion or really $2 billion in unfunded commitments, $1.4 billion of construction commitments that will continue to fund probably over the next 15 months or so.

就本季的貸款情況而言，我們所有市場（包括最新市場）的貸款生產和活動持續強勁。自年初以來，我們的淨貸款增加了約 4.9 億美元。今年年初，我們的產品線也成長了超過 4 億美元。所以對我們來說這是一個非常強大的貸款發放市場。我們確實可能會預期隨著利率的上升，事情會放緩。上限利率即將上漲。因此，我們預計流量發起活動將會放緩。不過，我們的處境相當不錯，因為我們有 14 億美元或實際上 20 億美元的無資金承諾，還有 14 億美元的建設承諾，可能會在未來 15 個月左右的時間裡繼續提供資金。

Our asset quality or credit quality metrics continue to be at historically good levels for us. Nonperforming assets were $3.4 million at the end of the quarter, which is a decrease of $2.6 million from the end of the year. 0.06% of total assets, very low our levels of past due, et cetera, charge-offs are also at very low levels. So great credit metrics. Capital, we began the year in an extremely strong capital position, and I think continue to be in a very strong capital position. Our tangible common equity to tangible assets ratio is 8.8%. So down a little bit from the year -- from the end of the year, but still very strong. In the third quarter, we declared a $0.40 per share common dividend. And through the first 9 months, we've declared $1.16 in dividends. We've purchased approximately 1 million shares of stock this year at $59.28. And at September 30, 2022, we had 222,000 shares still available in our stock repurchase authorization. That concludes my prepared remarks.

我們的資產品質或信用品質指標繼續處於歷史良好水平。季末不良資產為340萬美元，較年末減少260萬美元。佔總資產的0.06%，我們的逾期水準非常低，等等，沖銷也處於非常低的水準。如此出色的信用指標。資本方面，我們今年年初的資本狀況非常強勁，而且我認為我們將繼續保持非常強勁的資本狀況。我們的有形普通股與有形資產的比率為 8.8%。因此，與今年年底相比有所下降，但仍然非常強勁。第三季度，我們宣布派發每股 0.40 美元的普通股息。前 9 個月，我們宣布派發 1.16 美元的股息。今年我們以 59.28 美元的價格購買了大約 100 萬股股票。截至2022年9月30日，我們的股票回購授權中仍有222,000股可用。我準備好的發言就到此結束。

Well, I might just go through capital. We did -- our TCE, the dollar amount is down pretty significantly from the beginning of the year. We started with $616 million in capital at January 1 of 2022. We basically spent about as much in buying stock back as we've had in net income. So our capital has reduced by the amount of our dividend, which is about $14 million. And then there has been a pretty significant change, about $91 million, I think, change in our mark-to-market on our swaps and our available for sale portfolio. Our loan portfolio is largely very short. So the securities we buy and the swaps we enter into are supposed to be longer to balance our portfolio so that our company will be able to perform better as rates decline and we get into a lower interest rate environment. So that's the purpose of that. Now I'll turn it over to our CFO, Rex Copeland.

好吧，我可能只是透過資本。我們做到了——我們的 TCE，美元金額比年初大幅下降。截至 2022 年 1 月 1 日，我們的初始資本為 6.16 億美元。我們回購股票的支出基本上與淨收入的支出一樣多。因此，我們的資本減少了股息金額，約 1400 萬美元。然後發生了相當重大的變化，我認為，我們的掉期和可供出售投資組合的按市值計價的變化約為 9,100 萬美元。我們的貸款組合基本上很短。因此，我們購買的證券和我們進行的掉期交易應該更長，以平衡我們的投資組合，以便我們的公司在利率下降和進入較低利率環境時表現得更好。這就是這樣做的目的。現在我將把它交給我們的財務長雷克斯·科普蘭 (Rex Copeland)。

All right. Thank you, Joe. Joe has mentioned a few of these things already, but I'll just try to add a little more information on some things. I'll start with looking at net interest income and margin. And as Joe said, our net interest income for this quarter increased about $8 million to $52.9 million compared to the $44.9 million in the third quarter last year. Net interest income in the second quarter of 2022 was $48.8 million. And then Joe already mentioned that we had $1.6 million of accretion of deferred fees for PPP loans in the 2021 third quarter numbers. Net interest margin, again, was 3.96% for the third quarter. That compared, as we said, to 3.36% in the third quarter last year. So we had a significant increase from where we were a year ago. That was really a result of, obviously, interest rates becoming -- being a lot higher than they were. But also as we've said and you've seen our loan portfolio has grown fairly significantly from a year ago as well as our investment securities where we put some funds to work. So those 2 things are happening right now and increasing our net interest income.

好的。謝謝你，喬。喬已經提到了其中一些事情，但我將嘗試添加一些有關某些事情的更多資訊。我將從淨利息收入和利潤率開始。正如喬所說，與去年第三季的 4,490 萬美元相比，本季我們的淨利息收入增加了約 800 萬美元，達到 5,290 萬美元。 2022年第二季的淨利息收入為4,880萬美元。然後喬已經提到，我們在 2021 年第三季的數據中增加了 160 萬美元的 PPP 貸款遞延費用。第三季淨利差再次為 3.96%。正如我們所說，去年第三季這一數字為 3.36%。因此，與一年前相比，我們有了顯著的成長。顯然，這實際上是利率遠高於實際水平的結果。但正如我們所說，您也看到我們的貸款組合比一年前有了相當大的成長，我們投入了一些資金的投資證券也有了相當大的成長。所以這兩件事現在正在發生並增加了我們的淨利息收入。

The average yield on loans increased about 44 basis points from the previous year quarter, and our cost of deposits was up 23 basis points from the quarter a year ago. And as I mentioned, we've seen the cash and cash equivalents that we had, some excess liquidity. We've utilized that to put into loans and investments.

平均貸款收益率較去年同期上升約44個基點，存款成本較去年同期上升23個基點。正如我所提到的，我們已經看到了我們擁有的現金和現金等價物，以及一些過剩的流動性。我們用它來進行貸款和投資。

As Joe mentioned, I think, before, and we've said before, we're still looking at being generally positive for us in the rising interest rate environment. We'll continue to monitor where we are in that position. And like Joe said, we tried to do some things to help mitigate the downside risk of when rates turn around and start going back down. So we do take that very seriously and look at it very strongly all the time trying to make sure we're getting the best we can the right balance there.

正如喬所提到的，我認為，我們之前也說過，我們仍然希望在利率上升的環境中對我們整體有利。我們將繼續監控我們所處的位置。正如喬所說，我們試圖做一些事情來幫助減輕利率逆轉並開始回落時的下行風險。因此，我們確實非常認真地對待這一點，並一直非常強烈地關注它，努力確保我們能夠在其中獲得最佳的平衡。

During the 9 months, we talked about our asset mix has shifted. We talked about that. We've also had here during the year, our liability mix has shifted somewhat. So we were more -- we had more non-time accounts. At December 31, we were still -- had a lot of the deposits that came through, through the pandemic. And we've seen throughout 2022, that kind of a mix change a little bit. We've seen some of those excess funds flow out as we knew they would with a few of our customers that we knew had some kind of upfront funds there that we knew that they would, over time, draw those funds out. And we've seen some of that. We've also seen some of our small business checking and some of our corporate checking balances come down a bit as they've used those funds for their business operations in 2022.

在這 9 個月裡，我們談到我們的資產組合已經改變了。我們討論過這個。這一年我們的負債結構也發生了一些變化。所以我們有更多的非時間帳戶。截至 12 月 31 日，我們仍然擁有大量透過大流行獲得的存款。我們已經看到，整個 2022 年，這種組合發生了一些變化。我們已經看到一些多餘的資金流出，因為我們知道他們會與我們的一些客戶一起流出，我們知道這些客戶擁有某種預付款，我們知道隨著時間的推移，他們會提取這些資金。我們已經看到了其中的一些。我們也看到一些小型企業支票和一些企業支票餘額下降，因為他們將這些資金用於 2022 年的業務運營。

So kind of the summation of that is our transaction-type accounts have decreased about $212 million from December 31, while retail time accounts or CDs have increased about $105 million net. And then we've added some broker deposits. Those have increased about $209 million throughout the year since the beginning of 2022. So a little bit of shift in the liabilities that we have. And from time to time, if you utilize home loan bank advances as well. So we've got a variety of sources that we do use. And we try to do that and use varying types and terms. So some of those are going to be very short daily repricing type funding and some may be a little bit longer after a couple of years or something like that type funding. So we do a variety of things to try to manage the balance sheet through that side as well. Noninterest income, I'll talk about for a minute, that decreased about $1.8 million to $8 million even when compared to the last year's third quarter.

總而言之，自 12 月 31 日起，我們的交易型帳戶減少了約 2.12 億美元，而零售定期帳戶或 CD 淨額增加了約 1.05 億美元。然後我們增加了一些經紀人存款。自 2022 年初以來，全年增加了約 2.09 億美元。因此，我們的負債發生了一些變化。有時，如果您也利用房屋貸款銀行預付款。所以我們有各種各樣的資源可供使用。我們嘗試這樣做並使用不同的類型和術語。因此，其中一些將是非常短期的每日重新定價類型的融資，而有些可能會在幾年後或類似類型的融資上稍長。因此，我們做了很多事情來嘗試透過這方面來管理資產負債表。我想談非利息收入，即使與去年第三季相比，也減少了約 180 萬美元至 800 萬美元。

Again, as Joe said before, and I'm sure you all are seeing everywhere, loan originations, fixed rate loans, we typically sell in the secondary market. Those originations are much lower this year than they were in the past. And so the profit on those sales has slowed considerably. We are making some loans that are hybrid ARM type, so fixed for a period of time and then become variable rate. And those typically we're keeping on our balance sheet. So we've seen some increase in our 1 to 4 family portfolio as well.

再說一遍，正如喬之前所說，我相信你們都在各處看到，貸款發放、固定利率貸款，我們通常在二級市場上出售。今年這些起源比過去低得多。因此，這些銷售的利潤大幅放緩。我們正在發放一些混合 ARM 類型的貸款，因此在一段時間內固定利率，然後變成可變利率。這些通常是我們保留在資產負債表上的。因此，我們的 1 至 4 戶投資組合也有所增加。

Noninterest expense, I'll talk about that for just a little bit. And again, we touched on some of these already. But for the quarter, we -- our noninterest expense increased about $3.5 million compared to the year ago quarter. The expense was $34.8 million in this year's quarter.

非利息支出，我會稍微討論一下。我們已經再次談到了其中的一些內容。但就本季而言，我們的非利息支出與去年同期相比增加了約 350 萬美元。今年季度的費用為 3480 萬美元。

We talked about salary employee benefits information already that, as Joe went through some of those things. The -- some of the overall increases that we just kind of mentioned earlier in more general terms, again, we had merit increases. And like Joe said, too, we are paying some existing employees with bigger increases maybe than we have in the past and also then adding people and replacing people. And so there's some costs that go along with all of that. Mentioned the professional fees that we had, the Fiserv conversion or system conversion information that we've already talked about in the past. And then also the swaps that we put on in the third quarter, some upfront fees, we had to pay on that. And then the other operating expenses, that category, just kind of miscellaneous expenses was up about $570,000 from the prior year quarter. And we mentioned in our earnings release that, that related primarily to some deposit account fraud losses, some additional business development and some additional charitable contributions that we made in the third quarter that are sort of one-off type things, at least with the contributions.

我們已經討論了薪資員工福利訊息，因為喬經歷了其中一些事情。我們之前以更籠統的術語提到的一些整體成長，我們再次獲得了績效成長。正如喬所說，我們正在向一些現有員工支付比過去更大的漲幅，然後再增加人員和更換人員。因此，所有這些都會產生一些成本。提到我們過去已經討論過的專業費用、Fiserv 轉換或系統轉換資訊。然後還有我們在第三季進行的掉期，一些預付費用，我們必須支付。然後其他營運費用，即雜項費用，比去年同期增加了約 57 萬美元。我們在收益報告中提到，這主要與我們在第三季度做出的一些存款帳戶詐欺損失、一些額外的業務發展和一些額外的慈善捐款有關，這些捐款是一次性的，至少與這些捐款有關。

The efficiency ratio for the third quarter this year was 57.09% compared to 57.27% in the same quarter last year. And the increase -- I'm sorry, the decrease in that ratio was primarily because of increased income, mostly net interest income, obviously, mainly offset or partially offset by the increased noninterest expenses.

今年第三季的效率為57.09%，去年同期為57.27%。抱歉，這個比率的下降主要是因為收入增加，主要是淨利息收入，顯然，主要被非利息支出的增加所抵銷或部分抵銷。

Provision for credit losses, Joe really already talked about that. The difference that we had this year where we had provision expense versus the year ago quarter, where we had negative provision expense in the quarter.

信貸損失準備金，喬確實已經談到了這一點。今年我們的撥備費用與去年同期的不同之處在於，我們本季的撥備費用為負。

Net charge-offs, again, as Joe said, our credit has been very good, and we had net charge-offs in the 3 months ended September 30 of $297,000. A lot of that is related to overdrafts. We might have had a couple of small commercial charge-offs in there, but the vast majority of that is our rate of overdrafts. And then finally, I'll wrap up with talking about income taxes. Our effective tax rate this quarter was 20.5% compared to 20.9% in the year ago quarter. We continue to utilize some tax-exempt securities and loans and also low-income housing tax credits and things of that nature to help reduce some of our tax liability through those means.

淨沖銷，正如 Joe 所說，我們的信用一直非常好，截至 9 月 30 日的 3 個月內，我們的淨沖銷為 297,000 美元。其中很大一部分與透支有關。我們可能會有一些小額商業沖銷，但其中絕大多數是我們的透支率。最後，我將討論所得稅。本季我們的有效稅率為 20.5%，去年同期為 20.9%。我們繼續利用一些免稅證券和貸款以及低收入住房稅收抵免和類似性質的東西，透過這些方式幫助減少我們的一些稅務義務。

We continue to do that. We expect we'll continue to do that at generally the same kind of levels probably. And so we think that our effective tax rate in the upcoming future periods is going to be somewhere in the 20.5% to 21.5% range. And that will vary a little bit depending on the overall level of income and the income as we have to allocate it between the various states where we operate.

我們將繼續這樣做。我們預計我們將繼續以大致相同的水平做到這一點。因此，我們認為未來一段期間的有效稅率將在 20.5% 至 21.5% 的範圍內。根據整體收入水準和我們必須在我們經營所在的各州之間分配收入的情況，這會略有不同。

So there are some different things that come into play depending on kind of where some of the income is sourced from. But we think that, that generally is going to be the range where we'll be. So that concludes the remarks I had prepared. And at this time, I think we can entertain questions. And let me remind -- or go back to our operator to remind you all how to queue in for those questions.

因此，根據某些收入來源的不同，會有一些不同的因素發揮作用。但我們認為，這通常是我們所處的範圍。我準備的發言到此結束。這時候，我想我們可以接受提問。讓我提醒一下──或是回到我們的接線生那裡提醒大家如何排隊回答這些問題。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions). Our first question or comment comes from the line of Andrew Leisch from Piper Stanley Company. Mr. Liesch, your line is open.

謝謝。女士們、先生們，我們現在開始問答環節。 （操作員說明）。我們的第一個問題或評論來自 Piper Stanley 公司的 Andrew Leisch。 Liesch 先生，您的線路已接通。

Thank you... Question on the margin here. Just kind of diving into some of the deposit beta questions. I hear you that maybe there's a little bit more expansion ahead. But at what point do you think -- how many more Fed increases what do we need do you think that we'll finally see maybe some stabilization in the margin with some catch-up on the funding side?

謝謝...這裡的問題。只是深入探討一些存款測試版問題。我聽說你可能還會有更多的擴張。但你認為在什麼時候——聯準會還需要升息多少次，你認為我們最終會看到利潤率穩定，資金方面會有所追趕？

I'll start on that one, I guess. I mean, I think like we were saying, I think we'll see a little bit -- I mean, we're going to see a benefit on the loan side for sure. And then it becomes a matter of how we have to fund the existing balance sheet and any growth to the balance sheet and how much the mix continues to change toward time deposits. So I mean, assuming that we still continue to see a little bit more of that shift out of non-time deposits, which I'm not sure we will, but I would think that the fund growth in particular, is going to be probably more, would be more time deposit type products as opposed to non-time. Some of that, we can structure to be floating rate. So it would just be like more like Fed funds type floating and some of it may be a little more term where we'll have to pay maybe a little bit more of a premium rate or something like that, at least initially. So I think we're still going to see maybe some benefit, but I don't think it's going to -- I mean when you think back, the first couple of rate hikes were small, and we didn't really move our cost of funds much at all.

我想我會從那個開始。我的意思是，我認為就像我們所說的，我認為我們會看到一點——我的意思是，我們肯定會看到貸款方面的好處。然後，問題變成了我們如何為現有資產負債表和資產負債表的成長提供資金，以及在多大程度上繼續轉向定期存款。所以我的意思是，假設我們仍然繼續看到更多的非定期存款轉移，我不確定我們是否會這樣做，但我認為基金的增長尤其可能是更多的是，與非定期產品相比，更多的是定期存款類型產品。其中一些，我們可以採用浮動利率。因此，這更像是聯邦基金類型的浮動，其中一些期限可能更長一些，我們必須支付更多的溢價或類似的費用，至少在最初是這樣。因此，我認為我們仍然會看到一些好處，但我認為不會——我的意思是，當你回想起來時，前幾次加息幅度很小，而且我們並沒有真正改變我們的成本資金很多。

The first 75, we honestly probably didn't move very much then. The second 75, we started to have to move rates. And so we got the first 150 basis points or so, sort of for free -- but then after that, just marginally, it just gets probably a higher beta as you move forward. I think there is probably substantially more competition for deposits than now than we probably anticipated there would be a year ago. I think we all thought a year ago, the industry was pretty awash with liquidity, and there wouldn't be much competition. But I think there is -- you see a lot of high CD rate offers around. So there's been depositors seem hungry for higher rates for obvious reasons. And there probably is a lot of liquidity washing around when you're talking about the largest banks. But when you're talking about community banks, not so much -- not as much probably.

老實說，第一個75，我們當時可能沒有移動太多。第二個 75，我們開始必須調整利率。因此，我們獲得了前 150 個基點左右，有點免費——但在那之後，隨著你的前進，它可能會獲得更高的貝塔值。我認為存款競爭可能比我們一年前預期的要激烈得多。我想一年前我們都認為這個產業流動性相當充足，不會有太多競爭。但我認為，你會看到很多高 CD 利率的報價。因此，出於顯而易見的原因，儲戶似乎渴望更高的利率。當你談論最大的銀行時，可能存在大量流動性。但當你談論社區銀行時，可能就沒有那麼多了。

Right, right. All right. That's really helpful color. And then just on the provision that you guys recorded in the quarter, I guess, how should we look at that balancing loan growth or any change in the CECL model or your own conservatism? I'm just curious like what are some of the puts and takes that went into that $3.3 million or so.

是的是的。好的。這真是有用的顏色。然後，就你們在本季記錄的條款而言，我想，我們應該如何看待平衡貸款成長或 CECL 模式或你們自己的保守主義的任何變化？我只是好奇這 330 萬美元左右的看跌期權和看跌期權中有哪些。

Well, I think -- I mean, I'll start and then Rex can correct me. But -- the way the CECL model works, at least in so far as we're concerned, is the first step is to make an arithmetic calculation, and this is based on historical levels of charge-offs and arithmetic calculation of what your lifetime losses should be on your loan portfolio. And frankly, Andrew, for us and probably for a lot of the folks in the banking industry, that number keeps going down. That part of it because we're just adding quarter-after-quarter of effectively 0 charge-offs. -- which that's a good thing, but that's taking that number down. But we're also looking out there, and we're seeing a Fed that is sort of indicating. And we use Moody's. Moody's is thinking and others, I've heard others say, we're probably headed for a recession.

好吧，我想——我的意思是，我會開始，然後雷克斯可以糾正我。但是，CECL 模型的工作方式，至少就我們而言，第一步是進行算術計算，這是基於歷史沖銷水平和您一生的算術計算損失應該出現在您的貸款組合上。坦白說，安德魯，對於我們以及銀行業的許多人來說，這個數字一直在下降。這部分是因為我們只是逐季添加實際上為 0 的沖銷。 ——這是一件好事，但這導致這個數字下降。但我們也在關注這一點，我們看到聯準會在某種程度上表明了這一點。我們使用穆迪。穆迪正在思考，而其他人，我聽其他人說，我們可能正在走向衰退。

So I guess as you see increases in our reserve levels, I guess it would be more in line with us trying to prepare for a worse economy than anything else. I mean it's definitely -- it's obviously not anything having to do with our portfolio. I mean, we keep having quarter-after-quarter of low or no loan charge-offs we had, I think, about $300,000 of charge-offs this quarter, but I think most of that was on deposits, checking accounts and things. So the loan portfolio is strong, yes, we're just trying to -- we're trying as best we can to estimate what losses could be, if the economy turns down a little bit.

因此，我想，當你看到我們的儲備水平增加時，我想這比其他任何事情都更符合我們為應對更糟糕的經濟狀況所做的準備。我的意思是，這顯然與我們的投資組合無關。我的意思是，我們每個季度都持續出現低額或無貸款沖銷，我認為本季大約有 30 萬美元的沖銷，但我認為其中大部分是存款、支票帳戶等。因此，貸款組合很強勁，是的，我們只是盡力 - 我們正在盡最大努力估計如果經濟稍微下滑，可能會造成什麼損失。

And there's part of it to the growth we've got growth on the balance sheet of the funded portion, but we also have growth in the unfunded portion or have had so far this year -- and so that liability has increased fairly substantially as well. So to the extent that either the on-balance sheet or off-balance sheet loans and commitments continue to grow, I mean, I think we're going to have to continue to fund our reserves for that growth. So that -- it's a combination of both. But certainly, if you see us grow, those line items we'll have to probably provide for that.

部分原因是資產負債表上有資金部分的成長，但無資金部分也有成長，或是今年到目前為止已經出現了成長——因此負債也大幅增加。因此，只要資產負債表內或表外貸款和承諾繼續增長，我的意思是，我認為我們將不得不繼續為我們的儲備提供資金以實現這種增長。所以——這是兩者的結合。但當然，如果你看到我們的成長，我們可能必須為此提供這些項目。

Now if we had a situation where we weren't originating a lot of new deals, but loans were moving from unfunded to funded. That's not really going to result in much increase in provision expense because essentially your allowance for unfunded commitments will probably drop. So you'll have a credit on that line, and you'll have a debit on your provision for -- or your allowance for funded. So that could happen, too.

現在，如果我們遇到這樣的情況：我們沒有發起大量新交易，但貸款正在從無資金轉向有資金。這實際上不會導致準備金支出大幅增加，因為本質上您對無資金承諾的準備金可能會下降。因此，您將在該行上獲得貸方，並在您的準備金或資助津貼上獲得借方。所以這也可能發生。

Right, right. All right. No, that's helpful color. I appreciate it. That covers the questions...

是的是的。好的。不，這是有用的顏色。我很感激。這涵蓋了問題...

All right. Thank you, Andrew.

好的。謝謝你，安德魯。

Our next question comment comes from the line of Damon DelMonte from KBW.

我們的下一個問題評論來自 KBW 的 Damon DelMonte。

A question on the deposit growth this quarter. I don't think you guys break out the composition on end-of-period basis. So could you just -- you do on the average side, but could you just talk a little bit about what the rough breakouts are on an end-of-period basis? You referenced an increase in CDs and brokered CDs. So just kind of wondering how much of the growth was driven by that.

關於本季存款成長的問題。我認為你們不會在期末的基礎上分解這個作文。那麼你能不能——你在平均水平上做的，但你能談談期末的粗略突破是什麼嗎？您提到了 CD 和經紀 CD 的增加。所以只是想知道有多少成長是由此推動的。

Yes. I mean I can give you that like the into September balance information, and we'll have it obviously in our 10-Q filing, but I can break that out a little bit. So the total of interest-bearing and noninterest-bearing checking is about $3.4 million per $1 billion, excuse me. The total of kind of what we call retail CDs is about -- just might add $1 billion and the brokered total combination of various things that fall under the brokered umbrella is about $360 million.

是的。我的意思是，我可以向您提供截至 9 月份的餘額信息，我們會在 10-Q 歸檔中清楚地提供這些信息，但我可以稍微透露一下。所以，請原諒，每 10 億美元的計息和無息支票總額約為 340 萬美元。我們所說的零售 CD 的總額可能會增加 10 億美元，而屬於經紀範圍內的各種東西的經紀總組合約為 3.6 億美元。

Okay. All right. That's helpful. And then kind of just on the expense outlook. I know you guys have -- you spoke last quarter about it in this quarter again about the professional fees, and that's going to be sticking around for a little while. But as we kind of think about the base for the next 3 or 4 quarters, do you think it kind of trends up a little higher from this like the $34.5 million range when you exclude the swap fees?

好的。好的。這很有幫助。然後是關於費用前景。我知道你們上個季度談到了這個問題，本季又談到了專業費用，這將持續一段時間。但當我們考慮未來 3 或 4 個季度的基數時，您認為排除掉期費用後，基數是否會略有上升，例如 3450 萬美元的範圍？

Well, I mean, that $1.1 million or $2 million of the system that's going to be in there until the third quarter next year. So that's going to stay... The other thing that we mentioned, Damon, that we had about $300,000 when you compare Q3 to Q2, we had about $300,000 higher occupancy expense and about half of that or maybe a little more than half, 60% of it related to just higher utility bills. So that's going to bounce around a little bit. Compensation expense, Q3 to Q2, if you eliminate the special bonus we paid in Q2, compensation expense was up about $0.5 million in the third quarter and probably I mean I think all of you know that we -- there's this FAS 91 concept where we can defer origination compensation related to origination of loans. And that deferral was about $300,000 higher in the second quarter than it was in the third quarter.

嗯，我的意思是，該系統的 110 萬美元或 200 萬美元將保留到明年第三季。所以這將保留...我們提到的另一件事，Damon，當你將第三季度與第二季度進行比較時，我們的入住費用約為300,000 美元，大約是其中的一半，或者可能略多一點，60其中 % 與更高的水電費有關。所以這會有點反彈。補償費用，第三季度到第二季度，如果除去我們在第二季度支付的特別獎金，第三季度的補償費用增加了約50 萬美元，也許我的意思是，我想你們都知道我們- 有一個FAS 91 概念，我們在其中可以推遲與貸款發放相關的發放補償。第二季的延期費用比第三季高出約 30 萬美元。

So that was $300,000 of the $500,000 increase in compensation, a little bit of it. I think we had just 1 quarter of the Charlotte LPO being open. So that was probably another 50,000 of it -- the 600 -- we had $600,000 higher other expense. And that was we had a $150,000 donation in St. Louis that is not really a recurring type thing. We have some higher levels of fraud loss, which we've been seeing a little bit higher levels of fraud loss. I don't know if it's because people are hurting or exactly what the situation is. But we've been seeing higher levels of that. So I do think on the compensation line, the employment market continues to be tight. We are in an environment where there's 7% or 8% inflation. So you are going to see some growth in comp costs. -- like, as you say, if you strip out the things that we would say are for sure ultimately nonrecurring, the 34.6% or whatever we were is probably more like 33%. And then the other items with the occupancy costs and the other expenses, just kind of -- they kind of bounce around a little bit from quarter-to-quarter.

這就是增加的 50 萬美元薪酬中的 30 萬美元，只是其中的一點點。我認為夏洛特 LPO 只開放了四分之一。所以這可能是其中的另外 5 萬美元——即 600 美元——我們還有 60 萬美元的其他費用。我們在聖路易斯收到了 15 萬美元的捐款，這並不是一件經常性的事情。我們的詐欺損失水準較高，我們已經看到詐欺損失水準較高。我不知道是因為人們受到傷害還是具體情況如何。但我們已經看到了更高水平的情況。所以我確實認為在薪資方面，就業市場仍然緊張。我們所處的環境是 7% 或 8% 的通貨膨脹。所以你會看到補償成本有所增加。 ——就像你說的，如果你剔除那些我們認為最終肯定不會重複發生的事情，那麼 34.6% 或我們以前的任何東西可能更像是 33%。然後其他項目，包括入住成本和其他費用，只是——它們每個季度都有一點反彈。

And then, Damon, you said looking out a few quarters, though when you get to the first quarter of next year, I mean a lot of -- I mean most of our salaried employees get their annual adjustments in January. So there will be some adjustments there. The nonsalaried get throughout the year, but the salary folks are going to be in that first quarter number. So there's going to be some level of increase there, they'll correspond.

然後，達蒙，你說要展望幾個季度，但當你到明年第一季時，我的意思是很多——我的意思是我們大多數受薪員工在一月份都會得到年度調整。所以那裡會有一些調整。無薪人員全年都會領取工資，但領薪人員將在第一季的數字中。因此，那裡將會有一定程度的增加，它們會相對應。

Got it. Okay. That's helpful. I appreciate that color. And then I guess just lastly, like on loan growth. It sounds like you have relatively healthy pipelines. You have a bunch of closed but yet unfunded or commitments that are closed but unfunded yet. So that's going to be a good source for growth. But also it sounds like you guys aren't shying away from the growing reality that we could be kind of dipping into a more meaningful recession later on in '23. So as we kind of like blend all that stuff together, do you still think you can produce kind of mid-single-digit growth for the next few quarters? Or do you think it kind of slows down quicker than that?

知道了。好的。這很有幫助。我很欣賞那種顏色。我想最後就是貸款成長。聽起來你們有相對健康的管道。您有一堆已結束但尚未獲得資金的承諾或已結束但尚未獲得資金的承諾。所以這將會是一個很好的成長來源。但聽起來你們並沒有迴避日益嚴峻的現實，我們可能會在 23 年後陷入更有意義的衰退。因此，當我們將所有這些東西混合在一起時，您仍然認為您可以在接下來的幾個季度中實現中個位數的成長嗎？或者你認為它會比這慢得更快嗎？

Yes. I mean, we don't really give guidance as to what our loan growth is going to be. But I mean, as I look out, Damon, I do think originations of new loans, particularly on the commercial side will slow down. And I think that's a result of us seeing a tougher economy, and we deal with really good customers, and I think they see the same thing. That $1 billion of construction commitments that will fund over the next 15 months or so $100 million a month. A bit of it to have to do with -- or it has had to do with lower levels of payoffs. And I think that's an environment that's going to stick around for a while. With the longer-term interest rates being we were really getting paid off either from our customer putting a longer-term term mortgage on a project or selling the project. And that's still going to happen, but it may not happen as frequently or as quickly as it did before. So those things could come together and result in loan growth for us.

是的。我的意思是，我們並沒有真正就我們的貸款成長情況提供指導。但我的意思是，達蒙，據我觀察，我確實認為新貸款的發放，特別是商業方面的貸款將會放緩。我認為這是我們看到經濟狀況更加嚴峻的結果，我們與非常好的客戶打交道，我認為他們也看到了同樣的情況。這 10 億美元的建設承諾將在未來 15 個月內每月提供約 1 億美元的資金。其中一部分與——或與較低的回報水平有關。我認為這種環境會持續一段時間。由於長期利率較高，我們確實從客戶對專案提供長期抵押貸款或出售該專案中獲得了回報。這種情況仍然會發生，但可能不會像以前那樣頻繁或快速地發生。因此，這些因素結合起來可能會導致我們的貸款成長。

Got it. Okay. That's all very helpful. That's all that I had.

知道了。好的。這一切都非常有幫助。這就是我所擁有的一切。

Okay. Thanks, Damon.

好的。謝謝，達蒙。

Thank you. Again, ladies and gentlemen,(Operator Instructions). Our next question or comment comes from the line of John Rodis from Janney.

謝謝。女士們先生們，再次強調（操作員說明）。我們的下一個問題或評論來自 Janney 的 John Rodis。

Joe, maybe just a question for you on back to lending. Are there any areas or markets that you're maybe starting to get more cautious on, sort of pull back, so to say?

喬，也許只是問你一個關於貸款的問題。您是否可能開始對某些領域或市場變得更加謹慎，可以說是有所退縮？

As far as loan types or geographically.

就貸款類型或地理位置而言。

I guess both... Both...

我想兩者都…兩者…

I don't think geographically, we're necessarily pulling back anymore from any market than we are from the others. I mean I think we're equally conservative across our footprint. As far as loan types, I think office continues to be something that you would be worried about possibly industrial warehouse, that sort of thing. You are starting to see reports that there may be some overbuilding in those areas. So those would be maybe 2 product types, we might be a little more conservative in. But geographically, I think we're equally open or maybe better said, equally conservative in all our markets.

我認為從地域上看，我們從任何市場的撤退並不一定比從其他市場撤出的多。我的意思是，我認為我們的足跡同樣保守。就貸款類型而言，我認為辦公室仍然是您可能擔心的工業倉庫之類的東西。您開始看到有關這些地區可能存在過度建設的報告。因此，這些可能是兩種產品類型，我們可能會更加保守一些。但從地理上來看，我認為我們在所有市場上都同樣開放，或者更好地說，同樣保守。

Okay. Makes sense. And then just one other question on the buyback. You leave a little bit over 200,000 shares. Would you expect to complete that? Or it sounds like maybe you're getting a little bit more cautious on capital just given the current environment, too.

好的。說得通。然後還有一個關於回購的問題。您留下的股份略多於 200,000 股。你希望完成這個任務嗎？或者，考慮到當前的環境，您可能對資本也變得更加謹慎了。

Yes. I mean I think I think, John, yes, I think at some point, we will complete it. I think our buyback will slow down from what you've seen. Yes, as I said, we repurchased about 1 million shares through the first 9 months. I don't think we'll keep going at that kind of a clip. We'll probably -- we may from time to time feedback in the market, but it's going to be a slower go on buyback shares.

是的。我的意思是，我想，約翰，是的，我想在某個時候，我們會完成它。我認為我們的回購速度將會比你所看到的要慢。是的，正如我所說，我們在前 9 個月回購了約 100 萬股股票。我不認為我們會繼續這樣的節奏。我們可能會不時地向市場提供回饋，但回購股票的速度將會較慢。

Okay. Makes sense -- have a good day.

好的。有道理——祝你有美好的一天。

Thanks, John.

謝謝，約翰。

Thank you. I'm showing no additional questions in the queue at this time. I'd like to turn the conference back over to Mr. Turner for any closing remarks.

謝謝。目前我在隊列中沒有顯示任何其他問題。我想將會議轉回給特納先生做總結發言。

No closing remarks. We appreciate everybody joining us today, and we look forward to talking to you in January. Thank you.

沒有結束語。我們感謝今天加入我們的每個人，我們期待在一月份與您交談。謝謝。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

女士們、先生們，感謝你們參加今天的會議。程式到此結束。您現在可以斷開連線。祝大家有美好的一天。