Northeast Bank (NBN) 2025 Q2 法說會逐字稿

Welcome to the Northeast Bank second quarter fiscal year 2025 earnings call.

歡迎參加東北銀行2025財年第二季財報電話會議。

My name is Didi and I will be your operator for today's call.

我叫迪迪，今天我將為您接聽電話。

This call is being recorded with us today from the bank is Rick 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 updated to the bank's website which we will reference in this morning's call.

今天銀行與我們通話的是總裁兼首席執行官里克·韋恩 (Rick 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)。在電話會議召開之前，銀行網站上已更新了一份投資者簡報，我們將在今天上午的電話會議中參考該簡報。

The presentation can be accessed at the investor relations section of northeastbank.com under events and presentations. 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. (Operator Instructions)

您可在 northeastbank.com 投資者關係部分的活動和簡報中查閱該簡報。您可能會發現下載此投資者簡報並在通話過程中追蹤會很有幫助。此外，此通話將在網站上重播，以供將來使用。（操作員指令）

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

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。現在我將電話轉給瑞克韋恩。韋恩先生。你可以開始了。

Thank you very much and good morning to all of you listening on this call. I'm going to start going over some of the financial highlights and other important matters during the quarter. And following my comments, Richard Cohen, our CFO will then spend some time going over certain important financial matters. And following Richard's presentation, Pat Dignan, who is our Chief Operating Officer. And importantly, our Chief Credit Officer will discuss the loan activity in our various loan lines including purchases and originations from our national lending group.

非常感謝大家，大家早安。我將開始回顧本季的一些財務亮點和其他重要事項。在我發表評論之後，我們的財務長理查德科恩將花一些時間討論一些重要的財務問題。在理查德演講之後，我們的首席營運長帕特·迪格南 (Pat Dignan) 發言。重要的是，我們的首席信貸官將討論我們各項貸款的貸款活動，包括從我們的國家貸款集團的購買和發放。

And also SBA activity and following all of that, we would be happy to answer any of your questions. Let me just start off by saying we think it was a really great quarter. You will hear in some of the matters I highlight on the financial highlights, which is page 1 of the investor deck that there were many records broken in this quarter. And so, with that, let me begin to point out that we had $361 million of loan volume, which included $14 million invested on approximately $15 million of UPB on purchase loans.

此外，還有 SBA 活動以及所有這些，我們很樂意回答您的任何問題。首先我想說，我們認為這是一個非常棒的季度。您將在財務摘要中聽到我重點強調的一些事項，這是投資者簡報的第 1 頁，其中指出本季度打破了多項記錄。因此，首先我要指出的是，我們的貸款金額為 3.61 億美元，其中包括投資約 1,500 萬美元 UPB 購買貸款的 1,400 萬美元。

And, Pat will comment on the lumpiness of purchase activity. And why we think we should look at that on an annual basis much more than quarter to quarter. Now, you'll hear of a record on originations. We originated $246 million in the quarter. And again, Pat provide some commentary about what the what the pipeline looks like.

而且，帕特將對購買活動的不平衡性發表評論。為什麼我們認為應該以年度為單位而不是以季度為單位來看待這個問題。現在，您將聽到有關起源的記錄。本季我們發放了 2.46 億美元。帕特再次對管道的情況做出了一些評論。

For us, we also, had another record in SBA origination activity where we originated $100.3 million of SBA loans of which $64.5 million were sold to point out that that was not necessarily the production in the quarter, some of it related to originations in the prior quarter.

對於我們來說，我們在 SBA 發放活動中也有另一項記錄，我們發放了 1.003 億美元的 SBA 貸款，其中 6450 萬美元已售出，這表明這並不一定是本季度的產出，其中一些與上一季的發放有關。

But those loans sold generated a gain of $5.6 million. I want to also point out that our net income of $22.4 million was a record quarter for earnings. Excluding the third quarter of fiscal '21 where we had significant income from the sale of triple P loans. So, if you exclude that $22.4 million was a record. Another record is our base net interest income, which was $45.6 million for the quarter. Another record, as I mentioned, tangible book value for the quarter increased by $4.49 cents or 9% since September, 30 that is since the link quarter, of which it was, broken down of $2.74 cents.

但出售的這些貸款產生了 560 萬美元的收益。我還想指出，我們本季的淨收入達到了 2,240 萬美元，創下了獲利紀錄。除 21 財年第三季外，我們從銷售三重 P 貸款中獲得了可觀的收入。因此，如果你排除那 2240 萬美元，那是一個記錄。另一項記錄是我們的基本淨利息收入，本季為 4,560 萬美元。另一項記錄是，正如我所提到的，本季度有形帳面價值自 9 月 30 日以來增加了 4.49 美分，即 9%，即環比增長 2.74 美分。

From basic earnings plus the benefit of stock sales which were sold at a price higher than tangible book value, which increased, the tangible book value on a per share basis by a dollar 75. If we go back and we look to the increase in tangible book value from June 30. Which is our fiscal year end for six months. From the [12, 31] quarter, tangible book value increased by $5.95 cents or 13%. Over that six months period. I guess again, also a combination of earnings per share, which for that time period, the six months was 496 and also the benefit of selling stock.

基本收益加上以高於有形帳面價值的價格出售的股票銷售收益，使每股有形帳面價值增加了 75 美元。如果我們回顧一下，我們會發現自 6 月 30 日以來有形帳面價值增加。這是我們六個月的財政年度結束日期。從 [12, 31] 季度開始，有形帳面價值增加了 5.95 美分，增幅為 13%。在那六個月的時間裡。我再次猜測，這也是每股收益的組合，在那個時間段內，六個月的每股收益為 496 美元，還有出售股票的收益。

And at the end of the quarter, Richard will talk about this much more. Our loan capacity based on our capital, was $856 million at the end of December or as they say, a lot of dry powder, I'm not sure that's a good metaphor anymore, but $856 million of loan capacity, I want to spend a few minutes talking about asset quality which of course is near and dear to our hearts. I say our those at the bank and you who are investors.

在本季度末，理查德將會更多地談論這個問題。基於我們的資本，我們的貸款能力在 12 月底為 8.56 億美元，或者正如他們所說，很多乾火藥，我不確定這是否仍然是一個好的比喻，但 8.56 億美元的貸款能力，我想花幾分鐘談談資產質量，這當然是我們最關心的問題。我說的是銀行的人和你們投資者。

And we had, if you on page 7, I'm looking at some information there. I'm not going to go through each of the four slides. I point out that the ratio of nonperforming assets to assets and non performing loans to loans have declined from the linked quarter, nonperforming loans to total loans are 84 basis points, down from 106 basis points and up to the chart to the right of that on the same page, classified commercial loans have declined from $31.1 million to $26.6 million. That is one point I wanted to make.

如果您在第 7 頁，我正在查看那裡的一些資訊。我不打算逐一介紹這四張投影片。我指出，不良資產與資產以及不良貸款與貸款的比率較上一季度有所下降，不良貸款與總貸款的比率為 84 個基點，低於 106 個基點，而在同一頁右側的圖表中，分類商業貸款從 3110 萬美元下降到 2660 萬美元。這是我想表達的一點。

If we go on to page 8, you can see that non-performing assets declined from $37 million to $31 million, a little rounding. There were six or a reduction of about $6 million or roughly 16% largely due to the payoff of two loans totalling $5.7 million.

如果我們翻到第 8 頁，您會看到不良資產從 3700 萬美元下降到了 3100 萬美元，稍微四捨五入一下。其中有六筆減少了約 600 萬美元，即減少了約 16％，主要是由於償還了兩筆總額為 570 萬美元的貸款。

And then I want to go to page 12 and point out that, if we take a look at the weighted average seasoning of our loan portfolio, this is on our purchase portfolio is [$5.2 million] of That's a long time of 5.2 years. And you can see we've now added one more column to what you have seen previously where we divide up the years, we've added a breakdown. We used to be just everything from 2019 forward.

然後我想轉到第 12 頁並指出，如果我們看一下我們的貸款組合的加權平均經驗，這是我們的購買組合 [520 萬美元]，這是 5.2 年的很長一段時間。您可以看到，我們在之前看到的內容的基礎上又添加了一列，按年份進行劃分，並添加了細目分類。從 2019 年起，我們就是一切。

Now we break that down to 2019 to 2021 and then 2022 and later, and you can see that only 17% of our purchased loan book was originated 2022 or later. And 83% was previous to 2021. And you can see it broken up by the columns and with that, I would ask Richard to again, thank you, Richard.

現在我們將其細分為 2019 年至 2021 年，然後是 2022 年及以後，您會發現我們購買的貸款中只有 17% 是在 2022 年或以後發放的。其中 83% 是 2021 年之前的數據。您可以看到它被各個列分解開來，我想再次請理查德說謝謝，理查德。

Thanks very much Rick. So, I'm going to speak about two principal themes. I'm going to speak about interest rates as well as the bank's growth capacity as far as interest rates are concerned. We have mentioned on previous calls that we monitor our interest rate risk in an effort to remain relatively neutral if rates were to increase or decrease.

非常感謝 Rick。因此，我將談論兩個主要主題。我將談論利率以及銀行在利率方面的成長能力。我們在先前的電話會議中提到，我們會監控我們的利率風險，以便在利率上升或下降時保持相對中立。

What has happened is we have been slightly positively benefited from the fact that rates have decreased. In particular, as you'll see on slide 15, our average cost of deposits for the second quarter was 4.15% contrast that with 4.34% in the prior quarter. In other words, the average cost decreased 19 basis points quarter on quarter.

事實上，利率下降為我們帶來了些許正面的好處。具體來說，正如您在第 15 頁幻燈片中看到的，我們第二季的平均存款成本為 4.15%，而上一季為 4.34%。換句話說，平均成本較上月下降了 19 個基點。

What we think is worth pointing out is that the spot cost of funding as of 1,231 is 3.89%. That then is down a further 26 basis points. We have noted in the past and continue to see that as our liabilities is repriced. They do so with the delay, but we are relatively well matched in a rate down environment and have seen that play through in our interest rates and our net interest margin.

我們認為值得指出的是，截至 1,231 的現貨融資成本為 3.89%。這又下降了 26 個基點。我們過去已經注意到這一點，並且繼續看到我們的負債被重新定價。他們確實延遲了這一步，但我們在利率下行的環境中表現相對較好，並且已經看到了這在我們的利率和淨息差中發揮的作用。

Turning now to the two key aspects that will enable the bank to grow responsibly. Should the opportunity arise to add quality assets at a favourable rate? Those two factors are liquidity and capital.

現在來談談使銀行負責任地發展的兩個關鍵方面。是否應有機會以優惠的速度增持優質資產？這兩個因素是流動性和資本。

Let me start with liquidity. Our liquidity position improved which in turn enables scope for growth as of December 31, 2024, our on balance sheet liquidity was set at $430 million. That's an increase compared to $379 million. As at September, importantly, our off balance sheet capacity sits at over $1 billion and that is up very significantly.

讓我先從流動性開始。我們的流動性狀況得到改善，從而為成長提供了空間。截至 2024 年 12 月 31 日，我們的資產負債表流動性設定為 4.3 億美元。與 3.79 億美元相比有所增加。重要的是，截至 9 月份，我們的表外容量已超過 10 億美元，而且成長非常顯著。

And in turn helps in the event that we have an opportunity to add loans whether through purchase or origination, turning now to the second piece which is capital. Our leverage ratio sat at 11.2% for the quarter and our total capital ratio sat at 13.9% as at the end of the quarter.

反過來，如果我們有機會透過購買或發起來增加貸款，這將有所幫助，現在轉向第二部分，即資本。本季我們的槓桿率為 11.2%，截至本季末我們的總資本比率為 13.9%。

This was a healthy level of capital which enables us to grow significantly, particularly in light of the fact that the end of September we had a significant increase in our loan portfolio due to the material purchases that took place at that date. The reason for the healthy capital, not with standing the significant growth in the book arises as Rick had said before from both the ATM at the money offering as well as our retained earnings.

這是一個健康的資本水平，使我們能夠實現顯著增長，特別是考慮到 9 月底我們的貸款組合因當日發生的重大採購而顯著增加。正如 Rick 之前所說，儘管帳面價值大幅成長，但資本健康的原因卻來自於 ATM 機提供的現金以及我們的留存收益。

Speaking about that, in particular, we have been approved for a further $75 million of ATM of which $69 million remains to be utilized as and when the opportunity comes forth from a loan capacity perspective. Rick has already mentioned the $856 million and that capacity increases as we retain earnings and continue to grow.

特別地，談到這一點，我們已獲得另外 7500 萬美元的 ATM 貸款批准，其中 6900 萬美元將在貸款能力角度有機會時使用。里克已經提到了 8.56 億美元，隨著我們保留收益並繼續成長，這種產能也會增加。

In summary, should the opportunities present themselves? We're comfortable that our liquidity as well as our capital will enable us. Let me turn over now to Pat Dignan.

總而言之，機會應該自己出現嗎？我們相信，我們的流動性和資本將幫助我們實現目標。現在我把話題交給 Pat Dignan。

Thanks Richard. As Rick pointed out, this is a good quarter for us with record volume in both our SBA and origination verticals for purchase loans. We bought 70 loans in three transactions with gross balances of $14.8 million and at a purchase price of $14 million or $0.91.

謝謝理查德。正如 Rick 所指出的那樣，這對我們來說是一個好季度，我們的 SBA 和購房貸款發起垂直業務的交易量都創下了歷史新高。我們透過三筆交易購買了 70 筆貸款，總餘額為 1,480 萬美元，購買價格為 1,400 萬美元或 0.91 美元。

The weighted average loan to value of these loans was around 55% at our purchase price. And we're mostly small balance with a variety of collateral collateral types and located in '25 states. Although purchase loan volumes were below average this quarter, it really should be looked at annually as Rick pointed out and it's not indicative of a diminished appetite on our part or of a slowing market.

以我們的購買價格計算，這些貸款的加權平均貸款價值約為 55%。我們的業務大多為小額餘額，擁有多種抵押品類型，分佈在 25 個州。儘管本季的購屋貸款量低於平均水平，但正如里克指出的那樣，應該每年進行審查，這並不表明我們的興趣減弱或市場放緩。

On the contrary, we saw a lot of purchase loan volume this quarter including several sizable portfolios in our strike zone, most of which were either pulled or delayed by the sellers. There were a couple of larger clean multifamily portfolios that did trade but at very skinny yields and to groups with securitization exits.

相反，本季度我們看到大量的購買貸款量，包括我們打擊區內的幾個相當大的投資組合，其中大部分都被賣家撤回或推遲了。有一些較大的乾淨多戶型投資組合確實進行了交易，但收益率非常低，而且交易對象為通過證券化退出的團體。

We'll see whether this represents a shift in market pricing for larger pools or a one off for just the right deal. At just the right time. In any event, there's a lot of volume out there. We remain optimistic that 2025 will be a good year for loan purchasing.

我們將拭目以待，這是否代表著更大規模游泳池的市場定價轉變，還是只是了達成合適的交易而採取的一次性措施。時間剛剛好。不管怎樣，那裡的交易量都很大。我們仍然樂觀地認為，2025 年將是貸款購買的好年。

Unlike loan, purchasing loan originations is less lumpy in SBA lending. We closed just over $100 million of loans this quarter up from $82 million in the previous quarter. This includes 917 loans with an average size of 110,000 and weighted average interest rate of 10.85%.

與貸款不同，在 SBA 貸款中，採購貸款發放的波動性較小。本季我們完成的貸款金額略高於 1 億美元，高於上一季的 8,200 萬美元。其中包括 917 筆貸款，平均規模為 110,000 筆，加權平均利率為 10.85%。

Slide, 14 illustrates the growth in this business over the past few quarters. And you may not hear that loan sales remained roughly flat since last quarter despite a significant increase in loan volume. That's because we had $35 million of loan sales at the end of December that were held for sale.

投影片 14 展示了過去幾季該業務的成長。您可能沒有聽說，儘管貸款量大幅增加，但自上個季度以來貸款銷售額基本上保持穩定。這是因為我們在 12 月底有 3500 萬美元的貸款銷售額處於待售狀態。

This should normalize over time annuity our lending service provider continues to refine its marketing and technology efforts and we believe that the current level of lending is sustainable going forward a level that puts us near the top of SBA lenders nationally.

隨著時間的推移，這種情況應該會逐漸正常化，我們的貸款服務提供者將繼續改進其行銷和技術工作，我們相信，當前的貸款水平是可持續的，未來這一水平將使我們在全國範圍內接近 SBA 貸款機構的領先地位。

We're very excited to see this business taking off and look forward to continued growth in our national real estate lending program. We closed $246 million for the quarter. These included 28 loans with an average balance of $8.2 million collateral types included multi family hospitality, retail, and industrial and generally located in New York, California, and Florida.

我們非常高興看到這項業務的起飛，並期待我們的全國房地產貸款計劃繼續增長。本季我們的營業額為 2.46 億美元。其中包括 28 筆貸款，平均餘額為 820 萬美元，抵押品類型包括多戶型酒店、零售和工業，通常位於紐約、加利福尼亞和佛羅裡達。

At origination. The weighted average LTV for these loans was just over 50% and average rates were approximately 8.5%. A particular note is the net growth of the originated portfolio as we discussed in the past. It's a bit of a treadmill given our higher rates and shorter loan terms and we've grown the originated portfolio by over 10% in the past year due to both an increase in loan volume as well as a proactive effort by our asset managers to retain maturing loans.

在起源時。這些貸款的加權平均 LTV 略高於 50%，平均利率約為 8.5%。特別值得注意的是我們過去討論過的發起投資組合的淨增長。鑑於我們的利率較高且貸款期限較短，這有點像一項艱苦的工作。由於貸款量的增加以及我們的資產管理人員積極努力保留到期貸款，我們去年的原始投資組合增加了 10％ 以上。

Looking forward, we're continuing to see a lot of confidence in the markets from both real estate investors and lenders and our loan pipeline is showing no indication of stall back to you, Rick.

展望未來，我們繼續看到房地產投資者和貸款人對市場充滿信心，而且我們的貸款管道沒有顯示出任何停滯的跡象，里克。

Pat. Thank you, Richard. Thank you. And now we would be happy to entertain any questions that any of you might have.

拍。謝謝你，理查。謝謝。現在我們很樂意解答大家提出的任何問題。

(Operator Instructions)

（操作員指令）

Thank you. We will now begin the question and answer session.

謝謝。我們現在開始問答環節。

Mark Fitzgibbon of Piper Sandler is online with a question. Your line is open.

Piper Sandler 的 Mark Fitzgibbon 在線提問。您的線路已開通。

Hey guys, good morning.

大家早安。

Good morning.

早安.

Couple questions maybe starting with you Richard. It looks like you're letting cash balances build a bit and I can only assume that that's the fund, loan purchases and maybe the first half of the year. How do you think that will impact the net interest margin, and, and say the early part of 2025? And what other factors should we be thinking about as we model the margin?

也許有幾個問題要從你開始，理查德。看起來你讓現金餘額增加了一點，我只能假設那是基金、貸款購買，也許是上半年。您認為這將對淨利差以及 2025 年初產生什麼影響？在建立利潤模型時我們還應該考慮哪些因素？

So I can answer a part of that mark. Thanks for the question. As far as cash balances are concerned, we watch that very closely because we clearly don't want to sit with excess cash. But it's important that we sit with sufficient cash on the balance sheet to make sure that we are, we are liquid. So, it's not so much that we're trying to accumulate excess cash, but to manage it to an appropriate level in terms of the net interest margin.

所以我可以回答該分數的一部分。謝謝你的提問。就現金餘額而言，我們會密切關注，因為我們顯然不想持有過多的現金。但重要的是，我們必須在資產負債表上留有足夠的現金，以確保我們有足夠的流動性。因此，我們並不是試圖累積過多的現金，而是試圖將淨利差管理到適當的水平。

The cash balance should not act as much of a drain on that because that of course, is primarily driven by a how the liabilities repriced and the composition of those liabilities as well as whether we, whether we fund longer term or shorter, shorter term and how much of that is variable versus fixed.

現金餘額不應對其造成太大的消耗，因為這當然主要取決於負債如何重新定價、這些負債的組成，以及我們是否為長期或短期提供資金，以及其中有多少是可變的，有多少是固定的。

On the on the income side of that, from the asset perspective, there clearly is a difference in the mix of the portfolio as we, for example, purchase lumpy books or put on originated loans and they've got different interest rates profiles.

就收入方面而言，從資產角度來看，投資組合的組合顯然存在差異，例如，我們購買大宗證券或發放貸款，它們具有不同的利率狀況。

So, I think the summary of what I'm answering for you is we don't think there's a direct link between cash and the likely path of net interest margin. It will be driven by other factors which are of course, the composition of assets and liabilities, cash then being held at appropriate levels.

因此，我認為我要回答您的問題總結如下：我們認為現金和淨利差的可能走勢之間沒有直接聯繫。它將受到其他因素的影響，這些因素當然包括資產和負債的組成，以及持有適當水準的現金。

Let me just add one thing to that. You know, normally we run around 8% is our target for cash and short-term investments. And it's not always at 8% sometimes and it's typically at the quarter end where we have transactions that we are going to believe they're going to close at the end of the quarter and sometimes they roll over into the next quarter.

我僅補充一點。你知道，通常我們的現金和短期投資目標是 8% 左右。有時它並不總是 8%，通常是在季度末，我們相信交易將在該季度末結束，有時它們會結轉到下一個季度。

So, I would say that the answer is we normally at 8% the extent we were a little bit higher than that, it most likely had to do with transactions anticipated to close. That did not, but we generally run right around 8% of which we've done for a very long time. So that would be consistent, and you know how the nim is determined that weighting of the 8%.

因此，我想說答案是，我們通常為 8%，如果稍微高一點，這很可能與預計完成的交易有關。事實上並沒有，但是我們通常會運行 8% 左右，我們已經這樣做了很長時間。所以這將是一致的，而且你知道 nim 是如何確定 8% 的權重的。

Okay. And then secondly, you obviously had a very strong volume in the SBA business. And I know that might bump around a little bit from quarter to quarter, but I was curious how you're thinking about, volumes going forward, how much, you're willing to, grow that business, how much volume you're willing to, sort of take on.

好的。其次，你們的 SBA 業務量顯然非常強勁。我知道每個季度的業務量可能會有點波動，但我很好奇您是如何考慮未來的業務量的，您願意將業務增長多少，您願意承擔多少業務量。

Well, subject to the forward-looking statement, which I won't bore you by reading again. We're very optimistic about that business. You know, if you, there's a slide in here that shows the volume. I going back, I think we have five quarters on there, we were $100 million this quarter. I don't have it over quarter $82 million last quarter and then it was much lower in the preceding quarters.

好吧，以前瞻性聲明為準，我不會再讀一遍讓你感到厭煩。我們對這項業務非常樂觀。你知道，這裡有一個幻燈片可以顯示音量。回想起來，我想我們已經有五個季度了，本季我們的營收是 1 億美元。上個季度的金額沒有超過 8,200 萬美元，而且前幾季的金額要低得多。

The pipeline or as we kind of refer to as the top of the funnel for what we're looking at with [Nity] is very large. Pat, mentioned that their technology is continues to improve. And so, we think there's lots of opportunity there as to how much we want to hold. I would point out that from a cap u use of capital perspective, It's really self sustaining because we generate more gain when we sell off loans and we are required to have on the 18% or 20% that we retain, I say 18% or 20% because some loans have an 85% guarantee if they're under [100 and 50,000] and then over that 75%.

我們透過 [Nity] 所研究的管道或漏斗頂部非常大。帕特提到，他們的技術正在不斷改進。因此，我們認為，至於我們想持有多少，那裡有很多機會。我想指出的是，從資本使用上限的角度來看，它實際上是自我維持的，因為當我們出售貸款時，我們會獲得更多的收益，並且我們需要保留 18％或 20％，我說 18％或 20％是因為有些貸款在 [100 到 50,000] 以下有 85％的擔保就有超過 ％75%的擔保。

So, it's about 18% that we're holding on. And we're holding on to those loans with a good deal. They're generally at prime 275 which is good, and we reserve roughly 3% of on the unguaranteed portion that we hold. And, you know, there's lots of data from the SBA on these kinds of loans as to what you might expect for losses in the future.

因此，我們保留了大約 18％ 的份額。而我們以優惠條件保留了這些貸款。它們的利率一般為 275，這很好，而且我們保留了所持有的未擔保部分的大約 3%。而且您知道，美國小型企業管理局 (SBA) 提供了大量有關此類貸款的數據，可以幫助您預測未來的損失。

We're actually running better than that because our credit box is tighter than what the SBA would permit under their credit scoring requirements for smaller balance loans long with the way of saying we would, we expect the business is going to grow. We're happy to hold more of the unguaranteed portion our balance sheet and we think this will continue to be a meaningful revenue stream for us.

我們的實際經營情況比這更好，因為我們的信用限制比 SBA 對小額貸款的信用評分要求所允許的要嚴格，而且我們預計業務將會成長。我們很高興將更多的無擔保部分保留在我們的資產負債表中，我們認為這將繼續成為我們有意義的收入來源。

Okay, great. And then I guess I was curious what caused the large uptick in FDIC cost this quarter? What drove that.

好的，太好了。然後我很好奇是什麼原因導致了本季度 FDIC 成本大幅上漲？是什麼導致了這一點？

Primarily balance sheet size balance sheet growth?

主要是資產負債表規模，資產負債表成長？

Okay. Super. And then Richard will you be able to share with us the average price on the 280,000 shares that you issued this quarter?

好的。極好的。那麼理查德，您能與我們分享本季發行的 280,000 股股票的平均價格嗎？

Yeah. I'm just we're just having a look. Give us a second.

是的。我只是想看看。請稍等片刻。

We have handlers with us that are providing us the information there.

我們有經紀人在那裡向我們提供資訊。

9,836 is the average price 9,836.

9836是平均價格9836。

Okay, super. It's on the highlight page mark with on the deck.

好的，非常好。它位於甲板上的突出顯示頁面標記上。

Got it. And then last question is can you help us think about the outlook for expenses? I know to some degree, it depends upon how successful you are with loan purchases and, tools, etc... But any any help there would be much appreciated.

知道了。最後一個問題是，您能幫助我們考慮一下費用的前景嗎？我知道在某種程度上，這取決於您在貸款購買、工具等方面的成功程度...但如果有任何幫助我都會非常感激。

You know, this quarter. It was what page is that on? That was about $19 million for the quarter. Which it compared to let me get the exact number so I can thank you. I have it now. So, from memory not bad, it was $19.1 million this quarter and the two preceding quarters were the last one, $17.7million & $17.1million. And then prior to that they were in the $16million, the there has to be a range on this because, part of this reflects this extra as, (comp) and hiring more people. But, I think, somewhere between $18million and $19 million would probably be, a good range based on what we know now.

您知道，這個季度。那是在哪一頁？本季的營收約為 1900 萬美元。透過比較，我可以得到準確的數字，以便我可以感謝你。我現在有它了。因此，從記憶來看還不錯，本季為 1,910 萬美元，前兩季是最後一個季度，分別為 1,770 萬美元和 1,710 萬美元。在此之前，他們的薪酬為 1600 萬美元，這個數字肯定有一個範圍，因為部分原因反映了額外的收入（補償）和僱用更多的人。但我認為，根據我們目前掌握的信息，1800 萬美元到 1900 萬美元之間可能是一個不錯的範圍。

Super. Thank you. Great quarter.

極好的。謝謝。非常棒的一個季度。

Thank you very much. Thank you, Mark.

非常感謝。謝謝你，馬克。

(Operator Instructions)

（操作員指令）

Thank you, Damon DelMonte from KBW is online with a question. Your line is open.

謝謝，KBW 的 Damon DelMonte 在線提問。您的線路已開通。

Hey, good morning, everyone. I hope you're all doing well today. Just to follow up on the expense. Great, just to follow up on the Expense commentary. So, the higher FDIC cost I think Richard noted were due was basically due to like the larger balance sheet. So, should we kind of expect that kind of run rate going forward just given the growth this quarter and then continued growth or do you feel like this is kind of an aberration this quarter?

嘿，大家早安。我希望你們今天一切都好。只是為了跟進費用。太好了，只是為了跟進費用評論。所以，我認為理查德指出的更高的 FDIC 成本基本上是由於資產負債表規模更大造成的。那麼，考慮到本季的成長以及持續的成長，我們是否應該預期未來的運行率會是這樣的，還是您覺得這是本季的一種異常現象？

No, I, so I think it's roughly in the right side. It may come down a slight amount but.

不，所以我認為它大致在右側。它可能會下降一點，但是。

Okay, great. And then, could you just maybe talk a little bit about your, your thoughts on the opportunities for, the larger loan purchases with, the market disruption that we've seen and we've talked about in the past kind of, do you feel that that you're kind of in the negotiating stages for some increased activity here in the upcoming quarter or do you think it kind of drags out for a little bit longer into the latter part of this calendar year?

好的，太好了。然後，您能否談談您對更大規模貸款購買機會的看法，以及我們已經看到的和過去討論過的市場混亂，您是否覺得您正處於談判階段，以便在下個季度增加一些活動，或者您認為這種情況會持續到今年下半年？

It's hard to say, Rick and I have been in and others here at the bank have been in this business a very long time. And all I could say is that they're the number of pools that are available that have been, that are out there. Is a lot, is there seems to be a lot of M&A activity as a lot of the larger institutions are looking to, balance reposition their balance sheet.

很難說，里克和我以及銀行裡的其他人都從事這個行業很長一段時間了。我只能說，這些是已經存在的可用池的數量。似乎有很多併購活動，因為許多大型機構都在尋求平衡其資產負債表。

For whatever reason, last quarter, there was a lot, we looked at a lot and there's just a bunch of them that just, they decided not to sell it at that particular time, whether it was due to pricing or their own logistics. But we're, we're all I can say is we're looking at a lot, we're very optimistic. Given the volume that's out there, but it's hard to say whether or not what the competition or pricing will be. When it comes to the day we make a bid.

無論出於什麼原因，上個季度，有很多，我們查看了很多，有很多都決定在那個特定時間不出售，無論是由於定價還是他們自己的物流原因。但我只能說，我們正在關注很多事情，我們非常樂觀。考慮到目前的數量，很難說競爭或定價會是怎麼樣。到了我們出價的那一天。

I just want to amplify a little bit on Pat's comments. One is and Damon I'm sure and others mark others. You must see this you know, there's a lot of talk of M&A activity out there, M&A activity, is you know, typically generates opportunities to purchase loans.

我只是想稍微闡述一下帕特的評論。一個是 Damon，我確定，其他人是其他人。您必須看到這一點，您知道，現在有很多關於併購活動的討論，併購活動通常會產生購買貸款的機會。

Secondly, and Pat mentioned that and secondly, there's been a lot of equity being raised for banks, which is kind of a new phenomenon with the increased interest by investors and in bank stocks and banks, some of the banks that are doing that are using it as an opportunity.

其次，帕特提到了這一點，其次，銀行的股權融資量很大，這是一種新現象，隨著投資者對銀行股票和銀行的興趣日益增加，一些這樣做的銀行正在利用它作為一個機會。

You know, to reposition their balance sheet, including selling commercial real estate in some loans in some cases. And so we're seeing that, but I think we have to answer your question with some humility because you know, it, we expect there's going to be a lot of volume, that's our expectation.

你知道，重新定位他們的資產負債表，包括在某些情況下出售一些商業房地產和一些貸款。所以我們看到了這一點，但我認為我們必須謙虛地回答你的問題，因為你知道，我們預計會有大量的數量，這是我們的期望。

I also expect that when right after COVID, there would be a great opportunity to buy loans as well and there wasn't and the, and the commercial real estate loan market held up pretty well. The I think one of the things that is really important to understand about our opportunities is that, when there are opportunities to buy, put a lot of volume on our balance sheet in single transactions as you can do with the purchase loan business reminding you that we bought a billion in December, 22 and roughly $800 million in September of late September, 24. It's a cyclical business.

我還預計，在 COVID 結束後，也會有一個購買貸款的好機會，但事實並非如此，商業房地產貸款市場表現相當不錯。我認為，了解我們的機會真正重要的事情之一是，當有購買機會時，在單筆交易中將大量交易量放在我們的資產負債表上，就像你可以對購買貸款業務所做的那樣，提醒你我們在 12 月 22 日購買了 10 億美元，並在 9 月下旬 24 日購買了大約 8 億美元。這是一個週期性的業務。

It usually doesn't last forever and such great volume. But we're also building a large a commercial real estate loan origination business with good rates, low LTVS and good effect quality. So, it's really important to understand our business is not slowly loan purchasing. And in fact, if we went back, I don't know, a couple of years before December, 22 our loan activity was more like 75% originations in '25 purchases. So, you know, we're going to take advantage of the opportunities wherever we find them.

它通常不會永遠持續下去，而且數量也很大。但我們也在建立一個大型商業房地產貸款發放業務，該業務利率優惠、貸款價值比低、效果品質好。因此，真正重要的是要明白我們的業務並不是緩慢的貸款購買。事實上，如果我們回顧一下，我不知道，在 22 年 12 月之前的幾年，我們的貸款活動更像是 25 年購買中的 75% 的發放。所以，你知道，無論在哪裡發現機會，我們都會抓住它們。

Got it great, appreciate that color. And then just lastly, you know, given the national scope of the loan portfolios, do you guys have any exposure to California in light of the massive amount of wildfires that are out there?

太棒了，很欣賞那個顏色。最後，考慮到貸款組合的全國範圍，鑑於加州發生的大量山火，你們是否有涉及加州？

This is such a great question and we have such a great answer. Pat.

這是一個非常好的問題，我們也有一個非常好的答案。拍。

We have around a billion dollars of real estate in and around that, that area. And we looked at every single loan we had and not a single, one of them damaged. And all of them with insurance had they been damaged. And that's because if you look at where the fires were and, and, and mostly residential areas and also mostly on the sides of hills and canyons where, where the brittle vegetation caught fire so quickly.

我們在該地區及其周邊地區擁有價值約 10 億美元的房地產。我們審查了每一筆貸款，沒有一筆貸款受損。如果物品受損，我們都會投保。這是因為，如果你看看火災發生的地方，你會發現，大部分都是住宅區，也大部分都是山坡上和峽谷上，那些地方的脆弱植被很容易著火。

And a lot of the real estate we have is in the more urban areas of Los Angeles. So fortunately, we fared very well in this tragedy. But it's also you know, along with flooding in Florida and other places is, on our list of concerns as we look at new opportunities.

我們的許多房地產都位於洛杉磯的城市地區。所以幸運的是，我們在這場悲劇中表現得很好。但您知道，當我們尋找新機會時，它也與佛羅裡達州和其他地方的洪水一起列在我們關注的事項之列。

So one thing on the fire question, Damon, so we're not unique. That's why all banks do this. Of course, when we make loans or buy loans, our borrowers are required to have insurance for that casualty and we track all of that and in the event that something slipped through the cracks, we have a mortgage impairment policy that gives the bank insurance protection for any of our borrowers that don't have fire insurance.

關於火災問題，達蒙，有一件事，所以我們並不獨特。這就是所有銀行都這樣做的原因。當然，當我們發放貸款或購買貸款時，我們的借款人必須為意外事件購買保險，我們會對所有這些進行跟踪，如果出現任何疏漏，我們會制定抵押貸款減值保險政策，為任何沒有火災保險的借款人提供銀行保險保護。

For example. So, it's a horrible tragedy, of course, but as Pat said, we haven't had those pro we were fortunate. Very fortunate, but if something happened, we have insurance covering all of that.

例如。所以，這當然是一場可怕的悲劇，但正如帕特所說，我們沒有遇到這樣的事情，我們很幸運。非常幸運，但如果發生什麼事情，我們有保險可以涵蓋所有事情。

Got it. Okay. Well, good, good to hear that. Okay, that's I think that's all that I have for now. So, thank you very much for taking my question.

知道了。好的。嗯，很高興聽到這個。好的，我想這就是我現在所擁有的全部。非常感謝您回答我的問題。

Thank you, Damon.

謝謝你，達蒙。

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

謝謝。目前我們沒有其他問題。現在我將把電話轉給里克·韋恩，請他作結束語。

Thank you for that. Thank you. For those of you. Who have listened and those of you who will listen when they go to our website to review this, and appreciate your good questions. Mark and Damon, and we always say this, we like to present as much and as helpful information as we can in our investor deck.

謝謝你。謝謝。對你們來說。那些已經聽過的人和那些將要聽的人，當他們訪問我們的網站來查看這篇文章時，會感謝你們提出的好問題。馬克和達蒙，我們總是這麼說，我們希望在投資者簡報中提供盡可能多的有用資訊。

We've gotten complimented on it frequently for the all the transparency we provide. You know, if there's something that you think would be helpful to you and other investors, let us know and you know, if we agree and we can include that we will. And on that note, I wish all of you a good weekend. Thank you.

我們提供的透明度經常受到稱讚。你知道，如果你認為某些事情對你和其他投資者有幫助，請告訴我們，如果我們同意並且可以將其納入，我們就會這麼做。最後，我祝大家週末愉快。謝謝。

Thank you, ladies, and gentlemen, this concludes today's conference. Thank you for participating and you may now disconnect.

謝謝各位女士、先生們，今天的會議到此結束。感謝您的參與，您現在可以斷開連接。