Home Bancorp Inc (HBCP) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Home Bancorp's first-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

女士們、先生們，早安，歡迎參加 Home Bancorp 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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. Please go ahead, Mr. Kirkley.

現在，我想將會議交給 Home Bancorp 的董事長、總裁兼執行長 John Bordelon 和財務長 David Kirkley。請繼續，柯克利先生。

Thank you, Anna. Good morning, and welcome to Home Bank's first-quarter 2025 earnings call. Our earnings release and investor presentation are available on our website. I'd ask that everyone please refer to the disclaimer regarding forward-looking statements in the investor presentation and our SEC filings.

謝謝你，安娜。早安，歡迎參加 Home Bank 2025 年第一季財報電話會議。我們的收益報告和投資者介紹可在我們的網站上查閱。我希望大家參閱投資者介紹和我們向美國證券交易委員會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. John?

現在我將把時間交給約翰，讓他對第一季發表一些評論。約翰？

Thanks, David. Good morning, and thank you for joining our earnings call today. We appreciate your interest in Home Bank as we discuss our results, expectations for the future, and our approach to creating long-term shareholder value.

謝謝，大衛。早安，感謝您參加我們今天的收益電話會議。我們感謝您對 Home Bank 的關注，我們將討論我們的業績、對未來的期望以及創造長期股東價值的方法。

Yesterday afternoon, we reported first-quarter net income of $11 million or $1.37 per share, which was a healthy 13% increase from the fourth quarter and a 20% increase from a year ago. Net interest margin expanded for the fourth consecutive quarter to 3.91%, and our return on assets increased by 17 basis points to 1.29%.

昨天下午，我們報告第一季淨收入為 1,100 萬美元，即每股 1.37 美元，比第四季度增長 13%，比去年同期增長 20%。淨利差連續第四季度擴大至3.91%，資產報酬率上升17個基點至1.29%。

First-quarter margin expansion was driven by a 13 basis points decline in the cost of interest-bearing liabilities, stable yields on interest-earning assets and loan growth. Loans grew by $29.1 million in the first quarter or about 4% annualized, and we've continued to see good growth so far in April. There have been a lot of headlines recently concerning the economy and tariffs that may change the direction of the economy quickly. But for now, we're sticking with our guidance of 4% to 6% loan growth in 2025.

第一季利潤率的擴大得益於計息負債成本下降 13 個基點、生息資產收益率穩定以及貸款成長。第一季貸款成長了 2,910 萬美元，年化成長率約為 4%，四月迄今為止，我們繼續看到良好的成長勢頭。最近有很多有關經濟和關稅的頭條新聞，這些新聞可能會迅速改變經濟的方向。但目前，我們仍堅持 2025 年貸款成長率 4% 至 6% 的指導方針。

Deposits increased in the first quarter at a 7% annualized rate due to seasonal inflows of public funds and continued effort on our part to fund our loan growth with core deposits. Noninterest-bearing deposits increased $21.9 million, which equated to 27% of total deposits at the end of the quarter.

由於公共資金的季節性流入以及我們繼續努力利用核心存款為貸款成長提供資金，第一季存款以 7% 的年率成長。無息存款增加了 2,190 萬美元，相當於本季末總存款的 27%。

CDs also increased, and we've had good success using our CD product to attract and retain customer deposits since the end of the pandemic. At 27% of total deposits, CDs are a larger percentage of funding than we are used to seeing, but we expect that percentage to decline as rates eventually fall.

CD 也有所增加，自疫情結束以來，我們利用 CD 產品吸引和留住客戶存款取得了良好的成功。存單佔總存款的 27%，這一融資比例比我們通常看到的要大，但我們預計，隨著利率最終下降，這一比例將會下降。

We continue to optimize our Houston market, which has been a tremendous success since we acquired it three years ago. We have a strong team in place and believe there are opportunities to upgrade and expand our physical footprint that will drive even more business. In 2024, we opened an LPO and hired a commercial team for Northwest Houston. And just recently, we purchased a full-service branch building in that vicinity that we are renovating and hope to move into by the end of the year.

我們繼續優化休士頓市場，自三年前收購以來，該市場取得了巨大的成功。我們擁有一支強大的團隊，並相信有機會升級和擴大我們的實體足跡，從而推動更多的業務。2024年，我們為西北休士頓開設了LPO並聘請了商業團隊。就在最近，我們在附近買了一棟全方位服務的分行大樓，目前正在裝修，希望在今年年底前搬進去。

The entire Executive team recently completed visits to every branch in every market where we had the opportunity to talk to employees and customers. Each market would then host a Cajun-style crawfish boil with the executives serving the employees. These boils included delicious crawfish with all the fix-ins: music, games, raffles and comradery with all of our employees.

整個執行團隊最近完成了對每個市場的每個分支機構的訪問，我們有機會與員工和客戶交談。每個市場都會舉辦卡真風格的小龍蝦盛宴，由管理人員為員工提供服務。這些聚會包括美味的小龍蝦以及各種附加活動：音樂、遊戲、抽獎以及與所有員工的友誼。

These visits have long been a tradition at Home Bank, where we believe in the concept of servant leadership. They started back when we were small enough that everyone knew each other and felt like they were part of a family. As we've grown, we found that these gatherings are a great way to maintain that family culture and generate enthusiasm.

這些訪問早已成為 Home Bank 的傳統，我們堅信僕人式領導的理念。當我們還很小的時候，他們就開始了，那時每個人都互相認識，感覺就像一個家庭的一部分。隨著我們的成長，我們發現這些聚會是維持家庭文化和激發熱情的好方法。

The time in the branches gives management an opportunity to answer questions from frontline staff and meet customers both big and small. Our employees that have worked elsewhere are amazed that the Executive team would spend this quality time with all our employees.

在分行的時間讓管理階層有機會回答第一線員工的問題並會見大大小小的客戶。我們在其他地方工作過的員工都對執行團隊願意與我們所有員工共度如此美好的時光感到驚訝。

As I've said for the last few quarters and despite the recent headlines and volatility in market, we feel very good about Home Bank's outlook and our ability to continue to outperform. We've been doing this for a long time, and we have a strong track record of performing above our peers in all kinds of economic environments.

正如我在過去幾個季度所說的那樣，儘管最近市場頭條新聞和波動不斷，但我們對 Home Bank 的前景和我們繼續表現優異的能力感到非常樂觀。我們這樣做已經很長時間了，並且在各種經濟環境下都擁有超越同行的出色業績記錄。

We continue to focus on customer service, expanding relationships with new and existing customers, and maintaining our solid credit culture. This focus helped us to maintain strong performance through COVID and the rapid increase in rates. We remain confident in our outlook and think that the NIM and earnings will continue to expand in 2025, even without any rate cuts.

我們持續注重客戶服務，擴大與新舊客戶的關係，並維持我們堅實的信用文化。這種專注幫助我們在 COVID 和利率快速上漲的情況下保持了強勁的業績。我們對我們的前景仍然充滿信心，並認為即使不降息，淨利差和收益在 2025 年仍將繼續擴大。

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

說完這些，我將把話題交還給我們的財務長戴維 (David)。

Thanks, John. Slide 5 in our investor presentation has a summary of the last six quarters and show how strong Home Bank's recent performance has been. Over that period, we maintained a NIM that never dropped below 3.64% and reached 3.91% in Q1, up 9 basis points from Q4 and an ROA that bottomed out at 97 basis points, but quickly recovered and is now 1.29%.

謝謝，約翰。我們的投資者簡報中的第 5 張投影片總結了過去六個季度的情況，並展示了 Home Bank 近期的強勁表現。在此期間，我們的淨利差 (NIM) 從未低於 3.64%，並於第一季達到 3.91%，較第四季上升 9 個基點；資產回報率 (ROA) 最低達到 97 個基點，但很快回升，目前為 1.29%。

Slide 7 shows even a longer history back to 2020, but the results are similar. We maintained a core pre-provision ROA that has always been above 1% and was 1.32% in the first quarter. Core return on average tangible common equity has always been above 10% and was 14.3% in the first quarter. And our focus on expenses has helped us maintain a core efficiency ratio between 60% and 65%, which declined to 60% in Q1. As John said, we think that we can continue to deliver improving performance from here even without any Fed rate cuts.

幻燈片 7 顯示了 2020 年的更長的歷史，但結果相似。我們的核心撥備前資產報酬率始終維持在1%以上，第一季為1.32%。平均有形普通股核心報酬率一直在10%以上，第一季為14.3%。我們對費用的關注幫助我們將核心效率率維持在 60% 至 65% 之間，而第一季則下降至 60%。正如約翰所說，我們認為即使聯準會不降息，我們也能繼續保持良好的業績。

Net interest income was stable at $31.7 million in the first quarter compared to $31.6 million in the fourth quarter, but we expect it to increase from here due to continued loan growth, increasing asset yields, and moderating funding costs. We expect loans to grow at 4% to 6% annually and asset yields to continue to increase as new originations drive average loan yields higher and lower-yielding securities mature. New loan originations in Q1 had a blended contractual rate of 7.4% compared to the 6.43% yield on our existing portfolio.

第一季淨利息收入穩定在 3,170 萬美元，而第四季為 3,160 萬美元，但我們預計，由於貸款持續成長、資產收益率上升以及融資成本下降，淨利息收入將會增加。我們預計貸款年增率將達到 4% 至 6%，隨著新貸款發放推高平均貸款收益率以及低收益率證券到期，資產收益率將持續上升。第一季新貸款發放的混合合約利率為 7.4%，而我們現有投資組合的收益率為 6.43%。

Slide 14 provides additional details on cash flows from our loan and investment securities portfolio. Almost half of our investment portfolio is projected to be paid off over the next three years with a roll-off yield of 2.68%.

投影片 14 提供了有關我們的貸款和投資證券組合現金流的更多詳細資訊。預計我們投資組合中的近一半將在未來三年內償還，收益率為 2.68%。

Slide 15 and 16 of our investor presentation provides some additional detail on credit, which remains very strong. We had $32,000 in net charge-offs in the quarter, which was less than 1 basis point annualized after recording just 4 basis points of net charge-offs in 2024. First-quarter nonperforming assets increased $5.9 million to $21.5 million or 62 basis points of total assets. This increase was primarily due to the downgrade of two relationships that were previously categorized as substandard.

我們的投資者簡報的第 15 和 16 張幻燈片提供了有關信貸的更多細節，信貸仍然非常強勁。本季我們的淨沖銷金額為 32,000 美元，以年率計算不到 1 個基點，而 2024 年我們僅記錄了 4 個基點的淨沖銷金額。第一季不良資產增加了 590 萬美元，達到 2,150 萬美元，佔總資產的 62 個基點。這一增長主要是由於先前被歸類為不合格的兩家關係的等級被降級所致。

We feel that we have sufficient collateral on these loans, and we do not anticipate any material principal losses as we work to resolve them by the end of the year. Total criticized loans at quarter end were $37.2 million or 1.36% of loans, up slightly from 1.35% in the fourth quarter. Our allowance for loan loss ratio was stable from the fourth quarter at 1.21%.

我們認為這些貸款有足夠的抵押品，而且我們預計不會有任何重大本金損失，因為我們將在年底前解決這些問題。本季末，受批評的貸款總額為 3,720 萬美元，佔貸款總額的 1.36%，略高於第四季的 1.35%。我們的貸款損失準備金率與第四季相比保持穩定，為 1.21%。

Cost of interest-bearing deposits declined 15 basis points in Q1, driven largely by a 33 basis points reduction in the cost of CDs. Over the past two quarters, we lowered the cost of CDs by 59 basis points as we shortened the duration of our portfolio. While we've had good success reducing cost and retaining customer deposits, absent further rate cuts, we expect the pace of rate reductions to moderate in the coming quarters. With 62% of our CD portfolio maturing in the next six months, we have the ability to adjust quickly to market conditions.

第一季計息存款成本下降了 15 個基點，主要原因是存單成本下降了 33 個基點。在過去兩個季度中，我們縮短了投資組合的期限，從而將存單成本降低了 59 個基點。雖然我們在降低成本和保留客戶存款方面取得了很大成功，但如果不進一步降息，我們預計未來幾季降息步伐將會放緩。我們的 62% 的 CD 投資組合將在未來六個月內到期，因此我們有能力根據市場情況進行快速調整。

Non-maturity interest-bearing deposits make up 46% of total deposits and cost 1.68% in Q1, down 5 basis points quarter over quarter. Noninterest-bearing deposits, a strength of our balance sheet, increased $22 million in Q1 and comprised 27% of total deposits. As a result of our deposit mix and pricing strategy, the cost of total deposits in Q1 was 1.85%.

一季無到期計息存款佔存款總額的46%，成本為1.68%，季減5個基點。無息存款是我們資產負債表的一大優勢，第一季增加了 2,200 萬美元，佔總存款的 27%。由於我們的存款組合和定價策略，第一季的總存款成本為 1.85%。

Slide 21 provides our funding betas. So far in this down rate cycle, we've seen a 27% beta on interest-bearing deposits. While this beta may be lower than peers, it still supports expanding NIM and is due in part to the fact that our cost of interest-bearing deposits peaked at only 2.78%, which has been lower than our peers.

投影片 21 提供了我們的資金測試版。到目前為止，在本次降息週期中，我們已經看到計息存款的貝塔係數為 27%。雖然這一貝塔係數可能低於同行，但它仍然支持擴大淨息差，部分原因是我們的計息存款成本高峰僅為 2.78%，低於同行。

Yields on earning assets increased 2 basis points in Q1 due to a $59 million increase in average loans. Loan yields have been stable the last three quarters at 6.43% despite the 100 basis points of rate cuts by the Fed. Our loan portfolio is 59% fixed, which slowed asset yield increases when rates were rising, but now provides yield protection from further rate cuts and supports an expanding NIM.

由於平均貸款增加 5,900 萬美元，第一季生息資產收益率增加了 2 個基點。儘管聯準會降息 100 個基點，但過去三個季度貸款收益率一直穩定在 6.43%。我們的貸款組合有 59% 是固定的，這在利率上升時減緩了資產收益率的增長，但現在卻能提供收益率保護，免受進一步降息的影響，並支持擴大淨息差。

Slide 22 of the presentation has some additional details on non-interest income and expenses. First-quarter non-interest income was $4 million, an increase of $400,000 compared to the prior quarter. We recognized a gain of $310,000 in Q1 on the sale of SBA loans, a 100% increase from the prior quarter. We expect noninterest income to be between $3.6 million and $3.8 million over the next two quarters.

簡報的第 22 張投影片包含有關非利息收入和支出的一些更多詳細資訊。第一季非利息收入為400萬美元，較上一季增加40萬美元。我們在第一季出售 SBA 貸款時獲得了 31 萬美元的收益，比上一季成長了 100%。我們預計未來兩季的非利息收入將在 360 萬美元至 380 萬美元之間。

Non-interest expense decreased by $776,000 to $21.6 million and was driven by a $660,000 decline in comp and benefits and no provision for unfunded commitments. The decline in compensation was related to seasonality and payroll cycles. We still expect non-interest expenses to increase by 3.5% in 2025 as raises come into effect starting in Q2 and technology-related expenses increase. Non-interest expense is expected to be between $22.5 million and $23 million per quarter for the remainder of the year.

非利息支出減少了 776,000 美元，至 2,160 萬美元，原因是薪酬和福利減少了 660,000 美元，並且沒有為未撥付的承諾計提準備金。薪資下降與季節性和工資週期有關。由於升息從第二季開始生效且技術相關支出增加，我們仍預期 2025 年非利息支出將增加 3.5%。預計今年剩餘時間每季非利息支出將在 2,250 萬美元至 2,300 萬美元之間。

We took advantage of recent share price volatility to repurchase 297,000 shares through April 17 at an average price of $43.82 per share. We have about 14,500 shares remaining in our existing buyback plan. And yesterday, our Board approved a new 400,000 share repurchase plan. We plan to remain active if the volatility continues as we are confident that our intrinsic value is well above recent market prices.

我們利用近期股價波動，截至 4 月 17 日以每股 43.82 美元的平均價格回購了 297,000 股。我們現有的回購計畫中還剩餘約 14,500 股。昨天，我們的董事會批准了一項新的 40 萬股股票回購計畫。如果波動持續，我們計劃繼續保持活躍，因為我們相信我們的內在價值遠高於近期市場價格。

Slide 23 and 24 summarize the impact our capital management strategy has had on Home Bank. Since 2019, we grew tangible book value per share at a 7.7% annualized growth rate while growing tangible book value per share adjusted for AOCI at a rate of 9.3%.

投影片 23 和 24 總結了我們的資本管理策略對 Home Bank 的影響。自 2019 年以來，我們的每股有形帳面價值以 7.7% 的年增長率成長，而經 AOCI 調整後的每股有形帳面價值以 9.3% 的速度成長。

Over that same period, we also increased annual EPS at an 8.9% growth rate. We've increased our dividends per share by 21% and repurchased 16% of our shares. And we've done this while maintaining robust capital ratios. This positions us to be successful in varying economic environments and to take advantage of any opportunities as they arise.

在同一時期，我們的年度每股收益也以 8.9% 的成長率成長。我們將每股股息提高了 21%，並回購了 16% 的股票。我們在維持強勁資本比率的同時做到了這一點。這使我們能夠在不同的經濟環境中取得成功並抓住出現的任何機會。

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

接線員，請開通問答專線。

(Operator Instructions) Joe Yanchunis, Raymond James.

（操作員指示）Joe Yanchunis，Raymond James。

So I was hoping you could touch a bit more on the go-forward margin expectation after the improvement in the first quarter. And then, can you share what the NIM was for the month of March and how you expect the NIM to behave with a 25 basis points rate cut?

因此，我希望您能在第一季改善之後進一步談及未來利潤率預期。然後，您能否分享一下 NIM 在 3 月的情況，以及您預計在降息 25 個基點後 NIM 的表現如何？

All right. Well, let's piecemeal that real quick. I think what we're going to see if Fed doesn't do any cuts, I think we'll see a slowdown in second quarter of our deposit costs. Basically, the CDs are -- we're pricing those pretty high to be able to stay up with our funding needs. So I don't see as much drop in the margin from the deposit side in the second quarter as we have seen in the first quarter.

好的。好吧，讓我們快速地逐一分析一下。我認為，如果聯準會不採取任何降息措施，我們將看到第二季存款成本放緩。基本上，這些 CD 的定價相當高，以便能夠滿足我們的資金需求。因此，我認為第二季存款利潤率的下降幅度不會像第一季那麼大。

That will continue on probably becoming almost no changes unless Fed does cut. Typically, when Fed does cut, we don't get the full cut in reduction. We've gotten a percentage of that cut. David, what would you say, about 20 basis points out of the 25? 18 to 20 basis points out of the 25.

除非聯準會降息，否則這種情況將繼續下去，可能幾乎沒有變化。通常，當聯準會降息時，我們不會得到全部的降息。我們已經獲得了一定比例的減幅。大衛，您覺得在 25 個基點中大約是 20 個基點嗎？25 個基點中的 18 至 20 個基點。

But where we're going to continue to grow the NIM would be on the loan side as we continue to reprice whilst lower rates than what we saw in 2024, still higher than what we have in the portfolio today. So that's going to be the driving force throughout the rest of the year.

但是，我們將繼續成長 NIM 的地方將是貸款方面，因為我們將繼續重新定價，同時利率低於 2024 年的水平，但仍高於我們今天的投資組合。所以這將成為今年剩餘時間的驅動力。

Yeah, Joe, we have the opportunity to reprice a good bit of loan and investment securities cash flow. And as we mentioned, new loan originations are coming in around -- contractual rate of around 7.4%. So we still see a couple of basis points uptick per quarter in contractual loan yields given no rate cuts. So I think, as John said, you're not going to see as much contraction on liability costs, but you're going to see growth in earning asset yields.

是的，喬，我們有機會重新定價大量貸款和投資證券的現金流。正如我們所提到的，新貸款發放量約為——合約利率約為 7.4%。因此，在沒有降息的情況下，我們仍然看到合約貸款收益率每季上升幾個基點。因此我認為，正如約翰所說，你不會看到負債成本大幅收縮，但你會看到獲利資產收益率的成長。

To answer your second question about March, March NIM was about 3.95%. The third part of your question, a 25-basis points rate reduction. We've seen what happened to our loan yields. I forgot what slide it is. We have a chart with our loan yields being stable at 6.43%. And that's in part due to a little bit lower concentration of adjustable rate loans. So whenever there's a 25-basis points rate cut, that's about a 3 basis points decline in loan yield, which is really offset by new loan originations.

回答您關於三月的第二個問題，三月的 NIM 約為 3.95%。你問題的第三部分，降息25個基點。我們已經看到了貸款收益率的變化。我忘了那是什麼幻燈片。我們有一張圖表，顯示我們的貸款收益率穩定在 6.43%。部分原因是可調利率貸款的集中度較低。因此，每當利率下調 25 個基點時，貸款收益率就會下降約 3 個基點，而這實際上會被新貸款發放所抵消。

And then you also see they have about $135 million on average with overnight advances from the FHLB, which reprice automatically. And then we also have a very short concentration of a CD portfolio, duration of our CDs, which we have the ability to reprice very quickly as well as we've seen in the last couple of quarters. So even in a 25-basis points rate cut, I would anticipate stable to a slightly increasing NIM.

然後你還會看到，他們平均擁有來自聯邦住房銀行的隔夜預付款約 1.35 億美元，這些預付款會自動重新定價。然後，我們的 CD 投資組合的集中度也非常低，我們的 CD 期限非常短，我們能夠非常快速地重新定價，就像我們在過去幾個季度看到的那樣。因此，即使降息 25 個基點，我預計淨利差仍將保持穩定或略有上升。

That was very thorough. I appreciate it. And then kind of switching over to credit. Can you discuss the two loan relationships that moved to nonaccrual in the quarter? What sectors, what geographies were they in?

那非常徹底。我很感激。然後轉向信用。您能討論一下本季轉為不計息的兩筆貸款關係嗎？他們來自哪些行業、哪些地區？

And then I also understand there's a lot of unknowns at the moment with respect to the potential tariffs and trade war. But it would be helpful to get a sense for what parts of the book you're paying a little closer attention to (multiple speakers) outside exposure.

我還了解到，目前在潛在的關稅和貿易戰方面存在著許多未知因素。但是，了解你對書中哪些部分更關注（多位發言者）外部曝光會很有幫助。

These credits have been problematic for some time. One of the credits is in Mississippi, and it is basically a development of condominiums to be sold. They've sold three condominiums in the early part of 2024, and have not really sold any since then. The peak time to sell those is right now, spring and summer. And so we're giving them until, I think, the end of May. And we'll re-evaluate to see what's going on.

這些信貸一段時間以來一直存在問題。其中一個項目位於密西西比州，基本上是開發待售的公寓。他們在 2024 年初售出了三套公寓，但從那時起就再也沒有售出任何一套。銷售這些產品的黃金時間是現在，春季和夏季。所以我想我們會給他們截止到五月底的時間。我們將重新評估以了解發生了什麼。

We may start foreclosure, may ask for a dash on the property, whatever. We believe there's equity in the property, but we also believe that the owner is asking too high a price for the property. But that being said, even if we cut the price significantly, the cost that we have, we still should be able to recoup all of that.

我們可能會開始取消抵押品贖回權，可能會要求扣押該財產，無論如何。我們相信該房產具有權益，但我們也認為業主對該房產的要價過高。但話雖如此，即使我們大幅降低價格，我們仍然應該能夠收回所有成本。

The other credit was it's a hotel that's undergoing renovations in the Houston market. And the promises are there that we're going to read you all the rooms and obviously have a higher occupancy once that happens. We've asked them for a paydown based upon the cash flow that they've had in the last six months, and they're wanting to take the other route of putting their money into the building to make sure that they can increase revenue and make full payment to us.

另一個優點是，這是一家正在休士頓市場進行裝修的飯店。我們承諾會將所有房間都讀給您聽，一旦讀完，入住率肯定會更高。我們已要求他們根據過去六個月的現金流支付首付，而他們希望採取另一種方式將資金投入到建設中，以確保他們能夠增加收入並全額支付給我們。

So we'll see how that goes. The property is in a relatively good location. So we would, I think, do well, especially if oil and gas comes back to the Texas area, this hotel would do very well should that happen.

我們將拭目以待。該物業位於一個相對較好的位置。所以我認為我們會做得很好，特別是如果石油和天然氣重返德克薩斯地區，那麼這家酒店的表現會非常好。

(Operator Instructions) Chris Marinac, Janney Montgomery.

（操作員指示）克里斯·馬裡納克、詹妮·蒙哥馬利。

I wanted to go back to the office portfolio and just get a sense, John or David, about anything anecdotal in terms of the maturities that you've had there, kind of how those have been either reset or paid off, et cetera. I know that you've got a longer book. I think it was 7.5 years disclosed for that. I just was curious on kind of what you've seen on any maturities that have happened recently.

我想回到辦公室投資組合，只是想了解一下，約翰或大衛，關於你們在那裡所持有的到期債券的任何軼事，例如這些債券是如何重置或償還的，等等。我知道你有一本更長的書。我認為披露此資訊的時間是 7.5 年。我只是好奇您對最近到期的任何債券有何看法。

We've not seen any changes. Actually, a lot of the ones that have matured have renewed, not a lot of movement there. We don't have what a lot of people may be have in bigger cities or the high rises and things of that nature.

我們沒有看到任何變化。實際上，許多已經成熟的企業都已經恢復了活力，並沒有太多動靜。我們沒有大城市裡的很多人可能擁有的東西，也沒有高樓大廈之類的東西。

We have two of those in Baton Rouge, but they are -- one is a condo high-rise and the other is 100% occupied by the Louisiana government. So our office portfolio has performed extremely well. As shown on Page 11 of our presentation, I really don't have any criticized assets in that.

我們在巴吞魯日有兩棟這樣的建築，但其中一棟是高層公寓大樓，另一棟 100% 由路易斯安那州政府佔用。因此，我們的辦公室投資組合表現非常出色。正如我們簡報的第 11 頁所示，我確實沒有任何值得批評的資產。

Okay. Great. Thank you for that additional background. And then you mentioned about the higher CD pricing. So just to clarify, is that going to change this quarter? I'm just trying to take the pricing out from the Fed decision, whether they do or don't cut. I mean, will you still keep those rates somewhat elevated?

好的。偉大的。感謝您提供的額外背景資訊。然後您提到了更高的 CD 定價。所以需要澄清的是，本季情況會改變嗎？我只是想從聯準會的決定中剔除定價因素，無論他們是否降息。我的意思是，你還會維持這些利率略高嗎？

I think they're going to remain a little bit elevated but below our overnight funding cost. We have the opportunity to reduce marginally our rates, we believe, but there will most likely remain a slightly elevated. And cost of CDs will remain -- will come down incrementally over the next quarter, but not very materially.

我認為它們將保持略高水平，但低於我們的隔夜融資成本。我們相信，我們有機會略微降低利率，但利率很可能會保持略高水準。而 CD 的成本將保持不變——在下一季將逐步下降，但幅度不會很大。

Okay. And then in general, do you plan to see the loan-to-deposit ratio come down over time? I mean it's been fairly consistent. I'm just curious if you look at the next year or two if you think that's going to change much from here.

好的。那麼總體而言，您是否希望看到貸存比隨著時間的推移而下降？我的意思是它一直相當一致。我只是好奇，如果你展望未來一兩年，你是否認為情況會發生很大變化。

It's been a really weird cycle considering everything that's happened with COVID and the higher interest rate that we still have as much loan demand as we do. That's kind of unprecedented in the history of Home Bank. Usually, when higher rates come up, the loan demand slows. I think the general population thinks that rates were going to go up and come back down quicker than they did. And so they went ahead with their projects.

考慮到新冠疫情發生的一切以及更高的利率，這是一個非常奇怪的循環，但我們仍然有同樣多的貸款需求。這在 Home Bank 歷史上是前所未有的。通常，當利率上升時，貸款需求就會放緩。我認為，一般民眾認為利率會比實際情況更快地上升和下降。於是他們繼續推進他們的專案。

I'm not sure. But yeah, I think we keep waiting for a slower loan demand and really haven't seen it. So the question of the loan-to-deposit ratio, I think, is going to stay tight until such time as we see lower loan demand in our areas. We're working very hard to attract core deposits, and expansion in our Houston market is going to help us with that.

我不知道。但是的，我認為我們一直在等待貸款需求放緩，但實際上還沒有看到。因此，我認為，貸存比問題將一直很緊張，直到我們所在地區的貸款需求下降為止。我們正在努力吸引核心存款，休士頓市場的擴張將對我們有所幫助。

Stephen Scouten, Piper Sandler.

史蒂芬·斯考頓，派珀·桑德勒。

Curious (technical difficulty) fixed-rate loans. I think you did (technical difficulty) Okay. Can you help me reconcile the -- what looks like asset sensitivity with what in practice sounds like maybe liability sensitivity on rate cuts?

奇怪的（技術難度）固定利率貸款。我認為你做到了（技術難題）好的。您能幫我協調表面上的資產敏感性與實際上聽起來像是降息的負債敏感性嗎？

Yeah. I think one of the issues that we're having is an interpretation of changes in interest sensitivity. So if you look at our slide deck, it shows that we are slightly asset-sensitive. Really, we're projecting in the base case, a rising NIM. And even in a down 100 basis points rate environment, we're seeing a change from that base case down slightly, almost 2%. But still a rising NIM from where we are today. So I just wanted to clarify that point that we still see NIM increasing from where we are today even in a 100 basis points rate environment.

是的。我認為我們面臨的問題之一是對利率敏感度變化的解讀。因此，如果你看一下我們的幻燈片，你會發現我們對資產略微敏感。實際上，我們預測基本情況下 NIM 將會上升。即使在利率下降 100 個基點的環境下，我們也看到與基準情況相比略有下降，接近 2%。但與目前相比，淨利息收益率仍在上升。所以我只是想澄清這一點，即使在 100 個基點的利率環境下，我們仍然看到 NIM 從今天的水平增加。

Our loan portfolio, which is 41% variable, about almost 60% of those loans are adjustable daily with some of the other loans being more annual repricing. So that impacts the sensitivity a little bit. And as we said earlier on our call, our beta is a little bit lower on our deposit repricing than some peers because we're starting at a lower point. So we don't have as much room to come down as quickly as some of our other peers. So all those things combined help explain the difference between our asset sensitivity position.

在我們的貸款組合中，有 41% 是可變的，其中約 60% 的貸款是每日調整的，而其他一些貸款則是每年重新定價的。所以這會對敏感度產生一點影響。正如我們之前在電話會議上所說的那樣，我們的存款重新定價的貝塔係數比一些同行要低一點，因為我們的起點較低。因此，我們不像其他同行那樣擁有那麼快的降價空間。因此，所有這些因素結合起來有助於解釋我們的資產敏感性狀況之間的差異。

Okay. Very helpful. And then I guess, following up on that Slide 21 and all the data you provided, do you think we start to see a catch-up at some point with those betas on the deposit side similar to what we saw on the way up? Or to that last point, because we're at lower rates maybe, do we not see the same improvement on the way back down maybe that we saw on the way up?

好的。非常有幫助。然後我想，根據第 21 張投影片和您提供的所有數據，您是否認為我們會在某個時候開始看到存款方面的那些測試版的追趕，類似於我們在上升過程中看到的情況？或者對於最後一點，因為我們可能處於較低的利率，我們在回落的過程中是否沒有看到與上升過程中相同的改善？

I think it's going to play out over time, and I think it would catch up over time. But as we talked about on our last slide, our loan-to-deposit ratio is a little bit tighter than we'd like it to be. And so it is going to be a little bit slower. But I have no reason to believe that it wouldn't fall into the average of around 35% to 40%.

我認為它會隨著時間的推移而發揮作用，我認為它會隨著時間的推移而趕上。但正如我們在上一張投影片中所提到的，我們的貸存比比我們希望的要緊一些。所以它會慢一點。但我沒有理由相信它不會落入35%到40%左右的平均值。

Okay. Great. And then (technical difficulty)

好的。偉大的。進而（技術難度）

We are losing you.

我們正在失去你。

How aggressive do you think you'll be around the share repurchase?

您認為你們在股票回購方面會採取多大的積極措施？

Probably not as aggressive as we've been in the first quarter here. But when there's opportunity, especially when our stock price drops down to the 42%, 43%, just above tangible book value, it's a no-brainer. So I think marginally, if our stock price continues to go up, that percentage of repurchases will come down significantly.

可能不像我們第一季那樣積極。但當有機會時，特別是當我們的股價跌至略高於有形帳面價值的 42%、43% 時，這是顯而易見的。因此我認為，如果我們的股價繼續上漲，回購比例將會大幅下降。

Yeah. I mean, we really honestly feel comfortable with our capital positions. We feel like they're very strong. And we feel confident in our ability to perform in the next couple of quarters. So given the opportunity we're going to be in the market, hopefully, our share price increases will be less in the market.

是的。我的意思是，我們真的對我們的資本狀況感到滿意。我們覺得他們非常強大。我們對未來幾季的表現充滿信心。因此，考慮到我們進入市場的機會，希望我們的股價漲幅在市場上會較小。

(Operator Instructions) I think there are no more questions. So this concludes our question-and-answer session. I would like to turn the conference over to John for any closing remarks.

（操作員指示）我想沒有其他問題了。我們的問答環節到此結束。我想將會議交給約翰來做結束語。

Once again, thank you all for joining us today. We look forward to speaking to many of you in the coming days and weeks. Hope you have a wonderful day and the remainder of the week. Thank you.

再次感謝大家今天的參加。我們期待在未來幾天和幾週內與你們中的許多人交談。祝您有美好的一天以及本週剩餘的時間。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。