Versabank (VBNK) 2024 Q4 法說會逐字稿

Good morning, Ladies and gentlemen.

女士們、先生們，早安。

Welcome to VersaBank fourth quarter and fiscal year 2024 financial results conference call this morning.

歡迎參加今天上午的 VersaBank 第四季和 2024 財政年度財務業績電話會議。

VersaBank issued a news release reporting its financial results for the fourth quarter and year ended October 31, 2024.

VersaBank 發布新聞稿，報告其截至 2024 年 10 月 31 日的第四季度和年度財務業績。

That news release along with the Bank's financial statements MD&A and supplemental financial information are available on the Bank's website in the investor relations section as well as on SEDAR+ and EDGAR.

該新聞稿以及該銀行的財務報表 MD&A 和補充財務資訊均可在該銀行網站的投資者關係部分以及 SEDAR+ 和 EDGAR 上查閱。

Please note that in addition to the telephone dial-in, VersaBank is webcasting this morning's conference call.

請注意，除了電話撥入之外，VersaBank 還將透過網路直播今天上午的電話會議。

The webcast is listen-only if you are listening to the webcast, but wish to ask a question in the Q&A session following Mr. Taylor's presentation.

如果您正在收聽網路廣播，但希望在泰勒先生演講之後的問答環節中提出問題，則網路廣播僅為收聽狀態。

Please dial-in to the conference line.

請撥入會議線路。

The details of which are included in this morning's news release and on the Bank's website for those participating in today's call by telephone.

有關詳情已包含在今天上午的新聞稿中以及銀行網站上，供參加今天電話會議的人查閱。

The accompanying slide presentation is available on the Bank's website.

隨附的幻燈片簡報可在銀行網站上找到。

Also today's call will be archived for replay both by telephone and via the internet beginning approximately one hour following completion of the call, details on how to access the replays are available in this morning's news release.

今天的通話內容還將在通話結束後約一小時內透過電話和網路進行存檔重播，有關如何存取重播的詳細資訊可在今天上午的新聞稿中查閱。

I would like to remind our listeners that the statements about future events made on this call are forward-looking in nature and are based on certain assumptions and analysis made by RSA Bank management.

我想提醒我們的聽眾，本次電話會議中關於未來事件的陳述本質上是前瞻性的，並且基於 RSA 銀行管理層所做的某些假設和分析。

Actual results could differ materially from our expectations due to various material risks and uncertainties associated with VersaBank's businesses.

由於與 VersaBank 業務相關的各種重大風險和不確定性，實際結果可能與我們的預期有重大差異。

Please refer to VersaBank's forward-looking statement advisory in today's presentation.

請參閱今天演示中的 VersaBank 前瞻性聲明諮詢。

And I would like to turn the call over to David Taylor, President and Chief Executive Officer of VersaBank.

我想將電話轉給 VersaBank 總裁兼執行長 David Taylor。

Please go ahead Mr. Taylor.

泰勒先生，請繼續。

Good morning, everyone and thank you for joining us for today's call with me today is our Chief Financial Officer John Asma and incidentally, one of the beauties of being able to operate throughout all of North America is that I'm talking to you today from Fort Lauderdale.

大家早安，感謝大家參加今天的電話會議，今天與我一起參加電話會議的是我們的首席財務官約翰·阿斯瑪 (John Asma)，順便說一句，能夠在整個北美開展業務的好處之一就是我今天在勞德代爾堡與大家交談。

Here we are here, turning to our financial results as expected as a result of preparation for the completion of the closing of our US Bank acquisition August 30th.

現在，讓我們來看看我們的財務業績，這符合預期，這是我們為 8 月 30 日完成美國銀行收購做準備的結果。

There was a significant amount of noise in the fourth quarter that impacted our earnings numbers.

第四季有大量噪音影響了我們的獲利數字。

We have done our best to describe and quantify those to provide a clear picture of the continuing underlying strength of our business model.

我們已盡力描述和量化這些因素，以便清晰地展現出我們商業模式持續的潛在實力。

John will describe this in more detail in a few minutes, but at a high level, these fall into three buckets which in aggregate total approximately $5.6 million for the quarter and $6.5 million for the year and tax adjusted reduced EPS by an equivalent of $0.18 for the quarter and $0.20 for the year.

約翰將在幾分鐘內對此進行更詳細的描述，但從高層次來看，這些費用可分為三個部分，總計約為本季度 560 萬美元和全年 650 萬美元，稅收調整後每股收益減少了相當於本季度 0.18 美元和全年 0.20 美元。

These were one time non interest expenses, a change in the base of the acquired assets of VersaBank USA and the impact of holding higher than typical cash balances ahead of the acquisition and funding the US Bank upon close of the acquisition.

這些是一次性非利息支出、VersaBank USA 收購資產基礎的變化以及收購前持有高於正常水平的現金餘額以及收購完成後為美國銀行提供資金的影響。

We are also for the first time providing fully segmented financial results that is broken out by Canadian Banking operations, our US Banking operations and Drt Cyber, we believe this provides a clearer view of the profitability efficiency and return on common equity of the existing canadian Banking business.

我們還首次提供按加拿大銀行業務、美國銀行業務和 Drt Cyber​​ 細分的完全分部的財務結果，我們相信這可以更清楚地了解現有加拿大銀行業務的盈利效率和普通股回報率。

While also allowing you to not only definitively track the growth of our receivable purchase program portfolio in the US, but also see the greater efficiency that we expect from that business as it wraps up when we remove the noise associated with the acquisition.

同時也讓您不僅明確地追蹤我們在美國應收帳款購買計畫組合的成長情況，而且還可以看到當我們消除與收購相關的噪音時，我們期望該業務能實現更高的效率。

The underlying story for the fourth quarter is pretty straightforward and importantly, it paints a very positive picture heading into 2025 and the ramp up of our US RPP business Q4 saw yet another record high of total assets at $4.8 billion driven by 15% year over year growth in our Canadian RPP business, which expanded by 2% sequentially, even as discretionary spending in Canada generally remains soft growth continued to dampen by higher than typical putbacks of loans that have got 90 days in arrears to our partners due to higher defaults among the borrowers as could be expected in these tougher economic times as we've made whole as we're made.

第四季度的基本情況相當簡單，而且重要的是，它為 2025 年描繪了一幅非常積極的圖景，我們美國 RPP 業務的增長在第四季度再創歷史新高，總資產達到 48 億美元，這得益於我們加拿大 RPP 業務同比增長 15%，較高環比增長 2%，儘管加拿大的自由貸款可支配 90 天，從而繼續抑製成長，這在經濟困難時期是可以預料的，因為我們已經賺到錢了。

Hold on these loans through our cash holdbacks.

透過我們的現金保留來保留這些貸款。

This higher rate of put backs to our partners has no impact on our pre provisioning for credit losses, which for Q4 as it always is de minimis noninterest expenses were a typically high due to onetime costs associated mainly with the US acquisition.

向我們的合作夥伴返還的這種較高的比率對我們的信貸損失預撥備沒有影響，對於第四季度來說，由於主要與美國收購相關的一次性成本，非利息支出通常較高，這與往常一樣處於最低水平。

We expect to return to normalized NIES in the first quarter of 2025.

我們預計 2025 年第一季 NIES 將恢復正常化。

With the addition of our US Bank with the addition of the US Bank expenses including the new leadership team.

隨著我們美國銀行的加入，美國銀行的開支也隨之增加，其中包括新的領導團隊。

It has been for nearly two years.

已經快有兩年了。

Net interest margin was dampened by the typically inverted yield curve which lowers our margin as we raise deposits in the short end of the curve and lend further out of the on the curve.

淨利差受到通常倒掛的殖利率曲線的抑制，由於我們增加曲線短端的存款並進一步提供曲線外的貸款，從而降低了我們的利潤率。

We are now seeing yield curve flattened and are very encouraged by this trend.

我們現在看到殖利率曲線趨於平緩，這一趨勢令我們感到非常鼓舞。

Net interest margin was also impacted by the one times noted above.

淨利差也受到上述一次影響。

We'll feel good about the direction of our NIM in 2025 especially as we start to add us RPP loans where we expect to realize a meaningfully higher spread for the year.

我們對 2025 年 NIM 的走向感到滿意，尤其是當我們開始增加 RPP 貸款時，我們預計今年的利差將顯著增加。

We generated record net income excluding the one time impact of the US acquisition driven by the strong growth in our canadian point of sale receivable purchase program, you can see that reflected in our efficiency ratio and our return on common equity.

除去美國收購的一次性影響，我們創造了創紀錄的淨收入，這得益於我們加拿大銷售點應收帳款購買計劃的強勁增長，您可以從我們的效率比率和普通股權益回報率中看到這一點。

We expect to see new records for all of these metrics next year based on the continued growth of our RPP in Canada and the ramp up of the RPP in the United States as well as a couple of other meaningful opportunities that we'll discuss in a few minutes.

基於我們在加拿大的 RPP 的持續成長和在美國的 RPP 的提升以及我們將在幾分鐘後討論的其他幾個有意義的機會，我們預計明年所有這些指標都將創下新高。

I'd now like to turn the call over to John to review our financial results in detail.

現在我想把電話轉給約翰來詳細回顧我們的財務結果。

Thanks David.

謝謝大衛。

Before I will remind you that our full financial statements and MDNA for the fourth quarter and full year are available on our website under the investors section as well as on CDAR and EDGAR.

首先我要提醒您，我們第四季和全年的完整財務報表和 MDNA 可在我們網站的投資者部分以及 CDAR 和 EDGAR 上查閱。

All of the following numbers are reported in CAD as per our financial statements unless noted, starting with the balance sheet total assets at the end of the fourth quarter of fiscal 2024 grew 15% year over year and 7% sequentially to a new high of $4.8 billion cash and securities were $525 million or 11% of total assets up from 7% in Q4 last year and 9% in Q3 of this year.

除非另有說明，以下所有數字均按照我們的財務報表以加元報告，從資產負債表開始，2024 財年第四季末的總資產年增 15%，環比增長 7%，達到 48 億美元的新高，現金和證券為 5.25 億美元，佔總資產的 11%，高於去年第四季度的 7% 和今年第四季度的 7% 和今年第四季度的 7%。

Book value per share increased to a record 15.35. Our CET one ratio was 11.24% and our leverage ratio was 7.38% with both remaining above our internal targets.

每股帳面價值增至創紀錄的15.35。我們的普通股投資比率為 11.24%，槓桿率為 7.38%，均高於我們的內部目標。

Turning to the income statement, as David described, there were a number of one time items mostly related to the US Bank acquisition that impacted the fourth quarter and the full year results a number of one time non interest expenses, the expense of a deferred tax asset due to a change in tax base of the acquired assets of VersaBank usa maintaining higher than typical cash balances ahead of the closing of the acquisition, which was exasperated by the impact of a temporary dampening of net interest margin that usually occurs when interest rates decline and $90 million in funding provided to VersaBank USA.

談到損益表，正如 David 所描述的，有許多一次性項目，主要與美國銀行收購有關，影響了第四季度和全年業績，其中包括許多一次性非利息費用、由於收購 VersaBank USA 資產的稅基發生變化而產生的遞延所得稅資產費用，在收購完成前維持高於典型的價格

At closing of the SBH acquisition, total consolidated revenue was $27.3 million compared to $29.2 million last year.

SBH 收購完成後，合併總收入為 2,730 萬美元，去年同期為 2,920 萬美元。

The year over year difference was driven primarily by lower non interest income from the Bank cyber security operations.

與去年同期相比，差異主要是由於銀行網路安全業務的非利息收入下降。

DRTC but was also impacted by higher cash assets associated with the funding of the US.

但 DRTC 也受到了與美國融資相關的更高現金資產的影響。

Bank consolidated non interest expense was $19.4 million compared to $12.4 million last year and $13.5 million for Q3 of this year.

銀行合併非利息支出為 1,940 萬美元，去年同期為 1,240 萬美元，今年第三季為 1,350 萬美元。

The quarter included $3.3 million in one time costs that were mostly associated with US Bank acquisition.

本季的一次性成本為 330 萬美元，主要與收購美國銀行有關。

The $3.3 million brought total acquisition related one time cost for the year to $3.7 million as a reminder D RT expenses, DRT cyber expenses are included in our consolidated NIES and total $2.6 million and $9.4 million for the quarter and year respectively respectively.

330 萬美元使全年與收購相關的一次性成本總額達到 370 萬美元，提醒一下 D RT 費用、DRT 網路費用包含在我們的合併 NIES 中，本季度和全年總計分別為 260 萬美元和 940 萬美元。

Finally, as David noted, we will see NIES return to a normalized level in Q1 excluding 11 time nies and other one time impacts the impacts.

最後，正如 David 所指出的，我們將看到 NIES 在第一季恢復到正常水平，不包括 11 次 NIES 和其他一次性影響。

I just described consolidated net income for the quarter was $10 million or $0.38 per share.

我剛剛描述本季的綜合淨收入為 1000 萬美元，即每股 0.38 美元。

And consolidated net income for the year was $45 million or $1.69 per share.

全年綜合淨收入為 4,500 萬美元，即每股 1.69 美元。

Looking at our digital Banking operations, which with the close of the US acquisition October 30th now consists of our canadian Banking operations and our US Banking operations.

看看我們的數位銀行業務，隨著 10 月 30 日美國收購的完成，現在包括我們的加拿大銀行業務和美國銀行業務。

As David mentioned, these are broken out in our press release and MDNA.

正如 David 所提到的，這些內容已在我們的新聞稿和 MDNA 中列出。

But for the sake of brevity, I will discuss the combined results as the US Banking operations had little or had limited.

但為了簡潔起見，我將討論綜合結果，因為美國銀行業務很少或有限。

Although positive contribution, our loan portfolio grew to a new record of $4.24 million at the end of Q4 driven once again by our point of sale receivable purchase program which increased 15% year over year over year or 2% sequentially to $3.3 billion.

儘管做出了積極的貢獻，但我們的貸款組合在第四季度末增長至 424 萬美元的新高，這再次得益於我們的銷售點應收賬款購買計劃，該計劃同比增長 15% 或環比增長 2%，至 33 億美元。

Our RPP portfolio represents 78% of our total loan portfolio at the end of Q4 down from 80% at the end of Q3.

截至第四季末，我們的 RPP 組合占我們總貸款組合的 78%，低於第三季末的 80%。

As David noted RPP growth was dampened for both periods due to a higher amount of putbacks.

正如 David 所指出的，由於回購金額較大，這兩個時期的 RPP 成長均受到抑制。

Our real estate portfolio contracted 12% year over year to $788 million.

我們的房地產投資組合年減 12% 至 7.88 億美元。

As we continue to transition the portfolio towards CMHC insured loans.

隨著我們繼續將投資組合轉向 CMHC 保險貸款。

We're starting to see a ramp up of the program which drove a 6% sequential increase in the real estate portfolio.

我們開始看到該計劃的升級，推動房地產投資組合連續 6% 成長。

We are current, we currently have commitments of close to $600 million with the loans outstanding of over $210 million, which continues to grow monthly, almost doubling since the end of Q3.

目前，我們已承諾貸款近 6 億美元，未償還貸款超過 2.1 億美元，且該金額每月都在成長，自第三季末以來幾乎翻了一番。

As a reminder, our real estate portfolio is primarily business to business mortgages and construction loans for real estate properties or sorry for residential properties.

提醒一下，我們的房地產投資組合主要是企業對企業的抵押貸款和房地產（或住宅物業）的建設貸款。

We have little exposure to commercial use properties.

我們很少接觸商業用途房產。

Turning to the income statement for our digital Banking operations, net interest margins on loans that is excluding cash and securities was 2.34%.

談到我們的數位銀行業務的損益表，不包括現金和證券的貸款淨利差為 2.34%。

That was 35 basis points or 13% lower on a year over year basis and 77 basis points or 3%.

與去年同期相比，下降了 35 個基點，即 13%，與去年同期相比，下降了 77 個基點，即 3%。

Sequentially mainly the result of an atypical inverted yield curve adversely affecting P OS margins and and the change in the real estate portfolio to CMHC insured loans, net interest margin including the impact of cash and securities and other assets was 2.12% which was impacted by the higher cash balances as well as the $90 million in capital provided to US digital Banking operations from the Canadian digital Bank net income excluding one time impacts for the digital Banking operations for the quarter was $10 million or $0.38 per share.

連續主要由於非典型倒掛收益率曲線對 P OS 利潤率產生不利影響以及房地產投資組合向 CMHC 保險貸款的變化，包括現金、證券和其他資產的影響在內的淨息差為 2.12%，這受到較高現金餘額以及加拿大數字銀行淨收入（不包括一次性影響）向美國數字銀行業務提供的 9000 萬美元資本的收入 100 萬美元的收入為 380 萬美元。

That income for the Canadian Banking operations was $9.5 million or $0.30, $0.36 a share and net income for the US Banking operations, which for the quarter included includes the contribution of only the acquired Stearns holding for Bank operations was half a million dollars or $0.02 per share.

加拿大銀行業務的收入為 950 萬美元，即每股 0.30 美元、0.36 美元，美國銀行業務的淨收入（本季僅包括收購的 Stearns 控股對銀行業務的貢獻）為 50 萬美元，即每股 0.02 美元。

Our po turning to our our our our credit losses, our provision for credit losses or PCL in Q4 remained negligible at negative 0.01% on average assets compared to negative 0.02 last year and with a 12 quarter, average of 0%.

我們的信用損失準備金或 PCL 在第四季度仍然微不足道，平均資產為負 0.01%，而去年同期為負 0.02%，12 個季度的平均值則為 0%。

I'd now like to turn the call back to David for some closing remarks, David.

現在我想把電話轉回給大衛，請他做一些結束語，大衛。

Well, thank you John 2025 promises another year of growth in our loan portfolio and profitability, driving continued improvements in our efficiency ratio and returnal and common equity.

好吧，謝謝你，約翰。

As we continue to capitalize on the operating leverage in our business model.

我們將繼續利用我們商業模式中的經營槓桿。

We have a strong foundation in our Canadian Digital Banking operations where we are very proud to lead the publicly traded Banks in net interest margin, which is even more impressive given that we don't give anything back for loan losses.

我們在加拿大數位銀行業務方面擁有堅實的基礎，我們非常自豪能夠在淨利差方面領先於上市公司銀行，考慮到我們不會因貸款損失而返還任何款項，這一點就更加令人印象深刻。

We expect continued steady growth in Canada with our receivable purchase program, expanding in line with 2024 and some upside should interest rates continue their downward trend as is forecast.

我們預計，我們的應收帳款購買計畫將在加拿大繼續保持穩定成長，並將在 2024 年左右擴大，如果利率繼續按照預測呈下降趨勢，還將有一定的上行空間。

And we expect to begin to see the contribution of our growing CMHC insured loan business in our opportunistic real estate portfolio.

我們期望開始看到我們不斷成長的 CMHC 保險貸款業務對我們機會性房地產投資組合的貢獻。

As a reminder, these are zero risk weighted loans requiring no capital and delivering a very nice spread.

提醒一下，這些是零風險加權貸款，不需要資本並且可以提供非常好的利差。

We also expect to see continuation of several favorable trends that support net interest margin.

我們也預計，支持淨利差的幾個有利趨勢將持續存在。

As noted earlier, we are starting to see the flattening of the yield curve which will be beneficial to the spread of our RPP lungs.

如前所述，我們開始看到殖利率曲線趨平，這將有利於我們的RPP肺的擴散。

In addition, we should continue to see favorable impact of our low cost insolvency, professional deposit business in Canada.

此外，我們應該繼續看到我們在加拿大的低成本破產、專業存款業務的有利影響。

As Bankruptcies continue to steadily trend upward.

破產率持續呈現穩定上升趨勢。

We're moving aggressively forward in US RPP opportunity.

我們正在積極推進美國 RPP 機會。

We're in the process of moving our first us partners from our pilot program to VersaBank USA balance sheet.

我們正將我們的首批美國合作夥伴從試點計畫轉移到 VersaBank USA 資產負債表。

More importantly, we expect to add our first post acquisition partner eminently and others to follow.

更重要的是，我們期望迅速增加我們的第一個收購後合作夥伴，隨後其他合作夥伴也將隨之增加。

In due course, I will note that it does take some time to finalize these contracts and on board new partners.

在適當的時候，我會注意到，完成這些合約和吸收新合作夥伴確實需要一些時間。

However, we do expect the pace of new additions to accelerate going forward.

然而，我們確實預期未來新增業務的步伐將會加快。

We have a robust and growing pipeline.

我們擁有強大且不斷成長的產品線。

As for discussions with both potential partners and others in the industry continue to validate that our RPP is both unique and very attractive solution for a company who finance big ticket and service services at the point of sale to support what we expect to be very active ramp up in 2025.

與潛在合作夥伴和其他業內人士的討論繼續驗證我們的 RPP 是一種獨特且非常有吸引力的解決方案，適用於在銷售點提供大額融資和服務的公司，以支持我們預計在 2025 年非常活躍的增長。

Earlier today, we announced that we are transitioning the team responsible for the success of the Canadian RPP to the US opportunity.

今天早些時候，我們宣布將把負責加拿大 RPP 成功的團隊轉至美國專案。

This team of Nick Kristo appointed Chief Credit Officer for the US.

尼克·克里斯托 (Nick Kristo) 的這個團隊被任命為美國首席信貸官。

Mike Dixon appointed SVPRPP in the US have been fundamental to the growth and success of the RPP in Canada since inception 14 years ago.

自 14 年前成立以來，Mike Dixon 任命的美國 SVPRPP 對加拿大 RPP 的發展和成功至關重要。

And along with Mike Robinson, appointed VPRPP US who has been integral to the program for the last seven years are responsible for 27% compounded annual growth rate over the last five years, more than $9 billion in financing for point of sale lenders and of course no losses.

與邁克羅賓遜一起，任命的 VPRPP US 在過去七年中一直是該計劃不可或缺的一部分，在過去五年中，他們實現了 27% 的複合年增長率，為銷售點貸款機構提供了超過 90 億美元的融資，當然沒有虧損。

They joined a formidable team whose collective experience and expertise will be invaluable as we scale up the US RPP program in the multi trillion dollar US point of sale market.

他們加入了一支強大的團隊，隨著我們在價值數萬億美元的美國銷售點市場擴大美國 RPP 計劃，該團隊的集體經驗和專業知識將是無價的。

As a reminder, overall, we expect our US RPP business to benefit from even greater efficiencies that we achieve in Canada due to lower personnel requirements on both the deposit and lending sides.

提醒一下，總體而言，由於存款和貸款雙方的人員要求較低，我們預計美國 RPP 業務將受益於我們在加拿大實現的更高效率。

We have a lot of bench strength in Canada and we are proud to also announce the appointment of David Thomas as SVP point of sale financing, VersaBank, Canada and Chief Credit Officer, VersaBank Canada.

我們在加拿大擁有強大的後備力量，我們也很榮幸宣布任命 David Thomas 為加拿大 VersaBank 銷售點融資高級副總裁兼加拿大 VersaBank 首席信貸官。

Congratulations guys.

恭喜你們。

We will grow our US RPP business as quickly as our balance sheet capacity permits.

我們將在資產負債表容量允許的範圍內盡快發展美國 RPP 業務。

Given the significant anticipated demand, we will at least initially be syndicating our PP loans to other US Banks.

鑑於預期的巨大需求，我們至少最初會將我們的 PP 貸款聯合提供給其他美國銀行。

Under this model, we earn our typical RPP spread on the portion of the loan and our partner earns the same spread on the other portion and we earn a fee expection be around 1% from our partner Banks.

在這種模式下，我們在貸款部分賺取典型的 RPP 利差，我們的合作夥伴在另一部分賺取相同的利差，我們從合作銀行賺取預計約為 1% 的費用。

The cash holdbacks will reside on our balance sheet and the risk profile is unchanged.

現金保留將保留在我們的資產負債表上，風險狀況保持不變。

In fact, we gained some diversification as to our partners.

事實上，我們的合作夥伴已經實現了多樣化。

You can think of this simply as VersaBank additionally, white labeling RPP to generate greater profitability.

您可以簡單地將其視為 VersaBank，另外還對 RPP 進行白色標籤以產生更高的盈利能力。

And just as a reminder, we do expect the RPP spread to be as much as 1% higher in the US than in Canada.

需要提醒的是，我們確實預期美國的 RPP 利差將比加拿大高出 1%。

One final note before we open the call to questions, those of you who have followed VersaBank for some time will know that within our wholly owned Washington DC based Cyber security firm DRT Cyber, we developed what we believe to be the worlds first, in our opinion, the world's most secure digital vault.

在我們開始提問之前最後要說的是，那些關注 VersaBank 一段時間的人會知道，在我們全資擁有的位於華盛頓特區的網路安全公司 DRT Cyber​​ 內，我們開發了我們認為是世界上第一個、在我們看來也是世界上最安全的數位保險庫。

First of all, as well as to our knowledge, the world's first digital deposit receipts which can be issued by Banks themselves.

首先，據我們所知，這是世界上第一張可以由銀行自行發行的數位存單。

We believe these technologies have a tremendous value enabling us Banks to provide state of the art access to the emerging world of digital commerce.

我們相信這些技術具有巨大的價值，使我們的銀行能夠提供最先進的途徑進入新興的數位商務世界。

Thus, we are very encouraged by the favorable stance of President elect Donald Trump and his proposed administration with respect to digital occurs and what we will, it will mean for our made in America solution.

因此，我們對當選總統唐納德·川普及其提議的政府對數位化事件的積極立場感到非常鼓舞，這對我們而言意味著什麼，這對我們而言意味著什麼，以及這將對我們美國製造的解決方案意味著什麼。

Our digital deposit receipts are on Algon at the and stellar blockchains and ares to type one compliant using.

我們的數位存款收據位於 Algon 和恆星區塊鏈上，並符合使用類型一的要求。

First of all, with that, I'd like to open up the call to questions, operator.

首先，我想開始回答問題，接線生。

Thank you, Mr Taylor.

謝謝你，泰勒先生。

(Operator instructions)

（操作員指令）

And your first question will be from Tim Switzer, KBW.

您的第一個問題來自 KBW 的 Tim Switzer。

Please go ahead.

請繼續。

Hey, good morning guys.

嘿，大家早安。

Thank you for taking my questions.

感謝您回答我的問題。

Good morning, Tim.

早安，提姆。

Could you provide an update on how the conversations with new partners in the US are going?

能否介紹一下與美國新合作夥伴的談判進展？

And you know, how many partners should we expect to be kind of fully launched over the next few?

您知道嗎，我們預計未來幾年將有多少合作夥伴全面啟動？

Well, we have very productive discussions with one US Bank as a partner and we've we've tested the data flow.

我們與一家美國銀行作為合作夥伴進行了非常有成效的討論，並且已經測試了資料流。

It works exceptionally well.

它的效果非常好。

So we expect very soon to have our first RPP new, new point of sale partner.

因此，我們期望很快就能擁有我們的第一個 RPP 新銷售點合作夥伴。

And we'll also have a partner Bank sharing in those loans.

我們也會與一家合作銀行分享這些貸款。

So I said eminently and it's just, we're just in the paper in the paper stage where those are, are working as hopefully as quickly as they can to put that one to bed.

所以我說，非常出色，這只是紙上談兵，我們還處於紙上談兵的階段，希望他們能盡快完成這項工作。

With respect to addition, additional partners.

關於增加，增加合作夥伴。

There's been about 30 or so that we've been talking to and I think the constraint has just been how fast we're going to be able to do the paperwork to to sign them up.

我們已經與大約 30 家公司進行了溝通，我認為最大的限制是我們能多快完成簽約手續。

Okay, great.

好的，太好了。

And how, related to that, how should we think about the origination trajectory in the US and the balance sheet growth over the course of the year?

與此相關，我們該如何看待美國的起源軌跡和全年的資產負債表成長？

You know, it does, it is it a gradual acceleration kind of evenly each quarter or you know, is there, you know a point in the year where you think it really starts to significantly pick up.

您知道，它確實如此，它是每個季度均勻地逐漸加速，或者您知道，在一年中的某個時間點，您認為它是否真正開始顯著回升。

Well, it's sort of quantum jumps in growth depending on how fast we sign up the partners.

嗯，這是一種量子飛躍式的成長，取決於我們簽約合作夥伴的速度。

Right now we're looking to have on balance sheet about $250 million by the end of the year.

我們目前預計今年底資產負債表上的金額將達到約 2.5 億美元。

And that would be sharing at least 50% with other Banks.

這意味著至少要與其他銀行分享 50%。

So in total as an administration about $500 million and it may grow a lot faster depending on how quickly we can get the paperwork done.

因此，作為一個政府，總共需要大約 5 億美元，而且這個數字可能會成長得更快，這取決於我們完成文書工作的速度。

And if I can get one more, please.

如果可以的話請再給我一張。

What is the expense outlook for next year?

明年的支出前景如何？

Once we exclude some of the one timers you guys reported are most of the costs associated with running the US business now in the run rate or is there kind of another lift, to the expense base of some of these customers?

一旦我們排除你們報告的一些一次性費用，那麼與經營美國業務相關的大部分成本現在是否都計入了運行率，或者是否有其他提升，以增加其中一些客戶的費用基礎？

Most of the expenses are now in the run rate in that.

目前，大部分費用都已包含在其中。

We've hired almost everybody.

我們幾乎已經僱用了所有人。

We need to run the US.

我們需要管理美國。

We may have a couple more to put on, but the heavy hitters are already on board.

我們可能還需要增加一些內容，但重量級人物已經上船了。

Perfect.

完美的。

Okay, that's all for me.

好的，對我來說就這些了。

Thank you.

謝謝。

Thanks, Tim.

謝謝，蒂姆。

Next question will be from David Feaster, Raymond James.

下一個問題來自雷蒙德詹姆斯 (Raymond James) 的戴維菲斯特 (David Feaster)。

Please go ahead.

請繼續。

David.

大衛。

Hi, good morning, everybody.

大家早安。

Good morning, David.

早安，大衛。

One thing that you touched given the growth governors on the US expansion.

考慮到美國擴張的成長調控因素，您提到了一件事。

You all are going to be syndicating some loans out to be able to support the growth, but not necessarily have all on balance sheet.

你們將會聯合貸款一些來支持成長，但不一定全部都列入資產負債表。

I'm curious where you are in the build out in that process and the platform.

我很好奇您在該流程和平台的構建中處於什麼位置。

And whether you've started to test that yet?

您是否已經開始測試了？

Well, we built it, it's called AM S3 0.0. That's short for asset management system.

好吧，我們建造了它，它被稱為 AM S3 0.0。這是資產管理系統的縮寫。

3.0 Canada, we use a MS 2.0 it's in the cloud facility in Des Moines Iowa at the Azure facility and it's fully functional.

3.0 加拿大，我們使用 MS 2.0，它位於愛荷華州得梅因的 Azure 設施雲端設施中，功能齊全。

Yeah, it's also on the syndication side, it's also able to parse each individual loan.

是的，它也屬於銀團貸款方面，它也能解析每筆單獨的貸款。

So the component parts so that we'd retain on our balance sheet, our partners would retain.

因此，我們會在資產負債表上保留這些組成部分，我們的合作夥伴也會保留這些組成部分。

So that's all set to go.

一切就緒。

We're just waiting for the finalized documentation for the first brand new point of sale partner.

我們只是在等待第一個全新銷售點合作夥伴的最終文件。

Hopefully, that's very soon.

希望這很快就能實現。

And then the data starts to flow, representing the loans being parsed for us and for our first community Bank partner.

然後數據開始流動，代表為我們和我們的第一個社區銀行合作夥伴解析的貸款。

Okay and then you touched on some of the differences too between kind of the small ticket opportunity and the larger ticket opportunity.

好的，然後您也談到了小額票務機會和大票務機會之間的一些差異。

I'm curious maybe where are you focused in the US currently?

我很好奇您目前在美國關注的重點是什麼？

Like where do you see the most opportunity here?

您認為這裡最大的機會在哪裡？

Is it in the smaller ticket or maybe some of the larger stuff?

它是在較小的票中還是在一些較大的票中？

It's mainly the larger stuff.

主要是較大的東西。

Although our software is capable of dealing with it, tiny loans too.

雖然我們的軟體可以處理這個，但小額貸款也可以。

But the sweet spot is the larger ticket items such as Home Improvement new HVAC systems, that sort of thing.

但最理想的情況是購買較大件的物品，例如家居裝修、新的暖通空調系統等。

That's I think United States would be quite similar to what we experience in Canada.

我認為美國的情況與我們在加拿大的經歷非常相似。

About 50% of our point of sale portfolio is Home Improvement.

我們的銷售點組合中約有 50% 是家居裝修。

Okay.

好的。

And you talked about 100 basis point, better spread in the stage.

您談到了 100 個基點，並更好地傳播在這個階段。

Do you see more opportunity?

您是否看到了更多機會？

Is that on the funding side or is it on the loan yield side?

這是融資方面還是貸款收益方面？

And then, just kind to the funding side you touched on the election and the potential tailwinds maybe for some from digital currencies.

然後，您剛才談到了選舉的資金方面，以及數位貨幣可能給一些人帶來的潛在的順風。

Curious, if there's any interest in bringing back CDV and that opportunity.

好奇，是否有興趣恢復 CDV 和這個機會。

Well, good point.

嗯，說得好。

We've seen on the test market we did in the United States, we got better yields and we got lower cost of funds to give rise to that approximately 1% additional spread.

我們在美國進行的測試市場上看到，我們獲得了更好的收益率，並且資金成本更低，從而產生了約 1% 的額外利差。

So it was both on the yield and on the funding side with respect to DRTCS technology that we did, we announced about four years ago.

因此，我們在大約四年前宣布了 DRTCS 技術的收益和資金方面。

We were quite proud of it.

我們對此感到非常自豪。

What we call VUSD and VCAD, our digital deposit receipts on Algo and Stellar and Ethereum.

我們所說的 VUSD 和 VCAD 是 Algo、Stellar 和 Ethereum 上的數位存款收據。

And we had it so two reviewed and obtained SOC two type one rating.

我們進行了兩次審核，並獲得了 SOC 二類一評級。

So that technology is all set to go.

因此這項技術已經準備就緒。

But Paul Masson, as George said, no wine before it's time.

但是，正如喬治所說，保羅馬森 (Paul Masson) 規定，未到時間就不能喝酒。

I thought the regulatory environment wasn't mature enough to receive that product, but it appears with the Trump appoint or two pending appointees and the, it looks like a favorable environment for digital commerce that this product that we have that's been tested and actually fully functional would, would be sort of wonderful for the small five in the United States to use.

我認為監管環境還不夠成熟，無法接受該產品，但隨著川普任命或兩位待任命者，以及看起來對數位商務有利的環境，我們已經測試過並且實際上功能齊全的這款產品，對於美國五大中小企業來說，使用它會非常棒。

And we're ad RG stands ready to provide that service for them with respect to our own Bank.

而我們 RG 隨時準備透過我們自己的銀行為他們提供這項服務。

We have such wonderful access to cheap deposits through the large brokerage firms.

我們可以透過大型經紀公司獲得如此廉價的存款。

There, there isn't a lot of need for us to adopt that.

因此，我們沒必要採用這種方法。

And now we have our work sort of cut out for us expand the RPP program.

現在，我們已經做好了擴大 RPP 計劃的工作。

But DRT Cyber could provide that service to other small Banks, community Banks that don't have this, the water flex as we do to very cheap funding.

但是 DRT Cyber​​ 可以向其他小型銀行、沒有這項服務的社區銀行提供這項服務，就像我們一樣，可以提供非常便宜的融資。

So it'd be a product for DRTC and sometime in the future, it may be something that you, we our US Bank adopts to, but there's any any burning need for our Bank to adopt it.

因此，它將成為 DRTC 的一個產品，並且在未來的某個時候，它可能會被您（我們美國銀行）採用，但我們的銀行迫切需要採用它。

Okay.

好的。

And then maybe if I could squeeze one more in you, touched about increased, put backs to your partners in Canada and we're really validating your business model.

然後也許我可以再給你擠一點，觸及增加的部分，回饋給你在加拿大的合作夥伴，我們真的在驗證你的商業模式。

And that's great.

這太棒了。

You've had no credit issues.

您沒有任何信用問題。

But I'm curious maybe how is this impacted the partners in Canada and the health of their balance sheet and their ability to absorb those losses so far.

但我很好奇，這對加拿大的合作夥伴、他們的資產負債表健康狀況以及他們迄今為止吸收損失的能力有何影響。

Well, so touch wood.

好吧，那就摸摸木頭吧。

They've all been able to do that.

他們都能夠做到這一點。

We tend to pick the strongest point of sale partners.

我們傾向於選擇最強大的銷售點合作夥伴。

We can and they've been dealing with it.

我們可以，而且他們也一直在處理此事。

It's sort of the inevitable, downturn some people in Canada calling it a recession.

這是一種不可避免的經濟衰退，加拿大有些人稱之為經濟衰退。

And considering our trustee deposits have increased by 20% year-over-year, that's a big number for that.

考慮到我們的受託人存款年增了 20%，這是一個很大的數字。

It's a 20% increase in Bankruptcies.

破產數量增加了20%。

We probably are in a bit of a recession but our, our partners have stood up seem to be fine.

我們可能正處於經濟衰退之中，但我們的合作夥伴似乎還不錯。

They're all sort of eagerly awaiting perhaps a jumbo decrease in the overnight rate in Bank in Canada.

他們都在熱切地等待加拿大銀行隔夜利率的大幅下降。

That's got that might be announced on Wednesday.

這可能會在周三宣布。

So generally speaking, our model is held up wonderfully and it's a slow growth with a record high put backs is this year and our partners seem to be in good shape and if the Bank get drops the rates as people are hoping to predicting, then that might return us to that upward sloping yield curve again where we were scoring about 300 basis points in that interest margin.

所以總體來說，我們的模型表現非常好，今年的成長速度很慢，回吐利率也創下了歷史新高，我們的合作夥伴似乎狀況良好，如果央行像人們希望的那樣降低利率，那麼這可能會讓我們再次回到向上傾斜的收益率曲線，我們的息差約為 300 個基點。

So, sort of stay tuned.

因此，請繼續關注。

I hope Wednesday is a good news for the case.

我希望週三對這個案件來說是個好消息。

That's great color.

顏色真棒。

Thanks everybody.

謝謝大家。

Thank you.

謝謝。

(Operator instructions)

（操作員指令）

Next question will be from Andrew Scutt, Roth Capital Partners.

下一個問題來自 Roth Capital Partners 的 Andrew Scutt。

Please go ahead, Andrew.

請繼續，安德魯。

Hey, good morning guys and thank you for taking my questions.

嘿，大家早安，感謝你們回答我的問題。

First one for me, you guys saw the return of growth in your CRE portfolio.

對我來說，首先，你們的 CRE 投資組合實現了成長。

I know you guys been recently kind of right sizing that portfolio, maybe changing up the mix if you kind of talk about how you feel about the portfolio where it is now and then maybe provide some additional color on the CMHC portfolio.

我知道你們最近一直在對投資組合進行適當調整，如果你們能談談對目前投資組合的看法，也許可以改變投資組合，然後為 CMHC 投資組合提供一些額外的信息。

Absolutely.

絕對地。

So this portfolio is almost all composed of loans on residential properties and there's two types one we call conventional loans.

因此，這個投資組合幾乎全部由住宅物業貸款組成，有兩種類型，我們稱之為常規貸款。

So these are the normal loans that Banks have made over the years that are are risk rated fairly highly.

這些都是銀行多年來發放的正常貸款，風險評級相當高。

This would be multi family normally construction, apartment blocks, construction and some low rise and because of the high risk waiting and this is a little additional risk involved.

這通常是多戶住宅建築、公寓大樓、建築和一些低層建築，由於等待風險高，這涉及一些額外的風險。

We're running a loan to value ratio around 60% on these.

我們的貸款成數約為 60%。

We pivoted over to CMH C insured construction mortgages and this these are wonderful in that they're 0% risk rated.

我們轉向 CMH C 保險建築抵押貸款，這些抵押貸款非常好，風險評級為 0%。

So don't absorb any CT one capital and match really nicely against our, our floating rate trustee deposits on average, we pay about a prime minus 285 on those.

因此，不要吸收任何 CT 一資本，並與我們的浮動利率受託人存款進行完美匹配，平均而言，我們支付的利率約為優惠利率減 285。

And we are in maybe prime minus 20 on the CMHC.

我們在 CMHC 上的優惠利率可能為負 20。

So we're making about 265 basis point spread on a zero risk weighted asset.

因此，我們在零風險加權資產上獲得了約 265 個基點的利差。

No capital required.

無需資本。

That's the portfolio that John talked about that.

這就是約翰談到的投資組合。

We have a 600 million right now and committed facilities to draw down in 2025 almost double what we had last quarter.

我們目前有 6 億美元，並承諾在 2025 年提取貸款，幾乎是上個季度的兩倍。

We're looking at probably that figure increasing by the end of 2020-2025 say to $1.5 billion or maybe even two.

我們預計到 2020-2025 年底，這個數字可能會增加到 15 億美元，甚至 20 億美元。

So it's a really wonderful opportunity for us to help with the construction in Canada, but not take hardly any risk for the government insured and get a really good right of return.

因此，這對我們來說是一個絕佳的機會，可以幫助加拿大進行建設，但幾乎不承擔政府承保的任何風險，並獲得非常好的回報權。

Great.

偉大的。

Well, thank you for the additional color.

好吧，謝謝你添加的顏色。

And then second one for me, you've kind of expanded on this earlier, but you know, as you look out in 2025 can you kind of just talk through the pipeline of business activity for DRTC?

然後對我來說第二個問題，您之前已經詳細闡述了這一點，但是您知道，展望 2025 年，您能否談談 DRTC 的業務活動管道？

Well, PRTC, cyber security business has been growing quite by the sign up of new customers quite dramatically.

PRTC 的網路安全業務隨著新客戶的簽約而實現了大幅成長。

We've signed some really big well known names and that the revenue hasn't flowed into the statements yet, but are not all of it's starting to come in.

我們已經簽下了一些非常知名的大牌藝人，雖然收入還沒有流入報表，但並不是所有的收入都開始流入了。

So this increased demand for dot C cyber security product amongst the big players, the brand name, retailers and and other financial institutions.

因此，大型企業、品牌、零售商和其他金融機構對 .C 網路安全產品的需求增加了。

But the product that we have in DRTC that we just sort of kept under wraps for a while pending a more favorable regulatory environment is the ability to issue digital deposit receipts.

但我們在 DRTC 中擁有的產品暫時保密，等待更有利的監管環境，該產品能夠發行數位存款收據。

So this is the state of the art and I was just for the conference where we very smart individual pointed out there's a huge difference between a stable coin that's backed up by asset or a deposit held by somebody else and an actual digital deposit receipt which represents the deposit held by a real Bank.

這就是最先進的技術，我剛剛參加了一次會議，在會議上，我們非常聰明的人指出，由資產或他人持有的存款支持的穩定貨幣與代表真實銀行持有的存款的實際數位存款收據之間存在巨大差異。

And we developed this technology about four years ago and proved it all out and tested it and had it audited.

我們大約四年前開發了這項技術，並對其進行了驗證、測試和審查。

But we just kept on the shelf until the right time, but it looks like it is the right time.

但是我們只是將其擱置，直到合適的時機，但看起來現在是正確的時機。

So we could host this for, thousands of community Banks in the United States and bring them to this new state of the art way to raise deposits, let their customers have the deposits in wallets and such and transact business in almost negligible fees.

因此，我們可以為美國數以千計的社區銀行提供這項服務，並為他們提供這種全新的、最先進的存款方式，讓他們的客戶將存款存入錢包等，並以幾乎可以忽略不計的費用開展業務。

And it's almost instantaneous.

而且它幾乎是瞬間完成的。

It's state of the art payment vehicles say they are deposits.

其最先進的支付工具就是存款。

For example, they say you bought Bitcoin is 1,000 bucks and you see that 100,000 bucks and you like to swap it into a Bank deposit.

例如，他們說你購買了價值 1,000 美元的比特幣，現在你看到了 10 萬美元，你想將其兌換成銀行存款。

Well, that could be done seamlessly in your re wallet with our V, the USD product or V cabs, courtesy of our technology and our versal.

好吧，這可以透過我們的 V、USD 產品或 V 計程車在您的錢包中無縫完成，這要歸功於我們的技術和我們的 versal。

So I was quoting George Orwell a while back saying no wine before it's time.

因此，不久前我引用了喬治‧歐威爾的話，說未到喝酒時間就不要喝酒。

And that's why we just did promoted or it just kept on the shelf because the regulatory environment had to mature and regulators had to get the rules in place.

這就是為什麼我們只是對其進行推廣或將其擱置，因為監管環境必須成熟，監管機構必須制定規則。

And I think regulators would like Banks to issue these types of products rather than the unregulated entities that have in some cases, got into trouble in the past.

我認為監管機構希望銀行發行此類產品，而不是過去曾陷入困境的不受監管的實體。

So it's a service for DRTC to provide and I pretty excited about it.

所以這是 DRTC 提供的一項服務，我對此感到非常興奮。

I think it's something that a lot of community Banks will want to take us up on.

我認為很多社區銀行都會願意接受我們的服務。

All right.

好的。

Yeah, that sounds like a wonderful opportunity.

是的，這聽起來是個絕佳的機會。

Congrats on the growth and thanks for taking my questions.

恭喜您的成長，感謝您回答我的問題。

Oh, well, thank you, Andrew.

哦，好吧，謝謝你，安德魯。

Look forward to talking to you later on.

期待稍後與您交談。

(Operator instructions)

（操作員指令）

And at this time, Mr. Taylor, we have no other questions.

泰勒先生，目前我們沒有其他問題。

Please proceed.

請繼續。

Oh, really?

哦真的嗎？

Well, I'd just like to thank everybody for joining the call and look forward to talking to you at the end of the next quarter.

好吧，我只想感謝大家參加電話會議，並期待在下個季度末與你們交談。

Stay safe.

注意安全。

I'll have to put some Suntan lotion here being a cloud based Bank and a US operation.

作為一家基於雲端的銀行和在美國運營的機構，我必須在這裡放一些防曬霜。

Now, I've got the luxury of operating anywhere in North America and today it's a very sunny day in Lauderdale.

現在，我可以在北美的任何地方進行操作，今天勞德代爾堡的天氣非常晴朗。

Thank you.

謝謝。

Bye.

再見。

Thank you, Sir, ladies and gentlemen, this does indeed conclude your conference call for today.

謝謝先生、女士們、先生們，今天的電話會議到此結束。

Once again, thank you for attending.

再次感謝您的參加。

And at this time, we ask that you please disconnect your lines.

此時，請您斷開線路。