Southern Missouri Bancorp Inc (SMBC) 2025 Q2 法說會逐字稿

(audio in progress) 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, January 27, 2024, 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.

（音訊正在播放）南密蘇裡銀行感謝您加入我們。本次電話會議的目的是回顧我們於 2024 年 1 月 27 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陳述，請參閱新聞稿中關於前瞻性陳述的警告聲明。

I'm joined on the call today by Greg Steffens, our Chairman and CEO; and by Matt Funke, President and Chief Administrative Officer. Matt will lead off our conversation today with some highlights from our most recent quarter.

今天與我一起參加電話會議的還有我們的董事長兼執行長 Greg Steffens；以及總裁兼首席行政官 Matt Funke。今天，馬特將以我們最近一個季度的一些亮點作為我們的開場白。

Thanks Stefan, and good morning everyone. This is Matt Funke. Thanks for joining us. I'll start off with some highlights on our financial results for the December quarter, which is the second quarter of our fiscal year. Quarter-over-quarter, earnings and profitability improved due to a larger earning asset base, driving an increase in net interest income in combination with a lower provision for credit losses and a decrease in non-interest expense.

謝謝史蒂芬，大家早安。這是 Matt Funke。感謝您的加入。我將首先介紹我們 12 月季度（即財政年度第二季）的財務表現。與上一季相比，由於生息資產基礎擴大，獲利能力有所改善，推動淨利息收入增加，同時信貸損失準備金減少以及非利息支出減少。

With the earnings and profitability improvement we have seen in the first half of our fiscal year, we feel we have good momentum and see positive trends going into the second half. We earned a $1.30 diluted in the December quarter, that's up $0.20 from the linked September quarter and it's up $0.23 from the December 2023 quarter.

隨著我們財年上半年收益和盈利能力的改善，我們認為我們擁有良好的發展勢頭，並看到下半年的積極趨勢。我們的 12 月季度攤薄利潤為 1.30 美元，較 9 月季度上漲 0.20 美元，較 2023 年 12 月季度上漲 0.23 美元。

Net interest margin for the quarter was 3.36% as compared to 3.25% recorded for the year ago period and was relatively flat compared to the first quarter of fiscal '25 when it was 3.37%. Net interest income was up 4% quarter over quarter and about 10.5% year over year.

本季淨利差為 3.36%，去年同期為 3.25%，與 25 財年第一季的 3.37% 相比相對持平。淨利息收入季增 4%，年增約 10.5%。

In the second quarter of our fiscal year, we generally receive inflows of seasonal deposits from our agricultural customers and public unit depositors, which can drive some net interest margin compression with those funds held in higher cash balances.

在我們財政年度的第二季度，我們通常會收到來自農業客戶和公共單位存款人的季節性存款流入，這些存款可能會因持有較高現金餘額的資金而導致淨利差壓縮。

However, this year, with FOMC rate cuts of 100 basis points, driving down short term rates and reducing the cost of our variable rate deposits which have grown over recent periods. We were able to expand our net interest spread by 4 basis points in the quarter due to decreased funding costs and that helped hold the net interest margin relatively steady quarter over quarter.

然而，今年，聯邦公開市場委員會將利率下調了 100 個基點，從而降低了短期利率，並降低了近期增長的浮動利率存款成本。由於融資成本下降，我們本季的淨利差擴大了 4 個基點，這有助於維持淨利差較上季相對穩定。

On the balance sheet, gross loan balances increased by just over $60 million during the second quarter compared to a year ago at December 31, 2023, gross balances are up $295 million or just under 8%. Deposit balances increased by about $170 million in the second quarter and increased by $225 million or about 5.5% compared to December 31 of the prior year.

在資產負債表上，第二季的總貸款餘額與去年同期的 2023 年 12 月 31 日相比增加了 6,000 多萬美元，總餘額增加了 2.95 億美元，增幅略低於 8%。第二季存款餘額增加約 1.7 億美元，較去年同期 12 月 31 日增加 2.25 億美元，增幅約 5.5%。

Strong growth in deposits this quarter was a result of non-maturity deposit accounts from seasonal deposit inflows and core CD growth from well-received special rights offered during the quarter. Due to strong deposit growth, cash equivalents grew $70 million quarter over quarter and our available for sale securities portfolio grew about $48 million or 11% as we took advantage of a better spread environment to purchase bonds and add on balance sheet liquidity. Tangible book value per share was $38.91 and increased by $4.26 or 12% during the last 12 months.

本季存款強勁成長，得益於季節性存款流入帶來的非定期存款帳戶，以及本季廣受歡迎的特殊權利帶來的核心存款證成長。由於存款強勁增長，現金等價物環比增長 7000 萬美元，可供出售證券投資組合增長約 4800 萬美元或 11%，因為我們利用更好的利差環境購買債券並增加資產負債表流動性。每股有形帳面價值為 38.91 美元，在過去 12 個月內增加了 4.26 美元，即 12%。

I'll now hand it over to Greg for some discussion on credit.

現在我將把它交給格雷格來討論一些有關信用的問題。

Thanks, Matt, and good morning, everyone. Overall, our asset quality remained strong at December 31, with adversely classified loans totaling $40 million or 98 basis points of total loans, a decrease of about $849,000 or 4 basis points compared to the linked quarter.

謝謝，馬特，大家早安。總體而言，截至 12 月 31 日，我們的資產品質仍然強勁，不良分類貸款總額為 4,000 萬美元，佔總貸款的 98 個基點，與上一季相比減少約 849,000 美元，即 4 個基點。

Non-performing loan balances increased slightly by $103,000 to $8 million at 12/31, but in line as a percentage of total loans at 21 basis points, which is up 5 basis points from the prior year-end. Nonperforming asset balances dropped to 22 basis points, down from 26 basis points last quarter, due to the sale of several parcels of other real estate owned. Loans past due 30 to 89 days totaled $7 million, which was stable compared to September 30, and at a low 17 basis points on gross loans.

截至 12 月 31 日，不良貸款餘額小幅增加了 103,000 美元，達到 800 萬美元，但佔總貸款的百分比為 21 個基點，比上年末增加了 5 個基點。由於出售了幾塊其他房地產，不良資產餘額從上一季的 26 個基點下降至 22 個基點。逾期 30 至 89 天的貸款總額為 700 萬美元，與 9 月 30 日相比保持穩定，且佔總貸款的比率較低，為 17 個基點。

This is a decrease of 1 basis points compared to the linked quarter and down 2 basis points compared to a year ago. Total delinquent loans were $13 million and also flat from September. Net charge-offs remained benign at 2 basis points annualized.

與上一季相比下降了 1 個基點，與去年同期相比下降了 2 個基點。拖欠貸款總額為 1,300 萬美元，與 9 月持平。淨沖銷額仍維持在年化 2 個基點的良性水準。

Overall, although credit quality has remained strong due to the recent period of sustained higher interest rates, we do expect problem loans and net charge-offs could increase modestly, but we expect them to remain manageable and below industry averages.

總體而言，雖然由於近期持續較高的利率，信貸品質依然保持強勁，但我們預計問題貸款和淨沖銷可能會小幅增加，但我們預計它們仍將保持在可控範圍內，且低於行業平均水平。

As compared to the prior end at -- as compared to the prior quarter-end on September 30, agricultural real estate balances were little changed and they were up $2 million compared to December 31 a year ago.

與 9 月 30 日的上一季末相比，農業房地產餘額幾乎沒有變化，與去年同期的 12 月 31 日相比增加了 200 萬美元。

Ag production and equipment loan balances were down $12 million quarter over quarter, following our normal seasonal pattern. But paydowns have been relatively limited so far and balances are up $42 million year over year. In calendar year 2024, our agricultural customers demonstrated resilience despite facing several weather-related challenges, including spring rains that required replanting, followed by a hot, dry summer.

農業生產和設備貸款餘額環比下降 1200 萬美元，符合正常的季節性模式。但迄今為止，還款金額相對有限，餘額比去年同期增加了 4,200 萬美元。在 2024 日曆年，儘管面臨著多種與天氣有關的挑戰，包括需要重新種植的春雨，以及隨後的炎熱乾燥的夏季，我們的農業客戶仍然表現出了韌性。

But thanks to robust irrigation infrastructure, those farmers reported yields that exceeded expectations. However, commodity prices declined throughout the year, pressuring profitability, particularly for cotton, soybeans and corn, which have experienced limited price recoveries more recently.

但由於灌溉基礎設施健全，這些農民的產量超出了預期。然而，大宗商品價格全年下跌，對獲利能力造成壓力，尤其是棉花、大豆和玉米，近期這些商品的價格回升有限。

Looking ahead to calendar 2025, we expect shifts in crop acreage as farmers respond to weaker market conditions and higher input costs. Corn acreage may decline in favor of soybeans and rice, and cotton acreage is likely to be reduced unless prices improve.

展望 2025 年，我們預計，隨著農民對疲軟的市場條件和更高的投入成本做出反應，農作物種植面積將會改變。玉米種植面積可能下降，而大豆和水稻種植面積增加；如果價格不上漲，棉花種植面積也可能減少。

Many farmers have carried over 2024 crops in hopes of higher pricing this spring, which has delayed paydowns on agricultural loans, but should result in stronger repayments in the March quarter. While working capitals are lower across much of our farm customer base, we are proactively working to address any potential shortfalls by leveraging FSA guaranteed programs or restructuring loans. And we expect some customers will be supported through government price support programs.

許多農民已經結轉了 2024 年的作物，希望今年春季價格上漲，這推遲了農業貸款的償還，但應該會導致 3 月季度的還款增加。雖然我們大部分農場客戶的營運資金較低，但我們正在積極努力透過利用 FSA 擔保計劃或重組貸款來解決任何潛在的短缺。我們預計一些客戶將透過政府價格支援計劃獲得支援。

Despite these challenges, our disciplined lending practices, stress testing of farm cash flows and deep customer relationships should ensure satisfactory performance on these credits. Looking at the loan portfolio as a whole, gross loans grew $60 million or 6.1% annualized during the quarter.

儘管面臨這些挑戰，我們嚴謹的貸款實踐、農場現金流的壓力測試以及深厚的客戶關係應該能確保這些信貸的令人滿意的表現。從整體來看，本季貸款總額增加了 6,000 萬美元，年化成長率為 6.1%。

We're in the slower part of our fiscal year for loan growth due to the seasonal factors, including ag, the bank experienced some well-rounded growth stemming from construction, C&I, [1-to-4] family residential real estate and multifamily. Loan growth was led by our South region as well as for new regions based out of St. Louis and Kansas City.

由於季節性因素，包括農業在內，我們財政年度的貸款成長處於較慢的階段，但銀行在建築、商業和工業、[1 至 4] 家庭住宅房地產和多戶住宅領域經歷了全面增長。貸款成長主要由我們的南部地區以及位於聖路易斯和堪薩斯城的新地區所帶動。

As our new lenders that we have added over the last year have started to add to production totals. Our pipeline for loans to fund in the next 90 days totaled $173 million at quarter-end, as compared to $168 million at September 30 and $141 million, one year ago.

因為我們去年增加的新貸款人已經開始增加生產總量。截至本季末，我們未來 90 天內待融資的貸款總額為 1.73 億美元，而 9 月 30 日為 1.68 億美元，一年前為 1.41 億美元。

Although we are currently in a slower growth period with our normal winter seasonality, due to the strong first half of loan growth in the building pipeline, we feel optimistic about achieving at least mid-single-digit loan growth for the fiscal year.

雖然我們目前正處於正常的冬季季節性增長較慢的時期，但由於上半年建築貸款增長強勁，我們對本財年實現至少中等個位數的貸款增長感到樂觀。

Stefan, would you provide some additional details on our financial performance?

史蒂芬，您能否提供一些有關我們財務業績的更多細節？

Thanks, Greg. Matt hit some of the key financial items already, but I'll note a few additional details. Looking at this quarter's net interest margin of 3.36%, it included about 9 basis points of fair value discount accretion on acquired loan portfolios and premium amortization on assumed deposits, which was static compared to the linked September quarter, but down from the prior-year December quarter addition of 14 basis points.

謝謝，格雷格。馬特已經提到了一些關鍵的財務項目，但我將指出一些額外的細節。從本季 3.36% 的淨利差來看，其中包括收購貸款組合的公允價值折扣增加約 9 個基點，以及假定存款的溢價攤銷，與 9 月季度相比保持不變，但低於去年同期 12 月季度的 14 個基點。

Although this can vary based on prepayment activity, we would expect this to trend lower by about 1 basis point a quarter. The primary contributor to the 1 basis point compression of the net interest margin as compared to the linked quarter was the increase in lower-yielding assets as the average balance of the investment portfolio and interest-earning cash equivalents increased by almost $80 million quarter over quarter.

雖然這可能因預付款活動而有所不同，但我們預計每季這一趨勢將下降約 1 個基點。與上一季相比，淨利差壓縮 1 個基點的主要原因是低收益資產的增加，因為投資組合的平均餘額和生息現金等價物環比增加了近 8,000 萬美元。

This was mostly offset by an 11 basis point decrease in our cost of interest-bearing liabilities to 3.33%. Looking into the March quarter, through January, we have continued to see increases in seasonal deposits, which have further elevated our cash equivalent balances, which are primarily being held at the Federal Reserve.

這主要被我們的計息負債成本下降 11 個基點至 3.33% 所抵銷。回顧 3 月份季度，截至 1 月份，我們持續看到季節性存款增加，這進一步提高了我們的現金等價餘額，這些餘額主要存放在美聯儲。

This, in addition to seasonally slower quarter for loan growth, could compress the net interest margin. But we would expect the net interest spread, which is the difference between our earning asset yield and cost of interest-bearing liabilities, to improve slightly as loans reprice higher at renewal and CDs continue to reprice down. In addition, the reduced day count in the March quarter will have a small negative impact on the quarterly net interest income.

再加上貸款成長季節性放緩，這可能會壓縮淨利差。但我們預計，隨著貸款在續期時重新定價走高以及存單繼續重新定價走低，淨息差（即生息資產收益率與計息負債成本之間的差額）將略有改善。此外，3月季度營業天數的減少將對季度淨利息收入產生輕微的負面影響。

Non-interest income was down 4.3% compared to the linked quarter due to reduced gain on sale of loans, primarily SBA, a decrease in interchange income as the September quarter's results included receipt of additional card network fees based on annual volume incentives and as we saw a decrease in interchange per transaction, and lower other loan fees.

非利息收入與上一季相比下降了 4.3%，原因是貸款銷售收益減少（主要是 SBA），交換收入減少（因為 9 月季度的業績包括根據年度交易量激勵收到的額外卡網絡費用，並且我們看到每筆交易的交換費用減少），以及其他貸款費用降低。

Non-interest expense was down 3.7% quarter over quarter, primarily due to lower compensation and legal professional fees. The lower compensation expense in the December quarter is primarily due to the timing of accruals.

非利息支出較上季下降 3.7%，主要由於薪資和法律專業費用下降。12 月季度的薪資費用較低主要是因為應計時間所致。

Legal and professional expenses have decreased due to the onetime payment in the September quarter associated with the Performance Improvement Initiative of $840,000. These decreases were partially offset by an increase in other noninterest expense due to expenses associated with SBA loans and cost for employee travel and training.

由於 9 月季度一次性支付了與績效改進計劃相關的 840,000 美元，法律和專業費用有所減少。由於與 SBA 貸款相關的費用以及員工差旅和培訓費用導致的其他非利息支出的增加，部分抵消了這些減少。

We would expect to see a quarterly increase in the compensation expense run rate in the March quarter as annual merit increases and cost-of-living adjustments take effect, for which we awarded mid-single-digit percentage increase including the cost of benefits.

隨著年度績效加薪和生活成本調整生效，我們預計 3 月份季度薪資費用運行率將出現季度增長，包括福利成本在內，我們預計員工工資將出現中等個位數百分比的增長。

Our provision for credit losses was $932,000 in the quarter, as compared to $2.2 million in the linked quarter. The September quarter provision was elevated to support strong loan growth and an increase in credit reserves for individually reviewed loans.

本季我們的信用損失準備金為 932,000 美元，而上季為 220 萬美元。9 月季度的撥備有所提高，旨在支持貸款強勁增長以及單獨審核貸款的信貸準備金增加。

Our allowance for credit losses at December 31, 2024 was $55 million or 1.36% of gross loans and 659% of nonperforming loans, as compared to an ACL of $54 million or 1.37% of gross loans and 663% of nonperforming loans at September 30, 2024, the linked quarter.

截至 2024 年 12 月 31 日，我們的信用損失準備金為 5,500 萬美元，佔總貸款的 1.36% 和不良貸款的 659%，而截至 2024 年 9 月 30 日（同季），ACL 為 5,400 萬美元，佔總貸款的 1.37% 和不良貸款的 67% 和不良貸款的 67% 和不良貸款的 67%。

The current period PCL was the result of $501,000 provision attributable to the ACL for loan balances outstanding and $431,000 provision attributable to the allowance for off-balance sheet credit exposures.

本期 PCL 是 ACL 為未償還貸款餘額提列的 501,000 美元準備金和表外信貸風險準備金計提的 431,000 美元的結果。

Our assessment of the economic outlook was little changed. Our nonowner-occupied CRE concentration at the bank level was approximately 317% of Tier 1 capital and allowance for credit losses at December 31, 2024, down about 3 percentage points as compared to September 30, due to growth in our Tier 1 capital outpacing our nonowner-occupied CRE.

我們對經濟前景的評估幾乎沒有改變。截至 2024 年 12 月 31 日，我們在銀行層級的非自住 CRE 集中度約為一級資本和信貸損失準備的 317%，與 9 月 30 日相比下降約 3 個百分點，原因是我們的一級資本增長速度超過了非自住 CRE。

On a consolidated basis, our CRE ratio was 306% at December 31. Our intent would be to hold relatively steady on this measure and grow our CRE in line with capital, but we expect it may pick up somewhat in the next few quarters with construction draws. The effective tax rate was 23.7% in the quarter, as compared to 21.3% in the linked quarter and 20.6% in the same quarter of the prior fiscal year.

依照合併口徑，截至 12 月 31 日，我們的 CRE 比率為 306%。我們的目的是保持這項指標相對穩定，並使我們的企業房地產與資本保持同步成長，但我們預計，隨著建築業的發展，未來幾季企業房地產可能會有所回升。本季有效稅率為 23.7%，上季為 21.3%，去年同期為 20.6%。

The effective tax rate for the second quarter of fiscal 2025 was elevated due to an adjustment of tax accruals of $380,000 attributable to completed merger activity. We would expect the effective tax rate to return to our normal range in the second half of the fiscal year.

由於已完成合併活動導致的 38 萬美元稅款調整，2025 財年第二季的有效稅率有所上升。我們預計有效稅率將在本財年下半年恢復正常範圍。

To conclude, the first half of the fiscal year 2025 has been a strong one, characterized by robust loan growth and improved profitability. With a healthy loan pipeline and favorable underlying trends, we are optimistic about the remainder of the year. Greg, any closing thoughts?

總而言之，2025 財年上半年表現強勁，貸款成長強勁，獲利能力增強。由於貸款管道健康且基本趨勢良好，我們對今年剩餘時間的前景充滿樂觀。格雷格，最後還有什麼想說的嗎？

Thanks, Stefan. We're currently in the final stages of receiving recommended -- recommendations from the Performance Improvement Initiative that we launched last quarter. This initiative is not only a pivotal step in enhancing our ability to meet our customer needs quickly and effectively, but it's also an opportunity to improve our longer-run efficiency.

謝謝，史蒂芬。我們目前正處於接收建議的最後階段——我們上個季度啟動的績效改善計畫的建議。這項措施不僅是提高我們快速有效滿足客戶需求的能力的關鍵一步，也是提高我們長期效率的機會。

And it also serves as a valuable professional development tool for our team. I'm immensely proud of how our employees and team members have embraced the process with energy and dedication, and some of these enhancements are already being implemented across our organization.

它也是我們團隊的寶貴專業發展工具。我為我們的員工和團隊成員如何以充沛的精力和奉獻精神接受這一過程感到無比自豪，其中一些改進已經在整個組織中實施。

The time frame for full adoption of the recommendations that we intend to move forward with will run over several years, but we're really optimistic about longer-term results. Alongside the contributions from our incredible team, we have been actively expanding our talent pool, particularly in our newer markets in Kansas City and St. Louis.

我們打算全面採納這些建議的時間將持續數年，但我們對長期結果非常樂觀。除了我們優秀團隊的貢獻之外，我們也一直在積極擴大我們的人才庫，特別是在堪薩斯城和聖路易斯的新市場。

These efforts are already yielding positive results. More recently, we welcomed a new Director of Wealth Management and Trust Services, and we're excited to see her take on trust and brokerage services as we move to a higher and improved level.

這些努力已取得正面成果。最近，我們迎來了一位新的財富管理和信託服務總監，我們很高興看到她在我們向更高、更好的水平邁進的過程中承擔起信託和經紀服務。

We are also optimistic about the remainder of fiscal '25 as the improving yield curve slope and strong business activity in our markets create a favorable environment for earnings growth. Lastly, we've observed small but encouraging signs of increased M&A conversations. While these remain in preliminary stages, we believe the improvement in bank valuations will drive more interest from potential sellers in the intermediate future. Stefan?

我們也對25財年的剩餘時間持樂觀態度，因為殖利率曲線斜率的改善和市場強勁的商業活動為獲利成長創造了有利的環境。最後，我們觀察到併購談判增加的微小但令人鼓舞的跡象。雖然這些仍處於初步階段，但我們相信銀行估值的提高將在中期未來引起更多潛在賣家的興趣。史蒂芬？

Thanks Greg. At this time, Alex, ready to take questions from our participants. So if you would please remind the callers how they may queue for questions at this time.

謝謝格雷格。現在，亞歷克斯準備回答我們的參與者的問題。因此，請您提醒來電者他們此時如何排隊提問。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Matt Olney, Stephens.

馬特奧爾尼、史蒂芬斯。

Hey guys, good morning.

嘿，大家早安。

(multiple speakers)

（多位發言者）

Thanks for taking the question. Just want to ask kind of a more of a broad question first on your operating markets. You operate in some rural markets and some maybe on the edge of some more larger metro markets. I'm just curious about what you're seeing on deposit competition in the recent weeks and months. Any differences you're seeing in those various types of markets within your -- in your footprint?

感謝您回答這個問題。我首先想問一個關於你們營運市場的比較廣泛的問題。您在一些農村市場開展業務，有些可能位於一些較大的大都市市場的邊緣。我只是好奇您對最近幾週和幾個月存款競爭的情況有何看法。在您的足跡中，您看到不同類型的市場有何差異嗎？

I don't know that I could point to a specific difference between rural and metro right now. It's kind of a mixed bag on the competition front overall. I think it's pretty clear there's been a decreased fight for funds in the last six months compared to where we were towards the end of '23, for, I guess, maybe for most of '23. But we still see some outliers up there with rates that are in the very high 4s, which is kind of puzzling to us, but we do see it in some one-off situations. And it does drive some activity.

我不知道現在我能否指出農村和大都市之間的具體差異。整體來說，競爭方面的情況好壞參半。我認為很明顯，與 23 年底的情況相比，過去六個月的資金爭奪有所減少，我想，也許 23 年的大部分時間都是如此。但我們仍然看到一些異常值，其利率處於 4% 左右的高位，這讓我們有點困惑，但我們確實在一些一次性情況下看到了這種情況。它確實推動了一些活動。

In a variety of markets, we have some banking brethren that have higher loan to deposit ratios that do seem to drive deposit pricing in different markets, but I wouldn't say it would be consistent from rural versus metro.

在不同的市場中，我們的一些銀行同業擁有較高的貸存比，這似乎確實推動了不同市場的存款定價，但我不會說農村市場和大都市市場的情況是一致的。

Okay. Okay. Appreciate that. And then I guess on the liquidity front, it sounds like you feel good about the liquidity you're bringing in and you were opportunistic and bought some securities during the December quarter end. Any more color on just that decision to buy securities, and then just more color on what you purchased in terms of durations and yields?

好的。好的。非常感謝。然後我想在流動性方面，聽起來您對所引入的流動性感覺很好，並且您抓住機會在 12 月季度末購買了一些證券。您能更詳細地解釋一下您購買證券的決定嗎？然後您能更詳細地解釋一下您購買的證券的期限和收益率嗎？

Yeah, thanks Matt for the question. So yeah, we took a bit of a I guess the -- we took what the market gave us the -- we had some higher market rates. So we took opportunistically purchased about $50 million in CDs and paired that with some broker deposits net. We didn't see any real growth in broker.

是的，感謝馬特提出這個問題。是的，我想我們採取了一點——我們採取了市場給我們的——我們有更高的市場利率。因此，我們趁機購買了約 5000 萬美元的 CD，並將其與一些經紀人存款淨額配對。我們沒有看到經紀人有任何真正的成長。

(multiple speakers)

（多位發言者）

We took CDs for funding but from on the purchase side, pass throughs --

我們用 CD 來籌集資金，但從購買方面來看，--

We fund -- we funded the purchases with brokered CDs. But it was a mix about 50/50 of available for sale, variable and fixed rate, mostly CMOs and mortgage backed securities.

我們透過經紀 CD 為購買提供資金。但其可供出售資產、浮動利率和固定利率的比例約為 50%，其中大部分是 CMO 和抵押貸款支持證券。

Okay. That's helpful. And then just lastly, I guess on the expense side, nice performance on the just cost controls just more broadly in this past quarter. Any more color on just what we should expect on expenses over the next few quarters?

好的。這很有幫助。最後，我想就費用方面而言，上個季度在成本控制方面表現良好。您能透露更多關於未來幾季的支出預期嗎？

Nothing real significant. We do have kind of our seasonal compensation adjustments, Stefan mentioned on the prepared remarks, that will hit in March and then kind of roll into it over the remainder of the year. We've doing pretty well bringing down some of our data connectivity costs. That's been a tailwind for us. Occupancy, there shouldn't be anything really new going on there for a while.

沒什麼真正重要的事。史蒂芬在準備好的評論中提到，我們確實進行了季節性薪資調整，這種調整將在三月開始，然後持續到今年剩餘時間。我們在降低部分數據連接成本方面做得相當不錯。這對我們來說是順風。佔用，一段時間內那裡不應該發生任何新鮮事。

We've got a new branch coming on, but that will be just over time. Nothing really to note there, Matt.

我們即將開設一個新的分支，但那隻是時間問題。馬特，沒什麼好注意的。

Okay. Okay, guys, thanks. I'll hop back in the queue. Thank you.

好的。好的，夥計們，謝謝。我將重新回到隊列中。謝謝。

Thank you. Andrew Leisch, Piper Saddler.

謝謝。安德魯·萊施、派珀·薩德勒。

Hey guys, good morning. (multiple speakers) I just want to ask about the cadence of the loan growth here. You know, it sounds like maybe you have some elevated agriculture payoffs coming this quarter. But the pipeline looks good. Do you think that you'd see could balances possibly decline here this quarter and then accelerate to end the fiscal year?

嘿，大家早安。（多位發言者）我只想問這裡的貸款成長節奏。你知道，這聽起來好像你本季可能會有一些農業收益增加。但管道看起來不錯。您是否認為本季的餘額可能會下降，然後在財政年度結束時加速下降？

I would anticipate that we would have stable balances to slightly higher balances. I could see us doing roughly half the growth that we did this last quarter.

我預計我們的餘額將穩定在略高水平。我可以看到我們的成長幅度大約是上個季度的一半。

Got it. Alright. That makes sense. Then looking into call it your last fiscal quarter, that's -- which is usually one of your strongest quarters, do you think some of the growth might be pulled forward? Because it seems like high single digits is certainly doable this year, at least to beat the 6.5% or so from last year just given where you are right now. So do you think that maybe the mid-single digits could be surpassed?

知道了。好吧。這很有道理。然後研究一下它的最後一個財政季度，這通常是您最強勁的季度之一，您是否認為一些增長可能會提前？因為看起來今年肯定可以實現高個位數的成長，至少考慮到現在的情況，可以超過去年的 6.5% 左右。那麼，您是否認為也許可以超越中位數個位數？

I think it's definitely a possibility. The growth of the -- in the June quarter will be in part predicated by agricultural planting conditions and when do the farmers plant their crop, to where is part of that growth going to occur. Will some of it be leaning towards in the June quarter? Will part of it move later? But it's impossible to know weather conditions at this point for that.

我認為這絕對有可能。六月季度的成長將在一定程度上取決於農業種植條件以及農民何時種植作物，以及成長將發生在何處。其中有些會傾向六月季度嗎？稍後會有一部分搬走嗎？但目前不可能知道天氣狀況。

But if everything tracks, we feel like it definitely could be mid to higher single digits.

但如果一切順利，我們覺得它肯定會達到中等到較高的個位數。

Got it. All right, very helpful. And then looking at the margin just past this quarter, or the current quarter that we're in maybe, recognizing we could see some pressure. Is the bigger factor right now just liquidity? It seems like you have some good opportunities on the funding side, and as that liquidity kind of rightsizes, we should see the margin step higher? Is that a good way to think about it?

知道了。好的，很有幫助。然後看看剛剛過去的這個季度或可能當前這個季度的利潤率，我們意識到我們可能會看到一些壓力。目前更大的因素只是流動性嗎？看起來您在融資方面有一些很好的機會，隨著流動性的適當調整，我們應該看到利潤率進一步走高？這樣思考問題好嗎？

Yes. That's a great way to look at it, Andrew. So it's a little bit of a balancing act for NII there depending on the outflows of some of these seasonal deposits from the public unit and the ag clients. So basically I wouldn't expect a whole lot of net interest income growth in the quarter. But if the average balances hang around longer, you would see a little bit more pressure on the NIM should give us a little bit more NII.

是的。這是一個很好的觀察方式，安德魯。因此，對於 NII 來說，這有點像是一種平衡行為，取決於來自公共單位和農業客戶的一些季節性存款的流出。因此基本上我不會預期本季淨利息收入會有很大的成長。但如果平均餘額持續的時間更長，你會看到 NIM 的壓力會稍微大一些，從而為我們帶來更多的 NII。

Then reverse, if the balances go out quicker, we would expect to see a little bit of NIM improvement maybe or hang a little bit better.

然後反過來說，如果餘額更快用完，我們預計NIM可能會有所改善，或者情況會好一些。

Got it. All right, that's very helpful. Thanks guys. I'll step back.

知道了。好的，這非常有幫助。謝謝大家。我就退後一步。

(multiple speakers) Thank you.

（多位發言者）謝謝。

Thank you. Kelly Motta, KBW.

謝謝。凱利·莫塔（Kelly Motta），KBW。

Hi, this is Charlie on for Kelly Mata. Good morning.

大家好，我是 Charlie，代表 Kelly Mata 報道。早安.

Good morning Charlie.

早安，查理。

Just to dig into the loan growth some more. It was really healthy this quarter supported by growth and construction. Just curious what you're seeing there. Are you seeing more projects being funded and more activity in those markets? Thanks.

只是為了進一步深入了解貸款成長。在成長和建設的推動下，本季的經濟情勢十分健康。只是好奇你在那裡看到了什麼。您是否看到更多項目獲得資助且這些市場更加活躍？謝謝。

Well, we're just -- we're seeing a continuation of projects that we had underway. So we have a stable pipeline. Construction draws that are occurring would expect that some of the rate of that growth will slow as the quarter progresses as existing projects do get completed and paid off.

嗯，我們只是——我們看到我們正在進行的項目正在繼續進行。因此我們有一個穩定的管道。正在進行的建築項目預計隨著季度的進展，隨著現有項目的完工和償付，部分成長率將會放緩。

So we've had, a little over $100 million in construction land development growth since June 30th. The pace of that will slow down, and would anticipate that balances might moderate a little bit in the latter part of our fiscal year.

因此，自 6 月 30 日以來，我們的建築用地開發金額增加了 1 億美元多一點。這個速度將會減慢，預計在財政年度後期餘額可能會略有緩和。

That's helpful. Thank you. And then given this growth, you said CRE is just over 306% as of December and possibly increasing throughout 2025. Just wondering what your comfort level is with current concentrations and how you expect this concentration to trend longer and shorter term. Thanks.

這很有幫助。謝謝。然後考慮到這種增長，您說截至 12 月，CRE 已超過 306%，並且可能在 2025 年繼續增長。只是想知道您對當前濃度的舒適度如何，以及您預計這種濃度在長期和短期內會如何變化。謝謝。

Our internal limit is a fair amount higher than this. Our internal limit is 375%. We anticipate our balances to basically fluctuate between 300% and 325% is kind of where we target that ratio.

我們的內部限制比這要高得多。我們的內部限制是 375%。我們預計我們的餘額基本上在 300% 到 325% 之間波動，這就是我們的目標比例。

Awesome. That's helpful. Thank you. I'll step back.

驚人的。這很有幫助。謝謝。我就退後一步。

Thank you. At this time, we currently have no further questions. So I'll hand back to Stefan for any further remarks.

謝謝。目前，我們沒有其他問題。因此，我將把進一步的評論交給史蒂芬。

Appreciate everyone jumping on the call. And have a great afternoon.

感謝各位接聽電話的人。祝大家下午愉快。

Thanks all.

謝謝大家。

Thanks, everyone. Talk to you next quarter.

謝謝大家。下個季度再聊。

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

感謝大家參加今天的電話會議。現在您可以斷開線路了。