NewtekOne Inc (NEWT) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the NewtekOne, Inc. Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Mr. Barry Sloane, Chairman and CEO. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 NewtekOne, Inc. 2023 年第二季度收益電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給董事長兼首席執行官巴里·斯隆先生。請繼續。

Thank you, operator, and good morning, everyone, and welcome to our second quarter 2023 financial results conference call. For everybody listening in, you can follow along on the PowerPoint presentation by going to our website, newtekone.com, newtekone.com. Go to about, go to Investor Relations section, and you will see the PowerPoint presented there. Also joining me on today's call is Nick Leger, our Chief Accounting Officer of Newtek One; Scott Price, our Chief Financial Officer of Newtek One and Newtek Bank National Association; and Nick Young, President and Chief Operating Officer of Newtek Bank.

謝謝運營商，大家早上好，歡迎參加我們的 2023 年第二季度財務業績電話會議。對於每個收聽的人，您可以訪問我們的網站 newtekone.com、newtekone.com 來觀看 PowerPoint 演示文稿。轉到“關於”，轉到“投資者關係”部分，您將看到那裡展示的 PowerPoint。參加今天電話會議的還有 Newtek One 的首席會計官 Nick Leger； Scott Price，Newtek One 和 Newtek Bank National Association 的首席財務官；以及 Newtek 銀行總裁兼首席運營官 Nick Young。

We're pleased to report in the second quarter as a financial holding company. Obviously, for those of you that are somewhat familiar with the story, some of you are not, we recently converted from a business development corporation with the acquisition of National Bank of New York City on January 6. Therefore, some of the usual comparisons you'll see in earnings presentation make it a little bit more difficult.

我們很高興作為一家金融控股公司報告第二季度的情況。顯然，對於那些對這個故事有些熟悉的人來說，有些人不熟悉，我們最近在 1 月 6 日收購了紐約國家銀行，從一家業務發展公司轉型而來。因此，您可以將一些常見的比較我們會在收益報告中看到這會讓事情變得更加困難。

For example, comparing this quarter, this year to this quarter last year when we were a BDC, given different accounting gyrations is difficult. You can obviously get that information by looking towards our 10-Q, which will be published shortly after this call, as well as some of the financial information that we provided in the press release. I think it's also important to note that we've been now a bank for a little over 6 months. We acquired National Bank of New York City on January 6, a 59 to 60-year-old financial institution that had a very different business model. It was a smallish bank, a community bank lending locally in its market.

例如，考慮到不同的會計波動，將今年本季度與去年我們作為 BDC 時的本季度進行比較是很困難的。您顯然可以通過查看我們的 10-Q 來獲取這些信息，該信息將在本次電話會議後不久發布，以及我們在新聞稿中提供的一些財務信息。我認為還需要注意的是，我們成為一家銀行已有 6 個多月了。我們於 1 月 6 日收購了紐約國家銀行，這是一家擁有 59 至 60 年曆史的金融機構，其業務模式截然不同。這是一家小型銀行，是一家社區銀行，在其市場上提供本地貸款。

We've had a big hill to climb and a lot of wind in our face and we are really thrilled that we've been able to hit the ground running with a great management team, a great business model, loyal customers and tremendous vendors and providers that really enabled us to, I think, produce tremendous 6-month results for our first 6 months positioning the company as a financial holding company. We're not a NewCo. We've been around for almost 25 years, established in 1998 privately been public since September of 2000. And we really look forward to demonstrating that the growth that we've had over our history will continue, and hopefully, you'll be able to glean that from the information that we're going to provide for you today.

我們經歷了一座大山需要攀登，面對著強勁的風，我們真的很高興我們能夠憑藉優秀的管理團隊、出色的商業模式、忠誠的客戶和巨大的供應商開始運營。我認為，這些提供商確實使我們能夠在將公司定位為金融控股公司的前6 個月內取得巨大的6 個月業績。我們不是新公司。我們成立於 1998 年，自 2000 年 9 月起開始公開上市，已有近 25 年的歷史。我們非常期待向大家證明，我們在歷史上的成長將會持續下去，希望您能夠從我們今天將為您提供的信息中收集到這一點。

Moving forward to the forward-looking statement on Slide #1. We'd appreciate if you have an opportunity to read that. Now going to Slide #2. Talking a little bit about our second quarter results as a financial holding company. We talked about completing the acquisition of National Bank of New York City on January 6. Important points of focus for this particular presentation. First of all, we picked up bank analyst coverage within the first 6 months. Mike Perito has recently picked up coverage on KBW. We appreciate his efforts. Crispin Love, a new analyst for bank coverage from Piper Sandler, Bryce Rowe from B. Riley, also covering banks. And hopefully, Raymond James will transition its coverage over from BDC coverage to a bank analyst. We're hopeful that will happen in the near future. And last but not least, Chris Nolan Ladenburg. So we're really appreciative.

繼續看第 1 張幻燈片上的前瞻性聲明。如果您有機會閱讀該內容，我們將不勝感激。現在轉到幻燈片 #2。談談我們作為一家金融控股公司的第二季度業績。我們討論了 1 月 6 日完成對紐約國家銀行的收購。本次演講的重點關注點。首先，我們在前 6 個月內獲得了銀行分析師的報導。 Mike Perito 最近接受了 KBW 的報導。我們讚賞他的努力。 Crispin Love 是 Piper Sandler 的新任銀行分析師，Bryce Rowe 是 B. Riley 的銀行分析師。希望雷蒙德·詹姆斯 (Raymond James) 能夠將其業務範圍從 BDC 業務範圍轉變為銀行分析師。我們希望這會在不久的將來發生。最後但並非最不重要的一點是克里斯·諾蘭·拉登堡。所以我們真的很感激。

I think part of the reason why people have become more familiar with the company is the research coverage that we've got from the Street, being able to lay out what we look like in this particular mode and getting -- leaving behind the full exact BDC type account. Clearly, throughout this presentation, the ability that we've been able to demonstrate to raise insured deposits quickly with a high growth rate. The fact that we believe we do a really good job of interest rate risk management in a very difficult interest rate risk environment, where we don't have long-duration fixed-rate bonds or loan portfolios.

我認為人們對這家公司越來越熟悉的部分原因是我們從華爾街獲得的研究報導，能夠展示我們在這種特定模式下的樣子，並得到——留下完整的準確信息BDC類型賬戶。顯然，在整個演示過程中，我們已經能夠展示以高增長率快速提高受保存款的能力。事實上，我們相信，在非常困難的利率風險環境中，我們沒有長期固定利率債券或貸款投資組合，我們在利率風險管理方面做得非常好。

Where we do have those types of assets, they're typically matched by time deposits. And our core product is the SBA 7(a) loan, which are prime plus 3-type coupons which today would be 11.5%. So even if you're raising money in the 4s or 5s, it's very attractive bid-ask rate floating rate quarterly adjust no cap on the loans. We'll also be able to demonstrate today as a focus we want investors and analysts to look at the return on average asset and return on tangible common equity ratios that we've been able to produce in the first and second quarters and through the first 6 months of the year.

如果我們確實擁有這些類型的資產，它們通常會與定期存款相匹配。我們的核心產品是 SBA 7(a) 貸款，即優質貸款加 3 種優惠券，目前利率為 11.5%。因此，即使您在 4 或 5 秒內籌集資金，買賣利率浮動利率季度調整且貸款無上限也是非常有吸引力的。今天我們還將展示我們希望投資者和分析師關注的一個焦點，即我們在第一季度和第二季度以及第一季度中能夠產生的平均資產回報率和有形普通股回報率。一年中6個月。

As a bank in the second quarter, 4.9% return on average assets. That's an exciting number that we expect to continue given our business model and what we do. Return on tangible common equity also north of 30%. We're proud of those numbers. Even at the holdco, which obviously we can talk about where the holdco on a consolidated basis isn't quite as attractive, approximately 2% return on average assets and a little over 15% return on tangible common equity.

作為銀行，第二季度平均資產回報率為4.9%。考慮到我們的業務模式和我們所做的事情，我們預計這一數字將繼續下去，這是一個令人興奮的數字。有形普通股回報率也超過 30%。我們為這些數字感到自豪。即使在控股公司（顯然我們可以談論合併基礎上的控股公司不太有吸引力），平均資產回報率約為 2%，有形普通股回報率略高於 15%。

On Slide #3, when we talk about our diversified streams of revenue and income. One of the benefits of an investment in Newtek One is you get multiple streams. We are not a one-trick pony, not just looking to arbitrage spread income, for example, which is typical in most of the financial institutions holding companies and banks that one might invest in. So the primary engines for earnings in the bank. We look forward to declaring our first dividend from the bank in the near future. We've already declared dividends to our shareholders up at the bank holding company. We did $0.18 in Q1, $0.18 in Q2. Newtek Small Business Finance is the nonbank lender that historically we did our SBA loans out of. That business is in a rundown mode. It is segmented in our Qs. That's the legacy portfolio of 7(a) loans.

在幻燈片 #3 中，當我們談論我們多元化的收入來源時。投資 Newtek One 的好處之一是您可以獲得多個流。我們不是只會一招的小馬，不只是尋求套利利差收入，例如，這在大多數可能投資的控股公司和銀行的金融機構中很常見。因此，這是銀行盈利的主要引擎。我們期待在不久的將來宣布銀行的第一筆股息。我們已經向銀行控股公司的股東宣布了股息。我們第一季度的收入為 0.18 美元，第二季度的收入為 0.18 美元。 Newtek Small Business Finance 是我們歷史上發放 SBA 貸款的非銀行貸款機構。該業務正處於衰退狀態。它在我們的問題中被分段。這是 7(a) 貸款的遺留投資組合。

We also have subsidiaries that are owned by the holding company, Newtek Merchant Solutions, Mobile Money, Newtek payment solutions, Newtek Insurance Agency, payroll solutions, all are profitable. We're excited about the growth opportunities here, the cash flow they provide to the company and the earnings engine. And obviously, our joint ventures in the nonconforming program. They're a little bit difficult these days, but we'll soon look to get back on track as the economy is stabilizing and where yield curve makes that a little bit more challenging, but we feel very good about our opportunity in the nonconforming loan segment with our joint venture partners with that activity sitting up at the holding company.

我們還擁有控股公司旗下的子公司，Newtek Merchant Solutions、Mobile Money、Newtek 支付解決方案、Newtek Insurance Agency、薪資解決方案，均實現盈利。我們對這裡的增長機會、它們為公司提供的現金流和盈利引擎感到興奮。顯然，我們的合資企業屬於不合格項目。這些天有點困難，但隨著經濟趨於穩定，我們很快就會回到正軌，而收益率曲線使這變得更具挑戰性，但我們對不合格貸款的機會感到非常好與我們的合資夥伴進行分部，該活動由控股公司負責。

On Slide #4, we did talk about the comparisons that are difficult between the current Newtek One year-over-year versus the Newtek that existed in 2022. Obviously, difficult to compare the accounting gyrations between a 33 Act account and a 40 Act account.

在幻燈片 #4 上，我們確實討論了當前 Newtek One 與 2022 年存在的 Newtek 之間的困難比較。顯然，很難比較 33 Act 賬戶和 40 Act 賬戶之間的會計波動。

On Slide #5, we view ourselves as a technology-enabled solutions provider. And we're excited about that label because we think it's accurate. We are not just a depository. The depository is one of the many things that we do for our clients to make them more successful. But clearly, throughout this presentation and our Qs and our information we're providing today, you'll be able to see we had tremendous success in gathering deposits from $140 million of deposits when we took over the bank to $447 million of deposits as of June 30, 2023.

在幻燈片 #5 中，我們將自己視為一家技術支持的解決方案提供商。我們對這個標籤感到興奮，因為我們認為它是準確的。我們不僅僅是一個保管機構。託管是我們為客戶做的眾多事情之一，讓他們更加成功。但顯然，通過本次演示以及我們今天提供的問題和信息，您將能夠看到我們在吸收存款方面取得了巨大成功，從我們接管銀行時的 1.4 億美元存款增加到截至目前的 4.47 億美元存款2023 年6 月30 日。

Loan originations, moving the SBA 7(a) business with PLP status or from Newtek's small business finance, a nonbank lender, into the bank. We got close to $200 million of 7(a). It sounds easy. Oh, yes, just move everything over, quite challenging. You have to move staff, you've got to move software, you've got to move processes, wiring capability, bank accounts, set policies and procedures up. We're happy that we've been able to demonstrate that we've been able to hit the ground running.

貸款發放，將具有 PLP 地位的 SBA 7(a) 業務或從非銀行貸款機構 Newtek 的小企業融資轉移到銀行。 7(a) 我們獲得了近 2 億美元的資金。聽起來很容易。哦，是的，把所有東西都移過來，很有挑戰性。你必須移動員工，你必須移動軟件，你必須移動流程，接線能力，銀行賬戶，制定政策和程序。我們很高興能夠證明我們能夠立即開展工作。

So when some of these early hills decline, headwinds come off our back, we believe we'll be able to run faster, jump higher and deliver continued improving results to our shareholders. One of the things we've obviously been able to do is staff and recruit with great talent. Obviously, Nick Young, the President and Chief Operating Officer of the bank, who's here with us today, was a great addition. We've recently been able to bring on Scott Price as Chief Financial Officer of Newtek One Holdco as well as Newtek Bank National Association. In addition to that, we've recently hired a Director of Bank operations in Burt Chandler, who will be helping build out our back office for various different depository functions. People like Tom Susi, John Bivona, Brian Lawn, real excited, and that's combined with the existing talent pool that we brought over from the Newtek BDC that we're able to move into the bank.

因此，當一些早期的山丘下降，逆風從我們的背上消失時，我們相信我們將能夠跑得更快，跳得更高，並為我們的股東帶來持續改善的業績。顯然，我們能夠做的事情之一就是聘用和招聘優秀人才。顯然，今天和我們在一起的銀行總裁兼首席運營官尼克·楊（Nick Young）是一個很好的補充。我們最近聘請 Scott Price 擔任 Newtek One Holdco 以及 Newtek Bank National Association 的首席財務官。除此之外，我們最近聘請了伯特·錢德勒（Burt Chandler）擔任銀行運營總監，他將幫助建立我們的後台辦公室，以實現各種不同的存款職能。 Tom Susi、John Bivona、Brian Lawn 等人非常興奮，再加上我們從 Newtek BDC 引進的現有人才庫，我們能夠將其轉移到銀行。

Obviously, we talked about a mantra of no branches, no brokers, no bankers, no BDOs. Sometimes I get taken to task on the concept of no bankers. The reality of it is we do not have traditional bankers or bank BDOs. What do I mean by that? The $0.25 million to $500,000 a year professionals that exist at most of the 8,000 to 9,000 financial institutions in the United States that take clients out for breakfast, large, dinner, golf, bowling, or whatever they do, bring in deposits and get paid those types of dollars.

顯然，我們談到了沒有分支機構、沒有經紀人、沒有銀行家、沒有 BDO 的口號。有時我會因為沒有銀行家的概念而受到指責。現實是我們沒有傳統的銀行家或銀行 BDO。我這麼說是什麼意思？美國有8,000 至9,000 家金融機構，其中大多數年薪25 萬至50 萬美元的專業人員帶客戶出去吃早餐、大型宴會、晚餐、打高爾夫球、打保齡球或做任何其他事情，他們吸收存款並獲得報酬美元的類型。

Well, we think that as the market transitions to our business model and artificial intelligence and the utilization of technology for deposit gathering, these types of things will be less desirable. The good news is we don't have that. We don't have that expense infrastructure. We'll talk about our efficiency ratios and why we'll be able to get better and better as time goes on. But we don't have -- the one thing about the drag, we don't have these types of expenses that drag us down.

嗯，我們認為，隨著市場轉向我們的商業模式和人工智能以及利用技術進行存款收集，這些類型的事情將不再那麼理想。好消息是我們沒有。我們沒有那種費用基礎設施。我們將討論我們的效率比率以及為什麼隨著時間的推移我們能夠變得越來越好。但我們沒有——關於拖累的一件事，我們沒有這些拖累我們的費用。

We currently have one branch in Flushing, New York. Our operating headquarters is in Miami, Florida. We look forward to growing our business without the use of branches, brokers, bankers and BDOs and we currently don't have any in the expense structure and our operational processes.

目前我們在紐約法拉盛設有一間分店。我們的運營總部位於佛羅里達州邁阿密。我們期待在不使用分支機構、經紀人、銀行家和 BDO 的情況下發展我們的業務，目前我們的費用結構和運營流程中沒有任何此類機構。

I think it's important that we view ourselves and our staff view ourselves as being able to provide a superior service and products to clients. If we cannot give the customer the Newtek advantage, which is the benefit of doing business with us, we haven't earned it. We must earn every transaction. We must be better. We must be superior than our competitors. That's the Newtek Advantage.

我認為重要的是我們認為自己和我們的員工認為自己能夠為客戶提供優質的服務和產品。如果我們不能為客戶提供 Newtek 優勢，也就是與我們做生意的好處，那麼我們就沒有贏得它。我們必須賺取每一筆交易。我們必須變得更好。我們必須比我們的競爭對手更優秀。這就是Newtek的優勢。

The Newtek Advantage is obviously a technological platform, but just doing business with it is a Newtek Advantage. We'll demonstrate that throughout our discussions today and how we deal with our clients every single day. We're also going to begin to track sign-ups for the Newtek Advantage. We'll talk about how many we have to date and start to track our success in this particular area, beginning in Q3 and Q4.

Newtek Advantage顯然是一個技術平台，但僅僅與之開展業務就是Newtek Advantage。我們將通過今天的討論以及我們每天如何與客戶打交道來證明這一點。我們還將開始跟踪 Newtek Advantage 的註冊情況。我們將討論迄今為止我們有多少個，並從第三季度和第四季度開始跟踪我們在這一特定領域的成功。

Slide #6 from a capital markets perspective, tracking our stock. For those of you that have hung in there with us over the years. Historically, we've been a very good performer. We obviously transitioned out of the BDC, which was extremely painful, #1 from the longevity standpoint, transitioning from a dividend paying stock into a stock that still pays a very nice dividend but also is relying upon retained earnings and growth in price appreciation. So this year-to-date, new, 14.06, the S&P Regional Bank Index to carry down 15.7%. So we've outperformed the banking index by almost 30 points. We're very proud of that accomplishment and achievement and have even outperformed the Russell 2000.

幻燈片#6 從資本市場的角度來看，跟踪我們的股票。對於那些多年來一直與我們一起堅持下去的人。從歷史上看，我們一直是一個非常好的表演者。顯然，我們從 BDC 轉型，這是極其痛苦的，從長壽的角度來看，#1，從支付股息的股票轉變為仍然支付非常可觀的股息但也依賴於留存收益和價格升值增長的股票。因此，今年迄今為止，新的標普地區銀行指數為 14.06，下跌 15.7%。因此，我們的表現比銀行指數高出近 30 點。我們對這一成就和成就感到非常自豪，甚至超越了 Russell 2000。

For those of our legacy investors and BDCs, you could buy a T-bill today at 5.5%. So I don't know what's so attractive about the 9% ordinary income that a BDC pays without a lot of capital appreciation. I understand that a lot of people like that dividend. We still pay a very nice dividend. It's about a 4% yield. It's also taxed at a qualified rate. And hopefully, we'll be able to get back to the types of performance once we turned over -- continue to turn over the stockholder base.

對於我們的傳統投資者和 BDC 來說，您現在可以以 5.5% 的利率購買國庫券。所以我不知道BDC在沒有大量資本增值的情況下支付的9%普通收入有什麼吸引力。我知道很多人喜歡股息。我們仍然支付非常可觀的股息。收益率約為4%。它還按合格稅率徵稅。希望一旦我們轉變——繼續轉變股東基礎，我們將能夠恢復到績效類型。

According to the NASDAQ online information that I've received and it's not completed yet, the institutional ownership of our stock is up to about 31%. That is going to continue to grow as we get all the filings through August, but that's where we are as of today, and we're excited about that.

根據我收到的尚未完成的納斯達克網上信息，我們股票的機構持股比例高達31%左右。隨著我們在八月份收到所有申請，這一數字將繼續增長，但這就是我們今天的處境，我們對此感到興奮。

On Slide #7, we talk about a differentiated business model. Some of the things we talked about, obviously, in the former 6 slides, well-managed asset liability strategy. We do understand that most deposits have 0 duration but on a going-forward basis, the ability to get more deposits on commercial demand deposit accounts with our NewtekOne, 1% account and 3.5% on commercial high-yield savings. To be able to work with our payroll business, our payments business and our lending business to gathering deposits is something that we'll start to track, beginning Q3 and Q4. That will take a very attractive NIM and make it even more attractive and provide a stickiness to those particular deposits.

在幻燈片 #7 上，我們討論了差異化的商業模式。顯然，我們在前 6 張幻燈片中談到了管理良好的資產負債策略。我們確實了解，大多數存款的期限為 0，但在未來的基礎上，能夠通過我們的 NewtekOne、1% 賬戶和 3.5% 商業高收益儲蓄在商業活期存款賬戶上獲得更多存款。我們將從第三季度和第四季度開始跟踪，以便能夠與我們的工資業務、支付業務和貸款業務合作來吸收存款。這將需要非常有吸引力的淨息差，並使其更具吸引力，並為這些特定存款提供粘性。

When you take a look at our net interest margins, these are margins that exceed typical bank and financial institutions. We talked about our ROA and OTC. We can't say it enough. This is why we are an interesting opportunity for investors that want to invest in technology-enabled banks, technology-enabled solutions provider to the all-important independent business owner community in the United States.

當您查看我們的淨息差時，您會發現這些淨息差超過了典型的銀行和金融機構。我們討論了我們的 ROA 和 OTC。我們說得還不夠。這就是為什麼對於那些想要投資技術支持的銀行、技術支持的解決方案提供商（向美國最重要的獨立企業主社區）的投資者來說，我們是一個有趣的機會。

We've obviously done a real good job for the first 6 months of the year, demonstrating we were able to shift and gather deposits and make loans. We will, going forward, be able to demonstrate the ability to bring in deposits for all these certain verticals as well as the basis and understanding of the Newtek Advantage.

顯然，今年前六個月我們的工作做得非常好，這表明我們能夠轉移、吸收存款和發放貸款。展望未來，我們將能夠展示為所有這些特定垂直領域帶來存款的能力以及對 Newtek 優勢的基礎和理解。

On Slide #8, we talk about our second quarter financial highlights. With our previously issued forecasted guidance of $0.26 per common share. Net interest income of $5.7 million. That was an improvement sequentially over the $4.6 million. This is at the NewtekOne level. Total assets up from $1.2 billion to $1.4 billion.

在幻燈片 #8 上，我們討論了第二季度的財務亮點。我們之前發布的預測指引為每股普通股 0.26 美元。淨利息收入為 570 萬美元。這比 460 萬美元有所改善。這是NewtekOne級別的。總資產從 12 億美元增至 14 億美元。

I think it's important to note here, we'll talk about this going forward. We're $1.4 billion of assets, but we've got an infrastructure that we believe actually can be a much, much bigger financial institution without having to add the additional expense to it, and that's where our efficiency ratios are going to grow.

我認為在這裡值得注意的是，我們將在以後討論這個問題。我們擁有 14 億美元的資產，但我們擁有基礎設施，我們相信它實際上可以成為一個更大的金融機構，而無需增加額外的費用，這就是我們的效率比率將會增長的地方。

As a matter of fact, when we make loans, even though the balance sheet and the SBA only grows by 25% of the loan, please understand that we think this year we'll probably do about $1.25 billion worth of loans. And in the past, with the PPP business going on, we were close to $1.5 billion, $1.5 billion. We've got an infrastructure that could do a big, big amount of business and can really handle a much bigger financial institution. People, process, software we will be able to manage it, which should really help grow our earnings per share for our customer base.

事實上，當我們發放貸款時，儘管資產負債表和 SBA 只增長了貸款的 25%，但請理解，我們認為今年我們可能會發放價值約 12.5 億美元的貸款。過去，隨著PPP業務的開展，我們接近15億美元，15億美元。我們擁有可以處理大量業務的基礎設施，並且可以真正處理更大的金融機構。我們將能夠管理人員、流程和軟件，這確實有助於增加我們客戶群的每股收益。

Total borrowings flat, $697 million. One of the drags on our business relative to return on tangible common equity and return on assets is the amount of liquidity that we're currently carrying. So you could see $256 million, including $66.7 million of restricted cash at June 30. I think we're carrying about $250 million of cash sitting at the Fed. So not much of a margin on that, but we're trying to keep the excess liquidity. That's the cash that we'll need that will carry us from a deposit perspective pretty much through the end of the year. So we've really accomplished a lot of our goals relative to deposits. As you can see, we've got really nice risk-based capital ratios and Tier 1 leverage ratios as well.

借款總額持平，為 6.97 億美元。相對於有形普通股回報率和資產回報率而言，對我們業務的拖累之一是我們目前持有的流動性數量。因此，截至 6 月 30 日，您可以看到 2.56 億美元，其中包括 6670 萬美元的限制性現金。我認為我們在美聯儲持有大約 2.5 億美元的現金。因此，這方面的利潤並不多，但我們正在努力保持過剩的流動性。從存款的角度來看，這就是我們需要的現金，可以讓我們撐到今年年底。因此，我們確實實現了許多與存款相關的目標。正如您所看到的，我們有非常好的基於風險的資本比率和一級槓桿率。

On Slide #9, those are the financial highlights for the 6 months, $0.72 for the first 6 months of the year. We are a second half company. We have always been that way. Net interest income of $10.3 million for the 6 months ended June 30, 2023. Slide #10 focuses really on Newtek Bank National Association just really drilling into the bank. Insured deposits 90% of total deposits. It's an enviable position. I'm not sure we'll always be able to stay that way because we will have some larger customers coming into us, which we'll have to try to satisfy, but we do want to be careful, obviously, because those deposits can move quickly as we've seen with the Silicon Valley Bank and Signature Bank issues. But we're very proud of our ability to raise deposits without having to rely upon just a few customers.

在幻燈片 #9 上，這些是 6 個月的財務亮點，今年前 6 個月的財務亮點為 0.72 美元。我們是一家下半年公司。我們一直都是這樣。截至 2023 年 6 月 30 日的 6 個月淨利息收入為 1,030 萬美元。幻燈片 #10 重點關注 Newtek 銀行全國協會，真正深入研究該銀行。受保存款佔總存款的90%。這是一個令人羨慕的地位。我不確定我們是否能夠一直保持這種狀態，因為我們會有一些更大的客戶進入我們，我們必須盡力滿足這些客戶，但顯然我們確實要小心，因為這些存款可以正如我們在矽谷銀行和簽名銀行問題上看到的那樣，迅速採取行動。但我們對自己無需依賴少數客戶即可籌集存款的能力感到非常自豪。

Look at the net interest margin growth. So before we took over the bank was 2.7%. Now that we're starting to layer on, our business model is jumping 3.61%. There's not too many banks that could state that their net interest margin grew by 90 to 100 basis points in the first 6 months of the year. Most banks are going the other way. And we believe this is going to continue to expand.

看看淨息差增長。所以在我們接管銀行之前是2.7%。現在我們開始分層，我們的商業模式跳躍了 3.61%。沒有太多銀行能夠聲稱今年前 6 個月的淨息差增長了 90 至 100 個基點。大多數銀行都走相反的路。我們相信這種情況將繼續擴大。

We'll talk about the National Bank of New York City portfolio, what it looks like, the quality of the portfolio. But it was fairly thin margin, not a lot of expenses in the bank, a very simple, small local community bank. We talked about our ROTCE, our ROA efficiency ratio of 58.7%. That's a good number. But we do think by the end of the year that might trend down to as low as 50% and we believe we can get there.

我們將討論紐約國家銀行的投資組合、它的外觀以及投資組合的質量。但這是一家非常簡單的小型當地社區銀行，利潤相當微薄，銀行費用也不是很多。我們談到了我們的ROTCE，我們的ROA效率為58.7%。這是一個很好的數字。但我們確實認為，到今年年底，這一比例可能會下降至 50%，並且我們相信我們能夠實現這一目標。

Here's our risk-based capital ratio, Tier 1 leverage ratio also here on Slide #10, really good numbers. Slide #11, we talk about the efficiency ratio again. Operational leverage will help that. Financial leverage will help that. Further technological innovation, which is in process. We haven't been able to get everything we need to get done in the first 6 months of the year. I do think we'll have probably another 12 months of building that's all built into our numbers.

這是我們基於風險的資本比率，一級槓桿比率也在幻燈片 #10 上，非常好的數字。幻燈片#11，我們再次討論效率比。運營槓桿將對此有所幫助。財務槓桿將有助於這一點。進一步的技術創新正在進行中。在今年的前 6 個月裡，我們未能完成我們需要完成的所有工作。我確實認為我們可能還需要 12 個月的時間來進行建設，這一切都已計入我們的數字中。

So we're going to have some headwinds until we get this bank exactly to where we need it to be technologically and from a process standpoint. And we're really excited about the ability to capture additional revenue from the nonbank business activities, very excited about that.

因此，在我們讓這家銀行在技術和流程方面完全達到我們需要的水平之前，我們將會遇到一些阻力。我們對能夠從非銀行業務活動中獲取額外收入感到非常興奮，對此感到非常興奮。

Slide 12, we talked about ROTC and ROAA as well. These are going to be great precursors for growing our EPS down the road. Slide #13 talks about our historical lending, most of our 7(a) lending, I should say all of it was done in Newtek Small Business Finance. That's now in a runoff loan at the holding company. We have a lot of our PLP status into the bank. We also began funding SBA 504 and C&I loans in the bank in the first 6 months of the year.

幻燈片 12，我們還討論了 ROTC 和 ROAA。這些將成為我們未來每股收益增長的重要先兆。幻燈片 #13 討論了我們的歷史貸款，我們的大部分 7(a) 貸款，我應該說所有這些都是在 Newtek Small Business Finance 中完成的。這筆錢現在是控股公司的徑流貸款。我們有很多 PLP 身份進入銀行。今年前 6 個月，我們還開始為銀行的 SBA 504 和 C&I 貸款提供資金。

At the close, we infused $79 million of capital. We think the capital at the bank could grow to an excess of $100 million. That's a very nice growth in the first year of owning and operating a bank. Most banks have, frankly, start up. And obviously, we don't view ourselves as a startup, but we really have to change the business model. We have to change the software of so many things that we have to put in motion, staffing, et cetera.

收盤時，我們注入了 7900 萬美元的資金。我們認為銀行的資本可能會增長到超過 1 億美元。在擁有和經營銀行的第一年，這是一個非常好的增長。坦率地說，大多數銀行都已經開業了。顯然，我們並不認為自己是一家初創公司，但我們確實必須改變商業模式。我們必須改變很多東西的軟件，我們必須啟動、人員配置等等。

So we're obviously good at multitasking. With the hill to climb, with the headwinds, the markets don't wait for you. And we've got greater things ahead of us once we put more of some of these items in place. We were able to raise $70 million of capital in the first quarter despite a tough market, $50 million of debt, $20 million of convertible preferred shares from an institutional investor.

所以我們顯然擅長多任務處理。還要爬山，頂著逆風，市場不會等你。一旦我們將其中更多的一些項目落實到位，我們就會面臨更偉大的事情。儘管市場嚴峻，我們還是在第一季度籌集了 7000 萬美元的資金、5000 萬美元的債務以及來自機構投資者的 2000 萬美元的可轉換優先股。

Slide #14 talks about our efficiencies and lending, very, very important. Closed 773 loans for the 6 months, a 29.5% increase in loan units over the year prior. In dollars, it was 11.2%. I think what's really important to note, we use technology, not bankers, brokers, branches or BDOs to help grow the business. And we've been doing this for a long period of time. We do so efficiently, effectively and with good risk management. This loan productivity capability, particularly as we look to do more investor-based CRE, more C&I loans. This is going to be valuable, that we can demonstrate the ability to grow the balance sheet and gain on sale. Once again, the key to our growth, technology, people, process, no bankers, brokers, BDOs or branches.

幻燈片 #14 討論了我們的效率和貸款，非常非常重要。 6 個月內結清了 773 筆貸款，貸款單位比去年同期增加了 29.5%。以美元計算，這一比例為 11.2%。我認為真正需要注意的是，我們使用技術，而不是銀行家、經紀人、分支機構或 BDO 來幫助發展業務。我們已經這樣做了很長一段時間。我們通過良好的風險管理高效、有效地做到這一點。這種貸款生產力能力，特別是當我們希望提供更多基於投資者的商業房地產、更多工商業貸款時。這將是有價值的，我們可以展示擴大資產負債表和銷售收益的能力。再說一次，我們增長的關鍵是技術、人員、流程，沒有銀行家、經紀人、BDO 或分支機構。

Slide #15 talks about what some people consider our ISO, our tangible common book value of $7.05 per share. We're not ashamed of it. We just don't think it has that much relevant value, although most people tell me that it does. Okay, it's fine. This is what it is. I think it's important to note that we've got a lot of assets on our books, Newtek Merchant Solutions, Newtek Tech Solutions, Newtek Insurance Agency, Newtek Payroll. It has a BDC at a fair value of $166.7 million. Transferring over into the deconversion, it has a negative tangible book value.

幻燈片 #15 討論了一些人對我們 ISO 的看法，即我們每股 7.05 美元的有形普通賬面價值。我們並不以此為恥。我們只是認為它沒有那麼大的相關價值，儘管大多數人告訴我它有。好吧，沒問題。就是這樣。我認為值得注意的是，我們的賬簿上有很多資產，Newtek Merchant Solutions、Newtek Tech Solutions、Newtek Insurance Agency、Newtek Payroll。它的 BDC 公允價值為 1.667 億美元。轉入轉換後，它的有形賬面價值為負。

However, those businesses generate a lot of cash. As a matter of fact, when you look at some of the projections going forward, it generates kind of close to half of the income of the business, but yet it doesn't show up in book value. It's because we're different. NewtekOne isn't like other financial institutions that basically almost have one trade. We make loans, we have deposits, we click coupons. That's not us. We have diversified stream of income. We offer a real value and advantage to our customers, so they stay with us and keep coming back and refer friends. This is a different opportunity than investing with other types of bank holding companies, financial holding companies or banks.

然而，這些企業產生了大量現金。事實上，當你看一下未來的一些預測時，你會發現它產生了接近一半的業務收入，但它並沒有體現在賬面價值中。這是因為我們不同。 NewtekOne 不像其他金融機構那樣基本上幾乎只有一項交易。我們發放貸款，我們有存款，我們點擊優惠券。那不是我們。我們的收入來源多元化。我們為客戶提供真正的價值和優勢，因此他們會留在我們這裡並不斷回來並推薦朋友。這是與投資其他類型的銀行控股公司、金融控股公司或銀行不同的機會。

As a matter of fact, we look at ourselves as a business and financial solutions provider that also provides depository services to our clients. We're really excited about what we're doing. We're comfortable in this structure. We'll hopefully, and the anticipation for our earnings and dividends over time, and that will drive the stock price whatever the multiple of book might be. We were able to demonstrate this in the BDC market, where there are points in time. We traded for significant amounts of time over 2:1. And I could recall people telling me in the B2C market, you'll never trade above NAV. Well, we broke that mode by growing dividends and growing earnings and being successful.

事實上，我們將自己視為一家商業和金融解決方案提供商，同時也為客戶提供託管服務。我們對我們正在做的事情感到非常興奮。我們對這種結構感到滿意。我們希望，隨著時間的推移，對我們的收益和股息的預期，無論賬面倍數是多少，這都將推動股價。我們能夠在 BDC 市場中證明這一點，那裡有時間點。我們交易的時間很長，超過 2:1。我記得有人告訴我，在 B2C 市場上，你的交易永遠不會高於資產淨值。好吧，我們通過增加股息和增加收益並取得了成功，打破了這種模式。

On Slide #16, you can see the deposit growth over that 6-month period of time, 220%. A lot of these things we covered, digital account openings in the quarter, 3,600 new client relationships. I believe that was within the quarter. I think we picked up 4,500 depository accounts from the time we picked up and own the bank.

在幻燈片 #16 上，您可以看到這 6 個月期間的存款增長了 220%。我們涵蓋了很多內容，包括本季度開設的數字賬戶、3,600 個新客戶關係。我相信那是在本季度內。我認為，從我們接管並擁有這家銀行起，我們就接管了 4,500 個存款賬戶。

Slide #7, nice slide breaking out our bank deposit growth, and we'll get a little bit more granular as we go forward in our presentation and our presentation skills going forward. But you could see about 21% of brokered CDs, we want to get that number down, but we are within our business plan at this point in time. So we're comfortable with that. We have an unused line of credit at the Federal Home Loan Bank of Atlanta. I think it's about $70 million. So as we get that number down and we get the Federal Home Loan Bank number, we keep that at 0, we'll always have that nice emergency capability in the event some unforeseen circumstance happens. But importantly, we've been able to raise the non-brokered retail CDs, total savings deposits and do so in a short manner.

幻燈片#7，很好的幻燈片，展示了我們的銀行存款增長，隨著我們的演示和演示技巧的發展，我們將獲得更細緻的信息。但你可能會看到大約 21% 的經紀 CD，我們希望降低這個數字，但目前我們仍在我們的業務計劃之內。所以我們對此感到滿意。我們在亞特蘭大聯邦住房貸款銀行有未使用的信用額度。我認為大約是 7000 萬美元。因此，當我們降低這個數字並獲得聯邦住房貸款銀行號碼時，我們將其保持為 0，一旦發生一些不可預見的情況，我們將始終擁有良好的應急能力。但重要的是，我們已經能夠在短時間內籌集非經紀零售存款、儲蓄存款總額。

On Slide #8, I think this is important. We are not just an SBA 7(a) lender, although it is our flagship product. And for those of you that aren't familiar with 7(a) lending, there's no fee at the current coupon at our rates of prime plus 3 is 11.5% loading rate quarterly adjust. In addition to that 75% of the loan is government guaranteed, and we typically sell it at approximately a 10% premium plus or minus. That's what helps drive our return on equity and return on assets.

在幻燈片 #8 上，我認為這很重要。儘管它是我們的旗艦產品，但我們不僅僅是一家 SBA 7(a) 貸款機構。對於那些不熟悉 7(a) 貸款的人來說，我們的優惠利率加上 3 的當前利率是免費的，每季度調整 11.5% 的加載率。除此之外，75% 的貸款由政府擔保，我們通常以大約 10% 的溢價上下出售。這有助於提高我們的股本回報率和資產回報率。

The SB final 4 loan, which we have slides in this presentation that cover the types of return on equity, an important product that goes into the bank today. We also -- I used the word conforming commercial and industrial business loans. Conforming relates to conforming the bank underwriting and standards, also conforming investor-owned CRE loans, nonowner-occupied investor-type deals. We've actually had success putting both of these categories on at spreads of 350 or greater to the curve.

SB Final 4 貸款，我們在本演示文稿中提供了幻燈片，涵蓋了股本回報率的類型，這是當今進入銀行的重要產品。我們還——我使用了“符合商業和工業商業貸款”這個詞。合規涉及合規銀行承銷和標準，也合規投資者擁有的商業地產貸款、非自住投資者類型交易。事實上，我們已經成功地將這兩個類別的曲線的價差設置為 350 或更大。

Our nonconforming C&I loans are funded at the holding company and joint -- some of them on our balance sheet, and we exit out by securitizations. This is also a 20% to 30% ROE business. Slide #19, we inherited the National Bank of New York City portfolio. This is a 5 borough New York City portfolio, Brooklyn, Bronx, Queens, Staten Island, I forgot something. Oh, Manhattan. Sorry, Manhattan, 1 more borough there. You're looking at an average loan size of $1 million to $2 million. The former bank owners and management did a great job. Low loan to values, personal guarantees. There's no real imminent balloons coming up. These are going to roll over the next 12 to 48 months. They're primarily asset liability managed with time deposits.

我們的不合格商業和工業貸款由控股公司和聯合公司提供資金——其中一些在我們的資產負債表上，我們通過證券化退出。這也是一個ROE為20%到30%的業務。幻燈片 #19，我們繼承了紐約國家銀行的投資組合。這是紐約市 5 個行政區的投資組合，布魯克林、布朗克斯、皇后區、史泰登島，我忘記了。哦，曼哈頓。抱歉，曼哈頓，還有 1 個行政區。您看到的平均貸款規模為 100 萬至 200 萬美元。前銀行老闆和管理層做得很好。貸款價值低，個人擔保。並沒有真正即將到來的氣球。這些將在未來 12 至 48 個月內滾動。它們主要是通過定期存款管理的資產負債。

This portfolio is marked to the market during purchase accounting in Q1. I think that's important to note. There's 1 nonperforming loan in the crowd. This obviously is skinny margins. but good quality, and we're appreciative of picking this portfolio up, but it's not our business going forward, that low-margin type business. We think we can do better, making these types of loans at wider spreads. And given our investor base and the other things we do for our clients, we do believe that we'll be able to get margin. We're not always out there to win on price. We're out there to win on enabling our clients to be more successful, giving them longer AMs, giving them additional products and services and giving them the Newtek Advantage.

該投資組合在第一季度的購買會計期間按市場計價。我認為這一點值得注意。人群中有 1 筆不良貸款。這顯然是微薄的利潤。但質量很好，我們很高興選擇這個投資組合，但這不是我們未來的業務，低利潤類型的業務。我們認為我們可以做得更好，以更大的利差提供此類貸款。考慮到我們的投資者基礎以及我們為客戶所做的其他事情，我們確實相信我們能夠獲得利潤。我們並不總是以價格取勝。我們致力於幫助我們的客戶取得更大的成功，為他們提供更長的 AM 時間，為他們提供額外的產品和服務，並為他們提供 Newtek 優勢。

Slide #20 is a typical slide for us that we've had relative to what you could look at in a portfolio that we're building at the bank and one that currently exists at Newtek small business finance in the bank holding company.

幻燈片 #20 是一張典型的幻燈片，與我們在銀行建立的投資組合以及銀行控股公司 Newtek 小企業金融目前存在的投資組合有關。

Slide #21 talks about all lending activity, total commercial loan closings for the 3 months ended $251 million. So you could see as we're ramping up, we're at a clip of about $1 billion of loans if you straight line that. Obviously, you could see what we did in 7(a) on Slide #21, you can see what we did on 504. And in the quarter, we originated $25 million of non-SBA 7(a) loans for the 3 months ended June 30, 2023.

幻燈片 #21 討論了所有貸款活動，三個月內結束的商業貸款總額為 2.51 億美元。所以你可以看到，隨著我們的擴張，如果你直線計算的話，我們的貸款額約為 10 億美元。顯然，您可以看到我們在幻燈片#21 的7(a) 中所做的事情，您可以看到我們在504 上所做的事情。在本季度，我們在截至3 個月的時間內發放了2500 萬美元的非SBA 7(a) 貸款2023 年 6 月 30 日。

For those of you that followed the 7(a) business, our premiums were down from the prior quarter, 10.15. That adds some volatility to our rate stream, obviously, but it's just something that we've dealt with for 20 years and have managed it pretty well. The current trend is up, and that's a function of rates rising. As a matter of fact, we think we'll get and hope to get a nice tick in the fourth quarter. The loan increases that you got in July, based upon the Fed raising their rate on the existing portfolio doesn't kick in until October.

對於那些關注 7(a) 業務的人來說，我們的保費比上一季度的 10.15 有所下降。顯然，這給我們的利率流增加了一些波動性，但這只是我們 20 年來處理的問題，並且管理得很好。目前的趨勢是上升，這是利率上升的函數。事實上，我們認為我們將會並希望在第四季度取得不錯的成績。由於美聯儲提高了現有投資組合的利率，您在 7 月份獲得的貸款增加要到 10 月份才會生效。

So everything at NSBF doesn't adjust because it's a quarterly adjust. So one of the headwinds I'm talking about is our funds adjust monthly per se, particularly in the securitization, but the loans adjust quarterly. So we'll get a nice bump in Q4 with a more fuller coupon. And new loans that we're putting on the books in the quarter are done at the fuller coupon. So that's just how the SBA business works. Certainly, as rates are going down, you got a little wind at your back and now the wind as rates are rising, unfortunately, is in our face.

所以 NSBF 的一切都不會調整，因為這是季度調整。因此，我所說的不利因素之一是我們的基金本身每月調整一次，特別是在證券化方面，但貸款每季度調整一次。因此，我們將在第四季度獲得一個不錯的增長，並提供更全面的優惠券。我們本季度登記的新貸款是以更全額的票息發放的。這就是 SBA 業務的運作方式。當然，隨著利率下降，你會遇到一些風，但不幸的是，現在利率上升的風就在我們面前。

Slide #23 is our attempt at putting out what we think are the better market comps or organizations that own financial institutions and really focus on technology enablement, whether it's in the deposit gathering phase or the lending phase. There really isn't an entity that's much like us. The closest one probably is Live Oak Bank, a terrific institution with a great business model and plan. But you could see the types of earnings and multiples that are out there when these organizations are successful.

幻燈片＃23是我們嘗試推出我們認為更好的市場比較或擁有金融機構並真正專注於技術支持的組織，無論是在存款收集階段還是貸款階段。確實沒有一個實體與我們很相似。最接近的可能是 Live Oak Bank，這是一家出色的機構，擁有出色的商業模式和計劃。但你可以看到這些組織成功時的收益類型和市盈率。

Slide #24, the importance of payments. Banks do 2 things effectively. They make loans and they move money. Most banks do not really move money well for the independent business owner. That's our target or small to medium-sized business. That's our target. The fact that we own a payments business for over 20 years is really going to be tremendously helpful. And the legacy business is really as a super iso, but to be able to do items for our clients like same-day funding, putting the money into Newtek depository account, ecommerce solutions, our own POS same-day funding, electronic billing, using BillPay and embedding our debit card in the bill pay. And these are things I'd like to say, oh, yes, they're in place. No, it takes time. It takes time to get them done, get them integrated, get the software providers to get them in place, but these are going to be amazing value adds to our client base.

幻燈片#24，付款的重要性。銀行有效地做了兩件事。他們發放貸款並轉移資金。大多數銀行並不能真正為獨立企業主很好地轉移資金。這就是我們的目標或中小型企業。這就是我們的目標。我們擁有支付業務超過 20 年，這一事實確實會非常有幫助。傳統業務實際上是一個超級 iso，但能夠為我們的客戶做一些事情，例如當日融資、將資金存入 Newtek 存款賬戶、電子商務解決方案、我們自己的 POS 當日融資、電子賬單、使用BillPay 並將我們的借記卡嵌入到賬單支付中。這些是我想說的，哦，是的，它們已經就位了。不，這需要時間。完成它們、集成它們、讓軟件提供商將它們安裝到位需要時間，但這些將為我們的客戶群帶來驚人的增值。

And it's going to give them a reason to do business with new (inaudible) organization (inaudible) or cost effectively and it works effectively. For a commercial enterprise, this is invaluable. And we think that we will rise to the top in this particular area. Once again, our goal in moving money is to make the business more successful, not just take your money and keep a depository account.

這將給他們一個理由與新的（聽不清）組織（聽不清）或成本有效地開展業務，並且它有效地運作。對於商業企業來說，這是無價的。我們認為我們將在這個特定領域達到頂峰。再次強調，我們轉移資金的目標是讓業務更加成功，而不僅僅是拿走您的資金並保留一個存款賬戶。

Slide #25 talks about some of the math that our Merchant Solutions business. It's obviously material. We expect to do about $15.4 million of EBITDA in our payments units, NMS, Mobile Money and POS on Cloud. Slide #26, once again, we talked about why payments are important to Newtek One and to our clients. We will shortly be announcing the issuance of a Newtek Visa Bank debit card, which will give us the ability to access Visa and direct payment rails with that card. And obviously, these types of businesses are reoccurring fee businesses that can benefit NMS and Newtek Bank and noncapital-intensive.

幻燈片 #25 討論了我們的商家解決方案業務的一些數學知識。這顯然是物質的。我們預計在我們的支付部門、NMS、移動貨幣和雲端 POS 中實現約 1540 萬美元的 EBITDA。幻燈片#26，我們再次討論了為什麼付款對 Newtek One 和我們的客戶很重要。我們很快將宣布發行 Newtek Visa 銀行借記卡，這將使我們能夠使用該卡訪問 Visa 並直接支付。顯然，這些類型的業務是經常性的收費業務，可以讓 NMS 和 Newtek Bank 受益，而且是非資本密集型業務。

Once again, we realize it's extremely important to our business owners to be able to move money quickly, efficiently with really good reporting mechanisms. Obviously, we're all aware of the products like FedNow. Look, FedNow is not going to be snap your fingers and it's all in place. It's going to take place over time. But as these markets grow and move, we are positioned for it with people, process and software.

我們再次意識到，通過真正良好的報告機制能夠快速、高效地轉移資金對我們的企業主來說極其重要。顯然，我們都知道像 FedNow 這樣的產品。看，FedNow 不會打響指，一切都已就位。隨著時間的推移，這將會發生。但隨著這些市場的增長和變化，我們在人員、流程和軟件方面已做好了準備。

Slide #27, Newtek Technology Solutions. There is a typo on this slide, the expectation for EBITDA of $3.7 million for the calendar year. Pretax income, $2.6 million. This is a great solution. This will most likely be spun off over the next 18 or so months to shareholders in some way, shape or form. But it's a valuable opportunity for us. We plan on continuing to maintain a relationship with Newtek Technology Solutions.

幻燈片 #27，Newtek 技術解決方案。這張幻燈片上有一個拼寫錯誤，日曆年的 EBITDA 預期為 370 萬美元。稅前收入260萬美元。這是一個很好的解決方案。這很可能會在未來 18 個月左右的時間里以某種方式、方式或形式剝離給股東。但這對我們來說是一個寶貴的機會。我們計劃繼續與 Newtek Technology Solutions 保持合作關係。

Slide #28, no charge loss to date on this particular portfolio. I will say we have actually had a default recently. However, with the collateral we've got, no charge-offs to date. 29 is a typical slide that we've shown for 20 years, a gain on sale on 7(a). Slide 30 talks about the revenue and the accounting income of the 7(a) loan. #31, how our 504 loans are structured, how the income flows through on a 504 loan on Slide #32. On Slide #33, nonconforming business, originating loans today, 3.5 points of fee. Obviously, the recent increases in rates were probably at 11.5% gross, 12.5% grows, 13.5% gross, extremely attractive. We make the loans. We warehouse them with our joint venture partners, put them into securitization, a very attractive business for us. And we do believe that this business will get regenned up now as the capital markets are opening to us. This is a capital-intensive business at the holding company.

幻燈片 #28，迄今為止，該特定投資組合沒有任何費用損失。我想說的是，我們最近確實發生了違約。然而，根據我們現有的抵押品，迄今為止還沒有沖銷。 29 是我們展示了 20 年的典型幻燈片，是 7(a) 銷售的收益。幻燈片 30 討論了 7(a) 貸款的收入和會計收入。 #31，我們的 504 貸款的結構如何，幻燈片#32 上 504 貸款的收入如何流動。在幻燈片 #33 上，不合格企業，今天發放貸款，收取 3.5 個點的費用。顯然，最近的漲幅大概是毛利率11.5%、增長12.5%、毛利率13.5%，非常有吸引力。我們提供貸款。我們與合資夥伴一起儲存它們，將它們進行證券化，這對我們來說是一項非常有吸引力的業務。我們確實相信，隨著資本市場向我們開放，這項業務將會重生。這是控股公司的資本密集型業務。

Slide #34, the Newtek Advantage. We'll be talking more and more about the advantage in presentations going forward in Q3 and Q4. We'd love to suggest that you go on our website, really learn everything you need to know about the Newtek Advantage. This is why customers, SMBs, independent business owners should do business with us. We give Newtek's clients, analytics relationships and transactional capability that other banks just simply do not have. We actually give them an asset day 1 that they don't have to pay for that can enhance their business operation and make them more successful.

幻燈片 #34，Newtek 優勢。我們將在第三季度和第四季度越來越多地討論演示的優勢。我們很樂意建議您訪問我們的網站，真正了解有關 Newtek Advantage 的所有信息。這就是客戶、中小企業、獨立企業主應該與我們開展業務的原因。我們為 Newtek 的客戶、分析關係和交易能力提供其他銀行根本不具備的能力。實際上，我們在第一天就為他們提供了無需支付費用的資產，可以增強他們的業務運營並使他們更加成功。

For example, when you go to the Newtek Advantage, you can get a licensed insurance sales person, a payments person, a depository person, a lending person. All these things are available through the Newtek Advantage and you communicate with them via video. We believe the Advantage can be a market-recognized tool. This is one of the things that we will spin off to other community banks, credit unions and organizations that want to be able to provide these types of solutions in their own brands and their customers with us behind them. We think this is a tremendous opportunity.

例如，當您去Newtek Advantage時，您可以找到持牌保險銷售人員、付款人員、存款人、貸款人。所有這些都可以通過 Newtek Advantage 獲得，並且您可以通過視頻與他們溝通。我們相信Advantage可以成為市場認可的工具。這是我們將分拆給其他社區銀行、信用合作社和組織的事情之一，他們希望能夠在我們的支持下，以自己的品牌和客戶提供此類解決方案。我們認為這是一個巨大的機會。

We're also going to talk about as we have in the past. We look to launch Newtek Accounting, where we'll be able to provide customers a P&L or an income statement and a balance sheet to them. I think that's important for a business owner to be able to eventually tie deposits, payments and payroll into an accounting function. This is a progressive institution that's looking to meet and exceed the current needs of businesses, but those needs that are going to be need to be met going forward to compete in the environment. So we are forward thinking, we're putting these things in place. We're excited about our future. We'll be talking about the launch of Newtek Accounting in the near future.

我們還將像過去一樣討論。我們希望推出 Newtek Accounting，我們將能夠為客戶提供損益表或損益表和資產負債表。我認為對於企業主來說，最終能夠將存款、付款和工資與會計職能聯繫起來非常重要。這是一個進步的機構，致力於滿足並超越企業當前的需求，但為了在環境中競爭，未來需要滿足這些需求。因此，我們具有前瞻性思維，我們正在將這些事情落實到位。我們對我們的未來感到興奮。我們將在不久的將來討論 Newtek Accounting 的推出。

To date, we've opened up 280 Newtek Advantage accounts. That is a slow walk that will begin to pick up in Q3 and Q4 as we continue to enhance the advantage and market. We wanted to make sure that we are getting the bugs out, polishing up the software, the people and the process.

迄今為止，我們已經開設了 280 個 Newtek Advantage 賬戶。這是一個緩慢的過程，隨著我們繼續增強優勢和市場，這一過程將在第三季度和第四季度開始加速。我們希望確保消除錯誤，完善軟件、人員和流程。

Slide #35, we declared an $0.18 dividend for the second quarter. The dividend was paid on July 21 shareholder of record on July 10. Slide #36 is some of the key assumptions that are in some of the forward projections that you'll see going forward. At this point, I'd like to turn this portion of the presentation over to Scott Price, Chief Financial Officer of Newtek One and Newtek Bank N.A.

幻燈片#35，我們宣布第二季度股息為 0.18 美元。股息於 7 月 21 日支付，記錄在案的股東於 7 月 10 日支付。幻燈片 #36 是您將看到的一些前瞻性預測中的一些關鍵假設。現在，我想將演示文稿的這一部分交給 Newtek One 和 Newtek Bank N.A. 首席財務官 Scott Price。

Thank you, Barry, and good morning, everyone. I'll start my comments on Slide 7. It summarizes our capital position as of June 30. I'd point out that the regulatory filings for the holding company have not yet been filed. So those numbers are preliminary. As you can see for both the consolidated group and the bank, we are well capitalized and the bank successfully deployed capital this quarter and generated nice returns as Barry has indicated. Slide 38 outlines the summary metrics for the company's forecast for the remainder of 2023 and slides 39 through 44 provide a good amount of detail on the company's expected results for the second half of the year.

謝謝你，巴里，大家早上好。我將從幻燈片 7 開始評論。它總結了截至 6 月 30 日我們的資本狀況。我要指出的是，控股公司的監管備案尚未提交。所以這些數字是初步的。正如您所看到的，對於合併集團和銀行來說，我們資本充足，銀行本季度成功部署了資本，並產生了良好的回報，正如巴里所指出的那樣。幻燈片 38 概述了公司對 2023 年剩餘時間的預測的摘要指標，幻燈片 39 至 44 提供了有關公司下半年預期業績的大量詳細信息。

The forecast assumes that we deploy a portion of our liquidity position, as you'll notice in our numbers, the asset position is considerably higher, and that's mostly due to the defensive cash position we've maintained given the market turmoil. We plan to better deploy that cash as we move throughout the year and optimize our balance sheet efficiency, particularly as we look to our originate-to-sell model.

該預測假設我們部署了部分流動性頭寸，正如您在我們的數據中註意到的那樣，資產頭寸相當高，這主要是由於我們在市場動蕩的情況下保持了防禦性現金頭寸。我們計劃在全年行動中更好地部署這些現金，並優化我們的資產負債表效率，特別是在我們尋求從生產到銷售的模式時。

I would point out that of that as more of the company's balance sheet composition shifts to the bank and its capital stack, the benefits of lower funding costs should continue to push returns higher, all else equal. Our deposit costs are expected to increase as the recent Fed hike takes effect, lower-cost CDs mature, and we continue to leverage our online deposit gathering platform.

我想指出的是，隨著公司資產負債表的更多組成部分轉向銀行及其資本結構，在其他條件相同的情況下，較低的融資成本的好處應該會繼續推高回報。隨著近期美聯儲加息的生效、低成本存款證的成熟以及我們繼續利用我們的在線存款收集平台，我們的存款成本預計將會增加。

The company expects to continue to execute on its business strategy for the remainder of the year, similar to the way that we executed in the second quarter. While not exact, the seasonal patterns that the company has experienced in prior years from the perspective of loan originations and gains on sales spreads are expected to continue in the second half of 2023. So with that, I'll turn the call back over to Barry. Barry?

該公司預計將在今年剩餘時間內繼續執行其業務戰略，類似於我們在第二季度執行的方式。雖然不准確，但從貸款發放和銷售利差收益的角度來看，該公司前幾年經歷的季節性模式預計將在 2023 年下半年繼續存在。因此，我將把電話轉回給巴里.巴里？

Thank you, Scott. Wrapping things up before we turn the call over to Nick Leger, our Chief Accounting Officer. On Slide #38, I think it's important to note that we've got some projections. And obviously, these are not easy to do in a fairly volatile environment, but if you take a look at where we think we're going to wind up for 2023 as a financial holding company at the bank. We'd just like everyone to try to focus on what we believe we can hit for some very lofty goals for return on average assets, return on tangible common equity, both at the holding company as well as efficiency ratios really moving in our direction.

謝謝你，斯科特。在我們將電話轉給我們的首席會計官 Nick Leger 之前，先把事情總結一下。在幻燈片 #38 上，我認為值得注意的是我們有一些預測。顯然，在相當不穩定的環境中，這些目標並不容易做到，但如果你看看我們認為 2023 年我們將成為銀行的金融控股公司。我們只是希望每個人都努力關注我們相信我們可以實現的一些非常崇高的目標，例如控股公司的平均資產回報率、有形普通股回報率以及真正朝著我們的方向發展的效率比率。

Moving forward to Slide #5. From an investment summary perspective, you could see where we're looking at relative to our profitability ratios and our efficiency ratios. We're maintaining our projections of $1.70 to $2, although I wouldn't say we're really near the midpoint. We're probably shading to the lower end of that range, but we're very comfortable with that particular number. That could easily change around with respect to movements in rates or gain on sale prices. There's a lot of opportunity here. So we just want to be conservative.

繼續看幻燈片#5。從投資摘要的角度來看，您可以看到我們相對於盈利比率和效率比率的關注點。我們維持 1.70 美元至 2 美元的預測不變，儘管我不會說我們真的接近中點。我們可能會調整到該範圍的下限，但我們對這個特定數字感到非常滿意。隨著利率變動或銷售價格上漲，這種情況很容易發生變化。這裡有很多機會。所以我們只想保守一點。

The second quarter quarterly dividend of $0.18, we do believe we'll be able to maintain, obviously, given our profitability through the remainder of the year. And we do want everyone to focus that this is a growth-oriented differentiated technology-enabled financial holding company. We're excited about what we were able to deliver in Q1 and Q2. And I'd now like to turn the rest of the presentation over to Nick Leger, our Chief Accounting Officer.

考慮到我們今年剩餘時間的盈利能力，我們確實相信我們能夠維持第二季度 0.18 美元的季度股息。我們確實希望大家關注，這是一家成長型的差異化科技賦能金融控股公司。我們對第一季度和第二季度能夠交付的成果感到非常興奮。現在我想將演示文稿的其餘部分交給我們的首席會計官 Nick Leger。

Thank you, Barry. Good morning, everyone. You can find a summary of our second quarter 2023 results on Slide #48. We're proud to report our second quarter financial results, which is also the first full quarter reporting as a financial holding company. As you will see in the consolidated statement of operations upon conversion from our previous BDC investment company accounting, where our portfolio companies did not consolidate in the BDC's financials and those activities would historically be reported as dividend income from the investment of the BDC.

謝謝你，巴里。大家，早安。您可以在幻燈片 #48 上找到我們 2023 年第二季度業績的摘要。我們很自豪地報告我們的第二季度財務業績，這也是作為金融控股公司的第一個完整季度報告。正如您在從我們之前的 BDC 投資公司會計轉換後的合併運營報表中看到的那樣，我們的投資組合公司沒有合併到 BDC 的財務報表中，並且這些活動歷來將報告為 BDC 投資的股息收入。

As a financial holding company, we are now consolidating those portfolio company operations. As a result of this conversion, there is no comparable prior period consolidated financial statements are referred to with the 2 different types of accounting. I'd like to start with some of the highlights from our second quarter 2023 consolidated statement of operation.

作為一家金融控股公司，我們現在正在整合這些投資組合公司的業務。由於這種轉換，兩種不同類型的會計方法沒有提及可比較的前期合併財務報表。我想首先介紹 2023 年第二季度合併運營報表中的一些要點。

On a consolidated GAAP basis for Newtek One, our first quarter -- our second quarter results are as follows. Net interest income for the second quarter was $5.7 million, which is up 23.9% from the first quarter net interest income of $4.6 million. Net interest income is comprised of $22.6 million of total interest income on loans and fees on loans, offset by $16.9 million of total interest expense. $9.1 million of interest expense is driven by the interest expense of our notes and securitizations. In addition, $3.7 million is due to the interest from bank and FHLB borrowings and $4.1 million of interest expense on deposits.

根據 Newtek One 的綜合 GAAP 基礎，我們第一季度和第二季度的業績如下。第二季度淨利息收入為570萬美元，比第一季度淨利息收入460萬美元增長23.9%。淨利息收入由 2,260 萬美元的貸款利息總收入和貸款費用組成，並被 1,690 萬美元的總利息支出所抵消。 910 萬美元的利息支出是由我們的票據和證券化的利息支出驅動的。此外，還有 370 萬美元是銀行和 FHLB 借款利息以及 410 萬美元存款利息支出。

In the first quarter of 2023, the company previously implemented CECL on the Newtek Bank loans portfolio, an additional $2.6 million of provision for loan credit losses was recorded in the second quarter. Net interest income after the provision for loan credit losses is $3.1 million for the second quarter of 2023.

2023年第一季度，該公司此前對Newtek銀行貸款組合實施了CECL，第二季度額外記錄了260萬美元的貸款信用損失撥備。 2023 年第二季度扣除貸款信用損失準備金後的淨利息收入為 310 萬美元。

Focusing on total noninterest income of $46.4 million, $4.3 million is a result of servicing income, $13.2 million of net gains on sale of loans, $6.5 million from technology and IT support income, $10.7 million from electronic payment processing income, $4.4 million of net gain on loans accounted for under the fair value option and $6.1 million of other noninterest income.

重點關注4640 萬美元的非利息總收入，其中430 萬美元來自服務收入，1320 萬美元來自貸款銷售淨收益，650 萬美元來自技術和IT 支持收入，1070 萬美元來自電子支付處理收入，440 萬美元來自淨收益公允價值選擇下的貸款和 610 萬美元的其他非利息收入。

Going back to the $13.2 million of net gains on the sale of loans, which is comprised of the realized gains recognized from the sale of the guaranteed portions of SBA 7(a) loans sold during the second quarter totaled $18.5 million. In the second quarter of 2023, Newtek Bank and NSBF sold 566 loans for $154.5 million at an average premium of 10.15%. Realized losses on the SBA 7(a) loans for the second quarter of 2023 was $5.3 million.

回到出售貸款的 1,320 萬美元淨收益，其中包括第二季度出售的 SBA 7(a) 貸款擔保部分所確認的已實現收益，總計 1,850 萬美元。 2023 年第二季度，Newtek Bank 和 NSBF 出售了 566 筆貸款，金額為 1.545 億美元，平均溢價為 10.15%。 2023 年第二季度 SBA 7(a) 貸款的已實現損失為 530 萬美元。

Moving down to noninterest expense of $40.2 million, which is primarily comprised of $19.4 million of salaries and employee benefits for the consolidated financial holding company, $4.8 million as a result of electronic payment processing expenses, $3.5 million from the technology service expenses, $3.2 million of professional service expenses and $3.6 million of other loan origination and maintenance expenses and $4.9 million of other general and administrative costs.

非利息支出為 4020 萬美元，主要包括合併金融控股公司的工資和員工福利 1940 萬美元、電子支付處理費用 480 萬美元、技術服務費用 350 萬美元、金融服務費用 320 萬美元。專業服務費用、360萬美元的其他貸款發放和維持費用以及490 萬美元的其他一般和管理費用。

Pretax net income for the second quarter of 2023 is $9.3 million. And on an after-tax basis, consolidated net income for the second quarter of 2023 was $6.8 million or $0.26 per share. I would now like to turn the call back to Barry.

2023 年第二季度稅前淨利潤為 930 萬美元。按稅後計算，2023 年第二季度的合併淨利潤為 680 萬美元，即每股 0.26 美元。我現在想把電話轉回給巴里。

Thank you, Nick. Operator, we would love to open it up to Q&A as that concludes the presentation portion of the call.

謝謝你，尼克。接線員，我們很樂意將其開放給問答環節，因為這結束了通話的演示部分。

(Operator Instructions) Your first question comes from the line of Crispin Love from Piper Sandler.

（操作員說明）您的第一個問題來自 Piper Sandler 的 Crispin Love 線路。

First, Barry, I was just curious if you could comment on how you view credit quality to be performing in the loan book and just expectations going forward. Your provision came in below your guide in the second quarter. And then also, if you could just share what level nonaccruals were as of quarter end and then if there were any charge-offs in the quarter.

首先，巴里，我很好奇您是否可以評論一下您如何看待貸款簿中的信用質量以及未來的期望。第二季度你們的供應量低於指導值。另外，您是否可以分享截至季度末的非應計費用水平以及該季度是否有任何沖銷。

Sure. I'll take the first part. I'll see if Scott and Nick can help me on the second. On the first part, relative to the provision, I think in prior calls, we had talked about a 7% or 8% CECL provision, which, frankly, is consistent with what we did, but when you take it back to present value terms, it comes in a little bit less than that. So we believe we're consistent with what we've previously forecasted. But from an accounting standpoint, that's pretty much where it comes in at. Relative to the quality, Scott or Nick, do you want to pick that one up?

當然。我將採取第一部分。我會看看斯科特和尼克是否能在第二次幫助我。第一部分，相對於準備金，我認為在之前的電話會議中，我們討論過7%或8%的CECL準備金，坦率地說，這與我們所做的一致，但是當你把它帶回到現值條款時，它的收入比這個少一點。因此，我們相信我們與之前的預測是一致的。但從會計的角度來看，這幾乎就是它的用武之地。相對於質量，斯科特還是尼克，你想選那個嗎？

Barry, this is Scott. I can speak to the allowance and just expand on that. We did make an accounting policy election when we bought the bank and implemented CECL that we would discount our expected losses. So if you think about the 7(a) portfolio with an over 11% coupon and you discount that back, you can clearly see that a custom discounting that kind of interest rate will really reduce the expected losses. So we are susceptible to future interest rate moves, and it's going to be a very interesting scenario to see play out for the rest of the year. But that is the reason for the discrepancy between the two.

巴里，這是斯科特。我可以談談津貼並對此進行擴展。當我們收購該銀行並實施 CECL 時，我們確實做出了會計政策選擇，即我們將折現我們的預期損失。因此，如果您考慮利率超過 11% 的 7(a) 投資組合，然後將其貼現，您可以清楚地看到，自定義貼現這種利率確實會減少預期損失。因此，我們很容易受到未來利率變動的影響，今年剩餘時間裡，這將是一個非常有趣的情況。但這就是造成兩者差異的原因。

And then for the other question, the NPLs as a percentage of the loan portfolio at fair value was about 6.9%, and the realized losses for the quarter was $5.3 million.

對於另一個問題，不良貸款佔按公允價值計算的貸款組合的百分比約為 6.9%，該季度已實現的損失為 530 萬美元。

Okay. Do you have the NPLs at cost as well or just a fair value?

好的。您的不良貸款是按成本還是按公允價值計算？

At cost, I think it's about 12.8%.

按成本計算，我認為約為12.8%。

Okay. Great. And then just one other question for me. Just on the cadence of earnings in the back half of the year. I think in the third quarter, you're now expecting $0.37 in EPS. Previous guide was $0.43, if I'm correct, but kept the fourth quarter pretty steady at $0.69. So just curious on your confidence in the ramp in earnings in the back half of the year. especially the fourth quarter and what the key drivers that you expect to drive that? It seems that loan growth is expected to pick up a lot in the fourth quarter. So curious on why that is? And then what else does that play driving the acceleration in earnings?

好的。偉大的。然後還有一個問題要問我。就在下半年的盈利節奏上。我認為在第三季度，您現在預計每股收益為 0.37 美元。如果我沒猜錯的話，之前的指導價是 0.43 美元，但第四季度保持穩定在 0.69 美元。所以只是好奇你對下半年盈利增長的信心。特別是第四季度，您預計推動這一增長的關鍵驅動因素是什麼？看來第四季度貸款增長有望大幅回升。很好奇這是為什麼？那麼，這還有什麼作用可以推動盈利加速呢？

I appreciate the question. You're fairly new to us. I think you're about 6 months old. But over the course of 20 years, the fourth quarter has always been our biggest quarter. We can also tell by the pipeline that we have going. And I think it was important to try to emphasize that we have a day job of growing our business.

我很欣賞這個問題。你對我們來說還很陌生。我想你大約6個月大。但20年來，第四季度始終是我們最大的季度。我們還可以通過管道得知我們已經在進行。我認為重要的是要努力強調我們的日常工作是發展我們的業務。

Our night job was moving over people, staff, policies, procedures, wire instructions, PLP status, regulatory issues with 2 new regulators still keeping -- I mean, the headwinds that we've had in the first 6 months of the year, I cannot describe. It's like having 3 jobs. I still think we're going to probably continue to have 3 jobs through the rest of this year and then maybe they'll go down to 2. And then maybe to go down to 1, so we'll be able to focus most of the time going out in the future on the 1 job where we hope to be able to hit the gold stream and outperform things a little bit better than we are today.

我們的夜間工作是處理人員、員工、政策、程序、電報指示、PLP 狀態、兩個新監管機構仍然存在的監管問題——我的意思是，我們在今年前 6 個月遇到的阻力，我無法描述。這就像有3份工作。我仍然認為今年剩下的時間裡我們可能會繼續擁有 3 個工作崗位，然後可能會減少到 2 個。然後可能會減少到 1 個，這樣我們就能夠專注於大部分工作未來我們希望能夠在第1 項工作中取得成功，並比今天做得更好一些。

But we feel pretty good about the numbers. And obviously, you've got also a fairly volatile environment with things changing quite a bit, particularly on the short end of the curve and pricing and things of that nature. So we feel pretty good about the numbers. We've historically been a pretty good forecaster.

但我們對這些數字感覺很好。顯然，你還面臨著一個相當不穩定的環境，事情發生了很大的變化，特別是在曲線的短端和定價以及類似性質的事情上。所以我們對這些數字感覺很好。從歷史上看，我們一直是一位相當出色的預測者。

(Operator Instructions) Your next question is from the line of Michael Perito from KBW.

（操作員說明）您的下一個問題來自 KBW 的 Michael Perito。

Just one quick follow-up on the guidance. Just on the margin assumption, the 10.75%, I was just wondering if you could take that a layer deeper for us? I mean it seems like I've looked around at some of the banks that sell a good amount of this paper, including yourselves, and it seems like the secondary environment was pretty stable in the second quarter after some volatility the 2 months -- the 2 quarters before that. And just wondering why does that feel like the right level based on what you're seeing today for the back half of the year for selling loans and what gives you kind of some confidence around that number, so a bit below where you've been historically, but obviously a bit back from where you were in the second quarter?

只需對指南進行快速跟進即可。就保證金假設而言，10.75%，我只是想知道您是否可以為我們更深入地了解這一點？我的意思是，我似乎已經環顧過一些出售大量本文的銀行，包括你們自己，在經歷了兩個月的一些波動之後，第二季度的二級環境似乎相當穩定——在此之前的2個季度。只是想知道為什麼根據您今天看到的今年下半年銷售貸款的情況，這感覺像是正確的水平，以及是什麼讓您對這個數字有一些信心，所以有點低於您一直以來的水平從歷史上看，但顯然比第二季度的情況有所回落？

Sure, Mike, and I appreciate the question. I'm going to try to dig out the page in the deck that focuses on our sort of history of gain on sale prices. I think the major difference between us and the organizations is the fact that we're dealing directly with borrowers. Slide #22 really goes back into sort of the history of our net premium trends. You can see there's not -- there's some volatility there, but it's not like -- with the exception of 2021, where the SBA had 0 fees in the middle and we got up to 13%. I mean you're really pretty much looking at about a 1.5 point swing plus or minus.

當然，邁克，我很欣賞這個問題。我將嘗試找出甲板上重點關注我們銷售價格收益歷史的頁面。我認為我們和這些組織之間的主要區別在於我們直接與借款人打交道。幻燈片 #22 確實可以追溯到我們的淨保費趨勢的歷史。你可以看到，沒有——那裡有一些波動，但不是——除了 2021 年，SBA 中間的費用是 0，而我們的費用高達 13%。我的意思是，您實際上非常關注 1.5 個點的正負波動。

Relative to pricing going forward, we feel very good about on a going-forward basis, our loans being priced at prime plus 300. That's the only rate that we do. So unlike a lot of our competitors in the space that have different rates for different people. We have 1 rig. It's prime plus 3. We deal directly with the borrower. There's no broker and there's no expensive banker in the middle of the transaction. And we were able to quickly ascertain what the borrowers' needs are. We give them a long AM schedule, we close the deal, and we give them a lot of other things, which is why I believe they do the loan.

相對於未來的定價，我們對未來的定價感覺非常好，我們的貸款定價為優惠價格加 300。這是我們唯一採用的利率。因此，與我們該領域的許多競爭對手不同，他們對不同的人有不同的費率。我們有 1 台鑽機。它是素數加 3。我們直接與借款人打交道。交易過程中沒有經紀人，也沒有昂貴的銀行家。我們能夠快速確定借款人的需求是什麼。我們給了他們一個很長的 AM 時間表，我們完成了交易，我們給了他們很多其他的東西，這就是為什麼我相信他們會提供貸款。

So I think when you look at where the market is, the current price that we've used is based upon a very recent mix of loans that we sold. And then also I think it's important to note and maybe people that aren't day-to-day in the business as we are, a 25-year loan by commercial real estate can get sold into the market at 114, 115, 116 of which it gets split. And then a 10-year deal that's got that commercial real estate sells at 110 or 111.

因此，我認為，當您查看市場情況時，我們使用的當前價格是基於我們最近出售的貸款組合。然後我認為值得注意的是，也許那些不像我們一樣從事日常業務的人，商業房地產的 25 年期貸款可以以 114、115、116 的價格出售到市場上。它被分割。然後是一項為期 10 年的協議，商業地產的售價為 110 或 111。

So when you look at the mix and the blend of real estate backed versus non-real estate backed, that changes things. Big loans versus small loans changes the discount. So it's not that easy a formula to figure out, but we're pretty good at making the guesses. And we obviously look at where the entire market is going. And the market right now seems to be pretty good.

因此，當你看看房地產支持與非房地產支持的組合和混合時，情況就會發生變化。大額貸款與小額貸款的折扣不同。所以這個公式並不是那麼容易算出來，但我們非常擅長做出猜測。我們顯然會關注整個市場的走向。而且現在的市場似乎還不錯。

The other thing that's really important also is -- from a portfolio perspective, when are the rates changing? So our legacy portfolio in NSBF is primarily at prime plus 2.75%. Our new loans since the change was put in place is prime plus 3%. That's why we're also getting better prices holding everything else constant. The extra 25 basis points makes a difference. Hopefully, that was helpful.

另一件真正重要的事情是——從投資組合的角度來看，利率什麼時候發生變化？因此，我們在 NSBF 的傳統投資組合主要處於黃金期，加 2.75%。自變革實施以來，我們的新貸款為優質貸款加 3%。這就是為什麼我們在其他條件不變的情況下也能獲得更好的價格。額外的 25 個基點會產生影響。希望這有幫助。

It was. And then just a few more for me, and I apologize, it's kind of all over the place. But just one last one on the guide. The jump in share count in the fourth quarter, I just wanted to confirm, is it safe -- that that's just kind of like equity grant or stock comp related stuff, right? That's just an assumption you guys are making around that, nothing more?

它是。然後對我來說還有一些，我很抱歉，這有點到處都是。但只有指南上的最後一項。我只是想確認一下，第四季度股票數量的激增是否安全——這有點像股權授予或股票補償相關的東西，對嗎？這只是你們所做的一個假設，僅此而已？

It's a good catch, Mike. You're very thorough, and I appreciate that. I think that is a plug number in terms of something we may or may not do. I'm not sure we need to do it. But no, that's not comp, that would prospectively be a raise, but we've got access to debt markets. We've got access to equity markets. And that's kind of how we manage our guidance going forward. So I can't tell you that that comp will occur. That's just the best guess and that kind of helps us get to these numbers, if that's helpful. I hope it is helpful. Obviously, our goal--

這是一個很好的收穫，邁克。你說得非常徹底，我很欣賞。我認為這是一個關於我們可能會做或可能不會做的事情的插頭編號。我不確定我們是否需要這樣做。但不，這不是補償，這可能會是加薪，但我們可以進入債務市場。我們可以進入股票市場。這就是我們管理未來指導的方式。所以我不能告訴你那個補償將會發生。這只是最好的猜測，如果有幫助的話，這可以幫助我們獲得這些數字。我希望它有幫助。顯然，我們的目標——

Yes. No, I mean it is, I guess, so is it -- I guess maybe that opens up a broader question then is just -- I mean do you guys -- as it stands today, do you feel you need to add some type of capital at the bank sub in the fourth quarter potentially, given your growth rates or?

是的。不，我的意思是，我想，也是如此 - 我想這可能會提出一個更廣泛的問題，然後只是 - 我的意思是你們 - 就目前而言，您是否覺得需要添加一些類型考慮到您的增長率，第四季度銀行子公司的資本可能會增加？

No. Need nothing at the bank, nothing. The holding company -- listen, the other thing too is that money is available to you at a fair price, you can make money off via take it. So I'd be frank with you, I'm less enthusiastic about selling shares that would be a debt, although the debt markets haven't been really that [kind] in the last month or so. So it's a really hard thing to do this, which I'm sure you could appreciate. Like I don't know, as a bank holding company debt going to be -- are you going to be able to do a 7.5% or 9.5% in the fourth quarter. I have no idea. It's hard to tell.

不需要。在銀行不需要任何東西，不需要。控股公司——聽著，另一件事是你可以以公平的價格獲得資金，你可以通過拿走它來賺錢。所以我坦白地告訴你，我對出售可能成為債務的股票不太熱衷，儘管債務市場在過去一個月左右的時間裡並沒有真正那麼[好]。所以做到這一點真的很難，我相信你會欣賞的。我不知道，作為一家銀行控股公司的債務，第四季度能否達到 7.5% 或 9.5% 的水平。我不知道。很難說。

And I'm not sure we need it. So as we do this, what we try to do is put our best guesses out there, and we always want to never overpromise and under deliver. So obviously, that's a little bit of a drag, but I wouldn't say that that's something that you can absolutely count on at this point.

我不確定我們是否需要它。因此，當我們這樣做時，我們試圖做的就是提出最好的猜測，並且我們始終希望永遠不要承諾過多而兌現不足。顯然，這有點麻煩，但我不會說這是您目前絕對可以信賴的東西。

So if I'm hearing you right, it's a conservative assumption that you might add some capital at the holding company level at some point, but that might not happen?

因此，如果我沒聽錯的話，這是一個保守的假設，即您可能會在某個時候在控股公司層面增加一些資本，但這可能不會發生？

It might not happen. Clearly, I don't need it at the bank. And the only capital I need at the holding company would be to do the nonconforming loans because there's nothing else that needs capital.

這可能不會發生。顯然，我在銀行不需要它。我在控股公司唯一需要的資本就是辦理不合格貸款，因為沒有其他需要資本的事情了。

And then just 2 more. Just on the -- I believe in past conversations, Barry, you've talked a little bit about the credit on the NSBF portfolio, particularly some of the vintages that happened during the pandemic. Based on where the kind of gains and losses were on the fee lines around fair value, it didn't really seem like there was any credit deterioration. But I was wondering if you could just spend a minute talking about any delinquency trends in the SBF book that you guys are seeing? I mean it's kind of -- you touched on it a little bit, I think, in the prior question, but just wondering if you can go kind of a layer deeper on that for us.

然後還有 2 個。只是關於——我相信在過去的談話中，巴里，你談到了一些關於 NSBF 投資組合的信用，特別是在大流行期間發生的一些年份。根據公允價值附近費用線的損益類型，看起來並沒有真正出現任何信用惡化。但我想知道你們能否花一點時間談談你們在 SBF 書中看到的任何犯罪趨勢？我的意思是，我想，在上一個問題中，您稍微觸及了這一點，但只是想知道您是否可以為我們更深入地探討這一點。

Sure. And I think the NSBF portfolio, we have at fair value. So the NSBF portfolio does not have what I would call a traditional bank loan loss reserve. I believe we've got that portfolio valued at -- from here and a good chunk of it is seasoned, 20% cumulative default rate. That's going forward. And approximately a 45% (inaudible) we've got that portfolio fairly conservatively valued. And Nick, was the market clearing yield on that, like 8.4% net of those charge-offs.

當然。我認為 NSBF 投資組合具有公允價值。因此，NSBF 投資組合沒有我所說的傳統銀行貸款損失準備金。我相信我們已經對這個投資組合進行了估值——從這裡開始，其中很大一部分是經驗豐富的，累計違約率為 20%。這就是未來。大約 45%（聽不清）我們對該投資組合的估值相當保守。尼克是市場清算收益率，扣除這些沖銷後的淨利率為 8.4%。

Yes, that's correct. 8.4%.

對，那是正確的。 8.4%。

Okay. So net of charging off historically over time, that amount of charge-off, and I would say 40% of the portfolio is 3 to 4 years old. We think that portfolio is fairly conservatively valued. So now if you were to ask me, well, gee, what do you think of the environment going forward. The one thing I can almost bank on it will not be as good as the one we're coming out of. We think I'm probably wrong. But from a goldilocks scenario, you couldn't have had a better economic climate, particularly with our customer base for PPP, an EIDL loan, C-credits, of which, by the way, we're still working that with customers.

好的。因此，扣除歷史上隨著時間的推移沖銷後的淨沖銷金額，我想說 40% 的投資組合已經存在 3 到 4 年了。我們認為該投資組合的估值相當保守。所以現在如果你問我，天啊，你對未來的環境有何看法。我幾乎可以指望的一件事不會像我們正在經歷的那樣好。我們認為我可能是錯的。但從最理想的情況來看，你不可能擁有更好的經濟環境，特別是考慮到我們的 PPP、EIDL 貸款、C 信貸客戶群，順便說一句，我們仍在與客戶合作。

So I just think that it's going to get a little worse. The other thing too is it's a seasoned portfolio. So it's only to look uglier and other lease time goes on, and I want to embrace you and other people for that. I mean it doesn't get any better if you don't add anything new to it, right? It's only going to get worse from a percentage standpoint. I also want to point out, when I look at nonaccruals, right, I think this is really important for the 7(a) business. The only thing that really matters is fair value. The original cost is irrelevant.

所以我只是認為情況會變得更糟。另一件事是它是一個經驗豐富的投資組合。所以這只是為了看起來更難看，而且其他租賃時間還在繼續，我想為此擁抱你和其他人。我的意思是，如果你不添加任何新內容，它不會變得更好，對吧？從百分比的角度來看，情況只會變得更糟。我還想指出，當我考慮非應計費用時，我認為這對於 7(a) 業務非常重要。唯一真正重要的是公允價值。原始成本無關緊要。

Now why do I say it's irrelevant. We already took the charge. Similarly, we already got the gain on sale and you have a nice high coupon. So people say, oh my God, it's 13%. Well, first of all, the other thing is we've gone through COVID where you couldn't foreclose on stuff, and we chase personal guarantees. So one like a bank that when the thing goes bad, they just bang it out, this is a nonbank asset, and it's driven at a nonbank level. So it's going to look very different than in a bank environment.

現在為什麼我說它無關緊要。我們已經承擔了責任。同樣，我們已經獲得了銷售收益，並且您擁有不錯的高額優惠券。所以人們說，天哪，是 13%。嗯，首先，另一件事是我們經歷了新冠疫情，你不能取消抵押品贖回權，而且我們追求個人擔保。因此，像銀行這樣的人，當事情變壞時，他們就會把它搞砸，這是一種非銀行資產，並且是在非銀行層面驅動的。因此，它看起來與銀行環境有很大不同。

I just want to point that out because -- and the other thing is we look at losses over the life of the portfolio, not in any given year. So like we're very comfortable with CECL, which is sort of similar, but not exactly. But I think these things you're pointing out are very important differentiators between Newtek One and most of the organizations that are in this particular structure.

我只是想指出這一點，因為 - 另一件事是我們著眼於投資組合生命週期內的損失，而不是任何特定年份的損失。我們對 CECL 非常滿意，它有點相似，但又不完全一樣。但我認為您指出的這些事情是 Newtek One 與處於這一特定結構中的大多數組織之間非常重要的區別。

Got it. Very helpful. And then sorry to ask one, but just a couple of other quick ones. Just on the loan portfolio buckets, maybe this is a question for Nick or Scott. But just can you remind us -- I know the NSBF, the answer is no. But as we think about the go-forward provisioning cost, do all the other buckets, the loans at amortized cost, the conventional loans, does everything kind of flow through a CECL provision other than the SBF bucket? I apologize it's kind of basic question. I just want to make sure I have it right.

知道了。很有幫助。然後很抱歉問一個問題，但還有其他幾個問題。就貸款組合而言，這也許是尼克或斯科特的問題。但你能否提醒我們一下——我知道 NSBF，答案是否定的。但是，當我們考慮遠期撥備成本時，所有其他類別（按攤銷成本的貸款、傳統貸款）是否都通過除 SBF 類別之外的 CECL 撥備來流動？我很抱歉這是一個基本問題。我只是想確保我做對了。

Scott, I'll let you take that one.

斯科特，我會讓你拿走那個。

So, as you think about the portfolio, you've got the traditional NB NYC portfolio. And if you go back to the first quarter, you can see that we reserved about 1.25% on that portfolio. Keep in mind that we did have 1 loan that we were watching. It looks like that loan could be coming to resolution in the future. And so we're monitoring that situation, but we don't expect any losses. And in fact, we expect performance better than what we had originally projected. So that's one item to note.

因此，當您考慮投資組合時，您會得到傳統的 NB NYC 投資組合。如果你回到第一季度，你會發現我們在該投資組合中保留了大約 1.25%。請記住，我們確實有 1 筆貸款正在觀察。看來這筆貸款將來可能會得到解決。因此，我們正在監控這種情況，但我們預計不會造成任何損失。事實上，我們預計性能會比我們最初預計的更好。這是需要注意的一項。

I think as you think about the portfolio going forward, we generated about $48 million of unguaranteed 7(a) loans during the period. And so as you look at the provisioning on that portfolio, you have to take into account the discounting. I can't emphasize that enough, particularly in the volatile rate scenarios that we find ourselves in today. So as rates move up, our allowance naturally has a propensity to go down, all else equal. So that's just -- that is the math and the accounting that we've elected.

我認為，當你考慮未來的投資組合時，我們在此期間產生了約 4800 萬美元的無擔保 7(a) 貸款。因此，當您查看該投資組合的撥備時，您必須考慮折扣。我怎麼強調都不為過，特別是在我們今天所處的利率波動的情況下。因此，在其他條件相同的情況下，隨著利率上升，我們的津貼自然會下降。這就是我們選擇的數學和會計方法。

So when you look at it, Barry mentioned the 7% to 8%, you discounted back, you're looking at somewhere anywhere $650 million to $675 million based prior to the Fed move. So I think you can expect that kind of provisioning as we move forward, understanding that if rate hikes do go in, we will -- that number will most likely come down.

因此，當你看它時，巴里提到了 7% 到 8%，你折扣回來了，你看到的是在美聯儲采取行動之前的 6.5 億到 6.75 億美元之間的任何地方。因此，我認為，隨著我們前進，您可以期待這種撥備，因為我們知道，如果加息確實發生，那麼這個數字很可能會下降。

Perfect. And then just lastly, and this will be quick. But just do you have -- Scott, do you have the -- or Nick, do you have the average earning assets for the quarter? And can you just confirm that what the average kind of full quarter NIM was? I just want to make sure I have it right.

完美的。最後，這會很快。但是，斯科特，你有嗎？或者尼克，你有本季度的平均盈利資產嗎？您能否確認整個季度淨息差的平均水平是多少？我只是想確保我做對了。

Yes. So we're looking at total interest-earning assets for 6/30 quarter end at about $1.8 billion.

是的。因此，我們預計 6/30 季度末的生息資產總額約為 18 億美元。

Do you have the average for the quarter, though, by chance?

不過，你有這個季度的平均值嗎？

That is the average. Yes, sorry. Yes, for the quarter ended 6/30. So $1.89 average daily balance for interest-earning assets, net interest margin at $2.09 for the consolidated company. Perfect. Thank you guys. Sorry for all the questions, but I appreciate you taking them.

這是平均值。是的，抱歉。是的，截至 6 月 30 日的季度。因此，合併公司的生息資產日均餘額為 1.89 美元，淨息差為 2.09 美元。完美的。感謝你們。很抱歉提出所有問題，但感謝您提出這些問題。

(Operator Instructions) Your next question comes from the line of Bryce Rowe from B. Riley.

（操作員說明）您的下一個問題來自 B. Riley 的 Bryce Rowe。

I wanted to start maybe on this concept of the guide and the seasonality that you've seen in the past, Barry. So you've got forecasted operating expenses consolidated coming down in the back half of the year. And then you also are showing the NTS and NMS pretax income is going up pretty considerably in the back half of the year. Just curious, how you would kind of characterize the seasonality of that or just capturing operating efficiencies as you move further away from the move from BDC to bank?

我想從指南的概念和你過去看到的季節性開始，巴里。因此，預計今年下半年的綜合運營費用將會下降。然後您還顯示 NTS 和 NMS 稅前收入在今年下半年大幅增長。只是好奇，當您進一步從 BDC 轉向銀行時，您將如何描述其季節性或只是捕捉運營效率？

NMS is clearly a seasonality, particularly with third and fourth quarter. NTS, I think that there were issues, particularly in technology, where given the economy in Q1 and Q2, a lot of people delayed projects, and we think are coming back on stream. Regarding the lending, we're fairly confident about the volumes. Obviously, once again, it is hard to forecast, but we feel very good about it. Relative to the operational expenses, we're just getting much more efficient at this particular business. So when you look at it as a percentage of things from an efficiency ratio, we're really just getting a lot more leverage out of our operations and our business, putting more (inaudible). And that will be a challenge, will be more technology solutions. I'm very confident in the NMS because we're just looking at the seasonal factors there.

NMS 顯然具有季節性，尤其是第三季度和第四季度。 NTS，我認為存在問題，特別是在技術方面，考慮到第一季度和第二季度的經濟狀況，很多人推遲了項目，我們認為正在恢復正常。關於貸款，我們對數量相當有信心。顯然，這再次很難預測，但我們對此感覺非常好。相對於運營支出，我們在這項特定業務上的效率正在提高。因此，當你將其視為效率比中的百分比時，我們實際上只是從我們的運營和業務中獲得了更多的槓桿作用，投入更多（聽不清）。這將是一個挑戰，將是更多的技術解決方案。我對 NMS 非常有信心，因為我們只關注那裡的季節性因素。

Okay. Okay. That's helpful. And then I think, Barry, in your prepared remarks, you talked about a dividend from the bank to the holding company. Just wanted to make sure I heard that correctly. And can you speak to kind of the dynamic there, especially considering that you put equity into the bank when you close the transaction.

好的。好的。這很有幫助。然後我想，巴里，在你準備好的發言中，你談到了銀行向控股公司發放股息。只是想確保我聽到的是正確的。您能否談談那裡的動態，特別是考慮到您在完成交易時將股權存入銀行。

Sure. So with my Chief Legal Officer on my right shoulder here, imaginary, the only party that can declare a bank dividend is the Board of Directors. It has to be approved by the regulators. But I'd say with confidence that this is something that we plan to do and we are in compliance and subject to those 2 authorities approving it. I think it's something that the market can expect and I would hope as somebody that's going to recommend this both to the regulatory authorities and the Board that a 50% ratio might be something that one can expect from the bank to the hold co, paid out of profits, of course. And the hold co dividend, which we set is somewhere around 30%-ish, 33.3%. So that's kind of what our thoughts are there.

當然。因此，假設我的首席法律官在我的右肩上，唯一可以宣布銀行股息的一方是董事會。它必須得到監管機構的批准。但我可以自信地說，這是我們計劃做的事情，我們遵守規定，並受到這兩個當局的批准。我認為這是市場可以預期的事情，作為向監管機構和董事會推薦這一點的人，我希望銀行向控股公司支付 50% 的比例。當然是利潤。我們設定的持有股份股息約為 30% 左右，即 33.3%。這就是我們的想法。

Okay. And reason for doing that is to kind of help manage capital at the hold co. I mean you just talked about really not needing incremental capital at the hold co. So just curious kind of how you would use that capital at the hold co level.

好的。這樣做的原因是為了幫助管理控股公司的資本。我的意思是，您剛才談到控股公司確實不需要增量資本。所以只是好奇你將如何在控股層面使用這些資本。

Yes, it would be used for the (inaudible) business primarily. That's got the need for it. It could also be used to pay down debt as well.

是的，它將主要用於（聽不清）業務。正是有這個需要。它還可以用來償還債務。

Your next question comes from the line of Scott Sullivan from Raymond James.

您的下一個問題來自雷蒙德·詹姆斯 (Raymond James) 的斯科特·沙利文 (Scott Sullivan)。

Congrats to you and the team on really continuing this transition rather elegantly. So my comments and questions come from a slightly different perspective. As I've really been fortunate enough to be an adviser and portfolio manager for clients and been involved with Newtek since the early BDC days, as you know. And frankly, as everyone knows, you crushed it. You guys have really done an outstanding job. So it's a natural turn towards the banking side now.

祝賀您和團隊真正優雅地繼續這一轉變。所以我的評論和問題來自稍微不同的角度。如您所知，我真的很幸運能夠成為客戶的顧問和投資組合經理，並且從 BDC 早期就開始參與 Newtek。坦率地說，眾所周知，你粉碎了它。你們確實做得非常出色。所以現在轉向銀行業是很自然的事情。

My question has to do with scalability and perhaps blue sky runway under some, I think, some exciting assumptions, at least that I have. I see a lack of financial stress. I see a potential eventual de-inversion of the yield curve. Obvious, as you talked about tech developments, AI and other that in my opinion, are going to lead to a huge productivity boom for possibly a decade long. So question after that ramble is what's a blue sky runway for you guys in terms of growth rate, loan growth, et cetera, with the special sauce that you've proven in terms of your process and under these macro assumptions.

我的問題與可擴展性有關，也許與藍天跑道有關，我認為是一些令人興奮的假設，至少我有。我認為沒有財務壓力。我認為收益率曲線最終可能會出現反轉。顯然，當你談到技術發展時，我認為人工智能和其他技術將導致生產力的巨大繁榮，並可能持續十年之久。因此，閒聊之後的問題是，在增長率、貸款增長等方面，對於你們來說，什麼是藍天跑道，以及你們在流程和這些宏觀假設下已經證明的特殊醬汁。

Sure. Well, I think that if you look at the road map, which relates to people process and software, no bankers, no brokers, no BDOs, no branches. The market visualized as the management team can that we could grow the revenue stream without matching dollar for dollar with expenses, then the future is pretty bright for us. And I want to be real clear about this. A lot of people say, well, gee, why did you buy a bank? Do you want to leverage net deposits. Well, that's just a fact of the banking business, but (inaudible) to the ability to communicate and deliver bundled services with margin pooling that actually give that customer a tremendous advantage.

當然。好吧，我認為如果你看一下路線圖，它涉及人員流程和軟件，沒有銀行家，沒有經紀人，沒有 BDO，沒有分支機構。市場可視化為管理團隊可以增加收入流，而無需將美元與支出相匹配，那麼未來對我們來說是相當光明的。我想真正明確這一點。很多人說，哎呀，你為什麼要買銀行？您想利用淨存款槓桿嗎？嗯，這只是銀行業務的一個事實，但是（聽不清）通過保證金池進行溝通和提供捆綁服務的能力實際上為客戶帶來了巨大的優勢。

So here's a simple thing. -- document storage, okay? We've had this and use it to make loans forever. If you bank with us, you would get free documents and you take advantage, your consumer, could be your insurance policies, your photos, your driver's license, your rental agreements. If you're a business, it's your articles. That's free. It's a benefit. You can go to the Advantage and look at your web traffic analytics that are changing every day. That's free.

這是一個簡單的事情。 -- 文件存儲，好嗎？我們已經有了這個並用它來永遠發放貸款。如果您通過我們進行銀行業務，您將獲得免費文件，並且您可以利用您的消費者，可能是您的保險單、您的照片、您的駕駛執照、您的租賃協議。如果您是一家企業，那就是您的文章。那是免費的。這是一個好處。您可以轉到 Advantage 並查看每天都在變化的網絡流量分析。那是免費的。

And then you have -- and I love asking this question to anybody. Who do you know at your bank? Half the time, they say, I don't know anybody. The other half the time, they could name one person maybe, and that one person can't do anything, except hand them off to somebody else at the bank to do whatever it is they need to get done. That's not the case with the Newtek Advantage. You get 6 relationships. So you get the analytics. I mean, there's so many things. That's why I'm very excited about the model, how we're positioned. It's different. It's very hard to replicate because over 20 years, we've owned the payments business. We've owned a tech solutions business. We've owned it.

然後你——我喜歡向任何人問這個問題。您在銀行認識誰？他們說，有一半的時間我不認識任何人。另一半的時間，他們也許可以指定一個人的名字，而這個人甚麼也做不了，除了將他們交給銀行的其他人去做他們需要完成的任何事情。 Newtek Advantage 的情況並非如此。你得到 6 個關係。這樣你就得到了分析結果。我的意思是，有很多事情。這就是為什麼我對這個模型以及我們的定位感到非常興奮。這不一樣。這很難復制，因為 20 多年來，我們一直擁有支付業務。我們擁有一家技術解決方案業務。我們已經擁有它了。

So we owned all these things. They're not just stuff slapped together and hoping they work well. So that's kind of where I see that blue sky without getting into the numbers of the math. Now when you look at the ROAA and the ROTCE that's where people are going to have to look at this and go, okay, I can actually compute this in the numbers. That's very helpful.

所以我們擁有所有這些東西。它們不僅僅是拼湊在一起並希望它們能很好地工作的東西。這就是我看到藍天而無需考慮數學數字的地方。現在，當你查看 ROAA 和 ROTCE 時，人們必須查看這一點，然後說，好吧，我實際上可以用數字來計算這一點。這非常有幫助。

One last question. Could you speak to any often talked about now, loan office exposure?

最後一個問題。您能談談現在經常談論的貸款辦公室曝光嗎？

Did you say loan office? Oh, office. I believe that the National Bank of New York City portfolio might have had maybe $15 million-ish. But these are not skyscrapers. These are like medical offices, $1 million to $1.5 million balances. So there's no -- I mean, we're blessed. We don't have that type of exposure in the portfolio.

你說的是貸款辦公室嗎？哦，辦公室。我相信紐約國家銀行的投資組合可能有 1500 萬美元左右。但這些不是摩天大樓。這些就像醫療辦公室，有 100 萬到 150 萬美元的餘額。所以沒有——我的意思是，我們很幸運。我們的投資組合中沒有此類風險敞口。

Well, that's very helpful. As I said, we don't get many opportunities to sort of get in the ground floor of a new bank with new techniques and expertise without all the legacy baggage. So congratulations.

嗯，這很有幫助。正如我所說，我們沒有太多機會在​​沒有所有遺留包袱的情況下，以新技術和專業知識進入一家新銀行的底​​層。所以恭喜你。

There are no further questions. Please go ahead.

沒有其他問題了。請繼續。

No, operator, I appreciate it. there any -- I don't think there's any other questions that I'm seeing.

不，接線員，我很感激。我認為我沒有看到任何其他問題。

We just one have from Christopher Nolan from Ladenburg Thalmann and Company.

我們只有來自拉登堡塔爾曼公司的克里斯托弗·諾蘭的一份報告。

You have a very differentiated business model. Are you finding more resistance from bank regulators who are having a difficult time getting their hands around your business?

你們有一個非常差異化的商業模式。您是否發現銀行監管機構的阻力更大，他們很難掌控您的業務？

It wouldn't have surprised me if in fact the regulators would pause. And so far, we haven't seen that at all. So I would say we've been blessed that everything we said we're going to do in our plan we've done, including excessive amounts of capital, good performance. So no, the answer is it wouldn't have surprised me if that occurred. It just has not. And we don't see any hints of that occurring, at least (inaudible).

如果監管機構實際上會暫停，我也不會感到驚訝。到目前為止，我們還沒有看到這一點。所以我想說，我們很幸運，我們在計劃中所說的一切都已經完成，包括大量的資本和良好的業績。所以不，答案是如果發生這種情況我不會感到驚訝。它只是沒有。我們至少沒有看到任何發生這種情況的跡象（聽不清）。

There are no further questions now. You may continue for closing remarks, Mr. Sloane.

現在沒有其他問題了。斯隆先生，您可以繼續致閉幕詞。

I can't thank everybody enough. And I appreciate everyone being patient to get on the call and get their questions in. So thank you all very much. We look forward to reporting Q3 and Q4 and delivering everything one step at a time. Thank you so much. Have a good day.

我對每一個人都感激不盡。我感謝大家耐心地接聽電話並提出問題。非常感謝大家。我們期待報告第三季度和第四季度，並一步一步地交付所有內容。太感謝了。祝你有美好的一天。

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

今天的電話會議到此結束。感謝大家的出席。您現在可以斷開連接。