Pathward Financial Inc (CASH) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Pathward Financial's third quarter 2026 investor conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the conference call over to Darby Schoenfeld, Senior Vice President, Chief of Staff, and Investor Relations. Please go ahead.

各位女士、先生，感謝您稍候並歡迎參加 Pathward Financial 2026 會計年度第三季投資人電話會議。(接線員指示) 提醒您，本次電話會議將被錄音。現在我想將電話會議交給 Darby Schoenfeld，資深副總裁、幕僚長暨投資人關係負責人。請開始。

Thank you, operator, and welcome. With me today are Pathward Financial's CEO, Brett Pharr, and CFO, Greg Sigrist, who will discuss our operating and financial results for the third quarter of fiscal '26, after which we will take your questions.

謝謝接線員，歡迎各位。今天與我一同出席的有 Pathward Financial 執行長 Brett Pharr 與財務長 Greg Sigrist，他們將說明我們 26 會計年度第三季的營運與財務結果，之後我們將回答各位的提問。

Additional information, including the earnings release, the investor presentation that accompanies remarks, and supplemental slides may be found on our website at pathwardfinancial.com. As a reminder, our comments may include forward-looking statements. Those statements are subject to risks and uncertainties that could cause actual and anticipated results to differ.

更多資訊，包括新聞稿、搭配發言的投資人簡報以及補充投影片，可於我們的網站 pathwardfinancial.com 查閱。提醒各位，我們的評論可能包含前瞻性陳述。這些陳述受到風險與不確定性影響，可能導致實際結果與預期結果出現差異。

The company undertakes no obligation to update any forward-looking statements. Please refer to the cautionary language in the earnings release, investor presentation, and in the company's filings with the Securities and Exchange Commission, including our most recent filing, for additional information covering factors that could cause actual and anticipated results to differ materially from the forward-looking statements.

本公司不承擔更新任何前瞻性陳述之義務。請參閱新聞稿、投資人簡報以及本公司向美國證券交易委員會（SEC）提交之文件（包括我們最近一次申報文件）中的警示性語言，以取得更多資訊，了解可能導致實際結果與預期結果與前瞻性陳述存在重大差異的因素。

Additionally, today we will be discussing certain non-GAAP financial measures on this call. References to non-GAAP measures are only provided to assist you in understanding the company's results and performance trends, particularly in competitive analysis. In order to make our adjusted net interest margin as comparable as possible, we have excluded the impact of the gross-up accounting methodology on our consumer finance loans and included contractual rate-related processing expenses associated with deposits on the company's balance sheet.

此外，今天我們也將在本次電話會議中討論若干非 GAAP 財務衡量指標。提及非 GAAP 指標僅為協助各位理解本公司的結果與績效趨勢，特別是在競爭分析方面。為使我們的調整後淨利差（adjusted net interest margin）盡可能具可比性，我們已排除消費金融貸款採用總額加計（gross-up）會計方法的影響，並納入與公司資產負債表上存款相關之合約利率相關處理費用。

Reconciliations for such non-GAAP measures are included in the earnings release and the appendix of the investor presentation. Finally, all time periods referenced are fiscal quarters and fiscal years, and all comparisons are to the prior-year period, unless noted otherwise. Now, let me turn the call over to Brett Pharr, our CEO.

上述非 GAAP 指標之調節表已包含於新聞稿及投資人簡報附錄中。最後，除非另有說明，所有提及的期間均為會計季度與會計年度，且所有比較均以去年同期為基準。現在，讓我把電話會議交給我們的執行長 Brett Pharr。

Thanks, Darby, and welcome everyone to our third quarter 2026 earnings conference call. This evening, before I go through the quarter's highlights, I want to address the outlier of the quarter, credit. We had an increase in provision during the quarter, largely driven by specific reserves on two loans and a CECL reserve build. One loan we mentioned during the June quarter earnings call last year, which at that time was shifting to non-performing with a path to workout, and another loan we believe is associated with a sophisticated fraud. You may have also noticed that our non-performing loan ratio increased.

謝謝你，Darby，也歡迎各位參加我們 2026 年第三季財報電話會議。今晚在我回顧本季重點之前，我想先談談本季的異常項目：信用。本季我們的提存費用增加，主要是由兩筆貸款的特定準備金以及 CECL 準備金增加所驅動。其中一筆貸款我們在去年 6 月季度的財報電話會議中曾提到，當時該貸款正轉為不良並有處理（workout）路徑；另一筆貸款我們認為與一宗精密的詐欺有關。各位可能也注意到，我們的不良貸款比率上升。

This was primarily related to certain renewable energy construction projects tied to a common developer. We continue to work with the other parties involved in these projects to bring them to completion. However, while this work is ongoing, we have moved the loans to non-accrual status. We are currently not aware of any other loans in our portfolio that have a similar unique fact pattern. While this is certainly a disappointing outcome, credit events can and do occur in the world of lending.

這主要與某些與同一開發商相關的再生能源建設專案有關。我們持續與這些專案的其他相關方合作，以推動專案完工。然而，在相關工作仍在進行期間，我們已將這些貸款轉為停計息（non-accrual）狀態。目前我們尚未發現投資組合中有其他貸款具有類似的特殊事實樣態。雖然這無疑是令人失望的結果，但在放款業務中，信用事件確實可能發生，也確實會發生。

It's unfortunate that we had these items happen within an otherwise solid performing quarter and year thus far. We remain committed to providing transparency in connection with these credit items and continue our monitoring and oversight of the portfolio. At this time, we believe these events are not indicative of a broader systemic issue within the portfolio. With that context, we're pleased with the rest of the results achieved in the quarter. Across the organization, our team continues to deliver meaningful progress on our strategy, and over the past nine months, I am proud of what we have accomplished.

很遺憾，這些事項發生在本來表現穩健的一季以及截至目前表現穩健的一年之中。我們仍致力於就這些信用事項提供透明資訊，並持續對投資組合進行監控與督導。就目前而言，我們認為這些事件並不代表投資組合中存在更廣泛的系統性問題。在此背景下，我們對本季其餘成果感到滿意。在整個組織中，我們的團隊持續在策略上取得具意義的進展；過去九個月來，我為我們所完成的成果感到自豪。

During the quarter, we generated $29 million of net income and diluted earnings per share of $1.37. At a very high level, we achieved growth in interest income from commercial finance loans as well as non-interest income and continue to manage expenses well. Year-to-date return metrics remain strong, with return on average assets of 2.37% and return on average tangible equity of 34.29%. While our business model remains straightforward, we take deposits, lend money, and move money, we concurrently provide a breadth of product offerings across all three verticals that are aimed at meeting our partners' needs. We also continue to expand our product suite and capabilities in order to provide multi-threaded solutions that enable our partners to thrive and continue to innovate new and exciting products for the end consumers.

本季我們創造淨利 2,900 萬美元，稀釋每股盈餘為 1.37 美元。從高層次來看，我們在商業金融貸款的利息收入以及非利息收入方面都實現成長，並持續良好控管費用。年初至今的報酬指標仍然強勁，平均資產報酬率（ROAA）為 2.37%，平均有形股東權益報酬率（ROATCE）為 34.29%。雖然我們的商業模式仍然直接明確——吸收存款、放款、以及資金移轉——但同時我們在這三大垂直領域提供廣泛的產品組合，以滿足合作夥伴的需求。我們也持續擴充產品套件與能力，以提供多線並行（multi-threaded）的解決方案，協助合作夥伴蓬勃發展，並持續為終端消費者創新推出令人振奮的新產品。

It is through this lens that our long-term strategy was curated. Our strategy encompasses five focal areas: maintain an optimized balance sheet, leverage technology to facilitate evolution and scalability, people and culture are important assets, consultative risk and compliance infrastructure, and client experience. We continue to make progress on all of these areas, but one I'd like to highlight is people and culture. We recently received a number of recognitions that reflect our diligent focus, which I'd like to acknowledge this evening. First, we were once again named as one of the best companies to work for by U.S.

我們正是以此視角來打造長期策略。我們的策略涵蓋五大重點領域：維持最佳化的資產負債表、運用科技促進演進與可擴展性、人才與文化是重要資產、諮詢式的風險與法遵基礎建設，以及客戶體驗。我們在所有領域都持續取得進展，但我想特別強調其中一項：人才與文化。我們近期獲得多項肯定，反映我們的專注與投入；今晚我想在此致意。首先，我們再次被 U.S.

News & World Report for 2026-2027, rated among the top companies on the finance and insurance list as well as the Midwest list. Second, Pathward has been named to TIME's inaugural list of America's Best Companies 2026. These accolades serve as a testament to our employees' hard work and the cultures that they live and build every day. Congratulations to our employees on representing Pathward's values across the country. The second area I'd like to highlight is the client experience.

News & World Report 評選為 2026-2027 年最佳雇主之一，在金融與保險類別名單以及中西部名單中均名列前茅。第二，Pathward 入選《TIME》首度發布的「2026 年美國最佳公司」名單。這些獎項是對我們員工辛勤付出，以及他們每天實踐並打造之企業文化的最佳證明。恭喜我們的員工在全國各地展現並傳遞 Pathward 的價值觀。第二個我想強調的領域是客戶體驗。

As we continue to grow our business and expand our product set, this remains an area that calls for intentionality, discipline, and firm execution. In our commercial finance business line, this means we strive to set clear expectations and maintain consistent, high-quality communication throughout each engagement. From initial contact to receiving funds, our goal is to make the client experience as seamless as possible. We believe this level of execution will strengthen our reputation, support high-quality referrals, and allow us to continue helping businesses reach their goals. In partner solutions, we aim to empower multi-threaded opportunities that help fintechs, payments companies, and brands to launch, scale, and grow with confidence.

隨著我們持續擴大業務並拓展產品組合，這仍是一個需要有意識投入、紀律，以及堅定執行力的領域。在我們的商業金融業務線中，這代表我們致力於設定清楚的期望，並在每一次合作互動中維持一致且高品質的溝通。從初次接觸到資金撥付，我們的目標是讓客戶體驗盡可能順暢無縫。我們相信這樣的執行水準將強化我們的聲譽、支持高品質的轉介，並讓我們能持續協助企業達成其目標。在合作夥伴解決方案（partner solutions）方面，我們旨在賦能多線並行的機會，協助金融科技公司、支付公司與品牌能夠有信心地推出、擴張並成長。

With a robust pipeline of opportunities to execute on, we view this as an imperative and we are working diligently to make sure that we deliver what our partners expect. Our pipeline consists of both new partners and expansion opportunities, and we are excited to announce that after the quarter ended, we signed a contract extension with Clair. As part of enhancing the client experience, we continue to invest in people, processes, and technology. This includes building technology and risk and compliance capabilities to ensure we have a scalable platform well into the future. This has never been more important as partners are searching for banks that can not only deliver across multiple products at scale, but also help them navigate an evolving regulatory environment.

面對強勁的機會管線可供執行，我們視此為當務之急，並正努力確保交付符合合作夥伴的期待。我們的機會管線同時包含新合作夥伴與既有合作的擴張機會；我們也很高興宣布，在季度結束後，我們與 Clair 簽署了合約展延。作為提升客戶體驗的一部分，我們持續投資於人才、流程與科技。這包括建置科技能力，以及風險與法遵能力，以確保我們擁有可長期擴展的平台。在合作夥伴尋找不僅能以規模提供多元產品、同時也能協助其因應不斷演變的監管環境之銀行之際，這一點從未如此重要。

Before I turn it over to Greg, I want to reiterate that while the credit events of the quarter are certainly unfortunate and we are working hard to resolve these loans, the growth of the business was solid.

在我把話交給 Greg 之前，我想再次強調，雖然本季的信用事件確實令人遺憾，我們也正努力解決這些貸款，但業務成長依然穩健。

Thank you, Brett. With the exception of the credit metrics Brett mentioned, we are pleased with the financial performance in the quarter, which is marked by solid growth, delivering higher commercial finance interest income and non-interest income, combined with disciplined expense management. Starting with revenue, the sale of the consumer finance portfolio back in October impacted net interest income as expected, given the elimination of the grossed-up accounting for that portfolio.

謝謝你，Brett。除了 Brett 提到的信用指標之外，我們對本季的財務表現感到滿意；本季以穩健成長為特徵，帶動商業金融利息收入與非利息收入提升，同時也維持嚴謹的費用管理。先從營收談起，去年 10 月出售消費金融投資組合，因該投資組合不再適用「總額化（grossed-up）」會計處理，對淨利息收入如預期造成影響。

Having said that, our strategy of balance sheet optimization continues to deliver solid revenues with growth in our core commercial finance business. With the aim of favoring assets where we believe we have a competitive advantage, holding to our pricing discipline remains an imperative for us and not chasing volume for volume's sake.

話雖如此，我們的資產負債表最佳化策略持續帶來穩健營收，核心商業金融業務也持續成長。為了偏好我們認為具競爭優勢的資產，維持定價紀律對我們而言仍是必要之舉，而不是為了量而追量。

This is where we believe being governed by the treasury-led model serves us well at Pathward and continues to generate higher risk-adjusted returns. Non-interest income increased 4% versus the same period last year. After a delay in secondary market revenues over the last few quarters, we are pleased to say that those sale volumes are catching up from earlier in the year.

我們相信，在 Pathward 採用由財資主導（treasury-led）的模式治理，對我們很有幫助，並持續創造更高的風險調整後報酬。非利息收入較去年同期增加 4%。在過去幾季次級市場收入延後之後，我們很高興地表示，這些出售量正逐步追上今年稍早的進度。

I want to take a moment to highlight the tax team's continued successes. They closed out their tax season during the quarter and had a phenomenal one at that. Their significant efforts produced third quarter year-over-year growth of nearly $2 million in total tax product revenue.

我想花點時間強調稅務團隊持續取得的成功。他們在本季結束了報稅季，而且表現非常出色。他們的重大努力使第三季稅務產品總收入年增近 200 萬美元。

From start to finish, the momentum from sales and marketing efforts led us to solid operational and financial performance as the team onboarded new tax offices and helped our existing partners provide additional products. We are very proud of all the team was able to accomplish.

從頭到尾，銷售與行銷工作的動能帶動我們取得穩健的營運與財務表現；團隊一方面導入新的報稅辦公室，另一方面也協助既有合作夥伴提供更多產品。我們為團隊所完成的一切感到非常自豪。

Non-interest expense improved in the quarter as a result of disciplined expense management with lower card processing expense and lower legal and consulting expenses. These items are partially offset by expenses that directly correlate to the execution of our strategy, with an emphasis on people and culture, as well as technology to facilitate evolution and scalability.

本季非利息費用因嚴謹的費用管理而改善，卡片處理費用以及法律與顧問費用均下降。上述項目部分被與策略執行直接相關的費用所抵銷，重點包括人才與文化，以及促進演進與可擴展性的科技投入。

Deposits held on the company's balance sheet at June 30, were relatively flat versus a year ago. Lower yielding assets, such as securities declined and average partner deposits were strong in the quarter. This allowed us to have nearly $100 million more in average custodial deposits, than in the prior year's quarter.

截至 6 月 30 日，公司資產負債表上的存款與一年前相比大致持平。收益率較低的資產（如證券）下降，而本季平均合作夥伴存款表現強勁。這使得我們的平均託管存款較去年同季增加近 1 億美元。

Loans and leases at June 30, grew 8%. Our focus on ensuring we have the right loans on the balance sheet was the primary driver of the increase. While net interest margin declined to 6.59% in the quarter, the adjusted net interest margin was stable at 5.27%.

截至 6 月 30 日，貸款與租賃成長 8%。我們聚焦確保資產負債表上配置的是合適的貸款，是成長的主要驅動因素。雖然本季淨利息利差下滑至 6.59%，但調整後淨利息利差穩定維持在 5.27%。

Originations during the quarter grew $760 million. Driven primarily by growth in our credit solutions business from both a new contract signed last year and expansion with current partners. Regarding credit over the last year, we have been discussing a few larger loans that we are monitoring. As Brett mentioned, a specific reserve was established on one of the loans we referenced in prior quarters.

本季承作（originations）增加 7.6 億美元。主要由我們的信用解決方案業務成長所帶動，來源包括去年簽署的新合約，以及與現有合作夥伴的擴張。關於過去一年的信用狀況，我們一直在討論幾筆我們正在監控的較大型貸款。如 Brett 所提，我們已就其中一筆在前幾季提及的貸款建立特定準備（specific reserve）。

We no longer believe we have a path to favorable resolution and are now prepared for liquidation. With that the larger loans that we have discussed during the last year have specific reserves, as appropriate, established to reflect expected proceeds.

我們不再認為有機會達成有利的解決方案，現已準備進入清算。因此，過去一年我們討論過的較大型貸款，已視情況建立適當的特定準備，以反映預期可回收款項。

Additionally, we have also identified a working capital loan that we believe involves a sophisticated fraud within what we understand to be a viable operating company. Due to the fraud, it is possible there is a portion of the loan that we estimate may be uncollectible also resulting in a specific reserve.

此外，我們也辨識出一筆營運資金貸款；我們認為其中涉及精密的詐欺，而該借款方在我們的理解中是一家仍具可行營運的公司。由於詐欺因素，該筆貸款可能有一部分我們估計將無法收回，因此也形成特定準備。

The majority of the provision related to commercial finance in the quarter can be attributed to the specific reserves on these two loans and adjustments to the CECL reserve. Additionally, while past dues have increased, there were roughly $100 million in loans that came current since quarter end.

本季與商業金融相關的提存（provision）大部分可歸因於這兩筆貸款的特定準備，以及對 CECL 準備的調整。另外，雖然逾期款項增加，但在季末之後約有 1 億美元的貸款已恢復正常（轉為未逾期）。

Brett mentioned that the increase in non-performing loans was primarily based on a set of loans with a common developer. Add in the loans that we have been discussing on this call. And that total constitutes the majority of the non-performing loans in the quarter.

Brett 提到，不良貸款增加主要是基於一組具有共同開發商的貸款。再加上我們在本次電話會議中一直討論的那些貸款。上述合計構成本季不良貸款的大部分。

The strength of our balance sheet, along with our earnings and capital accretion power, allow for return of capital to shareholders. As of June 30, our liquidity was $2.7 billion, and during the quarter, we were able to repurchase approximately 304,000 shares at an average price of $92.18. This leaves 3.1 million shares still available for repurchase under the current stock repurchase program.

我們資產負債表的強健，加上獲利能力與資本累積能力，使我們得以回饋股東。截至 6 月 30 日，我們的流動性為 27 億美元；本季我們以平均每股 92.18 美元回購約 304,000 股。依現行庫藏股回購計畫，仍有 310 萬股可供回購。

Now to update our fiscal year 2026 and initial fiscal year 2027 guidance. We are updating our fiscal 2026 guidance to an EPS range of $7.80 to $8.20, which includes the following assumptions: no additional rank changes during the year, an effective tax rate of 16% to 18% and expected share repurchases.

接下來更新我們 2026 財政年度以及 2027 財政年度初步指引。我們將 2026 財政年度 EPS 指引更新為 7.80 至 8.20 美元區間，並包含以下假設：年度內不再有額外的利率變動（rate changes）、有效稅率 16% 至 18%，以及預期的股票回購。

We are also introducing a fiscal year 2027 guidance range of $9.50 to $10, which includes the following assumptions: no rate changes during the year, an effective tax rate of 18% to 22%, expected secondary market revenues between $5 million to $7 million per quarter, and expected share repurchases of around 70% to 80% of net income.

我們也提出 2027 財政年度 EPS 指引區間為 9.50 至 10 美元，並包含以下假設：年度內不調整利率、有效稅率 18% 至 22%、次級市場收入預期每季 500 萬至 700 萬美元，以及預期股票回購約為淨利的 70% 至 80%。

This concludes our prepared remarks, operator. Please open the line for questions.

以上為我們事先準備的發言，接線員。請開放提問。

(Operator Instructions)

(接線員指示)

Tim Switzer, KBW.

KBW 的 Tim Switzer。

Hey, good afternoon. Thank you for taking my question.

嗨，午安。謝謝讓我提問。

Hey, Tim. Appreciate it. By the way, ask as many questions as you want, you and all the guys, so ask away.

嗨，Tim。感謝。順帶一提，你和各位想問多少問題都可以，儘管問。

Okay, yeah, I'll go ahead. So, we might as well just start on the credit here, looking for some clarity at first for the two commercial loans that drove the provision. You said one of them was already moved to NPL in the June quarter of last year.

好，沒問題，我就開始。那我們就先從信用談起，我想先釐清一下，這兩筆導致提存的商業貸款細節。你說其中一筆在去年 6 月那一季就已經轉為不良貸款（NPL）。

Can you discuss what changed over the last year to either the borrower or collateral that resulted in the reserve? And, like, what's the outstanding balance now versus the reserve?

你能談談過去一年借款人或擔保品發生了什麼變化，導致需要提列準備嗎？另外，目前未償餘額相較於準備金的金額各是多少？

So, this is Brett. So this particular transaction was in the assembly phase of being constructed. There were a number of problems with the participants in it. We were able to -- we thought we would be able to identify new additional buyers that would participate in it and lead it to completion.

我是 Brett。這筆特定交易當時處於組裝階段、正在施工建置中。其中的參與方出現了不少問題。我們原本能夠——我們原本以為能找到新的額外買方加入，並推動其完工。

And we've had these kinds of circumstances before and that's kind of where we got it to. This one did not get to that and during the quarter, the facts changed and we came to the conclusion that this was not going to reach its terminal value as a permanent ongoing enterprise, and it moved into liquidation.

我們以前也遇過類似情況，當時大致就是朝那個方向處理。但這一筆沒有走到那一步；在本季期間，事實情況出現變化，我們得出結論：它不會以永久、持續經營的企業形式達到其最終價值，因此轉入清算。

And of course, when you're liquidating equipment and those kinds of things in these circumstances, there's a different kind of economic result, so that's what happened in this particular case. We thought that we were going to be able to get it to where we could get to completion with other participants, and we did not get there.

當然，在這種情況下清算設備及諸如此類資產時，經濟結果會有所不同，所以本案就是這樣發生的。我們原本以為能與其他參與方一起把事情推進到完成，但最終沒有達成。

Okay. Any color you can provide on the current outstanding balance and what the reserve level is right now?

好的。你能否提供一些關於目前未償餘額以及當前準備金水位的資訊？

I don't think we're going to get in specific dollars on this.

我想我們不會提供具體金額。

Yeah, I don't think we're going to get into any more detail on the loans. I mean, we've written it down what we believe the net proceeds to be, which is common with all the loans that have been out there for the past year, what I'll call legacy loans. But again, the net balance of that's in the NPLs, and it's -- that's what we can tell you on the call.

是的，我想我們不會再就這些貸款提供更多細節。我的意思是，我們已將其減記至我們認為可取得的淨回收款水準，這也符合過去一年所有那些我稱之為存量（legacy）貸款的一貫作法。但再次強調，其淨餘額列在不良貸款（NPLs）中——這就是我們在電話會議上能告訴你的。

Okay, fair enough. And then also in the same quarter last year, you guys mentioned that one of those loans that moved to NPL was a fraud. Is that related to the one related to fraud this quarter? Is that another separate loan? And what's your confidence on the ability to recover the potential loss either through the collateral or maybe legal means?

好的，可以理解。另外，去年同一季度你們提到有一筆轉入不良貸款（NPL）的貸款是詐欺案。那和本季度這筆與詐欺相關的貸款有關嗎？還是另一筆獨立的貸款？你們對於透過擔保品或可能的法律途徑追回潛在損失的把握有多大？

Yeah. So, this is a new thing that happened within this quarter. When you're in asset-based lending, from time to time, you run into these frauds and then you go through a full liquidation process to the extent that you can. And we go through the process and evaluate the collateral.

是的。所以，這是本季度內新發生的事件。在資產基礎融資（asset-based lending）中，偶爾會遇到這類詐欺，然後我們會在可行範圍內進行完整的清算流程。我們會依流程評估擔保品。

This involves everything from field exams to having independent verifications, et cetera. And then we calculate what we believe the value will be as we liquidate and go through the process. And then we apply appropriate reserve as we have in this case with that.

這包含從實地查核（field exams）到委託獨立驗證等各種工作。接著我們會計算在清算並推進流程時，我們認為可實現的價值。然後如同本案一樣，提列適當的準備金。

So generally, when these frauds happen, they happen very quickly. And then we have a team that comes in and assesses where we are and apply the appropriate reserves. So this is not something that's been there for a while.

一般來說，這類詐欺發生時往往非常迅速。接著我們會有一個團隊介入評估目前狀況並提列適當的準備金。所以這不是已經存在一段時間的問題。

Okay, helpful. And then last one on the credit for this quarter, for the renewable energy loans, was any of that kind of related to struggles with some of the changes made by the administration over the last year or is this more kind of like idiosyncratic and for the rest of the portfolio you still feel confident in?

好的，很有幫助。那本季度信用方面最後一個問題：關於再生能源貸款，其中是否有任何部分與過去一年政府（行政當局）所做的一些變更導致的困難有關？還是比較屬於個別事件（idiosyncratic），而你們對其餘投資組合仍然有信心？

So let's go back to the big picture here. The reason we're in these various different asset classes is the power of deeds in the US are just expected to continue to grow and frankly are exploding, and I think everybody understands that. We're in different asset classes. We're in solar, we're in battery storage, we're in renewable natural gas. Each of those have different kinds of risks.

我們先回到大方向。我們之所以布局多個不同資產類別，是因為美國的電力需求預期將持續成長，坦白說正在爆發式增加，我想大家都理解這點。我們分散在不同資產類別。我們有太陽能、有電池儲能、有再生天然氣。每一類都有不同的風險。

And each of them have a different kind of view from the administration, current administration, et cetera. And so there are shifts that occur. In this particular case, particularly solar, there was some speeding up to get some things done because of the expiring of tax credits. But these are different asset classes that have different characteristics, and we manage those appropriately based on the individual projects that are there.

而且每一類在現任政府（行政當局）等方面也有不同的政策觀點。因此會出現一些變化。就本案而言，特別是太陽能，因為稅收抵免即將到期，所以有些事情加速推進以便趕在期限前完成。但這些是不同資產類別、具不同特性，我們會依各個專案的情況適當管理。

So hopefully that answered your question. But the big thing we need to remember is we need more electricity, and generally, these projects are very viable.

希望這回答了你的問題。但我們需要記住的重點是：我們需要更多電力，而整體而言，這些專案非常可行。

Okay, is this a portfolio that you plan to continue growing and maybe any color on the pace you plan to grow that over the next year or two?

好的，你們是否計畫持續擴大這個投資組合？未來一到兩年預計成長速度如何，能否提供一些說明？

We continue to be involved in alternative energy, yes, because there are a number of elements of that that are very advantageous, but we're constantly evaluating sub-asset classes within it and where you might want to be and might not want to be, and we've made some adjustments with that over time.

是的，我們會持續參與替代能源，因為其中有不少要素非常有利；但我們也會持續評估其下的各個次資產類別，判斷哪些領域值得投入、哪些不一定，並且我們也隨時間做過一些調整。

Okay, alright, that's helpful. I'll move on to another topic here on the thinking of the service pipeline. Any update you guys have on that? It looks like really good origination volume in the consumer loans, but any color you can provide would be really helpful.

好的，了解，這很有幫助。我換個主題，談談服務業務的案源管線（service pipeline）。你們對此有任何更新嗎？看起來消費者貸款的承作量（origination volume）非常不錯，但若能提供一些補充說明會很有幫助。

Yeah, I mean, we could continue to say the pipeline is full. We're getting lots of sales calls, lots of opportunities. We're being selective in the partners that we work with. We've had some press releases over time that you have seen announcing these things. Some of them are quick revenues. Some of them are longer-term revenue in the '27, and '28.

是的，我們可以繼續說管線是滿的。我們收到很多銷售來電、很多機會。我們在合作夥伴的選擇上很審慎。你也看到我們過去陸續發布新聞稿宣布這些事項。其中有些能很快帶來收入。有些則是較長期的收入，會在27年、28年體現。

What we have now is in our guidance that we're providing for fiscal year '27. So the story is largely the same there, after several years back when things kind of lagged because of different players, that's sort of been cleaned up and now we've got lots of opportunities to go get business.

我們目前在提供的27財年指引中已涵蓋這些。所以整體故事大致相同；在幾年前因為不同參與者導致進展有些落後的情況，現在已經算是整理乾淨了，眼下我們有很多機會去爭取業務。

Okay, that's good to hear. And then one last one for me, and I'll jump back into queue. For the secondary market revenue, big jump up this quarter, I believe your commentary to the last quarter was that the government shutdown had an impact on your ability to sell those loans. So is that kind of a catch-up, and we'll get back to that $5 million to $7 million range in the next quarter?

好的，很高興聽到。我最後一個問題，問完我就回到隊列。關於次級市場收入，本季度大幅跳升；我記得你們上季的說法是政府停擺影響了你們出售那些貸款的能力。所以這算是補進度（catch-up）嗎？下一季會回到每季500萬到700萬美元的區間嗎？

Tim, that's exactly right, I mean, we were able to start moving some loans to the pipeline, we were probably one of the first to do so, and there's a lot of demand out there for the USDA loans, particularly the higher rate loans that we have, so we kind of did this.

Tim，你說得完全正確。我的意思是，我們得以開始把一些貸款推進到出售管線中，我們可能是最早這麼做的機構之一；而市場對USDA貸款的需求很強，尤其是我們手上利率較高的那些貸款，所以我們就做了這件事。

What we were able to do in the June quarter was catch up and going forward, yes, we do expect $5 million to $7 million a quarter. I mean, and I will tell you though, for the fourth quarter, the demand is still out there, so we're probably going to turn to the higher end of that guidance for the fourth quarter of '26.

我們在6月季度所做的是把先前落後的部分補上；往後看，是的，我們確實預期每季約500萬到700萬美元。不過我也要說，就第四季度而言，需求仍然存在，所以我們很可能會落在26財年第四季度指引區間的較高端。

Good to hear. All right. Thank you, guys.

很高興聽到。好。謝謝各位。

[Joey] Yanchunis, Raymond James.

[Joey] Yanchunis，Raymond James。

So I was hoping to ask just a couple more questions on credit, although I think Tim covered most of them. So, well, I understand these credit issues seem largely one-off in nature, but has this caused you to change any of your underwriting or monitoring methodology?

我想再就信用方面問幾個問題，雖然我想Tim已經涵蓋了大部分。所以，嗯，我理解這些信用問題看起來大多是一次性（one-off）的，但這是否促使你們改變任何承作（underwriting）或監控方法？

We're always monitoring how we look at these loans, whether you're talking about loans in asset-based lending or our approach to the alternative energy. And so, I would say it's always evolving. And as fraudsters get more sophisticated, we have to adjust things over time.

我們一直在監控我們如何看待這些貸款，不論你談的是資產擔保放款中的貸款，或是我們對替代能源的做法。因此，我會說這一直在演進。而隨著詐騙者變得更精密，我們必須隨時間調整作法。

So this is not an episode, this is not a one and done, this is an ongoing process that we're engaged in, and we'll continue to be engaged in as we watch this business. This is a particular niche expertise that we have and we're constantly monitoring and evolving as we need to for market conditions.

所以這不是一個單一事件，也不是一次性處理就結束，這是我們持續投入的流程；在我們觀察這項業務的同時，我們也會持續投入。這是我們具備的特定利基專業，我們會依市場狀況需要，不斷監控並演進。

All right. I appreciate that. And then if I heard you correctly, it sounded like the non-performing renewable energy credit was related to solar. So is that true? And if so, how much solar exposure remains on the balance sheet?

好的。我很感謝。另外，如果我沒聽錯的話，聽起來不良的再生能源授信與太陽能有關。所以這是真的嗎？如果是的話，資產負債表上還剩多少太陽能曝險？

Well, let me answer the first part. Yes, the non-performing loan addition is associated with solar projects that are single developer, et cetera, and it's multiple projects that are in the process of assembly. And so we're having to step in and help with the assembly of those projects. The exact dollar amount on the other question.

好，我先回答第一部分。是的，新增的不良貸款與太陽能專案有關，這些專案屬於單一開發商等情況，且是多個正在組裝（整合）中的專案。因此我們必須介入並協助這些專案的組裝（整合）。至於另一個問題的確切金額。

Well, I think the exact dollar amount, Joe, as we said on the call, it's the majority of the increase in the prior quarter. And I would say the majority, you're probably closer to at least 75% or 80% of the increase over the prior quarter.

我想確切金額，Joe，正如我們在電話會議上說的，它占了前一季增加額的大部分。我會說所謂「大部分」，你大概可以理解為至少占前一季增幅的75%或80%。

Okay, let's move on from credit? So with the new fiscal '27, guide, what are the main factors that would push results towards the top or bottom of the range?

好的，我們可以先從信用議題往下談嗎？那麼在新的2027財年指引中，哪些主要因素會把結果推向區間的上緣或下緣？

Well, obviously getting to the higher end of the range, part of it's going to be the phase with which we pull through some of the new partners we've announced. I mean, Brett's already touched on it, whether it's announced or what's in the guide right now. Faster pace on our partners ramping those projects is going to help push us to the higher end of the guide, so I think that one's an obvious.

嗯，顯然要達到區間上緣，其中一部分取決於我們把已宣布的新合作夥伴帶動起來的速度。我的意思是，Brett已經提到，不論是已宣布的，或是目前已納入指引的。合作夥伴更快的專案爬坡（ramp）將有助於把我們推向指引上緣，所以我認為這點很明顯。

We've also obviously had some good success with Credit Solutions, the volumes there, and if those volumes continue to trend higher. As we hope they do, but hope it's not a strategy, then I think that can push us a little higher on the guide as well, which is helpful.

我們在Credit Solutions方面也顯然取得了一些不錯的成果，那邊的量能；如果這些量能持續走高。如我們所希望的那樣，但希望不是策略（意指不能只靠希望），那我認為也能讓我們在指引上再高一些，這會有幫助。

And on the bottom end, I think that's part of your question, too. I mean, I think the biggest one on the bottom end is if there are unforeseen credit issues that we don't foresee today, which is why they're unforeseen, that would trend us to the bottom end.

至於下緣，我想這也是你問題的一部分。我認為下緣最大的因素是：如果出現我們今天尚未預見的信用問題——也正因為如此才叫「未預見」——那就會讓我們更接近區間下緣。

All right. And then within this outlook, what drove the decision to lower your buyback ratio to that 70% to 80% of net income? I guess, was part of this decision based on holding more capital for potential credit normalization?

好的。那在這份展望之下，促使你們把回購比率下調到淨利的70%到80%的決策因素是什麼？我想問，這個決策是否部分基於為了潛在的信用正常化而保留更多資本？

No, I'll answer the last one part first. I mean, I think we're comfortable with the level of capital we're holding and what we're trending to. We're always trying to create just a bit of additional capital every quarter. And I think we feel very comfortable, particularly where we're going to exit our fiscal year. I mean, we're hitting our targets, where we want to be.

不，我先回答你最後那一部分。我的意思是，我們對目前持有的資本水準以及趨勢感到安心。我們一直試著每一季多創造一點額外資本。而我認為我們非常有信心，特別是我們在本財年結束時的狀態。也就是說，我們正達成我們的目標，達到我們想要的位置。

For next year, I think the guide is 70% to 80%, we might be opportunistic and bump it above the 80%. But again, I don't think there's a need to build an additional layer related to credit, if that's really where your question is coming from.

明年我想指引是70%到80%，我們可能會視情況把它提高到80%以上。但再說一次，我不認為需要因為信用因素而再額外建立一層緩衝，如果你的問題主要是從這個角度出發的話。

All right, that's helpful. And then you said growth with current partners contributed to really strong origination numbers, what products are you seeing the most traction with and are you still under-penetrated within your existing partner base?

好的，這很有幫助。另外你提到，與現有合作夥伴的成長促成了非常強勁的承作（origination）數字；你們看到哪些產品的動能最大？而在既有合作夥伴基礎中，你們是否仍有滲透不足的空間？

Are you talking to on the commercial finance side or are you talking about on the payment side?

你是指商業金融那一端，還是支付那一端？

On both.

兩邊都包括。

Yeah, I mean, for example, we just did the announcement on Clair, which is an early wage access partner as a renewal of that, and that business continues to grow, and so we're seeing a lot of traction in that. In commercial finance, we're continuing to do a lot of the same things.

是的，例如我們剛宣布與Clair的合作，作為既有合作的續約；Clair是「提前支薪（early wage access）」的合作夥伴，而那項業務持續成長，所以我們在那裡看到很大的動能。在商業金融方面，我們也持續在做很多相同的事情。

Some of the emphasis we want to have is around government-guaranteed things. An example would be potential SBA types of opportunities that are there.

我們想要加強的一些重點是在政府擔保的項目上。例如可能存在的SBA（美國小企業管理局）類型機會。

And then I think on the money movement side, it's really also just scaling some of the new partners we've announced on the acquiring side. So I'd say that's really, the pull through on that probably happened a little at a faster pace than we could have hoped, and that's a positive too.

然後我認為在資金移動（money movement）方面，也就是把我們在收單（acquiring）端宣布的一些新合作夥伴規模化。所以我會說，那邊的落地推進（pull-through）可能比我們原本所能期待的還要快一些，這也是正面因素。

Yeah.

是的。

All right, gentlemen. Well, I appreciate you taking my question.

好的，各位先生。謝謝你們回答我的問題。

Manuel Navas, Piper Sandler.

Manuel Navas，Piper Sandler。

I appreciate the new EPS guide. Is there a portion of the decline this year that assumes some of some lower EPS of these current issues creeping into next quarter?

我很感謝新的EPS指引。今年下滑的其中一部分，是否假設這些當前問題造成的較低EPS會延續到下一季？

No, I mean, I think the guide for this year is really just acknowledging and I'll just take you through the numbers to let you know. I mean, we've said that the majority of the credit provisioning in the quarter related to specific reserves and the CECL build, that all occurred in this quarter.

不，我的意思是，今年的指引主要只是反映（承認）——我帶你看一下數字。我們已經說過，本季大部分的信用提存（credit provisioning）與特定準備金以及CECL的增加（build）有關，而這些都發生在本季。

And if you put numbers to it, you see in the press release that our credit provision in the quarter related to commercial finance was roughly $34 million of that, that's probably elevated by $28 million to $30 million. Related to the things we've talked about here, and that's about the $1 per share. That's what weighed on reducing the guide.

如果你把數字量化，你會在新聞稿中看到：本季與商業金融相關的信用提存約為3,400萬美元，其中大概有2,800萬到3,000萬美元屬於偏高的部分。這與我們在這裡談到的事項有關，約等於每股1美元。這就是下調指引的主要拖累。

But obviously, when you do the math, you realize there's some upside that probably wasn't in the guide before. So again, I think that goes back to the success we've had with the acquiring volumes increasing, some of the other things too. So hopefully, that answers the question.

但顯然，當你做數學計算時，你會發現有一些上行空間，可能之前並未納入指引。所以再說一次，我認為這回到我們在收單交易量增加方面的成功，以及其他一些因素。希望這回答了你的問題。

With next year's guide, it's kind of where consensus almost was. So it's almost like next year's guide assumes that most of this is much more normalized credit performance from here. What gives you the confidence that there aren't more of these loans out there?

明年的指引大致接近市場共識原本的位置。所以看起來明年的指引幾乎是假設從現在起信用表現大多會回到更正常化。你們有什麼信心認為不會還有更多這類貸款存在？

Well, we're always looking at the portfolio to see what's there. And of course, the loans that are in the non-performing loans, we have a current view of the outcomes that are there. And we continue to have our monitoring of our loans and making sure they're properly rated, and we'll go through all that process.

我們一直在檢視投資組合，看看裡面有哪些狀況。當然，對於已列入不良貸款的那些貸款，我們對其可能結果有目前的判斷。我們也會持續監控貸款，確保其評等正確，並會走完所有相關流程。

So if we knew that there were things that were coming, they would be reserved for, et cetera. No, we're in the lending business, and so you have to understand lending business things happen, but we don't see anything right now.

所以如果我們知道有些事情即將發生，那就會先行提列準備等。不，我們是在做放款業務，所以你必須理解放款業務中事情會發生，但我們目前沒有看到任何狀況。

Yes, and I think to answer the first part of your question, if it was part of the question though, I mean, I do think that there's going to be a normalization, more of a reversion to the mean, and that's really what's baked into the assumptions here.

是的，我想回答你問題的第一部分（如果那確實是問題的一部分），我的意思是，我確實認為會出現正常化，更接近回歸均值，而這正是我們在這裡的假設中所納入的。

And if you kind of go back in time with being focused specifically on the commercial finance portfolio. I think that normalized ACL ratio has been in that 120 to 130 basis point range, and that's what we've included in our guide.

如果你把時間往回看，並特別聚焦在商業金融投資組合上。我認為正常化的 ACL 比率一直在 120 到 130 個基點的區間，而這也是我們在指引中所納入的。

Your partners see this as well. Have any of your past credit events impacted partner growth before? How have you discussed these with partners in the past?

你們的合作夥伴也看到了這一點。你們過去的任何信用事件是否曾影響合作夥伴成長？你們過去是如何與合作夥伴討論這些事情的？

So there's really no relationship between sort of our credit book and our, we'll call it, payment solutions partners, so no connection and we have no issues around that. And one of the things we have to remember is that while we had unfortunate credit losses, we had substantial earnings still, right?

所以我們的信用資產組合與我們所謂的支付解決方案合作夥伴之間其實沒有任何關係，因此沒有連結，我們在這方面也沒有任何問題。而且我們必須記得的一點是，雖然我們遭遇了不幸的信用損失，但我們仍然有可觀的獲利，對吧？

If you compare us to other banks that might have credit losses, this is a reduction in net income, not an elimination of net income.

如果你把我們和其他可能出現信用損失的銀行相比，這是淨利的減少，而不是淨利的消失。

I hear you. What are your conversations like?

我了解。你們的對話內容大概是什麼樣的？

With our partners, they're very positive. We are, working with our partners and expanding the breadth of products that we sell. To them and work with them. They're very much going after a broad consumer share of wallet. Payments industry, as we understand, is in a great deal of innovation and change, and we're a part of those conversations.

和我們的合作夥伴之間，對話非常正面。我們正在與合作夥伴合作，並擴大我們銷售給他們的產品廣度，並與他們共同推進。

And we're excited to be engaged in that. And so we're in this particular sponsored banking, we're one of the premier players and names small and great come to us and want to engage with us in those things. So those conversations are going well. I mean, the point should be made here is we had a fantastic year so far with all the things that we have. It's just unfortunate we had this one credit issue that has come through.

我們也很期待能參與其中。因此在這個特定的贊助銀行（sponsored banking）領域，我們是頂尖的參與者與品牌之一，無論大小的業者都會來找我們並希望與我們合作。所以這些對話進展得很順利。我的意思是，這裡應該強調的是：到目前為止，在我們所做的各項事情上，我們今年表現非常出色。只是很不幸地，這次出現了這一個信用問題。

But otherwise, all elements of the business are running very well. And Greg even mentioned the tax business and the big success we had in the tax season.

但除此之外，業務的各個面向都運作得非常好。而且 Greg 甚至提到了稅務業務，以及我們在報稅季取得的重大成功。

We've been looking at the card and deposit key line as evidence of kind of building partner programs. It took a little bit of a step down the quarter this quarter, but it's still elevated. Is that still kind of on target for like the high single-digit growth on that line?

我們一直把卡片與存款的關鍵指標線視為建立合作夥伴方案的證據。這一季相較之下略有下滑，但仍處於高位。那條線的成長是否仍大致符合高個位數成長的目標？

Yes, I believe it is. I mean, in the quarter, it was down really more because of the quarter last year was a bit elevated. We do occasionally get some contractual revenues that are a bit lumpy, tied to things like incentives, and that hit in the prior year quarter, and that usually hits at some point on the calendar year.

是的，我相信是的。我的意思是，這一季的下滑主要是因為去年同季的基期稍微偏高。我們偶爾會有一些合約性收入，會比較不均勻（lumpy），與獎勵等因素掛鉤，而那在去年同季入帳；通常會在某個日曆年度的時間點入帳。

You can't always predict what quarter you're going to hit the breakpoint and have the confidence level on it, but that's really what caused the year-on-year optics. But respectively, yeah, we're still looking at that mid to high, probably, I would even say high single-digit growth on Core card fee income, which is still very positive on the business and the outlook there.

你不一定能預測會在哪一季達到那個門檻點（breakpoint），以及對其把握度，但這確實就是造成同比視覺效果的原因。不過整體而言，是的，我們仍然預期核心卡片手續費收入會有中到高、我甚至會說是高個位數的成長，這對業務與前景仍然非常正面。

Kind of switching back a little bit to the guide, is there any buyback limitation due to anything related to credit? It's just kind of your appetite and you can be as opportunistic as necessary if there's a share decline at any point.

稍微回到指引的部分，是否因為任何與信用相關的因素而對庫藏股回購有所限制？還是主要取決於你們的意願，並且在任何時點若股價下跌，你們都可以視情況把握機會？

It really gets back fundamentally to our capital strategy and our capital plan and we've consciously over the last three years put away additional we slowed down the buybacks to put away additional capital and, in the process, pushed our Tier 1 leverage ratio upwards of 10% or above.

這基本上回到我們的資本策略與資本計畫。過去三年我們有意識地額外累積資本——我們放慢了回購，以便留存更多資本——並在此過程中把第一類槓桿比率（Tier 1 leverage ratio）推升到 10% 或以上。

And since we already made that decision and have done that gives us the headroom here to be opportunistic without any limitations, at least for the facts and the environment we have right now.

而且既然我們已經做了這個決策並且也已經完成，這就讓我們在目前的事實與環境下有空間可以更具機會性，而不會受到任何限制。

Okay. We've talked a little bit about kind of a NIM or a core NIM outlook in the past. There's a lot of moving parts with it. Is there a part that you can kind of guide in your term here, which is the best way to look at it? Happy to consider any of the various ways to look at it going forward.

好的。我們過去談過一些關於 NIM 或核心 NIM 的展望。其中有很多變動因素。在你們這次的期間，你能否提供一個你認為最好的觀察方式作為指引？我也願意考慮未來各種不同的觀察方式。

I've thought of it as kind of flat. Look at the core adjusted, then it's down about five base points. Just kind of thoughts on NIM and NII outlook from here?

我一直把它視為大致持平。如果看核心調整後的話，大約下滑了 5 個基點。對於從這裡開始的 NIM 與 NII 展望，有什麼想法？

Yes, the down versus the sequential quarter of a couple of basis points, I mean, I view that as being pretty stable. I mean, and what really drove it down slightly were the non-accrual loans that went on in the quarter. So even with the non-accrual loans, we stayed pretty stable to the prior quarter.

是的，相較於前一季小幅下滑幾個基點，我的意思是，我把它視為相當穩定。真正讓它略微下滑的是本季轉為不計息（non-accrual）的貸款。所以即使有不計息貸款，我們相較前一季仍維持相當穩定。

The other data point I would give you, though, is in the quarter, new loan production was pretty close to 9% for the new originations. It was at 8.99%. You compare that to the portfolio yield right now for loans of, I think, it's $742. I mean, that gives you a sense of some of the tailwinds we still have in the portfolio. We also, over the next 12 months, have $150 million of principal coming off of the securities portfolio.

不過我還可以給你另一個數據點：本季新貸款產出，新承作的利率接近 9%。是 8.99%。你把它和目前貸款投資組合的收益率相比，我想是 742 美元。我的意思是，這能讓你感受到我們在投資組合中仍有一些順風。此外，在未來 12 個月內，我們的證券投資組合將有 1.5 億美元的本金到期回收。

It's obviously much lower book yield on that. That will get recycled and repriced, so that gives us a bit more tailwind too. And as we've talked about the last several quarters, regardless of whether the Fed raises rates or lowers rates, my crystal ball is broken on that one right now, but we're still incredibly close to neutral on the short end of the curve.

那部分的帳面收益率顯然低得多。到期回收後會再投入並重新定價，因此也會帶來一些額外的順風。而且如同我們過去幾季所談的，不論聯準會升息或降息——我現在在這點上的水晶球壞了——但我們在殖利率曲線短端仍非常接近中性。

So any changes on the short end of the curve would have a very muted impact going forward on the net interest margin. So and more pointedly, the adjusted net interest margin, I hope that helps.

因此，曲線短端的任何變動，對未來淨利差的影響都會非常有限。更明確地說，對調整後淨利差也是如此，希望這有幫助。

That is helpful. I'll step back into the queue. Thank you for the commentary.

這很有幫助。我回到隊列後面。謝謝你的說明。

Tim Switzer, KBW.

Tim Switzer，KBW。

Tim, if you're there, we can't hear you.

Tim，如果你在線上，我們聽不到你的聲音。

Yeah, you might be on mute, but welcome back.

是的，你可能在靜音，但歡迎回來。

Hey, sorry, guys. Thanks for letting me back in. My follow-up was on the adjusted NIM trajectory. I think last quarter, you guys mentioned that it should continue to maybe gradually move higher. Over time, can you quantify that at all and how would rate hikes impact, not necessarily just the adjusted NIM, but the whole income statement overall?

嗨，抱歉，各位。謝謝讓我回到會議。我想追問的是調整後淨利差（NIM）的走勢。我記得上季你們提到它應該會隨時間可能逐步走高。從時間拉長來看，你們能否量化一下？以及升息會如何影響——不只是調整後NIM，而是整體損益表？

Yeah, as I might have already laid out some of this, but sequentially down a couple of basis points to me is stable and being down was driven principally by the non-accrual loans that arose in the quarter. And so to be stable with that, I think it's a pretty good thing. Going forward, though, again, a couple of data points for you.

是的，我可能先前已經說過部分內容，但就序列而言，小幅下降幾個基點在我看來算是穩定；而下降主要是由本季出現的不計息（non-accrual）貸款所驅動。因此在這種情況下仍能維持穩定，我認為是件相當好的事。不過往前看，再給你幾個數據點。

New loan productions in commercial finance for the quarter was 8.99%, and that's versus a book yield of 7.42%. So that will give you some uplift and tailwind going forward, assuming, again, we always talk about that middle part of the treasury curve, the three to five-year part of the curve. Obviously, it's been -- there's been slope to the curve, which is helpful.

本季商業金融的新貸放利率為8.99%，相較之下，整體帳面收益率為7.42%。因此在未來會帶來一些提升與順風，當然前提是——我們一直在談的公債殖利率曲線中段，也就是3到5年期那一段。顯然，殖利率曲線一直——一直有斜率，這是有利的。

And consistent as it relates to the short end of the curve, we are incredibly close to neutral. So whether you have a 25 basis point cut or a 25 basis point increase, it's pretty negligible on EPS. And the other one, again, just a reminder, it's the same storyline, there's roughly $150 million of principal balance expected to come off the securities portfolio.

另外，就曲線短端而言，我們非常接近中性。所以不論是降息25個基點或升息25個基點，對每股盈餘（EPS）的影響都相當有限。再提醒一點，故事線相同：證券投資組合預計約有1.5億美元的本金餘額會到期/流出。

Over the next 12 months, and that will get recycled back into higher-yielding likely loans. So there's going to be some tailwind there. Beyond that, I'm not really seeing any drivers one way or the other. I think those are the biggest drivers that are going to hit the P&L.

在未來12個月內，這些資金會再循環投入到收益率更高、很可能是貸款的資產上。因此那裡會有一些順風。除此之外，我沒有看到明顯的單向驅動因素。我認為這些是會影響損益表（P&L）的最大驅動因素。

Okay, that's helpful. And then how should we think about core OpEx, excluding the card processing expense going forward? It seems like there are a lot of moving pieces in FQ3.

好的，這很有幫助。那接下來，若排除卡片處理費用，未來我們應該如何看待核心營業費用（core OpEx）？看起來在第三財季（FQ3）有很多變動因素。

Yes. We have spent a lot of time over the last couple of quarters managing expenses pretty tightly, and we're very pleased with what we've been able to do. And I think you've seen the OpEx expenses trending down. As we think about next year, you're obviously still going to see investments in people.

是的。過去幾個季度我們花了很多時間非常嚴格地管理費用，我們對目前能做到的成果非常滿意。我想你也看到營業費用（OpEx）呈下降趨勢。展望明年，你們顯然仍會看到在人員方面的投資。

We've talked about it consistently. It's for scalability, it's for -- really driving the platform that we need to succeed as a partner, so it's people, process, technology. I do think some of the drivers from a year ago in terms of consulting and things like that have kind of dropped off, and that's a good thing.

我們一直都有提到。這是為了可擴展性，也是為了——真正打造我們作為合作夥伴要成功所需的平台，所以是人員、流程、技術。我確實認為，相較一年前，像顧問費等一些驅動因素已經有所減少，這是好事。

If I think about next year, in terms of OpEx as a total, you're probably mid to high single-digits as a total. We're going to continue to work the non-interest expense down to the extent we can, to fund the things that we know we want to do from a strategic perspective, like people and the platform.

如果我看明年的話，以營業費用總額來看，可能是中到高個位數的增幅。我們會持續在可行範圍內降低非利息費用，以資助我們從策略角度確定要做的事情，例如人員與平台。

Okay, great. And then the last question I have is, in terms of M&A, are there any areas you guys are interested in, something you've kind of talked about a little bit before, and I assume a lot of this is out of the bank space, but any updates you have there?

好的，很棒。我最後一個問題是，關於併購（M&A），你們有沒有特別感興趣的領域？你們之前稍微談過一些，我猜很多可能不在銀行領域，但你們那邊有任何更新嗎？

So, I mean, we're always have our eyes open, as we've said before, things that we might have been interested in, has had such high prices and so we really haven't engaged. And we're in a very sort of unique and innovative business and we tend to have to do things more on a proprietary basis internally, it's not the kind of thing that somebody has built for us on the outside.

所以，我的意思是，我們一向保持關注；如同之前說過的，我們可能感興趣的一些標的估值一直非常高，因此我們其實沒有真正去接觸。而且我們所處的是一個非常獨特且創新的業務，我們往往必須以內部自建、較具專有性的方式來做，並不是外部有人已經替我們建好的一種東西。

Always willing, always interested, would always be looking for something that's accretive, but not anything that we've seen that we could talk about at all.

我們一直願意、一直有興趣，也一直會尋找能增厚（accretive）的機會，但目前沒有看到任何我們能談的事情。

(Operator Instructions)

（接線員指示）

Joe Yanchunis, Raymond James.

Joe Yanchunis，Raymond James。

Thanks for letting me back in the queue. I wanted to kind of piggyback off that last answer there. Has the kind of evolution of AI, has that changed your decision at all about owning the technology stack instead of using third parties at all?

謝謝讓我回到提問隊列。我想延伸剛才那個回答。AI 的演進是否在任何程度上改變了你們對於自有技術堆疊、而不是使用第三方的決策？

Well, it's interesting, we already were in a situation where there were things that we had to do internally rather than purchasing them from suppliers. We have a very robust engineering department for that reason. AI has the potential to actually even accelerate that, so where we do more of that.

嗯，很有意思。我們原本就處在一種情況：有些事情必須在內部完成，而不是向供應商購買。因此我們有一個非常強健的工程部門。AI 其實有可能讓這件事更快發生，也就是我們會做更多自建。

So you're going to be in a situation where you're going to be evaluating the economics of buying it, building it, and then, as is very common in the news, the related token costs that are associated with that, what's the right tool that goes with it.

所以你會處在一個情境：需要評估買、自己建，以及——如新聞中很常見的——與之相關的 token 成本，該搭配什麼樣的正確工具。

So I think we were already on the side of building more than buying, and this may lean us more to that over time.

所以我認為我們本來就偏向自建多於採購，而這可能會讓我們隨時間更往那個方向傾斜。

All right. Well, thanks for taking my follow-up.

好的。謝謝回答我的追問。

We have reached the end of the Q&A session. I will now turn the call back to Brett Pharr, CEO, for closing remarks.

問答環節到此結束。我現在把電話交回給執行長 Brett Pharr 作結語。

Thank you, everyone, for joining today. Appreciate the questions. Have a great evening.

謝謝各位今天參與。感謝大家的提問。祝各位晚上愉快。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。