Financial Data and Key Metrics Changes - The company reported net income of $21.6 million for Q2 2020, an increase of $17.6 million or 445.3% on a linked quarter basis, and an increase of $2.9 million or 15.8% compared to the same period in 2019 [13] - Earnings per share were $0.65, an increase of $0.53 on a linked quarter basis and an increase of $0.10 compared to the same period in 2019 [13] - The provision for credit loss expense during the quarter was $5.2 million, with the allowance for loan losses increasing by $6.2 million to $59.9 million, representing 1.69% of total loans net of PPP loans [5][15] - Non-performing assets as a percentage of total assets remained unchanged at 0.24% [15] Business Line Data and Key Metrics Changes - The loan portfolio included approximately $308 million in PPP loans to about 2,100 borrowers, contributing to a total loan increase of $251.6 million or 7% during the quarter [14] - Excluding PPP loans, there was a decrease in the loan portfolio of $56.8 million or 1.6% on a linked quarter basis, primarily in construction loans and one to four family residential portfolios [14] - The securities portfolio decreased by $147.6 million or 5% for the quarter, with a net unrealized gain of $137.9 million at June 30, 2020 [18] Market Data and Key Metrics Changes - The company experienced a significant increase in noninterest-bearing deposits, with all $331 million increase in deposits occurring in this category [9] - The effective tax rate increased to 11.5% from 10.8% in the first quarter of 2020 [22] Company Strategy and Development Direction - The company is focused on maintaining asset quality and has intensified monitoring of the loan portfolio due to the pandemic [6] - The management expressed confidence in the strength of the Texas markets served and believes they are well-positioned to navigate the economic challenges posed by COVID-19 [11] - Future loan growth remains uncertain, but the company is encouraged by its pipeline and opportunities to grow quality loans [9] Management's Comments on Operating Environment and Future Outlook - Management noted that the economic forecast is a significant driver of the CECL model for loan loss reserves, and future reserves may return to normal levels if the economic situation improves [28] - The company is optimistic about the loan pipeline, particularly in sectors that have not been significantly impacted by COVID-19 [47] Other Important Information - The company recorded a curtailment expense of $163,000 due to the freeze on future benefit accruals in its defined benefit retirement plan [10] - Noninterest income decreased by $426,000 or 4.3% for the linked quarter, primarily due to a decrease in deposit services and trust fees [20] Q&A Session Summary Question: Follow-up on forbearance categories - Management is encouraged by the high percentages of customers not expected to request a second 90-day modification, with the hotel industry being the most affected [25][26] Question: Loan loss reserve expectations - Future reserves depend on the economic forecast, with management feeling confident about current reserves but acknowledging uncertainty [28] Question: Capital management regarding dividends and share repurchases - The company is monitoring new reserve requirements and anticipates no impact on dividends, with share repurchases contingent on earnings [30] Question: Average PPP loan balance - The average balance for PPP loans during the quarter was around $240 million [34] Question: Loan portfolio geographic breakdown - The loan portfolio includes approximately $1.4 billion in the DFW market, $900 million in East Texas, and $700 million in the Austin market [52] Question: Risk factors in hotel loans - The company maintains conservative underwriting standards for hotel loans, focusing on strong operators and requiring significant equity [55]

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