Metropolitan Bank Holding Corp (MCB) 2022 Q3 法說會逐字稿

Welcome to the Metropolitan Commercial Bank's third-quarter 2022 earnings call. Hosting the call today from Metropolitan Commercial Bank are Mark DeFazio, President and Chief Executive Officer; and Greg Sigrist, Executive Vice President and Chief Financial Officer. Today's call is being recorded. (Operator Instructions)

歡迎來到大都會商業銀行 2022 年第三季度財報電話會議。今天主持大都會商業銀行電話會議的是總裁兼首席執行官 Mark DeFazio；執行副總裁兼首席財務官 Greg Sigrist。今天的通話正在錄音中。 （操作員說明）

During today's presentation, reference will be made to the company's earnings release and investor presentation. Copies of which are available at mcbankny.com. Today's presentation may include forward-looking statements that are subject to risks and uncertainties, that may cause actual results to differ materially. Please refer to the company's notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release.

在今天的介紹中，將參考公司的收益發布和投資者介紹。其副本可在 mcbankny.com 上獲得。今天的演示文稿可能包含受風險和不確定因素影響的前瞻性陳述，可能導致實際結果出現重大差異。請參閱公司關於收益發布中出現的前瞻性陳述和非 GAAP 措施的通知。

It is now my pleasure to turn the floor over to Mark DeFazio, President and Chief Executive Officer. You may begin.

現在我很高興將發言權交給總裁兼首席執行官 Mark DeFazio。你可以開始了。

Thank you, Katie, and good morning and welcome to MCB's third-quarter earnings call. I am pleased with MCB's strong and sustained performance as evidenced by a 17.1% return on average tangible common equity this quarter, powered by the strength of our sustained loan growth and NIM expansion. Amid a backdrop of rising interest rates and increasing economic uncertainty, the MCB team has remained engaged with our clients and that commitment shows in our financial performance.

謝謝凱蒂，早上好，歡迎來到 MCB 第三季度財報電話會議。我對 MCB 強勁而持續的表現感到滿意，本季度平均有形普通股權益回報率為 17.1%，這得益於我們持續的貸款增長和 NIM 擴張的力量。在利率上升和經濟不確定性增加的背景下，MCB 團隊一直與我們的客戶保持聯繫，這一承諾體現在我們的財務業績中。

We set out over 23 years ago to build a branch-like commercial bank. In doing so, managing the funding side of our balance sheet by adding optionality has been a cornerstone of successful net interest margin management.

我們在 23 多年前就著手建設一家分行式商業銀行。在這樣做的過程中，通過增加可選性來管理我們資產負債表的資金方面一直是成功的淨息差管理的基石。

Fast forward, MCB remains focused on the management and the development of a diversified, lower cost, funding base while looking out two years or more to expand our funding strategies to support the balance sheet growth we have seen over the past 20 years.

展望未來，MCB 仍然專注於管理和發展多元化、低成本的融資基礎，同時展望兩年或更長時間來擴大我們的融資戰略，以支持我們在過去 20 年中看到的資產負債表增長。

The third quarter was no exception. We saw total deposit growth apart from expected crypto-related deposit outflows as we were able to source lower cost deposits that will more than offset outflows from the positive seeking treasury rates or looking to substantially reprice existing arrangements. This highlights the pricing discipline that underpins our margin management.

第三季度也不例外。除了預期的與加密貨幣相關的存款外流外，我們還看到了總存款增長，因為我們能夠獲得成本較低的存款，這將抵消積極尋求國債利率或尋求對現有安排進行大幅重新定價的流出。這突出了支撐我們利潤率管理的定價紀律。

Margin management is reflected in our ability to drive topline growth in net interest income, with high-quality loan growth, funded by lower cost and scalable deposit verticals. We have had success moving our new loan production yields up during this unprecedented rate environment along with raising floor rates that will provide net interest margin and net interest income protection when rates reverse.

保證金管理反映在我們推動淨利息收入增長的能力，以及高質量的貸款增長，由低成本和可擴展的垂直存款提供資金。在這種前所未有的利率環境下，我們成功地提高了新貸款的收益率，同時提高了底利率，這將在利率逆轉時提供淨息差和淨利息收入保護。

I would like to spend a moment on our global payments business. As a reminder, we provide basic retail banking services to our digital currency clients, which we often refer to as being crypto-related businesses. For sake of absolute clarity, the services we provide do not include custody or lending against any digital assets, nor are we involved in any stable coin issuances.

我想花點時間談談我們的全球支付業務。提醒一下，我們為我們的數字貨幣客戶提供基本的零售銀行服務，我們通常將其稱為加密相關業務。為了絕對清楚起見，我們提供的服務不包括對任何數字資產的託管或借貸，我們也不參與任何穩定幣的發行。

Further, as many of you have heard me say, we have not onboarded a new digital currency client since 2019. Revenues from this sector currently represents roughly 2% of MCB's total revenues or 13% of our total deposits. We remain strategically focused on [expanding] our Banking-as-a-Service offerings to fintechs who are well positioned to continue taking retail market share from banks of all sizes.

此外，正如你們中的許多人聽到我說的那樣，自 2019 年以來我們還沒有加入新的數字貨幣客戶。該部門的收入目前約佔 MCB 總收入的 2% 或我們總存款的 13%。我們仍然在戰略上專注於 [擴展] 我們的銀行即服務產品，以向有能力繼續從各種規模的銀行手中奪取零售市場份額的金融科技公司提供服務。

I am pleased to report that Banking-as-a-Service revenues of $2.5 million in the third quarter are up 21% over the prior year quarter. Our ability to scale Banking-as-a-Service related deposits over time is clearly a differentiator for growth for us as well.

我很高興地報告，第三季度銀行即服務收入為 250 萬美元，比去年同期增長 21%。我們隨著時間的推移擴展銀行即服務相關存款的能力顯然也是我們增長的一個差異化因素。

Now turning to a few third-quarter highlights as compared to the prior year. Total loans were up $1 billion or 28%. Total deposits were up $274 million or 5% including DDAs, which were up $254 million or 9%.

現在轉向與去年同期相比的一些第三季度亮點。貸款總額增加了 10 億美元或 28%。總存款增加了 2.74 億美元或 5%，其中包括 DDA，增加了 2.54 億美元或 9%。

Net interest income of $63.3 million was up 55%. Return on average assets was 1.51% as compared to 1.09% a year ago. As mentioned, the return on average tangible common equity was 17.1% in the quarter, and our efficiency ratio improved to 45.1% from 47.1%. I will now turn it over to Greg for more comments.

淨利息收入為 6330 萬美元，增長了 55%。平均資產回報率為 1.51%，而一年前為 1.09%。如前所述，本季度平均有形普通股回報率為 17.1%，我們的效率比率從 47.1% 提高至 45.1%。我現在將其轉交給 Greg 以徵求更多意見。

Thank you, Mark, and good morning, everyone. We reported strong third-quarter net income of $25 million or $2.23 of fully diluted earnings per share. Loan growth and NIM expansion led net interest income higher in the third quarter, with NII increasing 15% to $63.3 million as compared to the prior quarter.

謝謝馬克，大家早上好。我們公佈了強勁的第三季度淨收入 2500 萬美元或每股完全攤薄收益 2.23 美元。貸款增長和 NIM 擴張導致第三季度淨利息收入增加，NII 比上一季度增長 15% 至 6330 萬美元。

Let me take you through a few of the key drivers this quarter. Commercial bank performance remained strong with net loan growth of $242.1 million or 5.5%, bringing year to date net loan growth to 23.7%. Though down from a record second quarter, loan originations remained strong at $424 million, bringing total originations for the first nine months of 2022 to $1.4 billion.

讓我帶您了解本季度的幾個主要驅動因素。商業銀行的業績依然強勁，淨貸款增長 2.421 億美元或 5.5%，使年初至今的淨貸款增長達到 23.7%。儘管低於創紀錄的第二季度，貸款發放仍保持強勁，達到 4.24 億美元，使 2022 年前九個月的發放總額達到 14 億美元。

Credit quality remains pristine with no charge-offs to date and non-performing loans effectively at zero. The provision in the quarter was in line with loan growth. As expected, crypto-related deposits were down $486 million, led by the effort to promptly return funds to Voyager customers once approved by the bankruptcy court. This was our second consecutive quarter of measurable inflows of retail deposits, including those with loan customers, with an increase of $151 million in the third quarter.

信貸質量保持原始狀態，迄今為止沒有沖銷，不良貸款實際上為零。本季度的準備金與貸款增長一致。正如預期的那樣，與加密貨幣相關的存款減少了 4.86 億美元，這是由於一旦破產法院批准，將立即向 Voyager 客戶返還資金。這是我們連續第二個季度出現可衡量的零售存款流入，其中包括貸款客戶的存款，第三季度增加了 1.51 億美元。

Credit goes to our retail and commercial lending teams for the sustained client engagement. We also saw strong inflows of $162 million related to our fintech Banking-as-a-Service clients. The inflows I mentioned more than offset the expected outflows from deposit categories seeking higher yields, which is consistent with our disciplined approach to deposit pricing and margin management.

感謝我們的零售和商業貸款團隊持續的客戶參與。我們還看到與我們的金融科技銀行即服務客戶相關的 1.62 億美元的強勁流入。我提到的資金流入遠遠抵消了尋求更高收益率的存款類別的預期資金流出，這與我們嚴格的存款定價和保證金管理方法是一致的。

Non-interest bearing deposits remained robust at 53% of total deposits. Net interest margin was up 58 basis points in the quarter to 3.85%. Asset yields benefited from rising rates as well as deployment of liquidity into loans with interest earning asset yields increasing 76 basis points to 4.26%. Importantly, the total cost of funds increased a modest 20 basis points while remaining low at 45 basis points, given our patience and ability to hold deposit betas low to this point in the cycle.

無息存款保持強勁，佔存款總額的 53%。本季度淨息差上升 58 個基點至 3.85%。資產收益率受益於利率上升以及將流動性部署到貸款中，生息資產收益率上升 76 個基點至 4.26%。重要的是，考慮到我們有耐心和能力將存款貝塔值保持在周期中的這個低點，資金總成本小幅增加了 20 個基點，同時保持在 45 個基點的低位。

We do expect to see NIM expansion into next year on the strength of our pricing discipline on both sides of the balance sheet and given the funding options available to us. While being mindful of the current interest rate forecast, we are looking further down the field to position for an eventual decline in rates.

我們確實希望看到 NIM 擴展到明年，因為我們在資產負債表兩側的定價紀律和我們可用的融資選擇。在關注當前利率預測的同時，我們正在進一步展望未來，為利率最終下降做好準備。

We have increased asset duration gradually over the past several quarters. For securities, duration is naturally extended with rising rates. For loans, we have taken a bit more duration, which is evidenced by a modest decline in the floating rate portion of the portfolio to 41% at September 30 as compared to 44% to begin the quarter. This also shows in our net interest income sensitivity modeling, which has come in a bit this quarter, particularly in the rates down scenarios highlighted in our IR deck.

在過去的幾個季度中，我們逐漸增加了資產久期。對於證券來說，期限自然會隨著利率上升而延長。對於貸款，我們採取了更長的久期，這可以從 9 月 30 日投資組合的浮動利率部分從本季度開始的 44% 小幅下降到 41% 來證明。這也顯示在我們的淨利息收入敏感性模型中，該模型在本季度出現了一些，特別是在我們的 IR 平台中強調的利率下調情景中。

We've had continued success in moving floors up on new origination floating rate loans where the majority of loans are subject to floors. These structural benefits are important elements of our margin management, which provides stability as rates continue to move up and will provide a significant level of NIM protection when the rates inevitably begin to move back down.

我們在提高新發放的浮動利率貸款的最低限額方面取得了持續的成功，其中大部分貸款都受到最低限額的限制。這些結構性好處是我們保證金管理的重要組成部分，它在利率繼續上升時提供穩定性，並在利率不可避免地開始回落時提供顯著水平的 NIM 保護。

GPG revenues were down $1.1 million quarter-over-quarter, given the expected decline in crypto-related GPR card volumes. Partially offsetting this decline were fintech Banking-as-a-Service revenues, which were up $312,000 or 14% in the quarter on an 11% increase in related transaction volumes.

考慮到與加密相關的 GPR 卡數量的預期下降，GPG 收入環比下降 110 萬美元。部分抵消了這一下降的是金融科技銀行即服務收入，該收入在本季度增長了 312,000 美元或 14%，相關交易量增長了 11%。

Overall, expenses continue to be well managed as we are building for scale with a focus on generating near-term returns on the investments we make. This has been clearly evident in human capital where compensation and benefits has continued to scale along with MCB's growth and profitability, reflecting the continued investments being made, particularly in control and infrastructure functions.

總體而言，由於我們正在擴大規模，重點是為我們所做的投資產生短期回報，因此費用繼續得到妥善管理。這在人力資本中顯而易見，其中薪酬和福利隨著 MCB 的增長和盈利能力而持續擴大，反映出正在進行的持續投資，特別是在控制和基礎設施功能方面。

Apart from our core run rate, professional fees did increase in the quarter. The primary driver was legal fees, which were elevated by approximately $4 million, with outside counsel engagement focused on Voyager's bankruptcy proceedings as well as other matters. We do expect legal fees to moderate back to historic levels as we move through the fourth quarter with our expected first-quarter run rate for legal fees in line with historic trends.

除了我們的核心運行率外，本季度專業費用確實有所增加。主要驅動因素是法律費用，增加了約 400 萬美元，外部律師的參與主要集中在 Voyager 的破產程序和其他事務上。我們確實預計，隨著我們進入第四季度，我們預計第一季度的法律費用運行率將與歷史趨勢保持一致，法律費用將回落至歷史水平。

Touching on taxes briefly. We would expect the effective tax rate for the balance of the year to be in the range of 31% to 32%, excluding discrete items recognized in the first quarter. Our capital levels remain strong with all capital ratios, significantly above well-capitalized levels. And I will now turn the call back to our operator for Q&A.

簡要談到稅收。我們預計今年剩餘時間的有效稅率將在 31% 至 32% 的範圍內，不包括第一季度確認的離散項目。我們的資本水平在所有資本比率方面都保持強勁，顯著高於資本充足水平。我現在將把電話轉回給我們的接線員進行問答。

(Operator Instructions) Chris O'Connell, KBW.

（操作員說明）Chris O'Connell，KBW。

Good morning.

早上好。

Good morning, Chris.

早上好，克里斯。

Good morning, Chris.

早上好，克里斯。

So just wanted to start out with the legal or professional fees being elevated and see if you guys could give any additional color around the issue or how you think the trajectory will be between now and 1Q '23?

所以只是想從提高法律或專業費用開始，看看你們是否可以圍繞這個問題給出任何額外的顏色，或者你認為從現在到 23 年第一季度之間的軌跡如何？

As Greg mentioned -- this is Mark DeFazio. As Greg mentioned, we think the legal fees will start to normalize through the fourth quarter, and we should -- hopefully, we'll be behind it starting in the first quarter in '23. Voyager, as everyone knows, was a bankruptcy so we had to represent ourselves there.

正如 Greg 提到的——這是 Mark DeFazio。正如格雷格提到的那樣，我們認為法律費用將在第四季度開始正常化，我們應該——希望我們能從 23 年第一季度開始落後於它。眾所周知，Voyager 破產了，所以我們不得不在那裡代表自己。

And we also have one other matter that is a 2020 matter, which we're working through as well. So we expect these two matters, hopefully, will be behind us by the end of this year, and we'll be back to normal trends as it relates to professional fees.

我們還有另一件事是 2020 年的事情，我們也在努力解決。因此，我們預計這兩個問題有望在今年年底前結束，我們將恢復正常趨勢，因為這與專業費用有關。

Okay, got it. And then just on the rest of the expenses, there's a disclosure around locking some gains that will help offset licensing fees going forward. Is there any idea, given that offset, where those licensing fees trend in the fourth quarter given the recent rate hikes?

好，知道了。然後就其餘費用而言，有一項關於鎖定一些收益的披露，這將有助於抵消未來的許可費用。考慮到這種抵消，考慮到最近的加息，這些許可費在第四季度的趨勢如何？

Yeah. there's only a portion of that line, which is licensing fees, that's subject to any sort of rate variability. And we substantially hedged that rate risk out with the interest rate cap that we disclosed, Chris. So I think what you're really going to see in the fourth quarter should largely be in line with third quarter.

是的。該行中只有一部分是許可費，它會受到任何類型的費率變化的影響。克里斯，我們通過披露的利率上限對沖了利率風險。所以我認為你在第四季度真正看到的應該在很大程度上與第三季度一致。

That rate cap, the $12.7 million we referenced in the earnings release, that will come in the P&L and that line over the remaining balance of the hedge period, which I think was in that 28- to 30-month period. It's probably down to closer to 25 months at this point in time. So we will see some continued protection from that as it comes in the income.

這個利率上限，即我們在收益發布中提到的 1270 萬美元，將出現在損益表和對沖期剩餘餘額的那條線上，我認為是在 28 到 30 個月的期間內。在這個時間點，它可能下降到接近 25 個月。因此，隨著收入的增加，我們將看到一些持續的保護。

Okay, great. And then on the loan growth side of the balance sheet -- obviously another strong quarter of growth. Just any update on what you're hearing from your customers as far as demand. And then any areas that you're more aggressive on or pulling back on at this point in the cycle?

好，太棒了。然後在資產負債表的貸款增長方面——顯然又是一個強勁的增長季度。就需求而言，只是關於您從客戶那裡聽到的任何更新。然後在周期的這個點上你更積極或撤回的任何領域？

No. We're very fortunate as a commercial bank. And as you see the level of diversification we have in our loan portfolio, our clients are very active in this market, looking for opportunities. And we're not pulling back on any asset class at the moment, and we're just a bit more careful in certain decisions we make regarding certain asset classes. But no, we see very little headwinds ahead of us and looking forward to continuing to support our commercial clients.

不，作為一家商業銀行，我們非常幸運。正如您所看到的我們貸款組合的多元化程度，我們的客戶在這個市場上非常活躍，正在尋找機會。我們目前不會撤回任何資產類別，我們只是在針對某些資產類別做出的某些決定時更加謹慎。但不，我們看到前面的阻力很小，並期待繼續支持我們的商業客戶。

Okay, great. And then any pushback on the substantial change in origination rates over the past couple of quarters, given the upward move in rates? And any pushback on that or the raising of the floors?

好，太棒了。考慮到利率上行，過去幾個季度發起利率的大幅變化有什麼阻力嗎？對此有任何反對或提高地板嗎？

I wouldn't call it pushback. I mean, obviously, there's a conversation. But one of the things I think we benefit from, again, being a commercial bank and having significant optionality or diversification on the commercial loan side. Our clients are very high net worth individuals, and we're assisting them in generating significant internal rate of returns on their investments.

我不會稱之為回擊。我的意思是，很明顯，有一段對話。但我認為我們再次受益的一件事是，作為一家商業銀行，在商業貸款方面具有顯著的選擇性或多元化。我們的客戶是非常高淨值的個人，我們正在協助他們為他們的投資創造可觀的內部回報率。

So they acknowledge that funding costs are going up, and therefore, loan yields have to rise. And someone told me once, it's not a cost of money, it's the cost of not having it. So they still see our funding as very strategic in their ability to generate generational wealth. So yes, there's a discussion about it, but I wouldn't suggest in any way it's a headwind.

因此，他們承認融資成本正在上升，因此，貸款收益率必須上升。曾經有人告訴我，這不是錢的成本，而是沒有它的成本。因此，他們仍然認為我們的資助對於他們創造世代財富的能力非常具有戰略意義。所以是的，有關於它的討論，但我不會以任何方式暗示它是逆風。

Great. And then I may have missed it, but I know in the past you have assumed roughly a 70% beta in the interest rate sensitivity tables. Any change as you've seen the magnitude and the pace of rate hikes? And what you guys have seen in 3Q and then conversations so far in 4Q as to when you get to that beta over the course of the cycle? And I guess like what you're seeing in the near term in terms of betas on the deposit side?

偉大的。然後我可能錯過了它，但我知道過去你在利率敏感度表中假設了大約 70% 的 beta。你看到加息的幅度和步伐有什麼變化嗎？你們在第 3 季度看到了什麼，然後在第 4 季度就你們在整個週期中什麼時候進入測試版進行了對話？我猜你在短期內看到的存款方面的貝塔是什麼？

Yes. Just first to confirm, for interest bearing deposits, we do run our NII sensitivities with a 70% beta. Now early in the cycle, we talked about how that might be a bit conservative. To this point, our betas have remained low.

是的。首先要確認，對於有息存款，我們確實以 70% 的貝塔值運行我們的 NII 敏感性。現在在周期的早期，我們討論了這可能有點保守。到目前為止，我們的貝塔值仍然很低。

I think trying to triangulate when we hit the 70% -- though Chris, it's more, to us, an issue of we do have not only funding options on the table right now, but a pretty robust pipeline of deposit opportunities we're looking at. I still think we're going to stay inside of that, what I still think is a fairly conservative 70% beta. Because, again, to Mark's point, I think it's a key theme this quarter. Just the optionality we have as we kind of think about managing the balance sheet and the margin.

我認為當我們達到 70% 時嘗試進行三角測量——儘管克里斯，對我們來說，這更重要的是，我們現在不僅有融資選擇，而且我們正在尋找一個非常強大的存款機會管道在。我仍然認為我們將留在其中，我仍然認為這是一個相當保守的 70% beta。因為，就馬克的觀點而言，我認為這是本季度的一個關鍵主題。只是我們在考慮管理資產負債表和利潤時所擁有的選擇權。

Got it. So based on your commentary, I mean, it's safe to assume, at least for the next couple quarters, some pretty fairly positive NIM trends going forward still?

知道了。因此，根據您的評論，我的意思是，可以安全地假設，至少在接下來的幾個季度，一些相當積極的 NIM 趨勢仍在繼續？

Yeah. And to play it back another way, I mean even if that deposit beta on interest bearing deposits does trend into the 50% to 60% or slightly higher range, I still think we're going to continue to see some uplift on NIM. Just again, given our disciplines and what we're able to do on the asset side of the sheet as well, combined with just our overall deposit pricing initiatives.

是的。換句話說，即使生息存款的存款貝塔確實趨向於 50% 至 60% 或略高的範圍，我仍然認為我們將繼續看到 NIM 有所提升。再一次，考慮到我們的紀律以及我們在表的資產方面也能做的事情，再加上我們的整體存款定價計劃。

Great. And last one for me. Just any update you can give on where you think the $1.6 million of GPG fees, related digital currency business and the $762 million remaining of the digital currency related deposits in the trends that you've seen so far in 4Q -- or the outlook that you see on that in the near term?

偉大的。最後一個給我。您可以提供任何更新，說明您認為 160 萬美元的 GPG 費用、相關數字貨幣業務以及您在第四季度迄今為止看到的趨勢中剩餘的 7.62 億美元數字貨幣相關存款 - 或者前景你在短期內看到了嗎？

As it relates to the crypto deposits, I think we're a bit stable at this point. We're seeing a bit pickup in crypto-related transactions that we play such a small role in that space in any event. So the transaction volumes, therefore, the revenue generated from it won't be significant either way up or down.

由於它涉及到加密存款，我認為我們在這一點上有點穩定。我們看到與加密貨幣相關的交易有所回升，無論如何我們在該領域扮演的角色都很小。因此，交易量，因此，從中產生的收入無論是上升還是下降都不會顯著。

And on the deposit side, I think they've been stable. Our volatility last quarter came from Voyager, which is obviously a bankruptcy, so that speaks for itself. But GPG, excluding crypto, we continue to see expansion there. We see our Banking-as-a-Service business continuing to grow.

在存款方面，我認為它們一直很穩定。上個季度我們的波動來自 Voyager，這顯然是破產，所以這不言而喻。但是 GPG，不包括加密貨幣，我們繼續看到那裡的擴張。我們看到我們的銀行即服務業務持續增長。

Remember that business is a retail business. It's a retail digital bank within a commercial bank. So it's in a marathon. It takes a lot of time; client acquisition takes a bit of time. But once you have those clients they're here for a while. So we expect to see a continued steady increase in our Banking-as-a-Service business for the foreseeable future.

請記住，商業是零售業。它是商業銀行內的零售數字銀行。所以這是一場馬拉鬆比賽。這需要很多時間；客戶獲取需要一些時間。但是一旦你有了這些客戶，他們就會在這裡待上一段時間。因此，我們預計在可預見的未來，我們的銀行即服務業務將繼續穩步增長。

Great. I appreciate the time.

偉大的。我很感激時間。

Thank you.

謝謝你。

Alex Lau, JPMorgan.

Alex Lau，摩根大通。

Hi. Good morning, Mark and Greg.

你好。早上好，馬克和格雷格。

Hi, Alex.

嗨，亞歷克斯。

Good morning, Alex.

早上好，亞歷克斯。

In the past, you've talked about growing loans in that mid-teen range. Are you feeling confident continuing in this historical loan growth range given a more challenging deposit environment?

過去，您曾談到在 15 歲左右的範圍內增加貸款。鑑於更具挑戰性的存款環境，您是否有信心繼續保持這一歷史貸款增長范圍？

I look at it -- the answer is obviously, yes. We take -- we manage our capital really efficiently here and we take it very serious. Capital is precious to us. So we're not going to grow for the sake of growing. And if market conditions are such where it puts the kind of NIM compression that is not going to generate the kind of topline revenue that we expect to achieve, perhaps we would do less lending.

我看了一下——答案顯然是肯定的。我們採取 - 我們在這裡非常有效地管理我們的資本，我們非常認真地對待它。資本對我們來說是寶貴的。所以我們不會為了成長而成長。如果市場條件如此，NIM 壓縮不會產生我們期望實現的那種收入，也許我們會減少放貸。

We haven't seen that headwind yet. We're expecting -- as I mentioned earlier, our clients are very active in this market. We are in many different markets, and we have a lot of optionality on the lending side. So we will be in control of that.

我們還沒有看到逆風。我們期待——正如我之前提到的，我們的客戶在這個市場上非常活躍。我們在許多不同的市場，我們在貸款方面有很多選擇。所以我們將控制它。

But we are very conscious of our capital and preserving it, making sure we get the right operating leverage for generating returns. So we'll have to see. And of course, credit discipline. And if market conditions as such -- we're talking about margin, if market conditions somewhat change where it puts a bit of a concern on asset quality, of course, we would be able to roll that back. We're very opportunistic here. We don't have a [target] of achieving a certain rate of growth. We're all about earnings.

但我們非常注意我們的資本並保護它，確保我們獲得正確的運營槓桿來產生回報。所以我們必須拭目以待。當然，還有信用紀律。如果市場狀況如此——我們談論的是保證金，如果市場狀況有所變化，這讓人們對資產質量產生了一些擔憂，當然，我們將能夠扭轉這種局面。我們在這裡非常機會主義。我們沒有實現一定增長率的[目標]。我們都是為了收入。

That's helpful. On the deposit side, outside of the crypto-related balances, there's some good growth in the fintech deposit. Can you talk about what drove this growth in the quarter? What the cost is on these types of deposit? And in terms of just what you're seeing in the pipeline, how confident are you growing -- in growing these deposits in the near term?

這很有幫助。在存款方面，除了與加密貨幣相關的餘額外，金融科技存款也有一些良好的增長。您能談談是什麼推動了本季度的增長嗎？這些類型的存款的成本是多少？就您在管道中看到的內容而言，您對在短期內增加這些存款的信心有多大？

We're confident. We see a direct correlation between onboarding and integrating with new fintech companies. They're executing on their business strategy in the form of the client acquisition strategy. So we're seeing the benefit of their growth and we share in that.

我們有信心。我們看到新金融科技公司的入職和整合之間存在直接關聯。他們以客戶獲取戰略的形式執行他們的商業戰略。因此，我們看到了他們成長的好處，我們也分享了這一點。

So we expect deposits to continue to grow steadily. We expect to onboard new fintech companies at a pace that we can manage the risk because that's the cornerstone of this business -- is managing the operational risk; and we expect it to continue.

所以我們預計存款會繼續穩定增長。我們希望以我們可以管理風險的速度加入新的金融科技公司，因為這是該業務的基石——管理運營風險；我們希望它繼續下去。

The consumers are continuing to move more and more to a digital platform. And the traditional banks are just not filling that void, and fintech companies are. And they need Banking-as-a-Service provider like MCB to do that.

消費者越來越多地轉向數字平台。傳統銀行並沒有填補這一空白，而金融科技公司卻填補了這一空白。他們需要像 MCB 這樣的銀行即服務提供商來做到這一點。

Thank you. And on the property manager and bankruptcy trustee deposits, they continued to decline another quarter. Can you walk through what is driving this? And do you expect these balances to continue declining or have we hit a floor?

謝謝你。而在物業經理和破產受託人存款方面，他們又繼續下降了一個季度。你能解釋一下是什麼在驅動這個嗎？您預計這些餘額會繼續下降還是已經觸底？

It's hard to say that we've hit a floor. And again, fortunately, we have optionality, so we were able to more than outpace those outflows. In those two cases we had -- we were competing with much higher yields. And I think in a couple of cases, the clients were really looking to achieve more of a treasury rate return. And we're just not going to pay up for the deposits.

很難說我們已經觸底。再次，幸運的是，我們有選擇權，所以我們能夠超過這些外流。在這兩種情況下，我們 - 我們正在與更高的收益率競爭。我認為在某些情況下，客戶真的希望獲得更多的國債利率回報。我們只是不打算支付押金。

So fortunately, we have the optionality to manage our margin. And we're still very engaged with these clients, we expect to do more business with those clients. But they have goals that they set out for themselves. And we have discipline around managing our cost of funds. So fortunately, we have the optionality around our balance sheet that provides us the ability to say, no.

幸運的是，我們可以選擇管理我們的保證金。我們仍然與這些客戶保持密切聯繫，我們希望與這些客戶開展更多業務。但他們有為自己設定的目標。我們在管理資金成本方面有紀律。幸運的是，我們的資產負債表具有選擇性，這讓我們有能力說不。

Thank you. And then onto crypto deposits, just to clarify on the $486 million outflow. How much of that was from Voyager and what was the rest from?

謝謝你。然後是加密存款，只是為了澄清 4.86 億美元的流出。其中有多少來自 Voyager，其餘來自什麼？

It was around 70% was Voyager, to be candid. And the rest, I would just characterize as normal flows in the crypto space.

坦率地說，Voyager 大約佔 70%。其餘的，我只是將其描述為加密空間中的正常流動。

Thank you. And just a side question. At what point would you be comfortable using a portion of those crypto-related deposits to fund loans or securities [growth]?

謝謝你。只是一個附帶問題。在什麼時候你會願意使用這些與加密貨幣相關的存款的一部分來為貸款或證券 [增長] 提供資金？

It's there -- we have a 50% beta against those deposits already. And the ones that we do have on our balance sheet are fairly stable. So to the extent that they become useful and less costly than other options, we would consider it.

就在那裡——我們已經對這些存款進行了 50% 的測試。我們資產負債表上的資產相當穩定。因此，如果它們比其他選擇變得有用且成本更低，我們會考慮它。

But right now, there is volatility still in the crypto space. And we've been able to drive lower cost -- low-cost funds elsewhere. So it's just another arrow in our quiver to the extent we feel comfortable enough with relying on those deposits to be around to fund longer-term earning assets.

但是現在，加密貨幣領域仍然存在波動。而且我們已經能夠推動成本更低——其他地方的低成本資金。因此，這只是我們箭袋中的另一支箭，我們可以放心地依靠這些存款來為長期盈利資產提供資金。

I agree with Mark. I think those deposits are getting closer and closer to being fungible along with the rest of the deposits, although there's still some hesitation. We have the optionality on the rest of the deposit verticals. We have the other strategies we're working on.

我同意馬克。我認為這些存款越來越接近於與其他存款一起互換，儘管仍有一些猶豫。我們對其餘垂直存款擁有選擇權。我們還有其他正在研究的策略。

And I think the other side of it is we continue to just, just in the overall, continuously funding in client perspective just to increase our options there. You might have seen our FHLB capacity picked up as well. If you add it all together, I think we're getting closer and a little bit more comfortable, but we have options and I think that's the important part.

而且我認為它的另一面是我們繼續，只是在整體上，從客戶的角度不斷提供資金，只是為了增加我們在那裡的選擇。您可能已經看到我們的 FHLB 容量也有所增加。如果你把它們加在一起，我認為我們越來越接近，也更舒服了一點，但我們有選擇，我認為這是重要的部分。

Thanks. And on the depositor environment, can you just comment on what you're seeing on the deposit competition front? How much you pressure seeing on the money market and savings deposit costs? And what are the spot rates on those deposits? Thanks.

謝謝。在存款人環境方面，您能否評論一下您在存款競爭方面看到的情況？您對貨幣市場和儲蓄存款成本的壓力有多大？這些存款的即期利率是多少？謝謝。

Yeah. I think as we move through this rate environment, you've heard from every other bank that's reported, Alex. I mean, I think there's definitely competition out there. I think for a lot of folks, you're starting to figure out anyone that wants to be indexed through a -- to have a deposit pricing index is probably, there's some sensitivities, I think, in everyone's books. So we're seeing it.

是的。我認為，隨著我們在這種利率環境中的發展，你已經從其他所有報導過的銀行那裡聽說過，亞歷克斯。我的意思是，我認為肯定存在競爭。我認為對於很多人來說，你開始弄清楚任何想要通過 - 擁有存款定價指數的人 - 我認為每個人的書中都有一些敏感性。所以我們看到了。

I think, in the money market side, keep in mind, we have a lot of longer-term relationships that are also tied in with lending relationships. So in a lot of the cases, we're pricing both sides of the sheet. That's why I give a credit to a lot -- our retail and our commercial banking teams, or just the steady engagement with the clients on it.

我認為，在貨幣市場方面，請記住，我們有很多長期關係也與借貸關係相關。所以在很多情況下，我們會在表的兩面定價。這就是為什麼我要歸功於我們的零售和商業銀行團隊，或者只是與客戶的穩定接觸。

Spot rates, I know you've probably seen some of the spot rates out there around 150 or so. That's what we're kind of seeing on new money and I think some of the competition rates. But again, we've stayed focused on the conversations with our clients and continuing to drive the margin management that we're known for.

即期匯率，我知道您可能已經看到一些大約 150 左右的即期匯率。這就是我們在新資金上看到的，我認為是一些競爭率。但同樣，我們一直專注於與客戶的對話，並繼續推動我們眾所周知的利潤率管理。

Thanks. And then on GPG fee income, you touched on this a little bit. But just to clarify, the GPG revenue was down a $1 million. Do you expect more crypto-related headwinds from here? Or is the fintech fee income side enough to grow this overall line from here?

謝謝。然後關於 GPG 費用收入，您稍微談到了這一點。但需要澄清的是，GPG 收入下降了 100 萬美元。您是否期望從這裡出現更多與加密相關的逆風？或者金融科技費用收入方面是否足以從這裡發展這條整體線？

I think it's hard to predict what's going to happen to the GPG -- I mean, to the crypto side. I mean, if crypto winter continues for a period of time, we're not going to be completely deshackled from what happens in the broader crypto space. But to Mark's earlier comment, we're still a very small part -- player in that space. So you probably see some correlation to what goes on with broader trends there.

我認為很難預測 GPG 會發生什麼——我的意思是，在加密方面。我的意思是，如果加密冬天持續一段時間，我們將不會完全擺脫更廣泛的加密空間中發生的事情的束縛。但對於馬克早些時候的評論，我們仍然是一個很小的部分——那個領域的參與者。所以你可能會看到一些與那裡更廣泛趨勢的相關性。

I think for us, though, our Banking-as-a-Service, retail, fintech partners are really starting to hit their stride. I think that's the part of that business that we continue to look to. And we're starting to see the uplift now that we knew was going to start happening. So I think we'll have completely replaced the crypto in the near term. My crystal ball is broken, but we are very excited about the -- what we see as a continuing trend there.

不過，我認為對我們來說，我們的銀行即服務、零售、金融科技合作夥伴真正開始大踏步前進。我認為這是我們繼續關注的業務的一部分。現在我們開始看到我們知道會開始發生的提升。所以我認為我們將在短期內完全取代加密貨幣。我的水晶球壞了，但我們對我們看到的持續趨勢感到非常興奮。

Thank you. And last question from me on credit. Credit metrics were strong again this quarter. Can you just talk about where you're keeping an eye the closest in terms of asset class of markets as we head into a potential recession? Thank you.

謝謝你。最後一個問題是我的功勞。本季度信用指標再次強勁。在我們進入潛在的衰退之際，您能談談您最關注市場資產類別的地方嗎？謝謝你。

You know, Alex, we were concerned about various asset classes even before the pandemic. Retail was under pressure. Hospitality is already under pressure. Coming through the pandemic, hospitality is recovering very nicely. We see weaknesses still in retail -- in some segments of retail.

你知道，亞歷克斯，我們甚至在大流行之前就關注各種資產類別。零售業面臨壓力。招待業已經面臨壓力。經歷了大流行，酒店業正在恢復得很好。我們看到零售業仍然存在弱點——在零售業的某些領域。

We're just more careful than we are conservative, and we're fairly diversified. And we understand the industries and the markets that we're in very well. I think we have the best lending teams and credit analysts anywhere in New York today. I put them up against anybody of any size bank.

我們只是比保守更謹慎，而且我們相當多元化。我們非常了解我們所處的行業和市場。我認為我們今天在紐約任何地方都擁有最好的貸款團隊和信用分析師。我把它們與任何規模的銀行的任何人進行比較。

And after 23 years of having virtually no losses and having the kind of balance sheet growth we continue to have; I think being more careful than conservative has played well for us. And we're dealing with very sophisticated clients who are in the long game. They are not looking for quick profits. They're looking to build generational wealth. So they approach deals fairly carefully as well.

在 23 年幾乎沒有損失並且資產負債表繼續保持這種增長之後；我認為比保守更謹慎對我們很有利。我們正在與長期遊戲中非常老練的客戶打交道。他們不是在尋找快速的利潤。他們希望建立世代財富。因此，他們在處理交易時也相當謹慎。

Some asset classes that we do like quite a bit, obviously, is healthcare, that continues to serve us well. But across the portfolio, the performance speaks for itself. So we're very fortunate, again, to have that kind of optionality.

顯然，我們非常喜歡的一些資產類別是醫療保健，它繼續為我們提供良好的服務。但在整個產品組合中，性能不言自明。因此，我們再次非常幸運能夠擁有這種選擇權。

Thank you. That's it from me.

謝謝你。我就是這樣。

(Operator Instructions) Seeing no further questions, this does conclude the allotted time for questions. I would now turn the call back over to Mark DeFazio for any additional or closing remarks.

（操作員說明）沒有其他問題，這確實結束了分配的問題時間。我現在將把電話轉回給 Mark DeFazio，以徵求任何補充意見或結束意見。

I just would like to end by saying thank you again to the shareholders who are hanging in there with us. I know it's a very difficult time out there in the market and we're working really hard for you. And we appreciate your support. Thank you very much.

最後，我想再次感謝與我們在一起的股東。我知道這是市場上非常困難的時期，我們正在為您努力工作。感謝您的支持。非常感謝。

Thank you. This does conclude today's conference call and webcast. A webcast archive of this call can be found at www.mcbankny.com. Please disconnect your lines at this time and have a wonderful day.

謝謝你。這確實結束了今天的電話會議和網絡廣播。可在 www.mcbankny.com 上找到此次電話會議的網絡廣播檔案。此時請斷開您的線路，祝您有美好的一天。