Great Southern Bancorp Inc (GSBC) 2024 Q4 法說會逐字稿

Good day. And thank you for standing by. Welcome to the Great Southern Bank Corp Inc fourth quarter 2024 earnings conference call. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, Zach Mukewa. Please go ahead.

再會。感謝您的支持。歡迎參加 Great Southern Bank Corp Inc 2024 年第四季財報電話會議。（操作員指令）。請注意，今天的會議正在錄音。現在我想將會議交給今天的發言人 Zach Mukewa。請繼續。

Good afternoon and thank you for joining and Banks fourth quarter, 2024 earnings call. Today we'll be discussing the company's results for the quarter and full year ending 31 December 2024. Before we begin, I'd like to remind everyone that during this call, forward-looking segments may be made regarding the company's future events and financial performance.

下午好，感謝您參加 Banks 2024 年第四季財報電話會議。今天我們將討論該公司截至 2024 年 12 月 31 日的季度和全年業績。在我們開始之前，我想提醒大家，在本次電話會議中，可能會對公司未來事件和財務表現進行前瞻性的展望。

This settlements are subject to various factors that could cause actual results to differ materially from those anticipated or projected. For further details please refer to the forward looking statements disclosure in the fourth quarter, annual release and other public filings. Joining me today are President and CEO, Joe Turner and Chief Financial Officer, Rex Copeland. I'll now on the call over to Joe. And Joe?

此解決方案受到各種因素的影響，可能導致實際結果與預期或預測的結果有重大差異。更多詳細資訊請參閱第四季度、年度發布和其他公開文件中的前瞻性聲明披露。今天與我一起出席的還有總裁兼執行長喬·特納 (Joe Turner) 和財務長雷克斯·科普蘭 (Rex Copeland)。我現在把電話轉給喬。喬呢？

All right, thanks Zack. And good afternoon everyone. We appreciate you joining us today for our fourth quarter earnings call. 2024 was a year of resilience and progress for Great Southern Bancorp. Despite facing a dynamic economic and banking environment, our team delivered solid results, reinforcing the strength of our business model and our long term commitment to execution for the year.

好的，謝謝扎克。大家下午好。感謝您今天參加我們的第四季財報電話會議。 2024 年對 Great Southern Bancorp 來說是韌性和進步的一年。儘管面臨動態的經濟和銀行環境，我們的團隊仍然取得了穩健的業績，增強了我們的商業模式的實力和我們對今年的長期執行承諾。

We reported $61.8 million or $5.26 a share while this represents a slight decline from the prior year, it reflects our proactive management during a period marked by rising funding costs and heightened competition for deposits. These results underscore our ability to adapt prioritize profitability and continue creating value for our shareholders.

我們報告的利潤為 6,180 萬美元，即每股 5.26 美元，雖然這比去年略有下降，但這反映了我們在融資成本上升和存款競爭加劇的時期採取了積極主動的管理措施。這些結果強調了我們適應優先獲利能力並繼續為股東創造價值的能力。

In the fourth quarter, we reported net income of $14.9 million or a $1.27 per diluted common share. Net interest margin was 3.49% for the quarter reflecting an improvement from 3.3% in the fourth quarter of last year and 3.42% in the quarter ended 3 September 2024.

第四季度，我們報告淨收入為 1,490 萬美元，即每股攤薄收益 1.27 美元。本季淨利差為 3.49%，較去年第四季的 3.3% 和截至 2024 年 9 月 3 日當季的 3.42% 有所改善。

Annualized return on average assets for the quarter was 1% which is up slightly from the prior year's quarter while annualized ROE or return on average common equity was 9.76%. As we did note in the earnings release, fourth quarter, financial results were negatively impacted by a nonrecurring, noninterest expense item.

本季年化平均資產報酬率為 1%，較去年同期略有上升，年化 ROE 或平均普通股權益報酬率為 9.76%。正如我們在第四季度收益報告中所指出的那樣，財務業績受到非經常性非利息支出項目的負面影響。

This expense reduced annualized return on average common equity by 103 basis points and annualized return on average assets by 10 basis points.

這筆費用導致平均普通股年化報酬率降低了 103 個基點，平均資產年化報酬率降低了 10 個基點。

Looking ahead, we are confident in our long term strategy and our ability to drive shareholder value and increase book value per share while continuing to deliver strong consistent results.

展望未來，我們對我們的長期策略以及推動股東價值和增加每股帳面價值的能力充滿信心，同時繼續提供強勁而持續的業績。

Our loan portfolio growth was driven by sustained demand in key segments with gross loans for the year increasing $100.5 million. Multifamily residential loans led the way reflecting robust growth while the loan pipeline for construction loans remained strong. Loan payoffs due to borrower selling projects or refinancing debt were sporadic and somewhat muted in '24 compared to previous years given the interest rate environment.

我們的貸款組合成長受到關鍵領域持續需求的推動，全年貸款總額增加了 1.005 億美元。多戶住宅貸款領先，體現出強勁的成長勢頭，而建築貸款的貸款管道仍然強勁。鑑於利率環境，2024 年借款人出售專案或再融資債務而導致的貸款償還情況與前幾年相比較為零散且有所減弱。

For more information about our loan portfolio, please refer to our quarterly loan portfolio presentation available on our investor relations site under the presentations link. The presentation provides helpful insights regarding our loan portfolio mix by type and geography.

有關我們的貸款組合的更多信息，請參閱我們投資者關係網站上的演示文稿鏈接提供的季度貸款組合演示文稿。該簡報提供了有關我們按類型和地區劃分的貸款組合的有用見解。

Our asset quality remained very strong with nonperforming assets of 0.16% of total assets at the end of the year nonperforming loans to period end loans fell to 0.07% during the quarter ended 31 December '24, our provision for credit loss expense was $2.5 million higher than during the same quarter last year. In the 2024 forth quarter, the company did not record a provision expense on its portfolio of outstanding loans compared to the $750,000 provision expense in the same period of '23.

我們的資產品質仍然非常強勁，年底不良資產佔總資產的 0.16%，截至 24 年 12 月 31 日的季度，不良貸款與期末貸款之比下降至 0.07%，我們的信貸損失準備金比去年同期高出 250 萬美元。2024 年第四季度，該公司未記錄其未償還貸款組合的撥備費用，而 23 年同期的撥備費用為 75 萬美元。

In the '24 forth quarter, the company recorded a provision expense of $1.6 million on its unfunded loans compared to a negative provision expense of $1.7 million during Q4 and '23. Our total net charge offs for the fourth quarter fell to $155,000 down from $833,000 in the prior year quarter. The allowance for credit losses as a percentage of total loans stood at 1.36% at 12/31/24, it was the same thing at the end of the third quarter and 1.39% at the end of 2023.

在 2024 年第四季度，該公司未撥付貸款的撥備費用為 160 萬美元，而 2023 年第四季的撥備費用為負 170 萬美元。我們第四季的總淨沖銷額從去年同期的 833,000 美元下降至 155,000 美元。截至 2024 年 12 月 31 日，信貸損失準備金佔貸款總額的百分比為 1.36%，第三季末為 1.36%，2023 年底為 1.39%。

We strengthened our capital position, increasing stockholders' equity by $27.7 million while strategically repurchasing our stock. I think we spent maybe $15 million or so repurchasing our stock and about $18 million our dividend. And of course, we also had a change to the to the downside in our market by about $12 million I think. So, our continued capital management enabled us to return significant value to our shareholders through dividends and share repurchases.

我們加強了資本狀況，在策略性回購股票的同時，股東權益增加了 2,770 萬美元。我認為我們可能花了大約 1500 萬美元回購股票，花費了大約 1800 萬美元的股息。當然，我認為我們的市場也下滑了約 1200 萬美元。因此，我們持續的資本管理使我們能夠透過股利和股票回購為股東帶來可觀的價值。

As we look ahead to 2025 our focus remains on disciplined growth, prudent balance sheet management and sustainable value delivery for our shareholders. At Great Southern, we have consistently taken a long term view of everything we do as a result. We are excited about the opportunities ahead. We are also confident in our ability to navigate any challenges that may arise.

展望 2025 年，我們的重點仍然是穩健的成長、審慎的資產負債表管理和為股東提供可持續的價值。因此，在 Great Southern，我們始終以長遠的眼光看待我們所做的每一件事。我們對未來的機會感到興奮。我們也有信心我們有能力應對可能出現的任何挑戰。

Lastly, I'd like to thank our team members for their dedication and our shareholders for their continued trust. Now I'll turn it over to Rex to provide more detail on our financial results.

最後，我要感謝我們團隊成員的奉獻精神和股東的持續信任。現在我將把時間交給雷克斯，讓他提供更多關於我們財務表現的細節。

Thank you, Joe and good afternoon, everyone. I'll provide a little deeper dive into some of our financial performance metrics here for the fourth quarter and the full year. I'll start with net interest income and margin. For the fourth quarter, we delivered net interest income of $49.5 million, a 9.7% increase compared to $45.1 million in the same quarter of 2023 and a 3.2% increase from $47.9 million in the third quarter of 2024.

謝謝喬，大家下午好。我將在這裡更深入地探討我們第四季和全年的一些財務績效指標。我先從淨利息收入和利潤開始。第四季度，我們的淨利息收入為 4,950 萬美元，較 2023 年同期的 4,510 萬美元成長 9.7%，較 2024 年第三季的 4,790 萬美元成長 3.2%。

This improvement was primarily driven by higher loan income and yields as well as strategic management of funding costs. For the full year, our net interest income totaled $189.1 million reflecting a slight decline of 2.1% compared to the previous year. This decline reflects the impact of ongoing elevated deposit costs which continue increasing until the latter part of 2024 but have now begun to decline.

這項改善主要得益於貸款收入和收益率的提高以及融資成本的策略管理。全年我們的淨利息收入總計 1.891 億美元，比上年略有下降 2.1%。這一下降反映了持續上升的存款成本的影響，存款成本將持續上升直至 2024 年下半年，但現在已開始下降。

Our net interest margin for the fourth quarter increased to 3.49% compared to 3.30% in the same period last year and 3.42% in the third quarter of '24. Our margin stability despite the challenging deposit rate environment underscores our disciplined approach to balance sheet management and strategic actions to effectively manage funding costs. For the full year, the margins stood at 3.42% down from 3.57% in 2023, reflecting the impact of elevated funding costs.

我們的第四季淨利差上升至 3.49%，去年同期為 3.30%，2024 年第三季為 3.42%。儘管存款利率環境充滿挑戰，但我們的利潤率仍然穩定，這凸顯了我們嚴謹的資產負債表管理方法和有效管理融資成本的策略行動。全年利潤率為 3.42%，低於 2023 年的 3.57%，反映了融資成本上升的影響。

Average loan yields rose to 6.30% for the year while the cost of interest bearing liabilities increased to 3.11%. We do not currently see any significant catalyst to drive the net interest margin significantly higher or lower from the fourth quarter level in the coming two or three quarters. We have a significant amount of time deposits maturing in the first quarter of 2025 which we expect will renew at slightly lower rates than their current rate.

全年平均貸款收益率上升至 6.30%，而計息負債成本上升至 3.11%。目前，我們尚未發現有任何顯著的催化劑能夠推動未來兩三個季度的淨利差較第四季度水準大幅上升或下降。我們有大量定期存款將於 2025 年第一季到期，我們預計這些存款的續存利率將略低於當前利率。

However, as a reminder, we will lose the benefit of the terminated interest rate swap after the third quarter of 2025. We expect to continue realizing approximately $2 million per quarter in interest income from the terminated swap through the first three quarters of 2025 after which the benefit to interest income will cease.

不過，需要提醒的是，2025 年第三季之後，我們將失去終止利率互換的好處。我們預計，到 2025 年前三個季度，終止掉期交易將繼續帶來每季度約 200 萬美元的利息收入，此後利息收入收益將停止。

Total deposits at 31 December 2024 were $4.61 billion down $91.9 million from the previous quarter. The decline was driven by reductions across multiple deposit categories including interest bearing checking, brokered deposits and retail time deposits. These changes reflect the ongoing competitive environment for deposits which we monitor closely to ensure stability and growth.

截至 2024 年 12 月 31 日的總存款為 46.1 億美元，比上一季減少 9,190 萬美元。下降的原因是多種存款類別的減少，包括有利息的支票存款、經紀存款和零售定期存款。這些變化反映了存款持續的競爭環境，我們對此密切監控以確保穩定和成長。

Our position remains strong with $195.8 million in cash and cash equivalents and access to additional funding lines through the federal home loan bank and the Federal Reserve totaling $1.60 billion. We remain well positioned to address both current and future funding needs. We have successfully replaced broker deposits as they mature and expect this print to continue for upcoming maturities.

我們的地位仍然穩固，擁有 1.958 億美元的現金和現金等價物，並可透過聯邦住房貸款銀行和聯準會獲得總額達 16 億美元的額外融資額度。我們仍然有能力滿足當前和未來的資金需求。我們已經成功替換了到期的經紀人存款，並預計這種趨勢將持續到即將到期的存款。

We've actively managed our funding sources to optimize costs and support long term stability. Earlier in the rate cycle as interest rates were rising, we replaced maturing lower rate time deposits with higher rate time deposits to remain competitive. However, with recent rate cuts in 2024, we are now replacing maturing higher rate time deposits with funding at comparatively lower rates.

我們積極管理資金來源，以優化成本並支持長期穩定。在利率週期早期，隨著利率上升，我們以較高利率的定期存款取代到期的較低利率定期存款，以保持競爭力。然而，隨著 2024 年最近的降息，我們現在正在用相對較低利率的融資取代到期的高利率定期存款。

This transition reflects an important shift in the interest rate environment allowing us to reduce overall funding costs. Time deposit market rates have begun to decline following the Federal Reserve's rate cuts in late 2024 which we anticipate will ease funding cost pressures somewhat moving forward.

這一轉變反映了利率環境的重要變化，使我們能夠降低整體融資成本。聯準會於 2024 年底降息後，定期存款市場利率開始下降，我們預計這將在一定程度上緩解未來的融資成本壓力。

As mentioned before, loan growth remains strong with total net loans increasing over $100 million or 2.2% year over year to $4.69 billion at year end. This growth was driven by $607.2 million increase in multifamily residential loans which offset declines in other categories including a $358.7 million decrease in outstanding construction loan balances as primarily multifamily projects in construction transition to completion.

如前所述，貸款成長依然強勁，年底淨貸款總額年增超過 1 億美元或 2.2%，達到 46.9 億美元。這一增長是由多戶住宅貸款增加 6.072 億美元推動的，這抵消了其他類別的下降，包括由於主要在建多戶住宅項目即將完工，未償還建築貸款餘額減少了 3.587 億美元。

Importantly, our loan pipeline expanded in the fourth quarter, particularly in construction signaling continued future demand. Asset quality mentioned somewhat previously before but nonperforming assets declined $2.2 million during the year to $9.6 million or 0.16% of total assets at year end 2024. We mentioned the net charge off levels already and for the year for the quarter and then for the year net charge offs in 2024 $1.6 million up a little bit from $1.1 million in 2023.

重要的是，我們的貸款管道在第四季度擴大，特別是在建築領域，這表明未來的需求持續存在。資產品質先前曾提及，但不良資產在當年減少了 220 萬美元，至 2024 年底為 960 萬美元，佔總資產的 0.16%。我們已經提到了本季度的淨沖銷水平，然後是 2024 年的年度淨沖銷金額為 160 萬美元，比 2023 年的 110 萬美元略有增加。

And we also mentioned the allowance for credit losses was 1.36% of total loans. Foreclosed assets increased $6 million from the end of 2023 as a single office real estate asset accounted for 100% of the total foreclosed real estate asset balance at 31 December 2024.

我們也提到，信貸損失準備金佔貸款總額的 1.36%。截至 2024 年 12 月 31 日，單項辦公房地產資產佔止贖房地產資產餘額的 100%，因此，止贖資產較 2023 年底增加了 600 萬美元。

A little bit more on noninterest income and expenses for the full year non interest income totaled $30.6 million largely unchanged from the prior year. In the fourth quarter, noninterest income was $6.9 million, up $371,000 compared to the prior year's fourth quarter. This increase was primarily driven by increased net gains on loan sales and other income partially offset by decreased overdraft fees.

全年非利息收入和支出略有增加，非利息收入總計 3,060 萬美元，與前一年基本持平。第四季非利息收入為 690 萬美元，比去年同期增加 37.1 萬美元。這一增長主要得益於貸款銷售淨收益的增加和其他收入，但透支費用的減少部分抵消了這一增長。

On the expense side, non-interest expenses for the year were $141.5 million which was consistent with 2023. For the fourth quarter, non interest expenses totaled $36.9 million which included the $2.0 million expense that was mentioned previously. Excluding that item, our expenses reflected disciplined cost management and continued investment in technology and operational areas.

在支出方面，全年非利息支出為 1.415 億美元，與 2023 年持平。第四季非利息支出總計 3,690 萬美元，其中包括先前提到的 200 萬美元支出。除該項目外，我們的費用反映了嚴格的成本管理以及對技術和營運領域的持續投資。

For the years ended 31 December '24 and '23, the company's effective tax rate was 18.1% and 20.6% respectively. These effective rates were below the statutory federal rate of 21% primarily due to the utilization of certain investment tax credits and the company's tax exempt investments and loans which reduced the company's effective tax rate.

截至 2024 年 12 月 31 日及 2023 年 12 月 31 日止年度，該公司的有效稅率分別為 18.1% 及 20.6%。這些有效稅率低於21%的法定聯邦稅率，主要是因為利用了某些投資稅收抵免以及公司的免稅投資和貸款，從而降低了公司的有效稅率。

The company's current effective tax rate, both combined federal and state is expected to range from approximately 18% to 20% in future periods, primarily due to the aforementioned investment tax credits that we began utilizing additional portions of in 2024.

該公司目前的聯邦和州合併有效稅率預計在未來期間將在約 18% 至 20% 之間，這主要歸因於上述投資稅收抵免，我們從 2024 年開始利用其中的額外部分。

And I'll conclude with capital and stockholder return. From a capital perspective, our stockholders' equity increased by $27.7 million to $599.6 million at year end, which represents 10% of our total assets. This increase was primarily driven by net income of $61.8 million and stock option exercises adding $11.9 million to equity, partially offset by $18.7 million in cash and declared cash dividends and $15.2 million in share repurchases.

最後我將以資本和股東回報作為結束語。從資本角度來看，截至年底，我們的股東權益增加了 2,770 萬美元，達到 5.996 億美元，占我們總資產的 10%。這一增長主要得益於 6,180 萬美元的淨收入和股票選擇權行使，這為股東權益增加了 1,190 萬美元，但部分被 1,870 萬美元的現金和宣布的現金股息以及 1,520 萬美元的股票回購所抵消。

I realized losses on investment securities and interest rate swaps decreased stockholders equity by another $11.9 million in 2024. Our tangible common equity ratio at the end of the year was 9.9%. That concludes my remarks at this time. We are now ready for questions.

我意識到投資證券和利率互換的損失導致股東權益在 2024 年又減少了 1,190 萬美元。我們年底的有形普通股權益比率為 9.9%。我的發言到此結束。現在我們可以回答問題了。

(Operator Instructions)

（操作員指示）

Andrew Leicht.

安德魯·萊希特。

Hey, good afternoon. Thanks for taking the questions. Just wanted to talk on the margin commentary here. Kind of surprised that it's not a little more optimistic just given that we had a couple of rate cuts and it's not just the CDs where you saw improvement and cost of funding. So do you think that maybe the bias could be slightly higher for the next couple of quarters before the swap benefit rolls away?

嘿，下午好。感謝您回答這些問題。只是想在這裡談邊註。有點令人驚訝的是，考慮到我們已經進行了幾次降息，情況並沒有變得更加樂觀，而且不僅僅是存單方面的情況有所改善，融資成本也有所下降。那麼，您是否認為在掉期收益消失之前，未來幾季的偏差可能會略高一些？

There's a couple of things going on with it. I don't know that -- like I said, I think we said in here, we don't really see a big catalyst moving the number tremendously from the fourth quarter number. We will have some benefit we believe from CD maturities, and we should have a little bit of benefit, although it's not a large volume of fixed rate loans that will probably reprice and a lot of those should reprice a little bit higher for the most part as they do reprice.

有幾件事正在發生。我不知道——就像我說的，我想我們在這裡說過，我們並沒有真正看到一個大的催化劑能夠使這個數字與第四季度的數字發生巨大的變化。我們相信，我們會從存單到期中獲得一些好處，而且我們應該會獲得一點好處，儘管重新定價的固定利率貸款數量可能不會很多，而且在重新定價的過程中，很多固定利率貸款的價格在大多數情況下應該會略高一些。

It's going to depend a lot. I think, Andrew on the deposit and funding mix and whether or not we have any runoff in noninterest bearing checking and things of that nature. So I don't know that I've got a big bias in moving off the number a whole lot either way frankly, but.

這取決於很多因素。我認為，安德魯 (Andrew) 會考慮存款和資金組合，以及我們是否有無息支票的流失以及諸如此類的事情。所以坦白說，我不知道我是否對大幅偏離這個數字有很大偏見，但是。

Got it. I guess. What are you seeing locally in a deposit competition for interest bearing demand and savings and money market accounts because the rates on those on those accounts came down nicely this last quarter and with some more cuts in the fourth quarter, I was curious if there's any market improvement there with demand.

知道了。我猜是的。您在當地看到了哪些有利息的活期存款、儲蓄存款和貨幣市場帳戶的競爭？因為這些帳戶的利率在上個季度大幅下降，並且在第四季度進一步下調，我很好奇那裡的市場需求是否有所改善。

I think, I mean, most of our markets are remaining fairly competitive and it's not like every bank across the board, but there's enough banks within each market that are moving rates a little bit or keeping rates a little bit higher. We've been able to reduce some of those rates and I think we have done so fairly prudently, with additional -- any additional rate cuts from the Fed, we do have some negotiated rates in there that we should be able to reduce.

我認為，我們的大多數市場仍然保持著相當的競爭力，並不是所有銀行都如此，但每個市場中都有足夠的銀行稍微調整利率或保持略高的利率。我們已經能夠降低部分利率，我認為我們做得相當謹慎，此外，聯準會還會進一步降息，我們確實有一些協商利率可以降低。

Absent, that we may be able to reduce a little but not necessarily significantly. And some of the other products that are in there, there are just our more normal rates. We have been working those rates down a little bit. But, some of the competition is kind of dictating a slow go on that.

如果沒有的話，我們也許可以減少一點，但不一定能減少很多。其中的一些其他產品的價格只是我們的正常價格。我們一直在努力降低這些費率。但是，一些競爭在某種程度上決定了這一進程會緩慢地進行。

Got you. All right. That's helpful. And then just a quick question expenses here if I take out that $2 million or right around $35 million for the quarter. Is that a good jumping off point for the first quarter? Maybe with some seasonally higher payroll taxes and bonus accruals than an up taking in the second quarter for merit increases. Is that the right way to look at the overall expense base.

明白了。好的。這很有幫助。然後我想問一下，如果我拿出這 200 萬美元或本季大約 3500 萬美元的費用，那麼這裡的費用是多少？這是第一季的一個好起點嗎？也許是因為季節性薪資稅和獎金應計額較高，而不是第二季的績效加薪。這是看待整體支出基礎的正確方法嗎？

Yeah, I mean, there was nothing else that we called out in that in the earnings release. So, I think that's reasonable. And then we will have, you know, a fair amount of just normal. Like you said, there's going to be the seasonal payroll tax matters and maybe some incentives and bonus things. But there will also be, we have a lot of people that are on an annual merit increase and a lot of those occur at the beginning of the year. So there'll be some things that will flow in the first quarter for that as well.

是的，我的意思是，我們在收益報告中沒有提到其他內容。所以，我認為這是合理的。然後我們就會有相當多的正常生活。就像你說的，會有季節性薪資稅問題，也許還會有一些獎勵和獎金。但我們也會有很多人享受年度績效加薪，其中很多都發生在年初。因此，第一季也會出現一些相關的事情。

Got it. Thank you so much for taking the questions. I'll step back.

知道了。非常感謝您回答這些問題。我會退後。

Damon DelMonte.

達蒙·德爾蒙特。

Hey, good afternoon, guys. Hope you're all doing well. Hi. Just wanted to start off a little bit about loan growth. You know, there was no provision for loans this quarter. It was for unfunded commitments. So, just wondering if you could talk a little bit about the closing activity during the quarter. And kind of how you see that funding over the next, four quarters or so.

嘿，大家下午好。希望你們一切都好。你好。我只是想簡單談談貸款成長的情況。您知道，本季沒有貸款撥備。這是針對未付資金的承諾。所以，我只是想知道您是否可以談談本季的收尾活動。以及您如何看待未來四個季度左右的融資情況。

You're talking about how the unfunded will fund.

您正在談論沒有資金的人將如何獲得資金。

Yes, exactly.

是的，確實如此。

I think.

我認為。

I think generally our unfunded funds maybe between $50 million and $70 million a month. You know, so there will be $150 million or so of that fund. But, we generally will have repayments at that level or pretty close to it. So, I don't know that our loan portfolio will necessarily grow a ton in 2025.

我認為我們未動用資金的資金一般每月大概在 5,000 萬至 7,000 萬美元之間。你知道，該基金的金額大約是 1.5 億美元。但是，我們通常會以該水平或接近該水平進行償還。所以，我不知道我們的貸款組合在 2025 年是否一定會大幅成長。

And some of some of the more recent, you know, loans that we've closed, that their construction deals with things like that. They won't start funding for a little while. But we just said we've got stuff in the pipeline that is funding at some clip every month, but the more recent stuff may take a couple of quarters maybe, maybe at least 1 or 1.5 years.

您知道，我們最近完成的一些貸款，其建設都涉及類似的事情。他們暫時不會開始融資。但我們剛才說，我們有一些正在進行的項目，每個月都會以某種方式獲得資金，但最近一些的項目可能需要幾個季度，也許至少需要 1 年或 1.5 年。

I mean, like the borrowers have to fund their equity first. So, on most construction deals, we're getting enough equity that, it takes maybe 7 months to 9 months of borrowers funding their equity before we'll fund any of anything on our loan.

我的意思是，借款人必須先為其股權提供資金。因此，在大多數建築交易中，我們都獲得了足夠的股權，借款人可能需要 7 個月到 9 個月的時間才能為其股權提供資金，之後我們才能為貸款提供任何資金。

Got it. Okay. So, I mean, this last year you guys had around 2%, a little bit over 2% annualized growth. I mean, do you think you could at least get to that level in '25 of next?

知道了。好的。所以，我的意思是，去年你們的年化成長率約為 2%，略高於 2%。我的意思是，您認為您至少可以在明年或明年達到那個水平嗎？

I mean, we don't -- as Damon, we don't give forward guidance as to loan growth. But you know, I think that I think we aren't telling you anything any different this year about growth in our loan portfolio than we were telling you last year.

我的意思是，我們不會——就像達蒙一樣，我們不會就貸款成長提供前瞻性指引。但你知道，我認為我們今年告訴你的有關貸款組合成長的情況與去年沒有什麼不同。

And it'll just depend also on if there's a big uptick in early repayments and things like that where people are refinancing projects or selling projects and things. So as you guys know, we talked before, you guys know in 2024 that wasn't particularly robust. So there was, it was kind of slow for repayment, stuff like that. But depending on how people view 2025 if they want to get something done with their projects, there may be a little bit more of that. But right now, we don't, I mean, we don't have any clarity to that right now.

這也取決於提前還款是否大幅增加，以及人們對專案進行再融資或出售專案等情況。所以，正如你們所知，我們之前談過，你們知道 2024 年並不是特別強勁。所以，還款速度有點慢，諸如此類。但是，如果人們想要完成他們的項目，那麼他們可能還會有更多這樣的事情，這取決於他們如何看待 2025 年。但目前，我們還沒有，我的意思是，我們現在對此還不清楚。

Got you. Okay. And then as far as kind of circling back to the margin, I think you had mentioned Rex about some fixed rate loans that would be repricing during the course of the year. Roughly how much in the way of fixed rate loans would be repricing and what's kind of the pickup, between current yields on those and then the reprice levels.

明白了。好的。然後，說到利潤率，我認為您曾提到雷克斯關於一些將在一年內重新定價的固定利率貸款。大致來說，有多少固定利率貸款需要重新定價，以及這些貸款的當前收益率與重新定價水準之間的回升幅度是多少。

Some of it will be repriced. I don't really have a good breakdown of the dollar amount on that. Off the top of my head.

其中一些將重新定價。我實在沒有關於這筆金額的詳細分析。我突然想到了。

We do, Damon. We do have a good table on that. And I know in the 10-K and do we have it in the queues as well. It's not in the -- but there should be a good table with exactly what you're looking for coming out at the beginning of March.

是的，達蒙。我們對此確實有很好的了解。我知道在 10-K 中我們是否也在隊列中。它不在——但是應該有一張很好的表格，上面有你在三月初尋找的東西。

And if you look at, if you look at last year's 10-K, there's two tables, there's a maturity table and a repricing table in there. The repricing table is probably what you want to look at most mostly because, that'll show you what is projected to reprice in each of these coming years.

如果你看一下，如果你看去年的 10-K，你會發現裡面有兩張表，一張是到期表，另一張是重新定價表。重新定價表可能是您最想看的，因為它將向您展示未來幾年預計重新定價的內容。

And it tells you what the current rate is on it and you can sort of estimate what it will reprice to.

它會告訴您目前的利率是多少，然後您就可以估算它的重新定價是多少。

So some of it is going to be that the loans will stay on the books and just reprice. Other pieces of it will be that they'll pay off or pay down and we'll take those funds and either put them back into new loans, their fixed rate at a higher rate or put them into variable rate loans. So it's hard to tell you exactly what the net rate change would be depending on where we place those funds.

因此，部分貸款將保留在帳面上，只需重新定價。其他部分是，他們會償還或支付，我們會把這些資金放回新的貸款中，以更高的利率固定利率，或將其放入浮動利率貸款中。因此，很難確切地告訴您根據我們將這些資金放在哪裡，淨利率會有什麼變化。

But it should be for the most part, I would say, I think that overall fixed rate portfolio is the overall rate on that in its entirety is probably a little over 4% or something there.

但我想說，在大多數情況下，我認為整體固定利率投資組合的整體利率可能略高於 4% 左右。

It should definitely be positive.

這肯定是正面的。

Got it. Okay. Great. I think, yeah, that's all that I had. So thank you for taking my questions.

知道了。好的。偉大的。我想，是的，這就是我所擁有的一切。感謝您回答我的問題。

Thanks.

謝謝。

John Rhodes.

約翰·羅德斯。

Hey guys, good afternoon.

大家好，下午好。

Hey, John.

嘿，約翰。

Hey. I guess most of my questions have been asked and answered but just on the fee income side, the other line item was up, I guess $200,000 - $300,000 linked quarter. Any anything unusual in that other line item?

嘿。我想我的大部分問題都已經被問到並得到了回答，但僅在費用收入方面，另一項費用有所增加，我猜是與季度相關的 20 萬至 30 萬美元。另一項中有什麼不尋常的地方嗎？

Yes, John, I think we mentioned in there that we do some a program where we have back to back swaps with loan customers. And in some of those cases, if we do those and the customer wants to do a swap, then we initiate that and we get an upfront fee on that. And so that was the lion's share of that increase in the fourth quarter is about $268,000 I believe.

是的，約翰，我想我們在那裡提到過，我們做了一些與貸款客戶進行背對背掉期交易的計劃。在某些情況下，如果我們這樣做並且客戶想要進行交換，那麼我們就會啟動該操作並獲得預付費用。所以我認為第四季的最大增幅約為 268,000 美元。

Okay, I see that in the text now. Sorry about that.

好的，我現在在文中看到了。很抱歉。

That's a part of our business, but it's not something that happens all the time. So.

這是我們業務的一部分，但不是經常發生的事情。所以。

Yeah. Okay. And then either Joe or Rex just can you add any more color the one property here in Missouri that went to other real estate, Oreo. What market, anything like that?

是的。好的。然後，無論是喬還是雷克斯，你都可以為密蘇裡州這處已轉為其他房地產的房產——奧利奧——增添更多色彩。什麼市場？類似的東西？

I can't remember for sure if we have, but.

我記不清我們是否有過，但是。

Yeah, I mean, it's an office property in Saint Louis. It's specifically in Clayton. So, you know, although office generally is not strong, Clayton is probably the strongest in Saint Louis and, it's a decent property, but, I would think John, it's going to take us a little while to sell it.

是的，我的意思是，這是聖路易斯的一棟辦公大樓。它具體位於克萊頓。所以，你知道，雖然辦公室通常不太強大，但克萊頓可能是聖路易斯最強大的，而且它是一處不錯的房產，但是，我想約翰，我們需要一點時間才能賣掉它。

Okay. Have you marketed it yet or probably not?

好的。您是否已經將其推向市場了？或者可能還沒有？

We're starting to market it. We're trying, we're more getting our arms around the property and trying to figure out when it's going to be the best time. I mean, we're not in a huge hurry to sell it. It's actually producing fair cash flow for us right now. So it's not a terrible problem at all. So, we're trying -- kind of figuring out, okay. Is this the right time to strike or should we wait and let things in office improve a little bit.

我們正在開始推銷它。我們正在努力，更多地了解該房產並試圖找出最佳時機。我的意思是，我們並不急於出售它。它實際上現在正在為我們產生公平的現金流。所以這根本不是一個可怕的問題。所以，我們正在嘗試——弄清楚，好吧。這是出擊的正確時機嗎？還是我們應該等待辦公室的情況稍微好轉？

Yeah. No, you're right. Clayton's obviously a good market. So it makes sense. Okay. Thanks, guys.

是的。不，你是對的。克萊頓顯然是一個很好的市場。所以這是有道理的。好的。謝謝大家。

Thank you. There are no more questions in the queue, and I would like to go ahead and turn the call back over to Joseph Turner for close remarks. Please go ahead.

謝謝。隊列中沒有其他問題了，我想繼續將電話轉回給約瑟夫·特納，請他做最後的評論。請繼續。

All right. Well, thanks very much for joining us and we look forward to talking to you after our first quarter '25 results come out. Thank you.

好的。好吧，非常感謝您加入我們，我們期待在 25 年第一季業績公佈後與您交談。謝謝。

Thank you all for joining today's conference call. You may now disconnect.

感謝大家參加今天的電話會議。您現在可以斷開連線。