NewtekOne Inc (NEWT) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by, and welcome to the NewtekOne Inc., fourth quarter 2023 earnings conference call.

美好的一天，感謝您的耐心等待，歡迎參加 NewtekOne Inc. 2023 年第四季財報電話會議。

(Operator Instructions) Please be advised today's conference is being recorded I would now like to hand the conference over to your speaker today, Barry Sloane, Chairman, President, and CEO of NewtekOne.

（操作員指示） 請注意，今天的會議正在錄製中 我現在想將會議交給今天的發言者，NewtekOne 董事長、總裁兼首席執行官巴里·斯隆 (Barry Sloane)。

Please go ahead.

請繼續。

Good morning, everyone, and welcome to our fourth quarter and full year 2023 financial results conference call where we're pleased to report our results to you this morning.

大家早安，歡迎參加我們的 2023 年第四季和全年財務業績電話會議，我們很高興今天早上向您報告我們的業績。

My name is Barry Sloane, CEO and President and Founder of Newtek Warner, Inc. Joining me today on the call for presentation purposes as Scott Price, our Chief Financial Officer of Newtek Bank, National Association, and Newtek Inc.

我是 Barry Sloane，Newtek Warner, Inc. 的執行長、總裁兼創辦人。

In addition, we also have Nick Young, President and CEO of Newtek Bank N.A.; and Nick Leger, EVP and Chief Accounting Officer for NewtekOne Inc. I'd like to draw your attention to the front slide number one, which is our fourth quarter reporting as a financial holding company excuse me, not Slide Number one is the forward-looking statements.

此外，我們還有 Newtek Bank N.A. 總裁兼執行長 Nick Young； NewtekOne Inc. 執行副總裁兼首席會計官Nick Leger。投影片 -尋找陳述。

It tends to absorb that.

它傾向於吸收這一點。

Now go to slide number two, Slide number two.

現在轉到第二張投影片，第二張投影片。

This is our fourth quarter and third full quarter reporting.

這是我們的第四季和第三個完整季度報告。

As a financial holding company, we acquired National Bank of New York City on January 6.

作為金融控股公司，我們於 1 月 6 日收購了紐約國家銀行。

So it took a while for us to get a lot of the assets employees into new take Bank National Association.

因此，我們花了一段時間才將大量資產員工納入新的國家銀行協會。

So I think it's important when you look at year-over-year comparisons to Q1 2024 for comparison might be a little bit choppy versus the Q1 2023.

因此，我認為，當您查看與 2024 年第一季的同比比較時，與 2023 年第一季相比可能會有點波動，這一點很重要。

And therefore, when we also look at our 2023 performance.

因此，當我們也看看 2023 年的表現。

It's very difficult to do the comparisons cost as a prior PDC.

與之前的 PDC 相比，進行成本比較是非常困難的。

However, I think it's important to focus on the quarter-over-quarter sequential comparisons, and we had a really good year and quarter over quarter comparison.

然而，我認為重點關注季度環比的連續比較很重要，我們有非常好的年度和季度環比比較。

When you take a look at things like portfolio of loans, growing net interest margins, expanding and deposit growth.

當你看看貸款組合、淨利差成長、擴張和存款成長等情況。

We also now have six analysts that are covering NewtekOne has a financial holding company.

我們現在還有六位分析師正在研究 NewtekOne 擁有一家金融控股公司。

Venerable demonstrated an ability to raise insured deposits quickly with a high growth rate through digital accounts.

Venerable 展示了透過數位帳戶以高成長率快速籌集保險存款的能力。

Also important to note, we'll go into this a little further.

同樣重要的是要注意，我們將進一步討論這一點。

We don't have the interest rate risk issues that are currently present in the industry.

我們不存在行業目前存在的利率風險問題。

As you can take a look at our assets liabilities are very well-matched.

大家可以看到我們的資產負債非常吻合。

We also believe that our return on average assets return on tangible common equity and capital ratios when you compare them to the banking industry are well capitalized very high and also well reserved against.

我們也相信，當您與銀行業進行比較時，我們的平均資產回報率、有形普通股股本回報率和資本比率都資本充足，非常高，而且也有很好的儲備。

I can now draw everyone's attention to Slide number three.

我現在可以請大家注意第三張投影片。

So now Czech Bank National Association summary financial highlights, focusing on Q3 to Q4 growth and the fiscal year 2023.

現在，捷克國家銀行協會總結了財務亮點，重點關注第三季至第四季的成長和 2023 財年。

If you look at return on average assets for the year, 5.76% at the bank.

如果你看看今年銀行的平均資產報酬率為 5.76%。

Obviously very, very high for a bank as we get through the presentation, explain why we're able to generate such high returns.

顯然對於一家銀行來說非常非常高，當我們完成演示時，請解釋為什麼我們能夠產生如此高的回報。

Return on tangible common equity, 35% efficiency ratio, approximately 50%.

有形普通股報酬率，35%，效率比，約50%。

These are really ratios you do not see in the banking industry.

這些確實是您在銀行業中看不到的比率。

And a lot of it is based upon a very unique business model that focuses on returns on shareholder equity return on assets and not necessarily growing a book of business, which is very typical and traditional in the banking sector also be able to like being able to do it at a very efficient basis.

其中許多都是基於一種非常獨特的商業模式，該模式側重於股東權益回報率、資產回報率，而不一定是增加業務，這在銀行業是非常典型和傳統的，也能夠喜歡能夠以非常有效的方式進行。

Looking at on slide number three, the margins are important to note.

看第三張投影片，需要注意邊距。

We obviously had increasing yield on loans as we begin to add more of our Newtek type traditional loans to the bank's portfolio that we acquired.

當我們開始將更多 Newtek 類型的傳統貸款添加到我們收購的銀行投資組合中時，我們的貸款收益率顯然有所增加。

Average rates on deposits were fairly stable from Q3 2023.

自 2023 年第三季以來，平均存款利率相當穩定。

Q4 2023 might have a little bit of an uptick next year as some polled a low interest bearing CDs roll off.

明年 2023 年第四季可能會略有上升，因為一些人調查稱低利率 CD 會減少。

But we feel pretty good about the future for that.

但我們對此的未來感覺非常好。

And Scott Price will talk about that going forward.

斯科特·普萊斯 (Scott Price) 將在未來談論這一點。

And importantly, our net interest margin at the bank, 3.49% to 4.43%.

重要的是，我們在銀行的淨利差為 3.49% 至 4.43%。

That's pretty high increase.

這是相當高的增幅。

And most banks right now, if they're lucky they're stable with a growing marginally.

現在大多數銀行，如果幸運的話，它們的利率會保持穩定並略有增長。

So we're very proud of this particular accomplishment.

因此，我們對這項特殊成就感到非常自豪。

With respect to margin, all the while our capital ratios are strong, CET 1 at the end of the year, 20.94%, total capital, 22% leverage, 16.4%.

就保證金而言，我們的資本比率一直很高，年底的CET 1為20.94%，總資本為22%，槓桿率為16.4%。

So we look at why and how we're being able to do this obviously, we have a reliance upon the digital deposit channel for funding.

因此，我們研究為什麼以及如何能夠做到這一點，顯然，我們依賴數位存款管道來獲取資金。

It worked well in 2023.

2023年效果很好。

We're excited about the opportunity to add the transactional lower cost deposits throughout 2024.

我們很高興有機會在 2024 年增加交易成本較低的存款。

We've also maintained a very strong capital position and a prudent risk-based tolerance, and we talk about our reserves.

我們也保持了非常強勁的資本狀況和審慎的基於風險的容忍度，我們談論我們的儲備。

Our reserves grew to 310 basis points at the end of the year, we hope will gravitate up to 350 basis points in 2024.

我們的儲備在年底增加到 310 個基點，我們希望在 2024 年將成長至 350 個基點。

That's like six or seven times normal reserve of a of a bank in our in our particular space.

這相當於我們特定領域的銀行正常準備金的六到七倍。

Now when you look at our loan portfolio, particularly in the seven eight category, we were adding assets were a prime plus three lender, and we're able to sell three quarters of the loan at a 10% to 11% gain on sale.

現在，當您查看我們的貸款組合時，特別是在七八類別中，我們添加的資產是主要貸款人加三個貸款人，並且我們能夠以10% 至11% 的銷售收益出售四分之三的貸款。

Now important to note, as we go forward, we'll explain why we feel that the risk reward on those loans is well calculated.

現在需要注意的是，隨著我們的進展，我們將解釋為什麼我們認為這些貸款的風險回報是經過精心計算的。

It's well documented that we believe these types of returns we will be able to preserve them and also be able to withhold any increases in delinquencies or charge-offs as time goes forward.

有充分證據表明，我們相信我們將能夠保留這些類型的回報，並且隨著時間的推移，也能夠阻止拖欠或沖銷的任何增加。

Slide number four, please.

請播放第四張投影片。

You take one summary financial highlights.

您摘取一份財務摘要摘要。

This is obviously the publicly traded holding company.

這顯然是一家上市控股公司。

Now we're transitioning more and more of the of the operating opportunities down to the bank, where we have lower cost of funds and the ability to lever more.

現在，我們正在將越來越多的營運機會轉移給銀行，因為銀行的資金成本較低，槓桿能力也更強。

So working off of at the holding company is the higher cost of funds that we've traditionally dealt with to run the business.

因此，在控股公司工作是我們傳統上用於經營業務的更高的資金成本。

But you could still see a return on average assets for the year 3.2% return on tangible common equity, 22.7%.

但你仍然可以看到今年的平均資產回報率為 3.2%，有形普通股回報率為 22.7%。

These are all very, very attractive numbers for a bank holding company.

對銀行控股公司來說，這些都是非常非常吸引人的數字。

Average yield on loans made in the quarter [five] through.

本季[五]期間發放的貸款平均收益率。

And our net interest margin expanded from Q3 2023 to Q4 2023, 2.62% versus 2.78%.

我們的淨利差從 2023 年第三季擴大到 2023 年第四季度，分別為 2.62% 和 2.78%。

We're proud of all these numbers, take a look at our capital ratios.

我們對所有這些數字感到自豪，看看我們的資本比率。

Also well-capitalized financial holding company CET1 16.49, total capital 19.6, leverage 15.6.

另外資本雄厚的金融控股公司CET1 16.49，總資本19.6，槓桿15.6。

Also important to note, we were able to deliver $1.70 on diluted earnings per share and $0.71 on basic earnings per share for the calendar year.

同樣值得注意的是，我們能夠在日曆年實現 1.70 美元的稀釋每股收益和 0.71 美元的基本每股收益。

That was the midpoint of our guidance, and we continue to encourage the market and analysts to follow our quarterly guidance and our annual guide.

這是我們指導的中點，我們繼續鼓勵市場和分析師遵循我們的季度指導和年度指導。

Obviously, 2023 was a challenging year about mid point through the year based upon issues that were relating to the banking industry, Silicon Valley Bank Signature Bank issues, First Republic issues it made for a more difficult year.

顯然，基於與銀行業、矽谷銀行簽名銀行問題、第一共和國問題相關的問題，2023 年是一年中充滿挑戰的一年，這使得這一年變得更加困難。

We slowed down our alternative loan program.

我們放慢了替代貸款計劃。

It's a program which you'll see in our pipeline reports coming up is back into full gear, and that should read restore some of the growth needless to say, you could see these numbers.

您將在我們即將發布的管道報告中看到該計劃已恢復全面運轉，並且應該會恢復一些增長，不用說，您可以看到這些數字。

We're growing very well.

我們成長得很好。

But with that with that particular program in place, it is very much capital driven.

但隨著該特定計劃的到位，它在很大程度上是資本驅動的。

We believe that we'll be able to get back to higher growth rates in the future.

我們相信，未來我們將能夠恢復更高的成長率。

Slide number five, these are common questions about Newtek, one that I've had with investors.

第五張投影片，這些是關於 Newtek 的常見問題，也是我向投資人提出的問題。

Just about why is your stock trading at the current market multiple.

這就是為什麼你的股票交易價格是當前市場的倍數。

Why don't people understand somebody go through some of these, I think will be helpful.

為什麼人們不明白有人經歷過其中一些，我認為會有幫助。

First of all, we don't have a desire to operate like a traditional bank.

首先，我們不想像傳統銀行那樣運作。

We have a lot more to offer to our clients than just taking their deposits and hoping they get a loan.

我們可以為客戶提供更多服務，而不僅僅是吸收他們的存款並希望他們獲得貸款。

And we really look nothing like a small community bank.

我們看起來真的一點也不像小型社區銀行。

First of all, we're an OCC charter National Bank.

首先，我們是 OCC 特許國家銀行。

We take deposits.

我們接受存款。

I'm using digital account opening and remote deposits and are able to do so in a compliant rapid manner with much lower costs than the traditional way of hiring bankers, brokers and PTOs.

我正在使用數位開戶和遠端存款，並且能夠以合規的快速方式完成這些操作，並且比僱用銀行家、經紀人和 PTO 的傳統方式成本低得多。

It's important to note we are focused on return on tangible common equity and ROA, not what we refer to as the assets under management, traditional bank model where you make loans get deposits typically from non-interest bearing deposits, which we think going forward, there will be less and less of that in this particular industry and basically making loans selling them and getting various streams of income in which we'll talk about.

值得注意的是，我們關注的是有形普通股本回報率和資產回報率，而不是我們所說的管理資產，在傳統銀行模式中，您發放貸款通常從無息存款中獲得存款，我們認為未來，在這個特定的行業中，這種情況將會越來越少，基本上是透過貸款出售它們並獲得我們將要討論的各種收入來源。

Clearly, we have an overweighting of noninterest income versus traditional bank interest income gain on sale, payment processing, income, servicing income income from the insurance agency, growing payroll growing and Newtek Technology Solutions, which will be divested of between now and January of 2024 on our margins, our returns are much higher than that of a traditional bank because of the way we lend on a risk adjusted basis with more than adequate reserves and our floating rate assets that work really well for our customers and value for our shareholders.

顯然，與傳統銀行銷售利息收入、支付處理收入、來自保險機構的服務收入、不斷增長的工資增長和Newtek 技術解決方案的非利息收入相比，我們的非利息收入比重過高，這些收入將從現在到2024 年1 月期間剝離就我們的利潤率而言，我們的回報遠高於傳統銀行，因為我們在風險調整的基礎上放貸，準備金充足，而且我們的浮動利率資產非常適合我們的客戶，也為我們的股東帶來價值。

Many times I'm suggest, gee, lent to the small business market and we think small business credit is going to get weaker.

很多時候，我建議，哎呀，借錢給小企業市場，我們認為小企業信貸將會變得更弱。

We've been lending for over 20 years to this space.

我們向這個領域提供貸款已經有 20 多年了。

We've been through oh eight, oh nine.

我們已經經歷了八點、九點。

We've been through the pandemic.

我們已經度過了疫情。

We understand this market.

我們了解這個市場。

We have static pool analysis going back over this period of time.

我們對這段時間進行了靜態池分析。

We have 12 securitizations in the market.

我們市場上有 12 種證券化產品。

We have a very good handle and what are losses, delinquencies should be, and we are very confident that our reserves are more than adequate.

我們有很好的處理能力，什麼是損失，什麼是拖欠，我們非常有信心，我們的儲備是綽綽有餘的。

This is not a new situation.

這並不是什麼新情況。

We know and understand small business credit.

我們了解並理解小企業信用。

We will question whether we're able to raise deposits, what we did that for $340 million last year, up from, I think, $140 million when we took over the bank.

我們會質疑我們是否能夠籌集存款，我們去年籌集了 3.4 億美元的存款，而我認為我們接管銀行時是 1.4 億美元。

The ability to raise lower cost, transactional-based deposits will be able to demonstrate that.

籌集低成本、基於交易的存款的能力將能夠證明這一點。

And Scott may talk a little bit about that in his presentation, but that will definitely be a Q2, Q3, and Q4 event where we start to really grow that side of the business.

斯科特可能會在他的演講中談到這一點，但這肯定會是第二季、第三季和第四季的活動，我們開始真正發展這方面的業務。

We've had to put people process technology and compliance in place.

我們必須將人員流程技術和合規性落實到位。

We hired up Jennifer merit as CEO of a digital bank.

我們聘請珍妮佛梅特 (Jennifer Merit) 擔任數位銀行的執行長。

She's brought a great team of people, and we've got the compliance department in there with the ceremonies from the BSA officer who I recently brought in their compliance manager, Julio Hernandez.

她帶來了一支優秀的團隊，我們還設立了合規部門，並由 BSA 官員主持了儀式，我最近還任命了他們的合規經理胡里奧·埃爾南德斯 (Julio Hernandez)。

So we're excited about our ability to grow that side of the business.

因此，我們對發展這方面業務的能力感到興奮。

We can make an error in this space.

我們可能會在這個空間犯錯。

So we've done it prudently and that should drop the at the cost of funds over time and improve our margins on gain on sale, people sale gain on sale, not be like gain on sale gain on sale for Newtek has been going on for 20 years quarter-by-quarter.

因此，我們做得很謹慎，隨著時間的推移，這應該會降低資金成本，並提高我們的銷售利潤，人們銷售銷售收益，而不是像 Newtek 一直在銷售的銷售收益一樣20年一個季度。

Look at the K's and Q's, we originate loans, we sell them into the market so our gain on sale isn't like a portfolio of securities in a bank or insurance company rates go down, bond prices go up and so on for again, this is clearly a reoccurring with that.

看看K和Q，我們發放貸款，我們將它們出售到市場上，因此我們的出售收益不像銀行或保險公司的證券投資組合利率下降，債券價格上漲等等，這顯然是重複發生的。

However, it's not spread income that traditional and we do believe it's valuable and gives us a diversified stream of income.

然而，這並不是傳統的利差收入，我們確實相信它很有價值，並為我們提供了多元化的收入來源。

Yes, a bank or financial holding company can be a growth vehicle, which is sort of unheard of in the market and kind of unheard of in the from a banking perspective without just doing the traditional bank trade of acquiring another bank, getting bigger, squeezing out the expenses that that might not be an opportunity for us in the future.

是的，銀行或金融控股公司可以成為成長工具，這在市場上是聞所未聞的，從銀行業的角度來看也是聞所未聞的，而不僅僅是進行傳統的銀行交易，即收購另一家銀行、做大、擠壓支出可能不會成為我們未來的機會。

But it's not our core reason for existing today also important to note, we really strongly suggest that investors get to know what we do and payment processing solutions, tech solutions, insurance solutions and payroll solutions.

但這並不是我們今天存在的核心原因，還需要注意的是，我們強烈建議投資者了解我們的業務以及支付處理解決方案、技術解決方案、保險解決方案和薪資解決方案。

Please visit our website.

請造訪我們的網站。

Slide number six talks about the different earnings engines for Newtek across different areas.

第六張幻燈片討論了 Newtek 在不同領域的不同獲利引擎。

So we have a very attractive diversified stream of income flowing up to the holding company.

因此，我們有非常有吸引力的多元化收入流流入控股公司。

You take bank dividending up small business finance is the legacy portfolio in runoff with very few operating expenses against it on the other businesses are fairly well self described in our case and on our website.

您將銀行分紅小型企業融資視為徑流中的遺留投資組合，而其他業務的營運費用很少，在我們的案例和我們的網站上都有很好的自我描述。

I'd now like to turn to slide number seven and eight to Scott Price.

我現在想把第七和第八張幻燈片交給史考特普萊斯。

We'll talk about the data on these two slides.

我們將討論這兩張投影片上的數據。

Scott?

史考特？

Thanks, Mary, and good morning, everyone.

謝謝瑪麗，大家早安。

I want to focus most of my comments this morning on slide 8, given the time constraints that we have.

考慮到我們的時間限制，我想將今天早上的大部分評論集中在幻燈片 8 上。

But we saw nice expansion in our net interest margin during the quarter.

但我們在本季看到淨利差大幅擴張。

That's going to be driven by mostly lower funding costs on a net basis relative to the balances.

這主要是由於淨額融資成本相對於餘額較低所致。

We clearly issued debt in the fourth in the third quarter.

我們在第三季第四季明確發行了債務。

We used those proceeds to pay down higher cost debt.

我們用這些收益來償還成本較高的債務。

We also saw our borrowing costs excuse me, deposit costs increase 40 basis points.

我們也看到我們的借貸成本，對不起，存款成本增加了 40 個基點。

That's largely driven by the $92 million of CDs that repriced in the fourth quarter.

這主要是由第四季度重新定價的 9,200 萬美元 CD 推動的。

We experienced good retention on our retail CDs that repriced and expect loans to reprice in the first and second quarters as we move through and tighter eliminate the lumpiness in our and our CD portfolio.

我們對重新定價的零售定期存款保留了良好的保留率，並預計貸款將在第一季和第二季重新定價，因為我們將採取更嚴格的措施，消除我們和我們的定期存款投資組合的不穩定性。

I'd point out that our loan portfolio, the yield on that portfolio in the third quarter included a prepayment penalty.

我想指出的是，我們的貸款組合，第三季該投資組合的收益率包括提前還款罰金。

So that's why you see a little bit of lumpiness in between those third and fourth quarters.

這就是為什麼你會在第三季和第四季之間看到一些波動。

And we do rely on, as you can see in our deposit mix, we do rely on our high-yield savings products.

正如您在我們的存款組合中看到的那樣，我們確實依賴我們的高收益儲蓄產品。

We've seen nice retention in that product going forward and are achieving so far.

我們已經看到該產品的良好保留率，並且到目前為止已經取得了進展。

We've seen minimal closures and the seasonal slowness in deposit gathering is it fairly muted for us with deposit levels relatively stable through today.

我們看到了最少的關閉和存款收集的季節性放緩，這對我們來說相當平靜，直到今天存款水平相對穩定。

I'd point out the comment that Barry made earlier about business checking and business accounts.

我想指出巴里早些時候關於商業支票和商業帳戶的評論。

We do expect to roll that out in '23 -- excuse me, '24.

我們確實希望在 23 年推出——對不起，24 年。

And that will provide really optimal pricing, optimal funding costs on our on our deposit portfolio.

這將為我們的存款組合提供真正最優的定價和最優的融資成本。

And we expect net expansion as we as we go through the year into '24.

我們預計進入 24 年後淨擴張。

So Barry, I'll turn it over to you.

所以巴里，我會把它交給你。

Thank you, Scott.

謝謝你，斯科特。

Appreciate it.

欣賞它。

Slide number nine that you take advantage of.

您利用的第九張投影片。

And I will tell you, we are doing our best to condense this presentation.

我會告訴你，我們正在盡最大努力濃縮這篇演講。

I've had people say this amazingly level, the data we give you have other people say, would you please shorten that I've had people say, comb your hair in the middle of.

我有人說這個水平太驚人了，我們給你的數據還有其他人說，請你縮短一下我有人說的，把你的頭髮梳在中間。

So we're trying to get through this as much as possible, but it was important in our first year to give as much data as we can to the analysts to give everybody a real good chance of understanding a business model.

因此，我們正在努力盡可能地解決這個問題，但在我們的第一年，向分析師提供盡可能多的數據非常重要，以便讓每個人都有真正了解商業模式的好機會。

It is totally different and differentiated, but we will look to condense this going forward.

這是完全不同且有區別的，但我們將尋求未來將其濃縮。

And I appreciate Scott bringing that up, can you take advantage?

我很感謝斯科特提出這一點，你能利用嗎？

It extremely important aspect to why we exist is probably the number one reason why we elected to own a bank.

這對我們存在的極其重要的方面可能是我們選擇擁有銀行的首要原因。

And it has to do with what I'll call impression that most people on this call and most consumers and businesses will go to their depository many times in a given month.

這與我所說的印像有關，即參加這次電話會議的大多數人以及大多數消費者和企業都會在給定的一個月內多次前往他們的存管處。

They'll do it for transactional reasons.

他們會出於交易原因這樣做。

And in today's environment, they do it just to make sure a my money is still there.

在今天的環境下，他們這樣做只是為了確保我的錢還在。

My assets are there.

我的資產就在那裡。

My Account is still they're important to note impressions.

我的帳戶仍然是重要的記下印象。

We get lots of lots of impressions from our business clients by going to the Newtek Advantage business portal, which is an entry level into the bank as well as other solutions that are held up at the at the holding company, what a client receives when they open up a Newtek advantage account free unlimited document storage, free real-time updated web traffic analytics.

透過存取 Newtek Advantage 業務門戶，我們從業務客戶那裡獲得了很多印象，該門戶是進入銀行以及控股公司提供的其他解決方案的入門級，客戶在購買時會收到什麼開設Newtek優勢帳戶免費無限文檔存儲，免費即時更新的網路流量分析。

And if a merchant client signs up with us, in addition to have that client connected to a bank account, we did positively same day that we receive real free time chargeback that and all debit versus credit Visa versus match all that information right in the business portal.

如果商家客戶與我們簽約，除了讓該客戶連接到銀行帳戶外，我們會在同一天積極採取行動，我們會收到實時的免費退款，並且所有借記卡與信用卡Visa 與業務中的所有信息都匹配門戶網站。

If there are payroll client they can make payroll directly from the business portal and important relationships relationships still matter.

如果有薪資客戶，他們可以直接從業務入口網站進行薪資核算，而重要的關係仍然很重要。

So although we are a technology-enabled bank, you can get our stats on camera 24/7, 365 in all these different verticals, extremely important is a real advantage to doing business with Newtek.

因此，儘管我們是一家技術支援的銀行，但您可以在所有這些不同的垂直領域透過攝影機 24/7、365 獲取我們的統計數據，極其重要的是與 Newtek 開展業務的真正優勢。

That's the Newtek advantage.

這就是Newtek的優勢。

On slide number 10, we talk about there's 340,000 users that have the ability to see the Newtek advantage.

在第 10 張投影片中，我們談到有 34 萬名使用者能夠看到 Newtek 的優勢。

Those are the current users that have a username and password to our new tracker system that now displays the advantage.

這些是擁有我們新追蹤系統的用戶名和密碼的當前用戶，該系統現在顯示了優勢。

So we have approximately 5,000 monthly active users that are going in and logging in at least once a month.

因此，我們大約有 5,000 名每月活躍用戶，他們每月至少登入一次。

So we're getting these impressions month after month time after time, it gives us the ability to communicate with it's webinars, podcasts and really make Newtek the destination point for the authority for all of their business activities to learn about things like tax or payroll initiatives or whatever might be an important topic on this.

因此，我們日復一日地獲得這些印象，它使我們能夠與其網路研討會、播客進行交流，並真正使 Newtek 成為所有業務活動的權威機構了解稅務或工資等資訊的目的地倡議或任何可能是這方面的重要話題。

This is not your local community bank or even major money center bank.

這不是您當地的社區銀行，甚至不是主要的貨幣中心銀行。

We offer things to independent business owners that they've been starving for for most of their first of their active lives.

我們為獨立企業主提供他們在第一次積極生活的大部分時間裡一直渴望的東西。

Slide number 11, fourth quarter and full year 2023 highlights.

第 11 張投影片，2023 年第四季和全年亮點。

Look, I think it's important to note.

聽著，我認為值得注意的是。

We've sort of laid a lot of this out in the data in the early slides for full year 2023.

我們已經在 2023 年全年的早期幻燈片中的數據中列出了很多內容。

We came at a $0.71 basic comment above $0.70 diluted on.

我們的基本評論為 0.71 美元，高於稀釋後的 0.70 美元。

We're proud of the fact that we're able to at the midpoint, it's pretty hard to forecast when you're first getting in the business, we had a lot of changes.

我們感到自豪的是，我們能夠做到中點，很難預測什麼時候你第一次進入這個行業，我們發生了很多變化。

A lot of changes going from a [BEC] with 1940s Act accounting into banking accounting caused a lot of issues for us to be able to track Followap, make those updates.

從 20 世紀 40 年代法案會計的 [BEC] 到銀行會計的許多變化給我們帶來了許多問題，使我們無法追蹤 Followap，進行這些更新。

I'm proud of what we've been able to accomplish in all aspects this calendar year.

我對今年我們在各方面所取得的成就感到自豪。

On slide number 12, we talk about the enhancements that we've made, I say the team enhancements.

在第 12 張投影片上，我們討論了我們所做的增強，我說的是團隊增強。

Obviously, we welcome Scott Price joining us as Chief Financial Officer, Principal Financial Officer, joined us approximately midyear, May 2023 Nick Leger, our EVP, Chief Accounting Officer.

顯然，我們歡迎斯科特·普萊斯(Scott Price) 加入我們，擔任首席財務官，他於2023 年5 月中旬左右加入我們，我們的執行副總裁兼首席會計官尼克·萊格(Nick Leger )。

He's been with us a while.

他和我們在一起有一段時間了。

It's a 2015 veteran Frank Di Maria, joining us extremely helpful beneficial, a stalwart in that group, SVP accounting and finance.

這是 2015 年退伍軍人 Frank Di Maria，加入我們非常有幫助，他是團隊的堅定支持者，會計和財務高級副總裁。

John Sheffield joining us help us with our reporting performance management, both from a financial metrics perspective as well as an operational metrics perspective, Julio Hernandez joining us as SVP Compliance Officer, Matthew solely another key hire January of 2024 for migrating to next week.

John Sheffield 加入我們，從財務指標和營運指標角度幫助我們進行報告績效管理，Julio Hernandez 加入我們，擔任高級副總裁合規官，Matthew 是2024 年1 月的另一位關鍵員工，將遷移到下週。

And we have a lot of efficiency, so we could be able to report with less spreadsheet transitional risks.

而且我們的效率很高，因此我們能夠以更少的電子表格過渡風險進行報告。

I'll do it on a more done on a more automated basis and really just be a better institution.

我將在更加自動化的基礎上完成更多工作，並真正成為一個更好的機構。

This is a management team that is in a management team for a $700 million bank for $1.4 billion bank holding company.

這是一個管理團隊，隸屬於價值 7 億美元的銀行和價值 14 億美元的銀行控股公司的管理團隊。

This is a management team for a much, much, much larger institution with much greater foresight and direction, and that's where we're going.

這是一個規模大得多的機構的管理團隊，具有更大的遠見和方向，這就是我們要去的地方。

I will say, unfortunately or fortunately, these are not inexpensive hires, not inexpensive talent.

我想說，無論不幸或幸運，這些都不是廉價的僱用人員，也不是廉價的人才。

This is all front-loaded.

這都是前置的。

And these are the types of things that affect our returns early on despite the fact that I would argue ROAROTC.s and efficiency ratios are built built to last and as we grow.

儘管我認為 ROAROTC.s 和效率比率是為了持久並隨著我們的成長而建立的，但這些都是影響我們早期回報的因素。

I do think we have a good chance of these things expanding in the future.

我確實認為我們很有可能在未來擴展這些東西。

And Scott, if you can handle 13, I would appreciate that.

Scott，如果你能處理 13 個，我將不勝感激。

Sure, very, thank you.

當然，非常感謝。

I wanted to give a picture of how our deposit mix changed quarter over quarter.

我想描繪一下我們的存款組合每季的變化。

I also want to point out that we brought in about $40 million plus of deposits that we had at other banks from our affiliates.

我還想指出的是，我們從我們的附屬機構引進了約 4000 萬美元以上在其他銀行的存款。

We've been earning less than Fed funds on those deposits, and we brought them in and were able to earn Fed funds and deploy them in and higher cost and excuse me, higher yielding assets as well as avoid raising outside deposits.

我們在這些存款上賺取的收入低於聯邦基金，但我們將它們引入並能夠賺取聯邦基金並將其部署到成本更高的資產中，對不起，收益率更高的資產，並避免籌集外部存款。

We did reopen in August our high-yield savings product that you'll see a full quarter's impact in the net interest margin and deposit cost from from those increases.

我們確實在八月重新開放了我們的高收益儲蓄產品，您將看到這些成長對整個季度淨利差和存款成本的影響。

We also increased the rate on those deposits during the third quarter.

我們也在第三季提高了這些存款的利率。

So you see a full quarter impact in the fourth quarter.

因此，您會在第四季度看到整個季度的影響。

And then finally, at the bank, we saw a weighted average cost of deposits of 4.4%, which is slightly down from 4.44%.

最後，在銀行，我們看到加權平均存款成本為 4.4%，略低於 4.44%。

We will continue to optimize our funding base.

我們將繼續優化我們的資金基礎。

We're going to prudently manage that through a combination of retail deposits, wholesale deposits, whether those be brokered or listing service.

我們將透過零售存款、批發存款的組合來謹慎管理這一點，無論是經紀存款或上市服務。

And we'll also tap the FHLB if if we'd need short term liquidity.

如果我們需要短期流動性，我們也會利用 FHLB。

But we are a deposit growing franchise.

但我們是一家存款不斷成長的特許經營公司。

We want relationships.

我們想要關係。

And as Barry mentioned, and I mentioned earlier, business checking is where we want to be.

正如巴里所提到的，以及我之前提到的，業務檢查是我們想要實現的目標。

The deposits are sticky, the relationships are sticky, and that's where we feel like we can offer the most to our clients.

存款是黏性的，關係是黏性的，這就是我們認為可以為客戶提供最多服務的地方。

Very, I'll turn it over to you.

非常好，我就交給你了。

Thanks, Scott.

謝謝，斯科特。

Slide number 14 are important from a lending activity perspective, and we have been reporting that our pipeline continues to grow based upon our unique business model of acquiring referrals from partners as well as our efficiencies in making loans using technology, but not cutting corners on a fintech type basis, but doing full underwritings, total SBA loans funded $260 million, a 24.2% increase over the prior quarter.

從貸款活動的角度來看，第14 號投影片很重要，我們一直在報告說，我們的管道持續成長，這是基於我們從合作夥伴那裡獲取推薦的獨特業務模式，以及我們利用技術發放貸款的效率，而不是在技術上偷工減料。

I think that's a we do have some seasonality.

我認為我們確實有一些季節性。

The fourth quarter's typically our strongest for the industry for SBA lending was flat.

第四季 SBA 貸款產業表現通常最為強勁，但表現持平。

We were the number one originator in Q4 calendar year 2023 by loan volume for SBA seven eight.

以 SBA 七八貸款量計算，我們是 2023 年第四季的第一發起人。

We're very proud of that fact on.

我們對此感到非常自豪。

In addition, yes, the loan portfolio at Newtek Bank reached $169.6 million.

此外，是的，Newtek 銀行的貸款組合達到了 1.696 億美元。

Those uninsured loan participations.

那些未投保的貸款參與。

There's probably some government guaranteed and there are typically prime plus three loans.

可能有一些政府擔保，通常有優質貸款加三項貸款。

You could see 1.5% floating rate quarterly adjust, no cap real attractive, sell the government guaranteed piece at a 10 to 11 point gain gets really nice return even posting.

你可以看到 1.5% 的浮動利率季度調整，無上限真正有吸引力，以 10 到 11 點的收益出售政府擔保的部分，即使過帳也可以獲得非常好的回報。

Hi, CECL, reserve of 6.75% upfront, which obviously was far more on I'll use the word punitive than what we used to do as a non-bank lender where we didn't have that CECL reserve.

你好，CECL，預付準備金為 6.75%，這顯然比我們過去作為非銀行貸款機構所做的懲罰性的事情要嚴重得多，因為我們沒有 CECL 準備金。

Important to note, we're forecasting $925 million in seven loan fundings, 39% increase in calendar year 2024.

值得注意的是，我們預計 7 筆貸款資金將達到 9.25 億美元，到 2024 年將成長 39%。

We also had a good year and filed for loans at $60.5 million of our four loans for the three months, a big increase over the prior quarter.

我們也度過了美好的一年，在三個月的四筆貸款中申請了 6,050 萬美元的貸款，比上一季大幅增加。

Total loan closings of $142 million, ending December 31, 2023.

截至 2023 年 12 月 31 日，貸款結清總額為 1.42 億美元。

We closed a record $1.1 billion of loans across all products.

我們所有產品的貸款額達到創紀錄的 11 億美元。

And we hope to do about $1.4 billion in this coming calendar year 2024. 15 as our pipeline on you can see, we're in good shape across the board, particularly with the alternative loan program, which I would say is a differentiator for extended growth on the SBA business.

我們希望在即將到來的 2024 年提供約 14 億美元。增長。

We have that down pretty Pat.

我們已經把它記錄下來了，帕特。

We've been involved in that for 20 years.

我們已經參與這件事20年了。

The alternative loan program as been growing through difficult times that being a pandemic pandemic had a banking crisis since 2017.

自 2017 年以來，另類貸款計畫在疫情引發銀行危機的困難時期不斷發展。

We also important to note in the bank too, conforming investor CRE loans and conforming business loans, non government programs, all that in the bank.

我們還需要注意的是，在銀行中，符合投資者的 CRE 貸款和合格的商業貸款、非政府計劃，所有這些都在銀行中。

Slide number 16 is important because people want to know about the credit.

第 16 號投影片很重要，因為人們想了解信用狀況。

That's one of the things I keep getting asked about.

這是我不斷被問到的事情之一。

So when you look at the total loan portfolio at Newtek bank and a [1231], 2023 outstanding balances of $41 million, unfunded commitments of $46 million, primarily fiber for loads.

因此，當您查看 Newtek 銀行的總貸款組合和 [1231] 時，2023 年的未償餘額為 4,100 萬美元，無資金承諾為 4,600 萬美元，主要是用於負載的光纖。

I want to quickly just talk about final for loans from a risk standpoint, it's important to note that pharma more business for us is originate and sell.

我想從風險的角度快速談談貸款的最終問題，重要的是要注意，製藥公司對我們來說更多的業務是起源和銷售。

The second lien gets taken out by the CDC and funded by government debentures.

第二個留置權由疾病預防控制中心取消，並由政府債券資助。

So we're getting very high returns on the coupon gain on sale.

因此，我們透過銷售優惠券獲得了非常高的回報。

And even in the construction process, we're prime plus two or prime plus three floating rate plus fees for a short term loan.

即使在建設過程中，我們也是優質加二或優質加三浮動利率加上短期貸款費用。

And we don't look at these as being extraordinarily risky with relative to lease up risks because these are owner-occupied and I want to point out, owner-occupied CRE is entirely different, then investor CRE, and it needs to be looked at that way.

相對於租賃風險，我們並不認為這些風險極高，因為這些是業主自用的，我想指出，業主自用的 CRE 與投資者 CRE 完全不同，需要考慮如此。

First of all, our experience in small business lending over 20 years is, first of all, the loan must meet repayment terms by the business backstop.

首先，我們在小型企業貸款方面20多年的經驗是，首先貸款必須滿足企業擔保的還款條件。

Number one, the business is repaying the loan must needed based upon historical projections.

第一，企業必須根據歷史預測償還貸款。

Number two, personal guarantees to the owners of these businesses are personally guaranteeing below then you've got the real estate really recovery.

第二，對這些企業所有者的個人擔保是個人擔保，然後你的房地產才能真正復甦。

Unlike these office buildings, multifamily, everyone is exaggerating the CRE problem.

與這些辦公大樓、多戶住宅不同，每個人都在誇大商業房地產問題。

By the way, the problem in and of itself is not an exaggeration really excess.

順便說一下，這個問題本身並不誇張，確實有些過分。

It just really doesn't we believe, pertain to our particular portfolio.

我們認為這確實不屬於我們特定的投資組合。

So when you look at our portfolio on Slide number 16, got a real good currency rate, the percentage of E. compensation on the old legacy National Bank of New York City portfolio, which was very well underwritten, also went through purchase accounting adjustments on January 6 of last year.

因此，當您查看第16 號幻燈片上的我們的投資組合時，會發現真正良好的貨幣匯率，以及舊的紐約國家銀行投資組合的E. 補償百分比，該投資組合得到了很好的承保，也經過了購買會計調整去年1月6日。

So you're not looking at valuations based upon 2020 -- 2019, 2018.

因此，您考慮的不是基於 2020 年、2019 年、2018 年的估值。

These are recent valuations.

這些都是最近的估值。

So I think that when you look at the portfolio, the National Bank of New York City portfolio, which we'll talk about in the next slide, doing very well, the CRE loans that we have in our SBA lending business.

因此，我認為，當您查看投資組合時，我們將在下一張幻燈片中討論的紐約國家銀行投資組合（我們將在下一張幻燈片中討論）以及我們在SBA 貸款業務中的CRE 貸款表現非常好。

Basically, we provide recovery if the business can't pay the loan off, it's not the real estate that's repaying the loans and you got P G.'s.

基本上，如果企業無法償還貸款，我們會提供追償，償還貸款的不是房地產，而是 PG。

On slide number 17, this will give you a pretty good exposure of picture of what the portfolio looks like.

在第 17 號投影片上，這將使您對投資組合的外觀有一個很好的了解。

So we have $183 million of total CRE, $56 million are construction loans made under the pilot program.

因此，我們的 CRE 總額為 1.83 億美元，其中 5,600 萬美元是根據試點計畫發放的建設貸款。

We don't fund these loans until we have a takeout from the CDC on the second lien.

在我們從疾病預防控制中心獲得第二留置權之前，我們不會為這些貸款提供資金。

So yes, we have construction risk.

所以，是的，我們有施工風險。

These deals are typically bonded.

這些交易通常是保稅的。

We fund this for five or six years.

我們資助這個計畫五、六年。

We've done very well in the final four loan portfolio, which I'll talk about.

我們在最後四筆貸款組合中做得非常好，我將談論這一點。

And you have the debenture take out by the CDC, which can taken out by government funding.

疾病預防控制中心可以發行債券，可以透過政府資金來發行。

Very important to note, cereal was not made under the fiber program, funded $32 million.

值得注意的是，穀物食品並不是資助 3,200 萬美元的纖維計畫下生產的。

Then look at the portfolio, very diverse across industry types, but look at the LTVs, 51.33 MOBs office.

然後看看投資組合，各個行業類型非常多樣化，但看看 LTV，51.33 MOB 辦公室。

These are tiny offices.

這些都是很小的辦公室。

I mean, these are average loan size on the National Bank of New York City portfolio is $1.5 million, $2 million.

我的意思是，紐約國家銀行投資組合的平均貸款規模為 150 萬美元、200 萬美元。

These are not skyscrapers, and these are basically local New York City-based real estate loans.

這些不是摩天大樓，這些基本上都是紐約市當地的房地產貸款。

Slide number 18 that we have is the quality of what we've been able to do in fiber for We originated $555 million, [seven eight] as being public for loans was 2017, no charge-offs to date.

我們擁有的第 18 號幻燈片是我們在光纖方面能夠做的事情的質量，我們發起了 5.55 億美元，[七八]，因為公開貸款是在 2017 年，迄今為止沒有沖銷。

And in the alternative loan program, which used to be known as the nonconforming loan program.

在替代貸款計劃中，該計劃曾經被稱為不合格貸款計劃。

We changed it to ALP.

我們將其更改為 ALP。

We haven't experienced any charge-offs to date originating loans since 2019.

自 2019 年以來，我們尚未經歷任何貸款被沖銷的情況。

Slide number 19 talks about gain on sale of the SBA seven loans.

第 19 號投影片討論了出售 SBA 七項貸款的收益。

We finished up the year at one 10.

我們以十分之一的成績結束了這一年。

Decimal two from first quarter looks pretty good.

第一季的小數二看起來相當不錯。

It's up markedly.

漲得很明顯了

So we've had an increase in prices, and that's just based upon investors wanting to own assets at the short end of the yield curve floating rate.

因此，我們的價格有所上漲，這只是基於投資者希望在殖利率曲線浮動利率的短端擁有資產。

Slide number 20 important to note that our payments business, we're excited about our 2024 forecast for losing some amortization and depreciation, pretax income jump of hopefully $16 million for the calendar year up from $12.9 million in the year, plus the insurance agency, a nice increase.

第20張投影片要注意的是，我們的支付業務，我們對2024年預計會損失一些攤銷和折舊感到興奮，稅前收入有望從當年的1290萬美元躍升至1600萬美元，加上保險機構，一個不錯的增長。

Now the insurance agency in the payroll business are going to be benefiting from the bank relationship.

現在，薪資業務中的保險機構將從銀行關係中受益。

So we hope for a open up a ton of counts, were people looking to insure themselves.

因此，我們希望能夠公開大量訊息，幫助人們為自己投保。

They see it.

他們看到了。

It's there.

在那。

We'll talk in future calls about the connectivity between the agency and the lender, the connectivity between the payroll company and the lender and both these entities in connection to the bank.

我們將在以後的電話中討論機構和貸方之間的連接、薪資公司和貸方之間的連接以及這些實體與銀行的連接。

Both of these entities are held of a NewtekOne at the holdco.

這兩個實體均由控股公司的 NewtekOne 持有。

Slide number 23, basically on the key financial metrics, projections for 2023 and the model we had for 2024 projection and forecast and what we did for 2023 for the quarter and the fourth and for the full year in 2023, while you can get a good feel for where we're going.

第23 號投影片，基本上是關於關鍵財務指標、2023 年預測以及我們對2024 年預測和預測的模型，以及我們在2023 年第四季和2023 年全年所做的工作，同時您可以獲得一個很好的結果感受我們要去的地方。

We're forecasting for 2024, $1.80 to $2 in basic and diluted common shares for the calendar year.

我們預測 2024 年基本普通股和稀釋普通股的價格為 1.80 至 2 美元。

We've got them spread out quarter by quarter.

我們將它們按季度展開。

There is seasonality here.

這裡有季節性。

There is a ramp up here.

這裡有一個坡道。

We really ask the analyst community to pay attention to what we believe are these seasonal reasons.

我們真誠地要求分析師界關注我們認為的這些季節性原因。

Slide number 24 companies invested in 2023 and 2024 for growth.

幻燈片中第 24 家公司在 2023 年和 2024 年進行了投資以實現成長。

Look, I talked a lot about the dollars that we put into building that and take advantage of operating in a compliant manner.

看，我談了很多關於我們投入建設該項目並利用合規方式運營的資金。

I'm software hardware, consultants, some advisers, a lot of money spent upfront and those investment initiatives are going to continue.

我是軟體硬體、顧問、一些顧問，前期花費了大量資金，這些投資計畫將持續下去。

So these are all built into our model through all built into our forecast.

因此，這些都透過我們的預測建構到了我們的模型中。

We feel very comfortable with these numbers.

我們對這些數字感到非常滿意。

And but we do want you to understand as we grow and we believe we're going to be able to take advantage of the scale is a management team, not for $700 million bank and $1.4 billion holding company.

但我們確實希望您理解，隨著我們的成長，我們相信我們將能夠利用管理團隊的規模，而不是價值 7 億美元的銀行和 14 億美元的控股公司。

We believe this team can grow to $5 billion or $10 billion in size.

我們相信這個團隊的規模可以成長到 50 億或 100 億美元。

Slide number 25.

投影片編號 25。

Many investors are interested in how we're going to begin to get investor interest.

許多投資者對我們將如何開始引起投資者的興趣感興趣。

But anyway, the one biggest thing is blocking and tackling and putting up these types of numbers every quarter, a good part by err on the side of good partnering or the middle, I could shake my head would take if we keep putting up numbers like this, I think the market will react differently to us.

但無論如何，最重要的事情是每個季度都會阻止和解決並提出這些類型的數字，很大一部分是在良好的合作夥伴或中間方面犯了錯誤，如果我們繼續提出這樣的數字，我可能會搖頭對此，我認為市場會對我們做出不同的反應。

And it takes time for analysts to get comfortable with the model for investors who believe these are the numbers that we can deliver.

對於相信這些是我們可以提供的數字的投資者來說，分析師需要時間來適應這個模型。

They've never seen a bank or a bank holding company operate in this manner.

他們從未見過銀行或銀行控股公司以這種方式運作。

We had a really terrific year from my perspective we got through our Fit while compliance reporting and OCC. compliance reporting well, our business model and plan is intact.

從我的角度來看，我們度過了非常美好的一年，我們通過了 Fit while 合規報告和 OCC。合規報告良好，我們的業務模式和計劃完好無損。

We plan on attending investor conferences.

我們計劃參加投資者會議。

We plan on hosting an analyst day in the second quarter.

我們計劃在第二季舉辦分析師日活動。

We're going to continue to show that year-over-year growth comparisons.

我們將繼續展示同比增長比較。

Once again, I'll point out Q1 can be a little choppy.

我再次指出，第一季可能有點不穩定。

The NOL and is also not really having CECL calculation, but we do anticipate a decent number.

NOL 也沒有真正進行 CECL 計算，但我們確實預期會有一個不錯的數字。

I think it's $0.22 to $0.23 for Q1 pod diluted and basic EPS for the first quarter on.

我認為第一季的攤薄每股收益和第一季的基本每股收益為 0.22 美元至 0.23 美元。

We're excited about our business going forward.

我們對我們業務的未來感到興奮。

Slide number 26, when you look at market multiples of Triumph is sort of a bit of anomaly, although I would like to think that we have, but Triumph type growth aspirations and expectations when you look at our ROAAs and our OTCs and our efficiency ratios, but even throwing that out, you're looking at around 9.2% median type of earnings multiple, which is not what we're currently dealing with as we currently look at the marketplace.

第26 張幻燈片，當你看看凱旋的市場倍數時，你會發現有點反常，儘管我想認為我們有，但當你看看我們的ROAA、OTC 和效率比率時，凱旋類型的增長願望和期望，但即使拋開這一點，你也會看到大約 9.2% 的中位數市盈率，這不是我們目前在市場上處理的情況。

Slide number 27 and 28.

投影片編號 27 和 28。

Look, we feel really good about where we are in the marketplace.

看，我們對自己在市場中的地位感到非常滿意。

We are excited about the opportunity.

我們對這個機會感到很興奮。

I think I've expressed most of these items in the summer and the summary that I've discussed throughout the presentation today on slide number 28, I want to enhance and point out that for fiscal year 2023 the bank of which more and more activity is flowing into ROAA 5.76, ROTC, 35% efficiency ratio of 50%.

我想我已經在夏天表達了其中的大部分內容，以及我今天在第 28 號幻燈片上在整個演示文稿中討論的摘要，我想加強並指出，對於 2023 財年，銀行的活動越來越多正在流入ROAA 5.76，ROTC，35%，效率比50%。

You just don't get these kind of numbers in a community bank holdco three to quarter for ROAA.

在社區銀行控股公司中，您無法獲得三到四分之一的 ROAA 的此類數字。

ROTC, 22.7, efficiency ratio 74.

ROTC，22.7，效率比 74。

These will get better as we begin to leverage and more opportunities were down into the bank.

當我們開始槓桿化並且銀行有更多機會時，這些都會變得更好。

Also important to note, obviously, we're a dividend paying company $0.18 a share.

同樣重要的是要注意，顯然，我們是一家支付每股 0.18 美元股息的公司。

I wish the dividend yield was lower because that would mean we'd have a higher stock price.

我希望股息殖利率更低，因為這意味著我們的股價會更高。

But even with that, you had a 6.4% current yield as of March 1.

但即便如此，截至 3 月 1 日，當前殖利率仍為 6.4%。

That is probably not far from that today on an investment in NewtekOne is a growth oriented, differentiated technology-enabled business solutions company that is also a depository that's important to note.

這可能與今天對 NewtekOne 的投資相去不遠。

We are also a depository we are not like 95% to 98% of the other banks that are out there.

我們也是一家存款機構，與 95% 到 98% 的其他銀行不同。

With that, I'd like to turn the remaining portion of the project presentation over to Scott Price through the MD&A.

至此，我想透過 MD&A 將專案演示的剩餘部分交給 Scott Price。

Thanks, Barry.

謝謝，巴里。

I'm going to keep my comments brief.

我的評論將保持簡短。

I will point out that the comparisons year-over-year are virtually difficult given the change in accounting model and the fact that we're consolidating our previously unconsolidated investments.

我要指出的是，考慮到會計模型的變化以及我們正在合併之前未合併的投資這一事實，逐年比較實際上很困難。

And I do want to focus my comments on the non-interest components of our P&L quarter over quarter since I feel like at least trying to cover the net interest margin sufficiently.

我確實想將我的評論集中在我們季度損益的非利息部分，因為我覺得至少試圖充分覆蓋淨利差。

We did see increases quarter over quarter in noninterest revenue, mostly from higher loan volumes, which include origination fees on loans that we've elected the fair value option on.

我們確實看到非利息收入逐季增加，主要是因為貸款量增加，其中包括我們選擇公允價值選項的貸款發起費。

We also saw increased gains in valuations on the loan portfolio from a from higher originations in the seven a. portfolio on the noninterest expense side, we saw increases due to prepayment penalties, a prepayment penalty.

我們也看到，七年來貸款組合的估值因較高的來源而增加。在非利息支出方面的投資組合中，我們看到由於提前還款罰金而增加。

We terminated one of our warehouse lines in the fourth quarter.

我們在第四季終止了一條倉庫線。

We also saw increases and slight increases in our salaries and benefits costs.

我們的薪資和福利成本也有所增加和小幅增加。

And then also we saw higher loan origination expenses for our loans under the fair value option.

然後，我們也看到公允價值選項下的貸款發放費用更高。

And so with that, I'll turn it over to the operator for questions.

因此，我會將其交給接線員詢問。

(Operator Instructions) Crispin Love, Piper Sandler.

（操作說明）Crispin Love，Piper Sandler。

So good morning, Gary and Scott grew well on first just looking at your guidance on page 23, but the EPS projections show a meaningful ramp through the year.

早安，Gary 和 Scott 剛開始閱讀第 23 頁的指導時就成長得很好，但 EPS 預測顯示全年都有有意義的成長。

I know you typically build on EPS through the year, but I thought last year included some elevated expenses early in the year from converted to a bank.

我知道你通常會以全年每股收益為基礎，但我認為去年包括了年初因轉換為銀行而增加的一些費用。

So just curious if there's anything to call out on the expense or revenue revenue side in the first quarter come for 2024 for part of building later in the year?

那麼，我想知道 2024 年第一季的費用或收入方面是否有任何值得關注的地方，以及今年稍後的部分建設？

Or is it business as usual?

還是一切如常？

Sure, Scott, I'll throw out two items and then maybe you cut some other thoughts.

當然，斯科特，我會扔掉兩個項目，然後也許你會削減一些其他的想法。

One item, Chris, but obviously off from Q1 2023, we had the NOL that affected the earnings.

克里斯，有一個項目，但顯然與 2023 年第一季不同，我們的 NOL 影響了收益。

And on the other thing is most of the loans that were originated in Q1 2023 were done at Newtek Small Business Finance.

另一方面，2023 年第一季發放的大部分貸款都是在 Newtek Small Business Finance 完成的。

So there was no CECL reserve was done at fair value.

因此，沒有CECL儲備是以公允價值計算的。

So by being in a bank and reserving that on loan loss reserve upfront, it's really not your earnings down precipitously early on, but then you pick it up out in the future, at least with respect to that aspect on stride, any other thoughts you might have regarding the seasonality and the ramp up?

因此，透過存入銀行並預先保留貸款損失準備金，這實際上並不是您的收入在早期急劇下降，而是您在未來將其恢復，至少在這方面大步前進，您的任何其他想法可能與季節性和成長有關？

No.

不。

I mean, if you look at the loan production volumes, then as we as we go through the year, the first quarter is just naturally, I see a slower time for businesses and most everything ramps up in the second quarter.

我的意思是，如果你看一下貸款產量，那麼當我們經歷這一年時，第一季是很自然的，我看到企業的時間會放緩，而大多數事情都會在第二季度有所增加。

So we've seen this pattern over time over the company's history.

因此，在公司的歷史上，我們已經看到了這種模式。

And so we're just trying to be transparent with you guys and help you build out your models as you get to know us better.

因此，我們只是試著對你們保持透明，並在你們更好地了解我們的過程中幫助你們建立自己的模型。

And but this is what we expect.

但這正是我們所期望的。

And this is what we've seen over overtime.

這就是我們在加班期間所看到的情況。

Perfect.

完美的。

Yes.

是的。

I appreciate the detail there and the seasonality.

我很欣賞那裡的細節和季節性。

So and then second question for me, just on credit quality.

那我的第二個問題是關於信用品質的。

I'm sorry, your comments credits remained strong, but just curious if you can just put some numbers around that.

抱歉，您的評論積分仍然很高，但只是好奇您是否可以提供一些數字。

Just looking at the consolidated portfolio, can you just discuss what you're seeing in delinquencies, non-accruals and Japan losses, if there are any and there's expectations as you move through the next few quarters?

看看合併的投資組合，您能否討論一下您在拖欠、非應計費用和日本損失方面看到的情況（如果有的話）以及對未來幾個季度的預期？

Sure.

當然。

So when we look at the consolidated portfolio, it's important to take them in sections.

因此，當我們查看合併的投資組合時，將它們分成幾個部分很重要。

Item number one is NSBF.

第一個項目是 NSBF。

NSBF is a very large portfolio of loans that are sitting in securitizations.

NSBF 是一個非常龐大的證券化貸款組合。

The securitization cost of funds is much, much higher, then where we offer the bank cost of funds with respect to the creditworthiness of that particular book of business, which I believe is about $400 million of current pay loans and I think on $70 million of space, I think it's about $35 million of fair value.

資金證券化成本要高得多，然後我們根據特定業務的信譽度提供銀行資金成本，我認為這大約是 4 億美元的當前付息貸款，我認為是 7000 萬美元的空間，我認為其公允價值約3500 萬美元。

So the important part is that portfolio has already been written off the balance sheet and the income statement for the nonaccruals.

因此，重要的是投資組合已從資產負債表和非應計項目損益表中註銷。

Okay.

好的。

That portfolio is probably 40% season, 36 to 38 months and the rest of it for ICC.'s, Neil, it's through the belly of the default curve.

該投資組合可能佔 40% 的季節，36 至 38 個月，其餘部分對於 ICC 來說，尼爾，它穿過違約曲線的腹部。

So 60% of the portfolio is probably 2019, 2020, 2021, 2022, 2023 type origination sitting in anesthesia.

因此，投資組合中的 60% 可能是 2019 年、2020 年、2021 年、2022 年、2023 年類型的起源，處於麻醉狀態。

We have an assumption that that's going to default at a 19% rate and approximately a 45% to 50% severity.

我們假設違約率為 19%，嚴重程度約為 45% 至 50%。

So that hit pretty heavily.

所以這打擊相當嚴重。

And even after that loss frequency and severity on this is clearly not a conversation that we have at the bank analyst because I look at this stuff this way that portfolio, I believe is on the books, a seven point I think was 7.75 yield floating rate over prime.

即使在損失頻率和嚴重程度之後，這顯然也不是我們在銀行分析師那裡進行的對話，因為我以這種方式看待這個投資組合，我相信在賬本上，我認為7 個點的收益率浮動利率是7.75超過黃金。

So bottom line is that's just mark very well.

所以最重要的是，這只是很好的標記。

Even with the expectations have higher charge-offs on that portfolio going forward.

即使預計未來該投資組合的沖銷額也會更高。

The major difference between the way we do our business versus the traditional bank, traditional bank, low margin, many cases fixed rate and the way they make their money is, frankly by not paying savers a full rate on their deposits.

坦白說，我們開展業務的方式與傳統銀行、傳統銀行、低利潤、許多情況下固定利率以及他們賺錢的方式之間的主要區別在於，不向儲戶支付全額存款利率。

We have the opposite.

我們有相反的情況。

We do high rate, but very well reserved.

我們的利率很高，但保留得很好。

Now when going into the bank.

現在進入銀行時。

We have a [six] and three quarter CECL reserve, but a brand-new portfolio.

我們有[六]和四分之三的CECL儲備，但是一個全新的投資組合。

So portfolio of trade in the bank, I don't think we have a defaulted loans from the seven a. portfolio in the bank that's going to happen, but we have a very high reserve on that.

因此，從銀行的貿易投資組合來看，我認為我們沒有七項違約貸款。銀行的投資組合將會發生這種情況，但我們對此有很高的準備金。

Then you got the CRE portfolio, which we just did purchase accounting on in on in January six.

然後你得到了 CRE 投資組合，我們剛剛在 1 月 6 日購買了會計。

This is very well booked.

這家訂得很好。

I think that's really important to get across to you.

我認為向您傳達這一點非常重要。

The other analysts and investors, when they look at our organization relative to what the quality of portfolio obviously is going to be a lot more detail in the K. But just as an overview, this is a very good quality portfolio, and we're going to add investor base CRE at current market spreads and investor base C&I at current market spreads, it's a great time of capital and make loans.

其他分析師和投資者，當他們查看我們的組織相對於投資組合的品質時，顯然會在 K 中提供更多細節。當前市場利差添加投資者基礎CRE 和按當前市場利差投資者基礎C&I，這是資本和貸款的好時機。

So I think they appreciate taking the questions.

所以我認為他們很樂意接受這些問題。

Thanks.

謝謝。

Great.

偉大的。

Tim Switzer, KBW.

蒂姆·斯維策，KBW。

Hey, good morning.

嗨，早安。

Thanks for taking my question.

感謝您提出我的問題。

You guys gave a lot of good color on the guidance and you just touched on it a few minutes ago, but could you maybe talk about what the puts and takes are in guidance, maybe driver from the low end to the high end over the course of the year?

你們在指導上提供了很多很好的色彩，幾分鐘前你們剛剛談到了它，但是你們能否談談指導中的投入和採取的內容，也許是在整個過程中從低端到高端的驅動器今年？

Yes, Tim, I'm going to focus on the asset side.

是的，提姆，我將重點放在資產方面。

I'll let Scott talk about the deposit side.

我會讓斯科特談談存款方面。

On the asset side.

資產端。

A lot of it has to do with the alternative loan program.

其中很大一部分與替代貸款計劃有關。

And we're probably going to need to spend more time with the analysts, the analysts and maybe at the Analyst Day or for investors om to explain what that program is, but that program is done up the holding company in terms of the funding, and it does require more capital utilization than down at the bank.

我們可能需要花更多的時間與分析師在一起，分析師可能還需要在分析師日或投資者那裡花更多的時間來解釋該計劃是什麼，但該計劃是由控股公司在資金方面完成的，而且它確實需要比銀行更多的資本利用率。

So the volumes there because the alternative loan program generates fee income because it is a portfolio that is originated at the bank level basically sold into the holdco on and there is a gain on sale aspect to it because it goes into joint ventures with other funding partners and it's levered and issued out and financed long term through securitizations.

因此，那裡的交易量是因為另類貸款計劃產生費用收入，因為它是源自銀行層面的投資組合，基本上出售給控股公司，並且由於它與其他融資合作夥伴進入合資企業，因此在出售方面有收益它透過證券化進行槓桿發行和長期融資。

So that's a big item given what will be the price of the government guaranteed market, which is moving in our direction and the ability to do that volume.

因此，考慮到政府擔保市場的價格是多少，這是一個大項目，它正在朝著我們的方向發展，並且有能力實現這一數量。

So I think on the asset side, it's doing more ALP. loans hitting our numbers and good pricing on seven day.

所以我認為在資產方面，它正在做更多的 ALP。貸款達到我們的數字，並在 7 天內提供良好的定價。

I'll let Scott handle the deposit side and the expenses.

我會讓史考特處理押金方面和費用。

Thanks very much, Tim.

非常感謝，提姆。

I think it's important to note that we're a different animal as we continue to trying to help everyone understand our business model.

我認為重要的是要注意，我們是一種不同的動物，因為我們繼續努力幫助每個人了解我們的商業模式。

Importantly, it's important to understand where we've come from Barry mentioned the NSBF securitizations earlier, and those will most likely be coming up for a potential clean-up call during the quarter.

重要的是，了解我們的出發點很重要，巴里早些時候提到了 NSBF 證券化，這些證券化很可能會在本季度進行潛在的清理呼籲。

So we're going to evaluate those going forward.

因此，我們將評估未來的發展。

We've got some alternative scenarios built into our forecast where we could potentially bring those in.

我們的預測中內建了一些替代方案，我們有可能將這些方案納入其中。

So I think you've got some we got to figure out how we're currently figuring out how we're going to fund those if we decide to exercise.

因此，我認為我們必須弄清楚，如果我們決定鍛煉，我們目前將如何為這些資金提供資金。

So that's going to be a pretty big mix shift.

所以這將會是一個相當大的混合轉變。

And then there's a question of how we would fund it.

然後還有一個問題是我們如何為其提供資金。

Would it be in the bank, would it be through some other kind of wholesale funding?

是存入銀行，還是透過其他形式的批發融資？

That's more of a public nature.

這更具有公共性。

So we're evaluating all of that and certainly some wide disparities between those funding costs.

因此，我們正在評估所有這些，當然還有這些融資成本之間的巨大差異。

If you think about deposits and we have we raised a whole lot of deposits a year ago and does range anywhere from six months to one year to two year tenors.

如果你考慮存款，我們一年前就籌集了大量存款，期限從六個月到一年到兩年不等。

And if you look at where we are in the curve and what's happened to rates, since we're going to have natural increases in rates as we move through time just because we're refinancing a lumpy CD portfolio.

如果你看看我們在曲線中的位置以及利率發生了什麼，因為隨著時間的推移，我們的利率將會自然增加，只是因為我們正在為不穩定的 CD 投資組合進行再融資。

So that's a variable that has to be considered.

所以這是一個必須考慮的變數。

And then we keep on harping on the fact that we want to roll out business checking during the year.

然後我們不斷強調我們希望在今年推出業務檢查。

That's our rollout.

這就是我們的推出。

So we believe that we can generate very good volumes and we believe that we are dominant kind of currently demonstrating that we have the ability to manage the risk.

因此，我們相信我們可以產生非常好的產量，我們相信我們目前處於主導地位，這表明我們有能力管理風險。

And so we don't know how much we're going to get off of that and at what cost.

所以我們不知道我們能從中得到多少收益以及付出什麼代價。

But we do have assumptions in there we believe that will bring in business deposits, at least from a checking standpoint, 1% potentially offering an excess funding account like a money market account that would pay a higher rate.

但我們確實有假設，我們相信這將帶來商業存款，至少從檢查的角度來看，1% 可能會提供超額資金帳戶，例如支付更高利率的貨幣市場帳戶。

And then yes, we're going to see how the economy lands.

然後是的，我們將看看經濟如何落地。

I mean this entire forecast is based on a static rate environment.

我的意思是整個預測都是基於靜態利率環境。

So no changes to rates with the Fed's trying to pull off a soft landing, we'll see how they do.

因此，在聯準會試圖實現軟著陸的情況下，利率不會發生變化，我們將看看他們會如何做。

But with the short term nature of our of our loans being priced off of prime on the seven day portfolio.

但由於我們貸款的短期性質，我們的 7 天投資組合的定價低於優質貸款。

We're asset sensitive and we have a lot of variables to consider.

我們對資產很敏感，需要考慮很多變數。

I know I tried to give you enough.

我知道我已經盡力給你足夠的了。

I wish I could give you a two sentence answer, but unfortunately, we're just not that kind of company.

我希望我能給你兩句話的答案，但不幸的是，我們不是那種公司。

No, no, that was helpful.

不，不，這很有幫助。

Thank you.

謝謝。

On the last question I had was could you guys expand on your comments around the SBA premium guys is our earnings year to date is pretty high on, you know, how is competition looking in the space?

關於我的最後一個問題，你們能否詳細闡述一下你們對 SBA 高級人員的評論，我們今年迄今為止的盈利相當高，你們知道，這個領域的競爭情況如何？

It appears and, you know, I guess it's like what's driving the upside there?

它似乎出現了，你知道，我想這就像是什麼推動了那裡的上漲？

Do you think it's sustainable?

你認為這是可持續的嗎？

Yes.

是的。

I think the government guaranteed market on you talk about the shape of the yield curve.

我認為政府擔保市場上你談論的是殖利率曲線的形狀。

There's no better place to be on the yield curve than on the short end, and he got a short and government-guaranteed floater.

在殖利率曲線上，沒有比空頭更好的位置了，他得到了政府擔保的空頭浮動利率債券。

So, you know, I can't tell you how many times I get into conversations with people over pricing of seven and a government guarantee in trying to figure out what is going to be also, I will tell you, supply and demand are extremely important.

所以，你知道，我無法告訴你有多少次我與人們就 7 的定價和政府擔保進行對話，試圖弄清楚將會發生什麼，我會告訴你，供需關係非常嚴重重要的。

So if you get a big seller in here can really push prices down.

因此，如果你在這裡找到一個大賣家，確實可以壓低價格。

And so we feel pretty good about where we're currently priced.

因此，我們對目前的定價感覺非常好。

We don't see major movements in that activity.

我們沒有看到該活動有重大變動。

I do believe, however, that if rates begin to drop, these launched a quarterly adjust.

然而，我確實相信，如果利率開始下降，這些機構就會啟動季度調整。

So when rates are going higher, it actually hurts Newtek relative to the frequency of the adjustments versus when rates are falling, there's a bit of a lag.

因此，當利率走高時，相對於調整頻率而言，實際上對 Newtek 造成了傷害，而當利率下降時，則有一點滯後。

And that's helpful to us because we're able to maintain our maintained a higher coupon on a I think in terms of loan volumes.

這對我們很有幫助，因為我認為就貸款量而言，我們能夠維持較高的票面利率。

We tried to emphasize this.

我們試圖強調這一點。

We don't look like anybody else in the market.

我們看起來不像市場上的其他人。

So the way that we're acquiring credits are assembling loans, putting them through underwriting using our technology to extract a full plethora of data from customers and as frictionless effortless manner as possible is what differentiates us.

因此，我們獲得信貸的方式是組裝貸款，利用我們的技術從客戶那裡提取大量數據，並以盡可能輕鬆的方式進行承銷，這就是我們的與眾不同之處。

So we see our growth in seven day volume actually is being one of the market leaders taking market share from other people.

因此，我們看到我們 7 天交易量的成長實際上是成為市場領導者之一，從其他人手中奪取市場份額。

So we like this kind of double digit, low double digit growth in seven, a prudent on it meets our resource capability.

所以我們喜歡這種兩位數、低兩位數的成長，七年的謹慎就符合我們的資源能力。

It meets our business plan.

它符合我們的商業計劃。

So we feel pretty good about it.

所以我們對此感覺很好。

Great.

偉大的。

Thank you, guys for all the color.

謝謝你們所有的顏色。

Thank you, Tim.

謝謝你，提姆。

Christopher Nolan, Ladenburg Thalmann.

克里斯多福諾蘭，拉登堡塔爾曼。

Am I correct that there were no net charge-offs in the quarter?

我是否正確地認為本季沒有淨沖銷？

Scott, you want to tell us?

史考特，你想告訴我們嗎？

On the bank portfolio that is correct.

關於銀行投資組合，這是正確的。

We did see a couple of loans in the bank, a few seven a. that are micro loans that are showing signs of weakness.

我們確實在銀行看到了幾筆貸款，有七筆。這些小額貸款正顯示出疲軟的跡象。

We also saw a few loans we were from the acquired portfolio.

我們也看到了來自收購投資組合的一些貸款。

We expect 100% recovery on that are showing some weakness, but no charge-offs at the bank.

我們預計 100% 的復甦將顯示出一些弱點，但銀行不會沖銷。

And I have a follow-up on following your answers to Christian's question on the guidance for the first quarter, but understand correctly, that's really for a upfront CECL reserve.

我對克里斯蒂安關於第一季度指導的問題的回答進行了跟進，但理解正確，這實際上是針對預先的 CECL 儲備金。

Is that correct for small business lending?

這對於小型企業貸款是否正確？

That's the best quarter.

這是最好的季度。

The big differentiators in that in calendar year 2023, there was no CECL reserve.

最大的差異在於 2023 年沒有 CECL 儲備。

Okay.

好的。

On that basis, where should we think about the loan loss reserve ratio following that?

在此基礎上，接下來的貸款損失準備率又該從何考慮呢？

So I think that you need to focus, Chris, on the fact that we're originating mostly seven a. loans.

所以，克里斯，我認為你需要專注於這樣一個事實，即我們主要發起的是七個a。貸款。

If you look at the mix of production we expect over time, I want to point out that the five oh four production is typically we have a fair value option election on those.

如果你看看我們隨著時間的推移預期的生產組合，我想指出的是，五四生產通常是我們對這些產品進行公允價值選擇的選擇。

So we carry those at fair value at origination because we intend to sell them Same with the alternative lending program so really that the reserve applies to the seven a portfolio that we retain as well as the conforming bank loans, the conforming bank loans carry a reserve on a weighted average basis of about one a quarter percent and the seven day production.

因此，我們在初始時以公允價值持有這些資產，因為我們打算出售它們。以大約四分之一的加權平均和7 天的產量計算。

Keep in mind that the $925 million we're projecting is the full 100% of the loan, we keep 25% of that and of the 25% that we keep, we put about a six and three quarter's call, our reserve on that.

請記住，我們預計的9.25 億美元是貸款的全部100%，我們保留其中的25%，而在我們保留的25% 中，我們將大約六又四分之三的看漲期權作為我們的準備金。

So if you look at the balance between [seven A] and that we retain 25% of the $925 million and conforming bank loans, we're going to naturally go higher as a as an overall allowance to loans coverage up from where we already are, which is high for the industry.

因此，如果你看一下[7 A]之間的平衡，我們保留 9.25 億美元和合格銀行貸款中的 25%，我們自然會提高貸款覆蓋率的總體準備金。 。

And I'd point out that there's a reason that that reserve is high there's a real reason we set aside reserves because we will need to use them and we are going to have charge-offs that will happen.

我想指出的是，準備金很高是有原因的，我們撥出準備金是有真正原因的，因為我們需要使用它們，而且我們將會發生沖銷。

But I hope that everybody understands and looks at the level of reserves relative to the industry and we have adequate reserves to cover it.

但我希望每個人都了解並專注於相對於行業的儲備水平，我們有足夠的儲備來涵蓋它。

They're appropriate and we also have plenty of capital.

他們很合適，而且我們也有充足的資金。

So we believe we're well positioned, we believe for managing risk prudently and charge-offs will happen.

因此，我們相信我們處於有利地位，我們相信謹慎管理風險，沖銷將會發生。

There's a reason we have that high reserves.

我們擁有如此高的儲備是有原因的。

I appreciate the guidance information is very detailed, and I appreciate the work going into the presentation.

我很欣賞非常詳細的指導訊息，也很欣賞在演示中所做的工作。

I would really appreciate going forward if we can get a lot more detail on the credit metrics of 60 days plus non receive delinquencies, net charge-offs for the current quarter as well as you know, on the drivers for any changes in the reserves.

如果我們能夠獲得有關 60 天信用指標的更多詳細信息，加上未收到的拖欠、本季度的淨沖銷以及您知道的儲備金任何變化的驅動因素，我將非常感激。

That's just my two cents notable.

這只是我值得注意的兩分錢。

(Operator Instructions) Steve Moss with Raymond James.

（操作員說明）史蒂夫·莫斯和雷蒙德·詹姆斯。

Good morning, all, Rich.

大家早上好，里奇。

So thank you very much, Dan, to on the M&A side of things, curious here, I see your prequalified is up modestly flattish to up modestly, but your improved your approved loans and underwritings are up pretty significantly.

所以，非常感謝你，丹，在併購方面，我很好奇，我看到你的資格預審略有上升，但你的批准貸款和承銷的改善卻相當顯著。

Just curious, you know, if you're seeing any mix shift on or some of the drivers of that.

只是好奇，你知道，是否看到任何混合變化或其中的一些驅動因素。

Yes, and I appreciate you pointing that out.

是的，我很感謝你指出這一點。

I know my chief lending officer will be happy.

我知道我的首席貸款官會很高興。

You asked that question as well as just and Gavin, who manages that part of the business.

你問了這個問題，還有管理這部分業務的加文。

What we've been able to do through the utilization of technology is to really clean out the three quals pretty quickly.

我們透過利用技術能夠做到的就是很快地真正清除這三個品質。

So we're able to get to the best credits in rapid fire and get them in the underwriting.

因此，我們能夠快速獲得最佳信用並獲得承保。

So I think it's important that that is a although looks like it's weak.

所以我認為重要的是，儘管看起來很弱。

It's actually a sign of strength.

這其實是實力的象徵。

The other thing I want to state is we did many, many more loans.

我想說的另一件事是我們發放了很多很多的貸款。

I don't have the numbers handy.

我手邊沒有數字。

I don't know if Scott does, but maybe Nikolaj, we did many more loans in units in calendar 2023.

我不知道 Scott 是否這樣做，但也許 Nikolaj，我們在 2023 年提供了更多的單位貸款。

Then 2022, I think we approached in [seven] day, I'd say we approach

然後 2022 年，我想我們會在 [7] 天之內接近，我想說我們會接近

[2,000].

[2,000]。

I know, we had a couple of quarters in excess of 500 units per.

我知道，我們有幾個季度的銷售量超過 500 件。

So I think what you what you've looked at is it's an efficiency.

所以我認為你所看到的是效率。

It's not that a negative we we feel pretty good about getting loads in and out of frequency right away and getting them into underwriting.

這並不是一個負面因素，我們對立即增加和減少頻率並將其納入承保感到非常滿意。

Yes, very just to expand on that, we had about a 50% increase in units over the course of '23.

是的，為了擴展這一點，我們在 23 年期間增加了大約 50% 的數量。

So to your point, technology enabled us to increase that throughput.

因此，就您而言，技術使我們能夠提高吞吐量。

And so and quite frankly, with minimal increases to headcount.

因此，坦白說，員工人數的增加幅度很小。

Okay.

好的。

That's helpful.

這很有幫助。

And then in terms of the the clean-up call here that you guys mentioned, I'm sorry, I missed the number, but how large could that be a full on 400 or so million that was mentioned earlier, just tied up.

然後，就你們提到的清理工作而言，我很抱歉，我錯過了這個數字，但是前面提到的 400 左右，這個數字有多大，只是綁在一起。

And again, I hope.

我希望再一次。

Yes.

是的。

Well, no, no, no, it's not that many.

嗯，不不不，沒有那麼多。

So it's it's the 2018 and 2019 deal on it is subject to SBA's approval would subject us putting a funding line in place, which we're kind of operating from scratch on.

因此，2018 年和 2019 年的交易需要 SBA 的批准，這將使我們建立一條融資額度，而我們是從頭開始運作的。

We did not hit the coal in the current quarter.

本季我們沒有觸及煤炭。

It might happen in the next.

可能會在接下來發生。

Should that in the current quarter in the current month, it might happen next month and it would be a call of around $40 million to $45 billion in bonds program.

如果是在當月本季度，也可能在下個月發生，這將是大約 4,000 萬至 450 億美元的債券計劃。

And wondering that's important.

想知道這很重要。

What it would do is since all those loans and securitizations, all the principle goes to pay down the debt.

它將要做的是，因為所有這些貸款和證券化，所有的原則都用來償還債務。

What I would have thought would happen if you clean it up because they get the P&I, it's flowing down into NSBF and it's available for other uses so we've got a lot of capital in there right now that can be used for other purposes.

我本來以為如果你把它清理掉會發生什麼，因為他們得到了保賠險，它會流入 NSBF 並且可用於其他用途，所以我們現在有很多資本可以用於其他目的。

Okay, great.

好的，太好了。

Those are my two questions.

這是我的兩個問題。

Moment.

片刻。

I really appreciate all the color Thank you.

我真的很欣賞所有的顏色，謝謝。

Thank you.

謝謝。

I would now like to hand the conference back over to Barry Sloane for closing remarks.

現在我想將會議交還給巴里·斯隆致閉幕詞。

Well, we can't thank everybody enough.

好吧，我們對所有人的感謝都不為過。

We did tried to speed it up.

我們確實嘗試過加快速度。

I think Scott and I will regrouping and for the next quarter to see if we can condense and get a little bit more concrete to say we will have a bit of an appendix available for other investors that are more detailed information.

我認為斯科特和我將在下個季度重新組合，看看我們是否可以精簡並更具體地說，我們將為其他投資者提供一些更詳細資訊的附錄。

Now, I would say the amount of information that we give out its history and it's the strength of the business.

現在，我想說的是我們提供的歷史資訊量以及業務的實力。

We have many different business lines that are providing cash flow and capital to the overall strategy.

我們有許多不同的業務線，為整體策略提供現金流和資本。

And we're proud of what we do, and we look always forward to telling our story each quarter.

我們為我們所做的事情感到自豪，並且我們始終期待每個季度講述我們的故事。

So thank you.

所以謝謝。

Once again, we look forward to having a good first quarter as well.

我們再次期待第一季表現良好。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

And you may now disconnect.

您現在可以斷開連線。