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Key takeaways from the call:
During the earnings call, Joseph Turner and Rex Copeland discussed the narrowing repricing gap and the yet-to-be-realized benefits from the Fed’s rate hikes on fixed-rate assets. They also highlighted the rates at which construction loans are funded and the anticipated modest loan growth. The duo expressed confidence in their credit portfolio and mentioned that they would continue to be strategic about share buybacks.
The executives also addressed some contract disputes and stated that expenses for the fourth quarter should remain at current levels, except for deposit insurance and legal and professional fees, which are expected to decrease. They concluded the call by announcing the Q4 earnings release in January 2024.
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