Southern Missouri Bancorp Inc (SMBC) 2025 Q4 法說會逐字稿

Hello, everyone, and thank you for joining the Southern Missouri Bancorp earnings conference call. My name is Sammy, and I'll be coordinating your call today. (Operator Instructions)

大家好，感謝各位參加南方密蘇裡銀行集團的財報電話會議。我是 Sammy，今天將由我來主持本次會議。 （操作說明）

I would now like to hand over to your host, Stefan Chkautovich, CFO, to begin. Please go ahead, Stefan.

現在我將把發言權交給主持人，財務長斯特凡·奇考托維奇，請他開始。斯特凡，請開始吧。

Thank you, Sammy. Good morning, everyone. 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 Wednesday, July 23, 2025, and to take your questions.

謝謝薩米。大家早安。我是南方密蘇裡銀行的財務長斯特凡·奇考托維奇。感謝各位參加本次電話會議。本次會議的目的是回顧我們於2025年7月23日（星期三）發布的季度收益報告中所提供的資訊和數據，並回答各位的問題。

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.

我們可能會在今天的電話會議中做出一些前瞻性陳述，請參閱新聞稿中包含的關於前瞻性陳述的警示性聲明。

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

今天與我一同參加電話會議的有我們的董事長兼執行長格雷格‧史蒂芬斯先生，以及總裁兼首席行政官馬特‧芬克先生。馬特先生將首先介紹我們最近一個季度和財年的一些亮點。

Thank you, Stefan, and good morning, everyone. This is Matt Funke. Thanks for joining us. I'll start off with some highlights from our financial results for the June quarter, the final quarter of our fiscal year.

謝謝斯特凡，大家早安。我是馬特·芬克。感謝各位的收看。首先，我將為大家介紹我們六月季度（也是我們財年的最後一個季度）的財務表現要點。

Quarter-over-quarter earnings were up slightly as we saw our net interest margin and net interest income move higher, along with an increase in noninterest income and a lower provision for income tax expense. This was partially offset by an increase in provision for credit losses.

由於淨利差和淨利息收入上升，以及非利息收入增加和所得稅費用減少，本季獲利環比略有成長。但信貸損失準備金的增加部分抵消了這些成長。

We have seen improvement in the net interest margin this year with continued loan growth and moderate operating expense growth, which improved overall earnings and profitability in fiscal '25. Despite problem credits moving higher during the year off the very low levels we've seen across the industry in the last few years, we do feel we have good momentum and see positive trends going into the next fiscal year.

今年，隨著貸款持續成長和營運費用適度成長，淨利差有所改善，這提升了2025財年的整體收益和獲利能力。儘管不良信貸在今年有所上升，與過去幾年整個行業所見的極低水平相比有所回升，但我們仍然認為公司發展勢頭良好，並預計下一財年將保持積極態勢。

We earned $1.39 diluted in the June quarter, which remained unchanged from the linked March quarter, but up $0.20 from the June 2024 quarter, or about 17% growth year over year. During the quarter, we realized $425,000 in consulting expenses associated with the negotiation of a large long-term vendor contract, which will begin benefiting results in fiscal '26. Excluding these costs, we would have earned $1.42 for the quarter.

我們在6月份季度實現攤薄後每股收益1.39美元，與上一季（3月份）持平，但較2024年6月份季度增長0.20美元，同比增長約17%。本季度，我們因談判一項大型長期供應商合約而產生42.5萬美元的諮詢費用，該合約將於2026財年開始對業績產生積極影響。若不計入這些費用，我們本季每股收益應為1.42美元。

For full year fiscal '25, we earned $5.18 compared to $4.42 in fiscal '24. The increase year over year was predominantly driven by stronger net interest income, which stemmed from almost 7% earning asset growth and net interest margin expansion as our funding costs declined and the loan portfolio adjusted up with higher market rates.

2025財年全年，我們的獲利為5.18美元，而2024財年為4.42美元。年比成長主要得益於淨利息收入的強勁成長，這源自於獲利資產近7%的成長以及淨利差的擴大，因為我們的融資成本下降，貸款組合也隨著市場利率的上升而進行了調整。

With this earnings growth, tangible book value per share has increased by $5.19, or just above 14% over the last 12 months, to $41.87. Due to our strong capital position, with the earnings release, we also announced a $0.02, or 8.7% increase in our quarterly dividend, bringing it to $0.25 a share.

隨著獲利成長，過去 12 個月每股有形帳面價值增加了 5.19 美元，增幅略高於 14%，達到 41.87 美元。由於我們資本狀況良好，在發布獲利報告的同時，我們也宣布將季度股息提高 0.02 美元，增幅為 8.7%，達到每股 0.25 美元。

Net interest margin for the quarter was 3.46%, up from 3.39% reported for the third quarter of fiscal '25, the linked quarter, as we saw some spread increase as loan yields increased, and we benefited from deploying lower yielding excess interest-earning cash balances into higher-yielding loans.

本季淨利差為 3.46%，高於上一季（2025 財年第三季）的 3.39%，原因是貸款收益率上升，利差有所擴大，並且我們受益於將收益率較低的超額生息現金餘額投入收益率較高的貸款。

Stefan will go over more details, but in fiscal '26, we do plan to change our reported quarterly NIM calculation to be based off the annualized day count, which should reduce the volatility in the NIM due to the differences in each quarter's total days. If we calculated the net interest margin by annualizing the day count in the fourth quarter, it would have been 3.47% as compared to 3.44% in the linked quarter, if calculated similarly.

Stefan會詳細解釋，但我們計劃在2026財年將季度淨利差的計算方法改為基於年化天數，這樣可以降低因各季度總天數差異而導致的淨息差波動。若我們在第四季採用年化天數計算淨利差，則為3.47%，而上一季採用類似方法計算則為3.44%。

Gross loan balances increased during the quarter by $76 million, or 7.6% annualized; and by $250 million, or 6.5% as compared to June 30 a year ago. Provision for credit losses was $2.5 million, up $1.6 million over the linked quarter.

本季貸款總額增加7,600萬美元，年化成長率為7.6%；較去年同期（6月30日）增加2.5億美元，增幅為6.5%。信貸損失準備金為250萬美元，較上一季增加160萬美元。

The increase was primarily attributable to providing for net charge-offs and to support loan growth in addition to an increase in available balances and an increase in the expected funding rate on those available balances. Greg will go into more details on credit, and Stefan will talk about the allowance for credit losses in a bit.

此次成長主要歸因於淨沖銷撥備和貸款成長支持，此外還包括可用餘額增加以及這些可用餘額的預期融資利率上升。 Greg 稍後會詳細講解信貸相關事宜，Stefan 稍後會談到信貸損失準備金。

Deposit balances as of June 30, '25, increased by $20 million, or about 2% annualized compared to the linked quarter. This is a seasonally slower period for deposits due to seasonal outflows from our public units and as our agricultural clients deploy funds for the crop year.

截至2025年6月30日，存款餘額較上一季增加2,000萬美元，年化成長率約2%。由於公共部門資金季節性外流以及農業客戶將資金用於作物年度，這段時間通常是存款淡季。

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

現在我把這個問題交給格雷格，讓他再討論。

Thanks, Matt, and good morning, everyone. I'd like to start off talking about credit quality. Consistent with our discussions last quarter, credit quality has deteriorated somewhat from the very low levels of the last several years, but remains relatively strong at June 30 with adversely classified loans totaling $50 million, or 1.2% of total loans, an increase of about $830,000 and flat as a percentage of total loans during the quarter.

謝謝馬特，大家早安。我想先談談信貸品質。與我們上季度的討論一致，信貸品質較過去幾年的極低水準有所下降，但截至6月30日仍保持相對穩健。不良貸款總額為5,000萬美元，佔貸款總額的1.2%，較上季增加約83​​萬美元，佔貸款總額的比例與上季持平。

Nonperforming loans were $23 million at June 30, which increased $1.1 million compared to last quarter and totaled 0.56% of gross loans. In comparison to June '24, NPLs were up about $16 million, or 39 basis points higher as a percentage of total loans.

截至6月30日，不良貸款為2,300萬美元，較上季增加110萬美元，佔貸款總額的0.56%。與2024年6月相比，不良貸款增加了約1,600萬美元，佔貸款總額的比例上升了39個基點。

Nonperforming assets were about $100,000 lower compared to a year ago as we sold a parcel of other real estate in the fourth quarter, but the other real estate reduction was mostly offset by additional nonperforming loans.

與去年同期相比，不良資產減少了約 10 萬美元，因為我們在第四季度出售了另一塊房地產，但其他房地產的減少大部分被額外的不良貸款所抵消。

The increase in NPLs this quarter was mostly due to a participation that we originated, of which our balance is $5.7 million on the construction loan related to the development of senior living facility in Kansas, which was placed on nonaccrual status.

本季度不良貸款增加主要是由於我們參與的一筆貸款，該貸款是一筆與堪薩斯州老年生活設施開發相關的建築貸款，我們在該貸款中的餘額為 570 萬美元，該貸款已被列為非應計貸款。

This loan was acquired through the Citizens merger, and we're currently working through the foreclosure process. But we are still having discussions with the borrower with the hopes to avoid foreclosure as the project included very significant capital investment by them actually exceeding our outstanding balance.

這筆貸款是透過Citizens銀行的合併獲得的，我們目前正在進行止贖程序。但我們仍在與借款人協商，希望避免止贖，因為該項目包含他們非常大量的資本投資，實際上已經超過了我們未償還的貸款餘額。

As reported last quarter, we are continuing to work with borrowers on two specific-purpose, nonowner-occupied CRE properties in different states with guarantors in common and originally leased to a single tenant who has since become insolvent.

正如上個季度報告的那樣，我們正在繼續與借款人合作，處理位於不同州的兩處特定用途的非自住商業地產，這兩處地產有共同的擔保人，最初出租給一個租戶，但該租戶後來破產了。

Last quarter, these balances totaled $10 million and were placed on nonaccrual. But based on updated appraisals, we took a $3.8 million net charge in the quarter on one of the three loans, taking the balance to $6.2 million as of June 30. As of year-end in total, we have about 45% specific reserves remaining on the balances of these loans.

上季度，這些貸款餘額總計1000萬美元，並被列入非應計項目。但根據更新後的評估報告，我們在本季對其中一筆貸款提列了380萬美元的淨費用，截至6月30日，該筆貸款餘額增至620萬美元。截至年底，我們針對這些貸款餘額仍保留約45%的專案準備金。

Loans past due 30 to 89 days were $6.1 million, down $9 million from March, and 15 basis points on gross loans. This is a decrease of 23 basis points compared to the linked quarter and in line compared to a year ago.

逾期30至89天的貸款餘額為610萬美元，較3月份減少900萬美元，佔貸款總額的15個基點。與上一季相比下降23個基點，與去年同期持平。

Total delinquent loans were $25.6 million, up $1.2 million from the March quarter and up $16.4 million from the June 2024. The decrease in loans 30 to 89 days past due was primarily due to the special purpose CRE loans mentioned earlier with a partial charge-off and migration to 90 days or more past due.

逾期貸款總額為 2,560 萬美元，比 3 月季度增加 120 萬美元，比 2024 年 6 月增加 1,640 萬美元。逾期 30 至 89 天的貸款減少主要是由於前面提到的特殊用途商業房地產貸款部分被核銷，並轉為逾期 90 天或更長時間。

Despite the increase in problem loans, these issues remain at modest levels and asset quality compares favorably to the industry. In combination with strong underwriting and adequate reserves, we feel comfortable with our ability to work through these credits and any potential wider deterioration that could occur as a byproduct of general economic conditions.

儘管不良貸款有所增加，但這些問題仍處於較低水平，資產品質與行業平均水平相比也較為良好。憑藉著穩健的承銷能力和充足的準備金，我們有信心應對這些信貸問題，並能應對因整體經濟狀況波動而可能出現的更大範圍的惡化。

Still, I don't want to give the impression that we're accepting these trends, and we're redoubling efforts to improve our credit quality results.

不過，我不想給人留下我們接受這些趨勢的印象，我們正在加倍努力改善我們的信貸品質結果。

This quarter, ag real estate balances totaled $245 million, or 6% of gross loans; and ag production and equipment loans totaled $206 million, or 5% of gross loans. As compared to the prior quarter end, ag real estate balances were down $2 million, but they were up $12.5 million compared to June 30 a year ago. Ag production loan balances were up $20 million quarter over quarter due to normal seasonality and higher operating costs and up $30 million year over year.

本季度，農業房地產貸款餘額總計2.45億美元，佔貸款總額的6%；農業生產及設備貸款餘額總計2.06億美元，佔貸款總額的5%。與上一季末相比，農業房地產貸款餘額減少了200萬美元，但與去年同期相比增加了1,250萬美元。由於正常的季節性因素和營運成本上升，農​​業生產貸款餘額環比增加了2000萬美元，比去年同期增加了3000萬美元。

Our ag customers began 2025 with an early planning window due to mild weather, but heavy spring rains soon delayed progress, especially for cotton and soybeans requiring some replanting. Early planted corn and soybeans are progressing well with early corn harvest likely to begin in August and early soybeans in September, both earlier than normal.

由於氣候溫和，我們的農業客戶在2025年初便有了較早的規劃窗口，但春季的強降雨很快就延緩了進度，尤其是棉花和大豆，需要進行一些補種。早播的玉米和大豆長得很好，預計早玉米將於8月開始收穫，早大豆將於9月開始收穫，均比往年提早。

Later planted crops have improved over the past month. Overall, nearly all of our farmers' acres were planted. Crop mix projections for 2025 are 30% soybeans, 30% corn, 20% cotton, 15% rice, and 5% specialty crops.

晚播作物的長勢在過去一個月有所改善。整體而言，我們農民幾乎所有的耕地都已完成播種。 2025年的作物組合預測為：大豆30%，玉米30%，棉花20%，水稻15%，以及5%的特色作物。

Corn acreage is up slightly and may yield well, but weak pricing could prompt farmers to store grain again this year. Soybean acres rose modestly as producers diverted acres from other crops. Specialty and rice crops are in good condition, though price pressure is lowering expected returns. Cotton is showing average progress with improvement tied to drier weather conditions.

玉米種植面積略有增加，產量可能不錯，但價格疲軟可能促使農民今年再次囤積糧食。大豆種植面積小幅增長，原因是生產者將部分土地從其他作物轉向大豆種植。特種作物和水稻長得很好，但價格壓力正在降低預期收益。棉花生長情況一般，乾燥的天氣條件促進了棉花的生長。

Across the board, farmers face rising input costs and expenses for insurance, labor, and repairs, expenses of which continue to climb. Dry weather is also pushing up fuel and chemical usage for irrigation and weed control and press.

農民普遍面臨投入成本上漲以及保險、人工和維修等費用增加的困境，這些費用仍持續攀升。乾旱天氣也推高了灌溉和除草所需的燃料和化學品用量。

Farmers are drawing more heavily on credit lines with some tapping into preapproved contingency lines. About 95% of our 2024 crop has been sold and applied to debt, but lower commodity prices this spring have reduced expected profitability for this year.

農民們正大量動用信貸額度，部分農民甚至動用了預先批准的緊急資金。我們2024年約95%的作物已經售出並用於償還債務，但今年春季大宗商品價格走低降低了今年的預期獲利能力。

While economic commodity assistance program payments from the government have helped, many farmers are anticipating a difficult margin year this year. Future pricing for key crops remains soft relative to underwriting assumptions. Corn, rice, soybeans, and cotton, and wheat are each down 6% to 8%, and many producers remain pessimistic about positive returns for '25 and concerned about entering 2026 in a weakened position.

儘管政府的經濟援助計畫補貼有所幫助，但許多農民預計今年的利潤將十分艱難。主要農作物的期貨價格相對於承銷預期仍然疲軟。玉米、米、大豆、棉花和小麥的價格均下跌了6%至8%，許多生產者對2025年的收益持悲觀態度，並擔心進入2026年時自身處境會更加艱難。

We have seen some instances of farmers deciding to voluntarily wind down their operations earlier this year and could see that trend continue if the profitability outlook doesn't improve. Farm equipment prices fell this spring as dealers moved to clear inventory with lower rates, though most producers are deferring purchases of equipment. While 2024 was a strong production year, high cost and weak prices of many borrowers with lower working capital positions, or in some instances, needing restructuring.

今年早些時候，我們已經看到一些農民選擇自願停止經營，如果獲利前景沒有改善，這種趨勢可能會持續下去。今年春季，由於經銷商以較低的利率清理庫存，農機價格下降，但大多數生產者都在推遲購買設備。儘管2024年是豐收年，但對於許多營運資金不足或需要重組的借款人來說，高成本和疲軟的價格仍然構成了挑戰。

Farmland values remain firm, particularly for irrigated acres, though investor demand, not farmer demand, is driving the market. With equipment values falling and cash flow tight, collateral coverage is weaker. Lenders are actively inspecting 2025 crop progress and will deliver yield and collateral analysis by October to get an early understanding of the outlook for our borrowers as they enter 2026.

農地價格依然堅挺，尤其是灌溉地塊，但推動市場趨勢的主要是投資者需求而非農民需求。由於設備價值下跌且現金流緊張，抵押品覆蓋率下降。貸款機構正在積極檢視2025年的作物生長情況，並將於10月前提供產量和抵押品分析報告，以便藉款人儘早了解2026年的前景。

We are also monitoring the potential for further federal aid under the recently passed Big Beautiful Bill with President Trump, which could be critical in supporting our farmers through what may be another financially challenging year.

我們也密切關注最近通過的《大美好法案》（Big Beautiful Bill）中，川普總統提出的進一步聯邦援助的可能性，這對於支持我們的農民度過可能又一個充滿經濟挑戰的年份至關重要。

We are proactively working to address any potential shortfalls by leveraging FSA guaranteed programs or restructuring loans. Despite these challenges, our disciplined lending practices, stress testing of farm cash flows, and deep customer relationships should ensure satisfactory performance of these credits.

我們正積極採取措施，利用農業服務局 (FSA) 的擔保項目或重組貸款來應對任何潛在的資金缺口。儘管面臨這些挑戰，但我們嚴謹的貸款操作、對農場現金流的壓力測試以及與客戶建立的深厚關係，應能確保這些信貸的良好表現。

In addition, due to the prolonged weakness in the agricultural segment, we started to increase reserves for watch list ag borrowers in the March quarter in our calculation for our allowance for credit losses.

此外，由於農業領域持續疲軟，我們在計算信貸損失準備金時，從 3 月季度開始增加對觀察名單上的農業借款人的準備金。

Looking at the loan portfolio as a whole, gross loans increased $76 million during the quarter. The quarter was led by growth in C&I, multifamily, and ag production loans with stronger growth out of our South, West, and East regions. It all contributed to a great quarter for loan growth. The fourth and first quarter is seasonally the strongest part of our year for loan growth due to seasonal factors, including ag.

從整體貸款組合來看，本季貸款總額增加了7,600萬美元。本季主要得益於工商業貸款、多戶住宅貸款和農業生產貸款的成長，其中南部、西部和東部地區的成長尤為強勁。所有這些因素共同促成了本季貸款的顯著成長。由於季節性因素（包括農業需求），第四季度和第一季通常是我們全年貸款成長最強勁的時期。

Our pipeline for loans to fund in the next 90 days is strong and totaled $224 million as compared to $163 million in the March quarter and $157 million a year ago. Despite the strong near-term origination pipeline, we expect to have a higher-than-usual first quarter of prepayment activity that could slow some of the net loan growth.

我們未來90天內可發放的貸款項目儲備充足，總額達2.24億美元，高於3月份季度的1.63億美元和去年同期的1.57億美元。儘管近期新增貸款項目儲備強勁，但我們預計第一季的提前還款活動將高於往年水平，這可能會減緩淨貸款成長。

Although there remains some uncertainty surrounding the economy due to our strong pipeline as we look into fiscal '26, we feel optimistic about achieving another year of mid-single-digit loan growth for the upcoming year.

儘管展望 2026 財年，由於我們強勁的業務儲備，經濟狀況仍存在一些不確定性，但我們對來年實現又一個中等個位數的貸款成長充滿信心。

Our nonowner-occupied CRE concentration at the bank level was approximately 302% of Tier 1 capital and allowance at June 30, down about 2 percentage points compared to the March quarter, due to almost $9 million in net paydowns of nonowner-occupied CRE and growth in Tier 1 capital.

截至 6 月 30 日，我們銀行層級的非自住商業地產集中度約為一級資本和撥備的 302%，與 3 月份季度相比下降了約 2 個百分點，原因是非自住商業地產淨償還了近 900 萬美元，以及一級資本的增長。

On a consolidated basis, our CRE ratio was 291% at the end of the quarter. Through the year, we would expect our CRE ratio to increase somewhat, but should stay in the 300% to 325% range.

截至本季末，我們的綜合商業房地產比率為291%。預計全年商業房地產比率將略有上升，但應保持在300%至325%的區間內。

Stefan?

斯特凡？

Thanks, Greg. Matt hit some of the key financial items already, but I wanted to share a few details. Looking at this quarter's net interest margin of 3.46% included about 5 basis points of fair value discount accretion on acquired loan portfolios and premium amortization on assumed deposits compared to the linked quarter of 13 basis points and 10 basis points in the prior year's June quarter.

謝謝，格雷格。馬特已經提到了一些關鍵的財務項目，但我還想補充一些細節。本季淨利差為3.46%，其中包括收購貸款組合的公允價值折價增加約5個基點，以及承接存款的溢價攤銷，而上一季度和去年同期分別為13個基點和10個基點。

The net interest margin expanded as the yield on interest-earning assets increased 4 basis points, primarily due to loan yield expansion, while the cost of interest-bearing liabilities decreased 1 basis point.

由於生息資產收益率上升 4 個基點（主要是貸款收益率上升），淨利差擴大，而計息負債成本下降 1 個基點。

Although the Fed funds rate hasn't been reduced further this calendar year, we are seeing opportunities to lower our CD specials as local deposit competition eased during the fourth quarter. With this, in addition to our loan portfolio still repricing up to current market rates and originating loans at higher than the portfolio rate, we're optimistic we could see more margin expansion in fiscal 2026.

儘管聯邦基金利率在本年度未進一步下調，但隨著第四季度本地存款競爭的緩解，我們看到了降低定期存款優惠利率的機會。此外，我們的貸款組合仍在根據當前市場利率進行重新定價，且發放的貸款利率高於組合利率，因此我們樂觀地認為，2026財年利潤率有望進一步提升。

As of June, our average loan origination rate was about 7.3% compared to the average loans we have maturing over the next 12 months of 6.3%. If the FOMC does cut rates later this year, we believe there is further opportunity for the net interest margin expansion as our deposit pricing strategy leaves us well positioned to reduce funding costs if further rate cuts do occur.

截至6月，我們的平均貸款發放率約為7.3%，而未來12個月到期貸款的平均發放率約為6.3%。如果聯邦公開市場委員會（FOMC）在今年稍後降息，我們相信淨利差還有進一步擴大的空間，因為我們的存款定價策略使我們能夠在進一步降息的情況下降低融資成本。

Looking at noninterest income, we're up about 9.2% compared to the linked quarter. This increase was largely driven by an additional card network bonus, which is based on annual buying incentives. The total bonus received in the fourth quarter was $537,000.

非利息收入方面，我們較上一季成長約9.2%。這項成長主要得益於信用卡網路額外發放的獎勵，該獎勵基於年度消費激勵。第四季收到的獎勵總額為53.7萬美元。

In fiscal 2026, the estimated fee income for these annual bonuses will be accrued through the year. This item was partially offset by $108,000 charge to reduce the fair value of our mortgage servicing rights, which stems from the decrease in market rates and associated expectations of increased prepayments.

2026財年，這些年度獎金的預計費用收入將在當年提列。該項目部分被10.8萬美元的費用抵消，該費用用於降低我們抵押貸款服務權的公允價值，原因是市場利率下降以及由此帶來的提前還款增加的預期。

As noted in the release, we have adopted ASU 2023-02 and now account for the renewable energy tax credit benefits through a direct reduction to income taxes. This has resulted in lower fee income for fiscal 2025 of $701,000 as it was moved to reduce tax provisions.

如公告所述，我們已採納 ASU 2023-02，並透過直接減少所得稅的方式計入再生能源稅收抵免優惠。由於這部分收入用於減少稅收準備金，因此 2025 財年的費用收入減少了 701,000 美元。

Noninterest expense was up 2.3% compared to the linked quarter. This was primarily attributable to $425,000 consulting expense captured in legal and professional fees to negotiate a new contract with our debit card network.

非利息支出較上季成長2.3%。這主要歸因於與借記卡網路協商新合約而產生的42.5萬美元諮詢費用，該費用計入法律和專業服務費中。

In addition, we saw increased expenses in data processing due to third-party ancillary product expense. This is an area where we're trying to manage to stay commensurate with our earnings growth. The investment in these systems could be a net benefit in the longer term as we work to create more efficient processes and manage the growing complexities of the business and customer expectations.

此外，由於第三方輔助產品支出，我們在資料處理方面的成本有所增加。我們正努力控制這一領域的支出，使其與獲利成長保持同步。從長遠來看，隨著我們致力於創建更有效率的流程並應對日益複雜的業務和客戶期望，對這些系統的投資可能會帶來淨收益。

The ACL at June 30, 2025, totaled $51.6 million, representing 1.26% of gross loans and 224% of nonperforming loans as compared to an ACL of $54.9 million, or 1.37% of gross loans and 250% of nonperforming loans in the linked quarter.

截至 2025 年 6 月 30 日，ACL 總額為 5,160 萬美元，佔貸款總額的 1.26%，佔不良貸款的 224%；而上一季 ACL 為 5,490 萬美元，佔貸款總額的 1.37%，佔不良貸款的 250%。

$5.3 million of net charge-offs were realized in the quarter with $4.2 million of the increase from the linked quarter primarily due to the special purpose CRE relationship mentioned previously and $742,000 C&I credit related to a commercial contractor. Despite the increase in charge-offs for the quarter and overall year, our net charge-off ratio for fiscal 2025 was only 17 basis points and still compares well versus banks under $10 billion.

本季淨核銷金額為530萬美元，其中較上季增加420萬美元，主要原因是前文提及的特殊用途商業房地產貸款關係以及與商業承包商相關的74.2萬美元工商業信貸。儘管本季及全年核銷金額均有所增加，但我們2025財年的淨核銷率僅17個基點，與資產規模低於100億美元的銀行相比，仍處於較低水準。

The decrease in the ACL was primarily attributable to net charge-offs, which reduced the required reserve for individually evaluated loans as well as a decline in certain qualitative adjustments relevant to assessing expected credit losses.

ACL 的下降主要歸因於淨沖銷，這減少了對個別評估貸款的所需準備金，以及與評估預期信用損失相關的某些定性調整的下降。

This decrease was partially offset by higher model losses following our annual methodology update for pooled loans, reflecting management's updated view of a deteriorating economic outlook compared to the linked quarter's assessment.

這一降幅被我們年度貸款集合方法更新後模型損失的增加部分抵消，這反映出管理層對經濟前景惡化的看法與上一季的評估相比有所改變。

Due to these drivers, the company recorded a provision for credit losses of $2.5 million compared to $932,000 in the March quarter. Given where we see the economic cycle and our asset quality trends, we would expect to see an uptick in the normal quarterly provision.

受上述因素影響，該公司提列了250萬美元的信貸損失準備金，而3月份季度該項準備金為93.2萬美元。鑑於我們對經濟週期和資產品質趨勢的判斷，我們預期季度準備金將出現正常成長。

Despite some additional credit charges during fiscal 2025, we delivered strong earnings growth for the year, increasing profitability to a 1.21% return on average assets and an 11.4% return on average equity.

儘管在 2025 財年期間產生了一些額外的信貸費用，但我們仍實現了強勁的盈利增長，使平均資產回報率達到 1.21%，平均權益回報率達到 11.4%。

Looking back over the past five years, even with the margin pressure experienced in 2024, we have compounded tangible book value by 10% annually while returning an average of 17% of earnings to shareholders through cash dividends. With this track record, we remain focused on driving continued growth in fiscal 2026 and sustaining long-term value creation for our shareholders.

回顧過去五年，即使面臨2024年的利潤率壓力，我們的有形帳面價值仍實現了每年10%的複合成長，同時透過現金分紅向股東返還了平均17%的收益。憑藉這一業績，我們將繼續專注於在2026財年推動持續成長，並為股東創造長期價值。

Greg, any closing thoughts?

格雷格，還有什麼要補充的嗎？

Yes, Stef. We're proud of our accomplishments in fiscal '25, highlighted by the progress on our performance improvement initiative, a key project that is already beginning to show positive results, thanks to the dedication of our exceptional team.

是的，斯特夫。我們為2025財年所取得的成就感到自豪，尤其是在績效改善計畫方面所取得的進展。這項關鍵項目已經開始顯現正面成果，這要歸功於我們傑出團隊的奉獻精神。

We have continued to reinvest in the company, adding new talent to support our legacy of growth with the goal of translating these investments into sustained earnings strength and improved profitability in the years ahead.

我們持續對公司進行再投資，引進新人才，以支持我們持續成長的傳統，目標是將這些投資轉化為未來幾年持續的獲利能力和更高的獲利水準。

Since the last quarter, we've seen a modest uptick in M&A discussions, while market conditions have stabilized somewhat. We remain optimistic about the potential for attractive opportunities, and with our solid capital base and proven financial performance, believe we are well positioned to act when the right transaction arises.

自上一季以來，併購洽談活動略有回升，市場環境也趨於穩定。我們對潛在的優質投資機會依然保持樂觀，憑藉著雄厚的資本實力和穩健的財務業績，我們相信一旦出現合適的交易機會，我們就能迅速採取行動。

Notably, there are approximately 50 banks headquartered in Missouri and 24 in Arkansas with assets between $500 million and $2 billion, along with a meaningful number of others in adjacent markets, providing a broad landscape for potential partnerships.

值得注意的是，密蘇裡州有大約 50 家銀行總部設在阿肯色州，資產規模在 5 億美元至 20 億美元之間，鄰近市場還有相當數量的其他銀行，這為潛在的合作關係提供了廣闊的空間。

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

謝謝，格雷格。薩米，現在我們可以開始回答各位參與者的問題了。所以，請你提醒大家現在該如何排隊提問。

Thank you very much. (Operator Instructions) Matt Olney, Stephens.

非常感謝。 （操作說明）馬特·奧爾尼，史蒂芬斯。

Alright. Great. Thanks. Good morning. I appreciate you taking my question. I want to start on the loan growth. Really good results we just saw. I'm curious just as the loan growth developed throughout the quarter, did it strengthen throughout the quarter? Or was it steady? Just trying to get a better idea about the momentum you guys have into the upcoming October quarter.

好的，太好了，謝謝。早安.感謝您回答我的問題。我想先談談貸款成長。我們剛剛看到了非常好的業績。我很好奇，隨著本季貸款成長的推進，它是持續增強還是保持穩定？我只是想更了解你們在即將到來的十月份季度的發展勢頭。

And then Greg mentioned, I think, potentially higher prepayments in the near term. Just want to dig into that statement. And is that something that you're already seeing early on in the quarter or something that borrowers have indicated that they could do? Just looking for any color. Thanks.

然後，格雷格好像提到了短期內可能會出現更高的提前還款率。我想深入了解這句話。這是你們在本季初就已經觀察到的現象，還是藉款人表示他們可能會這樣做？我只是想了解一些情況。謝謝。

Our loan growth was pretty steady over the entire quarter, and loans in the pipeline were steadily added over the quarter. In regard to prepayment expectations, they have not occurred yet, but we do have several larger credits that have indicated that they plan to pay off in the very near term, which would increase our prepayment activity. And they're primarily in our nonowner-occupied commercial real estate.

整個季度我們的貸款成長相當穩定，在建貸款項目也持續增加。關於提前還款預期，目前尚未發生，但我們有幾筆較大額度的貸款已表示計劃在近期內還款，這將增加我們的提前還款活動。這些貸款主要集中在非自用商業房地產領域。

Okay. Perfect. No, I think you hit on that. I appreciate it. And I guess changing gears over towards the margin.

好的，完美。不，我覺得你說得對。謝謝。我想接下來應該要把話題轉向邊際效應了。

It sounds like, Stefan, the margin has got some nice tailwinds from here. Any more color you can provide about expectations more near term within the margin? And then if we do get those Fed cuts that you mentioned, what the impact could look like for the bank?

聽起來，斯特凡，利差目前似乎迎來了一些利多因素。能否進一步說明利差近期的預期？如果聯準會真的像您提到的那樣降息，這對銀行會有什麼影響？

Yeah. I guess starting with the Fed cuts. We are a bit more neutral to rate movements right now due to the higher levels of excess cash compared to prior years. But as that cash is deployed through loan growth, we do become a little more liability sensitive again. And part of the driving forces is on just the natural NIM expansion that we could see is just from the loan origination activity and renewals repricing at higher rates than our current portfolio.

是的。我想這要從聯準會降息說起。由於目前現金流較往年更為充裕，我們對利率變動的敏感度暫時較低。但隨著這些現金透過貸款成長投入使用，我們對負債的敏感度又會提升一些。部分驅動因素在於淨利差的自然擴張，這主要源自於貸款發放和續貸利率高於我們現有貸款組合的重新定價。

Yeah. Okay. And it sounds like within the deposit competition, it sounds like you felt good enough this quarter. I think you mentioned you recently took down some promotional offerings. So it sounds like the overall competitive levels on the deposit side remains reasonable.

好的。聽起來，就存款業務的競爭而言，您本季感覺還不錯。我記得您提到最近取消了一些促銷活動。所以，存款業務的整體競爭水準似乎仍在合理範圍內。

It's been more reasonable over the last six to nine months. We did see a little bit of a tick up in competition in July. So that might stall out a bit, but it's still not at the relatively high levels compared to Fed funds that we were seeing a year ago at this time.

過去六到九個月情況比較合理。七月份競爭略有加劇，因此這種趨勢可能會放緩，但與一年前同期聯邦基金利率相比，目前的水平仍然相對較低。

Okay. And then on the credit front, I think you covered the charge-off this quarter, and it sounds like that's the same loan that we discussed on the last quarter. And I think I heard on the prepared remarks that the appraisal on one of the properties came in lower. Just want to dig in on that appraisal and just trying to appreciate just the collateral behind that and just why experienced the deterioration that it did.

好的。關於信貸方面，我想您這季度已經處理了核銷事宜，聽起來這筆貸款和我們上季度討論的是同一筆。我好像在事先準備好的發言稿中聽到，其中一處房產的估價偏低。我想深入了解這次估價，看看抵押品的情況，以及為什麼它會出現這樣的貶值。

And then I think you mentioned that was just one of the appraisals. Are there still other appraisals on the other remaining loans from the same borrower that we're still waiting on?

然後我想您提到那隻是其中一份評估報告。對於同一借款人的其他貸款，是否還有其他評估報告我們還在等待？

We have -- we wrote down the balance on one of them after the appraisal came in. And with it being a special purpose entity that was operating it, we had a much higher than normal advance rate or lease rate that we advanced on that was more above market conditions with that specialty provider going away from that market term market rents to replace that tenant are much lower than what our original balance was resulting in the large charge-off.

我們已經－在評估結果出來後，我們註銷了其中一筆債務的餘額。由於該債務是由特殊目的實體營運的，我們先前的預付款或租賃利率遠高於正常水平，遠高於市場水平。而這個特殊目的實體後來放棄了該債務，尋找替代租戶的市場租金遠低於我們最初的債務餘額，導致了大額的沖銷。

It would not surprise me if we would have an additional charge-off on the other remaining building, and we're still doing some negotiation with the guarantors on that on where we end up. But it would not surprise me to have an additional write-down.

如果另一棟剩餘建築也出現額外的壞賬，我不會感到驚訝。我們仍在與擔保人就最終結果進行協商。但如果有額外的減記，我也不會感到驚訝。

And Greg, on the potential for those additional appraisals coming in, is there any specific provision or reserve already allocated towards that? Or would that be incremental from what you have now as far as the allowance?

格雷格，關於可能出現的額外評估，目前是否有任何專門的準備金或儲備金？還是說這筆費用會在現有準備金的基礎上增加？

We have 42% of the balance in specific reserve.

我們擁有42%的餘額作為專案儲備。

Got it. Okay. Great. I'll step back. Thanks for your help.

明白了。好的。太好了。我退後一步。謝謝你的幫忙。

Thanks, Matt.

謝謝你，馬特。

Thank you, Matt.

謝謝你，馬特。

(Operator Instructions) Kelly Motta, KBW.

（操作說明）Kelly Motta，KBW。

Good morning. This is Charlie on for Kelly. Thanks for the question. Just high level on the funding side. I know you mentioned a seasonally slow quarter for deposits. Do you still expect to fund near-term growth with CDs mainly or like anything you expect from clients on deposit flows?

早安.我是查理，替凱莉問話。謝謝你的提問。關於資金方面，我只想簡單了解一下。我知道你提到本季存款會受到季節性因素的影響而放緩。你是否仍預期主要依靠定期存單來為近期成長提供資金，還是會像其他方式一樣，從客戶的存款中尋求資金？

We wouldn't expect growth to be as heavily weighted towards CDs this year, as what it's been over the last couple of years. Also, just given the strong funding position we're entering the year with, we'll probably be able to be a little less aggressive on the CD side. So that might drive a little bit slower growth on the CD side relative to the non-maturity side.

我們預計今年的成長不會像過去幾年那樣主要依賴定期存單（CD）。此外，鑑於我們年初的資金狀況良好，我們或許可以稍微降低在定期存單方面的投資力道。因此，與非到期債券相比，定期存單的成長速度可能會略微放緩。

Okay. Thank you. And then could you give some specifics on the CDs you have rolling off this quarter and the rates that are going to be replaced that?

好的，謝謝。那麼，您能否詳細說明本季即將到期的定期存款以及將被哪些利率所取代？

Yeah. So about on average over the next 12 months, the CD rates that we have are about 4.24%. And on average, we're replacing at about 4%.

是的。所以，未來12個月的平均定期存款利率約為4.24%。而平均而言，我們的存款替換率約為4%。

Anything materially different in the next three months?

未來三個月內會有什麼實質的改變嗎？

I guess more towards the first half of our fiscal year, we have some higher rates rolling off and then towards the back end, those become more in line with the current market rates.

我想，在財政年度的前半段，一些較高的利率會逐步降低，然後在後半段，這些利率會更符合當前的市場利率。

Okay. Thank you. That's great. And then just on the M&A environment picking up, are you guys seeing the pace of conversations increase at all? And how are you viewing the buyback here in this environment and then with prices where they're at?

好的，謝謝。太好了。關於併購環境的回暖，你們是否觀察到洽談頻率加快？在當前環境下，考慮到股票價格，你們如何看待股票回購？

We are having -- there are more calls according to investment bankers. We haven't really seen a big uptick in actionable items, but I think that, that could be coming up here over the next quarter.

據投資銀行家反映，我們接到的電話更多了。雖然我們還沒有看到可執行事項大幅成長，但我認為這種情況可能會在下個季度出現。

And then buyback.

然後回購。

And on the stock buyback, it's just going to depend upon where we are trading at relative to our tangible book value. At this time, we believe that a potential M&A transaction could have a shorter earn-back period than if we were repurchasing our shares.

至於股票回購，這完全取決於我們目前的股價相對於有形帳面價值的水平。目前，我們認為潛在的併購交易的獲利回收期可能比我們回購股票短。

Okay. That's great. Thank you. I'll step back.

好的，太好了，謝謝。我退後一步。

We currently have no further questions. So I'd like to hand back to Matt Funke for closing remarks.

目前我們沒有其他問題了。那麼，我想把發言權交還給馬特·芬克，請他做總結發言。

Thank you, Sammy, and thank you, everyone, for your interest and attendance today. We appreciate the chance to visit with you, and we'll talk again in three months. Have a good day.

謝謝薩米，也謝謝各位今天的關注與出席。我們很榮幸有機會與大家交流，三個月後再見。祝大家今天愉快。

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

今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。