Great Southern Bancorp Inc (GSBC) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Great Southern Bancorp's first quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您稍候。歡迎參加 Great Southern Bancorp 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your first speaker today, Christina Maldonado. Please go ahead.

現在我想把會議交給今天的第一位講者 Christina Maldonado。請開始。

Good afternoon, and thank you for joining Great Southern Bancorp's first quarter 2026 earnings call. Today, we'll be discussing the company's results for the quarter ended March 31, 2026.

各位下午好，感謝您參加 Great Southern Bancorp 2026 年第一季財報電話會議。今天我們將討論公司截至 2026 年 3 月 31 日止季度的營運結果。

Before we begin, I'd like to remind everyone that during the call, forward-looking statements may be made regarding the company's future events and financial performance. These statements are subject to various factors that could cause actual results to differ materially from those anticipated or projected. For a list of these factors, please refer to the forward-looking statements disclosure in the first quarter earnings release and other public filings.

在開始之前，我想提醒各位，在本次電話會議中可能會就公司未來事件與財務表現發表前瞻性陳述。這些陳述受多項因素影響，可能導致實際結果與預期或推估結果出現重大差異。相關因素清單請參閱第一季財報新聞稿及其他公開申報文件中的前瞻性陳述揭露。

Joining me today are President and CEO, Joe Turner; and Chief Financial Officer, Rex Copeland. I'll now turn the call over to Joe.

今天與我一同出席的有總裁暨執行長 Joe Turner，以及財務長 Rex Copeland。接下來我把電話交給 Joe。

Okay. Thanks, Christina, and good afternoon to everyone on the call. We appreciate you joining us today. Our first quarter 2026 results reflect a solid start to the year in a continuing competitive operating environment. Both credit and earnings metrics remain strong, allowing for continued progress in our pursuit of meaningful per share tangible book value growth.

好的。謝謝你，Christina，也向所有參與電話會議的各位致上下午好。感謝各位今天加入我們。我們 2026 年第一季的結果反映出在持續競爭的營運環境下，全年有一個穩健的開局。信用與獲利指標皆維持強勁，使我們能持續推進每股有形帳面價值的實質成長目標。

This progress was underpinned by disciplined expense management, careful balance sheet structuring and a continued emphasis on relationship-based banking. In the first quarter of 2026, we reported net income of $17.5 million or $1.58 per diluted common share compared to $17.2 million or $1.47 per share in the year ago quarter. Compared to the fourth quarter of 2025, net income was up from $16.3 million or $1.45 per diluted share. Overall, results for the quarter reflected a resilient net interest margin, prudent asset liability management, thoughtful capital allocation, and stable loan balances.

這項進展奠基於嚴謹的費用管理、審慎的資產負債表結構安排，以及持續強調以關係為基礎的銀行業務。2026 年第一季，我們的淨利為 1,750 萬美元，或每股稀釋普通股盈餘 1.58 美元；相較去年同期為 1,720 萬美元，或每股 1.47 美元。與 2025 年第四季相比，淨利由 1,630 萬美元（每股稀釋盈餘 1.45 美元）上升。整體而言，本季結果反映出具韌性的淨利差、審慎的資產負債管理、周延的資本配置，以及穩定的放款餘額。

Net interest income totaled $48.3 million for the quarter. That was down about $1 million from the first quarter of '25, primarily as a result of the absence of the income from our now terminated interest rate swap. That was, I think, about $2 million in Q1 of '25. Despite this lost income, our ability to strategically manage funding costs while maintaining attractive asset yields allowed for strong net interest income for the quarter. Additionally, we benefited from the collection of $483,000 in unbooked interest this quarter, which further supported our net interest income.

本季淨利息收入合計 4,830 萬美元。較 2025 年第一季減少約 100 萬美元，主要是因為我們目前已終止的利率交換合約不再帶來收入。我認為 2025 年第一季該項收入約為 200 萬美元。儘管少了這部分收入，我們仍能在維持具吸引力的資產收益率之下，策略性管理資金成本，使本季淨利息收入維持強勁。此外，本季我們也受惠於收回 48.3 萬美元的未入帳利息，進一步支撐淨利息收入。

Our annualized margin was 3.71% compared to 3.57% in 2025 first quarter and 3.70% in the fourth quarter of '25. And I think the -- if you pulled out the $483,000 of somewhat unusual interest income that might have knocked 3 or 4 basis points of the margin number. Total loans increased almost $100 million during the quarter. Loan growth was primarily in construction, commercial real estate lending, though that growth was partially offset by a decline in the multifamily category. While this balance sheet growth supported earnings in the quarter, period-to-period loan trends are influenced significantly by loan repayments from our borrowers.

我們的年化利差為 3.71%，相較 2025 年第一季為 3.57%，以及 2025 年第四季為 3.70%。我認為——如果把 48.3 萬美元這筆較不尋常的利息收入扣除，利差數字可能會少 3 到 4 個基點。本季總放款增加將近 1 億美元。放款成長主要來自建築融資與商用不動產放款，但部分被多戶住宅（multifamily）類別的下降所抵銷。雖然資產負債表成長支撐了本季獲利，但各期之間的放款趨勢會受到借款人還款情形的顯著影響。

In the first quarter of '26, our loan repayments were less than our quarterly average during the -- during 2025 and definitely during the last half of 2025. As such, we remain committed to measured loan origination and disciplined underwriting. From a credit standpoint, we remain mindful of the volatility and the macroeconomic challenges affecting our borrowers. Asset quality metrics in the first quarter of '26 remain very strong for our bank with nonperforming assets to total assets of 0.18% with virtually no charge-offs. But we continue to monitor isolated examples of slower lease ups on projects, along with broader credit concerns as markets remain volatile.

在 2026 年第一季，我們的放款還款金額低於——低於 2025 年的季度平均水準，且明顯低於 2025 年下半年的水準。因此，我們仍致力於審慎衡量放款承作並維持嚴謹的授信審查。就信用面而言，我們持續留意影響借款人的波動性與總體經濟挑戰。2026 年第一季本行資產品質指標仍非常強勁，不良資產占總資產比率為 0.18%，且幾乎沒有核銷。但我們仍持續監控個別專案出租進度（lease-up）較慢的案例，以及在市場仍然波動下更廣泛的信用疑慮。

We did not record a provision for credit losses on outstanding loans in the first quarter of '26. Given lower unfunded balances and mix changes in the first quarter of '26, we did recognize a negative provision on unfunded commitments of $931,000. On the funding side, total deposits remained generally stable throughout the first quarter of '26. Non-broker deposits were down just $26 million from the start of the quarter and broker deposits were down about $11 million as we use FHLB borrowings to replace certain maturing balances. We saw normal movement across deposit categories. Deposit markets remain competitive across both core and broker channels and we continue to manage our funding mix with a focus on cost, duration, and flexibility.

我們在 2026 年第一季未就未償放款提列信用損失準備。鑑於 2026 年第一季未動用承諾餘額較低且組合結構有所變化，我們就未動用承諾認列了 93.1 萬美元的負向提列（negative provision）。在資金面，2026 年第一季存款總額整體維持大致穩定。非經紀存款較季初僅減少 2,600 萬美元；經紀存款則減少約 1,100 萬美元，因我們以 FHLB 借款替代部分到期餘額。我們看到各存款類別出現正常的變動。核心與經紀通路的存款市場仍具競爭性，我們持續管理資金組合，聚焦於成本、存續期間與彈性。

Expense management remains a top priority for the bank as well. Noninterest expense for the quarter was $34.8 million, down $30,000 from the first quarter of '25. Part of this decline is related to an insurance reimbursement of $261,000 in legal fees recovered through a loan foreclosure in the quarter. Additionally, several projects that would have increased hardware and software systems costs expected in the first quarter of '26 have been pushed to later in the year. We continue to invest in systems, infrastructure, and personnel to support the franchise over the long term.

費用管理同樣仍是本行的首要重點。本季非利息費用為 3,480 萬美元，較 2025 年第一季減少 3 萬美元。部分下降與本季透過一筆放款法拍所追回的法律費用保險理賠 26.1 萬美元有關。此外，原預期於 2026 年第一季將增加硬體與軟體系統成本的數個專案已延後至今年稍晚。我們仍持續投資於系統、基礎設施與人員，以長期支持本行的特許經營價值。

As we move through the balance of '26, we remain focused on maintaining strong credit quality, preserving net interest margin, managing expenses carefully and continuing to build long-term value for our stockholders through thoughtful capital deployment.

在 2026 年剩餘期間，我們仍將專注於維持強勁的資產品質、守住淨利差、審慎控管費用，並透過周延的資本運用，持續為股東建立長期價值。

With that, I'll turn the call over to Rex for a more detailed discussion of the financials.

接下來，我把電話交給 Rex，請他更詳細說明財務狀況。

Thank you, Joe, and good afternoon, everyone. I'll now provide a little more detail on our first quarter 2026 financial performance and how it compares to both the prior year and the previously linked quarters. For the quarter ended March 31, 2026, we reported net income of $17.5 million or $1.58 per diluted common share compared to $17.2 million or $1.47 per diluted common share in the first quarter of 2025 and compared to $16.3 million or $1.45 per diluted common share in the fourth quarter of 2025. We did have a few income and expense items that impacted our results in a positive manner in the quarter. I'll mention some of those throughout this discussion.

謝謝你，Joe，各位下午好。接下來我將提供更多關於我們 2026 年第一季財務表現的細節，以及與前一年與前幾個相連季度的比較。截至 2026 年 3 月 31 日止季度，我們的淨利為 1,750 萬美元，或每股稀釋普通股盈餘 1.58 美元；相較 2025 年第一季為 1,720 萬美元或每股稀釋普通股盈餘 1.47 美元；相較 2025 年第四季為 1,630 萬美元或每股稀釋普通股盈餘 1.45 美元。本季確實有幾項收入與費用項目以正面方式影響了我們的結果。我會在接下來的說明中提到其中一些。

Net interest income for the quarter totaled $48.3 million compared to $49.3 million in the first quarter of 2025 and $49.2 million in the fourth quarter of 2025. Compared to the first quarter of 2025, net interest income decreased by about $1 million, as we mentioned, or approximately 2%. And as we said, that decrease was driven primarily by the reduction in quarterly interest income associated with the previously terminated interest rate swap, which ended in October of 2025.

本季淨利息收入合計4,830萬美元，較2025年第一季的4,930萬美元及2025年第四季的4,920萬美元為低。如我們所提及，與2025年第一季相比，淨利息收入約減少100萬美元，約2%。如我們所說，該減少主要係由於先前已終止之利率交換合約（於2025年10月到期）所帶來的季度利息收入減少所致。

Additionally, compared to the prior year quarter, interest income declined due to lower loan balances and lower market rates which primarily impacted variable rate loans and some newer fixed rate loan originations. Those items were mostly offset by lower interest expense on deposit accounts and borrowings due to disciplined funding cost management and the ongoing repricing of deposits and other liabilities. In addition, there was no interest expense on subordinated notes in the quarter ended March 31, 2026, since those notes were redeemed in June of 2025.

此外，與去年同期相比，利息收入因貸款餘額較低及市場利率較低而下滑，主要影響浮動利率貸款及部分較新承作之固定利率貸款。上述因素多數被存款帳戶及借款之利息費用下降所抵銷，該下降係由於嚴謹的資金成本管理，以及存款與其他負債持續重新定價所致。另外，截至2026年3月31日止之季度並無次順位票據之利息費用，因該等票據已於2025年6月贖回。

As Joe mentioned, we have recorded approximately $483,000 of additional interest income related to collection of unbooked interest on three separate relationships, two of these relationships have recently provided interest payments on a semiannual basis, though we do not have assurance of future payments or amounts going forward. I'll note that we did record additional interest income totaling $744,000 in the first quarter of 2025 on similar circumstances as those in this quarter. These types of cash basis interest recoveries can occur sporadically.

如Joe所提及，我們已認列約48.3萬美元之額外利息收入，係與三個不同往來關係中未入帳利息之收取相關；其中兩個往來關係近期以半年為期支付利息，惟我們無法保證未來付款或後續金額。我補充說明，於2025年第一季，我們亦在與本季類似情況下認列合計74.4萬美元之額外利息收入。此類以現金基礎認列之利息回收可能會零星發生。

Our effective loan pricing and disciplined focus on interest expense resulted in annualized net interest margin for the first quarter of '26 of 3.71% compared to 3.57% in the first quarter of 2025 and 3.70% in the fourth quarter of 2025. Noninterest income for the quarter was $7.0 million compared to $6.6 million in the first quarter of 2025. The increase of $439,000 was driven primarily by stronger commissions from annuity sales. We also benefited from other income in the quarter, $421,000 of which was related to a fee on a newly originated loan with an interest rate swap as part of the transaction and unrelated an exit of a tax credit limited partnership. Those types of fees and payments occur sporadically as part of our operations.

我們有效的貸款定價及對利息費用的嚴謹控管，使得2026年第一季年化淨利息利差為3.71%，相較於2025年第一季的3.57%及2025年第四季的3.70%。本季非利息收入為700萬美元，較2025年第一季的660萬美元增加。增加的43.9萬美元主要由年金銷售佣金較強所帶動。本季我們亦受惠於其他收入，其中42.1萬美元與一筆新承作貸款所收取之費用有關，該筆交易包含利率交換；另亦包含一項與稅額抵免有限合夥退出相關且不具關聯之收入。此類費用與款項屬於營運的一部分，可能會零星發生。

Total interest expense for the quarter was $34.8 million, a decrease of approximately $30,000 compared to the first quarter of 2025. As mentioned, part of this decrease related to the reimbursement in legal fees. Further, we noted several projects that were deferred in the quarter due to scheduling limitations, so we expect additional expenses will come online in future quarters, and we expect these projects to begin throughout the remainder of 2026. Our regular reimbursement related to qualifying expenses under our debit card program was also recognized in the first quarter, reducing noninterest expense by $453,000.

本季利息費用總額為3,480萬美元，較2025年第一季約減少3萬美元。如前所述，此一減少部分與法律費用之補償款有關。此外，我們指出本季因排程限制而延後了數個專案，因此我們預期未來季度將有額外費用陸續發生，並預期這些專案將於2026年剩餘期間陸續啟動。我們與簽帳金融卡計畫下合格費用相關之例行補償亦於第一季認列，使非利息費用減少45.3萬美元。

Given our continued investment in upgrades of long-term capabilities and the expense reimbursement as noted above, we do expect noninterest expense levels will increase a bit throughout the year. Our efficiency ratio for the quarter ended March 31, 2026, was 62.85% compared to 62.27% for the same quarter in 2025. The company's ratio of noninterest expense to average assets was 2.47% for the three months ended March 31, 2026, compared to 2.34% for the three months ended March 31, 2025.

鑑於我們持續投資於長期能力升級，以及上述費用補償因素，我們確實預期全年非利息費用水準將略有上升。截至2026年3月31日止之季度，我們的效率比率為62.85%，相較於2025年同季的62.27%。公司非利息費用占平均資產比率於截至2026年3月31日止三個月為2.47%，相較於截至2025年3月31日止三個月的2.34%。

Turning to the balance sheet. Total assets ended the quarter at approximately $5.69 billion compared to $5.60 billion at December 31, 2025. Total net loans, excluding mortgage loans held for sale, increased approximately $99.8 million or 2.3% from $4.36 billion at December 31, '25 to $4.46 billion at March 31, 2026. The increase in loans, as mentioned, was driven primarily by increases in construction loans and commercial real estate loans and partially offset by a decrease in multifamily loans. The overall increase in our loan portfolio balance is primarily a reflection of lighter loan repayments in the 2026 first quarter. Had loan payoffs remain consistent with levels in the second half of 2025, our loan balances would likely have ended up $100 million or more lower.

接著談資產負債表。本季期末總資產約為56.9億美元，較2025年12月31日的56.0億美元增加。剔除持作出售之房貸後，淨貸款總額自2025年12月31日的43.6億美元增加約9,980萬美元（或2.3%）至2026年3月31日的44.6億美元。如前所述，貸款增加主要由建築貸款及商用不動產貸款增加所帶動，部分被多戶住宅貸款下降所抵銷。我們貸款組合餘額的整體增加，主要反映2026年第一季貸款償還較少。若貸款清償仍維持在2025年下半年水準，我們的貸款餘額期末可能會低1億美元或更多。

Given the continued uncertainty with loan payoffs, we remain committed to measured loan originations with disciplined underwriting. On the funding side, total deposits ended the quarter at approximately $4.45 billion, a decrease of approximately $37.6 million from December 31, 2025. Noninterest and interest-bearing checking combined decreased $9 million in the quarter. Retail time deposits decreased $17 million and brokered deposits decreased $11 million. Though deposit competition remains strong our deposit balances have continued to stabilize throughout the last several quarters.

鑑於貸款清償仍具持續不確定性，我們仍致力於在嚴謹承作標準下，審慎地進行貸款承作。在資金端，期末存款總額約為44.5億美元，較2025年12月31日減少約3,760萬美元。不計息及計息活期存款合計本季減少900萬美元。零售定期存款減少1,700萬美元，經紀存款減少1,100萬美元。儘管存款競爭仍然激烈，我們的存款餘額在過去數季持續趨於穩定。

As of March 31, 2026, we estimated an uninsured deposits, excluding deposit accounts of the company's consolidated subsidiaries were approximately $740 million or 16.7% of total deposits. From an asset quality perspective, the bank's credit metrics remain excellent. Nonperforming assets and potential problem loans totaled approximately $11.3 million at March 31, 2026, an increase of about $1.8 million from $9.5 million at December 31, 2025. At March 31, 2026, nonperforming assets were approximately $10.1 million or roughly 0.18% of total assets compared to $8.1 million or 0.15% of total assets at December 31, 2025.

截至2026年3月31日，我們估計未受保險之存款（不含公司合併子公司之存款帳戶）約為7.40億美元，或占總存款的16.7%。就資產品質而言，本行的信用指標仍然非常優異。截至2026年3月31日，不良資產及潛在問題貸款合計約1,130萬美元，較2025年12月31日的950萬美元增加約180萬美元。截至2026年3月31日，不良資產約為1,010萬美元，約占總資產0.18%，相較於2025年12月31日的不良資產810萬美元（占總資產0.15%）。

During the three months ended March 31, 2026, and 2025, the company did not record a provision expense on its portfolio of outstanding loans. Total net recoveries were approximately $13,000 for the three months ended March 31, 2026, compared to total net charge-offs of $56,000 during the same period in 2025. Additionally, for the quarter ended March 31, 2026, the company recorded a negative provision on unfunded commitments of approximately $931,000 compared to a negative provision of unfunded commitments of $348,000 for the first quarter of 2025. This negative provision on unfunded commitments resulted from the decline in unfunded commitments, primarily in unfunded construction balances.

於截至2026年3月31日及2025年3月31日止三個月期間，公司對其未償貸款組合均未認列提存費用。截至2026年3月31日止三個月，淨回收約1.3萬美元；相較之下，2025年同期淨沖銷合計為5.6萬美元。此外，截至2026年3月31日止之季度，公司就未動用承諾認列約93.1萬美元之負提存，相較於2025年第一季就未動用承諾認列34.8萬美元之負提存。此一未動用承諾之負提存係由未動用承諾下降所致，主要為未動用之建築貸款額度下降。

Our capital position remained a key strength in the quarter. Total stockholders' equity at March 31, 2026, was approximately $633.6 million, representing 11.1% of total assets and a book value of approximately of $58.27 per common share. This compares to total stockholders' equity of $636.1 million or 11.4% of total assets and a book value of $57.50 per common share at December 31, 2025. The slight decrease in stockholders' equity in the quarter was driven by $16.9 million in common stock repurchases, $4.7 million in cash dividends declared and a $2.9 million increase in unrealized losses on investments and interest rate swaps, partially offset by $17.5 million in net income and $4.6 million in increased capital due to stock option exercises.

本季我們的資本部位仍為一項關鍵優勢。截至2026年3月31日，股東權益總額約為6.336億美元，占總資產11.1%，每股普通股帳面價值約為58.27美元。相較之下，截至2025年12月31日，股東權益總額為6.361億美元，占總資產11.4%，每股普通股帳面價值為57.50美元。本季股東權益小幅下降，主要係因普通股庫藏股買回1,690萬美元、宣告現金股利470萬美元，以及投資與利率交換之未實現損失增加290萬美元；部分被淨利1,750萬美元及因員工認股權行使而增加的資本460萬美元所抵銷。

During the three months ended March 31, 2026, the company repurchased 268,664 shares of its common stock at an average price of approximately $62.55 per share and the company's Board of Directors declared a regular quarterly cash dividend of $0.43 per common share. Also during the first quarter, the company experienced stock option exercises of just over 80,000 shares at an average price of approximately $50.90 per share. As of March 31, 2026, approximately 419,000 shares remained available under the current repurchase authorization and our outstanding shares were approximately 10,874,000 shares at the end of March. Overall, our balance sheet remains well positioned for sustained success driven by strong capital levels, ample liquidity, solid credit fundamentals and a balanced earning asset and funding profile.

截至2026年3月31日止三個月內，本公司以每股約62.55美元的平均價格回購普通股268,664股，且本公司董事會宣告每股普通股0.43美元的例行季度現金股利。同樣在第一季期間，本公司因員工行使股票選擇權而發行略高於80,000股，行使平均價格約為每股50.90美元。截至2026年3月31日，依現行回購授權仍可回購約419,000股，而截至3月底我們的流通在外股數約為10,874,000股。整體而言，我們的資產負債表仍具備良好條件，可在強勁資本水準、充裕流動性、穩健信用基本面以及均衡的生息資產與資金來源結構所驅動下，支撐持續成功。

That concludes my remarks. We are now ready to take your questions.

以上是我的發言。我們現在準備開始回答各位的提問。

(Operator Instructions) Damon DelMonte, KBW.

(接線員指示) Damon DelMonte，KBW。

First question on expenses and kind of the outlook from this point going forward. I know you guys noted that there are some projects that will be underway shortly and continue throughout the year. Could you give a little bit of guidance as to maybe help us quantify what that expense rate would be going forward?

第一個問題關於費用，以及從目前往後的展望。我知道你們提到有一些專案將很快展開並會持續到今年。能否提供一些指引，幫助我們量化未來的費用水準大概會是多少？

Well, first, obviously, the items that we called out in the first quarter, the couple of different things that reduced our expenses, we don't anticipate those are going to repeat in Q2. And then it's just going to be a matter of how quickly some of these projects get going throughout the rest of the year. So I don't really have a great firm answer for you on that. I mean it's not going to be huge amounts of money, I don't think in any given quarter, but it's going to build on itself probably over the course of the year a little bit.

嗯，首先，顯然我們在第一季點出的那些項目，也就是幾個讓費用下降的不同因素，我們不預期它們會在第二季重複出現。接下來就取決於這些專案在今年剩餘期間推進的速度有多快。所以我沒有一個很明確、很確定的答案可以給你。我的意思是，我不認為任何單一季度會是很大的金額，但它可能會在一年當中逐步累積一些。

Yes. I think that's right.

是。我想這樣說沒錯。

Can you give a little color on some of the projects?

能否就一些專案內容多補充一點背景？

I think in total, we're primarily talking about IT projects and they involve data security. They involve some customer-facing technologies. There's some substantial upgrade in our systems that we're investing in and so I think when it's all fully baked in. And as Rex said, we're not sure exactly when that will be, but that will probably happen over the next three to six quarters, I think it's going to -- I think it could add $200,000 to $250,000 a month to our expense levels.

我想整體而言，我們主要談的是資訊科技（IT）專案，內容包含資料安全。也包含一些面向客戶的技術。我們正在投資對系統進行相當幅度的升級，所以我想等到一切都完全到位時。而且如Rex所說，我們也不確定確切時間點，但我認為大概會在未來三到六個季度內發生，我想它可能會讓我們的費用水準每月增加20萬到25萬美元。

Got it. Okay. Okay. That's helpful. All right. And then I guess with regards to the margin, obviously, I think you quantified 3- or 4-basis-point impact from the interest payments this quarter. But as we kind of think about the core margin going forward, if we do see one rate cut later in the year, could you just kind of remind us how you're positioned for the coming quarters?

了解。好。好。這很有幫助。好。接著我想問關於利差，顯然你們量化了本季因利息支付帶來約3到4個基點的影響。但當我們思考未來的核心利差時，如果今年稍晚真的出現一次降息，你能否提醒我們你們在接下來幾個季度的部位配置是如何？

Yes. I mean we're pretty balanced, we think, on that. If there's a rate cut down the road of 25 basis points in the near term, it shouldn't be that impactful. It might be a bit impactful for a couple of months or something if we have some of our variable rate loans that were repriced down, most of our liability funding is pretty short. So we've got a lot of overnight advances from the home loan bank.

是。我的意思是，我們認為我們在這方面相當均衡。如果短期內未來某個時間點降息25個基點，影響不應該太大。如果我們有一些浮動利率貸款被下調重定價，可能會在幾個月內有些影響，但我們大部分的負債端資金來源期限都很短。所以我們有很多來自房貸銀行的隔夜融資。

Other items, we got interest rate swaps that would presumably come down in that case too. So we've got a lot of things on the liability side that are fairly short and would reprice pretty quickly. So we don't really anticipate that is going to -- would negatively impact us very much or for very long. So I think we're pretty well matched. If rates stay where they are, we don't anticipate there will be a lot of movement in our net interest margin. And even if they only move by 25 basis points up or down, probably isn't going to move the needle too much on that even.

另外，我們也有利率交換（interest rate swaps），在那種情況下推測也會跟著下來。因此在負債端我們有很多項目期限相當短，會很快重定價。所以我們不太預期那會對我們造成很大的負面影響，或影響不會持續太久。因此我認為我們的資產負債匹配得相當好。如果利率維持在目前水準，我們不預期淨利息利差會有太多變動。即使利率上下只變動25個基點，對此的影響大概也不會太明顯。

Okay. Great. If I could squeeze one more in on loan growth. You highlighted that the paydowns were slower this quarter. Any visibility into expected pace of pay downs as we progress through the year? Do you have a little bit more optimism that you could kind of get a little bit more consistent with positive growth versus kind of the trends we've seen recently?

好的。很好。如果我可以再塞一個問題，關於放款成長。你提到本季提前償還（paydowns）速度較慢。對於今年接下來提前償還的預期節奏，有沒有任何能見度？你是否更樂觀一些，認為你們可以更穩定地維持正成長，而不是像近期看到的趨勢那樣？

It's just -- this is one of the reasons, Damon, that we don't give guidance is just very difficult to predict. The -- as Rex alluded to, our levels of prepayments, which is really what moves the needle for us. They were probably, I don't know, $180 million less than the first quarter of '26 than they averaged in the last half of '25. So that's a pretty significant number. And so you have to ask yourself, okay, is there may be a reason? Is it a less favorable refinancing market? Maybe so, but we're just not comfortable. It's -- it's too volatile to really give guidance, and that's why we choose not to.

這就是——Damon，這也是我們不提供指引的原因之一，因為真的很難預測。正如Rex提到的，我們的提前還款水準，才是真正對我們影響最大的因素。它在2026年第一季大概比2025年下半年平均水準少了，我不知道，大約1.8億美元。所以那是相當顯著的數字。因此你得問自己，好吧，是否有原因？是不是再融資市場比較不利？也許是，但我們就是不太有把握。它——波動太大，實在很難給出指引，這也是我們選擇不給的原因。

John Rodis, Brean Capital.

John Rodis，Brean Capital。

Joe, I think you -- I just want to make sure I heard you correctly on expenses. You said IT could add roughly $200,000 to $250,000 a month. Is that right? Or was it a month or a quarter?

Joe，我想你——我只是想確認我有沒有聽對你剛才關於費用的說法。你說IT可能每月增加約20萬到25萬美元。是這樣嗎？還是那是按月還是按季？

No, that was right. That's right.

不，你聽得沒錯。是的。

A month?

每月？

Yes. Yes.

是。是。

Not necessarily immediately, but over --

不一定會立刻發生，但在--

Not necessarily. I mean, when it's all -- when all these projects are fully operational, which I think will happen over the next three to six quarters.

不一定。我的意思是，等到一切——等到這些專案都完全上線運作時，我認為會在未來三到六個季度內發生。

Okay. Okay. Okay. So I mean, I guess, just back to expenses real quick. I mean when you back out the two reimbursements in the quarter, that gets you to like $35.5 million. So it sounds like you're sort of moving closer to that $36 million level, give or take, on a quarterly basis. Am I thinking about that right?

好的。好的。好的。所以我的意思是，我想很快再回到費用這點。如果把本季那兩筆補償款扣除，你們大概是3,550萬美元左右。所以聽起來你們正逐步接近每季約3,600萬美元的水準，上下浮動一些。我這樣理解對嗎？

I think you are, yes.

我想你是的，沒錯。

Okay. Okay. Joe, just on the buyback, you've got, what, give or take, 400,000 shares remaining. The stock's moved up a little bit versus your average in the quarter. Are you still a buyer at the current levels?

好的。好的。Joe，關於庫藏股回購，你們大概還剩下約40萬股可回購。相較於本季的平均價格，股價已經上漲了一點。在目前這個價位你們還會繼續買進嗎？

I mean I don't want to like exactly say what we would pay or whatever. But I mean, we do still think our stock at an attractive level whatever measurement you choose to sort of value it at. If it's -- if you're looking at tangible book value earn back or whatever, yes, I mean we still think it makes sense.

我的意思是，我不想明確說我們會付多少或諸如此類。但我的意思是，我們仍然認為我們的股票在你選擇用來估值的任何衡量方式下，都處於具吸引力的水準。如果是——如果你看的是有形帳面價值、獲利回收期或其他指標，是的，我的意思是，我們仍然認為這樣做是合理的。

And we look at it kind of in a total package to our total capital. We got to factor in if we have continued loan growth and things of that nature. So all those things play into making our determination from time to time whether we'll buy our stock back more aggressively or less aggressively that kind of thing.

而且我們會把它放在整體方案中，從我們的整體資本配置來看。我們必須把是否持續有放款成長以及諸如此類的因素納入考量。所以這些因素都會影響我們不時做出判斷：我們要更積極或較不積極地回購股票之類的。

Right, yes.

對，是的。

Within fee income, the commissions number, you talked about higher annuity sales, is that something that you think is going to continue? Or sort of what happened this quarter to make them higher?

在手續費收入方面，佣金數字，你提到年金銷售較高，你認為這會持續嗎？或者說，本季是發生了什麼讓它變高？

They've been higher now for maybe two, three, four quarters than they typically have run. I don't know if there's anything in particular that's driving it necessarily. I think we've just got some of our customers are interested in that product. And we've got some folks that are well trained in it. And so it may continue on. It's just hard to know for sure if that's going to be something that people will continue to be interested in over the long haul. But I think in the near term, at least, I don't know that it's going to be all that different.

它們已經連續大概兩、三、四個季度都比以往通常的水準更高。我不確定是否有什麼特定因素在推動。我想只是我們有些客戶對那個產品有興趣。而且我們也有一些同仁在這方面受過良好訓練。所以可能會持續。只是很難確定，長期來看大家是否會一直對這類產品感興趣。但我想至少在短期內，我不覺得會有太大的不同。

Yes. It's sort of an alternative to CDs. So it has something to do with interest rates and the -- what interest rates are on comparable CDs versus what they can get on the annuity product.

是的。它有點像是定存（CD）的替代方案。所以這與利率有關，以及——可比定存的利率相較於他們在年金產品上能拿到的利率。

Okay. Rex, just on the balance sheet, the securities portfolio was down a little bit. Would you expect the securities portfolio to sort of be flat to down a little bit going forward, sort of stable?

好的。Rex，關於資產負債表，證券投資組合小幅下降。你預期未來證券投資組合會大致持平到小幅下降、也就是相對穩定嗎？

Yes, I think it will go down kind of slowly. I mean we've got a lot of products in there that has monthly payments. But they're not like large amounts in total compared to the whole portfolio. So I think for the near term in the next couple of years, unless rates went down substantially, we probably aren't going to see a huge amount of runoff in that portfolio. We do have some things that three to five years out, probably have some maturities in there and some things that will start to ramp that up a little bit more.

是的，我認為它會緩慢地下滑。我的意思是，我們裡面有很多產品是按月付款的。但相較於整個投資組合的總規模，它們的金額並不大。所以我認為在短期、接下來幾年內，除非利率大幅下降，否則我們大概不會看到該投資組合有大量到期/自然縮減（runoff）。我們確實有一些項目在三到五年後可能會到期，還有一些項目會開始讓縮減速度稍微加快一些。

But -- but in the near term, I don't think there's going to be a lot of change in the portfolio, probably not much in the way of added to the portfolio. And as far as the payments go, I mean, you're not looking at a big percentage of the portfolio running off in the next couple of quarters here.

但是——但是在短期內，我不認為投資組合會有很大的變化，可能也不會新增太多部位。至於付款（回收）方面，我的意思是，你不會看到在接下來幾個季度有很大比例的投資組合到期流出。

Okay. And Joe, just one more question, sort of big picture. I think in the press release, you -- you talked about, I guess, moving one location here in St. Louis or to an updated location. Are there any other plans throughout the footprint for new locations or maybe to close some locations or anything like that you're contemplating right now?

好的。Joe，再問一個問題，從更宏觀的角度。我想在新聞稿中，你——你提到在聖路易斯這邊要搬遷一個據點或搬到更新的地點。在你們的營運版圖內，是否還有其他新設據點的計畫，或可能關閉一些據點，或你們目前正在考慮的任何類似事項？

That's something we're always doing, John. We're always looking at customer patterns and usage levels of banking centers, and we got to make sure that every dollar we have deployed is being best utilized. And so -- and the banking centers are -- they're our best delivery channel, but they're also our most expensive delivery channel. So we have to make sure that every dollar we're spending there is wisely spent. So that's something that we're always looking at.

John，這是我們一直在做的事。我們一直在觀察客戶動線與銀行服務中心的使用程度，我們必須確保我們投入的每一塊錢都被最有效地運用。所以——而且銀行服務中心——它們是我們最好的服務交付通路，但同時也是成本最高的通路。因此我們必須確保我們在那裡花的每一塊錢都是明智的支出。所以這是我們一直在檢視的事情。

And looking at some technology as well. So the one location in St. Louis, we were talking about the traffic pattern and everything there and the usage of the location. There's still some folks that will use it, we think. And so we're going to have ITMs there on site, and we've done that in a couple of other locations as well. So we're going to continue to be able to serve our customers with an interactive experience there. There just won't be an inside lobby present.

也會同時評估一些科技。所以聖路易斯那個據點，我們談到那裡的交通動線以及該據點的使用情況。我們認為仍然會有一些人會使用它。因此我們會在現場設置ITM（互動式提款機），我們在其他幾個據點也這麼做過。所以我們將能持續在那裡以互動式體驗來服務客戶。只是將不會設置室內大廳。

Thank you. I'm showing no further questions at this time. I'll now turn it back to Joe Turner for closing remarks.

謝謝。我這邊顯示目前沒有其他問題。我現在把時間交回給Joe Turner做結語。

All right. Thanks again, everybody, for joining us today, and we look forward to talking to you after this -- after our second quarter earnings come out. Thank you.

好的。再次感謝各位今天加入我們，我們期待在——在第二季財報公布後再與各位交流。謝謝。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝各位參與今天的電話會議。本次會議到此結束。您現在可以掛線。