Axos Financial, Inc. (AX) 2024 Q1 法說會逐字稿

Greetings. Welcome to Axos Financial Incorporated's First Quarter 2024 Earnings Call and Webcast. (Operator Instructions) Please note, this conference is being recorded. At this time, I'll turn the conference over to Johnny Lai, Senior Vice President, Corporate Development and Investor Relations. Mr. Lai, you may begin.

各位好。歡迎收聽 Axos Financial Incorporated 2024 會計年度第一季財報電話會議與網路直播。（接線員指示）請注意，本次會議將被錄音。現在我將把會議交給 Johnny Lai 先生，企業發展與投資人關係資深副總裁。Lai 先生，您可以開始了。

Thanks, Rob. Good afternoon, everyone, and thanks for your interest in Axos. Joining us today for Axos Financial Inc's first quarter 2024 financial results conference call are the company's President and Chief Executive Officer, Greg Garrabrants; and Executive Vice President and Chief Financial Officer, Derrick Walsh. Greg and Derrick will review and comment on the financial and operational results for the 3 months ended September 30, 2023, and we will be available to answer questions after the prepared remarks.

謝謝你，Rob。各位下午好，感謝大家對 Axos 的關注。今天與我們一同參加 Axos Financial Inc 2024 會計年度第一季財務結果電話會議的有公司總裁兼執行長 Greg Garrabrants，以及執行副總裁兼財務長 Derrick Walsh。Greg 與 Derrick 將回顧並評論截至 2023 年 9 月 30 日止三個月的財務與營運結果，我們也將在事先準備的發言後回答各位的提問。

Before I begin, I would like to remind listeners that prepared remarks made on this call may contain forward-looking statements that are subject to risks and uncertainties and that management may make additional forward-looking statements in response to your questions. Please refer to the safe harbor statement found in today's earnings press release and in our investor presentation for additional details. This call is being webcast, and there will be an audio replay available in the Investor Relations section of the company's website located at axosfinancial.com for 30 days. Details for this call were provided on the conference call announcement and in today's earnings press release. All of the documents including the earnings press release and 10-Q and earnings supplement can be found on the Axos Financial website.

在我開始之前，我想提醒各位聽眾，本次電話會議中的事先準備發言可能包含前瞻性陳述，且該等陳述受風險與不確定性影響；管理層也可能在回覆各位問題時提出額外的前瞻性陳述。更多細節請參閱今日財報新聞稿以及我們投資人簡報中的安全港聲明。本次電話會議將以網路直播方式進行，並將在公司網站 axosfinancial.com 的投資人關係（Investor Relations）專區提供音訊重播，為期 30 天。本次電話會議的相關資訊已於電話會議公告及今日財報新聞稿中提供。所有文件（包括財報新聞稿、10-Q 以及財報補充資料）皆可於 Axos Financial 網站查閱。

With that, I would like to turn the call over to Greg for opening remarks.

接下來，我想把電話會議交給 Greg 進行開場致詞。

Thank you, Johnny, and good afternoon, everyone, and thank you for joining us. I'd like to welcome everyone to Axos Financial's conference call for the first quarter of fiscal 2024 ended September 30, 2023. I thank you for your interest in Axos Financial and Axos Bank. We generated double-digit year-over-year growth in earnings per share, book value per share and ending loan and deposit balances for 4 consecutive quarters. Broad-based loan growth, coupled with net interest margin expansion, resulted in double-digit net income growth year-over-year than linked quarter annualized. We grew deposits by approximately $440 million linked quarter despite intense competition for deposits and the execution of our previously announced exit of approximately $235 million of deposits for cryptocurrency and digital asset companies. We reported net income of $83 million and earnings per share of $1.38 for the 3 months ended September 30, 2023, representing year-over-year growth of 42% for each. Our book value per share was $33.78 September 30, 2023, up 19% from September 30, 2022.

謝謝你，Johnny。各位下午好，感謝各位加入我們。我歡迎大家參加 Axos Financial 2024 會計年度第一季（截至 2023 年 9 月 30 日）財報電話會議。感謝各位對 Axos Financial 與 Axos Bank 的關注。我們已連續 4 個季度在每股盈餘、每股帳面價值以及期末放款與存款餘額方面，達成年增率雙位數成長。廣泛的放款成長，加上淨利差擴大，使得淨利在年對年以及與前一季相比（年化）均呈現雙位數成長。儘管存款競爭激烈，且我們執行先前宣布退出約 2.35 億美元加密貨幣與數位資產公司存款的計畫，我們仍在本季較前一季增加約 4.40 億美元存款。截至 2023 年 9 月 30 日止三個月，我們的淨利為 8,300 萬美元、每股盈餘為 1.38 美元，兩者年增率皆為 42%。截至 2023 年 9 月 30 日，我們每股帳面價值為 33.78 美元，較 2022 年 9 月 30 日成長 19%。

Other highlights this quarter include the following: Ending net loans for investment balances were $17 billion, up 3% linked quarter or 12% annualized. Growth was broad-based with growth in C&I loans, single-family jumbo mortgages and single-family warehouse, offsetting deliberate runoffs of auto, multifamily and small balance commercial real estate loans. The acquisition of the LV Marine Finance business added approximately $50 million of floor plan loans in the quarter ended September 30, 2023. Net interest margin was 4.36% for the first quarter ended September 30, 2023, up 17 basis points from 4.19% in the quarter ended June 30, 2023, and up 10 basis points from 4.26% in the quarter ended September 30, 2022. We grew net interest margin despite holding excess liquidity for a third consecutive quarter.

本季其他重點如下：期末投資用淨放款餘額為 170 億美元，較前一季成長 3%（或年化 12%）。成長來源廣泛，包含工商業（C&I）放款、單戶豪宅（jumbo）房貸與單戶房貸倉儲（warehouse）放款的成長，並抵銷我們刻意縮減的汽車、集合住宅（multifamily）以及小額商用不動產放款。收購 LV Marine Finance 業務使截至 2023 年 9 月 30 日止季度新增約 5,000 萬美元的 floor plan 放款。2023 年 9 月 30 日止第一季淨利差為 4.36%，較 2023 年 6 月 30 日止季度的 4.19% 上升 17 個基點，亦較 2022 年 9 月 30 日止季度的 4.26% 上升 10 個基點。即使我們已連續第三個季度持有超額流動性，淨利差仍持續成長。

Axos Securities comprised primarily of our custody and clearing businesses had another strong contribution to our fee and net income. Broker-dealer fee income increased 36% year-over-year due to higher interest rates and increased client activity. Advisory fee income increased 18% year-over-year due to higher mutual fund fees and higher average assets under custody. Quarterly pretax income for our securities business was $12.6 million in the first quarter of 2024, up 41% from the corresponding period a year ago.

Axos Securities（主要由我們的託管與清算業務構成）本季對手續費收入與淨利再度做出強勁貢獻。由於利率上升及客戶活動增加，券商（broker-dealer）手續費收入年增 36%。由於共同基金費用提高以及託管資產平均規模增加，顧問費收入年增 18%。我們證券業務於 2024 會計年度第一季的季度稅前淨利為 1,260 萬美元，較去年同期成長 41%。

Our credit quality remains strong with net annualized charge-offs to average loans of 4 basis points in the 3 months ended September 30, 2023. Of the 4 basis points of charge-offs, 2 basis points were from auto loans that are covered by insurance policies. Nonperforming loans as a percentage of total loans improved from 0.78% in the comparable quarter ended September 30, 2022, to 0.62%, but up from 0.52% in the prior quarter. While a few loans in our jumbo single-family mortgage and commercial real estate portfolios resulted in a small sequential increase in our nonperforming assets, these nonperforming loans are reasonably well secured by the current adjusted value of the underlying properties.

我們的資產品質仍然強勁，截至 2023 年 9 月 30 日止三個月，淨年化核銷（charge-offs）占平均放款比率為 4 個基點。在這 4 個基點的核銷中，有 2 個基點來自受保險保單保障的汽車放款。不良放款占總放款比率由截至 2022 年 9 月 30 日止可比季度的 0.78% 改善至 0.62%，但較前一季的 0.52% 上升。雖然我們的豪宅單戶房貸與商用不動產投資組合中有少數放款導致不良資產較前一季小幅增加，但這些不良放款在目前基於標的物調整後價值的情況下，仍具有相當合理的擔保覆蓋。

Our capital levels remain strong with Tier 1 leverage of 9.9% of the bank and 9.3% at the holding company, both well above our regulatory requirements. We repurchased approximately $25 million of common stock in the first quarter in addition to the $18 million we repurchased in the prior quarter to take advantage of the warranted decline in our share price. This brings our total share repurchase through September 30 to $74 million at an average share price of $37.47 per share, representing 3.3% of the shares outstanding at 12/31/2022. From October 1 to October 20, we repurchased an additional $35.2 million of stock, representing 1.6% of the shares outstanding at September 30, 2023, at an average share price of $36.55. We have approximately $44 million remaining in our share repurchase authorization as of October 20, 2023. With our consistently high returns and strong capital position, we continue to believe that buying back our stock at these attractive valuations is a prudent use of excess capital generated by our strong earnings.

我們的資本水準仍然強勁：銀行本體的一級槓桿比率（Tier 1 leverage）為 9.9%，控股公司為 9.3%，兩者皆遠高於監理要求。第一季我們回購約 2,500 萬美元普通股，另加上前一季回購的 1,800 萬美元，以把握我們股價出現不合理下跌的機會。這使得截至 9 月 30 日的累計回購金額達 7,400 萬美元，平均回購價格為每股 37.47 美元，約占 2022/12/31 流通在外股數的 3.3%。自 10 月 1 日至 10 月 20 日，我們另回購 3,520 萬美元股票，平均回購價格為 36.55 美元，約占 2023 年 9 月 30 日流通在外股數的 1.6%。截至 2023 年 10 月 20 日，我們的庫藏股回購授權尚餘約 4,400 萬美元。憑藉我們一貫的高報酬與強健的資本部位，我們仍相信在這些具吸引力的估值水準回購本公司股票，是對強勁獲利所產生之超額資本的審慎運用。

We grew ending loan balances 11% year-over-year in the first quarter. Loan growth was a bit back-end loaded this quarter as several large commercial deals closed in the last month of the quarter. We had strong originations in our real estate and non-real estate lender finance and asset-backed lending groups, including our capital call lines. Single-family mortgages grew net ending loan balances by $95 million despite a tough environment for purchase and refinance activity in the single-family mortgage market. We continue to reduce our multifamily, small balance commercial real estate and auto loan balances, given our preference for originating and retaining loans with lower durations, floating rates and a better risk-adjusted return in the current environment. At September 30, 2023, approximately 61% of our loans were floating, 32% were hybrid 5/1 ARMs and 7% were fixed.

第一季我們的期末放款餘額年增 11%。本季放款成長略偏向季末，因為數筆大型商業交易在季度最後一個月完成結案。我們在不動產與非不動產的放款機構融資（lender finance）及資產擔保放款（asset-backed lending）團隊（包括我們的資本承諾額度／資本催繳額度（capital call lines））方面，承作表現強勁。儘管單戶房貸市場的購屋與再融資活動環境艱困，單戶房貸期末淨放款餘額仍增加 9,500 萬美元。鑑於目前環境下我們偏好承作並保留存續期間較短、浮動利率且風險調整後報酬較佳的放款，我們持續降低集合住宅、小額商用不動產與汽車放款餘額。截至 2023 年 9 月 30 日，我們約 61% 的放款為浮動利率，32% 為混合式 5/1 可調利率房貸（ARMs），7% 為固定利率。

The average duration of our commercial loan portfolio was only 2 years with multifamily being the longest at an average of less than 3 years and a vast majority of our commercial specialty real estate and lender finance portfolios floating rate with contractual maturities of less than 3 years. Average loan yields for the 3 months ended September 30, 2024, was 7.85%, up 34 basis points from 7.51% in the prior quarter and up 220 basis points from the corresponding period a year ago. We have successfully remaxed our loan portfolio as rates continue to rise by replacing lower yield hybrid loans with higher-yielding adjustable rate loans. Our new loan yields this quarter were the following: single-family mortgages, 8.06%, multifamily 8.58%, C&I 9.09% and auto 10.34%.

我們商業放款投資組合的平均存續期間僅 2 年，其中集合住宅最長，平均也不到 3 年；而我們商業專業不動產與放款機構融資投資組合的絕大多數為浮動利率，且合約到期日少於 3 年。截至 2024 年 9 月 30 日止三個月的平均放款收益率為 7.85%，較前一季的 7.51% 上升 34 個基點，亦較去年同期上升 220 個基點。隨著利率持續上升，我們以較高收益的可調利率放款取代較低收益的混合式放款，已成功提升（remax）我們的放款投資組合。本季新承作放款收益率如下：單戶房貸 8.06%、集合住宅 8.58%、C&I 9.09%、汽車 10.34%。

Our commercial real estate loans continue to perform well. The low loan-to-value and senior structures we have in place for an overwhelming majority of our commercial specialty real estate loans provides us with significant downside protection in the event of a significant deterioration in the borrower's ability or willingness to repay the valuation of the underlying properties or cost overruns or project delays. Of the $5.5 billion of commercial specialty real estate loans outstanding as of September 30, 2023, multifamily was the largest segment, representing 33% of total loans, while hotel, office and retail represent 19%, 8% and 4%, respectively. On a consolidated basis, the weighted average loan to value of our commercial specialty real estate portfolio was 41%. For the retail and office segment of the commercial real estate loan book, the weighted average loan to value was 43% and 38%, respectively.

我們的商用不動產放款持續表現良好。我們在絕大多數商業專業不動產放款所採用的低貸款成數（loan-to-value）與優先順位（senior）結構，使我們在借款人償付能力或意願顯著惡化、標的物估值下滑、成本超支或專案延宕等情況下，具備顯著的下行保護。截至 2023 年 9 月 30 日，我們商業專業不動產放款未償餘額為 55 億美元，其中集合住宅為最大分項，占總放款的 33%；旅館、辦公室與零售分別占 19%、8% 與 4%。以合併基礎計算，我們商業專業不動產投資組合的加權平均貸款成數為 41%。就商用不動產放款組合中的零售與辦公室分項而言，其加權平均貸款成數分別為 43% 與 38%。

Total commercial real estate loans secured by office properties declined by $96 million linked quarter to $456 million. Two large office loans paid off this quarter totaling approximately $100 million. Of the $456 million commercial real estate specialty loans secured by office properties at the end of the quarter, 70% are A notes or note-on-note structures, all with significant subordination with some having recourse to funds a cross collateralization with other asset types from fund partners and mezzanine lenders. These loans have an average loan-to-value ratio of 38%, excluding the recourse and cross collateralization.

以辦公物業作為擔保的商用不動產貸款總額，較上一季連結季減少9,600萬美元至4.56億美元。本季有兩筆大型辦公室貸款清償，合計約1億美元。截至季末，以辦公物業作為擔保的4.56億美元商用不動產專業貸款中，70%為A段（A notes）或票據套票據（note-on-note）結構，且皆具有顯著次順位保護，其中部分並對基金合作夥伴及夾層貸款人提供的其他資產類型基金資金具有追索權，並與其他資產類型進行交叉擔保。上述貸款平均貸款價值比（LTV）為38%，未計入追索權與交叉擔保的影響。

In the commercial specialty real estate portfolio, we had approximately $26 million of nonperforming loans at September 30, 2023, representing 42 basis points of the total CRE loans outstanding. Currently, with respect to these 2 loans, we are working with the borrowers and the mezzanine lenders who are either putting in new money currently or are in the process of working with the borrower to provide additional support. In both cases, we believe we will not incur significant losses, if we incur any at all given the current and expected commitments from the subordinated capital and the borrowers.

在商用專業不動產投資組合中，截至2023年9月30日，我們約有2,600萬美元的不良貸款，約占未償CRE貸款總額的42個基點。目前就這兩筆貸款而言，我們正與借款人及夾層貸款人合作；後者目前不是投入新資金，就是正與借款人協作以提供額外支持。就兩案而言，鑑於次順位資本與借款人目前及預期的承諾，我們認為即使發生損失（若有），也不會是重大損失。

Nonperforming loans in our multifamily and commercial mortgage portfolio increased by $3.7 million to $38.8 million in the September quarter. The largest nonperforming loan in this category is a $25 million loan to an assisted living facility in Venice, California, that has been included in the nonperforming loans since the fourth quarter of 2022. We filed a notice to foreclose 4 months ago and recently filed a notice to sell. The property has an appraised value of $27 million, and we have over $5 million of unaccrued defaulted interest in this loan. We also have personal guarantees in the 2 principal owners of this property.

我們的多戶住宅與商用抵押貸款投資組合中的不良貸款，在9月季度增加370萬美元至3,880萬美元。此類別中最大的一筆不良貸款為2,500萬美元，借款標的是位於加州威尼斯（Venice, California）的一家安養輔助生活設施，自2022年第四季起即列為不良貸款。我們於4個月前提出止贖通知，近期並提出出售通知。該物業估值為2,700萬美元，而該筆貸款尚有超過500萬美元的未計提違約利息。此外，我們亦取得該物業兩位主要所有人的個人保證。

One multifamily and commercial mortgage with an outstanding principal balance of $5 million became delinquent this quarter. The guarantor has provided $750,000 in principal curtailments since 8/31/23. The guarantor has a net worth of over $100 million. The only other meaningful new nonperforming loan in the multifamily and commercial category was a $1.3 million loan on a multi-tenant retail building in San Diego. The loan to value was 34% and the debt service cover is 1.52. Although we cannot be certain, we do not expect to incur a material loss on any of these asset-backed loans currently categorized as nonperforming.

本季有一筆多戶住宅與商用抵押貸款（未償本金餘額500萬美元）轉為逾期。自2023/8/31以來，保證人已提供75萬美元的本金提前償還（curtailments）。該保證人淨值超過1億美元。多戶住宅與商用類別中，另一筆較具意義的新不良貸款為位於聖地牙哥的一棟多承租戶零售大樓之130萬美元貸款，其貸款價值比為34%，債務償付覆蓋率（DSCR）為1.52。雖然我們無法確定，但目前我們不預期這些目前被歸類為不良的資產擔保貸款會產生重大損失。

We had another strong quarter of deposit growth, with ending balances increasing by $443 million from June 30, 2023, or 10% annualized. Checking and savings accounts represent 94% of total deposits at September 30, 2023, grew even faster at a 16% annualized pace. Our deposits remain well diversified from a business mix perspective with consumer and small business representing 59% of total deposits, commercial cash, treasury management and institutional representing 19%, commercial specialty 6%, Axos Fiduciary Services 6% and Axos Securities, including [casting] and clearing 5%.

我們本季存款成長再度強勁，期末餘額較2023年6月30日增加4.43億美元，年化成長率為10%。截至2023年9月30日，支票與儲蓄存款占總存款的94%，成長更快，年化增速達16%。從業務組合角度看，我們的存款仍高度多元化：消費者與小型企業占總存款59%；商業現金、財資管理與機構客戶占19%；商業專業（commercial specialty）占6%；Axos Fiduciary Services占6%；Axos Securities（含[casing]與清算）占5%。

Our total noninterest-bearing deposits were essentially flat quarter-over-quarter with ending balances of approximately $2.9 billion, while the number of accounts increased approximately 2% linked quarter, reflecting growth in various commercial deposit verticals. Excluding the divestiture of approximately $235 million of deposits related to operating and institutional accounts for digital asset companies, total noninterest-bearing deposits were up approximately $235 million from June 30, 2023, to September 30, 2023. Due to recent regulatory changes in the landscape for U.S. banks and digital asset companies, we completed our previously announced exit of our small incubator deposit gathering business that's focused on selected digital asset companies such as exchanges, brokers and firms engaged in activities related to nonfungible tokens.

我們的無息存款總額較上季幾乎持平，期末餘額約29億美元；同時，帳戶數較上一季連結季增加約2%，反映各類商業存款垂直領域的成長。若排除與數位資產公司之營運與機構帳戶相關、約2.35億美元存款的剝離，無息存款總額自2023年6月30日至2023年9月30日約增加2.35億美元。由於美國銀行與數位資產公司之監管環境近期變動，我們已完成先前宣布的退出計畫，結束我們規模較小、以特定數位資產公司（如交易所、經紀商及從事與非同質化代幣相關活動之公司）為對象的孵化型存款募集業務。

Given recent banter by known short sellers about our alleged exposure to cryptocurrency companies, particularly binance.com, I'll provide a factual summary of our brief involvement in this business. Axos has never had any relationship or opened any accounts from binance.com, the Global Exchange. Between March 14, 2023 and August 10, 2023, Axos maintained limited purpose accounts from Binance U.S. and selected subsidiaries, wholly different entities than binance.com. The initial contact with Binance U.S. began after Silvergate and Signature Bank failed. During the entire period when Binance U.S. accounts were open, Axos maintained strict risk controls and transaction restrictions, including, but not limited to, controls to ensure that no transactions were processed between Binance U.S. and binance.com or its controlling shareholder.

鑑於近期知名放空者對我們所謂涉入加密貨幣公司（尤其是binance.com）的言論，我將就我們在該業務中的短暫參與提供事實摘要。Axos從未與全球交易所binance.com建立任何關係，也從未為binance.com開立任何帳戶。自2023年3月14日至2023年8月10日，Axos僅為Binance U.S.及部分精選子公司維持有限目的帳戶；這些實體與binance.com完全不同。與Binance U.S.的初次接觸始於Silvergate與Signature Bank倒閉之後。在Binance U.S.帳戶開立的整段期間，Axos維持嚴格的風險控管與交易限制，包括但不限於確保不會處理Binance U.S.與binance.com或其控股股東之間的任何交易。

All significant binance.com U.S. counterparties required preapproval from the bank's risk and compliance teams prior to any transaction activity being processed. The approved activity within these accounts was primarily limited to payroll, rents and other similar routine business expenses and the types that any business would need to process. Individual retail customer funds were not permitted to be deposited into any of these accounts. Axos' internal risk assessment of the digital asset business concluded that the regulatory treatment for retail accounts was indeterminable, and therefore, cannot meet the bank's client acceptance criteria. Accordingly, Axos did not process retail customer accounts or process retail customer wallet transactions for Binance U.S. These restrictions have really limited the number of counterparties of Axos which required due diligence. As previously stated, Axos processed no transactions between binance.com and Global Exchange and Binance U.S.

所有重要的binance.com美國交易對手方，在銀行處理任何交易活動前，均須先取得本行風險與法遵團隊的預先核准。這些帳戶中獲核准的活動主要限於薪資、租金及其他類似的日常營運支出，亦即任何企業都需要處理的支出類型。個別零售客戶資金不得存入上述任何帳戶。Axos對數位資產業務的內部風險評估結論為：零售帳戶的監管處理方式無法判定，因此無法符合本行的客戶接受標準。據此，Axos未為Binance U.S.處理零售客戶帳戶，亦未處理零售客戶錢包交易。這些限制確實大幅降低了Axos需要進行盡職調查的交易對手方數量。如前所述，Axos未處理binance.com全球交易所與Binance U.S.之間的任何交易。

Prior to opening the Binance U.S. accounts, Axos performed significant due diligence, including by way of example, on not limitation, a comprehensive review of corporate formation documents, prior bank statements, financial reports and transaction counterparties utilizing multiple BSA and AML OFAC and CFT tools, including chain analysis, blockchain surveillance software. Following the SEC's action against Binance U.S., Axos reassessed the regulatory landscape for the cryptocurrency and digital asset businesses in the U.S. and exited our small incubator deposit gathering business for digital asset companies that included exchanges, brokers and firms engaged in activities related to digital coins, including all business with Binance U.S.

在開立Binance U.S.帳戶之前，Axos進行了大量盡職調查，例如（但不限於）全面審閱公司設立文件、既往銀行對帳單、財務報告，以及運用多種BSA、AML、OFAC與CFT工具（包括鏈上分析、區塊鏈監控軟體）檢視交易對手方。於美國證券交易委員會（SEC）對Binance U.S.採取行動後，Axos重新評估美國加密貨幣與數位資產業務的監管環境，並退出我們針對數位資產公司的小型孵化型存款募集業務；該業務涵蓋交易所、經紀商及從事數位幣相關活動之公司，並包括與Binance U.S.的所有業務往來。

Axos never extended credit to Binance U.S. or any other company involved in cryptocurrency or digital assets and never accepted digital assets or cryptocurrency as loan collateral for any credit or loan made. As such, Axos never had and currently does not have any risk of loss in connection with digital assets and cryptocurrencies or [NVs] participating in cryptocurrency-related businesses.

Axos從未向Binance U.S.或任何其他涉及加密貨幣或數位資產的公司提供授信，亦從未在任何授信或貸款中接受數位資產或加密貨幣作為貸款擔保品。因此，Axos過去從未、目前亦不承擔任何與數位資產與加密貨幣或參與加密貨幣相關業務的[NVs]相關的損失風險。

Within the bank's long-standing trustee and fiduciary deposit verticals, Axos manages in a material amount of bankruptcy trustee deposits related to failed cryptocurrency and digital asset businesses that have filed for bankruptcy protection or some other form of corporate restructuring and are managed by trustees or fiduciaries. Axos had no deposits with Binance U.S. after it exited from the relationship on August 10, 2023. While Axos invested to build technologies related to its own stable client AXPay and real-time payment technologies, the products and service was never launched and no customers were allowed to access the network that was under construction. No payments wherever process for any third party on such network. Axos never operated any real-time payment networks based on blockchain technologies or our own stable client or other crypto network. Axos also never offered any direct-to-consumer services related to cryptocurrency trading, nonfungible tokens or other digital assets.

在本行長期經營的受託與信託存款垂直領域中，Axos管理相當規模、與已倒閉並申請破產保護或其他形式公司重整之加密貨幣與數位資產企業相關的破產受託人存款；此類案件由受託人或受信人管理。Axos於2023年8月10日退出該關係後，即不再持有Binance U.S.的任何存款。雖然Axos曾投資建置與自有穩定客戶端AXPay及即時支付技術相關的技術，但該產品與服務從未上線，亦未允許任何客戶存取仍在建置中的網路；在該網路上亦未為任何第三方處理任何支付。Axos從未營運任何以區塊鏈技術或以自有穩定客戶端或其他加密網路為基礎的即時支付網路。Axos亦從未提供任何面向消費者、與加密貨幣交易、非同質化代幣或其他數位資產相關的服務。

The granularity and diversity of our deposits, particularly consumer savings and money market accounts, provides us with flexibility to match the duration and cost of our funding to the duration and cost of our adjustable on hybrid loans. This quarter, our consolidated net interest margin was 4.36% while our bank-only net interest margin was 4.46%. Our consolidated bank-only net interest margins were above our guidance of 4.25% to 4.35% despite maintaining a higher level of excess liquidity than we have maintained historically. Total ending deposit balances at Axos advisory services, including those on and off Axos' balance sheet, declined by $50 million in the quarter, an improvement from $188 million decline in the prior quarter and the $383 million decline in the quarter ended March 30, 2023. We believe that the pace of cash sorting at Axos Advisory Services has stabilized at or near the bottom, representing 4.5% of assets under custody as of September 30, 2023, compared to the historic range of 6% to 7%.

我們的存款在細緻度與多樣性方面（尤其是消費者儲蓄與貨幣市場帳戶）使我們能更靈活地將資金來源的存續期間與成本，與可調利率或混合型貸款的存續期間與成本相匹配。本季，我們的合併淨利差為4.36%，而僅銀行口徑的淨利差為4.46%。儘管我們維持的超額流動性水準高於歷史水準，我們的合併及僅銀行口徑淨利差仍高於我們4.25%至4.35%的指引。Axos Advisory Services的期末存款總餘額（包含列於Axos資產負債表內外者）本季減少5,000萬美元，較前一季減少1.88億美元以及截至2023年3月30日季度減少3.83億美元的情況有所改善。我們認為Axos Advisory Services的現金外流（cash sorting）速度已在底部或接近底部趨於穩定；截至2023年9月30日，其占保管資產的比例為4.5%，相較於歷史區間6%至7%。

In addition to our Axos securities deposits on our balance sheet, we had approximately $550 million of deposits off balance sheet at partner banks and another $750 million of deposits held at other banks by software clients in our Zenith accounting and deposit business management vertical. We are starting to see increased traction in deposit inflows from teams we hired over the past 6 months and from newer commercial deposit verticals. As we slowly unwind our excess liquidity and grow deposits from lower cost sources such as our commercial and treasury management, Axos Fiduciary Services, Axos advisory services and other sources, we feel confident in our ability to maintain our 4.25% to 4.35% net interest margin guidance for the next few quarters.

除了資產負債表上的 Axos 證券存款外，我們在合作夥伴銀行尚有約 5.5 億美元的表外存款，另有約 7.5 億美元的存款由我們 Zenith 會計與存款業務管理垂直領域的軟體客戶持有於其他銀行。我們開始看到過去 6 個月所聘用團隊以及較新的商業存款垂直領域帶來的存款流入動能提升。隨著我們逐步消化過剩流動性，並從成本較低的來源（例如我們的商業與財資管理、Axos 受託服務、Axos 顧問服務及其他來源）增加存款，我們對於未來幾季維持 4.25% 至 4.35% 的淨利息收益率（NIM）指引充滿信心。

Our profitability, liquidity, balance sheet positioning and growth outlook all remain favorable. We completed a strategic acquisition of the marine finance business named LaVictoire in the September quarter. This transaction added approximately $50 million of marine floor plan loans, a $500 million servicing portfolio of retail marine loans held by purchasers of those loans and a dedicated team with more than 15 years of experience in the marine finance industry. This acquisition provides us with another specialty lending vertical with attractive risk-adjusted returns, particularly in the dealer floor plan line of credit segment. Our relationships with leading boat manufacturers and dealers and high net worth retail customers provide tremendous cross-sell opportunities for our consumer and commercial bank. We are excited to welcome the LV team to Axos.

我們的獲利能力、流動性、資產負債表配置與成長展望仍然良好。我們在 9 月季度完成對名為 LaVictoire 的船舶融資業務之策略性收購。此交易新增約 5,000 萬美元的船舶經銷商庫存融資（floor plan）貸款、由該等貸款買方持有之零售船舶貸款約 5 億美元的服務管理（servicing）投組，以及一支在船舶融資產業擁有超過 15 年經驗的專業團隊。此收購為我們帶來另一個具吸引力風險調整後報酬的專業放款垂直領域，尤其是在經銷商庫存融資循環信用額度（line of credit）區隔。我們與主要船舶製造商、經銷商及高淨值零售客戶的關係，為我們的消費與商業銀行帶來龐大的交叉銷售機會。我們很高興歡迎 LV 團隊加入 Axos。

From a technology perspective, we continue to invest in front and back-end systems, infrastructure, IT security and other enterprise software and systems that will further optimize our business than functional units. We launched our Universal Digital Bank 2.0, the latest version of our consumer and mobile banking application in September. The platform has new features and functionality and a better, more integrated user experience across all consumer lending, deposit and securities products. It's only been a few months, but we are seeing good engagement with our new consumer banking application from new and existing customers. Our white label banking for registered investment advisers and introducing broker-dealers continues to make progress with a beta launch expected in the next 3 to 6 months. At our recent adviser event earlier this month, we received tremendous interest in our white label banking solution. Over time, we believe the ability to leverage our relationships with advisers and broker-dealers to cross-sell Axos' consumer deposits and lending products will be a good source of incremental growth.

從科技角度來看，我們持續投資於前後端系統、基礎設施、IT 資安以及其他企業級軟體與系統，以進一步優化我們的業務與各功能單位。我們於 9 月推出 Universal Digital Bank 2.0，即我們消費者與行動銀行應用程式的最新版本。該平台具備新功能與更完善的整合式使用者體驗，涵蓋所有消費放款、存款與證券產品。雖然僅過了幾個月，但我們已看到新舊客戶對新消費者銀行應用程式有良好互動。我們面向註冊投資顧問（RIA）與介紹經紀商（introducing broker-dealers）的白標銀行（white label banking）也持續取得進展，預計在未來 3 至 6 個月進行 beta 上線。在本月稍早的顧問活動中，我們收到對白標銀行解決方案的高度興趣。長期而言，我們相信能夠運用與顧問及經紀商的關係來交叉銷售 Axos 的消費存款與放款產品，將成為良好的增量成長來源。

Axos Clearing, which includes our correspondent clearing and RIA custody business continues to make steady progress. Noninterest income from the securities business increased 18% year-over-year to $34.6 million. The primary drivers of growth in fee and pretax income for Axos Securities is higher interest rates. Total deposits at Axos Clearing was $1.6 billion as of September 30, 2023, essentially flat from $1.6 billion as of June 30, 2023. Of the $1.6 billion of deposits from Axos Clearing, approximately $1 billion was on our balance sheet and a $550 million were held at partner banks. Net new assets in our custody business increased by approximately $163 million in the 3 months ended September 30, 2023. The pipeline for new custody clients remains healthy comprised of 11 advisory firms with more than $700 million of combined assets under custody. We continue to see more RIAs considering an alternative custodian and moving some or all of their assets from Schwab TD Ameritrade to us.

Axos Clearing（包含我們的通匯清算與 RIA 託管業務）持續穩健推進。證券業務的非利息收入年增 18% 至 3,460 萬美元。Axos Securities 手續費與稅前收入成長的主要驅動因素為利率上升。截至 2023 年 9 月 30 日，Axos Clearing 的存款總額為 16 億美元，與截至 2023 年 6 月 30 日的 16 億美元基本持平。在 Axos Clearing 的 16 億美元存款中，約 10 億美元在我們的資產負債表上，另有 5.5 億美元存放於合作夥伴銀行。截至 2023 年 9 月 30 日止 3 個月，我們託管業務的淨新增資產約增加 1.63 億美元。新託管客戶的案源（pipeline）仍然健康，由 11 家顧問公司組成，合計託管資產超過 7 億美元。我們持續看到更多 RIA 考慮替代託管機構，並將其部分或全部資產自 Schwab TD Ameritrade 轉移至我們。

We remain focused on executing our strategic and operational initiatives. We are in a better position today relative to others because we are more diverse, and we do not make critical mistakes that others have. With strong liquidity and capital, a de minimis unrealized loss on our small investment securities portfolio and solid growth prospects given the diverse nature of our banking and securities businesses, we are operating from a position of strength relative to our competitors. Our returns, credit and margin are best-in-class because we focus on asset-based lending opportunities with the best risk-adjusted returns, and we stress for deals with low leverage and credit enhancements. we continue to evaluate opportunistic asset and business purchases such as the LV Marine Finance acquisition we closed in the September quarter. We will deploy our capital judiciously between internal investments, accretive acquisitions of businesses and talent and opportunistic share buybacks. We are well positioned to maintain strong profitability and EPS growth irrespective of the interest rate, regulatory or economic environment.

我們仍專注於執行策略與營運計畫。相較於其他同業，我們目前處於更有利的位置，因為我們的業務更多元，且未犯下他人所犯的關鍵錯誤。憑藉強勁的流動性與資本、我們小型投資證券投組僅有極小的未實現損失，以及因銀行與證券業務多元性所帶來的穩健成長前景，我們相較競爭對手是以優勢地位在營運。我們的報酬、信用與利差表現屬同業最佳，因為我們專注於具最佳風險調整後報酬的資產基礎放款機會，並對低槓桿且具信用增強的交易進行壓力測試。我們也持續評估具機會性的資產與業務收購，例如我們在 9 月季度完成的 LV Marine Finance 收購。我們將在內部投資、具增益性的業務與人才併購，以及具機會性的庫藏股回購之間審慎配置資本。無論利率、監管或經濟環境如何，我們都具備維持強勁獲利能力與每股盈餘（EPS）成長的良好條件。

Now I'll turn the call over to Derrick who will provide additional details on our financial results.

接下來我把電話交給 Derrick，他將提供我們財務結果的更多細節。

Thanks, Greg. To begin, I'd like to highlight that in addition to our press release, an 8-K with supplemental schedules and our 10-Q were filed with the SEC today and are available online through EDGAR or through our website at axosfinancial.com. I'll provide some brief comments on a few topics. Please refer to our press release and our SEC filings for additional details.

謝謝，Greg。首先我想強調，除新聞稿外，我們今天也向 SEC 提交了包含補充附表的 8-K 以及 10-Q，並可透過 EDGAR 或我們的網站 axosfinancial.com 線上查閱。我將就幾個主題做一些簡要說明。更多細節請參閱我們的新聞稿與向 SEC 提交的文件。

Following a strong start to our fiscal year, our outlook remains consistent with what we have guided to in recent quarters. We believe that we will be able to grow loans by high single digits to low teens year-over-year and maintain our net interest margin in the range of 4.25% to 4.35% for the next few quarters. Our loan growth outlook is based on broad-based increases in our asset-based lending, lender finance and capital call lines, partially offset by declines in single-family warehouse, multifamily, small balance commercial, auto and personal unsecured loan balances. We continue to see banks and nonbanks pull back or exit many lending areas we are in, such as lender finance and note-on-note commercial lending.

在本財年強勁開局之後，我們的展望仍與近幾季所提供的指引一致。我們相信未來幾季貸款可望年增高個位數至低雙位數，並將淨利息收益率維持在 4.25% 至 4.35% 的區間。我們的貸款成長展望係基於資產基礎放款、放款機構融資（lender finance）與資本承諾額度（capital call lines）的廣泛成長，部分被單戶住宅倉儲（single-family warehouse）、多戶住宅（multifamily）、小額商業（small balance commercial）、汽車與個人無擔保貸款餘額下降所抵銷。我們持續看到銀行與非銀行機構在我們所涉足的多個放款領域縮手或退出，例如放款機構融資與 note-on-note 商業放款。

Our market share gains have been partially offset by higher levels of prepayments in our C&I book, given the shorter duration for these loans. We are also seeing a more pronounced pullback in loan demand as developers and borrowers reassess their return objectives in a higher rate environment and a slowing economy. That said, we continue to identify strong credits, and our loan pipeline remained solid at $1.6 billion as of October 20, 2023, consisting of $238 million of single-family residential jumbo mortgage, $20 million of agency gain on sale mortgage, $44.2 million of multifamily and small balance commercial mortgage, $63 million of auto and consumer and $1.28 billion across the commercial platform.

由於這些貸款期限較短，我們在 C&I（商業與工業）放款組合中較高水準的提前還款，部分抵銷了我們的市占率提升。我們也看到在高利率環境與經濟放緩下，開發商與借款人重新評估其報酬目標，導致貸款需求出現更明顯的縮減。即便如此，我們仍持續辨識到優質授信案源；截至 2023 年 10 月 20 日，我們的貸款案源（pipeline）仍維持穩健，為 16 億美元，其中包括 2.38 億美元的單戶住宅超大額（jumbo）房貸、2,000 萬美元的機構型出售收益（agency gain on sale）房貸、4,420 萬美元的多戶住宅與小額商業不動產抵押貸款、6,300 萬美元的汽車與消費者貸款，以及商業平台合計 12.8 億美元。

Our NIM guidance reflects higher yields from new loans replacing lower-yielding hybrid loans, offset by rising deposit costs. It also assumes that [AES] deposit balances bottom at current levels and grow gradually driven primarily by net new asset growth, not a material reversal in cash sorting. One factor that could impact our net interest margin in the December 2023 quarter is the timing of expected loan payoffs and new loan originations. Our base case assumes the majority of loan payoffs occur earlier in the quarter and new loan originations ramp throughout the quarter. We expect to maintain some excess liquidity given the uncertain economic, geopolitical and industry environment.

我們的 NIM 指引反映新發放貸款取代收益率較低的混合型（hybrid）貸款所帶來的較高收益率，但被存款成本上升所抵銷。該指引亦假設 [AES] 存款餘額在目前水準觸底並逐步成長，主要由淨新增資產成長所驅動，而非現金重新配置（cash sorting）的重大逆轉。可能影響我們 2023 年 12 月季度淨利息收益率的一項因素，是預期貸款清償與新貸款承作的時點。我們的基本情境假設多數貸款清償發生在季度較早時點，而新貸款承作在整個季度逐步加速。我們預期在不確定的經濟、地緣政治與產業環境下，將維持部分超額流動性。

Total noninterest expenses increased by $8 million or 7.2% to $120.5 million in the 3 months ended September 30, 2023, compared to the quarter ended June 30, 2023. Professional services expenses were up by $3.8 million or 64% on a linked quarter basis as we return to a more normal run rate with additional seasonal impacts in Q1 tied to supporting fiscal year-end reporting activities. Advertising and promotional expenses were up by $2.3 million or 28% from the linked quarter due to an increase in deposit marketing expenses as competition remains strong for deposits. Salary and benefits expenses increased by $1.3 million, primarily as a result of new team member additions as we continue to take advantage of broader dislocations in the industry and attract top talent in key growth areas and in small part due to merit increases, which will have a full rate next quarter. We expect noninterest expenses to grow sequentially at our historical average growth rate as we continue to invest in people and growth engines of our business.

截至 2023 年 9 月 30 日止 3 個月，非利息費用較截至 2023 年 6 月 30 日止季度增加 800 萬美元或 7.2%，至 1.205 億美元。專業服務費用在連續季度基礎上增加 380 萬美元或 64%，因我們回到較正常的費用水準，且第一季因支援財年年終申報活動而有額外季節性影響。廣告與促銷費用較連續季度增加 230 萬美元或 28%，主要因存款行銷費用增加，且存款競爭仍然激烈。薪資與福利費用增加 130 萬美元，主要因新增團隊成員；我們持續把握產業更廣泛的錯位（dislocations），在關鍵成長領域吸引頂尖人才，另有一小部分來自績效調薪，該調薪將於下季完整反映。我們預期非利息費用將隨著我們持續投資於人才與業務成長引擎，而以歷史平均成長率逐季增加。

Our income tax rate was 30.05% for the first quarter ended September 30, 2023, up from 25.3% for the fourth quarter ended June 30, 2023, and up from 29.5% in the first quarter of 2022. As we discussed last quarter, our income tax expense in the fourth quarter of 2023 included $5.2 million of primarily onetime tax credits equal to approximately $0.08 per diluted share. Going forward, we continue to expect our annual income tax rate to be between 29% and 30%.

截至 2023 年 9 月 30 日止第一季，我們的所得稅率為 30.05%，高於截至 2023 年 6 月 30 日止第四季的 25.3%，亦高於 2022 年第一季的 29.5%。如同我們上季所討論，2023 年第四季的所得稅費用包含 520 萬美元、主要為一次性的稅額抵減，約相當於每股稀釋後盈餘 0.08 美元。展望未來，我們仍預期年度所得稅率將介於 29% 至 30%。

Lastly, our return on equity was 16.9%, and our return on average assets was 1.64% for the 3 months ended September 30, 2023. Even amidst our share repurchases over the quarter, Tier 1 leverage capital to average assets was 9.27% at September 30 compared to 8.96% at June 30. Total capital to risk-weighted assets for Axos Financial was 14.06% at 9/30/2023, up from 13.82% at 6/30/2023. We continue to hold excess capital at Axos Financial and Axos Bank even after our opportunistic share repurchases, solid loan growth and continued investments in our business. We are confident that our model of strong liquidity and high returns positions us well to generate consistent profitable loan growth.

最後，截至2023年9月30日止三個月，我們的股東權益報酬率為16.9%，平均資產報酬率為1.64%。即使本季進行股票回購，截至9月30日的一級槓桿資本對平均資產比率為9.27%，高於6月30日的8.96%。Axos Financial 的總資本對風險加權資產比率於2023年9月30日為14.06%，較2023年6月30日的13.82%上升。我們在 Axos Financial 與 Axos Bank 仍持有超額資本，即便在進行策略性股票回購、穩健的放款成長以及持續投入業務投資之後亦然。我們有信心，我們強勁流動性與高報酬的營運模式，使我們具備良好條件以產生持續且具獲利性的放款成長。

With that, I'll turn the call back over to Johnny.

接下來，我把電話交回給 Johnny。

Thanks, Derrick. Operator, we're ready to take questions.

謝謝，Derrick。接線員，我們準備開始提問。

(Operator Instructions) And the first question today comes from the line of Andrew Liesch with Piper Sandler.

（接線員指示）今天第一個問題來自 Piper Sandler 的 Andrew Liesch。

Just on the expenses here, it sounds like you're not going to see any cost saves or anything because the quarter consumed a little bit outsized, but I guess it's kind of like the new run rate. The efficiency ratio did tick up to 49%. I guess how should we be looking at that going forward? I mean, is revenue going to be growing fast enough to get that back down to that maybe 48% number? Or is this kind of where we should be looking at going forward?

關於費用方面，聽起來你們不會看到任何成本節省之類的，因為本季的消耗有點偏高，但我想這有點像新的費用運行水準。效率比率也上升到49%。我想未來我們應該怎麼看待？也就是說，營收成長是否足夠快，能把效率比率拉回到可能48%那個水準？還是說未來大致就應該以這個水準來看？

I think the efficiency ratio should generally be between kind of 48.5% to 50%, that's the range that it will operate. And to your point, it will depend from quarter-to-quarter, as we referenced some of the loan growth and the timing of the interest income recognized related to that.

我認為效率比率一般會落在約48.5%到50%之間，會在這個區間運作。正如你所說，它會因季度而異，因為如我們提到的，部分取決於放款成長以及與之相關的利息收入認列時點。

We also have merit...

我們也有績效調薪……

Our merit increases are in June. So that this quarter is...

我們的績效調薪是在6月。所以這一季是……

In late September, yes... so late September.

在9月下旬，是的……所以是9月下旬。

So late September, yes, we evaluate them as of June, but by the time they roll through they are late September.

所以是9月下旬，沒錯。我們在6月進行評估，但等到實際反映出來時是在9月下旬。

So that's what I was referencing. And so that's what's going to kind of probably keep us towards that 49% end of the range, right? Is that salaries and benefits, we do expect to increase as the full merit increase comes in, in the second quarter.

所以我指的就是這個。因此這大概會讓我們更偏向落在區間的49%那一端，對吧？也就是薪資與福利，我們預期隨著第二季完整反映績效調薪，將會增加。

Got it. All right. Yes, that's helpful. And then just looking into the 10-Q, like there was some credit migration with an increase in special mention and some standards. It looks like there were some in multifamily and commercial real estate and some C&I, any comments there on what might be causing this? And I'll leave it there.

了解。好，這很有幫助。再來看10-Q，似乎有一些信用等級遷移，特別關注（special mention）與次級（substandard）有所增加。看起來多戶住宅與商用不動產，以及一些C&I都有一些變化；對於可能的原因有任何評論嗎？我就問到這裡。

Yes. No, it's not significant, but those things are often moving in and out. And any time we see anything that, for example, on some of the substandard side, it just may be if a project is slightly delayed or something like that. So there's nothing really that we see that's of any significant set of concerns with respect to any actual loss content. And as I said in the prepared remarks, we're getting, on every CRESL loan that is, there's 2 that are actually delinquent there. One, UBS O'Connor is the mezz and they're still supporting it. And so we've decided to sit still and let them continue to support the property. It's very close to being finished at some very nice condominiums in Greenwich Village in New York. I don't think we'll have any loss there.

有的。不過這並不顯著，但這些項目常常會進進出出。任何時候我們看到一些情況，例如在次級那一端，可能只是某個專案稍微延遲之類。因此就任何實際損失內容而言，我們沒有看到任何重大疑慮。正如我在準備好的講稿中提到的，在每一筆CRESL貸款中，目前有2筆實際逾期。其中一筆，UBS O'Connor 是夾層（mezz）方，他們仍在支持，所以我們決定先按兵不動，讓他們繼續支持該物業。那是位於紐約格林威治村、非常不錯的公寓案，已非常接近完工。我不認為我們會有任何損失。

Is it possible? No. Little maybe, but nothing much. And then the other one is also is being supported by the mezz and they're going to put more money in and they're working with the borrower at this time. And so we're just kind of hanging out there. And so obviously, we could take more aggressive action in those cases. But given the fact that everybody is behaving nicely who has much more at risk than we do, we think it's the right thing to sit on that. And so it just really depends because most of the time, our notes are quite sellable. So if we feel like we want to sell a note or something we usually can, but I don't think that's changed. So this is just nothing of any real significance or anything that I'm looking at and saying, wow, this may translate into some significant loss content.

有可能嗎？不會完全沒有，或許一點點，但不多。另一筆也同樣由夾層方支持，他們會再投入更多資金，並且目前正與借款人合作。因此我們暫時就先觀望。當然，在這些情況下我們也可以採取更積極的行動。但鑑於承擔風險遠高於我們的各方都表現得很配合，我們認為先按住不動是正確的做法。所以這真的取決於情況，因為大多數時候，我們的票據相當容易出售；如果我們覺得想賣出某筆票據之類，通常都可以。但我不認為這有改變。總之，這沒有任何真正重大的意義，也沒有任何我會看了覺得「哇，這可能會轉化為一些重大損失內容」的事情。

Our next question comes from the line of Tim Switzer with KBW.

下一個問題來自 KBW 的 Tim Switzer。

I'm on for Mike Perito. I had a couple of questions about your asset sensitivity here at this stage of the cycle. I was looking at Slide 3 in your guys' earnings presentation, and you guys did a good job putting out your maturities over the next few years. Are you able to like help us quantify maybe what the loan yields are on these maturing loans over the next year or so that you guys call out?

我代替 Mike Perito 提問。我有幾個關於你們在本輪週期階段的資產敏感度問題。我在看你們法說簡報的第3頁，你們把未來幾年的到期結構整理得很好。你們能否協助我們量化一下，你們提到未來一年左右到期的這些貸款，其貸款收益率大概是多少？

Yes. Well, I don't know if you have the... I can give you generalized numbers. Do you have exact ones, Derrick, I mean to give sort of general...so there really are...so let's talk about the loans that are hybrid loans, those consist of 2 primary categories. One is single family and the other is the sort of multifamily smaller balance commercial. We shorten those to multifamily and small balance commercial up from 5/1 ARMs to 3/1 ARMs several years ago. for new originations. So that book is really repricing relatively quickly. In general, you might take loans that are sort of in mid-5s, and you're repricing them all the way up to 8, 8.5s or 9s. A lot of times, they'll run off at that point in time and they simply pay off. We've done an analysis of looking at those and where they're coming through. So there is a net benefit to us that will accrue associated with that, particularly that portfolio repricing because I think we made the right moves to shorten those deals up.

可以。我不確定你手上是否有……我可以提供概略數字。Derrick，你有精確數字嗎？我先給一些大致的……所以其實……我們來談談混合型貸款（hybrid loans），主要分兩大類：一是單戶住宅，另一是多戶住宅與小額商用不動產（我們簡稱為多戶與小額商用）。幾年前我們把新承作從5/1 ARM縮短到3/1 ARM。因此那本帳的重定價相對很快。一般而言，你可以把原本大概在5%中段的貸款，重定價一路拉到8%、8.5%或9%。很多時候到了那個時點，貸款就會流失，因為借款人會直接清償。我們做過分析，觀察這些貸款的到期與重定價節奏。因此，這會為我們帶來淨利得，特別是那個投組的重定價，因為我認為我們當初把條件縮短是正確的決策。

And generally, competitor banks were more in that 5% to 7% to 10% range, and we were more in that 3% range with a little creep to 5%, and that 5% was really kind of sunsetted more years ago. So I think that's pretty good. And then on the single-family side, those were all 5/1 ARMs. I wanted to shorten them, but you actually can't because if they're not at least 5 years, you have to price them at the rate cap from a DTI perspective, which is kind of a regulatory thing that doesn't make a lot of sense. But in any event, it kind of precludes you from doing shorter than 5/1 ARMs. You can sort of see it in the chart there. But to give you some flavor of it, let's say those would be like another 5.2%, 5.3% sort of thing, and they're repricing and they'll reprice into the 8s and 9s as well.

而且一般來說，同業銀行多落在5%到7%到10%的區間，而我們更多是在3%左右，後來略微上升到5%；而那個5%其實在多年前就逐步退出了。所以我認為這相當不錯。至於單戶住宅端，當時都是5/1 ARM。我想把它縮短，但其實做不到，因為如果不到至少5年，從DTI角度你必須用利率上限（rate cap）來定價，這算是一種監管規定，並不是很合理。但無論如何，它確實讓你無法做短於5/1 ARM。你在那張圖表上也看得到。給你一些概念，假設那些大概是5.2%、5.3%之類，重定價後也會進到8%與9%的區間。

And they're a little bit heavier in out years, though, because we had so many prepays in that low rate environment in the COVID period that some of the new originations are a little more stacked. So you might make an argument that, let's say, that 5/1 ARMs, there's 20% repricing a year, every year, you can think of it, but that's not right. It's much more pushed towards those sort of out years. Now I think that being said, and then auto, the auto loans are a little bit longer duration, but they're prepaying rapidly. And those are prepaying at let's say they're 5-ish percent.

不過它們在較後面的年度占比會更高，因為在COVID期間的低利率環境下有大量提前清償，所以一些新承作的起始時間點比較集中。你可能會主張，例如5/1 ARM每年有20%重定價、年年如此來看待，但那並不正確；它更偏向集中在較後面的年度。接著是車貸，車貸的存續期間稍長一些，但提前清償很快。那些提前清償的利率大概在5%左右。

And then we're just letting that book drop and when we're originating at above 10%. So I think what is good about this is that if sometimes there's this worry that I hear analysts talk about that. that what happens is you end up at the end of the rate cycle where all your adjustable loans have repriced and the only thing that's left is for your deposits to sort of creep up and sort of reduce your NIM. But that's not what we have to look forward to, actually.

而我們就讓那本帳自然下降，同時我們新承作的利率在10%以上。我認為這點好的地方在於：有時我聽到分析師擔心，利率循環走到尾聲時，你所有可調利率貸款都已經重定價完了，剩下的就只有存款利率慢慢上升，進而壓縮你的淨利差（NIM）。但其實我們未來面臨的並不是那種情況。

We actually have something different to look forward to. We have to look forward to the fact that we're going to get these hybrids to reprice pretty quickly because we made reasonably good decisions about the structure of those loans. And so those will reprice. And then additionally, as we grow almost all the new loans that are coming on are adjustable rate loans. And so they do have floors often. Those floors sometimes are good and sometimes they're not as good as far as for us, but they do have some floor usually embedded in them with respect to SOFR to limit our downside risk. So I think if where your question is going is for a little bit of flavor around are we going to have this sort of end of rate cycle compression in NIMs? I think we might, but I don't think it's going to be significant. And I think we have a lot of offsetting factors associated with that, that can aid us. And I think it's going to really be more about credit spreads on new originations given that we have such a relatively quick cycle time for our existing commercial book.

其實我們有一些不同的事情可以期待。我們必須期待的是，這些混合型貸款會因為我們在這些貸款結構上做了相當不錯的決策，而能夠很快重新定價。所以它們會重新定價。此外，隨著我們成長，幾乎所有新增的貸款都是浮動利率貸款。因此它們通常會有利率下限（floor）。就我們而言，這些下限有時候很好、有時候沒那麼好，但通常都會在與 SOFR 相關的條款中內嵌某種下限，以限制我們的下行風險。所以我想，如果你的問題是想了解一些風向：在利率循環末端，我們的淨利差（NIM）是否會出現這種壓縮？我認為可能會，但我不覺得會很顯著。而且我認為我們有很多可相互抵銷的因素可以幫助我們。我也認為，鑑於我們現有商業貸款組合的週轉時間相對很快，重點其實會更在於新承作的信用利差。

Okay. Yes, that makes sense on your last point. And I was actually going to maybe take this a step further along the cycle if we get to where maybe the Fed begins to cut rates sometime in the next year or so, if that occurs, like how do you think you guys are positioned like what's your sensitivity to rate cuts?

好的。是的，你最後那點很有道理。我其實想把這個問題沿著循環再往前推一步：如果我們走到某個階段，也許聯準會在未來一年左右開始降息——如果真的發生——你覺得你們的部位配置如何？你們對降息的敏感度是什麼？

Well, it depends on the assets. So all single-family loans have a floor at the start rate that are originated. So if you originated in the 8s, they're not going down. So let's talk about floors for a second and then I'll talk about borrower behavior. So we do put floors in certain things, but a cap call facility, for example, is going to have a 1% SOFR floor. Other loans, let's say, certain CRESL deals might have a 4% or 3.5% SOFR floor. So there's some compression that occurs immediately in a reduced short-term rate environment associated with those loans. We've kept our deposit base in a way that we can reprice it. The question is always what's the demand for deposits at that time? And what does that repricing do to your ability to grow deposits, et cetera, right? Now we're a pretty diverse business. We did grow noninterest-bearing deposits by over $200 million this quarter, if you exclude the runoff that we pushed out on the digital asset side.

嗯，這取決於資產。所以所有單戶住宅貸款在承作時都會在起始利率設有下限。因此如果你是在 8% 區間承作的，它們就不會往下調。那我們先花一點時間談談下限，然後我再談借款人行為。我們確實會在某些產品中設下限，但例如 cap call 融資工具就會有 1% 的 SOFR 下限。其他貸款，比方說某些 CRESL 交易，可能會有 4% 或 3.5% 的 SOFR 下限。所以在短端利率下降的環境下，這些貸款會立刻出現一定程度的利差壓縮。我們維持存款基礎的方式，是讓我們可以對其重新定價。問題永遠在於：那個時點對存款的需求有多大？而重新定價會對你成長存款的能力等造成什麼影響，對吧？另外我們是一個相當多元的業務。本季若排除我們在數位資產端主動推動的流失（runoff），我們的無息存款增加了超過 2 億美元。

So there is good stuff happening there, and that all blends together. And if you look at that and you say you grew that by that amount of money and you grew loans by 500, that's kind of pretty good actually, right? So there's good stuff happening there. So these things are all going to come together. But if somehow there was a massive demand for deposits, and we weren't able to cut any deposit rates and still grow and rates came down on that short side, we might see a little compression. But I think the other issue that could arise is you have floors on these loans, if the market rate falls very much below the floor rate, then you could see prepayments, too, right? So I mean, I think realistically, we've thought pretty hard about how to deal with this.

所以那邊確實有一些正面的進展，而這些都會綜合在一起。如果你看這些數字，你會說你存款增加了那麼多，同時貸款增加了 5 億，這其實相當不錯，對吧？所以那邊確實有好事在發生。這些因素都會匯聚在一起。但如果某種情況下，市場對存款出現巨大的需求，而我們又無法在仍能成長的前提下降低任何存款利率，同時短端利率又下來，那我們可能會看到一些小幅壓縮。不過我認為另一個可能出現的問題是：這些貸款有下限，如果市場利率大幅低於下限利率，那你也可能會看到提前還款（prepayments），對吧？所以我的意思是，現實來看，我們已經非常認真地思考過要如何應對這種情況。

Part of the issue is that I've had some different folks, of course, they kind of haven't brought this up lately, but there were investment bankers and such approaching saying, "Hey, you should extend duration" when they thought the long rate was sort of where it was going to be, which was about 100 basis points below where it was now. And we firmly didn't do that, and their commentary was, well, you're taking risk on the other side in a short-term environment. And I don't really think so. Because the tough part is, unless you're extending loans with absolutely hard lockouts where they can't prepay, you're really taking asymmetrical risk there. So I think we've positioned it about as best as we can and so if somebody who has a higher floor wants to prepay and the markets there for them, then that loan will have to be replaced. And then it's up to our origination engines, which are pretty good, and they're continuing to grow with our cap call business with our floor plan business, et cetera, to be able to replace those assets. But for what it's worth, I'm not saying rates are not ever going to come down, but I think all the folks that were so optimistic that we're going to get rate cuts next year. We were not in that camp, and we've been right so far. And I don't think it's something imminent.

其中一部分問題是，我之前遇到一些不同的人——當然，他們最近比較沒再提——但曾有投資銀行家之類的人來接觸，說「嘿，你應該拉長存續期（extend duration）」，因為他們當時認為長端利率大概會落在某個水準，也就是比現在低大約 100 個基點。我們堅決沒有那麼做，而他們的評論是：在短期利率環境下，你是在承擔另一邊的風險。但我其實不這麼認為。因為困難之處在於，除非你把貸款延長到有絕對硬性鎖定條款、讓他們不能提前還款，否則你其實是在承擔不對稱風險。所以我認為我們已經把部位配置到盡可能好的狀態；因此如果某個有較高下限的借款人想提前還款，而且市場也允許他們這麼做，那那筆貸款就必須被替換。接下來就要看我們的承作引擎——它們相當不錯——而且也正隨著我們的 cap call 業務、floor plan 業務等持續成長，能否替換這些資產。不過就此而言，我不是說利率永遠不會下降，但我認為那些非常樂觀、覺得明年就會降息的人，我們並不在那個陣營，而且到目前為止我們是對的。我也不認為這是迫在眉睫的事情。

Our next question is from the line of David Chiaverini with Wedbush.

我們的下一個問題來自 Wedbush 的 David Chiaverini。

I wanted to ask about the digital asset business and how you guys exited? I was curious, did your regulators bring up any concern with your involvement in the digital asset business? Or was this entirely voluntary? And has there been any legal action at all related to this?

我想問一下你們的數位資產業務，以及你們是如何退出的？我很好奇，你們的監管機構是否對你們參與數位資產業務提出任何疑慮？還是這完全是自願的？另外，是否有任何與此相關的法律行動？

No. No. We'll answer all the questions. I'll answer the last one first. No, there's no legal action related to it at all and nothing pending or anything we're aware of. The only reason I even mentioned it is because there's been some short-seller tweets that have deliberately confused. Evidently, there were some transactions related to binance.com that were widely reported to be involved with the various characters and then there was an attempt to link us to binance.com, which was a false statement. So I just wanted to be able to get a statement out about that. So the short answer is no legal and regulatory action.

沒有。沒有。我們會回答所有問題。我先回答最後一個：沒有，完全沒有任何相關的法律行動，也沒有任何待處理事項或我們所知的任何進行中案件。我之所以提到這件事，只是因為有一些放空者在推特上刻意混淆。顯然，之前有一些與 binance.com 相關的交易被廣泛報導，說涉及各種人物，然後有人試圖把我們和 binance.com 連結在一起——那是錯誤陳述。所以我只是想就此發表一個聲明。簡而言之：沒有法律與監管方面的行動。

We're not involved in any elements of that. From a regulatory perspective, we spent a long time with the regulators seeking a variety of non-objections going through a bunch of different risk reviews associated with these assets. And ultimately, the exit we decided to do was really based on when the SEC came out and essentially said that most cryptocurrencies were securities, and therefore, the exchanges would have to be licensed as securities exchanges. And so even though we were only doing operating accounts for these businesses, essentially allowing them to do payroll and whatever, and we weren't doing any wallet transactions. We weren't doing retail transactions. We just decided that it was, we wanted to pause until we got more regulatory clarity. And by the way, I don't want what we did to disparage anyone particularly in the crypto business. There's obviously good players and bad players in that business.

我們沒有參與其中任何元素。從監管角度來看，我們花了很長時間與監管機構合作，尋求各種「不反對」（non-objections），並針對這些資產相關的多項風險審查流程逐一完成。最終我們決定退出，主要是因為美國證券交易委員會（SEC）出來基本上表示大多數加密貨幣屬於證券，因此交易所必須取得證券交易所的牌照。即便我們只是為這些企業提供營運帳戶，基本上讓他們能做薪資發放等用途，而且我們沒有做任何錢包交易，也沒有做零售交易，我們仍然決定先暫停，直到獲得更明確的監管清晰度。順帶一提，我不希望我們的作法被解讀為貶低加密產業的任何人；那個產業顯然有好的參與者，也有不好的參與者。

And I would still retain the optionality at some point in time to look at some sort of involvement in the future. But that would wait until we get better regulatory clarity around what the treatment of these exchanges are going to be and what's the overall landscape so that there's just more certainty associated with it. So we weren't doing anything there until after Signature and Silvergate collapsed. We did some limited purpose accounts. The SEC kind of had their rulings. Obviously, they've been aggressive in that space, but then they've also kind of pushed back by courts in certain instances and things like that. But at the end, it was our own decision, and it was just in relation to what we saw, not anything particular with respect to us. And there's nothing that's impacting us with respect to this. This is just attempts by folks who are short at the stock to try to try to make something out of nothing. And that's why we said something about it.

而且我仍會保留在未來某個時間點重新評估某種參與方式的選擇權。但那會等到我們對這些交易所將如何被監管處理、以及整體版圖為何，有更好的監管清晰度之後再說，讓相關不確定性更低。我們在 Signature 和 Silvergate 倒閉之後才開始做任何相關事情；我們做的是一些用途受限的帳戶。SEC 隨後做出一些裁定。顯然他們在那個領域採取了較強硬的作法，但在某些情況下也被法院反制之類。不過歸根結底，這是我們自己的決定，只是基於我們所看到的情況，而不是針對我們本身的任何特定事項。而且就此而言沒有任何事情在影響我們。這只是一些放空我們股票的人試圖無中生有、把事情做文章。這也是為什麼我們要出來說明。

Got it. Very helpful. And then I had a follow-up on the professional services expenses. You mentioned that it was related to the fiscal year-end process. I was curious, was any of it related to the latest release of UDB 2.0. Was there any capitalized software expenses in there? Anything of that nature? And is that being kind of amortized in and this is kind of a new run rate going forward?

了解。非常有幫助。接著我想追問一下專業服務費用。你提到那與會計年度結帳流程有關。我好奇，其中是否有任何部分與 UDB 2.0 的最新發布有關？裡面是否有任何資本化軟體費用？或類似性質的項目？另外，這些是否正在攤銷中，並且這會成為未來的新常態費用水準（run rate）？

There's always some kind of level. But now the capitalization that will be amortized comes through the depreciation and amortization line. So that will be recognized going forward. I forget candidly, whether there was 1/3 of it in the September quarter. That wasn't in the professional services line. The professional services had a couple of insurance reimbursements in prior quarters. related to legal matters. This quarter, the primary thing related to the year-end activities was that we have our audit that occurs over the July and August period. So there's always not only the audit fees, but then there's the tax work and the legal work that goes in mind with it. So it usually causes a slight blip up during that September quarter when you look at it kind of almost a slight seasonality to it.

總是會有某種程度的影響。但現在，將被攤銷的資本化金額會透過折舊與攤銷（D&A）項目反映出來。因此，這部分將在未來期間予以認列。坦白說我不記得九月季度是否有其中的 1/3。那部分不在專業服務費用項目裡。專業服務在前幾個季度有幾筆保險理賠補償，與法律事項相關。本季度與年終活動相關的主要事項是，我們的審計是在 7 月與 8 月期間進行。因此不僅有審計費用，還有與之相伴的稅務工作與法律工作。所以通常在九月季度會出現小幅上升的波動，從某種角度看幾乎帶有些微季節性。

Got it. And then the last one for me is a follow-up on the credit quality questions on the special mention in the substandard. I was curious, any common themes that you're observing? Is it that lease-ups are going slower than expected? Or is it really driven by higher rates and pressure on DSCR. Any common themes that you're observing?

了解。那我最後一個問題是，針對你們在「特別關注（special mention）」與「次級（substandard）」方面的信用品質問題做個追問。我想了解你們觀察到是否有任何共同主題？是出租進度（lease-up）比預期慢？還是主要由較高利率與 DSCR 壓力所驅動？你們看到的共同主題是什麼？

Not really. It's fairly idiosyncratic. I mean I think it's really pretty de minimis, and it's nothing, it's a very small amount. And frankly, if you look at it, it's a little bit up from the prior quarter, but it's down from a year ago, right? So if you look at NPLs, for example, single-family is down significantly from last year. And so they really are idiosyncratic with respect to just different elements. I mean I do think that I think the office sector is under pressure, but I think fundamentals in multifamily and industrial and lease-up activity in Industrial looks fantastic. Condos are still selling very, very well. Single-family is still holding up. So I think all of the fundamentals are, I think, definitely pretty good. We don't really see some sort of deterioration on the operating or cash flow side of any significance, really.

其實沒有。這些情況相當具個別性（idiosyncratic）。我的意思是，我認為它真的非常微不足道（de minimis），而且金額很小。坦白說，如果你看數據，它比上一季略有上升，但比一年前是下降的，對吧？例如看不良貸款（NPLs），單戶住宅（single-family）相較去年明顯下降。所以它們確實是因不同因素而呈現個別性。我確實認為辦公室（office）類別承受壓力，但我認為多戶住宅（multifamily）與工業（industrial）的基本面良好，而工業的出租進度看起來非常、非常出色。公寓（condos）仍然賣得非常好。單戶住宅仍然撐得住。所以我認為整體基本面確實相當不錯。我們並沒有看到營運面或現金流面出現任何顯著的惡化。

The next question comes from the line of Gary Tenner with D.A. Davidson.

下一個問題來自 D.A. Davidson 的 Gary Tenner。

I want to ask a little bit about the Advisory Services business and the white label banking, I know you kind of mentioned it a bit in your prepared remarks, Greg. But I think during the quarter, there was a report of the sizable adviser network that was going to move over to Axos lease part of their business. And I know over the last couple of years, you've talked a lot about kind of going after some of these larger RIAs, et cetera. So just looking for any sort of thoughts around kind of how that pipeline and how that sales process is developing and as you look out over the next 12, 18 months or pick a time frame, any thoughts on how much growth you could see in that business?

我想稍微問一下顧問服務（Advisory Services）業務與白標銀行（white label banking）。我知道你在事先準備的發言中有稍微提到，Greg。但我想在本季度期間，有報導指出有一個規模可觀的顧問網絡將把部分業務轉移到 Axos。我也知道過去幾年你們談了很多，像是鎖定一些較大型的 RIA 等等。所以想請你分享一下，關於目前管線（pipeline）以及銷售流程的進展；並且展望未來 12 到 18 個月（或你選一個時間範圍），你對這項業務可能看到多少成長有什麼想法？

Right. The pipeline of new advisers and those joining are very good. The net I would say was not magnificent this quarter in comparison with what it should have been given the amount of new clients we won. What happened in that is that the legacy business has some pretty significant TAMs in it. And those TAMs, we're seeing them have net asset losses as advisers break away. And so what would have been, I think, a very nice quarter of asset growth in that AES business ended up being still a net growth, but I would say relatively mediocre in comparison with what I would like to see, but the pipeline is really good, and the activity is great.

是的。新顧問以及加入我們的顧問管線非常好。淨增方面我會說，本季相較於我們贏得的新客戶數量所應帶來的表現，並不算亮眼。原因是，既有（legacy）業務裡有一些相當顯著的 TAM，而我們看到這些 TAM 因顧問出走而出現淨資產流失。因此，原本我認為 AES 業務資產成長會是一個非常不錯的季度，最後仍然是淨成長，但我會說相對平淡，沒有達到我希望看到的水準。不過管線真的很好，活動也很熱絡。

And so I think the question, which I have a hard time being able to be able to estimate is how much of the existing business on that TAM side is kind of moving around. And that's what's kind of keeping growth down right now. What I'm hopeful happens is that, that there's frankly, the performance on that side for a lot of those guys, that's kind of driven certain things. It's obviously idiosyncratic to each TAM, but that's what's really going on. So back to the question of what that looks like. I think conservatively, we ought to be able to do several billion dollars of growth in the remaining several quarters on a net basis, that probably looks more like 4 or 5 on a gross basis, which is nice. And if you could get 4 to 5 and getting to 6 on a net basis, then that would be a really nice kind of run rate.

所以我覺得這個問題——我很難去估算——在於 TAM 端既有業務到底有多少在流動、在重新分配。這也是目前壓抑成長的原因。我希望接下來會發生的是，坦白說，那一端很多人的績效表現驅動了某些變化。這顯然因各個 TAM 而異，但這就是實際正在發生的事。回到你問的未來展望，我認為保守來看，接下來幾個季度我們應該能在淨額基礎上做到數十億美元的成長；若以總額（gross）來看，可能更接近 40 到 50 億美元，這很不錯。若能做到總額 40 到 50 億、淨額提升到 60 億，那會是一個非常好的運行速度（run rate）。

I've told the team that I'd like to see them and kind of staff the sales function to double that business in the next 5 years. And the conversations are great. We had our client advisory board where we released our demo and our first operational white label platform that has on the app that has the advisory side of the banking together had great feedback on it. People are excited to get using that. So that will start happening in the first quarter of the next calendar year. So there's a lot of good things happening. The activity is really good. And when I was sitting around with the head of that business, I said, "Well, gee, it looks like your sales are great, but you got to figure out how to deal with the back door". I think that will [that] on a turnaround hopefully. But it's hard to say with respect to whether it will and how many more quarters that will go on.

我已經跟團隊說，我希望他們能把銷售職能的人力配置到位，在未來 5 年把這項業務規模翻倍。對話進展很好。我們召開了客戶顧問委員會（client advisory board），在那裡我們發布了展示版本（demo）以及第一個可運作的白標平台；該 App 把顧問端與銀行端整合在一起，回饋非常好。大家都很期待開始使用。這會在下一個曆年第一季開始推動。所以有很多好事正在發生，活動量也非常好。我跟該業務負責人坐下來時說：「嗯，你的銷售看起來很棒，但你得想辦法處理後門（back door）的流失。」我希望那會出現（that）轉機。但很難說是否會發生，以及還會持續多少個季度。

I appreciate the color. And so you're saying, though, on the white label banking side that you expect to have RIAs live on that in the first quarter of '24?

感謝你提供的細節。所以你的意思是，在白標銀行這一端，你預期 RIA 會在 2024 年第一季上線（live）嗎？

Yes, I do. And then what will happen with that, as I say, by the end of first quarter of '24, every new account will be offered a bank account, and that bank account will come with the advised account, and there will be significant benefits associated with having that account together such as the ability to immediately deposit a check and have it available that instant. Where we have other elements on the platform that are going to take a while longer, securities-based lines of credit, which we want to be one click securities based line of credit, securities-based credit cards, things like that. And those are in the works. But there's a lot of wood to chop there.

是的，我是這麼認為。接著會發生的是，如我所說，到 2024 年第一季末，每一個新帳戶都會被提供一個銀行帳戶，而該銀行帳戶會與受託管理帳戶（advised account）一起提供，且把兩者放在一起會有顯著的好處，例如能夠立即存入支票並在當下就可動用。我們平台上還有其他元素需要更長時間才能完成，例如以證券作擔保的信用額度（securities-based lines of credit），我們希望做到一鍵式的證券擔保信用額度、證券擔保信用卡等，諸如此類。這些都在進行中。但要完成的工作還很多。

Thank you. We've reached the end of the question-and-answer session. I'll now turn the call over to Johnny Lai for any closing remarks.

謝謝。我們已到問答環節的尾聲。現在我將把電話交回給 Johnny Lai，請他做結語。

Great. Thanks, everyone, for your interest, and we'll talk to you next quarter. Thank you.

很好。謝謝各位的關注，我們下個季度再談。謝謝。

This concludes today's conference. Thank you for your participation. You may now disconnect your lines at this time.

今天的電話會議到此結束。感謝各位參與。您現在可以掛斷電話線。