Home BancShares Inc (HOMB) 2025 Q1 法說會逐字稿

Greetings, ladies and gentlemen. Welcome to the Home Bancshares Inc first quarter 2025 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 and then entertain questions.

女士們、先生們，大家好。歡迎參加 Home Bancshares Inc 2025 年第一季財報電話會議。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。公司演講者將首先發表準備好的講話，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 2025. At this time all participants are on listen only mode. This conference is being recorded. (Operator Instructions).

（操作員指示）公司要求我提醒大家參考有關前瞻性陳述的警示說明。您可以在 2025 年 2 月向美國證券交易委員會提交的 10-K 表格第 3 頁上找到此說明。此時所有參與者都處於僅收聽模式。此次會議正在錄製中。（操作員指令）。

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

現在我很高興將電話轉給投資者關係總監 Donna Townsell。請繼續。

Thank you. Good afternoon, and welcome to our first 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; Brian Davis, our Chief Financial Officer; Chris Poulton, President of CCFG; and John Marshall, President of Shore Premier Finance.

謝謝。下午好，歡迎參加我們的第一季電話會議。今天與我一起參加討論的是我們的主席約翰·艾利森 (John Allison)；百年銀行首席執行官斯蒂芬·蒂普頓 (Stephen Tipton)；總裁兼首席貸款官 Kevin Hester；我們的首席財務官 Brian Davis； CCFG 總裁 Chris Poulton；以及 Shore Premier Finance 總裁約翰·馬歇爾 (John Marshall)。

Opening remarks today will be from our Chairman, John Allison.

今天的開幕致詞將由我們的主席約翰艾利森 (John Allison) 致詞。

Good afternoon. First today, I want to pay tribute to a special friend of Home Bancshares family, and a director of our company. We've lost a good friend and a strong leader with the loss of Pat Hickman. Hickman was a wonderful asset to the Home Board of Directors, and from a personal perspective, he was a man that walked in the same shoes that I walked in when he was building Happy, as I've been building Home Bancshares. He was a (inaudible). Pat lit up a room with his outgoing personality, and was a good man of God and always want to pray for all of us on the Board, when we probably needed it.

午安.今天首先，我要向 Home Bancshares 家族的一位特別朋友、我們公司的一位董事致敬。帕特·希克曼的去世讓我們失去了一位好朋友和一位強有力的領導者。希克曼是 Home 董事會寶貴的財富，從個人角度來看，他與我創建 Happy 時所處的境況相同，而我也一直在創建 Home Bancshares。他是一位（聽不清楚）。帕特用他外向的個性照亮了整個房間，他是一位虔誠的信徒，總是在我們需要的時候為董事會所有人祈禱。

Someone briefly said that I bet Pat as he goes through the (inaudible) is telling God about his bank's new CD special. That's Pat Hickman that I remember. We'll miss you, my friend, and may God be with your wife Nancy and your wonderful family.

有人簡短地說，我敢打賭，帕特在經歷（聽不清楚）時正在向上帝講述他所在銀行的新 CD 特輯。我記得的是帕特·希克曼。我們會想念你的，我的朋友，願上帝與你的妻子南希和你美好的家庭同在。

Good day, everyone, and thank you for joining the start of 2025 with us. First quarter earnings are in, and as I said in the headline, Home strength is no accident. Couple our strength with peer-leading performance metrics and you get the results you get. It might be the best first quarter in the entire bank space. Our continued conservative philosophy of maintaining strong capital, excessive loan loss reserves, excellent liquidity, good asset quality and strong operating efficiencies have led to an almost perfect quarter for the company.

大家好，感謝大家與我們一起迎接2025年的開始。第一季的收益已經公佈，正如我在標題中所說，主場的強勁表現並非偶然。將我們的優勢與同業領先的績效指標結合，您就能獲得想要的結果。這可能是整個銀行業最好的第一季。我們繼續秉持保守的理念，維持雄厚的資本、過高的貸款損失準備金、出色的流動性、良好的資產品質和強大的營運效率，使公司本季取得了近乎完美的業績。

The good news is we delivered a near perfect quarter, while setting six new performance record. The bad news is, it was delivered during uncertain economic times. Hopefully, this top tier quarter does not get lost in the shuffle. We continue to maintain the passion, the drive and the discipline that allows our performance to separate us from the pack, by being one of the most profitable institutions in the world. It is our goal to reward our owners and make them proud to be shareholders of Home Bancshares.

好消息是，我們本季的業績近乎完美，同時創下了六項新的業績記錄。壞消息是，它是在經濟不確定的時期發布的。希望這個頂級季度不會在混亂中迷失。我們繼續保持熱情、動力和紀律，使我們的業績脫穎而出，成為世界上最賺錢的機構之一。我們的目標是獎勵我們的業主並讓他們為成為 Home Bancshares 的股東而感到自豪。

It's really nice to have the large Texas cleanup behind us or basically getting the rear view mirror, pretty much done. Plus it appears we've reached a tenth resolution to the Texas lawsuit we filed a couple of years ago. So that may go away along with millions of dollars of inspections that are incurred on a quarterly basis, that could disappear in the second quarter. Couple that with strong loan growth, stable margins and it feels like Home may have finally broken out on the earning side. Management has to ride here every day during this volatile times, that requires constant watching with a laser focus, both internally and externally and be prepared to shift either to direct the company in an offensively or a defensively direction.

很高興看到德州的大規模清理工作已經結束，或者說基本上已經完成了。此外，我們似乎已經就幾年前在德州提起的訴訟達成了第十項解決方案。因此，這可能會隨著每季產生的數百萬美元的檢查而消失，這些檢查可能會在第二季消失。再加上強勁的貸款成長和穩定的利潤率，看起來 Home 可能終於在盈利方面取得了突破。在這個動盪的時期，管理層必須每天都在這裡，這需要持續關注內部和外部，並準備好轉向引導公司走向進攻或防守的方向。

The bottom line is, as my wife said regardless protect the chuckwagon and that's certainly the most conservative approach. And as I said last quarter, these banks don't run in sales. I'll talk a little bit about the highlights and why they are important to our company, but most of the numbers speak for themselves. Stephen will make a few comments about margin and Kevin will make a few comments about loan, and Chris Poulton will talk about CCFG. Let's go to the numbers.

底線是，正如我妻子所說，無論如何都要保護好四輪馬車，這無疑是最保守的做法。正如我上個季度所說，這些銀行不進行銷售。我將稍微談一下亮點以及它們對我們公司的重要性，但大多數數字不言而喻。Stephen 將對保證金發表一些評論，Kevin 將對貸款發表一些評論，Chris Poulton 將談論 CCFG。讓我們來看看數字。

Earnings (inaudible). Earnings showed $115.2 million, a record $0.58 per share. That represents a significant breakout in quarterly earnings that had been fixed around $100 million over the past several quarters. Reported core earnings of that was $111.9 million. That's $0.56 a share.

效益（聽不清楚）。收益為 1.152 億美元，每股收益為 0.58 美元，創歷史新高。這意味著季度收益有了重大突破，過去幾季的季度收益一直固定在 1 億美元左右。報告的核心收益為 1.119 億美元。即每股 0.56 美元。

I want to bring your attention that the expense of the Texas lawsuit was in this quarter, and that was $2 million after tax. And hopefully, that will be non-reoccurring in the second quarter. Without the expense, the core would have been $114 million and $0.57 a share. Our gain from our equity investment was backed out of the income for core purposes, because it's not guaranteed reoccurring. However, management believes our equity investments has certainly been profitable and put us in a position to reap the benefits that otherwise would have been a missed opportunity. That's a business the man in me, always reaching for a little extra.

我想提請您注意，德州訴訟的費用是本季的，稅後為 200 萬美元。希望第二季不會再發生這種情況。如果不計這筆開支，核心利潤將達到 1.14 億美元，每股收益 0.57 美元。我們從股權投資中獲得的收益已從核心收入中扣除，因為它不能保證再次發生。然而，管理階層相信我們的股權投資確實帶來了利潤，並讓我們能夠獲得原本會錯失的機會。這就是我內心深處的事業，總是追求一些額外的東西。

Revenue Home was on beat on revenue. We were able to grow revenue faster than interest expense. $260.1 million in revenue. We edged out the fourth quarter of '24 by $700,000 and the first quarter of '24 by $13.1 million, with rates down, we are pleased to continue our plan to top our $1 billion run rate that we did in '24. Margin, strong improvement on a linked quarter, up to 4.44% from 4.39% in the fourth quarter and 4.13% in the first quarter.

Revenue Home 的營收表現良好。我們的收入成長速度能夠快於利息支出的成長速度。收入2.601億美元。我們比 2024 年第四季高出 70 萬美元，比 2024 年第一季高出 1,310 萬美元，隨著利率下降，我們很高興能夠繼續執行我們的計劃，以超過 2024 年的 10 億美元運行率。利潤率環比大幅提升，從第四季的4.39%和第一季的4.13%上升至4.44%。

Net interest spread improved 11 basis points from December '24, at 3.58% to 3.69% for the first quarter of '25. Nice improvement, while yield on loans expectedly dropped on a linked quarter basis to 7.38% from 7.49%. Loans strong loan quarter, with our community footprint increasing $291.5 million, while CCFG declined $103 million for net loan growth for the quarter of $187.6 million.

淨利差較 24 年 12 月改善 11 個基點，為 2025 年第一季的 3.58% 至 3.69%。取得了不錯的改善，而貸款收益率預計將按季度環比下降，從 7.49% 降至 7.38%。本季貸款表現強勁，我們的社區貸款業務增加了 2.915 億美元，而 CCFG 的淨貸款成長減少了 1.03 億美元，本季為 1.876 億美元。

At March 31, we were at a record level of loans at $14.950 billion, and were $14.960 billion at December 31, '24. If I'm not mistaken, we've gone over -- ticked over in a little, we've ticked over $15 billion so far this month. Deposits, strong deposits with an increase of over $395 million for Q1. The increase took us to $17.5 billion from $17.1 billion at the end of the year, which led to a decrease in loan-to-deposit ratio to 85.24%, and that's in spite of the strong loan growth. The rise on interest-bearing deposits decreased to 2.67% from 2.80% at year-end.

截至 3 月 31 日，我們的貸款總額達到創紀錄的 149.5 億美元，而截至 24 年 12 月 31 日，我們的貸款總額為 149.6 億美元。如果我沒記錯的話，我們已經超過了——稍微超過了，本月到目前為止我們已經超過了 150 億美元。存款強勁，第一季存款增加超過 3.95 億美元。這一增長使我們的貸款餘額從年底的 171 億美元增至 175 億美元，導致貸存比下降至 85.24%，儘管貸款增長強勁。計息存款增幅由年末的2.80%降至2.67%。

I said last quarter, I think the strength of our company being able to pay out all uninsured deposits has served us well. There's always a flat to safety in uncertain times. Home is enjoying the observing reputation of being able to pay out all deposits in the flat to safety. There is no place like Home.

我上個季度說過，我認為我們公司有能力支付所有未投保的存款，這優勢對我們很有幫助。在不確定的時期，總有一個平坦的地方是安全的。Home 享有能夠安全地支付公寓所有押金的良好聲譽。沒有一個地方像家一樣。

Pretax net income for the quarter was 56.58%. I don't know how you fuss those numbers when you bring 56.58% of your revenue to the pretax bottom line. Asset quality, nonperforming loans improved to 0.60% from 0.67%, while nonperforming assets improved to 0.56% and 0.63%. Reserve coverage grew to 312% from at the end of the year 278% and nonperforming from $13 million. As of March 31, '25 nonperforming loans were $89.6 million and nonperforming assets were $129.4 million, versus December 31, where nonperforming was 98.9% and nonperforming assets was $142.4 million.

本季度稅前淨收入為56.58%。我不知道當你將 56.58% 的收入計入稅前底線時，你會如何對待這些數字。資產品質方面，不良貸款由0.67%改善至0.60%，不良資產則改善至0.56%及0.63%。準備金覆蓋率從年底的 278% 成長至 312%，不良貸款金額從 1,300 萬美元成長至 1,000 萬美元。截至 3 月 31 日，25 年不良貸款為 8,960 萬美元，不良資產為 1.294 億美元，而 12 月 31 日的不良貸款率為 98.9%，不良資產為 1.424 億美元。

Capital ratios continue to build. CET1 at 15.4%, leverage at 13.3% and total risk base at 19.1%. Tangible book value increased to $13.15 from loan $1.79, one year ago, up $1.86. Book value hit a new record surpassing the $4 billion mark for the first time in our company history. Return on tangible common equity for the quarter was a strong $18.39. We continue to buy back stock. We have a 10b5 filed during our quarter, but have no idea of the opportunity to buy back stock at these prices and the purchases have been limited by our filing. We purchased over 1 million shares or right at 1 million shares, I think, on the nose for the quarter, and we'll remain active in the second quarter. This too shall pass, and I think we'll be proud of having been active at these levels.

資本比率持續上升。CET1 為 15.4%，槓桿率為 13.3%，總風險基礎為 19.1%。有形帳面價值從一年前的貸款 1.79 美元增加到 13.15 美元，增加了 1.86 美元。帳面價值創下新紀錄，公司史上首次突破 40 億美元大關。本季有形普通股權益回報率高達 18.39 美元。我們繼續回購股票。我們在本季提交了 10b5 文件，但不知道以這些價格回購股票的機會，而且購買量受到我們文件的限制。我認為，我們本季購買了超過 100 萬股或正好 100 萬股，並且我們將在第二季度繼續活躍。這一切都會過去的，我想我們會為在這些層面上的活躍而感到自豪。

In conclusion, Home's powerful balance sheet, coupled with repetitive strong earnings, that's now showing a possible breakout because of strong margins, conservative growth good loan quality, massive capital, hands-on management, expense control and don't forget our disciplined drive and determination that has led us to pure leading performances. It feels good to be one of the best, and we love to win. We picked this up on the somebody rocks them is that Home strength is not an accident. We've kind of picked that up, and we're going to use that in some ad campaigns. It was quite a quarter run.

總而言之，Home 強大的資產負債表，加上持續強勁的盈利，現在顯示出可能的突破，因為利潤率高，增長保守，貸款質量好，資本充足，管理親力親為，費用控制，而且不要忘記我們嚴謹的動力和決心，這些使我們取得了純粹的領先表現。成為最優秀的人之一感覺很好，我們喜歡獲勝。我們意識到，有人震撼他們，主場的強勢並非偶然。我們已經掌握了這一點，並將在一些廣告活動中使用它。這是一段相當不錯的四分之一跑。

I want to thank all of the team at Home Bancshares for a great effort in what I consider a perfect quarter. I know you pride yourself of the numbers as well, and I'm going to turn it back to you to let you have it.

我要感謝 Home Bancshares 全體團隊在這個我認為完美的季度中所做的巨大努力。我知道你也對這些數字感到自豪，我會把它還給你，讓你擁有它。

Thank you, Johnny. Congratulations on a fantastic quarter. Our next report today will come from Stephen Tipton.

謝謝你，強尼。恭喜您本季取得如此出色的成績。我們今天的下一篇報導來自史蒂芬‧蒂普頓。

Thanks, Donna. When we talked last quarter, we mentioned that we would be pleased that the margin could remain fairly stable. I'm very proud to report that the core margin continued to expand in Q1. For the quarter, excluding event income, the net interest margin was 4.42% versus 4.36% in Q4 or an increase of 6 basis points. March ended slightly lower than the quarterly average, primarily due to the continued build of liquidity from the increase in deposits.

謝謝，唐娜。當我們上個季度談話時，我們提到我們很高興看到利潤率能夠保持相當穩定。我很自豪地報告，核心利潤率在第一季繼續擴大。本季度，不含活動收入，淨利差為 4.42%，而第四季為 4.36%，增加 6 個基點。3 月的存款餘額略低於季度平均水平，主要原因是存款增加導致流動性持續增強。

This liquidity will allow us to continue to work on negotiated deposit pricing in an effort to bring those costs down. We are excited about the deposit growth we saw in the quarter at nearly $400 million, highlighted by strong growth from all of the Florida regions and an increase in overall core noninterest-bearing balances. Congrats to all of our bankers as 2025 looks to be off to a great start.

這種流動性將使我們能夠繼續協商存款定價，以努力降低這些成本。我們對本季存款成長近 4 億美元感到非常興奮，其中佛羅裡達州所有地區的強勁成長以及整體核心無息餘額的增加尤為突出。恭喜我們所有的銀行家，2025 年看起來將有一個好的開始。

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

我會把它交還給你，唐娜。

Thank you, Stephen. Next, we will hear from Kevin Hester on the lending portfolio.

謝謝你，史蒂芬。接下來，我們將聽取 Kevin Hester 對貸款組合的看法。

Thanks, Donna. As Johnny mentioned, all asset quality metrics improved in the first quarter with no new material concerns noted. The anticipated recoveries from the fourth quarter cleanup were in process with nearly $7 million recovered from the fourth quarter charges. 90 days ago, I indicated that I expected total recoveries on the cleanup to exceed $30 million over time, and I still believe that is the case. As expected, the NPAs were reduced in the first quarter, and I anticipate further reduction in Q2. All of that and solid loan growth driven by the Community Bank markets. As Johnny said, an almost perfect quarter.

謝謝，唐娜。正如約翰尼所提到的，第一季所有資產品質指標均有所改善，並沒有發現新的重大問題。第四季清理工作的預期恢復正在進行中，已從第四季的費用中恢復近 700 萬美元。 90天前，我曾表示，我預計清理工作的總回收金額將隨著時間的推移超過3000萬美元，我仍然相信情況確​​實如此。正如預期的那樣，第一季不良資產有所減少，我預計第二季還會進一步減少。所有這些以及社區銀行市場推動的穩健貸款成長。正如約翰尼所說，這是一個近乎完美的季度。

Donna, back to you.

唐娜，回到你身邊。

Thank you, Kevin. And now Chris Poulton will provide an update on CCFG.

謝謝你，凱文。現在 Chris Poulton 將提供有關 CCFG 的最新消息。

Thank you, Donna. This quarter, we celebrated our 10th anniversary at Home Bancshares. For those that may be looking to mark the anniversary, I'll tell you that the traditional gift is aluminum or 10, I'll be honest with you, i was a little disappointed when I discovered that.

謝謝你，唐娜。本季度，我們慶祝了 Home Bancshares 成立 10 週年。對於那些想要紀念週年的人來說，我會告訴你傳統的禮物是鋁或 10，我會誠實地告訴你，當我發現這一點時我有點失望。

Over the past 10 years, CCFG has funded over $15 billion of loans and has grown the portfolio over $1.7 billion, representing a cumulative average growth rate of over 10%. We think of that as a pretty good start. I'll talk today specifically about our commercial and industrial loan book. It was noted earlier that the CCFG portfolio declined approximately $100 million in the first quarter. This decline as well as last quarter's decline occurred exclusively in the C&I portfolio.

在過去 10 年裡，CCFG 已提供超過 150 億美元的貸款，投資組合成長超過 17 億美元，累計平均成長率超過 10%。我們認為這是一個很好的開始。今天我將專門談論我們的商業和工業貸款帳簿。先前有消息稱，CCFG投資組合在第一季縮水了約1億美元。此次下降以及上一季的下降均發生在商業與工業投資組合中。

Historically, we had two types of credits in our commercial portfolio. The first, single credit broadly syndicated in middle market loan and the second, structured facilities secured by portfolios of middle-market corporate loans.

從歷史上看，我們的商業投資組合中有兩種類型的信貸。第一類是單一信貸，廣泛地銀團貸款於中型市場；第二類是結構性信貸，由中型市場企業貸款組合擔保。

As of this quarter, we've effectively exited the single credit broadly syndicated and middle market loans. At its peak, this portfolio was over $200 million, and today, it stands at less than $10 million with just four credits remaining. In addition, over the past year, we exited debt maturity or refinance, several structured facilities as we rotated out of prior facilities and chose to take a pause on new commitments pending the election and potential rate volatility and tariff impacts. Going forward, as we search for an equilibrium point in C&I book, we expect to add back to the structured portfolio. Historically, C&I has represented approximately 20% of the total portfolio.

截至本季度，我們已有效退​​出單一信貸廣泛銀團貸款和中間市場貸款。在巔峰時期，該投資組合的價值超過 2 億美元，而如今，其價值不到 1,000 萬美元，僅剩下 4 個信用額度。此外，在過去的一年裡，我們退出了債務到期或再融資，幾項結構性安排，因為我們輪調了先前的安排，並選擇在選舉和潛在的利率波動和關稅影響之前暫停新的承諾。展望未來，當我們在 C&I 帳簿中尋找平衡點時，我們期望將其重新添加到結構化投資組合中。從歷史上看，C&I 約佔總投資組合的 20%。

Today, it stands at less than 10%. Over this prior year, we've created capacity to selectively add back to this book. Meanwhile, our commercial real estate book, which represents the core of our loan book was stable to up over the quarter and up about 5% over the past year. The new loan pipeline remains active. Over the past 12 months, we originated just over $1 billion in new loans, and I would expect to meet or exceed that total in 2025. These past 10 years have been the most rewarding in my career, and I wanted to just to take a moment to thank everyone that has supported the growth of this business over the years. I'm pleased we've been able to build a foundation for continued growth and success, hopefully, in the years ahead.

如今，這一比例已不足 10%。在過去的一年裡，我們已經有能力選擇性地加入本書的內容。同時，作為我們貸款核心的商業房地產貸款在本季保持穩定成長，在過去一年中成長了約 5%。新的貸款管道仍然活躍。在過去的 12 個月裡，我們發放了超過 10 億美元的新貸款，我預計 2025 年我們的貸款總額將達到或超過這一水平。過去的 10 年是我職業生涯中最有成就的十年，我只想藉此機會感謝多年來支持這項業務發展的所有人。我很高興我們能夠為未來幾年的持續成長和成功奠定基礎。

Donna, I'll hand the call back to you.

唐娜，我會把電話轉給你。

Thank you, Chris, and congratulations on your 10-year anniversary. It's been a pleasure. Johnny, before we go to Q&A, do you have any additional comments?

謝謝你，克里斯，恭喜你十週年紀念日。我很榮幸。強尼，在我們進入問答環節之前，您還有其他評論嗎？

Well, I just want to say that I think we're going to do something -- send Chris a role with tenfold or something? We'll get a big role, Chris that will appreciate.

好吧，我只是想說，我認為我們會做點什麼——給克里斯一個十倍的角色或別的什麼？我們將扮演一個重要的角色，克里斯會很感激的。

Yeah, I appreciate that.

是的，我很感激。

I didn't realize it was 10. So anyway -- thank you. I don't have anything, if the numbers speak for themselves. We're going to go straight to Q&A. But everybody ask what they want to ask.

我沒意識到已經是 10 了。無論如何——謝謝你。如果數字能說明一切，那我就沒什麼好說的了。我們將直接進入問答環節。但每個人都會問自己想問的問題。

And great quarter though, great job for everyone, by everyone. Thanks.

這是一個偉大的季度，每個人都做出了出色的成績。謝謝。

(Operator Instructions)

（操作員指示）

Michael Rose, Raymond James.

麥可羅斯、雷蒙詹姆斯。

Really solid quarter kind of all around. But I wanted to get a sense from you guys. Obviously, this quarter's growth was strong. But just in general, what you're hearing from your customers, I think, an increasing number of banks are just citing some tepidness from borrowers. And I specifically wanted to ask about the boat lending and if there's been any drop-off in demand there? And maybe just where pipelines are? Just a general color on what your borrowers, what you're hearing and seeing from your borrowers just given some of the uncertainty out there?

本季各方面表現都十分穩健。但我想從你們那裡得到一些想法。顯然，本季的成長強勁。但總的來說，根據您從客戶那裡聽到的消息，我認為，越來越多的銀行只是表示借款人態度有些冷淡。我特別想問一下船舶租賃的情況，那裡的需求是否有下降？也許只是管道在哪裡？考慮到目前存在的一些不確定性，您對借款人的情況、從借款人那裡聽到和看到的情況有什麼大致了解嗎？

Michael, this is Kevin.

邁克爾，這是凱文。

Michael, this is John.

邁克爾，這是約翰。

Go ahead, John. Talk about it and I'll talk in general.

繼續吧，約翰。講到這裡我就泛泛的講一下。

Yeah. No, just because Michael had mentioned the boat loans specifically. Michael, what we've seen, I guess, in the first quarter is elevated volume compared to 1Q of '24 and been a large part of that because one of our European manufacturers, a significant relationship of ours has been offering to subsidize the pricing, and so that has tended to elevate the production volume, and that has largely masked, I guess, some of the uncertainty around the tariffs. But Kevin, do you want to speak in general?

是的。不，只是因為邁克爾特別提到了船舶貸款。邁克爾，我想，我們在第一季看到的是，與 2024 年第一季相比，產量有所增加，這在很大程度上是因為我們的一家歐洲製造商，也就是我們的一個重要關係，一直在提供價格補貼，所以這往往會提高產量，我想，這在很大程度上掩蓋了關稅方面的一些不確定性。但是凱文，你想泛泛地談談嗎？

Yeah, Michael, from a Community Bank footprint, I think what you stated is what we're hearing from a lot of people too. I mean there's some uncertainty, obviously, over what's happened last month, and that may keep some projects that maybe are kind of in the development stage and the planning stage. It may slow some of those down. I mean, still a lot of good things happening in our core markets. So I'm hopeful that, that will be short term, but still a lot of activity and a lot of good things happening.

是的，邁克爾，從社區銀行的角度來看，我認為您所說的話也是我們從許多人那裡聽到的。我的意思是，顯然上個月發生的事情存在一些不確定性，這可能會使一些處於開發階段和規劃階段的專案停滯不前。這可能會減慢其中一些的速度。我的意思是，我們的核心市場仍然發生著很多好事。所以我希望這只是短期的，但仍會有很多活動和很多好事發生。

Very helpful. And then maybe if I could just get to the kind of the puts and takes on the margin for Stephen. How much pull forward or repricing opportunity is there on the on the deposit or liability side. And it's good to see loan yields still holding in there above -- well above 7%, obviously, down Q on Q. But can you just give us an update on kind of where new production yields are? And then maybe how we should think about the margin here in the near term? Obviously, if the growth continues to come through, that would be a helper.

非常有幫助。然後也許我可以了解史蒂芬的利潤投入和產出。存款或負債方面有多少提前或重新定價的機會。很高興看到貸款收益率仍保持在 7% 以上，顯然，環比有所下降。但是，您能否向我們介紹一下新產品收益率的最新情況？那我們或許該如何考慮短期內的利潤率呢？顯然，如果經濟成長持續下去，那將會是個幫助。

Sure Michael. Yeah. So several questions there. I guess production in Q1 was a little over $800 million. Weighted average coupon was 7.75%. So still hanging in there, find north of prime. On the deposit side, just here recently over the last couple of weeks have kind of tried to reignite a little effort on negotiated checking, savings, those kinds of things. A lot of that is going to obviously depend on competition. You had a call earlier this week with our presidents and you're still hearing banks offering 4.5%. So we have to compete there. And protect the franchise and we'll do that. But there's probably some opportunity on checking and savings to try to clip a little off here and there depending on what happens with the Fed.

當然可以，麥可。是的。這裡有幾個問題。我估計第一季的產值略高於 8 億美元。加權平均票面利率為7.75%。因此，繼續堅持下去，找到黃金北面。在存款方面，我們最近幾週一直在嘗試重新進行協商支票、儲蓄等業務。顯然，這很大程度上取決於競爭。本週早些時候您與我們的總裁進行了通話，您仍然聽到銀行提供 4.5% 的利率。所以我們必須在那裡競爭。保護特許經營權，我們會這樣做。但根據聯準會的行動，支票和儲蓄方面可能有機會嘗試在這裡或那裡削減一些開支。

And then on the CD portfolio, we've got $600 million maturing this quarter. We've got about $400 million next quarter. Out of $1.8 billion that we have, I think, 85% or more matures within 12 months. So we're pretty short on the CD portfolio, and we should see 10 basis points , 15 basis points , 20 basis points potentially come down as those come through. So yeah, I think margin overall, I think same message as we have for quite some time now would be pleased to see it kind of hold in the range that it's in. Cash in March was up with the deposit build and that weighs on the metric itself, but that's come back in a little bit here lately just with tax payments going out over the last couple of weeks.

然後在 CD 投資組合中，本季我們有 6 億美元到期。下個季度我們的營收約為 4 億美元。我認為，在我們擁有的 18 億美元中，85% 或更多將在 12 個月內到期。因此，我們的 CD 投資組合相當短缺，隨著這些資金到位，我們應該會看到 10 個基點、15 個基點、20 個基點的潛在下降。是的，我認為總體而言，我認為與我們相當長一段時間以來所傳達的訊息相同，很高興看到它保持在其範圍內。3 月現金隨著存款的增加而增加，這對指標本身產生了影響，但最近隨著過去幾週稅款的支出，現金有所回升。

Very helpful. And maybe just finally, last one for me. Johnny, I think you mentioned this in the outset, the credit cleanup around Happy being just about done. You had a net recovery this quarter. Anything you're seeing out there both in your core markets and also in Texas that gives you any sort of pause? And are there any industries or verticals that you're putting a little bit more eyes on at this point, just given the tariff uncertainty?

非常有幫助。這也許只是我最後的一個。強尼，我想你一開始就提到了這一點，圍繞 Happy 的信用清理工作即將完成。本季你們實現了淨復甦。您在核心市場和德克薩斯州看到什麼讓您感到猶豫的事情嗎？鑑於關稅的不確定性，您目前是否會更加關注哪些產業或垂直產業？

Michael, this is Kevin again. Not from a general sense. I mean, we asked that question in every presentation, we're asking our lenders about that individually, because, it affects even within an industry, people differently. So I mean we're just dealing with that from a one-off individual perspective, but certainly talk about that in every size of the (inaudible).

麥可，我又是凱文。從一般意義上來說不是。我的意思是，我們在每次演示中都會問這個問題，我們會單獨詢問我們的貸方，因為即使在同一個行業內，它對人們的影響也不同。所以我的意思是，我們只是從一次性的個人角度來處理這個問題，但肯定會在各個規模的（聽不清楚）。

Okay. Great.

好的。偉大的。

Really early yet to know. I mean, you haven't really seen where they're going to land and what's going to get hit and what's not. So it's a little early. We're ahead of the discussions, but there's no definitive answers.

現在還不知道，真的還早。我的意思是，你還沒有真正看到它們會降落在哪裡，什麼會被擊中，什麼不會被擊中。所以現在還早了一點。我們正在進行討論，但尚未得出明確的答案。

That's pretty well put. Thank you, Michael. Appreciat ethe support.

說得非常好。謝謝你，麥可。感謝您的支持。

Catherine Mealor, KBW.

凱瑟琳·米勒（Catherine Mealor），KBW。

Johnny, you mentioned about expenses, and there were still about $2 million in elevated legal expenses that had to do with the Texas lawsuit, and that would hopefully not be recurring next quarter. So do you think excluding now, we actually see expenses come down from this level? Or that just kind of pays for natural growth over the next couple of quarters?

約翰尼，你提到了費用問題，與德克薩斯州的訴訟有關的法律費用仍然高達約 200 萬美元，希望下個季度不會再次出現這種情況。那麼，您是否認為，除了現在，我們實際上看到費用從這個水平下降了？或者這只是未來幾季自然成長的回報？

$111 million is our number and you pull the $2 million out of of expenses this quarter, you'll be at $110 million, $109 million. So you're right at $111 million. So our management team is working hard to keep that. And I'm not going to -- I didn't fuss that in this quarter because we had elevated legal expenses. We're in the middle of depositions on that lawsuit, they went on all month long.

我們的數字是 1.11 億美元，如果從本季的支出中扣除 200 萬美元，總金額將是 1.1 億美元，1.09 億美元。所以你說的沒錯，是 1.11 億美元。因此我們的管理團隊正在努力保持這一點。我不會——本季度我沒有對此大驚小怪，因為我們的法律費用增加了。我們正在對訴訟進行取證，整個過程持續了一個月。

Anyway, that -- maybe that it appears that there's a resolution that's come to that, and maybe everybody will continue. We have -- everybody hasn't signed off, but we're working towards that. So -- the $111 million is a good number. I think -- I think that's the number we had last year and we're still operating with it this year. So I'm pretty pleased with Stephen's management on the expense side. Don't count (inaudible) part of that.

不管怎樣，也許看起來已經有一個解決方案，也許每個人都會繼續下去。我們已經——每個人都還沒有簽字，但我們正在努力實現這一目標。所以——1.11億美元是一個不錯的數字。我認為——我認為這是我們去年的數字，今年我們仍將以此數字運作。所以我對史蒂芬在費用方面的管理非常滿意。不要算上（聽不清楚）那部分。

Yeah. No, it's been a really good expense control. And then maybe my follow-up on the margin was just on loan yields. Can you just kind of give us a sense as to where new loan production is coming on? We talked a lot this kind of quarter about competition being a little bit more intense this quarter. Just kind of curious how we should think about the pace of loan yields over the next couple of quarters?

是的。不，這確實是一個很好的費用控制。那麼我對保證金的後續關注可能只是貸款收益率。您能否向我們簡單介紹一下新貸款的發放？我們在這個季度討論了很多關於本季競爭會更加激烈的問題。我只是有點好奇我們應該如何看待未來幾季的貸款殖利率速度？

Catherine, this is Stephen. I'll make the comment there, and would like Kevin add anything he wants to. Just in general, I think I mentioned earlier, coupon in Q1 production was at 7.75%. That's 7.60% or so kind of from the Community Bank group, so a little north of prime and then mid 8s for Chris' portfolio. We're hearing from our lenders, competition is quoting some things in the 6s, and we may have to deal with that at some point. But as you all know, we're disciplined in our approach and we can kind of hold the line where we're at. Kevin?

凱瑟琳，這是史蒂芬。我會在那裡發表評論，並希望凱文添加他想添加的任何內容。總的來說，我想我之前提到過，第一季生產的票面利率為 7.75%。這大約是來自社區銀行集團的 7.60%，因此對於 Chris 的投資組合來說，略高於黃金水平，然後是 8 左右。我們從貸款機構聽說，競爭對手對某些東西的報價在 6 左右，我們可能不得不在某個時候處理這個問題。但正如大家所知，我們的做法很嚴謹，我們可以堅守現有的底線。凱文？

No, that's good. I would agree with that.

不，那很好。我同意這一點。

Okay. Great. And then -- and maybe just one -- just on the margin. If we are in an environment where we start to see rate cuts and maybe, John, I'd love your view and if you think we're going to get them or not. But -- but just as we get into an environment, potentially we see more rate cuts this year, can you just remind us on the sensitivity to the margin and how you think the direction of your margin will go with those cuts?

好的。偉大的。然後 — — 也許只有一個 — — 就在邊緣。如果我們處在一個開始看到降息的環境中，也許，約翰，我很想聽聽你的看法，以及你認為我們是否會得到降息。但是——但是，正如我們進入的環境一樣，我們可能會在今年看到更多的降息，您能否提醒我們利潤率的敏感性以及您認為利潤率的方向將如何隨著這些降息而變化？

Yeah. So from an ALCO standpoint, I think we show about 6% decline in a down 100% scenario. I think Johnny and Tracy have said for a long time, our view just on the ALCO model and it being a snapshot in time. We had three -- I think we had three rate cuts built into our 2025 budget and actually showed a little expansion throughout the year and what our budget produced. So again, I think a lot of that factors on competition and what we have to do to the franchise. But overall, I think in this 4.40%-ish range where we're at today would be pleased.

是的。因此，從 ALCO 的角度來看，我認為在下跌 100% 的情況下，我們的銷售額將下降約 6%。我認為約翰尼和特蕾西很久以前就說過，我們的觀點只是針對 ALCO 模型，而且它只是時間的一個快照。我們有三次——我認為我們在 2025 年的預算中已經包含了三次降息，實際上全年都顯示出了一點擴張，而且我們的預算也產生了一些變化。所以，我再次認為，很多因素都與競爭以及我們對特許經營權所做的事情有關。但總體而言，我認為我們今天所處的 4.40% 左右的範圍內會令人滿意。

Jon Arfstrom, RBC.

加拿大皇家銀行的喬恩‧阿夫斯特羅姆 (Jon Arfstrom)。

Johnny, what are you thinking on the buyback and capital preferences from here? You would still you still prefer kind of looking around for M&A? Or do you think at this point, you'd rather be buying back stock?

強尼，你對回購和資本偏好有什麼看法？您仍然願意尋找併購機會嗎？還是您認為此時您寧願回購股票？

If we found the right deal, we do one. We've got -- we have a payoff coming up, looks like, Brian, do you want to talk about what we are coming at?

如果我們找到合適的交易，我們就會成交。我們已經－我們即將得到回報，布萊恩，你想談談我們將要做的事情嗎？

Sure. We probably will pay off some sub debt. Sub debt that we acquired from Happy. It will be about $140 million. It's currently about 5.5%. But unfortunately, it pops to 9.7% on July 1. So our plan is to try to get Board approval later this afternoon to pay that off on the July 31. That will lower our risk-based capital ratio is about 76 basis points once we do that.

當然。我們可能會償還一些次級債務。我們從 Happy 獲得的次級債務。金額約1.4億美元。目前約為5.5%。但不幸的是，7 月 1 日這一比例飆升至 9.7%。因此，我們的計劃是爭取在今天下午晚些時候獲得董事會批准，在 7 月 31 日還清債務。一旦我們這樣做，我們的風險資本比率將降低約 76 個基點。

About 9.5%. So we're not going to pay that. So we'll pay it off. We got the cash to pay if off -- with is paid off.

約9.5%。所以我們不會支付這筆費用。所以我們會還清的。我們有現金來償還這筆款項——已經還清了。

Yeah. And we've got almost $582 million in cash at the holding company. So we're good there. And we're very strong on capital, sounds good with paying it down.

是的。我們的控股公司擁有近 5.82 億美元現金。所以我們現在一切順利。我們的資本非常雄厚，償還貸款聽起來很不錯。

Didn't get the capital count is getting large. I think Jamie Diamond said it best. There's nothing wrong with having good liquidity and lots of capital in these kind of uncertain times. So I like our position. I like the fact that we can pay out all the insured depositors. I like having Worchester Capital. We don't know what's going to happen. We don't know where this is going. I understand what he's trying to do. I don't know if it works. But anyway, we're going to all be in this for a little bit until it gets resolved one way or the other. This be in good shape, we come out the other side and ready to deploy.

沒弄清楚資本數是否越來越大。我認為傑米戴蒙德說得最好。在這種不確定的時期，擁有良好的流動性和大量的資本並沒有錯。所以我喜歡我們的立場。我喜歡我們能夠向所有受保存款人支付賠償金這一事實。我喜歡擁有伍斯特資本。我們不知道會發生什麼事。我們不知道這會發生什麼。我明白他想做什麼。我不知道它是否有效。但無論如何，我們都會堅持一段時間，直到問題以某種方式解決。一切順利，我們從另一邊出來並準備部署。

Okay. Fair enough. So pay down debt and maybe pick away at the buyback is the near-term message. Is that fair?

好的。很公平。因此，短期內償還債務並可能選擇回購是明智之舉。這樣公平嗎？

Yeah, we'll continue to buy. I wish -- we've always filed the 10b5. We picked up about 480,000 shares this 10b5. 1 million last quarter and this quarter. So we picked up about 454,000 shares. And I assume we'll probably buy another -- if they stay down here, we'll continue to buy. We'll just continue to stack it up. We -- I didn't think we get another bite at the apple here, but we're getting a pretty nice bite at the apple. So I think we'll just keep buying for a while.

是的，我們會繼續購買。我希望——我們一直提交 10b5。我們在這個 10b5 中買入了大約 480,000 股。上個季度和本季均為 100 萬。因此我們買入了大約 454,000 股。我認為我們可能會再購買一些——如果他們留在這裡，我們就會繼續購買。我們將繼續堆積它。我們——我不認為我們能在這裡再嚐到甜頭，但我們已經嚐到了相當不錯的甜頭。所以我認為我們會繼續買一段時間。

Okay. Good. Chris Poulton, on your comments, are you essentially calling the bottom? Are you saying that you mentioned a couple of runoff categories that it feels like you've exhausted that. Are you essentially saying your portfolio could be at a bottom in terms of size?

好的。好的。克里斯·波爾頓，根據您的評論，您實際上是在說底線嗎？您是說，您提到了幾個決選類別，但感覺您已經用盡了它們。您實際上是說，就規模而言，您的投資組合可能已經處於底部？

I think that's pretty fair. I'd like it to be. We -- as I said, 100% of the decline in our portfolio has been on the C&I side. We control that, right? We can come in and we can come out of that. I wanted to leave a little dry powder coming into this year, on commercial because we kind of felt like weren't great opportunities in the second half of last year on the commercial side.

我認為這很公平。我希望如此。正如我所說，我們投資組合的 100% 下跌都發生在商業和工業領域。我們控制了它，對嗎？我們可以進來，也可以出去。我想在今年的商業方面留一些餘地，因為我們感覺去年下半年在商業方面沒有很好的機會。

We thought they'd probably be more. We just made our first commitment this month this year. So we waited until now, we made a new commitment on the facility. So yeah, I'd like to believe that we'll have some payoffs in the CRE book, but I think the pipeline is strong enough to fill that back up. So I'd like to be a little bigger than we are right now. We're down about 1.7% or so. We continue to think 2% is a good number, and I think we'll get back there. It's just not a race to get back there.

我們認為可能還會更多。我們今年本月剛做出了第一個承諾。所以我們等到現在，我們對該設施做出了新的承諾。所以是的，我想相信我們會在 CRE 帳簿上獲得一些回報，但我認為管道足夠強大，可以填補這一空白。所以我希望我們能比現在更大一點。我們下降了大約1.7%左右。我們仍然認為 2% 是一個不錯的數字，而且我認為我們會回到這個數字。這不僅僅是一場重返那裡的比賽。

Yeah. Okay. Good. And then, Kevin, just on core growth -- core loan growth in the Community Bank footprint. Is there anything you'd call out that's particularly strong at this point?

是的。好的。好的。然後，凱文，只談核心成長——社區銀行足跡中的核心貸款成長。現在有什麼特別強烈的觀點嗎？

Well, certainly, our Southeast Florida Group, our metro Groups. There's just a lot of stuff, good stuff happening in Florida and even in the Dallas metros. I think I'd probably call those out. 2Q payoffs look pretty high. So that's going to be a little bit of a headwind as we go through the quarter. Not saying we can't overcome it. It is early in the quarter, and the pipeline doesn't show some stuff that will -- that I'm sure will come through. But payoffs definitely are a little bit higher.

嗯，當然是我們的東南佛羅裡達集團，我們的大都會集團。佛羅裡達州，甚至達拉斯大都會地區都發生了很多好事。我想我可能會把這些說出來。第二季的收益看起來相當高。因此，當我們度過這個季度時，這將會是一個小小的阻力。並不是說我們不能克服它。現在正處於本季初期，而且頻道中還沒有顯示出一些我確信會實現的東西。但回報一定會高一點。

Okay. Fair enough. Just one comment on 10 and aluminum. I see John Marshall does not have any foreclosed assets, but about $5 million in nonperformers. So Johnny, maybe there's an alumacraft in there for Poulton?

好的。很公平。關於 10 和鋁只有一則評論。我看到約翰馬歇爾沒有任何被取消抵押品贖回權的資產，但有大約 500 萬美元的不良資產。那麼約翰尼，也許那裡有適合波爾頓的鋁製工藝品？

Thanks, Jon. That's helpful.

謝謝，喬恩。這很有幫助。

Brett Rabatin, Hovde Group.

布雷特·拉巴廷（Brett Rabatin），霍夫德集團（Hovde Group）。

Hey, good afternoon, everyone. I wanted to start back on the recoveries. And I think, Johnny, you mentioned you still expect clean up to have $30 million of recoveries over time. Can you talk a little bit about that? You obviously had some this quarter. Can you talk about the timing of that? And then just thinking about do you think you can substantiate a 2% reserve if you end up back there? And just any thoughts on your provisioning needs net of the recoveries you're expecting?

嘿，大家下午好。我想重新開始恢復。約翰尼，我想，你提到過，你仍然預計隨著時間的推移，清理工作將帶來 3000 萬美元的回收收入。能稍微談一下這個嗎？本季你顯然已經有一些了。你能談談那個時間嗎？然後想想，如果您最終回到那裡，您是否認為您可以證實 2% 的儲備？您對於預期恢復的供應需求淨額有什麼想法嗎？

Brett, this is Kevin. I'll take the first part of that question. I'll let him talk about provision. But a large, large portion of those recoveries are the monthly payments on the large charge-off that we took, and we expect those to continue now. You could have an event somewhere down the road in a sale or something like that could accelerate that.

布雷特，這是凱文。我來回答這個問題的第一部分。我會讓他談論供給。但這些回收款項中很大一部分是針對我們所採取的大額沖銷措施而支付的每月款項，我們預計這些款項現在將繼續支付。您可以在某處舉辦促銷活動或類似活動來加速這一進程。

But as of right now, that's $1.5 million a quarter, and we expect that to continue for as long as they continue to pay it, which we expect to happen. So that's the large part of the $30 million. Most of the other stuff is maybe one other piece, there's may be one other piece that hasn't occurred yet that I'm hoping will happen in second quarter. I think it probably can. Other than that, I mean, all of it has happened other than the monthly payments.

但截至目前，這一數字為每季 150 萬美元，我們預計，只要他們繼續支付，這一數字就會持續下去，我們也預計會發生這種情況。這就是 3000 萬美元的大部分。其他大部分內容可能都是另一部分，可能還有另一部分尚未發生，我希望它會在第二季度發生。我認為可能可以。除此之外，我的意思是，除了每月付款之外，其他一切都已發生。

Okay. And any thoughts, Johnny? I know it's you've had a 2% reserve in the past and you're reserve is still way above almost everyone else. Do you want to grow that in some certain time? Or do you think that that's kind of as high as you can get it, just given the dynamics?

好的。有什麼想法嗎，強尼？我知道你過去有 2% 的儲備，而且你的儲備仍然遠高於幾乎所有其他人。你想在某個特定時間內實現成長嗎？或者您認為，考慮到動態，這已經是您可以達到的最高水平了？

I'm not in a hurry, but you know I like 2%, and I don't have to reiterate, but I'm going to. It has always worked good times, bad times, recession, financial crisis, interest rates. 2% always work, and it just something we -- I didn't expect loan growth to be this powerful the first quarter, I think it was really good. Or you were seeing it go back up, the recoveries would have taken it back up.

我並不著急，但你知道我喜歡 2%，我不需要重申，但我還是會這樣做。它在順境、逆境、經濟衰退、金融危機、利率等時期始終有效。 2% 總是有效的，這只是我們——我沒想到第一季的貸款成長會如此強勁，我認為這真的很好。或者你看到它回升，復甦會讓它回升。

So -- but it just matched out pretty even with the loans. And so I think we're at 1.86%, we're still 1.86%. So I'm not in a hurry to do that, but if I get a chance to go back to 2% at some point in time, I like the reserve. I think it's a smart thing to do and a conservative way to run this company is to -- air with too much reserves and too much capital. So you know how we do it.

所以——但它與貸款相當匹配。所以我認為我們現在是 1.86%，現在仍然是 1.86%。所以我並不急於這樣做，但如果我有機會在某個時間點回到 2%，我會喜歡儲備。我認為這是一件聰明的事情，經營這家公司的保守方式是──保留過多的儲備和資本。所以你知道我們是怎麼做的。

And we get a chance to do it. If we don't, we'll leave it. Probably not going to let it drop. I'm not going to let it drop any from where it is. So hopefully, we continue to -- we know we're continuing to get some recovery on a monthly basis. So we'll build -- but there's always a little charge-off here or charge-off there. I think we recovered $7 million last month. We charged off a couple million and ended up with $4.5 million or $5 million. So which was $190 million of loan growth, what it was, about what it took.

我們有機會做到這一點。如果我們不這樣做，我們就會放棄它。可能不會讓它掉下來。我不會讓它從原來的位置掉下來。因此，希望我們能夠繼續下去——我們知道我們每個月都會繼續取得一些復甦。因此我們會進行建設——但這裡或那裡總會有一點沖銷。我認為我們上個月收回了 700 萬美元。我們沖銷了幾百萬美元，最後剩下 450 萬或 500 萬美元。那麼，1.9 億美元的貸款成長是多少，需要多少錢。

Yeah. Okay. And then just back on the M&A topic. I assume you're going to tell me that everyone is just kind of in a wait and see mode. And if no one has to do something, they're just going to wait and see how the environment plays out before proceeding. But I was just curious on your thoughts on the environment and what you're hearing from folks and what do you think your outlook might be for M&A? I know it's hard to gauge with the uncertainty?

是的。好的。然後回到併購話題。我猜你會告訴我，每個人都只是處於觀望狀態。如果沒有人需要採取行動，他們只會等待，看看環境如何發展，然後再採取行動。但我只是好奇您對環境的看法以及您從人們那裡聽到的內容，以及您認為您對併購的前景如何？我知道不確定性很難衡量？

Well, we just saw Cadence get that deal done in 60 days. How long has it been since we saw a deal get done in 60 days? It's been the last Trump Administration. So it is a positive for banks, certainly as a positive for banks. And French hill head of the Financial Services Committee, first micro in 100 years to have that. That's a plus for the banking industry.

嗯，我們剛剛看到 Cadence 在 60 天內完成了這筆交易。我們已經多久沒有看到在 60 天內達成協議了？這是最後一屆川普政府。所以這對銀行來說是好事，對銀行來說一定是好事。法蘭西斯希爾是金融服務委員會主席，也是 100 年來第一位擔任此職的微型企業主。這對於銀行業來說是一個利好。

You got a real banker of running financial services. So I think that's a plus. I think Trump is going to be regulated as much as he can. I think it's our opportunity. It's a window. I don't know if it's perfect timing with all of the tariff stuff going on. But we're not on a train right now. But we're not off a train. So we're open to what makes sense.

你找到了一位真正經營金融服務的銀行家。所以我認為這是一個優點。我認為川普將受到盡可能多的監管。我認為這是我們的機會。這是一扇窗戶。我不知道現在是不是所有關稅措施的最佳時機。但我們現在不在火車上。但我們並沒有下火車。因此，我們對有意義的事物持開放態度。

And we'll do a trade. I mean, I'm excited. Thinking you can close a deal of 60 days, that really gets pretty exciting. So from that perspective, I'm more inclined to do something. We're not really on something right now, and were on one last quarter, and do to the Texas cleanup, having to get all that crap out of the bank, we didn't want to go forward with that.

我們將進行交易。我的意思是，我很興奮。想到你可以達成為期 60 天的交易，這確實非常令人興奮。所以從這個角度來看，我比較傾向於做某件事。我們現在真的沒有什麼事情要做，而且正處於上個季度，為了清理德州的垃圾，我們必須把銀行裡的所有垃圾都清理出去，我們不想繼續這樣做。

So anyway, that one could come back at some point in time, it may or may not come back at some point in time. But we're open. I just spoke at Commerce Capital, they had a big event in Texas, and we spoke there in front of about 120 bankers. So I told them our door was open if any of them were interested in coming to come on and we'll visit. So we're not excluding the M&A deal.

所以無論如何，那個人可能會在某個時間點回來，也可能不會在某個時間點回來。但我們是開放的。我剛剛在 Commerce Capital 發表了演講，他們在德克薩斯州舉辦了一場大型活動，我們在那裡向大約 120 名銀行家發表了演講。所以我告訴他們，如果他們有興趣來的話，我們的大門是敞開的，我們會去拜訪他們。所以我們並不排除併購交易。

When you run a 2% ROA, as we did for the quarter. We can't get much better than that, can we? We -- we just you can't get much better than that. So it's time to bring some assets in. And we don't want to get stupid with a price. We need to buy worth of money. I told the guys in Texas recently, this nice conference, I said, think about it. We all work about the same number of hours. I don't think they work as many as we do. But anyway, I said and you're doing a 1% of 0.9%.

當您運行 2% 的 ROA 時，就像我們本季所做的那樣。我們不能做得比這更好了，不是嗎？我們——我們只是不可能比這更好了。因此現在是時候引入一些資產了。我們不想在價格上犯傻。我們需要購買有價值的東西。我最近告訴德克薩斯州的人們，這是一次很棒的會議，我說，考慮一下。我們工作的時間都差不多。我認為他們的工作量不如我們多。但無論如何，我說的是，你做的是 0.9% 中的 1%。

And I said, we're doing it too. So think about that, and you want to sell your bank, what should I pay for it? I will pay for what it's worth, right? Think about -- think through that. You can't come and beat your chest on2 times book, because next year, we're going to do $1.8 billion. I said, well, then wait for next year before you're selling, right? If you're going to do that good next year. So just the conversation around was we're open but it has to work for both parties. And if we find the right trade, we'll certainly do it. Does that make -- you understand where we're coming from?

我說，我們也這麼做。所以想想看，如果你想出售你的銀行，我該付多少錢？我會付出相應的代價，對嗎？想一想——仔細想想。你不能來敲打你的胸口，因為明年，我們將完成 18 億美元。我說，那你等明年再賣吧，對吧？如果你明年要這麼做就好了。所以剛才的談話是，我們是開放的，但這必須對雙方都有好處。如果我們找到合適的交易，我們一定會去做。這是否讓您明白我們的出發點是什麼？

Matt Olney, Stephens.

馬特·奧爾尼，史蒂芬斯。

Congrats on the quarter. John, you want to just -- want to continue the last discussion you had on the M&A front. And I'm curious if we are seeing faster approvals on deals, and you mentioned the 60 days on some of these deals. Does that allow you to do anything interesting on the M&A side? And some of your peers have talked about it, feels more comfortable doing multiple deals in the same year. If that's the case, it could allow the bank to do perhaps some smaller deals that they wouldn't have considered in the past if you can do multiple smaller deals. So just curious how the change of faster approvals, how that would change your M&A strategy, if at all?

恭喜本季取得佳績。約翰，你只是想──繼續你們上次關於併購的討論。我很好奇我們是否看到交易的審批速度加快了，您提到一些交易需要 60 天的審批時間。這是否允許您在併購方面做一些有趣的事情？您的一些同行也談到了這一點，感覺在同一年完成多筆交易更舒服。如果是這樣的話，如果可以進行多筆小額交易，銀行或許可以進行一些他們過去不會考慮的小額交易。所以我很好奇更快的審批速度會帶來什麼變化，如果會帶來變化的話，這會如何改變您的併購策略呢？

Well, it excites me to look at M&A and to be able to get -- would we do two or three deals at one time? Well, if one came another came and another came, I guess we would. I don't think we'd announce them all the same day. But I wouldn't mind doing a smaller deal. We're not inverted to doing a smaller deal, at all. The last one we did was a Happy deal, and the train reck we ran into there with that deal, but that's in the rearview mirror today. As you can see, the earnings has recovered. So I mean I prefer to do maybe -- I'd prefer to maybe do a smaller deal or a multiple of smaller deals.

嗯，我很高興看到併購交易，並且能夠獲得——我們可以一次做兩三筆交易嗎？好吧，如果一個來了，另一個來了，另一個來了，我想我們就會來了。我認為我們不會在同一天宣布所有消息。但我並不介意做一筆小一點的交易。我們根本不願意做規模較小的交易。我們最後做的是一筆快樂的交易，我們在這筆交易中遇到了火車失事，但那已經成為過去。如您所見，收益已經恢復。所以我的意思是我可能更願意做——我可能更願意做一筆較小的交易或多筆較小的交易。

So it's just -- I'm sure my people would prefer to do one larger deal because it's about as much work to do a smaller deal, as you know, is to do a large deal. So you have all your focus on one trade. But I wouldn't be adverse to doing a couple of smaller deals at all. And I'm looking -- I'm ready to find something. I'm absolutely ready to find the trade it makes sense.

所以這只是——我相信我的員工更願意做一筆更大的交易，因為正如你所知，做一筆小交易和做一筆大交易需要做的工作量差不多。因此，你可以將所有註意力集中在一項交易上。但我並不反對做一些小交易。我正在尋找——我準備尋找一些東西。我已經做好了充分的準備去尋找有意義的交易。

I said a while ago, ran a 2.05% or 6% for the month, you can't -- I can't ask for any more than that. This team needs some new assets. They need some assets of somebody that's running a 1% ROA that wants to be a partner and come in and let us help them get it to a 2% ROA. I mean that's our game, right? That's what we've done over the years is that a bank that doesn't perform, they're at the level that Home performs and bring it to our level. So that's really our strategy, and we're looking for that opportunity.

我剛才說過，這個月的利率是 2.05% 或 6%，你不能——我不能要求更多了。這支球隊需要一些新的資產。他們需要一些資產，這些資產的 ROA 為 1%，並且希望成為合作夥伴，讓我們幫助他們將 ROA 提高到 2%。我的意思是這是我們的遊戲，對吧？多年來，我們一直在做的事情是，讓那些表現不佳的銀行達到 Home 的水平，並將其提升到我們的水平。這就是我們的策略，我們正在尋找這樣的機會。

But just because I sell it 10 times tangible book, I'm not going to pay somebody 10 times tangible book. There's not been a handful of us that trade at 2 times tangible book, and we trade there because of the continued quarter after quarter after quarter performance of the companies. So that's why we trade there, and people that are not there, they trade there for a reason. So no disrespect it just is what it is.

但僅僅因為我賣了 10 倍的實體書價，我不會付給別人 10 倍的實體書價。我們很少有公司以 2 倍有形帳面價值進行交易，我們之所以能以這樣的價格進行交易，是因為這些公司每季的表現都保持穩定。這就是我們在那裡進行交易的原因，而那些不在那裡進行交易的人也出於某種原因。所以，沒有不尊重的意思，事情就是這樣。

And Johnny, on the topic of just smaller banks, can you put any numbers behind that in terms of how small would you go versus how small is just too small, I guess, to consider?

強尼，關於小型銀行的話題，您能否給出一些數字來說明，您的銀行規模可以縮小到多小，以及小到什麼程度才算太小，我想，是可以考慮的。

Below $300 million probably is too small. However, if it was set next door to Palm Beach or sitting next door to Miami, and it was the end-market merger, we might look at something smaller than that. It just -- it depends on where it is. If it's out there by itself, then we probably would be -- we wouldn't be as aggressive on it. If it's in some place where we operate today, then we could be a little more aggressive on it.

低於 3 億美元可能太少了。然而，如果它位於棕櫚灘隔壁或邁阿密隔壁，並且是終端市場合併，我們可能會考慮比這更小的合併。這只是——取決於它在哪裡。如果它單獨存在，那麼我們可能就不會對它採取如此激進的行動。如果它出現在我們今天運營的地方，那麼我們可能會對它採取更積極的態度。

I mean the -- you've heard my start to see he wants to stay, we'd love to have a CEO. If he doesn't particularly in Florida, we can support somebody's bucket because those guys understand this. They know what we're doing. They've been with us for years. You don't have to hold those guys in Florida's hands. They just don't get it. And that's what's happening in Texas, too.

我的意思是——你已經聽到我開始看到他想留下來，我們很樂意有一位執行長。如果他在佛羅裡達沒有做到這一點，我們可以支持某人的得分，因為那些人明白這一點。他們知道我們在做什麼。他們已經和我們在一起很多年了。你沒必要把這些人控制在佛羅裡達的手中。他們就是不懂。這也是德州正在發生的事情。

Our team, Arkansas is that way, Texas is that way. Chris runs his own deal in New York, as you know. So I don't have to hold these guys' hands. And if we get an opportunity in a market even it's $150 million, it's next door. It might make a lot of sense if it's accretive.

我們隊，阿肯色州是那樣的，德州是那樣的。如你所知，克里斯在紐約經營自己的生意。所以我不需要牽著這些傢伙的手。如果我們在一個市場中有機會，即使它只有 1.5 億美元，它就在附近。如果它具有增值作用，那麼它可能很有意義。

If it could be somewhat accretive to us. I mean you can do $1 billion deal -- it adds $0.02 a share or you can do the $150 million deal next door, and it may add $0.02 a share. So it depends on how much it adds to EPS. We're in the business of making money for our shareholders, and we're going to make money for our shareholders. Most of these people sitting around this table right now are big shareholders of these companies. So they're as aggressive as I am about looking for the next deal.

如果它能對我們有所助益的話。我的意思是，你可以進行 10 億美元的交易——每股增加 0.02 美元，或者你可以進行隔壁 1.5 億美元的交易，每股可能會增加 0.02 美元。所以這取決於它對 EPS 的貢獻有多大。我們的業務是為股東賺錢，我們也會為股東賺錢。現在坐在這張桌子周圍的大多數人都是這些公司的大股東。因此，他們和我一樣積極地尋找下一筆交易。

Stephen Scouten, Piper Sandler.

史蒂芬·斯考頓，派珀·桑德勒。

I don't know if you let Tracy hang around for one last quarter, but I hope you guys are chewing some nasty cigars in his honor, maybe. If he's not there.

我不知道你們是否讓 Tracy 再待一個季度，但我希望你們為了他嚼一些難聞的雪茄，也許吧。如果他不在那裡。

He's sitting at down the table one in his mouth right now.

他現在坐在桌子旁邊，嘴裡含著一顆糖。

There you go. You guys all should have one, just to honor them on -- what I think is maybe his last earnings call. It's been a great run.

就這樣。你們都應該有一個，只是為了向他們致敬——我認為這也許是他的最後一次財報電話會議。這是一次很棒的經驗。

I guess maybe one last question on the M&A front. What do you think we need to kind of get the ball rolling on a deal flow perspective? I mean do we still need lower rates? Is it marks on interest rate marks that are keeping deals from getting done? Do we just need higher stock prices? I mean, I think most of us thought we have seen a lot more deals in this administration by now. I'm just wondering what you think we need to see to kind of get the ball rolling a little bit more?

我想也許這是關於併購的最後一個問題。從交易流程的角度來看，您認為我們需要做些什麼才能推動事情的進展？我的意思是我們還需要更低的利率嗎？是利率標記阻礙了交易的達成嗎？我們只是需要更高的股價嗎？我的意思是，我想我們大多數人都認為我們已經看到本屆政府達成了更多協議。我只是想知道您認為我們需要看到什麼才能讓事情進一步進展？

As Kevin said, he said when you said lower, that will improve some people. That will make them want to come out. It's a fast grower as it is long when you think about it. We're just a tick below 2 times tangible book. We're right at 2 times tangible book. And we were at 2.5 times or 2.6 times, it's all relative. Somebody said, I'm going to -- like to get 1.6 times or 1.7 times. Well, when they get 1.6 times, I'm probably back to 2.5 times or 2.6 times. So it kind of floats back and forth -- just educating the sellers to me more than anything else is what we need to do.

正如凱文所說，他說當你說得更低時，這會讓一些人得到改善。這會讓他們想要出來。它生長得很快，因為如果你仔細想想，你會發現它很長。我們只比有形書籍少 2 倍。我們正好有 2 倍有形的書。我們的比例是 2.5 倍或 2.6 倍，這都是相對的。有人說，我要——想要得到 1.6 倍或 1.7 倍。好吧，當他們得到 1.6 倍時，我可能會回到 2.5 倍或 2.6 倍。所以它有點來回波動——對我來說，我們需要做的就是教育賣家，而不是其他任何事情。

As you heard me say, these people have got themselves in trouble with the securities book. It's hard to make a deal with those people because the mark is so deep into their book. But it's all relative, right? It's based on what we pay for them today and how long it takes for them to heal up. And maybe they don't need heal up for a couple of years. So maybe they don't sell for a couple of years. But it's all about -- it all flows about the same. I mean -- when Trump went in, we got the Trump bump and huge raise of all -- raised the level of all back stock. Well, the tariffs come in and they're going back down. So we're about where we were prior to the Trump bump.

正如你聽到我說的，這些人因證券帳簿而陷入了麻煩。與這些人達成交易非常困難，因為他們的帳簿上烙印太深了。但這都是相對的，對吧？這取決於我們今天為他們支付的費用以及他們康復所需的時間。也許他們幾年內都不需要康復。所以也許幾年內都不會賣出去。但一切都是——一切都是差不多的。我的意思是，當川普上任時，我們得到了川普的支持，並且大幅提高了所有後備股票的水平。嗯，關稅已經上調，現在又要下降了。因此，我們現在的處境與川普上台前差不多。

So I think it's just a matter of educating the seller because it's a seller that is willing to make a deal at 0.9 times, then key benefits from that, and it's accretive to the company and he gets to ride our stock. He gets to ride a really good quality stock that pays a dividend every quarter. It's just an education process to me.

所以我認為這只是教育賣家的問題，因為賣家願意以 0.9 倍的價格達成交易，然後從中獲得關鍵利益，這對公司有利，而且他可以獲得我們的股票。他持有的是一隻每季都會派發股息的優質股票。對我來說這只是一個教育過程。

Yeah. That math, you just talked about on the exchange ratio seems to be lost a lot of the (inaudible). There seems to be maybe some pride in just the absolute number at announcement, which, to your point, doesn't really make any sense.

是的。你剛才談到的兌換率的數學似乎丟失了很多（聽不清楚）。人們似乎對宣佈時的絕對數字有些自豪，但就你的觀點而言，這其實沒有任何意義。

But that's helpful, Johnny. I guess you said interesting obviously, even in your press release, right, banking boils down to revenue expenses, right? And all expenses are about as low as it seems like you can get them. You're talking about needing more assets to build revenues. But apart from M&A, are there any other levers you feel like you can pull to kind of eke up revenue levels more so than they are? Are there any other lines of business or anything else that's on the radar to grow revenues disproportionately?

但這很有幫助，約翰尼。我想您顯然說過有趣，即使在您的新聞稿中，對吧，銀行業務歸結為收入支出，對吧？所有費用都低得可憐。你說的是需要更多的資產來創造收入。但除了併購之外，您覺得還有其他手段可以提高收入水準嗎？是否有其他業務線或其他可以帶來不成比例收入成長的領域？

I wish I could tell you the answer to that was, yes. But we're going to keep on, keeping on until we find somebody that wants to do a trade with us. So we're just going to keep on doing what we're doing. And I expect the next quarter to look a lot like this quarter. So actually, the run rate as of today was $1.3 million higher through the same day last quarter.

我希望我能告訴你答案是肯定的。但我們會繼續下去，直到找到願意與我們進行交易的人。因此我們將繼續做我們正在做的事情。我預計下一季的情況將與本季非常相似。因此實際上，截至今天的運行率比上一季同一天高出 130 萬美元。

We're $1.3 million this quarter than we were same day last quarter already. So I expect us to look a lot like we did last quarter. We -- we had a sale Happy had an investment that they sold. And I didn't know we had it, and it made millions of dollars. So you'll see that coming in. We had one other deal was pretty good. It looks like we may have settled the Texas lawsuit.

本季我們的營收比上一季同期增加了 130 萬美元。因此我預計我們的表現會與上個季度非常相似。我們——我們有一筆銷售，Happy 有一項投資被出售了。我不知道我們擁有它，而且它賺了數百萬美元。所以你會看到這一點。我們還有另一筆交易，非常好。看起來我們可能已經解決了德克薩斯州的訴訟。

It looks like that is settled. I'm not sure when those proceeds will come in, but they possibly could come in next quarter. And as bad as I hate to say, we have -- I wish we didn't have it was a life insurance policy for Mr. Hickman Pat. I'd really had him than the money. So got that coming in. So we got a good start on next quarter and the run rate is up $1.3 million through the day. So that tells you kind of what I'm thinking. I'm pretty happy. We just need to find somebody that wants to partner and stay with us if they want to or go the house if they want to. We're ready.

看起來一切都已經解決了。我不確定這些收益何時會到賬，但可能在下個季度到達。儘管我不願意這麼說，但我們——我希望我們沒有為希克曼·帕特先生購買人壽保險。我確實比他有錢。所以就這麼進來了。因此，我們在下個季度有一個良好的開端，並且當天的運行率上升了 130 萬美元。這告訴了你我的想法。我很高興。我們只需要找到一個願意與我們合作的人，如果他們願意的話，可以和我們住在一起，或者如果他們願意的話，可以去我們家。我們準備好了。

Brian Martin, Janney Montgomery.

布萊恩馬丁、珍妮蒙哥馬利。

Maybe just one for Kevin. Just Kevin, on the -- in terms of the NPA resolution, I think last quarter, you kind of talked about directionally where you thought the NPAs could trend to here as you kind of work through the credits. Can you just kind of remind us where that -- where you think the NPAs will kind of shake out here over the next couple of quarters as you kind of work through some of these credits?

也許對凱文來說只有一個。凱文，關於 NPA 決議，我想上個季度，您談到了方向性問題，您認為 NPA 可能會走向哪裡，因為您在某種程度上正在處理學分問題。您能否提醒我們一下—在您處理這些信貸的過程中，您認為不良資產在未來幾季內會發生什麼變化？

Yeah. There's still probably another 12 or so that I'm hopeful to move this quarter. From there, it takes the credits, the NPAs that we have on the Florida Member Care Credits, it takes those to move and -- those are improving. One of the three actually is cash flowing, it's now cash flow for two months on what would be P&I payments. And the other -- one of the other two is really close, but that's you're probably six months, you've got to have six months of that sort of activity before you move it out.

是的。我希望本季能完成大約 12 個任務。從那裡開始，我們需要這些信用，我們需要佛羅裡達州會員護理信用中的 NPA，我們需要這些信用來推動——這些都在改善。這三者之一實際上是現金流，現在是兩個月的本金及利息支付的現金流。而另外兩個中的一個非常接近，但那可能是六個月，你必須有六個月的這種活動才能搬出去。

So I think in best case, one of those is probably a third quarter, third to fourth quarter activity and those -- from there -- from the $12 million I said earlier, it takes that to get anything else out of any size because everything else from there on is pretty small.

所以我認為在最好的情況下，其中一個可能是第三季、第三季到第四季的活動，從那裡開始——從我之前說的 1200 萬美元開始，需要這筆錢才能獲得任何其他規模的東西，因為從那時起的其他一切都相當小。

Okay. And that the memory care one that could go later in the year, third or fourth quarter, how big is that one?

好的。而記憶護理可能會在今年晚些時候，第三季或第四季推出，這個規模有多大？

The one of the three is about $6 million. The second one that's close is $8 million or $9 million-ish somewhere in there.

三者中的一個價值約600萬美元。第二個接近的金額是 800 萬美元或 900 萬美元左右。

Okay. So you could still see a good chunk. Both of those could go in the second half of the year or later in the year, if that's possible?

好的。所以你仍然可以看到很大一部分。如果可能的話，這兩項計劃都可能在今年下半年或稍後實施嗎？

Possible. Yeah. possible if the current trends continues.

可能的。是的。如果目前的趨勢持續下去，這是有可能的。

Okay. Got you. And then I don't know if you mentioned it, Kevin, if I missed it in your opening remarks, just kind of your -- the loan pipeline -- community bank pipeline today. Can you -- could you give some color on that on how you're feeling about that is given the uncertainty out there and just how you're looking to through that, I know you mentioned some payoffs.

好的。明白了。然後，凱文，我不知道您是否提到過，如果我在您的開場白中錯過了，只是您今天的貸款管道 - 社區銀行管道。您能否——您能否解釋一下，考慮到外面的不確定性，您對此有何感受，以及您如何看待這個問題，我知道您提到了一些回報。

I think the pipeline itself, the production pipeline is pretty good. I wouldn't say that it is as strong as it was the last half of this quarter that just ended. I think the challenge is going to be the payoffs the elevation of payoffs second quarter if those do come through. That's a headwind. Not saying we can't get there, but it's going to take some things happening that aren't on the pipeline yet. And we're talking about some stuff that could hit there, but it'll just -- we'll just have to see how that plays out.

我認為管道本身、生產管道非常好。我不會說它像剛結束的本季後半段一樣強勁。我認為，如果這些確實實現的話，挑戰將是第二季的收益提升。這是逆風。這並不是說我們不能實現這一目標，但這需要一些尚未實現的事情發生。我們正在談論一些可能會發生的事，但我們只需要看看事情會如何發展。

Brian, I think this tariff deals kind of shook our body up a little bit. We'll see how that goes. And I think it has got everybody's attention a little bit.

布萊恩，我認為這項關稅協議對我們有點震動。我們將看看事情進展如何。我認為它已經引起了大家的注意。

Yeah. I think you get another quarter down the road it maybe a little bit more clarity. You'll feel better about how things have helped, the pipeline is feeling or shaping up? And maybe just the last one. For Stephen, just back to the margin for just a minute, Stephen, I think you said -- I don't know if you said where you exited the quarter, I think there was some liquidity that came in. And can you just remind us where you exited the month and just kind of what your starting point is for the margin as we go into second quarter?

是的。我認為再過一個季度你就會更加清楚這一點。您會對事情的進展感到更好嗎？管道感覺如何或正在成形嗎？也許只是最後一個。對於史蒂芬，讓我們回到利潤率，史蒂芬，我想你說過 - 我不知道你是否說過你在本季度結束時的情況，我認為有一些流動性湧入。您能否提醒我們您本月結束時的情況以及進入第二季時利潤率的起點是多少？

And then -- and just as it relates to that, Stephen, the pressure point as far as it sounds like maybe I'm understanding it right, the risk to the margin moving lower is the competition at this point? Is that what you counts kind of the greatest risk to maintaining the margin?

然後——正如與此相關的，史蒂芬，就壓力點而言，也許我的理解是正確的，利潤率下降的風險是此時的競爭？您認為這是維持利潤率的最大風險嗎？

Yeah, Brian, yeah, I would agree with that last statement. We'll see how rational everybody is over the next quarter and the second half of the year. But it's it sounds like it's still pretty aggressive on both sides of the balance sheet. So as mentioned, the margin, excluding event income for the quarter was $442 million same number there for March was $438 million. That had $200 million or $300 million more in average cash balances in March than we had in February. So that's driving that number down some. But like I said, in that range, plus or minus a couple is where we feel like we can operate.

是的，布萊恩，是的，我同意最後一句話。我們將看看下個季度和下半年大家的理性程度。但聽起來它在資產負債表的兩邊仍然相當激進。如上所述，本季不包括活動收入的利潤率為 4.42 億美元，與 3 月份的利潤率相同，為 4.38 億美元。3 月的平均現金餘額比 2 月多出 2 億或 3 億美元。所以這導致該數字有所下降。但就像我說的，在這個範圍內，我們覺得可以進行加減操作。

Thank you. I think kind of wrapping up now, Donna, if that's all right. It was a great quarter. I expect this quarter to be as good or better than last quarter. I don't see any reason I've asked Donna and I've run in you all, at many conferences. She said, what do you want to happen? I did nothing. We just want to leave it like it is. We got the Home Bancshares is what we call humming right now. and it's humming about as good as it's ever hum. So we're pretty pleased on this end. And we'll talk to you in 90 days and hopefully we'll have as good or better news and maybe a deal by then. So thank you very much for your support.

謝謝。我想現在就差不多結束了，唐娜，如果可以的話。這是一個偉大的季度。我預計本季的表現會與上一季一樣好，甚至更好。我不明白為什麼我問過唐娜，而且在許多會議上我也遇到過你們所有人。她說，你希望發生什麼事？我什麼也沒做。我們只想讓它保持原樣。我們得到了 Home Bancshares，這就是我們現在所說的嗡嗡聲。而且它的嗡嗡聲和以前一樣好。所以我們對此感到非常高興。我們將在 90 天後與您交談，希望到那時我們能得到同樣好或更好的消息，並可能達成協議。非常感謝您的支持。

Thank you for joining Home Bancshares Inc conference call. Today's call has now concluded. Thank you for your participation, and you may now disconnect.

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