Third Coast Bancshares Inc (TCBX) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Third Coast Bancshares third-quarter 2024 earnings conference call.

您好，歡迎參加 Third Coast Bancshares 2024 年第三季財報電話會議。

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

（操作員說明）謹此提醒，本次電話會議正在錄音。

It is now my pleasure to introduce Natalie Hairston of Investor Relations.

現在我很高興向大家介紹投資者關係部的娜塔莉·海爾斯頓(Natalie Hairston)。

Thank you, Natalie you may now begin.

謝謝你，娜塔莉，你現在可以開始了。

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 third 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 年第三季的業績。

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 at ir.thirdcoast.bank. There will also be a telephonic replay available until November 1 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 ir.thirdcoast.bank 的投資者部分的網路廣播進行播放。 11 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, October 24, 2024, and therefore, you are advised that time-sensitive information may no longer be accurate as of the time of any replay listening or transcript reading.

請注意，本次電話會議中報告的資訊僅截至今天（2024 年 10 月 24 日），因此，我們建議您，在任何重播收聽或文字記錄閱讀時，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上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 may also include certain non-GAAP financial measures.

今天發表的評論也可能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's website.

昨天的收益報告中包含了更多細節以及與最直接可比較的公認會計準則財務指標的調節，可以在第三海岸的網站上找到。

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

現在我想將電話轉給 Third Coast 董事長、總裁兼執行長巴特·卡拉韋 (Bart Caraway) 先生。

Bart?

巴特？

Good morning, everyone, and thank you, Natalie.

大家早安，謝謝你，娜塔莉。

Welcome to the TCBX third quarter earnings call.

歡迎參加 TCBX 第三季財報電話會議。

I'll start by giving the highlights for the quarter, followed by John's financial review and Audrey's credit quality review.

我將首先介紹本季的重點，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 fourth quarter.

然後我將討論我們對第四季的展望。

I'm pleased to highlight that we've achieved another record-setting earnings quarter with diluted earnings per share reaching $0.74. In addition, it was a strong quarter for loan production with $131 million in net loan growth over the prior quarter, all while demonstrating improving credit quality trends, which are already better than average.

我很高興地強調，我們的季度獲利又創歷史新高，稀釋後每股收益達到 0.74 美元。此外，本季貸款生產表現強勁，淨貸款較上一季成長 1.31 億美元，同時顯示信貸品質趨勢改善，已優於平均水準。

I'd like to recognize the entire bank team for the outstanding progress in our 1% efficiency campaign.

我要對整個銀行團隊在 1% 效率提升活動中所取得的傑出進展表示認可。

Your drive for continuous improvement has led to a much improved return on assets of 1.14% and the efficiency ratio of 59.57% and a return on equity of better than 12%.

你們持續改善的動力使資產報酬率大幅提高，達到 1.14%，效率比率達到 59.57%，股本報酬率超過 12%。

We also paid down debt, expanded capital ratios and improved asset quality.

我們也償還了債務，擴大了資本比率，提高了資產品質。

We had net recoveries of $57,000 for the quarter and are on pace to achieve our annual goal of less than 10 basis points in charge-offs.

本季我們的淨回收額為 57,000 美元，並且正在努力實現沖銷率低於 10 個基點的年度目標。

I also would like to congratulate the team for its 11 basis points improvement in net interest margin for the quarter, resulting from superior balance sheet planning and execution.

我還要祝賀該團隊，由於出色的資產負債表規劃和執行，本季度淨息差提高了 11 個基點。

The bank has achieved 13 consecutive quarters of net interest income growth, showcasing the continual progress of our original strategic plans.

本行已實現利息淨收入連續13季成長，反映了本行原有策略規劃的持續推進。

Our goal has always been to become a high-performing company, and we believe last quarter's results are no anomaly, but in fact, are the outcome of multiple initiatives working together, reflecting the careful planning and execution of our strategy.

我們的目標始終是成為一家高績效公司，我們相信上季度的業績並不反常，但事實上，這是多項舉措共同努力的結果，反映了我們策略的精心規劃和執行。

We expect the current and future company performance will continue to prove that our exceptional team talent and thoughtfully calculated and implemented business plan are building a company of an extraordinary quality.

我們預計當前和未來的公司業績將繼續證明我們卓越的團隊才能和深思熟慮的計算和實施的業務計劃正在打造一家卓越品質的公司。

With that, I'll turn the call over to John for the company's financial update.

這樣，我會將電話轉給約翰，以了解公司的最新財務資訊。

John?

約翰？

Thank you, Bart, and good morning, everyone.

謝謝巴特，大家早安。

As Bart mentioned, we made significant progress this quarter towards our goal of becoming a high-performing bank.

正如巴特所提到的，本季我們在成為高績效銀行的目標方面取得了重大進展。

Loans grew $131.7 million in the quarter, primarily in the commercial category, which grew $137.9 million.

本季貸款成長 1.317 億美元，主要是商業類別貸款，成長 1.379 億美元。

Loan mix also improved as lower-yielding municipal loans declined $39 million.

貸款組合也有所改善，低收益市政貸款減少了 3,900 萬美元。

Notably, much of our loan growth occurred late in the quarter as evidenced by period-end loans being $87.9 million more than our quarterly average.

值得注意的是，我們的大部分貸款成長發生在本季末，期末貸款比季度平均高出 8,790 萬美元就證明了這一點。

Investment securities grew $5.9 million even though we sold $15.6 million in low-yielding mortgage-backed securities for a loss of $480,000.

儘管我們出售了 1,560 萬美元的低收益抵押貸款支持證券，損失了 48 萬美元，但投資證券仍增長了 590 萬美元。

Yield on investment securities declined slightly to 5.99%.

投資證券收益率小幅下降至 5.99%。

Accumulated other comprehensive income improved to a gain of $7.8 million.

累計其他綜合收益增至 780 萬美元。

Deposits increased to $138.8 million with quarterly average noninterest-bearing demand up $14.8 million and ending balances of $25.3 million.

存款增加至 1.388 億美元，季度平均無息需求增加 1,480 萬美元，期末餘額為 2,530 萬美元。

Turning to the income statement.

轉向損益表。

Net interest income was up $1.5 million or 3.9%.

淨利息收入增加 150 萬美元，即 3.9%。

This increase was driven primarily by better loan mix, better deposit mix and balance sheet growth previously mentioned.

這一增長主要是由之前提到的更好的貸款組合、更好的存款組合和資產負債表增長所推動的。

This was our 13th consecutive quarterly increase in net interest income.

這是我們的淨利息收入連續第 13 個季度成長。

Noninterest expenses declined $75,000 to $25.6 million.

非利息支出下降 75,000 美元至 2560 萬美元。

This was our fourth consecutive quarter of declines in noninterest expense.

這是我們的非利息支出連續第四個季度下降。

Additionally, we paid down $5 million in senior debt for the quarter and another $4 million in October and have now paid down a total of $16 million.

此外，我們本季還清了 500 萬美元的優先債務，10 月又清償了 400 萬美元，目前已清償總額為 1,600 萬美元。

That completes the financial review.

這樣就完成了財務審查。

At this point, I'll pass the call to Audrey for our credit quality review.

此時，我會將電話轉接給 Audrey 進行我們的信用品質審核。

Thank you, John, and good morning, everyone.

謝謝約翰，大家早安。

Credit quality remained strong this quarter, and the loan portfolio remains well diversified.

本季信貸品質依然強勁，貸款組合依然多元化。

Classified assets declined $3.2 million or 8% during the third quarter, primarily from the payoff in full of the $3.1 million substandard loans.

第三季分類資產下降了 320 萬美元，或 8%，主要是由於全額償還了 310 萬美元的次級貸款。

Nonperforming loans to total loans improved slightly to 0.62% from 0.65% in the previous quarter.

不良貸款佔貸款總額的比例從上一季的 0.65% 略有改善至 0.62%。

The bank reported net recoveries of $57,000 compared to net charge-offs of $1.8 million in the previous quarter.

該銀行報告淨收回金額為 57,000 美元，而上一季的淨沖銷額為 180 萬美元。

The loan portfolio remained well diversified with percentages similar to previous quarters.

貸款組合仍然多元化，百分比與前幾季相似。

C&I loans increased slightly to 38% of total loans.

工商業貸款略有增加，佔貸款總額的 38%。

Construction, development and land loans increased slightly to 21%, while owner-occupied and nonowner-occupied CRE represented 12% and 16% of total loans, respectively.

建築、開發和土地貸款小幅增長至 21%，而自住和非自住 CRE 分別佔貸款總額的 12% 和 16%。

Office represented 3.5% of total loans with approximately 55% of that being owner occupied.

辦公室佔貸款總額的 3.5%，其中約 55% 為業主自用。

Medical office was another 1.4% of total loans.

醫療辦公室佔貸款總額的另外1.4%。

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 級空間組成，並且全部位於我們德克薩斯州的辦公區域。

The average LTV of our office portfolio is approximately 60%, and the average LTV for medical office is approximately 59%.

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 59%。

Multifamily represented 3.3% of total loans and has an average LTV of 59%.

多戶住宅佔貸款總額的 3.3%，平均貸款價值比 (LTV) 為 59%。

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

這樣，我會將電話轉回給巴特。

Bart?

巴特？

Thank you, Audrey.

謝謝你，奧黛麗。

Before we take your questions, I'd like to provide some additional color on our outlook and strategic focus.

在回答您的問題之前，我想就我們的前景和策略重點提供一些額外的資訊。

Our 1% improvement initiative continues to enhance our operational efficiency, positioning us well to navigate the evolving interest rate environment.

我們的 1% 改進計劃繼續提高我們的營運效率，使我們能夠很好地應對不斷變化的利率環境。

This program has delivered tangible benefits in streamlining processes, reduce cost and improve productivity, all the while driving revenue growth.

該計劃在簡化流程、降低成本和提高生產力方面帶來了實際的好處，同時推動了收入成長。

In the face of changing interest rates, this increased efficiency has proved invaluable, allowing us to adapt quickly and maintain our competitive edge.

面對不斷變化的利率，這種效率的提高被證明是無價的，使我們能夠快速適應並保持競爭優勢。

Regarding loan growth, we're maintaining our target of $50 million to $100 million per quarter.

關於貸款成長，我們維持每季 5,000 萬至 1 億美元的目標。

This quarter, we exceeded that target with $131 million in growth while also improving our loan mix by reducing exposure to certain sectors.

本季度，我們以 1.31 億美元的成長超出了這一目標，同時也透過減少對某些行業的曝險來改善我們的貸款組合。

This conservative approach, coupled with our improved deposit mix has contributed significantly to the enhanced net interest margin.

這種保守的做法，加上我們改善的存款組合，大大提高了淨利差。

In terms of credit quality, we expect it to remain strong.

就信貸品質而言，我們預計其將保持強勁。

Our charge-offs for the year are currently at about 9 basis points, well below industry averages.

我們今年的沖銷目前約為 9 個基點，遠低於業界平均。

We anticipate maintaining the strong performance in asset quality moving forward.

我們預計未來資產品質將維持強勁表現。

While we're pleased with our performance, we remain vigilant about potential challenges in the broader economic environment, our adaptable strategy and robust risk management practices position us well to navigate any headwinds we may encounter.

雖然我們對自己的業績感到滿意，但我們仍然對更廣泛的經濟環境中的潛在挑戰保持警惕，我們適應性強的策略和強大的風險管理實踐使我們能夠很好地應對可能遇到的任何不利因素。

Our efficiency ratio has dipped below 60%, hitting 59.57% this quarter.

我們的效率已降至 60% 以下，本季達到 59.57%。

This achievement, which we reach ahead of schedule, underscores our commitment to operational excellence and cost management.

我們提前取得的這項成就凸顯了我們對卓越營運和成本管理的承諾。

We're confident in our ability to sustain this level of efficiency moving forward.

我們對繼續保持這種效率水平的能力充滿信心。

We remain optimistic about the opportunities in our robust Texas markets.

我們對強勁的德克薩斯市場的機會仍然持樂觀態度。

The economic energy in this region continues to provide excellent growth prospects, and we're well positioned to capitalize on these opportunities.

該地區的經濟活力繼續提供良好的成長前景，我們已做好充分利用這些機會的準備。

Our strong presence and deep understanding of these markets have allowed us to benefit from emerging trends and to meet the evolving needs of our customers.

我們強大的影響力和對這些市場的深入了解使我們能夠從新興趨勢中受益並滿足客戶不斷變化的需求。

Looking ahead, we remain confident in our ability to deliver high-performing results.

展望未來，我們對取得優異業績的能力仍充滿信心。

This confidence is rooted in several factors.

這種信心源自於幾個因素。

First, our team.

首先，我們的團隊。

We have the right people in place with the skills, experience and dedication needed to implement our strategy effectively.

我們擁有合適的人員，擁有有效實施我們的策略所需的技能、經驗和奉獻精神。

Second, our strategic focus.

第二，我們的策略重點。

We're just not aiming for short-term gains.

我們只是不以短期利益為目標。

Our initiatives are designed to create sustainable long-term value for our stockholders.

我們的舉措旨在為股東創造可持續的長期價值。

This includes ongoing investments in technology, talent development and market expansion.

這包括對技術、人才開發和市場擴張的持續投資。

Lastly, our adaptability.

最後，我們的適應能力。

In today's rapidly changing financial landscape, the ability to pivot quickly is crucial.

在當今瞬息萬變的金融格局中，快速轉型的能力至關重要。

Our lean operational structure, coupled with our deep market insights, position us well to navigate the challenges and seize opportunities as they arise.

我們精益的營運結構加上深刻的市場洞察力，使我們能夠很好地應對挑戰並抓住出現的機會。

In conclusion, we're entering the fourth quarter with strong momentum.

總之，我們正以強勁的勢頭進入第四季。

Our team's execution of our strategic plan, combined with our focus on maintaining strong asset quality, managing expenses and driving loan growth positions us well for continued success.

我們團隊對策略計畫的執行，加上我們對維持強勁資產品質、管理費用和推動貸款成長的關注，使我們能夠持續取得成功。

As we've demonstrated for 13 consecutive quarters of net interest income growth, our approach is sustainable, and we're confident in our ability to continuing to deliver strong results.

正如我們連續 13 個季度實現淨利息收入成長所證明的那樣，我們的方法是可持續的，並且我們對繼續強勁業績的能力充滿信心。

I am pleased to share that we are well on our way to achieving our goal of becoming a high-performing bank in creating long-term value for our stockholders.

我很高興地告訴大家，我們正在努力實現成為一家為股東創造長期價值的高績效銀行的目標。

This concludes our prepared remarks.

我們準備好的演講到此結束。

Now I'd like to turn the call back to the operator to begin the question-and-answer session.

現在我想將電話轉回接線員以開始問答環節。

Operator?

操作員？

(Operator Instructions) Matt Olney, Stephens.

（操作員說明）Matt Olney，Stephens。

On the loan growth outlook, Bart, I know you said $50 million to $100 million in the fourth quarter.

關於貸款成長前景，巴特，我知道您說第四季將達到 5,000 萬至 1 億美元。

If we can look just beyond that, do you see anything that would slow down this loan growth momentum in that range as you look into the 2025 or at least the first part of 2025.

如果我們能超越這個範圍，當你展望 2025 年或至少 2025 年上半年時，你是否會看到任何會減緩該範圍內貸款成長勢頭的因素。

I know you mentioned you're reducing exposure to certain asset classes, just didn't know how material that was?

我知道您提到您正在減少對某些資產類別的投資，只是不知道這有多重要？

Yes.

是的。

I mean, first, I'd caution that -- I mean, we still will be somewhat lumpy.

我的意思是，首先，我要警告的是──我的意思是，我們仍然會有些不穩定。

I mean, if you look at our history, we -- on average, when you look at over a 12-month period, we generally hit the guidance that we give you, but sometimes it comes in different ways.

我的意思是，如果你看看我們的歷史，我們——平均來說，當你查看超過12 個月的時間段時，我們通常會達到我們給你的指導，但有時它會以不同的方式出現。

I'll tell you, the fourth quarter seems to be shaping up maybe slightly on the higher side of our -- what range we talked about.

我告訴你，第四季的情況似乎可能略高於我們討論的範圍。

It's hard to tell into next year.

很難說明年。

We're in the budgetary process right now of where we want to be, but I think the pipelines right now are looking like a continuation of what we guided to this year.

我們現在正處於我們想要的預算過程中，但我認為現在的管道看起來像是我們今年指導的延續。

Okay.

好的。

Great.

偉大的。

And then I guess, specifically on those asset classes you want to reduce exposure too there.

然後我想，特別是在那些資產類別上，您也希望減少那裡的風險敞口。

Anything worth calling out specifically on those asset classes?

關於這些資產類別，有什麼值得特別指出的嗎？

Yes, Matt, this is John.

是的，馬特，這是約翰。

The bond anticipation notes was the primary thing that we haven't done as much of that we've let run off and those were down to, I think, one loan at quarter end.

債券預期票據是我們沒有做的主要事情，我們已經放棄了那麼多，我認為這些都歸結為季度末的一筆貸款。

So there's nothing left there.

所以那裡什麼都沒有留下。

So probably -- you probably won't see anything more there.

所以很可能——你可能不會再看到任何東西了。

So obviously, growth would have been a lot higher in the third quarter had we not let.

顯然，如果我們不這樣做，第三季的成長將會高得多。

I don't remember what the number was. $30-some-odd million roll off on those bands, so yes, as Bart said, we may be, we'll certainly, I think, be on the high end of the range for this quarter.

我不記得號碼是什麼了。這些頻段的售價約為 30 多萬美元，所以是的，正如巴特所說，我們可能，我認為，我們肯定會在本季度處於該範圍的高端。

And for the rest of the portfolio, I think it's going in the direction that we want.

對於投資組合的其餘部分，我認為它正在朝著我們想要的方向發展。

I would just call it more of a refinement, not any big levers are being pooled on that.

我只是將其稱為更多的改進，並沒有在這方面集中任何大的槓桿。

I think it's more just continuation of directionally going where we want to go in terms of the concentrations.

我認為這更像是繼續朝著我們想要的方向前進。

Okay.

好的。

Great.

偉大的。

And then on the net interest margin, some nice performance in the third quarter.

然後在淨利差方面，第三季表現不錯。

We got the Fed, I guess, the impact of the 50 bp cut from late third quarter and maybe some more Fed cuts here in the fourth quarter.

我想，我們得到了聯準會從第三季末開始降息 50 個基點的影響，也許第四季聯準會還會進一步降息。

John, any thoughts on the margin more near term?

約翰，近期對利潤有什麼想法嗎？

Yes.

是的。

I mean this quarter surprised us a little bit, and we weren't expecting to be plus 11% on the margin, but it seemed like every little piece we outperformed relative to expectations.

我的意思是這個季度讓我們有點驚訝，我們並沒有預期利潤率會增加 11%，但看起來我們的每個小部分的表現都超出了預期。

I mean letting all those bands roll off, we had more noninterest-bearing demand.

我的意思是，讓所有這些範圍都消失，我們就有了更多的無息需求。

I think our average loan-to-deposit ratio was probably a little bit higher.

我認為我們的平均貸存比可能會高一些。

The increase in demand was probably the biggest thing.

需求的增加可能是最大的。

If I look back at the numbers, we had declines in monthly, noninterest-bearing demand for like almost nine months in a row.

如果我回顧一下這些數字，我們的每月無息需求幾乎連續九個月下降。

And finally, demand deposits are up.

最後，活期存款增加。

So not only were they up during the quarter, but they're up again in October.

因此，它們不僅在本季上漲，而且在十月再次上漲。

So I'm feeling pretty good about the margin going forward.

所以我對未來的利潤率感覺很好。

I have guide to certainly flat.

我有指導，一定平坦。

I don't think it's going to be down.

我不認為它會下跌。

Even though when our Q comes out, it's going to show that we're asset sensitive.

即使當我們的 Q 出來時，它也會表明我們對資產敏感。

Those models are only as good as your assumptions.

這些模型的好壞取決於您的假設。

And I think on the first interest rate cut, we outperformed what the model assumptions were, if that makes sense.

我認為，在第一次降息時，我們的表現超越了模型假設的程度（如果這是有道理的話）。

It's hard to know if that will continue going forward.

很難知道這種情況是否會持續下去。

But I think having one of the higher cost of funds in the industry probably gives us more room to cut rates than most.

但我認為，擁有行業內較高的資金成本之一可能會給我們比大多數公司更大的降息空間。

I like where we're positioned.

我喜歡我們所處的位置。

I'm pretty comfortable with where the margin is now.

我對現在的利潤水準非常滿意。

Okay.

好的。

And just following up on that, John, one of the things you mentioned was the loan-to-deposit ratio, maybe a little higher than you expected.

約翰，接下來你提到的一件事是貸存比，可能比你預期的高一點。

Just remind me where your overall comfort zone is on that ratio in the short term and longer term?

請提醒我，您的整體舒適區在短期和長期的比率上處於什麼位置？

Yes, good question.

是的，好問題。

I mean we don't want to have too much as far as excess deposits go, but we do have a technology company that has a lot of seasonal deposits.

我的意思是，我們不想擁有太多的超額存款，但我們確實有一家擁有大量季節性存款的科技公司。

And we've already seen pretty big deposit inflows here for the fourth quarter.

我們已經看到第四季有相當大的存款流入。

Remember last year, our deposits were up several hundred million dollars, and we think that's probably going to be true again this year, that's maybe good for ROE.

還記得去年，我們的存款增加了數億美元，我們認為今年可能會再次出現這種情況，這可能對股本回報率有利。

It's not necessarily good for the margin or ROA, but we expect the loan-to-deposit ratio, even if we have a big quarter, it's probably going to be lower at year-end than not.

這不一定對利潤率或資產回報率有好處，但我們預計貸存比，即使我們有一個很大的季度，它在年底可能會低於沒有。

Okay.

好的。

Great.

偉大的。

I'll step back and congrats on the quarter.

我會退後一步，祝賀這個季度。

Michael Rose, Raymond James.

麥可羅斯、雷蒙詹姆斯。

Just wanted to touch again on the deposit side of the equation.

只是想再次觸及等式的存款面。

John, as you mentioned, you have one of the higher costs in the industry out there.

約翰，正如您所提到的，您的成本是業內最高的之一。

Some of that's reflective of the strong loan growth that you've had.

其中一些反映了貸款的強勁增長。

Can you just remind us of some of the initiatives that you have in place?

您能否提醒我們一些您採取的措施？

And then maybe what percentage of the deposits are either indexed or exception price that may have some leverage as the Fed cuts rates.

然後，也許有多少百分比的存款是指數化的或例外價格的，隨著聯準會降息，這些存款可能具有一定的槓桿作用。

And it was nice to see the NIB mix improve with some nice demand growth this quarter.

很高興看到 NIB 組合有所改善，本季需求成長良好。

Can you just remind us of some of the -- again, some of the initiatives you have in place and maybe over time where that mix could potentially migrate to?

您能否再次提醒我們一些您已經採取的舉措，以及隨著時間的推移，這種組合可能會遷移到哪些地方？

Yes, Michael, I'll start first with some of the initiatives.

是的，邁克爾，我將首先從一些舉措開始。

I mean, we started this, if you probably remember well over a year ago that every line of business had their own goals and own initiatives on deposit side.

我的意思是，如果您可能還記得一年多前，每個業務線在存款方面都有自己的目標和自己的舉措，那麼我們就開始了這一點。

So the nice thing is the commercial group as a whole, and there's several lines of business in that commercial group, all have very strong incentives for deposit growth.

所以好的事情是商業集團作為一個整體，而該商業集團中有多個業務線，都對存款成長有強烈的激勵。

It's both financial because it's probably the biggest part of their incentive packages, deposits, but it's also certain even some fun goals that we have.

這既是財務方面的，因為這可能是他們的激勵計劃、存款中最大的一部分，但也可以肯定我們有一些有趣的目標。

And certainly, we want to emphasize treasury in particular of that.

當然，我們要特別強調財政部。

Treasury itself has its own goals as well as some calling initiatives that going after deposit-only customers as well.

財政部本身也有自己的目標，也有一些針對只接受存款的客戶的呼籲措施。

So that's been -- those have worked very well together to give us some nice improvements.

所以，這些工作配合得很好，為我們帶來了一些不錯的改進。

We also have a retail group that has launched several initiatives and have been very instrumental in bringing in small business and retail customers that really showed a lot of benefits last year, almost [$100 billion] in deposits that they brought in as well.

我們還有一個零售集團，該集團推出了多項舉措，在吸引小型企業和零售客戶方面發揮了很大作用，去年確實顯示出了很多好處，他們還帶來了近[1000億美元]的存款。

And then in addition to that, we have this relationship with Ameriprise that's been successful in either helping us bring in deposits and new customers or at least maintain a relationship so that we keep more customers in-house.

除此之外，我們與 Ameriprise 建立了這種關係，它成功地幫助我們吸引了存款和新客戶，或至少維持了一種關係，以便我們保留更多的客戶。

So I think altogether, it hasn't been a home run in any particular area, but it's been every line of business having some great base hits that made the difference.

所以我認為總的來說，這並不是在任何特定領域都打出全壘打，而是每個行業都有一些偉大的安打，從而產生了影響。

And I do think they're all spinning up to have even better yield this year perhaps.

我確實認為他們今年都在努力爭取更好的產量。

Yes.

是的。

And Michael, regarding how much is index.

邁克爾，關於指數是多少。

So we have about 12% noninterest-bearing demand.

所以我們大約有12%的無息需求。

Our CDs are about the same.

我們的CD 都差不多。

So that leaves 75% roughly this money market accounts.

這樣就剩下約 75% 的貨幣市場帳戶。

There is a decent amount of that that's indexed, but all of it is certainly variable from our perspective.

有相當多的內容已被索引，但從我們的角度來看，所有這些內容肯定都是可變的。

So we have that 75% that we can price down.

所以我們有 75% 的價格可以降價。

I think that's probably more than peer, partially because we have less in noninterest-bearing demand.

我認為這可能超過同行，部分原因是我們的無息需求較少。

So it didn't feel as good on the way up, but it should be good on the -- as the rates are coming down.

因此，在上漲過程中感覺不太好，但隨著利率下降，應該會很好。

And that's where I was talking about being able to overperform versus our modeling because we attracted deposits by paying relatively high rates.

這就是我所說的能夠超越我們的模型的地方，因為我們透過支付相對較高的利率吸引了存款。

But now that everyone expects rates to be down, it hasn't been particularly hard to lower rates just as fast.

但既然每個人都預期利率會下降，那麼以同樣快的速度降低利率並不是特別困難。

So that's gone well for us.

所以這對我們來說進展順利。

That's great color.

那顏色真棒。

And maybe just on a corollary to that, would just be on the loan pricing side.

也許這只是貸款定價方面的一個必然結果。

You guys saw average loan yields to tick higher.

你們看到平均貸款收益率走高。

Can you just talk about where new production yields are, just I would assume that they're going to start to come down, just given that rates have come down, but not certain.

您能談談新的產量在哪裡嗎？ 我認為考慮到利率已經下降，它們將開始下降，但不確定。

It's obviously going to vary by category, things like that, but just wondering to get a sense for -- because I think what you're talking about is relative NIM stability at least for the next couple of quarters.

顯然，它會因類別等因素而有所不同，但只是想了解一下——因為我認為你所說的是至少在接下來的幾個季度內淨息差的相對穩定性。

So just trying to understand both sides of the equation?

那麼只是想了解等式的兩邊嗎？

Yes.

是的。

We have an internal pricing model.

我們有一個內部定價模型。

And plus we have some very seasoned bankers that understand where we're trying to go.

此外，我們還有一些經驗豐富的銀行家，他們了解我們的目標。

So certainly, we're looking at prime plus on new deals, and there are certain margins that we try to hit internally, what we call hurdle rates.

因此，當然，我們正在考慮新交易的優質附加服務，並且我們試圖在內部達到一定的利潤率，即我們所說的最低門檻率。

And what we're seeing is all this production is fitting in those categories.

我們看到的是所有這些作品都適合這些類別。

We have very few exceptions to that.

我們很少有例外。

Michael, I talked about 75% money market accounts that would be floating on the deposit side and the asset side is similarly structured in that.

邁克爾，我談到 75% 的貨幣市場帳戶將在存款方面浮動，資產方面的結構也類似。

Close to 80% of our loan portfolio is either floating or variable, one or the other.

我們近 80% 的貸款組合要么是浮動的，要么是可變的，兩者擇其一。

And the stuff that's floating versus SOFR, we typically don't do a deal at SOFR less than plus

與 SOFR 相比，浮動的東西，我們通常不會在 SOFR 低於+的情況下進行交易

[300].

[300]。

The community bank deals are typically priced off prime and they're typically prime plus.

社區銀行交易的定價通常低於優質產品，而且通常是優質產品。

So we're averaging in that prime area, maybe plus some fees, puts us a little over 8%.

因此，我們在黃金地段進行平均，也許加上一些費用，使我們略高於 8%。

So when we're raising noninterest-bearing demand deposits, it's certainly very good for the margin, and that's where we had the big uptick this month -- quarter.

因此，當我們籌集無息活期存款時，這肯定對利潤率非常有利，這就是我們本月（季度）大幅上升的地方。

Very helpful.

非常有幫助。

And then maybe just one last follow-up for me.

也許這只是我最後一次的後續行動。

Bart, you guys have done a really good job keeping the head count flat to down and continuing to add assets to the balance sheet has created a really nice tailwind you've seen the efficiency ratio come down pretty materially.

巴特，你們在保持員工人數持平或下降方面做得非常好，並繼續在資產負債表上增加資產，這創造了一個非常好的順風，你們已經看到效率比率大幅下降。

But as we go forward, I assume that you're going to have to start adding bankers at some point to continue to grow at these levels are potentially higher as we move forward.

但隨著我們的前進，我認為你將不得不在某個時候開始增加銀行家，以便隨著我們的前進，這些水平可能會更高，從而繼續增長。

And then I assume that there's going to be some incentive compensation accrual, things like that as we think about next year.

然後我假設將會有一些應計的激勵薪酬，就像我們明年考慮的那樣。

Can you just give us thoughts around that?

您能給我們談談對此的想法嗎？

And then are you expecting further improvements in the efficiency ratio?

那麼您是否期望效率比進一步提高？

Or are we going to start to think about that beginning to level off here in the mid- to high 50s?

或者我們會開始考慮在 50 年代中後期開始趨於平穩？

Yes.

是的。

So this is just our initial goal to get below 60%.

所以這只是我們最初的目標，即低於 60%。

So our internal goals are to get the efficiency ratio down much further.

因此，我們的內部目標是進一步降低效率比。

And so it's a process, as you know, it takes time.

所以這是一個過程，正如你所知，需要時間。

Quite frankly, where we are today is probably two quarters ahead of where our even internal goals were.

坦白說，我們今天的處境可能比我們的內部目標提前了兩個季度。

So the teams just outperformed in every way, and it's been quite amazing to watch them figure out ways to have savings.

因此，這些團隊在各方面都表現出色，看到他們想出節省開支的方法真是令人驚訝。

There's a few other things that we're working through that could help the efficiency ratio and cost reductions that's going to happen through 2025.

我們正在努力解決其他一些問題，這些事情可能有助於在 2025 年之前提高效率並降低成本。

I think as far as personnel, we've done a really good job of reallocating resources internally to help manage that head count.

我認為就人員而言，我們在內部重新分配資源以幫助管理人員數量方面做得非常好。

Naturally, we are growing and because we're growing, we're eventually going to have to add headcount.

當然，我們正在成長，並且因為我們正在成長，我們最終將不得不增加員工人數。

And truthfully, in terms of where that goes, we're probably down a couple of underwriters that we'll need to backfill, probably have some portfolio managers that come on board to help as these loan portfolios continue to grow.

說實話，就事態發展而言，我們可能會減少一些需要補充的承銷商，可能會有一些投資組合經理隨著這些貸款組合的持續增長而加入提供幫助。

So we'll have some investment in terms of just continuing to build, but they're very selective that we're doing it.

因此，我們將在繼續建設方面進行一些投資，但他們對我們這樣做非常有選擇性。

And so we really believe revenue is going to grow still much faster than expenses.

因此，我們確實相信收入的成長仍將快於支出的成長。

And while it may not necessarily be flat or it may go up a little bit, we think revenue is going to go up a lot faster.

雖然不一定會持平或可能會略有上升，但我們認為收入會成長得更快。

Woody Lay, KBW.

伍迪萊，KBW。

I wanted to talk about deposit growth.

我想談談存款成長。

It looks like time deposits were up a little bit in the quarter.

看起來定期存款在本季略有增加。

Just any color you could give on the go-forward deposit strategy from here?

您可以對這裡的前進存款策略給出任何顏色嗎？

This one particular customer that I talked about, their deposits come in the form of money market, because -- we certainly do have some wholesale funding as it's somewhat difficult to predict when the loan growth is going to happen.

我談到的這個特定客戶，他們的存款以貨幣市場的形式出現，因為——我們確實有一些批發資金，因為很難預測貸款何時會成長。

The last three years, September has been our biggest month of the year for reasons unknown to even us.

在過去的三年裡，九月是我們一年中最重要的月份，原因甚至連我們自己都不知道。

So some of those deposits that you saw a tick up in the fourth quarter was on the brokerage side.

因此，您在第四季度看到的一些存款增加是在經紀業務方面。

We did bring in some brokered CDs.

我們確實帶來了一些經紀CD。

And interestingly, the cost of those was probably 100 basis points less than they were six months ago or something like that.

有趣的是，這些成本可能比六個月前低了 100 個基點或類似的水平。

But those were short term set to roll off as soon as we replace it with more permanent money, but I didn't want the loan-to-deposit ratio to creep over 100%, didn't want to borrow from the home loan bank and still had plenty of capacity there.

但這些都是短期的，一旦我們用更永久的貨幣取代它，它們就會消失，但我不希望貸存比超過 100%，不想從房屋貸款銀行借錢並且那裡仍然有足夠的容量。

So that was just a short-term fixed for the big loan growth that we had.

因此，這只是我們貸款大幅成長的短期解決方案。

And I think I alluded to this in my talk, but loans for the month of September were up over $100 million just for the single month.

我想我在演講中提到了這一點，但 9 月的貸款單月增加了 1 億多美元。

So it's hard to predict growth quite so fast for one month.

因此很難預測一個月內成長如此之快。

Got it.

知道了。

That's helpful.

這很有幫助。

And then maybe shifting over to the loan pipeline.

然後可能會轉向貸款管道。

It sounds like the mix is in line with historical levels.

聽起來這個組合符合歷史水準。

Is that the right way to think about it?

這是正確的思考方式嗎？

I think so.

我想是的。

Yes, I feel like it's more of a continuation of what you've seen in the last probably three quarters.

是的，我覺得這更像是你在過去三個季度所看到的情況的延續。

That's fair.

這很公平。

Bernard Von Gizycki, Deutsche Bank.

伯納德·馮·吉茲基，德意志銀行。

Bart, in your closing remarks, you mentioned how the Texas market has been robust, has strong growth prospects and you've been able to capitalize on those opportunities.

巴特，在您的結論中，您提到德克薩斯州市場一直強勁，具有強勁的成長前景，並且您已經能夠利用這些機會。

You added your 19th branch location as noted in the press release.

如新聞稿中所述，您新增了第 19 個分店。

As we think about going into 2025, anything you can share on how you're thinking about just future expansion?

當我們考慮進入 2025 年時，您可以分享您對未來擴張的看法嗎？

Yes.

是的。

So most of our branches were built around bankers.

因此，我們的大多數分行都是圍繞著銀行家建立的。

And part of this is still filling out some of the needs from the hires that we had post pandemic, but we've mostly satisfied the branch needs that we have right at this point.

其中一部分仍然是滿足我們在疫情後僱用的員工的一些需求，但我們目前已經基本滿足了分支機構的需求。

You will not see the branch expansion based on our current strategy much past where we have right now, unless there's something that's opportunistic.

你不會看到基於我們當前策略的分支機構擴張遠遠超過我們現在的情況，除非有機會主義的東西。

So a true de novo branching is certainly going to slow down, and we're mostly where we need to be.

因此，真正的從頭分支肯定會放慢速度，而我們基本上已經到達了需要的位置。

We're opening our, probably our last branch with the grand opening next week.

我們將在下周盛大開業，這可能是我們最後一家分店。

And I think that's pretty well where you'll see our branches are for the next 12 to 24 months.

我認為在接下來的 12 到 24 個月內您將看到我們的分店的位置非常好。

I think we're going to build off of that network.

我認為我們將建立該網路。

Got it.

知道了。

No, that's helpful.

不，這很有幫助。

Maybe just moving to fees quickly.

也許只是快速轉向收費。

Taking out the security losses have performed better than expectations.

扣除安全損失後的表現優於預期。

The service charges were much higher.

服務費要高得多。

I know loan growth was as well.

我知道貸款成長也是如此。

Just anything seasonally higher in that line item to be mindful of?

該訂單項目中是否有季節性較高的因素需要注意？

And if you could just provide some color on how you expect like fees to like go forward from here?

您是否可以提供一些關於您期望的費用從這裡開始如何發展的資訊？

Yes.

是的。

Bernie, we talked about this a little bit last quarter and that our treasury group, in particular.

伯尼，我們在上個季度對此進行了一些討論，特別是我們的財務團隊。

The numbers are relatively small, but they're growing at a rate 50% to 75%.

這個數字相對較小，但正在以 50% 到 75% 的速度成長。

And given enough time, that really adds up.

如果有足夠的時間，這確實會增加。

So I would probably give them credit for a lot of the fee income on the treasury side.

因此，我可能會將財政方面的大量費用收入歸功於他們。

That's been where a lot of the increases come from in noninterest-bearing demand and the service charges.

這主要是無息需求和服務費的成長。

And then we also had a relatively big loan fee this quarter on a deal that we had led.

然後，本季我們主導的一項交易還收取了相對較高的貸款費用。

And those are going to be a little bit lumpy.

這些會有點凹凸不平。

I don't know if we can say that we'll have maybe one a quarter, maybe it's two or three times a year.

我不知道我們是否可以說我們可能每個季度一次，也許一年兩次或三次。

It's hard to know when those larger loan fees may come into play, but we did have one for this quarter.

很難知道這些更高的貸款費用何時會發揮作用，但本季我們確實有一個。

And then any expectations on how to think about fee income, the $2.5 million a quarter range sounds right?

然後，關於如何考慮費用收入的預期，每季 250 萬美元的範圍聽起來是否正確？

Or anything you can provide on that?

或者你能提供什麼嗎？

No, I think that sounds about right, just because we don't know on those lumpy fees.

不，我認為這聽起來不錯，只是因為我們不知道那些巨額費用。

But the $2.5 million plus, we're pretty comfortable with that number, yes.

但是 250 萬美元以上，我們對這個數字很滿意，是的。

(Operator Instructions) Dave Storms, Stonegate Capital Partners.

（操作員指令）Dave Storms，Stonegate Capital Partners。

Just wanted to circle back on loans a little bit.

只是想稍微收回貸款。

I know you mentioned that you're targeting the $50 million to $100 million in growth.

我知道您提到您的成長目標是 5,000 萬至 1 億美元。

And it looks like commercial and industrial had a really strong quarter and growth above and beyond that, as you mentioned.

正如您所提到的，商業和工業似乎有一個非常強勁的季度，並且成長超出了這一水平。

Is that more emblematic of some of the refinement that you highlighted earlier?

這是否更能反映您先前強調的一些改進？

Was that just one large customer?

這只是一位大客戶嗎？

How should we think about that?

我們該如何思考這個問題？

And how that looks going forward?

未來情況如何？

Yes.

是的。

I think it's growth in general.

我認為總體來說是成長。

Audrey and I were just talking about.

奧黛麗和我剛才正在談論。

Audrey, I don't know if you want to pipe in on this one?

奧黛麗，我不知道你是否願意參與其中？

I would say it's just growth in general, primarily from our corporate lending group that does the middle market, somewhat larger loans, but it is not just one loan.

我想說，這只是整體成長，主要來自我們從事中間市場的企業貸款集團，貸款規模較大，但不僅僅是一筆貸款。

It's just growth in that group.

這只是該群體的成長。

Understood.

明白了。

Very helpful.

非常有幫助。

And then just one more for me.

然後再給我一個。

You mentioned in your prepared remarks that you paid down some more debt in the quarter.

您在準備好的發言中提到，您在本季還清了更多債務。

How much more runway do you feel like there is there?

您覺得還有多少跑道？

And what's your comfort with that?

您對此有何感想？

Yes, that's a good question.

是的，這是一個好問題。

It depends on growth.

這取決於成長。

It depends on earnings, obviously.

顯然，這取決於收入。

I don't expect we will pay down any more this year and next year is yet to be determined.

我預計今年我們不會再還款，明年尚未確定。

But given enough time, certainly, we want to pay it down to zero.

但如果有足夠的時間，我們當然希望將其還款額降至零。

It's our highest cost of funds.

這是我們最高的資金成本。

It's about 7.5%, it's a -- little less than 7.5% is the rate that we're paying on that.

大約是 7.5%，我們為此支付的利率略低於 7.5%。

So to the extent that we have excess capital, we think that's the highest and best first use and particularly since it's a revolving line, if we decide we need more, we can just reborrow it.

因此，就我們擁有過剩資本而言，我們認為這是最高和最好的首次使用，特別是因為它是一條循環線，如果我們決定需要更多，我們可以重新借用它。

But I'd say no more for this year, and we'll reevaluate in the first quarter.

但今年我不會再多說了，我們將在第一季重新評估。

And maybe it's $5 million a quarter next year, it just depends.

也許明年每季的營收是 500 萬美元，要看情況。

Congrats on the quarter.

恭喜本季。

At this time, we've reached the end of our question-and-answer session.

此時，我們的問答環節已經結束。

I'd like to turn the floor back to Mr. Caraway for closing remarks.

我想請卡拉韋先生致閉幕詞。

Thank you, Rob.

謝謝你，羅布。

Very much appreciate it, and thanks, everybody, on the call for the questions and support.

非常感謝，感謝大家在電話中提出的問題與支持。

We feel really good about where we're positioned and where we're going with and look forward to releasing earnings next quarter and visiting with you all again.

我們對自己的定位和發展方向感到非常滿意，並期待下個季度發布收益並再次與大家見面。

Have a good day.

祝你有美好的一天。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may now disconnect your lines at this time.

此時您可以斷開線路。