Axos Financial Inc (AX) 2025 Q2 法說會逐字稿

Good afternoon and welcome to the Axis Financial second-quarter 2025 earnings call and webcast. (Operator Instructions)

下午好，歡迎參加 Axis Financial 2025 年第二季財報電話會議和網路廣播。（操作員指令）

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.

提醒一下，本次會議正在錄音。現在我很高興介紹企業發展和投資者關係資深副總裁 Johnny Lai。謝謝。強尼，你可以開始了。

And thanks for your interest in Axos. Joining us today for Axos Financial Inc. second-quarter 2025 financial results conference call are the company's President and Chief Executive Officer, Greg Garrabrants; and Executive Vice President and Chief Financial Officer, Derrick Walsh.

感謝您對 Axos 的關注。今天參加 Axos Financial Inc. 2025 年第二季財務業績電話會議的有公司總裁兼執行長 Greg Garrabrants；以及執行副總裁兼財務長德里克沃爾什 (Derrick Walsh)。

Greg and Derrick will review and comment on the financial and operational results for the three months ended December 31, 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 12 月 31 日的三個月的財務和營運表現。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 statement found in today's earnings press relates and in our investor presentation for additional details.

在我開始之前，我想提醒聽眾，本次電話會議中準備好的評論可能包含前瞻性陳述，這些陳述受風險和不確定性的影響，並且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報導和我們的投資者介紹中的安全港聲明以了解更多詳細資訊。

This call is being webcast and there will be an audio replay available in the investor relations section of the company's website located at axosfinancial.com for 30 days. Details for this call were provided on the conference call announcement and in today's earnings press release.

本次電話會議將進行網路直播，音訊回放將在公司網站 axosfinancial.com 的投資者關係部分提供 30 天。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 the call over to Greg, I'd like to remind listeners that in addition to the earnings press relates, we also issued an earnings supplement and 8-K with additional financial schedules. All of these documents can be found on axosfinancial.com.

在將電話交給格雷格之前，我想提醒聽眾，除了與收益相關的新聞外，我們還發布了一份收益補充報告和 8-K 以及額外的財務計劃。所有這些文件都可以在 axosfinancial.com 上找到。

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

說完這些，我想把電話轉給格雷格。

Thank you, Johnny, and good afternoon everyone and thank you for joining us. I'd like to welcome everyone to Axos Financial's conference call for the second quarter of fiscal 2025 ended December 31, 2024. I thank you for your interest in Axos Financial.

謝謝你，約翰尼，大家下午好，謝謝你加入我們。歡迎大家參加 Axos Financial 截至 2024 年 12 月 31 日的 2025 財年第二季電話會議。感謝您對 Axos Financial 的關注。

We delivered solid results this quarter generating double-digit year-over-year growth in net interest income and book value per share. Ending loan balances were up 1.1% linked quarter and 6.7% year over year to $19.5 billion. We continue to generate high returns as evidenced by the 17% return on average common equity and 1.7% return on assets in the three months ended December 31, 2024.

本季我們取得了穩健的業績，淨利息收入和每股帳面價值年增了兩位數。期末貸款餘額季增 1.1%，年增 6.7%，至 195 億美元。我們持續產生高回報，截至 2024 年 12 月 31 日的三個月內，平均普通股回報率為 17%，資產回報率為 1.7%。

Our strong returns contributed to a 21% year-over-year growth in our tangible book value per share. Net interest income was $280 million for the three months ended December 31, 2024, up 22.5% from the $228.6 million in the prior period.

我們強勁的回報推動我們的每股有形帳面價值年增21%。截至 2024 年 12 月 31 日的三個月，淨利息收入為 2.8 億美元，較上期的 2.286 億美元成長 22.5%。

Excluding the benefit from the early payoffs of three FDIC purchase loans in the first fiscal quarter of 2025, net interest income was up approximately $5 million linked quarter. Net interest margin was 4.83% for the quarter ended December 31, 2024, up 28 basis points from 4.55% in the quarter ended December 31, 2023, and down from 5.17% in the quarter ended September 30, 2024.

不包括 2025 財年第一季三筆 FDIC 購買貸款提前還款帶來的收益，淨利息收入環比增長約 500 萬美元。截至 2024 年 12 月 31 日季度的淨利差為 4.83%，較截至 2023 年 12 月 31 日季度的 4.55% 上升 28 個基點，較截至 2024 年 9 月 30 日季度的 5.17% 下降。

Net interest margin in the first quarter of 2025 benefited from the payoff of three loans we purchased from the FDIC. Excluding the impact from the early payoff of the three loans purchased in the three months ended September 30, 2024, net interest margin was 4.87%. Total on-balance sheet deposits increased 9.5% year over year to $19.9 million.

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。不包括截至 2024 年 9 月 30 日的三個月內購買的三筆貸款提前還款的影響，淨利差為 4.87%。表內存款總額年增 9.5% 至 1,990 萬美元。

Our diverse and granular deposit base across consumer and commercial banking and our securities business continues to support our organic loan growth. We managed our operating expenses well this quarter.

我們遍佈消費者和商業銀行以及證券業務的多樣化和細化存款基礎繼續支持我們的有機貸款成長。本季我們很好地管理了營運費用。

Total non-interest expenses for the quarter ended December 31, 2024, were down by 1.5% from the prior quarter. The efficiency ratio for the banking business segment was 41% in the second fiscal quarter of '25.

截至 2024 年 12 月 31 日的季度總非利息支出較上一季下降 1.5%。25財年第二季銀行業務部門的效率比率為41%。

Net annualized charge-offs to average loans were 10 basis points in the three months ended December 31, 2024. Excluding the auto loans covered by insurance, net annualized charge-offs to average loans were 8 basis points in the second quarter of 2025. We remain well reserved relative to our low current and historic net credit losses.

截至 2024 年 12 月 31 日的三個月內，平均貸款的淨年化沖銷額為 10 個基點。不包括保險承保的汽車貸款，2025 年第二季的平均貸款淨年化沖銷額為 8 個基點。相對於目前和歷史較低的淨信用損失，我們仍保持了良好的儲備。

Net income was approximately $104 million in the quarter ended December 31, 2024, compared to $152.8 million in the corresponding period a year ago. Excluding the gain from the FDIC loan purchase in the prior year period, the adjusted net income and adjusted EPS were $92.5 million and $1.60 per share, respectively.

截至 2024 年 12 月 31 日的季度，淨收入約為 1.04 億美元，而去年同期為 1.528 億美元。不包括去年同期購買 FDIC 貸款的收益，調整後淨收入和調整後每股收益分別為 9,250 萬美元和 1.60 美元。

Non-GAAP adjusted earnings per share for the three months ended December 31, 2024, was $1.82, $1.82. Net growth in our non-purchased loans for investment were $208 million for the three months ended December 31, 2024. The strong loan originations of $3.5 billion and growth in single-family mortgage loss and C&I loan balances were offset by declines in loan balances in our 5/1 hybrid ARM, single-family, and multifamily jumbo mortgages of $381 million this quarter.

截至 2024 年 12 月 31 日的三個月的非 GAAP 調整後每股收益為 1.82 美元，1.82 美元。截至 2024 年 12 月 31 日的三個月，我們未購買的投資貸款淨增加 2.08 億美元。本季度，35 億美元的強勁貸款發放量以及單戶住宅抵押貸款損失和 C&I 貸款餘額的增長被我們的 5/1 混合 ARM、單戶住宅和多戶住宅巨額抵押貸款的貸款餘額下降 3.81 億美元所抵消。

We believe that we can reduce these significant headwinds to loan growth this quarter in single-family jumbo mortgages, given that the pipeline has risen from $345 million in the prior quarter to $496 million due to recent competitive exits, selective rate reductions and some systems from the yield curve.

我們相信，我們可以減輕本季獨戶巨額抵押貸款貸款成長面臨的重大阻力，因為受近期競爭性退出、選擇性利率下調和收益率曲線的一些系統影響，貸款規模已從上一季的 3.45 億美元增至 4.96 億美元。

We also believe we have the potential to be flat to slightly up in our multifamily hybrid ARMs this quarter given that the yield curve isn't working as actively against this product as it has been over the last several years and we're seeing more rational valuations in the market.

我們也認為，本季我們的多戶型混合 ARM 有可能持平或略有上漲，因為殖利率曲線對該產品的影響不像過去幾年那樣積極，我們看到市場估值更加合理。

Lender finance, fund finance, and equipment leading had strong originations and net loan growth this quarter. Ending balances in our auto loan portfolio were up slightly at December 31, 2024, representing the first sequential increase since the first quarter of fiscal year 2023.

本季度，貸款融資、基金融資和設備領導者的貸款發放量和淨貸款增長強勁。截至 2024 年 12 月 31 日，我們汽車貸款組合的期末餘額略有增加，這是自 2023 財年第一季以來的首次連續成長。

Average loan yields for the three months ended December 31, 2024, was 8.37%, down from 9.01% in the prior quarter and up 19 basis points from the corresponding period a year ago. Average loan yields for non-purchased loans were [8.08%] average yields for purchased loans were 13.92% which includes the accretion of our purchase price discount.

截至 2024 年 12 月 31 日的三個月的平均貸款收益率為 8.37%，低於上一季的 9.01%，比去年同期上升 19 個基點。非購買貸款的平均貸款收益率為 [8.08%] 購買貸款的平均收益率為 13.92%，其中包括我們的購買價格折扣的增加。

The prepayment of three FDIC-acquired loans increased the first quarter 2025 average loan yield by 30 basis points. Excluding the FDIC loan prepayments in the September 2024 quarter, average yields were down sequentially due primarily to loan mix. The remaining FDIC purchased loans continue to perform and all loans in that portfolio remain current.

三筆 FDIC 收購貸款的提前償還使 2025 年第一季的平均貸款收益率提高了 30 個基點。不包括 2024 年 9 月季度的 FDIC 貸款預付款，平均收益率環比下降，主要原因是貸款組合。FDIC 購買的剩餘貸款繼續有效，且該投資組合中的所有貸款均保持當前狀態。

New interest -- loan interest rates were the following: single-family mortgage, 8.3%; multifamily, 9.2%; C&I, 8.5%; auto, 9.7%. Ending deposit balances of $19.9 billion were roughly flat linked quarter and up 9.5% year over year.

新利息－貸款利率如下：單戶抵押貸款，8.3%；多戶住宅，9.2%；商業和工業，8.5%；汽車，9.7%。期末存款餘額為 199 億美元，與上一季基本持平，年增 9.5%。

Demand, money market, and savings accounts representing 96% of total deposits at December 31, 2024, increased by 10.6% year over year. We have a diverse mix of funding across a variety of business verticals with consumer and small business representing 60% of total deposits, commercial TM and institutions representing 20%, commercial specialty representing 8%, Axos fiduciary services representing 6%, and Axos Securities, which is our custody and clearing, representing 4%.

截至 2024 年 12 月 31 日，活期、貨幣市場和儲蓄帳戶佔總存款的 96%，年增 10.6%。我們的資金結構多元化，涉及多個垂直業務，其中消費者和小型企業佔總存款的 60%，商業 TM 和機構佔 20%，商業專業佔 8%，Axos 信託服務佔 6%，而我們的託管和清算業務 Axos Securities 佔 4%。

Total noninterest-bearing deposits were approximately $3 billion at the end of the quarter. Total ending deposit balances at Axos Advisory Services, including those on and off Axos' balance sheet, were up approximately $78 million compared to the prior quarter. Client cash sorting has stabilized at/or near the bottom, representing approximately 3% of assets under custody at the end of the quarter compared to the historic range of 6% to 7%.

本季末，無息存款總額約 30 億美元。Axos Advisory Services 的總期末存款餘額（包括 Axos 資產負債表內和表外的存款餘額）較上一季增加了約 7,800 萬美元。客戶現金分類已穩定在底部或接近底部，佔本季末託管資產的約 3%，而歷史範圍為 6% 至 7%。

We are focused on adding net new assets from existing and new advisers to grow our assets under custody and cash balances. In addition to our Axos security deposits on our balance sheet, we had approximately $450 million of deposits off balance sheet at partner banks.

我們專注於從現有和新顧問那裡增加淨新資產，以增加我們的託管資產和現金餘額。除了我們資產負債表上的 Axos 保證金存款外，我們在合作銀行的資產負債表外還有約 4.5 億美元的存款。

For the quarter ended December 31, 2024, our consolidated net interest margin was 4.83% compared to 5.17% in the quarter ended September 30, 2024, excluding the 30 basis point boost from the FDIC purchased loans that paid off early, our consolidated net interest margin would have been 4.87% for the September 30, 2024 quarter.

截至 2024 年 12 月 31 日的季度，我們的合併淨利差為 4.83%，而截至 2024 年 9 月 30 日的季度為 5.17%，不包括提前償還的 FDIC 購買貸款帶來的 30 個基點的增長，我們截至 2024 年 9 月 30 日季度將合併為 4.7%。

We break out the average balances on loan yields for the purchase and nonpurchased loans and our supplemental schedules provided as an exhibit to the press release for readers to separate the impact of the loan purchase on net interest margin.

我們將購買貸款和非購買貸款的貸款收益率的平均餘額以及作為新聞稿附件提供的補充時間表分開，以便讀者區分貸款購買對淨利差的影響。

We continue to hold excess liquidity, which had an 18 basis point drag on our net interest margin in the quarter ended December 31, 2024. Our net interest margin remains above the high end of our target with and without the benefit from the FDIC purchased loans, largely because of the diversity and granularity of our funding across our consumer banking, commercial banking, and securities businesses.

我們繼續持有過剩流動性，這對我們的淨息差造成了 2024 年 12 月 31 日止季度的 18 個基點的拖累。無論有沒有 FDIC 購買貸款的收益，我們的淨利差仍然高於目標上限，這主要是因為我們的消費者銀行、商業銀行和證券業務的融資多樣性和精細度。

Total interest-bearing deposit costs were [3.95%] for the quarter ended December 31, 2024, down 51 basis points from the prior quarter. We have been able to reprice our higher-cost consumer and wholesale deposits while maintaining on-balance sheet deposits roughly flat. We continue to grow our lower cost and noninterest-bearing deposits in our commercial cash management and treasury businesses as well as our specialty deposit business.

截至 2024 年 12 月 31 日的季度，總計息存款成本為 [3.95%]，較上一季下降 51 個基點。我們已經能夠對成本較高的消費者和批發存款重新定價，同時保持表內存款大致持平。我們繼續在商業現金管理和財務業務以及專業存款業務中增加低成本和無息存款。

We are also making good progress cross-selling deposits across selected lending businesses such as fund finance.

我們在基金融資等特定貸款業務的存款交叉銷售方面也取得了良好進展。

Cash sweeps in our custody business were $878 million at December 31, 2024, compared to $800 million at September 30, 2024. Continued strong net new asset growth and a normalization and cash sorting will be a tailwind in our ability to grow lower cost deposit balances going forward.

截至 2024 年 12 月 31 日，我們託管業務的現金清掃為 8.78 億美元，而 2024 年 9 月 30 日為 8 億美元。持續強勁的淨新資產成長以及正常化和現金分類將有利於我們未來增加低成本存款餘額。

We expect our consolidated net interest margin ex FDIC loan purchases to stay at the high end or slightly exceed the 4.25% to 4.35% range we have targeted over the past year. We have been successfully repricing our higher cost deposits and will continue to adjust deposit pricing based on future actions by the Fed and by competitors. We see more competition from banks and nonbanks in certain lending categories and we have selectively adjusted pricing where appropriate to be more competitive for high-quality deals.

我們預計，扣除聯邦存款保險公司 (FDIC) 貸款購買額後的綜合淨利差將保持在高位，或略高於我們過去一年設定的 4.25% 至 4.35% 的範圍。我們已成功地重新定價了高成本存款，並將根據聯準會和競爭對手的未來行動繼續調整存款定價。我們發現某些貸款類別中來自銀行和非銀行的競爭更加激烈，我們在適當的情況下選擇性地調整了定價，以便在優質交易中更具競爭力。

Our loan pipelines have improved meaningfully in our single-family mortgage and multifamily term lending business over the past few months as a result of strategic actions we have taken. A steeper yield curve also makes our hybrid single-family and multifamily loan products more economically viable. While it may take a few quarters for the hybrid loans in our pipeline to have a meaningful impact on our balance sheet growth, we believe the level of net attrition in our single-family and multifamily term loans, which have been about around $300 million to $400 million per quarter will subside.

由於我們採取了戰略行動，過去幾個月我們的單戶住宅抵押貸款和多戶住宅定期貸款業務的貸款管道得到了顯著改善。更陡的殖利率曲線也使我們的混合單戶和多戶貸款產品更具經濟可行性。雖然我們準備中的混合貸款可能需要幾個季度才能對我們的資產負債表成長產生有意義的影響，但我們相信，我們的單戶和多戶定期貸款的淨流失水準（每季約 3 億至 4 億美元）將會下降。

The credit quality of our loan book continues to be solid despite a few idiosyncratic circumstances that led to an uptick in nonreforming assets this quarter. The majority of our nonperforming assets are in the real estate backed loan area where LTVs are conservative and our historical losses have been low.

儘管本季出現了一些特殊情況導致非重整資產數量增加，但我們貸款帳簿的信用品質依然穩健。我們的大部分不良資產都位於房地產支援貸款領域，該領域的貸款價值比比較保守，而且我們的歷史損失也較低。

Nonperforming assets in our single-family jumbo mortgages increased by approximately $10.4 million from September to December. The increase was attributed to three assets with a weighted average loan-to-value of 56%. Nonperforming assets in our multifamily mortgage book increased by $17.8 million in the linked quarter due to two properties where we do not believe we'll incur any additional loss.

從九月到十二月，我們的獨戶巨額抵押貸款中的不良資產增加​​了約 1,040 萬美元。這一增長歸因於三項資產，其加權平均貸款價值比為 56%。由於兩處房產，我們認為不會發生任何額外損失，我們的多戶型抵押貸款帳簿中的不良資產在第三季增加了 1,780 萬美元。

Nonperforming assets in our commercial real estate loan book increased by $20 million, primarily because of a $14.5 million loan in Brooklyn. The loan was downgraded due to a maturity in October 2024, extension of that maturity to allow the property to be sold. The full recourse guarantors have significant liquidity and net worth and are making principal curtailments while marketing the property for sale at above our loan amount. We are confident that we're not losing any money on this loan, given the value of the property and the strength of the guarantors.

我們的商業房地產貸款帳簿中的不良資產增加​​了 2000 萬美元，主要原因是布魯克林的一筆 1450 萬美元的貸款。由於該貸款將於 2024 年 10 月到期，因此評級被降級，延長貸款期限是為了允許出售該房產。全額追索權擔保人擁有大量流動性和淨資產，並且在以高於我們的貸款金額的價格行銷待售房產時進行本金削減。考慮到房產的價值和擔保人的實力，我們有信心不在這筆貸款上損失任何錢。

We did not anticipate a material loss from loans currently classified as nonperforming in our single-family, multifamily, or commercial real estate loan portfolio. Our commercial real estate specialty portfolio continues to perform very well and in line with expectations.

我們預計，目前在我們的單戶住宅、多戶住宅或商業房地產貸款組合中被歸類為不良的貸款不會產生重大損失。我們的商業房地產專業投資組合持續表現良好並符合預期。

All C&I loans classified as nonaccrual and at December 31, 2024, but one, a $6.4 million loan, continue to make contractual principal interest and contractual curtailment payments. Nonperforming assets in our C&I lending portfolio increased by approximately $27.3 million, primarily due to one syndicated non-real estate lender finance loan with an unpaid principal balance of $23.9 million. This indicated loan was downgraded due to some credit deterioration in the underlying assets. However, the borrowers current principal balances have been paid down by around 11% since June 30, 2024, and the facility balances within the collateral pledge to the borrowing base.

截至 2024 年 12 月 31 日，所有 C&I 貸款均被歸類為不計息貸款，但一筆 640 萬美元的貸款除外，這些貸款均繼續按合約規定支付本金利息和合約規定縮減款項。我們的 C&I 貸款組合中的不良資產增加​​了約 2,730 萬美元，主要原因是一筆銀團非房地產貸款融資貸款的未償還本金餘額為 2,390 萬美元。這表明貸款評級因基礎資產的信用惡化而被降級。然而，借款人的當前本金餘額自2024年6月30日以來已經減少了約11%，並且該筆貸款餘額在抵押品質押給借款基數內。

We're setting for the families and communities impacted by the tragic wildfires in the Greater Los Angeles area. Thankfully, none of our employees lost their homes. We've been actively engaging with borrowers of properties in the affected areas since the fires initially started. Based on the information we've gathered so far, with a handful of single-family residential properties that are complete losses and others that suffered less damage.

我們正在為大洛杉磯地區遭受悲慘野火影響的家庭和社區提供幫助。值得慶幸的是，我們的員工無一人失去家園。自火災發生以來，我們一直積極與受災地區的房產借款人接洽。根據我們目前收集的信息，有少數獨戶住宅徹底損毀，其他住宅受損程度較小。

Given the low LTVs that we have on most of our single-family residential mortgages, we believe that insurance covered maintained by the borrowers is adequate to cover the outstanding loan balances for the majority of properties. For those loans where the insurance coverage does not fully cover our loan amount, we have umbrella insurance that we believe is adequate to cover the potential shortfalls.

鑑於我們大多數單戶住宅抵押貸款的 LTV 較低，我們相信借款人所購買的保險足以涵蓋大多數房產的未償還貸款餘額。對於那些保險範圍無法完全涵蓋貸款金額的貸款，我們有綜合保險，我們認為這足以彌補潛在的不足。

Additionally, the value of the land, which may be excluded from insurance coverage, exceeds the value of the property in many cases, particularly those in Malibu and Pasadena. While it's too early to assess how quickly the revitalization effort can commence, we are willing and ready to help the communities and homeowners in the affected areas, we're building by providing loans to rebuild these properties in these neighborhoods.

此外，土地價值（可能被排除在保險範圍之外）在許多情況下超過了房產的價值，特別是在馬里布和帕薩迪納。雖然現在評估振興工作能以多快的速度開始還為時過早，但我們願意並準備好幫助受災地區的社區和房主，我們正在透過提供貸款來重建這些社區的房屋。

Axos Clearing, which includes our corresponding clearing and RIA custody business, had a good quarter. Total deposit at Axos Clearing were $1.36 billion at the end of the quarter, up $104 million from the prior quarter.

Axos Clearing（包括我們相應的清算和 RIA 託管業務）本季表現良好。截至本季末，Axos Clearing 的總存款為 13.6 億美元，較上一季增加 1.04 億美元。

Of the $1.4 billion of deposits from Axos Clearing, approximately $900 million were on our balance sheet and $450 million were held at partner banks. Client margin balances grew by 24.5% up from $220.5 million at September 30 to $274 million in the end of the quarter.

在 Axos Clearing 的 14 億美元存款中，約有 9 億美元在我們的資產負債表上，4.5 億美元存放在合作銀行。客戶保證金餘額從 9 月 30 日的 2.205 億美元成長 24.5% 至本季末的 2.74 億美元。

Securities lending increased by approximately 41% linked quarter to $135 million. Net new assets from our custody business were $822 million in the December quarter, up from $559 million in the September quarter. This is a continuation of the positive net new asset momentum we have experienced over the past few quarters with new assets outpacing the runoff in certain legacy adviser assets.

證券借貸環比成長約 41%，達到 1.35 億美元。12 月季度，我們託管業務的淨新增資產為 8.22 億美元，高於 9 月季度的 5.59 億美元。這是我們過去幾季所經歷的淨新資產正成長動能的延續，新資產的成長速度超過了某些遺留顧問資產的流失。

The Axos Advisory sales team continues to have traction in the financial planning segment of the RIA space where our client-centric noncompetitive service model resonates well. The pipeline for new asset custody clients remains healthy, and we expect continued organic net new asset growth in AAS.

Axos Advisory 銷售團隊繼續在 RIA 領域的財務規劃領域保持領先地位，我們以客戶為中心的非競爭性服務模式在該領域引起了良好反響。新資產託管客戶通路依然健康，我們預期 AAS 將持續實現有機淨新資產成長。

From a product perspective, we continue to identify ways to generate incremental fee income and partner with third parties to offer additional services such as access to alternative assets. We are realigning certain back-office servicing functions in our clearing and custody business to leverage the process and systems we have to more efficiently service pro dealer and advisory clients.

從產品角度來看，我們繼續尋找產生增量費用收入的方法，並與第三方合作提供額外服務，例如取得另類資產。我們正在重新調整清算和託管業務中的某些後台服務功能，以利用我們現有的流程和系統更有效地為專業經銷商和諮詢客戶提供服務。

Improvements in our onboarding process for Axos Advisory services have reduced and required to onboard new advisers. We have started to leverage low-code software development and offshore practices that we have implemented broadly at the bank to more projects at the securities businesses. This has reduced the amount of time it takes for us to launch and complete projects with fewer resources than it would have taken if we used a more traditional approach.

我們對 Axos 諮詢服務的入職流程進行了改進，減少了新顧問的入職要求。我們已經開始將在銀行廣泛實施的低程式碼軟體開發和離岸實踐應用到證券業務的更多專案中。與採用傳統方法相比，這減少了我們啟動和完成專案所需的時間，並且所需資源也更少。

We're also actively working on artificial intelligence use cases to enhance efficiency. We believe that the economic benefits from sustained net new asset growth a normalization and cash balances and operational productivity initiatives will more than offset investments we are making in our clearing and custody business in the medium to long term.

我們也積極致力於人工智慧用例以提高效率。我們相信，持續的淨新資產成長、正常化、現金餘額和營運生產力措施所帶來的經濟利益將遠遠超過我們在中長期對清算和託管業務的投資。

The team hires we have made across various commercial lending and deposit businesses are contributing to loan and deposit growth. Our commercial cash and treasury management teams generated deposit growth in this quarter with contributions coming from the existing teams and our new hires.

我們在各個商業貸款和存款業務領域招募的團隊正在促進貸款和存款的成長。我們的商業現金和財務管理團隊在本季度實現了存款成長，這得益於現有團隊和新員工的貢獻。

We continue to explore different ways we can scale our incubator businesses in various deposit and lending verticals. Some require additional products and features while others can gain traction more quickly through better, more targeted marketing and client segmentation. While we remain selective in adding new teams, our focus in calendar 2025 is on scaling the teams we have added over the past year.

我們將繼續探索在各個存款和貸款垂直領域擴大孵化器業務規模的不同方式。有些需要額外的產品和功能，而其他則可以透過更好、更有針對性的行銷和客戶細分更快地獲得關注。雖然我們在增加新團隊方面仍會有所選擇，但我們在 2025 年的重點是擴大過去一年中增加的團隊。

We have active dialogue with existing and new partners in the private credit space to leverage the rapid growth of that ecosystem. Our proven track record of working with funds and lenders to collaborate on complex deals makes us an ideal partner for nonbank depository institutions looking to deploy capital across a growing number of asset classes.

我們與私人信貸領域的現有和新合作夥伴進行積極對話，以促進該生態系統的快速成長。我們在與基金和貸款機構合作進行複雜交易方面擁有良好的記錄，這使我們成為尋求在越來越多資產類別中部署資本的非銀行存款機構的理想合作夥伴。

I'm excited about the opportunities we have to grow each of our deposit, lending and fee income businesses. We have a strong and growing amount of excess capital to continue investing in product and technology development, new capabilities in our team members. While organic loan growth and opportunistic share repurchases remain our preferred use of capital, we are seeing a meaningful increase in the number of inorganic asset and business acquisition opportunities.

我對我們擁有的擴大存款、貸款和費用收入業務的機會感到非常興奮。我們擁有強勁且不斷成長的剩餘資本，可以繼續投資於產品和技術開發以及團隊成員的新能力。雖然有機貸款成長和機會性股票回購仍然是我們首選的資本用途，但我們看到無機資產和業務收購機會的數量顯著增加。

Additional clarity from an economic and regulatory perspective could further increase the number of bank and nonbank opportunities that come to market. The $150 million at-the-market shelf we announced today is a proactive step to put us in a favorable position to capitalize on potentially accretive and strategic opportunities that may require additional capital.

從經濟和監管角度來看，進一步明確規定可能會進一步增加進入市場的銀行和非銀行機會的數量。我們今天宣布的 1.5 億美元市場儲備是一項積極舉措，旨在讓我們處於有利地位，利用可能需要額外資本的潛在增值和戰略機會。

We do not intend to raise any capital as we have a clear line of sight into an acquisition that would bear additional capital given the significant excess capital we have today. We remain disciplined in the type and valuation of businesses we acquire, regardless of whether we are successful in consummating an acquisition. Our asset-based lending philosophy with conservative loan to values and prudent structures and diversified mix of lending and funding will continue to generate profitable growth for our shareholders.

我們不打算籌集任何資金，因為考慮到我們目前擁有的大量過剩資本，我們已經明確了透過收購來獲得額外資本的計劃。無論我們是否成功完成收購，我們對收購的業務類型和估值始終保持嚴格紀律。我們以資產為基礎的貸款概念，包括保守的貸款價值、審慎的結構以及多樣化的貸款和融資組合，將繼續為我們的股東創造獲利成長。

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

現在我將電話轉給德里克，他將提供有關我們財務業績的更多詳細資訊。

Thanks, Greg. To begin, I'd like to highlight that in addition to our press release, an 8-K with supplemental schedules and our 10-Q were filed with the SEC today and are available online through EDGAR or through our website 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.

謝謝，格雷格。首先，我想強調的是，除了我們的新聞稿之外，我們還在今天向美國證券交易委員會提交了一份帶有補充時間表的 8-K 表和 10-Q 表，可透過 EDGAR 或我們的網站 axosfinancial.com 在線獲取。我將針對幾個主題發表一些簡短的評論。請參閱我們的新聞稿和美國證券交易委員會 (SEC) 文件以了解更多詳細資訊。

Our provision for credit losses was $12 million in the three months ended December 31, 2024, compared to $13.5 million in the corresponding period a year ago. The primary reason for the year-over-year decline is due to lower net growth in loans held for investment in Q2 2025 compared to the corresponding period a year ago.

截至 2024 年 12 月 31 日的三個月，我們的信用損失準備金為 1,200 萬美元，而去年同期為 1,350 萬美元。年比下降的主要原因是 2025 年第二季投資持有貸款淨成長率與去年同期相比有所下降。

Our allowance for credit losses to total loans held for investment was 1.37%, up slightly compared to 1.34% at June 30, 2024. We remain well reserved relative to our low historical and current credit loss rates. Noninterest expenses were approximately $145 million for the three months ended December 31, 2024, down $2 million from the quarter ended September 30, 2024.

我們的信用損失準備金佔投資持有貸款總額的 1.37%，較 2024 年 6 月 30 日的 1.34% 略有上升。相對於我們歷史和當前的低信用損失率，我們仍然保持了良好的儲備。截至 2024 年 12 月 31 日的三個月的非利息支出約為 1.45 億美元，比截至 2024 年 9 月 30 日的季度減少 200 萬美元。

Salaries and benefits expenses were down slightly to $74 million in advertising and promotional expenses and professional service expenses were down by $3.2 million and $0.8 million, respectively compared to the three months ended September 30, 2024.

與截至 2024 年 9 月 30 日的三個月相比，薪資和福利費用小幅下降至 7,400 萬美元，廣告和促銷費用和專業服務費用分別下降了 320 萬美元和 80 萬美元。

We continue to balance investing in products, systems, technology and people while identifying ways to reduce noninterest expenses through automation, straight-through processing and other improvements. Our loan pipeline remains healthy with $2.1 billion of total loans in our pipeline as of January 22, 2025, consisting of $496 million of single-family residential jumbo mortgage, $60 million of gain on sale mortgage, $138 million of multifamily and small balance commercial mortgage, $54 million of auto and consumer, and $1.4 billion of commercial loans.

我們繼續平衡對產品、系統、技術和人員的投資，同時尋找透過自動化、直通式處理和其他改進來減少非利息支出的方法。我們的貸款管道仍然健康，截至 2025 年 1 月 22 日，我們的貸款管道總額為 21 億美元，其中包括 4.96 億美元的獨戶住宅巨額抵押貸款、6,000 萬美元的銷售收益抵押貸款、1.38 億美元的多戶住宅和小額商業抵押貸款、5,400 萬美元的汽車貸款以及 14 億美元的商業貸款和消費者貸款以及 14 億美元的商業貸款。

We expect similar loan growth dynamics compared to recent quarters with growth across a broader set of real estate and non-real estate lending businesses partially offset by payoffs in our resell single-family mortgage and multifamily lending verticals. We believe that we will be able to grow loan balances organically by high single digits year over year in the remaining two quarters of fiscal 2025, excluding the impact of any of the loan portfolio purchased from the FDIC or any other potential loan or asset acquisitions.

我們預計，與最近幾季相比，貸款成長動力類似，更廣泛的房地產和非房地產貸款業務的成長將部分被我們轉售單戶住宅抵押貸款和多戶住宅貸款垂直業務的收益所抵消。我們相信，在 2025 財年的剩餘兩個季度中，我們將能夠使貸款餘額比有機增長高個位數，這不包括從 FDIC 購買的任何貸款組合或任何其他潛在貸款或資產收購的影響。

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

說完這些，我就把電話轉回給強尼。

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

謝謝，德里克。奧莉維亞，我們準備好回答問題了。

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

偉大的。我們現在將進行問答環節。（操作員指令）

Kyle Peterson, Needham and Company.

凱爾彼得森，尼德漢姆公司。

Great. Good afternoon, guys. Thanks for taking the questions. I wanted to start out on the deposit costs. Really impressive to see you guys be able to kind of push down the cost rates have been, although choppy.

偉大的。大家下午好。感謝您回答這些問題。我想先從押金成本開始說起。看到你們能夠降低成本率（儘管有些波動）確實令人印象深刻。

I just want to see, do you guys see more room for that moving forward if rates are stable for drift down? Or I guess, how much pressure or kind of rate-sensitive deposits do you guys see at least in the near term that you might have some room to reprice lower?

我只是想看看，如果利率穩定並持續下行，你們是否認為未來還有更多發展空間？或者我想，你們認為至少在短期內，有多少壓力或對利率敏感的存款可能會有一定的降價空間？

Yes. With respect to what we were able to do this prior quarter, it really was the result of taking the more -- most of the results taking more of the rate-sensitive deposits down. I think it's probably a little difficult to do that. Maybe there's some at the margin unless you get a drop in the reference rate. But we are doing a lot to try to improve the quality of the deposit mix, and that's happening slowly.

是的。就我們上一季所取得的成績而言，這實際上是我們採取更多措施的結果——大部分措施都是減少更多對利率敏感的存款。我認為做到這一點可能有點困難。除非參考利率下降，否則可能會有一些邊際。但我們正在努力提高存款組合的質量，但進展緩慢。

So I think that definitely is an opportunity over time to continue to do that. So that would be really where that is. But if we get our goal, and I think we very clearly can match it that essentially is to have to offset any decline in our interest income that we get from having a variable rate loans that reprice by repricing our deposits. And I think we were able to do that, as you said, very well this quarter, and that's the goal.

因此我認為，隨著時間的推移，這絕對是一個繼續這樣做的機會。事實確實如此。但如果我們實現了目標，而且我認為我們非常清楚可以實現它，那麼本質上就必須透過重新定價我們的存款來抵消因重新定價的浮動利率貸款而導致的利息收入的下降。正如您所說，我認為本季我們能夠很好地做到這一點，這就是我們的目標。

So obviously, we want to improve the deposit mix over time, but we want to be able to demonstrate that we could do what we did on the way up, on the way down as well.

因此，顯然，我們希望隨著時間的推移改善存款組合，但我們希望能夠證明，我們在上升過程中和下降過程中都能做到我們所做的事情。

Okay. That's really helpful. And then I guess just a follow-up on the net interest margin. I know you guys kind of said towards the high end or slightly above on a core basis for the year, which is great to hear. How much of that is coming from -- whether it's the asset side?

好的。這真的很有幫助。然後我想只是對淨息差進行追蹤。我知道你們說今年的核心基礎值會趨於高端或略高一些，聽到這個消息我很高興。其中有多少是來自──是否是資產方面？

I know you guys mentioned a competitor exit in mortgage and the yield curve has gotten a little steeper there, so which should help. How much is -- should we think of between the asset side versus some of these deposit more rate-sensitive benefits that you guys have been able to sell so far?

我知道你們提到了抵押貸款領域的競爭對手退出，而且殖利率曲線變得有點陡峭，所以這應該會有所幫助。我們應該考慮資產方面與你們迄今為止能夠出售的一些對利率更敏感的存款收益之間的差異是多少？

Yes. I mean, I think it's a little bit difficult to disaggregate that because as we do loans, obviously, we're -- in a lot of the businesses, we're getting a significant amount of deposits and those are lower rate. And then in some of the teams we've brought in, some of the middle market stuff may have slightly lower loan rates, but they have much higher deposit balances. So it really depends on the segment.

是的。我的意思是，我認為這有點難以分解，因為當我們做貸款時，顯然，在許多業務中，我們都會獲得大量存款，而且這些存款的利率較低。然後，在我們引入的一些團隊中，一些中端市場產品的貸款利率可能略低，但存款餘額要高得多。所以這確實取決於具體部分。

I think what we're doing is we're really looking forward and forecasting as best we can, what we think yields and loan yields are going to be and how we're raising deposits and looking at that maxim coming up with that. So in order to disaggregate that, I really have to look at each kind of business unit specifically in order to do that. I mean, one element is, obviously, we're running at a lot of excess liquidity right now as well.

我認為我們正在做的是盡可能地向前看並進行預測，我們認為收益率和貸款收益率將會是多少，以及我們如何增加存款並研究由此得出的格言。因此，為了分解這一點，我必須具體研究每種業務部門才能做到這一點。我的意思是，顯然，一個因素是，我們現在也面臨大量的過剩流動性。

And so the question -- with respect to your first question around do we reprice deposits, obviously, we think we're going to be able to get back to loan growth because a lot of the headwind we've had has really been the result of some of these business units where the product just didn't make any sense for us to originate where we didn't like where the five-year rate was so we weren't really going to go there.

所以問題是——關於你的第一個問題，我們是否重新定價存款，顯然，我們認為我們將能夠恢復貸款增長，因為我們遇到的很多阻力實際上是來自一些業務部門，這些業務部門的產品對我們來說沒有任何意義，我們不喜歡五年期的利率，所以我們實際上不會去那裡。

And that was really a problem for auto. It was a problem for single-family, but a problem for anything with term and we feel much better about that now. So we're opening that up. So obviously, we can reprice deposits and maybe if we lost a little bit because we have a lot of Axos liquidity, that would be okay. But I think what we're going to try to do is think we feel good about our -- where we are just trying to grow into the Axos liquidity.

這對汽車來說確實是一個問題。這對於單戶住宅來說是一個問題，但對於任何有期限的事情來說都是一個問題，現在我們對此感覺好多了。因此我們將其公開。因此顯然，我們可以重新定價存款，而且如果我們因為擁有大量 Axos 流動性而遭受一點損失，那也沒關係。但我認為我們要嘗試做的是，讓我們對自己感到滿意——我們只是試圖發展 Axos 流動性。

All right, great. Thank you very much and a nice quarter, guys.

好的，太好了。非常感謝大家，祝大家有個愉快的季度。

Thank you.

謝謝。

Gary Tenner, DA Davidson.

蓋瑞‧坦納 (Gary Tenner)、DA 戴維森 (Davidson)。

Thanks. Good afternoon. Greg, I was wondering if you could share any thoughts you would have with regard to kind of reengaging on the crypto side of the world, given kind of the more positive bias out of Washington?

謝謝。午安.格雷格，我想知道，鑑於華盛頓方面持更積極的傾向，您是否可以分享一下您對重新參與加密貨幣領域的看法？

Yes. No, it's a great question. I really think what we need is we need more specific clarity and specific rules with respect to how specific different companies are going to be regulated. And so we've had some executive orders and things like that, and we expect that there may be some ability to look at that. And obviously, we built products around that, which we never really even used.

是的。不，這是一個很好的問題。我確實認為我們需要的是針對如何監管不同公司的具體規定和具體規則。因此，我們發布了一些行政命令和類似的東西，我們預計可能會有能力審查這些內容。顯然，我們圍繞著這一點製造了產品，但我們從未真正使用過。

But it really is going to have to be a fairly comprehensive view across what our primary regulator thinks and what the SEC thinks and really getting some good either legislation or the minimum we're making on that. I don't really think we have a lot of appetite to kind of jump into that without the proper guidance.

但它確實必須對我們的主要監管機構和美國證券交易委員會的想法有一個相當全面的了解，並真正獲得一些好的立法或我們在這方面做出的最低限度的製定。我確實不認為我們在沒有適當指導的情況下會有很大的興趣去嘗試這種事情。

Right now, the way it sits out there, too, is mostly we did this anyway, but you have to go through a regulatory process of non-objection to do that just like it was before. So you have to go through that process. And I don't know exactly how that's going to change. But obviously, there's been some movement right now with best being confirmed and whatnot, but there's still probably a lot of changes that are coming in the regulatory agencies and then really kind of figuring out where guidance comes out there. I think that's the first step.

目前，情況也是這樣的，無論如何我們基本上都會這麼做，但是你必須經過一個無異議的監管程序才能這樣做，就像以前一樣。所以你必須經歷這個過程。我不知道這究竟會如何改變。但顯然，現在已經取得了一些進展，最好的辦法已經得到確認，但監管機構可能仍會發生很多變化，然後真正弄清楚指導意見會如何出台。我認為這是第一步。

Thanks. I appreciate it. And then I wanted to ask about NPAs. You kind of ran through some of the kind of issues that moved to nonaccrual in the quarter. If you look back from June 30, total NPAs have doubled or more than doubled by a bit.

謝謝。我很感激。然後我想問一下有關 NPA 的問題。您大概了解了本季出現的一些未提列問題。如果從 6 月 30 日開始回顧，不良資產總額已經增加了一倍或一倍以上。

Can you just talk about kind of the level of, I guess, forward analysis you're doing on properties and otherwise to get a kind of bringing stuff forward into nonaccrual and start working on it proactively or how that process works that access?

您能否談談您對房產進行的前瞻性分析的水平，以及如何將資產提前計入非應計項目並開始積極處理，或者該流程如何運作？

Yes. It's really been with respect to -- like a lot of these things, particularly on the C&I side, are -- there sort of -- the question is with respect to something is that, for example, this one that we have with the value -- it's a subprime auto lender finance deal, it's a syndicated deal.

是的。這確實與很多事情有關，特別是在 C&I 方面，問題在於某些事情，例如，我們所擁有的這個價值，這是一項次級汽車貸款融資交易，是一項銀團交易。

We were within the borrowing base, the assets but it's over advanced on the advance rate, right? So if we were able to get a lot better information on that and basically be able to have a better understanding and make sure that we are -- that the assets are worth what the field exams says they are whatever, maybe we wouldn't put that on nonaccrual. So some of this is sort of a judgment with respect to some of these things.

我們的借款基礎在資產範圍內，但預付利率超過了預付利率，對嗎？因此，如果我們能夠獲得更多關於這方面的更多信息，並且能夠更好地理解並確保我們 - 資產的價值與現場考試所說的一致，那麼也許我們就不會把它歸為不計提。因此，這在某種程度上是對某些事情的一種判斷。

So I expect a lot of these to resolve themselves relatively quickly. In some cases, some of the borrowers have gotten used to on the real estate side, some of the borrowers have gotten used to some of the banks kind of [discapitulating] and making various concessions to them. And so they're so sort of almost daring like, hey, what's signed out. And so our response has been fine. We have an ability to sell your loan at par better.

因此我預期很多問題能夠相對快速地解決。在某些情況下，一些借款人已經習慣了房地產方面，一些借款人已經習慣了銀行對他們的各種讓步。所以他們幾乎是大膽的問，嘿，簽了什麼了。因此我們的反應還不錯。我們有能力以更優惠的價格出售您的貸款。

And so you need to do what we're asking you to do and sometimes they've been a little bit slow in doing that. So this is sort of just making sure that happens.

所以你需要照我們要你做的去做，但有時候他們做得有點慢。這只是確保這一點能夠發生。

But what we're seeing on the real estate side is very positive, we are getting regular valuations looking at it. We feel really good about that. If you look at, let's say, substandard loans, those are -- those have gone down. And we have a lot of active sale processes that are ongoing right now for the real estate side. And really the -- and then on the C&I side, since we've had yes, they've gone up.

但我們在房地產方面看到的情況非常積極，我們正在對其進行定期估值。我們對此感到非常高興。如果你看一下，比如說，次級貸款，這些已經減少了。目前，我們在房地產方面正在進行大量的積極銷售流程。而實際上—在 C&I 方面，自從我們有了之後，它們已經上漲了。

We've essentially had next to zero nonaccruals there. And so that really is the STG syndicate, which continues to pay they've continued to pay us. But the reason we put it on nonaccrual is because they did this restructuring, we didn't participate in it. We think that what they did was in violation of the credit agreement, and they're not giving us proper information around what our collateral is.

我們那裡的未計利息基本上是零。所以這實際上是 STG 集團，他們一直在繼續向我們付款。但我們將其列入不提範疇的原因是，他們進行了重組，而我們並未參與。我們認為他們的行為違反了信用協議，而且他們沒有向我們提供有關抵押品的正確資訊。

So with that kind of uncertainty, I think it's proper to put it on nonaccrual. Now nonaccruals are not all created equal. So all our nonaccruals, except for that [$6 million] on accrual in C&I or paying -- and so is the lender finance deal.

因此，對於這種不確定性，我認為將其置於不提狀態是適當的。現在，不提列的事項並不是都是一樣的。因此，我們所有的未計項目，除了 C&I 中的應計項目或付款 [600 萬美元] 之外 — — 以及貸款人融資交易也是如此。

It's hard to know because sometimes timing, for example, like there's one deal, the deal that the guy was realty a guarantor has a multibillion-dollar balance sheet, but we didn't get the appraisal back before the end of the quarter.

這很難知道，因為有時時間問題，例如有一筆交易，這筆交易中那個人是房地產擔保人，擁有數十億美元的資產負債表，但我們在本季度末之前沒有得到評估結果。

And so that was on nonaccrual. That will probably pop off, right? So it's just sort of in some of these things where you just are kind of looking at what the standard is and whatever. But it will -- I feel good about it.

這就是不計入的。它可能會彈出來，對吧？因此，在某些事情上，你只需要看看標準是什麼等等。但它會——我對此感覺很好。

I don't think there's a lot of loss content there. On STG, they're still paying. They're a massive company, but we're not getting the information we need there. And so we got our lawsuit on file there. And we think we'll be successful there, but that will take a bit of time.

我認為那裡沒有太多損失的內容。在 STG 上，他們仍在付費。他們是一家大型公司，但我們卻無法從他們身上獲得所需的資訊。因此我們在那裡提起了訴訟。我們認為我們會取得成功，但這需要一些時間。

All right, Greg. Thank you.

好的，格雷格。謝謝。

David Feaster, Raymond James.

大衛菲斯特、雷蒙詹姆斯。

Hi. Good afternoon, everybody.

你好。大家下午好。

Hey. Good afternoon, David.

嘿。下午好，大衛。

It's a lot of encouraging conversation around the growth side. It sounds like we're going to stem the runoff in jumbo single-family resi in the multifamily book. The yield curves also help with you alluded to, given confidence in accelerating growth. Could you just maybe touch on the pulse of demand in your borrowers, sounds like the pipeline is solid. Curious where are you seeing the most opportunity today? And then are there any segments within the non-lender finance non-CRE lender finance and ABL that are seeing any specific strength in the quarter?

關於成長方面的討論有很多令人鼓舞的。這聽起來像是我們將要阻止大型獨戶住宅轉變為多戶住宅的現象。殖利率曲線也有助於增強您所提到的加速成長的信心。您能否談談借款人的需求脈搏，聽起來管道很暢通。好奇您今天在哪裡看到了最多的機會？那麼，非貸款人融資、非 CRE 貸款人融資和 ABL 中是否有任何細分市場在本季度表現出特定的優勢？

Cap call continues to look quite good. The real estate lender finance and Ralph, I mean, they all have decent pipelines. I mean we did $3.5 billion of originations last quarter, right? So I mean, partly, the handover on the prepay side is, frankly, the result of a deliberate strategy that we made, which was we're not going to do any term lending for three years, right? And that's great from an interest rate risk perspective, and we don't have any mark-to-market on our balance sheet but it does kind of create that issue, right?

上限調用仍然看起來相當不錯。我的意思是，房地產貸款融資和拉爾夫，他們都有不錯的管道。我的意思是我們上個季度的發放金額為 35 億美元，對嗎？所以我的意思是，預付款方面的移交坦率地說是我們制定的一項深思熟慮的策略的結果，那就是我們三年內不會進行任何定期貸款，對嗎？從利率風險的角度來看，這很好，而且我們的資產負債表上沒有任何以市價計價的數據，但這確實造成了這個問題，對嗎？

And so as you said, if you look at the term lending component of our business, where it's been running off $300 million or $400 million a quarter, and that's also been intentional because if you were going to lend on the five-year at a $250 million or $300 million spread or whatever, you are going to be in a rough place but we wanted to wait for that to adjust.

正如您所說，如果您看一下我們業務的定期貸款部分，每個季度的貸款額已經達到 3 億美元或 4 億美元，這也是有意為之，因為如果您要以 2.5 億美元或 3 億美元的利差進行五年期貸款，那麼您將陷入困境，但我們希望等待這種情況進行調整。

So if you look at all those spots, you look at auto, if you look at multi-fam, you look at single-family that we now have a product that's at least competitive there because we feel good enough about the credit side of where things have stabilized their multifamily borrowers are more realistic.

因此，如果你看看所有這些方面，你看看汽車，如果你看看多戶型，如果你看看單戶型，我們現在至少有一個具有競爭力的產品，因為我們對信貸方面感到足夠滿意，在情況已經穩定的情況下，他們的多戶型借款人更加現實。

They know their cap rates are not 4%, right? And rates are not going down to 250 in 18 months, right? That would be a typical conversation 1.5 years ago, right, really? It's amazing when people saw it.

他們知道他們的資本化率不是 4%，對吧？利率不會在 18 個月內降至 250，對嗎？那是 1.5 年前的典型對話，對吧，真的嗎？人們看到它都感到驚奇。

And then auto, it's kind of that sort of bubble kind of pops out of the asset value. So I think if we get all that stuff right, and I see that happening. I mean we've also benefited on the SFR side for some exits, right? I mean was [loss leg] it will be used to compete with us and asset competed with us on the multi -- I mean, I'm sorry, on the single-family jumbo side, they've pushed out. And so it's a little early to tell how this pipeline is going to go.

然後是汽車，這種泡沫就從資產價值中冒出來了。所以我認為，如果我們把所有事情都做好，我就會看到事情發生。我的意思是，我們在 SFR 方面也從一些退出中受益，對嗎？我的意思是，它將被用來與我們競爭，並且在多元化資產方面與我們競爭——我的意思是，對不起，在獨戶巨型住宅方面，他們已經退出了。因此現在判斷這條管道將如何建設還為時過早。

It obviously has increased a lot, how quickly it closes, what the pull-through ratio is. In summer next week, we really don't know yet, right? This is a relatively new ramp, and so we've got to see that.

顯然它增加了很多，關閉的速度有多快，拉通率是多少。下週就是夏天了，我們真的還不知道，對吧？這是一個相對較新的坡道，所以我們必須看到它。

But yes, I mean, I feel good about it. But frankly, I felt good about $3.5 billion of origination, too, right? So that was a pretty good number. And so we certainly -- there's just there's movement. And frankly, with some of the things like cap calls, they can get paid off.

但是是的，我的意思是，我對此感覺很好。但坦白說，我對 35 億美元的起源也感到很高興，對嗎？所以這是一個相當不錯的數字。所以我們當然 — — 只是有運動。坦白說，透過諸如上限要求之類的一些事情，他們可以獲得回報。

We haven't seen that. So I'm cautiously optimistic, but there is a level of caution in it. I do believe that, for example, I think mortgage warehouse that kind of popped up that's not as gangbuster as it was last quarter. So that was some of the growth, right?

我們還沒見過這樣的情況。因此我持謹慎樂觀的態度，但謹慎也有一定的程度。我確實相信，例如，我認為抵押貸款倉庫的出現並不像上個季度那樣轟動。這就是一些增長，對嗎？

So I think if we can stem though those that $300 million or $400 million that we've been having in the single family and multi. And I'm pretty confident about that. I'm pretty confident multi-can be at least flat maybe slightly growing this quarter. And I think single-family can pretty much get there, too.

因此我認為如果我們能夠阻止獨戶住宅和多戶住宅中存在的 3 億或 4 億美元損失。我對此非常有信心。我非常有信心本季多元收入至少會保持平穩，甚至略有成長。我認為單戶住宅也基本上可以達到這個目標。

And so that's a big benefit. And just looking at CRESL, there's we've got -- we try to judge where prepays are on CRESL that's a little bit tough to do. We've got a lot of great new deals there. But sometimes those new deals take a while to fund up because all the equity has got to come in first, and so our funding might be delayed. So look, I think we'll be able to get back to it, but it's been a slog. It's been a struggle.

這是一個很大的好處。僅從 CRESL 來看，我們試圖判斷 CRESL 的預付款在哪裡，這有點困難。我們在那裡有很多很棒的新交易。但有時這些新交易需要一段時間來籌集資金，因為所有股權必須先到位，所以我們的資金可能會延遲。所以，我想我們能夠重新開始，但這很難。這是一場鬥爭。

Yes. With growth set to accelerate, I want to touch on the side. You've done a tremendous job like you said, it's been a tough slog. You've done a great job holding the line on expenses. You are still investing in the franchise.

是的。隨著經濟成長的加速，我想談談這一點。正如您所說，您已經完成了一項了不起的工作，這是一項艱苦的工作。您在控制開支方面做得很好。您仍在投資該特許經營權。

How do you think about expense growth going forward? What are some of the key initiatives you've got on the horizon? And how do you think about your ability to drive positive operating leverage as we look in the out year?

您如何看待未來的費用成長？您即將採取哪些重要措施？展望未來一年，您如何看待自己推動積極經營槓桿的能力？

Yes. I think we really have to be very, very thoughtful about expense growth. And the reality is that over the last two quarters, we have not been able to deliver the sustainable asset growth that we've historically done for the 17 years I've been here. And that's really the first time. And so prudence and discipline requires that you basically made sure that that you get to a sustainable levels of asset growth before you expand your expense base.

是的。我認為我們確實必須非常非常認真地考慮費用增長。而現實情況是，在過去兩個季度中，我們未能實現我任職 17 年來一直堅持的可持續資產成長。這確實是第一次。因此，謹慎和紀律要求您在擴大支出基礎之前基本上確保達到可持續的資產成長水平。

And I think though that that's very achievable because there's so many tools and opportunities that exist now to make our operations more efficient. I mean some of the stuff that the artificial intelligence task force is doing is really looking promising, and we're starting to roll some of those things out into the organization.

我認為這是可以實現的，因為現在有許多工具和機會可以使我們的營運更有效率。我的意思是，人工智慧工作小組正在做的一些事情確實看起來很有前景，我們正開始將其中一些事情推廣到組織中。

The low-code platform, we're delivering a new product for our clearing customers that will allow them to do more fee business. And that product probably would have taken easily 3 times the number of people, 3 times as long, but the low-code platform was able to deliver it in around eight months.

低程式碼平台，我們正在為我們的清算客戶提供一款新產品，使他們能夠開展更多的收費業務。該產品可能需要 3 倍的人數和 3 倍的時間，但低程式碼平台能夠在大約 8 個月內交付它。

So we're seeing a lot of productivity coming from the technological area. And we've done a lot of hiring in these teams, and those teams are still getting up to speed and developing.

我們看到很多生產力都來自科技領域。我們在這些團隊中招募了許多人才，這些團隊仍在加速發展。

So I think we've really got to be cautious about that. I've been telling the team that we really need to keep the type of discipline we showed this quarter keep it going forward and really try to force that unless there's really great opportunities. And then we can get growth going further, we can continue to do that. But we had -- there's some positive stuff with respect to AAS is growing now. I see that continuing.

所以我認為我們確實必須對此保持謹慎。我一直告訴團隊，我們確實需要保持本季表現出的那種紀律，繼續前進，並盡力推動這一點，除非有非常好的機會。然後我們可以進一步實現成長，我們可以繼續這樣做。但是我們有—AAS 方面現在正在成長的一些正面的東西。我發現這種情況還會持續下去。

That's a good thing. Getting all those engines kind of ramping up together is going to be important. So we talked about that on the loan side, where some of that term stuff was just a very big, a headwind, that's starting to go away, at least as a headwind. We've got to see if we can get consistent growth there.

這是一件好事。讓所有這些引擎一起加速運轉非常重要。因此，我們從貸款方面進行了討論，其中一些期限問題是一個非常大的阻力，但這種阻力正在開始消退，至少作為阻力。我們必須看看我們是否能夠在那裡實現持續成長。

And so yes, the expense side, we have to be thoughtful about it. And obviously, it's not like you just grow your expenses when you're growing your revenue, but you have to be extra thoughtful about it. And we really have done a lot of investment and with the team we have now, including all the developers, there's a lot of projects we can do.

所以是的，在費用方面，我們必須深思熟慮。顯然，增加收入並不意味著只增加支出，而是必須對此格外深思熟慮。我們確實做了很多投資，憑藉我們現在的團隊，包括所有開發人員，我們可以做很多專案。

I mean this quarter, we delivered a ton of stuff and there's a big effort now to go through and prioritize what we want to do next with that team without having to add a lot more folks and to get to the next set of strategic priorities.

我的意思是，這個季度，我們交付了大量的東西，現在我們正在付出巨大的努力來確定我們下一步想和這個團隊一起做什麼，而不需要增加很多人員，並進入下一組戰略重點。

That's great. And earlier in your prepared remarks, you talked about an increased opportunity for capital deployment. Obviously, we got the ATM offering announced today, maybe reading between the lines, it sounds like there might be incrementally confident that something could happen in calendar 2025.

那太棒了。在您先前的準備好的發言中，您談到了增加資本配置的機會。顯然，我們今天收到了 ATM 產品的公告，也許從字裡行間可以看出，人們可能越來越有信心在 2025 年會發生一些事情。

Again, it sounds like the range of opportunities is pretty wide. I'm just curious what types of transactions are most appealing to you at this point? Is it enhancing existing lines, expanding new lines? Just kind of curious within capital deployment, what are -- what's most appealing and what's most interesting to you?

再一次，聽起來機會範圍相當廣泛。我只是好奇目前什麼類型的交易對您最有吸引力？它是增強現有線路還是擴展新線路？只是有點好奇，在資本配置方面，什麼最有吸引力，什麼對你來說最有趣？

Yes. We like specialty finance businesses that add a unique niche to what we're doing. Obviously, we have the deposit funding. We've got the capital. We've got good technological resources.

是的。我們喜歡那些能為我們的業務增添獨特優勢的專業金融業務。顯然，我們有存款資金。我們有資本了。我們擁有良好的技術資源。

So we look for businesses like that. We bid on one earlier in the year, ended up leasing out to somebody who paid more than I think they should have. But that's definitely an opportunity.

因此我們尋找這樣的企業。我們在今年早些時候競標了一套房子，最後租給了某個人，我認為他支付的價格比他們應付的價格要高。但這絕對是一個機會。

Yes. I don't -- we're not actively looking at a lot of whole bank stuff right now. But I wouldn't read too much into the timing of the ATM offering. I think it's more looking forward and saying that, gee, there's probably going to be an unfreezing of the bank M&A market. Even when -- if another bank buys another bank often, that results in teams being spun off or components and pieces that are pushed out.

是的。我不知道——我們現在沒有積極關注整個銀行的事情。但我不會過度解讀 ATM 發行的時間。我認為這更多的是向前看，並說，銀行併購市場可能會解凍。即使——如果另一家銀行經常收購另一家銀行，也會導致團隊被剝離或零件和部分被淘汰。

So it really is just about having that available. It's not a costly thing to do. Obviously, we're not going to draw on it. We've got a lot of excess capital. And if we see something that makes sense, then it allows us to get quickly to market to be able to take advantage of it.

所以這實際上只是為了讓它可用。這並不是一件花費昂貴的事情。顯然，我們不會利用它。我們有大量剩餘資本。如果我們發現某些有意義的東西，那麼我們就可以快速進入市場並利用它。

Thanks for all the color.

感謝所有的色彩。

Andrew Liesch, Piper Sandler.

安德魯·萊施、派珀·桑德勒。

Hey guys, thanks for taking the questions. You've answered most of mine, but I just wanted to ask about the provision. You mentioned the quantitative impact of the unemployment rate in commercial real estate mortgage rates, the -- preliminary has been pretty stable for a while. So I'm curious how that sort of factored into the reserve build this quarter? And then on the CRE mortgage rates, is it more concern over upward repricing as loans hit the variable rate period? Just kind of clarity on why the provision was where it was.

嘿夥計們，感謝你們回答問題。你已經回答了我的大部分問題，但我只想問有關規定。您提到了失業率對商業房地產抵押貸款利率的量化影響，初步數據一段時間以來相當穩定。所以我很好奇這對本季的儲備建設有何影響？那麼關於商業房地產抵押貸款利率，當貸款進入浮動利率期時，是否更加擔心利率上調？只是想澄清為什麼會有這樣的規定。

Yes. On the provision, it's the long-term unemployment. So the model takes into account the long term -- a number of different economic factors. And so the long-term unemployment rate, and we use Moody's for a lot of our data that flows into the model. And so I think it went up from about 9.0 in a -- and this is in the most tower of circumstances to in their extreme stressed model that unemployment in the long-term stressed model went from 9 to 9.3.

是的。就規定而言，這是長期失業。因此，該模型考慮了長期的多種不同的經濟因素。因此，對於長期失業率，我們使用穆迪的數據來輸入模型。所以我認為它從大約 9.0 上升了——這是在最極端的情況下，在長期壓力模型中，失業率從 9 上升到了 9.3。

So that was one of the main drivers, and that's what that reference is encompassing. And then the -- your other question was on the commercial mortgage real estate rates. Is that -- can you phrase that one?

這是主要驅動因素之一，也是這篇參考文獻所涵蓋的內容。然後——您的另一個問題是關於商業抵押房地產利率。那是──你能表達一下嗎？

Well, just along with the provision, I'm just curious, is that -- did you mean that as loans reprice high as loans at their adjustable rate period on ARMs. Is it like repayment concerns based on what you might see the schedule of what's going to be coming due or hitting their repayment period here in the near future?

嗯，除了這項規定之外，我很好奇，你的意思是，隨著貸款重新定價，其價格會和 ARM 可調利率期間的貸款一樣高嗎？這是否像是基於您可能看到的即將到期的付款計劃或近期的還款期限而產生的還款擔憂？

Right. Yes. There's a variety of factors that flow in. But one of the things there that the model considers is how it does, if you have something like a hybrid loan go from a 5% interest rate and it jumps up to 8.5 or something like that, right? That would put stress on that borrower.

正確的。是的。有各種各樣的因素在起作用。但是模型考慮的一件事是，如果你有混合貸款之類的東西，利率從 5% 跳升到 8.5 或類似的水平，對嗎？這會給借款人帶來壓力。

And in a downturn economic scenario, that borrower would be more likely to default and potentially have a loss. So that's what the model does.

在經濟不景氣的情況下，借款人更有可能違約並可能遭受損失。這就是模型的作用。

And I think I've covered this in the past, but just a refresher. We heavily wait due to our loan-to-value support, right? We have to heavily weight our S3 and S4, and it's in line with some of our kind of some views that the economic forecast may be, could be a little more dampened than some expect. So we weight that in the models, and that's part of what drives those -- the provision.

我想我以前已經討論過這個問題，但只是複習一下。由於我們的貸款價值支持，我們等待的時間很長，對嗎？我們必須高度重視 S3 和 S4，這與我們的某些觀點一致，即經濟預測可能會比一些人預期的更為低迷。因此，我們在模型中對此進行了權衡，而這正是推動這些規定的部分原因。

Got it. And you know, since the FDIC loan purchase that the reserve ratio has been right at like mid-130 level, if you look at it, is there anything that's going that would cause that in your mind if you look at the portfolio now and look at the modeling now that would cause it to differ too much from that, either one way or another?

知道了。您知道，自從聯邦存款保險公司 (FDIC) 購買貸款以來，準備金率一直處於 130 的中間水平，如果您看一下，如果您現在查看投資組合併查看模型，在您看來，有什麼因素會導致這種情況發生，無論是哪種方式，都會導致它與當時的水平相差太大？

No, because part of the idea is that we are looking over the life of the loan. And as just mentioned, we already kind of stress in a certain level. It has to be something where you either go back to the roaring '20s or the Great Depression of the '30s that would change that ratio or a change in the nature of our products and significant changes in the performance of our portfolio. Those are the types of economic scenarios and more independent to our portfolio type of impacts that would have to happen.

不是，因為我們的想法是審查貸款期限。正如剛才所提到的，我們已經在某種程度上承受了壓力。這必須是一種能夠改變該比例的事件，要么回到咆哮的二十年代，要么回到三十年代的大蕭條時期，或者改變我們產品性質的事件，並且顯著改變我們產品組合的表現。這些是經濟情境的類型，並且與我們投資組合中可能發生的影響類型更加獨立。

Yes. I mean on the repricing on the -- which is mostly on the term multifamily stuff, we've done a lot of analytical work on that and had -- we just finished a big independent review of it. And it's really not a material issue. I think one of the things for us that makes it interesting is that because our portfolio was so short because we had shortened everything up to mostly two-year but some three-year we are already experiencing a lot of role and that also results in a lot of prepays. In that business because there are others offering 5/1 ARMs to do that.

是的。我的意思是，關於重新定價——主要是關於多戶型住房的問題，我們對此做了大量分析工作，並且——我們剛剛完成了一次大型獨立審查。這確實不是一個實質問題。我認為對我們來說有趣的事情之一是，由於我們的投資組合非常短，因為我們將所有期限都縮短至大部分兩年期，但也有一些三年期，因此我們已經經歷了很多角色，這也導致了很多預付款。在該業務中，因為有其他人提供 5/1 ARM 來做到這一點。

So we don't really see a lot on the repricing side and the resell side is all floating rate. So the weeding on the model of really pushing through a lot of the worst economic scenarios is something that allows you to actually get some losses associated with it.

因此，我們在重新定價方面確實沒有看到太多變化，而轉售方面全都是浮動利率。因此，在真正推動度過許多最糟糕的經濟狀況的模型上進行淘汰實際上會讓你承擔與之相關的一些損失。

I mean, look, I think that the C&I side is one of those areas that you just have you have less ability to just take the collateral and just liquidate it, right? So that's always a little more uncertain. But we don't see anything I've talked about a couple of those things, and there's always a possibility there's something else, but there's not seeing anything of systemic or anything like that.

我的意思是，看，我認為 C&I 方面是你沒有能力獲取抵押品並將其變現的領域之一，對嗎？所以總是有點不確定。但是我們沒有看到任何我談過的事情，並且總是有可能存在其他事情，但沒有看到任何系統性或類似的東西。

Got it. Very helpful guys. Thanks so much. I'll step back.

知道了。非常有幫助的人。非常感謝。我就退後一步。

Kelly Motta, KBW.

凱利·莫塔，KBW。

Hey, good. Afternoon. Thanks for the question. I have covered at this point. Maybe turning to the fee income. Greg, I think you mentioned Axos Advisory services is really hitting its stride and gaining new pipe in ordering. As you look ahead with the opportunity, I know this quarter got a little muddled with the MSR impairment. But just on a core basis, your outlook about on these investments ability to grow fee income contribution?

嘿，很好。下午。謝謝你的提問。我已經講到這一點了。或許可以轉向費用收入。格雷格，我想你提到過 Axos 諮詢服務確實正在蓬勃發展並在獲得新的訂單。當你展望未來的機會時，我知道本季由於 MSR 減損而有點混亂。但僅從核心基礎來看，您對這些投資增加費用收入貢獻的能力有何看法？

Yes. I mean I think the securities business is definitely our best hope for that. And I do believe you'll continue to see decent, let's say, this quarter style, it looks like that net new asset growth that will contribute to fee income growth. And the only caveat that I would say about that is that, obviously, if rates stabilize, that's good. And so what that team's goal was what they were able to do.

是的。我的意思是，我認為證券業務絕對是我們最大的希望。我確實相信你會繼續看到不錯的表現，比如說，本季的風格，看起來淨新資產成長將有助於費用收入的成長。對此我唯一要說的警告是，如果利率穩定下來，那顯然是件好事。所以該團隊的目標就是他們能夠做到的事情。

As I said, I want you to not only grow and make sure your costs are in line so that you can offset the rate decreases that you have, right? Because that business is a rate-sensitive business because they make a decent bit of spread income off of the free cash balances. So that's the only caveat I would say. I do think you're going to grow the core. And so if you get some stability on the rate side, that will be beneficial for that business.

正如我所說的，我希望你不僅能發展，而且還能確保你的成本合理，這樣你就能抵消利率的下降，對嗎？因為該業務是對利率敏感的業務，因為他們從自由現金餘額中獲得了相當多的利差收入。所以這是我唯一要說的警告。我確實認為你將會發展核心。因此，如果利率方面獲得一定的穩定，這將有利於該業務。

All the other little stuff like the prepay income, when you're not doing term loans, you're not going to get a lot of prepay income as we start doing some more of those on the multifamily, that may be something. The TM fees, we are obviously doing that, but a lot of that is offset by earnings credits, you give in a higher rate environment. So there's something there, but it's not -- it really is the security side that has to get better there.

所有其他小事，例如預付收入，當你不辦理定期貸款時，你不會得到很多預付收入，因為我們開始在多戶家庭中做更多的預付收入，這可能是一件事。TM 費用，我們顯然在這樣做，但其中很大一部分被你在更高利率環境下提供的收入抵免所抵消。因此，那裡存在一些問題，但事實並非如此——真正需要改善的是安全方面。

And right now, the custody business is growing a lot, the clearing side. We're continuing to work on a strategy there for them to be able to do more of the hybrids and we've got a new platform rolling out this next quarter.

目前，託管業務、清算業務正在快速成長。我們正在繼續制定策略，使他們能夠生產更多的混合動力汽車，我們將在下個季度推出一個新平台。

And it will take a while to get that going. But hopefully, both of those engines will start to work, and that will allow that fee income line to grow a little bit more.

並且這需要一段時間才能實現。但希望這兩台引擎都能開始運轉，這將使費用收入線進一步成長。

Awesome. And it sounds like you're very optimistic about the prospects of organic growth picking up again. Even so, it seems like given your return feels continue to build capital, and I believe you mentioned the buyback in your remarks. Wondering how you're thinking about the buyback here at one (inaudible).

驚人的。聽起來您對有機成長再次回升的前景非常樂觀。即便如此，考慮到您的回歸，似乎感覺仍在繼續累積資本，而且我相信您在評論中提到了回購。想知道你是如何考慮回購的（聽不清楚）。

Yes. Well, I mean, obviously, you look at it as a multiple of earnings, you look at it as a source and uses of capital. And so I would say that I'm optimistic about loan growth returning. You said very optimistic. I'd say, I'll just give you just flat optimistic. How about that?

是的。嗯，我的意思是，顯然，你可以將其視為收益的倍數，將其視為資本的來源和用途。因此我對貸款成長的回升持樂觀態度。您說得很樂觀。我想說的是，我只能給你樂觀的評價。那怎麼樣？

Look, I think I mean, again, we did $3.5 billion last quarter and grew a couple of hundred. I really do believe we're going to do better than that. But at times, sometimes it's just hard to know with -- there's a lot of things changing in the market right now. So there's just a lot of instability of where a lot of competitors are really hurting for loan growth, sometimes -- undercut you, things like that.

你看，我的意思是，我們上個季度的營收為 35 億美元，成長了幾百億美元。我確實相信我們會做得更好。但有時，只是很難知道——現在市場上有很多事情正在改變。因此存在著許多不穩定性，許多競爭對手確實會損害貸款成長，有時甚至會削弱你的貸款能力，諸如此類。

But I think we will. We'll kind of let this play out. Obviously, we're not going to let capital build forever, right? So this is kind of a sliding scale equation right, between where capital is, what opportunities are out there from a standpoint of acquisition, and then what we see from a repurchase perspective. And so obviously, we're not going to continue to build capital at these levels forever.

但我認為我們會的。我們會讓這一切順利進行。顯然，我們不會讓資本永遠累積下去，對吧？因此，這就像是一種滑動比例方程，介於資本在哪裡、從收購的角度有哪些機會以及從回購的角度我們看到什麼之間。顯然，我們不會永遠以這樣的水平累積資本。

But we also want to be able to make sure that we can handle our priorities, which would be primarily organic growth. And then at that point, share repurchases and opportunistic M&A so --.

但我們也希望確保能夠處理好我們的優先事項，主要是有機成長。然後在那個時候，股票回購和機會性併購--.

Got it. That's helpful. That's helpful. Maybe just last housekeeping question for me. I believe you now expect margin to come in a bit above the 4.25%, 4.35%, kind of 4% basis. Wondering if that 3 -- I think to [3.5 basis points] of accretion contribution if that's still a good number as well as if you had handy what the accretion contribution was in this quarter, just help of the something of point.

知道了。這很有幫助。這很有幫助。這也許對我來說只是最後一個常規問題。我相信您現在預計利潤率將略高於 4.25%、4.35% 或 4% 左右的基準。想知道那 3 — — 我認為 [3.5 個基點] 的增值貢獻是否仍然是一個好數字，以及您是否知道本季度的增值貢獻是多少，這只是一些要點的幫助。

Yes. The [30 to 35] is still a good number. I believe that's roughly where we were, but I'll get that number refined for you.

是的。[30到35]仍然是一個不錯的數字。我相信我們的情況大致如此，但我會為您完善這個數字。

Great. Thank you so much.

偉大的。太感謝了。

Thank you, Kelly.

謝謝你，凱利。

Gary Tenner, DA Davidson.

蓋瑞‧坦納 (Gary Tenner)、DA 戴維森 (DA Davidson)。

Thanks. I just had a quick follow up. Greg, you made the comment that you've got some nice deals as you put it in CRESL space that maybe take a little time to fund before -- after the equity gets put in. Can you talk about kind of the segments or loan type within CRESL that you're seeing demand and you've got kind of newer money going to work in?

謝謝。我只是進行了快速的跟進。格雷格，你說過，你在 CRESL 領域獲得了一些不錯的交易，但在股權投入之後，可能需要一些時間來籌集資金。您能否談談 CRESL 中您看到的需求以及您將要投入的新資金的類型和範圍？

Yes. I mean mostly it's multi and condo. That's mostly whether bridge or construction. That's usually where that is. Not doing a lot on the office side or next to nothing.

是的。我的意思是，它主要為多棟建築和公寓。主要涉及橋樑或建築。通常那裡就是那個地方。在辦公室方面做得不多或幾乎不做任何事。

I think actually close to nothing. I mean, it's certainly not anything new, and that's a very small piece of it. And the that supplement page there really says there's -- every now and then, there may be a hotel here and there, but it's mostly multifamily and single-family.

我認為實際上幾乎沒有。我的意思是，這當然不是什麼新鮮事，而且這只是其中很小的一部分。那裡的補充頁面確實說了——時不時地，這裡或那裡可能會有一家酒店，但大多數都是多戶住宅和單戶住宅​​。

Is there -- I assume it's metro market weighted? Is it more East Coast oriented or West Coast?

有嗎——我認為它是大都會市場加權的？它是更面向東海岸還是西海​​岸？

You know, it depends. New York has become less of that, more in Florida some in Texas, Southern California. It's definitely, I'd say, entirely metro market, a couple of Nashville's. Some of the cities that have kind of come up since the post-COVID timeframe and things like that. But that is where there's projects, where the funds that we work with are together on that because these are almost always partnerships with the funds.

你知道，這得看情況。紐約的這種現像已經減少了，佛羅裡達州的這種現象增加，德克薩斯州和南加州也有一些。我想說，這絕對是一個完全的大都市市場，是納許維爾的幾個市場之一。有些城市是在後疫情時代之後興起的。但這就是計畫所在，我們與之合作的基金都是共同參與的，因為這些幾乎總是與基金建立合作關係。

Okay. Thank you

好的。謝謝

Sure.

當然。

Thank you. There are no further questions at this time. I would like to pass the call back over to Johnny for closing remarks.

謝謝。目前沒有其他問題。我想將電話轉回給強尼，讓他作最後發言。

Great. Thank you, everyone, for your interest. We'll talk to you next quarter.

偉大的。謝謝大家的關注。我們將在下個季度與您聯繫。

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

今天的會議到此結束。現在您可以斷開您的線路。感謝您的參與。