Prosperity Bancshares Inc (PB) 2023 Q2 法說會逐字稿

Good day, and welcome to the Prosperity Bancshares Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note today's event is being recorded.

美好的一天，歡迎參加 Prosperity Bancshares 2023 年第二季度收益電話會議。 （操作員說明）請注意今天的活動正在錄製中。

I would now like to turn the conference over to Charlotte Rasche. Please go ahead.

我現在想把會議轉交給夏洛特·拉什（Charlotte Rasche）。請繼續。

Thank you. Good morning, ladies and gentlemen, and welcome to Prosperity Bancshares Second Quarter 2023 Earnings Conference Call. This call is being broadcast live over the Internet at prosperitybankusa.com and will be available for replay for the next few weeks.

謝謝。早上好，女士們、先生們，歡迎參加繁榮銀行股份 2023 年第二季度收益電話會議。此次電話會議將通過 Internet 進行現場直播：prosperitybankusa.com，並將在接下來的幾週內進行重播。

I'm Charlotte Rasche, General Counsel of Prosperity Bancshares. And here with me today is David Zalman, Senior Chairman and Chief Executive Officer; H.E. Timanus Jr, Chairman; Asylbek Osmonov, Chief Financial Officer; Eddie Safady, Vice Chairman; Kevin Hanigan, President and Chief Operating Officer; Randy Hester, Chief Lending Officer; Merle Karnes, Chief Credit Officer; Mays Davenport, Director of Corporate Strategy; and Bob Dowdell, Executive Vice President. David Zalman will lead off with a review of the highlights for the recent quarter. He will be followed by Asylbek Osmonov, who will review some of our recent financial statistics; and Tim Timanus, who will discuss our lending activities, including asset quality. Finally, we will open the call for questions.

我是夏洛特·拉什 (Charlotte Rasche)，Prosperity Bancshares 的總法律顧問。今天和我在一起的是高級董事長兼首席執行官 David Zalman；他。小蒂馬努斯，主席；阿西爾貝克·奧斯莫諾夫，首席財務官；埃迪·薩法迪，副主席；凱文·哈尼根 (Kevin Hanigan)，總裁兼首席運營官；蘭迪·赫斯特 (Randy Hester)，首席貸款官； Merle Karnes，首席信貸官；梅斯·達文波特 (Mays Davenport)，企業戰略總監；和執行副總裁鮑勃·道德爾。 David Zalman 將首先回顧最近一個季度的亮點。緊隨其後的是 Asylbek Osmonov，他將回顧我們最近的一些財務統計數據；蒂姆·蒂馬努斯（Tim Timanus）將討論我們的貸款活動，包括資產質量。最後，我們將開啟提問環節。

Before we begin, let me make the usual disclaimers. Certain of the matters discussed in this presentation may constitute forward-looking statements for the purposes of the federal securities laws, and as such, may involve known and unknown risks, uncertainties and other factors, which may cause the actual results or performance of Prosperity Bancshares to be materially different from future results or performance expressed or implied by such forward-looking statements.

在我們開始之前，讓我做出通常的免責聲明。本演示文稿中討論的某些事項可能構成聯邦證券法所規定的前瞻性陳述，因此可能涉及已知和未知的風險、不確定性和其他因素，這些因素可能會影響繁榮銀行股票的實際結果或表現與此類前瞻性陳述明示或暗示的未來結果或業績存在重大差異。

Additional information concerning factors that could cause actual results to be materially different than those in the forward-looking statements can be found in Prosperity Bancshares' filings with the Securities and Exchange Commission, including Forms 10-Q and 10-K and other reports and statements we have filed with the SEC. All forward-looking statements are expressly qualified in their entirety by these cautionary statements.

有關可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素的更多信息，請參閱 Prosperity Bancshares 向美國證券交易委員會提交的文件，包括表格 10-Q 和 10-K 以及其他報告和聲明我們已向SEC 備案。所有前瞻性陳述均完全受到這些警告性陳述的明確限制。

Now let me turn the call over to David Zalman.

現在讓我把電話轉給大衛·扎爾曼。

Thank you, Charlotte. I would like to welcome and thank everyone listening to our second quarter 2023 conference call.

謝謝你，夏洛特。我謹歡迎並感謝所有收聽我們 2023 年第二季度電話會議的人。

I'm pleased to announce that on May 1, 2023, Prosperity completed the merger with First Bancshares of Texas and its wholly-owned subsidiary, First Capital Bank, headquartered in Midland, Texas. First Capital Bank operated 16 full-service banking offices in 6 different markets in West, North and Central Texas areas including its main office in Midland and banking offices in Midland, Lubbock, Amarillo, Wichita Falls, Burkburnett, Byers, Henrietta, Dallas, Horseshoe Bay, Marble Falls and Fredericksburg, Texas.

我很高興地宣布，2023年5月1日，Prosperity完成了與德克薩斯州第一銀行股份公司及其全資子公司第一資本銀行（總部位於德克薩斯州米德蘭）的合併。第一資本銀行在德克薩斯州西部、北部和中部地區的6 個不同市場運營著16 個提供全方位服務的銀行辦事處，包括位於米德蘭的主辦事處以及位於米德蘭、拉伯克、阿馬里洛、威奇托福爾斯、伯克伯內特、拜爾斯、亨利埃塔、達拉斯、馬蹄的銀行辦事處灣、大理石瀑布和德克薩斯州弗雷德里克斯堡。

For the second quarter of 2023, Prosperity's net income was impacted by merger-related charges. Excluding those charges, our earnings remained strong but are lower than previous quarters, primarily because of the timing differences and that our cost of funds has increased faster than our earning assets have repriced.

2023 年第二季度，Prosperity 的淨利潤受到合併相關費用的影響。排除這些費用，我們的收益仍然強勁，但低於前幾個季度，主要是因為時間差異以及我們的資金成本增長速度快於我們的盈利資產重新定價的速度。

The good news is that based on our models, we show our net interest margin improving in a 12-month and 24-month time period to more normal levels. However, if rates increased more than we anticipate, this could change.

好消息是，根據我們的模型，我們的淨息差在 12 個月和 24 個月期間改善至更正常的水平。然而，如果利率增幅超過我們的預期，這種情況可能會發生變化。

Together with our model projections, our strong capital position, our liquidity, earnings, strong cost controls and sound asset quality, we believe opportunities remain for our continued growth and expansion. I would like to welcome our new associates and thank our current associates for all the hard work and integrity they show every day taking care of our customers.

加上我們的模型預測、強大的資本狀況、流動性、收益、強有力的成本控制和良好的資產質量，我們相信我們持續增長和擴張的機會仍然存在。我謹歡迎我們的新員工，並感謝我們現有的員工每天為照顧我們的客戶而付出的辛勤工作和誠信。

On a linked quarter basis, net income was $86.9 million for the 3 months ending June 30, 2023, compared with $124.7 million for the 3 months ended March 31, 2023. The change was primarily due to the merger.

按季度計算，截至 2023 年 6 月 30 日的 3 個月淨利潤為 8,690 萬美元，而截至 2023 年 3 月 31 日的 3 個月淨利潤為 1.247 億美元。這一變化主要是由於合併。

Net income per diluted common share was $0.94 for the 3 months ending June 30, 2023, compared with $1.37 for the 3 months ended March 31, 2023. During the second quarter of 2023, Prosperity incurred a merger-related provision for credit losses of $18.5 million and merger-related expenses of $12.9 million. Excluding these charges, earnings per diluted common share was $1.21 for the second quarter of 2023.

截至2023年6月30日的三個月，每股攤薄普通股淨利潤為0.94美元，而截至2023年3月31日的三個月為1.37美元。2023年第二季度，Prosperity計提了與合併相關的信貸損失撥備，金額為18.5美元1290 萬美元和合併相關費用 1290 萬美元。排除這些費用，2023 年第二季度稀釋後普通股每股收益為 1.21 美元。

Excluding the merger-related provision and expenses net of tax, the annualized returns on average assets and average tangible common equity for the 3 months ended June 30, 2023, were 1.14% and 12.43%.

剔除與合併相關的撥備和稅後費用，截至2023年6月30日止3個月的平均資產和平均有形普通股年化回報率分別為1.14%和12.43%。

Prosperity had strong loan growth for the quarter. Loans at June 30, 2023, were $21.6 billion, an increase of $2.3 billion or 12% from $19.3 billion at March 31, 2003 (sic)[2023]. Excluding the loans from the First Capital acquisition, loans increased $729 million or 3.7%, 15% annualized. Excluding warehouse purchase program loans and First Capital loans, the organic loans increased 8% annualized.

繁榮銀行本季度的貸款增長強勁。截至 2023 年 6 月 30 日的貸款為 216 億美元，比 2003 年 3 月 31 日的 193 億美元增加了 23 億美元，即 12%（原文如此）[2023]。不包括收購第一創業的貸款，貸款增加了 7.29 億美元，增幅為 3.7%，年化增幅為 15%。不包括倉庫採購計劃貸款和首控貸款，有機貸款年化增長 8%。

Our deposits at June 30, 2023 were $27.4 billion, an increase of $376.7 million or 1.4% compared with $27 billion at March 31, 2023. Excluding the deposits from the First Capital acquisition, deposits decreased $1.1 billion during the quarter ended June 30, 2023, compared with the quarter ended March 31, 2023. Historically, we generally experience a decrease in deposits in the second quarter, primarily due to public fund accounts -- using their funds. However, this year, we also saw a decrease in core deposits. However, over the last 3 weeks, the decrease in core deposits has stabilized.

截至2023年6月30日，我們的存款為274億美元，與2023年3月31日的270億美元相比，增加了3.767億美元，即1.4%。不包括第一資本收購的存款，截至2023年6月30日的季度存款減少了11億美元，與截至2023 年3 月31 日的季度相比。從歷史上看，我們第二季度的存款通常會減少，主要是由於公共基金賬戶使用其資金。然而，今年我們也看到核心存款有所下降。然而，過去三週，核心存款的下降已趨於穩定。

We have not purchased any broker deposits to offset the deposit loss, and we do not currently intend to do so. Our bankers, our focus is on building core deposits. Our noninterest-bearing deposits represented 37.9% of our total deposits at period end June 30, 2023.

我們沒有購買任何經紀商存款來抵消存款損失，而且我們目前也不打算這樣做。我們的銀行家，我們的重點是建立核心存款。截至2023年6月30日，我們的無息存款佔存款總額的37.9%。

Our nonperforming assets totaled $62.7 million or 18 basis points of quarterly average interest-earning assets at June 30, 2023 compared with $22 million or 7 basis points of quarterly average interest-earning assets at June 30, 2022, and $24.5 million or 7 basis points of quarterly average interest-earning assets at March 31, 2023. Over $20 million of the increase was due to the acquisition.

截至2023年6月30日，我們的不良資產總額為6,270萬美元，相當於季度平均生息資產的18個基點，而截至2022年6月30日，不良資產為2,200萬美元，相當於季度平均生息資產的7個基點，截至2022年6月30日，不良資產總額為2,450萬美元，相當於季度平均生息資產的7個基點。截至2023 年3 月31 日的季度平均生息資產。其中超過2000 萬美元的增長是由於收購所致。

In prior transactions, the amount of nonperforming assets that would be reflected as a nonperforming asset was the loan balance, net of the mark. Under the new accounting rules, the full loan balance of all acquired nonperforming assets must be reflected regardless of the amount of the reserve. In this case, we have accrued an approximate 70% reserve for these acquired nonperforming loans. Additionally, there were 2 other loans totaling $14 million placed on nonaccrual status, one of which is under contract for sale.

在之前的交易中，反映為不良資產的不良資產金額是扣除標記後的貸款餘額。根據新會計準則，無論準備金金額多少，所有收購的不良資產都必須反映全部貸款餘額。在這種情況下，我們為這些收購的不良貸款計提了大約 70% 的準備金。此外，還有另外 2 筆總計 1,400 萬美元的貸款處於非應計狀態，其中一筆已簽訂銷售合同。

After the merger adjustments, the allowance for credit losses on loans and off-balance sheet credit exposures was $381.7 million at June 30, 2023 compared with $312 million at March 31, 2023. Further, the allowance for credit losses on loans to total loans, excluding the warehouse purchase program loans increased to 1.68%.

合併調整後，截至2023年6月30日，貸款信用損失準備金和表外信用風險暴露為3.817億美元，而2023年3月31日為3.12億美元。此外，貸款信用損失準備金佔貸款總額的比例為：剔除倉庫採購計劃貸款增加至1.68%。

Our merger with Lone Star State Bancshares is pending regulatory approvals and is expected to close during the third quarter of 2023, although delays could occur. We continue to have conversations with other bankers considering opportunities. We believe that higher technology and staffing costs, funding costs, loan competition, succession planning concerns and increased regulatory burden, all point to continued consolidation. We remain ready to move forward in the event a transaction materializes and will be beneficial to our company's long-term future and will increase shareholder value.

我們與 Lone Star State Bancshares 的合併正在等待監管部門的批准，預計將於 2023 年第三季度完成，但可能會出現延遲。我們繼續與其他銀行家進行對話，考慮機會。我們認為，更高的技術和人員成本、融資成本、貸款競爭、繼任計劃問題以及監管負擔的增加，都表明整合將繼續進行。如果交易實現，我們仍準備繼續前進，這將有利於我們公司的長期未來，並將增加股東價值。

Texas and Oklahoma continue to shine as more people and more companies move to the states because of business-friendly political structure and those state income tax. Prosperity continues to focus on building core customer relationships, maintaining sound asset quality and operating the bank in an efficient manner while investing in ever-changing technology and product distribution channels. We intend to continue to grow the company both organically and through mergers and acquisitions.

由於有利於商業的政治結構和州所得稅，隨著越來越多的人和更多的公司遷移到德克薩斯州和俄克拉荷馬州，德克薩斯州和俄克拉荷馬州繼續表現出色。 Prosperity繼續專注於建立核心客戶關係、保持良好的資產質量並以高效的方式運營銀行，同時投資於不斷變化的技術和產品分銷渠道。我們打算通過有機方式和併購繼續發展公司。

I want to thank everyone involved in our company for helping to make it to success it has become. Thanks again for your support of our company. Let me turn over our discussion to Asylbek Osmonov, our Chief Financial Officer, to discuss some of the specific financial results we achieved. Asylbek?

我要感謝參與我們公司的每個人，他們幫助我們公司取得了成功。再次感謝您對我公司的支持。讓我將我們的討論轉交給我們的首席財務官 Asylbek Osmonov，討論我們取得的一些具體財務成果。阿西爾貝克？

Thank you, Mr. Zalman. Good morning, everyone. Net interest income before provision for credit losses for the 3 months ended June 30, 2023, was $236.5 million compared to $248.5 million for the same period in 2022, a decrease of $12 million or 4.8%. Loan and security interest income increased $93.9 million and $7.9 million, respectively, in the second quarter 2023 compared to the second quarter 2022. This was offset by an increase in interest expense of $114.7 million and a decrease in PPP loan fee income of $2.4 million.

謝謝你，扎爾曼先生。大家，早安。截至 2023 年 6 月 30 日的三個月，未計信貸損失撥備的淨利息收入為 2.365 億美元，而 2022 年同期為 2.485 億美元，減少了 1,200 萬美元，即 4.8%。與2022 年第二季度相比，2023 年第二季度的貸款和擔保利息收入分別增加了9390 萬美元和790 萬美元。這被利息支出增加1.147 億美元和PPP 貸款費用收入減少240 萬美元所抵消。

During the second quarter of 2023, we recognized $18.5 million of [date to] accounting provision expense related to the First Capital acquisition. The net interest margin on a tax equivalent basis was 2.73% for the 3 months ended June 30, 2023, compared to 2.97% for the same period in 2022 and 2.93% for the quarter ended March 31, 2023. Excluding purchase accounting adjustments, the net interest margin for the quarter ended June 30, 2023, was 2.7% compared to 2.97% for the same period in 2022 and 2.91% for the quarter ended March 31, 2023.

2023 年第二季度，我們確認了與 First Capital 收購相關的 1,850 萬美元[截至]會計撥備費用。截至2023年6月30日止三個月的稅等值淨息差為2.73%，而2022年同期為2.97%，截至2023年3月31日止季度為2.93%。不包括採購會計調整，截至2023年6月30日的季度的淨息差為2.7%，而2022年同期為2.97%，截至2023年3月31日的季度為2.91%。

The current quarter net interest margin was impacted by an increase in deposit rates at the end of the first quarter 2023, an increase in borrowings. Noninterest income was $39.7 million for the 3 months ended June 30, 2023 compared to $37.6 million for the same period in 2022 and $38.3 million for the quarter ended March 31, 2023.

本季度淨息差受到 2023 年第一季度末存款利率上升和借款增加的影響。截至2023年6月30日的三個月的非利息收入為3970萬美元，而2022年同期的非利息收入為3760萬美元，截至2023年3月31日的季度的非利息收入為3830萬美元。

Noninterest expense for the 3 months ended June 30, 2023, was $145.9 million compared to $122.9 million for the same period in 2022 and $123 million for the quarter ended March 31, 2023. The linked quarter increase was primarily due to merger-related expenses of $12.9 million and $2 million primarily due to merger-related expenses of $12.9 million and 2 months of First Capital Bank's operation.

截至 2023 年 6 月 30 日止三個月的非利息支出為 1.459 億美元，而 2022 年同期為 1.229 億美元，截至 2023 年 3 月 31 日止季度為 1.23 億美元。季度關聯增長主要是由於1,290萬美元和200 萬美元主要是由於1,290 萬美元的合併相關費用以及第一資本銀行運營2 個月的費用。

For the third quarter 2023, we expect noninterest expense to be in the range of $134 million to $136 million, which includes the additional operating expenses from the First Capital acquisition. However, this projection excludes onetime merger-related costs estimated to be around $10 million to $12 million and additional operating expenses from the pending acquisition of Lone Star Bank. Further, the third quarter results will be impacted by date to accounting provision expense related to the expected Lone Star acquisition in the third quarter, which is estimated to be $10 million to $13 million.

對於 2023 年第三季度，我們預計非利息費用將在 1.34 億美元至 1.36 億美元之間，其中包括收購 First Capital 帶來的額外運營費用。然而，這一預測不包括估計約為 1000 萬至 1200 萬美元的一次性合併相關成本以及即將收購 Lone Star Bank 的額外運營費用。此外，第三季度業績將受到與第三季度預期收購 Lone Star 相關的會計撥備費用的影響，預計該費用為 1000 萬至 1300 萬美元。

The efficiency ratio was 53.2% for the 3 months ended June 30, 2023 compared to 43.1% for the same period in 2022 and 43.7% for the 3 months ended March 31, 2023. Excluding merger-related expenses, the efficiency ratio was 48.5% for the 3 months ended June 30, 2023.

截至2023年6月30日止三個月的效率率為53.2%，而2022年同期為43.1%，截至2023年3月31日止三個月為43.7%。不計合併相關費用，效率率為48.5 %截至2023年6月30日的三個月。

The bond portfolio metrics at the 6/30/2023 showed a weighted average life of 5.3 years and projected annual cash flows of approximately $2.17 billion.

截至 2023 年 6 月 30 日的債券投資組合指標顯示，加權平均壽命為 5.3 年，預計年度現金流量約為 21.7 億美元。

And with that, let me turn over the presentation to Tim Timanus for some details on loans and asset quality. So Timanus?

接下來，讓我將演示文稿轉交給 Tim Timanus，了解有關貸款和資產質量的一些詳細信息。那麼提馬努斯？

Thank you, Asylbek. Our nonperforming assets at quarter end June 30, 2023, totaled $62,727,000 or 29 basis points of loans and other real estate compared to $24,485,000 or 13 basis points at March 31, 2023. This represents a $38,242,000 increase in nonperforming assets, $21,875,000 of which came from First Capital Bank of Texas.

謝謝你，阿西爾貝克。截至2023 年6 月30 日季度末，我們的不良資產總額為62,727,000 美元，即貸款和其他房地產的29 個基點，而截至2023 年3 月31 日的不良資產為24,485,000 美元，即13 個基點。這意味著不良資產增加了38,242,000 美元，其中21,875,000 美元來自德克薩斯州第一資本銀行。

The June 30, 2023, nonperforming asset total was made up of $59,467,000 in loans, $153,000 in repossessed assets and $3,107,000 and other real estate. Of the $62,727,000 in nonperforming assets, $8,294,000 are energy credits. $7,923,000, of which are from First Capital Bank of Texas.

截至 2023 年 6 月 30 日，不良資產總額包括 59,467,000 美元的貸款、153,000 美元的抵債資產以及 3,107,000 美元的其他房地產。在 62,727,000 美元的不良資產中，8,294,000 美元是能源信貸。 7,923,000 美元，其中來自德克薩斯州第一資本銀行。

Since June 30, 2023, $11,360,000 and nonperforming assets have been removed or under contract to be sold. This represents 18% of the quarter-end nonperforming assets.

自 2023 年 6 月 30 日起，11,360,000 美元的不良資產已被清除或根據合同出售。這佔季末不良資產的 18%。

Net charge-offs for the 3 months ended June 30, 2023, were $16,065,000 compared to net recoveries of $615,000 for the quarter ended March 31, 2023. $14,976,000 of the net charge-offs were from 1 loan that Legacy Texas Bank had in its portfolio when the bank joined us. $18,540,000 was added to the allowance for credit losses during the quarter ended June 30, 2023. This addition to the allowance resulted from the acquisition of First Capital Bank of Texas.

截至2023 年6 月30 日的三個月的淨沖銷額為16,065,000 美元，而截至2023 年3 月31 日的季度的淨收回額為615,000 美元。淨沖銷額中的14,976,000 美元來自Legacy Texas Bank 投資組合中的1 筆貸款當銀行加入我們的時候。截至 2023 年 6 月 30 日的季度，信貸損失準備金增加了 18,540,000 美元。準備金的增加是由於收購了德克薩斯州第一資本銀行。

The average monthly new loan production for the quarter ended June 30, 2023, was $565 million, up from $436 million from the prior quarter for a 30% increase. Loans outstanding at June 30, 2023, were approximately $21.654 billion compared to $19.334 billion at March 31, 2023. This is a 12% increase on a linked-quarter basis.

截至 2023 年 6 月 30 日的季度平均每月新增貸款額為 5.65 億美元，較上一季度的 4.36 億美元增長 30%。截至 2023 年 6 月 30 日，未償還貸款約為 216.54 億美元，而 2023 年 3 月 31 日為 193.34 億美元。環比增長 12%。

The June 30, 2023 loan total is made up of 41% fixed rate loans, 29% floating rate and 30% variable rate.

截至2023年6月30日的貸款總額由41%的固定利率貸款、29%的浮動利率和30%的可變利率組成。

I will now turn it over to Charlotte Rasche.

現在我將把它交給夏洛特·拉什。

Thank you, Tim. At this time, we are prepared to answer your questions. Rocco, can you please assist us with questions?

謝謝你，蒂姆。目前，我們已準備好回答您的問題。 Rocco，您能幫我們解答一些問題嗎？

(Operator Instructions) Today's first question comes from Michael Rose at Raymond James.

（操作員說明）今天的第一個問題來自 Raymond James 的 Michael Rose。

Maybe we could just start on the core margin decline and what the expectations could be? And then, Asylbek, if you can give us some some color on what you expect the accretion to be with the First Capital deal going forward and then what the other deal will add in terms of accretable yield as we move forward.

也許我們可以從核心利潤率下降開始，我們的預期是什麼？然後，Asylbek，您能否告訴我們一些您對第一資本交易未來的增值預期，以及隨著我們的進展，其他交易將在可增值收益方面增加的內容。

Yes. If you look at -- talking about margin, this quarter, we were down 20 basis points, but it was the impact of several things as we discussed in the announced increase in deposit rate that we announced in our call during the first quarter earnings call. Impact that had full impact in the second quarter, and we had a little bit of more borrowing than we had in the first quarter. So those 2 items impacted our margin because as we stated in the comments, Mr. Zalman said, for our assets, it takes time to reprice. It takes time to reprice the -- our loan portfolio in securities.

是的。如果你看一下——談論利潤率，本季度我們下降了 20 個基點，但這是我們在第一季度財報電話會議中宣布的存款利率上調中討論的幾件事的影響。影響在第二季度產生了全面影響，我們的借款比第一季度多了一點。因此，這兩項影響了我們的利潤，因為正如我們在評論中所說，扎爾曼先生說，對於我們的資產來說，重新定價需要時間。我們需要時間來重新定價我們的證券貸款組合。

As you saw in our security, we -- average yield on security was 2.07% on average, our loans were 5.48%. So as we -- time passes and those reprice and right now related to specific security, we're not buying any security, that's why the yield is staying the same. We're using that cash flow. We have about $2.2 billion cash flow from the security with either using towards putting on the loans or paying down on borrowings, depending how it is.

正如您在我們的證券中看到的那樣，我們的平均證券收益率為 2.07%，我們的貸款收益率為 5.48%。因此，隨著時間的推移，這些重新定價，現在與特定的證券相關，我們不會購買任何證券，這就是收益率保持不變的原因。我們正在使用該現金流。我們從該證券中獲得了約 22 億美元的現金流，可用於發放貸款或償還借款，具體取決於情況。

And the second quarter, we had a strong loan growth that which we use that funds towards loan growth. But if you just look at it, Michael, from the -- if we can reprice our security we're generating [207] right now and putting our new loans, we're getting about 8%. I mean, that's an almost 6% spread that would help us. But again, it's taking a time. And as we mentioned, if you look at 12 months, 24 months or 36 months, those really look good. But near term, yes, we did have some compression on the NIM. I know I kind of talk big picture, but that's how we see our balance sheet structure.

第二季度，我們的貸款增長強勁，我們將這些資金用於貸款增長。但如果你看一下，邁克爾，如果我們能夠重新定價我們現在正在生成的 [207] 證券並發放新貸款，我們將獲得大約 8%。我的意思是，差不多 6% 的利差對我們會有幫助。但同樣，這需要時間。正如我們提到的，如果你看看 12 個月、24 個月或 36 個月，那些看起來確實不錯。但近期，是的，我們確實對 NIM 進行了一些壓縮。我知道我談論的是大局，但這就是我們看待資產負債表結構的方式。

Yes, Mike. I mean, it's -- I've always referred to we're like the Queen Mary in here. It just takes time. And our models have been pretty good. Our models we've used for the last 30 years, 35 years and they've always been, I think, very close and very spot on in. What our models show is that in 12-month time frame, our net interest margin hits and around the 3% range, maybe a little bit better than that. And then in a 24-month time range, we go back to the 3.30%, 3.40% net interest margin. But again, it just takes time, and that's just the situation that we're in right now, and that's just the amount of time it takes to reprice our assets.

是的，邁克。我的意思是，我一直說我們就像這裡的瑪麗女王。只是需要時間。我們的模型非常好。我們的模型在過去 30 年、35 年中一直使用，我認為它們一直非常接近且非常準確。我們的模型顯示，在 12 個月的時間範圍內，我們的淨息差達到了大約3% 的範圍，也許比這個好一點。然後在 24 個月的時間範圍內，我們回到 3.30%、3.40% 的淨息差。但同樣，這只是需要時間，這就是我們現在所處的情況，這就是對我們的資產重新定價所需的時間。

Accretable yield.

可增加的產量。

The accretable yield for the -- on the -- we expect about $3 million from the First Capital Bank on quarterly basis.

我們預計第一資本銀行每季度的可增加收益率約為 300 萬美元。

Okay. That's helpful. And then just following up on the [bond rate] pricing. I totally understand that. But what about on the loan side? I think if I look at your call reports, I think, if I remember correctly, like 12% of the loans are expected to reprice in the next year. Can you just give us a sense for if that's correct, and then what the yield on the nearer-term maturities kind of are and assuming they would reprice somewhere where current yields are, I would expect that you would see some pick up there. I think it would just be helpful if you could provide some greater color there.

好的。這很有幫助。然後只是跟進[債券利率]定價。我完全理解這一點。但貸款方面呢？我想，如果我看一下你們的電話報告，如果我沒記錯的話，12% 的貸款預計會在明年重新定價。您能否讓我們了解一下這種說法是否正確，以及近期到期日的收益率是多少，並假設它們會在當前收益率的某個位置重新定價，我預計您會看到一些回升。我認為如果你能在那裡提供一些更好的顏色會很有幫助。

I'll let somebody jump in. But your 12% number seems low to me.

我會讓別人介入。但你 12% 的數字對我來說似乎很低。

I mean the straight off maturities as opposed to.

我指的是直接到期日，而不是直接到期日。

Okay. Because our average life in our portfolio is about 3 years. So that seems low. But are -- all new loans we're putting on are certainly somewhere between 7.75 to 8.5, I think, Tim mentioned the other day, we had one at 9%, but somewhere in that range, I think.

好的。因為我們投資組合的平均壽命約為 3 年。所以這看起來很低。但是，我們發放的所有新貸款肯定都在 7.75 到 8.5 之間，蒂姆前幾天提到，我們的貸款利率是 9%，但我認為在這個範圍內。

That's correct. The basic run on that is about on the low end, 7.75 up to 8.5.

這是正確的。基本運行在低端，7.75 到 8.5。

Right. And if you look at our cash flow, we analyze our annual cash flow. So within the next 12 months, we're going to get about $5 billion, either paying down, paying off a maturity of the loans. And I think our call report shows $6 billion, but there was some including loans that's going to be -- have variable rate. But the $5 billion for the next 12 months should reprice an average rate you asked, when we calculate it was very close to what our rates showing our margin is about [550].

正確的。如果你看看我們的現金流，我們就會分析我們的年度現金流。因此，在接下來的 12 個月內，我們將獲得大約 50 億美元，要么還清貸款，要么還清到期的貸款。我認為我們的電話報告顯示 60 億美元，但其中一些貸款將具有可變利率。但未來 12 個月的 50 億美元應該會重新定價您所要求的平均利率，因為我們計算出的利率非常接近我們顯示利潤率的大約 [550]。

Okay. So some potential upside there. Okay, great. And then maybe just finally for me. The loan growth has been pretty good. I know you guys have talked about previously being a kind of -- not a vendors last resort, but certainly given some of the other competitors have slowed down a little bit because they're full in terms of loan-to-deposit ratio, things like that. It seems like that is good. Any sense for kind of pipeline is just a healthier markets? And then, Kevin, if you could just provide some comments on the warehouse just given you've had 2 competitors kind of exit the space and looks like the average balances were a little bit higher than what you guided to.

好的。所以有一些潛在的好處。好的，太好了。也許最後對我來說。貸款增長相當不錯。我知道你們之前說過，不是供應商的最後手段，但考慮到其他一些競爭對手已經放慢了速度，因為他們的貸存比已經滿了，事情像那樣。似乎這樣也不錯。某種管道是否只是一個更健康的市場？然後，凱文，如果您能對倉庫提供一些評論，因為您已經有 2 個競爭對手退出了該空間，並且看起來平均餘額比您指導的要高一點。

Sure, let me do the warehouse first, Michael. There have been a couple of competitors who have exited the space. And I think first reaction might be they would scramble to get capacity elsewhere. But with the shrinkage of the overall business, there haven't been many requests for increases where we had common clients. There might have been 1 or 2, but not to the extent you might otherwise think. I think the increase in volume, which was nice for the quarter, I think we had indicated we thought on average, the warehouse might run [800] to [850] for the quarter. It ran almost 900, ran 899. So it was a little better than we thought, but that I would say that's more seasonal.

當然，邁克爾，讓我先整理一下倉庫。有幾個競爭對手已經退出了這個領域。我認為第一反應可能是他們會爭先恐後地在其他地方獲得產能。但隨著整體業務的萎縮，我們有共同客戶的加價要求並不多。可能有 1 或 2 個，但沒有達到您想像的程度。我認為數量的增加，這對本季度來說很好，我認為我們已經表明我們認為平均而言，本季度倉庫可能會運行 [800] 到 [850]。它跑了近900，跑了899。所以它比我們想像的要好一些，但我想說這更具季節性。

May was okay. June was really good. April was pretty soft. And I would expect going forward, July has been pretty good. So far to give you an idea through last night, we've averaged $1.62 billion in the warehouse. So July has been pretty good to us. I suspect August will also be pretty good. And then September tends to weaken up a little bit with people returning to school and coming back off of vacations and things moderate down a little bit. So for Q3, Michael, I'm going to say -- on average, $950 million to $1 billion. So we're running $1.62 billion right now. I think net-net, we might give a little bit of that back. And on the top side, maybe average $1 billion for the quarter. So that covers the warehouse. And Dave, you want me to take loan growth?

五月還好。六月真的很好。四月很溫柔。我預計未來七月會非常好。截至昨晚，到目前為止，我們的倉庫平均價值為 16.2 億美元。所以七月對我們來說非常好。我想八月也會很不錯。然後，隨著人們返回學校和假期結束，九月份的情況往往會有所減弱，情況會有所緩和。因此，對於第三季度，邁克爾，我想說的是——平均而言，9.5 億美元到 10 億美元。所以我們現在有 16.2 億美元的資金。我認為網絡網絡，我們可能會回饋一點。從最上面看，本季度的平均收入可能為 10 億美元。這樣就覆蓋了倉庫。戴夫，你想讓我接受貸款增長嗎？

Loan growth has been strong. If we go back to January when we talked about what we expected for the year, we said high single-digits, and we've been running high single-digits for the first 6 months. But we caution that if we elected to begin selling mortgages in the secondary market rather than holding them, that number would go down. We have made a decision. In fact, we made the decision probably a month ago. Maybe a little longer than a month ago to position ourselves to start selling some mortgages in the secondary market and take the gain on sales. And that's strictly just the right.

貸款增長強勁。如果我們回到 1 月份，當我們談論今年的預期時，我們說的是高個位數，而且前 6 個月我們一直保持高個位數。但我們警告說，如果我們選擇開始在二級市場上出售抵押貸款而不是持有抵押貸款，那麼這個數字將會下降。我們已經做出了決定。事實上，我們大概一個月前就做出了決定。也許需要一個多月前的時間，我們才能開始在二級市場上出售一些抵押貸款並獲得銷售收益。這絕對是正確的。

They're coming on the books at versus the gain on sale. We think the gain on sale is a better proposition for us now, and we've got other uses for the cash, even if that's paying down borrowings either way, it's good for the organization.

他們的賬面收益與銷售收益相比較。我們認為出售收益現在對我們來說是一個更好的提議，而且我們還有其他用途的現金，即使這可以用來償還借款，這對組織來說也是有好處的。

That takes a while to put in place. And I'd say where we sit today is probably 30% of our origination volume is available to be sold. So we're packaging that up and we'll begin the sales process. We had to get back in front of all our secondary market participants and let them know we were back and regrease those skids.

這需要一段時間才能落實到位。我想說的是，我們今天的產量可能有 30% 可供出售。因此，我們正在將其包裝起來，然後開始銷售過程。我們必須回到所有二級市場參與者面前，讓他們知道我們回來了並重新潤滑這些滑板。

So as a result of that decision, I think loan growth will moderate a little bit for the remainder of the year. We'll feel some of that impact probably in the latter stages of Q3 and the full effect of it in Q4 as we we prepare to sell more of those mortgages that we originate. So going forward, maybe second half of the year, what we said in January was if we did that, we might grow at 5%, 6% kind of mid-single digits versus high. So I think that's probably a safe number for the second half of the year.

因此，由於這一決定，我認為今年剩餘時間內貸款增長將略有放緩。我們可能會在第三季度後期感受到一些影響，並在第四季度感受到它的全部影響，因為我們準備出售更多我們發起的抵押貸款。因此，展望未來，也許是今年下半年，我們在一月份所說的是，如果我們這樣做，我們可能會實現 5%、6% 的中個位數增長，而不是高增長。所以我認為這可能是今年下半年的安全數字。

I would add the rest of the loan portfolio, in other words, other than warehouse and mortgage, it's really interesting to see how reasonably steady the demand has been. What has fallen off seems to be the very large expensive real estate projects. They're not quite what they were. But the rest of the loan market seems to be reasonably steady in spite of higher interest rates and talk about recessions, et cetera. And I guess we attribute that to the economy in Texas and Oklahoma, which are 2 economies that David has mentioned have maintained their steady growth. So, so far, we see loan growth being pretty dug on decent.

我會添加貸款組合的其餘部分，換句話說，除了倉庫和抵押貸款之外，看到需求的穩定程度非常有趣。下跌的似乎是那些非常昂貴的大型房地產項目。他們已經不再是原來的樣子了。但儘管利率上升並談論經濟衰退等，但貸款市場的其餘部分似乎相當穩定。我想我們將其歸因於德克薩斯州和俄克拉荷馬州的經濟，大衛提到的這兩個經濟體保持了穩定增長。因此，到目前為止，我們看到貸款增長相當不錯。

And our next question today comes from Peter Winter at D.A. Davidson.

今天我們的下一個問題來自 D.A. 的 Peter Winter。戴維森。

I just want to follow up on Michael's question about the loans maturing over the next 12 months, if we exclude the floating rate book, just do you have a sense how much actually will mature in the next 12 months in the fixed rate book and what those yields are?

我只想跟進邁克爾關於未來 12 個月內到期的貸款的問題，如果我們排除浮動利率賬簿，您是否知道固定利率賬簿中實際將在未來 12 個月內到期的金額是多少？這些收益率是？

Yes. I think when we looked at it -- we looked it in general, when I said the $5 billion is going to be maturing in the next 12 months, and I think more than half kind of first 6 months and later. And the rate like when we calculate the rate was 5.5%, 5.6% average on those. And I know that we have -- we mentioned about 41% fixed mortgages. So I think I would say around 41% would be fixed that's going to be maturing next 12 months. I don't have any specifics, but we can get back with you on the specific on that fix.

是的。我認為，當我們審視這個問題時，我們總體上進行了審視，當我說 50 億美元將在未來 12 個月內到期時，我認為一半以上是在前 6 個月及以後。我們計算時的比率是 5.5%，平均為 5.6%。我知道我們提到了大約 41% 的固定抵押貸款。因此，我認為大約 41% 的資金將得到修復，並將在未來 12 個月內到期。我沒有任何具體信息，但我們可以就該修復的具體情況與您聯繫。

Okay. And it's likely that the Fed will increase rates today and then on hold. What's the outlook for the margin in the second half of the year? And do you see that you'll need to do another kind of deposit rate increase?

好的。美聯儲很可能今天加息，然後按兵不動。下半年毛利率前景如何？您是否認為需要採取另一種方式提高存款利率？

We've talked about on how increasing rates, right. Right now, probably the highest that we pay on our money market account unless it's -- there's always some bigger customers have a negotiated type of deal. But for the most part, we pay 3%, and that's if you have over $250,000.

我們已經討論過如何提高費率，對吧。目前，這可能是我們在貨幣市場賬戶上支付的最高金額，除非總是有一些大客戶有協商類型的交易。但在大多數情況下，我們支付 3%，前提是您的資金超過 250,000 美元。

The rest of our CD rates are pretty low. I think that we have come up with the CD special rate for 7%. That's -- I'm sorry, 7 months, that's 5%. So we do have that. You would think that a lot of money would have flown into that account. I think it's probably about $1 billion. I would have thought that more money would have gone into that. But our cost of funds right now, our total cost of funds when you add everything into it and that's Federal Home Loan Bank borrowings, Federal Reserve borrowings, interest on deposits is 1.55%. And when you look at just our total deposits, our cost of funds are 0.94%. And when you look at just the interest on deposits, not including the Federal Home Loan Bank and not including the noninterest-bearing deposits, it's 1.51%.

我們其餘的 CD 利率相當低。我想我們已經提出了7%的CD特價。抱歉，7 個月，即 5%。所以我們確實有。你可能會認為很多錢會流入這個賬戶。我認為大概是10億美元左右。我本以為會投入更多的錢。但我們現在的資金成本，當你把所有東西都加進去時，我們的總資金成本，即聯邦住房貸款銀行借款、美聯儲借款、存款利息是 1.55%。當你只看我們的總存款時，我們的資金成本是 0.94%。當你只看存款利息時，不包括聯邦住房貸款銀行，也不包括無息存款，它是 1.51%。

So our cost of funds are extremely long. We have a good core business, I think, I heard also back in (inaudible) a while ago about 85% of our business is consumer and accounts but probably on a percentage basis of deposits also that company...

所以我們的資金成本是非常長的。我想，我們擁有良好的核心業務，不久前我也聽說過（聽不清），我們的業務大約 85% 是消費者和賬戶，但可能也以存款百分比為基礎...

About 53% of the dollar-wise is -- and then consumer and 47% commercial.

大約 53% 的美元是——然後是消費者，47% 是商業。

But the commercial represents about 15% of our accounts yes, only 47% of the deal. So our mix of money is good core. We haven't chased the money. I mean, it could have been very easy for us to increase like some of the other banks, $1 billion or $2 billion by going out and buying broker deposits this quarter. We didn't do that. Our true intent is to try to pay down Federal Home Loan Bank to a certain amount. We talked about a while ago reducing maybe the amount of home loans that we're keeping on our books and selling.

但廣告約占我們賬戶的 15%，是的，只佔交易的 47%。所以我們的資金組合是好的核心。我們沒有追錢。我的意思是，對於我們來說，像其他一些銀行一樣，通過本季度購買經紀人存款，可以很容易地增加 10 億或 20 億美元。我們沒有那樣做。我們的真正目的是嘗試向聯邦住房貸款銀行償還一定數額的首付款。我們不久前討論過可能會減少我們賬上保留和出售的住房貸款金額。

So it's our goal to really reduce some of the higher cost money. And our real focus is deposits, and that is to go out where the last 2 years, all we really hammered in everybody's mind was loans, loans, loans. We're hammering right now our deposits, deposits, deposits. So as this thing turns around, our goal is really to reduce some of our borrowings and to really go after core deposits.

因此，我們的目標是真正減少一些較高成本的資金。我們真正的重點是存款，那就是走出過去兩年，我們真正在每個人的腦海中敲擊的是貸款、貸款、貸款。我們現在正在敲定我們的存款，存款，存款。因此，隨著事情的轉變，我們的目標實際上是減少一些借款並真正追求核心存款。

It's a long answer around a question. Are you going to raise rates with the 25 basis points increase? And I guess the answer is right now, we probably just would be watching it. I didn't say we wouldn't. But we feel like our deposits have stabilized over the last 3 weeks. We don't see much change, $100 million may be lower at the end of the week and $100 million, $150 million gain at the beginning of the week. So we really don't see a whole lot of changes. So really, a lot of it just depends as long as our deposits stabilize, that's where we're at. We've never really run after higher cost money. I think it's hard once you do to get out of it. So we really don't want to jump into that. So that's kind of our story.

這是圍繞一個問題的一個很長的答案。您是否會加息25個基點？我想答案就是現在，我們可能只會關注它。我沒說我們不會。但我們感覺過去三週我們的存款已經穩定下來。我們沒有看到太大的變化，週末可能會減少 1 億美元，而周初可能會增加 1 億美元、1.5 億美元。所以我們確實沒有看到很多變化。所以實際上，只要我們的存款穩定，這在很大程度上取決於我們的情況。我們從來沒有真正追求更高成本的錢。我認為一旦你這樣做了就很難擺脫它。所以我們真的不想陷入這個困境。這就是我們的故事。

And just based on that, the outlook for the margin in the second half of the year?

基於此，下半年的利潤率前景如何？

I looked at the model and I looked at 12 months, I can probably pull my notes out and see what it does in 6 months. In 12 months, we do know that it does go more toward a 3% net interest margin. I'd have to look and see in the 6 months what it is.

我查看了模型，查看了 12 個月，我可能可以拿出筆記，看看 6 個月後會發生什麼。 12 個月後，我們確實知道它確實會進一步接近 3% 的淨息差。我必須在 6 個月內看看它是什麼。

Yes. And the other thing is kind of hard to answer specifically, we have the Lone -- pending Lone Star acquisition coming in with their loans. So that's going to impact, too. But like I -- we were saying in 12 months, definitely up, I would say, 6 months, flat and maybe half, but it all depends on Lone Star as well.

是的。另一件事有點難以具體回答，我們有 Lone——即將進行的 Lone Star 收購是隨著他們的貸款而來的。所以這也會產生影響。但就像我一樣，我們說 12 個月內肯定會上漲，我會說 6 個月內持平，也許一半，但這也完全取決於孤星。

And Peter, I know you asked me about the fixed versus variable [Feds] on my information. So we have a little bit more than 50% of fixed kind of reprice out of $5 billion fixed rate loans. It's right about 50%, a little bit.

彼得，我知道你問我關於我的信息中的固定與可變[Feds]。因此，在 50 億美元的固定利率貸款中，有超過 50% 是固定類型的重新定價。大約50%是正確的，一點點。

Over the next 12 months?

未來 12 個月？

Yes. But out of $5 billion that we said that the cash flowing.

是的。但我們說的是 50 億美元中的現金流。

I found some numbers, Peter, on the 6 months. Our 6-month projection is to go to around -- again, this probably isn't exactly accurate because of the -- because this is flat. That's no growth in deposits or I mean, no growth in loans, deposits or anything like that. This is just straight. It's about a 2.86 in 6 months.

彼得，我找到了 6 個月的一些數字。我們的 6 個月預測大約是 - 再次強調，這可能並不完全準確，因為 - 因為這是持平的。這不是存款的增長，或者我的意思是，貸款、存款或類似的東西沒有增長。這就是直的。 6 個月內約為 2.86。

And that's not including Lone Star.

這還不包括孤星。

No, that's I'd say 2.86%, 2.90% and Lone Star should improve and help us a little bit.

不，我想說的是 2.86%、2.90%，Lone Star 應該會有所改善並為我們提供一些幫助。

And our next question today comes from Dave Rochester with Compass Point.

今天我們的下一個問題來自 Compass Point 的 Dave Rochester。

Just to make sure I heard you right. So it's 2.86% in 6 months from now, that includes the rate hike, but no Lone Star. Is that right?

只是為了確保我沒聽錯。因此，從現在起 6 個月後的利率為 2.86%，其中包括加息，但不包括孤星。是對的嗎？

Let me see if that includes the rate hike. I think it does.

讓我看看這是否包括加息。我認為確實如此。

It does not include Lone Star.

它不包括孤星。

It doesn't include Lone Star, but it does include the rate hike.

它不包括孤星，但確實包括加息。

It does. Okay.

確實如此。好的。

Just 1 hike and no cuts or anything like that. That's the only change in Fed funds?

僅加息 1 次，沒有削減或類似的事情。這是聯邦基金的唯一變化嗎？

Or 6 months is we're projecting the prime to be 8.5%.

我們預計 6 個月後的最高利率將達到 8.5%。

We don't know if it cuts for at least the next 6 months.

我們不知道至少在接下來的 6 個月內是否會削減。

Got you. And then so this time next year or maybe 3Q of next year, back half of next year, you're thinking 3% plus on the margin. Is that right?

明白你了。然後明年這個時候，或者明年第三季度，明年下半年，你會考慮 3% 以上的利潤。是對的嗎？

We are. Yes, we are.

我們是。是的我們是。

Great. Appreciate that. On expenses real quick. I appreciate all the guidance there. I was first wondering if you thought that 3Q range, the [1.34] million to [1.36] was good for 4Q as well ex the Lone Star deal? And then what are you guys expecting for the size of that Lone Star expense base that you're going to bring in?

偉大的。感謝。開支很快。我很感謝那裡的所有指導。我首先想知道您是否認為第三季度的範圍（[1.34] 萬到 [1.36]）對第四季度以及孤星交易都有好處？那麼你們對孤星公司的支出基礎規模有何期望？

So on the [1.34], [1.36], I think that's a good run rate because we're going to have full 3 months of First Capital Bank in it. And if you look at -- I think that's going to stay the same for the fourth quarter. I mean it might change a little bit, but I think that's going to be the same guidance for the fourth quarter.

因此，對於 [1.34]、[1.36]，我認為這是一個很好的運行率，因為我們將擁有第一資本銀行整整 3 個月的時間。如果你看一下——我認為第四季度情況將保持不變。我的意思是它可能會發生一些變化，但我認為第四季度的指導方針將是相同的。

On the first -- I'm sorry, on Lone Star, I know we're going to have onetime expenses. But I think the Lone Star brings additional on the quarterly basis around -- I think, between $7 million to $10 million quarterly expenses before we get some savings.

第一個——對不起，在孤星上，我知道我們會有一次性開支。但我認為 Lone Star 每季度都會帶來額外的費用——我認為，在我們獲得一些節省之前，季度費用在 700 萬美元到 1000 萬美元之間。

Okay. Great. And then just one on capital. How are you guys thinking about the buyback here at the current stock price, which is a little bit higher than where you were buying this past quarter? And then just given your thoughts on M&A and growth going forward, are you thinking this 2Q pace for buybacks is more what you would expect? Or could you accelerate that just given you've got a whole lot of excess capital here?

好的。偉大的。然後是關於資本的一件事。你們如何看待以當前股價回購，因為當前股價比上個季度的買入價格略高？然後考慮到您對未來併購和增長的看法，您是否認為第二季度的回購速度更符合您的預期？或者考慮到你這裡有大量過剩資本，你能加速這一進程嗎？

Yes. Well, we have to. You saw we have for the last 2 quarters above back how many about 1 million in 1,200,000 shares. So we definitely think the stock is too cheap. At the same time, we're always focused on, we wanted to increase dividends, and we still want to do some mergers and acquisitions. So I think a lot of it depends on our activity and M&A. If we don't do the M&A, you'll probably see more of the probably the buybacks if you're seeing M&A that may not be as much.

是的。好吧，我們必須這樣做。您看到我們在過去兩個季度的 1,200,000 股中收回了大約 100 萬股。所以我們肯定認為這隻股票太便宜了。與此同時，我們一直專注於，我們想要增加股息，我們仍然想做一些併購。所以我認為這很大程度上取決於我們的活動和併購。如果我們不進行併購，你可能會看到更多的回購，如果你看到的併購可能沒有那麼多。

Okay. And then maybe just on M&A. What do you guys see in terms of conversation levels or activity in the market at this point? I know some folks see purchase accounting mark is a big headwind. You guys list a lot of reasons why banks are going to want to combine. Was curious, what's the opportunity set you're looking at right now? And how active is -- are those banks in conversations and whatnot that you're seeing?

好的。然後也許只是併購。你們對目前市場的對話水平或活動有何看法？我知道有些人認為購買會計標記是一個很大的阻力。你們列出了銀行想要合併的很多原因。我很好奇，您現在正在尋找什麼機會？那些銀行是否在進行對話以及您所看到的其他內容，有多活躍？

I think M&A activities increased significantly.

我認為併購活動顯著增加。

And our next question today comes from Brady Gailey with KBW.

今天我們的下一個問題來自 KBW 的 Brady Gailey。

I just wanted to ask about credit quality. We saw some noise there in the quarter but all the numbers are still very low. I know a lot of the noise related to acquisitions and your previously acquired loans as well. But when you take a step back and look at credit quality for Prosperity. Are there any concerning trends? Or are you guys still pretty confident on where you stand with credit quality?

我只是想問一下信用質量。我們在本季度看到了一些噪音，但所有數字仍然很低。我知道很多與收購和您之前獲得的貸款有關的噪音。但當你退一步看看繁榮的信用質量時。有什麼值得關注的趨勢嗎？或者你們對自己的信用質量仍然很有信心嗎？

I would say we're confident. Most of what deterioration you've seen is a result of loans that joined us. And there may be a bit more of that to go. Not an overwhelming total by any means, but there might be a bit more. We've actually been a little bit surprised how well the quality has held up, once again, given the higher interest rates and the earning pressure that puts on borrowers. But we sit as steady right now. We don't see really any red flags.

我想說我們有信心。您所看到的大部分惡化都是加入我們的貸款造成的。可能還有更多的事情要做。無論如何，總數並不是壓倒性的，但可能還有更多。事實上，考慮到更高的利率和借款人面臨的盈利壓力，我們再次對質量的保持感到有點驚訝。但我們現在坐穩了。我們實際上沒有看到任何危險信號。

Yes. Brady, this is Kevin. The loss we took was on a legacy deal. The former structured CRE portfolio that you're pretty familiar with. It was an office building located here in Dallas, a $32 million loan that lost several tenants, a couple within the quarter, and we move to foreclose and sell that loan in a hurry, figuring the first loss is the best loss. We ran a process and settled on a buyer that paid $17 million for it. So it was a $15 million loss.

是的。布雷迪，這是凱文。我們遭受的損失是在一項遺留交易上。您非常熟悉的前結構化 CRE 投資組合。這是位於達拉斯的一棟辦公樓，一筆3200 萬美元的貸款失去了幾位租戶，本季度就有一對，我們迅速取消抵押品贖回權並出售該貸款，認為第一次損失就是最好的損失。我們進行了一個流程並確定了一位買家，並支付了 1700 萬美元。因此損失了 1500 萬美元。

That structured CRE portfolio, which was at one point above $2 billion in total is now down to $305.7 million. So it's come down materially. The amount of office exposure left out of that portfolio is $126.3 million. So it's not much left in terms of office exposure and the remaining office exposure that we do have is all current and paying. So at this point, it seems like an outlier. That doesn't mean something can't go wrong somewhere.

該結構化 CRE 投資組合的總額一度超過 20 億美元，目前已降至 3.057 億美元。所以它在物質上有所下降。該投資組合中留下的辦公室風險敞口金額為 1.263 億美元。因此，就辦公室風險而言，所剩無幾，而我們所擁有的剩餘辦公室風險都是流動且付費的。所以在這一點上，它似乎是一個異常值。這並不意味著某處不會出錯。

But if I was to just say, if somebody said, where do you think the risk is in this $40 billion balance sheet, I'd look right into that $126.3 million worth of former legacy structured CRE portfolio. Even though it's still performing well, Class B office is not a great place to be. Fortunately, we've worked it down to the $126 million, but outside of that, and that portfolio is still doing just fine today, but I think that's where the risk lies.

但如果我只是說，如果有人說，你認為這個 400 億美元的資產負債表中的風險在哪裡，我會直接研究價值 1.263 億美元的前遺留結構化 CRE 投資組合。儘管 B 級辦公室仍然表現良好，但它並不是一個好地方。幸運的是，我們已經將其降低到 1.26 億美元，但除此之外，該投資組合今天仍然表現良好，但我認為這就是風險所在。

I think what Kevin has said is really accurate. And I also say that again, this loan never even hit the past due sheet or...

我認為凱文說的非常準確。我還要再說一遍，這筆貸款甚至從未逾期或......

It's never past due.

從來沒有逾期過。

Never past due or even on our deal. And I think that probably some other banks would have taken it and held out and maybe tried to sell it over a year or 2 years. And we're just not like that. We took it. We sold it, we got what we thought we could get for it, and we usually try to get all of our nonaccrual or nonperforming off of the books, just like the -- we saw a $62 million in nonperforming this time increased significantly. Over $20 million came from first Capital, and we intend to get that off. But the other 2 loans of the $18 million that we talked about probably we already have a contract on a deal that's going to take out most of that. The majority of the 2/3 of that, we already have a contract on that. So we sell it and get out of it. And by the way, there won't be that kind of loss -- just (inaudible) said, but we did have a...

從未逾期，甚至在我們的交易中也從未逾期。我認為其他一些銀行可能會接受並持有它，並可能嘗試在一年或兩年內出售它。而我們不是那樣的。我們拿走了它。我們賣掉了它，我們得到了我們認為可以得到的東西，我們通常會嘗試將所有非應計或不良貸款從賬簿中刪除，就像我們看到這次 6200 萬美元的不良貸款顯著增加。 First Capital 提供了超過 2000 萬美元的資金，我們打算將其解決。但我們談論的 1800 萬美元中的另外兩筆貸款可能我們已經簽訂了一份交易合同，將扣除其中的大部分貸款。其中 2/3 的大部分，我們已經簽訂了合同。所以我們賣掉它並擺脫它。順便說一句，不會有那種損失——只是（聽不清）說過，但我們確實有……

Nowhere near that kind of loss. Yes. As David said, this was an intra-quarter event. This went from losing enough tenants to us for closing and us running a process and getting it moved off the books in -- within a 90-day period of time -- inside of the 90-day period of time.

遠非那種損失。是的。正如大衛所說，這是一個季度內的事件。我們失去了足夠的租戶來關閉，然後我們運行一個流程並在 90 天內將其從賬簿中移出。

All right. That's helpful. And then Lone Star has been a pending regulatory approval for a while. I think in the press release, you all talk about hoping to close that this quarter in 3Q. What's been the holdup with getting regulatory approval for that deal?

好的。這很有幫助。 Lone Star 等待監管部門批准已經有一段時間了。我認為在新聞稿中，你們都談到希望在第三季度完成這個季度。該交易獲得監管部門批准的過程中遇到了什麼阻礙？

Up until this point, it really had been held up at the Department of Justice. Primarily, it was based on a -- on one of the banking centers or branch banks that they felt like that we -- they didn't know if they were going to let us keep or not. This was really a branch bank in a town of 9,000. So we thought that for the longest time. And we finally got it 2 weeks ago or a week ago, finally got clearance on that, that the DOJ let us go through with it.

到目前為止，這件事確實被司法部擱置了。主要是，它是基於他們認為我們的銀行中心或分行之一，他們不知道是否會讓我們保留。這實際上是一個9000人城鎮的分行。所以我們想了很長時間。我們終於在兩週前或一周前得到了它，終於得到了許可，司法部讓我們完成了它。

And so really, from that point was at the FDIC, our contacts with the FDIC, we felt that we really would get it done in just a few days. It's taken longer than that because now most everything, even of the size of it and the small size of it, it still has to go to Washington. I don't know, maybe they were dealing with the PacWest deal last night and the week before, I don't know. But we're really hoping to get it. We should get it. We don't know of anything that light shouldn't be, let me say that.

事實上，從那時起，在 FDIC，我們與 FDIC 的接觸，我們覺得我們真的會在短短幾天內完成它。花費的時間比這要長，因為現在大多數東西，即使是大小的東西，仍然必須送到華盛頓。我不知道，也許他們昨晚和前一周正在處理 PacWest 的交易，我不知道。但我們真的希望能得到它。我們應該得到它。讓我這麼說吧，我們不知道光不應該有什麼。

And our next question comes from Manan Gosalia with Morgan Stanley.

我們的下一個問題來自摩根士丹利的馬南·戈薩利亞。

I apologize if I missed it, but can you talk about what your models assume for terminal deposit beta as well as the mix of NIB deposits?

如果我錯過了，我深表歉意，但是您能談談您的模型對終端存款 beta 的假設以及 NIB 存款的組合嗎？

Yes. Our beta for the interest-bearing deposit is 36 basis points. That's what we use in the model. And -- but if you look at our deposit over this interest rate cycle on interest-bearing deposit was 27 basis points. So we're running below the model what we have for the deposit -- interest-bearing deposit betas.

是的。我們的計息存款貝塔值為 36 個基點。這就是我們在模型中使用的。但是，如果你看看我們在這個利率週期內的存款，計息存款的利率為 27 個基點。因此，我們在存款模型下運行——計息存款貝塔值。

Got it. And the NIB mix?

知道了。那麼 NIB 組合呢？

I think it's the same.

我認為是一樣的。

I don't think we show a decrease in it probably on the model on. It's just flat where it is. In fact, really, our noninterest-bearing as a percentage of deposits is really going up or hasn't it?

我不認為我們在模型上可能會顯示出它的減少。它所在的地方只是平坦的。事實上，我們的無息存款佔存款的比例真的在上升嗎？

Yes. Compared to the first quarter, yes, it went up to 37.9%.

是的。與第一季度相比，是的，上升了 37.9%。

So actually, our noninterest-bearing has really held up better than most of our other accounts.

所以實際上，我們的無息賬戶確實比我們大多數其他賬戶表現得更好。

All right. Perfect. And then maybe just to approach some of the prior questions in a different way. On deposit betas, I think you've always had a significantly lower deposit beta than your peers and maybe you can talk about if rates stay higher for longer, what do you think about your ability to keep that spread relative to your peers? Or as rates stay higher for longer and loan growth continues, do you see that spread compressing?

好的。完美的。然後也許只是以不同的方式解決一些先前的問題。關於存款貝塔值，我認為你們的存款貝塔值一直比同行低得多，也許你可以談談如果利率長期保持較高水平，你認為你相對於同行保持這種利差的能力如何？或者，隨著利率在較長時間內保持較高水平並且貸款繼續增長，您是否認為利差會縮小？

I don't think so. I mean this -- we've been pretty consistent. If anything, our model is really after 12 months or after 24 months or so, really some crazy stuff. Some really high net interest margins, I would say, if that becomes true, we may give more of that back to the customer. And so it's just -- but basically, from what we're seeing in the time horizon of 12 and 24 months, I pretty much think we are where we are.

我不這麼認為。我的意思是——我們一直非常一致。如果說有什麼不同的話，那就是我們的模型確實是在 12 個月或 24 個月左右之後，真的是一些瘋狂的東西。我想說，一些非常高的淨息差，如果這是真的，我們可能會向客戶返還更多的淨息差。所以，基本上，從我們在 12 個月和 24 個月的時間範圍內看到的情況來看，我幾乎認為我們已經達到了現在的水平。

Yes. I mean other way of saying it as we reprice our loans and reprice -- especially reprice our loan portfolio at $13 billion, generating 2.07%, that would help us from the assets -- interest-earning assets. So we could increase the -- our cost of deposit, but save the margin, protect the margin. It's just this timing issue for us. And as we improve on the asset side, we could give a little bit on the deposit side, but still protect the margin. We need a Fed pause.

是的。我的意思是換句話說，當我們重新定價我們的貸款並重新定價時——特別是重新定價我們的貸款組合為130 億美元，產生2.07%，這將幫助我們從資產——生息資產中獲益。因此，我們可以增加存款成本，但可以節省保證金，保護保證金。對我們來說這只是時間問題。隨著我們在資產方面的改善，我們可以在存款方面給予一點點，但仍然可以保護保證金。我們需要美聯儲暫停。

Got it. Got it. Makes sense. And maybe last question. Just as we think about the securities book. Should we think about that yield remaining flat as you repurpose those securities into loans? Or as more of the back book sort of runs off at a lower rate, should we still see that weighted average rate on those securities rise in the coming quarters?

知道了。知道了。說得通。也許還有最後一個問題。就像我們思考證券賬簿一樣。當您將這些證券重新用於貸款時，我們是否應該考慮收益率保持不變？或者，隨著更多的背書以較低的利率流失，我們是否仍會看到這些證券的加權平均利率在未來幾個季度上升？

Yes. I think if you look at security, we're not buying any new securities. So we're not repricing those securities to higher yield. All what we've discussed. So we're using that cash flow, first of all, getting higher-yielding loans or if we have any fund available, we're going to be paying down. Both of them very accretive to the net income and the margin from our standpoint. So from the rate on the security, I don't think it's going to be significant change what we see right now.

是的。我認為如果你看看安全性，我們不會購買任何新的證券。因此，我們不會對這些證券重新定價以獲得更高的收益率。所有我們已經討論過的內容。因此，我們首先利用現金流來獲得更高收益的貸款，或者如果我們有任何可用資金，我們將還清貸款。從我們的角度來看，這兩者都對淨收入和利潤率有很大的促進作用。因此，從安全率來看，我認為我們現在看到的情況不會發生重大變化。

All the repricing when you look at what our yield is on securities and look at what our yield is in loans and you look at what the yield -- what we're getting today, you can see how significant that is. It just takes us time to turn the ship around a little bit.

所有的重新定價，當你看看我們的證券收益率是多少，看看我們的貸款收益率是多少，你看看我們今天得到的收益率是多少，你就可以看到它有多麼重要。我們只是需要一些時間才能讓船掉頭一點。

Yes. I mean the spread we're getting on every dollar we get from the security on the loans we're getting 5%, 6% spread on if we put on new loans...

是的。我的意思是，我們從貸款擔保中獲得的每一美元所獲得的利差，如果我們發放新貸款，我們將獲得 5%、6% 的利差……

But you could just pay your federal home loan by (inaudible) getting it over 3%, right? Yes.

但您可以通過（聽不清）利率超過 3% 來支付聯邦住房貸款，對吧？是的。

3.5%.

3.5%。

And our next question comes from Brandon King at Truist.

我們的下一個問題來自 Truist 的布蘭登·金 (Brandon King)。

So. Yes, could you give us some commentary on what you're seeing in regards to prepayments in your CRE book? It seems like with this interest rate environment, is the interest rate environment, though average LIFO loans could be extended just given the dynamics around that.

所以。是的，您能給我們一些關於您在 CRE 書中看到的有關預付款的評論嗎？看起來在這種利率環境下，就是利率環境，儘管鑑於周圍的動態，平均後進先出貸款可以延長。

Well, I think that's right. We're not seeing excessive prepayments on loans.

嗯，我認為這是對的。我們沒有看到貸款提前還款過多。

Yes. I think what we'll continue to see is multifamily deals that stabilize because the inversion of the curve can go out to the agencies and get a lower -- longer-term fixed rate loan than they might have had from our floating rate perspective. So we'll continue to see some pay down there. But Tim is absolutely right as we look across the entire book, it's a slowdown of the more traditional kind of deals. These big multifamily deals have an option to go out and lock up nonrecourse debt off the inverted curve.

是的。我認為我們將繼續看到多戶家庭交易趨於穩定，因為曲線的反轉可以流向各機構並獲得比我們從浮動利率角度來看更低的長期固定利率貸款。因此，我們將繼續看到一些回報。但當我們縱觀整本書時，蒂姆是絕對正確的，這是更傳統的交易類型的放緩。這些大型多戶家庭交易可以選擇退出並將無追索權債務鎖定在倒掛曲線之外。

Correct.

正確的。

I still think once all these rates quit rising, it always comes back around. There always becomes competition and everybody starts trying to undercatch you and trying to get better rates from different -- maybe even nonbanks. And so I think you'll see that in the future as rates stabilize and maybe even consider coming down next year or year. I don't think rates are going to go down what Eric -- but as much as everybody else thinks are going to go down. I think rates are going to stay higher for longer. However, there's always that competition, and things always turn around. It's just -- that's just the way it is.

我仍然認為，一旦所有這些利率停止上升，它總會回來。競爭總是會發生，每個人都開始試圖趕上你，並試圖從不同的地方——甚至非銀行機構——獲得更好的利率。因此，我認為隨著利率穩定，您將來會看到這一點，甚至可能考慮明年或明年下降。我不認為利率會像埃里克那樣下降，但會像其他人認為的那樣下降。我認為利率將在更長時間內保持較高水平。然而，競爭總是存在的，事情總會有轉機。事情就是這樣。

Got it. And do you think that potentially limits the benefit of the fixed rate repricing just given how we have the contractual maturities in place, but obviously, you assume a certain weighted average life for those loans. But I think that dynamic could kind of limit that benefit at least over the next year?

知道了。鑑於我們如何確定合同期限，您是否認為這可能會限制固定利率重新定價的好處，但顯然，您假設這些貸款有一定的加權平均壽命。但我認為這種動態可能會限制至少在明年的收益？

Now the maturities are still the maturities, it's an opportunity for a rate increase.

現在到期還是到期，這是加息的機會。

I think so, yes.

我想是的，是的。

Okay. Okay. And then going back to the NIM guidance, I believe you said [2.86] to [2.90] in 6 months, what are you assuming as far as paying down borrowings within that math?

好的。好的。然後回到 NIM 指導，我相信您說過 6 個月內 [2.86] 到 [2.90]，您假設在該數學範圍內償還借款是多少？

I think in the our guidance -- is our borrowing stays flat in our model.

我認為在我們的指導中——我們的借貸在我們的模型中保持不變。

Okay. So no benefit there is current what you're thinking about it right?

好的。那麼目前您所想的沒有任何好處，對嗎？

Yes.

是的。

And ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the conference back over to Charlotte Rasche for closing remarks.

女士們、先生們，我們的問答環節到此結束。我想將會議轉回給夏洛特·拉什 (Charlotte Rasche) 致閉幕詞。

Thank you. Thank you, ladies and gentlemen, for taking the time to participate in our call today. We appreciate your support of our company, and we will continue to work on building shareholder value.

謝謝。女士們、先生們，謝謝你們今天抽出時間參加我們的電話會議。我們感謝您對我們公司的支持，我們將繼續努力創造股東價值。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路，度過美好的一天。