USCB Financial Holdings Inc (USCB) 2024 Q2 法說會逐字稿

Good morning, and welcome to the USCB Financial Holdings, Inc. second-quarter of 2024 earnings conference call. (Operator Instructions) Please also note that this event is being recorded. I would now like to turn the conference over to Luis de la Aguilera, Chairman, President and CEO of USCB Financial Holdings. Please go ahead, sir.

早安，歡迎參加 USCB Financial Holdings, Inc. 2024 年第二季財報電話會議。（操作員說明）另請注意，該事件正在被記錄。我現在將會議交給 USCB Financial Holdings 董事長、總裁兼執行長路易斯·德拉·阿奎萊拉 (Luis de la Aguilera)。請繼續，先生。

Good morning. With me today reviewing our Q2 highlights is CFO, Rob Anderson; and Chief Credit Officer, Bill Turner, who will provide an overview of the bank's performance, the highlights of which commences on slide 3. This past Tuesday, July 23, marked the third anniversary since USCB launched a successful IPO that went public, a clear milestone for our bank. Despite strong headwinds, including a prolonged inverted yield curve, growing inflation and an unprecedented rise in interest rates, our team has consistently executed a strategic plan with a sense of urgency, disciplined risk management practices, benign credit metrics and the support of an associate base committed to superior customer service. Over these three years, assets have grown 47% or $791 million, while loans and deposits increased 63% or $724 million and 43% or $617 million, respectively.

早安.今天與我一起回顧第二季亮點的是財務長 Rob Anderson；首席信貸官 Bill Turner 將概述該銀行的業績，重點內容從幻燈片 3 開始。上週二，即 7 月 23 日，是 USCB 成功首次公開募股並上市以來的三週年紀念日，這對我們銀行來說是一個明顯的里程碑。儘管面臨巨大的阻力，包括長期倒掛的殖利率曲線、日益嚴重的通貨膨脹和前所未有的利率上升，我們的團隊始終以緊迫感、嚴格的風險管理實踐、良性的信用指標和同事的支持來執行戰略計劃致力於提供卓越的客戶服務。這三年來，資產成長了 47%，即 7.91 億美元，而貸款和存款分別成長了 63%，即 7.24 億美元和 43%，即 6.17 億美元。

Our clear actionable strategic plan and a motivated team of bankers have combined to deliver continued sustainable results. Again, this past quarter, the bank has delivered on all our key performance indicators. Our focused efforts to rationalize and lower deposit costs while growing them has led to strong NIM expansion in Q2. Diversified quality loan production with high coupon continues.

我們明確的、可行的策略計劃和積極進取的銀行家團隊結合，提供持續的永續成果。上個季度，該銀行再次實現了我們所有的關鍵績效指標。我們在提高存款成本的同時，集中精神合理化和降低存款成本，導致第二季淨利差強勁擴張。高票息優質貸款持續多元化投放。

Noninterest income has surged and record profits in the quarter has led to notable improvement in efficiency, profitability and our earnings per share, all of which Rob will review in the detail in a moment. The backdrop to our results is the strength of the Florida economy, which continues to demonstrate remarkable resilience and growth, significantly outperforming the national average in 2024. The following page is self-explanatory, directionally showing nine select historical trends at century capitalization, profitable performance based on sound and conservative risk management is what our team is focused on consistently delivering. So let's now turn our attention to our specific financial results and key performance indicators, which will be reviewed by our CFO, Rob Anderson.

非利息收入激增，本季創紀錄的利潤導致效率、獲利能力和每股收益顯著改善，所有這些，羅布稍後都會詳細回顧。我們取得這一成果的背景是佛羅裡達州經濟的實力，該州經濟繼續表現出卓越的彈性和成長，到 2024 年將大大超過全國平均水平。下一頁是不言自明的，定向顯示了世紀資本化的九個精選歷史趨勢，基於健全和保守的風險管理的盈利績效是我們團隊始終致力於提供的。現在讓我們將注意力轉向我們的具體財務表現和關鍵績效指標，這些指標將由我們的財務長 Rob Anderson 進行審核。

Thank you, Luis, and good morning, everyone. Looking at pages 5 and 6, I would characterize Q2 as a fantastic quarter for USCB. Net income was $0.31 per diluted share and the highest since going public and simplifying our capital structure. Return on average assets was 1.01%, up from 0.76% in Q1.

謝謝你，路易斯，大家早安。看看第 5 頁和第 6 頁，我認為第二季對 USCB 來說是一個出色的季度。稀釋後每股淨利潤為 0.31 美元，是上市和簡化資本結構以來的最高水準。平均資產報酬率為 1.01%，高於第一季的 0.76%。

Return on average equity was 12.3%, up from 9.61% in Q1, NIM was 2.94% and up 32 basis points from the prior quarter. The efficiency ratio was 56.33%, down from 63.41% in the prior quarter and tangible book value per share grew to $10.24 up 13% annualized from the prior quarter. Driving this record performance was threefold. First and most notably, with the improvement in the net interest margin as average earning assets continue to reprice upwards and our overall funding costs saw a marked decrease.

平均股本報酬率為 12.3%，高於第一季的 9.61%；淨利差為 2.94%，較上季上升 32 個基點。效率率為 56.33%，低於上一季的 63.41%，每股有形帳面價值成長至 10.24 美元，較上一季年化成長 13%。推動這項創紀錄表現的因素有三。首先也是最值得注意的是，隨著平均獲利資產持續重新定價，淨利差有所改善，我們的整體融資成本顯著下降。

Net interest income increased $2.2 million or 57.1% annualized compared to the prior quarter and $3.1 million or 22.1% compared to the second quarter of 2023. This momentum will benefit forward earnings as we enter the second half of the year. Next, noninterest income showed a marked uptick as our strategies mentioned over the past year continue to pay off. And last, credit metrics remain benign. So with that overview, let's discuss deposits on the next page.

淨利息收入較上一季增加 220 萬美元，年化成長率為 57.1%，較 2023 年第二季增加 310 萬美元，即年化成長率 22.1%。當我們進入下半年時，這種勢頭將有利於未來收益。接下來，隨著我們過去一年提到的策略持續取得成效，非利息收入顯著上升。最後，信用指標仍然良性。有了這個概述，我們就可以在下一頁討論存款了。

First, we saw our average deposit balances continue to grow, and most notably with the DDA growth. Average DDA deposits increased $35.6 million or 24.9% annualized compared to the second quarter of '23 and comprised 29.3% of total average deposits for the second quarter. Second, and buoyed by the DDA growth was the decrease in our overall deposit cost. This was driven by the pricing actions we mentioned on our previous call.

首先，我們看到我們的平均存款餘額持續成長，尤其是隨著 DDA 的成長。與 2023 年第二季相比，平均 DDA 存款增加了 3,560 萬美元，年化成長率為 24.9%，佔第二季平均存款總額的 29.3%。其次，受 DDA 成長的推動，我們的整體存款成本有所下降。這是由我們在之前的電話會議中提到的定價行為所推動的。

Specifically, we're able to price down our interest-bearing deposits by 10 basis points through the quarter, and we continue to evaluate all relationship pricing based on the breadth and tenure of that relationship. Going forward, we believe that we can hold the deposit book steady at these rates. The key for us will be to continue to grow the DDA book. With that, let's take a look at our loan portfolio.

具體來說，我們能夠在整個季度將計息存款定價降低 10 個基點，並且我們將繼續根據關係的廣度和期限評估所有關係定價。展望未來，我們相信我們可以將存款簿保持穩定在這些利率上。我們的關鍵是繼續擴大 DDA 的規模。接下來，讓我們來看看我們的貸款組合。

Average loans increased $47 million or $10.6 million annualized compared to the prior quarter and $259.2 million or 16.5% compared to the second quarter of '23. Loan coupons increased 15 basis points compared to the prior quarter and 85 basis points compared to the second quarter of '23. Driving this performance is really laid out on the next page. First, for the past four quarters, we have originated $571 million of loans with a weighted average yield of above 8%. That's over 30% of our total loan book.

與上一季相比，平均貸款增加了 4,700 萬美元，即年化 1,060 萬美元；與 2023 年第二季相比，平均貸款增加了 2.592 億美元，即 16.5%。貸款息票較上一季增加15個基點，較2023年第二季增加85個基點。驅動這種性能的真正內容將在下一頁中介紹。首先，過去四個季度，我們發放了 5.71 億美元的貸款，加權平均收益率超過 8%。這占我們貸款總額的 30% 以上。

This is a critical component to the improvement in our net interest margin as we look to remix our balance sheet with assets at higher yield. Also, the majority of these loans are fixed rate with five to seven-year terms and have embedded floors and prepayment penalties. This will provide protection in a down rate scenario. In terms of the pipeline, we have a steady pipeline with solid credits priced in a similar fashion.

這是改善我們淨利差的關鍵組成部分，因為我們希望將資產負債表與收益率更高的資產重新組合。此外，這些貸款大部分為固定利率，期限為五至七年，並設有下限和提前還款罰金。這將在降價情況下提供保護。就管道而言，我們擁有穩定的管道，並以類似的方式定價的可靠信用。

Additionally, and very noteworthy is the diversification we have achieved over the past four years. CRE loans, which is the predominant loan type opportunity in this market now makes up 56% of our total loan composition, and that's down from 63% just four years ago. Okay, let's turn the page and look at the margin. Q2 showed a marked improvement in both net interest income and net interest margin. This is a direct result of our larger balance sheet, improved earning asset yields and lower funding costs.

此外，非常值得注意的是我們在過去四年中實現的多元化。CRE 貸款是該市場的主要貸款類型機會，目前占我們總貸款組成的 56%，低於四年前的 63%。好吧，我們翻頁看看頁邊距。第二季淨利息收入及淨利差均顯著改善。這是我們擴大資產負債表、提高獲利資產收益率和降低融資成本的直接結果。

We remain optimistic about maintaining the NIM around this level near term, but we have several reasons to believe the NIM will improve over time, so let me mention that. Deposits have already been adjusted to a higher rate environment, so we don't expect material jumps in our interest-bearing deposit rates. In fact, this quarter, we lowered them. Next, if the Fed drop rates in September as the market fully expect we have over $1 billion in money market accounts that can be immediately repriced. We have $175 million of CD maturing in the second half of this year at a weighted average rate of 4.62%. And currently, all of our CD renewal rates are at or below this rate. New loan production has been above 8% for four straight quarters, and as shown on the loan side, the yield on the loan book continues to grind higher. We fully expect this trend to continue. Also at the end of June, we executed the sale of $35.5 million of bonds at a net gain of $14,000. The bonds carried an average life of 2.4 years and the funds were reinvested into new loan volume effectively locking in an additional 275 basis points.

我們對短期內將淨利差維持在這一水準保持樂觀，但我們有幾個理由相信淨利差會隨著時間的推移而改善，所以讓我提一下。存款已經適應了較高的利率環境，因此我們預期帶息存款利率不會大幅上漲。事實上，本季我們降低了它們。接下來，如果聯準會在 9 月降息，正如市場充分預期的那樣，我們將有超過 10 億美元的貨幣市場帳戶可以立即重新定價。我們有 1.75 億美元的 CD 將於今年下半年到期，加權平均利率為 4.62%。目前，我們所有的 CD 續訂費率都等於或低於該費率。新增貸款產出率連續四季維持在8%以上，從貸款方面來看，貸款帳面殖利率持續走高。我們完全預期這一趨勢將持續下去。同樣在 6 月底，我們出售了 3,550 萬美元的債券，淨收益為 14,000 美元。這些債券的平均期限為 2.4 年，資金被再投資到新的貸款量，有效鎖定了額外的 275 個基點。

And with this transaction, we also extended our asset duration, which will protect our balance sheet from an expected lower rates. We expect $23.6 million of cash flows coming off the securities portfolio this year at a weighted average yield of 3.32%, which can be reinvested into higher earning assets. I would also note with interest rates drifting lower, there may be additional opportunities to sell securities to reinvest into higher-yielding assets. And finally, with a strong liquidity position beginning in Q3, we can pass on non-relationship rate-sensitive deposits.

透過這筆交易，我們也延長了資產期限，這將保護我們的資產負債表免受預期較低利率的影響。我們預計今年證券投資組合將產生 2,360 萬美元的現金流，加權平均收益率為 3.32%，可再投資於收益更高的資產。我還想指出，隨著利率走低，可能有更多機會出售證券以再投資於高收益資產。最後，隨著第三季開始的強勁流動性狀況，我們可以轉嫁非關係型利率敏感存款。

Let's go to the next page. According to our ALM model, the bank's balance sheet remains slightly asset sensitive. However, when compared to the previous quarter, our asset sensitivity has decreased. The reduction in asset sensitivity is the result of management efforts to better position the balance sheet for expected lower rates. As all of you are aware, these rate scenarios are run with parallel shops across all tenders, which is highly unlikely.

讓我們進入下一頁。根據我們的 ALM 模型，銀行的資產負債表仍然對資產略顯敏感。然而，與上一季相比，我們的資產敏感度有所下降。資產敏感性的降低是管理層努力更好地調整資產負債表以應對預期較低利率的結果。眾所周知，這些費率方案是在所有招標中與平行商店一起運行的，這是極不可能的。

For transparency purposes, we show these scenarios as it is disclosed in our filings and a regulatory requirement. For example, if rates drop 100 basis points across all centers, which again is highly unlikely, the NIM will contract slightly according to our modeled assumptions. However, a more likely scenario would be for the Fed to reduce short-term rates and the longer-term rates being the five, seevn, and 10-year rates, do not move down in an equal fashion. In these scenarios, we model more.

出於透明度目的，我們展示了我們的文件和監管要求中披露的這些場景。例如，如果所有中心的利率下降 100 個基點（這也是極不可能的），則根據我們的建模假設，NIM 將略有收縮。然而，更可能的情況是聯準會降低短期利率，而長期利率（即五年期、七年期和十年期利率）不會以同等方式下降。在這些場景中，我們會進行更多建模。

So in short, we believe we are well poised to capitalize on the rates down scenario. So with that, let me turn it over to Bill to discuss asset quality.

簡而言之，我們相信我們已做好充分利用降息情景的準備。那麼，讓我把它交給比爾來討論資產品質。

Thank you, Rob. Please turn to page 12. As you can see from the first graph, the allowance for credit loss increased to $22.2 million. This was due to a $786,000 provision in the second quarter. The allowance for credit loss ratio increased one basis point with adequate 1.19% of the portfolio.

謝謝你，羅布。請翻到第12頁。從第一張圖可以看出，信用損失準備金增加至 2,220 萬美元。這是由於第二季撥備了 786,000 美元。信用損失準備率上升1個基點，佔投資組合的比例達1.19%。

The provision was driven by the $48 million net increase in the loan portfolio and net losses remain near 0 for the quarter. The remaining graphs on Page 12 shows the non-performing loans as of quarter end, which increased one basis point to 0.04% of the portfolio and classified loans also increased one basis point in the second quarter to 0.45% of the portfolio and less than 5%. No loans are anticipated on these classified loans. The bank continues to have no other real estate. On page 13, the first graph shows the loan portfolio mix at 6/30.

該撥備的推動因素是貸款組合淨增加 4,800 萬美元，而本季淨虧損仍接近 0。第12 頁的其餘圖表顯示了截至季度末的不良貸款，不良貸款佔投資組合的比例增加了1 個基點，達到0.04%，分類貸款在第二季度也增加了1 個基點，佔投資組合的0.45 %，低於5 個基點。這些分類貸款預計不會有貸款。該銀行仍然沒有其他房地產。第 13 頁，第一張圖顯示了 6/30 時的貸款組合組合。

The portfolio increased $48 million on a net basis in the second quarter to $1.9 billion. As you can see, the composition remains well diversified. Commercial real estate, both owner occupied and non-owner occupied represents 56% of the portfolio or just over $1 billion and is segmented between retail, family, owner occupied, office, warehouse, hotels and construction. The second -- portfolio is for non-owner-occupied or owner-occupied or non-owner-occupied loans, which also demonstrates the portfolio diversification.

第二季投資組合淨額增加 4,800 萬美元，達到 19 億美元。正如您所看到的，結構仍然非常多樣化。商業房地產（包括業主自用和非業主自用）佔投資組合的 56%，即略高於 10 億美元，分為零售、家庭、業主自用、辦公室、倉庫、旅館和建築。第二個－投資組合是非自住或自住或非自住貸款，這也反映了投資組合的多元化。

The table to the right of the graph shows the commercial real estate weighted average loan to value at less than 60% and debt service coverage ratios adequate for each portfolio segment. The loan quality and payment performance is good for all segments and the bank percentage is less than 1/2% or 1%. On Page 14, we discuss the office portfolio. Our portfolio at quarter end consists of 123 loans totaling $179 million or less than 10% of total loans, of all properties for BNC was 94% located in Florida. The average loan amount is $1.5 million with an average loan-to-value of 56% and an average debt service cover to 1.79.

圖表右側的表格顯示商業房地產加權平均貸款價值低於 60%，且償債覆蓋率適合每個投資組合細分市場。各細分領域的貸款品質和還款表現均良好，銀行比例低於1/2%或1%。在第 14 頁，我們討論了辦公室組合。截至季末，我們的投資組合包括 123 筆貸款，總額為 1.79 億美元，佔貸款總額的不到 10%，BNC 所有房產中 94% 位於佛羅裡達州。平均貸款金額為 150 萬美元，平均貸款價值比為 56%，平均償債倍數為 1.79。

The quality of the office portfolio is good with all loans -- a classified loan. The first graph shows the owner-occupied office making up 32% of the office segment with 57% of these loans being occupied by professionals and medical businesses. The second graph is a non-owner occupied office loans comprised of 58% of the office portfolio with 85% of their usage being multi-tenant and medical. We are especially vigilant of the upcoming low repricing maturing schedule for all portfolio segments that monitor and model the loan repayment ability during annual reviews to respond proactively as needed. Overall, quality and performance of the loan portfolio remains good. Rob?

所有貸款（分類貸款）中辦公大樓投資組合的品質都很好。第一張圖顯示，業主自用辦公室佔辦公部門的 32%，其中 57% 的貸款由專業人士和醫療企業佔用。第二張圖是非業主佔用的辦公室貸款，佔辦公室投資組合的 58%，其中 85% 的用途是多租戶和醫療用途。我們對所有投資組合部門即將到來的低重定價到期時間表特別警惕，這些投資組合部門在年度審查期間監控和建模貸款償還能力，以便根據需要主動做出反應。整體而言，貸款組合的品質和績效仍然良好。搶？

Okay. Thank you Bill. Outside of the net interest margin, our fee businesses were the other bright spot in the quarter. First, you'll notice the nice upward quarterly trend in service fees. We have been speaking for some time that we are gaining traction differentiating ourselves from our competitors and becoming our clients' go to bank for their operational wire needs. We are gaining new correspondent banks, doing more business with current clients and modifying our approach to wire fees with clients across the board.

好的。謝謝比爾。除了淨利差之外，我們的收費業務是本季的另一個亮點。首先，您會注意到服務費呈現良好的季度上升趨勢。一段時間以來，我們一直在談論，我們正在獲得與競爭對手區分開來的吸引力，並成為客戶滿足其營運電匯需求的首選銀行。我們正在贏得新的代理銀行，與現有客戶開展更多業務，並全面修改我們與客戶的電匯費用方法。

All of these strategies have yielded new business. Additionally, we have seen several clients prefer interest rate swaps at this point in the cycle and was one of the main drivers for the overall increase in fees this quarter. We have a nice pipeline of interest rate swaps with clients for Q3 and Q4, but these can be lumpy quarter-to-quarter and interest rate dependent. We had a solid quarter for SBA loan sales and again, had a nice pipeline for Q3 and Q4.

所有這些策略都產生了新業務。此外，我們發現一些客戶在周期的這個階段更喜歡利率掉期，並且是本季費用整體成長的主要驅動力之一。我們在第三季和第四季與客戶有良好的利率掉期管道，但這些利率掉期可能會按季度波動且取決於利率。我們的 SBA 貸款銷售季度表現強勁，第三季和第四季也有良好的管道。

Other noninterest income increased due to the restructuring we did back in Q3 of 2023, and steady increases in treasury management fees. While the fee lines can be lumpy quarter-to-quarter, we do expect future quarters to be above the previous run rate. So with that, let's take a look at our expenses. Our total expense base was $11.6 million and up from the prior quarter.

由於我們在 2023 年第三季進行的重組以及資金管理費的穩定成長，其他非利息收入有所增加。雖然每季的費用線可能會出現波動，但我們確實預計未來幾季的費用將高於先前的運行費率。那麼，讓我們來看看我們的開支。我們的總支出基數為 1,160 萬美元，比上一季增加。

Salaries and benefits were predominantly up due to additional dollars set aside for sales and management incentives. As mentioned previously, all incentive programs are based on company performance. So when the company does well, our team shares in that success. Other line items were fairly in line with prior quarter.

薪資和福利的成長主要是由於為銷售和管理激勵預留了額外的資金。如前所述，所有激勵計劃均以公司業績為基礎。因此，當公司表現良好時，我們的團隊就會分享成功。其他項目與上一季基本一致。

So stepping back and looking at overall expense trend, we can point to the incentive accruals as the main driver for the increase. Last year, the accruals were low because of company performance in this quarter has moved up with improved performance. This meant adding additional dollars to the accrual in Q2 and catching up the accrual from Q1. Even with the increase in expenses, the efficiency ratio was 56.3%, which benchmarks well compared to peers.

因此，退後一步，看看整體支出趨勢，我們可以將應計獎勵視為成長的主要驅動力。去年，應計費用較低，因為本季公司業績隨著業績改善而上升。這意味著在第二季的應計費用中增加額外的美元並趕上第一季的應計費用。即使費用增加，效率也達到 56.3%，與同業相比表現良好。

And if you prefer looking at noninterest expense to average assets, the ratio was 1.88% and in line with prior quarters and again, benchmarks well the peers. Looking forward, we would expect future quarters to be around this dollar amount level. So with that, let's go on to capital. USCB capital levels remain comfortably well above capital or above well-capitalized guidelines.

如果您喜歡查看非利息支出而不是平均資產，則該比率為 1.88%，與前幾季一致，並且與同業保持良好的基準。展望未來，我們預計未來幾季的金額將約為這一水平。那麼，讓我們繼續討論資本。USCB 的資本水準仍遠高於資本或資本充足的指導方針。

We paid $0.05 per share dividend in the quarter, and the company repurchased 25,000 shares of common stock at a weighted average cost per share of $12.04 during the quarter. Since putting the repurchase programs in place back in January of 2023, we have repurchased 702,020 shares with an average weighted cost of $11.34 per share. As of June 30, 2024, 547,980 shares remain authorized for repurchase under the company's share repurchase program. So with that, let me turn it back to Luis for some closing comments.

我們在本季支付了每股 0.05 美元的股息，該公司在本季以每股 12.04 美元的加權平均成本回購了 25,000 股普通股。自 2023 年 1 月實施回購計畫以來，我們已回購 702,020 股股票，平均加權成本為每股 11.34 美元。截至 2024 年 6 月 30 日，根據本公司股票回購計劃，仍有 547,980 股股票獲授權回購。那麼，讓我把它轉回給路易斯，請他發表一些結束語。

Thanks, Rob. The results of the second quarter are strong and on course with our budget expectations and strategic plan and sustainable as contrasted with the growth trajectory over the past three years. As we reported on our last earnings call, new production hires have been sourced, on boarded and are well contributing to our loan deposit and fee generation efforts. Our bankers promote a variety of non-CRE loan offerings, which have supported the continued diversification of a conservative quality, well-priced loan portfolio. Again, lenders have generated over $570 million in new loan production over the past four quarters with a weighted average coupon of 8% or higher.

謝謝，羅布。與過去三年的成長軌跡相比，第二季度的業績強勁，符合我們的預算預期和策略計劃，並且是可持續的。正如我們在上次財報電話會議上所報告的那樣，新的製作人員已經找到併入職，並為我們的貸款存款和費用產生工作做出了很好的貢獻。我們的銀行家推廣各種非商業地產貸款產品，這支持了保守品質、價格合理的貸款組合的持續多元化。過去四個季度，貸款機構再次創造了超過 5.7 億美元的新貸款，加權平均票息率為 8% 或更高。

These loans have floors, which will positively impact NIM expansion when rates adjust downward. Our planned management of concentration risk has led to a loan portfolio, which has increased by 97% to $1.9 billion since June 2020, and which is now 44% non-CRE. We anticipate further diversification as we continue flowing our loans. Organic deposit growth is key to franchise value and all production units are focused on this goal.

這些貸款有下限，當利率下調時，這將對淨利差擴張產生正面影響。我們計劃的集中風險管理導致貸款組合自 2020 年 6 月以來增加了 97%，達到 19 億美元，目前 44% 是非商業房地產。隨著我們繼續發放貸款，我們預計將進一步多元化。有機沉積物成長是特許經營價值的關鍵，所有生產單位都專注於此目標。

Average deposits increased $35.3 million or 6.9% annualized compared to prior quarters and increased 11.3% compared to the second quarter of 2023. Average DDA balances comprised 29.3% of total office deposits for the second quarter of 2024. Again, a variety of deposit aggregating business verticals, including association banking, correspondent banking and our private client group are focused on developing local deposit-rich submarkets, which include legal and medical professionals. As we have seen our efforts to rationalize deposit costs in a highly competitive market has delivered meaningful results as NIM increased to 2.94%, up 32 basis points from Q1.

與前幾季相比，平均存款增加了 3,530 萬美元，年化成長率為 6.9%，與 2023 年第二季相比增加了 11.3%。2024 年第二季平均 DDA 餘額佔辦公室存款總額的 29.3%。同樣，各種存款聚合業務垂直領域，包括協會銀行、代理銀行和我們的私人客戶群，都專注於開發當地存款豐富的子市場，其中包括法律和醫療專業人員。正如我們所看到的，我們在競爭激烈的市場中合理化存款成本的努力取得了有意義的成果，淨利差增加至 2.94%，較第一季上升 32 個基點。

Another bright spot in our overall production effort can be seen in the growth of noninterest income, which is $3.2 million for the three months ended June 30, 2024, an increase of $1.4 million or 74% compared to $1.8 million for the same period in 2023. The results posted this quarter are clearly strong and as I said before, they are anchored in the strength and resiliency of the Florida economy. The state's positive economic outlook is bolstered by a GDP and private sector job growth that is nearly double the national rate. Florida leads the nation with over $3 million in new businesses formed since 2019, with more than 266,000 already established in 2024.

我們整體生產工作的另一個亮點是非利息收入的增長，截至2024 年6 月30 日的三個月非利息收入為320 萬美元，與2023 年同期的180 萬美元相比增加了140 萬美元，即74% 。本季公佈的業績顯然強勁，正如我之前所說，它們的基礎是佛羅裡達州經濟的實力和彈性。該州積極的經濟前景得益於 GDP 和私營部門就業成長幾乎是全國成長率的兩倍。佛羅裡達州自 2019 年以來新成立的企業價值超過 300 萬美元，位居全國第一，2024 年已成立的新企業超過 266,000 家。

As a commercially focused bank, it is these small to medium enterprises that are our primary target market, which we work hard to cultivate, curve and grow with. With that said, I would like to open the floor for Q&A.

作為一家商業銀行，這些中小企業是我們的主要目標市場，我們努力培養、引導和成長。話雖如此，我想開始問答環節。

(Operator instructions) Wood Lay, KBW.

（操作員說明）Wood Lay，KBW。

Wanted to start on noninterest-bearing trends. On an average basis is really encouraging. It looks like average levels were a little bit ahead of the end of period. Just any comment on the trends you saw during the quarter?

想從無息趨勢開始。平均而言確實令人鼓舞。看起來平均比期末稍早。對您在本季看到的趨勢有何評論？

Yes. So we did a lot of the pricing action on our deposits at the end of the first quarter and into the first month of the second quarter. We did see some movement at the end of the quarter. But you typically can see some movement on the last two weeks of the quarter, whether it's companies doing window dressing. We feel strong about growing our deposit book.

是的。因此，我們在第一季末和第二季第一個月對存款進行了許多定價行動。我們確實在本季末看到了一些變化。但你通常可以在本季的最後兩週看到一些變化，無論是公司在進行門面裝飾。我們對增加存款簿感到強烈。

So there's a little bit up and down, but the average really drives the net interest income and the net interest margin. So I think we're going to be fine, we expect to fully continue to grow in the second quarter as well.

因此，雖然有一點上下，但平均值確實推動了淨利息收入和淨利差。所以我認為我們會沒事的，我們預計第二季也將繼續全面成長。

Yes. And the margin expansion in the second quarter, I mean, it was really great to see. Is there to more pull-through that we'll see in the third quarter or was the margin like relatively stable throughout the second quarter?

是的。我的意思是，第二季的利潤率擴張真是太棒了。我們會在第三季看到更多的拉動，還是整個第二季的利潤率相對穩定？

It was relatively stable throughout the second quarter. Like I said, we did a lot of deposit pricing actions at the end of the first quarter and the first month of the second quarter, so March and April. So we saw kind of a 2.94-ish margin for all three months basically. We expect that to be stable maybe near term to start grinding forward but certainly, it was nice to see and it was mainly on the deposit side that we were able to gain the traction.

整個第二季相對穩定。就像我說的，我們在第一季末和第二季第一個月，也就是三月和四月，做了很多存款定價行動。因此，我們基本上看到三個月的利潤率為 2.94 左右。我們預計這種情況可能會在短期內保持穩定，從而開始向前推進，但當然，很高興看到這一點，而且主要是在存款方面，我們能夠獲得牽引力。

And then last, maybe just shifting over to the C&I segment. I mean, you saw pretty strong growth within that segment. Can you just talk about sort of how you develop how you have developed the C&I segment and full year expectations going forward?

最後，也許只是轉向工商業領域。我的意思是，您在該細分市場中看到了相當強勁的成長。您能否談談您是如何開發 C&I 部門的以及未來全年的預期？

Certainly. Overall a number of years, we've developed a number of verticals to diversify away from the CRE concentration that this bank historically had before the recapitalization. We've developed verticals on association lending, on yacht lending, SBA lending, which are probably the three main drivers, also, we continue on the residential side. So as we focus and South Florida, Miami specifically, it's not a big C&I sound, but we focused our people on those areas and they've done a very good job in developing them. Each one of these verticals has a senior product specialist, which we brought in.

當然。總的來說，多年來，我們開發了許多垂直行業，以實現多元化，擺脫該銀行在資本重組之前一直以來對商業房地產的集中。我們開發了協會貸款、遊艇貸款、SBA 貸款等垂直行業，這可能是三個主要驅動力，此外，我們還在住宅方面繼續發展。因此，當我們專注於南佛羅裡達州、特別是邁阿密時，這並不是一個很大的 C&I 聲音，但我們將我們的人員集中在這些領域，他們在開發這些領域方面做得非常好。這些垂直領域中的每一個領域都有一位我們聘請的高級產品專家。

They over time, have not only helped create our marketing strategies, but also training our lenders. So we've been able to leverage the existing sales team and not necessarily have to hire additional teams to be able to do the job. They are very proficient at what they do, and I believe that they're going to continue doing exactly what you've seen over the last three years.

隨著時間的推移，他們不僅幫助我們制定了行銷策略，還培訓了我們的貸款人。因此，我們能夠利用現有的銷售團隊，而不必僱用額外的團隊來完成這項工作。他們非常精通自己所做的事情，我相信他們將繼續做你在過去三年中看到的事情。

Congrats on the great quarter.

恭喜這個偉大的季度。

Michael Rose, Raymond James.

麥可羅斯、雷蒙詹姆斯。

What stuck out to me was the growth in swap fees, I think that's kind of contrary to what we've seen. And I think you mentioned, Luis, that the pipeline was solid as we think about it going forward. Can you just explain maybe why swap fees are strong, I mean maybe your customers are just a little bit later to actually kind of locking in, but it seems like the activity at other banks kind of slowed.

讓我印象深刻的是掉期費用的成長，我認為這與我們所看到的情況相反。我想你提到過，路易斯，當我們考慮未來時，管道是穩固的。您能否解釋為什麼掉期費用很高，我的意思是，也許您的客戶稍後才會真正鎖定，但其他銀行的活動似乎有所放緩。

Our clients and our sales force on the lending side are very adept and trained to offer the top to client to explain it to them. And there's a lot of people that when you take the time to explain the benefits of it, they see the value and they want to move in that direction. So when we have a loan of this type of a special pipe and term and size, that conversation happens. So we take the time to educate our clients in it, and they were a good decision. So the decisions have been favorable, and we have capitalized on.

我們的客戶和貸款方面的銷售人員都非常熟練且訓練有素，可以向客戶提供頂級服務並向他們解釋。當你花時間解釋它的好處時，很多人會看到它的價值並希望朝這個方向前進。因此，當我們擁有此類特殊管道、期限和規模的貸款時，就會發生這種對話。因此，我們花時間對客戶進行教育，這是一個很好的決定。所以這些決定是有利的，我們已經利用了。

We not only look at our future growth in our loan portfolio by what we have in it as far as size, we also identified the swap deals that the clients have requested and the levers of intent that have been issued and the commitment orders that have been accepted. So when we track that, we feel very comfortable that the swap activity is going to continue into Q3 and Q4.

我們不僅根據貸款組合的規模來審視未來的成長，我們還確定了客戶要求的掉期交易、已發出的意向槓桿以及已發出的承諾訂單。因此，當我們追蹤這一點時，我們對互換活動將持續到第三季和第四季感到非常滿意。

And then maybe just as a follow-up to that, do you have a sense for kind of like what percentage of your customer base is actually using swaps? I mean you kind of seized the opportunity that is already on the balance sheet and then, obviously, as you grow, I assume there'll be more opportunities, but just would love to add some color there.

然後也許作為後續行動，您是否知道您的客戶群中實際使用掉期的百分比是多少？我的意思是，你抓住了資產負債表上已經存在的機會，然後，顯然，隨著你的成長，我認為會有更多機會，但只是想在那裡添加一些色彩。

I think that the opportunity is very significant. It's not a huge percentage, we probably started getting active on the swap market maybe three years ago, so I can get back to you with the exact number. But again, it's a growing number based on the production and the pipeline we have and I think the key has been educating our folks, but I just was given the information here that it's about 3% of the portfolio right now.

我認為這個機會非常重要。這並不是一個很大的比例，我們可能在三年前就開始活躍於掉期市場，所以我可以告訴你確切的數字。但同樣，根據我們現有的生產和管道，這個數字不斷增長，我認為關鍵是對我們的員工進行教育，但我剛剛得到的資訊是，目前它約佔投資組合的 3%。

Yes. I was going to say, Michael, I mean we got a handful of clients that may seek to swap. I mean if you think about why a client may want that right now, let's say, if you're doing a balance sheet rate, that might be, let's call it, $750 million. The swap rates plus a reasonable spread can be below that and if they want a longer tenor in let's say, 10 years, we may not want the fixed rate for the 10 years, and then we'll be getting a variable like plus a spread 200, 300 basis points and the client gets the fixed rate. So it's come to them a little bit lower, but we are seeing a little bit more activity from clients asking for that.

是的。我想說，邁克爾，我的意思是我們有一些客戶可能會尋求交換。我的意思是，如果你考慮為什麼客戶現在可能想要這個，比方說，如果你正在做資產負債表利率，那可能是，我們稱之為 7.5 億美元。掉期利率加上合理的利差可以低於這個水平，如果他們想要更長的期限，比如說10年，我們可能不想要這10年的固定利率，然後我們會得到一個變量，比如加上利差200、300個基點，客戶獲得固定利率。因此，他們的要求要低一些，但我們看到客戶的要求增加。

We have a pipeline, but those can be lumpy from quarter-to-quarter. This quarter, it was $650 million last quarter was $285 million, but we are seeing the activity, and we do have a pipeline for Q3 and Q4 is what I've said.

我們有一條管道，但每季的管道可能會不穩定。本季度為 6.5 億美元，上季度為 2.85 億美元，但我們正在看到這一活動，而且我們確實有第三季度和第四季度的管道，正如我所說的。

Maybe just switching over to the balance sheet. Obviously, loan growth has been really strong and I know you have kind of a prior outlook of around 10%. You're tracking over that. It seems like maybe there's some maybe nearer-term medicines, but just macro-wise, but you guys are in really good economies, you have momentum. Any reason that, that number wouldn't end the year higher than that?

也許只是切換到資產負債表。顯然，貸款成長非常強勁，我知道您之前的預期是 10% 左右。你正在追蹤那個。看起來也許有一些近期的藥物，但只是宏觀方面，但你們的經濟狀況非常好，你們有動力。有什麼原因導致這個數字在年底不會高於這個數字嗎？

And then just separately on deposits, certainly appreciate the reduction rates. You've kind of talked previously about also growing, I think deposits around 10%. Just wanted to get a sense for an update on both loans and deposits.

然後就單獨存款，一定會欣賞減少利率。你之前談到存款也成長了，我認為存款成長了 10% 左右。只是想了解貸款和存款的最新情況。

Yes, both loans and deposits, I think you're going to see a similar growth rate, I think, in the future quarters as you saw this quarter. Right now, we'd like to fund kind of the loan growth with existing deposit growth, relationship, cost deposits. So as I mentioned, we're going to have some cash flows off the securities portfolio. We'll have some opportunistic maybe to look at selling a few more securities here and there to run some stuff but overall, I would say it's going to be in the low double digits for both.

是的，無論是貸款還是存款，我認為在未來的幾個季度中，您都會看到與本季類似的成長率。現在，我們希望透過現有存款成長、關係、存款成本來為貸款成長提供資金。正如我所提到的，我們將從證券投資組合中獲得一些現金流。我們可能會有一些機會主義，可能會考慮在這裡或那裡出售更多的證券來運行一些東西，但總的來說，我想說這兩者都將處於低兩位數。

(Operator Instructions). Christopher Marinac, Janney.

（操作員說明）。克里斯多福·馬裡納克、珍妮.

I wanted to ask a little more about the cost of funds and the fact that you had a little bit of rollover this quarter. Do you see that continuing? And do you see any sort of new funding bases that can lower costs going forward?

我想多詢問一下資金成本以及本季有一點展期的事實。您認為這種情況還在持續嗎？您是否看到任何可以降低未來成本的新融資基礎？

Yes. Let me start. I would say from a cost standpoint, even looking at the month of June and the three months in the quarter, we're probably going to be a little steady on our deposit costs. We did lose a little bit of funding at the end of the quarter, and that was kind of rate sensitive. When we did drop the rates, they stuck around for a little bit, but some of it moved we anticipated that movement.

是的。讓我開始吧。我想說，從成本的角度來看，即使考慮到六月和本季的三個月，我們的存款成本可能會有點穩定。我們在季度末確實損失了一點資金，這對利率很敏感。當我們確實降低利率時，它們會停留一段時間，但其中一些變化是我們預料到的。

I think for us, growing our DDA growth and keeping the DDAs in there will be key. But the expectation is that we hold at kind of the current level on our deposit cost because we did do a pretty sizable push on the end of the first quarter in April to really reprice some deposits and looking through that. Now, we're doing more of that, we do that every day. But I would expect the future quarters to be right around the current level, not up or down materially without any rate movement from the fed.

我認為對我們來說，促進 DDA 的成長並維持 DDA 的存在將是關鍵。但預計我們的存款成本將保持在當前水平，因為我們在四月份第一季末確實做了相當大的推動，以真正重新定價一些存款並進行研究。現在，我們正在做更多這樣的事情，我們每天都這樣做。但我預計未來幾季將在當前水準附近，在聯準會沒有任何利率變動的情況下不會大幅上升或下降。

That's helpful. And then, just a quick credit follow-up. What do you see out there in terms of special mention criticized, I just want to go a little bit deeper than what you had in the presentation, is there anything sort of pending on that front for either good or than on the inflows for credit?

這很有幫助。然後，進行快速的信用跟進。您在特別提及批評方面有何看法，我只是想比您在演示中的內容更深入一點，在這方面是否有任何懸而未決的事情，要么是好的，要么是信貸流入？

No. We monitor the portfolio very closely and react very quickly to the problems as we see them and there is nothing out there specifically that is of a concern right now.

不。我們非常密切地監控投資組合，並在發現問題時迅速做出反應，目前沒有什麼特別值得關注的。

And this concludes our question-and-answer session. I would like to now turn the conference back over to Luis de la Aguilera for any closing remarks.

我們的問答環節到此結束。現在我想將會議轉交路易斯·德拉阿奎萊拉發表閉幕詞。

Well, thank you all very much. On behalf of the U.S. Century team, I would like to thank you all for your attendance and look forward to meet again in our next earnings call.

嗯，非常感謝大家。我謹代表 U.S. Century 團隊感謝大家的出席，並期待在我們的下一次財報電話會議上再次見面。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。