Medallion Financial Corp (MFIN) 2024 Q2 法說會逐字稿

Good day and welcome to the Medallion Financial second-quarter earnings conference call. (Operator instructions) Please note this event is being recorded.

美好的一天，歡迎參加大獎章金融第二季財報電話會議。（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Ken Cooper, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係部的肯‧庫柏 (Ken Cooper)。請繼續。

Thank you and good morning, everyone. Welcome to Medallion Financial Corp's second-quarter earnings call. Joining me today are Andrew Murstein, President and Chief Operating Officer; and Anthony Cutrone, Executive Vice President and Chief Financial Officer.

謝謝大家，早安。歡迎參加大獎章金融公司第二季財報電話會議。今天與我一起出席的還有總裁兼營運長 Andrew Murstein；以及執行副總裁兼財務長 Anthony Cutrone。

Certain statements made during the call today constitute forward-looking statements made pursuant to and within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended. Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements.

今天電話會議期間所做的某些聲明構成前瞻性聲明，這些聲明是根據經修訂的 1995 年《私人證券訴訟改革法案》的安全港條款並在其含義範圍內做出的。此類前瞻性陳述受到已知和未知的風險和不確定性的影響，可能導致實際結果與此類陳述有重大差異。

Those risks and uncertainties are described in our earnings press release issued yesterday and in our filings with the SEC. The forward-looking statements made today are as of the date of this call, and we do not undertake any obligation to update these forward-looking statements.

這些風險和不確定性在我們昨天發布的收益新聞稿和向美國證券交易委員會提交的文件中進行了描述。今天所做的前瞻性陳述截至本次電話會議之日，我們不承擔更新這些前瞻性陳述的任何義務。

In addition to our earnings press release, you can find our second quarter supplement presentation on our website by visiting medallion.com and clicking Investor Relations. The presentation is near the top of the page.

除了我們的收益新聞稿外，您還可以透過造訪 mellion.com 並點擊投資者關係在我們的網站上找到我們的第二季補充簡報。簡報位於頁面頂部附近。

With that, I'll turn it over to Andrew.

這樣，我就把它交給安德魯。

Thank you, Ken, and good morning. We were pleased with another solid quarter. We produced $7.1 million of net income and $0.3 of earnings per share. For the first half of the year, we have delivered $17.1 million of net income to our shareholders. This has been driven by the performance of our loan portfolio and the high yields we earn.

謝謝你，肯，早安。我們對又一個穩定的季度感到滿意。我們產生了 710 萬美元的淨利潤和 0.3 美元的每股收益。今年上半年，我們為股東帶來了 1,710 萬美元的淨利。這是由我們的貸款組合的表現和我們賺取的高收益所推動的。

Looking at our segments, Rec Lending, our largest segment, had another strong quarter. The highlight was originating more than $200 million of loans. Importantly, most of these loans came from high interest rates as we continue to have success passing through elevated market rates to borrowers. Our average interest rate as of June 30 was 14.8%, up 18 basis points from a year ago. In addition, we continue to originate loans to individuals with stronger credit profiles in the prime and near prime segment of the credit spectrum.

看看我們的細分市場，我們最大的細分市場 Rec Lending 又經歷了一個強勁的季度。亮點是發放了超過 2 億美元的貸款。重要的是，這些貸款大部分來自高利率，因為我們繼續成功地將較高的市場利率傳遞給借款人。截至6月30日，我們的平均利率為14.8%，比去年同期上升18個基點。此外，我們繼續向信貸範圍的優質和近優質部分中信用狀況較好的個人發放貸款。

Our home improvement lending segment grew 6% over the prior year quarter and now sits at $773 million. This segment continues to be dominated by super-prime borrowers with strong credit scores. Like Direct segment, we have passed on some of the Fed rate increases to our borrowers and our current average rate of 9.71% is 50 basis points higher than a year ago. Our commercial lending segment had a steady quarter, generating $500,000 of earnings. The loan portfolio grew 19% from a year ago and is now at $110 million with an average interest rate of 13.05%.

我們的家居裝修貸款部門比去年同期成長了 6%，目前達到 7.73 億美元。此細分市場繼續由信用評分較高的超級借款人主導。與直接部門一樣，我們已將聯準會升息的一部分轉嫁給我們的借款人，目前的平均利率為 9.71%，比一年前高出 50 個基點。我們的商業貸款部門季度業績穩定，獲利 50 萬美元。貸款組合比一年前成長了 19%，目前達到 1.1 億美元，平均利率為 13.05%。

I'd like to briefly mention two other items. One, after an absence of about five years, we were pleased to again be included in the Russell 3,000. This is another testament to the continued growth and performance of our company. And two, we continued to effectively deploy capital for shareholders. During the quarter, we repurchased $1.5 million of our common stock, which left us with $16.4 million remaining on our authorized $40 million share buyback plan.

我想簡單提一下另外兩項。第一，在缺席大約五年之後，我們很高興再次被納入 Russell 3,000。這是我們公司持續成長和業績的另一個證明。第二，我們繼續有效地為股東配置資本。本季度，我們回購了 150 萬美元的普通股，這使得我們授權的 4,000 萬美元股票回購計畫剩餘 1,640 萬美元。

We have now utilized nearly 60% of the current buyback plan authorized just two years ago. We expect to remain opportunistic on any future share repurchases. Our share buyback activity, together with our $0.1 per quarter dividend and net income performance continues to deliver positive results for our shareholders.

我們現在已經利用了兩年前授權的當前回購計畫的近 60%。我們預計未來任何股票回購都會保持機會主義。我們的股票回購活動以及每季 0.1 美元的股息和淨利潤表現繼續為我們的股東帶來積極的成果。

With that, I will now turn the call over to Anthony, who will provide some additional insight into our quarter.

現在，我將把電話轉給安東尼，他將為我們的季度提供一些額外的見解。

Thank you, Andrew. Good morning, everyone. For the quarter, net interest income grew 7% to $49.9 million from the prior year and grew 4% from the first quarter. Growth in our net interest income is driven by loan portfolio growth, along with the increased rates charged on our recent loan originations, offset by the higher interest expense as a result of increased borrowing costs at larger amounts borrowed.

謝謝你，安德魯。大家早安。本季淨利息收入較上年同期成長 7%，達到 4,990 萬美元，較第一季成長 4%。我們的淨利息收入的成長是由貸款組合的成長以及我們最近發放的貸款利率的提高所推動的，但由於借款金額較大而導致的借貸成本增加而導致利息費用的增加，從而抵消了我們的淨利息收入的成長。

Our net interest margin on gross loans was 8.12% for the quarter, down 36 basis points from the second quarter of last year and up 2 basis points from the first quarter. During the quarter, we rated recreation loans at an average rate of 14.94% and home improvement loans at an average rate of 11.67%, both in excess of current weighted average coupons in these portfolios.

本季總貸款淨利差為8.12%，較去年第二季下降36個基點，較第一季上升2個基點。本季度，我們對娛樂貸款的平均利率為 14.94%，對房屋裝修貸款的平均利率為 11.67%，均高於這些投資組合當前的加權平均息票。

Current average origination rates in July are at above 16% for recreation loans and around 11% for home improvement loans. For the past several quarters, we have been focused on increasing the average coupon in yield on our loan portfolio, and we will continue to do so with originations being at rates above that of our current portfolio.

目前 7 月娛樂貸款的平均發放率高於 16%，家居裝修貸款的平均發放率為 11% 左右。在過去的幾個季度中，我們一直致力於提高貸款組合的平均票面利率，我們將繼續這樣做，並將發放利率高於我們目前的投資組合。

This is a slower process than we experienced with the rise in our cost of funds. We anticipate that our average coupon and yield will continue to increase well after our cost of funds plateaus, at which point we will experience expansion in our net interest margin. During the quarter, we originated $309 million of loans, including $210 million of recreation loans and $68 million of home improvement loans.

這個過程比我們在資金成本上升時所經歷的還要慢。我們預計，在資金成本達到穩定水準後，我們的平均票息和收益率將持續上升，屆時我們的淨利差將擴大。本季度，我們發放了 3.09 億美元的貸款，其中包括 2.1 億美元的娛樂貸款和 6,800 萬美元的家居裝修貸款。

Total loans outstanding increased 11% from a year ago to $2.4 billion, with the corresponding yield during the quarter increasing to 11.52%. We maintained our tightened credit criteria, which we believe has and will continue to help us constrain losses long term.

未償還貸款總額較上年同期成長 11%，達 24 億美元，本季相應收益率增至 11.52%。我們維持收緊的信貸標準，我們相信這已經並將繼續幫助我們限制長期損失。

During the quarter, prime originations in our recreation portfolio were 68% of total originations. And as of June 30, 65% of our recreation portfolio were prime credits. Consumer loans more than 90 days past due were $7.2 million or 0.33% of the total loan portfolio as compared to $6.1 million or 0.3% a year ago. Our provision for credit loss was $18.6 million for the quarter, an increase from $17.2 million in the first quarter and $10.1 million in the prior year quarter.

本季度，我們的娛樂產品組合中的主要原創作品佔總原創作品的 68%。截至 6 月 30 日，我們的娛樂投資組合中有 65% 是優質積分。逾期 90 天以上的消費貸款為 720 萬美元，佔貸款組合總額的 0.33%，而一年前為 610 萬美元，佔貸款總額的 0.3%。本季我們的信貸損失準備金為 1,860 萬美元，高於第一季的 1,720 萬美元和去年同期的 1,010 萬美元。

Both the current and prior quarter included a net benefit related to taxi medallion loans of roughly $1 million, and in the prior year quarter included a benefit of $5.3 million. $4.2 million of the current quarter's credit provision is specifically related to the growth in our consumer portfolio, particularly recreation loans. As our portfolio continues to grow, we will continue to experience this growth penalty, which causes an immediate reduction in current earnings.

本季和上一季均包含與計程車牌照貸款相關的淨收益約 100 萬美元，去年同期的淨收益為 530 萬美元。本季信貸撥備中的 420 萬美元與我們消費者投資組合的成長特別相關，尤其是娛樂貸款。隨著我們的投資組合不斷增長，我們將繼續經歷這種成長懲罰，這會導致當前收益立即減少。

The seasonality in our business, with the second quarter, typically having stronger origination levels than other quarters exacerbates this growth penalty. However, looking ahead, a larger portfolio at our current origination rates, coupled with the credit criteria we require should enhance our earnings long term.

我們業務的季節性，即第二季度，通常比其他季度具有更強的原始水平，加劇了這種成長損失。然而，展望未來，以我們目前的起始利率計算的更大的投資組合，加上我們所需的信貸標準，應該會提高我們的長期收益。

Operating expenses were $20 million during the quarter, up from $18.2 million in the first quarter and up from $19 million in the second quarter of 2023. The current quarter operating expenses were higher primarily due to elevated legal and professional fees associated with the company's successful defense against an activist proxy campaign.

本季營運費用為 2,000 萬美元，高於第一季的 1,820 萬美元，高於 2023 年第二季的 1,900 萬美元。本季營運費用較高，主要是由於該公司成功防禦激進代理競選活動而導致的法律和專業費用增加。

We continue to believe that the growth in our net interest income will outpace any increase in our operating costs as we continue to scale our lending businesses. For the quarter, net income attributable to our shareholders was $7.1 million, or $0.3 per diluted share, which included approximately $0.12 per share related to additional credit allowances tied to consumer loan growth, as well as approximately $0.04 per share related to the elevated legal and professional fees. Our net book value as of June 30 was $15.25 per share, up from $13.66 a year ago. That covers our second quarter results.

我們仍然相信，隨著我們繼續擴大貸款業務，淨利息收入的成長將超過營運成本的成長。本季度，歸屬於股東的淨利潤為710 萬美元，即稀釋後每股收益0.3 美元，其中包括與消費貸款增長相關的額外信貸津貼相關的每股約0.12 美元，以及與增加的法律和法規相關的每股約0.04 美元。截至 6 月 30 日，我們的帳面淨值為每股 15.25 美元，高於一年前的 13.66 美元。這涵蓋了我們第二季的業績。

Andrew and I are now happy to take your questions.

安德魯和我現在很高興回答你的問題。

We will now begin the question and answer session. (Operator instructions)

我們現在開始問答環節。（操作員說明）

Mike Grondahl, Northland securities.

麥克‧格隆達爾 (Mike Grondahl)，北國證券公司。

Hey, guys. Could you talk a little bit about your outlook for RV and boat and also home improvement, just gross margin credit kind of, how are you thinking about the second half in those two big areas?

嘿，夥計們。您能談談您對房車和船以及家居裝修的展望嗎？

Sure. Hey, Mike, good to speak you. So as it relates to RV, we grew 10% in Q2. Q2 is typically our largest origination quarter. We'll see those originations peak in terms of the levels in July and then try to begin to settle in August and September. And then Q4 is somewhat quiet. So we would expect Q3 to look somewhere between the originations in Q1 and Q2, a blend of dose two.

當然。嘿，麥克，很高興跟你說話。因此，就 RV 而言，我們在第二季成長了 10%。第二季通常是我們最大的創始季度。我們將看到這些起源在 7 月達到峰值，然後嘗試在 8 月和 9 月開始穩定下來。然後第四季就有些安靜了。因此，我們預期 Q3 的起源介於 Q1 和 Q2 之間，是兩種劑量的混合。

We would probably end the year around $1.5, a little more than $1.5. So a little bit higher from where we are. I think we end the year with about 15% growth in direct. And on the home improvement Q3 is typically the larger origination quarter for home improvement.

年底我們可能會在 1.5 美元左右，略高於 1.5 美元。所以距離我們現在的位置稍高。我認為今年年底我們的直接成長約為 15%。就家居裝修而言，第三季通常是家居裝修較大的起始季度。

That's really where that space hits its stride. There's three to four month lag between when a loan gets approved and when it actually gets funding just because of the time it takes to actually fulfill these improvements. So we should see some bigger growth in Q3.

這確實是該領域大展拳腳的地方。貸款獲得批准和實際獲得資金之間存在三到四個月的滯後期，因為實際實現這些改進需要時間。因此，我們應該會在第三季看到更大的成長。

Got it. And then kind of two follow-ups on that. Is home improvement gotten more competitive? Is that down year-over-year because of less demand or you guys tightened credit more? And then just kind of a credit outlook for each one.

知道了。然後是兩個後續行動。家居裝修變得更具競爭力？年比下降是因為需求減少還是你們收緊了信貸？然後是每個人的信用前景。

Yes. I wouldn't say that it's gotten more competitive. Home improvements always been competitive with the super prime FICOs there. I think we've held it back a little bit. As we look to grow, we're looking to make sure that we're deploying in the right space. Obviously, we're looking at credit, from a credit perspective, everyone knows how good the credits are in home improvement.

是的。我不會說它變得更具競爭力。房屋裝修一直與那裡的超優質 FICO 具有競爭力。我想我們已經推遲了一點。當我們尋求成長時，我們希望確保我們在正確的空間中部署。顯然，我們看的是信用，從信用的角度來看，大家都知道家裝的信用有多好。

Two-thirds of our originations on the Rec side are now prime credits and 65% of the total portfolio is prime. So I think we're focusing on that to make sure that we're cognizant of where our margin is and where we want our yield to be and we are make decisions there. But we do expect that to pick up in Q3, like I said.

現在，我們在 Rec 的原創作品中有三分之二是優質積分，總投資組合的 65% 是優質積分。因此，我認為我們重點關注這一點，以確保我們了解我們的利潤率和我們希望的收益率，並在那裡做出決定。但正如我所說，我們確實預計第三季會有所回升。

Got it. Just credit overall?

知道了。只是整體信用？

I think the term we use is cautiously optimistic. The average FICO in the Rec portfolio us 685. 2024 originations, the average originations for the six months, 689. So this is a different portfolio than we had 5 and 10 years ago.

我認為我們使用的術語是謹慎樂觀。Rec 投資組合中的平均 FICO 為 685。2024 年起始，六個月的平均起始為 689。所以這是一個與 5 年前和 10 年前不同的投資組合。

And as you know, Mike, we did a new debt offering last week, I think of June ourselves, so very recently. And that had any minus investment-grade rating as well.

如你所知，麥克，我們上週進行了一項新的債務發行，我想到了六月我們自己，所以就在最近。而且投資等級也為負。

Got it. I'll jump back in the queue guys. Thanks.

知道了。我會跳回到隊列中。謝謝。

Christopher Nolan, Ladenburg Thalmann.

克里斯多福諾蘭，拉登堡塔爾曼。

Hey, guys. Congratulations on the quarter and congratulations on the inclusion in the Russell. I guess first question is going to be professional fees. Should we expect operating expenses to decrease in coming quarters? Any guidance on that?

嘿，夥計們。恭喜本季，恭喜入選羅素。我想第一個問題是專業費用。我們是否應該預期未來幾季的營運費用會減少？對此有何指導？

The legal and professional fees were elevated in Q2 with the proxy season. It's probably about $1 million, a little over $1 million, $2 million, somewhere in that range. I think our EPS was affected by about $0.04 to the downside because of that. So we wouldn't expect that to recur in Q3.

隨著代理季節的到來，第二季的法律和專業費用有所上升。大概是 100 萬美元，略高於 100 萬美元，200 萬美元，在這個範圍內。我認為我們的每股盈餘因此受到了約 0.04 美元的下行影響。因此，我們預計這種情況不會在第三季再次出現。

Great. And then net charge-offs in the quarter, I didn't see it in the press release. Do you guys have a hard number you can provide?

偉大的。然後是本季的淨沖銷，我沒有在新聞稿中看到它。你們有具體的數字可以提供嗎？

Yes, we have it in, we have it in the supplement on our website. But yes, net charge-offs for the quarter, 12.6 million. That's a $10.7 in Rec, $2.8 in home improvement and then a $900,000 benefit in taxi.

是的，我們有它，我們網站的增刊中有它。但是，是的，該季度的淨沖銷額為 1260 萬美元。其中包括 10.7 美元的娛樂福利、2.8 美元的家居裝修福利以及 90 萬美元的出租車福利。

Great. Final question. Do you guys have any breakdown in terms of employment by your borrowers? I mean, what percentage of those work for the government, what percentage work for private industry, things like that.

偉大的。最後一個問題。你們對借款人的就業狀況有任何細分嗎？我的意思是，其中有多少百分比為政府工作，有多少百分比是為私人企業工作，諸如此類。

I don't know that we disclose that, and it's not a it's not a metric that we look at, particularly as to the type of employment. All of our borrowers are employed. And we do typically lend to borrowers, even though their credit might not be a plus on the rec side, they usually have a higher wage than you would typically see near-prime lending.

我不知道我們是否披露了這一點，這不是我們關注的指標，特別是在就業類型方面。我們所有的借款人都有工作。我們通常會向借款人提供貸款，儘管他們的信用可能不會在貸款方面增加，但他們的工資通常比你通常看到的接近優質貸款的工資要高。

Okay. The reason I ask is there's a large amount of government debt, which has to be refinanced, federal government debt at much higher rates. And given that we're in an election year, things can go in a lot of different directions in terms of government employment and want to see whether or not you guys have a particularly heavy exposure to government employees?

好的。我問的原因是有大量政府債務需要再融資，聯邦政府債務的利率也高得多。鑑於我們正處於選舉年，在政府就業方面，事情可能會朝著很多不同的方向發展，想看看你們是否對政府僱員有特別大的接觸？

Right. I don't believe we do. I just thinking to loan applications that we've looked at recently and very few would have fit that category.

正確的。我不相信我們會這樣做。我只是想看看我們最近看過的貸款申請，很少人符合這個類別。

Great. Thank you very much taking my questions.

偉大的。非常感謝您回答我的問題。

Thanks, Chris.

謝謝，克里斯。

Matthew Howlett, B. Riley.

馬修·豪利特，B.萊利。

Good morning, Andrew and Anthony. Thanks for taking my question.

早上好，安德魯和安東尼。感謝您提出我的問題。

Sure, Matt. Good morning.

當然，馬特。早安.

First on the margin here, look a little bit of an outperformance in the quarter. I think, Anthony said last quarter though, it could tick down to that you have that you might have said. But here, we're going to hear from the Fed this afternoon and really think it's 100% certain we're going to start getting cuts by September. What's what's the outlook?

首先，從利潤來看，本季的表現有點出色。我認為，安東尼上個季度說過，這可能會影響到你可能說過的話。但今天下午我們將聽到聯準會的消息，我們確實 100% 確定我們將在 9 月開始降息。前景如何？

I mean, where are CD rates now? I mean, 5-year CD rates, where could they go with field federal funds go down 200 basis points from here next year end? And will you begin lowering kind of your coupons? I mean at some point, just give me the outlook here. You guys have done a great job defending the NIM. You have on the highest in the banking sector, you raised coupons. Well, here we are going probably change in the cycle and a monthly how this is going to impact what your strategy is?

我的意思是，CD 利率現在在哪裡？我的意思是，5 年期 CD 利率在明年底比現場聯邦基金下降 200 個基點的情況下會走向何方？您會開始降低優惠券嗎？我的意思是在某個時候，請給我展望一下。你們在捍衛國家資訊管理方面做得非常出色。你在銀行業處於最高水平，你提高了息票。好吧，我們可能會改變週期，每月一次，這將如何影響你的策略？

Yes. So as of yesterday, short duration CDs, three, six months, they're hovering around 5%. If you go out to three years, we got 4.5% and then five years new issuances are 4.3%. So hopefully you're right, we do get the rate cut in September, and then we should start seeing those come in.

是的。截至昨天，短期 CD，三、六個月，它們徘徊在 5% 左右。如果三年期的發行利率為 4.5%，那麼五年期的新發行利率為 4.3%。所以希望你是對的，我們確實在 9 月降息了，然後我們應該開始看到降息。

The overall CD cost is 3.5%. So again, I don't think anything has changed. We did see a benefit. The 2 basis point increase from Q1. We're definitely closer to the bottom of that NIM compression we've been talking about for a while than (technical difficulty)

整體CD成本為3.5%。再說一次，我認為沒有任何改變。我們確實看到了一個好處。較第一季增加 2 個基點。我們肯定已經接近我們已經討論了一段時間的 NIM 壓縮的底部了（技術難度）

I'm sorry, what was the last part the you are closer to the bottom than what?

抱歉，最後一個讓你更接近底部的部分是什麼？

Yes. We definitely feel that we're closer to the bottom of the NIM compression that we've been talking about that not being know there. And just in terms of yields, we don't have any discussions right now about lowering the rates that we're originating on. I think we're comfortable where we are. But, obviously the market will dictate to a certain extent where we lend and what rates.

是的。我們確實覺得我們已經接近 NIM 壓縮的底部了，我們一直在談論但不知道那裡。就收益率而言，我們現在沒有任何關於降低我們最初利率的討論。我認為我們現在的處境很舒服。但是，顯然市場將在一定程度上決定我們的貸款地點和利率。

Yes, look, I mean, great job raising rates and offsetting what's been a tightening cycle here. We look forward to where we see the next cycle here?

是的，你看，我的意思是，提高利率並抵消這裡的緊縮週期是件好事。我們期待下一個週期在這裡看到什麼？

(multiple speakers) Some of the things we get, we hear quite often, can you go any higher on the Rec portfolio? Can you get another 200, 300 basis points? And we've looked into this and I think the short answer is we can, the longer answer is we don't want to because of adverse selection. So with the coupled, with the credit that we're getting now, we would get loans that we typically don't want to be funding

（多位發言者）我們常聽到的一些事情，您能在 Rec 組合上再講得更高嗎？還能再加息200、300個基點嗎？我們已經研究過這個問題，我認為簡短的答案是我們可以，較長的答案是我們不想這樣做，因為逆向選擇。因此，加上我們現在獲得的信貸，我們將獲得我們通常不想資助的貸款

Absolutely no, I hear you. On the growth penalty on the rec on the reserve penalty, how would you recommend us look at it by backing out all the $0.12 and say you'll make up that over the life of the loan, you are just getting penalized by what was exceptional growth.

絕對不，我聽到了。關於儲備金罰款的增長罰款，您建議我們如何看待它，通過取消所有 0.12 美元並說您將在貸款期限內彌補，您只是受到了特殊情況的懲罰生長。

And what I'm assuming is using probably very harsh forward loss assumptions really booking these at (inaudible) booking them 4% or 5% charge-off rate. And is it just something that we're trying to get more used to. I just want to hear from you again on the growth penalty?

我的假設是使用可能非常嚴格的遠期損失假設，實際上以（聽不清楚）4% 或 5% 的沖銷率預訂這些。這是否只是我們正在努力適應的事情？我只是想再聽聽你關於成長懲罰的消息？

Yes, so it was $4.2 million, and that's, it's the put on cost for booking new loans. So that's, it's the allowance we've got to book as we grow our portfolio. 10%, we're not going to grow 10% each quarter. So I think like I said earlier, I think year-to-date, we're probably around 15%. So if you come up with an average of where you think a traditional quarter's growth, that's probably the add back.

是的，所以是 420 萬美元，這是預訂新貸款的附加成本。這就是我們在擴大投資組合時必須預訂的津貼。 10%，我們不會每季成長 10%。所以我想就像我之前說的，我認為今年迄今為止，我們可能在 15% 左右。因此，如果你得出你認為傳統季度成長的平均值，這可能就是加回來的。

Right. Got it. Look, I appreciate the conservatism and it's certainly something that's impacting earnings and artificially weighing down results but I think to the benefit of all shareholders. Next question, just two more on the solar deal you did, any update on just how that's going?

正確的。知道了。聽著，我很欣賞這種保守主義，這肯定會影響收益並人為地壓低業績，但我認為這對所有股東都有好處。下一個問題，還有兩個關於您所做的太陽能交易的問題，有進展的最新消息嗎？

It's going well. I think this is the strategic partnership area where as many of you know, we, fintechs are sending us loans. We're funding them. We're charging a fee for that. We're getting the flow for a couple of days, and then they buy the loans back.

進展順利。我認為這是戰略合作夥伴關係領域，正如你們許多人所知，我們金融科技公司正在向我們提供貸款。我們正在資助他們。我們為此收取一定的費用。我們會獲得幾天的流量，然後他們會回購貸款。

So I'd say it's probably since out of the gate, it's a little bit slower than we thought. But I think long term, it has a lot of potential. Usually when you start new programs, there's a lot of tire kicking we like to do. It's a great business. You just have to make sure you're strong on compliance, which we are here. We've got a great group in Utah. So usually they like to do the eyes and cross the teas and then once the program is underway for a quarter or so, then the volume should really pick up

所以我想說，這可能是因為從一開始，它就比我們想像的慢一點。但我認為從長遠來看，它有很大的潛力。通常當你開始新的專案時，我們喜歡做很多嘗試。這是一項偉大的事業。您只需確保您的合規性很強，我們就做到了這一點。我們在猶他州有一個很棒的團隊。所以通常他們喜歡做眼睛和交叉茶，然後一旦節目進行了四分之一左右，那麼音量應該會真正回升

What type of yields do you get, you got probably a mid teens yield for a little bit, and they get probably one of the success fee or origination fees, that's how it works?

你會得到什麼類型的收益，你可能會得到一點點十幾歲左右的收益，他們可能會得到成功費或發起費之一，這就是它的運作方式嗎？

Yes. Origination fee is going to range from 15 basis points to 50 basis points upfront on the loan. And then you'll have the float for a couple of days. The paper could be across the board from 12% up to 24% or so. We're talking to some new partners now. Again, compliance is very key here. So some of the other banks in this space have gotten consent orders over the last year or two because they grew too quickly.

是的。貸款預付費用從 15 個基點到 50 個基點不等。然後你就可以漂浮幾天了。該論文的比例可能從 12% 到 24% 左右。我們現在正在與一些新合作夥伴交談。同樣，合規性在這裡非常關鍵。因此，這個領域的其他一些銀行在過去一兩年裡已經獲得了同意令，因為它們增長得太快了。

We don't want to make that mistake, but that's also an opportunity for us now because many of the fintechs are not going to them because the regulators are telling them basically the slowdown. And therefore, we're seeing those opportunities ourselves now for the first time.

我們不想犯這樣的錯誤，但這對我們來說也是一個機會，因為許多金融科技公司不會去找他們，因為監管機構基本上告訴他們經濟放緩。因此，我們現在第一次看到這些機會。

And I would just add, we're selective about the type of partner we want. A lot of other players in this space, they operate on razor-thin margins and just do a whole lot of volume. And to what Andrew said, with the compliance that's key to this, there's a lot of opportunity for footfall if you're not careful. So that's where we are.

我想補充一點，我們會選擇我們想要的合作夥伴類型。這個領域的許多其他參與者的利潤微薄，但銷量卻很大。正如安德魯所說，合規性是這一點的關鍵，如果你不小心，就有很多人流的機會。這就是我們現在的情況。

Thanks for that. We look forward to the update and possibly new announcements and new partnerships. Last one for me. The buybacks and tangible book, where the tangible book come in this quarter? And congratulations on buying back stock, I think it was $8.23. And I just just want to look at how you think about the dynamic of buybacks, intangible book and so forth?

謝謝你。我們期待更新以及可能的新公告和新合作夥伴關係。最後一張給我。回購和有形帳面，本季有形帳面出現在哪裡？恭喜你回購股票，我認為是 8.23 美元。我只是想看看您如何看待回購、無形帳簿等動態？

Yes. So book value was $15.25. I think we've spoken about in the past, tangible book isn't something that we view as a meaningful metric just because it doesn't show the whole story of what went on here and how we came about with our goodwill. So when we calculate, we calculate an adjusted tangible book of $974 a share.

是的。所以帳面價值是 15.25 美元。我想我們過去已經談過，有形書籍並不是我們認為有意義的衡量標準，只是因為它沒有顯示這裡發生的事情的全部故事以及我們如何以我們的善意實現。因此，當我們計算時，我們計算出調整後的有形帳面價值為每股 974 美元。

And what we do, it's the traditional tangible book calculation. We backout from equity or common equity, the goodwill, the intangible assets. We also add back a $43 million tax liability that relates specifically to that goodwill and intangible assets. So when you go through that calculation, we come up with $974.

我們所做的是傳統的有形帳面計算。我們從股權或普通股、商譽、無形資產中收回。我們還加回了 4,300 萬美元的納稅義務，該負債專門與商譽和無形資產相關。因此，當您進行計算時，我們得出 974 美元。

Okay. So you are still buying back stock below retail, well below GAAP book and still below tangible book?

好的。那麼，您仍以低於零售價、遠低於 GAAP 帳面價值、且仍低於有形帳面價值的價格回購股票？

Correct. Yes.

正確的。是的。

I mean, would you like to continue just to do buybacks, Andrew, I mean you've got a great dividend. I mean how do you look at the dynamic between raising the dividend, doing more buybacks or allocating more capital for growth, and you've got a lot of great opportunities out there. I'm assuming you probably look at book value more, you look at your NAV being closer to the 15% than the $974?

我的意思是，你想繼續進行回購嗎，安德魯，我的意思是你已經獲得了豐厚的股息。我的意思是，你如何看待提高股息、進行更多回購或分配更多資本以促進成長之間的動態，以及你有很多很好的機會。我假設您可能更專注於帳面價值，您認為您的淨值比 974 美元更接近 15%？

Yes, correct. They are all very good options for the shareholders. I think a combination of both is the goal in terms of maintaining and raising a dividend eventually and buying back stock. It's been very strong growth. As you know, 10% from one quarter to the next is not, won't be this much, but that's an annualized 40% basis.

是的，正確。對於股東來說，它們都是非常好的選擇。我認為兩者的結合是最終維持和提高股利以及回購股票的目標。這是非常強勁的成長。如你所知，從一個季度到下一個季度的 10% 不是也不會那麼多，但這是年化 40% 的基礎。

As Anthony said, it's probably 15% rec growth through the year. So it's all good problems to have. You have to juggle that we put more money into the bank and let that continue to grow at 15% or more per year where the ROEs are super high. We increased the dividend, which that would be our goal, again, to do that. Where do you buy back stock? And thankfully, we've been able to do all three. So we try to do a blend of the three depending upon the timing and the opportunity at that time.

正如安東尼所說，全年收入成長可能為 15%。所以，遇到這些問題都是好問題。你必須兼顧我們向銀行投入更多資金，並讓它繼續以每年 15% 或更高的速度成長，而 ROE 非常高。我們增加了股息，這也是我們的目標。在哪裡回購股票？值得慶幸的是，我們已經能夠做到這三點。因此，我們嘗試根據當時的時機和機會將三者結合起來。

Yes. Look, I mean, you've been really a great allocator of capital, I mean, and the share count keeps on getting knocked down, and I think people are missing it. You bought back a lot of stock less or we or so. You extremely keep up the good work and look forward to sharing you the next quarter.

是的。聽著，我的意思是，你確實是一個偉大的資本配置者，我的意思是，股票數量不斷減少，我認為人們正在錯過它。你買回來的股票少了很多還是我們左右。您非常努力地保持良好的工作狀態，並期待在下個季度與您分享。

Thanks very much, Matt.

非常感謝，馬特。

Mike Grondahl, Northland Northland Securities.

麥克‧格隆達爾 (Mike Grondahl)，北國北國證券公司。

Hey, guys. Just two follow-up questions quick. With the EPS, you called out like $0.04 of pressure from professional fees and $0.12 from the portfolio growth. But did you say how much, was it a benefit, the $2.3 million of taxi medallion collections? Could you quantify that, Anthony?

嘿，夥計們。很快只有兩個後續問題。對於每股收益，您指出來自專業費用的壓力為 0.04 美元，來自投資組合成長的壓力為 0.12 美元。但你有沒有說過，230萬美元的計程車牌照收藏有多少錢？安東尼，你能量化一下嗎？

Yes. So it's, the $2.3 net of tax, it comes out to about $0.04. But we wouldn't view that, the $2.3 is probably a fair estimate of what we're going to collect ongoing. And I think what's hitting the income statement in Q2 and similarly in Q1 is going to be recurring. It's just, it's a function of where these assets are marked on our balance sheet and the cash that's coming in. So I wouldn't say that's an add-back. I think that's just the run rate now.

是的。所以，扣除稅後的 2.3 美元，大約是 0.04 美元。但我們不這麼認為，2.3 美元可能是我們將持續收集的資金的合理估計。我認為第二季損益表和第一季類似情況將再次出現。只是，它取決於這些資產在我們的資產負債表上的標記位置以及流入的現金。所以我不會說這是一個回加。我認為這只是現在的運行率。

Got it. Fair enough.

知道了。很公平。

Yes, I think it was fair last year, we quantified those numbers was significantly higher, and we sure we can understand the add back. But at these levels, this is this is where we expect to be, and we don't see anything changing.

是的，我認為去年是公平的，我們量化的這些數字明顯更高，我們確信我們可以理解加回的情況。但在這些層面上，這就是我們所期望的，我們沒有看到任何改變。

Got it. And for both of you maybe, anything 3Q, 4Q '25, just looking ahead, anything you want to call out as you guys are driving this business? Any trends you're seeing? Or is I don't know, roughly $0.35, $0.4 kind of the right core earnings level to kind of grow off of. I don't know, just anything in the business you're seeing that you want to talk about?

知道了。對你們倆來說，也許是 25 年第 3 季、第 4 季的任何事情，展望未來，在你們推動這項業務的過程中，你們有什麼想說的嗎？您看到什麼趨勢了嗎？或者我不知道，大約 0.35 美元、0.4 美元是可以成長的正確核心收益水準。我不知道，您在這個行業有什麼想談的嗎？

I would say the goal has been, which we've been doing very successfully just increasing the size of this portfolio. It's throws off an enormous amount of cash. We have $2 billion-plus of loans throwing off hundreds of millions of dollars a year. So the key for all of us, I think, is continue that, but don't get carried away and maintain strong credit quality, which we believe we have and the rating agencies believe that we have.

我想說的目標是，我們一直在非常成功地做到這一點，只是增加了這個投資組合的規模。它浪費了大量現金。我們有超過 20 億美元的貸款，每年損失數億美元。因此，我認為，對我們所有人來說，關鍵是繼續這樣做，但不要得意忘形，保持良好的信用質量，我們相信我們擁有這一點，評級機構也相信我們擁有這一點。

And then the rate cuts will kick in shortly. Maybe September, where no one knows when and how many. But once that starts to happen, the wind is going to be at our back. We're going to have this large portfolio with an enormous spread already have 800 plus basis points that should only get larger over time.

然後降息將很快開始。也許是九月，沒有人知道什麼時候、有多少人。但一旦這種情況開始發生，風就會成為我們的後盾。我們將擁有這個具有巨大利差的大型投資組合，已經有 800 多個基點，隨著時間的推移，這些基點只會變得更大。

Got it. Thanks, guys.

知道了。謝謝，夥計們。

Thank you, Mike.

謝謝你，麥克。

This concludes our question and answer session. I would like to turn the conference back over to the management for any closing remarks.

我們的問答環節到此結束。我想將會議轉交管理層發表閉幕詞。

Just wanted to thank everyone again for joining us this morning. As I mentioned, we are pleased with the performance halfway through the year. As we move to the second half, we're going to remain focused on delivering shareholder value by driving our businesses to our high standards and delivering smart capital allocation.

只是想再次感謝大家今天早上加入我們。正如我所提到的，我們對今年上半年的表現感到滿意。當我們進入下半年時，我們將繼續專注於透過推動我們的業務達到高標準並提供明智的資本配置來提供股東價值。

As always, if you have any questions, please feel free to contact our Investor Relations team. The contact information is on the last page of our earnings supplement as well as the IR section of our website. Thank you again, and have a great rest of your day.

一如既往，如果您有任何疑問，請隨時聯繫我們的投資者關係團隊。聯絡資訊位於我們的收入補充資料的最後一頁以及我們網站的 IR 部分。再次感謝您，祝您有個愉快的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines. Goodbye.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。再見。