Axos Financial Inc (AX) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Axos Financial Inc. first-quarter 2026 earnings call and webcast. (Operator Instructions) Please note, this conference is being recorded.

大家好，歡迎參加 Axos Financial Inc. 2026 年第一季財報電話會議和網路直播。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Johnny Lai. Please go ahead.

現在我將把會議交給主持人約翰尼·賴。請繼續。

Thanks, Carrie. Good afternoon, everyone, and thanks for your interest in Axos.

謝謝你，凱莉。各位下午好，感謝大家對 Axos 的關注。

Joining us today for Axos Financial, Inc.'s first-quarter 2026 financial results conference call are the company's President and Chief Executive Officer, Greg Garrabrants; and Executive Vice President and Chief Financial Officer, Derrick Walsh. Greg and Derrick will review and comment on the financial and operational results for the quarter ended September 30, 2025, and we will be available to answer questions after the prepared remarks.

今天出席 Axos Financial, Inc. 2026 年第一季財務業績電話會議的有公司總裁兼執行長 Greg Garrabrants 和執行副總裁兼財務長 Derrick Walsh。Greg 和 Derrick 將回顧並評論截至 2025 年 9 月 30 日的季度財務和營運業績，我們將在準備好的發言結束後回答問題。

Before I begin, I would like to remind listeners that prepared remarks made on this call may contain forward-looking statements that are subject to risks and uncertainties and that management may make additional forward-looking statements in response to your questions. Please refer to the Safe Harbor statement found in today's earnings press release and in our investor presentation for additional details.

在開始之前，我想提醒各位聽眾，本次電話會議上所做的準備發言可能包含前瞻性陳述，這些陳述存在風險和不確定性，管理層可能會在回答你們的問題時作出額外的前瞻性陳述。更多詳情請參閱今天發布的盈利新聞稿和投資者簡報中的「安全港聲明」。

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 的投資者關係版塊提供 30 天。本次電話會議的詳情已在電話會議公告和今天的盈利新聞稿中公佈。

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

在將電話交給格雷格之前，我想提醒各位聽眾，除了獲利新聞稿之外，我們還為本次電話會議發布了盈利補充文件和 10-Q 表格。所有文件都可以在 axosfinancial.com 上找到。

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

接下來，我想把電話交給格雷格。

Thank you, 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 2026 ended September 30, 2025. I thank you for your interest in Axos Financial.

謝謝你，強尼。各位下午好，感謝各位的參與。歡迎各位參加 Axos Financial 2026 財年第一季（截至 2025 年 9 月 30 日）的電話會議。感謝您對Axos Financial的關注。

We had a strong start to our fiscal 2026, generating $1.6 billion of net loan growth linked quarter, including $1 billion of loans and leases and on-balance sheet securitizations acquired in the Verdant acquisition, which closed on September 30, 2025, a 5 basis points linked quarter reduction in net charge-offs and a 17% year-over-year increase in book value per share. We continue to generate high returns as evidenced by the nearly 16% return on average common equity and the 1.8% return on average assets in the three months ended September 30, 2025.

我們在 2026 財年開局強勁，淨貸款環比增長 16 億美元，其中包括在 2025 年 9 月 30 日完成的 Verdant 收購中獲得的 10 億美元貸款、租賃和資產負債表內證券化；淨沖銷環比減少 5 個基點；每股賬面價值同比增長 17%。截至 2025 年 9 月 30 日的三個月內，我們持續獲得高回報，普通股平均回報率接近 16%，資產平均回報率為 1.8%。

Other highlights in the quarter include net interest income was $291 million for the three months ended September 30, 2025, increasing by approximately $11 million linked quarter or 15.6% annualized. Net interest income growth benefited from balanced growth across single-family mortgage warehouse, commercial specialty real estate, and auto lending.

本季其他亮點包括截至 2025 年 9 月 30 日的三個月淨利息收入為 2.91 億美元，比上一季增加約 1,100 萬美元，年化成長率為 15.6%。淨利息收入成長得益於單戶住宅抵押貸款、商業專業房地產和汽車貸款的均衡成長。

Net interest income in the prior year's comparable quarter ending September 30, 2024, included a benefit of approximately $17 million from the prepayment of three FDIC purchased loans. Excluding that onetime benefit, net interest income was up $16 million or 5.8% from fiscal Q1 of 2025 to fiscal Q1 of 2026.

截至 2024 年 9 月 30 日的上一年同期淨利息收入包括提前償還三筆 FDIC 購買貸款的約 1,700 萬美元收益。除去那筆一次性收益，淨利息收入從 2025 財年第一季到 2026 財年第一季增加了 1,600 萬美元，增幅為 5.8%。

Net interest margin was 4.75% for the quarter ended September 30, 2025, down 9 basis points from 4.84% in the quarter ended June 30, 2025. Excluding the impact from holding excess liquidity, our net interest margin was roughly flat quarter over quarter. Since the Verdant acquisition closed on 9/30/2025, the transaction did not have any impact on our net interest income or net interest margin in this quarter end. We continue to maintain a best-in-class net interest margin with or without the benefit of the accretion from purchased loans from the FDIC.

截至 2025 年 9 月 30 日的季度淨利差為 4.75%，較截至 2025 年 6 月 30 日的季度淨利差 4.84% 下降 9 個基點。剔除持有過剩流動性的影響，我們的淨利差環比基本持平。由於 Verdant 的收購於 2025 年 9 月 30 日完成，因此該交易對我們本季末的淨利息收入或淨利差沒有任何影響。無論是否受益於從聯邦存款保險公司 (FDIC) 購買的貸款帶來的收益，我們都能繼續保持一流的淨利差。

Noninterest income increased by approximately 13% year over year due to higher banking service fees, mortgage banking income, and prepayment penalty fees. Total on-balance sheet deposits increased 6.9% year over year to $22.3 billion. Our diverse and granular deposit base across consumer and commercial banking and our securities businesses continues to support our growth and are expected to provide relatively lower cost of funding sources for the loans and leases acquired from Verdant relative to their prior capital structure.

由於銀行服務費、抵押貸款銀行收入和提前還款罰金增加，非利息收入年增約 13%。資產負債表內存款總額年增 6.9%，達 223 億美元。我們在消費銀行、商業銀行和證券業務方面多元化且細緻的存款基礎將繼續支持我們的成長，並且預計與 Verdant 之前的資本結構相比，將為從 Verdant 收購的貸款和租賃提供相對較低的融資成本。

Total nonaccrual loans to total loans declined 5 basis points linked quarter, resulting in our nonaccrual loans to total loans improving from 79 basis points as of June 30, 2025, to 74 basis points as of September 30, 2025.

非應計貸款總額佔貸款總額的比例環比下降 5 個基點，導致非應計貸款佔貸款總額的比例從 2025 年 6 月 30 日的 79 個基點改善至 2025 年 9 月 30 日的 74 個基點。

Net income was approximately $112.4 million in the quarter ended September 30, 2025, up from $110.7 million in the quarter ended June 30, 2025. Diluted EPS was $1.94 for the quarter ended September 30 compared to $1.92 in the June quarter. Excluding the onetime deal-related expenses and allowance for credit loss adjustment for the Verdant acquisition, adjusted net income and adjusted EPS were $119 million and a $2.06 per share, respectively, for the quarter ended September 30, a 7.3% increase from the linked quarter and almost 30% annually.

截至 2025 年 9 月 30 日的季度淨收入約為 1.124 億美元，高於截至 2025 年 6 月 30 日的季度淨收入 1.107 億美元。截至9月30日的季度，稀釋後每股收益為1.94美元，而6月份季度為1.92美元。剔除一次性交易相關費用和Verdant收購的信用損失調整準備金，截至9月30日的季度，調整後淨收入和調整後每股收益分別為1.19億美元和2.06美元，較上一季增長7.3%，同比增長近30%。

Total originations for investment, excluding single-family warehouse lending, were over $4.2 billion for the three months ended September 30, representing an increase of 11% linked quarter or 44% annualized. Commercial real estate specialty lending, auto lending, and single-family warehouse had strong originations and net loan growth this quarter.

截至 9 月 30 日的三個月內，投資總額（不包括單戶住宅倉儲貸款）超過 42 億美元，季增 11%，年化成長 44%。本季度商業房地產專款貸款、汽車貸款和單戶住宅​​倉庫貸款的發放量和淨貸款額均實現了強勁增長。

Average loan yields for the three months ended September 30 were 7.99%, in line with the prior quarter. Average loan yields for non-purchased loans were 7.66%, and average yields for purchased loans were 15.81%, which includes the accretion of our purchase price discount. The FDIC purchased loans continue to perform and all loans in that portfolio remain current.

截至9月30日的三個月內，平均貸款收益率為7.99%，與上一季持平。未購買貸款的平均貸款收益率為 7.66%，購買貸款的平均收益率為 15.81%，其中包括我們購買價格折扣的累積。聯邦存款保險公司購買的貸款繼續正常運作，該組合中的所有貸款均保持正常狀態。

New loan interest rates for the September quarter were 7.2% in both the multifamily and C&I portfolios and 7.3% in single-family and 8.25% in our auto portfolio. Ending deposit balances of $22.3 billion were up 6.9% linked quarter and up 11.5% year over year. Demand money market and savings accounts representing 94% of total deposits at September 30 increased by 9% year over year.

9 月季度的新貸款利率，多戶住宅和工商業貸款組合均為 7.2%，單戶住宅為 7.3%，汽車貸款組合為 8.25%。期末存款餘額為 223 億美元，季增 6.9%，年增 11.5%。截至9月30日，活期貨幣市場和儲蓄帳戶佔總存款的94%，較去年同期成長9%。

We have a diverse mix of funding across a variety of business verticals with consumer and small business representing 57% of total deposits, commercial cash, treasury management, and institutional representing 22%, commercial specialty representing 11%, Axos Fiduciary Services representing 5% and Axos Securities, which is our custody and clearing business representing 5%.

我們的資金來源多元化，涵蓋多個業務領域，其中消費者和小型企業存款佔總存款的 57%，商業現金、資金管理和機構存款佔 22%，商業專業存款佔 11%，Axos 信託服務佔 5%，Axos 證券（我們的託管和清算業務）佔 5%。

Ending noninterest-bearing deposits were approximately $3.4 billion at the September end -- quarter end, up by approximately $350 million from the prior quarter. Noninterest-bearing deposit balances benefited from continued growth of our treasury management business and from a large increase in cash sorting deposits that came in toward the end of the quarter. Client cash sorting deposits ended the quarter at around $1.1 billion, up by $95 million from the June quarter.

截至 9 月底（季末），無息存款約 34 億美元，比上一季增加約 3.5 億美元。不計息存款餘額受惠於我們資金管理業務的持續成長，以及本季末現金分類存款的大幅增加。客戶現金整理存款本季末約為 11 億美元，比 6 月季度增加了 9,500 萬美元。

In addition to our Axos Securities deposits on our balance sheet, we had approximately $460 million of deposits off balance sheet at partner banks. We remain focused on adding noninterest-bearing deposits from our custody clearing, fiduciary services, and commercial cash and treasury management verticals.

除了資產負債表上的 Axos Securities 存款外，我們在合作銀行還有約 4.6 億美元的表外存款。我們將繼續專注於從我們的託管清算、信託服務以及商業現金和資金管理垂直領域增加無息存款。

Our consolidated net interest margin was 4.75% for the quarter ended September 30 compared to 4.84% in the quarter ended June 30. We had more excess liquidity in the quarter ended September 30 with average cash balances of approximately $2.5 billion compared to $2.15 billion of average cash balances in the prior quarter. This excess liquidity was a 7 basis points drag on our net interest margin.

截至 9 月 30 日的季度，我們的綜合淨利差為 4.75%，而截至 6 月 30 日的季度為 4.84%。截至 9 月 30 日的季度，我們的流動資金更加充裕，平均現金餘額約為 25 億美元，而上一季的平均現金餘額為 21.5 億美元。過剩的流動性使我們的淨利差下降了 7 個基點。

Additionally, we issued approximately $200 million of subordinated debt in September of 2025, which has a fixed annual interest rate of 7% for the first five years. We used part of the proceeds from the $200 million subordinated debt offering to pay off approximately $160 million of existing subordinated debt that was scheduled to move from a fixed annual interest rate of 4.875% to approximately 9% in October.

此外，我們在 2025 年 9 月發行了約 2 億美元的次級債務，前五年固定年利率為 7%。我們利用 2 億美元次級債務發行所得的部分收益，償還了約 1.6 億美元的現有次級債務，這些債務原定於 10 月從 4.875% 的固定年利率轉為約 9%。

The new subordinated debt issuance reduced our net interest margin by 1 basis point in the quarter ended September 30, 2025. We expect our consolidated net interest margin ex FDIC loan purchase accretion to stay at the high end of the 4.25% to 4.35% range we have targeted over the past year.

新的次級債務發行使我們截至 2025 年 9 月 30 日的季度淨利差減少了 1 個基點。我們預計，扣除聯邦存款保險公司貸款購買增值後的綜合淨利差將保持在過去一年我們設定的 4.25% 至 4.35% 區間的高端。

While new loan yields are coming in slightly lower in certain lending categories due to recent Fed actions, our goal is to offset lower loan yields with reduced cost of funds. Our loan pipelines have improved over the past few quarters as a result of successfully expanding our distribution channels across commercial lending categories and increased contributions from teams we onboarded over the past few quarters.

雖然由於聯準會最近的舉措，某些貸款類別的新貸款收益率略有下降，但我們的目標是透過降低資金成本來抵消較低的貸款收益率。過去幾個季度，由於我們成功拓展了商業貸款類別的分銷管道，以及過去幾季新加入的團隊貢獻增加，我們的貸款業務流程得到了改善。

The floor plan lending team has a nice pipeline. We also believe we've moved past peak levels of prepayment in our multifamily loan portfolio, which have been a significant headwind to net loan growth over the past several quarters. We expect the Verdant acquisition to add an incremental $150 million to $200 million of net new loans and operating leases per quarter at attractive spreads starting in the second quarter of this fiscal year ending December 31.

房屋平面圖貸款團隊擁有良好的專案儲備。我們還認為，我們的多戶住宅貸款組合的提前還款水平已經超過了峰值，而這在過去幾個季度一直是淨貸款增長的重大阻力。我們預計，從本財年第二季（截至 12 月 31 日）開始，Verdant 的收購將以優惠的利差，每季新增 1.5 億美元至 2 億美元的淨貸款和營業租賃。

Taking all these factors into consideration, we expect loan growth to come in at the low to mid-teens range on an annual basis in the remaining nine months of our fiscal year 2026.

考慮到所有這些因素，我們預計在 2026 財年剩餘的九個月裡，貸款成長率將達到每年 10% 到 15% 的水平。

The credit quality of our loan book continues to be solid and our historical and current net charge-offs remain low. Total nonperforming assets remained flat linked quarter, representing 64 basis points of total assets compared to 71 basis points in the quarter ended June 30, 2025. Nonperforming assets declined by approximately $17 million in multifamily and commercial mortgages and by $7.4 million in commercial real estate, partially offset by increases in nonperforming assets in single-family mortgages due to a handful of loans with a weighted average loan-to-value of 57%.

我們的貸款組合信用品質依然穩健，歷史和當前的淨核銷額仍然很低。不良資產總額與上季持平，佔總資產的 64 個基點，而截至 2025 年 6 月 30 日的季度為 71 個基點。多戶住宅和商業抵押貸款的不良資產減少了約 1,700 萬美元，商業房地產的不良資產減少了約 740 萬美元，但部分被單戶住宅抵押貸款不良資產的增加所抵消，這是由於少數貸款的加權平均貸款價值比為 57% 造成的。

No new C&I loans were placed on nonaccrual this quarter and a few larger C&I loans currently on nonaccrual are still paying as agreed. We do not anticipate a material loss from loans currently classified as nonperforming in our single-family, multifamily or commercial real estate loan portfolios. Net charge-offs to total assets were down 5 basis points linked quarter and 6 basis points year over year to 11 basis points for the three months ended September 30.

本季沒有新增的工商貸款被列入非應計貸款名單，目前一些較大的工商貸款也處於非應計貸款狀態，但仍按約定支付利息。我們預計，目前在我們單戶住宅、多戶住宅或商業房地產貸款組合中被歸類為不良貸款的貸款不會造成重大損失。截至 9 月 30 日止三個月，淨沖銷額佔總資產的比例較上季下降 5 個基點，較去年同期下降 6 個基點，至 11 個基點。

Axos Clearing, which includes our corresponding clearing and RIA custody business, had a good quarter. Total assets under custody or administration increased from $39.4 billion at June 30 to $43 billion at September 30.

Axos Clearing（包括我們相應的清算和RIA託管業務）本季業績良好。截至9月30日，託管或管理的資產總額從6月30日的394億美元增加到430億美元。

Net new assets for our custody business were $1.1 billion in the September quarter, an acceleration in the net new asset momentum we have experienced over the past several quarters. This marks the first time that assets in Axos Clearing's custody and clearing business have exceeded $40 billion. The pipeline for new custody clients remains healthy.

9 月季度，我們託管業務的淨新增資產為 11 億美元，這是過去幾季以來淨新增資產成長動能的加速。這是 Axos Clearing 的託管和清算業務資產首次超過 400 億美元。新託管客戶來源依然充足。

We continue to evaluate M&A opportunities to augment growth from existing businesses and team lift-outs. We successfully completed the acquisition of Verdant Commercial Capital, a vendor-based equipment leasing company at the end of September. Verdant's focus on originating small and mid-ticket leases nationally in six specialty verticals is a great enhancement to our commercial lending franchise. Their risk-adjusted returns, history of low credit losses, tech-enabled service model, and the entrepreneurial spirit of the team members are a great strategic fit for Axos.

我們將繼續評估併購機會，以促進現有業務的成長和團隊的剝離。9 月底，我們成功完成了對 Verdant Commercial Capital 的收購，該公司是一家以供應商為基礎的設備租賃公司。Verdant專注於在全國六大專業垂直領域開展中小額租賃業務，這大大增強了我們的商業貸款業務。他們的風險調整後收益、低信用損失歷史、技術賦能的服務模式以及團隊成員的創業精神與 Axos 的策略高度契合。

Additionally, these long-duration fixed rate loans and leases complement our existing floating and hybrid loans in our single-family mortgage and commercial specialty lending businesses. In addition to having access to lower cost of capital and funding, we believe the Verdant team will benefit from our operations and tech support.

此外，這些長期固定利率貸款和租賃是我們現有單戶住宅抵押貸款和商業專業貸款業務中的浮動利率和混合利率貸款的補充。除了能夠獲得成本更低的資金和融資外，我們相信 Verdant 團隊還將受益於我們的營運和技術支援。

After meeting with the management sales, operations and credit team post close, we are confident that we'll be able to generate meaningful growth from existing and new vendors and dealers in our six existing verticals. Over the medium to long term, we see additional opportunities to generate incremental growth from entering new verticals as well as cross-selling deposits and floor plan lending to larger strategic dealers and original equipment manufacturers.

在交易完成後與管理層、銷售、營運和信貸團隊會面後，我們有信心能夠在我們現有的六個垂直領域中，從現有和新的供應商和經銷商那裡獲得有意義的成長。從中長期來看，我們看到了透過進入新的垂直領域以及向大型策略經銷商和原始設備製造商交叉銷售存款和庫存融資貸款來產生增量成長的更多機會。

From a deal perspective, we paid a modest 10% premium on the roughly $40 million of book value of Verdant at September 30. The seller will also have an opportunity to earn up to $50 million over the next four years if the business generates a greater than 15% return on equity on an annual and cumulative basis.

從交易角度來看，我們僅以 10% 的溢價收購了 Verdant，該公司截至 9 月 30 日的帳面價值約為 4,000 萬美元。如果該企業在未來四年內每年累積的股本回報率超過 15%，則賣方還有機會獲得高達 5,000 萬美元的收益。

The transaction added approximately $1.2 billion in loan, leases and equipment operating leases, which include $1 billion of loans and leases and $213 million of equipment operating leases, which are recorded in other assets. We paid off $87 million of subordinated debt and $242 million of warehouse borrowings at closing and assumed $754 million of long-term securitization financing.

該交易新增了約 12 億美元的貸款、租賃和設備經營租賃，其中包括 10 億美元的貸款和租賃以及 2.13 億美元的設備經營租賃，這些都計入其他資產。我們在交易完成時償還了 8,700 萬美元的次級債務和 2.42 億美元的倉儲借款，並承擔了 7.54 億美元的長期證券化融資。

From an income perspective, we recorded approximately $1.3 million in deal-related expenses in this quarter and added $7.8 million to allowances for loan loss, including the roughly $7.8 million additional CECL reserves that we realized at closing, the total allowance for credit losses for the acquired loans and leases was approximately $15.6 million or roughly 1.5% of the total outstanding loan and lease balances at September 30, which we added despite a loss history for Verdant well below 50 basis points annually.

從收入角度來看，本季我們提列了約 130 萬美元的交易相關費用，並增加了 780 萬美元的貸款損失準備金，其中包括我們在交易完成時實現的約 780 萬美元的額外 CECL 準備金。截至 9 月 30 日，收購貸款和租賃的信用損失準備金總額約為 1,560 萬美元，約佔未償貸款和租賃餘額總額的 1.5%。儘管 Verdant 的年損失歷史遠低於 50 個基點，我們仍然增加了這筆準備金。

Our expectation is this acquisition will be accretive to our earnings per share by 2% to 3% in the fiscal year 2026 and by 5% to 6% in fiscal 2027. The current regulatory environment provides a favorable backdrop for additional accretive and strategic M&A transactions. Our strong capital, liquidity, and profitability allow us to be disciplined and opportunistic in where we deploy excess capital. We remain hyper-focused on increasing productivity and implementing additional operational improvements to help us become more profitable and scalable.

我們預計此次收購將在 2026 財年將我們的每股收益增加 2% 至 3%，在 2027 財年增加 5% 至 6%。當前的監管環境為更多增值型和策略性併購交易提供了有利的背景。我們雄厚的資本、流動性和盈利能力使我們能夠在部署剩餘資本方面保持自律和把握機會。我們將繼續高度專注於提高生產效率，並實施更多營運改善措施，以幫助我們提高獲利能力和規模化發展。

We have rapidly expanded the scope of workflows and use cases for artificial intelligence across the enterprise, including risk and compliance, credit, operations, technology, legal, marketing, finance, and accounting and believe that further AI implementations will enable us to create greater operating leverage and improve the speed, quality and cost of software development projects and accelerate new product development.

我們已迅速擴大了人工智慧在企業內的工作流程和應用案例範圍，包括風險與合規、信貸、營運、技術、法律、行銷、財務和會計等領域，並相信進一步實施人工智慧將使我們能夠創造更大的營運槓桿，提高軟體開發專案的速度、品質和降低成本，並加速新產品開發。

AI is having an impact on our efficiency and software development. We are in development on exciting products and technologies across our consumer, commercial, and securities businesses. We are continually enhancing our all-in-one consumer and small business experience with an aggressive and exciting road map. This consumer platform is utilized by retail and end clients in our institutional custody and clearing business.

人工智慧正在對我們的效率和軟體開發產生影響。我們正在消費者、商業和證券業務領域開發令人興奮的產品和技術。我們正透過積極進取、令人振奮的路線圖，不斷提升我們面向消費者和小型企業的全方位體驗。此消費者平台被我們機構託管和清算業務中的零售客戶和終端客戶所使用。

We have begun the rollout of our recently developed Axos Professional Workstation to selected broker-dealer clients. This professional workstation is a centerpiece of a technological modernization strategy in our securities business that will allow us to integrate banking products in a seamless way for RIAs and brokers to more holistically serve their clients and provide a much more flexible and modern system than many of our large competitors' legacy systems.

我們已開始向部分經紀交易商客戶推廣我們最近開發的 Axos 專業工作站。這款專業工作站是我們證券業務技術現代化策略的核心，它將使我們能夠以無縫的方式整合銀行產品，使註冊投資顧問 (RIA) 和經紀人能夠更全面地服務於他們的客戶，並提供比許多大型競爭對手的傳統系統更加靈活和現代化的系統。

In closing, I'm excited about the opportunities we have to maintain our positive momentum in fiscal 2026 and beyond. With the Verdant team and other team hires we have made this last year, producing both loans and deposits, we feel more certain in our ability to grow loans in the low to mid-teen range annually, maintain margin in our forecasted range and other than the costs we added through the acquisition, accomplish our objective to gain operating leverage.

最後，我對我們在 2026 財年及以後保持積極發展勢頭的機會感到興奮。憑藉 Verdant 團隊以及我們去年招募的其他團隊成員，我們在貸款和存款方面都取得了成功，我們更有信心每年實現貸款增長在 10% 到 20% 之間，將利潤率維持在我們預測的範圍內，並且除了收購增加的成本之外，實現我們獲得運營槓桿的目標。

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

現在我將把電話交給德里克，他將提供有關我們財務表現的更多細節。

Thanks, Greg. A quick reminder that in addition to our press release, our 10-Q was filed with the SEC today and is 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.

謝謝你，格雷格。再次提醒大家，除了新聞稿之外，我們今天還向美國證券交易委員會提交了10-Q季度報告，您可以透過EDGAR系統或我們的網站axosfinancial.com在線查閱。我將就其中幾個方面做簡要說明。更多詳情請參閱我們的新聞稿和提交給美國證券交易委員會的文件。

Noninterest expenses were approximately $156 million for the three months ended September 30, 2025, up by $5.6 million from the three months ended June 30, 2025. Excluding approximately $1.3 million of deal-related expenses from the Verdant acquisition in September, total noninterest expenses were up by approximately $4.3 million on the linked quarter.

截至 2025 年 9 月 30 日止三個月，非利息支出約為 1.56 億美元，比截至 2025 年 6 月 30 日止三個月增加了 560 萬美元。如果排除 9 月收購 Verdant 產生的約 130 萬美元交易相關費用，則非利息支出總額比上一季增加了約 430 萬美元。

Salaries and benefit expenses were $76.6 million, up by $1.6 million from the prior quarter ended June 30, 2025. The primary drivers of the quarter-over-quarter increase in salaries and benefits expenses were the addition of the floor plan lending team and a partial quarter of our annual merit compensation increase.

薪資和福利支出為 7,660 萬美元，比截至 2025 年 6 月 30 日的上一季增加了 160 萬美元。導致薪資和福利支出較上季成長的主要原因是新增了庫存融資貸款團隊以及部分年度績效獎金的發放。

Data and operating processing expenses were $22.1 million compared to $20.4 million in fiscal Q4 2025. The sequential increase in data processing expense was attributed to a handful of projects across different business units. Since we closed the Verdant acquisition on September 30, 2025, it did not have any impact on our operating noninterest expenses.

數據和營運處理費用為 2,210 萬美元，而 2025 財年第四季為 2,040 萬美元。數據處理費用的逐年增加歸因於不同業務部門的幾個項目。由於我們於 2025 年 9 月 30 日完成了對 Verdant 的收購，因此對我們的非利息營運支出沒有任何影響。

Going forward, we expect the Verdant acquisition to add approximately $8.5 million per quarter in noninterest expenses. We remain focused on optimizing our operating expenses with a specific focus on AI implementation while making prudent investments to deliver positive operating leverage.

展望未來，我們預計收購 Verdant 將使每季非利息支出增加約 850 萬美元。我們將繼續專注於優化營運支出，尤其註重人工智慧的實施，同時進行審慎的投資，以實現積極的營運槓桿。

As Greg mentioned earlier, we acquired approximately $1 billion of loans and leases and $213 million of fixed asset operating leases in the Verdant acquisition. Of the $1.2 billion of total Verdant loan and leases, approximately $762 million are on-balance sheet securitizations with a weighted average remaining life of 3.7 years.

正如 Greg 先前所提到的，我們在收購 Verdant 的過程中獲得了約 10 億美元的貸款和租賃權以及 2.13 億美元的固定資產經營租賃權。Verdant 的貸款和租賃總額為 12 億美元，其中約 7.62 億美元為資產負債表內證券化資產，加權平均剩餘期限為 3.7 年。

The net loan yield on these assets is between 3.75% to 4.5% above the 90-day SOFR rate. And the net spread of the on-balance sheet securitizations is between 2.57% and 3.07%. The interest income from the $1 billion of loans and leases will be recorded in interest income and the income from the operating leases will be recorded in noninterest income.

這些資產的淨貸款收益率比 90 天 SOFR 利率高出 3.75% 至 4.5%。資產負債表內證券化的淨利差在 2.57% 至 3.07% 之間。10億美元貸款和租賃產生的利息收入將計入利息收入，而經營租賃產生的收入將計入非利息收入。

For all new loans and leases, we expect to record an allowance for loan loss of approximately 1.5%. Next, our income tax rate was 25% for the three months ended June 30, 2025, compared to 29.4% in the corresponding year-ago period. The quarter ended September 30 was the first quarter that benefited from the impact of the new California budget, which included a change in our tax calculation methodology.

對於所有新貸款和租賃，我們預計將提列約 1.5% 的貸款損失準備金。其次，截至 2025 年 6 月 30 日的三個月，我們的所得稅率為 25%，去年同期為 29.4%。截至 9 月 30 日的季度是第一個受益於加州新預算影響的季度，其中包括我們稅務計算方法的改變。

Additionally, we had approximately a 1.9% benefit in our tax rate from RSU vesting in the September period. Going forward, we still expect our corporate tax rate to be approximately 26% to 27%, consistent with what we have guided previously.

此外，由於 9 月 RSU 歸屬，我們的稅率降低了約 1.9%。展望未來，我們仍預期公司稅率約為 26% 至 27%，與我們先前給予的指導意見一致。

I'll wrap up with our loan pipeline and growth outlook. Our pipeline remains healthy at approximately $2.2 billion worth of loans as of October 24, 2025, consisting of $605 million of single-family residential Jumbo mortgage, $78 million of gain on sale mortgage, $352 million of multifamily and small balance commercial loans, $76 million of auto and consumer, and $1.1 billion across our commercial verticals.

最後，我將介紹我們的貸款項目和成長前景。截至 2025 年 10 月 24 日，我們的貸款儲備依然健康，約 22 億美元，其中包括 6.05 億美元的單戶住宅巨額抵押貸款、7,800 萬美元的出售收益抵押貸款、3.52 億美元的多戶住宅和小額商業貸款、7,600 萬美元的汽車和消費貸款，以及 11 億美元的垂直貸款。

We expect the combination of strong originations from our commercial lending businesses, growing contributions from incubator businesses such as floor plan lending, slowing prepayments in our multifamily lending business and incremental contributions from the [Verdant Equipment Finance] business to drive loan growth in the low to mid-teens year-over-year growth over the next 12 months, excluding the impact of the loan portfolio purchased from the FDIC or any other potential loan or asset acquisitions.

我們預計，未來 12 個月內，商業貸款業務的強勁增長、孵化業務（如庫存融資貸款）貢獻的增加、多戶住宅貸款業務提前還款的放緩以及 [Verdant Equipment Finance] 業務的增量貢獻，將推動貸款同比增長達到 10% 到 25% 左右，這還不包括從 FDIC 購買的貸款組合或任何其他潛在的貸款組合或任何其他潛在的貸款組合。

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

這樣，我就把電話轉回給約翰尼了。

Thanks, Derrick. We are ready to take questions.

謝謝你，德里克。我們已準備好回答問題。

(Operator Instructions) Kyle Peterson, Needham & Company.

（操作說明）Kyle Peterson，Needham & Company。

I wanted to start off on credit. Obviously, there's been some fairly high-profile headlines of late. Everything in your book looks pretty good. But I guess maybe any context of what you guys are seeing, particularly like in any -- whether it's pipeline deals or anything that is looks a little like spookier or unattractive to you guys? Or I guess, kind of how are you guys thinking about new deals and structure and competition in your approach to credit right now?

我一開始想用信用卡付款。顯然，最近出現了一些相當引人注目的新聞頭條。你書裡的內容看起來都很不錯。但我想，你們看到的某些事情，特別是像管道交易或其他任何看起來有點詭異或不吸引人的事情，可能會讓你們感到不安吧？或者說，我想問的是，你們目前在信貸方面是如何看待新的交易、結構和競爭的？

Sure. Thanks for the question, Kyle. Good to talk to you. Yes, so just in speaking about the three deals that got a lot of press, we had seen those deals and turn those down for a variety of different reasons. We think there was some decent indicators there just based on structure that were problematic.

當然。謝謝你的提問，凱爾。很高興和你聊天。是的，就拿那三筆引起媒體廣泛關注的交易來說，我們之前也考慮過這些交易，但出於各種不同的原因拒絕了它們。我們認為，僅從結構上看，就存在一些問題，這方面也有一些不錯的指標。

I think that in late stages of credit cycles, people sometimes get pretty sloppy on structure. And frankly, you see that in some of the syndicated deals where the sort of lender-on-lender violence language wasn't as strong as it should have been in certain cases. We're very careful and watchful of that because we believe that, that can be a problem on syndicated deals. We turned down deals for that. We pushed back.

我認為在信貸週期的後期階段，人們有時會在結構上變得相當馬虎。坦白說，你會發現，在一些銀團貸款交易中，針對貸款人之間暴力行為的措辭在某些情況下不夠強硬。我們對此非常謹慎和關注，因為我們認為，這可能會為聯合投資帶來問題。我們為此拒絕了一些交易。我們進行了反擊。

That's an area that is less recognized, but a problem.

這是一個不太受重視但卻是個問題的領域。

You don't need -- I personally view it as almost a form of fraud, but you have to just be very thoughtful about that because guys are reading things into this. And it's -- at a minimum, it's extraordinarily aggressive. The other types of more blatant fraud that went on there, like with respect to one of the three deals was that people are actually forging documents and title insurance and telling banks that they have first liens on assets when they don't.

你不需要——我個人認為這幾乎是一種欺詐行為，但你必須對此深思熟慮，因為人們會對此進行過度解讀。而且，至少可以說，它極具攻擊性。那裡還發生了其他更明目張膽的詐欺行為，例如在三筆交易中的一筆中，有人偽造文件和產權保險，並告訴銀行他們對這些資產擁有第一順位留置權，而實際上他們並沒有。

There's always ways of going about trying to stop fraud. And there were ways in what we do that would not have allowed that to happen because we get certain documents directly from title insurers and things that would stop that from happening.

總會有辦法阻止詐欺行為。我們採取的措施中有一些方法可以防止這種情況發生，因為我們直接從產權保險公司取得某些文件，這些措施可以阻止這種情況發生。

But yes, I mean, look, I think that it's always something that you have to look out for. I've always said I think fraud is one of the most dangerous potential issues that any lender has, particularly when they're secured in the manner that we are. And so in each and every segment, there are different types of risks and opportunities to mitigate those risks. And I think we do a good job with it, but we're continually on guard because people come up with new and interesting ways of doing bad things.

但是，是的，我的意思是，你看，我認為這始終是需要注意的事情。我一直認為，詐欺是任何貸款機構面臨的最危險的潛在問題之一，尤其是像我們這樣有擔保的貸款機構。因此，在每個細分領域，都存在著不同類型的風險和降低這些風險的機會。我認為我們在這方面做得很好，但我們始終保持警惕，因為人們會想出各種新奇有趣的方法來做壞事。

Okay. I appreciate the detailed color there. And then I guess just a follow-up on fee income came in pretty strong this quarter, at least what we had modeled. Just wanted to see, were there any one-timers or like whether it was like a loan sales or anything like I know you guys said last quarter. But I guess anything onetime?

好的。我喜歡那裡的色彩細節。然後，我想說的是，本季手續費收入的後續數據相當強勁，至少比我們之前預測的要好。我只是想了解一下，有沒有一次性交易，或者像貸款銷售之類的，就像你們上個季度說的那樣。但我想，一次性的事情應該也沒關係吧？

And then I guess, just a refresher on any of the fee income potential contributions from Verdant, like if there's any operating leases or anything and how we should be mindful of like the run rate on that from here on out would be great.

然後，我想再回顧 Verdant 可能帶來的任何費用收入貢獻，例如是否有任何經營租賃或其他事項，以及我們應該如何從現在開始注意這些事項的運作率，那就太好了。

Yes, nothing from the fee income that was a one-timer in this past quarter from the Verdant profile. The expectation is a few million dollars will come through in that noninterest income line item as we look forward.

是的，上個季度來自 Verdant 帳戶的一次性費用收入沒有任何增加。預計未來該項非利息收入將達到數百萬美元。

Yes. I think the one thing --

是的。我認為有一件事--

Do you mean per quarter or --

您是指每季還是--

Correct. Yes, per quarter.

正確的。是的，按季度計算。

Per quarter.

每季。

And one thing you do have to just be thoughtful about is I think the team has done a good job on the securities side of growing out of the negative impact that hits their P&L when they -- when rates go down. So that -- there's only some of that's off-balance sheet like $500 million or whatever, but that's still out there. It's not massive, but you just should think about it. I mean I think they're going to be able to grow out of it. They did grow out of it.

有一點需要認真考慮的是，我認為該團隊在證券業務方面做得很好，並且已經克服了利率下降時對其損益表造成的負面影響。所以——雖然只有一部分是表外資產，例如 5 億美元之類的，但它仍然存在。雖然影響不大，但你還是該考慮。我的意思是，我認為他們最終會克服這個問題。他們後來就不再那麼做了。

But that's out there. So that's one element that you -- and then obviously, mortgage banking picks up, but there's probably a dead zone in there where somewhere mortgage bank has not picked up, but you end up with lower benefit from the 0 cost deposits through the sweeps.

但那樣的事情確實存在。所以這是其中一個因素——然後很明顯，抵押貸款銀行業務會介入，但其中可能存在一個空白區域，抵押貸款銀行業務尚未介入，但最終你透過自動轉帳獲得的零成本存款收益會降低。

Gary Tenner, D.A. Davidson.

蓋瑞‧坦納，D.A.戴維森。

I had a follow-up on VCC. It was my assumption at least that the funding for the loans put on -- or the assets put on balance sheet wasn't to come from your excess cash, but you flagged the secured financing at quarter end. Is there a period of time that you have to keep that? Is it attractive price for you? Can you kind of walk us through that?

我隨後對VCC進行了追蹤。至少我之前認為，貸款的資金——或者說資產負債表上的資產——不應該來自你們的盈餘現金，但你們在季度末指出了擔保融資。需要保留一段時間嗎？這個價格對您來說有吸引力嗎？能給我們詳細解釋一下嗎？

Yes. So we would love to take all that out and utilize the excess cash, and it would be a very wonderful day for us and our shareholders. But these are term securitizations. They were done to match fund particular leases. There is -- there are cleanup calls that I think are all at 10%.

是的。所以，我們非常希望能夠把這些錢全部取出來，利用多餘的現金，這對我們和我們的股東來說都將是非常棒的一天。但這些都是定期證券化產品。這樣做是為了給特定的租賃項目籌集資金。確實有一些清理工作，我認為這些工作完成率都在 10% 左右。

Right, Derrick? Yes, they're all at 10%. So as soon as we can clean these up, we will because it would be cheaper to use our own deposits. But yes, they're on balance sheet, they're term financing. We can't do anything with them.

對吧，德里克？是的，它們都是 10%。所以一旦我們能夠清理這些地方，我們就會清理，因為使用我們自己的存款會更便宜。是的，它們都列入了資產負債表，屬於定期融資。我們拿它們沒辦法。

I mean, obviously --

我的意思是，這顯而易見--

We'll monitor them and see if any pricing comes in kind of through Bloomberg and through the markets in the same way that we picked up some of our sub debt at a cheaper rate. We'll do the same thing with the secured financings. If they're trading out there at a discount, we'll be jumping on that.

我們會密切關注，看看是否會有價格透過彭博社和市場出現，就像我們之前以更低的價格收購了一些次級債務一樣。我們將對擔保融資採取同樣的做法。如果他們以折扣價出售，我們會毫不猶豫地買入。

I don't think that's going to happen. Just frankly, look, it's possible that the performance of the leases have been very, very strong. So there's no credit component to kind of get anyone excited about that. But you never know. I mean maybe somebody owns a small piece and they want to get rid of it or something like that. So we can always look at that. But unfortunately, but they're going to be out.

我覺得這不會發生。坦白說，租賃業績可能非常非常出色。所以，這裡面沒有任何信用方面的因素能讓任何人感到興奮。但誰也說不準。我的意思是，也許有人擁有一小塊地，他們想把它處理掉之類的。所以我們可以隨時關注這一點。但很遺憾，他們要被淘汰了。

But I do think that Verdant has a nice pipeline. They're going to be growing. We put that $150 million to $200 million growth target out there. I think they can exceed that and I think they might this quarter. So that also means that there'll be the opportunity to fund those loans with our deposits.

但我認為Verdant的產品線很不錯。它們將會成長。我們提出了1.5億美元至2億美元的成長目標。我認為他們可以超越這個數字，而且我認為他們這季度可能會做到。所以這也意味著我們將有機會用我們的存款來為這些貸款提供資金。

And we kind of -- deposits just ended up overshooting this quarter, not only from operational activity, but we obviously had a big quarter of growth coming. And there was another component is that the timing of the acquisition sort of got delayed, and so they did another securitization. It was a pretty nice and tight spreads. So we talked about it and I said, well, I don't really have an objection to it because there was a bunch of moving pieces to get the deal done.

我們這季度的存款額有點超出預期，不僅是因為營運活動，而且顯然我們原本預計會有一個巨大的成長季度。還有一個原因是收購的時間被延後了，所以他們又進行了一次證券化。攤牌面相當漂亮且緊湊。所以我們討論了一下，我說，嗯，我其實不反對，因為要完成這筆交易有很多環節需要協調。

But so yes, but the good news is we're well set up for strong loan growth. And I think with this deal and everything else we've done, we raised our guidance on loan growth because we had that. Even though we are certainly not hoping to be there that high single digits to low teens, and now we have low teens to mid-single digits or something, but it's mid-teens, right? But in any event, it's better.

所以，沒錯，但好消息是我們已經為強勁的貸款成長做好了充分準備。我認為，憑藉這項交易以及我們所做的一切，我們提高了貸款成長預期，因為我們做到了這一點。雖然我們當然不希望達到個位數到十幾的水平，而現在我們只有十幾到個位數，但至少是十幾，對吧？但無論如何，這樣更好。

Got it. And just to go back to the secured financing, what's the -- just for modeling purposes, kind of what's the carrying cost of this?

知道了。回到擔保融資的問題，為了建模，它的持有成本是多少？

Do you have that?

你有嗎？

It's a little north or about 5.5%, and they have a 3.7% weighted average in years.

它比實際值略高，大約高出 5.5%，按年計算，加權平均值為 3.7%。

Okay. Great. And then I just did have a follow-up in terms of the purchase loans. It looks like a pretty steep drop in the balance of average purchase loans in the quarter, but it didn't look like any kind of real outsized interest income or accretion benefit. So could you just comment on that?

好的。偉大的。然後，我剛剛又跟進了一下購屋貸款方面的事情。本季平均購屋貸款餘額似乎出現了相當大的下降，但看起來並沒有任何真正意義上的巨額利息收入或增值收益。您能否就此發表一下看法？

And then if you have it available, what the period end FDIC purchase loans are?

如果您有相關資料，請問期末 FDIC 購買貸款的金額是多少？

Yes. It was really from the prior quarter. So if you recall, we had a big bump of $12 million in the gain on sale in the mortgage banking last quarter. So that sale occurred in the latter half of June. And so that's why the average balance was much higher for your purchase loans in the June quarter.

是的。實際上那是上個季度的。所以，如果你還記得的話，上個季度我們在抵押貸款業務的出售收益中獲得了 1200 萬美元的大幅增長。所以那筆交易發生在六月下旬。所以這就是為什麼您在六月季度的購屋貸款平均餘額要高得多的原因。

And so I think that was the only big one that we've had to pay off during the September -- or I mean, in the June and September quarter. But that loan was a little over $100 million. So I think this quarter's average is relatively reflective of what the ending period figure is.

所以我覺得這是我們在9月（或者說，6月和9月）唯一需要償還的大筆債務。但那筆貸款金額略高於1億美元。所以我認為本季的平均值相對反映了期末數據。

(Operator Instructions) Kelly Motta, KBW.

（操作說明）Kelly Motta，KBW。

The balance sheet growth was remarkable, both organically as well as with the deal that you got. It looks like capital ratios have come down a bit. Greg, can you refresh us on how you're thinking about capital and your comfort here with being able to support potentially mid-teens loan growth, where those capital ratios you're comfortable with letting them go?

資產負債表的成長非常顯著，無論是自然成長或透過你們達成的交易實現的成長。看起來資本適足率下降。格雷格，你能否簡要說明一下你對資本的看法，以及你是否能夠承受十幾個百分點的貸款成長，以及你認為可以接受的資本比率是多少？

Yes. And we've been accumulating capital and discussing that we believe we have excess relative to what we need. So we feel very good about the capital ratios where they are and even having them go down a bit. But the reality for us is we're making over a 15% ROE. So any loan growth that's sub that essentially allows us to stay roughly equal.

是的。我們一直在累積資本，並且討論過我們認為相對於我們的需求而言，我們擁有的資本是多餘的。因此，我們對目前的資本充足率感到非常滿意，甚至希望它們能稍微下降一些。但對我們來說，實際情況是我們的股本回報率超過 15%。因此，任何低於此水平的貸款增長基本上都能讓我們保持大致相等。

I mean, obviously, there's some dividends to the holding company, things like that. But within that range, I feel very good about the profitability. And I think just given if you look at the linked quarter income benefit that didn't even include the $1 billion of the Verdant loans, that was nice growth.

我的意思是，很顯然，控股公司會獲得一些股利之類的收益。但在這個範圍內，我對獲利能力非常滿意。我認為，即使不包括 Verdant 的 10 億美元貸款，僅從季度收入收益來看，這也是一個不錯的成長。

So I think that strong income growth and the strong capital accretion is going to work well there. And I think we've done a really good job of bringing our loan loss reserve to a very strong place, including even with Verdant, where I think it was a prudent but conservative decision to bring it to 1.5% given that they've been averaging 25 and 30 basis points of loss over their period. And they've been around five years. So that doesn't mean you can guarantee that, but certainly bringing that to 150 is good.

所以我認為，強勁的收入成長和強勁的資本累積在那裡會起到很好的作用。我認為我們在將貸款損失準備金提高到非常穩健的水平方面做得非常好，即使是對於 Verdant 來說，考慮到他們在此期間的平均損失為 25 到 30 個基點，我認為將其提高到 1.5% 是一個審慎但保守的決定。他們已經成立五年了。所以這並不意味著你可以保證這一點，但肯定能達到 150 是件好事。

So we feel very good about where we are in loan loss. I feel good about where we're seeing the NPL sort of stuff shake out. I feel like the commercial real estate thing, which everybody had their -- was sort of agitated about has certainly not come to fruition in any respect with respect to us. So yes, I think it's good. And we had much higher capital ratios than, frankly, we've ever had.

因此，我們對目前的貸款損失狀況感到非常滿意。我對NPL這類事情目前的走向感到滿意。我覺得大家之前都很關注的商業地產問題，就我們而言，肯定沒有在任何方面取得成果。是的，我覺得不錯。坦白說，我們的資本充足率比以往任何時候都高得多。

And so it was built for doing just what we did. And so we felt good about that deal and our ability to do it.

所以它就是為了做我們所做的事情而建造的。因此，我們對這筆交易以及我們完成交易的能力都感到滿意。

Awesome. You guys certainly make a lot to help replenish those. So in terms of -- Greg, we got the Verdant deal. And in your prepared remarks, it sounds like there might be some more opportunities on the acquisition side. Is there anything you can share with us in terms of types of deals that look attractive, how that's shaping up and kind of the outlook from here?

驚人的。你們賺了很多錢，絕對能幫忙補充這些資金。所以就格雷格而言，我們達成了與Verdant的交易。從您事先準備好的發言稿來看，似乎在收購方面可能還有一些機會。您能否和我們分享哪些類型的交易看起來很有吸引力，這些交易的進展以及未來的前景？

Yes. Obviously, as I'm sure you well know and have to cover as these banks get together like kids at a frat party. There's a lot of talk about all those things. I mean we're always active in looking and trying to understand what works and what doesn't. In the case of Verdant, for example, it filled this particular niche.

是的。顯然，我相信你很清楚，而且你也必須報道，因為這些銀行聚在一起就像一群參加兄弟會派對的孩子一樣。關於這些事情有很多討論。我的意思是，我們總是積極地去觀察和了解哪些方法有效，哪些無效。例如，Verdant 就填補了這個特定的市場空白。

It was a good national specialty vertical with bank quality management in an area that we didn't have. So there's a few other of those type of verticals that we always continue to look for and find the right partners.

這是一個不錯的全國性專業垂直領域，擁有我們之前不具備的銀行品質管理方面的專業知識。所以，我們一直在尋找其他一些類似的垂直領域，並尋找合適的合作夥伴。

On the bank side, there's a lot of different ways to look at bank acquisitions and see what works and what doesn't. It has to be obviously the right cultural strategic fit or it has to be an incredible financial bargain. So we're very active in looking, and we'll continue to do that and see what makes sense.

從銀行的角度來看，有許多不同的方法可以檢視銀行收購，看看哪些方法有效，哪些無效。顯然，它必須在文化策略上契合，或者必須在財務上非常划算。所以我們一直在積極尋找合適的方案，並且會繼續這樣做，看看哪些方案是合理的。

David Feaster, Raymond James.

David Feaster，Raymond James。

I wanted to talk on this NDFI issue. I mean, this has now become a dirty word. And I appreciate your commentary a bit talking about it. But I was just hoping you could elaborate maybe a bit on where -- obviously, there's been some fraud, but where are you seeing the pressure points in the industry, maybe compare and contrast a bit with what you do, the exposures that you've got and how you monitor and manage collateral and the cash flows just to protect yourself because that seems like an incredibly important part about that.

我想談談非藥物金融機構（NDFI）的問題。我的意思是，這個詞現在已經變成了一個貶義詞。我很欣賞你對此發表的評論。但我只是希望您能詳細闡述一下——顯然，這其中存在一些欺詐行為，但您認為行業中的壓力點在哪裡？能否將您的業務、您面臨的風險敞口以及您如何監控和管理抵押品和現金流來保護自己進行一些比較和對比，因為這似乎是其中極其重要的部分。

Right, right. Well, so yes, it's a broad category. So if you just sort of go through this logically, single-family mortgage warehouse, right? You have [MERS] for that. So there was some pretty I mean, obviously, you've been around a long time.

對，對。是的，這是一個很廣泛的類別。所以，如果你按邏輯順序來分析一下，這就是單戶住宅抵押貸款倉庫，對吧？你有針對這種情況的[MERS]。所以，很明顯，你已經在這個行業待了很久了。

I'm not calling you old. I'm just saying you've been around a really, really, really, really long time, David. But you remember like [Taylor Bean and Whitaker] and all those kind of things and [Colonial] and all that sort of stuff where essentially you showed up one day and your loans are pledged to someone else, right?

我不是說你老。我只是想說，大衛，你已經在這個圈子裡待了很久很久了。但你還記得像泰勒·比恩和惠特克這樣的公司，還有殖民地公司等等，基本上就是你有一天突然出現，你的貸款卻被抵押給了別人，對吧？

So that issue, I think, is more solved with MERS than others with respect to the types of loans that go through there. That's the single-family warehouse side now.

所以我認為，就透過 MERS 發放的貸款類型而言，這個問題比其他方式解決得更好。這是獨棟住宅倉庫那邊的情況。

Then if you think about real estate lender finance, where you have facilities that have crossed assets, what happened with respect to those other institutions was that essentially they were told they had first mortgages because they receive title policies from the borrower themselves and essentially three different banks, I think, thought they all had first liens or the first liens that were created by the NDFI, three different banks thought they had first liens on those first liens, right?

然後，如果你考慮房地產貸款融資，其中有一些涉及交叉資產的融資工具，那麼對於其他機構來說，基本上的情況是，他們被告知他們擁有第一抵押權，因為他們從借款人那裡獲得了產權保險單，而且基本上有三家不同的銀行，我認為，都認為他們擁有第一抵押權，或者說，他們擁有由非金融機構 (NDFI) 創建第一個留置權，對第一個留置權的留置權，對這些留置權

So there's some pretty clear ways that you can figure that out. One way is not to get the information from the NDFI, right? So at a fundamental level, there's always this question of what do you trust? What do you don't trust? How do you get it?

所以有一些非常明確的方法可以弄清楚這一點。一種方法是不從非發展金融機構獲取信息，對吧？所以從根本上來說，總是會存在這樣一個問題：你相信什麼？你最不信任什麼？如何獲得它？

How do you check it, right? And so there's some pretty clear ways to do that. I'm not going to paint them all out for all my competitors, but just to say that there's ways of making sure that doesn't happen.

對吧？怎麼檢查呢？所以，要實現這一目標有一些非常明確的方法。我不會把所有競爭對手都抹殺掉，但我想說的是，有一些方法可以確保這種情況不會發生。

Now there's obviously an element of how you monitor that and how you think about that with respect to the timing of it because some lenders (inaudible) title like we do by recording a notice of assignment. So if somebody else tries to lean that particular property, then there's a notice of assignment there, title company won't work through that.

現在，顯然存在一個問題，那就是如何監控此事，以及在時間安排方面如何考慮此事，因為有些貸款機構（聽不清楚）像我們一樣，透過記錄轉讓通知來獲得所有權。所以如果其他人試圖抵押該特定房產，那麼那裡會有一份轉讓通知，產權公司不會接受這類案件。

Others take the word of their partners for that, right? So you always have these kind of things depending on how you think about it. But frankly, I think it's always interesting to me in banking because it's kind of beautiful to some extent because you get like one thing that happens that's idiosyncratic in a particular problem.

其他人則會相信伴侶的話，對吧？所以，這類事情總是會根據你的想法而改變。但坦白說，我覺得銀行業總是很有趣，因為它在某種程度上很美妙，因為在某個特定問題中會發生一些獨特的事情。

And I remember what it was like single-family lending after 2008, '09, [ Ally ] comes to me and say, well, I can't believe you're doing single-family mortgages in Florida. And I'm like, yes, we weren't doing them when the prices were super high, but now that they've fallen by -- the prices have fallen by 60%, we're now doing it at 40% LTVs. And of course, no, we never lost a single penny on that, and we got higher rates, right?

我還記得 2008 年、2009 年之後單戶住宅貸款的情況，[Ally] 來找我說，我簡直不敢相信你竟然在佛羅裡達州做單戶住宅抵押貸款。我當時就想，是的，價格特別高的時候我們沒有做這些，但是現在價格已經下降了——已經下降了 60%，我們現在以 40% 的貸款價值比 (LTV) 來做這些。當然，不，我們在這方面一分錢都沒虧，而且我們還獲得了更高的利率，對吧？

So I think you have to just ask yourself what specifically are you talking about, right? So there's -- so that collateral is there. Now the type of NDFI type of risk associated with non-real estate lender finance, if you actually think about it for even a small amount of time, is a very similar risk to a regular straight ABL deal, right? Like somebody can make up invoices or a factoring. They can make up invoices, they can do all that kind of stuff.

所以我覺得你得問問自己，你到底在說什麼，對吧？所以，抵押品是有的。現在，與非房地產貸款人融資相關的 NDFI 風險，如果你稍微思考一下，你會發現它與普通的直接 ABL 交易的風險非常相似，對吧？例如有人可以偽造發票或保理。他們可以偽造發票，他們可以做各種這類事情。

And whether you have an NDFI involved or not, if a borrower is committing fraud, the borrower can be committing fraud on the NDFI and on you, right? By like there's banks that finance factor receivable companies, right? So there's an NDFI that's a factor receivable and you're financing that factor receivable. Well, you could have the NDFI to fraud you, you could also have end clients to fraud you.

無論是否涉及非金融機構，如果借款人實施欺詐，那麼借款人既可能對非金融機構實施欺詐，也可能對您實施欺詐，對嗎？就像有些銀行會為應收帳款保理公司提供融資一樣，對吧？所以，有一個非債務金融機構（NDFI）的應收帳款，而你正在為該應收帳款提供融資。嗯，非存款類金融機構可能會詐欺你，終端客戶也可能會詐欺你。

So we had a small client, a direct borrower where we had a full banking relationship typical middle market (inaudible) like small business style. And one of the guys made up an invoice, right? And there's different ways to catch them doing that. So I don't -- if you're thinking about capital call lines, then there's a whole different array of risks associated with that because often the [LPs] are very large funds. And so you're getting them -- the question is how many of those do you get to sign waivers of defenses, right?

所以我們有一個小客戶，一個直接借款人，我們和他建立了完整的銀行關係，典型的中型市場（聽不清楚）小企業風格。其中一人偽造了發票，對吧？有很多方法可以抓到他們做這種事。所以我不認為——如果你在考慮資本召集額度，那麼就會涉及到一系列完全不同的風險，因為通常情況下，[有限合夥人]都是規模非常大的基金。所以你收到了這些文件──問題是，你能簽多少份放棄抗辯權的文件呢？

So there's all kinds of different things like that. I mean I think if you step back and you say, is -- each of these areas have obviously their own benefits and disadvantages. On one hand, you could -- if you put an NDFI between you and a client, if the NDFI is full of bad actors, which by far, the vast majority of them are not, they're highly professional individuals who've worked at some of the biggest and most prestigious institutions in country, their whole life.

所以諸如此類的事情還有很多。我的意思是，如果你退後一步，你會發現——這些領域顯然都有各自的優點和缺點。一方面，如果你在你和客戶之間放置一家非存款金融機構，可能會出現問題。如果這家非存款金融機構充斥著不良分子（但實際上絕大多數都不是，他們都是高度專業的個體，一生都在國內一些規模最大、最負盛名的機構工作）。

I mean, I'm not saying that doesn't mean they can't turn out to be a bad guy and be willing to commit to a life in [San Quentin] or something, but that's not really what happens normally. I think, frankly, you're more likely to -- much more likely to have fraud in small business and direct borrower loans on things like factoring and ABL, potentially than you are in these large cross facilities. And those large cross facilities protect you because any individual idiosyncrasies is there as well as the NDFI capital also protects you from those sorts of things.

我的意思是，我不是說這並不意味著他們不能變成壞人，並願意在聖昆汀監獄或其他地方度過餘生，但這通常不是會發生的情況。坦白說，我認為，在小型企業和直接借款人貸款（例如保理和資產抵押貸款）中，詐欺的可能性要大得多，而不是在這些大型交叉融資安排中。而且，這些大型交叉設施可以保護你，因為任何個人的特殊性都存在，NDFI 資本也可以保護你免受這類事情的影響。

So life banking, it's full of trade-offs, right? And you just have to understand the nuances. So that's what it is.

所以，人生銀行業務充滿了權衡取捨，對吧？你只需要理解其中的細微差別。原來如此。

Yes. That's helpful. And I wanted to get a sense on the expansion in that floor plan space with the new team. Just kind of how that build-out and integration has been? It sounds like they've got a nice pipeline.

是的。那很有幫助。我想了解新團隊如何擴大該樓層平面圖的空間。搭建和整合過程大概是怎樣的？聽起來他們有一條不錯的輸油管。

I know we're still in the early stages there, but was just hoping to kind of get an update on that business line and any expectations you might have.

我知道我們目前還處於早期階段，但我只是希望能了解該業務線的最新進展以及您可能有任何期望。

Yes. So they've got some accepted term sheets for some nice lines with some really strong borrowers. The nature of that business requires that the -- that for any of the floor plan lines, you have to go out and get [MBRAs], which are essentially repurchase obligations of the manufacturers, which is obviously an awesome thing because if somehow the asset doesn't sell, then you can have the manufacturer take it back and pay you off. So we have a lot of those executed in these areas, facilitated by those things.

是的。所以他們已經和一些實力雄厚的借款人簽了一些不錯的貸款條款清單。該業務的性質要求——對於任何樓層平面圖系列，你都必須出去獲得[MBRA]，這本質上是製造商的回購義務，這顯然是一件很棒的事情，因為如果資產以某種方式賣不出去，那麼你可以讓製造商收回它並付錢給你。因此，在這些領域，我們有許多這樣的計畫得以實施，而這些計畫也得益於這些因素。

And so I think we'll -- I think we'll have several hundred million dollars, let's say, by March 31, I would guess. Maybe that's a little aggressive of assets and lines funded in that business.

所以我認為，到 3 月 31 日，我們將擁有數億美元。也許這種做法對於該業務的資產和融資額度來說有點過於激進了。

That's great. And then just last one for me. Just wanted to get an update on the securities business and the white labeling within there of some banking products. I know this is still in the early stages, I believe, still in beta testing. But just kind of curious, maybe the build-out of the tech infrastructure in the securities segment broadly.

那太棒了。最後，我還要再來一個。只是想了解一下證券業務的最新情況，以及其中一些銀行產品的白標定制情況。我知道這還處於早期階段，我認為，目前還在beta測試階段。只是有點好奇，或許可以了解一下證券領域整體的技術基礎建設。

And then when do you think we can roll out some of that white labeling of the banking products across the platform?

那麼，您認為我們什麼時候才能在整個平台上推出一些銀行產品的白標版本呢？

Right, right. So there's really two main components to our tech modernization effort in the custody and clearing business. And the team has named it Axos Complete, which is their marketing name for it. And what it is, is it's an Axos Professional Workstation. So right now, the workstations that are utilized by the -- particularly the clearing team are truly antiquated FIS and those sort of things.

對，對。因此，我們在託管和清算業務方面的技術現代化工作實際上包含兩個主要部分。團隊將其命名為 Axos Complete，這也是他們的市場推廣名稱。它其實是一台 Axos 專業工作站。所以現在，特別是結算團隊使用的工作站，都是非常老舊的FIS之類的系統。

And they're just -- they're not flexible. They're not modern so that they can integrate through API, everything or do they have all the bank's products that we want to be able to have through there.

而且它們就是──它們不夠靈活。它們不夠現代化，無法透過 API 進行集成，或者說它們是否擁有我們希望透過它們獲得的所有銀行產品。

So that has been a really big push in the development side. It's benefited from AI. It is out now to multiple test, broker-dealers, and we're getting feedback and we have a rollout schedule there. So what's the benefit of that, just specifically with respect to banking, there are a lot of other benefits is that the banking products can be proxy enrolled, enrolled by the RIA.

所以這在研發方面起到了很大的推動作用。它受益於人工智慧。目前該產品已在多家測試經紀商處推出，我們正在收集回饋意見，並制定了推廣計劃。那麼這樣做有什麼好處呢？具體到銀行業務方面，還有很多其他好處，那就是銀行產品可以由註冊投資顧問 (RIA) 代理註冊。

The RIA can get access to SBLOC lending products, secured credit cards, all those kind of things that would be available as they become available at the bank, they can be made available to the RIA and the client and sold through to that client with recommendations to do that, right?

RIA 可以獲得 SBLOC 貸款產品、擔保信用卡等銀行提供的所有類似產品，一旦在銀行推出，就可以提供給 RIA 和客戶，並透過向客戶推薦的方式進行銷售，對吧？

So that's one piece of it. That piece is being rolled out. It will be a 6- to 7-month rollout because we have to train a bunch of folks, and this is really the core system that they were using internally to do all their trading and everything else. And so -- and then the other component of it is really it's one tech build with different ways of looking at it. But essentially, there's the retail platform, which used to call Universal Digital Bank, but as it becomes more and more available to doing a lot of other things besides banking.

這是其中一部分。那部分內容正在陸續推出。這將是一個為期 6 到 7 個月的推廣過程，因為我們需要培訓很多人，而且這實際上是他們內部用於進行所有交易和其他所有操作的核心系統。因此——而它的另一個組成部分實際上是一個技術構建，但有不同的看待方式。但本質上，它有一個零售平台，以前被稱為通用數位銀行，但隨著它的功能越來越廣泛，除了銀行業務之外，它還可以做很多其他事情。

We're calling it the Axos Client Portal now, and that will allow the end clients of the RIAs and broker-dealers to be able not only to have access to a bunch of workflow to enhance their operations, but also access to products.

我們現在稱之為 Axos 客戶門戶，它將使 RIA 和經紀交易商的最終客戶不僅能夠訪問大量工作流程來增強他們的運營，而且還能訪問產品。

So that actually does work and the RIAs are adopting it. The platform that the RIAs use is actually something different. And so over time, we'll bring all of them together on it. There's a few things we have to develop on [ Axos Professional Workstation ] to make it be the one workstation for everything, and so that's ongoing.

所以這確實有效，註冊投資顧問公司正在採用它。註冊投資顧問（RIA）使用的平台其實有所不同。所以隨著時間的推移，我們會把他們都聚集在一起。我們還需要對 [Axos Professional Workstation] 進行一些開發，使其成為滿足所有需求的單一工作站，這項工作仍在進行中。

But I think at the end of all of this, I think we're really going to have an extremely modern tech stack that will be able to be quickly modified and flexible for our institutional and end clients, and really allow a very seamless way of interacting to cross-sell banking products or crypto or whatever we decide to do there. So I think it's really exciting.

但我認為，最終我們將擁有一個極其現代化的技術棧，它可以快速修改，靈活地滿足我們機構和終端客戶的需求，並真正實現無縫交互，從而交叉銷售銀行產品、加密貨幣或我們決定做的任何事情。所以我認為這真的很令人興奮。

Everybody is excited about it. And I really -- I do see it even if it's an outsourcing bid or what we're doing internally, how much faster it is to develop. So it's a pretty big project, but it's also going well.

大家都為此感到興奮。我確實看到了——即使是外包投標或我們內部進行的工作，開發速度也會快得多。所以這是一個相當大的項目，但目前進展順利。

Tim Coffey, Janney Montgomery Scott.

提姆·科菲，詹尼·蒙哥馬利·斯科特。

I'm trying to get my arms around expenses going forward. Obviously, a lot of moving pieces. None of it was --

我正在努力掌握未來各項開支的情況。顯然，這其中涉及很多環節。這一切都不是--

So am I. Tim, so am I. So am I, Tim.

我也是，提姆，我也是。我也是，提姆。

Is my North Star an efficiency ratio? Or is it expenses to average assets?

我的北極星是效率比率嗎？或者，它是費用與平均資產之比？

Well, so what we've been saying as a hard cap, which I am sticking to and I have stuck to, and the Verdant deal throws it a little bit into a little bit into we'll readjust to that with Verdant, rebaseline it. But that our personnel expense and professional services growth will be -- the growth will be below 30% of the net interest income and noninterest income growth. So in other words, if we grow $1 in net interest and noninterest income, we will not grow more than $0.30 in our personnel and our professional services expense.

嗯，所以我們一直堅持的硬性上限，我也會一直堅持，而 Verdant 的交易讓它稍微有些變化，我們會根據 Verdant 的情況進行調整，重新設定基準。但我們的人員費用和專業服務成長將低於淨利息收入和非利息收入成長的 30%。換句話說，如果我們淨利息和非利息收入增加 1 美元，那麼我們的人員和專業服務費用就不會增加超過 0.30 美元。

Now there might be onetime things every now and then or something, but that's a pretty strong rail that we're managing to. And we've been able to do that well. I think AI is helping. We would expect to be able to do that with Verdant too. But we've given you the cost.

現在可能偶爾會出現一些一次性的事情，但總的來說，我們目前走的是一條相當穩固的軌道。而且我們在這方面做得很好。我認為人工智慧正在發揮作用。我們希望也能用 Verdant 做到這一點。但我們已經告訴您成本了。

I mean, Derrick gave you the cost directly of what Verdant is going to add. And then you should just model that in and then expect that, that growth is going to be underneath that. That doesn't give it to you perfectly because obviously, there's other categories of growth besides professional services and personnel, but that's 70%-plus of it, there's not like there's going to be a ton of occupancy and other things.

我的意思是，德瑞克直接告訴你Verdant將要增加的費用。然後你應該把這一點納入模型，並預期成長將低於這個水準。這並不能完全說明問題，因為顯然除了專業服務和人員之外，還有其他成長類別，但這佔了 70% 以上，而且入住率和其他方面也不會很高。

And so we believe we're managing it pretty well. But it's a little bit tough to do it on an efficiency ratio basis because there's obviously movements around margin and onetime payoffs of FDIC loans and all that kind of stuff. I think that's kind of more a way. So if you model in that kind of growth because everybody is watching their Ps and Qs and trying to figure out what they can afford to get to that number, then that's not a bad way to do it.

因此，我們認為我們處理得相當不錯。但要以效率比率為基礎進行分析有點困難，因為利潤率和聯邦存款保險公司貸款的一次性償還等因素顯然會產生影響。我覺得這算是一種方法。所以，如果你把這種成長模式考慮進去，因為每個人都在關注自己的利益，並試圖弄清楚自己能承受多少才能達到那個目標，那麼這也不失為一個好方法。

And this now concludes our question-and-answer session. I would like to turn the floor back over to Johnny Lai for closing comments.

我們的問答環節到此結束。現在我把發言權交還給賴約翰尼，請他做總結發言。

Great. Thanks for everyone's time, and we will talk to you next quarter. Thank you.

偉大的。感謝大家抽出時間，我們下個季度再見。謝謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路了，祝您有美好的一天。