Axos Financial Inc (AX) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Axos Financial, Inc. Q2 2024 earnings call webcast. (Operator Instructions)

您好，歡迎收看 Axos Financial, Inc. 2024 年第二季財報電話會議網路直播。（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It is now my pleasure, Johnny Lai, Senior Vice President, Corporate Development and Investor Relations. Thank you, Johnny. You may begin.

我很榮幸，企業發展和投資者關係高級副總裁約翰尼·賴 (Johnny Lai)。謝謝你，強尼。你可以開始了。

Thanks, Alicia. Good afternoon, everyone, and thanks for your interest in Axos. Joining us today for the Axos Financial, Inc. second-quarter 2024 financial results conference call are the company's President and Chief Executive Officer, Greg Garrabrants; Executive Vice President and Chief Financial Officer, Derrick Walsh; and Executive Vice President of Finance, Andy Micheletti.

謝謝，艾莉西亞。大家下午好，感謝您對 Axos 的關注。今天參加我們 Axos Financial, Inc. 2024 年第二季財務業績電話會議的是該公司總裁兼執行長 Greg Garrabrants；執行副總裁兼財務長 Derrick Walsh；和財務執行副總裁安迪·米凱萊蒂 (Andy Micheletti)。

Greg and Derrick will review and comment on the financial and operational results for the three and six months ended December 31, 2023, and we will be available to answer questions after those prepared remarks.

Greg 和 Derrick 將審查並評論截至 2023 年 12 月 31 日的三個月和六個月的財務和營運業績，我們將在準備好發言後回答問題。

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.

在開始之前，我想提醒聽眾，本次電話會議中準備好的言論可能包含前瞻性陳述，這些陳述存在風險和不確定性。該管理層可能會針對您的問題做出額外的前瞻性陳述。請參閱今天的收益新聞稿和我們的投資者簡報中的安全港聲明，以了解更多詳細資訊。

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.

本次電話會議正在進行網路直播，公司網站 axosfinancial.com 的投資者關係部分將提供為期 30 天的音訊重播。這次電話會議的詳細資訊已在電話會議公告和今天的收益新聞稿中提供。

Before handing over the call to Greg, I'd like to remind listeners that in addition to the earnings press release and 10-Q, we also issued an earnings supplement for this call with additional information regarding the FDIC loan acquisition. All of these documents can be found on axosfinancial.com.

在將電話會議轉交給格雷格之前，我想提醒聽眾，除了收益新聞稿和 10-Q 之外，我們還為本次電話會議發布了收益補充資料，其中包含有關 FDIC 貸款收購的其他資訊。所有這些文件都可以在 axosfinancial.com 上找到。

With that, I'd like to turn the call over to Greg.

說到這裡，我想把電話轉給格雷格。

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 second quarter of fiscal 2024 ended December 31, 2023. I thank you for your interest in Axos Financial.

謝謝約翰尼，大家下午好，謝謝您加入我們。歡迎大家參加 Axos Financial 的電話會議，該電話會議涉及截至 2023 年 12 月 31 日的 2024 財年第二季。感謝您對 Axos Financial 的興趣。

We delivered outstanding results, generating double-digit year-over-year growth in earnings per share, book value per share, and ending loan balances for a sixth consecutive quarter. Strong organic loan growth and deposit growth, coupled with further net interest margin expansion, resulted in double-digit net interest income growth year over year and linked quarter annualized.

我們取得了出色的業績，每股收益、每股帳面價值和期末貸款餘額連續第六個季度實現兩位數年增長。強勁的有機貸款成長和存款成長，加上淨利差的進一步擴大，導致淨利息收入年比和季減成長率達到兩位數。

We grew deposits by approximately $638 million linked quarter. We reported net income of $152 million and earnings per share of $2.62 for the three months ended December 31, 2023, representing year-over-year growth of 86% and 94%, respectively.

我們的關聯季度存款增加了約 6.38 億美元。截至 2023 年 12 月 31 日止三個月，我們的淨利潤為 1.52 億美元，每股收益為 2.62 美元，年比分別成長 86% 和 94%。

Excluding the one-time gain and loss provision associated with the FDIC loan purchase, our non-GAAP adjusted earnings per share increased by 15.7% year over year to $1.56. Our tangible book value per share was $33.45 at December 31, 2023, up 25% from December 31, 2022.

不包括與 FDIC 貸款購買相關的一次性損益撥備，我們的非 GAAP 調整後每股收益年增 15.7% 至 1.56 美元。截至 2023 年 12 月 31 日，我們的每股有形帳面價值為 33.45 美元，較 2022 年 12 月 31 日成長 25%。

Other highlights for this quarter include the following: ending loans for investment balance, net of discount were $18.5 billion, up 8% linked quarter or 32% annualized. Excluding the FDIC loan purchase, ending non-purchase loans held for investment increased by [$443 million] linked quarter or 10% annualized.

本季的其他亮點包括：期末投資餘額貸款（扣除折現）為 185 億美元，較上季成長 8%，年化成長 32%。不包括 FDIC 貸款購買，期末為投資而持有的非購買貸款環比增加了 [4.43 億美元]，年化增長率為 10%。

Growth was broad based with growth in real estate and non-real estate lender finance, equipment leasing and fund finance, offsetting lower origination volumes in single-family warehouse and higher payoffs in commercial specialty real estate and a deliberate runoff of our auto book.

房地產和非房地產貸款人融資、設備租賃和基金融資的成長基礎廣泛，抵消了單戶倉庫的較低原始數量和商業專業房地產的較高回報以及我們的汽車帳簿的故意流失。

Net interest margin was 4.55% for the first quarter ended December 31, 2023, up 19 basis points from 4.36% in the quarter ended September 30, 2023, and up 9 basis points from 4.49% in the quarter ended December 31, 2022. Excluding the benefit from the FDIC loan purchase, our consolidated net interest margin was 4.36% in the quarter ended December 31, 2023.

截至2023年12月31日的第一季淨利差為4.55%，較截至2023年9月30日的季度的4.36%上升19個基點，較截至2022年12月31日的季度的4.49%上升9個基點。不包括 FDIC 貸款購買的收益，截至 2023 年 12 月 31 日的季度，我們的綜合淨利差為 4.36%。

Axos Securities, is comprised primarily of our custody and clearing businesses, had another strong contribution to our fee and interest income. Broker-dealer fee income increased 27.6% year over year due to higher interest rates and increased client activity. Advisory fee income increased 5.4% year over year due to higher mutual fund fees and higher average assets under custody.

Axos 證券主要由我們的託管和清算業務組成，對我們的費用和利息收入做出了另一個強勁貢獻。由於利率上升和客戶活動增加，經紀交易商費用收入較去年同期成長 27.6%。由於共同基金費用增加和平均託管資產增加，諮詢費收入較去年同期成長 5.4%。

Quarterly pre-tax income for our securities business was $10.8 million in the second quarter of 2024. Our credit quality remains strong, with net annualized charge-offs to average loans of 2 basis points in the three months ended December 31, 2023. The majority of the 2 basis points of net charge-offs this quarter were from auto loans that are covered by insurance policies with proceeds from those insurance policies accounted for as fee income.

2024 年第二季我們證券業務的季度稅前收入為 1,080 萬美元。我們的信貸品質依然強勁，截至 2023 年 12 月 31 日的三個月內，平均貸款年化淨沖銷為 2 個基點。本季淨沖銷的 2 個基點中的大部分來自保單承保的汽車貸款，這些保單的收益計入費用收入。

We completed the purchase of two performing commercial real estate and multi-family loan pools in the FDIC with a combined unpaid principal balance of approximately $1.25 billion at 63% of par value.

我們完成了 FDIC 兩處表現良好的商業房地產和多戶家庭貸款池的購買，未付本金餘額合計約為 12.5 億美元，面值率為 63%。

We recognized a $65 million after-tax gain and increased our allowance for loan loss by $75 million on the purchase in the quarter ended December 31, 2023. We believe this opportunistic loan purchase will provide incremental net interest income and after-tax income over the next several years. I'll provide more detail regarding this transaction later on the call.

在截至 2023 年 12 月 31 日的季度中，我們確認了 6,500 萬美元的稅後收益，並將貸款損失準備金增加了 7,500 萬美元。我們相信，這種機會性貸款購買將在未來幾年提供增量的淨利息收入和稅後收入。我將在稍後的電話會議中提供有關此交易的更多詳細資訊。

Our capital levels remain strong with Tier 1 leverage ratio of 10.2% at the bank and 9.4% at the holding company, both well above our regulatory requirements. We repurchased approximately 59 million of common stock in the second quarter, in addition to the $24 million we repurchased in the prior quarter to take advantage of the unwarranted decline in our share price. This brings our total share repurchases in fiscal year 2024 to $83 million at an average share price of $36.49 per share, representing 2.8% of the shares outstanding as of 12/31/2023.

我們的資本水準依然強勁，銀行一級槓桿率為 10.2%，控股公司一級槓桿率為 9.4%，均遠高於我們的監理要求。除了上一季為利用股價無理下跌而回購的 2,400 萬美元之外，我們在第二季還回購了約 5,900 萬股普通股。這使得我們 2024 財年的股票回購總額達到 8,300 萬美元，平均股價為每股 36.49 美元，佔截至 2023 年 12 月 31 日已發行股票的 2.8%。

We had strong organic loan originations at our commercial and industrial group, non-real estate lender finance, equipment finance, and fund finance lending businesses. We continue to reduce our small balance commercial real estate, consumer, and auto loan balances given our preference for originating and retaining loans with a lower duration, floating rate, and better risk adjusted return in the current environment.

我們的商業和工業集團、非房地產貸款人融資、設備融資和基金融資貸款業務擁有強大的有機貸款來源。鑑於我們在當前環境下更傾向於發放和保留期限較短、浮動利率和更好的風險調整回報的貸款，我們繼續減少小額商業房地產、消費和汽車貸款餘額。

Average loan yields for the three months ended December 31, 2023, was 8.18%, up 33 basis points from 7.85% in the prior quarter and up 156 basis points from the corresponding period a year ago. Average loan yields for non-purchased loans were 8.02% and average yields for purchased loans were 18.51%, which includes the accretion of our purchase discount.

截至2023年12月31日止三個月的平均貸款收益率為8.18%，較上一季的7.85%上升33個基點，較去年同期上升156個基點。非購買貸款的平均貸款收益率為8.02%，購買貸款的平均收益率為18.51%，其中包括我們購買折扣的增加。

We continue to see wider spreads in some of our lending categories as competitors have pulled back or exited. New loan yields were the following: single-family mortgages, 8.1%; multifamily, 8.6%; C&I, 9.1%; and auto, 10.3%.

隨著競爭對手撤退或退出，我們的一些貸款類別的利差繼續擴大。新貸款收益率如下：單戶抵押貸款，8.1%；多戶型住宅，8.6%；工商業，9.1%；和汽車，10.3%。

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 provide us with significant downside protection in the event of a significant deterioration in the borrower's ability or willingness to repay the valuation of our underlying properties or project delays. Of the $5 billion of commercial specialty real estate loans outstanding at December 31, 2023, multifamily was the largest segment, representing 34% of the total commercial real estate specialty loans, while hotel, office, and retail represent 20%, 8% and 4%, respectively.

我們的商業房地產貸款繼續表現良好。我們為絕大多數商業專業房地產貸款制定的低貸款價值比和高級結構，在藉款人償還我們的貸款估值的能力或意願顯著惡化的情況下，為我們提供了重大的下行保護。基礎資產或工程延誤。截至2023 年12 月31 日，在未償還的50 億美元商業專業房地產貸款中，多戶住宅是最大的部分，佔商業房地產專業貸款總額的34%，而酒店、辦公和零售分別佔20%、 8% 和 4%。％， 分別。

On a consolidated basis, the weighted average loan to value of our commercial specialty real estate portfolio was 40%. For the retail and office segment of our commercial specialty real estate book, the weighted average LTV is 40% and 38% respectively.

在綜合基礎上，我們的商業專業房地產投資組合的加權平均貸款價值為 40%。對於我們的商業專業房地產帳簿中的零售和辦公部分，加權平均 LTV 分別為 40% 和 38%。

Total Crystal loans secured by office properties declined by $38 million linked quarter to $418 million. Of the $418 million Crystal loans secured by office properties at the end of the quarter, 69% are A-notes or note-on-note structures, all have significant subordination with some having recourse to funds or sponsors or cross-collateralization with other asset types from fund partners and mezzanine lenders.

辦公室物業擔保的 Crystal 貸款總額較上季下降 3,800 萬美元，至 4.18 億美元。截至本季末，在由辦公室物業擔保的4.18 億美元Crystal 貸款中，69% 是A 票據或票據結構，所有票據都具有顯著的從屬關係，其中一些可以求助於資金或贊助商或與其他資產交叉抵押來自基金合作夥伴和夾層貸款人的類型。

These loans have an average loan to value of 32%, excluding any recourse or cross-collateralization. Nonperforming loans in our commercial specialty real estate portfolio were approximately $26 million at December 31, 2023, identical to the September 30, 2023, ending balances, representing 5 basis points of our total CRE loans outstanding. We do not anticipate incurring a material loss in either of these loans.

這些貸款的平均貸款價值為 32%，不包括任何追索權或交叉抵押。截至 2023 年 12 月 31 日，我們的商業專業房地產投資組合中的不良貸款約為 2,600 萬美元，與 2023 年 9 月 30 日的期末餘額相同，占我們未償商業房地產貸款總額的 5 個基點。我們預計這些貸款都不會造成重大損失。

Nonperforming loans in our multifamily and commercial mortgage portfolio were approximately $37 million at December 31, 2023, down by $1.5 million from the September 2023 balance. The average loan-to-value of our nonperforming multi-family and commercial mortgages is approximately 60%. Although we cannot be certain, we do not expect to incur a material loss at any of the asset-backed loans currently categorized as non-performing.

截至 2023 年 12 月 31 日，我們的多戶住宅和商業抵押貸款組合中的不良貸款約為 3,700 萬美元，比 2023 年 9 月的餘額減少了 150 萬美元。我們的不良多戶家庭和商業抵押貸款的平均貸款價值比約為 60%。儘管我們不能確定，但我們預計目前被歸類為不良資產的任何資產支持貸款都不會遭受重大損失。

Nonperforming single-family mortgages increased from $36.6 million at September 30, 2023, to $54.3 million at December 31, 2023. The increase was primarily the result of a $14.3 million loan becoming delinquent.

不良單戶抵押貸款從2023年9月30日的3,660萬美元增加到2023年12月31日的5,430萬美元。這一增長主要是由於一筆 1,430 萬美元的貸款拖欠所致。

The property has an updated loan to value of approximately 81% and the property is listed for sale and for rent. The average loan to value of other single-family mortgages that became delinquent this quarter was 49.5%.

該房產的最新貸款價值約為 81%，並且該房產已掛牌出售和出租。本季拖欠的其他單戶抵押貸款的平均貸款價值為 49.5%。

On December 7, 2023, we completed the purchase of two loan pools with approximately $1.25 billion of UPB for $786 million from the FDIC at a 37% discount to par value. Of that discount, we recognized $92 million pretax as part of the bargain purchase gain, recorded a [$70 million] loan loss.

2023 年 12 月 7 日，我們以 7.86 億美元的價格從 FDIC 購買了兩個貸款池，其中 UPB 約為 12.5 億美元，價格較面值折扣 37%。在該折扣中，我們將稅前 9,200 萬美元確認為討價還價購買收益的一部分，並記錄了[7,000 萬美元]貸款損失。

As a result, assuming any loan loss in the pool is at or below the amount allocated in the loan loss, Axos will accrete approximately $301 million of discount over the life of these loans into income. The loan pools are comprised of approximately $578 million of commercial real estate loans, with a weighted average loan to value of 50% and remaining term of 41 months, and $676 million of multifamily loans with a weighted average loan to value of 67% and remaining term of 120 months.

因此，假設池中的任何貸款損失等於或低於貸款損失中分配的金額，Axos 將在這些貸款的整個生命週期內將約 3.01 億美元的折扣轉化為收入。貸款池包括約5.78 億美元的商業房地產貸款（加權平均貸款價值比為50%，剩餘期限為41 個月）和6.76 億美元的多戶型貸款，加權平均貸款價值比為67%，剩餘期限為41個月。期限120個月。

All 58 loans are current on principal and interest payments, with a borrower paying an average fixed rate of 3.8%. As part of the cash purchase, we received a series of back-to-back interest rate swaps that allow access to receive a variable note rate of approximately 6.9% without discount.

所有 58 筆貸款均以本金和利息支付，借款人支付的平均固定利率為 3.8%。作為現金購買的一部分，我們收到了一系列背對背利率互換，允許獲得約 6.9% 的可變票據利率，無折扣。

We provided additional details regarding the FDIC loan purchase in our earnings supplement. We also broke out the purchased and non-purchased loans and the rate volume table on page 35 and 36 of our 10-Q. This is an extremely accretive transaction from a net interest margin and net income perspective that we expect to remain over the next several years. I'll provide additional details regarding how investors think about the net interest margin impact at the end of my prepared comments.

我們在收益補充中提供了有關 FDIC 貸款購買的更多詳細資訊。我們還在 10-Q 第 35 和 36 頁上列出了已購買和未購買的貸款以及利率量表。從淨利差和淨利潤的角度來看，這是一項極具增值性的交易，我們預計在未來幾年內將繼續保持這種成長。在我準備好的評論的最後，我將提供有關投資者如何看待淨利差影響的更多詳細資訊。

We had another strong quarter of deposit growth, with ending balances increasing by $1 billion from June 30, 2023, or 12.6% annualized. Checking and savings accounts representing 95% of total deposits at 12/31/2023 grew even faster at 20% annualized.

我們的存款又實現了強勁的季度成長，自 2023 年 6 月 30 日起，期末餘額增加了 10 億美元，年化成長率為 12.6%。截至 2023 年 12 月 31 日，支票和儲蓄帳戶佔總存款的 95%，成長速度更快，年增長率為 20%。

Our deposits remain well diversified from a business mix perspective, with consumer and small business representing 61% of total deposits; commercial cash, TM, and institutional representing 21%; commercial specialty representing 7%; Axos Fiduciary Services representing 6%; and Axos Securities, which is our custody and clearing on balance sheet representing 5%.

從商業結構來看，我們的存款仍保持多元化，其中消費者和小型企業存款佔存款總額的61%；商業現金、TM和機構佔21%；商業專業佔7%； Axos 信託服務佔 6%；和 Axos 證券，這是我們的託管和清算，在資產負債表上佔 5%。

Total non-interest-bearing deposits were approximately $2.8 billion, relatively flat quarter over quarter. Cash sweep deposits fell by approximately $200 million, offset by $133 million sequential increase in noninterest-bearing commercial deposits.

無息存款總額約 28 億美元，較上季持平。現金存款減少約 2 億美元，但被無息商業存款環比增加 1.33 億美元所抵銷。

The new commercial deposit teams, including fund finance, are starting to contribute meaningfully to our non-interest bearing deposit growth. We're also seeing upticks in our Axos Fiduciary Services deposit balances. Our balance sheet remains asset sensitive given the shorter duration, variable rate of our loans, and the granularity and diversity of our consumer commercial and securities deposits.

新的商業存款團隊，包括基金融資，開始為我們的無利息存款成長做出有意義的貢獻。我們也看到 Axos 信託服務存款餘額增加。鑑於貸款期限較短、利率可變，以及消費者商業和證券存款的粒度和多樣性，我們的資產負債表仍然是資產敏感的。

For the quarter ended December 31, 2023, our consolidated net interest margin was 4.55%, while our banking business net interest margin was 4.62%. Our consolidated and banking business net interest margin remained well above our prior consolidated net interest margin guidance of 4.25% to 4.35%, aided by strong organic loan growth, accretion from the FDIC loan purchase, and some normalization in our excess liquidity.

截至2023年12月31日的季度，我們的綜合淨利差為4.55%，而銀行業務淨利差為4.62%。我們的綜合和銀行業務淨利差仍遠高於先前4.25% 至4.35% 的綜合淨利差指引，這得益於強勁的有機貸款增長、FDIC 貸款購買的增加以及我們過剩流動性的一定程度的正常化。

Total ending deposit balances with Axos Advisory Services, including those on and off Axos balance sheet, declined by $200 million in the quarter, reflecting adviser investing excess cash into risk assets in reaction to the year-end stock market rally.

Axos Advisory Services 的期末存款餘額總額（包括 Axos 資產負債表內外的存款餘額）在本季度下降了 2 億美元，反映出顧問將多餘的現金投資於風險資產，以應對年底股市上漲。

We believe that the pace of cash sorting at Axos Advisory Services has stabilized at or near the bottom, representing 4% of assets under custody as of December 31, 2023, compared to an historic range of 6% to 7%.

我們認為，Axos Advisory Services 的現金分類速度已穩定在底部或接近底部，截至 2023 年 12 月 31 日，佔託管資產的 4%，而歷史範圍為 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 and are seeing as accounting and business management vertical.

除了資產負債表上的Axos 證券存款外，我們在合作銀行的資產負債表外還有大約5.5 億美元的存款，軟體客戶在其他銀行還有另外7.5 億美元的存款，這些存款被視為會計和業務管理垂直領域。

We expect our net interest margin to be augmented by the FDIC loan purchase. Given that the borrowers pay a fixed rate substantially below current market rates, we expect that these loans will have a relatively long duration and prepays will be relatively low, if any.

我們預計 FDIC 貸款購買將擴大我們的淨利差。鑑於借款人支付的固定利率遠低於當前市場利率，我們預計這些貸款的期限將相對較長，預付款（如果有）也將相對較低。

Our baseline assumption is that none of the acquired loans prepay, and we do not sell any of our acquired loans prior to maturity. Under those assumptions, we expect our consolidated net interest margin will increase by approximately 40 basis points to 50 basis points, above our prior 4.25 to 4.35 consolidated targets for the next four to six quarters.

我們的基準假設是，所獲得的貸款均不會提前償還，並且我們不會在到期前出售任何所獲得的貸款。根據這些假設，我們預計未來四到六個季度的綜合淨利差將增加約 40 個基點至 50 個基點，高於我們先前 4.25 至 4.35 的綜合目標。

As we grow net new loans by $500 million to $700 million per quarter, assuming our high-single digit to low-teens loan growth target, the net interest margin boost from the purchase loans will gradually decline over time. In the event that one or more loans prepays, our net interest margin will be further enhanced as the immediate recognition of the remaining purchase price discount.

隨著我們每季新增淨貸款成長5 億至7 億美元，假設我們的貸款成長目標為高個位數至低雙位數，那麼購買貸款帶來的淨利差成長將隨著時間的推移逐漸下降。如果一筆或多筆貸款提前償還，由於立即確認剩餘的購買價格折扣，我們的淨利差將進一步提高。

With respect to the question of net interest margin sensitivity in the event of a Fed funds decline, several dynamics are worth considering. First, approximately 20% of our loans, representing $5.2 billion, were hybrid ARMs as of December 31, 2023, of which 16% will reprice in one year; 18% will reprice in two years; and 18% will reprice in calendar 2026, with the remaining 48% repricing in 2027 and beyond.

關於聯邦基金下降時的淨利差敏感性問題，有幾個動態值得考慮。首先，截至 2023 年 12 月 31 日，我們約 20% 的貸款（價值 52 億美元）是混合 ARM，其中 16% 將在一年內重新定價； 18%將在兩年內重新定價； 18% 將在 2026 年重新定價，其餘 48% 將在 2027 年及以後重新定價。

The repricing of these hybrid loans will provide some offset to reduced index rates on floating rate adjustable loans if and when the Fed starts to reduce interest rates. The hybrid ARMs consist primarily of three- to five-year fixed rate multifamily and five-year hybrid single-family loans. Of the approximately $2.2 billion of hybrid multifamily loans, yielding approximately 5.15%, 28% adjust in calendar 2024; 28% adjust in calendar 2025; 14% in calendar 2026; and the remaining 30% will reprice in 2027 and beyond.

如果聯準會開始降低利率，這些混合貸款的重新定價將在一定程度上抵消浮動利率可調貸款指數利率的下降。混合型 ARM 主要包括三至五年期固定利率多戶貸款和五年期混合單戶貸款。在約 22 億美元的混合多戶貸款中，收益率約為 5.15%，到 2024 年將調整 28%； 2025 年調整 28%； 2026 年為 14%；其餘 30% 將在 2027 年及以後重新定價。

Of the approximately $3 billion single-family loans yielding approximately 5.24%, 8%, adjust in calendar 2024; 10% adjust in calendar 2025; 21% adjust in calendar 2026; and the remaining 61% will reprice in 2027 and beyond.

在約 30 億美元的單戶貸款中，收益率約為 5.24%、8%，將於 2024 年進行調整； 2025年調整10%； 2026 年調整 21%；其餘 61% 將在 2027 年及以後重新定價。

At 12/31/2023, approximately 64% of our loans were floating and 28% are hybrid ARMs and 8% were fixed. With respect to the 64% of our loans that are floating rate, we work hard to have strong index floors in our loans, but these indexed floors are generally well below the current index rate. Therefore, the margin offset to rate reductions in floating rate loans, other than the repricing of hybrid loans, will be a reduction of the rate we pay on deposits.

截至 2023 年 12 月 31 日，我們約 64% 的貸款為浮動貸款，28% 為混合 ARM 貸款，8% 為固定貸款。對於我們 64% 的浮動利率貸款，我們努力在貸款中建立強大的指數下限，但這些指數下限通常遠低於當前的指數利率。因此，除了混合貸款的重新定價之外，浮動利率貸款降息的保證金將是我們支付的存款利率的降低。

Although it is difficult to predict how quickly we can lower deposit rates when the Fed fund rate goes down, approximately 16% of our total deposits are tied or sensitized to Fed funds, and they should adjust quickly. Given that more than 90% of our consumer deposits to non-maturity deposits, we have the ability to lower those rates depending on deposit competition, loan growth, and the sensitivity of our depositors to reduced rates.

儘管很難預測當聯邦基金利率下降時我們能以多快的速度降低存款利率，但我們總存款的大約16%與聯邦基金掛鉤或敏感，它們應該迅速調整。鑑於我們 90% 以上的消費者存款為非到期存款，我們有能力根據存款競爭、貸款成長以及儲戶對降息的敏感度來降低利率。

We continue to invest in front- and back-end systems, IT infrastructure and security, and other enterprise software and systems that will further optimize our business and functional units. After launching our Universal Digital Bank 2.0, the latest version of our consumer and mobile banking applications in September, we are working on transitioning our small business banking platform from a legacy system to UDB, a move that has been completed for new customers with a transition for most existing small business customers occurring before the end of this current fiscal year.

我們繼續投資前端和後端系統、IT基礎設施和安全以及其他企業軟體和系統，這將進一步優化我們的業務和功能單元。在 9 月推出最新版本的消費者和行動銀行應用程式 Universal Digital Bank 2.0 後，我們正在努力將我們的小型企業銀行平台從遺留系統過渡到 UDB，這一舉措已經為新客戶完成了過渡對於本財年結束之前發生的大多數現有小型企業客戶。

This platform transition will leverage the investments we've made in UDB and make our SDB offering more modern and user friendly. Our white-label banking for RIAs and IBDs continue to make progress with a beta launch expected in the next few months.

此平台轉型將利用我們在 UDB 中所做的投資，並使我們的 SDB 產品更加現代且用戶友好。我們針對 RIA 和 IBD 的白標銀行業務持續取得進展，預計在未來幾個月內推出測試版。

We believe the ability to provide a turnkey banking solution to the hundreds of thousands of affluent and high net-worth clients of our custody and clearing business will be a differentiator from a service and efficiency perspective. In our Zenith business management vertical, we are investing to modernize the user experience and add new features to the software. We see tremendous long-term opportunity to grow market share of fee income, deposit and cross-sell other banking products to clients in the business management vertical.

我們相信，從服務和效率的角度來看，為我們的託管和清算業務的數十萬富裕和高淨值客戶提供交鑰匙銀行解決方案的能力將成為一個差異化因素。在 Zenith 業務管理垂直領域，我們正在投資使用者體驗現代化並為軟體添加新功能。我們看到了巨大的長期機會，可以增加費用收入、存款以及向業務管理垂直領域的客戶交叉銷售其他銀行產品的市場份額。

Axos Clearing, which includes our corresponding clearing and our custody business, continues to make steady progress. Non-interest income from the securities business increased 3% year over year to $67 million. The primary driver of growth in the fee income from Axos Securities is higher interest rates, partially offset by lower average balance of deposits held at partner banks.

Axos Clearing，包括我們相應的清算和託管業務，繼續穩步前進。證券業務非利息收入年增3%至6700萬美元。Axos 證券手續費收入成長的主要驅動力是利率上升，但部分被合作銀行持有的平均存款餘額下降所抵銷。

Total deposits at Axos Clearing were $1.4 billion at December 31, 2023, down from $1.6 billion in the prior quarter. Of the $1.4 billion of deposits from Axos Clearing, approximately $0.8 billion was on our balance sheet and $550 million were held at partner banks.

截至 2023 年 12 月 31 日，Axos Clearing 的存款總額為 14 億美元，低於上一季的 16 億美元。在 Axos Clearing 的 14 億美元存款中，大約 8 億美元出現在我們的資產負債表上，5.5 億美元存放在合作夥伴銀行。

Net new assets in our custody business increased by approximately $172 million in the three months ending December 31. We onboarded 13 new advisers this quarter. The pipeline for new custody clients remains healthy, comprised of 233 advisory firms with approximately $22 billion of combined assets under custody.

截至 12 月 31 日的三個月內，我們託管業務的淨新資產增加了約 1.72 億美元。本季我們聘用了 13 位新顧問。新託管客戶管道依然健康，由 233 家顧問公司組成，託管資產總額約 220 億美元。

We have made good progress on the systems and product front, launching a refreshed client portal and securities-based line of credit for RAA clients towards the end of the year. We see tremendous opportunities to grow our existing businesses and improve operational efficiencies across business and functional units. The market dislocation and corporate restructuring among our bank and nonbank competitors have created a once-in-a-decade opportunity to add talented individuals and teams to access.

我們在系統和產品方面取得了良好進展，在年底為 RAA 客戶推出了更新的客戶入口網站和基於證券的信用額度。我們看到了發展現有業務並提高業務和職能部門營運效率的巨大機會。我們的銀行和非銀行競爭對手之間的市場混亂和公司重組創造了十年一度的機會，可以增加有才華的個人和團隊。

Many of the additions we have made over the past nine months have already contributed meaningfully to our growth. And we're actively recruiting across various commercial, deposit, lending and business verticals to help build and accelerate several strategic and operational initiatives on our long-term roadmap.

我們在過去九個月中所做的許多新增工作已經對我們的成長做出了有意義的貢獻。我們正在各個商業、存款、貸款和商業垂直領域積極招募人才，以幫助建立和加速我們長期路線圖上的多項策略和營運措施。

With strong liquidity and excess capital, a diminimus unrealized loss in our small and our investment securities portfolio, a multiyear boost in earnings and margin from the FDIC loan purchase, and solid organic growth prospects given the diverse nature of our banking and securities businesses, we are focused on widening our lead relative to our competitors.

憑藉強勁的流動性和過剩資本、我們的小型投資證券投資組合的未實現損失微乎其微、FDIC 貸款購買帶來的收益和利潤率多年增長，以及鑑於我們銀行和證券業務的多元化性質，穩健的有機成長前景，我們我們專注於擴大我們相對於競爭對手的領先優勢。

Our returns, credit, and margins are best in class because we focus on asset-based lending opportunities with the best risk-adjusted returns. And we structure deals with low leverage and credit enhancement. We have a proven track record of repositioning ourselves during pivotal turning points during the banking and economic cycle. We are confident the investments we are making in our business, systems, processes, and people will generate attractive future returns for our shareholders.

我們的回報、信用和利潤率是同類中最好的，因為我們專注於具有最佳風險調整回報的基於資產的貸款機會。我們透過低槓桿和信用增級來建立交易。我們在銀行業和經濟週期的關鍵轉折點重新定位方面有著良好的記錄。我們相信，我們在業務、系統、流程和人員方面的投資將為我們的股東帶來有吸引力的未來回報。

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

現在我將把電話轉給 Derrick，他將提供有關我們財務表現的更多詳細資訊。

Thanks, Greg. To begin, I'd like to highlight that in addition to our press release and 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.

謝謝，格雷格。首先，我想強調的是，除了我們的新聞稿和帶有補充時間表的8-K 以及我們的10-Q 已於今天向SEC 提交，並且可以透過EDGAR 或透過我們的網站axosfinancial.com 在線獲取。

I will provide some brief comments on a few topics. Please refer to our press release and our SEC filings for additional details.

我將就幾個主題提供一些簡短的評論。請參閱我們的新聞稿和 SEC 文件以了解更多詳細資訊。

Total noninterest expenses increased by $1.3 million or 1.1% to $122 million in the three months ended December 2023 compared to the quarter ended September 30, 2023. Salaries and benefit expenses increased by $3.1 million, primarily due to new team member additions and the first full quarter of the annual merit-based increases that were awarded in September 2023 to our staff. It was also the first full quarter for the LV Marine Finance business being a part of Axos.

與截至 2023 年 9 月 30 日的季度相比，截至 2023 年 12 月的三個月非利息支出總額增加了 130 萬美元，即 1.1%，達到 1.22 億美元。薪資和福利費用增加了 310 萬美元，主要是由於新團隊成員的增加以及 2023 年 9 月向我們的員工授予的年度績效加薪的第一個完整季度。這也是 LV Marine Finance 業務成為 Axos 一部分的第一個完整季度。

Advertising and promotional expenses were down by approximately $0.6 million as we scaled back certain deposit related marketing expenses. Professional service fees were down $3.8 million on a linked quarter basis due to the timing of insurance reimbursements, reduction in valuation and audit fees tied to our year-end audit, which occurs in the first fiscal quarter and legal expenses.

由於我們縮減了某些與存款相關的行銷費用，廣告和促銷費用減少了約 60 萬美元。由於保險報銷時間、與我們的年終審計（發生在第一財季）相關的估值和審計費用的減少以及法律費用，專業服務費環比下降了 380 萬美元。

As Greg mentioned earlier, we continue to actively recruit talented individuals and teams across various businesses. We believe that reinvesting a small portion of our expected gains from the FDIC loan purchase is a prudent, strategic allocation of capital that will benefit our shareholders.

正如格雷格之前提到的，我們繼續積極招募各個業務領域的優秀個人和團隊。我們相信，將 FDIC 貸款購買的預期收益的一小部分進行再投資是一種審慎的策略性資本配置，將使我們的股東受益。

For those who may not be as familiar with the Axos story, we deployed a similar strategy seven to eight years ago by reinvesting a portion of profits from our H&R Block business in long-term strategic initiatives such as UDB, our commercial banking business; and our securities businesses. Those investments have been instrumental in helping us further diversify our lending, deposits, and fee income.

對於那些可能不太熟悉 Axos 故事的人來說，我們七到八年前就採取了類似的策略，將 H&R Block 業務的部分利潤再投資於長期戰略計劃，例如我們的商業銀行業務 UDB；以及我們的證券業務。這些投資有助於幫助我們進一步實現貸款、存款和費用收入的多元化。

We expect noninterest expenses to grow a few percentage points higher than our historical growth rate over the next few quarters as we continue to invest in the people, systems, and growth initiatives. We will continue to identify and implement process improvement, automation, and other productivity initiatives to maintain the best-in-class operating efficiency.

隨著我們繼續投資於人員、系統和成長計劃，我們預計未來幾季非利息支出的成長將比我們的歷史成長率高出幾個百分點。我們將繼續確定並實施流程改善、自動化和其他生產力舉措，以維持一流的營運效率。

Following a strong start to the first half of our fiscal year, our loan growth outlook is consistent with what we have guided to in recent quarters. We believe that we will be able to grow loan balances organically by high-single digits to low-teens year over year for the next few quarters, excluding the impact of the FDIC loan purchase or any other potential loan or asset acquisitions.

繼本財年上半年強勁開局後，我們的貸款成長前景與我們最近幾季的指導一致。我們相信，在接下來的幾個季度中，排除 FDIC 貸款購買或任何其他潛在貸款或資產收購的影響，我們將能夠以高個位數到低雙位數的方式有機地將貸款餘額增長。

Our loan growth outlook is based on a broad-based increases in our ABL lender, finance, and capital call lines, partially offset by declines in jumbo single-family mortgage, multi-family, cross-sold, auto, and personal unsecured loan balances.

我們的貸款成長前景是基於我們的 ABL 貸款人、金融和資本調用額度的廣泛增長，但部分被巨額單戶抵押貸款、多戶住宅、交叉銷售、汽車和個人無擔保貸款餘額的下降所抵消。

We continue to see good risk-adjusted opportunities across several of our lending niches. Our market share gains have been partially offset by higher levels of prepayments in certain segments of our C&I book given the shorter duration for these loans. Our loan pipeline remains solid at $1.7 billion as of January 26, 2024, consisting of $277 million of single-family jumbo mortgage, $70 million of agency gain on sale mortgage, $52 million of multifamily and small balance commercial, $23 million of auto and consumer, and $1.3 billion of C&I.

我們繼續在多個貸款領域看到良好的風險調整機會。由於這些貸款的期限較短，我們的市佔率成長已被我們的商業和工業帳簿某些部分的預付款水準較高所部分抵銷。截至2024 年1 月26 日，我們的貸款管道仍穩定在17 億美元，其中包括2.77 億美元的單戶巨額抵押貸款、7,000 萬美元的銷售抵押貸款機構收益、5,200 萬美元的多戶和小額商業貸款、2,300 萬美元的汽車和消費品，以及 13 億美元的 C&I。

Our income tax rate was 30.2% for the first quarter ended December 31, largely in line with our guided range of 29% to 30%. As a reminder, typically, we have a higher employee-related taxes and FDIC assessments in the first calendar quarter. Aside from those seasonal factors and the aforementioned growth investments, we do not anticipate any outside changes in our future income tax rate or non-interest expenses.

截至 12 月 31 日的第一季度，我們的所得稅稅率為 30.2%，基本上符合我們 29% 至 30% 的指導範圍。提醒一下，通常情況下，我們在第一季的員工相關稅金和 FDIC 評估會更高。除了這些季節性因素和上述成長投資之外，我們預期未來所得稅率或非利息支出不會發生任何外部變化。

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

這樣，我會將電話轉回給強尼。

Thanks, Derrick, and we are ready to take questions.

謝謝，Derrick，我們準備好回答問題。

Great. Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

偉大的。謝謝。我們現在將進行問答環節。（操作員說明）

Andrew Liesch, Piper Sandler.

安德魯·利施，派珀·桑德勒。

Good afternoon, guys. Question on the margin outlook excluding the loans from the FDIC, trying to look through, maybe the guidance to be slightly lower than before? Or would be for 225 -- 425 to 435 range still hold as appropriate?

下午好，夥計們。關於不包括 FDIC 貸款的保證金前景的問題，試著了解一下，也許指導會比以前略低？或 225 - 425 到 435 的範圍仍然合適？

Yes. That's -- the 425 to 435 will still hold for the calendar year of 2024. (multiple speakers)

是的。也就是說，425 至 435 在 2024 年仍然有效。（多個發言者）

Yes. Yes. And then can you provide a little bit more details on some of the expense growth? I'm just looking at year-over-year expenses were up 13% this quarter. Last quarter, they were 20% year over year. I guess is there like a year-over-year growth rate that we should be looking at now that there's a little bit more investment going on?

是的。是的。那麼您能否提供一些有關費用增長的更多細節？我只是看到本季度的費用同比增長了 13%。上個季度，年增 20%。我想，既然投資增加，我們是否應該關注同比成長率？

I think the -- I'd probably say it winds up generally speaking with our loan growth rate that has kind of high-single digits to low-teens. Obviously different quarters, we'll have some -- there will be lumpiness, but when you look at it on an annualized basis, I think it will generally align with that loan growth rate that we provide.

我認為，我可能會說，一般來說，我們的貸款成長率從高個位數到低雙位數。顯然，不同的季度，我們會有一些——會有波動，但當你以年化為基礎來看它時，我認為它通常會與我們提供的貸款成長率保持一致。

This first quarter -- first calendar quarter, as I highlighted, will have some higher expenses due to payroll taxes. So usually, that's -- if you look back, that's always cyclically a much higher quarter for the FICA and FICO taxes that are -- works through in that January, February month.

正如我所強調的，第一季——第一季度，由於工資稅的原因，費用將會增加。所以通常情況下，如果你回顧一下，FICA 和 FICO 稅的周期性成長總是在 1 月、2 月發生。

Hi. Andrew, I think we are recruiting a decent amount of talent and sometimes that talent comes on and then it takes a few quarters for them to do stuff. So I'm not sure I wouldn't pop that up a few percentage points. Maybe kind of pop it up.

你好。安德魯，我認為我們正在招募大量人才，有時人才出現後，他們需要幾個季度的時間才能完成工作。所以我不確定我不會把這個數字提高幾個百分點。也許有點彈出它。

I mean, I think maybe conservatively, I take it more into the 15, 16 range or something like that, just because we've been out, doing a lot of recruiting. Just hired a couple of really seasoned teams on the treasury management side, some great product managers. They're going to do a lot of great stuff over the long term on our commercial treasury management, software integrations.

我的意思是，我認為也許保守地說，我更多地將其納入 15、16 或類似的範圍，只是因為我們已經出去了，進行了大量的招聘。剛剛在財務管理方面聘請了幾個經驗豐富的團隊，其中包括一些出色的產品經理。從長遠來看，他們將在我們的商業資金管理、軟體整合方面做出很多偉大的事情。

But these teams are not the cheapest, but they're coming available now in a way that they just wouldn't. And I'm seeing that more and more. So I think we're opportunistically out looking for teams like that. There's a few more in the pipeline, too, that are not cheap so --.

但這些球隊並不是最便宜的，但他們現在正在以一種他們不會的方式提供。我越來越多地看到這種情況。所以我認為我們正在尋找這樣的團隊。還有更多正在籌備中，但價格並不便宜，所以--.

Got it. So is it really driven by new hires or products?

知道了。那麼它真的是由新員工或新產品推動的嗎？

Yes.

是的。

Or are there products that you will advance in and bring on, too?

或者您還會推出並推出哪些產品？

Well, I mean, yes, in some cases, it's been new products like the fund finance team was a new product. Others, that might be new geography. We've been looking up in the Valley for stuff there.

嗯，我的意思是，是的，在某些情況下，它是新產品，就像基金財務團隊是一個新產品一樣。其他人，這可能是新的地理。我們一直在山谷裡尋找那裡的東西。

And in other cases, it's just -- like those two teams on the TM side are -- they've got some vertical expertise, but it's more about really refining and developing our TM products to get to the next stage. So it's really a little bit of everything and there's some teams that are very vertically -- their lending vertical focus, too. So it really just depends.

在其他情況下，就像 TM 方面的兩個團隊一樣，他們擁有一些垂直專業知識，但更多的是真正完善和開發我們的 TM 產品以進入下一階段。所以這實際上是所有事情都有一點，而且有些團隊非常垂直——他們的貸款也垂直關注。所以這真的取決於。

But I would say in general, there's just a lot of banks have not paid bonuses well. There's a lot of unhappy people around. And so we've just got access to a lot of talent and that talent wasn't -- probably wouldn't have been accessible to us 18, 24 months ago. So we're probably going to spend some of this windfall on that talent.

但我想說的是，總的來說，有很多銀行沒有好好支付獎金。周圍有很多不開心的人。因此，我們剛剛獲得了很多人才，而這些人才在 18、24 個月前我們可能無法接觸到。所以我們可能會把這筆意外之財的一部分花在人才上。

And like Derrick said, I think it's a great analogy. We did that with H&R Block. I don't think it's really of that level as that it's a whole new division like we did there. But it's -- we'll have to see. I mean, my instinct is that there's going to be more folks sort of shaking out this year that we're going to be interested in.

正如德里克所說，我認為這是一個很好的類比。我們透過 H&R Block 做到了這一點。我不認為它真的達到那個水平，因為它是一個全新的部門，就像我們在那裡所做的那樣。但我們必須拭目以待。我的意思是，我的直覺是，今年會有更多的人脫穎而出，我們會感興趣。

Got it. Makes sense. And I think you did that with the Trump tax cut as well.

知道了。說得通。我認為川普的減稅政策也做到了這一點。

Yes. True.

是的。真的。

So we've certainly seen this before. But I will step back. Thanks for taking the question.

所以我們以前肯定見過這種情況。但我會退後一步。感謝您提出問題。

Thank you.

謝謝。

Thanks, Andrew.

謝謝，安德魯。

Edward Hemmelgarn, Shaker Investments.

愛德華·赫梅爾加恩，Shaker Investments。

Hi, Greg.

嗨，格雷格。

Hi, Ed.

嗨，艾德。

It looks like you're -- you didn't pay any excess FDIC fees?

您似乎沒有支付任何超額 FDIC 費用？

No. The guidance -- the regulation is generally aimed at larger banks north of $100 billion in assets and with $5 billion or greater uninsured. And we have a much lower uninsured deposit balance. So those are the banks that are experiencing those increases in FDIC fees.

不。該指導意見通常針對資產超過 1000 億美元且未投保金額在 50 億美元或以上的大型銀行。我們的未保險存款餘額要低得多。這些銀行正在經歷 FDIC 費用的增加。

You got about $5 billion. Okay, threshold, that makes sense. Just the other thing is I noticed your loan loss provision was higher this quarter. Anything unusual there?

你有大約 50 億美元。好吧，閾值，這是有道理的。另一件事是我注意到本季你們的貸款損失準備金較高。那裡有什麼不尋常的地方嗎？

Yes, I can walk through that. So yes, there's a couple of different aspects to that $13.5 million number. About $5 million of it was related to the loan purchase. So while for the purchase credit deteriorated assets, we took $70 million straight to the allowance without going through the income statement. For the non-purchased credit deteriorated assets, we did have to add loan loss provision.

是的，我可以解決這個問題。是的，1350 萬美元這個數字有幾個不同的面向。其中約 500 萬美元與貸款購買有關。因此，對於購買信貸惡化的資產，我們直接將 7,000 萬美元計入備抵，而無需查看損益表。對於非購買的信用惡化資產，我們確實要提列貸款損失準備。

So that was about $5 million. And then as a reminder, the unfunded commitment provision also is included in that line item. So that was another $1 million for unfunded loans as our unfunded balances grew by a couple of hundred million this past quarter. And so the net remaining, once you back those out, was about $7.5 million, which is generally consistent with our allowance on the whole.

大約是 500 萬美元。提醒一下，無資金支持的承諾條款也包含在該行項目中。因此，隨著上個季度我們的無資金準備餘額增加了數億美元，這又是 100 萬美元的無資金準備貸款。因此，一旦您將這些資金退回，剩餘的淨額約為 750 萬美元，這與我們的整體津貼基本一致。

Great and good luck on finding talented people.

找到有才華的人真是太好了，祝你好運。

Thank you, Ed.

謝謝你，艾德。

Thanks, Ed.

謝謝，艾德。

Gary Tenner, D.A. Davidson.

坦納，D.A.戴維森。

Thanks. Good afternoon, everybody. Derrick, you just address part of my question as it relates to the amount of the gain and the build into the allowance. I wonder if you could go into any detail or thoughts about kind of specifics around why that number was so high given the relative LTVs of the underlying credits and the status of those credits from a current and performing perspective?

謝謝。大家下午好。德里克，你只是回答了我的部分問題，因為它涉及收益的數額和津貼的增加。我想知道您是否可以詳細說明或思考為什麼這個數字如此之高，考慮到基礎信用的相對生命週期價值以及從當前和績效的角度來看這些信用的狀態？

Sure, sure. I'll start on that. And so when we look at the loan portfolio, what we did was a loan-by-loan analysis and classification in accordance with the accounting guidance as far as the purchase credit deteriorated assets. So for those that we determined were the purchase credit deteriorated assets, we then go and look at what is the likelihood of the -- over the life of those loans and what are the different aspects of them.

一定一定。我將從那開始。因此，當我們查看貸款組合時，我們所做的是根據會計準則對購買信用惡化資產進行逐筆分析和分類。因此，對於那些我們確定為購買信用惡化資產的資產，我們會研究這些貸款在整個生命週期內的可能性，以及它們的不同方面。

There's a couple of office in there; there are a couple of land. And so take an analysis through that, and say, what is the likelihood of loss based on all the different attributes that are funneled into the allowance model?

那裡有幾間辦公室；有幾塊土地。因此，對此進行分析，然後說，基於流入津貼模型的所有不同屬性，損失的可能性是多少？

And that, of course, includes all variety of different things about locations within the US GDP economic scenarios and extremely stressed economic scenarios, and say, what's that? What's that risk of loss on those loans? And come up with what we believe is the reasonable estimate for that allowance. And so based on those number of factors and kind of that process, that's how we ultimately got to the $70 million on that subset of loans.

當然，這包括美國 GDP 經濟情景和壓力極大的經濟情景中各個地點的各種不同情況，那麼，那是什麼？這些貸款的損失風險有多大？並提出我們認為對該津貼的合理估計。因此，根據這些因素的數量和流程的類型，我們最終獲得了這部分貸款的 7000 萬美元。

But it's -- look, obviously, we've always performed well better than our loan loss. And so it's best to be conservative on these things, right?

但顯然，我們的表現總是優於貸款損失。所以在這些事情上最好保持保守，對嗎？

So as we're thinking about kind of the provision going forward, given that backdrop of those PCD loans and the allowance for that, are those balances -- and that's kind of allowance out there for the duration of those specific credits as long as they're -- or unless something materially changes in your expected performance of the credits?

因此，當我們考慮未來的準備金類型時，考慮到這些 PCD 貸款的背景以及相應的準備金，這些餘額就是這些餘額 - 這就是這些特定信貸期間的準備金，只要它們是——或者除非您對片尾字幕的預期表現有重大變化？

Sure. We will be monitoring them quarter by quarter in the same way that we monitor our entire loan portfolio, including new originations. The whole portfolio gets analyzed on a quarter-to-quarter basis, depending on the different individual attributes of the loan, if certain aspects are changing such as delinquencies, credit downgrades, and then as well as the -- of course, economic aspects of the -- in the broader environment and the different inputs that tie into the model there.

當然。我們將按季度監控它們，就像我們監控整個貸款組合（包括新發放的貸款）一樣。整個投資組合按季度進行分析，具體取決於貸款的不同個體屬性，如果某些方面發生變化，例如拖欠、信用降級，當然還有經濟方面的變化- 在更廣泛的環境中以及與模型相關的不同輸入。

So the 70 is, of course, the initial number, right, but that could certainly change. Also, obviously, if any of the loans were to prepay, that would remove an allowance from it. So that's another factor that could change.

所以 70 當然是最初的數字，對吧，但這肯定會改變。此外，顯然，如果有任何貸款要提前償還，那麼就會從中扣除津貼。這是另一個可能改變的因素。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions)

（操作員說明）

Okay. That's it.

好的。就是這樣。

All right. There are no further questions at this time. I'd now like to turn the floor back over to Johnny Lai for closing remarks.

好的。目前沒有其他問題。現在我想請約翰尼·賴 (Johnny Lai) 致閉幕詞。

Thanks, everyone, for your interest. If you have any additional follow-ups, please contact me. And for those who are going to the Janney Conference, we'll see you tomorrow and Thursday. Thanks.

謝謝大家的關注。如果您有任何其他後續行動，請與我聯絡。對於那些要去詹尼會議的人，我們明天和星期四見。謝謝。

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

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。