Metropolitan Bank Holding Corp (MCB) 2023 Q4 法說會逐字稿

Good day and welcome to the Metropolitan Commercial Bank fourth-quarter and full-year 2023 earnings call.

美好的一天，歡迎參加首都商業銀行 2023 年第四季和全年財報電話會議。

Hosting the call today from Metropolitan Commercial Bank are Mark DeFazio, President and Chief Executive Officer; and Dan Dougherty, Executive Vice President and Chief Financial Officer.

今天主持大都會商業銀行電話會議的是總裁兼執行長 Mark DeFazio；執行副總裁兼財務長 Dan Dougherty。

Today's call is being recorded.

今天的通話正在錄音。

(Operator Instructions) During today's presentation, references will be made to the company's earnings release and investor presentation, copies of which are available at mcbankny.com.

（操作員說明）在今天的演示中，將參考公司的收益發布和投資者演示，其副本可在 mcbankny.com 上取得。

Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially.

今天的演示可能包含前瞻性陳述，這些陳述受到風險和不確定性的影響，可能導致實際結果出現重大差異。

Please refer to the company's notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release.

請參閱公司關於收益發布中出現的前瞻性陳述和非公認會計原則措施的通知。

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

現在我很高興請總裁兼執行長馬克‧德法齊奧 (Mark DeFazio) 發言。

You may begin.

你可以開始了。

Thank you, Todd.

謝謝你，托德。

Good morning, and thank you all for joining our fourth-quarter earnings call.

早安，感謝大家參加我們的第四季財報電話會議。

MCB's ability to manage through severe banking sector stress in 2023 while simultaneously exiting less material lines of business demonstrates the impressive strength and stability of MCB's franchise.

MCB 有能力在 2023 年應對銀行業的嚴峻壓力，同時退出較少的業務線，這表明 MCB 的特許經營權具有令人印象深刻的實力和穩定性。

We have been able to responsibly grow the balance sheet while maintaining our credit standards and with a continued sharp focus on liquidity interest rate risk management.

我們能夠負責任地擴大資產負債表，同時維持我們的信貸標準，並繼續專注於流動性利率風險管理。

Importantly, the economy continues to display impressive resilience, and calls for a steep recession have become less apparent over time.

重要的是，經濟繼續表現出令人印象深刻的彈性，隨著時間的推移，對嚴重衰退的呼聲變得不那麼明顯了。

That said, 2023 was a challenging year for the banking industry.

儘管如此，2023 年對銀行業來說是充滿挑戰的一年。

The effects of the most aggressive Fed tightening cycle in decades and an inverted yield curve created significant headwinds.

聯準會幾十年來最激進的緊縮週期和殖利率曲線倒掛的影響造成了巨大的阻力。

Thankfully, experts predict that we have seen the end of the tightening cycle, and many are convinced that an easing cycle is on the horizon.

值得慶幸的是，專家預測我們已經看到緊縮週期的結束，許多人相信寬鬆週期即將到來。

MCB, being modestly liability-sensitive, will benefit from the monetary policy easing.

MCB 對負債較為敏感，將受惠於貨幣政策寬鬆。

Turning to recent results.

轉向最近的結果。

I am pleased with MCB's performance in the fourth quarter and for year end 2023.

我對 MCB 第四季和 2023 年底的業績感到滿意。

NIM inflected in the fourth quarter where we saw modest expansion, ending what turned out to be only two quarters of compression.

淨利差在第四季出現了轉折點，我們看到了適度的擴張，結束了原來只有兩個季度的壓縮。

We expect NIM expansion to continue in 2024, supported by continued loan growth originated at consistent spreads and funded with core deposits from our growing roster of deposit verticals.

我們預計淨利差擴張將在 2024 年繼續，這得益於源自穩定利差的持續貸款成長，並由我們不斷增長的垂直存款領域的核心存款提供資金。

Asset quality remains strong with no identifiable broad negative trends in any loan product, geography, or sector.

資產品質仍然強勁，任何貸款產品、地區或產業都沒有明顯的廣泛負面趨勢。

Looking forward, we are excited to formally announce that we have begun our core banking modernization initiative.

展望未來，我們很高興正式宣布我們已經開始核心銀行現代化計劃。

We expect that this project will result in improved capabilities and efficiencies for both customer-facing and internal processes.

我們預計該專案將提高面向客戶和內部流程的能力和效率。

Dan will provide financial details on the digital transformation project.

丹將提供數位轉型專案的財務詳細資訊。

I will now turn the call over to our CFO, Dan Dougherty.

我現在將把電話轉給我們的財務長 Dan Dougherty。

Thank you, Mark, and good morning, everyone.

謝謝你，馬克，大家早安。

I am pleased to join my first conference call as CFO of Metropolitan Bank, and I look forward to meeting with all of you at future conferences and investor events.

我很高興能作為大都會銀行財務長參加我的第一次電話會議，並期待在未來的會議和投資者活動中與大家見面。

As Mark mentioned, the operating environment continues to be quite challenging.

正如馬克所提到的，營運環境仍然充滿挑戰。

However, despite rate-related headwinds, the changing dynamics of depositor behavior, and a material shift in the bank's funding profile, we have continued to deploy our capital prudently and profitably.

然而，儘管存在與利率相關的不利因素、儲戶行為動態的變化以及銀行資金狀況的重大變化，我們仍繼續審慎且有利地配置我們的資本。

For the year, earnings per share was $6.91 and our book value per share at year end was $58.69. As we transition to 2024, we are optimistic about the path of the economy and the direction of short-term interest rates.

今年每股收益為 6.91 美元，年底每股帳面價值為 58.69 美元。隨著我們向2024年過渡，我們對經濟走勢和短期利率走向持樂觀態度。

Even though many challenges remain, we believe that the 2024 earnings will show solid growth relative to 2023.

儘管仍有許多挑戰，但我們相信 2024 年的獲利將較 2023 年呈現穩健成長。

Quarter over quarter, we saw an increase of $270 million in the loan book, a growth of approximately 5%.

與上一季相比，我們的貸款帳簿增加了 2.7 億美元，增幅約為 5%。

Net interest income was up $3.4 million, or about 6.4%, driving an increase in the net interest margin of 9 basis points.

淨利息收入增加 340 萬美元，增幅約 6.4%，帶動淨利差增加 9 個基點。

Our ability to reach an inflection point in the name is remarkable when you consider that we offloaded [$475 million] in crypto-related DDA balances during the year.

考慮到我們在這一年中出售了 [4.75 億美元] 與加密貨幣相關的 DDA 餘額，我們達到名稱拐點的能力是非凡的。

Loan growth was funded primarily by a deposit growth of $215 million.

貸款成長主要由 2.15 億美元的存款成長提供資金。

The deposited verticals that contribute the most to that growth were municipals, loan customer deposits, and EB-5-related deposits.

對此成長貢獻最大的存款垂直產業是市政存款、貸款客戶存款和 EB-5 相關存款。

The remainder of balance sheet growth during the year -- during quarter, excuse me, which included increases in both cash and securities was funded through wholesale channels.

今年資產負債表成長的其餘部分（請原諒，在季度中），其中包括現金和證券的成長，都是透過批發管道提供資金的。

Liquidity risk management remains a key focus.

流動性風險管理仍是重點。

At year end, total secured borrowing capacity was approximately 200% of our estimate of uninsured deposits.

截至年底，擔保借款能力總額約為我們估計的未保險存款的 200%。

Our loan pipelines remained strong.

我們的貸款管道依然強勁。

A continued focus on pricing discipline resulted in a weighted average coupon, net of deferred fees, of 8.7% on fourth quarter new loan originations versus a September loan portfolio yield of 6.73%.

對定價紀律的持續關注導致第四季度新發放貸款的加權平均息票率（扣除遞延費用）為 8.7%，而 9 月份貸款組合收益率為 6.73%。

The loan book mix continues to shift towards fixed rate as the mix of recent originations has been more heavily weighted towards fixed.

貸款組合繼續轉向固定利率，因為最近發放的貸款組合更傾向於固定利率。

As well, recent payoffs have been weighted towards float.

此外，最近的回報也偏重於浮動。

Now, a few comments on credit.

現在，就信用問題發表一些評論。

As Mark mentioned, asset quality remains strong with no identifiable negative trends within the portfolio.

正如馬克所提到的，資產品質仍然強勁，投資組合中沒有明顯的負面趨勢。

We did, however, provision $6.5 billion in the fourth quarter.

然而，我們在第四季撥備了 65 億美元。

The increased provision was driven primarily by loan growth as well as a specific reserve connected with outstandings to a single sponsor that went non-accrual in December, all of that offset somewhat by improvements in the macroeconomic variables that underlie our CECL model.

準備金的增加主要是由貸款成長以及與單一發起人的未償清帳款相關的特定準備金（該準備金於12 月變為非應計準備金）推動的，所有這些都在一定程度上被我們CECL 模型所依據的宏觀經濟變數的改善所抵銷。

Although we saw an increase in NPLs in the fourth quarter, we are confident that the ultimate risk of loss in the NPL book is minimal because of strong sponsor guarantees and collateral values that are generally well aligned with outstandings.

儘管我們看到第四季度不良貸款增加，但我們相信，不良貸款帳簿中的最終損失風險很小，因為強有力的保薦人擔保和抵押品價值通常與未償清償債務保持一致。

Non-interest income was flat over the quarter at $6.5 million.

本季非利息收入持平，為 650 萬美元。

Within the non-interest income bucket, GPG revenues were also flat at $4.2 million.

在非利息收入方面，GPG 收入也持平於 420 萬美元。

Importantly, due to evolving regulatory environment that has challenged the cost benefit equation related to the business to consumer, or B2C, fintech business, the bank has decided to exit B2C.

重要的是，由於不斷變化的監管環境對消費者業務（B2C）、金融科技業務相關的成本效益方程式提出了挑戰，該銀行決定退出 B2C。

The plan is to complete the B2C exit over the course of this year.

計劃在今年內完成 B2C 退出。

The implications of the B2C exit are focused on the GPG fee revenue outlook and the impact from the outflow of low cost deposits.

B2C 退出的影響主要集中在 GPG 費用收入前景以及低成本存款外流的影響。

The overall fee revenue decline related to the B2C exit should equate to approximately 2% to 3% of the current consensus 2024 revenue forecast.

與 B2C 退出相關的整體費用收入下降應相當於目前一致的 2024 年收入預測的 2% 至 3% 左右。

The related deposit outflows, which will also occur over the course of the year, are expected to be immaterial to 2024 results.

相關存款外流也將在今年發生，預計對 2024 年業績影響不大。

We remain committed to grow the GPG business line, especially as a source of low-cost funding.

我們仍致力於發展 GPG 業務線，特別是作為低成本資金來源。

But for the time being, we think a focus on the business-to-business, or B2B, is appropriate.

但就目前而言，我們認為專注於企業對企業（B2B）是合適的。

We do not plan on any specific headcount reduction as a result of the B2C exit.

我們不打算因 B2C 退出而進行任何具體的人員削減。

As opportunities present themselves, existing employees will work to support new deposit gathering initiatives.

隨著機會的出現，現有員工將努力支持新的存款收集計畫。

Now let's talk about non-interest expenses.

現在我們來談談非利息支出。

After adjusting for the regulatory settlement reversal of $3 million in the third quarter, quarter-over-quarter non-interest expense was up approximately $3 million.

在第三季 300 萬美元的監管結算逆轉進行調整後，非利息支出較上季增加約 300 萬美元。

The $1 million increase in fourth quarter comp and benefits reflects the timing of third-quarter hires and some one-time charges related to placement fees and severance costs.

第四季薪資和福利增加 100 萬美元，反映了第三季的招募時間以及與安置費和遣散費相關的一些一次性費用。

We will continue to invest in human capital this year as we prepare for our continued approach towards $10 billion in balance sheet footing.

今年，我們將繼續投資人力資本，為繼續實現 100 億美元的資產負債表基礎做準備。

The 2024 run rate for comp and benefits will reflect an increase to annualized fourth-quarter expense of approximately 6% to 8%.

2024 年薪資和福利運作率將反映第四季年化費用約 6% 至 8% 的成長。

Professional fees should trend down towards $4 million per quarter over the course of the year.

全年專業費用應下降至每季 400 萬美元。

And finally, in the aggregate, it is reasonable to assume that total core non-interest expense will increase in the 10% to 12% area versus normalized 2023 expenses.

最後，總體而言，可以合理地假設核心非利息支出總額將比 2023 年標準化支出增加 10% 至 12%。

A few comments on the banking modernization project.

關於銀行現代化專案的幾點評論。

One-time costs associated with the core banking modernization project are expected to total approximately $9.5 million in 2024.

到 2024 年，與核心銀行現代化專案相關的一次性成本預計總計約為 950 萬美元。

These expenses will be somewhat lumpy throughout the year.

這些費用全年都會有些波動。

We will make best efforts to report core as well as project-related expenses each quarter.

我們將盡最大努力每季報告核心費用以及專案相關費用。

The modernization project is planned to be implemented over a roughly 24-month period.

該現代化項目計劃在大約 24 個月的時間內實施。

Approximately 80% of the total project spend is expected to occur in 2024.

預計 2024 年將佔項目總支出的約 80%。

The returns on the project, which are measured largely through scalability, data miningability, improved payment processing capabilities, and improved customer experience, will be evident as we integrate the new systems.

該專案的回報主要透過可擴展性、資料探勘能力、改進的支付處理能力和改善的客戶體驗來衡量，隨著我們整合新系統，回報將變得顯而易見。

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

我現在將回撥給接線員進行問答。

At this time, the floor is now open for your questions.

現在，請大家提問。

(Operator Instructions) Mark Fitzgibbon, Piper Sandler.

（操作說明）Mark Fitzgibbon、Piper Sandler。

Hey, guys.

大家好。

Good morning.

早安.

Morning, Mark.

早上好，馬克。

Good morning, Mark.

早上好，馬克。

First question I had for you, Dan, around that the exit of the B2C business, two questions related to that.

Dan，我向您提出的第一個問題是圍繞 B2C 業務的退出，有兩個問題與此相關。

First, what was sort of the impetus for exiting the business?

首先，退出該業務的動力是什麼？

And second, of the $781 million of GPG deposits, roughly how much of that is connected to B2C?

其次，在 7.81 億美元的 GPG 存款中，大約有多少與 B2C 有關？

This is Mark.

這是馬克。

I'll take the first half of that.

我將採取前半部。

So Mark, just to bring you up to date on this, MCB hasn't brought on a B2C client in GPG throughout all of '22 and all of '23.

Mark，為了向您通報最新情況，MCB 在整個 22 年和 23 年期間都沒有在 GPG 中引入 B2C 用戶端。

We just started socializing this and talking about it publicly, so we have not recognized any benefit from B2C business for the last two years.

我們剛開始社交化並公開談論它，所以過去兩年我們還沒有認識到 B2C 業務有任何好處。

The reason for it is the economics.

其原因在於經濟。

At this point, the regulatory expectations for that oversight is extraordinary and it's costly.

目前，監管機構對這種監督的期望非常高，而且成本高昂。

And we're just fortunate enough to have other options to choose to grow the bank.

我們很幸運，有其他選擇來發展銀行。

So we have decided that the economics to profit margins on that business used to be very substantial.

因此，我們認為該業務的經濟效益非常可觀。

They have served us well.

他們為我們提供了很好的服務。

And for everyone listening, we were in that business for two decades very successfully.

對每一位聽眾來說，我們在這個行業已經成功經營了二十年。

So it has served the bank well.

所以它對銀行很有幫助。

It just no longer has the risk reward or the economics to support staying in the business.

它只是不再有風險回報或經濟來支持留在這個行業。

Dan, do you want to take

丹，你想帶嗎？

--

--

Yes.

是的。

Yes.

是的。

So Mark, the deposits that -- the B2C deposits foot to about $250 million, those will exit the bank.

因此，馬克，B2C 存款達到約 2.5 億美元，這些存款將退出銀行。

The plan is to exit the bank over the course of the 12 months of 2024.

該銀行計劃在 2024 年 12 個月內退出該銀行。

Okay, great.

好的，太好了。

And then can you share with us any thoughts on the pipeline in the B2B business, how that's looking right now, shaping up?

那麼您能否與我們分享對 B2B 業務管道的任何想法，以及目前的情況如何？

Yeah, it's strong.

是的，它很強。

It's strong.

它很強。

It's diverse.

它是多種多樣的。

And we also have acquiring, which we stood up in 2023, which we expect '24 for it to start to contribute meaningfully in '24 as well.

我們也進行了收購，我們在 2023 年進行了收購，我們預計 24 年它也將在 24 年開始做出有意義的貢獻。

As far as the [250,000] in deposits, Mark, we have already demonstrated -- over the last 24 months, we had the life of about $1.5 billion of crypto-related deposits that fully left the bank, and we had replaced them very efficiently from.

至於 [250,000] 筆存款，馬克，我們已經證明了——在過去 24 個月裡，我們有大約 15 億美元的加密貨幣相關存款完全離開了銀行，並且我們非常有效地替換了它們從。

So we would expect it to be a non-event on the $250 million.

因此，我們預計這對 2.5 億美元來說不會是一件大事。

It will not happen in one moment.

這不會在一瞬間發生。

It will happen gradually over the year.

這將在一年內逐漸發生。

And I don't think you'll end up noticing it at all.

我認為你最終不會注意到它。

Okay.

好的。

And then just two modeling things, one on the margin.

然後只有兩個建模的東西，一個在邊緣。

You mentioned the margin should rise throughout the course of 2024.

您提到 2024 年利潤率應該會上升。

Assuming you follow the forward curve, how much NIM expansion does that imply?

假設您遵循遠期曲線，這意味著淨利差擴張有多大？

And also, if you could share any color on the effective tax rate going forward.

另外，您是否可以分享任何有關未來有效稅率的資訊。

Thank you.

謝謝。

All right.

好的。

So our forecast has two rate hikes in it for next year.

因此，我們的預測明年有兩次升息。

They come in the middle to the back of the year.

他們在年中到年底出現。

And we see another 10 to 15 basis points of NIM -- well, actually, 20 basis points of NIM expansion through the course of the year based on that model.

我們也看到淨利差 (NIM) 又增加了 10 到 15 個基點——實際上，根據該模型，全年淨利差 (NIM) 擴張了 20 個基點。

Okay, great.

好的，太好了。

And then the effective rate was low this quarter.

然後本季的有效利率很低。

Back to that [31] and change, you think, is the more reasonable go-forward rate.

回到那個[31]，你認為改變是更合理的前進率。

That's a good assumption, yes.

是的，這是一個很好的假設。

Thank you.

謝謝。

Thank you.

謝謝。

Nick Cucharale, Hovde Group.

尼克·庫查拉萊 (Nick Cucharale)，Hovde 集團。

Good morning, everyone.

大家，早安。

How are you?

你好嗎？

Morning, Nick.

早安，尼克。

Good morning, Nick.

早安，尼克。

Just a follow up on the expense commentary.

只是費用評論的後續。

Are the project-related expenses that you mentioned incorporated into the 10% to 12% projected growth rate?

您所提及的項目相關費用是否納入10%至12%的預期成長率？

They are not.

他們不是。

If you were to include those, what does the projected growth rate for '24 versus '23 look like?

如果將這些因素納入，「24 年」與「23 年」的預期成長率會是什麼樣子？

I have to come back to you on that one, Nick.

我必須回到你那裡來，尼克。

I don't have it handy in front of me.

我面前沒有方便的東西。

I could do quick math, but let me follow up with you on that.

我可以做一些快速的數學計算，但讓我跟進你的情況。

No problem.

沒問題。

No problem.

沒問題。

On the deposit front, you mentioned nice growth in the municipal book.

在存款方面，您提到了市政帳簿的良好成長。

We had a similar dynamic in the year-ago quarter.

去年同期我們也有類似的情況。

Is this mainly due to seasonality or have you added significant new relationships into that vertical?

這主要是由於季節性還是您在該垂直領域中添加了重要的新關係？

Mostly new relationships, Nick.

大部分是新關係，尼克。

Primarily driven by new relationships.

主要由新關係驅動。

That's right.

這是正確的。

Wonderful.

精彩的。

Loan growth was again strong -- and even in spite of strong deposit growth, it looks like you added more wholesale funding to support that rise.

貸款成長再次強勁——儘管存款成長強勁，但看起來你增加了更多批發資金來支持這種成長。

When do you anticipate you'll be able to drive down borrowings to levels that are more in line with your history?

您預計什麼時候能夠將借款降低到更符合您歷史記錄的水平？

The plan is yesterday, of course.

當然，這個計劃是昨天的。

But remember, at year end, our cash position was elevated, and that was intentional.

但請記住，到年底，我們的現金部位有所增加，這是故意的。

So those dollars can quickly leave the bank.

這樣這些美元就可以很快離開銀行。

I don't need to run a cash balance quite that high.

我不需要維持那麼高的現金餘額。

So I would think that it should be pretty quick over the course of the year that we drive this thing back towards the current minimum, which is $300 million, which is actually swapped out.

因此，我認為，在這一年中，我們應該很快就能將這件事推回到目前的最低水平，即 3 億美元，實際上已經被取代了。

So that's going to stick with us for the duration of those swaps which expire in mid-'25, I believe.

因此，我相信，在 25 年中期到期的掉期期間，這一點將伴隨著我們。

And so I -- yeah.

所以我——是的。

Again, I think it should happen relatively quickly as we ramp up our deposit-gathering process.

同樣，我認為隨著我們加快存款收集流程，這應該會相對較快地發生。

But Nick, year over year, if you look at the difference between core funding and net new loan growth, it was minimal.

但尼克，如果你逐年觀察核心資金和新貸款淨成長之間的差異，就會發現差異很小。

We didn't really rely at all -- heavily at all on wholesale funding to fund that growth.

我們根本沒有真正依賴——完全依賴批發資金來為這種增長提供資金。

Right, right.

是的是的。

And then lastly, another solid rise in the healthcare portfolio this quarter.

最後，本季醫療保健投資組合再次強勁成長。

Where are you comfortable bringing that book as an overall percentage of total loans?

您認為這本書佔總貸款的比例是多少？

We're studying that right now.

我們現在正在研究這個。

We're having stress test, as you know.

如你所知，我們正在進行壓力測試。

As you know, we do stress testing of the entire portfolio twice a year.

如您所知，我們每年對整個投資組合進行兩次壓力測試。

We're having a targeted stress test done on the healthcare.

我們正在對醫療保健進行有針對性的壓力測試。

I have a sense of where that's going to come out.

我知道它會出現在哪裡。

It will be very positive.

這將是非常積極的。

We like the risk profile there.

我們喜歡那裡的風險狀況。

So we'll announce some new numbers at some point, but we're going through that analysis now in the first quarter.

因此，我們將在某個時候宣布一些新數據，但我們現在正在第一季進行該分析。

But we do like the risk profile and the economics around healthcare.

但我們確實喜歡醫療保健的風險狀況和經濟學。

And remember, it's a very diversified portfolio.

請記住，這是一個非常多元化的投資組合。

It's just not skilled nursing homes and assisted living facilities.

只是沒有熟練的療養院和輔助生活設施。

I appreciate the color, and thank you for taking my questions.

我很欣賞這種顏色，感謝您提出我的問題。

Thanks, Nick.

謝謝，尼克。

Thanks, Nick.

謝謝，尼克。

Thank you.

謝謝。

Chris O'Connell, KBW.

克里斯·奧康奈爾，KBW。

Hey, good morning.

嗨，早安。

Good morning, Chris.

早上好，克里斯。

So just wanted to circle back to the NIM guide of the 20 basis points and just confirm that's off of the 4Q '23 to 4Q '24 timeline numbers, not off of the annual NIM.

因此，我只想回到 20 個基點的淨利差指南，並確認該數值不符合 23 年第四季至 24 年第四季的時間軸數字，而不是年度淨利差。

It actually off the annual NIM.

它實際上脫離了年度NIM。

So that 20 basis points is

所以20個基點是

[over 3.48]?

[超過3.48]？

That's correct.

這是正確的。

Great.

偉大的。

And how much does that change, I guess, the rate if there's no Fed cuts next year?

我想，如果明年聯準會不降息的話，利率會有多大變化？

I don't have that handy.

我沒有那個方便。

Happy to run the model and let you know.

很高興運行模型並讓您知道。

One other way of looking at that, too, Nick, is we have some very big deposit initiatives that should drive lower cost deposits throughout 2024.

尼克，另一種看待這個問題的方式是，我們有一些非常大的存款計劃，這些計劃應該會在 2024 年推動存款成本降低。

So we're not just relying on the Fed to give us some expansion here.

因此，我們不僅僅依靠聯準會來給予我們一些擴張。

We're driving it ourselves.

我們自己開車。

As we have historically and you saw in this year that just passed, we had only two quarters of compression with the tightening that we face.

正如我們歷史上所看到的那樣，以及您在剛剛過去的今年所看到的那樣，我們只經歷了兩個季度的壓縮和我們面臨的緊縮。

So we're not relying on the Fed.

所以我們不依賴聯準會。

The Fed has many more cuts predicted.

預計聯準會還會進一步降息。

We only have two in our projections, but it is not the underpinning of that margin expansion.

我們的預測中只有兩個，但這並不是利潤率擴張的基礎。

It's our deposit initiatives.

這是我們的存款措施。

Yeah.

是的。

So the NIM forecast that my team has produced adds relatively conservative assumptions related to core deposit growth.

因此，我的團隊所做的 NIM 預測增加了與核心存款成長相關的相對保守的假設。

So if anything, there should be upside there, assuming that the past administered rates is generally aligned with what we've talked about.

因此，如果有的話，假設過去的管理利率總體上與我們討論的一致，那麼那裡應該有上行空間。

Great.

偉大的。

And on the B2C exit, I appreciate all the color that you guys gave.

在 B2C 出口方面，我很欣賞你們給予的所有色彩。

As far as just the actual impact to the GPG fee line, do you have what that is, I guess, on an annual basis once the exits complete?

至於對 GPG 費用線的實際影響，我猜，一旦退出完成，每年的影響是多少？

And then any sense of just, even if it's rough, the timing of how that will play out?

然後，即使很艱難，是否有任何公正的感覺，這將如何發揮作用？

Again, the exit's going to happen during the course of 2024.

同樣，退出將在 2024 年進行。

The reason like I've couched it in terms of forecasted revenue for next year is to emphasize the fact that it's a relatively small number.

我之所以用明年的預測收入來表達它，是為了強調這個數字相對較小。

It's 2% to 3% of consensus right now for 2024.

目前，2024 年的共識是 2% 到 3%。

So you can do the math, I can do the math.

所以你可以做數學，我也可以做數學。

Let's call it [$5 million to $6 million] is going to be the delta there.

我們稱之為[500萬至600萬美元]將是那裡的三角洲。

Got it.

知道了。

Great.

偉大的。

This is Chris.

這是克里斯。

Chris, keep in mind just one thing that shouldn't be not focused on.

克里斯，請記住一件不該不關注的事。

As I mentioned earlier, we didn't bring in -- we have onboarded a B2C client and GPG's revenues not only absorbed the material reduction in crypto-related transaction revenues.

正如我之前提到的，我們沒有引入 B2C 用戶端，而 GPG 的收入不僅吸收了加密貨幣相關交易收入的大幅減少。

We not only replaced that seamlessly; we replaced on the lack of revenue coming from B2C as well by adding new B2B clients.

我們不僅無縫地替換了它，而且還替換了它。我們也透過增加新的 B2B 客戶來彌補 B2C 收入的不足。

So the underpinning of that business is strong, and it's unfortunate that we're replacing some opportunities there for a lot of different reasons.

因此，該業務的基礎很強大，不幸的是，我們出於多種不同的原因取代了那裡的一些機會。

But we are not coming out of a hole because we are replacing it as we as we speak.

但我們並沒有走出困境，因為我們正在取代它。

And we demonstrated that again in '23.

我們在 23 年再次證明了這一點。

Great.

偉大的。

And just multi-family provision, how big was that credit?

就多戶家庭而言，信用額度有多大？

And can you give any color just around the overall circumstances, what the total reserve to the loan size is, and just any other detail surrounding the credit?

您能否對整體情況、貸款規模的總儲備金以及其他有關信貸的細節進行說明？

It's multifamily outside of New York.

這是紐約以外的多戶住宅。

I think it's Ohio and Louisiana.

我認為是俄亥俄州和路易斯安那州。

Louisiana.

路易斯安那州。

What we understand, it's a dispute between partners and the lack of willingness to put capital into the projects to bring them to destabilize.

據我們了解，這是合作夥伴之間的糾紛，以及缺乏向專案投入資金的意願，導致專案不穩定。

So it's not something we haven't seen in our careers before.

所以這不是我們以前在職業生涯中沒有見過的事情。

Considering the sponsorship behind it, we're a little bit surprised on that -- considering how wealthy they are and how experienced they are in this asset class, that they would run the risk of litigation.

考慮到背後的贊助，我們對此感到有點驚訝——考慮到他們有多富有以及他們在這一資產類別中的經驗如何，他們會冒著訴訟的風險。

But they are.

但他們確實如此。

But we are confident.

但我們有信心。

We believe the risk of loss here is minimal.

我們相信這裡的損失風險很小。

I actually believe the risk of loss here is zero.

我實際上相信這裡的損失風險為零。

Great.

偉大的。

And do you have what the LTV or debt service coverage ratio was on the credit (inaudible) your most recent?

您是否知道您最近的信貸（聽不清楚）的 LTV 或償債覆蓋率是多少？

Well, they were properties in transition, so they were not highly occupied.

嗯，它們是轉型中的房產，所以入住率不高。

That was the value proposition of acquiring it at a very high cap rate, going in, renovate, stabilize.

這就是以非常高的資本化率收購它、進入、翻新、穩定的價值主張。

And the typical model of multifamily is you go in, you acquire, you stabilize, you renovate, you stabilize, rates come down, cap rates come down, you refinance or sell at a higher return.

多戶住宅的典型模式是你進去、你收購、你穩定、你翻新、你穩定、利率下降、上限利率下降、你再融資或以更高的回報出售。

And they just -- rates are likely to come down, but they're not finishing the renovation.

他們只是——房價可能會下降，但他們還沒有完成裝修。

So the debt service coverage is almost irrelevant because of the guarantee and the global cash flow of the guarantors, which supported the projects on the way in.

因此，由於擔保人和擔保人的全球現金流支持了專案的進入，償債覆蓋率幾乎無關緊要。

The LTVs were [70], I'm sure, or within policy guidelines of 70%, 75%, I'm sure.

我確信 LTV 是 [70]，或在 70%、75% 的政策指引範圍內。

Great.

偉大的。

And just last one on this.

這只是最後一篇。

Do you know when it was originated?

你知道它起源於何時嗎？

I think on the inside of two years, 2022 -- 21, 22?

我想兩年之內，2022年──21、22？

Quarantine

檢疫

(inaudible)

（聽不清楚）

['21].

['21]。

And just -- do you view this as a read through any other parts of the portfolio?

只是——您是否認為這是對投資組合其他部分的閱讀？

And how are you guys seeing credit transform over the past quarter and the outlook going forward?

你們如何看待過去一個季度的信貸轉型以及未來的前景？

And does it impact any of your appetite for loan growth going forward?

這是否會影響您對未來貸款成長的興趣？

No.

不。

Just as I said in my prepared remarks, this isn't indicative of any trend or anything that's happening in the portfolio from a asset class perspective or geography.

正如我在準備好的演講中所說，從資產類別或地理位置的角度來看，這並不表明投資組合中發生的任何趨勢或任何情況。

This is a one-off situation.

這是一種一次性的情況。

Keep in mind, we do a fair amount of lending here.

請記住，我們在這裡提供大量貸款。

You will have non -- NPLs from time to time.

您有時會遇到非不良貸款。

The question is -- your underwriting will get tested when you have non-PLs.

問題是——當您擁有非 PL 時，您的承保將受到測試。

And you'll feel throughout the course of the year how our underwriting did as a result of remediating this problem.

在這一年中，您會感受到我們的核保在解決這個問題後的表現。

I can tell you the clients are fully engaged now, and they are talking to us.

我可以告訴你，客戶現在已經完全投入，他們正在與我們交談。

So I would expect this to get resolved one way or the other pretty soon.

因此，我希望這一問題能很快得到解決。

Great.

偉大的。

Thank you, guys.

感謝你們。

Appreciate the time.

珍惜時間。

Thanks, Chris.

謝謝，克里斯。

Thank you.

謝謝。

Alex Lau, JPMorgan.

亞歷克斯·劉，摩根大通。

Hi, good morning.

早安.

Morning, Alex.

早安，亞歷克斯。

Good morning, Alex.

早安，亞歷克斯。

I wanted to start off with deposits.

我想從存款開始。

Which deposit verticals drove the increase in non-interest bearing deposits on a period-end basis?

哪些存款產業推動了期末無息存款的成長？

And what are your expectations for DDA growth outside of the B2C runoff in 2024?

您對 2024 年 B2C 決勝以外的 DDA 成長有何預期？

The increase in EBITDA was driven through GPG clients.

EBITDA 的成長是由 GPG 客戶推動的。

And we've -- excuse me -- a modest assumption in our model that we'll see fairly limited DDA growth going forward.

對不起，我們在模型中做了一個適度的假設，即未來 DDA 的成長將相當有限。

I think DDA is becoming a unicorn out here.

我認為 DDA 正在成為這裡的獨角獸。

It's hard to find non-interest bearing deposits at this juncture in the market.

目前市場上很難找到無利息存款。

But we do have a small assumption -- a relatively small growth in our models.

但我們確實有一個小假設——我們的模型成長相對較小。

Thank you.

謝謝。

And also, for the -- thank you for the breakout of the $230 million in deposits from the new deposit initiatives.

另外，感謝您透過新的存款計劃實現了 2.3 億美元的存款突破。

Can you talk about the opportunities for these deposit verticals to increase their contribution to the funding base this year?

您能否談談這些存款垂直產業今年增加對融資基礎貢獻的機會？

I think you're going to continue to see stable increase.

我認為您將繼續看到穩定的成長。

I mean, there are projections out there that are reasonably opportunistic.

我的意思是，有些預測是相當機會主義的。

But I think they're going to continue to contribute.

但我認為他們將繼續做出貢獻。

And our goal is, as we said in the past and as we have been historically, that our funding will be -- our loan growth will be funded specifically by core funding and they will continue to contribute.

正如我們過去和歷史上所說，我們的目標是，我們的資金將是——我們的貸款成長將專門由核心資金提供資金，他們將繼續做出貢獻。

How much in any one quarter or a year?

任何一個季度或一年有多少？

It's hard to say, but that's our goal, to continue to stay a core-funded institution.

很難說，但這就是我們的目標，繼續保持核心資助機構的地位。

Thank you.

謝謝。

And then a question on deposit costs.

然後是關於存款成本的問題。

Given your higher payer on deposit costs, how do you think about the beta moving downwards as the Fed cuts the funds rates and the timing, given your deposit mix?

考慮到您的存款成本較高的付款人，您如何看待隨著聯準會降低基金利率和時間安排（考慮到您的存款組合）貝塔值下降？

For example, do you have the mix of index deposits that's or how much is exception pricing?

例如，您是否有例外定價的指數存款組合或多少？

Thanks.

謝謝。

Our assumptions trend toward a very conservative 65%, inclusive of the derivatives that we have in the balance sheet.

我們的假設傾向於非常保守的 65%，包括我們資產負債表中的衍生性商品。

Take the derivatives off, it gets closer to 75%.

去掉衍生性商品，它接近 75%。

I think we're pretty hopeful that, in fact, it will be higher than that as the short rates move down.

我認為，事實上，隨著短期利率下降，我們非常希望這個數字會高於這個數字。

Thanks.

謝謝。

And then one follow up on expenses.

然後是對費用的跟進。

You mentioned the 10% to 12% growth on core non-interest expense.

您提到核心非利息支出成長 10% 至 12%。

What is the normalized and space you were referring to for 2023?

您所指的 2023 年標準化和空間是多少？

I believe I quoted that as Q4 annualized and then grossed up with the 10% to 12%.

我相信我引用的是第四季的年化成長率，然後總計成長了 10% 到 12%。

And were there any project expenses in 2023 already?

2023 年是否已有專案費用？

And on the project expenses as well, is there a sense of timing?

在專案費用方面，是否有時間感？

Will be it more front-loaded or pretty spread out throughout the year?

是會更提前還是全年分佈更廣？

There were some modest expenses in '23. 2024 is going to be quite lumpy.

23 年有一些適度的開支。 2024 年將會相當坎坷。

It's very difficult to say they will be spread out through the year, but it's going to be quite lumpy, as these sub projects, if you will, become online.

很難說它們會在一年中分散開來，但它會相當不穩定，因為這些子項目（如果你願意的話）會變得在線。

Okay.

好的。

And then just another follow-up on the B2C fee income loss over '24.

然後是 24 年 B2C 費用收入損失的另一個後續行動。

Was that $5 million to $6 million in exit run rate for 4Q '24, is that the full-year impact versus consensus for full year '24?

24 年第四季的退出運行率是 500 萬至 600 萬美元嗎？這是全年影響還是 24 年全年共識？

$5 million to $6 million is for the full year.

全年費用為 500 萬至 600 萬美元。

Remember, when you look at the 2023 results, you've got to back out the crypto from there.

請記住，當您查看 2023 年的結果時，您必須從那裡撤回加密貨幣。

That's obviously not going to be recurring.

這顯然不會再發生。

And then the adjustment, as we just mentioned, over the course of the year will be approximately $5 million to $6 million.

然後，正如我們剛才提到的，全年的調整將約為 500 萬至 600 萬美元。

And of course, as Mark touched on, this is really important.

當然，正如馬克所說，這非常重要。

Our B2B pipeline is strong.

我們的 B2B 頻道很強大。

We have a strong commitment to growing that book of business.

我們堅定地致力於發展業務。

And we remain quite hopeful that that will continue to grow and provide a significant amount of low-cost funding.

我們仍然非常希望這一規模能夠繼續成長並提供大量低成本資金。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

All right.

好的。

Thank you.

謝謝。

Chris O'Connell, KBW.

克里斯·奧康奈爾，KBW。

Yeah.

是的。

Just wanted to confirm the expense guide.

只是想確認一下費用指南。

I had it at the Q4 annualized, $37 million annualized, plus 6% to 8%; and then the 2023 normalized OpEx plus the 10% to 12%.

我是在第四季年化的，年化3700萬美元，加6%到8%；然後是 2023 年標準化營運支出加上 10% 到 12%。

Is that correct, not the Q4 annualized plus 10% to 12%?

這是正確的嗎，不是Q4年化加10%到12%嗎？

It's overall.

整體來說是這樣的

Overall, is the -- the comp would benefit 68% off Q4.

總體而言，該公司將在第四季度受益 68%。

That's a specific (inaudible) there.

這是一個具體的（聽不清楚）。

But overall, 10% to 12% off fourth quarter annualized.

但總體而言，第四季年化成長率下降了 10% 至 12%。

Thank you.

謝謝。

You're welcome.

不客氣。

Thank you.

謝謝。

This does conclude the allotted time we have for questions.

我們分配的提問時間到此結束。

I will now turn the call back to Mark DeFazio for any additional or closing remarks.

我現在將把電話轉回給馬克·德法齊奧，請其發表補充或結束語。

I don't have any closing remarks other than thank you all for attending and your continued support in to MCB.

除了感謝大家的出席以及對 MCB 的持續支持之外，我沒有任何結束語。

Thanks, everybody.

謝謝大家。

Thank you.

謝謝。

This does conclude today's conference call and webcast.

今天的電話會議和網路廣播到此結束。

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.

本次電話會議的網路廣播存檔可在 www.mcbankny.com 上找到。請此時斷開您的線路，祝您有美好的一天。