Metropolitan Bank Holding Corp (MCB) 2023 Q1 法說會逐字稿

Please stand by your program is about to begin. (Operator Instructions)

請稍候，您的節目即將開始。 （操作員說明）

Welcome to Metropolitan Commercial Bank's first-quarter 2023 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. At this time, all participants have been placed in a listen-only mode, and the floor will be open for your remarks following the prepared remarks. (Operator Instructions)

歡迎來到大都會商業銀行 2023 年第一季度財報電話會議。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。此時，所有與會者都處於只聽模式，您將在準備好的發言後發言。 （操作員說明）

During today's presentation, reference will be made the company's earnings release and investor presentation, copies of which are available at mcbankny.com.

在今天的演示中，將參考公司的收益發布和投資者演示，可在 mcbankny.com 上獲取副本。

Today's presentation may include forward-looking statements 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.

今天的演示文稿可能包含受風險和不確定性影響的前瞻性陳述，這些風險和不確定性可能導致實際結果存在重大差異。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. Good morning, and welcome to MCB's first-quarter earnings call, and thank you for accommodating a call a few days earlier than usual. Many have heard me say for some time now that the next crisis in banking would be about liquidity. MCB was well prepared when this recently became obvious across the industry.

謝謝。早上好，歡迎來到 MCB 第一季度財報電話會議，感謝您比平時提前幾天接到電話。許多人聽我說過一段時間以來，銀行業的下一次危機將與流動性有關。當這最近在整個行業變得明顯時，MCB 做好了充分的準備。

For nearly 24 years now, MCB has maintained a steady hand at managing liquidity and interest rate risk. That is evident when looking at our diversified loan and deposit verticals, the expansion of our net interest margin as interest rates rose dramatically off of record lows, and the strength of our liquidity position currently.

近 24 年來，MCB 在管理流動性和利率風險方面一直保持穩定。從我們多元化的貸款和存款垂直領域來看，隨著利率從歷史低點大幅上升，我們的淨息差擴大，以及我們目前的流動性狀況強勁，這一點就很明顯了。

Our client base and financial positions are strong and growing. Core deposits grew in the first quarter, net of expected outflows. Greg will take you through a key metrics around our liquidity position shortly.

我們的客戶群和財務狀況穩固且不斷增長。扣除預期流出後，第一季度核心存款有所增長。 Greg 將帶您了解有關我們流動性狀況的關鍵指標。

MCB's current financial position did not happen by accident. We have worked very hard since our founding to build a strong and diversified funding base, which is the underpinning of our disciplined approach to margin management. We were well positioned as rates rose dramatically in 2022, and we continue to be well positioned for the rate environment to correct downward.

MCB 目前的財務狀況並非偶然。自成立以來，我們一直非常努力地建立一個強大而多元化的資金基礎，這是我們嚴格的保證金管理方法的基礎。隨著利率在 2022 年大幅上升，我們處於有利地位，並且我們將繼續處於利率環境向下修正的有利位置。

The commercial bank's performance and credit quality remained strong. While net loan growth in the quarter was modest, we remain focused on pricing in this volatile rate environment. If we cannot lend at spreads that are within our disciplined approach to margin management, we will remain patient.

商業銀行的業績和信貸質量依然強勁。雖然本季度的淨貸款增長溫和，但我們仍然關注在這種波動的利率環境下的定價。如果我們不能以我們嚴格的保證金管理方法範圍內的利差放貸，我們將保持耐心。

We stand ready, however, to support our clients as there continues to be quality opportunities across our lending verticals. I am very confident that net loan growth will be strong in 2023 and beyond.

然而，我們隨時準備支持我們的客戶，因為我們的貸款垂直領域繼續存在優質機會。我非常有信心，淨貸款增長將在 2023 年及以後強勁。

We have added a slide in our first-quarter 2023 IR deck that provides additional details on our office exposure, which is modest at 7% of our total loan portfolio. As you can see, the office portfolio is well diversified geographically, with loans collateralized within Manhattan office buildings, representing just 37% of the office vertical. Substantially, all of the Manhattan office loans were originated in the last 12 months.

我們在 2023 年第一季度 IR 幻燈片中添加了一張幻燈片，其中提供了有關我們辦公室風險敞口的更多詳細信息，該風險敞口占我們貸款組合總額的 7%。如您所見，辦公樓組合在地域上非常多樣化，曼哈頓辦公樓內抵押的貸款僅佔垂直辦公樓的 37%。基本上，所有曼哈頓辦公室貸款都是在過去 12 個月內發放的。

Our global payments business continues to grow prudently with revenues up 12% in the quarter. As a reminder, through our global payments business, MCB provides basic banking services, including deposit accounts and payment real access to nonbank financial service companies engaged in both retail and commercial-oriented activities. MCB does not extend credit to the global payments clients or to their customers.

我們的全球支付業務繼續穩健增長，本季度收入增長 12%。提醒一下，通過我們的全球支付業務，MCB 向從事零售和商業活動的非銀行金融服務公司提供基本銀行服務，包括存款賬戶和支付真實通道。 MCB 不向全球支付客戶或其客戶提供信貸。

We are excited to accelerate our entrance into the EB-5 space. We were very fortunate to recruit a fantastic and experienced team and are confident this will be an additional pillar, strengthening our low-cost core funding.

我們很高興能加速進入 EB-5 領域。我們非常幸運地招募了一支優秀且經驗豐富的團隊，並且相信這將成為一個額外的支柱，加強我們的低成本核心資金。

We are very pleased with the progress we made this quarter in exiting our crypto space. The exit materially started years ago by not growing the business and ring-fencing the deposits allowing for a smooth transition off balance sheet, and we expect to complete our exit by the end of the second quarter.

我們對本季度在退出加密空間方面取得的進展感到非常滿意。退出實質上是幾年前開始的，通過不發展業務和圍欄存款來實現資產負債表的平穩過渡，我們預計將在第二季度末完成退出。

The past quarter was a very telling one for the banking industry. I think if you look closely enough, no one should be surprised at what caused the failure of a few banks. Management teams in this industry that were well prepared for a shock to liquidity and interest rates demonstrated their resilience as a going concern. No one gets the pleasure out of disruption, but it does give some the opportunity to stand out.

上個季度對銀行業來說是一個非常有說服力的季度。我認為，如果你仔細觀察，就不會對導致幾家銀行倒閉的原因感到驚訝。該行業的管理團隊為流動性和利率的衝擊做好了充分準備，證明了他們持續經營的彈性。沒有人能從顛覆中得到樂趣，但它確實給了一些人脫穎而出的機會。

In my opinion, the unfortunate conversation regarding uninsured deposits will abate over time. The thought that the preferred flight to safety for middle market growth companies can be money center banks is materially misplaced. Middle market companies with revenue of $400 million or less rely heavily on true commercial banks, not money center banks or converted thrifts. Coming out of this non-systemic many bank crisis, in my opinion, I believe we will see the true value of a well-funded, diversified commercial bank like MCB.

在我看來，關於未保險存款的不幸談話會隨著時間的推移而減少。認為中間市場成長型公司首選的安全避難所可能是貨幣中心銀行的想法是錯誤的。收入在 4 億美元或以下的中間市場公司嚴重依賴真正的商業銀行，而不是貨幣中心銀行或轉換後的儲蓄機構。從這場非系統性的多銀行危機中走出來，在我看來，我相信我們將看到像 MCB 這樣資金充足、多元化的商業銀行的真正價值。

Our first-quarter operating performance demonstrates the resilience and sustainability of our business. We have effectively managed through a challenging environment and are in a strong position to support our clients with enhanced resilience and strong capital levels. I will now turn the call over to Greg.

我們第一季度的經營業績證明了我們業務的彈性和可持續性。我們在充滿挑戰的環境中進行了有效管理，並有能力以增強的彈性和強大的資本水平為我們的客戶提供支持。我現在將把電話轉給格雷格。

Thank you, Mark, and good morning, everyone. MCB reported strong first-quarter results, including a return on average tangible common equity of 17.4%. Importantly, core deposits were up by $69 million in the quarter on the strength of new account volumes across our retail deposit franchise, and that includes deposits with loan customers, the majority of which occurred since the middle of March.

謝謝馬克，大家早上好。 MCB 公佈了強勁的第一季度業績，包括 17.4% 的平均有形普通股回報率。重要的是，由於我們零售存款業務的新賬戶數量強勁，本季度核心存款增加了 6900 萬美元，其中包括貸款客戶的存款，其中大部分發生在 3 月中旬以來。

The increase in core deposits is net of a modest decline in global payment deposits from nonbank financial service companies given normal flows at the end of the quarter and expected outflows from the bankruptcy trustees. Crypto-related deposits also declined as expected to $278 million at March 31. Included in this balance is $218 million related to the remaining active exchanges, which are subject to our announced winddown, with the remaining balance, largely representing commercial operating accounts for a variety of companies.

考慮到本季度末的正常流動以及破產受託人的預期資金流出，核心存款的增加扣除了來自非銀行金融服務公司的全球支付存款的溫和下降。到 3 月 31 日，與加密貨幣相關的存款也如預期下降至 2.78 億美元。此餘額中包括與剩餘活躍交易所相關的 2.18 億美元，這些交易受我們宣布的縮減影響，剩餘餘額主要代表各種商業運營賬戶公司。

At March 31, insured deposits were 71% of total deposits, and MCB had $3.1 billion combined in cash on deposit with the Federal Reserve Bank of New York and in readily available secured funding capacity, which represents 208% of uninsured deposits. Our available collateralized off-balance sheet liquidity includes facilities with the FHLB, FRB, and securities repo facilities.

截至 3 月 31 日，受保存款佔存款總額的 71%，MCB 在紐約聯邦儲備銀行的現金存款和隨時可用的擔保融資能力合計為 31 億美元，佔未受保存款的 208%。我們可用的抵押資產負債表外流動性包括 FHLB、FRB 和證券回購設施的設施。

And to provide some context, MCB has had actionable repurchase contracts in place for quite some time now and has active collateral monitoring and posting programs supporting the FHLB and FRB facilities. All facilities are subject to periodic testing. As Mark has said, we have been and remain well prepared.

為了提供一些背景信息，MCB 已經制定了相當長一段時間的可操作回購合同，並且有積極的抵押品監控和發布計劃來支持 FHLB 和 FRB 設施。所有設施都接受定期測試。正如馬克所說，我們已經並將繼續做好準備。

We did utilize Fed fund purchases and to a much lesser degree, FHLB advances during the quarter with balances a bit elevated at quarter end, reflecting the timing of normal deposit flows right at quarter end. As we have said, we will use these wholesale funding sources in advance of executing strategic core deposit initiatives.

我們確實利用了聯邦基金購買，而且在較小程度上，FHLB 在本季度取得進展，季末餘額略有增加，反映了正常存款流動的時間恰好在季末。正如我們所說，我們將在執行戰略核心存款計劃之前使用這些批發資金來源。

The pace and magnitude of interest rate increases have been a headwind as it does take some time for the 175 basis points of rate increases since September 30 of last year to work their way through the financials. Total cost of funds were up in more muted 66 basis points in the quarter and at 183 basis points remain low, particularly given we're a branch-light franchise. We were able to absorb much of the cost of funds impact through the increase in loan yields.

加息的速度和幅度一直是一個不利因素，因為自去年 9 月 30 日以來加息 175 個基點確實需要一些時間才能在金融領域發揮作用。本季度總資金成本上漲了 66 個基點，但仍保持在 183 個基點的低位，特別是考慮到我們是分支燈特許經營權。通過提高貸款收益率，我們能夠吸收大部分資金成本影響。

Looking ahead, we do see the headwind from rates abating as short-term rates find their peak. We will also benefit as we execute our funding strategies, including new deposit verticals such as EB-5.

展望未來，隨著短期利率見頂，我們確實看到利率的不利因素正在減弱。我們也將受益於我們執行我們的融資戰略，包括新的垂直存款，如 EB-5。

Turning for a moment to loans, we maintained a prudent approach to lending in the quarter. We did have robust loan origination volumes of $265 million, which was partially offset by net payoffs and paydowns of $254 million, which when combined with credit metrics remained strong, demonstrates the resilience of our loan portfolio.

暫時轉向貸款，我們在本季度對貸款保持審慎態度。我們確實擁有 2.65 億美元的強勁貸款發放量，這部分被 2.54 億美元的淨收益和還款額所抵消，與信貸指標相結合仍然強勁，證明了我們貸款組合的彈性。

The impact of adopting CECL effective January 1 was, as expected, muted with a day one increase in the allowance for loan losses of approximately $2.3 million. As you know, this increase went directly to retained earnings net of taxes.

正如預期的那樣，自 1 月 1 日起採用 CECL 的影響減弱，第一天貸款損失準備金增加約 230 萬美元。如您所知，這一增長直接用於稅後留存收益。

Changes in the macroeconomic environment drove most of the credit provision for the first quarter. Operating expenses continue to be well-managed. There were a number of discrete items in the quarter that impacted expenses.

宏觀經濟環境的變化推動了第一季度的大部分信貸撥備。經營開支繼續得到妥善管理。本季度有許多離散項目影響了支出。

Compensation and benefits did include the seasonal first quarter increase related to employer taxes of approximately $800,000. While professional fees did moderate in the quarter, legal fees remained a bit elevated. We do see legal fees normalizing lower in the second quarter.

薪酬和福利確實包括與雇主稅收相關的季節性第一季度增長約 800,000 美元。雖然本季度的專業費用有所減少，但法律費用仍略有上升。我們確實看到第二季度的法律費用正常化。

FDIC assessments were elevated given the higher assessment rate, and there was also a true-up of approximately $1.5 million that is not expected to recur. We were also able to release $2.5 million of the settlement reserve, which reflects our best estimate given discussions during the quarter.

鑑於較高的評估率，FDIC 的評估有所提高，並且還有大約 150 萬美元的調整預計不會再次發生。我們還能夠釋放 250 萬美元的結算準備金，這反映了我們在本季度的討論中做出的最佳估計。

The effective tax rate was positively impacted by discrete tax benefits that came through in the quarter related to the conversion of employee stock-based awards and the revision to the regulatory settlement reserve. Going forward, we would expect the effective tax rate to be in the range of 31% to 32%, excluding discrete items.

實際稅率受到本季度與員工股票獎勵轉換和監管結算準備金修訂相關的離散稅收優惠的積極影響。展望未來，我們預計有效稅率將在 31% 至 32% 的範圍內，不包括離散項目。

Our capital levels remained strong, particularly with the 17.4% ROATCE this quarter, which further strengthened our capital base. Lastly, it should be clear given the strength of our liquidity position that we do not need to sell securities. However, if hypothetically, we did sell our entire portfolio inclusive of available-for-sale and held-to-maturity securities, we would remain well capitalized across all measures of regulatory capital.

我們的資本水平依然強勁，尤其是本季度 ROATCE 為 17.4%，這進一步加強了我們的資本基礎。最後，鑑於我們的流動性狀況強勁，應該清楚我們不需要出售證券。然而，如果假設我們確實出售了我們的整個投資組合，包括可供出售和持有至到期的證券，我們將在所有監管資本措施中保持充足的資本。

I will now turn the call back to our operator for Q&A.

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。

I was hoping to start off on the credit side and see if you guys could give some color around the uptick in CRE NPLs.

我希望從信貸方面開始，看看你們是否可以為 CRE NPLs 的上升提供一些顏色。

Yeah, sure. Not too much color I can give there. It's one particular loan that we're very comfortable with. We're adequately collateralized, and we have a very strong recourse behind the loan. I can't get into details. We started litigation around this one particular loan, but we have a very, very little risk of loss here on this loan.

好，當然。我不能給那裡太多顏色。這是我們非常滿意的一筆特殊貸款。我們有足夠的抵押品，而且我們在貸款背後有很強的追索權。我無法詳細說明。我們圍繞這筆特定貸款開始了訴訟，但我們在這筆貸款上損失的風險非常非常小。

Okay. Got it. And can you, guys, give what the specific reserve is assigned against that?

好的。知道了。伙計們，你們能給出具體的儲備金嗎？

Again, given that we're well collateralized with a personal guarantee on it, we went through the ringer, Chris. But we did not put up reserve on it just given the collateralization levels.

再一次，鑑於我們有很好的個人擔保作為抵押，我們通過了鈴聲，克里斯。但我們並沒有僅僅考慮到抵押水平就為它設置準備金。

Okay. Got it. And can you guys give any color around maybe just the industry or the market in general that the loan is in or the latest LTV?

好的。知道了。你們能給貸款所在的行業或整個市場或最新的 LTV 提供任何顏色嗎？

The LTV is in the low 70s and it's an out-of-market deal. Yeah, and --

LTV 處於 70 年代的低位，這是一項場外交易。是的，還有——

Actually it's public record. We started with a lawsuit on it. It's a foreclosure in Kansas City, Kansas -- in Mission, Kansas. It's public record. So yeah.

其實是公開的記錄。我們開始對此提起訴訟。這是堪薩斯州堪薩斯城的止贖房屋——位於堪薩斯州的米申。這是公開記錄。嗯是的。

But beyond that, if the question is, is it indicative of other credits in the portfolio? No, this is a bespoke loan issue we're working through.

但除此之外，如果問題是，它是否表明投資組合中的其他信貸？不，這是我們正在解決的定制貸款問題。

All right. Got it. And just more broadly on the credit side. I mean, given the current market environment, it looks like originations were prudently downward. And I guess which areas are you pulling back from are more cautious on at this point in the cycle? And what are the areas or lending segments that you're most comfortable with at this point?

好的。知道了。更廣泛地說，是在信貸方面。我的意思是，鑑於當前的市場環境，看起來起源是謹慎的。而且我猜你在周期的這個點上退出哪些領域更加謹慎？您目前最滿意的領域或貸款領域是什麼？

Well, Chris, we did have over $200 million of new originations in the quarter, so that's fairly robust. What we tried to point out is our portfolio is pristine and of high quality. That's why the refinancing of the portfolio is very viable.

好吧，克里斯，本季度我們確實有超過 2 億美元的新起源，所以這是相當強勁的。我們試圖指出的是，我們的產品組合是原始的和高質量的。這就是投資組合再融資非常可行的原因。

As many banks are concerned about rollover risk, as you can see, a good part of the loans came due this quarter that we chose to either not refinance because of rate or that was just meant to get paid off for whatever structural reason. So we're not we're not any more careful than we have been.

正如您所見，許多銀行都擔心展期風險，本季度有很大一部分貸款到期，我們選擇要么因為利率而不進行再融資，要么只是出於任何結構性原因而被償還。所以我們沒有比以往任何時候都更加小心。

We've been very cautious about lending. It's a core competency of ours. We're not any more concerned today. We have elevated concerns about certain industries, of course, but as you saw in the office building slide in my commentary, most of the office buildings loans that we made were in 2022 in Manhattan.

我們一直對貸款非常謹慎。這是我們的核心競爭力。我們今天不再擔心了。當然，我們對某些行業的擔憂有所增加，但正如您在我的評論中的辦公樓幻燈片中看到的那樣，我們在 2022 年發放的大部分辦公樓貸款都在曼哈頓。

So it's not that we're not concerned about the office building market, but there are really good opportunities out there to support clients today. So we are going to continue to stay a well-diversified company when it comes to our asset classes that we lend to.

因此，我們並不是不關心辦公樓市場，但今天確實有很好的機會來支持客戶。因此，就我們藉貸的資產類別而言，我們將繼續保持一家多元化的公司。

Yeah. And I think the other dynamic to is just loan pricing, Chris. We started this to have conversation last quarter. We've been very much sticking to our disciplines around margin management. So the other part of this conversation is making sure we're getting compensated for the risks we're taking.

是的。我認為另一個動態是貸款定價，克里斯。我們在上個季度開始進行對話。我們一直非常堅持我們關於保證金管理的紀律。因此，本次對話的另一部分是確保我們因所承擔的風險而得到補償。

And I think that's the other side of this equation is making sure we're getting paid on the loan spreads. So that's been part of the dynamic, too, and we've stuck to our guns. I think in Mark's comments, he also made the point. We still see quality across all of our lending verticals. It's really just a matter of being patient and being there to support our clients on the quality projects we're working on.

我認為這個等式的另一面是確保我們得到貸款利差的報酬。所以這也是動力的一部分，我們堅持我們的立場。我認為在 Mark 的評論中，他也表達了這一點。我們仍然看到我們所有貸款垂直領域的質量。這真的只是一個耐心的問題，並在那裡支持我們的客戶完成我們正在進行的高質量項目。

Got it. Appreciate the color there. And so as you're looking at the rest of the year and your origination pipelines, I know typically the bogie has been double-digit loan growth. Is that still the case for 2023 or is this more of a tepid year? Just any color around how you're thinking about loan growth for the remainder of the year.

知道了。欣賞那裡的顏色。因此，當您查看今年剩餘時間和您的發起渠道時，我知道轉向架通常是兩位數的貸款增長。 2023 年仍然如此，還是今年更不溫不火？關於您如何考慮今年剩餘時間的貸款增長的任何顏色。

Looking at the pipeline and looking at the opportunities in markets that are correcting like the one we're working through today, opportunities do present themselves. So I would not be surprised if we end the year in midteens net loan growth as if I wouldn't be surprised if we ended up with a 10% loan growth. It's all about quality; it's going to be about quality and pricing. So that's been our core competency for a career never mind just the last 23 years.

看看管道，看看市場中正在糾正的機會，就像我們今天正在經歷的那樣，機會確實會出現。因此，如果我們以 15% 的淨貸款增長結束這一年，我不會感到驚訝，就好像如果我們以 10% 的貸款增長結束，我也不會感到驚訝一樣。一切都與質量有關；這將與質量和價格有關。因此，這一直是我們職業生涯的核心競爭力，更不用說過去 23 年了。

Great. And I appreciate the comments around the update on the crypto exit expected for 2Q. And any thoughts around exactly how that plays out with the flows on the balance sheet? I mean, it's $200 million-plus coming out of the deposit side.

偉大的。我感謝有關第二季度預期的加密退出更新的評論。關於資產負債表上的流量究竟如何發揮作用的任何想法？我的意思是，存款方面超過 2 億美元。

I guess you, guys, have AFS and cash available there as well as the ability to increase borrowings or bring on new deposits. Just any thoughts around exactly how that plays out on the balance sheet and where we're at from a starting point in 3Q?

伙計們，我猜你們在那裡有可用的 AFS 和現金，並且有能力增加借款或帶來新的存款。關於這在資產負債表上究竟如何發揮作用以及我們從第三季度的起點處所處的位置，有什麼想法嗎？

Yeah, I would -- for context, I'd just let you know that the majority of what's left in the crypto, the [gasket] exchanges, the $218 million related to FBO balances. So that will be subject to a bin transfer. So from a timing perspective, other than just flows during the quarter, which can be up or down, and I think that will be a one-time event.

是的，我會 - 就上下文而言，我只想讓你知道加密貨幣中剩下的大部分，[gasket] 交易所，與 FBO 餘額相關的 2.18 億美元。因此，這將受到垃圾箱轉移的影響。因此，從時間的角度來看，除了本季度的流量外，流量可能會上升或下降，我認為這將是一次性事件。

During the quarter, we would expect other funding initiatives to really start to kick in, and that includes EB-5 and some others that we can probably start talking about here in the near term. To the extent those new initiatives and just normal, the existing deposit vertical flows from put us in a position where we need to borrow, we borrow short term.

在本季度，我們預計其他融資計劃將真正開始發揮作用，其中包括 EB-5 和其他一些我們可能會在近期開始討論的計劃。在某種程度上，這些新舉措和正常情況下，現有存款垂直流動使我們處於需要藉貸的位置，我們藉入短期資金。

But again, when you look out over a slightly longer horizon, and I think we're talking a quarter or even if not just a month or two into the third quarter, I would expect core deposits to more than fill that gap.

但同樣，當你放眼稍遠一點的時候，我認為我們正在談論第三季度的一個季度，甚至不是一兩個月，我預計核心存款將不僅僅填補這一缺口。

And Chris, if you look historically, we had much higher crypto balances on balance sheet even in the last 12 months, and we replaced them efficiently with core funding. So our core funding is up today, notwithstanding the reduction in crypto just over the last quarter. So we have no concerns about replacing the remaining balances of crypto in core funding.

克里斯，如果你從歷史上看，即使在過去 12 個月裡，我們資產負債表上的加密貨幣餘額也高得多，我們用核心資金有效地取代了它們。因此，儘管上個季度加密貨幣有所減少，但我們今天的核心資金有所增加。因此，我們不擔心更換核心資金中剩餘的加密貨幣餘額。

Yeah.

是的。

Got it. And on that point, could you just talk a little bit more about the EB-5 team you brought on and just that overall business line? And maybe what you see the long-term deposit opportunity is there?

知道了。關於這一點，您能否多談談您帶來的 EB-5 團隊以及整個業務線？也許您看到的是長期存款機會？

Well, I'll work backwards. I just -- I want to be a bit cautious on what our projections could be. We had stood up our own EB-5 group here; it was a modest start. And with the disruption at Signature Bank, we were fortunate to recruit the team from Signature Bank. And anybody who had paid attention to Signature knows that that team was and considered the best in class in the country in developing the EB-5 business.

好吧，我會向後工作。我只是 - 我想對我們的預測持謹慎態度。我們在這裡成立了自己的 EB-5 團隊；這是一個適度的開始。隨著 Signature Bank 的中斷，我們很幸運地從 Signature Bank 招募了團隊。任何關注 Signature 的人都知道，該團隊在開發 EB-5 業務方面曾經是並且被認為是該國同類中最好的。

So we're fortunate to hear they're working with us, and why it's a natural for us, and why we wanted to do this even on our own, they are now clearly going to accelerate our market share is because of our exposure to commercial real estate. And this is just another product offering. To date, they've been here just for a couple of weeks, and we've already introduced them to two very large developers and one deal has already been agreed to, which would be substantial in deposits regarding EB-5 coming through MCB.

所以我們很幸運聽到他們正在與我們合作，為什麼這對我們來說很自然，為什麼我們甚至想自己做這件事，他們現在顯然會加速我們的市場份額，因為我們接觸到商業房地產。這只是另一種產品。迄今為止，他們在這裡只呆了幾個星期，我們已經將他們介紹給了兩家非常大的開發商，並且已經同意了一筆交易，這將是通過 MCB 支付的大量 EB-5 存款。

So it's a natural for us to, again, deepen relationships with -- we have relationships with some of the largest developers in the country. And clearly, because of size of our bank, we could never provide construction financing for those deals. But today, we can play a meaningful role in the construction or the capital stack as it relates to very large construction loans happening around the country. And we have a seat at the table with the best developers in New York and across the country.

因此，我們很自然地再次加深與我們的關係——我們與該國一些最大的開發商建立了關係。顯然，由於我們銀行的規模，我們永遠無法為這些交易提供建設融資。但是今天，我們可以在建築或資本堆棧中發揮有意義的作用，因為它涉及全國各地發生的非常大的建築貸款。我們與紐約和全國最好的開發商坐在一起。

So this is a natural expansion for us, and it came in at a very good time. And the team is a pleasure to work with.

所以這對我們來說是一個自然的擴張，而且來得正是時候。和團隊一起工作很愉快。

Great. And for those deposits related to that segment, like what do you expect those to come on at in terms of pricing?

偉大的。對於與該細分市場相關的那些存款，例如您期望這些存款在定價方面的表現如何？

Pricing is low, let's put it that way. We'll give you some more color. The pricing is very low on those deposits.

定價很低，讓我們這樣說吧。我們會給你更多的顏色。這些存款的定價非常低。

Great. And then just in general, how are you, guys, thinking about overall deposit pricing going forward? And I guess post the crypto exit, do you, guys, have a sense as to maybe where a NIM range would be following that exit?

偉大的。然後總的來說，你們如何看待未來的整體存款定價？我想發布加密退出，伙計們，你們是否知道退出後 NIM 範圍可能在哪裡？

Well, working backwards, I mean, we're more focused on NIM and frankly, more on net interest income, Chris, as you know, and just dropping the economics to the bottom line. I think as we work through the transition with the rest of crypto, I think if we have to go out and borrow funds short term, which I think is 50-50 at best, I think. But if we did, I would see some modest NIM contraction, which means just a slight uptick in cost of funds as we went into the wholesale market short term.

好吧，向後工作，我的意思是，我們更專注於 NIM，坦率地說，更多地關注淨利息收入，克里斯，正如你所知，只是將經濟學降至底線。我認為，當我們與其他加密貨幣一起完成過渡時，我認為如果我們必須出去短期借入資金，我認為最多是 50-50，我認為。但如果我們這樣做了，我會看到一些適度的 NIM 收縮，這意味著隨著我們短期進入批發市場，資金成本只會略有上升。

When you look out over a couple of -- to the end of the year and you look along a slightly longer horizon just quarter on quarter, I think we get back to the same NIM level we're at, frankly. The question marks are really going to be around short-term rates. Are we looking at one more increase or not? Obviously, that would be a headwind to us given we are modestly liability sensitive, but again, I think that would be a modest impact.

坦率地說，當你觀察幾個 - 到今年年底，並且你只是一個季度一個季度地看一個稍微更長的視野時，我認為我們回到了我們所處的相同 NIM 水平。問號實際上將圍繞短期利率。我們是否正在考慮再增加一次？顯然，鑑於我們對責任的敏感性適中，這對我們來說是不利因素，但我認為這將是一個適度的影響。

I'm not really seeing any significant pressure, rate pressure with the rest of the deposit base. We continue to model out of the 70% deposit beta on interest-bearing deposits, which I think through the cycle so far, that's been a fairly conservative assumption. I think it still is particularly as we get to the tail end here. So hopefully, that gives you some context on how we're thinking about it.

我真的沒有看到任何重大壓力，其餘存款基礎的利率壓力。我們繼續根據計息存款的 70% 存款貝塔建模，我認為到目前為止，這是一個相當保守的假設。我認為當我們走到最後時仍然如此。所以希望這能為您提供一些關於我們如何思考它的背景信息。

Yeah. That's helpful. And then just on the expense run rate going forward, I know the professional or legal fees were a bit elevated here. You had the one-time CECL unfunded commitment within other expenses. I guess just backing that out and looking ahead, how are you, guys, thinking about the operating expense range on a go-forward basis?

是的。這很有幫助。然後就未來的費用運行率而言，我知道這裡的專業或法律費用有點高。您在其他費用中有一次性 CECL 資金承諾。我想只是支持它並展望未來，伙計們，你們如何考慮未來的運營費用範圍？

Yeah. Two things, the CECL impact for the off-balance sheet commitments, that actually went to retained earnings not to the other expense, Chris. So I know that other expenses were slightly elevated in the quarter, and that's frankly just a combination of a lot of little stuff that I think are just some one-off stuff in the quarter that settles back down. But we're always more focused on return on tangible common equity, which again, in the quarter, 17.4% was very, very strong.

是的。有兩件事，CECL 對資產負債表外承諾的影響，實際上是留存收益而不是其他費用，克里斯。所以我知道本季度的其他費用略有增加，坦率地說，這只是很多小東西的組合，我認為這些小東西只是本季度的一些一次性東西，這些東西會穩定下來。但我們總是更關注有形普通股的回報，在本季度，17.4% 的回報率再次非常非常強勁。

We're going to continue to invest in the business; that's the wildcard for us. If this is just about a run rate and maintaining what we've got, I would tell you that the efficiency ratio would stay in a range in the mid-40s. For us, though, we're standing up the EB-5 team. We've got some other initiatives are standing up that are going to impact that run rate, but they're going to -- as we always say, they're going to have some immediate returns to them.

我們將繼續投資於該業務；這是我們的通配符。如果這只是一個運行率並保持我們現有的水平，我會告訴你效率比將保持在 40 多歲左右的範圍內。不過，對我們來說，我們正在支持 EB-5 團隊。我們還有其他一些舉措正在實施，這些舉措將影響運行率，但它們會——正如我們總是說的那樣，它們會立即獲得一些回報。

So to me, the operating expenses, we're going to trying to keep that efficiency ratio in that mid-40 range as we work through these things because we feel like we can continue to self-fund the investments as we work through standing up any new programs.

所以對我來說，運營費用，我們將在處理這些事情時努力將效率比保持在 40 左右的範圍內，因為我們覺得我們可以在站起來工作的同時繼續自籌資金進行投資任何新程序。

Got it. And last one for me, given your capital position and overall balance sheet liquidity as well as where the stock's trading on valuation, have you guys considered a share repurchase plan? Any color or thoughts around whether that has been considered?

知道了。最後一個對我來說，考慮到你們的資本狀況和整體資產負債表的流動性以及股票的估值交易，你們是否考慮過股票回購計劃？關於是否已考慮的任何顏色或想法？

I'll start, and Mark can fill in the gaps. I mean, we'd absolutely consider that and had that discussion with the Board over the balance of the quarter. If we were a much more mature bank that couldn't grow loans the way we could and couldn't grow organically the way we could, I think we would give a lot more consideration to it.

我會開始，馬克可以填補空白。我的意思是，我們絕對會考慮這一點，並就本季度的餘額與董事會進行討論。如果我們是一家成熟得多的銀行，不能以我們可以的方式增加貸款，也不能以我們可以的方式有機增長，我認為我們會更多地考慮它。

The reality is we are at an inflection point. I think across the industry, we really feel confident in our business model and in our ability to continue to organically grow our businesses. So it just seems a bit counterintuitive.

現實是我們正處於一個拐點。我認為在整個行業中，我們真的對我們的商業模式和我們繼續有機發展業務的能力充滿信心。所以這似乎有點違反直覺。

We appreciate and understand where the share price is. We think that's going to rightsize itself as we continue to execute on our business plan. But we still feel that the highest and best use of our capital is supporting the growth of our businesses, which will drive more shareholder value as we go through time.

我們欣賞並理解股價在哪裡。我們認為，隨著我們繼續執行我們的業務計劃，這將自行調整規模。但我們仍然認為，我們資本的最高和最佳用途是支持我們業務的增長，隨著時間的推移，這將推動更多的股東價值。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

You're welcome. Thank you for asking.

不客氣。謝謝你的慰問。

Alex Lau, JPMorgan.

Alex Lau，摩根大通。

Hi. Good morning.

你好。早上好。

Hey, Alex.

嘿，亞歷克斯。

Good morning, Alex.

早上好，亞歷克斯。

Could you talk about what you saw in terms of deposit flows in the month of March following the closing of SVB and Signature? Were you opening accounts given that you're in the same market as Signature or were you seeing clients move funds out to diversify for deposit churn? Thanks.

您能否談談您在 SVB 和 Signature 關閉後 3 月份的存款流量情況？考慮到您與 Signature 在同一個市場，您是否開設了賬戶，或者您是否看到客戶將資金轉移出去以分散存款？謝謝。

And we actually -- unfortunately, we were opening up accounts starting as early as the Wednesday before the weekend when the announcement happened. So we had opened up hundreds and hundreds of accounts primarily coming from Signature Bank; a little bit is coming from First Republic as well.

我們實際上 - 不幸的是，我們早在公告發布的周末之前的星期三就開始開設賬戶。所以我們開設了成百上千個主要來自 Signature Bank 的賬戶；也有一點來自第一共和國。

And remember, in many ways, Signature and MCB share a lot of the same clients as it relates to commercial real estate and commercial lending. So we already had a relationship, I would say, with about 80% of the clients that moved accounts over. So yeah, we didn't see any -- from the commercial bank, I'm sure we had some, but it doesn't resonate to me that we had any major outflows from the commercial bank at all.

請記住，在許多方面，Signature 和 MCB 共享許多與商業房地產和商業貸款相關的相同客戶。所以我們已經建立了關係，我想說，大約 80% 的客戶轉移了賬戶。所以，是的，我們沒有看到任何——來自商業銀行，我確定我們有一些，但我並沒有因為商業銀行有任何重大資金流出而引起共鳴。

Yeah. And to Mark's point, we really started opening up the accounts. I think the Wednesday was the March 8. And as we rolled through to Friday and then into the Monday, the 13th, we saw net deposit growth really every day as we went through that following week. And it was really frankly for us was a business-as-usual footing the entire time.

是的。就馬克而言，我們真的開始開戶了。我認為周三是 3 月 8 日。隨著我們一直持續到週五，然後進入周一，也就是 13 日，在接下來的一周裡，我們每天都看到淨存款增長。坦率地說，這對我們來說一直都是一切照舊的基礎。

We clearly were sensitive to the potential impacts of liquidity that you can't predict. But we probably at the margin lost a couple of deposits here and there, two or three, pulled some corporate uninsured deposits out. But that was more than offset by the inflows from what we saw, big and new account openings we saw.

我們顯然對您無法預測的流動性的潛在影響很敏感。但我們可能在邊際上損失了幾筆存款，兩三筆，提取了一些公司未投保的存款。但這被我們所看到的大量新開戶的資金流入所抵消。

So again, I embedded it in my comments, but when you think about where we were beginning to middle of March versus where we ended March, and you look at our retail and the deposits with -- retail deposits with our loan customers, a lot of that growth really came from March 8 to the end of the month.

所以，我再次將它嵌入到我的評論中，但是當你考慮我們從 3 月中旬開始到 3 月結束的地方時，你會看看我們的零售和存款——與我們的貸款客戶的零售存款，很多的增長實際上是從 3 月 8 日到月底。

And the one other thing, Alex, you should know that during that period of time, it was an extraordinary effort. Because the type of accounts that we were opening were real operating accounts that needed a whole suite of financial services, not just a reserve account or a single, one operating account. So we've now expanded and deepened the relationships substantially with a lot of clients within their entire franchise from a commercial perspective.

還有一件事，亞歷克斯，你應該知道在那段時間裡，這是一項非凡的努力。因為我們開設的賬戶類型是真實的運營賬戶，需要一整套金融服務，而不僅僅是一個儲備賬戶或一個單一的運營賬戶。因此，從商業角度來看，我們現在已經在整個特許經營範圍內大大擴展和加深了與許多客戶的關係。

Yeah. And when you go through a dislocation, liquidity issue across the industry that we have, you really figure out whether or not you've got a quality deposit franchise, especially as a commercial bank. And we are really, really comfortable with the relationships we've got. And I think as you see what happened to our deposit base during the quarter and then particularly in March, to me, it just signifies the strength of our deposit franchise, which is fantastic.

是的。當你經歷我們整個行業的混亂、流動性問題時，你真的會弄清楚你是否擁有優質的存款特許經營權，尤其是作為一家商業銀行。我們對我們所擁有的關係真的非常滿意。我認為當你看到我們的存款基礎在本季度發生了什麼，尤其是在 3 月份，對我來說，這只是表明我們存款特許經營權的實力，這太棒了。

Thanks. That's great color. As a follow-up on the EB-5 team news, are you active in adding any more talent that may be available from market disruption?

謝謝。那是很棒的顏色。作為 EB-5 團隊新聞的後續，您是否積極增加可能因市場混亂而可用的更多人才？

Well, I mean, we're a growth company, so we're always looking for talent. We historically have -- we haven't really benefited from something like this before, but we're always out there. People are reaching out to us, and of course, we will keep an open mind to it, but it's not a focus of ours. We don't believe in poaching, but if there's a disruption or if there's an opportunity, we surely consider it.

好吧，我的意思是，我們是一家成長型公司，所以我們一直在尋找人才。我們從歷史上看 - 我們以前沒有真正從這樣的事情中受益，但我們總是在那裡。人們正在向我們伸出援手，當然，我們會對此保持開放的態度，但這不是我們的重點。我們不相信偷獵，但如果出現中斷或有機會，我們肯定會考慮。

Got it. And then on the fintech-related deposits being down in the quarter after growing in 3Q and 4Q, you mentioned some outflows at the end of the quarter. How confident are you in growing this segment in 2023 on a year-over-year basis?

知道了。然後關於與金融科技相關的存款在第三季度和第四季度增長後在本季度下降，你提到了本季度末的一些資金流出。您對 2023 年這一細分市場的同比增長有多大信心？

Yeah. I'm very confident, and I think as Greg mentioned, a good part of that is normal outflows because remember, those companies are in the payment space. So there's that funds flow that we are very used to, and we understand the behaviors of those deposits. So we expect those deposits to come back, and I think you'll see -- I know you'll see net growth out of the GPG deposits year over year.

是的。我非常有信心，而且我認為正如 Greg 提到的那樣，其中很大一部分是正常的資金外流，因為請記住，這些公司在支付領域。所以有我們非常習慣的資金流動，我們了解這些存款的行為。因此，我們預計這些存款會回來，我想你會看到——我知道你會看到 GPG 存款逐年淨增長。

Thanks. And do you think you can grow non-interest-bearing deposits excluding crypto in the year? Or is there still some balances that are at risk of moving to higher cost alternatives?

謝謝。你認為你可以在年內增長不包括加密貨幣的無息存款嗎？或者是否仍有一些餘額有可能轉向更高成本的替代品？

Yes to all of the above. So we will continue to address some clients that want to go into treasuries, and there's nothing we can do with that. But I think that conversation is abating quite a bit. We're not having as much discussions about interest rates with clients of late, so that's a good thing.

對以上所有內容都是肯定的。因此，我們將繼續解決一些想要進入國債的客戶，我們對此無能為力。但我認為談話正在減弱。我們最近沒有與客戶就利率進行過多的討論，所以這是一件好事。

Non-interest bearing accounts, we will definitely continue to grow because we're a commercial bank. And as we grow the loan portfolio, you will be bringing on non-interest-bearing operating accounts. So there's no doubt. Again, as you know, we are obsessed with net interest margin. So it's not necessarily the cost of funds, but it's about NIM to drive topline net interest income.

無息賬戶，我們肯定會繼續增長，因為我們是一家商業銀行。隨著我們增加貸款組合，您將獲得無息經營賬戶。所以毫無疑問。同樣，如您所知，我們痴迷於淨息差。因此，這不一定是資金成本，而是關於 NIM 推動頂線淨利息收入。

So I think you're going to see starting in the second quarter and throughout the rest of the year -- and of course, we're looking well beyond '23 right now. '23 is sort of baked into the cake. We are really working on '24 and '25 right now in many different ways. So the answer is yes to all of the above.

所以我認為你會在第二季度和今年餘下的時間裡看到——當然，我們現在期待的是 23 年以後。 '23 有點像烤蛋糕。我們現在正在以許多不同的方式真正致力於'24 和'25。所以以上所有的答案都是肯定的。

Thank you. And on the interest-bearing deposit costs for 1Q being above 3% now, what are the spot rates that you're seeing for interest-bearing deposits?

謝謝。現在第一季度的生息存款成本超過 3%，您看到的生息存款的即期利率是多少？

Well, we typically don't publish rate sheet, Alex. I'd rather not get into it. I think a lot of what we've done though, is we are willing to pay up for incremental new deposits coming in from either existing customers or new relationships, which again, we're trying to stay well inside of effective Fed funds when we price anything of that nature. I think that's also been influenced -- actually, strike that last part. I put a period after what I had said previously.

好吧，我們通常不發布費率表，亞歷克斯。我寧願不參與其中。我認為我們所做的很多事情是，我們是否願意為來自現有客戶或新關係的增量新存款支付費用，同樣，當我們為那種性質的任何東西定價。我認為這也受到了影響——實際上，最後一部分。我在之前所說的之後加了句號。

Yeah. So I'll just expand a little bit. Similar to the loan pricing, we don't have a history of putting out, like Greg suggested, like a rate sheet; same thing on the liability side. We are relationship oriented. We're talking to clients all the time. And I guess you can say we negotiate rates on a client-by-client basis or on a transaction-by-transaction basis -- actually on an account-by-account basis.

是的。所以我會稍微擴展一下。與貸款定價類似，我們沒有像格雷格建議的那樣發布費率表的歷史；責任方面也是一樣。我們以關係為導向。我們一直在與客戶交談。我想你可以說我們是在逐個客戶或逐筆交易的基礎上協商利率——實際上是逐個賬戶的。

So it's hard to say. There is no absolute rate that is set for money market, if that's what you're looking for.

所以很難說。沒有為貨幣市場設定的絕對利率，如果您正在尋找的話。

Thanks. Then on expenses, last quarter you mentioned there were about $2 million in legal fees expected to moderate in 1Q levels. But you also mentioned that it's still a little bit elevated. What is a good run rate for the professional fees line for 2Q? Thanks.

謝謝。然後在費用方面，上個季度你提到預計第一季度的法律費用將減少約 200 萬美元。但你也提到它仍然有點高。第二季度專業費用線的良好運行率是多少？謝謝。

Yeah. I mean, my crystal ball is a little broken just because as we stand up, some of these new programs, it is going to add to those lines. So I think with the legacy, both the Voyager bankruptcy as well as the work on the settlement, that's really winding down. In the quarter, that was probably elevated by about $1 million, Alex.

是的。我的意思是，我的水晶球有點破，因為當我們站起來時，其中一些新程序會添加到這些行中。所以我認為，隨著 Voyager 破產和和解工作的遺留問題，這真的要結束了。在本季度，這可能增加了約 100 萬美元，亞歷克斯。

So I think that as we find that new normal in the second quarter, which is going to again include a bit of some new spend, which I think is going to be modest. If I was going to reduce or assume there's $1 million of this elevation in the quarter, that's probably not far off.

所以我認為，當我們在第二季度發現新常態時，這將再次包括一些新支出，我認為這將是適度的。如果我要減少或假設本季度有 100 萬美元的這種提升，那可能相距不遠。

but we do have some legal expense associated with setting up EB-5 and so on.

但我們確實有一些與設立 EB-5 等相關的法律費用。

Exactly.

確切地。

So again, look well beyond, look at results, and look at operating leverage and where we end at the end of the quarter as far as earnings and return on tangible common equity is really at the end of the day what we strive for.

因此，再次放眼遠方，看看結果，看看經營槓桿，以及我們在本季度末結束的地方，就收益和有形普通股的回報率而言，這實際上是我們在一天結束時所追求的。

Thank you. And then on GPG fee income saw some strong growth in the quarter to $4.9 million. Can you talk about the drivers of growth in the fintech segment quarter over quarter? And also, can you grow this segment every quarter for the rest of the year or just more of a volatile line item driven by volumes?

謝謝。然後，GPG 費用收入在本季度強勁增長至 490 萬美元。您能否談談金融科技領域季度增長的驅動因素？而且，您能否在今年剩餘時間裡每個季度都增加這個細分市場，或者只是增加一個由數量驅動的波動性項目？

Just to address first, the growth in the quarter, I mean, that's really -- it's a broad-based increase across the client base. So it's not one or two of our partners that are -- clients that are really driving that. It's really much more broad-based than that.

首先要解決的是，本季度的增長，我的意思是，這真的是 - 這是整個客戶群的廣泛增長。因此，真正推動這一點的不是我們的一兩個合作夥伴——客戶。它的基礎確實比這廣泛得多。

And a lot of the fintechs that we're working with and non-bank financial service companies are really hitting their stride. So that's a bit more broad-based. And in the forward look, I don't know, Mark, if you have any thoughts on that.

我們合作的許多金融科技公司和非銀行金融服務公司都在大踏步前進。所以這是一個更廣泛的基礎。展望未來，馬克，我不知道你是否對此有任何想法。

Yeah. I think that's exactly right. These companies are spending a significant amount of money on client acquisition strategies, so the pipeline is full. These companies are becoming more mature in providing retail financial services, so they're grabbing more market share.

是的。我認為這是完全正確的。這些公司在客戶獲取策略上投入了大量資金，因此渠道已滿。這些公司在提供零售金融服務方面變得越來越成熟，因此他們正在搶占更多的市場份額。

The market share is fairly sticky; their client base is sticky. So you're starting to see some scale there and some real operating efficiencies among those companies, which have to run through our franchise. So we see the benefits of it.

市場份額相當粘性；他們的客戶群很粘。所以你開始看到這些公司的一些規模和一些實際的運營效率，這些公司必須貫穿我們的特許經營權。所以我們看到了它的好處。

But you're right, at the moment, I think the most important thing Greg said to notice is that it's not one client. It's across that whole franchise. Many clients are building for scale, and we're benefiting from it as well. But we like a slow and modest pace of growth there. We don't mind it taking its time because some that's true retail banking, and it's in a marathon as opposed to a hockey stick approach.

但你是對的，目前，我認為格雷格說要注意的最重要的事情是它不是一個客戶。它貫穿整個特許經營權。許多客戶都在擴大規模，我們也從中受益。但我們喜歡那裡緩慢而適度的增長步伐。我們不介意它慢慢來，因為有些是真正的零售銀行業務，而且它是一場馬拉松，而不是曲棍球棒的方法。

Thank you. And last one for me. So in the GPG fee income line, there is about $1.3 million from the crypto-related business also up in the quarter. When do you expect this amount to be reduced? And I know you said you're of finishing up deposits run off by the end of 2Q, but how much do you expect of that fee income to be 2Q? Thanks.

謝謝。最後一個給我。因此，在 GPG 費用收入線中，本季度加密相關業務也增加了約 130 萬美元。你預計這個數額什麼時候會減少？我知道你說你要在第二季度末完成存款流失，但你預計第二季度的費用收入是多少？謝謝。

I would expect -- it's hard to predict. It depends on the timing of when these relationships get transferred. So I would imagine that would be entirely between the second and third quarter.

我希望——這很難預測。這取決於這些關係轉移的時間。所以我想這將完全發生在第二季度和第三季度之間。

Yeah, I agree. It's not going to be a gradual winddown the revenue side, though, Alex. I think the revenue, the transaction volumes, and the fees are going to be associated with the bin that holds the account. So it's going to be an on-off switch. So whatever that revenue level is should be there, it's really up and to the point that we actually transfer the bin.

是的，我同意。不過，亞歷克斯，收入方面不會逐漸減少。我認為收入、交易量和費用將與持有賬戶的容器相關聯。所以這將是一個開關。因此，無論收入水平應該是多少，它確實達到了我們實際轉移垃圾箱的程度。

Okay. Great. Thanks for taking my questions.

好的。偉大的。感謝您回答我的問題。

You got it, Alex. Thank you.

你明白了，亞歷克斯。謝謝。

This concludes the allotted time for questions. I would like to turn the call over to Mark DeFazio for any additional or closing remarks.

分配的提問時間到此結束。我想將電話轉給 Mark DeFazio 以獲得任何補充或結束語。

Thank you, and I would like to have -- make a few additional comments, if you would allow. In the current turbulent banking environment, it's not surprising to see uninformed speculation and people looking to profit from the turmoil. This has caused some significant volatility in our stock in recent weeks. In that context, I want to reiterate a few key facts that are important about MCB.

謝謝，如果您允許的話，我想發表一些補充意見。在當前動蕩的銀行業環境中，看到不知情的投機和希望從動盪中獲利的人並不奇怪。最近幾週，這導致我們的股票出現一些顯著波動。在這種情況下，我想重申一些關於 MCB 很重要的關鍵事實。

Crypto. In the fall of 2017, MCB materially started its exit from banking crypto-related businesses. And this process continued through 2019. In 2019, we maintained a relationship with for crypto-related exchange companies and stated clearly many times that we would not be increasing our relationship with others.

加密貨幣。 2017 年秋季，MCB 實質上開始退出銀行加密相關業務。這個過程一直持續到2019年。在2019年，我們與加密貨幣相關的交易所公司保持著關係，並多次明確表示我們不會增加與其他公司的關係。

Over the course of our relationship with Voyager, MCB did not allow the use of consumer funds for corporate purpose. Through the bankruptcy of Voyager, MCB demonstrated that we clearly knew how to manage the risks associated with the banking a crypto exchange. MCB safe kept consumer funds, maintained the integrity of pass-through FDIC insurance related to the FBO account representing consumer funds as well.

在我們與 Voyager 的關係過程中，MCB 不允許將消費者資金用於公司目的。通過 Voyager 的破產，MCB 證明我們清楚地知道如何管理與加密貨幣交易所銀行業務相關的風險。 MCB 安全地保管消費者資金，維護與代表消費者資金的 FBO 賬戶相關的直通 FDIC 保險的完整性。

Once the bankruptcy state was lifted, MCB managed the efficient release of all consumer funds held at MCB. Voyager-related balances today are at zero, and all accounts are closed. MCB recouped $900,000 toward reimbursement of legal fees out of $1.2 million that we spent.

解除破產狀態後，MCB 管理了 MCB 持有的所有消費者資金的有效釋放。今天與 Voyager 相關的餘額為零，所有賬戶都已關閉。 MCB 從我們花費的 120 萬美元中收回了 900,000 美元用於報銷法律費用。

Today, MCB has three of these crypto relationships left with an aggregate deposit balance of $218 million. We're winding these down and expect the related balances to be at or close to zero at the end of the second quarter. Because we clearly understood this business, we were able to execute an orderly exit without putting MCB's balance sheet at risk. Period.

如今，MCB 擁有其中三個加密貨幣關係，總存款餘額為 2.18 億美元。我們正在逐漸減少這些費用，並預計相關餘額在第二季度末將達到或接近於零。因為我們清楚地了解這項業務，所以我們能夠在不讓 MCB 的資產負債表面臨風險的情況下執行有序退出。時期。

Liquidity and interest rate risk. MCB has demonstrated over the past two decades just how important it is to manage interest rate risk and liquidity risk. Developing diversified low-cost deposit verticals enabled MCB to maintain its competitive edge in loan pricing, while insulating adequate NIM. Through two decades of organic balance sheet growth, MCB has maintained its net interest margin with positive operating leverage, enabling year-over-year net income growth and therefore driving franchise value.

流動性和利率風險。 MCB 在過去二十年證明了管理利率風險和流動性風險的重要性。開發多樣化的低成本垂直存款使 MCB 能夠在貸款定價方面保持競爭優勢，同時隔離足夠的 NIM。通過 20 年的資產負債表有機增長，MCB 以積極的經營槓桿保持了其淨息差，實現了同比淨收入增長，從而推動了特許經營價值。

Alongside of having a steadfast discipline on liquidity and interest rate risk is having a robust, readily available contingency funding plan. MCB has developed and expanded our contingency funding plan as our balance sheet expanded. We have proven that the preparedness and discipline is table stakes for sustainability and staying relevant.

除了對流動性和利率風險有堅定的紀律外，還有一個強大的、隨時可用的應急資金計劃。隨著我們資產負債表的擴大，MCB 制定並擴大了我們的應急資金計劃。我們已經證明，準備和紀律是可持續發展和保持相關性的籌碼。

In the current environment, transparency is important than ever. What I can offer to my shareholders and all stakeholders is that we will make ourselves available for questions. We are confident in the soundness and resilience of our business model and the rigor of our governance and risk management. And we were happy to talk to all of our shareholders and stakeholders at any time.

在當前環境下，透明度比以往任何時候都重要。我可以向我的股東和所有利益相關者提供的是，我們願意接受提問。我們對我們商業模式的穩健性和彈性以及我們治理和風險管理的嚴謹性充滿信心。我們很高興隨時與所有股東和利益相關者交談。

Thank you for participating in this call. I will now turn the call back over to the operator.

感謝您參與此次電話會議。我現在將把電話轉回給接線員。

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 line at this time, and have a wonderful day.

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。請此時斷開您的線路，祝您有美好的一天。