Third Coast Bancshares Inc (TCBX) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Third Coast Bank's Second Quarter Earnings Conference Call.

您好，歡迎參加第三海岸銀行第二季財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

A brief question-and-answer session will follow the formal presentation.

正式演講後將舉行簡短的問答環節。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Ken Dennard.

現在我很高興向大家介紹你們的主持人肯·丹納德。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

We appreciate you joining us for Third Coast Bancshares conference call and webcast to review our second quarter 2024 results.

我們感謝您參加 Third Coast Bancshares 電話會議和網路廣播，回顧我們 2024 年第二季的業績。

With me today is Bart Caraway, Chairman, President and Chief Executive Officer; John McWhorter, Chief Financial Officer; and Audrey Duncan, Chief Credit Officer.

今天與我在一起的是董事長、總裁兼執行長巴特·卡拉韋 (Bart Caraway)；約翰‧麥克沃特，財務長；和首席信貸官奧黛麗鄧肯。

First, a few housekeeping items.

首先，一些家務用品。

There will be a replay of today's call, and it will be available by webcast on the Investors section of our website and at ir.thirdcoast.bank. There will also be a telephonic replay available until August 1st, and more information on how to access these replay features was included in yesterday's earnings release.

今天的電話會議將進行重播，並將透過我們網站的投資者部分和 ir.thirdcoast.bank 的網路廣播進行播放。 8 月 1 日之前還將提供電話重播，有關如何存取這些重播功能的更多資訊已包含在昨天的財報中。

Please note that the information reported on this call speaks only as of today, July 25, 2024, and therefore, you are advised that time-sensitive information may no longer be accurate as of the time of replay listening or transcript reading.

請注意，本次電話會議報告的資訊僅截至今天（2024 年 7 月 25 日），因此，我們建議您，在重播收聽或閱讀文字記錄時，時間敏感的資訊可能不再準確。

In addition, the comments made by management during this conference call may contain forward-looking statements within the meaning of the United States federal securities laws.

此外，管理階層在本次電話會議中發表的評論可能包含美國聯邦證券法含義內的前瞻性陳述。

These forward-looking statements reflect the current views of management.

這些前瞻性陳述反映了管理階層目前的觀點。

However, various risks, uncertainties and contingencies could cause actual results, performance or achievements to differ materially from those expressed in the statements made by management.

然而，各種風險、不確定性和意外事件可能導致實際結果、績效或成就與管理層聲明中表達的結果有重大差異。

The listener or reader is encouraged to read the annual report on Form 10-K that was filed on March 7, 2024, to better understand those risks, uncertainties and contingencies.

我們鼓勵聽眾或讀者閱讀 2024 年 3 月 7 日提交的 10-K 表格年度報告，以便更好地了解這些風險、不確定性和意外情況。

The comments made today will also include certain non-GAAP financial measures.

今天發表的評論還將包括某些非公認會計準則財務指標。

Additional details and reconciliation to the most directly comparable GAAP financial measures were included in yesterday's earnings release, which can be found on the Third Coast website.

昨天的收益報告中包含了更多詳細資訊以及與最直接可比較的 GAAP 財務指標的調節，您可以在第三海岸網站上找到該報告。

Now I would like to turn the call over to the Third Coast Chairman, President and CEO, Mr. Bart Caraway.

現在我想把電話轉給第三海岸董事長、總裁兼執行長巴特·卡拉韋先生。

Bart?

巴特？

Good morning, everyone, and thank you, Ken.

大家早安，謝謝你，肯。

Welcome to the TCBX second quarter earnings call.

歡迎參加 TCBX 第二季財報電話會議。

I'll start by outlining a few performance highlights, followed by John's Financial review and Audrey's credit quality review.

我將首先概述一些績效亮點，然後是約翰的財務審查和奧黛麗的信用品質審查。

Then I will discuss our outlook for the third quarter and the rest of the year.

然後我將討論我們對第三季和今年剩餘時間的展望。

To start, I'd like to highlight the great strides the company has made in improving profitability.

首先，我想強調一下公司在提高獲利能力方面取得的巨大進步。

Since our first quarter as a public company, which was the fourth quarter of 2021, I'd like to note some of the progress.

自從我們作為上市公司的第一季（即 2021 年第四季）以來，我想指出一些進展。

First, we have grown quarterly net interest income from $24.6 million to $38.9 million, a dramatic increase of 57.8%.

首先，我們將季度淨利息收入從 2,460 萬美元增加到 3,890 萬美元，大幅成長 57.8%。

Also, we have decreased non-interest expenses for three consecutive quarters, resulting in a non-interest expense to average earning asset ratio of just 2.39%.

此外，我們連續三個季度減少非利息支出，導致非利息支出與平均收益資產的比率僅為2.39%。

We have also improved our efficiency ratio since the fourth quarter of 2021 from 75.3% to 61.4%, and we have also doubled our allowance for credit losses from $19.3 million to $38.2 million.

自 2021 年第四季以來，我們的效率比率從 75.3% 提高到 61.4%，信貸損失準備金也從 1,930 萬美元增加了一倍，從 1,930 萬美元增加到 3,820 萬美元。

The net result has been an increase of tangible book value of $4.90, or 23.7%, to $25.60. Additionally, we have successfully opened new branch locations in Austin, Texas, in the Woodlands, Texas, expanding our presence in the Texas triangle region to 18 branches.

最終結果是有形帳面價值增加了 4.90 美元，即 23.7%，達到 25.60 美元。此外，我們還成功在德克薩斯州奧斯汀和伍德蘭茲開設了新的分支機構，將我們在德克薩斯三角地區的業務擴展到 18 個分支機構。

Although we are proud of what we have accomplished, we think our best days are ahead.

儘管我們對所取得的成就感到自豪，但我們認為最好的日子就在前方。

With that, I'll turn it over to John.

有了這個，我會把它交給約翰。

John?

約翰？

Thank you, Bart, and good morning everyone.

謝謝巴特，大家早安。

In yesterday's earnings release, detailed financial tables were provided, so today I'll offer further insights into specific financial results for the second quarter.

在昨天的財報中，提供了詳細的財務表格，所以今天我將提供對第二季具體財務業績的進一步見解。

Our second quarter net income was $10.8 million, resulting in 10.5% return on equity, a record diluted earnings per share of $0.63 and a return on average assets of 97 basis points.

我們第二季的淨利潤為 1,080 萬美元，股本回報率為 10.5%，稀釋每股收益創歷史新高，為 0.63 美元，平均資產回報率為 97 個基點。

Net interest income was up 8.2% on an annualized basis despite modest loan growth for the quarter.

儘管本季貸款成長溫和，但淨利息收入按年化計算成長 8.2%。

Loans grew by $12 million for the quarter, coming in under initial projections, mainly because of higher than expected pay downs.

本季貸款成長了 1,200 萬美元，符合最初的預測，主要是因為首付高於預期。

Specifically, we chose not to bid on new bond anticipation notes due to lower spreads.

具體來說，由於利差較低，我們選擇不競標新債券預期票據。

Bond anticipation notes are classified as tax free municipal loans on the balance sheet.

債券預期票據在資產負債表上被歸類為免稅市政貸款。

They paid down $40 million in the second quarter and approximately $40 million more in pay downs for the third quarter will take us down to zero.

他們在第二季支付了 4000 萬美元，第三季支付了大約 4000 萬美元，這將使我們的支付額降至零。

They were among the lowest yielding loans on the books at approximately 5.5%.

它們是帳面上收益率最低的貸款之一，約為 5.5%。

Overall, loan pipelines for the third and fourth quarters appear strong and in the $50 million to $100 million range.

總體而言，第三季和第四季的貸款管道似乎很強勁，介於 5,000 萬美元至 1 億美元之間。

Non-interest expenses were down slightly for the third consecutive quarter and we continue to target a base in the $26 million range.

非利息支出連續第三個季度小幅下降，我們繼續將目標基數定在 2,600 萬美元範圍內。

Investment securities were up $40 million for the quarter and AOCI improved from $2.9 million to $4.2 million.

本季投資證券增加了 4,000 萬美元，AOCI 從 290 萬美元增至 420 萬美元。

With rates at current levels, it is unlikely that we will add to the portfolio in the third quarter.

鑑於目前的利率水平，我們不太可能在第三季增加投資組合。

Tax expense for the quarter was $3.4 million for an effective rate of 24%.

該季度的稅費為 340 萬美元，有效稅率為 24%。

This increase was due to the roll off of tax-free loans previously mentioned and finalization of our year end accruals.

這一增長是由於前面提到的免稅貸款的滾存以及我們年終應計費用的最終確定。

We expect our effective rate to be approximately 22.5% in the third quarter.

我們預計第三季的有效利率約為 22.5%。

Regarding asset liability management, in anticipation of lower rates, we have moved from 1.4% asset sensitive to 0.9% liability sensitive, a change of almost 2.3%.

關於資產負債管理，由於預期利率較低，我們已將資產敏感度從 1.4% 調整為負債敏感度 0.9%，變動幅度接近 2.3%。

As we highlighted last quarter, deposit growth in the first quarter exhibited seasonal patterns and as anticipated deposits decreased for the second quarter.

正如我們在上季度所強調的那樣，第一季的存款成長呈現季節性模式，而第二季的預期存款則有所下降。

We did improve the overall deposit mix by adding more non interest bearing deposits.

我們確實透過增加更多無利息存款來改善整體存款結構。

Our loan-to-deposit ratio was 97%, aligning closely with the projected range of 95% to 98% expected to be maintained throughout the remainder of the year.

我們的貸存比率為 97%，與預計在今年剩餘時間內保持在 95% 至 98% 的預期範圍密切一致。

Since we were capital accretive for the quarter, the bank dividended $10 million to the holding company to both maintain cash reserves and pay down $7 million in debt, which we had at a rate of 7.85%.

由於我們本季資本增值，銀行向控股公司派發了 1,000 萬美元股息，以維持現金儲備並償還 700 萬美元債務，我們的債務利率為 7.85%。

That completes the financial review and at this point I'll pass the call to Audrey for our credit quality review.

財務審查就完成了，此時我將把電話轉給奧黛麗進行我們的信用品質審查。

Thank you, John.

謝謝你，約翰。

And good morning everyone.

大家早安。

Our loan portfolio remained strong during the quarter.

本季我們的貸款組合依然強勁。

And I'd like to add some color to the numbers shared in yesterday's earnings release.

我想為昨天的收益發布中分享的數字添加一些色彩。

Classified assets declined $20 million, or 33.4% during the second quarter.

第二季分類資產減少了 2,000 萬美元，成長 33.4%。

The decline was primarily the result of the payoff in full of a $14.6 million substandard loan.

下降的主要原因是全額償還了 1,460 萬美元的次級貸款。

Nonperforming loans to total loans increased slightly to 0.65% from 0.58% the previous quarter, primarily due to one relationship totaling $7.9 million that was placed on nonaccrual.

不良貸款佔貸款總額的比例從上一季的 0.58% 小幅上升至 0.65%，主要是由於一項總計 790 萬美元的非應計貸款關係所致。

The combined LTV is 69% based upon 2024 appraisals and we do not anticipate a loss.

根據 2024 年評估，合併後的 LTV 為 69%，我們預計不會有損失。

Net charge-offs for the quarter totaled $1.8 million, which was primarily due to the $1.2 million charge-off of a Main Street Lending program loan.

本季的淨沖銷總額為 180 萬美元，主要是由於主街貸款計畫貸款的 120 萬美元沖銷所致。

The bank originated six Main Street loans, of which two remain, and both are current.

該銀行發放了六筆大街貸款，其中兩筆仍然存在，而且都是當前貸款。

Combined gross fee income from the Main Street loans was $1.7 million.

主街貸款的總費用收入為 170 萬美元。

The loan portfolio mix remained well balanced with percentages similar to the previous quarter.

貸款組合組合保持良好平衡，百分比與上一季相似。

C&I loans represented 36% of total loans.

工商業貸款佔貸款總額的36%。

Construction, development and land loans increased slightly to 20%, while owner-occupied and nonowner-occupied CRE represented 13% and 16% of total loans, respectively.

建築、開發和土地貸款小幅增長至 20%，而自住和非自住 CRE 分別佔貸款總額的 13% 和 16%。

Office represented 3.8% of total loans with a little over half being owner-occupied.

辦公室貸款佔貸款總額的 3.8%，其中一半多一點是自住貸款。

Medical office was another 1.3% of total loans.

醫療辦公室佔貸款總額的另外1.3%。

Consistent with previous quarters, the office portfolio generally consists of Class B with some owner-occupied C-space and is all located in our Texas footprint.

與前幾季一致，辦公大樓組合通常由 B 級辦公空間和一些業主自用的 C 級辦公空間組成，全部位於我們德州的辦公區域。

The average LTV of our office portfolio is approximately 60%, and the average LTV for medical office is approximately 55%.

我們的辦公室投資組合的平均 LTV 約為 60%，醫療辦公室的平均 LTV 約為 55%。

Multifamily represents 3.2% of total loans and has an average LTV of 59%.

多戶住宅佔貸款總額的 3.2%，平均 LTV 為 59%。

And with that, I'll turn the call back to Bart.

說完，我會把電話轉回給巴特。

Bart?

巴特？

Thank you, Audrey.

謝謝你，奧黛麗。

Before delving into discussions regarding our third quarter expectations and the outlook for the remainder of the year, I wish to extend my heartfelt appreciation to our dedicated team of employees.

在深入討論我們第三季的預期和今年剩餘時間的前景之前，我謹向我們敬業的員工團隊表示衷心的感謝。

In the wake of Hurricane Beryl’s impact on the Texas coast in several of our markets a few weeks ago, our team faced unprecedented challenges, including prolonged power outages and disrupted communication services.

幾週前，貝裡爾颶風對德州海岸的幾個市場造成影響，我們的團隊面臨前所未有的挑戰，包括長時間停電和通訊服務中斷。

Despite such adversities, our team's resilience and dedication shone through as they rallied together to support one another and serve our customers and communities with an unwavering commitment during this trying time.

儘管面臨這些逆境，我們團隊的韌性和奉獻精神依然閃耀，他們團結在一起相互支持，並在這段艱難時期堅定不移地致力於為我們的客戶和社區服務。

I am profoundly grateful for their exceptional efforts.

我對他們的傑出努力深表感謝。

As we plan for our operations in the third quarter, our primary focus remains on promoting sustainable growth through operational excellence.

在我們規劃第三季的營運時，我們的主要重點仍然是透過卓越營運促進永續成長。

Although the full extent of the hurricane's impact on our expenses is still uncertain, we are dedicated to prudently managing our expenses.

儘管颶風對我們費用的全面影響仍不確定，但我們致力於謹慎管理我們的費用。

We will continue to promote our 1% improvement initiative where we foster a culture of continuous improvement across the organization by empowering employees to bring creative ideas and utilize technology to enhance our operations and increase efficiency.

我們將繼續推廣 1% 改進計劃，透過授權員工提出創造性想法並利用技術來增強我們的營運並提高效率，從而在整個組織內培養持續改進的文化。

We are committed to cultivating enduring valuable customer relationships by empowering our bankers to deliver exceptional service and products.

我們致力於透過讓我們的銀行家提供卓越的服務和產品來培養持久的有價值的客戶關係。

Regarding the loan pipelines, they still remain robust.

就貸款管道而言，它們仍然保持強勁。

We therefore continue to expect growth of $50 million to $100 million per quarter.

因此，我們繼續預期每季成長 5,000 萬至 1 億美元。

This should drive net interest income growth to exceed 10%.

這將推動淨利息收入成長超過10%。

Coupled with non-interest expense growth of less than 5%, we believe the company will gain more operating leverage over the next few quarters.

再加上低於5%的非利息支出成長，我們相信公司將在未來幾季獲得更多的營運槓桿。

Our team's dedication to adaptability, innovation and strategic planning positions us to overcome challenges and capitalize on opportunities as we progress through the year.

我們的團隊致力於適應能力、創新和策略規劃，使我們能夠在這一年的進步中克服挑戰並抓住機會。

We are making headway in driving quality growth, enhancing the customer experience and building excellence in our operations.

我們在推動品質成長、增強客戶體驗和打造卓越營運方面取得了進展。

This concludes our prepared remarks.

我們準備好的演講到此結束。

I would now like to turn it back over to the operator to begin the question-and-answer session.

我現在想將其轉回操作員以開始問答環節。

Operator?

操作員？

Thank you.

謝謝。

We will now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員說明）

Michael Rose, Raymond James.

麥可羅斯、雷蒙詹姆斯。

Hey, good morning guys.

嘿，早上好，夥計們。

Thanks for taking my questions.

感謝您回答我的問題。

We're going to ask on the loan outlook.

我們將詢問貸款前景。

I know you said the municipal loans are going to kind of run-off.

我知道你說過市政貸款將會耗盡。

Is that, as we think about the third quarter, should we think about that $50 million to $100 million net of that?

當我們考慮第三季時，我們是否應該考慮淨額 5,000 萬至 1 億美元？

Or inclusive or excluding that?

或包含或排除？

Really talking about net.

真正談論網路。

Yes.

是的。

We often said for last couple of years that loan is going to be lumpy.

過去幾年我們常說貸款將會不穩定。

And I wish I could give you all exact projections, but we do see quite a bit of business.

我希望我能給你們所有準確的預測，但我們確實看到了相當多的業務。

Obviously, we've been even more selective this year with it, but we still see a nice pipeline.

顯然，今年我們對此更加挑剔，但我們仍然看到了一個不錯的管道。

It's just going to be a little choppy as far as whenever it falls.

每當它跌倒時，它都會有點波濤洶湧。

Got it.

知道了。

And Bart, if you can just kind of expand on kind of what you're hearing from customers, I mean, I assume most of the growth is still kind of client acquisition, new clients coming on.

巴特，如果你能擴展一下你從客戶那裡聽到的情況，我的意思是，我認為大部分成長仍然是客戶獲取和新客戶的出現。

I saw you open two new branches.

我看到你開了兩家新分店。

I assume that will, will kind of help as well.

我認為這也會有所幫助。

But we have heard from some other banks, maybe some larger ones, that customers are being a little bit more cautious here, even in Texas, just given some of the near-term uncertainty with the election coming up, things like that.

但我們從其他一些銀行（也許是一些較大的銀行）那裡聽說，即使在德克薩斯州，客戶也變得更加謹慎，只是考慮到即將到來的選舉帶來的一些近期不確定性，諸如此類的事情。

But what are you generally hearing from your lenders and then your customers out there just as it relates to their growth plans and things like that?

但是，您通常會從貸方和客戶那裡聽到什麼，因為這與他們的成長計劃和類似的事情有關？

Thanks.

謝謝。

Yes.

是的。

It still seems like the economy, despite the headwinds, is doing well in our markets.

儘管存在逆風，但我們市場上的經濟似乎仍然表現良好。

But what I would call it is prudence from our customers where they're being more selective in their business as well, being judicious about using their own capital and lower cost funds of their own, versus drawing down on lines and just managing their businesses even more carefully with it.

但我所說的是我們客戶的謹慎，他們在業務上也更加有選擇性，明智地使用自己的資本和自己的低成本資金，而不是減少資金並僅僅管理自己的業務更仔細地對待它。

But I haven't seen any kind of dramatic swings in the market.

但我還沒看到市場出現任何劇烈波動。

For the most part, the customers that are coming to us are relationships where the banker has had a very long term relationship, more than likely has already been through a downturn with that customer before.

在大多數情況下，來到我們這裡的客戶都是與銀行家有著長期合作關係的客戶，而且很可能之前已經與該客戶經歷過經濟衰退。

So they're kind of prepared.

所以他們已經做好準備了。

Maybe they had to pivot a little bit with their business, but they've already sort of made that pivot now and are just waiting for some of the economic factors to turn.

也許他們必須對業務進行一些調整，但他們現在已經做出了這種調整，只是在等待一些經濟因素的轉變。

But I would almost call it business as usual with a little bit more caution.

但我幾乎會稱它為一切如常，但要更加謹慎。

Very helpful.

非常有幫助。

Thanks, Bart.

謝謝，巴特。

Maybe just one more for me, just on fees.

也許對我來說只是多一個，只是收費。

Really nice momentum again this quarter.

本季再次出現了非常好的勢頭。

I know last quarter you guys talked about something just north of, of $2 million a quarter.

我知道上個季度你們談到了每季 200 萬美元以上的事。

Obviously above that this quarter.

顯然本季高於這一水平。

Can you talk about just some of the puts and takes?

您能只談談一些看跌期權嗎？

I think last quarter you announced the benefits from monetizing the swap.

我認為上個季度您宣布了互換貨幣化的好處。

I know it's about $275,000 a quarter, but just can you discuss some of the drivers of the performance and expectations going forward?

我知道每個季度約為 275,000 美元，但您能否討論一下未來業績和預期的一些驅動因素？

Thanks.

謝謝。

Yes.

是的。

Michael, this is John.

邁克爾，這是約翰。

So we did have some excess SBIC fees for the quarter.

因此，本季度我們確實有一些超額的 SBIC 費用。

And when I say excess, I mean just more than they had been running in recent quarters.

當我說過剩時，我的意思是比他們最近幾季的運行量還要多。

But so far in July, loan fees look really strong that they may make up whatever that excess was.

但 7 月到目前為止，貸款費用看起來確實很強勁，可以彌補超額部分。

So, I feel pretty good about the $2.5 million sort of range for fee income.

因此，我對 250 萬美元的費用收入範圍感到非常滿意。

So we had about $600,000 in SBIC.

所以我們的 SBIC 大約有 60 萬美元。

And that's hard to predict what it may be.

很難預測它可能是什麼。

It may be zero next quarter, maybe a couple of hundred thousand.

下個季度可能為零，也可能是幾十萬。

It's not going to be 600 again, but loan fees I think will make up the difference.

不會再是600了，但貸款費用我想可以彌補差額。

We'll be kind of in that $2.5 million range.

我們的預算大概在 25​​0 萬美元的範圍內。

Very helpful.

非常有幫助。

Step back.

退後一步。

Thanks, guys.

謝謝，夥計們。

Thank you.

謝謝。

Woody Lay, KBW.

伍迪萊，KBW。

Hey, good morning, guys.

嘿，早上好，夥計們。

Morning, Woody.

早上好，伍迪。

So I think in your opening comments, you made a comment about how you all screen as liability sensitive right now, just modestly.

所以我認為，在您的開場白中，您對現在如何篩選為責任敏感的人發表了評論，只是謙虛地進行了評論。

What sort of drove that change in the sensitivity to rates in the quarter?

是什麼因素推動了本季利率敏感度的變化？

Yes, it's hard to change the balance sheet much from quarter-to-quarter, but if you remember back to last quarter, we had a lot more cash on the balance sheet, which is going to make us more asset sensitive.

是的，每季的資產負債表很難發生太大變化，但如果你還記得上個季度，我們的資產負債表上有更多的現金，這將使我們對資產更加敏感。

So increasing our loan-to-deposit ratio, having less cash, we bought a lot of investment securities that were fixed rate.

因此，提高貸存比，減少現金，我們購買了大量固定利率的投資證券。

If next quarter our cash balances jump back up, I mean, it may take us closer to zero, but we kind of did everything that we could within reason.

如果下個季度我們的現金餘額回升，我的意思是，這可能會讓我們更接近零，但我們在合理範圍內做了我們能做的一切。

Fixing loans at this point is not an easy thing to do.

此時修復貸款並不是一件容易的事。

The customers obviously don't want to do that, but we're trying to be as proactive as we can, and I don't see big changes in that.

客戶顯然不想這樣做，但我們正在努力盡可能積極主動，而且我認為這方面不會有太大變化。

But we at least feel like we're well positioned for changes in rates.

但我們至少覺得我們已經做好了應對利率變動的準備。

Yes, I guess to kind of hone in on that is that this was all intentional.

是的，我想要強調的是，這都是故意的。

Obviously, after we went public, we felt like we needed to be asset sensitive and did a fantastic job of moving the balance sheet to, to be an asset sensitive.

顯然，在我們上市後，我們覺得我們需要對資產敏感，並且在將資產負債表轉變為資產敏感方面做得非常出色。

And now we just feel like with the potentially the rate drops that we want to prepare our balance sheet to be at least neutral, if not biased towards slightly liability sensitive.

現在，我們只是覺得，隨著利率可能下降，我們希望我們的資產負債表至少保持中性，如果不偏向輕微的負債敏感的話。

And I think John's done a great job of positioning us to do that.

我認為約翰在讓我們做到這一點方面做得很好。

Yes, that makes sense.

是的，這是有道理的。

And then the non-interest bearing deposit trends were encouraging in the quarter.

本季的無利息存款趨勢令人鼓舞。

Do you think there's momentum in the back half of the year where that segment can continue to grow from here?

您認為今年下半年該細分市場是否有動力繼續成長？

Well, I'll say that we're making a lot of efforts in it.

嗯，我會說我們在這方面做了很多努力。

Again, this is one of the most challenging times to grow that, but there's a lot of initiatives internally in the bank and I'm optimistic that we're going to make some headway.

同樣，這是發展這項業務最具挑戰性的時期之一，但銀行內部有很多舉措，我樂觀地認為我們將取得一些進展。

Hard to tell what that's going to look like as far as the end of the year with it, but I do believe that our non-interest bearing number of accounts are growing and we're trying to work very hard in growing that, the actual balances on it.

很難說到今年年底會是什麼樣子，但我確實相信我們的無息帳戶數量正在增長，我們正在努力增加實際帳戶數量。

Yes.

是的。

And then maybe just last for me, you had the two branch openings in the quarter.

也許最後對我來說，你在本季開設了兩家分行。

Any more planned branch openings for the back half of the year?

下半年還有計畫開設分行嗎？

Yes.

是的。

So these were actually in the work for a while that are basically based on some teams and strategies that we've had.

所以這些其實已經進行了一段時間了，基本上是基於我們已經擁有的一些團隊和策略。

We have one more location that is on the drawing board, potentially for approval, and then after that we don't have any other in the works.

我們還有一個地點正在規劃中，可能正在等待批准，之後我們就沒有其他地點在進行中了。

All right, makes sense.

好吧，有道理。

Thanks for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

Bernard Von Gizycki, Deutsche Bank.

伯納德·馮·吉茲基，德意志銀行。

Hey guys.

嘿夥計們。

Good morning.

早安.

So just wanted to discuss some of the drivers of the NIM.

所以只是想討論一下 NIM 的一些驅動因素。

The NIM was better than expected and increased the two basis points.

淨利差優於預期，上升兩個基點。

You had the nice pickup in the loan yields of the 11 basis points sequentially.

貸款收益率連續上升了 11 個基點。

I know, John, you mentioned the runoff of the low yielding munis help there, and that offset the 9 basis points pickup in total interest bearing liabilities.

我知道，約翰，你提到了低收益市政債券的流失，這抵消了總計息負債上升 9 個基點的影響。

Could you just provide some color on those pricing dynamics and just expectations on the NIM for 3Q?

您能否提供一些有關這些定價動態的資訊以及對第三季淨利差的預期？

Yes.

是的。

So it was a little bit better in the second quarter than I had expected.

所以第二季的情況比我預期的好一些。

I mean, that 360 range is kind of what we're targeting with where we are.

我的意思是，360 度範圍正是我們目前的目標。

There's not a lot to reprice on the balance sheet.

資產負債表上沒有太多需要重新定價的內容。

So the improvement that we saw this time had more to do with mix than anything else.

所以我們這次看到的改進更多是與混合有關。

And we're not going to be driving big changes to the mix quarter-over-quarter.

我們不會逐季度推動組合的重大變化。

It was a little bit easier this time, but kind of in that 360 range.

這次稍微容易一些，但在 360 度範圍內。

I think whether rates stay where they are or if the Fed finally just does decide to start cutting rates, I just don't see a big change in that number.

我認為，無論利率保持不變，還是聯準會最終決定開始降息，我都認為這個數字不會有太大變化。

It should be about the 360.

應該是360左右吧

I got it.

我得到了它。

And then maybe just moving to expenses.

然後也許只是轉向開支。

Obviously you talked about it a little bit, but it came in lower than expected.

顯然你談了一點，但結果低於預期。

A few lines I was hoping to get some color on.

我希望有幾行能得到一些顏色。

In the release, you noted the decline in salary and benefits resulted from the operating efficiencies and the continued cost reduction measures that you guys have been talking about.

在新聞稿中，你們指出工資和福利的下降是由於你們一直在談論的營運效率和持續的成本削減措施造成的。

I just wanted to provide some color on maybe some of the details that drove that down for the quarter.

我只是想對導致本季業績下降的一些細節提供一些說明。

Yes.

是的。

So we've done a particularly good job on headcount over the last year or 18 months.

因此，在過去一年或 18 個月裡，我們在人員編制方面做得特別好。

We have essentially the same number of employees that we did 18 months ago.

我們的員工數量與 18 個月前基本相同。

And we're just real happy with where we are, with the numbers of people and the employees that we have now.

我們對我們所處的位置、我們現在擁有的人數和員工感到非常滿意。

After I made my comments, I was thinking about the third quarter does have one extra day and we do accrue salary expense on a daily basis.

在我發表評論後，我在想第三季確實多了一天，而且我們確實每天都會產生薪資費用。

So that that's probably several $100,000 extra for the third quarter just by itself.

因此，光是第三季就可能增加 10 萬美元。

So we'll have, we'll kind of be in that $26 million to $26.5 million range.

所以我們會在 2600 萬美元到 2650 萬美元之間。

There are a couple of support people that we've hired recently.

我們最近僱用了一些支援人員。

There's a couple of lenders that we're looking at and talking to, the branches that we open.

我們正在尋找並與幾家貸款機構進行交談，我們開設了分支機構。

There's a couple of employees there.

那裡有幾個員工。

So, it's unlikely, we've been super happy that we have cut expenses three quarters in a row.

所以，這不太可能，我們非常高興我們連續三個季度削減了開支。

That's unlikely to happen again.

這種情況不太可能再次發生。

But we don't see substantial growth either.

但我們也沒有看到實質成長。

It's going to be modest growth going forward.

未來將是溫和成長。

And I don't know what the percentages work out to be, maybe 2% or 3%, but kind of in, I think less than $26.5 million would be my best guess.

我不知道百分比是多少，也許是 2% 或 3%，但我認為最好的猜測是少於 2650 萬美元。

Okay, great.

好的，太好了。

Thanks for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

Jordan Ghent, Stephens.

喬丹·根特，史蒂芬斯。

Hey, good morning.

嘿，早安。

Thanks for taking my question.

感謝您提出我的問題。

Most of them have been answered, but I just wanted to touch on the interest bearing deposit costs.

大多數問題已經得到解答，但我只想談談計息存款成本。

Looks like it ticked up a little bit, but I was just wondering if you guys could give any additional color on what you guys are seeing and maybe like a month to month basis.

看起來好像有點上升，但我只是想知道你們是否可以對你們所看到的內容提供任何額外的顏色，也許是逐月的基礎。

Yes.

是的。

Good question.

好問題。

I mean, there really has more to do with mix than anything else.

我的意思是，混合確實比其他任何事情都更重要。

We had so many deposits roll off for the quarter, and some of them were relatively inexpensive.

本季我們有很多存款滾存，其中一些相對便宜。

It's not that we're putting on new deposits at higher rates.

這並不是說我們要以更高的利率存入新存款。

Our marginal cost of our bigger wholesale deposits has basically been fed funds and moving accounts over.

我們較大的批發存款的邊際成本基本上已經被注入資金和轉移帳戶。

It seems like they're typically in the 4.5% to 5% range.

看起來它們通常在 4.5% 到 5% 的範圍內。

And we've talked about it before that whatever we don't do on a core basis, we're making up for on a wholesale basis and it's hard to predict what that might be from quarter-to-quarter.

我們之前已經討論過，無論我們在核心基礎上沒有做什麼，我們都會在批發基礎上進行彌補，並且很難預測每個季度可能會發生什麼。

But if the core stuff is going on the books at 4%, 4.5% and the wholesale stuff is going on at 5.25%, and the mix from there is just harder to say, but there wasn't any.

但如果帳面上的核心內容是 4%、4.5%，而批發內容是 5.25%，那麼從那裡開始的混合就更難說了，但實際上並沒有。

I know the cost of funds was up, but it wasn't anything different that we were doing.

我知道資金成本增加了，但這與我們所做的沒有什麼不同。

Perfect.

完美的。

Thanks for answering my questions.

感謝您回答我的問題。

Dave Storms, Stonegate.

戴夫·斯托姆斯，石門。

Good morning.

早安.

Just wanted to touch on, given the conversation on expenses that you just had, is there any avenue to getting the efficiency ratio to a sub-60 number?

只是想談談，考慮到您剛才關於費用的討論，是否有任何途徑可以將效率比率降至 60 以下？

And if there is, is there any sort of timeline or goal to get to that number?

如果有的話，是否有任何時間表或目標來達到這個數字？

Yes.

是的。

Dave, good question.

戴夫，好問題。

Big round numbers are always nice, easy goals.

大整數總是美好而簡單的目標。

60%, I mean, we certainly want to be better than that, but our goal is to be the best we can be.

60%，我的意思是，我們當然希望做得更好，但我們的目標是做到最好。

Once we get to 60%, I'm sure our next goal is going to be 58% or 56% and lower and lower from there.

一旦我們達到 60%，我確信我們的下一個目標將是 58% 或 56%，甚至更低。

As the bank continues to grow, I think it will be below 60%.

隨著銀行繼續成長，我認為會低於60%。

The timing is harder to predict.

時間更難預測。

If we grow loans $50 million, $75 million in the third quarter and expenses are relatively flat.

如果我們增加貸款 5,000 萬美元，那麼第三季將增加 7,500 萬美元，支出相對持平。

Maybe a little bit of growth, I mean, that may be enough right there to take us below, if not third quarter, probably fourth quarter.

我的意思是，也許一點點成長就足以讓我們低於第三季度，也可能是第四季。

But this concept of additional operating leverage where we're growing top lines faster than expenses we think is intact.

但這種額外營運槓桿的概念是完好無損的，即我們的收入成長速度快於我們認為的支出成長速度。

We think that'll continue on for many quarters.

我們認為這種情況將持續多個季度。

Yes.

是的。

And if I could add on to that.

如果我可以補充一下的話。

I mean, it is a consistent topic with the management team.

我的意思是，這是管理團隊一致的議題。

We talk about it every time that we get together.

每次我們聚會時我們都會談論它。

So it's at the forefront of getting this operating leverage, and we're going to get there.

因此，它處於獲得營運槓桿的最前沿，我們將實現這一目標。

It's just going to be a matter of time and growth that we need in order to get to be closer to a high performing.

為了更接近高績效，這只是時間和成長的問題。

And it's just, I think this team has got a lot of experience and has found a lot of ways to cut costs.

只是，我認為這個團隊擁有豐富的經驗，並且找到了很多削減成本的方法。

And indeed, on our internal plan the team's ahead of what I projected us to be, and we've got some nice momentum.

事實上，根據我們的內部計劃，團隊領先於我的預期，而且我們已經取得了一些不錯的勢頭。

Again, as John said, a little growth will help a lot in just some time.

正如約翰所說，一點點的成長會在一段時間內帶來很大的幫助。

We have some other avenues to be able to make us even more efficient.

我們還有其他一些途徑可以提高我們的效率。

So again we want to be a high performing bank all across the board.

因此，我們再次希望成為一家全面表現出色的銀行。

It's just a matter of time when we get there.

我們到達那裡只是時間問題。

Understood.

明白了。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

And then just one more for me, with the headcount being in such a good position, are there any retention policies or anything like that to highlight to help keep the team operating at such a high level?

對我來說，還有一個問題，鑑於員工人數處於如此好的位置，是否有任何保留政策或類似的東西需要強調，以幫助保持團隊在如此高的水平上運作？

Well, we basically talk about the hiring process around the management team.

好吧，我們基本上是圍繞著管理團隊討論招募流程。

They're very judicious.

他們非常明智。

So, we're keeping track of the number of assets to employees, and I think we all watch that monthly.

因此，我們正在追蹤員工的資產數量，我想我們每個月都會關注這種情況。

And we're also very judicious about where we add and looking even bigger picture of what could be handled with software and scalable versus adding headcount.

我們對添加的位置也非常明智，並著眼於更宏觀地考慮軟體和可擴展性與增加人員數量可以處理的內容。

So I think just, there's a lot of conversations about it.

所以我認為，有很多關於它的討論。

Our goal, we know, is to improve the efficiency ratio.

我們知道，我們的目標是提高效率。

With that I think that's helped guide everybody on, HR decisions.

我認為這有助於指導每個人做出人力資源決策。

And I think that's just going to be continued the case.

我認為這種情況還會持續下去。

So I think it's what, the momentum we have is just going to continue in through the next few quarters for progress.

所以我認為，我們所擁有的勢頭將在接下來的幾季繼續取得進展。

And I think it's become almost a cultural shift now because it's kind of this efficiency has become part of our lexicon, part of what we talk about culturally, and I think we're just going to get better at what we're doing.

我認為現在這幾乎已經成為一種文化轉變，因為這種效率已經成為我們字典的一部分，成為我們文化談論的一部分，而且我認為我們只會在我們正在做的事情上做得更好。

Understood.

明白了。

That's very helpful.

這非常有幫助。

Thank you for taking my questions and good luck in the next quarter.

感謝您回答我的問題，祝您下個季度好運。

Thank you.

謝謝。

Thanks.

謝謝。

There are no further questions.

沒有其他問題了。

So we'd like to turn the floor over to Bart Caraway for closing remarks.

因此，我們想請巴特·卡拉韋 (Bart Caraway) 致閉幕詞。

Thank you, Stacey.

謝謝你，史黛西。

Just appreciate everybody for joining us on the call and your continued support of Third Coast Bancshares, and we look forward to speaking to you next quarter.

感謝大家加入我們的電話會議以及您對 Third Coast Bancshares 的持續支持，我們期待下個季度與您交談。

Thank you all.

謝謝大家。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time and thank you for your participation.

此時您可以斷開線路，感謝您的參與。