Home BancShares Inc (HOMB) 2024 Q2 法說會逐字稿

Greetings, ladies and gentlemen. Welcome to the Home BancShares Incorporated second-quarter 2024 earnings call. The purpose of this call is to discuss the information and data provided in the quarterly earnings release issued after the market closed yesterday. The company presenters will begin with prepared remarks, then entertain questions.

女士們、先生們，大家好。歡迎參加 Home BancShares Incorporated 2024 年第二季財報電話會議。本次電話會議的目的是討論昨天收盤後發布的季度收益報告中提供的資訊和數據。公司演講者將從準備好的發言開始，然後回答問題。

(Operator Instructions) The company has asked me to remind everyone to refer to their cautionary note regarding forward-looking statements. You will find this note on page 3 of their Form 10-K filed with the SEC in February 2024.

（操作員指示）該公司要求我提醒大家參考他們有關前瞻性陳述的警告說明。您可以在 2024 年 2 月向 SEC 提交的 10-K 表格的第 3 頁上找到此說明。

(Operator Instructions) This conference call is being recorded. (Operator Instructions)

（操作員說明）本次電話會議正在錄音。（操作員說明）

It is now my pleasure to turn the call over to Donna Townsell, Director of Investor Relations.

現在我很高興將電話轉給投資者關係總監唐娜·湯塞爾 (Donna Townsell)。

Thank you. Good afternoon, and welcome to our second quarter conference call. With me for today's discussion is our Chairman, John Allison; Stephen Tipton, Chief Executive Officer of Centennial Bank; Kevin Hester, President and Chief Lending Officer; Bryan Davis, our Chief Financial Officer; Tracy French, Chairman of Centennial Bank; Chris Poulton, President of CCFG; and John Marshall, President of Shore Premier Finance.

謝謝。下午好，歡迎參加我們的第二季電話會議。與我一起參加今天討論的是我們的主席約翰·艾利森 (John Allison)；史蒂芬‧蒂普頓 (Stephen Tipton)，百年銀行執行長； Kevin Hester，總裁兼首席貸款長；布萊恩戴維斯，我們的財務長；法蘭奇（Tracy French），百年銀行董事長；克里斯·波爾頓 (Chris Poulton)，CCFG 總裁；以及 Shore Premier Finance 總裁 John Marshall。

To open our discussion on the quarter today, we will begin with some remarks from our Chairman, John Allison.

為了開始我們今天對本季的討論，我們將從董事長約翰艾利森的一些評論開始。

Thank you, Donna. Welcome to the 18th year as a public company and the 26th year for us as a financial institution. This conference call is number 72 for those of you that have been with us since the beginning years and I still look forward to presenting our quarterly results.

謝謝你，唐娜。歡迎來到我們作為上市公司的第 18 個年頭，以及我們作為金融機構的第 26 年。對於那些從一開始就與我們在一起的人來說，這次電話會議是第 72 次，我仍然期待著介紹我們的季度業績。

I'm certainly more comfortable today than I was June of '06, when we first reported our quarterly numbers. I could not sleep that night. I was so nervous, I had my notes around, but I just had worn them out. We just returned from a two-week trip with Stephens telling our story all over the country.

今天我當然比 06 年 6 月我們第一次報告季度數據時更自在。那天晚上我無法入睡。我很緊張，我的筆記就在身邊，但我只是把它們磨壞了。我們剛結束為期兩週的旅行，史蒂芬斯在全國各地講述了我們的故事。

If you remember those times, not many IPOs were getting done. As a matter of fact, the company scheduled in front of us had pulled out and the one behind us had pulled out. I was laughed at, yelled at, and even called a one trick pony by a Dallas firm.

如果你還記得那個時候，沒有多少首次公開募股能夠完成。事實上，排在我們前面的公司已經退出，我們後面的公司也退出了。我被達拉斯的一家公司嘲笑、吼叫，甚至稱我為「一竅不通的小馬」。

We travelled for two weeks and raised about $50 million, and I was not sure we're going to get it done. One of the best -- one of the investment banking firms that was in our syndicate sold the retail arm and dropped out of the bank space just prior to the offering day. It was a terrible time to bring an IPO. However, we met many wonderful people and some are still major shareholders of our company from $2 billion to $23 billion, and what a ride.

我們旅行了兩週，籌集了大約 5000 萬美元，但我不確定我們能否完成。最好的之一——我們銀團中的一家投資銀行公司在發行日之前出售了零售部門並退出了銀行領域。那是 IPO 的糟糕時機。然而，我們遇到了許多很棒的人，其中一些仍然是我們公司從 20 億美元到 230 億美元的大股東，這真是一段美好的旅程。

So let's go with report. So far, so good for '24. As we said in the first quarter, nice start to '24 and Home's top tier performance continues through the second quarter. Last quarter, I said to improve profitability. We simply need to reduce expenses and increase revenue. Easier said than done.

那我們就來報告吧。到目前為止，24 年一切順利。正如我們在第一季所說，24 年的良好開局，Home 的頂級表現將持續到第二季​​。上個季度，我說要提高獲利能力。我們只需要減少開支並增加收入。說起來容易做起來難。

So here's what happened. On the expense side, we improved our efficiency ratio from 44.43% last quarter to an adjusted ratio of 42.59% for the second quarter of '24. Add to that, a strong profitable loan growth in both first and second quarters allowed us to continue on with what is a great start to '24 in spite of the economic environment.

所以這就是發生的事情。在費用方面，我們將效率比率從上季的 44.43% 提高到 2024 年第二季調整後的 42.59%。除此之外，儘管經濟環境不佳，第一季和第二季的強勁獲利貸款成長使我們能夠繼續保持 24 年的良好開局。

Loans grew in the second quarter by nearly $270 million, while margin was a strong 4.27%, up 14 basis points from the first quarter '24. Non-interest expense for the first quarter '24 was $111,496,000 and the same quarter last year, expenses were $116,282,000.

第二季貸款成長近 2.7 億美元，利潤率高達 4.27%，比 24 年第一季上升 14 個基點。2024 年第一季的非利息支出為 111,496,000 美元，去年同期的非利息支出為 116,282,000 美元。

We made marked improvements of over $5 million after adjusting for and you'll hear this repeated several times today, we had not -- I guess we got another letter of invoice from the Fed for $2,260,000 for an additional payment for the FDIC insurance fund. I think we're done with that now.

調整後我們取得了超過500 萬美元的顯著改善，今天你會聽到這重複了好幾次，我們沒有——我想我們收到了美聯儲的另一封發票，金額為2,260,000 美元，用於額外支付FDIC 保險基金。我想我們現在已經完成了。

After pulling out the FDIC insurance bond of $2,260,000, actual expenses for the quarter was $110,925,000, a slight improvement from the first quarter of $571,000. But from the first quarter, $5.3 million better, that's $20 million a year in savings if we can continue to do that.

在提取 2,260,000 美元的 FDIC 保險債券後，該季度的實際支出為 110,925,000 美元，比第一季的 571,000 美元略有改善。但從第一季開始，增加了 530 萬美元，如果我們能夠繼續這樣做，每年就可以節省 2000 萬美元。

Diluted earnings per share were reported at $101,530,000 or $0.51 a share at sporting an ROA of 1.79. When adjusted for the additional $2.260 million for the FDIC insurance fund, the company actually earned $103,916,000 or $0.52 a share, and that supports an ROA of 1.83.

稀釋每股收益為 101,530,000 美元，即每股 0.51 美元，資產回報率為 1.79。根據 FDIC 保險基金額外的 226 萬美元進行調整後，該公司實際賺取了 103,916,000 美元，即每股 0.52 美元，這支持了 1.83 的 ROA。

Adjusted earnings for the second quarter actually beat the adjusted earnings for the second quarter of '23, a '24 beat '23 of adjusted earnings. I'm pleased with that. Having a balance sheet that supports superior profitability during this high interest rate environment that runs almost side by side with 2023 is very pleasing to our management team with analysts projecting all bank earnings to be down 5% to 10% this year.

第二季的調整後收益實際上超過了 23 年第二季的調整後收益，即 24 年調整後收益超過了 23 年。我對此很滿意。在幾乎與 2023 年同時發生的高利率環境下，資產負債表能夠支持卓越的獲利能力，這讓我們的管理團隊感到非常高興，分析師預計今年所有銀行的獲利將下降 5% 至 10%。

Being able to run a top tier ROI allows Home's management to be able to pull lots of handles for our shareholders, including dividends and stock repurchases. Quarterly dividends of $36 million or annual dividends of $144 million, plus we repurchased 1.4 million for $32.5 million during the second quarter, and we repurchased 1,026,000 for $24 million during the first quarter for a total of $56.5 million and almost 2.5 million shares, it was actually 2,426,000 shares, that's a 1% reduction in shares outstanding in the first six months of the year.

能夠實現最高的投資回報率使 Home 的管理層能夠為我們的股東提供許多幫助，包括股息和股票回購。季度股息3600萬美元或年度股息1.44億美元，加上我們在第二季度以3250萬美元回購了140萬股，在第一季以2400萬美元回購了1,026,000股，總共5650萬美元，近250萬股，這是實際上為 2,426,000 股，即今年前六個月流通股減少了 1%。

As I said, there is an advantage to be able to run a 180 ROI because there's lots of panels that can be pulled to benefit our shareholders. That brings the total outstanding average number of shares for future quarters to below 200 million.

正如我所說，能夠實現 180 的投資回報率是有優勢的，因為有許多面板可以讓我們的股東受益。這使得未來幾季的平均流通股總數降至 2 億股以下。

Over the past several years, we have repurchased many millions of shares and retired the stock and still improve our tangible common equity in the last 12 months by $1.21 a share or 11.1%. We are always try to do what's in the best interest of the shareholders.

在過去的幾年裡，我們回購了數百萬股股票並退役了這些股票，並且在過去 12 個月裡我們的有形普通股仍然增加了每股 1.21 美元或 11.1%。我們始終努力做最符合股東利益的事。

Some Wall Street talk is all regional banks are in trouble and may blow up. I want to assure the investment community that home is not one of those bad banks we're talking about. Due to the mistakes most banks made, many of the banks only way out is to sell. They can't earn their way out, they can't earn enough money to earn their way out of trouble.

華爾街的一些說法是，所有地區性銀行都陷入了困境，可能會破產。我想向投資界保證，房屋不是我們正在談論的那些壞銀行之一。由於大多數銀行所犯的錯誤，許多銀行唯一的出路就是出售。他們無法賺錢擺脫困境，無法賺到足夠的錢來擺脫困境。

So they sell at some reduced price or they bring in additional capital, but the dilution to the shareholders is extremely painful as we've seen in some deals recently where the dilution was as much as 50% shocking. They probably would have been better off to sell to a good bank and ride their bank stock up.

因此，他們以較低的價格出售，或帶來額外的資本，但股東的稀釋是極其痛苦的，正如我們最近在一些交易中看到的那樣，稀釋率高達 50%，令人震驚。他們可能會更好地出售給一家好的銀行並利用他們的銀行股票上漲。

Your Home has a Worcester capital, continues to build month by month and quarter by quarter, having the ability to earn more than $100 million quarterly while maintaining almost $300 million loan loss reserve, couple that with a huge capital account and stable margins, and I now present you Home BancShares.

Your Home 擁有伍斯特資本，持續逐月、逐季成長，有能力每季賺取超過1 億美元，同時維持近3 億美元的貸款損失準備金，再加上龐大的資本帳和穩定的利潤率，我現在向您介紹 Home BancShares。

We truly are a regional bank and many regional banks are in trouble. So it's our goal to separate ourselves from the pack while maintaining a fortress balance sheet and continuing to be a top tier performer while remaining patient because patient capital is smart capital.

我們確實是一家區域性銀行，許多區域性銀行都陷入了困境。因此，我們的目標是讓自己脫穎而出，同時維持堡壘般的資產負債表，繼續成為頂級表現者，同時保持耐心，因為耐心資本是明智資本。

I don't think the bank crisis is over. We've just been kicking the can down the road. Not much has changed for a lot of these banks except more of a sign. They have improved the loan to deposit ratio slightly maybe, by either allowing securities to roll off and our loans to roll off or they chased high priced CDs to improve their loan to deposit ratio.

我認為銀行危機還沒結束。我們只是在路上踢罐頭。對於這些銀行來說，除了更多的標誌之外，沒有太大變化。他們可能透過允許證券展期和我們的貸款展期，或者他們追逐高價CD來提高貸存比，從而略微提高了貸存比。

But either way, the odds of a quick fix is not likely. They may be able to improve their earnings slightly, but not enough to earn themselves out of the problem quick enough. Another dark cloud to me is coming to show up in February and March of '25. That's when the end of the bank saving Fed program called Bank Term Funding Program or BTFP expires, and the problem banks have to pay the money back on the securities that the program allowed the Fed to loan the face value of the securities that was much higher than the amount the market value was.

但無論哪種方式，快速解決問題的可能性都不大。他們或許能夠稍微提高收入，但不足以讓自己夠快地擺脫問題。對我來說，另一片烏雲將在 25 年二月和三月出現。當時，稱為“銀行定期融資計劃”或“BTFP”的銀行儲蓄美聯儲計劃到期，問題銀行必須償還該計劃允許美聯儲貸出的證券的資金，這些證券的面值要高得多。的金額。

How are banks going to make up the shortfall, instead of rates going down, there is a chance that CD rates might go higher. But that would not be positive politically for the Biden administration. Odds are against it. But in reality, it's certainly a possibility. If bank liquidity is in question and a bank has to have liquidity or fail, they'll pay whatever they have to pay for the money. That's exactly what happened to the savings and loans in the 80s.

銀行將如何彌補缺口，存款利率有可能上升，而不是利率下降。但這對拜登政府來說在政治上不會產生正面影響。但可能性不大。但實際上，這肯定是有可能的。如果銀行的流動性出現問題，銀行必須擁有流動性，否則就會倒閉，他們將支付所有必須支付的費用。這正是八十年代儲蓄貸款所發生的情況。

I don't think there's been sufficient time between the inception of the Fed lending program and March '25 when the program ends, that's why I call it kicking the can down the road. Many banks have negative tangible common equity and many have less than 3%. I hope I am wrong, but it could be a bloodbath if the Fed does not extend. Stay tuned.

我認為從美聯儲貸款計劃啟動到 3 月 25 日該計劃結束之間沒有足夠的時間，這就是為什麼我稱之為「暫時擱置」。許多銀行的有形普通股權益為負，許多不足 3%。我希望我是錯的，但如果聯準會不延長期限，那可能會是一場大屠殺。敬請關注。

We are back carefully looking for an acquisition that makes sense for our shareholders. We're also looking into March of '25 because we think there will be opportunities that arise as the BTFP comes to an end. I'm sure one thing that banks will not be able to do, and that is to borrow $100 on something that's worth $50 like securities have turned into.

我們回來仔細尋找對我們股東有意義的收購。我們也關注 25 年 3 月，因為我們認為隨著 BTFP 的結束，將會出現機會。我確信銀行無法做一件事，那就是藉 100 美元購買價值 50 美元的東西，就像證券一樣。

Bingo, that's the problem force the bank to recognize loss on securities. If they have to sell the securities and couple that with not being able to earn themselves out of the problem, this could get very serious and many of them may be interested in talking to good banks.

賓果，這就是迫使銀行承認證券損失的問題。如果他們必須出售證券，並且無法擺脫問題，那麼情況可能會變得非常嚴重，他們中的許多人可能有興趣與優秀的銀行交談。

At Home, we provide safety security for our depositors and customers and shareholders. I just have a couple of additional comments here. It's nice to see the bank stocks running and everybody get a little kick in the bank stocks just got several random things here. We sold our building that house Goldstar trust and Canyon Texas for a nice profit, and the GoldStar team moved into our large Amarillo facility.

在國內，我們為儲戶、客戶和股東提供安全保障。我在這裡還有一些補充意見。很高興看到銀行股運行，每個人都受到銀行股的一點刺激，這裡有一些隨機的事情。我們出售了金星信託和德克薩斯州峽谷的大樓，獲得了可觀的利潤，金星團隊搬進了我們的大型阿馬裡洛工廠。

We also leased an additional 60,000 square feet in our headquarters building here. Your remember, that's a 240,000 square foot to sell was an albatross around our neck. But as GoldStar's moved in and now we've leased 60,000 square feet and maybe you'd have an opportunity to lease more. So it's looks like we're turning to 240,000 square foot albatross into maybe a profit center overtime.

我們還在此處的總部大樓另外租用了 60,000 平方英尺的面積。請記住，出售 240,000 平方英尺的土地對我們來說是一個沉重的負擔。但隨著 GoldStar 搬入，我們現在已經租用了 60,000 平方英尺，也許您有機會租用更多。所以看起來我們正在把 24 萬平方英尺的信天翁變成一個加班的利潤中心。

In conclusion, as I said earlier, the first two quarters were very nice start to '24 with over $200 million in income and revenue of over $500 million and improving earnings per share. That brings 40% -- that means we're bringing 40% at a tick over 40% of the revenue to the after-tax bottom line good Jobs for Everyone.

總之，正如我之前所說，24 年前兩季的營收超過 2 億美元，營收超過 5 億美元，每股盈餘不斷提高。這帶來了 40%——這意味著我們將超過 40% 收入的 40% 帶到稅後底線，為每個人提供良好的就業機會。

I had the privilege of visiting with Arkansas State University, Head Football Coach, Butch Jones, Tracy and I did, and sharing stories with each other about respective businesses and electing with a quote, and I want that, as I've seen come true so often, and let me share it with you. If you lowered your standards, you'll lose the winners. If you raise your standard, you lose loses.

我有幸拜訪了阿肯色州立大學的主橄欖球教練布奇·瓊斯、特雷西和我，彼此分享了有關各自企業的故事，並用報價進行了選舉，我希望這一點成為現實經常這樣，讓我和大家分享一下。如果你降低標準，你就會失去贏家。如果你提高標準，你就輸了。

He had many more quotes of I'll share those over the years, but that one just stuck on with me. Patients strategy, conservative management, unwavering discipline, good efficiency, hard work, smart investments, strong capital, defensive reserve allocation, good asset quality, strong liquidity have led our company to be one of the strongest banks in the nation.

多年來，他還有很多引言我會分享，但那句話一直縈繞在我心頭。耐心的策略、保守的管理、堅定不移的紀律、良好的效率、勤奮的工作、明智的投資、雄厚的資本、防禦性的準備金配置、良好的資產品質、強大的流動性使我們公司成為全國最強的銀行之一。

And as I've said, we've been thrown in the regional bank basket, but all banks are not created equal. We'll continue to try to separate ourselves from the pack and in closing, as I said, there is no place like Home.

正如我所說，我們已被歸類為地區銀行籃子，但並非所有銀行都是平等的。我們將繼續努力使自己與眾不同，最後，正如我所說，沒有一個地方像家一樣。

Thank you, Johnny. Congratulations on a great quarter, and thank you for sharing all that information with us. Our next report today comes from Stephen Tipton.

謝謝你，強尼。恭喜您度過了一個美好的季度，並感謝您與我們分享所有這些資訊。我們今天的下一份報告來自史蒂芬‧蒂普頓。

Thanks, Donna. As Johnny mentioned, Home BancShares and Centennial Bank had another great quarter, highlighted by continued loan and deposit growth and expanding net interest margin and solid expense control. I'll start my comments with the net interest margin, as Johnny has already touched on already.

謝謝，唐娜。正如 Johnny 所提到的，Home BancShares 和 Centennial Bank 迎來了一個出色的季度，突出表現在貸款和存款的持續增長、淨息差的擴大以及穩健的費用控制。我將從淨利差開始我的評論，正如約翰尼已經提到的那樣。

The reported NIM expanded by 14 basis points in Q2 to 4.27%, all while continuing to maintain healthy excess balance, cash balances that we discussed in detail on the first quarter earnings call. Excluding event income noted in the press release, the net interest margin was 4.23% for the quarter, an increase of 12 basis points from Q1 and exited the quarter in June at 4.27%. The yield on loans, excluding event income, improved 15 basis points to 7.49% in Q2 and outpaced the increase in total deposit costs by 10 basis points.

第二季報告的淨利差擴大了 14 個基點，達到 4.27%，同時繼續保持健康的超額餘額，即我們在第一季財報電話會議上詳細討論的現金餘額。不包括新聞稿中提到的事件收入，該季度的淨息差為 4.23%，比第一季增加 12 個基點，6 月該季度的淨息差為 4.27%。第二季度，不包括事件收入的貸款收益率提高了 15 個基點，達到 7.49%，超過總存款成本增加 10 個基點。

During the quarter, total deposit costs increased 5 basis points to 2.27% and exited the quarter at 2.30%. Our bankers have done an extraordinary job managing this interest rate environment and the seemingly endless advertising across our footprint for high-rate CD and money market accounts. The pace of the increase in interest-bearing deposit costs has been cut in half each of the past two quarters.

本季總存款成本上升 5 個基點至 2.27%，本季末為 2.30%。我們的銀行家在管理這種利率環境以及在我們的高利率定期存款和貨幣市場帳戶上看似無窮無盡的廣告方面做得非常出色。過去兩個季度，計息存款成本的成長速度各減半。

We continue to negotiate pricing with core customers as we have been, but are encouraged to see the pace of increases on the deposit side continue to moderate. On asset repricing, we have over $550 million in loans maturing in the second half of this year at a weighted average rate of 5.99%. And over the next 18 months, a little over $2 billion maturing with a weighted average rate of 6.5%.

我們繼續像以前一樣與核心客戶協商定價，但看到存款方面的成長步伐繼續放緩，我們感到鼓舞。在資產重新定價方面，我們有超過 5.5 億美元的貸款將於今年下半年到期，加權平均利率為 5.99%。在接下來的 18 個月內，將有超過 20 億美元到期，加權平均利率為 6.5%。

Switching to liquidity and funding. Deposits continue to be a key focus. Now with three consecutive quarters of deposit growth behind us despite what is typically a seasonally tough quarter with tax payments and municipal outflows. Our presidents and lending staff are analyzing customer balance sheets and mining for additional opportunities on the deposit side.

轉向流動性和融資。存款仍然是關注的焦點。現在，儘管由於納稅和市政資金外流，通常是一個季節性困難的季度，但我們已經連續三個季度實現了存款成長。我們的總裁和貸款人員正在分析客戶的資產負債表，並挖掘存款方面的更多機會。

Total deposits increased $90 million for the quarter. The deposit mix movement was similar to prior quarters as CDs continue to be in focus for the consumer. Non-interest bearing balances continue to be fairly stable and account for 24% of total deposits.

該季度存款總額增加了 9,000 萬美元。存款組合變動與前幾季相似，因為存款證仍然是消費者關注的焦點。無利息餘額持續相當穩定，佔存款總額的24%。

Alternative funding sources remain extremely strong with broker deposits still only comprising 2.2% of total liabilities and the loan-to-deposit ratio still stands well below historical levels at 87% as of June 30.

另類資金來源仍極為強勁，經紀商存款仍僅佔總負債的 2.2%，截至 6 月 30 日，貸存比仍遠低於 87% 的歷史水準。

On the asset side, in period loan balances increased $268 million, highlighted by over $200 million in growth from the community bank regions along with solid growth from CCFG and Shore Premier. On loan originations, we saw volume of $1.19 billion in Q2, with a little less than half of that funded at quarter end.

在資產方面，期內貸款餘額增加了 2.68 億美元，其中社區銀行地區的成長超過 2 億美元，以及 CCFG 和 Shore Premier 的穩健成長。在貸款發放方面，我們看到第二季的貸款額為 11.9 億美元，其中不到一半是在季度末融資的。

Yields on originations remained strong with an average coupon of 9.20% in Q2. Payoff volume was slightly lower from Q1 at a total of $508 million although we expect that to increase in the back half of 2024, particularly from CCFG.

發行收益率依然強勁，第二季平均票息率為 9.20%。支付金額較第一季略有下降，總計 5.08 億美元，但我們預計該支付額在 2024 年下半年將有所增加，尤其是來自 CCFG 的支付額。

Closing with the previously mentioned strength of our company, all capital ratios remain extremely strong with a tangible common equity ratio of 11.23%, a leverage ratio of 12.3% and a total risk-based capital ratio of 18%. Couple that with the reserve coverage of 2% on loans at over 340% coverage on non-performing loans, we are in a strong position to capitalize on future opportunities.

憑藉我們公司先前提到的實力，所有資本比率仍然非常強勁，有形普通股比率為 11.23%，槓桿比率為 12.3%，總風險資本比率為 18%。再加上 2% 的貸款準備金覆蓋率和超過 340% 的不良貸款覆蓋率，我們處於充分利用未來機會的有利位置。

I want to thank all of our Centennial and Happy State bankers for their dedication and efforts in the first half of this year to produce such impressive results.

我要感謝我們所有的 Centennial 和 Happy State 銀行家今年上半年的奉獻和努力，取得瞭如此令人印象深刻的成果。

And with that, Donna, I'll turn it back over to you.

唐娜，我會把它交還給你。

Thank you, Stephen. And now, Kevin Hester will provide some color on the lending portfolio.

謝謝你，史蒂芬。現在，凱文·赫斯特（Kevin Hester）將為貸款組合提供一些資訊。

Thanks, Donna, and good afternoon, everyone. As Johnny mentioned, our ending loan balances grew by nearly $270 million in the second quarter making it the fourth consecutive quarter of loan growth for Home. While loan growth is not the first or even the second most important aspect of our strategy, it is impactful when it occurs, especially when we can string several quarters together like we have recently.

謝謝，唐娜，大家下午好。正如約翰尼所提到的，我們的期末貸款餘額在第二季度增長了近 2.7 億美元，這使得 Home 連續第四個季度實現貸款增長。雖然貸款成長不是我們策略的第一個甚至第二個最重要的方面，但它發生時會產生影響，特別是當我們可以像最近一樣將幾個季度串聯起來時。

Our consistent conservative approach to credit, paired with our forward-looking management during the rising interest rate cycle have combined to facilitate this growth. We also benefit from a large portion of our banking activities occurring in the great economies of Florida and Texas. This was not by accident and is an often-overlooked reason for our success.

我們一貫的保守信貸方針，加上我們在利率上升週期中的前瞻性管理，共同促進了這一增長。我們也受惠於佛羅裡達州和德州兩大經濟體所進行的大部分銀行業務。這並非偶然，而是我們成功的一個經常被忽視的原因。

Asset quality remains a strength for Home as well. Two occurrences are in play here, one continuing and one new. The continuing trend is that the majority of any new asset quality issues are tending to be from the acquired Happy portfolio. This is not totally unexpected given that, as we said before, we knew that their leverage was higher and that they had relatively higher levels of asset quality issues than our legacy portfolio.

資產品質仍然是 Home 的優勢。這裡發生了兩件事，一件仍在繼續，一件是新發生的。持續的趨勢是，大多數新的資產品質問題往往來自於收購的快樂投資組合。這並不完全出乎意料，因為正如我們之前所說，我們知道他們的槓桿率更高，而且與我們的傳統投資組合相比，他們的資產品質問題水平相對較高。

Notably though, we also experienced a significant level of their problem assets identified during early due diligence were resolved before closing. As a current example of this trend, we foreclosed on an incomplete multifamily project north of Dallas in the second quarter, increasing OREO by approximately $11 million.

但值得注意的是，我們也發現，他們在早期盡職調查期間發現的大量問題資產在交割前就已經解決了。作為這一趨勢的當前例子，我們在第二季度取消了達拉斯北部一個未完成的多戶住宅項目的贖回權，使奧利奧增加了約 1100 萬美元。

While poorly underwritten and originated at 80% loan to cost by the leader of the defectors on his way out the door just before acquisition, we still anticipate a reasonable outcome. We are less than 90 days from completion with the original contractor who is also a customer and have two serious LOIs that would result in no worse than a small loss upon achieving the CEO.

儘管承保情況不佳，且叛逃者領導人在收購前離開時以 80% 的貸款成本發放貸款，但我們仍然預計會出現合理的結果。我們距離與原始承包商的完成還有不到90 天的時間，該承包商也是我們的客戶，並且有兩個嚴重的意向書，這將導致在與首席執行官聯繫後造成的損失不亞於小額損失。

This outcome is due to the excellent work of our special assets group and is underlined by the continued growth and strength in the overall DFW metro geography. The new occurrence I mentioned appears to reflect the shift in regulatory tone, which resulted in different outcomes on a small number of previously reviewed relationships compared to the last review cycle. This includes the memory care facilities, which we have discussed in the past, which were placed on non-accrual this quarter, they continue to pay as agreed.

這項成果歸功於我們特殊資產團隊的出色工作，整個 DFW 都會區的持續成長和實力也凸顯了這一成果。我提到的新事件似乎反映了監管基調的轉變，這導致了少數先前審查的關係與上一個審查週期相比出現了不同的結果。這包括我們過去討論過的記憶護理設施，本季度這些設施被列為非應計費用，但他們繼續按約定支付。

And while they are actually showing recent increases in occupancy, this hasn't yet translated to positive cash flow. As for the numbers, NPLs and NPAs increased 3 basis points and 7 basis points, respectively, due to the memory care non-accrual and the addition to OREO, but criticized and classified loans dropped by $68 million.

雖然他們最近的入住率實際上有所增加，但這尚未轉化為正現金流。就數字而言，由於記憶護理非應計和奧利奧的增加，不良貸款和不良貸款分別增加了3個基點和7個基點，但批評和分類貸款減少了6800萬美元。

Early-stage past dues are still low at 0.60%. Overall, even with the noise around the occurrence as noted above, asset quality is strong and not something that keeps me awake at that.

早期階段逾期未付款項仍處於 0.60% 的低水準。總體而言，即使存在如上所述的圍繞該事件的噪音，資產品質仍然強勁，這並沒有讓我保持清醒。

Donna, that's all I have, and I'll turn it back to you.

唐娜，這就是我所擁有的一切，我會把它還給你。

Thank you, Kevin. Johnny, before we go to Q&A, do you have any additional comments?

謝謝你，凱文。約翰尼，在我們進行問答之前，您還有什麼其他意見嗎？

Oh, really don't. It was -- it's been a great first six months this year and very pleased with. I think everybody is pleased congratulations to everybody. Hard work pays off and we'll still continue to work to separate ourselves from the pack. So, with that, if nobody else has a comment, we'll go to Q&A.

哦，真的不。今年的前六個月非常好，我們非常滿意。我想每個人都很高興祝賀每個人。努力是有回報的，我們仍將繼續努力，讓自己脫穎而出。因此，如果沒有其他人發表評論，我們將進行問答。

(Operator Instructions)

（操作員說明）

Stephen Scouten, Piper Sandler.

史蒂芬·斯考頓，派珀·桑德勒。

Yeah, good afternoon, everyone. I guess, I'd love to start with loan growth. Really nice number there, especially in light of what we're seeing for the industry as a whole, which I think is a bit weaker growth this quarter.

是的，大家下午好。我想，我很想從貸款成長開始。這個數字非常好，特別是考慮到我們整個行業的情況，我認為本季的成長有點疲軟。

So just kind of wondering what dynamics kind of led to that? I know Stephen said paydowns were a little lighter this quarter, but have you been able to pick off business from other folks stepping away from the market and getting a little more aggressive or just kind of good blocking and tackling?

所以只是想知道是什麼動力導致了這種情況？我知道史蒂芬說本季的付款要少一些，但是您是否能夠從其他人那裡獲得業務，遠離市場並變得更加積極一點，或者只是進行良好的攔截和攔截？

Hey, Stephen, this is Kevin. So I think it's you saw good production from the community bank footprint. I think that's we talked about that last quarter that we were seeing some really good opportunities in our community bank markets and that I think that translated to some growth that Stephen did mention the lower paydowns.

嘿，史蒂芬，這是凱文。所以我認為你從社區銀行的足跡中看到了良好的產出。我認為我們上個季度談過，我們在社區銀行市場看到了一些非常好的機會，我認為這轉化為一些成長，史蒂芬確實提到了較低的支付。

And I think you're going to see that probably pick up a little bit third quarter, maybe even fourth quarter, particularly for CCFG. But the pipeline has been good it's a little bit lighter right now than it was this time last quarter I think, but still good. We have a lot of opportunities we're talking in our markets with. So there could still be some good things happen that we don't have, particularly on the pipeline today.

我認為你會看到第三季甚至第四季可能會有所回升，特別是對於 CCFG 來說。但管道一直很好，我認為現在比上個季度這個時候要輕一些，但仍然很好。我們在市場上有很多機會。因此，仍然可能會發生一些我們沒有的好事，特別是在今天的管道上。

Okay. Sounds good. And then just kind of thinking around M&A. Like you said there been some capital raises that are seemingly a little hard to understand. Kind of I'm curious why those banks wouldn't sell, maybe Johnny into your commentary there. And for you guys, if the math still doesn't work relative to where you've seen some of these trades go off and kind of how do you think about that transpiring for you all?

好的。聽起來不錯。然後就是圍繞併購進行思考。就像你說的，有些融資似乎有點難懂。我有點好奇為什麼那些銀行不賣，也許約翰尼喜歡你的評論。對你們來說，如果相對於你們所看到的一些交易的情況，數學仍然不起作用，你們如何看待你們所有人所發生的事情？

Well, obviously I can use you on what statement you can't fix stupid. So they run their banks, a lot were in their banks and the ground and now they run them in the ground again. It just -- it makes absolutely no sense to me whatsoever.

好吧，顯然我可以用你來解決你無法修復的愚蠢問題。所以他們經營銀行，很多都在銀行和地下，現在他們又在地下經營。這對我來說毫無意義。

So what I looked at was interested in and made a call started bump that a little bit, but I don't want to get in the game have stayed out of it. I don't understand some of these people's moves they made. They run it in the ground they're the ones that ran in the ground and then they are the ones that run it around again.

因此，我對所看到的內容很感興趣，並撥打了電話，開始有點碰撞，但我不想參與遊戲，所以我一直置身事外。我不明白這些人的一些舉動。他們在地面上運行它，他們是那些在地面上運行的人，然後他們是那些再次運行它的人。

And I said that place, but it's pretty amazing to me. I don't -- what they've done and how they go about it. So they're I mean, good luck to them, I don't know if you dilute your shareholders 40%, 50%, that's a major hit. And to overcome that is shocking.

我說的是那個地方，但它對我來說非常神奇。我不知道他們做了什麼以及他們是如何做到的。所以我的意思是，祝他們好運，我不知道你是否會稀釋你的股東 40%、50%，這會是一個重大打擊。克服這一點是令人震驚的。

So I don't know, -- I really don't have an answer. I don't know -- they've actually give make given up control of their companies to somebody else. If we're going to give up control of this one is going to cost some money to get control of this.

所以我不知道——我真的沒有答案。我不知道——他們實際上已經將公司的控制權交給了其他人。如果我們要放棄對此的控制，就需要花一些錢才能獲得控制權。

So I don't think it was a very broad move. That's why I don't believe that. And I think you're in agreement with me that some of these moves were watching out there amongst the best way to go about it. So I mean, all banks that have certain rise and fall together.

所以我認為這不是一個非常廣泛的措施。這就是為什麼我不相信這一點。我認為你同意我的觀點，其中一些舉措是實現這一目標的最佳方式之一。所以我的意思是，所有有一定興衰的銀行都在一起。

So if they merge with somebody like a Home, then I think they're missing two or three point run, well Home is going to get two, three point run. That's -- it's as broad as it is long and I don't understand why they don't see that.

因此，如果他們與像主場這樣的球隊合併，那麼我認為他們會錯過兩分或三分的跑動，那麼主場將會獲得兩分、三分的跑動。那就是——它既寬又長，我不明白為什麼他們看不到這一點。

If they think -- maybe they think they've got a secret sauce in the room outperform Home in the rest of the top-performing banks in the country. I don't believe we're going to get that done. So I mean, they I won't say it again, but they did manage it in the first time very well and manage the second time.

如果他們認為——也許他們認為他們有一種秘密武器，在全國其他表現最好的銀行中表現優於Home。我不相信我們能完成這件事。所以我的意思是，他們我不會再說一遍，但他們第一次確實做得很好，第二次也做得很好。

Anybody -- Steve, you got a comment, Tracy you can comment on that.

任何人——史蒂夫，你有評論，特雷西你可以對此發表評論。

(multiple speakers)And it just sounds like maybe for you guys M&A more of a potential 25 event, if you see turmoil shakes out first from the BCFP and so forth and in February, March and then see where we go from there. And maybe at that point, we've had some rate cuts and the math a little bit more palatable. Is that the right way to think about it?

（多個發言者）聽起來，對你們來說，併購更像是一個潛在的25 事件，如果你們看到BCFP 等首先出現動盪，然後在2 月、3 月，然後看看我們接下來會發生什麼。也許到那時，我們已經進行了一些降息，並且數學計算變得更容易接受。這是正確的思考方式嗎？

I think that's the way to think about it. I mean we're interested and we're looking a little bit. We're just kicking the tires. What I'm afraid of is being tied up in a deal. We've got Worcester capital. We're making good money and looks like income is improving. So we struggled a little bit last year but we had some had to wind or back in the second quarter of last year.

我認為這就是思考問題的方式。我的意思是我們很感興趣並且正在尋找一些。我們只是在踢輪胎。我害怕的是被交易束縛。我們有伍斯特首都。我們賺了很多錢，而且看起來收入正在改善。因此，我們去年遇到了一些困難，但去年第二季我們不得不扭轉或逆轉。

We had some of our investments really kick in a lot of money, but for income wise, this was one of the best quarters in the corporation's history may be number two, and it might be number one. So and we are on last year's income this time.

我們的一些投資確實賺了很多錢，但就收入而言，這是公司歷史上最好的季度之一，可能是第二，也可能是第一。所以這次我們是去年的收入。

So and I see good things in the daily reports continuing. So we get a daily report and I look at it every day. I like what I'm seeing and I like what's going on out, Kevin has been able his lending team has been able to provide lots of good loans to us over a period of time and continues to do that basically.

因此，我在每日報告中看到了積極的一面。所以我們收到一份每日報告，我每天都會查看它。我喜歡我所看到的，我喜歡正在發生的事情，凱文已經能夠讓他的貸款團隊在一段時間內向我們提供大量優質貸款，並且基本上會繼續這樣做。

We get lots of looks at lots of stuff. And just to -- we're going to have done more but the conservative nature of the company is not good. So we -- I don't want to have my hands tied Steven, in a middle of a deal when real opportunities come up. And I don't mean this disrespectful, but if they run their buy in the ground I'm going to buy their problem and it's going to come on our books.

我們對很多東西進行了很多觀察。我們本來會做得更多，但公司的保守性質並不好。因此，當真正的機會出現時，我不想讓史蒂文在交易過程中受到束縛。我並不是說這是不尊重，但如果他們在地面上購買，我就會購買他們的問題，這將出現在我們的書中。

And how long does that impact Home BancShares before we come out the other side? I guess you can do the marks and we can come out the other side pretty quick. But I just don't want to do anything to damage on Bancshares where we sit right now, making the kind of money we're making and seeing the upside that we see.

在我們走出困境之前，這會影響 Home BancShares 多久？我想你可以做標記，我們很快就能從另一邊出來。但我只是不想做任何事情來損害我們現在所處的銀行股，我們賺著我們正在賺的錢，看到了我們所看到的上行空間。

I think I told you the last year, the Home was sitting in the catbird seat and we really, we're sitting in a better position now than we were the fourth quarter. And I think we're going to be in a better position in the third quarter or second quarter. So it just continues as long as Kevin's team and our retail people control the cost of funds and Kevin brings the loans people in. I think you're going to see the numbers coming from Home.

我想我去年就告訴過你，主場坐在貓鳥座位上，我們真的，我們現在的位置比第四季好。我認為我們在第三季或第二季將處於更好的位置。因此，只要凱文的團隊和我們的零售人員控制資金成本並且凱文為人們帶來貸款，這種情況就會繼續下去。我想你會看到來自家鄉的數字。

Yeah, absolutely. Great quarter, shareholders should be happy. And I'm sure your wife is still happy too.

是的，絕對是。偉大的季度，股東應該感到高興。我相信你的妻子也仍然很高興。

Well, we're going to look -- let me explain something we're going to look at the dividend at the Board meeting Friday, maybe I'm going to hug and kiss when I walk in.

好吧，我們要看看——讓我解釋一下我們將在周五的董事會會議上討論股息的一些事情，也許當我走進來時我會擁抱和親吻。

Thanks guys for the time.

謝謝大家抽出時間。

Thank you.

謝謝。

Brett Rabatin, Hovde Group.

布雷特·拉巴廷 (Brett Rabatin)，Hovde 集團。

Hey, good afternoon, everyone.

嘿，大家下午好。

Hi, Brett.

嗨，布雷特。

I wanted to start with Johnny, I know your goal going into the year was, hey, let's make $100 million a quarter and $400 million on the year and people were valuing whether you could do that or not. Given this quarter, I hate to raise the bar for you, but it feels like with some loan repricing’s in the back half of the year slowing increases in your cost of funds would seem like maybe you might want to tweak that go higher. Any thoughts on full year expectations and maybe how you're thinking about that?

我想從約翰尼開始，我知道你今年的目標是，嘿，讓我們每季賺 1 億美元，全年賺 4 億美元，人們正在評估你是否能做到這一點。鑑於本季度，我不想為您提高標準，但感覺隨著下半年的一些貸款重新定價，資金成本的增長放緩，您似乎可能需要進行調整以提高水平。對全年預期有何想法？

Well, the big key here is $111 million in expenses quarterly, and we've been able to hold that. And I think we can continue to hold that. There are some things we won't be able to control, but so far, so good on that side. I'm very proud of our team and how much expenses we've cut out.

嗯，這裡最關鍵的是季度支出 1.11 億美元，我們已經能夠控制了。我認為我們可以繼續堅持這一點。有些事情我們無法控制，但到目前為止，這方面進展順利。我為我們的團隊以及我們削減的開支感到非常自豪。

And Kevin, you're right, I get it I'm not going to stick my neck out here, but he has -- his team has produced and our retail team is handling our cost of funds and it's flat. One of my directors said the other day he said, I see that spark back in your eye, Johnny and I said, we're back humming again. The company is back humming again.

凱文，你是對的，我明白我不會在這裡冒險，但他已經——他的團隊已經生產了，我們的零售團隊正在處理我們的資金成本，而且它是持平的。我的一位董事有一天說，我看到你眼中又閃現出火花，強尼和我說，我們回來了。公司又恢復了活力。

So, I like to see us Home, and I feel good about that. I feel good about the company, I feel good about what's going on. It's just a matter if we can continue to get the good loans to come in over the third and fourth quarter, like we've been able to do the first and second quarter.

所以，我喜歡看到我們回家，我對此感覺很好。我對公司感覺很好，我對正在發生的事情感覺很好。問題只是我們能否在第三和第四季繼續獲得良好的貸款，就像我們在第一和第二季所做的那樣。

Let me say we're looking at some really good stuff so, I'm optimistic. But I think Chris has about $300 million or so in paydowns coming in this quarter, but he's continuing to wrap business, too, and we're continuing to write business. But it's good to see the legacy footprint step up as strong as it has in the last two quarters.

讓我說，我們正在尋找一些非常好的東西，所以我很樂觀。但我認為克里斯本季的付款大約是 3 億美元左右，但他也在繼續處理業務，我們也繼續處理業務。但很高興看到遺留足跡像過去兩季一樣強勁。

And now Chris, I mean, Crish, Chris he's going to get payoff. He said there's nothing around to get my money. So Chris's attitude and I like he's attitude. I get what you're saying about the increased profitability. I am not going get too crazy out here right now.

現在克里斯，我的意思是，克里什，克里斯他會得到回報。他說周圍沒有什麼可以拿到我的錢的。所以克里斯的態度我喜歡他的態度。我明白你所說的關於增加獲利能力的說法。我現在不會在這裡變得太瘋狂。

But let me tell you one thing, when they told me at the first year, we were going to not make as much money as we did last year. I think you heard me, I said I can't get my arms around that. That's not how Johnny Allison things.

但讓我告訴你一件事，當他們在第一年告訴我時，我們賺的錢不會像去年那麼多。我想你聽到了我的意思，我說過我無法擁抱它。強尼艾利森不是這樣的。

So that I don't think we're going to have less income excuse my expression I call that BS. So and we have as you can see, it was a personal challenge to me, and we've done a great job so from our team has been really performed.

所以我不認為我們的收入會減少，請原諒我的表達，我稱之為廢話。正如你所看到的，這對我來說是一個個人挑戰，我們做得很好，所以我們的團隊確實表現出色。

Yes, definitely. The other thing was just you went through the asset quality stuff guys, and I know the past six months you've kind of been dealing with some cleanup if you want to call it out in the Texas market. Are we essentially kind of through with that and whatever else comes from here would be something you haven't seen yet? Or any color on the Texas cleanup from here? And what might be left to do?

是的，絕對是。另一件事是，你們經歷了資產品質的事情，我知道過去六個月你們一直在處理一些清理工作，如果你想在德州市場上大聲疾呼的話。我們基本上已經完成了這件事，而來自這裡的其他任何東西都是你還沒看到的嗎？或是這裡的德州清理工作有什麼顏色嗎？還可以做什麼？

It is Kevin. I'm not going to say that we're completely through. I think there could one or two things that we're going to continue to deal with it's just tough when you've doubled interest expense or interest rates over a period of time, you got some folks that are just going to struggle to.

是凱文.我不會說我們已經徹底結束了。我認為我們可能會繼續處理一兩件事，當利息支出或利率在一段時間內翻倍時，這很困難，有些人將很難做到。

I don't see anything that I think I went through the scenario that we added this quarter into to be able to work through that and come out with, were they very, very small loss on the situation like that's a pretty good deal. And that's kind of stuff we're working through, it's not big problems, it' is just distractions is things you got to work soon and work out.

我沒有看到任何我認為我經歷過的場景，我們在本季度添加了能夠解決這個問題並得出的結果，他們在這種情況下的損失是否非常非常小，就像這是一筆非常划算的交易。這就是我們正在解決的問題，這不是大問題，只是分散注意力，而是你必須盡快工作並解決的事情。

(multiple speakers) We saw another multifamily project, stick its head up, and we're working on that project, too. We I haven't seen that one, I saw the first one. And I believe you'll be pleased, I believe we're going to be able to work that one out pretty well it's a new construction.

（多個發言者）我們看到了另一個多戶住宅項目，抬起頭來，我們也在致力於該項目。我們沒看過那個，我看過第一個。我相信你會很高興，我相信我們能夠很好地解決這個問題，這是一個新的建築。

The other one was an older apartment unit that was refurbed and I'm not sure about that one. But maybe a loss and may not be a loss in it, but we'll analyze that. That would just kind of came up on us in the last short period of time.

另一套是一套經過翻新的舊公寓，我不確定。但也許是損失，也可能不是損失，但我們會對此進行分析。這只是在過去很短的時間內出現在我們身上的。

So, we were not -- that was not on our radar stream. But it is what it is, and that we do a pretty good job of managing our credits around here and we don't get in a hurry as we didn't get in a hurry on this multifamily unit out of north of Dallas.

所以，我們沒有──那不在我們的雷達流裡。但事實就是如此，我們在管理這裡的信用方面做得非常好，我們並不著急，就像我們不著急購買達拉斯北部的這個多戶住宅一樣。

We just didn't get hurt when they finish it, they finish it. And if we got to keep it and lease it up, we'll do that. We don't -- however, we've got three or four people very interested in that project with virtually no loss. So, I'm pretty optimistic about that.

當他們完成比賽時我們並沒有受傷，他們完成了比賽。如果我們必須保留並出租它，我們就會這麼做。我們沒有——但是，我們有三到四個人對該項目非常感興趣，幾乎沒有損失。所以，我對此非常樂觀。

We take problem credits very onerously around here, and we won't know who made it and why they made the credit and why they made the loan and did they -- is it a danger to our loan loss to service and in fact, the loan loss reserve. So, it is a serious, serious when you get a situation like we find a loan that you've never been made and we found some of those.

我們在這裡非常繁重地處理問題信貸，我們不知道是誰發放的，他們為什麼發放信貸，他們為什麼發放貸款，他們這樣做——這對我們的貸款損失是否構成危險？所以，當你遇到這樣的情況時，這是一個非常非常嚴重的情況，例如我們發現了一筆你從未發放過的貸款，而我們發現了其中的一些。

But we worked through a bunch of them already, and Kevin's team does a great job. So, I don't expect lastly let me say this, he said nothing keeps me up at night at $300 million reserves gives me a good night sleep, so I can promise you that.

但我們已經解決了其中的一些問題，凱文的團隊做得很好。所以，我不希望最後讓我這麼說，他說沒有什麼能讓我徹夜難眠，3億美元的儲備金可以讓我睡個好覺，所以我可以向你保證。

Yeah, I bet. If I could sneak in one last one, just on just back on the loan growth topic, given this quarter and last quarter, just kind of looking at the trends that you mentioned, the payoff is, would it be fair to say that you guys can grow mid-single digit this year. Any color on the pipeline relative to where it was prior to 2Q?

是的，我敢打賭。如果我可以偷偷地講最後一個，就在貸款增長主題上，考慮到本季度和上個季度，只要看看你提到的趨勢，回報就是，公平地說，你們今年可能會增長中個位數。與第二季之前相比，管道上有什麼顏色嗎？

You talking about the rest of the year? Are you asking for the rest of the year?

你說的是今年剩下的時間嗎？你問的是今年剩下的時間嗎？

Right.

正確的。

I think mid-single digits is going to be a little tough with the pay downs that are seeing maybe lower single digits. And it will depend -- it will just depend on originations because I mean we see the pay downs coming. So, it will all depend on what originations come in, they can find.

我認為中個位數將會有點困難，因為支付可能會降低個位數。這將取決於——這將僅取決於起源，因為我的意思是我們看到了回報的到來。因此，這完全取決於他們能找到什麼起源。

A lot of stuff we're doing is construction and so, the thing that's going to get booked in the third quarter is not going to fund until probably first quarter next year is when it will start funding as they work through their equity. So it would depend on some things that fund on the front end.

我們正在做的很多事情都是建築，因此，將在第三季度預訂的事情不會提供資金，直到明年第一季度，當他們透過股權進行工作時，才會開始提供資金。因此，這取決於前端資助的一些事情。

We're working on some stuff that funds pretty quick. Tracy, you want to add.

我們正在研究一些資金很快就能到位的東西。特雷西，你想補充一下。

I was just going to say on the Texas asset quality, a lot of that smaller things. It's a lot of it, but it's small things and most of those, if I look back were on banks that happy state acquired. So, it wasn't a lot of credits that they made. So that part, it just takes a little bit of effort on that.

我只想談談德克薩斯州的資產質量，以及很多較小的事情。其中很多，但都是小事，如果我回頭看，大部分都是快樂國家收購的銀行。因此，他們獲得的積分並不多。所以這部分，只需要付出一點努力就可以了。

And I go back here on the loan growth that still we're seeing good opportunity just still and that's South Florida is really seeing some good opportunities. North Florida and Arkansas staying steady and Central Texas is certainly get some opportunity. I think John and I are going out and made a new customer they brought in just last week on that aspect. My final think to you, Brett was thanks for raising the bar.

我回到這裡關於貸款成長的問題，我們仍然看到很好的機會，南佛羅裡達州確實看到了一些很好的機會。北佛羅裡達州和阿肯色州保持穩定，德克薩斯州中部肯定會獲得一些機會。我想約翰和我要出去認識一個他們上週剛在這方面帶來的新客戶。我最後想對你說的是，布雷特感謝你提高了標準。

I'm happy to do it. Thanks for all the color there.

我很樂意這樣做。感謝那裡的所有顏色。

Jon Arfstrom, RBC.

喬恩‧阿夫斯特羅姆，加拿大皇家銀行。

Thanks. Good afternoon.

謝謝。午安.

Hi John.

嗨約翰。

Can you talk a little bit more about the deposit gathering strategy? You referenced a couple of times the retail bank and their successes, just kind of what's the strategy there and how are you growing deposits?

能多談談存款收集策略嗎？您多次提到零售銀行及其成功，請問那裡的策略是什麼以及您如何增加存款？

Well, actually, we've been run, I'll let Stephen talk about, but let me start out. We've never run a CD ahead. We're going to strength ahead because we're seeing 6% and 550s and 570s, and you can borrow money cheaper that as a bank.

好吧，實際上，我們已經運行了，我會讓史蒂芬談談，但讓我開始吧。我們從來沒有提前運行過 CD。我們將繼續前進，因為我們看到 6%、550 和 570，而且你可以比銀行更便宜地借錢。

So, my point is there's so many of these banks in trouble that they're having to get the money and particularly make it works because when they have to pay back this Fed program in February, March, I don't know where the world is going to get the money because the federal home loan bank is not going to own the $1 on something that's worth $0.50.

所以，我的觀點是，很多銀行都陷入了困境，他們必須拿到錢，特別是讓它發揮作用，因為當他們必須在二月、三月償還美聯儲的這項計劃時，我不知道世界在哪裡會得到這筆錢，因為聯邦住房貸款銀行不會擁有價值 0.50 美元的東西的 1 美元。

So, I'm not sure where that goes. We've just taken a path of taking one customer at a time and the ads that are run by Home BancShares is that we can pay out all uninsured depositors. And I'm very proud of that we're not going to get ourselves in a position that we can't do that.

所以，我不確定那會去哪裡。我們剛剛採取了一次只接待一位客戶的方式，Home BancShares 投放的廣告是我們可以向所有未投保的儲戶付款。我感到非常自豪的是，我們不會讓自己陷入無法做到這一點的境地。

So that makes -- that I think that's extremely important not only we're making a lot of money, but it may be one of the safest financial institutions in the country because of the deposit base that we have. So, our people and on the retail level, know these customers, they're not -- it's not hot money.

因此，我認為這非常重要，不僅我們賺了很多錢，而且由於我們擁有的存款基礎，它可能是全國最安全的金融機構之一。因此，我們的員工和零售層面的人都了解這些客戶，他們不是——這不是遊資。

They know it's Mary’s and Fred's money, and they're talking to them, and they understand and we preach it we're not going to be the highest rate in town. We're not broken so many of these banks are in trouble and they're having to pay up for money.

他們知道這是瑪麗和弗雷德的錢，他們正在與他們交談，他們明白，我們宣揚我們不會成為鎮上利率最高的人。我們還沒破產，所以很多銀行都陷入了困境，他們不得不還錢。

And we're not doing it in, it happens right here in our market, and we're not doing it. They know that their money is safe at Home BancShares. So, they can -- we can pay every uninsured depositor and I think Stephen and Tracy took a path to file back to just one to one.

我們沒有這樣做，它就發生在我們的市場上，我們沒有這樣做。他們知道他們的錢在 Home BancShares 是安全的。所以，他們可以——我們可以向每個沒有保險的儲戶付款，我認為史蒂芬和特雷西採取了一條恢復一對一歸檔的方式。

Yeah, just going to say I mean, it's working existing relationships that we have on the deposit and loan side we had a municipal relationship up in North Arkansas here recently that took some additional deposits and we're actually able to reprice rate down somewhat as well.

是的，我想說的是，它正在發揮我們在存款和貸款方面的現有關係，我們最近在北阿肯色州建立了市政關係，吸收了一些額外的存款，我們實際上能夠將利率重新定價為出色地。

And then we have a an association magazine division that we've had for some time now and visit with our President there over the last couple of weeks, there's -- I think there's path to some pretty significant growth over the next year, year-and-a-half as some of the other bigger banks shy away from some portion of that business.

然後我們有一個協會雜誌部門，我們已經有一段時間了，過去幾週我們的主席拜訪了那裡，我認為明年會有一些相當顯著的增長。某些部分。

So like I mentioned on the loan side, it's just we've got an opportunity as we work through new loan opportunities and let's see borrowers that have liquidity at other institutions to capitalize on that at the time that we're making the loan.

因此，就像我在貸款方面提到的那樣，只是我們在尋找新的貸款機會時有機會，讓我們看到在其他機構擁有流動性的借款人在我們發放貸款時可以利用這一點。

Okay. Good, thank you for that. And yep, I guess it ties a little bit and it does tie into the margin. I guess you had a great margin quarter and I asked you about this last quarter you delivered on it. But how do you feel about margin sustainability and maybe the margin trajectory from here?

好的。好的，謝謝你。是的，我想它有點聯繫，而且確實與邊緣聯繫在一起。我猜你的季度利潤率很高，我問你上個季度的表現如何。但您對利潤可持續性以及未來的利潤軌跡有何看法？

Well, I don't expect margin to go down. They're all crawling of the table here, but I don't expect margin to go down. I expect margins, my thoughts we are expanded a little bit in my opinion. They are falling on the table by the way.

嗯，我預計利潤率不會下降。他們都在這裡爬行，但我不認為利潤率會下降。我期望利潤率，我認為我們的想法有所擴大。順便說一句，它們掉在桌子上了。

And that's just my thought why should it change unless we want to change, right, unless we want to change the rates we're charging unless we decide to make a change. And at some point, in time, we'll do that. We'll -- at some point in time in the future, we'll have a lower rate and we'll go pick up a bunch of business with a prepayment penalty on it.

這只是我的想法，為什麼它應該改變，除非我們想改變，對吧，除非我們想改變我們收取的費率，除非我們決定做出改變。到了某個時候，我們就會這麼做。我們會－在未來的某個時間點，我們會降低利率，並且會接受大量預付款罰款的業務。

That's a thought that we've talked about around. We haven't done it, we haven't made that move. But, at some point in time, we might look at that there won't be a time to do that. But facing what we're facing, Jon, with February, March and the Fed program coming to an end, you have to think about that.

這是我們討論過的想法。我們還沒有做到，我們還沒有採取行動。但是，在某個時間點，我們可能會發現沒有時間這樣做。但面對我們所面臨的情況，喬恩，隨著二月、三月和聯準會計畫即將結束，你必須考慮這一點。

Some of these people, that's why you're seeing [sixes] on some of these CDs out here now or over six because they're trying to get that money in where they can get the money to pay off the Fed and they're just digging a bigger hole. But maybe some of that will come around on the M&A side, and we can make a trade or two so.

其中一些人，這就是為什麼你現在在一些 CD 上看到 [6] 或超過 6 個，因為他們試圖將這些錢放到他們可以得到錢來償還美聯儲的地方，而他們只是挖一個更大的洞。但也許其中一些會在併購方面出現，我們可以進行一兩次交易。

(multiple speakers) All right. Thank you, guys. Appreciate it. Yep, absolutely. Thank you very much.

（多個發言者） 好的。謝謝你們，夥計們。欣賞它。是的，絕對是。非常感謝。

Thank you.

謝謝。

Catherine Mealor, KBW.

凱瑟琳·梅勒，KBW。

Thanks. Good afternoon.

謝謝。午安.

Hi Katherine, welcome.

嗨，凱瑟琳，歡迎。

Thanks. I just had a follow up on the margin question. Just if we look at loan yields, Stephen, you gave some information on fixed rate loan repricing in the back half of the year, but we saw a really big increase in loan yields this quarter.

謝謝。我剛剛對保證金問題進行了跟進。史蒂芬，如果我們看一下貸款收益率，您在今年下半年提供了一些有關固定利率貸款重新定價的信息，但我們看到本季度貸款收益率確實大幅增長。

So with all of that kind of natural there anything kind of onetime within that may have driven that? And what kind of maybe what kind of pace of increase in loan yields would be fair to expect over the next couple of quarters?

那麼，在所有這些自然現像中，是否有某種一次性因素可能推動了這一點？預計未來幾季貸款收益率的成長速度是怎樣的？

We did have, we had one relationship in the quarter that repriced it was probably $175 million or so that we repriced 300 basis points or so, give or take. So that was -- I've kind of been out there for the last year or so that we knew was coming.

我們確實有過，我們在本季度有一個關係，重新定價可能是 1.75 億美元左右，所以我們重新定價了 300 個基點左右，不管怎樣。所以，過去一年左右我一直在外面，我們知道即將到來。

So that provided a little bit of lift this quarter. But yeah, I mean we -- if I look across on a monthly basis, over the last four months or so, we've seen the core loan yield of income up 6 basis points, 7 basis points a month pretty consistently and even into parts of last year, kind of the same thing.

因此，這為本季提供了一點提振。但是，是的，我的意思是，如果我按月查看，在過去四個月左右的時間裡，我們看到核心貸款收入收益率持續上升 6 個基點，每月 7 個基點，甚至持續上升去年的部分時間，也有類似的情況。

So loans that pay off or coming off in a lower yield as the new originations come on, they're either funding out in the future at nine plus give or take. So I think we should continue to, to Johnny's point, I mean I think it's really relative to what happens on the deposit cost side, but I think we can continue to outpace the increases there with the loan yields.

因此，隨著新貸款的出現，償還貸款或以較低收益率償還的貸款，它們要么在未來以九個以上的給予或接受的價格提供資金。因此，我認為我們應該繼續，就約翰尼的觀點而言，我的意思是，我認為這確實與存款成本方面發生的情況有關，但我認為我們可以繼續超過貸款收益率的增長。

Great. And then just on balances for average earning assets, what would be your expectations for I guess would you continue to expect modest rundown in the securities portfolio? And then also on just the liquidity levels, which remain really high.

偉大的。然後就平均收益資產的餘額而言，您的預期是什麼？然後還有流動性水平，流動性水平仍然很高。

I assume -- plan assume plans are to kind of keep that elevated for the rest of this year, until you would say at the BTFP early next year. But just kind of curious on excess liquidity balance?

我認為——計劃假設計劃將在今年剩餘時間內保持較高的水平，直到你在明年初的 BTFP 上說。但只是對過剩的流動性餘額有點好奇？

Yeah, that's the plan today. We're sitting on $900 million-plus in cash or so today. And with the BTFP program in March, we plan to carry this level of cash through to that point to retire it. On the securities portfolio, we've really kind of been in mode of letting it run down some and use this to either fund loans or kind of replace a deposit loss potentially or that we had in the past. There will be a point where for pledging purposes and things we'll need to be mindful of that. But it's probably still it has some room to come in.

是的，這就是今天的計劃。今天我們手頭上有大約 9 億多美元的現金。透過 3 月的 BTFP 計劃，我們計劃將這一水平的現金保留到那時退休。在證券投資組合方面，我們實際上一直在讓它減少一些，並用它來為貸款提供資金，或彌補潛在的或我們過去的存款損失。出於認捐目的和一些事情，我們需要注意這一點。但它可能仍然有一些發揮的空間。

(multiple speakers) But we're looking please. If we see something, Catherine, we'll step up. If we see something that makes some sense for us, we'll buy security. We look at -- I mean we're looking at different securities have bought much.

（多個發言者）但是我們正在尋找。凱瑟琳，如果我們發現什麼情況，我們會挺身而出。如果我們看到一些對我們有意義的東西，我們就會購買安全性。我們看看——我的意思是我們正在看看不同的證券已經買了多少。

So but we looked at one today, I send him one today to look at it. I don't know what the rates are going to come out on citizen group doing a deal, good bank might buy some of that it's the right. I don't know he's looking at it and heard back from me.

所以我們今天看了一個，我今天給他發了一個來看看。我不知道公民團體進行交易的利率是多少，好的銀行可能會購買其中的一些，這是正確的。我不知道他正在看它並收到我的回覆。

Okay, great. But still modest, is there a size or kind of percentage of average earning assets, you wouldn't want that to go below?

好的，太好了。但仍然適度，是否有一個平均盈利資產的規模或百分比，您不希望低於這個水平？

Size or what?

尺寸還是什麼？

Of the bond book.

債券簿上的。

Bond portfolio, I mean right now, we're just planning on letting it kind of run down. We may make some CRA purchases here and there, but pledging.

債券投資組合，我的意思是現在，我們只是計劃讓它減少。我們可能會到處購買一些 CRA 的產品，但必須進行質押。

Yeah, CRA pledging outside that we want run day. Unless I mean, we'll pick one of once in a while, we'll find something gets out of balance and we get good rates on it. We're getting a reset on some of that right now. We had about -- I don't know we got out of balance back a couple of years ago and I think we bought it back $150 million worth of securities [AA and AAA] and it's reset time, so they're going to go down a little bit on us. So some of that, we kept and some of that we went took the cash.

是的，CRA 在外面承諾我們要跑步。除非我的意思是，我們偶爾會選擇其中一個，我們會發現有些東西失去平衡，並且我們會得到很好的價格。我們現在正在重置其中的一些內容。我不知道幾年前我們就失去了平衡，我想我們買回了價值 1.5 億美元的證券 [AA 和 AAA]，現在是重置時間了，所以它們會消失對我們有點失望。因此，其中一些我們保留了，另一些我們拿走了現金。

Okay. It makes sense. Great quarter. Thank you.

好的。這是有道理的。很棒的季度。謝謝。

Thank you. Appreciate it.

謝謝。欣賞它。

Matt Olney, Stephens.

馬特·奧爾尼、史蒂芬斯。

Hi, thanks. Good afternoon. I wanted to follow up on Jon and Catherine's question on the margin. We were kind of walk through the margin into next year and we will see some lower interest rates. I'm curious kind of what you think the banks the reaction would be to lower rates and looking at that sensitivity in the disclosures it looks like the bank is still asset-sensitive, but I know these are just models such kind of looking for some color on what the margin can look like at the Fed were to cut a few times next year? Thanks.

你好，謝謝。午安.我想跟進喬恩和凱瑟琳在邊緣提出的問題。我們已經進入了明年，我們會看到利率下降。我很好奇你認為銀行對降低利率的反應是什麼，看看披露中的敏感性，看起來銀行仍然對資產敏感，但我知道這些只是尋找一些模型如果美聯儲明年降息幾次，幅度會是什麼樣子？謝謝。

Hey, Matt, it's Stephen. Yeah. I think from a modeling standpoint, I think we show down 4%, 5% and a down [100] rate scenario that's what the model shows. I mean the conversations we've had around here just are around how aggressive we can be from a deposit beta standpoint.

嘿，馬特，我是史蒂芬。是的。我認為從建模的角度來看，我認為我們顯示了下降 4%、5% 和下降 [100] 的情況，這就是模型所顯示的情況。我的意思是，我們在這裡進行的對話只是圍繞著從存款測試的角度來看我們可以採取多大的積極性。

We've got call it, $5 billion, give or take in variable rate loans that adjust within a quarter's time, but we've got $11 billion-plus in interest-bearing checking and savings and $1.7 billion in CDs that will reprice over time.

我們有50 億美元，提供或接受在一個季度內調整的浮動利率貸款，但我們有超過110 億美元的計息支票和儲蓄，以及17 億美元的定期存款，這些存款將隨著時間的推移重新定價。

So I think some of that's a function of how aggressive we can get, what happens if the market and how other banks may follow potentially on the deposit pricing out there, what ads and those type of things that we're able to run with.

因此，我認為這在一定程度上取決於我們能有多積極進取，如果市場會發生什麼，其他銀行可能會如何跟進存款定價，我們可以投放哪些廣告和此類內容。

But I was talking about one of our regional presidents this morning, and he was looking at his maturing CD portfolio over the next couple of months and I think he has some room even right now absent any rate increase yet to be able to lower some of those seats as they come through. So I think it predicates a lot on that.

但我今天早上談論的是我們的一位地區總裁，他正在考慮未來幾個月內不斷成熟的 CD 投資組合，我認為即使現在沒有任何加息，他也有一些空間來降低一些利率。時。所以我認為這在很大程度上取決於這一點。

And then we've got a decent size book of index deposits, municipal deposits that are tied to generally tied to the 13 week T bill that will move when it's there's some conviction around interest rates.

然後，我們有一個相當大的指數存款、市政存款，這些存款通常與 13 週的國庫券掛鉤，當人們對利率有一定信心時，這些存款就會改變。

Having said we're going to try to maintain marginal or increase it. Get me a bullwhip, Matt, I'll get bullwhip.

話雖如此，我們將嘗試維持邊際或增加它。給我一根牛鞭，馬特，我會得到牛鞭。

I believe it, I wouldn't add it. I guess just changing gears, going back to the stock repurchase program, you mentioned it was active in 2Q and now the stock is quite a bit above kind of those average levels in 2Q. Curious kind of what the appetite is at these current levels of the buyback and given the M&A thoughts you mentioned before about some kind of a fertile market and the next year, should we assume the capital levels just continue to build here the back half of the year?

我相信，我不會添加它。我想只是改變了態度，回到股票回購計劃，你提到它在第二季度很活躍，現在股票比第二季的平均水平高了很多。好奇的是，在目前的回購水準上，人們的胃口是什麼，並考慮到您之前提到的關於某種肥沃市場和明年的併購想法，我們是否應該假設資本水準在下半年繼續建立年？

Yeah, I think that's correct. But we never get out of we're always in the market about stock. Maybe some blocks that come around but we're always in the market to buy stock. And I recognize Brian Davis says that's diluted to us, and he said, you always say you're not going to dilute and then you dilute yourself by buying stock with. It is -- I think we'll probably -- I think our Board will probably look at a dividend increase tomorrow and hopefully, that I think it's time for that.

是的，我認為這是正確的。但我們永遠不會擺脫我們總是在市場上關注股票的情況。也許會出現一些障礙，但我們總是在市場上購買股票。我知道布萊恩戴維斯說這對我們來說是稀釋的，他說，你總是說你不會稀釋，然後你透過購買股票來稀釋自己。我認為我們可能會——我認為我們的董事會可能會考慮明天增加股息，希望我認為現在是時候這樣做了。

We have people asked us last time, why didn't we do that? And I were just a little nervous about what this year was going to be. I mean it's been kind of everything has been a little squirrely around the economy, but it appears to be settling down somewhat, particularly for us, things have settled down, and we got a run rate out here that's really running good.

上次有人問我們為什麼不這麼做？我只是對今年的情況有點緊張。我的意思是，經濟方面的一切都有點奇怪，但似乎正在穩定下來，特別是對我們來說，事情已經穩定下來，我們的運行率確實運作良好。

So, I think we're going to be all right for a while and when they start moving rates up and down, someone said, what do you want to happen as far as I can certainly leave things just like they are. Just don't mess with anything because it's very nice to see what we're doing. And when you look at that daily report, and it continues to improve over the same day last month, you just get a smile on your face.

所以，我認為我們會在一段時間內一切順利，當他們開始上下調整利率時，有人說，只要我當然可以讓事情保持原樣，你希望發生什麼。只是不要搞亂任何事情，因為很高興看到我們正在做的事情。當你查看每日報告時，它比上個月同一天繼續改善，你的臉上就會露出微笑。

Yeah. Okay. Hi, guys. Thanks for my question. Great quarter.

是的。好的。嗨，大家好。謝謝我的問題。很棒的季度。

Appreciate it. Thank you.

欣賞它。謝謝。

Brian Martin, Janney Montgomery.

布萊恩馬丁，珍妮蒙哥馬利。

Hey, good afternoon.

嘿，下午好。

Hi Brian.

嗨布萊恩。

Hey just maybe one question on the expenses. It sounds like they're pretty good level, but Johnny, you mentioned some potential maybe, I don't say pressure, but some things out of your control. I mean, I guess the expenses, given what you've done I guess the outlook may be kind of sustainable around this level or are there other things to think about as far as it's drifting a bit higher?

嘿，也許只是關於費用的一個問題。聽起來他們的水平相當不錯，但是約翰尼，你提到了一些潛力，也許，我不是說壓力，而是有些事情是你無法控制的。我的意思是，考慮到你所做的事情，我猜費用是多少，我猜前景可能會在這個水平附近持續下去，或者只要它稍微走高一點，還有其他事情需要考慮嗎？

Well, we made a pretty good cut here we still are not where we were before that. We run a 42 -- around 42 this month adjusted what you adjust for that [$2 million they're all adjustment or encounter] that's pretty good. Can we improve that? We can if we have to. I think we need to hang in this [111 is my number. So hopefully, we can hang into that 111]. If we see it going up over that, we'll try to make corrections.

好吧，我們在這裡取得了很好的成績，但我們仍然沒有達到之前的水平。我們運行了 42 個——本月大約 42 個調整了你調整的內容 [200 萬美元，他們都是調整或遇到的]，這非常好。我們可以改進嗎？如果有必要的話我們可以。我認為我們需要堅持下去[111是我的號碼。所以希望我們能夠堅持下去 111]。如果我們看到它上漲，我們會嘗試做出修正。

Got you. That's helpful and then --

明白你了。這很有幫助，然後--

When I'm sitting at Home and I've got my notepad and I'm running plan with number, 111 is my number.

當我坐在家裡，拿著記事本，用號碼運行計劃時，111 就是我的號碼。

Got you. Okay, in the -- I guess if you the payoffs, it sounds like is it -- you talked about CFG having some payoffs in the second half? I guess there's a third quarter. Is it just really $300 million, is that kind of you think in the second half of the year? Is that the third quarter type of number?

明白你了。好吧，在--我想如果你有回報的話，聽起來是這樣--你談到CFG 在下半年有一些回報？估計還有第三季下半年真的只是3億美元嗎？這是第三季的數字嗎？

Brian, this is Kevin. I'm going to let Chris cover that if that's okay.

布萊恩，這是凱文。如果可以的話，我會讓克里斯來報道。

Yes, sure.

是的，當然。

Hey, Brian. That's kind of my number for the third quarter I mean, some of that might slip to the fourth quarter. We already had a little bit of that this month and such. So I think that's a third quarter number again, some might flip through the fourth quarter, and then they'll have a little bit more in the fourth quarter.

嘿，布萊恩。這是我第三季的數據，我的意思是，其中一些可能會滑到第四季。這個月我們已經有了一些這樣的事。所以我認為這又是第三季的數字，有些人可能會翻轉第四季度，然後他們在第四季會有更多的數字。

We didn't have a lot so far this year because we didn't have a lot scheduled to. But I think Johnny mentioned earlier, I like payoff, and we make the loan with the intention to get repaid. So, when that happens, we tend to not celebrate when we make the loan. We tend to celebrate when we get paid off. So, I'll probably celebrating a lot in the third quarter.

今年到目前為止我們還沒有做很多事情，因為我們沒有安排很多事情。但我認為約翰尼之前提到過，我喜歡還款，我們貸款的目的是為了得到償還。因此，當這種情況發生時，我們在發放貸款時往往不會慶祝。當我們得到回報時，我們傾向於慶祝。所以，我可能會在第三季慶祝很多。

Okay. Good to hear. Yeah, I guess -- Johnny, I guess to your point about potentially lowering maybe loan yields at that, and I guess are you getting any pushback today? I mean I think that you said that the yield was [9] a quarter and maybe that was maybe I missed it, but on new originations.

好的。很高興聽到。是的，我想 - 約翰尼，我想你的觀點是可能會降低貸款收益率，我想你今天有任何阻力嗎？我的意思是，我認為你說收益率是四分之一，也許我錯過了它，但在新的起源上。

Are you getting any pushback on that such that if you start getting a few payoffs just to kind of overcome those, you get a bit more volume or I guess I know some of that. If you have M&A opportunities, you may push it back a bit. But is that part of it here with some payoffs coming that these trying to think about you're maintaining the origination?

你是否在這方面遇到了任何阻力，如果你開始獲得一些回報只是為了克服這些，你會得到更多的交易量，或者我想我知道其中一些。如果你有併購機會，你可能會推遲一點。但是，這是否是其中的一部分，這些人試圖認為你正在維持起源，從而帶來一些回報？

Well, this is Kevin. I'll just say, yeah, we always get pushed back registries that's, we ask our folks to do the best they can do. And because of that, they're going to get pushed back definitely, we'll say that. Johnny mentioned lowering rates.

嗯，這是凱文。我只想說，是的，我們總是被推遲註冊，也就是說，我們要求我們的員工盡力而為。正因為如此，他們肯定會被推遲，我們會這麼說。強尼提到降低利率。

I mean that's not something we're necessarily looking toward I think what he was saying is that if there's an opportunity out there that we're really feel like is a very good credit opportunity that requires us to lower our rate to get it.

我的意思是，這不是我們必然期待的事情，我認為他所說的是，如果有一個我們真的覺得是一個非常好的信貸機會，需要我們降低利率才能獲得它。

We have the ability to do that if we choose to do it that's not been our something we've done a lot, and we wouldn't do a lot of it, but in the right situations to get a customer we really want or be to do something maybe non-CRE that doesn't impact the concentration levels, then we certainly have the ability to do it.

如果我們選擇這樣做，我們就有能力做到這一點，這不是我們做過很多的事情，我們也不會做很多，但在正確的情況下，可以獲得我們真正想要或想要的客戶做一些不影響濃度水平的非CRE 的事情，那麼我們當然有能力做到這一點。

Got you. Okay. Yeah, I just want to make sure I understand. It seems like there's an opportunity, at least on the M&A side, and we'll see how the loan volumes hold up here, but it sounds like the originations are still -- the opportunities are still there. So, there'll be time to consider that so.

明白你了。好的。是的，我只是想確保我理解。似乎有機會，至少在併購方面，我們將看看這裡的貸款量如何保持，但聽起來起源仍然存在——機會仍然存在。所以，會有時間考慮這一點。

So all right. That's all I had guys. Thanks. The other stuff was answered. Thank you.

那麼好吧。這就是我的伙伴們的全部。謝謝。其他的事情都回答了。謝謝。

Thank you very much. Appreciate it.

非常感謝。欣賞它。

With no further questions in the queue at this time, I would like to hand the call back to John Allison to conclude.

由於目前隊列中沒有其他問題，我想將電話轉回給約翰艾利森 (John Allison) 來結束。

Okay, back to me. Thank you. It was a great quarter and Home is running very smooth right now. So I want to thank everybody for their efforts in what they've done. And we'll talk to you here in the next quarter, and I hope the next quarter is as good or better than the one we just completed. Thank you very much.

好吧，回到我身上。謝謝。這是一個很棒的季度，Home 目前運作非常順利。因此，我要感謝大家為所做的事情所做的努力。我們將在下個季度在這裡與您交談，我希望下個季度與我們剛剛完成的季度一樣好或更好。非常感謝。

This concludes today's conference call. Thank you all for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的加入。現在您可以斷開線路。