Bancorp Inc (TBBK) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Bancorp Inc Q1 2025 earnings conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time. During this call you require immediate assistance. Please press 0 for the operator. This call is being recorded on Friday, April 25, 2025. I would now like to turn the conference over to Andres Viroslav Please go ahead, sir.

女士們、先生們，下午好，歡迎參加 Bancorp Inc 2025 年第一季財報電話會議。此時，所有線路都處於只聽模式。演講結束後，我們將進行問答環節。如果在任何時候。在本次通話期間您需要立即協助。請按 0 聯絡接線員。該通話於 2025 年 4 月 25 日星期五錄製。現在我想將會議交給 Andres Viroslav，先生，請繼續。

Thank you, operator. Good morning and thank you for joining us today for the Bancorp's first quarter 2025 financial results conference call. On the call with me today are Damian Kozlowski, Chief Executive Officer, and Marty Egan, our interim 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 p.m. Eastern time today. The dial in for the replay is 1-888-660-6264 with passcode of 80395. Before I turn the call over to Damian, I would like to remind everyone that our comments and responses to questions reflect management's view as of today, April 20th, 2025. Yesterday we issued our first quarter earnings release and updated investor presentation. Both are available on our investor relations website.

謝謝您，接線生。早上好，感謝您今天參加 Bancorp 2025 年第一季財務業績電話會議。今天與我一起通話的有執行長 Damian Kozlowski 和臨時財務長 Marty Egan。今天上午的電話會議將在我們的網站 www.thebancorp.com 上進行網路直播。會議重播將於今天美國東部時間中午 12 點左右開始透過網路直播在我們的網站提供。重播的撥入號碼為 1-888-660-6264，密碼為 80395。在我將電話轉給達米安之前，我想提醒大家，我們的評論和對問題的回答反映了管理層截至今天（2025 年 4 月 20 日）的觀點。昨天我們發布了第一季財報和最新的投資者介紹。這兩份文件均可在我們的投資者關係網站上查閱。

We will make certain forward-looking statements on this call. These statements are subject to the safe harbour provisions of the Private Securities Litigation Reform Act of 1,995 and are subject to risks and uncertainties that could cause actual results that differ materially from those expectations and assumptions we mentioned today. These factors and uncertainties are discussed in our reports and filings with the Securities and Exchange Commission. In addition, we'll be referring to certain non-gap financial measures during this call. Additional details and reconciliations of GAAP to adjusted non-gap financial measures are in the earnings release and the investor presentation. Please note that 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. Now I'd like to turn the call over to the Bancorp's Chief Executive Officer, Damian Kozlowski. Damian.

我們將在本次電話會議上做出一些前瞻性的陳述。這些聲明受 1995 年《私人證券訴訟改革法》的安全港條款約束，並受風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們今天提到的預期和假設有重大差異。我們向美國證券交易委員會提交的報告和文件中討論了這些因素和不確定性。此外，我們將在本次電話會議中提及某些非差距財務措施。收益報告和投資者介紹中提供了 GAAP 與調整後非差距財務指標的更多詳細資訊和對帳。請注意，Bancorp 不承擔公開發布前瞻性陳述任何修訂結果的義務，這些修訂可能是為了反映本新聞稿發布日期之後的事件或情況，或反映意外事件的發生。現在我想將電話轉給 Bancorp 的執行長 Damian Kozlowski。達米安。

Thank you, Andres. Good morning, everyone. The Bancorp earned $1.19 per diluted share in the first quarter, reflecting a 12% increase over the first quarter of 2024. Netcom increased 1% between these periods while outstanding shares were reduced as a result of increased repurchases that occurred during 2024. Our fintech Solutions Group continues to show significant momentum, with GDP increasing 18% year over year and total fees growing 26%. Credit sponsorship balances grew to $574 million or 26% quarter over quarter, and we expect these balances to grow to over a billion by year and 2025. We believe that growth in the first quarter was slowed by the impact of tax refunds, and we expect greater growth in balances over the next three quarters.

謝謝你，安德烈斯。大家早安。該合眾銀行第一季每股攤薄收益 1.19 美元，較 2024 年第一季成長 12%。在此期間，網通股價上漲了 1%，而由於 2024 年回購增加，流通股減少。我們的金融科技解決方案集團持續表現出強勁勢頭，GDP 年比成長 18%，總費用成長 26%。信貸贊助餘額將季增至 5.74 億美元，增幅為 26%，我們預計到 2025 年這些餘額將成長至 10 億美元以上。我們認為，第一季的成長受到退稅的影響而放緩，我們預計未來三個季度餘額將有更大的成長。

While loan balances grew 17% year over year, net interest income was down 3%. Loan balances excluding consumer fintech loans grew 6%. Net interest income reflected in part the impact of lower rate environment in the latter part of 24 on our loan interest income, which was down 5%. The impact of lower rates was mitigated by a purchase of $900 million of fixed rate bonds in April 2024 and excess deposit balances held in Fed funds. Those bond purchases and other fixed rate strategies have reduced our assets sensitivity significantly.

雖然貸款餘額年增 17%，但淨利息收入卻下降了 3%。不包括消費金融科技貸款的貸款餘額增加了 6%。淨利息收入部分反映了24年下半年低利率環境對我們貸款利息收入的影響，貸款利息收入下降了5%。透過購買 2024 年 4 月 9 億美元的固定利率債券和聯邦基金中持有的超額存款餘額，減輕了低利率的影響。這些債券購買和其他固定利率策略已大大降低我們的資產敏感度。

We continue to focus on reducing substandard assets in our rebel portfolio. Respective rebels, substandard and special mentioned loans at March 31, 2025, we're down 1% and 20% compared to the prior quarter end. We continue to believe that we are at the peak of substandard assets and believe we will show progress in reducing substandard assets over the next several quarters. Lastly, based on the momentum in our fintech Solutions group. And our reduced asset sensitivity, we are confirming guidance of $5.25 per diluted share for 2025. EPS does not include the impact of $150 million of stock buybacks authorized for 2025. I now turn the call over to our interim CFO Marty Egan.

我們將繼續致力於減少反叛投資組合中的不良資產。截至 2025 年 3 月 31 日，各類不良貸款、次級貸款及關注類貸款分別較上一季末下降 1% 及 20%。我們仍然認為，我們正處於次級資產的頂峰，並相信我們將在未來幾季內在減少次級資產方面取得進展。最後，基於我們金融科技解決方案集團的發展動能。由於我們的資產敏感度降低，我們確認 2025 年每股攤薄收益為 5.25 美元。EPS 不包括 2025 年授權的 1.5 億美元股票回購的影響。現在我將電話轉給我們的臨時財務長 Marty Egan。

Thank you, Damien. As was the case in the prior quarter, provisions for credit losses for consumer fintech loans and freestanding credit enhancements were recorded in the financial statements in like amounts with no impact on net income. In the current quarter, the provision related to consumer fintech loans. Was $45.9 million and the credit enhancement income was also $45.9 million. Net interest income was 3% lower than the first quarter of 2024, while the first quarter net interest margin of 4.07% compared to 4.55% for the fourth quarter of 2024. As Damien noted, Current quarter net interest income was impacted by lower rate environment, which also impacted the net interest margin as loan yields fell more than deposit rates.

謝謝你，達米安。與上一季的情況一樣，消費者金融科技貸款的信貸損失準備金和獨立信貸增進在財務報表中記錄了相同金額，對淨收入沒有影響。本季度，該撥備與消費者金融科技貸款有關。為4590萬美元，信用增進收入也為4590萬美元。淨利息收入比 2024 年第一季低 3%，而第一季淨利差為 4.07%，而 2024 年第四季為 4.55%。正如達米恩所指出的，本季淨利息收入受到低利率環境的影響，由於貸款收益率的下降幅度超過存款利率，這也影響了淨利差。

Additionally, fees on the majority of our growing consumer fintech loan balances are recorded as non-interest income. Average fintech solutions deposits for the quarter increased 26% to $7.81 billion from $6.18 billion in the first quarter of 2024. As noted in our filings, we have the capacity to transfer deposits from certain of our relationships off our balance sheet, which we utilize for balance sheet management.

此外，我們不斷增長的消費者金融科技貸款餘額中的大部分費用都記錄為非利息收入。本季金融科技解決方案平均存款從 2024 年第一季的 61.8 億美元成長 26% 至 78.1 億美元。正如我們在文件中指出的，我們有能力將來自某些關係的存款轉出我們的資產負債表，我們利用這些存款進行資產負債表管理。

Excluding consumer fintech loan, credit enhancement income, not interested income for Q1 2025 was $37.8 million which was 29% higher than Q1 2024. Total fintech fees accounted for most of that increase. Prepaid, debit card, ACH, and other payment fees increased 13% to $30.8 million over that period, and consumer credit fintech fees of $3.6 million accounted for the remaining increase in fintech fees. Non-interest expense. For Q1 2025 was $53.3 million which was 14% higher than Q1 2024. The increase included 11% increase in salaries and benefits. Additional details regarding our loan portfolios are included in the related tables in our press release, as are earnings contributions for our payment's businesses. I will not turn the call back to Damien.

不包括消費者金融科技貸款、信用增進收入，2025 年第一季的非利息收入為 3,780 萬美元，比 2024 年第一季高出 29%。金融科技費用總額佔了這一增長的大部分。在此期間，預付卡、金融卡、ACH 和其他支付費用增加了 13%，達到 3,080 萬美元，而 360 萬美元的消費者信貸金融科技費用佔金融科技費用的剩餘成長。非利息支出。2025 年第一季為 5,330 萬美元，比 2024 年第一季高出 14%。此次成長包括薪資和福利增加11%。有關我們的貸款組合的更多詳細資訊以及我們支付業務的收益貢獻均包含在我們新聞稿中的相關表格中。我不會把電話轉回給達米安。

Thank you, Marty.

謝謝你，馬蒂。

Operator, could you open the line for questions?

接線員，您可以開通熱線來回答問題嗎？

[operator instruction]

[操作員指令]

Your first question comes from Frank Schiraldi with Piper Sandler. Please go ahead.

您的第一個問題來自 Piper Sandler 的 Frank Schiraldi。請繼續。

Morning.

早晨。

Good morning, Frank.

早安，弗蘭克。

I wonder if you guys could, just in terms of the margin, which is obviously it's been a little bit of a moving target here. You mentioned the reduced asset sensitivity, and obviously the fintech loans, you get income elsewhere. But in terms of, I just for modeling purposes, I was wondering if you could provide. The average yield, on the fintech, loans, over the last couple of quarters, and also if you could, give what your asset sensitivity is now in terms of, giving a 25-basis point rate cut.\

我想知道你們是否可以就利潤率而言，這顯然是一個有點移動的目標。您提到資產敏感度降低，顯然金融科技貸款可以讓您從其他地方獲得收入。但就建模目的而言，我想知道您是否可以提供。過去幾個季度，金融科技貸款的平均報酬率是多少？另外，如果可以的話，如果降息 25 個基點，請給出您目前的資產敏感度。

Okay, so for the fintech loans it's Fed funds We get a 0 Interest rate deposit and we get 5%. On the loans, so that portion of it is translated into a fee. So that's the for modeling purposes. That does move if you've got, that is based on an enhancement of Fed funds which stops at some point. So that might move a little bit, but that's not really very sensitive generally. It's a bracketed kind of fee base, so it'll, that'll help, maintain, the NEM even if you went down. To zero interest rates, that would not, it's still significantly above Fed funds. On the a and the other question, what was the follow up? What was the other question?

好的，對於金融科技貸款，它是聯邦基金，我們獲得 0 利率存款，並獲得 5%。對於貸款，這部分金額就轉化為費用。這就是建模的目的。如果有的話，這確實會發生變化，這是基於聯邦基金的增強，但在某個時候會停止。所以這可能會有一點移動，但一般來說並不是很敏感。這是一種分級收費基礎，因此，即使 NEM 出現故障，它也能幫助維持 NEM。達到零利率，那不會，它仍然遠高於聯邦基金利率。關於 a 和另一個問題，後續情況如何？另一個問題是什麼？

The asset sensitivity, how much of.

資產敏感度，多少。

Yes, so that moves around based on both, the liabilities and the assets, right? So, when we purchased, we got it down to almost, a neutral. Depending on it moves around temporarily depending on our modelling, but we reduced it a lot. At one point it was 8%, and I think in the last quarter it was close to 1%, right?

是的，所以這會根據負債和資產而變化，對嗎？因此，當我們購買時，我們將其降至幾乎中性。根據我們的建模，它會暫時移動，但我們將其減少了很多。有一次是 8%，我認為上個季度接近 1%，對嗎？

And, but it moves around. So, depending on if we get a surge in deposits, what those deposits are, so it can move from 1% to 3% depending on the utilization of the battle chain, right? And we're, we still target to be in that 1% zone and be just slightly acid sensitive.

但是它會四處移動。因此，這取決於我們是否獲得存款激增，這些存款是多少，因此它可以根據戰鬥鏈的利用率從 1％ 移動到 3％，對嗎？我們的目標仍然是處於 1% 的區域，並且對酸有輕微的敏感度。

Okay.

好的。

And sorry, just on the fintech stuff, did you say the yield is 5% on that? Is a lot of that flowing through fees as opposed to NII?

抱歉，就金融科技方面而言，您說收益率是 5% 嗎？其中很多是透過費用而不是 NII 來流動的嗎？

Yes, currently it is, yes. Okay. And but that, it's the average, a couple of things. It's the average balance. There's payoffs, so this thing, this, you see an average balance is really the thing to use, not the end of period balance, and it goes through cycles. So there, there's a lot of velocity on these loans, so you get a lot of variability and balances over the quarter. So, if you use the 3.6, and you look at the average balance, it won't be exact, but it should be fairly close.

是的，目前是的。好的。但那是平均值，有幾件事。這是平均餘額。有回報，所以這個東西，這個，你看，平均餘額才是真正要使用的東西，而不是期末餘額，而且它會經歷週期。因此，這些貸款的流通速度很快，因此本季的變動和餘額將會很大。因此，如果您使用 3.6，並查看平均餘額，它不會準確，但應該相當接近。

To that 5%. So, you're really not getting any pickup through, you're getting these balances on the balance sheet and in the average, and the average balance sheet, but you're not getting any yield running through NAI, for these.

達到那 5%。因此，您實際上並沒有獲得任何收益，您在資產負債表和平均值以及平均資產負債表上獲得了這些餘額，但您並沒有透過 NAI 獲得任何收益。

Yes, well, we get, yeah, we get loan balances, but we don't get any. Right. Yeah, we have one small program that's growing, so you will see it. I think there's a little bit of interest on the current income statement. And that's, there's four different programs, remember, and there's something called insta loan, which is now, when we roll out these programs, our partner is kind of gated, they go in stages. So that one is growing now. So that one was approximately $25 million at the end of last quarter, so that one will be growing, and that won't show up in fees that will enhance the NIM.

是的，我們得到了，是的，我們得到了貸款餘額，但我們沒有得到任何貸款。正確的。是的，我們有一個正在發展的小程序，所以你會看到它。我認為目前的損益表有一點興趣。請記住，有四種不同的計劃，其中有一種稱為「即時貸款」的計劃，現在，當我們推出這些計劃時，我們的合作夥伴會受到限制，他們會分階段進行。所以現在這個正在成長。因此，上個季度末的這一金額約為 2500 萬美元，因此這一金額還會增長，但這不會體現在增加 NIM 的費用中。

Okay. All right. But overall, as these things grow, as you go from $500 million to a billion, your NIM is just going to fall because the denominators higher and most of the stuff's coming for two fees. And then just a couple of quick ones on the on credit or just in terms of the rebel migration, you continue to grow that book.

好的。好的。但總體而言，隨著這些東西的成長，從 5 億美元增加到 10 億美元，你的 NIM 就會下降，因為分母更高，而且大多數東西都需要支付兩筆費用。然後只需快速談談信用問題或叛軍遷移問題，您就可以繼續充實這本書。

How successful are you guys? I mean, I would imagine some stuff is starting to move off the balance sheet, is stabilized and moving into permanent financing. Do you have any numbers you can share on those outflows in the first quarter?

你們有多成功？我的意思是，我可以想像一些東西開始從資產負債表中移出，趨於穩定並進入永久融資。能分享一下第一季資金流出的具體數據嗎？

Do you know what the, we don't, we haven't disclosed that, we don't have that in our, disclosures, and we'll think about putting that in. But we haven't disclosed that in the in the earnings release, so we'll have to look at that. Okay, I guess just generally the book, the book has been fairly stable. The deal market isn't great right now. So, we're being very selective. We've put on enhanced underwriting because of the tariffs, so we have greater reserves on the loans. We have, questionnaires to different borrowers like in things in SBA. So, we're going through based on the current, market environment, we're being very careful. Spreads were very narrow, and they've widened. So, the, but there's still getting done, but we're at, we enhanced underwriting and we're putting additional reserves and things like the rebel portfolio to make sure that there's not any disruption and that there's plenty of funds available to rehab apartments.

你知道嗎，我們沒有，我們還沒有披露這一點，我們的披露中沒有這一點，我們會考慮把它放進去。但我們尚未在收益報告中披露這一點，所以我們必須對此進行研究。好的，我想總的來說這本書已經相當穩定了。目前交易市場不太好。所以，我們非常有選擇性。由於關稅，我們加強了承保，因此我們在貸款上擁有了更大的儲備。我們對不同的借款人進行了調查問卷，就像 SBA 的情況一樣。因此，根據當前的市場環境，我們會非常謹慎。利差原本非常窄，但現在卻擴大了。所以，但仍有工作要做，但我們正在加強承保，並投入額外的儲備和諸如反叛投資組合之類的東西，以確保不會出現任何中斷，並且有足夠的資金可用於修復公寓。

Okay, I, I'll let someone ask that question. I'll reach you. Thanks.

好的，我，我會讓某人問這個問題。我會聯絡你的。謝謝。

Thank you. The next question comes from Tim Switzer with KBW. Please go ahead, sir.

謝謝。下一個問題來自 KBW 的 Tim Switzer。先生，請繼續。

Hey, good morning. Thank you for taking my questions. I have a follow up on the margin trajectory in Q1, so we saw the loan you have come down similar to Q4, but the deposit cost didn't come down quite as much, and I know you guys' kind of have a contractual almost 40% data and better than the portfolio. Is there a timing difference here that we should see it catch up in Q2, or what drove, the more stable deposit cost?

嘿，早安。感謝您回答我的問題。我對第一季度的保證金走勢進行了跟踪，我們發現你們的貸款下降幅度與第四季度相似，但存款成本下降幅度並不大，而且我知道你們的合約數據接近 40%，而且比投資組合更好。這裡是否存在時間差異，我們應該在第二季度看到它趕上來，或者是什麼推動了更穩定的存款成本？

Yes, it was a mixed issue. So, our programs varied greatly, not on the economics of the program, but how it's split between deposit and fees. And so we had one of our programs that is more deposit based, has much higher. A deposit that we pay out ballooned in the first quarter due to insurance payments. And so you saw a higher funding cost which will roll off over the next quarter or so. So, it's these, it was about $500 million of deposits that are related to insurance settlements. And that'll roll off, and that was part of the reason you saw a higher deposit cost.

是的，這是一個複雜的問題。因此，我們的計劃差異很大，不在於計劃的經濟性，而是如何分配押金和費用。因此，我們的一個項目更多是基於存款，其金額要高得多。由於保險金的支付，我們在第一季支付的押金大幅增加。因此，您會看到更高的融資成本，該成本將在下個季度左右減少。因此，這些與保險賠償相關的存款約為 5 億美元。這將會減少，這也是您看到更高的存款成本的部分原因。

Okay, and so it's safe to assume that's also the reason we saw, basically a $600 million dollar increase to average cash on the balance sheet, which also weighed on them.

好的，所以可以安全地假設這也是我們看到的原因，資產負債表上的平均現金基本上增加了 6 億美元，這也給他們帶來了壓力。

Yeah, that was definitely one of the drivers. We had very good deposit growth. The tax season was extremely strong, and, we had for the first time deposit balances. On many end of weekends that were $9 billion. We've never hit that type of number before. And so, there was a lot of tax receipts. It actually had an impact on things like my pay because people got their tax returns, so they didn't take as much of our, of the fintech, loans in February, which reduced our fee income in February. So, it, it's it can be very volatile.

是的，這絕對是其中一個因素。我們的存款成長非常好。稅收季節非常強勁，我們第一次有了存款餘額。許多周末的票房收入都達到了 90 億美元。我們以前從未達到過這樣的數字。因此，有許多稅收收入。這實際上對我的工資等方面產生了影響，因為人們拿到了退稅，所以他們在二月份沒有從我們的金融科技貸款中抽取那麼多貸款，這減少了我們二月份的費用收入。所以，它可能會非常不穩定。

Okay, and if we think about the NII and then trajectory going forward, the mechanics of business. Nim improves in two as those higher cost deposits roll off, and I guess is probably fairly flat plus some growth given, loan growth.

好的，如果我們考慮 NII 及其未來的發展軌跡，那麼商業機制。隨著那些高成本存款的減少，Nim 有所改善，我猜可能會相當平穩，再加上一定的增長，貸款增長。

It should be, yes, so that's exactly, that's correct.

應該是，是的，所以確實如此，非常正確。

Okay, so the deposit cost should move back down kind of in that 40%.

好的，那麼存款成本應該會下降 40% 左右。

It they depending on when those deposits, and we're also there's more than that going on. We're offloading high-cost deposits, so we have variability in our deposit base and so some higher cost, deposits like saving deposits, we've been moving off the balance sheet for some of our programs. So that also will help. The Nim and lowered the deposit cost.

這取決於這些存款的時間，而且我們還有很多事情要做。我們正在卸載高成本存款，因此我們的存款基礎存在變化，因此一些成本較高的存款，例如儲蓄存款，我們已經從一些項目的資產負債表中移除。這也會有幫助。Nim 並降低了存款成本。

Okay, got you. And then, I have another quick question on, the take rate on GDB looks like it went down a little bit. We were there any one timers in there, or should we expect that to be a new run rate going forward?

好的，明白了。然後，我還有另一個快速問題，GDB 的接受率似乎下降了一點。我們那裡是否有任何一個一次性計時器，或者我們是否應該期望那會成為未來的新運行率？

No, that was, once again, that's very volatile. I think you have to look at that over, that's a mix, once again, it's a mixed issue, quarter to quarter. And once again, based on, it's hard in the first quarter because it's the anomalous quarter to the tax receipts. So it should be. That was lower than usual. That's the first part. The second part is the one to one that we used to experience is better if you put the two lines together. So if you put that ACH and other fee line together with the card line, it's because our pricing has more and more moved to multiple products. And so we just And because of that, it's, multiple fees coming from the same programs. So it's better to look at it by, that 13% number is the way to look at the GDV. So if we had 18% growth and 13% total fee growth for the first two lines in the financial statements, you could keep the credit sponsorship out, that's even additive. But once again, that's the same program, right? So for a time, you're getting a triple layers. We call it the layer cake, but you got triple layers of fees, coming from the program. And if you look in the past and try to compare it, there weren't these other ancillary services. So, it's much better to take the first two lines, the card fees and the other fees together, versus GDB, and that'll give you the first two fee sources for our, larger programs. And that's why, that's a more relevant measure than it has, say, five years ago.

不，這又是非常不穩定的。我認為你必須仔細考慮一下，這是一個混合問題，再說一次，這是一個季度又一個混合問題。再次強調，第一季的情況很困難，因為這是稅收收入異常的一個季度。理應如此。這比平常要低。這是第一部分。第二部分是我們以前經歷過的一對一如果把兩條線放在一起會更好。因此，如果您將 ACH 和其他費用線與卡線放在一起，那是因為我們的定價越來越多地轉向多種產品。正因為如此，同一個專案才會產生多筆費用。因此最好以 13% 這個數字來看 GDV。因此，如果財務報表的前兩行成長率為 18%，總費用成長率為 13%，那麼就可以將信用贊助排除在外，這甚至是加法的。但再說一遍，這是同一個程序，對嗎？因此，暫時您將獲得三層。我們稱之為千層蛋糕，但您需要支付來自該計劃的三層費用。如果你回顧過去並進行比較，你會發現當時並沒有這些其他輔助服務。因此，與 GDB 相比，最好將前兩行（卡費和其他費用）放在一起，這將為我們的大型專案提供前兩個費用來源。這就是為什麼與五年前相比，這是一個更有意義的衡量標準。

Got it. Okay, that's helpful and if I can have one more, please, there's been a lot of disruption in the banking as a service space with some smaller competitors are looking to exit or pull back at least and there's another competitor exploring strategic alternatives. Has this created any opportunities for Bancorp to maybe acquire new programs or portfolios or entire business lines and what's your approach to that?

知道了。好的，這很有幫助，如果我可以再問一個問題，那麼請問，銀行即服務領域出現了很多混亂，一些較小的競爭對手正在尋求退出或至少撤退，還有另一個競爭對手正在探索戰略替代方案。這是否為 Bancorp 創造了收購新項目、投資組合或整個業務線的機會？您對此有何看法？

Yes, so we're working with the largest, highest growth partners, and so we've been preparing ourselves. We seldom take up many of the competitors in the space have programs that we wouldn't necessarily be interested in. We're looking at the very large, expanding our large relationships, right, and then, adding product capabilities. And I think we have some very exciting things, we're, we think we can sustain this GDD level for multiple years. I think we'll have Interesting things to tell the market, things aren't done until they're done, but I think as we add these larger programs, they will be meaningful to the financial statements. And when they happen, and when they're willing to ready to be announced, we'll either have a press release or a case.

是的，我們正在與最大、成長最快的合作夥伴合作，所以我們一直在做好準備。我們很少提及該領域許多競爭對手的項目，而這些項目我們並不一定感興趣。我們正在著眼於非常大的領域，擴大我們的大型關係，然後增加產品功能。我認為我們有一些非常令人興奮的事情，我們認為我們可以將這個 GDD 水平維持多年。我認為我們會有一些有趣的事情要告訴市場，事情在完成之前不會真正完成，但我認為隨著我們添加這些更大的項目，它們將對財務報表有意義。當這些事情發生，並且他們願意宣布的時候，我們要么發布新聞稿，要么立案調查。

So we think it's, we think our current GDP, that 1,813 is sustainable, and now with the enhancement of credit sponsorship, we can think, mid-20s is, a keger of 25% is not out of the question, and that's, we're still building other delivery models like embedded finance, which would enhance that additionally and add other credit sponsorship programs. So we, we're preparing ourselves to have expanded relationships with more products and a sustained level of higher GDA, which has a lot of implications. So, we have to invest in our platform and make it extremely robust. We're not, it's systemically important to the financial industry when you have such a big exposure to the largest programs that are that span 15 different verticals, but span every state of the union and almost every person. So, we're investing in it. We expect sustained levels of higher GDP growth, and when we get a product or new relationship expansion that's meaningful, we will announce it when at the appropriate time.

因此我們認為，我們認為我們目前的 GDP，1,813 是可持續的，現在隨著信貸贊助的加強，我們可以認為，25% 左右的 keger 不是不可能的，而且，我們仍在構建其他交付模式，例如嵌入式融資，這將進一步增強這一點並增加其他信貸贊助計劃。因此，我們正在準備擴大與更多產品的關係並保持更高的 GDA 水平，這具有許多意義。因此，我們必須對我們的平台進行投資，並使其變得極其強大。我們不是，當你對跨越 15 個不同垂直領域、覆蓋每個州和幾乎每個人的最大項目有如此大的風險敞口時，它對金融業具有系統重要性。因此，我們正在對其進行投資。我們預計 GDP 將持續保持較高的成長水平，當我們獲得有意義的產品或新的關係擴展時，我們會在適當的時候宣布。

Got it, very clear. Thank you, Damian.

明白了，非常清楚。謝謝你，達米安。

Thank you.

謝謝。

The next question comes from Jo Yanchunis with Raymond James. Please go ahead.

下一個問題來自 Raymond James 的 Jo Yanchunis。請繼續。

Good morning.

早安.

Good morning.

早安.

Just wanted to follow up on. Some of the commentary you made on your credit sponsorship program, so you have four programs that are currently contributing to your growth right now, just to realise, you have three that run solely through FreeCom and one that provides little NII. Can you reach your 2025 and 2026 year-end targets with just these four programs?

只是想跟進一下。您對信用贊助計劃發表了一些評論，因此您目前有四個計劃正在為您的增長做出貢獻，只是要意識到，您有三個計劃完全通過 FreeCom 運行，還有一個提供很少的 NII。光是這四個計畫就能達成2025年和2026年的年終目標嗎？

Yes, so in our plan. There's a difference between our plan and say our just those four programs plan. So, in our own budget, it's in the 50 range. In the budget of our, of just those four programs is over a billion dollars. So, yes, the answer is yes. Even if we don't add a program, we'll be able to meet that $1 billion dollar target.

是的，在我們的計劃中。我們的計劃和我們所說的那四個項目的計劃是有區別的。因此，在我們的預算中，它在 50 的範圍內。在我們的預算中，光是這四個項目的預算就超過十億美元。所以，是的，答案是肯定的。即使我們不增加項目，我們也能夠實現 10 億美元的目標。

And we're already well on the way. We're at 571 at the end of the quarter. There is, we, the growth we're experiencing is very robust. So, we think we'll be able to get there, even just with those four.

我們已經在路上了。本季末，我們的數字為 571。我們正在經歷非常強勁的成長。所以，我們認為即使只有這四個人，我們也一定能夠實現目標。

Perfect. And then you know shifting gears here in the prior quarter you use, about a quarter of your 2025 share repurchase authorization. Kind of given the recent dislocation in the stock, should we expect you to lean in the buyback a little more and front load your reaper activity for the year?

完美的。然後您知道，在上一季中，您使用的約佔 2025 年股票回購授權的四分之一。考慮到最近股市的混亂，我們是否應該期望您在回購方面多做一些準備，並提前做好今年的收割活動？

So, and I've mentioned this before, but nothing has been decided, and that's subject to board approval and everything else. We're, our net income, kind of target is around the 250 level, and $100 million of that is going to repay debt. Approximately $100 million, we have one senior secured facility at the holding company level, and we plan to repay that debt. And that's why our buyback is 150. At that repayment, we're basically at where we want to be, on our capital levels. So, the, so we could refinance that debt or add more. It's doubtful that we just do $100 million. We would do more than that. And then we would use all those proceeds depending on the rates in the market and our stock price, we would use that to enhance our buyback. However, I just want to reiterate, nothing has been decided. We're, if we're on the track right now just to repay the debt, but it is being considered that we would raise probably more than the debt that's going to be repaid and use those for buybacks depending on the prevailing rates and the stock price.

所以，我之前提到過這一點，但還沒有任何決定，這需要董事會批准和其他一切。我們的目標淨收入是 250 左右，其中 1 億美元將用於償還債務。大約 1 億美元，我們在控股公司層級擁有一項優先擔保設施，我們計劃償還這筆債務。這就是我們的回購額為 150 的原因。償還貸款後，我們的資本水準基本上達到了我們想要的水平。因此，我們可以為該債務再融資或增加更多債務。我們只做 1 億美元是值得懷疑的。我們會做得更多。然後，我們會根據市場利率和股票價格使用所有這些收益，以加強我們的回購。然而，我只想重申，一切都還未決定。如果我們現在正處於償還債務的軌道上，但我們正在考慮籌集可能超過償還債務的資金，並根據現行利率和股價將其用於回購。

Got it. Thank you for that. And then last one for me here just kind of going back to the GDP growth and I certainly understand your commentary about continuing to maintain at these current levels if not accelerate. But is there any way to kind of look into, all this payment volume that you see, and are you able to see any changes in behaviour in the consumer in light of the kind of heightened economic uncertainty?

知道了。謝謝你。最後我要說的是回到 GDP 成長問題，我當然理解您關於繼續維持當前水準（如果不加速）的評論。但是，有沒有什麼方法可以調查您所看到的所有支付量？您是否能夠看到在經濟不確定性加劇的情況下消費者行為的任何變化？

Yes, so our data has been used by even institutions like the Fed. It's so broad to understand activity. So the thing I would say is that we're nominally based, not real dollars. So, things like inflation, so say you kept consumer spending. Go down by 4%, but inflation was 8. We'd actually have a 4% positive. It's all nominal and it's all, a lot of our payment volume is necessary payment volume. It's coming from the normal everyday people doing transactions, that are absolutely necessary, they're buying milk or they're going to the theater or whatever it is. And so even if consumer spending goes down, in a deflationary environment, it would be bad for us. They, you get, got that environment and consumer spending went down, that would be very bad for us. But what's good for us, inflation is actually good for our realization of revenue. So, you'd have to have, unless inflation goes down much lower and consumer spending was down much lower. But remember, our consumer spending is definitely not discretionary. A lot of our spending is necessary, you get a paycheck and you use a lot of people are paycheck to paycheck. Our portfolio tends to be more paycheck to paycheck individuals.

是的，所以我們的數據甚至被美聯儲這樣的機構使用。對活動的理解非常廣泛。所以我想說的是，我們是基於名義美元，而不是實際美元。因此，考慮到通貨膨脹等因素，你就假設你維持了消費者支出。下降了4%，但通貨膨脹率為8。我們實際上會得到 4% 的正值。這些都是名義上的，我們的許多支付量都是必要的支付量。它來自於人們每天進行的絕對必要的交易，例如買牛奶或去劇院或做其他事情。因此，即使消費者支出下降，在通貨緊縮的環境下，對我們來說也是不利的。你知道，他們處於那樣的環境，消費者支出下降，這對我們來說非常糟糕。但對我們來說有利的是，通貨膨脹其實有利於我們實現收入。所以，你必須這麼做，除非通貨膨脹率大幅下降，消費者支出也大幅下降。但請記住，我們的消費支出絕對不是可自由支配的。我們的很多支出都是必要的，你得到薪水，你使用很多人的薪水。我們的投資組合更傾向於以薪水支付為基礎的個人。

Understood. They would take my questions.

明白了。他們會回答我的問題。

Thank you very much.

非常感謝。

Thank you.

謝謝。

The next question comes from Frank Schiraldi with Piper Sandler. Please go ahead, sir.

下一個問題來自 Piper Sandler 的 Frank Schiraldi。先生，請繼續。

Yes, hey Damian, just one follow up just, on the, on the Oreo property that is going to be or been delayed until May that the closing date of the sale, and I know you're supposed to get that deposit in in a couple of days. You mentioned in the release you talked about the change in ownership, I think at the buyer and just kind of wondering your thoughts there are you still confident? Could this be, is it more tenuous now that we haven't a change in ownership of the buyer or just your general thoughts on that closing in May?

是的，嘿，達米安，關於奧利奧房產的後續問題，該房產的銷售截止日期將被推遲到或被推遲到 5 月份，我知道你應該在幾天內收到定金。您在新聞稿中提到了所有權的變更，我想是買家，我只是有點想知道您的想法，您是否仍然有信心？這可能是這樣嗎？現在我們還沒有改變買家的所有權，這是否更加脆弱，或者只是您對 5 月交易完成的整體想法？

I don't think so. This was a, this was an, they had a change in their group. This is a group that's trying to build a portfolio of assets. And this potential, this change in ownership strengthened that group. It didn't take away from that group. And so, they had to work out among themselves through several different filings and negotiations. And so, they're continuing to support the property, and they paid insurance and they're fixing the, it's been leased up, it's not all the way leased up, but it's in a much better position, almost at the breakeven level. It's in the 65%, 70% level now, so it's, they only, this is where the property starts making money. So, everything's in, everything's a green light. They're just, we've been very flexible with them because they've been a great partner, and they say what they're going to do and they had this issue and we wanted to make sure that they, they're still investing in the property. So, there is very good faith situation. We're expecting, we're still expecting the deposit and the close date to be held.

我不這麼認為。這是一個，這是一個，他們的團隊發生了變化。這是一個試圖建立資產組合的團體。這種潛力和所有權的變更增強了該集團的實力。它並沒有從那個群體中奪走什麼。因此，他們必須透過多次不同的申請和談判來解決問題。因此，他們繼續支持該房產，並支付保險費，進行修繕，該房產已被出租，雖然還沒有完全出租，但狀況要好得多，幾乎達到了盈虧平衡水平。目前已達到 65% 到 70% 的水平，所以，只有從這個角度看，房地產才開始賺錢。所以，一切都已準備就緒，一切順利。他們只是，我們對他們非常靈活，因為他們是一個很好的合作夥伴，他們會說出他們要做的事情，他們遇到了這個問題，我們想確保他們仍然在投資該房產。因此，存在著非常好的誠信狀況。我們期待，我們仍然期待定金和截止日期的到來。

Great. Okay, I appreciate it. Thank you.

偉大的。好的，我很感激。謝謝。

Thank you.

謝謝。

There are no further questions at this time. I'll turn the call over to Damian Kozlowski, the Chief Executive Officer. Please go ahead, sir.

目前沒有其他問題。我將把電話轉給執行長 Damian Kozlowski。先生，請繼續。

Thank you everyone for joining us today. Operator, you can disconnect the call.

感謝大家今天的參與。接線員，您可以掛斷電話了。

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

謝謝。女士們、先生們，今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線。