Texas Capital Bancshares Inc (TCBIO) 2025 Q2 法說會逐字稿

Good morning, and thank you all for attending the Texas Capital Bancshares Inc., Q2 2025 earnings call. My name is Rica, and I will be your moderator for today. (Operator Instructions)

早安，感謝大家參加德州資本銀行股份有限公司 2025 年第二季財報電話會議。我叫 Rica，今天我將擔任你們的主持人。（操作員指示）

I would now like to pass the conference over to your host, Jocelyn Kukulka, Head of Investor Relations at Texas Capital Bancshares. Thank you. You may proceed.

現在，我想將會議交給主持人、德州資本銀行投資者關係主管喬斯林·庫庫爾卡 (Jocelyn Kukulka)。謝謝。您可以繼續。

Good morning, and thank you for joining us for TCBI's second-quarter 2025 earnings conference call. I'm Jocelyn Kukulka, Head of Investor Relations.

早安，感謝您參加 TCBI 2025 年第二季財報電話會議。我是投資者關係主管 Jocelyn Kukulka。

Before we begin, please be aware this call will include forward-looking statements that are based on our current expectations of future results or events. Forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from these statements. Our forward-looking statements are as of the date of this call, and we do not assume any obligation to update or revise them.

在我們開始之前，請注意，本次電話會議將包括基於我們對未來結果或事件的當前預期的前瞻性陳述。前瞻性陳述受已知和未知的風險和不確定性的影響，可能導致實際結果與這些陳述有重大差異。我們的前瞻性陳述截至本次電話會議之日為止，我們不承擔更新或修改它們的任何義務。

Today's presentation will include certain non-GAAP metrics, including, but not limited to, adjusted operating metrics, adjusted earnings per share, and return on invested capital. For a reconciliation of these non-GAAP measures to the corresponding GAAP measures, please refer to our earnings release and our website.

今天的演示將包括某些非公認會計準則指標，包括但不限於調整後的營運指標、調整後的每股盈餘和投資資本回報率。有關這些非 GAAP 指標與相應 GAAP 指標的對照表，請參閱我們的收益報告和我們的網站。

Statements made on this call should be considered together with the cautionary statements and other information contained in today's earnings release, our most recent annual report on Form 10-K and subsequent filings with the SEC. We will refer to slides during today's presentation, which can be found, along with the press release, in the Investor Relations section of our website, at texascapitalbank.com.

本次電話會議中所作的聲明應與今天的收益報告、我們最新的 10-K 表年度報告以及隨後向美國證券交易委員會提交的文件中包含的警告性聲明和其他資訊一起考慮。我們將在今天的簡報中參考幻燈片，這些幻燈片和新聞稿都可以在我們網站 texascapitalbank.com 的投資者關係部分找到。

Our speakers for the call today are Rob Holmes, Chairman, President and CEO; and Matt Scurlock, CFO. At the conclusion of our prepared remarks, our operator will open up the call for Q&A.

今天電話會議的發言人是董事長、總裁兼執行長 Rob Holmes 和財務長 Matt Scurlock。在我們準備好的發言結束後，我們的接線生將開始電話問答環節。

I'll now turn over the call to Rob for opening remarks.

現在我將把電話轉給羅布，請他致開幕詞。

Good morning. Our strong quarterly performance is the result of continued execution on our multiyear road map, which is delivering structurally higher and more sustainable earnings across a broad set of products and services, with an operating model that is only beginning to deliver on its potential for future scale.

早安.我們強勁的季度業績是我們持續執行多年路線圖的結果，該路線圖在廣泛的產品和服務中實現了結構性更高、更可持續的盈利，而運營模式才剛開始發揮其未來規模的潛力。

Year over year quarterly earnings growth accelerated materially during the quarter, with adjusted total revenue increasing 16%, adjusted net income to common up 100%, adjusted earnings per share expanding 104%, and adjusted return on average assets of 1.02%, nearing the 1.1% goal we set out for 2025.

本季，季度獲利年增率大幅加速，調整後總營收成長 16%，調整後普通股淨收入成長 100%，調整後每股盈餘成長 104%，調整後平均資產報酬率為 1.02%，接近我們為 2025 年設定的 1.1% 的目標。

Our now multi-quarter trends of significant new client acquisition again resulted in targeted balance sheet expansion, consistent with our strategic areas of focus. Commercial loans grew 5% linked quarter and are up 13% year over year as we continue to effectively compete for and win holistic client relationships, which define the firm and for whom we can be relevant over the duration of their personal and business life cycles.

我們現在連續多個季度獲得大量新客戶的趨勢再次導致了有針對性的資產負債表擴張，這與我們的策略重點領域一致。商業貸款環比增長 5%，同比增長 13%，因為我們繼續有效地競爭並贏得整體客戶關係，這決定了公司的定位，並且我們可以在客戶的個人和業務生命週期內為他們提供服務。

This growth did not come at the expense of our peer-leading capital ratios as the firm continues to build tangible common equity to tangible assets, finishing the quarter at 10.04%, alongside tangible book value per share of $70.14, an all-time high for the firm.

這一成長並沒有以犧牲我們同業領先的資本比率為代價，因為公司繼續將有形普通股權益與有形資產結合，本季結束時資本比率達到 10.04%，每股有形帳面價值達到 70.14 美元，創下公司歷史新高。

Significant investments and building our areas of focus have and will continue to drive increasingly elevated and granular revenue contributions. Earning the right to be our client's primary operating bank remains a foundational component of our company, with sustained success again displayed by another quarter of peer-leading growth and treasury product fees, which increased 37% year over year to a record high for the firm.

大量的投資和建立我們的重點領域已經並將繼續推動日益提升和細化的收入貢獻。贏得成為客戶主要營運銀行的權利仍然是我們公司的基礎組成部分，我們公司持續的成功再次體現在另一個季度中，即公司的成長和財務產品費用再次領先於同行，同比增長 37%，創下公司歷史新高。

Quarterly treasury product fees have now increased 8 of the last 12 quarters, demonstrating the sustainability of our trajectory and commitment to being a premier payments bank. Early and substantial investments in these products and services have returned the expected outcomes, which as they scale, will continue to enhance profitability.

在過去 12 個季度中，季度國庫產品費用有 8 個季度上漲，證明了我們發展軌蹟的可持續性以及成為一流支付銀行的承諾。這些產品和服務的早期大量投資已經獲得了預期的結果，隨著規模的擴大，獲利能力將繼續提高。

In addition to focusing on core operating account growth, our treasury platform is also contributing to expansion in longer duration, less rate system interest-bearing deposits, again evidenced this quarter by a 16 basis point increase in linked quarter net interest margin. Our unique and focused client service models continue to gain scale, making it easier for our clients to bring more of their business to us through tech-enabled connectivity and same-day account opening.

除了關注核心營運帳戶的成長之外，我們的財務平台還致力於擴大期限較長、利率較低的計息存款，本季環比淨息差增加 16 個基點再次證明了這一點。我們獨特而專注的客戶服務模式不斷擴大規模，使我們的客戶能夠更輕鬆地透過技術支援的連接和當日開戶為我們帶來更多業務。

Despite portions of the capital markets being essentially closed in April and early May, investment banking and trading income increased 43% quarter over quarter and 4% year over year, led by a rebound in capital markets activity and our steadily growing sales and trading platform.

儘管 4 月和 5 月初部分資本市場基本關閉，但投資銀行和交易收入環比增長 43%，同比增長 4%，這主要得益於資本市場活動的反彈以及我們穩步增長的銷售和交易平台。

During the quarter, we also continued our equities build-out, further expanding our research coverage to 72 companies, adding key talent in equity capital markets, corporate access, and industry investment banking coverage, while also commencing trading operations near the end of the quarter. Our breadth of product offerings and integrated client solutions provided by industry experts aligned with client needs continues to be a competitive advantage, driving pipeline growth, which will be further enhanced as these capabilities begin to scale during the second half of the year.

在本季度，我們也繼續擴大股票研究範圍，將研究範圍進一步擴大至 72 家公司，增加了股票資本市場、企業准入和行業投資銀行覆蓋範圍的關鍵人才，同時在本季度末開始交易業務。我們廣泛的產品供應和由行業專家根據客戶需求提供的綜合客戶解決方案繼續成為我們的競爭優勢，推動產品線的成長，隨著這些能力在下半年開始擴大，這一優勢將進一步增強。

As we close out this quarter, I want to take a moment to reflect on how far we have come. Over the past four years, we have executed a bold and deliberate transformation, reshaping our firm into a more agile, diversified, and client-centric institution. Through purposeful actions, scaling value-accretive businesses, enhancing client journeys, and driving operational efficiency we have built a platform that is resilient, relevant, and positioned to perform through any market or a rate cycle.

在本季結束之際，我想花點時間回顧我們已經取得的進步。在過去四年中，我們進行了大膽而謹慎的轉型，將公司重塑為一個更靈活、多元化和以客戶為中心的機構。透過有目的的行動、擴大增值業務、增強客戶旅程和提高營運效率，我們建立了一個具有彈性、相關性且能夠在任何市場或利率週期中發揮作用的平台。

This quarter's results are a testament to the strength of the platform. We have delivered solid performance across our businesses, maintained risk discipline, and continue to invest in innovation and talent, all of which engender confidence we will deliver the risk-adjusted returns, consistent with our published targets.

本季的業績證明了該平台的實力。我們的各項業務均表現穩健，保持了風險紀律，並持續投資於創新和人才，所有這些都使我們有信心實現符合我們公佈的目標的風險調整回報。

None of this will be possible without the dedication and hard work of our employees. Their commitment, creativity and resilience have been a driving force behind our transformation and will ensure our future successes. Thank you again for your continued support and trust.

如果沒有我們員工的奉獻和辛勤工作，這一切都不可能實現。他們的承諾、創造力和韌性一直是我們轉型的驅動力，並將確保我們未來的成功。再次感謝您一直以來的支持與信任。

I'll turn it over to Matt to discuss the financial results. Matt?

我將把財務結果交給馬特討論。馬特？

Thanks, Rob, and good morning. Starting on slide 5. Second quarter adjusted total revenue increased $42.3 million or 16% relative to Q2 of last year, supported by 17% growth in net interest income and 11% growth in adjusted fee-based revenue.

謝謝，羅布，早安。從投影片 5 開始。第二季調整後總收入較去年第二季增加 4,230 萬美元，增幅為 16%，這得益於淨利息收入增長 17% 以及調整後費用收入增長 11%。

Linked quarter adjusted total revenue grew by $28.9 million or 10% for the quarter, as a $17.4 million increase in net interest income was augmented by an $11.5 million improvement in adjusted non-interest revenue.

本季調整後總收入成長 2,890 萬美元，增幅 10%，其中淨利息收入增加 1,740 萬美元，調整後非利息收入增加 1,150 萬美元。

Adjusted total noninterest expense decreased $14.1 million quarter over quarter. As first quarter financials are impacted by seasonal payroll and compensation expenses, realized structural efficiencies enabled continued repositioning of the expense base and support of defined capability build. Taken together, year over year, adjusted preprovision net revenue increased 52% or $41.4 million to $120.5 million, a record level since the announcement of the strategic transformation.

調整後的非利息總支出較上季減少 1,410 萬美元。由於第一季的財務狀況受到季節性工資和薪資費用的影響，實現的結構效率使得費用基礎能夠繼續重新定位並支持明確的能力建設。總體而言，與去年同期相比，調整後的撥備前淨收入增長了 52%（即 4,140 萬美元），達到 1.205 億美元，創下了戰略轉型宣布以來的最高水準。

This quarter's provision expense of $15 million resulted from continued growth in gross LHI, $13 million of net charge-offs against previously identified problem credits and our continued view of the uncertain macroeconomic environment, which remains decidedly more conservative than consensus expectations. The firm's allowance for credit loss increased $2 million to $334 million, finishing the quarter at 1.79% of LHI when excluding the impact of mortgage finance allowance and related loan balances.

本季撥備支出為 1,500 萬美元，這歸因於 LHI 總額的持續成長、針對先前發現的問題信貸的 1,300 萬美元淨沖銷，以及我們對不確定的宏觀經濟環境的持續看法，這種看法仍然比普遍預期更為保守。該公司的信貸損失準備金增加了 200 萬美元，達到 3.34 億美元，在排除抵押貸款融資準備金和相關貸款餘額的影響後，本季的 LHI 比率為 1.79%。

As Rob noted, adjusted net income to common was $75.5 million, an increase of 100% compared to adjusted net income of common in Q2 of last year. This continued financial progress, coupled with a consistently disciplined multiyear share repurchase approach, contributed to a 104% increase in quarterly adjusted earnings per share compared to adjusted earnings per share from a year ago.

正如 Rob 所指出的，調整後的普通股淨收入為 7,550 萬美元，與去年第二季調整後的普通股淨收入相比增長了 100%。持續的財務進步，加上多年來一貫嚴謹的股票回購策略，使得季度調整後每股收益與去年同期調整後每股收益相比增長了 104%。

The firm continues to operate from a position of financial strength with balance sheet metrics remaining exceptionally strong. Ending period cash and securities comprised 23% of total assets as the firm continues to onboard and expand client relationships while supporting their broad needs, which again this quarter included an increase in credit demand.

該公司繼續以雄厚的財務實力運營，資產負債表指標依然保持強勁。期末現金和證券佔總資產的 23%，因為該公司繼續吸收和擴大客戶關係，同時滿足客戶的廣泛需求，本季信貸需求再次增加。

Focus routines on target client acquisition continue to deliver risk appropriate and return accretive loan portfolio expansion, with ending period gross LHI balances excluding mortgage finance growing $387 million or 9% annualized during the quarter. Average commercial loan balances increased 4% or $399 million during the quarter, with broad contributions across areas of industry and geographic coverage, with ending period balances up approximately $1.4 billion or 13% year over year.

專注於目標客戶獲取的例行工作繼續帶來風險適當且回報增值的貸款組合擴張，本季末不包括抵押貸款融資的 LHI 總餘額增長了 3.87 億美元，年化增長率為 9%。本季平均商業貸款餘額增加了 4% 或 3.99 億美元，各行業和地理覆蓋領域都有廣泛貢獻，期末餘額年增約 14 億美元或 13%。

As expected, real estate loans declined slightly during the quarter, decreasing $159 million, including a $53 million reduction in previously criticized assets to the lowest level in over two years. Despite a modest increase in client new business volume, should the current rate outlook hold, our expectation remains that payoffs will outpace originations over the duration of the year, causing current quarter trends to continue at a comparable pace.

正如預期的那樣，本季房地產貸款略有下降，減少了 1.59 億美元，其中先前受到批評的資產減少了 5,300 萬美元，降至兩年多來的最低水準。儘管客戶新業務量略有增加，但如果當前的利率前景保持不變，我們仍然預計，全年的還款額將超過發放額，從而導致本季的趨勢繼續保持相當的速度。

As anticipated, average mortgage finance loans increased 34% linked quarter to $5.3 billion as seasonal home buyer activity hits its annual high during the summer months. We remain cautious on the mortgage outlook for the remainder of 2025, with continued expectation for a 10% increase in full year average balances predicated on a $1.9 trillion origination market.

正如預期的那樣，由於季節性購屋者活動在夏季達到年度最高水平，平均抵押貸款環比增長 34%，達到 53 億美元。我們對 2025 年剩餘時間的抵押貸款前景仍持謹慎態度，預計全年平均餘額將成長 10%，前提是發起市場規模達到 1.9 兆美元。

As Rob noted, sustained success winning high-quality deposit relationships continues to allow for select reduction of higher-cost deposits where we are unable to earn an adequate return on the aggregate relationship. These trends are evidenced in part by our continued ability to effectively grow client interest-bearing deposits, which are up $2.8 billion or 19% year over year, while effectively managing deposit betas, which increased to 81% in the quarter and maintaining decade low levels of broker deposits.

正如羅布所指出的，持續成功贏得高品質的存款關係使我們能夠選擇性地減少高成本存款，因為我們無法在整體關係中獲得足夠的回報。這些趨勢部分體現在我們能夠持續有效地增加客戶計息存款，較上年同期增加了 28 億美元，增幅為 19%，同時還能有效地管理存款貝塔係數，本季度存款貝塔係數增加至 81%，並維持十年來的經紀存款低水平。

This is also observed in the ratio of average mortgage finance deposits to average mortgage financial loans, which improved 91% this quarter, down significantly from 120% in Q2 of last year, which is positively affecting margin while also improving liquidity value. We expect this ratio to remain near 90% during the third quarter as loan volumes peak seasonally and deposit balances predictably build.

這也體現在平均抵押貸款存款與平均抵押貸款的比率上，本季該比率提高了 91%，較去年第二季的 120% 大幅下降，這對利潤率產生了積極影響，同時也提高了流動性價值。我們預計，由於貸款量季節性高峰和存款餘額可預見的增加，這一比例在第三季將保持在 90% 左右。

Our modelled earnings at risk were relatively flat quarter over quarter, with current and prospective balance sheet positioning continuing to reflect a business model that is intentionally more resilient to changes in market rates. In April, we took advantage of significant tariff-driven rate volatility to sell $282 million of relatively short duration AFS securities with a book yield of 3.1%, reinvesting the proceeds into securities yielding 5.4%, resulting in approximately four-month earn-back and improvement in rates fall protection.

我們模擬的風險收益與上一季相比相對持平，當前和未來的資產負債表定位繼續反映出一種有意對市場利率變化更具彈性的商業模式。4 月份，我們利用關稅引發的利率大幅波動，出售了價值 2.82 億美元的期限相對較短的 AFS 證券，賬面收益率為 3.1%，並將收益再投資於收益率為 5.4% 的證券，從而實現了約四個月的盈利，並改善了利率下跌保護。

In addition to the small repositioning, we continue to effectively manage duration in anticipation of upcoming swap maturities, adding $221 million of additional securities yielding 5.6%, along with $100 million in forward-starting received fixed swaps that will become active on October 1.

除了小幅調整部位外，我們還將繼續有效管理期限，以應對即將到期的掉期，增加 2.21 億美元的額外證券，收益率為 5.6%，以及 1 億美元的遠期固定掉期，這些掉期將於 10 月 1 日生效。

We currently have $1.5 billion of received fixed SOFR swaps maturing in the third quarter at a blended receive rate of 292 basis points, of which $250 million matured earlier this month. Partially offsetting this reduction, $300 million of previously added forward-starting SOFR swaps with a blended receive rate of 388 basis points become active later in the third quarter. We do still anticipate future interest rate derivative or securities actions over the course of 2025 as we look to augment potential rates fall earnings generation at materially better terms than available during our deliberate [pause] through the mid part of last year.

我們目前有 15 億美元的固定 SOFR 掉期將於第三季到期，混合接收利率為 292 個基點，其中 2.5 億美元於本月初到期。為部分抵銷這一減少，先前增加的 3 億美元遠期 SOFR 掉期（混合接收利率為 388 個基點）將在第三季後期生效。我們仍預期 2025 年期間將採取利率衍生性商品或證券行動，因為我們希望以比去年年中刻意[暫停]期間更好的條件來增加潛在的利率下降收益。

Net interest margin expanded 16 basis points this quarter as the $17.4 million increase in net interest income was driven by improvements in funding costs, growth in loan balances and improvement in the mortgage finance self-funding ratio, partially offset by lower cash income associated with seasonally smaller balances. Quarterly adjusted noninterest expense decreased $14.1 million of seasonally elevated Q1, while year over year adjusted levels were up only $900,000 as we continue to reposition the expense base in support of consistently defined growth initiatives and areas of focus.

本季度淨利差擴大了 16 個基點，因為淨利息收入增加了 1,740 萬美元，這得益於融資成本的改善、貸款餘額的增長以及抵押貸款自籌資金比率的提高，但季節性餘額減少導致的現金收入減少部分抵消了這一影響。季度調整後非利息支出較第一季季節性增加減少了 1,410 萬美元，而同比調整後水準僅增加了 90 萬美元，因為我們繼續重新定位支出基礎，以支持一致定義的成長計劃和重點領域。

The allowance for credit loss, including off-balance sheet reserves increased to $334 million, an all-time high for the firm. While excluding the impact of mortgage finance allowance and related loan balances, reserves are 1.79% of total LHI. And the top decile among the peer group and up over $20 million relative to Q2 of last year.

包括表外準備金在內的信貸損失準備金增加至 3.34 億美元，創下公司歷史新高。排除抵押貸款融資準備金和相關貸款餘額的影響，準備金佔 LHI 總額的 1.79%。在同行中名列前茅，與去年第二季度相比增長了 2000 多萬美元。

Special mission loans decreased $144.3 million quarter over quarter, while total criticized loans decreased $222 million or 26% year over year. Criticized loans of total LHI decreased to 2.66%, the lowest level since 2022, with broad-based improvements across both C&I and CRE. The reserve coverage ratio remains strong at 2.9 times non-accrual loans, which experienced a modest increase of $20 million this quarter to levels in line with those experienced over the last 12 months.

特殊任務貸款較上季減少 1.443 億美元，而受批評貸款總額較去年同期減少 2.22 億美元，降幅為 26%。受批評的 LHI 貸款總額佔比降至 2.66%，為 2022 年以來的最低水平，工商業和商業房地產領域均出現普遍改善。準備金覆蓋率仍保持強勁，為非應計貸款的 2.9 倍，本季非應計貸款小幅增加了 2,000 萬美元，達到與過去 12 個月相同的水平。

Despite continued notable portfolio improvements, we remain focused on proactively assessing the credit impact of a wide range of macroeconomic and portfolio-specific scenarios. This consistent forward-looking approach reinforces our ability to adapt to evolving credit conditions, while preserving balance sheet strength and supporting long-term value creation.

儘管投資組合持續顯著改善，我們仍專注於積極評估各種宏觀經濟和特定投資組合情境的信用影響。這種一致的前瞻性方法增強了我們適應不斷變化的信貸條件的能力，同時保持了資產負債表的實力並支持長期價值創造。

Consistent with prior quarters, capital levels remain at or near the top of the industry. Total regulatory capital remains exceptionally strong relative to both the peer group and our internally assess risk profile. CET1 finished the quarter at 11.45%, an 18 basis points decline from prior quarter, as strong capital generation was offset by robust loan growth.

與前幾季一致，資本水準仍處於或接近行業最高水準。與同業和我們內部評估的風險狀況相比，總監管資本仍然保持強勁。本季度，CET1 利率為 11.45%，較上一季度下降 18 個基點，因為強勁的資本產生被強勁的貸款成長所抵銷。

By quarter end, approximately 30% of our mortgage finance loan portfolio had migrated to the enhanced credit structures discussed over the last few quarters, bringing the blended risk weighting to 79%. Our continued client dialogue suggested another 10% of funded mortgage loan balances could migrate into the structure during the third quarter, further improving both our credit positioning and return on allocated capital.

截至季末，我們約有 30% 的抵押貸款組合已轉移到過去幾季討論的增強信貸結構，使混合風險權重達到 79%。我們與客戶的持續對話表明，第三季可能會有另外 10% 的抵押貸款餘額轉入該結構，從而進一步改善我們的信貸定位和分配資本回報率。

We continue to deploy the capital base in a disciplined and analytically rigorous manner focused on driving long-term shareholder value. During the quarter, we repurchased approximately 318,000 shares or 0.7% of prior quarter shares outstanding for a total of $21 million at a weighted average price of $65.50 per share or 96% of prior months tangible book value per share.

我們將繼續以嚴謹的、分析嚴謹的方式部署資本基礎，並專注於推動長期股東價值。在本季度，我們回購了約 318,000 股，佔上一季度流通股的 0.7%，總計 2,100 萬美元，加權平均價格為每股 65.50 美元，佔上個月每股有形帳面價值的 96%。

Turning to the full year outlook. We're reaffirming our revenue guidance of low double-digit percent growth, reflecting confidence in the durability of our diversified earnings platform and ability to drive consistent client engagement across a range of market conditions. We are decreasing our noninterest expense outlook to mid- to high single-digit percent growth from high single-digit percent growth previously. This reduction is driven by sustained realization of structural efficiencies, partially offset by continued platform build-out, including non-salaries and benefits-related costs associated with putting new capabilities into the market.

展望全年前景。我們重申低兩位數百分比成長的收入預期，這反映出我們對多元化獲利平台持久性的信心，以及在各種市場條件下推動持續客戶參與的能力。我們將非利息支出預期從先前的高個位數百分比成長下調至中高個位數百分比成長。這一減少是由持續實現結構效率所推動的，但被持續的平台建設所部分抵消，包括與將新功能推向市場相關的非工資和福利相關成本。

The full year provision expense outlook remains 30 to 35 basis points of loans held for investment, excluding mortgage finance, which should enable the preservation of industry-leading coverage levels while effectively supporting our clients' growth needs. Taken together, this outlook suggests continued earnings momentum and achievement of quarterly 1.1% ROAA in the second half of the year.

全年撥備支出前景仍為投資貸款（不包括抵押貸款）的 30 至 35 個基點，這應能保持行業領先的覆蓋水平，同時有效支持我們客戶的成長需求。綜合來看，這一前景表明盈利勢頭將持續，下半年季度 ROAA 將達到 1.1%。

Operator, we'd now like to open up the call for questions. Thank you.

接線員，我們現在想開始提問。謝謝。

(Operator Instructions) Michael Rose, Raymond James.

（操作員指示）邁克爾·羅斯、雷蒙德·詹姆斯。

Matt or Rob, I just wanted to get a better view into kind of the pipeline for investment banking and trading. I know you've made a fair amount of hires here recently, and we've seen the deal activity pick up on your LinkedIn page.

馬特或羅布，我只是想更了解投資銀行和交易的管道。我知道您最近在這裡招募了相當多的人才，而且我們看到您的 LinkedIn 頁面上的交易活動有所增加。

Just wanted to get a sense for where pipelines are and how we could expect that to trend? And then if you could dovetail that with the ongoing investments that are going to be needed to kind of support the growth of that business. I know you've launched on a couple of sectors here within research and things like that. So just trying to level set near-term expectations.

只是想了解管道在哪裡以及我們可以如何預測其趨勢？然後，如果您可以將其與支持該業務成長所需的持續投資結合起來。我知道您已經在研究等領域開展了幾個工作。因此，只是試著設定近期預期。

Yeah, happy to address that, Michael. So the fact -- despite the fact that capital markets were essentially closed in April and through the first part of May, investment banking and trading income did come in above the guide, which was supported by strong capital markets syndication fees and the continued growth in sales and trading.

是的，很高興解決這個問題，邁克爾。因此，儘管資本市場在 4 月和 5 月初基本上關閉，但投資銀行和交易收入確實高於預期，這得益於強勁的資本市場銀團費用以及銷售和交易的持續成長。

Rob noted in his prepared remarks that the continued expansion of an integration of capabilities into our existing coverage should support pretty strong fee growth in the back part of the year. So the guide currently contemplates that total noninterest income moves to $60 million to $65 million in the third quarter, which will be supported by $35 million to $40 million in investment banking fees, excuse me. And that expectations for full year noninterest income will move to about $230 million to $240 million.

羅佈在他的準備好的發言中指出，繼續將能力整合到我們現有的覆蓋範圍內，應該能夠支持今年下半年相當強勁的費用增長。因此，該指南目前預計第三季非利息總收入將達到 6,000 萬至 6,500 萬美元，這將由 3,500 萬至 4,000 萬美元的投資銀行費用支撐，對不起。預計全年非利息收入將增至約 2.3 億至 2.4 億美元。

On expense side, we're proud that we continue to find select opportunities to reposition the expense base against what has long been described as areas of focus. And we expect expenses are going to move to the mid to high 190s over the next couple of quarters as sizes and benefits moves into the low to mid 120s. And then other noninterest expense moves above the $70 million number that we've cited for the last few quarters.

在費用方面，我們很自豪能夠繼續找到精選的機會來重新定位費用基礎，以應對長期以來被描述為重點的領域。我們預計，隨著規模和福利進入 120% 左右，未來幾季費用將升至 190% 左右。然後，其他非利息支出超過了我們過去幾季提到的 7000 萬美元。

Both of those moves are related to the capability build-out that you described, Michael, primarily in investment banking coverage and product rollout. And it's not just the comp and benefits expense, it's the technology expense, occupancy expense and the legal necessary to put those initiatives into the market.

邁克爾，這兩項措施都與您所描述的能力建構有關，主要體現在投資銀行業務覆蓋範圍和產品推出方面。這不僅是補償和福利費用，還包括技術費用、入住費用以及將這些措施推向市場所需的法律費用。

I would just add one thing, which would be -- I think it's really, really important to note how the platform, including investment banking affects NIM as well. So there's just a high -- there's a better client journey, better advice, better dialogue with our clients. It's a more valuable banking relationship where they use an investment banking service or not, which makes them less demanding of rate, which obviously contributed to 42 bps improvement year-to-date in NIM, which I think is sector leading.

我只想補充一點，那就是——我認為非常非常重要的一點是要注意平台（包括投資銀行）如何影響 NIM。因此，我們擁有更好的客戶旅程、更好的建議、與客戶更好的對話。無論他們是否使用投資銀行服務，這都是更有價值的銀行關係，這使得他們對利率的要求降低，這顯然有助於今年迄今為止 NIM 提高 42 個基點，我認為這是行業領先的。

That's great color. I appreciate all of it. Maybe just one follow-up question. I had probably been a dead (inaudible) here on the ROA, but it seems like it's clearly within striking distance. I know maybe a little bit early, but just given ongoing momentum and seasoning of investments, positive operating leverage, all of the above. I mean, should we expect something higher as we contemplate next year?

顏色真棒。我非常感謝這一切。也許只是一個後續問題。我可能已經在 ROA 上死了（聽不清楚），但它似乎顯然在攻擊距離內。我知道可能有點早，但考慮到投資的持續勢頭和成熟度、積極的經營槓桿以及以上所有因素。我的意思是，當我們考慮明年時，我們是否應該期待更高的結果？

Look, we didn't -- we certainly -- our aspiration is not to achieve one-one in stock. I mean you know us pretty well, Michael. That was a guidepost along the way of the transformation, and we have a long way to go, and we're super excited about it.

你看，我們沒有——我們當然沒有——我們的願望不是實現庫存一對一。我的意思是你非常了解我們，麥可。這是轉型道路上的路標，我們還有很長的路要走，我們對此感到非常興奮。

What we're certain of is that the strategy works, the client acceptance of this strategy and our bankers is actually surprising even to me. I'm super proud of the bankers, the clients were onboarding. As we said, we want to be defined by our clients. We're proud of all of them. We've reallocated a lot of capital to get the right clients onto the platform and one-one is just a mirror stop along the way.

我們可以肯定的是，該策略是有效的，客戶和我們的銀行家對該策略的接受程度甚至令我感到驚訝。我為銀行家和客戶感到非常自豪。正如我們所說，我們希望由客戶來定義我們。我們為他們所有人感到驕傲。我們重新分配了大量的資金來吸引合適的客戶進入這個平台，而one-one只是我們這個平台的鏡像網站。

Woody Lay, Keefe, Bruyette & Woods.

伍迪萊、基夫、布魯耶特和伍茲。

Any commentary on the restructuring charges in the quarter? And as I think about the low end versus the high end of the guide, is that really a reflection of the investment banking trends over the back half of the year?

本季的重組費用有何評論？當我思考指南的低端與高端時，這真的反映了下半年投資銀行的趨勢嗎？

Woody, I'm not sure if there was a beginning part of that question that we may have missed. So the first thing we heard is the restructuring charges to address that. So we continue to find opportunities to drive what we term as real structural efficiencies. We're able to take expense from what we think of as less productive sources and match it up against the fee income areas of focus that we've been describing really since 2021. And so that's a trend that we hope to continue and think has become a core competency for the firm.

伍迪，我不確定我們是否錯過了這個問題的開頭部分。因此，我們聽到的第一件事就是解決這個問題的重組費用。因此，我們不斷尋找機會來推動我們所說的真正的結構效率。我們能夠從我們認為效率較低的來源中扣除費用，並將其與我們自 2021 年以來一直描述的費用收入重點領域進行匹配。我們希望這種趨勢能夠持續下去，並認為它已成為公司的核心競爭力。

Can you ask the second question again?

你能再問一次第二個問題嗎？

Yeah. And just on the guide of sort of mid to high single digits for expense growth, the low end versus the high end, does that really come down to how investment banking fees trend in the back half of the year?

是的。而且，僅以中高個位數的費用增長為指導，低端與高端，這真的可以歸結為下半年投資銀行費用的趨勢嗎？

Yeah. Good question. I really like about 6% full year noninterest expense growth. I think mid-to high 190s in the next two quarters supports $240 million of fee generation as well as the outlook for full year earnings.

是的。好問題。我真的很喜歡全年非利息支出成長 6% 左右。我認為未來兩個季度的 195 到 199 億美元收入將支持 2.4 億美元的費用產生以及全年盈利前景。

Got it. That's helpful. And then maybe last for me on capital. And just given sort of the shift in the regulatory tone, how does it impact your view on excess capital and that CET1 target of above 11%?

知道了。這很有幫助。然後也許對我來說這是最後一次資本投資。鑑於監管基調的轉變，這對您對過剩資本和高於 11% 的 CET1 目標的看法有何影響？

Don't affect us whatsoever. As you know, we are super happy to have what you would call excess capital, we call a strategic advantage in the market, which allows us to onboard a record number of clients each in the last three years. And we don't see it as anything but of a competitive advantage. We have lots of uses for it. We're great stewards of capital. As you know, we have a traditional data-driven capital allocation model, and we've proven to be good stewards of it. And the regulatory outlook has no bearing.

不要對我們造成任何影響。如您所知，我們非常高興擁有您所說的過剩資本，我們稱之為市場策略優勢，這使我們能夠在過去三年中吸引創紀錄數量的客戶。我們認為這只是一種競爭優勢。它有很多用途。我們是出色的資本管家。如您所知，我們擁有傳統的數據驅動的資本配置模型，並且事實證明我們是該模型的良好管理者。而監管前景也沒有任何影響。

Stephen Scouten, Piper Sandler.

史蒂芬·斯考頓，派珀·桑德勒。

So revenue trends were extremely strong in the quarter, which is great. And I know the guide is maybe a fairly wide band here at low double-digit percent growth. But I'm curious, what would lead you to maybe raise that guidance given what appears to be maybe some revenue trends that are ahead of schedule or maybe what would take us to the highest end of what is low double-digit growth?

因此本季的營收趨勢非常強勁，這很好。我知道這個指引可能是一個相當寬的區間，處於低兩位數的百分比成長率。但我很好奇，考慮到一些收入趨勢似乎超出了計劃，什麼會促使您提高這一指導，或者什麼會讓我們達到低兩位數增長的最高端？

Yeah. We think it’s [230] of fees, so the low end of the fee guide, we've got enough NII momentum, Stephen, to move to the high end of the current guide. Maybe to walk through that a bit, as Rob alluded to, for us, NII really begins with deposit repricing, which we were clearly able to push past that 70% interest-bearing deposit beta that we targeted during the second quarter, and are now at 81% since the beginning of the easing cycle.

是的。我們認為費用是[230]，因此費用指南的低端，我們有足夠的NII動力，史蒂芬，轉向目前指南的高端。也許可以稍微解釋一下，正如 Rob 提到的那樣，對於我們來說，NII 實際上始於存款重新定價，我們顯然能夠將其推高至第二季度設定的 70% 計息存款貝塔值，而自寬鬆週期開始以來，這一比例現已達到 81%。

Rob and I both noted in our prepared remarks that we've done that while effectively growing nonbrokered, non-indexed interest-bearing deposits by $3 billion or 22% year over year, which, to Rob's point, we think, highlights improved client relevance and a sustained value proposition.

羅布和我都在準備好的發言中指出，我們這樣做的同時，有效地使非經紀、非指數化的計息存款同比增長 30 億美元或 22%，正如羅布所說，我們認為，這凸顯了客戶相關性的提高和持續的價值主張。

Supporting those results, we did have CDs reprice of $986 million of CDs that matured in the quarter at [475] and came back on a closer to [425], and we've got another $1.1 billion that's going to mature this quarter, an average rate of 4.62% relative to posted rates of 4.2%.

為支持這些結果，我們確實對本季到期的 9.86 億美元的 CD 進行了重新定價，利率為 [475]，之後又回到了接近 [425] 的水平，而且我們還有另外 11 億美元的 CD 將於本季度到期，平均利率為 4.62%，而公佈的利率為 4.2%。

Given the balance sheet momentum and multitude of relationship touch points with those consumers, we expect majority of those CDs to be replaced at current market pricing. We don't necessarily think that we're going to see, other than the CD repricing, additional success passing on marginal decreases in interest-bearing deposit costs up to and until the Fed moves.

考慮到資產負債表的勢頭和與這些消費者的眾多關係接觸點，我們預計大多數 CD 將按照當前市場價格被取代。我們不認為，除了存單重新定價之外，在聯準會採取行動之前，我們還會看到額外的成功，從而降低有利息的存款成本。

But we do think there's enough momentum to support an increase in net interest income of roughly $10 million linked quarter. And if you carry that out for the duration of the year, I think you could pretty easily deliver the high end of the revenue guide on [230] of fees.

但我們確實認為有足夠的動力來支持本季淨利息收入增加約 1,000 萬美元。如果你在全年實施這項政策，我認為你可以輕鬆實現 [230] 費用收入指南的高端。

Okay. That's very helpful and specific. I appreciate that, Matt. I guess as it pertains to the mortgage finance business and expected yields, if the related deposits stay in this 90% range, would you think that the mortgage finance yields could actually continue to tick up higher as that kind of drag from the deposit weighting lessons relative to what it's been in the past?

好的。這非常有幫助並且具體。我很感激，馬特。我想，就抵押貸款融資業務和預期收益率而言，如果相關存款保持在這個 90% 的範圍內，您是否認為抵押貸款融資收益率實際上可能會繼續走高，因為存款加權教訓相對於過去的水平有所拖累？

Yeah, the guide incorporates a cut in September, which would suggest that mortgage finance yields moved out into the [mid-430s] absent a cut, I think you said relatively flat linked quarter.

是的，該指南包含了 9 月的降息，這意味著如果不降息，抵押貸款融資收益率將升至 [430 年代中期]，我想您說的是與季度掛鉤的相對持平。

Okay. Great. And then maybe just lastly on the expense trends. I know last quarter, you called out about $14 million in seasonal uptick that wouldn't repeat. But obviously, didn't see seemingly relative to that delta, a lot of other growth. Was there anything that maybe surprised you guys in terms of your ability to keep expenses lower than what have been expected or anything of note in terms of larger scale savings that occurred this quarter?

好的。偉大的。最後我們來談談費用趨勢。我知道上個季度，您預測季節性將上漲約 1400 萬美元，而且這種上漲不會再發生。但顯然，相對於該增量，似乎沒有看到很多其他的成長。在你們將支出控制在低於預期水準的能力方面，有什麼事情讓你們感到驚訝嗎？或者在本季發生的大規模節省方面，有什麼值得注意的事情嗎？

No. I think we've made multiple years of investments in technology across the platform that's allowing for efficiencies and greater expense management and discipline that you will see going forward as we build the platform with the ability to scale with efficiency.

不。我認為我們已經在整個平台的技術上進行了多年的投資，這提高了效率並提高了費用管理和紀律，隨著我們建立具有高效擴展能力的平台，您將會看到這一點。

(Operator Instructions) Matt Olney, Stephens Inc.

（操作員指示）Matt Olney，Stephens Inc.

Good growth on the commercial lending front. I'm curious what you saw from your commercial customer behavior from April and then, of course, end of June. I mean you mentioned it was a volatile quarter from a macro perspective. So just curious, as you move through the quarter, did you see any change in behavior, change utilization from all your commercial-type customers?

商業貸款方面成長良好。我很好奇您從 4 月到 6 月底的商業客戶行為中看到了什麼。我的意思是，你提到從宏觀角度來看這是一個動盪的季度。所以只是好奇，隨著本季的推進，您是否看到所有商業客戶的行為、利用率有任何變化？

Yeah. Thanks, Matt. So I think we've noted on every single call since this management team has been in place that we're trying to create, we think, is a pretty unique offering to provide capital to our clients really across any continuum, which includes facilitating access to bank debt.

是的。謝謝，馬特。因此，我認為，自從這個管理團隊成立以來，我們在每次電話會議上都注意到，我們正在努力創造一種非常獨特的服務，為我們的客戶提供跨越任何連續體的資本，其中包括促進獲得銀行債務。

This quarter for us generally played out as anticipated, with continued strong client acquisition resulting in 20% annualized growth in C&I, which was partially offset by, we think, well telegraphed payoffs in CRE, of which about a third of that was related to criticized assets. The pipeline suggests that those client acquisition trends should remain intact heading into the third quarter, and we haven't seen really any change in line utilization linked quarter and are down about 2% year over year.

本季度我們總體上按照預期發展，客戶獲取持續強勁，導致商業與工業 (C&I) 實現了 20% 的年化增長率，但我們認為，這一增長被商業地產 (CRE) 的明顯收益所部分抵消，其中約三分之一與受到批評的資產有關。該管道表明，進入第三季度，這些客戶獲取趨勢應該會保持不變，而且我們並沒有看到本季度線路利用率有任何變化，並且同比下降了約 2%。

I would just add to that, that I see continued growth -- activity in the balance sheet for them is extremely high for new clients with the demand on loans going forward on bank debt, not just other types of debt. And I think you'll see continued growth as the reinvestment and the balance sheet continues to slow.

我只想補充一點，我看到持續的成長——他們的資產負債表上的活動對於新客戶來說非常高，他們對銀行債務（而不僅僅是其他類型的債務）的貸款需求很大。我認為，隨著再投資和資產負債表繼續放緩，你會看到持續的成長。

Okay. Appreciate the color on that, Rob. And then I guess going back to the more finance commentary. I'm a little bit surprised you're maintain that guidance of the 10% year-over-year growth given industry expectations a little bit softer now than a few months ago. It sounds like you could be gaining some market share. Any color you can share on that?

好的。羅布，欣賞它的色彩。然後我想回到更多的財務評論。鑑於目前產業預期比幾個月前略有減弱，我有點驚訝您能維持 10% 的年成長預期。聽起來你可能會獲得一些市場份額。您可以分享任何顏色嗎？

We think we bank really great clients in that space, Matt, and continue to try to provide a broader set of products and services to that client base. Our expectation for the market hasn't changed since the beginning of the year. So we've got a $1.9 trillion origination market that sits on top of 30 or fixed rate mortgages between 6, 8, and 7. And if that continues, we expect 10% growth in full year average balances.

馬特，我們認為我們在該領域擁有真正優秀的客戶，並將繼續努力為該客戶群提供更廣泛的產品和服務。我們對市場的預期從今年年初以來就沒有改變過。因此，我們擁有一個價值 1.9 兆美元的發起市場，位於 30 或 6、8 和 7 之間的固定利率抵押貸款之上。如果這種趨勢持續下去，我們預計全年平均餘額將增加 10%。

I think it's important to note also, we're not trying to gain market share in that sector. We're trying to bank the select view what we think are the best clients in that sector and no more.

我認為還需要注意的是，我們並沒有試圖在該領域獲得市場份額。我們試圖將精選的觀點匯聚到我們認為的該領域最好的客戶身上，僅此而已。

(Operator Instructions) Jon Arfstrom, RBC Capital Markets.

（操作員指示）Jon Arfstrom，RBC Capital Markets。

Just a couple of cleanups here. Matt, can you comment on a higher NPL balance, obviously, not concerning, but just curious what was behind that?

這裡只需進行幾次清理。馬特，您能否對較高的不良貸款餘額發表評論，顯然，這並不令人擔憂，但我只是好奇這背後的原因是什麼？

Yes, a couple of C&I credits, not industry-specific, no direct impact from tariffs. I'd say just in general, on credit, I think we're really proud of how the team continues to practically manage that portfolio. I think we would do that as a pretty underappreciated portion of the transformation.

是的，有幾項 C&I 信貸，不是特定於行業的，不受關稅的直接影響。我想說，總的來說，我認為我們對團隊如何繼續實際管理該投資組合感到非常自豪。我認為我們會將其作為轉型中相當被低估的部分。

So there was a minor move up in NPAs, but the ratio is consistent with what we've seen over the last few years. We added a couple of million dollars to reserve, which nominally is now at the highest level in the firm's history.

因此，不良資產略有上升，但該比例與我們過去幾年看到的情況一致。我們增加了幾百萬美元的儲備金，名義上已經達到了公司歷史上的最高水準。

And it results in a slight reduction in the ACL coverage ratio, but the trends to the left of NPA are quite strong. We saw a 26% reduction in year over year criticized loans, a 59% reduction in year over year criticized loans related to commercial real estate, which are the lowest level in two years. And then our reserve continues to be underpinned by an economic outlook that's significantly more conservative than consensus estimates.

這導致 ACL 覆蓋率略有下降，但 NPA 左側的趨勢相當強勁。受批評貸款年減了26%，商業房地產相關受批評貸款較去年同期減少了59%，為兩年來的最低水準。我們的儲備繼續受到比普遍預期更保守的經濟前景的支撐。

I would just add that I think we'll continue to perform well in credit because of our client selection as well. And our bankers do a great job at that today, which I think has manifested in the stats that just relayed. And we feel really good about where we are, our reserve levels and the performance of the credit portfolio.

我想補充一點，我認為由於我們的客戶選擇，我們在信貸方面將繼續表現良好。我們的銀行家今天在這方面做得很好，我認為這已經體現在剛剛傳遞的數據中。我們對目前的狀況、儲備水準和信貸組合的表現感到非常滿意。

Okay. I'm good. Fair enough on that. Rob, where are you on in your wealth management build-out progress? It feels like maybe that's the last leg here. And just curious how you feel about that.

好的。我很好。就這一點來說，相當公平。羅布，你的財富管理建設進展到哪一步了？感覺這也許是這裡的最後一站了。我只是好奇你對此有何感想。

Yeah, I feel really good about it. So -- you're right. It is the last leg. We're a little behind on that. We've spoken about it. Thanks for bringing it up. We went on to the new platform in the fourth quarter of last year. That's a dramatically improved client journey.

是的，我感覺非常好。所以——你是對的。這是最後一程。我們在這方面有點落後。我們已經討論過此事了。謝謝你提出這個問題。我們在去年第四季開始使用新平台。這極大地改善了客戶旅程。

If you look at our allocated portfolios that we put our clients in, we perform as well or better than other wealth managers. So it's not the performance of that. It's more the client journey and then getting the team on the field, if you will.

如果您看一下我們為客戶分配的投資組合，您會發現我們的表現與其他財富管理公司一樣好，甚至更好。所以這不是那種表現。如果你願意的話，這更多的是客戶旅程，然後讓團隊上場。

We think, coupled with all the new client onboardings that we've had across the commercial space and investment banking, our ability and our TAM in that space is really unbelievable. I think you'll see great growth in that in the coming quarters and years. That's a slow growth business, as you know, but it's highly durable, and we're really excited about it. And I think you're about to see the first legs of it.

我們認為，加上我們在商業領域和投資銀行領域的所有新客戶加入，我們在該領域的能力和 TAM 確實令人難以置信。我認為，在未來幾個季度和幾年內，你會看到這一領域的巨大成長。如你所知，這是一個成長緩慢的業務，但它非常持久，我們對此感到非常興奮。我想您即將看到它的最初階段。

Thank you. I can confirm, we have no further questions. So I would like to hand it back to Rob Holmes for final closing comments.

謝謝。我可以確認，我們沒有其他問題。因此我想將其交還給 Rob Holmes 進行最後的總結評論。

Thanks, everybody, for your interest in the firm, and we look forward to speaking to you next quarter.

感謝大家對公司的關注，我們期待下個季度與您交談。

Thank you all for dialing in and I can confirm, that does conclude today's conference call with Texas Capital Bancshares. You may now disconnect. Thank you all for your participation, and please enjoy the rest of your day.

感謝大家撥入電話，我可以確認，今天與德州資本銀行的電話會議到此結束。您現在可以斷開連線。感謝大家的參與，祝福大家享受剩餘的一天。