佛罗里达州海岸银行公司 (SBCF) 首席执行官 Dennis Hudson 在 2019年 第二季度业绩 - 收益电话会议记录

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Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Q2 2019 Earnings Conference Call July 26, 2019 10:00 AM ET

佛罗里达州海岸银行公司(纳斯达克股票代码:[SBCF])2019年第二季度收益电话会议2019年7月26日美国东部时间上午10:00

公司参与者

Dennis Hudson - Chairman and Chief Executive Officer
Chuck Shaffer - Chief Financial Officer and Chief Operating Officer
Julie Kleffel - Community Banking Executive
Chuck Cross - Commercial Banking Executive
David Houdeshell - Chief Credit Officer
Jeff Lee - Chief Digital Officer

  • Dennis Hudson - 董事长兼首席执行官
  • Chuck Shaffer - 首席财务官兼首席运营官
  • Julie Kleffel - 社区银行业务
  • Chuck Cross - 商业银行高管
  • David Houdeshell - 首席信贷官
  • Jeff Lee - 首席数字官

电话会议参与者

Steve Scouten - Sandler O’Neill
Michael Rose - Raymond James
Steve Moss - B. Riley

  • Steve Scouten - Sandler O'Neill
  • 迈克尔罗斯 - 雷蒙德詹姆斯
  • Steve Moss - B.莱利

会议主持员

Good morning and welcome to the Seacoast Second Quarter Earnings Conference Call. My name is Brandon and I will be your operator for today. [Operator Instructions] Before we begin, I have been asked to direct your attention to the statement contained at the end of the press release regarding forward-looking statements. Seacoast will be discussing issues that constitute forward-looking statements within the meaning of the Securities and Exchange Act and their comments today are intended to be covered within the meaning of that Act. Please note, that this conference is being recorded.
And I will now turn the call over to Mr. Dennis Hudson, Chairman and CEO, Seacoast Bank. Mr. Hudson, you may begin.

早上好,欢迎参加海岸第二季度收益电话会议。 我叫Brandon,今天我将成为您的运营商。 [操作员说明]在开始之前,我被要求引导您注意新闻稿末尾有关前瞻性陈述的陈述。 Seacoast将讨论构成“证券交易法”意义上的前瞻性陈述的问题,他们今天的评论意图涵盖在该法案的含义范围内。 请注意,此会议正在录制中。

现在我将把这个电话转交给Seacoast Bank董事长兼首席执行官Dennis Hudson先生。 哈德森先生,你可以开始了。

丹尼斯哈德森

Thank you very much. Good morning, everybody and thank you for joining us today for Seacoast second quarter 2019 conference call. Our press release which we released yesterday after the market close and our investor presentation can be found on the Investor portion of our website under the title Presentations. With us today is Chuck Shaffer, our Chief Financial Officer and Chief Operating Officer, who will discuss our financial and operating results.
Also with us today are Julie Kleffel, our Community Banking Executive; Chuck Cross, our Commercial Banking Executive; David Houdeshell, our Chief Credit Officer; and Jeff Lee, our Chief Digital Officer. As you saw in yesterday’s press release, Seacoast reported another strong quarter with continued, solid organic growth in our customer base. Importantly, we generated significant improvement in operating leverage this quarter as well, the result of improved revenue growth and further streamlining our operations. We grew adjusted net revenue 18% to $74 million and achieved adjusted net income of $26 million, up 41% year-over-year. We reported $0.50 in adjusted earnings per share, an increase of 32% year-over-year driven by higher loans and deposits as a result of our balanced growth strategy and a tremendous growth in fees this quarter. Not only were mortgage fees up, but also most of the other categories, including wealth, which produced one of its strongest quarters ever in new asset growth.
We also completed the implementation of our plan announced during last quarter’s call to identify approximately $10 million in annual cost reductions. These improvements, together with continued execution of our balanced growth strategy, drove operating leverage which more than offset and should continue to offset what we said last quarter would be a more challenging rate environment. These changes were taken in response to the shift in the yield curve that occurred late last year to better position us for stronger performance over the balance of this year. Last quarter, we stated that we were making adjustments in the way we operate our mortgage business to help build stronger fee growth. As you can see, our mortgage team performed beautifully producing one of the strongest quarters ever as more production was moved into saleable product. This will, over time allow us to adjust our loan mix with greater focus on commercial and consumer loan products that carry better spreads and better returns.
We also completed our previously announced cost reductions yielding around $10 million in annual savings. As we finish up the integration of our end-to-end digital loan origination platforms in the second half, we will begin to uncover additional efficiencies to support additional planned investments and commercial bankers in key Florida metro markets. This together with anticipated improvements in loan growth are intended to support additional expansion in operating leverage to support our Vision 2020 objectives. Our strong deposit growth continued during the quarter again demonstrating the value of our attractive customer franchise. Loan growth improved over last quarter and is expected to continue to improve as the year plays out. Chuck will provide more color including work we did this quarter to move certain credits out of the bank which worked against our growth objectives, but helped strengthen our credit profile. Our loan pipelines remain robust and growing and are up 30% over last quarter. And we are continuing to see growth in the pipeline in the first few weeks of the third quarter.

非常感谢你。大家早上好,感谢您今天参加海岸2019年第二季度电话会议。我们昨天在收市后发布的新闻稿以及我们的投资者介绍可以在我们网站的投资者部分的标题演示文稿中找到。今天与我们一起的是我们的首席财务官兼首席运营官Chuck Shaffer,他将讨论我们的财务和经营业绩。

今天我们还有社区银行业务主管Julie Kleffel; Chuck Cross,我们的商业银行业务; David Houdeshell,我们的首席信贷官;和我们的首席数字官Jeff Lee。正如您在昨天的新闻稿中看到的那样,Seacoast报告了另一个强劲的季度,我们的客户群持续稳健的有机增长。重要的是,本季度我们的运营杠杆也有了显着改善,这是收入增长改善和进一步简化运营的结果。我们调整后的净收入增长了18%,达到7400万美元,调整后净收入达到2600万美元,同比增长41%。我们报告每股调整后收益为0.50美元,由于我们的平衡增长战略和本季度费用的巨大增长,贷款和存款增加导致同比增长32%。不仅抵押贷款费用上涨,而且大多数其他类别,包括财富,都是新资产增长中最强劲的季度之一。

我们还完成了上一季度电话会议宣布的计划的实施,以确定每年约1000万美元的成本削减。这些改进以及我们均衡增长战略的持续执行推动了经营杠杆,而这种杠杆已经抵消并且应该继续抵消我们上一季度所说的更具挑战性的利率环境。这些变化是为了应对去年年底发生的收益率曲线的变化,以更好地定位我们在今年余下的表现。上个季度,我们表示我们正在调整我们的抵押贷款业务,以帮助建立更强劲的费用增长。正如您所看到的,随着更多生产转移到可销售产品,我们的抵押团队表现出色,生产出最强劲的季度之一。随着时间的推移,这将使我们能够调整我们的贷款组合,更加关注具有更好利差和更高回报的商业和消费贷款产品。

我们还完成了之前公布的成本削减,每年节省约1000万美元。随着我们在下半年完成端到端数字贷款发起平台的整合,我们将开始发掘额外的效率,以支持佛罗里达州主要城市市场的额外计划投资和商业银行家。这与贷款增长的预期改善一起旨在支持额外扩展经营杠杆,以支持我们的2020愿景目标。本季度我们的存款增长持续强劲,再次证明了我们具有吸引力的客户特许经营权的价值。贷款增长较上季度有所改善,预计随着年度的增长而继续改善。 Chuck将提供更多的颜色,包括我们本季度所做的工作,以便将某些信用额度从银行中转移出来,这违背了我们的增长目标,但有助于加强我们的信用状况。我们的贷款渠道仍然强劲且不断增长,比上一季度增长了30%。我们将继续看到第三季度前几周的增长。

Overall, Seacoast continues to benefit from the continued vitality of Florida’s economy. As the leading Florida-based bank at attractive markets with strong growth fundamentals, we are well positioned to deliver sustainable, profitable growth. Finally, I would like to thank Seacoast associates for their continued hard work this quarter. Many of you have been leading lots of change this quarter and it has required an extra effort. Our sales teams delivered results this quarter proving our balance growth strategy is working. And all of you continue to provide outstanding service to our customers. We have an outstanding team and your dedication makes us in market after market, Florida’s Bank of choice.
With that, I would like to turn the call over to Chuck who is going to review a little more detail around our second quarter results and then we will be happy to take a few questions.

总体而言,海岸继续受益于佛罗里达州经济的持续活力。 作为具有强劲增长基础的富有吸引力市场的佛罗里达州领先银行,我们有能力实现可持续的盈利性增长。 最后,我要感谢Seacoast员工本季度的持续努力。 你们中的许多人本季度一直在进行大量的改变,这需要额外的努力。 我们的销售团队在本季度取得了成果,证明了我们的平衡增长战略正在发 并且所有人继续为我们的客户提供卓越的服务。 我们拥有一支优秀的团队,您的奉献精神使我们在市场上成为佛罗里达州的首选银行。

有了这个,我想把这个电话转给Chuck,他将在第二季度的结果中详细回顾一下,然后我们将很乐意回答几个问题。

Chuck Shaffer

Thank you, Denny and thank you all for joining us this morning. As I provide my comments, I will reference the second quarter 2019 earnings slide deck which can be found at seacoastbanking.com.
Beginning with Slide 4, we are successfully executing our strategy across all business lines. Adjusted net income grew year-over-year 41% to $25.8 million, resulting in earnings per diluted share of $0.50. We reported a 1.59% adjusted return on intangible assets and a 15.2% adjusted return on tangible common equity. Tangible book value per share grew 5.2% sequentially to $13.65. We ended the quarter with a tangible common equity ratio of 10.7% and an average loan-to-deposit ratio of 87.3%, affording ample room for continued loan growth. As we continue to grow our capital base, it’s worth mentioning illustratively if the second quarter’s tangible common equity to tangible asset ratio was adjusted to a normalized target of 8%, our adjusted return on tangible common equity would be 19.2%, increasing from 18.8% in the prior quarter. And our performance was highlighted by continued improvements and generating operating leverage with a focus on growing revenues while streamlining operations. The adjusted efficiency ratio declined 4.4% sequentially to 51.4% and the adjusted non-interest expense to tangible asset ratio declined to 2.34%.
During the quarter, we completed our previously announced expense reduction initiative, reducing the full-time equivalent employee count from 902 to 852 renegotiated key vendor contracts, enhanced cost control across a number of line items and consolidate one banking center location with an additional closure planned for the third quarter. And you can be assured that our continued diligent focus on efficiency is accompanied by great care and ensuring that we do not impede on Seacoast ability to drive revenue growth. Non-interest income improved significantly from the prior quarter with improvements across most line items, notably our mortgage banking and wealth management teams have record quarters leading to growth in non-interest income as a percentage of total revenue, excluding security losses from 17% to 19%. And total deposits grew seasonally strong 3% on an annualized basis, excluding the unfavorable $99 million impact from transferring broker deposits to Federal Home Loan Bank advances. During the quarter, we took advantage of lower rate Federal Home Loan Bank advances when compared to broker deposit funding. We will continue to closely manage our overall funding mix in order to optimize funding cost. The cost of funds increased 5 basis points quarter-over-quarter, but late in the quarter deposit pressure began to abate.
Net loan growth in the quarter totaled 5% on an annualized basis overcoming a $59 million increase in early loan payoffs quarter-over-quarter. If early loan payoffs had remained in line with the prior quarter, loan growth would have been 10% on an annualized basis. During the quarter, we saw acceleration in commercial real estate loans being refinanced away with minimal or no covenants, limited or no guarantees in combination with increasing leverage in projects. Additionally, we allowed higher risk assets to be refinanced away, including marinas, hotels and speculative construction. We remain patient this late in the cycle and will not chase deals carefully defending our underwriting integrity. We hit another production record for consumer and small business originations and our commercial banking business enters the third quarter with a record pipeline of $262 million. This is a 48% increase from the first quarter. Last quarter, we provided loan growth guidance of mid to high single-digit growth in 2019 and added the comment that loan growth will accelerate throughout the year. We feel confident in our ability to achieve this objective and reiterating this target.

谢谢你,丹尼,谢谢大家今天早上加入我们。在我提供意见时,我将参考2019年第二季度的盈利幻灯片,可以在seacoastbanking.com找到。

从幻灯片4开始,我们成功地在所有业务线上执行我们的战略。调整后净收入同比增长41%至2580万美元,每股摊薄收益为0.50美元。我们报告无形资产的调整后回报率为1.59%,有形普通股的调整后回报率为15.2%。每股有形账面价值环比增长5.2%至13.65美元。本季度末,有形普通股权比率为10.7%,平均贷存比率为87.3%,为持续的贷款增长提供了充足的空间。随着我们继续增加资本基础,值得一提的是,如果将第二季度有形资产比率的有形普通股权益调整为8%的标准化目标,我们对有形普通股的调整回报率将为19.2%,从18.8%增加在上一季度。我们的业绩突出表现在持续改进和产生运营杠杆,重点是增加收入,同时简化运营。调整后的效率比率下降4.4%至51.4%,调整后的非利息支出与有形资产比率下降至2.34%。

在本季度,我们完成了之前宣布的费用减少计划,将全职员工人数从902减少到852个重新协商的主要供应商合同,增强了对多个项目的成本控制,并整合了一个银行中心位置并计划了额外的关闭第三季度。您可以放心,我们对效率的持续关注同时也非常谨慎,并确保我们不会阻碍Seacoast推动收入增长的能力。非利息收入与上一季度相比有显着改善,大多数项目都有所改善,特别是我们的抵押贷款银行和财富管理团队创纪录的季度导致非利息收入增长占总收入的百分比,不包括17%的安全损失。 19%。总存款按年增长季节性强劲增长3%,不包括将经纪人存款转移至联邦住房贷款银行预付款的不利99亿美元影响。本季度,与经纪人存款资金相比,我们利用较低利率的联邦住房贷款银行预付款。我们将继续密切管理我们的整体融资组合,以优化融资成本。资金成本环比增长5个基点,但本季度末存款压力开始减弱。

本季度的净贷款增长率按年计算总计为5%,而上一季度的早期贷款收益增加了5900万美元。如果提前偿还贷款与上一季度保持一致,那么贷款增长率将按年计算增长10%。在本季度,我们看到商业房地产贷款的加速,在极少或没有契约的情况下再融资,有限或无担保,同时增加项目的杠杆率。此外,我们允许更高风险的资产再融资,包括游艇码头,酒店和投机建筑。我们在这个周期的后期仍然保持耐心,并且不会追逐交易,谨慎地捍卫我们的承保诚信。我们创造了消费者和小型企业的另一个生产记录,我们的商业银行业务进入第三季度,创纪录的管道为2.62亿美元。这比第一季度增加了48%。上个季度,我们提供了2019年中高个位数增长的贷款增长指引,并补充说贷款增长将在全年加速。我们对实现这一目标并重申这一目标的能力充满信心。

Now turning to Slide 5, net interest income declined $0.7 million sequentially and the net interest margin contracted 8 basis points to 3.94%. Excluding accretion on acquired loans, the net interest margin declined 9 basis points sequentially and was up 7 basis points from the second quarter of 2018. Quarter-over-quarter, the yield on loans declined 6 basis points, the yield on securities declined 2 basis points and the cost of deposits increased 9 basis points. During the quarter, rates declined across all points on the yield curve, affecting the variable rate portion of our loan and securities portfolio and impacted yields on both loans and securities. Our average add-on yields for new loans declined 24 basis points sequentially to 5.17% and are up 21 basis points from the prior year. The decline quarter-over-quarter was primarily the result of lower add-on rates and commercial and mortgage banking due to declining yields on the moderate and long end of the treasure curve. Deposit pressure abated in June, and our cost to deposits began to decline in the final month of the quarter. And during the second quarter, we meaningfully shortened time deposit maturity offerings for less than 6 months and began reducing rates paid on higher yielding savings and money market products.
If the FMOC does take action to reduce rates, we will follow suit with our deposit offerings. Given the outlook for potential rate cuts, this should be the peak of the deposit rate cycle. Additionally, other interest bearing liabilities such as our trust preferred in Federal Home Loan Bank advances will benefit from falling short-term rates. While variable, we model purchase accounting accretion to be approximately 25 basis points in the third and fourth quarter of 2019. And looking ahead to the third quarter of 2019, assuming no change in the federal fund rate and no improvement in the steepness of the yield curve, we expect the net interest margin to be in the low 3.90s. Given the uncertainty regarding interest rates in the yield curve, the conservative guidance of a potential slight decline in margin, the anticipated result of an assumed persistent and averted yield curve and 1 basis point or 2 of less purchased loan accretion.
If the forward curve was to materialize, which includes a rate cut in July and September, we expect the net interest margin to be the high 3.80s in the third quarter. Despite the potential compression in the margin due to anticipated rate cuts, assuming economic conditions remain unchanged, we expect net interest income in the third quarter to be modestly higher than the second quarter and begin expanding meaningfully in Q4 and into 2020. The result of growth in the balance sheet and planned actions to begin reducing rates paid to deposit customers. If the yield curve were to ultimately steepen as a result of the FMOC action to reduce rates and we are successful in reducing deposit rates paid to customers as planned, our margin should begin an expansionary pattern in 2020.

现在转向幻灯片5,净利息收入连续下降70万美元,净息差收缩8个基点至3.94%。扣除收购贷款增加后,净利息收益率连续下降9个基点,较2018年第二季度上升7个基点。季度环比收益率下降6个基点,证券收益率下降2个基点积分和存款成本增加9个基点。本季度,收益率曲线上所有点的利率均下降,影响了我们的贷款和证券投资组合的浮动利率部分以及贷款和证券的收益率。新增贷款的平均附加收益率连续下降24个基点至5.17%,较去年上升21个基点。季度环比下降的主要原因是附加费率下降以及商业和抵押贷款业务下滑,原因是宝藏曲线中等和长期收益率下降。 6月存款压力减轻,我们的存款成本在本季度的最后一个月开始下降。在第二季度,我们有效地缩短了不到6个月的定期存款期限,并开始降低高收益储蓄和货币市场产品的利率。

如果FMOC确实采取行动降低利率,我们将跟进我们的存款产品。鉴于可能降息的前景,这应该是存款利率周期的高峰期。此外,其他有息负债,例如我们在联邦住房贷款银行预付款中首选的信托将受益于短期利率下降。虽然可变,但我们将2019年第三季度和第四季度的购买会计增长模型估计为约25个基点。展望2019年第三季度,假设联邦基金利率没有变化且收益率的陡峭程度没有改善我们预计净息差将在3.90s的低位。鉴于收益率曲线中利率的不确定性,保证金可能略微下降的保守指引,假设持续和避免收益率曲线的预期结果以及购买贷款增加减少1个基点或2个基点。

如果实现远期曲线,包括7月和9月的降息,我们预计第三季度的净息差将高达3.80秒。尽管由于预期的降息可能导致利润率下降,但假设经济状况保持不变,我们预计第三季度的净利息收入将略高于第二季度,并在第四季度和2020年开始有意义地扩张。增长的结果在资产负债表和计划行动中开始降低向存款客户支付的费率。如果收益率曲线最终因FMOC降低利率的行动而变得陡峭,并且我们成功降低了按计划支付给客户的存款利率,那么我们的利润率应该在2020年开始扩张。

Moving to Slide 6, adjusted non-interest income increased $1.2 million sequentially and grew $1.3 million or 10% from the prior year. When compared to the prior quarter, we saw increase in almost – increases in almost every category led by a record quarter of performance from our mortgage banking group with mortgage banking fees increasing $0.6 million quarter-over-quarter. And I will remind you over the first half of 2019 we introduced new saleable products and focused on generating saleable production. And additionally, we continue to see strong performance in wealth management. During the first half of 2019, new assets under management acquired totaled $70 million tracking to our goal of growing AUM by $120 million to $150 million in 2019. We ended the quarter with $577 million in assets under management. And finally, service charges on deposits grew $0.2 million sequentially primarily the result of increased fees on treasury products.
Moving to Slide 7, adjusted non-interest expense declined $3.1 million sequentially and is up $1.5 million from the prior year outperforming our previous guided range of $38.5 million to $39.5 million for the second quarter. During the quarter, we completed our previously announced $10 million annual expense reduction initiative reducing the full-time equivalent employee count by 50 renegotiated key vendor contracts, enhanced cost control across a number of line items.
We also consolidated one banking center, and we’ll have another in the third quarter. For the third quarter of 2019, we expect adjusted non-interest expense to be approximately $37.5 million to $38.5 million, excluding the amortization of intangible assets, which is approximately $1.5 million per quarter. For the full year 2019, we reiterate the full year non-interest expense guide to be $155 million to $157 million, excluding the amortization of intangibles, which is approximately $5.8 million on a full year basis. We will continue to take a proactive stance on cost control, positioning the company for success in the coming periods, regardless of what the economic or interest rate environment brings.
Moving to Slide 8, our performance was highlighted by continuing improvements in generating operating leverage with declining overhead and a focus on growing non-interest income. The adjusted efficiency ratio declined 4.4% sequentially to 51.4%, and the adjusted non-interest expense to tangible asset ratio declined a 2.34%. We remain confident we are on track to achieve a below 57% efficiency ratio as a lay out in our Vision 2020 plan.
Turning to Slide 9, total new loan production was $407 million compared to $310 million in the prior quarter, resulting in net loan growth in the quarter of 5% on an annualized basis, overcoming a $59 million increase in early loan payoffs, quarter-over-quarter. If early loan payoffs had remained in line with the prior quarter, loan growth would’ve been 10% on an annualized basis. Our commercial pipeline has grown to a record $262 million at the end of the quarter, and we are anticipating production volume to improve through the quarter. When coupled with an expanded team of bankers in Tampa and Broward County, we are well positioned to drive attractive loan growth. Total production increased to $157 million from $109 million quarter-over-quarter, inclusive of the $20 million commercial portfolio we had the opportunity to acquire from a third-party. This portfolio was fully re-underwritten by our team, meeting our strict underwriting standards. Of all residential loans originated in the quarter, $61 million was sold in the secondary market, leading to a record quarter for mortgage banking fees. We placed $50 million in the portfolio with $30 million coming from a pool of mortgages we acquired in the wholesale secondary market.

转到第6页,调整后的非利息收入比上一年增加了120万美元,比上一年增加了130万美元,增长了10%。与上一季度相比,我们看到几乎所有类别的增长 - 几乎所有类别的增长都来自我们的抵押贷款银行集团创纪录的季度业绩,抵押贷款银行费用与上一季度相比增加了60万美元。我会提醒你,在2019年上半年,我们推出了新的可销售产品,并专注于产生可销售的产品。此外,我们继续看到财富管理方面的强劲表现。在2019年上半年,管理的新资产总额达到7,000万美元,跟踪我们在2019年将资产管理规模增加1.2亿美元至1.5亿美元的目标。我们在本季度结束时管理的资产为5.77亿美元。最后,存款服务收费连续增长20万美元,主要原因是国库券产品费用增加。

调整后的第7季度,调整后的非利息费用连续下降310万美元,比去年增加150万美元,超过了我们之前的第38季度3850万美元至3950万美元的引导范围。在本季度,我们完成了之前宣布的1000万美元年度费用减免计划,将全职员工人数减少了50个重新协商的主要供应商合同,加强了对多个项目的成本控制。

我们还合并了一个银行中心,第三季度我们将有另一个银行中心。对于2019年第三季度,我们预计调整后的非利息支出约为3750万美元至3850万美元,不包括无形资产的摊销,每季度约为150万美元。对于2019年全年,我们重申全年非利息支出指引为1.55亿美元至1.57亿美元,不包括无形资产摊销,全年约为580万美元。无论经济或利率环境如何,我们将继续在成本控制方面采取积极主动的态度,使公司在未来一段时间内取得成功。

转向幻灯片8,我们的业绩突出表现在持续改善生产经营杠杆,减少管理费用,并关注增加非利息收入。调整后的效率比率下降4.4%至51.4%,调整后的非利息支出与有形资产比率下降2.34%。我们仍然相信,我们有望在2020年愿景计划中实现低于57%的效率比率。

转到幻灯片9,新增贷款总额为4.07亿美元,而上一季度为3.1亿美元,导致本季度净贷款增长率达到5%,超过了早期贷款收益增加5900万美元,季度结束-25美分硬币。如果提前偿还贷款与上一季度保持一致,则贷款增长率将按年度计算为10%。截至本季度末,我们的商业渠道已经增长到创纪录的2.62亿美元,我们预计本季度产量将有所改善。与坦帕和布劳沃德县的银行家队伍一起扩大后,我们有能力推动有吸引力的贷款增长。总产量从1.09亿美元增加到1.57亿美元,其中包括我们有机会从第三方获得的2000万美元商业投资组合。该投资组合完全由我们的团队重新承保,符合我们严格的承保标准。在本季度发起的所有住宅贷款中,二级市场出售了6100万美元,导致抵押贷款银行费用达到创纪录的水平。我们在投资组合中投入了5000万美元,其中3000万美元来自我们在批发二级市场上购买的抵押贷款。

Consumer and small business had a record production – record quarter production, totaling $136 million, $18 million greater than the first quarter. And we remain focused on generating consumer loans on our occupied CRE and CNI-related lending. Lending to these borrower classes brings higher value relationships with funding and additional fee-based opportunities. This supports our persistent focus on sustaining granularity in the portfolio and gaining greater share of wallet from our customers. And we are well positioned to drive attractive loan growth moving forward, without sacrificing our credit discipline. We are reiterating our guidance of mid- to high single-digit growth in 2019 and with loan growth accelerating throughout the year. And if not for the uncertainty on early payoffs, we’d be guiding to high single digits.
Turning to Slide 10, deposits outstanding declined $65 million sequentially. Total deposits grew a seasonally strong 3% on an annualized basis, excluding the unfavorable $99 million impact from transferring broker deposits to Federal Home Loan Bank advances. During the quarter, we took advantage of lower rate Federal Home Loan Bank advances when compared to broker deposit funding. We will continue to closely manage our overall funding mix in order to optimize funding cost. And during the quarter, we continued to successfully acquire commercial customers with business checking balances growing 8% on an annualized basis. This is one of the many positive outcomes of expanding our business banking team in Tampa and Fort Lauderdale. And of note, if you take a moment to review the customer relationship funding table in our earnings release, you will see growth in all commercial-related line items presented, including non-interest bearing demand deposits. Rates paid on deposits increased 9 basis points to 76 basis points and looking ahead we’re targeting deposit growth of 6%. We expect deposit cost in the third quarter to be approximately in line or slightly below the second quarter and given the outlook of a cut in the federal funds rate, we began reducing rates paid to customers on time deposits and another higher rate savings products late in the quarter and shortened time deposit maturities. We expect the full benefit of this action to take hold in the fourth quarter.
Turning to Slide 11, our deposit data continues to outperform peer, reflecting the attractive transactional nature of our deposit book and looking back at the start of the current rate cycle, Fed funds – the Fed funds rate has increased 200 basis points, while our cost to deposits has increased only 61 basis points. Non-interest-bearing demand deposits represent 30% of the deposit franchise and transaction accounts, represents 50% of the deposit book, in line with the prior quarter.
Turning to Slide 12, credit continues to benefit from rigorous credit selection that emphasizes through-the-cycle orientation and builds on customer relationships and well-understood, known markets and sectors as well as maintaining diversity of loan mix and granularity. The overall allowance to total loans was up 1 basis point to 69 basis points at quarter end. And let me take a moment to remind you that under purchase accounting, loans acquired through an acquisition are placed in the acquired loan portfolio and a purchased mark, including both characteristics for credit and rate is applied and accreted back through net interest income as these loans pay down are mature. At the end of the second quarter, this discount represented 3.76% of purchased loans outstanding. And the non-acquired loan portfolio, the ALLL, ended the quarter at 87 basis points of loans outstanding, down 2 basis points from the prior quarter. And we continue to prudently manage our commercial real estate exposure with construction and land development as a percentage of bank level capital at 51% and commercial real estate loans as a percentage of bank level capital at 205%, down from 57% and 216%, respectively, in the prior quarter and well below regulatory guidance. On a consolidated capital basis, construction and land development and commercial real estate loans represent 48% and 192% of capital, respectively.

消费者和小型企业的产量达到创纪录的季度产量,达到1.36亿美元,比第一季度增加1800万美元。我们仍然专注于为我们的CRE和CNI相关贷款提供消费贷款。向这些借款人类别提供贷款会带来更高价值的资金关系和额外的收费机会。这有助于我们持续关注维持投资组合的粒度,并从客户那里获得更多的钱包份额。而且我们有能力推动有吸引力的贷款增长,而不会牺牲我们的信贷纪律。我们正在重申我们对2019年中至高单位数增长的指导以及全年贷款增长加速。如果不是因为早期收益的不确定性,我们将指导高位数。

转向幻灯片10,未偿还存款按顺序减少了6500万美元。按年度计算,存款总额季节性增长3%,不包括将经纪人存款转移至联邦住房贷款银行预付款所产生的不利的9900万美元影响。本季度,与经纪人存款资金相比,我们利用较低利率的联邦住房贷款银行预付款。我们将继续密切管理我们的整体融资组合,以优化融资成本。在本季度,我们继续成功收购商业客户,其业务支票余额按年增长8%。这是在坦帕和劳德代尔堡拓展我们的商业银行团队的众多积极成果之一。值得注意的是,如果您花一点时间查看我们的收益发布中的客户关系资金表,您将看到所有与商业相关的项目的增长,包括无息活期存款。存款利率上调9个基点至76个基点,展望未来我们将存款增长率定为6%。我们预计第三季度的存款成本大致与第二季度相当或略低于预期,鉴于联邦基金利率下调的前景,我们开始降低向客户支付的定期存款利率以及其他更高利率的产品。季度和缩短定期存款期限。我们预计这一行动的全部好处将在第四季度开始实施。

转到幻灯片11,我们的存款数据继续优于同行,反映了我们存款簿具有吸引力的交易性质,并回顾了当前利率周期的开始,联邦基金 - 联邦基金利率增加了200个基点,而我们的成本存款仅增加了61个基点。无息活期存款占存款特许经营权和交易账户的30%,占存款账户的50%,与上一季度一致。

转到幻灯片12,信贷继续受益于严格的信贷选择,强调整个周期的定位,并建立在客户关系和众所周知的知名市场和部门,以及保持贷款组合和粒度的多样性。总贷款总额在季度末增加1个基点至69个基点。让我花点时间提醒您,在采购会计中,通过收购获得的贷款存放在所购买的贷款组合中,并且购买的商标,包括信用和利率的特征,并通过净利息收入作为这些贷款进行回收。付出成熟。截至第二季度末,此折扣占未偿还贷款的3.76%。而非收购的贷款组合ALLL在本季度末的贷款余额为87个基点,较上一季度下降2个基点。我们继续审慎管理我们的商业房地产风险,建筑和土地开发占银行资本的比例为51%,商业房地产贷款占银行资本的比例为205%,低于57%和216%,分别在上一季度和远低于监管指引。在合并资本基础上,建筑和土地开发以及商业房地产贷款分别占资本的48%和192%。

Concentrations continue to be well managed with an average commercial loan size of approximately $350,000. And top 10 and top 20 relationships represent 19% and 34% of total consolidated risk-based capital, down from 25% and 42%, respectively, 1 year prior; and down 29% and 48% respectfully from 3 years prior. Our largest committed exposure totals $29 million; net charge-offs were $1.8 million for the quarter, a 15 basis point to average loans, in line with previous guidance. We forecast annualized net charge-offs approximately 15 basis points throughout 2019. The provision for loan losses will continue to be influenced by loan growth and net charge-offs.
Turning to Slide 13, we continue to posses a healthy balance sheet and are delivering strong capital generation through our balance growth strategy. This positions us well for additional, disciplined acquisition in organic growth opportunities and provide options to manage capital and returns moving forward. The Tier 1 capital ratio was 14.6% and the total risk-based capital ratio was 15.2% at June 30, 2019. The tangible common equity to tangible asset ratio was 10.7% at quarter end, providing capital for additional growth in 2019. Using 8%, illustratively, as a long-term normalized tangible common equity ratio target, would imply over $175 million in capital available for deployment. And to wrap up on slide 14, we are well positioned to sustain and advance momentum in 2019. Our fundamentals remain very strong with a well-capitalized low-risk balance sheet and low cost funding, and we continue to see robust opportunities to enhance our balance growth strategy in some of the – Florida’s fastest growing markets. Overall, we remain on track to meet our Vision 2020 targets and continue to create value for shareholders. And we look forward to your questions.
And I’ll turn it back over to you, Denny.

集中度继续得到妥善管理,平均商业贷款规模约为350,000美元。排名前10位和前20位的关系占合并风险资本总额的19%和34%,分别低于1年前的25%和42%;从3年前开始,分别下降了29%和48%。我们最大的承诺风险总额为2900万美元;本季度净撇帐额为180万美元,与平均贷款相比为15个基点,与之前的指引相符。我们预计2019年全年净撇帐约15个基点。贷款损失准备将继续受贷款增长和净撇帐的影响。

转向幻灯片13,我们继续拥有健康的资产负债表,并通过我们的平衡增长战略提供强大的资本生成。这使我们能够在有机增长机会中获得额外的,有纪律的收购,并提供管理资本和回报的选择。 20100年6月30日,一级资本比率为14。6%,总风险资本比率为15.2%。有形资产比率的有形资产比率在季末为10.7%,为2019年的额外增长提供资金。使用8例如,作为长期规范化有形普通股权比率目标,%意味着可用于部署的资金超过1.75亿美元。为了完成第14步,我们已准备好在2019年保持并提升势头。我们的基本面仍然非常强劲,资本充足的低风险资产负债表和低成本资金,我们继续看到强大的机会来增强我们的在一些佛罗里达州增长最快的市场中平衡增长战略。总体而言,我们将继续按计划实现2020年愿景目标,并继续为股东创造价值。我们期待着您的问题。

丹尼,我会把它转回给你。

丹尼斯哈德森

Great. Thank you, Chuck. And operator, we’d be pleased to take a few questions.

非常好。 谢谢你,查克。 和运营商一样,我们很乐意回答几个问题。

问答环节

[Operator Instructions] And on the line from Sandler O’Neill, we have Steve Scouten. Please go ahead.

[操作员说明]在Sandler O'Neill的路线上,我们有Steve Scouten。 请继续。

Steve Scouten

Hey good morning guys. How are you doing?

嘿早上好。 你好吗?

Chuck Shaffer

Hey, how are you?

嘿,你怎么样?

Steve Scouten

Good, good. Chuck, I appreciate all the guidance around the NIM moving forward, and I just want to make sure I heard it properly, you said low 3.90s if we don’t get a rate cut, but high 3.80s if we do get the July and September cuts. Is that correct?

好好。 Chuck,我很欣赏NIM前进的所有指导,我只是想确保我听到它正确,如果我们没有降息,你会说低3.90秒,但如果我们得到7月份则高3.80秒 和九月削减。 那是对的吗?

Chuck Shaffer

That’s correct. Hey, exactly. Under a flat rate scenario, it would be low 3.90s. Under a – the forward curve, which includes a rate cut in both July and September, high 3.80s for the third quarter. And if you look at net interest income, we expect net interest income to grow modestly in the third quarter and then expand meaningfully in Q4 and into 2020, primarily the result of growth in the balance sheet combined with the reducing rates paid to deposit customers. So we’re going to [indiscernible] and we’ve already started some of it begin – reducing rates, and if we see the Fed cut rates next week, we’re going to sort of aggressively cutting some of our deposit rates.

那是对的。 嘿,确切地说。 在固定利率情况下,它将低至3.90秒。 在a - 向前曲线,包括7月和9月的降息,第三季度高达3.80s。 如果你看一下净利息收入,我们预计第三季度净利息收入将适度增长,然后在第四季度和2020年有意义地扩大,这主要是资产负债表增长加上向存款客户支付的降低利率的结果。 因此,我们将[音频不清晰 - 并且我们已经开始了一些开始 - 降低利率,如果我们看到美联储下周降息,我们将会积极削减部分存款利率。

Steve Scouten

Okay. And can you remind us, if you have the numbers, kind of how much of your loan book adjusts immediately with the potential Fed cut and maybe conversely, how much of your deposits are indexed to some of various-related index?

好的。 您是否可以提醒我们,如果您有这些数字,那么您的贷款账户中有多少会随着美联储的潜在削减而立即调整,也可能相反,您的存款中有多少是与各种相关指数挂钩的?

Chuck Shaffer

Sure. I’ll take – and I will give you securities as well. On the securities portfolio, approximately 64% is fixed, 29% is floating and then on – the remaining 7% are adjustable that hit reset dates. On the loan book, 58% is fixed, 23% is adjustable. So in other words, once it hits its reset date it re-priced. And 22% is truly variable, which is about $1.1 billion and of that, about $800,000 is tied to prime and $200,000 is tied to 1-month LIBOR.

当然。 我会接受 - 我也会给你证券。 在证券投资组合中,大约64%是固定的,29%是浮动的,然后是 - 其余7%是可调整的,达到重置日期。 在贷款簿上,58%是固定的,23%是可调整的。 换句话说,一旦它达到重置日期,它就会重新定价。 22%是真正可变的,约为11亿美元,其中约80万美元与黄金相关,200,000美元与1个月LIBOR挂钩。

Steve Scouten

Okay. And then on the deposit side, do you have a large amount of index?

好的。 然后在存款方面,你有大量的指数吗?

Chuck Shaffer

Yes. I would say, generally, the sweep repo in public funds that we have are generally contractual and are tied to changes in Fed fund rates as well as we’ll begin reducing rates on some of our more higher-yielding money market, higher-yielding savings products.

是。 我会说,一般来说,我们拥有的公共基金的清算回购通常是契约性的,并且与联邦基金利率的变化有关,我们将开始降低一些收益率更高的货币市场的利率,收益率更高 储蓄产品。

Steve Scouten

Okay, okay. And on the security side, I feel like that’s a decent change away from a higher floating rate percentage on securities. Is that – did that happen this quarter with that, the higher-yielding securities that you invested? Were those fixed rate securities in a way from variable rate as well?

好吧好吧。 在安全方面,我觉得这是一个不错的变化,远离证券的较高浮动利率百分比。 是这样 - 本季度是否会发生这种情况,您投资的高收益证券? 这些固定利率证券是否也以可变利率的方式出现?

Chuck Shaffer

No. I think the way to think about that is we’ve always carried that level of adjustable rate securities going back to about 2017, but during the quarter, we – as the tenure dropped below 2%, we add some sub-2% securities that we sold out and reinvested – it was kind of high 2.90s on the fixed rate side.

不,我认为考虑到这一点的方式是我们总是将可调利率证券的水平带回到2017年左右,但在本季度,我们 - 随着任期降至2%以下,我们增加了一些低于2% 我们售罄和再投资的证券 - 在固定利率方面有点高2.90秒。

Steve Scouten

Okay.

好的。

丹尼斯哈德森

So to be clear, the reinvestment we did this quarter was indeed in fixed rates.

所以要明确的是,我们本季度的再投资确实是固定利率。

Chuck Shaffer

Yes, in fixed rates.

是的,按固定费率计算。

丹尼斯哈德森

And I would say the variable portion of that book is coming down due to payoffs.

我会说这本书的可变部分由于收益而下降。

Chuck Shaffer

Yes. That’s right.

是。 那就对了。

丹尼斯哈德森

And that’s – it’s factoring down.

那是 - 它正在考虑因素。

Steve Scouten

And what sort of securities are there that you’re able to get that sort of yield on?

什么样的证券可以让你获得这种收益?

Chuck Shaffer

It was primarily agency CMOs and MBSs.

它主要是代理CMO和MBS。

Steve Scouten

Okay, great.

好,太棒了。

Chuck Shaffer

We just kind of got, I don’t know if you want to call it lucky, but we timed the tenure correctly. Kind of sold one when it was low and reinvested when it was high.

我们有点得到,我不知道你是否想称之为幸运,但我们正确地定期任期。 当它很低时出售一种,当它高时再出售。

Steve Scouten

Perfect, perfect. And then maybe last question for me just on your expense guidance. How much hiring are you guys planning in terms of additional production personnel through the end of the year within that guidance you give?

完美,完美。 然后也许就我的费用指导而言,最后一个问题。 在你提供的指导中,你们计划在今年年底之前为额外的生产人员计划多少招聘?

Chuck Shaffer

Our plans calls for about 7 to – maybe it’s around 7 commercial bankers on – over the remainder of the year. We hired 5 this quarter, and we’ve gotten the target around 7 and continue to recruit.

我们的计划要求在今年余下的时间里大约7人 - 也许是大约7位商业银行家。 我们本季度雇用了5个,我们已经达到目标7左右并继续招募。

丹尼斯哈德森

And what we are seeing is some of the hires we did last year and earlier this year now starting to perform.

而我们所看到的是我们去年和今年早些时候开始执行的一些招聘人员。

Steve Scouten

Yes.

是。

丹尼斯哈德森

Perform. And that’s why we’re confident in the forward guidance that we gave you, that as well as just continued good performance on the part of the whole team, is driving higher levels of loan production as we get into the second half of this year. So we’re really confident about the net interest income expansion beginning next quarter and accelerating as we get deeper into the year and into 2020. And I think that’s a key thing to really keep thinking about – is the volume side of this play.

执行。 这就是为什么我们对我们给你的前瞻指引充满信心,以及整个团队的持续良好表现,正在推动我们进入今年下半年的更高水平的贷款生产。 因此,我们对下个季度开始的净利息收入扩张充满信心,并且随着我们进入更深入的年度和2020年而加速。我认为这是一个真正值得思考的关键 - 这是该剧的一部分。

Chuck Shaffer

Yes. And if you step back and look at the growth in the pipeline and as well as the growth in the commercial deposit customers, you can see indications of this team coming online and sort of the first thing they bring over is relationships with deposit funding and then adds to credit needs come behind that, we’re starting to see that build as well. So we’re very pleased with where we are at halfway through the year here.

是。 如果你退一步看看管道的增长以及商业存款客户的增长,你可以看到这个团队上线的迹象,他们带来的第一件事是与存款资金的关系,然后 增加了信用需求,我们也开始看到这种构建。 所以我们对今年中途的地方感到非常满意。

Steve Scouten

Helpful color. Thank you so much guys.

有用的颜色。 十分感谢大家。

丹尼斯哈德森

Yes. And that’s really best demonstrated in some of the great deposit growth we had this quarter in the commercial book that Chuck talked about earlier.

是。 这一点在我们本季度Chuck早些时候谈到的商业书籍中的一些巨大的存款增长中得到了最好的体现。

Steve Scouten

Great, thanks again.

太好了,再次感谢。

丹尼斯哈德森

Thanks, Steve.

谢谢,史蒂夫。

Chuck Shaffer

Thanks, Steve.

谢谢,史蒂夫。

会议主持员

From Raymond James, we have Michael Rose. Please go ahead.

来自雷蒙德詹姆斯,我们有迈克尔罗斯。 请继续。

迈克尔罗斯

Hey good morning guys.

嘿早上好。

Chuck Shaffer

Hey Mike.

嘿迈克

迈克尔罗斯

I just wanted to talk about the capital generation, as we think about deployment, and you guys have obviously done some M&A, what does the M&A landscape look like? And would you be open to buy back at some point? Thanks.

我只是想谈谈资本的产生,因为我们考虑部署,你们显然已经做了一些并购,并购景观是什么样的? 你愿意在某个时候回购吗? 谢谢。

丹尼斯哈德森

Thanks. Our preference is to use capital for growth, and there’s no question about it. We continue to, I would say, stay active in that market, in the M&A market. And we think there’s potential for that growth. Using capital for growth provides better returns, we think, for shareholders, as we look forward. And I would just state that we can buy back shares at any time, and you certainly can see that our capital ratios are strong today. And we continue to accrete capital, and we can make the decision at any time. And we’re mindful that doing so dilutes tangible book value and when we look at the crossover payback it can be, we’re going to competing that, in our minds, against what we see out there in terms of other growth plays around M&A and the like. So, we’ll continue to evaluate our growth opportunities and again, I’d just reiterate we can initiate a buy back at any time. And that’s something we continue to look at.

谢谢。 我们倾向于使用资本来增长,而且毫无疑问。 我会说,我们继续在并购市场中保持活跃。 我们认为这种增长有潜力。 我们认为,正如我们所期待的那样,利用资本促进增长可以为股东带来更好的回报。 我只想说我们可以随时买回股票,你当然可以看到我们今天的资本比率很高。 我们继续吸收资金,我们可以随时做出决定。 而且我们注意到这样做会削弱有形的账面价值,当我们看到它可能带来的交叉回报时,我们会在我们看来,与我们在并购方面的其他增长方面看到的相反。 等等。 因此,我们将继续评估我们的增长机会,我再次重申,我们可以随时启动回购。 这是我们继续关注的事情。

迈克尔罗斯

I appreciate the color. And just moving back to loan growth. I appreciate the hires and how that will impact growth as we move forward, but the pay downs I mean I know they’re hard to predict, but I’m sure you have some scheduled pay downs, but as we think about accelerated pay downs, I mean would the ball process be that with rates coming down if the Fed does cut then we could see some acceleration in the market and in pay downs? Thanks.

我很欣赏这种颜色。 而且只是回到贷款增长。 我很欣赏招聘人员以及在我们前进的过程中会如何影响增长,但是我知道我知道他们很难预测,但我确信你有一些预定的薪酬减少,但我们考虑加速减薪 ,我的意思是,如果美联储确实削减利率,那么球的过程是否会下降,那么我们可以看到市场的一些加速和收益下降? 谢谢。

Chuck Shaffer

Yes. There’s no doubt as rates fall, the opportunity for pay downs goes up, but we’ve worked that into our forward guide, and we feel like the mid- to high single-digit capsulates the potential for those higher pay downs, and we’re pleased with the growth on the – in the pipeline and the like. So, we think we have enough momentum to overcome that on the back half of the year.

是。 毫无疑问,随着利率下降,薪酬减少的机会增加,但我们已将其纳入我们的前瞻性指南,我们认为中高个位数可以抑制那些较高薪酬的潜力,而且我们' 对管道之类的增长感到高兴。 因此,我们认为我们有足够的动力在今年下半年克服这个问题。

丹尼斯哈德森

But just to reiterate, we’ve worked that assumption into our go-forward guidance that we had around growth. We feel pretty confident about that. When we look at this quarter, Q2, we did see, as Chuck said, an increase in payoffs, early payoffs, that was quite meaningful, $56 million, I think you said Chuck.

但重申一下,我们已将这一假设纳入我们围绕增长的前瞻性指导中。 我们对此非常有信心。 当我们看看第二季度时,我们确实看到,正如查克所说,收益增加,早期收益,这是非常有意义的,5600万美元,我想你说Chuck。

Chuck Shaffer

Quarter-over-quarter.

较上一季度。

丹尼斯哈德森

Quarter-over-quarter. So that was an increase over Q1 in payoffs. So, payoffs have been running high, they increased this quarter. And when we deconstruct that delta, that included some loans that we decided to let go and let run, and there were some things that had weaker credit, metrics that we felt was a good move as we saw borrowers looking to cash out and take additional funding and so forth that we think made sense. So, the reason I tell you that is I think that contributed to the to that increase this quarter, and we do not expect to see that to happen in the coming quarter, but we’ll have just have to see.

较上一季度。 所以这比第一季度的收益增加了。 因此,收益一直很高,本季度增加。 当我们解构这个三角洲时,其中包括我们决定放弃并放弃的一些贷款,并且有些东西信用较弱,我们认为这些指标是一个很好的举措,因为我们看到借款人想要兑现并采取额外措施 我们认为有意义的资金等等。 所以,我告诉你的原因是我认为这有助于本季度的增长,我们不希望在下一季度看到这种情况发生,但我们必须看到。

会议主持员

And from B. Riley, we have Steve Moss. Please go ahead.

来自B.莱利,我们有史蒂夫莫斯。 请继续。

史蒂夫莫斯

Hi. Good morning guys. Just want to follow-up on the loan production side. A really good year-over-year increase in the pipeline here. You just you guys have spoken to even more production going forward, obviously given the hires. Just kind of wondering how much more of an increase could we see into the third and fourth quarters?

你好。 早上好家伙。 只想跟进贷款生产方面。 这里的管道同比增长非常好。 你们刚才有人说过更多的产品,显然是招聘人员。 只是想知道在第三和第四季度我们可以看到多少增加?

丹尼斯哈德森

The increase in loan growth pipeline?

贷款增长管道的增加?

Chuck Shaffer

Pipeline.

管道。

史蒂夫莫斯

Pipeline.

管道。

Chuck Shaffer

Yes. I think we expected it to continue accelerating, Steve, and if you look at the growing balance sheet, we’ve got to continue to grow the pipeline, and we’ll continue to focus on it growing it here into the third and fourth quarter. I would say, the bulk of the new members we brought on the team are just hitting their strides and on by the end of the third and fourth quarter, we’ll start to see some of those deals come into the pipeline. So, we feel good about the momentum there. And just kind of overall, we continue to play sort of defense around portfolio administration, letting go some of the higher-risk relationships that we see coming due in at the same time sort of playing heavy offense on expanding our distribution in Tampa and as well as in South Florida, Chuck. You got anything you want to add to that?

是。 我认为我们预计它会继续加速,史蒂夫,如果你看看不断增长的资产负债表,我们必须继续增加管道,我们将继续关注它在第三和第四季度的增长。 我想说,我们带给团队的大部分新成员正在大踏步前进,到第三和第四季度结束时,我们将开始看到其中一些交易进入管道。 所以,我们对那里的势头感到满意。 总而言之,我们继续在投资组合管理方面发挥一定的防御作用,放开一些我们认为即将到来的高风险关系同时在扩大我们在坦帕的分销以及同样的重大进攻 像在南佛罗里达州,查克。 你想要添加任何东西吗?

Chuck Cross

Yes. This is Chuck Cross. I’ll add a little more color on that. The bankers that we hired in Q1 and Q2 are really starting to add to the pipeline and the pipeline has grown since June 30, meaningful. And we’ve got a number of offer letters out right now. So, we think we’ll continue to hit hiring another 7 commercial bankers before the end of the year, and those folks will help us grow the pipeline. So, things are looking good for what we’ve.

是。 这是Chuck Cross。 我会在上面添加一点颜色。 我们在第一季度和第二季度雇用的银行家们真正开始加入管道,自6月30日以来管道增长,这是有意义的。 我们现在收到了许多录取通知书。 因此,我们认为我们将在今年年底之前继续招聘另外7位商业银行家,这些人将帮助我们发展管道。 所以,事情看起来很好。

丹尼斯哈德森

Forecast.

预测。

Chuck Shaffer

And I think generally, across the board, we also expect better production out of the team, even the existing legacy team, here on the back half of the year.

我认为,总体而言,我们还希望在今年下半年能够更好地利用团队,甚至是现有的传统团队。

丹尼斯哈德森

And I just want to add a couple of comments. First of all, the top half of the pipeline, which we do not publish, has grown very meaningfully in the last 2 quarters. That speaks to our increased confidence. Second of all, Chuck mentioned portfolio administration aspects kind of working against us here. I view that as an anomaly this quarter. We are not going to see that happen in the same way this quarter. We just don’t have things that we’re really worried about in the portfolio. We feel very good about the credit that we have in the portfolio. Those were just some anomalies that I think, an opportunity, kind of presented itself.

我只想补充一些评论。 首先,我们没有发布的管道的上半部分在过去的两个季度中发展得非常有意义。 这说明我们增强了信心。 其次,Chuck提到投资组合管理方面在这里对我们起作用。 我认为这个季度是一个异常现象。 我们不会在本季度以同样的方式看到这种情况发生。 我们只是没有在投资组合中真正担心的事情。 我们对投资组合中的信用感到非常满意。 那些只是我认为的一些异常,一种机会,一种呈现自己。

史蒂夫莫斯

Right. And then I guess in terms of the mix of pipeline is also shifting most toward C&I. Is it a correct assumption?

对。 然后我想在管道的组合方面也最多转向C&I。 这是正确的假设吗?

Chuck Shaffer

Yes.

是。

史蒂夫莫斯

Okay. And then the other thing I did want to ask on is in terms of the competition you’re seeing per commercial real estate. Who’s been most aggressive in that market these days?

好的。 然后我想要问的另一件事就是你在商业房地产中所看到的竞争。 这些天谁在这个市场上最具攻击性?

Chuck Cross

Yes. This is Chuck Cross again. I think the white con companies and the conduits are really coming on strong, and they’re the ones that have the long amortization, non-recourse, higher loan to values than we’re used to as the bank, and they do really long interest-only periods.

是。 这又是Chuck Cross。 我认为白色骗局公司和管道实际上是强势的,他们是那些长期摊还,无追索权,价值贷款高于我们习惯作为银行的人,他们真的很长 仅利息期。

史蒂夫莫斯

Okay. And then my third question, just on the CD rates. Chuck, you discussed lowering them here this quarter. Kind of wondering where that’s pricing today versus what we thought for the portfolio?

好的。 然后我的第三个问题,就是CD率。 查克,你在本季度讨论过降低它们。 有点想知道今天的定价与我们对投资组合的想法有何关系?

Chuck Shaffer

Yes. We we’re down, if you were to go back, 3 months ago, the CD market, it had gone well above 2% into the 2.30-ish range, we’re down below 2% now, 1.75%. And we think there’ll continue to be opportunities to cut that back. I think given the meaningful shift in the yield curve, you’re going to see we’ve already seen it out of the large banks, which really control deposit pricing, really a fairly strong pull back in money market offers as well as CD rates, and we’ll follow suit. And that should allow us to get deposit cost down.

是。 我们沮丧,如果你要回到,3个月前,CD市场,它已经远远超过2%进入2.30-ish范围,我们现在已经低于2%,1.75%。 而且我们认为将继续有机会削减它。 我认为,鉴于收益率曲线的有意义的转变,你会看到我们已经从大型银行中看到了它,这真正控制了存款定价,实际上是货币市场报价和CD利率的相当强劲的回调 ,我们也会效仿。 这应该可以让我们降低存款成本。

史蒂夫莫斯

Alright. Thank you very much.

好的。 非常感谢你。

会议主持员

Thank you. We’ll now turn it back to Mr. Hudson for closing remarks.

谢谢。 我们现在将其转回哈德森先生的闭幕词。

丹尼斯哈德森

Great. Well, thank you all for joining us today, and we look forward to talking with you again as we close out the third quarter. Thanks a lot.

非常好。 好的,谢谢大家今天加入我们,我们期待在第三季度结束时再次与您交谈。 非常感谢。

会议主持员

Thank you. Ladies and gentlemen this concludes today’s conference. Thank you for joining. You may now disconnect.

谢谢。 女士们,先生们今天的会议结束了。 谢谢你的加入。 您现在可以断开连接。

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