Northeast Bank (NBN) 2026 Q3 法說會逐字稿

Welcome to the Northeast Bank third-quarter fiscal year 2026 earnings call. My name is Marvin, and I'll be your operator for today's call. This call is being recorded. With us today from the bank is Rick Wayne, President and Chief Executive Officer; Santino Delmolino, Chief Financial Officer; and Pat Dignan, Chief Operating Officer and Chief Credit Officer.

歡迎參加東北銀行 2026 財政年度第三季財報電話會議。我叫 Marvin，將擔任今天電話會議的接線員。本次電話會議將被錄音。今天與會的銀行代表包括總裁兼執行長 Rick Wayne；財務長 Santino Delmolino；以及營運長兼首席信貸長 Pat Dignan。

Prior to the call, an investor presentation was uploaded to the bank's website, which we will reference in this morning's call. The presentation can be accessed at the Investor Relations section of northeastbank.com under Events and Presentations. You may find it helpful to download this investor presentation and follow along during the call.

在電話會議開始前，我們已將投資人簡報上傳至本行網站，並將在今天上午的電話會議中引用。該簡報可於 northeastbank.com 的投資人關係（Investor Relations）專區下的「活動與簡報」（Events and Presentations）取得。您可能會發現下載此投資人簡報並在會議期間同步參閱會很有幫助。

Also, this call will be available for rebroadcast on the website for future use. (Operator Instructions) As a reminder, the conference is being recorded. Please note, this presentation contains forward-looking statements about Northeast Bank. Forward-looking statements are based upon current expectations of Northeast Bank's management and are subject to risks and uncertainties.

此外，本次電話會議日後也將在網站上提供重播，以供未來使用。(接線員指示) 提醒各位，本次會議正在錄音。請注意，本簡報包含有關東北銀行的前瞻性陳述。前瞻性陳述係基於東北銀行管理層目前的預期，並受風險與不確定性影響。

Actual results may differ materially from those discussed in forward-looking statements. Northeast Bank does not undertake any obligation to update any forward-looking statements.

實際結果可能與前瞻性陳述中討論的內容存在重大差異。東北銀行不承擔更新任何前瞻性陳述的義務。

I will now turn the call over to Rick Wayne. Mr. Wayne, you may begin.

現在我將把電話會議交給 Rick Wayne。Wayne 先生，您可以開始了。

Thank you very much, and welcome, everybody. With me this morning are Pat Dignan, our Chief Operating Officer and Chief Credit Officer; Santino Delmolino, our Chief Financial Officer; and Rebecca Rand, our Director of Accounting. Plan for this morning is I will provide an overview of the quarter. And following my presentation, Santino will provide some more granular analysis on our financial statements, and Pat will provide or generate a discussion on our loan activity for the quarter.

非常感謝，歡迎各位。今天上午與我一同出席的有我們的營運長兼首席信貸長 Pat Dignan；財務長 Santino Delmolino；以及會計總監 Rebecca Rand。今天上午的安排是我將先提供本季概覽。在我簡報之後，Santino 將就我們的財務報表提供更細部的分析，而 Pat 將就本季的放款活動進行說明與討論。

And after all of that, we welcome any questions that you might have. Let me start off by saying it was a great quarter. It really was a great quarter and including breaking some records in the bank's long history going back to 1872. First, originated loans for the quarter were $254 million, incidentally on the financial highlights, page number three of the material uploaded.

在完成上述內容後，我們也歡迎各位提出任何問題。我先說，這是一個非常出色的季度。確實是一個非常出色的季度，甚至打破了本行自 1872 年以來悠久歷史中的一些紀錄。首先，本季新承作放款金額為 2.54 億美元，順帶一提，這可在已上傳資料的財務重點第 3 頁看到。

And that's a record beating last quarter's previous record. So that is -- we were very busy. Except for the third-quarter of fiscal year '21, when we had a significant amount of gains from the sale of PPP loans, this is a record earnings quarter in the history of the bank. And along those same lines, is a record for the most net interest income in the bank's history. And we're very proud of those records that we've broken.

而且這是一項新紀錄，超越了上一季的前一項紀錄。因此——我們非常忙碌。除 2021 財政年度第三季因出售 PPP 貸款而有大量處分收益之外，這是本行歷史上獲利最高的一個季度。同樣地，這也是本行歷史上淨利息收入最高的紀錄。我們對於打破這些紀錄感到非常自豪。

Taking a look now at some of the other items in the financial highlights. We had a total loan volume in all areas of $345 million. I'd also point out for the year to date, which is nine months of our fiscal year, $1.56 billion and which is an increase and now going back to the quarter, an increase in loans for the quarter of $121.5 million.

現在來看財務重點中的其他項目。我們在各領域的放款總量為 3.45 億美元。我也要指出，截至目前為止（也就是我們財政年度的前九個月）累計為 15.6 億美元，這是一項增加；回到本季，放款在本季增加了 1.215 億美元。

I want to just comment briefly on purchase loan activity, but I'm not going to say that much because Pat is going to cover this in more detail. As you are aware, no doubt, at our last call, we talked about how active the market was in loan purchase activity, how much was on the market, a lot of it coming from M&A activity. And with that, you might say, well, if it is so robust, why did you only invest $25 million in the quarter?

我想簡要評論一下收購貸款（purchase loan）的活動，但不會說太多，因為 Pat 會更詳細說明。如各位所知，毫無疑問，在上次電話會議中我們談到貸款收購市場有多活躍、市場上有多少標的，其中很多來自併購（M&A）活動。因此你可能會問，如果市場如此熱絡，為什麼本季你們只投資了 2,500 萬美元？

And it wasn't for a lack of work. We looked at in excess of $1 billion -- we've been in excess of $1 billion. And unfortunately, we didn't win that much compared to what we look at. So you might say that's a bad thing. A contrary view to that is that we're disciplined bidders, both in terms of asset quality and yield requirements.

這並不是因為我們缺乏努力。我們檢視了超過 10 億美元——我們一直都在超過 10 億美元的水準。不幸的是，相較於我們所評估的量，我們得標的並不多。所以你可能會說這是壞事。但相反的觀點是：我們在出價上保持紀律，無論是資產品質或收益率要求皆然。

And some quarters, we buy more than others, but we're never going to buy loans that we -- that don't meet our metrics just so we can have volume on the balance sheet. And now this is a good time just to take a look at what's happened for nine months. For nine months on the purchase side, we've invested over $700 million. And so this was a slower quarter, and we'll keep at it every quarter there.

有些季度我們買得多一些，有些季度少一些，但我們絕不會為了讓資產負債表上有規模，就去買不符合我們衡量指標的貸款。現在也是個好時機來看看九個月以來的情況。在收購端，九個月累計我們已投資超過 7 億美元。因此本季相對較慢，但我們每一季都會持續投入。

And I don't want to say anything more about that because Pat will have a lot more to say. The margin numbers were very, very solid. The NIM was 5.15% and the total return on purchased loans for the quarter was 9.51%, which has been -- that's significantly higher than we have seen. And one thing I want to bring your attention to is on page 31 of the slide deck, which is a slide that shows how much discount we have on our balance sheet that comes in at different paces sometimes.

我不想再多談這部分，因為 Pat 會有更多內容。利差數據非常、非常穩健。淨利息收益率（NIM）為 5.15%，而本季收購貸款的總報酬率為 9.51%，這——顯著高於我們以往所見。另外我想請各位注意投影片第 31 頁，該頁顯示我們資產負債表上的折價金額，有時會以不同速度回收。

But at the end of March -- the Q3 from March 31, we had $154 million of interest rate discount, which typically comes in over the life of the loan, unless the loan gets paid off early and then you recognize that earlier and $46 million of credit mark, which doesn't run through the net interest income anymore under the new CECL rules, but that's $200 million of discount.

截至 3 月底——也就是第三季截至 3 月 31 日，我們有 1.54 億美元的利率折價，通常會在貸款存續期間逐步回收；除非貸款提前清償，則會更早認列；另有 4,600 萬美元的信用評價調整（credit mark），在新的 CECL 規則下不再流入淨利息收入，但合計折價為 2 億美元。

We're confident that the $154 million will come in. And we always get a pretty good chunk of the credit mark as well that runs through the allowance. We saw that this quarter, and that's why the yield on purchased loan was so high because we have so much of transactional income, which Santino will talk about as well. We mentioned that we had $29.9 million of net income.

我們有信心這 1.54 億美元會回收。而信用評價調整我們通常也能回收相當一部分，並透過備抵損失（allowance）反映。本季我們就看到了這點，這也是為什麼收購貸款的收益率如此之高，因為我們有大量的交易性收入（transactional income），Santino 也會談到。我們提到本季淨利為 2,990 萬美元。

And looking at these numbers also very large, we had EPS basic of $3.59 a share and fully diluted of $3.53 for the quarter. Return on equity was 21.67% and return on assets was 2.43% and tangible book value per share is now up to $66.35, a remarkable quarter.

再看這些數字也非常亮眼：本季基本每股盈餘（EPS）為每股 3.59 美元，完全稀釋後為每股 3.53 美元。股東權益報酬率（ROE）為 21.67%，資產報酬率（ROA）為 2.43%，每股有形帳面價值目前上升至 66.35 美元，這是一個非凡的季度。

And with that, I will ask Tino to go over the financials.

接下來，我請 Tino 來說明財務數據。

Awesome. Thanks, Rick. As Rick mentioned, this was another great quarter for the bank. We reported income of $29.9 million or $3.53 per diluted share for the quarter and $73.1 million or $8.67 per diluted share for the year-to-date. As Rick mentioned, ROA came in at 2.43% for the quarter and 2.15% for the year-to-date, while return on equity was 21.7% for the quarter and 18.4% for the year-to-date.

太好了。謝謝你，Rick。如 Rick 所提到的，這對本行而言又是一個非常出色的季度。我們本季報告淨利為 2,990 萬美元，或稀釋後每股 3.53 美元；年初至今淨利為 7,310 萬美元，或稀釋後每股 8.67 美元。如 Rick 所提到的，本季 ROA 為 2.43%，年初至今為 2.15%；而股東權益報酬率本季為 21.7%，年初至今為 18.4%。

Total assets ended the quarter for the first time just above $5 billion, and loans ended the quarter at $4.4 billion, which is up about $100 million or 2% from the linked quarter. Growth this quarter was focused on our originated book. As Rick mentioned, we had record originations in that portfolio, and the portfolio itself saw growth quarter-over-quarter of $145 million or 11%, which was offset slightly by a decrease in our purchased portfolio of $46 million or 2%.

總資產在本季末首次略高於50億美元；貸款在季末為44億美元，較上一季（連結季度）增加約1億美元或2%。本季成長主要集中在我們自營承作（originated）的貸款組合。如Rick所提，我們在該投組的承作量創下紀錄，且該投組本身季對季成長1.45億美元或11%，但部分被我們購入（purchased）投組減少4,600萬美元或2%所抵銷。

Net interest margin was really strong this quarter, coming in at 5.15%, which is up from 4.49% in the prior quarter, resulting in net interest income of $63.1 million for the quarter-to-date and $160 million for the year-to-date. We saw a great expansion in the yield on our purchased portfolio this quarter, which was driven by a combination of both accelerated accretion of $7.3 million with certain loans within the portfolio paid down or paid off as well as increased core yield expansion as a result of recent purchase activity and existing loans repricing.

本季淨利差表現非常強勁，達5.15%，高於上一季的4.49%，使得本季迄今淨利息收入為6,310萬美元、今年迄今為1.60億美元。本季我們看到購入投組的收益率大幅擴張，主要由兩項因素共同帶動：其一，投組內部分貸款攤還或結清帶來加速折溢價攤銷（accretion）730萬美元；其二，近期購入活動以及既有貸款重定價所帶來的核心收益率提升。

We also continue to see relief on the funding side of the balance sheet with our average cost of funds coming down 7 basis points quarter-over-quarter as higher-priced CDs mature and are replaced by cheaper funding. Asset quality remains strong with delinquencies, nonaccruals and classified loans, all remaining relatively flat quarter-over-quarter.

我們在資產負債表的資金端也持續看到壓力緩解，隨著高利率定存（CD）到期並以較低成本資金替換，平均資金成本季對季下降7個基點。資產品質仍然強勁，逾期、停計息（nonaccrual）及分類貸款（classified loans）季對季皆維持相對持平。

You will note that we took two non-performing loans into OREO during the quarter. So total NPAs stayed flat, NPLs are down a bit. The allowance for credit losses decreased this quarter from $63.8 million or a coverage ratio of 1.47% as of 12/31 to $60.3 million or a coverage ratio of 1.36% at 3/31 as performance of our PCD portfolio continued to trend positively, and we were able to release some reserves on that portfolio.

你會注意到，本季我們將兩筆不良貸款轉入OREO（其他不動產持有）。因此不良資產（NPA）總額維持持平，不良貸款（NPL）略有下降。本季信用損失準備金（allowance for credit losses）由12/31時的6,380萬美元（覆蓋率1.47%）降至3/31時的6,030萬美元（覆蓋率1.36%），原因是我們的PCD投組表現持續改善，因此得以釋放該投組部分準備。

This was offset by an increase in the coverage ratio on our SBA book. Net charge-offs for the quarter were $3.4 million, up slightly from $2.9 million in the linked quarter. On the expense side, we continue to be disciplined while strategically investing in our people and in technologies that will set the bank up for long-term success.

這部分被我們SBA投組覆蓋率的上升所抵銷。本季淨沖銷（net charge-offs）為340萬美元，較上一季的290萬美元略增。費用方面，我們持續保持紀律，同時策略性投資於人才與科技，以奠定銀行長期成功的基礎。

Non-interest expense for the quarter was $23.6 million, up from $20.8 million in the linked quarter. This is due to increased compensation costs as we trued up our year-end bonus accrual during the period as well as increased loan expense in relation to our small balance insured loan product with increased insurance costs there.

本季非利息費用為2,360萬美元，高於上一季的2,080萬美元。主要原因是薪酬成本增加（我們在期間內調整年終獎金應計數），以及與我們小額保險貸款產品相關的貸款費用增加，該產品的保險成本亦有所上升。

Tax expense for the quarter came in at $13.3 million, representing an ETR of 30.9% compared to $9.4 million or an ETR of 31% in the linked quarter. Capital remains strong. Tier 1 leverage ratio at 11.4% and tangible book is $66.35 a share, giving us with plenty of loan capacity coming into the final quarter of the fiscal year.

本季所得稅費用為1,330萬美元，代表有效稅率（ETR）30.9%，相較上一季為940萬美元、有效稅率31%。資本水準仍然強勁。第一級槓桿比率為11.4%，每股有形帳面價值為66.35美元，使我們在財政年度最後一季仍具充足的放款承作能力。

Now I'll hand it over to Pat to talk through our loan activity during the period.

接下來我把時間交給Pat，請他說明本期間的放款活動。

Thanks, Tino. This was a solid quarter for loan volume. Purchases were $25 million, comprised of 8 loans and three transactions with all but one loan from bank sellers. As Rick pointed out, we bid on well over $1 billion of loans, and this included two large pools where we were competitive, but ultimately unsuccessful. While disappointing, there's still a lot in the pipeline currently, and our contacts are all confident of a lot more coming over the next one to three years.

謝謝你，Tino。本季貸款量表現穩健。購入金額為2,500萬美元，由8筆貸款與3筆交易構成，除一筆外其餘皆來自銀行賣方。如Rick指出，我們對超過10億美元的貸款進行投標，其中包含兩個大型貸款池，我們具競爭力但最終未能得標。雖然令人失望，但目前仍有大量案源在管線中，我們的聯絡對象也都很有信心，未來一到三年會有更多供給。

This continues to be a very good environment for us, and we're confident there'll be a lot more loan pools and that we'll win our share while also remaining disciplined. The origination business continues to grow. As pointed out, we closed $254 million this quarter, another record, increasing that book by over 10%. This included 33 loans with an average balance of $7 million, LTVs just over 50% and an average interest rate of around 7.2%. Like last quarter, 2/3 of this volume was lender finance loans.

對我們而言，這仍是非常有利的環境；我們有信心會出現更多貸款池，我們也會在保持紀律的同時贏得應有份額。承作（origination）業務持續成長。如前所述，本季我們完成2.54億美元的承作，再創新高，使該投組增加超過10%。其中包含33筆貸款，平均餘額700萬美元，LTV略高於50%，平均利率約7.2%。與上一季相同，其中2/3的量來自lender finance貸款。

Demand remains very strong for both direct and lender finance opportunities, especially in the middle market space where there are fewer competitors. We have a great niche in this market and remain well positioned for a continuation of this volume. Finally, in our small balance loan program, we originated 422 loans for $65 million. SBA loans accounted for about $38 million of that.

無論是直接融資或lender finance機會，需求仍非常強勁，尤其是在競爭者較少的中型市場（middle market）領域。我們在此市場擁有很好的利基，且仍處於有利位置，可望延續此一量能。最後，在我們的小額貸款計畫中，我們承作422筆貸款、金額6,500萬美元。SBA貸款約占其中3,800萬美元。

Once again, more rule changes slowed us down a bit. But absent more of those, we're confident we can get to a consistent volume of around $20 million a month. The SBA recently announced a 90% loan guarantee for 7(a) loans in the grocery and manufacturing sectors beginning May 1. This should be good for us. We're working with annuity to stand up a program to participate in that and should have more to report next quarter. We also closed $27 million of small balance insured loans.

再次強調，更多規則變更讓我們的進度稍微放慢。但若不再出現更多此類變更，我們有信心可達到每月約2,000萬美元的穩定量能。SBA近期宣布，自5月1日起，針對雜貨與製造業的7(a)貸款提供90%貸款保證。這對我們應該是利多。我們正與annuity合作建立一個參與該計畫的方案，並應可在下季提供更多進展。我們也完成2,700萬美元的小額保險貸款結案。

As a reminder, there's a significant demand for this product, and we have intentionally slowed originations until we're confident in our ability to sell them. We're actively negotiating with several groups and increase -- can increase volume significantly once a predictable forward flow process is finalized. That's it for loans from last quarter. The current quarter is already going very strong, and we hope to continue the good news in our July call. Rick?

提醒一下，這項產品需求相當可觀，而在我們對出售能力有把握之前，已刻意放慢承作速度。我們正與數個團隊積極洽談；一旦可預期的遠期流轉（forward flow）流程定案，我們即可大幅提高量能。以上是上一季的放款更新。本季目前進展已非常強勁，我們希望在7月的電話會議中能延續好消息。Rick？

Thank you, Pat. Thank you, Santino. Operator, we're now ready to answer any questions that the group may have.

謝謝你，Pat。謝謝你，Santino。接線員，我們現在準備回答各位可能有的問題。

(Operator Instructions) Damon DelMonte, KBW.

(接線員指示) Damon DelMonte，KBW。

So first question on the deposit growth this quarter. I think brokered and CDs were up over $700 million, which significantly improved the loan-to-deposit ratio. Just kind of curious on the thought behind that and the strategy of adding so much extra liquidity. Is that in anticipation of more purchase activity happening here in this coming quarter? Or I guess just a little color on the thought behind that.

第一個問題關於本季存款成長。我認為經紀存款（brokered）與定存（CD）增加超過7億美元，這顯著改善了貸存比。想請教背後的考量與增加這麼多額外流動性的策略。這是否是在預期接下來這一季會有更多購入活動？或是請提供一些關於此決策思路的補充說明。

Yes. Yes. Damon, a question for you on where you're seeing those numbers. Deposits are up -- actually, deposits might be down quarter-over-quarter if you're looking at the linked quarter.

是的。是的。Damon，我想請教你是從哪裡看到那些數字的。存款是上升——其實如果你看的是上一季（連結季度），存款可能是季對季下降。

168.

168。

Yes. Deposits are down 168 quarter-over-quarter. So relatively flat. What we did have -- from a deposit standpoint, you'll see we had some brokered CDs mature in the month of March that we ended up rolling into FHLB borrowings given favorable rate -- a bit of a rate disconnect between FHLB and the brokerage market.

是的。存款較上季下降168。所以相對持平。就存款面而言，我們確實有——你會看到我們在3月有一些經紀承作的定存（CD）到期，鑑於利率有利，我們最後把它們轉為FHLB借款——FHLB與經紀市場之間存在一些利率落差。

Got you. Okay. So I apologize, I must have pulled the wrong number off the release then. Okay. Maybe on the expense side of things, I know that you commented there was some true-up on bonuses and whatnot. But could you give a little color on kind of expectations here in the coming quarters?

了解。好的。那我抱歉，我應該是從新聞稿上抓錯數字了。好的。也許談談費用端，我知道你提到獎金等有一些追補調整（true-up）。但你能否多提供一些資訊，談談未來幾季這邊的預期？

Yes. So from a compensation standpoint, I'd say 12/31, the quarter ended 12/31 is a good run rate and then add an additional roughly like $800,000 or so for additional bonus expense for Q4. So somewhere in the realm of probably $13.5 million from a comp standpoint for Q4. From a loan -- for other noninterest expense lines for next quarter.

是的。就薪酬而言，我會說以12/31（截至12/31的那一季）作為不錯的常態水準（run rate），然後再為第四季額外加上大約80萬美元左右的獎金費用。所以第四季薪酬費用大概會在1,350萬美元左右的區間。至於貸款——以及下一季其他非利息費用科目。

I'd expect most of those to be pretty flat, maybe a little bit of incremental data processing fees as we have been working on building out a more modern technology stack at the company since we hired our Chief Innovation Officer back in September of this past year, but shouldn't be any material pickup in expense there.

我預期大多數會相當持平，可能會有一點點額外的資料處理費用增加，因為自去年9月我們聘請首席創新長以來，一直在公司建置更現代化的技術堆疊，但費用不應該會有任何重大上升。

Got it. Okay. Great. And then I guess, lastly, on the outlook for loans, you guys seem pretty positive on the purchase side that you have a good look at things here in the next quarter. How about on the origination side? Still feel like trends from this quarter are doable going forward? Or was this just an exceptionally strong quarter?

了解。好的。很好。然後我想最後一個，關於貸款展望，你們在收購（purchase）那邊看起來相當正向，似乎對下一季的能見度不錯。那承作／發放（origination）那邊呢？仍然覺得本季的趨勢未來可延續嗎？還是這只是特別強勁的一季？

No. I think we're positioned pretty well in the market. There's a lot of -- the niche that we're in is obviously in the bridge loan and lender finance space. And a lot of the larger nonbanks that are -- that have lower cost of capital from warehouse lines, they don't really play in the middle market space, kind of under $50 million. So our competition in that space is mostly smaller funds with much higher cost of capital. So it's a pretty good niche for us, and I don't see this pipeline slowing down at all.

不。我認為我們在市場上的定位相當不錯。我們所處的利基主要是在過橋貸款（bridge loan）與放款人融資（lender finance）領域。而許多較大型的非銀行機構——它們透過倉儲融資額度（warehouse lines）取得較低的資金成本——其實不太參與中型市場（middle market），大概是5,000萬美元以下的區間。因此我們在那個領域的競爭對手多半是資金成本高得多的小型基金。所以這對我們是很不錯的利基，我也不認為這個案源管線（pipeline）會有任何放緩。

Justin Crowley, Piper Sandler.

Justin Crowley，Piper Sandler。

Just want to start out on the margin. Obviously, a lot of accelerated accretion running through, which I know is tough to predict. But I was just wondering if you could help us out on how to think about just where the NIM could settle in assuming flat rates? And just how much of a tailwind you've got left on the funding side with just any broker that's left to mature over the next quarter?

我想先從利差談起。顯然有不少加速攤銷增益（accelerated accretion）在反映進來，我知道這很難預測。但我想請你們協助我們理解：在假設利率持平的情況下，淨利息利差（NIM）可能會落在什麼水準？另外，在資金端方面，接下來一季還有多少順風（tailwind），也就是仍有任何經紀存款（brokered）將到期？

Yes, sure. So looking at the income side of it, I mean, back out transactional income, I'd expect the income side of it to be pretty consistent quarter-over-quarter in a flat rate environment. On the funding side, you might see in the investor deck, I think our spot cost of funds was down probably like 7 basis points compared to actual costs incurred during the quarter.

好的，當然。就收益端來看，我的意思是，把交易性收入（transactional income）扣除後，在利率持平的環境下，我預期收益端季對季會相當一致。在資金端，你可能會在投資人簡報（investor deck）中看到，我們的即期資金成本（spot cost of funds）相較於本季實際發生的成本，大概下降了7個基點。

Yes. Cost of funds, spot costs was 3.55% at the end of the quarter versus 3.62% incurred over the course of the quarter. So we will have a little bit of pickup there. And in terms of remaining CDs to be rolled over, I wouldn't expect a lot of savings on that front given kind of where the brokered market is right now. Brokers are pretty expensive comparatively. So given kind of everything happening in the macro environment.

是的。資金成本方面，季末的即期成本是3.55%，而本季期間實際發生的平均成本是3.62%。所以那邊我們會有一點點改善。至於剩餘將續作（roll over）的CD，我不預期在那方面會有太多節省，考量目前經紀市場的狀況。相較之下，經紀資金確實相當昂貴。所以在目前整體總體環境的情況下。

We do have, over the next three months, $550 million maturing, most of that coming towards the tail end of June. So hopefully, we see some price relief between now and then. And then on the retail side, we've got $200 million maturing. Those should reprice down a little bit comparatively. So maybe a few basis points of savings -- additional savings compared to the spot rate at the end of the month.

接下來三個月我們有5.5億美元到期，其中大部分會落在6月底的尾端。所以希望在那之前我們能看到一些價格壓力緩解。另外在零售端，我們有2億美元到期。那些相較之下應該會稍微往下重新定價。所以相對於月底的即期利率，可能會再多省幾個基點——額外的節省。

Okay. That's helpful. And then for what's in the purchase book, do you have -- I'm not sure if you're able to share, but the remaining average life left on that portfolio, just as we try to get a sense of the cadence and just level of that accretion that hits NII.

好的。這很有幫助。那關於收購帳簿（purchase book）裡的內容，你們是否——我不確定你們能否分享——該投資組合剩餘的加權平均存續期間（average life）是多少？我們想掌握節奏，以及那個攤銷增益（accretion）進入淨利息收入（NII）的程度。

WAM.

WAM。

Yes. Weighted average maturity on that around eight years. So there's a bit of runway left on that portfolio. One thing to note there is a lot of those loans -- it's kind of a mixed bag between loans that are fixed rate and have pretty high rate marks that will be recognized over the duration of those eight years versus loans that are fixed to floating where they have a period of fixed interest and are going to reset to -- a lot of them reset to a five-year treasury plus some sort of margin. So the rate marks on those get recognized a little bit faster.

是的。那部分的加權平均到期（Weighted average maturity, WAM）大約是8年。所以那個投資組合還有一段時間的空間（runway）。需要注意的一點是，那些貸款很多——大致上是固定利率與浮動利率的混合：有些是固定利率且有相當高的利率調整（rate marks），會在這8年的期間內逐步認列；另一些是固定轉浮動（fixed to floating），也就是先有一段固定利息期間，之後會重設——很多會重設為5年期美國公債利率加上某種利差（margin）。因此，那些貸款的利率調整（rate marks）會更快被認列。

WAM if it's eight years -- if the WAM is eight years, the actual life will be shorter for sure. Those have a higher CPR and they tend to pay off. Do we have in this slide deck a bridge, Rebecca, on the purchased loans that shows the amount of --

如果WAM是8年——如果WAM是8年，實際存續期間（actual life）肯定會更短。那些的提前償還率（CPR）較高，而且往往會提前清償。Rebecca，我們這份簡報裡是否有一個針對收購貸款的橋接表（bridge），顯示……的金額--

We have a bridge on slide 17. It's the whole National Lending portfolio.

我們在第17頁有一個橋接表。那是整個 National Lending 投資組合。

If you want to look at that for a second, it's not just purchased loans. We don't have that in this deck, but it shows the -- it shows -- on this page 17, it shows the purchase runoff in this quarter, the third fiscal quarter of $71 million, which I don't have the -- how much of that is prepaid, but it's not insignificant, which has the effect of generating transactional income into our yield and also has the effect, obviously, of reducing the purchase loan portfolio.

如果你想看一下，那不只是收購貸款。這份簡報裡沒有單獨拆出收購貸款，但它會顯示——它會顯示——在第17頁，顯示本季（第三財季）收購組合的到期／流失（runoff）為7,100萬美元；我手上沒有其中有多少是提前償還（prepaid），但比例不小，這會帶來兩個效果：一是把交易性收入（transactional income）帶進我們的收益率（yield），二是當然也會降低收購貸款投資組合的規模。

Okay. Got it. And then just -- I guess, just one last one on this topic and what goes into -- or what factors into margin. But how much of the -- do you have -- how much of the total loan book is floating rate? I know most of the originated portfolio floats, but what does that exposure look like if you factor in floors that are in place in that book?

好的。了解。然後——我想就這個主題最後一個問題，關於影響利差（margin）的因素。但你們的——你們是否有——整體貸款帳簿中有多少比例是浮動利率？我知道大多數自營承作（originated）的投資組合是浮動的，但如果把該帳簿中已設定的利率下限（floors）也納入考量，這個曝險看起來如何？

Good question. I don't have that right --

好問題。我現在手邊沒有那個數字--

Do we have that number somewhere?

我們哪裡有那個數字嗎？

So the National Lending originated portfolio on slide 9, the current weighted average floor is 7.23% as of March 31. And just for context, that's roughly the rate that we originated our National Lending originations this quarter, 7.2%.

所以，第9頁投影片上的 National Lending 承作（originated）投資組合，截至3月31日，目前加權平均利率下限（floor）為 7.23%。補充一下背景，這大致就是我們本季 National Lending 承作的利率水準，約 7.2%。

I think a lot of -- I don't have the exact numbers in front of me, but I can speak kind of high level. A fair amount of the originated portfolio is hovering around the floors. So -- and a lot of that is based on either -- tied to either SOFR or prime. So depending on what happens with the Fed, if they do come in and cut rates, you could see more of that portfolio sitting on the floor while Fed funds pricing comes down.

我想很多——我手邊沒有精確數字，但我可以從較高層次來說明。相當一部分的承作投資組合目前徘徊在利率下限附近。所以——而其中很多是與 SOFR 或最優惠利率（prime）連動。因此，視聯準會（Fed）的動作而定，如果他們真的降息，隨著聯邦基金利率定價下滑，你可能會看到更多該投資組合落在利率下限上。

Okay. Got it. And then just shifting a little bit, just back to the purchase business more broadly. You talked a lot about the pipeline activity being in part -- in large part, I guess, M&A driven. So just curious if the slower start to the year here on transactions impacts the activity levels you think you could see? And if there's -- if that's being made up for from other sources, just given some of the commentary you made on the amount that you took a look at this quarter?

好的。了解。接著稍微換個方向，回到更廣泛的收購（purchase）業務。你提到很多管線（pipeline）活動在某種程度上——我想很大程度上——是由併購（M&A）驅動。所以想請教，今年到目前為止交易起步較慢，是否會影響你認為可能看到的活動水準？以及——考量你提到本季你們檢視的案量不少——是否有其他來源在彌補這部分？

Could you just clarify that a little bit one more time. We'll make sure we're giving you a responsive answer to your question.

你可以再澄清一下你的問題嗎？我們想確保給你一個切題的回覆。

Sure. Yes. Just as far as the pipeline, I think you've talked a lot in the past how a lot of it's been M&A driven. And just year-to-date here with a slower level of transaction announcements and deal activity with some of the uncertainty out there. Just wondering if you think that's going to be all impactful to the activity in the pipeline and just the opportunities that you're seeing and if you're seeing that made up for elsewhere just from other sources for these purchases?

當然。是的。就管線而言，我想你們過去談過很多，說其中很大一部分是由併購（M&A）驅動。而今年迄今，由於外部不確定性，交易公告與成交活動的水準起步較慢。想請問你是否認為這會對管線活動、以及你們看到的機會造成影響？另外，這些收購是否有從其他來源得到補足？

M&A is certainly a large part of it, and we're seeing more and more of that, but it's certainly not the only -- I mean there's some significant activity we've seen over the last year and continue to see from large -- very large credit funds who are -- they're at the tail of a particular purchase from several years ago or -- and are looking to get out of that. There's balance sheet management.

併購（M&A）確實是其中很大一部分，而且我們看到這類情況越來越多，但它當然不是唯一來源——我的意思是，過去一年我們看到、而且現在仍持續看到一些顯著活動，來自大型——非常大型的信用基金；他們——可能是幾年前某筆收購的尾端，或——正在尋求退出。也有資產負債表管理（balance sheet management）。

There's other large banks that just do regular sales, and they in good markets and bad. They just have a routinely sell loans as a matter of course. But those are all sources that we've experienced for years. M&A is a little bit more -- a larger percentage of the pie now than it has been traditionally. And from everything we're seeing, it will continue as such into the foreseeable future.

還有其他大型銀行，他們就是例行性地出售，在好市場與壞市場都一樣。他們只是把出售貸款當作日常例行作業。但這些都是我們多年來一直經歷的來源。相較於傳統情況，併購（M&A）現在在整體占比中稍微——是更大的一塊。而就我們所見，在可預見的未來這種情況仍會持續。

Like we pointed out on the call, this quarter, although we only bought $25 million, it was a very, very busy quarter for our underwriters. We looked at a lot, and we were very competitive. It's just a lumpy business, as we pointed out many times, and we were unlucky.

如同我們在電話會議中指出的，本季雖然我們只買了 2,500 萬美元，但對我們的承銷團隊來說是非常、非常忙碌的一季。我們看了很多案子，而且競爭力很強。只是這個業務本來就很不均勻（lumpy），我們也多次提過，而這次我們運氣不好。

Sometimes, Justin, also loans come back. You bid on a big pool, seller has it and they decide they want to unload some of that. And we see it again, we'll see if that will happen, but that has happened in the past.

另外，Justin，有時候貸款也會回流。你對一個大型資產池出價，賣方拿著，之後決定想卸下一部分。我們又會再看到它；我們會看看這次是否會發生，但過去確實發生過。

Did that answer your question?

這樣有回答到你的問題嗎？

Yes. No, it does. And I guess just the divergence between what you took a look at and what was actually purchased in the quarter, is that a -- how would you frame the competition? Is it a function of some increased competition in this business? Or is it more just on pricing and not being able to get to the same place with the seller? How would you describe that dynamic?

有。有的，確實有。我想再問一下，你們本季檢視的案量與實際買進的量之間差距很大，這——你會如何描述競爭狀況？這是因為這個業務的競爭加劇嗎？還是比較偏向定價，無法與賣方達成一致？你會如何形容這個動態？

There's a lot of competition. I mean there's -- it's a large credit funds, mostly large credit funds who are competing with on the larger transactions. And like the originated point I made that when you write a check over $100 million, a lot of these big funds come out and they have insurance, CMBS exits, insurance platforms, they can place these loans.

競爭非常激烈。我的意思是——主要是在較大型交易上，與我們競爭的是大型信用基金，多半是大型信用基金。就像我在承作（originated）那段提到的，當你要開出超過 1 億美元的支票時，很多這些大型基金就會出來，他們有保險、CMBS 出口（exits）、保險平台，他們可以去配置這些貸款。

They have a lot of things they can do with these loans. But having said that, we've been successful bidding against these groups in the past and have won loans with them. And in this past quarter, the ones that we did not win, it was basis points. It's not like we were uncompetitive. It's just -- we put our best foot forward, and it wasn't quite enough.

他們對這些貸款有很多操作方式。不過話說回來，我們過去也曾成功在與這些團體競標時勝出，並且從他們手上拿到貸款。而在剛過去這一季，我們沒拿下的那些案子，差距是以基點（basis points）計。並不是我們沒有競爭力。只是——我們已經拿出最好的條件，但還是差了一點。

But from our perspective, they were very strong bids, and we're not going to -- as Rick pointed out, we're not going to bid volume just for volume's sake. We're going to put our best foot forward, and I'm confident we're going to win our share.

但從我們的角度看，那些出價都非常有競爭力；而且我們不會——如 Rick 所指出的——不會為了量而量去出價。我們會拿出最好的條件，我也有信心我們會贏得我們應得的份額。

Okay. Great. And then just a final question for me. Just on the SBA business, you saw the pickup after the shutdown last quarter, but obviously still well off of levels seen last year. And you talked before about some of the structural changes that have slowed activity and getting your arms around that. So just sort of curious how we should think about that business looking out here. I know you made the comments on monthly volume, but just a little more detail surrounding that business.

好的。很好。最後一個問題。關於 SBA 業務，上季停擺（shutdown）後你們看到回升，但顯然仍遠低於去年水準。你之前也談到一些結構性變化讓活動放緩，以及你們正在釐清並因應。所以想請教，我們應該如何看待接下來這項業務？我知道你提到每月量能的評論，但想再多了解一些這項業務的細節。

Well, when we started this business, it was with a view towards a very tech-forward, largely -- we're still looking at approving every loan, but a lot of automation and process automation and so that we could do small balance loans at volume. And every time there's a rule change, it's -- we have to kind of retool the process.

嗯，當我們開始做這項業務時，我們的想法是要非常以科技為導向，並且在很大程度上——我們仍然會審批每一筆貸款——但會有大量自動化與流程自動化，這樣我們就能以量來做小額貸款。而每次規則一變，我們就——必須某種程度上重新調整流程。

And there's been a lot of rule changes over the last year, and they have made the ability to process these loans in volume a little more difficult. So the volumes we were doing a year ago of $100 million a quarter, I think with this -- the current product we're in, I don't see us getting back to that point in the next -- anytime soon.

過去一年規則變動很多，這讓我們要以量處理這些貸款變得更困難一些。所以，一年前我們每季能做到 1 億美元的量，我認為以目前這個產品來看，短期內——近期任何時候——我都不覺得我們能回到那個水準。

But I do think that we could -- we should be able to get to a $20 million a month loan volume, assuming there's no more rule changes. I mean they changed the rule in March 1 that -- for these loans under $350 million instead of relying on -- for the purposes of the guarantee -- or from the credit piece of the guarantee, we used to be able to rely on the credit score, although we did a lot more work than that, but you could rely on that for the purposes of the guarantee, and that was changed to a debt service coverage analysis.

但我確實認為——假設不再有新的規則變動——我們應該能做到每月 2,000 萬美元的放款量。我的意思是，他們在 3 月 1 日改了規則：針對這些低於 3.5 億美元的貸款，過去在擔保（guarantee）的目的——或就擔保中的信用部分而言——我們原本可以依賴信用分數，雖然我們做的工作遠不只如此，但就擔保目的而言可以依賴信用分數；而現在改成必須做債務償付覆蓋率（debt service coverage）分析。

So as you can imagine, that's a significantly different and more intense underwriting requirement that we have to stand up and we continue to stand up. And so -- and once that's completed, I think we'll get back to that level and should continue there. And again, I think we may be able to do more if we're able to participate in this new 9% -- I mean, 90% guarantee program, which were is very interesting.

所以如你所想，那是一套顯著不同、也更為嚴格的承保要求，我們必須建立起來，而且我們也持續維持。因此——一旦那完成，我認為我們會回到那個水準，並且應該會持續維持在那裡。再者，我認為如果我們能夠參與這個新的 9%——我是說，90% 擔保計畫，我們或許能做得更多，這個計畫非常有意思。

Okay. And then I guess just like a quick follow-up, somewhat related, just on the small balance insured product, do you have any updated thoughts there, just as you continue to generate some volume? How do you think about that eventually contributing to the gain on sale business and just what you think how that market demand -- the demand for that product could ultimately shake out?

好的。接著我想再快速追問一下，算是有點相關：關於小額餘額的投保產品（small balance insured product），隨著你們持續產生一些量，你們那邊有沒有任何更新的看法？你們如何看待它最終對出售收益（gain on sale）業務的貢獻，以及你們認為該市場對這項產品的需求——對這項產品的需求最終可能會如何發展？

Well, there is a lot of demand for the loan product. And as Pat mentioned, we want to see that we can sell it. It's not our intention to load up our balance sheet with this product, even though it's a pretty good product, it's going to have a -- has a essentially 14% or 15% of credit protection on between the deductible and the insurance. It's a wonderful product for somebody to buy in pieces.

嗯，對這個貸款產品的需求很大。而且如 Pat 提到的，我們希望先確認我們能把它賣出去。我們並不打算用這個產品把資產負債表塞滿；即便它確實是個相當不錯的產品，它在自負額與保險之間，基本上有約 14% 或 15% 的信用保護。對於想要分批買入的人來說，這是一個很棒的產品。

We are also talking to a couple of larger funds about doing a transaction for everything on the balance sheet. But until we can move it, I wouldn't expect to have any material growth on that on our balance sheet.

我們也正在和幾家較大型的基金洽談，討論做一筆把資產負債表上所有部位一次處理的交易。但在我們能把它移轉出去之前，我不預期它在我們資產負債表上會有任何實質性的成長。

[David Minkoff]

[David Minkoff]

Congratulations on a wonderful quarter. I've been a shareholder for going back more than 10 years. CFO at the time was Claire Bean. So how many years ago back is that -- so -- and I've listened to every conference call each quarter. I haven't missed one. So if you just took at 10 years, I've listened to 40 conference calls. It's more than that.

恭喜你們交出一個非常出色的季度。我當股東已經超過 10 年了。當時的 CFO 是 Claire Bean。所以那是多久以前——所以——而且我每一季的電話會議都聽。我一次都沒錯過。所以如果只算 10 年，我已經聽了 40 場電話會議。其實還不只。

And we kind of become accustomed to hearing good news because that's what you guys do. It's in your DNA. But this one kind of took the cake. I mean some of the metrics, I don't want to repeat them all, you gave them, ROI up 26%, tangible book value up 15%. I mean, if you're watching Wall Street, you can appreciate how good these numbers are.

而我們也有點習慣一直聽到好消息，因為這就是你們的作風。這是刻在你們 DNA 裡的。但這一次真的更勝一籌。我是說，有些指標我不想全部重複，你們都講了，ROI 上升 26%，有形帳面價值上升 15%。我是說，如果你有在看華爾街，你就會知道這些數字有多漂亮。

But I remember two years ago, in '24, I kind of commented another excellent -- they're all good quarters, but an excellent quarter, and I commented at that time, I think the stock was $72 at the time, and I commented how well you had done. And I asked Rick, I said, Rick, what are you going to do for an encore? But I said that with tongue in cheek.

但我記得兩年前，在 24 年，我曾評論又是一個非常優秀——其實你們每季都很棒——但那一季特別優秀，當時我也提到，我記得股價那時大概是 72 美元，我稱讚你們做得很好。我問 Rick，我說，Rick，你接下來要怎麼再來一段加碼演出？不過我是半開玩笑地說的。

Rick, I guess you took it seriously. Thanks for showing me what you're going to do for an encore. So rather than ask the question, I would just say, finally, with these results, I would say there should be a national holiday named after Northeast Bank. I don't think we have a holiday named after a bank yet. Do we? I mean, National Bank -- Northeast Bank Day that sounds -- has a good ring to it, I think, don't you?

Rick，我想你是當真了。謝謝你讓我看到你接下來要怎麼再來一段加碼演出。所以我不問問題了，我只想說，最後，以這些成果來看，我覺得應該要有一個以 Northeast Bank 命名的國定假日。我想我們還沒有一個以銀行命名的假日吧。有嗎？我是說，「國家銀行——Northeast Bank 日」聽起來——我覺得很順口，你不覺得嗎？

No. It's the best idea we've heard recently. I like that.

沒有。這是我們最近聽到最好的點子。我喜歡。

Right. The schools will be closed, no postal delivery, no mail service. And maybe April 28 would be -- or the last Tuesday in April should be the day for this. I will recommend this to congress. Anyway, congratulations on a great quarter. This was really stupendous.

對。學校放假、郵局不投遞、沒有郵件服務。也許 4 月 28 日可以——或者 4 月最後一個星期二應該就是這一天。我會把這個建議提交給國會。總之，恭喜你們有個很棒的季度。這真的太驚人了。

Thank you, David. We appreciate it. Of course, we've talked many times over the last 10 years, and you were there almost at the beginning, and you've offered us good suggestions over time, and you're a big supporter. And we're thrilled that we can deliver results that you like, we like and other shareholders like. So thank you for your support and your kind words.

謝謝你，David。我們很感激。當然，過去 10 年我們談過很多次，你幾乎從一開始就在了，而且你一路以來給了我們不少好建議，你也是我們的重要支持者。我們很高興能交出你喜歡、我們也喜歡、其他股東也喜歡的成果。所以謝謝你的支持與鼓勵。

We have no further questions at this time. Now I'll turn the call over to Rick Wayne for closing remarks.

目前沒有其他問題。現在我把電話交給 Rick Wayne 做結語。

Thank you for that. Thank you, all of you that have listened and those that have asked questions as well. David, thank you for the suggestion about the national holiday. I don't think we're quite ready for that yet, though. And I look forward to talking to you in July after our fiscal year-end. And with that, I wish you all well. Thank you.

謝謝。也謝謝各位收聽，以及提出問題的各位。David，也謝謝你關於國定假日的建議。不過我想我們還沒準備好到那一步。我也期待在 7 月、我們會計年度結束後再和你聊。在此祝各位一切順利。謝謝。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝各位女士先生。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。