Metropolitan Bank Holding Corp (MCB) 2024 Q2 法說會逐字稿

Welcome to Metropolitan Commercial Bank's second-quarter 2024 earnings call.

歡迎參加首都商業銀行 2024 年第二季財報電話會議。

Hosting the call today from Metropolitan Commercial Bank are Mark DeFazio, President and Chief Executive Officer, and Dan Daugherty, 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 和執行副總裁兼財務長 Dan Daugherty。

Today's call is being recorded.

今天的通話正在錄音。

(Operator Instructions)

（操作員說明）

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

在今天的演示中，將參考該公司的收益發布和投資者演示，其副本可在 mcbankny.com 上取得。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 and investor presentation.

請參閱公司關於收益發布和投資者演示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, and good morning, and thank you all for joining our second-quarter earnings call and to be solid second quarter financial performance was indicative of the strength of our core commercial banking franchise.

謝謝大家，早安，感謝大家參加我們的第二季財報電話會議，第二季穩健的財務表現顯示了我們核心商業銀行業務的實力。

During the quarter, we also grew the balance sheet while maintaining our tight discipline, credit standards and with the continued sharp focus on liquidity and interest rate risk management, I am pleased to report we saw a 30 basis points of margin expansion in the second quarter.

本季度，我們也擴大了資產負債表，同時保持嚴格的紀律和信貸標準，並繼續高度關注流動性和利率風險管理，我很高興地報告，第二季度的利潤率擴大了 30 個基點。

This marks our third consecutive quarter of margin expansion and with two major strategic initiatives the wind-down of the GPG business and the digital transformation projects are proceeding on time and on budget.

這標誌著我們連續第三個季度實現利潤率擴張，透過兩項重大策略舉措，GPG 業務的逐步結束和數位轉型專案正在按時、按預算進行。

We remain keenly focused on the successful completion of these important initiatives also, NCB remains focused on the continuation and expansion of our profitable and intentional commercial bank growth strategy.

我們仍然高度關注這些重要措施的成功完成，NCB 仍然專注於繼續和擴展我們的獲利和有意的商業銀行成長策略。

in the second quarter, we reported earnings per share of $1.50, including $0.34 net impact of the key changes, wind-down, regulatory remediation and digital transformation expenses.

第二季度，我們報告每股收益為 1.50 美元，其中包括關鍵變化、關閉、監管補救和數位轉型費用的 0.34 美元淨影響。

Profitability was supported by strong growth in net interest income and continued excellent credit performance.

淨利息收入的強勁成長和持續出色的信貸表現支撐了獲利能力。

Asset quality remains strong.

資產品質依然強勁。

We have not identified any broad-based negative trends in any loan product segment, geography or sector that is impacting our portfolio.

我們尚未發現任何貸款產品細分市場、地區或產業有任何影響我們投資組合的廣泛負面趨勢。

We believe that our healthy credit metrics are a direct result of them and see these pricing discipline, conservative underwriting performance and portfolio diversity.

我們相信，我們健康的信用指標是它們的直接結果，並看到了這些定價紀律、保守的核保績效和投資組合多樣性。

Our performance is also supported by our exclusive focus on relationship-based commercial banking with high quality commercial clients and sponsors in industry segments that we know exceptionally well.

我們的業績也得益於我們專注於基於關係的商業銀行業務，與我們非常熟悉的行業領域的高品質商業客戶和贊助商合作。

As I mentioned on the first quarter earnings call, we have two loans totaling approximately $21 million that were characterized as non-performing at March 31, indeed in our now current and have funded interest reserves.

正如我在第一季財報電話會議上提到的，截至3 月31 日，我們有兩筆總計約2,100 萬美元的貸款被定性為不良貸款，實際上，這些貸款都在我們目前的流動資金中，並已提供利息儲備。

I will now turn the call over to our CFO Daniel Dougherty?

我現在將電話轉給我們的財務長 Daniel Dougherty？

Good morning, everyone.

大家，早安。

And again, thanks for joining our earnings call.

再次感謝您參加我們的財報電話會議。

As Mark mentioned, the EBITDA margin increased by 4 basis points to 3.44% in second quarter and then two to four basis point increase that we saw in the first quarter as well as a 9 basis points increase that we saw in the fourth quarter of '23.

正如馬克所提到的，第二季度EBITDA 利潤率成長了4 個基點，達到3.44%，然後是我們在第一季看到的2 到4 個基點的成長，以及我們在第四季看到的9個基點的成長。

Our loan repaid to loan pricing and repricing discipline are the main drivers of our ability to expand, and we expect to see some additional modest uplift in margin throughout the remainder of the year.

我們的貸款償還貸款定價和重新定價紀律是我們擴張能力的主要驅動力，我們預計今年剩餘時間內利潤率將出現一些額外的小幅提升。

In our updated forecast model, we have pencilled in a single 25 basis points rate cut in September.

在我們更新的預測模型中，我們預期 9 月降息 25 個基點。

In that scenario, we expect to see approximately 3basis points to 5 basis points of additional uplift.

在這種情況下，我們預計會出現大約 3 個基點到 5 個基點的額外提升。

In other words, we forecast to four accordingly in the range of 3.47% to 3.50%.

換句話說，我們相應地預測四在3.47%至3.50%的範圍內。

Focusing on lending, we grew the loan book by approximately $120 million in the second quarter.

專注於貸款，我們第二季的貸款帳面增加了約 1.2 億美元。

It is noteworthy that our quarterly loan growth was net of more than $240 million in payoffs and paydowns in the quarter.

值得注意的是，我們的季度貸款成長扣除了本季超過 2.4 億美元的還款和還款。

Growth in the quarter was led by an increase of $48 million in [NCI] and an increase of $105 million in CRE offset somewhat by $20 million decline in multifamily loans.

本季的成長主要由 [NCI] 增加 4,800 萬美元和 CRE 增加 1.05 億美元所帶動，多戶家庭貸款減少了 2,000 萬美元，在一定程度上抵消了這一增長。

Our continued focus on economic loan pricing resulted in a weighted average coupon of 8.81% on second quarter new loan originations and draws that coupon does not include deferred fees, which are typically 15 basis points to 25 basis points per year coupon on behalf of tenements in the quarter, was approximately 7.8%.

我們對經濟貸款定價的持續關注導致第二季度新發放貸款的加權平均息票率為8.81%，並且得出該息票不包括遞延費用，遞延費用通常為每年15 個基點到25 個基點，代表物業單位的息票。

The weighted average coupon on upcoming bond maturities for the balance of 2024 is closer to 7.5% in the quarter.

本季即將到期的 2024 年剩餘債券的加權平均票息接近 7.5%。

Deposits declined by approximately $16 million, primarily as a result of a wind down leading to $250 million in GPG deposits as well.

存款減少了約 1,600 萬美元，主要是因為 GPG 存款也減少了 2.5 億美元。

We experienced a temporary $80 million decline in borrower deposits, partially offset by an increase of $70 billion in property manager deposits.

我們的借款人存款暫時減少了 8,000 萬美元，但物業管理公司存款增加了 700 億美元，部分抵消了這一影響。

Year-to-date, we are up about $320 million net of GVG plus.

今年迄今為止，扣除 GVG 後，我們的淨收益增加了約 3.2 億美元。

Importantly, we intend to maintain our discipline in what continues to be an extremely competitive deposit gathering environment.

重要的是，我們打算在競爭極其激烈的存款收集環境中維持我們的紀律。

Accordingly, we are adopting guidance on loan growth for the full year 2024, which is somewhat lower than our previous guidance.

因此，我們採用 2024 年全年貸款成長指引，該指引略低於我們先前的指引。

We currently forecast loan growth of approximately $500 million to $600 million for the year.

我們目前預計今年貸款將成長約 5 億至 6 億美元。

We believe this more conservative approach will further reduce our ability to maintain price discipline on lending and currently will also provide some relief on the funding side of the equation.

我們相信，這種更保守的做法將進一步降低我們維持貸款價格紀律的能力，並且目前還將在資金方面提供一些緩解。

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。

That provision in the second quarter was generally in line with the increase in loan fees.

第二季的撥備與貸款費用的成長基本一致。

Non-interest income included an uptick in deposit fees during the first quarter, which, as previously mentioned, is expected to be sustainable news increases more than offset by declines in letter of credit fees and GPG. revenue.

非利息收入包括第一季存款費用的上漲，正如前面提到的，預計這一增長將被信用證費用和 GPG 的下降所抵消。收入。

For the full year 2024 and currently forecast [VAS] revenues to total $9 million to $11 million.

目前預測 2024 年全年 [VAS] 收入總計為 900 萬至 1,100 萬美元。

Our total noninterest income expectation for 2024 is slightly higher than our previous guidance.

我們對 2024 年非利息收入總額的預期略高於我們先前的指引。

We now expect it to fall to $20 million to $22 million for the year.

我們現在預計今年將降至 2,000 萬至 2,200 萬美元。

Noninterest expenses totaled $42.3 million in the second quarter, expenses related to the digital transformation project totaled $1.7 million and an additional $3.8 million reflects regulatory remediation work and costs associated with the GVG one day.

第二季非利息支出總計 4,230 萬美元，與數位轉型專案相關的支出總計 170 萬美元，另外 380 萬美元反映了與 GVG 相關的監管補救工作和一天的成本。

Due to regulatory remediation cost came in approximately $2 million higher than expected.

由於監管原因，修復成本比預期高出約 200 萬美元。

We have made arrangements with the GPG trying to recoup that $2 million that are already in the third quarter and further to pass through a significant portion of any future remediation expenses centers later than previously anticipated.

我們已與 GPG 做出安排，試圖在第三季度收回已支付的 200 萬美元，並進一步比之前預期的時間晚於未來補救費用中心的很大一部分。

For the full year 2024, our guidance remains total noninterest expense of $161 million to $163 million.

對於 2024 年全年，我們的指引仍然是非利息支出總額為 1.61 億至 1.63 億美元。

Further, I expect to go forward to one or [800] expense will be around

此外，我預計未來一項或 [800] 項費用將約為

[$149 million to $152 million].

[1.49 億美元至 1.52 億美元]。

Of course, to keep in mind that this estimate and certainly subject to adjustment as you move to between '25 planted seeds.

當然，要記住，當您在 25 種種子之間移動時，這個估計肯定會進行調整。

Our $12 million to $13 million digital transformation budget remains unchanged.

我們 1,200 萬至 1,300 萬美元的數位轉型預算保持不變。

We continue to expect to complete the project in 2025.

我們仍然預計該項目將於 2025 年完成。

Approximately$ 89 million of the project would be expenses in 2024, inclusive of the $3.5 million that has been recorded through June to date, we have executed the vast majority of the underlying major contracts.

該項目的 2024 年支出約為 8,900 萬美元，其中包括截至 6 月迄今已記錄的 350 萬美元，我們已經執行了絕大多數相關主要合約。

So the effective tax rate for the quarter was approximately 30%.

因此，本季的有效稅率約為 30%。

Going forward, we expect the effective tax rate to be in the range of 31% to 32%, excluding discrete items, please refer to the updated investor deck, which can be accessed at our website for a walk down from reported earnings to non-GAAP core earnings year to date to one-time charges related to our digital project, regulatory remediation and pass exit totaled $10.4 million or $7.1 million after tax.

展望未來，我們預計有效稅率將在31% 至32% 範圍內（不包括離散項目），請參閱更新後的投資者資料，可在我們的網站上訪問該資料，了解從報告收益到非收益的詳細情況。

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生進行問答。

Thank you.

謝謝。

The floor is now open for questions.

現在可以提問。

(Operator Instructions)

（操作員說明）

Alex Lau, J.P. Morgan.

劉亞歷克斯，摩根大通。

Please go ahead.

請繼續。

Hey, good morning.

嗨，早安。

Good morning, Alex.

早安，亞歷克斯。

Starting on deposits, what are your expectations in terms of timing and magnitude of the exit of the $900 million in GPG deposit through year-end?

從存款開始，您對年底前 9 億美元 GPG 存款退出的時間和規模有何期望？

At the end of June, we had about just over $800 million and expect about $350 million to go out in this quarter and $450 million was in the first quarter.

截至 6 月底，我們的資金約為 8 億多美元，預計本季支出約 3.5 億美元，第一季支出 4.5 億美元。

Got it.

知道了。

And as these deposits leave the balance sheet, what are the key sources of funding that you plan to use to replace these deposits in the near term?

當這些存款離開資產負債表時，您計劃在短期內以哪些主要資金來源來取代這些存款？

And what are the costs associated with these funding.

與這些資金相關的成本是多少？

We're not allowed to rely on our existing verticals.

我們不能依賴現有的垂直產業。

Clearly, we've actually had a meeting yesterday kind of strategizing on that, and we see a lot of opportunity in our vending customers in large and [HRA] as well.

顯然，我們昨天實際上已經召開了一次會議，就此制定了策略，我們在大型自動售貨客戶和 [HRA] 中看到了很多機會。

So with that, I expect that the Sage Foundation should trend with approximately a four handle is my guess.

因此，我的猜測是，我預計 Sage Foundation 的趨勢應該是大約四個手把。

But again, it's very dependent on how that mix comes out.

但同樣，這很大程度上取決於混合效果如何。

Got it.

知道了。

And do you expect much wholesale borrowing in the near term in anticipation of the outflow of deposits?

由於預期存款外流，您預期短期內會有大量批發借貸嗎？

Our plan is to replace all the outflow with deposits, but we are fully prepared to use wholesalers necessary.

我們的計劃是用存款取代所有的流出，但我們已做好充分準備利用必要的批發商。

Thank you.

謝謝。

And then just to touch on the loan growth, is the slower start to loan growth for the year, a factor of low demand from your customers at all?

那麼，就貸款成長而言，今年貸款成長開局較慢是否是客戶需求低迷的因素？

Or is it largely from the paydowns that you mentioned?\

還是主要來自你提到的還款？

Intermittently because the market is smaller as a result of pricing.

間歇性是因為定價導致市場較小。

We are here, we believe in the capital preservation, especially this year, is critical across the industry, and we're just not seeing the risk reward out there on.

我們在這裡，我們相信資本保全，尤其是今年，對整個產業至關重要，但我們只是沒有看到風險回報。

So we'd prefer to do a bit less of we're seeing a lot of opportunities.

因此，我們寧願少做一點，因為我們看到了很多機會。

And I believe the last thing I've heard from the head of my entire commercial real estate group is we've turned down some $400 million of deals so far specifically because of pricing or perhaps a little bit outside the range of asset quality that we were looking for.

我相信我從整個商業房地產集團負責人那裡聽到的最後一句話是，到目前為止，我們已經拒絕了約 4 億美元的交易，具體原因是定價或可能有點超出了我們預期的資產品質範圍。正在尋找。

So we're a bit more careful today and I wouldn't call it conservative, but it's really around asset quality and pricing.

因此，我們今天更加謹慎，我不會稱之為保守，但這實際上是圍繞資產品質和定價。

Thank you.

謝謝。

And just one last one from me, what is the latest based on your progress on the regulatory remediation process?

我的最後一個問題是，你們在監管補救過程中取得的最新進展是什麼？

We're making a lot of progress on new are very much aligned with our regulators.

我們在新方面取得了許多進展，與我們的監管機構非常一致。

So we have a good working relationship with them on their anticipating material enhancements or improvements to with Tom and the cost to meet meaningful cost that we have been expecting in '23 and 2024 will likely come to an end and materially come to an end by the end of this year.

因此，我們與他們建立了良好的工作關係，他們預計湯姆的實質改進或改進以及我們一直預計在 23 年和 2024 年實現有意義的成本的成本可能會結束，並在 2024 年實質結束。今年年底。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

Thank you, Alex.

謝謝你，亞歷克斯。

Thank you.

謝謝。

Christopher O'Connell, KBW.

克里斯托弗·奧康奈爾，KBW。

Please go ahead.

請繼續。

Good morning, just following up on the GPG runoff and the $800 million or so that's remaining.

早上好，我正在跟進 GPG 決選以及剩餘的 8 億美元左右。

Can you remind us of what the breakdown is either just on the blended cost or how much of that is within bearing deposits?

您能否提醒我們，細分是混合成本還是軸承押金？

The blended cost on the remaining balances is around 1.5%.

剩餘餘額的混合成本約為 1.5%。

Got it.

知道了。

And if it's still as far as even the new guide up three to five bps into the end of the year here, some data.

如果到今年年底它仍然達到新指南的三到五個基點，那就需要一些數據。

So I'm assuming that assumes that the deposits with the 4% handle replacing the entirety of the GPG deposits is that correct?

所以我假設 4% 的存款取代了全部 GPG 存款是正確的嗎？

That's correct.

這是正確的。

Got it.

知道了。

Depending on if you have to dip into short term borrowings temporarily for a quarter or so here that probably results in just either a flat or an introductory or kind of just a modest uptick in new year end depending on how much Fed funds cuts we got.

取決於你是否必須暫時動用短期借款一個季度左右，這可能會導致新年結束時的貸款持平或介紹性或只是小幅上升，具體取決於我們獲得的美聯儲資金削減量。

That's exactly right.

完全正確。

And to the extent we can work a better blend on the deposit growth that that produces upside.

在某種程度上，我們可以更好地混合存款成長，從而產生上行空間。

To the extent there are trading very simply, we are forced into the wholesale market that creates a little bit of a headwind, but it and the plan for now, we're pretty we're pretty comfortable with it is to replace those deposits out there of what you would call core deposits.

在交易非常簡單的情況下，我們被迫進入批發市場，這造成了一點阻力，但它和目前的計劃，我們非常滿意，我們很滿意它是將這些存款替換掉那裡有所謂的核心存款。

And Chris, just to point out, we are deemphasizing GPG for the left two years now.

克里斯，只是想指出，我們現在不再強調剩下兩年的 GPG。

So we have a history of replacing those deposits, but more particularly take a look at them in stability over the last two years, while we have materially decreased to $800 million is a low point compared to where we were two years ago.

因此，我們有替換這些存款的歷史，但更具體地說明它們在過去兩年的穩定性，而與兩年前相比，我們已大幅減少至 8 億美元，這是一個低點。

That the entire GPG team deposit base.

即整個GPG團隊的押金基礎。

So this is not a heavy lift, and we may come in and out of wholesale funding for a short period of time.

因此，這並不是一個沉重的負擔，我們可能會在短時間內進出批發資金。

But the instability is very much in line with our expectations.

但不穩定的情況非常符合我們的預期。

Yes, great.

對，很好。

And, you had said on last quarter, but still hold true that each Fed funds cut and what we get here is about a 5 basis points to 10 basis points lift in the margin.

而且，您在上個季度說過，但仍然堅持每次聯準會基金降息，我們得到的利潤率大約提高了 5 個基點到 10 個基點。

Each 25 basis points through, yeah, above, I would say 4 basis points to 8 basis points, not 5 basis points to 10 basis points.

每25個基點通過，是的，上面，我會說4個基點到8個基點，而不是5個基點到10個基點。

Got it.

知道了。

You guys only have one cut in guidance, correct.

你們只有一處指導，正確的。

So is there anything interesting additional that there could be some good upside there?

那麼還有什麼有趣的額外因素可以帶來一些好的好處嗎？

Do outside of there was about a value.

在外面做事大約有一個價值。

That's correct.

這是正確的。

And it looks like you guys had a good chunk of the multifamily portfolio. [Tenants] come to come due this past quarter and some of it may have been rent regulated.

看起來你們在多戶住宅投資組合中佔有很大一部分。 [租戶]將在上個季度到期，其中一些可能受到租金管制。

You just talked about.

你剛才談到了。

Are you guys handle that what you guys are seeing?

你們能處理你們所看到的嗎？

Just any additional color as to how those loans were performing when they came due and whether you guys either refinance them yourselves or whether they went elsewhere now as they went elsewhere.

只是關於這些貸款到期時的表現如何，以及你們是否自己再融資，或者他們現在是否像去其他地方一樣去其他地方，還有任何額外的顏色。

As we've mentioned in the past, we really haven't played in the multi-family space in any meaningful way.

正如我們過去提到的，我們確實沒有以任何有意義的方式在多家庭空間中發揮作用。

So these are stabilized, you know, multifamily products in and around the or even New York and in other markets and very refinance able for banks that are interested in in taking on two can take on more concrete concentration in that asset class.

因此，這些產品是穩定的，你知道，在紐約及其周邊地區甚至紐約和其他市場，對於有興趣購買兩種產品的銀行來說，非常有再融資能力，可以在該資產類別上進行更具體的集中。

So we don't see any pressure with the remaining book as well in its ability to either being refinanced elsewhere are more concerning being refinanced by us, both, but those were payoffs.

因此，我們沒有看到剩下的書有任何壓力，也沒有看到它在其他地方再融資的能力，更重要的是由我們再融資，兩者都是，但這些都是回報。

Great.

偉大的。

And the 0% non-performers on the office, you know certainly remains impressive.

你知道，辦公室裡表現不佳的員工比例為 0%，這確實令人印象深刻。

And any outlook or what kind of conversations with your customers that you've been having on the $115 million that's set to come due in the second half of the year.

以及您對今年下半年到期的 1.15 億美元有何展望或與客戶進行了什麼樣的對話。

I will tell you that I'm sure our real estate group is engaged with those clients and in managing expectations as far as what's come either payoffs or from refinance expense?

我會告訴你，我確信我們的房地產團隊正在與這些客戶合作，並管理預期，無論是回報還是再融資費用？

I can tell you as of now, there is no stress in any of those conversations.

我可以告訴你，到目前為止，這些談話都沒有壓力。

It's a normal conversation as to whether or not both of those loans have materialized to a point where they will be repaid and met their next milestone or on we would be considered refinancing them.

這是一個正常的對話，涉及這兩筆貸款是否已經落實到將被償還並達到下一個里程碑的程度，或者我們是否會考慮為它們再融資。

So that's all in flight, but it's just normal communication between our lenders and more sponsors.

所以這一切都在進行中，但這只是我們的貸方和更多贊助商之間的正常溝通。

Great.

偉大的。

And then the kind of clean expense run rate of [$149 million to $152 million,] is that basically you know, where you think you'd be shaking out going into 2025 on an annual basis pre or post just kind of normal merit increases, any annual increases?

然後，基本上你知道，[1.49 億美元至 1.52 億美元]的清潔費用運行率，你認為進入 2025 年，在正常的績效增長之前或之後，你會每年擺脫困境，每年有增加嗎？

Yeah.

是的。

You know, when we're behind the three projects that are in flight here, that's kind of the run rates that we expect.

你知道，當我們支持這裡正在進行的三個項目時，這就是我們期望的運行率。

Again, the 2025 planting season is just around the corner, we could refine those numbers obviously, but that's Fed cuts the expectation once we got to the three major primes and whenever people some extent tied to say violent moves around it.

同樣，2025 年播種季節即將到來，我們顯然可以改進這些數字，但一旦我們達到三個主要高峰，並且每當人們在某種程度上認為圍繞它採取暴力行動時，聯準會就會降低預期。

Okay.

好的。

But I guess what is it based on the clean run rate kind of underlying on the 2024?

但我猜基於 2024 年的清潔運行率是多少？

You know, and I understand you guys haven't actually I've done the plan yet for 2025 but is it kind of loosely assuming some annual merit increases in that number for growth or below $7 million not prior to that, whether?

你知道，我知道你們實際上還沒有製定 2025 年的計劃，但這是否是鬆散地假設該數字的年度績效增長或在此之前不低於 700 萬美元，是否？

That's inclusive, Chris absolutely.

這絕對是包容性的，克里斯。

Got it.

知道了。

That's helpful.

這很有幫助。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

Mark Fitzgibbon, Piper Sandler.

馬克·菲茨吉本，派珀·桑德勒。

Please go ahead.

請繼續。

Hey, guys, good morning.

嘿，夥計們，早安。

Happy Friday.

星期五快樂。

Thank you.

謝謝。

We will be also interesting.

我們也會很有趣。

Thank you very much to everyone in here.

非常感謝在座的各位。

Well, let me start by following up with that question on expenses.

好吧，讓我先回答有關費用的問題。

Just to clarify the $161 million to $163 million of expenses, you're assuming for this year, does that incorporate all of the charges that you're expecting to take on the various projects?

只是為了澄清您今年假設的 1.61 億至 1.63 億美元的費用，這是否包括您預計在各個項目上承擔的所有費用？

Yeah, it does, Mark.

是的，確實如此，馬克。

Okay.

好的。

And um, and then I'm curious where do you think the balance sheet size ends up at the end of this year with the runoff and the organic growth that you're going to have, what do you think coal balance sheet footings?

嗯，然後我很好奇，您認為今年年底的資產負債表規模隨著徑流和有機增長會達到什麼水平，您認為煤炭資產負債表的基礎如何？

Are they sort of flattish or maybe up a little bit from where they are today?

它們是否有點平淡，或者可能比現在的水平有所上升？

Our online sales to be up a little bit.

我們的線上銷售額略有上升。

As you know, we kind of closed the quarter at

如您所知，我們的季度結束時間為

[7.2].

[7.2]。

I think it was, you know, a few things that tell us.

我認為，你知道，這告訴了我們一些事情。

So we'll see some additional growth into year end here.

因此，我們將在年底看到一些額外的增長。

So in other things other than under [200] permits.

因此，除了 [200] 許可之外的其他事項。

Okay, great.

好的，太好了。

And then I was curious on that, that one multifamily loan that occurred it sort of during the quarter went back on accrual status.

然後我很好奇，本季發生的一筆多戶貸款又回到了應計狀態。

What changed was it simply having a conversation with the company and causing them to come in with additional cash or interest reserves or something else?

改變的只是與公司進行對話並讓他們提供額外的現金或利息儲備或其他東西嗎？

In short all of the above.

簡而言之，就是以上所有內容。

And as I mentioned, I think the root cause of that problem was a dispute between partners.

正如我所提到的，我認為該問題的根本原因是合作夥伴之間的糾紛。

So a few things occurred to the dispute.

因此，爭論發生了一些事情。

Got reconcile with a little help from us, in addition, they then had to step out with a bang a plan of ours to execute to get us paid and decide how to liquidate these properties.

在我們的一點幫助下達成了和解，此外，他們還不得不大聲地制定我們的計劃來執行，以向我們支付報酬並決定如何清算這些財產。

And as a result, they had to bring the interest curve and you also have to put up on additional reserves are meaningful reserves on for the rest of the year and into '25.

因此，他們必須調整利率曲線，並且還必須在今年剩餘時間和進入 25 年期間提供額外的準備金，這些準備金是有意義的。

So around there is a real but actually laying right now for these properties and get tolls.

因此，周圍有一個真實但實際上正在鋪設的這些房產並收取通行費。

And yeah, this is not something that's unique in our business.

是的，這在我們的行業中並不是獨一無二的。

It happens, it's unfortunate, but it did happen.

它發生了，很不幸，但它確實發生了。

And then lastly, and I hate to ask this, but it is relevant this morning.

最後，我不想問這個問題，但今天早上它是相關的。

Just curious and any impact on your systems today associated with the CrowdStrike situation.

只是好奇 CrowdStrike 情況對您今天的系統有何影響。

Yeah, thank you.

是的，謝謝。

I was going to end with that done.

我本來打算以此結束。

Yes, we had a bit of a service or core of core provider when we were in touch with our key stakeholders years from 6 AM this morning.

是的，當我們從今天早上 6 點開始與我們的主要利益相關者保持聯繫時，我們已經了解了一些核心提供者的服務或核心。

And there's a bit of impact in [ATH] post incentives and unfortunately, payroll.

[ATH] 職位激勵措施以及不幸的是薪資都受到了一些影響。

So I have been rectified as we speak, and I haven't heard any other material issues on since I've been in this room now on the earnings call on, we've already reported the regulators.

因此，在我們發言時我已經得到了糾正，自從我現在在這個房間參加收益電話會議以來，我沒有聽到任何其他重大問題，我們已經向監管機構報告了。

First thing this morning about where we stand and I think we're going through the process as many other countries like the many other companies are across the country, maps the world.

今天早上的第一件事是關於我們的立場，我認為我們正在經歷這個過程，就像全國各地的許多其他公司一樣，繪製世界地圖。

Thank you.

謝謝。

Thank you.

謝謝。

This does conclude the allotted time for questions.

這確實結束了分配的提問時間。

I would like to turn the call over to Mark DeFazio for any additional or closing remarks.

我想將電話轉給馬克·德法齊奧（Mark DeFazio），詢問任何補充或結束語。

(Inaudible) And I like to say is I'm very much looking forward to the second half of the year and closing out 2024 a lot of different reasons.

（聽不清楚）我想說的是，我非常期待下半年的到來，並為 2024 年畫下句號，原因有很多。

We are turning the corner on some very strategic initiatives.

我們正在扭轉一些非常具有策略意義的舉措。

And I'm very much looking forward to we have a very clear line of sight into 2025 and we're excited about getting back to historical performance standards.

我非常期待我們對 2025 年有一個非常清晰的願景，我們很高興能夠回到歷史績效標準。

I hear at MCB that we've experienced for years over the last two decades, and we just celebrated 25 years of operating performance in June, and we're very much looking forward to getting through 2024.

我在 MCB 聽說我們在過去二十年裡經歷了很多年，我們剛剛在 6 月份慶祝了 25 週年經營業績，我們非常期待度過 2024 年。

Thank you all very much for your support and taking the time out this morning to listen in and participate Have a nice day.

非常感謝大家的支持並今天早上抽出時間來聆聽和參與祝您有美好的一天。

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.

本次電話會議的網路廣播存檔可在 www.mcbankny.com 上找到。此時請斷開您的線路。