Metropolitan Bank Holding Corp (MCB) 2025 Q1 法說會逐字稿

Welcome to the Metropolitan Commercial Bank's first quarter 2025 earnings call. Hosting the call today from Metropolitan Commercial Bank are Mark DeFazio, President and Chief Executive Officer; and Daniel Dougherty, Executive Vice President and Chief Financial Officer. Today's call is being recorded. (Operator Instructions)

歡迎參加大都會商業銀行 2025 年第一季財報電話會議。今天主持電話會議的是大都會商業銀行總裁兼執行長馬克‧德法齊奧 (Mark DeFazio) 和執行副總裁兼財務長丹尼爾‧多爾蒂 (Daniel Dougherty)。今天的通話正在錄音。（操作員指示）

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

在今天的演示中，將參考公司的盈利報告和投資者演示文稿，副本可在 mcbankny.com 獲取。今天的演示中可能包含前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果與預期有重大差異。請參閱公司在收益報告和投資者介紹中關於前瞻性陳述和非公認會計準則指標的通知。

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執行長馬克‧德法齊奧 (Mark DeFazio)。你可以開始了。

Thank you, Katie. Good morning, and thank you all for joining our first quarter earnings call. While we hear the word uncertainty more and more frequently in the popular press, we at MCB are well prepared to deal with whatever comes next. MCB operates from a position of strength and robust levels of liquidity, capital and earnings. Our strength is a reflection of our staunch and enduring commitment to safe and sound banking practices. We will continue to maintain our discipline, and we are prepared to support our clients and communities throughout the ups and downs of the economy.

謝謝你，凱蒂。早安，感謝大家參加我們的第一季財報電話會議。儘管我們在大眾媒體上越來越頻繁地聽到「不確定性」這個詞，但我們 MCB 已經做好了充分的準備來應對接下來發生的一切。MCB 擁有雄厚的實力和穩健的流動性、資本和收益水準。我們的實力體現了我們對安全穩健銀行業務實踐的堅定和持久的承諾。我們將繼續保持紀律，並準備在經濟起伏期間為我們的客戶和社區提供支援。

Our performance in the first quarter of the year was impressive. We grew loans by $308 million or 5.1%. We are especially proud of our deposit growth of $465 million or 7.8%. I want to point out that neither of those growth percentages are annualized. Along with outsized balance sheet growth, we were able to expand our NIM by 2 basis points to 3.68% from 3.66% in the prior quarter. This marks our sixth consecutive quarter of margin expansion.

我們今年第一季的業績令人印象深刻。我們的貸款增加了 3.08 億美元，即 5.1%。我們尤其對 4.65 億美元（7.8%）的存款成長率感到自豪。我想指出的是，這兩個成長百分比都不是年化的。隨著資產負債表的大幅成長，我們能夠將淨利差從上一季的 3.66% 擴大 2 個基點至 3.68%。這標誌著我們的利潤率連續第六個季度擴大。

In March, we bought back more than 228,000 of of MCB or $12.9 million which equates to more than 2% of the outstanding shares at year end 2024. We continue to execute on the authorization and as of mid-April, we were at the halfway point toward completion of the approved buyback. The timing has been financially fortuitous as the average price paid to book ratio has been just north of 80% of tangible book value at March 31.

3 月份，我們回購了超過 228,000 股 MCB，價值 1,290 萬美元，相當於 2024 年底流通股的 2% 以上。我們繼續執行授權，截至 4 月中旬，我們已完成批准回購的一半。從財務角度來看，這個時機非常有利，因為截至 3 月 31 日，平均支付價格與帳面價值之比剛好超過有形帳面價值的 80%。

Our reported earnings per share was $1.45. And during the first quarter, we increased our tangible book value per share by more than 2.3% to $65.80. This marks our ninth consecutive quarter of book value accretion. Dan will provide details on the quarterly earnings per share in a few moments. Our investment in franchise-wide new technology stack continues.

我們的報告每股收益為1.45美元。第一季度，我們的每股有形帳面價值成長超過2.3%，達到65.80美元。這標誌著我們的帳面價值連續第九個季度成長。丹將在稍後提供有關季度每股收益的詳細資訊。我們對整個特許經營範圍內的新技術堆疊的投資仍在繼續。

As planned, we expect the full integration to be completed by the end of this year. We are confident that the new technologies will support and scale with MCB's diversified and growing commercial bank for years to come. Asset quality remains strong. We have not identified any broad-based negative trends in any loan segment, geography or sector that is impacting our portfolio. We have actively reached out to our clients to gather intelligence about current market stress and the impact tariffs may have on their businesses.

按照計劃，我們預計全面整合將於今年底完成。我們相信，新技術將在未來幾年內支持並擴大 MCB 多元化和不斷發展的商業銀行。資產品質依然強勁。我們尚未發現任何貸款領域、地區或行業出現影響我們投資組合的廣泛負面趨勢。我們積極聯繫客戶，收集有關當前市場壓力以及關稅可能對其業務產生的影響的資訊。

So far, the feedback we have received does not indicate any specific areas of concern. First quarter provision expense of $4.5 million supported our continued loan growth as well as a $1 million specific reserve for a $2 million unsecured line of credit. We remain confident that a meaningful portion of the loan workouts that are currently in flight will be resolved successfully in 2025. We believe that our healthy credit metrics are a direct result of MCB's pipeline, conservative underwriting, and portfolio diversity. Our performance is supported by our exclusive focus on relationship-based commercial banking, with high-quality commercial clients and sponsors in industry segments that we know well.

到目前為止，我們收到的回饋並未顯示任何具體的關注領域。第一季的 450 萬美元撥備支出支持了我們貸款的持續成長，同時 100 萬美元的專案儲備金也支持了 200 萬美元的無擔保信貸額度。我們仍然相信，目前正在進行的貸款重組中的大部分將在 2025 年成功解決。我們相信，我們健康的信用指標直接得益於 MCB 的管道、保守的核保和投資組合的多樣性。我們的業績得益於我們對關係型商業銀行業務的專注，以及我們熟悉的行業領域的高品質商業客戶和贊助商。

We continue to carefully manage asset quality and optimize profitability, while further solidifying our banking presence not only in New York, but in several other complementary markets. We stay laser-focused in 2025 and beyond working to capture additional market through traditional channels, while positioning ourselves to take advantage of potential strategic opportunities to increase shareholder value. I would like to thank our employees and our Board of Directors whose dedication and efforts are the engine that drives our continued success. Last but surely not least, I would like to thank our clients for their engagement, continued loyalty and support.

我們將繼續謹慎管理資產品質並優化獲利能力，同時進一步鞏固我們不僅在紐約而且在其他幾個互補市場的銀行業務。2025 年及以後，我們將繼續專注於透過傳統管道佔領更多市場，同時利用潛在的策略機會增加股東價值。我要感謝我們的員工和董事會，他們的奉獻和努力是我們持續成功的動力。最後但同樣重要的一點是，我要感謝我們的客戶的參與、持續的忠誠和支持。

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

現在我將把電話轉給我們的財務長丹尼爾‧多爾蒂 (Daniel Dougherty)。

Thank you, Mark, and good morning, everyone. As Mark said, we started the year with a strong performance in the first quarter. I'll start with a few comments on the balance sheet. As Mark mentioned, we grew loans by over $300 million. Total originations and draws of approximately $490 million were at a weighted average coupon of WAC, net of fees of about of 7.84%.

謝謝你，馬克，大家早安。正如馬克所說，我們今年第一季的業績表現強勁。我首先對資產負債表發表一些評論。正如馬克所提到的，我們的貸款增加了 3 億多美元。總發起和提取金額約為 4.9 億美元，加權平均票面利率為 WAC，扣除費用後約為 7.84%。

Payoffs and paydowns totaled approximately $185 million at a WAC of 7.44%. Positive delta in the WAC between new volume loans and payoffs combined with a 40 basis point increase in renewal coupons from 6.93% to 7.31% are the primary drivers of our ability to support and grow the net interest margin. Looking forward to the second quarter, the WAC of approximately $590 million of pending maturities is 7.38%. Importantly, we have not loosened our credit standards or revised our underwriting processes in any way to pursue loan growth.

償付和償還總額約為 1.85 億美元，WAC 為 7.44%。新增貸款和還款額之間的加權平均資本成本 (WAC) 呈正增長，加上續期息票利率從 6.93% 增加到 7.31%，增加了 40 個基點，是我們支持和增加淨利差的主要驅動力。展望第二季度，約 5.9 億美元的未到期債券的 WAC 為 7.38%。重要的是，我們並沒有為了追求貸款成長而放鬆信貸標準或以任何方式修改承保流程。

Next, let's talk about our deposit experience in the first quarter. In the quarter, we grew deposits by about $465 million. Every deposit vertical contributed to the linked quarter growth. The top three growth contributors in rank order were municipal, EB-5, and lending customers. Quarter-over-quarter, the cost of interest-bearing deposits and the cost of total deposits declined by 32 basis points and 6 basis points, respectively. The decline in linked quarter deposit costs reflects the fourth quarter reductions in the Fed funds target rate, offset noticeably by the deposit mix shift between interest-bearing and DDA, which was primarily related to GPG exit in the fourth quarter of last year.

接下來我們來談談我們第一季的存款經驗。本季度，我們的存款增加了約 4.65 億美元。每個存款垂直行業都為相關季度的成長做出了貢獻。依排名順序排列，成長貢獻最大的三大因素分別是市政、EB-5 和貸款客戶。與上一季相比，計息存款成本和總存款成本分別下降32個基點和6個基點。關聯季度存款成本的下降反映了第四季度聯邦基金目標利率的下調，但明顯被計息存款和直接存款（DDA）之間的存款結構轉變所抵消，這主要與去年第四季度全球公共產品（GPG）的退出有關。

It is worth noting that the first quarter increase in deposits was also net of $35 million in GPG deposit outflows. The GPG deposit outflows are primarily related to the return of reserve balances and check clearing. Our NIM was 3.68% in the first quarter. You'll recall that prior period NIM guidance for the first quarter was 3.60% versus a normalized fourth quarter NIM of 3.55%. Loan and deposit pricing discipline combined with a full effect of the two fourth quarter 2024 rate cuts supported the NIM outperformance.

值得注意的是，第一季存款增加還扣除了 3,500 萬美元的 GPG 存款流出。GPG 存款流出主要與準備金餘額的回饋和支票清算有關。我們第一季的淨利差為3.68%。您會記得，第一季的上期 NIM 指引值為 3.60%，而第四季的標準化 NIM 為 3.55%。貸款和存款定價紀律加上 2024 年第四季兩次降息的全面效應，支撐了 NIM 的優異表現。

Now let's move on to our income statement and related performance measures. Net income was $16.3 million, down $5 million versus the prior period. Diluted earnings per share was $1.45 down $0.43 versus the prior period. The first item of note here is that while the reported results are well below the prior period results, they are very much in line with our forecast and expected which, of course, acknowledge the exit from the BaaS business last year. Notable items affecting the first quarter results include the following.

現在讓我們來看看損益表和相關績效指標。淨收入為 1,630 萬美元，較上年同期下降 500 萬美元。每股攤薄收益為 1.45 美元，較上期下降 0.43 美元。這裡要注意的第一點是，雖然報告的結果遠低於上期的結果，但它們非常符合我們的預測和預期，當然，這也承認了去年退出 BaaS 業務。影響第一季業績的值得注意的因素包括：

So first of all, the -- our net interest income was flat quarter-over-quarter. There were two notable factors affecting the net interest income. The first item is the aforementioned reposition of the deposit base, repositioning of the deposit base in the fourth quarter of 2024. In that period, we offloaded approximately $600 million in deposits with an average cost of 1.5%, thus creating an approximate $1.5 million to $2 million headwind. Secondly, while quarterly loan growth was $300 million, the timing of loan cash flows resulted in average loan growth of only $175 million and we'll see how that affects the -- provisioning on that affects us.

首先，我們的淨利息收入與上一季持平。影響淨利息收入的因素主要有兩個。第一項是前面提到的存款基礎的重新定位，2024年第四季重新定位存款基礎。在此期間，我們以平均 1.5% 的成本卸載了約 6 億美元的存款，從而產生了約 150 萬至 200 萬美元的逆風。其次，雖然季度貸款增加了 3 億美元，但貸款現金流的時間導致平均貸款成長僅為 1.75 億美元，我們將看看這對我們的影響——撥備如何影響我們。

And the next item here, the provision in this first quarter was $4.5 million. Provision provision was primarily the result of loan growth. However, we did reserve an additional $1 million versus a nonperforming $2 million unsecured line of credit. And again, the headwind resulting from that provisioning was a little more than $1 million. Linked quarter noninterest income was down $763,000 primarily because of the absence of GPG fee income, offset somewhat by the onetime income recognition of about $800,000 of BaaS-related program fees.

下一個項目是，第一季的撥備為 450 萬美元。撥備撥備主要是貸款成長的結果。然而，我們確實額外預留了 100 萬美元，以應對 200 萬美元的不良無擔保信用額度。再次，該撥備造成的不利影響略高於 100 萬美元。當季非利息收入下降 763,000 美元，主要原因是沒有 GPG 費用收入，但一次性確認的約 800,000 美元 BaaS 相關計劃費用在一定程度上抵消了這一影響。

Now on to noninterest expense. Noninterest expense was $42.7 million, up $4.5 million versus the prior quarter. The increase versus the prior period was primarily related to a seasonal increase of approximately $1.5 million in comp and benefits, notably FICA and 401(k), an increase of approximately $1.3 million in professional fees, an increase of approximately $1.2 million in other expenses and the settlement reversal that was recognized in the fourth quarter of 2024 of approximately $500,000. I would say that approximately $1.5 million of the OpEx increases that I just pointed out are either seasonal in nature or onetime. Notably, in the first quarter, expenses related to the digital transformation project were de minimis.

現在談談非利息支出。非利息支出為 4,270 萬美元，較上一季增加 450 萬美元。與上一季相比，這一增長主要由於薪酬和福利（尤其是 FICA 和 401(k)）的季節性增加（約 150 萬美元）、專業費用增加（約 130 萬美元）、其他費用增加（約 120 萬美元）以及 2024 年第四季度確認的約 50 萬美元的結算逆轉。我想說的是，我剛才指出的大約 150 萬美元的營運支出成長要么是季節性的，要么是一次性的。值得注意的是，第一季與數位轉型專案相關的費用微乎其微。

As a result, the $11 million of IT project-related expenses baked into the 2025 budget are expected to be recognized over the remaining three quarters of 2025. Finally, the effective tax rate for the quarter was approximately 30%. I'll now provide an update to 2025 guidance. A couple of highlights there. Our planned loan growth is a bit higher than prior guidance.

因此，2025 年預算中包含的 1,100 萬美元 IT 專案相關費用預計將在 2025 年剩餘的三個季度內確認。最後，本季的有效稅率約為30%。我現在將提供 2025 年指導的更新。那裡有幾個亮點。我們計劃的貸款成長略高於先前的預期。

I'm going to cut that at 10% to 12%. The funding assumption is generally generic deposit growth priced at Fed funds minus 80 to 85. Again, this is a little more conservative than previous guidance as a result of our expectations for growth concentrated in relatively higher cost deposit verticals. The full year NIM is still expected to be 3.7% to 3.75%. Underlying those -- the NIM forecasts is, we continue to run our model with one 25 basis point rate cut.

我將把這個比例削減 10% 到 12%。資金假設通常是以聯邦基金利率減去 80 至 85 的通用存款成長來定價。再次，由於我們預期成長集中在成本相對較高的存款垂直領域，因此這比先前的指導更為保守。預計全年淨利差仍為3.7%至3.75%。基於這些，NIM 預測是，我們將繼續運行我們的模型，將利率下調 25 個基點。

Additional rate cuts are expected to benefit the NIM at about plus 5 bps for each 25 basis point rate cut. Of course, that depends on timing. And then, forecast does not contemplate the possibility of a material downshift in US economic conditions or material changes in customer behavior as well, the outlook for the macroeconomic variables that underlie our allowance for credit loss may result in increased provisioning in future quarters.

預計進一步降息將使淨利差受益，每降息 25 個基點，淨利差將增加 5 個基點。當然，這取決於時機。然後，預測沒有考慮到美國經濟狀況大幅下滑或客戶行為發生重大變化的可能性，我們信貸損失準備金所依據的宏觀經濟變量的前景可能會導致未來幾季的撥備增加。

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。

(Operator Instructions)

（操作員指示）

Mark Fitzgibbon, Piper Sandler.

馬克·菲茨吉本、派珀·桑德勒。

Just a couple of quick clarification. So Dan, on your expense numbers, I heard your comments about the $11 million being sort of expense evenly over the remainder of the year. What is total operating expenses, including those going to look like, say, in the second quarter? Is that sort of $41 million? Is that what you were suggesting?

只需簡單澄清幾點。丹，關於你的支出數字，我聽到了你關於這 1100 萬美元將在今年剩餘時間內平均分配的評論。總營運費用是多少（包括第二季的營運費用）？這真的是 4100 萬美元嗎？這就是你所建議的嗎？

No. I think second quarter will be closer to $45 million, actually. So the -- just to clarify, there's $11 million of IT spend. We spent a very small amount in the first quarter. These contracts that underlie that endeavor I think, what they call milestone contracts. So they kind of hit when something -- when one bit of the project has been completed. So straight line is not a bad way to model it, but it could be much -- could be lumpier than that without a question. Again, my number for 2Q is including that adjustment on the IT spend is around $44.8 million.

不。實際上，我認為第二季的收入將接近 4500 萬美元。因此 — — 需要澄清的是，IT 支出為 1100 萬美元。我們在第一季的支出非常少。我認為這些構成這項努力基礎的合約就是所謂的里程碑合約。因此，當專案的一部分完成時，他們就會採取行動。因此，直線並不是一個糟糕的建模方式，但毫無疑問，它可能會更加不平整。再次，我第二季的數字包括 IT 支出的調整，約 4,480 萬美元。

Okay. Got it. And then secondly, just to clarify, there isn't going to be any remaining GPG related expense or income items going forward in your estimation, correct?

好的。知道了。其次，需要澄清的是，根據您的估計，未來不會有任何與 GPG 相關的剩餘費用或收入項目，對嗎？

No, there is a little bit of dollars left, reserve balances, et cetera, that sit here, earning nothing until they get cleaned up. There'll be probably a sheetment involved in some of that stuff. So that takes a long time. But no, no fee-related income or expenses.

不，還剩下一點點美元、儲備餘額等等，它們放在這裡，在清理乾淨之前不會產生任何收益。其中一些東西可能涉及一張紙。所以這需要很長時間。但沒有，沒有與費用相關的收入或支出。

Okay. One question around that Gold Card program. I'm curious, how you think that might have implications for your EB-5 business and how you're positioning yourself?

好的。關於金卡計劃的一個問題。我很好奇，您認為這會對您的 EB-5 業務產生什麼影響，以及您如何定位自己？

We've had many conversations with all of the stakeholders around that industry. And -- most people think that it's a nonevent, but we'll have to wait and see how that plays out. If anything, it could just be another product that sits alongside of EB-2 and EB-5. EB-2 and EB-5 Programs that have been around for a long time are different and unique to a more working class person who can afford the cost associated with that program as opposed to a $5 million black card entry fee.

我們與該行業的所有利益相關者進行了多次對話。而且——大多數人認為這不是什麼大事，但我們必須拭目以待，看看結果會如何。如果有的話，它可能只是與 EB-2 和 EB-5 並列的另一種產品。EB-2 和 EB-5 計劃已經存在很長時間了，它們對於能夠負擔得起該計劃相關費用（而非 500 萬美元的黑卡入場費）的工薪階層來說是不同的和獨特的。

So we think it could be a good bolt-on if the administration actually goes through with it as a new product, one that regional centers and developers now take advantage of. So we think it is -- as the glass half full, we don't think it would be disruptive to the core business.

因此，我們認為，如果政府真正將其作為新產品推行，那麼它可能是一個很好的附加產品，區域中心和開發商現在可以利用它。所以我們認為，正如玻璃杯半滿那樣，我們認為它不會對核心業務造成破壞。

Okay. And then on deposit growth, obviously, you had great growth this quarter. I guess I'm curious, any seasonal patterns in those aside from the municipal stuff we're aware of. But any seasonal patterns and the other deposit businesses we should kind of be thinking about?

好的。然後就存款成長而言，顯然本季實現了大幅成長。我想我很好奇，除了我們所知的市政因素之外，還有其他任何季節性模式。但是我們應該考慮任何季節性模式和其他存款業務嗎？

No, nothing seasonal at all.

不，沒有任何季節性。

Not at all. Even the munis really -- we don't really have a large seasonal component to that book as we sit here today. That could change through time, obviously, but we tried to tease it out of there. And I couldn't get it. So no, nothing seasonal in the deposit growth.

一點也不。即使是市政債券，就我們今天坐在這裡來看，這本書實際上並沒有很大的季節性成分。顯然，這可能會隨著時間而改變，但我們試圖解決這個問題。但我卻無法得到它。因此，存款成長沒有季節性。

Okay. And then last question. Mark, I know as a growth company, you guys have not paid a dividend traditionally. I guess I'm curious, given you have such strong capital ratios, your earnings power is good. Has there been any discussion at the board about potentially having a small dividend with the goal of kind of broadening the shareholder base?

好的。最後一個問題。馬克，我知道作為一家成長型公司，你們傳統上不支付股息。我想我很好奇，鑑於你們擁有如此強大的資本比率，你們的獲利能力就很好。董事會是否討論過可能發放少量股利以擴大股東基礎？

I think so, Mark. And I think more to come on that. You'll be hearing more about that. But we have been having a very active discussions on that, yes.

我認為是的，馬克。我認為接下來還會有更多內容。您將會聽到更多有關此內容的消息。但確實，我們一直在就此進行非常積極的討論。

(Operator Instructions)

（操作員指示）

Ynyra Bohan, Hovde Group.

Ynyra Bohan，Hovde 集團。

My first question is to do with nonowner-occupied CRE. Have you guys seen any sort of trend one way or another on customer occupancy for your nonowner-occupied CRE book?

我的第一個問題與非自住 CRE 有關。你們是否看到非自住 CRE 書籍中的客戶入住率有任何趨勢？

No. We're fairly diversified. And it's fairly stable through out the port folio.

不。我們的業務相當多元化。且整個投資組合都相當穩定。

Okay. And congratulations on deposit growth across all your verticals, but do you guys see any other opportunity or in a specific vertical? Or are you seeing and projecting more just across all vertical deposit growth?

好的。恭喜你們所有垂直行業的存款都實現了成長，但你們是否看到了其他機會或特定垂直行業的機會？或者您看到並預測所有垂直存款的成長幅度會更大？

We see a lot more runway with the deposit verticals we have. You can look to get those industry. So we haven't really even scratched the surface on the possibilities that are within the current verticals. But as you know, MCB, we're already working on new opportunities that will bear some fruit in second half of '25 into '26 and '27. And the other thing, keep in mind, we're doing this organically.

我們看到，我們擁有的存款垂直領域還有更多的發展空間。你可以去尋找那些行業。因此，我們實際上甚至還沒有觸及當前垂直領域內的可能性。但如你所知，MCB，我們已經在尋找新的機會，這些機會將在 2025 年下半年到 2026 年和 2027 年取得一些成果。另外，請記住，我們正在有組織地做這件事。

We're not purchasing teams, and we are a branch-light franchise as well. So we have a lot of runway ahead of us with the industries that we are deepening ourselves into new initiatives that we talk about. We tease out every once in a while, but you'll see real contributions coming soon. And again, we're not acquiring teams, bringing on that cost of compensation and we're a branch-light franchise as well. So it's a fairly efficient strategy.

我們不會購買球隊，我們也是一家輕分支特許經營店。因此，在我們正在深入探討的新措施的行業中，我們還有很長的路要走。我們會不時地進行梳理，但您很快就會看到真正的貢獻。再說一次，我們不會收購球隊，也不會承擔賠償成本，我們也是輕分支球隊。所以這是一個相當有效的策略。

And one last question for me is, are you seeing incremental competitive pressures on the loan or deposit side? And if so, like what type of competition?

最後一個問題是，您是否看到貸款或存款方面的競爭壓力不斷增加？如果是的話，是什麼類型的比賽？

We don't see any competition in New York City.

我們在紐約市沒有看到任何競爭。

Chris O'Connell, KBW.

克里斯·奧康奈爾，KBW。

Great quarter and in particular on the balance sheet growth, super robust. Was there -- just curious as to how the loan pipeline stands. Was there kind of a little bit of excess pull-through in Q1 that may dampen Q2 a bit as the pipeline rebuilds? Or was it just particularly strong?

本季表現優異，尤其是資產負債表成長極為強勁。在那裡——只是好奇貸款管道的狀況如何。隨著管道重建，第一季是否存在一些過度拉動，可能會對第二季造成一定影響？或者它只是特別強大？

No. I think it's in line with historical. We had good loan growth last year and a year before that as well, Chris. So this is in line with our guidance, and the pipeline is really strong. And we have a lot of deals that are close to closing. So you should see -- Dan just put out some higher guidance for loan growth, and I think that's our base case for '25.

不。我認為這符合歷史。克里斯，去年和前年我們的貸款成長都很好。因此，這符合我們的指導，而且管道非常強大。我們有很多交易即將完成。所以你應該看到——丹剛剛提出了一些更高的貸款成長指導，我認為這是我們 25 年的基本情況。

Great. And on the deposit side, as you guys had a great start kind of rebuilding post GPG here. Where do you guys see the biggest opportunities within your various verticals?

偉大的。在存款方面，你們在 GPG 後重建方面已經有了很好的開始。你們認為各個垂直領域中最大的機會在哪裡？

It's hard to say which is the biggest opportunity. We are diversified. And we can't rely on any one deposit vertical that creates a concentration, that creates some kind of potential volatility. So we -- all of those deposit verticals will continue to contribute. And again, like I said a minute ago, we have to continue driving new deposit opportunities for a branch-light franchise. So no, we expect to continue to be a core-funded institution.

很難說哪一個是最大的機會。我們是多元化的。我們不能依賴任何一個產生集中度、產生某種潛在波動性的垂直礦床。因此，我們—所有這些存款垂直行業都將繼續做出貢獻。再說一次，就像我剛才說的，我們必須繼續為分行輕特許經營帶來新的存款機會。所以不，我們希望繼續成為一個核心資助機構。

Got it. And just following up on the Gold Card question. One, I know there's a few different items within that category. Do you have what the actual EB-5 related deposits are there?

知道了。只是想跟進一下金卡的問題。首先，我知道該類別中有幾個不同的項目。您知道實際的 EB-5 相關存款是多少嗎？

Give me one second. It's about $500 million right now or $400 million of EB-5. They had a really -- they were up $100 million this quarter, I think.

給我一秒鐘。目前約 5 億美元，EB-5 約 4 億美元。我認為他們本季確實獲利了 1 億美元。

Yes. And I'm just curious, I know it's a fluid situation. But I mean, if there was an indication that, that program was eventually going to go away. Would you start to curtail that EB-5 growth earlier? Or I guess, how are you thinking about like the dynamic strategy depending on how things move from here?

是的。我只是好奇，我知道這是一個不穩定的情況。但我的意思是，如果有跡象表明該計劃最終將會消失。你會提前開始限制 EB-5 的成長嗎？或者我想，您如何根據事態的發展來考慮動態策略？

Well, again, it's about having diversification. We demonstrated, looking at GPG, which is a better example, we had in 30 -- prior 30 months, we had $2.5 billion of DDA sitting on our balance sheet, and we did not expose the bank when we exited that business. We replaced the deposits, grew the balance sheet, had NIM stability and expansion. So any one product, deposit product, in this case, is not going to put this bank at risk. By the way, it doesn't just go away.

嗯，再說一遍，這是為了多樣化。我們以 GPG 為例進行了說明，這是一個更好的例子，在之前的 30 個月中，我們的資產負債表上有 25 億美元的 DDA，而當我們退出該業務時，我們並沒有暴露銀行的風險。我們替換了存款，擴大了資產負債表，實現了淨利息收益率 (NIM) 穩定和擴張。因此，任何一種產品，在這種情況下是存款產品，都不會使這家銀行面臨風險。順便說一句，它不會就此消失。

These are deposits that are tied to development projects around the country. So even if tomorrow, it just could not happen because the approval for EB-5 goes -- it goes out through the end of -- congressionally goes out to the end of 2027, I believe. So these projects still have to get built. So we're just not going to create a concentration. We don't have a history of creating concentrations of volatility here. And again, I think this administration has a lot more other things to be focused on. So I don't know if EB-5 is going to be top of mind anytime soon.

這些存款與全國各地的開發案有關。所以即使明天，也不可能發生，因為 EB-5 的批准要到——我相信國會要到 2027 年底才能批准。所以這些項目還是要建造的。所以我們不會創造集中度。我們這裡沒有出現過波動集中的狀況。而且，我認為本屆政府還有很多其他事情需要關注。所以我不知道 EB-5 是否很快就會成為人們關注的焦點。

Understood. And just on the -- I appreciate the buyback and the update here for mid-April. And obviously, you guys are seeing great growth opportunities as well. As you kind of balance those two out, what's the constraining or what's the target kind of capital ratio longer term that you guys would like to stick around?

明白了。就此而言——我很感謝四月中旬的回購和更新。顯然，你們也看到了巨大的成長機會。當你們平衡這兩者時，你們希望長期維持的資本比率的限制因素或目標是什麼？

Well, we're well north of 9% [TC/TA]. So I think we've got room there. I would like to keep it north of 9%. But I would not be at all opposed to approaching 9%.

嗯，我們已經遠遠超過 9% [TC/TA]。所以我認為我們在那裡還有空間。我希望將其保持在 9% 以上。但我完全不反對接近 9%。

Great. And then, Dan, I think you had said that there's $1.5 million of either seasonal or onetime-ish type of things in the expenses in Q1. Can you just flesh that out a little?

偉大的。然後，丹，我想你說過第一季的支出中有 150 萬美元是季節性或一次性支出。能稍微詳細解釋一下嗎？

Yes. So on the comp and benefits side, the FICA and 401(k) kind of seasonal top-ups, if you will, amounted to more than $1 million at the margin. We had planned to do a follow-on equity offering in the first quarter. It never happened. We charged off those legal expenses. That was about $400,000, as well -- those are the two big ones. They kind of get you to the $1.5 million, but there's lots of other odds and ends in there that I could point to, but the detail is a little too gruesome, honestly.

是的。因此，在薪資和福利方面，如果你願意的話，FICA 和 401（k）類型的季節性補貼總額超過 100 萬美元。我們原計劃在第一季進行後續股票發行。這從未發生過。我們註銷了那些法律費用。那也是大約 40 萬美元——這是兩筆大錢。他們似乎給了你 150 萬美元，但其中還有很多其他零碎的東西我可以指出，但老實說，細節有點太可怕了。

Okay. And so when you think about the $11 million remaining here, over the rest of 2025, does it still get you to a point where, I guess, you're not much different or even maybe potentially lower on a core expense quarterly run rate exiting Q4?

好的。因此，當您考慮到 2025 年剩餘的 1,100 萬美元時，它是否仍能讓您達到這樣的程度：我想，在第四季度結束時，您的核心費用季度運行率不會有太大變化，甚至可能更低？

Exiting Q4 '25?

退出 25 年第四季？

Yes. I guess, from first quarter --

是的。我想，從第一季開始--

Yes, I mean I think you got to take -- you got to figure -- first of all, everyone has kind of got $2.75 million to $3 million penciled in per quarter. So now the first quarter, $2.75 million needs to get spread out over the remaining three quarters. So what is it, $900,000 per -- $800,000 per. And that gets me to the $45 million in Q2. I'm hopeful that we can at least maintain that going forward.

是的，我的意思是我認為你必須接受——你必須弄清楚——首先，每個人每季都有 275 萬到 300 萬美元的預算。因此，現在第一季的 275 萬美元需要分攤到剩餘的三個季度。那麼具體是多少呢，每人 90 萬美元──每人 80 萬美元。這樣我第二季的營收就達到 4500 萬美元了。我希望我們至少能夠繼續保持這種狀態。

And you'll recall, I noted professional fees were a little bit elevated in the first quarter as well. The expectation for that line item is starting to take shape with a downward trend. So yes, I think I can certainly hold the line there and hopefully, we can manage it downwards slightly as well, as we come into the new year.

你會記得，我注意到第一季的專業費用也略有上升。該項目的預期開始呈現下降趨勢。所以是的，我認為我肯定能守住這個底線，並且希望在新的一年到來之際，我們也能稍微降低這個底線。

Okay. Got it. So backing out, I guess, the original $11 million from the prior indicated $175 million to $177 million, the core 2025 is still in that $164 million, $166 million, range?

好的。知道了。因此，我猜，從先前預期的 1.75 億美元到 1.77 億美元中抽出最初的 1,100 萬美元，那麼 2025 年的核心預算仍然在 1.64 億美元、1.66 億美元範圍內？

Yes. So [$165-ish] the right number. Yes.

是的。所以 [165 美元左右] 是正確的數字。是的。

This does conclude our Q&A. I would now like to turn the program back over to Mark DeFazio, for any additional or closing remarks.

我們的問答到此結束。現在我想將節目交還給馬克·德法齊奧 (Mark DeFazio)，請他發表任何補充或結束語。

Thank you. Last final statement. Our business continues to show foundational stability that our model -- our business model is predicated on. MCB's business strategy, which is based on strong underwriting, our market standing positions us well to continue to show prudent growth in this volatile economic environment. We are here to support our clients and while we are achieving the appropriate returns for our shareholders.

謝謝。最後的最後聲明。我們的業務持續展現出我們模式—我們的商業模式所基於的基礎穩定性。MCB 的業務策略以強大的承保能力和市場地位為基礎，使我們能夠在動盪的經濟環境中繼續保持穩健的成長。我們在這裡為客戶提供支持，同時為股東實現適當的回報。

I want to thank each and everyone of you for spending the time with us today. And I'll now turn the call back over to the operator.

我要感謝你們每一個人今天與我們共度時光。現在我將把電話轉回給接線生。

Thank you. Ladies and gentlemen, this concludes today's event. You may now disconnect.

謝謝。女士們、先生們，今天的活動到此結束。您現在可以斷開連線。