Home Bancshares, inc (HOMB) Q3 2021 Earnings Call Transcript

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Home Bancshares, inc (HOMB 0.45%)
Q3 2021 Earnings Call
Oct 21, 2021, 2:00 p.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Good afternoon, and welcome to the Home Bancshares, Inc. Third Quarter 2021 Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to Donna Townsell, Director of Investor Relations. Please go ahead.

Donna J. Townsell -- Senior Executive Vice President, Director of Investor Relations

Thank you, Gary. As he said, I'm Donna Townsell, Director of Investor Relations, and our management team would like to thank you for joining our third quarter conference call today. Reporting today will be our Chairman, John Allison; Tracy French, President and CEO of Centennial Bank; Brian Davis, our Chief Financial Officer; Kevin Hester, our Chief Lending Officer; Chris Poulton, President of CCFG; John Marshall, President of Shore Premier Finance; and Stephen Tipton, Chief Operating Officer.

And now, I am happy to turn the call over to our Chairman, John Allison, for our first report on the quarter.

John W. Allison -- President and Chief Executive Officer

Thank you, Donna. I'm going to turn my phone off. We want to hear emerald in the morning, right. That's what I have on my phone. I'm being emerald in the morning. Good afternoon. Welcome to Home Bancshares Third Quarter Earnings Release and Conference Call. I have with me today most of Home's Executive Committee, and they will be here to present as well as answer any questions that you might have. Home have another very productive and solid quarter with earnings of $75 million or $0.46 per share. During the first nine months of 2021, your company earned 245,664,000 or $1.49 a share. As we would have said in the past, that is a world record. Home is again marching toward our $300 million plus goal for the fourth year in a row. I can't ask much more of that out of our people. If you pull out $3 billion in excess capital, the company is -- which is virtually earning 0, the company is running right at a 2% ROA. Even though we're running at 168 now, when we pull it out, it runs at two. We've talked about adding additional earning assets through M&A for several years, and I'm happy to welcome our new partners with Happy Bank, both shareholders and employees, to the Home Bancshares' family. When I think about, if I could choose to operate in the two best states in the United States that are both business-friendly and tax-friendly and have the largest incoming demographic movement, it would be Florida and Texas. Panhandle to Panhandle, now, well, you can check those boxes, Florida check and Texas check. The Happy deal will continue to propel the future of Home and build long-term shareholder value of our combined companies, and we're certainly more valuable together than we are apart. As I said on the deal announcement, if this deal didn't work, none would.

The complexities of making a bank transaction triple accretive in today's environment is not easy. If the acquiring bank is not patient and disciplined and badly wants a deal, that's probably what they're going to get, a bad deal. Doing a deal for the sake of doing a deal is not in our DNA. As Home's single largest individual shareholder, I can assure you, if it works for me, it works for our shareholders and employees of both banks. This transaction checks those boxes. We'll come back to the Happy deal later in the presentation. Let's go with the highlights of Q3 and the first nine months of the year. As I said earlier, we earned $75 million or $0.46 and through the nine -- that's for the third quarter. In the nine months, earnings are $245.7 million or $1.49, and I said that's a company record. Third quarter showed strong loan recovery. Even though we were down $64 million ex PPP for the quarter, September was up $55 million ex PPP. Unfunded commitments of loans and credit lines was up $250 million to $3 billion. This is a confirmation of our earlier statements that we said on our calls that we expected loan growth to pick up in the second half of the year. I don't want to jinx our forecast, but it's certainly nice to have the optimism for good quality loan growth, and I mean quality loan growth. Loan yield is at 5.64%. The excess deposits is putting pressure on our return on assets, created an embarrassing 1.68%. However, without the excess capital, Home is churning at a powerful 1.98%. Most companies would be proud of 1.68%, but that number is unacceptable at Home. We've got to push some money off-balance sheet.

We could have bought some low-yielding investments or we could have chased involve ourselves in the match to the race to the bottom on loan yields. We did none of that or very little of it. Patience and discipline was tough. We're playing the loan game, and we're not looking for a quarterly pop. And believe me, we could have played if we wanted to. Actually, as Jamie Dimon said, having excess liquidity could be your friend. With $20 billion in excess liquidity, it's not all bad with rates appearing in an upward trend and optimism about loan growth for 2020 excess liquidity may be an asset. For the quarter, we maintained strong asset quality, strong ratios to nonperforming, and I think record loan past dues. Very strong capital ratio. And even with the bulging capital ratio, Home's ROTCE was 17.39%. We beat our revenue and efficiency ratio of 42.29%. That's OK, but not our best. Noninterest expense was up $8 million year-over-year and $4 million of that was basically a data processing system for our loan program. $1.1 million of that was merger expense and $1.3 million in other. On a linked quarter basis, we're up $2.7 million, as I said, $1 million in merger and $1.3 million in other expenses. Back to Happy. Happy has a great senior leadership team led by their founder and backbone of the company, Pat Hickman. Pat will be joining the Home Bancshares board, and we're looking forward to seeing him. The CEO of the company, it's a great operator, Mikel Williamson, and we look forward to having him to have him head up the Happy Bank for us in Texas. Wherever we might go in that state, he will be the guy.

In addition to a very strong loan team and a very experienced president group throughout the entire network, don't forget the quality of HR, investments, trust, marketing, BSA, CRA, ERM and compliance. They are all top drawer. It is our goal to keep as many of their people as we can. All of Happy's people is even better than we thought. Many of their people are more impressive even than ours. Asset quality, however good, is not as clean as Home's asset quality, but it's certainly better than most we've seen. With yield on loans better than Home's, which is highly unusual and the hardest part of the equation to achieve, we think getting Happy's expense in line closer to Home's is the challenge at hand. Demographic movement of people and companies are favoring Texas and Florida from Panhandle to Panhandle. With -- after this acquisition completes, we'll have 222 branches from Key West to Pensacola including Orlando, Miami, Fort Lauderdale, Tampa, Destin, Palm Beach and in Texas, to mention a few, Austin, Round Rock, Dallas-Fort Worth, San Antonio, Amarillo Lube, Tampa Plainview, Domus and, of course, Happy Texas, to mention a few Texas branches. We're poised to continue the growth of our company as we have come from $24 million in 1999 to, when this transaction completes, to $24 billion in assets, that is providing it all those well. Let's talk about deals in general. As we looked at these M&A deals over a period of time, they just haven't worked. Just virtually none of them worked. Actually, there's only been a few worked in the last 10 years, and I mean a handful outside of merger of equals, whatever the hell that means. I'm not sure what that is, but there's been very few work. Why don't they work? Most acquirers have not fixed themselves.

I mean they were poor performers before, and they go buy another poor performer, and they just make a bigger pile of poor performers. So I think my group thought I was going to say something else. But anyway, and the buyers pay too much for a deal. They pay too much and they dilute their own tangible book value, creating years of earnings to get back to just even. You've all heard the statement, 2-year earn back, 3-year earn back to tangible book. Well I can assure you there is no dilution in this transaction. It becomes accretive to both shareholders on both teams, which will be our shareholders day one. Buyers cannot execute on cost saves and do not have the knowledge, experience or the reputation to do that, Home has all of the above and checks that box. Deal cost and CECL double accounting costs must be included in the purchase price of the deal. Check that box. Focus on the deal at hand and not try to do multiple deals at once. Regulators frown on that, and you can check that box. Actually, we had just announced the deal when somebody came up to myself and said, I got a deal for you, John, I want you look at this bank. And Donna said they won't even let the body get cold before they try to do another -- bring you another deal, Johnny. And The Wall Street Journal picked up on that, and I was quoting with that. That's actually Donna tons of quote. So I want to be sure you feel better about that, Donna, that you guys created for that quote.

Donna J. Townsell -- Senior Executive Vice President, Director of Investor Relations

Well, I'm not sure. But thank you for the credit.

John W. Allison -- President and Chief Executive Officer

Home remains focused. The buyer has to almost have a premium in their bank stock for any deal to have a chance to work and to be fair to the seller or it certainly will be diluted for sure. Home has that. Home has had a powerful backstop large enough to make the scale to make a difference and impact earnings. Happy Bank is $6.2 billion, will be 20% of our assets, and that checks that box. You need to pay lots of attention to who the owners of the bank are. Is it hedge funds, mutual funds, long-term holders, flippers, what is it? What is it the makeup of the shareholders? Because you know as well as I know, a lot of these phones will be sold -- they'll sell the stock before the sun comes up in the morning and short the buyer. Well, in this case, we're acquiring happy is private with 1,300 individual local shareholders. And we're proud of that, and we think that private is better and they can't arbor a deal. They can short Home if they want to, but they can't arbor deal. Remember that investment bankers get paid regardless if it's a good deal or bad deal, accretive or dilutive. Tell your banker, tell your investment banker, be sure who you hire, who you're doing business with first. And then tell your baker your limits and stick with that. The experience of M&A, Home has done -- this is Home's 25th deal. And probably for Happy, I think, it's 7th or 8th deals. So both have an experience on both sides worked out well for us, and that checks that box.

Good buyers have to remain disciplined and have to have the ability to walk if the seller pushes them into dilution because unbeknownst to the seller, he's shooting himself in the foot and the buyer at the same time, almost discipline and we'll walk and have walked on several transactions in the last year or two. Fund investor said to me, fund, not a fun, F-U-N, F-U-N-D investor said to me, why should I hang around and see three years or 4-year earn-back. He said, I get paid now. And the only reason I stay around if I can arbor the deal. We can't do this. They can't arbor the deal in this deal, so check that box. Matt only, I give credit for saying at Home, he is the analyst that said Home threaded the deal perfectly. You can see the complication of the process that both investment bankers, Salar and Stephens understood the limits and worked toward achieving the ultimate goals of creating one of the most outstanding deals over the last 10 years. That is evidenced by one of the few stocks that went up on an [Indecipherable]. Donna, I guess I've talked about the quarter, and I've talked about what made the deal work with Happy Bank. And I got a little windy today. I apologize for that, but I will -- it was a lot of work. And as things moved, it was a fluid situation. And I have to give Stephen Tipton credit. He ran his book on this deal and did an outstanding job for our company. but it just can't move in just like water flowing. It is sometimes good, sometimes bad days. But overall, it worked out to be a great transaction for our shareholders, for the Happy shareholders. And they should be one -- I think, one of the best deals have been done in a while.

So I'll hush now and let you have it back.

Donna J. Townsell -- Senior Executive Vice President, Director of Investor Relations

Thank you, Johnny. It's always nice to hear your thoughts on things and to hear about setting new records and the excitement that's building Panhandle to Panhandle on our acquisition. But I think the criteria for a successful acquisition is definitely important conversation. So hopefully, everyone enjoyed your commentary there. And now we will hear from Tracy French with results for Centennial Bank.

Tracy M. French -- Chairman Centennial Bank, President and Chief Executive Officer

Thank you, Donna, and good afternoon to all. And Johnny said he was a little windy. So we'll try to give a little color behind the numbers as he did a while ago. But I'm going to speak about Centennial Bank for the first three quarters and the nine months of the year. The rest of our team here will share some continued strong numbers that Johnny has mentioned in his comments earlier. Again, back to Centennial Bank. The total revenue for Centennial Bank was $178 million this past quarter to make that year-to-date $546 million when that number is really proud to be associated with. The strong revenue number with our efficiency ratio coming in at 37.54% year-to-date still has the bank over 2% ROA, and that's including the excess evaluated assets that we've talked about with the excess bonds. Phenomenal numbers for Centennial Bank in the group. The bank's return on average tangible common equity, non-GAAP closed the first nine months at 19%. Johnny, that kept the P5NR Allison ratio for the bank above the 60% level for the year at 61.31%, which is really proud of. Net interest income has remained steady due to the efforts of all of our regions, managing their loans and deposit rates and terms, along with the excess funds at a low cost today. That's something that is extremely important for our company. Centennial Bank's noninterest income has increased by 16% with the great work of the service charge area, our mortgage and all other managed areas of the bank.

Brian said that our bank's core ROA for the first nine months is over 2.59%, and that I think all of our regions were well above the 2%. And I'm talking about the community banks with our New York operation and marine operation, they get a little bit better than that. So exceptional numbers. All of our community bank regions have shown phenomenal growth in core deposits with four regions over 20% growth compared to this time last year, with our Alabama region leading the growth percentage over the year at 44$-- excuse me, 43%. As we continue to stay disciplined and committed to not make short-term gains that could affect our company's long-term shareholders should feel very comfortable at this state. Our company is well positioned with strong capital, the best asset quality we've seen as we deal with the potential inflation challenges going forward. As Johnny has mentioned, we are excited and happy and we're glad that we have met and worked with Mr. Pat Hickman, the Chairman of Happy State Bank, who has built an outstanding bank in Texas over the years has made one heck of a successful story in our banking world. We do look forward to working with Mikel Williamson, the CEO, as he heads our expansion into Texas. As he joins our regions, I look forward to him going up the notches along the way to be the top region, Johnny, as soon as he possibly can.

John W. Allison -- President and Chief Executive Officer

Who's that?

Tracy M. French -- Chairman Centennial Bank, President and Chief Executive Officer

Mikel. Get him in the mill there.

John W. Allison -- President and Chief Executive Officer

I'll be glad when he gets there.

Tracy M. French -- Chairman Centennial Bank, President and Chief Executive Officer

But we have met a lot of their directors, great staff that we've been able to meet, and we look forward to these people taking our company to the next level.

Donna J. Townsell -- Senior Executive Vice President, Director of Investor Relations

Thank you, Tracy. I appreciate that. Now Brian Davis will give us the financial report.

Brian S. Davis -- Treasurer and Chief Financial Officer

Thanks, Donna. Today, we reported $144.6 million of net interest income and a 3.60 net interest margin for Q3 2021. Our third quarter net interest margin decreased one basis point from Q2. Today, I'd like to go over a few net interest margin items. First, during the third quarter, we had $232 million of PPP loans forgiven. This forgiven us causes the acceleration of deferred fee income for the loans forgiven. Our PPP deferred fee income increased $3 million from Q3 to Q2. This increase was 7.3 basis points accretive to the NIM. Second, as a result of the excess liquidity, we had $338 million of additional interest-bearing cash in Q3 compared to Q2. The excess liquidity was 7.6 basis points dilutive to the Q3 NIM compared to Q2. Third, there was event income in the margin for Q3 of $3.5 million compared to $942,000 for Q2. This had a positive impact to the Q3 NIM of 6.3 basis points. Fourth, accretion income for Q3 was $4.9 million compared to $5.8 million for Q2. This had a negative impact to the NIM of 2.3 basis points. One other item from a historical point of reference, the Q3 excess cash versus the historical normal cash balances has a negative impact to the Q3 NIM of 72 basis points. That's a big difference. I'll conclude with a few remarks on capital. Favela Home Bancshares is to be extremely well capitalized, and I'm pleased to report the following strong capital information. For Q3 2021, our Tier one capital was $1.8 billion; total risk-based capital was $2.3 billion; and risk-weighted assets were $11.7 billion. As a result, the leverage ratio was 11%, which is 120% above with a well-capitalized benchmark of 5%. The common equity Tier one was 15.2%, which is 134% above the well-capitalized benchmark of 6.5%. Tier one capital was 15.8%, which is 98% above the well-capitalized benchmark of 8%. And finally, the total risk-based capital was 19.6%, which is 96% above the well-capitalized benchmark of 10%.

That said, I'll turn the call back over to Donna.

Donna J. Townsell -- Senior Executive Vice President, Director of Investor Relations

Thank you, Brian. And now for an update on loans is Kevin Hester.

Kevin D. Hester -- Chief Lending Officer

Thanks, Donna. My comment 90 days ago was that the first half of 2021 was much like we anticipated. Same still applies after the third quarter with continued declines in PPP loans through forgiveness, coupled with even better credit metrics. We discussed the possibility for loan growth in the second half of 2021. And while non-PPP loan balances dropped in Q3, the amount was less than previous quarters and the month of September reflected an increase in loan balances. Pipeline for the fourth quarter is still solid and reflects what we expected to see when we said that loan growth could return in the last half of 2021. As Brian indicated, PPP balances were reduced by $232 million in the third quarter, and that leaves us with a total of only $247 million remaining or about 20% of our total fundings from all around. COVID-modified loan balances dropped by $36 million in the third quarter to $228 million overall. Hotels make up 2/3 of that balance, and their overall recovery is still underway. Our monthly tracking shows solid improvement across the board, and we feel very positive about the prospects for these credits in 2022. Movement back to P&I will be required before any distributions can occur, and we see many with the pathway to that occurring with a solid spring season and/or continued improvements in travel. Credit metrics continued to improve in the third quarter to record-setting levels. Nonperforming loans improved to 51 basis points, which is two basis points below pre-COVID levels and down seven basis points on a linked quarter basis. Nonperforming assets are even better at 29 basis points, down 15 basis points below pre-COVID levels and down six basis points on a linked quarter basis.

The allowance coverage of nonperforming loans is at 469%, that's up 61 percentage points on a linked quarter basis. As Johnny said, early stage past dues reached a new low at 39 basis points, which is 40% below where we were pre-COVID. There's no substitute for excellent asset quality and nothing creates more distraction or will get you in trouble faster than poor asset quality. This has always been the highest of importance at Home, but our folks have taken this to a new level. I appreciate their diligence and commitment to a pristine loan book. The pilot program for our new end-to-end loan origination system was rolled out this week, and about 25% of our lenders are working in the system as we speak. I want to thank those lenders for being on the leading edge of the project. I also want to thank our design and implementation staff for all the efforts over the last 18 months. It seemed like we would never get here, but they've done a great job and are supporting the frontline impeccably this week. I'm very proud to work with this great bunch of people across our footprint. Thanks again for all your efforts in making Home Bancshares a top-performing company.

With that, Donna, I'll turn it back over to you.

Donna J. Townsell -- Senior Executive Vice President, Director of Investor Relations

Thank you, Kevin. I know the Street is happy to hear about loan growth in September. So hopefully, that's kicking off a positive trend. Now we will turn to Chris Poulton for an update for CCFG.

Christopher Poulton -- President of Centennial Commercial Finance Group

Thank you, Donna, and good afternoon. CCFG achieved solid growth in originations during the third quarter. Portfolio grew approximately $75 million to $1.63 billion on originations of $320 million. In particular, commercial real estate portfolio grew by over $100 million. While we saw modest declines in the C&I book as several corporate borrowers pay down facilities with excess cash during the quarter. We would expect to see the C&I facilities redraw in the coming quarter or quarters. As a result of the originations performance this year, our unfunded commitments have grown to just under $1 billion, which is up about $100 million from the beginning of the year. In the past few calls, I've spoken about delays in the closing process. The supply chain disruptions continued to impact our market. We did see an increase in closings during Q3 as several transactions cleared the pipeline during the quarter. We do expect the delays and the deal process will persist, however, and I remain pleased with the demand for our products and with the overall pipeline.

Donna J. Townsell -- Senior Executive Vice President, Director of Investor Relations

Thank you, Chris. I appreciate the report there. Now for an update on boating is John Marshall.

John Marshall -- President of Shore Premier Finance

Thank you, Donna, and good afternoon. The boat business in the third quarter seemed to offer something for everyone in terms of soundness, profitability and growth as the COVID cloud lifts and our business test the post-COVID guardrails that are defining our new normal. Importantly, COVID has had no detrimental impact on the asset quality in our book. Delinquency is down to 20 basis points. And if a harbinger of default, nonaccruals are similarly down to 22 basis points. Both are our personal bests, if you will, since we joined Centennial four years ago. Consumer originations of $155 million year-to-date maintained super-prime status with average FICOs of 780. Recall that we closed on the $400 million acquisition of LH Finance in the first quarter of '20. While COVID has shrunk our balance sheet as inventory for sale has been difficult to replace, we are still larger now than we were in early 2020. The result is that our year-to-date pre-tax profit contribution is $23 million, already exceeding full year 2020 of $21 million. That achieved a core ROE of 3.39% and an efficiency ratio of 19.4%. To recap, we started 2020 with a $500 million balance sheet. LH Finance took us to $900 million, and COVID cash and stimulus prepays have reclaimed $60 million. With this backdrop, there is evidence of rebuilding commercial inventories, steady consumer demand and a continued reduction in prepays, a recipe, in my mind, Donna, to growth in the future. Based on the buyers strolling the docks with recent shows in Caitlin, Newport, Annapolis and pre-ticket sales for the Fort Lauderdale show next week, retail activity will remain elevated. We're well positioned to rise on the returning tide.

On that positive note, Donna, let me turn the conversation back to you.

Donna J. Townsell -- Senior Executive Vice President, Director of Investor Relations

Thank you, John. And our final report today comes from Stephen Tipton.

Stephen Tipton -- Chief Operating Officer

Thank you, Donna. First, since our last call, as everybody knows now, tremendous effort was put forth by many involved in our M&A process. Long days and nights by a lot of people, and I'd like to thank all of our teammates who participated in those due diligence efforts. As Johnny mentioned, we're enjoying getting to know our friends at Happy and look forward to the future. Since the announcement, we have filed the proper regulatory applications and should have the S4 SEC documents filed any day now. Now I'd like to give the standard color on deposit activity, repricing efforts and trends and a few additional details on the balance sheet. On the deposit side, balances continued to climb during the third quarter of 2021 as total deposits increased $112 million from $630, and it appears we now have solid footing north of $14 billion in total deposits. Growth in the quarter was led by our New York office with over $70 million in growth, followed by the Arkansas regions accounting for nearly $60 million in growth.

John W. Allison -- President and Chief Executive Officer

You mean Chris led the chart on the deposit growth?

Stephen Tipton -- Chief Operating Officer

That's correct.

John W. Allison -- President and Chief Executive Officer

There must be some hot money risk-led deposits somewhere. I don't -- Chris, what did you do?

Christopher Poulton -- President of Centennial Commercial Finance Group

It turns out if we don't need deposits, I'm good at getting them.

John W. Allison -- President and Chief Executive Officer

Touche.

Stephen Tipton -- Chief Operating Officer

Focusing on our core base, noninterest-bearing balances increased over $60 million on a linked-quarter basis and now stand at over $4.1 billion or 30% of the total deposit base. Switching to funding costs. Interest-bearing deposits averaged 23 basis points in Q3, down three basis points on a linked-quarter basis and exited the quarter in September at 22 basis points. Total deposit costs were 16 basis points in Q3. While CDs are at an all-time low at 7.5% of total deposits, we still have opportunity near term to lower those maturing time deposits. Looking at Q4, we have $335 million maturing at nearly 1% so there'll be opportunity to lower those or see those exit. Switching to loans. Total production picked up in Q3 with over $1 billion in originations, with $700 million of the total coming from the Community Bank footprint. As Tracy and Johnny mentioned, we continue to maintain our disciplined approach to pricing and underwriting that has long served us well. Payoff volume was lighter in Q3 at $751 million, which included one large multifamily project with a legacy borrower moving to the permanent market, and proper structure there generated a nice event income for us as well. As Brian Davis mentioned in his remarks, when normalizing for the impact for PPP, event income and excess liquidity, we're pleased with how the net interest margin continues to hold up. In closing, Tracy mentioned the improvement we have made in several areas of the service charge set, and we're now seeing the impact. I would like to recognize our wealth management group, Centennial Financial Services in crossing the threshold of $1 billion in assets under management. That group is beginning to generate strong revenue and helping to build a comprehensive relationship with our customer base. Congratulations to that group again.

And with that, I'll turn it back over to you, Donna.

Donna J. Townsell -- Senior Executive Vice President, Director of Investor Relations

Thank you, Stephen. Well, Johnny, before we go to Q&A, do you have any additional comments?

John W. Allison -- President and Chief Executive Officer

John, are you going the boat show in Fort Lauderdale?

John Marshall -- President of Shore Premier Finance

Yes, sir. I'll be there next week, Wednesday through the weekend. I'm disappointed to learn that it sounds like you may not have occasion to join us.

John W. Allison -- President and Chief Executive Officer

I hate that. I have a conference, and I hate the fact that I'm not going to be there that I've ordered me a new formula boat as you know, and they have one on display there, so I was going to go by and look at that. But anyway, I won't be able to make that. I think overall, asset quality is the key to everything. And you heard Kevin Hester's report on asset quality. And you heard the earnings. Our earnings were good, strong, as usual, fourth year going to run for $300 million plus. As I said, I can't ask much more of our people than that because that's awfully strong ROA to get that kind of income out of the assets that we have. And now we picked up, hopefully, we get the conclusion of Happy Bank and welcome those people to Home Bancshares family, as I said earlier. And that should give us the extra assets that we need, the earning assets to increase the profitability. You heard Brian talking about capital ratios, they're about as strong as you can get. And I guess the highlight of all of this, everything is good, but what makes me smile is the possibility of loan growth, and we're seeing our unfunded commitments going up. And we had a September loan growth, and the book looks good. So I don't want to tell you that we're going to have loan growth because last time I told you we're going to have loan growth, we didn't. So I don't want to jinx it. I'm going to leave that alone and just say it will be -- it is what it is. How about that? So Tracy, you got anything in conclusion to say?

Tracy M. French -- Chairman Centennial Bank, President and Chief Executive Officer

Over to the next quarter.

John W. Allison -- President and Chief Executive Officer

Anybody else? Brian? Kevin? Stephen?

Brian S. Davis -- Treasurer and Chief Financial Officer

No, sir.

Kevin D. Hester -- Chief Lending Officer

No, sir.

Stephen Tipton -- Chief Operating Officer

No sir.

John W. Allison -- President and Chief Executive Officer

Well, Donna, I'll turn it back to you and let you go over to Q&A.

Donna J. Townsell -- Senior Executive Vice President, Director of Investor Relations

Okay. Thank you, Gary. We'll turn that over to you.

Questions and Answers:

Operator

[Operator Instructions] Our first question is from Jon Arfstrom with RBC Capital Markets. Please go ahead.

Jon Arfstrom -- RBC Capital Markets -- Analyst

Hey, thanks. Good afternoon, everyone.

John W. Allison -- President and Chief Executive Officer

Hey, Jon.

Jon Arfstrom -- RBC Capital Markets -- Analyst

On the growth question, maybe your least favorite question, Johnny. But what do you all think changed between August and September in terms of some of the demand that you're seeing in some of the growth that you're seeing?

Kevin D. Hester -- Chief Lending Officer

Hey, Jon, this is Kevin. I don't think anything changed. I think we've said all year that we felt like the second half of the year is when we thought some things could happen. And we felt that way 90 days ago. We saw that in our pipeline. If you listened to -- Chris has said it. I think at least once or twice this year that it's taking longer to get things done, the municipalities, all of our third-party providers, it's just taking longer to get deals done. And I think that was part of what we saw in September. We're just seeing some things happen that we've been working on for a while and seeing it happen.

John W. Allison -- President and Chief Executive Officer

I think the point there is the difference in loan growth and our statement was quality of loan growth.

Jon Arfstrom -- RBC Capital Markets -- Analyst

Right.

John W. Allison -- President and Chief Executive Officer

We didn't see -- we saw a lot of people just stealing from each other for a period of time, and it really was a race to the bottom. And as I looked at margins, company margins over the last -- first we were looking at them yesterday, actually, different corporations. And they've sold or so in lots of respect, and we haven't. So when I say quality of loan growth, I'm talking about stuff that we can make money on. So we haven't caved into -- it's hard not to let me say that. It's really hard -- we've been forced in some instances to match some stuff, and we've done that. We don't like that, but we've been forced to have to do that. But overall, I think, Stephen, we're about what five 13?

Stephen Tipton -- Chief Operating Officer

Yes, when you strip out the event income and PPP and the purchase accounting accretion, the core loan yield is about five, 13. You look over a four-, five-quarter period, it's been plus or minus.

John W. Allison -- President and Chief Executive Officer

We haven't changed that. A lot of people in these cycles, you see rates go to nothing and terms change and lower equity on the front end and nonrecourse. And it gets really frustrating as they chase. The harder they chase, the more you see those things coming up, and we're seeing that stuff. Don't like it, and we can't -- we don't play. As I said, we could have had lots of loan growth. We just don't do that. We just pass.

Jon Arfstrom -- RBC Capital Markets -- Analyst

Yes. Yes. I think back to the -- Tim's comments about running it hot. And now you're at a 70% loan-to-deposit ratio. So it's encouraging to hear that you're seeing the quality opportunities. I guess, Chris touched on redraws in the C&I business. John talked about some evidence of rebuilding inventories. And on the same topic, are you -- this quality loan growth, are you seeing it broaden out? Or is it mostly Chris' business where you're seeing it?

Kevin D. Hester -- Chief Lending Officer

No, I think -- this is Kevin again. I think, obviously, Chris can tell you what he's seeing, but we're seeing within the last 90 days, what was produced internally in the Community Bank footprint, plus what we see in the pipeline. There's a lot of activity in those three regions -- in southern regions in Florida, from Central, Southeast and South. There's a lot of activity there, as you can imagine. It's lot of folks moving to Florida and a lot of activity down there. So that's, I think, where a lot of the activity is coming from on the Community Bank side. And then Chris has got his group as well.

John W. Allison -- President and Chief Executive Officer

Chris, you got a comment?

Christopher Poulton -- President of Centennial Commercial Finance Group

No, I don't know that I do. I think it's been pretty similar for us, the story for the last couple of quarters. We continue to see demand for our products across all our markets and the challenges are finding good deals and then getting those deals across the finish line. Everything takes a little longer than we'd like, but we continue to refill the pipeline. So continue to feel pretty good about things.

Jon Arfstrom -- RBC Capital Markets -- Analyst

Okay. Good. Good. That's helpful. And then just one on deposits, Stephen, for you. You, like a lot of banks, you have this high-class problem of a lot of deposits. So how do you expect the deposit base to react if we see interest rates continue to move higher?

Stephen Tipton -- Chief Operating Officer

I think absent the move from the Fed, I mean, I think we'll be able to keep our foot on them. I mean there's still some opportunity as some things that we have on contract come due to get to where rates should be today. And then I think one of the -- like you said, it's a high-class problem. To see our noninterest-bearing base grow like it has over the last 1.5 years is fantastic, 30% today that the more we can add to that customer base, the less fear we have about rates going up.

John W. Allison -- President and Chief Executive Officer

We've seen a race to the bottom on the rate. So I hope we don't see a race to the top on deposit costs in the future. But there will be somebody who will come out with some big CD specials, as you know, in the past. But hopefully, that will be a while. It looks like it may be -- we're hearing that it could be this year, it could be next year before we start to see rates go up. But I think it's going to happen. Thanks, Jon. We'll see you at your confidence. Looking forward to it.

Jon Arfstrom -- RBC Capital Markets -- Analyst

Yeah. Okay. All right. Thanks for the help. Appreciate it.

John W. Allison -- President and Chief Executive Officer

Thanks. Jon. We will see you at the conference. Looking forward to it.

Jon Arfstrom -- RBC Capital Markets -- Analyst

All right, sounds good.

Operator

The next question is from Brady Gailey with KBW. Please go ahead.

Brady Gailey -- KBW -- Analyst

Hey, thanks. Good afternoon, guys.

Stephen Tipton -- Chief Operating Officer

Hi, Brady.

Brady Gailey -- KBW -- Analyst

Just one more on loan growth. When I look at your pro forma franchise, and you guys are going to be in two of the best growth markets in the South and Florida and in Texas. In a normalized environment, what do you think is a good longer-term growth rate to consider for Home?

Stephen Tipton -- Chief Operating Officer

Well, during normal times, I think 3% to 5% is a good -- I think 5% is probably is a good normal growth rate. But we just haven't seen it. I guess we've been so peculated. We've been through some crazy times, right? 'Eight, 'nine, '10, '11 and '12, and that fiasco and then into the pandemic. I just think we're all fortunate to still be here, right? We didn't know what was going to happen at that time. But it is pretty exciting out there today looking at the opportunities on the loan side. I don't want to talk too much about it because -- last time I said loans were going up, they went down. And I was confident I was reading off the sheet, but we had some big payoffs right at the end and we went down. But that part is exciting. The rest of it, you can see. I mean the cost of funds is excellent. The asset quality is excellent. The addition of Happy Bank is going to be great. I think they had loan growth for the quarter. That's good. I haven't seen all the numbers on them at this point in time. I guess they'll be on the FDIC website here for a while. But we're -- I mean you can't ask for much more than what the company is doing. We just need some additional assets and we get those. And I can take -- companies run about 2% ROA, and I can look at $24 billion worth of assets and imagine a 2% ROA on that. I can multiple that in my head. I don't have to get a calculator. So at some point, our big goal is getting Happy's expenses in line with Home's. And I'm kind of running off here a little bit, but you asked about -- it's really loan growth. It's the key. As you see, there's not anything else that I know of inside the company that needs to be fixed.

Brady Gailey -- KBW -- Analyst

Yes. And then I know you guys have talked about possibly redeeming the $300 million of sub debt. I think at like five and 5/8 that becomes callable in April. Now you have Happy in the mix, maybe just your updated thoughts on potentially redeeming a portion or all of that subject. If you were to redeem all of it, I think it is a nice benefit to earnings there.

John W. Allison -- President and Chief Executive Officer

I agree with that, and we're working on that and we're looking at that. We have put back -- how much was that now, Brian?

Brian S. Davis -- Treasurer and Chief Financial Officer

We've got $125 million put back to date. And we'll have $150 million by the time we get to the payoff date.

John W. Allison -- President and Chief Executive Officer

I think Stephen is going to kick that up a little bit between now and pay off date if we can. And we have one of our customers, friends, whatever, he's offered to loan us some money on that. So we wouldn't have to go back on another 5-year no call. I guess we could just refinance where we are. We would like to pay that off. We will pay at least half of it off, but we would like to pay the entire balance off. And even if we don't get the ability to pay it all off, we'll try to borrow some money and pay it off on a $5 million a month and get rid of it. So at least that's what it looks like. Brian, you got any comment on that?

Brian S. Davis -- Treasurer and Chief Financial Officer

No. I think what you said is pretty much accurate to what we've been talking about.

John W. Allison -- President and Chief Executive Officer

That's a pretty good -- that's about a dime in it. That's close to a dime.

Brian S. Davis -- Treasurer and Chief Financial Officer

It's a dime with our current share count. When our share count goes up about 20%, it will be probably closer to $0.08.

John W. Allison -- President and Chief Executive Officer

Well, we just want to keep plenty of capital in the chest. The Happy deal is an important transaction for us. I don't think they don't really impact our capital ratios very much.

Brian S. Davis -- Treasurer and Chief Financial Officer

No, it's all Tier two capital, and we're basically double Tier two capital and well-capitalized.

John W. Allison -- President and Chief Executive Officer

So it makes sense for us to take that opportunity and, hopefully, pay it off in full and get rid of that $18 million pre-tax deal. So that's a pretty good get for us. We'll be pushing in that direction.

Brady Gailey -- KBW -- Analyst

Okay. And then finally for me, also on the capital theme. It looks like you repurchased some stock this quarter. The stock still trades pretty attractively. Do you think you'll continue to be active on the buyback from here?

John W. Allison -- President and Chief Executive Officer

Well, we've always been active on the buyback side. We like to buy the stock. We're generating -- it's going to be generating lots and lots of capital. So we owe our shareholders a dividend, there's going to have to be a dividend increase. They will have to be a little patient here till we get through these processes into next year. We're due for a dividend increase and we have the money to do that, but I think it's more important at this point in time to get the Happy transaction done and pay off the sub debt. I think that's the two top priorities for the company right now, but we'll continue to be in the market buying stock. We're limited to the amount we can buy though based on a rule that 10b-18?

Brian S. Davis -- Treasurer and Chief Financial Officer

That's right. The daily average from three months prior to the announcement of Happy is kind of where we're capped at, but we're able to do that on a daily basis and have been. And we plan to continue to.

Brady Gailey -- KBW -- Analyst

Got it. Thanks guys.

John W. Allison -- President and Chief Executive Officer

You bet. Thank you.

Operator

[Operator Instructions] The next question is from Stephen Scouten with Piper Sandler. Please go ahead.

Stephen Scouten -- Piper Sandler -- Analyst

Hi. Good afternoon, everyone.

John W. Allison -- President and Chief Executive Officer

Good afternoon, Stephen.

Stephen Scouten -- Piper Sandler -- Analyst

I guess one thing I was curious about, guys, is just the loan loss reserves. Obviously, you have one of the highest reserves in the industry. So not only do you have high capital ratios, but you've got other capital sitting there in your reserve as well. So how do you think about that today? I know you like to have higher reserves, but at some point, the accountants make you take this down to a much lower level from here? Or how can we kind of think about that?

John W. Allison -- President and Chief Executive Officer

I don't -- I would think so. But however, we just -- we're buying a $6 billion company in Happy. And even though we did our due diligence, things look different sometimes when you get inside one. So, I think we're going to try to maintain that reserve, particularly in light of the fact that we're picking up $3 billion or $4 billion worth of loans here. We think that's prudent for us to do that. After that point in time, if the asset quality turns out to be where we think it is, we maybe forced to do something. But as of right now, I think we'd like to try to hold on to that. I think it's prudent for us to do that is to hang on to that for at least into -- hopefully, we'll close Happy probably next year. Hopefully, we can carry it through next year. And if we don't have any hiccups and we'll move on. I don't know if they'll let us do that. That's just me speaking.

Stephen Scouten -- Piper Sandler -- Analyst

Got it. Okay, great. And then, I guess thinking about CCFG and that book of business. And I know you got asked this on the deal announcement call, but as the balance sheet grows, how aggressive do you think you would let that team be and Chris' group be in terms of growing a little bit more rapidly if that opportunity set is out there?

John W. Allison -- President and Chief Executive Officer

Well, I want Chris to do what Chris does. Chris does one hell of a job for this company and his team does. And we haven't had any loan problems. And we were, before the call, we were all besting Chris, I can do $1 billion in the next 90 days, if you want it, he said, but I'd like you to pay me upfront. So I'll let Chris talk to that. I'll let him make that comment. We -- he has all the rope in the world. I mean he has the ability. He has the authority to do pretty much what he wants to do because of his track record with us. And they've done it. You know how well they've done for us and how well that's worked for us. So, I don't think Chris is -- I don't think he likes to collect too much. So I'll let him comment. Chris, you want to make a comment?

Christopher Poulton -- President of Centennial Commercial Finance Group

Yes, sir. Thanks. As Johnny said, I don't think we've been that limited. With that said, -- excuse me. I do think we felt like we were probably about a reasonable size given the rest of the balance sheet. And so, given the fact that balance sheet get larger, I think that probably does give us a little more room to maneuver and feel a little more comfortable about that. So I would think there's opportunities there. I'll be honest with you. I don't think we're going to rush out and do that. Johnny didn't take me up on the offer of paying me in advance or right away. So -- but certainly, over the coming periods, whatever that is, over the next quarters or year, years, etc., there's certainly opportunity out there to do that. Just as a way of reference, prior to joining Centennial, this group was running well over $3 billion. So the size doesn't scare me. I think it's just a matter of being able to pick the right things and do it in our time. And as Johnny said, I think we do it in ways that we feel most comfortable with. So I would say I don't see any reason why we wouldn't grow over that period of time, but I certainly don't feel the pressure to do it, but it's nice to be able to.

Stephen Scouten -- Piper Sandler -- Analyst

Perfect perfect, very helpful, thanks for the color guys. I appreciate the time.

Stephen Tipton -- Chief Operating Officer

Thanks, Stephen.

Operator

The next question is from Brian Martin with Janney Montgomery Scott. Please go ahead.

Brian Martin -- Janney Montgomery Scott -- Analyst

Hey guys. Good afternoon.

Stephen Tipton -- Chief Operating Officer

Hi Brian.

Brian Martin -- Janney Montgomery Scott -- Analyst

Hi. Just maybe one question just back to the loan -- not the loan growth, but just the loan yields. And maybe Stephen can comment on to somebody, but just your expectations given kind of the competition in the market with all the liquidity out there to find your well-priced deals and kind of sustain that loan yield where it's at in conjunction with the growth?

Stephen Tipton -- Chief Operating Officer

Yeah. I mean, if you look at our production for the quarter, I think the Community Bank Group, which is the biggest component of the total, was in the $489 -- excuse me, $480 million, $490 million range on coupon before origination fees. So it's a little lower than where you call the net yield is today. But back to this whole group has mentioned, we'll continue to maintain the discipline there and find our spots where we can originate volume.

John W. Allison -- President and Chief Executive Officer

Well, we originated $1.1 billion.

Stephen Tipton -- Chief Operating Officer

$1.07 million, I think.

John W. Allison -- President and Chief Executive Officer

$1.07 billion for the quarter, so it hasn't gone away, the opportunities are still there for us. So, we're encouraged by that. We've been running a lot less than that, and it's really picked up. A lot of things we've been working on for a period of time are kind of beginning to come around, as Kevin talked about, they're slow. And some of our credits have just taken a while to come to fruition. So I'm pretty optimistic. I don't want to be too optimistic because I don't want to be disappointed. I don't want to disappoint the Street. We -- as you know, we tell it pretty much like we see it.

Brian Martin -- Janney Montgomery Scott -- Analyst

Yeah. Okay. And then, how about just maybe back to that, kind of the origination volume was a pretty big jump this quarter in that origination volume number, and in conjunction with a little bit of a decline in the payoffs. I mean, do you think these levels -- when you look at the jump this quarter, I mean do we kind of see maybe a step back down a little bit on the origination side? And I guess, how are you feeling about kind of the payoff levels given maybe some of the potential tax law changes out there? I mean, I guess, is a lower level, more in the sights now as you get into next year possibly?

Kevin D. Hester -- Chief Lending Officer

Hey Brian, its, Kevin, I mean, I think from the payout side, I mean you could see some stuff here before year-end if people feel like that there's a chance that the tax law is going to change, then that certainly could happen. On the production side, I mean, I think it's a function of -- a lot of the deals that we're doing are construction-type acquisition bridge-type stuff between Chris' group and our group. And those take longer to develop. And they draw up overtime. So you're going to see some of the fruition of the stuff we closed over the next six, nine, 12 months, both on the Community Bank side and on Chris' side. So I think, it's -- we just have to kind of take it as it comes. And I feel good about -- we still feel good about the second half of the year. We feel good about '22. We think we're in good markets that are going to grow, and that's where we want to be.

John W. Allison -- President and Chief Executive Officer

And you think about Texas, hopefully, that's been a good market. Texas has been awfully strong. So if we can take the assets, that $6 billion of assets, when you get the kind of returns or anywhere close to the kind of returns we're getting out of Home Bancshares, it ought to really be a plus for us. And we're just going to have to work on that bring their costs more in line with Home because they got the revenue side, they do the revenue side. So if you think about it, that's the toughest part of one is the revenue side, as I said earlier, getting the revenue and getting the rate is the toughest part. And Happy is doing that. So we don't have to work on that side of it. We just need to work on the other side of it. So Tracy, you got to comment on that? Anything?

Tracy M. French -- Chairman Centennial Bank, President and Chief Executive Officer

Looking at the potential growth piece of it, I mean we've got -- we've been working with Scott and Robert and Jeff on Central Texas and [Indecipherable]. They're communicating with us on some opportunities that they've had to increase some of their borrowers' relationships. So some of the periods of time that they've managed down there with their capital position, they've had to tone it down a little bit. But as Johnny mentioned in his opening remarks, the rates are a little bit better than ours over time. So we think the customer relationship there and our size is going to certainly give those staff members opportunities to take us to the next level, as I said.

John W. Allison -- President and Chief Executive Officer

It could be really nice. I mean you begin in four, five days here, just in the last four or five days, David Drury's called. He wants us to be in Florida with two huge projects that are coming out of the ground. Our people from Happy are calling us to meet with some customers that they have that want to upsize what they're doing. It's been -- it's pretty encouraging here at this -- right now it's encouraging. I hope that continues. And I kind of feel like it might end up price drop, the deals are not giving stuff away and you're not having to do nonrecourse. So you're not doing 80% leverage in nonrecourse, 3.5% not fix for 10.

Brian Martin -- Janney Montgomery Scott -- Analyst

Okay. I appreciate the color. Maybe just one housekeeping one for Brian. Brian, the PPP forgiveness, I guess, maybe has your outlook changed from what you kind of talked about last quarter given the performance this quarter as far as when that -- it sounds like most of that pie wraps up this year. Is that fair?

Brian S. Davis -- Treasurer and Chief Financial Officer

Yes. Here's kind of the numbers. I mean we had -- it has to be down from next -- for this quarter because we had $9.3 million of PPP income this quarter. There's only $8.9 million of the PPP income last period. So we're off to a pretty good start in the first couple of weeks on payoffs, but as Kevin and I were talking earlier this morning, that's drastically slowed down. So we recorded about $1 million of PPP income in the first few weeks of October, but that's going to slow down drastically. So will we make $3 million this month, I doubt it very seriously, and it's probably going to trickle down. There's only $8.9 million of it last period.

Brian Martin -- Janney Montgomery Scott -- Analyst

Yes. So it's pretty negligible to next year. So that's really the point. So OK, I appreciate the update guys. Thanks.

Brian S. Davis -- Treasurer and Chief Financial Officer

Thank you.

Operator

The next question is from Matt Olney with Stephens. Please go ahead.

Matt Olney -- Stephens -- Analyst

Hi guys. Thanks for taking the questions. I want to ask about the excess liquidity position at the bank. And I'm sure there's a preference to deploy that into loans over time, but it seems like there's plenty of liquidity to deploy elsewhere. So love to hear more about the appetite to deploy that into securities today. And if there's not much appetite, just give us some more color about what kind of an environment you're looking for to get more constructive on deploying that into the securities portfolio? Thanks.

John W. Allison -- President and Chief Executive Officer

What we're going to do is let you be with your guys and Stephen. You will all give us a 4% return and we solve that problem.

Matt Olney -- Stephens -- Analyst

Just 4% -- That's it?

John W. Allison -- President and Chief Executive Officer

That's pretty easy. It's too easy, too easy. We don't have a big desire to put in securities at this point. We just don't have that desire. We put a little bit in securities more than I wanted to put in securities. But we just don't have that desire to lock it in, we keep saying for rate. We've been saying that for about four quarters, it may continue. We may be four years from now we'll be saying when we write -- well, if we live long enough, I guess, we will be rates will go up. But they're just with this. However, the Biden tax plan, I mean the Biden spending plan may not pass. That deal may add 3.73 and then turn into five or six. That may not pass. And that may be able to hold rates at a little rate. If that happens, we may be forced to look at something else. Kevin was reporting what one of our competitor's friends had done recently, bought a bunch of mortgage loans and just buying bulks of them. I'd rather do that than put them in long-term securities. So we're constantly looking for opportunities to deploy those funds. But if you -- we're not going to put it in 1.5% securities, we're not going to do that. We just think there's a better way to really go buy $1 billion worth of mortgage loans that are yielding net 250, 260, 270. So I saw mortgage rates are up 3.15 or rate on 30 year today. They're up to -- maybe Kevin maybe knows -- those will come up a little bit for us over a period of time. Kevin knows we were looking at that yesterday, about a thought process on that. We're not going to put it in 1.5% to 1.6% securities.

Matt Olney -- Stephens -- Analyst

Yes. Okay. Certainly, it's a tricky environment. Okay. Well, thanks for the commentary guys. That's all for me. Great quarter.

John W. Allison -- President and Chief Executive Officer

Thank you, Matt. Thank you very much.

Operator

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

John W. Allison -- President and Chief Executive Officer

Thank you, Gary. Thank you for joining today. Thanks for your support of Home. I want you to know that this team works hard every day and every night, most of the time. The -- as we have an expression here never go home. You can go H-O-M-E, but never leave HOMB. So we work very hard at it, and we're extremely serious about being one of the best banks in the country, and we have been for many years. And hopefully, with the addition of Happy Bank and their great team of people, that will give us another $6 billion worth of assets to -- I mean, as I said before, they got the revenue side, we've got to work on the expense side. And hopefully, we can do that. We can't do it now, but hopefully, it will close in January. And I'd like Tracy and Michael who are way down the road on their plan. Am I right, Tracy?

Tracy M. French -- Chairman Centennial Bank, President and Chief Executive Officer

Going well, very well, doing well. All the teams are working extremely well again. That's, I think, over 25 outside me, John, when you bought.

John W. Allison -- President and Chief Executive Officer

As said, we're working together better than except where I bought him years ago. He will tell all of you that he's the best acquisition that I ever did, so.

Tracy M. French -- Chairman Centennial Bank, President and Chief Executive Officer

You know that's because he was the first one, right?

John W. Allison -- President and Chief Executive Officer

Yes, because he's the first one. Anyway, thank you for your support and anybody else have anything else to comment about, I want to say, we'll talk to you in 90 days.

Operator

[Operator Closing Remarks]

Duration: 62 minutes

Call participants:

Donna J. Townsell -- Senior Executive Vice President, Director of Investor Relations

John W. Allison -- President and Chief Executive Officer

Tracy M. French -- Chairman Centennial Bank, President and Chief Executive Officer

Brian S. Davis -- Treasurer and Chief Financial Officer

Kevin D. Hester -- Chief Lending Officer

Christopher Poulton -- President of Centennial Commercial Finance Group

John Marshall -- President of Shore Premier Finance

Stephen Tipton -- Chief Operating Officer

Jon Arfstrom -- RBC Capital Markets -- Analyst

Brady Gailey -- KBW -- Analyst

Stephen Scouten -- Piper Sandler -- Analyst

Brian Martin -- Janney Montgomery Scott -- Analyst

Matt Olney -- Stephens -- Analyst

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