Axos Financial Inc (AX) 2024 Q4 法說會逐字稿

Hello, and welcome to the Axos Financial, Inc. fourth quarter 2024 earnings call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Axos Financial, Inc. 2024 年第四季財報電話會議和網路廣播。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to turn the call over to Johnny Lai, Senior Vice President, Corporate Development and Investor Relations. Please go ahead, Johnny.

現在我很高興將電話轉給企業發展和投資者關係資深副總裁 Johnny Lai。請繼續，強尼。

Thank you, Kevin. Good afternoon, everyone. Thanks for joining us today for Axos Financial, Inc.'s fourth quarter 2024 financial results conference call. On today's call are the company's President and Chief Executive Officer, Greg Garrabrants; and Executive Vice President and Chief Financial Officer, Derrick Walsh.

謝謝你，凱文。大家下午好。感謝您今天加入我們 Axos Financial, Inc. 的 2024 年第四季財務業績電話會議。出席今天電話會議的有公司總裁兼執行長 Greg Garrabrants；執行副總裁兼財務長 Derrick Walsh。

Greg and Derrick will review and comment on the financial and operational results for the 3 and 12 months ended June 30, 2024, and we will be available to answer questions after the prepared remarks.

Greg 和 Derrick 將審查並評論截至 2024 年 6 月 30 日的 3 個月和 12 個月的財務和營運業績，我們將在準備好的發言後回答問題。

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 statements 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，在本次電話會議上發表的準備好的言論可能包含受風險和不確定性影響的前瞻性陳述，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 Web site 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, we also issued an earnings supplement and 8-K with additional financial schedules for this call. All of these documents can be found on the Axos Financial Web site. With that, I'd like to turn the call over to Greg.

在將電話轉交給格雷格之前，我想提醒聽眾，除了收益新聞稿外，我們還發布了收益補充資料和 8-K，其中包含本次電話會議的其他財務時間表。所有這些文件都可以在 Axos Financial 網站上找到。說到這裡，我想把電話轉給格雷格。

Thanks, Johnny. Good afternoon, everyone. And thank you for joining us. I'd like to welcome everyone to Axos Financial's conference call for the fourth quarter of fiscal 2024 ended June 30, 2024. I thank you for your interest in Axos Financial. We delivered outstanding results in our fiscal fourth quarter of 2024, generating double digits year-over-year growth in earnings per share, book value per share and ending loan balances for a ninth consecutive quarter.

謝謝，強尼。大家下午好。感謝您加入我們。我歡迎大家參加 Axos Financial 的電話會議，該電話會議涉及截至 2024 年 6 月 30 日的 2024 財年第四季。感謝您對 Axos Financial 的興趣。我們在 2024 年第四財季取得了出色的業績，每股收益、每股帳面價值和期末貸款餘額連續第九個季度實現兩位數同比增長。

We outperformed the majority of our peers primarily due to successful execution of our strategic and operational initiatives. We grew deposits by approximately $256 million linked quarter with growth coming primarily from non-interest bearing deposits. Ending loan balances were up 2.7% linked quarter or 16.9% year-over-year to $19.2 billion.

我們的表現優於大多數同行，主要歸功於我們策略和營運計劃的成功執行。本季我們的存款成長了約 2.56 億美元，成長主要來自無息存款。期末貸款餘額季增 2.7%，年增 16.9%，達 192 億美元。

The diversity of our lending and deposit businesses allowed us to grow profitably in the three and 12 months ended June 30, 2024 as evidenced by our 18.8% and 21.6% return on average common shareholder activity respectively. Our strong returns contributed to the 26% year-over-year growth in our tangible book value per share.

我們的貸款和存款業務的多樣性使我們能夠在截至 2024 年 6 月 30 日的三個月和 12 個月內實現盈利增長，我們的平均普通股股東活動回報率分別為 18.8% 和 21.6%。我們強勁的回報使每股有形帳面價值年增 26%。

Other highlights include the following. Net interest margin was 4.65% for the quarter ended June 30, 2024, up 46 basis points from 4.19% in the quarter ended June 30, 2023 and down from 4.87% in the quarter ended March 31, 2024. We carried higher excess liquidity with average interest bearing deposits of approximately $2.7 billion in the fourth quarter of 2024 compared to $2.2 billion in the third quarter of 2024. The excess liquidity had a nine basis points drag on our Q4 2024 net interest margin.

其他亮點包括以下內容。截至2024年6月30日的季度淨利差為4.65%，較截至2023年6月30日的季度的4.19%上升46個基點，較截至2024年3月31日的季度的4.87%下降。我們擁有較高的過剩流動性，2024 年第四季的平均計息存款約為 27 億美元，而 2024 年第三季為 22 億美元。流動性過剩對我們 2024 年第四季的淨利差造成了 9 個基點的拖累。

Net interest margin in Q3 2024 benefited from a payoff of a loan we purchased from the FDIC. Our credit quality remains strong with net annualized charge-offs to average loans of 5 basis points in the three and 12 months ended June 30, 2024. Total non-performing loans dropped by $9 million linked quarter and non-performing loans and leases to loans fell by 6 basis points to 0.57%. Net income was approximately $105 million in the quarter ended June 30, 2024, up 20% from the corresponding period a year ago.

2024 年第三季的淨利差受益於我們從 FDIC 購買的貸款的償還。我們的信貸品質仍然強勁，截至 2024 年 6 月 30 日的三個月和 12 個月中，平均貸款年化淨沖銷為 5 個基點。不良貸款總額較上季下降 900 萬美元，不良貸款和貸款租賃率下降 6 個基點至 0.57%。截至2024年6月30日的季度淨利約為1.05億美元，較去年同期成長20%。

Earnings per share for the three and 12 months ended June 30, 2024 were $1.80 and $7.66, representing year-over-year growth of 23% and 51% respectively. We repurchased $13.2 million of common stock in the fourth quarter ended June 30, 2024 at an average share price of $48. For fiscal year 2024, we repurchased approximately $97 million of common stock at an average share price of $38.18 per share. We still have approximately $106 million remaining in our authorized share repurchase program.

截至2024年6月30日的三個月和十二個月每股收益分別為1.80美元和7.66美元，年比分別成長23%和51%。截至 2024 年 6 月 30 日的第四季度，我們以 48 美元的平均股價回購了 1,320 萬美元的普通股。2024 財年，我們以每股 38.18 美元的平均股價回購了約 9,700 萬美元的普通股。我們的授權股票回購計畫中仍有約 1.06 億美元剩餘。

Total loan originations for investment were $2.5 billion for the three months ended June 30, 2024, up approximately 11% from the same period a year ago. Strong originations were offset by higher repayments across the majority of real estate backed lending categories. Ending balances for our multifamily term loans and commercial real estate specialty loans declined by approximately $122 million and $31 million respectively in the fourth quarter.

截至 2024 年 6 月 30 日的三個月，投資貸款發放總額為 25 億美元，比去年同期增加約 11%。大多數房地產支持貸款類別的較高還款額抵消了強勁的啟動勢頭。第四季度，我們的多戶家庭定期貸款和商業房地產專業貸款的期末餘額分別減少了約 1.22 億美元和 3,100 萬美元。

We continue to reduce our auto, consumer and select real estate backed loans to tactically manage our interest rate and credit risk. Average loan yields for the three months ended June 30, 2024 were [8.55%], down 10 basis points from 8.65% in the prior quarter and up 104 basis points from the corresponding period a year ago. Average loan yields for non-purchase loans were 8.11% and average yields for purchase loans were 16.59%, which includes the accretion of our purchase price discount.

我們繼續減少汽車、消費者和精選房地產支援的貸款，以戰術性地管理我們的利率和信用風險。截至2024年6月30日的三個月平均貸款收益率為[8.55%]，較上一季的8.65%下降10個基點，較去年同期上升104個基點。非購屋貸款的平均貸款收益率為8.11%，購屋貸款的平均收益率為16.59%，其中包括我們的購屋價格折扣的增加。

The prepayment of an FDIC acquired loan increased the Q3 2024 average loan yield by 8 basis points. Excluding one time items in the fiscal third quarter of 2024, organic non-purchased loan yields declined by 4 basis points, reflecting a focus on loan verticals that come with compensating non-interest bearing deposits. New loan interest rates were the following; single-family mortgages 8.1%, multifamily 8.5%, C&I 9% and auto 10.4%.

FDIC 獲得的貸款的提前還款使 2024 年第三季的平均貸款收益率增加了 8 個基點。不包括 2024 年第三財季的一次性項目，有機非購買貸款收益率下降了 4 個基點，反映出人們對補償無息存款的貸款垂直領域的關注。新貸款利率如下：單戶抵押貸款 8.1%，多戶抵押貸款 8.5%，工商業抵押貸款 9%，汽車抵押貸款 10.4%。

Our commercial real estate loans continue to perform well. As we've discussed previously, the structure, duration and exit strategies for commercial specialty real estate loans are significantly different from traditional CRE term loans than most other banks originate and hold. The low loan-to-value and senior structure we have in place for an overwhelming majority of our commercial specialty real estate loans provides with significant downside protection in the event of a deterioration of the borrower's ability or willingness to repay, the valuation of underlying properties or construction project delays.

我們的商業房地產貸款繼續表現良好。正如我們之前討論的，商業專業房地產貸款的結構、期限和退出策略與大多數其他銀行發放和持有的傳統商業房地產定期貸款顯著不同。我們為絕大多數商業專業房地產貸款所採用的低貸款價值比和高級結構，在藉款人的償還能力或意願、相關財產的估值惡化的情況下，提供了顯著的下行保護或建設項目延誤。

Our CRESL loans or floating rate with contractual maturities generally between two and three years compared to fixed rate loans wit contractual maturities of seven or longer for most commercial real estate loans. Of the $5.1 billion of commercial specialty real estate loans outstanding at June 30, 2024, multifamily was the largest segment representing 37% while hotel and retail represent 21%.

我們的 CRESL 貸款或浮動利率貸款的合約期限通常為兩年至三年，而大多數商業房地產貸款的合約期限為七年或更長的固定利率貸款。截至 2024 年 6 月 30 日，在未償還的 51 億美元商業專業房地產貸款中，多戶住宅是最大的部分，佔 37%，而旅館和零售業佔 21%。

On a consolidated basis, the weighted average loan to value of our CRESL portfolio was 40%. Our retail and office segment of our commercial specialty loan book is well secured with weighted average loan to values of 46% and 35% respectively. We have very little office exposure in our commercial real estate specialty loan portfolio with ending balances equal to $302 million or 6% of the total CRESL portfolio.

在綜合基礎上，我們的 CRESL 投資組合的加權平均貸款價值為 40%。我們的商業專業貸款帳簿中的零售和辦公部門擁有良好的擔保，加權平均貸款價值分別為 46% 和 35%。我們的商業房地產專業貸款組合中的辦公室風險非常小，期末餘額為 3.02 億美元，佔 CRESL 投資組合總額的 6%。

Of these loans secured by office properties, 54% are A notes or note on note structures all with significant subordination with some having recourse to funds or cross collateralization with other asset types from fund partners and mezzanine lenders.

在這些由辦公物業擔保的貸款中，54%是A票據或票據結構的票據，所有這些結構都具有顯著的從屬關係，其中一些可以追索基金合作夥伴和夾層貸款人的資金或與其他資產類型的交叉抵押。

Non-performing loans in our commercial specialty real estate portfolio remain unchanged at approximately $26 million, representing 50 basis points of our total book outstanding. These are two loans, a condo building in New York for $15 million and a student housing building in Berkeley for $11 million, which make up the entire non-performing commercial real estate loan portfolio. We do not anticipate incurring a material loss on either of these loans.

我們的商業專業房地產投資組合中的不良貸款維持在約 2,600 萬美元不變，相當於我們未償帳面總額的 50 個基點。這是兩筆貸款，一棟位於紐約的公寓大樓，貸款金額為 1500 萬美元，另一棟貸款位於伯克利，貸款金額為 1100 萬美元，構成了整個不良商業房地產貸款組合。我們預計這些貸款不會造成重大損失。

Non-performing loans in our multi-family mortgage portfolio were approximately $35 million at June 30, 2024, down $3.5 million linked quarter. Of the $35 million, there is one loan on an assisted living property of $25 million that has been reserved for more than a year. The rest of the multifamily term loans are for properties located in California and across the US with recourse and personal guarantees. The average loan to value of our non-performing multifamily mortgages is approximately 57%. We do not expect to incur material loss at any other multifamily loans currently categorized as non-performing. We closed of two loan portfolios with a UPB of $1.25 billion from the FDIC in December 2023.

截至 2024 年 6 月 30 日，我們多戶抵押貸款組合中的不良貸款約為 3,500 萬美元，比季減少 350 萬美元。在這 3,500 萬美元中，有一筆貸款是針對價值 2,500 萬美元的輔助生活房產，已保留一年多。其餘的多戶家庭定期貸款適用於位於加州和美國各地的房產，具有追索權和個人擔保。我們的不良多戶抵押貸款的平均貸款價值約為 57%。我們預計目前被歸類為不良貸款的任何其他多戶家庭貸款都不會遭受重大損失。我們於 2023 年 12 月從 FDIC 完成了兩個貸款組合，UPB 為 12.5 億美元。

Ending balances decreased by $12 million since March 31, 2024. We do not have any prepayments resulting in discount accretion this quarter in the loans we purchased from the FDIC. All loans purchased from the FDIC are current. Non-performing single family mortgage loans decreased from $51 million at March 31, 2024 to $46 million at June 30, 2024. The weighted average loan-to-value of our non-performing, single family mortgage portfolio was 55% as of June 30, 2024. Given that home values continue to increase in the majority of markets where properties are located, we do not foresee much loss content, if any, in our delinquent single family mortgages.

自 2024 年 3 月 31 日以來期末餘額減少了 1,200 萬美元。我們沒有任何預付款項導致本季我們從 FDIC 購買的貸款出現折扣增加。從 FDIC 購買的所有貸款都是有效的。不良單戶抵押貸款從2024年3月31日的5,100萬美元減少至2024年6月30日的4,600萬美元。截至 2024 年 6 月 30 日，我們不良單戶抵押貸款投資組合的加權平均貸款價值比為 55%。鑑於房產所在地的大多數市場的房屋價值持續上漲，我們預計我們拖欠的單戶抵押貸款不會有太多損失（如果有的話）。

We increased deposits by $256 million in the fourth quarter and by $2.2 billion in fiscal 2024. Demand, money market and savings accounts representing 95% of total deposits at June 30, 2024 grew at 16.5% annualized. We have a diverse mix of funding across a variety of business verticals with consumer and small business representing 62% of total deposits, commercial cash, treasury management and institutional representing 18%, commercial specialty representing 10%, Axos Fiduciary Services representing 6% and Axos Securities, which is our custody and clearing business, representing 4%. Total non-interest bearing deposits were approximately $3 billion, up $220 million quarter-over-quarter.

我們在第四季增加了 2.56 億美元存款，在 2024 財年增加了 22 億美元。截至 2024 年 6 月 30 日，佔存款總額 95% 的活期帳戶、貨幣市場帳戶和儲蓄帳戶年化成長率為 16.5%。我們在各種業務垂直領域擁有多元化的資金組合，其中消費者和小型企業佔存款總額的62%，商業現金、資金管理和機構佔18%，商業專業佔10%，Axos 信託服務佔6% ，Axos 佔6%。無息存款總額約 30 億美元，較上季增加 2.2 億美元。

Our balance sheet remains relatively neutral from an interest rate risk perspective given the shorter duration variable rate nature of our loans and the granularity and diversity of our consumer, commercial and securities deposits. As of June 30, 2024 approximately 69% of our loans were floating, 25% were hybrid arms and 6% were fixed. Term deposits were only 4.8% of total deposits at quarter end, providing us flexibility to adjust interest cost if and when rates decline. For the quarter ended June 30, 2024, our consolidated net interest margin was 4.65% while our banking business net interest margin was 4.68%.

鑑於我們貸款的期限較短的浮​​動利率性質以及我們消費者、商業和證券存款的粒度和多樣性，從利率風險的角度來看，我們的資產負債表保持相對中立。截至 2024 年 6 月 30 日，我們約 69% 的貸款為浮動貸款，25% 為混合貸款，6% 為固定貸款。截至季末，定期存款僅佔存款總額的 4.8%，這使我們能夠在利率下降時靈活調整利息成本。截至2024年6月30日的季度，我們的綜合淨利差為4.65%，而銀行業務淨利差為4.68%。

Our consolidated banking business NIM remains above our guidance of 4.25% to 4.35% despite holding excess liquidity due to strong deposit growth and elevated levels of loan repayments. When we announced the FDIC loan purchase in December 2023, our expectation was that, the transaction would boost our net interest margin by 35 to 45 basis points.

儘管由於存款強勁增長和貸款償還水準提高而導致流動性過剩，但我們的綜合銀行業務淨利差仍高於我們 4.25% 至 4.35% 的指引。當我們在 2023 年 12 月宣布購買 FDIC 貸款時，我們的預期是，該交易將使我們的淨利差提高 35 至 45 個基點。

One caveat was that any loan prepayments would accelerate the recognition of the purchase discount, boosting our net interest income and net interest margin in the period that the prepayments occurred and reducing both in future periods. Given the prepayments in this portfolio, we now expect our net interest margin benefit to be 30 to 40 basis points for fiscal year 2025. We break out the average balances and loan yields for the purchased and non-purchased loans in our supplement schedules provided as an exhibit to the press release for readers to separate the impact of the loan purchase on net interest margin.

需要注意的是，任何貸款預付款都會加速購買折扣的確認，從而提高預付款發生期間我們的淨利息收入和淨息差，並在未來期間減少兩者。考慮到該投資組合的預付款項，我們現在預計 2025 財年的淨利差收益將為 30 至 40 個基點。我們在補充表中列出了購買和非購買貸款的平均餘額和貸款收益率，作為新聞稿的附件，供讀者區分購買貸款對淨利差的影響。

Total ending deposit balances at AAS, including those on and off Axos' balance sheet, were relatively flat compared to prior quarter. The rate of decline has troughed and we believe that the pace of cash sorting at AAS has stabilized at or near the bottom, representing 3.3% of assets under custody at June 30, 2024 compared to the historical range of 6% to 7%. We are focused on adding net new assets from existing and new advisors to grow our assets under the custody and cash balances. In addition to our Axos securities deposits on our balance sheet, we had approximately $550 million of deposits off balance sheet at partner banks.

AAS 的期末存款餘額總額（包括 Axos 資產負債表內外的存款餘額）與上一季相比相對持平。下降速度已經見底，我們認為 AAS 的現金分類速度已穩定在底部或接近底部，截至 2024 年 6 月 30 日，佔託管資產的 3.3%，而歷史範圍為 6% 至 7%。我們專注於增加現有和新顧問的新淨資產，以增加我們的託管資產和現金餘額。除了資產負債表上的 Axos 證券存款外，我們在合作夥伴銀行的資產負債表外還有約 5.5 億美元的存款。

Non-interest expense increased $7 million linked quarter, driven by increased salary and benefits, professional service expenses, advertising and promotional expenses and higher FDIC fees. We continue to selectively add talented leaders and team members across various business and functional units to support our existing and future growth initiatives, particularly in treasury management, sales, products and operations where we saw nice growth in non-interest bearing deposits.

由於工資和福利、專業服務費用、廣告和促銷費用以及 FDIC 費用增加，非利息費用環比增加了 700 萬美元。我們繼續有選擇地在各個業務和職能部門增加有才華的領導者和團隊成員，以支持我們現有和未來的成長計劃，特別是在資金管理、銷售、產品和營運方面，我們在這些方面看到無息存款的良好增長。

Some of the elevated professional service expenses pertaining to consulting and legal fees were for specific projects and are not expected to reoccur. We expect the growth in marketing and promotional expenses to moderate given our elevated level of excess liquidity. Our ongoing investments in front and backend systems, product reaches and service offerings and other enterprise software and systems will further optimize our processes and capabilities.

與諮詢和法律費用相關的一些專業服務費用的增加是針對特定項目的，預計不會再次發生。鑑於流動性過剩水平較高，我們預期行銷和促銷費用的成長將放緩。我們對前端和後端系統、產品範圍和服務以及其他企業軟體和系統的持續投資將進一步優化我們的流程和能力。

We migrated all existing small business deposit customers to our Universal Digital Bank in June. This platform transition provides a better user interface and more self-service capabilities to small business deposit customers that were not available in the prior platform. We continue to add enhancements in UDB to leverage data we have on existing and prospective consumer clients in order to further drive cross sell of banking, lending and security services.

六月份，我們將所有現有的小型企業存款客戶遷移到了我們的通用數位銀行。此平台過渡為小型企業存款客戶提供了先前平台所不具備的更好的使用者介面和更多的自助服務功能。我們持續增強 UDB 的功能，以利用現有和潛在消費者客戶的數據，進一步推動銀行、貸款和安全服務的交叉銷售。

Feedback on our white label RIA banking from introducing broker dealers has been encouraging. We will refine the platform based on our feedback to ensure that we have the features and ease of use that will drive adoption and usage once we roll this out to all existing and new custody and clearing clients. Axos Clearing, which includes our correspondent clearing and RIA custody business continues to make steady progress.

介紹經紀商對我們的白標 RIA 銀行業務的回饋令人鼓舞。我們將根據我們的回饋完善該平台，以確保我們擁有的功能和易用性，一旦我們將其推廣到所有現有和新的託管和清算客戶，將推動採用和使用。Axos Clearing 包括我們的代理商清算和 RIA 託管業務繼續穩步發展。

Total deposits at Axos Clearing were $1.3 billion as of June 30, 2024, roughly flat from where they were at March 31, 2024. Of the $1.3 billion of deposits from Axos Clearing, approximately $750 million was on our balance sheet and $550 million held at partner banks.

截至 2024 年 6 月 30 日，Axos Clearing 的存款總額為 13 億美元，與 2024 年 3 月 31 日的水平大致持平。在 Axos Clearing 的 13 億美元存款中，大約 7.5 億美元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 from the custody business increased by approximately $256 million in the fourth quarter. We had positive net new asset growth in our custody business in every month since March 2024. Total assets under custody were $35.7 billion at June 30, 2024, up slightly from $35 billion at the end of the March quarter. The sales team continues to make solid progress on-boarding assets from new advisory firms, offsetting the decline in some of Axos Advisory Services' historical turnkey asset management clients.

第四季託管業務淨新增資產增加約2.56億美元。自2024年3月以來，我們的託管業務每個月都實現了淨新資產正成長。截至 2024 年 6 月 30 日，託管總資產為 357 億美元，略高於 3 月季度末的 350 億美元。銷售團隊在新顧問公司的資產引進方面繼續取得紮實進展，抵消了 Axos Advisory Services 一些歷史交鑰匙資產管理客戶數量的下降。

The pipeline for new custody clients remains healthy and we expect continued AUM growth in Axos Advisory Services. From an operational perspective, we have identified dozens of straight through processing and system implementation improvements that we are starting to implement. We believe that sustained new asset growth, a normalization in cash balances and operational productivity initiatives will drive positive operating leverage in our clearing and custody business in the medium to long term. I'm pleased with how we performed in fiscal 2024 from a growth risk management and capital allocation perspective.

新託管客戶的管道保持健康，我們預計 Axos Advisory Services 的資產管理規模將持續成長。從營運角度來看，我們已經確定了數十項直接處理和系統實施改進，並正在開始實施。我們相信，持續的新資產成長、現金餘額的正常化和營運生產力措施將在中長期內推動我們的清算和託管業務的積極營運槓桿。從成長風險管理和資本配置的角度來看，我對我們 2024 財年的表現感到滿意。

We are well positioned to maintain net interest margin and returns above our long term target in fiscal 2025. Our asset based lending philosophy with conservative loan to values and prudent structures coupled with our strong capital and liquidity put us in a favorable position. As we continue to evaluate various organic and inorganic growth initiatives, we will remain opportunistic with respect to capital deployment. I firmly believe that our prudent investment in the businesses, systems and processes and people that we've made will generate attractive future returns for our shareholders.

我們有能力將 2025 財年的淨利差和回報率維持在高於長期目標的水平。我們以資產為基礎的貸款理念、保守的貸款價值和審慎的結構，加上我們強大的資本和流動性，使我們處於有利的地位。當我們繼續評估各種有機和無機成長措施時，我們將在資本配置方面保持機會主義。我堅信，我們對業務、系統、流程和人才的審慎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'll 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 an 8-K with supplemental schedules was filed with the SEC today and are available online through EDGAR or through our Web site at axosfinancial.com. I will provide some brief comments on a few topics. Please refer to our press release and our SEC filings for additional details. Our loan growth outlook is consistent with what we have guided to in recent quarters.

謝謝，格雷格。首先，我想強調的是，除了我們的新聞稿外，今天還向 SEC 提交了帶有補充時間表的 8-K，並且可以透過 EDGAR 或透過我們的網站 axosfinancial.com 在線獲取。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。我們的貸款成長前景與我們最近幾季的指導一致。

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 loan portfolio purchased from the FDIC or any other potential loan or asset acquisitions. Our ending loan balances will continue to be impacted by the pace and timing of payoffs in any given quarter.

我們相信，在接下來的幾個季度中，排除從FDIC 購買的貸款組合或任何其他潛在貸款或資產收購的影響，我們將能夠使貸款餘額同比有機增長，從高個位數到低個位數。我們的期末貸款餘額將繼續受到任何特定季度還款速度和時間的影響。

Demand in our ABL, lender finance and capital call lines and select C&I lending categories remain solid where we continue to manage our credit and interest rate risk in jumbo single family mortgage, multi-family, CRESL and small balance commercial real estate, auto and personal unsecured lending businesses. Our loan pipeline remains solid at $1.9 billion as of July 26, 2024, consisting of $270 million of single family residential jumbo mortgage, $58 million of gain-on-sale mortgage, $26 million of multifamily and small balance commercial, $26 million of auto and consumer and $1.5 billion across the broader commercial categories.

我們的 ABL、貸方融資和資本呼叫線以及特定 C&I 貸款類別的需求仍然強勁，我們繼續管理大型單戶抵押貸款、多戶住宅、CRESL 和小額商業房地產、汽車和個人的信用和利率風險無抵押貸款業務。截至2024 年7 月26 日，我們的貸款管道仍穩定在19 億美元，其中包括2.7 億美元的單戶住宅巨額抵押貸款、5,800 萬美元的銷售收益抵押貸款、2,600 萬美元的多戶和小額商業貸款、2,600 萬美元的汽車和消費者和更廣泛的商業類別的 15 億美元。

Our provision for credit losses was $6 million in the three months ended June 30, 2024, matching our provision for credit losses in the corresponding period one year ago. Our allowance of credit losses to total loans held for investment was 1.34% compared to 1% at June 30, 2024. We remain well reserved relative to our low historical and current credit loss rates.

截至2024年6月30日止三個月，我們的信用損失撥備為600萬美元，與一年前同期的信用損失撥備相符。我們的信貸損失準備金佔投資貸款總額的比例為 1.34%，而 2024 年 6 月 30 日為 1%。相對於歷史和當前較低的信用損失率，我們仍然保持著充分的保留。

Non-interest income was approximately $31 million for three months ended June 30, 2024, down marginally from the $32.7 million in the corresponding period a year ago. Higher mortgage banking and service rights income and higher advisory fees from our custody business were offset by lower broker dealer fee income and prepayment penalty fees. Based on our loan growth and our return outlook, we expect to build additional for excess capital.

截至 2024 年 6 月 30 日的三個月，非利息收入約為 3,100 萬美元，略低於去年同期的 3,270 萬美元。較高的抵押貸款銀行和服務權收入以及託管業務較高的諮詢費被較低的經紀交易商費用收入和預付款罰金所抵消。根據我們的貸款成長和回報前景，我們預計將建立額外的過剩資本。

Our priority for excess capital remain organic loan growth and investments in new businesses and operational and technology initiatives. We will continue to evaluate opportunistic stock buybacks and accretive asset or business acquisitions.

我們對過剩資本的優先考慮仍然是有機貸款成長以及對新業務以及營運和技術計劃的投資。我們將繼續評估機會性股票回購和增值資產或業務收購。

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. We are ready to take questions.

謝謝，德里克。我們準備好回答問題。

(Operator Instructions) David Feaster, Raymond James

（操作員說明）David Feaster、Raymond James

Good afternoon, everybody. I wanted to start on the deposit side and touch on some of the deposit initiatives and where you're seeing success. You talked about some new hires within treasury management. Curious how do you think about deposit growth and some of the other initiatives that you're working on, such as securities business and deposits from there and then business and entertainment management, just other things you guys are working on?

大家下午好。我想從存款方面開始，談談一些存款措施以及您所看到的成功之處。您談到了財務管理部門的一些新員工。很好奇您如何看待存款成長以及您正在進行的其他一些舉措，例如證券業務和存款，然後是商業和娛樂管理，以及您正在進行的其他事情？

Yeah, sure. So we have been investing fairly significantly in treasury management teams. We're trying to do it in a way that allows us to integrate those teams, so not making hires that are 30 or 40 team hires a quarter like some of the banks that have done as they're repositioning and basically taking advantage of some of the opportunities for some of the movement that's happening in the banking business right now.

是的，當然。因此，我們一直在財務管理團隊方面進行了大量投資。我們正在嘗試以一種允許我們整合這些團隊的方式來做到這一點，因此不會像一些銀行那樣招募30 或40 名團隊，每個季度都會招募30 或40 名團隊，這些銀行在重新定位時就這樣做了，基本上利用了一些優勢。

But we've been adding three and four person teams that are deposit focused, very operating deposit focused. Also, as our loan portfolio continues to evolve into more C&I related loan categories, including fund finance, those loans are generating higher levels of operating deposits as well. So we've had to add teams that are focused on treasury management product and delivery and those sorts of folks. So that's what's going on there. I'll stop if there's anything you want to follow-up on there.

但我們一直在增加三人和四人團隊，這些團隊以存款為重點，非常以營運存款為重點。此外，隨著我們的貸款組合繼續發展為更多與工商業相關的貸款類別（包括基金融資），這些貸款也產生了更高水準的經營存款。因此，我們必須增加專注於財務管理產品和交付的團隊以及此類人員。這就是那裡發生的事情。如果你有什麼想要跟進的，我會停下來。

And you saw a lot of growth on the consumer direct side. I'm curious how pricing is trending? Just I guess, broadly on the funding side. Hearing some others talk about potential improvements or at least stabilization in funding costs, especially at the top end and maybe start to reprice some deposits lower? Just kind of wanted to get a sense of how funding costs are trending from your perspective.

您看到直接消費者方面的大量成長。我很好奇定價趨勢如何？我猜，主要是在資金方面。聽到其他人談論潛在的改善或至少穩定融資成本，特別是在高端，並可能開始降低一些存款的價格？只是想從您的角度了解融資成本的趨勢。

We see that too. We definitely think they're trending down a bit. We've been able to cut our rates a little bit, and we're definitely not seeing as much pressure. There may be a variety of factors as to why, but I do agree with that general statement that you had.

我們也看到了這一點。我們肯定認為他們的趨勢有所下降。我們已經能夠稍微降低利率，而且我們絕對沒有看到那麼大的壓力。原因可能有多種，但我確實同意您的一般性陳述。

Okay, great. And just kind of maybe a bit high level. You're very forward-looking and constantly leveraging technology in some pretty neat ways. I guess, first, what's the early feedback on the UDB rollout? And then AI is obviously kind of a buzzword these days and a huge focus. Curious, what are some opportunities that you guys may have with that to whether leverage across your existing footprint or maybe ways that you can deploy that into new verticals that maybe have been less attractive historically?

好的，太好了。只是有點高水準。您非常具有前瞻性，並且不斷以一些非常巧妙的方式利用技術。我想，首先，UDB 推出的早期回饋是什麼？人工智慧顯然是當今的一個流行詞，也是一個巨大的焦點。很好奇，你們可能有哪些機會來利用現有的足跡，或者如何將其部署到歷史上吸引力較低的新垂直領域？

Right. So we’ve had two specific rollouts. One was the conversion of our small business clients onto UDB and that's gone very well. They're really enjoying the platform. We're getting some cross sell on the consumer side now that those platforms are together and we're seeing good account growth there. That's always been a steady, well -- good cost of funds, relatively small accounts, but quite a lot of diversity, so that's gone well. On the white label rollout, we've done that with a selected group of the RIA firms.

正確的。因此，我們有兩次具體的推出。其中之一是將我們的小型企業客戶轉換為 UDB，進展非常順利。他們真的很喜歡這個平台。既然這些平台整合在一起，我們就在消費者方面進行了一些交叉銷售，並且我們在那裡看到了良好的客戶成長。這一直是穩定的、良好的資金成本、相對較小的帳戶，但相當多的多樣性，所以進展順利。在白標推出過程中，我們已經與選定的一組 RIA 公司合作完成了這項工作。

They generally have liked what they've seen. There's a one touch SBLOC product in there. There's also a variety of complexity with respect to where we are in the spectrum of getting access to those clients. In some cases, we have a client that's a firm, that's a TAM, that has other firms, which are clients of our clients, which then have end clients. We're making this not only about banking products but more about cash management and then about facilitating transactional capabilities and ease of operations.

他們通常喜歡他們所看到的。那裡有一個一鍵式 SBLOC 產品。我們在接觸這些客戶方面也存在著各種複雜性。在某些情況下，我們的客戶是一家公司，即 TAM，它還有其他公司，這些公司是我們客戶的客戶，然後這些公司就有最終客戶。我們所做的不僅僅是銀行產品，更多的是現金管理，然後是促進交易能力和易於操作。

And so there's a lot of positive feedback and a lot of excitement. And I'd say, sign ups are going pretty well but it's still early to say if that's going to result in a material amount of deposits, although, I think certainly it's helping ease operational burdens over time from a document delivery perspective and essentially -- eventually the ability to have people be able to deposit checks and those kind of things. So there's a lot of change management there, but I am optimistic about where that will go.

因此，有很多積極的反饋和令人興奮的事情。我想說，註冊進展順利，但現在說這是否會帶來大量存款還為時過早，不過，我認為從文件交付的角度來看，隨著時間的推移，這肯定有助於減輕營運負擔，而且本質上是 - - 最終讓人們能夠存入支票之類的東西。因此，那裡有很多變革管理，但我對它的發展方向持樂觀態度。

And then on your question around the AI side of things, there's a number of -- that's a fairly complex question, because obviously there's a lot of different areas that we're currently utilizing some form of AI or working to use it. There's areas where it's been very impactful, such as our utilization and chat bot functionality to divert calls from our call center, that functionality is diverting around 80% of calls right now and resolving those calls satisfactorily.

關於人工智慧方面的問題，有很多——這是一個相當複雜的問題，因為顯然我們目前正在許多不同的領域使用某種形式的人工智慧或正在努力使用它。它在某些領域非常有影響力，例如我們利用和聊天機器人功能來轉移呼叫中心的呼叫，該功能目前正在轉移大約 80% 的呼叫，並令人滿意地解決這些呼叫。

That is the utilization of a vendor that has incorporated artificial intelligence into those answers. So you have a set of vendors that are utilizing artificial intelligence and we're utilizing those vendors and those vendors are point solutions to particular types of issues that the institution has or opportunities the institution has. Copilot from Microsoft utilized across all of our development is also another area. We're seeing other AI tools that are being utilized to speed development. So that's another area.

這就是利用供應商將人工智慧融入這些答案中。因此，您有一組正在利用人工智慧的供應商，我們正在利用這些供應商，而這些供應商是針對機構所擁有的特定類型問題或機構所擁有的機會的點解決方案。微軟的 Copilot 在我們所有的開發中都得到了運用，這也是另一個領域。我們看到其他人工智慧工具被用來加速開發。這是另一個領域。

We think there's a lot of opportunity on the software side. There is obviously other opportunities for Gen AI and marketing. And then we have an AI task force that is not only looking for opportunities and spending time working on the broader strategy but then also making sure that when one group is having success in a particular use case for AI that we are bringing that across the board. I guess the final thing I'd say there is that we're doing a lot of work on the underlying data layer and preparation for more robust use of artificial intelligence.

我們認為軟體方面有很多機會。顯然，Gen AI 和行銷還有其他機會。然後，我們有一個人工智慧特別工作組，它不僅尋找機會並花時間制定更廣泛的策略，而且還確保當一個團隊在人工智慧的特定用例中取得成功時，我們會將其全面推廣。我想我要說的最後一件事是，我們正在底層資料層上做大量工作，並為更強大地使用人工智慧做好準備。

So obviously, making sure that you've got your data digitized, organized in the right way and accessible across the board over time is very important. And so we're spending a lot of time on interoperability of our data to make sure that we have strong data governance, data warehouses, things like that, that then AI tools, as they develop, can continue to be laid on top of that data infrastructure.

顯然，確保資料數位化、以正確的方式組織並隨著時間的推移可全面存取非常重要。因此，我們花了很多時間在資料的互通性上，以確保我們擁有強大的資料治理、資料倉儲等，然後人工智慧工具在開發時可以繼續在此基礎上發展資料基礎架構。

Right. That's great color. Thank you.

正確的。那顏色真棒。謝謝。

Gary Tenner, D. A. Davidson

蓋瑞‧坦納，D.A.戴維森

I wanted to ask about kind of the broker dealer fee income line down a bit this quarter, down year-over-year. Is that sort of the bottoming out of the cash balances? I think you referenced to 3.3% relative to AUC in the quarter. Is that reference to that or are there any rate paid or anything like that?

我想詢問本季經紀交易商費用收入線是否略有下降，較去年同期下降。這是否是現金餘額觸底的表現？我認為您提到了本季相對於 AUC 的 3.3%。是指這個嗎？

No, we think that's sort of at the relative low point, it certainly is from an historic perspective. It's obviously always possible that it goes down, but it is stabilized quarter-over-quarter. There were some one time items that sort of hit those broker dealer fees this quarter. It's about --

不，我們認為這處於相對低點，這當然是從歷史角度來看的。顯然，它總是有可能下降，但每個季度都趨於穩定。本季有些一次性項目在一定程度上影響了經紀商的費用。這是關於--

Some other fees --

一些其他費用--

Yes, some other fees was about $1.5 million, something like that, or is it a little bit lower?

是的，其他一些費用約為 150 萬美元，類似的費用，還是稍微低一點？

A little shy of $1 million…

略低於 100 萬美元…

So there were some one time items that kind of came through the broker dealer side. But as I've talked about before, I think it's interesting when you look at how let's just take the AAS side, how much in new assets they've brought in, which is close to like $5 billion but they haven't grown as much, because that business is really cycling through and changing from a TAMP oriented business to a more direct business with underlying RIAs, not because -- we don't like half of those clients, some of them were just losing assets. And so we do expect that to stabilize and continue to grow.

因此，有一些一次性項目是透過經紀交易商方面進行的。但正如我之前談到的，我認為當你看看 AAS 方面如何，他們引進了多少新資產，接近 50 億美元，但他們的增長速度並沒有達到很多，因為該業務確實正在循環並從面向TAMP的業務轉變為具有基礎RIA 的更直接的業務，而不是因為- 我們不喜歡其中一半的客戶，其中一些只是在損失資產。因此，我們確實預計這一數字將穩定並繼續增長。

We are getting efficiencies out of our operations there but we're also investing a lot in the technology and product. We really do see a lot of opportunities there but there's just a lot of tech and product investment going on right now in both the clearing and the custody side there. So I don't expect it to be a massive grower from a fee income perspective but I do think if we could -- what would make it much better grower is if we can get the TAMP size stabilized, because we are bringing in a lot of assets.

我們在那裡的營運效率得到了提高，但我們也在技術和產品方面進行了大量投資。我們確實在那裡看到了很多機會，但目前在清算和託管方面正在進行大量技術和產品投資。因此，從費用收入的角度來看，我不認為它會成為一個巨大的種植者，但我確實認為，如果我們能夠——如果我們能夠穩定TAMP 規模，那麼種植者會變得更好，因為我們引進了很多資產。

The sales team is doing a very good job. It's just that they are -- it seems like they're running in place a little bit, although, we did have some growth over the last two quarters but just not what we'd want it to be.

銷售團隊做得非常好。只是它們似乎正在原地踏步，儘管我們在過去兩個季度確實取得了一些成長，但並不是我們想要的那樣。

The follow-up really on the broker dealer question around the cash sorting fees is really some of the industry commentary recently, Wells, BAML, Morgan Stanley talking about their intent to increase sweeping interest rate. So can you talk about kind of the competitive dynamics or potential regulatory impact if there could be any and how that would impact Axos from the fee side as well as any cash balances over in Axos Invest?

關於經紀商關於現金分類費用的問題的後續實際上是最近一些行業評論，富國銀行、美銀美林、摩根士丹利都在談論他們提高總體利率的意圖。那麼，您能否談談競爭動態或潛在的監管影響（如果有的話），以及這將如何從費用方面影響 Axos 以及 Axos Invest 的現金餘額？

We're not really seeing a lot of that right now. I mean we, obviously, have a pretty open platform. So folks are -- obviously have the ability to move the monies around. And so that's trading cash, it's at a low level and that's really where that is right now. So we’re not -- I don't think we have any plans to do anything particular with it.

我們現在並沒有真正看到很多這樣的情況。我的意思是，顯然我們有一個非常開放的平台。所以人們顯然有能力轉移資金。這就是現金交易，處於較低水平，這就是現在的情況。所以我們——我不認為我們有任何計劃對此做任何特別的事情。

Yes. Thank you.

是的。謝謝。

(Operator Instructions) Andrew Liesch, Piper Sandler

（操作說明）Andrew Liesch、Piper Sandler

Just a question on the margin here. First of all, your plan to keep that excess liquidity and then if we go -- if not, I mean, it’s like resets 9 bps higher or so. Do you think the margin kind of trended down from there? It sounds like you're getting a little more -- that yields are coming down a little bit.

這裡只是一個邊緣問題。首先，你計劃保持過剩的流動性，然後如果我們採取行動——我的意思是，如果不採取行動，那麼就像重置9個基點左右一樣。您認為利潤率是否會從那時開始下降？聽起來你得到了更多一點——收益率下降了一點。

Well, yes. I think that's true. But I also think that what we are seeing is that some of the rotation into fund finance, for example, as a product that's grow from a growth perspective that does have lower yields than, let's say, commercial specialty real estate. Conversely, it generates nice offsetting non-interest bearing deposit balances. And so that you saw that a little bit this quarter we had much better non-interest bearing growth, but there was a little compression on the loan yield side.

嗯，是的。我認為這是真的。但我也認為，我們看到的是，一些資金轉向基金融資，例如，作為一種從成長角度成長的產品，其收益率確實低於商業專業房地產。相反，它會產生很好的抵消性無息存款餘額。所以你可以看到，本季我們的無息成長要好得多，但貸款收益率方面略有壓縮。

So I do think that that's one dynamic you're seeing. But in general, I would say that spreads are tighter than they've been previously, just in general. Why that is? Maybe it's fewer deals, it's more competition but I do think spreads have declined a bit. So that is something we have to keep in mind as we're looking at what we're doing.

所以我確實認為這是你所看到的一種動態。但總的來說，我想說的是，整體而言，利差比以前更窄。這是為什麼呢？也許是交易減少了，競爭加劇了，但我確實認為價差下降。因此，當我們考慮我們正在做的事情時，我們必須牢記這一點。

Obviously, part of what we're trying to do is continue to expand our treasury management vertical so we get more non-interest bearing deposits. But I do think it's a little bit tougher to get yield than it has been, let's say, in the last calendar year.

顯然，我們正在努力做的部分工作是繼續擴大我們的財務管理垂直領域，以便我們獲得更多的無利息存款。但我確實認為，獲得收益比去年困難一些。

Got it. That's helpful. And then on the consumer direct deposit side, it seems like there might be some complexity out of the FDIC about whether these consumer direct deposit channels can still count as core, maybe they might have to count as brokered. I mean, does that impact your strategy going forward?

知道了。這很有幫助。然後在消費者直接存款方面，聯邦存款保險公司（FDIC）似乎對這些消費者直接存款管道是否仍然可以算作核心管道存在一些複雜性，也許它們可能必須算作經紀管道。我的意思是，這會影響你未來的策略嗎？

No, not the way we do it. I mean those are direct consumer relationships with respect to for us and they're not sourced in the manner that would implicate that from our perspective.

不，不是我們這樣做的方式。我的意思是，對我們來說，這些是直接的消費者關係，從我們的角度來看，它們的來源方式並不意味著這一點。

Got you. And then just one other one from me. Again this last quarter there was a short report on some of the commercial real estate you guys originate. I guess, has there been any like sort of regulatory reach out to you guys? And if there is or even if there hasn't been, I mean would you assist them in any investigation on -- that they might have on maybe on your stock versus general?

明白你了。然後是我的另一張。上個季度又發布了一份關於你們發起的一些商業房地產的簡短報告。我想你們有沒有受到類似的監管？如果有，或者即使沒有，我的意思是，你會協助他們進行任何調查嗎？

You're talking about one that we responded to --

你說的是我們回覆過的一個--

Right. And there's been other ones over the years but really just kind of that one and that sort of response --

正確的。多年來還有其他的，但實際上只是那種和那種反應--

Yes. I wouldn't want to comment on any assistance we provide with respect to things like that. I know that there's obviously been the Andrew Left situation that’s in the news. And I'm sure that -- obviously, it's a fairly -- people make up as you saw from our response, there's a lot of inaccuracies in there and then there are also trading at high volumes the same day before you can even you can get a response up. So hopefully, looking at those things is something that ends up happening but I can't comment on anything with respect to that, any communications in that regard.

是的。我不想評論我們在此類事情上提供的任何幫助。我知道新聞中顯然存在安德魯左派的情況。我確信——顯然，這是一個公平的——人們會彌補，正如你從我們的回復中看到的那樣，其中存在很多不准確之處，而且當天也有大量交易，甚至在你可以之前就進行了交易。因此，希望看到這些事情最終會發生，但我無法對此發表評論，也不能對此發表評論。

Got it makes sense. All right, thanks.

明白了，很有道理。好的，謝謝。

Kelly Motta, KBW.

凱利·莫塔，KBW。

I appreciate the revised color on the accretable contribution to margin. I believe in the past you said that the core margin excluding that would be in the 4.25% to 4.35% range. I'm wondering if you have any color kind of putting together some of the comments you had if there's any update on how you're thinking about the core margin range on a go forward basis, as well as how we should be thinking about the incremental impact of rate cuts here?

我很欣賞修改後的對利潤的貢獻的顏色。我相信您過去曾說過，排除該因素後的核心利潤率將在 4.25% 至 4.35% 的範圍內。我想知道您是否有任何意見可以將您的一些評論放在一起，是否有關於您如何考慮未來核心利潤範圍的任何更新，以及我們應該如何考慮降息的增量影響在這裡？

Yes, I think that that's still good guidance roughly. Maybe it will be -- and I think it was, I'd say, 4.31%-ish this quarter or something like that. I think that's not bad guidance going forward. We think that -- obviously, we do have some tailwinds with respect to some hybrid loans that are repricing, but I also think there's some potential headwinds with respect to maybe some yield compression and some rotation in the balance sheet mix to some products that are more lower yielding with higher deposit balances. So that's going to all have to work itself out but I don't think that's bad guidance.

是的，我認為這仍然是一個很好的粗略指導。也許會是——我想，我會說，本季會成長 4.31% 左右，或類似的數字。我認為這對未來來說是一個不錯的指導。我們認為，顯然，對於一些正在重新定價的混合貸款，我們確實有一些順風，但我也認為，對於某些產品的收益率壓縮和資產負債表組合的一些輪換，可能存在一些潛在的逆風。餘額越高，收益率越低。所以這一切都必須自行解決，但我不認為這是一個糟糕的指導。

And I know you have a fairly significant floating rate loan portfolio. Can you remind us any swaps you have against that, as well as when rates are cut, how we should be thinking about the repricing on the funding side of things?

我知道你們有相當大的浮動利率貸款組合。您能否提醒我們您對此有任何掉期，以及當利率下調時，我們應該如何考慮融資方面的重新定價？

So what we're contemplating is that we have commercial deposits that are tied to Fed funds and then we also have the ability to cut rates on our consumer portfolio, which is, as we stated on the prepared remarks, not term oriented. So I think the question will be how those rate cuts are absorbed and can we -- are we faster, slower than loan repricing. And I think that's going to be the question. And I think we feel pretty good about our ability to do that, we positioned ourselves that way.

因此，我們正在考慮的是，我們擁有與聯邦基金掛鉤的商業存款，然後我們也有能力降低消費者投資組合的利率，正如我們在準備好的評論中所說，這不是以期限為導向的。因此，我認為問題在於如何吸收這些降息，以及我們能否比貸款重新定價更快、更慢。我認為這就是問題所在。我認為我們對自己做到這一點的能力感到非常滿意，我們就是這樣定位自己的。

But what we have not done in general is go out and do a lot of floating to fixed swapping of our loan book. And part of the reason why is that we have pretty decent movement in our loan book. And so unless you're doing that on the borrower side and the borrower is interested then you're sort of -- you're just taking some gambles on how good you are at estimating the forward curve.

但我們一般沒有做的是，對我們的貸款簿進行大量的浮動到固定交換。部分原因是我們的貸款簿上有相當不錯的變動。因此，除非你在藉款人方面這樣做，並且藉款人有興趣，否則你只是在賭你在估計遠期曲線方面的能力。

And so what we do is we have a good naturally matched off book right now, and we think we will be able to go through that. I think one of the good things is that we do have -- obviously, we have our lower cost funds through all the different channels we discussed. We also have a higher cost consumer deposit base that also we expect will be able to be repriced in a lower short term rate environment.

所以我們現在要做的是，我們現在有一本很好的自然匹配的外書，我們認為我們將能夠完成它。我認為一件好事是我們確實擁有——顯然，我們透過我們討論的所有不同管道擁有成本較低的資金。我們也擁有成本較高的消費者存款基礎，我們預期該存款基礎將能夠在較低的短期利率環境中重新定價。

Got it. I appreciate the commentary around capital. Your ratios are strong, you do have a pretty strong loan growth outlook. Just given the run-in the stock price here, can you remind us any of guideposts in terms of valuation or earn back that you guys look to when thinking about engaging in the buyback at the price?

知道了。我很欣賞有關資本的評論。你們的比率很高，貸款成長前景確實相當強勁。考慮到這裡的股價波動，您能否提醒我們在考慮以這個價格進行回購時，您會考慮哪些估值或盈利方面的指導方針？

We look at it as an NPV on earnings. And so we look at that and we look at it as a relative value with respect to what's out there from an acquisition perspective and what's out there from a loan growth perspective and other operational investments and try to balance that out.

我們將其視為收益的淨現值。因此，我們將其視為相對於收購角度、貸款成長角度和其他營運投資的相對價值，並試圖平衡這一點。

So yes, obviously, the stock price is up but earnings are up. It just really is a decision that we make and we utilize. We take our earnings forecasts and we can apply NPVs to them and look at whether capital is best allocated to loan growth or other strategic investments or buybacks.

所以，是的，顯然，股價上漲了，但收益也上漲了。這確實是我們所做和利用的決定。我們進行獲利預測，然後將淨現值應用於它們，並研究資本是否最適合分配給貸款成長或其他策略性投資或回購。

Got it. I appreciate it. Thank you.

知道了。我很感激。謝謝。

Edward Hemmelgarn, Shaker Investments.

愛德華·赫梅爾加恩，Shaker Investments。

Just one -- or a couple of questions dealing with loan growth. I mean, I think you mentioned in last quarter's call that you got a fairly significant amount of repayments early on in this quarter of loans. And that was I'm assuming that was one of the reasons what caused the excess liquidity. Is that what happened?

只有一個或幾個與貸款成長有關的問題。我的意思是，我認為您在上個季度的電話會議中提到，您在本季度初期就獲得了相當多的貸款還款。我認為這是導致流動性過剩的原因之一。是這樣的事嗎？

We did have -- I think, we had some loan repayments that we did not expect and they did come a little bit earlier. We also had maybe a little bit better deposit growth than we expected to. So the combination of those two led to excess liquidity relative to our expectations.

我認為，我們確實償還了一些我們沒有預料到的貸款，而且確實提前了一點。我們的存款成長也可能比我們預期的要好一些。因此，這兩者的結合導致流動性相對於我們的預期過剩。

What's the loan climate like right now, I mean, in terms of --

我的意思是，現在的貸款環境如何？--

I think, I'd it's relatively mediocre in comparison to where it was, let's say, last year. And I think we have a lot of diversity in our book and so we still have good pipeline. So we're still expecting loan growth. But I think that our spreads have definitely tightened and loan growth is just a little bit more difficult. I think there's fewer projects, there's fewer investments going on. And I think maybe some of the other banks have kind of emerged from whatever issues they were dealing with.

我認為，與去年相比，我認為它相對平庸。我認為我們的書中有很多多樣性，因此我們仍然有良好的管道。因此，我們仍然預期貸款成長。但我認為我們的利差肯定已經收緊，貸款成長只是有點困難。我認為專案減少了，投資也減少了。我認為也許其他一些銀行已經從他們正在處理的任何問題中脫穎而出。

But look we still expect to have good loan growth. Derrick talked about those targets. Hopefully, we can beat those by some but it is a little bit more difficult. And we're also seeing -- the book continues to have repayments, which is always good. But in some cases they’re strategically -- we're strategically allowing that to happen. If you look, for example, to multi-family portfolio where mostly those loans adjust they're mostly all paying off and competitors are refinancing those in six handles for five year durations, that's not that interesting to me. I still want to see -- there's other things I want to see before I start taking 6% and 6.5% five year duration risk.

但看起來我們仍然預計會有良好的貸款成長。德里克談到了這些目標。希望我們能夠擊敗一些人，但這有點困難。我們也看到——這本書繼續得到還款，這總是好的。但在某些情況下，它們是策略性的——我們策略性地允許這種情況發生。例如，如果你看看多戶投資組合，其中大部分貸款都經過調整，大部分都還清了，而競爭對手正在為六個帳戶進行為期五年的再融資，這對我來說並不是那麼有趣。在我開始承擔 6% 和 6.5% 的五年風險之前，我仍然想看到一些其他的事情。

So I think some of this is just letting -- some of it is our own risk management perspective on what we're interested in doing right now, both from a credit and risk perspective -- and rate perspective. And look, I think we're still going to have a good growth. I think this quarter is shaping up to be pretty decent on the loan growth side. But obviously, we have to see if -- it's easy to have prepayments come in and move those numbers around a bit too.

所以我認為其中一些只是讓——其中一些是我們自己的風險管理視角，從信用和風險的角度以及利率的角度來看我們現在感興趣的事情。看，我認為我們仍然會有良好的成長。我認為本季的貸款成長情況相當不錯。但顯然，我們必須看看預付款是否很容易進入並導致這些數字也發生一些變化。

Okay, thanks. Good quarter.

好的，謝謝。好季度。

Thank you.

謝謝。

Thank you. We've reached the end of our question-and-answer session. I'd like to turn the floor back over to management for any further or closing comments.

謝謝。我們的問答環節已經結束。我想將發言權交還給管理階層，以徵求進一步的意見或結束意見。

Thank you everybody for your interest and we'll talk to you next time. Thank you.

感謝大家的關注，我們下次再聊。謝謝。

Thank you. That does conclude today's teleconference webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議網路廣播到此結束。此時您可以斷開線路並度過美好的一天。我們感謝您今天的參與。