Axos Financial Inc (AX) 2025 Q1 法說會逐字稿

Greetings and welcome to the Axos Financial Inc First Quarter 2025 Earnings Call and Webcast. (Operator instruction) As a reminder, this conference is being recorded. It is now my pleasure to introduce Johnny Lai, Senior Vice President, Corporate Development and Investor Relations. Thank you, Johnny. You may begin.

您好，歡迎參加 Axos Financial Inc 2025 年第一季財報電話會議和網路廣播。（操作員說明） 溫馨提示，本次會議正在錄音中。現在我很高興向大家介紹企業發展和投資者關係資深副總裁Johnny Lai。謝謝你，強尼。你可以開始了。

Thank you John. Good afternoon, everyone. Thanks for your interest in Axos. Joining us today for Axos Financial Inc's First Quarter 2025 financial results conference call are the company's President and Chief Executive Officer, Gregory Garrabrants; and Executive Vice President and Chief Financial Officer, Derrick Walsh. Greg and Erick will review and comment on the financial and operational results for the three months ended September 30th 2024, and we will be available to answer questions after our prepared remarks.

謝謝約翰。大家下午好。感謝您對 Axos 的關注。今天參加我們 Axos Financial Inc 2025 年第一季財務業績電話會議的是該公司總裁兼執行長 Gregory Garrabrants；執行副總裁兼財務長 Derrick Walsh。Greg 和 Erick 將審查並評論截至 2024 年 9 月 30 日的三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.

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。

Please referred to the Safe Harbor statement found in today's earnings press release and in our investor presentation for additional details. This call is being webcast and there will be an audio replay available in the Investor Relations section of the company's website located at axosfinancial.com for 30 days.

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。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。

Additional details for this call were provided in the conference call announcement and in today's earnings press release. 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 in 8-K with additional financial information for this call. All of these documents can be found on axosfinancial.com website.

電話會議公告和今天的收益新聞稿中提供了本次電話會議的更多詳細資訊。在將電話轉交 Greg 之前，我想提醒聽眾，除了收益新聞稿外，我們還發布了 8-K 的收益補充資料，其中包含本次電話會議的其他財務資訊。所有這些文件都可以在 axosfinancial.com 網站上找到。

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。

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 first quarter of fiscal 2025 ended September 30th 2024. Thank you for your interest in Axos Financial.

謝謝約翰尼。大家下午好，感謝您加入我們。我謹歡迎大家參加 Axos Financial 於 2024 年 9 月 30 日結束的 2025 財年第一季的電話會議。感謝您對 Axos Financial 的興趣。

We delivered outstanding results in our first fiscal quarter of 2025 generating double digit year over year growth in earnings per share and book value per share for the 10th consecutive quarter. We grew deposits by approximately $614 million linked quarter with growth primarily coming in interest bearing demand and savings deposits. Ending loan balances were up 0.3% linked quarter and 13.7% year over year to $19.3 billion. Average loan balances were up $269 million linked quarter as origination volumes in some of our C&I- and single-family mortgage warehouse lending businesses were offset by prepayments in our single-family jumbo mortgage, multifamily and commercial real estate lending groups.

我們在 2025 年第一財季取得了出色的業績，每股收益和每股帳面價值連續第十個季度實現兩位數同比增長。我們的存款較上季成長約 6.14 億美元，成長主要來自計息活期存款和儲蓄存款。期末貸款餘額季增 0.3%，年增 13.7%，達 193 億美元。由於我們的一些工商業和單戶抵押倉庫貸款業務的發放量被我們的單戶巨額抵押貸款、多戶和商業房地產貸款集團的預付款所抵消，平均貸款餘額環比增長了 2.69 億美元。

We continue to generate high returns as evidenced by the 19.1% return on average common equity and the three months ended September 30th 2024. Our strong returns contributed to the 28% year over year growth in our tangible book value per share.

截至 2024 年 9 月 30 日的三個月平均普通股回報率為 19.1%，證明我們繼續創造高回報。我們強勁的回報使每股有形帳面價值年增 28%。

Other highlights include the following: Net Interest Margin was 5.17% for quarter ended September 30th 2024, up 81 basis points from the 4.36% and the quarter ended September 30th 2023, and up from 4.65% and the quarter ended June 30th 2024. Net Interest Margin in Q1 2025 benefited from the payoff of three loans we purchased from the FDIC, excluding the impact from the early payoff of these three purchase loans. Net interest margin was 4.87%.

其他亮點包括：截至2024年9月30日的季度淨利差為5.17%，較截至2023年9月30日的季度的4.36%上升81個基點，較截至2024年6月30日的季度的4.65 %上升81個基點。2025 年第一季的淨利差受益於我們從 FDIC 購買的三筆貸款的償還，排除了這三筆購買貸款提前償還的影響。淨利差為4.87%。

Net annualized charge offs to average loans were 17 basis points in the three months ended September 30th 2024. Excluding the auto loans covered by insurance, net annualized charge offs to average loans were 15 basis points in Q1 2025.

截至 2024 年 9 月 30 日的三個月內，平均貸款的年化淨沖銷為 17 個基點。不包括保險承保的汽車貸款，2025 年第一季平均貸款年化淨沖銷額為 15 個基點。

Net Income was approximately $112 million in the quarter ended September 30th 2024, up 36% from the $82.7 million in the corresponding period a year ago. Earnings per share for the three months ended September 30th 2024 were 1.93%, representing year over year growth of 40%.

截至 2024 年 9 月 30 日的季度淨利約為 1.12 億美元，比去年同期的 8,270 萬美元成長 36%。截至2024年9月30日止三個月每股收益為1.93%，較去年同期成長40%。

Net growth in loans for investment were $49 million for the three months ended September 30th 2024. Growth in single-family mortgage warehouse and C&I loan balances were offset by declining single-family mortgage, multifamily and auto loan balances.

截至 2024 年 9 月 30 日的三個月，投資貸款淨成長為 4,900 萬美元。單戶抵押貸款倉庫和工商業貸款餘額的增長被單戶抵押貸款、多戶住宅和汽車貸款餘額的下降所抵消。

Elevated levels of prepayments in multifamily, single-family jumbo mortgage, commercial real estate specialty and real estate lender finance, offset solid loan originations across many of our C&I lending groups.

多戶型、單戶型巨額抵押貸款、商業房地產專業和房地產貸款人融資的預付款水準提高，抵消了我們許多工商業貸款集團的穩定貸款來源。

Average loan yields for the three months ended September 30th 2024 were 9.01%, up 47 basis points from the 8.54% in the prior quarter and up 116 basis points from the corresponding period a year ago. Average loan yields for non-purchase loans were 8.28% and average yields for purchase loans were 22.82% which includes the accretion of our purchase price discount.

截至2024年9月30日的三個月平均貸款收益率為9.01%，較上一季的8.54%上升47個基點，較去年同期上升116個基點。非購屋貸款的平均貸款收益率為 8.28%，購屋貸款的平均收益率為 22.82%，其中包括我們的購屋價格折扣的增加。

The prepayment of the FDIC acquired loans increased the first quarter 2025 average loan yield by 35 basis points. Excluding the FDIC loan prepayments, average loan yields increased 12 basis points in the quarter. The remaining FDIC purchase loans continue to perform and all loans in that portfolio remain current. New loan interest rates were as follows. SFR mortgages were 8.3% multifamily 9.2%, C&I 8.5% and auto 9.7%.

FDIC 所購貸款的提前還款使 2025 年第一季平均貸款收益率提高了 35 個基點。不包括 FDIC 貸款預付款項，本季平均貸款殖利率上升 12 個基點。剩餘的 FDIC 購買貸款繼續履行，並且該投資組合中的所有貸款仍然有效。新貸款利率如下。SFR 抵押貸款為 8.3%，多戶住宅為 9.2%，C&I 為 8.5%，汽車為 9.7%。

The credit quality of our loan book continues to be strong despite a few idiosyncratic circumstances that led to an uptick in non-performing assets this quarter. Non-performing assets in our single-family jumbo mortgage portfolio increased by $13.3 million from June 30th 2024 to September 30th 2024. The increase was the result of three loans with an average loan to value of 45%. The properties are located in highly desirable neighborhoods located in Northern and Southern California, including one Beachfront property in Del Mar.

儘管一些特殊情況導致本季不良資產上升，但我們貸款帳簿的信用品質仍然強勁。從2024年6月30日到2024年9月30日，我們的單戶巨額抵押貸款投資組合中的不良資產增加​​了1,330萬美元。這一增長是三筆貸款的結果，平均貸款價值率為 45%。這些房產位於北加州和南加州非常理想的社區，其中包括位於德爾馬的一處海濱房產。

Non-performing assets in our commercial real estate loan book increased by $14.5 million as a result of three loans to one borrower with a weighted average LTV of 29%.

由於向一名借款人發放了三筆貸款，加權平均 LTV 為 29%，我們的商業房地產貸款帳簿中的不良資產增加​​了 1,450 萬美元。

We're actively working with this borrower to bring the loan current. We do not anticipate a material loss from loans currently classified as non-performing in our single-family mortgage, multifamily and commercial mortgage or commercial real estate specialty portfolios. Our commercial real estate portfolio continues to perform very well and in line with expectations,

我們正在積極與該借款人合作，以實現貸款流動。我們預計目前在我們的單戶抵押貸款、多戶住宅和商業抵押貸款或商業房地產專業投資組合中被歸類為不良貸款的貸款不會造成重大損失。我們的商業房地產投資組合持續表現良好並符合預期，

Non-performing assets and our C&I asset based, and cash flow lending business increased by approximately $40 million. Once indicated cash flow loan with an unpaid principal balance of $34.2 million and one ABL Ioan backed by accounts receivable of $6.4 million accounted for the increase.

不良資產以及我們基於 C&I 資產的現金流貸款業務增加了約 4000 萬美元。曾表示，未付本金餘額為 3,420 萬美元的現金流貸款和一項由應收帳款支持的 ABL 貸款為 640 萬美元，導致了這一增長。

The $34.2 million loan is a Shared National Credit to one of the largest logistics companies in the United States. The Axos share of the loan is approximately 4% of the outstanding balance of the original loan. The loan is a sponsor backed loan with a sponsor contributing $494 million to the purchase of the company at the time the loan was made and subsequently contributing another $30 million of preferred stock in June and another $50 million of equity in October for a total investment of $574 million excluding management's rollover of equity. The September 30th payment was made. So the loan is current on its payment at the end of the quarter.

這筆 3,420 萬美元的貸款是向美國最大的物流公司之一提供的共享國家信貸。Axos 所佔貸款份額約為原始貸款未償餘額的 4%。該貸款是發起人支持的貸款，發起人在貸款時出資 4.94 億美元購買該公司，隨後於 6 月再出資 3,000 萬美元的優先股，並於 10 月再出資 5,000 萬美元的股權，總投資為5.74 億美元，不包括管理階層的股權展期。9月30日已付款。因此，該貸款在季度末已按期付款。

However, a restructuring transaction was executed between the borrower and a subset of lenders resulting in new incremental debt of $137 million contributed by a subset of the lender group concurrent with a $50 million equity injection from the sponsor which Axos did not agree to nor participate in. The terms of the restructuring transaction favor the group of new money participating lenders over a set of non-participating lenders.

然而，借款人和部分貸方之間執行了一項重組交易，導致貸方集團的一部分新增了 1.37 億美元的債務，同時贊助商注入了 5000 萬美元的股權，但 Axos 不同意也不參與。重組交易的條款有利於新的資金參與貸款人群體，而不是一組非參與貸款人。

We place this loan on non-accrual despite receiving the September 30th payment, given the information received about this restructuring and allocated a specific loan provision of approximately $10 million in the quarter ended September 30th 2024 to account for a potential loss. We are currently evaluating the appropriate actions to take as we have been advised by council that the restructuring transaction may have violated the terms of the credit agreement.

儘管收到了9 月30 日的付款，但考慮到收到的有關此次重組的信息，我們將這筆貸款列為非應計貸款，並在截至2024 年9 月30 日的季度分配了約1000萬美元的特定貸款撥備，以彌補潛在損失。我們目前正在評估採取適當的行動，因為理事會告知我們重組交易可能違反了信貸協議的條款。

With respect to the other loan, the $6.4 million loan is backed entirely by account receivable that have been subject to a recent audit and found by that audit to be collectible. We are actively working with the borrower to pay down a portion of the loan, provide additional collateral and bring the loan current.

至於另一筆貸款，640 萬美元的貸款完全由應收帳款支持，這些應收帳款經過了最近的審計，並發現可收回。我們正在積極與借款人合作償還部分貸款，提供額外的抵押品並使貸款流動。

Non-performing assets in our multifamily and commercial mortgage loan book declined by $3.6 million linked quarter. We increased deposits by $614 million in the first quarter of fiscal year 2025.

我們的多戶家庭和商業抵押貸款帳簿中的不良資產環比下降了 360 萬美元。2025 財年第一季度，我們增加了 6.14 億美元存款。

Demand, money market and savings accounts representing 96% of total deposits at September 30th 2024, grew at 16.3% annualized.

截至 2024 年 9 月 30 日，活期存款、貨幣市場及儲蓄帳戶佔存款總額的 96%，年增率為 16.3%。

We have a diverse mix of funding across a variety of business verticals with consumer and small business, representing 60% of total deposits, treasury management representing 20% commercial specialty representing 10%, Axos fiduciary services representing 6% and Axos Security, which is our custody and clearing representing 4%.

我們在各種垂直業務領域擁有多元化的資金組合，其中消費者和小型企業佔總存款的60%，財務管理佔20%，商業專業佔10%，Axos 信託服務佔6%，Axos Security 占我們的存款總額的6%。

Total non-interest bearing deposits were approximately $3.1 billion up $80 million quarter-over-quarter. Total ending deposits at AAS including those on and off-balance sheet were approximately up $41 million compared to the prior quarter.

無息存款總額約 31 億美元，季增 8,000 萬美元。AAS 的期末存款總額（包括資產負債表內和表外的存款）與上一季相比增加了約 4,100 萬美元。

Client pass sorting has stabilized at or near the bottom representing 3% of assets under custody at September 2024 compared to the historic range of 6% to 7%. We are focused on adding new assets from existing and new advisers to grow our assets under custody and cash balances.

截至 2024 年 9 月，客戶通證排序已穩定在底部或接近底部，佔託管資產的 3%，而歷史範圍為 6% 至 7%。我們致力於增加現有和新顧問的新資產，以增加我們的託管資產和現金餘額。

In addition to our Axos security deposits on our balance sheet, we had approximately $450 million deposits off balance sheet at partner banks. We continue to manage our interest rate risk by making tactical changes in our assets and liabilities. At September 30th, approximately 70% of our loans were floating, 23% were hybrid and 7% were fixed.

除了資產負債表上的 Axos 保證存款外，我們在合作夥伴銀行的資產負債表外還有約 4.5 億美元的存款。我們繼續透過對資產和負債進行策略性改變來管理利率風險。截至 9 月 30 日，我們約 70% 的貸款為浮動貸款，23% 為混合貸款，7% 為固定貸款。

Since our hybrid arms were originated when interest rates were much lower than they are today, the replacement of these hybrid arms with new C&I and consumer loans are generally accretive to our loan yield. Non-interest bearing deposits account for 15% of total deposits as of September 30th.

由於我們的混合業務起源於利率遠低於現在的時期，因此用新的商業與工業貸款和消費貸款取代這些混合業務通常會增加我們的貸款收益率。截至9月30日，無利息存款佔存款總額的15%。

In September, we reduced the rate on our consumer high yield savings by 30 basis points in advance of the Fed cut. Subsequent to the Fed's action in September, we reduced the rate on our consumer high yield savings products by an additional 25 basis points. We are confident on ability to maintain our deposit cost and management and manage it down to maintain our Net Interest Margin in this rate cycle.

9 月份，我們在聯準會降息之前將消費者高收益儲蓄利率降低了 30 個基點。繼聯準會 9 月採取行動後，我們將消費者高收益儲蓄產品的利率額外降低了 25 個基點。我們有信心有能力維持我們的存款成本和管理，並將其控制在這個利率週期內以維持我們的淨利差。

For the quarter ended September 30th 2024, our consolidated Net interest margin was 5.17% while our banking business name was 5.21% excluding the 30 basis point boost from the FDIC loans purchased that paid off early. Our consolidated Net Interest Margin would have been 4.87% up from 4.65% in the June 20 quarter.

截至 2024 年 9 月 30 日的季度，我們的綜合淨利差為 5.17%，而我們的銀行業務名稱為 5.21%，不包括提前償還的 FDIC 貸款購買帶來的 30 個基點的提振。我們的綜合淨利差將從 6 月 20 日季度的 4.65% 上升至 4.87%。

When we announced the FDIC loan purchase in December of 2023, our expectation was that the transaction would boost our Net interest margin by 35 to 45 basis points. Given the prepayments in this portfolio including the three loans that paid off in the September quarter, we now expect our Net interest margin benefit to be between 30 and 35 basis points for the remainder of fiscal year 2025.

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。鑑於該投資組合中的預付款項（包括在 9 月季度償還的三筆貸款），我們現在預計 2025 財年剩餘時間的淨利差收益將在 30 至 35 個基點之間。

We break out the average balances and loan yields for the purchase of non-purchase loans in our 10-Q which was filed with the SEC today to separate the impact of the loan purchases on our Net interest margin. We expect our consolidated net interest margin excluding the FDIC benefit to stay within the 4.25% to 4.35% range we have targeted over the past year.

我們在今天向美國證券交易委員會提交的 10 季報告中詳細列出了購買非購買貸款的平均餘額和貸款收益率，以區分購買貸款對我們淨利差的影響。我們預計，不包括 FDIC 福利的綜合淨利差將保持在我們去年設定的 4.25% 至 4.35% 的目標範圍內。

While we tactically adjusted deposit pricing based on future actions by the Fed and our competitors, the pace and mix of loan originations and prepayments will have the biggest impact on our net interest margin. While loan growth in the September quarter was below our high single digit to low-teens expectation from an annual perspective.

雖然我們根據聯準會和競爭對手的未來行動戰術性地調整存款定價，但貸款發放和預付款的速度和組合將對我們的淨利差產生最大影響。雖然從年度角度來看，九月季度的貸款成長低於我們的高個位數至低雙位數的預期。

We are optimistic that we will return to our targeted range. The combination of higher interest rates, a relatively steeply inverted yield curve, elevated used car values and slowly adjusting cap rates on multifamily income properties over the past few years, made us more cautious in single family jumbo mortgage, multifamily and auto lending. Lower originations in these lending groups coupled with elevated prepayments resulted in acceleration of net attrition in these loan categories.

我們對回到目標區間持樂觀態度。過去幾年，較高的利率、相對陡峭的殖利率曲線倒掛、二手車價值上漲以及多戶收入房產上限利率的緩慢調整，使我們對單戶巨額抵押貸款、多戶家庭和汽車貸款更加謹慎。這些貸款集團的貸款起始量較低，加上預付款增加，導致這些貸款類別的淨損耗加速。

In this September quarter ending balances in these three lending categories represented a $219 million drag on our consolidated net loan growth. These three loan categories are all hybrid loans with weighted average lives in the three year range and are difficult to profitably originate in the interest rate environment with a highly inverted yield curve.

在本季度，這三個貸款類別的期末餘額對我們的綜合淨貸款成長造成了 2.19 億美元的拖累。這三類貸款均為混合貸款，加權平均期限在三年範圍內，在殖利率曲線高度倒掛的利率環境下很難獲利。

To match the duration of our growing pipeline of multifamily, single family and auto loans. We extend the duration of $600 million of liabilities to the issuance of CDs and interest rate swaps when markets were most optimistic of our rate cuts at a weighted average yield of 3.4% for a 30-month average duration.

與我們不斷成長的多戶型、單戶型和汽車貸款管道的期限相符。當市場對我們降息最為樂觀時，我們將 6 億美元負債的期限延長至發行存款證和利率掉期，加權平均收益率為 3.4%，30 個月的平均期限。

Given recent changes in the yield curve, we have seen a rebound in our loan pipelines for each of these categories that have been reducing loan growth for several quarters.

鑑於最近殖利率曲線的變化，我們發現這些類別的貸款管道出現反彈，而這些類別的貸款成長已經連續幾季下降。

Additionally, we continue to add new clients and balances in our single-family mortgage warehouse business due to competitors scaling back or exiting the business. Finally demand in our fund finance, ABL and select C&I lending businesses remain strong, with the addition of several new lending and deposit teams in the prior quarter. We grew loans in the 1st month of this current quarter by $160 million which is in line with our high single digit to low team expectations.

此外，由於競爭對手縮減或退出該業務，我們繼續在單戶抵押貸款倉庫業務中增加新客戶和餘額。最後，我們的基金融資、ABL 和精選工商業貸款業務的需求仍然強勁，上一季新增了幾家新的貸款和存款團隊。本季第一個月，我們的貸款增加了 1.6 億美元，符合我們從高個位數到低團隊的預期。

Axos's Clearing which includes our correspondent clearing and custody business had a good quarter. Total deposits at Axos's Clearing were $1.3 billion as of September 30th, roughly flat from where they were at June 30th. Of the $1.3 billion deposits from Axos Clearing approximately $800 million was on our balance sheet and $450 million was held at partner banks. Net new assets for our custody business was $559 million in September quarter. This marks the continuation of positive net new asset growth we have experienced with $100 million or more of net new asset growth at Axos Advisory Services for five consecutive months.

Axos 的清算業務（包括我們的代理商清算和託管業務）季度表現良好。截至 9 月 30 日，Axos's Clearing 的存款總額為 13 億美元，與 6 月 30 日的水平大致持平。在 Axos Clearing 的 13 億美元存款中，大約 8 億美元出現在我們的資產負債表上，4.5 億美元存放在合作夥伴銀行。9 月季度我們託管業務的淨新資產為 5.59 億美元。這標誌著 Axos Advisory Services 連續五個月新資產淨成長達到或超過 1 億美元的積極淨新資產成長的延續。

Total assets under custody were $37.4 billion as of September 30th up from $35.7 billion as of June 30th.

截至 9 月 30 日，託管總資產為 374 億美元，高於截至 6 月 30 日的 357 億美元。

The sales team continues to make solid progress onboarding assets from new advisory firms offsetting the decline in some of Axos Advisory Services' historic turnkey asset management clients.

銷售團隊繼續在新顧問公司的資產引進方面取得紮實進展，抵消了 Axos Advisory Services 一些歷史性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 organic asset management growth assets under management growth from AAS.

新託管客戶的管道保持健康，我們預計在 AAS 的管理成長下，資產管理將持續有機成長。

From a product and operational efficiency perspective, we continue to identify ways to generate incremental fee and transaction based revenues and streamline processes to make our operations more scalable. We believe that sustaining net new asset growth and 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.

從產品和營運效率的角度來看，我們繼續尋找產生增量費用和基於交易的收入的方法，並簡化流程，使我們的營運更具可擴展性。我們相信，維持新資產淨成長以及現金餘額和營運生產力措施的正常化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。

We are starting to see some early benefits from investments we have made over the past few years, we soft launched our white label banking platform to select advisors earlier this year, enabling their clients to access our suite of deposit and lending products as well as new features we rolled out such as enhanced personal financial management. This platform leverages the technology we built in UDB for Axos Bank clients and reduces the cost associated with various interactions with advisers and their end clients such as mailing a check or getting a paper statement. We have made minor modifications based on advisor and user feedback and have a suite of additional products and features in our road map.

我們開始看到過去幾年投資的一些早期收益，我們在今年早些時候軟啟動了我們的白標銀行平台以選擇顧問，使他們的客戶能夠訪問我們的存款和貸款產品套件以及新的我們推出的功能包括增強的個人財務管理。該平台利用我們在 UDB 中為 Axos Bank 客戶建立的技術，並降低與顧問及其最終客戶的各種互動相關的成本，例如郵寄支票或獲取紙本報表。我們根據顧問和用戶回饋進行了細微修改，並在路線圖中提供了一套附加產品和功能。

The teams hire the team hires we have made across various commercial lending and deposit businesses are starting to contribute to loan and deposit growth. Our commercial cash and treasury management teams generated approximately $400 million in net new deposits in this quarter due in part to new teams we onboarded in the past two years. More recently, we added a technology and a life science banking team in Silicon Valley including a seasoned team that is dedicated gids of experience working together with early-stage growth companies and funds. We also added an experienced leader to build out our middle market lending group. We have over 20 years of experience in specialty lending and a few selected national deposit verticals. These selective team hires allow us to grow a geographic presence and further diversify our lending deposit and fee based franchises based on our existing robust set of products.

我們在各種商業貸款和存款業務中僱用的團隊開始為貸款和存款的成長做出貢獻。我們的商業現金和財務管理團隊在本季產生了約 4 億美元的淨新存款，部分原因是我們在過去兩年加入了新團隊。最近，我們在矽谷增加了一個技術和生命科學銀行團隊，其中包括一支經驗豐富的團隊，該團隊擁有與早期成長公司和基金合作的專門經驗。我們還聘請了一位經驗豐富的領導者來建立我們的中間市場貸款團隊。我們在專業貸款和一些精選的國家存款垂直領域擁有 20 多年的經驗。這些精選的團隊聘用使我們能夠擴大地理影響力，並根據我們現有的強大產品組合，進一步使我們的貸款、存款和收費特許經營業務更加多元化。

The addition of key sales and operational team members of AAS has contributed to the acceleration in net new asset growth in our custody business. Our client centric approach along with our commitment not to compete with our adviser, clients makes us highly desirable to alternatives such as swab our highly profitable and diversified business positions us well to maintain above average growth and returns in a variety of economic, political and competitive environments. While higher levels of prepayments are a short-term headwind.

AAS主要銷售和營運團隊成員的加入有助於我們託管業務新資產淨成長的加速。我們以客戶為中心的方法以及我們不與我們的顧問競爭的承諾，客戶使我們非常渴望替代方案，例如拭子，我們的高利潤和多元化業務使我們能夠在各種經濟、政治和競爭方面維持高於平均的成長和回報環境。雖然預付款水準較高是短期的阻力。

Our asset-based lending philosophy with conservative loan to values and prudent structures and diversified mix of lending and funding affords us more flexibility than most of our competitors.

我們以資產為基礎的貸款理念、保守的貸款價值、審慎的結構以及多元化的貸款和融資組合為我們提供了比大多數競爭對手更大的靈活性。

Finally, our excess capital, liquidity and loan loss reserves provide more than sufficient cushion to weather an extended economic downturn if that were to occur. We remain prudent with our capital reinvesting in our business systems and people and returning capital to our shareholders through opportunistic buybacks. Now I'll turn the call over to Derek who will provide additional details.

最後，我們的過剩資本、流動性和貸款損失準備金為抵禦長期經濟衰退（如果發生這種情況）提供了足夠的緩衝。我們對資本再投資於我們的業務系統和人員，並透過機會性回購向股東返還資本保持謹慎。現在我將把電話轉給德里克，他將提供更多詳細資訊。

Thanks Greg to begin. I'd like to highlight that. In addition to our press release, a 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 axos.financial.com. I will provide some brief comments on a few topics. Please refer to our press release and our SEC filings for additional details.

感謝格雷格開始。我想強調這一點。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 和我們的 10-Q，並且可以透過 EDGAR 或透過我們的網站 axos.financial.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。

Our provision for credit losses was $14 million in the three months ended, September 30 2024, compared to $7 million in the corresponding period a year ago. $10 million of the $14 million loan loss provision this quarter was a specific provision for C&I loan that we classified as non-accrual that Greg discussed earlier on this call.

截至 2024 年 9 月 30 日止的三個月，我們的信貸損失準備金為 1,400 萬美元，而去年同期為 700 萬美元。本季 1,400 萬美元貸款損失準備金中的 1,000 萬美元是 C&I 貸款的特定準備金，我們將其歸類為非應計貸款，格雷格早些時候在本次電話會議上討論過。

Our allowance of credit losses to total loans held for investment was 1.35% compared to 1.34% at June 30th 2024.

我們的信貸損失準備金佔投資貸款總額的比例為 1.35%，而 2024 年 6 月 30 日為 1.34%。

We remain well reserved relative to our low historical and current credit loss rates.

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 expenses were approximately $147 million for the three months ended September 30th 2024 up by $6.9 million from the three months ended June 30th 2024. Higher salaries and benefits expenses primarily related to the new hires that we've made over the past six months. And an increase in data processing expenses drove the sequential increase.

截至2024年9月30日止三個月的非利息支出約為1.47億美元，較截至2024年6月30日止三個月增加690萬美元。較高的薪資和福利費用主要與我們在過去六個月中聘用的新員工有關。數據處理費用的增加推動了環比成長。

As a reminder, our annual merit based compensation adjustment takes place every September and we expect our salaries and benefits expenses to increase in the December quarter on an organic basis at a similar rate as it has in previous years.

提醒一下，我們每年九月都會進行基於績效的年度薪資調整，我們預計我們的薪資和福利費用將在 12 月季度以與前幾年類似的速度有機增長。

Our loan pipeline remains strong with $1.9 billion of total loans in our pipeline as of October 25th, 2024 consisting of $345 million of SFR Jumbo mortgage, $85 million of gain on sale mortgage $165 million of multifamily and small balance commercial, $136 million of auto and consumer and $1.2 billion of commercial.

我們的貸款管道仍然強勁，截至2024 年10 月25 日，我們的貸款總額為19 億美元，其中包括3.45 億美元的SFR Jumbo 抵押貸款、8,500 萬美元的銷售抵押貸款收益、1.65 億美元的多戶和小額商業貸款、1.36 億美元的汽車和消費者和 12 億美元的商業收入。

Our loan growth outlook is largely 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 10s year over year in the fiscal year 2025 excluding the impact of any loan portfolio purchased from the FDIC or excluding 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.

我們的貸款成長前景與我們的指導方針基本一致。最近幾季。我們相信，在2025 財年，排除從FDIC 購買的任何貸款組合的影響或排除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有機增長，同比增長從高個位數到低10 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。

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. John, we're ready to take questions.

謝謝德里克。約翰，我們準備好回答問題了。

Thank you, sir. We will now be conducting a question and answer session. (Operation Instruction)

謝謝您，先生。我們現在將進行問答環節。（操作說明）

And the first question comes from the line of Kyle Peterson with Needham and company. Please proceed with your question.

第一個問題來自凱爾·彼得森（Kyle Peterson）與李約瑟（Needham）及其同伴的對話。請繼續你的問題。

Great, good afternoon guys. Thanks for taking the questions. I want to touch a little bit on competition that you guys are seeing particularly for new loan deals. I know that's a big driver behind pricing and growth. So just wanted to see are you seeing any change in competitive dynamic or are things getting more or less attractive, especially in some of the C&I verticals that took that pretty nice growth this quarter?

太好了，大家下午好。感謝您提出問題。我想談談你們所看到的競爭，特別是新貸款交易的競爭。我知道這是定價和成長背後的一大推動力。因此，我只是想看看您是否看到競爭動態發生任何變化，或者事情變得越來越有吸引力還是越來越不有吸引力，特別是在本季度取得相當不錯增長的一些工商業垂直行業？

Yes, I think that there has been a general trend to seeing banks tighten spreads and I think one of the reasons that, I try to obviously be thoughtful about that and I kind of gambled with some renewals this period and I lost a few more than I otherwise would have,, which impacted loan growth. So I do think that we have to be thoughtful about that there is some pricing pressure in certain verticals that being said we're still seeing very strong demand and we've added teams in a variety of geographies and in a variety of national verticals. And so we feel pretty good about our ability to get loan growth, but we probably will have to be a little thoughtful at times about making concessions on pricing, often they're minor but we definitely see increased competition, increased pricing pressure.

是的，我認為銀行收緊利差是一種普遍趨勢，我認為原因之一是，我顯然試圖對此進行深思熟慮，我在這段時間進行了一些續約賭博，但我輸了一些否則我就會這麼做，這會影響貸款成長。因此，我確實認為我們必須考慮到某些垂直領域存在一定的定價壓力，也就是說我們仍然看到非常強勁的需求，我們已經在不同地區和不同國家垂直領域增加了團隊。因此，我們對自己獲得貸款成長的能力感到非常滿意，但有時我們可能必須在定價方面做出一些讓步，雖然這些讓步通常很小，但我們肯定會看到競爭加劇，定價壓力加大。

Okay. That's helpful. And then maybe switching gears and, and just touching on fee income. I know it was a kind of a little bit of a headwind this quarter. I know there's some kind of contractual things tied to rates, but it was also just wanted to get your thoughts on how much do rates need to drop before we could see some uptick in, in areas like mortgage banking or prepayment penalty fees.

好的。這很有幫助。然後也許會改變方向，並且只是觸及費用收入。我知道這個季度有點逆風。我知道有一些與利率相關的合約問題，但我也只是想了解您的想法，在抵押貸款銀行或預付款罰款等領域，利率需要下降多少才能看到一些上升。

Yeah, the prepayment penalty fee issue is really one that's related to loan me. So almost all of those prepayment penalty fees came from multifamily hybrid loans which were 5.1 ARMs that had a typical step down, 5,4,3,2,1 prepay and that business, as I was saying in my prepared remarks really hasn't been a focus because when you have such a highly inverted yield curve, it's difficult to price off, let's say the five year to get the right spreads. So we are seeing a pickup in that business now and there are more of those loans that have prepayment penalties, but that's going to take a while to turn around.

是的，提前還款罰金問題確實與貸款有關。因此，幾乎所有這些預付款罰金都來自多戶混合貸款，這些貸款是5.1 ARM，具有典型的降級，5,4,3,2,1 預付款，正如我在準備好的發言中所說，該業務確實沒有一直是一個焦點，因為當你有如此高度倒掛的殖利率曲線時，很難定價，比如說五年才能獲得正確的利差。因此，我們現在看到該業務有所回升，並且有更多的貸款有提前還款罰款，但這需要一段時間才能扭轉。

So that is one element and then the other element is that we have a servicing book. It's not huge, but it's not hedged. And so it's not really big enough to hedge. But what happens when rates decline is there's a mark against it? And how much was the mark this quarter? A couple of million? (multiple speaker)

這是一個要素，另一個要素是我們有一本維修手冊。它並不大，但沒有對沖。所以它還不夠大，不足以進行對沖。但當利率下降時會發生什麼？本季的分數是多少？幾百萬？（多個發言者）

So there was a mark on that. So, unfortunately, if, if rates go down that, you can't say the mark is exactly linear, but that's not a horrible way to estimate it. They have a very complex model to get essentially a linear reduction. I mean it's just so that's piece of it.

所以上面有一個標記。因此，不幸的是，如果利率下降，你不能說這個標記是完全線性的，但這並不是一個可怕的估計方法。他們有一個非常複雜的模型來獲得本質上的線性減少。我的意思是，這就是其中的一部分。

I think where we obviously as rates decline, we have lots of clients that are on that obviously offset TM fees based on earnings credit. And if rates get low enough, then that starts to flip and you actually start to charge those clients. We're not there yet.

我認為，隨著利率明顯下降，我們有很多客戶明顯抵消了基於收入抵免的 TM 費用。如果費率夠低，那麼情況就會開始翻轉，你實際上開始向這些客戶收費。我們還沒到那兒。

Mortgage banking volume has picked up some, but it really is much more sensitive to the 10 year. And so you saw a blip, you started to see it pick up, but then you saw long rates pop back. So we'll have to see where that goes. I think the best chance we have to grow the income is in the securities business and that's a volume play.

抵押貸款銀行業務量有所回升，但它確實對 10 年期更為敏感。所以你看到了一個短暫的現象，你開始看到它回升，但隨後你看到長期利率回落。所以我們必須看看它會走向何方。我認為我們增加收入的最佳機會是證券業務，而且這是一個量大的業務。

We are sort of finally around the corner of where our attrition from some of the tamp clients that are just losing assets just in general. We're not say we're completely past it, but we're basically outrun it now and I think that will continue.

我們終於即將擺脫一些普通客戶的流失，而這些客戶整體上只是在損失資產。我們並不是說我們已經完全超越了它，但我們現在基本上已經超越了它，我認為這種情況將會持續下去。

There's an opportunity there, but it has to be it has to be a decent clip. But if you think about, let's say 10 to 12 basis points on average on those net new assets, you can look at that as a way of thinking about, we gave some growth rate numbers and you can look at that those will be increases.

那裡有機會，但必須是一個不錯的剪輯。但如果你想一想，假設這些淨新資產平均成長 10 到 12 個基點，你可以將其視為一種思考方式，我們給出了一些成長率數字，你可以看到這些數字將會增加。

But, unfortunately, one thing you have to keep in mind about the, about that business is that all that off-balance sheet, deposits is sensitive to a declining rate so to the extent that those rates decline that is going to impact that income, which is fee. Derrick. Did I miss anything?

但是，不幸的是，關於該業務，您必須記住的一件事是，所有表外存款對利率下降都很敏感，因此利率下降將影響該收入，這是費用。德里克.我錯過了什麼嗎？

Just one thing from a forward-looking thing Kyle is every December quarter. We have some paper statement fees that we charge to customers. And so that's usually in the ballpark between $1.8 million and $2 million. And so if you look back in our history, you'll usually see a bump up in that during that second fiscal quarter. So just want to make sure you're aware of that.

凱爾（Kyle）每年 12 月季度都有前瞻性的一件事。我們向客戶收取一些紙本報表費用。因此，這通常在 180 萬美元到 200 萬美元之間。因此，如果你回顧我們的歷史，你通常會看到第二財季的成長。所以只是想確保您意識到這一點。

Okay. That's all very helpful color. Thank you and nice quarter.

好的。這些都是非常有用的顏色。謝謝你，美好的季度。

Thank you. And the next question comes from the line of Andrew Leisch with Piper Sandler. Please proceed with your question.

謝謝。下一個問題來自安德魯·萊施 (Andrew Leisch) 和派珀·桑德勒 (Piper Sandler) 的對話。請繼續你的問題。

Hey, guys, thanks for taking the questions just to follow up on the broker dealer fees with the Fed cutting 50 basis points. And obviously you have the net new assets coming in. Are those going to be upsetting each other here as we look forward? Have we reached that point yet?

嘿，夥計們，感謝您提出問題，只是為了跟進美聯儲削減 50 個基點的經紀交易商費用。顯然，你有淨新資產進來。當我們期待時，這些人會在這裡互相打擾嗎？我們已經達到那個地步了嗎？

Yeah, that's not a horrible way to think about it. And we also rolled out a new fee schedule that actually is seeing certain types of activities that cost us a lot of money, paper statement fees, those kind of things that are attempting to incent behaviors that allow us to cut our costs. So that's coming that's some offset. But, you know, I think let's say you have 50 basis point, 75 basis points of offset. But if you get a really if you have 150 basis points that's going to hit that business, you've got to run now the pipeline is very good. And if the attrition is lower, then those net new asset can grow even faster. We've tried to set internal targets around that, but I think they're definitely stretch targets.

是的，這並不是一個可怕的思考方式。我們還推出了一項新的收費表，實際上是某些類型的活動花費了我們很多錢，紙質報表費，以及那些試圖激勵行為的東西，使我們能夠削減成本。所以這即將到來，這是一些抵消。但是，你知道，我想假設你有 50 個基點、75 個基點的抵銷。但如果你確實得到了 150 個基點，這將影響該業務，那麼你現在必須運行管道非常好。如果損耗較低，那麼這些淨新資產可以成長得更快。我們試圖圍繞這個目標設定內部目標，但我認為它們絕對是延伸目標。

Got it all very helpful. And then just on the margin commentary, you said 425 to 435 range and then what I'm sorry if I missed it. What did you say the, the benefit from the acquired loans is another 25 to 35 basis points? Is that right? I thought it was 30 basis point to 35 basis points. Okay. Got it. So, I guess that if you take out the $17 million of accelerated income here, it's still a little bit below where the margin would have come in. I guess what's driving at the, at the high end, I guess what's driving the margin down towards that level? Is it just the asset repricing or is it some of the funding cost that you mentione.

得到這一切非常有幫助。然後就在邊緣評論中，你說 425 到 435 範圍，然後如果我錯過了，我很抱歉。你說獲得的貸款帶來的好處是另外25到35個基點？是這樣嗎？我以為是30個基點到35個基點。好的。知道了。所以，我猜如果你去掉這裡 1700 萬美元的加速收入，它仍然比利潤率低一點。我想是什麼在推動高端，我想是什麼推動利潤率下降到這個水準？這只是資產重新定價還是你提到的一些融資成本。

I think it's no, I think we're feeling pretty good about the funding cost. Frankly, we're carrying a lot of excess deposits. We were able to re price pretty well with the Fed rate cut.

我認為不會，我認為我們對融資成本感覺很好。坦白說，我們持有大量超額存款。隨著聯準會降息，我們能夠很好地重新定價。

We sort of lost less than we thought there. And we also have really good deposit growth from all the teams that we've hired and they're really starting to kick in very nicely. It really is part of the reason why loan growth is below where we wanted it to be is turn down some deals, repricing of club deals, other things and we have just some folks coming in and repaying a little tighter spread.

我們在那裡的損失比我們想像的要少。我們僱用的所有團隊的存款成長也非常好，他們真的開始很好地發揮作用。貸款成長低於我們希望的部分原因確實是拒絕了一些交易、俱樂部交易的重新定價以及其他事情，而我們只有一些人進來並償還了更窄的利差。

So I think the reality is we're going to have to tighten up those spreads a little bit in order to win volume, which we're going to do. And so that makes a difference now that being said, I mean, we obviously still have a lot of hybrid loans that are still repricing every quarter. So there's a lot of movement there.

因此，我認為現實情況是，我們將不得不稍微收緊這些價差，以贏得交易量，我們將這樣做。因此，話雖如此，我的意思是，我們顯然仍然有很多混合貸款每季仍在重新定價。所以那裡有很多運動。

I think there's a little conservatism in that because if you have the margin up high and then loan growth doesn't come in you miss, so there's probably a little bit of conservatism in that.

我認為這裡面有一點保守主義，因為如果你的利潤率很高，那麼貸款成長就不會出現，你就會錯過，所以這可能有一點保守主義。

But I think that really where we find the most uncertainty is in the growth side because as you get these, we feel like we have a lot of great activity. We're seeing good activity, we're up this month. But, we had a higher average earning assets and then at the end of the quarter, we had some paydowns. We have the fund finance business. We're reaching out to those clients to ask if they're going to address their balance sheet.

但我認為我們發現最大的不確定性實際上是在成長方面，因為當你得到這些時，我們感覺我們有很多很棒的活動。我們看到了良好的活動，這個月我們的表現很好。但是，我們擁有更高的平均獲利資產，然後在季度末，我們有了一些付款。我們有基金金融業務。我們正在聯繫這些客戶，詢問他們是否會解決資產負債表問題。

And in December by calling capital, we're not getting a lot of yeses there, but that's always a possibility. So, I think it's that balance, but those are really the factors. There's a little bit of market pressure on pricing that we're seeing. That's a little elevated from, let's say where it was last year or even two quarters ago.

12 月份，我們致電資本，並沒有得到太多的肯定，但這總是有可能的。所以，我認為這就是平衡，但這些才是真正的因素。我們看到定價存在一些市場壓力。比方說，與去年甚至兩季前相比，這個數字略有上升。

Got it. Great. Thanks for taking the questions. I'll step back.

知道了。偉大的。感謝您提出問題。我會退後一步。

Thank you. Thanks Sandra.

謝謝。謝謝桑德拉。

And the next question comes from the line of Gary Tenner with D A Davidson. Please proceed with your question.

下一個問題來自 Gary Tenner 和 D A Davidson 的對話。請繼續你的問題。

Thanks. Good afternoon. I wanted to ask, I appreciate the additional color Greg on the increase in the NPLSs in the quarter. I wonder if you could comment on kind of the migration within the credit book beyond that, just between special mention and substandard. Is it just too early for lower rates to take much pressure off there and, and kind of how do you see that kind of migration trend moving from here?

謝謝。午安.我想問一下，我很欣賞格雷格對本季 NPLS 增加的額外關注。我想知道您是否可以評論信用簿中除特別提及和不合格之間的遷移類型。現在降低利率來減輕那裡的壓力是否還為時過早，您如何看待這種移民趨勢的發展？

I actually feel really good about what we're clearing. But that's because I see what's going on an individual level. Some of these things just take a while. We got about 20 offers on one property that we've been holding for a while and kind of working with the bar on and that should execute by the end of the quarter.

事實上，我對我們正在清理的東西感覺非常好。但那是因為我看到了個人層面上發生的事。其中一些事情只需要一段時間。我們收到了大約 20 個對一處房產的報價，我們已經持有該房產有一段時間了，並且正在與酒吧合作，應該會在本季度末執行。

And so we've got a couple others that we've been patient on because there's been final building kind of permit sort of issues and money that the borrowers or the funds that are subordinate to us have still been putting in and those sort of things are coming to an end.

因此，我們還有其他一些問題，我們一直在耐心等待，因為存在最終的建築許可證之類的問題和資金，借款人或隸屬於我們的基金仍在投入，諸如此類的事情即將結束。

So we really see even some of these things are choices like there's these three loans, we have buyers that want them, but we're looking at them and they're such low loan to value. We expect that they'll cure and they'll pay off because the individuals looking to do that.

因此，我們確實看到其中一些東西是選擇，例如這三筆貸款，我們有買家想要它們，但我們正在研究它們，它們的貸款價值很低。我們希望它們能夠治愈，並且會得到回報，因為人們希望這樣做。

So I don't really see, I'd say frankly on the commercial real estate side, things look very good like there really is not, there's not anything that we look at from a loss perspective and say we're really worried about it. I mean, I think rates can put a little pressure on special mention in multifamily but we have guarantees on almost that entire book.

所以我真的不明白，我坦率地說，在商業房地產方面，情況看起來非常好，但實際上並沒有，我們沒有從損失的角度來看任何事情，並說我們真的很擔心。我的意思是，我認為利率可能會給多戶家庭的特別提及帶來一點壓力，但我們幾乎對整本書都有保證。

So, strong personal, warm body, full recourse guarantees to folks that have a lot of properties and things like that. So that looks pretty good.

所以，強大的個人、溫暖的身體、充分的追索權保證了擁有大量財產和類似東西的人。所以看起來不錯。

I think, look at the C&I side is going to probably more of an average loan loss sort of thing. So if you look back, I don't think we're going to be able to say in our Multifamily book.

我認為，從 C&I 方面來看，可能更多的是平均貸款損失之類的事情。因此，如果您回顧過去，我認為我們無法在《多戶家庭》一書中說這一點。

We've had a couple of basis points of loss in history over, 15 years or something, same thing with single family. It's just super low, I think C&I will be a little more average, not really the ones that we're doing on non-real estate lender finance stuff that should still be quite good, but like the shared national credit, you're taking more of an average level of risk rather than what we're taking with our real very low loan to value structures and other assets. But I don't feel like there's some of the stuff is idiosyncratic and it's clearing up or we're getting good results on resolutions.

過去 15 年左右，我們在歷史上曾經歷過幾個基點的損失，單親家庭也是如此。它只是超級低，我認為 C&I 會更平均一點，而不是我們在非房地產貸款人融資方面所做的那些，這些東西應該仍然相當不錯，但就像共享的國家信用一樣，你正在採取更多的是平均風險水平，而不是我們對真正非常低的貸款價值結構和其他資產所承擔的風險。但我不認為有些事情是特殊的，而且它正在清理，或者我們在解決方案上取得了良好的結果。

Great, appreciate the color. And just to go over to the expense side for a second, Derrick, you mentioned the expectation of obviously some more upper pressure coming up in the December quarter. Could you remind us, was there anything that kept expenses lower in the June quarter? They were kind of flat sequentially in the June quarter before this current quarter increase. I'm just trying to get a sense for sort of the delta this quarter versus last quarter.

太棒了，欣賞一下顏色。德里克，再談談費用方面，您提到預計 12 月季度會出現明顯更多的上行壓力。您能否提醒我們，有什麼因素可以降低六月季度的費用嗎？在本季出現成長之前，六月季度的業績與上一季持平。我只是想了解本季與上季相比的增量。

In the June quarter, I think we had some lower data processing, kind of looking back at the year and salaries and benefits. I think was the other key factor in the June quarter where it really even goes back a little bit to the, to the March quarter where March has the taxes, the annual employment tax resets.

在六月季度，我認為我們的數據處理量較低，有點回顧這一年以及工資和福利。我認為這是六月季度的另一個關鍵因素，它甚至可以追溯到三月季度，三月有稅收，年度就業稅重置。

So March jumps up and then June is usually flattish to maybe slightly up from March. Obviously, as we touched on, we've been hiring a lot of teams kind of investing up front for the future growth on both the loan and deposit side of the commercial business.

因此，三月會上漲，然後六月通常會持平，甚至可能會比三月略有上升。顯然，正如我們所提到的，我們一直在招募許多團隊，為商業業務貸款和存款方面的未來成長進行預先投資。

So I think that's probably what you're referring to. And as we look forward, we will have some continued bumps up, but we're certainly taking some hard looks at cost control around the salaries and benefits and different strategic ways that we can reduce or cost avoidance on areas there and in data processing.

所以我想這可能就是你所指的。展望未來，我們將繼續取得一些進步，但我們肯定會認真審視圍繞工資和福利的成本控制，以及我們可以在這些領域和數據處理方面減少或避免成本的不同戰略方法。

Yeah, I don't expect that we're going to have the level of expense growth in the December quarter that we had here. Even though we have hired some teams, obviously as you expand, you get some folks that are doing great, some folks that aren't. And so we're just being cautious of that. We've had a very nice, a run of growth and we just have to make sure we're focused on the expense side as well. And we're doing that.

是的，我預計 12 月所在季度的費用增長水平不會達到現在的水平。儘管我們已經聘請了一些團隊，但顯然隨著業務的擴展，你會發現有些人表現出色，有些人則表現不佳。所以我們只是對此保持謹慎。我們經歷了非常愉快的成長，我們只需要確保我們也專注於費用方面。我們正在這樣做。

Thanks. If I could ask one last quick question, regarding your comment about the tightening of spreads in C&I, is it predominantly the funds finance business that you're seeing that as folks have landed at other banks? And maybe, we're seeing some more competition or is it more widespread, than that?

謝謝。如果我可以問最後一個問題，關於您對工商業利差收緊的評論，隨著人們紛紛轉向其他銀行，您所看到的主要是基金金融業務嗎？也許，我們看到了更多的競爭，或者競爭是否更廣泛？

It's interesting. It's not really, I mean, the fund finance business with it always was a little lower and it came in lower and we're still seeing really good activity there maybe a tad bit, but not that much. It's really more in, I think if you go and you have a standard club deal and you just see the club deal and the company is asking for 25 basis point reduction across the grid.

這很有趣。我的意思是，這並不是真的，基金金融業務總是有點低，而且我們仍然看到那裡的活動非常好，可能有一點，但不是那麼多。我想，如果你去的話，你有一份標準的俱樂部協議，你會看到俱樂部協議，而公司要求整個電網降價 25 個基點。

The three banks consent immediately, and you're sort of sitting there deciding, well, do you want to stay or go? So that's really the type of stuff that I think we're seeing. And I think that that is much more, I don't think it's really particularly fun finance related, which is still niche enough. And I think we have really good competitive advantages there actually based on the team, the fact that we have the lender finance group there too, which is very often can work with funds in unique ways that so. I'm not really saying that it's more really in the club up stuff that they're just people, I think that there's a lot of pressure across the banking industry on asset growth and folks don't want to lose deals. And, I frankly prefer to hold pricing as most of you who follow us know. And I sometimes feel like I'm the only guy in a room that is thinking about it. But, that's sort of more what it is.

三大銀行立刻同意，然後你就坐在那裡決定，你想留下來還是離開？我認為這確實是我們所看到的類型。我認為這還不止於此，我不認為這與金融相關真的特別有趣，這仍然是足夠的利基。我認為我們在那裡擁有非常好的競爭優勢，實際上是基於團隊，事實上我們在那裡也有貸方財務團隊，該團隊通常可以以獨特的方式與資金合作。我並不是說，更重要的是，他們只是人，我認為整個銀行業在資產成長方面面臨很大的壓力，人們不想失去交易。而且，坦白說，我更喜歡保持定價，正如大多數關注我們的人都知道的那樣。有時我覺得我是房間裡唯一一個在思考這個問題的人。但是，這更是如此。

Great colar. Thank you.

很棒的顏色。謝謝。

And the next question comes from the line of David Feaster with Raymond James. Please proceed with your question.

下一個問題來自大衛·費斯特和雷蒙德·詹姆斯的台詞。請繼續你的問題。

Hey, good afternoon, everybody.

嘿，大家下午好。

Hey, David, how are you doing?

嘿，大衛，你好嗎？

Doing great. I wanted to touch on the deposit side. You guys started repricing deposits even ahead of cuts. Great to see the decline in deposit costs. I'm curious, have you gotten any pushback or seen any attrition as you've taken rates down? And then just how do you think about betas this cycle? And where do you see opportunity for deposit growth? Obviously, the securities business is a tremendous opportunity for low-cost deposit growth. But just curious, some of the verticals that you think that you're most excited about your term.

做得很好。我想談談存款方面。你們甚至在削減之前就開始重新定價存款。很高興看到存款成本下降。我很好奇，當你降低利率時，你是否遇到任何阻力或任何人員流失？那麼您如何看待本週期的測試版呢？您認為存款成長的機會在哪裡？顯然，證券業務是低成本存款成長的巨大機會。但只是好奇，您認為您對您的任期最感興趣的一些垂直領域。

Right? Yeah, the entire C&I set of verticals across the lending businesses and the teams we've hired in the middle market space, the fund finance business and that technology and venture side, which really is going to be much more focused on deposits and lending and we're not doing venture lending. They have typical a bl products, cash flow stuff, but they don't have any sort of specialty products, but they have, they're already bringing a lot of deposits and there's just a real sort of need there.

正確的？是的，整個 C&I 垂直領域涵蓋貸款業務以及我們在中間市場空間、基金金融業務以及技術和風險方面僱用的團隊，這實際上將更加關注存款和貸款以及我們不做風險貸款。他們有典型的BL產品，現金流的東西，但他們沒有任何特殊產品，但他們有，他們已經帶來了大量的存款，而且那裡有真正的需求。

So we're seeing that across the board and we're seeing really good a growth on the business side, which was the plan to do that. It obviously requires some investments in in personnel which you all show up in the operating expense. But I think it's well worth it. And the teams are doing a really good job. We did see some attrition in the consumer side but not so much as to be particularly worrisome and it grew, it still ended up growing for the quarter. So, it makes the marketing a little less efficient. So you end up with a slightly higher cost per new account, but nothing that was particularly concerning. And so, I've said publicly that we intend to have essentially, we intend to essentially offset on the way down our deposit costs with our reduction in interest income from our floating rate loans. I think we definitely did that for this period. And then, we just continue to test ourselves throughout that. And I think we're in a much better shape than we ever have been given the diversity and given all the work that's done on the commercial side. Frankly, they're so busy and new account opening that we're hiring a lot of service people on the commercial side and stuff like that. So that momentum is there. And I think it really feels like it's continuing.

因此，我們看到了全面的成長，我們看到業務方面的成長非常好，這就是這樣做的計劃。顯然，這需要對人員進行一些投資，這些投資都體現在營運費用中。但我認為這是非常值得的。團隊做得非常好。我們確實看到消費者方面出現了一些流失，但還沒有嚴重到特別令人擔憂的程度，而且它還在增長，但本季最終仍然在增長。因此，這使得行銷效率降低了一些。因此，每個新帳戶的成本最終會稍高一些，但沒有什麼特別令人擔憂的。因此，我公開表示，我們打算透過減少浮動利率貸款的利息收入來基本上抵消存款成本的下降。我認為我們在這段時間確實做到了這一點。然後，我們就繼續在整個過程中測試自己。我認為，我們的狀況比以往任何時候都要好得多，因為我們擁有多樣性，並且在商業方面所做的所有工作都是如此。坦白說，他們非常忙，而且要開設新帳戶，因此我們在商業方面僱用了很多服務人員以及類似的人員。所以這種勢頭是存在的。我認為這確實感覺它正在繼續。

That's great. And then maybe just touching on some of these new verticals you were talking about. Where are we at in the build out? Have we started to see the contribution? I know the middle market is a pretty new hire, but life sciences and tech like you talked about, I mean, I think we did entertainment management, the marine floor plan. Just kind of curious where we are in the build out a few of those lines and how you think about the them contributing to growth going forward?

那太棒了。然後也許只是觸及您正在談論的一些新垂直領域。我們在建設中處於什麼位置？我們已經開始看到貢獻了嗎？我知道中間市場是個相當新的員工，但像你談到的生命科學和技術，我的意思是，我認為我們做了娛樂管理、海洋平面圖。只是有點好奇我們在建立其中一些產品線方面處於什麼階段，您如何看待它們對未來成長的貢獻？

Right, the tech and VC side is extremely new. I think we're going to drop out a press release. I think probably this week that has just the names of the folks and their experience.

是的，技術和風險投資方面是非常新的。我想我們會放棄一份新聞稿。我想本周可能只有這些人的名字和他們的經驗。

I think they're extremely impressive group. It was actually quite fun to go up there and meet all of their connections because it was neat to have lunch with all these, venture capital, legends frankly that I have never gotten a chance to meet before. It's, these guys are in a really interesting spot there and they're bringing and they're opening deposit accounts. We're not doing venture lending, but there's a lot of lending that can be done just on the existing products that we have, but that's really new.

我認為他們是非常令人印象深刻的團體。去那裡會見他們所有的聯繫人實際上很有趣，因為與所有這些風險投資、傳奇人物共進午餐真是太棒了，坦白說，我以前從未有過機會見到他們。這些人正處於一個非常有趣的地方，他們正在帶來並開設存款帳戶。我們不做風險貸款，但有很多貸款可以只利用我們現有的產品來完成，但這確實是新的。

I mean, those guys have sort of landed and taken their training and started opening some accounts, the middle market side kind of the same way by the individual we hired as San Diego based, was an EVP at a larger bank and ran that business for them. We're consolidating some existing folks under him. He's bringing some people. So that's, that's also quite new and really not a lot there.

我的意思是，這些人已經登陸並接受了培訓，並開始開設一些帳戶，中間市場方面與我們在聖地亞哥僱用的個人的方式相同，他是一家較大銀行的執行副總裁，並經營該業務他們。我們正在將一些現有人員整合到他手下。他帶了一些人來。也就是說，這也是相當新的，而且確實不多。

The entertainment side, that is, boarding a lot of accounts. I think they're on balance sheet. They're still below $100 million but I think they'll cross over that. Those accounts tend to be a little smaller but those are zero cost deposits, continuing to happen, there's a decent pipeline there.

娛樂方面，就是寄宿很多帳號。我認為他們在資產負債表上。雖然仍低於 1 億美元，但我認為他們會突破這個數字。這些帳戶往往要小一些，但這些都是零成本存款，而且還在繼續發生，那裡有一個不錯的管道。

Frankly, software is okay. We're doing a lot there on that software. We're making a very significant investment. It's going to be quite something when it gets done the software and it's going to be really awesome for RIAs as well because that whole idea that RIA can manage the entire accounting, bill payments of their clients is something that the RIAs are excited about too.

說實話，軟體還可以。我們在該軟體上做了很多工作。我們正在進行一項非常重大的投資。當軟體完成後，這將是一件了不起的事情，對於 RIA 來說也將是非常了不起的，因為 RIA 可以管理客戶的整個會計、帳單支付的整個想法也是 RIA 感到興奮的事情。

So we're excited to put that into our platform that faces the RIAs.

因此，我們很高興將其放入面向 RIA 的平台中。

The marine side, we're getting traction on the floor plan side, which is really what we wanted to focus there. So doing new floor plan lines and we're continuing to sign new manufacturers.

在海洋方面，我們正在平面圖方面獲得牽引力，這確實是我們想要關注的重點。因此，我們正在製定新的平面圖生產線，並繼續與新的製造商簽約。

The retail side, we're trying to make it a gain on sale business. We've got some new banks that are interested in buying the 20 year paper. We do have a little bit of a fundamental disconnect, but with respect to how we think about interest rate risk and what we want to put on the balance sheet and that we have a bucket for it for some of 20 year stuff.

在零售方面，我們正在努力使其成為銷售業務的收益。我們有一些新銀行有興趣購買 20 年期票據。我們確實有一點根本性的脫節，但就我們如何看待利率風險以及我們希望在資產負債表上記下的內容而言，我們有一個20年的桶子。

We're really looking to try to make that more of a gain on sale business. And so we've got some traction there as well. And the floor plan side, we're definitely making progress. We want to expand that floor plan side to some other lending categories as well. We like that business. We think it can be a good national niche.

我們確實希望在銷售業務中獲得更多收益。所以我們在這方面也有一些吸引力。在平面圖方面，我們肯定正在取得進展。我們也希望將平面圖擴展到其他一些貸款類別。我們喜歡那個生意。我們認為它可以成為一個很好的國家利基市場。

Okay. And then just last one for me, you touched on the white level, roll out with the securities business, when would you expect a broader roll out? How's feedback been broadly? And what do you think are some of the implications of that? Do you think that helps accelerate client acquisition? Is it open up some cross selling opportunities withi the securities business? Does it?

好的。最後一個問題是，您談到了白色層面，推出了證券業務，您預計什麼時候會進行更廣泛的推廣？廣泛的反饋如何？您認為這會產生哪些影響？您認為這有助於加速客戶獲取嗎？它是否在證券業務中開闢了一些交叉銷售機會？是嗎？

No, it absolutely does. Yeah, we're starting to absolutely get that that where those advisers are acting as sales people for Axos business deposits, both business deposits and consumer deposits and so we are seeing that and it is helping deposit growth and it's helping in a different ways. And we're also needing to continue to evolve what we're doing up our service game.

不，絕對是如此。是的，我們開始完全明白這一點，那些顧問充當 Axos 商業存款（包括商業存款和消費者存款）的銷售人員，因此我們看到了這一點，它正在幫助存款增長，並以不同的方式提供幫助。我們還需要繼續發展我們正在做的服務遊戲。

As we as we make sure that we're serving these clients in a way that they're used to being serviced, which is happening. And I think I'm very excited about it because I think that we are seeing a lot of traction of new advisors. Come on, they're hungry for banking products. And they're interested in working, with us.

當我們確保我們以他們習慣的方式為這些客戶提供服務時，這種情況正在發生。我認為我對此感到非常興奮，因為我認為我們看到了新顧問的巨大吸引力。來吧，他們渴望銀行產品。他們有興趣與我們合作。

Now, what we have done previously is we've tried to essentially offer sort of more zero interest style accounts on the checking side and make them more payment facilitation accounts. We're still going to do that, but we're rolling out, we're calling an Axos one product, which is, if somebody has an active checking account, essentially, they can get a high yield companion account. And we took that out for feedback and getting a lot of incredible feedback from that. So, we're continuing to refine the product, but I think it's a great channel and I think it's exciting as we board these Rias who have, we have direct relationships with rather than through tamps. We really have an opportunity that's much better than going through the tamps.

現在，我們之前所做的就是嘗試在支票方面本質上提供更多的零利率帳戶，並使它們成為更多的支付便利帳戶。我們仍然會這樣做，但我們正在推出，我們將 Axos 稱為單一產品，也就是說，如果有人擁有活躍的支票帳戶，本質上，他們可以獲得一個高收益的配套帳戶。我們把它拿出來徵求回饋，並從中得到了很多令人難以置信的回饋。因此，我們正在繼續完善產品，但我認為這是一個很棒的管道，我認為這很令人興奮，因為我們與這些 Rias 建立了直接關係，而不是透過 tamps。我們確實有一個比透過夯實更好的機會。

Okay. That's helpful.

好的。這很有幫助。

Thanks everybody.

謝謝大家。

Thank you.

謝謝。

And the next question comes from the line of Kelly Motta with KBW. Please proceed with your question.

下一個問題來自凱利·莫塔 (Kelly Motta) 與 KBW 的對話。請繼續你的問題。

Hey, good afternoon. Thanks for the question. I'd like to circle back to the margin. I appreciate the outlook. It doesn't sound like it's changed much. But your margin was about 20 basis points higher ex that accelerated accretion you had just wondering, I know you had talked about spreads coming in for loan yields. Just wondering with the payoffs and pay downs. You saw this quarter if there was any excess loan fees or interest recoveries in there that contributed to that margin, core margin pop this quarter that we should be thinking about as we're modeling ahead.

嘿，下午好。謝謝你的提問。我想繞回邊緣。我很欣賞這種前景。聽起來沒有太大改變。但你的利潤率大約高出 20 個基點，除此之外，你只是想知道，我知道你已經談到了貸款收益率的利差。只是想知道回報和付出。您看到本季是否有任何超額貸款費用或利息回收導致了本季的利潤率、核心利潤率的成長，我們在未來建模時應該考慮這一點。

Hey, Kelly. No, there, there wasn't any one time things like that, any interest recapture or anything like that. I think as Greg kind of highlighted earlier, we may be slightly conservative in what we're forecasting. But also given the management between the growth and the forward-looking rate aspect that we're weighing those two to try to drive some additional growth as we look forward.

嘿，凱利。不，那裡，沒有任何一次性的事情，任何利益重新獲得或類似的事情。我認為正如格雷格之前所強調的那樣，我們的預測可能稍微保守一些。但考慮到成長和前瞻性利率方面之間的管理，我們正在權衡這兩者，以試圖在我們的未來推動一些額外的成長。

Yeah, I think that maybe there are deals that I'm making some pricing concessions on to keep. So, just in the book where the competition is trying, Let's say, particularly on these club deals are trying to take them away and the club's conceding and we're going to concede to in order to ensure we have loan growth. So that is a pressure. Now, you have to remember offsetting that there's still a lot of loans, we had that there's a decent bit of the book that's still five-year fixed rate and those are continuing to roll off.

是的，我認為也許我會在價格上做出一些讓步以保留某些交易。所以，就在書中，競爭正在嘗試，可以說，特別是在這些俱樂部交易上，他們試圖奪走他們，俱樂部的讓步，我們也將讓步，以確保我們的貸款成長。所以這是一種壓力。現在，你必須記住抵消仍然有很多貸款，我們有相當多的書仍然是五年期固定利率，而這些貸款正在繼續滾動。

And particularly, I mean, if it depends on how far you're looking forward, the single family, there's a lot of repricing that's towards the end of 2025 and 2026, I mean, billions of dollars of it. So that's that also will have a positive impact just it just depends on when.

特別是，我的意思是，如果這取決於你對單身家庭的期望有多遠，那麼到 2025 年底和 2026 年會有很多重新定價，我的意思是，價值數十億美元。所以這也會產生正面的影響，只是取決於時間。

Awesome. I really appreciate that color. You guys have been opportunistic with loan portfolio repurchases. We saw obviously the FDIC deal that you did before. I was looking at your Y-9C and it looks like the commercial real estate exposure kicked up above 300%. 2-part question one wondering if that's a reclass or if there was some sort of makes shift that, that contributed that. And two, if that impacts how you're thinking about commercial real estate exposure ahead and your appetite and willingness for both originated and acquired, growth in CRE?

驚人的。我真的很欣賞這種顏色。你們一直在貸款組合回購方面投機取巧。我們顯然看到了您之前所做的 FDIC 交易。我正在查看你們的 Y-9C，看起來商業房地產風險敞口已超過 300%。由兩部分組成的問題一想知道這是否是重新分類，或者是否有某種改變，導致了這一點。第二，這是否會影響您對未來商業房地產風險的看法，以及您對商業房地產的起源和收購成長的興趣和意願？

No, I don't think I'm would have to circle back with you on exactly the Y-9C aspects. But I know we went through classified a lot of loans, non-depository, financial institutions on reports rather than the underlying collateral just based on the structure of the loans. So that might have been one factor of what you're seeing when we amended some of those reports a while back. But no, there hasn't been any dramatic shift and I think you can see that in the press release and the specifically the supplement that we provide with regards to that Creswell balance, it's really been a slightly range over the last 12 months as the as we've been facing some repayment headwinds in the Creswell book.

不，我認為我不必再與您討論 Y-9C 方面的問題。但我知道我們在報告上對許多貸款、非存款、金融機構進行了分類，而不是僅僅根據貸款的結構對基礎抵押品進行了分類。因此，這可能是我們不久前修改其中一些報告時所看到的因素之一。但不，並沒有發生任何戲劇性的轉變，我想您可以在新聞稿中看到，特別是我們提供的有關克雷斯韋爾平衡的補充資料中，在過去12 個月中，情況確實略有變化，因為因為在克雷斯韋爾的書中，我們一直面臨一些還款阻力。

Balance it. I mean, so the direct answer to your question is, we'd like to grow and with loans that we meet our credit criteria in commercial real estate.

平衡一下。我的意思是，所以對你問題的直接回答是，我們希望發展壯大，並透過符合商業房地產信用標準的貸款。

We're not limited by a concentration limit that's sort of floating around in the abstract there. We have concentration limits, but we're not hitting them. And in fact, we're having difficulty even maintaining the current concentration quite frankly, not that's a goal, but it's just we'd like to grow I think it's not really that there's fewer deals in commercial real estate and what's also happening to us is that what's making a significant difference is in some projects.

我們不受抽像中漂浮的濃度限制的限制。我們有濃度限制，但我們還沒有達到它們。事實上，坦白說，我們甚至很難維持目前的集中度，這不是一個目標，而只是我們想要成長，我認為這並不是商業房地產交易減少了，我們也發生了什麼事重要的是在在某些項目中產生了顯著的變化。

We're starting to see bridge lenders start reaching back sooner in some of the construction side, and taking out earlier at very low some of those loans. And so that's happening. Those are usually in in partnership with a private debt fund in there. And so sometimes we're seeing that, but we're still interested in growing our commercial real estate book. The book is doing extremely well. Just watching everything and all the noise around stuff, it's,it's looking quite good. And we're still interested in growing it. But, we're doing our best to do that.

我們開始看到過橋貸款人開始在一些建築方面更快地收回資金，並更早以非常低的價格取出其中一些貸款。事情就是這樣發生的。這些通常與那裡的私人債務基金合作。所以有時我們會看到這種情況，但我們仍然有興趣增加我們的商業房地產書籍。這本書的銷量非常好。只是看著一切以及周圍事物的所有噪音，它看起來相當不錯。我們仍然有興趣發展它。但是，我們正在盡力做到這一點。

Got it. That's helpful. Maybe last one for me if I could slip it in. I appreciate the color on the NPA migration. And what caused that? It sounds like one of the more impactful ones was a club deal where the leader on that may have made some concessions that you wouldn't have. I wondering if you could provide a size of your snacks or kind of larger club deals. And so.

知道了。這很有幫助。如果我能把它塞進去的話，也許是我的最後一個。我很欣賞 NPA 遷移的顏色。是什麼造成了這種情況？聽起來更有影響力的交易之一是俱樂部的交易，其中領導者可能會做出一些你不會做的讓步。我想知道您是否可以提供一定量的零食或較大的俱樂部優惠。所以。

That wasn't a club deal. That wasn't, I mean, the only way I would think of a club deal is you got four banks, five banks. This was a very large indicate shared national credit. And yeah, as far as, I don't know, did we pull a shared national credit number or just or does that include club stuff? Because the club stuff's kind of different. Is that SNCs(inaudible)? Yeah, okay, so cash flow based SNCs total is a billion. But I mean this is very idiosyncratic. And yeah, it's not, I wouldn't you know, the rest of these SNCs. We do enterprise value calculations off them, they're obviously graded by others. And the grade the grading is strong, and in the vast majority of that book.

那不是俱樂部的交易。我的意思是，我認為俱樂部交易的唯一方式不是擁有四家銀行、五家銀行。這是一個非常大的共同國家信用的體現。是的，到目前為止，我不知道，我們是否提取了共享的國家信用號碼，或者只是或是否包括俱樂部的東西？因為俱樂部的東西有點不同。這是 SNC（聽不清楚）嗎？是的，好吧，基於現金流的 SNC 總額為 10 億。但我的意思是這非常特殊。是的，你不知道，這不是其他 SNC。我們根據它們進行企業價值計算，它們顯然是由其他人評分的。而且評分標準很強，而且在這本書的絕大多數內容中。

Got it. I appreciate the colorl and I'll step back. Thank you.

知道了。我很欣賞這種顏色，我會退後一步。謝謝。

And the next question comes from the line of Edward Hemmelgarn with shaker investments. Please proceed with your question.

下一個問題來自愛德華‧赫梅爾加恩 (Edward Hemmelgarn) 的搖搖投資系列。請繼續你的問題。

Yeah, thanks. Great. Just a couple of questions more involved again with the loan pricing and what also participation, what percentage of your loans or participation, loans or shared loans? As opposed to loans that you are solely originating.

是的，謝謝。偉大的。還有幾個問題涉及貸款定價以及參與度，您的貸款或參與度、貸款或共享貸款的百分比是多少？與您獨自發起的貸款相反。

It depends very much on the group and I'd have to go through each group to go through that. And, in CRESL, almost all those loans have junior participants, but that's not generally what we're talking about in that instance, right? And so there's so many different variations. So the CRESL loans almost always have a junior counterparty whether it's a mess or some other investment from a fund or what not. Almost all of them, but not all of them, 90% or something. And then in a lot of cases, we've actually have hired some syndication folks and are syndicating our own deals. So in a lot of cases, in the future, this is a smaller part of the book. Now we're acting as agent and we're getting the deposits and then we're syndicating deals out to clubs and then we're so often for the companies that we want to bank, which are more established companies, the hold sizes sometimes on the on the cash flow side, end up being clubbed up with others, but there's just a variety of different ways that can happen. So it really just depends on the business on that. Let's say straight, regular multifamily, it's almost all, direct and there may be, we may bring in if the borrower wants more leverage, we may bring in a mess partner, but most of the time that's just direct without a mess partner. So it just depends on the business.

這在很大程度上取決於小組，我必須通過每個小組才能完成這個任務。而且，在 CRESL 中，幾乎所有這些貸款都有初級參與者，但這通常不是我們在這種情況下討論的內容，對吧？所以有很多不同的變化。因此，CRESL 貸款幾乎總是有一個初級交易對手，無論是混亂的交易還是來自基金的其他投資等等。幾乎全部，但不是全部，90%左右。在很多情況下，我們實際上已經僱用了一些聯合組織人員並聯合我們自己的交易。所以在很多情況下，在未來，這只是本書的一小部分。現在我們作為代理人，我們收到存款，然後我們將交易發給俱樂部，然後我們經常為我們想要銀行的公司提供服務，這些公司都是更成熟的公司，有時持有規模在現金流方面，最終會與其他人結盟，但發生的方式有很多種。所以這實際上取決於業務。比方說，直接的、常規的多戶家庭，幾乎都是直接的，而且可能有，如果借款人想要更多的槓桿作用，我們可能會引入，我們可能會引入混亂的合作夥伴，但大多數時候，這只是直接的，沒有混亂的合作夥伴。所以這只是取決於業務。

Do you, do you feel you're underwriting is stronger where you are the one that's originating loans or is there any difference?

您是否認為，如果您是發放貸款的人，您的承保能力更強，或者有什麼區別嗎？

Yeah. Well, look, yes, I do think that there are concessions that are given up in the market on certain documentation issues that we find difficult to push back on frankly. I mean, one of this issue that we're having with this loan is fundamentally a documentation issue in the sense that we, we believe the documentation.

是的。嗯，聽著，是的，我確實認為市場在某些文件問題上放棄了一些讓步，我們發現坦率地說很難反駁這些讓步。我的意思是，我們在這筆貸款中遇到的問題之一從根本上來說是文件問題，因為我們相信文件。

I don't want to get too much into it because we'll probably end up litigating it. But I mean, the documentation I think is clear enough, but there's other opportunities to make it more clear in the industry and sometimes that movement is a little bit more difficult. So and then look, I think the reality of that everybody's had a panic attack over time, over commercial real estate and the reality of how we do the commercial real estate with our loan to values and our fund partners is fundamentally a different structure. It's an incredibly good structure.

我不想過多地討論它，因為我們最終可能會為此提起訴訟。但我的意思是，我認為文件已經足夠清晰了，但是行業中還有其他機會可以使其更加清晰，有時這種運動會有點困難。所以，然後看，我認為隨著時間的推移，每個人都對商業房地產感到恐慌，而我們如何透過價值貸款和我們的基金合作夥伴來處理商業房地產的現實從根本上是不同的結構。這是一個非常好的結構。

It requires a lot of equity and it has a lot of incentives to make sure that, you continually gain investments from, from those clients and it doesn't have the volatility that an individual company can have. So I think in general when you're doing C&I lending, I mean, some of it might be some of those idiosyncrasies, but some of it is also when you're lending to an individual company and that there's different things that can go wrong in C&I landing, but not in this case.

它需要大量的股權，並且有很多激勵措施來確保您不斷從這些客戶那裡獲得投資，並且不會出現單一公司可能具有的波動性。所以我認為一般來說，當你進行商業和工業貸款時，我的意思是，其中一些可能是一些特質，但有些也是當你向個別公司貸款時，可能會出現不同的問題在C&I 著陸中，但在本例中並非如此。

They're very large logistics company and the pricing for their product has deteriorated, it has come back some, but it's deteriorated and that is a specific risk. And that's just going to be fundamentally different than you're at 40% LTV on an apartment, right? And you say, gee if the apartment, if people don't like the apartment as much, we can cut the rents by half and still make it work, right? So it is a different, I think it just has to be reflected that, look, I think we're still going to do very well on, on all those loans. I just think having sort of the kind of perfect record that we've had essentially perfect record on a commercial, over a decade and a half or commercial real estate and single family real estate as far as losses, you know, I don't know. Look, I'm not convinced this is going to go that way either. But, it's just something to watch and the risks are different.

他們是非常大的物流公司，他們的產品定價已經惡化，已經回升了一些，但價格已經惡化，這是一個特定的風險。這與公寓的 LTV 為 40% 有著根本的不同，對吧？你說，哎呀，如果公寓，如果人們不太喜歡這套公寓，我們可以將租金減半，但仍然可以正常使用，對嗎？所以這是不同的，我認為它只需要反映出，看，我認為我們在所有這些貸款上仍然會做得很好。我只是認為我們擁有一種完美的記錄，我們在商業領域，超過十五年，或者商業房地產和單戶房地產，就損失而言，基本上是完美的記錄，你知道，我不知道知道。聽著，我也不相信事情會朝那個方向發展。但是，這只是值得關注的事情，風險也不同。

Okay. And talk a little bit more about pricing. I know you've got that question a number of times but I was looking back as recently as the June quarter of 2021 and you were in the pricing range, net margin range, that was around, what you've always talked about was 3.8% to 4%. And it's clearly in the last several years. I mean, it's expanded a lot even ignoring the purchase the FDIC purchase loans.

好的。並更多地談論定價。我知道您已經多次提出這個問題，但我回顧了最近的 2021 年 6 月季度，您處於定價範圍、淨利潤範圍內，您一直在談論的是 3.8 % 至 4%。很明顯是在過去幾年。我的意思是，即使忽略購買 FDIC 購買貸款，它也擴大了很多。

Are you still comfortable with the 3.8% to 4%? I mean, that's the kind of gradually you'll be moving back down towards that and doing more volume.

3.8%到4%你還滿意嗎？我的意思是，你會逐漸回到這個目標並做更多的訓練量。

Johnny always loves to stand back the interest margin thing. That was always funny to me because I kept on wondering how high can it get before he keeps on wanting to say it's still 3.8% to 4%. And now he's just smiling at me. But look, I think there has been some fundamental structural changes in the business and so there have been one of them is that we've spent a lot more money and built a very good commercial deposit franchise and that is growing and that's lower cost deposits.

強尼總是喜歡在息差問題上袖手旁觀。這對我來說總是很有趣，因為我一直想知道它能達到多高，然後他一直想說仍然是 3.8% 到 4%。現在他只是對我微笑。但是你看，我認為業務發生了一些根本性的結構性變化，其中之一就是我們花費了更多的錢並建立了非常好的商業存款特許經營權，而且這種特許經營權正在增長，存款成本更低。

So we're spending more on OpEx and we're managing through that and it appears to be working and hopefully they'll continue to work. And we see it working, we see volumes and all sorts of treasury management indicators getting better. So that is helpful. Right? So when you have that and you continue to have even the last several quarters, the growth in that those have been very good. It gives you pricing power on the consumer side that you might not otherwise have had, right? So al that's really good. We also have quite a diversity of lending businesses as well.

因此，我們在營運支出上投入了更多資金，我們正在對此進行管理，這似乎正在發揮作用，希望他們能繼續發揮作用。我們看到它正在發揮作用，我們看到數量和各種資金管理指標都在變得更好。所以這很有幫助。正確的？因此，當你做到這一點並且在過去幾個季度繼續做到這一點時，這些成長就非常好。它賦予你在消費者方面的定價權，否則你可能沒有，對嗎？所以這真的很好。我們的貸款業務也相當多元化。

Now, a big part of the whole margin benefit was that we got the interest rate risk right? In a way that I think most of our competitors didn't, right? So we just, we emptied the bond portfolio, right? We got super short on everything, even on multifamily, we started originating 2 to 3 year deals rather than several years before rate increase has happened.

現在，整個保證金收益的很大一部分是我們的利率風險，對嗎？我認為我們的大多數競爭對手都沒有這樣做，對嗎？所以我們只是清空了債券投資組合，對吧？我們在所有方面都非常短缺，甚至在多戶家庭中也是如此，我們開始發起 2 到 3 年的交易，而不是在利率上漲之前的幾年。

So we were in a much better position that way. And so now I also think that now the way we've funded the growth, we also are going to be able to manage it down because of what we've managed the deposit rates down, right? Because we have the benefit of having this strong business deposit side. So I think that will be helpful. Now, look, I do think that a legitimate threat to the quite beautifully elevated level that it's at is that there's market pricing, happening where I think there's just in general.

所以我們的處境好得多。所以現在我也認為，現在我們為成長提供資金的方式，我們也將能夠透過降低存款利率來控製成長，對嗎？因為我們擁有強大的商業存款方面的優勢。所以我認為這會有所幫助。現在，我確實認為，對目前相當高的水平的一個合理威脅是，市場定價發生在我認為普遍存在的地方。

I think that banks are hungry for loans and I think they're pricing those loans and I also think that there's a little bit of commercial real estate, maybe there's pressure on concentrations and things like that folks are moving into different areas. So those are all some of the movements there. But look, I think that we've given a new range, right,? That 425 to 435. And I think for the foreseeable future as far as we can see that that's without the benefit of the FDIC side. So I think that's the better range. And I actually don't think that's, I think that's a, I think that's a pretty reasonable range. I don't think it's easily achievable, but I don't think it's that much of a stretch either. I think it does require us to manage down deposit costs in a way that I think we clearly can and we did this last quarter. So.

我認為銀行渴望貸款，我認為他們正在對這些貸款定價，我還認為有一點商業房地產，也許存在集中度的壓力，以及人們正在遷移到不同領域之類的事情。這些就是那裡的一些動態。但是你看，我認為我們已經給了一個新的範圍，對嗎？那個425到435。我認為，在可預見的未來，我們可以看到，這並沒有 FDIC 方面的好處。所以我認為這是更好的範圍。實際上我不認為這是一個相當合理的範圍。我認為這並不容易實現，但我也不認為這有那麼難。我認為這確實要求我們以一種我認為我們顯然可以做到的方式來管理降低存款成本，我們在上個季度做到了這一點。所以。

But you've got quite a little bit of room between where you're currently at ignoring the FTSC loans. And okay.

但是，在您目前忽略 FTSC 貸款的情況之間還有相當大的空間。好吧。

So maybe there's a little sand backing in it. But I mean, look, the tough part is a tough part of this balance, right? I mean, there are loans that are coming in which have lower spreads and so that will push down on that. Right. And then if we want to retain some of the multifamily that's running off as it reprices, some of those are lower spreads as well. Right? So there's those kind of things that are happening. So there's just a lot of moving pieces. I think it's better to be more conservative with it so that, I think an estimate that's, you know, more achievable.

所以也許裡面有一點沙子。但我的意思是，看，最困難的部分就是這種平衡中最困難的部分，對嗎？我的意思是，有些貸款的利差較低，因此這將壓低利差。正確的。然後，如果我們想保留一些在重新定價時流失的多戶住宅，那麼其中一些價差也較低。正確的？所以這些事情正在發生。所以有很多移動的部分。我認為最好是更加保守，這樣，我認為這個估計更容易實現。

Okay. All right.

好的。好的。

Thanks.

謝謝。

Thank you.

謝謝。

There are no further questions at this time and I would like to turn the floor back over to Johnny Live for any closing remarks.

目前沒有其他問題，我想將發言權轉回 Johnny Live 進行結束語。

Great. Thanks for everyone's interest. Have a nice afternoon. We'll talk to you next quarter.

偉大的。感謝大家的興趣。祝你有個愉快的下午。我們將在下個季度與您交談。

And ladies and gentlemen, that does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。