Bancorp Inc (TBBK) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to The Bancorp First Quarter 2023 Earnings Conference Call. (Operator Instructions) This call is being recorded on Friday, April 28, 2023. I would now like to turn the conference over to Andres Viroslav. Please go ahead, sir.

女士們先生們，早上好，歡迎來到 The Bancorp 2023 年第一季度收益電話會議。 （操作員說明）此通話將於 2023 年 4 月 28 日星期五進行錄音。我現在想將會議轉交給 Andres Viroslav。請繼續，先生。

Thank you, operator. Good morning, and thank you for joining us today for The Bancorp's First Quarter 2023 Financial Results Conference Call. On the call with me today are Damian Kozlowski, Chief Executive Officer; and Paul Frenkiel, our Chief Financial Officer. This morning's call is being webcast on our website at www.thebancorp.com. There will be a replay of the call available via webcast on our website beginning at approximately 12:00 p.m. Eastern Time today. The dial-in for the replay is 1 (877) 674-7070, with the confirmation code of 423750.

謝謝你，運營商。早上好，感謝您今天加入我們參加 The Bancorp 2023 年第一季度財務業績電話會議。今天與我通電話的是首席執行官 Damian Kozlowski；和我們的首席財務官 Paul Frenkiel。今天上午的電話會議正在我們的網站 www.thebancorp.com 上進行網絡直播。從中午 12:00 左右開始，我們將通過我們網站上的網絡廣播重播電話會議。今天東部時間。重播撥入為1（877）674-7070，確認碼為423750。

Before I turn the call over to Damian, I would like to remind everyone that when used in this conference call, the words believes, anticipates, expects and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties, which could cause actual results, performance or achievements to differ materially from those anticipated or suggested by such statements. For further discussion of these risks and uncertainties, please see The Bancorp's filings with the SEC.

在我將電話轉給 Damian 之前，我想提醒大家，在本次電話會議中使用的“相信”、“預期”、“期望”和類似表達方式旨在識別私人證券訴訟改革含義內的前瞻性陳述1995 年法案。此類陳述存在風險和不確定性，可能導致實際結果、業績或成就與此類陳述預期或建議的結果、業績或成就存在重大差異。有關這些風險和不確定性的進一步討論，請參閱 The Bancorp 向美國證券交易委員會提交的文件。

Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Bancorp undertakes no obligation to publicly release the results of any revisions to forward-looking statements, which may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events.

告誡聽眾不要過分依賴這些前瞻性陳述，這些陳述僅代表截至本文發布之日的情況。 Bancorp 沒有義務公開發布前瞻性陳述的任何修訂結果，這些修訂可能是為了反映本協議日期之後的事件或情況，或反映意外事件的發生。

Now I would like to turn the call over to The Bancorp's Chief Executive Officer, Damian Kozlowski. Damian?

現在我想把電話轉給 The Bancorp 的首席執行官 Damian Kozlowski。達米安？

Thank you, Andres. The Bancorp earned $0.88 a share, a 40% -- 47% revenue growth and 25% expense growth. Net income grew 70% year-over-year. ROE for the first quarter was 28% versus 18% in the first quarter of '22. ROA for the first quarter was 2.6% versus 1.6% (sic) [1.7%] in the first quarter of '22. GDV growth was 19% year-over-year. Fintech solutions fee growth was 24% year-over-year. NIM expanded quarter-over-quarter from 4.21% to 4.67%. Efficiency ratio remained at 42% quarter-over-quarter and loan growth, excluding loans held for sale, was 29% year-over-year with a slight 2% decrease quarter-over-quarter, reflecting the steep increase in client borrowing costs. The recent dislocation in the banking market did not materially impact our company.

謝謝你，安德烈斯。 Bancorp 每股盈利 0.88 美元，收入增長 40% 至 47%，費用增長 25%。淨收入同比增長 70%。第一季度的股本回報率為 28%，而 22 年第一季度為 18%。第一季度的 ROA 為 2.6%，而 22 年第一季度為 1.6%（原文如此）[1.7%]。 GDV 同比增長 19%。金融科技解決方案費用同比增長 24%。 NIM 環比從 4.21% 擴大到 4.67%。效率比環比保持在 42%，貸款增長（不包括持有待售貸款）同比增長 29%，環比略微下降 2%，反映出客戶借貸成本的急劇上升。最近銀行市場的混亂並未對我們公司產生重大影響。

With granular deposits spread across more than 130 million insured small accounts through our fintech ecosystem, a lower risk variable rate and short-duration credit book and significant liquidity and borrowing capacity, TBBK was well positioned to manage the increased volatility in the beginning of '23. Over the last 3 years plus, we have purposely and methodically built a platform that would benefit from rising rates, and rigorously protect our company from an interest rate shock or systemic event risk created from a banking system dislocation.

通過我們的金融科技生態系統，細粒度存款分佈在超過 1.3 億個受保小賬戶、較低的風險可變利率和短期信用賬簿以及顯著的流動性和借貸能力，TBBK 在 23 年初做好了管理波動性增加的準備.在過去 3 年多的時間裡，我們有目的地有條不紊地建立了一個可以從利率上升中受益的平台，並嚴格保護我們的公司免受利率衝擊或銀行系統混亂造成的系統性事件風險。

We have included 2 new schedules in our earnings release. The first is more detail on our deposit base that has an overwhelming majority of insured and low balance stored value card accounts, and the second is a review of our significant borrowing capacity. The first quarter significantly surpassed our expectations in ROE, ROA, GDV growth, fintech solutions' fee growth, NIM efficiency ratio, net income growth and EPS. Indications are that continued financial momentum will result in further improved metrics in 2023.

我們在收益發布中包含了 2 個新的時間表。第一個是我們的存款基礎的更多細節，其中絕大多數是有保險和低餘額的儲值卡賬戶，第二個是對我們強大的借貸能力的審查。第一季度在 ROE、ROA、GDV 增長、金融科技解決方案的費用增長、NIM 效率比率、淨收入增長和 EPS 方面大大超出了我們的預期。跡象表明，持續的財務勢頭將導致 2023 年的指標進一步改善。

Moreover, other potentially positive tailwinds that might additionally improve performance in 2023. Number one, above trend payments, GDV growth of more than 15%; two, a Fed funds rate above 5%; three, increased NIM performance due to slower loan growth versus higher deposit growth; and four, purchase of agency, treasury and other securities, which have not been included in our forecast. We have not purchased significant long-term fixed rate securities since 2018.

此外，其他潛在的積極因素可能會進一步改善 2023 年的業績。第一，高於趨勢的支付，GDV 增長超過 15%；二、聯邦基金利率超過5%；第三，由於貸款增長放緩而不是存款增長加快，淨息差表現有所提高；第四，購買代理、國債和其他證券，這些未包括在我們的預測中。自 2018 年以來，我們沒有購買過大量長期固定利率證券。

Due to these factors in our first quarter performance, we are raising guidance from $3.20 a share to $3.60 a share without including the impact of share buybacks of $25 million per quarter for 2023.

由於我們第一季度業績的這些因素，我們將指引從每股 3.20 美元上調至每股 3.60 美元，其中不包括 2023 年每季度 2500 萬美元股票回購的影響。

I now turn the call over to Paul Frenkiel, our CFO, for more in the first quarter.

我現在將電話轉給我們的首席財務官 Paul Frenkiel，以便在第一季度獲得更多信息。

Thank you, Damian. Before reviewing quarterly results, I would like to comment on the low-risk liquidity profile of Bancorp. As Damian noted, the bank's deposit base is largely comprised of small balance accounts, notwithstanding the corresponding unrealistic risk that our small depositors withdraw their funds in a short window, Bancorp exceeds potential liquidity needs by maintaining lines of credit with the Federal Home Loan Bank and the Federal Reserve Bank of approximately $3.3 billion. Bancorp's line with the Federal Home Loan Bank is collateralized by its apartment building loans as residential collateral is mandated by that agency's chart. The Federal Reserve Bank also has collateral requirements, which Bancorp must satisfy for its line of credit with them.

謝謝你，達米安。在回顧季度業績之前，我想評論一下 Bancorp 的低風險流動性狀況。正如 Damian 指出的那樣，該銀行的存款基礎主要由小額餘額賬戶組成，儘管我們的小額存款人提取資金存在相應的不切實際的風險短期窗口，Bancorp 通過維持與聯邦住房貸款銀行和聯邦儲備銀行約 33 億美元的信貸額度來超過潛在的流動性需求。 Bancorp 與聯邦住房貸款銀行 (Federal Home Loan Bank) 的貸款以其公寓樓貸款作為抵押品，因為該機構的圖表規定了住宅抵押品。聯邦儲備銀行也有抵押品要求，Bancorp 必須滿足這些要求才能獲得它們的信貸額度。

Additionally, Bancorp has access to significant other institutional liquidity, which periodically test. Bancorp has also maintained a low interest rate risk profile and emphasize variable rate assets with policy mandated risk limits. As a result of its variable rate, loans and securities, Bancorp benefited from the higher rates this quarter, and that resulted in the increases in return on assets and equity to 2.6% and 28%. These increases were significantly driven by a 62% increase in net interest income. In addition to the rate sensitivity of the majority of our lending lines of business, management has structured the balance sheet to benefit from a more normalized and higher interest rate environment.

此外，Bancorp 還可以獲得重要的其他機構流動性，這些流動性會定期進行測試。 Bancorp 還保持低利率風險狀況，並強調具有政策規定風險限額的可變利率資產。由於其可變利率、貸款和證券，Bancorp 本季度受益於較高的利率，這導致資產和股本回報率分別增加至 2.6% 和 28%。這些增長主要受淨利息收入增長 62% 的推動。除了我們大部分貸款業務的利率敏感性外，管理層還構建了資產負債表，以從更正常化和更高的利率環境中受益。

Accordingly, over a period of years, it's largely allowed its fixed rate investment portfolio to pay down while limited purchases were focused on variable rate instruments. Additionally, the rates on the majority of loans adjust more fully than deposits to Federal Reserve rate changes. Accordingly, in Q1 2023, the yield on interest-earning assets have increased to 6.6%, while the cost of deposits had increased to 2.1%. Those factors were also reflected in the 4.7% NIM in Q1 2023, which represented another increase over prior periods.

因此，多年來，它在很大程度上允許其固定利率投資組合進行支付，而有限的購買則集中在可變利率工具上。此外，大多數貸款的利率比存款更能適應美聯儲利率的變化。相應地，2023 年第一季度，生息資產收益率上升至 6.6%，而存款成本上升至 2.1%。這些因素也反映在 2023 年第一季度 4.7% 的 NIM 中，這比前幾個時期又有所增加。

The provision for credit losses was $1.9 million in Q4 (sic) [Q1] 2023 compared to $1.5 million in Q1 2022. Of the $1.9 million, approximately $1.3 million resulted from the impact of historical net charge-offs applied to the estimated remaining lives of outstanding loans. The balance of $1.9 million resulted primarily from first quarter charge-offs.

2023 年第 4 季度（原文如此）[第 1 季度] 的信貸損失準備金為 190 萬美元，而 2022 年第 1 季度為 150 萬美元。在這 190 萬美元中，約 130 萬美元是由於歷史淨註銷對估計剩餘壽命的影響未償貸款。 190 萬美元的餘額主要來自第一季度的沖銷。

Additionally, a $1 million charge against a movie theater property and other real estate owned was recognized in other noninterest expense.

此外，在其他非利息費用中確認了對電影院財產和其他不動產的 100 萬美元費用。

Prepaid debit and other payment-related accounts are our largest funding source and a primary driver of noninterest income. Total fees and other payments income of $25 million in Q1 2023 increased 24% compared to Q1 2022, and 14% after eliminating $1.4 million termination fee and $600,000 of income related to fourth quarter 2022.

預付借記卡和其他與支付相關的賬戶是我們最大的資金來源，也是非利息收入的主要驅動力。 2023 年第一季度的總費用和其他付款收入為 2500 萬美元，與 2022 年第一季度相比增長 24%，扣除 140 萬美元的終止費和與 2022 年第四季度相關的 600,000 美元收入後增長 14%。

Noninterest expense for Q1 2023 was $48 million, which was 25% higher than Q1 2022. Majority of the increase resulted from salary expense, which also increased 25%, and which reflected higher numbers of staff and financial crimes, compliance and information technology. Staffing increases reflected increases in deposit transaction volume and the development of new products. The increase also reflected higher stock compensation expense as a result of a focus on stock ownership.

2023 年第一季度的非利息支出為 4800 萬美元，比 2022 年第一季度增長 25%。增長的主要原因是工資支出，也增長了 25%，這反映了員工和金融犯罪、合規和信息技術的數量增加。人員增加反映了存款交易量的增加和新產品的開發。這一增長還反映了由於關注股票所有權而導致的更高的股票補償費用。

Book value per share at quarter end increased 15% to $13.11 compared to $11.41 a year earlier, reflecting retained earnings, partially offset by fair value adjustments to the investment portfolio resulting from the higher rate environment. Quarterly share repurchases should continue to reduce shares outstanding.

與去年同期的 11.41 美元相比，季度末每股賬面價值增長 15% 至 13.11 美元，反映了留存收益，部分被較高利率環境導致的投資組合公允價值調整所抵消。季度股票回購應會繼續減少已發行股票。

I will now turn the call back to Damian.

我現在將電話轉回 Damian。

Thank you, Paul. Operator, could you open the line for questions?

謝謝你，保羅。接線員，您可以打開問題熱線嗎？

(Operator Instructions) Your first question comes from David Feaster with Raymond James.

（操作員說明）您的第一個問題來自 David Feaster 和 Raymond James。

Maybe let's start with GDV. It's great to see the growth in the quarter, and I know it can be really hard to dissect. But could you just maybe talk about some of the drivers of that and what you're seeing? You talked in the deck about growth at both existing clients and in addition to new clients last year that are scaling up. Just curious, maybe the attribution between the two? And just any thoughts on GDV growth going forward as you look into your crystal ball?

也許讓我們從 GDV 開始。很高興看到本季度的增長，而且我知道這真的很難剖析。但是你能不能談談其中的一些驅動因素以及你所看到的？你在演講中談到了現有客戶和去年正在擴大的新客戶的增長。只是好奇，也許兩者之間的歸因？當你看著你的水晶球時，對未來 GDV 增長有什麼想法嗎？

It's been very broad-based across, not only from new banks, but in healthcare, government and new products in the corporate payment space. So it was very -- it was surprisingly robust above trend when you get past that 15%, as I mentioned. But it's not concentrated in one area. So we're very pleased with the broad-based nature of it, but also the new product sets and things like corporate payments have surpassed our expectations.

它的基礎非常廣泛，不僅來自新銀行，還包括醫療保健、政府和企業支付領域的新產品。因此，正如我提到的那樣，當你超過 15% 時，它非常強勁地高於趨勢。但它並不集中在一個區域。因此，我們對其基礎廣泛的性質感到非常滿意，而且新產品集和企業支付等產品也超出了我們的預期。

That's great. And then kind of following on, just given the volatility in the market, I would probably think this pushes more clients to you just given the scale and stability of your platform. I know you've always got a lot of clients that are looking to join, but have you seen any shift in the kind of the pulse of the market or change in the increases in the pipeline? And maybe just how do you think about the pace of new client adds this year?

那太棒了。然後繼續下去，考慮到市場的波動性，我可能認為這會把更多的客戶推向你，只是考慮到你平台的規模和穩定性。我知道您總是有很多客戶希望加入，但是您是否看到市場脈搏的變化或管道增加的變化？也許您如何看待今年新客戶增加的速度？

So we've had a very robust and steady pipeline for the last 3 years. And we haven't seen any real change. As we mentioned before, there's many companies that come to us that we don't implement, and they go to one of our competitors because they're not of the size or the maturity level to really take advantage of our ecosystem. And so we don't add those partners to it until they mature somewhere else. But there's -- it's been very stable. It's been very broad based. It's development of new areas and new product sets within our existing clients.

因此，在過去的 3 年裡，我們擁有非常強大和穩定的管道。我們還沒有看到任何真正的變化。正如我們之前提到的，有許多公司來找我們但我們沒有實施，他們去了我們的競爭對手之一，因為他們的規模或成熟度水平不足以真正利用我們的生態系統。因此，在他們在其他地方成熟之前，我們不會將這些合作夥伴添加到其中。但是有 - 它一直非常穩定。它的基礎非常廣泛。它是在我們現有客戶中開發新領域和新產品集。

We think the double-digit GDV growth is well supported, and we have pretty good visibility for the next 18 to 24 months, a lot of stability. And we don't -- as you know, our partners once they're here, they -- to stop using us takes at least a year, but multiple years if they're going to leave. So we have a lot of visibility and stability in the portfolio and in the pipeline.

我們認為兩位數的 GDV 增長得到了很好的支持，我們對未來 18 到 24 個月的可見性非常好，非常穩定。而且我們不會 - 如您所知，我們的合作夥伴一旦來到這裡，他們 - 停止使用我們至少需要一年，但如果他們要離開，則需要多年。所以我們在投資組合和管道中有很多可見性和穩定性。

Okay. And then maybe just touching on the loan portfolio for a second, specifically within the bridge -- the real estate bridge, obviously, there's a hyper focus on CRE, and I appreciate the color on the slide deck on the segment. But I'm just curious, what are you seeing in this segment? Obviously, you've got strong underwriting standards. But as you look broadly, just curious your thoughts on that segment? And then maybe any color on kind of what drove the SBLOC and IBLOC declines in the quarter. Was that just market volatility or any other trends you're seeing there?

好的。然後可能只是稍微談談貸款組合，特別是在橋樑內——房地產橋樑，顯然，對 CRE 的高度關注，我很欣賞該部分幻燈片上的顏色。但我很好奇，你在這一部分看到了什麼？顯然，您有嚴格的承保標準。但是當你放眼望去，只是好奇你對那個部分的想法？然後可能是什麼導致 SBLOC 和 IBLOC 在本季度下降的任何顏色。那隻是市場波動還是您在那裡看到的任何其他趨勢？

Yes. Well, the CRE is extremely stable. Now the whole market has slowed down because there's been a huge repricing obviously, because of the rise of interest rates. Our underwriting standards have not changed. We have interest rate caps on all the loans and floors and many times reserves. So we haven't had any dislocation whatsoever in that portfolio. And we've had a lot of the wind down of the old portfolio and people have been finding financing, takeout financing. So we haven't had any -- I can't really respond to that, that it slowed down a bit. I think that will pick up once you have -- you stop having the steep curve in interest rates. But we have nothing to report really.

是的。嗯，CRE 非常穩定。現在整個市場已經放緩，因為利率上升顯然導致了巨大的重新定價。我們的承保標準沒有改變。我們對所有貸款和底線都有利率上限，並且多次準備金。因此，我們在該投資組合中沒有任何錯位。而且我們已經有很多舊投資組合的風口，人們一直在尋找融資，外賣融資。所以我們還沒有——我真的無法回應，它放慢了一點。我認為一旦你擁有 - 你不再有陡峭的利率曲線，這種情況就會好轉。但我們真的沒有什麼可報告的。

On the SBLOC side, that's about price sensitivity. So we had a lot of price-sensitive clients. You had the historic interest rate rise and people simply got a little sticker shock. We've seen that slow down, though, substantially and moderating. And we expect -- our pipeline has been growing this month in the SBLOC and IBLOC side. So we expect it to get more normal for the same reasons with the interest rates -- as the interest rates top out. So we're not concerned by that at all. We just got more liquidity from that business, and that went into obviously Fed funds at [$4.75].

在 SBLOC 方面，這與價格敏感性有關。所以我們有很多對價格敏感的客戶。你經歷了歷史性的利率上升，人們只是受到了一點點的衝擊。不過，我們已經看到這種速度大幅放緩。我們預計 - 我們的渠道本月在 SBLOC 和 IBLOC 方面一直在增長。因此，由於與利率相同的原因，我們預計它會變得更加正常——隨著利率達到頂峰。所以我們根本不擔心。我們剛剛從該業務中獲得了更多的流動性，並且顯然以 [$4.75] 的價格進入了聯邦基金。

So it didn't really have an impact. It didn't really have an impact. And we want to have excess cash because we ultimately will lock in and buy fixed rate securities when the time is right. So we were -- I think that's going to slow down a lot over this quarter and the next quarter. There won't be as many paydowns. And even if there was paydowns, it's not going to have a big impact on our financials.

所以它並沒有真正產生影響。它並沒有真正產生影響。我們希望擁有多餘的現金，因為我們最終會在適當的時候鎖定併購買固定利率證券。所以我們 - 我認為這將在本季度和下個季度放緩很多。不會有那麼多的回報。即使有回報，也不會對我們的財務狀況產生重大影響。

(Operator Instructions) Your next question comes from Frank Schiraldi with Piper Sandler.

（操作員說明）你的下一個問題來自 Frank Schiraldi 和 Piper Sandler。

On the -- just a follow-up on the loan book. The SBLOC, so, David, you talked about a stronger pipeline there. Is it still probably in the near-term sort of net paydowns do you think? Or do you think it's more stable, that business at these levels?

關於 - 只是貸款簿的後續行動。 SBLOC，所以，大衛，你談到了那裡更強大的管道。你認為它是否仍然可能在短期內出現淨回報？還是您認為這些級別的業務更穩定？

Well, what we've seen in this month is that there's stability returning. So -- and the pipeline has been growing. It's just that they were so steep, the interest rate increases over such a short period of time, people opening their -- getting their what they had to pay for their coupon, all of a sudden radically change the perception of maybe borrowing against securities and insurance. But it's been stabilizing this month. So it should moderate a lot. And once again, if we're -- I don't think it will be anywhere near as high as it was in the first quarter, right? It would be more towards the flat side. I can't be sure of that, but it will be more towards the flat side. And even if we did have pay down, say, half as much as we did in the first quarter, once again, that would just go into our cash position, and it would be at a 5% or 5.25% at the Fed funds.

好吧，我們在本月看到的是穩定回歸。所以 - 管道一直在增長。只是他們是如此陡峭，利率在如此短的時間內上升，人們打開他們的 - 得到他們必須為他們的息票支付的東西，突然間從根本上改變了可能藉入證券和保險。但這個月它一直在穩定。所以它應該緩和很多。再一次，如果我們——我認為它不會像第一季度那樣高，對吧？它會更偏向平坦的一面。我不能確定，但它會更傾向於平坦的一面。即使我們支付的首付款是第一季度的一半，那也只會進入我們的現金頭寸，聯邦基金利率為 5% 或 5.25%。

Right. Okay. And then on the multifamily bridge loans, if you add that to the legacy portfolio, you still have on the books. Is that sort of -- are you at limits of what you want to see on the balance sheet? Just curious if you have more room to grow that business overall or if loan growth will be more driven by SBA going forward?

正確的。好的。然後在多戶過橋貸款上，如果將其添加到遺留投資組合中，您的賬簿上仍然有。是那種 - 你是否在你想要在資產負債表上看到的限制？只是好奇您是否有更大的空間來整體發展該業務，或者貸款增長是否會更多地由 SBA 推動？

Yes. Frank, I think that we do have some room -- extra room there because the loans we're making now are apartment building loans. And, if you recall, when COVID was an issue, we actually cited the company, the consultants that went back all the way back to the great depression and documented that the type of lending that we do is one of the most -- is one of the safest forms of lending that we can do. So we're confident we can increase that and have a measurable effect on the balance sheet.

是的。弗蘭克，我認為我們確實有一些空間——額外的空間，因為我們現在發放的貸款是公寓樓貸款。而且，如果你還記得，當 COVID 成為一個問題時，我們實際上引用了這家公司，這些顧問一直追溯到大蕭條時期，並記錄了我們提供的貸款類型是最多的——是一種我們可以做的最安全的貸款形式。所以我們有信心我們可以增加它並對資產負債表產生可衡量的影響。

Yes. And remember that we -- generally, it's 300% of capital. We're going to keep that book, but there is a lot of ways we can recycle those loans like we've -- we're not going to do CLO type structures like we have done in the past. But there's a very large market for those type of loans to recycle, and we would take gain in fees for anything that we thought was in excess of that. So we've got room. And obviously, our capital has grown -- even with our buyback, our capital is growing significantly this year. So we do have room.

是的。請記住，我們——一般來說，它是資本的 300%。我們將保留那本書，但是有很多方法可以像我們一樣回收這些貸款——我們不會像過去那樣使用 CLO 類型的結構。但是這類貸款有一個非常大的市場可以回收，我們會從我們認為超出這個範圍的任何事情中收取費用。所以我們有空間。顯然，我們的資本已經增長——即使我們進行了回購，我們的資本今年也在顯著增長。所以我們確實有空間。

Okay. And then just lastly, with the forward curve sort of implying that we're near peak of Fed funds and implying -- I mean, we'll see what happens, but implying that we get down significantly in rates in terms of Fed funds in 2024, I know you have floors in these multifamily loans that protect you on the way down. Can you give any sort of detail on other hedges you might have on the portfolio? Or what your expectations are for the NIM given, let's say, a 25-basis-point contraction in Fed funds?

好的。最後一點，遠期曲線暗示我們接近聯邦基金的峰值並暗示 - 我的意思是，我們會看到會發生什麼，但暗示我們在聯邦基金方面的利率大幅下降2024 年，我知道你在這些多戶家庭貸款中有底線，可以在你走下坡路時保護你。您能否提供有關投資組合中可能擁有的其他對沖的任何詳細信息？或者你對 NIM 的預期是什麼，比方說，聯邦基金收縮 25 個基點？

Yes. So as you saw our mix is shifting every day now. So we're putting on fixed rate exposure, excluding the bonds in all our programs at a greater rate. And the new CRE loans obviously have very high floors on them, right? So we're getting less asset sensitive by the day. And if we have normalized rates over the next 18 months in the 4-plus range, then really will lock in a lot of -- get rid of a lot of that asset sensitivity just with the loans that we're doing.

是的。所以正如你所看到的，我們的組合現在每天都在變化。因此，我們採用固定利率敞口，以更高的利率排除所有計劃中的債券。新的 CRE 貸款顯然有很高的底線，對吧？所以我們對資產的敏感度一天比一天低。如果我們在未來 18 個月內將利率標準化在 4 以上的範圍內，那麼真的會鎖定很多 - 僅僅通過我們正在做的貸款就可以擺脫很多資產敏感性。

Now if we add to that a substantial purchase and fixed rate bonds, obviously, as we top out our rates and they start to cut, the yield curve will disinvert, hopefully. And then that's when we'll start the purchase program of fixed rate securities, and that should really mitigate any downside. Our base case is that rates are not going to go far below -- you don't know this, but far below, say, in the 3.5% range for the foreseeable future. If they do, of course, more of the floors kick in, in the loans, and we'll -- way before that, we'll buy a substantial amount of -- we have just so much more flexibility than probably the average bank just because we have such a big part of our balance sheet that has not been invested in long-term securities.

現在，如果我們再加上大量購買和固定利率債券，顯然，當我們的利率達到頂峰並且他們開始削減時，收益率曲線有望倒轉。然後我們將開始購買固定利率證券的計劃，這應該會真正減輕任何不利影響。我們的基本情況是，利率不會遠低於——你不知道這一點，但在可預見的未來遠低於 3.5% 的範圍。如果他們這樣做了，當然，更多的地板會在貸款中發揮作用，我們會——在那之前，我們會購買大量的——我們比一般銀行有更多的靈活性只是因為我們的資產負債表中有很大一部分沒有投資於長期證券。

So it's kind of the opposite -- it is the opposite situation of where all the problems are in banking, obviously, we didn't do any of that. So now we have -- can take full advantage of higher long-term rates, especially if the view and yield curve changes, and we'll lock those rates in.

所以這有點相反 - 這是所有問題都在銀行業的相反情況，顯然，我們沒有做任何事情。所以現在我們可以充分利用更高的長期利率，特別是如果觀點和收益率曲線發生變化，我們將鎖定這些利率。

Okay. So you think you put up a NIM in the mid-4% range, do you think that's doable in a sort of a sub-4% Fed fund kind of outlook in 2024, if that's where we get?

好的。所以你認為你將 NIM 設定在 4% 的中間範圍內，你認為在 2024 年低於 4% 的聯邦基金前景中這是可行的嗎？

Yes. We're -- we can't be sure. But I think we're going to be able to stay -- it totally depends on the Fed not overreacting to things and when going back to zero interest rates, even though we were at zero interest rates and we were making a [90]% ROE, too. So I think if you have any kind of normal situation, and we get normal Fed fund rates and they're in the -- this is very sustainable. And if we have a little bit of time, we're going to get far less asset sensitive. We did this in 2018. We got far less asset sensitive just at the right time. And I think we've left ourselves immense flexibility to be able to lock in long-term fixed rates in the portfolios.

是的。我們 - 我們不能確定。但我認為我們將能夠留下來——這完全取決於美聯儲沒有對事情反應過度以及何時回到零利率，即使我們處於零利率並且我們賺了 [90]%淨資產收益率也是。所以我認為，如果你有任何一種正常情況，我們得到正常的聯邦基金利率，而且它們處於——這是非常可持續的。如果我們有一點時間，我們將大大降低對資產的敏感度。我們在 2018 年做到了這一點。恰逢其時，我們對資產的敏感度大大降低了。而且我認為我們已經給自己留下了巨大的靈活性，能夠在投資組合中鎖定長期固定利率。

Your next question comes from Tim Switzer with KBW.

你的下一個問題來自 KBW 的 Tim Switzer。

I'm on for Mike Perito. Could you clarify real quick on the comments you just made about your plan to maybe start purchasing these treasury securities? Are you going to wait until you see the Fed starting to cut? Or are you going to be a little bit more proactive? It sounded like you're waiting until the Fed...

我支持 Mike Perito。您能否快速澄清一下您剛才關於可能開始購買這些國庫券的計劃的評論？你要等到看到美聯儲開始降息嗎？或者你會更主動一點？聽起來你在等美聯儲...

Well, usually, that's the best time. But we'll start when we feel, and we're looking at this on a daily basis, we're looking at and have a lot of advisers on this and looking, obviously, over all the market color. But there's -- we don't have to do panic buying because we've got a lot of flexibility. So we can see how it plays out the interest rates on a -- we have to see inflation numbers. There's some this morning. There's probably in a few minutes. And we're just going to -- we're going to watch it. We have so much room, we could easily buy $1.5 billion, $2 billion of fixed rate securities at a much higher rate than obviously our peer group. And we'll -- we're going to constantly watch it and then start nibbling when we think the time is right and then fully allocate that part of the balance sheet in order to mitigate our variable rate exposure on some of our other assets like our institutional business.

嗯，通常，這是最好的時間。但是我們會在有感覺的時候開始，我們每天都在研究這個問題，我們正在研究這個問題，並且有很多顧問在研究這個問題，很明顯，我們正在研究所有的市場顏色。但是有——我們不必恐慌購買，因為我們有很大的靈活性。所以我們可以看到它是如何影響利率的——我們必須看到通脹數據。今天早上有一些。大概幾分鐘就到了。我們只是要 - 我們要看它。我們有很大的空間，我們可以輕鬆購買 15 億美元、20 億美元的固定利率證券，利率顯然比我們的同行高得多。我們將 - 我們將不斷觀察它，然後在我們認為時機成熟時開始蠶食，然後完全分配資產負債表的這一部分，以減輕我們對其他一些資產的可變利率敞口，例如我們的機構業務。

And once again, there's variable parts of our portfolio that aren't really variable because they have floors like the CRE loans. So we're in a very good position, and we're going to remain flexible, like we did before and take full advantage of our current balance sheet position. It's much easier obviously, in a higher interest rate, the trade for fixed versus variable than it is the other way around as we all learned obviously.

再一次，我們投資組合中的可變部分並不是真正可變的，因為它們有像 CRE 貸款這樣的底線。因此，我們處於非常有利的位置，我們將像以前一樣保持靈活性，並充分利用我們目前的資產負債表狀況。顯然，在更高的利率下，固定利率與可變利率的交易比我們都清楚地了解到的相反的方式要容易得多。

So we're watching everything. We're going to continue to put on loans that are fixed rate. Every day, our asset sensitivity goes down, and we get the benefits of much higher rates on the loan side. We haven't changed any of our standards on underwriting, some people have, we have not. And we -- that will, over the next year, especially if rates don't have a drastic change, we should be able to navigate it and maintain our NIM.

所以我們正在觀察一切。我們將繼續提供固定利率的貸款。每一天，我們的資產敏感性都在下降，我們從貸款方面獲得更高利率的好處。我們沒有改變任何承保標準，有些人改變了，我們沒有。而且我們 - 這將在明年，特別是如果利率沒有發生劇烈變化，我們應該能夠駕馭它並維持我們的 NIM。

Okay. Again, that's pretty clear. And let's say the Fed hikes one more time and then holds it right here, would you expect continued NIM expansion over the rest of the year as you keep growing this loan book?

好的。再一次，這很清楚。假設美聯儲再加息一次，然後保持不變，隨著貸款賬簿的不斷增長，您是否預計今年餘下時間 NIM 會繼續擴張？

Well, you're going to -- yes. So there's still some lag as we've discussed before. Our funding costs adjust immediately and then it takes up to 90 days or more for our -- to fully adjust in our variable rate loan book. So you're still having a wave of adjustments come through the system, plus every loan we put on, I think people in the marketplace see that our loans are even pricing above 100% of the increase. And that's because we're putting on -- which is really strange to get that kind of bump in the revenue numbers, but we're getting over 100% in the loan book because we're putting on these much higher rate assets that are fixed. So yes, it should continue to expand for those 2 reasons.

嗯，你會——是的。因此，正如我們之前討論的那樣，仍然存在一些滯後。我們的資金成本會立即調整，然後我們需要 90 天或更長時間才能完全調整我們的可變利率貸款賬簿。所以你仍然在通過系統進行調整，加上我們提供的每一筆貸款，我認為市場上的人們看到我們的貸款甚至定價超過 100% 的增長。那是因為我們正在投入——收入數字出現這種增長真的很奇怪，但我們在貸款賬簿上獲得了超過 100% 的收益，因為我們投入了這些利率更高的資產，這些資產是固定的。所以是的，由於這兩個原因，它應該繼續擴大。

Okay. Great. And if we look at the loan portfolio, take out the SBLOC and the runoff commercial portfolio, I think you did about 5% quarterly loan growth. Is that reasonable to expect over the rest of the year for the other categories?

好的。偉大的。如果我們看一下貸款組合，去掉 SBLOC 和決選商業組合，我認為你的季度貸款增長約為 5%。對其他類別的今年剩餘時間的預期是否合理？

Yes.

是的。

There are no further questions at this -- looks like we have a following question from David Feaster.

對此沒有進一步的問題——看起來我們有來自 David Feaster 的以下問題。

Maybe just following up kind of touching on the expense side. Obviously, there's some seasonally higher expenses. I'm just curious, maybe given the revenue strength, are we starting to accelerate some expenses or projects? Or was there anything maybe more onetime in that other expense line item? And then just as we think about kind of the efficiency ratio, it kind of sounds like with some of the initiatives that you're just talking about, do you think we kind of stay here in that low 40% realm? Or given the stability and the growth opportunities, I mean, do we drop below 40%? Just curious how you think about that?

也許只是跟進費用方面的一些接觸。顯然，有一些季節性的高支出。我只是好奇，也許考慮到收入實力，我們是否開始加速某些支出或項目？或者在其他費用項目中是否有更多的一次性？然後就像我們考慮某種效率比一樣，這聽起來有點像你剛才談論的一些舉措，你認為我們會停留在 40% 的低水平嗎？或者考慮到穩定性和增長機會，我的意思是，我們是否會降至 40% 以下？只是好奇你怎麼想的？

Yes, it will be around 40%, but it could drop below that, obviously, because of the revenue growth. But go ahead, Paul..

是的，它會在 40% 左右，但很明顯，由於收入增長，它可能會低於該比例。但是繼續吧，保羅..

Yes. So the expenses with -- the noninterest expense was driven largely by number of employees and staff additions in terms of salary expense. Other expenses also increased. Those were volume driven, volume driven by new customers, new accounts, the transaction and the increase in GDP and other transactions. We expect that some of those expenses will moderate. There was some catch-up expense in terms of number of employees. But we have very good prospects. We have really good growth, and there has to be some anticipatory hires. So we're looking at new products. We want to be fully staffed, and we need to be fully staffed for compliance reasons, for financial crime support and so forth. So we see the bank continuing to grow at least at double-digit rates. And so we're staffing up for that.

是的。因此，非利息支出的支出主要是由員工人數和工資支出方面的員工增加所驅動的。其他費用也有所增加。這些是由數量驅動的，數量由新客戶、新賬戶、交易以及 GDP 和其他交易的增長驅動。我們預計其中一些費用將會減少。就僱員人數而言，有一些追趕費用。但我們有很好的前景。我們的增長非常好，必須有一些預期的僱員。所以我們正在尋找新產品。我們希望人員配備齊全，出於合規原因、金融犯罪支持等原因，我們需要人員配備齊全。因此，我們看到該銀行至少繼續以兩位數的速度增長。因此，我們正在為此配備人員。

Okay. That makes sense. So this is kind of a good core run rate and, again, expect some continued growth as we're just -- growth in the expense line on just as we're planning for future growth that you're talking about?

好的。這就說得通了。因此，這是一個很好的核心運行率，並且再次期待一些持續增長，因為我們只是 - 費用線的增長就像我們正在計劃您正在談論的未來增長一樣？

Yes. And remember, we had -- yes. But remember, there's some real core inflation in the economy, too, which hit us. So we made salary adjustments for our employees. We've changed grades. It's a good sign that attrition is down across the industry. Ours is about half of what the industry is. And we have incredible stability in our top 70 to 100 employees, where they had virtually no attrition in that group of individuals. But that adds to it. So we'll see how -- what happens with core inflation. How that affects employee costs and stuff? But we definitely see a moderation, I think, Paul, right? We'll definitely see a moderation.

是的。請記住，我們有——是的。但請記住，經濟中也存在一些真正的核心通脹，這對我們造成了打擊。所以我們對員工進行了薪酬調整。我們換了成績。這是一個很好的跡象，表明整個行業的人員流失率都在下降。我們的大約是這個行業的一半。我們的前 70 到 100 名員工擁有令人難以置信的穩定性，他們在這群人中幾乎沒有流失。但這增加了它。所以我們看看核心通貨膨脹會發生什麼。這如何影響員工成本和其他東西？但我認為我們肯定會看到適度，保羅，對嗎？我們肯定會看到適度。

I think we'll still have -- as Damian said, we had some inflation adjustments to our salary structure. So you'll still see some elevated increases compared to the prior year; but over the next year or so, it should moderate when we have more fully staffed up, which we need to do.

我認為我們仍然會 - 正如達米安所說，我們對我們的薪資結構進行了一些通貨膨脹調整。因此，與上一年相比，您仍然會看到一些更高的增長；但在接下來的一年左右，當我們的人員配備更加充分時，它應該會緩和，這是我們需要做的。

Yes. But we're investing a lot. I mean from our whole tech stack to how we use the cloud to -- across our entire portfolio, putting new systems. The best systems there are for things like ACH, et cetera. Those investments have been happening continuously for the last -- that's why we have our position in the marketplace because we really have built a substantially robust infrastructure and ecosystem across, not only the tech aspects of it, but all the compliance, third-party risk, oversight, all those things are incredibly important for the programs that are our partners.

是的。但是我們投入了很多。我的意思是從我們的整個技術堆棧到我們如何使用雲——在我們的整個產品組合中，放置新系統。那裡最好的系統用於 ACH 等。這些投資一直持續到最後——這就是我們在市場上佔有一席之地的原因，因為我們確實已經建立了一個非常強大的基礎設施和生態系統，不僅是技術方面，還有所有合規、第三方風險，監督，所有這些對於作為我們合作夥伴的項目來說都非常重要。

Your following question is from Tim Switzer.

您的以下問題來自 Tim Switzer。

I was actually going to ask about expenses. But since I'm on here, if I can get a quick one. The tax rate was just a little bit lower this quarter. What are your expectations going forward?

我其實是想問費用的。但既然我在這裡，如果我能得到一個快速的。本季度的稅率略有降低。你對未來有什麼期望？

Ongoing, the tax accounting is a little bit confusing, and I won't go into the details here. We do talk about it in our 10-Q and so forth. But I think for your models, the normal historical rate of around 26% is closer to an annualized rate.

正在進行中，稅務會計有點亂，這裡就不細說了。我們確實在我們的 10-Q 等中討論過它。但我認為對於你的模型，26% 左右的正常歷史增長率更接近年化率。

There are no further questions at this time, Mr. Kozlowski, please go ahead.

現在沒有其他問題了，Kozlowski 先生，請繼續。

Thank you for joining us today. We really appreciate it, and we'll talk soon. Operator, you can disconnect the call.

感謝您今天加入我們。我們真的很感激，我們很快就會談。接線員，您可以掛斷電話。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a great day.

女士們，先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。祝你有美好的一天。