Third Coast Bancshares Inc (TCBX) 2025 Q1 法說會逐字稿

Greetings and welcome to the Third Coast Bankshares first quarter 2025 earnings conference call. (Operator Instructions).It is now my pleasure to introduce your host, Natalie Harrison, investor relations for Third Coast Bank Shares. Thank you. You may begin.

大家好，歡迎參加Third Coast Bankshares 2025年第一季財報電話會議。 （操作員指示）。現在，我很高興介紹主持人、Third Coast Bank Shares投資者關係主管Natalie Harrison。謝謝。你可以開始了。

Thank you, operator, and good morning, everyone. We appreciate you joining us for Third Coast Bancshares conference call and webcast to review our first quarter 2025 results. With me today is Bart Caraway, Chairman, President and Chief Executive Officer, John McWhorter, Chief Financial Officer, and Audrey Duncan, Chief Credit Officer.

謝謝接線員，大家早安。感謝您參加 Third Coast Bancshares 電話會議和網路廣播，以回顧我們 2025 年第一季的業績。今天與我一起的有董事長、總裁兼首席執行官巴特·卡拉威 (Bart Caraway)、首席財務官約翰·麥克沃特 (John McWhorter) 和首席信貸官奧黛麗·鄧肯 (Audrey Duncan)。

First, a few housekeeping items. 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 May 1, and more information on how to access these replay features was included in yesterday's earnings release.

首先，有一些家務事。今天的電話會議將進行重播，並透過我們網站 ir.thirdcoast.bank 的投資者專區以網路直播的形式提供。電話會議重播也將持續到5月1日，有關如何使用這些重播功能的更多資訊已包含在昨天的收益報告中。

Please note that information reported on this call speaks only as of today, April 24, 2025, and therefore you were advised that any time sensitive information may no longer be accurate as of the time of any replay listing or transcript reading. In addition, the comments made by management during this conference call. Contain forward-looking statements within the meaning of the United States federal securities laws.

請注意，本次通話中報告的資訊僅截至今天（2025 年 4 月 24 日），因此請注意，任何時間敏感資訊在任何重播清單或記錄閱讀時可能不再準確。此外，管理層在本次電話會議中發表的評論。包含美國聯邦證券法所定義義的前瞻性陳述。

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

這些前瞻性陳述反映了管理階層目前的觀點。然而，各種風險、不確定性和意外事件可能導致實際結果、業績或成就與管理層聲明中表達的結果、業績或成就有重大差異。

The listener or reader is encouraged to read the annual report on Form 10-K that was filed on March 5, 2025, to better understand those risks, uncertainties, and contingencies. The comments made today will also include certain non-GAAP financial measures.

鼓勵聽眾或讀者閱讀 2025 年 3 月 5 日提交的 10-K 表年度報告，以便更好地了解這些風險、不確定性和意外事件。今天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. Now I would like to turn the call over to the Third Coast's Chairman, President, and CEO Mr. Bart Caraway. Bart.

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 財務指標的對賬，您可以在 Third Coast 網站上找到。現在我想把電話轉給第三海岸的董事長、總裁兼執行長巴特·卡拉威先生。巴特。

Good morning, everyone, and thank you, Natalie. I'll start by sharing the key points from our earnings release. Following my remarks, John will discuss the financials, and Audrey will review our credit quality. Finally, I'll provide our outlook for the remainder of 2025.

大家早安，謝謝你，娜塔莉。我將首先分享我們收益報告中的要點。在我發言之後，約翰將討論財務狀況，奧黛麗將審查我們的信用品質。最後，我將對 2025 年剩餘時間做出展望。

The results of the first quarter showcase the strength of our team and the effectiveness of our strategic planning. This is largely due to our well-defined priorities, which include discipline loan growth, robust credit management practices, improved operational efficiencies, and the ongoing commitment to increasing shareholder value.

第一季的業績展現了我們團隊的實力和策略規劃的有效性。這在很大程度上歸功於我們明確的優先事項，包括規範的貸款成長、強有力的信貸管理實踐、提高的營運效率以及持續致力於提高股東價值。

First, early in the second quarter, we announced that Third Coast had successfully executed a significant commercial real estate loan securitization. This transaction provides us with increased flexibility in managing our balance sheet and capital ratios and generates fee income that will positively impact our net interest margin in the second quarter.

首先，在第二季初，我們宣布 Third Coast 成功執行了一項重大商業房地產貸款證券化。此交易為我們管理資產負債表和資本比率提供了更大的靈活性，並產生了費用收入，這將對我們第二季度的淨利差產生積極影響。

We believe the securitization transaction exemplifies our forward-thinking approach to capital management by positioning the company to support future loan growth while maintaining a prudent risk profile. By converting a portion of our loan portfolio into marketable securities, we have not only reduced our concentration in commercial real estate.

我們相信，證券化交易反映了我們具有前瞻性的資本管理方法，使公司能夠支持未來的貸款成長，同時保持審慎的風險狀況。透過將部分貸款組合轉換為有價證券，我們不僅降低了對商業房地產的集中度。

A key focus for regulators and source of potential risk but also improved our risk-based capital ratios. As the securitization allows us to redeploy capital more effectively into new lending opportunities. This proactive step enhances our liquidity and enables us to manage our loan portfolio dynamically, responding to shifts in loan demand or economic conditions without compromising our credit standards.

監管機構關注的重點和潛在風險來源，同時也提高了我們基於風險的資本比率。因為證券化使我們能夠更有效地將資本重新部署到新的貸款機會中。這項積極措施增強了我們的流動性，使我們能夠動態管理我們的貸款組合，在不損害我們的信貸標準的情況下應對貸款需求或經濟狀況的變化。

Furthermore, the structure and ongoing management of the securitization ensure that we maintain rigorous oversight of our credit quality as required by regulatory guidance. And that we continue to meet the evolving needs of our customers and communities.

此外，證券化的結構和持續管理確保我們按照監管指導的要求對信貸品質進行嚴格監督。我們將繼續滿足客戶和社區不斷變化的需求。

Additionally, our proactive asset management strategies focused on reducing non-performing loans and efficiently transitioning selected assets to other real estate owned, continue to deliver positive results, as evidenced by the ongoing improvement in our already strong credit quality. Well, Audrey will provide more specifics. I just want to emphasize our continued confidence in the company's credit risk strategies.

此外，我們積極的資產管理策略專注於減少不良貸款並有效地將選定的資產轉換為其他自有房地產，繼續帶來積極成果，這從我們本已強勁的信貸品質的持續改善中可見一斑。好吧，奧黛麗將提供更多細節。我只是想強調我們對公司信用風險策略的持續信心。

We are committed to maintaining a healthy balance sheet while promoting long-term sustainable growth. Another high point is our net interest margin, which improved 9 basis points in the first quarter to 3.80%. While John will provide more detailed financials, I want to underline that our commitment to maximizing returns through informed decision making, cost awareness, and adaptability.

我們致力於維持健康的資產負債表，同時促進長期永續成長。另一個亮點是我們的淨利差，第一季提高了 9 個基點，達到 3.80%。雖然約翰會提供更詳細的財務數據，但我想強調的是，我們致力於透過明智的決策、成本意識和適應性來最大化回報。

Lastly, but certainly not least, we are committed to prioritizing enhanced shareholder value, which is demonstrated by our continuous rise in book value and tangible book value. We achieved growth of 4.4% and 4.7% respectively, over the prior quarter. And when compared to the same period last year, we achieved growth of 14.3% and 15.2% respectively.

最後，但同樣重要的一點是，我們致力於優先提高股東價值，這體現在我們帳面價值和有形帳面價值的持續成長。與上一季相比，我們分別實現了4.4%和4.7%的成長。與去年同期相比，分別實現了14.3%和15.2%的成長。

Overall, I am very pleased with the results of the first quarter. Our team has continued to show remarkable focus and discipline and executing the company's strategic priorities, which has allowed us to sustain this upward momentum. With our clearly defined objectives and such a talented team, we are well positioned for future success. I'm confident that we will continue to deliver exceptional value in the upcoming quarters.

整體而言，我對第一季的業績非常滿意。我們的團隊繼續表現出卓越的專注力和紀律性，並執行公司的策略重點，這使我們能夠保持這種上升勢頭。憑藉我們明確的目標和如此優秀的團隊，我們為未來的成功做好了準備。我相信我們將在未來幾季繼續創造卓越的價值。

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

說完這些，我就把麥克風交給約翰。

Thank you, Bart, and good morning, everyone. We provided the detailed financial tables in yesterday's earnings release. So today I'll provide some additional colour around select balance sheet and profitability metrics from the first quarter. We reported first quarter net income of $12.4 million, essentially flat versus the fourth quarter of 2024. This resulted in an ROA of 117 and a 12.4% return on equity.

謝謝你，巴特，大家早安。我們在昨天的收益報告中提供了詳細的財務表。因此今天我將圍繞第一季的精選資產負債表和獲利指標提供一些額外的資訊。我們報告第一季淨收入為 1240 萬美元，與 2024 年第四季基本持平。這使得 ROA 達到 117，股本回報率達到 12.4%。

Net interest income growth was 12.4% for the year, but down slightly from the fourth quarter. The decline from the fourth quarter was primarily due to a decline in Fed funds sold and other interest earning assets. Non-interest expenses were up 3.2% or $878,000 in the first quarter, and we're up 8.5% or $2.2 million from the same quarter last year.

全年淨利息收入成長率為12.4%，但較第四季略有下降。第四季的下降主要是由於出售的聯邦基金和其他生息資產的下降。第一季非利息支出成長 3.2% 或 878,000 美元，比去年同期成長 8.5% 或 220 萬美元。

Investment securities were up $13.4 million to $397 million and AOCI improved to a gain of $10.3 million. Deposits declined $62 million for the quarter, resulting in a loan to deposit ratio of 93.9%, but also resulted in a net interest margin which improved 9 basis points to 3.80. Period in loan growth was $21.6 million, but quarterly average growth was slightly better at $42.5 million.

投資證券增加 1,340 萬美元，達到 3.97 億美元，AOCI 收益增加 1,030 萬美元。本季存款減少6,200萬美元，導致貸存比降至93.9%，但淨利差也上升了9個基點，達到3.80。期內貸款成長2,160萬美元，但季度平均成長略優於預期，為4,250萬美元。

Payoffs were relatively high for the quarter resulting in the modest growth. Loan growth has been better in April, with loans up more than $50 million thus far. Additionally, investment securities are up $78 million due to the securitization. The bank collected an origination fee on the securitization, which will benefit second quarter net interest margin by approximately 5 basis points.

本季的股息相對較高，從而實現了適度的增長。4 月貸款成長情況較好，迄今貸款已增加超過 5,000 萬美元。此外，由於證券化，投資證券增加了 7,800 萬美元。該銀行收取了證券化的發起費，這將使第二季的淨利差受益約 5 個基點。

Non-interest expenses will be somewhat noisy in the second quarter with headcount up 14, undergoing a core conversion and also incurring extra expense related to the securitization. Lastly, we accreted capital for the quarter and are therefore considering a share buyback program. That completes the financial review and at this point I'll pass the call to Audrey for our credit quality review.

由於員工人數增加 14 人、進行核心轉換以及產生與證券化相關的額外費用，第二季的非利息支出將有些波動。最後，我們本季累積了資本，因此正在考慮股票回購計畫。財務審查就此完成，此時我會將電話轉給奧黛麗，以便進行我們的信用品質審查。

Thank you, John, and good morning, everyone. I'm pleased to report that our ongoing efforts towards improving asset quality and maintaining a well-diversified credit portfolio have led to a noticeable improvement in our already strong asset quality ratios. In the first quarter, non-performing loans declined by $9.3 million, resulting in the non-performing loans to total loans ratio, improving by 23 basis points from the prior quarter.

謝謝你，約翰，大家早安。我很高興地報告，我們為提高資產品質和維持多元化信貸組合所做的持續努力，使我們本已強勁的資產品質比率得到了顯著改善。第一季度，不良貸款減少了930萬美元，導致不良貸款佔總貸款比率較上一季改善了23個基點。

The decline in non-performing loans was primarily due to the foreclosure and transfer to OREO of three non-performing loans in one relationship totaling $7.3 million, the payoff and pay down of five non-performing loans totaling $1.9 million, and the charge off of one loan for $810,000. Non-performing assets to total assets declined by 2 basis points to 0.56%.

不良貸款減少的主要原因是，一家金融機構止贖並轉移了三筆不良貸款給 OREO，總額為 730 萬美元，償還並清償了五筆不良貸款，總額為 190 萬美元，以及註銷了一筆 81 萬美元的貸款。不良資產佔總資產比率下降2個基點至0.56%。

Net charge-offs also declined, improving by 5 basis points in the first quarter when compared to the prior quarter. Although we charged off one loan totaling $810,000, recoveries of $412,000 for the quarter resulted in net charge-offs of just $398,000.

淨沖銷額也有所下降，第一季與上一季相比改善了 5 個基點。儘管我們註銷了一筆總額為 810,000 美元的貸款，但本季收回的 412,000 美元導致淨註銷額僅為 398,000 美元。

Our loan portfolio continues to be well diversified. CNI loans increased to 40% of total loans. Construction, development, and land loans increased slightly to 21%, while owner occupied declined slightly to 11%, and non-owner occupied CRE stayed the same as 16% of total loans.

我們的貸款組合持續保持多樣化。CNI貸款增至總貸款的40％。建築、開發和土地貸款略有增加，至 21%，而自住貸款略有下降，至 11%，非自住 CRE 保持不變，佔總貸款的 16%。

Office represented 3.4% of total loans with approximately 54% being owner occupied. Medical office was another 1.2% of total loans. As I have stated previously, the office portfolio generally consists of Class B with some owner-occupied C space and is all located in our Texas footprint. The average LTV of our office and medical office portfolio is approximately 60%.

辦公室貸款佔總貸款的 3.4%，其中約 54% 為自住貸款。醫療辦公室貸款佔貸款總額的 1.2%。正如我之前所說，辦公室組合通常由 B 級和一些自住 C 級空間組成，並且全部位於我們的德克薩斯州範圍內。我們的辦公室和醫療辦公室投資組合的平均 LTV 約為 60%。

Multi-family represented 3.4% of total loans and has an average LTV of less than 65%. Overall, our conservative credit culture has consistently yielded strong results. We remain disciplined in our credit underwriting approach and foster a culture of prudent credit standards and disciplined practices that align with our strategic vision for sustainable growth. With that, I'll turn the call back to Bart. Bart.

多戶型房屋佔貸款總額的 3.4%，平均 LTV 低於 65%。整體而言，我們保守的信貸文化一直取得強勁成果。我們在信用核保方法上保持嚴謹，並培養符合我們永續成長策略願景的審慎信用標準和嚴謹實踐的文化。說完這些，我就把電話轉回給巴特。巴特。

Thank you, Audrey. First, let me start our outlook by expressing my pride in our team's exceptional ability to navigate challenges and capitalize on opportunities with expert level precision. We consistently execute our strategic plan effectively, concentrating our efforts on initiatives and prior priorities that align with our company-wide goals.

謝謝你，奧黛麗。首先，我要先表達我對我們團隊以專家級的精準度應對挑戰和利用機會的卓越能力的自豪。我們始終有效地執行我們的策略計劃，將我們的努力集中在符合我們整個公司目標的措施和優先事項上。

During our last earnings call, we outlined several key priorities. First, efforts to improve our efficiency ratio. We remain optimistic that our ongoing success of our 1% improvement campaign will continue to deliver significant operational efficiencies and cost savings. Second, our loan volumes continue to align with our targets, remaining in the range of $50 million to $100 million per quarter.

在上次財報電話會議上，我們概述了幾個關鍵優先事項。一是努力提高效率。我們仍然樂觀地認為，我們 1% 改善活動的持續成功將繼續帶來顯著的營運效率和成本節約。其次，我們的貸款金額繼續與我們的目標保持一致，保持在每季 5,000 萬美元至 1 億美元的範圍內。

Notably, we have already surpassed $50 million in gross loan production for April. While fluctuations may occur month to month, we remain on track to achieve $325 million in long growth, translating to an 8% annual run rate when compared to the prior year. Third, deposits experience the typical seasonal decline in the first quarter. And we anticipate some additional seasonal roll off.

值得注意的是，我們四月的總貸款額已經超過 5,000 萬美元。雖然每個月都可能出現波動，但我們仍有望實現 3.25 億美元的長期成長，與前一年相比，年運行率為 8%。三是第一季存款呈現典型的季節性下降趨勢。我們預計還會有一些額外的季節性下滑。

Similar to loans, deposits can vary significantly month to month. Lastly, we continue to evaluate additional securitizations as a tool to manage concentrations and support sustainable, profitable growth, demonstrating our commitment to robust capital planning and risk management. In conclusion, I'd like to emphasize our thorough pursuit of operational excellence and profitability.

與貸款類似，存款每個月也會有很大差異。最後，我們繼續評估額外的證券化，將其作為管理集中度和支持可持續盈利增長的工具，表明我們對穩健的資本規劃和風險管理的承諾。最後，我想強調我們對卓越營運和獲利能力的徹底追求。

With a highly effective strategic plan in place, a strong capital foundation, improved asset quality, and disciplined execution, Third Coast is well positioned to continue delivering value to our shareholders and to remain competitive in our dynamic Texas markets. I would now like to turn the call back to the operator to begin the question and answer session, operator.

憑藉高效的策略規劃、雄厚的資本基礎、不斷提升的資產品質以及嚴格的執行力，Third Coast 已做好準備，繼續為股東創造價值，並在充滿活力的德州市場保持競爭力。我現在想將電話轉回給接線生，開始問答環節。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions).Our first question comes from the line of Woody Lay with KBW. Please proceed with your question.

謝謝。我們現在將進行問答環節。 （操作員指示）。我們的第一個問題來自 KBW 的 Woody Lay。請繼續您的問題。

Hey, good morning, guys.

嘿，大家早安。

Morning lay.

早上躺下。

Wanted to start on the securitization impact. Congrats on executing that in April. I think you called out an origination fee that'll flow through the nim, next quarter. Is there also a non-interest impact that that we should see in the quarters ahead ahead, or will it all flow through interest?

想要開始討論證券化的影響。恭喜您在四月實現了這個目標。我認為您提到的發起費將在下個季度透過 nim 產生。在未來幾季中，我們是否還會看到非利息的影響，還是所有影響都會透過利息體現？

It'll all flow through the margins, so for this next quarter, I think it'll be about 5 basis points, tailwind to the margin, and it'll be less than that going forward. We do still have some fees that'll amortize over time but not as much.

所有這些都將流向利潤率，因此對於下個季度，我認為它將達到約 5 個基點，對利潤率來說是順風，而以後它將低於這個數字。我們確實還有一些費用會隨著時間的推移而攤銷，但數量不會那麼多。

Got it. And then you know you you completed this one in April you said you'll evaluate the potential for additional securitization from here like what's a realistic target? Is it, execute on a couple every year or just how should how should we think about the opportunity?

知道了。然後你知道你在四月完成了這個，你說你會從這裡評估額外證券化的可能性，例如一個現實的目標是什麼？是每年執行幾次還是我們應該如何考慮這個機會？

Yeah, it's going to be based on demand, so it's really hard to predict when it may be. If our concentration ratios creep up, we're certainly going to be more interested in doing one than not, but it's dependent on the loan demand that we see out there, and our ratios are in good shape today.

是的，這將基於需求，因此很難預測何時會發生。如果我們的集中度比率逐漸上升，我們肯定會更有興趣去做這件事，但這取決於我們看到的貸款需求，而我們今天的比率狀況良好。

Got it. And then maybe last for me is just shifting over to loan growth, it's pretty impressive to your loans are already up, $50 million this month, especially given all the sort of macro uncertainty that's in place, but, talking to those borrowers, what gave them the confidence to execute on the loans and, speaking with other deals in the pipeline, does it feel like they're looking to delay deals or are they, open to executing in the near term?

知道了。然後，對我來說，最後一個話題就是轉向貸款增長，您的貸款本月已經增加了 5000 萬美元，這相當令人印象深刻，特別是考慮到目前存在的所有宏觀不確定性，但是，與這些借款人交談，是什麼讓他們有信心執行貸款，並與正在進行的其他交易交談，您是否感覺他們正在尋求推遲交易，或者他們是否願意在短期內執行？

Yeah, so maybe I'll start and let Bart add to it, but for the things that we have funded up in April, remember we're a commercial bank, so there's a lot of revolving lines out there. So these weren't necessarily new deals that were closed and funded during the month.

是的，也許我會開始，然後讓巴特補充，但對於我們在四月份資助的項目，請記住我們是一家商業銀行，所以有很多循環線。因此，這些不一定是當月完成並獲得資助的新交易。

It's more likely funding's on revolving lines that have been outstanding for a long period of time and those numbers go up and down every month and for the first quarter we had a lot of pay downs. We had some pay downs on revolving lines, but we had some big customers that that sold out and I think primarily sold out and just paid off completely and then.

更有可能的是，資金是在長期未償還的循環信貸額度上籌集的，這些數字每個月都在上下波動，而第一季度，我們有很多還款。我們對循環信貸額度進行了一些償還，但我們有一些大客戶，他們賣掉了貸款，我認為主要是賣掉了貸款，然後就完全還清了。

Yeah, I think I kind of following up on what John was talking about is, our pipeline has been maybe a little bit more moderate in the past but still pretty strong, and it's been the pay downs that have kept our loan volumes from being higher. So I think we hope that we're towards the tail end of that. But when I'm talking to the customers.

是的，我想我有點跟進了約翰所說的內容，我們的管道在過去可能有點溫和，但仍然相當強勁，而且是償還貸款使我們的貸款量沒有更高。所以我認為我們希望能夠接近這個目標。但當我與顧客交談時。

We're in really good markets in Texas, and a lot of them are even saying even if we hit a recession that it taps the brakes and you know that's going to help some people find, labor sources and keep costs down and regardless whether we, hit a little bit of a lull or go forward our economy, I think is pretty optimistic. I would say most of our borrowers are cautious but optimistic on where they're going with it, so.

我們在德州的市場非常好，很多人甚至說，即使我們陷入經濟衰退，它也只是踩了煞車，你知道這將幫助一些人找到勞動力來源並降低成本，無論我們的經濟是陷入低迷還是繼續前進，我認為都是相當樂觀的。我想說，我們的大多數借款人都對自己的借款方向持謹慎但樂觀的態度。

I'm not seeing anything that that is extremely alarming other than the fact that there's just a lot of noise out there, but the core businesses that we're seeing and Audrey's looked through the portfolio seem to be doing pretty well right now. So we're just going to be very selective, we're not going to have. The huge loan growth that we've had, in past years because we've just tightened up credit quality so much.

除了外界存在著許多噪音之外，我沒有看到任何令人極為擔憂的事情，但我們所看到的核心業務以及奧黛麗所查看的投資組合目前似乎都表現良好。所以我們會非常有選擇性，我們不會這麼做。過去幾年，我們的貸款大幅成長，是因為我們大幅收緊了信貸品質。

But at the same time there's a lot of business coming to us and so many of this is, so much of this is coming from existing customers and other banks that are portable and moving their business to us. So we feel pretty good about it right now.

但同時，我們也接到了許多業務，其中許多是來自現有客戶和其他將業務轉移給我們的銀行。所以我們現在感覺很好。

That's great. Thanks for taking my questions.

那太棒了。感謝您回答我的問題。

Thank you. Our next question comes from the line of Bernard Von Gizycki with Deutsche Bank. Please proceed with your question.

謝謝。我們的下一個問題來自德意志銀行的 Bernard Von Gizycki。請繼續您的問題。

Hey, guys, good morning. Just my first question on the fee income. It was really good that the $3.1 million, and I think the biggest driver was in the service charges. I just wanted to know, has there been any pricing changes? What, maybe you can just get some colour on what drove the increase, and if that's mostly a recurring, trend from here.

嘿，大家早安。我的第一個問題是關於費用收入。310 萬美元確實很好，我認為最大的推動力是服務費。我只是想知道價格有變動嗎？什麼，也許你可以了解一下是什麼推動了這種成長，以及這是否是一種反覆出現的趨勢。

Bernard, we probably haven't talked about it in a couple of quarters, but our treasury management division, the fee income from that business, year before last was up 100%. Last year was up 75%. It's coming off a relatively small base, but we've done a great job in moving commercial businesses over that have lots of fee income.

伯納德，我們可能已經有幾季沒有談論過這個問題了，但我們的財務管理部門，來自該業務的費用收入，前年增長了 100%。去年上漲了75%。雖然基礎相對較小，但我們在轉移收費收入豐厚的商業業務方面做得非常出色。

And some of that some of the billings on that are quarterly so after any quarter end you'll you'll see a little bit of a pick up and more of course I'm looking at it on a monthly basis, but particularly after year end that'll be our largest billing cycle so it it wasn't an increase in fees or anything like that it was more those customers that are on annual billing.

其中一些帳單是按季度計算的，因此在任何季度結束後，您都會看到略有回升，當然更多的是按月計算，但特別是在年底之後，那將是我們最大的計費週期，因此它不是費用增加或類似的東西，更多的是那些按年計費的客戶。

Okay, got it. Thanks for that. And then, John, maybe, you mentioned, the 14 headcount edition, some of the conversion expenses, and I think some additional expenses to the securitization. Could you just help maybe size expectations for expenses, whether it's two key or for the rest of the year?

好的，明白了。謝謝。然後，約翰，也許，你提到了 14 個員工版本，一些轉換費用，我認為還有一些證券化的額外費用。您能否協助估算支出預期，無論是兩個關鍵月份還是今年剩餘時間的支出？

Yeah, that's a good question. The first quarter we have all the extra expense related to to payroll taxes, and I know everyone has that. Other than that and the new employees, I mean, I think we did a great job on expenses holding the line on virtually everything it doesn't look like the pipeline for hiring new people is is material.

是的，這是個好問題。第一季我們有與工資稅相關的所有額外支出，我知道每個人都有。除此之外，還有新員工，我的意思是，我認為我們在開支方面做得很好，幾乎所有事情都控制得當，看起來僱用新員工的管道並不重要。

So I think all the payroll tax stuff rolls off. It's maybe replaced with some of the securitization expenses. I mean, kind of my best guess is non-interest expense is pretty flat in the second quarter versus where we were. So I think right around that $28 million range is probably what you should expect.

所以我認為所有薪資稅都會取消。它可能會被一些證券化費用所取代。我的意思是，我最好的猜測是第二季的非利息支出與去年同期相比持平。所以我認為你應該預期這個數字在 2800 萬美元左右。

Okay great thanks for taking my question.

好的，非常感謝您回答我的問題。

Thank you. Our next question comes from the line of Michael Rose with Raymond James. Please proceed with your question.

謝謝。我們的下一個問題來自 Raymond James 的 Michael Rose。請繼續您的問題。

Hey, good morning, guys. Thanks for taking my question. Just wanted to go back to the put the take of the margins. So 5 basis points benefit from the securitization, you guys still have a fairly high, cost of deposits that I think you can kind of continue to bring down, although you did have to step down at DDA, so above some colour there.

嘿，大家早安。感謝您回答我的問題。只是想回到利潤的分配上。因此，證券化帶來了 5 個基點的收益，但你們的存款成本仍然相當高，我認為你們可以繼續降低存款成本，儘管你們確實必須在 DDA 上讓步，所以這上面有一些色彩。

And then just on the loan side, kind of where new production yields, trending obviously saw the average, yield came down, but just trying to get a sense for, kind of what the all in margin could kind of look like, puts some takes, with the, securitization benefit and then how many, costs, do you have baked into those expectations. Thanks.

然後就貸款方面而言，新產品收益率趨勢顯然是平均收益率下降了，但只是想了解一下，總保證金可能會是什麼樣子，加上一些證券化收益，那麼有多少成本已經計入這些預期了。謝謝。

Sure, so I think you remember last quarter we said that our margin was somewhat tamped down by all the extra cash that we had some seasonal deposits and for the most part we just left that money at Fed, so our spread on that was modest and if I remember right, I said that, it was probably 5 basis points to the margin and instead we went up nine. So we did do a little bit better than I expected.

當然，我想你還記得上個季度我們說過，我們的利潤率在一定程度上受到一些額外現金的影響，我們有一些季節性存款，大部分我們都把錢留在了美聯儲，所以我們的利差很小，如果我沒記錯的話，我說過，利潤率大概是 5 個基點，但我們卻上升了 9 個基點。所以我們的表現確實比我預期的好一點。

All things being equal, that kind of 375 to 380 on the margin, I think is what you should expect. And then adding to that is the securitization, which will be 5 basis points or roughly 5 basis points for the second quarter. That'll be kind of a one time shot as we pick up the origination fee income from the the loan that we booked there.

在所有條件相同的情況下，我認為你應該預期 375 到 380 的邊際增長。然後再加上證券化，第二季將達到 5 個基點或約 5 個基點。這將是一次性的，因為我們從我們在那裡預訂的貸款中獲得發起費收入。

There is other amortized fee income, but it won't have a material effect on the margin, I wouldn't say so kind of in that 375 range and you know we've talked before about being pretty well matched assets versus liabilities and that if rates move, whether it be up or down that that we feel well positioned to take care of it.

還有其他攤銷費用收入，但不會對利潤率產生實質影響，我不會說在 375 的範圍內，而且您知道我們之前已經討論過資產與負債的匹配程度相當高，並且如果利率變動，無論是上漲還是下跌，我們都覺得自己有能力處理它。

We do expect rates to come down, at least a couple of times this year and you know if it does, I think the margin will be flat to somewhat better.

我們確實預計利率會下降，今年至少會下降幾次，如果真的下降，我認為利潤率將持平或略有改善。

Okay, helpful, I appreciate the colour and then just maybe back to the loan growth outlook if you are expecting a couple, rate cuts this year, I'd assume that would, kind of ramp up some of the pay down activity on the pre side, but I think Bart you said you still kind of expect, 325 [ish] million in growth in the next three quarters.

好的，很有幫助，我很欣賞這種色彩，然後也許回到貸款成長前景，如果您預計今年會有幾次降息，我認為這會增加一些預付款的支付活動，但我認為巴特，您說您仍然預計未來三個季度的增長將達到 3.25 億美元。

It's about 110, 108, 109 quarter. (Inaudible)Does that com, encompass kind of expectations for rate cuts and then you maybe actually do a little bit better on the growth side thing.

大約是 110、108、109 季。（聽不清楚）這是否包括對降息的預期，然後你可能在成長方面做得更好。

Yeah, so we feel pretty good about. The loan growth and you know we always get kind of bumpy, sometimes the third quarter is big, sometimes the first, sometimes the fourth moves around, but we have a lot of clients, that are going to move over a lot of opportunities we're seeing with it, so I feel like it's just going to be that and what our comfort level is, actually, sometimes when you slow down this.

是的，所以我們感覺很好。你知道，貸款成長總是會有些坎坷，有時第三季成長很快，有時第一季、有時第四季都會有變化，但我們有很多客戶，他們會抓住我們看到的很多機會，所以我覺得這就是我們的舒適度，實際上，有時當你放慢速度時，我們的舒適度就會是這樣。

When you give good customer service, you're able to move more customers easier, so, with rates come down, you probably will see some more payoffs, but you know if rates come down enough, it also will help a little bit on the real estate lending side of it. We might be able to pick up some more deals. So you know there's opportunities all throughout the market if you're looking at it.

當您提供良好的客戶服務時，您可以更輕鬆地吸引更多客戶，因此，隨著利率下降，您可能會看到更多的回報，但您知道，如果利率下降得足夠多，它也會對房地產貸款方面有所幫助。我們也許能夠達成更多的交易。所以，如果你留意的話，你就會知道整個市場都充滿了機會。

And that's why I feel confident that, this team has a really good core group of customers to continually to move over to us that I just believe the pipeline is strong enough and the customer base is strong enough that we're going to hit somewhere and maybe it's the lower end of that range. It's hard to tell, with it, but [325] This year.

這就是為什麼我有信心，這個團隊擁有一個非常好的核心客戶群，他們不斷向我們轉變，我相信管道足夠強大，客戶群足夠強大，我們將會達到某個目標，也許是這個範圍的低端。很難說，但是[325] 今年。

Okay, helpful, appreciate the colour bar maybe just last one for me just, contemplation on the buybacks and I've always thought of you guys as a kind of a growth bank. Does that signal anything in your evolution? You, you're also not paying a dividend, right?

好的，很有幫助，感謝色條，這對我來說可能只是最後一個，對回購的思考，我一直認為你們是一家成長型銀行。這是否預示著你的進化歷程？你，你也不支付股息，對嗎？

So I mean, does that signal any evolution of the company, or are we still growth focused at this point just trying to, better understand the rationale around the buyback other than just the where the stock is, right, because I mean you guys had, have had such strong growth for a period of time. So just trying to better appreciate why you would even consider a buyback at this point. Thanks.

所以我的意思是，這是否預示著公司的任何發展，或者我們現在仍然專注於成長，只是想更好地理解回購的理由，而不僅僅是股票的現狀，對吧，因為我的意思是你們在一段時間內已經實現瞭如此強勁的增長。所以只是想更好地理解為什麼你現在甚至會考慮回購。謝謝。

Yeah, well, we are definitely having discussions around the board at this price level. I think we're seriously considering that. I'll bump that till next quarter, but I will tell you that where we are now, it is certainly such an attractive stock for the existing shareholders that we're having discussions about it.

是的，我們確實正在就這個價格水平進行討論。我認為我們正在認真考慮這個問題。我會將其推遲到下個季度，但我可以告訴你，就目前情況而言，對於現有股東來說，這無疑是一隻非常有吸引力的股票，我們正在對此進行討論。

Yeah, I agree, Michael. I mean, the accretion of capital and the the level of our stock price is what makes it appealing. Certainly, we're somewhat biased, but I don't think we should be trading at less than tangible book value either.

是的，我同意，邁克爾。我的意思是，資本的累積和股價的水平才是吸引人的地方。當然，我們多少有些偏見，但我不認為我們應該以低於有形帳面價值的價格進行交易。

Yeah, totally get it. It's interesting environment out there. Alright, thanks for taking my questions, guys. I appreciate it.

是的，完全明白。那裡的環境很有趣。好的，謝謝大家回答我的問題。我很感激。

Thank you, Michael.

謝謝你，麥可。

Thank you. Our next question comes from the line of Matt Olney with Stevens. Please proceed with your question.

謝謝。我們的下一個問題來自史蒂文斯的馬特奧爾尼。請繼續您的問題。

Yeah, thanks. Good morning. Just a few follow ups here and you may have addressed some of these having our time, with the phone, so apologies if you already addressed some of these, I guess on the deposit side, John, I think you mentioned it briefly in your prepared remarks, saw some deposit balance contraction, liquid levels came down just any colour on the the driver's event.

是的，謝謝。早安.這裡只是一些後續問題，您可能已經通過電話解決了其中的一些問題，所以如果您已經解決了其中的一些問題，我深表歉意，我想在存款方面，約翰，我想您在準備好的發言中簡要提到了這一點，看到一些存款餘額收縮，液體水平下降，就像駕駛員事件中的任何顏色一樣。

No, I mean, we have the seasonal or it's more than one customer, but we do have seasonal deposits that primarily affect December and March. So there was still a little bit of that in the March numbers, but the pipeline for deposit growth looks strong in the second quarter, so probably flattish on deposits. I wouldn't expect a big increase because we do have.

不，我的意思是，我們有季節性的，或不只一個客戶，但我們確實有季節性的存款，主要影響 12 月和 3 月。因此，3 月的數據中仍然有一點這樣的情況，但第二季存款成長勢頭強勁，因此存款可能會持平。我不會期望會有大幅成長，因為我們確實有。

Some seasonal deposits yet to roll off that are you know kind of tax related that you know they may be gone now or gone in the next week or so but nothing out of the ordinary. I think if you look back at our prior years, you see the same thing in December and March that. I know you all aren't seeing the monthly numbers, but particularly just right at quarter end we're getting some pretty big deposits in.

一些季節性存款尚未結清，這些存款與稅收有關，它們可能現在就結清，或者在下週左右結清，但這並不奇怪。我想，如果你回顧前幾年，你會發現 12 月和 3 月也發生了同樣的事情。我知道你們都沒有看到月度數字，但特別是在季度末，我們收到了一些相當大的存款。

Okay and back on the securitization, just a few follow ups here I think you mentioned this obviously help improve the a commercial real estate and construction concentration levels, just any colour on that in terms of where we were March 31, and kind of what the pro forma.

好的，回到證券化問題上，這裡只是一些後續問題，我認為您提到這顯然有助於提高商業房地產和建築集中度，就我們 3 月 31 日的情況而言，以及形式上的情況而言。

Yeah, so at December, if I remember right, our, construction concentration ratio was 148% or 149% of capital somewhere thereabout, and it's about 130% today, low 132% or somewhere thereabouts over the last couple of weeks. So doing the securitization did free up a lot of room there and. Kind of similar story on the 300 bucket that we were. I don't know, 350ish or something, and you know it probably took us down 1,025 basis points.

是的，如果我沒記錯的話，12 月我們的建築集中度大約是資本的 148% 或 149%，而今天大約是 130%，過去幾週則低於 132% 左右。因此，進行證券化確實釋放了許多空間。和我們 300 個桶的情況類似。我不知道，大概 350 左右，你知道這可能讓我們下降了 1,025 個基點。

Okay. And then also the securitization just trying to appreciate maybe the any kind of off-balance sheet exposure here what type of exposure is there remaining to the bank off that securitization?

好的。然後，證券化只是想了解這裡的任何類型的表外風險敞口，在證券化之外，銀行還剩下什麼類型的風險敞口？

So we took back an investment security of $78 million that we put in held to maturity that we consider to be investment grade. It's lower yielding, but should be from a credit perspective, very strong, stronger than the original loan would have been because effectively we're selling risk in doing a securitization so the assets that we take back, whether.

因此，我們收回了價值 7,800 萬美元的持有至到期的投資證券，我們認為這些證券具有投資等級。它的收益率較低，但從信貸角度來看，應該非常強勁，比原始貸款更強，因為我們實際上是在進行證券化時出售風險，因此我們收回的資產無論是否如此。

You know we're calling it investment security we actually contemplated calling it a loan, but it's, obviously related to the original loan request. It's just that it doesn't have the same credit risk today we don't have to put provisions against it, nothing like that.

您知道我們稱之為投資擔保，我們實際上考慮稱之為貸款，但它顯然與最初的貸款申請有關。只是它今天不再具有同樣的信用風險，我們不必為其提列準備金，並非如此。

And then John, that same note, any more colour on the underlying assets of the securitization and what type of duration would that security on your balance sheet look like?

然後約翰，同樣的情況，證券化的底層資產還有什麼細節嗎？資產負債表上的證券的持續時間是什麼樣的？

Yeah, so the loan had a three-year maturity, so it is short term, it is floating rate and the underlying collateral is primarily construction loans.

是的，貸款期限為三年，所以是短期貸款，浮動利率貸款，基礎抵押品主要是建築貸款。

I assume single family construction.

我假設是單戶住宅建築。

Correct, yes, okay.

正確，是的，好的。

Okay great thanks guys appreciate it.

好的，非常感謝大家。

Thank you.

謝謝。

Thank you. (Operator Instructions). Our next question comes from the line of Dave Storms with Stonegate. Please proceed with your question.

謝謝。（操作員指令）。我們的下一個問題來自 Stonegate 的 Dave Storms。請繼續您的問題。

Morning everyone, and thank you for taking my questions. Apologies if these have been asked. I've been having a bit of an issue with the phone, but just want to start, historically some top in the market has provided you all with an opportunity to add, some key bankers and other employees.

大家早安，謝謝你們回答我的問題。如果有人問到這些問題，請見諒。我在使用電話時遇到了一些問題，但我只是想開始說，從歷史上看，市場上的一些頂級人物為你們所有人提供了添加一些關鍵銀行家和其他員工的機會。

Does the current macro environment provide a similar opportunity. Or does this one have maybe a different flavor than in the past?

當前的宏觀環境是否提供了類似的機會。或者這次的味道可能與過去不同？

I mean I I think we've steadily built up a good reputation of being a talent magnet and quite frankly there are probably more people that want to join us than we have room on the payroll right now so we've been selective and added a couple of bankers here and there to fit needs but I really think we've got a great culture that people want to join.

我的意思是，我認為我們已經穩步建立了吸引人才的良好聲譽，坦率地說，想要加入我們的人可能比我們現在的工資單上的空缺還要多，所以我們一直在挑選，並在這里和那裡增加了一些銀行家來滿足需求，但我真的認為我們有一種人們想要加入的偉大文化。

However, we're also very mindful of expenses too, so we're just kind of layering in bankers at the right positions when we need them, but certainly we have, I think, a very desirous culture to be a part of

然而，我們也非常注意開支，所以我們只是在需要的時候把銀行家安排到合適的崗位上，但我認為，我們當然有一個非常渴望成為其中一部分的文化。

That's very helpful. And then just one more, on the M&A environment just curious as to what you're seeing there, how intently you're focusing on it if it's all frozen up until we get a couple of rate cuts, any colour you could provide that would be very helpful.

這非常有幫助。再問一個問題，關於併購環境，我很好奇您看到了什麼，如果一切都凍結直到我們進行幾次降息，您會多麼關注它，您能提供的任何細節都將非常有幫助。

Certainly, well I mean we continue to talk to various people and make sure that we're, see some deals that are coming through, at this point in time it's just M&A is very difficult to do, but at some point, the market will change and all of the leg work that we've been doing in foundation building, hopefully something will come to fruition.

當然，我的意思是我們會繼續與不同的人交談，確保我們看到一些正在達成的交易，目前，併購非常困難，但在某個時候，市場會發生變化，我們在基礎建設中所做的所有準備工作，希望都會取得成果。

I just think we have a great bank that we can grow organically and hit the numbers we need to. M&A is not something that we need to have like, some other banks do, so I think we can continue on hitting our goals and objectives through the normal course of business, but eventually there probably will be a unicorn out there that could be very interesting to us.

我只是認為我們擁有一家很棒的銀行，我們可以有機地發展並達到我們需要的數字。我們不需要像其他一些銀行一樣進行併購，所以我認為我們可以繼續透過正常的業務流程來實現我們的目標，但最終可能會出現一個令我們非常感興趣的獨角獸。

So thank you for taking my questions and good look in the next word.

感謝您回答我的問題，請仔細閱讀下文。

Thank you, Dave.

謝謝你，戴夫。

Thank you. This concludes today's our question-and-answer session. I'd like to turn the floor back over to management for closing comments.

謝謝。今天的問答環節到此結束。我想將發言權交還給管理階層，請他們發表最後評論。

Thank you, Deve, and thank you everybody for your continued support of Third Coast Bankshares. We look forward to speaking to you next quarter. Thank you.

謝謝你，Deve，也謝謝大家對 Third Coast Bankshares 的持續支持。我們期待下個季度與您交談。謝謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。您可以斷開線路並度過美好的一天。