Third Coast Bancshares Inc (TCBX) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Third Coast Bancshares third-quarter earnings conference call. (Operator Instructions) Please note this conference is being recorded.

各位好，歡迎參加Third Coast Bancshares第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I would now like to turn the conference over to your host, Ms. Natalie Hairston. Please go ahead.

現在我將把會議交給主持人娜塔莉·海斯頓女士。請繼續。

Thank you, operator, and good morning, everyone. We appreciate you joining us for Third Coast Bancshares conference call and webcast to review our third-quarter 2025 results. With me today is Bart Caraway, Founder, Chairman, President, and Chief Executive Officer; John McWhorter, Chief Financial Officer; and Audrey Spaulding, Chief Credit Officer.

謝謝接線員，大家早安。感謝您參加 Third Coast Bancshares 的電話會議和網路直播，共同回顧我們 2025 年第三季的業績。今天陪同我出席的有：創辦人、董事長、總裁兼執行長巴特·卡拉威；財務長約翰·麥克沃特；以及首席信貸官奧黛麗·斯波爾丁。

First, a few housekeeping items. There will be a replay of today's call, and it will be available by webcast on the Investors section of our website at ir.thirdcoast.bank. There will also be a telephonic replay available until October 30. And more information on how to access these replay features was included in yesterday's earnings release.

首先，有幾項準備工作要做。今天的電話會議將提供錄音回放，您可以透過我們網站 ir.thirdcoast.bank 的「投資者關係」區塊觀看網路直播。此外，我們也提供電話錄音重播服務，有效期限至10月30日。昨天發布的財報中包含了更多關於如何使用這些回放功能的資訊。

Please note that the information reported on this call speaks only as of today, October 23, 2025. And therefore, you are advised that time-sensitive information may no longer be accurate as of the time of any replay listening or transcript reading.

請注意，本次通話中報告的資訊僅代表截至 2025 年 10 月 23 日的情況。因此，請注意，在重聽或閱讀文字稿時，時效性資訊可能不再準確。

In addition, the comments made by management during this conference call may contain forward-looking statements within the meaning of the United States federal securities laws. These forward-looking statements reflect the current views of management.

此外，管理階層在本次電話會議中發表的評論可能包含美國聯邦證券法意義上的前瞻性陳述。這些前瞻性陳述反映了管理階層目前的觀點。

However, various risks, uncertainties, and contingencies could cause actual results, performance, or achievements to differ materially from those expressed in the statements made by management. The listener or reader is encouraged to read the annual report on Form 10-K, that was filed on March 5, 2025, to better understand those risks, uncertainties, and contingencies.

然而，各種風險、不確定性和突發事件可能導致實際結果、績效或成就與管理層聲明中表達的內容有重大差異。建議聽眾或讀者閱讀 2025 年 3 月 5 日提交的 10-K 表格年度報告，以便更好地了解這些風險、不確定性和或有事項。

The comments made today will also include certain non-GAAP financial measures. Additional details and reconciliation to the most directly comparable GAAP financial measures were included in yesterday's earnings release, which can be found on the Third Coast website.

今天發表的評論還將包括一些非GAAP財務指標。更多詳情以及與最直接可比較的 GAAP 財務指標的核對已包含在昨天的收益報告中，該報告可在 Third Coast 網站上找到。

Now, I will turn the call over to Third Coast Founder, Chairman, President, and CEO, Mr. Bart Caraway. Bart?

現在，我將把電話交給 Third Coast 的創辦人、董事長、總裁兼執行長 Bart Caraway 先生。巴特？

Good morning, everyone, and thank you, Natalie. I'll begin by sharing the highlights from the company's performance this quarter. After my remarks, John will discuss the financials, and Audrey will give a review of credit quality. Finally, I'll cover our merger announcement and share management's outlook for the remainder of 2025.

大家早安，謝謝你，娜塔莉。首先，我將分享公司本季業績的亮點。我發言結束後，約翰將討論財務狀況，奧黛麗將對信用品質進行評估。最後，我將介紹我們的合併公告以及管理階層對 2025 年剩餘時間的展望。

The third quarter was particularly impressive for Third Coast, as the company reached several key milestone achievements in growth, innovation, and shareholder value. First, the recent listing of TCBX on both the New York Stock Exchange and the NYSE Texas marked a strategic shift aimed at enhancing market visibility and providing shareholders with greater liquidity.

第三季對於 Third Coast 來說尤其令人印象深刻，因為該公司在成長、創新和股東價值方面取得了幾個重要的里程碑式成就。首先，TCBX 最近在紐約證券交易所和德州證券交易所上市，標誌著一項旨在提高市場知名度並為股東提供更大流動性的策略轉變。

Second, we experienced notable growth in the third quarter, creating substantial asset value. For the first time in the company's history, we surpassed $5 billion threshold in total assets, with a compound annual growth rate of 19.3% since our IPO in November 2021. Our relationship banking model has remained effective, evidenced by the consistent quarter-over-quarter growth in both deposits and loans.

其次，我們在第三季實現了顯著成長，創造了可觀的資產價值。公司史上首次突破 50 億美元大關，自 2021 年 11 月上市以來，複合年增長率達 19.3%。我們的客戶關係型銀行服務模式仍然有效，存款和貸款均實現了持續的季度環比增長，這就是最好的證明。

Additionally, we set new records in book value and tangible book value, reaching $32.25 and $30.91, respectively. Our return on average assets also hit a new high, reaching an annualized 1.41% for the third quarter of 2025. These accomplishments not only demonstrate our growth strategy, but also underscored our commitment to creating lasting franchise value for our stakeholders.

此外，我們的帳面價值和有形帳面價值分別創下新紀錄，達到 32.25 美元和 30.91 美元。我們的平均資產報酬率也創下新高，2025 年第三季達到年化 1.41%。這些成就不僅體現了我們的成長策略，也突顯了我們致力於為利害關係人創造持久特許經營價值的承諾。

Third, the successful completion of the bank's first and second securitization transactions mentioned during our Q2 earnings call received international recognition, winning the SCI Risk Sharing Award for North American Transaction of the Year at a recent ceremony in London.

第三，我們在第二季財報電話會議上提到的銀行第一筆和第二筆證券化交易的成功完成獲得了國際認可，並在最近於倫敦舉行的頒獎典禮上榮獲 SCI 北美年度最佳交易風險分擔獎。

These transactions demonstrated that what we once thought impossible is now within reach. And Third Coast is immensely proud to have set new standards for a bank our size while redefining risk management for real estate development loan portfolios among our peers.

這些交易表明，我們曾經認為不可能的事情現在已經觸手可及。Third Coast 非常自豪地為像我們這樣規模的銀行樹立了新的標準，同時重新定義了同行中房地產開發貸款組合的風險管理。

Lastly, are ongoing efforts to optimize operating leverage led to improvements in efficiency, profitability, and opportunity. Our efficiency ratio improved to 53.05% (sic - see slide 10, "53.03%") for the third quarter. Net income rose, driven by enhancements in interest and non-interest-bearing income while keeping expenses stable, resulting in a total of $18.1 million for the quarter.

最後，持續優化經營槓桿的努力帶來了效率、獲利能力和機會的提升。第三季度，我們的效率比率提高到 53.05%（原文如此 - 請參閱第 10 頁，「53.03%」）。淨利成長，主要得益於利息收入和非利息收入的增加，同時維持支出穩定，本季淨利總計達到 1,810 萬美元。

Collectively, the third-quarter results position us as a strong performer and create a solid foundation for potential M&A opportunities ahead, including the definitive agreement with Keystone that was announced yesterday. And I will discuss more in detail later in the call.

總體而言，第三季的業績使我們成為一家表現強勁的公司，並為未來潛在的併購機會奠定了堅實的基礎，包括昨天宣布的與 Keystone 達成的最終協議。我稍後會在通話中詳細討論這個問題。

In summary, the third quarter not only exceeded expectations, but also set several new records for the company. And overall, we remain committed to delivering on our strategic priorities and providing sustained value for our shareholders.

總而言之，第三季不僅超出預期，而且還為該公司創造了多項新紀錄。總而言之，我們將繼續致力於實現我們的策略重點，並為股東創造持續價值。

With that, I'll turn the call over to John for the company's financial update. John?

接下來，我會把電話交給約翰，讓他為大家報告公司的最新財務狀況。約翰？

Thank you, Bart, and good morning, everyone. We provided the detailed financial tables in yesterday's earnings release. So today, I'll provide some additional color around select balance sheet and profitability metrics from the third quarter.

謝謝你，巴特，大家早安。我們在昨天的財報中提供了詳細的財務報表。今天，我將對第三季的部分資產負債表和獲利能力指標進行更詳細的分析。

We reported third quarter net income of $16.9 million, up 8.3% versus the second quarter of 2025. This resulted in an ROA of 1.41% and a 15.1% return on equity. Net interest income was up $15 million or 3% from the second quarter. This increase was primarily due to a better-than-expected net interest margin and growth in average earning assets of $229 million.

我們公佈第三季淨收入為 1,690 萬美元，比 2025 年第二季成長 8.3%。這使得資產回報率達到 1.41%，股本回報率達到 15.1%。淨利息收入比第二季增加 1,500 萬美元，增幅為 3%。這一成長主要歸功於淨利差好於預期以及平均生息資產成長 2.29 億美元。

Non-interest expenses were essentially flat in the third quarter, where salary and employee benefits were up but legal and professional expenses were down. If you recall, last quarter, we noted relatively high legal fees associated with the securitization.

第三季非利息支出基本上持平，其中薪資和員工福利有所增加，但法律和專業費用有所下降。如果您還記得的話，上個季度我們注意到與證券化相關的法律費用相對較高。

Investment securities were up $21 million to $583 million, and quarterly average balances were up $117 million. Yield on the portfolio at September 30 was 6.07%. And AOCI improved slightly, with a gain to $10.9 million. Deposits increased $92 million for the quarter, resulting in a loan-to-deposit ratio of 95%. And our cost of funds declined slightly.

投資證券增加 2,100 萬美元，達到 5.83 億美元，季度平均餘額增加 1.17 億美元。截至9月30日，該投資組合的報酬率為6.07%。AOCI 略有改善，成長至 1,090 萬美元。本季存款增加 9,200 萬美元，貸款存款比率達 95%。我們的資金成本略有下降。

Net interest margin declined to 4.10%, but was still higher than expected due to relatively high loan fees. In fact, speaking of loan fees, despite higher-than-expected accretion, capitalized loan fees at 9/30 were a record $19.9 million. But with that said, we're forecasting a margin of between 3.90% and 3.95% for the fourth quarter.

淨利差下降至 4.10%，但由於貸款費用相對較高，仍高於預期。事實上，說到貸款費用，儘管增幅高於預期，但截至 9 月 30 日的資本化貸款費用仍創下 1,990 萬美元的紀錄。但即便如此，我們預測第四季的利潤率將在 3.90% 到 3.95% 之間。

Third-quarter average loans were up $158 million versus the second quarter of this year. Period-end loans, however, were up $85.4 million. Loan demand remains strong with loans already up $50 million in October. We've recently hired several new employees that we believe will be significant contributors to both loan growth and deposit growth in future quarters.

第三季平均貸款額比今年第二季增加了 1.58 億美元。但期末貸款額增加了 8,540 萬美元。貸款需求依然強勁，10月貸款額已增加5,000萬美元。我們最近聘請了幾位新員工，我們相信他們將在未來幾季為貸款成長和存款成長做出重大貢獻。

That completes the financial review. At this point, I'll pass the call to Audrey for our credit quality review.

財務審查到此結束。此時，我將把電話轉給奧黛麗，讓她進行信用品質審查。

Thank you, John, and good morning, everyone. The third quarter highlighted the stability of our credit quality, a result of our disciplined risk management practices and underwriting standards. Non-accrual loans declined for the second consecutive quarter, improving by $2.6 million in the third quarter.

謝謝你，約翰，大家早安。第三季凸顯了我們信貸品質的穩定性，這得益於我們嚴謹的風險管理措施和核保標準。非應計貸款連續第二季下降，第三季減少了 260 萬美元。

Quarter-over-quarter non-performing loans increased by $1.6 million. However, they are $2.3 million lower than the same period a year ago. Similarly, the non-performing loans-to-total loans ratio rose by 3 basis points quarter over quarter, but still improved by 10 basis points compared to the same period last year.

不良貸款季增 160 萬美元。然而，與去年同期相比，這一數字下降了 230 萬美元。同樣，不良貸款佔貸款總額的比例環比上升了 3 個基點，但與去年同期相比仍改善了 10 個基點。

The 4-basis-point increase in provision expense was attributable to growth in gross loans outstanding. And the company recorded net recoveries of $17,000 for the quarter. Our loan portfolio remains well diversified and similar to the previous quarter's allocations.

撥備支出增加 4 個基點，是由於未償還貸款總額成長所致。該公司本季淨回收金額為 17,000 美元。我們的貸款組合依然保持良好的多元化，與上一季的配置情況類似。

Commercial and industrial loans were 43% of total loans, while construction, development, and land loans were 20%, owner-occupied CRE was 10%, and non-owner-occupied CRE was 16% of total loans. Our office and medical office portfolio exposure was not materially different than previous quarters. And our multifamily exposure has declined slightly.

商業和工業貸款佔貸款總額的 43%，建築、開發和土地貸款佔 20%，業主自住商業房地產貸款佔 10%，非業主自住商業房地產貸款佔 16%。我們的辦公大樓和醫療辦公大樓投資組合風險敞口與前幾季相比沒有實質變化。我們的多戶住宅投資略有下降。

Overall, the stability of our loan portfolio, combined with our team's discipline, allows us to maintain strong performance as we navigate market fluctuations strategically. This blend of conservative credit underwriting and careful risk management not only propels our growth, but also delivers long-term value to our stakeholders.

總體而言，我們貸款組合的穩定性，加上我們團隊的嚴謹作風，使我們能夠在應對市場波動時保持強勁的業績。這種保守的信貸承銷和謹慎的風險管理相結合，不僅推動了我們的成長，也為我們的利害關係人帶來了長期價值。

With that, I'll turn the call back to Bart. Bart?

這樣，我就把電話轉回給巴特了。巴特？

Thank you, Audrey. Looking ahead, we are excited to capitalize on the positive momentum generated in the third quarter, as we continue to implement strategic initiatives that will drive our company forward.

謝謝你，奧黛麗。展望未來，我們很高興能夠利用第三季產生的正面勢頭，繼續實施推動公司發展的策略性舉措。

As announced yesterday, Third Coast has entered into a definitive merger agreement with Keystone Bancshares, Inc. Once completed, the combined entity is expected to have a pro forma total asset in excess of $6 billion. We are targeting to close the transaction in the first quarter of 2026.

正如昨天宣布的那樣，Third Coast 已與 Keystone Bancshares, Inc. 達成最終合併協議。合併完成後，預計合併後實體的備考總資產將超過 60 億美元。我們的目標是在 2026 年第一季完成交易。

Keystone Bank is headquartered in Austin, Texas, a region known for dynamic economic growth and a vibrant community, making it an ideal location for continued expansion. Keystone currently operates two branches within the Austin market alongside a branch in Ballinger, Texas, and a loan production office in Bastrop, Texas.

Keystone Bank 的總部位於德克薩斯州奧斯汀市，該地區以充滿活力的經濟成長和繁榮的社區而聞名，是持續擴張的理想地點。Keystone 目前在奧斯汀市場設有兩家分行，並在德州鮑林格設有分行，並在德州巴斯特羅普設有貸款業務辦事處。

This partnership presents a compelling opportunity to merge two culturally aligned community banks, allowing us to leverage our shared commitment to relationship banking and customer service. By combining our resources and expertise, Third Coast will significantly strengthen its position in that corner of the Texas triangle.

此次合作提供了一個絕佳的機會，將兩家文化契合的社區銀行合併，使我們能夠充分利用我們對關係型銀行和客戶服務的共同承諾。透過整合我們的資源和專業知識，Third Coast 將顯著加強其在德克薩斯州三角地帶的地位。

Turning to our outlook, management expects the remainder of 2025 to be consistent with prior quarters. Our loan pipelines show even more demand over the robust figures of the third quarter, reinforcing our confidence in meeting our loan growth targets of $50 million to $100 million in the fourth quarter. This aligns with our annualized growth rate of approximately 8%.

展望未來，管理層預計 2025 年剩餘時間將與前幾季保持一致。我們的貸款業務量顯示，與第三季強勁的業績相比，需求甚至更大，這增強了我們對實現第四季 5,000 萬至 1 億美元貸款成長目標的信心。這與我們約 8% 的年化成長率相符。

And as always, we remain disciplined in our underwriting and portfolio management practices to ensure high-quality growth. In closing, I'd like to restate how proud I am of the Third Coast team. We consistently exceed industry expectations, achieving growth rates that surpass that of our peers.

一如既往，我們在承保和投資組合管理方面保持嚴謹的態度，以確保高品質的成長。最後，我想再次表達我對 Third Coast 團隊的自豪之情。我們始終超越產業預期，實現了比同業更高的成長率。

Thanks to the dedication of our bankers and the strategic positioning in Texas' most attractive markets, we have built a strong franchise characterized by desirable banking model, sustained growth and profitability, and long-term value creation for our shareholders.

由於我們銀行家的奉獻精神以及在德克薩斯州最具吸引力的市場中的戰略定位，我們建立了一個強大的特許經營體系，其特點是理想的銀行模式、持續的增長和盈利能力，以及為股東創造長期價值。

With that, I'd now like to turn the call back over to the operator to begin the question-and-answer session. Operator?

接下來，我將把電話轉回給接線生，開始問答環節。操作員？

(Operator Instructions) Bernard von-Gizycki, Deutsche Bank.

（操作員指示）Bernard von-Gizycki，德意志銀行。

Good morning.

早安.

Hey guys, good morning. Just curious, on the merger with Keystone, the deal closes or expected to close by 1Q '26. Just any expectations of how long the integration process may take?

嘿，各位，早安。我只是好奇，關於與 Keystone 的合併，該交易預計在 2026 年第一季完成或完成。預計整合過程大概多久？

I know you noted in the deck it should be straightforward integration given some operational compatibility. Just any color you can share? Are you on similar systems? Anything you can break out there?

我知道你在簡報中提到，只要具備一定的操作相容性，整合應該很簡單。任何顏色都可以分享嗎？你們使用的是類似的系統嗎？有什麼可以透露的嗎？

Yeah. Fortunately, we've coordinated very well with them. So we're looking at a very early second-quarter core conversion with them. Fortunately, their contracts tied to our benefit and expires at, basically, in May.

是的。幸運的是，我們和他們協調得非常好。因此，我們預計他們在第二季初就會完成核心業務轉型。幸運的是，他們的合約與我們有利，基本上在五月到期。

Plus a lot of what they do business wise is similar to us, so it's pretty easy to map over. And their cultural aspects are very much aligned with ours. So we do expect the integration to be fairly straightforward.

此外，他們在業務方面所做的許多事情都與我們類似，所以很容易進行映射。他們的文化層面與我們非常契合。因此，我們預期整合過程會相當簡單。

Understood. And then maybe just following up on the loan growth expected for 4Q, I know, John, you mentioned the $50 million already in October. And, Bart, you mentioned the expectations are still the $50 million to $100 million.

明白了。然後，也許可以跟進一下預計第四季度的貸款增長情況，我知道，約翰，你10月份已經提到了5000萬美元。巴特，你提到預期仍然是 5000 萬美元到 1 億美元。

That seems to be maybe conservative. Just wondering any expectations that November, December might be maybe a little bit slower? Just any thoughts on the pipelines, and any color you can provide there?

這似乎有點保守了。想問大家，11月和12月的銷售情況可能會稍微放緩嗎？關於管道建設方面，您有什麼想法？能否提供一些相關資訊？

Bernie, last quarter, I said basically the same thing that July loans were up $50 million when we had our earnings call. And they ended up going up as much as $150 million. And then we had a bunch of big payoffs towards the end of the quarter.

伯尼，上個季度，我們在財報電話會議上也說過類似的話，即7月的貸款增加了5000萬美元。最終，它們的漲幅高達1.5億美元。然後，我們在季度末獲得了一系列豐厚的回報。

So we're still kind of comfortable with that $50 million to $100 million number. We certainly always want to outperform. But we are up $50 million. I mean, that's going to be good for the averages for the quarter. But what happens later in the quarter as far as paydowns is just harder to predict.

所以我們仍然對 5,000 萬到 1 億美元的數字比較滿意。我們當然一直都想做到最好。但我們現在獲利5000萬美元。我的意思是，這對本季的平均業績會有好處。但本季後期還款情況就很難預測了。

Yeah, I echo the same thing. Again, I just try to keep the long vision as we're very consistent in year after year, whenever you sum it all up at the end of the year where we kind of meet what our projections are. But the volatility gets very lumpy for us on it.

是的，我也同意。我再次強調，我只是想保持長遠的眼光，因為我們每年都非常穩定，每年年底總結起來，我們都能達到預期目標。但對我們來說，它的波動性非常大。

So it's just hard to tell year-end -- it can even make a difference whether some loans get pushed into this year versus next year. Just everything happening with the noise in the economy, it's just really hard to predict. But what I will say is I feel really good about the loan pipelines and the quality of customers that we're seeing, and a lot of disruption that's happening in our markets we're benefiting from.

所以到了年底很難說——甚至有些貸款被推遲到今年而不是明年，也會造成影響。經濟情勢瞬息萬變，各種因素交織在一起，真的很難預測。但我可以說的是，我對目前的貸款管道和客戶品質感到非常滿意，而且我們正在從市場中發生的許多變革中受益。

We're just able to start seeing some of these clients that are really good-quality clients. We always talk about punching above our weight class that we're getting to see. And we remain a talent magnet. And so even this last few months, we've picked up a couple of bankers that are really people we're proud of, that we didn't think we'd be able to get. And they're going to also help with that funding part of it in the client acquisition.

我們現在才開始接觸到一些真正優質的客戶。我們總是說要挑戰比我們自身實力更強的對手，而我們現在就看到了這一點。我們依然是人才的聚集地。所以即使在最近幾個月，我們也招到了幾個讓我們引以為傲的銀行家，而我們之前認為我們不可能招到他們。他們也將在客戶獲取過程中提供資金方面的幫助。

So I just think we're poised in a great position. I don't want to overpromise and overcommit. And there's going to be some surprises where, sometimes, we may be more than what we think on a quarter. But then there's some times where we're going to have some paydowns and be a little less. But overall, we feel like we're right on target with where we're trying to go.

所以我認為我們現在處於非常有利的位置。我不想做出過多的承諾和保證。而且有時會有一些意想不到的結果，例如，我們在一個季度內可能會得到比我們預想的更多的收益。但有時候，我們會減少支出，收入也會下降。但總的來說，我們感覺我們正朝著既定目標穩步前進。

Great. Thanks for taking my questions.

偉大的。謝謝您回答我的問題。

Thank you.

謝謝。

Woody Lay, KBW.

伍迪萊，KBW。

Hey, good morning, guys.

嘿，大家早安。

Morning, Woody.

早上好，伍迪。

I wanted to start on the expected EPS accretion of the deal. Is that based on consensus estimates or internal projections? Because, I mean, just based on the quarter, it would seem like consensus is a little low.

我想先從這筆交易預期帶來的每股盈餘成長說起。這是基於共識估計還是內部預測？因為，我的意思是，僅從本季的數據來看，市場普遍預期似乎有點低。

Yeah. Woody, it is based on consensus. I mean, we've talked about that a lot internally. I mean, the hard thing is to know exactly what number to use. I mean, certainly, we think that number is going to change over the next week or so as people saw our current earnings. And that will reduce the accretion a little bit, but we don't think it's going to be material.

是的。伍迪，這是基於共識的。我的意思是，我們內部已經多次討論過這個問題了。我的意思是，困難在於要確切知道該用哪個數字。我的意思是，當然，我們認為隨著人們看到我們目前的收益，這個數字在接下來的一周左右肯定會發生變化。這將稍微減少吸積，但我們認為不會造成實質的影響。

And further, if I can add on to this, the reason why we feel like it's going to be more accretive than even what we announced is because we didn't include any synergies. We were being so conservative on this. There are a lot of things, just to give you an example of a few, where we think are going to fall to our benefit.

此外，如果我可以補充一點，我們認為它比我們宣布的更具增值效應的原因是，我們沒有包括任何協同效應。我們在這方面一直都非常保守。舉幾個例子來說，有很多事情我們認為會對我們有利。

For instance, we have one branch that overlaps with theirs. And eventually, one of those branches is going to get eliminated, and we're going to get some costs saved for that. They view us as a platform to where they can do more with what they have.

例如，我們有一個分支與他們的分支重疊。最終，其中一個分支機構將被裁撤，從而節省一些成本。他們把我們視為一個平台，透過這個平台，他們可以更好地利用現有資源。

So as John and I were talking about sending some emails around this morning is, we have more than our fair share of derivative income. And they don't do derivatives at all. So we're giving them tools on the treasury side, on the loan side, that we didn't bank in as far as synergies into this deal, that are going to be pretty meaningful with this.

正如我和約翰今天早上討論要發送的一些電子郵件中提到的，我們獲得了遠超我們應得份額的衍生品收入。他們根本不做衍生性商品交易。因此，我們在資金方面、貸款方面為他們提供了一些工具，這些工具在我們之前並沒有預料到會產生協同效應，但它們對這筆交易來說意義重大。

So no matter what the numbers are, whenever we talk about the accretion side, there's a lot that we feel very comfortable of a buffer or padding that we have on the expense side or the increase in revenue that we're going to be able to get from this transaction to where, hands down, we think this is going to be very, very good for us.

所以無論具體數字如何，每當我們談到成長方面時，我們都感到非常有信心，因為我們在支出方面有很多緩衝或緩衝空間，或者我們將從這筆交易中獲得的收入增長，因此，毫無疑問，我們認為這對我們來說將是非常非常好的。

And not just because of that, but because we think the market is a very attractive market that's going to enhance our footprint and our value in the overall franchise.

不僅如此，我們還認為這個市場非常有吸引力，它將擴大我們的市場份額，並提升我們在整個特許經營體系中的價值。

All right. I appreciate the color there. Just given you're going to be busy with integration over the next couple of quarters, how do you think about the near-term securitization strategy? And then longer term, just with a bigger balance sheet, does this open the door for additional flexibility on the securitization front?

好的。我喜歡那裡的顏色。鑑於您在接下來的幾季將忙於整合工作，您如何看待近期證券化策略？從長遠來看，更大的資產負債表是否會為證券化方面帶來更大的彈性？

Yeah, it does, Woody. Good question. I checked with the team earlier this morning, and we are looking at a third securitization. It's probably not going to be a this-year transaction. And as always, these tend to be customer-dependent. But we do think at this point, it'll be likely that we would do a similar securitization in the first quarter next year.

是的，伍迪。問得好。我今天早上早些時候和團隊確認過，我們正在考慮進行第三次證券化。這筆交易可能不會在今年完成。而且一如既往，這些往往取決於客戶。但我們認為，明年第一季我們很可能會進行類似的證券化。

Got it. And then just last for me, you're now at pro forma. You'll be at $6 billion, but you're continuing to be a strong organic grower. Just with $10 billion, that threshold, do you see any expense investments that need to be made as you sort of approach the $10 billion mark?

知道了。最後，對我來說，你現在已經達到形式上的要求了。你的市值將達到 60 億美元，但你仍然是一家實力雄厚的有機成長型企業。僅以 100 億美元這個門檻來看，您認為在接近 100 億美元大關時，是否需要進行任何必要的投資？

Well, to be honest with you, I think it's kind of already baked in. I mean, I think the examiners know that we've grown fast. And they kind of expect us to incrementally build on all of our controls. What we're trying to do is be smart about it and build in a lot more systems and controls instead of just adding people as we continue to grow.

說實話，我覺得這事兒已經成定局了。我的意思是，我認為考官們也知道我們發展迅速。他們希望我們逐步完善所有的控制措施。我們正在努力採取更明智的做法，隨著業務的不斷發展，建立更多的系統和控制措施，而不是僅僅增加人手。

I think we're a long way away from $10 billion. But the expectations are always is that you start putting that in place. I think that's just normal management and normal processes for us to think about that and continue. I think it's healthy for the bank to be in a position where we have strong controls and reporting in place, period.

我認為我們離100億美元還很遠。但大家的期望始終是，你要開始落實這些措施。我認為這只是正常的管理和流程，我們需要考慮並繼續前進。我認為，對於銀行而言，擁有強而有力的控制和報告機制是健康的，僅此而已。

So I don't think it's going to be a factor where on the P&L that we're going to see some sort of impact as we continue to grow because I think we're doing it along the way.

所以我不認為這會對損益表產生任何影響，因為我們將繼續發展，因為我認為我們正在逐步實現這一目標。

Got it. Well, I appreciate you answering my questions, and congrats on the deal.

知道了。感謝您回答我的問題，也恭喜您達成交易。

Thank you very much.

非常感謝。

Michael Rose, Raymond James.

Michael Rose，Raymond James。

Hey, good morning, guys. Thanks for taking my questions. I wanted to just start on the fee side. Another really good quarter. You guys have had some really good momentum here. But service charge lineup fairly meaningfully quarter on quarter.

嘿，大家早安。謝謝您回答我的問題。我只想先從收費方面入手。又是一個表現非常出色的季度。你們最近勢頭很強勁。但服務費用的季度環比變化相當顯著。

I assume some of it's seasonal, just given what we saw last quarter. But we'd just love any updated thoughts on fee income (multiple speakers) some of the ongoing efforts that you've talked about, Bart, over the past year or two. Thanks.

我認為其中一些是季節性的，看看上個季度的情況就知道了。但我們非常希望您能就費用收入（多位發言人）以及您在過去一兩年裡談到的一些正在進行的努力，巴特，提出一些最新的想法。謝謝。

Yeah. Fees have certainly been a bright spot. Remember, we converted to FIS back in -- I guess, it was June. And there's better, bigger products -- I mean, it gives us more opportunity to sell things that we weren't before. So we think on both the treasury side and the loan side that -- well, I know for this quarter, I mean, that's where a lot of that came from.

是的。費用無疑是一大亮點。記得嗎？我們在…嗯，大概是六月的時候改用FIS的。而且還有更好、更大的產品——我的意思是，這給了我們更多機會去銷售以前從未銷售過的產品。所以我們認為，無論是在國庫方面還是貸款方面——嗯，我知道就本季而言，我的意思是，很多資金都來自那裡。

But going forward, I mean, we're not going to see the same kind of growth quarter over quarter. I mean, this was a particularly good quarter. But we're pretty confident that our fee income initiatives will continue working out and better treasury products and happier customers. And it's just all turning out well.

但展望未來，我的意思是，我們不會看到同樣程度的季度環比成長。我的意思是，這季度業績特別好。但我們相當有信心，我們的手續費收入計畫將繼續奏效，帶來更好的財資產品和更滿意的客戶。一切都進展順利。

But probably safe to assume we see a little bit of a step down in the fourth quarter, just given some of the seasonal aspects. Is that fair?

但考慮到一些季節性因素，我們可以合理推測第四季會出現一些下滑。這樣公平嗎？

Correct. Even flat to down a little bit, yes.

正確的。是的，甚至可以略微下降一些。

Okay, perfect. And then, as you guys have talked about, the loan growth story continues to be very strong. What's the hiring effort look like at this point to kind of support that high single-digit growth aspect? It seems like every bank that I talk to out there is looking to hire folks, and just wanted to see what your guys' plans are and what the expense build could be kind of related to that. Thanks.

好的，完美。正如你們剛才提到的，貸款成長動能依然非常強勁。為了支持接近兩位數的成長，目前公司的招募工作進展如何？我接觸過的每家銀行似乎都在招募人，所以我想了解一下你們的計劃，以及相關的費用結構會是什麼樣的。謝謝。

Yeah. I think it's the same story we've talked about for -- like, after we went public, obviously, we went on a hiring spree. And then I started talking about the fact that we're going to be very surgical. And once again, I mean, it's continued down the same path, where I think we have become a talent magnet and that we get a look at a lot of the talent that's in the market that's out there.

是的。我認為這和我們之前討論過的情況一樣——比如，在我們上市之後，很顯然，我們就開始大規模招募。然後我開始談論我們將採取非常精準的策略。而且，我的意思是，它繼續沿著同樣的道路發展，我認為我們已經成為了人才磁鐵，我們有機會看到市場上大量的優秀人才。

And certainly, disruptions in the market do help us, but we sort of have our pipeline of people that we want. And I think it's going to be basically what calls one officer surgical that we get, and these people are going to be highly productive. They probably come with just a small support team, and they're going to generate a lot of productivity for us.

當然，市場動盪確實對我們有利，但我們也有自己想要的人才儲備。我認為這基本上就是我們所需要的外科手術專家，這些人將會非常有效率。他們可能只會配備一個小型支援團隊，但他們將為我們創造很大的生產力。

And so that's probably from what John and I talk about deploying resources and making sure we control the P&L. We're just getting the highest and best talent that's out there so we get a return faster. And indeed, some of the people that come on board, I mean, they may be profitable after their first deal or two.

所以，這大概就是約翰和我討論如何部署資源並確保我們控制損益表的原因吧。我們只是在尋找最優秀、最頂尖的人才，這樣才能更快獲得回報。的確，有些加入進來的人，我的意思是，他們可能在完成一兩筆交易後就能獲利。

So I feel real good about where we are. We're not on a massive hiring spree like we did in the past. But we are still hiring some bankers selectively, and they're just best-in-class folks. And me and Audrey both are like -- we want to make sure not only they check the bucket or the box that they are good quality, but that they're going to bring the right kind of credits that we want.

所以我對我們目前的狀況感到非常滿意。我們現在不像過去那樣大規模招募了。但我們仍在有選擇地招募一些銀行家，他們都是業界最優秀的人才。我和奧黛麗都覺得──我們不僅要確保他們符合品質標準，還要確保他們能帶來我們想要的那種榮譽。

And so we vet them very, very thoroughly, and this year's been exceptional. We've made a couple few hires that I've just -- in 2026, are going to make a big impact for us.

因此，我們對他們進行了非常非常徹底的審查，而今年的情況尤其特殊。我們最近招了幾個人，我剛剛了解到，到 2026 年，他們將對我們產生重大影響。

It's great to hear, and kudos to the success and ongoing momentum as we move forward. Maybe just one final one for me. I didn't necessarily think that a deal was in the cards for you guys. I know the currency is a little bit depressed, but glad to see the transaction.

聽到這個消息真是太好了，祝賀我們取得的成功和繼續前進的勢頭。也許我還能再來一次。我原本不認為你們之間會有達成協議的可能。我知道貨幣現在有點疲軟，但很高興看到這筆交易。

Maybe now, pro forma of $6 billion, if you can describe what additional deals at some point beyond this one make sense, and specifically, what would you look for? I assume it looks something like this in terms of size. But would just love a schematic of how we should think about M&A for you guys. Thanks.

或許現在，假設交易額達到 60 億美元，您能否描述一下，在此之後，哪些額外的交易是有意義的，具體來說，您會關注哪些方面？我估計它的大小大概是這樣的。但我很想請你們幫我理清一下併購的想法。謝謝。

Yeah. I think it's the same thing we've been talking about. The first deal we did with Heritage, we called it the unicorn because it was just such a great thing for us. It put us over $1 billion. It certainly helped us scale in efficiencies. It helped us with our market presence. It doubled our branches. And the people that were there, a lot of them have become very valuable members for us in leadership roles.

是的。我覺得這跟我們一直在討論的事情是一樣的。我們與 Heritage 達成的第一筆交易，我們稱之為“獨角獸”，因為它對我們來說意義非凡。這讓我們賺了超過10億美元。它確實幫助我們提高了效率。它幫助我們提升了市場佔有率。我們的分行數量翻了一番。當時在場的許多人後來都成為了我們非常寶貴的領導成員。

And I view the same thing that's going to happen with Keystone in that -- Jeff, my counterpart there, is a great banker. And they're loaded with talent at that bank. And quite frankly, it even surprised me at kind of the level of their customer base. I mean, in some ways, they're kind of punching above their weight class, too.

我認為 Keystone 也會發生同樣的事情——我的對口人 Jeff 是一位非常優秀的銀行家。那家銀行人才濟濟。坦白說，他們的客戶群規模之大甚至讓我感到驚訝。我的意思是，從某種程度上來說，他們也算是超水平發揮了。

And because of the cultural fit with it, I think we're going to get a lot of positives even more than what I think out of this merger. But it sets the bar very high, right? So it's got to be financially rewarding for us, but it also has to be a great cultural fit. It's got to be the right -- it's got to check a lot of boxes. And those deals are really hard to come by.

而且由於雙方文化契合，我認為這次合併會帶來許多正面影響，甚至比我預想的還要多。但這標準也太高了吧？所以，它不僅要在經濟上為我們帶來回報，而且還必須在文化上與我們高度契合。它必須是正確的－它必須符合許多條件。而且這樣的交易真的很難得。

So what I would say is that the bar for another deal is going to be pretty high. It's got to make sense for us, and there's a lot of other things that has to happen. So we're going to continue to execute on the organic story that we've been telling you, all, about.

所以我認為，達成另一項協議的門檻將會非常高。這必須對我們有意義，而且還有很多其他事情需要發生。所以，我們將繼續貫徹我們一直以來要告訴大家的有機發展理念。

And we're opportunists. We'll look at a lot of deals, and we'll see where we're at. I mean, John and I talked about, we looked at a deal earlier this year. And we came in third out of three on a bid process with it. And we're okay with that. We're just going to be very, very disciplined about what we do next with stuff. And so I think it's just more of the same.

我們都是機會主義者。我們會考察很多交易，看看我們能走到哪一步。我的意思是，約翰和我談過，我們今年早些時候看過一筆交易。在競標過程中，我們最終排名三家公司中的第三名。我們對此沒有異議。接下來，我們會非常非常謹慎地處理所有事情。所以我覺得情況還是老樣子。

Appreciate the color, Bart. Thanks for taking my questions, guys.

巴特，欣賞一下這顏色吧。謝謝各位回答我的問題。

Thank you.

謝謝。

(Operator Instructions) Matt Olney, Stephens.

（操作說明）Matt Olney，Stephens。

Hey, thanks. Good morning. First question for John around the margin. You gave us the margin expectations for the fourth quarter. Any more details you can provide as far as kind of what's behind that?

嘿，謝謝。早安.約翰的第一個問題是關於邊線的。您之前給出了第四季度的利潤率預期。您能否提供更多關於這背後原因的細節？

I just assume it's more of a normalized level of loan fees that you mentioned were elevated this quarter. Anything beyond that? And then other assumptions behind that with respect to interest rates and additional Fed cuts? And just remind us where you are as far as your rate sensitivity. Thanks.

我只是認為這更像是您提到的本季貸款費用偏高的一種正常水平。還有其他要求嗎？那麼，關於利率和聯準會進一步降息，背後還有哪些假設呢？請您告知一下您對速率敏感度的了解程度。謝謝。

Yeah. If you look back at our margin over time, we were kind of in the 3.70% to 3.80% range and really jumped up when we did those securitizations. And those were one-time fees that we're obviously not forecasting going forward.

是的。回顧我們過去的利潤率，我們之前的利潤率大概在 3.70% 到 3.80% 之間，而當我們進行證券化交易後，利潤率就大幅上升了。而這些都是一次性費用，我們顯然不會預測未來還會出現這些費用。

This quarter, I mean, it wasn't directly tied to those securitizations, but kind of the same concept of loans paying off. We've booked a lot of loans this year that had a lot of fees that we capitalized. I think I said in my comments that our capitalized fees are now a record $19 million. So maybe I'm being a little conservative in saying 3.90% to 3.95%. But that's still a pretty big jump from where we were just back in the first quarter.

我的意思是，本季雖然與那些證券化沒有直接關係，但貸款償還的概念與之類似。今年我們承銷了很多貸款，這些貸款有很多費用，我們把這些費用都資本化了。我想我在評論中說過，我們的資本化費用現在達到了創紀錄的 1900 萬美元。所以，我估計3.90%到3.95%可能有點保守了。但這與我們第一季的情況相比，仍然是一個巨大的飛躍。

Now, when I look at the margin on a monthly basis, after the Fed cut rates, our margin did go up 1 basis point. So our [queue] is going to show that we're slightly asset-sensitive, but I think we're going to outperform our assumptions. We've pretty aggressively cut rates on all the deposit accounts that we could, and I think we have more to give, if that makes sense.

現在，當我按月查看利潤率時，聯準會降息後，我們的利潤率確實上升了 1 個基點。因此，我們的[隊列]將顯示我們對資產略微敏感，但我認為我們的表現將超過我們的預期。我們已經大幅降低了所有可以降低的存款帳戶利率，而且我認為我們還有進一步降低利率的空間，如果這樣說你能理解的話。

Having a relatively low, non-interest-bearing balance means that we can cut rates on a higher percentage of our total deposits. That's certainly what happened when the Fed cut rates the first time. It's what happened when they cut rates last year. It's what I think will happen when they cut rates this next time.

相對較低的非計息餘額意味著我們可以降低更高比例存款的利率。聯準會第一次降息時，確實發生了這種情況。這就是去年降息時發生的情況。我認為下次降息時就會發生這種情況。

We've probably become a little bit less asset-sensitive just because of the securities that we've been purchasing. Our securities book is much bigger than it was a year ago. I think that'll help in the rates down. We had pretty good timing on our investment purchases. Our yield on that portfolio is 6%, and I think it's going to throw off a lot of income next year.

我們可能因為購買了某些證券而對資產價格變得不那麼敏感了。我們的證券投資組合比一年前規模大得多。我認為這有助於降低利率。我們的投資時機把握得相當不錯。該投資組合的收益率為 6%，我認為明年它將產生大量收入。

Okay. That's helpful, John. And then you mentioned that securities portfolio. Remind us what portion of that is going to be variable that we should consider with down rates.

好的。那很有幫助，約翰。然後您提到了那個證券投資組合。請提醒我們，其中有多少部分是可變的，我們應該考慮首付比例的影響。

Yeah. So I guess, it's close to $600 million. There's about $200 million of that that's a variable. Now, one thing that's maybe a little harder to predict is we have had a lot of securities called recently. But we don't expect big changes in the portfolio.

是的。所以我覺得，應該要接近6億美元。其中約2億美元是不確定因素。現在，有一件事可能比較難預測，那就是最近有很多證券被贖回。但我們預期投資組合不會有重大變化。

Okay.

好的。

But basically, what we haven't held in maturity, Matt -- so the $206 million we haven't held in maturity, that's all floating rate. And pretty much everything else is fixed.

但基本上，我們尚未到期的債務，馬特——也就是我們尚未到期的 2.06 億美元，都是浮動利率債券。其他大部分問題都已解決。

Okay. Thanks for that. And then you touched on some deposit pricing competition in your markets. Anything else to add there? And then same thing for loan pricing competition. Just appreciate anything that you're filling the market more recently. Thanks.

好的。謝謝。然後您談到了您所在市場的一些存款定價競爭問題。還有什麼要補充的嗎？貸款定價競爭也是如此。請珍惜你最近為市場帶來的任何新事物。謝謝。

Yeah. We're feeling more confident about deposit growth than we have in quite some time. And this is going to be good core deposit growth, where I think we're going to be able to start paying down some of our broker deposits and improve the cost of funds there a little bit.

是的。我們對存款成長的信心比以往任何時候都強。這將帶來良好的核心存款成長，我認為我們將能夠開始償還一些經紀商存款，並稍微改善資金成本。

And we may not be talking about huge numbers, but saving 10 basis points on tens or hundreds of millions of dollars, I mean, it can add up in a hurry. But that's kind of what I envision over the next couple of quarters. Remember, in recent years, we have one particular seasonal customer, and it seems like every year, they send us more and more in deposits.

我們說的可能不是巨額數字，但節省 10 個基點，就能節省數千萬甚至數億美元，我的意思是，這筆錢很快就會累積起來。但這就是我對未來幾季的大致預期。請記住，近年來我們有一位特殊的季節性客戶，而且似乎每年他們都會給我們寄來越來越多的訂金。

And those funds, we're kind of already seeing them out there on the horizon, talking to the customer that those will be coming. I think we'll let some of our brokerage roll off and replace it with those. And again, they're not cheap deposits, but they'll be a little less expensive than what we currently have. So that'll be a little bit of a tailwind to the margin.

我們已經開始看到這些資金的到來，並且正在與客戶溝通，告訴他們這些資金即將到位。我認為我們會剝離一部分經紀業務，並用這些業務取代。而且，這些押金並不便宜，但會比我們目前的押金便宜一些。所以會稍微有利於邊線。

Okay. Well, that's all for me. Congrats on the acquisition. Thanks, guys.

好的。好了，我的報告就到這裡。恭喜收購成功。謝謝各位。

Dave Storms, Stonegate.

戴夫·斯托姆斯，斯通蓋特。

Good morning. Thank you for taking my questions.

早安.謝謝您回答我的問題。

Good morning, Dave.

早上好，戴夫。

Just wanted to kind of ask, too, maybe around the merger. Could you maybe talk a little bit more about your comfortability with your geographical footprint? And maybe getting back to that last question, are there any MSAs that you would target to expand into now that you've really shored up your presence in Austin?

我也想問一下，可能是在合併前後。能否再詳細談談您對自身地理分佈範圍的舒適度？回到上一個問題，既然你們已經在奧斯汀站穩了腳跟，有沒有哪些大都會統計區（MSA）是你們計畫拓展的目標呢？

That's a really good question and something we think about as well. I think our primary goal is to continue build around the Texas triangle with that. And Austin, if you look at the market, if I'm correct, if you look at independent community banks, there was really only two independent community banks over $500 million in assets.

這確實是個好問題，也是我們一直在思考的問題。我認為我們的首要目標是繼續圍繞德克薩斯三角地區進行建設。奧斯汀，如果你看看市場，如果我沒記錯的話，如果你看看獨立社區銀行，你會發現資產超過 5 億美元的獨立社區銀行實際上只有兩家。

So we talk about scarcity value a lot with it, and Austin is a prime example of that. We're so lucky with Keystone to be able to get that. Because it gives us a foothold in that Austin market and gets us some assets there, which -- I think the market that's growing that has a lot of opportunity to go get some of these different customers from community to middle market side of it, especially as the other banks get bigger and there's more consolidation.

所以我們常常談到它的稀缺價值，而奧斯汀就是一個典型的例子。我們非常幸運能與 Keystone 合作，獲得這樣的機會。因為它讓我們在奧斯汀市場站穩腳跟，並在那裡獲得一些資產，我認為這個正在成長的市場有很多機會去爭取從社區到中端市場的不同客戶，尤其是在其他銀行規模越來越大、整合程度越來越高的情況下。

So that was kind of a rare opportunity that worked. We would certainly look at our other markets. But we talked a little bit about being a talent magnet. And I think the market -- and you all have finally seen that we're able to acquire bankers that are just exceptional, that are working for much larger banks. And being that talent magnet certainly affords us to be able to grow organically.

所以那是一個難得的成功機會。我們當然會關注其他市場。但我們稍微聊了一下如何吸引人才。我認為市場——你們最終都看到了——我們能夠收購那些在規模更大的銀行工作的、非常優秀的銀行家。而身為人才磁鐵，我們當然能夠實現有機成長。

But I kind of think we're almost like a platform magnet for some of these other banks now. We give certain banks the opportunity -- if they want to take it to the next step, we have the infrastructure, the technology, now the systems, in place that if they're looking for a partnership with it, we offer a platform for them to continue to do what they want to do and grow a certain market.

但我認為我們現在幾乎就像是其他一些銀行的平台磁鐵一樣。我們為某些銀行提供機會——如果他們想更進一步，我們已經具備了基礎設施、技術，現在也擁有了相應的系統，如果他們尋求與我們建立合作關係，我們將為他們提供一個平台，讓他們能夠繼續做他們想做的事情，並發展特定的市場。

So some of this is about cultural fit and about a partnership that would make a difference for us. And I hope we can continue in that Texas triangle with all of it. But it could be adjacent to that or -- we're opportunist, and look at things that add shareholder value. Ultimately, the way we look at it is, what are we going to do that's going to make this franchise more valuable?

所以，這一部分是關於文化契合度，一部分是關於能夠為我們帶來改變的合作關係。我希望我們能繼續在德州的三角地帶發展下去。但也可能與此相鄰，或者──我們是機會主義者，會關注那些能增加股東價值的事情。歸根究底，我們看待這個問題的方式是，我們要做什麼才能讓這個品牌更有價值？

So I don't know if you were going there, Dave, with it. But it's a really good question that -- I think we're proving up that we can be a very good partner for other banks. And I'm not so sure that with the Keystone merger that that's not going to open up more phone calls to me about banks that now have another avenue.

所以我不知道你是不是想表達這個意思，戴夫。但這是一個非常好的問題——我認為我們正在證明，我們可以成為其他銀行非常好的合作夥伴。我不太確定 Keystone 合併後，不會讓我接到更多關於銀行的電話，因為這些銀行現在有了新的融資管道。

That's great color. Thanks for that. One more for me, if I could. Just looking at some of the overview of the Keystone credit profile, it looks like they do have really high-quality credit profile, strong asset quality.

顏色真好看。謝謝。如果可以的話，我還要再來一個。從 Keystone 的信用概況來看，他們的信用狀況確實非常好，資產品質也很強。

Is there anything that they're doing that -- you can see that they're doing now, kind of before you get your hands on it -- that you think could be mapped over to Third Coast and improve your underwriting, improve your asset quality even further?

他們現在正在做的哪些事情——在你接觸到他們之前，你就能看出他們正在做的事情——你認為可以藉鑑到 Third Coast 的做法，從而改進你的承保，進一步提高你的資產品質？

Yeah. So what I would tell you is we really have a good customer base there that we're happy with. And Audrey and I are talking about we want to -- we looked at the loans. We felt comfortable, but we also engaged Gateway to do a loan review, and it came out really well, right, Audrey? I mean --

是的。所以我想說的是，我們在那裡擁有非常良好的客戶基礎，我們對此感到滿意。我和奧黛麗正在討論我們想要——我們研究了貸款。我們感覺很放心，但我們也請 Gateway 做了一次貸款審查，結果非常好，對吧，奧黛麗？我是說--

Yeah. Gateway looked at 80% of their commercial loan portfolio, and the results were very, very favorable. You're correct; they have very strong asset quality.

是的。Gateway 對其 80% 的商業貸款組合進行了審查，結果非常非常理想。你說得對，他們的資產品質非常高。

So I think what it is is, again, we layer the tools on top of what they're doing. And I think we can get more wallet share out of some of their large customers, give them some more products to go out there, and compete with some of the bigger banks now. So I'm pretty excited about -- to see what they're able to do with our additional tools.

所以我覺得，關鍵在於，我們再次將工具疊加在他們正在做的事情之上。我認為我們可以從他們的一些大客戶那裡獲得更多市場份額，為他們提供更多產品，讓他們能夠與一些大型銀行競爭。所以我非常興奮，想看看他們能用我們提供的額外工具做些什麼。

Perfect. Thanks for taking my questions.

完美的。謝謝您回答我的問題。

Thank you. I appreciate it.

謝謝。謝謝。

This now concludes our question-and-answer session. I would like to turn the floor back to Bart Caraway for closing comments.

我們的問答環節到此結束。我想把發言權交還給巴特·卡拉威，讓他做總結發言。

Thank you, Kerry. I appreciate that. And thanks, everybody, for your interest in Third Coast Bancshares. And we look forward to talking to you next quarter. Thank you.

謝謝你，凱瑞。我很感激。感謝大家對 Third Coast Bancshares 的關注。我們期待下個季度與您再次交流。謝謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路了，祝您有美好的一天。