<A – David Zalman>: You’re right, when the
stock dropped to – we felt, it was unfairly, you just didn’t back
as big. You didn’t say good enough, good things in your analysts.
So anyway, when we did, I think a lot of – a number of analysts
around thought that the bigger deals were not in favor. We felt
that this was a really good deal. We still think it’s going to be
very good. We think that we’re – we think that we’re underpriced
I feel like our stock should be priced and maybe
we’ll see more of that in the next year in the second quarter,
third quarter as we improve the results, but it shouldn’t be around
$75 or $80 in my opinion, minimum. And that we did buy, when it
dropped around the $64, we couldn’t buy that first day. But
immediately when we could, we started buying every day the maximum
that we could buy.
And we continued to do that until the blackout
period. Since the blackout period, we haven’t bought, I think we
can start buying again, but we haven’t yet. We’re out there and
when we did the deal, Kevin – we wanted to pay like about 25% in
cash and Kevin wanted 10% cash. And so we set our own 15% in cash.
So we traded with them at 67. So we felt like, what a deal, we can
still get the – we can still put our cash to work and get it even
cheaper than what we did the deal at. So if we see that the stock
doesn’t hold up or pause, we’ll be back in there for sure.
<Q – Brady Gailey>: Any questions for
Prosperity? I’ll ask a couple more. So, David, obviously a big
acquisition with Legacy, you’re a very acquisitive company, when do
you think you’ll be out looking at the next deal or are you
<A – David Zalman>: In our conference call, I
said that we were looking – we were talking to probably two or
three different banks at this size or bigger. And I said that, we
felt that considering everything else, what makes us more valuable
as a franchise or somebody were looking to buy us, to be one of the
first and second or second in the market shares in both Houston and
Dallas would really make us look a lot better.
So I think what we did there was the best deal.
Having said that, I got a call from Jenny Demba at SunTrust and she
said, what did you mean, if you’re trying to going to go out and do
another deal, I said, that’s what we’re probably looking for some
more deal. And I said, what do you think it? And of course, she
said, I said, you know me better than my wife does sometimes, so
she said, well, you probably just tried to keep everybody that you
were talking to on the line.
I said, well, I think that’s true. We were trying
to communicate to the people that we were talking to and maybe the
deal didn’t go through with them, but it doesn’t mean that it
wouldn’t go through. We feel really good with this merger that
we’re doing. Kevin and Mays have been great, all of our people,
usually when you – the two teams start meeting, we’ve done 42
transactions and I always say 40 of them were great. And usually
you can tell when the people start meeting, it’s going to be good
or not good. If it’s not good, some of your people start making
comments, sending comments, that why do they go blah, blah, blah,
like this and that.