Northeast Bank (NBN) 2025 Q3 法說會逐字稿

Welcome to the Northeast Bank. Third quarter fiscal year 2025 earnings call. My name is Victor and I'll be your operator for today's call. 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 Pat Dignan, executive Vice President and Chief Operating Officer.

歡迎來到東北銀行。2025 財年第三季財報電話會議。我叫維克多，今天我將擔任您的電話接線生。今天，銀行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·迪格南 (Pat Dignan) 正在與我們通話。

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 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 at this time. (Operator Instructions)

在電話會議召開之前，一份投資者簡報已上傳至銀行網站，我們將在今天上午的電話會議中參考該簡報。您可在 northeastbank.com 投資者關係部分的活動和簡報下存取該簡報。您可能會發現下載此投資者簡報並在通話過程中跟進會很有幫助。此外，此通話將在網站上重播，以供將來使用。（操作員指示）

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 risk and uncertainties. Actual results may differ materially from those discussed in the 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層的當前預期，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。

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.

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，您可以開始。

Thank you and good morning to all of you. I first want to make an observation about the quarter, which is we think it was a very strong quarter. We did $400 and I'll do a little bit of rounding for this $414 million of loan volume, of which $74.6 million was purchased. $218 million were originated loans, which was the second best quarter for commercial real estate loan originations that we have had.

謝謝大家，大家早安。我首先想對本季做一個觀察，我們認為這是一個非常強勁的季度。我們做了 400 美元，我將對這 4.14 億美元的貸款額稍微進行一下四捨五入，其中 7460 萬美元是購買的。發放貸款 2.18 億美元，這是我們商業房地產貸款發放量第二好的一個季度。

The highest being the preceding quarter, and the SBA volume was $121.3 million, which is up from about $100 million in the late quarter. I point out that our net income of $18.7 million. Is $4.8 million higher than the quarter a year ago. And $3.7 million lower than the late quarter which is December 31, '24.

最高的是上一季度，SBA 交易量為 1.213 億美元，高於本季末的約 1 億美元。我指出我們的淨收入為 1870 萬美元。比去年同期高出 480 萬美元。比 2024 年 12 月 31 日的末季低 370 萬美元。

I'll refer to it as the late quarter sometimes we had ROE of 16.47%. ROA of 1.86% and our tangible book value grew to a shade under $55 at 5,484 seems kind of funny that I would say that this was a really good quarter given that we were $3.7 million less of income. Compared to the link quarter, and I want to just point out some things that caused that to happen, which, some of which, a lot of which are just.

我稱之為末期，有時我們的 ROE 為 16.47%。ROA 為 1.86%，而我們的有形帳面價值增長至略低於 55 美元，達到 5,484 美元，這似乎有點好笑，但考慮到我們的收入減少了 370 萬美元，我還是會說這是一個非常好的季度。與連結季度相比，我只想指出導致這種情況發生的一些事情，其中​​一些，很多都是公正的。

Related to the quarter for reasons that you will hear as I go through this first one. His net interest income is down $2.5 million from the link quarter. Now these are pre-tax numbers I'm talking about now, and there are really two reasons for it. One, we had less accelerated income from loan payoffs on a purchase loan book. That's lumpy.

與本季相關，原因如下，當我講到第一個問題時，您就會聽到。他的淨利息收入較上一季下降了 250 萬美元。我現在談論的是稅前數字，這實際上有兩個原因。一是，我們從購買貸款帳簿上的貸款償還中獲得的加速收入較少。太粗糙了。

That number could be. In any couple of quarters go up and go, well it's never close but they go up or go up more or maybe not as much, but, whatever it doesn't get accelerated is income that we'll recognize as we hold the loans, and this is one you may not have thought of, but in the quarter that just ended it was 90 days in the quarter as compared to 92 days in the prior quarter and that's a difference of about $800,000.

這個數字可能是。在任何幾個季度中，利率都會不斷上漲，雖然幅度永遠不會接近，但利率會上漲，或者上漲更多，或者可能沒有那麼多，但是，無論它是否加速，我們都會因為持有貸款而確認收入，這一點你可能沒有想到，但在剛剛結束的這個季度，本季度的利率為 90 天，而上一季度為 92 天

So I pointed out that net interest income was about $2.5 million and we've identified $2.3 million of it, a non-interest income was $6.6 million in the current quarter, or $700,000 higher than the late quarter primarily due to SBA gains. The SBA business has been, the volume is increasing.

因此我指出，淨利息收入約為 250 萬美元，其中我們已確定為 230 萬美元，本季的非利息收入為 660 萬美元，比上一季高出 70 萬美元，這主要歸功於 SBA 收益。SBA 業務一直在成長，業務量也在增加。

I'll talk about it, a little bit more in a few minutes, and on the non-interest expense side for the third quarter, unlike the first and the second, we booked a million three of incentive comp cash incentive comp. Which we threw up in, at this time so that was something in the third quarter that was not in the link quarter offset by to deposited by a few other items.

我將在幾分鐘內詳細討論這一點，在第三季的非利息支出方面，與第一季和第二季不同，我們預定了一百萬美元的激勵性現金激勵補償。我們當時就把它拋在了一邊，所以這是第三季度中沒有的東西，它被其他一些項目所抵消了。

I also want to take a look at the tax expense of which we had some charges this quarter that were not recurring our tax rate went, to 36.7% compared to 33% in the prior quarter and probably year-to-date through December 31, there were a few items in there that are not recurring items. We booked $400,000 of expense due to the change in the Massachusetts tax law.

我也想看稅費，本季我們有一些非經常性費用，我們的稅率上升到了 36.7%，而上一季為 33%，而且截至 12 月 31 日的年初至今，其中有一些項目不是經常性項目。由於馬薩諸塞州稅法的變化，我們預留了 40 萬美元的費用。

We discussed this in previous calls. But yeah, once that's fully enacted, the mass tax law, it goes in effect July 1. The our mass tax liability is going to go down, but in the meantime, this number gets adjusted. The other is, we are in, we filed tax returns in 35 states.

我們在之前的通話中討論過這個問題。但是，一旦全面頒布，大規模稅法將於 7 月 1 日生效。我們的整體稅負將會下降，但同時，這個數字也會進行調整。另一個是，我們在 35 個州提交了報稅表。

And we chewed up the state tax liability later in the year in this quarter for it cost another $300,000 and finally there was because the incentive comp included some 162 and other items there's another $250,000 for that. That's a lot of numbers that I put out so let me just put a a headline on that.

我們在本季度晚些時候承擔了州稅責任，因為這又花費了 30 萬美元，最後由於激勵補償包括了 162 項和其他項目，因此又需要 25 萬美元。我給了很多數字，所以我只給它們一個標題。

The income was down compared to the late quarter, but there's three or four reasons, that none of which go to the quality of our core business. There's, items that to a large extent, just occurred in the third quarter for the reasons that I described. I do want to make a comment on our SBA business. You may recall those of you that have been have heard these calls for a while that when we started we said we're going to build this.

與上一季末相比，收入有所下降，但有三、四個原因，但都與我們的核心業務品質無關。由於我所描述的原因，這些事情在很大程度上只是在第三季發生的。我確實想對我們的 SBA 業務發表評論。你們可能還記得，你們中那些已經聽過這些呼聲的人，當我們開始時，我們說我們要建造這個。

With nuity we don't know whether there'll be customers that will be interested in this and so we're not setting expectations at all was our intention and then it started to increase significantly if we take a look at slide 14 in the deck. So I'm getting right now.

對於 nuity，我們不知道是否會有客戶對此感興趣，因此我們根本沒有設定期望，這是我們的意圖，然後如果我們看一下幻燈片中的第 14 張，它就開始顯著增加。所以我現在就明白了。

Slide 14, this is a slide that shows the growth in various components of our SBA business going back one year. A year ago Q3 '24, we originated for the quarter 330 loans and the quarter that just ended, we originated 1,069 loans. We are one of the highest, if not the highest.

投影片 14，這張投影片展示了我們 SBA 業務各個組成部分在過去一年中的成長。去年第三季度，我們發放了 330 筆貸款，而剛結束的這個季度，我們發放了 1,069 筆貸款。我們即使不是最高的，也是最高的之一。

SBA lenders by units. I'm not saying by dollars, but 1069 I believe makes us number one. If it's not number one, I don't want to overstate here it's still in the top few, and our volume at $121 million is also, one of the leaders, not the number one, but I want to say within the top 10 or so.

SBA 貸款機構按單位劃分。我不是以美元來表示，但我相信 1069 使我們成為第一名。如果它不是第一，我不想在這裡誇大其詞，它仍然是前幾名，我們的交易額為 1.21 億美元，也是領先者之一，雖然不是第一，但我想說在前 10 名左右。

And the volume in dollars went from $29 million to $121 million and the loans that we sold, you can see went from in dollars, $18.9 million to $73.6 million. So we have seen very substantial growth in that activity in terms of our provision. We, a significant part of the $2.9 million was attributable to the SBA where we increased the allowance.

美元交易量從 2,900 萬美元增加到了 1.21 億美元，而我們出售的貸款金額從 1,890 萬美元增加到了 7,360 萬美元。因此，就我們的供給而言，我們已經看到該項活動的大幅成長。我們，290 萬美元中的很大一部分歸功於 SBA，我們增加了津貼。

By 40 basis points compared to the link quarter was previously about 320, yeah. 3.2% now it's about 3.6%, so we provided some more cushion in there. And for those reasons, we think even though the dollars are less in terms of earnings, it was a very strong, quarter that we will continue to build on and with that, Pat has some great things to say about our loan book.

與上一季相比，這一數字增加了 40 個基點，之前的環比數字約為 320，是的。 3.2% 現在約為 3.6%，因此我們提供了更多的緩衝。基於這些原因，我們認為，儘管收益方面金額較少，但這是一個非常強勁的季度，我們將繼續在此基礎上繼續發展，帕特對我們的貸款賬簿有一些很好的評價。

Thanks Wayne. So it's a very good quarter for lending. With solid purchase and origination volume and another record for our SBA vertical. Whereas Rick pointed out, we closed just over $121 million of loans, up from $100 million in the late quarter. The SBA has recently revised their regulations returning to those in place prior to 2023.

謝謝韋恩。因此，這對於貸款來說是一個非常好的季度。憑藉穩定的購買量和發起量，我們 SBA 垂直領域又創下了新紀錄。而瑞克指出，我們完成的貸款金額剛超過 1.21 億美元，高於本季末的 1 億美元。SBA 最近修改了其法規，恢復到 2023 年之前的法規。

These changes include a cap for small balance loans of 350 rather than 500,000 increasing minimum minimum credit scores and adding new requirements for collateral and loan documentation. We do most of these changes as positive from a credit perspective to recognize that they will require some adjustment on our annuities, technology, and processes.

這些變化包括將小額貸款的上限設定為 350,000（而不是 500,000），提高最低信用評分，並增加對抵押品和貸款文件的新要求。從信用角度來看，我們認為這些變化大多是正面的，因為我們認識到它們需要對我們的年金、技術和流程進行一些調整。

This could mean a bit of time for us to adjust, but we feel very strongly about the growth looking forward. We remain very positive about this line of business, both in the existing loan program. And with potential new small business loan products. For purchase loans, we bought 52 loans in three transactions with gros balances of $79 million and the purchase price of $75 million or $0.94, excuse me.

這可能意味著我們需要一些時間來調整，但我們對未來的成長充滿信心。我們對現有的貸款計劃中的這條業務線仍然非常樂觀。並有潛力推出新的小型企業貸款產品。對於購買貸款，我們透過三筆交易購買了 52 筆貸款，總餘額為 7900 萬美元，購買價格為 7500 萬美元或 0.94 美元，對不起。

The weighted average LTV on these loans is around 56% at our price, and we're mostly small balance. With a variety of collateral types and located along the east coast. Beyond these purchases, we saw several opportunities that ultimately did not trade, and a few others that did, but at very thin yields and the buyers moving them into securitizations.

以我們的價格計算，這些貸款的加權平均 LTV 約為 56%，而且我們的貸款大多為小額餘額。擁有多種抵押品類型，位於東沿海。除了這些購買之外，我們還看到了一些最終沒有交易的機會，還有一些交易的機會，但收益率很低，買家將它們轉移到證券化中。

We're hopeful that the current pause in the securitization markets, continued M&A activity, and liquidity among some banks will create opportunities for us over the next few months. But as we always say, this is a lumpy business, and you never know. In our origination business, we closed $218 million for the quarter. These included 24 loans with an average balance of $9 million secured with a variety of collateral types.

我們希望，證券化市場目前的停頓、持續的併購活動以及一些銀行的流動性將在未來幾個月為我們創造機會。但正如我們常說的那樣，這是一個不穩定的行業，你永遠不知道會發生什麼。在我們的發起業務中，本季我們完成了 2.18 億美元的交易。其中包括 24 筆貸款，平均餘額為 900 萬美元，以多種抵押品類型擔保。

LTV is just over 50% and an average interest rate of 8.25%. Like last quarter, most of these loans were in our lender finance product, which continues to show strong demand from non-bank lenders. Looking forward, we have a full pipeline. We are seeing some fear and cautious optimism in the real estate markets. Some investors on the sidelines, and others viewing real estate is a good inflation hedge.

LTV 略高於 50%，平均利率為 8.25%。與上一季一樣，這些貸款大部分屬於我們的貸款人融資產品，該產品繼續顯示非銀行貸款人的強勁需求。展望未來，我們擁有完整的管道。我們看到房地產市場存在一些擔憂和謹慎樂觀的情緒。有些投資者持觀望態度，而有些人則認為房地產是很好的通膨對沖工具。

We don't have any more insight than others about where the real estate or lending markets will be over the next few months or how they will impact specific markets or collateral types, but we're patient investors and confident in our ability to source good loans, assess risk, and stick to real estate with low LTVs.

我們對未來幾個月房地產或貸款市場走向，或它們將如何影響特定市場或抵押品類型的了解並不比其他人多，但我們是耐心的投資者，並且有信心我們有能力獲得優質貸款、評估風險，並堅持投資低 LTV 的房地產。

Also, while we don't celebrate the current market uncertainty, we're aware that opportunities often present themselves in such times and we're prepared to take advantage of them in the event they do right

此外，雖然我們不慶祝當前的市場不確定性，但我們知道機會往往在這樣的時期出現，並且我們準備在它們順利進行時抓住它們。

Thank you. That was great. Now we'd like to take any questions that you, might have.

謝謝。那很棒。現在我們想回答您可能提出的任何問題。

Thank you. We'll now begin the question-and-answer session. (Operator Instructions). Our first question comes line of Damon DelMonte from KBW. Your line is open. Damon, your line is open.

謝謝。我們現在開始問答環節。（操作員指令）。我們的第一個問題來自 KBW 的 Damon DelMonte。您的線路已開通。達蒙，你的線路暢通了。

Hey, sorry about that guys. I apparently didn't unmute myself. Thank, good morning and and thanks for taking my questions. So first question I had was regards to the the loan yields that we saw this quarter. It looks like, the yield on the SBA portfolio was down. Pretty substantially from last quarter and as well as like on the the national originated and purchase the national originated loans.

嘿，對此我深感抱歉，各位。我顯然沒有取消靜音。謝謝，早安，謝謝您回答我的問題。所以我的第一個問題是關於本季的貸款收益率。看起來，SBA 投資組合的收益率下降了。與上一季相比有相當大的成長，並且與國家發放的貸款和購買國家發放的貸款一樣。

Just wondering if you could talk a little bit about what you're seeing, particularly on the SBA side and and kind of what the outlook might look like for that and kind of how that would figure into your margin going forward.

只是想知道您是否可以談談您所看到的情況，特別是在 SBA 方面，以及其前景如何，以及這將如何影響您未來的利潤。

Well, all of our SBA loans are priced currently at 275. I, I'm planning we're going to start taking a look at, we're allowed to charge higher rates on some of the smaller loans, and that we're going to take a look at doing some risk-based pricing on that so that maybe we can, Damon, which are the numbers exactly that you're talking about so we can be responding to the change the rate that you're describing.

嗯，我們所有的 SBA 貸款價格目前都是 275。我，我計劃我們將開始研究，我們是否可以對一些小額貸款收取更高的利率，我們將研究對此進行一些基於風險的定價，這樣也許我們可以，達蒙，這些數字正是你所說的，這樣我們就可以對你所描述的利率變化做出反應。

I think the yield on the SBA portfolio was like 9.93% this quarter versus 11.6% last quarter.

我認為本季 SBA 投資組合的收益率為 9.93%，而上一季為 11.6%。

The you also in the group was not introduced by the operator is our Director of Accounting Rebecca Rand who will answer that question for you. Thank you.

群組裡還有一位您沒有被接線生介紹，她是我們的會計總監 Rebecca Rand，她將為您解答這個問題。謝謝。

Thanks. Yes, so as Rick mentioned, these loans are tied to prime, and we saw rate cuts in September, November, and December, totaling 100 basis points, and these loans reset quarterly, so. A lot of the impact of the rate cuts was not seen in Q2, from the and we're seeing that more in Q3.

謝謝。是的，正如 Rick 所提到的，這些貸款與優惠利率掛鉤，我們在 9 月、11 月和 12 月看到利率下調，總計 100 個基點，並且這些貸款每季重置一次。從目前的情況來看，降息的許多影響在第二季度並沒有顯現出來，但在第三季度，我們看到了更多的影響。

Got it. Okay, that's helpful, and then as far as like expenses go. Was this quarter kind of a catch up on the on the comp accruals, and would, should we expect a similar level, north of $20 million kind of going forward here, or do you think that it's kind of a one-time catch up and it will kind of go back to what we saw for the first couple quarters of your fiscal year?

知道了。好的，這很有幫助，然後就費用而言。本季是否是對應計利潤的一種彌補？我們是否應該預期未來利潤會達到類似的水平，超過 2,000 萬美元？或者您認為這只是一次性的彌補，之後會回到本財年前幾季的水平？

Well, we had the comp is is a half of a catch up we in in the third because this is all now in the incentive the basic. Comp theory of the of the bank is we don't pay bonuses once the bank does well and you know we need to see how the bank does and to figure out kind of what the bonus will be the comp committee does and so that three was a catch up in the third quarter.

好吧，我們在第三季已經追趕了一半，因為現在這些都是激勵的基礎。銀行的薪酬理論是，當銀行經營良好時，我們不會支付獎金，你知道，我們需要觀察銀行的經營狀況，然後弄清楚薪酬委員會將如何發放獎金，因此，第三季度的獎金數額有所回升。

And we would expect there will which estimates roughly what we think 75% of the incentive. Comp will be and then there'll be another one in the fourth quarter coming up so you know those occur in in as they were in the past I mean they there's catch up in the third and the fourth, our third and fourth fiscal quarter I wouldn't expect, we're not you're probably not going to see that in the forgoing into our next fiscal year.

我們預計會有大約 75% 的激勵。將會有比較，然後在第四季度將會有另一個，所以你知道這些發生的情況和過去一樣，我的意思是他們會在第三和第四季度趕上來，我們的第三和第四財季我不會指望，我們可能不會在下一個財年看到這種情況。

Got it. Okay, and then I guess just lastly on loan growth and kind of the outlook there, it sounds like pipelines remain strong and obviously. Bulk purchases are, kind of a wild card can't really predict those but as far as what your pipelines are showing, you you feel like you have good momentum going into the the the next quarter here and then you know through the summer months as well.

知道了。好的，然後我想最後關於貸款成長和前景，聽起來管道仍然強勁而且明顯。大量採購有點像是無法預測的未知數，但就你們的採購管道所顯示的情況而言，你們感覺進入下個季度以及整個夏季，你們的採購勢頭都很好。

I, on the, first on the purchase side, there are some meaningful transactions out in the world. And so it's I'm you heard the forward-looking statement I'm not predicting anything on you know the large you know transactions, but that's certainly within the realm of possibility and then on the origination side, I would say our pipeline is full.

首先從購買方面來說，世界上有一些有意義的交易。所以，正如您所聽到的前瞻性聲明，我不會對大型交易做出任何預測，但這肯定在可能性範圍內，然後在發起方面，我想說我們的管道已經滿了。

We'll have to see, as Pat mentioned at at this point, where all of the uncertainty in the economy does to the origination volume. We, we'll just have to see. So far we've got a big pipeline, but there are so many unintended consequences.

正如帕特此時提到的那樣，我們必須看看經濟中的所有不確定性對起源有何影響。我們，我們只需要看看。到目前為止，我們已經擁有了一條大型管道，但也存在著許多意想不到的後果。

As a result of these tariff and other changes going on, we'll just have to see, we're only interested, of course this sounds probably hear this from every bank, but they're making, well, good loans. We're not going to, we won't feel under any pressure 0, just to put loans on the balance sheet for the sake of sake of volume.

由於這些關稅和其他變化正在發生，我們只需要看看，我們只感興趣，當然這聽起來可能每個銀行都聽過這種說法，但他們正在提供很好的貸款。我們不會，也不會感受到任何壓力，只是為了增加數量而將貸款列入資產負債表。

Right, and the discount I think you had said you paid $0.94 or 94% of par on on these purchases this quarter which is kind of up a little bit from what we've seen is that just a shift in the market dynamics and kind of what, the level of opportunities are presenting themselves at or is there something unique to this.

是的，我想您說過本季您支付的折扣為 0.94 美元或票面價值的 94%，這比我們所看到的要高一點，這只是市場動態的變化，機會的水平是什麼，或者這有什麼獨特之處。

The discount, you can't always compare. It's not apples to apples because the discount, which you know very often is now interest rate related. If you have a higher coupon, then you're going to have a lower discount and vice versa. So I wouldn't read anything into that at all.

折扣，你無法總是進行比較。這不是蘋果對蘋果的比較，因為折扣現在通常與利率有關。如果您的優惠券金額較高，那麼您將獲得較低的折扣，反之亦然。所以我根本不會去解讀這一點。

Got it okay great well thank you very much for taking my questions.

明白了，好的，非常好，非常感謝您回答我的問題。

Thank you, Damon.

謝謝你，達蒙。

Thank you (Operator Instructions). Next question will come from line of Mark Fitzgibbon from Piper Sandler. Your line is open.

謝謝（操作員指令）。下一個問題來自 Piper Sandler 的 Mark Fitzgibbon。您的線路已開通。

Hey guys, good morning, happy Wednesday.

大家好，早安，星期三快樂。

Thank you, Mark.

謝謝你，馬克。

Thank you. Just real quick clarification, I think I may have missed this just to be clear, the 43 basis points drop in loan yields on a sequential quarter basis was primarily due to less accretion income which you think will sort of flow back in maybe normalize a bit in the next quarter. Is that fair?

謝謝。只是快速澄清一下，我想我可能錯過了這一點，只是為了清楚起見，貸款收益率連續一個季度下降 43 個基點，主要是由於累積收入減少，您認為這種收入會在下個季度回流，可能會稍微正常化。這樣公平嗎？

Well, I'm going to be I want to be Explicit about it Rebecca, can you help me with this on the, the differences?

好吧，我要明確地說明這一點，麗貝卡，你能幫我解釋一下這些差異嗎？

Yeah. So, yeah, we had about $1.5 million lower of accelerated income compared to the linked quarter and as Rick mentioned that. Is lumpy and difficult to predict based on payoff, so that's that's the primary driver and then the other was the two fewer days in the quarter which was about 800,000 or so of the difference.

是的。是的，與上一季相比，我們的加速收入減少了約 150 萬美元，正如 Rick 所提到的。根據收益情況，它是不穩定且難以預測的，所以這是主要驅動因素，另一個因素是本季度少了兩天，差額約為 80 萬左右。

And we had some lower rates and rates it wasn't the bigger driver the biggest drivers are the ones that Rebecca just mentioned, but there was also some rate reduction also.

我們有一些較低的利率，這不是更大的驅動因素，最大的驅動因素是麗貝卡剛才提到的那些，但也有一些利率降低。

Okay. So when you're thinking about your margin going forward, you think it sort of comes back to what in the next quarter 480-ish, is it, would that be a good guesstimate?

好的。因此，當您考慮未來的利潤率時，您認為它會在下個季度回到 480 左右，這是一個不錯的估計嗎？

I think that's probably a good number within, obviously give or take some, yeah, I would, I would think so.

我認為這可能是一個不錯的數字，顯然會有一些差別，是的，我會這麼認為。

Okay and then next I was curious if you could share with us what you feel like you have in terms of balance sheet capacity for, loan pool purchases.

好的，接下來我很好奇您是否可以與我們分享您認為在資產負債表容量、貸款池購買方面您的實力。

We know that. Is that any investment in the highlight section.

我們知道這一點。這是亮點部分的任何投資嗎？

$870 million.

8.7億美元。

Thank you.

謝謝。

$870 million

8.7億美元

yeah, $870 million. Through March '25.

是的，8.7億美元。截止至 25 年 3 月。

Okay.

好的。

I pointed out that I was just going to say, Mark. This, of course, but for some of the other listeners, but you know that number gets bigger as we earn more money and it could also get bigger, if we wound up selling stock under the ATM as well. So we feel like we're in pretty good shape for opportunities.

我指出我只是想說，馬克。當然，但對於其他一些聽眾來說，您知道，隨著我們賺的錢越來越多，這個數字會越來越大，如果我們最終也在 ATM 下出售股票，這個數字還會越來越大。因此，我們感覺我們擁有相當好的機會。

Okay, great. And Pat, I heard your comments about, the SBA business and now that it's humming on all eight cylinders, I know you'll have maybe a little short-term decline in origination volume because of the changes at the SBA. But longer term, how should we think about volume ramping up in this business?

好的，太好了。帕特，我聽到了你對 SBA 業務的評論，現在它正全速運轉，我知道由於 SBA 的變化，你們的發起量可能會在短期內略有下降。但從長遠來看，我們該如何看待這個業務的成長？

Is it, is this the kind of thing that, volumes could double, a couple quarters out or triple, or can you help us think about sort of the how much of that volume you think you can do?

這是不是那種，交易量可以在幾個季度內翻一番或三倍的事情，或者您能否幫助我們思考一下您認為您可以做多少這樣的交易量？

Well, the market demand is massive. I don't think there's going to be any impact on or much impact on the top of the funnel. It's just with more documentation and more collateral requirements, it's going to take longer to close some of these loans and it's going to be, so there could be some period of time before we ramp back up to where we're currently at, but. And there are other SBA products that we're looking into.

嗯，市場需求龐大。我認為這不會對漏斗頂部產生任何影響或太大影響。只是由於需要更多的文件和更多的抵押品要求，結清部分貸款將需要更長的時間，因此，我們可能還需要一段時間才能恢復到目前的水平，但是。我們正在研究其他 SBA 產品。

So I think long term we're very positive and bullish about this program and you know. And I just, the reason I point that out is we had $82 million in the two quarters ago, then $100 million $120 million, and I just want to point it out that that that would have been a trajectory we would have been comfortable with but this just wanted to point out that because of these rule changes there could be a slight. The lag in that in that in that growth.

所以我認為從長遠來看我們對這個計劃非常積極和樂觀。我指出這一點的原因是，前兩個季度我們的收入為 8200 萬美元，然後是 1 億美元和 1.2 億美元，我只是想指出，這本來是一個我們可以接受的發展軌跡，但我只是想指出，由於這些規則的變化，可能會有輕微的變化。那種成長存在滯後。

Okay, we'd be reluctant to put out a number, Mark because. Other than saying what that is, the market is enormous, and we have with nuity we have some advantages big head start on great technology to process there have been a lot of banks that want to do these small balance loans, a lot of, eyes to dot and he's to cross to do it and if you're not doing it in real volume, it's very hard to make money.

好的，我們不太願意透露這個數字，馬克，因為。除了說那是什麼之外，市場是巨大的，我們與 nuity 合作，我們在偉大的技術上有很大的優勢，有很多銀行想要做這些小額貸款，很多，眼睛要盯著，他要越過去做，如果你沒有在實際數量上做，就很難賺錢。

Doing a $25,000 seven ASA loan, but in volume of course you can. So, I think it's without putting any number on it, it's possible that this could grow very significantly. And I would point out, but if it doesn't, we're now kind of on a run rate making $25 million bucks of fee income from this, which is pretty good from where we started.

辦理 25,000 美元的七筆 ASA 貸款，但從數量上來說當然可以。因此，我認為，即使不給出具體數字，這個數字也可能大幅成長。我想指出的是，即使沒有，我們現在也能從中賺取 2500 萬美元的費用收入，從一開始，這已經相當不錯了。

Yeah, and we continue to refine the technology, so every quarter, some of this growth is not just market demand but our increasing refinement of our processes technology to be more efficient.

是的，我們不斷改進技術，因此每季的成長不僅是市場需求，也是我們對流程技術的持續改進，以提高效率。

Okay, and then my last question is, do you have an internal limit on broker deposits? I think it's 50% now of total deposits. Is there a limit you go to?

好的，我的最後一個問題是，你們對經紀人存款有內部限制嗎？我認為現在佔總存款的50％。你有限制去嗎？

50% of our assets is our limit.

我們的資產的 50% 是我們的限額。

Okay, great, thank you.

好的，太好了，謝謝。

But Mark, before you go, Mark, just one point on that related to that one of the things we've been focusing on is having a lot more on and off balance sheet liquidity so, kind of in very round numbers we very round we have about $400 million in cash and, very liquid agency securities and on top of that we have about how much capacity Richard with the or anyone with the.

但是馬克，在你離開之前，馬克，我只想說一點，我們一直關注的事情之一是擁有更多的表內和表外流動性，所以，大致來說，我們有大約 4 億美元的現金和流動性很強的機構證券，除此之外，我們還有多少容量，理查德或任何人擁有的。

But with the Federal Home Loan Bank, we have available capacity of 800, almost $900 million and with the Federal Reserve around 300. I, this is somewhere about a [billion 6] of, on balance sheet and off-balance sheet liquidity.

但是，有了聯邦住房貸款銀行，我們的可用容量就達到了 800，接近 9 億美元，而聯準會的可用容量約為 300。我認為，這大約是 [10 億 6] 美元的資產負債表內和表外流動性。

So, and maybe just to add to that, Mark, we've spoken on a number of the other calls about the use of brokered CDs. And we've been, as you would know from previous calls, we've been on a path of reducing our FHLB so as to increase the capacity there, and bring in broker CDs because of course, we like the fact that we can termin out, and it gives us predictable financing.

因此，馬克，也許只是為了補充這一點，我們在許多其他電話會議上談到了使用經紀 CD 的問題。正如您從之前的電話會議中了解到的那樣，我們一直在減少 FHLB，以增加那裡的容量，並引入經紀人 CD，因為當然，我們喜歡我們可以終止的事實，它為我們提供了可預測的融資。

So we're quite conscious of not only staying within the limits of the broker fees, which we have a fair amount of still, but we're also trying to balance that as best as we can, very deliberately to keep spare capacity, and to have available capacity to add to our broker fees if and when we need to. So we're fairly comfortable from those from that perspective.

因此，我們非常清楚，不僅要控制經紀費用的限額（我們的經紀費用仍然相當高），而且我們也在盡力保持平衡，非常謹慎地保留備用容量，並在需要時有可用容量來增加我們的經紀費用。因此從這個角度來看，我們對此感到相當滿意。

Great, thank you.

太好了，謝謝。

Thank you. Mark.

謝謝。標記。

Thank you, and I'm not showing any further questions at this time. Now I'll turn the call over to Rick Wayne for any closure marks.

謝謝，目前我沒有其他問題。現在我將把電話轉給 Rick Wayne，以決定是否結束。

Thank you for dialing in. Thank you, Damon and Mark, for some excellent questions, and we look forward to talking to you in July to discuss our quarter and year-end numbers and other things of interest, and with all of that I would say goodbye to you.

謝謝您的撥入。謝謝達蒙和馬克提出的一些非常好的問題，我們期待在 7 月份與你們交談，討論我們的季度和年終數據以及其他感興趣的事情，然後我就和你們說再見了。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect everyone have a great day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接，祝大家有個愉快的一天。