Seacoast Banking Corporation of Florida (SBCF) 2024 Q2 法說會逐字稿

Welcome to Seacoast Banking Corporation's second-quarter 2024 earnings conference call.

歡迎參加 Seacoast Banking Corporation 2024 年第二季財報電話會議。

My name is Pam, and I will be your operator.

我叫帕姆，我將是您的接線生。

Before we begin, I have been asked to direct your attention to the statement at the end of the company's press release regarding forward-looking statements.

在我們開始之前，請您注意公司新聞稿末尾有關前瞻性陳述的聲明。

Seacoast will be discussing issues that constitute forward-looking statements within the meaning of the Securities and Exchange Act and its comments today are intended to be covered within the meaning of the Act.

Seacoast 將討論構成《證券交易法》含義內的前瞻性陳述的問題，其今天的評論旨在涵蓋在該法案含義內。

Please note that this conference is being recorded.

請注意，本次會議正在錄製中。

I will now turn the call over to Chuck Shaffer, Chairman and CEO of Seacoast Bank.

我現在將把電話轉給海岸銀行董事長兼執行長 Chuck Shaffer。

Mr. Shaffer, you may begin.

謝弗先生，您可以開始了。

Thank you, Pam, and good morning, everyone.

謝謝你，帕姆，大家早安。

As we go through our presentation, we'll be referring to the second quarter earnings slide deck, which is available at seacoastbanking.com. I'm here today with Tracey Dexter, Chief Financial Officer; Michael Young, Treasurer and Director of Investor Relations; and James Stallings, Chief Credit Officer.

在我們進行簡報時，我們將參考第二季度收益幻燈片，該幻燈片可在 seacoastbanking.com 上取得。今天我和首席財務官特雷西·德克斯特 (Tracey Dexter) 一起來到這裡。 Michael Young，財務主管兼投資者關係總監；和首席信貸官詹姆斯·斯託林斯(James Stallings)。

The Seacoast team had a strong quarter with good earnings performance and continued strong customer acquisition.

Seacoast 團隊的季度表現強勁，獲利表現良好，客戶獲取持續強勁。

Our investments in talent and marketing paid off with a 60% increase in commercial loan originations from the previous quarter and a record $744 million late-stage pipeline entering Q3.

我們在人才和行銷方面的投資得到了回報，商業貸款發放額比上一季增加了 60%，進入第三季的後期融資額達到創紀錄的 7.44 億美元。

As we anticipated on our comments last quarter, we saw low single-digit loan growth in the second quarter at 2.4% annualized, and we expect production to increase in Q3, which will boost net interest income and the net interest margin.

正如我們在上個季度評論中所預期的那樣，我們看到第二季度的貸款成長率較低，年化成長率為2.4%，我們預計第三季的產量將增加，這將提高淨利息收入和淨息差。

Tracey will provide more details on this shortly.

特雷西將很快提供更多細節。

We've been focused on increasing non-interest income and have seen improved performance in wealth management fees, service charges on deposits and insurance agency revenue in each of the past four quarters.

我們致力於增加非利息收入，過去四個季度，理財費、存款服務費和保險代理收入的表現都有所改善。

Our efforts to reduce expenses have also been successful with adjusted non-interest expenses declining sequentially for the past four quarters, approximately $9 million per quarter lower than a year ago.

我們減少開支的努力也取得了成功，調整後的非利息開支在過去四個季度連續下降，每季比去年同期減少約 900 萬美元。

During the quarter, we worked on lowering our cost of deposits by reducing offer grades, and we saw our cost of deposits begin to stabilize in May.

在本季度，我們致力於透過降低報價等級來降低存款成本，我們的存款成本在 5 月開始趨於穩定。

And looking at our asset quality, we continue to maintain strong performance.

從我們的資產品質來看，我們持續保持強勁的業績。

Charge-offs were slightly higher this quarter at approximately 40 basis points annualized, mainly due to a limited number of loans, each of which were previously reserved for, which decreased the ACL upon charge-off.

本季核銷額略高，年化率約 40 個基點，主要是由於先前預留的貸款數量有限，導致核銷時的 ACL 下降。

While classified and criticized increased slightly from the prior quarter, nonperforming loans declined by $17 million.

雖然分類和批評較上一季略有增加，但不良貸款減少了 1,700 萬美元。

Our ACL stands at $142 million, equal to 1.41% of total loans and including the reserve for unused commitments, this ratio moves to 1.46% of total loans, positioning us strongly amongst our peer group.

我們的 ACL 為 1.42 億美元，相當於貸款總額的 1.41%，包括未使用承諾的準備金，這一比率達到貸款總額的 1.46%，使我們在同業中處於強勢地位。

And additionally, we have another $151 million in purchase discount.

此外，我們還有另外 1.51 億美元的購買折扣。

Our balance sheet puts us in great position compared to peers, allowing us to navigate any challenges the cycle may present.

與同業相比，我們的資產負債表使我們處於有利地位，使我們能夠應對週期可能帶來的任何挑戰。

Overall, it was a solid quarter, generally in line with the previous guidance across all areas.

總體而言，這是一個穩健的季度，與先前所有領域的指引基本一致。

As we stated in previous quarters, we believe we reached an inflection point in net interest income in the second quarter and expect growth in net interest income and net interest margin as we enter the back half of 2024.

正如我們在前幾個季度所述，我們認為第二季淨利息收入達到了拐點，並預計隨著進入 2024 年下半年，淨利息收入和淨利差將出現增長。

We are committed to maintaining our conservative balance sheet principles to ensure long-term success, and we remain steadfast in our goal of establishing Seacoast as a leading player in Florida.

我們致力於維持保守的資產負債表原則，以確保長期成功，並且我們仍然堅定不移地將 Seacoast 打造成佛羅裡達州的領先企業。

I'll now pass the call to Tracey to review our financial results.

我現在將把電話轉給特蕾西，以審查我們的財務表現。

Tracey?

特雷西？

Thank you, Chuck.

謝謝你，查克。

Good morning, everyone.

大家早安。

Directing your attention to second quarter results, beginning with slide 4.

從投影片 4 開始，將您的注意力引向第二季的業績。

Seacoast reported net income of $30.2 million or $0.36 per share in the second quarter.

Seacoast 報告第二季淨利潤為 3,020 萬美元，即每股 0.36 美元。

As Chuck mentioned, we're seeing the benefit of recent expense reduction actions, and as a result, non-interest expense is down 10% compared to the prior year quarter.

正如 Chuck 所提到的，我們看到了近期費用削減行動的好處，因此，非利息費用與去年同期相比下降了 10%。

The pace of increase in cost of deposits slowed during the quarter and was flat in May and June.

本季存款成本成長速度放緩，5 月和 6 月持平。

Pre-tax pre-provision earnings on an adjusted basis increased $2 million quarter over quarter, benefiting from growing revenue sources, including wealth, treasury management, and insurance, and well-controlled expenses.

調整後的稅前撥備前收益環比增加 200 萬美元，受益於不斷增長的收入來源，包括財富、財務管理和保險以及良好控制的費用。

Our loan pipelines have grown meaningfully and we continue to see stable credit trends.

我們的貸款管道顯著成長，並且我們繼續看到穩定的信貸趨勢。

Tangible book value per share increased to $15.41 and our capital position continues to be very strong.

每股有形帳面價值增至 15.41 美元，我們的資本狀況仍然非常強勁。

Seacoast's Tier 1 capital ratio is 14.8%, and the ratio of tangible common equity to tangible assets is 9.3%.

Seacoast的第一級資本比率為14.8%，有形普通股與有形資產的比率為9.3%。

Also notable, if all held to maturity securities were presented at fair value, the TC TCE to TA ratio would still be a strong 8.6%.

另外值得注意的是，如果所有持有至到期證券均以公允價值列報，TC TCE 與 TA 的比率仍將高達 8.6%。

We also repurchased nearly 40,000 shares at just over $22 on price dips during the quarter.

我們還在本季價格下跌時以略高於 22 美元的價格回購了近 40,000 股股票。

Turning to slide 5.

轉到投影片 5。

Net interest income declined modestly during the quarter with higher deposit costs and growth in deposit balances, partially offset by higher yields on loans and securities.

由於存款成本上升和存款餘額增長，本季淨利息收入小幅下降，但部分被貸款和證券收益率上升所抵消。

Core net interest margin contracted 4 basis points to 2.87%.

核心淨利差收縮 4 個基點至 2.87%。

In the securities portfolio, yields increased 22 basis points to 3.69%, benefiting from recent purchases.

在證券投資組合中，受益於近期的購買，收益率增加了 22 個基點至 3.69%。

Loan yields, excluding accretion, increased 4 basis points to 5.52%.

不計增值的貸款收益率上升 4 個基點至 5.52%。

Accretion of purchase discounts on acquired loans was lower by $0.4 million compared to the prior quarter.

與上一季相比，所購貸款的購買折扣增加減少了 40 萬美元。

The cost of deposits increased to 2.31%, with the exit rate flat month over month at 2.33%.

存款成本上升至2.31%，退出率較上月持平，為2.33%。

Looking ahead, we expect that the second quarter was the trough for net interest income and we'll see growth in both net interest income and the net interest margin in the third quarter, driven by higher yields on loans and stabilizing deposit costs.

展望未來，我們預期第二季是淨利息收入的低谷，在貸款收益率上升和存款成本穩定的推動下，第三季淨利息收入和淨利差將雙雙成長。

Our rate assumptions are unchanged and include 125 basis point rate cut in November.

我們的利率假設保持不變，包括 11 月降息 125 個基點。

Moving to slide 6.

轉到投影片 6。

Non-interest income, excluding securities activity, increased $2 million in the second quarter to $22.2 million.

第二季非利息收入（不包括證券活動）增加了 200 萬美元，達到 2,220 萬美元。

Service charges increased with continued expansion of our commercial treasury management offerings and new customer acquisition.

隨著我們商業資金管理服務的不斷擴展和新客戶的獲取，服務費用增加。

Wealth and insurance agency income continue to grow.

財富和保險代理收入持續成長。

In the BOLI portfolio, we restructured policies to capture higher rates, resulting in higher income, which will continue into future periods.

在BOLI投資組合中，我們重組了政策以獲取更高的利率，從而帶來更高的收入，這種情況將持續到未來時期。

Other income was higher by $0.7 million, including a gain on sale of one non-performing commercial real estate loans.

其他收入增加了 70 萬美元，其中包括出售一筆不良商業房地產貸款的收益。

Looking ahead, we continue to focus on growing non-interest income and we expect third quarter non-interest income in the range from $21 million to $22 million.

展望未來，我們繼續關注非利息收入的成長，預計第三季非利息收入將在 2,100 萬美元至 2,200 萬美元之間。

Moving to slide 7.

轉到投影片 7。

Assets under management have increased 12% year-to-date to a record $1.9 billion and have increased at a compound annual growth rate of 27% in the last five years.

年初至今，管理資產成長了 12%，達到創紀錄的 19 億美元，並且在過去五年中以 27% 的複合年增長率成長。

Wealth management revenues during the quarter increased to $3.8 million, up 6% from the prior quarter and 14% from the prior year quarter.

本季財富管理收入增至 380 萬美元，季增 6%，季增 14%。

Our family office style offering continues to resonate and internal referrals are a significant contributor, generating strong returns for the franchise and deepening relationships with our customers.

我們的家族辦公室風格的產品繼續引起共鳴，內部推薦是一個重要的貢獻者，為特許經營帶來了豐厚的回報，並加深了與客戶的關係。

Moving to slide 8.

轉到投影片 8。

Non-interest expense for the quarter was $82.5 million, lower than the range of guidance we provided last quarter.

本季非利息支出為 8,250 萬美元，低於我們上季度提供的指導範圍。

Recent expense reduction initiatives are benefiting nearly every category.

最近的費用削減措施幾乎使所有類別受益。

Outside of the impact of severance-related charges in the first quarter, salaries and wages increased $0.7 million, including annual merit increases and annual stock award grants.

除了第一季遣散費相關費用的影響外，薪資和薪資增加了 70 萬美元，包括年度績效成長和年度股票獎勵。

Investments in growth-focused talent will also continue to be a priority.

對注重成長的人才的投資也將繼續成為優先事項。

We saw a typical seasonal increase in employee benefits and payroll taxes in the first quarter, leading to a comparative decline in the second quarter.

我們看到第一季員工福利和薪資稅出現典型的季節性成長，導致第二季相對下降。

In outsourced data processing and occupancy costs, we incurred one-time charges early in the first quarter associated with consolidation activities, leading to a comparative decline in expense in these categories in the second quarter.

在外包資料處理和佔用成本方面，我們在第一季初產生了與整合活動相關的一次性費用，導致第二季這些類別的費用相對下降。

Our planned investments in branding and in marketing campaigns across the state led to higher marketing expenses.

我們計劃在全州範圍內進行品牌推廣和行銷活動的投資導致行銷費用增加。

Other expenses were lower across several categories and the efficiency ratio improved to 60.2%.

多個類別的其他費用均有所下降，效率比率提高至 60.2%。

Discipline around expenses will continue to be a focus.

圍繞支出的紀律將繼續成為焦點。

And in the third quarter, we expect non-interest expense to be between $84 million and $85 million.

第三季度，我們預計非利息支出將在 8,400 萬美元至 8,500 萬美元之間。

Turning to slide 9.

轉到投影片 9。

Loan outstandings increased at an annualized rate of 2.4% and the pipeline has grown 46% to $834 million.

未償還貸款年化成長率為 2.4%，待貸款金額成長了 46%，達到 8.34 億美元。

Average loan yields, excluding accretion on acquired loans increased 4 basis points to 5.52%.

平均貸款收益率（不包括已購貸款的增量）增加了 4 個基點，達到 5.52%。

The pipeline is very strong and looking forward, we expect the pace of loan growth to continue to increase and expect mid-single-digit growth in the coming quarter.

通路非常強勁，展望未來，我們預計貸款成長速度將繼續加快，並預計下一季將實現中個位數成長。

Turning to slide 10.

轉到投影片 10。

Portfolio diversification in terms of asset mix, industry, and loan types has been a critical element of the company's lending strategy.

資產組合、產業和貸款類型的投資組合多元化一直是該公司貸款策略的關鍵要素。

Exposure is broadly distributed and we continue to be vigilant in maintaining our disciplined, conservative credit culture.

風險敞口分佈廣泛，我們將繼續保持警惕，維持我們紀律嚴明、保守的信貸文化。

Non-owner-occupied commercial real estate loans represent 34% of all loans and are distributed across industries and collateral types.

非自住商業房地產貸款佔所有貸款的 34%，分佈在各個行業和抵押品類型中。

As we have for many years, we consistently managed our portfolio to keep construction and land development loans and commercial real estate loans well below regulatory guidance.

正如我們多年來所做的那樣，我們始終如一地管理我們的投資組合，使建築和土地開發貸款以及商業房地產貸款遠低於監管指導。

These measures are significantly below the peer group at 34% and 222% of consolidated risk-based capital, respectively.

這些指標分別佔合併創投的 34% 和 222%，明顯低於同業。

We've managed our loan portfolio with diverse distribution across categories and retaining granularity to manage risk.

我們透過跨類別的多樣化分佈來管理我們的貸款組合，並保留管理風險的細微差別。

Moving on to credit topics on slide 11.

繼續討論投影片 11 上的信用主題。

The allowance for credit losses totaled $141.6 million or 1.41% of total loans compared to 1.47% in the prior quarter.

信貸損失準備金總額為 1.416 億美元，佔貸款總額的 1.41%，而上一季為 1.47%。

A small number of individually evaluated credits were charged off during the quarter, resolving previously established specific reserves.

本季沖銷了少量單獨評估的信貸，解決了先前設立的特定準備金。

The allowance for credit losses, combined with the $151 million remaining unrecognized discount on acquired loans, totaled $293 million or 2.9% of total loans that's available to cover potential losses, providing substantial loss absorption capacity.

信貸損失準備金，加上尚未確認的已購貸款折扣 1.51 億美元，總計 2.93 億美元，佔可用於彌補潛在損失的貸款總額的 2.9%，提供了巨大的損失吸收能力。

On slide 12, providing a longer term view of our stable asset quality trends, recall that the period presented includes eight separate bank acquisitions and a near-doubling of asset size.

第 12 張投影片提供了我們穩定的資產品質趨勢的長期觀點，請回想一下，所呈現的時期包括八次單獨的銀行收購和資產規模幾乎翻倍。

The stability of our credit experience during that period reflects the consistently applied discipline of our credit culture.

在此期間，我們信用體驗的穩定性反映了我們信用文化的一貫應用紀律。

Moving to slide 13, looking at quarterly trends in credit metrics.

前往投影片 13，查看信用指標的季度趨勢。

Our credit metrics remained strong.

我們的信用指標仍然強勁。

Non-performing loans declined to 0.6% of total loans with a number of non-accruals resolved either through charge-offs, sale, or being paid off.

不良貸款佔貸款總額的比例下降至 0.6%，大量應計應計費用透過沖銷、出售或清償得到解決。

Accruing past due homes and criticized and classified loans each increased slightly as a percentage of total loans, but remain low.

應計逾期房屋以及批評和分類貸款佔貸款總額的百分比略有上升，但仍然較低。

Moving to slide 14 and the investment securities portfolio.

前往投影片 14 和投資證券投資組合。

The average yield on securities has benefited from purchases in recent quarters at higher yields with the portfolio yield increasing during the second quarter by 22 basis points to 3.69%.

證券的平均收益率受惠於最近幾季以較高收益率進行的購買，第二季投資組合收益率增加了 22 個基點，達到 3.69%。

Changes in the rate environment, negatively impacted portfolio value and as a result, the overall unrealized loss position, increased by $6 million.

利率環境的變化對投資組合價值產生了負面影響，因此，整體未實現損失部位增加了 600 萬美元。

Turning to slide 15 and the deposit portfolio.

轉向投影片 15 和存款組合。

Total deposits increased by $100 million.

存款總額增加1億美元。

The cost of deposits increased this quarter to 2.31%, a slower pace of increase than in previous periods, consistent with our expectations.

本季存款成本上升至2.31%，成長速度較前期放緩，符合我們的預期。

In fact, in June, we saw no increase from the prior month at 2.33%.

事實上，6 月的成長率為 2.33%，較上月沒有成長。

Looking forward, we expect continued growth in core deposits and stabilization of deposit costs, and we remain very encouraged about the continued activity and focus across the franchise on deposit gathering.

展望未來，我們預計核心存款將持續成長，存款成本將趨於穩定，並且我們對整個業務的持續活動和對存款收集的關注仍然感到非常鼓舞。

On slide 16, Seacoast continued to benefit from a diverse deposit base.

在投影片 16 上，Seacoast 繼續受益於多元化的存款基礎。

Customer transaction accounts represent 50% of total deposits, which continues to highlight our long-standing relationship-focused approach.

客戶交易帳戶佔總存款的 50%，這繼續凸顯了我們長期以來以關係為中心的做法。

Our customers are highly engaged and have a long history with us and low average balances reflect the granular relationship nature of our franchise.

我們的客戶高度參與並與我們有著悠久的歷史，較低的平均餘額反映了我們特許經營的精細關係性質。

And finally, on slide 17, our capital position continues to be very strong, and we're committed to maintaining our Fortress balance sheet.

最後，在投影片 17 上，我們的資本狀況仍然非常強勁，我們致力於維持我們的 Fortress 資產負債表。

Tangible book value per share increased to $15.41 and the ratio of tangible common equity to tangible assets remains exceptionally strong at 9.3%.

每股有形帳面價值增至 15.41 美元，有形普通股與有形資產的比率仍異常強勁，達到 9.3%。

Our risk-based and Tier 1 capital ratios are among the highest in the industry.

我們的風險資本比率和一級資本比率是業界最高的。

In summary, we remain steadfastly committed to driving shareholder value and our consistent, disciplined expense management positions us well as we continue to build Florida's leading regional bank

總而言之，我們仍然堅定不移地致力於推動股東價值，並且我們始終如一、嚴格的費用管理使我們在繼續打造佛羅裡達州領先的區域銀行的過程中處於有利地位

Chuck, I'll turn the call back to you.

Chuck，我會把電話轉給你。

Thank you, Tracey.

謝謝你，特蕾西。

All right.

好的。

Pam, I think we're ready for Q&A.

帕姆，我想我們已經準備好要進行問答了。

(Operator Instructions) David Feaster, Raymond James.

（操作員說明）David Feaster，Raymond James。

David, you maybe on mute.

大衛，你可能處於靜音狀態。

Can you hear me?

你聽得到我嗎？

You hear me now?

現在你聽到我說話了嗎？

Yes.

是的。

Hey, good morning, everybody.

嘿，大家早安。

Sorry about that.

對此感到抱歉。

Hey, buddy.

嘿，夥計。

No worries.

不用擔心。

Great to see the inflection in loan growth.

很高興看到貸款成長的轉折點。

And just given the increase in pipeline, it seems like this trajectory is structurally improving.

考慮到管道的增加，這一軌跡似乎正在結構性改善。

And it sounds like the majority of it you gain in share from the new hires hitting stride.

聽起來你獲得的大部分份額都是從新員工的大步前進中獲得的。

Is that the right way to think about it?

這是正確的思考方式嗎？

And just kind of how is demand broadly from your perspective?

從您的角度來看，整體需求如何？

And where are you seeing the most growth opportunities today?

您今天在哪裡看到最多的成長機會？

Yes, David, I think you characterized it and read it well.

是的，大衛，我認為你描述了它並且讀得很好。

I think when you step back and look at the quarter, we saw a 2.4% annualized loan growth that was about what we had guided to in the prior quarter.

我認為，當你退後一步看看本季時，我們會發現年化貸款成長率為 2.4%，與我們上一季的指導目標大致相同。

As Tracey mentioned, our guide, the mid single-digit in the coming quarter.

正如特雷西所提到的，我們的指南，下一季將實現中等個位數。

And what's really encouraging about it, just like we talked about last quarter is the bulk of what's coming on is new customer relationships and prospects as we continue to onboard clients, primarily as a result of the investments we've made over the last 24 months in talent around the state.

真正令人鼓舞的是，就像我們上季度談到的那樣，隨著我們繼續吸引客戶，即將出現的大部分內容是新的客戶關係和前景，這主要是我們在過去24 個月內進行的投資的結果全國各地的人才。

The demand of our current customers, I would say, remains pretty light, just like you've seen across the industry.

我想說，我們目前客戶的需求仍然很輕，就像您在整個行業中看到的那樣。

But what we're seeing is we're moving market share primarily out of large regional banks on to the Seacoast balance sheet.

但我們看到的是，我們正在將市場份額主要從大型區域銀行轉移到海岸資產負債表上。

And so I'm very encouraged as we talked about last quarter, I remain very encouraged and I think we -- the team we've built is first class, and I'm super excited about where we're headed.

因此，當我們談論上個季度時，我感到非常鼓舞，我仍然非常鼓舞，我認為我們——我們建立的團隊是一流的，我對我們的發展方向感到非常興奮。

That's perfect.

那很完美。

And then maybe somewhat of a difficult question to answer because there's a lot of moving parts, but I'm curious, how do you think about the size of the balance sheet.

也許這是一個很難回答的問題，因為有很多變動的部分，但我很好奇，你如何看待資產負債表的規模。

Obviously, loan growth improvement like we just talked about.

顯然，就像我們剛才談到的那樣，貸款成長有所改善。

We talked about core deposit growth returning.

我們談到了核心存款成長的回歸。

I'm just curious, how do you think about plans for that core deposit growth?

我只是好奇，您如何看待核心存款成長計畫？

Would you expect to reduce some wholesale funding and borrowings first, and use securities cash flows to fund growth with the balance sheet remaining relatively stable.

您是否希望先減少一些批發融資和借款，並利用證券現金流為成長提供資金，同時保持資產負債表相對穩定。

Is that the right way to think about it?

這是正確的思考方式嗎？

I'm just kind of curious how do you think about that and some of the puts and takes?

我只是有點好奇你是如何看待這個問題以及一些看跌期權的？

Michael, do you want to take that one?

邁克爾，你想拿那個嗎？

Yes.

是的。

Hey, David, Good morning. this is Michael.

嘿，大衛，早安。這是邁克爾。

I would think about it as really our balance sheet growing at the pace of deposit growth from here.

我認為這實際上是我們的資產負債表以存款成長的速度成長。

As Chuck mentioned, we've got momentum building on the lending side, on the loan side.

正如查克所提到的，我們在貸款方面的勢頭正在增強。

We expect some benefits, obviously, on the deposit side as well as we kind of take that market share and have faster customer acquisitions.

顯然，我們預計存款方面會得到一些好處，並且我們會佔據市場份額並更快地獲得客戶。

So we're thinking that the deposit side of the balance sheet may grow in kind of the low single digits.

因此，我們認為資產負債表的存款方面可能會以較低的個位數成長。

So a little bit of remix, but we really want to grow the balance sheet from here.

所以進行了一些重新混合，但我們真的希望從這裡開始擴大資產負債表。

Okay.

好的。

That makes sense.

這是有道理的。

And then last one for me.

然後是我的最後一張。

Just given the move in rates, curious how do you think about balance sheet optimization opportunities?

考慮到利率的變化，好奇您如何看待資產負債表優化機會？

And curious, what you guys would be interested in.

很好奇，你們會對什麼感興趣。

Obviously, additional restructuring could make some sense, but any interest in loan sales or anything else like that?

顯然，額外的重組可能有一定意義，但對貸款銷售或其他類似的事情有興趣嗎？

I know you sold some NPAs this quarter, but just curious, whether the move in rates has changed your appetite and as it opened up maybe some more doors.

我知道您本季出售了一些不良資產，但只是好奇，利率的變動是否改變了您的胃口，並且因為它打開了更多的大門。

Yes.

是的。

Hey, David, this is Michael, again.

嘿，大衛，我又是麥可。

I think if you step back and look at the balance sheet as a whole, we have very high levels of capital.

我認為，如果你退一步看整個資產負債表，我們的資本水準非常高。

We've done that intentionally to have a lot of ballast in turbulent times.

我們故意這樣做是為了在動盪時期擁有大量的鎮流器。

We still have that optionality, as you mentioned, and that's a focus of ours to maintain that optionality.

正如您所提到的，我們仍然擁有這種選擇性，這是我們保持這種選擇性的重點。

But there are -- continue to be opportunities with rate volatility, et cetera, and changing kind of forward outlooks where we can take opportunities on the margin as you've seen us do some small portfolio restructurings and some other things along the way between BOLI and securities to optimize earnings.

但利率波動等方面仍然存在機會，以及不斷變化的前景，我們可以在邊際上抓住機會，正如您所看到的，我們在 BOLI 之間進行了一些小型投資組合重組和其他一些事情。以優化收益。

So those opportunities, obviously, are still out there.

因此，這些機會顯然仍然存在。

And as Chuck often says, we're really just very math focused and disciplined around the earned back and doing the right thing for shareholders long-term.

正如查克經常說的那樣，我們實際上非常注重數學，並圍繞著賺取的回報進行紀律，並為股東長期做正確的事情。

And I think, David, if you step back and just look at our balance sheet, we do have and we'll have, as Mike said, there's probably some opportunities around the edges to do some of that.

我認為，大衛，如果你退一步看看我們的資產負債表，我們確實已經並且將會有，正如麥克所說，可能有一些機會可以做到這一點。

But importantly, we are seeing net interest income and the margin inflect at this point with some loan growth coming on the back half of the year and stabilizing deposit costs.

但重要的是，我們看到淨利息收入和利潤率此時出現變化，下半年貸款出現一些成長，存款成本穩定。

I'm pretty encouraged about the profitability outlook for 2025.

我對 2025 年的獲利前景感到非常鼓舞。

Okay.

好的。

That’s great.

那太好了。

Thanks, everybody.

謝謝大家。

Thanks, Dave.

謝謝，戴夫。

Woody Lay, KBW.

伍迪萊，KBW。

Hey, good morning, guys.

嘿，早上好，夥計們。

Good morning, Woody.

早上好，伍迪。

So how does the mix of the loan pipeline compared to historical levels?

那麼，與歷史水準相比，貸款管道的結構如何？

Is it more weighted to C&I than in the past?

與過去相比，它對 C&I 的權重是否更大？

Yes.

是的。

I think the way to think about it, we mentioned this on last quarter's call, the pipeline does weight more into C&I.

我認為思考這個問題的方式，我們在上個季度的電話會議上提到了這一點，管道確實對 C&I 更重要。

And so the funding level is lower than what historically we would see.

因此，資金水平低於我們歷史上看到的水平。

Again, we're super encouraged because we're bringing on a line of credit.

我們再次受到極大的鼓舞，因為我們提供了信用額度。

We're bringing on an operating company, and we're bringing with the deposits and the full relationship.

我們正在引進一家營運公司，我們正在引進存款和完整的關係。

And that will take 12 to 18 months to fund up, as we move through the next -- into next year.

當我們進入下一年時，這將需要 12 到 18 個月的時間來籌集資金。

But what we're building is momentum into the back half.

但我們正在建立的是後半場的勢頭。

And so the funding levels are a little lower than they've been historically, but the momentum is very strong.

因此，融資水平略低於歷史水平，但勢頭非常強勁。

Yeah.

是的。

And then on the sort of average commercial loan side, you disclosed this around $750,000.

然後，在平均商業貸款方面，您披露的金額約為 750,000 美元。

Just given your you sort of revamped the commercial lending team, you're competing more as large regionals.

就在您對商業貸款團隊進行了某種程度的改造後，您將更多地作為大型區域性機構進行競爭。

Do you expect that average loan size to increase over time?

您預計平均貸款規模會隨著時間的推移而增加嗎？

Yeah, it will take some time, because there's a lot of notes in that portfolio.

是的，這需要一些時間，因為該資料夾中有很多筆記。

But yes, the loans we're adding on are generally larger than that as we move forward.

但是，是的，隨著我們前進，我們增加的貸款通常會更大。

But there's a very large granular portfolio there that's why that average loan size is as low as it is.

但那裡有一個非常大的粒度投資組合，這就是為什麼平均貸款規模如此之低的原因。

But looking forward, the new volume coming on is larger.

但展望未來，新的銷售量將會更大。

Yeah.

是的。

And then on -- maybe shifting over to deposit costs.

然後——也許會轉向存款成本。

I mean, it was great to see the month-over-month trends.

我的意思是，很高興看到逐月趨勢。

It sounds like you think this is a trend that can persist from here?

聽起來您認為這是一種可以持續下去的趨勢？

Hey, Woody, this is Michael.

嘿，伍迪，這是麥可。

Yeah, I think we've taken the back book repricing actions that we discussed kind of on the last quarterly call, and you saw the stability that materialized in the quarter on both interest-bearing deposit costs and the total cost of deposits.

是的，我認為我們已經採取了我們在上一次季度電話會議上討論過的後帳重新定價行動，並且您看到了本季度帶息存款成本和存款總成本實現的穩定性。

And so I think going forward from here, we still want to grow deposits, and we still want to take market share while there's a good opportunity to do so.

因此，我認為從現在開始，我們仍然希望增加存款，並且我們仍然希望在有很好的機會時佔據市場份額。

And so we might still expect some slight increase in the cost of deposits going forward, but at a much lower pace than what we're seeing in terms of our loan yields improving, and so that's going to lead to that margin expansion into the back half that Tracy and Chuck both referenced.

因此，我們可能仍然預計未來存款成本會略有增加，但速度比我們看到的貸款收益率改善要慢得多，這將導致利潤率擴張到後面特雷西和查克都提到的一半。

So I think that's kind of the right way to think about it.

所以我認為這是正確的思考方式。

Obviously, DDA mix is the most important factor, and we feel pretty good about stabilization there as well.

顯然，DDA 組合是最重要的因素，我們也對那裡的穩定性感到非常滿意。

Sounds great.

聽起來很棒。

Thanks for taking my questions.

感謝您回答我的問題。

Thank you, Wood.

謝謝你，伍德。

Brandon King, Truist Securities.

布蘭登金 (Brandon King)，Truist 證券公司。

Hey, good morning.

嘿，早安。

Hey, Brandon.

嘿，布蘭登。

Good morning, Brandon.

早上好，布蘭登。

So what magnitude of margin NII expansion are you expecting in the back half of this year?

那麼，您預計今年下半年 NII 利潤率的擴張幅度是多少？

Hey, Brandon, this is Michael.

嘿，布蘭登，這是麥可。

Obviously, that depends somewhat on what your interest rate outlook is.

顯然，這在某種程度上取決於您的利率前景。

We are modeling for a November first cut and only one cut this year, followed by greater cuts kind of into 2025.

我們正在為 11 月的第一次削減和今年的一次削減進行建模，然後在 2025 年進行更大的削減。

But really, the balance sheet is slightly liability sensitive, but close to neutral.

但實際上，資產負債表對負債略有敏感，但接近中性。

So a lot of it is going to be based on kind of the active management that we do and the pace really of our loan growth versus our DDA balances that are going to be kind of the drivers of how much advent we get into the back half

因此，這在很大程度上將基於我們所做的主動管理，以及我們的貸款成長速度與我們的 DDA 餘額的對比，這將成為我們進入後半部分的驅動因素

And as you know, Brandon, there's a lot of lots.

正如你所知，布蘭登，有很多很多。

You've got an election year.

你有一個選舉年。

There's a lot going on.

有很多事情發生。

We don't know where the Fed is going to go.

我們不知道聯準會將走向何方。

So providing much guidance there over the long run is tough.

因此，從長遠來看，提供大量指導是很困難的。

We'll wait and see how things play out.

我們將拭目以待，看看事情會如何發展。

Okay.

好的。

I guess, is it fair to assume just modest expansion.

我想，假設只是適度擴張是否公平。

Is that the way to think about it, you're not expecting any sort of material ramp?

是這樣思考的嗎？

Is that the way to think about it?

是這樣思考的嗎？

Yeah.

是的。

I think modest is probably a fair characterization.

我認為謙虛可能是個公平的描述。

The benefit that we do have though is if rates decline further, we have a little more of a fixed loan book that, again, is stepping up into the higher rate regime.

不過，我們確實擁有的好處是，如果利率進一步下降，我們的固定貸款帳簿會多一點，這將再次進入更高的利率制度。

So that's really kind of the tailwind that's offering us going forward, and that should also help us in head lower.

所以這確實是我們前進的順風，這也應該幫助我們降低頭顱。

Okay.

好的。

And then on the credit side, with the increase in net charge-offs to those smaller trades, could you just remind us kind of what those credits are -- and were they legacy Seacoast or the acquired credit just some more characterization there?

然後在信貸方面，隨著這些較小交易的淨沖銷的增加，您能否提醒我們這些信貸是什麼——它們是遺留的海岸還是獲得的信貸只是那裡的一些更多特徵？

Yeah, hi, Brandon.

是的，嗨，布蘭登。

Charge-offs this quarter largely reflect previously reserved balances, and it's a small number of loans.

本季的核銷主要反映了先前的預留餘額，而且是少量貸款。

The large portion of that is the acquired portfolios that are in runoff mode, along with a small number of other specific reserves.

其中很大一部分是處於徑流模式的收購投資組合，以及少量其他特定儲備。

So while the charge-offs are elevated this quarter, we do still expect a normalized level on an average basis would be around 25 basis points.

因此，儘管本季沖銷有所增加，但我們仍然預計平均正常化水準將在 25 個基點左右。

Our year-to-date annualized charge-offs are 27 basis points.

我們今年迄今的年化沖銷為 27 個基點。

Okay.

好的。

And with the reserve, I mean, you have strong reserves with also the acquired credit discount.

我的意思是，對於儲備金，您擁有強大的儲備金以及獲得的信貸折扣。

Is it fair to assume that's going to continue to march lower, given how high it is putting all those pieces together?

考慮到所有這些因素加在一起的高度，假設價格將繼續走低是否公平？

I think it depends.

我認為這取決於。

Each quarter we look at the current credit conditions, expected forward economic conditions.

每季我們都會關注當前的信貸狀況和預期的未來經濟狀況。

We assess the allowance just with the forecast scenarios.

我們僅根據預測情境評估津貼。

The Moody's forecast scenarios drive a lot of the quantitatively derived loss model outcomes.

穆迪的預測情境推動了許多定量得出的損失模型結果。

And of course, we also consider adjustments which may be appropriate based on metrics specific to our markets or our portfolio.

當然，我們也會根據我們市場或投資組合的具體指標考慮進行適當的調整。

We go through this comprehensive process each quarter, so the circumstances at each quarter end really drive changes in the reserve.

我們每季都會經歷這個綜合過程，因此每季末的情況確實會推動儲備金的變化。

I think it's reasonable to assume that we'll use the allowance for the purpose it was built, to cover losses as they arise.

我認為可以合理地假設我們將把這筆津貼用於其建立的目的，以彌補出現的損失。

So if we do see the economic outlook improving and the portfolio conditions are supportive, we may end up with a lower coverage level than we have today.

因此，如果我們確實看到經濟前景有所改善並且投資組合條件具有支撐性，那麼我們最終的覆蓋率可能會低於今天。

Okay.

好的。

Thanks for taking my questions.

感謝您回答我的問題。

Thanks, Brandon.

謝謝，布蘭登。

(Operator Instructions) Stephen Scouten, Piper Sandler.

（操作員說明）Stephen Scouten、Piper Sandler。

Hey, good morning, everyone.

嘿，大家早安。

Morning, Steve.

早安，史蒂夫。

I guess I know earlier you said balance sheet growth probably in line with deposit growth, but obviously year-to-date deposits have moved faster than loans.

我想我早些時候知道你說過資產負債表的增長可能與存款的增長一致，但顯然今年迄今為止的存款增長速度快於貸款。

And so the loan to deposit ratio is down a bit.

因此貸存比略有下降。

I mean, do you think we could see that move back to 85% range and kind of lever the balance sheet a bit more over time?

我的意思是，您認為我們是否可以看到隨著時間的推移，這一比例會回到 85% 的範圍，並對資產負債表產生更大的槓桿作用？

Michael?

麥可？

Hey, Stephen, this is Michael.

嘿，史蒂芬，這是邁克爾。

Yeah.

是的。

I think that's fair.

我認為這是公平的。

We obviously maintain our conservative stance on capital, but also liquidity.

我們顯然對資本和流動性保持保守立場。

So we don't want to move that too high.

所以我們不想把這個提升得太高。

But as you can see with the building pipeline, building lending momentum, after we sort of intentionally decelerated loan growth last year due to our risk posture, I think as we move forward, you're going to see the loan growth building and probably coming in at a slightly faster pace than deposit growth, which would help us to re-lever the balance sheet, as you mentioned a little bit.

但正如你所看到的，隨著我們的風險狀況，去年我們有意放緩貸款增長，隨著管道的建設，貸款勢頭的建立，我認為隨著我們的前進，你將看到貸款增長不斷增加，並且可能會到來正如您所提到的，增速略快於存款成長，這將有助於我們重新調整資產負債表槓桿。

But really what that's going to do is just build earnings momentum and revenue momentum.

但實際上，這只是增強獲利動力和收入動力。

Yes.

是的。

That makes sense.

這是有道理的。

That makes sense.

這是有道理的。

And then just thinking about -- and I know we've talked about this in the past, but at least as of last quarter's Q, you guys still modeled to slightly asset sensitive.

然後想想——我知道我們過去已經討論過這個問題，但至少截至上個季度的 Q，你們的模型仍然對資產稍微敏感。

Has that changed appreciably or is it really more modeling and a static balance sheet versus the reality of what may play out that causes me to believe you're slightly liability sensitive.

這種情況是否發生了明顯變化，或者是否真的更多的是建模和靜態資產負債表，而不是可能發生的現實，這讓我相信你對責任有點敏感。

Yes.

是的。

I think we modeled a slightly liability sensitive.

我認為我們的模型對責任稍微敏感。

I can get with you off-line on that, Stephen.

我可以離線與你聯繫，史蒂芬。

But we're basically down 100 basis points.

但我們基本上下跌了 100 個基點。

We pick up about 1% in revenue.

我們獲得了大約 1% 的收入。

So that depends on if you're looking at dynamic or static.

所以這取決於你是在考慮動態還是靜態。

Obviously, our balance sheet has been moving pretty quickly.

顯然，我們的資產負債表變化得相當快。

And so that has a pretty big impact in just our ability to manage the balance sheet is probably stronger.

因此，這對我們管理資產負債表的能力可能會更強產生了相當大的影響。

So that's where, I think, really, if you zoom out and look at our balance sheet, we've got a little higher amount of fixed rate assets that should be more stable in terms of their pricing versus our liabilities that some will automatically reprice.

因此，我認為，實際上，如果你縮小範圍並查看我們的資產負債表，我們擁有更多的固定利率資產，這些資產的定價相對於我們的負債應該更加穩定，其中一些資產會自動重新定價。

But obviously, we would be proactively repricing downward if rates were to decline.

但顯然，如果利率下降，我們將主動下調定價。

And so that's what will give us kind of the earnings leverage into a down rate scenario.

因此，這將為我們在利率下調的情況下提供一定的獲利槓桿。

You're right.

你說得對。

I have some reading comprehension issues this morning those up 0.7% and down 100 basis points, so apologies there.

今天早上我的閱讀理解出現了一些問題，上漲了 0.7%，下跌了 100 個基點，所以我很抱歉。

And then just last thing for me around M&A discussions.

接下來是我關於併購討論的最後一件事。

I mean, obviously, the stock is appreciably higher than it was maybe a quarter ago.

我的意思是，顯然，該股的股價明顯高於一個季度前。

The whole market is trending up.

整個市場呈現上漲趨勢。

Does that help M&A conversations made with some of these smaller private banks or conversations picking up at all as of yet?

這是否有助於與一些規模較小的私人銀行進行併購對話或目前對話的進展？

And how do you think about the capital priorities today?

您如何看待當今的資本優先事項？

Yes.

是的。

Great question.

很好的問題。

Obviously, with a higher stock price, higher multiples across the industry, that would be indicative of more opportunities for M&A.

顯然，隨著股價上漲，整個產業的本益比更高，這將意味著更多的併購機會。

I would say from an M&A perspective, I'm very encouraged by our organic growth story.

我想說，從併購的角度來看，我們有機的成長故事讓我深受鼓舞。

I think there's a lot of momentum inside the company.

我認為公司內部有很大的動力。

I think we are at this inflection point.

我認為我們正處於這個轉折點。

So if we were to look at something, it would really have to make a lot of economic sense to kind of take us off what we're focused on.

因此，如果我們要專注於某件事，它確實必須具有很大的經濟意義，才能讓我們擺脫我們關注的焦點。

But not to say, we wouldn't do a deal, but that deal is going to have to make a lot, a lot of sense.

但並不是說我們不會達成協議，而是協議必須具有很大的意義。

So that's kind of where we are on it, Stephen.

這就是我們目前的情況，史蒂芬。

Great.

偉大的。

It sounds like a perfect dynamic.

這聽起來像是一個完美的動態。

Appreciate it.

欣賞它。

Okay.

好的。

Thanks a lot.

多謝。

There are no other questions.

沒有其他問題了。

I will hand the call back over to Chuck for closing remarks.

我會將電話轉回給查克以供結束語。

All right.

好的。

Awesome.

驚人的。

Thank you all for joining us this morning.

感謝大家今天早上加入我們。

Thank you to the Seacoast team.

感謝海岸團隊。

I thought it was a very solid quarter, and looking forward to the back half of this year.

我認為這是一個非常穩定的季度，並期待今年下半年。

And I appreciate everybody joining the call.

我感謝大家加入電話會議。

Thank you, Pam.

謝謝你，帕姆。

That will conclude.

這將結束。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。