Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
|---|
| Our performance is really due to having a strong customers and strong markets |
| Our relationship-based approach has enabled us to grow new business, and enhanced existing relationships |
| So, I think on average it's relatively stable, but we do continue to see sellers go out for interest rates and treasuries or the 5% competing institutional specials that are out there, but we are also successful in bringing in new relationships and new customers and new dollars |
| Our commercial real estate portfolio is performing very well |
| As with that, credit quality does remain very strong at West bank |
| The financials of our customers remained strong, and we do not see a general weakening of our customer base |
| It’s simply fantastic for the quarter |
| Hope you're doing well |
| In the meantime, the Federal Reserve has been successful in curtailing growth in our markets and their monetary policy has also resulted in dramatically increased depository rates, which are squeezing our margin |
| Maybe turning to the funding side of things, it looks like deposits were up nicely for the quarter, including good growth in core money market and savings accounts |
| Our credit quality remains pristine |
| In spite of the challenging environment, we continue to grow new business household, majority of our new business is C&I, which has grown our deposit and treasury management businesses |
| Let's see, maybe on loan growth more specifically, definitely a stronger quarter in the second versus the first |
| As mentioned earlier, our watch and classified loan listing, it has declined to less than $1 million of loans and our credit quality remains pristine with no glaring issues that we're seeing in the marketplace |
| So, when you apply some of those tax credits and stuff, it reduces our effective rate in this type of environment |
| Good |
| Our bankers are staying close to their customers and are continuing to prospect new opportunities |
| Fantastic |
| We appreciate your interest in Company |
| For the first six months of the year, Dave mentioned, our loan portfolio did grow 2.3% to $2.8 billion in outstandings |
| Winterbottom Good afternoon |
| Our team continues to build new relationships in each of our Minnesota region centers |
| Welcome everyone and thank you for joining us |
| Nelson I would also just add that, it went on the list during the COVID, during the pandemic because their business really slowed, but it is since come back very strong |
| So, we would generally see an uptick in the second quarter |
| We can continue to see very significant rate pressure on our deposit base, and with the inverted yield curve the increase in the interest cost continue to outpace the re-pricing of our loan and securities portfolios |
| Funk Thank you, and good afternoon, everybody |
| Deposit gathering remains important to us and we are working hard to do that |
| Brendan Nosal Okay, excellent |
| We just want to thank everybody for your interest in our Company and thank you for joining us on the call today |
| Statement |
|---|
| The interest rate environment has really slowed business activities in all markets |
| Net interest come declined for the quarter compared to first quarter by $1.3 million |
| Nelson I would say that certainly it's slowed in all markets, all four of Minnesota and two Iowa markets |
| Funk Well, for June, May and June, we did see some easing, but the Fed just raised rates yesterday and we still have pressure on deposit rates, those continue significantly, retaining deposits, trying to gather deposits |
| Please see the forward-looking statement disclosure in our 2023 second quarter earnings release for more information about risks and uncertainties which may affect us |
| As to the C&I businesses, we see a decline in cash balances versus borrowing, suggesting that they are using their own cash for their business needs |
| Our watch list is at historically low levels |
| While our business model is still incredibly cost efficient, our non-interest expenses have increased from last year with inflationary pressures on compensation benefits and increase in the FDIC's minimum assessment rate and occupancy costs associated with the opening of our new building with year in St |
| I do not anticipate significant growth like what you've seen in the last couple of years from us |
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