Northeast Bank (NBN) 2025 Q1 法說會逐字稿

Welcome to the Northeast Bank first quarter, FY 2025 earnings call. My name is Bree and I will be your operator for today's call. This call is being recorded with us today from the bank is Richard Wayne, President and Chief Executive Officer Richard Cohen, Chief Financial Officer and Patrick Dignan, executive Vice President and Chief Operating Officer. Prior to the call, an investor presentation was uploaded to the bank's website which we will reference in this morning's call. The presentation can be accessed at the investor relations section of the Northeastbank.com under events and presentations.

歡迎參加東北銀行 2025 財年第一季財報電話會議。我叫 Bree，我將擔任您今天通話的接線生。今天，銀行總裁兼首席執行官理查德·韋恩(Richard Wayne) 首席財務官理查德·科恩(Richard Cohen) 和執行副總裁兼首席營運官帕特里克·迪格南(Patrick Dignan) 向我們錄製了本次電話會議。在電話會議之前，投資者簡報已上傳到該銀行的網站，我們將在今天上午的電話會議中引用該簡報。您可以在 Northeastbank.com 的投資者關係部分的活動和演示下訪問該演示文稿。

You may find it helpful to download this investor presentation and follow along during the call. Also this call will be available for rebroadcast on the website for future use.

您可能會發現下載此投資者簡報並在電話會議期間跟進會很有幫助。此外，該電話會議還將在網站上重播以供將來使用。

(Operator instructions). As a reminder, the conference is being recorded.

（操作員說明）。提醒一下，會議正在錄製中。

Please note that this presentation contains forward-looking statements about Northeast Bank. Forward-looking statements are based upon the current expectations of Northeast Bank's management and are subject to risks and uncertainties. Actual results may differ materially from those discussed in the forward-looking statements. Northeast Bank does not undertake any obligation to update any forward-looking statements.

請注意，本簡報包含有關東北銀行的前瞻性陳述。前瞻性陳述是基於東北銀行管理階層目前的預期，並受到風險和不確定性的影響。實際結果可能與前瞻性陳述中討論的結果有重大差異。東北銀行不承擔更新任何前瞻性陳述的義務。

I will now turn the call over to Richard Wayne. Mr. Wayne. You may now begin.

我現在將把電話轉給理查德·韋恩。韋恩先生。你現在可以開始了。

Thank you.

謝謝。

Good morning.

早安.

As indicated, I am Richard Wayne, the Chief Executive Officer of Northeast Bank and with me our Patrick Dignan, our Chief Operating Officer and Richard Cohen, our Chief Financial Officer.

如前所述，我是東北銀行執行長理查‧韋恩(Richard Wayne)，我是營運長派崔克‧迪格南(Patrick Dignan) 和財務長理查‧柯恩(Richard Cohen) 。

This morning, I will cover some of the highlights on page 3 of the slide deck.

今天早上，我將介紹投影片第 3 頁上的一些亮點。

I also want to focus on some points on our asset quality which are on slides 8 through 10 and for the first time, a more comprehensive discussion on our small balance SBA program which is a slide on slide number 15, included in the deck are the usual slides on our loan portfolio, including loan to value and other information that's in the deck for you to review.

我還想重點關注幻燈片8 至10 中有關我們資產品質的一些要點，這是第一次對我們的小額餘額SBA 計劃進行更全面的討論，該計劃是幻燈片15 號上的幻燈片，包括在幻燈片中的我們的貸款組合的常規幻燈片，包括貸款價值和其他可供您查看的資訊。

Of course, it's updated for the quarter ending September, 30th, but we won't cover that Today unless someone has some questions, a Patrick Dignan, will discuss the loan activity for the quarter and Richard will discuss our funding strategy, interest rate, risk management as well including the funding around the loan purchase of loan purchase we made in the in the quarter. Now moving on to slide 3 without getting hyperbolic, I would say this was really one great quarter.

當然，它是針對截至9 月30 日的季度進行更新的，但我們今天不會討論這一點，除非有人有一些問題，帕特里克·迪格南(Patrick Dignan) 將討論本季度的貸款活動，理查德將討論我們的融資策略、利率、風險管理以及包括我們在本季進行的貸款購買的融資。現在繼續看投影片 3，但我想說這確實是一個很棒的季度。

We our loan production of $942 million was the second best quarter in the bank's history.

我們的貸款產量為 9.42 億美元，是該行史上第二好的季度。

Behind only the quarter in December 2022 when we purchased $1 billion of loans in a transaction that most of you are familiar with this quarter, we had $733 million of purchase loans and $209 million of originated loans from an earnings perspective. Again,

僅在2022 年12 月的那個季度（當時我們在大多數人都熟悉的本季度交易中購買了10 億美元的貸款）之後，從收益角度來看，我們的購買貸款和原始貸款分別為7.33 億美元和2.09 億美元。再次，

Another really great quarter, we generated $17.1 million Doller of net income and except for the quarters in which we had triple P loans that we sold. And those were in Q3 and Q4 of our fiscal year '21 this quarter was the highest a level of net income in the bank's history. So I broke a few records. A few other items I'd like to point out on the highlight page.

另一個非常出色的季度，我們產生了 1710 萬美元的淨利潤，除了我們出售的三重 P 貸款的季度之外。這些是我們 21 財年第三季和第四季的數據，本季的淨收入達到了銀行歷史上的最高水準。所以我打破了一些紀錄。我想在突出顯示頁面上指出的其他一些項目。

We still have $23 million of availability under the at the market offering our loan capacity as of September 30th was 462 million. That's after the very large loan activity we had in the quarter, earnings per share diluted were $2.11 return on equity was 17.53%.

截至 9 月 30 日，我們的貸款能力為 4.62 億，市場上仍有 2,300 萬美元的可用資金。在本季度進行了大量貸款活動之後，攤薄後每股收益為 2.11 美元，股本回報率為 17.53%。

Our return on assets was 2.09% intangible book value per share was $47.80.

我們的資產報酬率為 2.09%，每股無形帳面價值為 47.80 美元。

If we now turn to the slides on page 8.

如果我們現在轉向第 8 頁的投影片。

First, I want to point out that, well, we had an increase in our allowance of $27 million which went from 0.97% of loans to 1.25% of loans. So we have a lot more coverage now, in our, in our allowance and while nonperforming loans increased by $9 million it's a few number of loans and we estimate at least $7 million will be resolved in the next six months. So that is obviously good and I do want to highlight in the bottom chart.

首先，我想指出的是，我們的津貼增加了 2,700 萬美元，從貸款的 0.97% 增加到貸款的 1.25%。因此，我們現在的準備金範圍擴大了很多，雖然不良貸款增加了 900 萬美元，但這只是少數貸款，我們估計至少 700 萬美元將在未來六個月內解決。這顯然很好，我確實想在底部圖表中強調一下。

What happened with the charge offs, which this quarter were 20 basis points. I'm not really focusing on the, the light green above that for this quarter or last quarter because as you may recall from previous conversations, it is just that balance sheet items when we those representing the green purchase loans where we had a credit mark.

沖銷情況如何，本季沖銷為 20 個基點。我並不是真正關注本季或上季的淺綠色，因為您可能還記得先前的對話，當我們代表綠色購買貸款時，我們有一個信用標記，這只是資產負債表項目。

And that under see so you're now required to increase the balance of the loan set up the allowance and this is the green mark was just simply charging off part of the the balance which we did not pay for, but the blue, the blue bar below a 20 basis. That's a real number. And I want to point out what that was because we don't have that many charge offs. It was one loan.

看到下面，所以你現在需要增加貸款餘額，設置津貼，這是綠色標記，只是簡單地沖銷了我們沒有支付的部分餘額，但是藍色，藍色低於 20 基差。這是一個真實的數字。我想指出那是什麼，因為我們沒有那麼多沖銷。這是一筆貸款。

The out of a pool that we purchased 194 loans.

我們從資金池中購買了 194 筆貸款。

The total purchase was, had a UPB of 85 million with $4 million of discount. And of all of those 194 loans of which only 159 remain because there have been some payoffs. Only two loans for are non performing out of that total 85 million or 194 million loans including this one. So the whole pool did really well. And this is one loan that we had a charge off on. If we now go to slide 15, I first want to provide some context to this discussion on our small balance SBA loan activity in August of 2021.

總購買額為 8,500 萬美元，折扣為 400 萬美元。在這 194 筆貸款中，由於已經得到了一些回報，因此只剩下 159 筆還清。在包括這項在內的 8,500 萬或 1.94 億筆貸款中，只有兩筆不良貸款。所以整個泳池的表現都非常好。這是我們沖銷的一筆貸款。如果我們現在轉到幻燈片 15，我首先想為有關 2021 年 8 月小額 SBA 貸款活動的討論提供一些背景資訊。

We entered into a loan service provider agreement and a marketing agreement with [Nity] to serve as our loan service provider for small balance well for seven A loans was small balance or not. Now we're focused, you know, simply on, on small balance. And as it's, and the reason we started with them, you may recall also that they were our small P partner in triple P lending in which we originated $3 billion and purchased an additional 8 billion from other banks in the transaction that generated significant income for the bank.

我們與 [Nity] 簽訂了貸款服務提供者協議和行銷協議，作為我們的小額餘額貸款服務提供者，適用於 7 筆小額或非小額貸款。現在我們只專注於小額平衡。事實上，以及我們開始與他們合作的原因，您可能還記得，他們是我們在三重貸款中的小P 合作夥伴，我們在其中發起了30 億美元，並在交易中從其他銀行購買了額外的80 億美元，為我們帶來了可觀的收入。

And you know, based on that, we thought there would be an opportunity to go market to those small, to those borrowers, small balance, triple P, I mean small balance seven A loans. I'm sorry. And, when I say small balance, a lot of what we do is under 41.6 or even under 125,000. We do some that are higher than that, but not that many.

你知道，基於此，我們認為有機會向那些小額借款人、小額餘額、三重 P，我的意思是小額餘額七 A 貸款進入市場。對不起。而且，當我說小餘額時，我們所做的很多事情都低於 41.6，甚至低於 125,000。我們做了一些比這更高的事情，但不是那麼多。

And I was very cautious when I discussed this not to over promise because we really did not know at all if there would be demand for this product, whether or not we could get the technology working, whether you know what our marketing spend would be and whether you would be a good business and we're very interested in it working as a way to generate fee income, uncorrelated to interest income, but we really didn't know. Well, it took a while to get there.

當我討論這個問題時，我非常謹慎，不要過度承諾，因為我們真的根本不知道這個產品是否有需求，我們是否能讓技術發揮作用，你是否知道我們的行銷支出會是多少，以及你是否會成為一家好企業，我們對它作為一種產生費用收入的方式非常感興趣，與利息收入無關，但我們真的不知道。嗯，花了一段時間才到達那裡。

The see here can provide the right data here. When we started this in fiscal 22, I mentioned it was August 21 that it started and we're June 30 year end, we did 48 loans total for $6.5 million.

請參閱此處可以提供正確的數據。當我們在 22 財年開始這項工作時，我提到它是從 8 月 21 日開始的，到了 6 月 30 日年底，我們發放了 48 筆貸款，總額為 650 萬美元。

And in the following year, FY23 we did 256 loans for 16 million.

在接下來的一年，也就是 2023 財年，我們發放了 256 筆貸款，金額為 1,600 萬美元。

And for our last fiscal year, 24 we were starting to get some traction that for the whole year, we did 1,039 loans for $92.5 million.

在 24 財年，我們開始受到一些關注，全年我們發放了 1,039 筆貸款，金額為 9,250 萬美元。

And now, and the reason. We're really excited about it now, for the quarter that just ended, September 30 we did, 766 loans for $82.4 million. And I do want to make sure we're giving appropriate credit, not only to our own team at Northeast Bank, but also annuity as our loan service provider. And so that has already picked up, we also extended our agreement with annuity, which previously was going to expire in August of 26. It was a five year contract subject to a lot of technical things that are. We have filed a eight where we have posted the two agreements that I'm discussing.

現在，還有原因。我們現在對此感到非常興奮，在剛結束的季度（即 9 月 30 日）中，我們發放了 766 筆貸款，金額為 8,240 萬美元。我確實想確保我們不僅向東北銀行自己的團隊提供適當的信貸，而且還向我們的貸款服務提供者年金提供適當的信貸。因此，這種情況已經有所好轉，我們也延長了與年金的協議，原本將於 26 月 8 日到期。這是一份為期五年的合同，涉及許多技術問題。我們已經提交了一份八份文件，其中發布了我正在討論的兩項協議。

But generally speaking, it's another five year contract with an automatic renewal for another five years unless one party opts out. So we now have the basis of a, we believe a very solid business line platform to generate significant small balance SBI loans as well as a fee income on the portion of the guaranteed loans.

但一般來說，這又是一份為期五年的合同，除非一方選擇退出，否則會自動續約五年。因此，我們現在擁有一個非常堅實的業務線平台，可以產生大量小額 SBI 貸款以及擔保貸款部分的費用收入。

And the part that is unguaranteed, which for the last year or so has been only about 18% based on the mix of loans, those loans yield prime plus 275. So this is an exciting business and we will now continue to provide information on our SBA business each quarter. And, and with that, Patrick.

而無擔保部分，根據貸款組合，在過去一年左右的時間裡僅佔 18% 左右，這些貸款的收益率為優質貸款加 275。因此，這是一項令人興奮的業務，我們現在將繼續每個季度提供有關 SBA 業務的資訊。還有，派崔克。

This is a big quarter for us. We purchased 191 loans in seven transactions with gross balances of $808 million and at a purchase price of $733 million or [91¢]. These were mostly bank originated term loans sold for a variety of reasons but mainly liquidity.

這對我們來說是一個重要的季度。我們在 7 筆交易中購買了 191 筆貸款，總餘額為 8.08 億美元，購買價格為 7.33 億美元或[91 美分]。這些大多是銀行發放的定期貸款，出於各種原因出售，但主要是流動性。

The loans are secured mostly with retail, industrial and mixed use collateral and located primarily in New York, New Jersey and California.

這些貸款主要以零售、工業和混合用途抵押品作為擔保，主要位於紐約、新澤西和加利福尼亞。

The weighted average loan to value on these loans was around 55% of our purchase price with no loans above 65%.

這些貸款的加權平均貸款價值約為我們購買價格的 55%，沒有貸款超過 65%。

Generally, these loans were purchased at credit and yield levels consistent with what you've seen from us previously.

一般來說，這些貸款的信用和收益率水平與您之前從我們那裡看到的一致。

Looking forward, we think they'll continue to be purchase opportunities for us M&A activity appears to be picking up. And historically, that's been our biggest source of loan purchasing opportunity in our real estate originated origination business.

展望未來，我們認為它們將繼續成為我們的購買機會，併購活動似乎正在增加。從歷史上看，這是我們房地產起源業務中貸款購買機會的最大來源。

We closed $127 million for the quarter a level we believe to be core. These included 17 loans with an average balance of $7.5 million collateral types include multifamily hospitality, retail, and industrial and generally located in New York, California and Florida at origination. The weighted average LTV for these loans was just over 50% and average rates were just under 9%.

我們認為本季的核心水準為 1.27 億美元。其中包括 17 筆貸款，平均餘額為 750 萬美元，抵押品類型包括多戶型酒店、零售和工業，發起時通常位於紐約、加利福尼亞和佛羅裡達。這些貸款的加權平均 LTV 略高於 50%，平均利率略低於 9%。

Interestingly, about 40% of these loans were direct and 60% lender finance, which is a return to a more historically normal mix between these two loan products recall that in the last fiscal year, over 90% of our loan originations were lender finance. We think we became more competitive in the direct lending space as the year went on because an increase in real estate transactions led to a more confidence around valuation.

有趣的是，這些貸款中約40% 是直接貸款，60% 是貸方融資，這是這兩種貸款產品回歸到歷史上更正常的組合，回想起來，在上一財年，我們超過90% 的貸款來源是貸方融資。我們認為，隨著時間的推移，我們在直接貸款領域的競爭力變得更強，因為房地產交易的增加導致人們對估值更有信心。

Others are sharing that confidence while many banks remain on the sidelines with respect to commercial real estate lending. There's a lot of new capital in the non lending, non bank lender space and we're starting to see some very aggressive lending as they chase yield. Fortunately, there remains plenty of opportunity in our lending niche and based on our current pipeline, we're optimistic, we can maintain the current level of originations with loans that meet both our credit and yield requirements.

其他人也有同樣的信心，而許多銀行仍對商業房地產貸款持觀望態度。非貸款、非銀行貸款領域有大量新資本，我們開始看到一些非常積極的貸款，因為他們追逐收益。幸運的是，我們的貸款領域仍然存在大量機會，根據我們目前的管道，我們樂觀地認為，我們可以透過滿足我們的信貸和收益率要求的貸款來維持當前的發放水準。

Now I'll turn it over to Richard.

現在我把它交給理查。

Thanks very much Patrick.

非常感謝派崔克。

So I want to just quickly recap what we discussed in the previous earnings call where we spoke about interest rate risk and what might happen to us and how we're positioned in a rate down environment.

因此，我想快速回顧一下我們在先前的財報電話會議中討論的內容，其中我們談到了利率風險、我們可能會發生什麼以及我們在降息環境中的定位。

I'm going to speak to you quickly as well about prepayments and to remind you of the position the bank is in from a prepayment perspective.

我也將很快與您討論預付款問題，並從預付款的角度提醒您銀行所處的位置。

I'll speak about how we funded the purchases that Pat just spoke about. I'll speak about our general approach to interest rate risk management and then I'll speak about what happened in practice once rates fell.

我將談談我們如何為帕特剛才談到的購買提供資金。我將談論我們利率風險管理的一般方法，然後我將談論利率下降後實際發生的情況。

A recap on the Q4 investor call. I said at that stage that we would benefit from interest rates falling. And the reasons for those that I gave was because of the flows we have in place over our variable rate loans, the tendency of loans to prepay in a rate down environment which I'll expand on in a short while and the repricing of our liabilities to which to some extent is a lag factor.

第四季投資者電話會議回顧。我當時就說過，我們會從利率下降中受益。我給出的原因是因為我們對可變利率貸款的流動、貸款在利率下降的環境下提前還款的趨勢（我將在短時間內擴展）以及我們的負債的重新定價這在某種程度上是一個滯後因素。

What I also said on that call is that we do not position ourselves for excessive exposure to changes in interest rates in either direction.

我在那次電話會議上也表示，我們不會過度承受任何方向的利率變動。

Our analysis at that stage had said to us that with rates down, we would expect to initially have a compression of our net interest income thereafter, followed by an expansion resulting on a net basis in a slightly positive effect over the year. And in fact, the subsequent two years in a rate down environment, one of the reasons that I've just spoken about is prepayment and I'll speak quickly about that and then I'll tell you what in fact has happened.

我們當時的分析告訴我們，隨著利率下降，我們預計此後我們的淨利息收入最初會受到壓縮，隨後會出現擴張，導致全年淨利息收入略有正面影響。事實上，在接下來的兩年裡，在利率下調的環境下，我剛才談到的原因之一是預付款，我很快就會談到這一點，然後我會告訴你實際上發生了什麼。

As you'll see if you look at slide number 22 is we have a $223.5 million rate mark discount to remind you what that represents. The rate mark is the rate at which we have received a discount of the face value when we purchase the loans. And the reason we receive that is not for credit reasons. It's because the loan was originated at what is now a below market rate.

如果您查看第 22 號投影片，您會發現我們有 2.235 億美元的費率標記折扣，以提醒您這代表什麼。利率標記是我們在購買貸款時獲得面值折扣的利率。我們收到的原因不是信用原因。這是因為貸款的發放利率目前低於市場利率。

And we purchased the loans such as to produce the return that we are targeting that $223.5 million will enter our income statement in two different ways. The first way is as an accretion. In other words, with the passage of time, we bleed that discount into our interest income and we earn it over the period of the loan on the assumption that these loans do not default. These loans would either accrue or in the event that they prepay, we would take that discount in respect to the loan upfront.

我們購買貸款是為了產生我們目標的回報，即 2.235 億美元將以兩種不同的方式進入我們的損益表。第一種方式是累積。換句話說，隨著時間的推移，我們將折扣計入利息收入，並在貸款期間賺取利息（假設這些貸款不違約）。這些貸款要么會累積，要么如果他們提前還款，我們將獲得預付貸款的折扣。

The reason why I'm focusing on that is that that discount would be a benefit to us in a rate down environment because everything else equal, we expect when rates fall, prepayments increase in in our current approach, the way that we approach interest rate risk is as follows, we have a system in place which forecasts our balance sheet into the future.

我之所以關注這一點的原因是，在利率下調的環境下，折扣對我們來說是有利的，因為在其他條件相同的情況下，我們預計當利率下降時，預付款會增加，以我們目前的方法，我們處理利率的方式風險如下，我們有一個系統可以預測未來的資產負債表。

And it takes into account a number of different scenarios, both rates up and rates down by different amounts. And it also considers both a shock as well as a ramp, a shock being a sudden and significant change in rates and a ramp being a slow progression of rates, either rising or falling.

它考慮到了許多不同的情況，包括不同金額的利率上調和下調。它還考慮了衝擊和斜坡，衝擊是利率的突然而重大的變化，斜坡是利率的緩慢進展，無論是上升還是下降。

That system that we use and run scenarios through had told us that that a rate down environment would be favorable to us, but only marginally, which is exactly what we want. If the results said that we would be significantly favorably affected by rates down, that implies we've taken an interest rate position which we do not do.

我們使用和運行場景的系統告訴我們，降息環境將有利於我們，但只是有限的，這正是我們想要的。如果結果顯示我們將受到利率下調的顯著有利影響，則意味著我們已經採取了我們沒有採取的利率立場。

Our objective in funding is to make sure that we match the best of our ability, the asset side of the book to make sure that when rates change, there's a commensurate change in the cost of funding. And it's also to ensure liquidity is managed. In other words, for the maturity of the liabilities to match as closely as possible, the maturity or the repricing of the assets turning to the purchases that pat spoke about.

我們的融資目標是確保我們在資產方面盡最大努力，以確保當利率發生變化時，融資成本也會發生相應的變化。這也是為了確保流動性得到管理。換句話說，為了使負債的期限盡可能匹配，資產的期限或重新定價轉向帕特談到的購買。

That's exactly what we did. We looked at the repricing profile of the book that was purchased and we matched that profile with brokered CDs and had a laded approach, taking out brokered CDs with different maturities to approximately match that of the book.

這正是我們所做的。我們查看了所購買書籍的重新定價概況，並將該概況與經紀 CD 相匹配，並採用了一種裝載方法，取出不同期限的經紀 CD 以大致匹配該書的期限。

What I, what was interesting for us is to then in light of the fact that rates fell 50 basis points on the 18th of September, we ran an analysis to see what actually happened to our interest income and interest expense over that period of time and what that might imply for the remainder of the year recall, as I said a short while ago, we expected an initially negative impact and for that to reverse over the subsequent three-quarters.

對我們來說有趣的是，鑑於利率在 9 月 18 日下跌了 50 個基點，我們進行了一項分析，看看在那段時間我們的利息收入和利息支出實際發生了什麼，這對今年剩餘時間可能意味著什麼回想一下，正如我不久前所說，我們預計最初會產生負面影響，並在接下來的三個季度內扭轉這種影響。

What in fact happened was was a pleasant surprise is that given the rate at which we were able to reprice our liabilities, which was better than we had modeled the net effect in the 1st 18 days plus the subsequent, the next, the next 12 days plus the subsequent 18. Was that due to quicker repricing of the liabilities, the net effect on net interest income just for that month was relatively flat.

事實上，令人驚訝的是，考慮到我們能夠對負債重新定價的利率，這比我們模擬前 18 天以及接下來、接下來、接下來 12 天的淨效應要好加上後面的18。由於負債重新定價較快，該月對淨利息收入的淨影響相對穩定。

So I reiterate what I said in the previous earnings call that given the way that we are positioned, we would expect that NII I would be positively affected by a rate down environment but not significantly. So due to our approach to interest rate risk, we are attempting wherever possible to be as neutral as possible. And, and not to take a position wherever we can avoid it.

因此，我重申我在先前的財報電話會議中所說的話，即考慮到我們的定位，我們預計 NII I 將受到降息環境的正面影響，但不會顯著。因此，由於我們對待利率風險的態度，我們正在盡可能保持中性。並且，不要在任何可以避免的地方採取立場。

I'll turn back to Richard

我會回到理查德身邊

Thank you, Richard. And I will turn it back to our listeners to see if there are any questions about what we have covered or otherwise.

謝謝你，理查。我會將其轉回給我們的聽眾，看看是否對我們所涵蓋的內容有任何疑問。

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

謝謝。我們現在開始問答環節。（操作員說明）

Our first question comes from Mark Fitzgibbon of Piper Sandler is on the line with a question.

我們的第一個問題來自 Piper Sandler 的 Mark Fitzgibbon 在線提問。

Thank you. Good morning guys.

謝謝。早安，夥計們。

The morning work.

早上上班。

First question I had, Richard. Could you just follow up on, on the margin discussion a little bit? I, I heard your comments and they were helpful. Would you be able to share with us what the margin look like for the month of October since we're? Well, thus far for the month of October.

我的第一個問題，理查。能否跟進一下邊際討論？我，我聽到了你的評論，它們很有幫助。您能否與我們分享一下自我們推出以來 10 月的利潤情況如何？好了，十月的情況就到此為止了。

No, we don't have that information available for October yet.

不，我們還沒有 10 月份的可用資訊。

Okay. But it, it sounds like on balance, you expect the net interest margin to be down, you know, a little bit in the fourth quarter and then start to sort of flatten out. Is that a fair characterization?

好的。但總的來說，你預期淨利差會在第四季下降一點，然後開始趨於平緩。這是一個公平的描述嗎？

But with respect to the large purchase pad had indicated that we would expect that to behave as, you know, like other purchases in the past. If we go back and look at other purchases, you know, our purchase yield on our purchase loan book, it's in recent vintage. It's been between 8.5 and nine.

但就大型購買而言，我們希望其表現與過去的其他購買一樣。如果我們回頭看看其他購買，你知道，我們購買貸款簿上的購買收益率是最近的。一直在8.5到9之間。

Roughly, you know, we would expect that to be the case with our loans that we purchased. You know, we we didn't put out, we don't have a number out for our the funding cost. But, you know, I'm actually, if you could easily figure it out, you know, it's a, it was about 24, 25 to fund those purchases. So,

粗略地說，我們預計我們購買的貸款也會出現這種情況。你知道，我們沒有公佈，我們沒有具體的融資成本。但是，你知道，我實際上，如果你能很容易地弄清楚的話，你知道，大約需要 24、25 來為這些購買提供資金。所以，

you know, I'm describing now a spread on that, you know, between probably, you know, 3.5 and four I think is a, is a reasonable number for the spread we would expect to earn on the large purchase volume on our originated loans that we put on the, you know, balance sheet are originated loan portfolio. For, we say it is on page 3, you know, we it's almost 9% 885 on on what we originated. And you know, you can do the same analysis with respect to the cost of funds on that.

你知道，我現在描述的是一個價差，你知道，可能在 3.5 到 4 之間，我認為是一個合理的數字，對於我們期望從我們的起源的大量購買量中賺取的價差來說你知道，我們在資產負債表上放的貸款是源自貸款組合。因為，我們說它在第 3 頁，你知道，我們的原創內容幾乎有 9% 885。你知道，你可以對資金成本進行同樣的分析。

Can I add one more thing there quickly mark if you turn to slide 16, that may also give you some insight in terms of your question. So, slide 16 talks about the impact of the cost of funds for the first quarter being 4.34% and dropping to 4.18% which is a point estimate at the end of the month.

如果您翻到投影片 16，我可以在其中快速標記一件事嗎？因此，投影片 16 討論了第一季資金成本的影響為 4.34%，並下降至月底的點估計值 4.18%。

Remembering that that 16 basis point drop does not reflect all the other liabilities that will be priced. So merely in those 12 days, there was a 16 basis point reduction in our cost of funding. As I said, that would take some time to come through with some lags and would would not reflect the impact of brokered CDs as those roll and reprice.

請記住，16 個基點的下降並不反映將定價的所有其他負債。光是那 12 天裡，我們的融資成本就降低了 16 個基點。正如我所說，這需要一些時間才能完成，並存在一些滯後，並且不會反映經紀 CD 在滾動和重新定價時的影響。

Okay.

好的。

And then changing gears a little bit on, on the loan front. I, I guess I was curious, are you seeing a lot more loan pools today than you have in the past? Has the volume of that picked up? And, and in that same vein, I was curious if, it's likely we'll see another big loan pool purchase, you know, say in the next couple quarters or do you think it's more likely that you'll sort of digest what you just put on?

然後在貸款方面稍微改一下。我想我很好奇，你現在看到的貸款池比過去多得多嗎？音量有回升嗎？而且，同樣，我很好奇，我們是否可能會看到另一場大型貸款池購買，你知道，比如說在接下來的幾個季度，或者你認為你更有可能消化你所購買的東西。穿上？

Well, the volume of loans for purchase is, quite cyclical. There've been periods, you know, going up, we've been at this for a long time. You know, there are periods when there's a lot of activity and there's periods where there are not, there has not been, you know, we're seeing a lot of activity in the market, but that's not to say, you know, we're necessarily going to have a lot more in our balance sheet.

嗯，購買貸款的數量是相當週期性的。你知道，有些時期是上升的，我們已經這樣做很久了。你知道，有些時期有很多活動，有些時期沒有，沒有，你知道，我們看到市場上有很多活動，但這並不是說，你知道，我們我們的資產負債表中必然會有更多內容。

We're optimistic, but it's binary as, you know, you bid, you win, you don't win. But it's been pretty busy for, for quite a while as to whether or not we could expect another very large purchase. Very hard to say. There's certainly large pools out there but whether we bid on them, whether we went on them, you know, it's, I don't want to provide a, a false hope. We'll see. We're certainly looking at a lot pat do you want to ask that?

我們很樂觀，但這是二元的，你知道，你出價，你贏，你沒有贏。但很長一段時間以來，我們一直很忙，不知道我們是否可以期待另一次大額採購。很難說。那裡肯定有很大的池子，但無論我們是否對它們進行競標，無論我們是否繼續參與它們，你知道，我不想提供一個錯誤的希望。我們拭目以待。我們當然正在關注很多事情，你想問這個嗎？

I would just add that the loan sale advisers that we, that we speak with frequently are all slammed. They're very busy. They're though, again, that doesn't necessarily mean it'll translate to actual opportunities because there's a lot of tire kicking in this business. But, they're as busy as they've ever been.

我想補充一點，我們經常與之交談的貸款銷售顧問都受到了猛烈的批評。他們很忙。不過，他們再次強調，這並不一定意味著它會轉化為實際的機會，因為這個行業存在著許多問題。但是，他們和以前一樣忙碌。

And I'd say one thing that is new and interesting is the number of single loan, there seems to be a growing number of banks and non banks selling single loans which we haven't seen in a while has been pools for quite a while. And this is in interesting in that, it's a different kind of opportunity where we think we can be competitive and on the size. So whether whether or not there's more whales out there, we hope so. But you never know.

我想說一件新鮮而有趣的事情是單筆貸款的數量，似乎有越來越多的銀行和非銀行出售單筆貸款，我們已經有一段時間沒有看到這些貸款了。有趣的是，這是一種不同的機會，我們認為我們可以在規模上具有競爭力。因此，無論那裡是否有更多的鯨魚，我們都希望如此。但你永遠不知道。

And in that same vein, I guess I'm curious what your thoughts are on adding to the ATM or doing a sort of a spot capital raise to take advantage of, you know, some of these loan purchase opportunities and, and what you might be targeting for a capital ratio.

同樣，我想我很好奇您對添加 ATM 或進行某種現貨融資以利用其中一些貸款購買機會以及您可能會採取的措施有何想法以資本比率為目標。

You know, that is a very good question. you know, we have $23 million remaining in the existing ATM. It's a facility we like very much. I know, you know, this market for other listeners, it has the benefit of for us of being able to raise capital when we need it and not raising a lot of capital for working capital purposes.

你知道，這是一個非常好的問題。你知道，我們現有的 ATM 機還剩下 2,300 萬美元。這是我們非常喜歡的設施。我知道，你知道，這個市場對其他聽眾來說，它的好處是我們能夠在需要時籌集資金，而不是為了營運資金目的籌集大量資金。

And then not being able to use it in 2012, we raised $55 million in a transaction that we thought there'd be a lot of loan purchasing opportunities and there were not, we kind of the good side and we wound up over time buying back a third of our bank stock at about 16 bucks as it turned out.

然後在2012 年無法使用它，我們在一筆交易中籌集了5500 萬美元，我們認為會有很多貸款購買機會，但實際上沒有，我們有點好的一面，隨著時間的推移，我們最終回購了結果，我們銀行三分之一的股票價格約為 16 美元。

But, and I digress as they say, but the with respect to the ATM, we have now, you know, that's why we put out the information, what is our loan capacity and as we need the capital, you know, we will sell stock out of the ATM to do it. And of course, where our stock is now trading, it's much more attractive to sell stock.

但是，正如他們所說，我離題了，但是就 ATM 而言，我們現在擁有，你知道，這就是為什麼我們發布信息，我們的貸款能力是多少，當我們需要資本時，你知道，我們將出售ATM 出庫存就好了。當然，在我們的股票現在交易的地方，出售股票更具吸引力。

And you know, when, when we were trading below tangible book, you know, now our tangible book is about 48 bucks and, you know, we're trading at a, you know, in the 90s now as to whether we, we'll do another one to answer your question, you know, you know, the board will evaluate that and make a decision as to how much. Although, you know, it's not, it's a relatively inexpensive way to raise capital.

你知道，當我們的交易價格低於有形賬面價值時，你知道，現在我們的有形賬面價值約為 48 美元，你知道，我們的交易價格是 90 年代的水平，我們是否、我們我會做另一件事來回答你的問題，你知道，你知道，董事會將對此進行評估並決定多少。雖然，你知道，事實並非如此，但這是一種相對便宜的籌集資金的方式。

So there's no guarantee, but I would not be surprised if we wind up adding to the ATM and allowing ourselves, you know, more flexibility going into the future. I think it's a good sign for investors that, you know, we have confidence in the business when we're, you know, increasing the ATM.

所以沒有任何保證，但如果我們最終增加 ATM 並允許我們自己，你知道，未來有更多的靈活性，我不會感到驚訝。我認為這對投資者來說是一個好兆頭，當我們增加 ATM 時，我們對業務充滿信心。

Okay, great. And then, you know, one of the optics or metrics that stands out for you guys relative to a lot of other banks is that CRE concentration and I think it was over 600%. And, and many banks are telling their investors that they're, you know, pushing down toward that 300% guidance that the regulators had given a while back. And I know you all feel differently about where you, you ought to sit on that.

好的，太好了。然後，你知道，相對於許多其他銀行，對你們來說最突出的光學或指標之一是 CRE 集中度，我認為它超過 600%。而且，許多銀行告訴投資者，他們正在向監管機構不久前給予的 300% 指導方針努力。我知道你們對於自己應該坐在哪裡有不同的感覺。

I wondered if you could just at a high level share with us a couple of thoughts on, you know, why you think your company is, is different and justifies being able to have a much higher level than, than other banks.

我想知道您是否可以在高層與我們分享一些想法，您知道，為什麼您認為您的公司與眾不同，並證明能夠比其他銀行擁有更高的水平。

Well, first of all, the only kind of lending we do is commercial real estate and of course, the small balance lending, which is, but our balance sheet 97%. I'm rounding here, commercial real estate. We've been doing this for quite a while. We have been a lot of controls in place. We have an excellent experience team.

嗯，首先，我們唯一做的貸款是商業房地產，當然還有小額餘額貸款，但占我們資產負債表的 97%。我在這裡轉了一圈，商業地產。我們這樣做已經有一段時間了。我們已經採取了很多控制措施。我們擁有一支經驗豐富的團隊。

I remind listeners that Pat and I were doing this at Capital Crossing Bank, which was a bank, my former partner and I started 30 years ago, we have a lot of the a bunch of folks in the national lending business that came from Capital Crossing Bank and a bunch more that have joined us. You know, we have a incredible record around asset quality.

我提醒聽眾，帕特和我在 Capital Crossing 銀行做這件事，這是一家銀行，我和我的前合夥人 30 年前就開始了，我們國家貸款業務中的很多人都來自 Capital Crossing銀行和其他許多人加入了我們。您知道，我們在資產品質方面擁有令人難以置信的記錄。

You know, the charge offs, you know, really small, I think overall on a weighted average basis, the charge offs on our purchase loan book have been five or six basis points, you know, with the returns that have been, you know, call it 975 or so. You know, and on the originated side, charge us have been really, really small and probably over, you know, $4 billion of originations.

你知道，沖銷，你知道，非常小，我認為總體而言，在加權平均的基礎上，我們購買貸款簿上的沖銷已經有五個或六個基點，你知道，回報率是，你知道，稱為975左右。你知道，在發起方面，我們收取的費用非常非常小，發起費用可能超過 40 億美元。

Some of the things that we focus on not only risk management, risk control and all the things that, you know, one would expect, we have very low LTVs, you know in the low 50s overall on our loan book. And that gives us a lot of protection.

我們關注的一些事情不僅是風險管理、風險控制，還有人們所期望的所有事情，我們的 LTV 非常低，你知道我們的貸款帳簿上的 LTV 總體在 50 多歲以下。這給了我們很多保護。

You know, we structure loans, you know, if it's an originated loan into bankruptcy, remote entities with the highest default rate permitted under state law, typically with advances in our lender finance that are cross collateralized, cross defaulted. Often, even with the LTVs set up with interest reserves and with, you know, on our part because on the loan on loan, for example, so we have very good counterparts and we've been successful at you know, at it for a very long time.

你知道，我們建立貸款，如果這是一筆破產貸款，遠端實體具有州法律允許的最高違約率，通常是我們貸方融資的預付款，這些預付款是交叉抵押、交叉違約的。通常情況下，即使LTV 設立了利息儲備，而且，你知道，就我們而言，因為貸款上的貸款，例如，所以我們有非常好的同行，我們在這方面取得了成功，你知道，在這方面，我們已經取得了成功。

And, and we have in place a protocol for how many, how many real estate loans we can have in, in buckets relating to the risk rating. So that, for example, in the highest risk rating, what we would call one through three, we could have 850% of capital in those.

而且，我們已經制定了一個協議，規定我們可以在與風險評級相關的桶中擁有多少房地產貸款。例如，在最高風險評級（我們稱之為 1 到 3）中，我們可以擁有 850% 的資本。

But in the, in Substandard loans, you know, kind of rated, eight and above, it's 30% in that bucket, 30% in that bucket.

但在次級標準貸款中，你知道，評級為 8 級及以上，其中 30% 屬於該類別，30% 屬於該類別。

And so there's a relationship between how much we will have on our balance sheet and the quality of our loans all structured to, cause a level of very high quality commercial real estate loans.

因此，我們的資產負債表上的金額與我們的貸款品質之間存在著某種關係，這些貸款的結構都是為了產生非常高品質的商業房地產貸款。

I could go on much longer on all the things that make. Not great. But that's a great answer. I might, I'm bragging about the team, not me, but we have a great team.

我可以在所有製作的事情上繼續更長時間。不太好。但這是一個很好的答案。我可能是在吹噓整個團隊，而不是我，但我們有一支很棒的團隊。

I think that's a great answer. And then I, you know, and I'm sorry, I just got two more quick ones. Are there any plans to grow sort of the core deposits with either new branches products? or anything to try to bring down that brokered deposit number over time.

我認為這是一個很好的答案。然後我，你知道，很抱歉，我剛剛又得到了兩個快速的。是否有計劃透過新的分行產品來增加核心存款？或任何試圖隨著時間的推移降低經紀存款數量的事情。

Yes, but growing deposits you know, is you know, kind of brick by brick. In summary where unless there's a, you know, a transaction. So I'd say, you know, in Maine now we have seven branches and we have now $900 million of deposits in those branches which for us is the highest number in quite some time. On top of that, we have government deposits in Maine for another 400.

是的，但是你知道，存款的成長是一磚一瓦的。總而言之，除非有一筆交易。所以我想說，你知道，在緬因州，我們現在有七個分行，這些分行現在有 9 億美元的存款，這對我們來說是相當長一段時間以來的最高數字。除此之外，我們在緬因州還有 400 美元的政府存款。

That's about $1.3 billion I've just described. And then of course, as you point out, we have a lot of broker deposits which we actually like quite a bit. It's very efficient. We ordered up the money for that local in a couple of weeks and brought in seven or $750 million of deposits that, you know, good pricing. And with respect to growing it in a massive way in a transaction, of course, we see them from time to time and we're open to the idea, but so far it's just, you know, they have not been attractive in terms of the economics.

這大約是我剛剛描述的 13 億美元。當然，正如您所指出的，我們有很多經紀人存款，我們實際上非常喜歡這些存款。這是非常有效的。我們在幾週內為那個當地人訂購了資金，並帶來了七筆或 7.5 億美元的存款，你知道，定價很好。當然，關於在交易中大規模成長，我們不時會看到它們，我們對這個想法持開放態度，但到目前為止，你知道，它們在經濟。

Okay, great. And then just a couple of little modeling things, I assume professional expenses were a little bit elevated due to the, the loan purchases and, and we should see those start to come back down. Is that fair?

好的，太好了。然後只是一些小的建模事情，我認為由於貸款購買，專業費用有所增加，而且我們應該看到這些費用開始回落。這樣公平嗎？

No, I don't think it was that Becca jones', brand just got married, Becca.

不，我不認為貝卡瓊斯的品牌剛結婚，貝卡。

You answer that question.

你回答這個問題。

Yes, just general, legal expenses, audit expenses as we grow. Those just continue to increase.

是的，隨著我們的成長，只是一般的法律費用、審計費用。這些還在持續增加中。

Slightly.

輕微地。

Okay, great. And lastly the effective tax rate you feel like that probably stays in that 32% range going forward.

好的，太好了。最後，您認為未來的有效稅率可能會保持在 32% 的範圍內。

Yeah, I'm sorry. No, I was just.

是的，對不起。不，我只是。

Going to say we, we do think so.

要說我們，我們確實這麼認為。

Great. Thank.

偉大的。感謝。

Thank you, Mark.

謝謝你，馬克。

David Minkoff,DC M Asset Management

大衛‧明可夫 (David Minkoff)，DC M 資產管理公司

Good morning, Richard Rick and Pat. Congratulations on another congratulations on another nice quarter. Actually the quarter was, the quarter was even nicer than it appeared because as you pointed out, those loans that were purchased at the high level were done late in the quarter and really didn't work its way into the quarterly numbers yet. We will see that in the ensuing quarter. So the report was even better than it looks what the $805 million loan purchase.

早上好，理查德·里克和帕特。恭喜您再次恭喜又一個美好的季度。實際上，這個季度比看起來更好，因為正如您所指出的，那些在高水準購買的貸款是在本季度末完成的，實際上還沒有計入季度數據。我們將在接下來的季度看到這一點。因此，這份報告比看上去的 8.05 億美元貸款購買的內容還要好。

What would, which was kind of outstanding? What would the normal, loan purchases have been in the last couple of quarters? I don't have those numbers in front of me. How were they running?

什麼會，哪一點很出色？過去幾季的正常貸款購買情況是怎麼樣的？我面前沒有這些數字。他們跑得怎麼樣？

We do have it. It's a slide on that which we could go over. Let's see what page is that on.

我們確實有。這是一張我們可以回顧的幻燈片。讓我們看看它在哪個頁面上。

Well, I'm, I'm, I'm not on the slide I'm on the phone phone call and so I don't have access to the slides at that moment.

嗯，我，我，我不在幻燈片上，我正在打電話，所以當時我無法訪問幻燈片。

I was, no, I know I was, that was actually a question for ourselves to find it on page 6.

我是，不，我知道我是，這實際上是我們自己在第 6 頁找到的問題。

The, well, this is not just the, this is the total totally, we have both here. So, on the, on the purchase side, this was significantly larger than the last, four quarters. If we go back a year ago, we purchased 52 million.

嗯，這不僅僅是，這就是全部，我們這裡都有。因此，在購買方面，這比過去四個季度要大得多。如果我們回到一年前，我們買了 5200 萬。

The following quarter was 186 million. The following quarter was zero. The following one which was June 30th with 143 million and then this of course, was $732 million.

接下來的季度為 1.86 億。接下來的季度為零。下一次是 6 月 30 日，成交額為 1.43 億美元，當然，接下來的成交額為 7.32 億美元。

Okay. So, so that's an, that's an incredible increase. Now, I'm assuming that that those numbers and those purchases was, was done at the same stringency that you've used in the past. I mean, you haven't lowered your standards to get those numbers up to that number. Correct.

好的。所以，這是一個令人難以置信的成長。現在，我假設這些數字和購買是按照您過去使用的相同嚴格程度完成的。我的意思是，你並沒有降低你的標準來讓這些數字達到這個數字。正確的。

You may look to get 732 million in purchase loans. What do you look at $7 billion perhaps or something to come up with that number?

您可能希望獲得 7.32 億美元的購屋貸款。您對 70 億美元有何看法，或如何得出這個數字？

No, it wasn't that because the $732 million, a big chunk of that was in one transaction. So we were pretty busy with that one transaction. It, so it wasn't $7 billion.

不，不是這樣，因為 7.32 億美元，其中很大一部分是在一筆交易中。所以我們非常忙於這一筆交易。是的，所以不是 70 億美元。

Right? I know that it's somewhat of an aberration and because of that, that one large transaction. Is that right?

正確的？我知道這有點反常，也因為如此，這是一筆大交易。是這樣嗎？

Yeah, well, I have in front of me, what our market funnel look like. So for the quarter, we looked at total 27 or 20 pools for $2.7 billion. And then out of those, that means those are transactions that we, you know, came across, we took a more in depth look on $2 billion.

是的，好吧，我面前有我們的市場漏斗是什麼樣子的。因此，在本季度，我們共檢視了 27 或 20 個資金池，總價值為 27 億美元。然後，在這些交易中，我們對 20 億美元進行了更深入的研究。

Which means that was 11 pools that we looked at and we did a fair amount of work on those. And of those, we wound up bidding on $839 million and we wound up closing on $807 million, which is a very high rate. It's not typically that high the rate, but most a lot of those were negotiated transactions. And so, you know, the likelihood of closing was higher.

這意味著我們研究了 11 個池，並且在這些池上做了相當多的工作。其中，我們最終的投標價格為 8.39 億美元，最終成交價格為 8.07 億美元，這是一個非常高的價格。利率通常不會那麼高，但大多數都是協商交易。所以，你知道，關閉的可能性更高。

Understood, so it's a good, it's a good number and it should translate into better earnings, I guess going forward, you first announced this, you preannounced this, I guess you might say on September, 24th when you came out and said you purchased $805 million, I think the number was 805 million, right? That was the number. And the next day on the 25th, Piper Sandler came out and increased your target price from $82 to $95 . A share. So that, that was a pretty hefty increase.

明白了，所以這是一個很好的數字，它應該轉化為更好的收益，我想展望未來，你首先宣布了這一點，你預先宣布了這一點，我想你可能會說在9 月24日，當你站出來說你購買時8.05億美元，我想這個數字是8.05億，對吧？就是這個數字。第二天25日，Piper Sandler出面將你的目標價從82美元提高到95美元。一份。所以，這是一個相當大的成長。

What was the, what was the earnings estimate that they have for the, for the ensuing year, for the year ending June 2025 that gave them that $95 price target? I didn't see the report in depth.

他們對下一年、截至 2025 年 6 月的年度的獲利預測是多少，從而給了他們 95 美元的目標價？我沒有看到深入的報道。

Oh, for the, for the fiscal year we're in now.

哦，對於我們現在所處的財政年度。

The fiscal year that just began. Yeah, that ends next in June. June 25.

剛開始的財政年度。是的，明年六月結束。6 月 25 日。

You know, it's in the range of $10.

你知道，它的價格在 10 美元左右。

$10. Okay. So.

10 美元。好的。所以。

I don't have it exactly in front of me, David, but, you know, give or take a little bit. It's in that range.

大衛，我並沒有完全掌握它，但是，你知道，給予或接受一點。就在這個範圍內。

No, we did 211 this quarter and that does not include the spread on all of the loans that we booked late in September. So you, well, you said that's going to, you'll see that in the ensuing quarters.

不，我們本季做了 211，這不包括我們在 9 月底預訂的所有貸款的利差。所以，你說過，你會在接下來的幾季看到這一點。

Right? So in other words, in a hypothetical, you might say that had you increased on July 1st, the earnings for the quarter might have been in the 250 range or something like that. 260. And that would stand to reason when an estimate of $10 a share. So, I guess, okay, we'll see that as things go forward. I'm not, you don't usually give projections. So I'm not going to ask you to comment on that. So, again, congratulations on a great quarter. And we're looking forward to this for this to continue.

正確的？換句話說，在假設中，您可能會說，如果您在 7 月 1 日增加，該季度的收益可能會在 250 左右或類似的範圍內。260.當每股估值為 10 美元時，這是有道理的。所以，我想，好吧，隨著事情的進展我們會看到這一點。我不是，你通常不會給出預測。所以我不會要求你對此發表評論。所以，再次恭喜這個季度的出色表現。我們期待著這種情況繼續下去。

So, David, before you go, I would say you David before you go, I'd say you were a legend for your comments on the last call.

所以，大衛，在你離開之前，我會說你，大衛，在你離開之前，我會說你是一個傳奇人物，因為你在最後一次電話會議上的評論。

Well, well, I have, is there anyone in the queue? I, I have another quick story for you if you have the time.

嗯嗯，我已經了，有人在排隊嗎？如果你有時間的話，我還有一個簡短的故事給你聽。

Well, we may have some others that you can call me after me. We'll set.

好吧，我們可能還有其他人，你可以用我的名字稱呼我。我們會安排。

We'll set that for another time. Congratulations on a great quarter and I'm glad to be a legend. Okay, thank.

我們會再安排一次。恭喜這個季度的出色表現，我很高興成為傳奇。好的，謝謝。

You, David.

你，大衛。

Adam Wilkie, Pacific Ridge Capital.

威爾基 (Adam Wilkie)，太平洋嶺資本 (Pacific Ridge Capital)。

Yeah, good morning. I think I was one of those folks that mentioned David's comments.

是的，早安。我想我是提到大衛評論的人之一。

Yeah.

是的。

Yeah. You know, great job guys. You know, happy to see the loan purchase. I was going to ask about actually about the that 7, 8 business. How big would you like to grow that on your balance sheet? I know it's pretty small right now. And what should we expect the charge off rate to be on the total originated loan balance on average through the cycle and then maybe at the peak.

是的。你知道，幹得好，夥計們。你知道，很高興看到貸款購買。我本來想問的是關於 7、8 的事情。您希望在資產負債表上將其增加到多大？我知道現在還很小。我們應該預期整個週期中原始貸款餘額總額的平均沖銷率是多少，然後可能達到高峰。

The so the just to remind everyone else, you probably know this. So the guaranteed portion has been roughly unguaranteed portion has been roughly 18%. And the reason for that is loans under 150,000 have an 85% guarantee and over 150 is a 75% guarantee. We're doing a lot of small ones.

所以只是提醒其他人，您可能知道這一點。所以有擔保的部分大致是無擔保的部分大約是18%。原因是15萬以下的貸款有85%的擔保，150以上的有75%的擔保。我們正在做很多小事。

And so, you know, we have 18% on our we wind up putting on our balance sheet. The, you know, from the business perspective, you know, it's very profitable because you can sell off the guaranteed portion, you know, for premiums now, between 10.5% and 11%.

所以，你知道，我們最終將 18% 的資產記入了我們的資產負債表上。你知道，從商業角度來看，這是非常有利可圖的，因為你可以出售保證部分，你知道，現在的保費在 10.5% 到 11% 之間。

You know, roughly we think that, and so therefore, I think, you know, we'll, we'll keep running with this on our balance sheet. Our balance sheet is getting much bigger and it's not a lot that we're, you know, that we're, that we're putting on, I think the real, you know, question as to that is how comfortable are we with the, with the, with the credit quality around these and to put, and to answer part of your question, there's a lot of data from the SBA about charge off for these kinds of loans.

你知道，我們大致是這樣認為的，因此，我認為，你知道，我們將繼續在我們的資產負債表上保留這一點。我們的資產負債表變得越來越大，我們的資產負債表並不多，你知道，我們正在增加，我認為真正的問題是我們對此感到有多舒服圍繞這些的信貸質量，為了回答你的部分問題，SBA 有很多關於此類貸款沖銷的數據。

And we think that, you know, if you look at historically over a lot of information in this, in this category, it would be about 3% on the unguaranteed portion. And it's, but so far probably we may have a tighter credit box and you know, those averages have been using of everything we booked. We've had something like $150,000 of charge off on a couple of $100 million of of originations that's, you know, $100,000 not much, much less than 3% but we now have a 3% reserve against our SBA loans.

我們認為，如果你查看歷史上這一類別的大量信息，你會發現無擔保部分約為 3%。是的，但到目前為止，我們可能有一個更嚴格的信用額度，你知道，這些平均值已經使用了我們預訂的所有東西。我們已經對幾筆 1 億美元的起源進行了大約 15 萬美元的沖銷，你知道，10 萬美元並不算多，遠低於 3%，但我們現在對 SBA 貸款有 3% 的準備金。

We increased it by about a million dollars or so this quarter. So now our unguaranteed SBA portfolio is a little bit less than 50 million and we have 3% of that in the allowance which we believe will be is, is the appropriate coverage as to your question, what are the peaks and the, and you know, it, it's knowable. I, I don't know that off hand though.

本季我們增加了大約一百萬美元左右。因此，現在我們的無擔保 SBA 投資組合略低於 5000 萬美元，我們的津貼中有 3%，我們認為這對您的問題來說是適當的覆蓋範圍，峰值是什麼，您知道，它，它是可知的。我，我不知道這一點。

All right. That's fine. And so if I understand correctly on the purchase business, lot of potential opportunities right now, you could, you might do something, you might not and if you do the ATM is there to fund it and you would probably, sorry, the ATM is there for the capital if necessary and then you would do probably again some sort of latter activity to help fund it if those possibilities come through. Is that fair to say?

好的。沒關係。因此，如果我對採購業務的理解正確的話，現在有很多潛在的機會，你可以，你可能會做某事，你可能不會，如果你這樣做，ATM 會為它提供資金，你可能會，抱歉，ATM 是如果有必要的話，那裡有資金，然後如果這些可能性實現的話，你可能會再次進行某種後一種活動來幫助資助它。這麼說公平嗎？

Yes? Well, well said.

是的？嗯，說得好。

All right.

好的。

That's all I have and keep up.

這就是我所擁有並堅持下去的一切。

Thank you very much, Adam.

非常感謝你，亞當。

Thank you. We have no further questions at this time. Now, I will turn the call over to Richard Wayne for closing remarks.

謝謝。目前我們沒有進一步的問題。現在，我將把電話轉交給理查德·韋恩（Richard Wayne）做總結發言。

Thank you. Thank you all for listening. And those that asked questions for your questions. To be interesting, you know, when we have our next call to see how some of these things play out that we've discussed today, If you have any suggestions on ways we can provide more relevant information on our slides and the information we provide. Let us know if we can do it. We will And with that, I I thank you and we will sign off now.

謝謝。感謝大家的聆聽。以及那些針對您的問題提出問題的人。有趣的是，當我們下次打電話來看看我們今天討論的一些事情如何進行時，如果您對我們如何在幻燈片和我們提供的資訊上提供更多相關資訊有任何建議。如果我們能做到，請告訴我們。我們會就此表示感謝，我們現在就結束。

Thank you, ladies and gentlemen, this concludes today's conference. Thank you.

謝謝女士們、先生們，今天的會議到此結束。謝謝。