Q3 2015 C1 Financial Inc Earnings Call

Oct 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
Q3 2015 C1 Financial Inc Earnings Call
Oct 16, 2015 / 12:30PM GMT 

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

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Conference Call Participants
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   *  Joe Fenech
      Hovde Group LLC - Analyst
   *  Michael Rose
      Raymond James & Associates - Analyst
   *  Jefferson Harralson
      Keefe, Bruyette & Woods - Analyst

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Presentation
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Operator   [1]
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 Good morning and welcome to the C1 Financial third-quarter earnings conference call. (Operator Instructions). Please note this event is being recorded.

 I would now like to turn the conference over to Trevor Burgess, President and CEO. Please go ahead.

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [2]
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 Good morning everyone and thanks for joining us for our third-quarter 2015 earnings call. Again, my name is Trevor Burgess, and I am the President and CEO of C1 Financial and C1 Bank. I am joined today by our CFO, Cristian Melej, and our Chief of Staff and Head of Investor Relations, John Carlin.

 We are excited to report earnings for the quarter of $5 million or $0.31 per share with net income up 91% versus the $2.6 million in the third quarter of 2014.

 We achieved an annualized return on assets of 1.18%, up from 70 basis points in the third quarter of last year. This third quarter we originated more than $93 million in new loan commitments. C1 Bank originated loans outstanding grew by 5% from the prior quarter and 45% year-over-year. New loan originations through nine months of 2015 are at $447 million, up $97 million or 28% when compared to last year.

 At the end of the third quarter, C1 Bank originated loans comprised more than 79% of the total portfolio, up from 71% at the beginning of the year. The acquired loan portfolio now accounts for approximately $295 million of total loans outstanding.

 Total loans grew to $1.39 billion, up $29 million or 2% during the quarter and 23% year-over-year. Loan originations along with the funding of unfunded commitments were partially offset by loan prepayments and the C1 originated as well as the acquired portfolios. The C1 originated loan balance grew $49 million while the acquired loan portfolio decreased $20 million.

 Net interest income for the third quarter totaled $18 million, up $1.2 million or 7.3% from the second quarter of 2015. This was primarily driven by growth in average loan balances resulting in an improved earning asset mix. Net interest margin increased 4 basis points to 4.75%, up from 4.71% during the previous quarter. Higher yield on loans was partially offset by a 2 basis point increase in the cost of total deposits.

 Loan fees associated with prepayments have continued to enhance our yield and are a consistent part of our go-to-market strategy. Excluding the effects of purchased accounting, our adjusted NIM expanded to 4.64%, up from 4.6% during the previous quarter.

 Our excess cash on the balance sheet or cash above our target liquidity levels was $30.7 million at the end of the quarter and averaged $10.6 million for the period. We continue to focus on deploying excess cash into loans to improve our earning asset mix.

 During the quarter, total deposits grew by $48.4 million with the vast majority of growth coming from core deposits. At quarter end, core deposits comprised $998 million or 78.9% of the total deposits for the bank. This growth in core deposits took place late in the quarter and did not have time to affect our cost of deposits.

 We are scheduled to open our Fort Lauderdale Banking Center during the fourth quarter and anticipate strong deposit growth from this adjacent but distinct market. This will be our 32nd banking center and fifth location in South Florida.

 Nonperforming assets continue their decline, down $1.9 million during the quarter. This included the reduction of $1.2 million in OREO balances which helped drive nonperforming assets down to 2.53% of total assets, down from 2.69% at the end of the second quarter. This generated a Texas ratio of 21% at quarter end, down 140 basis points during the period.

 Our noninterest income during the quarter was $2.1 million, down $2.2 million when compared to the second quarter. As many of you will remember in the second quarter, we booked a $2.6 million gain on the sale of land we owned in Miami skewing noninterest income trends. Gain on sale of loans were slightly down during the third quarter primarily due to a lower volume of salable SBA loans. We were able to offset this decrease with the early redemption of a long-term Federal Home Loan Bank advance that was not necessary given our extreme asset sensitivity and our liquidity position especially in this lower for longer environment that appears to be in play. All other things being equal, this redemption has a 3 basis point positive effect on our cost of funds.

 Noninterest expense stayed relatively flat during the quarter at $12 million, up only $127,000 when compared to the second quarter. Increased fees and expenses associated with nonperforming asset reduction were offset by a seasonal decrease in advertising expense. Our efficiency ratio was 59.4% in the third quarter. While slightly higher than the second quarter in which we experienced the onetime gain on sale of land, this is down from 71.3% in the third quarter of last year and maintains our positive trend. This improvement was driven by strong revenue growth, control of noninterest expense and effective leverage of our infrastructure.

 We continued to show strong improvements in our drive for operational efficiency as measured by assets and revenue per employee. Year-over-year, total assets per employee have increased more than $500,000 to $6.9 million per employee and our revenue per employee has grown by more than 20% up to $367,000 per employee. While we are not at Microsoft levels, we continue to strive for best-in-class performance on these metrics.

 Lastly, our C1 Labs team continues its focus on developing technology that will increase productivity and efficiency as well as revolutionize the client experience. The results of our technology efforts can be clearly seen as we have deployed proprietary technology into the retail banking centers. In part due to the C1 Lab driven productivity gains including via our iPad-based account opening software, we reduced our retail banking centers staffing levels leading to a reduction in force of approximately 10%, mostly achieved via attrition late in the quarter. You will notice that we ended the quarter at 239 employees down from an average during the quarter of 245 and down from 247 at the end of June 2015.

 Our loan pipeline headed into the fourth quarter is robust and we are off to a strong start in October. We are laser focused on serving our clients in a first-class way and on on-boarding new client relationships.

 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). Joe Fenech, Hovde Group.

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 Joe Fenech,  Hovde Group LLC - Analyst   [2]
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 Trevor, given everything that is happening in emerging markets and especially Brazil, can you give us an update on the status of the foreign loans you have on your books? First, maybe step back a bit and give us a little history on those credits and how you think about them today and how they are performing?

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [3]
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 Sure. Brazil is going through a very difficult period as a result of a number of global factors and self-inflicted factors. In 2011 and 2012, we originated three loan relationships and in 2012 decided not to originate any additional loan relationships in Brazil. But we have three historical loan relationships that total approximately $40 million on our books out of our $1.7 billion in assets.

 We monitor these credits very carefully. One of them is one that we don't think about very much, it has paid totally as agreed and two require regular attention in large part because of the very material swing in the real versus the dollar that these loans were originated much closer to levels under 2 reals to the dollar and at one point here we hit 4.25 almost. We are back down to the 3.80s level for the real but those levels are very, very weak and obviously cause stress.

 Now the good news is that both of these loans are secured by mortgages on farmland and we believe we have good loan to value coverage on those loans. We will work with these borrowers through any credit cycle just like a farm lender would work with a lender in the Midwest through a difficult farm cycle. It is the same thing going on in Brazil and we will work through this farm cycle and we are happy that again, these two loan relationships are first mortgages on farmland which obviously puts us in a different position than a bondholder and unsecured lender.

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 Joe Fenech,  Hovde Group LLC - Analyst   [4]
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 And none of those loans are classified as of now?

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [5]
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 They are not classified as of now.

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 Joe Fenech,  Hovde Group LLC - Analyst   [6]
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 And the roughly $2 million or so jump in originated non-performers, Trevor, you attributed that in the release to one credit. Can you talk a little more about what you think the outcome is there, just a little more color for us and then what you think the outcome is?

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [7]
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 A guy has a building listed for sale, the loan matured, he decided to stop paying pending the sale of the property which is scheduled to take place in November. It is under contract for an amount well above our loan amount. But he just stopped paying because he knew that the sale price would take him out completely. Firstly, we will end up doing pretty well assuming that it closes because of the default rate of interest that we can charge. Does it make any sense? Absolutely not but again, the contract price is well, well in excess of our loan balance.

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 Joe Fenech,  Hovde Group LLC - Analyst   [8]
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 Okay. And you made the comment that loan fee income is part of your go-to-market strategy, Trevor. Can you talk about that in a little more detail, how exactly those loan fees enhance your NIM?

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [9]
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 Some years ago, three to four years ago, we put in place a fairly strict policy and I am a fairly obsessive compulsive guy and let's be maniacal about making sure that wherever possible we have a loan prepayment penalties built into our loans. And especially given our historical larger loan sizes, we wanted to make sure that if those loans were to pay off before the expected payoff that we were getting compensated for having made those loans.

 So we have been very, very good and very focused at making sure that we have loan prepayment penalties which obviously then gives us time to replace those assets on the books should the payoffs take place. And we definitely saw the benefit of that in the past couple of quarters.

 I would use this as an opportunity to just say that we have been very focused this year on increasing the granularity of our loan portfolio and we have talked in the past about some of the hires we have made including a guy named Dustin Symes who is very focused in the next year on increasing lending out of our retail branch network. But if you look at the trend in terms of average loan size originated by quarter, in the first quarter of this year our average loan size was $1.6 million. It declined to $1.5 million in the second quarter and was just over $1 million in the third quarter. So we have done a good job at increasing the granularity of some of the loans that we are putting on the books today.

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 Joe Fenech,  Hovde Group LLC - Analyst   [10]
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 And how do you manage that from a client relationship standpoint? Because I would have to think that a client that gets hit with a big prepayment penalty if that is sort of outsized relative to what they could get elsewhere, I mean from a repeat business standpoint, I mean how do you manage the client relationship aspect of that?

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [11]
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 Listen, we are in the fees service and certainty business, we are not in the business of being the lowest price provider and I think we have built a reputation in the state of Florida as being a bank for businesses that gets deals done and that can close transactions and close them quickly and close them in a very high service way. People understand that we are putting money out for them and we have not had a problem getting prepayment penalties and we have not had a problem getting repeat business from people who have paid prepayment penalties.

 I'm not saying we get them in 100% of the cases because that obviously is not the competitive dynamic. But I do believe we are getting them much more often than our competitors due to our strategy of being focused on getting deals done.

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 Joe Fenech,  Hovde Group LLC - Analyst   [12]
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 Okay, different topic, Trevor. If someone asked you six months ago if you would have considered selling be bank, I think we all would have been very surprised if you said yes. So assuming you agree with that premise, fast-forward to today and has anything changed with how you think about that today versus six months ago?

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [13]
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 When people testify in front of Congress and they say over and over again on the advice of my counsel, I have to plead the fifth well, you get the same answer here and everyone will be annoyed. But we cannot and will not comment on market rumors.

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 Joe Fenech,  Hovde Group LLC - Analyst   [14]
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 Okay. Last one for me, Trevor, with the excess cash you have as of quarter end coupled with the mix shift on the deposit side at quarter end and then couple that with the loan pipeline you said looked pretty healthy, are you thinking you can expand NIM again this upcoming quarter ex accretion?

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [15]
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 Our NIM is highly sensitive to the amount of excess cash so you have a number of moving factors. We certainly -- the core deposit growth was fantastic and we are really excited by some of the trends we are seeing there.

 Our couple of basis points pickup from Federal Home Loan Bank strategies, that is positive. But we ended with the $30 million of excess cash versus only $10 million average and today's excess cash is even higher as we have done a good job in October of bringing in more deposits. So that is going to be very hard to expand NIM, just do the math out, it is great when you have a quarter that is only $10 million average excess cash. That means we were able to manage it very, very tight. But ending at $30 million and being higher on October 16, that makes it hard to expand NIM with that excess.

 But I am focused on the long-term fundamental trends. We are going to build a lot of franchise value by increasing the amount of core deposits, the cost of those core deposits, the type of relationships that we have on the deposit side and ultimately the type of loan relationships that we are able to on-board.

 Obviously our NIM is excellent. We did a great job at managing liquidity in the third quarter but that is about as close to perfect as you can get, $10 million of average excess.

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 Joe Fenech,  Hovde Group LLC - Analyst   [16]
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 Okay. That is it for me. Thanks.

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Operator   [17]
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 Michael Rose, Raymond James.

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 Michael Rose,  Raymond James & Associates - Analyst   [18]
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 Joe asked most of my questions but wanted to get a sense on the SBA loan sales gains. Obviously if we are in a lower for longer type of interest rate environment I would expect most people use fixed portion of the program. How should we think about the quarter-to-quarters swings in SBA home sale gains going forward?

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [19]
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 Very hard to predict, Michael, and I am optimistic for the fourth quarter but it is very hard to see beyond one quarter in terms of the pipeline. We know which 7a loans that we have and what they look like but it is very hard to predict because you are right, the client behavior is very much favoring the 504 program right now which is the long-term fixed-rate program on the debentures that the SBA keeps.

 So we are seeing great SBA volume as part of our overall loan volume but it is heavily weighted toward 504 and it is going to be very hard to predict the SBA loan sales. I am optimistic in the longer-term though because of our retail strategy that I have talked about a couple of times where we are now spending a lot of time and energy on credit training of our branch managers, on deploying tools such as our SBA first C1 Labs tool to our branch managers really educating those branch managers on the SBA program and they may be lower dollar loans but I am optimistic about our ability in 2016 to do a fairly good volume of some of these smaller 7a loans that will be salable.

 But that is a strategy that we have been working on for the past three to six months and that will only really play out in 2016.

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 Michael Rose,  Raymond James & Associates - Analyst   [20]
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 Okay, that is helpful. And then switching gears to expenses, you guys obviously had really good expense control this quarter and you mentioned the headcount reduction. Are there additional opportunities for efficiencies or headcount reductions that should kind of keep the pace or the rate of growth and expenses kind of near these levels in the near-term? Thanks.

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [21]
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 Two thoughts there. The first is that it was very late in the quarter that really the attrition took place that allowed us to reach the level that we wanted to get to in our retail network and we are very excited about the new organization that we have in the retail network and how that will play out both from a loan origination side and from an efficiency of operating that network side.

 Remember also that with our management trainee program, we have six young men and women who are going through that program. All are doing extremely well but we are carrying six headcount there that are not in active roles so we are currently attempting to leave open positions that may come through natural departures between now and the end of the year when those six will graduate and go into roles.

 So I am hopeful that we will actually see some by the end of the year, some continued improvement in headcount just as we fill openings with those six heads that will graduate from the program in early December.

 I would also say and I always point to this that our expenses related to carrying OREO and nonperforming assets are meaningful and we believe will fall as we continue to sell OREO properties. We have sold over $8 million of OREO properties so far this year. We sold $8 million in all of last year and if you don't have to pay taxes now and pay the plumber and mow the lawn on all of those properties, you get to -- there is real expense related to that. So far this year we have spent on OREO-related expense has been $1.6 million. So someday as we continue to sell those, there is obviously -- I would like to be able not to have those expenses and if I can replace those expenses with productive expenses such as the Fort Lauderdale branch, we are going to be a lot better off.

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 Michael Rose,  Raymond James & Associates - Analyst   [22]
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 Okay, that is helpful. And then just one final kind of theoretical question for me. You obviously mentioned the good core deposit growth this quarter. It seems like you have some good momentum into the fourth quarter. If we are lower for longer let's say through the next couple of years, is there ever a point where you might add to the securities portfolio? I know you are extremely asset sensitive but maybe just take a touch off the table.

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [23]
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 I don't think so because we still have the loan growth. So long as we have really good loans to put on the books, I would rather do those and some of the technology tools that we have deployed such as our smart loan express calculator, it is really helping us to drive our risk-adjusted incremental return on equity on loans by making suggestions to our lenders such as why not do a three-year fixed-rate rather than a five-year fixed rate and being able to win business but yet at a lower rate but still improve our return on equity.

 So we are very focused on how do we use technology tools like that to drive incremental risk-adjusted return on equity and we believe that secured real estate lending at conservative loan to values with good debt service coverage and independently underwritten loans is a superior way than the securities book.

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 Michael Rose,  Raymond James & Associates - Analyst   [24]
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 Okay. Then as far as you can see is the goal still to produce or originate $400 million to $500 million a year in loans?

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [25]
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 Thank you for shaving $100 million off of what I normally say but --.

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 Michael Rose,  Raymond James & Associates - Analyst   [26]
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 $500 million to $600 million -- my apologies, is that still in the cards?

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [27]
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 My goal in any year is to -- given our current base -- is to originate $500 million to $600 million in loans. Obviously we are nearly at $500 million so far this year so we should have a good year versus that goal. But I am trying to originate the $500 million to $600 million in loans per year that really meet our criteria and we have very conservative underwriting criteria. We are a conservative loan to value real estate secured shop and we are very focused on originating great loans relationships with Florida businesses that can be long-term repeat customers.

 I'm not trying to be all things to all people and if I were I could do much, much higher volume but we are trying to stick to what we are very good at, keep the model as simple as possible and execute upon that. Yes, going into 2016 I feel good about that level with the momentum that we see today.

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 Michael Rose,  Raymond James & Associates - Analyst   [28]
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 Great. Thanks for taking my questions.

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Operator   [29]
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 (Operator Instructions). Jefferson Harralson, KBW.

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 Jefferson Harralson,  Keefe, Bruyette & Woods - Analyst   [30]
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 Thanks. Good morning, guys. Can I ask you about the FHLB retention debt gain you guys had, you talked about in the release, there was a change in the asset liability -- your asset liability. But did that move take some asset sensitivity off of the table and I guess why do this now when it seems like you are trying to stay as asset sensitive as you can?

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [31]
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 So that was a 10-year borrowing and as we have done things like with our smart loan express calculator and worked on what is the average duration looking very carefully at the average duration of our fixed-rate loan portfolio, our fixed-rate loan portfolio has an average duration of less than three years. So to have 10-year fixed-rate liabilities, there is being asset sensitive, there is being very asset sensitive, there is being extremely asset sensitive and then there is a different planet and we were approaching a different planet and whether that was really necessary or not was really what came into play. Given that we don't originate fixed-rate loans beyond five years, there is some point where it is just costing you more money than it is really worth if you are going to be in a lower for longer sort of scenario. So we can be principled but we also want to be business people.

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 Jefferson Harralson,  Keefe, Bruyette & Woods - Analyst   [32]
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 Okay, that makes sense. Did you replace that with something else, a three-year borrowing or just that was replaced with deposits or something else?

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [33]
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 It was replaced with deposits.

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 Jefferson Harralson,  Keefe, Bruyette & Woods - Analyst   [34]
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 All right. Thanks, guys.

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [35]
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 We think that is a good trade to the extent we can grow core deposits and our loans with core deposit growth, we are obviously better off.

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 Jefferson Harralson,  Keefe, Bruyette & Woods - Analyst   [36]
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 I guess I will do the follow-up there. If I thought right, I thought the loan to deposit ratio was 111. With the new Fort Lauderdale branch but we also have some headcount reductions too, can this -- do you think this ratio can fall going forward or it is just the loan demand is so strong that this is headed to 120?

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [37]
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 We certainly do not model a 120 and we ended the quarter at 109, we headed last quarter at about 111. We came down a little bit quarter over quarter.

 We have a strategy as you know of when we went into Miami we started with a loan production office and then a year later started opening branches in Orlando. We started with the loan production office and now we are looking for branch space because we have had very good growth there. The strategy of leading with lending we think is a good strategy because when the office opens you then are able to quickly grow your deposits behind it but you are definitely leading with lending. So Orlando is doing very well. Broward County where Fort Lauderdale is doing very well. So we are optimistic about the Fort Lauderdale branch and its ability to add material deposits in 2016.

 But we certainly are -- I believe that the long-term franchise value really comes from developing the best core deposit mix possible and that is what we are focused on every day.

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 Jefferson Harralson,  Keefe, Bruyette & Woods - Analyst   [38]
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 All right. Thank you, guys.

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Operator   [39]
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 This concludes our question-and-answer session. I would like to turn the conference back over to Trevor Burgess for any closing remarks.

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 Trevor Burgess,  C1 Financial Inc. - President and CEO   [40]
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 Thank you. My mother calls me a treasure also. Listen everyone, we are really excited about this quarter. The year-over-year growth in our earnings I think really is evidence that our model of leveraging our infrastructure is working. We are excited by the growth that we are seeing and we are optimistic about 2016 and I thank everyone for joining today.

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Operator   [41]
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 The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.




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