Q1 2015 C1 Financial Inc Earnings Call

Apr 16, 2015 AM EDT
Thomson Reuters StreetEvents Event Transcript
E D I T E D   V E R S I O N

OZRK - Bank of The Ozarks Inc
Q1 2015 C1 Financial Inc Earnings Call
Apr 16, 2015 / 12:30PM GMT 

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Corporate Participants
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   *  Trevor Burgess
      C1 Financial, Inc. - CEO and President

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Conference Call Participants
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   *  Michael Rose
      Raymond James & Associates, Inc. - Analyst
   *  Stephen Scouten
      Sandler O'Neill & Partners - Analyst
   *  David Gurievsky
      Wunderlich Securities, Inc. - Analyst
   *  Kevin Reynolds
      Wunderlich Securities, Inc. - Analyst

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Presentation
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Operator   [1]
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 Hello, and welcome to the C1 Financial first-quarter earnings release conference call. (Operator Instructions). Please note, this conference is being recorded.

 Now I would like to turn the conference over to President and CEO, Trevor Burgess.

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 Trevor Burgess,  C1 Financial, Inc. - CEO and President   [2]
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 Burgess. All right. Good morning, everyone, and thank you for joining us for our first-quarter 2015 earnings call. Again, my name is Trevor Burgess. I am the President and CEO of C1 Financial and C1 Bank. And I am joined today by our CFO, Cristian Melej, and our Chief of Staff, Jon Carlon.

 In the first quarter, we originated more than $176 million in new loan commitments which is more than three times the production of the first quarter of 2014. C1 Bank originated loans outstanding grew by 10% during the quarter and 47% year-over-year. At the end of the first quarter, C1 Bank originated loans comprised more than 74% of the total loan portfolio, up from 71% at year-end. We saw approximately one-third of originations come from the Miami market and just over $70 million of originations were in the form of new construction loans which helped increased our unfunded commitments up to $245 million at quarter end. That's up $56 million from the end of the year.

 Total loans at the end of the first quarter came in at $1.257 billion. Strong loan originations were balanced by growth in unfunded commitments from the end of last quarter. This as well as the positive continued rolloff of the acquired portfolio resulted in net loan growth during the quarter of $68.1 million or 5.7%.

 Our focus on entrepreneurs continues to resonate with clients and our entire organization is determined to serve the needs of Florida's business owners in a first-class way, with speed, service, and certainty.

 Our 90-day pipeline is the best I have seen, and I'm excited that so many entrepreneurs are choosing C1 Bank.

 Net interest income for the first quarter totaled $15.6 million, up 4.4% or $656,000 from the fourth quarter. While average loan balances grew during the quarter, and helped drive this increase, much of the new loan funding occurred very late in the quarter which lessened the immediate impact of these new loan relationships.

 Our adjusted net interest margin, which excludes the impacts of purchase accounting, rose 36 basis points quarter over quarter to 4.41%. Excess cash on the balance sheet averaged $72 million during the quarter before reducing to $50 million at quarter end, leaving additional room for NIM expansion.

 During the quarter, core deposits grew $72 million, now comprising more than 77% of the total deposit mix, which is up from 73% at the end of 2014. Total deposits increased 3.2% during the quarter. This shift in deposit mix helped reduce overall cost of deposits by 3 basis points to an average for the first quarter of 47 bps.

 During the first quarter, we also increased our Federal Home Loan bank borrowing by $24 million as the result of fixed rate borrowing which further improves our asset sensitivity, helping reduce long-term interest rate risk.

 Another positive trend during the quarter was the reduction to the nonperforming assets. Nonperforming assets decreased $5.8 million during the quarter, $4.6 million of which was the direct result of strong OREO sales. This resulting gains on sales of OREO of $272,000 and helped drive our Texas ratio to 25% percent at quarter end, down 360 basis points during the quarter.

 Ever focused on credit quality, at quarter end C1 Bank originated nonperforming assets accounted for less than 1% of our total nonperforming assets, with C1 Bank originated nonperforming loans totaling less than 0.1% of C1 loans outstanding. Our noninterest income increased $48,000 compared to the fourth quarter, primarily due to the continued deployment of the BOLI investment funded in December of 2014.

 We expect BOLI to be fully invested by the end of the second quarter. Noninterest expense decreased $2.2 million due to a $2.7 million decline in OREO valuation allowance expense, which was offset by $383,000 from an increase in salaries and employee benefits, primarily driven by the accrual for incentive compensation, which is based on our anticipated growth and seasonal payroll taxes as well.

 SBA loan sales were slow in the first quarter, and the pipeline seems weighted to those SBA loans that are more likely than not -- that we are more likely than not to keep on our balance sheet. Borrowers are favoring the 504 product which helps them lock in long-term fixed rates in the SBA portion of that loan.

 Our efficiency ratio decreased to 68.9% in the first quarter, down from our efficiency ratio on operational basis of 72.1% in the fourth quarter, mainly driven by improvements in our net interest income. We also actively track our assets and revenue per employee as measures of efficiency, both of which showed strong growth during the quarter. When compared to the fourth quarter total assets per employee increased $127,000 to $6.5 million, and revenue per employee moved by more than 6% to $326,000 per employee.

 On March 4, we announced our first partnership to the market to sell one of the in-house technologies developed by C1 Labs. And on April 1, CenterState Bank correspondent division began selling that Smart Loan Express application, which is really an inexpensive mobile relationship profitability model for community banks to use in the field. Initial feedback has been very positive, and we look forward to a continued focus on using technology to improve our relationships with our clients.

 In summary, the first quarter was an exciting quarter, as the power of loan growth and scale began to show very clear results.

 And, with that, I would like to open it up to questions.

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Questions and Answers
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Operator   [1]
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 (Operator Instructions).

 Michael Rose, Raymond James.

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 Michael Rose,  Raymond James & Associates, Inc. - Analyst   [2]
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 I wanted to dig in to the increase in the loan yield this quarter. Given the growth which is very strong in consumer, I thought that it might have dipped a little bit. Can you just give us the puts and takes as to what drove the increase in the actual low yield, i.e., what is new production coming in at, and any other color you might have?

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 Trevor Burgess,  C1 Financial, Inc. - CEO and President   [3]
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 Sure. New loans yields were coming in at approximately 5.3%, which we felt was pretty good in this interest rate environment. We had a meaningful volume on the consumer side, which for us is largely yacht lending. That is a variable rate product tied to LIBOR where the starting rate is a little lower than our commercial loans come in. But we were happy to have some of that diversity in the portfolio.

 New loan originations were obviously quite high at $176 million, but in general unless the loans are very short term, we are amortizing those loan fees over the life of the loan. So, for example, if there is a new loan made at 5% that is a five-year loan, and there is a 1% fee, that has an equivalent yield of approximately 5.2%, i.e., we don't take the 1% all into income on day one. So new loan originations don't have a huge impact in a quarter over quarter.

 We did see, and you will see, in one of the footnotes, that the fee related component net interest income was up about $150,000 quarter over quarter. Now our rolling-off loans were rolling off at lower than the new loans that we were putting on. So that is a positive trend as the acquired portfolio is generally at lower yields than our new originations.

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 Michael Rose,  Raymond James & Associates, Inc. - Analyst   [4]
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 Okay. That's really helpful. And then as a follow-up, can you give us a sense for geographically if there has been any diversity, and the loans are coming from since you've extended down into Miami and Orlando, and some other areas, and if the size of the loans that you are putting on the books today is maybe larger than a year or two ago since you have grown banks.

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 Trevor Burgess,  C1 Financial, Inc. - CEO and President   [5]
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 Yes. The new size in the first quarter was very stable, a little under $1 million average. I think it's actually down slightly, but I will have Cristian check that number. And in terms of new loan originations and geography, about a third of the new originations in the quarter are from the Miami market. Orlando has a very good pipeline, but the first quarter was a little slow.

 And so, the vast majority of the rest of our originations in the first quarter were really pretty rightly dispersed along the West Coast of Florida, with a fairly healthy Collier and Lee County increase.

 So the southern part of Southwest Florida saw some real strength and has been a focus of ours. There are parts of Miami's business that I really, really like and I also am excited to see the growth in what we consider very fundamental business markets like the West Coast of Florida.

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 Michael Rose,  Raymond James & Associates, Inc. - Analyst   [6]
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 Okay, that is helpful. And then if I could then, one more follow-up as it relates to the gains, the loan sale gains. They have trended a little bit lower than they have in the past two quarters than in prior quarters. Can you help us understand where you stand with the SBA program? I know you have expanded it yet the new app balance which is what you would expect potentially for growth in the program, and then how we should think about modeling gain on sale loans going forward? Thanks.

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 Trevor Burgess,  C1 Financial, Inc. - CEO and President   [7]
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 Yes. Let me just correct something I said. The average new commitment in the quarter was $1.6 million. And the average outstanding is flat, at right about $1 million.

 Your next question was about SBA and the trends there. Two trends that we are seeing. One is that a fair bit of the 7(a) lending, which is the loans [within sale] and result in gains on sale, were delayed. Not because there was a delay, just the sale was delayed until they are fully funded. And we do have a fairly good pipeline of close loans that will fund over time and then sell in subsequent quarters.

 But we definitely are seeing a trend towards borrowers choosing the 504 product over the 7(a) product. And on the 504 product the bank ends up at approximately 50% loan to value. So that is a great new credit for us to put on our books. And the SBA's other half of the loan can be done on a very long-term fixed rate basis.

 So the borrowers fearful of rising interest rates are choosing the 504 product whenever they can over the 7(a) product. I think as I talked about last quarter, we are entirely indifferent in the long term as to whether someone chooses 7(a) or 504. It will either show up in our earning assets if it is 504, or it will show up on gain on sale. And we have done the long-term modeling and we work out to be indifferent once you go out a couple of quarters.

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 Michael Rose,  Raymond James & Associates, Inc. - Analyst   [8]
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 Okay. Thanks for taking my questions.

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Operator   [9]
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 Stephen Scouten, Sandler O'Neill.

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 Stephen Scouten,  Sandler O'Neill & Partners - Analyst   [10]
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 Trevor, just a follow-up on that SBA question. So, based on what you are saying there in the borrower preference currently, if this trend continues we could see maybe loan fee be lower than maybe we or even you might have previously expected, but average earning assets would be -- would benefit from what you would hold on that 504 production. Is that correct?

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 Trevor Burgess,  C1 Financial, Inc. - CEO and President   [11]
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 Correct.

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 Stephen Scouten,  Sandler O'Neill & Partners - Analyst   [12]
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 Okay. Great. Thanks for that clarification. And then in terms of the unfunded commitments, obviously those grew again nicely. Any updates or any color you can give around expected funding of those loans? Or is that something we should kind of expect to see just continue to grow over time as your production remains strong?

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 Trevor Burgess,  C1 Financial, Inc. - CEO and President   [13]
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 I think they are going to have two impacts. One is -- and I have been a little surprised that they haven't fallen more, because these are largely construction loans where the buildings are being built. We see them being built. Construction is inherently a unsure funding schedule. There are delays, et cetera.

 But these loans all have 12- to 24-month draw periods so they will be fully drawn within a very reasonable forward time horizon.

 We are very cautious about the type of construction lending that we do, making sure that we have the right credit medics and credit profile for any construction lending. But we do see continued good opportunities in the market to use that portion of our balance sheet.

 So, I am not sure that I would expect large, continued growth in that area. But I do think it is something that can hold fairly steady so long as we feel good about the credit environments --

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 Stephen Scouten,  Sandler O'Neill & Partners - Analyst   [14]
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 Okay. That's helpful.

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 Trevor Burgess,  C1 Financial, Inc. - CEO and President   [15]
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 -- as new loan fundings out of that unfunded commitment are balanced by new lending that we do.

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 Stephen Scouten,  Sandler O'Neill & Partners - Analyst   [16]
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 Sure. Sure. And then one question, digging into the NIM a little bit, I noticed you spoke to the average balance of the cash versus the end of period. And that is really helpful.

 But it looks like also, I am just curious if some of that movement shows up in like the other assets under non-interest-earning assets? Because it looked like there was a good bit of movement from low-yielding earning assets to non-earning assets. And I was just wondering if that was going to continue, or if that just was due to some of the timing of loan fundings in the quarter.

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 Trevor Burgess,  C1 Financial, Inc. - CEO and President   [17]
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 Well, we had a $44 million difference between the average loans outstanding and the end of period loans outstanding. So that gives you a good sense of the very late in the quarter funding that took place. And now that those loans are on the books sort of what our inherent earnings profile looks like.

 We obviously are also funding up BOLI, which will go from a very low-yielding asset to a properly yielding asset as that goes from unfunded to -- or uninvested to fully invested. And then the other meaningful change in the balance sheet is really on the OREO side.

 If I look at all of last year, all of 2014, we sold $7.6 million of OREO. In the first quarter, we sold $4.8 million and we had a fantastic first quarter in terms of converting non-earning assets into cash. Obviously that raises our extra cash on the balance sheet, but it gives us the ability to grow more without changing asset size, grow more loans without changing asset size.

 So I think those are the primary elements of mix shift in the quarter.

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 Stephen Scouten,  Sandler O'Neill & Partners - Analyst   [18]
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 Okay. So, given what you see continuing on the balance sheet shifts and the movements and the positive movements in the OREO, even with the 32 basis point jump in this quarter would you expect to see an upward trend in the NIM from here?

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 Trevor Burgess,  C1 Financial, Inc. - CEO and President   [19]
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 So, if we look at the average amount of excess cash on the balance sheet last quarter, obviously if we continue to use that cash and deploy it and change it from earning 25 bps at the Fed to earning our average new yield on loans in the quarter of nearly 5.3%, that is a very meaningful change, right? The other meaningful change that can take place, although it is much more hard to predict, is the sale of OREO converting to cash and then being lent out into loans again.

 So, we certainly are hopeful that we will be able to continue to make loans and continue to sell OREO. Both of those things will allow us to increase our NIM.

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 Stephen Scouten,  Sandler O'Neill & Partners - Analyst   [20]
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 Okay. Thanks, guys. I appreciate it, and congrats on the continued growth.

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Operator   [21]
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 (Operator Instructions). David Gurievsky, Wunderlich Securities.

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 David Gurievsky,  Wunderlich Securities, Inc. - Analyst   [22]
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 Real quickly, with a focus on organic growth I have some interest in understanding a little bit more about how you feel about your sales team, really on two fronts -- pretty much the depth of the team and then the quality of the team now as compared to before.

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 Trevor Burgess,  C1 Financial, Inc. - CEO and President   [23]
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 Sure. So we ended the fourth quarter with 26 salespeople. And obviously there's a best salesperson and a worst salesperson. And we have spent the last five years of my tenure doing this, continually working to upgrade the talent. This is we are nice and shiny, and have great marketing, but this is a performance culture.

 At the end of this quarter, we have 24 salespeople, two less than at the end of last quarter. That is because the two lowest performing salespeople are no longer with us. We are actively recruiting for people to replace them who we believe can and will do better.

 But in a performance culture, you are going to need to let the bottom 10% leave. And we are excited that that happened. What that means is the remaining strength, the average strength of what is remaining, goes up and up and up. And again, it really -- I measure this by looking at our loan closings and by looking at our pipeline.

 $176 million in the first quarter is a fantastic number. I hope we can continue to hit those sorts of numbers. That is a great level for a bank our size with our amount of loans.

 And our pipeline for the next 90 days is really the strongest that I have seen. I think some of that is Florida is a great economy right now. We are really emerging from that recession. There was no building that took place for the better part of six years in the state of Florida. We now see the pent-up demand.

 And I look at where our home is, here in St. Petersburg, Florida, and there are 2,500 apartments under construction or recently opened. And there is zero vacancy. So it is a very dynamic market and we are excited to be in it.

 So closings are strong, the pipeline is strong, and that is a testament to the really first-class team that we have built.

 I mentioned in my script that we focus on three things: speed, service, and certainty. Our goal is to try to have the commercial loan process take three weeks or less, which is the amount of time it takes to get an appraisal, which really should be the governing element.

 Many of the big national banks are working on three months to close a commercial loan. If we can close a commercial loan two months faster than our better competition we are going to win.

 Service: we hire smarter people. Our lenders are fantastic. Nothing against Verizon, but we don't hire ex-Verizon salespeople. We are focused on hiring the very best people who can actually add value to our clients. And so, that service element is critical in our strategy.

 And then, certainty: when we say we are going to do something, we do it, and we get it done. If we say we are going to close the loan, it happens. There is too much re-trading by the big banks and that plays right into our hand and we get at least a call a week of somebody who has been promised something by one of the big banks that didn't end up delivering. And they call us to see if we can make it happen.

 So, I'm excited by the transformation of our sales force and by its continued growth.

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 David Gurievsky,  Wunderlich Securities, Inc. - Analyst   [24]
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 Thank you very much, and much success this quarter.

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Operator   [25]
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 (Operator Instructions). Kevin Reynolds, Wunderlich Securities.

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 Kevin Reynolds,  Wunderlich Securities, Inc. - Analyst   [26]
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 Thank you. I guess you are getting double teamed by Wunderlich Securities this morning. So, good quarter. And I am listening to all -- I am impressed with the loan growth and impressed with -- the model is moving as expected in terms of how you are transitioning the balance sheet so I applaud you for that.

 I had a question. You talked about the length of time in the previous question, the length of time to closing and how you are just more efficient, faster, and provide that certainty versus the competition.

 But as we have moved into Q1, and it seems to me that we are at least making a little bit progress economically, that people are starting to feel just a little bit better about their prospects for their business and the outlook, have you seen then competitors change the way they compete against you or try to compete against you? Are they getting more irrational, less irrational when it comes to pricing term and structure? Or is the competitive landscape the same?

 And then I guess maybe if you could comment although bit about the bigger banks and the smaller banks and what you see when you are out there, and how they may be different, and maybe how that plays into what your expectations are going forward as you grow loans.

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 Trevor Burgess,  C1 Financial, Inc. - CEO and President   [27]
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 This is, I think, one of the most interesting dynamics in the marketplace today, is the behavior of the large banks and how many of the small banks are then copying them. So many of the national banks continue to offer to potential clients long-term low rate fixed loans. I'm talking 10- and 15-years fixed rate, sub 4%, and sometimes sub 3%. And that is business that we just don't do.

 This is a family-owned business that happens also to be public and have public shareholders. I am not interested in taking long-term fixed rate lending risk. And so we say no to that business. And if you look at our fixed rate loans beyond five years, it's incredibly small and we are in general not making new ones.

 So there is tens of millions if not hundreds of millions of business, depending if you look at a quarter or a year that is great business to do, that is ours to do that we are saying no to because of structure. Now the Wells Fargos and the BB&Ts and the Bank of Americas of the world, maybe they have the sophistication to figure out how to make that happen and do it in a profitable way.

 What scares me for some of the smaller banks is that I hear quite often, well, if the big banks are doing it, it must be okay, so we are copying it. So, we are seeing some competition from smaller community banks, $1 billion plus, but smaller than the national banks who are offering these long-term low rate fixed loans which is something we are not going to do. We are not going to chase loan growth in what I consider to be an irrational uneconomic structure.

 We still have been able to find great loans to do, though, that fit our structure profile. And our pipeline of loans are loans that we think we can win and close. So I remain very optimistic about our prospects but I am bewildered by what I see our competition offering to clients.

 And sometimes, the right advice for me to give that client is to say, take the money and run. If someone is willing to offer you 15 years fixed at 3.X%, take it, and give me the deposit. (laughter) So that is often the conversation that we are having.

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 Kevin Reynolds,  Wunderlich Securities, Inc. - Analyst   [28]
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 Okay. Thanks. That's pretty helpful. As you have made progress, now that you are further into the public domain, have a little longer history there and you have had such good success moving share over, surely the word-of-mouth on the Street is starting to build and pick up momentum. And I would understand that to be the case with the potential customers or clients that you are targeting.

 What about for lenders at other banks? Surely there is some high-quality lenders inside some other banks that maybe they don't like their current playbook or the types of things you are talking about -- the pressure to go out and do loans that may not make sense for them and their clients. Are you starting to -- are there inbound calls to you? And have you seen any momentum pick up there that might make recruiting either easier or, as you go out, may be accelerated and perhaps provide a jumpstart to your growth plan over the next couple of years?

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 Trevor Burgess,  C1 Financial, Inc. - CEO and President   [29]
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 Yes. I have mentioned before that our growth is, I believe, entirely constrained by our ability to find great salespeople who are entrepreneurial and really, really smart. And they are often trapped within some of these big banks. And we just added a great new person in Miami who came out of a large bank and was inbound to us because they felt stymied.

 And, again, it is the creation of silos, et cetera. We are about forming relationships with people.

 This person in Miami, they have got a great loan pipeline. But their immediate impact was bringing over a lot of deposits, actually, even though they are a commercial lender.

 So that is what we love, is when somebody is really a relationship person. So we are seeing inbound calls to us. And our visibility in the marketplace after I won American Banker, Community Banker of the Year in December; we were Florida Trend's Newsmaker of the Year. We have had a lot of very positive press and a lot of very positive momentum. And that is driving those inbound calls.

 But we are very selective about who we add to our lending team because we want that person who is very smart and very entrepreneurial.

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 Kevin Reynolds,  Wunderlich Securities, Inc. - Analyst   [30]
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 Okay. Thanks a lot. Good quarter.

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Operator   [31]
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 This concludes our question-and-answer session. I would now like to turn the conference back over to Mr. Burgess for any closing remarks.

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 Trevor Burgess,  C1 Financial, Inc. - CEO and President   [32]
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 I appreciate everyone's time this morning. And we've got a lot of work to do to serve our clients today. We have got great loans closing this week, and we look forward to getting back to work. Thank you all and have a great weekend.

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Operator   [33]
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 The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.




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