Prosperity Bancshares Inc (PB) 2025 Q2 法說會逐字稿

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

早安，歡迎參加 Prosperity Bancshares 2025 年第二季財報電話會議。（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' second quarter 2025 earnings conference call. This call is being broadcast live over 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 年第二季財報電話會議。本次通話正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 Prosperity Bancshares 執行副總裁兼總法律顧問 Charlotte Rasche，今天與我一起出席的還有高級董事長兼首席執行官 David Zalman、董事長 H.E. Tim Timanus, Jr、首席財務官 Asylbek Osmonov、副董事長 Eddie Safady、總裁兼首席運營官 Kevin Hanigan、首席貸款官 Randy Hester、企業戰略總監 Mays Davenport 和執行副總裁 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 recent financial statistics, and Tim Timanus, who will discuss our lending activities, including asset quality. Finally, we will open the call for questions.

大衛·扎爾曼 (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，然後是 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 the actual results to be materially different than those in the forward-looking statements can be found in our filings with the Securities and Exchange Commission, including Forms 10-Q and 10-K and other reports and statements we have filed. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. Now let me turn the call over to David Zalman.

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，請參閱我們向美國證券交易委員會提交的文件，包括 10-Q 表和 10-K 表以及我們提交的其他報告和聲明。所有前瞻性陳述均明確受這些警示性聲明的完整限制。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 second quarter 2025 conference call. I'm proud to announce that we entered into a definitive agreement with American Bank Holding Company in Corpus Christi to merge. We have followed American Bank closely for more than two decades and have tremendous respect for the bank and for the people that have contributed to its success.

謝謝你，夏洛特。我謹歡迎並感謝所有聆聽我們 2025 年第二季電話會議的各位。我很自豪地宣布，我們與科珀斯克里斯蒂的美國銀行控股公司達成了最終合併協議。二十多年來，我們一直密切關注美國銀行，並對該銀行以及為其成功做出貢獻的人們懷有極大的敬意。

Our banks have a complementary footprint, and we are familiar with and remain committed to the communities that American Bank serves including with both financial products and community support. This combination will strengthen our presence and operations in South Texas and surrounding areas and enhance our presence in Central Texas, including in San Antonio, a highly desirable, high-growth area.

我們的銀行具有互補的足跡，我們熟悉並致力於美國銀行服務的社區，包括金融產品和社區支援。此次合併將加強我們在南德克薩斯州及週邊地區的影響力和業務，並增強我們在中德克薩斯州的影響力，其中包括聖安東尼奧這個極具吸引力、高增長的地區。

With regard to earnings, our net income was $135 million for the three months ending June 30, 2025, compared with $111 million for the same period in 2024, an increase of $23 million or 21%. The net income per diluted common share was $1.42 for the three months ending June 30, 2025, compared with $1.17 for the same period in 2024, an increase of 21%.

在收益方面，截至 2025 年 6 月 30 日的三個月，我們的淨收入為 1.35 億美元，而 2024 年同期為 1.11 億美元，增加 2,300 萬美元，增幅為 21%。截至 2025 年 6 月 30 日的三個月，每股攤薄普通股淨收益為 1.42 美元，而 2024 年同期為 1.17 美元，成長 21%。

Net income for three months ending June 30, 2024 included the impact of a merger-related credit loss provision and merger-related expenses from the Lone Star transaction, the FDIC special assessment, a net gain on the Visa Stock Exchange and the Sullivan Investment Securities. Excluding these one-time items for the three months ending in June 30, 2024, the net income was $116 million and earnings per share was $1.22.

截至 2024 年 6 月 30 日的三個月的淨收入包括與 Lone Star 交易相關的合併相關信用損失準備金和合併相關費用、FDIC 特別評估、Visa 證券交易所和 Sullivan 投資證券的淨收益的影響。不包括這些一次性項目，截至 2024 年 6 月 30 日的三個月，淨收入為 1.16 億美元，每股收益為 1.22 美元。

When comparing these results with the quarter ended June 30, 2025, net income increased $18 million to $135 million or 16%, and our earnings per share increased $0.20 or 16.4%.

將這些結果與截至 2025 年 6 月 30 日的季度進行比較時，淨收入增加了 1,800 萬美元，達到 1.35 億美元，即 16%，每股收益增加了 0.20 美元，即 16.4%。

Our annualized return on average assets and average tangible common equity for the quarter ending June 30, 2025, and compared with the same period in 2024 were a 1.41% return on average tangible -- on average assets compared with 1.17% and 13.44% return on average tangible common equity compared to 12.34%.

截至 2025 年 6 月 30 日的季度，我們的年化平均資產和平均有形普通股權益回報率與 2024 年同期相比分別為 1.41% 和 13.44%，平均有形普通股權益回報率為 12.34%。

The net interest margin on a tax equivalent basis was 3.18% for the three months ending June 30, 2025, compared with 2.94% for the same period in 2024 and with 3.14% for the three months ending March 30, 2025. As mentioned on prior calls, these are the results we expected and we anticipate these tailwinds should continue to be positive for the near future.

截至 2025 年 6 月 30 日的三個月，以稅收等價基礎計算的淨利差為 3.18%，而 2024 年同期為 2.94%，截至 2025 年 3 月 30 日的三個月為 3.14%。正如先前的電話會議中提到的，這些都是我們預期的結果，我們預計這些順風在不久的將來應該會繼續保持積極作用。

Loans were $22.1 billion at June 30, 2025, a decrease of $123 million compared with $22.3 billion at June 30, 2024. Our linked core loans increased $219 million or 4% annualized from $21.9 billion at March 31, 2025. Overall, the bank grew loans by $220 million in the second quarter of 2025 or 4% on an annualized basis, where most of the growth attributable to the seasonal strength of the mortgage warehouse business.

截至 2025 年 6 月 30 日，貸款總額為 221 億美元，較 2024 年 6 月 30 日的 223 億美元減少 1.23 億美元。我們的關聯核心貸款從 2025 年 3 月 31 日的 219 億美元增加了 2.19 億美元，年化成長率為 4%。總體而言，該銀行 2025 年第二季的貸款增加了 2.2 億美元，按年率計算增長了 4%，其中大部分增長歸因於抵押倉庫業務的季節性強勁增長。

However, we remain positive on our ability to grow loans in the second half of the year. We saw consistently higher monthly new production numbers in the second quarter, and core commercial loans, excluding mortgage warehouse loans were up $73 million or 2.4% annualized. We have been focused on using our liquidity to fund commercial loan growth, and we are starting to see progress.

不過，我們仍然對下半年增加貸款的能力持樂觀態度。我們看到第二季每月的新產量數字持續走高，不包括抵押倉庫貸款的核心商業貸款增加了 7,300 萬美元，年化成長率為 2.4%。我們一直專注於利用我們的流動性來資助商業貸款的成長，並且我們已經開始看到進展。

Deposits were $27.4 billion at June 30, 2025, a decrease of $459 million or 1.6% when compared with $27.9 billion at June 30, 2024. The linked quarter deposits decreased $553 million or 2% from $28 billion at March 31, 2025, primarily due to the decreases in public fund deposits, higher-cost deposits acquired in the recent acquisitions and business deposits and our disciplined deposit pricing.

截至 2025 年 6 月 30 日，存款為 274 億美元，與 2024 年 6 月 30 日的 279 億美元相比減少 4.59 億美元，降幅為 1.6%。截至 2025 年 3 月 31 日，關聯季度存款較 280 億美元減少 5.53 億美元，降幅 2%，主要原因是公共基金存款、近期收購中獲得的高成本存款和商業存款減少，以及我們嚴格的存款定價。

Prosperity generally experiences seasonality with its public fund deposits as public funds customers use the tax dollars that they receive in December and January throughout the year, resulting in lower deposit balances in the second and third quarters of the year. Our bankers' focus is on building core deposits. Our non-interest-bearing deposits represented 34.3% of our total deposits at June 30, 2025.

Prosperity 的公共基金存款通常具有季節性，因為公共基金客戶全年都會使用他們在 12 月和 1 月收到的稅款，從而導致一年中第二季和第三季的存款餘額較低。我們的銀行家專注於建立核心存款。截至 2025 年 6 月 30 日，我們的無利息存款佔總存款的 34.3%。

With regard to asset quality, our non-performing assets totaled $110 million or 33 basis points of quarterly average interest-earning assets at June 30, 2025, compared with $89 million or 25 basis points of quarterly average interest-earning assets at June 30, 2024, and $81 million or 24 basis points of quarterly average interest-earning assets at March 31, 2025, with a significant portion of the balance for each period attributable to the acquired loans.

資產品質方面，截至 2025 年 6 月 30 日，我們的不良資產總額為 1.1 億美元，佔季度平均生息資產的 33 個基點，而截至 2024 年 6 月 30 日的不良資產總額為 8900 萬美元，佔季度平均生息資產的 25 個資產總額，截至 2013 月 203 月 203 月 203 月的不良資產萬美元，佔季度平均生息資產的 24 個基點，每個期間的餘額很大一部分歸因於所收購的貸款。

At June 30, 2025, the allowance for credit losses and loans was $346 million and the allowance for credit losses on loans and off-balance sheet credit exposure was $383 million. The allowance for credit losses on loans was 3.47x the amount of non-performing assets.

截至 2025 年 6 月 30 日，信用損失及貸款準備金為 3.46 億美元，貸款及表外信貸風險敞口信貸損失準備金為 3.83 億美元。貸款信用損失準備金為不良資產金額的3.47倍。

We are very excited about our pending merger with American Bank Holding Company and American Bank in Corpus Christi. We also continue to have conversations with other bankers considering strategic opportunities. We believe that higher technology and staffing costs and funding costs, loan competition, succession planning concerns and increased regulatory burden all point to continued consolidation.

我們對即將與美國銀行控股公司和科珀斯克里斯蒂的美國銀行合併感到非常興奮。我們也繼續與其他考慮戰略機會的銀行家進行對話。我們認為，更高的技術和人員成本以及融資成本、貸款競爭、繼任計劃問題以及增加的監管負擔都表明整合將繼續。

We remain ready to move forward in the event of transaction materializes and will be beneficial to our company's long-term future and increased shareholder value.

一旦交易實現，我們隨時準備好繼續前進，這將有利於我們公司的長期未來和股東價值的提高。

Texas was rated as a second-best state for business in 2025, CNBC. However, we believe we should have been number one, that's just a little humor, guys. You get going. Texas continues to shine as more people and companies move to the state because of the business-friendly political structure and no-state income tax.

根據 CNBC 報道，德州被評為 2025 年第二大最佳經商州。然而，我們相信我們應該是第一名，夥計們，這只是一點幽默而已。你走吧。由於其有利於商業的政治結構和無州所得稅，越來越多的人和公司遷往德州，該州繼續蓬勃發展。

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.

Prosperity 持續專注於建立核心客戶關係、維持良好的資產品質和高效營運銀行，同時投資不斷變化的技術和產品分銷管道。我們打算繼續透過內部發展和併購的方式來實現公司成長。

I want to thank everyone involved in our company for helping to make it the 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?

我要感謝公司所有成員，是他們幫助公司取得了今天的成功。再次感謝您對我公司的支持。讓我將我們的討論交給我們的財務長 Asylbek Osmonov，討論我們所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 June 30, 2025, was $267.7 million, an increase of $8.9 million compared to $258.8 million for the same period in 2024, an increase of $2.3 million compared to $265.4 million for the quarter ended March 31, 2025.

謝謝你，札爾曼先生。大家早安。截至 2025 年 6 月 30 日的三個月，扣除信貸損失準備金前的淨利息收入為 2.677 億美元，較 2024 年同期的 2.588 億美元增加 890 萬美元，較截至 2025 年 3 月 31 日的季度的 2.654 億美元增加 230 萬美元。

Fair value loan income for the second quarter of 2025 was $3.1 million, compared to $3.3 million for the first quarter of 2025. The fair value loan income for the third quarter of 2025 is expected to be in the range of $2 million to $3 million.

2025 年第二季的公允價值貸款收入為 310 萬美元，而 2025 年第一季的公允價值貸款收入為 330 萬美元。預計2025年第三季的公允價值貸款收入將在200萬美元至300萬美元之間。

The net interest margin on a tax equivalent basis was 3.18% for the three months ended June 30, 2025, an increase of 24 basis points compared to 2.94% for the same period in 2024, an increase of 4 basis points compared to 3.14% for the quarter ended March 31, 2025. Excluding purchase accounting adjustments, the net interest margin for the three months ended June 30, 2025, was 3.14% compared to 2.86% for the same period in 2024 and 3.1% for the quarter ended March 31, 2025.

截至2025年6月30日止三個月的稅基淨利差為3.18%，較2024年同期的2.94%增加24個基點，較截至2025年3月31日止季度的3.14%增加4個基點。不包括購買會計調整，截至 2025 年 6 月 30 日的三個月的淨利差為 3.14%，而 2024 年同期為 2.86%，截至 2025 年 3 月 31 日的季度為 3.1%。

Non-interest income was $43 million for the three months ended June 30, 2025, compared to $41.3 million for the quarter ended March 31, 2025, and $46 million for the same period in 2024. The prior year non-interest income included $10.7 million in net gain on sale of securities. Non-interest expense for the three months ended June 30, 2025, was $138.6 million, compared to $140.3 million for the quarter ended March 31, 2025, and $152.8 million for the same period in 2024.

截至 2025 年 6 月 30 日的三個月的非利息收入為 4,300 萬美元，而截至 2025 年 3 月 31 日的季度的非利息收入為 4,130 萬美元，2024 年同期的非利息收入為 4,600 萬美元。上年度非利息收入包括出售證券的淨收益 1,070 萬美元。截至 2025 年 6 月 30 日的三個月的非利息支出為 1.386 億美元，而截至 2025 年 3 月 31 日的季度為 1.403 億美元，2024 年同期為 1.528 億美元。

The prior year non-interest expense included $4.4 million in merger-related expenses and $3.6 million in FDIC special assessments. For the third quarter of 2025, we expect non-interest expense to be in the range of $141 million to $144 million.

上一年的非利息支出包括 440 萬美元的合併相關費用和 360 萬美元的 FDIC 特別評估費用。對於 2025 年第三季度，我們預計非利息支出將在 1.41 億美元至 1.44 億美元之間。

The efficiency ratio was 44.8% for the three months ended June 30, 2025, compared to 45.7% for the quarter ended March 31, 2025, and 51.8% for the same period in 2024. The bond portfolio metrics at 6/30/2025 have a modified duration of 3.8 and projected annual cash flows of approximately $1.9 billion.

截至 2025 年 6 月 30 日的三個月的效率比率為 44.8%，而截至 2025 年 3 月 31 日的季度的效率比率為 45.7%，2024 年同期的效率比率為 51.8%。截至 2025 年 6 月 30 日的債券投資組合指標的修正久期為 3.8，預計年現金流約為 19 億美元。

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

接下來，我將把簡報交給 Tim Timanus，讓他介紹一些有關貸款和資產品質的詳細資訊。

Thank you, Asylbek. Non-performing assets at quarter end June 30, 2025, totaled $110,487,000 or 50 basis points of loans and other real estate, compared to $81,419,000 or 37 basis points at March 31, 2025. This is an increase of $29,068,000 on a linked-quarter basis.

謝謝你，Asylbek。截至 2025 年 6 月 30 日季度末的不良資產總額為 110,487,000 美元，即貸款和其他房地產的 50 個基點，而 2025 年 3 月 31 日的不良資產總額為 81,419,000 美元，即 37 個基點。與上一季相比，這一數字增加了 29,068,000 美元。

Since June 30, 2025, $1,138,000 of non-performing assets have been put under contract for sale. At June 30, 2025, nonperforming asset total was made up of $102,607,000 in loans, $6,000 in repossessed assets and $7,874,000 in other real estate.

自 2025 年 6 月 30 日起，已有價值 1,138,000 美元的不良資產簽訂了銷售合約。截至 2025 年 6 月 30 日，不良資產總額包括 102,607,000 美元的貸款、6,000 美元的收回資產和 7,874,000 美元的其他房地產。

Net charge-offs for the three months ended June 30, 2025, were $3,17,000 compared to net charge-offs of $2,704,000 for the quarter ended March 31, 2025. This is an increase of $313,000 on a linked-quarter basis. There was no addition to the allowance for credit losses during the quarter ended June 30, 2025. No dollars were taken into income from the allowance during the quarter ended June 30, 2025.

截至 2025 年 6 月 30 日的三個月的淨沖銷額為 3,17,000 美元，而截至 2025 年 3 月 31 日的季度的淨沖銷額為 2,704,000 美元。與上一季相比，這一數字增加了 313,000 美元。截至 2025 年 6 月 30 日的季度內，沒有增加信用損失準備金。在截至 2025 年 6 月 30 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 June 30, 2025, was $353 million, compared to $317 million for the quarter ended March 31, 2025. This is a $36 million increase on a linked-quarter basis.

截至 2025 年 6 月 30 日的季度，每月平均新增貸款額為 3.53 億美元，而截至 2025 年 3 月 31 日的季度，每月平均新增貸款額為 3.17 億美元。與上一季相比，這一數字增加了 3,600 萬美元。

Loans outstanding at June 30, 2025, were approximately $22.197 billion, compared to $21.978 billion at March 31, 2025. The June 30, 2025 loan total is made up of 36% fixed rate loans, 34% floating rate loans and 30% variable rate loans.

截至 2025 年 6 月 30 日，未償還貸款約為 221.97 億美元，而 2025 年 3 月 31 日為 219.78 億美元。2025 年 6 月 30 日的貸款總額由 36% 的固定利率貸款、34% 的浮動利率貸款和 30% 的浮動利率貸款組成。

I will now turn it over to Charlotte Rasche.

現在我將把發言權交給夏洛特‧拉什 (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)

（操作員指示）

Michael Rose, Raymond James.

麥可羅斯、雷蒙詹姆斯。

Just wanted to get some color. It looks like there was some purchase loan decline this quarter. But can we just get an update on any sort of revised expectations for loan growth ex-warehouse? It seems like the industry is starting to pick up a little bit here.

只是想得到一些顏色。本季的購屋貸款似乎有所下降。但是，我們能否獲得有關倉庫貸款成長預期修訂的最新資訊？看起來這裡的產業開始有點復甦了。

I assume you had some paydowns as well that were kind of impacting this quarter's growth. I did sense some optimism at the front of the call. So just trying to get an update there. And then if Kevin is there, would love the update on the warehouse. Just it looks like it did a little bit better on average than what you talked about last quarter?

我認為你們也有一些償還債務的行為，這對本季的成長產生了一定影響。在通話開始時我確實感覺到了一些樂觀情緒。所以只是想在那裡獲取更新。如果凱文在那裡，我會很樂意了解倉庫的最新情況。看起來它的平均表現比您上個季度所說的要好一點？

Yes. Thanks, Michael. I'll try to tackle both and see if anybody wants to add on. I think in terms of loan growth, the quarter has started off a little better than the prior quarters. We do have some loan growth, not a ton, call it, $40 million worth so far for the quarter.

是的。謝謝，麥可。我會嘗試解決這兩個問題，看看是否有人願意補充。我認為，就貸款成長而言，本季的開局比前幾季要好一些。我們的貸款確實有一些增長，但不是很多，本季迄今為止價值 4000 萬美元。

Pipeline looks pretty good. So I think low single-digit growth for the rest of the year is probably achievable. Just as a side, we've also had some okay core deposit growth, I think, almost maybe $90 million so far for the quarter. So both of those seems to have stabilized a bit.

管道看起來相當不錯。因此我認為今年剩餘時間內實現低個位數成長是可能的。順便說一句，我們的核心存款也有一些不錯的成長，我認為本季到目前為止可能已經達到 9,000 萬美元。因此，這兩者似乎都已經穩定了一點。

Loan demand is okay. If there's been another point of weakness, it's been usage on corporate or middle market kind of revolvers. Usage is down quite a bit from where it had been with people taking excess cash and paying down debt rather than growing their balance sheets and we'll see whether that shifts around or not. I think a lot of that was tariff related.

貸款需求還可以。如果還有另一個弱點，那就是在企業或中端市場類型的左輪手槍上的使用。由於人們使用過多的現金來償還債務而不是增加資產負債表，因此使用率與以前相比下降了很多，我們將看看這種情況是否會轉變。我認為這很大程度上與關稅有關。

On the warehouse, just by way of background, we averaged for the last quarter, $1.179 billion. We thought it would be about $1.150 billion. So we're just slightly ahead of where we were thinking. So far for this quarter, Michael, through last night, we have averaged $1.307 billion to be exact. And last night, we closed out a little lower than normal at $1.226 billion. That's not unusual for this time of the month. We get a lot of Ginnie Mae settlements in the 20, 21, 22 of every month.

關於倉庫，僅作為背景介紹，我們上個季度的平均庫存為 11.79 億美元。我們認為這個數字大約是 11.5 億美元。因此，我們只是比我們想像的稍微領先了一點。邁克爾，截至昨晚，本季到目前為止，我們的平均收入準確來說是 13.07 億美元。昨晚，我們的收盤價略低於正常水平，為 12.26 億美元。對於這個月的這個時候來說，這並不罕見。我們每個月的 20、21、22 日都會收到大量的 Ginnie Mae 結算。

On balance, I think we will probably average a little better this quarter than last, at $1.250 billion. Typically, our third quarter is our best quarter in normal times, and these are more kind of normal times. So I do expect it to be a little bit better, close to $100 million better on average than Q2.

總的來說，我認為本季的平均收入可能會比上一季好一點，達到 12.5 億美元。通常情況下，我們的第三季度是正常時期表現最好的季度，而現在也更像是正常時期。所以我確實預計它會好一點，比第二季平均好出近 1 億美元。

I think the thing that we liked about it, too, rightly or wrongly we really saw commercial, our commercial loans pick up and mortgage loans went down. But again, we have so many mortgage loans that we seen that there were $73 million more in commercial loans increased. I think that was good. And we do seem to see a lot of I don't know -- I wouldn't call it a production, but there's a lot of stuff going through loan committee now. So things look pretty good, I think.

我認為我們也喜歡它，無論對錯，我們確實看到了商業，我們的商業貸款增加，抵押貸款減少。但是，我們的抵押貸款數量如此之多，我們看到商業貸款增加了 7,300 萬美元。我認為那很好。我們確實看到了很多我不知道的事情——我不會稱之為製作，但現在有很多東西正在通過貸款委員會。所以我認為事情看起來相當不錯。

Michael, this is Tim. Yes, with regard to what David just said, and I do see, coming up the next handful of months basically the same way that Kevin does. So I think he's spot on.

邁克爾，這是蒂姆。是的，就大衛剛才所說的而言，我確實看到，接下來的幾個月基本上與凱文的情況相同。所以我認為他說得完全正確。

Very helpful. And then maybe one for Asylbek. Just on the margin, not as much momentum there, I think, as we would have thought. You have the range that you talked about 3.25% to 3.30%. I noticed that interest-bearing deposit costs were flat.

非常有幫助。然後也許還會給 Asylbek 一個。我認為，只是處於邊緣狀態，其勢頭並不像我們想像的那麼強烈。您所說的範圍是 3.25% 到 3.30%。我注意到有利息的存款成本是持平的。

So maybe just walk us through some of the puts and takes as we think about the next couple of quarters, bond portfolio pricing pick up, further ability to lower deposit costs, CDs maturing, kind of, et cetera. And just how we should think about the trend relative to what you talked about earlier this year?

因此，當我們考慮接下來的幾個季度時，也許可以向我們介紹一些利弊，包括債券投資組合定價的回升、進一步降低存款成本的能力、存單到期等等。那麼，相對於您今年稍早談到的趨勢，我們該如何看待這一趨勢？

Michael, let me just start off. I have kind of the model in front of me and just to kind of give you some color. I mean, look, our net interest margin continues, Mike, it continues to grow. I think we're showing with no change in interest rates at 3.35%, 3.35% net interest margin in six months.

邁克爾，讓我先開始吧。我面前有這樣的模型，只是為了給你一些顏色。我的意思是，你看，我們的淨利差，麥克，它繼續增長。我認為我們的利率沒有變化，為 3.35%，六個月內的淨利差為 3.35%。

If interest rates go down 100 basis points in that six months, it's at 3.3%. On a 12-month time frame with no change in interest rates, we get to 3.48% and with 100 basis points down in 12 months, we're at 3.40%. 24 months, and I won't go past that, we're at 3.76% with no change in our net interest margin and 3.61% with 100 basis points down.

如果利率在這六個月內下降 100 個基點，則為 3.3%。如果在 12 個月內利率保持不變，我們的利率將達到 3.48%；如果在 12 個月內利率下降 100 個基點，我們的利率將達到 3.40%。如果在 24 個月內（我不會再多說了），我們的淨利差將達到 3.76%，而如果利率下降 100 個基點，我們的利率將達到 3.61%。

So our model still continue to show great expansion in the net interest margin over a period of time. Sorry to jump in on you.

因此，我們的模型仍然顯示淨利差在一段時間內大幅擴張。很抱歉打擾你。

That's alright (multiple speakers). And just to give you a little bit of a color on the question why we're achieving these numbers. If you look at our model, on the cost of deposit model shows it's going to continue to stay as is. There's not much downward decrease on the cost of deposits. But what we see is the repricing of two things, right?

沒關係（多位發言者）。只是想讓你們稍微了解一下我們為什麼能達成這些數字。如果你看一下我們的模型，存款成本模型顯示它將繼續保持原樣。存款成本的下降幅度並不大。但我們看到的是兩樣東西的重新定價，對嗎？

First of all, it's our bond portfolio, as we mentioned, we have about $1.9 billion of cash flow in each year and rate on that is about 2.15% give and take. So that's going to be repricing at least depending on if you put it on the loans, repricing it 300-plus basis points. But if you were going to put it in securities, it's still more than 2.5%.

首先，這是我們的債券投資組合，正如我們所提到的，我們每年有大約 19 億美元的現金流，利率約為 2.15%。因此，這至少要重新定價，取決於你是否將其用於貸款，重新定價 300 多個基點。但如果你將其投入證券，它仍然超過 2.5%。

On the loan side, we have about $5 billion cash flow coming in -- so out of that, about 60% or $3 billion, it's more like fixed variable rate, that's going to reprice higher than what we put in currently on the loans. So those drivers showing in our model that it will help us to continue to increase the margin and net interest income. So I think we are -- our model still continues to show that we should be on average for the year to be as the range we provide to 3.25% to 3.3% NIM for the year.

在貸款方面，我們有大約 50 億美元的現金流進來——其中大約 60% 或 30 億美元更像是固定浮動利率，其重新定價將高於我們目前在貸款上投入的金額。因此，我們的模型中顯示的這些驅動因素將幫助我們繼續提高利潤率和淨利息收入。所以我認為我們的模型仍然顯示，我們全年的平均利率應該在我們提供的 3.25% 到 3.3% 的範圍內。

Okay, I appreciate all the call everyone. I'll step back, thanks.

好的，感謝大家的來電。我退後一步，謝謝。

Catherine Mealer, KBW.

凱瑟琳·米勒，KBW。

Thanks, good morning. I just want to follow up on the margin was just the size of the balance sheet as we kind of think about -- yes, I saw the cash and average earning assets kind of came down. Just your what -- how should we be thinking about just the size of the bond book and the size of cash in the next couple of quarters?

謝謝，早安。我只是想跟進一下利潤率，也就是我們所認為的資產負債表的規模——是的，我看到現金和平均收益資產有所下降。只是你的什麼——我們該如何考慮未來幾季的債券帳簿規模和現金規模？

Well, again, I'll start off. I mean I think the balance sheet size, if you look year-over-year, we were down 1.6% on the deposit side. And when you look at this quarter, as mentioned earlier, this is seasonally a time when we do lose deposits. So we think that the deposits probably or perhaps stabilized. And so I think that you'll probably see -- probably the third quarter is still kind of, I guess, just I guess, where we're at kind of right now, but should start picking up in the fourth quarter for sure. So we should see fourth and first quarter pickup in that.

好吧，我再次開始。我的意思是，我認為資產負債表規模，如果你看同比數據，我們的存款方面下降了 1.6%。正如前面提到的，當你看這個季度時，這是我們確實會損失存款的季節性時期。因此我們認為存款可能或可能已經穩定下來。所以我認為你可能會看到——可能第三季仍然處於我們現在所處的水平，但肯定會在第四季開始回升。因此，我們應該會看到第四季和第一季出現回升。

And I think that a lot of it depends on interest rates, I think, in general. I mean, if we really wanted to build the balance sheet I mean -- and we weren't as disciplined as we were, you could easily -- I mean we don't have any broker deposits.

我認為，總體而言，這在很大程度上取決於利率。我的意思是，如果我們真的想建立資產負債表——而且我們不像以前那麼自律，你很容易就能做到——我的意思是我們沒有任何經紀人存款。

We could easily bring in a bigger balance sheet, if you're willing to pay at the 5%, 4.5% -- 4.5%, 5% interest rate. So you can build the balance sheet, but we've been trying to be very disciplined and really manage our net interest margin. That's kind of where we're at right now. But overall, to answer your question, I think that we have stabilized, and I think you will see growth going forward, not tremendous growth, but growth.

如果您願意支付 5%、4.5% - 4.5%、5% 的利率，我們可以輕鬆地帶來更大的資產負債表。因此，您可以建立資產負債表，但我們一直在努力保持紀律並真正管理我們的淨利差。這就是我們現在的處境。但總的來說，回答你的問題，我認為我們已經穩定下來了，而且我認為你會看到未來的成長，不是巨大的成長，而是成長。

Yes. I agree. That's exactly right. And I'll just say on the model, fundamentally, nothing changed from us. It just was the deposit drop off we saw in the second quarter impacted NII as we saw it. But fundamentally, our model is still showing that the continued expansion in the margin and net interest income.

是的。我同意。完全正確。我只想說，從根本上來說，我們並沒有改變這個模型。正如我們所見，第二季存款的下降對 NII 產生了影響。但從根本上來說，我們的模型仍然顯示利潤率和淨利息收入持續擴大。

We've also have reduced your borrowings from the Federal Home Loan bank compared to last year where we were 3.9% last year --

與去年相比，我們也減少了聯邦住房貸款銀行的借款，去年的利率為 3.9%。--

Yeah. The beginning of 3.9% and we'd reduced to 2.9% this year in November.

是的。年初為 3.9%，今年 11 月已降至 2.9%。

And again, we -- again, that was a big drop in the asset size. It shouldn't affect the net interest income, but just a big drop in the asset side.

再說一次，我們——資產規模又大幅下降。這應該不會影響淨利息收入，只是資產方面的大幅下降。

Correct.

正確的。

Got it. Okay. That's helpful. And then on (inaudible), also I feel like mix shift just within your balance sheet is what's driving the margin expansion. But curious if you see more upward momentum in loan yields as maybe growth improved into the back half of the year as well?

知道了。好的。這很有幫助。然後（聽不清楚），我也覺得資產負債表內的組合變動是推動利潤率擴張的因素。但您是否好奇，由於下半年經濟成長可能也出現改善，貸款殖利率是否會出現更多上升勢頭？

I'd say, yes, a couple of things is mix, less mortgage, more commercial. So I think we'll pick it up there, as Asylbek said, stripped out of bonds and into loans also improves. And as we looked at it, you probably -- someone mentioned earlier in the early reports this morning that loans held for investment, the yield was down a basis point.

我想說，是的，有幾件事是混合的，抵押貸款較少，商業較多。因此我認為我們會從那裡開始，正如 Asylbek 所說，剝離債券並轉為貸款也會有所改善。正如我們所看到的，你可能會——有人在今天早上的早期報告中提到，投資貸款的收益率下降了一個基點。

And that's really just in terms of inside baseball, we always have, not always typically have some non-accrual pickup income in the quarter. We had more than usual last quarter, maybe $2.3 million, $2.4 million and we had $400,000 this quarter. And that -- but believe it or not, on the overall loan yields, that changed loan yields been minus 1 basis point versus up 2 basis points or 3 basis points.

這實際上只是就棒球內部而言，我們總是會，通常不會在本季獲得一些非應計收入。上個季度我們的營收比平常多，大概是 230 萬美元、240 萬美元，而本季我們有 40 萬美元。但不管你信不信，就整體貸款收益率而言，貸款收益率的變化是負 1 個基點，而不是上升 2 個基點或 3 個基點。

So that's just a small inside baseball piece of it. So this quarter -- maybe last quarter wasn't quite as good as it was advertised or written, and this quarter is not as bad, just a couple of basis point difference. But we don't see that number being down this quarter. It's an aberration, not a trend.

這只是棒球內部的小細節。因此，這個季度——也許上個季度並不像廣告或書面宣傳的那麼好，而這個季度也沒有那麼糟糕，只是有幾個基點的差異。但我們認為本季這一數字不會下降。這是一種異常現象，而不是一種趨勢。

Okay. That's very helpful. So still up for momentum on pricing as expected.

好的。這非常有幫助。因此，正如預期的那樣，定價勢頭仍然強勁。

Yes.

是的。

Manan Gosalia, Morgan Stanley.

馬南‧戈薩利亞，摩根士丹利。

Hey, good morning all. I wanted to focus on the acquisition and specifically on the NII accretion from the acquisition. Can you comment on I guess, what sort of NII you think you can get from the acquisition? Are there any revenue synergies that you're building in? Is there any benefit on the deposit cost side? And if there's any loans that you might want to run off after completing the acquisition?

嘿，大家早安。我想重點關注此次收購，特別是收購帶來的國家資訊基礎結構的增加。我想您能否評論一下，您認為透過此次收購可以獲得什麼樣的 NII？你們正在建構什麼收入綜效嗎？存款成本有什麼好處嗎？完成收購後您是否想要償還任何貸款？

Okay. I'll take that one. And I'll start off with deposit and what we notice in Americas has really good deposit base and very similar to ours. That's what attracted us to the American Bank. And if you look at their cost of deposits, this was 1.66%, very close to ours comparing, if you look just overall industry very low. That was -- we have a very strong deposit base. On the loan base, yielding higher than ours. I think their loan yield about 6.43. So both of them taking those is very going to be accretive to our margin.

好的。我要那個。我先從存款開始，我們注意到美洲的存款基礎非常好，與我們的存款非常相似。這就是美國銀行吸引我們的地方。如果你看一下他們的存款成本，這是 1.66%，非常接近我們的水平，如果你看一下整個行業，這個數字非常低。那就是——我們擁有非常強大的存款基礎。在貸款基礎上，收益率高於我們。我認為他們的貸款收益率約為6.43%。所以，他們兩家公司都持有這些貸款，這將大大增加我們的利潤率。

If you look overall on dollar-wise, I think on an annual basis, it's going to bring -- if you just take a bit of run rate, it's about $85 million to $90 million on NII on themselves. But in addition, we're going to be having some markups on those loans to the fair value.

如果從整體美元角度來看，我認為按年計算，它將帶來——如果你只考慮一點運行率，那麼 NII 本身將帶來約 8500 萬至 9000 萬美元。但除此之外，我們還會對這些貸款的公允價值做一些加價。

And also, we're going to have AOCI adjustment on their bond, which kind of generate additional $15 million per year, $15 million to $16 million. So combining those, we know it's going to be a pretty strong expansion on our net interest income. If you look at it on margin wise, if we calculated, it gives about mid-single digit on the margin increase overall.

此外，我們還將對他們的債券進行 AOCI 調整，這將每年產生額外的 1500 萬美元，1500 萬至 1600 萬美元。因此，綜合這些因素，我們知道我們的淨利息收入將會大幅成長。如果從利潤率的角度來看，我們計算後發現，整體利潤率增幅約為個位數的中等水準。

I think you could say also that American Bank is very similar to us. If you look at our cost of deposits. Their cost of deposits were very close. And again, I don't think you're going to see a -- with some banks that join us, we know going in there's going to be a pretty good loan runoff and a pretty good deposit runoff. We don't see that in American Bank, we feel comfortable. They're very much like we are, and I don't see -- I don't I just -- I think it's just a good core bank really, it's a peach.

我想你也可以說美國銀行跟我們非常相似。如果你看一下我們的存款成本。他們的存款成本非常接近。再說一次，我不認為你會看到——隨著一些銀行加入我們，我們知道將會出現相當嚴重的貸款流失和相當嚴重的存款流失。我們在美國銀行沒有看到這種情況，我們感到很安心。他們和我們非常相似，我看不出來——我不認為我只是——我認為這真的是一家好的核心銀行，它很棒。

That's helpful. And then maybe on capital deployment priorities from here? I think you mentioned in your opening comments that you continue to have conversations. It looks like you're opened in more M&A. But this is also an all-stock acquisition. Is there any ability to maybe buy back some of the stock you've issued in the open market once the acquisition closes?

這很有幫助。那麼從現在開始也許可以確定資本部署的優先事項嗎？我想您在開場白中提到您會繼續進行對話。看起來你們在更多併購方面已經敞開了大門。但這也是一次全股票收購。收購完成後，是否有能力回購在公開市場上發行的部分股票？

Right now, there's a lot of activity in M&A. And again, I suspect that we'll be using some of that capital that we have going forward probably in M&A.

目前，併購活動十分活躍。我再次懷疑，我們可能會將部分資本用於未來的併購。

Got it, thank you.

知道了，謝謝。

Peter Winter, D.A. Davidson.

彼得溫特、D.A.戴維森。

Good morning. I wanted to ask about the Lone Star portfolio. Loans were down about $180 million year-over-year and deposits were down about $250 million year-over-year. So are you nearing a bottom? And then maybe if you can talk about the quality of American Bank's loans and deposits, would you expect some runoff once you close that deal?

早安.我想問一下 Lone Star 投資組合的情況。貸款年減約 1.8 億美元，存款年減約 2.5 億美元。那麼，您已經接近底部了嗎？那麼，如果您可以談談美國銀行的貸款和存款的質量，您是否預計在完成交易後會出現一些流失？

I'll start. The Lone Star Bank did have a lot of higher cost deposits. So we're not rattled by that amount of deposits, and they were extremely high cost, sometimes 100 basis points more than what we were paying. So we suspected that.

我先開始。孤星銀行確實有許多高成本存款。因此，我們不會因為那麼多的存款而感到不安，而且它們的成本非常高，有時比我們支付的金額高出 100 個基點。所以我們對此表示懷疑。

As far as the loan side, somebody may be able to help me with the loan side, I know that we -- I think overall, the loan quality was really pretty good. We have one large loan that got thrown into the non-performing assets, that was $13 million or $14 million. But again, it's well securitized. I don't think that we see any loss in that. Their underwriting that Lone Star Bank was very good, I think. I mean, with the exception of this one credit that we have, I think they were very good.

就貸款方面而言，有人可能會幫助我處理貸款方面的問題，我知道我們——我認為總體而言，貸款品質確實相當不錯。我們有一筆大額貸款被歸類為不良資產，金額為 1,300 萬美元或 1,400 萬美元。但同樣，它的證券化程度很高。我認為這不會給我們帶來任何損失。我認為，他們對孤星銀行的核保非常好。我的意思是，除了我們擁有的這項榮譽之外，我認為他們都非常好。

Going forward with American Bank, again, a little bit different than some underwriting. But I think if anybody came and looked at us from another bank, they would think we're different than them. I think overall, I don't see the deposit loss or the -- not -- there's always be some, but I don't see the deposit loss or the loan loss in the American deal. I think it's just a really good core banker. It's hard to find real good core banks like this, and this is really a good core bank.

與美國銀行的合作再次與一些承銷業務略有不同。但我認為，如果有人從其他銀行來看我們，他們會認為我們與他們不同。我認為總體而言，我沒有看到存款損失或——不是——總是有一些，但我沒有看到美國交易中的存款損失或貸款損失。我認為這只是一位非常優秀的核心銀行家。很難找到像這樣的真正好的核心銀行，而這確實是一家好的核心銀行。

And, David, one thing I would mention. I do think that Lone Star has stabilized in terms of loans and deposits, both. The future will tell us, but I do feel like they're stabilized.

大衛，我想提一件事。我確實認為 Lone Star 的貸款和存款狀況都已經穩定下來。未來會告訴我們，但我確實感覺他們已經穩定下來了。

But we knew going in, there was a certain portion. They were about 100%.

但我們知道，進去之後，就會有一定比例。大約是 100%。

There were some 5% CDs that were going to go --

有一些 5% 的 CD 即將--

That's correct. And from day one they have worked very closely and very well with us to address those issues and deal with them.

沒錯。從第一天起，他們就與我們密切合作，共同解決這些問題。

We knew that even going in, so it wasn't anything none of us expected. Let me say that.

我們甚至在進去之前就知道這一點，所以這並不是我們沒有人想到的事情。讓我這麼說吧。

That's correct.

沒錯。

By recap, I think we're done or near done with Lone Star shrinking. And I think American Bank is just -- it's a different animal. It's been around 50-plus years, really, really solid deposit franchise. I mean very, very solid. Credit quality good, maybe underwriting a little different than us, but the credit quality, very good. Does that mean there'll be 0 runoff? No, but it's going to be very mild, very mild. This is not a big shift in terms of what they're paying on deposits versus us. It's a high-quality franchise. We're lucky to get it.

總結一下，我認為孤星的縮小工作已經完成或接近完成。我認為美國銀行是──完全不同的一家銀行。它已經有 50 多年的歷史了，擁有非常非常穩固的存款特許經營權。我的意思是非常非常堅固。信用品質良好，承保可能與我們略有不同，但信用品質非常好。這是否意味著將不會有徑流？不，但是會非常溫和，非常溫和。就他們和我們支付的存款金額而言，這並不是一個巨大的轉變。這是一個高品質的特許經營權。我們很幸運能得到它。

Yes. I think the American Bank deal makes -- we have a big strong position in the Houston market. We have a strong position in the Dallas market and a good position in the Austin market, but again, along the Gulf of America, we have Victoria. And again, it was such a great merger with us. I mean we -- they joined us, and they -- we became the number one market share in that whole second-tier market, or right down the road is Corpus Christi, and this gives us the number one market share in Corpus Christi.

是的。我認為與美國銀行的交易使我們在休士頓市場佔據了強勢地位。我們在達拉斯市場佔有強勢地位，在奧斯汀市場佔有良好地位，但在美國灣沿岸，我們擁有維多利亞。再次強調，這對我們來說是一次偉大的合併。我的意思是，他們加入了我們，我們在整個二線市場，或者說在科珀斯克里斯蒂，佔據了第一的市場份額，這使我們在科珀斯克里斯蒂擁有第一的市場份額。

And I mean -- so we really have become number one market share, our major market shares in these second-tier markets like Victoria, like Corpus Christi, like Odessa, Lubbock, Midland, Grand (inaudible). And those are really great markets, and this just fits in just perfectly with that, not to mention that it gives us -- we really needed some locations in the San Antonio market where we only had one. And I think this gives us what four more locations in the San Antonio market. So it really helps us get a jump in the San Antonio market as well. So we're really excited about that.

我的意思是——我們確實已經成為市場份額第一的市場，我們在維多利亞、科珀斯克里斯蒂、敖德薩、拉伯克、米德蘭、格蘭德等二線市場的主要市場份額（聽不清楚）。這些都是非常棒的市場，而這恰好與此完美契合，更不用說它給了我們——我們確實需要在聖安東尼奧市場中只有一個地點。我認為這為我們在聖安東尼奧市場帶來了另外四個地點。因此，它確實幫助我們在聖安東尼奧市場取得了飛躍。所以我們對此感到非常興奮。

All right, thank you for all that detail. I could ask on credit. I'm certainly not worried about credit with you guys, but just curious about the -- what drove the increase, $29 million increase in non-performing assets and then you know just what's the outlook for non-performing assets going forward, just given the comment, most of it is acquired loans, which you have reserves against, but I'm just wondering when those starts -- should start to decline?

好的，感謝您提供如此詳細的資訊。我可以賒帳詢問。我當然不擔心你們的信貸問題，但我只是好奇——是什麼導致了不良資產增加​​，增加了 2900 萬美元，然後你知道不良資產的未來前景如何，剛才的評論說，其中大部分是收購貸款，你對此有準備金，但我只是想知道這些貸款什麼時候開始下降？

I think I can address that for you. The increase is really made up of three buckets, so to speak. One is a $13 million loan that David referred to a minute ago from Lone Star State Bank. It's real estate secured. We think we're probably not going to lose any money from that loan, time will tell, but that's our forecast right now. So that's $13 million.

我想我可以為你解決這個問題。可以這麼說，這一增長實際上是由三個部分組成的。其中一筆是大衛剛才提到的孤星州立銀行的 1,300 萬美元貸款。這是有房地產擔保的。我們認為我們可能不會因為這筆貸款而損失任何錢，時間會證明一切，但這是我們目前的預測。所以是 1300 萬美元。

There's another one, $19 million that's from the legacy Texas portfolio. It's secured by notes on used vehicles. We do think there's a bit of a loss there, but it's fully reserved. So we don't see any negative impact from that standpoint.

另外還有一筆 1,900 萬美元的資金來自德州的傳統投資組合。它由二手車上的票據擔保。我們確實認為那裡有一點損失，但它是完全保留的。因此從這個角度來看，我們沒有看到任何負面影響。

The biggest change is we've got about $51 million in single-family homes included in the non-performing. We made efforts starting a couple of years ago to increase our minority home loans. And the result is we've taken several homes back.

最大的變化是，約有價值 5,100 萬美元的獨棟住宅被列入不良資產。我們從幾年前就開始努力增加少數族裔房屋貸款。結果就是我們拿回了幾棟房屋。

The good news is, as we are able to foreclose on them, we've been able to sell them all relatively quickly. So we think this is something that we're going to work through over the course of the next year. But if you look at those three buckets, one is $51 million, one is $13 million and one is $19 million. That's a huge percentage of the total non-performing assets. So we think we're dealing with all those effectively.

好消息是，由於我們能夠取消抵押品贖回權，所以我們能夠相對快速地將它們全部出售。因此我們認為這是我們將在明年內解決的事情。但如果你看這三個桶，一個是 5100 萬美元，一個是 1300 萬美元，一個是 1900 萬美元。這佔了不良資產總額的很大一部分。因此我們認為我們正在有效地處理所有這些問題。

Yes. And just to add to that. What we see in the future, you never know what's going to happen in the future, but we don't see anything in our commercial loan system that's particularly worrisome at this stage of the game.

是的。再補充一點。我們看到的未來​​，你永遠不知道未來會發生什麼，但我們在現階段的商業貸款系統中沒有看到任何特別令人擔憂的事情。

I would say that there is a chance, maybe even likelihood that we continue to tick up just a little bit on the single-family mortgage portfolio from that $51 million and it's at today. Fortunately, that asset class is a very low loss given default.

我想說，我們有可能，甚至有可能繼續在單戶住宅抵押貸款組合上從今天的 5,100 萬美元的基礎上再增加一點點。幸運的是，該資產類別的違約損失非常低。

And I think the bottom line is as we sit here today, obviously, we went through all of this in our reserve analysis at the end of the quarter for quarter end and concluded we didn't need to add to reserves, and I don't -- we'll see where we are next quarter. But I don't see anything on the horizon that's going to change that.

我認為最重要的是，當我們今天坐在這裡時，顯然，我們在本季度末的儲備分析中經歷了所有這些，並得出結論，我們不需要增加儲備，而且我不認為——我們將看看下個季度的情況。但我看不到任何可以改變這個現狀的跡象。

We also cut the product off that -- this is a product that was designed just for minority lending, low-income lending that, again, that there's not much money down and you even get some walking around money when you go, and this was to help with fair lending.

我們也取消了該產品——這是一種專為少數族裔貸款、低收入貸款設計的產品，同樣，它不需要太多的首付，你甚至可以得到一些週轉金，這是為了幫助公平貸款。

And again, it's kind of a catch 22, if you don't produce a certain amount of this kind of production, then if you really want to expand and grow, you're out of the game also. So it's just part of the deal. But again, I think that we've got all under control. And the good news is that as we repossess this stuff, we've gotten out of it pretty quick with very little loss.

再說一次，這有點像第 22 條軍規，如果你不能生產出一定數量的這類產品，那麼如果你真的想擴張和發展，你也會出局。所以這只是交易的一部分。但我再次認為，我們已經控制住了一切。好消息是，當我們收回這些東西時，我們很快就擺脫了困境，損失很小。

That's right. And we did discontinue that type of loan actually over a year ago.

這是正確的。事實上，我們在一年前就停止了這種類型的貸款。

Right, over a year ago.

是的，一年多以前。

Got it. Thanks for taking the questions. I appreciate it.

知道了。感謝您回答這些問題。我很感激。

Stephen Scouten, Piper Sandler.

史蒂芬·斯考頓，派珀·桑德勒。

Yeah, thanks everyone. I appreciate it. Just going back to American Bank. And David, you noted the four additional branches in San Antonio. Given that that's -- I think you guys said the third largest MSA in Texas, do you look to deepen that franchise further in San Antonio beyond this acquisition? Could you look at new hires or could incremental M&A in that market be in the cards?

是啊，謝謝大家。我很感激。剛剛回到美國銀行。大衛，您注意到聖安東尼奧又有四家分店。鑑於這是——我想你們說的是德克薩斯州第三大 MSA，你們是否希望在這次收購之後進一步深化聖安東尼奧的特許經營權？您會考慮招募新員工，或是否會在該市場進行增量併購？

I guess I should just say stay tuned, I guess.

我想我應該說請繼續關注。

Okay. Fair enough. And then maybe on pricing around the deal. I mean the three-year earn-back feels like maybe towards the longer end of what we've seen from you guys. Would you say that, that was kind of pushing the limits of what you would want to do from an earn-back perspective on a deal?

好的。很公平。然後也許圍繞交易進行定價。我的意思是，三年的獲利週期可能比我們所見的你們的周期要長一些。您會說，從交易的獲利角度來看，這有點超出了您的承受能力？

That three-year, Kevin, help me does that three-year include -- the way it was priced, it looked like it was priced higher than some of the other deals at 2.2x. But again, when we looked at the bank and you added back the AOCI, the price was like 1.8x, which for a bank like that, we thought was a very, very good deal. So that three-year was that based on the --

凱文，請幫我看看那個三年期的合約是否包括——它的定價方式看起來比其他一些交易的2.2倍要高。但是，當我們再看看銀行的情況，加上AOCI，價格是1.8倍，對於這樣的銀行來說，我們認為這是一筆非常非常划算的交易。所以那三年是基於--

It does include that.

它確實包括了這一點。

Yes, it does include that. But again, I think for a bank that's a quality bank like this, that three years is not unreasonable at all, and I'd do it again tomorrow, if we get another bank like that, it's really a sweet bank.

是的，它確實包括這個。但是，我認為對於像這樣的優質銀行來說，三年的時間並不是不合理的，如果我們明天再得到另一家這樣的銀行，那它真的是一家不錯的銀行。

Okay. Great. And then just as you think about future targets, I mean, I know the last three deals have been maybe towards the smaller and more digestible into the spectrum. Do you think about maybe a more meaningfully sized deal? And additionally, would you look at anything outside of Texas and Oklahoma today? Or do you want to continue to deepen that footprint in the strength of those markets?

好的。偉大的。然後，正如您考慮未來的目標一樣，我的意思是，我知道最近三筆交易可能都是朝著規模較小、更容易消化的方向發展的。您是否考慮過達成更有意義的交易？此外，您今天還會關注德克薩斯州和俄克拉荷馬州以外的地區嗎？還是您想繼續深化這些市場實力的影響力？

I guess I'd just say stay tuned. I mean there's a lot of activity going on right now and hard to give -- again, I can repeat what we've said in the past that we always like Texas and it's always a fill-in. And because we're -- where if you're in a car and you drive 30 minutes anywhere, you're going to see one of our banks. And so, when we can fill in, I don't think we're in the valley, that may be the first part of the valley and probably will pass. So anywhere else, you go through Texas, you're going to see us wherever you go.

我想我只想說請繼續關注。我的意思是現在有很多活動正在進行，很難給出答案——再次，我可以重複我們過去說過的話，我們一直喜歡德克薩斯州，它總是一個填補。因為我們——如果你開車 30 分鐘去任何地方，你都會看到我們的一家銀行。因此，當我們能夠填補空缺時，我認為我們還沒有進入低谷，這可能是低谷的第一部分，而且可能會過去。因此，無論您去德克薩斯州的任何地方，都會看到我們。

So I think that our first and foremost is always in Texas, and we're in Oklahoma too if something developed there. But again, of a certain -- an asset we're outside the state. Again, we're not going to go outside the state for a $2.5 billion deal. But again, it's a deal that really has a true market share and that we can -- it's really helpful, and it helps us from a strategic point of view from where we're going and where we're going to be with the answer to that would be yes.

所以我認為我們的首要任務始終是在德州，如果俄克拉荷馬州出現任何進展，我們也會去那裡。但同樣，某種資產，我們在州外。再說一次，我們不會到州外去達成 25 億美元的交易。但再次強調，這是一筆真正具有市場份額的交易，我們可以——它真的很有幫助，從戰略角度來看，它幫助我們了解我們的發展方向和未來目標，答案是肯定的。

Great. And maybe one last point of clarification. On the NIM trajectory you talked about, David, I think you said 3.35% happen in 6 months, 3.48% over 12 months, et cetera. Does that include the mid-single-digit impact to the margin from American Bank? Or is that kind of on your existing balance sheet?

偉大的。也許還有最後一點需要澄清。關於您所談到的 NIM 軌跡，David，我認為您說的是 6 個月內發生 3.35%，12 個月內發生 3.48%，等等。這是否包括美國銀行對利潤率造成的中等個位數影響？或者這是否在您現有的資產負債表上？

No, this is just our existing balance sheet. So that should help, no question.

不，這只是我們現有的資產負債表。毫無疑問，這應該會有幫助。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

This is Eric on for EP. Just one on the fee income line. It has been running above, I think previously, you've talked about $36 million to $38 million as kind of the run rate that you view, but it's been above that for several quarters now. Is the run rate in your mind higher now? Like how should we think about that kind of moving forward?

我是 Eric，來參加 EP 吧。費用收入線上只有一條。我認為它一直高於之前所說的 3600 萬美元到 3800 萬美元的運行率，但現在已經連續幾個季度高於這個水平了。您心中的運行率現在是否更高了？例如，我們該如何看待這種前進？

Yes, Eric, I agree. I think that I would probably update our run rate to $38 million to $40 million now because what we've seen very strong, our service fees and debit card fees overall has increased because of the volume. So yes, we see increase on overall non-interest income. So I would say I would update range to $38 million to $40 million.

是的，艾瑞克，我同意。我認為我現在可能會將我們的運行率更新為 3800 萬美元至 4000 萬美元，因為我們看到的情況非常強勁，我們的服務費和借記卡費用總體上因交易量而增加。所以是的，我們看到整體非利息收入增加。所以我想將範圍更新為 3800 萬美元至 4000 萬美元。

Okay. That's helpful. And then maybe one more on M&A. David, based on everything you've said, I have a guess of what you'll say, but does the American deal limit the ability to complete any other deals until that closes? Or are you still very active?

好的。這很有幫助。然後也許再談一下併購。大衛，根據你所說的一切，我猜你會說什麼，但是美國的交易是否會限制在交易完成之前完成任何其他交易的能力？或者你仍然非常活躍？

No, we're still very active.

不，我們仍然非常活躍。

Jon Arfstrom, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Jon Arfstrom。

Just a follow-up on that. I know you guys had a tough time with the last deal getting to close on time. Any evidence of less regulatory pressures, David? I mean I don't think you're going to get into that situation again. But any evidence of that?

這只是對此的後續跟進。我知道你們在按時完成上一筆交易時遇到了很大困難。大衛，有任何證據顯示監管壓力減輕嗎？我的意思是我不認為你會再次陷入那種境地。但有證據嗎？

I hope so. You saw the Cadence deal closing just a few months. But again, we understand that bank industry bank, they wanted to get that off of their books before something else happens. So -- but everybody else that we've talked to so far, it looks -- historically, we used to get a bank deal done in three months. And I'm hoping that Charlotte may jump in, but I'm still thinking that we're going to go back to those 3- to 4 months. I think that I think that's what we're looking at.

我希望如此。您看到 Cadence 交易在短短幾個月內就完成了。但是，我們再次了解到，銀行業銀行希望在發生其他事情之前將其從帳簿上刪除。所以——但到目前為止，我們與之交談過的其他人看起來——從歷史上看，我們過去常常在三個月內完成一筆銀行交易。我希望夏洛特能夠加入，但我仍然認為我們會回到那 3 到 4 個月的時間。我認為這就是我們正在關注的。

That last year started off with the DOJ in a town of 10,000 people that we were big bank, and I mean there were so many miles from [Tyler] or something. I don't want to get into all the details. And then, it was another deal after that.

去年年初，司法部在一個只有 10,000 人的小鎮設立了分行，我們當時是一家大銀行，而且距離 [泰勒] 等地有好幾英里。我不想談論所有細節。然後，又進行了另一筆交易。

From what everybody tells me, they're more focused on substance to set a forum right now and that unless something changes in the administration, which I don't see happening right now. I think it seems to be a lot, much cleaner and clearer path where we're going. I think everybody kind of knows where they're going right now.

從大家告訴我的情況來看，他們現在更注重實質地建立一個論壇，除非政府發生一些變化，但我認為目前不會發生這種情況。我認為我們所走的道路看起來更加清晰、更明確。我想每個人現在都知道他們要去哪裡。

Okay. And then you kind of alluded to this, I have two more questions here, but you kind of alluded to this, but do you feel like you have enough branch density in some of your larger markets? And then also curious about some of the faster-growing outer suburbs of the big cities in Texas. Do you feel like you have density there? Or is that a target for you?

好的。然後你提到了這一點，我還有兩個問題，但你提到了這一點，但你是否覺得在一些較大的市場中你的分支機構密度足夠了？並且也對德州大城市一些發展較快的郊區感到好奇。你覺得那裡有密度嗎？或者這就是你的目標？

Well, that's what we're building right now. I mean, I do think if you look at Houston, Dallas, Austin, that probably the only place that we don't have enough stores or locations is probably the San Antonio market, which we would much like be much bigger there. And any time we can move into a market and be a number one market share in the second tier like Corpus Christi, that's just stuff we love.

嗯，這就是我們現在正在建構的。我的意思是，我確實認為，如果你看看休士頓、達拉斯、奧斯汀，可能我們唯一沒有足夠商店或地點的地方可能是聖安東尼奧市場，我們希望那裡的規模更大。任何時候，只要我們能夠進入一個市場，並在科珀斯克里斯蒂這樣的二線市場中佔據第一的市場份額，這就是我們喜歡的事情。

And I mean, we've done that Victoria, Corpus, Midland, Odessa, Lubbock area, Bryan College Station. So whenever we can do that, that's really a sweet spot for us, really.

我的意思是，我們已經完成了維多利亞、科珀斯克里斯蒂、米德蘭、敖德薩、拉伯克地區和布萊恩學院站的行程。所以，只要我們能夠做到這一點，對我們來說就真的是一個最佳時機。

Okay. And then Kevin, one for you, a follow-up from very early. You talked about revolvers being down a bit, and you thought it was maybe just -- maybe from some of the uncertainty last quarter. But anything else in your mind driving that change? And do you expect that to stabilize?

好的。然後是凱文 (Kevin)，我要跟你講一個很早以前的後續問題。您談到左輪手槍銷量略有下降，您認為這可能只是——也許是由於上個季度的一些不確定性。但是您認為還有什麼其他因素推動了這項改變嗎？您預計這種情況會穩定下來嗎？

I do. I do. We spent the better part of a couple of days digging into it here, last week and this week and talking to clients. And I think it's not only going to stabilize, it's probably going to go the other way.

我願意。我願意。上週和本週，我們花了幾天的時間深入研究這個問題，並與客戶進行了交談。我認為它不僅會穩定下來，而且可能會朝著相反的方向發展。

Okay. And you feel like that it's starting to turn now?

好的。您覺得現在情況開始轉變了嗎？

It is.

這是。

This concludes our question-and-answer session. I would like to turn the conference back over to Charlotte Rasche for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Charlotte Rasche 做閉幕發言。

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。