Landmark Bancorp Inc (LARK) 2025 Q2 法說會逐字稿

Welcome to the Landmark Bancorp, Inc. Q2 earnings call. My name is Nadia, and I'll be coordinating the call today. (Operator Instructions)

歡迎參加 Landmark Ba​​rcorp, Inc. 第二季財報電話會議。我叫納迪亞，今天我將負責協調這場電話會議。（操作員指示）

I will now hand over to your host, Abby Wendel, President and Chief Executive Officer, to begin. Abby, please go ahead.

現在我將把主持人、總裁兼執行長艾比溫德爾 (Abby Wendel) 交給她開始。艾比，請繼續。

Thanks so much, Nadia. Good morning and thank you for joining our call today to discuss Landmark's earnings and operating results for the second quarter of 2025. As you just heard from the operator, my name is Abby Wendel, President and CEO of Landmark Bancorp. On the call with me to discuss various aspects of our second quarter performance is Mark Herpich, Chief Financial Officer; and Raymond McLanahan, Chief Credit Officer.

非常感謝，納迪亞。早安，感謝您今天參加我們的電話會議，討論 Landmark 2025 年第二季的收益和經營業績。正如您剛才從接線員那裡聽到的，我叫艾比溫德爾 (Abby Wendel)，是 Landmark Ba​​rcorp 的總裁兼執行長。與我一起通話討論我們第二季度業績各個方面的是首席財務官 Mark Herpich 和首席信貸官 Raymond McLanahan。

As we start, I would like to remind our 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 filings, which can be obtained by contacting the company or the SEC.

首先，我想提醒我們的聽眾，我們今天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。作為這些指導方針的一部分，我必須指出，本次演講中討論我們的希望、信念、期望或對未來的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美國證券交易委員會 (SEC) 取得。

By now, I hope you've had a chance to read our press release announcing results for the second quarter of 2025. If not, you can find it on our website at www.banklandmark.com in the Investors section.

到目前為止，我希望您有機會閱讀我們宣布 2025 年第二季業績的新聞稿。如果沒有，您可以在我們的網站 www.banklandmark.com 的「投資者」部分找到。

Landmark's second-quarter results were strong. Net income in the second quarter totaled $4.4 million compared to $3 million in the same period last year, reflecting increased net interest income and controlled expenses.

Landmark 第二季業績表現強勁。第二季淨收入總計 440 萬美元，而去年同期為 300 萬美元，反映淨利息收入增加且費用受到控制。

Diluted earnings per share this quarter totaled $0.75, an increase of 56% over the same quarter last year. The return on average assets was 1.11% and the return on average equity was 12.25%. Our efficiency ratio in the second quarter 2025 was 62.8%. I am especially pleased with these results as our strong performance is a direct result of the daily commitment and effort our associates put into making Landmark an exceptional place to work and bank.

本季每股攤薄收益總計 0​​.75 美元，比去年同期成長 56%。平均資產報酬率為1.11%，平均股東權益報酬率為12.25%。我們2025年第二季的效率比率為62.8%。我對這些結果感到特別高興，因為我們強勁的業績直接歸功於我們的員工每天的承諾和努力，使 Landmark 成為一個卓越的工作和銀行場所。

Total gross loans increased this quarter by $42.9 million or 16% on an annualized basis with strong growth in several loan categories, and our total loan balances now are in excess of $1.1 billion. As a result, this loan growth enabled our net interest income to grow by 4.3% compared to the first quarter of 2025, and our net interest margin increased 7 basis points to 3.83%. Our loan growth has increased our focus on gathering deposits from our network of community branches across our franchise.

本季貸款總額增加了 4,290 萬美元，按年率計算增長了 16%，其中多個貸款類別均實現了強勁增長，我們的貸款總額目前已超過 11 億美元。因此，貸款成長使我們的淨利息收入與 2025 年第一季相比成長了 4.3%，淨利差增加了 7 個基點，達到 3.83%。我們的貸款成長使我們更加專注於從我們特許經營的社區分支機構網路收集存款。

Our overall credit quality remains solid as we continue to experience low net credit losses. The allowance for credit losses on our balance sheet at June 30, 2025 was $13.8 million, or 1.23% of total loans. As our loan balances grow and as we evaluate individual nonaccrual credits, we increased our allowance accordingly. For the second quarter, we increased the allowance for credit losses by $1 million.

由於我們的淨信貸損失持續較低，我們的整體信貸品質依然穩健。截至 2025 年 6 月 30 日，我們資產負債表上的信用損失準備金為 1,380 萬美元，佔貸款總額的 1.23%。隨著我們的貸款餘額不斷增長，以及我們對個人不計息信貸的評估，我們相應地增加了我們的準備金。第二季度，我們將信用損失準備金增加了 100 萬美元。

Landmark's 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. Thanks to the network of community-based banking centers we operate.

Landmark 的資本和流動性指標強勁，我們擁有穩定、保守的存款組合，其中大部分存款以零售為主並由聯邦存款保險公司 (FDIC) 承保。這要感謝我們經營的社區銀行中心網路。

We remain risk-averse in both monitoring our interest rate and concentration risks and in maintaining a strong credit discipline. I am pleased to report that our Board of Directors has declared a cash dividend of $0.21 per share to be paid August 27, 2025, to shareholders of record as of August 13, 2025. This represents the 96th consecutive quarterly cash dividend since the company's formation in 2001. I will now turn the call over to Mark Herpich, our CFO, who will review the financial results in detail with you.

我們在監控利率和集中度風險以及維持強有力的信貸紀律方面保持規避風險的態度。我很高興地報告，我們的董事會已宣布向截至 2025 年 8 月 13 日登記在冊的股東派發每股 0.21 美元的現金股息，派息日期為 2025 年 8 月 27 日。這是該公司自 2001 年成立以來連續第 96 季現金分紅。現在我將把電話轉給我們的財務長馬克‧赫皮奇 (Mark Herpich)，他將與您詳細審查財務結果。

Thanks, Abby, and good morning to everyone. While Abby has just provided a highlight of our overall financial performance in the second quarter of 2025, I'll provide some further detail on these results. Net income in the second quarter of 2025 totaled $4.4 million compared to $4.7 million in the prior quarter and $3.0 million in the second quarter of 2024.

謝謝，艾比，大家早安。雖然艾比剛剛重點介紹了我們 2025 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細節。2025 年第二季淨收入總計 440 萬美元，而上一季為 470 萬美元，2024 年第二季為 300 萬美元。

Compared to the prior quarter, the strong growth in net income this quarter was mainly due to continued increases in net interest income and higher noninterest income, but offset by a $1 million provision for credit losses.

與上一季相比，本季淨收入的強勁成長主要歸功於淨利息收入的持續增加和非利息收入的增加，但被100萬美元的信貸損失準備金所抵銷。

In the second quarter of 2025, net interest income totaled $13.7 million, an increase of $564,000 compared to the first quarter of 2025 due to continued strong loan growth and higher interest income. Total interest income on loans increased $791,000 this quarter to $17.2 million due to higher average balances and higher yields on loans.

2025 年第二季度，淨利息收入總計 1,370 萬美元，由於貸款持續強勁增長和利息收入增加，與 2025 年第一季相比增加了 564,000 美元。由於平均餘額增加和貸款收益率上升，本季貸款總利息收入增加了 791,000 美元，達到 1,720 萬美元。

Average loans increased by $33.3 million and the tax equivalent yield on the loan portfolio increased 3 basis points to 6.37%. Interest income on investment securities decreased slightly to $2.9 million this quarter due to a decline in average investment securities balances of $14 million, but offset by higher yields on our investment securities balances. The yield on investment securities totaled 3.34% in the current quarter compared to 3.04% in the second quarter of 2024.

平均貸款增加了 3,330 萬美元，貸款組合的稅收等值收益率增加了 3 個基點，達到 6.37%。本季投資證券的利息收入略有下降至 290 萬美元，原因是平均投資證券餘額下降了 1,400 萬美元，但被投資證券餘額的較高收益率所抵消。本季投資證券收益率總計 3.34%，而 2024 年第二季為 3.04%。

Interest expense on deposits in the second quarter of 2025 decreased $92,000 due to lower rates and lower average interest-bearing deposits, which declined by $14.6 million. Interest on borrowed funds increased by $284,000 due to higher average balances. The average rate on interest-bearing deposits decreased 3 basis points to 2.14%, while the average rate on other borrowed funds declined 11 basis points to 4.98% in the second quarter.

2025 年第二季存款利息支出減少了 92,000 美元，原因是利率下降和平均計息存款減少，減少了 1,460 萬美元。由於平均餘額增加，借入資金的利息增加了 284,000 美元。第二季度，計息存款平均利率下降 3 個基點至 2.14%，其他借款平均利率下降 11 個基點至 4.98%。

Total cost of funds was 2.41% for the quarter ended June 30, 2025. Landmark's net interest margin on a tax equivalent basis increased to 3.83% in the second quarter of 2025 as compared to 3.76% in the first quarter of 2025. This quarter, we provided $1 million to our allowance for credit losses after taking no provision in the prior quarter.

截至 2025 年 6 月 30 日的季度總資金成本為 2.41%。2025 年第二季度，Landmark 的稅收等值淨利差增加至 3.83%，而 2025 年第一季為 3.76%。本季度，我們為信用損失準備金提列了 100 萬美元，而上一季我們並未提列任何準備金。

Net charge-offs totaled $40,000 in the second quarter of 2025 compared to net loan charge-offs of $23,000 in the prior quarter. At June 30, 2025, our allowance for credit losses of $13.8 million remains strong and represents 1.23% of gross loans.

2025 年第二季淨沖銷總額為 40,000 美元，而上一季淨貸款沖銷總額為 23,000 美元。截至 2025 年 6 月 30 日，我們的信貸損失準備金為 1,380 萬美元，仍然保持強勁，佔總貸款的 1.23%。

Noninterest income totaled $3.6 million this quarter, an increase of $268,000 compared to the prior quarter, while decreasing $94,000 compared to the second quarter of 2024. The increase from the first quarter of 2025 was primarily due to growth in gains of $178,000 on sales of mortgage loans, coupled with an $88,000 increase in fees and service charges related to higher deposit-related fee income.

本季非利息收入總計 360 萬美元，比上一季增加 268,000 美元，但比 2024 年第二季減少 94,000 美元。與 2025 年第一季相比的成長主要是由於抵押貸款銷售收益增加了 178,000 美元，再加上與存款相關費用收入增加相關的費用和服務費增加了 88,000 美元。

Noninterest expense for the second quarter of 2025 totaled $11.0 million, an increase of $200,000 compared to the prior quarter. This increase related primarily to increases of $233,000 in data processing and $101,000 in other noninterest expense. The increase in data processing costs resulted from additional services added and account growth, while growth in other noninterest expense was primarily due to increased losses at our captive insurance subsidiary.

2025 年第二季的非利息支出總計 1,100 萬美元，較上一季增加 20 萬美元。這一增長主要與數據處理費用增加 233,000 美元和其他非利息費用增加 101,000 美元有關。資料處理成本的增加是由於增加了額外的服務和帳戶成長，而其他非利息支出的成長主要是由於我們的自保保險子公司的損失增加。

Partially offsetting these increases was a decrease in professional fees this quarter, primarily due to lower consulting and legal costs. Noninterest expense for the second quarter of 2025 decreased by $134,000 as compared to the second quarter of 2024. The decrease relates to a $979,000 valuation adjustments taken in the second quarter of 2024 on a former branch building, which was offset by a $730,000 increase in compensation and benefits as we implement our plan to enhance the associate experience.

本季專業費用的減少部分抵消了這些成長，主要原因是諮詢和法律成本的降低。2025 年第二季的非利息支出與 2024 年第二季相比減少了 134,000 美元。這一減少與 2024 年第二季度對前分行大樓進行的 979,000 美元估值調整有關，但隨著我們實施提升員工體驗的計劃，薪酬和福利增加了 730,000 美元，抵消了這一減少。

Even with these fluctuations, our efficiency ratio improved to 62.8% for the second quarter of 2025 as compared to 67.9% in the second quarter of 2024. This quarter, we recorded a tax expense of $944,000, resulting in an effective tax rate of 17.7% as compared to tax expense of $1.0 million in the first quarter of this year or an effective tax rate of 17.8%.

即使有這些波動，我們的效率比率也從 2024 年第二季的 67.9% 提高到 2025 年第二季的 62.8%。本季度，我們記錄的稅費為 944,000 美元，有效稅率為 17.7%，而今年第一季的稅費為 100 萬美元，有效稅率為 17.8%。

Gross loans increased $42.9 million or 16% annualized during the second quarter and totaled over $1.1 billion, a new record high. During the quarter, loan growth was primarily comprised of an increase in our residential mortgage loan portfolio of $21.5 million, growth in our commercial portfolio of $13.4 million and commercial real estate growth of $10.9 million.

第二季總貸款增加了 4,290 萬美元，年化成長率為 16%，總額超過 11 億美元，創下新高。本季度，貸款成長主要包括住宅抵押貸款組合增加 2,150 萬美元、商業貸款組合增加 1,340 萬美元以及商業房地產增加 1,090 萬美元。

Investment securities decreased $3.6 million during the second quarter of 2025, mainly due to maturities. Pretax unrealized net losses on our investment portfolio declined $3.2 million to $13.9 million this quarter, and our investment portfolio has an average life of 4.6 years with projected 12-month cash flow of $62.4 million.

2025 年第二季度，投資證券減少了 360 萬美元，主要原因是到期。本季度，我們投資組合的稅前未實現淨損失下降 320 萬美元至 1,390 萬美元，我們的投資組合平均壽命為 4.6 年，預計 12 個月現金流為 6,240 萬美元。

Deposits totaled $1.3 billion at June 30, 2025 and decreased by $61.9 million on a linked quarter basis. Compared to the same period a year ago, however, total deposits are up $23.4 million or 1.9%. Compared to the prior quarter, interest, checking and money market deposits declined by $50.5 million this quarter, while noninterest checking decreased $16.5 million. Partially offsetting the decline, certificates of deposits grew by $6.2 million.

截至 2025 年 6 月 30 日，存款總額為 13 億美元，季減 6,190 萬美元。然而，與去年同期相比，總存款增加了 2,340 萬美元，增幅為 1.9%。與上一季相比，本季利息、支票和貨幣市場存款減少了 5,050 萬美元，而非利息支票存款減少了 1,650 萬美元。存款證增加了 620 萬美元，部分抵消了下降的影響。

The decline in money market and checking accounts was mainly driven by a decline in broker deposits on the last day of the second quarter, leading to a corresponding increase in overnight borrowings from the Federal Home Loan Bank at quarter end. Average interest-bearing deposits, however, decreased by $14.6 million in the second quarter of 2025, while average borrowings increased by $23.6 million during the quarter.

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的下降，導致季度末聯邦住房貸款銀行隔夜借款相應增加。然而，2025 年第二季平均計息存款減少了 1,460 萬美元，而平均借款增加了 2,360 萬美元。

Our loan-to-deposit ratio totaled $86.7 million at June 30 and continues to provide us sufficient liquidity to fund future loan growth. Stockholders' equity increased $5.7 million to $148.4 million at June 30, 2025, and our book value increased to $25.66 per share at June 30 compared to $23.59 per share at December 31.

截至 6 月 30 日，我們的貸存比總計 8,670 萬美元，並繼續為我們提供充足的流動性，以資助未來的貸款成長。截至 2025 年 6 月 30 日，股東權益增加 570 萬美元，達到 1.484 億美元，我們的帳面價值從 12 月 31 日的每股 23.59 美元增加到 6 月 30 日的每股 25.66 美元。

The increase in stockholders' equity this quarter mainly resulted from a decline in other comprehensive losses due to lower net unrealized losses on our investment securities, along with net earnings from the quarter.

本季股東權益的增加主要由於我們的投資證券的淨未實現損失減少以及本季的淨收益導致其他綜合損失減少。

Our consolidated and bank regulatory capital ratios as of June 30, 2025 are strong and exceed the regulatory levels considered well capitalized. The bank's leverage ratio was 9.2% at June 30, 2025, while the total risk-based capital ratio was 13.6%. Now let me turn the call over to Raymond to review highlights of our loan portfolio and credit risk outlook.

截至 2025 年 6 月 30 日，我們的合併和銀行監理資本比率強勁，超過了資本充足的監理水準。截至 2025 年 6 月 30 日，該銀行的槓桿率為 9.2%，總風險資本比率為 13.6%。現在，讓我將電話轉給雷蒙德，讓他回顧我們的貸款組合和信用風險前景的亮點。

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, agricultural, commercial, and commercial real estate portfolios.

謝謝你，馬克，大家早安。如前所述，本季我們的貸款持續成長，主要原因是我們的住宅抵押貸款、農業、商業和商業房地產投資組合的成長。

Gross loans outstanding at quarter end totaled $1.1 billion, an increase of $42.9 million, or 16% on an annualized basis from the previous quarter. We experienced growth across most of our portfolios. Our residential mortgage loan portfolio increased $21.5 million this quarter due to continued demand for our adjustable rate loan products that we retain in our portfolio. Our commercial portfolio increased $13.4 million and our commercial real estate portfolio increased $10.8 million.

季度末未償還貸款總額為 11 億美元，比上一季增加 4,290 萬美元，按年率計算增長 16%。我們的大部分投資組合都實現了成長。由於我們投資組合中保留的可調利率貸款產品的持續需求，本季我們的住宅抵押貸款組合增加了 2,150 萬美元。我們的商業投資組合增加了 1,340 萬美元，商業房地產投資組合增加了 1,080 萬美元。

Turning to credit quality. At June 30, 2025, nonperforming loans consisting mainly of nonaccrual loans, increased $3.7 million from the prior quarter and totaled $17 million. The increase was primarily related to two commercial real estate credits placed on nonaccrual during this quarter.

轉向信用品質。截至 2025 年 6 月 30 日，不良貸款主要由不計息貸款組成，較上一季增加 370 萬美元，總額達 1,700 萬美元。這一增長主要與本季兩項未提列的商業房地產信貸有關。

One such loan totaling approximately $1 million is an owner-occupied facility secured by a building and conservatively margined. A second such loan of approximately $2.6 million was placed on nonaccrual this quarter and is secured by an office building and, again, conservatively margined. This loan was brought current just after quarter end.

其中一筆總額約 100 萬美元的貸款是自住房產貸款，以建築物作為抵押，並採用保守的保證金制度。本季度，第二筆此類貸款約 260 萬美元，被計入非應計貸款，由一棟辦公大樓作為擔保，且同樣採用保守的保證金制度。該筆貸款在季度末剛過就已到帳。

Total foreclosed real estate ended the quarter at $167,000. The balance of past due loans between 30 and 89 days still accruing interest decreased $5.6 million this quarter and totaled $4.3 million, or 0.39% of gross loans. We recorded net loan charge-offs of $40,000 during the second quarter of 2025 compared to net loan recoveries of $52,000 during the second quarter of 2024.

本季末止贖房地產總額為 167,000 美元。本季度，逾期 30 至 89 天且仍在計息的貸款餘額減少了 560 萬美元，總計 430 萬美元，佔貸款總額的 0.39%。2025 年第二季度，我們的淨貸款沖銷額為 40,000 美元，而 2024 年第二季度的淨貸款回收額為 52,000 美元。

Our allowance for credit losses totaled $13.7 million and ended the quarter at 1.23% of gross loans. And as Abby mentioned, as our loan balances grow and as we continually evaluate our individually analyzed nonaccrual credits, we adjust our allowance accordingly.

我們的信貸損失準備金總額為 1,370 萬美元，本季末佔總貸款的 1.23%。正如艾比所提到的，隨著我們的貸款餘額不斷增長，以及我們不斷評估單獨分析的非應計信貸，我們會相應地調整我們的津貼。

Turning to kind of the economy in Kansas. The current economic landscape in Kansas is healthy. The preliminary seasonally adjusted unemployment rate for Kansas as of June 30 was stable at 3.8% according to the Bureau of Labor Statistics.

談談堪薩斯州的經濟狀況。堪薩斯州目前的經濟狀況良好。根據美國勞工統計局的數據，截至 6 月 30 日，堪薩斯州經季節性調整後的初步失業率穩定在 3.8%。

In terms of housing, the Kansas Association of REALTORS recently reported total home sales in Kansas fell 2.5% last month compared to June of 2024. The median sale price in June was up 5.6% from a year earlier. The association also reported that homes that sold in June were typically on the market for eight days and sold for 100% of their list prices. With that, I thank you, and I'll turn the call back over to Abby.

在住房方面，堪薩斯州房地產經紀人協會最近報告稱，堪薩斯州上個月的房屋總銷量與 2024 年 6 月相比下降了 2.5%。6 月房屋售價中位數較去年同期上漲 5.6%。該協會還報告稱，6 月售出的房屋通常在市場上銷售 8 天，並以標價的 100% 售出。最後，我感謝你，然後我會把電話轉回給艾比。

Thanks, Raymond. Before we go to questions, I want to summarize by saying we were pleased with our results in the second quarter. Growth in loans, margin expansion and higher noninterest income all contributed to solid revenue growth.

謝謝，雷蒙德。在回答問題之前，我想總結一下，我們對第二季的業績感到滿意。貸款成長、利潤率擴大和非利息收入增加都促進了收入的穩健成長。

We are focused on maintaining solid credit quality given the uncertainties in the economy, and we continually look for efficiencies in our operation. With the operating successes we've had over the past few years and the high-quality banking products and services we offer, our bank is positioned to further grow our business and add to our customer base.

鑑於經濟的不確定性，我們專注於維持穩健的信貸質量，並不斷尋求提高營運效率。憑藉過去幾年的營運成功以及我們提供的高品質銀行產品和服務，我們銀行有能力進一步發展業務並擴大客戶群。

We continue to work on strengthening our existing customer relationships, and we are focused on growing our lending and fee businesses across all our markets. Finally, I'd like to thank all the associates at Landmark National Bank. Their daily focus on executing our strategies, delivering extraordinary service to our customers and communities is the key to our success. With that, I'll open the call to questions that anyone might have.

我們繼續致力於加強與現有客戶的關係，並專注於在所有市場發展我們的貸款和費用業務。最後，我要感謝 Landmark National Bank 的所有同事。他們每天都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。有了這些，我就可以開始回答大家可能會提出的問題了。

(Operator Instructions) Grant LacKamp, Kornitzer Capital Management.

（操作員指示） Grant LacKamp，Kornitzer Capital Management。

Good morning, everybody and congrats on the quarter. I wanted to start on the loan side of the book. You provisioned roughly $1 million this quarter, and you gave a lot of commentary in the prepared remarks on what's going on behind the nonaccruals. But just wondered if you could provide any further commentary there.

大家早安，恭喜本季取得佳績。我想從這本書的借閱方面開始。本季您撥備了大約 100 萬美元，並在準備好的評論中對未提列項目背後的原因給出了大量評論。但我只是想知道您是否可以提供進一步的評論。

Do you feel like you're adequately reserved at this point? And how should we expect nonperforming loans to kind of trend over the course of the next 6 to 12 months? Any color you could provide there would be great.

您覺得現在您已經夠保守了嗎？那麼，我們該如何預測未來 6 至 12 個月內不良貸款的趨勢呢？您提供的任何顏色都很好。

Sure. Grant, this is Abby. I'll provide some initial commentary and then, of course, Raymond can jump in if we need to. I mean first of all, taking kind of the last point about being adequately provisioned. As you know, we go through a robust program to determine that level.

當然。格蘭特，這是艾比。我會提供一些初步評論，然後，當然，如果需要的話，雷蒙德也可以加入。我的意思是，首先，談談關於充分配置的最後一點。如您所知，我們透過一個強大的程序來確定該水平。

And I do think that we are adequately provisioned, and the $1 million is primarily being added to the provision due to the loan growth that we experienced in the quarter.

我確實認為我們已經做好了充足的準備，這 100 萬美元主要是因為我們本季經歷的貸款成長而被添加到準備金中。

We look at especially the nonaccrual loans on an individual basis and have an in-depth process. As Raymond mentioned, the big driver in the jump, if you will, from the last quarter to this quarter was that $2.6 million credit that has since been brought current. So our numbers are already headed in the right direction for the third quarter.

我們特別關注個別不計息貸款，並有一個深入的流程。正如雷蒙德所提到的，從上個季度到本季度，這一增長的最大驅動力是自那時起已到位的 260 萬美元信貸。因此，我們的第三季數據已經朝著正確的方向發展。

And honestly, I expect that probably that trend to continue. There are a couple of things, and we've talked about this in prior quarters related to a large loan that's on nonaccrual. And -- but beyond that, that's probably the amount of detail that we can share on the call.

老實說，我預計這種趨勢可能會持續下去。有幾件事，我們在前幾季討論過與未提列的大額貸款有關的事情。除此之外，這可能就是我們在電話會議上可以分享的細節了。

Okay. That's great. I guess maybe switching back over to the liability side of the book. Deposits kind of ticked down in the quarter, and I would guess there's a lot of just seasonality to that. Anything outside of just normal seasonality that you'd call out there?

好的。那太棒了。我想也許應該轉回書的責任面。本季存款有所下降，我猜這很大程度上是季節性因素造成的。除了正常的季節性因素外，您還想指出哪些因素？

And then it looks like backfilled the deposits with some Federal Home Loan Bank borrowings, which is pretty typical. But any thoughts behind your strategy you might have on the Home Loan Bank borrowings?

然後看起來就像是用一些聯邦住房貸款銀行的借款來填補存款，這是很典型的。但是您對房屋貸款銀行借款的策略有什麼想法嗎？

Yes. I think actually, I'm not going to comment on the Home Loan Bank borrowings. Of course, Mark can add some color on that, but let me address kind of a broader strategic question. I mean we have 29 bank locations across the state of Kansas, and we are looking at those deposit delivery channels in terms of how we're serving members of our community, what is the customer expansion opportunity.

是的。我認為實際上我不會對房屋貸款銀行的借款發表評論。當然，馬克可以對此進行一些闡述，但讓我來討論一個更廣泛的策略問題。我的意思是，我們在堪薩斯州有 29 個銀行分行，我們正在研究這些存款交付管道，以便為社區成員提供服務，並尋找客戶擴展機會。

We have some new ways to take a look at our opportunities to better serve customers and to serve customers that maybe occupy only one side of the balance sheet and deepen those relationships.

我們有一些新的方式來審視我們的機會，以便更好地服務客戶，並為可能只佔據資產負債表一側的客戶提供服務並加深這些關係。

So that's a giant opportunity for us. I would say, second half of the year, we have some big initiatives to gather more deposits and primarily through the branch network. We have a great opportunity to do that, and we fully plan to engage our teams in that work.

這對我們來說是一個巨大的機會。我想說，今年下半年，我們將採取一些重大措施來收集更多存款，主要是透過分行網路。我們有很好的機會做到這一點，並且我們計劃讓我們的團隊全力投入這項工作。

Yes. And Grant, I might supplement Abby's comments by addressing the Federal Home Loan Bank. We still have -- I think between the Federal Home Loan Bank and the Federal Reserve Bank, we still have around $150 million of capacity. It was a little higher at quarter end than we usually have.

是的。格蘭特，我可以透過談論聯邦住房貸款銀行來補充艾比的評論。我們仍然有——我認為聯邦住房貸款銀行和聯邦儲備銀行之間仍然有大約 1.5 億美元的容量。季度末的水平比平時略高一些。

As we noted in the prepared remarks, we also participate in an ICS promontory network of using some brokered funding as well at lower cost than the Federal Home Loan Bank. And just on that one day, we were unsuccessful in our bids. So we had a one-day blip that flipped the numbers by about $40 million right on June 30.

正如我們在準備好的評論中提到的，我們也參與了 ICS 海角網絡，使用一些經紀資金，而且成本低於聯邦住房貸款銀行。就在那一天，我們的競標失敗了。因此，在 6 月 30 日這一天，我們的數字就出現了約 4000 萬美元的波動。

So the deposit levels historically, I don't see any concerns on the deposit mix that we have. The Federal Home Loan Bank rate lines and the borrowed funds are a little higher than they would see, but we think that the cash flows coming off of the investment portfolio, that we'll continue to see that -- those levels diminish and pay down the borrowings over the next year as well.

因此，從歷史上看，我認為我們的存款組合併沒有什麼值得擔憂的。聯邦房屋貸款銀行的利率和借入資金略高於預期，但我們認為，投資組合產生的現金流量將繼續減少，並在明年償還借款。

Yes. And all that to be said, I would just summarize by saying we feel really fortunate that we're having high-quality, strong loan demand, and we want to continue to support that growth with high-quality deposit base as well.

是的。總而言之，我只想總結一下，我們真的很幸運，我們擁有高品質、強勁的貸款需求，我們也希望繼續透過高品質的存款基礎來支持這種成長。

That's great. Thanks for the questions, guys.

那太棒了。謝謝大家的提問。

Sure thing.

當然可以。

(Operator Instructions) It appears we have no further questions. I'll hand back to you, Abby, for any closing comments.

（操作員指示）看來我們沒有其他問題了。我將把一切交還給你，艾比，請你發表最後的評論。

Great. Thank you so much. I want to thank everyone for participating in today's earnings call. I appreciate your continued support and confidence in the company. I look forward to sharing news related to our third quarter 2025 results at our next earnings conference call. Have a great day, everyone.

偉大的。太感謝了。我要感謝大家參加今天的財報電話會議。感謝您一直以來對公司的支持與信任。我期待在下次收益電話會議上分享與我們 2025 年第三季業績相關的新聞。祝大家有個愉快的一天。

Thank you. This now concludes today's call. Thank you all for joining. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝大家的加入。現在您可以斷開線路了。