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Operator
Operator
Good day. And thank you for standing by. Welcome to the New Tech One Inc third quarter, 2024 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session to ask a question during the session. You will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised to withdraw your question. Please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Barry Sloane CEO and President. Please go ahead.
再會。感謝您的支持。歡迎參加 New Tech One Inc 2024 年第三季財報電話會議。此時,所有參與者都處於只聽模式。演講者演講結束後,將進行問答環節,在會議期間提出問題。您需要按電話上的星號 11。然後,您將聽到一條自動訊息,建議您舉手撤回問題。請再按星號 11。請注意,今天的會議正在錄製中。現在我想將會議交給今天的第一位發言人,執行長兼總裁巴里·斯隆 (Barry Sloane)。請繼續。
Barry Sloane - Chairman of the Board, President, Chief Executive Officer
Barry Sloane - Chairman of the Board, President, Chief Executive Officer
Thanks very much Gerald and Good morning and welcome to our third quarter, 2024 financial results conference call. Today's call is hosted by myself, Barry Sloan CEO and founder of New Tech One and Scott Price, the Chief Financial Officer of New Tech One and New Tech Bank National Association. Also joining on the call is Nicholas Young President and COO of New Tech Bank.
非常感謝傑拉德,早上好,歡迎參加我們的 2024 年第三季財務業績電話會議。今天的電話會議由我本人、New Tech One 執行長兼創辦人 Barry Sloan 以及 New Tech One 和 New Tech Bank National Association 財務長 Scott Price 主持。參加電話會議的還有新科技銀行總裁兼營運長 Nicholas Young。
Once again, wanted to thank you all for attending. We're very, very pleased and proud of the results for the third quarter. Want to make a couple of quick additional announcements. As many of you have seen, we put out a press release recently that we have hired Ron Lay as the Chief Technology Officer for New Tech Bank N A and New Tech one publicly traded holding company. We've also added the staff that we put out a CC document on this CJ. Burnett CJ previously was CIO and CTO of the publicly traded new tech entities and was also the President and CEO of New Tech Technology Solutions. So we've clearly added, continue to add to our star studded staff of a management team to be able to help us grow, manage risk. We'll talk about that a lot on the call, but particularly with respect to information technology. I wanted to thank the management team for putting up a great performance this year as well as support from the board. Today's presentation will be a little bit unconventional. We're clearly working very hard with analysts in the street to be able to better explain what a differentiated organization like ourselves looks like. We clearly have a differentiated business model and approach to both providing business and financial solutions to independent business owners in ALL 50 states. Something that we've been doing now for well over two decades and that unconventional approach leads to a little bit of unconventional numbers, unconventional analysis. So we're going to focus a lot about things you don't necessarily want to hear and I will try to stay away from repeating the things that are obvious in our press release. Some of the things that are obvious was recorded in one of the notes from our analyst this morning, we reported 45¢ of earnings per share for the quarter. I do want to point out that we actually had a tax charge for deferred tax liability without that, that would have knocked it up to 47. So actually, and Scott will talk about this in the MD&A. Without that, tax charge, we probably would have had 2¢ better. The, the street consensus was about 43¢. Also point out that our return on average assets at the Holdco, we will focus on the bank as well. 2.8% consistent with recent quarters, almost three times the pure median at 2025 guidance, which we gave 2025 midpoint of $2 and 12.5¢. Three consensus is currently 207. So we're extremely appreciative. I also want to point out one other item which is important and this is something that we will spend a lot of time tackling. The provision was higher than expected. New tech book 6.9 million of provision. But we're going to talk about this and specifically spend a lot of time on risk adjusted returns, which is most important. Typically this industry does not really focus on risk adjusted returns. We do. It's been in our DNA for over 20 years. It's really what matters people are in this industry typically invest in very low margin, low charge of assets. So we intend on working hard to continue to get industry participants more comfortable with what our financial numbers actually mean. For those of you following along in the presentation, you can go to our website Newtekone dotcom Investor relations section. We have a powerpoint hung for this presentation. I'd like to suggest to everybody that we fast forward to slide. Number three significant events in Q3, we talked about the earnings be we didn't want to go to core non core. Just leave me at 45¢ per basic diluted. Remind you about a 527,000 tax charge based on the pal talk merger with NTS which is a divestiture which we'll talk about that would have added about 2¢ to that number. We confirmed our guidance 185205 bit point B 95. That's what we think you should focus on. We'd like to think we can gravitate more towards the upper end of that range, but that will remain to be seen. We're in an extremely vul market. We wanted to give ourselves cushion and at the current stock price, we think there's tremendous value based upon these types of numbers. The obvious deposit growth, 12% at the bank loan growth 17% at the bank net interest margin at the bank. 5.29% loan loss reserve coverage 500 basis points. You don't see these types of metrics in this industry. It doesn't exist. We understand the uncomfortability with these metrics. We're going to spend a lot of time going through it. We're making a lot of progress visiting with investors, visiting with analysts and getting us to better understand our model of who keep our, our head down and do that. The internal loan program picked up traction. That's a very important accelerator to us being able to get our EPS in the future higher into the twos. And at one point, many of you remind me frequently that we actually had a $3 number out there and that's based upon our ability to grow faster, which we throttled back after the 2023 banking. I'll call it banking crisis with Silicon Valley Bank, signature bank sygate, etcetera, etcetera. We'll talk about a little bit more in this call and important to note the efficiency ratio 39%.
再次感謝大家的出席。我們對第三季的業績感到非常非常高興和自豪。想要發布一些快速的附加公告。正如你們許多人所看到的,我們最近發布了一份新聞稿,表示我們已聘請 Ron Lay 擔任 New Tech Bank N A 和 New Tech one 上市控股公司的首席技術長。我們還新增了工作人員,我們在這個 CJ 上發布了 CC 文件。 Burnett CJ 先前曾擔任上市新技術實體的資訊長和技術官,也是新技術解決方案公司的總裁兼執行長。因此,我們已經明確地補充說,繼續增加我們的明星雲集的管理團隊人員,以能夠幫助我們成長、管理風險。我們將在電話會議上詳細討論這一點,特別是在資訊科技方面。我要感謝管理團隊今年的出色表現以及董事會的支持。今天的演講有點不尋常。顯然,我們正在與街頭分析師非常努力地合作,以便能夠更好地解釋像我們這樣的差異化組織是什麼樣子。我們顯然擁有差異化的業務模式和方法,為所有 50 個州的獨立企業主提供業務和財務解決方案。我們已經做了二十多年的事情,這種非常規的方法導致了一些非常規的數字和非常規的分析。因此,我們將重點關注您不一定想聽到的事情,並且我將盡量避免重複我們新聞稿中顯而易見的事情。今天早上我們分析師的一份報告中記錄了一些顯而易見的事情,我們報告了本季每股收益 45 美分。我確實想指出,我們實際上對遞延所得稅負債徵收了稅費,如果沒有這個費用,它就會增加到 47。如果沒有這個稅費,我們可能會多花 2 美分。街頭共識約 43 美分。也指出我們控股公司的平均資產報酬率,我們也會關注銀行。 2.8% 與最近幾季一致,幾乎是 2025 年指導的純中位數的三倍,我們給出的 2025 年中點為 2 美元和 12.5 美分。三個共識目前為 207 個。我還想指出另一件重要的事情,這是我們將花費大量時間來解決的事情。該撥備高於預期。新技術帳面撥款690萬。但我們將討論這一點,並特別花大量時間討論風險調整後的回報,這是最重要的。通常,這個行業並不真正關注風險調整後的回報。我們做到了。 20 多年來,它已融入我們的 DNA。這確實是最重要的,這個行業的人通常會投資於利潤率很低、資產費用很低的領域。因此,我們打算努力繼續讓產業參與者更了解我們的財務數據的實際意義。對於那些關注演示的人,您可以訪問我們的網站 Newtekone dotcom 投資者關係部分。我們為這次演講準備了一個幻燈片。我想建議大家快轉幻燈片。第三季的第三個重大事件是,我們討論了收益,因為我們不想談論核心非核心。就讓我每個基本稀釋液 45 美分吧。提醒您,基於 pal talk 與 NTS 合併的 527,000 稅費,這是一項資產剝離,我們將討論該資產剝離,這將使該數字增加約 2 美分。我們確認了我們的指導 185205 位點 B 95。我們認為我們可以更傾向於該範圍的上限,但這仍有待觀察。我們正處於一個極度脆弱的市場。我們希望為自己提供緩衝,以目前的股價,我們認為基於這些類型的數字有巨大的價值。存款成長明顯,銀行貸款成長12%,銀行淨利差成長17%。 5.29% 貸款損失準備金覆蓋率500個基點。您在這個行業中看不到這些類型的指標。它不存在。我們理解這些指標的不舒服之處。我們將花費很多時間來完成它。我們在拜訪投資者、拜訪分析師方面取得了很大進展,並讓我們更了解我們的模式,即誰會低頭做這件事。內部貸款計劃受到關注。這對我們未來將每股收益提高到兩位數來說是一個非常重要的加速器。在某一時刻,你們中的許多人經常提醒我,我們實際上有一個 3 美元的數字,這是基於我們更快成長的能力,但我們在 2023 年銀行業之後限制了這種能力。我稱之為矽谷銀行、簽名銀行 sygate 等銀行業危機。我們將在本次電話會議中討論更多內容,重要的是要注意效率比 39%。
I mean, if I would go to a bank executive or bank holding company executive and I would talk to them about these ratios and tell them 65% to 70% of our income is for non interest bearing, they would salivate, they would trade their seat for my seat. All day long. Our job is to get people comfortable with the model, people comfortable with the risk adjusted returns and that these are going to continue to happen. It happened for 477 quarters. We're going to continue to track. We feel good about this. We're not new to this rodeo. We've been doing this for over 20 years and we feel really good about where we are.
我的意思是,如果我去找銀行高管或銀行控股公司高管,與他們討論這些比率,並告訴他們我們收入的65% 到70% 是無息的,他們會垂涎欲滴,他們會用自己的資產進行交易。整天。我們的工作是讓人們對模型感到滿意,讓人們對風險調整後的回報感到滿意,而這些將繼續發生。這種情況持續了 477 個季度。我們將繼續追蹤。我們對此感覺良好。我們對這個牛仔競技表演並不陌生。我們已經這樣做了 20 多年,我們對自己的現狀感到非常滿意。
Last item on slide number three, we completed a registered public offering of 75 million of bonds. Newth, 858 coupon, listed on the NASDAQ triple plus by Egan Jones with a positive out going to slide. Number four. These are the things we kind of hammered on. I'm going to dust over them because you've seen them looking at third quarter 2024 ROA 6.3 ROTC 49% efficiency ratio. 39.4. These are sort of unheard of nim 5.29% yield on loans. 11.12.
第三張投影片的最後一項是,我們完成了 7,500 萬股債券的註冊公開發行。 Newth,858 優惠券,在 Egan Jones 的納斯達克三倍加價上市,積極走出去。第四。這些是我們一直在努力的事情。我要對它們進行除塵,因為你已經看到他們正在研究 2024 年第三季 ROA 6.3 ROTC 49% 的效率比。 39.4。這是聞所未聞的 5.29% 貸款收益率。 11.12。
And that does not include the gain on sale income that we get from selling the seven A business, the government guarantee participation we've done for 20 years. So people don't like gain on sale. I can understand that if gain on sale is an anomaly because rates move up and down or spreads change. Yeah, but this is our business.
這還不包括我們透過出售七項 A 業務所獲得的銷售收入收益,即我們 20 年來的政府擔保參與。所以人們不喜歡銷售收益。我可以理解,如果由於利率上下波動或利差變化而導致銷售收益異常。是的,但這是我們的事。
This is what's going to continue on and on and it's a cash game.
這將繼續下去,而且這是一場現金遊戲。
We sell the government guaranteed piece, we get cash for it creates capital, by the way, average grade on funding. This is interesting. We're high here, but you could see as we're gaining speed in business depository accounts, that number will start to come down. That's an execution thing. We have to get the people, the software, the process in place. We're tracking.
我們出售政府擔保的部分,我們得到現金,因為它創造了資本,順便說一句,融資的平均等級。這很有趣。我們在這裡很高,但你可以看到,隨著我們在商業存款帳戶方面的速度加快,這個數字將開始下降。那是一個執行的事情。我們必須讓人員、軟體和流程就位。我們正在追蹤。
The third quarter was the first quarter. I would say we were all in the Wilmington office is set up under our Chief Operating Officer for the Digital Bank. Jennifer Merritt, staff with about 25 people. In addition to other people at the bank, we're going to talk about staffing. This is an organization that staff first ask questions later. We are poised for growth and I do want to point out I'm reading from a report when growth is the problem, I'm sorry, growth is never the problem.
第三季是第一季。我想說的是,我們在威爾明頓的辦公室是在數位銀行營運長的領導下設立的。 Jennifer Merritt,員工約 25 人。除了銀行的其他人員之外,我們還要討論人員配置。這是一個員工先提問後提問的組織。我們已經做好了成長的準備,我確實想指出,當成長成為問題時,我正在閱讀一份報告,對不起,成長從來都不是問題。
Growth is good. It's being able to manage the growth and manage the risk. And we have a star studded management team and look, if we had issues, we would be scaling back our growth. We'd be scaling back our projection. Otherwise I'd be doing the wrong thing here on this call. Growth is not the problem that isn't actually more on. I'm reading directly from report.
成長是好的。它能夠管理成長並管理風險。我們擁有一支明星雲集的管理團隊,如果遇到問題,我們就會縮減成長規模。我們會縮減我們的預測。否則我在這通通話中就會做錯事。成長並不是一個實際上沒有被更多關注的問題。我直接從報告中閱讀。
Let's go to slide number five. Now, this is at the hold co a lot of our competitors in the space that we're being managed against and I might suggest we might be better off in a technology segment than in this segment. But it's another time, another story we're going to stick here. This is where we're going to be and we're going to be a stand out relative to these metrics as we are today. We could clearly show which we will in slide number seven, how we stand out events against our industry peers, but relative to today and the Holdco has some fair value in it.
讓我們來看第五張投影片。現在,我們在這個領域的許多競爭對手都在控制我們,我可能會建議我們在技術領域可能會比在這個領域做得更好。但這是另一個時間,另一個故事,我們要留在這裡。這就是我們將要達到的目標,我們將像今天一樣在這些指標中脫穎而出。我們可以在第七張幻燈片中清楚地展示我們將採取哪些行動,以及我們如何在與行業同行的競爭中脫穎而出,但相對於今天和控股公司來說,它具有一定的公允價值。
It has their A LP business in it. We're going to talk about that today and provide more disclosure. We need to do an enhanced job in giving the market more information on stuff that isn't readily apparent from Ks and Qs in the presentation. Once again, ROA at the Holdco 2.9 nim grew from second quarter, 2024 to third quarter, 2024 3.08. Part of that is because we're putting E LP loans on our books, not in joint ventures and joint ventures, they don't consolidate that way, average yield on loans 9.32%. So, let's move forward to slide number six, our forecast for 2025. So we're very comfortable with a $2.02 $2.25 EPS range for diluted earnings per share for next year between the low end of the range and the high end of the range at the midpoint. It's an 8% to 12.5% range of an increase over 2024 So here is an oxymoron, an institution like this, that's actually growing its bottom line in double digits and we're comfortable with that. We think we can do that. We've done this for our entire history historically as ABDC. And now we're in the seventh quarter seven because the 3/7 quarter of our transition into a financial holding company, we've accomplished growth in the ALP, business growth in business deposits. We talk about our payment processing segment. Nobody talks about it. You're going to see some numbers that you need to look at. It's diversification. it's a business that isn't directly tied to rate movements or credit movements. It's reoccurring income. It's a business we've been in for over 20 years and now that it's part of a bank, there's advantages to the customer. By the way, all of this is about the customer.
它有他們的 A LP 業務。我們今天將討論這個問題並提供更多披露。我們需要加強工作,向市場提供更多有關演示中的 K 和 Q 中不明顯的內容的資訊。控股公司的 ROA 再次從 2024 年第二季的 2.9 尼姆成長到 2024 年第三季的 3.08。部分原因是我們將 E LP 貸款記入帳簿,而不是合資企業和合資企業,他們不以這種方式進行合併,平均貸款收益率為 9.32%。因此,讓我們繼續看第六張投影片,即我們對2025 年的預測。端和高端之間中點。與 2024 年相比,增幅為 8% 到 12.5%。 所以這是一個矛盾的說法,像這樣的機構,其利潤實際上以兩位數增長,我們對此感到滿意。我們認為我們可以做到這一點。我們在 ABDC 的整個歷史中都這樣做過。現在我們進入了第七季7,因為我們轉型為金融控股公司的3/7季度,我們實現了ALP的成長,商業存款的業務成長。我們談論我們的支付處理部分。沒有人談論它。您將看到一些需要查看的數字。這是多元化。這是一項與利率變動或信貸變動沒有直接關係的業務。這是經常性收入。我們從事這項業務已經有 20 多年了,現在它成為銀行的一部分,這對客戶有好處。順便說一句,這一切都是關於客戶的。
If we focus on the customers, just like Apple, just like Amazon, just like the four seasons we're going to win. I realize this is a financial conversation. But at the end of the day, we are very focused on a frictionless environment for the customer without brokers, banker, bank, traditional bankers branches or BDOS giving them easy technology, allowing our staff to use the greatest and latest technology. Many of which we developed ourselves in house to make the experience for the staff clean, easy, frictionless that results in transactions which you can clearly see from the numbers once again, our midpoint of $2 and 12.5¢ for 2025. For instance, consensus is $2 and 7¢. We're clearly constructive about where we are. Slide number seven is real important. I'm going to leave this to all of you to dig into this and look at it and analyze it. Look when you look at yield on earning assets, 1 to 3 billion, 3.5 billion commercial banks. 5.53,5.65. Look at the bank 896, 8 82. It's 3 to 350 basis points greater, greater like you can't ignore that or you choose to so far. But it doesn't include the gain on sale servicing income. And the other thing is this book of business is going to start to grow. So you could see we're growing the traditional bank and bank holding company type income all at the same time continuing to get great returns on equity and assets as we make things and then sell them for gains. If you look at our profitability numbers, clearly dusting others credit quality which we need to tackle and cover. This is the, this is the big ugly duckling, so to speak, although we're comfortable with it because once again, in today's environment, we have plenty of reserves, plenty of capital, very adequate checked on a regular basis by two regulators outside auditors, internal quality control people. All historically from the banking environment. So, despite the fact that these numbers are bigger on a risk adjusted basis, we win, we win all day long and it's frankly less risky, although it's not tagged that way than making ac re loan at 250 off the curve at a 65% LTV, that you're totally banking and hoping that the deposits don't go away in the middle of the night and you're hoping that your banker doesn't need it's part of those deposits or that you don't have a signature bank or Silicon Valley Bank situation where these deposits that are discounted, the risk free rate by 250 to 300 basis points because of that relationship and the bank arguably doesn't offer a lot. We love our model and we believe very confidently we're going to win in our model slide number eight.
如果我們專注於客戶,就像蘋果,就像亞馬遜,就像我們將贏得的四個賽季一樣。我意識到這是一場財務談話。但歸根結底,我們非常注重為客戶提供一個無摩擦的環境,沒有經紀人、銀行家、銀行、傳統銀行分行或BDOS,為他們提供簡單的技術,讓我們的員工能夠使用最先進、最新的技術。其中許多是我們在內部開發的,目的是為員工提供乾淨、簡單、無摩擦的體驗,從而產生交易,您可以再次從數字中清楚地看到,我們2025 年的中點為2 美元和12.5 美分。我們對自己的現狀顯然持建設性態度。第七張幻燈片非常重要。我將把這個問題留給大家去深入研究、觀察和分析。你看生息資產的收益率,1到30億,商業銀行35億。 5.53,5.65。看看銀行 896, 8 82。但它不包括銷售服務收入的收益。另一件事是,這本書的業務將會開始成長。因此,您可以看到,我們在增加傳統銀行和銀行控股公司類型的收入的同時,在我們製造產品然後出售它們以獲取收益的過程中,繼續獲得豐厚的股權和資產回報。如果你看看我們的獲利能力數據,就會清楚地看到我們需要解決和覆蓋的其他信用品質問題。這就是,這就是醜小鴨,可以這麼說,儘管我們對此感到滿意,因為在今天的環境下,我們再次擁有充足的儲備,充足的資本,非常充足,由兩個監管機構定期檢查外部審核員、內部品質控制人員。這一切都來自歷史上的銀行環境。因此,儘管事實上這些數字在風險調整的基礎上更大,但我們贏了,我們整天都贏,而且坦率地說,風險更小,儘管它沒有被標記為比以250 的利率65% 的利率獲得再貸款的方式。 ,這些存款被貼現,無風險利率提高250 到300 個基點,因為這種關係,而且銀行可以說不會提供很多。我們喜歡我們的模型,並且非常有信心地相信我們將在第八張模型幻燈片中獲勝。
My book is our North Star great company. Please take a look at these numbers. Look at the P/E ratio, look at the fact that it takes them $12.5 billion worth of assets at the bank versus our $914 million asset size, generate net income. Something's off here. You need to take a good hard look at this. Look at the efficiency ratio.
我的書是我們偉大的北極星公司。請看一下這些數字。看看市盈率,看看他們在銀行價值 125 億美元的資產與我們 9.14 億美元的資產規模相比,產生的淨利潤。這裡出了點問題。你需要認真審視這一點。看效率比。
That's what you get from technology.
這就是你從技術中得到的。
This is the future of this business and industry. And by the way, our clients, they love speaking to our staff on camera, they love using our technology now, I'm not telling you, it's perfect. I'm not telling you, our staff doesn't need to get trained better, but we're winning. We're putting on more loans, we're putting on more deposits. We're driving the numbers and I think it's the first or second inning of a long game and the, and the best is yet to come.
這就是這個企業和產業的未來。順便說一句,我們的客戶,他們喜歡在鏡頭前與我們的員工交談,他們喜歡現在使用我們的技術,我不是告訴你,它是完美的。我不是告訴你,我們的員工不需要接受更好的培訓,但我們正在獲勝。我們發放更多貸款,發放更多存款。我們正在推動數據,我認為這是一場漫長比賽的第一局或第二局,而且最好的還在後頭。
I once again, live Oak, North Star, we aspire to be like them and the success they've had in the business and I have to say we don't compete. Yes, our assets look similar. I think we have a similar philosophy with technology now, by the way, they create technology and spin it off for huge gains, but they don't get criticized because they get gains on sale for spitting it out.
我再一次,生活橡樹,北極星,我們渴望像他們一樣,以及他們在行業中的成功,我不得不說,我們不競爭。是的,我們的資產看起來很相似。我認為我們現在對技術有類似的理念,順便說一句,他們創造技術並將其分拆以獲得巨大的收益,但他們不會受到批評,因為他們通過吐出技術來獲得銷售收益。
We get criticized for making a loan and selling it every day, every week, every month for the same cash gain and that's reoccurring. Well, I'd rather bet on us making loans and selling them over the next 1,235 or 10 years than creating the next greatest technology like in Zo. But that's beside the point, but they got great valuation for that.
我們因每天、每週、每月發放貸款並出售貸款以獲得相同的現金收益而受到批評,而且這種情況不斷發生。好吧,我寧願打賭我們在未來 1,235 年或 10 年內發放貸款並出售它們,而不是創造像 Zo 這樣的下一個最偉大的技術。但這不是重點,但他們因此獲得了很高的估值。
We're working on it, we appreciate it, we appreciate you paying attention and doing the hard work that's required to look at making an investment in new tech one slide number nine, this, this lead to the presentation today and I'm going to go through these one by one, but these are some of the things that are missing. Okay? Once again, I'm going to stay away from the highlights in the press release. You can all read them, you could all see the growth in deposits, you could all see the RLA. You can all see that stuff and Scott will handle that. Also in the MD&A and Scott price, our great CFO growth in the payment segment. Let's go to slide number 10. So look, I don't know why this constantly gets ignored, but I really can't find a lot of information on this in the market.
我們正在努力,我們對此表示感謝,我們感謝您的關注並付出了艱苦的努力,這是考慮對新技術進行投資所需的一張幻燈片第九,這,這導致了今天的演示,我要去一一回顧一下,但這些都是缺少的一些東西。好的?我將再次遠離新聞稿中的重點內容。你們都可以閱讀它們,你們都可以看到存款的增長,你們都可以看到 RLA。你們都可以看到這些東西,而史考特會處理它。此外,在 MD&A 和 Scott Price 中,我們的財務長在支付領域也取得了巨大的成長。讓我們看第10張投影片。
This is a segment in our queue pre tax income for the quarter of 32.5% to 5.3 million pre tax income for the nine months of 43% to 14.2 million forecast the pre tax income for 2024 17.7 million forecast for next year, 2025 19.6 million. Now ask why is this growing the business we've been in a long time now, the customer, it always goes back to the customer. Our customers love the fact that they're now dealing with a bank and a payments business. Together. There is a payments ecosystem through the new tech advantage. Many of you have heard me talk about the new tech advantage. It's on our website. We have videos, what is the new tech advantage, the advantage to the business client and there's 30 million of them in the United States is defined by the Small Business Administration. We identify that customer base is independent business owners, small and medium sized businesses, small medium sized enterprises. So in that identification, that customer, that business owner, they want to have analytics, they want to have data and they want to have transactional capability. So by taking our payments business, pushing it into the advantage, the client at night can do the following. They can look at their bank balance. They could see all their bill, pay money leaving your account checks that are cash checks that aren't, they can see their electronic billing invoicing and the money coming back, they can see their Visa Master Discover American Express charges in the advantage. They can see their batches from the day, they could see the refunds, they can see their charge back. Everything is in the advance. I will tell you this is extremely unique and we've recently passed the divide where the bank is now integrated into Quickbooks. Therefore, we are working on taking the balance sheet and the income statement and giving the customer view and the quick books. So if you're a business owner rather than going to 234 different systems or for that matter, having to go to your external accountant who is in fact doing your books and records, you can go online and see everything we have customers now that are willing to come to us. Price is not the big issue. On the payment side and the deposit side, which we'll talk about. They love our no fee. Business accounts, no fee, no wire fee, no ach fee, no monthly statement fee, no abandonment fee, no refunding. Go to our website. We have a calculator there makes it very easy. It's an immediate savings, immediate savings and they don't get 10 or 20 basis points for the top four banks. They get 1% on checking and 3.5% on business savings. It's a tremendous value. And this is why just in early stages, the sampling of people coming to us for a typical payment processing business is growing. There is the advantage.
這是我們隊列中的一個部分,本季稅前收入為32.5%,預測為530 萬,九個月稅前收入為43%,預測為1420 萬,預測2024 年稅前收入為1770 萬,預測明年為1960 萬。現在問為什麼我們長期以來一直在發展業務,客戶,它總是回到客戶。我們的客戶喜歡這樣一個事實:他們現在正在與銀行和支付業務打交道。一起。透過新技術優勢建立了支付生態系統。你們中的許多人都聽過我談論新技術的優勢。它在我們的網站上。我們有視頻,新技術的優勢是什麼,對企業客戶的優勢,美國有 3000 萬個這樣的視頻,是由小型企業管理局定義的。我們確定客戶群是獨立企業主、中小型企業、中小型企業。因此,在這個識別中,那個客戶、那個企業主,他們想要有分析,他們想要有數據,他們想要有交易能力。因此,透過利用我們的支付業務,將其推向優勢,客戶在晚上可以執行以下操作。他們可以查看他們的銀行餘額。他們可以看到他們的所有帳單,支付離開您帳戶的支票(不是現金支票),他們可以看到他們的電子帳單發票和退款,他們可以看到他們的 Visa Master Discover American Express 費用。他們從當天起就可以看到他們的批次,他們可以看到退款,他們可以看到他們的退款。一切都在提前。我會告訴你,這是非常獨特的,我們最近已經跨越了銀行現在整合到 Quickbooks 中的鴻溝。因此,我們正在努力製作資產負債表和損益表,並向客戶提供視圖和快速帳簿。因此,如果您是企業主,而不是使用234 個不同的系統,或者就此事而言,必須去找您的外部會計師,而後者實際上正在做您的帳簿和記錄,您可以上網查看我們現在擁有的客戶的所有資訊願意來找我們。價格不是大問題。在支付方面和存款方面,我們稍後會談到。他們喜歡我們的免費服務。商業帳戶,無手續費,無電匯費,無ach費,無月結費,無放棄費,無退款。造訪我們的網站。我們那裡有一個計算器,這使得計算變得非常容易。這是立即節省,立即節省,他們不會為四大銀行獲得 10 或 20 個基點。他們獲得 1% 的支票和 3.5% 的商業儲蓄。這是一個巨大的價值。這就是為什麼在早期階段,向我們尋求典型支付處理業務的人員樣本正在增加。優點是有的。
Flight number 11, nice charts and graphs. I've been told about this presentation. It's too long. Some people say it's too short. Some people say it's just right. We try to take all this comments and put it together, but we want to be able to educate people.
11 號航班,漂亮的圖表和圖表。有人告訴我有關這次演講的事。它太長了。有人說太短了。有人說剛剛好。我們嘗試將所有這些評論放在一起,但我們希望能夠教育人們。
I don't know how you can ignore this business. It's very valuable. I want to make one other point about this business when we were BDC. It was valued at fair value in the holding company. It's not, it was basically not part of tangible book. Extremely important. We have a slide to address that.
我不知道你怎麼能忽視這門生意。這是非常有價值的。我想在我們還是 BDC 時就這項業務提出另一點。其在控股公司以公允價值估值。不是,它基本上不是有形書籍的一部分。極為重要。我們有一張投影片來解決這個問題。
If this business, you put a seven or eight multiple on it, which is probably down many, many turns from a public comp we would have $125 million to $150 million valuation. Perspectively, you figure it out. I don't do that net of debt. But if you hypothetically use those numbers 125million -150 million, it's five or six bucks a share that would go back into what you would call adjusted book. So people look at us a book, you shouldn't look at us as book. But if you have to look at as a book, you may want to look at the business which is very liquid, very valuable, put a number on it and then say yes, this is something that they could probably sell. Not that you have any interest in doing that in a short period of time and yet it's not a loan. So it doesn't have a tangible book but it's incredibly valuable.
如果這項業務,你對其進行七到八倍的估值,這可能比上市公司要低很多很多,我們的估值將達到 1.25 億至 1.5 億美元。仔細想想,你就明白了。我不會在扣除債務後這樣做。但如果你假設使用 1.25 億 -1.5 億這些數字,那麼每股五六美元將回到你所謂的調整帳面。所以人們把我們看作一本書,你不該把我們當成一本書。但如果你必須把它當作一本書來看待,你可能會想看看流動性很強、非常有價值的業務,在上面加上一個數字,然後說是的,這是他們可能會出售的東西。並不是說您有興趣在短時間內這樣做,但這不是貸款。因此,它沒有一本有形的書,但它的價值卻非常高。
Most financial institutions don't have things like this, particularly in the segments that we're in which is subpar $500 million of assets, which is, which is an issue into itself because we're even below the small cap at, at this point in time of 500 million. But anyway, let's continue slide. Number 12, we put out a press release on this early redemption of the 2018, 2019 securitizations.
大多數金融機構沒有這樣的東西,特別是在我們所處的資產低於 5 億美元的領域,這本身就是一個問題,因為我們甚至低於小型股, 5億的時間點。但無論如何,讓我們繼續滑動。第 12 條,我們發布了有關 2018 年、2019 年證券化提前贖回的新聞稿。
These are assets and liabilities that are, and we're located in new tech small Business Finance, a segment in our q what we said was when we raised the $75 million we're going to take a piece of it and pay off the debt in the securitization. Why is that important?
這些是資產和負債,我們位於新技術小型企業金融領域,這是我們 q 中的一個部分,我們所說的是,當我們籌集 7500 萬美元時,我們將從中分一杯羹並償還債務在證券化方面。為什麼這很重要?
Those securitizations the way they're structured, they trap all the P&I and they trap liquidations of ALP and reserve funds in the securitization. So by paying off the debt, which netted $18 million you can see it on slide number 12 net of the loan of the cash reserve fund, we were able to free up approximately $68 to $69 million of performing loans and 15 ish million of non performers when you add that up together was a fairly healthy number. Here's the important aspect and this is just an estimate. It's rough but the cash flows that would come in off of that 37 million, 32 million off of NSPF flowing into NSPF. Why is that valuable? Well, that's cash that can be used to repurchase stock.
這些證券化按照其結構方式,將所有保賠險和 ALP 清算以及儲備基金困在證券化中。因此,透過償還淨額為1800 萬美元的債務,您可以在第12 號幻燈片上看到,扣除現金儲備基金貸款後,我們能夠釋放約68 至6900 萬美元的履約貸款和15 億左右的不良貸款。這是重要的方面,這只是一個估計。雖然很粗糙,但 NSPF 的 3700 萬、3200 萬的現金流將流入 NSPF。為什麼這麼有價值?嗯,這是可以用來回購股票的現金。
It could be used to pay off debt. If we used to fund a op we have $280 million of equity that is sitting in NSPF new tech, small business finance, people don't think about it. But is this isbu burning down or self liquidating?
它可以用來償還債務。如果我們過去資助一項業務,我們有 2.8 億美元的股權投資於 NSPF 新技術、小型企業融資,人們不會考慮這一點。但這 isbu 正在燃燒或自我清算嗎?
And I've heard somebody describe it. I'm reading a report as an old legacy investment. Well, that old legacy portfolio has 280 million of cash of, of, excuse me, equity in it. Well, I don't know, I'm not sure I would call it a legacy portfolio and downplay. I think it's as it, as it pays down, it's an attractive asset. Now, it's also the least attractive component to making an SB a loan of which you get a gain on sale up front, you get a servicing asset. Now, I say it's least attractive. The coupon on those assets are currently 11 and a quarter. They are financed with expensive securitization debt. That activity going forward is going to be done in the bank at lower cost. Very important item to think about. Let's go to slide number 13, we'd like to get some credit from the fact that we've been in the banking business now for seven quarters and we've got a book value for com com year going from 865 to 1,007 and the til book going from 735 to 950 that's nice growth. And once again, does not include anything obviously from the payment processing area 14 insurance agency which is currently in one of the segments and it's not broken out.
我聽有人描述過它。我正在閱讀一份作為舊遺留投資的報告。好吧,那個舊的遺留投資組合有 2.8 億現金,或者,對不起,其中有股權。嗯,我不知道,我不確定我是否會稱其為遺留投資組合和淡化。我認為,就其本身而言,只要它能帶來回報,它就是一項有吸引力的資產。現在,它也是向SB提供貸款時最沒有吸引力的組成部分,您可以透過預先出售該貸款來獲得收益,獲得服務資產。現在,我說它最沒有吸引力。這些資產的息票目前為 11 又四分之一。他們透過昂貴的證券化債務融資。未來的這項活動將以較低的成本在銀行進行。需要考慮的非常重要的事項。讓我們來看看第 13 張幻燈片,我們希望從以下事實中獲得一些榮譽:我們已經從事銀行業務了七個季度,並且我們的 com com 年度賬面價值從 865 變為 1,007,並且直到預訂量從735 增加到950,這是一個不錯的增長。再次,不包括任何明顯來自支付處理領域 14 保險機構的任何內容,該機構目前位於其中一個細分市場,並且尚未細分。
This is something you may look at breaking out next year. But I think it's important to note net active policy since we became a bank grew by 1,429 units or 37%. Now, this is illustrating the benefit of having everything at a business owner fingertips and being able to provide team and life and other insurance to people that are taking out loans. Look, you could see we do a lot of things. I wish we could do all these things simultaneously. At the same time, we can't, we have to continue to make our numbers quarter by quarter. We have a lot of initiatives, we prioritize them. With that said the insurance agency business, a reoccurring fee based business very well positioned in the advantage and is part of the new tech one ecosystem. We now have the capability to provide keyman life on every business loan which we're doing with the policy pre assigned to the loan. So it's pledged all done automatically in a period of 7 to 10 minutes without a medical exempt automation. The insurance agency with its automation is going to be able to provide these policies to a variety of customers not just lending in the vertical. Let's go to slide number 15, many of you are familiar with the fact that we have to divest of our technology unit which basically as we transition to a financial, all the company, the company made a commitment to the board of Governors of the fed to divest or terminate the activities of NTS. So we're there. We have signed an agreement, it's public, we're merging it into an existing public company currently known as Palt Talk Stock symbol. Palt now gets a little confusing but I want to make a couple of comments. Palt talk will have to divest of all its business and the business of NTS will basically become palt talk. So palt talk will change its name to intelligence Protective Management Systems. Stock symbol is anticipated to be IPM,NTS is 17,000 customers. It provides, it provides what the market is thirsting for the market needs.
這是你明年可能會看到的突破。但我認為值得注意的是,自我們成為銀行以來,淨主動政策增加了 1,429 個單位,即 37%。現在,這說明了企業主掌握一切並能夠為貸款人提供團隊保險、人壽保險和其他保險的好處。看,你可以看到我們做了很多事。我希望我們能夠同時做所有這些事情。同時,我們不能,我們必須繼續一個季度一個季度地提高我們的數字。我們有很多舉措,我們會優先考慮它們。話雖如此,保險代理業務是基於經常性收費的業務,處於優勢地位,並且是新技術生態系統的一部分。我們現在有能力為每筆商業貸款提供關鍵人物的生活,我們正在使用預先分配給貸款的保單來進行。因此,它承諾在 7 到 10 分鐘內自動完成,無需醫療豁免自動化。擁有自動化功能的保險機構將能夠向各種客戶提供這些保單,而不僅僅是垂直領域的貸款。讓我們來看看第15張幻燈片,你們中的許多人都熟悉這樣一個事實,即我們必須剝離我們的技術部門,基本上,當我們轉型為金融公司時,所有公司都向美聯儲理事會做出了承諾剝離或終止 NTS 的活動。所以我們就在那裡。我們已經簽署了一項協議,該協議是公開的,我們正在將其合併到一家現有的上市公司中,目前該公司的股票代號為 Palt Talk。帕爾特現在有點困惑,但我想發表幾點評論。 Palt Talk將不得不剝離所有業務,NTS的業務基本上將變成palt talk。因此palt talk將更名為智慧保護管理系統。預計股票代號為IPM,NTS為17,000個客戶。它提供了,它提供了市場所渴求的市場所需的東西。
Outsourced it particularly the SMB market, the independent business owner market that's getting hacked. They have cyber risks. They're sending, you know, they're getting interlopers going into their system, they're stealing money, they're stealing wires. This is a big need in this marketplace. So the new code which will be public will wind up being a pure play in this particular space, cyber security outsource, outsource, manage it and professional services. So it'll be sort of a little, little, little, little mini Aws or Azure, but with real people that answer the phone helping customers 2,473,65 is a business we've been in since 04. We really, did one of the best of it. However, we're going to own 4 million shares of newly created nonvoting preferred and we'll get 4 million of cash. And there's also a potential 5 million of earn out to the transaction. This most likely is scheduled for the first quarter. Stay tuned. Palt talk is doing what they need to do. And we're excited about it this year with the NTS, which is a segment we generate between 25 million to 30 million of revenues adjusted even of 2 million. I suggest you take a look at palt talk, look at the cash on the balance sheet. Look at the cash that they anticipate getting for the lawsuit. Add this in. I think you find it interesting. We'll also get one representative for the Palt talk board of director from New Tech. Slide number 16. I think this is the most important slide in the presentation. Our credit thesis as a high margin loan originator, extremely important, high margin loan originator and risk adjusted. Extremely important. We've been doing this for over two decades. We've done it through 0809. We've done it through the pandemic. We are good risk managers. I say that in 0809, we stopped lending for a period of time. That was a smart thing to do during the pandemic. We stopped making SB a loans for almost four months because we didn't think it was prudent to do when people were told to go in their home and we didn't know what the effects of the pandemic was going to be. And we switched to PPP that turned out to be immensely profitable for the company. It shows you how nimble we were as a small company, compete against the giants. We did over $2 billion of PPP loans with 26,500 customers and now having to like us because we provided them with those funds. I want to go back to the adjusting for credit losses slide. Number seven, when you look at those yields again, the banking yields for $1billion to $5 billion banks. 553 yield 565 versus an 896 or 892.
將其外包,特別是中小企業市場,即受到駭客攻擊的獨立企業主市場。他們有網路風險。他們正在發送訊息,你知道,他們正在讓入侵者進入他們的系統,他們正在偷錢,他們正在偷電線。這是這個市場的巨大需求。因此,將公開的新程式碼最終將成為網路安全外包、外包、管理和專業服務這一特定領域的純粹遊戲。所以這會有點像迷你 Aws 或 Azure,但有真正的人接聽電話幫助客戶 2,473,65 是我們自 04 年以來一直從事的一項業務。然而,我們將擁有 400 萬股新創建的無投票權優先股,我們將獲得 400 萬股現金。這筆交易還有潛在的 500 萬美元收益。這很可能計劃在第一季進行。敬請關注。 Palt talk正在做他們需要做的事情。今年我們對 NTS 感到非常興奮,我們在這個領域創造了 2500 萬至 3000 萬的收入,調整後甚至可以達到 200 萬。我建議你看看palt talk,看看資產負債表上的現金。看看他們預計從訴訟中獲得的現金。添加這個。我們也將從 New Tech 聘請 Palt Talk 董事會代表。第 16 張投影片。我們的信用論文作為高利潤貸款發起人,極其重要,高利潤貸款發起人和風險調整。極為重要。我們這樣做已經有二十多年了。我們已經做到了 0809。我們是優秀的風險管理者。我說0809年我們停止放款一段時間了。在大流行期間,這是明智之舉。我們停止向 SB 提供貸款近四個月了,因為我們認為當人們被告知要回家並且我們不知道大流行會產生什麼影響時,這樣做是不明智的。我們轉向了 PPP,結果證明這為公司帶來了巨大的利潤。它向您展示了我們作為一家小公司如何靈活地與巨頭競爭。我們向 26,500 名客戶提供了超過 20 億美元的 PPP 貸款,現在我們不得不喜歡我們,因為我們為他們提供了這些資金。我想回到信用損失調整投影片。第七,當你再次查看這些收益率時,會發現 10 億至 50 億美元銀行的銀行業收益率。 553 產生 565 與 896 或 892 相比。
After the anticipated charge off, we've got 20 years worth of experience in high rate and low rate in small economies in quick economies. We understand the concept of risk adjusted spread. In addition, loan loss reserves of 5% we've already taken the pain. We've done it up front, we monitor this quarter to quarter. Please understand this is different.
在預期的沖銷之後,我們在快速經濟體中的小經濟體的高利率和低利率方面擁有了 20 年的經驗。我們了解風險調整利差的概念。另外,5%的貸款損失準備金我們已經承受了痛苦。我們已經預先做好了,我們每季都會進行監控。請理解這是不同的。
The typical I'll call it investor in this space, looks at deposits which we're high on, but that'll be coming down with the growth of the business accounts and they look at credit which we're also high on, but they're not looking at the other half of the business like looking at a bodybuilder. That's great from the way stuff. It's got skinny little legs.
我稱之為這個領域的典型投資者,他們關注的是我們很重視的存款,但這會隨著企業帳戶的增長而下降,他們關注的是我們也很重視的信貸,但是他們不像健美運動員那樣看待另一半業務。從方式上看這真是太棒了。它有一雙細細的小腿。
That's not our business model. You have to look at the entire prior body. We reject the notion that although it is totally appropriate to consider a small and medium sized business loan based on regulatory standards, a higher level of risk on a risk adjusted basis. Our 20 years of experience in the category gives us the confidence that we continue to manage this risk and get higher rates of a threat. I am much more comfortable doing this and betting on the fact that the deposits aren't going to disappear in the middle of the night because there is no duration on a checking account. There is a name. So then you're betting on the stickiness, you're betting on the brand. Look for the top four banks in the United States. It's great, but for everybody else, I don't know. And it's way too easy to move your money today on the phone.
那不是我們的商業模式。你必須看看之前的整個身體。我們反對這樣一種觀點,即儘管根據監管標準考慮中小型企業貸款是完全合適的,但在風險調整的基礎上考慮較高的風險水平。我們在該類別中擁有 20 年的經驗,這讓我們有信心繼續管理這一風險並獲得更高的威脅率。我更願意這樣做,並押注存款不會在半夜消失,因為支票帳戶沒有存續期。有一個名字。那你就押注於黏性,押注於品牌。尋找美國四大銀行。這很棒,但對其他人來說,我不知道。現在透過電話轉移資金太容易了。
This is the single most important slide in the deck. When you look at our capital, when you look at our provisions for loan loss reserves and when you look at our coupon, the map is showing over seven quarters and it's going to continue. Some of you are alarmed at the ramp up. We had a pretty heavy ramp up in Q1 from Q2, less of a ramp up in 2 to 3. We think this trend is going to continue because we're through the what we consider the belly of the curve. Look, I can't see the out on the C chriss the ball and tell you where the economy is. But we've been, we're going to go, but we've been doing this for a long period of time and I would say we're very good at it. Slide number 17, this is all about scale.
這是投影片中最重要的一張。當你看到我們的資本,當你看看我們的貸款損失準備金,當你看看我們的息票,地圖顯示了超過七個季度,而且這種情況還將繼續下去。你們中的一些人對這種增長感到震驚。從第二季度到第一季度,我們的成長幅度相當大,而第二季度到第三季度的成長幅度較小。聽著,我看不到 C 克里斯球的出局並告訴你經濟在哪裡。但我們已經這樣做了,我們將繼續這樣做,但我們已經這樣做了很長一段時間,我想說我們非常擅長。第 17 號投影片,這一切都與規模有關。
360 employees at new Tech bank. The whole codes got $571.7 billion of assets. I want to read from a report new tech. One is an uneasy amalgamation of a legacy portfolio of secure size 78 loans, joint ventures, which we're going to talk about and non controlled investments that dwarf it's depository. That is factually not correct.
新科技銀行有 360 名員工。整個程式碼獲得了 5717 億美元的資產。我想讀一份新技術報告。其中之一是傳統投資組合的不穩定合併,其中包括安全規模為 78 的貸款、合資企業(我們將要討論的)以及使其存款相形見絀的非受控投資。這實際上是不正確的。
First of all, I don't like the word dwarf. Secondly, the bank's got 900 million of assets and 1.7 billion. I don't know, I don't know about an $800 million dwarf. Okay. That's not a dwarf. Matter of fact, it looks pretty even to me that GAAP putting it aside, we're going to talk about the holding company and what's in there. And as we're moving from joint ventures to on balance sheet, funding of ALP, which we'll talk about, by the way, nobody asked me that question. Why don't you do more on balance sheet? It's all about capital allocation. We might go back and forth. We're going to do what's in the best interest of our shareholders. We are good risk managers. We've proven that over two decades and at the end of the day, to be H1st with, you don't invest in the management team.
首先,我不喜歡矮人這個詞。其次,銀行有9億的資產和17億。我不知道,我不知道一個身價八億美元的小矮人。好的。那不是侏儒。事實上,在我看來,將公認會計原則放在一邊,我們將討論控股公司及其內部內容。順便說一句,當我們從合資企業轉向資產負債表上的 ALP 融資(我們將討論這一點)時,沒有人問我這個問題。為什麼不在資產負債表上做更多的事情呢?這都是關於資本配置的。我們可能會來回走動。我們將做最符合股東利益的事。我們是優秀的風險管理者。我們已經證明,二十多年來,歸根結底,要成為 H1st,你不需要投資管理團隊。
You're on the local, okay? You gotta have some level of comfort. We're going to be here. We're going to keep doing this, we're going to give you the comfort. We're going to be extremely, nobody could say we're not transparent. The size of my deck says we are extremely transparent. Our financials say we're transparent. We go to all these conferences which you talk about important to note some of market participants have questions. Can they manage the risk?
你是本地人吧?你必須有一定程度的舒適感。我們會在這裡。我們將繼續這樣做,我們將為您帶來安慰。我們將變得非常透明,沒有人會說我們不透明。我的甲板的大小表明我們非常透明。我們的財務狀況顯示我們是透明的。我們參加了您談到的所有這些會議,重要的是要注意一些市場參與者有問題。他們能管理風險嗎?
24 months? We've got a Chief Strategy Officer. We've got a Chief Technology Officer. We have promoted Dan Enzo, the Chief Information Officer. We have a Chief Risk Officer. We have a Chief Financial Officer. I mean, we've got so many chiefs. There's a lot of chiefs going on here. This is a stack company that can manage multiples of the asset size. We step first, we ask questions later. I think that's extremely important and the level of sophistication, it's been said, gee you're doing this business with B DC talent. Well, I don't mean to insult Peter Downs, but before he spent 21 years here, he ran the SPA business at Citibank and had a 15 year career in the banking space. Okay. We have career bankers here, Nick Young Scott price, Frank de Maria Taylor Quinn. It's in the appendix. Go look at the talent we're putting in this organization.
24個月?我們有一位首席策略長。我們有一位首席技術長。我們晉升了丹恩佐 (Dan Enzo),擔任資訊長。我們有一位首席風險長。我們有一位財務長。我的意思是,我們有很多酋長。這裡有很多酋長。這是一家可以管理數倍資產規模的堆疊公司。我們先踏出一步,然後再提出問題。我認為這是極其重要的,而且有人說,這件事的複雜程度,天啊,你們正在和 B DC 的人才一起做這項生意。好吧,我無意侮辱 Peter Downs,但在他在這裡工作 21 年之前,他在花旗銀行負責 SPA 業務,並在銀行業擁有 15 年的職業生涯。好的。我們這裡有職業銀行家,尼克楊史考特普萊斯、法蘭克德瑪麗亞泰勒奎因。它在附錄。去看看我們在這個組織中投入的人才。
These are career bankers with exemplary track record. This is not a small little company.
這些都是職業銀行家,有著堪稱典範的業績記錄。這不是一家小公司。
Very scalable.
非常具有可擴展性。
Let's go to slide number 18, alternative loan funding court. So we have begun to start to put the loans on our balance sheet versus enjoy ventures. Some people say, why are you doing that? Well, look, first of all, it's a bit of a capital allocation issue operationally it's easier to do and we always want to do better with our joint venture partners, whoever that might be. And we have quite a bit of them we're talking to right now in the queue.
讓我們看第 18 號幻燈片,替代貸款融資法庭。因此,我們已經開始將貸款納入我們的資產負債表,而不是享受創投。有人說,為什麼要這麼做?嗯,看,首先,這在營運上是一個資本配置問題,它更容易做到,我們總是希望與我們的合資夥伴做得更好,無論是誰。我們現在正在排隊與他們中的許多人交談。
Scott Price, I Dave Leone, director of Capital Markets spent two days at a BS East Miami. We had 26 meetings. Very interesting and we are out in the market talking to the biggest and the brightest and they know that in this space of lending and once again, I want to very much focused on the core credit.
史考特普萊斯 (Scott Price),我是資本市場總監戴夫利昂 (Dave Leone),在東邁阿密 BS 度過了兩天。我們開了 26 次會議。非常有趣,我們在市場上與最大和最聰明的人交談,他們知道在這個貸款領域,我想再次非常關注核心信貸。
Some people look at the things we do as lender of last resort, bad credit. Now that's wrong. I say it's wrong. I'm not saying these are AAA credit. What I am saying is the borrowers appreciate a 10 to 25 year, a double O that schedule changes the debt service coverage and it would take a loan that wouldn't fit in the bank and make it eligible for debt service. Now you say, well, gee you're not getting your principal back. You're not reducing your risk.
有些人認為我們作為最後貸款人所做的事情是不良信用。現在這是錯誤的。我說這是錯的。我並不是說這些是 AAA 信用。我的意思是,借款人喜歡 10 到 25 年的雙 O 時間表,它會改變償債範圍,並且會接受銀行不適合的貸款,使其有資格獲得償債。現在你說,哎呀,你拿不回本金了。你並沒有降低風險。
What our experience has showed this over 20 years is I'll take a personal guarantee, joining several for a 20% owner or greater with liens on business and personal assets all day long, over a short and covenance and we can absorb these losses and trade off versus the coupon. You've got a group here that is in my opinion, looking at this business and industry and the way it needs to be looked at for the next 15 and 10 years, the rest of the industry, 98% is a totally different model and it is regulatory friendly, regulatory compliant. We provide funds to SM BS all over the United States. 30% of them happen to be women and minority owned businesses and we take deposits all over the United States. Important to note, Blackrock TCP. Join ventures on our books.
我們20多年來的經驗表明,我會採取個人擔保,加入幾家20%或以上的所有者,透過短期和契約全天留置商業和個人資產,我們可以吸收這些損失,與優惠券進行權衡。在我看來,這裡有一群人正在研究這個業務和行業,以及未來 15 年和 10 年需要如何看待它,而行業的其餘部分,98% 是一個完全不同的模式,它是監管友好的、合規的。我們向美國各地的 SM BS 提供資金。其中 30% 恰好是女性和少數族裔企業,我們在美國各地吸收存款。值得注意的是,Blackrock TCP。在我們的書中加入企業。
More to the market fair value, net of loss of Varian frequency, approximately 12%. Same thing for the Tso joint venture. You'll see that we've got recent a op on our balance sheet and you'll see that going forward from a pipeline perspective. 6 to 900 referrals. Today, we fund less than 1%.
扣除瓦里安頻率損失後的市場公允價值約為 12%。左宗棠合資企業也是如此。您會看到我們最近在資產負債表上進行了一項操作,您將從管道的角度看到這一點。 6 至 900 次推薦。如今,我們的資金不足 1%。
We think we'll have 200 million ALPOS by December 31 2024 that prospectively gives us the opportunity to do a securitization, which we saw the last time it was slide on it. Very profitable probably in the first quarter.
我們認為,到 2024 年 12 月 31 日,我們將擁有 2 億個 ALPOS,這有望讓我們有機會進行證券化,這是我們上次看到的。第一季可能非常有利可圖。
So we're going to go back and forth between balance sheet JB partnership, diversification of capital joint ventures, senior debt bank lines, equity preferred. We go back and forth slide number 19. Important curative SBA 504 and ALP loan origination volume since 2015. So people look at these not performing loans. They go, oh my God, what are they doing?
因此,我們將在資產負債表 JB 合作夥伴關係、資本合資企業多元化、優先債務銀行額度、股權優先之間來回切換。我們來回回顧第 19 號投影片。他們走了,天哪,他們在做什麼?
We see that there's a lot of charger. It scares the heck out of me. Look can you give me a set of criteria like a filed for a loan? It's a 60% LTV against the real estate after a second lien by the government, which doesn't sit on our balance sheet when they take it out.
我們看到有很多充電器。它嚇壞了我。你能給我一套標準,例如申請貸款嗎?這是政府第二次留置權後針對房地產的 60% LTV,當他們取出它時,它不會出現在我們的資產負債表上。
It's pretty clean. What do I mean by that?
非常乾淨。我這麼說是什麼意思?
We have never experienced an unrealized real loss over the life of a 504 loan program cumulatively, 632 million slide 19 zero AP size 394 million cumulatively, we have experienced 3 million unrealized losses. We haven't resolved it yet. But you could see if these were put into your matrix or whatever you do for the evaluations which goes over, but I get it. Listen, I understand you have a way of looking at these businesses. We're good with that, but we need you to consider that we're a good lender. We know what we're doing. Slide number 20 alignment of interest. I put this out there. Look, we're aligned, we're very aligned. I would pay for myself. Went from big dividend paying stock to less dividend paying. That was so punitive from a cash flow perspective. I've been a major investor in the company myself, going to continue to buy very comfortable with it, pouring the notes, 80% to 85% of our employees now are participating in the company stock plan.
在 504 貸款計畫的生命週期中,我們從未經歷過未實現的實際損失,累計 6.32 億美元幻燈片 19 零 AP 規模累計 3.94 億美元,我們經歷了 300 萬美元的未實現損失。我們還沒有解決。但是你可以看到這些是否被放入你的矩陣中或你為評估所做的任何事情,但我明白了。聽著,我知道您對這些業務有自己的看法。我們對此感到滿意,但我們需要您認為我們是一家優秀的貸方。我們知道我們在做什麼。有興趣的投影片編號 20 對齊。我把這個放在那裡。看,我們是一致的,我們非常一致。我會為自己付錢。從高股息支付股票變成低股息支付股票。從現金流的角度來看,這是非常懲罰性的。我自己一直是公司的主要投資者,打算繼續買,很放心,倒票據,我們80%到85%的員工現在都在參與公司股票計畫。
We recently did a grant, it's alignment of interest and now have 570 owners, my employees, my shareholders, which I think is an extra 20,000. I work for you. I work for the employees. I work for creditors, work for everybody. It's a great situation. We're happy. We have alignment of interest but people in our organization are personally involved with the company interests are aligned. Slide number 21. I'm going to ask everybody to read the press release on deposit. I'll leave that to Scott Zero fee bank account.
我們最近進行了一筆贈款,這是利益一致的,現在有 570 名所有者、我的員工、我的股東,我認為這是額外的 20,000 名。我為你工作。我為員工工作。我為債權人工作,為所有人工作。這是一個很好的情況。我們很高興。我們的利益是一致的,但我們組織中的人員個人參與的公司利益是一致的。第 21 號投影片。我會把它留給斯科特零費用銀行帳戶。
We've researched this. We believe there are few or no choices for zero fee bank accounts. Our clients have the opportunity to choose a depository accounts with lower expenses, higher interest, use our deposit to calculator zero really means zero. There's no hidden fees, there's no minimum. We're going to be announcing this. We think this is going to be a big deal. We think we're going to get a lot of deposits. We could take deposits without anybody going to a bank branch. Can't find a bank branch here. You do it online. A big big deal. Big opportunity.
我們對此進行了研究。我們認為零費用銀行帳戶的選擇很少或根本沒有。我們的客戶有機會選擇費用較低、利息較高的存款帳戶,使用我們的存款計算器零確實意味著零。沒有隱藏費用,也沒有最低限額。我們將宣布這一點。我們認為這將是一件大事。我們認為我們將獲得大量存款。我們可以在沒有人去銀行分行的情況下接受存款。在這裡找不到銀行分行。你在網路上做。一件大事。大機會。
Slide number 22 speaks for itself. Once again, please read the press release. Slide number 23. We've got tremendous pipeline growth. We're good on all our numbers. Step 30 2024. I want to point out we have 120 million of ALP loans on our balance sheet, mostly funded with cash equity and the leverage and the entity Holdco Six which is broken out in our financials. We created a DB A called New Tech alternative loan program holdings. That'll make it easier to define the ALP business. So the ALP segment in our Qes going forward, I'd like to suggest that we use that DBA, I don't know if we're getting it in this for you in the future, but we start talking about ALP, have that broken out separately. 24 we talked about in previous calls. Same thing for 25,26. Obvious read the press release talks about guidance talks about where we came in 27-9 month numbers, Scott. Please take over her 28 and 20 nine. Thanks.
第 22 號投影片不言而喻。請再次閱讀新聞稿。第 23 張投影片。我們的所有數據都很好。 2024 年第 30 步。我們創建了一個名為 New Tech 另類貸款計劃控股的 DB A。這將使 ALP 業務的定義變得更加容易。因此,我們未來 Qes 中的 ALP 部分,我想建議我們使用 DBA,我不知道我們將來是否會在其中為您提供它,但我們開始談論 ALP,有那個分別打破。 24 我們在之前的電話中談到過。 25,26 也是如此。斯科特,顯然閱讀了有關我們 27-9 個月數據的指導性談話的新聞稿。請接手她的28和20九。謝謝。
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
Barry and good morning everyone slide. 28 shows our yields and rates. We experienced nice margin expansion resulting from lower deposit costs. As we continue to bring in lower cost deposits from business checking and business money market accounts. We raise debt in the public markets for two consecutive quarters to one refinance maturing issuances and to fund our future investments and our ALP loans.
巴里,早上好,大家滑。圖 28 顯示了我們的收益率和利率。由於存款成本降低,我們的利潤率得到了良好的成長。隨著我們繼續從商業支票和商業貨幣市場帳戶中引入成本較低的存款。我們連續兩個季度在公開市場上籌集債務,為到期發行進行再融資,並為我們未來的投資和 ALP 貸款提供資金。
So as you look forward, I believe that you can expect to have a higher balances, but that will result in higher loan balances as well. And that's reflected in our guidance.
因此,當您展望未來時,我相信您可以期望擁有更高的餘額,但這也會導致更高的貸款餘額。這反映在我們的指導上。
Nicolas Young - Chief Risk Officer
Nicolas Young - Chief Risk Officer
Turning to slide 29 we lowered our CD rates in July and saw a decline in our in our CD retention numbers which was anticipated, this was partially offset by increases in our business checking and business money market accounts.
轉向幻燈片 29,我們在 7 月降低了 CD 利率,並發現我們的 CD 保留數量出現了預期的下降,這部分被我們的業務支票和商業貨幣市場帳戶的增加所抵消。
We also saw some growth in our high yield savings accounts which has followed through, through the month of October.
我們也看到我們的高收益儲蓄帳戶有所成長,這種情況一直持續到十月。
I'll point out again that we managed to keep our average balances on borrowings down and the costs flat.
我要再次指出,我們成功地保持了平均借款餘額下降和成本持平。
And with that Barry, I'll turn it back to you.
有了巴里,我會把它還給你。
Barry Sloane - Chairman of the Board, President, Chief Executive Officer
Barry Sloane - Chairman of the Board, President, Chief Executive Officer
Thank you. Let's go to slide number 31 credit and risk management. One of the favorite slides out there important to note and I know a lot of you look at the trend. So I think what concerns some people was the trend from Q1 2024 and small business finance to Q2 2024. Please note the dramatic dramatic decrease. We just charge these things off. We realize, you know, sometimes you can't fight City Hall so you just, you just write it down not a big deal. Fair value went from 5.2 million to 5.3 million & $4 million increase. The jump previously was more substantial from Q1 2024 to Q2 2024. And I think that concerns some people. Look when we look at the fair value of these things, that's just equity coming back to us. Those loans are going to get liquidated. We've got the gain on sale, we've got the servicing income. We, we've marked this thing properly that doesn't bother us in a banking environment. We understand why that would bother us also important to note these are done at the holding company marked to the market with a prospective 8% cumulative charge up going forward despite the fact that the loans are fairly seasonal. So we feel pretty good about this. I want to remind everybody that we have 281 million of shareholder capital. Now let's go down to the bank, the 26 million in allowance for credit loss. I also want to point out that the charge offs but from 800,000 to 1.7 million, that is not a big deal. Now, some of you are going to focus on the non accrual health or investment. That is a classic thing you look at as a bank and you would find it to be typically alarming but therefore those non accrual loans are marked and we're comfortable that the charge off there is the right number as well as adding to the credit losses. So we've covered this for capital, we've covered it for income and unless we make a mistake which we've been doing this for 20 years where our liquidation amounts are dramatically off of where we are and we've got checks and balances of the Y yank to make sure that forbid that that doesn't happen. This isn't a problem for us. The allowance for credit losses divided by total health for investment, 5% non accruals. HF five total loans, 3.8% somewhere. Somebody wrote that are not accruals are growing faster than the portfolio, sorry, not accurate.
謝謝。讓我們來看看第 31 幻燈片信用和風險管理。值得注意的是,最受歡迎的幻燈片之一,我知道你們很多人都在關注這一趨勢。所以我認為有些人擔心的是從 2024 年第一季和小型企業融資到 2024 年第二季的趨勢。我們只是把這些東西記下來。我們意識到,有時你無法與市政廳抗爭,所以你只需將其寫下來,沒什麼大不了的。公允價值從 520 萬漲至 530 萬,增加 400 萬美元。之前從 2024 年第一季到 2024 年第二季的跳躍幅度更大。當我們考慮這些東西的公允價值時,這只是回到我們身邊的公平價值。這些貸款將被清算。我們有銷售收益,我們有服務收入。我們,我們已經正確標記了這件事,這在銀行環境中不會打擾我們。我們理解為什麼這會讓我們感到困擾,同樣重要的是要注意,這些都是在控股公司按市場定價進行的,儘管貸款相當季節性,但未來預計會收取 8% 的累積費用。所以我們對此感覺很好。我想提醒大家,我們有2.81億股東資本。現在我們來看看銀行,2600萬的信用損失準備金。我還想指出的是,沖銷但從80萬降到170萬,這並不是什麼大問題。現在,你們中的一些人將關注非應計健康或投資。作為銀行,這是一個經典的事情,您會發現它通常令人震驚,但因此這些非應計貸款被標記,我們很高興沖銷的金額是正確的,並且增加了信用損失。因此,我們已經涵蓋了資本,我們已經涵蓋了收入,除非我們犯了一個錯誤,我們已經這樣做了 20 年,我們的清算金額大大低於我們的水平,而且我們有支票和Y 拉動的平衡,以確保不會發生這種情況。這對我們來說不是問題。信貸損失準備金除以投資總健康狀況,5% 非應計費用。 HF五項貸款總額,佔某地的3.8%。有人寫道,應計專案的成長速度並不快於投資組合,抱歉,不準確。
Slide number 32 adequate loan loss reserves, talk about 5% final paragraph on slide 32 talks about risk adjusted returns. Once again, high capital levels, high levels of income generation, lucrative business margins. Nobody in this part in market. In my view, talks about business margins. Obviously, we do not look at new tech notice my description, we provide business solutions and financial solutions to this demographic of independent business owners and we're also a depository.
第32張投影片有足夠的貸款損失準備金,第32張投影片最後一段談到了5%,討論了風險調整後的回報。再次,資本水準高、創收水準高、業務利潤豐厚。市場上這部分沒有人。在我看來,談論的是業務利潤率。顯然,我們不會關注新技術,注意我的描述,我們為這些獨立企業主提供業務解決方案和財務解決方案,我們也是一個託管機構。
Okay. That's who we are and we utilize technology so people can access us, get a seamless experience, get somebody on a camera from the comforts of their business or their home and get their solution provided for them and deal with a company that's got an expertise in what their needs are. Slide 33 talks about diversification of earnings. Slide. 34 is important because for those of you that are looking at a deposit and saying why they're so high.
好的。這就是我們,我們利用技術,讓人們可以訪問我們,獲得無縫體驗,讓某人在舒適的公司或家中透過攝影機為他們提供解決方案,並與一家擁有以下專業知識的公司打交道他們的需求是什麼。幻燈片 33 討論了收入多元化。滑動。 34 很重要,因為對於那些查看存款並詢問存款為何如此之高的人來說。
These numbers will come down more to the industry standard of discounted deposits to the industry rate. However, ours will be sticky because we can provide payroll, we can provide payment processing. We give them the advantage. They get analytics, they get transactional capability. These accounts are going to move away in the middle of the night and they're also small accounts but not Silicon Valley accounts for 10,20, 30 million with a fancy CFO who wants to get taken to Pebble Beach where at the drop of a hat loses money over that. These are small and medium sized businesses. You look at our percentage of insured deposits. I think they're about 70% plus or minus. So we now have the staff, the management, the software in place, which we've demonstrated in Q3, the growth in business deposit accounts growing as a percentage slide number 35 these are the metrics the 2024 important to note our projection for 20 we kept it wide. 68 to 76 midpoint would be 72 plus the 126 probably gets the higher the current midpoint. We're leaving our midpoint. Leave it alone. Thank you. Slide number 36 we are positioned for growth. I think you're all familiar with this slide number 37. Important. How do we grow? Investor interest? Scott and I have been going to KBWB, Riley Raymond James at upcoming conferences in New York this week. KBW Piper again, we did an analyst day meeting. It's on our website. Please listen to it a lot of good information. We have six sales side analysts that have covered our new tech. We engage in regular quotes. People are getting familiar with this model and this doesn't happen at the drop of a hat instantly. One might argue there's an interesting opportunity here. Others might argue, I don't get it. It's too complicated. I don't want to do the work. No mob, we get it. It's not for everybody. We're going to continue to execute on a business plan and provide a high quality financial and business solution to our growing database of customers. And that's what it's all about.
這些數字將更多地降至行業利率折扣存款的行業標準。然而,我們的服務將會具有黏性,因為我們可以提供薪資單,我們可以提供付款處理。我們給他們優勢。他們獲得分析,他們獲得交易能力。這些帳戶將在半夜轉移,它們也是小帳戶,但不是矽谷的 10,20,3000 萬帳戶,還有一位出色的首席財務官,他想被帶到圓石灘,在那裡帽子因此而賠錢。這些是中小企業。你看看我們受保存款的百分比。我認為它們的正負值大約是 70%。因此,我們現在擁有員工、管理人員和軟體,我們在第三季度展示了這一點,企業存款帳戶的增長以百分比幻燈片數字 35 為 2024 年的重要指標,值得注意的是我們對 20 年的預測保持寬。 68 到 76 的中點將是 72 加上 126 可能會得到更高的當前中點。我們要離開中點了。別管它。謝謝。第 36 張投影片,我們已做好成長準備。我想你們都熟悉第 37 號投影片。我們如何成長?投資者的興趣?史考特和我本週將前往 KBWB、Riley Raymond James 即將在紐約舉行的會議。 KBW Piper 再次,我們召開了分析師日會議。它在我們的網站上。請聽聽很多好的信息。我們有六位銷售分析師來研究我們的新技術。我們從事定期報價。人們正在逐漸熟悉這種模式,但這不是一下子就發生的。有人可能會說這裡有一個有趣的機會。其他人可能會爭論,我不明白。太複雜了。我不想做這項工作。沒有暴徒,我們明白了。它並不適合所有人。我們將繼續執行業務計劃,並為我們不斷成長的客戶資料庫提供高品質的財務和業務解決方案。這就是全部內容。
There's 2.6 million of roles in the database. Approximately 80,000 paying customers. I will also add, the board of directors has approved the stock buyback for a million shares. Slide number 38 fairly self explanatory. I'm not going to go into it. Slide number 39 the ratios are in a powerpoint and most importantly, I have a note here, Scott MD&A.
資料庫中有 260 萬個角色。約 8 萬名付費客戶。我還要補充一點,董事會已批准回購100萬股股票。第 38 號投影片相當不言自明。我不打算深究。第 39 號投影片中的比率位於幻燈片中,最重要的是,我在這裡有一條註釋,Scott MD&A。
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
Thanks Barry. Turning to slide 41. I'm going to focus my comments on the link quarter changes. Net interest income was up based on volumes of loans. I remind everybody again that we raised that in the public market for two sequential quarters and we're able to deploy the proceeds efficiently to reduce leverage on our staging lines. The provision for credit losses was up on migration and on accrual loans in the bank. I remind everyone that the portfolio at the bank is a new portfolio. So non accrual loans, we started zero at the beginning of the year and can only go up from zero.
謝謝巴里。轉向幻燈片 41。淨利息收入根據貸款量增加。我再次提醒大家,我們連續兩個季度在公開市場上籌集了資金,我們能夠有效地部署收益,以減少我們的分階段槓桿。信貸損失準備金因移民和銀行應計貸款而增加。我提醒大家,銀行的投資組合是一個新的投資組合。所以非應計貸款,我們年初就開始為零,只能從零開始。
Additionally, we experienced that charge off 59 basis points as a percent of total loans for the quarter. That's an annualized number and we, but I want to reiterate that we have incorporated our credit assumptions into our forecast and our guidance and are comfortable with where we are non interest income was relatively unchanged. So turning to non interest expense salaries and benefits was up approximately 1.9 million. Part of this was based on or the decline, excuse me, increase was, I'm sorry, it was a decrease. The lower expenses and salaries and benefits as a result of lower performance based comp as well as NTS reductions in force that occurred in the second quarter. Our professional fees were up mainly as a result of the NTS disposition, which is approximately 700,000 as well as the preparation of our tax returns. And then our other loan origination and maintenance expenses were up from higher volumes of loans originated as well as higher serviced loan balances. Our other G&A increased on occupancy expenses and marketing expenses increasing both $250,000 each.
此外,我們還發現該季度貸款總額的百分比下降了 59 個基點。這是一個年化數字,但我想重申,我們已將信貸假設納入我們的預測和指導中,並對非利息收入相對不變的情況感到滿意。因此,非利息支出工資和福利增加了約 190 萬人。部分原因是下降,對不起,成長是下降。由於基於績效的薪酬較低以及第二季度發生的 NTS 削減,導致費用、工資和福利下降。我們的專業費用上漲主要是由於 NTS 處置(約 70 萬美元)以及我們的報稅表的準備。然後,我們的其他貸款發放和維持費用因發放貸款量增加以及服務貸款餘額增加而增加。我們的其他一般管理費用因入住費用和行銷費用而增加,各增加 250,000 美元。
And then income taxes as very mentioned earlier was up 500,000 as a result of a discrete item on from moving the NTS assets to help for sale, shifting to the balance sheet which we've covered most mostly in the call. We did segregate the assets and liabilities associated with NTS and classified them as held for sale. Given our agreement to sell them in the coming months.
然後,正如前面提到的,由於將 NTS 資產轉移到幫助出售、轉移到我們在電話會議中主要討論的資產負債表上的一項離散項目,所得稅增加了 50 萬美元。我們確實分離了與 NTS 相關的資產和負債,並將其分類為持有待售。鑑於我們同意在未來幾個月內出售它們。
Our tangible book value per share was $8.93. And we believe the NTS disposition could provide 57¢ of tangible book value accretion depending on the measurement of the consideration at the future closing date.
我們每股有形帳面價值為 8.93 美元。我們認為 NTS 處置可以提供 57 美分的有形帳面價值增值,具體取決於未來交割日對價的衡量。
With that Barry, I'll turn it back to you.
有了巴里,我會把它還給你。
Barry Sloane - Chairman of the Board, President, Chief Executive Officer
Barry Sloane - Chairman of the Board, President, Chief Executive Officer
Thank you, Scott. We'd love to take questions from our, from our audience.
謝謝你,斯科特。我們很樂意回答我們的觀眾的問題。
Operator
Operator
Thank you. At this time, we will conduct a question and answer session as a reminder to ask a question, you will need to press star 11 on your telephone and wait for your name to be announced to draw your question. Please press star 11 again. Please stand by while we compile the Q&A roster up. First. Our first question comes from Crispin Love from Piper Sandler. The floor is yours.
謝謝。此時,我們將進行問答環節,提醒提問,您需要按手機上的星號11,等待報出您的名字才能提出問題。請再按星號 11。我們正在整理問答名單,請稍候。第一的。我們的第一個問題來自 Piper Sandler 的 Crispin Love。地板是你的。
Crispin Love - Piper Sandler
Crispin Love - Piper Sandler
Thank you and good morning everyone. Just first on the news of the week, can you, can you just discuss some of the specific ways that you believe a Trump presidency can benefit new tech banks actually rallied yesterday, including new tech. So curious if there's anything specific to new tech where you expect the company to benefit, whether it's really to small business overall growth or anything else pointing out and if there could be any headwinds in the Trump presidency as well. Thank you.
謝謝大家,早安。首先,關於本週的新聞,您能不能討論一下您認為川普擔任總統可以使昨天實際上上漲的新科技銀行受益的一些具體方式,包括新技術。很好奇是否有任何特定於新技術的東西可以使公司受益,無論是真正對小型企業整體成長還是其他任何指出,以及川普總統任期內是否也可能存在任何阻力。謝謝。
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
Thanks Cris. Yeah, I think the the biggest item relative to I'll, I'll use the word as you did. The benefit would be, it does seem that he definitely wants to minimally and obviously it's got to get through the House and the Senate maintain the corporate tax rate and not make a change on that. I think there was a risk that if there was some kind of a change in the Senate and the House and the presidency that the corporate tax rate would change. I think that that perspectively was a risk that got removed. Now, on the flip side of it, you've got this very interesting dynamic about tariffs and, you know, we're sensitive to the concept of tariffs. Now, I try to look at these things logically, the tariff thing, it's a threat. It's not definitive, but for businesses that are fairly dominant on components or selling things from China, I would say that's a risk. Matter of fact, you know, the Biden administration didn't remove the tariffs either. So I think that we're being extremely thoughtful in credit looking to see about what if scenarios on these types of things? I think the tax rate was the easiest thing. I would tell you that with Trump and either party, I think you're more likely to get higher rates on the, on the intermediate, the long end of the curve than lower rates. You might finally get an upward sloping yield curve again because I do think that they're particularly in the near term and unfortunately, Chris, but you and I are locked into this day to day, week to week, quarter to quarter. So some of the stuff my comments are relating to short term and I'm, I'm going to keep away from the long term policy effects of it.
謝謝克里斯。是的,我認為與「我將」相關的最大項目,「我會像你一樣使用這個詞」。好處是,他似乎確實希望最低限度地、顯然必須透過眾議院和參議院來維持公司稅率,而不是對此做出改變。我認為有這樣的風險:如果參議院、眾議院和總統職位發生某種變化,公司稅率就會改變。我認為從長遠來看,這是一個已被消除的風險。現在,另一方面,你已經看到了關於關稅的非常有趣的動態,你知道,我們對關稅的概念很敏感。現在,我嘗試從邏輯上看待這些事情,關稅問題,這是一個威脅。這還不是確定的,但對於在零件或從中國銷售產品方面佔據主導地位的企業來說,我認為這是一個風險。事實上,你知道,拜登政府也沒有取消關稅。因此,我認為我們在信貸方面非常深思熟慮,希望了解這些類型的事情的情景會是什麼?我認為稅率是最簡單的事。我想告訴你,對於川普和任何一方,我認為在曲線的中間、長端,你更有可能獲得更高的利率,而不是更低的利率。你最終可能會再次得到一條向上傾斜的殖利率曲線,因為我確實認為它們特別是在短期內,不幸的是,克里斯,但你和我每天、每週、每季都被鎖定在這種情況下。因此,我的評論中的一些內容與短期有關,我將遠離它的長期政策影響。
I would say tax rates positive, good for business. That's very important to, I think you're going to get a upward sloping yield curve. So there could be pressure on the fed to lower but inflation expectations from an expansive standpoint don't go away. And then the concept of businesses that are very dependent upon inexpensive goods and services from China Pakistan wherever. And by the way, nobody ever talks about why it's cheap. It's slave labor because there aren't three countries, but that's why the stuff's cheap.
我想說的是,稅率為正,對商業有利。這非常重要,我認為你將得到一條向上傾斜的殖利率曲線。因此,聯準會可能面臨降息的壓力,但從擴張的角度來看,通膨預期不會消失。然後是非常依賴來自中國巴基斯坦的廉價商品和服務的企業概念。順便說一句,沒有人談論它為什麼便宜。這是奴隸勞動,因為不存在三個國家,但這就是為什麼這些東西很便宜。
Which that's a whole another long term thing. I'll stay away from that. Those are the things we're focused on. So I appreciate the question.
這是另一個長期的事情。我會遠離那個。這些都是我們關注的重點。所以我很欣賞這個問題。
Crispin Love - Piper Sandler
Crispin Love - Piper Sandler
Think they all makes sense and yeah, I do get this the big differences between kind of near and long term and the difficulty there. So that absolutely makes sense. And then just one last question for me on slide 7 of the deck, you break out a bunch of data on the bank and the consolidate company versus peers as well and definitely appreciate your comments on risk adjusted returns and reserves. But just looking specifically at the net chart jobs at the bank, the the net charge off right there, increased to 104 basis points from 54 basis basis points last quarter, but consolidated actually declined to 18 basis points. So, can you just discuss some of the differences there? What drove the increases at the bank and the decline at the consolidated level? Just general views on credit going forward and if you believe that you can kind of get, get risk adjusted returns to improve over the near term?
我認為它們都有道理,是的,我確實明白近期和長期之間的巨大差異以及那裡的困難。所以這絕對是有道理的。然後,在投影片 7 上,我要問最後一個問題,您列出了一系列關於銀行和合併公司與同行的數據,並且非常感謝您對風險調整回報和準備金的評論。但只要具體看看銀行的淨就業圖表,淨沖銷就從上季的 54 個基點增加到 104 個基點,但綜合實際上下降到 18 個基點。那麼,您能討論一下其中的一些差異嗎?是什麼推動了銀行的成長和綜合水準的下降?只是對未來信貸的一般看法,如果您相信自己可以獲得風險調整後的回報,從而在短期內有所改善?
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
Sure. I'm going to give a macro and I'm going to got to focus on the numbers. I, I don't know how we can improve on risk adjusted returns when our ROA is where it is and our OTC is where it is. I mean, that's pretty damn good. I think the biggest problem is people don't believe it's sustainable. I mean, if you cut those numbers in half, it would be spectacular. And I asked the audience to say we've been doing this for 20 years. I mean, and we did it without deposits, we did it with more expensive funding. So our work and we did it through 0809 and we did it through a high rates and low rates. So I cannot present a more comprehensive cogent argument than that. I will also say that we, what we're talking about today is consistent with the plan that we have put out in the marketplace to all bodies including regulators. So this isn't a surprise.
當然。我將給出一個宏,並且我將重點放在數字上。我,我不知道當我們的 ROA 和 OTC 都達到現在的水平時,我們如何提高風險調整後的回報。我的意思是,這真是太棒了。我認為最大的問題是人們不相信它是可持續的。我的意思是,如果你把這些數字減少一半,那就太壯觀了。我讓觀眾說我們已經這樣做了 20 年。我的意思是,我們在沒有存款的情況下做到了這一點,我們是用更昂貴的資金做到的。所以我們的工作是透過 0809 來完成的,我們透過高費率和低費率來完成。因此,我無法提出比這更全面、更有說服力的論點。我還要說,我們今天所討論的內容與我們向市場上向包括監管機構在內的所有機構推出的計劃是一致的。所以這並不奇怪。
They probably listen to our calls. I assume they do. We're welcome. We welcome that we're very transparent. So I, I couldn't feel the biggest surprise frankly has been the difficulty in getting across this concept. Now, I will say this. We entered the banking market in 2023. Okay. So everybody on this call that's involved with banking and finance and bank holding companies.
他們可能會聽我們的電話。我想他們會的。我們不客氣。我們很高興我們非常透明。所以坦白說,我並沒有感到最大的驚訝是理解這個概念的困難。現在,我要這麼說。我們在 2023 年進入銀行市場。所以參加這次電話會議的每個人都涉及銀行、金融和銀行控股公司。
We all have post traumatic stress syndrome because we looked at Silvergate, we look at signature, we looked at Republican. It's like, oh my God, here's this new company that's different, just like these other guys say they were, they all blew up. Why is this one not going to blow up? I'm okay with that. I it's human nature. But I also asked goes to look at there is so much cushion in these numbers.
我們都有創傷後壓力症候群,因為我們看過銀門,我們看過簽名,我們看過共和黨。就像,天哪,這家新公司與眾不同,就像其他人說的那樣,他們都爆炸了。為啥這個不炸呢?我對此表示同意。我這是人性。但我也要求看看這些數字中有多少緩衝。
Crispin Love - Piper Sandler
Crispin Love - Piper Sandler
We marginally off. It's, it's a non event even evolved by a lot, which I don't believe we are. I mean, I say I don't believe it with, with Adamancy. I don't believe we are. So I feel very good about the macro picture. Are these numbers going to grow modestly? Probably. Do we have enough capital? Yeah. Do we have enough excessive reserves? Yes. Are they going to get used and eaten up? I mean, I don't, I I'm telling you right now, don't expect to have this five sitting there. Number one, we're going to add more of the lower risk of boring bank stuff to balance the portfolio and then they're going to be utilized. So maybe Scott could add some color to the exact numbers Scott. Can you help on that.
我們稍微關閉了。這是,這是一個非事件,甚至進化了很多,我不相信我們是這樣。我的意思是,我說我不相信,堅定不移。我不相信我們是。所以我對宏觀的情況感覺非常好。這些數字會溫和成長嗎?大概。我們有足夠的資本嗎?是的。我們有足夠的超額儲備嗎?是的。它們會被習慣並被吃掉嗎?我的意思是,我不,我現在告訴你,不要指望這五個人坐在那裡。第一,我們將添加更多低風險的無聊銀行東西來平衡投資組合,然後它們將被利用。所以也許斯科特可以為斯科特的確切數字添加一些色彩。你能幫忙嗎?
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
Yes, experience. Hey Kristen. So the the charge off ratio at on a consolidated basis was roughly 59 basis points. So you're looking at 59 versus 104, I'll remind you the accounting model that we have our accounting models plural at the holding company, we primarily have a loan portfolios that are carried at fair value. So the charge offs are actually going through unrealized losses in the non interest income line versus the traditional bank loans where the those charge offs are running through the allowance. So at the end of the day, it still falls to the bottom line. It still impacts, you know, the overall level of reserves, but there's just two different accounting models that we're following. I'd say again that we started out during we started out 2024 with minimal NPAS, most of which were traditional bank loans that we purchased and we've seen an increase and this is as expected, we expected an increase during the year because the SB a portfolio is maturing and they're moving along the default curve. So we're monitoring it. We're not concerned, we have it baked in our forecasts and so we're going to deliver to you guys results and you guys are going to evaluate them. But this is a trend that we expect to continue to Barry's Point. We expect modest increases. We have the reserves, we have the capital.
是的,經驗。嘿克里斯汀。因此,綜合核銷率約為 59 個基點。所以你看的是 59 與 104,我會提醒你會計模型,我們在控股公司有複數的會計模型,我們主要有以公允價值計量的貸款組合。因此,與傳統銀行貸款相比,沖銷實際上是在非利息收入線中經歷未實現的損失,而傳統銀行貸款則透過津貼進行沖銷。所以最後還是跌到底線了。你知道,它仍然會影響儲備的整體水平,但我們只遵循兩種不同的會計模式。我要再說一遍,我們在 2024 年伊始就以最低的 NPAS 開始,其中大部分是我們購買的傳統銀行貸款,我們看到了增加,這是預期的,我們預計這一年會增加,因為SB 投資組合正在成熟,並且正在沿著預設曲線移動。所以我們正在監控它。我們並不擔心,我們已將其納入我們的預測中,因此我們將向你們提供結果,你們將對其進行評估。但我們預計這一趨勢將持續到巴里點。我們預計會有小幅成長。我們有儲備,我們有資本。
Crispin Love - Piper Sandler
Crispin Love - Piper Sandler
Great Thank you and I appreciate you taking my questions.
非常感謝您,非常感謝您回答我的問題。
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
Thanks, Chris.
謝謝,克里斯。
Operator
Operator
Thank you for your question.
謝謝你的提問。
Just one brief moment, please.
請稍等片刻。
Our next question comes from Tim Switzer from KBW the floor is yours?
我們的下一個問題來自 KBW 的 Tim Switzer,地板是你的嗎?
Tim Switzer - Analyst
Tim Switzer - Analyst
Hey, good morning guys. Thank you for taking my questions.
嘿,早上好,夥計們。感謝您回答我的問題。
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
Thanks, Tim.
謝謝,蒂姆。
Tim Switzer - Analyst
Tim Switzer - Analyst
I, I have a quick follow up on the, on the credit outlook here. More, more specifically about the allowance. I, I think you guys have, you know, historically kind of said a good, you know, level set level for the allowance would be around 350 basis points. When should we expect the allowance to start to sort of move back down towards that level? And, you know, like how quickly will it get there.
我,我對這裡的信用前景有一個快速的跟進。更多,更具體地關於津貼。我認為,你們知道,歷史上曾說過,津貼的水平設定水準約為 350 個基點。我們應該預期津貼什麼時候開始回落到這個水平?而且,你知道,例如它會多快到達那裡。
Scott, would you say we might see that move in the fourth quarter but not dramatic? I mean, it's, it's hard, it's hard to say it's November 7th. But, I don't know. Do you think we're, I mean, I think it's anyone's guess, but are we at that point? I have no, I have no idea.
斯科特,你認為我們可能會在第四季度看到這種變化,但不會太戲劇性?我的意思是,這很難,很難說今天是 11 月 7 日。但是,我不知道。你認為我們是,我的意思是,我認為這是任何人的猜測,但我們已經到了那個時候了嗎?我沒有,我不知道。
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
Yeah, I think we're look the, the level of allowance relative to the loans held for investment at the bank, which is the basis on which the allowance is calculated is, you're going to be heavily influenced by the level of seven A loans that we have on the balance sheet. You know, our reserves, for seven A loans are, you know, north of 6%.
是的,我認為我們正在研究相對於銀行持有的投資貸款的津貼水平,這是計算津貼的基礎,你將受到七級水平的嚴重影響我們資產負債表上的貸款。你知道,我們的 7 筆 A 級貸款準備金超過 6%。
And so as that concentration moves up, you're going to see a higher shift in the allowance. Now, that being said, I'd remind you that while we reserve at north of 6% we're getting, you know, at this, at least this quarter, 10.8% north of 10.8% premium. So the P&L event covers it, what you're going to see in the future, at least what we expect our additional bank loans coming on the balance sheet that are going to be more of your traditional bread and butter bank loans that you know are going to attract a much lower level of allowance. We have not performed as well as we thought during the when we started the year on bringing traditional bank loans onto the balance sheet. But we want to prudently manage our balance sheet. We want to bring on a diverse set of loans so that we're, our risk is manageable. Our risks are diversified. We're not in any 111 product category to where we're running more risk than we anticipate. So to answer your question is 5% the peak I think given our projections, I think that you know, it it very well could be, but we've got to deliver on the bank bank loan production. And so we expect to cover our charge offs. We're not going to be releasing reserves unless we see that in the macro economic factors. And that'll be a function of our, our modeling.
因此,隨著集中度的提高,你會看到津貼的變化更大。現在,話雖這麼說,我要提醒您,雖然我們保留了 6% 以上的溢價,但您知道,至少在本季度,我們獲得了 10.8% 以上的溢價 10.8% 以上。因此,損益表事件涵蓋了這一點,您將來會看到什麼,至少是我們預計資產負債表上出現的額外銀行貸款將更多地是您知道的傳統麵包和黃油銀行貸款將吸引低得多的津貼。在將傳統銀行貸款納入資產負債表方面,我們的表現並沒有年初時想像的那麼好。但我們希望謹慎管理我們的資產負債表。我們希望提供多樣化的貸款,以便我們的風險是可控的。我們的風險是多元化的。我們不屬於任何 111 產品類別,我們所面臨的風險比我們預期的要大。因此,根據我們的預測,我認為回答你的問題是高峰的 5%,我想你知道,這很可能是,但我們必須交付銀行貸款生產。因此,我們希望能夠彌補我們的沖銷。除非我們在宏觀經濟因素中看到這一點,否則我們不會釋放儲備。這將是我們的建模的一個功能。
So, and, and just to tack on to that, do I think that we'll get there? You know, we'll start trick, trickling down during the quarter. It's possible, but I would say I'd expect it more in the, more of a meaningful decline in 2025 than what you'll see in 2024.
那麼,並且,只是為了解決這個問題,我認為我們會實現這一目標嗎?你知道,我們會開始耍花招,在本季逐步滲透。這是有可能的,但我想說的是,我預計 2025 年會出現比 2024 年更有意義的下降。
Tim Switzer - Analyst
Tim Switzer - Analyst
Got you. Okay. And you guys had a pretty good quarter on gathering your commercial low cost business deposits. You know, what kind of drove the inflection here? And you know, what do you expect expectations going forward? How, how quickly can you grow that book?
明白你了。好的。你們在收集商業低成本企業存款方面度過了相當不錯的季度。你知道是什麼推動了這裡的改變嗎?你知道,你對未來有何期望?你能以怎樣、多快的速度發展這本書?
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
Yeah, so that's something that we're very focused on and it's, it's really a matter of us getting the staff trained to be able to explain to clients why they should go through moving their account from Brand X to us. There's a compelling reason to do. So take a look at that calculator. You'll see us first, the national average, you have a good idea. So there's a very compelling reason now to get the staff to do it, to be educated, to get on the phone. Now we have staffed up to do it with, with Jennifer Merit Group in Wilmington. It's got people all over the country being able to do the KYCB BSA and AML work, which we now got the right people. We've got the right software we got the right processes in place. So I just think that's a function of time and you're going to see us continuing execute that. In addition to that, our payroll and payments unit needs to, you can't open up a payroll account without a bank account.
是的,所以這是我們非常關注的事情,我們對員工進行培訓,讓他們能夠向客戶解釋為什麼他們應該將帳戶從品牌 X 轉移到我們這裡。有一個令人信服的理由可以做。所以看看那個計算器。你會先看到我們,全國平均水平,你有一個好主意。因此,現在有一個非常令人信服的理由讓員工去做這件事,接受教育,打電話。現在,我們已經在威爾明頓的 Jennifer Merit Group 配備了人員來完成這項工作。它讓全國各地的人們都能夠從事 KYCB BSA 和 AML 工作,我們現在找到了合適的人。我們擁有正確的軟體,我們擁有正確的流程。所以我認為這是時間的函數,你會看到我們繼續執行它。除此之外,我們的薪資和付款部門需要,如果沒有銀行帳戶,您就無法開設薪資帳戶。
You can't open up a payments account without a bank account.
沒有銀行帳戶,您無法開設付款帳戶。
And frankly, we don't even need to be the primary account. We just be the tertiary account. We've got to convince the customer that there's a tremendous value in terms of the analytics, transactional capability and data to use us to the advantage. It's one place. So there's going to be, it's very hard for me to gauge. I, I feel good about it. I mean, I think we'll, I think we'll continue to grow at nice dollar amounts. Obviously, you know, you get nice big percentage increase of below base, but that you're going to see us continue to pick up business accounts particularly, you know, I put something out in the near future, launching our true H1st zero fee banking account for business, business banking.
坦白說,我們甚至不需要成為主要帳戶。我們只是第三帳戶。我們必須讓客戶相信,分析、交易能力和數據具有巨大的價值,可以讓我們發揮優勢。這是一個地方。所以,我很難衡量。我,我感覺很好。我的意思是,我認為我們會,我認為我們會繼續以可觀的美元金額成長。顯然,你知道,你會得到低於基數的很大百分比的增長,但是你會看到我們繼續增加商業帳戶,特別是,你知道,我在不久的將來推出了一些東西,推出了我們真正的第一季零費用商業銀行帳戶,商業銀行業務。
Tim Switzer - Analyst
Tim Switzer - Analyst
And if I could just, if I could just pack on to that, Tim, I was sitting close to our BSS folks that are, are selling the account and I mean, we're get it's hand to hand combat. We're getting the client on the phone, we're getting on video, we're analyzing their statements from their other institutions and we're showing them what the value proposition is of switching to us. So we feel we feel that it's compelling then you layer on top of that, the new tech advantage and being able to bring everything into one view. We, we feel like it's there, we're refining our sales process as we move forward and but it's hand to hand combat. I mean, it's, it's a grind and to Barry's point, we're getting the people trained, we're getting them, we're getting their scripts refined. And you know, we saw traction and we, we feel like we're going to continue to see traction.
如果我可以的話,如果我可以繼續說下去,蒂姆,我就坐在我們的 BSS 人員旁邊,他們正在出售該帳戶,我的意思是,我們正在展開一場肉搏戰。我們透過電話、視訊、分析他們來自其他機構的陳述,並向他們展示轉向我們的價值主張。因此,我們覺得這是令人信服的,然後你再疊加新技術優勢,並且能夠將所有內容納入一個視圖。我們感覺它就在那裡,隨著我們的前進,我們正在完善我們的銷售流程,但這是一場肉搏戰。我的意思是,這是一項艱鉅的任務,就巴里的觀點而言,我們正在對人員進行培訓,我們正在對他們進行培訓,我們正在完善他們的劇本。你知道,我們看到了牽引力,我們覺得我們將繼續看到牽引力。
Thanks for the color.
謝謝你的顏色。
Operator
Operator
Thank you for your questions.
謝謝您的提問。
One brief moment, please.
請稍等片刻。
Our next question comes from Steve Moss from Raymond James. The line is yours.
我們的下一個問題來自雷蒙德·詹姆斯的史蒂夫·莫斯。這條線是你的。
Steve Moss - Anlayst
Steve Moss - Anlayst
Hi, good morning guys.
嗨,大家早安。
Maybe Just starting here with the, you know, or following up on the growth in demand deposits is the growth here primarily just on the new originations as the customers come in that, you know, you now are, you know, operational in Wilmington and, and have better integration. Just kind of curious how to, how we think about those dynamics.
也許只是從這裡開始,你知道,或者跟進活期存款的增長,這裡的增長主要只是在新的起源上,因為客戶進來了,你知道,你現在在威爾明頓和,並且有更好的集成度。只是有點好奇我們如何看待這些動態。
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
See if I excuse me, I think that Wilmington is the source of compliance surveillance, getting the accounts open doing our, you know, and I say that obviously it's under our BSA officer Sarah Lamona who's not in Wilmington, but she works very closely obviously with our compliance manager, Julia Hernandez, President of the bank, Nick Young and Jennifer. So that's the back office. But I think the way we look at the business and the growth, it's how do you get the at bats? How do you get the customer in the batter's box to pay attention? Say, hey, you need to look at our account and why you should have it with us primarily or secondarily versus them. That's not what Wilmington does or the compliance team that is done by our team that's booking and boarding, merchant accounts, payroll accounts and very importantly in lending. So now in lending, we are now requiring that when the account is open and we're funding loans, that money is using that account. This is all new to us and it sounds like it's easy. I'm, I'm a financial guy too. Unfortunately, I have to put my operating pants on, but you got to train people to do this and it does take time. So Justin Gavin's team that handles the front end of lending is managing his team and that was what Scott was referring to getting people comfortable, you know, on a, on an automated basis, Steve when you apply for a loan in our portal, the data ports over to be able to open up a bank account. So we don't have to ask the customer twice for two accounts. I don't think you've got that.
請原諒我,我認為威爾明頓是合規監控的來源,打開帳戶,做我們的,你知道,我說顯然是在我們的BSA 官員莎拉·拉莫納(Sarah Lamona) 的領導下,她不在威爾明頓,但她顯然工作非常密切與我們的合規經理 Julia Hernandez、銀行行長 Nick Young 和 Jennifer 一起。這就是後台辦公室。但我認為我們看待業務和成長的方式是如何獲得成功?如何讓擊球手包廂裡的顧客注意呢?比方說,嘿,您需要查看我們的帳戶,以及為什麼您應該將其主要或次要地放在我們這裡而不是他們。這不是威爾明頓所做的事情,也不是我們團隊負責的合規團隊所做的事情,他們負責預訂和登機、商業帳戶、薪資帳戶,以及非常重要的貸款。因此,現在在貸款方面,我們現在要求,當帳戶開設並且我們為貸款提供資金時,這筆錢就使用該帳戶。這對我們來說是全新的,而且聽起來很簡單。我,我也是金融人。不幸的是,我必須穿上手術褲,但你必須訓練人們做到這一點,這確實需要時間。因此,賈斯汀·加文(Justin Gavin)負責貸款前端的團隊正在管理他的團隊,這就是斯科特所說的讓人們感到舒適的意思,你知道,在自動化的基礎上,史蒂夫當你在我們的入口網站申請貸款時,資料移植以便能夠開設銀行帳戶。所以我們不必向客戶兩次詢問兩個帳戶。我不認為你有這個能力。
I'm going to, you know, I got my legal hat on in almost most of the banks in the United States, it's done automatically. So I think what you're going to see from us is slowly steadily, that Tortoise is going to keep grinding it out and we're going to get these customers in, in addition, opening up merchant accounts, payroll accounts, the existing lending accounts, 80,000 paying customers in the book. Now, if the product is better, which we're fairly adamant, it is particularly when you go to that mortgage calculator. It's going to happen. It's only a function of how fast, how quick. And when I'm very appreciative of the questions we're getting from you, Steve and others here because you're starting to focus on what has this been? Why is new tech one and the bank going to win?
我要,你知道,我在美國幾乎大多數銀行都獲得了法律許可,這是自動完成的。因此,我認為您將從我們這裡看到的是,烏龜將繼續努力,我們將讓這些客戶加入,此外,開設商業帳戶、薪資帳戶、現有貸款帳戶中,有80,000名付費客戶在冊。現在,如果產品更好(我們對此相當堅定),尤其是當您使用抵押貸款計算器時。這將會發生。這只是速度有多快的函數。當我非常感謝你、史蒂夫和其他人向我們提出的問題時,因為你開始關注這是什麼?為什麼新科技和銀行會獲勝?
It's because the way we put these things together, the customer wins. If the customer wins, we win, shareholders win and now you can get a feel for we have this, we don't our cost of customer acquisition. This is why you look at the efficiency ratio is very low.
這是因為我們將這些東西組合在一起的方式使客戶獲勝。如果客戶贏了,我們就贏了,股東也贏了,現在你可以感受到我們擁有這一點,我們不需要客戶獲取成本。這就是為什麼你看效率比很低的原因。
We get 6 to 900 referrals a day.
我們每天收到 6 到 900 份推薦。
Banks would love that. Banks would love to get rid of all their expense of their traditional bankers and their branches and we do it very differently. So that's, I think one of the differences in the model.
銀行會喜歡這樣。銀行希望擺脫傳統銀行家及其分行的所有費用,而我們的做法截然不同。我認為這就是模型的差異之一。
Steve Moss - Anlayst
Steve Moss - Anlayst
Okay, great. I appreciate all that. And then in terms of the insurance business, just kind of curious if you could quantify, you know, the revenue you're generating from insurance these days.
好的,太好了。我很感激這一切。然後就保險業務而言,我很好奇您是否可以量化您現在從保險中獲得的收入。
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
I don't know if we I don't know if we give that out, but I would, you know, say broadly it's, it's a $3 to $4 million type revenue business very comfortably, 34 million a year.
我不知道我們是否會透露這一點,但我會,你知道,廣義地說,這是一個非常舒適的 3 到 400 萬美元類型的收入業務,每年 3400 萬美元。
Yes, sir.
是的,先生。
Okay, I appreciate that. II, I would love to have that broken out sooner than later and maybe something we break out next year, but it's valuable. It's reoccurring, it's differentiated, it fits in well with the business model and those businesses are very, you know, highly valued by the marketplace today.
好的,我很欣賞。 II,我希望這個問題早日得到解決,也許我們明年會得到解決,但它很有價值。它正在重複出現,它具有差異化,它非常適合商業模式,這些業務非常受到當今市場的高度重視。
Steve Moss - Anlayst
Steve Moss - Anlayst
Okay, great. And then in terms of the share repurchase authorization that was announced earlier this week, just kind of curious, you know, what are your thoughts and plans for, for using that and just any, any color there?
好的,太好了。然後,就本週早些時候宣布的股票回購授權而言,我有點好奇,你知道,你的想法和計劃是什麼,使用它以及任何顏色嗎?
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
Yeah, that's a tough question. I wanted to make sure people are aware of it. Look, I think we have really high returns on equity which you could see from our business model and we're, we're in the growth business, we wanted to have it available. I mean, obviously we're looking at our, at our share price. We want to make sure investors understand where it is. One could argue when you look at the comps versus a live oak or other industry comps, we are below industry multiple. One could argue it should be there, one could argue it should be less. One could argue it should be more. So I would say that, that's not, it's a tool, we're going to use it if things are a little wacky, we will and obviously, you know, to buy low, sell high. But I mean, I think it's just something that, and add to the quiver that's all. And ultimately, you know, we're going to figure out balance between dividend and buy back and things of that nature. But I think it's very important to know we're a growing company and we're going to be raising debt capital. And I just don't think I get over exaggerated about it, but it is something we are open to and will use at the right time.
是的,這是一個很難回答的問題。我想確保人們意識到這一點。聽著,我認為我們的股本回報率非常高,你可以從我們的商業模式中看到這一點,我們處於增長型業務中,我們希望擁有它。我的意思是,顯然我們正在關注我們的股價。我們希望確保投資者了解它在哪裡。有人可能會說,當您將比較與活橡木或其他行業比較時,我們低於行業倍數。有人可能會說它應該在那裡,有人可能會說它應該更少。有人可能會說應該更多。所以我想說,這不是,它是一種工具,如果事情有點古怪,我們將使用它,我們顯然會低買高賣。但我的意思是,我認為這只是一些事情,並且增加了顫抖,僅此而已。最終,你知道,我們將在股息和回購以及類似性質的事情之間找到平衡。但我認為了解我們是一家成長中的公司並且我們將籌集債務資本非常重要。我只是認為我對此沒有過度誇大,但我們對此持開放態度,並將在適當的時候使用它。
Steve Moss - Anlayst
Steve Moss - Anlayst
Okay, appreciate that. And then last question for me, Scott, I think you said you know, the credit costs and the marks on the fair value loan go through non II I was just or other income kind of curious. You know, if you could quantify what the marks were on the fair value portfolio this quarter versus last that go through income.
好的,謝謝。然後是我的最後一個問題,斯科特,我想你說過你知道,信貸成本和公允價值貸款上的標記經過非我只是或其他收入類型的好奇。你知道,如果你能量化本季公允價值投資組合與上一季營收的分數。
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
Steve, I'm going to have to follow up with you on that one. I don't have that, that one specifically in my fingertips. I apologize.
史蒂夫,我得跟進你的情況。我沒有那個,那個特別在我指尖的東西。我道歉。
Steve Moss - Anlayst
Steve Moss - Anlayst
Okay, no problem. Appreciate it. Thank you very much guys.
好的,沒問題。欣賞它。非常感謝你們。
Operator
Operator
Thank you for your question again. As a reminder. If you'd like to ask a question, please press star 11 on your telephone.
再次感謝您的提問。作為提醒。如果您想提問,請按電話上的星號 11。
One brief moment, please as we prepare the queue our next question comes from Christopher Nolan of Liedberg and Thin and co the floor is yours?
請稍等片刻,當我們準備隊列時,我們的下一個問題來自 Liedberg 和 Thin 等公司的 Christopher Nolan,請問您的發言權是什麼?
Christopher Nolan - Analyst
Christopher Nolan - Analyst
Hi, clarification on page 7 of the deck, net charge off average loans for the holding company shows 18 BPS sky. Is that correct? That, that is not an annualized number, correct.
您好,甲板第 7 頁上的澄清,控股公司平均貸款的淨沖銷顯示 18 BPS sky。這是正確的嗎?那不是年化數字,正確的。
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
That's correct. II, I said that a few times earlier. It's, it's 59 basis points approximately.
這是正確的。二、我之前說過幾次了。大約是 59 個基點。
Christopher Nolan - Analyst
Christopher Nolan - Analyst
Okay. And then on the same line for the bank, is that also not an annualized number or that is.
好的。對銀行來說,這也不是年化數字嗎?
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
An annualized number? That's that all this the bank for the third quarter was pulled from sno or excuse me from S&P global capital IQ. So that's calculated off the call report and is annualized.
年化數字?也就是說,該銀行第三季的所有數據都是從 SNO 提取的,或者請原諒我從 S&P Global Capital IQ 中提取的。因此,這是根據通話報告計算出來的,並按年計算。
Christopher Nolan - Analyst
Christopher Nolan - Analyst
Okay, great. So it's just a going forward giving. How much discretion do you guys have in terms of the reserve ratio? Obviously the reserve is growing. I just trying to get an understanding in terms of, is this all algorithm driven or is there a good part of it? That is part of your discretion?
好的,太好了。所以這只是一個前進的捐贈。你們對於準備金率有多大的自由裁量權?顯然,儲備正在成長。我只是想了解一下,這都是演算法驅動的還是其中有很大一部分?這是你自由裁量權的一部分?
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
Yeah, I'd say Chris that it is it's a mixed bag. We do have calculations that we apply.
是的,我想說克里斯,這是一個混合體。我們確實有應用的計算。
But the biggest influencer that we have is the level of production across the portfolio and the concentrations. And I tried to, I can't reiterate that enough that as we move through time, we do expect more traditional bank loans to come on the balance sheet that will cause that reserve to loans coverage ratio go down from here. So that's again, I can't reiterate it enough. Are we is the peak five maybe, maybe not depending on our loan production for the quarter, but we intend to diversify our loan production. It's been in our business plan that we present to our board, we're going to continue to operate with that business plan in terms of the, in terms of the algorithm, there's a quantitative and a qualitative. The qualitative is where we exercise judgment and we evaluate a host of factors between economic projections trends, etcetera. So, you know, it's, I can't give you an exact answer but I can, I can only answer it qualitatively that, that it's mixed but, and we do have some level of judgment.
但對我們影響最大的是整個投資組合的生產水準和集中度。我試圖重申,隨著時間的推移,我們確實預期資產負債表上將出現更多傳統的銀行貸款,這將導致準備金與貸款覆蓋率從現在開始下降。所以,我再次重申這一點。我們是否可能是前五名,也許不取決於我們本季的貸款生產,但我們打算使我們的貸款生產多樣化。這是我們向董事會提交的業務計劃,我們將繼續按照該業務計劃進行運營,就演算法而言,有定量和定性。定性是我們進行判斷並評估經濟預測趨勢等之間的許多因素的地方。所以,你知道,我無法給你一個確切的答案,但我可以,我只能定性地回答它,它是混合的,但是,我們確實有一定程度的判斷。
Christopher Nolan - Analyst
Christopher Nolan - Analyst
Great. And I, I guess this is a general question for management. You know, given you guys do operate a differentiated business model and we're about, you know, a year 18 months ever since Silicon Valley Bank and signature and so forth went down. Are you seeing sort of more strict regimen from the bank supervisors on banks in general or sort of business as usual? I mean, I only ask this because, you know, we have a commercial real estate bubble out there and it hasn't really gone through the banking system yet. I'm just trying to see you know, from your perspective, you know, if you're seeing anything changing on the regulatory front.
偉大的。我想這是管理階層的一個普遍問題。你知道,鑑於你們確實經營著差異化的商業模式,而且自從矽谷銀行和簽名等事件發生以來,我們已經大約一年 18 個月了。您是否看到銀行監理者對整個銀行採取更嚴格的監管措施,或是一切照舊?我的意思是,我問這個只是因為,你知道,我們存在商業房地產泡沫,而且它還沒有真正通過銀行系統。我只是想讓你知道,從你的角度來看,你知道,監管方面是否發生了任何變化。
M. Scott Price - Chief Financial Officer
M. Scott Price - Chief Financial Officer
Chris, I'm going to answer that. I want to go back a little bit to the thing on the, on the reserves because I think it's, I've been a poor, an additional year when we make a loan, that's a 78 loan, for example, in the fourth quarter, we get hit with that Cecil charge up front and as we're building a portfolio, we keep putting a big cecil that get that get that's a direct hit to the income to capital, etcetera. But the activity happens down the road. So from an income standpoint, this is punitive down the road, it lightens up. So if all of a sudden down the road, you're going to focus on the fact that the reserves are coming out and getting less. We don't look at that as an issue, that's what they're there for. As I say, in the business, the sardines are there for eating, not just for looking at them, but I think it's very important because it is, it is misunderstood the way our business works, particularly given that these loans have got long durations and the losses occur way out in the future. So it's just something to think about now to answer your question with respect to Silicon Valley Bank and Signature Bank. So one thing that almost has nothing to do with us, the first question that we're typically asked is are you involved in crypt, crypto and banking as a service? No. No. Okay. So they're, they're not from our perspective, not even an issue, but I could tell you that for institutions that are involved in banking as a service or crypto, it is, it is, it is an issue that they're looking at. They're not fond of it. Then you got that CRE exposure, which I do agree with that. You know, there hasn't really been that much of a reckoning on that to date. We also don't, don't have that issue. I think in our model, they look at a lot of the things that you guys are looking at and given how we manage the risk and have the reporting and have staff first and ask questions later, and prepared for it with a lot of high quality people. I, I feel like we're, we're in pretty good shape relative to the industry in general in the event that I happen to be. Right. And there is a tremendous movement as money starts to go from, FDIC insured deposits more in the money market funds, which we've clearly seen, you know, with, with sweep accounts in the investment banking world where, you know, sweeping money at 10 or 20 basis points into an account. It's a problem.
克里斯,我來回答這個問題。我想稍微回顧一下儲備金的問題,因為我認為,我一直很窮,當我們發放貸款時,我們會再多一年,例如,在第四季度,這是一筆 78 的貸款,我們預先受到了塞西爾費用的打擊,當我們建立投資組合時,我們不斷地放置一個大塞西爾,以獲得該費用,這對資本收入等產生直接影響。但活動發生在路上。因此,從收入的角度來看,這在未來是懲罰性的,它會減輕負擔。因此,如果突然之間,您將關注這樣一個事實:儲備金正在減少,並且正在減少。我們不認為這是一個問題,這就是他們存在的目的。正如我所說,在業務中,沙丁魚是用來吃的,而不僅僅是為了看它們,但我認為這非常重要,因為我們的業務運作方式被誤解了,特別是考慮到這些貸款的期限很長並且損失將在未來發生。因此,現在需要考慮回答您關於矽谷銀行和簽名銀行的問題。因此,有一件幾乎與我們無關的事情,我們通常被問到的第一個問題是,您是否參與了加密貨幣、加密貨幣和銀行即服務?不,不,好吧。所以,從我們的角度來看,它們甚至不是一個問題,但我可以告訴你,對於參與銀行即服務或加密貨幣的機構來說,這是一個問題,他們」正在看。他們不喜歡它。然後你就接觸了 CRE,我確實同意這一點。你知道,迄今為止還沒有對此進行過太多的計算。我們也沒有這個問題。我認為在我們的模型中,他們考慮了你們正在關注的許多事情,並考慮到我們如何管理風險、進行報告、先讓員工再提出問題,並為此做好了高品質的準備。我,我覺得我們相對於整個產業來說處於相當好的狀態,如果我碰巧是的話。正確的。隨著資金開始流出,出現了巨大的變化,FDIC 為貨幣市場基金中的存款提供了更多保險,我們已經清楚地看到,透過投資銀行界的掃款帳戶,你知道,掃錢以10 或20 個基點存入帳戶。這是一個問題。
I think there's going to be more and more of a focus on it and giving depositors the ability to technologically move their money easier into better bank accounts. It's not going to happen automatically, but it's, it's kind of happening on a stealth basis. So, you know, you look at, for example, the, the rates that some organizations are charging, which we do for consumer high yield savings. I don't know how they're supporting that because they're not, they're not earning it on the asset side. We are. So even if these higher rates, which we believe will come down, we think we're in a good spot. But from a regulatory environment, I think the regulators are focused on crypto banking as a service and they are very focused on the banks of obviously being able to to fund themselves. And that's why you have to have a lot of different levels levers to be able to do that.
我認為人們將會越來越關注它,並讓儲戶能夠透過科技更輕鬆地將資金轉移到更好的銀行帳戶。它不會自動發生,但它是秘密發生的。所以,你知道,例如,你看看一些組織收取的費率,我們為消費者高收益儲蓄而這樣做。我不知道他們是如何支持這一點的,因為他們不是,他們不是從資產方面賺取的。我們是。因此,即使我們認為這些較高的利率將會下降,我們也認為我們處於有利位置。但從監管環境來看,我認為監管機構關注的是加密銀行作為一種服務,他們非常關注銀行顯然能夠為自己提供資金。這就是為什麼你必須有很多不同等級的槓桿才能做到這一點。
Christopher Nolan - Analyst
Christopher Nolan - Analyst
Okay. Thank you for taking my questions guys.
好的。謝謝你們回答我的問題。
Thank you.
謝謝。
Operator
Operator
Thank you for your question.
謝謝你的提問。
This concludes the question and answer session. I would now like to turn it back to Barry Sloane CEO and President for closing remarks.
問答環節到此結束。現在我想請執行長兼總裁巴里·斯隆 (Barry Sloane) 發表閉幕詞。
Barry Sloane - Chairman of the Board, President, Chief Executive Officer
Barry Sloane - Chairman of the Board, President, Chief Executive Officer
Thank you so much. Greatly appreciate the opportunity. I feel very strongly about where we were for the quarter where we're making our progress. If you know, I was able to look back on January 23rd and, and look forward seven quarters and say this is where we'd be at. I tell you, boy, I'd be very pleased. We're making great progress. We're making great trade business model is in place our job right now is to get out there, educate, continue to be right on our forecast and expectations. And as I said before, we're very experienced in this particular space and comfortable with it and we look forward to delivering these kinds of results in the future. Thank you.
太感謝了。非常感謝這個機會。我對我們在本季度取得的進展感到非常強烈。如果你知道的話,我能夠回顧 1 月 23 日,並展望七個季度,並說這就是我們的處境。我告訴你,孩子,我會很高興。我們正在取得巨大進展。我們正在建立偉大的貿易商業模式,我們現在的工作是走出去,進行教育,繼續正確地實現我們的預測和期望。正如我之前所說,我們在這個特定的領域非常有經驗,並且對此感到滿意,我們期待在未來提供這些結果。謝謝。
Operator
Operator
Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.
感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。