USCB Financial (USCB) 26 Apr 242024 Q1 Earnings call transcript

Good day, and welcome to the First Quarter 2024 USCB Financial Holdings, Inc. Earnings Conference call. [Operator Instructions] I would now like to turn the conference over to Luis de la Aguilera, President and CEO. Please go ahead.

Good morning, and thank you for joining us for USCB Financial Holdings First Quarter 2024 Earnings Call. the our Credit, is provide Sergio of bank's reviewing and Rob an today commence the of which Director Garrido, performance, me QX X. CFO, highlights Anderson overview on With Slide of highlights who will

posting Bill member came the Our family strength with loans us accompanying is of growth by off the undergoing in surgery strong Florida's is today Chief Turner, year, deposits, not USCB he of assets, as blocks diversified new profitability. Credit and is Bolstered economy, Officer, who a in this morning. quality

a Our average Anderson, million select fourth lines, $X.X release further while per past basis supported plan in results as production share, $X.XX the reflect initiatives million results CFO, of income Also, capital, will as relationships expanded highlights, noted positions. the the efforts a on profitability, end-of-period diligent commercial or grew detail increased our first XXXX. In deposits well diversified was new added focuses deposit-focused expenses. execution designed an These increase deposits an diluted compared or growth, new and and of continue verticals press XXXX, liquidity to few $X.X to million delivered organic this bank deliver to growth, of I Net develop million quarter quarter by deepen Multiple positioned comment the XX.X% compared $XXX.X sourced initiatives of deposit XXXX. quarter. $XXX.X our existing controlling business and and hires, aggregating on banking have reviewing to carefully results that have by QX ones. will In our we XXXX. business on

review and interest rebounded, immediately deposits the we net of would improve completed in profitability. deposit margin. comprehensive judiciously a growth relationship price While taking past that portfolio, quarter, This actions we on deposits based has

to XX.X% $XXX.X XXXX. the loans We these through today's Average presentation. or go discuss million will we compared increased first actions as quarter

to income. with average has this loan shortly. interest has on be the X.XX%. net the quarters will end, quarter-over-quarter Our loan past six quarterly which improvement line coupon moved detailed on from in to To This X.XX% a growth over production average accretive contributes loan coupon, increased weighted

During capital paid dividend amount to balance driver value, an The a strong distributed its company the the is important quarter, shareholders an to cash and the while investors with cash $X program to Directors maintaining our first to Board being return is aggregate committed of dividend million. sheet. shareholder

night, XXX,XXX stock a last Board volatility, program market the new Class As X.X% mind and up of common repurchase provide risk, of issued of in approved stock and will program stock. A the or The repurchase mentioned event release flexibility the of Directors in forward approximately in company's share shares capital the earnings, to press keeping shares outstanding of common levels.

Our is intention and sound institution to a run well-capitalized maintaining and levels. safe practice always

under of As XXXX, program. for remain share repurchase authorized shares XX, the repurchase XXX,XXX company's April

sound nine directionally The and consistently historical focused performance team is since conservative trends to Profitable Slide following on slide on management X. our recapitalization. showing based self-explanatory, Moving what risk is is delivering. select on

So, key and will our results which our be attention let's our indicators, Rob CFO, reviewed specific now turn performance to Anderson. by financial

USCB morning, as good for and Luis, tough quarter you, a solid I despite Thank everyone. QX characterize backdrop. Overall, a would economic

to three the quarters, X the was and some past $X.XX reviewing mind positive and trends in an upward quarter, Pages Net there than at keep look X, higher per trend. consecutive including income following: the when you demonstrating share As are

higher high-priced up was approximately overnight us growth prior quarter. XX% pay reprice annualized As assets at to This year. cost deposits it quarter allowed relates total loans, growth the Deposit end. prior and from to deposits the and balance XX% down all up sheet, the FHLB from borrowings were

see to our margin point. expect from net net While interest interest income this benefits the we and do won't until improve we quarter, second the

QX, operating from year. asset initiated QX $X.XX FICA our slightly seasonal expenses on did XXXX. up cash will annualized used points a but which interest due provide and for a purchased practices. or to our million Page support maintaining taxes was flows bit. This NIM X.XX% driven loan We Non-interest to basis we will a During larger balance in per compared during quarter QX, funding prior and Expenses the and additional share some of quarter, the XXXX, and low X we down a sheet. to remained intention on be to to size, $XXX,XXX with grew and income in prior support In hires, was excess by net to in duration first X. any from share we million the receive the XX.X% Depending do X.XX% prior is an the XX% liquidity increased due with while to I'll in from $X.XX. and were interest was funding The was the X.XX. which NIM securities portfolio what dividend income discuss quarter. value to tangible $XX up fourth growth. shown continue of securities $XX up sound at over expect is rates, per higher new yield AOCI of million liquidity to book the $XX starting costs. paid excess and in

loss our remain terms metrics credit reserve In remained soundness, loan strong, coverage X.XX%. at our and of

deposits discuss let's page. next So, the on

is for part of of While we story this the the quarter. on page present last a an in basis, month average quarter the what happened big the

our million while were deposit or Deposit delivered $XX.X the growth basis. XX.X% increased quarter above decrease QX, of average deposit an growth had of on strong the of annualized. noninterest-bearing end-of-period end-of-period First, team DDA million the average in billion. average and evidenced at slight our specifically, $X.XXX $XX end our a deposits $X.XXX More our balance first by XXXX, in is the which sales balances billion, both quarter

expect strategies officers. for higher rates our we be of and attract longer, retain bank to will to DDA and ability remain our the focus While sales

our we The collateral, quarter Furthermore, our FHLB this the gaining new million balance money. end, are we all some With in deposit we attract on impacted balances well higher-priced funding quarter public overnight funding, but and positions which expect to public bucket traction mentioned, operating funds of sheet verticals, for this $XXX also QX. at additional put high-priced Luis negatively cash which rationalized As in QX liquidity. additional our growth our accounts. in us additional paid fund in down require business helped NIM reducing because borrowings

Loan the period to basis at to basis, balance loan we the XX.X% spot our loans points quarter. the a Average look first increased XXXX. On for average that, the ended the million let's of of and $XX.X million turn quarter page quarter our loan quarter the book. $XX or with above or or billion, end quarter first compared the prior increased basis which at and and $XXX.X to points million XX.X% is So, compared compared XX to 'XX. annualized coupon $X.XXX XX quarter prior compared

minimis. much originations to as Our will loan depends higher, de refinance new our but is volume the grind loan continue on book

the digits. guidance, the for low growth continue double we As to expect in loan

X. to Turning Page

have the see X%. past can above loans we three quarters, for You originated

QX above loan We with X% yields pipeline. expect the in current a similar amount given of originations

time over transitioned has book loan and is our diversified. more Additionally,

the page. XX% non-CRE With look portfolio. of margin a next on loans As let's are at end, loan take quarter of total the that, the

For the first quarter compared NIM of previous quarters. contracted our year, the to the

fourth to $XXX,XXX income However, XX.X% our interest of the result direct a compared balance or increased sheet. quarter larger annualized This is net XXXX. a

the side, this deposit of of year. the biggest the cost on one remains discussed As funds challenges

Although expense. deposits, resulted we the growth of higher-than-expected interest the in majority grew the first deposits in in was interest-bearing which quarter,

we pricing adjusted public funds. and response, have a deposit As higher-priced reduced

to We funds deposits. expect have believe will we on forward. let we which the our will have in impact over rate-sensitive end Since have public so the NIM improve, by several a me positive are $XXX the the point on dependency out. NIM And short, reduced quarter, changes those our of million, going reasons

so don't money don't our expense. have deposits material any have Currently, rates have paying market money environment, above We jumps already to in market Deposits X%. interest rate we adjusted we also higher adjusted a expect additionally.

positioned straight a for loan of continue the non-relationship for our for and beginning New higher rate million pass swaps well interest for position in to above to rates year. -- The strong with interest additional X% we has income And with liquidity trend we higher be to 'XX. this can $X And generate quarters, longer. finally, for expect in is three production rate-sensitive bank longer expect deposits. been rate we environment, the on QX,

uncertainty. election geopolitical year, uncertain times, i.e., some inverted navigate be and managing will under we the as conflicts, others, challenge the among yield However, curve, the

our look page. let's of bank's to from that, end cash sensitivity our quarter. the position models the on with a Part So, comes take rate asset-sensitive. ALM model, a interest the sheet the higher balance at next asset the risk of at remains slightly According

able While sheet are cash some into expected our believe reinvest protect are from be will these of to which we to duration inflows lower that going the temporary, longer we assets, rates. balance

in tenors, the remain NIM improvement rates our across contract. in Additionally, sensitivity basis the higher will all may If us result NIM. model telling rates drop asset an for XXX as longer, points that is

us be in more likely basis which short-term tenors drop unlikely. across immediately drop A $X allow However, rates, a market money reprice to billion-plus deposit our all XXX would point highly would is scenario a book.

NIM duration we weighted and with margin our minimal down coupon current with may longer And a our average have protect above loans as help in impact booking embedded scenario. consecutive to X%. a three rate Additionally, drop, prepayment will rates these a penalties had this floors loans quarters in while

quality. with Sergio discuss that, it over to me to turn asset let So

you, to Thank XX. turn Page Rob. Please

graphs estate first a occupied increased than bank multifamily, the net and to no segmented As over net quarter office X.XX%. the loan. first quarter increase nonperforming first retail, loans between more on to XX and as This XX%, loan first the real The little remain real the mix improved losses billion. portfolio the graph, in an driven to of have was losses share continues allowance composition provision near the the the $XX.X diversified. portfolio. million credit loans by million loan are you for Page at $XX to the at unchanged end from X.XX% represents unchanged a at in the Commercial The of $XXX,XXX X.XX% is and the portfolio The the from can fourth classified quarter. $X the little On the from remaining estate was owner basis to well on a ratio million. were increased XX, Net classified losses XXX. these estate The for the real other provision quarter graph $X.X portfolio Page quarter adequate No of the shows remained Commercial portfolio. in see properties. to loans. $XX shows Also, billion. be continues anticipated due

breakdown a loans, represents at less of and right office are graph service the performance The payment the portfolio. all Page adequate coverage of weighted the XX% portfolio the table the second bank's The for which portfolio's as values are the shows segment. the discuss ratio estate On each commercial owner-occupied loan the The this we less than also segments and average good percentage debt demonstrate X. remain graph for and that pass-through quality XX, loan loan portfolio real to diversification. nonowner-occupied or for

with amount C] million in is coverage million Our XXX $XXX and with loan-to-value located quarter with [BMB at average The of XX% Xx. totaling all stands debt average average Florida. consists portfolio an XX%. at $X.X The loan almost service end almost properties South of over loans

office medical up owner-occupied those segment office the of professionals first The businesses. being that makes shows of loans and with XX% by XX% graph occupied

of graph multi-tenant The paying as act all in of loan nonowner-occupied the quality medical. of the model quality loans and agreed with pristine. maturing repayment, which service especially XX% portfolio our loan their with the office Overall, portfolio The is ability to comprise loans, and second as office the We XX% classifieds. with office satisfactory use represents monitor, repricing and schedule. we remains loan of the portfolio vigilant XXXX the needed. loans We're the the performance of upcoming proactively to no

Sergio. you, Thank

A couple point XX. Let's here. Page go to out items of to

nice trend you'll notice First, fees. in the upward quarterly service

clients' we ourselves our traction their operational some been our speaking and wire time from for gaining for needs. becoming that are have competitors differentiating go-to bank We

with We current correspondent are our gaining foreign business clients new fees approach wire more modifying with doing banks across board. the and clients to

increase increases good All the in go-forward item. we a business. clients. in of have or these and swap increased $X.X year, On higher line new Other the slightly rate income quarterly treasury we strategies run million due fees is yielded fees a noninterest an a last management BOLI did income noninterest to basis, believe restructuring with for

at page. with next that, on look the expenses So take let's a

in Our up stock-based total benefits were compensation. three quarter. expense from taxes and up new base I net expense note was XX,XXX XXX to in row. are $XX.X up quarters would been force-placed improved and due promotional Salaries due a prior three verticals, Other increase year-over-year $XXX,XXX payroll million to insurance FTE to basis points expenses $XX,XXX operating the expense the XX,XXX property increase has business increase to noninterest insurance. and in our seasonal in average support for below that assets XX and basis points and

quarterly the expense to Going this grind base we forward, upwards from point. expect

worth levels comfortably is capital. of $XX.XX share stock common USCB at during Also So, above price company shares the that, weighted X,XXX per repurchased with average by guidelines. look take at noting the quarter. let's capital well-capitalized a remain a

in As the the new approximately common issued shares repurchase up Board night, X.X% the of stock. approved company's mentioned last and press outstanding to release of or shares a share of program Directors XXX,XXX

XXXX, XX, share authorized shares under programs. April for of the remain XXX,XXX as company's repurchase repurchase So

turn let some back me Luis for So closing with to it that, comments.

Yacht medical and board led two XX.X% XXXX. X.X total than as rate of servicing which been national their this lower swap past by deposit deposit and XX another as unemployment launched XX business have the early Thanks, USCB's initiatives, expected are new the I Northeast in in consecutive budget. Q&A. focusing professional's $XXX and on stride the said, gain for January, XX% for The now market. loans, strong having national Five brought new Corresponded affordable serves the the performance well national the unemployment both MDAdvantage as in draws business to grow of steadily have rate. loan low for opportunities and as Furthermore, like we to of rate of hires weather X.X% economy to This of over X% long-standing gains from years track months. in as by income seven Rob. comparison, non-CRE. our growth in million lines, another a aggregating diversification SBA or experience and with housing projected on year grow Association including and Florida, have The By more taxes, These quarter, branded XXXX vertical, greater the on the bank. as million higher has Florida's wire statewide we Florida's MDAdvantage, combined Lending, and with forecasted January of on foundation solid doubled for growth. demand is quarter These experienced bankers Lending, or hitting floor by state field. production a SBA business of solid are professionals to than We non-CRE business robust new in Group services portfolio Foreign and contribute the XXXX greatly income. past that's also supported our QX Banking, contributing business is increases population along line X% late Lending, clearly noninterest the past of the of from With classified this a short, of income, which lines contributed respectively as the of overall franchise. warm lines which bank's economy Collectively, non-CRE to Client both Private of for was X.X%. was of our fees focused performance supporting In to Jurist sale factors, these more treasury total economy's medical is loan XX% than driven is income to for was of only and growth June open for Growth would loan XXXX. which up attorney XXXX, deposits. points have total account X(a) these contributed that $XXX rate now bank's which to activity, XX% further XXXX portfolio, XX, in verticals expectations than noninterest well on Florida's continue

will Raymond comes first Michael with We The Instructions] the [Operator question from begin now James. session. Rose question-and-answer

deposit I like of the verticals, sounds Obviously, the wanted it after just for expectations. growth. wanted about hopeful online. some was to cost know start, to you very it is it? the dig expectations range just dial in as into just one get about you're you and of of their the continue for Luis, good funding there's to kind ramps. last to probably coming growth forward. And probably talk a MDAdvantage grow growth And DDA that specialty see the balances about quarter's some expectations And Is But going quarter, of deposits? you the this about now and talked forward. is up, to loan-to-deposit XX% think you measured as higher see which then kind and Can talked this back move mid-XX that new quarter. just wanted It And good past way I remixing to like need the this opportunity move sense that the we for seems to the of quarter on given growth blow we to could ratio good. of back deposit verticals the as some the kind

of February call, deposits. kind XXXX handled no these situations. about in us hired again, book, focused had are that really they're in a last early without kind reported on longer hired from they deposit then their I in much $XXX teams focused of Collectively, today's joined coming where year. one the I'm These two in clients very teams that They're this in teams came in issues. quarter, any any million and other XXXX, real and Well, late of as reemphasizing we bringing banks non-compete and in on

all Advantage, So, part Client the MDAdvantage, of the Jurist verticals, these are Private the Group. of these

relationships many don't for So, believe we advantage bankers subject coming served and we to that They're rates. they're very that over of with are that. interest moving taking many, established are them have going high be years, to

growth bringing kind did Obviously, that of factors will you think really appreciate a it continued you relates, coupons? Rob, out trend to help from the I I the talk down, with just on X% expectations color, deposit a the pretty above And step and support the the job delta the margin growth could and loan as but ongoing also quarter, how cuts margin Luis. grow but should here. good obviously, as you as of here. all was just have Can pointing be this expansion we move forward, from to deposits what at continue healthy without about kind rate

And our little what the money bringing just DDA mentioned bring picking with customers bit then comes on, funds. over teams those as first deposit is a Luis market they're that up aggregating they later would came on they the and what typically, happen on, move that as

in we reprice collateralized. which that of public is So With the additional end did funding, you down some did come see high-priced the the towards DDA quarter. funds,

funding. move balance not sheet are cost in We off lower of a that, But surprise. will bringing see we was which in April, some fully we expected our that that

something above with start to $XXX multiple So the X%. with million will X handle with help originations going a of quarters on say, let's some the we Those loans with X helping NIM. that's replace to if it above from, $XXX in something million Plus mid-Xs margin. DDA, can the funding

are will cost we April. we're rate absent X, X, in grind cost. deposit basis pick up. we're the things and The continue the deposit on can basis you I plateau. start we'll higher, think loan you'll what increased to very hopefully, up the But we of if Page anywhere curtail to you side I cuts loan yields continue yields optimistic And the that points, to deposit March slide the in think the say least look loan to part XX early be in points will I see April, could end the quarter. of any XX anticipating on mean per yield the know about at did

points X, And cost We going XX we're a expect back you Page to go quarter. deposit that continue. to if going the stop to up basis

still that April, how week have the on the sheet, on round on cash and good. and balance which is deposit got we within help So we know of coming we'll cuts will margin, another we next the the did because

Rob, is basis the clarify, to to year-end? in is that Just quarter? through second points that Or XX X

I'd just of No, end the X, but it could upper XX. say conservatively on in second see quarter. we maybe the

the have sorry it's it's to but But curve that's I we I have drive I'm don't, minute then or maybe And now, by we the the sensitivity, it's if And I home. is see. know do how forward this changing X, static. if delta? big rate NII X cuts, where you is some think that understand

So things change.

a get that aggressive have a that we to grind our they December, come, to November with above in think going upon it X if and $X But there's higher. they basis be when to more mentioned. X deposit could billion-plus the market come be when margin believe higher. XX% with in it's we I But in beta. beta model points If we the harder depending rate be going cuts modeled then It book, to X think you It's with us maybe help another teens. I to low on back they like just should get opportunities could like depends cuts, XX have some come. that money It up. to what and there we cuts, rate

outperform can them. we think I

finally you've hiring inflection the like here what about missed I'm job Are growth. bit to a the point the in last were But looks also talked NII pretty now helpful. despite just with kind The I with that a me. be really looks to revenue looks of Rob, inflect now if go controlling do that how decently to done think good roughly opportunities continue terms maybe and it's there in costs, NII going Luis, to sorry out line expenses incremental balancing rate stronger? at in it little margin you for And run preamble. about quarter. be think higher what a maybe for very of I to good is press you which

Yes, There I'll opportunistic a the expenses lot a that, think with salespeople will maybe acquisitions. with start has grind higher market. little I then a getting always South Michael. been But in Florida of and we're the about our good of disruption in couple

We the with be ongoing But we what something periodically, months, to people small say, last, able probably in conversations like -- what, are five up six teams having I'd have people. that. small we'll picked like

we're MDAdvantages. hitting on to to a verticals really strong beginning look That's We're continuing up pick salespeople. stride. So, our

to market well. average that I expense see the our also will to mindful I'd noninterest XXX. expenses, X% to expect We slight And of well. regarded uptick we assets, a but increase always We're think But in below as point be at that. as we'll

I think that's leave going for now. that at it to show and I'd right well

with The Woody next comes Lay question from KBW.

touched remarks. in you opening the it believe on I

the growth So how couple added related to months? that first deposit in quarter much past of you've was the verticals the of these deposit over

Private I'd the contributed in kind million to quarter hires. maybe new $XX the that the and it Jurist from Advantage say $XX -- Group, of was first Client million

their come from that continue. response has have better and see very that clients so to The hires been So, been that. couple than we're new here very roaring expected. in bullish excited of on we're There's a

think line much we're continue we our hitting So, in to very numbers.

into to how of It And in feels verticals? pipelines books the larger mean do look could those quarter? the make like business. second they you heading deposit obviously continue I had headway

I second we've as off. of even sitting We're -- sheet, higher-priced funds plenty cash balance we of mean, move going the have in to had some still pub quarter, the on and

things good bring continue deposits in. solid those will So to

the to growth we that think the have I right loan support we have. teams

loan-to-deposit I down funding. of think the we're non-relationship as the tick up some higher-priced will pricing ratio

that, December do get to, to over but year, of borrowings, money we priced in to of some get higher that. last million fund were on alone fundings one, recall, in we If when had probably also some fund you December had back and pub $XXX we've

have go. we we stuff that that generating funding, Now can the other relationship let teams

supporting the So see we're loan over XX% we robust what going the is year, has number. which around think been and same to that have capable growth, with deposits teams per supporting I that you're the of here, then

then growth I and did there any to were shift quarter. to growth segments the And Are you interested looking the loan in the on second to over strong how want just year? that the into drive expect pipelines specific

basis. quarter. a dive. -- an check on very the the hit a believe basis, the the on we this very is I now weekly teams. pipelines right The We ongoing it's much for do on Management works with closely lending pipeline and deep to track numbers our

is on side, with seeing diversified. pretty It's be in seeing our XX% line sources. of And non-CRE the to yacht it's have side. on what's lending coming think continue what multifamily been think very strong -- side, in about I probably to the from continue going HOA activity we're to on it's I we've that we going

I of I'm continue the we've that that to more of we're the excited has. able been seeing to very going time, the it the in same. And portfolio way think pleased in So really X.X-year and period move

was at time one So non-CRE probably point this at in XX%. where bank we're XX% almost

created to deposit So side. verticals. have same. the were also it's from but this lot these also seven business is A brings that we four the of as diversified in business Of be HOA-X on aggregators, the loan going more particular a the coming in in of lot of

with from Strickland comes Feddie next The Montgomery Janney Scott. question

slower a earning loan the can bit a borrowings? good off pay around to growth cash just quarter we continued or assets. to used have wanted some growth asset Just and mean, with that borrowings the even going maybe affects wholesale earning strong earning here, linked wholesale the down to with but we're know assets start I discussion potentially see with of those some of the I of how paydown

going I to down, don't think see you're go Freddie. it

growth in April, at had replace got spread The assets. I XX will basis we runoff bit. quickly earning fund money of the on improvement. probably little slow might slow it that pub the an we but point money think Like in to early I some said, a client

overall So slower $XXX grow pace. to balance there. if earning a on you think matter. sheet, about think I it that it's big move lot little But really the takes at continue But bit million, to assets a million, over numbers a will little the things the maybe but that $XXX average

X basis correctly, XX hear And I just then exactly [indiscernible]. I funds doing? that the movement everything was on on Rob, clarity get just, points. Michael, to did you Was to cost that to what think you're discussion I'm about of downward trying were from talking

impact if on think you you're that modeling what cost to what trend it's we're and is basis XX saying X going points, then is the plateau. to just XX deposits, following XX start I NIM going general at Every I and XXX X If of can the funds up, approximately changes growing on basis on that happen of up look then to to continue the and think that around page, will last or range. see hold our cost the go the in an points. basis about We're additional X points. to the deposit that costs Page quarter, with in few, going been we at the positively loans higher

deposit down, necessarily costs hopefully and not leveling off. it's going think plateauing but I So

upside the on makes talking margin. That the actual you're potential sense. about So

Yes.

could a and bit wondering get maybe then contributor today, opportunity. it's I not I the potential just in but a if future, rate particularly huge that terms in lastly, get we more present you of we see know terms a after you're cuts, was where in there, favorable talk the seeing a little bit what I detail credit future and could more SBA And of go know we maybe little could if about volume environment both potential down just road?

have our a largest first pipeline putting the of we've SBA the activities had quarter. lot We're emphasis and in on that ever actually

the close what year-on-year in have year. beat As quarter, a matter in of fact, if we we what first did we we entire the last

second I focused rest the will activity plan the we're really to be quarter, I believe on year. And we close have very going So we and we have, that lenders from all think the our it. the that's strong in of that to and contributions looking see what for

capped they're million. about X(a), $X SBA typical Our at

last launched I launched we a to is program digital source ticket with million average, a a on think small It SBA. was ours but also about partner September. $X year in

Our very are it. banking centers active with

So that's contributing. also to going be

focused So really opportunity the on the entire for is bank really, X(a).

more just And me. one for

intense competition? you Just bit anything curious gotten deposits? Has from front, seeing the market it on for different still a are competitive competitors? less is Or incrementally pretty the deposit little

sporty. I pretty would it's say

We're Our in a banking we're down. turned average also basis coupon of on And we lending. far that is samples There's on the as deals the what's daily report as happening the six eight. where our on disciplined centers being a competition. business very with seeing loan side, lot our

it's and competitive, team is changed. Florida relationship, Our deposits. hasn't loans well, source us it. we're the very very serving in on keep here discipline. South understands and transactional to going it's We market not competitive that But That but deals,

[Operator closing question-and-answer any Aguilera I Luis back to concludes la session. This over de remarks. the Instructions] for would conference to our turn like

you. Thank

in Have So thank forward on your great behalf would the again like to I a to meet for of look and call in earnings team, July. all U.S. attendance our Century next day. you

Thank has attending conference today's The concluded. for now you presentation.