Southside Bancshares Inc (SBSI) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to Southside Bancshares Inc. First quarter 2025 earnings call. (Operator Instructions). I would now like to turn the conference over to Lindsey Bailes, Vice President, Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 Southside Bancshares Inc. 2025 年第一季財報電話會議。（操作員指令）。現在，我想將會議交給投資者關係副總裁 Lindsey Bailes。請繼續。

Thank you, Lisa. Good morning, everyone, and welcome to Southside Bancshares first quarter 2025 earnings call.

謝謝你，麗莎。大家早安，歡迎參加 Southside Bancshares 2025 年第一季財報電話會議。

A transcript of today's call will be posted on Southside.com under investor relations. During today's call and other disclosures and presentations, I'll remind you that any forward-looking statements are subject to risk and uncertainties. Factors that could materially change our current forward-looking assumptions are described in our earnings release in our Form 10K.

今天的電話會議記錄將發佈在 Southside.com 的投資者關係欄位下。在今天的電話會議和其他揭露和簡報中，我要提醒您，任何前瞻性陳述都存在風險和不確定性。我們的 10K 表格收益報告中描述了可能重大改變我們目前前瞻性假設的因素。

Joining me today are CEO Lee Gibson, President Keith Donahoe, and CFO Julie Shamburger. First, Lee will start us off with his comments on the quarter. Then Keith will discuss loans and credit, and then Julie will give an overview of our financial results. I will now turn the call over to Lee.

今天與我一起出席的還有執行長 Lee Gibson、總裁 Keith Donahoe 和財務長 Julie Shamburger。首先，李先生將就本季發表評論。然後 Keith 將討論貸款和信貸，然後 Julie 將概述我們的財務結果。現在我將把電話轉給李。

Thank you, Lindsey, and welcome to today's call. Overall, we had a solid first quarter with net income of $21.5 million, resulting in diluted earnings per share of $0.71, an annualized return on average assets of 1.03%, and an annualized return on average tangible common equity of 14.14%.

謝謝你，林賽，歡迎參加今天的電話會議。整體而言，我們在第一季表現穩健，淨收入為 2,150 萬美元，每股攤薄收益為 0.71 美元，年化平均資產回報率為 1.03%，年化平均有形普通股權益回報率為 14.14%。

Length quarter, we experienced the $94.4 million or 2% reduction in loans due to payoff activity, primarily in our CRE portfolio that exceeded our original expectations. We do not believe the first quarter is indicative of where we will end 2025, as we still anticipate mid-single digit loan growth this year. Keith will provide additional details related to the first quarter loan activity, our current loan, and non-performing assets.

本季度，由於還款活動，我們的貸款減少了 9,440 萬美元或 2%，主要是我們的 CRE 投資組合超出了我們最初的預期。我們認為第一季的數據並不能預示 2025 年的走向，因為我們仍然預計今年的貸款成長率將達到中等個位數。基思將提供與第一季貸款活動、我們目前的貸款和不良資產相關的更多詳細資訊。

Linked quarter declines in loans and securities, a restructuring of $120 million in securities early in the first quarter combined with an increase in deposits of $91.9 million net of brokered and public fund deposits resulted in a three-basis point increase in our net interest margin to 2.86% and an increase in our net interest income of $145,000.

貸款和證券的季度環比下降、第一季初 1.2 億美元的證券重組以及扣除經紀和公共基金存款後的 9,190 萬美元存款增加，導致我們的淨息差增加了 3 個基點，達到 2.86%，淨利息收入增加了 145,000 美元。

Our ability to lower our overall funding costs more than offset the impact of the $160 million in cash flow swaps that matured in the first quarter that had an average weighted rate of 78 basis points.

我們降低整體融資成本的能力足以抵銷第一季到期的 1.6 億美元現金流掉期（平均加權益率為 78 個基點）的影響。

Based on discussions with our customers related to the recent uncertainty in the markets surrounding tariff announcements and the ongoing Related negotiations overall, we are optimistic. While it is too early to discern the likely outcome of these negotiations, we will remain vigilant.

根據我們與客戶就近期圍繞關稅公告的市場不確定性以及正在進行的相關談判進行的討論，我們總體上持樂觀態度。雖然現在判斷這些談判可能的結果還為時過早，但我們將保持警惕。

Currently, the markets we serve remain healthy, and the Texas economy is anticipated to grow at a faster pace than the overall projected US growth rate.

目前，我們服務的市場仍然健康，預計德州的經濟成長率將高於美國整體預期的成長率。

I look forward to answering your questions and will now turn the call over to Keith.

我期待回答您的問題，現在將電話轉給 Keith。

Thank you, Lee. Our first quarter commercial loan production totaled approximately $142 million, representing a 46% increase over the first quarter of 2024. Of the new loan production, only $52 million funded during the quarter.

謝謝你，李。我們第一季的商業貸款總額約為 1.42 億美元，比 2024 年第一季成長 46%。在新發放的貸款中，本季僅發放了 5,200 萬美元。

We expect the remaining portion of fund over the next nine quarters. First quarter payoffs exceeded our original expectations. Mostly related to the to our CRE portfolio and included 25 loans secured by a variety of commercial properties including retail, multi-family, skilled nursing, and one hotel.

我們預計剩餘部分資金將在未來九個季度內到位。第一季的收益超出了我們最初的預期。主要與我們的 CRE 投資組合有關，包括 25 筆由各種商業房地產（包括零售、多戶型、專業護理和一家酒店）擔保的貸款。

Other than the skilled nursing facilities, which were sold, most of the remaining properties were refinanced by traditional long-term lenders, including agencies, conduct lenders, and life insurance companies with lower spreads and leverage above our typical thresholds.

除了已出售的專業護理機構外，其餘大部分房產均由傳統長期貸款機構進行再融資，包括代理機構、行為貸款機構和人壽保險公司，其利差較低且槓桿率高於我們的典型門檻。

Despite first quarter payoffs, we remain positive about loan growth. Currently, our loan pipeline exceeds $1.9 billion and represents our largest pipeline in the last 24 months to 36 months. Pipeline is well-balanced with approximately 45% term loans and 55% construction loans. Historically, we've closed between 25% and 30% of our pipeline.

儘管第一季出現了還款，但我們對貸款成長仍持樂觀態度。目前，我們的貸款規模已超過 19 億美元，是過去 24 個月至 36 個月內最大的貸款規模。管道貸款結構均衡，約有 45% 為定期貸款，55% 為建設貸款。從歷史上看，我們已經關閉了 25% 到 30% 的管道。

Based on loans in the pipeline identified as one but not yet closed, fewer projected payoffs, and fundings on existing construction loans, we expect loan growth to exceed payoffs in the second quarter. Additionally, we're making progress on our C&I initiative, which now represents approximately 25% of our total pipeline.

根據已確定但尚未結清的待批貸款、預計的還款額減少以及現有建築貸款的融資情況，我們預計第二季的貸款成長將超過還款額。此外，我們的 C&I 計劃也正在取得進展，目前該計劃約占我們總管道的 25%。

The expansion of our C&I efforts in Houston has contributed to the increase and is gaining momentum. The Houston C&I team expanded by two individuals during the first quarter with a budgeted expansion of two additional team members in the second half of 2025.

我們在休士頓的工商業努力的擴展促進了這一成長，並且正在獲得發展勢頭。休士頓 C&I 團隊在第一季增加了兩名成員，並計劃在 2025 年下半年再增加兩名團隊成員。

Overall, credit quality remains strong despite a first quarter increase in non-performing assets and classified loans. The increase in non-performing assets was specifically related to a negotiated extension of one large construction loan triggering a modified loan status.

總體而言，儘管第一季不良資產和分類貸款有所增加，但信貸品質依然強勁。不良資產的增加具體與一筆大型建築貸款的協商延期有關，這引發了貸款狀況的修改。

The loan was secured by a newly built multi-family project with positive leasing activity and a sponsor that has demonstrated a willingness and financial capabilities to support. While a meaningful increase our non-performing assets remain low at 0.39%.

該筆貸款由一個新建的多戶型專案擔保，該專案租賃活動活躍，且有贊助商表現出支持意願和財務能力。儘管我們的不良資產有顯著成長，但仍維持在 0.39% 的低點。

A classified loans totaled $67 million on March 31 compared to $48 million on December 31, primarily due to a downgrade of a $17.9 million CRE loan in the first quarter. That loan subsequently paid off on April 4, 2025.

3 月 31 日分類貸款總額為 6,700 萬美元，而 12 月 31 日為 4,800 萬美元，主要原因是第一季 1,790 萬美元的 CRE 貸款被降級。該筆貸款隨後於 2025 年 4 月 4 日還清。

I look forward to answering questions and will now turn the call over to Julie.

我期待回答問題，現在將電話轉給朱莉。

Thank you, Keith. Good morning, everyone, and welcome to our first quarter call. We started the year with first quarter net income of $21.5 million, a decrease of 279,000 or 1.3% compared to the fourth quarter, and diluted earnings per share of $0.71 for the first quarter of 2025, the same as the length quarter.

謝謝你，基斯。大家早安，歡迎參加我們第一季的電話會議。我們今年第一季的淨收入為 2,150 萬美元，與第四季相比減少 27.9 萬美元或 1.3%，2025 年第一季每股攤薄收益為 0.71 美元，與上一季持平。

As of March 31, loans for 4.57 billion, a length quarter decrease of $94.4 million or 2%. The length quarter decrease was primarily driven by a decrease of $79.7 million in construction loans and $19.7 million in municipal loans, partially offset by an increase of $8.5 million in commercial loans.

截至3月31日，貸款餘額為45.7億美元，較上一季減少9,440萬美元，降幅2%。季度貸款減少的主要原因是建築貸款減少 7,970 萬美元，市政貸款減少 1,970 萬美元，但商業貸款增加 850 萬美元，部分抵消了這一影響。

The average rate of loans funded during the first quarter was approximately 7.3%. As of March 31st, our loans with oil and gas industry exposure were $111 million or 2.4% of total loans. Non-performing assets remain low at 0.39% of total assets as of March 31.

第一季貸款平均利率約為7.3%。截至 3 月 31 日，我們在石油和天然氣行業的貸款為 1.11 億美元，佔總貸款的 2.4%。截至 3 月 31 日，不良資產仍佔總資產的 0.39%，處於較低水準。

Our allowance for credit losses increased to $48.5 million for the lens quarter from $48 million on December 31, and our allowance for loan losses as a percentage of total loans increased to 0.98% compared to 0.96% at December 31.

我們的信貸損失準備金從 12 月 31 日的 4,800 萬美元增加到鏡頭季度的 4,850 萬美元，我們的貸款損失準備金佔貸款總額的百分比從 12 月 31 日的 0.96% 增加到 0.98%。

Our securities portfolio was $2.74 billion at March 31, the decrease of $76.9 million, or 2.7% from $2.81 billion last quarter. The decrease was driven primarily by maturities and principal payments. Also, in an effort to reduce pre-payment risk, we sold $120 million of mortgage backed securities with 7% coupons and recorded a net real life loss of $554,000.

截至 3 月 31 日，我們的證券投資組合為 27.4 億美元，較上一季的 28.1 億美元減少 7,690 萬美元，降幅為 2.7%。下降的主要原因是到期和本金支付。此外，為了降低提前還款風險，我們出售了價值 1.2 億美元的抵押貸款支持證券，票面利率為 7%，實際淨損失為 554,000 美元。

We replaced the mortgage-backed securities sold with $121 million of low premium 6% coupon mortgage-backed securities, with less pre-payment rest should rates decrease. As of March 31, we had a net unrealized loss in the AFS securities portfolio of $51.2 million, a decrease of $2.3 million compared to $53.5 million last quarter.

我們以 1.21 億美元的低溢價 6% 票面利率的抵押貸款支持證券取代了先前出售的抵押貸款支持證券，如果利率下降，則預付款餘額會減少。截至 3 月 31 日，我們的 AFS 證券投資組合淨未實現損失為 5,120 萬美元，與上一季的 5,350 萬美元相比減少了 230 萬美元。

There were no transfers of AFS Securities during the first quarter. On March 31, the unrealized gain on the fair value hedges on municipal and mortgage-backed securities was approximately $8.6 million compared to $16.6 million linked quarter. This unrealized gain partially offset the unrealized losses in the AFS securities portfolio.

第一季沒有發生 AFS 證券的轉讓。3 月 31 日，市政和抵押貸款擔保證券公允價值對沖的未實現收益約為 860 萬美元，而上季度為 1,660 萬美元。此未實現收益部分抵銷了 AFS 證券投資組合中的未實現損失。

As of March 31, the duration of the total securities portfolio was nine years, and the duration of the AFS portfolio was seven years, an increase from 8.2 and 5.7 years respectively, as of December 31. At quarter end, our mix of loans and securities was 63% and 37% respectively, the flat shift from 62% and 38% last quarter.

截至 3 月 31 日，總證券投資組合的久期為 9 年，AFS 投資組合的久期為 7 年，分別較截至 12 月 31 日的 8.2 年和 5.7 年有所增加。截至季末，我們的貸款和證券組合分別為 63% 和 37%，與上一季的 62% 和 38% 持平。

Deposits decrease 63.4 million or 1% on a quarter basis, primarily due to a decrease in broker deposits of $196.7 million or 26.5%, partially offset by an increase in public funds, commercial, and retail deposits.

存款按季度減少 6,340 萬美元或 1%，主要原因是經紀人存款減少 1.967 億美元或 26.5%，但公共基金、商業和零售存款的增加部分抵消了這一減少。

Our capital ratios remain strong with all capital ratios well above the thresholds for capital adequacy and well capitalized. Liquidity resources remain solid, with $2.29 billion in liquidity lines available as of March 31. We did not purchase any shares of our common stock during the first quarter. After quarter end and through April 25, we have repurchased 196,419 shares at an average price of $26.82 per share.

我們的資本比率依然強勁，所有資本比率均遠高於資本充足率的門檻，且資本充足。流動性資源依然穩健，截至 3 月 31 日，可用的流動性額度為 22.9 億美元。我們在第一季沒有購買任何普通股。截至 4 月 25 日，本季末，我們已以平均每股 26.82 美元的價格回購了 196,419 股。

We have approximately 387,000 shares remaining in the current repurchase authorization. Our tax equivalent net interest margin increased 3 basis points on a length quarter basis to 2.86% from 2.83%. The tax equivalent net interest spread increased for the same period by 8 basis points to 220, up from 212.

我們目前的回購授權中還剩餘約 387,000 股。我們的稅收等值淨利息收益率按季度計算增加了 3 個基點，從 2.83% 增加到 2.86%。同期稅收等值淨利差從 212 增加 8 個基點至 220。

For the three months ending March 31, we had a slight increase in that interest income of $145,000 or 0.3% compared to the length quarter. Non-interest income excluding net loss on the sales of AFS securities, decreased $1.5 million or 12.2% for the length quarter, primarily due to a decrease in swap fee income and mortgage servicing fee income.

截至 3 月 31 日的三個月，我們的利息收入與上一季相比略有增加，為 145,000 美元，增幅為 0.3%。非利息收入（不包括出售可供出售證券的淨損失）在本季度減少了 150 萬美元，即 12.2%，這主要是由於掉期費收入和抵押貸款服務費收入減少。

Non-interest expense decreased $1.1 million or 2.8% on a linked quarter basis to $37.1 million driven primarily by a decrease in salaries and employee benefits, net occupancy, professional fees, and other non-interest expense.

非利息支出較上季減少 110 萬美元（2.8%）至 3,710 萬美元，主要原因是薪資和員工福利、淨入住率、專業費用和其他非利息支出減少。

During the call last quarter, I reported that we had budgeted a 5.7% increase in non-interest expense in 2025/2024 actual, primarily related to salary and employee benefits, retirement related expense, software expense, and a one-time charge of $1 million related to the demolition of a currently occupied branch after completion of the new branch.

在上個季度的電話會議上，我報告說，我們預算 2025/2024 年非利息支出實際增加 5.7%，主要與工資和員工福利、退休相關費用、軟體費用以及新分行建成後拆除現有分行相關的 100 萬美元一次性費用有關。

This increase in terms of an expected run rate was approximately $38.4 million for the first quarter and approximately $39 million for the remaining quarters.

就預期運行率而言，第一季的增幅約為 3,840 萬美元，其餘季度的增幅約為 3,900 萬美元。

We came in lower than our budget during the first quarter, primarily due to lower salary and employee benefits, net occupancy, and software expenses. At this time, we are expecting to recognize the $1 million dollar charge on the old branch in the second quarter. This will likely result in non-interest expense of approximately $39 million in the second quarter.

我們第一季的利潤低於預算，主要是因為薪資和員工福利、淨入住率和軟體費用較低。目前，我們預計第二季將確認舊分公司的 100 萬美元費用。這可能會導致第二季的非利息支出約為 3,900 萬美元。

Also, as certain items in our budget materialize later in the year, we expect to move closer to $39 million for the remaining quarters as well. Our fully taxable equivalent efficiency ratio increased to 55% as of March 31 from 54% as of December 31 due to a decrease in total revenue.

此外，隨著我們預算中的某些項目在今年稍後實現，我們預計剩餘季度的預算也將接近 3900 萬美元。由於總收入減少，我們的完全應稅等價效率比率從 12 月 31 日的 54% 上升至 3 月 31 日的 55%。

We recorded income tax expense of $4.7 million a slight increase of $62,000 compared to the fourth quarter. Our effective tax rate was 18% for the first quarter, and increase compared to 17.6% last quarter. We are currently estimating an annual effective tax rate of 18% for 2025.

我們記錄的所得稅費用為 470 萬美元，與第四季度相比略有增加 62,000 美元。我們第一季的有效稅率為 18%，較上一季的 17.6% 上升。我們目前估計 2025 年的年有效稅率為 18%。

Thank you for joining us today. This concludes our comments, and we will open the line for your questions.

感謝您今天加入我們。我們的評論到此結束，我們將開放熱線回答您的提問。

(Operator Instructions) The first question today will be coming from the line of Brett Robinson of Hard Day and Lappin.

（操作員指示）今天的第一個問題來自 Hard Day 和 Lappin 的 Brett Robinson。

Hey, good morning, it's Brett with the Group. Hey, wanted to start on the loans and if I heard correct, the $1.9 billion pipeline sounded like that's the biggest it's been in two years. Can you guys just talk about, pull through from that pipeline and then does the guidance for mid-single digit loan growth, does that, encapsulate, any portion of the longer end of the curve, being as low as it is and maybe impacting the CRE book further from here.

嘿，早上好，我是小組的 Brett。嘿，我想開始談貸款，如果我沒聽錯的話，19 億美元的貸款聽起來是兩年來最大的一筆。你們能否簡單地談論一下，從這個管道中抽身，然後對中等個位數貸款增長進行指導，這是否概括了曲線較長端的任何部分，就像它處於低位並且可能從現在開始影響 CRE 賬簿一樣。

Yeah, so on the pipeline itself, it is the largest we've seen in a while. We, part of that, we, we've seen a tremendous amount of activity, a lot of it in the CRE space, but we are picking up some new opportunities in the C&I space which we're really excited about. As far as what to expect, I think, historically in these things, ebb and flow, but 25% to 30% is what we've historically booked when coming out of our pipeline.

是的，就管道本身而言，這是我們一段時間以來見過的最大的管道。其中，我們看到了大量的活動，其中許多是在 CRE 領域，但我們在 C&I 領域也發現了一些新的機會，我們對此感到非常興奮。至於預期結果，我認為，從歷史上看，這些事情會有起有落，但 25% 到 30% 是我們歷史上從管道中得出的預期。

As far as the, how it affects the CRE portfolio, we're hopeful that we continue to see some momentum in the C&I business so that we can moderate, the heavy weight in our CRE portfolio, but a lot of the term stuff are investment real estate opportunities at this point in time.

至於它如何影響 CRE 投資組合，我們希望繼續看到 C&I 業務的一些發展勢頭，以便我們能夠緩和 CRE 投資組合中的重擔，但目前許多定期投資都是投資房地產機會。

Okay, and Keith, the two lenders that you added in Houston on the C&I side, any color on their books that they might be able to bring over or what their background.

好的，Keith，您在休斯頓 C&I 方面添加的兩家貸款機構，他們的賬簿上有什麼可以介紹的嗎，或者他們的背景是什麼。

Yeah, they're predominantly, what we refer to as business bankers. They're in the, small end to middle market focus right now. There's a, we're in a fairly green field for us. It's they're based in the woodlands, and we're anticipating that they do have books that they managed at other organizations that'll take a little bit of time to move that, but we do anticipate that to happen.

是的，他們主要是我們所謂的商業銀行家。他們目前專注於中小型市場。對我們來說，這是一個相當陌生的領域。他們的總部設在林地，我們預計他們確實有在其他組織管理的書籍，這需要一點時間才能轉移，但我們確實預計這會發生。

And then, the two that we have budgeted in the future are really replacing two former lenders that we had that left right at the end of last year. So, we're going to back through those and then in the future, we're going to be looking at other metro markets to expand the C&I presence there through hiring or lifting teams out of other markets, but or other organizations. That's a long-term strategy.

然後，我們未來預算的兩家貸款機構實際上正在取代去年年底剩下的兩家貸款機構。因此，我們將回顧這些，然後在未來，我們將關注其他大都市市場，透過僱用或從其他市場或其他組織中調動團隊來擴大那裡的 C&I 影響力。這是一個長期戰略。

Okay great and then just maybe one last one on the margin you know I'm looking at the CD portfolio $1.3 billion that costs 437 what would seem like is that reprices the margin could move higher, any thoughts on the margin, from here, how you guys see it playing out, in the near term in particular.

好的，太好了，然後也許最後一個關於保證金的問題，你知道，我正在看 13 億美元的 CD 投資組合，成本為 437，看起來重新定價後保證金可能會更高，從現在開始，對保證金有什麼看法，你們如何看待它的發展，特別是在短期內。

Yeah, in that CD book we have a little less than $300 million that matures over the next three months, and it has an average rate of 4,884, so we anticipate that that'll reprice down at least 40 basis points if not 45, so that should have a positive impact on the margin.

是的，在那本 CD 帳簿中，我們有不到 3 億美元的款項將在未來三個月內到期，平均利率為 4,884，因此我們預計其重新定價將至少下降 40 個基點，如果不是 45 個基點的話，這應該會對利潤率產生積極影響。

There'll be a little pull through residual of the swaps that rolled off in the first quarter, but we did put some new swaps on early in the second quarter, about $125 million that should also have a positive impact that combined with, the anticipated home growth that we're expecting to see in the in the second quarter. Should have an overall, positive impact on the margin.

第一季完成的掉期交易將產生少量殘餘，但我們在第二季初確實進行了一些新的掉期交易，約 1.25 億美元，這些交易也應該會產生積極影響，再加上我們預計第二季度會出現的預期住房增長。應該會對利潤產生整體正面的影響。

So overall, we're optimistic. I think we said we felt like, we've reached a trough and, most definitely we would have reached the trough in the first quarter. We feel good about the margin moving forward.

所以整體來說，我們很樂觀。我想我們說過，我們感覺我們已經到達了低谷，而且我們肯定會在第一季到達低谷。我們對未來的利潤率感到滿意。

Okay great appreciate. All the color.

好的，非常感謝。所有顏色。

Thank you. One moment for the next question. And our next question will come from the line of Wood Lay of KBW. Your line is open.

謝謝。請稍等片刻，回答下一個問題。我們的下一個問題來自 KBW 的 Wood Lay。您的線路已開通。

Hey, good morning, guys.

嘿，大家早安。

Good morning, Lay.

早安，Lay。

Maybe just to follow up on margin real quick and with some of the swaps you've recently added how do you view your current how do you view your profile of sensitivity to rates right now?

也許只是為了快速跟進保證金，以及您最近添加的一些掉期交易，您如何看待您當前的利率敏感度狀況？

A lot of it depends on what the Fed does, but let's say the Fed stays on hold, I think overall we're going to see funding costs drift a little lower, and, on the asset side, I think we can see the overall asset spread, in or not spread, but overall yield increase.

這在很大程度上取決於聯準會的行動，但假設聯準會保持不變，我認為總體而言，我們將看到融資成本略有下降，而在資產方面，我認為我們可以看到整體資產利差，無論利差是否擴大，但整體收益率都會上升。

Obviously, if the Fed cuts rates. Which right now, it appears there's a possibility they might do it in June, that we, we'll see some shifting on both sides of the balance sheet, but overall, I think the, we're in a position where it'll be positive, with rates going down. We continue to put some swaps on to protect us, should, short term rates especially move the other direction.

顯然，如果聯準會降息。目前看來，他們有可能在六月這樣做，我們會看到資產負債表的兩邊都會發生一些變化，但總的來說，我認為我們處於一個積極的狀態，利率會下降。我們將繼續進行一些掉期交易來保護我們自己，尤其是短期利率應該朝另一個方向移動。

Got it, that's helpful. Maybe next wanted to follow up on expenses and expenses came in better this quarter. We were there any targeted reductions, or can you just help provide some context on what allowed you to come under budget?

明白了，很有幫助。也許接下來想要跟進費用，而本季的費用情況更好。我們是否有任何有針對性的削減，或者您能否幫助提供一些背景信息，說明是什麼讓您能夠控制預算？

No, there, I would not say there were any targeted reductions. I mean it was obviously first quarter following, all the budget preparations, so we didn't have anything specifically targeted. We did see the decrease in salaries and employee benefits. That was about $538,000 and we had booked some additional expense in the fourth quarter for incentives that did not repeat itself this this month.

不，我不會說有任何有針對性的削減。我的意思是，這顯然是第一季之後的所有預算準備工作，所以我們沒有任何具體的目標。我們確實看到薪資和員工福利的減少。這筆費用約為 538,000 美元，我們在第四季度為激勵措施預留了一些額外費用，但本月這些費用沒有再次出現。

Or this quarter and then also some of our share share based equity expense, for equity awards that actually we had a decrease in that for the first quarter linked quarter a little bit over $100,000 so those are some of the main things that drove it down this quarter and again that occupancy that was a function of a decrease in our depreciation expense.

或者本季度，還有我們的一些基於股票的股權費用，對於股權獎勵，實際上我們第一季的環比減少了 100,000 多美元，所以這些是導致本季度下降的一些主要因素，再次，入住率是折舊費用減少的結果。

Which you know that's going to change here and there based on assets rolling off and I think our budget for depreciation this year is a little bit is slightly higher just anticipating, putting on the new branch in Cleveland that we're going to be putting on later in the year and things of that nature, but that is the primary reason for those decreases.

您知道，根據資產的減少，情況會有所改變，我認為我們今年的折舊預算會略高一些，只是預計我們會在今年晚些時候在克利夫蘭開設新的分支機構以及諸如此類的事情，但這是這些減少的主要原因。

Got it. And then maybe last for me just following up on credit. Just any color you could give on the restructured CRE credit, I'm assuming, is it a multi-family loan and any color you can give on the geographic location of the credit.

知道了。然後也許對我來說只是跟進信用。我認為，您可以對重組的 CRE 信貸給出任何說明，它是否是多戶家庭貸款，以及您可以對信貸的地理位置給出任何說明。

Yeah, it, it's located in Austin, Texas, and again, we, it was a negotiated extension that we picked up some credit enhancements, but the nature in which we extended it resulted in us needing to move it into a non-performing asset.

是的，它位於德克薩斯州奧斯汀，再說一次，我們通過協商延期獲得了一些信用增進，但我們延期的性質導致我們需要將其轉移到不良資產。

The borrower has not missed any payments. We don't anticipate them to miss any payments, and the lease up activity is positive. It's just slower than. Originally budgeted and so we're just like with all of our real estate assets, we're monitoring on a very, quick basis.

借款人沒有錯過任何付款。我們預計他們不會錯過任何付款，並且租賃活動是積極的。只是比...慢而已。最初的預算，所以我們就像我們所有的房地產資產一樣，我們正在非常快速地監控。

We're constantly looking at these and getting updates and we still feel good about the performance of that asset in spite of having to put it into a non-performing category.

我們不斷關注這些情況並獲取更新，儘管我們不得不將其歸類為不良資產類別，但我們仍然對該資產的表現感到滿意。

Alright, thanks for taking my questions

好的，謝謝你回答我的問題

Thank you. One moment. If you would like to ask a question, please press one on your telephone. And our next question will be coming from the line of Tim Mitchell of Raymond James. Your line is open.

謝謝。請稍等。如果您想提問，請在電話上按 1。我們的下一個問題來自雷蒙德詹姆斯公司的蒂姆米切爾。您的線路已開通。

Hey, good morning, everyone, thanks for taking my question. Julie, I wonder if you just give a color. I know last quarter you talked about, lower swap income this quarter, and but still solid growth and wealth, and I understand obviously the market's giving a little pressure there, but just any outlook for fee revenue for the rest of the year.

嘿，大家早安，感謝你們回答我的問題。朱莉，我想知道你是否只是給出一種顏色。我知道您上個季度談到，本季的掉期收入較低，但仍然保持穩健的成長和財富，而且我明白市場顯然承受著一些壓力，但這只是對今年剩餘時間費用收入的任何展望。

Yes, if you, I don't know if you recall, and I'm pretty sure we said it, but we had like $1.4 million in swap fee income in the fourth quarter, which was, a little extraordinary at the time. It was higher than, some of the previous quarters, and we did have some swap fee income this month, I think around $98,000 or this quarter. I keep saying month.

是的，我不知道您是否還記得，而且我很確定我們說過，但我們在第四季度的掉期費收入約為 140 萬美元，這在當時是有點不尋常的。它比前幾季的水平要高，而且我們本月確實有一些掉期費收入，我認為本季約為 98,000 美元。我一直說月份。

And we typically don't budget for swap fee income, but we actually did budget some this year, I think around $600,000 just because at the time of doing the budget, we had some loans in the pipeline that though there were discussions around some of the, a few of those loans that we felt like we could reasonably expect swap the income on those.

我們通常不為掉期費收入做預算，但今年我們確實做了一些預算，我想大約是 60 萬美元，因為在做預算的時候，我們有一些貸款正在籌備中，雖然圍繞其中一些貸款進行了討論，但我們認為我們可以合理地預期從這些貸款中獲得掉期收入。

And I think I believe that is still the case that we are expecting some upcoming swap the income although first quarter was only about $100,000 or in the 90s, so we are expecting that we did see an increase in our brokerage services income for the quarter.

我認為情況仍然如此，儘管第一季的掉期收入只有約 10 萬美元或 90 多美元，但我們預計即將到來的掉期收入會有所增加，因此我們預計本季度的經紀服務收入確實會增加。

And also, I think our trust fees were pretty level with fourth quarter, but they were up quite a bit over one quarter last year and I point that out because we did do some fee adjustments in our trust fee area. In the later part of last year, so, with the new team that we have there and those increases in fees, I think we'll continue to see growth in the trust fee area throughout the year.

而且，我認為我們的信託費用與第四季度持平，但比去年同期上漲了不少，我指出這一點是因為我們確實在信託費用領域做了一些費用調整。去年下半年，隨著我們新團隊的組建和費用的增加，我認為我們將在全年繼續看到信託費用領域的成長。

We, at some point in third or fourth quarter we may not see as big of an increase year over year. But we are budgeting around $7 million for trustees this year, so that's about, that would be about a 16% increase over our trustees in 2024. So, that is the main color, with respect to brokerage and trust.

在第三季或第四季的某個時候，我們可能不會看到同比大幅的成長。但今年我們為受託人預算了大約 700 萬美元，所以這比 2024 年的受託人預算增加了約 16%。因此，就經紀和信託而言，這是主要色彩。

And as Julie mentioned, we have loans in the process of closing, getting the final legal docs together and things of that nature, and the projected, we're projecting that the swap fee income will be, much greater. It's not going to be the $1.4 million, but it'll be, it'll be at least, a few times the amount of swap income that we had. In the first quarter, so we are anticipating additional swap income in the second quarter.

正如朱莉所提到的，我們的貸款正在結清過程中，我們正在整理最終的法律文件和諸如此類的事情，我們預計掉期費收入將會更高。雖然不會達到 140 萬美元，但至少會是我們掉期收入的幾倍。在第一季度，我們預計第二季度會有額外的掉期收入。

Okay, thanks for all the color there. And then just last for me on the buyback looks like you guys leaned in a little bit this early this month just with the sell off and everything you still have I think around 400,000 shares left under the program just, any color on your appetite to continue leaning into that.

好的，謝謝你提供的所有顏色。最後，關於回購，看起來你們在這個月初就稍微傾向於拋售，而且我認為你們仍然擁有大約 400,000 股股票，有任何跡象表明你們有興趣繼續傾向於此嗎？

We had put a plan in place before the, before, we went into our quiet period and it reached the targeted level to where we repurchase those shares.

在我們進入靜默期之前，我們已經制定了一項計劃，並且達到了我們回購這些股票的目標水準。

We're going to be looking at that in the next few days to determine, what, if any, repurchasing we're going to do at current prices, but it is something we're closely looking at with the movement really in all bank stocks as a result of the uncertainty that's out there.

我們將在接下來的幾天內關注這一點，以確定我們將以當前價格進行何種回購（如果有的話），但由於存在不確定性，我們正在密切關注所有銀行股的走勢。

Okay, sounds good thanks for taking my questions.

好的，聽起來不錯，感謝您回答我的問題。

Thank you one moment for the next question. And our next question will be coming from the line of Matt Oley of Stevens. Your line is open.

謝謝您的回答，請回答下一個問題。我們的下一個問題來自史蒂文斯的馬特奧利 (Matt Oley)。您的線路已開通。

Hey, thanks. Good morning, guys. Just kind of on that last question around capital and the buyback, just curious how you weigh stock [repur] activity along with that sub debt security that becomes callable and reprices higher in the fourth quarter. I just any bit of thoughts around that.

嘿，謝謝。大家早安。關於資本和回購的最後一個問題，我只是好奇您如何權衡股票[回購]活動以及在第四季度可贖回且重新定價更高的次級債務證券。我只是對此有一些想法。

We definitely are, considering both of those things, we want to maintain, we want to have enough to at least pay down the, to call probably half of what's out there. I think there's $92 million left, so we, like to be able to pay off at least $45 million to $46 million without impacting capital too much. We believe, we we'll be able to do that.

考慮到這兩件事，我們肯定會維持下去，我們希望有足夠的錢至少可以償還大約一半的債務。我認為還剩下 9,200 萬美元，因此我們希望能夠償還至少 4,500 萬至 4,600 萬美元，而不會對資本產生太大影響。我們相信，我們一定能夠做到這一點。

And so, we're going to look at that in line with, what we have available to purchase stock around the levels that we purchased it previously without impacting our, capital and our ability to grow.

因此，我們將根據我們現有的庫存來考慮這個問題，以在先前購買的水平附近購買股票，而不會影響我們的資本和成長能力。

Okay, great. Thanks for that. And then, going back to loan growth, you gave some really good color around the pay downs in the first quarter.

好的，太好了。謝謝。然後，回到貸款成長問題，您對第一季的還款情況給出了非常好的評價。

I'm just trying to appreciate were those pay downs that were generally expected later in the year, and they were pulled for a few months, and this is a timing issue, and that's why kind of the guidance is maintained or is there something more than just timing as far as the pay downs.

我只是想知道那些預計在今年稍後支付的款項是否被推遲了幾個月，這是一個時間問題，這就是為什麼要維持這種指導，或者在支付款項方面是否除了時間之外還有其他因素。

And the answer is yes and no. There were some that paid off earlier than we had anticipated. We had them in our payoff forecast coming into the year that they occurred. We thought they may occur in the second, third quarter, and they happen in the First.

答案是肯定的，也是否定的。有些回報比我們預期的還要早。在它們發生的那一年，我們就對它們進行了收益預測。我們認為它們可能發生在第二、第三季度，而且它們確實發生在第一季。

And the skilled nursing facilities I mentioned, those were a little bit of a surprise. They were two separate operators that actually sold. Their operating business that had collateral of skilled nursing facilities. So those operators sold that we weren't anticipating that. So it's a mixed bag. We do continue to expect some payoffs throughout the rest of the year.

我提到的專業護理設施有點令人驚訝。他們是兩個實際進行銷售的獨立運營商。他們的經營業務有專業護理設施作為抵押。所以那些運營商出售的是我們沒有預料到的東西。所以這是一個混合體。我們確實繼續期待在今年剩餘時間內獲得一些回報。

Second quarter is going to be lighter than at least what we're expecting is going to be lighter than what occurred in the first quarter, which will help us. Kind of claw back some of the some of the loan reduction that happened in the first quarter.

第二季的業績將比至少我們預期的要好，這將對我們有所幫助。收回第一季的部分貸款減少。

Okay, appreciate that, Keith and just I guess kind of going back to the full year guidance kind of maintain that mid-single digit, are there any offsets we should think about if some of these loans pay downs were a surprise and obviously not all of them were.

好的，謝謝 Keith，我想回到全年指導，保持中等個位數，如果其中一些貸款的償還是意外的，而且顯然不是全部都是意外的，我們是否應該考慮任何抵消措施。

But some of them were a surprise you keep the kind of mid-single digit guidance did the pipeline building more than expected or was the original guidance in January? Was it overly conservative? Just trying to appreciate kind of the bank maintaining that same pull your guidance for the year.

但其中一些是令人驚訝的，你保持中等個位數的指導，管道建設是否超出預期，還是 1 月份的原始指導？是否過於保守？只是想了解銀行如何維持同樣的年度指引。

I think the quick answer is just for comparison, I think coming into, like December, a pipeline was somewhere around 1.2 million $1.3 billion. So, we've seen a pretty significant increase just in the first quarter to get us up to about $1.9 billion.

我認為快速回答只是為了比較，我認為到 12 月，管道價值約為 120 萬美元至 13 億美元。因此，我們在第一季就看到了相當顯著的成長，達到了約 19 億美元。

So we are anticipating to see continued activity. It's a dynamic pipeline, so it's not. This is not tale date information, it's pretty dynamic. So we're encouraged by that. We also know that there are a number of loans that we have already run through our credit process, have approval on, and the customer has accepted them, and they are in the process of being documented.

因此我們期待看到持續的活動。它是一個動態管道，所以事實並非如此。這不是故事日期訊息，它相當動態。所以我們對此感到鼓舞。我們也知道，有許多貸款已經通過了我們的信貸流程，獲得了批准，客戶也接受了這些貸款，並且正在記錄中。

So, with that combined with the fundings on our existing construction loans, we feel pretty good. About, showing loan, positive loan growth in the second quarter. If we recapture everything is yet to be seen, some of its tiny, and we do anticipate a large portion of this to close in the second quarter.

因此，結合我們現有的建築貸款資金，我們感覺相當不錯。關於貸款，顯示第二季貸款呈正成長。我們是否能重新奪回一切還有待觀察，其中一些規模很小，我們確實預計其中很大一部分將在第二季完成。

Again, sometimes loan negotiations can stretch out a couple of weeks and that may make a break, whether you close it on before June 30 or July, the second week of July. So, you have to, get to see, but we're pretty confident.

再次，有時貸款談判可能會延長幾週，這可能會導致中斷，無論您是在 6 月 30 日之前還是 7 月第二週之前完成談判。所以，你必須去看看，但我們非常有信心。

Okay, thank you guys.

好的，謝謝大家。

Thank you. That does conclude today's Q&A session. I would like to turn the call over to Lee Gibson, Chief Executive Officer for closing remarks. Please go ahead.

謝謝。今天的問答環節到此結束。我想將電話轉給執行長李吉布森 (Lee Gibson) 來做最後發言。請繼續。

Thank you everyone for joining us today. We appreciate your interest in Southside Bank shares along with the opportunity to answer your questions. We're optimistic about 2025 and look forward to reporting second quarter results to you during our next earnings call in July. This concludes the call. Thank you again.

感謝大家今天的參與。我們感謝您對 Southside Bank 股票的關注，也感謝您給我們機會回答您的問題。我們對 2025 年充滿樂觀，並期待在 7 月的下一次財報電話會議上向您報告第二季的業績。通話到此結束。再次感謝您。

Thank you all for participating in 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。