Finwise Bancorp (FINW) 2026 Q1 法說會逐字稿

Greetings, and welcome to the FinWise Bancorp first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 FinWise Bancorp 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce the FinWise team. Please go ahead.

現在很榮幸為各位介紹 FinWise 團隊。請開始。

Good afternoon, and thank you for joining us today for FinWise Bancorp's first quarter 2026 earnings conference call. Earlier today, we filed our earnings release and investor deck and posted them to our investor website at investors.finwisebancorp.com. Today's conference call is being recorded and webcast on the company's investor website as previously mentioned.

各位下午好，感謝各位今天參加 FinWise Bancorp 2026 年第一季財報電話會議。今天稍早，我們已提交財報新聞稿與投資人簡報（investor deck），並已發布於我們的投資人網站 investors.finwisebancorp.com。 如先前所述，今天的電話會議將錄音，並在公司投資人網站進行網路直播。

On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from those discussed today. Forward-looking statements represent management's current estimates, expectations and beliefs, and FinWise Bancorp assumes no obligation to update any forward-looking statements in the future.

在今天的電話會議中，管理層的預先準備發言及對各位問題的回覆可能包含前瞻性陳述；該等陳述受各項風險與不確定性影響，可能導致實際結果與今日討論內容有所差異。前瞻性陳述代表管理層目前的估計、預期與信念，FinWise Bancorp 不承擔於未來更新任何前瞻性陳述之義務。

We encourage listeners to review the more detailed discussions related to these forward-looking statements, including factors that may negatively impact them contained in the company's earnings press release and filings with the Securities and Exchange Commission.

我們鼓勵聽眾查閱與這些前瞻性陳述相關的更詳細討論，包括可能對其造成不利影響的因素；相關內容載於公司財報新聞稿以及向美國證券交易委員會提交的文件中。

Hosting the call today are Kent Landvatter, Executive Chairman; Jim Noone, CEO; and Bob Wahlman, CFO. Kent, please go ahead.

今天主持電話會議的有：執行董事長 Kent Landvatter、執行長 Jim Noone，以及財務長 Bob Wahlman。Kent，請開始。

Good afternoon, everyone. I want to briefly comment on the executive transition we recently announced. Earlier this month, Jim Noone assumed the role of CEO of FinWise Bancorp in addition to serving as President and CEO of FinWise Bank. This reflects the successful execution of a deliberate multiyear succession plan developed by our Board, with Jim progressing from Bank President in 2023 to company CEO today. As Executive Chairman, I will remain actively involved in long-term strategy, Board governance and Investor Relations.

各位下午好。我想簡要談談我們近期宣布的高階主管交接。本月稍早，Jim Noone 除了擔任 FinWise Bank 的總裁兼執行長外，也接任 FinWise Bancorp 的執行長一職。這反映出董事會所制定、審慎規劃的多年接班計畫已成功落實；Jim 自 2023 年起由銀行總裁一路推進至今日的公司執行長。身為執行董事長，我將持續積極參與長期策略、董事會治理與投資人關係。

This transition does not change our strategic direction and both the Board and I have full confidence in Jim's leadership. With that, I will turn it over to Jim to discuss our first quarter results.

此次交接不會改變我們的策略方向，董事會與我對 Jim 的領導能力充滿信心。接下來我把時間交給 Jim，請他說明我們第一季的業績表現。

Thanks, Kent. Before discussing our results, I want to say that I'm honored to step into the role of CEO of FinWise and grateful for the trust the Board and Kent have placed in me. This was a thoughtfully planned transition, and I've been fortunate to work closely with Kent for many years.

謝謝你，Kent。在討論業績之前，我想先說，能接任 FinWise 執行長一職我深感榮幸，也感謝董事會與 Kent 對我的信任。這是一項經過周全規劃的交接，而我也很幸運多年來能與 Kent 緊密合作。

With a strong team, clear strategy, and disciplined operating model, I will remain focused on executing our strategic plan and building long-term value for our stakeholders. So I want to start by addressing our earnings shortfall this quarter.

憑藉強大的團隊、清晰的策略以及嚴謹的營運模式，我將持續專注於執行我們的策略計畫，並為利害關係人創造長期價值。因此，我想先從本季獲利未達預期談起。

It was primarily driven by an increase in charge-offs in our SBA portfolio, concentrated in a narrow set of legacy credits. While we are confident in our overall portfolio, we expect these charge-offs to remain elevated over the next few quarters as those credits continue to be actively managed. I'll walk through more details of that segment during the credit section. I also want to provide my perspective on the business. FinWise has multiple growth engines, and they're at different stages of maturity.

主要原因是我們 SBA 投資組合的核銷（charge-offs）增加，且集中於一小部分的既有（legacy）授信。雖然我們對整體投資組合仍具信心，但隨著這些授信持續被積極管理，我們預期未來幾季核銷仍將維持在較高水準。我會在信用（credit）章節更詳細說明該分部。我也想分享我對業務的看法。FinWise 擁有多個成長引擎，且其成熟度處於不同階段。

We manage 16 lending programs today. Our credit enhanced portfolio scaled from [virtually 0] to over $100 million in under a year, and cards and payments are just beginning to contribute. This quarter, originations were strong at $1.7 billion, and core expenses held flat, enabling us to grow tangible book value per share to $14.34 at the end of Q1. But from a broader perspective, our partner pipeline continues to strengthen, the platform is scaling and the long-term trajectory of this business is exciting.

我們目前管理 16 個放款計畫。我們的信用增強（credit enhanced）投資組合在不到一年內由[幾乎為 0]擴大至超過 1 億美元，而卡片與支付業務也才剛開始貢獻。本季承作量（originations）強勁，達 17 億美元，核心費用維持持平，使我們在第一季末每股有形帳面價值成長至 14.34 美元。但從更宏觀的角度來看，我們的合作夥伴管線持續強化、平台正在擴張，這項業務的長期發展軌跡令人振奮。

Turning to quarterly trends. First quarter loan originations totaled $1.7 billion, up 38% year-over-year. Performance reflected contributions from both established maturing partners and newer launches. Our strategic partners platform continues to scale effectively. This enables us to pursue larger and increasingly impactful opportunities and offers the flexibility to absorb partner and product changes over time. As with any growing platform, quarterly volumes will vary with partner mix and seasonality, but the underlying trajectory is clear. n

接著談季度趨勢。第一季放款承作總額為 17 億美元，年增 38%。表現反映了既有、逐步成熟的合作夥伴以及新啟動合作的共同貢獻。我們的策略合作夥伴平台持續有效擴張。這使我們得以追求更大且影響力日益提升的機會，並具備隨時間吸收合作夥伴與產品變動的彈性。如同任何成長中的平台，季度量能會因合作夥伴組合與季節性而波動，但其基本趨勢十分明確。 n

As a reminder, 2025 was a very strong year, during which we announced seven new strategic partners across lending, cards and payment programs, including our first major credit card program. Our partner pipeline is growing materially, both with new partners and new products from existing partners. We are increasingly sourcing more mature loan origination opportunities, and we are gaining traction with new card and payment programs.

提醒各位，2025 年是非常強勁的一年；我們在放款、卡片與支付計畫方面宣布了 7 家新的策略合作夥伴，其中包括我們第一個大型信用卡計畫。我們的合作夥伴管線正顯著成長，包含新合作夥伴，以及既有合作夥伴推出的新產品。我們正日益取得更成熟的放款承作機會來源，並在新的卡片與支付計畫方面取得進展。

To support this effort, we recently added two seasoned professionals to our business development team, both of whom bring deep industry relationships and are well positioned to manage the opportunities that are coming in. Credit enhanced balances at quarter end stood at $109 million, an increase of $1 million during the quarter.

為支持這項工作，我們近期在業務開發團隊新增兩位資深專業人士；兩位都擁有深厚的產業人脈，並具備良好條件來管理持續湧入的機會。截至季末，信用增強餘額為 1.09 億美元，季度內增加 100 萬美元。

We recognize this was below our guided pace of $8 million to $10 million per month, and I want to address that directly. The slower sequential growth this quarter was driven by the pace at which newer partners ramped originations. This is not a change in demand for the product or in our partners' commitment to the program. We continue to expect organic growth of $8 million to $10 million per month on average for the full year, with the growth now skewed toward the middle and back half of 2026, as Bob will detail in his outlook. The long-term economics and growth potential of this product remains central to our plans.

我們知道這低於我們所提供的指引：每月 800 萬至 1,000 萬美元的步調，我想直接回應。本季較慢的環比成長，主要是由於較新的合作夥伴提升承作量（ramp originations）的速度所致。這並非產品需求改變，也不是合作夥伴對該計畫承諾的改變。我們仍預期全年平均每月有機成長 800 萬至 1,000 萬美元；但如 Bob 在展望中將詳述，成長將更偏向 2026 年的年中與下半年。此產品的長期經濟效益與成長潛力仍是我們計畫的核心。

Turning to our BIN and payments business. We continue to build traction. Earlier this month, we announced a new program with Vera, an early-stage fintech led by an experienced management team. The introduction to Vera originated through Zeta, a card processing partner of the bank, and we are encouraged by the opportunity to further develop our relationship with both companies over the long term. As fintech partners increasingly value broad product capabilities, we are expanding relationships through both new programs and incremental cross-selling.

接著談我們的 BIN 與支付業務。我們持續建立動能。本月稍早，我們宣布與 Vera 推出一項新計畫；Vera 是一家早期階段的金融科技公司，由經驗豐富的管理團隊領導。我們透過 Zeta（本行的卡片處理合作夥伴）引介而認識 Vera；我們對於未來長期深化與兩家公司之關係的機會感到鼓舞。隨著金融科技合作夥伴愈來愈重視廣泛的產品能力，我們正透過新計畫與額外的交叉銷售來擴大合作關係。

The growth in interchange income this quarter to $703,000 from $310,000 last quarter reflects the early contributions from our credit card portfolio and reinforces the cross-sell thesis as this came in conjunction with a credit-enhanced balance sheet partner. On the AI front, we have established a dedicated AI and innovation team to centralize and accelerate use cases already in demand across the bank. Initial deployments are focused on developer productivity, automation and increasingly operational workflows. We will continue to provide updates on our progress throughout the year.

本季交換手續費收入（interchange income）由上季的 31.0 萬美元成長至 70.3 萬美元，反映我們信用卡投資組合的初期貢獻，並強化交叉銷售的論點；因為這項成長是與一位具信用增強資產負債表合作夥伴同時帶動的。在 AI 方面，我們已成立專責的 AI 與創新團隊，以集中並加速全行已出現需求的各項應用情境。初期部署聚焦於開發者生產力、自動化，以及日益增加的營運工作流程。我們將在全年持續提供進度更新。

Turning to credit quality. Quarterly net charge-offs were $9.4 million in Q1 compared to $6.7 million in the prior quarter. Net charge-offs included $4.8 million from strategic program loans with credit enhancement, $2.3 million from strategic program loans without credit enhancement and $2.2 million from our core portfolio, primarily SBA 7(a) loans retained balances.

接著談信用品質。第一季季度淨核銷為 940 萬美元，較前一季的 670 萬美元增加。淨核銷包含：具信用增強的策略計畫放款 480 萬美元、不具信用增強的策略計畫放款 230 萬美元，以及核心投資組合 220 萬美元，主要為保留餘額的 SBA 7(a) 放款。

I'll now provide a bit more detail on each net charge-off category. Starting with SBA net charge-offs, these were concentrated in a small subset of legacy credits, primarily within the e-commerce vertical and certain origination years. This largely reflects a backdrop of still elevated interest rates continuing to impact certain origination years and to a lesser extent, certain industry and loan attributes that we have implemented material policy tightening and restrictions on.

我現在將就各項淨沖銷類別提供更詳細的說明。先從SBA淨沖銷開始，這些沖銷集中於少數一部分的歷史存量授信，主要位於電商垂直領域以及特定承作年度。這在很大程度上反映了利率仍處於高檔的背景，持續影響某些承作年度；此外，在較小程度上，也與某些產業與貸款屬性有關，而我們已對其實施了重大政策收緊與限制。

Importantly, as I noted earlier, these charge-offs are likely to remain elevated over the next few quarters. We remain confident in the overall portfolio, and we'll continue to update you on this. With respect to charge-offs from strategic program loans with credit enhancement, the sequential increase in charge-offs primarily reflects the normal seasoning of a rapidly scaling portfolio and FinWise is fully reimbursed for any losses. Each fintech partner with credit enhancement is required to maintain a cash reserve deposit at FinWise, which is used to recover these charge-offs. As a reminder, the credit enhanced portfolio grew materially from virtually 0 12 months ago to over $100 million today.

重要的是，如我先前所提，這些沖銷在接下來幾個季度很可能仍將維持在較高水準。我們對整體投資組合仍具信心，並將持續向各位更新相關情況。至於具信用增強的策略性專案貸款之沖銷，沖銷的季增主要反映快速擴張投資組合的正常熟成（seasoning），且FinWise對任何損失均可獲得全額補償。每一家具信用增強的金融科技合作夥伴，均須在FinWise維持一筆現金準備金存款，用以回收這些沖銷。提醒各位，信用增強投資組合在12個月前幾乎為0，如今已大幅成長至超過1億美元。

It is reasonable to expect charge-offs to rise as the portfolio matures and grows. Before a fintech partner is approved for the credit enhanced program, we thoroughly analyze their high water loss experience and stress it by 50% and 100% to confirm the cash flows from the loans are sufficient to absorb losses even under those stress scenarios.

隨著投資組合成熟並成長，預期沖銷上升是合理的。在核准金融科技合作夥伴加入信用增強計畫之前，我們會徹底分析其歷史最高損失經驗（high water loss experience），並分別以50%與100%進行壓力測試，以確認即使在這些壓力情境下，貸款現金流仍足以吸收損失。

Lastly, net charge-off activity in strategic program loans without credit enhancement reflects normal repayment behavior for the balances we are managing. Net charge-offs for this portfolio were $2.3 million in Q1 versus $2.6 million in the fourth quarter of 2025.

最後，未具信用增強的策略性專案貸款之淨沖銷活動，反映我們所管理餘額的正常還款行為。該投資組合在第一季的淨沖銷為230萬美元，而2025年第四季為260萬美元。

Provision for credit losses was $10.6 million for the first quarter compared to $17.7 million for the prior quarter. This decrease reflects elevated provisioning in the prior quarter related to the ramp-up of credit-enhanced loan programs with credit enhanced balance growth moderating in the first quarter.

第一季信用損失準備提列為1,060萬美元，較前一季的1,770萬美元下降。此下降反映前一季因具信用增強的貸款計畫加速擴張而提列較高準備，而第一季信用增強餘額成長趨於和緩。

Of the $10.6 million in provision this quarter, $5.9 million was from credit enhancement loans, with the remainder reflecting the previously described net charge-offs within our core and strategic program portfolios.

本季1,060萬美元的提列中，有590萬美元來自信用增強貸款，其餘則反映前述在我們核心與策略性專案投資組合中的淨沖銷。

As a reminder, the provision for credit losses on the credit enhanced loan portfolio differs from the core portfolio as it's fully offset by the recognition of future recoveries recorded as credit enhancement income in noninterest income. The estimated future recoveries are reported as a credit enhancement asset on the balance sheet.

提醒各位，信用增強貸款投資組合的信用損失準備提列與核心投資組合不同，因其會被未來回收的認列所完全抵銷；該未來回收會在非利息收入中以信用增強收入入帳。估計的未來回收在資產負債表上列示為信用增強資產。

From a reserving standpoint, we continue to take a conservative approach. Our allowances for classified loans reflect the projected net realizable value of collateral and are reviewed at least quarterly. During Q1, NPL balances increased by $6.1 million sequentially, bringing our total NPL balance to $49.8 million at the end of the quarter. Of that total, $26.7 million or 53% is guaranteed by the federal government and $23.2 million is unguaranteed. Quarterly SBA 7(a) loan originations increased sequentially, driven by the normalization of business activity following the typical Q4 slowdown and the reopening of the government after the November shutdown.

就提存準備而言，我們持續採取保守作法。我們對分類貸款的備抵反映擔保品預估可實現淨值，且至少每季檢視一次。第一季不良貸款（NPL）餘額較前一季增加610萬美元，使本季末NPL總餘額達4,980萬美元。其中2,670萬美元（或53%）由聯邦政府擔保，2,320萬美元為未擔保。SBA 7(a)貸款的季度承作量較前一季增加，主要受惠於在典型第四季放緩後商業活動回歸常態，以及政府在11月停擺後重新開放。

During Q1, we continued selling the guaranteed portion of our SBA loans, though at a slower pace than the elevated level in Q4. We expect to continue selling guaranteed portions as long as market conditions remain favorable. Our SBA guaranteed balances, strategic program loans held for sale and our credit enhanced balances, all of which carry lower credit risk, collectively accounted for 47% of the total portfolio at the end of Q1.

第一季期間，我們持續出售SBA貸款的擔保部分，但速度低於第四季的高檔水準。只要市場條件仍然有利，我們預期將持續出售擔保部分。截至第一季末，我們的SBA擔保餘額、持作出售的策略性專案貸款，以及信用增強餘額（皆承擔較低信用風險）合計占總投資組合的47%。

So just looking ahead, the platform is scaling, the pipeline is strengthening and the trajectory of this business has not changed. Charge-offs were elevated this quarter. We identified the segment, have updated our policies and we'll continue actively managing it.

展望未來，平台正在擴張，案源管線正在強化，而這項業務的發展軌跡並未改變。本季沖銷偏高。我們已辨識出該區段、更新了政策，並將持續積極管理。

We have the capital, the partners, the team and the infrastructure to support continued growth, and that is exactly what we intend to do.

我們具備資本、合作夥伴、團隊與基礎設施以支持持續成長，而這正是我們打算要做的。

I will now turn the call over to our CFO, Bob Wahlman, to provide more detail on our financial results.

接下來我將把電話會議交給我們的財務長Bob Wahlman，請他就財務結果提供更多細節。

Thanks, Jim, and good afternoon, everyone. FinWise reported net income of $2.7 million for the first quarter and diluted earnings per share of $0.20. Key positive drivers during the quarter included strong loan originations, growth in net interest income and interchange income and continued disciplined expense management.

謝謝你，Jim，各位下午好。FinWise第一季淨利為270萬美元，稀釋後每股盈餘為0.20美元。本季的主要正向驅動因素包括強勁的貸款承作量、淨利息收入與交換手續費收入（interchange income）的成長，以及持續嚴謹的費用管理。

First quarter results were adversely impacted by lower gain on sale income, a negative change in our BFG investment valuation and a large provision for credit losses with our traditional banking portfolio. Net interest income grew to $28.1 million from the prior quarter's $24.6 million, primarily due to a change in our estimate of the allocation of interest received on credit enhanced loans in excess of the interest FinWise retains referred to as the excess spread.

第一季結果受到較低的出售收益收入、我們BFG投資估值的負向變動，以及傳統銀行投資組合較大額的信用損失準備提列所不利影響。淨利息收入由前一季的2,460萬美元成長至2,810萬美元，主要因我們調整了對信用增強貸款所收取利息之分配估計；其中超過FinWise保留利息的部分稱為超額利差（excess spread）。

From origination costs, which are reported as net with interest income to credit enhanced servicing and guarantee expenses as well as an increase in average credit enhanced balances in the held for investment portfolio, lower average balances and reduced interest rates paid on CDs.

此外，亦受到承作成本（以淨額方式與利息收入一併報告）轉列至信用增強的服務與保證費用，以及持作投資投資組合中信用增強餘額平均值上升、定存（CD）平均餘額下降與支付利率降低等因素影響。

Net interest margin increased to 12.9% compared to 11.42% in the prior quarter. The increase was driven by the change in estimate of the credit enhanced loans excess spread allocated to origination costs, which is a reduction of income to credit enhanced servicing and guaranteed expenses as well as an increase in average balances in the credit enhanced portfolio.

淨利息收益率（NIM）由前一季的11.42%上升至12.9%。此上升主要由於對信用增強貸款超額利差分配至承作成本的估計變更，這使得信用增強服務與保證費用的收入抵減（contra income）減少，以及信用增強投資組合平均餘額增加所致。

Net of the adjustment for credit enhanced program expenses, net interest margin was 7.15% compared to 7.85% in the prior quarter, consistent with our ongoing risk reduction strategy and fourth quarter 2025 onboarding of a new credit enhancement program for which our compensation includes both interest income generated by credit cards and a portion of the interchange generated by the card usage. As we've noted on prior calls, we suggest thinking about our net interest income and net interest margin in two distinct ways, including and excluding excess credit enhanced income.

扣除信用增強計畫費用調整後，淨利息收益率為7.15%，較前一季的7.85%下降，符合我們持續降低風險的策略，以及我們在2025年第四季導入新的信用增強計畫；在該計畫中，我們的報酬包含信用卡所產生的利息收入，以及卡片使用所產生交換手續費的一部分。如同我們在先前電話會議所提，我們建議以兩種方式來看待淨利息收入與淨利息收益率：包含與不包含超額的信用增強收入。

Non-interest income was $14.6 million compared to the prior quarters' $22.3 million. The sequential quarter decline was primarily driven by lower credit enhanced income and gain on sale revenue as well as a decline in the fair value of our BFG investment, reflecting a broader pullback in private company valuations observed in March following heightened global market volatility.

非利息收入為1,460萬美元，較前一季的2,230萬美元下降。本季較前季下滑主要由於信用增強收入與出售收益收入降低，以及我們BFG投資的公允價值下降；該下降反映3月在全球市場波動加劇後，私募公司估值普遍回落。

As a reminder, credit enhancement income mirrors the provision for credit losses on credit enhanced loans. Partially offsetting the sequential decline in noninterest income was higher interchange income, driven largely by a full quarter of contribution from the credit card portfolio acquired in mid-November 2025.

提醒各位，信用增強收入與信用增強貸款的信用損失準備提列相互對應。部分抵銷非利息收入季減的是較高的交換手續費收入，主要受惠於我們於2025年11月中旬收購的信用卡投資組合在本季貢獻完整一季的收入。

Noninterest expense was $28.3 million compared to $23.7 million in the prior quarter. The increase was primarily due to higher credit enhancement guarantee and servicing expenses resulting from the change in estimated allocation of excess spread on credit enhanced loans from contra income origination costs to servicing and guarantee expenses as described earlier, as well as an increase in average balances of credit enhanced loans and the resulting growth in the excess spread. Excluding credit enhancement-related items, core operating expenses remained well controlled.

非利息費用為2,830萬美元，較前一季的2,370萬美元增加。增加主要因信用增強保證與服務費用上升，源自先前所述對信用增強貸款超額利差分配估計的變更：由作為收入抵減的承作成本，改為分配至服務與保證費用；此外，信用增強貸款平均餘額增加及其帶動的超額利差成長亦推升費用。排除信用增強相關項目後，核心營運費用仍維持良好控管。

The reported efficiency ratio for the quarter was 66.3% versus 50.5% in the prior quarter. Excluding the offsetting accounting effects of the credit enhanced loans, the efficiency ratio was 65.0% for Q1 2026 and 60.6% for Q4 2025. Total assets were $899.4 million as of the end of the quarter compared to $977.1 million in the prior quarter. The decline was primarily due to decreases in interest-bearing deposits with small declines in loans held for sale and loans held for investment.

本季報告的效率比率為 66.3%，相較於前一季的 50.5%。若排除信用增強貸款之相互抵銷的會計影響，2026 年第一季的效率比率為 65.0%，2025 年第四季為 60.6%。截至本季末，總資產為 8.994 億美元，較前一季的 9.771 億美元下降。下降主要係因計息存款減少，另有少量的待售貸款與投資貸款小幅下滑。

Total end of the period deposits were $674.9 million compared to $754.6 million in the prior quarter. The decline was primarily due to runoff of funding, principally noninterest-bearing deposits and brokered CDs that were not needed to support the lower level of assets. Finally, we continue to operate with a very strong capital position, reflected in a bank leverage ratio of 16.8%, nearly double the current well-capitalized minimum requirement to be well capitalized.

期末存款總額為 6.749 億美元，較前一季的 7.546 億美元下降。下降主要係資金流失所致，主要為不計息存款及不再需要用以支撐較低資產水準的經紀存單（brokered CDs）到期流出。最後，我們仍維持非常強勁的資本部位，銀行槓桿比率為 16.8%，幾乎是目前「資本充足（well-capitalized）」最低要求的兩倍。

Let me provide forward outlook on some key metrics as we've done in prior quarters. Loan originations for Q2 2026. Originations through the first four weeks of April are tracking at a quarterly run rate of approximately $1.4 billion. Loan originations for the full year 2026. While there may be variability quarter-to-quarter, we are reaffirming $1.4 billion in quarterly loan originations as a baseline, reflecting typical seasonality from student lending partners. Annualizing this baseline and applying a 5% growth rate provides a reasonable outlook for full year 2026 originations.

我將如同前幾季一樣，提供部分關鍵指標的前瞻展望。2026 年第二季貸款承作量。截至 4 月前四週的承作量，按季化推算的季度運行率約為 14 億美元。2026 年全年貸款承作量。雖然各季可能有所波動，我們重申以每季 14 億美元的貸款承作量作為基準，反映學生貸款合作夥伴的典型季節性。將此基準年化並套用 5% 成長率，可作為 2026 年全年承作量的合理展望。

We will continue to update our originations outlook each quarter as the year progresses. Origination levels are influenced by several variables, including new partner additions and contributions from both established programs and newer launches. Credit enhanced balances for full year 2026. We remain comfortable with organic growth in credit enhanced balances of $8 million to $10 million on average per month for 2026. Quarterly results may be lumpy with growth skewed toward the middle and back half of the year.

隨著年度推進，我們將每季持續更新承作量展望。承作水準受多項變數影響，包括新增合作夥伴，以及既有方案與新推出方案的貢獻。2026 年全年信用增強餘額。我們仍對 2026 年信用增強餘額每月平均 800 萬至 1,000 萬美元的有機成長感到有信心。季度結果可能不均衡，成長可能偏向年中與下半年。

SBA loan sales. We will continue to follow our strategy of selling guaranteed portions of our SBA loans as long as market conditions remain favorable. That said, we expect this quarter's gain on sale of loans to better reflect a sustainable quarterly run rate for the year. Quarterly net charge-offs. We anticipate an approximate range of $4 million to $5 million in net charge-offs for non-credit enhanced loans is a good quarterly number to use in your models for the remainder of this year.

SBA 貸款出售。只要市場條件仍然有利，我們將持續遵循出售 SBA 貸款之保證部分的策略。不過，我們預期本季的貸款出售利益將更能反映今年可持續的季度運行率。季度淨沖銷。我們預期非信用增強貸款的淨沖銷約落在 400 萬至 500 萬美元區間，作為今年剩餘期間建模時可採用的合理季度數字。

Non-performing loan balances for Q2 2026. We think there is potentially as much as $10 million in watch list loans that could migrate to nonperforming loans in the second quarter. Net interest margin. We remain comfortable with our prior outlook that when including credit enhanced balances, the net interest margin is expected to increase, driven by growth in credit enhanced balances and efforts to lower funding costs. This upward trend is expected to persist until growth in these balances begins to moderate.

2026 年第二季不良貸款餘額。我們認為第二季可能有多達 1,000 萬美元的觀察名單貸款會轉為不良貸款。淨利差（NIM）。我們仍維持先前的展望：在納入信用增強餘額時，淨利差預期將上升，主要由信用增強餘額成長及降低資金成本的努力所帶動。此上升趨勢預期將持續，直到這些餘額的成長開始趨緩。

Conversely, excluding excess credit enhanced income, we anticipate a gradual decline in margin consistent with our ongoing risk reduction strategy. The efficiency ratio. We remain focused on driving sustainable positive operating leverage with a long-term goal of steadily lowering our core efficiency ratio, that is excluding the credit enhancement accounting effects. That said, there may be periods in which the efficiency ratio may increase. Tax rate.

相反地，若排除超額的信用增強收入，我們預期利差將逐步下滑，與我們持續降低風險的策略一致。效率比率。我們仍專注於推動可持續的正向營運槓桿，長期目標是穩步降低核心效率比率，也就是排除信用增強會計影響後的效率比率。不過，效率比率也可能在某些期間上升。稅率。

While multiple factors may influence the actual tax rate, we suggest using 27% in your modeling. With that, we would like to open the call for Q&A. Operator?

雖然實際稅率可能受多項因素影響，我們建議在模型中採用 27%。接下來，我們想開放 Q&A。接線員？

(Operator Instructions) Joe Yanchunis, Raymond James.

（接線員指示）Raymond James 的 Joe Yanchunis。

So I was wondering, can you help us size the remaining pool of these legacy SBA credits? And how should we think about the difference between proactively cleaning up the specific cohort versus there being some fundamental softening in the industry?

我想請教一下，你們能否協助我們估算這些舊有（legacy）SBA 信用的剩餘池子規模？另外，對於主動清理特定批次（cohort）與產業基本面出現某種程度走弱之間的差異，我們應該如何看待？

And then also, I understand that you called out the e-commerce industry, but is there any specific vintages you could point to where they're concentrated?

還有，我知道你們特別提到了電商產業，但是否有任何特定的放款年度批次（vintages）可以指出其集中在哪裡？

Yes. So let me just walk through -- Joe, this is Jim Noone. Let me just walk through, I think, the couple of pieces there. So to just bound it, it's about $50 million in performing outstanding balances at the end of Q1 that carry these attributes. As far as what the attributes are, we had a surge in SBA originations back in '22 and '23, specifically in some of the consumer-focused businesses like e-commerce.

是的。Joe，我先說明一下——我是 Jim Noone。我來把你提到的幾個部分梳理一下。先界定一下範圍：截至第一季末，具備這些特徵且仍在正常還款的未償餘額約為 5,000 萬美元。至於這些特徵是什麼，我們在 2022 年與 2023 年 SBA 承作量曾出現一波激增，特別是在一些以消費者為導向的企業，例如電商。

There are six attributes from a few cohorts there that we zeroed in on. Like I said, it's about $50 million in remaining outstanding and performing balances at the end of Q1. Really importantly, these attributes are what has led to 75% of the MCOs and a similar amount of the unguaranteed NPAs over the last three years.

我們鎖定了其中幾個批次的六項特徵。如我所說，截至第一季末，剩餘未償且仍正常的餘額約為 5,000 萬美元。非常重要的是，過去三年中，這些特徵導致了 75% 的 MCOs（重大信用沖銷）以及相近比例的未保證不良資產（unguaranteed NPAs）。

So we feel like we've identified it, we've segmented it. We're actively managing it. So I think we're in good shape with it.

因此我們覺得已經辨識出來、也完成分群。我們正在積極管理。所以我認為目前狀況掌握得不錯。

Okay. So shifting gears here, just kind of want to understand or make sure I'm thinking about what's going on with the NIM here. So it benefited from the change in estimates on that excess interest allocation within the credit enhanced portfolio, but that also flowed through higher servicing and guarantee expenses. So one, is that right? And two, what's the cleanest way to think about it kind of the normalized earnings contribution from the credit enhanced portfolio after this change? Or has there been any change to that outlook?

了解。那我換個方向，想確認一下我對這裡 NIM 變化的理解是否正確。它受惠於信用增強投資組合中超額利息分攤（allocation）之估計變更，但同時也反映為較高的服務與保證費用。第一，這樣理解對嗎？第二，對於這次變更後，信用增強投資組合的常態化獲利貢獻，最清楚的思考方式是什麼？或者你們對該展望是否有任何改變？

So Joe, I think that you are understanding it properly. The change in estimate grosses up or increases the interest income and flows through all the way through net interest income. And an exact offsetting amount is recorded as an expense. And so that grosses up the expense. So you understood it exactly.

Joe，我認為你的理解是正確的。估計變更會把利息收入「放大」（gross up）或提高，並一路反映到淨利息收入。同等金額會以費用入帳作為完全抵銷。因此費用端也會被「放大」。所以你理解得完全正確。

In regards to the performance of the credit enhanced portfolio, nothing really changes from this change in estimate. It's just -- when we first started the program, we thought that this would be the distribution of the expense, particularly a portion that relates to origination, which offsets net income -- which offsets interest income. But a year later, now we have some experience with it, and we're looking back at it, we changed that estimate, and we've shifted those expenses entirely to guarantee expense and servicing expense.

至於信用增強投資組合的表現，這次估計變更並沒有真正改變任何事情。只是——當我們剛開始這個計畫時，我們原先認為費用會以這樣的方式分配，特別是其中一部分與承作相關，會抵減淨收益——也就是抵減利息收入。但一年之後，我們累積了一些經驗並回頭檢視，因此調整了該估計，並將這些費用全部改列為保證費用與服務費用。

Okay. And was that changed? Was that recommended by like your accounting firm or any of the regulators? Or was this just done internally?

好的。那有做變更嗎？這是像你們的會計師事務所或任何監管機關建議的嗎？還是只是內部自行處理？

This was done based upon our own review, but it has been reviewed and discussed with our external accounting firm.

這是基於我們自己的檢視所做的，但也已與我們的外部會計師事務所審閱並討論過。

Okay. Just a couple more for me here. So with respect to your credit enhanced strategic partners, what's the general duration of these loans? And have your partners changed their credit box? Or were there any partners that experienced outside losses that might have surprised them? And then just also some color on the health of these fintechs that are supporting these loans.

好的。我這邊再問幾個。關於你們的信用增強策略合作夥伴（credit enhanced strategic partners），這些貸款的一般期限大概多長？你們的合作夥伴有改變他們的授信標準（credit box）嗎？或者是否有任何合作夥伴遭遇外部損失，可能讓他們感到意外？另外也請談談支撐這些貸款的金融科技公司（fintechs）的健康狀況。

Yes. So there's five programs right now that are live in that program, Joe. As far as the average term, they vary because there are five different programs and products that are being managed there. But I would tell you that they are on the shorter end generally. I would say, on average, it's probably like 15 months if you look at the pool in total.

是的。Joe，目前這個計畫中有五個正在運作的專案。就平均期限而言，因為有五個不同的專案與產品在管理，所以會有所差異。但我會說整體而言通常偏短期。如果看整個資產池的話，平均大概是15個月左右。

As far as like the health of the partners that are there and the results in this quarter, we grew this from virtually 0 to $100 million in a year, and we were able to beat the high-end guidance at the end of '25. But we were -- I was disappointed in the Q1 balances that they didn't grow from year-end. The product is still central to our long-term plans, and we know our business well enough that we know this stuff is lumpy sometimes. The guidance is intact for the full year. We are expecting one of our partners to grow meaningfully in that program here in Q2 and Q3.

至於這些合作夥伴的健康狀況以及本季的結果，我們在一年內把規模從幾乎為0成長到1億美元，並且在'25年底時能夠超越指引區間的上緣。但我對第一季的餘額沒有從年末再成長感到失望。這個產品仍是我們長期計畫的核心，而我們也很了解自己的業務，知道這類成長有時會呈現不均勻（lumpy）。全年指引維持不變。我們預期其中一位合作夥伴會在第二季與第三季於該計畫中出現顯著成長。

We'll update you again next quarter. As far as the other partners, they did moderate during the quarter. So where the growth is going to come from of those 5 partners over the next, call it, two quarters is likely from one of our partners. The others have kind of slowed down on their -- on the growth in that product or at least they did in Q1.

我們下季會再向各位更新。至於其他合作夥伴，本季確實有所放緩。因此，接下來大約兩季內，這五家合作夥伴的成長來源，很可能主要來自其中一家合作夥伴。其他幾家在該產品上的成長已經有點放慢，至少在第一季是如此。

I'd like to add one other point --

我想再補充一點--

Slowdown because of -- that slowdown be because of demand for the product or appetite around kind of the current credit environment or the losses that we're seeing in the portfolio?

放緩是因為——這個放緩是因為產品需求的關係，還是因為目前信用環境下的意願（appetite），或是我們在投資組合中看到的損失？

No, it has to do with normal balances and kind of like the trajectory of that product with those 3 partners. They -- we knew about where they would start to plateau out in their balances, at least for the products that we have with them right now. So that's the answer.

不是，這與正常的餘額變化，以及那三家合作夥伴在該產品上的發展軌跡有關。他們——我們早就知道他們的餘額大概會在什麼時點開始趨於平台期（plateau），至少就我們目前與他們合作的產品而言。所以答案就是這樣。

Okay. And then last one for me here. So if we were to look out two to three years where you can pick a duration, where do you see credit enhanced loans as a percent of loans held for investment?

好的。那我最後一題。如果我們往後看兩到三年（你可以選一個期間），你認為信用增強貸款占投資持有貸款（loans held for investment）的比例會是多少？

There's no way for me to forecast that for you, Joe. I would just tell you that the balances were virtually 0 9 months ago. We are still on the beginning of that growth curve. But it's incumbent on me to bring additional partners in and work with our business development team and our fintech team to bring those partners in to grow our balances. This is central to the strategic plan that we have that's been approved by the Board that we've talked to investors about.

Joe，我沒辦法替你做那樣的預測。我只能說，九個月前這些餘額幾乎為0。我們仍在那條成長曲線的起點。但我有責任引進更多合作夥伴，並與我們的業務開發團隊及金融科技團隊合作，把這些合作夥伴帶進來以擴大餘額。這是我們經董事會核准、也已與投資人溝通過的策略計畫核心。

And I feel good about the program. Like I said, our guidance for the year is still intact, but we didn't have the growth that we thought we would have in Q1. We had more growth than we thought we would have for fiscal year '25.

而且我對這個計畫很有信心。如我所說，我們今年的指引仍維持不變，但第一季的成長沒有達到我們原先的預期。不過在'25會計年度，我們的成長比原先預期還要多。

Andrew Terrell, Stephens Inc.

Andrew Terrell，Stephens Inc.

So just thinking on the last point, if I were to take the kind of original 8 to 12 a month kind of guide, you should, by the end of the year, be $215 million or so to $250 million on credit enhanced balances. Do you still feel like you can achieve that by the end of the year?

延續剛才那點，如果我採用你們原先每月8到12（百萬）的指引，到年底信用增強餘額應該會在約2.15億到2.50億美元左右。你們仍覺得年底前可以達成嗎？

That is still our expectation, Andrew.

Andrew，這仍是我們的預期。

Okay. And Bob, are you able to quantify the -- I think I understand what's going on with the excess spread. We talked about it a minute ago, but are you able to quantify the dollar amount that, that impacted the guarantee and servicing expense lines by this quarter?

好的。Bob，你能否量化——我想我理解超額利差（excess spread）發生了什麼。我們剛才也談過，但你能否量化這一季對保證與服務費用（guarantee and servicing expense）科目的影響金額？

I certainly can, but I don't have that with me, Andrew.

我當然可以，但我現在手邊沒有那個數字，Andrew。

Okay. I can follow-up. I think last quarter, Bob, we talked about a 56%, 57% type efficiency ratio in 2026. I know the excess spread kind of change impacted a little bit of efficiency, but even accounting for that, running well north on efficiency versus those expectations. So I just wanted to hear from you updated kind of expectations around either full year efficiency or where you think you can manage efficiency moving forward?

好的。我可以再跟進。Bob，我記得上季我們談到2026年效率比率大概在56%、57%左右。我知道超額利差的變動對效率有一些影響，但即使把那點納入考量，目前的效率表現仍明顯高於那些預期。所以我想聽聽你更新一下，對全年效率或你認為未來效率可以如何管理的最新看法？

Certainly, I can do that. I think the important part to note first is that by increasing the revenue and the expense when you do the efficiency ratio, that portion of it is one for one. So that does make the -- getting the efficiency ratio down to the level that we had previously stated or previously forecasted, it makes it more difficult. But I do think that the key -- we have been controlling our expenses, I think, very well over the past three or four quarters. And we believe we continue to explore expenses.

當然可以。我認為首先要注意的一點是，當你計算效率比率時，收入與費用同時增加的那一部分是1比1對應的。因此，這確實會讓效率比率要降到我們先前所說或先前預測的水準變得更困難。但我也認為關鍵在於——過去三到四個季度，我們在費用控管上做得很好。而且我們相信會持續檢視費用。

The key then to getting that efficiency ratio down is going to be growing our revenues, which we are focused on at this point in time. Given the expense numbers that we have right now, considering that they're inflated, it would require us to have about a $2 million increase in revenue to get that efficiency ratio down to 60%. I think that's still possible. I think that's very possible for this year. And I would expect to be able to continue that going forward.

接下來要把效率比率降下來的關鍵，會是成長我們的收入，這也是我們目前的重點。以我們現在的費用數字來看，考量到它們被墊高了，要把效率比率降到60%，我們大約需要增加200萬美元的收入。我認為這仍然做得到。我認為今年非常有可能達成。而且我預期未來也能持續推進。

When we are bringing on -- when we're bringing on new partners, we are looking at the efficiency ratio, the operating leverage ratio, and most of those partners will be coming on well below that, call it, the 50% mark. And so I think that we'll continue to work on it. We'll get it down to -- it's just going to take a little bit longer, but we will get it back down to the mid-50s.

當我們引進——當我們引進新的合作夥伴時，我們會看效率比率、營運槓桿比率，而多數合作夥伴的表現都會遠低於大約50%的水準。所以我認為我們會持續努力。我們會把它降下來——只是需要多一點時間，但我們會把它降回到55%左右的中段水準。

Okay. Understood. Maybe for Jim, I think in your opening remarks, I think you made a comment to the tune of you were increasingly sourcing more mature lending opportunities or lending partner opportunities. Can you maybe unpack that a bit for us, both on the lending side, but then more broadly, just what you're seeing top of funnel, how the SKU is changing from smaller to larger, if it is? And I know there's -- it takes some time to onboard new partners, but just want to get a sense of kind of what you're working on, how you feel about the pipeline right now?

好的。了解。也許問Jim，我想你在開場致詞中提到，你們正逐漸取得更多較成熟的放貸機會或放貸合作夥伴機會。你能否替我們多拆解一下，先從放貸端談起，但更廣泛地，也談談你們在漏斗上游（top of funnel）看到的情況、SKU是否正從較小轉向較大（如果是的話）？我也知道導入新合作夥伴需要一些時間，但想了解你們目前在推進哪些事情，以及你對目前管線（pipeline）的看法？

Sure. Yes. So based on what we're seeing, Andrew, the lending pipeline is stronger than I've seen it in my 8 years at the bank. We intend to keep executing to convert that pipeline into contracts and announcements. We announced a new product with Albert at the end of February.

當然。是的。所以根據我們目前看到的情況，Andrew，放款案源管線比我在銀行這 8 年來所見過的都更強勁。我們打算持續執行，把這些管線轉化為合約與對外公告。我們在二月底與 Albert 一起宣布了一項新產品。

We're very supportive of Yinon and Malcolm and their team there. They do a great job. And just generally, our business development team has their hands full right now. As far as like color on the growth in pipeline there, I would say where historically, we had invested in cards and payments. And historically, we continue to have success from lending partners that wanted cards and payments rather than those as stand-alone products.

我們非常支持 Yinon、Malcolm 以及他們那邊的團隊。他們做得非常出色。而且整體而言，我們的業務開發團隊目前確實忙得不可開交。至於管線成長的補充說明，我會說，過去我們在卡片與支付方面有投入。而且歷來我們持續從放款合作夥伴那邊取得成功，因為他們想要的是卡片與支付作為放款合作的一部分，而不是把它們當作獨立產品。

I think that, that's likely to continue to be the case for another quarter or two, but we are starting to see meaningful opportunities on both of those new products. Overall, I'd characterize the pipeline as probably about 50% lending, 50% split between cards and payments. And I think by the end of the year, we'll have some good announcements on winning a couple of partners here. So I should be able to give you a better update next quarter.

我認為這種情況很可能還會再持續一到兩個季度，但我們也開始在這兩項新產品上看到具規模且有意義的機會。整體來看，我會把管線描述為大約 50% 是放款，另外 50% 則由卡片與支付分攤。我想在今年年底前，我們會有一些不錯的公告，宣布拿下這裡的幾個合作夥伴。所以我下個季度應該能給你更好的更新。

Manuel Navas, Piper Sandler.

Manuel Navas，Piper Sandler。

Just a quick follow-up on that last -- some of that last commentary. Where will we see card and payment wins? Is that only in the interchange line? Where else will we see that on the fee and fees?

針對剛才最後那段—其中一些評論，我想快速追問一下。卡片與支付的勝出（wins）會在哪裡反映？只會在交換費（interchange）那一行嗎？在費用與手續費（fee and fees）方面，還會在哪裡看到？

So with the cards and payments, you will see -- I mean, on the payments, it's going to be coming through that fee line. On cards, it's going to come through depending upon a couple of different things. One, if they are interested in the credit enhanced balance sheet and balance sheet, some of that, we will see some of that come through in interest income. If they are -- it's -- that they -- and in that particular case, if they're doing credit enhance, they'll also need to supplement that with some interchange. So we'll see some revenue there.

所以在卡片與支付方面，你會看到—我的意思是，就支付而言，會透過那個費用收入（fee）項目進來。至於卡片，則會視幾個不同因素而定。第一，如果他們對信用增強（credit enhanced）的資產負債表與資產負債表配置有興趣，其中一部分我們會在利息收入中看到。如果他們—也就是—在那種情況下，如果他們做信用增強，他們也需要用一些交換費來補充。所以我們也會在那裡看到一些收入。

Other than that, it will be processing fees. I also want to mention one other very important thing, particularly on the payment side, that business is frequently accompanied by significant deposits. And so we would look to see significant deposit increase, which will allow us to change our funding structure some. If we can get several of these new partners in here, we could significantly decrease our broker deposits and our cost of funds.

除此之外，就會是處理手續費（processing fees）。我也想再提一個非常重要的點，特別是在支付端，那項業務經常會伴隨可觀的存款。因此我們會期待看到存款顯著增加，這將使我們能在某種程度上調整資金來源結構。如果我們能引進好幾個這類新合作夥伴，我們就能大幅降低經紀存款（broker deposits）以及資金成本（cost of funds）。

Okay. I appreciate that. Can you give any color on what was the makeup of originations this quarter? And what pieces of it step down towards the lower rate for the rest of the year?

好的。謝謝你的說明。你能否提供一些本季承作（originations）的組成結構？以及其中哪些部分在今年剩餘期間會往較低利率的方向下移？

Yes. No problem, Manuel. This is Jim. So the originations were really strong in the quarter at $1.7 billion. That exceeded our guidance of $1.4 billion, and it's up 38% year-over-year.

可以。沒問題，Manuel。我是 Jim。所以本季承作非常強勁，達到 17 億美元。這超過了我們 14 億美元的指引，而且年增 38%。

As far as the composition, it's the seasonality of student lending that surged, and that was a big portion of the quarterly uptick. The higher rate lenders were down in the quarter, which is also typical in Q1. And then the rest of our lending partners, it was a mix with nothing that stood out one way or the other materially. The one thing I would point out, you're continuing to see this gradual step-up. And I just want to remind everyone, we were at $850 million in originations three years ago, in quarterly originations three years ago.

就組成而言，學生貸款的季節性需求大幅上升，這是本季增量的一大部分。高利率放款方在本季下滑，這在第一季也屬常態。至於其餘放款合作夥伴，則是混合組合，沒有哪一塊在實質上特別突出。我想特別指出的一點是，你會持續看到這種逐步上升的趨勢。也提醒大家，三年前我們的季度承作量是 8.5 億美元。

So I'm really happy with the consistent increase that we've managed in getting to $1.7 billion this quarter.

所以我對我們一路穩定提升、並在本季達到 17 億美元的持續成長感到非常滿意。

What -- I appreciate that. Where is some of the higher headcount linked quarter? Is it compliance, operations?

了解，謝謝。本季增加的人力主要連結到哪些部門？是法遵、營運嗎？

You're talking about the increase in the headcount in the quarter?

你是指本季人力編制的增加嗎？

Yes. Yes.

是的。是。

The headcount that we had in the quarter, we brought on a few additional people focused on facilitating growth, as Jim has talked about, and also to facilitate improved efficiencies through AI adoption. So when you take a look at the particular areas, we saw that the fintech business development, so that would be the marketing side increased. You also saw a little bit of an increase in technology for that is the AI as we are emphasizing that across the organization. And you also see a few headcount increase in the onboarding program -- excuse me, in operations where we have the onboarding program for the new programs we anticipate coming through here in the next couple of quarters.

本季的人力方面，我們新增了幾位同仁，重點在於促進成長（如 Jim 所談到的），同時也推動透過導入 AI 來提升效率。所以你看各個領域的話，我們在金融科技業務開發，也就是行銷端，有所增加。你也會看到科技部門略有增加，因為我們正在全組織強調 AI。另外在營運端也增加了幾個人力，主要是因為我們有新方案的導入（onboarding）計畫—抱歉，是在營運端的導入計畫，因應我們預期未來幾個季度會有新方案進來。

Joe Yanchunis, Raymond James.

Joe Yanchunis，Raymond James。

So I just wanted to revisit your guide for originations. So on an annual basis, you annualize the $1.4 billion, you slap a 5% growth rate on that. But then when you remove what happened in 1Q, it seems like you're kind of calling for $1.4 billion over the next few quarters, which would include the seasonal step-up in student loan originations that occur in the third quarter. I mean, is that just a conservative view? Or is there something that might have impacted or that could impact that seasonal uptick that we see in the September quarter?

我想再回到你們對承作量的指引。以年度來看，你把 14 億美元年化，再加上 5% 的成長率。但如果把第一季發生的情況拿掉，看起來你其實是在接下來幾個季度都以 14 億美元來估，這還包含第三季會出現的學生貸款承作季節性上升。我的意思是，這只是比較保守的看法嗎？還是有什麼因素已經影響、或可能影響我們在九月季度看到的那個季節性上升？

You're correct, Joe. The $1.4 billion is the baseline that we proposed to use for modeling, it strips out the student lender -- the student lending seasonality and then you annualize that, apply 5% growth, and that's what we've used as far as guidance for the year. So you're correct in that it's the student lending seasonality that we are not accounting for.

你說得沒錯，Joe。14 億美元是我們提出作為建模的基準，它把學生放款—也就是學生貸款的季節性因素剔除，然後再年化、套用 5% 成長，這就是我們用來作為全年指引的方式。所以你說得對，我們沒有把學生貸款的季節性納入。

Okay. So assuming that seasonality does occur, that annual guide is probably lower than what you're kind of expecting?

好的。所以如果那個季節性確實發生，你們的年度指引可能會比你們實際預期的還要低？

That's seasonality would pull from 2Q and 4Q of '26. Yes. There's nothing specific to student lending that would -- that indicates that private student lending is certainly going to be in any contraction mode. I think it's the opposite. But what we are comfortable with giving us guidance is $1.4 billion quarterly with a 5% growth rate as far as the annual 2026 originations.

那個季節性會從 2026 年的第二季與第四季拉動（pull from）。是的。就學生貸款本身而言，沒有任何特定跡象顯示民間學生貸款（private student lending）會進入收縮模式。我認為情況正好相反。但我們在提供指引時，對於 2026 年全年承作量，我們有信心給出的假設是：每季 14 億美元、年成長率 5%。

And we do have a few questions via email. Then I will turn the call over to Juan Arias, Head of Investor Relations.

我們也透過電子郵件收到幾個問題。接著我會把電話會議交給投資人關係主管 Juan Arias。

We got a couple of questions that came in. The first one, can you comment on if you see a potential impact to your business from fintechs pursuing bank charters?

我們收到幾個提問。第一個問題是，您能否評論一下，若金融科技公司尋求取得銀行執照，您是否看到這可能對貴公司業務造成影響？

Yes, no problem, Juan. There's been a number of developments with fintech banking and charters the last three months. So I think it's good to address a couple of the items first. Generally, the industry of bank sponsorship, it's always changing. Right now, there's some large diversified fintechs that are seeking bank charters during a window that appears open.

是的，沒問題，Juan。過去三個月，金融科技銀行業務與銀行執照方面出現了多項進展。所以我認為先針對幾個事項做說明是好的。一般而言，銀行贊助（sponsor bank）這個產業一直在變化。目前，有一些大型、多元化的金融科技公司正在一個看起來開放的窗口期內尋求銀行執照。

That path works for a handful of large diversified players. But for the vast majority of fintechs, partnering with an experienced sponsor bank remains the faster, more capital-efficient path. And that's driving a growing wave of inbound interest towards banks like ours. Charters pull a few large players out, but I would say, simultaneously, they also -- they validate the model and drive dozens of others towards sponsor banks. And the investments that we've made over the past several years position us really well to capture that demand.

這條路徑適用於少數大型、多元化的業者。但對絕大多數金融科技公司而言，與具經驗的贊助銀行合作仍是更快、資本效率更高的途徑。而這正推動越來越多的主動洽詢流向像我們這樣的銀行。銀行執照會讓少數大型業者退出，但我會說，同時它們也——它們驗證了這個模式，並促使其他數十家轉向贊助銀行。而我們過去幾年的投資，使我們非常有利於掌握這股需求。

I did want to just say, Upstart filed its bank charter in March and OppFi announced its agreement to purchase BNC National Bank on Wednesday. There is no immediate change to our business from the regulatory applications they have filed, and we were in contact with both of them ahead of the public announcement. As they work through the regulatory process, we will continue to support them. And I don't know how many fintechs in our industry will apply for charters nor how many will receive them. But the lending pipeline at FinWise is stronger than I've seen it in my eight years here, and that is what we manage to.

我也想補充一下，Upstart 在三月提交了其銀行執照申請，而 OppFi 於週三宣布已同意收購 BNC National Bank。他們已提交的監管申請不會立即改變我們的業務，我們也在公開宣布前就與他們兩方保持聯繫。在他們推進監管流程的同時，我們將持續支持他們。我不知道我們產業中會有多少金融科技公司申請執照，也不知道會有多少能獲准。但 FinWise 的放款案源（pipeline）比我在這裡八年來所見都更強勁，而這正是我們所要管理與專注的。

Thanks, Jim. We got another question, it's actually for you. As you look ahead to your first 12 months in the CEO seat, what are your top 3 priorities?

謝謝你，Jim。我們還有另一個問題，其實是問你的。展望你擔任 CEO 的前 12 個月，你的前三大優先事項是什麼？

Thanks, Juan. Happy to address that. I think first, some context on the transition itself. This was deliberate. It was a multiyear succession plan developed by the Board.

謝謝，Juan。很樂意回答。我想先就這次交接本身提供一些背景。這是經過審慎規劃的。這是一項由董事會制定、跨多年的接班計畫。

I've worked alongside Kent for many years, and I'm grateful to him and the Board for their trust and confidence. My role as CEO is straightforward, align our quarterly and annual execution with the strategic plan approved by our Board and filed with our regulators and set the tone across the organization to deliver on it. And I want to be direct about my commitment. I moved my family across the country eight years ago because I believed in this company and wanted the opportunity to be in exactly this seat. We had $65 million in assets at the time.

我與 Kent 共事多年，也感謝他與董事會對我的信任與肯定。我作為 CEO 的角色很明確：使我們的季度與年度執行與董事會核准、並已向監管機關提交的策略計畫保持一致，並在全組織定調以落實該計畫。我也想直接表明我的承諾。八年前我帶著家人搬到全國另一端，因為我相信這家公司，並希望有機會坐上正是這個位置。當時我們的資產規模是 6,500 萬美元。

We now have the capital, the partners, the team, the products and the infrastructure. My focus is making sure that those pieces work together with discipline and speed to create meaningful value. In terms of specific priorities, you heard much of it in our prepared remarks. First, we need to support the momentum that's already coming through our business development team. Originations were $1.7 billion in the quarter, and our pipeline for both new partners and new products is strong.

現在我們擁有資本、合作夥伴、團隊、產品與基礎設施。我的重點是確保這些要素以紀律與速度協同運作，創造有意義的價值。就具體優先事項而言，你們在我們事先準備的發言中已聽到不少。第一，我們需要支持目前已透過業務開發團隊湧入的動能。本季承作金額為 17 億美元，而我們在新合作夥伴與新產品方面的案源都很強勁。

Second, we will continue to empower our credit and compliance teams to identify and prune risk proactively. You're seeing that right now in the segment of our SBA program, but this is not new for us. We took similar disciplined actions in our fintech programs in 2019 and again in 2022. Active oversight and risk management is part of who we are, and it will continue. And then third, being a multiproduct platform carries enormous value for our bank and our shareholders.

第二，我們將持續賦能我們的授信與法遵團隊，主動識別並修剪風險。你們現在在我們 SBA 計畫的某個區塊已看到這點，但這對我們而言並不新。我們在 2019 年以及 2022 年也曾在金融科技方案中採取過類似的紀律性措施。積極監督與風險管理是我們的一部分，並將持續如此。第三，作為多產品平台，能為本行與股東帶來巨大的價值。

We saw this with credit enhanced lending, where we built the product capability, onboarded the partners and in 12 months, grew that portfolio from 0 to over $100 million. That same model, building the infrastructure, piloting it, marketing it and then beginning to launch the right partners is just now turning the corner in cards, payments and deposit sponsorship.

我們在信用增強型放款（credit enhanced lending）上已看到這點：我們建立產品能力、導入合作夥伴，並在 12 個月內將該投資組合從 0 成長到超過 1 億美元。同樣的模式——建置基礎設施、試點、行銷，然後開始導入合適的合作夥伴——如今在卡片、支付與存款贊助（deposit sponsorship）方面也正要開始轉折起飛。

So in the same way that our compliance investments positioned us during a previous cycle, these product investments are positioning us for exactly the cycle we're now entering. And then finally, with more fintechs seeking sponsorship and our platform now offering lending, cards, payments and deposits, I believe that we are entering a very strong period for new partnerships over the next 12 to 24 months. So to answer your question simply, the strategic direction doesn't change.

因此，就像我們的法遵投資在上一個週期讓我們站穩腳步一樣，這些產品投資也正在讓我們為我們即將進入的這個週期做好準備。最後，隨著更多金融科技公司尋求贊助，而我們的平台如今提供放款、卡片、支付與存款，我相信未來 12 到 24 個月我們將進入一段新合作關係非常強勁的時期。所以簡單回答你的問題，策略方向不會改變。

What's changing is the pace of opportunity in front of us. And it's my job to make sure we capitalize on it for the long-term benefit of our shareholders.

改變的是我們眼前機會的速度。而我的工作是確保我們把握這些機會，為股東帶來長期利益。

And that will conclude today's question-and-answer session. In addition, it does conclude today's teleconference. We thank you for your participation, and you may disconnect your lines at this time.

以上為今天的問答環節。此外，今天的電話會議也到此結束。感謝各位的參與，現在您可以掛斷電話。