Bankwell Financial Group Inc (BWFG) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Jordan, and I'll be a conference operator today. At this time, I'd like to welcome everyone to the Bankwell Financial Group third quarter 2025 earnings call. (Operator Instruction)

感謝您的耐心等待。我叫喬丹，今天我將擔任會議接線生。現在，我謹代表Bankwell Financial Group歡迎各位參加2025年第三季財報電話會議。 （操作說明）

Thank you. I'd now like to time the call over to Courtney Sacchetti, Executive Vice President and Chief Financial Officer. Please go ahead.

謝謝。現在我想把電話轉接給執行副總裁兼財務長 Courtney Sacchetti。請繼續。

Thank you. Good morning, everyone. Welcome to Bankwell Third quarter 2025 earnings conference call. To access the call over the internet and review the presentation materials that we will reference on the call, please visit our website at investor.mybankwell.com and go to the events and presentations tab for supporting materials. Our Third quarter earnings release is also available on our website.

謝謝。各位早安。歡迎參加 Bankwell 2025 年第三季財報電話會議。如需透過網路收聽電話會議並查看我們將在電話會議上提及的簡報資料，請造訪我們的網站 investor.mybankwell.com，然後前往「活動和簡報」標籤以取得支援資料。我們的第三季財報也已發佈在我們的網站上。

Our remarks today may contain forward-looking statements and may refer to non-GAAP financial measures. All participants should refer to our SEC filings, including those found on Forms 8K, 10, and 10k for a complete discussion of forward-looking statements and any factors that could cause actual results to differ from those statements.

我們今天的發言可能包含前瞻性陳述，並可能提及非GAAP財務指標。所有參與者都應參考我們向美國證券交易委員會提交的文件，包括 8K、10 和 10k 表格，以全面了解前瞻性陳述以及可能導致實際結果與這些陳述有差異的任何因素。

And now I'll turn the call over to Christopher Gruseke, Bankwell's Chief Executive Officer.

現在我將把電話交給 Bankwell 的執行長 Christopher Gruseke。

Thank you, Courtney.

謝謝你，考特尼。

Welcome and thank you to everyone for joining Bankwell's quarterly earnings call. This morning, I'm joined by Courtney Sacchetti, our Chief Financial Officer, and Matthew McNeill, our President and Chief Banking Officer. We appreciate your interest in our performance and this opportunity to discuss our results with you.

歡迎各位參加 Bankwell 的季度財報電話會議，感謝各位的參與。今天早上，我的來賓是財務長 Courtney Sacchetti 和總裁兼首席銀行長 Matthew McNeill。我們感謝您對我們表現的關注，也感謝您給我們這個機會與您討論我們的結果。

Bankwell delivered another strong quarter with GAAP net income of $10.1 million or $1.27 per share, up from $9.1 million or $1.15 per share last quarter.

Bankwell 又迎來了一個強勁的季度，GAAP 淨利潤為 1,010 萬美元，即每股 1.27 美元，高於上一季的 910 萬美元，即每股 1.15 美元。

Pre-provision net revenue return on assets was 1.7% for the quarter, up 27 basis points from the prior quarter.

本季撥備前淨收入資產回報率為 1.7%，較上一季成長 27 個基點。

Our results reflect a continued expansion of the company's net interest margin as well as growth in non-interest income generated by our SBA division. We've also made further progress in reducing our non-performing asset balances during the quarter and continue to have a positive outlook on credit for the quarters ahead.

我們的績效反映了公司淨利差的持續擴大，以及我們 SBA 部門產生的非利息收入的成長。本季我們在降低不良資產餘額方面也取得了進一步進展，並且對未來幾季的信貸前景保持樂觀。

Our NNIM continued to expand this quarter as we forecast for the last several quarters.

正如我們過去幾季的預測，本季我們的淨利潤率持續成長。

This is the result of the combined impact of repricing approximately $1 billion of time deposits, increased asset yields, and the growth of our low cost deposit balances.

這是約 10 億美元定期存款重新定價、資產收益率提高以及低成本存款餘額增長等因素共同作用的結果。

Low cost deposits include non-interest-bearing deposits as well as now accounts at rates of 50 basis points or lower.

低成本存款包括不計息存款以及利率為 50 個基點或更低的現帳戶。

These accounts' average balances collectively grew by $20 million over the prior quarter and $64 million or 16% since the fourth quarter of 2024.

這些帳戶的平均餘額較上一季共增加了 2,000 萬美元，較 2024 年第四季成長了 6,400 萬美元，增幅達 16%。

Loan originations remain strong.

貸款發放量依然強勁。

During the Third quarter, we funded $220 million of loans, bringing our year-to-date fundings to just over $500 million.

第三季度，我們發放了 2.2 億美元的貸款，使我們今年迄今的貸款發放總額略高於 5 億美元。

Our SBA division increased its momentum as gains on sale rose to $1.4 million for the quarter. SBA originations totaled $22 million for the quarter, bringing our year-to-date total originations to $44 million.

我們的 SBA 部門發展勢頭強勁，本季銷售收益增至 140 萬美元。本季 SBA 貸款發放總額為 2,200 萬美元，使我們今年迄今的貸款發放總額達到 4,400 萬美元。

The government shutdown has potential to temporarily impact our SBA results for the remainder of this year.

政府停擺可能會暫時影響我們今年剩餘時間的 SBA 表現。

While there may be potential for short-term impact, the SBA division has been a strong performer, reaching nearly 90% of our full year origination goal of $50 million within the first three quarters of this year, year-to-date, non-interest income, including SBA gains on sale totaled $6 million.

儘管短期內可能會產生影響，但 SBA 部門表現強勁，今年前三個季度已達到全年 5000 萬美元貸款發放目標的近 90%，截至目前，包括 SBA 出售收益在內的非利息收入總計 600 萬美元。

Credit trends in the portfolio continue to improve. Non-performing assets as a percentage of total assets fell to 56 basis points compared to 78 basis points last quarter.

投資組合中的信貸趨勢持續改善。不良資產佔總資產的比例從上季的 78 個基點下降至 56 個基點。

This improvement was driven by the collection of $5 million on 3 SBA guaranteed loans and the sale of a $1.6 million dollar commercial real estate loan.

這項改善主要得益於收回了 3 筆 SBA 擔保貸款共 500 萬美元，以及出售了一筆價值 160 萬美元的商業房地產貸款。

Additionally, special mention loan balances decreased by $30 million.

此外，特別關注貸款餘額減少了 3000 萬美元。

Finally, our efficiency ratio improved to 51.4% in the quarter, down from 56.1% last quarter as we continue to balance growth with fiscal discipline.

最後，由於我們繼續在成長和財政紀律之間取得平衡，本季我們的效率比率提高到 51.4%，低於上一季的 56.1%。

Now I'll ask Courtney to provide a more detailed review of our financial results.

現在我將請 Courtney 對我們的財務表現進行更詳細的分析。

Thank you, Chris. For the third quarter, pre-provision net revenue totaled $13.9 million or $1.77 per share, representing a 21% increase from the second quarter.

謝謝你，克里斯。第三季度，撥備前淨收入總計 1,390 萬美元，即每股 1.77 美元，比第二季度成長 21%。

Then interest income reached $26 million while non-interest income increased to $2.5 million driven by $1.4 million in SBA sales gain.

隨後，利息收入達到 2,600 萬美元，而非利息收入增加到 250 萬美元，這主要得益於 SBA 銷售收益 140 萬美元。

Net interest margin expanded to 3.34%, up 24 basis points over the prior quarter.

淨利差擴大至 3.34%，較上一季成長 24 個基點。

This growth was driven by a 13 basis point rise in loan yields, with approximately 3 basis points of both margin and yield attributable to one-time interest income from resolved SBA loans.

這一增長是由貸款收益率上升 13 個基點推動的，其中約 3 個基點的利潤率和收益率增長歸因於已解決的 SBA 貸款的一次性利息收入。

Deposit costs also improved 10 basis points now at 3.30%. Improvement in both deposit costs and loan yields have contributed materially to our NIM expansion this year, up 74 basis points from the fourth quarter of 2024.

存款成本也改善了10個基點，目前為3.30%。存款成本和貸款收益率的改善都大大促進了我們今年的淨利差擴張，較2024年第四季成長了74個基點。

Interest-bearing deposit costs are down 37 basis points from the fourth quarter of 2024. Loan yields widened with our year-to-date average originations yield approximately 136 basis points higher than the runoff yield, generating a 41 basis point increase on yield for the total portfolio from the fourth quarter of 2024. These results do not reflect our response to the September rate cut made by the Fed.

與 2024 年第四季相比，計息存款成本下降了 37 個基點。貸款收益率擴大，我們今年迄今的平均貸款發放收益率比到期收益率高出約 136 個基點，從 2024 年第四季起，整個投資組合的收益率將增加 41 個基點。這些結果並未反映我們對聯準會9月降息的反應。

In response to the rate cut, we reduced our CD rates by 25 basis points and repriced approximately half a billion dollars of non-maturity deposits.

為因應降息，我們將定期存款利率下調了 25 個基點，並對約 5 億美元的非到期存款進行了重新定價。

We expect $1.25 billion in time deposits to reprice favorably over the next 12 months by approximately 27 basis points.

我們預計未來 12 個月內，12.5 億美元的定期存款價格將出現約 27 個基點的有利調整。

The annualized incremental benefit of this free pricing is approximately $3.4 million.

這種免費定價方式每年可帶來的增量收益約為 340 萬美元。

Please refer to page 10 of our investor presentation for more detail on our time deposit maturity schedule. Although we expect to realize the benefit of lower cost time deposits over the next 12 months, we also have approximately $800 million in loans tied to prime that repric at the end of September.

有關我們定期存款到期時間表的更多詳細信息，請參閱我們的投資者簡報第 10 頁。儘管我們預計在未來 12 個月內將享受到定期存款成本降低的好處，但我們還有大約 8 億美元的貸款與優質利率掛鉤，這些貸款將在 9 月底重新定價。

We anticipate the short-term impact of these recent rate changes to hold our net interest margin relatively flat in the fourth quarter.

我們預期近期利率變動帶來的短期影響將使我們第四季的淨利差保持相對穩定。

However, as term deposits mature, we expect our margin to improve as liability repricing aligns with assets.

然而，隨著定期存款到期，我們預期負債重新定價與資產價格趨於一致，我們的利潤率將會提高。

For a future 25 basis point rate cut, we would anticipate a modest annualized increase in our net interest margin of approximately 5 basis points.

如果未來降息 25 個基點，我們預期淨利差將小幅年化成長約 5 個基點。

Since the start of the year, we have strategically increased our proportion of variable rate loans from just over 20% to 35%. As we have constructed a more neutral balance sheet, the impact of future interest rate changes on our results is expected to diminish.

自年初以來，我們已策略性地將浮動利率貸款的比例從略高於 20% 提高到 35%。由於我們建構了一個更中性的資產負債表，未來利率變動對我們業績的影響預計將會減弱。

Non-interest income of $2.5 million increased 24% versus the length quarter, largely driven by $1.4 million of SBA gain on sale income, an increase of $0.3 million over the last quarter.

非利息收入為 250 萬美元，比上一季增加 24%，主要得益於 SBA 出售收益收入 140 萬美元，比上一季增加了 30 萬美元。

As you can see on page 14 of our investor presentation, non-interested income now represents 8.8% of total revenue compared to 4.6% in the fourth quarter of 2024.

正如您在我們投資者簡報第 14 頁所看到的，目前非利息收入佔總收入的 8.8%，而 2024 年第四季這一比例為 4.6%。

Total revenue grew 10% compared to the prior quarter, while non-interest expense increased just 1%, resulting in positive operating leverage. While our non-interest expense to average assets was 180 basis points, our efficiency ratio improved to 51.4% for the quarter. We're pleased with this progress and expect further improvement in our efficiency ratio as profitability expands.

與上一季相比，總收入成長了 10%，而非利息支出僅成長了 1%，從而實現了正向營運槓桿。雖然我們的非利息支出與平均資產比率為 180 個基點，但本季我們的效率比率提高至 51.4%。我們對此進展感到滿意，並期望隨著獲利能力的提高，我們的效率比率能夠進一步改善。

Turning to credit, third quarter results reflect continued positive trends. We reduced our non-performing assets by $7 million bringing our MPA to assets ratio to 56 basis points. We recorded modest recoveries and a small provision of $372,000 in the quarter.

從信貸方面來看，第三季業績反映了持續的正面趨勢。我們將不良資產減少了 700 萬美元，使我們的 MPA 與資產比率降至 56 個基點。本季我們錄得少量回收款項，併提了 37.2 萬美元的小額撥備。

Our allowance for credit losses remains at 110 basis points of total loans, while our coverage of non-performing loans increased to 177%.

我們的信貸損失準備金仍為貸款總額的 110 個基點，而我們的不良貸款覆蓋率增加到 177%。

A few final thoughts on our financial condition. Our balance sheet remains well capitalized and liquid, with total assets of $3.2 billion up slightly versus the length quarter.

關於我們的財務狀況，最後還有幾點要補充。我們的資產負債表依然資本充足、流動性強，總資產為 32 億美元，較上一季略有成長。

The holding company and banks also saw expanding capital ratios during the third quarter with our consolidated common equity tier one ratio now at 10.39% versus 10.18% in the prior quarter.

第三季度，控股公司和銀行的資本充足率也隨之提高，目前我們的合併普通股一級資本充足率為 10.39%，而上一季為 10.18%。

Our tangible book value also increased, reaching $36.84.

我們的有形帳面價值也增加了，達到 36.84 美元。

I'll now turn it over to Matt to provide an update on loan originations.

現在我將把發言權交給 Matt，讓他報告一下貸款發放的最新進展。

Good morning. As Chris mentioned, loan funding in the first three quarters remained strong.

早安.正如克里斯所提到的，前三個季度的貸款資金依然強勁。

The bank has funded $500 million in new loans as of 930.

截至9月30日，該銀行已發放5億美元的新貸款。

2025 year-to-date loan fundings have already outpaced full year 2023 and 2024 respectively. Payoffs have been at record levels and are projected to remain high through the end of the year. Despite our strong origination numbers, net loan growth only increased 49 million in the quarter and 12 million year-to-date.

截至目前，2025 年的貸款融資金額已經超過了 2023 年和 2024 年全年的融資額。收益已達到歷史最高水平，預計到年底仍將保持在高位。儘管我們的貸款發放量強勁，但本季淨貸款成長僅 4,900 萬，年初至今僅為 1,200 萬。

I would like to point out that some of our payoff activity is being encouraged by the bank, where we would like to exit some less attractive credits.

我想指出，我們的一些償付活動是受到銀行的鼓勵，因為我們希望退出一些不太有吸引力的信貸計畫。

Overall, we believe the recycling of the loan book is a sign of good health and it provides the bank the opportunity to make new loans a more favorable yield.

總的來說，我們認為貸款組合的循環利用是銀行財務狀況良好的標誌，它為銀行提供了發放收益率更優的新貸款的機會。

Now, I will hand it back to Courtney to summarize our guidance for the remainder of the year.

現在，我將把任務交還給 Courtney，讓她總結我們今年剩餘時間的指導方針。

Thanks, Matt. Due to our elevated payoffs, we are revising our low single-digit loan growth guidance to flat for the year. We affirm our non-interest income guidance of $7million to $8million for the full year, and the resumption of the SBA program would be additive to that total.

謝謝你，馬特。由於我們的還款金額增加，我們將先前預期的個位數低貸款成長目標調整為全年持平。我們確認全年非利息收入預期為 700 萬至 800 萬美元，而 SBA 計劃的恢復將增加這一總額。

We also affirm our net interest income guidance of $97million to $98 million along with our guidance on non-interest expense of $58million to $59 million. With our fourth quarter earnings in January, we will provide additional guidance on our 2026 outlook. I'll now turn the call back to Chris.

我們也確認淨利息收入預期為 9,700 萬美元至 9,800 萬美元，非利息支出預期為 5,800 萬美元至 5,900 萬美元。我們將於1月公佈第四季財報，屆時將對2026年的前景提供更多指引。現在我把電話轉回給克里斯。

Thank you, Courtney.

謝謝你，考特尼。

We've continued to make excellent progress and to deliver on our strategic objectives of diversifying our income streams, improving our deposit base, and continuously attracting talented banking professionals who value the opportunities afforded by working with a team committed to constant improvement. Importantly, we've made significant strides on closing out some pandemic era credits with no further losses.

我們持續取得優異的進展，並實現了我們的策略目標，即實現收入來源多元化、改善存款基礎，並不斷吸引重視與致力於不斷進步的團隊共事所帶來的機會的優秀銀行專業人士。重要的是，我們在結清一些疫情期間產生的債務方面取得了重大進展，沒有造成進一步的損失。

Non-performing assets now stand at 56 basis points of total assets versus 207 basis points a year ago, and we look forward to further improvement in the quarters ahead.

目前不良資產佔總資產的比例為 56 個基點，而一年前為 207 個基點，我們期待在接下來的幾個季度進一步改善。

Thanks to everyone on the bankquill team whose commitment to excellence has enabled these results. This concludes our prepared remarks. Operator, will you please begin the question-and-answer session?

感謝 bankquill 團隊的每一位成員，正是他們對卓越的不懈追求才取得了這些成果。我們的發言稿到此結束。操作員，請開始問答環節？

(Operator Instruction) Steve Moss, Raymond James.

（操作說明）史蒂夫·莫斯，雷蒙德·詹姆斯。

Hi, good morning.

您好，早安。

That's quarter here,

這裡是四分之一。

Good morning, Steve.

早安，史蒂夫。

Maybe maybe just starting with, the, good origination of the quarter I think Courtney gave a (Inaudible) number, but I'm sorry I missed I was kind of hopping on the call a little late here. Just kind of curious, where is loan pricing these days and, do we continue to see elevated payoffs maybe carrying over into 2026.

或許，或許就從本季度的良好開端開始吧，我想 Courtney 給出了一個（聽不清楚）數字，但我很抱歉錯過了，我當時有點晚才加入電話會議。我只是有點好奇，現在的貸款定價狀況如何？我們是否會繼續看到較高的還款額，甚至可能延續到 2026 年？

Yeah, so Steve, it's Courtney, good morning. On page 10 of our investor presentation we do give a little bit more detail. We year-to-date our, originations are a weighted average rate of 786. That's on about a half a billion dollars of of originations, and that's the rate as of 9:30, so as impact from any repricing or anything there.

是的，史蒂夫，我是考特尼，早安。我們在投資者簡報的第 10 頁提供了更多細節。今年迄今為止，我們的貸款發放加權平均為 786。這相當於約 5 億美元的貸款發放額，而且這是截至 9:30 的利率，因此不會受到任何重新定價或其他因素的影響。

Yeah, loan demand is very strong, that's reflected in that pricing so.

是的，貸款需求非常強勁，這一點也反映在了定價上。

Pick and choose kind of where we want to move forward on the.

我們可以挑選並決定下一步的發展方向。

The lack of material loan growth year over year is is really related to the timing and the velocity of the of the payoffs. This is the strongest year of payoffs that we've experienced and you know that's.

貸款額逐年增長乏力，實際上與還款的時機和速度有關。這是我們經歷過的收益最豐厚的一年，你也知道這一點。

It takes a couple of months to get the loan pipeline to respond to, be able to backfill those numbers, which we successfully did this quarter, and we anticipate the fourth quarter to have some similarly strong payoffs. So we think we'll be able to to meet and, Courtney had said earlier that we're going to stay flat and that's that's how we're looking at it, but the loan demand is still there. It's just the. The timing of payoffs and you know trying to get the pipeline robust enough to respond to that and.

貸款管道需要幾個月的時間才能做出反應，填補這些空缺，我們本季成功地做到了這一點，我們預計第四季度也會有類似的強勁回報。所以我們認為我們能夠滿足需求，而且考特尼之前說過我們會保持平穩，我們也是這麼看待這個問題的，但貸款需求仍然存在。只是。收益的時機，以及如何使管道足夠強大以應對這種情況。

And Steven with regards to next year it's, it is we have demands do to originate.

至於明年，史蒂文，我們有一些要求需要提出。

Higher volume we have so it's it's a matter of lead time so we'll just plan to, be out in front of it.

由於訂單量較大，所以現在的問題是交貨時間，因此我們會提前做好計劃。

Okay.

好的。

Appreciate that.

謝謝。

We can control it with pricing.

我們可以透過價格來控制它。

Yes, hear you there. And then in terms of, an update on your core deposit initiative with the teams you brought over, just kind of curious, how is that developing and if you have any update on that front.

是的，我明白你的意思。另外，關於您引入的團隊的核心存款計劃，我很好奇進展如何，以及您在這方面是否有任何最新進展。

So, the teams, the first teams were hired in, April, and you know we've hired some subsequent teams since then, including in the third quarter.

所以，第一批團隊是在四月組成的，你知道，從那時起我們又組了一些後續團隊，包括第三季組成的團隊。

We're bullish on the teams they're already starting to produce and add deposits to the balance sheet. We don't think that we will have a

我們看好他們已經開始組建的團隊，並正在為資產負債表增加存款。我們認為我們不會…

Their full production in place until sometime in 26, we did very carefully target teams that had large portfolios of non-interest-bearing deposits so those are primarily.

他們的全面生產一直持續到 26 年的某個時候，我們非常謹慎地瞄準了那些擁有大量不計息存款組合的團隊，所以這些主要是。

General accounts which take longer to move for that.

一般帳戶的轉帳速度較慢。

A high interest-bearing account where just money sitting around that's not being utilized in a Business, so they're well within our time threshold for how they're performing and you know we're.

這是一個高利息帳戶，裡面的錢閒置著，沒有在企業中使用，所以它們的表現完全符合我們的時間閾值，你知道我們是這樣。

Full impact.

全面爆發。

Okay, and, just kind of, maybe just last one for me here in terms of just thinking about, just the cadence of lower cuts. I hear you guys on CDs getting repriced 100% be kind of curious on the non maturity deposits, how you're thinking about deposit data there with with the Fed.

好的，就我而言，這可能是關於下切節奏的最後一個問題了。我聽說你們都在討論 CD 重新定價的問題，我對非到期存款也挺好奇的，你們是如何看待聯準會的存款數據的。

Right, so the most recent rate cut at the end of September, we have just rough numbers, approximately a billion dollars of, non-maturity, interest-bearing deposits.

沒錯，最近一次降息是在九月底，我們只有一些粗略的數字，大約有十億美元的非到期計息存款。

About 250 to $260 million of that we have indexed to Fed funds so that will move, that part of the relationship that we have, and then with this recent round we did another $250 million or so of our exception rate pricing 100, 100% beta down so we were able to achieve effectively 50% beta on a billion dollars of deposits.

其中約有 2.5 億至 2.6 億美元與聯邦基金利率掛鉤，因此這部分利率會隨之波動，這是我們與聯邦基金利率關係的一部分。而在最近的這輪融資中，我們又對大約 2.5 億美元進行了例外利率定價，將貝塔係數降低了 100%，因此我們能夠有效地將 10 億美元的存款貝塔係數降低 50%。

Okay.

好的。

Great, that's helpful. I'll step back into the queue.

太好了，這很有幫助。我重新排隊。

Thank you very much.

非常感謝。

(Operator Instruction) Feddie Strickland, Hovde Group.

（操作員說明）Feddie Strickland，Hovde 集團。

Good morning. This is Fuddie associate and you're on forehand.

早安.這是Fuddie的同事，你現在在前面。

Good morning, the first question we saw some strong SBA contributions in the quarter and we wanted to know how much more do you feel you can ramp up that side of the business and in your opening remarks you did mention that there may be short-term government shutdown effects. Will that affect the ramp up or anything to do with that side of the business?

早安，第一個問題是，我們看到本季 SBA 的貢獻非常強勁，我們想知道您認為這方面的業務還能提升多少？您在開場白中確實提到，政府停擺可能會產生短期影響。這會影響產能提升或與這方面業務相關的任何其他方面嗎？

I believe the answer to the second question is it really depends on the duration of the shutdown right now.

我認為第二個問題的答案取決於目前停工的持續時間。

So Bankwell is a preferred lender. We're able to continue to underwrite SBA credits. We are not able to get in place guarantees and we are not.

因此，Bankwell是一家首選貸款機構。我們能夠繼續為美國小型企業管理局 (SBA) 的貸款提供擔保。我們無法提供擔保，也不會提供。

So our guarantee for previously originated.

因此，我們對之前產生的保證。

There is a temporary freeze to the SBA income.

美國小型企業管理局（SBA）的收入暫時凍結。

If the government, opens up in a relatively short amount of time, it may not have a large or it may not have an impact on the business. We may be able to fluidly flow through it, but it's really going to depend on the duration of the shutdown. As far as the ramp, we hired Michael Johnston from Ready Cap, which was the 4th largest producer of SBA loans in the country. In previous years, and we believe that, the SBA division.

如果政府在相對較短的時間內開放，可能不會對企業產生重大影響，或可能不會產生影響。我們或許能夠順利度過難關，但這真的取決於停工的持續時間。至於坡道建設方面，我們聘請了來自 Ready Cap 的 Michael Johnston，該公司是當時全美第四大 SBA 貸款發放機構。在往年，我們相信，SBA部門。

Does have operating leverage.

具有經營槓桿作用。

Able to further scale the business beyond $50 million in production and we'll talk about that in the fourth quarter.

我們有能力將業務規模進一步擴大到年產值超過 5000 萬美元，我們將在第四季度討論這個問題。

Right?

正確的？

And we'll just.

我們就這樣吧。

Need, we'll just need the government to be open to do that, correct.

需要的，我們只需要政府願意這樣做，對吧。

So this is Chris. I'll continue a little bit on that answer and say that.

這位是克里斯。我再就這個答案補充一點。

We did note that in the 3 quarters worth of activity we pretty much hit our original goal of almost.

我們注意到，在過去三個季度的活動中，我們幾乎達到了最初的目標。

So we've got almost a full year's worth of Aboriginal expectations in the results. So if the government opens, as Courtney had mentioned, there's It'll be out of It's up to when the government.

所以，我們從結果幾乎得到了整整一年的原住民期望。所以，如果政府像 Courtney 提到的那樣開放，那就取決於政府何時開放。

Perfect, thank you.

太好了，謝謝。

There are no further questions.

沒有其他問題了。

This concludes today's meeting. You may not disconnect.

今天的會議到此結束。您不得斷開連線。