Home Bancorp Inc (HBCP) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Home Bancorp's first-quarter 2024 earnings conference call.

早安，女士們、先生們，歡迎參加 Home Bancorp 2024 年第一季財報電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Home Bancorp's Chairman, President, and CEO, John Bordelon; and Chief Financial Officer, David Kirkley.

現在我想將會議交給 Home Bancorp 董事長、總裁兼執行長 John Bordelon；和財務長大衛柯克利。

Mr. Kirkley, please go ahead.

柯克利先生，請繼續。

Thanks, Joelle.

謝謝，喬爾。

Good morning and welcome to Home Banc's first-quarter 2024 earnings call.

早安，歡迎參加 Home Banc 2024 年第一季財報電話會議。

Our earnings release and investor presentation are available on our website.

我們的收益發布和投資者介紹可在我們的網站上取得。

I'd ask that everyone please refer to the disclaimer regarding forward-looking statements in the investor presentation and our SEC filings.

我請大家參閱投資者簡報和我們向 SEC 提交的文件中有關前瞻性陳述的免責聲明。

Now I'll hand it over to John to make a few comments about the first quarter.

現在我將把它交給約翰對第一季發表一些評論。

John?

約翰？

Thanks, David.

謝謝，大衛。

Good morning and thank you for joining Home Bancorp's earnings call today.

早安，感謝您參加今天 Home Bancorp 的財報電話會議。

We appreciate your interest in home Bancorp as we discuss our strong quarterly results and describe our approach to creating long-term shareholder value.

我們感謝您對 home Bancorp 的興趣，我們將討論我們強勁的季度業績並描述我們創造長期股東價值的方法。

Home Banc delivered a solid first quarter performance with healthy loan and deposit growth and continued expense discipline.

Home Banc 第一季業績穩健，貸款和存款成長良好，並持續嚴格支出。

We are quite proud of our accomplishments in the first quarter as net income was $9.2 million or $1.14 per share, which generated a return on assets of 1.11%.

我們對第一季的成就感到非常自豪，淨利潤為 920 萬美元，即每股 1.14 美元，資產回報率為 1.11%。

Loans increased $40.1 million over the quarter or about 6% annualized, which is in line with our expectations for 2024.

本季貸款增加 4,010 萬美元，年化成長率約為 6%，符合我們對 2024 年的預期。

Houston was again a big contributor to our loan growth as we relocated an acquired branch and opened an LPO to house the commercial team we brought onboard in the fourth quarter.

休士頓再次為我們的貸款成長做出了巨大貢獻，因為我們搬遷了一家收購的分支機構，並開設了 LPO 來容納我們在第四季度引入的商業團隊。

We will be relocating an additional branch next week in Houston as we continue to invest in our markets and seek ways to drive additional activity.

隨著我們繼續投資我們的市場並尋求推動更多活動的方法，我們將於下週在休士頓重新設立一個分支機構。

First-quarter deposits increased $52 million following a $73 million increase in the fourth quarter.

繼第四季存款增加 7,300 萬美元之後，第一季存款增加了 5,200 萬美元。

Deposits have increased by 6.4% since March 31 of last year, which we feel very good about, considering everything that's happened in the banking industry in the last 12 months.

自去年 3 月 31 日以來，存款增加了 6.4%，考慮到過去 12 個月銀行業發生的一切，我們對此感覺非常好。

Our loan-to-deposit ratio came down slightly to 96.3, which is still a little above the upper end of our target range.

我們的貸存比小幅下降至 96.3，仍略高於我們目標範圍的上限。

As we indicated last quarter, we saw some additional pressure on the net interest margin, which decreased to 3.64% in the first quarter.

正如我們上季所指出的，我們看到淨利差面臨一些額外壓力，第一季淨利差下降至 3.64%。

While the last couple of weeks has been -- has made predicting rates challenging, we continue to expect NIM to stabilize around this level in the next two quarters.

儘管過去幾週使得預測利率具有挑戰性，但我們仍然預期淨利差將在未來兩個季度穩定在這一水平附近。

With that, I'll turn it back over to David, our Chief Financial Officer.

這樣，我會將其轉回給我們的財務長大衛。

Thanks, John.

謝謝，約翰。

Net interest income totaled $28.9 million in Q1, a slight decline of $381,000 from the previous quarter as deposit costs continued to put pressure on NIM.

第一季淨利息收入總計 2,890 萬美元，較上季小幅下降 381,000 美元，因為存款成本繼續給淨利差帶來壓力。

The pace of deposit migration is certainly slowing, but we're still seeing customers move funds out of savings, checking, and non-interest-bearing deposits in higher-yielding CDs and money market accounts.

存款轉移的速度肯定在放緩，但我們仍然看到客戶將資金從儲蓄、支票和無利息存款轉移到更高收益的定期存款和貨幣市場帳戶。

The 26-basis-point increase in yield on interest-bearing deposits during the first quarter was less than the 40-basis-point increase in the fourth quarter and 54-basis-point increase in the third quarter.

第一季生息存款收益率增幅26個基點，低於第四季40個基點及三季54個基點的增幅。

So it does appear that the pace of increase is slowing.

因此，成長速度似乎確實正在放緩。

As deposit migration slows and the spread between new CD origination rates and the rate of the existing CD portfolio narrows, we should continue to see smaller increase in deposit costs.

隨著存款遷移放緩以及新的存款準備金發放率與現有存款準備金組合利率之間的差距縮小，我們應該會繼續看到存款成本的增幅較小。

Page 11 and 12 of our investor presentation provide some additional detail on credit.

我們的投資者簡報第 11 頁和第 12 頁提供了一些有關信貸的其他詳細資訊。

Non-performing loans increased by $11.5 million in the first quarter to $20.3 million, primarily due to two relationships totaling $9.6 million.

第一季不良貸款增加 1,150 萬美元，達到 2,030 萬美元，主要是由於兩筆關係總計 960 萬美元。

The first relationship has loans totaling $4.6 million and is secured by a portfolio of residential investment properties with an LTV in the 65% range.

第一個關係的貸款總額為 460 萬美元，並由 LTV 在 65% 範圍內的住宅投資物業組合作為擔保。

And we expect minimal, if any, losses.

我們預期損失即使有，也是最小的。

The other relationship is about $5 million and was included in the 90 days past due and still accruing bucket, which is not a category we utilize very often.

另一種關係約為 500 萬美元，已包含在逾期 90 天且仍在累積的儲存桶中，這不是我們經常使用的類別。

It's a small multifamily construction project that was waiting for a certificate of occupancy, which we just received yesterday.

這是一個小型多戶住宅建築項目，正在等待我們昨天剛收到的入住證書。

We expect the sale of two units totaling $970,000 to close tomorrow and a couple of more units to close this month.

我們預計兩套總價為 97 萬美元的單位將於明天成交，另外幾套單位將於本月成交。

Our allowance for loan loss ratio was 1.2%, down 2 basis points from the prior quarter.

貸款損失準備率為1.2%，較上季下降2個基點。

The decline in this ratio was due to the migration of CD loans into permanent loans and CECL.

這一比率的下降是由於CD貸款轉向永久貸款和CECL。

There were no changes in our qualitative factors during this quarter, and we feel confident in our reserve levels.

本季我們的定性因素沒有變化，我們對儲備水準充滿信心。

Slide 16 has some detail on our historic NIM and its components.

幻燈片 16 詳細介紹了我們歷史悠久的 NIM 及其組件。

As John mentioned, name declined by 5 basis points in the first quarter but appears close to stabilizing.

正如約翰所提到的，第一季股價下跌了 5 個基點，但似乎接近穩定。

Slide 17 has our current and historic deposit beta statistics and shows that our cost of total deposits in Q1 was 1.82% with a cycle-to-date beta of 32%.

投影片 17 包含我們目前和歷史的存款 Beta 統計數據，並顯示我們第一季的總存款成本為 1.82%，週期至今的 Beta 為 32%。

At 1.95%, our cost of funding earning assets is 35% of the upper limit of the Fed funds target range of 5.5%.

在 1.95% 的情況下，我們的獲利資產融資成本是聯邦基金目標範圍上限 5.5% 的 35%。

Loan growth picked up in the first quarter to $40.1 million with an average origination rate of 8.23% during the quarter.

第一季貸款成長加速至 4,010 萬美元，平均發放率為 8.23%。

Our loan pipeline remains strong, and we continue to expect 4% to 6% growth in 2024 but recognize that Fed activity could impact both growth and yields.

我們的貸款管道依然強勁，我們繼續預計 2024 年將增長 4% 至 6%，但我們認識到聯準會的活動可能會影響成長和收益率。

Slide 18 of the presentation has some additional details on non-interest income and expenses.

簡報的幻燈片 18 有一些有關非利息收入和支出的其他詳細資訊。

Non-interest income was stable in the first quarter at $3.5 million. Non-interest

第一季非利息收入穩定在 350 萬美元。無息

expense increased slightly to $20.9 million but still came in below our forecast due to lower-than-expected compensation expenses and several T&E projects being pushed further into 2024.

費用小幅增加至 2090 萬美元，但由於補償費用低於預期且多個差旅與娛樂項目被進一步推遲到 2024 年，因此仍低於我們的預測。

Annual salary increases took effect April 1, and we expect core non-interest expenses to be around $22 million to $22.5 million in the second and third quarters.

年薪上漲於 4 月 1 日生效，我們預計第二季和第三季的核心非利息支出約為 2,200 萬美元至 2,250 萬美元。

Slide 19 summarizes the impact our capital management strategy has had on Home Banc over the last few years.

投影片 19 總結了過去幾年我們的資本管理策略對 Home Banc 的影響。

We've grown adjusted tangible book value by 55% since 2018, increased our dividend by 67% since 2016, and repurchased 13% of our shares, all while maintaining robust capital ratios.

自 2018 年以來，我們的調整後有形帳面價值成長了 55%，自 2016 年以來，我們的股息增加了 67%，並回購了 13% 的股票，同時保持了強勁的資本比率。

This positions us to be successful in any economic environment and to take advantage of opportunities as they arise.

這使我們能夠在任何經濟環境中取得成功，並抓住出現的機會。

With that, operator, please open the line for Q&A.

那麼，接線員，請開通問答線。

(Operator Instructions) Graham Dick, Piper Sandler.

（操作說明）Graham Dick、Piper Sandler。

Hey.

嘿。

Good morning, guys.

早上好傢伙。

Good morning, Graham.

早上好，格雷厄姆。

I just wanted to start on -- call out those two credits in the press release that moved to non-accrual this quarter.

我只是想開始 - 指出新聞稿中本季轉為非應計的兩項積分。

It doesn't sound like you guys are expecting much loss there, but I just wanted to know a little more color around industry type of credit and what sort of gives you confidence that you might be able move these out of the bank without having to really charge anything off?

聽起來你們預計不會有太大損失，但我只是想了解更多關於行業類型信貸的信息，以及什麼樣的信貸讓您有信心可以將這些資金從銀行轉移出來，而無需真的能扣掉任何東西嗎？

Well, the first credit that David described is a situation where there are five partners, and one of the partners has kind of turned against the other four.

好吧，大衛描述的第一個信用是這樣的情況：有五個合夥人，其中一個合夥人與其他四個合夥人發生了某種程度的對抗。

There are, I think, 15 properties.

我認為有 15 個屬性。

I'm not exactly sure how many properties -- in a very, very strong location next to a university, and they're all leased and such.

我不太清楚有多少房產——位於大學旁邊一個非常非常有利的位置，而且它們都是出租的等等。

But they stopped paying us for some dispute that they're having internally.

但他們因內部發生的一些爭議而停止向我們付款。

We have sent a 30-day letter.

我們已發出一封為期 30 天的信函。

We have started foreclosure proceedings.

我們已經啟動止贖程序。

The four individuals on one side are trying to find a way to not lose the $2.2 million of equity that they have in the project.

一方的 4 個人正在努力尋找一種方法，以免損失他們在該專案中擁有的 220 萬美元的股權。

As far as our concern is if they don't update this and bring it current, we'll probably -- third quarter, end of third quarter or so have a sheriff sale in which time I think we'll have no trouble selling it.

就我們擔心的是，如果他們不更新這一點並將其更新為最新版本，我們可能會在第三季、第三季末左右進行警長銷售，屆時我認為我們將毫無困難地出售它。

So it's really about a dispute.

所以這確實是一場爭論。

It's not -- the properties aren't bad.

事實並非如此——屬性還不錯。

They're all in very good shape.

他們的狀態都很好。

They're all leased.

都是出租的。

It's just a problem with the partners.

這只是合作夥伴的問題。

The second project really was a situation where, cost overruns and such, the borrower ran out of funds for the most part.

第二個項目確實是由於成本超支等原因，借款人大部分資金都耗盡了。

The project is finished.

該項目已完成。

It has its ability to sell.

它有它的銷售能力。

We have two sales tomorrow for $970,000 that will bring all the interest current and also reduce principal by about $750,000.

明天我們將進行兩筆銷售，售價為 97 萬美元，這將帶來所有流動利息，同時本金也將減少約 75 萬美元。

There are two additional sales that will happen before the end of the month.

本月底之前還將進行兩次額外銷售。

So we feel as though that one will take care of itself now that they've gotten their certificate of occupancy, and you can start selling them the properties.

因此，我們覺得，既然他們已經拿到了入住證書，他們就會照顧好自己，你可以開始向他們出售房產。

So I would anticipate one of those being off of classifieds by next quarter, the larger one being off.

因此，我預計其中一個將在下個季度從分類廣告中刪除，較大的一個將被刪除。

The other one's just going to take until they decide to work together or until a sheriff's sale, but no losses on either one.

另一個將一直採取行動，直到他們決定合作或直到治安官將其出售，但任何一方都不會遭受損失。

Okay, that sounds good.

好吧，聽起來不錯。

I just wanted to kind of turn to the NIM.

我只是想向 NIM 求助。

I think last quarter, you guys had hoped that obviously, there would be maybe a little downside this quarter but then stabilize into 2Q and sort of drift higher from there.

我認為上個季度，你們顯然希望本季可能會出現一些下行，但隨後穩定到第二季度，並從那裡開始走高。

How do you feel about the way that outlook might be evolving given what you're seeing on the rate outlook in the Fed right now if you were to only get one, two, maybe no rate cuts this year?

鑑於您目前對聯準會利率前景的看法，如果今年只降息一次、兩次，甚至不降息，您對前景可能會如何演變有何看法？

Yes, I think Q2 is probably going to be a much more stable NIM for Home Banc.

是的，我認為第二季對於 Home Banc 來說可能會是一個更穩定的淨利差。

Our deposit costs are kind of starting to peak out where I mentioned earlier on the call that the spread between our CD portfolio and the rate at which we're putting on CDs right now is narrowing very quickly.

我們的存款成本開始達到頂峰，我之前在電話會議上提到過，我們的存款證投資組合與我們目前存入存款證的利率之間的利差正在迅速縮小。

So you're not going to see that rapid rise in deposit costs that we have been experiencing.

因此，您不會看到我們所經歷的存款成本快速上升。

We've also looked at kind of the migration from customers, retail customers specifically, that have been moving funds out of checking accounts in the money markets and CDs over the past couple of quarters.

我們也研究了客戶（特別是零售客戶）的遷移情況，在過去的幾個季度中，這些客戶一直將資金從貨幣市場和存款證的支票帳戶中轉移出來。

And that pace has slowed significantly.

而且這速度已經明顯放緩。

So it's almost as if the people that were looking for rates are -- have found them and that outflow into higher-yielding deposit products is slowing, and the pace of which CDs are pricing higher has slowed significantly.

因此，就好像那些正在尋找利率的人已經找到了利率，而且流入高收益存款產品的資金正在放緩，而存款證定價較高的步伐也顯著放緩。

On the flip side, we are seeing some success in our loan portfolio.

另一方面，我們的貸款組合取得了一些成功。

As I mentioned, our weighted average rate of new originations was 8.23%.

正如我所提到的，我們的加權平均新發率為 8.23%。

So that's starting to offset the increase in liability costs as well.

因此，這也開始抵銷責任成本的增加。

So we feel good about a slight decline to stability in NIM in Q2.

因此，我們對第二季淨利差穩定性略有下降感到滿意。

Okay.

好的。

And then as you just sort of look ahead, do you think that there's a chance that as these deposit costs continue to top off and new loan yields come on at a higher rate, given no change to the Fed funds rate, do you think the NIM could still tick higher, I guess, in the back half of the year?

然後，當你展望未來時，你是否認為，在聯邦基金利率沒有變化的情況下，隨著這些存款成本繼續上升，新的貸款收益率會以更高的利率出現，你認為有可能嗎？猜想今年下半年淨利差仍可能走高？

Is that a possibility?

有這種可能嗎？

I think the pace would be slower.

我覺得節奏會慢一點。

But yes, I think it's a possibility that it could tick higher for sure.

但是，是的，我認為它肯定有可能走高。

Okay, great.

好的，太好了。

And then I guess just one more for me is on loan growth.

然後我想對我來說還有一個問題是貸款成長。

It came in with -- inside your guidance of mid single digit but still a good start to the year.

它進來了 - 在你的指導中個位數之內，但仍然是今年的良好開端。

Do you expect the Houston team to continue to do the heavy lifting there for the rest of the year?

您是否期望休士頓隊在今年餘下的時間裡繼續承擔重任？

And if so, what are you sort of seeing in your legacy markets that are maybe holding back growth there a little bit?

如果是這樣，您在傳統市場中看到什麼可能會稍微阻礙那裡的成長？

I think all the markets will slow as the year goes on somewhat, especially if rates stay where they are.

我認為隨著時間的推移，所有市場都會有所放緩，特別是如果利率保持不變的話。

The Treasury going up, I think yesterday, to 4.6 or whatever.

我想昨天財政部會漲到 4.6 或其他什麼。

So there is a slowdown, but we're -- we have a lot that's in the pipeline right now, some C&D that that's starting to build out a little bit.

因此，速度有所放緩，但我們現在有很多工作正在醞釀中，一些拆建和開發項目已經開始進行一些建設。

So I think you'll -- at the end of the day, I don't know that we'll finish fourth quarter if rates are where they are today with the type of quarter that we had in the first.

因此，我認為，歸根結底，如果利率與第一季的情況相同，我不知道我們能否在第四季結束。

I think you'll see a diminishing growth rate.

我認為你會看到成長率下降。

Now (inaudible) of these are changes.

現在（聽不清楚）這些都是變化。

Fed does reduce rates two or three times.

聯準會確實降息了兩三次。

That could change a lot.

這可能會改變很多。

Right, right.

是的是的。

Understood.

明白了。

Okay.

好的。

That's it for me.

對我來說就是這樣。

I appreciate it.

我很感激。

Thanks, Graham.

謝謝，格雷厄姆。

Brett Rabatin, Hovde Group.

布雷特·拉巴廷 (Brett Rabatin)，Hovde 集團。

Hey, guys.

大家好。

Good morning.

早安.

Good morning, Brett.

早安，布雷特。

I wanted to go back to credit, and if I look at slide 11, the total substandard -- and granted, your criticized assets are still at very, very low levels.

我想回到信貸問題，如果我看一下投影片 11，總的不合格資產——當然，你所批評的資產仍然處於非常非常低的水平。

But I saw that the substandard bucket moved up about $7 million linked quarter.

但我發現，與季度相關的不合格部分增加了約 700 萬美元。

I was just curious what you are seeing in terms of migration in or out of the substandard bucket in particular.

我只是很好奇您在遷移進出不合格桶方面所看到的情況。

And then just any industries or things that you're seeing incrementally, where maybe there's pressure either on revenue or just overall sales?

然後是您逐漸看到的任何行業或事物，其中可能存在收入或整體銷售壓力？

I think the general thought for Home Banc that 2024 will continue as '23 did in reducing classified assets.

我認為 Home Banc 的普遍想法是，2024 年將繼續像 23 年那樣減少分類資產。

These two one-offs that we discussed momentarily are really not because of the economy as much as it is just mismanagement a little bit in the project.

我們暫時討論的這兩個一次性問題其實並不是因為經濟原因，而只是專案中管理不善的一點。

So I don't anticipate that continuing throughout '24.

所以我預計這種情況不會持續到 24 年。

I would anticipate those classifieds coming down as they did towards the end of the year.

我預計這些分類廣告會像年底一樣下降。

So we're not seeing any signs that there's a wave of bad assets coming our way.

因此，我們沒有看到任何跡象表明有一波不良資產正在向我們襲來。

Outside of the two credits that we mentioned, there is a little bit of a migration in from a mix between some residential properties, some small CRE, some very small C&I, as well as some outflows that basically was the exact same thing, some residential, some small CRE, and some various payoffs.

除了我們提到的兩個信貸之外，還有一些住宅物業、一些小型商業地產、一些非常小的商業和工業之間的混合遷移，以及一些基本上完全相同的流出，一些住宅物業，一些小型CRE，以及一些各種收益。

So it kind of -- washing each other out right now.

所以現在就有點互相清洗了。

Okay.

好的。

And then from a capital perspective, your ratios are building a little bit.

然後從資本的角度來看，你的比率正在一點點增加。

You bought back a little bit of stock.

你買回了一點股票。

Any thoughts on the level of buyback activity from here?

對這裡的回購活動水準有什麼想法嗎？

And then are you going to keep maybe some powder dry for potential M&A?

那麼您是否會為潛在的併購保留一些粉末？

Or do you kind of feel like M&A is less likely with higher marks, given where the 10-year has moved?

或者考慮到 10 年的變化，您是否覺得併購得分較高的可能性較小？

We're going to be picking up -- picking back up our buybacks a little bit more in Q2.

我們將在第二季度更多地回購股票。

We did start a little bit in earlier part of Q1, but it's kind of a balancing act of, one, keeping the powder dry; and two, buying back at the levels that our stock is trading at today.

我們確實在第一季的早些時候開始了一些工作，但這是一種平衡行為，一是保持粉末乾燥；二是保持粉末乾燥。第二，以我們股票今天的交易水準回購。

Okay.

好的。

Any other comments on

任何其他評論

--

--

One other point in that regard, we had kind of pulled off of the buyback.

在這方面的另一點是，我們已經完成了回購。

We were engaged in a potential purchase of some branch locations from another bank, and that was very much in line to be announced yesterday.

我們正在考慮從另一家銀行購買一些分行地點，這非常符合昨天宣布的消息。

And unfortunately, another bank came in in what we felt was a little bit on the high side price wise.

不幸的是，另一家銀行的進來，我們認為價格有點偏高。

But anyway, the seller basically reneged on us three days before closing and took another bank.

但不管怎樣，賣家在成交前三天基本上背叛了我們，並採取了另一家銀行。

So that was one of the reasons that we stopped the buybacks about 60 days ago for the most part.

這就是我們在大約 60 天前停止回購的原因之一。

Okay, that's helpful.

好的，這很有幫助。

And then just lastly, any comments on -- I think if I have this right, you still want to migrate the loan-to-deposit ratio a little lower.

最後，任何評論——我想如果我有這個權利，你仍然希望將貸存比率降低一點。

So just how do you fund the loan growth from here?

那麼，您如何從這裡為貸款成長提供資金呢？

Is it CDs?

是CD嗎？

It's good to see the DDA was kind of stable this quarter.

很高興看到 DDA 本季保持穩定。

Any thoughts on how you fund growth?

關於如何為成長提供資金有什麼想法嗎？

Well, I think our focus completely is on C&I customers, and with that comes the deposit relationship.

嗯，我認為我們的重點完全是工商業客戶，隨之而來的是存款關係。

We're trying to get away right now from non-owner-occupied CRE, just from the standpoint that it doesn't bring the deposits.

我們現在正試圖擺脫非業主自用的商業地產，只是從它不帶來存款的角度來看。

So bringing the whole customer is extremely important to us, and that's going to help us maintain the DDA level that we have acquired and/or attained up until this year.

因此，吸引整個客戶對我們來說極其重要，這將幫助我們保持今年之前已經獲得和/或達到的 DDA 水平。

So even though some of those balances move when rates started going up into CDs, we still are ahead of where we were pre-pandemic as a percent of total deposits in DDAs and savings accounts.

因此，儘管當存款利率開始上升時，其中一些餘額發生了變化，但就 DDA 和儲蓄帳戶存款總額的百分比而言，我們仍然領先於疫情前的水平。

So we're going to continue to drive the C&I portfolio much more so than anything else that will help with that deposit mix.

因此，我們將繼續大力推動 C&I 投資組合，這比任何其他有助於存款組合的舉措都要重要。

We'd love to get that down to 92, 93, something like that.

我們希望將其降低到 92、93 之類的。

Okay.

好的。

I appreciate all the color, guys.

我很欣賞所有的顏色，夥計們。

Thank you, Brett.

謝謝你，布雷特。

(Operator Instructions) Joseph Yanchunis, Raymond James.

（操作員說明）Joseph Yanchunis，Raymond James。

Hi there.

你好呀。

Hey there, Joe. How are you doing?

嘿，喬。你好嗎？

I'm doing well.

我很好。

So I'm going to start with some kind -- I'd say it sounds like the cost of interest-bearing deposits may have peaked based on what you said earlier.

所以我將從某個角度開始——我想說，根據你之前所說的，生息存款的成本可能已經達到頂峰。

So if we assume the forward curve, do you have a sense for how deposit betas will behave when the Fed starts cutting rates?

因此，如果我們假設遠期曲線，您是否知道當聯準會開始降息時存款貝塔值將如何表現？

So I don't want to use the word peak because I still think that's going to continue to drift up a little bit but just at a much slower pace.

所以我不想使用峰值這個詞，因為我仍然認為它會繼續稍微上升，但速度會慢得多。

So there are still some low-hanging fruit out there.

因此，仍然有一些容易實現的目標。

So there's still going to be some upward migration in deposit costs, but it's slowing.

因此，存款成本仍將有所上升，但正在放緩。

It's coming down pretty quick.

它下降得很快。

The pace of increase is slowing.

成長速度正在放緩。

As far as the deposit betas, when rates start ticking down, I think a lot of banks are going to be, one, anxious to lower rates, but a lot of low loan-to-deposit ratios are not where people want a banks want to be and customers are getting used to five handles on their CDs, which will force those customers to be a little bit -- shop a lot more.

就存款貝塔而言，當利率開始下降時，我認為很多銀行都會，第一，急於降低利率，但很多低貸存比並不是人們想要的銀行想要的顧客們已經習慣了他們的CD 上有五個句柄，這將迫使這些顧客更多地購物。

So I think a 25- or 50-basis-point rate cut is going to -- the beta is eventually going to work its way out to a normalized beta.

因此，我認為降息 25 或 50 個基點將導致貝塔係數最終達到正常化貝塔係數。

But I think it might take a little bit longer to play out as customers continue to fight for higher rates.

但我認為，隨著客戶繼續爭取更高的費率，這可能需要更長的時間才能發揮作用。

Got it.

知道了。

I appreciate that.

我很感激。

And the Houston market continues to generate strong loan growth.

休士頓市場持續產生強勁的貸款成長。

So with 18% of loans being in Texas, do you have a medium-term target or how large you'd like to grow that portfolio?

那麼，由於 18% 的貸款位於德克薩斯州，您是否有中期目標或您希望將該投資組合擴大到多大？

No, we do not.

不我們沒有。

We think it's a tremendous market and the people that we have there, including the new group that we've pulled out of the fourth quarter, are doing a great job of staying in the arena that we want to play in.

我們認為這是一個巨大的市場，我們在那裡的人員，包括我們從第四季度撤出的新團隊，在留在我們想要參與的領域方面做得很好。

So I know a lot of banks complain about going to Texas and you have to play big to get anything.

所以我知道很多銀行抱怨去德州，你必須花大錢才能得到任何東西。

We're not seeing that.

我們沒有看到這一點。

The talent that we have there is keeping it in the type of portfolio, type of loans that we're searching for and doing a very good job and doing it at a high volume.

我們擁有的人才將其保留在我們正在尋找的投資組合類型、貸款類型中，並做得非常好，而且數量很大。

So we're very excited about what's going on there.

所以我們對那裡發生的事情感到非常興奮。

And unfortunately, we didn't get the M&A deal that we wanted to help us expand in the Houston market, but I'm sure there will be other opportunities in that market to come.

不幸的是，我們沒有獲得我們想要幫助我們在休士頓市場擴張的併購交易，但我相信該市場未來還會有其他機會。

Okay, and then last one for me here.

好的，然後是我的最後一個。

So we've heard from a lot of banks this earnings call that their outlooks call for an acceleration in loan growth throughout 2024.

因此，我們從許多銀行的財報電話會議中獲悉，他們的前景是 2024 年貸款成長加速。

But kind of based on your reiterated outlook, it seems like for it to reach the high end of your guide, that loan growth would remain stable.

但根據您重申的前景，似乎達到您指南的上限，貸款成長將保持穩定。

Do you have a sense for why there's been a disconnect there?

您知道為什麼會出現脫節嗎？

No, I really don't.

不，我真的不知道。

I think if -- we probably wouldn't be so optimistic without our Houston franchise.

我想，如果沒有我們的休士頓球隊，我們可能不會這麼樂觀。

Things are slowing a little bit more in Louisiana than they are in Texas.

路易斯安那州的發展速度比德州慢一些。

But I do believe every market is slowing to some degree, but Texas is keeping us propped up.

但我確實相信每個市場都在某種程度上放緩，但德克薩斯州正在為我們提供支撐。

So that's the only explanation I can find.

所以這是我能找到的唯一解釋。

Okay.

好的。

Great.

偉大的。

Well, thank you for taking my questions.

嗯，謝謝你回答我的問題。

Thanks, Joe. Have a good one.

謝謝，喬。祝你有個好的一天。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to John Bordelon for any closing remarks.

我想將會議轉回約翰·博德隆 (John Bordelon) 發表閉幕詞。

Once again, thank you all for joining us today.

再次感謝大家今天加入我們。

We look forward to speaking to many of you in the coming days and weeks.

我們期待在未來幾天和幾週內與你們中的許多人交談。

Thank you for your interest in Home Bancorp.

感謝您對 Home Bancorp 的關注。

Hope you have a wonderful day.

希望你有個美好的一天。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。