Third Coast Bancshares (TCBX) 23 Jan 252024 Q4 Earnings call transcript

Company Profile

Participants

Bart Caraway	executive
John McWhorter	executive
Audrey Duncan	executive
Wood Lay	analyst
Bernard Von Gizycki	analyst
Timothy Mitchell	analyst
Jordan Ghent	analyst
David Storms	analyst
Brian Hagler	analyst

Call transcript

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Operator

Greetings, and welcome to the Third Coast Bancshares Fourth Quarter and Full Year 2024 Conference Call. [Operator Instructions].

As a reminder, this conference call is being recorded. It is now my pleasure to introduce your host, Natalie Hairston of Investor Relations. Thank you.

begin. may You

Natalie Hairston

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

by it webcast on be will the First, January XXXX, a time speaks replay January replay no on will replay access this replay information today's of our transcript be call, today, features items. available information how therefore, more any available as There be and these of as of few call the section of a note and ir.thirdcoast.bank. included will on of was yesterday's Investors There reported until earnings at a only and XX, in to are be housekeeping accurate website may release. Please XXth, reading. time-sensitive any also telephonic advised you longer that or information that listening the

United current In Federal forward-looking addition, by management the contain forward-looking Laws. during Securities made views the statements of within the management. statements meaning of conference reflect call These the this comments may States

that Form include made report also made However, or by understand statements annual cause the today on comments those management. measures. XX-K risks, non-GAAP on filed contingencies. The various those reader achievements XXXX, listener encouraged could financial in risks, to certain performance March and read better was X, expressed The uncertainties uncertainties actual to to the results, will and contingencies from differ materially is or

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

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

Bart Caraway

the financials, future. for Natalie. After highlight. will release, and credit of by and everyone, several of quality. thank you, our are the things earnings Audrey's sharing that, I'll the followed plans highlights John's There key by to from review review morning, begin I Good the outline

First, $XX.X from we interest positive reached a fourth quarter the are the income net million, X.X% income proud million to XX and of million $XX.X fourth quarters of reflecting the net quarter, in interest of in the a rise growth. increase consecutive year, year. previous $XX.X our this XX.X% quarter third from In achieve

while $XXX.X X%. Second, grew fourth quarter $XX.X for growth loans or loan million, X%, full million rose by year, by up the

the quarter, Third, year, we increased in fourth deposits full million XX.X%. while or they X.X% grew the by by or $XXX.X $XXX million

Our dedication solutions, to offering customer full instrumental we customers. service relationships needs and of have our and as strengthened scale. financial operational in is our keystone of commitment our By A driving base strategy growth. unique ensuring the to we wallet our customers has efficiency broadened excellence, our been improve this of understanding tailored we

In our ratio the fourth XX.X%. quarter, improved efficiency to we

the pursuit significant second internal of management our our we determined efficiency This target consecutive XX%. below cost process and initial ratio milestone of For exceeded quarter, underscores optimization.

to streamline our be maintaining for are motivating to as ways our technology, presence. innovative explore proven continue operations, profitability an has initiative effective we efforts essential to and and improvement overhead X% Our to These productivity. reduce expand market tool, enhance leverage team operations

and Overall, year XXXX. the full results quarter fourth I'm for pleased extremely with

for laid has discipline John? the update. work and a these Our foundation in results. which financial Their the to future driven impressive in bank's only but implementing not company's successes. has strategic call resulted priorities, financial With also over that, team turn strong performance, tremendous has shown I'll exceptional for focus the hard has John

John McWhorter

good morning, and Thank you, Bart, everyone.

increased experienced significant $XX.X experienced loan yield million. deposit mentioned, deposits. securities, period which the and the outstanding growth were increase on large due and we with in end on at Bart averaged in securities that yet Bart purchased purchases another portfolio Yields to As was X.XX%. X.XX%, These Along the made also possible we investment highlighted, the quarter. growth total

mentioned, Much average million large be quarter. of better in deposits seasonal, deposit fourth demand. growth particularly of think the press $XXX was grew previously balances. which our release, this noninterest-bearing We X Page reflection our the increase As on found a can in has of quarterly

growth net The of XX prior income low following versus Overall, resulted higher. quarter. bank's at XXXX. points Furthermore, which up increase quarters our Reserve's throughout statement, Looking income margin million net net increase in in the improved basis interest considering the from earning that net funds basis increase of cash, a large the interest Without interest assets, balances. have X margin margin average cost Federal large fell expected rate of this margin cuts. would This falling X consistent and materially, been the X showed basis points positive was and in $XXX was the net points. profitability we all increase $X.X cash million about metrics than other interest a estimate large better income just the

expense to in For increased Other the primarily basic the a At due diluted per the review. year's $XX.X hires, of pass and increase resulting review. Audrey net reduction this respectively. modest and quarter, expenses point, and related bonus reached Audrey? That the total rise income the share, year, deferral This quality for the a noninterest previous marks fourth XX.X% million. from fundings quarter. new fourth $XX.X $X.XX in million, salary financial call to increased loan I'll translating to from a credit $X.XX experienced salary to our completes expense during expense

Audrey Duncan

John, everyone. good morning, you, and Thank

practices thorough the that to for and have XXXX. our contributed credit strong underwriting quality We to proactive maintaining report quarter throughout pleased risk standards and are fourth management

disciplined further X.XX% portfolio. The us the nonperforming quarter loans Our fourth to our increased approach ratio X.X% in has well-diversified quarter. to compared to enabled to loans credit third total maintain in the to

fourth anticipate $X.X the $X.X XX%. charge-offs during of We partially on one the they $X.X and million $XXX,XXX a a represented loan quarter diversified loans remaining or previous do compared by percentages million accrual, respectively. at quarter, combined XX% the these at be total $XXX,XXX charge-off. prior owner-occupied in of loans on XX% on average While quarters. at Construction of same development net placed percentages for placed back loans well loans commercial nonaccrual, loan-to-value downs, we nonaccruals. The nonaccrual loans and stayed held average loan loans, C&I losses of X.XX% had XX% reported offset while continued not loans. stayed million to of near last loans recent $X.X placed the Of non-owner-occupied and million pay CRE $X.X XX%, on bank steady has land relationship in and The for to with of and with loans in total were million consistent X.XX% year. or period portfolio

our of XX%. an average previous represented fee is average was LTV Office Consistent Class space, Office another LTV total X.X% Texas with office owner-occupied. total Medical approximately X.X% portfolio approximately of and all The average office of Multifamily loans footprint. located loans of for approximately represented the portfolio XX% X.X% some of generally loans. LTV has with XX%, and consists XX%. office is is total of our in quarters, being medical owner-occupied and with the B

conditions, approach call maintaining capitalize opportunities our to standards. I'll the to balance allows evolving portfolio. between market Bart. to new upholding our us integrity to on while remain helping adjust Bart? turn strict We dedicated expanding us portfolio of With and a the to This that, safeguarding our credit back

Bart Caraway

with out fourth momentum, XXXX you, allowing Thank impressive results. to us with Audrey. quarter close We entered strong the

priorities We are X be are executing when today public exactly and given we challenges on even strategy the to stakeholders. efficiency greater remarkable to we truly the and value It's of promised became a as profitability focused our with to provide where years. last our aligning company

have failures with and Endured Yet participated a our pandemic, We a Dealt projected liquidity are that industry, crisis. our events. Experienced weather in macroeconomic weathered figures. Texas navigated impacted bank we surpassing tensions. global extraordinary PPP.

reflects commitment customers for doing achievement company to our what's dedication our is for team. truly This and Their talented resilience passion the inspiring. right of our and and

will opportunities excited the are about Looking ahead, XXXX we bring.

in confident ability services our to financial navigate ever-changing are We the landscape.

improvement cornerstone operational become terms truly now to This has is commitment of continuing initiative, ways include ratio I'm In cultural to efficiency and company. pursue XX% nearly we our we our X% our task which into say excellence, of integrated operations a proud our as our it target. below project our improve while improving seek remains to consistently every ensure And further spending. controlling priorities

our plans of share growth terms increasing In deposits. relationships include with customers and strengthening of and expansion, our our

of the particularly core that each and will deposits While throughout growth $XX typical year and quarter. are Sustaining we the of the service our some product the optimistic launch fluctuations, offerings. we seasonal $XXX our loan quarter, targets of million first in to course anticipate grow new million improved with dip

growth million year, roughly full For approximately X% on the loan XXXX or of we XXXX. par expect with $XXX

profitability include comes performance, target it and to assets goals strong on return or credit our and of better When quality. upholding X% average maintaining our our

unwavering shareholders. as reliable that attractive and financial as partner objectives remain customers trusted to Our an for commitment our strategic will a for these we ensure well our investment

This to back now ahead, session. Third ensuring continued the capitalize I'd Coast begin call and company's prepared that question-and-answer like success. our is to well-positioned the to turn goals concludes to on the opportunities achieve these operator our over lie remarks. Operator. the

Operator

Instructions]. [Operator

the from with first line comes Lay question Our Wood of KBW.

Wood Lay

impressive the just given on any you start floating going I thought fourth-quarter yield. forward? through pretty the to expectations rate loan loan beta walk Could was the that Wanted yield and exposure. loan

John McWhorter

Yes.

the the explanation It the new very been enough up And books sheet. funds. of the a that fourth that they of a great hard don't been but floating bit things on has on difference. little sides balance and made one difference, have they're putting We on both that's the very outperformed as the to make those on I have have have to it's it and because the quarter. we And loans depends in the of cost whether just But have on better predict. to that's at we of think are a we kind did volumes loans really rate-sensitive, for yields both spreads

assumption. with very the versus that So, modeling We're last the I a loan were our And little talked yields about this sides outperformed funds. little to of that the in doing, better. quarter happy a both relative drop think we and we're cost on of both we those both we

Bart Caraway

have internally of between wallet part it full accident. both the about not sales and committees internally dynamic discipline that I we is what loan in committees we mean, and deposits. very relationships And and pricing some Yes. discussions around those loans have

and So, discussions to I of have spread as been well. part think contribute healthy those that

Wood Lay

is everyone could those seeing It spreads And you up Yes, spreads greater impacted that's new growth. of like Any are across loan the feels a there. industry, production? at on give the you by color. talking all? follow-up Maybe color good competition a for appetite loan

play So, in you competition? seeing are out that the

Bart Caraway

with mean that From I Yes. are we on is can of because tag what have little even on the got pricing. the a bankers the of seeing hit part of and lot terms but selective. meet John I'm But of pretty this. that, team got market -- hurdles, that, also that And pipeline. I some we we're credit in very including good to really board. have a bit just a think strong me not It's it's to others,

on that it's around John over most a to part, turn things there's it that. us. try good SOFR is a turn Audrey for And and disciplined we'll the targets we doesn't have very will we XXX the under those for of if that occasionally, making price for if that deal hit away and probably go But deal sure a deal, maintain that. or been One I

I that's So, part think of it.

banks. little openness at I credit has more a banks will you the bit as positivity And I I that such this pipeline And is year But growth. do be while more out going up think little trend a a loan I think see take us, positive is that also I market think bit of market to that a in throughout most rolling little fundings point. think for ahead we're just will But see, the competitive. is loan probably that the some the built going general already the for think to to a to we'd for curve. going up. a that's in be just all seen

John McWhorter

lately. Bart those less many priced and following The we just would to than those just mean, us anything lately. even I require to SOFR approval, haven't really points, haven't much XXX Yes. at come plus or I's made team of on

pretty So, if good end of yield of and point our a SOFR tacked XXX starting fees there's it. out is on plus it, with loan up we top

Wood Lay

guess near-term that think X little expectations? a expectations headwind. quarters? liquidity there just was the bit guess, comment excess you I we helpful. points basis the Do putting sort think in margin, any That's of see any really the of about on there? margin a a made bow could I I coming up you

John McWhorter

margin The least had higher would the Yes. points basis quarter. points, the had at basis maybe X all X excess cash have been in we or X fourth not

it we Now, the much of up shortly that very back after to March. of rolled before expect end year-end, off but ramp

on So, the this it say. But going the be timing we balances. than cash quarter. reported to of our hard forward think certainly, It is will for depends I margin higher

was Our it than ratio much lower recent year-end has loan-to-deposit in quarters. at been

about it than I good And XX% the year. kind we're basis for margin that in rest think feel the loan-to-deposit So, XX%, our we if be is about it pretty X of higher of goal, points the will is. which ratio,

Fed cost of made funds lowering has, to successful by for having it the margin. good cost for cut it's easier relatively been has we've -- that, the high our rates, and in been I us funds a As very of think, reduce

Operator

with Our the comes Bernard next question Bank. Deutsche line Von of Gizycki from

Bernard Von Gizycki

we obviously, you've done get of growth in last should kind the and several quarters, think expense Just on XXXX? efficiency ratio. the past throughout did you the XX% about expenses, improvement How

John McWhorter

Yes.

to did range. a quarter, that in fourth Bernie, tick of So, million have $XX we the up kind

I So, up for about That's we see X% or expect year-over-year. year. were to X% roughly what next would

couple $XX that for number next think is good quarters. I probably million pretty the of

also, of some in hired whatnot. coming loans renewals to underwriters and have and We couple are senior and relatively manage of lenders, the help credit a pipeline the that recently the

some number done that have we caused to months So, hiring recent in that up. go

Bart Caraway

that. year latter technology of Yes. post-July, We changes. do of expect from the probably the in some benefit get half the unfortunately, we savings before But be it some will

Bernard Von Gizycki

you income. thoughts in the in? or areas And growth Great. call expected. any securities than on better like fee better came to just then Even expecting just that it maybe expectations see to gains, out you're that near-term on Any the want

John McWhorter

of income. there. a to Yes. each of different. optimism lots in A seems that income The noninterest be we quarters I mean, said we improvement something have certainly ago, little couple it seen SBIC have bit we quarter was

I it Back treasury think, it said primarily the was to fees. income. first we last quarter, quarter, was management fee loan

things forward, in are commercial And it relatively but been they're lots doing $XXX,XXX and looking going may the which being resulting fee harder expected. for that that about a deals If to off at Loan XX% we're base, It's wealth We're to what on quarter, be third quarter noninterest but anything, of seeing, some hard income, we down. $XX,XXX those next is that is speed these deals Remember, have it So, next when swaps several in million that little a predict, talked is year optimistic was still the XX% wasn't Treasury, a we're tend a in the because the in lot really individual lenders lumpy. up. coming range necessarily last all have. pretty month bit working growing still income. talked there. We're we slowing fee quarters. small harder pieces. say for to division we more to exactly it see about the the more we may But don't about fee the be about of quarter, $X maybe we of SBIC a well. number management our making roughly income,

Bart Caraway

line corporate of but such groups, it, their each fee Treasury lot from bank, their lot also each really deposit needle side But a reviewing further changing the business going made forward of of finance, pricing recognize also, base, the so changing And specialty base. income. initiatives move the about that's well our to growing been have to just models in terms improvements. many mix, they've community very year both as customer tremendous of exciting actually a fee they as about the has the last customer innovative And the

base So, have together up big combination a that things, scores. I of to find think added it's to hits working everybody just some

John McWhorter

pieces. with that's when Internally, a primarily XX, talking those we're in month about higher. our there. is included just fees kind margin. X with million to would in margin and to recording expect there's margin piece the loans. FAS to amortizing do $X helping rates going interest that $X under balance if associated the of the in income, There's be interest that fees fee month of it's include thing the And a million And fees. year, hedge that's loan of loan capitalizing to income, that just the fees. we're close course, that's we're in fee And has that been never capitalized you next We're have And on a extra income great we to fall another

Operator

Our Tim next question the from Mitchell comes with Raymond James. of line

Timothy Mitchell

Just you wanted it's balances. kind you're light that, progress kind kind how through of and on around some year could incentive to your see initiatives to here? on the Curious expectations balances of continued NIB if shed for noninterest-bearing structuring the the banker the great start, more mix the maybe and of

Bart Caraway

which Depending largest them, in, component the is bankers of their of Yes. deposits. incentive are some the on group

own complement and thing outbound of that the also too, from bankers business the of lot their they kind have The on helps, initiatives as their a mean, other sales commercial calling treasury well. in I they get is own that side but engine they're there. certainly

stretch goals. time, different working base that well. in. strategies And to just adding they're treasury number deposits course, trying same that that more the own on implement They've is there line At on are goals positively effective their sophistication. fire has been business that deposit then, very in you affect of accounts the have of So, components I group as together. retail of of terms in multiple will our Each new think and the different has are a

it's I record add goals one what over each of say, sort So, month, a them the quarter, some they of them a to to we depending need that hitting probably dozen or the initiatives. would And together be and all on different has standout hit.

John McWhorter

months And if then. the since for month every to this talked in it Tim, demand non-interest-bearing about could about grown had July, a add month And or row. on I our every consecutively that, dropped in last that X call we has Yes. then starting X

So, kind hurdle where non-interest-bearing that started passed we deposits. of we those growing demand

said, $XXX Now year-end with we at had that the after a that left had a fluff in million that one balance very customer had that had shortly little that bank the large year-end. we

would the was million, demand, increase don't know, I million, number million So, we were in in year-end. but or from $XX quarter expect that $XXX period-end $XXX million a million more made to improvements We've up, million it, back demand. a call and nice ticking slowly just March, $XXX big in still continue where like $XXX last $XX

Bart Caraway

usually it little then always And course, tax comes right but temporary of around and we have it's a drop, of bit Yes. a time, back.

Timothy Mitchell

Understood. on And it have sounds side. loan opportunities like lot of a you the

you grow? tick growth the and ratio sounds you're think loan the to up if through of it how trying loan-to-deposit about And far away, year? on deposit kind we kind let like. the of willing turn of continues as governor loan stuff do to demand of that would kind to You're side able should How what

John McWhorter

a in have relatively deposits We're governor over small think last X the years. markets. particular been us for don't our I still

our paying cost a most I us, more question are less it's us. think of than of for peers that

call. it's I the making just So, think

something deposits. in goal. us to we that SOFR, running about the bring fund bring of I is loan-to-deposit to think close And like in we confident money can we're the the we ratio may that bank. can but cost in XX% pretty They our

Bart Caraway

Yes.

But of we're we focused of think lot accretive the good us again, capital on being and growing I because, pass deposit the on to because that's more still productivity of a margins certain side going governor through profitability, deposit and we ratios side loan we're a deals than and worried a building. the to efficiency than of necessarily process journey, hit this through it's it. We're about still the bank. are more trying

good lot it's there'll different again, our I base where be deposit feel a to and remix how time this year. so, And time. fluctuations is going But pretty about from going to

John McWhorter

the think million And we is I that are to we're that $XXX at that deposits up XX%. the mirror the going way are million for $XX shooting loans think to look that a ratio that loan-to-deposit going basically, we be to is to it quarter, if extent

So, comfortable a to us. be loan million up. is for of on thing kind year, $XX we of ends a million number. at it to solving that $XXX sort time. And third with we're for that know quarter had growth And deposits we're still lumpy I tends certainly where possible depending any quarter last and big

Operator

Our Inc. next line Ghent comes with Jordan from of question Stephens the

Jordan Ghent

that more So, additional I What hires. color just great. just XXXX? additional expecting give that, question and the a making had as quick on hires around in about expenses be you as if far you guys are would any could

Bart Caraway

Yes.

joins few the always think our and for bankers. we've on being we us. I talked about a For And high-performing surgical. group constantly the that I bankers. who raises is what And of selective now we're bar have last very And think us, reviewing years,

always at So, talent you internally. But certainly there get I don't really we is good a looking bringing also on mean, talent we're I we're magnet. grooming same very that often, One, we're at time, things. few the that's board. at a a mind bankers for look think us, a if don't out there them

some each of you well. up division basically And So, a bankers junior has and step have sort needs then taking its plans. own as

help with and to growth had particular or we'll we where as junior PMs we that need adding substantial them. may a there's areas more or up talent, So, we've grow, in bankers end

thinking. selective opportunities as the But judiciously, rest say would whatever market also bankers the maybe for to So, what what I'm or and X X subject we well. is, are it's opportunistic the be will of the in I is year

Jordan Ghent

you for you number question. a one if this Got expecting year, it. number? are other of cuts just guys that Fed What then guys have And

John McWhorter

lot. necessarily put in evenly we certainly releases, So, a we're liability don't from asset anything something but perspective an matched somewhat that we're that about so public talk We indifferent. our

rates or it's tend But whether a think up if way advantage be take to X down, we're it's whether are I whether somewhat X, indifferent. find or it. it we to moving, of

Bart Caraway

Yes. John nicely the much thought going momentum we benefit is we really I I another. sheet My want it are more more will diplomatic. think don't where opportunity going that so get we're the first take to of flat. direction because whichever change to to care flat. some or mean, was than either an just advantage one it, way. it it poised is we're change being way I goes. We in we be the It's us. don't Actually, to want balance

Operator

of question the Dave with Storms next Our comes Stonegate. line from

David Storms

Is second I back about half just anything this changes for earlier by mentioned of the on maybe want more of us that tell the their year. maybe start maybe circling the you to a of sense are some tech that impacts? these were and scheduled expected can of there improvements nature

John McWhorter

to I mean, we've elected Yes. cores. change

Henry So, job of team just save to a and basically, functionality. we're going an eventually give more that's us And negotiating just contract going from us money FIS. incredible did the Jack to

have to with going Treasury we're help taking that. win-win The are well this to to middle us to that, deposit to larger regard our it's going going bring of to going products able in be some is be enhanced for on we be on a some to that it's corporate conversion going customers. year. think functionality, then and the as So, Post

have contract. our in to In compared savings really addition contract to that, substantial we the old has it that

of So, we're productivity on but to bit also well. help help going a expense we're going see as to some the the side, see from little side

David Storms

Understood. more. just That's one very helpful. And then

from as XXXX. You seasonal of segment trends highlight similar outlook loan XXXX X% expect for in similar we saw there the may differentiate that Should here and we anything Or patterns in XXXX? growth growth is XXXX? to mentioned

Bart Caraway

X well the not draw as be a would do what's probably And each lumpy. But in will mean, parallels think, again, I quarter. it from it rarely happening growth would evenly that. it But in market. any our but lot in I of project looking But at be once easy we we're to either it not. number years some would cautious to up end or a I that's necessarily we're the being of get third because we I goals end, look this based to year, portfolio quarter would achieve close not at ends basically the control. year. is number. that It little internally the very we the that may loan say this trying to the market-driven on target pretty It's close had may hit of of is increases, as big what what Yes. happen, I think at said, and trends I the the to we in that and where driven basically of pretty last I outside going

Operator

[Operator Instructions].

of Our Kennedy next Hagler question comes from Brian Capital the with Management. line

Brian Hagler

solid I a on XXXX. guess, congrats first really all, of

third if of because you comment maybe quarterly on on some to grown unclear earnings give can to you wanted that growth XXXX? have just XQ the about. guys deposit an maybe think earnings seasonality expectations continue that's little and XXXX. the You quarter since for comment every in just I guys you opportunity quarter year-over-year if of a Maybe talked of

John McWhorter

have earnings then we didn't is we force had that or grown have reduction we quarter also. growth would in one when The a

can the call been see I expense to we So, we it, control. I be stopping continue don't so going And be soon. growth, think quarter think public, since is proven XX margin actually pretty quarters. I have would mean, and that We've anytime we to we've gone we'll stable. good every at have good

X%. noninterest I We'll have expense roughly increase a think year. roughly for X% the it will be in

We continue will fee stable, think increase. to So, margins the X%, growing It good. income year. pretty if we're will optimistic loans, we're be about

yes, So to than quarters expect better be quarter. we future the fourth

Bart Caraway

Brian, And X Yes. all almost you followed story of day from with the it.

you of strategic that bench story part a easier. started get flywheel. And build just management what a about that gets accumulated is understand we're Once of good is trying to hitting like incredible lot the depth. such as an team kind build. well as we've of it And so, And going, a goals

high have people high-performing by as says, of small relatively we're there's concentration, we're -- the compared in John nature think Texas the this in, to I triangle. that amazing other banks bankers, We markets some just just mean, the general. I in Plus, just

is I time going that are see been think of outperform a over just I the market sudden, implementing I the where, keep launched And be and And get that the benefit infrastructure flywheel going like we're backwards. of finally of there's the to getting lot that of thing taking strategies we've benefit we are effect the off strategies better a yet. beneficial that going still this just it's going going to nation, to And we better. that forward. the a lot and now. partially other paying that. momentum going of of deal, even haven't initiatives is gotten disproportionately don't we're all the That that and see to that

positive that in the for the us. So, is I'm direction long-term, pretty optimistic very, very

John McWhorter

much. just last we that for credit don't let No didn't right you, X But Audrey and And had see basis charge-offs that We talk credit very but don't Audrey, in think questions. and are me optimistic anything there today. changing get year chance see points about now I Brian, speak us. a to out worries don't

Audrey Duncan

agree Yes. with you, John. I

Brian Hagler

have I'll better. the on since Great. you And not if appreciate IPO, guys Bart, everything delivered I color. that agree,

congrats the to So, team.

Bart Caraway

interesting still really It's only exceptional ahead Thank team. them. really got us. things proud of an I'm you very the of Brian. It's beginning, We very much. some

be to Going good.

Operator

would session. like to for have And remarks. to question-and-answer of And the end I call closing turn the back reached over Mr. the Caraway we

Bart Caraway

your call. we appreciate this Have with and on a for Thank joining I everyone speaking Third us you support Coast of morning. again next for forward quarter. continued good Bancshares, to you look

Operator

conference Thank This call. you. concludes today's

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

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