Latest / AG Bull / AG Squawk with Davis Michaelsen | Brian Gilbert | Market President of Ag Banking | FNBSF

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AG Squawk with Davis Michaelsen | Brian Gilbert | Market President of Ag Banking | FNBSF · AG Bull

0:10
SPEAKER_02: So I tried to get Tommy to say it yesterday, and he just wouldn't.
0:14
SPEAKER_02: And now I know why.
0:15
SPEAKER_02: Turns out turnaround Wednesday isn't a thing.
0:18
SPEAKER_02: It isn't a thing at all.
0:20
SPEAKER_02: Unless you're a winter wheat.
0:21
SPEAKER_02: Then sort of a turnaround, although not a lot of enthusiasm there.
0:26
SPEAKER_02: We're going to talk the fiduciaries today.
0:29
SPEAKER_02: And I've got a great fiduciarian.
0:31
SPEAKER_02: I'm not even sure if that's a word, but I've got a great fiduciarian to walk us through the view from behind the banker's desk.
0:49
SPEAKER_02: From behind the big blue, bodacious microphone of Ag Bull, your pal Davis Michelson, the handsome newsman.
0:56
SPEAKER_02: So glad that you are here with us on this Wednesday, October 14.
1:00
SPEAKER_02: I always got to look down in the corner there to make sure because, man, time sure does pass when you're having fun.
1:06
SPEAKER_02: And I'm just glad that you're all here with me to share another installment of Ag Squawk in the afternoon.
1:13
SPEAKER_02: I've got Brian Gilbert from the First National Bank in Sioux Falls.
1:18
SPEAKER_02: He's got a tale to tell.
1:20
SPEAKER_02: He's won some accolades, he's done some stuff, he's got some thoughts on the general farm economy.
1:27
SPEAKER_02: I want to know what he's seeing in his backyard.
1:29
SPEAKER_02: I want to get a crop report.
1:31
SPEAKER_02: I might even try and squeeze in a little bit of discussion about succession planning and what successors need to be thinking about and how an operation can best serve the next generation.
1:43
SPEAKER_02: I don't quite know where the conversation is going to go, but those are some of the thoughts that that I'm going to lob out there and we'll just we'll see where we land together.
1:52
SPEAKER_02: It was a it was a down day in uh most markets today, and we'll get to the tail of the ticker and whatnot in just a moment.
2:00
SPEAKER_02: First, may I direct you to agbull.com and our premium side, where you can get daily alerts, updates, things you need to know when you need to know them.
2:10
SPEAKER_02: Visit Agbull.com for that.
2:12
SPEAKER_02: I'll give that again at the end of the program.
2:14
SPEAKER_02: You can also call 855-737 farmagbull.com.
2:20
SPEAKER_02: We had a daily sale today.
2:22
SPEAKER_02: Now remember, yesterday we highlighted that China had shown up particularly conspicuously, I guess you might say, particularly conspicuously in the export inspections report on the soybeans side, and then completely quiet in the corn and the soybeans.
2:39
SPEAKER_02: And we thanked Mexico for showing up in all three of those.
2:42
SPEAKER_02: So uh thanks, Mexico.
2:43
SPEAKER_02: Muchas gracias.
2:45
SPEAKER_02: But we've got a daily sale to China today, 470,000 metric tons of soybeans.
2:50
SPEAKER_02: That's for delivery in the 26-27 marketing year.
2:54
SPEAKER_02: Glad to see that in there today.
2:56
SPEAKER_02: The crop progress report, of course, was delayed by Columbus Day, but in the weekend at October 11, corn crop conditions gained two percentage points and bested the high end of pre-report trade expectations at 56% good to excellent.
3:09
SPEAKER_02: Corn harvest was within a wide range of expectations at 33% complete, 10 points ahead of week ago.
3:17
SPEAKER_02: Moving right along on the corn side, soybean condition was right in line with expectations and with week ago at 57% good to excellent.
3:27
SPEAKER_02: Soybean harvest surged during the report week to 46% complete.
3:32
SPEAKER_02: That was on an expectation of 43%.
3:34
SPEAKER_02: And winter wheat sowings also gained ground.
3:36
SPEAKER_02: Now 51% complete compared to last week's 36% done.
3:42
SPEAKER_02: We had a nice open window there for a while.
3:44
SPEAKER_02: Man, did it rain in KC?
3:47
SPEAKER_02: And I think Oklahoma's still getting it.
3:48
SPEAKER_02: I'll pull up the weather map a little bit later on.
3:50
SPEAKER_02: But yeah, it's it's gonna be wet here for a day or two anyway, at least in Kansas City, and then areas stretching all the way up into possibly into southern Illinois.
4:00
SPEAKER_02: Who knows?
4:01
SPEAKER_02: Who knows?
4:01
SPEAKER_02: We'll get to that.
4:02
SPEAKER_02: We'll get to that.
4:03
SPEAKER_02: Tale of the ticker, corn and soybeans, and winter wheat futures glanced at the upside early, but quickly retreated into negative territory this morning.
4:11
SPEAKER_02: Similar story with livestock futures, which bobbed higher before falling.
4:16
SPEAKER_02: Leanhog futures led early session declines amongst the livestocks.
4:21
SPEAKER_02: Rounding into the lunch hour, corn and beans were off session lows, but still generally lower.
4:26
SPEAKER_02: Meanwhile, winter wheat futures were testing positive waters next, but some contracts up just a cent or two.
4:35
SPEAKER_02: So let's get over to those closes right quick here.
4:37
SPEAKER_02: Let me click on my grains tab.
4:39
SPEAKER_02: There we go.
4:40
SPEAKER_02: I've got your December corn contract down two cents on the day at four eighty and three quarters.
4:46
SPEAKER_02: November soybeans down six and one half cents at twelve seventy-seven and a quarter.
4:52
SPEAKER_02: Your soybean meal was higher.
4:54
SPEAKER_02: Soybean oil came down on the day under some pressure there.
4:58
SPEAKER_02: The winterweeds, hello, winter wheats.
5:00
SPEAKER_02: Effort award of the day goes to Chicago.
5:03
SPEAKER_02: December winterweed up four cents today, 6.73 and a quarter.
5:07
SPEAKER_02: December KC wheat 7.15 at settlement up two and three quarters and over to the livestocks.
5:14
SPEAKER_02: I've got November feeder cattle futures down$2.57 and one half,$338.45.
5:21
SPEAKER_02: It looked a lot better than that, right around lunchtime.
5:23
SPEAKER_02: I don't know.
5:23
SPEAKER_02: I thought maybe we were going to be a whole lot closer to unchanged, and then bottom fell out there at some point in the afternoon.
5:30
SPEAKER_02: Had a heavy lunch, apparently, did the feeder cattle.
5:33
SPEAKER_02: Similar deal over in the live cattle.
5:35
SPEAKER_02: Your fat cattle did December contract down a buck twenty-five, two twenty-five, twelve, and one half.
5:41
SPEAKER_02: And then over to the lean hogs, lead losses in the livestock sector up through settlement.
5:47
SPEAKER_02: The December contract all told a dollar ninety-five lower sixty-six zero seven and one half.
5:54
SPEAKER_02: And with that, it gives me great joy to bring to you Brian Gilbert, president of Ag Banking at the first national bank in Sioux Falls, South Dakota.
6:09
SPEAKER_02: Mr.
6:09
SPEAKER_02: Gilbert, welcome to Ag Squawk.
6:11
SPEAKER_02: Very pleased to have you here today.
6:12
SPEAKER_02: How are you, sir?
6:13
SPEAKER_00: Well, I'm doing, I'm doing very well.
6:14
SPEAKER_00: Thanks, Davis.
6:15
SPEAKER_00: Thanks so much for having me on today.
6:17
SPEAKER_00: This I'm looking forward to it.
6:19
SPEAKER_02: Yeah, good.
6:20
SPEAKER_02: So you're you work in Sioux Falls.
6:23
SPEAKER_02: You know, I had a I had an experience in Sioux Falls just earlier this summer.
6:27
SPEAKER_02: I was up at Ag PhD Field Days, which is just a little north of Sioux Falls, and had the chance to spend some time that evening uh actually in the town of Sioux Falls.
6:38
SPEAKER_02: I went down to the falls and kind of hung out walking around on the rocks, spent some time walking uh back and forth across the bridge and everything.
6:46
SPEAKER_02: What a beautiful city.
6:47
SPEAKER_00: It really is.
6:48
SPEAKER_00: I mean, and it's it's the largest city in in South Dakota, and it's growing rapidly.
6:54
SPEAKER_00: And you know, the the main drivers here are agriculture, number one, the finance industry number two, and healthcare.
7:01
SPEAKER_00: We have two major healthcare providers here in Sioux Falls.
7:05
SPEAKER_00: So it's a it's a diverse and growing community, and it's a great, great town to live in, that's for sure.
7:11
SPEAKER_00: Um, coincidentally, I was actually at the field days as well.
7:14
SPEAKER_00: So Darren Darren Hefty serves on our ag advisory board at the bank, and then our actual bank board as well.
7:21
SPEAKER_00: So yeah, yeah, that's cool.
7:23
SPEAKER_02: It was it was my first one that I'd been to.
7:25
SPEAKER_02: I'd heard about it for uh for quite a while, but uh I'd never been one.
7:28
SPEAKER_02: Man, that's a that's a swinging show, isn't it?
7:31
SPEAKER_00: It it is, yeah.
7:32
SPEAKER_00: It's growing, and I think they get people from all 50 states or nearly all 50 states there.
7:37
SPEAKER_00: So yeah, they've they cover a cover a wide area.
7:41
SPEAKER_00: Yeah.
7:41
SPEAKER_02: Well, let's start by getting to know you just a little bit, establish some street cred there.
7:46
SPEAKER_02: Where do you come from?
7:47
SPEAKER_02: What was uh what was your your young life?
7:49
SPEAKER_02: How did it lead you up to uh to the position you're in today?
7:52
SPEAKER_00: Yeah, you bet.
7:52
SPEAKER_00: I don't know if I have any street cred, Davis, so we'll but we'll try I'll try my best.
7:58
SPEAKER_00: Uh no, I uh I grew up on the family farm just in between Hitchcock and Tulair, South Dakota, which you likely have no idea where that's at, nor, nor would you, um, for unless you'd unless you grew up there.
8:10
SPEAKER_00: But I my my family continues to operate the family farm.
8:14
SPEAKER_00: We have corn soybeans and some take care of some some cows for another gentleman that's been a long time family friend.
8:21
SPEAKER_00: So I I tried to stay on the farm, and dad told me no about three times, and I finally got the hint that maybe I should I should just go to college and and try something else.
8:31
SPEAKER_00: But anyway, went to South Dakota State University and was there for four years, and then I I moved on to CHS Inc.
8:40
SPEAKER_00: in their finance department and worked there for about four and a half years before I started as an ag lender at First National Bank in Sioux Falls, which was in September 11th of 2006.
8:52
SPEAKER_00: I've been here ever since, uh, served as an ag lender for a while and then kind of an assistant manager and now uh worked my way to uh the president of ag banking.
9:02
SPEAKER_00: So and I joke about dad saying I couldn't couldn't stay on the farm, but to be honest with you, what led me to this banking career was the passion for agriculture and being involved with the you know, in my opinion, the the best people in in the world are are ag producers and ag agribusinessmen and women.
9:22
SPEAKER_00: So my when I was in high school, I really did truly want to be a farmer.
9:27
SPEAKER_00: That's the only thing I I thought I could do or wanted to do.
9:31
SPEAKER_00: And I remember dad having some probably stressful conversations with his banker at the time, a community banker, and made some changes on the farm to to continue its viability.
9:42
SPEAKER_00: And I thought, you know, if I can't be an operator, maybe I should be on the other side of the desk and try and help people reach their financial goals.
9:51
SPEAKER_00: So here we are today.
9:53
SPEAKER_00: Yeah.
9:53
SPEAKER_02: Well, and I'm I'm glad that you framed it that way, because and maybe later on, if if we uh if we've got some time, I'd I'd love to get some tips on some succession planning, if I can just pick your brain a little bit.
10:06
SPEAKER_02: But one of the things that I'm finding as I'm talking to people, not just farmers, but people involved in, and I don't know, uh, to say the ag industry feels a little creepy, a little like it misses the mark, maybe.
10:21
SPEAKER_02: Ag folks, be they bankers, be they be they machinery guys, be they in manufacturing, what however they're serving agriculture, you know.
10:31
SPEAKER_02: I I can I can see where people would get into the mindset of the only way to support agriculture is to come home and work the family farm.
10:40
SPEAKER_02: But there are so many more opportunities and different ways to serve agriculture.
10:44
SPEAKER_02: And I I think you found one right here, Brian.
10:47
SPEAKER_00: Yeah, I would agree with that.
10:48
SPEAKER_00: And I think we're seeing a growing trend too in our portfolio, our customer base, where where they where even our lenders operate or help on the family farm to kind of supplement that that farm income because the capital intensity is so great, and yeah, and there's just sometimes you have to, whether it be healthcare or just the W-2 income that you have to supplement it, but yeah, there are there are a ton of careers in South Dakota.
11:19
SPEAKER_00: We're you know blessed to have agriculture be our number one industry.
11:23
SPEAKER_00: So there are it's not like you said, it's not just the boots on the ground agri ag producers, but it's it's all of those businesses that that serve them.
11:33
SPEAKER_02: So well, with that level of farm cred established, I'm giving you a 10 out of 10 on farm cred for sure.
11:40
SPEAKER_02: Let's talk to me about crops just out out your back window on your on your drive through the country to get back and forth to home, where wherever you encounter crops in your immediate area there, I'm dying to know how how do they look.
11:53
SPEAKER_00: Yeah, so it's a mixed bag, Davis.
11:56
SPEAKER_00: You know, immediately around Sioux Falls, Minneha, and Moody County, there's some really tough spots, especially in that Dell Rapids area, which that's kind of the breadbasket of South Dakota, to be quite honest with you.
12:08
SPEAKER_00: But they're suffering.
12:09
SPEAKER_00: They did not get much rain, and and because of that, a lot of you know, a lot of corn chop for silage that you know there was it got appraised at you know 75 bushels or less.
12:21
SPEAKER_00: And last year they harvested you know 250 bushel corn.
12:24
SPEAKER_00: So they're they're tough.
12:25
SPEAKER_00: I I'll back up for a second.
12:27
SPEAKER_00: So our kind of our footprint on on the ag side at first national bank is a 200 mile radius around any of our branches that we have, whether it be here in Sioux Falls or one in Chamberlain or or other communities.
12:41
SPEAKER_00: So we kind of cover the eastern two-thirds of South Dakota, parts of southwest Minnesota, and northwest Iowa.
12:48
SPEAKER_00: So it it really is a mixed bag.
12:51
SPEAKER_00: As you get further to the west and north, there are some bright spots out there, like my family farm being in Spink County largely.
13:00
SPEAKER_00: We've got pretty decent yields for the most part up there.
13:03
SPEAKER_00: I'd say 40 to 50 bushel beans, and the corn is you know in that 150 to 175 range, which is which is I'd say about average for our area.
13:15
SPEAKER_00: So, but that the highly productive, it's kind of it's ironic, the highly productive ground that's in the southeast part of South Dakota is it's tougher.
13:25
SPEAKER_00: And as you go straight west between here and Mitchell, it's pretty tough there, too.
13:29
SPEAKER_02: Yeah.
13:30
SPEAKER_02: Interesting.
13:31
SPEAKER_02: Well, if you're if your reach includes a 200 mile radius around Chamberlain at one of your branches there, this kind of brings me to my next thing.
13:41
SPEAKER_02: I mean, you're you're not talking just just crops, you're talking crops and livestock, right?
13:46
SPEAKER_02: I mean, the further the further west you go.
13:48
SPEAKER_02: I you you get across the river there past Chamberlain, and I I don't imagine the a whole lot grows too well, does it?
13:54
SPEAKER_00: Grass and grass and cows and calves, I think.
13:57
SPEAKER_00: So yeah.
13:58
SPEAKER_00: Yeah, no, we do, I I would say, well, I wouldn't say I we do portfolio analysis, of course.
14:04
SPEAKER_00: We're the third largest ag bank in the state of South Dakota.
14:08
SPEAKER_00: In addition to loans that we have on our books, we sell most of our ag real estate loans into the secondary market.
14:15
SPEAKER_00: Year to date, we're the sixth largest secondary market originator for the farmer max system.
14:21
SPEAKER_00: So um we do uh we do have a pretty big scope, and it I think 62% of our portfolio is largely based off of more cattle than grain income.
14:35
SPEAKER_00: Now, almost all of them that have cattle have some sort of you know grain operation, but we don't we don't have a a great number of of just row crop farmers, I mean, that don't have any livestock, and I think that diversity within our portfolio has really made it shine here in the last few years.
14:55
SPEAKER_00: I mean, as we as our chief credit officer goes on and does his peer discussions, which by the way, he grew up on a farm by Faulkton, so not too far away from my stopping grounds.
15:06
SPEAKER_00: But when he talks to his peers at other other chief credit officers at Ag Banks, they're struggling.
15:12
SPEAKER_00: I mean, they've had you know, the portfolio has deteriorated and there's there's issues.
15:18
SPEAKER_00: We're very blessed within our portfolio.
15:20
SPEAKER_00: We actually had net upgrades, you know, we risk rate every borrower that that we lend money to, and we actually our portfolio improved year over year.
15:30
SPEAKER_00: Now, I don't think that's gonna hold in the 2026 renewal season, which we're of course just knocking on the door of that, just with the you know, we had outstanding yields in most of South Dakota last year, and and without that this year in some areas that we're gonna there's gonna be some some negative impacts, unfortunately.
15:51
SPEAKER_02: Yeah, yeah.
15:52
SPEAKER_02: We'll talk turkey in just a minute, but I let I gotta get to this, and I was kind of clumsily segueing in this direction.
16:00
SPEAKER_02: I believe congratulations are in order.
16:02
SPEAKER_02: Brian, you've been named the 2026 recipient of the South Dakota State University Friend of the Beef Industry Award.
16:10
SPEAKER_02: Tell me about that a little bit.
16:12
SPEAKER_00: Yeah, that's it is very exciting.
16:14
SPEAKER_00: It's it's really cool, and they give that to you know, mostly whether it's a a person or uh or an ag industry that has some, you know, some passion for for livestock and for beef for the beef industry.
16:27
SPEAKER_00: I do serve on the South Dakota Cattlemen's Foundation board as well.
16:32
SPEAKER_00: We put on the primetime gala every year and we donate most of our proceeds to feeding South Dakota.
16:38
SPEAKER_00: That's and then we also have a scholarship program and things, things outside of that to help the beef industry.
16:44
SPEAKER_00: So, yeah, in addition to what I do at the bank, I I do have a small cow herd that's in Nebraska.
16:52
SPEAKER_00: So I've got a couple great young guys that take care of them down there.
16:56
SPEAKER_00: They don't I'm more of a white glove farmer than I am anything else, Davis.
17:02
SPEAKER_00: I I when I went when I went up to the family farm up by Hitchcock to help what help with harvest, they said, Why don't you just be the parts runner?
17:10
SPEAKER_00: I said I can handle it.
17:12
SPEAKER_00: That's okay.
17:13
SPEAKER_00: I can I can do that.
17:14
SPEAKER_00: I can do that.
17:15
SPEAKER_02: So not a lot of lassoing going on there for you.
17:19
SPEAKER_02: No, there isn't.
17:20
SPEAKER_00: No, definitely not.
17:21
SPEAKER_02: Yeah, yeah.
17:22
SPEAKER_02: Me either.
17:23
SPEAKER_02: Me either.
17:23
SPEAKER_02: So I can't point fingers.
17:25
SPEAKER_02: Nobody's asking me to set a horse at at the moment.
17:28
SPEAKER_02: Um, you you talked about how your specific institution is in pretty decent condition, but but others are struggling just a little bit.
17:37
SPEAKER_02: Can we talk about more broadly?
17:39
SPEAKER_02: Maybe you want to, I don't know how wide you want to go on this, Midwestern, maybe, or just statewide, or perhaps if you know you're kind of in a what'd you call that, a tri-state, maybe a quad state area over there.
17:51
SPEAKER_02: The general health of agricultural banks and ag lending institutions, how is that holding up?
17:58
SPEAKER_00: Yeah, it's uh I I would say again, mixed, but on the grain set in the grain sector, it's tough out there.
18:06
SPEAKER_00: I mean, there's just if you didn't have record yields last year, you suffered losses as the as a grain farmer.
18:12
SPEAKER_00: I mean, there's just no no two ways about it.
18:15
SPEAKER_00: So I serve on the independent community bankers, rural America and ag committee.
18:21
SPEAKER_00: So get a chance to visit with bankers from all over all over the nation.
18:25
SPEAKER_00: And you know, I think they're feeling the same thing.
18:28
SPEAKER_00: We're we're trying to you know help be a small voice to Congress to try and get the farm bill passed, you know, to increase FSA guaranteed limits, expedite the process because we're gonna need their help as you know, as renewal season again comes around, and we do see some some farmers that are struggling or that have lost money, maybe for multiple years now.
18:53
SPEAKER_00: So yeah.
18:55
SPEAKER_02: I I think we've got a shot of you testifying before Congress, giving them heck up there on the hill.
19:01
SPEAKER_02: If we can bring that up, maybe I'll just pop it up myself here.
19:04
SPEAKER_02: Let's see, I don't know how to do that.
19:05
SPEAKER_02: There we go.
19:06
SPEAKER_02: Yes, yes, all right.
19:08
SPEAKER_02: There we are.
19:10
SPEAKER_02: There we are.
19:11
SPEAKER_02: Giving them heck up there on Capitol Hill.
19:14
SPEAKER_02: I'm I'm frustrated, Brian.
19:16
SPEAKER_02: I'm gonna be honest, and some of my frustration comes from the ethanol side.
19:20
SPEAKER_02: A whole lot of talk about a whole lot of nothing, and a little bit of this and a little bit of that gets accomplished, this and this and there.
19:26
SPEAKER_02: And and yes, the farm bill did pass through, was it the Senate Ag Committee or something like that not too long ago?
19:32
SPEAKER_02: But but it it just feels like everything is such an uphill battle.
19:37
SPEAKER_02: Here you are before Congress, sir.
19:39
SPEAKER_02: What what were you talking to them about?
19:41
SPEAKER_00: And did you shake anything loose?
19:44
SPEAKER_00: I don't think so.
19:45
SPEAKER_00: I sure tried, and no offense, Davis, but I may be prepared for that just a little bit more than I did for this podcast, but that doesn't mean I think any less of you, though.
19:54
SPEAKER_00: So don't don't feel bad at all.
19:56
SPEAKER_02: But once again, you and me both, brother.
19:59
SPEAKER_00: That's great, that's great.
20:01
SPEAKER_00: No, so in that instance, I was representing the ICBA or independent community bankers of America through that servant leadership role.
20:10
SPEAKER_00: And after I told them I'd do it, I kind of had some second thoughts about well, what did I get myself into?
20:15
SPEAKER_00: But yeah, honestly, it was a great experience.
20:17
SPEAKER_00: And and what I you know, what I was trying to articulate is again the need for for some of the things that are in one version of the farm bill or not, and really trying to focus on the the great role that community banks play as a financial partner for the ag industry and and to try and help us lend money swiftly and without regulatory burden and and things like that.
20:43
SPEAKER_00: So we can get credit in the hands of the of the producers that that need it.
20:47
SPEAKER_00: You know, one thing I will give Congress credit for is the Acre Act that they did get across the finish line.
20:54
SPEAKER_00: And basically what that does is it it levels the playing field a bit between community banks and the farm credit system, uh, gives us a little tax relief on ag real estate loans, and it's meant to, you know, transfer that savings onto the people that need it, the the ag producers.
21:14
SPEAKER_00: You know, interest rates have kind of kind of crept up here in the short term and long term, I hear in the last 60 to 90 days.
21:22
SPEAKER_00: So any relief that we can get in their hands will help ease the cash flow and help continue their operations to be you know viable and sustainable.
21:32
SPEAKER_00: So any little bit helps.
21:34
SPEAKER_02: For sure.
21:34
SPEAKER_02: I gotta ask this question because because it helps us gauge the the general farm economy, but uh delinquency ratings.
21:45
SPEAKER_02: Have we seen any sharp spikes?
21:47
SPEAKER_02: I I know that tough times have been farmers have been very resilient and doing the right things and managing hard, hard times, but at some point you can you can only manage so much.
22:00
SPEAKER_02: Are you noticing uh perhaps nationally, again, statewide, regionally, a concerning number of delinquencies?
22:07
SPEAKER_02: How are how have we How have we changed maybe in the in the last year?
22:12
SPEAKER_00: Yep.
22:13
SPEAKER_02: Six months or so.
22:14
SPEAKER_00: Yeah, for again, for us at First National, we haven't seen it as much, but regionally and statewide, bankruptcy filings are up year to date.
22:23
SPEAKER_00: They're about as high as they've been since 2015, I believe.
22:27
SPEAKER_00: So that's a that's a sign.
22:29
SPEAKER_00: And there are definitely, you know, I've been talking to bankers on the on the street and across the countryside.
22:37
SPEAKER_00: I mean, they're they're seeing their delinquency rates go up.
22:40
SPEAKER_00: We are as a whole on the bank, but not so much in the ag portfolio.
22:45
SPEAKER_00: We have a large transportation portfolio with a large number of single owner operators that that are struggling.
22:53
SPEAKER_00: And that's a that's an indicator of the economic conditions for sure, a leading indicator.
22:59
SPEAKER_00: So that and and that will trickle down to you know with high fuel prices.
23:03
SPEAKER_00: I mean, it's harder for farmers to make money too.
23:05
SPEAKER_00: And inputs are you know, haven't shown any relief either.
23:10
SPEAKER_00: So, you know, I I talk a good game here, and that it's we're kind of buoying it a little bit, but I do anticipate 2026 renewal season is gonna be it's gonna be difficult for us too.
23:23
SPEAKER_02: Well, let's let's talk about that a little bit because I have a few more questions along those lines, but I I want to switch to controlling the controllables, and I just just wonder when we're talking about renewal season, can you can you just give some super practical tips of what maybe should be in that briefcase or that or that folder when I come walking in to discuss next year's plans with my banker?
23:50
SPEAKER_00: Yeah, absolutely.
23:51
SPEAKER_00: You know, having a plan is is and be in control of your own destiny.
23:56
SPEAKER_00: Don't necessarily wait for the banker to tell you what he thinks is the right thing to do.
24:01
SPEAKER_00: Knowing your costs, controlling your costs, and and you know, if if you have had struggles, you don't have to make wholesale changes, but small changes make a you know make a huge difference, whether it's you know, picking up some custom makers or you know, diversity diversification is always very helpful, whether it's you know having an agribusiness that's on the on the farm, you know, so selling some seed, selling fertilizer, can some sort of input inputs there, but you can't get into that overnight either.
24:35
SPEAKER_00: So I mean, if you that that takes time, but I would just say have a plan, know your true cost and know where you're making money and not making money.
24:46
SPEAKER_00: I mean, hope is not a plan, hope for grain prices to go up is not a plan.
24:51
SPEAKER_00: And the other thing we really like to uh stress is to surround yourself with the with smart people.
24:58
SPEAKER_00: I mean, I always like to be the dumbest one in the room, right?
25:00
SPEAKER_00: And learn from learn from others.
25:03
SPEAKER_00: It doesn't, it's not very difficult for me, but anyway, you know, whether it's you're having that right C-suite, so your grain marketer, your agronomist, your accountant, your banker, that that will really they can they they see it all.
25:21
SPEAKER_00: And I won't say that there is there is no one size all solution, one size fits all solution for for producers, because I've seen people you know be able to have successful operations in so many different ways, but but we can help.
25:36
SPEAKER_00: One thing we try to do at First National Bank is is offer producer education through a couple different programs.
25:43
SPEAKER_00: Um, one of them being the farmers and bankers, and we tailor that to in general, probably the younger demographic that's just getting started farming.
25:53
SPEAKER_00: Maybe they came back to help mom and dad or or whatnot.
25:56
SPEAKER_00: And and we take them through real life case studies of a couple different operations that we financed that probably weren't the easiest to get approved, but we did them, and they're both successful farmers today.
26:10
SPEAKER_00: It's funny, we make them we make them go through a loan committee practice, and nine times out of ten, they deny both of those loans, and we're like, well, I guess we were I guess we were more lenient than you guys are, but uh and then we in in those in that four or five session training, we also talk about grain marketing, livestock marketing, and then succession planning.
26:32
SPEAKER_00: We invite their parents or grandparents or whomever they might be buying the farm from into that and and bring in some experts to try and help with that transition, yeah, yeah.
26:43
SPEAKER_02: On the I guess down on the bottom line is going to be expenditures, and one of those expenditures that I'm curious about because uh it must have been last week.
26:52
SPEAKER_02: I had a had a really great tile company represented here on the program.
26:58
SPEAKER_02: Uh have have you noticed, and I don't even know what I'm talking about.
27:02
SPEAKER_02: Do people usually finance that sort of thing through their preferred ag lender?
27:06
SPEAKER_02: Let's say they they need to lay down some tile in the field.
27:09
SPEAKER_02: I imagine they they don't just write a check for that.
27:11
SPEAKER_00: Not usually, no, and we we'd try to tell them not to or encourage them not to, but you know, we're huge proponents of tile and land improvements, get more out of your acres, and because land is expensive, as we all know, and this land market doesn't seem to soften because it's a bit in vogue.
27:29
SPEAKER_00: So there's investors that are active in the market in addition to the producers.
27:34
SPEAKER_00: So I think I mean we're we're huge proponents of putting tile in or or whatever it might be to improve your land.
27:41
SPEAKER_00: Typically, we'd finance that on a 10 to 15 year payback because I mean it's you kind of try and tend to put it towards its useful life, but uh it certainly lasts longer than that.
27:52
SPEAKER_00: So it's it's definitely a good investment.
27:55
SPEAKER_02: Have you seen any change in that kind of business in your uh institution there in the last I don't know, year, two years?
28:02
SPEAKER_00: Yeah, I would say and not just sir, not necessarily just specific to tile, but just in general with lending.
28:10
SPEAKER_00: Amortizations have in general stretched out for land, for livestock barns, things like that, because the the in the capital requirements, just what it costs to to buy an acre of land or to put up a cattle confinement barn or a hog barn is just it's gone through the roof.
28:30
SPEAKER_00: So we've done as much work as we can with our regulators and and others just to show them that hey, it's okay to have a 25 or a 30-year land loan, and it's not it shouldn't be you know looked at negatively because of the cost that just the upfront cost to get into it.
28:51
SPEAKER_02: So yeah, yeah.
28:52
SPEAKER_02: So I'm born and raised in central Iowa, Grundy County, as you can see the sign above there, and I swear it fell off.
28:59
SPEAKER_02: It fell off.
28:59
SPEAKER_02: I found it in the ditch laying on the ground.
29:01
SPEAKER_02: I swear.
29:04
SPEAKER_02: But as the last that I heard, the number was somewhere around 80, I think it was 82 percent of Iowa farmland is owned outright.
29:15
SPEAKER_02: I'm gonna ask you a completely unfair question here that you may not know the answer to.
29:20
SPEAKER_02: But I feel like the amount of land just owned outright has got to be a supportive, a great help in times of financial distress.
29:32
SPEAKER_02: I'm curious, do you have any idea how much of uh South Dakota farmland is just owned flat outright, the notes paid off, grandma and grandpa, or maybe it's mom and pop just flat own it?
29:45
SPEAKER_00: I don't have like this exact number, but I would say just my gut feeling would be north of 50% for sure.
29:53
SPEAKER_00: Okay, you're you're absolutely right.
29:55
SPEAKER_00: I mean, that's the lever that you can pull as to when you do go through tough times.
30:00
SPEAKER_00: I mean, that the equity, the off-balance sheet equity on these some of these balance sheets, you know, that have land in at cost and they've owned it for a number of years.
30:11
SPEAKER_00: I mean, it's tremendous.
30:12
SPEAKER_00: And in there, it's it's the rainy day fund, right?
30:16
SPEAKER_00: I mean, and and it's although it's not figuratively raining right now, it it's it's a rainy day.
30:22
SPEAKER_00: So, I mean, it that's and and that's another thing as a bank that you know you you do look at when you're underwriting loans up front, or when you know, is just the ability to weather the storm and working capital is huge, you know, so you can yeah, it yeah, but then also that equity in the long-term assets is is key right now if you have to stretch some payments out, or or even go interest only in some cases to kind of to weather the storm, that's okay.
30:54
SPEAKER_00: I mean, it it's not we know it, we get it.
30:58
SPEAKER_00: I mean, ag is very cyclical and and the volatility isn't going anywhere.
31:02
SPEAKER_00: In fact, it seems like it's gotten way more volatile uh in the past few years.
31:07
SPEAKER_02: Yeah.
31:08
SPEAKER_02: Off balance sheet equity.
31:11
SPEAKER_02: Is that what that's called?
31:12
SPEAKER_02: That's a new term for me.
31:13
SPEAKER_02: That's that's a good one.
31:14
SPEAKER_02: I wrote that one down in my notes there.
31:16
SPEAKER_02: Off balance sheet equity.
31:17
SPEAKER_00: So so uh that was like my go-to when I knew I had a tough loan committee presentation.
31:23
SPEAKER_00: I would I would throw that number out there like it was candy for people that that's good, it was a shiny thing that caught my attention.
31:33
SPEAKER_02: That's great.
31:34
SPEAKER_02: Well, okay, say by the way, let's let's just get a little air in the conversation a little bit.
31:38
SPEAKER_02: I saw you on YouTube, and apparently vanilla ice cream at that point.
31:44
SPEAKER_02: You called your your favorite favorite flavor of ice cream, and sort of what I got from your comments was you can do just about anything with it.
31:51
SPEAKER_02: You didn't say so, but you know, the way you talked about it made me think, oh, you put strawberries on it, you put maybe maybe some butterscotch, maybe maybe hot fudge, you know.
31:59
SPEAKER_02: Are you are you still sticking with vanilla?
32:01
SPEAKER_00: You know, I'll go with vanilla.
32:03
SPEAKER_00: Yeah, I I don't I don't like chocolate ice cream, I'm just gonna throw that out there.
32:08
SPEAKER_00: No, not a fan.
32:09
SPEAKER_02: What about chocolate on ice cream?
32:11
SPEAKER_00: No, nope, no kidding.
32:15
SPEAKER_00: I know it's weird, but I do like strawberries and butterscotch.
32:18
SPEAKER_00: So it's okay.
32:19
SPEAKER_00: Okay, yeah.
32:20
SPEAKER_02: We can meet there, absolutely.
32:22
SPEAKER_02: You so when I asked you what what a person should bring to to come and visit the banker and and have those conversations, you know, one of the things that you talked about was sort of a team helping you with your marketing plan.
32:37
SPEAKER_02: You mentioned agronomy, you mentioned mentioned an accountant, you know, a couple of or of three or four folks there.
32:43
SPEAKER_02: Can I can I just say out loud and just see how you respond to this?
32:49
SPEAKER_02: I don't want to chase anybody away from you, Brian, but at other institutions, or you know, if you're unhappy with your accountant, I because I feel like farmers farmers are loyal, very loyal people.
33:03
SPEAKER_02: Leroy's been my accountant since I graduated in 1968.
33:08
SPEAKER_02: Why would I change now?
33:11
SPEAKER_02: It feels like now is now is not the time to be leaning too hard into those things.
33:16
SPEAKER_02: And if some member of your team isn't pulling weight, I guess it's okay to find somebody else to do your accounting or your agronomy.
33:26
SPEAKER_02: Am I talking am I talking crazy here, Brian?
33:29
SPEAKER_00: You aren't.
33:30
SPEAKER_00: I mean, the sophistication of these operations today versus even 10 years ago or or you know, when it was dad or grandpa's operation is just it's light years ahead of of where we were then.
33:43
SPEAKER_00: And there's uh you have to have somebody that's uh that's accountable to your operation and and knows how to you know how to navigate financial situations, whether it's your accountant or your bank or financial institution.
33:59
SPEAKER_00: And you know, the worst the worst thing you can do is is get into a situation where people are just a vendor and not trying to help you or add value to your operation because it it's uh I'll I'll say I mean ag ag isn't necessarily ag banking isn't necessarily rocket science, but there's there's fewer and fewer of us that that understand the farm, that lived it, that grew up on a farm.
34:26
SPEAKER_00: And it's hard to teach people that don't have that baseline knowledge, ag blending, ag business accounting, because it is it's different than main street, main street businesses.
34:39
SPEAKER_02: Yeah, yeah.
34:40
SPEAKER_02: I've been uh you know, my daughter recently, she she's young, she doesn't know, she will learn.
34:46
SPEAKER_02: She may be learning right now.
34:47
SPEAKER_02: I love you, sweetie, by the way.
34:49
SPEAKER_02: But she's she's out on her own, making her own decisions, and she texted me from a car dealership about a week ago, week and a half ago.
34:58
SPEAKER_02: Dad, I found the car that I want really bad.
35:00
SPEAKER_02: And I said, baby, you gotta go to your bank first, line up the financing with them.
35:05
SPEAKER_02: Don't finance through the car lot, please.
35:08
SPEAKER_02: For the love of God, don't do that.
35:09
SPEAKER_02: At least not this time, not your first time.
35:12
SPEAKER_02: And uh, I'll I'll leave the end of that story unwritten there.
35:15
SPEAKER_02: But it got me to thinking, I read a little thing in the news just the other day about uh just total farm debt and about how some experts are saying it's a little hard to figure right now because there's a lot of third-party non-traditional lenders out there.
35:31
SPEAKER_02: I wonder if you might riff on that a little bit for us.
35:34
SPEAKER_02: Uh, how how disruptive is that?
35:36
SPEAKER_02: Is it disruptive?
35:37
SPEAKER_00: You know, there's certain cases where I would say use it.
35:42
SPEAKER_00: Use it if you if the if it's a cheap source of you know of capital, if you don't have to have a relationship with that person, because they're probably or that vendor, I should say, because you know, they're they're probably you're more of a number.
35:59
SPEAKER_00: I mean, it's probably some sort of AI scorecard credit approval, and they're not necessarily gonna have your back when you do have tough times, or you come you know to the end of the growing season and they say, Okay, we'll take that money back, and you you better be able to give it give it to them.
36:17
SPEAKER_00: But there are there are some cases where I would say it's it's okay, but I think you need to have a relationship lender that uh that does have your back and understands your operation.
36:28
SPEAKER_00: That is that is key.
36:30
SPEAKER_00: You talked about young people, and one thing we really pride ourselves on at First National is trying to get that next generation involved with the with the farm.
36:39
SPEAKER_00: You know, I talked about the education that we provide.
36:43
SPEAKER_00: The other thing I that we really like to do is if they're if the next generation is active at all, whether they're in high school or college or whatever, just have them start doing balance sheets and getting their own loan to maybe farm 40 acres or to feed 10 head of cattle, because then they establish a relationship with with the bank and they know you know it's just gives them a great baseline of you know how to how to talk to the bank or the accountant or whomever.
37:15
SPEAKER_00: And that's that's worked really well for us.
37:17
SPEAKER_00: I mean, we do kind of portfolio studies, and our demographic of our portfolio is about nine years younger than the average age of farmers, and that's not because we don't, you know, want to finance the prior generation, it's because we do a really good job of bringing the next generation along.
37:37
SPEAKER_02: So yeah, yeah.
37:38
SPEAKER_02: Well, let's talk about that a little bit.
37:40
SPEAKER_02: I think what you're talking about there is small bites, yeah.
37:43
SPEAKER_02: Because I've I've heard horror stories of well, granddad was ready to retire when he was 82, and my dad was 62 when he took over the farm.
37:53
SPEAKER_02: Well, that really doesn't put dad in a very good position, and it certainly doesn't help out the the next generation down very much at all.
38:01
SPEAKER_02: I like this approach of kind of easing into it 10, 20, you know, head of cattle here, 40 acres, maybe to establish those relationships.
38:10
SPEAKER_02: You talked about relationship lender, that's another shiny thing there that really caught my attention.
38:14
SPEAKER_02: That's a that's a good one, Brian.
38:16
SPEAKER_00: Yeah, no, it it's very true.
38:18
SPEAKER_00: And I, you know, I don't know exactly what training I went to when I was early in my career, but I heard you know some some of those same horror stories about granddad being 82, and son was 62 before he had any ownership of the of the farm, and finally the keys are turned over, proverbial keys, and he doesn't know how to make a decision.
38:42
SPEAKER_00: And that's a bad spot to be in.
38:45
SPEAKER_00: So the sooner you can get the young people back with some sort of financial responsibility, the better.
38:52
SPEAKER_00: And and you know, a lot of times that you know, maybe mom and dad or grandma and grandpa are still co-signing a loan or guaranteeing a loan, but that's that's okay.
39:02
SPEAKER_00: The other thing, the other thing you can take advantage of, quite honestly, is that FSA programs for young and beginning farmers, which is huge.
39:10
SPEAKER_00: I mean, helps tremendously with cash flow, eases the cash flow.
39:15
SPEAKER_00: And I would say when I was first started my ag lending career, FSA was a little bit of curse word.
39:22
SPEAKER_00: It was like lender of last resort.
39:25
SPEAKER_00: Very much not the case anymore.
39:27
SPEAKER_00: I mean, our best, most sophisticated borrowers are utilizing those programs because they're they haven't a distinct advantage, whether it's a 40-year payback or give the bank the first lien position on real estate, so you don't have to put as much money down.
39:45
SPEAKER_00: It's just I actually bought some land back at my family farm.
39:49
SPEAKER_00: That's the only way that I would have been able to even come close to cash flowing it, and it's still slightly negative, but it's less negative than what it would have been with traditional bank financing.
40:02
SPEAKER_01: So yeah.
40:04
SPEAKER_02: Iowa land and I think land just in general.
40:07
SPEAKER_02: I don't want to overgeneralize and and lump South Dakota in blindly here while I've got you, but farmland tends to be in pretty tight hands until it isn't.
40:15
SPEAKER_02: Is that the is that the case up there in South E D as well?
40:19
SPEAKER_00: It's it's that's very true.
40:21
SPEAKER_00: You know, our average uh farm values have gone up like four and a half percent year over year and 17 in the last three years.
40:30
SPEAKER_00: I think that's just a very wide wide average, I would say.
40:35
SPEAKER_00: But yeah, it's uh land doesn't come up for sale very often, and and and when it does, there's a lot of there's a lot of bidders, a lot of active bidders out there.
40:46
SPEAKER_00: So, you know, they and again I would say that more today than five years ago and 10 years ago, people are coming up with creative solutions.
40:58
SPEAKER_00: So, you know, maybe they're trying to buy an 80 and let an investor, whether it's a family member or something like that, buy the other parcel.
41:07
SPEAKER_00: And I'm just using 80 acres as an example, but sure just because it it does cost a lot to own the land and to operate the land.
41:16
SPEAKER_00: So having those strategic partners is is something that I think our successful producers have done a real good job of as well.
41:23
SPEAKER_02: Yeah, yeah, very good.
41:26
SPEAKER_02: Let's uh let's go ahead and start making our way up the chute toward the door here.
41:31
SPEAKER_02: But I want to make sure that that we've uh we've had such a great conversation and covered a wide range of topics here, Brian.
41:37
SPEAKER_02: I just I want to make sure that that you've said everything that you feel like ought to be said here on a platform like this.
41:46
SPEAKER_02: You got your hands in an awful lot of pies, and and I I appreciate that about you.
41:51
SPEAKER_02: There's no way that I hit it all.
41:53
SPEAKER_02: If if you were gonna give us like a 30, 40 second, maybe a minute-long elevator speech, something you know, the the big takeaway would be what the ag industry is the best industry in the world, and it's full of the best people.
42:13
SPEAKER_00: And and I couldn't be more proud to to be one of those small fish in a huge in a huge pond, but you know, know your your financial institution, know your accountant, know all of your input suppliers, have a relationship with them and lean into them when you need help.
42:33
SPEAKER_00: Because uh the again, we're we're there, whether it's our bank or or another bank or financial institution, most of us have a pretty good reputation and we're there to help weather the storm whenever we can.
42:47
SPEAKER_00: And we want to we wanna do we want to do what we can to get that farm to the next generation.
42:53
SPEAKER_00: And and so I just couldn't be I couldn't be more happy to to have picked this role or have this this career chosen me, I guess.
43:02
SPEAKER_00: Uh and and I look forward to another 20 great years in in the agriculture industry.
43:08
SPEAKER_02: That's outstanding.
43:09
SPEAKER_02: Everybody, we've got Brian Gilbert, president of ag banking at the first national bank in uh Sioux Falls, South Dakota.
43:17
SPEAKER_02: One of the uh one of the crown jewels of the Midwest is Sioux Falls, I would dare say.
43:23
SPEAKER_02: Hey, um, I'm really curious.
43:25
SPEAKER_02: You know, before we get to this, what do you do at your at your bank location there, do you still have the pens on the chains?
43:34
SPEAKER_00: Do you do still?
43:35
SPEAKER_00: We do not.
43:35
SPEAKER_02: No, I don't.
43:36
SPEAKER_02: I no no no chains anymore.
43:39
SPEAKER_02: Okay.
43:39
SPEAKER_02: Because I know, and I'm not sure when it happened, but all of a sudden, you know, one day I noticed I'd gone to the bank and I'm endorsing the check or doing whatever at the little tables there, the little kiosks, getting ready to go up to the counter, and uh they they just had pens there.
43:53
SPEAKER_02: Yeah, I put one in my pocket and walked out.
43:55
SPEAKER_00: That's probably why they had the chains, right?
43:57
SPEAKER_00: Yeah, that's right.
43:58
SPEAKER_00: You know what we do have though, Davis?
44:00
SPEAKER_00: Um, we converted our main money vault into our boardroom, and it's got a little entertainment area, and it's got a little hidden bar.
44:09
SPEAKER_00: So we like that we like to have a little fun with our customers here too.
44:13
SPEAKER_02: So how do you like that?
44:15
SPEAKER_02: Banking's thirsty business, apparently.
44:17
SPEAKER_02: It really is.
44:20
SPEAKER_02: Well, very good.
44:21
SPEAKER_02: Hey, let me ask you this.
44:22
SPEAKER_02: If you uh I don't know if you've got a window near you there or not, but if you just look out your window, or if you were to, uh, what's the weather like right now there in uh Sioux Falls?
44:32
SPEAKER_00: Yeah, it's it's starting to cool down.
44:35
SPEAKER_00: Um, and it's pretty it's dreary out, but it's I don't think it's raining yet, but I don't have a window on this room that I'm in right now to know if I'm lying or not.
44:44
SPEAKER_02: Okay.
44:44
SPEAKER_02: It looks like it's coming, at least.
44:47
SPEAKER_02: The uh National Weather Service says heavy rain, widely scattered, severe storms, expected over portions over the central and southern plains, anyway, into the Ohio Valley.
44:55
SPEAKER_02: Unseasonable warmth will continue for a few more days across the Midwest, Southeast, and Mid-Atlantic, where several daily record highs could fall.
45:03
SPEAKER_02: I'm looking at that spot just right over Oklahoma, and that's pointed.
45:07
SPEAKER_02: I don't know if that's gonna slide right over Kansas City a little bit later on tonight, but uh boy, we got popped pretty good last night with some rain and some strong winds.
45:16
SPEAKER_02: In fact, I have some supplemental here.
45:18
SPEAKER_02: Uh heavy rain, potentially severe thunderstorms could disrupt fall harvest operations across parts of Kansas and Missouri this week.
45:25
SPEAKER_02: Uh NWS issued flood watches from central Kansas into western Missouri.
45:30
SPEAKER_02: Uh portions of northern and eastern Kansas face a 60 to 90 percent chance of thunderstorms capable of producing damaging winds, large hail, and torrential rainfall.
45:41
SPEAKER_02: Eyes on the skies, everybody.
45:42
SPEAKER_02: Brian, before I let you go, um, we always like to do this with our guests.
45:46
SPEAKER_02: I've got a few items that you may find mildly interesting.
45:50
SPEAKER_02: Can I uh can I interest you mildly in some items, real quick?
45:53
SPEAKER_02: Absolutely.
45:55
SPEAKER_02: This day, October 14.
45:57
SPEAKER_02: It was 1947, and there's a theme going to emerge between these two here.
46:02
SPEAKER_02: Uh the Flying Bell X-1 pilot Chuck Yeager broke the sound barrier in the first supersonic flight.
46:10
SPEAKER_02: Jaeger's X1, codenamed uh glamorous Glennis after his wife, is uh actually on display at the Smithsonian at the National Air and Space Museum.
46:21
SPEAKER_02: Oh, so that was 1947.
46:23
SPEAKER_02: In 2012.
46:24
SPEAKER_02: Now this one freaks me out.
46:26
SPEAKER_02: Felix Baumgartner jumped from a helium balloon 24 miles in the sky, fell for nine minutes, reached a speed of 844 miles per hour, breaking the sound barrier himself before he landed safely with his parachute.
46:42
SPEAKER_02: And I gotta think, how strong are those cords?
46:44
SPEAKER_02: Have you ever been ever done any parachuting or skydiving or anything like that?
46:48
SPEAKER_00: I'm out on that.
46:51
SPEAKER_02: I don't even want anything to do with roller coasters, you know.
46:54
SPEAKER_00: No, me either.
46:55
SPEAKER_02: I'm just one of those people that just wants to go get the the giant corn dog and the whole big, you know, the big jug of the beverage of the day and find a park bench and just sort of people watch.
47:05
SPEAKER_00: Yeah.
47:05
SPEAKER_02: I'm not kidding you.
47:06
SPEAKER_00: Yeah, and more game for that too, that's for sure.
47:09
SPEAKER_02: Yeah, yeah.
47:09
SPEAKER_02: And finally, just one more uh an obscure birthday today.
47:14
SPEAKER_02: But if you know that song, she blinded me with science, science, pee pooper, Thomas Dolby.
47:21
SPEAKER_02: I'm actually kind of a big Thomas Dolby fan.
47:23
SPEAKER_02: He's uh some of his deeper cut stuff is is pretty neat if you like that kind of 80s uh dance beat kind of stuff.
47:31
SPEAKER_02: It's his birthday today, 1958.
47:33
SPEAKER_02: English singer-songwriter Thomas Dolby, and a little fact that you didn't need, and then I'm gonna let you go.
47:40
SPEAKER_02: When you yawn and stretch at the same time, did you know it has a name?
47:44
SPEAKER_02: There's a name for yawning and stretching.
47:46
SPEAKER_02: I did not.
47:47
SPEAKER_02: It's called, let me see if I can get it right, pandiculating.
47:52
SPEAKER_01: Huh.
47:52
SPEAKER_02: When you yawn and stretch at the same time, it's called pandiculating.
47:56
SPEAKER_02: I didn't didn't know that.
47:58
SPEAKER_00: I didn't know that, but I do know that nobody's gonna remember anything that I said after you said that word because that's impressive.
48:05
SPEAKER_02: I made him yawn and stretch with that little thing there, didn't I?
48:08
SPEAKER_02: No, no, no.
48:09
SPEAKER_02: Here's the good news they can watch it again and again and again on the interwebs.
48:14
SPEAKER_02: The interweb is forever.
48:16
SPEAKER_02: Oh, it's fantastic.
48:17
SPEAKER_02: Yeah, yeah.
48:18
SPEAKER_02: Brian Gilbert, president of Ag Banking at First National Bank in Sioux Falls, South Dakota.
48:23
SPEAKER_02: Brother, it's been great to get to know you, man.
48:25
SPEAKER_02: Um, you're uh you're uh you're a super great example for for agriculture and for your business and for your uh for your bank there.
48:33
SPEAKER_02: We uh we appreciate you letting us get to know you, and I hope you'll come back on again sometime, dude.
48:37
SPEAKER_02: This is uh this is all great info.
48:38
SPEAKER_00: Yeah, absolutely.
48:39
SPEAKER_00: I'd love to, Davis.
48:41
SPEAKER_00: And and next time I promise I'll prepare as much as I did for that hearing at Congress.
48:45
SPEAKER_02: I wouldn't I wish you wouldn't.
48:47
SPEAKER_02: I prefer to catch people off guard.
48:49
SPEAKER_02: Okay.
48:49
SPEAKER_02: I prefer to catch you off guard.
48:51
SPEAKER_02: That's uh that's kind of my thing.
48:53
SPEAKER_02: Well, Brian Gilbert, president at uh of Ag Banking, First National Bank in Sioux Falls.
48:58
SPEAKER_02: I love South Dakota, one of my favorite states.
49:01
SPEAKER_02: If you haven't had a chance, a beloved viewer, I'd uh urge you to go to Agbol.com, check out all the lavish premium services we're offering you there.
49:09
SPEAKER_02: Visit Agbol.com or call 855-737 Farm.
49:13
SPEAKER_02: Tommy's still got some of those uh Bluetooth speakers left.
49:16
SPEAKER_02: There's one right there.
49:17
SPEAKER_02: In fact, he demonstrated one in yesterday's program.
49:19
SPEAKER_02: Clear as a bell.
49:21
SPEAKER_02: Clear as a bell.
49:22
SPEAKER_02: You've got the AM radio out there in the bar, and you've got the AM radio in your cab.
49:25
SPEAKER_02: You probably have a CD player and an FM player too.
49:28
SPEAKER_02: But uh, let's get the Bluetooth covered.
49:31
SPEAKER_02: One year annual subscription,$250 to Ag Bull.
49:35
SPEAKER_02: You get two months for free, and we will send you a uh a Bluetooth speaker stamped with uh with Ag Bull right on it.
49:41
SPEAKER_02: Or take it slow,$25 a month.
49:43
SPEAKER_02: We're just glad to have you here on the YouTube.
49:45
SPEAKER_02: Don't forget to like and subscribe.
49:47
SPEAKER_02: Tell your friends.
49:48
SPEAKER_02: Uh Brian Gilbert did such a great job today.
49:50
SPEAKER_02: We're gonna try and get him back uh as soon as is reasonably possible.
49:54
SPEAKER_02: Um, let me also mention trade the news before I let you go.
49:58
SPEAKER_02: I gotta thank our sponsor there.
49:59
SPEAKER_02: Trade the news is news that we use every single day for usable news you can use.
50:04
SPEAKER_02: Choose trade the news for news you can use.
50:07
SPEAKER_02: Jed Sidwell will set you up bright and early tomorrow morning.
50:10
SPEAKER_02: There we're we're gonna try something.
50:12
SPEAKER_02: We're gonna get freaky with it.
50:13
SPEAKER_02: We're gonna try to get a combine cab confession from Iowa farmer Ted Hamer.
50:18
SPEAKER_02: We're gonna see if we can get his cell phone doohickey to work right there in the cab.
50:21
SPEAKER_02: If not, I'll just talk at you for about a half hour and then I'll turn you loose.
50:25
SPEAKER_02: But that's uh that's coming up tomorrow.
50:27
SPEAKER_02: Please join us tomorrow for more Ag Squawk.