Prosperity Bancshares Inc (PB) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加繁榮銀行控股公司2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給夏洛特·拉舍主持。請繼續。

Thank you. Good morning, ladies and gentlemen, and welcome to Prosperity Bancshares third-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。各位女士、先生，早安，歡迎參加繁榮銀行控股公司2025年第三季財報電話會議。本次電話會議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回放。

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 Junior, Chairman; Asylbek Osmonov, Chief Financial Officer; Eddie Safady, Vice Chairman; Kevin Hanigan, President and Chief Operating Officer; Randy Hester, Chief Lending Officer; and Mays Davenport, Director of Corporate Strategy. Bob Dowdell, Executive Vice President, is unable to join us today.

我是 Prosperity Bancshares 的執行副總裁兼總法律顧問 Charlotte Rasche，今天與我在一起的有：高級董事長兼首席執行官 David Zalman；董事長 Tim Timanus Junior；首席財務官 Asylbek Osmonov；副董事長 Eddie Safady；總裁兼首席營運官 Kevin Hanigan；首席信貸官 Randy Hesterport；以及企業戰略總監。執行副總裁鮑勃道威爾今天無法出席。

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.

David Zalman 將首先回顧最近一個季度的亮點。接下來將由 Asylbek Osmonov 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，我們將開放提問環節。

Before we begin, let me make the usual disclaimers. Certain of the matters discussed in this presentation may constitute forward-looking statements for purposes of 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.

在開始之前，請允許我先做一些常規的免責聲明。本簡報中討論的某些事項可能構成聯邦證券法意義上的前瞻性陳述，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 的實際業績或表現與此類前瞻性陳述所表達或暗示的未來業績或表現存在重大差異。

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 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聲明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 表格和 10-K 表格以及我們向美國證券交易委員會提交的其他報告和聲明。所有前瞻性陳述均受本警示聲明的完整約束。

Now let me turn the call over to David Zalman.

現在我把電話交給大衛‧札爾曼。

Thank you, Charlotte. I'd like to welcome and thank everyone listening to our third quarter 2025 conference call. In the third quarter, we signed a definitive merger agreement with Southwest Bancshares Inc., the parent company of Texas Partners Bank headquarter in San Antonio, Texas.

謝謝你，夏洛特。歡迎並感謝各位收聽我們2025年第三季電話會議。第三季度，我們與西南銀行控股公司（Texas Partners Bank 的母公司，總部位於德州聖安東尼奧）簽署了最終合併協議。

We are excited about this transaction as it significantly expands our San Antonio metro footprint with four additional branches and increase our deposit market share and bolstered our presence in the Texas Hill Country and adds an experienced C&I lending team. I would also be remiss not to mention how excited we are about our pending merger with American Bank Holding Corporation in Corpus Christi, Texas.

我們對這筆交易感到非常興奮，因為它大大擴展了我們在聖安東尼奧大都會區的佈局，新增了四家分行，提高了我們的存款市場份額，增強了我們在德克薩斯州丘陵地帶的影響力，並增加了一支經驗豐富的商業和工業貸款團隊。我也不得不提一下，我們對即將與位於德克薩斯州科珀斯克里斯蒂的美國銀行控股公司合併感到非常興奮。

The combination will strengthen our presence and operations in South Texas and the surrounding areas and enhance our presence in Central Texas, including San Antonio. Combined with the Texas Partners acquisition, we will have 10 banking centers in the San Antonio area. I am pleased to announce that the Board of Directors approved increasing the fourth quarter 2025 dividend to $0.60 per share from $0.58 per share that was paid in the prior four quarters.

此次合併將加強我們在德克薩斯州南部及週邊地區的業務和運營，並提升我們在德克薩斯州中部（包括聖安東尼奧）的影響力。加上對德州合夥公司的收購，我們在聖安東尼奧地區將擁有 10 家銀行中心。我很高興地宣布，董事會已批准將 2025 年第四季的股息從前四個季度的每股 0.58 美元提高到每股 0.60 美元。

The increase reflects the continued confidence the Board has in our company and our markets. The compound annual growth rate in dividends declared from 2003 to 2025 was 10.7%. We continue to share our success with our shareholders through the payment of dividends, and opportunistic stock repurchases while also continuing to grow our capital.

此次成長反映了董事會對我們公司和市場的持續信心。2003 年至 2025 年宣布派發的股利複合年增率為 10.7%。我們繼續透過支付股利和擇機回購股票的方式與股東分享成功，同時也不斷增加我們的資本。

Prosperity reported net income of $137.6 million for the quarter ending September 30, 2025 compared with $127.3 million for the same period in 2024. Net income per diluted common share was $1.45 for the quarter ended September 30, 2025 compared with $1.34 for the same period in 2024, an increase of 8.2%. Our earnings were primarily impacted by a higher net interest margin.

Prosperity 公佈截至 2025 年 9 月 30 日的季度淨收入為 1.376 億美元，而 2024 年同期淨收入為 1.273 億美元。截至 2025 年 9 月 30 日的季度，每股攤薄淨收益為 1.45 美元，而 2024 年同期為 1.34 美元，成長了 8.2%。我們的收益主要受到淨利差提高的影響。

The net interest margin on a tax equivalent basis was 3.24% for the three months ending September 30, 2025, compared with 2.95% for the same period in 2024. As mentioned in previous calls, our net interest margin should continue to improve over the next 24 to 36 months with interest rates either increasing or decreasing 200 basis points.

截至 2025 年 9 月 30 日止的三個月，以稅等等效基礎計算的淨利差為 3.24%，而 2024 年同期為 2.95%。如同先前電話會議中所提到的，未來 24 至 36 個月內，隨著利率上升或下降 200 個基點，我們的淨利差應該會繼續改善。

Prosperity continues to exhibit solid operating metrics with annualized return on tangible equity of 13.43% and return on assets of 1.44%. Our loans, excluding the Warehouse Purchase Program loans, were $20.7 billion at September 30, 2025, compared with $20.9 billion at June 30, 2025, a decrease of $160 million or 77 basis points. We continue to work through credits acquired in previous mergers and we are experiencing borrowers using their own cash to pay down balances, are not drawing on their lines.

Prosperity 持續展現穩健的營運指標，有形權益年化報酬率為 13.43%，資產報酬率為 1.44%。截至 2025 年 9 月 30 日，我們的貸款（不包括倉儲購買計畫貸款）為 207 億美元，而截至 2025 年 6 月 30 日為 209 億美元，減少了 1.6 億美元，即 77 個基點。我們繼續處理先前合併中獲得的信貸，我們發現借款人正在使用自己的現金來償還餘額，而不是動用他們的信貸額度。

It is also an extremely competitive lending environment with aggressive terms and conditions being offered, and in some cases, we've just elected not to participate. Deposits were $27.7 billion at September 30, 2025, an increase of $308 million or 1.1%, 4.5% annualized from the $27.4 billion at June 30, 2025.

同時，貸款市場競爭異常激烈，提供的條款和條件都非常苛刻，在某些情況下，我們乾脆選擇不參與。截至 2025 年 9 月 30 日，存款額為 277 億美元，比 2025 年 6 月 30 日的 274 億美元增加了 3.08 億美元，增幅為 1.1%，年化成長率為 4.5%。

We are encouraged that the core deposits have grown. Importantly, Prosperity does not have any broker deposits. Our nonperforming assets totaled $119 million or 36 basis points of quarterly average earning assets at September 30, 2025 compared with $110 million or 33 basis points of quarterly average interest-earning assets at June 30, 2025. There is a slight increase in NPAs.

我們很欣喜地看到核心礦藏規模有所成長。重要的是，Prosperity 沒有任何經紀商存款。截至 2025 年 9 月 30 日，我們的不良資產總額為 1.19 億美元，相當於季度平均獲利資產的 36 個基點；而截至 2025 年 6 月 30 日，不良資產總額為 1.1 億美元，相當於季度平均生息資產的 33 個基點。不良貸款略有增加。

However, credit remains strong with some isolated incidences. The allowance for credit losses on loans and off-balance sheet credit exposure was $377 million at September 30, 2025, compared to the $119 million and nonperforming assets as of September 30, 2025. We remain focused on completing our pending acquisitions of American Bank Holding Company and Southwest Bancshares, Inc.

然而，儘管出現一些零星事件，信貸狀況依然強勁。截至 2025 年 9 月 30 日，貸款和表外信貸風險敞口的信貸損失準備金為 3.77 億美元，而截至 2025 年 9 月 30 日，不良資產為 1.19 億美元。我們仍專注於完成美國銀行控股公司和西南銀行控股公司的收購。

We also continue to have conversations with other banks considering strategic opportunities. We believe that higher technology and staffing costs, funding costs, loan competition, succession planning concerns and regulatory burden, all point to continued consolidation. We remain ready to move forward in the event of transaction materializes and will be beneficial to our company's long-term future and will increase shareholder value.

我們也持續與其他銀行洽談，探討策略機會。我們認為，更高的技術和人員成本、資金成本、貸款競爭、繼任計畫問題和監管負擔，都指向持續的整合。如果交易最終達成，並且有利於公司的長遠發展和股東價值的提升，我們將隨時準備好推進交易。

As of October 2025, Texas posted one of the world's strongest and most diverse economies, ranking eighth largest globally with a GDP of approximately $2.7 trillion in 2024. The state produces 9.3% of the US GDP and continues to outpace national growth in many metrics. Although the economy is showing some signs of moderation influenced by factors such as tariffs and immigration policies, we believe Texas remains the best place for business with a pro-business attitude and no state income tax.

截至 2025 年 10 月，德州擁有世界上最強勁、最多元化的經濟體之一，在全球排名第八，2024 年 GDP 約為 2.7 兆美元。該州創造了美國 GDP 的 9.3%，並在許多指標上持續超過全國成長速度。儘管受關稅和移民政策等因素的影響，經濟出現了一些放緩的跡象，但我們相信，德克薩斯州仍然是經商的最佳地點，因為它擁有親商的態度，而且不徵收州所得稅。

This is evidenced by major corporations continuing to move their operations to Texas and Oklahoma. As October 2025, Oklahoma's economy is demonstrating resilience and modest growth, outpacing national averages in key areas like unemployment and population expansion, despite broader US slowdowns from tariffs and policy uncertainties.

大型企業不斷將業務轉移到德州和俄克拉荷馬州，這證明了這一點。截至 2025 年 10 月，儘管美國整體經濟因關稅和政策不確定性而放緩，但俄克拉荷馬州的經濟仍展現出韌性和適度增長，在失業率和人口增長等關鍵領域超過了全國平均水平。

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

再次感謝您對我們公司的支持。讓我把討論交給我們的財務長阿斯利別克·奧斯莫諾夫，讓他來談談我們所取得的具體財務表現。阿斯利別克？

Thank you, Mr. Zalman. Good morning, everyone. Net interest income before provision for credit losses for the three months ended September 30, 2025, was $273.4 million an increase of $11.7 million compared to $261.7 million for the same period in 2024, an increase of $5.7 million compared to $267.7 million for the quarter ended June 30, 2025.

謝謝您，札爾曼先生。各位早安。截至 2025 年 9 月 30 日止三個月，扣除信貸損失準備金前的淨利息收入為 2.734 億美元，比 2024 年同期的 2.617 億美元增加了 1170 萬美元，比截至 2025 年 6 月 30 日止季度的 2.6770 萬美元增加了 2.6770 萬美元增加了 2.6770 萬美元。

Fair value loan income for the third quarter of 2025 was $2.9 million compared to $3.1 million for the second quarter of 2025. The fair value loan income for the fourth quarter 2025 is expected to be in the range of $2 million to $3 million. The net interest margin on a tax equivalent basis was 3.24% for the three months ended September 30, 2025, an increase of 29 basis points compared to 2.95% for the same period in 2024, and increase of 6 basis points compared to 3.18% for the quarter ended June 30, 2025.

2025 年第三季的公允價值貸款收入為 290 萬美元，而 2025 年第二季為 310 萬美元。預計 2025 年第四季的公允價值貸款收入將在 200 萬美元至 300 萬美元之間。截至 2025 年 9 月 30 日止三個月，以稅收等效基礎計算的淨利差為 3.24%，比 2024 年同期的 2.95% 增長 29 個基點，比截至 2025 年 6 月 30 日止季度的 3.18% 增長 6 個基點。

Excluding purchase accounting adjustments, the net interest margin for the three months ended September 30, 2025, was 3.21% compared to 2.89% for the same period in 2024 and 3.14% for the quarter ended June 30, 2025. Noninterest income was $41.2 million for the three months ended September 30, 2025, compared to $43 million for the quarter ended June 30, 2025, and $41.1 million for the same period in 2024.

不計入購買會計調整，截至 2025 年 9 月 30 日止三個月的淨利差為 3.21%，而 2024 年同期為 2.89%，截至 2025 年 6 月 30 日止季度為 3.14%。截至 2025 年 9 月 30 日止三個月，非利息收入為 4,120 萬美元，而截至 2025 年 6 月 30 日止季為 4,300 萬美元，2024 年同期為 4,110 萬美元。

Noninterest expense was $138.6 million for the three months ended September 30, 2025, and for the three months ended June 30, 2025 compared to $140.3 million for the same period in 2024. For the fourth quarter we expect noninterest expense to be in the range of $141 million to $143 million. The efficiency ratio was 44.1% for the three months ended September 30, 2025, compared to 44.8% for the quarter ended June 30, 2025, and 46.9% for the same period in 2024. The bond portfolio metrics at 9/30/2025 have a modified duration of 3.8 and projected annual cash flows of approximately $1.9 billion.

截至 2025 年 9 月 30 日止三個月的非利息支出為 1.386 億美元，而截至 2025 年 6 月 30 日止三個月的非利息支出為 1.403 億美元，相比之下，2024 年同期為 1.403 億美元。我們預計第四季非利息支出將在 1.41 億美元至 1.43 億美元之間。截至 2025 年 9 月 30 日止三個月的效率比率為 44.1%，而截至 2025 年 6 月 30 日止季度的效率比率為 44.8%，2024 年同期的效率比率為 46.9%。截至 2025 年 9 月 30 日，債券投資組合指標的修正久期為 3.8，預計每年現金流量約 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，我將把演講交給 Tim Timanus，讓他詳細介紹貸款和資產品質方面的情況。

Thank you, Asylbek. Our nonperforming assets at quarter end September 30, 2025, totaled $119,563,000 or 54 basis points of loans and other real estate, compared to $110,487,000 or 50 basis points at June 30, 2025. This is an increase of $9,076,000. Since September 30, 2025, $1.121 million of nonperforming assets have been removed as a result of the sale of homes. The September 30, 2025, nonperforming asset total was made up of $105,797,000 in loans, $16,000 in repossessed assets and $13,750,000 and other real estate.

謝謝你，阿斯爾別克。截至 2025 年 9 月 30 日季度末，我們的不良資產總額為 119,563,000 美元，即 54 個基點，包括貸款和其他房地產，而截至 2025 年 6 月 30 日，該金額為 110,487,000 美元，即 50 個基點。這比上年增加了907.6萬美元。自 2025 年 9 月 30 日以來，透過出售房屋，已消除 1,12.1 萬美元的不良資產。截至 2025 年 9 月 30 日，不良資產總額由 105,797,000 美元的貸款、16,000 美元的收回資產和 13,750,000 美元的其他房地產組成。

Net charge-offs for the three months ended September 30, 2025, were $6,458,000, compared to net charge-offs of $3,017,000 for the quarter ended June 30, 2025. This is an increase of $3,441,000 on a linked quarter basis. There was no addition to the allowance for credit losses during the quarter ended September 30, 2025.

截至 2025 年 9 月 30 日止三個月的淨沖銷額為 6,458,000 美元，而截至 2025 年 6 月 30 日止季度的淨沖銷額為 3,017,000 美元。與上一季相比，增加了 3,441,000 美元。截至 2025 年 9 月 30 日的季度內，信貸損失準備金並沒有增加。

No dollars were taken into income from the allowance during the quarter ended September 30, 2025. The average monthly new loan production for the quarter ended September 30, 2025, was $356 million compared to $353 million for the quarter ended June 30, 2025. Loans outstanding at September 30, 2025, were approximately $22.028 billion compared to $22.197 billion at June 30, 2025. The September 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 9 月 30 日的季度內，該項津貼沒有計入收入。截至 2025 年 9 月 30 日的季度，平均每月新增貸款額為 3.56 億美元，而截至 2025 年 6 月 30 日的季度為 3.53 億美元。截至 2025 年 9 月 30 日，未償貸款約為 220.28 億美元，而截至 2025 年 6 月 30 日，未償貸款約為 221.97 億美元。截至 2025 年 9 月 30 日，貸款總額由 36% 的固定利率貸款、34% 的浮動利率貸款和 30% 的可變利率貸款組成。

I will now turn it over to Charlotte Rasche.

現在我將把發言權交給夏洛特·拉舍。

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。我們的客服人員會協助我們解答疑問。

(Operator Instructions)

（操作說明）

Catherine Mealor, KBW.

Catherine Mealor，KBW。

Thanks, good morning. Good morning. I wanted to start maybe with your outlook for loan growth. Wanted to see with the loans have been declining for the past few quarters. And I think we were hopeful that we would see that inflection this quarter. But just kind of curious if you could talk about the push and pull between pay downs and the decline in some of your acquired books and then your outlook for organic growth moving forward?

謝謝，早安。早安.我想先談談您對貸款成長的看法。想看看貸款情況，因為過去幾季貸款額一直在下降。我認為我們原本希望本季能夠看到轉機。我只是有點好奇，您能否談談償還貸款和部分收購資產下滑之間的拉鋸戰，以及您對未來有機成長的展望？

Hey, thanks for the question. This is Kevin. I'll take the first cut at that. I think for the fourth quarter -- first of all, year-to-date for the fourth quarter, loans were down slightly, maybe $40 million to $45 million. And as David said in his leading comments, we're seeing some structure and pricing aspects that are not favorable in terms of what -- the way we're thinking about credit still and maybe on an accelerated basis. So between that and some elevated payoffs in the fourth quarter, I think this is going to be a flat quarter, which I know is disappointing, but I think that's really where we're going to kind of come out of this.

嘿，謝謝你的提問。這是凱文。我先來吧。我認為第四季——首先，就今年第四季至今而言，貸款略有下降，可能下降了 4,000 萬美元至 4,500 萬美元。正如大衛在開場白中所說，我們看到一些結構和定價方面的情況並不樂觀——我們仍然在思考信貸，而且可能正在加速發展。所以，考慮到這一點以及第四季度的一些額外收益，我認為本季業績將持平，我知道這令人失望，但我認為這就是我們最終的結局。

Going into next year, we feel a little bit better about it and that we've got a bunch of construction deals that we have approved over the course of this year that have not funded up yet, but we're still waiting for all the equity to go into those deals. So just off about a steady-state book, I would say low single digits for next year. And as you know, we expect to have both of the acquisitions that we have announced closed on the books in the next year, probably by the end of the first quarter of next year, which will help out, obviously, for the total volumes.

展望明年，我們感覺好了一些，今年我們已經批准了一系列建設項目，但這些項目還沒有資金到位，我們仍在等待所有股權投入這些項目。所以，就目前穩定的書本數量而言，我認為明年的數量會是個位數左右。如您所知，我們預計已宣布的兩項收購將在明年完成，可能在明年第一季末之前完成，這顯然對總銷售有所幫助。

The only thing I would caution all of what I've said is, once we buy a bank, a couple of banks like that, there's typically some loan runoff even for a good bank, and these are both pretty good credit quality banks. So one of the headwinds for overall next year, not just organic off of today's balance sheet will be any payoffs we get out of those two acquisitions. I think that's probably a fair summary, but David or Tim may want to add to that.

我唯一要提醒的是，一旦我們收購了一家銀行，或者像這兩家銀行一樣，即使是信譽良好的銀行，通常也會有一些貸款到期，而這兩家銀行的信用品質都相當不錯。因此，明年整體面臨的不利因素之一，不僅是目前資產負債表上的自然成長，還將是我們從這兩項收購中獲得的任何回報。我認為這大概是一個比較全面的總結，但大衛或提姆可能想補充一些內容。

Well, I would just remind everybody that when you're in a market that's very aggressive in terms of pricing and terms, and that's what we have had for some time now. You just simply could be careful and prudent. And there are still loans to look at out there. We have active loan committees.

我想提醒大家，在價格和條款都非常激烈的市場中，我們必須保持警惕，而這種情況我們已經持續了一段時間。你只需要謹慎小心。而且市面上仍有一些貸款產品可供選擇。我們設有活躍的貸款委員會。

But we don't want to make a mistake and end up having a problem with our net interest margin because we priced too low and things of that nature. And we see a lot of that going on in the market. So we just need to be careful and prudent, and things will be fine.

但我們不想犯錯，最後因為定價過低等原因導致淨利差出現問題。我們在市場上經常看到這種情況。所以，我們只要小心謹慎，一切都會好起來的。

Yes. The last thing I probably should have mentioned is it's not lost on you or us. The competitive landscape in Texas has taken on some major changes over the last couple of months. And I would expect some of the new out-of-state players who've bought banks here to be aggressive into this market. Offsetting that aggressiveness, and maybe this isn't as prevalent as it's been 15, 20, 30 years ago.

是的。最後我應該要提到的是，你我都明白這一點。過去幾個月，德州的競爭格局發生了重大變化。我預期一些從外州收購了本地銀行的新玩家會積極進軍這個市場。抵消這種侵略性，也許這種情況不像 15、20、30 年前那麼普遍了。

There's a fair amount of Texas-based businesses that want to bank with the Texas Bank. So just the fact that you've got another state competitor taking over a local institution, there'll be more than a handful of clients who say, we're Texans, and we want to bank of the Texas bank, somebody we can look in the eye in terms of the top decision maker. So I think they'll -- net-net, that probably plays out on a positive basis for us.

有不少總部位於德州的企業希望在德州銀行開戶。因此，僅僅是另一個州的競爭對手收購了一家本地機構，就會有不少客戶說，我們是德州人，我們想在德州銀行開戶，想和最高決策者面對面交流。所以我覺得總的來說，這對我們來說可能是件好事。

Yes. That's a very real aspect and always is.

是的。這是一個非常現實的問題，而且一直都是。

And so how should we think about if -- because I think you're right, I think the competitive landscape, I mean if you -- if you see stressed structure and pricing that you don't fear acceptable today. My gut is just given all the M&A that you've seen in Texas that's only going to get worse next year. But I appreciate the comment on Texas, lending to other Texas banks. So that helps that.

那麼我們應該如何考慮——因為我認為你是對的，我認為競爭格局，我的意思是，如果你——如果你看到緊張的結構和定價，你不擔心今天會是可以接受的。就德州目前發生的併購事件來看，我的直覺是明年情況只會更糟。但我很讚賞您對德克薩斯州以及向其他德克薩斯州銀行放貸的評論。這樣很有幫助。

But in the scenario where we don't see a pickup in loan growth next year, how -- I mean I was excited to see the buyback activity this quarter and the new authorization. Like how aggressive do you think you can get on this buyback and where your stock is trading and slow growth? I mean is it appropriate for us to incorporate this entire 5% buyback into our estimates over the next year?

但是，如果明年貸款成長沒有回升，那該怎麼辦？ ——我的意思是，我很高興看到本季的回購活動和新的授權。你認為這次股票回購可以採取多積極的策略？你的股票目前交易價格如何？成長是否緩慢？我的意思是，我們是否應該將這全部 5% 的股票回購納入我們未來一年的預算預測中？

I'm going to let David take that one. I'm going to say that's going to be price dependent. And my goodness, we sure wish we could have been buying more in the previous quarter. We were blacked out for a good part of the period and when we got S-4s out there on acquisitions. So I do expect very soon we'll be active again.

我打算讓大衛來做這件事。我認為這取決於價格。天哪，我們真希望上個季度能買更多。在很長一段時間裡，我們都處於資訊封鎖狀態，直到我們派出 S-4 人員進行收購。所以我預計我們很快就能再次開展活動。

Catherine, I would say that I've read a lot of the analyst things that came out this morning. And I think once the herd gets into a certain motion, they're all running that same motion, they are all focus on the net interest income. But the bottom line is our balance sheet, we reduced our balance sheet in size, and that primarily came from borrowings that we had at the Fed or Federal Home Bank.

凱瑟琳，我想說，我讀過今天早上發布的許多分析文章。我認為一旦群體進入某種運動狀態，它們都會朝著同一個方向發展，它們都會專注於淨利息收入。但歸根結底，我們的資產負債表規模縮小了，這主要來自我們在聯準會或聯邦住房銀行的借款。

If you look a year ago, we were probably borrowing about $4 billion. And today, we might have closed that $2 billion, but we probably average about $1.5 billion borrowings a day. So we had $1.5 billion to $1 billion. So we really lowered our balance sheet. The things that every -- I guess you're missing; I don't know maybe I just need to bring it up, if I told you a year ago that we're going to increase our earnings by 15% and we're going to take our net interest margin from 2.95% to 3.24% in one year. I think everybody would be astatic. Well, that's what's happened. Our earnings from nine months last year nine months this year has grown over 15%. Our net interest margin went from 2.95% to 3.24%.

如果回顧一年前，我們當時的借款金額可能在 40 億美元左右。今天，我們可能完成了 20 億美元的貸款，但我們平均每天的借款額可能在 15 億美元左右。所以我們當時有15億美元到10億美元。所以我們確實大幅縮減了資產負債表規模。我想你可能忽略了某些事情；我不知道，也許我應該提一下，如果我一年前告訴你，我們將在一年內將收益提高 15%，並將淨息差從 2.95% 提高到 3.24%。我想大家都會欣喜若狂。事情就是這樣。我們去年同期九個月的收益與今年同期相比成長了15%以上。我們的淨利差從 2.95% 提高到 3.24%。

I mean that's just magnificent. And the beautiful part about that is based on you all's projections, you have that to look forward for 2026 and 2027 double-digit growth. So yes, we're very excited about the quarter. And yes, at the low prices that we're at right now, we're going to back up the truck.

我的意思是，這簡直太棒了。而最令人欣喜的是，根據大家的預測，我們可以期待 2026 年和 2027 年能達到兩位數的成長。是的，我們對本季充滿期待。是的，以我們現在的低價來看，我們會大量進貨。

There's no question. We'll -- with the earnings we have, and the price that it's at right now is ridiculous. I noticed -- you've noticed some other bank sales that have gone through like the First Bank deal in Colorado. I mean, that bank is similar to us. I think we're better, however, but a lot of the same good core deposit structures, went from 15 times earnings. Anybody take your earnings next year, $6 or something multiply that times -- that's our real price. That's a real day of our bank, $90 to $100 a share. So where we're trading at today is just absolutely ridiculous, and we will be buying, and we will be buying strong.

毫無疑問。嗯——就我們目前的獲利情況來看，它的價格簡直太離譜了。我注意到——你也注意到了一些其他的銀行出售案例，例如科羅拉多州第一銀行的交易。我的意思是，那家銀行和我們很像。我認為我們情況有所好轉，但是很多優質的核心礦產結構，市盈率從 15 倍下降了。任何人拿你們明年的收入，6美元或其他什麼，乘以這個數字——那就是我們的真實價格。這是我們銀行的真實交易日，每股90到100美元。所以，我們今天的交易價格簡直太離譜了，我們會買入，而且會大量買入。

Great. Love to hear that. Thank you.

偉大的。聽到這個消息真高興。謝謝。

Michael Rose, Raymond James.

Michael Rose，Raymond James。

Hey, good morning, thanks for taking my questions. Maybe just following up on the loan growth discussion, just given the amount of dislocation that we're going to see, and I know it's competitive. But I think one -- maybe one area that you guys haven't talked up as much over the years and others have, is just hiring efforts and hiring more lenders bringing more bodies on staff.

嗨，早上好，謝謝你回答我的問題。或許可以繼續討論貸款成長問題，考慮到我們將會看到的混亂局面，而且我知道競爭很激烈。但我認為，你們這些年來沒有像其他人那樣大力宣傳的一個領域，就是招募工作，招募更多貸款人，增加員工人數。

You guys have a great efficiency ratio, but any thoughts given to being a little bit more active on the hiring front to really bolster that loan growth potential because certainly appreciate the margin expansion with faster repricing, but it's kind of price times volume, right? And I think we'd like to -- we'd all like to see some greater earning asset growth to really reap the benefit of that margin expansion.

你們的效率比很高，但有沒有考慮過在招募方面更積極一些，以真正增強貸款成長潛力？因為我們當然很欣賞透過更快的重新定價來擴大利潤率，但這本質上是價格乘以數量，對吧？而且我認為我們都希望看到獲利資產有更大的成長，從而真正享受到利潤率擴張帶來的好處。

Yes. We're constantly looking at people that potentially can come in and help to grow our bank. I've approved three or four just within the last month, that we think have a very good opportunity with us. So that's something we're constantly focused on. Likewise, if we have somebody that's just simply not performing, and enough time that's gone by where that should not be the case.

是的。我們一直在尋找有潛力加入我們並幫助我們銀行發展的人才。光是上個月，我就批准了三、四份申請，我們認為這些申請者在我們公司很有發展前景。所以這是我們一直在關注的重點。同樣地，如果我們發現有人表現不佳，而且這種情況已經持續了足夠長的時間，不應該再發生了。

We typically look at those people and try to determine, should they still be with us or not. So there are two sides to that coin. But we absolutely are looking at bringing people in, and we have approved a fair number here over the last year, really, and some recently. So we're active in that regard.

我們通常會觀察這些人，並試著判斷他們是否還應該和我們在一起。所以這件事有兩面性。但我們絕對在考慮引進人才，而且在過去一年裡，我們已經批准了相當數量的人員，最近也批准了一些。所以，我們在這方面很積極。

Okay, helpful. Kevin, maybe if I can just ask quickly the kind of the Warehouse question and kind of expectations for the next quarter, it looks like we're going to get rate cut here in a couple of hours. Just wanted to see what you guys are seeing.

好的，很有幫助。凱文，我能不能快速問一下關於倉庫方面的問題，以及對下一季的預期？看起來幾個小時後我們這裡就要降價了。只是想看看你們看到了什麼。

Thanks for the question, Michael. First of all, I have to say after a six- or seven-year run of really hitting the nail on the head on our thought process about a forward look in this space. I missed it this quarter, I said $1.250 billion. We average $1.218 billion. So the record is broken.

謝謝你的提問，麥可。首先，我必須說，經過六、七年的發展，我們在這個領域的未來發展方向的思考過程一直非常精準。我這季沒算準，我說的是12.5億美元。我們的平均年收入為12.18億美元。紀錄被打破了。

Michael, quarter-to-date through last night, we're averaging $1.222 billion, so basically flat to the average of last quarter. Typically, the Warehouse is decent, in October and November and December are relatively weak months. In fact, it wouldn't surprise me if we saw a week or two at below $1 billion, or below $900 million before the year is out. Now all that's rate dependent. But I would say for the quarter, we probably averaged $1.1 billion.

邁克爾，截至昨晚，本季至今的平均收入為 12.22 億美元，與上個季度的平均水平基本持平。通常來說，倉庫行情不錯，但十月、十一月和十二月是相對淡季。事實上，如果今年底前出現一兩週票房低於 10 億美元，或低於 9 億美元的情況，我也不會感到驚訝。現在這一切都取決於利率。但我認為，本季平均營收可能達到了 11 億美元。

Yes. The only hopeful thing you could say, I saw some numbers today. I don't know if they're accurate or not where refinancings were up 111% over last year simply because --

是的。唯一值得欣慰的是，我今天看到了一些數據。我不知道他們說的再融資比去年增加了111%是否準確，只是因為--

Believe it or not, there's another mini refi boom going on.

信不信由你，另一波小型再融資熱潮正在興起。

That's good to hear. I'll step back. Thanks for taking my questions.

聽到這個消息真好。我退後一步。謝謝您回答我的問題。

Dave Rochester, Cantor.

戴夫·羅徹斯特，領唱。

Hey, good morning, guys. Maybe if I could just start on the margin. I know that's continuing to trend higher. What's the medium-term outlook on that or the one-year view on that expansion you're looking for? And then maybe the more normalized margin that you expect just given your rate outlook.

嘿，大家早安。也許我可以先從邊緣開始。我知道這個數字還在持續上漲。您希望看到的是中期前景，或者說是未來一年的擴張計畫？然後，或許還會有根據你的利率預期而預期的更為正常的利潤率。

And then if you could just quantify or update the number that you're seeing in terms of fixed rate loans that are going to be repricing over the next year or two? That would be great.

那麼，您能否量化或更新未來一兩年內將進行重新定價的固定利率貸款的數量呢？那太好了。

I can probably start on the margin Asylbek if that's okay. As we said last year, we really felt the margin, I think we gave numbers like we'd end up at 3.25% or 3.30%, I think at year-end, there. We feel comfortable. I think we've hit the -- I think we've got really close to what we said right now. We still see margin increasing over the next 12, 24 and 36 months.

如果可以的話，我大概可以從 Asylbek 的邊緣開始。正如我們去年所說，我們確實感受到了利潤率的差距，我認為我們給出的數字是，到年底利潤率最終會達到 3.25% 或 3.30%。我們感覺很舒服。我認為我們已經——我認為我們已經非常接近我們剛才所說的了。我們預計未來 12 個月、24 個月和 36 個月利潤率將持續成長。

I mean, sometimes these models that we have, they look too good, so I don't want to give you these numbers because I think that -- we -- our rates are lower, for example, like on a money market, if you have $1 million with us, it may be 3% at our bank, if you're at one of the other banks they are maybe making 4%. So as interest rates come down, we may not go down as much as some of the other banks go down right up front.

我的意思是，有時我們這些模型看起來太好了，所以我不想告訴你這些數字，因為我認為——我們——我們的利率更低，例如，在貨幣市場，如果你在我們銀行有 100 萬美元，利率可能是 3%，如果你在其他銀行，他們可能要賺 4%。因此，隨著利率下降，我們的降幅可能不會像其他一些銀行那樣迅速擴大。

I mean, the exception rates absolutely will go down on those. But the overall rates, we probably won't see as much rate going down as the other banks are. So -- but having even said that, time is on our side. It's just -- if they will go up, it just maybe not as fast as we would like them to go up, with the interest rates going up or down. So we still see margin improvement for 12, 24 and 36 months.

我的意思是，這些方面的例外率肯定會下降。但在整體利率方面，我們可能不會看到像其他銀行那樣大幅度的下降。所以——但即便如此，時間還是站在我們這邊的。只是——即使它們會上漲，也可能不會像我們希望的那樣快速上漲，無論利率是上升還是下降。因此，我們仍然看到 12 個月、24 個月和 36 個月的利潤率有所提高。

I mean it looks really good, I mean a question. You've got a $10 billion portfolio of bonds that a little over 2%. That's with a 3-point-something year duration. So as those are maturing, I mean, it's just -- it will be a home run for us.

我的意思是，它看起來真的很不錯，我問個問題。你持有價值 100 億美元的債券組合，殖利率略高於 2%。持續時間為3年多一點。所以隨著這些技術的成熟，我的意思是，這對我們來說將是一次巨大的成功。

I agree and that's what we just discussed in the security and the fixed loans will be a tailwind for us that continue to reprice for the several years. That's why we see expansion of the margin continue to do. And specific to your question, how much of fixed loans we have if you look at loans without warehouses, 39% of the loans as fixed rate loans.

我同意，這正是我們剛才在安全方面討論的內容，固定貸款將在未來幾年內持續為我們帶來利好，並促使我們重新定價。這就是為什麼我們看到利潤率繼續擴大的原因。至於你的問題，如果我們只看不包括倉儲貸款的貸款，那麼固定利率貸款佔貸款總額的 39%。

And in terms of just what's rolling in the next year or two, any sense for dollar amounts there?

至於未來一兩年內有哪些項目即將啟動，大概會牽涉多少金額？

I think just if you look at it, it's rolling off probably from a repricing standpoint, of course, that floating and variable will be faster than fixed one. But I think it's -- we'll have a good volume of repricing it. If you look at the big picture, we have about $5 billion of loans get repaid or paid down every year that for opportunity to. Out of that $5 billion, about $3 billion has opportunity to reprice because the $2 billion is already at floating rates.

我認為，從重新定價的角度來看，浮動利率和可變利率的價格可能會比固定利率的價格上漲得更快。但我認為——我們會進行大量的重新定價。從宏觀角度來看，我們每年大約有 50 億美元的貸款需要償還或減免，這為我們提供了機會。在這 50 億美元中，約有 30 億美元有機會重新定價，因為其中 20 億美元已經是浮動利率。

Then you get another $2 billion of our security.

這樣你們就能獲得我們另外20億美元的安全保障。

That's -- we have about $5 billion in repricing opportunity between loans and securities.

也就是說，我們在貸款和證券之間有大約 50 億美元的重新定價機會。

I would point out that some of the fixed rate loans that we think will reprice were made back when loans were made at quite a bit lower rates 3.5% to 4.5%, 5%. So we'll see what rates are at the time that the repricing occurs, but I expect to pick up in the rate on those loans. So we'll see.

我想指出的是，我們認為將會重新定價的一些固定利率貸款是在貸款利率相當低的時候發放的，利率為 3.5% 至 4.5%，5%。所以，我們將看看重新定價時利率是多少，但我預計這些貸款的利率會上升。我們拭目以待。

Yes. It should be pretty decent. Where are your new loans pricing now?

是的。應該還不錯。你們的新貸款現在定價是多少？

I'd say between 6.50% and 7.25%.

我估計在 6.50% 到 7.25% 之間。

That's correct. Once again, we see some competitive pricing at 5% or even below, and we've --

沒錯。我們再次看到一些極具競爭力的價格，折扣甚至低至 5% 或更低，而且我們已經--

Those we aren't doing.

那些我們不做的事情。

We've tried to stay away from those.

我們盡量避免接觸那些東西。

I think most of the loans we chased was probably 6.25% maybe.

我認為我們申請的大部分貸款利率可能在 6.25% 左右。

If we went that low, it was only because the customer has a (inaudible) as we added loans. But for the most part, we're -- I mean we're seeing some people pricing 30 days SOFR plus 2. And I mean we just haven't gone to those kind of levels.

如果我們把利率降到那麼低，那隻是因為客戶有（聽不清楚），因為我們增加了貸款。但大多數情況下，我們看到有些人將 30 天 SOFR 加 2 進行定價。我的意思是，我們還沒有達到那種程度。

Appreciate the color. Maybe just switching to expenses real quick. I appreciated the 4Q guide there. How are you thinking about the step-up in that run rate as we get into next year? I know sometimes you've had a little bit of a step up in the first quarter and then you've got merit and other stuff kicking in for 2Q.

欣賞這種顏色。或許可以快速切換到費用部分。我很喜歡那裡的 4Q 指南。你如何看待明年運行率的提升？我知道有時候你在第一季會取得一些進步，然後到了第二季度，你的業績和其他因素就會開始發揮作用。

And then anything lumpy that you're expecting over the next year or so just in terms of platform enhancements or anything like that, that we should be aware of?

那麼，在接下來的一年左右的時間裡，您預計在平台改進或其他類似方面會出現什麼問題嗎？這些問題是我們該注意的嗎？

Yes. I think the guidance what I gave you for the fourth quarter. In the first quarter, yes, it usually goes up because of the merit situation. But in longer term, I think -- I don't see significant increase in the expenses is going to be normal inflationary increase we see throughout. I know we're working on the platform change for next year and we kind of looked at the numbers.

是的。我認為我給你們的第四季指導是有效的。第一季度，由於績效考核的原因，薪資通常會上漲。但從長遠來看，我認為──我不認為支出會有顯著成長，只會是正常的通貨膨脹成長。我知道我們正在為明年的平台變革做準備，我們也研究過相關數據。

It provides about additional 1% to 1.5% additional expense for the run rate I provided. So that's going to be baked in starting next year. But overall, I think we have pretty good expense management, and we will continue to do that next year.

它比我提供的運行率增加了大約 1% 到 1.5% 的額外費用。所以從明年開始，這就會成為既定政策的一部分。但總的來說，我認為我們的費用管理做得相當不錯，明年我們將繼續保持這種水準。

Okay. Great. And if I could just sneak in one more. Just on the M&A picture in general. Obviously, a lot of eyes are on Texas, a lot of big bank eyes are on Texas. And I know you've been a strong acquirer for a long time. You're very well known in the market as a buyer of banks.

好的。偉大的。如果我能再偷偷加一個就好了。僅就併購市場整體狀況而言。顯然，很多人都在關注德州，很多大銀行都在關注德州。我知道你一直以來都是一位實力雄厚的收購者。您在市場上以收購銀行而聞名。

But I'm just curious how you guys would feel an inbound call from one of these larger bank CEOs who loves your footprint, your lower cost of deposits, you've got stellar credit quality, what would you look for in one of those combinations potentially? And are you starting to see any of that interest come your way at all?

但我很好奇，如果一家大型銀行的CEO打電話來，對你們的業務規模、較低的存款成本和出色的信用品質非常感興趣，你們會作何感想？在這些優勢的組合中，你們會關注哪些面向？你是否開始感受到這方面的關注？

You got a future in politics the way you phrase that.

你這麼說，很有從政的潛質。

I really think that's what the market's missing. I mean, again, our bank is not up for sale, but at the same time, what is the real value of our bank when you look at the banks that have sold like FirstBank in Colorado and the -- I mean, they're 15 times earnings. I mean, just take that model where we're at and what's out there in the market. You can see how underpriced that we are today.

我真的覺得這正是市場所缺乏的。我的意思是，再說一遍，我們的銀行並沒有出售，但同時，當你看看那些已經出售的銀行，比如科羅拉多州的第一銀行，它們的市盈率是15倍，那麼我們銀行的真正價值是多少呢？我的意思是，就拿我們目前的狀況和市場上現有的情況來說吧。你可以看出我們今天的定價有多低。

So we'll always do what's right for the shareholder. I mean, we probably wouldn't be bullied in one way or another depending on one hedge (inaudible) on the spot or another hedge fund on the stock, but we're always going to do right by the shareholder. And we always have in the past, and we'll continue to do that. But I think that the market is really missing the optionalities that we do have.

所以我們會始終做對股東最有利的事。我的意思是，我們可能不會因為某個對沖基金或另一家對沖基金對該股票的投資而受到任何形式的脅迫，但我們總是會維護股東的利益。我們過去一直這樣做，將來也會繼續這樣做。但我認為，市場確實錯失了我們所擁有的選擇權。

Our scarcity value is increasing.

我們的稀缺價值正在增加。

Yes. I mean we're the second largest bank based in Texas right now. So one of the best growing states in the United States. So I just think people are really missing the boat here.

是的。我的意思是，我們現在是德州第二大銀行。所以，它是美國經濟成長最快的州之一。所以我覺得大家真的錯失良機了。

Yeah, totally agree. Thanks, guys. Appreciate it.

是的，完全同意。謝謝各位。謝謝。

Manan Gosalia, Morgan Stanley.

馬南‧戈薩利亞，摩根士丹利。

Hi, good morning, all. Just a follow-up to your comments that things are looking a little bit at on the loan side and competition is only increasing from here and you have to be careful. Is there anything you can do to drive loan growth within your risk return parameters, maybe increasing branches or investing in your product set or hiring more? Is there anything else that can be done here?

大家早安。我補充一下您之前提到的，貸款方面的情況看起來有點不太妙，競爭只會越來越激烈，您必須小心謹慎。在風險回報範圍內，您可以透過哪些措施來推動貸款成長，例如增加分公司、投資產品組合或增加招募？還有其他辦法嗎？

Outside of hiring people and lowering rates. Structurally, we're not going to bend.

除了僱用員工和降低工資之外。從結構上講，我們不會妥協。

But again, again, analysts are on -- always on one side. They're always focused just on loan growth. I mean the bottom line is, guys, we have an 80% loan-to-deposit ratio. We don't want to be 100% loan-to-deposit ratio. A lot of our growth depends on our growth on deposits.

但是，分析師總是站在一邊。他們始終只關注貸款成長。我的意思是，歸根結底，夥計們，我們的貸款存款比率是 80%。我們不希望貸款存款比率達到100%。我們的成長很大程度上取決於存款的成長。

And that's where your real money is really made, not in deposits that you're paying for and 5% for. Its core deposits. And that's why when some people ask why did you pay so much for this bank compared to this bank because banks are completely different.

真正的賺錢方式是在這裡，而不是在你支付了手續費和 5% 的存款上。其核心礦藏。所以，當有人問為什麼這家銀行的開戶費比那家銀行高那麼多時，是因為銀行之間完全不同。

And so deposits are the most important thing. We'll take those deposits as they come in, and we will put those into loans. But we made the same kind of return when we were 60% or 65% loan-to-deposit ratio as we are now is 80%. But again, we're focused on it, and we're going to continue to make loans. But again, take loans in a market where it's not profitable, there's too much risk.

因此，存款是最重要的。我們會接收這些存款，並將這些存款用於發放貸款。但當我們的貸款存款比率為 60% 或 65% 時，我們獲得的收益與現在的 80% 一樣。但是，我們仍然專注於此，並將繼續發放貸款。但是，在不盈利的市場中貸款，風險太大了。

It's good for the short term because everybody is impressed with the net interest income growth. But if you're a long-term shareholder like I am I'm not looking one year out or six months out. I'm looking five and 10 years out.

短期來看是好事，因為大家都對淨利息收入的成長印象深刻。但如果你像我一樣是長期股東，我就不會只考慮一年或六個月後的事。我著眼於未來五年和十年。

And just to give you some statistics, i know Tim mentioned what the average monthly production was for third quarter was $356 million, and our production for the second quarter average was $353 million. But if you just compared to what we had a year ago in the same period the average was in the second quarter of last year, it was $255 million and the third quarter was $260 million.

為了讓大家了解一些統計數據，我知道 Tim 提到第三季的平均月產量為 3.56 億美元，而第二季的平均產量為 3.53 億美元。但如果與去年同期相比，去年第二季的平均值為 2.55 億美元，第三季為 2.6 億美元。

So if you look at just period-over-period, our production up almost $100 million. So we -- the production is there, like I think Kevin mentioned that some of those real estates, they need to put their money first, before they start taking out. So from that statistic, you can see that we are.

所以，如果只看同期數據，我們的產量增加了近 1 億美元。所以，生產方面是有的，就像凱文提到的那樣，有些房地產開發商需要先投入資金，然後再開始投資。所以從這個統計數據可以看出，我們是。

If you look at the amount of loans we decreased this time, the majority of the loans were in the category of the 1-4 family residential home loans. And again, people home prices were higher. Interest rates were higher.

如果你看我們這次減少的貸款金額，你會發現大部分貸款都屬於 1-4 戶家庭住宅貸款這個類別。而且，當時的房價也更高了。利率更高。

And again, we were trying to get out of those more and sell more of those to the market where we could eat more of those, and we can easily build our loan-to-deposit ratio if we want, but we're really focusing not just on loan growth or your net interest growth. We're focusing on earnings per share growth. We're focused on capital growth. I mean we're focused on the whole bank, not just on one particular area.

而且，我們一直在努力擺脫這些困境，把更多的資金賣給市場，這樣我們就能消化更多的資金。如果我們願意，我們可以輕鬆地提高存貸比，但我們真正關注的不僅僅是貸款成長或淨利息成長。我們關注的是每股收益成長。我們專注於資本成長。我的意思是，我們關注的是整個銀行，而不僅僅是某個特定領域。

Got it. I appreciate that. But I guess just on -- maybe on the product side, is there -- are there any gaps that you might want to invest in there?

知道了。我很感激。但我想說的是——或許在產品方面，是否存在一些您可能想要投資的空白領域？

I don't think so on the product side. We've never redlined necessarily very many products, if any. We're willing to look at anything that's reasonable. So I don't think there's an obvious gap in products anywhere.

我不認為產品方面會這樣。我們從未真正大幅削減過很多產品的預算，如果有的話。只要合理，我們願意考慮。所以我認為目前產品方面並沒有明顯的空白。

I don't know -- I mean, we're really -- we offer just about any type of loan that you can want. I mean we're one of the biggest Ag lenders in the state of Texas. In the United States, really. We're in construction lending. We're in commercial and industrial.

我不知道——我的意思是，我們真的——我們提供幾乎所有您想要的貸款類型。我的意思是，我們是德州最大的農業貸款機構之一。確實，在美國是這樣。我們從事建築貸款業務。我們從事商業和工業領域。

We're -- there's probably -- we're in middle market lending, we're in oil and gas. I mean I can go on and on. There's not many areas that we don't touch. So we touch almost all the areas that are out there actually.

我們—可能—我們從事中端市場貸款業務，我們也涉足石油和天然氣產業。我的意思是，我可以一直說下去。幾乎沒有我們不涉足的領域。所以，我們其實幾乎涉足了所有領域。

Got it. Very clear. And then maybe a follow-up on the buyback comment. You noted that would have liked to be more active in the quarter and that you want because of M&A. And you've obviously spoken in the past a lot about M&A being a strong part of your growth strategy and you're typically in multiple conversations at different stages.

知道了。非常清楚。然後或許可以就回購評論做個後續說明。您提到，您本季希望更加活躍，而您之所以希望如此，是因為您在併購方面有此意願。而且您過去也多次談到併購是您成長策略的重要組成部分，您通常會在不同階段參與多個對話。

And then I guess you also noted that you will be buying back more aggressively at these prices. So should we take that to mean that you are pivoting away from an M&A strategy to a buyback strategy in the near term while your stock is at these prices?

我想你也注意到了，你會以這些價格更積極地回購。所以，我們是否可以理解為，當股價處於當前價位時，貴公司正在短期內從併購策略轉向股票回購策略？

I think that we'll always look at M&A, but base right now, where our stock price is, we're really focused on getting our stock price up. And we weren't able to buy. We'll admit say that we just heard during this meeting that we have gotten all of our approvals on the American Banking Corpus Christi.

我認為我們會一直關注併購，但就目前而言，鑑於我們的股價，我們真正關注的是如何提高股價。我們買不起。我們承認，我們剛剛在這次會議上得知，我們已經獲得了美國銀行科珀斯克里斯蒂分行的所有批准。

So we're excited about that. We're excited about putting the two banks in San Antonio and Corpus together. It would definitely give us from Victoria, all the way to Corpus Christi. It will give us a dominant market share along what we call the Gulf of America there. So we're excited about that.

我們對此感到很興奮。我們很高興能將聖安東尼奧和科珀斯克里斯蒂的兩家銀行合併在一起。它肯定能讓我們從維多利亞一路到達科珀斯克里斯蒂。這將使我們在美洲灣沿岸地區佔據主導市場份額。我們對此感到很興奮。

But again, our main focus right now will be to get our stock price up. We think it's terribly undervalued. And again, you can never say no to M&A because if it's -- again, if it's a cash deal, it really doesn't matter. It's only stock that if we give our stock in it's too low way that will matter. So we'll still continue to get all opportunities, but our main focus right now is to get our stock price up.

但是，我們目前的首要任務仍然是提高股價。我們認為它被嚴重低估了。而且，你永遠不能拒絕併購，因為如果是現金交易，那就真的無所謂了。只有當我們以過低的價格出售股票時，股票才會產生影響。所以我們會繼續抓住所有機會，但我們現在的主要目標是提高股價。

Great, thank you.

太好了，謝謝。

Peter Winter, D.A. Davidson.

彼得溫特，D.A.戴維森。

Thank you. Kevin, I wanted to follow up with comments that you made earlier about as you closed the deal with American Bank and Southwest that there'll be some runoff in the loan portfolios to meet your standards. But do you have a sense of how much runoff you'd be expecting from those portfolios?

謝謝。凱文，我想就你之前提到的與美國銀行和西南航空達成交易後，為了達到你的標準，貸款組合中會有一些資金被削減一事進行跟進。但您是否大致了解這些投資組合可能會出現多少虧損？

Not nearly as much as we experienced this year with the Lone Star acquisition. First Capital -- I mean. Lone Star has been fine up. I'm sorry. They're both -- first of all, -- they're both pretty high-quality credit banks. I mean we did a deep as we do on all acquisitions, we did a deep, deep credit dive on both of these American Bank is, gee, it's one of the cleaner banks we've seen ever.

遠不及我們今年收購 Lone Star 所帶來的影響。第一資本——我的意思是。孤星啤酒一直都很好。對不起。首先，它們都是非常優質的信貸銀行。我的意思是，我們像對待所有收購一樣，對這兩家美國銀行都進行了深入的信用調查，哎呀，它是我們見過的最乾淨的銀行之一。

So I think it's going to be muted compared to what we've experienced here more recently. There's always going to be some, but I think it will be muted compared to what we have seen in the past. I think Tim and David could probably --

所以我認為，與我們最近在這裡經歷的情況相比，這次的程度會比較溫和。總是會有一些，但我認為與我們過去所看到的相比，這種情況會比較輕微。我認為蒂姆和戴維可能--

Yes. Peter, both of those banks, we did due diligence on both of them. I don't want to say clean as a whistle because there's always issues that come up. But again, nothing like -- on our First Capital deal that we did in West Texas, we probably -- we probably outsourced over $460 million in loans. We don't expect anything like that with these two deals right here, nothing like that.

是的。Peter，我們對這兩家銀行都進行了盡職調查。我不想用「一塵不染」來形容，因為總是會有一些問題出現。但再說一遍，這跟我們在西德州與 First Capital 達成的交易完全不同，我們可能會——我們可能外包了超過 4.6 億美元的貸款。我們預計這兩筆交易不會出現類似的情況，絕對不會。

Let's say I'd be really disappointed if we're talking about A year from now, we lack loan growth due to runoff in those portfolios.

假設一年後我們因為這些投資組合的退出而缺乏貸款成長，我會非常失望。

And our experience, especially along the Gulf Coast right there, our experience with Victoria, we paid a lot for that bank, which we paid a lot for the American Bank. At the same time, both banks are very similar with very core deposits and really those banks grew. I mean -- and I don't think there's any question what the core deposits that American Bank has and that market share that we'll own from along that Gulf of America side down that coast, it will just be -- I think it's going to be really a good deal.

我們的經歷，尤其是在墨西哥灣沿岸的經歷，我們在維多利亞的經歷，我們為那家銀行付出了很多，我們為美國銀行付出了很多。同時，這兩家銀行非常相似，核心存款業務也十分相似，這兩家銀行都成長了。我的意思是——而且我認為毫無疑問，美國銀行的核心存款以及我們將在美國灣沿岸地區擁有的市場份額，將會——我認為這真的是一筆非常划算的交易。

Got it. That's helpful. Thank you. And then just if I could go back to the margins, I mean, clearly, it's been a good story. It's been progressing the way you guys had thought it would. But just I was just curious with the forward curve suggesting more rate cuts. Are you still comfortable with kind of 3.35% NIM in the fourth quarter and 3.40% by the middle of next year?

知道了。那很有幫助。謝謝。然後，如果我能回到邊緣地帶，我的意思是，很明顯，這一直是一個好故事。事情的進展正如你們所預想的。但我只是對遠期曲線暗示可能進一步降息感到好奇。您仍然對第四季 3.35% 的淨利差以及明年年中 3.40% 的淨利差感到滿意嗎？

Yes. I think there was a little bit maybe ticked down because the numbers what we provided was that static balance sheet and no rate cuts. So if you're looking 12 months, 24 months, our margin shown that -- with 100 down being still higher than what we project that for average for this year. So I will continue to grow the margin. It's going to be ticked down a little bit lower.

是的。我認為可能略有下降，因為我們提供的數據是靜態資產負債表數據，沒有降息。所以，如果你看的是 12 個月、24 個月的情況，我們的利潤率顯示——即使下降 100%，仍然高於我們預計今年的平均值。所以我會繼續擴大利潤率。還會再降一點。

But again, even at 100 basis points down, it may be slower as accomplished but the 12 months from now. I hate to give these numbers out because then if we're not accurate, but we're still showing close to what you said, I think, at 3.30%.

但即便下降 100 個基點，從現在起 12 個月內實現的速度也可能會變慢。我不太想公佈這些數字，因為那樣一來，如果我們的數據不準確，但我認為我們仍然接近你說的那個數字，也就是 3.30%。

And so I'm sorry, just to -- so when you say Asylbek, tick lower from the 3.40%?

所以，很抱歉，只是想——所以，當您說Asylbek時，是從3.40%向下調整嗎？

Yes. So what we just said on our model showing 100 basis points down 12 months, we're showing 3.38%.

是的。所以，我們剛才在模型中表示，12 個月內下降 100 個基點，我們目前顯示的是 3.38%。

We're 3.48% with no in a static market.

我們目前佔 3.48%，且市場處於停滯狀態。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Again, I will say this, Peter. As you go out 24 months and further, we do still pick pretty significantly, even with interest rates going down 100 basis points.

彼得，我再說一次。如果期限延長至 24 個月甚至更久，即使利率下降 100 個基點，我們仍然會做出相當大的選擇。

And that was -- just to clarify, that was a stand-alone, not including American or (inaudible). Right.

需要澄清的是，那隻是個獨立的事件，不包括美國或（聽不清楚）正確的。

Are we ready for the next question?

我們準備好回答下一個問題了嗎？

Yes.

是的。

Jared Shaw with Barclays Capital.

巴克萊資本的 Jared Shaw。

Hi, good afternoon. Maybe just on the margin for the deposit costs, what should we -- or what are you expecting in terms of beta with that broader rate backdrop?

您好，下午好。或許僅就存款成本而言，我們應該——或者說，在更廣泛的利率背景下，您對 beta 值有何預期？

Yes. For our model on the deposit betas, that's non-maturity deposit, we use 13 basis points beta, pretty low.

是的。對於我們的存款貝塔係數模型（即非到期存款），我們使用 13 個基點的貝塔係數，相當低。

Okay. And then looking at the -- I hear what you're saying about the buyback, and I appreciate all that. But when you look at the M&A environment here, especially for smaller deals. Does the consolidation that we've seen more recently, does that make it easier for you from a competitive standpoint to maybe get some of those deals with fewer competitors? Or maybe the inverse where there's more eyes on Texas that actually makes it harder?

好的。然後，關於回購——我明白你的意思，我很感激。但當你審視這裡的併購環境，尤其是規模較小的交易時，你會發現情況並非如此。我們最近看到的這種整合，從競爭的角度來看，是否會讓你更容易與更少的競爭對手達成一些交易？或者情況可能正好相反，更多人關注德州，反而使情況變得更糟？

Candidly, we have more deals than we have money, quite frankly. It's just a matter of what we really want to do.

坦白說，我們現在的交易比資金多得多。這只是我們真正想做什麼的問題。

Okay. Thank you.

好的。謝謝。

David Chiaverini, Jefferies.

David Chiaverini，傑富瑞集團。

Hi, thanks. So I wanted to follow up on the deposit question. Can you talk about the positive competition. You mentioned about the 80% loan to deposit ratio. Are you comfortable at that level? And can you talk about the extent to which these kind of out-of-state competitors are coming in and potentially pressing on the deposit pricing front?

您好，謝謝。所以我想就存款問題做個後續說明。能談談良性競爭嗎？你提到了80%的貸款存款比率。你覺得這個水平可以接受嗎？您能否談談這些外州競爭對手進入市場並可能在押金定價方面施加壓力的程度？

Yes. I mean we're at 80%, we probably would go 85% in our loan-to-deposit ratio at that limit. We would probably stop. We're still focused on core deposits. We don't have any broker deposits. And really when we go out, we really try to go -- we're really trying to get total deposit relationship, not just the certificate of deposits to build up deposits. And so I mean that's what we're focused on.

是的。我的意思是，我們現在的貸款存款比率是 80%，如果達到那個上限，我們的貸款存款比率可能會達到 85%。我們大概會停下來。我們仍然專注於核心礦藏。我們沒有任何經紀商存款。實際上，當我們外出洽談時，我們真的努力去建立全面的存款關係，而不僅僅是透過定期存款來累積存款。所以我的意思是，這就是我們關注的重點。

We do see the people coming in, especially I may take a different spend because under these banks that have bought other banks out in the state, they weren't able to get into the state. And because of that, they've raised their interest rate so much on money they pay here compared to where it pays somebody else because they haven't been successful in building market share, especially in deposits.

我們確實看到人們湧入，尤其是我可能會採取不同的消費方式，因為在這些收購了州內其他銀行的銀行的統治下，他們無法進入該州。正因如此，他們提高了在這裡支付的貸款利率，而其他地方的利率卻高得多，因為他們在建立市場份額方面，尤其是在存款方面，並沒有取得成功。

I'm almost thinking since now they're making headway into the state, and they really have some market share, they may not be under so much pressure to show, there are other people in the other states that they're having to grow those deals. And I think it may become easier for us, quite frankly. I don't know that's just another -- that's another spin on it anyway.

我幾乎在想，既然他們現在已經在這個州取得了進展，並且確實擁有了一些市場份額，他們可能就沒有那麼大的壓力去證明，他們在其他州還有其他人需要去拓展這些交易。坦白說，我認為這對我們來說可能會變得更容易。我不知道，那隻是另一種說法──總之，那是另一種解讀方式。

Yes. And if you look at -- we always had competition, so it's nothing new for us related to deposits. And I know we -- we have grown this quarter in the core deposits I mean that's all relationship and that's what brings it not just the rate but the relationship we have with our customers.

是的。而且，如果你仔細觀察——我們一直都有競爭，所以存款方面對我們來說並不是什麼新鮮事。我知道我們—我們本季核心存款有所成長，我的意思是，這完全是關係的結果，這帶來的不僅是利率，還有我們與客戶的關係。

We really focus on relationships. I mean, Kevin kind of alluded to it a while ago, I mean, people want to bank with the Texas bank and I think where we're at in this state and with the other guys coming in, the amount of opportunities we have are just -- it's unbelievable in the kind of customers that we have are unbelievable customers, that have been around their daddy and their daddy's generation have had businesses where they're coming to us.

我們非常注重人際關係。我的意思是，凱文之前也暗示過這一點，我的意思是，人們都想在德克薩斯州的銀行開戶，我認為就我們目前在這個州的地位以及其他銀行的加入而言，我們所擁有的機會簡直——難以置信，我們的客戶群也令人難以置信，他們從小就和他們的父親，甚至他們的父親那一代人一起經營生意，現在他們來我們這裡辦理生意。

And again, we're getting to handpick those again. We're not here to show any 8% and 10% loan growth, but what we are putting on is really quality stuff and really building a really quality organization.

而且，我們又可以親自挑選這些候選人了。我們來這裡不是為了展示 8% 或 10% 的貸款成長，而是要推出真正高品質的產品，打造一個真正高品質的組織。

And then shifting over to credit quality. Still very strong. We did see the NPA uptick. Can you talk about the drivers behind the uptick? And are there any pockets or areas you're keeping a closer eye on?

然後轉向信用品質。依然非常強勁。我們確實看到了不良貸款率的上升。您能談談推動這項成長的因素嗎？有沒有哪些地方或區域是你們特別注意的？

I think I can give you some color on that. Out of the a little over $119 million in non-performing assets, about $57 million of it is single-family homes. And those NPAs with respect to the homes are a result of sure that we got from a regulatory standpoint to make loans in minority areas, et cetera. And we did not get the down payments that we would normally want et cetera. And this is the result of -- it's not surprising.

我想我可以提供一些相關資訊。在略高於 1.19 億美元的不良資產中，約有 5,700 萬美元是獨棟住宅。而這些與房屋相關的不良資產，就是我們從監管角度出發，確保在少數族裔地區發放貸款的結果等等。而且我們也沒有收到我們通常想要的首付款等等。這是結果——這並不令人意外。

The good news is, there's a market for the homes. It takes a while to go through the foreclosure process and get them back, but we've been able to sell them as we get them back, some at a profit, some breakeven, some at a very small loss. But the point is we've been able to sell them. So yes, if you -- if we didn't have those homes, you could take $57 million away from the nonperforming.

好消息是，這些房子都有市場。完成止贖程序並收回房產需要一段時間，但我們收回房產後就能將其出售，有些盈利，有些收支平衡，有些則略有虧損。但關鍵是我們已經把它們賣了。所以，是的，如果我們沒有那些房子，你們就可以從不良資產中拿走 5700 萬美元。

We were required under Fair Lending, we had to get a certain amount -- we would be eliminated from doing M&A. So we were kind of forced into this making loans with no money down, very low interest rates and even give them money for closing costs.

根據《公平貸款法》，我們必須獲得一定的貸款額度——否則我們將被取消併購資格。所以我們有點被迫開始發放零首付、低利率的貸款，甚至還要支付他們的交易費用。

That's exactly right.

完全正確。

It was a regulatory issue.

這是一個監管問題。

It was a regulatory issue, and please don't misunderstand what I'm saying. I'm not implying that we don't have a good relationship with the regulators, but the facts are what they are. And during the last two or three calendar years, there was very significant pressure from the regulators to address these markets that they felt were under-served.

這是一個監管問題，請不要誤解我的意思。我並不是說我們和監管機構關係不好，但事實就是如此。在過去兩三年裡，監管機構施加了非常大的壓力，要求解決他們認為服務不足的這些市場問題。

And we understood that. But when you don't require a down payment and you make loans to people that barely have enough cash flow to make the first payment, you're going to have trouble. And what we see right now is the clear evidence of that.

我們明白這一點。但是，如果你不要求首付，並且向那些幾乎沒有足夠的現金流來支付第一筆款項的人發放貸款，你就會遇到麻煩。而我們現在看到的正是這一點的明顯證據。

One of the challenge is -- all banks, it's not just as all banks are required to do this. So there are just certain number of these customers that everybody is trying to get and everybody's fighting for these customers, and that's just one of the things that happened relatively.

其中一個挑戰是──並非所有銀行都必須這樣做。所以，只有一定數量的這類客戶，每個人都想爭取這些客戶，每個人都在爭奪這些客戶，這只是相對而言發生的事情之一。

We have discontinued some of those aggressive programs. We discontinued them a few months ago. So we're not putting any more of those on the books, and we'll just deal with what's there. And as I say, we're able to sell these homes I don't think that's going to change dramatically. I think we'll be able to continue to sell them. So in another year or so, I think that part of the nonperforming will be effectively gone.

我們已經停止了其中一些激進的項目。我們幾個月前就停產了。所以我們不會再增加這類項目，只會處理現有的問題。正如我所說，我們能夠賣掉這些房子，我認為這種情況不會發生太大變化。我認為我們還能繼續賣出去。所以再過一年左右，我認為那部分錶現不佳的資產將基本上消失。

Yes. And in terms of any pockets we're looking. We look at the our credit history is pretty good. We're looking at the entire portfolio. And as we look across the entire portfolio, I'd say there's maybe one deal, we think it has got the potential for some stress. It's a shared national credit. We don't have a lot of shared national credits, but -- it's a shared national credit that we've got our eye on. It's still performing. It's making its payments, but it's one we've got our eye on. And it's $35 million.

是的。至於我們正在尋找的任何口袋。我們查看了我們的信用記錄，發現它相當不錯。我們正在審視整個投資組合。當我們縱觀整個投資組合時，我認為可能只有一筆交易存在一些潛在風險。這是國家共享的信用額度。我們沒有很多共享的國家學分，但是——這是一個我們正在關注的共享的國家學分。它仍在運行。它正在按時付款，但我們一直密切關注著它。金額是3500萬美元。

Outside of that portfolio looks pretty good. And if we pull up our shared national total. I think we've got a whopping total of $270 million in shared national credit. So it's not a field we play a lot in and of that of that number, $153 million of that is stuff we (inaudible). So a lot of it is structured and sold by us.

除此之外，其他方面的投資組合看起來都相當不錯。如果我們把全國總數拿出來。我認為我們總共有高達 2.7 億美元的國家共享信貸。所以，我們在這個領域涉足不多，而這其中的1.53億美元，是我們自己造成的。（聽不清楚）所以很多產品都是我們設計和銷售的。

Very helpful, thank you.

非常有用，謝謝。

Ben Gerlinger, Citi.

本‧格林格，花旗銀行。

Hey, good afternoon or good morning, I guess in Texas.

嘿，下午好或早上好，我想在德克薩斯州應該是這樣。

Depends if you're in New York.

那要看你是不是在紐約了。

Yeah, I'm in Georgia, so East Coast.

是的，我在喬治亞州，也就是東海岸。

(inaudible)

（聽不清楚）

When you guys think about the two pending deals, I think you said, David, that you just got regulatory approval while we're on the phone here. Do you find the potential close dates for these two?

你們想想那兩筆待完成的交易，大衛，我想你剛才說過，就在我們通電話的時候，你們剛剛獲得了監管部門的批准。你覺得這兩件事的可能成交日期是什麼時候？

Yes. I think we're probably looking around fourth quarter this quarter close probably the end of the year. The American deal and first quarter of 2026 for Southwest.

是的。我認為我們大概會在第四季度，也就是本季末，或是更早的時候看到成果。美國方面的交易以及西南航空在 2026 年第一季的交易。

Gotcha. Okay, that's helpful.

明白了。好的，這很有幫助。

Financial impact are going to be more on the next year and not this year.

財務影響主要體現在明年，而非今年。

We'll probably roll the American Bank into the first month of next year.

我們可能會把美國銀行的合併工作延到明年第一個月。

Got you. Okay. That is helpful. And then Asylbek, you've done a really good job of taking a change out of the expense base of the banks that you guys pick up. Is it fair to assume it's going to be kind of business as usual?

抓到你了。好的。那很有幫助。還有 Asylbek，你們在降低你們所選擇的銀行的費用基數方面做得非常出色。是否可以合理地假設一切照舊？

Is it extracting the savings? Or is there anything long tail associated with (inaudible) things might bleed into 2Q or 3Q next year?

它是否在提取節省的費用？或者，是否存在一些與（聽不清楚）相關的長尾效應，可能會延續到明年第二季或第三季？

Yes. I mean definitely, when you do mergers with other banks, there's always cost savings regardless -- so we always strive to get the cost savings just by acquiring banks. And I think it also depends on the system conversion. We're going to get some benefit early on because there will be some departure, but -- and additional cost will be like second half of the year, I would say. But overall, we'll get some cost savings in 2026, but most -- all of it we're going to get in '27 and beyond.

是的。我的意思是，毫無疑問，與其他銀行合併總是能節省成本——所以我們總是努力透過收購銀行來節省成本。我認為這也取決於系統轉換。由於會有一些人員離開，我們早期會獲得一些好處，但是——額外的成本大概會在下半年出現，我想。但總的來說，我們將在 2026 年節省一些成本，但大部分——甚至全部的成本節省都將在 2027 年及以後實現。

Got you. I appreciate the help. And then I just wanted to fine-tune the buyback comment or backing up the truck. Does that mean you have to wait until the second one closes and then you could just be there the next day? Or is there something else in that?

抓到你了。非常感謝您的幫忙。然後我只是想對回購評論或倒車進行一些微調。那是不是代表你必須等到第二間店關門後，隔天才能去？或者，這裡面還有其他意義？

Really, we had this, and I think we had an S-4 filed, and I know there's probably been some other little people shortages with doing some (inaudible) or rethinking that we won't be able to buy back. But I think we should be able to start buying back --

確實，我們遇到了這種情況，而且我認為我們已經提交了 S-4 表格，我知道可能還有一些其他的小企業因為做了一些（聽不清楚）或重新思考而出現短缺，而我們可能無法回購。但我認為我們應該能夠開始回購了。--

Next week.

下週。

Next week. Yes. So we should be out there buying.

下週。是的。所以我們應該出去搶購。

Got you. All right. I appreciate the help. Thank you.

抓到你了。好的。非常感謝您的幫忙。謝謝。

Matt Olney, Stephens.

馬特·奧爾尼，史蒂芬斯。

Hey, thanks for squeezing me in here. David, can you clarify your commentary about the current balance of the borrowings, I think it was around $2.4 billion at 9/30. I thought you heard you say it was below that.

嘿，謝謝你擠出時間來幫我。David，你能澄清一下你對目前借款餘額的評論嗎？我認為截至 9 月 30 日，借款餘額約為 24 億美元。我以為你聽到你說它低於那個值。

Well, I think on the last day or so, a couple of days, we -- if you look at a year ago, we were at $3.9 billion or $4 billion.

嗯，我認為在過去一兩天裡，我們——如果你看看一年前，我們的收入是 39 億美元或 40 億美元。

Yes, $3.9 billion, and we ended at $2.4 billion in the 9/30, but we were able to reduce some from that in October month. So we're running.

是的，39億美元，9月30日結束時為24億美元，但我們在10月份減少了一些。所以我們正在跑步。

If you average for the month, you probably weren't near the $2.4 billion.

如果按月平均計算，你可能遠未達到 24 億美元。

No, no, we're much lower.

不，不，我們低得多。

What you think the average was probably. You're looking at the quarter, but again, we started reducing that. As our bonds started maturing, we started just reducing our cash instead of buying back -- and again, we'll -- we're going to get back into the bond buying business, too. There's no question. We're not letting the balance sheet we always carried about $2 billion in leverage.

你認為平均值大概是多少。你看到的是季度數據，但我們已經開始減少這部分支出了。隨著我們的債券開始到期，我們開始減少現金持有量，而不是回購債券——而且，我們——我們也會重新開始購買債券。毫無疑問。我們不會讓資產負債表一直維持約 20 億美元的槓桿比率。

And I think we let it maybe get down a little too far. I know I've asked for our guys to buy and they didn't, but we're not going to -- we're not going to -- we're still going to keep about $2 billion of leverage on the deal. So we're not going the other way. But my point is, a lot of it is you just had a lot of the net interest income just came from a smaller balance sheet. We like to get too small in my opinion.

我覺得我們可能讓它降得有點太低了。我知道我要求我們的人買入，但他們沒有，但我們不會——我們不會——我們仍然會保留大約 20 億美元的談判籌碼。所以我們不會反其道而行。但我的意思是，很大程度上是因為你們的淨利息收入主要來自較小的資產負債表。我覺得我們太喜歡把自己侷限在小範圍內了。

And the comment that we made, right? Currently, we have $1.8 billion borrowing. But like I said, I think we're going to buy some securities. So we want to carry about $2 billion leverage a little bit as we've historically done.

我們之前的評論，對吧？目前，我們有18億美元的借款。但就像我說的，我認為我們會買一些證券。所以我們希望保持大約 20 億美元的槓桿，就像我們過去一直在做的那樣。

Okay. And then on deposit growth, I think the fourth quarter can be a more favorable quarter for deposit growth seasonally. Any color on what you're seeing so far or expectations for the fourth quarter?

好的。至於存款成長，我認為從季節性角度來看，第四季可能是存款成長更為有利的季度。您目前對市場走勢有何看法？或對第四季有何預期？

Again, I think -- you can read us, we're very transparent in what we say it happens and we're pretty consistent in our fourth quarter has always been pretty consistent, and I think you're probably looking at least another $200 million or $300 million gain in deposits, probably.

再說一遍，我認為——你們可以看看我們，我們說話非常透明，而且我們第四季度的業績一直都很穩定，我認為你們可能會看到存款增加至少 2 億到 3 億美元。

I agree. It's our seasonality of public funds, and we should get --

我同意。這是公共資金的季節性問題，我們應該得到--

On a big customer deposits.

關於大額客戶存款。

And big customer deposits from the commercial side.

以及來自商業方面的大筆客戶存款。

Okay, that's helpful. Thank you, guys.

好的，這很有幫助。謝謝大家。

Janet Lee, TD Cowen.

Janet Lee，TD Cowen。

Hello. Diving into deposits a little. So I believe there was about $150 million of runoff from Lone Star acquisition on the deposit side as well through June. Do you expect any sort of deposit runoff from the two acquisitions as well heading into 2026?

你好。稍微深入研究一下礦藏。所以我認為，截至 6 月份，Lone Star 收購案在存款方面也造成了約 1.5 億美元的資金流失。您預計到 2026 年，這兩項收購是否會導致存款流失？

The American Bank acquisition is very solid. I mean their deposit is made up of -- they're probably as close to as you could get. So I don't -- we don't expect anything there. The Texas Partners Bank, their deposit makeup is different. And again, probably the difference as you saw in the prices. They have a big treasury department with a lot of commercial accounts that it's just a bigger part of their -- it's a big part of their deposit makeup and so there is more risk.

美國銀行的收購非常穩健。我的意思是，他們的存款由…組成，他們可能是你能找到的最接近的人了。所以，我們——我們不指望在那裡發生任何事情。德州合夥銀行的存款組成有所不同。還有一點，正如你所看到的，價格上的差異可能是原因所在。他們的財務部門規模龐大，擁有大量的商業帳戶，這部分資金在他們的存款組成中佔比很大，因此風險也更大。

Again, we don't -- we're not anticipating a lot, but you never know it could be. It's not rate driven. It's really based on their treasury product that they have. I think that we have a I think our treasury product is as good and probably the guy that's running their treasury department will be end up running our treasury department. So that's good. But again, there's a bigger portion of their deposits are -- a bigger portion of their deposits are in this treasury area. So there is more risk in that for sure.

再說一遍，我們並沒有──我們並沒有抱太大期望，但誰知道呢，也許會有結果。它並非由利率驅動。這實際上取決於他們現有的國庫產品。我認為我們的財務產品非常好，而且他們財務部門的負責人最終可能會來我們公司負責財務部門。那很好。但同樣，他們較大一部分的存款——他們較大一部分的存款都存放在這個國庫領域。所以這樣做肯定風險更大。

Got it. And fee income came in a little stronger than you guided to before. I believe that range was like 38% to 40%. How do you feel about the fee income? Is that -- is there an updated view on where the fee income could be over the next coming quarters?

知道了。手續費收入比您之前預期的略高一些。我相信範圍大概在 38% 到 40% 之間。您對手續費收入有何看法？也就是說──對於未來幾季的費用收入，是否有最新的預測？

Yes, I think I'm going to stick to the guidance I gave, 38% to 40%. I know this quarter, we were a little bit higher. But sometimes we do have one-off items happen. But if we come in higher than that, it's good, but I would say 38% to 40% is the guidance would still continue for fourth quarter.

是的，我想我會堅持我給的指導意見，38% 到 40%。我知道這個季度我們的業績略高一些。但有時也會發生一些偶發事件。但如果我們最終的業績高於這個數字，那就很好，但我認為第四季的業績指引仍將維持在 38% 到 40% 之間。

John Arfstrom, RBC Capital Markets.

John Arfstrom，加拿大皇家銀行資本市場。

Hey, thanks, good morning. I hope I'm last. Just David, I put back up the truck in my Excel note on the share count (inaudible) given. I guess the question for you is, do you have an optimal capital target in mind for the company? I think one of the valuation issues is the returns have gone down as your capital has gone up. So I'm just curious how far down we'd like to take your capital ratios?

嘿，謝謝，早安。我希望我是最後一個。大衛，我把卡車放回我的 Excel 筆記中，記錄了給出的股票數量（聽不清楚）。我想問你的問題是，你心中是否有公司最佳的資本目標？我認為估值問題之一是，隨著資本的增加，回報率卻下降了。所以我很好奇，我們希望你們的資本比率降低到什麼程度？

We were saving a lot of our capital because we had aspirations of -- we were bidding on a bigger bank. We didn't get the bigger bank, and we thought we would have needed the cash as part of the deal. We didn't get it.

我們當時積攢了很多資金，因為我們渴望──我們當時正在競標一家更大的銀行。我們沒能爭取到那家大銀行，而且我們認為我們需要現金作為交易的一部分。我們沒收到。

With our stock being this low, I think we have a lot of room. I mean you can do what, 11%-plus leverage ratio right now. So I mean, you can do the math yourself and what the earnings we make. If we spent $500 million, it still wouldn't change the needle very much where we're at. So I mean we have a lot of bullets, I think.

鑑於我們目前的庫存水平，我認為我們還有很大的發展空間。我的意思是，你現在可以做到11%以上的槓桿率。所以我的意思是，你可以自己算算我們能賺多少錢。即使我們花費 5 億美元，也無法對現狀產生太大改變。所以我的意思是，我們有很多子彈，我想。

Okay. One of the same --

好的。同一個--

You fell down even to 8%, you still have 3% or 4% of capital. I mean -- we got a lot of money. I mean we really did. Unless something goes wrong, but we got a lot of bullets.

即使跌到 8%，你仍然有 3% 或 4% 的資本。我的意思是──我們賺了很多錢。我的意思是，我們真的做到了。除非有意外，但我們有很多子彈。

We'll look forward to that. The -- and one other thing I wanted to ask about, you talked about moderation slight moderation in Texas activity. What are you seeing there? Is it a change in tone? Or am I misreading that?

我們期待著那一天的到來。還有一件事我想問一下，您談到了德州活動的適度性，或者說是輕微的適度性。你在那裡看到了什麼？這是語氣上的變化嗎？還是我理解錯了？

No, you're good. You know me too long. You've been around me too long. I think when Kevin was talking about the loans this time. Normally, we see just tons of business out there and coming in we're just taking care of -- we're not out there trying to underprice something, that's just coming in.

不，你沒事。你認識我太久了。你待在我身邊太久了。我想是凱文這次談到貸款的時候。通常情況下，我們看到大量的業務湧入，我們只是處理這些業務——我們不會故意壓低價格，這只是正常情況。

We sort of noticed when we have our management meeting the tone in the room from the area managers that were out there. They see a little bit of a moderation from the type of customers we have. I don't want to say it's from the tariffs or the -- maybe the change in policies and they don't know where they're going. But they're definitely feeling that a little bit.

我們注意到，在管理階層會議上，與會區域經理的情緒會比較低落。他們覺得我們顧客的類型略有改變。我不想說這是關稅造成的，或者——也許是政策變化造成的，他們不知道自己要去哪裡。但他們確實有點這種感覺。

Having said that, again, I don't think there are any other place in the United States that you would rather be, but there's definitely a ton of a moderation, I think, right now. But again, the economy is still overall very good. You still see you have JPMorgan Chase has more employees here than they have in New York City. You just had Wells Fargo open up one of the biggest operations centers on the other side. I think it was early, everybody is moving to this deal.

話雖如此，我還是覺得在美國沒有比這裡更理想的地方了，但目前這裡確實有許多趨於溫和的因素。但總的來說，經濟情勢依然非常好。你仍然可以看到，摩根大通在這裡的員工比在紐約市的員工還多。富國銀行剛剛在另一邊開設了最大的營運中心之一。我認為時機還早，大家都在朝著這個目標努力。

So when I say moderation, there is -- I think there's a slight moderation. I think it will change. I think what Kevin said earlier, you'll see a pickup, I think, in probably the first quarter of next year. And so Texas, I think, is still going to always be good. But again, compared to where it was, I do feel a little bit of moderation.

所以當我說適度的時候，我認為是有一定程度的適度。我認為情況會改變。我認為正如凱文之前所說，你會看到市場回暖，大概在明年第一季。所以我覺得，德州永遠都會是個好地方。但話說回來，與以前相比，我確實感覺情況有所緩和。

Okay, that's very helpful. I appreciate that. Thank you.

好的，這很有幫助。我很感激。謝謝。

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。我謹將會議交還給夏洛特·拉舍，請她作總結發言。

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。感謝各位女士、先生抽空參加今天的電話會議。感謝您對我們公司的支持，我們將持續努力提升股東價值。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。