Southern Missouri Bancorp Inc (SMBC) 2024 Q1 法說會逐字稿

Good morning or good afternoon, and welcome to the Southern Missouri Bank Quarterly Earnings Conference Call. My name is Adam, and I'll be your operator for today. (Operator Instructions) I will now hand the call over to CFO, Stefan Chkautovich to begin. Stefan, please go ahead, and you are ready.

早安或下午好，歡迎參加南密蘇裡銀行季度財報電話會議。我叫 Adam，今天我將擔任您的接線生。 （操作員指示）我現在將把電話轉交給財務長 Stefan Chkautovich 以開始。斯特凡，請繼續，你已經準備好了。

Thank you, Adam. Good morning, everyone. This is Stefan Chkautovich, CFO with Southern Missouri Bancorp. Thank you for joining us. The purpose of this call is to review the information and data presented in our quarterly earnings release dated Monday, October 23, 2023, and to take your questions. We may make certain forward-looking statements during today's call and we refer you to our cautionary statement regarding forward-looking statements contained in the press release. I'm joined on the call today with Greg Steffens, our Chairman and CEO; and Matt Funke, President and Chief Administrative Officer. Matt will lead off our conversation today with some highlights from our most recent quarter.

謝謝你，亞當。大家，早安。我是 Stefan Chkautovich，南密蘇裡銀行首席財務長。感謝您加入我們。本次電話會議的目的是回顧我們於 2023 年 10 月 23 日星期一發布的季度收益報告中提供的資訊和數據，並回答您的問題。我們可能會在今天的電話會議中做出某些前瞻性聲明，請參閱我們關於新聞稿中包含的前瞻性聲明的警告聲明。今天我和我們的董事長兼執行長 Greg Steffens 一起參加了電話會議。和總裁兼首席行政官馬特·馮克。馬特（Matt）將以最近一個季度的一些亮點來開始我們今天的談話。

Thank you, Stefan, and good morning, everyone. This is Matt Funke. Thanks for joining us. I'll start off with highlights on our financial results from the September quarter, which is the first quarter of our fiscal year. Quarter-over-quarter, we did show some pressure in profitability at higher cost of funds as well as lower fees tied to loans, mortgage and transaction accounts weighed on results. But for this current environment, we're relatively pleased with those. Offsetting some of this pressure was lower reported noninterest expense from lower merger-related costs as well as other operating expenses in the September quarter.

謝謝你，斯特凡，大家早安。這是馬特·芬克。感謝您加入我們。我將首先重點介紹九月份季度（我們財年第一季）的財務表現。與上一季相比，我們確實在資金成本上升以及與貸款、抵押貸款和交易帳戶相關的費用降低的影響下，獲利能力受到了一些壓力。但就目前的環境而言，我們對此相對滿意。報告中報告的非利息費用的下降抵消了部分壓力，原因是合併相關成本以及九月份季度其他營運費用的下降。

Despite challenges, the bank was still able to report an 11.5% year-over-year increase in diluted EPS, due primarily to a reduction from the larger provision for credit losses posted in September of 2022. That diluted EPS figure for the current quarter was $1.16, down $0.21 from the linked June quarter, but up $0.12 from the year ago September quarter. Our annualized return on average assets was 1.2%, while annualized return on average common equity was 11.7%. Those compared to 1.16% ROA and 11.7% ROE in the same quarter a year ago and 1.44% ROA and 14.1% ROE in the linked June quarter.

儘管面臨挑戰，該銀行的稀釋每股收益仍同比增長 11.5%，這主要是由於 2022 年 9 月公佈的較大信貸損失撥備有所減少。本季的稀釋每股收益為1.16 美元，較6月季下降0.21 美元，但較去年9 月季度上漲0.12 美元。我們的平均資產年化報酬率為1.2%，平均普通股年化報酬率為11.7%。相較之下，去年同期的 ROA 和 ROE 分別為 1.16% 和 11.7%，六月相關季度的 ROA 和 ROE 分別為 1.44% 和 14.1%。

Net interest margin for the quarter was 3.44%, down from the 3.65% reported for the year ago period and down from the 3.60% reported for the fourth quarter of fiscal '23, the linked quarter. Net interest income was down 2% quarter-over-quarter and up 24% year-over-year as we average earning asset balances. We had a similar amount of margin impact from non-core items in the current quarter as compared to the linked quarter, but our reported margin was improved on a year-over-year basis by the non-core items compared to September of 2022.

該季度的淨利差為 3.44%，低於去年同期報告的 3.65%，也低於 23 財年第四季（即相關季度）報告的 3.60%。由於我們平均生息資產餘額，淨利息收入環比下降 2%，年增 24%。本季非核心項目對利潤率的影響與上一季相似，但與 2022 年 9 月相比，非核心項目報告的利潤率較去年同期有所改善。

On the balance sheet, gross loan balances increased by almost $81 million during the first quarter and by $723 million over the prior 12 months with 12-month figure, including a $447 million increase outside of -- inclusive of fair value adjustments that were attributable to the Citizens merger, which had closed in the third quarter of fiscal '23. Loans anticipated to fund in the next 90 days were $158 million at September 30. Deposit balances increased by $115.6 million during the first quarter of '24 and they increased by $990 million over the prior 12 months, which included $851 million attributable to the Citizens merger during the third quarter of fiscal '23.

在資產負債表上，第一季的貸款餘額總額增加了近8,100 萬美元，過去12 個月的貸款餘額增加了7.23 億美元（12 個月的數字），其中包括因公允價值調整而增加的4.47億美元。Citizens 合併已於 23 財年第三季完成。截至9 月30 日，預計未來90 天內提供的貸款為1.58 億美元。2024 年第一季存款餘額增加了1.156 億美元，比前12 個月增加了9.9 億美元，其中包括因公民合併而增加的8.51 億美元'23 財年第三季。

Solid growth in deposits this quarter was the result of CD and savings account increases from well-received special rates offered during the quarter, and we did utilize some brokered funding early in the quarter. FHLB advances were $114 million at September 30, a decrease of just under $20 million from June 30, as we repaid all our overnight borrowings and lowered the bank's reliance on non-core funding. We took a net increase of about $14 million in term FHLB borrowings during the quarter. But compared to a year ago, our FHLB balances are down by $111 million. I'll now hand it over to Greg for some discussion on credit.

本季存款的穩健成長是由於本季度提供的廣受好評的特別利率導致定期存款和儲蓄帳戶增加的結果，而且我們確實在本季度初利用了一些經紀資金。截至 9 月 30 日，FHLB 預付款為 1.14 億美元，比 6 月 30 日減少了近 2,000 萬美元，因為我們償還了所有隔夜借款並降低了銀行對非核心資金的依賴。本季我們的定期 FHLB 借款淨增加了約 1400 萬美元。但與一年前相比，我們的 FHLB 餘額減少了 1.11 億美元。現在我將把它交給格雷格進行一些關於信用的討論。

Thank you, Matt. And good morning, everyone. Overall, our asset quality remained strong at September 30, with adversely classified assets standing at $42.5 million or 1.15% of total loans, which represents a decrease of around $3.8 million or 13 basis points during the quarter. Non performing loans were $5.7 million at September 30, down $2 million compared to June 30 and decreasing to 0.16% of gross loans.

謝謝你，馬特。大家早安。總體而言，截至 9 月 30 日，我們的資產品質仍然強勁，不良分類資產為 4,250 萬美元，佔貸款總額的 1.15%，本季減少了約 380 萬美元，即 13 個基點。截至9月30日，不良貸款為570萬美元，比6月30日減少200萬美元，佔貸款總額的0.16%。

In comparison to September 2022, nonperforming loans increased $1.8 million and are up 3 basis points on total loans. Loans past due 30 to 89 days were $26.7 million, up $19.7 million from June and at 72 basis points of gross loans. This is an increase of 53 basis points compared to the linked quarter and 57 basis points compared to a year ago. Of this increase, 96% relates to a single borrower group relationship with notes that are past maturity are not renewed due to a dispute among the partnership, which prevented timely renewal.

與 2022 年 9 月相比，不良貸款增加了 180 萬美元，貸款總額增加了 3 個基點。逾期 30 至 89 天的貸款為 2,670 萬美元，比 6 月增加 1,970 萬美元，貸款總額增加 72 個基點。與上一季相比增加了 53 個基點，與去年同期相比增加了 57 個基點。其中，96%與單一借款人集團關係有關，由於合夥企業之間存在爭議，過期票據未續簽，導致無法及時續約。

We expect this dispute to be resolved and the delinquency to be resolved during the December quarter. The relationship is not criticized or classified and we do not anticipate any loss to the bank resulting from this dispute. Guarantor's strength provides substantial network and liquidity. Overall, total delinquent loans at September 30 were $28.4 million, up $17.7 million from June. From June 30, Ag real estate balances were up $1.8 million over the quarter and up $22.3 million compared to the same quarter a year ago while agricultural production loans increased $26.3 million for the quarter and $24.2 million over the prior year.

我們預計這項爭議和拖欠問題將在 12 月季度解決。這種關係沒有受到批評或保密，我們預計此次糾紛不會對銀行造成任何損失。擔保人的實力提供了充足的網絡和流動性。總體而言，截至 9 月 30 日的拖欠貸款總額為 2,840 萬美元，比 6 月增加 1,770 萬美元。自 6 月 30 日起，農業房地產餘額本季增加 180 萬美元，較去年同期增加 2,230 萬美元，而農業生產貸款本季增加 2,630 萬美元，較上年同期增加 2,420 萬美元。

Our agricultural customers continue to make great progress on their '23 crop harvest, and we'll likely see many of them finish their corn and rice harvest in October and have a significant amount of their soybeans and cotton harvested by month end, perhaps into mid-November. Very dry conditions this fall have allowed our borrowers to move forward more quickly than normal with their harvest. For the most part, we feel that our farmers were able to get through this year's drought conditions, and our lenders are reporting average to above average yields on most crops on their irrigated farm [ground.] However, this did drive expenses higher. Farmers continue to face higher seed, fuel, fertilizer and chemical costs this growing season.

我們的農業客戶在 23 年作物收成方面繼續取得巨大進展，我們可能會看到他們中的許多人在 10 月份完成玉米和水稻收割，並在月底（也許到中旬）收割大量大豆和棉花。-十一月。今年秋天非常乾燥的天氣使我們的借款人能夠比正常情況更快地進行收穫。在很大程度上，我們認為我們的農民能夠度過今年的乾旱狀況，而且我們的貸方報告說，他們的灌溉農場[土地]上的大多數作物的產量達到平均水平或高於平均水平。然而，這確實導致了費用的上升。在這個生長季節，農民繼續面臨更高的種子、燃料、化學肥料和化學品成本。

And unlike last year, prices have not trended above the levels they received for the prior year crops. Farmers that have on-farm storage will likely be delayed hauling their grain to fulfill contracts due to lower Mississippi River terminal levels until river stages return to a more normal level. Fortunately, farmers can utilize the USDA's CCC loan program to get loans on stored grain so that they can at least pay down a portion of the traditional borrowing lines until grain can be marketed.

與去年不同的是，價格趨勢並未高於去年作物的水平。由於密西西比河碼頭水位較低，擁有農場儲存的農民可能會推遲運輸穀物以履行合同，直到河流水位恢復到更正常的水平。幸運的是，農民可以利用美國農業部的 CCC 貸款計劃獲得儲存穀物的貸款，這樣他們至少可以償還一部分傳統借款額度，直到穀物上市。

The farmers holding a good portion of their corn and soybean crops until spring, we anticipate we may see smaller paydowns than normal on some of our borrowing lines for the quarter ending in December. For the crop year crop banking rate mix was about 30% corn, 25% soybeans, 20% rice and cotton and 5% other specialty crops. Corn prices have dropped since earlier this year, especially on the spot market, they may stay lower until the Mississippi River levels come back up for full barge traffic. Rice has strong pricing and it's too early to project how slippings will end up this year.

由於農民將大部分玉米和大豆作物保留到春季，我們預計在 12 月結束的季度中，我們的一些借款額度的還款可能會低於正常水平。對於作物年度，作物銀行利率組合約為 30% 玉米、25% 大豆、20% 稻米和棉花以及 5% 其他特種作物。自今年初以來，玉米價格一直在下跌，尤其是在現貨市場上，在密西西比河水位恢復到駁船滿載之前，玉米價格可能會保持在較低水平。米價格堅挺，現在預測今年的價格下滑還為時過早。

Generally, we expect our farm lines will pay out for 2023 and anticipate lower working capital positions. There may be a small number of farmers that suffered yield losses on their dry land farms this year that may struggle to meet some of their term payments. However, should they not meet all their term payments, most will have sufficient equity to be able to successfully restructure any shortfall. Speaking on the loan portfolio as a whole, the portfolio grew $79.5 million or 8.9% annualized net of ACL during the quarter.

總體而言，我們預計我們的農場線將在 2023 年實現支付，並預計營運資本部位會降低。今年可能會有少數農民的旱地農場遭受產量損失，他們可能難以支付部分定期付款。然而，如果他們不能支付所有定期付款，大多數人將擁有足夠的股本來成功重組任何短缺。就整個貸款組合而言，本季該投資組合成長了 7,950 萬美元，扣除 ACL 後的年化成長率為 8.9%。

This loan growth was led by our East region where we have a bunch of our agricultural activity. Our South region was just behind the East with good growth in those markets. We are continuing to focus on making credit available to our core clients between that and seasonal ag lines paying down, we wouldn't expect to see much net loan growth in the December quarter, even though we will continue to fund construction line drops.

這種貸款成長是由我們東部地區帶動的，那裡有大量的農業活動。我們的南部地區落後於東部地區，這些市場的成長良好。我們將繼續專注於為我們的核心客戶提供信貸，並在季節性農業額度還款之間提供信貸，我們預計12 月季度不會出現太多淨貸款成長，儘管我們將繼續為建設額度下降提供資金。

Our pipeline for loans to fund in the next 90 days totaled $158 million at quarter end as compared to $135 million at June 30 and $230 million one year ago. Our volume of loan originations was approximately $230 million in the September quarter. A decrease of $43 million as compared to the June quarter.

截至季末，我們未來 90 天內的融資貸款總額為 1.58 億美元，而 6 月 30 日為 1.35 億美元，一年前為 2.3 億美元。 9 月季度我們的貸款發放量約為 2.3 億美元。與 6 月季度相比減少了 4,300 萬美元。

In the September quarter a year ago, we originated $436 million in loans. The leading categories this quarter for loan production with commercial, nonresidential real estate and ag production. Our nonowner-occupied CRE concentration levels at the bank level was approximately 324% of Tier 1 capital and the allowance for credit losses at September 30, down by 6 percentage points as compared to June 30. Stefan?

一年前的 9 月季度，我們發放了 4.36 億美元的貸款。本季貸款生產的主要類別是商業、非住宅房地產和農業生產。截至9月30日，我們在銀行層級的非自住型商業地產集中度約為一級資本和信貸損失準備金的324%，較6月30日下降了6個百分點。Stefan？

Thanks, Greg. Going into a little more detail on the income statement. Matt mentioned our margin of 3.44%. Our net interest income for the quarter was $35.4 million, an increase of $6.9 million or 24.2% as compared to the same quarter a year ago. The increase was attributable to a 31.6% increase in the average balance of interest-earning assets compared to the same period a year ago partially offset by a 21 basis point decrease in net interest margin as we work to improve on balance sheet liquidity, leading to a higher cost of funds.

謝謝，格雷格。更詳細地了解損益表。馬特提到我們的利潤率為 3.44%。本季我們的淨利息收入為 3,540 萬美元，比去年同期增加 690 萬美元，增幅為 24.2%。成長的原因是生息資產平均餘額較上年同期成長31.6%，部分抵銷了我們努力改善資產負債表流動性導致淨利差下降21個基點，導致資金成本較高。

Net interest income from loan discount accretion and deposit amortization resulting from the company's acquisitions contributed 16 basis points to net interest margin in the current quarter. Unchanged from the impact in the fourth quarter of fiscal 2023, the linked quarter and up from a 7 basis point contribution in the same quarter a year ago. Recognition of deferred origination fees on PPP loans was immaterial across these periods. On what we view as core we then see margin down 30 basis points year-over-year and down 16 basis points sequentially. Compared to June, the 92-day quarter in September helped add about 3 basis points of reported margin.

公司收購產生的貸款折現增值和存款攤銷產生的淨利息收入為本季淨利差貢獻了16個基點。與 2023 財年第四季（相關季度）的影響相比沒有變化，並且比一年前同一季度的貢獻增加了 7 個基點。在這些時期，確認 PPP 貸款遞延起始費並不重要。就我們所認為的核心而言，我們預期利潤率將年減 30 個基點，較上季下降 16 個基點。與 6 月相比，9 月為期 92 天的季度幫助報告利潤增加了約 3 個基點。

Noninterest income was up a little more than 6% compared to the year ago period, but down 34.6% compared to the linked quarter. We saw a significant reduction in NSF charges as we change policy on how we assess fees for some items. Bank card interchange income was back down to a more normalized level after seasonal benefits in the quarter. So nonrecurring charges related to lending offset some application fee income in the quarter as well. We'll show a bounce back from those, but the NSF charges will be a headwind. Mortgage banking activity also remains low.

非利息收入較去年同期成長略高於 6%，但較上一季下降 34.6%。由於我們改變了某些項目費用評估的政策，我們發現 NSF 費用大幅減少。在本季季節性福利過後，銀行卡互換收入回落至更正常的水平。因此，與貸款相關的一次性費用也抵消了本季的一些申請費收入。我們將展示這些的反彈，但國家科學基金會的指控將是一個阻力。抵押貸款銀行活動也仍然很低。

Noninterest expense was up 40.1% as compared to the year ago period, but down 4.7% from the linked quarter as nonrecurring merger charges dropped to $134,000 as compared to $829,000 in the linked quarter. The year-ago quarter also included a modest amount of M&A charges at $169,000. There wasn't a lot in the quarter that we consider unusual otherwise. We'll see an uptick in compensation beginning in January, and we will have a little bit of occupancy cost increase in the coming quarters as we relocate some personnel into better position offices in our newer metro markets.

非利息支出較去年同期成長 40.1%，但較上一季下降 4.7%，因為非經常性合併費用降至 134,000 美元，而上一季為 829,000 美元。去年同期還包括少量的併購費用，為 169,000 美元。本季沒有太多我們認為不尋常的事情。從一月份開始，我們將看到薪資上漲，並且隨著我們將一些人員重新安置到較新的地鐵市場中位置更好的辦公室，未來幾季的入住成本將會略有增加。

Our provision for credit losses was $900,000 in the quarter ended September 30, 2023, as compared to a PCL of $5.1 million in the same period of the prior fiscal year. In the linked June quarter, it was $795,000. The PCL in the year ago period was impacted by substantial loan growth during that quarter as well as a modest decline in the modeled economic outlook. The company's assessment of the economic outlook at September 30, 2023, was little change as compared to the assessment of the June 30, 2023. Qualitative adjustments in our ACL model were slightly decreased based on a reduced pace of loan growth, but we did increase adjustments relative to a small group of classified hotel loans.

截至 2023 年 9 月 30 日的季度，我們的信貸損失撥備為 90 萬美元，而上一財年同期的 PCL 為 510 萬美元。在相關的 6 月季度中，該數字為 795,000 美元。去年同期的 PCL 受到該季度貸款大幅成長以及模擬經濟前景小幅下滑的影響。該公司對2023年9月30日經濟前景的評估與2023年6月30日的評估相比變化不大。由於貸款成長速度放緩，我們的ACL模型的定性調整略有減少，但我們確實增加了相對於一小部分分類酒店貸款的調整。

Net charge-offs remained at a low level during the quarter, with our trailing 12-month net charge-offs running at 3 basis points. The allowance for credit losses at September 30, 2023, totaled $49.1 million, representing 1.33% of gross loans and 856% of nonperforming loans as compared to an ACL of $47.8 million, which represented 1.32% of gross loans and 625% of nonperforming loans in our June 30, 2023, fiscal year-end. Our earnings release included a more detailed table of deposit trends over the last year. On a quarterly basis for total deposits, exclusive of brokered funds, we had solid growth.

本季淨沖銷維持在較低水平，過去 12 個月的淨沖銷為 3 個基點。截至2023 年9 月30 日，信貸損失準備金總額為4,910 萬美元，佔貸款總額的1.33%，佔不良貸款的856%，而ACL 為4,780 萬美元，佔貸款總額的1.32%，佔不良貸款的625%。我們的財政年度結束日期為 2023 年 6 月 30 日。我們的收益發布包括更詳細的去年存款趨勢表。從季度存款總額來看（不包括經紀基金），我們實現了穩健成長。

This was primarily due to well received rate specials ran in the quarter for savings in CDs. We're also pleased to see more stable noninterest-bearing deposit levels. We use core growth and brokered funding to meet seasonal loan demand while reducing reliance on FHLB funding during this quarter. Matt noted earlier, the elimination of our overnight position and reduction from a year ago in FHLB borrowings. It's especially notable that we did so in the September quarter as we currently are at our peak loan demand and trough deposits funding position on the calendar.

這主要是由於本季推出的 CD 折扣優惠受到好評。我們也很高興看到無息存款水準更加穩定。我們利用核心成長和經紀資金來滿足季節性貸款需求，同時減少本季對 FHLB 資金的依賴。馬特早些時候指出，我們取消了隔夜頭寸，並比一年前減少了 FHLB 借款。尤其值得注意的是，我們在九月季度這樣做了，因為我們目前正處於日曆上的貸款需求高峰和存款融資狀況低谷。

Going into the fourth calendar quarter, we are entering a period which we see further deposit growth from ag, the general business cycles, and public funds, which is based on the tax cycle in our areas. While we want to remain cautious about the liquidity outlook in the current quarter, if normal trends hold, we may look at further reductions in non-core funding, such as broker deposits. Looking into full year fiscal 2024, we anticipate continued solid levels of profitability, though the lag effect of the Fed's rate increases will still pressure margin over the next quarter or so. We're optimistic if the Fed is done with significant rate hikes we saw over the prior period that we should see a trough over the next 2 quarters. Greg, any closing thoughts?

進入第四季度，我們正在進入一個時期，我們看到農業、一般商業週期和公共基金的存款進一步增長，這是基於我們地區的稅收週期的。雖然我們希望對本季的流動性前景保持謹慎，但如果正常趨勢保持不變，我們可能會考慮進一步減少非核心資金，例如經紀人存款。展望 2024 財年全年，我們預計獲利水準將繼續保持穩健，儘管聯準會升息的滯後效應仍將在下個季度左右對利潤率構成壓力。我們樂觀地認為，如果聯準會結束了我們在前一時期看到的大幅升息，我們應該會在未來兩季看到經濟低谷。格雷格，有什麼結束的想法嗎？

Thanks, Stefan. Right now, we're now 9 months past our merger with Citizens Bancshares and 8 months past the systems conversion. We remain focused on deposit retention in those markets and elsewhere and have seen steady improvements over the last quarter and how we're integrating those team members into our operations and procedures. The team is doing a fine job. We have achieved the cost savings we had anticipated in the merger. And from here forward, we are repositioning some of our office locations, as Stefan noted, and we are also looking to recoup community bankers in some of our new markets. So there could be modest incremental upticks in noninterest expense.

謝謝，斯特凡。目前，我們與 Citizens Bancshares 合併已過去 9 個月，系統轉換也已過去 8 個月。我們仍然專注於這些市場和其他地方的存款留存，並在上個季度看到穩步改善，以及我們如何將這些團隊成員整合到我們的營運和程序中。該團隊做得很好。我們在合併中實現了預期的成本節約。正如斯特凡所指出的那樣，從現在開始，我們正在重新定位我們的一些辦公地點，我們也希望在一些新市場中收回社區銀行家的錢。因此，非利息支出可能會小幅增加。

We are 100% committed to providing our excellent services in the more rural and middle market communities we added to our partnership with Citizens in addition to the Kansas City metro area. We're not currently actively pursuing additional merger opportunities I would expect that other than under very unique circumstances, we'll stay on the sidelines for a bit longer. That said, continued regulatory and macroeconomic factors pressuring banks could eventually lead to an uptick in potential interest of partners.

除了堪薩斯城都會區之外，我們還與 Citizens 建立了合作夥伴關係，我們百分之百致力於在更多農村和中等市場社區提供優質服務。我們目前並沒有積極尋求額外的合併機會，我預計，除了在非常獨特的情況下，我們將保持觀望一段時間。儘管如此，持續對銀行造成壓力的監管和宏觀經濟因素最終可能會導致合作夥伴的潛在興趣上升。

Thank you, Greg. At this time, Adam, we're ready to take questions from our participants. So if you would, please remind folks how they make queue for questions at this time.

謝謝你，格雷格。亞當，現在我們準備好回答參與者的問題了。因此，如果您願意，請提醒人們此時如何排隊提問。

(Operator Instructions) And our first question today comes from Andrew Liesch from Piper Sandler.

（操作員說明）今天我們的第一個問題來自 Piper Sandler 的 Andrew Liesch。

Welcome, Stefan. The CD specials that you were running, any more details on those what were you -- what was some of the rates and the terms and are those ongoing here into this quarter?

歡迎，斯特凡。您正在運行的 CD 特價，關於您的任何更多詳細資訊 - 一些費率和條款是多少？這些費用和條款是否會持續到本季度？

They are ongoing, Andrew. We were primarily marketing shorter-term CDs, 15 months and in which rates up to 5.5% where we had taken some broker funding in the prior quarter, early in this quarter, summed up with some longer-term brokered funding that we would have added to try to balance out the latter there.

他們正在進行中，安德魯。我們主要行銷短期 CD，15 個月，利率高達 5.5%，我們在上一季、本季度初接受了一些經紀商融資，加上我們本來會添加的一些長期經紀融資試圖在那裡平衡後者。

Got it. And so both campaigns are continuing. So we expect to see more CD growth here this quarter? And is that kind of leading to that margin compression that you talked about with the guidance in the near term?

知道了。因此，這兩項活動仍在繼續。那麼我們預計本季 CD 會出現更多成長？這是否會導致您在近期指導中談到的利潤率壓縮？

Yes, it certainly has contributed and will continue to contribute there. It has continued into this quarter. We've dialed it back just a little bit. We'll continue to look at how aggressive we need to be on that pricing relative to our funding position.

是的，它確實已經並將繼續在那裡做出貢獻。這種情況一直持續到本季。我們已經把它撥回了一點點。我們將繼續考慮相對於我們的融資狀況，我們需要在定價上採取多大的動力。

Got you. And then looking out to the rest of the fiscal year, on loan growth and decent growth here. But it sounds like the pipeline is down certainly compared to a year ago. What sort of growth rate do you expect? And what are your clients telling you for like for their credit demand and needs for the next 12 months?

明白你了。然後展望本財年剩餘時間的貸款成長和良好成長。但聽起來與一年前相比，管道肯定有所下降。您期望什麼樣的成長率？您的客戶對您未來 12 個月的信貸需求和需求有什麼看法？

We're really looking at muted growth for the current quarter and the following quarter, which are traditionally our lowest growth quarters, and then we'll have a fair amount of uptick in activity again in the final quarter of our fiscal year, as Ag lines grow again, we draw about $20 million a month in construction draws that will maintain a lot of our current balances for the next 6 months.

我們確實看到本季度和下一個季度的增長放緩，這通常是我們增長最低的季度，然後我們將在本財年的最後一個季度再次出現相當多的活動增長，因為 Ag由於線路再次增長，我們每月從建設中提取約2000 萬美元，這將在未來6 個月內維持我們目前的大量餘額。

Overall for the year, Andrew, probably in the mid-single digits for percentage growth.

總體而言，安德魯今年的百分比成長可能處於中個位數。

Got it. Yes, makes sense.

知道了。是的，有道理。

The next question comes from Kelly Motta from KBW. Kelly.

下一個問題來自 KBW 的 Kelly Motta。凱莉.

Nice to hear from both of you, Greg and Matt as always, and nice to have Stefan joining us. Welcome. I was hoping you could refresh us a bit on loan portfolio repricing about how much of that portfolio comes due this year? And can you provide where new loans are coming on just so we can get a sense of what further lift we might see on the loan yield side?

很高興收到你們兩個的來信，格雷格和馬特一如既往，也很高興斯特凡加入我們。歡迎。希望您能為我們介紹一下貸款組合重新定價的情況​​，以了解今年該投資組合中有多少到期？您能否提供新貸款的發放地點，以便我們了解貸款收益率可能會進一步提升？

Loan production is coming on primarily 8.25%, 8.5% for link production and monthly, I would anticipate, on average, we would have roughly $50 million a month maturing that would be repricing higher.

貸款產出主要為 8.25%，連結產出為 8.5%，每月平均，我預計我們每月大約有 5,000 萬美元到期，重新定價會更高。

Prepayments could add to that Kelly.

預付款可能會增加凱利的數量。

Got it. That's helpful. And then in your prepared remarks, Greg, I think you mentioned that you're looking to add new teams to certain markets. Can you provide kind of -- are there any particular markets in particular that you're looking to add talented and where are you seeing the greatest opportunity for growth, either through the addition of new teams or through current organic production.

知道了。這很有幫助。然後，格雷格，在您準備好的演講中，我想您提到您正在尋求向某些市場添加新團隊。您能否提供一些資訊——是否有任何特定的市場是您希望增加人才的，以及您在哪裡看到最大的成長機會，無論是透過增加新團隊還是透過當前的有機生產。

When we partnered with Citizens, there were several other rural outstate markets are outside of Kansas City area that they did not have any lending teams in place. We are looking for lending personnel in several of those more rural markets. So that would include potentially Chilicothe, Brookfield, Macon, Boonville or Trenton, Missouri. We probably would not fill someone in all those markets, but we are looking for talent, but at present, we're just in the looking for stage.

當我們與公民合作時，堪薩斯城地區以外的其他幾個農村外州市場沒有任何貸款團隊。我們正在幾個農村市場尋找貸款人員。因此，這可能包括密蘇裡州的奇利科西、布魯克菲爾德、梅肯、布恩維爾或特倫頓。我們可能不會在所有這些市場中填補人員空缺，但我們正在尋找人才，但目前我們還處於尋找階段。

Got it. That's helpful. And then in terms of capital, I mean, levels are pretty solid here. In terms of capital priorities, it seems like M&A might there may not be that many opportunities near term, although you're looking. Can you just walk us through your priorities for capital? Is the idea there really to save any dry powder for what deals may lie ahead in addition to organic growth? Or is there any appetite for buyback here?

知道了。這很有幫助。然後就資本而言，我的意思是，這裡的水平相當穩固。就資本優先事項而言，儘管您正在尋找，但短期內併購可能不會有那麼多機會。您能否向我們介紹一下您的資本優先事項？除了有機成長之外，這個想法真的是為了節省乾粉以應對未來可能發生的交易嗎？或者說這裡有回購的慾望嗎？

I would really not anticipate us to initiate any type of buyback. I would see us building more of a capital work test, so to speak, for deployment in future acquisitions.

我真的不希望我們發起任何類型的回購。我會看到我們建立更多的資本工作測試，可以這麼說，以便在未來的收購中部署。

Got it. That's helpful. Maybe last question for me. Looking at these, I know you had the kind of nonrecurring benefit last quarter. It looks like one area on a core basis that may have pulled back was deposit service charges. Was there -- is that just a function of activity or was there any repricing of -- on your side that kind of drove that lower? Just trying to get a sense if that's a good number to start off as or if we should kind of have that snapping back to where it was in both prior 2 quarters of your last full year.

知道了。這很有幫助。也許是我的最後一個問題。看看這些，我知道上個季度您獲得了那種非經常性收益。看起來可能下降的一個核心領域是存款服務費。有沒有——這只是活動的一個函數，還是有任何重新定價——在你這邊，這種情況導致瞭如此低的價格？只是想了解這是否是一個好的開始數字，或者我們是否應該將其恢復到上一全年前兩季的水平。

We would expect that to probably move lower than what those last couple of quarters would Kelly. We've adopted some policy changes on the items that we do charge for. So that will be downtick in the run rate there.

我們預計這一數字可能會低於凱利過去幾季的水平。我們對收費項目採取了一些政策變更。因此，那裡的運行率將會下降。

Got it.

知道了。

(Operator Instructions) As we have no further questions, I'll hand the call back to the management team for any concluding remarks.

（操作員說明）由於我們沒有其他問題，我會將電話轉交給管理團隊以獲取任何結論性意見。

Thank you, Adam. And thank you, everyone, for joining us. We appreciate your interest, and we'll speak again in 3 months. Have a good day.

謝謝你，亞當。感謝大家加入我們。感謝您的關注，我們將在 3 個月後再次交談。祝你有美好的一天。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的出席。現在您可以斷開線路。