ServisFirst Bancshares Inc (SFBS) 2023 Q1 法說會逐字稿

Greetings, and welcome to the ServisFirst Bancshares First Quarter Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Davis Mange, Director of Investor Relations.

大家好，歡迎來到 ServisFirst Bancshares 第一季度財報電話會議。 （操作員說明）作為提醒，正在錄製此電話會議。我現在想把會議轉交給你的主持人，投資者關係總監 Davis Mange。

Good afternoon, and welcome to our first quarter earnings call. We will have Tom Broughton, our CEO; Rodney Rushing, our Chief Operating Officer; Henry Abbott, our Chief Credit Officer; and Bud Foshee, our CFO, covering some highlights from the quarter, and then we'll take your questions. I'll now cover our forward-looking statements disclosure. Some of the discussion in today's earnings call may include forward-looking statements. Actual results may differ from any projections shared today due to factors described in our most recent 10-K and 10-Q filings.

下午好，歡迎來到我們的第一季度財報電話會議。我們將有 Tom Broughton，我們的首席執行官； Rodney Rushing，我們的首席運營官；我們的首席信貸官 Henry Abbott；和我們的首席財務官 Bud Foshee 介紹了本季度的一些亮點，然後我們將回答您的問題。我現在將介紹我們的前瞻性聲明披露。今天的財報電話會議中的一些討論可能包括前瞻性陳述。由於我們最近的 10-K 和 10-Q 文件中描述的因素，實際結果可能與今天分享的任何預測不同。

Forward-looking statements speak only as of the date they are made, and ServisFirst assumes no duty to update them. With that, I'll turn the call over to Tom.

前瞻性陳述僅在作出之日有效，ServisFirst 不承擔更新它們的義務。有了這個，我會把電話轉給湯姆。

Thank you, Davis, and good afternoon to everybody. Thank you for joining us on the call. The year is off to a great start with the first quarter as we'll review for you over the next few minutes, and we have various reports from our various management people. We've always done well in times of stress in the banking industry. We did after the '08-'09 recession, and we certainly did during the pandemic. The bank has experienced significant growth during those periods of time. And we do expect significant opportunities, again, during this time, a little bit of dislocation in the industry. So you're asking why do we do well during times like this?

謝謝你，戴維斯，大家下午好。感謝您加入我們的電話會議。今年第一季度開局良好，我們將在接下來的幾分鐘內為您回顧，我們收到了來自不同管理人員的各種報告。在銀行業面臨壓力的時候，我們總是做得很好。我們在 08-09 年經濟衰退之後就這樣做了，在大流行期間我們當然也這樣做了。在此期間，該銀行經歷了顯著增長。我們確實期待在這段時間裡再次出現重大機遇，行業會出現一些混亂。所以你問為什麼我們在這樣的時候做得很好？

One thing, there are several reasons. First is our business model has changed in over 18 years since we opened 18 years ago. We are well capitalized. We're financially stable and we retain 75% of our net income to fund our growth and increasing capital. We do have an industry-leading efficiency ratio, and we're highly profitable. We have very strong credit quality. Henry is going to talk about this in more detail in a few minutes. We don't have any broker deposits for Federal Home Loan Bank advances like many of our competitors.

一件事，有幾個原因。首先是自 18 年前開業以來，我們的商業模式在 18 年多的時間裡發生了變化。我們資本充足。我們的財務狀況穩定，我們保留了 75% 的淨收入來為我們的增長和增加資本提供資金。我們確實擁有行業領先的效率比，而且我們的利潤很高。我們有很強的信用質量。亨利將在幾分鐘後更詳細地討論這個問題。與我們的許多競爭對手一樣，我們沒有任何用於聯邦住房貸款銀行預付款的經紀人存款。

So in summary, our bank is built for times like this, and we'll demonstrate that to you during the course of the call this afternoon. I was going to talk a few minutes about our most recent expansions in our community banking offices, which are in -- our newest ones were in Nashville, North Carolina, and Panama City and Tallahassee, Florida, all are doing quite well. They're off to a great start. We're also in the process of opening a new office in the Lake Norman area of the Piedmont in North Carolina, which should be another community bank and office, and we are very pleased to start these are off to.

因此，總而言之，我們的銀行是為這樣的時代而建的，我們將在今天下午的電話會議中向您展示這一點。我打算花幾分鐘談談我們最近對社區銀行辦事處的擴張，這些辦事處位於 - 我們最新的辦事處位於北卡羅來納州的納什維爾以及佛羅里達州的巴拿馬城和塔拉哈西，一切都做得很好。他們開了一個好頭。我們還在北卡羅來納州皮埃蒙特的諾曼湖地區開設新辦事處，這應該是另一家社區銀行和辦事處，我們很高興開始這些工作。

We're building up the right way with core customers with -- that our bankers have had a relationship with for many years. Rodney is going to talk in a few minutes about our new correspondent office in Houston that we opened last month. So that's certainly a plus. It became apparent to us in mid-2022 that the Fed tightened cycle would lead to a focus on deposit rather than the lending side of the bank. We do anticipate some economic slowdown based on recent events. And Rodney Rushing is going to give a quick review of our deposit franchise. Rodney?

我們正在與核心客戶建立正確的方式——我們的銀行家已經與他們建立了多年的關係。羅德尼將在幾分鐘後談論我們上個月在休斯敦開設的新通訊辦公室。所以這當然是一個加號。到 2022 年年中，美聯儲收緊週期將導致銀行將重點放在存款而不是貸款方面，這對我們來說很明顯。根據最近發生的事件，我們確實預計經濟會放緩。 Rodney Rushing 將快速回顧一下我們的存款專營權。羅德尼？

Thank you, Tom. You noted how we have had virtually no dependence on brokered or wholesale deposits for fundings, and I wanted to provide some understanding and details of our deposit metrics and our bank's deposit base. From our beginnings, our model has always been to bank relationships and not just book transactions. Excluding correspondent banks, 25% of our deposits have a credit relationship with ServisFirst. There are no industry concentrations outside of private households and correspondent banks.

謝謝你，湯姆。你注意到我們幾乎不依賴經紀存款或批發存款來提供資金，我想提供一些關於我們的存款指標和銀行存款基礎的理解和細節。從一開始，我們的模式就一直是銀行關係，而不僅僅是記賬交易。不包括代理行，我們25%的存款與ServisFirst有授信關係。除私人家庭和代理銀行外，沒有行業集中度。

For example, commercial banking makes a 4.7% of our deposit base, law firms were 3% and real estate firms were 2% and it goes down from there. As you can see, we are very granular with no concentrations. When it comes to corresponding banking, we have 340-plus correspondent relationships in 28 states and just over 120 are settlement banks. Settlement banks are banks from downstream correspondent banks whose daily cash letters are cleared with us or their Federal Reserve account fees are settled through us, working much like a corporate cash management account.

例如，商業銀行占我們存款基礎的 4.7%，律師事務所佔 3%，房地產公司佔 2%，而且從那裡開始下降。如您所見，我們非常細化，沒有集中度。在代理銀行業務方面，我們在 28 個州擁有 340 多家代理銀行，其中 120 多家是結算銀行。結算銀行是下游代理行的銀行，其日常現金信函通過我們清算或通過我們結算其美聯儲賬戶費用，其工作方式很像企業現金管理賬戶。

As rates have risen, you will see a shift from compensating DDA balances, which are noninterest bearing, into interest bearing. But because we paid for settlement expenses with the DDA earnings, there is no effect on profitability because of the settlement relationship, we keep the fundings by sweeping into interest-bearing accounts, making these deposits very sticky.

隨著利率上升，您會看到從不計息的補償性 DDA 餘額轉變為計息。但是因為我們用DDA的收益來支付結算費用，所以結算關係對盈利能力沒有影響，我們通過掃入有息賬戶的方式來保持資金，使得這些存款非常粘。

In fact, 65% of total correspondent fundings are with these settlement customers. This past month proved how stable these deposits and relationships are. As Tom mentioned, we opened our Texas corresponding office with the addition of Don Dickerson. Don and I worked together previously. And with over 40 years of experience in Texas banking, Don was the perfect choice to expand the Texas market with a large number of relationships developed over the last 40 years.

事實上，代理資金總額的 65% 都來自這些結算客戶。過去一個月證明了這些存款和關係是多麼穩定。正如 Tom 提到的，我們在 Don Dickerson 的加入下開設了德克薩斯州相應的辦公室。唐和我以前一起工作過。憑藉在得克薩斯州銀行業 40 多年的經驗，Don 憑藉在過去 40 年中建立的大量關係，成為拓展得克薩斯州市場的完美人選。

We are looking forward to the growth that this market will provide, growth we should realize in the near future. I just wanted to highlight some of the details, more details are in the slide deck that we provided, about our stable conservative deposit base and where we have plans to grow. With that, I'll turn it over to our Chief Credit Officer, Henry Abbott.

我們期待著這個市場將提供的增長，我們應該在不久的將來實現的增長。我只是想強調一些細節，更多細節在我們提供的幻燈片中，關於我們穩定的保守存款基礎以及我們計劃增長的地方。有了這個，我將把它交給我們的首席信貸官 Henry Abbott。

Thank you, Rodney. Bank got off to a strong start in 2023, with continued strong credit quality. I'm pleased to say we ended 2022 with NPAs to total assets of 12 basis points, and we're able to maintain that in the first quarter. With no major changes in NPAs, they continue to be near historic lows. Annualized charge-offs were 5 basis points, well below the same period prior year of 11 basis points and 6 basis points for the fourth quarter of 2022.

謝謝你，羅德尼。銀行在 2023 年開局良好，信貸質量持續強勁。我很高興地說，到 2022 年，我們的不良資產總資產為 12 個基點，我們能夠在第一季度保持這一水平。由於 NPA 沒有重大變化，它們繼續接近歷史低點。年化註銷為 5 個基點，遠低於去年同期的 11 個基點和 2022 年第四季度的 6 個基點。

At the end of the quarter, our (inaudible) total loans was 1.28% versus 1.25% at the end of 2022. This was not associated with any one loan, but rather conservative steps the bank took in the first quarter. I won't go through each of the bullet points, but you should have access to some additional information in the slide deck about our CRE portfolio, and I can go over any questions you have during the Q&A session.

本季度末，我們的（聽不清）總貸款率為 1.28%，而 2022 年底為 1.25%。這與任何一筆貸款無關，而是銀行在第一季度採取的保守措施。我不會詳細介紹每個要點，但您應該可以在幻燈片中訪問有關我們的 CRE 產品組合的一些其他信息，並且我可以解決您在問答環節中提出的任何問題。

Hitting the highlights, AD&C as a percent of total risk-based capital dropped from 100% at year-end to 93% at the end of the first quarter. Total income-producing commercial real estate also dropped for the quarter and is now 317% of risk-based capital. The vast majority of our commercial real estate projects are in the Sunbelt as we have only had a handful of projects where we followed our customers outside of the Southeast.

最引人注目的是，AD&C 佔風險資本總額的百分比從年底的 100% 下降到第一季度末的 93%。本季度產生收入的商業房地產總額也有所下降，目前佔風險資本的 317%。我們的絕大多數商業房地產項目都在陽光地帶，因為我們只有少數項目是在東南部以外的地方跟踪我們的客戶。

Office space makes up roughly 3.5% of our total loan portfolio. The average loan size within our income-producing office bucket is $1.5 million. These loans are typically in suburban locations and are more traditional 1- or 2-story office walk-ups. We have very minimal CBD office exposure. Comparable to our office exposure, the bank has never been a big single-family residential development lender, and our raw land and lot exposure is minimal.

辦公空間約占我們總貸款組合的 3.5%。我們創收辦公室的平均貸款規模為 150 萬美元。這些貸款通常位於郊區，並且是更傳統的 1 層或 2 層無電梯辦公室。我們對 CBD 辦公室的接觸非常少。與我們的寫字樓風險相比，該銀行從來都不是大型單戶住宅開發貸款機構，我們的未開發土地和地塊風險很小。

We have stress and continue to look closely at our CRE portfolio to ensure we are appropriately managing the risks. We continue to be best-in-class within our peer group with our past due management. In the first quarter, ServisFirst switched to a new residential mortgage loan servicing company because of client issues with our prior vendor. We did see an increase in past due loans for the quarter, but they are still near historic lows. And a major component of the increase in past due was related to operational changes that caused delays within our residential mortgage portfolio.

我們有壓力並繼續密切關注我們的 CRE 投資組合，以確保我們適當地管理風險。憑藉過去應有的管理，我們繼續在同行中保持領先地位。在第一季度，由於我們之前供應商的客戶問題，ServisFirst 轉向了一家新的住宅抵押貸款服務公司。我們確實看到本季度逾期貸款有所增加，但仍接近歷史低位。逾期增加的一個主要部分與導致我們的住宅抵押貸款組合延遲的運營變化有關。

The majority of mortgage loans that were showing this past due have now been caught up. A lot of the issues were related to getting ACH set up correctly and where and how to properly make payments with this change in servicing companies. Switching gears towards pricing, of new loans that were originated in the first quarter, more than 80% were variable rate loans. We continue to push to increase yield on both new and existing loans. We've also begun various repricing efforts on existing loans prior to their maturity.

大多數顯示已逾期的抵押貸款現在已被追回。許多問題都與正確設置 ACH 以及在何處以及如何通過服務公司的這種變化正確付款有關。轉向定價，在第一季度發放的新貸款中，超過 80% 是可變利率貸款。我們繼續努力提高新貸款和現有貸款的收益率。我們還在現有貸款到期前開始了各種重新定價工作。

Through those efforts, we were able to reprice roughly $130 million in existing debt by an average of 1.4% in the first quarter. We also had over $70 million in fixed rate debt paid down early in the first quarter. These 2 items combined for roughly $200 million in positive movement within our fixed rate loan portfolio. In summary, very pleased with the results in the first quarter, and I'll hand it over to Bud Foshee.

通過這些努力，我們能夠在第一季度對大約 1.3 億美元的現有債務進行平均 1.4% 的重新定價。我們還在第一季度初償還了超過 7000 萬美元的固定利率債務。這兩項在我們的固定利率貸款組合中產生了大約 2 億美元的積極變動。總而言之，對第一季度的結果非常滿意，我將把它交給 Bud Foshee。

Thank you, Henry. Good afternoon. For earnings, we kicked off 2023 with strong earnings in the first quarter as we continue to build capital and liquidity. Diluted earnings per share increased 7% compared to the first quarter of 2022 when adjusting for income on PPP loans. Our investment portfolio. The portfolio is a small component of our balance sheet, 11% of total assets. The portfolio is managed for liquidity.

謝謝你，亨利。下午好。對於收益，隨著我們繼續建立資本和流動性，我們在第一季度以強勁的收益拉開了 2023 年的序幕。在調整 PPP 貸款收入後，與 2022 年第一季度相比，稀釋後每股收益增長了 7%。我們的投資組合。投資組合是我們資產負債表的一小部分，佔總資產的 11%。投資組合的管理是為了流動性。

The components of the portfolio are 45% pass-through mortgage-backed securities, 30% U.S. treasury and agency, 1% municipal and 24% bank and bank holding company sub debt. We have never purchased a CMO. The average life of the total portfolio is 4.2 years. The average life for our peer group is 7.2 years, and that peer group is 33 banks with total assets greater than $10 billion.

投資組合的組成部分是 45% 的轉手抵押貸款支持證券、30% 的美國國債和機構、1% 的市政債券和 24% 的銀行和銀行控股公司次級債務。我們從未購買過 CMO。整個投資組合的平均壽命為 4.2 年。我們同行的平均壽命是 7.2 年，而這個同行是 33 家總資產超過 100 億美元的銀行。

The average life of our treasury portfolio is 2.8 years, and the average lives of the bank and bank holding company sub debt, is 2.4 years. And the average life of the bank and bank holding company sub debt, is based on the call date. We have the expertise to analyze bank and bank holding company sub debt. Our liquidity excess funds were $732 million in March of 2023. Our goal is to increase this to a $1 billion range.

我們的國債投資組合的平均壽命為 2.8 年，銀行和銀行控股公司次級債務的平均壽命為 2.4 年。而銀行和銀行控股公司次級債務的平均壽命，是基於贖回日的。我們擁有分析銀行和銀行控股公司次級債務的專業知識。 2023 年 3 月，我們的流動性過剩資金為 7.32 億美元。我們的目標是將其增加到 10 億美元的範圍。

Total balance sheet liquidity in March of 2023 was $1.5 billion, and total available liquidity was $8.4 billion. Margin average loan growth was $166 million for the first quarter. Triple fee fees and interest income were $29,000 in the first quarter of 2023 versus $4.9 million in the first quarter of 2022. Our NIM compression is a result of record rate increases. The Fed funds have increased by 475 basis points since December of 2021. We had 4 consecutive 75 basis point increases during the period from December '21 to March of 2023.

2023 年 3 月的資產負債表流動性總額為 15 億美元，可用流動性總額為 84 億美元。第一季度保證金平均貸款增長 1.66 億美元。 2023 年第一季度的三倍手續費和利息收入為 29,000 美元，而 2022 年第一季度為 490 萬美元。我們的 NIM 壓縮是創紀錄的利率增長的結果。自 2021 年 12 月以來，聯邦基金增加了 475 個基點。從 12 月 21 日到 2023 年 3 月，我們連續 4 次增加了 75 個基點。

Second largest Fed rate increase over a one-year time frame was from February 1994 to February 1995, and that increase was 300 basis points. Only 175 basis point increase occurred during that cycle. We see deposit rates stabilizing and NIM improving as loans are repriced. The average rate for new loans in the first quarter was 7.71%, having a short maturity loan portfolio will improve the margin over time.

美聯儲在一年時間內的第二大加息是從 1994 年 2 月到 1995 年 2 月，增幅為 300 個基點。在該週期內僅增加了 175 個基點。隨著貸款重新定價，我們看到存款利率趨於穩定，淨息差有所改善。第一季度新貸款的平均利率為 7.71%，擁有短期貸款組合將隨著時間的推移提高利潤率。

Our noninterest income, credit card income continues to be impacted by our conversion in September of 2022, (inaudible) fee income has been impacted by decreased volume and rate increases. We expect improvement in both areas over the course of 2023. Our noninterest expenses as a result of our market expansions, total salaries and benefits increased by $765,000. The investment write-down related to tax credits was $2.7 million in 2023 versus $2.5 million in 2022.

我們的非利息收入、信用卡收入繼續受到 2022 年 9 月轉換的影響，（聽不清）費用收入受到交易量下降和利率上漲的影響。我們預計到 2023 年這兩個領域都會有所改善。由於我們的市場擴張，我們的非利息支出、工資和福利總額增加了 765,000 美元。 2023 年與稅收抵免相關的投資減記為 270 萬美元，而 2022 年為 250 萬美元。

Tax credits were $3.9 million in the first quarter of 2023 versus $3.3 million in the first quarter of 2022. Capital. Tier 1 leverage ratio was 9.91% at March of '23 versus 7.79% at December of 2021. The ratio was 9.11% after adjusting for the net unrealized losses of both the available for sale and held to maturity securities. That concludes my remarks. I will turn the program back to Tom.

2023 年第一季度的稅收抵免額為 390 萬美元，而 2022 年第一季度為 330 萬美元。資本。 23 年 3 月的一級槓桿率為 9.91%，而 2021 年 12 月為 7.79%。在調整可供出售證券和持有至到期證券的未實現淨虧損後，該比率為 9.11%。我的發言到此結束。我會把程序轉回給湯姆。

Thank you, Bud. In summary, we're seeing a record deposit pipeline. Slide deck that we filed this afternoon should give you a lot more information about the bank, and I think it's all very positive. One thing we're excited about. We opened 23% more accounts in the first quarter than we did in the first quarter of last year. So we're very, very pleased with improvement there. We think we're close to the other side of this Fed tightening cycle.

謝謝你，巴德。總之，我們看到了創紀錄的存款管道。我們今天下午提交的幻燈片應該為您提供更多關於銀行的信息，我認為這一切都非常積極。我們很興奮的一件事。我們在第一季度開設的賬戶比去年第一季度多了 23%。所以我們對那裡的改進非常非常滿意。我們認為我們已接近美聯儲緊縮週期的另一端。

We're certainly going to be vigilant on credit quality because we do expect a slowdown, and we'll certainly be watching to make sure we're doing everything correctly to manage our loan portfolio and manage our assets properly. So we are -- in summary, we do like where we are today. Our simple business model is paying dividends, and we'll be happy to answer any questions you might have.

我們肯定會對信貸質量保持警惕，因為我們確實預計經濟會放緩，我們肯定會密切關注以確保我們所做的一切都是正確的，以正確地管理我們的貸款組合和資產。所以我們 - 總而言之，我們確實喜歡我們今天的位置。我們簡單的商業模式正在支付紅利，我們很樂意回答您可能提出的任何問題。

(Operator Instructions) Our first question comes from the line of Brad Milsaps with Piper Sandler.

（操作員說明）我們的第一個問題來自 Brad Milsaps 和 Piper Sandler 的台詞。

Tom, maybe I wanted to start on loan growth. I think this is the first quarter, maybe outside of the pandemic, where you didn't grow loans. Just kind of curious, last quarter, you talked about high single-digit loan growth and double-digit deposit growth. I know a lot has changed. Just kind of curious how you would sort of think about those numbers as we sit here today?

湯姆，也許我想從貸款增長開始。我認為這是第一季度，也許是在大流行之外，你沒有增加貸款。只是有點好奇，上個季度，你談到了高個位數的貸款增長和兩位數的存款增長。我知道很多已經改變了。只是有點好奇，當我們今天坐在這裡時，您會如何看待這些數字？

We think we had a fair number of payoffs that some of them were unexpected, Brad, but a lot of them were very pleasant surprises because they were low fixed rates that paid off during the quarter. So that was a win-win for us and our customers. So we had a -- I can -- to tailor for you, but it's a pretty substantial amount of payoffs. And we started trying to slow the loan (inaudible) middle of 2022 when we realized the Fed tighten was going to give the industry issues, treasuries are leading the way on rates going up, and they were going up in lockstep with fair rate increases, it was a concern to us.

我們認為我們有相當多的回報，其中一些是出乎意料的，布拉德，但其中很多都是非常令人驚喜的，因為它們是在本季度得到回報的低固定利率。所以這對我們和我們的客戶來說是雙贏的。所以我們有一個——我可以——為你量身定制，但這是相當可觀的回報。我們開始嘗試在 2022 年年中放慢貸款（聽不清），當時我們意識到美聯儲的緊縮政策會給行業帶來問題，國債在利率上升方面處於領先地位，並且它們與合理的利率上升步調一致，這是我們關心的問題。

And we started slowing it down a bit. And the result has showed up in this filing in this first quarter. So we feel like we'll start growing loans again, probably in the back half of the year. You'll see some increased loan growth, Brad. But we sort of -- part of it was unexpected with loan pay-downs (inaudible) not an unpleasant surprise, a very pleasant surprise. And part of that was because we started slower things down the middle of last summer. So that's a longer answer than you want it probably, Brad.

我們開始放慢速度。結果已經出現在第一季度的這份文件中。所以我們覺得我們可能會在今年下半年再次開始增加貸款。布拉德，你會看到貸款增長有所增加。但我們有點——部分原因是貸款償還（聽不清）出乎意料，這不是一個不愉快的驚喜，一個非常愉快的驚喜。部分原因是我們從去年夏天中期開始放慢速度。所以這可能比您想要的答案要長，Brad。

Yes. I know construction has been a big area of growth for you guys. Obviously, those tend to be some of the higher-yielding assets as well. Would you expect to see a kind of similar decline? I mean, obviously, you want those loans to -- those projects to finish up and move off your books. But would that sort of downward trajectory kind of continue in your mind and you pick up growth in other areas?

是的。我知道建築業對你們來說是一個很大的增長領域。顯然，這些往往也是一些收益較高的資產。您希望看到類似的下降嗎？我的意思是，很明顯，你希望這些貸款——那些項目能夠完成並離開你的賬簿。但是這種下降軌跡會在你的腦海中繼續下去，而你會在其他領域獲得增長嗎？

We have a pretty good -- a fairly robust pipeline of construction loans. So they're probably -- there's still a positive increase in construction loans on a monthly basis of around $20 million a month. I think Henry's last number we computed (inaudible).

我們有一個非常好的 - 一個相當強大的建築貸款渠道。所以他們可能 - 建築貸款每月仍有約 2000 萬美元的正增長。我認為 Henry 是我們計算的最後一個數字（聽不清）。

I think -- more than that, I think maybe closer to $70 million a month, maybe $200 million a quarter in new funded construction loans.

我認為 - 不僅如此，我認為新資助的建築貸款可能每月接近 7000 萬美元，也許每季度 2 億美元。

But net of payoffs, it's about $20 million a month or so.

但扣除收益後，每月約為 2000 萬美元左右。

Yes.

是的。

Yes, it's still positive there, and we like those projects, Brad. We're not concerned about any of those projects in any way, but I'll stop there and see what your other questions are.

是的，它仍然是積極的，我們喜歡這些項目，布拉德。我們不以任何方式關心這些項目中的任何一個，但我會就此打住，看看你的其他問題是什麼。

No, that's helpful. Maybe just kind of switching gears, the second to Bud. I think I heard your comments that you expect the NIM to improve from here as loans reprice. Are you expecting improvement as soon as the second quarter? It just seems like that could be a challenge if the Feds continue to move rates up, you guys are sitting right around 100% loan-deposit ratio.

不，那很有幫助。也許只是一種換檔，第二個是巴德。我想我聽到了您的意見，即您希望隨著貸款重新定價 NIM 從這裡改善。您是否預計第二季度會有所改善？如果美聯儲繼續加息，這似乎是一個挑戰，你們正處於 100% 左右的貸存比。

Also wanted to kind of square that with your comments around building that liquidity book back up to $1 billion? Or just trying to understand all the moving parts on how you get there and kind of how you think about the NIM?

還想將您關於將流動性賬簿增至 10 億美元的評論與此相提並論嗎？或者只是想了解有關您如何到達那裡的所有活動部分以及您對 NIM 的看法？

Sure. Yes, if -- and it looks like if Fed is going to increase rates at the May meeting, that's definitely going to impact us from the second quarter. So if that happens, I think it would -- it might take into the third quarter before you start soon some gradual improvement. We're just -- you just got -- you got about $9 billion in either a total floating rate deposits purchased on the asset side between loans and Fed funds, you're looking at about $5 billion.

當然。是的，如果 - 看起來如果美聯儲在 5 月的會議上加息，那肯定會從第二季度開始影響我們。因此，如果發生這種情況，我認為它可能會進入第三季度，然後您很快就會開始逐步改善。我們只是——你剛剛——你在貸款和聯邦基金之間的資產方面購買了大約 90 億美元的浮動利率存款，你正在尋找大約 50 億美元。

So we're just -- Fed keeps increasing, it's going to hard for a while. You'll have some compression, put it that way. Fed stock for what you can really say it's going...

所以我們只是 - 美聯儲不斷增加，一段時間內會很難。你會有一些壓縮，這樣說吧。美聯儲股票，你可以真正說它正在發生......

Right, right. And maybe a final question to me. It looked like your first quarter expenses were up about 10% year-over-year. I know there's a few adjustments in there. Is that kind of how we should think about a growth rate in '23? Or -- I know your incentives are tied to typically loan growth. I know more so deposit growth this year. But just kind of wanted to think about kind of how to think about expense growth? It did look like professional fees were maybe a little heavier this quarter. Anything to back out of there that you think is worth noting?

是的是的。也許還有最後一個問題要問我。看起來您第一季度的支出同比增長了約 10%。我知道那裡有一些調整。這是我們應該如何考慮 23 年的增長率嗎？或者——我知道你的激勵措施通常與貸款增長有關。我知道今年的存款增長更多。但只是想考慮一下如何考慮費用增長？看起來本季度的專業費用可能有點高。有什麼你認為值得注意的地方要退出嗎？

Let me think on professional. I don't remember anything unusual. Let me -- I'll look at it and e-mail you after the call, but I e-mail everybody. I'll go back and look at it. I don't have anything highlighted, but let me go back and look...

讓我考慮專業。我不記得有什麼異常。讓我——我會看一下，然後在電話會議後給你發電子郵件，但我會給每個人發電子郵件。我回去看看。我沒有突出顯示任何內容，但讓我回去看看...

Both. But then I was just looking at the total -- expenses in totality up about 10%.

兩個都。但後來我只是在看總費用——總費用增加了大約 10%。

Fourth quarter was down because we had a credit commitments, but I'll look at everything just to make sure there's nothing...

第四季度業績下滑是因為我們有信貸承諾，但我會查看所有內容以確保沒有...

Yes. I was more looking at 1Q '23 versus 1Q '22, up about 10% year-over-year. Is that kind of the growth rate to kind of think about as you think about '23 versus '22?

是的。我更多地關注 23 年第一季度和 22 年第一季度，同比增長約 10%。當您考慮 23 歲與 22 歲時，是否需要考慮這種增長率？

I wish I had more detail in front of me because I know we've had market expansion in different markets. Let me look at it and I'll send something out on that, just to make sure you get a good answer.

我希望我面前有更多細節，因為我知道我們已經在不同的市場進行了市場擴張。讓我看一下，我會就此發送一些內容，以確保您得到一個好的答复。

Our next question comes from the line of Kevin Fitzsimmons with D.A. Davidson.

我們的下一個問題來自 Kevin Fitzsimmons 和 D.A.戴維森。

I appreciate the detail on the correspondent deposits. And maybe I want to ask this in -- maybe a very top-level sort of way, like it's obviously a good business to be in. You guys wouldn't be in it if it wasn't. But with what is going on right now in terms of the pressure on deposits and the mix shift within deposits that's going on. Is the correspondent network helping you in this near term?

我很欣賞有關往來存款的詳細信息。也許我想問這個 - 也許是一種非常頂級的方式，就像這顯然是一項很好的業務。如果不是，你們就不會參與其中。但是，就存款壓力和正在發生的存款結構變化而言，目前正在發生的事情。代理網絡在近期對您有幫助嗎？

Or is it really exacerbating this pressure and making it more challenging for you just in that your client banks are probably dealing with the same thing and maybe therefore, you guys reflect some of that on your balance sheet? Just trying to...

或者它是否真的加劇了這種壓力並使您面臨更大的挑戰，因為您的客戶銀行可能正在處理同樣的事情，因此，你們可能會在您的資產負債表上反映出其中的一些？只是想...

Deposit beta, Kevin, or from what respect, interest rate sensitivity, I mean, what do you mean of...

存款貝塔，凱文，或者從什麼方面來說，利率敏感性，我的意思是，你是什麼意思......

I guess just the pressure on mix shift that's going on and mainly on that mix shift and the pressure to grow deposits in general, I guess.

我猜只是混合轉變的壓力正在發生，主要是混合轉變的壓力和增加存款的壓力，我猜。

Well, this is Rodney Rushing. Let me answer it this way and then you can see if I've answered your question. It has been business as usual on the deposit side. We -- what I tried to explain in my comments was we are in the correspondent banking business for the relationship, and we find clearing the settlement relationship what is beneficial to us in the downstream bank.

嗯，這是羅德尼·拉欣。讓我這樣回答，然後你可以看看我是否回答了你的問題。存款方面一切如常。我們——我在評論中試圖解釋的是我們在代理銀行業務中的關係，我們發現清除結算關係對我們下游銀行有利。

We act as an intermediary between the small community bank and affiliate. And because of that, we get their settlement account and then -- and they keep compensating balance. It sweeps in the Fed funds. And that makes those relationships very sticky. Out of 340-plus relationships, this past month, we may have had, it was less than 10 that moved any material amount of money from us. And it was just a small amount.

我們充當小型社區銀行和附屬機構之間的中介。正因為如此，我們得到了他們的結算賬戶，然後 - 他們保持補償平衡。它席捲了聯邦基金。這使得這些關係非常粘。在 340 多個關係中，在過去的一個月裡，我們可能有不到 10 個從我們這裡轉移了任何實質性的金錢。而且只是少量。

So those relationships are very sticky. We have looked best place to grow that. In Alabama, Georgia, Tennessee, we have probably all the vast majority of the correspondent relationships we're going to get. In Alabama, we have 90-something banks, and we have 60-plus corresponding accounts in the State of Alabama. That same ratio was true in Georgia, Tennessee. So that's why we look to grow in Texas. Texas was a big corresponding market for me when I was at Compass.

所以這些關係非常粘。我們看起來是發展它的最佳場所。在阿拉巴馬州、佐治亞州和田納西州，我們可能擁有我們將要獲得的絕大多數通訊員關係。在阿拉巴馬州，我們有 90 多家銀行，我們在阿拉巴馬州有 60 多個相應的賬戶。在田納西州的佐治亞州，同樣的比例也是如此。所以這就是我們希望在德克薩斯州發展的原因。當我在 Compass 時，得克薩斯州對我來說是一個很大的相應市場。

And we expect with Don Dickerson, it's going to be an area of growth for the correspondent division through the rest of this year and next year.

我們預計與唐·迪克森 (Don Dickerson) 一起，在今年餘下時間和明年，這將成為通訊部門的一個增長領域。

Now as Rodney said on the call, this money shift from nonbearing DDA to interest-bearing deposits or the Fed funds purchased, there's no effect on profitability of the bank whatsoever. There's no deterioration in our profitability. So if it moves -- as rates start falling, it moves back to the DDA accounts, it will not improve our profitability. It will be the same. It just will show more money in noninterest-bearing DDA.

正如羅德尼在電話會議上所說，這筆錢從無息 DDA 轉移到有息存款或購買的聯邦基金，對銀行的盈利能力沒有任何影響。我們的盈利能力沒有惡化。因此，如果它移動——隨著利率開始下降，它會回到 DDA 賬戶，它不會提高我們的盈利能力。它會是一樣的。它只會在不計息的 DDA 中顯示更多的錢。

That's right. And the simple fact that we pay their Fed deals with those DDA earnings. So you'll see, of course, when expenses go up, when we bring on more settlement accounts. And if -- in rising rates if they have to keep less money with us, then that money, as Tom shifts into interest-bearing accounts, but it doesn't affect profitability. What the settlement relationship does for us is it makes it a true relationship between us and banks that instead of a relationship, it is a transaction where we're just buying liquidity from it.

這是正確的。一個簡單的事實是，我們用這些 DDA 收益支付他們的美聯儲交易。所以你當然會看到，當開支增加時，當我們開立更多的結算賬戶時。如果——在利率上升的情況下，如果他們不得不在我們這裡保留更少的錢，那麼當湯姆轉移到有息賬戶時，這筆錢不會影響盈利能力。結算關係為我們所做的是，它使我們與銀行之間成為一種真正的關係，而不是一種關係，這是一種我們只是從中購買流動性的交易。

Just enough to -- I'm not answer to your question, Kevin, but Rodney, why don't you mentioned that during the time a couple of weeks when there's a little stress in the industry that when corresponds wanted to test -- wanted to borrow money, some of our competitors didn't take care of.

剛好——我沒有回答你的問題，凱文，但是羅德尼，你為什麼不在幾週的時間裡提到，當行業中有一點壓力時，相應的人想要測試——想要借錢，我們的一些競爭對手沒有照顧。

We had a number of banks that called and wanted to test their line with us, and they did it. David Jordan is here in the room with us, who manages our correspondent operation. And during that, we learned that they tried to test their loans or draw on their other upstream loans from other correspondents and they were not able to do so. And that's...

我們有許多銀行致電並希望與我們一起測試他們的線路，他們做到了。大衛喬丹和我們一起在房間裡，他負責管理我們的記者業務。在那期間，我們了解到他們試圖測試他們的貸款或從其他代理處提取其他上游貸款，但他們無法做到。那是...

Yes. I guess one follow-up on that, I was going to ask was just this -- what's going on in the environment and the focus on deposits and particularly on insured deposits? Does it make it -- is it a better -- like not better, but I guess is it -- is it an easier service to sell in an environment like this to -- for them to have you as your correspondent network as a resource?

是的。我想對此的一個後續行動，我想問的就是這個 - 環境中發生了什麼以及對存款的關注，特別是對受保存款的關注？它是否使它 - 它是否更好 - 不是更好，但我想它是 - 在這樣的環境中銷售服務是否更容易 - 讓他們擁有你作為你的通訊網絡作為資源？

I don't know if it's easier. To my knowledge, a bank has not lost money to another bank in Fed funds. So in that counterparty relationship where one bank is selling another bank, overnight funds, I don't -- maybe somebody could correct me, but I don't know of a case where a bank has lost money. Now with that, there is prudency. And the only deposits we lost over that couple of weeks were some downstream community banks who -- we're their primary correspondent, it may be a small $200 million bank and $20 million in capital and they look up and they've got $15 million sold to us.

我不知道它是否更容易。據我所知，一家銀行在聯邦基金中沒有虧錢給另一家銀行。因此，在一家銀行出售另一家銀行的交易對手關係中，隔夜基金，我不知道 - 也許有人可以糾正我，但我不知道銀行虧錢的情況。現在有了這個，就有了謹慎。那幾週我們損失的唯一存款是一些下游社區銀行——我們是他們的主要代理人，它可能是一家 2 億美元的小型銀行和 2000 萬美元的資本，他們查了一下，他們有 1500 萬美元賣給我們。

They called Mr. Rodney, we looked at our amount of funds we're selling you. We're going to move some of that to the Fed. So I'm going to leave $8 million with you and $7 million to the Fed. Sure, go ahead. And that happened less than 10 or 12x in that 2-week period. That was the only stress we saw in that deposit base. The rest of it was business as usual. And I don't -- it's all about the relationships, and that's why hiring Don in Texas is so important to us. I hope that answered your question.

他們打電話給羅德尼先生，我們查看了我們賣給你的資金數額。我們將把其中的一部分轉移給美聯儲。所以我要給你留下 800 萬美元，給美聯儲留下 700 萬美元。好，去吧。在那兩週內，這種情況發生的次數不到 10 或 12 倍。這是我們在存款基礎上看到的唯一壓力。其餘一切如常。而且我不——這都是關於關係的，這就是為什麼在德克薩斯州僱用 Don 對我們來說如此重要。我希望這回答了你的問題。

Yes. No, that's great. And one, just I guess, a follow-on to Brad's question. So (inaudible) comment about things stabilizing and getting better. But then is it -- I guess the way I would want to ask you whether the Fed moves or not, when we look at the linked quarter decline in the margin and more importantly, decline in dollars of NII, is it fair to say -- maybe we're not at the bottom because there could be some incremental pressure, but the size of the pressure linked quarter is not going to be -- this is probably the high point. Is that fair to say?

是的。不，那太好了。還有一個，我想，是 Brad 問題的後續問題。所以（聽不清）關於事情穩定和好轉的評論。但接下來是——我想我想問你美聯儲是否採取行動的方式，當我們看到利潤率的相關季度下降，更重要的是，NII 的美元下降時，是否可以公平地說 - - 也許我們不在底部，因為可能會有一些增量壓力，但壓力相關季度的規模不會 - 這可能是高點。這樣說公平嗎？

We think we're close to the bottom. And with our short loan and securities portfolio, we're going -- our margin will start moving up. It will take a couple or 3 quarters, but we'll start seeing some pretty good improvement once the Fed achieves their peak rate. Bud, I don't know if you can answer any -- add anything to that?

我們認為我們已接近底部。通過我們的短期貸款和證券投資組合，我們將開始——我們的利潤率將開始上升。這將需要幾個或三個季度，但一旦美聯儲達到峰值利率，我們就會開始看到一些相當不錯的改善。巴德，我不知道你是否可以回答任何問題——添加任何內容？

No, I think that's -- yes, we're just -- it's kind of wait and see on the Fed side. So...

不，我認為那是——是的，我們只是——美聯儲方面有點觀望。所以...

And one last housekeeping thing from me. I noticed the restructuring in the TDR section, seemed like it was blanked out for the first quarter of '23. Is that due to that -- is that just an omission? Or was that due to that change in servicer that you referenced? I was -- just was confused about that.

還有我的最後一件事。我注意到 TDR 部分的重組，似乎在 23 年第一季度被取消了。是因為那個——這只是一個遺漏嗎？還是因為您提到的服務商發生了變化？我當時——只是對此感到困惑。

That was due to an accounting change, and that is something that we no longer -- after a report, there were no material changes within the categories. It was just something we don't have to report any more under new guidance.

那是由於會計變更，而我們不再這樣做了——在一份報告之後，類別內沒有重大變化。這只是我們在新指南下不必再報告的事情。

Our next question comes from the line of Steve Moss with Raymond James.

我們的下一個問題來自 Steve Moss 和 Raymond James 的對話。

Maybe just following up on the margin here. Curious to see where are loans pricing these days? And any color you can give on that front as we think about the repricing aspect of your loan portfolio going forward here?

也許只是跟進這裡的邊緣。想知道這些天貸款定價在哪裡？當我們在這裡考慮您的貸款組合的重新定價方面時，您可以在這方面給出任何顏色嗎？

(inaudible) the first quarter?

（聽不清）第一季度？

For the first quarter, new loan production was at 7.71%.

第一季度，新增貸款產量為 7.71%。

80% floating in that.

80% 漂浮在其中。

Yes, we were at, I think, 78% variable rate in the first quarter. So that's definitely improving. We're definitely putting more variable rate loans. It's just process. Yes. I mean that is -- that's going to take a while to improve the margin over time, just...

是的，我認為我們在第一季度的可變利率為 78%。所以這肯定在改善。我們肯定會提供更多可變利率貸款。這只是過程。是的。我的意思是 - 隨著時間的推移提高利潤率需要一段時間，只是......

What surprised me is how quickly we're seeing payoffs and pay-downs on floating rate loans. I mean Henry mentioned some $200 million in the first quarter. Already in the second quarter through what -- and what's already closed this quarter in processes like $85 million in fixed rate loans, either paying off or paying down.

令我驚訝的是我們看到浮動利率貸款的回報和償還速度有多快。我的意思是亨利在第一季度提到了大約 2 億美元。已經在第二季度通過了什麼——以及本季度已經結束的流程，例如 8500 萬美元的固定利率貸款，要么還清，要么還清。

So it's moving much more quickly. You don't notice that when rates are flat. You certainly notice that when rates are -- have gone up as much as they have. We see the potential improvement in margin that really is very hard for you to quantify in your model. But -- and of course, the natural cash flow on fixed rate loans is substantial as well, over $1 billion a year, natural paydown.

所以它移動得更快。當利率持平時，您不會注意到這一點。你肯定會注意到，當利率上升時——已經上升了那麼多。我們看到利潤率的潛在改善，這對您來說真的很難在您的模型中量化。但是——當然，固定利率貸款的自然現金流也很可觀，每年超過 10 億美元，自然償還。

Right. That's helpful. And then in terms of just -- on the deposit side, just curious on your interest-bearing deposits. If by any chance, you have a spot rate at quarter end, just kind of get a feel for where things shook out.

正確的。這很有幫助。然後就存款方面而言，只是對您的生息存款感到好奇。如果有任何機會，你在季度末有一個即期匯率，只是對事情發生變化的地方有所了解。

Yes. Let's see. The cost of total deposits at the end of the quarter was 2.31, interest-bearing DDAs was 3.12 and total interest bear deposits, 3.08.

是的。讓我們來看看。季末總存款成本為2.31，計息DDAs為3.12，總計息存款為3.08。

You got all that?

你明白了嗎？

Great. I got all that. And then in terms of just going back to -- or just thinking about credit overall still remains pristine. Kind of just any updated thoughts as to how you're thinking about the reserve ratio and credit costs going forward here?

偉大的。我明白了。然後就回到——或者只是考慮整體信貸而言仍然是原始的。關於您如何考慮未來的準備金率和信貸成本的任何最新想法？

The -- we keep as much in the reserve as we can keep in the reserve. The accounts will let us keep, Steve. And it's 1.28% the most we've ever had in our reserves. Going into the '08-'09 recession, we had 1.05% or so in the loan loss reserve. So we're -- we feel like we're in much better shape on loan loss reserve today than we were at that time. So CECL obviously helps a little bit, but we feel good about where we are.

- 我們盡可能多地保留在儲備金中。賬目會讓我們保留，史蒂夫。這是我們有史以來最高的儲備 1.28%。進入 08-09 年經濟衰退時，我們的貸款損失準備金只有 1.05% 左右。所以我們 - 我們覺得今天我們在貸款損失準備金方面的狀況比當時要好得多。所以 CECL 顯然有一點幫助，但我們對自己的處境感到滿意。

And we feel really good. We filed that deck that you probably hadn't had time to look at, but it details our office building exposure and AD&C exposure. You know what, remember, when pandemic (inaudible) banks -- the industry's retail exposure and how much retail the banks were going to lose on retail and that turned into a nonevent. I mean, yes, some banks lost some money on big malls, but they had earnings and it just sort of got handled.

我們感覺非常好。我們提交了您可能沒有時間看的那張牌，但它詳細介紹了我們的辦公樓曝光和 AD&C 曝光。你知道嗎，請記住，當流行病（聽不清）銀行時——行業的零售風險敞口以及銀行將在零售方面損失多少零售，這變成了一個小事。我的意思是，是的，一些銀行在大型商場上損失了一些錢，但他們有收益，而且只是得到了處理。

So I think it will this time, too. We don't have any of that exposure. But I think it's just -- some of it's just CNBC headlines they like to put out different loan exposures out there. Bud, just -- I don't know any banks that have a lot of office building exposure. But maybe there are some that are.

所以我認為這次也會。我們沒有任何曝光。但我認為這只是——其中一些只是 CNBC 的頭條新聞，他們喜歡在那裡發布不同的貸款風險。巴德，只是——我不知道有哪家銀行有很多辦公樓風險。但也許有一些是。

Our next question comes from the line of David Bishop with Hovde Group.

我們的下一個問題來自 Hovde Group 的 David Bishop。

Quick question. Most of my questions have been answered. I think of the preamble, I think it was maybe Rodney or Bud, you mentioned that you've been able to be opportunistic and maybe repricing or refinancing certain, I think it was variable rate loans. Is that done with a view of getting ahead of potential cash flow pressures on these loans repricing? Or just curious what the impetus was for some of the repricing there, maybe the nature of the loans repriced? And was that sort of a credit-driven decision?

快速提問。我的大部分問題都已得到解答。我想到序言，我想可能是羅德尼或巴德，你提到你已經能夠投機取巧，也許重新定價或再融資某些，我認為這是可變利率貸款。這樣做是為了提前應對這些貸款重新定價的潛在現金流壓力嗎？或者只是好奇那裡的一些重新定價的動力是什麼，也許是重新定價的貸款的性質？那是一種信用驅動的決定嗎？

No, no. Those were all fixed rate loans. And we're talking about an average rate of -- Henry, would it be 4%, something like that.

不，不。這些都是固定利率貸款。我們談論的是平均利率——亨利，是 4% 嗎？

Yes.

是的。

So those are the loans, and it's just surprising to us all and somebody will need something to redo them. And it's not necessarily a credit issue or a default issue. They might need to borrow some more money. They might not finish the construction on time of a loan that has a fixed rate on it. So we're seeing repricing opportunities. And again, you can't capture it in your model, except for -- when we have a commercial loan portfolio that has an average maturity of 3.5 years, we're going to have a lot of repricing opportunities on fixed rate loans.

所以這些就是貸款，這讓我們所有人都感到驚訝，有人需要一些東西來重做它們。而且這不一定是信用問題或違約問題。他們可能需要再藉一些錢。他們可能無法按時完成固定利率貸款的建設。所以我們看到了重新定價的機會。再一次，你無法在你的模型中捕捉到它，除非——當我們有一個平均期限為 3.5 年的商業貸款組合時，我們將有很多固定利率貸款的重新定價機會。

Yes, we have a few more fixed rate loans than we'd like to have today in this environment. But one thing when rates start coming down, those fixed rate loans might not look as bad as they do today. But in any event, we are seeing repricing opportunities on a lot of loans. Again, like I said, just what, 17 days of this quarter, over $80 million is in the process of being repriced or paid off. We've had a couple of companies which are always constantly selling or (inaudible) selling assets. They might have a mini firm, a multifamily project that's going to anybody with any sense is going to any of our developers in any sense or going to the Fannie and Freddie and doing permanent financing as quickly as they can, paying us off. So that's certainly in their best interest.

是的，在這種環境下，我們現在擁有的固定利率貸款比我們希望的要多一些。但有一件事，當利率開始下降時，這些固定利率貸款可能看起來不像今天那麼糟糕。但無論如何，我們看到了很多貸款重新定價的機會。再一次，就像我說的那樣，本季度的 17 天裡，超過 8000 萬美元正在重新定價或還清。我們有幾家公司一直在不斷出售或（聽不清）出售資產。他們可能有一家小型公司，一個多戶項目，任何意義上的任何人都可以在任何意義上進入我們的任何開發商，或者進入 Fannie 和 Freddie 並儘快進行永久性融資，還清我們。所以這當然符合他們的最大利益。

Got it. And then as we think about the Texas expansion into Houston, I assume you expect to see some of that flow into the balance sheet this year. Just curious if any of that shows up on the current deposit pipeline you mentioned in the slide deck?

知道了。然後當我們考慮德克薩斯州向休斯頓的擴張時，我假設你預計今年會看到其中一些流入資產負債表。只是好奇您在幻燈片中提到的當前存款管道中是否出現了任何這些？

It's not in there. We don't have any of that. No, we don't have anything in this pipeline yet, right?

它不在裡面。我們沒有這些。不，我們在這個管道中還沒有任何東西，對吧？

No, we don't. It's not in the pipeline, and we anticipate our growth coming. He's already opened 2 or 3 accounts with new banks. We probably had 10 total Texas accounts before Don came on board. So he's out meeting those current customers. So I would expect in the third and fourth quarter looking for growth from that Texas market.

不，我們沒有。它不在管道中，我們預計我們的增長即將到來。他已經在新銀行開設了 2 或 3 個賬戶。在 Don 加入之前，我們可能總共有 10 個德州賬戶。所以他出去會見那些現有客戶。因此，我希望在第三和第四季度從德克薩斯市場尋求增長。

How many banks from Texas, 400?

得克薩斯州有多少家銀行，400 家？

It's over 400 community banks in Texas. The numbers, a lot of charters in Houston, Dallas markets, San Antonio, Austin. And again, the State of Alabama, we're down to 90-something from bank charters.

它在德克薩斯州有 400 多家社區銀行。數字，在休斯頓、達拉斯市場、聖安東尼奧、奧斯汀有很多包機。再一次，在阿拉巴馬州，我們的銀行執照下降到了 90 多歲。

They say everything is bigger in Texas, and that's true. More banks, bigger banks, bigger deposits.

他們說得克薩斯州的一切都更大，這是真的。更多的銀行，更大的銀行，更多的存款。

Well, I think we have no more questions in the queue. If you all need any further information, I know Bud is going to get out some expense management answers to you and look forward. If you all have any further questions, please let us know. Thanks for joining us today.

好吧，我想我們已經沒有其他問題了。如果你們都需要任何進一步的信息，我知道巴德會為你們提供一些費用管理的答案，期待。如果大家有任何進一步的問題，請告訴我們。感謝您今天加入我們。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。