Landmark Bancorp Inc (LARK) 2024 Q2 法說會逐字稿

Hello, everyone, and welcome to the Landmark Bancorp Q2 earnings call. My name is Carla, and I will be coordinating your call today. (Operator instructions) I would now like to hand you over to Abby Wendel, President and Chief Executive at Landmark to begin. Abby, please go ahead.

大家好，歡迎參加 Landmark Ba​​rcorp 第二季財報電話會議。我叫卡拉，今天我將協調您的電話。 （操作員指示）我現在請 Landmark 總裁兼執行長 Abby Wendel 開始發言。艾比，請繼續。

Thank you. Good morning. Thank you for joining our call today to discuss Landmark's earnings and operating results for the second-quarter of 2024. As you just heard from the operator, my name is Abby Wendel, President and CEO of Landmark Bancorp. Joining the call with me to discuss various aspects of our second quarter performance is Mark Herpich, Chief Financial Officer of the company; and Raymond McLanahan, Chief Credit Officer.

謝謝。早安.感謝您今天加入我們的電話會議，討論Landmark 2024 年第二季度的盈利和運營業績。 。首席信貸官雷蒙德麥克拉納漢 (Raymond McLanahan)。

As we start, I would like to remind listeners that some of the information we will be providing today falls under the guidelines for forward-looking statements as defined by the Securities and Exchange Commission. As part of these guidelines, I must point out that any statements made during this presentation that discuss our hopes, beliefs, expectations or predictions of the future are forward-looking statements, and our actual results could differ materially from those expressed. Additional information on these factors is included from time to time in our 10-K and 10-Q filing, which can be obtained by contacting the company or the SEC.

在我們開始之前，我想提醒聽眾，我們今天將提供的一些資訊屬於美國證券交易委員會定義的前瞻性陳述準則的範圍。作為這些指導方針的一部分，我必須指出，在本次演講中討論我們對未來的希望、信念、期望或預測的任何陳述都是前瞻性陳述，我們的實際結果可能與所表達的結果存在重大差異。有關這些因素的更多資​​訊會不時包含在我們的 10-K 和 10-Q 文件中，您可以透過聯絡公司或 SEC 取得這些資訊。

Landmark reported net earnings of $3 million during the second quarter of 2024. Earnings per share on a fully diluted basis for the first quarter were $0.55, the return on average assets was 0.78%, and the return on average equity was 9.72%. Our efficiency ratio in the second quarter was 67.9%. Our second quarter results reflected continued solid earnings driven by continued solid growth in loans along with higher net interest income and noninterest income.

Landmark 報告 2024 年第二季淨利為 300 萬美元。第二季我們的效率為67.9%。我們第二季的業績反映出，在貸款持續穩健成長以及淨利息收入和非利息收入增加的推動下，獲利持續穩健。

As mentioned in our press release, this quarter, we recorded a pre-tax valuation adjustment of $979,000 on a former branch, which is under sale contracts, this adjustment resulted in a reduction of earnings per share of $0.13. Excluding this item, noninterest expenses declined from the prior quarter on lower compensation occupancy and mortgage amortization expense.

正如我們在新聞稿中提到的，本季度，我們對一家處於銷售合約下的前分支機構進行了 979,000 美元的稅前估值調整，這一調整導致每股收益減少 0.13 美元。不包括該項目，由於補償入住率和抵押貸款攤銷費用下降，非利息費用較上一季下降。

Total gross loans increased this quarter by $16.5 million and average interest bearing deposits also increased by $820,000. Compared to the first quarter of 2024, net interest income grew 2.1%, and our net interest margin expanded to 3.21%. Noninterest income also increased as both fees and gains on mortgage loan sales were higher than in the prior quarter. Core noninterest expense was well controlled this quarter as we continue to focus on operational efficiency.

本季貸款總額增加了 1,650 萬美元，平均計息存款也增加了 82 萬美元。與2024年第一季相比，淨利息收入成長2.1%，淨利差擴大至3.21%。由於抵押貸款銷售的費用和收益都高於上一季度，非利息收入也有所增加。由於我們繼續關注營運效率，本季核心非利息支出得到了很好的控制。

Credit quality has remained strong and net loan charge-offs, non-accrual loans and delinquencies remain at relatively low levels this quarter. The allowance for credit losses remains robust, totaling almost $11 million at June 30, 2024. Landmark capital and liquidity measures are strong, and we have a stable, conservative deposit portfolio with most of our deposits being retail-based and FDIC insured.

本季信貸品質依然強勁，淨貸款沖銷、非應計貸款和拖欠率仍維持在相對較低的水平。信貸損失準備金仍然強勁，截至2024 年6 月30 日總計近1100 萬美元。保險。

We remain risk averse, both in monitoring our interest rate and concentration risk and in maintain a strong credit discipline. Further, we employ a relationship-based banking model, which offers stability and consistency to all our customers. I am pleased to report that our Board of Directors had declared a cash dividend of $0.21 per quarter to be paid September 4, 2024, to shareholders of record as of August 21, 2024. This represents the 92nd consecutive quarterly cash dividend since the company's formation in 2001.

我們仍然厭惡風險，無論是在監控利率和集中度風險方面，還是在維持嚴格的信貸紀律方面。此外，我們採用基於關係的銀行模式，為所有客戶提供穩定性和一致性。我很高興地報告，我們的董事會已宣布每季現金股利0.21 美元，將於2024 年9 月4 日支付給截至2024 年8 月21 日在冊的股東。現金股利2001年。

I will now turn the call over to Mark Herpich, our CFO, who will review the financial results in detail with you.

我現在將把電話轉給我們的財務長馬克·赫皮奇（Mark Herpich），他將與您一起詳細審查財務業績。

Thanks, Abby, and good morning to everyone. While Abby has just provided a highlight of our overall financial performance in the second quarter of 2024, I'll provide some further details on those results.

謝謝艾比，祝大家早安。雖然 Abby 剛剛重點介紹了我們 2024 年第二季的整體財務業績，但我將提供有關這些結果的更多詳細資訊。

As Abby mentioned, net income in the second quarter of 2024 totaled $3.0 million compared to $2.8 million in the prior quarter and $3.4 million in the first quarter of 2023. Net income this quarter increased in comparison with the prior quarter, mainly due to improvements in net interest income and non-interest income. Also, we did not make a provision for credit losses this quarter.

正如艾比所提到的，2024 年第二季的淨利潤總計為300 萬美元，而上一季為280 萬美元，2023 年第一季為340 萬美元。成長，主要是由於淨利息收入和非利息收入。此外，本季我們沒有提列信貸損失撥備。

Core noninterest expense also declined nicely, exclusive of the branch valuation adjustments that Abby mentioned earlier. In fact, excluding those adjustments, our noninterest expenses would have declined by $306,000 or 2.9%. In the second quarter of 2024, net interest income totaled $11.0 million, an increase of $227,000 compared to the first quarter of 2024, due primarily to increased interest income on loans, which more than offset our increase in interest expense on deposits.

核心非利息支出也大幅下降，不包括艾比之前提到的分行估值調整。事實上，如果排除這些調整，我們的非利息支出將減少 306,000 美元，即 2.9%。 2024年第二季度，淨利息收入總計1,100萬美元，比2024年第一季增加227,000美元，主要是由於貸款利息收入增加，這遠遠抵消了我們存款利息支出的增加。

Total interest income on loans increased $532,000 this quarter in the tax-equivalent yield on the loan portfolio increased 17 basis points to 6.33%. Average loans also increased by $9.4 million during the second quarter, adding to our loan interest income.

本季貸款總利息收入增加了 53.2 萬美元，貸款組合的稅收等值收益率增加了 17 個基點，達到 6.33%。第二季平均貸款也增加了 940 萬美元，增加了我們的貸款利息收入。

Interest income on investment securities decreased $74,000 to $3.1 million this quarter due to a decline in average investment securities balances of $19.8 million, but offset by higher yields earned on our investment securities balances.

由於平均投資證券餘額減少 1,980 萬美元，本季投資證券利息收入減少 74,000 美元至 310 萬美元，但被我們投資證券餘額賺取的較高收益率所抵消。

The yield on investment securities totaled 3.04% in the current quarter compared to 2.96% in the prior quarter and 2.7% in the second quarter of 2023. Interest expense on deposits in the second quarter of 2024 increased $216,000, mainly due to higher rates. The average rate on our interest-bearing deposits increased this quarter to 2.44% compared to 2.35% last quarter, while the average balance of interest-bearing deposits increased $820,000.

本季投資證券收益率總計 3.04%，上一季為 2.96%，2023 年第二季為 2.7%。本季我們的生息存款平均利率從上季的 2.35% 上升至 2.44%，而生息存款平均餘額增加了 82 萬美元。

Interest expense on borrowed funds decreased slightly this quarter despite slightly higher rates as average borrowed fund balances declined $2.6 million during the second quarter. Landmark's net interest margin on a tax-equivalent basis increased to 3.21% in the second quarter of 2024 as compared to 3.12% in the first quarter of 2024.

儘管利率略有上升，但本季借入資金的利息支出略有下降，因為第二季平均借入資金餘額減少了 260 萬美元。 Landmark 的稅基淨利差在 2024 年第二季增至 3.21%，而 2024 年第一季為 3.12%。

This quarter, no provision for credit losses was made after our credit models considered the economic environment and recognized a large part of our loan growth this quarter was in the one-to-four-family residential mortgage category, where we continue to experience strong credit results. At June 30, 2024, our allowance for credit losses totaled $10.9 million, which remains strong and represents 1.11% of gross loans.

本季度，我們的信貸模型考慮了經濟環境，並認識到本季貸款成長的很大一部分來自一到四戶住宅抵押貸款類別，我們在該類別中繼續經歷強勁的信貸，因此沒有提列信貸損失撥備結果。截至 2024 年 6 月 30 日，我們的信貸損失準備金總額為 1,090 萬美元，仍然強勁，佔貸款總額的 1.11%。

Noninterest income totaled $3.7 million this quarter, increasing $320,000 as compared to the first quarter, while decreasing $109,000 compared to the second quarter of 2023. The increase from the first quarter was primarily the result of an increase in fees and service charges of $230,000, along with growth in gains on of $136,000 on sales of residential mortgages.

本季非利息收入總計 370 萬美元，較第一季增加 32 萬美元，但較 2023 年第二季減少 109,000 美元。抵押貸款銷售收益增加了136,000 美元。

Compared to the second quarter last year, gains on sales of fixed rate residential mortgages declined by $182,000. While fees from sales of fixed rate mortgages have declined somewhat over the last year, growth in adjustable-rate mortgages, which are kept on our balance sheet has been strong.

與去年第二季相比，固定利率住宅抵押貸款的銷售收益下降了 182,000 美元。儘管去年固定利率抵押貸款銷售費用有所下降，但我們資產負債表上的可調利率抵押貸款增長強勁。

Noninterest expense for the second quarter of 2024 totaled $11.1 million, an increase of $544,000 compared to the prior quarter, but as discussed earlier, this increase was entirely driven by the $979,000 valuation adjustment on a former branch building that is under contract for sale. Absent the valuation adjustments in the first and second quarters, noninterest expense would have been $306,000 lower than the prior quarter.

2024 年第二季的非利息支出總計 1,110 萬美元，比上一季增加 544,000 美元，但如前所述，這一增長完全是由銷售合約中的前分行大樓 979,000 美元的估值調整推動的。如果沒有第一季和第二季的估值調整，非利息費用將比上一季減少 306,000 美元。

Compensation and benefits, occupancy and equipment and mortgage servicing amortization were all lower this quarter. This quarter, we recorded tax expense of $587,000, resulting in an effective tax rate of 16.3% as compared to tax expense of $518,000 in the first quarter of this year for an effective tax rate of 15.7%. Gross loans increased $16.5 million or 6.9% annualized during the second quarter and totaled $980.6 million. We saw good growth in our adjustable rate, residential mortgage and commercial construction loan portfolios.

本季的薪資和福利、入住率和設備以及抵押貸款服務攤提均有所下降。本季度，我們記錄的稅務費用為 587,000 美元，有效稅率為 16.3%，而今年第一季的稅務費用為 518,000 美元，有效稅率為 15.7%。第二季總貸款增加 1,650 萬美元，年化成長率為 6.9%，總計 9.806 億美元。我們的可調整利率、住宅抵押貸款和商業建築貸款組合取得了良好的成長。

Our investment securities portfolio decreased $16.8 million on a period-end basis as we utilized maturing investments to fund our loan growth. Our investment portfolio has an average life of 4.3 years with a projected cash flow of $69.7 million coming due in the next 12 months. Period-end deposits totaled $1.3 billion at June 30, 2024, and decreased by $43 million this quarter.

由於我們利用到期投資為貸款成長提供資金，我們的投資證券投資組合在期末減少了 1,680 萬美元。我們的投資組合平均壽命為 4.3 年，預計未來 12 個月內到期現金流量為 6,970 萬美元。截至 2024 年 6 月 30 日，期末存款總額為 13 億美元，本季減少 4,300 萬美元。

Interest checking and money market deposits and non-interest checking accounts declined by $36.9 million and $3.8 million, respectively this quarter. The decline in money market and checking accounts was mainly driven by a decline in broker deposits on the last day of second quarter, leading to a corresponding increase in overnight borrowings from the Federal Home Loan Bank at quarter end.

本季利息支票和貨幣市場存款以及非利息支票帳戶分別減少了 3,690 萬美元和 380 萬美元。貨幣市場和支票帳戶的下降主要是由於第二季最後一天經紀人存款下降，導致季末聯邦房屋貸款銀行隔夜借款相應增加。

Average interest earning deposits actually increased slightly in the second quarter of 2024, while our average borrowings declined by $2.6 million during the quarter. Our loan-to-deposit ratio totaled 77.5% at June 30, which remains low, giving us sufficient liquidity to fund loan growth.

平均生息存款實際上在 2024 年第二季略有增加，而我們的平均借款在該季度下降了 260 萬美元。截至 6 月 30 日，我們的存貸比總計 77.5%，仍處於較低水平，這為我們提供了充足的流動性來為貸款成長提供資金。

Stockholders' equity increased to $128.3 million at June 30, 2024, and our book value totaled $23.45 per share at June 30 compared to $23.14 at March 31. Our consolidated and bank regulatory capital ratios as of June 30, 2024 are strong and exceed the regulatory levels considered well-capitalized. The bank's leverage ratio was 8.9% at June 30, 2024, while the total risk-based capital ratio was 13.7%.

截至2024 年6 月30 日，股東權益增至1.283 億美元，截至6 月30 日，我們的每股帳面價值總計為23.45 美元，而3 月31 日為23.14 美元。我們的合併資本比率和銀行監理資本比率強勁，超過監理水準被認為資本充足的水準。截至2024年6月30日，該行槓桿率為8.9%，總創投率為13.7%。

Now let me turn the call over to Raymond to review highlights of our loan portfolio and credit risk outlook.

現在讓我把電話轉給雷蒙德，回顧我們的貸款組合和信用風險前景的要點。

Thank you, Mark, and good morning to everyone. As mentioned earlier, we enjoyed continued loan growth throughout the quarter, mainly due to increases in our residential mortgage and construction and land loan portfolios. Gross loans outstanding at the end of the quarter totaled $980.6 million, an increase of $16.5 million or 6.9% on an annualized basis from the previous quarter.

謝謝你，馬克，祝大家早安。如前所述，我們整個季度的貸款持續成長，主要是由於我們的住宅抵押貸款以及建築和土地貸款組合的增加。截至本季末，未償還貸款總額為 9.806 億美元，比上一季增加 1,650 萬美元，以年率計算成長 6.9%。

Our residential mortgage loan portfolio increased $19.3 million this quarter, mainly due to continued demand for our adjustable rate loan mortgage loan mortgage products. Additionally, our construction and land loan portfolio increased $5.7 million this quarter.

本季我們的住宅抵押貸款組合增加了 1,930 萬美元，主要是由於對我們的可調利率貸款抵押貸款產品的持續需求。此外，本季我們的建築和土地貸款組合增加了 570 萬美元。

Turning to credit quality at June 30, 2024, nonperforming loans, consisting mainly of nonaccrual loans, totaled $5 million, an increase of $1.4 million from the prior quarter. This increase is largely due to weakness identified with a $1.2 million SBA guaranteed commercial loan relationship. Total foreclosed real estate was unchanged from the prior quarter and ended at $428,000, totaled $1.9 million or 0.19% of gross loans.

就信貸品質而言，截至 2024 年 6 月 30 日，不良貸款（主要包括應計貸款）總計 500 萬美元，比上一季增加 140 萬美元。這一增長主要是由於 120 萬美元的 SBA 擔保商業貸款關係存在弱點。法拍房地產總額與上一季持平，為 428,000 美元，總計 190 萬美元，佔貸款總額的 0.19%。

We recorded net loan recoveries of $52,000 during the second quarter of 2024 compared to net loan charge-offs of $68,000 during the second quarter of 2023. Our allowance for credit losses totaled $10.9 million and ended the quarter at 1.11% of gross loans. Asset quality at Landmark has remained excellent over the last few years, and we remain focused on maintaining strong metrics.

2024 年第二季度，我們記錄的淨貸款回收額為52,000 美元，而2023 年第二季度的淨貸款沖銷額為68,000 美元。的1.11%。 Landmark 的資產品質在過去幾年中一直保持出色，我們仍然致力於維持強勁的指標。

Regarding our commercial real estate portfolio, our lending philosophy has always been focused on relationship banking with customers in our respective markets. As a result, our commercial real estate portfolio is primarily comprised of owner-occupied commercial real estate, which historically has been a well-performing asset class.

關於我們的商業房地產投資組合，我們的貸款理念始終專注於與各自市場客戶的關係銀行業務。因此，我們的商業房地產投資組合主要由業主自用商業房地產組成，該房地產歷來都是表現良好的資產類別。

We remain vigilant in monitoring the health and performance of this loan portfolio as well as the trends in the broader commercial real estate economic environment. The current economic landscape in Kansas is healthy. The preliminary seasonally adjusted unemployment rate for Kansas as of June 30 was 3.1%, according to the Bureau of Labor Statistics.

我們仍然保持警惕，監控該貸款組合的健康狀況和績效，以及更廣泛的商業房地產經濟環境的趨勢。堪薩斯州目前的經濟狀況健康。根據勞工統計局的數據，截至 6 月 30 日，堪薩斯州經季節性調整的初步失業率為 3.1%。

In terms of housing, the Kansas Association of Realtors President recently shared two interesting statistics. They said quote, during the first half of the year, typical sales prices across the state are up 6.3% compared to the first half of 2023. In addition, half of all homes sold did so in 10 days or less in the quote.

在住房方面，堪薩斯州房地產經紀人協會主席最近分享了兩個有趣的統計數據。他們表示，今年上半年，全州的典型銷售價格比 2023 年上半年上漲了 6.3%。

Home prices in June increased 5.3% in Kansas compared to the same time last year, while prices in the Midwest increased 5.5% compared to last year. Home sales in Kansas fell by 17.8% in June compared to the same period last year. Given the statistics shared by the Kansas Association of Realtors, it would appear that inventory levels of available homes remain very tight.

堪薩斯州 6 月房價年增 5.3%，中西部房價年增 5.5%。堪薩斯州 6 月房屋銷售量較去年同期下降 17.8%。根據堪薩斯州房地產經紀人協會分享的統計數據，可用房屋的庫存水準似乎仍然非常緊張。

And with that, I thank you and I'll turn the call back over to Abby.

在此，我謝謝你，我會將電話轉回給艾比。

Thanks, Raymond. Before we go to questions, I want to summarize by saying we were pleased with our core performance for the second quarter of 2024 with continued strong loan growth, solid credit quality and well-controlled expenses. Further, our net interest margin expanded nicely. With the operating successes we've had over the past few years, we look forward to expanding our presence with high-quality banking products and services. We are focusing more recently on bringing both loans and fee business, which is playing well across all of our markets and especially in Kansas City, where we are relatively new.

謝謝，雷蒙德。在我們提問之前，我想總結一下，我們對 2024 年第二季的核心業績感到滿意，包括持續強勁的貸款成長、穩健的信貸品質和良好的支出控制。此外，我們的淨利差良好擴大。憑藉過去幾年的經營成功，我們期待透過高品質的銀行產品和服務擴大我們的業務。我們最近專注於引入貸款和收費業務，該業務在我們所有的市場中都表現良好，尤其是在我們相對較新的堪薩斯城。

Finally, I'd like to thank all the associates at Landmark National Bank, their daily focus on executing our strategy, delivering extraordinary service to our clients and community is the key to our success.

最後，我要感謝 Landmark National Bank 的所有員工，他們每天專注於執行我們的策略，為我們的客戶和社區提供卓越的服務，這是我們成功的關鍵。

And with that, I'll open up the call to questions that anyone might have.

至此，我將開始詢問任何人可能提出的問題。

We will now begin the question and answer session. (Operator instructions)

我們現在開始問答環節。 （操作員說明）

Ross Haberman, RLH investments.

羅斯·哈伯曼，RLH 投資。

Good morning. Nice quarter, having just a couple of quick questions. Could you talk about the mortgage business? What are you seeing today? And has there been any recent pickup in the last couple of weeks with the recent drop in rates? And do you expect given the recent up in rates, a reasonable pickup in the next couple of months? Thanks.

早安.不錯的季度，只有幾個簡單的問題。您能談談抵押貸款業務嗎？你今天看到了什麼？隨著最近利率的下降，過去幾週是否出現了近期的回升？鑑於近期利率上升，您預計未來幾個月利率會合理地回升嗎？謝謝。

Hi, Ross, this is Abbie. Thanks for joining us this morning. So as we reported for the past several quarters, our mortgage department really has hung in there because of our pivot towards the variable rate, the adjustable rate mortgage that we sell and retain on balance sheet.

嗨，羅斯，我是艾比。感謝您今天早上加入我們。因此，正如我們在過去幾個季度所報告的那樣，我們的抵押貸款部門確實堅持了下來，因為我們轉向可變利率，即我們出售並保留在資產負債表上的可調整利率抵押貸款。

In the last couple of calls, I mean, last week, really, we just saw the 30 year fixed move down below where we're offering the variable rate mortgage, and I do think over the past month, we've started to see an uptick in interest in the products that we're able to sell secondary. I mean, as you know, the mortgage industry is really a rate driven interest industry. And so we certainly foresee more interest in those six products as rates continue to move down.

在最後幾次電話會議中，我的意思是，上週，我們真的看到30 年期固定利率下降到我們提供可變利率抵押貸款的水平以下，我確實認為在過去的一個月裡，我們已經開始看到對我們能夠二次銷售的產品的興趣上升。我的意思是，如您所知，抵押貸款行業實際上是一個利率驅動的利息行業。因此，隨著利率繼續下降，我們當然預計對這六種產品的興趣會更大。

And just one follow-up question. If we do see, just say for argument's sake like a quarter cut in September and another quarter in December, how do you see that scenario affecting the margin or the spread?

還有一個後續問題。如果我們確實看到了，只是為了爭論而說，例如 9 月削減一個季度，12 月再削減一個季度，您如何看待這種情況對利潤率或利差的影響？

Yes. I'm going to let Mark answer that in more detail. But I guess I would just kick it off by saying irrespective of what the banks decide to do in September or November, I think we're very well-positioned, and let me turn it over to Mark for a little bit more information on that.

是的。我將讓馬克更詳細地回答這個問題。但我想我首先要說的是，無論銀行在 9 月或 11 月決定做什麼，我認為我們都處於有利位置，讓我將其轉交給馬克，以獲取更多相關資訊。

Yes. I would be happy, Abby and thanks, Rob, for the question. But I think we're pretty liability sensitive at this juncture of our business and a cut on the Fed funds rate of 25 or 50 or if they want to go farther, that's even better from our standpoint. We have a lot of borrowings on, what we consider a lot of borrowings on our Federal Home Loan Bank and some brokered deposits that will reprice on a daily basis, and that will be very advantageous to us to see the short-term rates go down.

是的。我會很高興，艾比，感謝羅布提出這個問題。但我認為，在我們業務的這個關頭，我們對責任非常敏感，將聯邦基金利率下調 25 或 50，或者如果他們想進一步下調，從我們的角度來看，這甚至更好。我們有很多藉款，我們認為聯邦住房貸款銀行有很多藉款，還有一些經紀存款，這些存款每天都會重新定價，這對我們看到短期利率下降非常有利。

What's been difficult over the past few years or years, I guess at this point has been the inverted yield curve, which has gotten even more exacerbated Thursday and Friday of last week. So if the Fed funds rate, which are tied to a lot of our short-term variable liabilities, we will take advantage of that.

過去幾年或幾年來遇到的困難，我想目前是殖利率曲線倒掛，上週四和週五這種情況變得更加嚴重。因此，如果聯邦基金利率與我們許多短期可變的負債掛鉤，我們就會利用這一點。

And one final question. Any large expenditures expected in the next quarter or two?

最後一個問題。預計下一兩季會有大額支出嗎？

No unusual or non-core expenditures are on the docket at this point in time. We've talked about the, our one thing in the second quarter where we're looking at selling a former branch building, but we have that hopefully behind us the close here in a couple of weeks, fingers crossed.

目前尚無異常或非核心支出。我們已經討論過，我們在第二季度的一件事是，我們正在考慮出售一棟前分行大樓，但希望幾週後我們就能解決這個問題，祈禱吧。

But that was the only unusual item that we had in the second quarter to report. And as we said in the core expenses, we were pleased with and think that we should continue to see expenses along those lines. We will continue to look for areas that we can invest in human capital or other products, but we don't envision anything significant.

但這是我們在第二季報告的唯一不尋常的項目。正如我們在核心支出中所說，我們對這些支出感到滿意，並認為我們應該繼續看到這些支出。我們將繼續尋找可以投資於人力資本或其他產品的領域，但我們預計不會有任何重大的事情。

Thank you very much.

非常感謝。

(Operator instructions). As we currently have no further questions on the queue. I will hand back over to Abby Wendel for any final remarks.

（操作員說明）。因為我們目前在隊列中沒有其他問題。最後的發言將由艾比溫德爾 (Abby Wendel) 負責。

Thank you. I want to thank everyone for participating in today's earnings call. I appreciate your interest and your continued support and confidence in the company. I look forward to sharing news related to our third quarter 2024 results at our next earnings conference call.

謝謝。我要感謝大家參加今天的財報電話會議。我感謝您對公司的興趣以及持續的支持和信心。我期待在下一次收益電話會議上分享與我們 2024 年第三季業績相關的新聞。

That does conclude today's conference call. Have a nice day. You may now disconnect from the call.

今天的電話會議到此結束。祝你今天過得愉快。您現在可以斷開通話。