Prosperity Bancshares Inc (PB) 2025 Q1 法說會逐字稿

Good day, and welcome to the Prosperity Bancshares first quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Prosperity Bancshares 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在我想將會議交給夏洛特·拉什 (Charlotte Rasche)。請繼續。

Thank you. Good morning, ladies and gentlemen, and welcome to Prosperity Bancshares' first quarter 2025 earnings conference call. This call is being broadcast live on our website and will be available for replay for the next few weeks.

謝謝。女士們、先生們，早安，歡迎參加 Prosperity Bancshares 2025 年第一季財報電話會議。本次電話會議將在我們的網站上進行現場直播，並將在接下來的幾週內提供重播。

I'm Charlotte Rasche, Executive Vice President and General Counsel of Prosperity Bancshares. And here with me today is David Zalman, Senior Chairman and Chief Executive Officer; H.E. Tim Timanus Jr., Chairman; Asylbek Osmonov, Chief Financial Officer; Eddie Safady, Vice Chairman; Kevin Hanigan, President and Chief Operating Officer; Randy Hester, Chief Lending Officer; Mays Davenport, Director of Corporate Strategy; and Bob Dowdell, Executive Vice President.

我是 Charlotte Rasche，Prosperity Bancshares 的執行副總裁兼總法律顧問。今天與我一起出席的還有高級董事長兼首席執行官戴維·扎爾曼 (David Zalman)、董事長蒂姆·蒂馬努斯 (Tim Timanus Jr.) 閣下、首席財務官阿西爾貝克·奧斯莫諾夫 (Asylbek Osmonov)、副董事長埃迪·薩法迪 (Eddie Safady)、總裁兼首席營運官凱文·哈尼根 (Kevin Hanigan)、首席貸款官和首席營運長Hester)、企業策略總監梅斯·達文波特 (Mays Davenport) 和執行副總裁鮑勃·道德爾 (Bob Dowdell)。

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 financial statistics, and Tim Timanus, who will discuss our lending activities, including asset quality. Finally, we will open the call for questions.

David Zalman 將首先回顧最近一個季度的亮點。緊隨其後的是 Asylbek Osmonov，他將回顧我們的一些財務統計數據，以及 Tim Timanus，他將討論我們的貸款活動，包括資產品質。最後，我們將開始提問。

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，請允許我先做出通常的免責聲明。本簡報中討論的某些事項可能構成聯邦證券法所指的前瞻性陳述，因此可能涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致 Prosperity Bancshares 的實際結果或業績與此類前瞻性陳述表達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 10-Q 表和 10-K 表以及我們向美國證券交易委員會提交的其他報告和聲明。所有前瞻性陳述均完全符合這些警示性聲明的明確限制。

Now let me turn the call over to David Zalman.

現在，讓我把電話轉給大衛‧札爾曼。

Thank you, Charlotte. I would like to welcome and thank everyone listening to our first quarter 2025 conference call. We and others believe that Prosperity is doing the right thing. Prosperity has been ranked as one of Forbes' Best Banks since the list inception in 2010 and was ranked in the top 10 for 14 consecutive years. Additionally, Prosperity was named the Best Overall Bank in Texas by Money for 2024 to 2025 and was ranked among America's Best Regional Banks by Newsweek in 2025.

謝謝你，夏洛特。我歡迎並感謝各位聆聽我們 2025 年第一季電話會議的各位。我們和其他人都相信 Prosperity 正在做正確的事。自2010年《富比士》最佳銀行榜單創立以來，興盛銀行一直名列其中，並連續14年名列前十。此外，Prosperity 銀行也被《Money》雜誌評為 2024 年至 2025 年度德州最佳綜合銀行，並被《新聞週刊》評為 2025 年美國最佳區域性銀行之一。

Prosperity continues to focus on long-term relationships and our customer success while maintaining strong asset quality, solid earnings and a fair return to shareholders. Prosperity maintained a high tangible equity to tangible asset ratio of 11.2% with tangible equity of $3.9 billion. Our net income was $130 million for the three months ended March 31, 2025 compared with $110 million for the same period in 2024, an increase of $19.8 million, or 17.9%.

Prosperity 持續專注於長期關係和客戶成功，同時保持強勁的資產品質、穩健的收益和公平的股東回報。Prosperity 的有形權益與有形資產比率維持在 11.2% 的高水平，有形權益為 39 億美元。截至 2025 年 3 月 31 日的三個月，我們的淨收入為 1.3 億美元，而 2024 年同期為 1.1 億美元，增加 1,980 萬美元，增幅為 17.9%。

The net income per diluted common share was $1.37 for the three months ended March 31, 2025 compared with $1.18 for the same period in 2024, an increase of 16.1%. For the three months ended March 31, 2025, annualized return on average assets and average tangible common equity were 1.34% on average assets and 13.23% on average tangible common equity, respectively, and the efficiency ratio was 45.7%. These ratios all showed considerable improvement compared with the same period in 2024.

截至 2025 年 3 月 31 日的三個月，每股攤薄普通股淨利為 1.37 美元，而 2024 年同期為 1.18 美元，成長 16.1%。截至 2025 年 3 月 31 日的三個月，年化平均資產回報率和平均有形普通股權益回報率分別為平均資產 1.34% 和平均有形普通股權益 13.23%，效率比率為 45.7%。與2024年同期相比，這些比率均有顯著改善。

Loans were $21.9 billion at March 31, 2025, an increase of $712 million or 3.3% compared with $21.2 billion at March 31, 2024, primarily due to the merger of Lone Star State Bancshares. As of March 31, 2025, loans excluding Warehouse Purchase Program loans and loans acquired in the Lone Star merger decreased $67.6 million compared with December 31, 2024. The bank continues to reduce identified loans assumed in recent acquisitions in the amount of $434 million in 2024 and $115 million in the first quarter of 2025.

截至 2025 年 3 月 31 日，貸款總額為 219 億美元，較 2024 年 3 月 31 日的 212 億美元增加 7.12 億美元，增幅為 3.3%，這主要歸因於 Lone Star State Bancshares 的合併。截至 2025 年 3 月 31 日，不包括倉庫採購計畫貸款和 Lone Star 合併中獲得的貸款的貸款與 2024 年 12 月 31 日相比減少了 6760 萬美元。該銀行繼續減少近期收購中承擔的已確定貸款，2024 年減少 4.34 億美元，2025 年第一季減少 1.15 億美元。

Our deposits were $28 billion at March 31, 2025, an increase of $851 million or 3.1% compared with $27 billion at March 31, 2024, primarily due to the merger. Linked-quarter deposits decreased $354 million from $28.3 billion at December 31, 2024. The decrease in deposits was primarily due to seasonality. As previously mentioned, we have over 500 municipal customers, such as cities, schools and counties that use the tax dollars they receive in December and January throughout the year.

截至 2025 年 3 月 31 日，我們的存款為 280 億美元，與 2024 年 3 月 31 日的 270 億美元相比增加了 8.51 億美元，增幅為 3.1%，這主要是由於合併所致。本季存款較 2024 年 12 月 31 日的 283 億美元減少 3.54 億美元。存款減少主要是由於季節性因素。如前所述，我們有超過 500 個市政客戶，例如城市、學校和縣，他們全年都會使用 12 月和 1 月收到的稅金。

Prosperity has strong noninterest-bearing deposits of 34.5% of total deposits as of March 31, 2025 with a cost of funds of 1.66% and a cost of deposits of 1.38%. The net interest margin on a tax equivalent basis was 3.14% for the three months ended March 31, 2025 compared with 2.79% for the same period in 2024 and 3.05% for the three months ending December 31, 2024.

截至 2025 年 3 月 31 日，Prosperity 的無利息存款佔總存款的 34.5%，資金成本為 1.66%，存款成本為 1.38%。截至 2025 年 3 月 31 日的三個月，以稅收等價基礎計算的淨利差為 3.14%，而 2024 年同期為 2.79%，截至 2024 年 12 月 31 日的三個月為 3.05%。

Based on our models, we believe our net interest margin should continue to improve to a more normalized level as our bond portfolio and loan portfolio reprice. Our nonperforming assets totaled $81.4 million or 24 basis points of quarterly average interest-earning assets at March 31, 2025 compared with $83 million or 24 basis points of quarterly average interest-earning assets as of March 31, 2024, and again, $81.5 million or 23 basis points of quarterly average interest-earning assets at December 31, 2024.

根據我們的模型，我們相信，隨著我們的債券組合和貸款組合重新定價，我們的淨利差應該會繼續改善到更正常的水平。截至 2025 年 3 月 31 日，我們的不良資產總額為 8,140 萬美元，即季度平均生息資產的 24 個基點，而截至 2024 年 3 月 31 日，我們的不良資產總額為 8,300 萬美元，即季度平均生息資產的 24 個基點，截至 12012 年萬美元，即季度平均生息資產的 23 個基點。

The allowance for credit losses on loans and off-balance sheet credit exposure was $386 million at March 31, 2025 compared with $366 million at March 31, 2024. Our current nonperforming assets are higher than our historical levels mainly due to acquired loans and accounting regulations for such loans that mandate we maintain loan balances on our books until they are resolved despite being reserved for during acquisition.

截至 2025 年 3 月 31 日，貸款及表外信貸風險敞口的信貸損失準備金為 3.86 億美元，而 2024 年 3 月 31 日為 3.66 億美元。我們目前的不良資產高於歷史水平，主要是因為收購的貸款和此類貸款的會計規定要求我們將貸款餘額保留在帳簿上，直到貸款得到解決，儘管這些餘額是在收購期間保留的。

Texas and Oklahoma continue to benefit from strong economies and are home to 58 Fortune 500 headquartered companies. The Texas economy continues to expand. Employment growth was solid, and sales tax revenue increased broadly, according to the Federal Reserve Bank of Dallas Texas economic indicators published April 3, 2025.

德州和俄克拉荷馬州繼續受益於強勁的經濟，並擁有 58 家財富 500 強公司的總部。德州經濟持續擴張。根據達拉斯聯邦儲備銀行 2025 年 4 月 3 日發布的德州經濟指標，就業成長穩健，銷售稅收入普遍增加。

The March 2025 Texas business outlook surveys showed continued expansion in wages and benefits all across all sectors. Despite the uncertainty with tariffs, our teams in Texas and Oklahoma are optimistic based on conversations with our customers about their outlook and plans. We continue to be opportunistic, work hard to stay close to our customers and their needs and maintain a quality loan portfolio.

2025 年 3 月德州商業前景調查顯示，所有產業的薪資和福利將持續擴大。儘管關稅存在不確定性，但我們在德克薩斯州和俄克拉荷馬州的團隊根據與客戶就其前景和計劃進行的對話持樂觀態度。我們將繼續把握機遇，努力貼近客戶，滿足他們的需求，並維持優質的貸款組合。

Although there is market volatility, we continue to have active conversations with other bankers regarding potential acquisition opportunities and remain ready to enter into a transaction when it is right for all parties and is appropriately accretive to our existing shareholders.

儘管市場波動，我們仍繼續與其他銀行家積極對話，探討潛在的收購機會，並隨時準備在對各方都有利且能為現有股東帶來適當增值的交易時進行交易。

Overall, I want to thank all the associates for helping create the success we have had. We have a strong team and a deep bench at Prosperity, and we'll continue to work hard to help our customers and associates succeed and to increase shareholder value.

總而言之，我要感謝所有同事幫助我們成功了。在 Prosperity，我們擁有強大的團隊和深厚的人才儲備，我們將繼續努力幫助我們的客戶和同事取得成功並提高股東價值。

Thanks again for your support of our company. Let me turn over the discussion to Asylbek Osmonov, our Chief Financial Officer, to discuss some of the specific financial results we achieved. Asylbek?

再次感謝您對我公司的支持。讓我將討論交給我們的財務長阿西爾貝克‧奧斯莫諾夫 (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 three months ended March 31, 2025 was $265.4 million, an increase of $27.1 million compared to $238.2 million for the same period in 2024 and a decrease of $2.4 million compared to $267.8 million for the quarter ended December 31, 2024. The linked quarter decrease was primarily due to having two less days in the first quarter of 2025.

謝謝你，札爾曼先生。大家早安。截至 2025 年 3 月 31 日的三個月，提列信貸損失準備前的淨利息收入為 2.654 億美元，較 2024 年同期的 2.382 億美元增加 2,710 萬美元，較截至 2024 年 12 月 31 日的季度的 2.678 億美元減少 2.640 萬美元。環比季度的下降主要是因為 2025 年第一季的天數減少了兩天。

The fair value loan income for the first quarter of 2025 was $3.3 million compared to $3.6 million for the fourth quarter of 2024. For the second quarter of 2025, the fair value loan income is expected to be in the range of $2 million to $3 million. The net interest margin on a tax equivalent basis was 3.14% for the three months ended March 31, 2025, an increase of 35 basis points compared to 2.79% for the same period in 2024, an increase of 9 basis points compared to 3.05% for the quarter ended December 31, 2024.

2025 年第一季的公允價值貸款收入為 330 萬美元，而 2024 年第四季的公允價值貸款收入為 360 萬美元。2025 年第二季度，公允價值貸款收入預計在 200 萬至 300 萬美元之間。截至 2025 年 3 月 31 日的三個月，以稅金等價基準計算的淨利差為 3.14%，較 2024 年同期的 2.79% 增加 35 個基點，較截至 2024 年 12 月 31 日的季度的 3.05% 增加 9 個基點。

Excluding purchase accounting adjustments, the net interest margin for the three months ended March 31, 2025 was 3.1% compared to 2.76% for the same period in 2024 and 3.0% for the quarter ended December 31, 2024.

不包括購買會計調整，截至 2025 年 3 月 31 日的三個月的淨利差為 3.1%，而 2024 年同期為 2.76%，截至 2024 年 12 月 31 日的季度為 3.0%。

Noninterest income was $41.3 million for the three months ended March 31, 2025 compared to $39.8 million for the quarter ended December 31, 2024 and $38.9 million for the same period in 2024. Noninterest expense for the three months ended March 31, 2025 was $140.3 million compared to $141.5 million for the quarter ended December 31, 2024 and $135.8 million for the same period in 2024.

截至 2025 年 3 月 31 日的三個月的非利息收入為 4,130 萬美元，而截至 2024 年 12 月 31 日的季度的非利息收入為 3,980 萬美元，2024 年同期的非利息收入為 3,890 萬美元。截至 2025 年 3 月 31 日的三個月的非利息支出為 1.403 億美元，而截至 2024 年 12 月 31 日的季度為 1.415 億美元，2024 年同期為 1.358 億美元。

For the second quarter of 2025, we expect noninterest expense to be in the range of $141 million to $144 million. The efficiency ratio was 45.7% for the three months ended March 31, 2025 compared to 46.1% for the quarter ended December 31, 2024 and 49.1% for the same period in 2024. The bond portfolio metrics at [3/31/2025] have a modified duration of 3.9 and projected annual cash flows of approximately $1.9 billion.

對於 2025 年第二季度，我們預計非利息支出將在 1.41 億美元至 1.44 億美元之間。截至 2025 年 3 月 31 日的三個月的效率率為 45.7%，而截至 2024 年 12 月 31 日的季度的效率率為 46.1%，2024 年同期的效率率為 49.1%。截至 [2025 年 3 月 31 日] 的債券投資組合指標的修正久期為 3.9，預計每年現金流量約為 19 億美元。

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

接下來，我將向 Tim Timanus 介紹有關貸款和資產品質的一些詳細資訊。

Thank you, Asylbek. Nonperforming assets at quarter end March 31, 2025 totaled $81,419,000 or 37 basis points of loans and other real estate compared to $81,541,000 or 37 basis points at December 31, 2024. This is basically flat with some nonperforming assets coming off and others coming on. Since March 31, 2025, $89,000 -- excuse me, $895,162 of nonperforming assets have been removed or put under contract for sale. The March 31, 2025 nonperforming asset total was comprised of $73,378,000 in loans, $29,000 in repossessed assets and $8,012,000 in other real estate.

謝謝你，Asylbek。截至 2025 年 3 月 31 日季度末的不良資產總額為 81,419,000 美元，即貸款和其他房地產的 37 個基點，而 2024 年 12 月 31 日的不良資產總額為 81,541,000 美元，即 37 個基點。這一數字基本上持平，一些不良資產被移除，而另一些則被添加。自 2025 年 3 月 31 日以來，已有 89,000 美元——不好意思，是 895,162 美元的不良資產被清除或簽訂了銷售合約。截至 2025 年 3 月 31 日的不良資產總額包括 73,378,000 美元的貸款、29,000 美元的收回資產和 8,012,000 美元的其他房地產。

Net charge-offs for the three months ended March 31, 2025 were $2,704,000 compared to net charge-offs of $2,592,000 for the quarter ended December 31, 2024. This is an increase of $112,000 on a linked-quarter basis. There was no addition to the allowance for credit losses during the quarter ended March 31, 2025. No dollars were taken into income from the allowance during the quarter ended March 31, 2025.

截至 2025 年 3 月 31 日的三個月的淨沖銷額為 2,704,000 美元，而截至 2024 年 12 月 31 日的季度的淨沖銷額為 2,592,000 美元。與上一季相比，這一數字增加了 112,000 美元。截至 2025 年 3 月 31 日的季度內，沒有增加信貸損失準備金。在截至 2025 年 3 月 31 日的季度中，沒有從該津貼中獲得任何收入。

The average monthly new loan production for the quarter ended March 31, 2025 was $317 million compared to $333 million for the quarter ended December 31, 2024 and $295 million for the full year 2024. Loans outstanding at March 31, 2025 were approximately $21.978 billion compared to $22.149 billion at December 31, 2024. The March 31, 2025 loan total is made up of 38% fixed-rate loans, 32% floating rate loans and 30% variable rate loans.

截至 2025 年 3 月 31 日的季度，每月平均新增貸款額為 3.17 億美元，而截至 2024 年 12 月 31 日的季度，每月平均新增貸款額為 3.33 億美元，2024 年全年平均新增貸款金額為 2.95 億美元。截至 2025 年 3 月 31 日的未償還貸款約為 219.78 億美元，而 2024 年 12 月 31 日的未償還貸款為 221.49 億美元。2025 年 3 月 31 日的貸款總額由 38% 的固定利率貸款、32% 的浮動利率貸款和 30% 的浮動利率貸款組成。

I'll now turn it over to Charlotte Rasche.

現在我將把發言權交給 Charlotte Rasche。

Thank you, Tim. At this time, we are prepared to answer your questions. Our call operator will assist us with questions.

謝謝你，提姆。現在，我們已準備好回答您的問題。我們的接線生將協助我們解答疑問。

(Operator Instructions) Manan Gosalia, Morgan Stanley.

（操作員指令）Manan Gosalia，摩根士丹利。

Good morning, all. Can you give us some more color on what you're seeing on the loan growth side? I know you noted $115 million of deliberate reduction in acquired loans this quarter. But I guess even when you adjust for that, loans were fairly flat.

大家早安。您能否向我們詳細介紹一下貸款成長方面的情況？我知道您注意到本季有意減少了 1.15 億美元的收購貸款。但我想，即使經過調整，貸款仍然相當平穩。

So can you talk about what you're seeing there and maybe your updated expectations for loan growth in 2025? I think you'd previously spoken about somewhere in the low to mid-single-digit range. Is that still in line with how you're thinking about it?

那麼，您能談談您所看到的情況以及您對 2025 年貸款成長的最新預期嗎？我認為您之前曾談論過低到中等個位數範圍內的某個數字。這仍然符合您的想法嗎？

Kevin, do you want to start off on that question?

凱文，你想開始回答這個問題嗎？

Sure. Thanks, David. Yes, I think we're still in the camp of low single digits for the year. As David mentioned and as you mentioned, in the last five quarters, we've had $549 million worth of runoff between the Lone Star and the FirstCapital acquisitions. That runoff is about completed.

當然。謝謝，大衛。是的，我認為今年我們的成長率仍處於低個位數水準。正如大衛和您所提到的，在過去的五個季度中，我們在 Lone Star 和 FirstCapital 收購之間產生了價值 5.49 億美元的損失。該決選即將結束。

I can think of maybe one other small deal that may run off out of the books, and it's not big enough to even talk about. But I think that's about completed. And unlike the last -- at least three quarters when we were on this call, three -- or three weeks in the quarters, loans were down anywhere from $25 million to $90 million within the first three weeks of the quarter.

我也許還能想到另一件可能超出書本範圍的小事，它甚至不值得談論。但我認為這已經完成了。與上一季不同的是，在我們召開此次電話會議的至少三個季度中，也就是三個季度的三週內，貸款在本季度的前三週內下降了 2,500 萬美元至 9,000 萬美元。

Loans are actually up modestly in the first three weeks of this quarter. And I do know, if I just look at the pipelines, we've got some loans, nonconstruction-related loans that are term loans fully funded kind of term loans in our pipeline.

本季度前三週貸款實際上略有增加。我確實知道，如果我只看管道，我們有一些貸款，非建築相關貸款，這些貸款是我們管道中完全資助的定期貸款。

So we may squeak out a little bit of growth this quarter. And then we're optimistic as we look later into the year despite the tariffs and some other things as we sit down with our bankers across the footprint. So we're going to keep our guidance where it's been.

因此本季我們可能會實現一點點成長。儘管存在關稅和其他一些因素，但當我們與世界各地的銀行家坐下來討論時，我們對今年稍後的前景持樂觀態度。因此，我們將維持目前的指導方針。

Yes. I'd add, too, that we usually have a quarterly management meeting which our Chairman and President come from all different parts of the states of Texas and Oklahoma and the -- between Dallas, Houston, West Texas, on and on, Oklahoma. And I asked that exact question. I said the loans -- the total loan dollars were down. But at the end of the meeting, I always ask what their -- are they optimistic or pessimistic.

是的。我還要補充一點，我們通常每季舉行一次管理會議，我們的董事長和總裁來自德克薩斯州和俄克拉荷馬州的各個不同地區——達拉斯、休斯頓、西德克薩斯州，等等，還有俄克拉荷馬州。我問的正是這個問題。我說的是貸款——貸款總額下降了。但在會議結束時，我總是問他們是樂觀還是悲觀。

And 100% of all of our Chairman and Presidents across all of our different areas responded by saying they're still very optimistic and their customers are still optimistic. Still holding back a little bit because not knowing what to do, but they all seem to be extremely optimistic.

我們所有不同地區的所有董事長和總裁都表示，他們和他們的客戶仍然非常樂觀。由於不知道該做什麼，他們仍然有點猶豫，但他們似乎都非常樂觀。

Tim, do you want to add to that?

提姆，你想補充一下嗎？

I think that's accurate. I would describe it as being a little bit sluggish right now. The flow of loans that we've been able to look at has been good. Our loan committee meetings have been active. We've had good loans to take a look at. Some of those, I'm sure, will move forward and end up being funded.

我認為這是準確的。我認為它現在有點遲緩。我們所看到的貸款流動情況良好。我們的貸款委員會會議一直很活躍。我們有一些優質貸款可供審查。我確信其中一些項目將會取得進展並最終獲得資助。

But with all that's going on in the marketplace for a couple of weeks now, I think it's been a little sluggish. I think some borrowers are just maybe waiting another week to see what happens. We're not aware of any projects that have actually been taken off the map. They're all still scheduled to move forward. So I think it's a matter of just letting some of these things settle out.

但考慮到最近幾週市場上發生的一切，我認為市場有點低迷。我認為一些借款人可能只是在等待一周，看看會發生什麼。我們不知道有任何項目實際上已被取消。他們仍按計劃繼續前進。所以我認為這只是讓一些事情平息下來的問題。

I think it's still -- and the good part is I think the customers are still pretty optimistic. Again, they're just uncertain where things are going. They're still making money and they still see their position improving over time, especially with the regulatory environment like it is. But again, as you say, it's still sluggish because of not knowing where everything is.

我認為仍然——好的一面是，我認為客戶仍然非常樂觀。再說了，他們只是不確定事情會如何發展。他們仍在賺錢，而且他們的地位仍在隨著時間的推移而提高，尤其是在目前的監管環境下。但是，正如你所說，由於不知道所有東西在哪裡，它仍然很遲緩。

Yes. But people contacting us and asking about loans and telling us what they would like to do, that continues unabated. So I think there's reason to believe that all this will break loose a bit here fairly soon and move forward in a normal way.

是的。但人們聯繫我們、詢問貸款事宜並告訴我們他們想做什麼，這種情況仍在繼續。因此，我認為有理由相信，這一切很快就會得到緩解並以正常方式向前發展。

Yes. And since it's an important topic with the tariffs and everything else, and we've listened to other calls or looked at other transcripts and folks saying it could be bumpy for growth with tariffs if we don't get things resolved. The flip side of that is also -- if that is, in fact, the case, my expectation is that payoffs that would normally occur could get slowed down as well. Projects that might get sold into a different market or have been built out and somebody is going to flip it. I think that will slow down as well if the tariffs become an issue.

是的。由於這是與關稅和其他所有問題有關的重要話題，我們聽取了其他電話會議或查看了其他記錄，人們表示，如果我們不解決問題，關稅可能會對經濟成長造成障礙。另一方面，如果事實確實如此，我預計通常會發生的回報也可能會減慢。這些項目可能會被賣到不同的市場，或者已經建成並被某人轉售。我認為，如果關稅成為一個問題，這種速度也會放緩。

That would be normal. I think you're right.

這很正常。我認為你是對的。

That's really helpful color. If we think about the balance sheet, I think you have a couple of quarters where the balance sheet has gone down. To give you the opportunity to pay down some of the high-cost borrowings. Should we expect that that to continue to be here for the next quarter or two?

這顏色確實很有幫助。如果我們考慮資產負債表，我認為有幾個季度資產負債表已經下降。讓您有機會償還部分高成本借款。我們是否應該預期這種情況會在接下來的一兩個季度繼續下去？

We couldn't really understand anything that you said, Manan. It was kind of cutting in or out, I'm sorry. I don't know if it's on our end or your end.

我們真的聽不懂你說什麼，馬南。這有點插話或打斷，我很抱歉。我不知道這是我們的問題還是你們的問題。

Sorry, can you hear me now?

抱歉，你現在聽得到我說話嗎？

Better.

更好的。

Okay. I was asking about the balance sheet here. We've had a couple of quarters where the balance sheet has been shrinking. And I think you've taken the opportunity to pay down borrowings when loan growth has been weak. To the extent that loan growth remains sluggish over the next couple of quarters, should we continue seeing the balance sheet moving lower?

好的。我在這裡詢問的是資產負債表。我們的資產負債表已經連續幾季出現縮水。我認為，當貸款增長疲軟時，您抓住了償還借款的機會。如果未來幾季貸款成長依然低迷，我們是否應該繼續看到資產負債表走低？

We're -- again, the balance sheet, we borrowed when COVID happened and a lot of deposits went out of the bank, I think. What did we borrow, up to what, $3.9 million -- $3.9 billion? We've reduced that now to about $2.7 billion. We don't see it reducing a lot more. If you look -- historically, our normalized times, we've always leveraged the bank by a couple of billion dollars, plus a little bit because of the -- because again, we have so much liquidity coming from the bond portfolio. And so I think that -- I think you're pretty much going to see I think we might reduce it maybe $200 million, but that's probably about it.

再說一次，資產負債表，當 COVID 發生時我們借了錢，我認為很多存款都從銀行流出了。我們藉了多少錢？借了多少錢？ 390萬美元還是39億美元？現在我們已將其減少至約 27 億美元。我們認為它不會再大幅減少。如果你看一下——從歷史上看，在我們的正常時期，我們總是利用銀行的幾十億美元，再加上一點點——因為我們有來自債券投資組合的大量流動性。所以我認為——我想你幾乎會看到我們可能會減少 2 億美元，但可能就是這樣。

Yes. And depending also, as we discussed on the loan growth and probably the deposits, so if opportunity presents, we'll continue to pay down the borrowings. And also, we'll start doing a little bit buying securities that's yielding 5.25% or so, 5.5%. So we'll just see the market is doing and determine how much lower we want to bring our borrowing.

是的。正如我們所討論的，這也取決於貸款成長和可能的存款，因此，如果有機會，我們將繼續償還借款。此外，我們將開始少量購買收益率為 5.25% 左右、5.5% 的證券。因此，我們只需觀察市場表現，即可確定我們要將借款降低多少。

But historically, the bottom line is we've always leveraged the bank a couple of billion dollars and probably, you should still see that. So I would say the answer to your question is, yes, I think we're pretty much there.

但從歷史上看，底線是我們總是利用銀行的數十億美元，而且可能你仍然會看到這一點。所以我想說，你的問題的答案是，是的，我認為我們已經差不多做到了。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Katherine Mueller, KBW.

凱瑟琳·穆勒，KBW。

Thanks. Good morning. I know that M&A and really M&A and improved growth, but really, M&A is a focus for capital deployment. But curious, your thoughts on the buyback, just given where the stock price is today?

謝謝。早安.我知道併購確實可以促進成長，但實際上，併購是資本配置的重點。但我很好奇，考慮到今天的股價，您對回購有什麼看法？

Yes. Again, if we could have been buying shares back through this recent downside when we started hitting around the $64 and stuff, we would have definitely been in the market. But again, we couldn't because of the earnings announcement, but we would have been buying back, no question.

是的。再說一次，如果我們能夠在最近的下跌趨勢中，當股價開始觸及 64 美元左右時買回股票，我們肯定會進入市場。但是，由於盈利公告，我們不能再這樣做了，但毫無疑問，我們會回購。

And even [Amanda], we've had a little bit of a rebound since then. So even in the high 60s. Is that a place where you would be active or would you wait for another pullback?

甚至 [Amanda]，從那時起我們也已經有了一點反彈。即使在 60 多歲時也是如此。您會在那個地方積極行動嗎？還是會等待另一次回調？

Right now, again, we're still saving our money, I'd say, for -- we really do want to do some M&A, some acquisitions. We have other opportunities that we're looking at. So again, I think I would just pause to say if there is another downturn, we will be back in the stock. But again, I know it seems like we have a lot of capital, but we do have plans to use that. So -- but we will -- again, we will buy when there's another downturn into the stock price.

現在，我想說，我們還在存錢，因為我們確實想進行一些併購和收購。我們正在尋找其他機會。所以，我再說一遍，如果出現另一次經濟衰退，我們就會重新買進該股票。但我知道看起來我們有很多資金，但我們確實有計劃使用這些資金。所以 — — 但我們會 — — 再一次，當股價再次下跌時，我們會買進。

Yes. I think it's safe to say we're watching it daily. And we'll see. We may buy back, we may not.

是的。我想可以肯定地說我們每天都在觀看它。我們將拭目以待。我們可能會回購，也可能不會。

Okay. Great. And then maybe just any additional comments on M&A? It feels like it's on pause, but I know you've been active in discussions. So just kind of curious if you think this is an environment where we're able to do M&A?

好的。偉大的。然後也許還有關於併購的額外評論？感覺好像暫停了，但我知道您一直積極參與討論。所以我只是好奇您是否認為這是我們能夠進行併購的環境？

And if you have a preference maybe with all of the volatility for maybe more of a small deal versus a large deal? I know your range is like 2 to 20, so it's a big range, but just kind of curious, how you're thinking about that?

如果您對交易有偏好，那麼考慮到波動性，您更傾向於小額交易還是大額交易？我知道您的範圍是 2 到 20，所以範圍很大，但只是有點好奇，您是怎麼想的？

Yes. I mean, I -- again, we start off the year with everybody just being terribly excited with the regulatory environment really easing up and I think everybody got terribly excited. I think we had three calls, I think I mentioned Steven in December. I think things did pause a little bit. We are starting -- those same calls are starting to come back again right now. And so I think that -- I think you will see something. I think you will see some M&A coming forward.

是的。我的意思是，我——再說一次，我們在年初就對監管環境的真正放鬆感到非常興奮，我認為每個人都非常興奮。我想我們打過三次電話，我想我在 12 月提到過史蒂文。我認為事情確實暫停了一點。我們正在開始——同樣的電話現在又開始回來了。所以我認為——我認為你會看到一些東西。我認為你會看到一些併購的出現。

Again, I think people want to do something. And again, you have all these tariffs and that kind of stuff. But for the most part, I think those people that have made the decision to do something, they might have paused, but it hasn't left their mind and they are going to do something. I suspect there may be in their minds, a limited amount of time before the next administration. So I think we will see stuff get done this year by the end of the year for sure.

再說一次，我認為人們想要做點什麼。再說一次，你們有所有這些關稅和諸如此類的東西。但在大多數情況下，我認為那些已經決定要做某事的人，他們可能會停下來，但這件事並沒有從他們的腦海中消失，他們將會去做某事。我懷疑他們心裡可能認為，距離下屆政府上任只剩下有限的時間。所以我認為我們肯定會在今年年底前看到工作完成。

Great. Thank you.

偉大的。謝謝。

Michael Rose, Raymond James.

麥可羅斯、雷蒙詹姆斯。

Good morning, guys. Thanks for taking my questions. I don't know if you touched on this, but I think previously, you talked about kind of a full year margin in the 3.25% to 3.30% range given some longer-term outlook in prior calls. Has any of that changed just with the rate backdrop at all in your forecast?

大家早安。感謝您回答我的問題。我不知道您是否談過這一點，但我認為之前您談過，考慮到之前的電話會議中的一些長期前景，全年利潤率在 3.25% 到 3.30% 之間。在您的預測中，利率背景是否發生了任何變化？

No, that's the beautiful part about our company. No matter -- if somebody wants to say that the world is not round anymore and all these ships are going to follow off of the planet, our deal is not predicated on the growth. It's predicated on repricing. And I think we're still sticking with the deal of the 2.25% to -- 3.25% to 3.30%.

不，這就是我們公司的優點。沒關係——如果有人想說地球不再是圓的，所有這些船都將離開地球，我們的交易並不是以成長為前提的。它以重新定價為前提。我認為我們仍將堅持 2.25% 至 3.25% 至 3.30% 的利率水準。

Okay. Perfect. And then just for Kevin, I usually ask the warehouse question. You guys did a little bit better than what you were thinking at this time last quarter, Kevin. Any thoughts just based on where rates are and what you've seen so far in the second quarter?

好的。完美的。然後對於凱文，我通常會問倉庫的問題。凱文，上個季度這個時候，你們的表現比你們想像的要好一些。根據利率水平以及第二季度迄今為止看到的情況，您有何想法？

Yes, Michael, thank you. You're right. This quarter, we did -- I think we averaged $876 million, and our guidance was in the $850 million range. So it was just -- it was just slightly better than we had anticipated. Just as a catch-up, quarter-to-date, we ended last night with the average that was $876 million up to $1.088 billion average so far for the quarter, and we closed the book out last night at $1.148 billion.

是的，邁克爾，謝謝你。你說得對。本季度，我們確實做到了——我認為我們的平均收入為 8.76 億美元，而我們的預期收入約為 8.5 億美元。所以這只是——它只是比我們預期的要好一點。作為一個追趕者，截至本季度，我們昨晚以 8.76 億美元的平均價格結束本季迄今的平均價格，而昨晚我們以 11.48 億美元的價格結束了本季。

So it's looking like -- typically, the second quarter is good. The third quarter is usually our best quarter, and then Q1 and Q4 tend to be weaker quarters. So we're moving into a better time. I am a little bit concerned with where the rate environment is. So I think conservatively, I'd say $1.50 billion to $1.1 billion for this quarter.

因此看起來——通常來說，第二季度表現不錯。第三季通常是我們最好的季度，而第一季和第四季往往是表現較弱的季度。所以我們正在進入一個更好的時代。我有點擔心利率環境。因此，我保守地認為本季的銷售額將在 15 億美元至 11 億美元之間。

Just other color, Michael, we have -- we actually got two new clients, one we boarded and started funding loans on for this month. It's a $75 million commitment that's been funding up. The other new client we have is a $40 million client that hasn't started funding up yet. I think they'll probably start funding up in the next several weeks. So those are going to be slightly helpful to whatever we've got going on, and then as we look into next quarter, we're not that far out yet, but we've got a client that's got itself for sale. And I think they'll sell that business and will have some impact on the third quarter, but we'll talk about that in July.

只是另一種顏色，邁克爾，我們有 - 我們實際上有兩個新客戶，其中一個是我們本月加入並開始為其提供貸款的。這是一項 7500 萬美元的承諾，目前資金已到位。我們的另一個新客戶是一位資產 4000 萬美元的客戶，但尚未開始融資。我認為他們可能會在接下來的幾週內開始籌集資金。因此，無論我們正在做什麼，這些都會有點幫助，然後當我們展望下個季度時，我們還沒有走那麼遠，但是我們已經有一個客戶要出售自己了。我認為他們會出售該業務，並對第三季產生一些影響，但我們將在 7 月討論這個問題。

Very helpful. And if I could just squeeze one last one in. It looked like there was a bigger step down in NSF and debit card income that I might have expected, understanding that fourth quarter was pretty strong in NSF. Anything to read into that at all or just activity levels? Or just any color would be helpful.

非常有幫助。如果我能再擠進最後一個就好了。看起來 NSF 和金融卡收入的下降幅度比我預期的要大，因為我了解到第四季度 NSF 的表現相當強勁。有什麼可以解讀的嗎？或只是活動量？或任何顏色都會有幫助。

So Michael, I think this is just a seasonality. If you look at -- back in Q1 is a slower quarter for us from that standpoint. So it wasn't anything unusual. It's just a seasonality of first quarter.

所以邁克爾，我認為這只是季節性現象。如果你看一下——從這個角度來看，第一季對我們來說是一個成長較慢的季度。所以這沒什麼不尋常的。這只是第一季的季節性現象。

All right, thanks for taking my questions.

好的，感謝您回答我的問題。

Peter Winter, D.A. Davidson.

彼得溫特、D.A.戴維森。

Thanks. You guys obviously have a very strong deposit franchise. You've done a great job mentioning the deposit costs when rates were moving higher. But the question is, if the Fed were to stop lowering rates, is there much room for you to further lower deposit costs? Because it's -- you're already at the -- near the low end of peers at 2.08%.

謝謝。你們顯然擁有非常強大的存款特許經營權。當利率上升時，您很好地提到了存款成本。但問題是，如果聯準會停止降息，存款成本還有多少進一步降低的空間？因為它—你已經處於—2.08%的同行低端附近。

I'm sorry, I didn't hear the last part, Peter. You said if the Fed stops lowering rates, what was the question?

對不起，彼得，我沒有聽到最後一部分。你說如果聯準會停止降息，問題是什麼？

Is there still room to lower your deposit costs?

您的存款成本還有降低的空間嗎？

I would say yes. Again, we didn't go up as much as everybody else. I mean, we're -- I think our total cost of funds -- our total cost of deposits is like 1.38%. So about -- sometimes 100 percentage basis points unless some of our peer group. But we would like to keep -- a lot of times, we reward our customers when rates come down. And we still try to keep them.

我會說是的。再說一次，我們沒有像其他人那樣上漲那麼多。我的意思是，我們的資金總成本——我們的存款總成本大約是 1.38%。因此大約 — — 有時是 100 個百分點，除非我們的一些同行。但我們想維持—很多時候，當利率下降時，我們會獎勵我們的客戶。我們仍在努力保留它們。

But I think it depends on the timing of that. And so if the repricing is -- if we get enough repricing in the bond portfolio and the loan portfolio, we probably won't be as aggressive as bringing down rates. If they came -- they start lowering rates really quick, we would have to be a little bit more aggressive. I don't know if that's a good answer or not.

但我認為這取決於時機。因此，如果重新定價——如果我們在債券投資組合和貸款投資組合中獲得足夠的重新定價，我們可能不會像降低利率那樣積極。如果他們開始快速降低利率，我們就必須採取更積極的態度。我不知道這是不是一個好的答案。

Yes. I'll just -- Peter, I'll give you a little bit of additional information on that. When we had a 100 basis points cut since end of last year to -- we did not increase significantly, our deposit rates. What we did cut is our special CDs that we pretty much cut one to one on the special CDs. And there were some customer, we gave them exception rates, so we cut those exception rates.

是的。我只是——彼得，我會給你一些關於這方面的補充資訊。當我們自去年年底以來將存款利率下調 100 個基點時——我們並沒有大幅提高存款利率。我們剪輯的是我們的特別 CD，我們在特別 CD 上幾乎是一對一地剪輯。對於某些客戶，我們給了他們例外費率，因此我們降低了這些例外費率。

But overall, if you're looking bigger base, our customer, we did not decrease the rates. If you look at interest bearing demand deposits, we have 70 basis points. We were in Q4 and Q1 and even same rate on the Q1 of last year. So I think there's opportunity to cut some of those rates if that come -- cut the rate. So we haven't touched those. So overall --.

但總的來說，如果你尋找更大的客戶群，我們的客戶，我們不會降低費率。如果你看一下有利息的活期存款，我們有 70 個基點。我們處於第四季度和第一季度，甚至與去年第一季的成長率相同。因此，我認為，如果發生這種情況，就有機會降低部分利率——降低利率。所以我們沒有觸及這些。總體而言--.

Probably because it's been slower than everybody anticipated with the rate cuts. We've really not had to cut our rates, and we've still done better because of the repricing, that analogy.

可能是因為降息的速度比大家預期的慢。我們實際上沒有必要降低利率，而且由於重新定價，我們的表現仍然更好，就是這樣。

That's right. So there's opportunity to cut in.

這是正確的。因此有機會切入。

So the real question is, will the Fed lower rates? Will they lower on 1 times, 2 times or 3 times or will they lower them at all? That's the whole question. We actually -- if they didn't lower them any at all for the rest of the year, it would be better for us. If they lower them even 3 times, we would still hit the net interest margin that we've described to you earlier.

所以真正的問題是，Fed會降低利率嗎？他們會降低 1 倍、2 倍或 3 倍嗎？或者他們會完全降低嗎？這就是全部問題。實際上——如果他們在今年剩餘時間內根本不降低利率，對我們來說會更好。即使他們降低三次，我們仍然會達到我們之前向您描述過的淨利差。

Got it. Got it. That's really helpful. And then just on credit, it's obviously excellent. Reserve coverage to nonperforming assets, very strong, over 4 times. But with a more uncertain economic environment, do you still expect to take a zero provision throughout the year?

知道了。知道了。這真的很有幫助。從信用角度來看，它顯然非常出色。準備金對不良資產的覆蓋率非常高，超過4倍。但在經濟環境更不確定的情況下，您還預計全年將採取零撥備嗎？

Well, we have about $81 million in nonperforming and $386 million or something like that in reserve. So I think that we're in a good position we have to do these testing, all the time to tell if they're adequate or not adequate. We've always been able to keep a little bit more because -- just because of times like this, because of what's going on, and we can justify having the extra money in the account, I think. Right now, do you want to comment on that?

嗯，我們有大約 8,100 萬美元的不良資產和 3.86 億美元左右的儲備金。所以我認為我們處於一個良好的狀態，我們必須一直進行這些測試，以判斷它們是否足夠。我們總是能夠多存一點錢，因為——只是因為這樣的時刻，因為正在發生的事情，我認為我們可以證明帳戶裡有額外的錢是合理的。現在您想對此發表評論嗎？

Yes. And I'll add that when we calculate or estimate our provision, we have a baseline and we layer on the recessionary scenario. So our model already anticipate some recessionary scenario in it, where we stress certain variables on our loans. So with that anticipation in the model, I think even the economy goes a little bit worse than we are right now, I think we're covered there.

是的。我還要補充一點，當我們計算或估計我們的準備金時，我們有一個基線，我們會考慮經濟衰退的情況。因此，我們的模型已經預見了一些衰退情景，我們在其中強調了貸款的某些變數。因此，根據模型中的預期，我認為即使經濟狀況比現在稍微糟糕一點，我們也能夠應對。

So what do we have, about $100 million for the recessionary part of it?

那麼，我們有多少資金，大約 1 億美元用於應對經濟衰退的部分？

Around there, yes.

是的，就在那兒。

Close to that. Yes. So I mean, we're already -- again, we're already reserved for a recession, if that happens.

接近那個。是的。所以我的意思是，如果發生這種情況，我們已經——再說一次，我們已經為經濟衰退做好了準備。

Yes. So from that standpoint, to answer specifically, unless the economy really get worse than we are, then I don't think we'll be putting much of a reserve in the near future.

是的。因此，從這個角度來看，具體回答一下，除非經濟真的比我們現在更糟，否則我認為我們不會在不久的將來投入太多的儲備。

And actually, the reserve, if you look at it, if you look at it March 2024 compared to 2025, you have about $20 million more in the reserve than you did back in '24.

實際上，如果您看一下儲備金，如果您將 2024 年 3 月與 2025 年進行比較，您會發現儲備金比 24 年增加了約 2000 萬美元。

Great. Thanks a lot. Very helpful.

偉大的。多謝。非常有幫助。

Jon Arfstrom with RBC Capital.

加拿大皇家銀行資本管理公司的 Jon Arfstrom。

All right. Thanks. Good morning, everyone. Asylbek, maybe for you. Give us a profile of what you're buying in the securities portfolio, kind of yield type duration? And then remind us of the $1.9 billion that -- what that's rolling off at?

好的。謝謝。大家早安。Asylbek，也許對你來說。請您介紹您在證券投資組合中購買的證券，以及它們的收益類型和期限？然後提醒我們這 19 億美元——這是多少？

Yes. I mean, we're not buying a lot when I say we're not doing one to one. So we still have cash flow coming in. What's rolling off is our -- we have MBS, 15-year MBS that's rolling off, and that's what we're essentially buying, just replacing those. I think on the -- depending on the day when we buy, I think we're buying yield around 5.25%, 5.50%. That's what we're replacing.

是的。我的意思是，當我說我們不做一對一交易時，我們並沒有買很多東西。所以我們仍然有現金流進來。我們正在到期的是——我們有 MBS，15 年期 MBS 正在到期，我們基本上購買這些，只是替換它們。我認為——取決於我們購買的日期，我認為我們購買的收益率在 5.25%、5.50% 左右。這就是我們要替換的東西。

You replaced the 2% with the 5%, basically.

基本上，你用 5% 取代了 2%。

Exactly. So that's the where spread comes in. I think on the duration, I think it's around -- maybe new ones putting four.

確切地。這就是傳播產生的原因。我認為就持續時間而言，我認為大約是 - 也許是新的四個。

Four to five.

四到五。

Yes, Four to five.

是的，四到五。

Yes, the duration. So 15-year mortgage-backed security with an average duration probably anywhere from three to five. I mean, depending on the coupon basically of where you're going to be. We haven't -- Jon, they're probably the -- we haven't bought a bunch of securities. We have been buying some. A lot of this stuff -- a number of the stuff that we did buy was primarily for CRA purposes and stuff like that.

是的，持續時間。因此，15 年期抵押貸款擔保證券的平均期限大概為三至五年。我的意思是，基本上取決於你要去哪裡的優惠券。我們沒有——喬恩，他們可能是——我們沒有購買大量證券。我們一直在買一些。我們購買的很多東西主要是為了 CRA 目的和類似的東西。

Having said that, we did buy probably a couple of hundred million dollars here recently because we did -- we had excess funds, and we've gotten through paying down the 3.9% is down to 2.7%. So we are buying some. We are starting to buy back some now, but a lot of our excess money had been going just to reduce that debt at the bed and borrowings, which we were paying how much on?

話雖如此，我們最近確實在這裡購買了大約幾億美元，因為我們確實有多餘的資金，而且我們已經還清了 3.9% 的利息，降到了 2.7%。所以我們正在買一些。我們現在開始回購一些，但我們的許多多餘的錢只是用來減少床上的債務和借款，我們要付多少錢？

About 4.4%, I would think.

我認為大約是 4.4%。

So even that, I mean that was really a net interest margin improvement if you're getting two on your bond portfolio that we were still -- might have not gotten the 5, but we still had a good margin and reducing the 4.4%.

因此，即便如此，我的意思是，如果你的債券投資組合中有 2 只債券，那麼這實際上就是淨息差的改善，而我們可能還沒有達到 5 只債券的水平，但我們仍然擁有良好的利潤率，並且降低了 4.4%。

That's correct.

沒錯。

Okay. Good. That's helpful. And then, David, back on capital, you're doing a return on tangible of 13% with 11% tangible equity, which is incredible. I've seen you run with much lower TCE over the years I've covered you.

好的。好的。這很有幫助。然後，大衛，回到資本問題上，你的有形資產回報率為 13%，有形資產淨值為 11%，這太不可思議了。在我報道您的這些年裡，我看到您的 TCE 要低得多。

But what's optimal TCE for you? How do you think about optimal capital? Because it just feels like it's incredibly high at this point.

但是對於您來說最佳的 TCE 是什麼？您如何看待最佳資本？因為此時感覺它已經高得令人難以置信了。

It's high. I remember the days when we started, we had a 3% tangible capital ratio. So this is extremely high. But I -- it's a high-class problem, I guess, I would say. On the other hand, there is no doubt in my mind that we're going to use that money. So I think if we do a deal, it will probably be -- there will be a combination of cash and stock.

很高。我記得我們剛開始的時候，有形資本比率是 3%。所以這個數字非常高。但我——我想說，這是一個高級問題。另一方面，我毫不懷疑我們會使用這筆錢。所以我認為如果我們達成交易，很可能是現金和股票結合的方式。

And right now, if the market gets crazy, the good thing is we have enough to do an all cash, but it's a small deal. So I think it just gives us a lot of optionality. I wouldn't want to just say here's a special dividend or something like that because I do feel that we're going to be able to use it. And we'll -- our return on tangible capital usually has been around 16%. It's been -- again, we had two things that affected that. One, net interest margin falling to 2.75%.

現在，如果市場變得瘋狂，好消息是我們有足夠的資金來完成全現金交易，但這只是一筆小交易。所以我認為它給了我們許多選擇。我不想只是說這是特別股息或類似的東西，因為我確實覺得我們能夠使用它。我們的有形資本回報率通常在 16% 左右。再一次，有兩件事影響了這一點。一、淨利差下滑至2.75%。

That in and of itself reduced that return. But now that you've got 11.2% tangible capital, that's a little bit of a stress on it itself. But I can promise you, we're going to use it. We're going to use it whether it's through the buyback of stock or through the mergers and acquisition, we will use the money.

這本身就減少了回報。但現在你已經擁有 11.2% 的有形資本，這本身就有點壓力。但我可以向你保證，我們會使用它。我們會利用這筆錢，無論是透過回購股票還是透過併購。

I think the really nice thing about it is the flexibility that it gives us to look at acquisitions, to look at buybacks, to look at dividends. I mean we can look at all three, maybe do a little of each, right? I mean, it's a good place to be.

我認為它的真正好處在於它給我們靈活性，讓我們可以考慮收購、回購和股利。我的意思是我們可以看看這三種情況，也許每種情況都做一點，對嗎？我的意思是，這是一個好地方。

Okay. I remember the 4% days, I do. But is there a minimum in your mind that you wouldn't go below?

好的。我記得 4% 的日子，我確實記得。但是，您心中是否存在一個不能低於的最低標準呢？

Just from my mind, again, I'd like to not go below 8%. But if we had -- we bought -- if we did a bigger deal and it fell to 7.5% or 7.75% and it took us at the end of the year to get back to 8%, that's probably acceptable.

僅從我的想法來看，我再次不希望低於 8%。但如果我們——我們買了——如果我們做了一筆更大的交易，利率下降到 7.5% 或 7.75%，而我們在年底才回到 8%，這可能是可以接受的。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

Hey, good morning. David, I wanted to follow up on M&A. You've seen public stocks down 20%, 30% in the last couple of months. As much as about M&A and psychology of CEOs and boards, do you think we need a significant recovery in public stock prices for a deal to pan out where you don't have to pay a massive premium?

嘿，早安。大衛，我想跟進一下併購事宜。過去幾個月，上市公司股票下跌了 20%、30%。關於併購以及執行長和董事會的心理，您是否認為我們需要公開股票價格大幅回升才能達成一筆無需支付巨額溢價的交易？

Like, how do you think that plays itself out? And also remind us, are there private bank M&A opportunities in or out of Texas that you're looking at which are realistic and meaningful?

例如，您認為這會如何發展？另外提醒我們，您是否正在尋找德州內外的私人銀行併購機會，這些機會是現實且有意義的？

I guess the first -- I'll answer to the first question. I think I understood that is basically based on the stock prices where they're at today, do they have to go up to get more deals or -- and I would say that basically, if what's happened in the last few days and the trend is where it's at right now, we're seeing that -- I think that we'll still be able to do deals because people have seen the volatility, especially in our price, where we were at $80 and then probably averaged $75 and now you're $67.

我想第一個——我會回答第一個問題。我認為我理解這基本上是基於他們今天的股價，他們是否必須上漲才能獲得更多交易，或者 - 我想說基本上，如果過去幾天發生的事情以及目前的趨勢，我們看到 - 我認為我們仍然能夠進行交易，因為人們已經看到了波動，特別是我們的價格，我們的價格是 80 美元，然後平均價格可能是 75 美元，現在是 67 美元，現在是 67 美元。

But we were dealing with some of the same people a few years ago where our stock price dropped to $55. And so they've seen us, they've watched us. And I think that they feel comfortable that if they take our product based on our stock price where it is today, they'll be fine. They've seen tremendous black swan activities over the last couple of years, and I think they have the confidence in us.

但幾年前，當我們與同樣的一些人打交道時，我們的股價跌到了 55 美元。所以他們看到了我們，他們觀察了我們。我認為，如果他們根據我們目前的股價購買我們的產品，他們會感到放心，他們會沒事的。在過去幾年裡，他們見證了巨大的「黑天鵝」事件，我認為他們對我們有信心。

But the good part is if they don't -- even if you have some private deals and with the amount of capital that we have, I think it just really gives us the advantage for somebody that may want -- maybe not the whole thing in cash, but a certain percentage of cash. We have that ability to provide that with the excess capital that we have. So very confident, where we're at.

但好的一面是，如果他們不這樣做——即使你有一些私人交易，而且我們擁有大量資本，我認為這確實會給我們帶來優勢，對於那些可能想要的人來說——也許不是全部現金，而是一定比例的現金。我們有能力利用我們擁有的剩餘資本來提供這種服務。我們對目前的情況非常有信心。

Got it. That's helpful. And I guess maybe one, Kevin, for you on the mortgage warehouse. So you talked about the new commitments. I'm just wondering, how do you think about the interplay between where mortgage rates are, what that warehouse balance could look like in the summer or over the next year?

知道了。這很有幫助。凱文，我想也許有一個關於抵押倉庫的資料給你。所以你談到了新的承諾。我只是想知道，您如何看待抵押貸款利率與夏季或明年倉庫餘額之間的相互作用？

Is there a certain point where the warehouse activity picks up meaningfully? It just feels like we might be in a decade of very low refi activity. And would love to hear how you think about that and what that means for if there is an upper end to what your warehouse balances could look like?

倉庫活動是否會在某個特定點上顯著回升？感覺我們可能正處於再融資活動非常低迷的十年。我很想聽聽您對此有何看法，以及如果您的倉庫餘額有上限，這意味著什麼？

Yes, it is rate dependent. Believe it or not, it wasn't that long ago, we were talking about refi -- people doing refis when rates were low. And now we're looking at -- in my mind, as I said in my comments, at this level of rates, I'm a little bit worried about the tail end of this quarter if we stay at these levels. So I think rates are going to play an impact on the tail end of this quarter because a lot of this stuff is baked in. You take an application in a -- generally six months or six weeks after that, you're closing the loan.

是的，這取決於利率。不管你信不信，不久之前我們還在談論再融資——人們在利率較低時進行再融資。現在我們正在考慮——在我看來，正如我在評論中所說，在這種利率水平下，如果我們保持在這個水平，我有點擔心本季末的情況。因此我認為利率將對本季末產生影響，因為許多因素已經考慮在內。您收到申請後，一般六個月或六週後，您就會結清貸款。

So I've always said we've got really, really good vision over the next six weeks. And then it becomes more rate dependent. So I think that rate dependency will hit the tail end of this quarter to the extent rates stay high and could bleed into the -- what is normally a very strong third quarter. So that's just how I think about it. We'll see where rates go and we'll take it from there.

所以我一直說我們對未來六週有著非常非常好的願景。然後它變得更加依賴利率。因此，我認為，利率依賴性將在本季末達到頂峰，利率將維持在高位，並可能持續到通常表現非常強勁的第三季。這就是我的想法。我們將觀察利率的走向，並據此採取相應措施。

If I could just go back to your M&A question, I agree with everything David said. There is some psychological impact for all of us. When rates are high, everything feels good, right? And it feels like more deals out of -- ought to happen. But as you know, and as we try to convince people, to the extent we've all moved in concert with each other as a group, exchange ratio math doesn't change. It's just relative math. And most really knowledgeable CEOs end up getting there over the psychology of it all.

如果我可以回到你的併購問題，我同意大衛所說的一切。這對我們所有人都會造成一些心理影響。當利率很高時，一切都感覺很好，對嗎？感覺應該會有更多交易發生。但正如你所知，正如我們試圖讓人們相信的那樣，只要我們作為一個群體協同行動，交換比率數學就不會改變。這只是相對數學。而大多數真正有知識的 CEO 最終都會克服所有心理障礙。

That's helpful, color. Thank you both.

這很有幫助，顏色。謝謝你們兩位。

Seeing no further questions. This concludes our question-and-answer session. I would like to turn the conference back over to Charlotte Rasche for any closing remarks.

看不到其他問題。我們的問答環節到此結束。我想將會議交還給 Charlotte Rasche 做最後發言。

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，感謝你們抽空參加我們今天的電話會議。我們感謝您對我們公司的支持，我們將繼續致力於創造股東價值。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。