NewtekOne Inc (NEWT) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the NewtekOne Inc., second-quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 NewtekOne Inc. 2024 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker for today, Barry Sloane, CEO and President. Barry?

現在我想將會議交給今天的第一位發言人，執行長兼總裁巴里·斯隆 (Barry Sloane)。巴里？

Thank you, operator, and thanks everybody for attending our Q1 second-quarter 2024 financial results conference call. Joining me on the call is Scott Price, the Chief Financial Officer at NewtekOne and Newtek Bank National Association. Also attending is Nick Young, President and Chief Operating Officer of Newtek Bank NA.

謝謝營運商，也謝謝大家參加我們的 2024 年第二季財務業績電話會議。與我一起參加電話會議的是 NewtekOne 和 Newtek Bank National Association 的財務長 Scott Price。出席會議的還有 Newtek Bank NA 總裁兼營運長 Nick Young。

For those of you who'd like to follow along to our call today, please go to our website, newtekone.com, or the Investor Relations section on the presentation, and our PowerPoint presentation is hung there today. I'd like you to draw your attention to slide number 1 on a note regarding forward-looking statements.

對於那些想關注我們今天電話會議的人，請訪問我們的網站 newtekone.com 或簡報中的投資者關係部分，我們的 PowerPoint 簡報今天就掛在那裡。我希望您注意第 1 張投影片上有關前瞻性陳述的註釋。

On slide number 2, today, we'll be talking about significant events that occurred in Q2 2024. We announced last night at the close of the market, second-quarter 2024 earnings of $0.43 earnings per share basic and diluted comment. Important to note that, according to Bloomberg, which had a consensus of our analysts at $0.405, that was a nice beat for us, with a revenue estimate on Bloomberg of $60.6 million, I think we are about at that number.

今天，在第二張投影片上，我們將討論 2024 年第二季發生的重大事件。我們昨晚收盤時公佈了 2024 年第二季每股收益 0.43 美元的基本和稀釋收益評論。值得注意的是，根據彭博社報道，我們的分析師一致認為這是 0.405 美元，這對我們來說是一個不錯的成績，彭博社的收入預計為 6060 萬美元，我認為我們已經達到這個數字了。

Second bullet is reconfirming 2024 full EPS guidance of $1.85 to $2.05 for basic and diluted. Given the events of the last few trading days, Thursday, Friday, Monday, we are very comfortable with the range and we'd love to get a little bit more clarity on what's going to happen in the world before we make any adjustments to that.

第二點是重申 2024 年基本每股盈餘和稀釋每股盈餘指引值為 1.85 美元至 2.05 美元。考慮到過去幾個交易日（週四、週五、週一）發生的事件，我們對這個範圍感到非常滿意，我們希望在做出任何調整之前更清楚地了解世界上將要發生的事情。

Important to note, quarterly deposit growth at the bank over the last quarter was approximately 17%, second-quarter sequential total loan growth over the last quarter, 13% of the bank. We find these numbers to be terrific, particularly given that the industry averages are about flat. Net interest margin, 4.83% for the three months ended June 30, pretty flat quarter to quarter. We're comfortable with that.

值得注意的是，該行季度存款較上季較上季成長約17%，第二季該行總貸款較上季較上季成長13%。我們發現這些數字非常好，特別是考慮到行業平均值基本上持平。截至 6 月 30 日的三個月淨利差為 4.83%，環比持平。我們對此感到滿意。

Many of you look at the net interest margin at the holding company. And I want to point out that the net interest margin at the holding company, the holding company, which has the payment processor, the tech solutions, the payroll, the insurance agency is somewhat watered down from a margin standpoint because those assets don't provide interest income. They provide the other ancillary income that skews our income in the business model to close to 65% to 70%. But I think when you look at the types of loans we put on the books versus the cost of funding, it is extremely attractive.

你們中的許多人都會關注控股公司的淨利差。我想指出的是，從保證金的角度來看，擁有支付處理器、技術解決方案、工資單、保險機構的控股公司的淨息差在某種程度上被淡化了，因為這些資產不提供利息收入。他們提供的其他輔助收入使我們的商業模式收入佔比接近 65% 至 70%。但我認為，當你看到我們帳面上的貸款類型與融資成本時，你會發現它非常有吸引力。

I would also point out that the institutional funding of securitizations of the SBA 7(a) launch for the non-bank lender in NSBF is also a much higher cost of financing. The weighted average is probably SOFR plus 250, it gets you close to 8 versus where we are in the bank. So you can see that on a going forward basis as our cost of funding will shift from that higher cost securitization on the old 7(a) portfolio into the bank, these margins will probably improve.

我還要指出的是，為 NSBF 中的非銀行貸款人推出的 SBA 7(a) 證券化的機構融資也是一個高得多的融資成本。加權平均值可能是 SOFR 加 250，與我們在銀行的水平相比，它接近 8。因此，您可以看到，在未來的基礎上，隨著我們的融資成本將從舊的 7(a) 投資組合的較高成本證券化轉移到銀行，這些利潤率可能會提高。

Also important to note that we had approximately 470 basis points of loan loss reserve coverage at June 30, 2024 in the bank. At the holding company, we use fair value and estimate the losses over the course of time. 470 basis points, as many of you are aware, very generous, very sizable, we'll talk about that and the effects of that going forward. Business deposits, important to note, these are our lower cost business checking, business money market grew by 17% in the quarter to $136 million from $116 million in Q1.

同樣重要的是要注意，截至 2024 年 6 月 30 日，我們在銀行擁有約 470 個基點的貸款損失準備金覆蓋率。在控股公司，我們使用公允價值並估計一段時間內的損失。正如你們許多人所知，470 個基點非常慷慨，規模非常大，我們將討論這一點以及未來的影響。值得注意的是，商業存款是我們成本較低的商業支票，商業貨幣市場在本季成長了 17%，從第一季的 1.16 億美元增加到 1.36 億美元。

We also have a nice slide talking about our alternative loan program, extremely important to our growth and profitability. We demonstrated a full execution through securitization. We are very, very excited about being able to demonstrate to the markets our alternative loan program securitization in recent times. Look at small business finance loan portfolio, we began to experience a default curve aging with realized and unrealized losses, we'll chat about that. These are the types of losses that are not flat, they're not straight lines. A small business borrower typically has seasonal characteristics with respect to the seasonality of the loan, so we'll talk a little bit about that in the call today.

我們還有一張很好的幻燈片，討論我們的替代貸款計劃，這對我們的成長和獲利能力極為重要。我們透過證券化展現了全面的執行力。我們非常非常高興能夠在最近向市場展示我們的另類貸款計劃證券化。看看小型企業融資貸款組合，我們開始經歷違約曲線老化，已實現和未實現的損失，我們將討論這一點。這些損失類型不是平坦的，也不是直線。小型企業借款人的貸款季節性通常具有季節性特徵，因此我們將在今天的電話會議中討論這一點。

NewtekOne continues to demonstrate, this is our sixth quarters of operating history as a bank holding company, owning a nationally chartered bank that we can continue to put loans on and fund ourselves to the bank with higher margins, higher yielding assets, and we use the term that offset current higher cost of deposits. Obviously, we will seek to generate lower cost deposits through business checking and business money market. We're very excited about the effort here and the growth, also, we're obviously more than a normal bank that you'd see, and we don't prefer to be normal to the other banking industry, we're different, and we'll talk about that again on this call, as we have on the six other calls.

NewtekOne 繼續證明，這是我們作為銀行控股公司的第六個季度的運營歷史，擁有一家全國特許銀行，我們可以繼續向利潤率更高、收益更高的資產向銀行提供貸款和資金，並且我們使用抵銷當前較高的存款成本的期限。顯然，我們將尋求透過商業支票和商業貨幣市場來產生較低成本的存款。我們對這裡的努力和成長感到非常興奮，而且，我們顯然不僅僅是您所看到的一家普通銀行，我們不希望成為其他銀行業的普通銀行，我們是不同的，我們將在這次電話會議上再次討論這個問題，就像我們在其他六次電話會議上所做的那樣。

We have higher expenses for credit losses, that's anticipated, but you've also got to look at the returns that we're generating, the coupons that we're generating, clearly offset that, and that's why we have such high return on average assets, return on high tangible common equity that really dwarfs what goes on in this particular industry, and we're proud of the fact that we've been able to demonstrate this quarter after quarter, now for six operating quarters.

我們的信用損失費用更高，這是預料之中的，但你還必須看看我們產生的回報，我們產生的優惠券，明顯抵消了這一點，這就是為什麼我們平均回報率如此高資產，高有形普通股回報率，這確實使這個特定行業的情況相形見絀，我們感到自豪的是，我們已經能夠一個又一個季度地展示，現在已經是六個運營季度了。

Important also to note, the efficiency ratio at Newtek Bank declined to 42% a tremendous improvement. We continue to demonstrate that the Newtek Bank, without branches, bankers, brokers, and BDOs, will demonstrate the ability to acquire business clients through our patented NewTracker referral system, process the business effectively, and emphasizing a unique and internally developed technological platform.

另外值得注意的是，Newtek Bank 的效率比率下降至 42%，這是一個巨大的進步。我們繼續證明，Newtek 銀行在沒有分行、銀行家、經紀人和 BDO 的情況下，將展示透過我們專利的 NewTracker 推薦系統獲取商業客戶、有效處理業務並強調獨特的內部開發技術平台的能力。

Last but not least, we completed a registered public offering of $71 million of 8.5% fixed rate notes. Obviously, that's not a low coupon, but when you generate the types of returns that we can, this cost of capital is more than adequate to finance growing earnings and the support of our revenue model going forward.

最後但並非最不重要的一點是，我們完成了 7,100 萬美元的 8.5% 固定利率票據的註冊公開發行。顯然，這不是一個低息票，但當你產生我們可以產生的回報類型時，這種資本成本足以為不斷增長的收入和支持我們未來的收入模式提供資金。

On slide number 3, focusing on Newtek Bank summary financial highlight for the second quarter and previous quarters, please observe the trends, ROAA, 6.4% for the quarter. These are solid numbers. These are not numbers you see in 95% of the other banking institutions. ROTCE for the quarter, 48.8%. Efficiency ratio declining to 42.3%. We're very pleased with the performance of the second quarter.

在第 3 號投影片上，重點關注 Newtek Bank 第二季和前幾季的財務亮點摘要，請觀察趨勢，該季度的 ROAA 為 6.4%。這些都是可靠的數字。這些數字並不是您在 95% 的其他銀行機構中看到的數字。本季的 ROTCE 為 48.8%。效率下降至42.3%。我們對第二季的表現非常滿意。

For growth, important to note, growth in a financial holding company and a bank like ours, yes, you can have growth in a financial institution that owns a depository. So we had loan growth ending quarter, over quarter, 14%, deposit growth, 17%, and look at the capital ratio.

對於成長，值得注意的是，金融控股公司和像我們這樣的銀行的成長，是的，擁有存款機構的金融機構可以實現成長。因此，我們看到季末貸款成長，環比成長 14%，存款成長 17%，並查看資本比率。

Once again, on slide number 3, these are extremely healthy. So it's important to note, in many cases, these are twice the capital ratios as you see at a bank. Very well capitalized, basically impacted by strong cash balances as well. And we're also pleased to note that the reserve coverage, more than adequate for what we anticipate going forward at the bank from CECL and at the holding company through NSBF through fair value.

在第三張投影片上，這些都是非常健康的。因此，值得注意的是，在許多情況下，這些資本比率是銀行資本比率的兩倍。資本充足，基本上也受到強勁現金餘額的影響。我們也很高興地註意到，準備金覆蓋率足以滿足我們對 CECL 銀行和 NSBF 控股公司未來透過公允價值的預期。

Slide number 4, we talk about the financial summary for the holdco. Obviously, we talked about the ROAA, the ROTC, still north of 20%. Once again, you kind of get some muted results because of the income is not from net interest income, which is why your net interest margin is 2.71% versus at the bank, a much higher number with a 4 handle on it. Also note the capital ratios at the holding company, CTE 1, total capital leverage, 18.7%, 21.9%, 14%.

第 4 號投影片，我們討論控股公司的財務摘要。顯然，我們談論的是 ROAA、ROTC，仍然高於 20%。再一次，你會得到一些溫和的結果，因為收入不是來自淨利息收入，這就是為什麼你的淨利差是 2.71%，而銀行的淨利差是 4，這個數字要高得多。另請注意控股公司的資本比率，CTE 1，總資本槓桿，18.7%、21.9%、14%。

Towards the bottom of slide number 4, we talk about our earnings. We're very pleased with the fact that we had $0.43 for the second quarter of 2024, year over year, up from $0.27 in the second quarter of 2023, and a sequential increase of $0.05 quarter over quarter.

在第四張投影片的底部，我們討論了我們的收入。我們非常高興的是，2024 年第二季我們的營收年增了 0.43 美元，高於 2023 年第二季的 0.27 美元，季增了 0.05 美元。

Slide number 5, we try to talk about commonly asked questions of NewtekOne. Obviously, we do speak to investors regularly. We recently attended two investor conferences, B. Riley and KBW. We also had an Analyst Day conference. I would tell you that the questions we get are very typical, regarding banks and bank holding companies. They talk about deposits. They talk about the concern over interest rates and the concern over loss coverage. It still is a little bit of a head scratcher.

第5張幻燈片，我們嘗試談談NewtekOne的常見問題。顯然，我們確實定期與投資者交談。我們最近參加了兩次投資者會議，B. Riley 和 KBW。我們也舉行了分析師日會議。我想告訴你，我們收到的問題非常典型，涉及銀行和銀行控股公司。他們談論存款。他們談論了對利率的擔憂和對損失保險的擔憂。它仍然有點令人頭疼。

There's another part to this organization, and that's how we make money. And we really have outstretched business model that generates great returns. It's very well balanced across the board. Our business model provides for an outsized amount of non-interest income versus traditional bank net interest income.

這個組織還有另一個部分，那就是我們賺錢的方式。我們確實擁有可以產生巨大回報的延伸商業模式。它在各個方面都非常平衡。與傳統銀行的淨利息收入相比，我們的業務模式提供了大量的非利息收入。

I think it's important to note that the fear is in the business about credit and interest rates. Well, credit and interest rates don't factor into a government-guaranteed sale for cash every single day, every single week, every single month, every single quarter. In a non-traditional way, the industry has not looked highly upon gains on sale. Well, we've had gains on sale for 20 years. And frankly, it is, I'm not saying fully insulated, but it is primarily insulated from the concerns in the banking industry with respect to interest rate movements and credit rate movements.

我認為重要的是要注意商業界對信貸和利率的擔憂。好吧，信貸和利率並不影響政府每天、每週、每個月、每季擔保的現金銷售。以一種非傳統的方式，該行業並沒有高度重視銷售收益。嗯，我們已經賣出收益 20 年了。坦白說，我並不是說完全隔離，但它主要不受銀行業對利率變動和信貸利率變動的擔憂。

We're pleased to once again report that we really had some nice traction in lower-cost business deposits. We talked about a 17% gain there. We bumped our SBA fundings for 2024 to $135 million. Importantly, for a mission statement, our business model is all about making our clients more successful. That is key.

我們很高興再次報告，我們在低成本商業存款方面確實有一些良好的吸引力。我們談到了 17% 的漲幅。我們將 2024 年 SBA 資金增加至 1.35 億美元。重要的是，對於我們的使命宣言來說，我們的商業模式就是讓我們的客戶更成功。這是關鍵。

If we cannot make our clients more successful, my view of it is we're not supposed to be in business. So we bought the bank because that gets eyeballed to the institution on a regular basis for deposits, transactional capability. We'll talk about the Newtek Advantage business portal.

如果我們不能讓我們的客戶更成功，我認為我們就不應該開展業務。所以我們買了這家銀行，因為這家機構的存款和交易能力會定期受到關注。我們將討論 Newtek Advantage 商業入口網站。

We just think we are strategically positioning NewtekOne as a growth company, and we're seeking to acquire a growth multiple on earnings, which we think we're earning every single quarter by demonstrating that even with current cost of deposits higher than a typical bank and losses that are expected because of the high coupon, the gain on sale, and the business model, we're still able to deliver a right bottom line.

我們只是認為我們在策略上將 NewtekOne 定位為成長型公司，我們正在尋求獲得收益的成長倍數，我們認為我們每個季度都會盈利，因為即使當前的存款成本高於典型銀行以及由於高息票、銷售收益和商業模式而預期的損失，我們仍然能夠提供正確的底線。

We're going to talk a lot about our Alternative Loan Program, its history, and its future on slide number 6. Well, we're very pleased to announce that we completed a securitization. We did one a while ago in 2022. Obviously, the banking crisis kind of slowed it down a little bit, but we're back up, and you'll see that our pipeline is full and robust, and we're ready to go.

我們將在第 6 號幻燈片上詳細討論我們的替代貸款計劃、其歷史和未來。嗯，我們非常高興地宣布我們完成了證券化。我們不久前在 2022 年做了一個。顯然，銀行危機稍微減緩了它的速度，但我們已經恢復了，你會看到我們的管道完整而強大，我們已經準備好了。

When you look at the Alternative Loan Program, what is it? First of all, let's focus on the demand. We get hundreds of business loan referrals every day, approximately 80,000 paying customers, 3 million referrals in the database. These are all business clients. They're independent business owners that want a loan that has a low monthly payment.

當您查看替代貸款計劃時，它是什麼？首先，讓我們專注於需求。我們每天都會收到數百個商業貸款推薦，大約 80,000 個付費客戶，資料庫中有 300 萬個推薦。這些都是商業客戶。他們是獨立企業主，想要每月還款額較低的貸款。

How do they get that low monthly payment? Well, this is something that we learned from the SBA business by being in 20 years. No balloons, 10- to 25-year AMs, gives them the low payment. Also, they really dislike restrictive bank covenants. They don't want to be told, geez, you can't do this acquisition. Geez, you can't dividend this money. Geez, you can't take additional leverage. Well, we trade that off with a personal guarantee and leans in all business assets as well as leans on personal assets, if need be, to beat the credit up.

他們如何獲得如此低的月付？嗯，這是我們 20 年來從 SBA 業務中學到的東西。沒有氣球，10到25年的AMs，給他們帶來的報酬很低。另外，他們真的不喜歡限制性的銀行契約。他們不想被告知，天哪，你不能進行這次收購。天哪，你不能分紅這筆錢。天哪，你不能採取額外的槓桿。好吧，我們用個人擔保來權衡這一點，並依靠所有企業資產以及個人資產（如果需要）來提高信用。

From a cross-section of the market, from a demand standpoint, there are many guarantors. The guarantees are joint and several, and they're full. They're not watered-down guarantees that are willing to take a higher interest rate to give them the flexibility in the loans. You can see that from our pipeline. You can see that from this particular securitization.

從市場的橫斷面來看，從需求的角度來看，有許多擔保人。擔保是連帶的，而且是全額的。他們並不是願意接受更高利率來給予貸款彈性的淡化擔保。您可以從我們的管道中看到這一點。你可以從這個特定的證券化看到這一點。

For those of you that want the details on the securitization, if you go to DBRS's website, you can see what's at the bottom of slide number 6, NALP Business Loan Trust 2024-1. DBRS will be able to provide that pre-funded memo, which will give you a lot of details and data on the collateral, why these loans exist, what the breakout is, going to the NALP, $190.5 million of collateral backing $154 million of investment-grade rated notes, 11 institutional investors piled into the single A class, three into the triple BBB+ class, with an 81% advance rate.

對於那些想要了解證券化詳細資訊的人，如果您訪問 DBRS 的網站，您可以看到第 6 號幻燈片「NALP 商業貸款信託 2024-1」底部的內容。DBRS 將能夠提供預先資助的備忘錄，其中將為您提供有關抵押品的大量詳細信息和數據，這些貸款存在的原因、突破是什麼、進入 NALP、支持 1.54 億美元投資的 1.905 億美元抵押品- 級評等票據，11 家機構投資者湧入單一A 級，3 家機構投資者湧入三重BBB+ 級，預付率為81%。

The bids we got were in excess of $370 million, and this was the second asset securitization that we've done. We've historically done 15 rated securitizations. All of them have held or been upgraded.

我們收到的出價超過3.7億美元，這是我們做的第二次資產證券化。我們歷史上已經完成了 15 次評級證券化。所有這些都已持有或升級。

On slide number 7, I covered this a little bit in the prior conversation, like where is the demand? Well, I went over the demand. We financed these securitizations through joint ventures. It gives us an additional source of capital with leverage orient and a securitization facility. I'd like to thank Capital One and Deutsche Bank for helping us do the securitization and help make this new program work for us and our borrowers.

在第 7 號投影片上，我在先前的談話中對此進行了一些介紹，例如需求在哪裡？好吧，我已經討論過這個需求了。我們透過合資企業為這些證券化提供資金。它為我們提供了額外的以槓桿為導向的資本來源和證券化設施。我要感謝第一資本和德意志銀行幫助我們進行證券化，並幫助我們使這個新計劃為我們和借款人服務。

When you look at the loan metrics, we originate these loans for approximately 3 to 3.5 points. Very conservatively, the origination expense I'm putting in there is 2 points, but it's typically not quite that high. The am schedule I talked about, 20 to 25 years and no balloons. Loans are originated at the original floor and initial rate. On a weighted average, let's say it's about 850 to the five year. We service for 100 basis points by the bank. The prepayment penalties in the loans, 5%, 5%, 5%, 3%. That's important because you've got a servicing asset that's not going to prepay early and you get that spread income over time.

當您查看貸款指標時，我們會以大約 3 到 3.5 個點發放這些貸款。非常保守地，我投入的起始費用為 2 個點，但通常不會那麼高。我談到的上午時間表，20到25年，沒有氣球。貸款按照原始下限和初始利率發放。假設五年的加權平均數約為 850。我們由銀行提供 100 個基點的服務。貸款中的提前還款罰金，5%、5%、5%、3%。這很重要，因為您擁有不會提前預付的服務資產，並且隨著時間的推移您會獲得利差收入。

I think it's important to note that these securitizations are funded by joint ventures. They represent equity interests up at the holding company and they're very high yielding. So this is a fairly rudimentary way for all of you to calculate yield. You can feel free to take your Excel spreadsheets and figure out what the returns are yourself.

我認為值得注意的是，這些證券化是由合資企業提供資金的。它們代表控股公司的股權，且收益率非常高。所以這對大家來說是一個相當基本的計算收益率的方法。您可以隨意使用 Excel 電子表格，親自計算出回報是多少。

But looking at this last transaction, an 80% advance rate to an investment grade means that 80% of the spread income had no equity against it. And looking at the collateral yield of a net 11.7% against the gross 12.7%, that's the servicing that goes to Newtek, that's other income. To the yield on the bonds of 6.7%, it's 500 basis points. Multiply that times 4 equals 20%. The equity 11.7%, there's your gross. That does not count for net charge-offs over the course of time. And we are fairly adamant.

但看看最後一筆交易，80% 的投資等級預付款意味著 80% 的利差收入沒有權益。從抵押品淨收益率 11.7% 相對於總抵押品收益率 12.7% 來看，這就是 Newtek 的服務，這就是其他收入。相對於6.7%的債券殖利率來說，這是500個基點。乘以 4 等於 20%。淨值11.7%，這就是你的毛額。這不計入一段時間內的淨沖銷。我們相當堅定。

These are materially better credits than the 7(a) business. so we gauge it against the severity and frequency, which we historically use that at an 8% historical charge-off. These are stronger guarantors. These are larger businesses with greater liquidity. These borrowers typically would not meet the credit elsewhere under 7(a).

這些信用比 7(a) 業務好得多。因此，我們根據嚴重性和頻率來衡量它，我們歷史上以 8% 的歷史沖銷率使用它。這些都是更強有力的保證。這些企業規模較大，流動性較強。這些借款人通常不會符合 7(a) 項下其他地方的信貸要求。

And in some cases, they have loan needs greater than the $5 million limit on 7(a). So we put them in that particular bucket. We also do loans below $5 million for borrowers that want, maybe they've used up their $5 million guarantee for 7(a), or they want a fixed rate, or a variety of other reasons. Maybe they don't occupy greater than 50% of the real estate. These would go into the ALP program.

在某些情況下，他們的貸款需求超過 7(a) 的 500 萬美元限額。所以我們把它們放在那個特定的桶子裡。我們也為那些想要的借款人提供低於 500 萬美元的貸款，也許他們已經用完了 7(a) 的 500 萬美元擔保，或者他們想要固定利率，或者出於各種其他原因。也許他們所佔的房地產不超過 50%。這些將進入 ALP 計劃。

Moving to slide number 8, we talked about the second important catalyst or accelerator for the business. So ALP being one, deposit growth being the other. Obviously, most of you are very familiar with our 7(a) business. It's been going on for 20 years, and it just keeps on going. It's a little engine that can.

轉到第 8 張投影片，我們討論了業務的第二個重要催化劑或加速器。因此，ALP 是其中之一，存款成長是另一個。顯然，你們大多數人都非常熟悉我們的 7(a) 業務。這種情況已經持續了 20 年，而且還在繼續。這是一個可以的小引擎。

In the growth and deposit, we talked about total growth. It's about 17%. The deposit growth business account, also about 17%. Important to note, Newtek, because of its ability to earn differently than the average bank that has very low margin, zero default, zero charge of assets, we're able to more generously provide depository services for our clients. Business clients and consumers dislike undisclosed fees.

在成長和存款中，我們談到了總量成長。大約是17%。業務帳戶的存款成長，也在17%左右。值得注意的是，Newtek，由於它的獲利能力與保證金極低、零違約、零資產費用的普通銀行不同，我們能夠更慷慨地為客戶提供存款服務。商業客戶和消費者不喜歡未公開的費用。

I challenge anybody to go online and try to find a true zero fee-based account. For example, if you take a look at Chime, they talk about zero fees, but it's on a consumer savings account where you can't use the money, or can't really use it for high levels of transactions.

我挑戰任何人上網並嘗試找到一個真正的零費用帳戶。例如，如果你看一下 Chime，他們談論的是零費用，但它是在消費者儲蓄帳戶上，你不能使用這筆錢，或者不能真正將其用於高水準的交易。

In the fine print, they require you to have a business account that does have the fees. Many other accounts require minimum balances, or they have these hidden fees somewhere. We'll be rolling out our zero fee bank program with a deposit calculator to show the customers how much they're going to be saving with lower expenses, with no fees, and being able to pay them 3.5% on deposit commercial money market, and 1% on checking.

在細則中，他們要求您擁有一個包含費用的企業帳戶。許多其他帳戶需要最低餘額，或在某處有這些隱藏費用。我們將推出帶有存款計算器的零費用銀行計劃，向客戶展示他們將以較低的費用節省多少錢，無需任何費用，並且能夠在存款商業貨幣市場上向他們支付 3.5% 的利率，和1 % 的檢查費用。

We've so far, I believe we've brought in about close to 1,300 to 1,700 new business banking accounts at the bank. That's good growth for us. We'll talk about our opening of our Wilmington office that will give us a lot more bandwidth in that particular area.

到目前為止，我相信我們已經在銀行開設了大約 1,300 至 1,700 個新的商業銀行帳戶。這對我們來說是很好的成長。我們將討論威爾明頓辦事處的開設，這將為我們在該特定區域提供更多的頻寬。

Slide number 9, loan pipeline growth, we're very pleased with the opportunity to do a lot of loans in the second half of the year. I won't go into the math. It's fairly self-explanatory. We've also put the amount of loans that we've originated year to date on the bottom of slide number 9. Also important to note, we have had an origination underperformance in 504, conforming C&I and CRE. We look to correct that in the second half of the year.

第 9 張投影片，貸款管道成長，我們很高興有機會在下半年提供大量貸款。我不會深入數學。這是不言自明的。我們也將今年迄今發放的貸款金額放在第 9 號投影片的底部。同樣值得注意的是，我們在 504 年的初始表現不佳，符合 C&I 和 CRE。我們希望在今年下半年糾正這個問題。

It's important for us to have a balanced portfolio. By putting the conforming C&I and conforming CRE, and that's your basic boring bank loans with covenants that have lower margins on them, but they'll balance the portfolio, give us diversification in the bank. That will, in turn, reduce the CECL reserve on those types of loans, so our reserves will start to come down. We look at about 3.5% plus or minus as the normal CECL reserve just to be in balance. When that starts coming down, don't freak out. Those reserves are there to be utilized, and there are smaller reserves on higher creditworthy lower margin conforming CRE and C&I loans.

擁有平衡的投資組合對我們來說很重要。透過放置符合要求的 C&I 和符合要求的 CRE，這就是基本無聊的銀行貸款，其契約的利潤率較低，但它們會平衡投資組合，讓我們在銀行中實現多元化。反過來，這將減少 CECL 對此類貸款的準備金，因此我們的準備金將開始下降。我們將大約 3.5% 左右視為正常的 CECL 準備金，以保持平衡。當這種情況開始下降時，不要驚慌。這些準備金是可用的，而信用良好、利潤率較低、符合 CRE 和 C&I 貸款的準備金較少。

Slide number 10, second-quarter financial highlights, we've talked about most of the things that are on this particular slide. The most important thing I want to impress is growth. Q2 2023 EPS just significantly lower. I think it was $0.27 to $0.43. I believe we take out the tax effect for 2023 EPS. We're somewhere about $1.03, $1.07. This year our midpoint is $1.95. I mean, this is a growth business and a growth vehicle that bought a bank on January 6, 2023 hit the ground running, immediately made profits, and is on a ramp.

第 10 張投影片，第二季財務亮點，我們已經討論了這張投影片上的大部分內容。我想給人留下深刻印象的最重要的事情是成長。2023 年第二季每股收益大幅下降。我認為是 0.27 美元到 0.43 美元。我相信我們扣除了 2023 年每股盈餘的稅務影響。我們的價格約為 1.03 美元、1.07 美元。今年我們的中點是 1.95 美元。我的意思是，這是一家成長型企業，也是一種成長型工具，於 2023 年 1 月 6 日收購了一家銀行，開始運行，立即盈利，並且正在走上坡道。

Slide number 11, these are the six-month highlights. We talked about that, and there was a major tax effect in Q1. There was a tax effect in Q4. I think the important aspect here is you've got $0.81 for six months for 2024, and $0.44 when you take out that tax benefit in Q1. So you can see there is growth, and we think this is being missed by the market.

第 11 張幻燈片，這些是六個月的亮點。我們討論過這一點，第一季存在重大稅收影響。第四季存在稅收影響。我認為這裡重要的一點是，您在 2024 年的六個月內將獲得 0.81 美元，而當您在第一季享受稅收優惠時，您將獲得 0.44 美元。所以你可以看到成長，但我們認為市場正在錯過這一點。

I'd like to now go to Scott Price for slide number 12.

我現在想向 Scott Price 索取第 12 號幻燈片。

Thanks, Barry. Good morning, everyone.

謝謝，巴里。大家早安。

Now, turning to slide 12, our net interest margin contracted 12 basis points during the quarter, driven by increased leverage and higher cash balances. We raised over $70 million in our bond offering at the end of May and paid down warehouse lines of credit. We were left with about $20 million of excess cash, which we deployed into accounts earning approximately 5%. We successfully retired our bond issuance that matured on August 1.

現在，轉向投影片 12，由於槓桿率上升和現金餘額增加，本季我們的淨利差收縮了 12 個基點。5 月底，我們透過債券發行籌集了超過 7000 萬美元，並償還了倉庫信用額度。我們剩下大約 2000 萬美元的多餘現金，我們將其存入帳戶，賺取約 5% 的收益。我們成功收回了 8 月 1 日到期的債券發行。

Turning to slide 13, at the bank, we experienced deposit growth from our business customers of about $20 million during the quarter, which have a much lower cost on our retail products. Our CD campaign brought in over $79 million, mostly in six-month paper, which we'll reprice in the fourth quarter. We expect about $70 million of CDs to reprice in the third quarter or mature and have about $100 million to reprice in the fourth quarter. These funds have a weighted average cost of around 5% and will provide a cost savings opportunity going forward.

轉向投影片 13，在銀行，本季我們的企業客戶存款增加了約 2000 萬美元，這使我們的零售產品成本低得多。我們的 CD 活動帶來了超過 7,900 萬美元的收入，其中大部分是六個月期的票據，我們將在第四季度重新定價。我們預計約 7,000 萬美元的 CD 將在第三季或到期時重新定價，並有約 1 億美元的 CD 將在第四季重新定價。這些基金的加權平均成本約為 5%，並將提供未來節省成本的機會。

Given these factors and the market turmoil over the last few days, we're monitoring the bond market and we keep a close eye on the pricing of our competitors. As far as deposits going forward, it's included in our forecast, and I'll cover that in a few slides.

考慮到這些因素以及過去幾天的市場動盪，我們正在監控債券市場，並密切關注競爭對手的定價。至於未來的存款，它已包含在我們的預測中，我將在幾張投影片中介紹這一點。

So I'll turn the call back over to Barry.

所以我會把電話轉回給巴里。

Thank you, Scott.

謝謝你，斯科特。

Slide 14, the Newtek Advantage, our proprietary business portal for its clients. Newtek Advantage is a patent pending, which provides Newtek's clients with analytics, relationships, transactional capability, and other financial institutions do not. We believe that on a going forward basis, our industry must do other things for the customer than just take their money, maybe take them out to lunch or dinner for the relationship and hope they get along. I say that because it's way too easy to move your money on a phone, very easy to do so, and people are not going to keep, and I say people, the business community, they're just not going to just leave those balances in there, because the people are nice.

投影片 14，Newtek Advantage，我們為其客戶提供的專有業務入口網站。Newtek Advantage 正在申請專利，它為 Newtek 的客戶提供分析、關係、交易能力，而其他金融機構則沒有。我們相信，在未來的基礎上，我們的行業必須為客戶做其他事情，而不僅僅是拿走他們的錢，也許帶他們出去吃午餐或晚餐以建立關係，並希望他們相處融洽。我這麼說是因為透過手機轉移資金太容易了，非常容易，人們不會保留這些餘額，我說人們，商界，他們不會只留下這些餘額在那裡，因為人們很好。

You're going to have to give that customer value, things like free unlimited document storage, free real-time updated web traffic analytics, free real-time credit card browsing and chargeback data right in the business portal, the ability to make payroll in the business portal. So we'll talk more about the Advantage in future slides. It is a great tool. Our clients enjoy it, and it's working well, and we continue to update it and make it more valuable where it becomes the business portal for its clients, and we will look to in the future white label it for other financial institutions.

您必須為客戶提供價值，例如免費的無限文件儲存、免費的即時更新的網路流量分析、免費的即時信用卡瀏覽和業務入口網站中的退款資料、在業務入口網站中發放薪資的能力商業入口網站。因此，我們將在以後的幻燈片中更多地討論其優勢。這是一個很棒的工具。我們的客戶喜歡它，而且它運作良好，我們將繼續更新它，使其變得更有價值，成為客戶的業務門戶，我們將在未來為其他金融機構提供白標。

Slide number 15, credit risk management, a company that went public in September of 2000, founded in 1998. We do know how to manage credit. We are familiar with these credits. We've been through the ups and downs. Now, when you look at the bank and you look at small business finance, there's two different ways of dealing with the losses. Small business finance is fair value.

第15張投影片，信用風險管理公司，2000年9月上市，成立於1998年。我們確實知道如何管理信用。我們對這些學分很熟悉。我們經歷過風風雨雨。現在，當你看看銀行和小型企業融資時，有兩種不同的方式來處理損失。小企業融資是公允價值。

So important to note, fair value adjustment, which, in other words, would be a charge off for the quarter from Q1 2024 to Q2 2024, call it approximately $5 million charge-off. So we have the charge off. Most importantly, we made the number. We can absorb it. The business can absorb higher charge off.

值得注意的是，公允價值調整，換句話說，是從 2024 年第一季到 2024 年第二季的季度沖銷，稱為大約 500 萬美元沖銷。這樣我們就可以取消收費了。最重要的是，我們完成了這個數字。我們可以吸收它。企業可以吸收更高的費用。

The other thing I want to point out is if you go across the whole slide, it was $31.7 million to $38 million, but that's over one, two, three, four, five quarters. There is your fair value adjustment. Now to go to fair value, people go, oh, $46 million. That's a lot.

我想指出的另一件事是，如果你瀏覽整張幻燈片，你會發現它是3170 萬美元到3800 萬美元，但這已經超過了一個、兩個、三個、四個、五個季度。有你的公允價值調整。現在要考慮公允價值，人們會選擇，哦，4600萬美元。就這麼多了。

Well, here's the good news. It's already been written off of earnings. It's already been written off the balance sheet, and guess what? Those loans will be liquidated for cash, and that will go right into the holding company, and that's just less dollars that we need for things like stock buybacks, dividends, reducing our debt load, et cetera, et cetera.

嗯，這是個好消息。它已經從收益中沖銷了。它已經從資產負債表上註銷了，你猜怎麼著？這些貸款將被清算為現金，這些資金將直接進入控股公司，而這只是我們用於股票回購、股息、減少債務負擔等方面所需的美元。

The other thing I want to point out is at the NSBF, we've got a performing loan portfolio with 11.25% coupons. Those higher coupons partially absorbs charge-offs you're going to see. And we are looking at the sweet spot of the default curve on that older portfolio, particularly with '21, '22, and '23 cohort years.

我想指出的另一件事是，在 NSBF，我們有一個息票率為 11.25% 的績效貸款組合。這些較高的優惠券部分吸收了您將看到的沖銷。我們正在研究舊投資組合的違約曲線的最佳點，特別是「21」、「22」和「23」隊列年。

Now, let's move down to the bank. The bank had non-accrual loans of $13.5 million. Everyone's hair is going to be on fire. Oh my god, I went from $8 million. Well, we sold most of that is from the National Bank of New York City portfolio. We sold $3 million, not in Q2, but in Q3. So that number is probably a little bit over $10 million. Well, obviously, I don't know what's going to happen in the third quarter yet, but that number is knocked down.

現在，我們去銀行吧。該銀行的非應計貸款為 1,350 萬美元。每個人的頭髮都會著火。天哪，我的起價是 800 萬美元。嗯，我們出售的大部分來自紐約國家銀行的投資組合。我們賣了 300 萬美元，不是在第二季度，而是在第三季。所以這個數字可能略高於 1000 萬美元。嗯，顯然，我還不知道第三季會發生什麼，但這個數字已經被敲低了。

I would say, there should not be any material change in the charge off number in Q3 from that loan sale. Those are all National Bank of New York City. I think the majority of those loans are loans that we acquired and acquired them through purchase accounting. As you can see where our charge-offs are. Also important to note, the allowance for credit losses is $21 million and 4.7%.

我想說，第三季貸款銷售的沖銷數量不應有任何重大變化。這些都是紐約市國家銀行。我認為這些貸款大部分是我們透過購買會計所獲得並獲得的貸款。正如您所看到的，我們的沖銷在哪裡。同樣值得注意的是，信貸損失準備金為 2,100 萬美元，利率為 4.7%。

Also important to look at the past dues. So we went from $12 million to $7.4 million. All these things cycle through. So the bullpen has now been reduced for charge-offs there as well.

查看過去的會費也很重要。所以我們從 1200 萬美元增加到 740 萬美元。所有這些事情都循環往復。因此，牛棚現在也已縮小，以便在那裡沖銷。

Go to slide number 16. We talked about the 470 basis points of the CECL reserve at the bank. We talked about adding more conforming C&I and C&E loans, which will reduce that reserve. Once again, important to note that we're very comfortable with our projections. These projections assume our knowledge of the 20-year history.

轉到投影片 16。我們談到了銀行CECL準備金的470個基點。我們討論了增加更多符合條件的 C&I 和 C&E 貸款，這將減少準備金。再次需要注意的是，我們對我們的預測非常滿意。這些預測假定我們了解 20 年的歷史。

I hate to disappoint everybody, but if you've got a slide rule or you're looking for a straight line, it's tough with us. It's just a fact of life. However, over the course of 20 years, it's a company that's been able to grow its business, develop its business line, and we think develop the real model going forward for the industry without bankers, brokers, BDOs, or branches.

我不想讓大家失望，但如果你有計算尺或你正在尋找一條直線，這對我們來說很難。這只是生活的一個事實。然而，在過去的 20 年裡，它是一家能夠發展業務、發展業務線的公司，我們認為，在沒有銀行家、經紀人、BDO 或分支機構的情況下，為行業發展真正的模式。

Slide number 17 talks about our merchant business. We tend to forget about our great merchant solutions business. It's forecast to do about $16 million of EBITDA with $16 million of pre-tax. No interest income there. It's all reoccurring revenue. We've been in that business since 2022.

第 17 號幻燈片討論了我們的商業業務。我們往往會忘記我們偉大的商業解決方案業務。預計稅前利潤為 1,600 萬美元，EBITDA 約為 1,600 萬美元。那裡沒有利息收入。這都是經常性收入。我們自 2022 年以來一直從事這項業務。

Slide number 18, diversification of earnings, at the bank, we look going forward to get the benefit from additionally lower cost of business accounts. That's a growth area for us. Two, continued growth in SBA lending. I hate to say it. I don't take it for granted, double digit growth in SBA lending when the industry is flat to down, not a small peak, and we appreciate what our team does in the bank.

第 18 張投影片，收入多元化，在銀行，我們期待從進一步降低企業帳戶成本中獲益。這對我們來說是一個成長領域。第二，SBA 貸款持續成長。我討厭這麼說。我並不認為 SBA 貸款的兩位數成長是理所當然的，因為該行業處於平穩或下降狀態，而不是一個小高峰，我們很欣賞我們的團隊在銀行所做的工作。

We are going to diversify the bank assets with lower margins, lower charge-off, conforming bank loans. We're going to continue to automate the Newtek Advantage and the way that we take in merchant accounts, payroll accounts, and convert them over to banking accounts. The alternative loan program business, very attractive.

我們將銀行資產多元化，降低利潤率，降低核銷率，提高銀行貸款的合格率。我們將繼續自動化 Newtek Advantage 以及我們接收商家帳戶、薪資帳戶並將其轉換為銀行帳戶的方式。這種另類貸款計劃業務，非常有吸引力。

We've been able to demonstrate it with a full cycle to this new investor group that's getting to know us. It provides gain on sales. It provides net interest income, while the loans are sitting in warehouse and servicing income. Once the loans go into a joint venture and securitized, you don't get the gross interest income. It comes out through the value of the residual or the spread income while it's in the warehouse line to be pushed into a joint venture or securitization.

我們已經能夠向這個逐漸了解我們的新投資者群體展示整個週期。它提供了銷售收益。它提供淨利息收入，而貸款則存放在倉庫和服務收入中。一旦貸款進入合資企業並證券化，您就無法獲得總利息收入。當它在倉庫中被推入合資企業或證券化時，它會透過剩餘或價差收入的價值產生。

Obviously, to round things out, we've got our payment processing merchant business. We have our Newtek Technology Solutions divestiture, which is a requirement of our application with the Federal Reserve. We expect to have an update shortly on that. Also, insurance and payroll solutions, non-bank subsidiaries, really a growth engine. We will be rolling out in the near future same-day payroll. We're able to do this because you have a payroll business that has the affiliation with the bank.

顯然，為了解決這個問題，我們擁有支付處理商家業務。我們已經剝離了 Newtek Technology Solutions，這是我們向聯準會申請的要求。我們預計很快就會有相關更新。此外，保險和薪資解決方案、非銀行子公司確實是成長引擎。我們將在不久的將來推出當日薪資單。我們之所以能夠做到這一點，是因為您的薪資業務與銀行有隸屬關係。

Because we can do that, we could actually have the business put the money in the account on Monday and pay the employees on Monday. That's a big deal. That's why we do this. Same thing for payment processing to give the merchant same-day funding. Insurance agencies provide our client validation that the current policies they have, whether personal or business, have the right premium, the right coverage at the right price.

因為我們可以做到這一點，所以我們實際上可以讓企業在周一將錢存入帳戶，並在周一向員工支付工資。這是一件大事。這就是我們這樣做的原因。支付處理也是如此，為商家提供當日資金。保險機構向我們的客戶提供驗證，證明他們目前擁有的保單（無論是個人保單還是企業保單）具有合適的保費、適當的承保範圍和合適的價格。

We also look forward to rolling out our Newtek library, which will be an educational tool inside of Newtek to educate all our teams on our banking products, our lending products, our payment products, and have videos that go out to our client base. Stay tuned.

我們也期待推出 Newtek 庫，這將是 Newtek 內部的教育工具，可以向我們所有團隊介紹我們的銀行產品、貸款產品、支付產品，並向我們的客戶群提供影片。敬請關注。

Slide number 19, important adds, Newtek hired Jennifer Merritt on November 23, as Chief Operating Officer of the Digital Bank. We opened up our Wilmington, North Carolina office in July of 2024. We've hired approximately 25 professionals to service commercial banking accounts.

第 19 號投影片，重要補充是，Newtek 於 11 月 23 日聘請 Jennifer Merritt 擔任數位銀行營運長。我們於 2024 年 7 月在北卡羅來納州威爾明頓開設了辦事處。我們聘請了大約 25 名專業人員來為商業銀行帳戶提供服務。

This is a business that we've had to not open up the floodgates, because we want to make sure we've got the team in place. It's very, very important. And since January 6, we've opened service and managed over 8,000 distinct banking accounts. Very impressive.

這是我們必須不打開閘門的業務，因為我們想確保我們的團隊已經就位。這非常非常重要。自 1 月 6 日以來，我們已開通服務並管理超過 8,000 個不同的銀行帳戶。非常令人印象深刻。

Scott, would you like to handle number 20?

史考特，你願意接 20 號電話嗎？

Sure, Barry. Thank you.

當然，巴里。謝謝。

Slide 20 outlines our updated guidance for the remainder of 2024. We've updated our origination volumes and adjusted our guidance for the next two quarters. We have assumed a 0.25-point rate cut for '24. We expect 11% premiums on SBA 7(a) loans for the next two quarters. We did trim our loan production expectations for the rest of the year, but important to note, we are reaffirming our $1.85 to $2.05 EPS for the year.

幻燈片 20 概述了我們對 2024 年剩餘時間的更新指導。我們更新了我們的原始數量並調整了未來兩個季度的指導。我們假設 24 年降息 0.25 個百分點。我們預計未來兩季 SBA 7(a) 貸款的溢價為 11%。我們確實下調了今年剩餘時間的貸款生產預期，但值得注意的是，我們重申今年每股收益 1.85 美元至 2.05 美元。

As Barry alluded to earlier, there are a lot of moving pieces to our results that include loan production, gain on losses -- gains and losses on sales of loans, and the related margins, and also include performance from our payments and other non-bank businesses. I would point out that we completed our ALP securitization in late July, which does factor into the guidance we've issued, and we do expect to have a positive impact given the success that we had there for the third quarter. We have built-in expectations of higher expenses in the second half of the year, as our investments in our infrastructure to support our business deposit accounts continue.

正如巴里早些時候提到的，我們的業績有很多變化，包括貸款生產、損失收益——貸款銷售的收益和損失，以及相關的利潤率，還包括我們的付款和其他非營利表現。 。我想指出的是，我們在 7 月下旬完成了 ALP 證券化，這確實納入了我們發布的指導意見中，鑑於我們在第三季度取得的成功，我們確實預計會產生積極影響。隨著我們繼續對基礎設施進行投資以支持我們的商業存款帳戶，我們對下半年的支出有更高的預期。

And if I could, while I've got the mic, I will hit the quarter-over-quarter performance, which appears on slide 28. Ultimately, non-interest income was slightly higher on increased liquidity and leverage. The provision for loan losses was up $1.8 million versus the prior quarter, which included some charge-offs, but also largely was attributable to the increase in the percentage of 7(a) loans at the bank.

如果可以的話，當我拿到麥克風時，我將達到季度環比的表現，如幻燈片 28 所示。最終，由於流動性和槓桿率的增加，非利息收入略有增加。貸款損失撥備比上一季增加了 180 萬美元，其中包括一些沖銷，但很大程度上歸因於銀行 7(a) 貸款比例的增加。

If we shift to non-interest income, our net gains on sales of loans were up on higher volumes of loans sold. And important to note, our electronic payments processing business came in with higher revenue due to the acquisition of a customer with multiple accounts.

如果我們轉向非利息收入，我們的貸款銷售淨收益會因銷售貸款量的增加而增加。值得注意的是，由於獲得了擁有多個帳戶的客戶，我們的電子支付處理業務收入更高。

Expenses during the quarter were down versus prior quarter with multiple positives and negatives, the most notable of which was higher professional services expenses in the first quarter related to our annual audit, which contributed to the large decrease in that line item, mainly around $2 million. We did experience higher payment processing expenses in light of our newly acquired customers. But important to note, we have included these trends into the remainder of the year forecast.

本季的費用比上一季下降，有多個積極因素和消極因素，其中最值得注意的是第一季與我們的年度審計相關的專業服務費用較高，這導致該項目大幅減少，主要約200 萬美元。鑑於我們新獲得的客戶，我們確實經歷了更高的支付處理費用。但值得注意的是，我們已將這些趨勢納入今年剩餘時間的預測中。

Barry, I'll turn it back to you.

巴里，我會把它還給你。

Thank you.

謝謝。

Slide number 22, obviously, looking at 2023, it's important that we still look back a little bit. I'm very pleased with the management team, the accounting team, the legal team, the entire staff of Newtek that really had a lot of headwinds in growing a business. And I think that we tend not to understand that appreciation.

第 22 號投影片，顯然，展望 2023 年，重要的是我們仍然回顧一下。我對 Newtek 的管理團隊、會計團隊、法律團隊和全體員工感到非常滿意，他們在發展業務時確實遇到了許多阻力。我認為我們往往不理解這種欣賞。

The National Bank of New York City was a very clean, but 61-year-old bank that had virtually no digital transactional deposit acquisition capability. I use the term purchase loans from brokers, if you can use the term originated as well. And basically, the broker gave the bank the loan, if it met the credit, it worked. That was the way for generating assets, and it worked well for the bank, given what the bank's strategy was. We overcame operational and software changes in establishing our business model and strategy, which listening to this call, you realize it is entirely different.

紐約國家銀行是一家非常乾淨但已有 61 年歷史的銀行，幾乎沒有數位交易存款獲取能力。我使用“從經紀人處購買貸款”一詞，如果您也可以使用“起源”一詞。基本上，經紀人向銀行提供了貸款，如果符合信用要求，那就有效了。這就是產生資產的方式，考慮到銀行的策略，它對銀行來說效果很好。我們在建立業務模型和策略時克服了營運和軟體方面的變化，聽了這個電話，你會意識到這是完全不同的。

We launched the Newtek Advantage. We took deposits in digitally without branches. We made major enhancements to the accounting staff and regulatory compliance, changing from a business development corporation into a 1933 Act company, huge undertaking. All of those old portfolio companies now had to comply with SOX consolidation, the amount of automation for the business and data migration, just enormous. And that was done while we made money in 2023.

我們推出了 Newtek Advantage。我們在沒有分行的情況下以數位方式吸收存款。我們對會計人員和監管合規性進行了重大改進，從一家業務發展公司轉變為 1933 年法案公司，這是一項艱鉅的任務。所有這些舊的投資組合公司現在都必須遵守 SOX 整合、業務和資料遷移的自動化程度，這是巨大的。這是我們在 2023 年賺錢的時候完成的。

So in 2024, we're continuing to build up the Newtek Advantage to continue to make it the best business portal in the market today. We're beginning to demonstrate now that we've got management and staff in place that we could gather business deposits and show the customer that we can do more for them than just take their money and maybe take them out to lunch. Most of them really don't want to go out to fortune today anyway. We're expanding our ability to look at payment processing as money movement.

因此，到 2024 年，我們將繼續打造 Newtek Advantage，繼續使其成為當今市場上最好的商業入口網站。我們現在開始證明，我們已經有了適當的管理人員和員工，我們可以收集商業存款，並向客戶展示我們可以為他們做更多的事情，而不僅僅是拿走他們的錢，也許帶他們出去吃午餐。無論如何，他們中的大多數人今天確實不想出去發大財。我們正在擴大將支付處理視為資金流動的能力。

What do I mean by that? Businesses today, it's more than just giving a business the ability to take Visa, Master, Discover, American Express. The business wants to go to one portal. Have everything get migrated into their accounting GL like a QuickBooks. The business today wants to see, in one view, the bills they pay, the money that came in through invoicing, what happened with ACH, Fed, card, look at the analytics, look at the chargebacks, refunds, that given day, all in one portal, and look how much money they've got in the bank, Newtek Advantage.

我這麼說是什麼意思？對於現今的企業來說，它不僅僅是讓企業能夠使用 Visa、Master、Discover、American Express。企業希望進入一個門戶。讓所有內容都像 QuickBooks 一樣遷移到他們的會計 GL 中。今天的企業希望看到，從一種角度來看，他們支付的賬單、通過發票收到的錢、ACH、美聯儲、卡發生了什麼，查看分析，查看退款、退款，當天所有的在一個在門戶網站上，看看他們在銀行裡有多少錢，Newtek Advantage。

We are migrating to NetSuite, a new financial reporting platform. We are hopeful that will finalize itself in 2024. And I think that clearly further expansion and enhancement of continued regulatory compliance, you'll see in the appendix, we talked about all the new management hires, we've made, and we continue to have some in the bullpen.

我們正在遷移到 NetSuite，一個新的財務報告平台。我們希望該計劃將於 2024 年最終確定。我認為，顯然，持續監管合規性的進一步擴展和增強，您將在附錄中看到，我們討論了我們已經聘用的所有新管理人員，並且我們繼續在牛棚中聘用了一些管理人員。

Slide number 23, growing investor interest, just attended the KBW conference, the B. Riley conference. We'll be going to Raymond James and Piper conferences in the near future. We hosted an Analyst Day presentation, which you can find on our corporate website. We continue to educate and familiarize ourselves with the investment community and the analysts.

第 23 號投影片，投資者的興趣日益濃厚，剛剛參加了 KBW 會議，即 B. Riley 會議。我們將在不久的將來參加雷蒙德詹姆斯和派珀的會議。我們舉辦了分析師日演講，您可以在我們的公司網站上找到演講。我們繼續教育並熟悉投資界和分析師。

This is not an easy company to follow. I'm sure I got a few smiles on the other end of this call today. We appreciate the work that you've done in helping the market analyze us in a non-traditional, I'll call it financial institutions model. We refer to ourselves as a company that provides business and financial solutions to independent business owners.

這不是一家容易跟隨的公司。我確信今天電話的另一端給我帶來了一些微笑。我們感謝您在幫助市場以非傳統（我稱之為金融機構模型）分析我們方面所做的工作。我們將自己稱為一家為獨立企業主提供業務和財務解決方案的公司。

We're regularly engaging in calls with institutions. We're continuing to maintain our dividend policy, which is current price extremely attractive. And we're going to execute on our business plan. Most importantly, be able to demonstrate that we can grow this business, manage credit, bring in low-cost deposits, and be an innovator and a disruptor in the marketplace. To do business like no other institution in our industry does it.

我們定期與機構通話。我們將繼續維持股利政策，目前的價格極具吸引力。我們將執行我們的商業計劃。最重要的是，能夠證明我們可以發展這項業務、管理信貸、引進低成本存款，並成為市場的創新者和顛覆者。以我們行業中其他機構所沒有的方式開展業務。

I want to go to slide number 24. This is a new slide for us. I think it's important. First and foremost, we use Live Oak Bank with tremendous amount of admiration. I do believe they were formed in '08 or '09, and they have developed a great track record for positioning itself in the market. But we thought it was reasonable to assume in our format, which is 18 months old, not 18 years, 18 months versus Lehm that's been around for 14 years, what our market traits look like for metrics.

我想轉到第 24 號投影片。這是我們的新幻燈片。我認為這很重要。首先，我們對 Live Oak Bank 懷有極大的欽佩。我確實相信他們是在 08 年或 09 年成立的，並且在市場定位方面取得了良好的記錄。但我們認為，以我們的格式（已有 18 個月的歷史，而不是 18 年，18 個月與已經存在 14 年的 Lehm 相比）來假設我們的市場特徵指標是合理的。

ROAA at the bank, 0.98% to 6.4%. ROTCE, 48% versus 12.55%. Efficiency ratio, 59% versus 42%. $11.7 billion in assets to $808 million. Net income, they're almost twice as much, but then again, they're 6x or 7x our size. It's an $11 billion bank holding company, $11.8 billion versus $1.6 billion holding company. PE ratios of 17x to 6.6x. Hopefully, those of you can get comfortable that a company like Live Oak, which has done great things in creating technology and selling them for gains, and a company like NewtekOne, which is doing similar things, creating assets and selling them for gains, can achieve these types of income levels.

該銀行的ROAA為0.98%至6.4%。ROTCE，48% 對比 12.55%。效率比，59% vs 42%。資產從 117 億美元增至 8.08 億美元。淨利潤幾乎是我們的兩倍，但話又說回來，它們的規模是我們的 6 倍或 7 倍。這是一家價值 110 億美元的銀行控股公司，價值 118 億美元，而控股公司價值 16 億美元。本益比為 17 倍至 6.6 倍。希望你們中的一些人能夠放心，像Live Oak 這樣的公司在創造技術並出售它們以獲取收益方面做了偉大的事情，而像NewtekOne 這樣的公司也在做類似的事情，創造資產並出售它們以獲取收益，可以達到這些類型的收入水準。

We realize that the market is in a Missouri show-me type of an attitude, but we look forward to getting to the seventh quarter, the eighth quarter, the ninth quarter, the tenth quarter, and continuing to demonstrate that we can generate these types of returns, similar to what we've done over two decades as a publicly traded company.

我們意識到市場處於密蘇裡州展示型的態度，但我們期待第七季度、第八季度、第九季度、第十季度，並繼續證明我們可以產生這些類型回報率，類似於我們作為一家上市公司二十年來所做的事情。

Slide number 25, once again, I want to try to emphasize, we have a business model that delivers high returns to higher margins that offset things like currently higher cost deposits, which we think will come down as we're able to demonstrate greater traction and bring in the lower cost commercial deposits. Mind you, we've got 80,000 paying customers, they have $3 million in the database, and we have a no-fee depository account that just is terrific. Now that the staff's in place, we should be able to get that message out, particularly with a digitized messaging platform with respect to videos and things of that nature.

第25張投影片，我想再次強調，我們的商業模式可以帶來高回報和更高的利潤，抵銷目前較高的存款成本等因素，我們認為，隨著我們能夠展現出更大的吸引力，這種成本將會下降並引入成本較低的商業存款。請注意，我們有 80,000 名付費客戶，他們的資料庫中有 300 萬美元，而且我們有一個非常棒的免費存款帳戶。現在工作人員已經就位，我們應該能夠傳達該訊息，特別是透過與影片和此類性質的內容相關的數位化訊息平台。

Also, charge-offs typically found in the same industry. We don't hide it. It's higher, but when you net it against the income, it's a much greater return. I am much more comfortable from a risk-reward perspective in our business model than in a model that has a cost of funds of 2% to 2.5%, low margin to low return assets, and hoping the Fed drops rates or the yield curve shifts. That's not our business.

此外，沖銷通常發生在同一行業。我們不隱藏它。它更高，但是當你將其與收入相抵後，它的回報要大得多。從風險回報的角度來看，我對我們的商業模式比資金成本為 2% 至 2.5%、低利潤率低利潤率低迴報資產、希望聯準會降息或殖利率曲線移動的模式感到更放心。那不是我們的事。

That's not our model. We are a very well-capitalized bank. I think that is adorned upon the market. We have a lot of cushion here that makes me comfortable, makes the regulators comfortable. The ALP program is very positive for growth and development.

那不是我們的模型。我們是一家資本非常雄厚的銀行。我認為這是在市場上裝飾的。我們這裡有很多緩衝墊，讓我很舒服，也讓調節器很舒服。ALP 計劃對於成長和發展非常積極。

The Newtek Advantage is very positive for growth and development. The machine that we've developed in SBA lending, where we think we are state-of-the-art and very good, there are other competitors in the business that are actually starting to move into our market, but it's a different way to acquire clients, totally different than we've built over 20 years. So I welcome those trying to challenge us, because we're not just getting them from people we don't know on the internet. So look, we've overcome difficult hurdles. While there are a few left, the finish line is clearly in sight.

Newtek 的優勢對於成長和發展非常積極。我們在 SBA 貸款領域開發的機器，我們認為我們是最先進的並且非常優秀，該行業還有其他競爭對手實際上已經開始進入我們的市場，但這是一種不同的方式獲取客戶，這與我們20 多年來建立的客戶完全不同。因此，我歡迎那些試圖挑戰我們的人，因為我們不僅僅是從網路上不認識的人那裡獲得這些資訊。所以看，我們已經克服了困難的障礙。雖然還剩下一些，但終點線已清晰可見。

Slide number 26, I want to leave everybody with the fact that we are a growth-oriented, differentiated, technology-enabled business solutions company that is also a depository.

第 26 張投影片，我想告訴大家這樣一個事實：我們是一家以成長為導向、差異化、技術支援的商業解決方案公司，同時也是一家託管機構。

And with that, welcome everybody to go take a look at the appendance and operator. We will open it up to Q&A.

那麼，歡迎大家去看看配件和操作器。我們將開放問答。

(Operator Instructions) Crispin Love, Piper Sandler.

（操作說明）Crispin Love，Piper Sandler。

Hope you're well. Just first off, on the 2024 guide, EPS at a headline level here is unchanged, but you are expecting lower originations, lower held for investment loans, and a lower margin guide. Can you just give some detail on where you're making that up? It would seem that this would drive lower NII, but as you all know, NII is a relatively small part of your income. So curious on specific areas in non-interest income where you're most bullish on in the back half of the year to get to that guide.

希望你一切都好。首先，在 2024 年指南中，每股盈餘的整體水準沒有變化，但您預計起始資金會減少，投資貸款持有量會降低，利潤率指南也會降低。可以詳細說明一下你是在哪裡編的嗎？看起來這會降低NII，但眾所周知，NII 只佔你收入的一小部分。對今年下半年您最看好的非利息收入的特定領域感到好奇，以獲取該指南。

Crispin, I'll give you a generalization. I would say, it's in the ALP business, which is picking up steam, particularly for the third quarter. We have a couple of interesting opportunities in the merchant services area, which I think will pick up steam. And that's where I think we're going to outperform.

Crispin，我會給你一個概括。我想說的是 ALP 業務，該業務正在加速發展，特別是在第三季。我們在商業服務領域有一些有趣的機會，我認為這些機會將會加速發展。我認為這就是我們將表現出色的地方。

All right. And then just one more on the guide. You made some comments early in the call about the recent volatility in the broader markets potentially impacting your guide, keeping it steady. Can you just discuss how the events and volatility over the last kind of five or so trading days impacted the guide versus what your expectations might have been a week ago or at Investor Day? And did that impact the changes at all in the quarterly cadence of the guide being a little bit lower in the third quarter before kind of accelerating in the fourth?

好的。然後指南上還有一個。您在電話會議初期發表了一些評論，稱最近大盤的波動可能會影響您的指南，使其保持穩定。您能否只討論一下過去五個左右交易日的事件和波動性如何影響該指南，以及您一周前或投資者日的預期？這是否會影響指南的季度節奏的變化，即第三季度稍低一些，然後第四季度有所加快？

Yes, it's a great question, Crispin. And you know, it's funny. Given what happened Thursday and Friday and yesterday, would anybody have cared if I increased my guidance? So with that said, we try to put guidance out there that people can count on and rely upon. I would also comment that I didn't really think we were going to have a Thursday, Friday, and Monday.

是的，這是一個很好的問題，克里斯平。你知道，這很有趣。考慮到週四、週五和昨天發生的事情，如果我增加指導，有人會在乎嗎？話雖如此，我們試圖提供人們可以信賴和依賴的指導。我還要評論說，我真的不認為我們會有週四、週五和週一。

It's hard to predict these things. So our midpoint is $1.95. And as of yesterday, we had a $12.50 stock price. If you believe in the business, that's -- I'm not going to say whether it's high or low, let everybody else figure that out. That's an abnormal multiple.

這些事情很難預測。所以我們的中點是 1.95 美元。截至昨天，我們的股價為 12.50 美元。如果你相信這個行業，那就是——我不會說它是高還是低，讓其他人去弄清楚。這是一個不正常的倍數。

So I think that, from my perspective, it's important for people to expect the unexpected. I can't tell you, nor can Chairman Powell or anybody else, what's going to happen in the month of August or September. We only make our best educated guesses. It would be foolish for me to think that the market is totally wrong here. So market got a little bit more concerned about things, typically tends to be a good forecaster, and therefore, we just held the guidance. It just made sense to do that.

所以我認為，從我的角度來看，人們期待意外情況很重要。我無法告訴你，鮑威爾主席或其他任何人也無法告訴你八月或九月會發生什麼事。我們只做出最有根據的猜測。如果我認為市場完全錯誤，那就太愚蠢了。因此，市場對事情更加關心，通常是一個很好的預測者，因此，我們只是持有指引。這樣做是有意義的。

Tim Switzer, KBW.

蒂姆·斯維策，KBW。

Could you explain your comment a couple minutes ago about the shift in EPS going from Q3 into Q4 being driven by some stuff, the ALP program? Did the securitization close in Q3? Like, did that impact the Q3 EPS at all? And -- or is it more at the time of origination is when you recognize most of the revenue from that program?

您能否解釋一下您幾分鐘前關於 EPS 從第三季到第四季的轉變是由 ALP 計劃等因素驅動的評論？證券化在第三季結束了嗎？就像，這對第三季每股收益有影響嗎？或者，更多的是在發起時，即您確認該計劃的大部分收入時？

Yes, Tim, first of all, I really appreciate the question, because investors and you're there to be a purveyor of the data that we put out. You go, geez, what -- this is not -- it's kind of not like a straight line. It's going down in Q3 and then up in Q4. We have a lot of different factors internally with respect to joint ventures, transition from one venture into another that could potentially change gain on sales margins in one quarter or another. So many things I really can't go into, because they're still in a formation category.

是的，提姆，首先，我真的很欣賞這個問題，因為投資者和你是我們發布的數據的提供者。你會發現，天啊，這不是——它有點不像一條直線。第三季下降，第四季上升。關於合資企業，我們內部有很多不同的因素，從一家企業過渡到另一家企業可能會改變一個季度或另一個季度的銷售利潤率收益。很多事情我真的無法深入，因為它們還是屬於陣型範疇。

But I would tell you that the way to look at our organization isn't necessarily at its top. And I know the market looks at things quarter to quarter. We look at it more or less over the course of time. We feel very comfortable that Q3 and Q4 together will get us within the margin that we gave it to. If the market wanted to flatten things out, we understand it.

但我要告訴你的是，看待我們組織的方式不一定是從高層開始的。我知道市場會按季度審視情況。隨著時間的推移，我們或多或少地關注它。我們感到非常放心的是，第三季和第四季將使我們處於我們所設定的範圍內。如果市場想要讓事情變得平淡，我們也能理解。

But we think that there could be some things that might weigh on the earnings in Q3 that we'll be able to recoup in Q4. So it's really just a timing difference. I mean, the funny thing is if you think about the reality of the business, does it really make a difference whether something happens in September 15 versus October 15? Well, the reality is that the way the market works and the accounting principles work, it does.

但我們認為，可能有一些因素可能會影響第三季的收益，但我們將能夠在第四季收回這些收益。所以這其實只是時間上的差異。我的意思是，有趣的是，如果你考慮業務的現實，9 月 15 日和 10 月 15 日發生的事情真的有區別嗎？事實是，市場運作方式和會計原則確實如此。

So we have spent a lot of time. We knew this would be a question. We are comfortable with the guidance that we put out and think the market will follow that.

所以我們花了很多時間。我們知道這會是一個問題。我們對我們發布的指導感到滿意，並認為市場會遵循這項指導。

Okay. But can you help us understand the mechanics, I guess, of what that driver is going to be from Q3 to Q4? It sounds like it's mostly on the non-interest income side. And is that what --

好的。但我想你能幫助我們理解從第三季到第四季該車手將會是什麼樣子的機制嗎？聽起來主要是在非利息收入方面。那是嗎？--

Yes. It's on the non-interest income side, and it could also be relative to the default curve in credit losses as well. Those are the two things. And then the other item could also be the deposit gains. Those are the three things right now that are causing volatility to be able to bring in lower cost of deposits or some extraordinary gains, things of that nature.

是的。它是在非利息收入方面，也可能與信用損失的違約曲線有關。這是兩件事。然後另一個項目也可能是存款收益。目前，這三件事正在導致波動，從而能夠帶來較低的存款成本或一些非凡的收益，諸如此類的事情。

Okay. Your comment on the default curve, does that imply either higher provision or lower or, I guess, higher net losses on the fair value loans?

好的。您對違約曲線的評論是否意味著公允價值貸款的準備金更高或更低，或者我猜更高的淨損失？

I don't know. I've got to get to September 30. I wish I had a crystal ball. I wish I did. But let me tell you, the last thing I want to do is miss a number.

我不知道。我得等到9月30日。我希望我有一個水晶球。我希望我做到了。但我告訴你，我最不想做的事就是錯過一個號碼。

I've been doing this for over two decades, and that's happened pretty infrequently. So I understand we are frustrating the investor and analyst community by having a business model that does this. I just ask you to do the best that you can, and you can rest assured that we're going to do the best that we can to make sure we deliver that number right in the middle of where we expect to be for the calendar year.

我這樣做已經有二十多年了，而且這種情況很少發生。所以我知道我們的商業模式讓投資人和分析師感到沮喪。我只是要求你們盡力而為，你們可以放心，我們將盡我們所能，確保我們在日曆年的預期中間交付這個數字。

Okay. Got it. And then other non-interest income jumped up about $6 million this quarter. It was a bit above the typical range. What were the drivers there?

好的。知道了。本季其他非利息收入猛增約 600 萬美元。它略高於典型範圍。那裡的司機是什麼？

The big driver is the alternative loan program. We did a lot of loans. When you go and look at some of the math I put out and you look at the value of those loans, they're very valuable.

最大的推動力是替代貸款計劃。我們做了很多貸款。當你去看看我給的一些數學數據以及這些貸款的價值時，你會發現它們非常有價值。

(Operator Instructions) Steve Moss, Raymond James.

（操作員說明）史蒂夫·莫斯、雷蒙德·詹姆斯。

Maybe just starting with the comment you made about the 504 loan, just with origination underperformance this quarter, just curious, like, maybe give a little color in some of the underlying factors and just kind of why you think it will pick up here in the second half.

也許只是從您對 504 貸款發表的評論開始，只是本季度的發起表現不佳，只是好奇，例如，也許可以對一些潛在因素進行一些說明，以及為什麼您認為它會在下半場。

Yes, I appreciate that. And Scott, we reduced the guidance for 504 for the year, correct?

是的，我很欣賞這一點。史考特，我們減少了今年 504 的指導，對嗎？

That's correct.

這是正確的。

So was it $175 million?

那麼是 1.75 億美元嗎？

$175 million.

1.75 億美元。

Okay. So Steve, it's a really good question. One of the things that we pay attention to in the bank is the diversification of the portfolio. So we believe that given where we were in the balance, we're a little over-weighted on 7(a). Now, I don't think I'm being very clear here.

好的。史蒂夫，這是一個非常好的問題。我們在銀行關注的事情之一是投資組合的多元化。因此，我們認為，考慮到我們所處的平衡狀態，我們對 7(a) 的權重有點過高。現在，我認為我在這裡說得不是很清楚。

We just increased our guidance on 7(a). So what I'm telling you is we're going to be able to add to conforming C&I and conforming CRE in the third and fourth quarters to balance that out. We were not able to execute on that as well as we thought in Q1 and Q2.

我們剛剛增加了對 7(a) 的指導。所以我要告訴你的是，我們將能夠在第三和第四季增加合規的 C&I 和合規的 CRE，以平衡這一點。我們無法像第一季和第二季那樣執行。

So it really has to do with making sure we stay within our existing guidelines and we have to curtail some of the 504 loans. We actually had the capability to do it, but we laid it off to third parties and got smaller amounts of fees rather than put them on the books.

因此，這確實與確保我們遵守現有指導方針有關，並且我們必須削減部分 504 貸款。我們實際上有能力做到這一點，但我們將其交給第三方並獲得少量費用，而不是將其記入帳簿。

Okay. And then in terms of just the other question I have here is just on the Newtek small business finance portfolio, I realize it's a small portfolio, but the balances are up pretty meaningfully quarter over quarter, and I was thinking of that portfolio as being in the runoff. I know some of those loans have draws there. Just kind of curious, is this kind of the peak level here, just given since there's a fair value adjustment that, would -- I'm pretty sure impacts NII there.

好的。然後，就我在這裡提出的另一個問題而言，就是關於 Newtek 小型企業金融投資組合，我意識到這是一個小型投資組合，但餘額逐季大幅增長，我認為該投資組合處於徑流。我知道其中一些貸款在那裡可以提取。只是有點好奇，這裡的峰值水平是不是這樣，因為有一個公平的價值調整，我很確定會影響那裡的NII。

I think it will begin to flatten out. That is my guess at this point in time based upon what we think the curves are and the seasoning. So it's -- I think that our guidance factors into those numbers, and I do believe it should flatten out here. So we had a bump. So if you go back and you look, it was fairly mute.

我認為它會開始趨於平緩。這是我目前根據我們對曲線和調味的看法的猜測。所以我認為我們的指導因素會影響這些數字，而且我確實相信它應該會趨於平穩。所以我們有一個碰撞。所以如果你回去看的話，你會發現它相當安靜。

Q2 '23, Q3, '23, Q4, when you look at that FV adjustment, same thing next quarter, and then you had a jump. I think you could see a repeat of that in the next quarter, and then it could start to go down.

23 年第 2 季、第 3 季、第 23 季、第 4 季度，當你看到 FV 調整時，下個季度也是如此，然後你就有了跳躍。我認為你可能會在下個季度看到這種情況的重演，然後它可能會開始下降。

Okay. Got you. And then in terms of the -- in terms of just on non-performers here, what is the full non-performing number for the quarter? Last quarter was $56.4 million, just kind of trying to tie up my numbers here.

好的。明白你了。然後就不良企業而言，本季的不良企業總數是多少？上個季度的收入為 5,640 萬美元，只是想把我的數字綁在這裡。

At NSBF?

在NSBF？

Everything combined.

一切都結合在一起。

Okay. $46 million and $13 million.

好的。 4600萬美元和1300萬美元。

$46 million?

4600萬美元？

Is that right, Scott? Would you add those together?

是這樣嗎，斯科特？你會把它們加在一起嗎？

I would add those two together. So Steve, if you look at slide 15, you've got the fair value of the NSBF portfolio at $46.6 million. You've got non-accruals at $13.6 million. So the sum of those 2, which is approximately $60 million, keeping in mind that, you've got about $3 million coming off at the bank, given the loan sale, Barry mentioned.

我會把這兩個加在一起。Steve，如果您查看投影片 15，您會發現 NSBF 投資組合的公允價值為 4,660 萬美元。您的非應計費用為 1,360 萬美元。巴里說，這 2 項總和約為 6000 萬美元，請記住，考慮到貸款出售，你可以從銀行獲得約 300 萬美元的收益。

Right. Okay.

正確的。好的。

And Steve, one other thing that's real important here, and this is where we get caught up in traditional bank metrics, there's an excess of $300 million of alternative loan program loans that are all performing. That doesn't factor into any of these numbers.

史蒂夫，另一件事非常重要，這就是我們陷入傳統銀行指標的地方，有超過 3 億美元的替代貸款計畫貸款都在執行。這並不影響這些數字中的任何一個。

Right.

正確的。

Now, the reason why it doesn't is they're in joint ventures. They don't consolidate, and they're in equity interests. But the other thing, too, is we have 504 loans, of which historically, we've probably done close to $400 million to $500 million over our life that we've sold to third parties that have no charge-offs and no defaults.

現在，之所以沒有，是因為他們是合資企業。他們不進行合併，而且持有股權。但另一件事是，我們有 504 筆貸款，從歷史上看，我們一生中可能已經完成了近 4 億至 5 億美元的貸款，我們已將這些貸款出售給沒有沖銷和違約的第三方。

So one of the things that's difficult for us in the comparison, which I think is why we trade where we are, and I can't change it, and I'm not going to change it, all we're going to do is make money every quarter, is the comparisons to the bank, existing historical bank model on these ratios, they don't foot.

因此，在比較中對我們來說困難的事情之一，我認為這就是為什麼我們在現有位置進行交易，我無法改變它，我也不會改變它，我們要做的就是每個季度都賺錢，就是和銀行的比較，現有的歷史銀行模型在這些比率上，他們不踏實。

Right.

正確的。

Right. Thank you for asking that question. Thank you very much for asking that question.

正確的。謝謝你問這個問題。非常感謝您提出這個問題。

Steve, I'd also point out that, we've taken into account all NPAs at the bank and included those in our allowance calculation. So I think you -- I feel like the company has appropriately reserved for the losses on the bank portfolio.

史蒂夫，我還想指出的是，我們已經考慮了銀行的所有不良資產並將其納入我們的準備金計算中。所以我認為你——我覺得公司已經為銀行投資組合的損失進行了適當的準備金。

Right. And the cadence definitely consistent of what you guys signaled before. Okay. I appreciate all the call here.

正確的。而且節奏絕對與你們之前發出的訊號一致。好的。我很感謝這裡的所有來電。

Christopher Nolan, Ladenburg Thalmann.

克里斯多福諾蘭，拉登堡塔爾曼。

Following up on Steve's question, how much does the total non-performing loan volumes impact reserving or the provisioning for the quarter?

繼續回答史蒂夫的問題，不良貸款總額對本季的準備金或撥備影響有多大？

Scott, do you want to answer that one?

史考特，你想回答這個問題嗎？

Yes, Chris, it's a good question, and unfortunately it's not a very straightforward answer because we go through a detailed analysis of the non-performing portfolio, which is going to include a full collateral analysis, going to include, where the borrower is in terms of either past due payments, past due fees, et cetera, and also take into account, how long we think the loan will take to liquidate.

是的，克里斯，這是一個很好的問題，不幸的是，這不是一個非常簡單的答案，因為我們對不良投資組合進行了詳細分析，其中將包括完整的抵押品分析，包括借款人所處的位置逾期付款、逾期費用等條款，並考慮到我們認為貸款需要多長時間才能清算。

So we do that on a loan-by-loan basis on loans above $50,000. For loans that are below, we have a policy where we reserve $0.50 on the dollar. The majority of the assets that are in non-accrual are above that $50,000 threshold, at least in nominal terms. So -- I wish it was a cookie-cutter answer, but we get very detailed when we go through these analyses, and that's across the company.

因此，我們對 50,000 美元以上的貸款逐筆進行處理。對於以下貸款，我們有一項政策，每美元保留 0.50 美元。大多數非應計資產都高於 50,000 美元的門檻，至少名義上是這樣。所以——我希望這是一個千篇一律的答案，但當我們進行這些分析時，我們會得到非常詳細的信息，而且這是整個公司的情況。

Yes, the other thing, Chris, I would tell you, we take into effect the actual collateral behind each loan, and it's done on a loan-by-loan basis. It's extremely thorough. Obviously, some of this comes from our BDC training where these assets were treated as if they were securities and had to be done to a very strict standard. I think the important aspect to note is when you look at the fair value of the $46 million, that's written off the books, it's written off the income, and that will be converted into cash over the next 6 months to 18 months.

是的，另一件事，克里斯，我會告訴你，我們會考慮每筆貸款背後的實際抵押品，並且是在逐筆貸款的基礎上完成的。非常徹底。顯然，其中一些來自我們的 BDC 培訓，其中這些資產被視為證券，並且必須按照非常嚴格的標準進行處理。我認為需要注意的一個重要方面是，當你查看 4,600 萬美元的公允價值時，它已從帳簿中註銷，已從收入中註銷，並將在未來 6 個月到 18 個月內轉換為現金。

And then based on your earlier comments on the forward guidance, is it fair to say that we should expect flat gain on sale in the second year? Or maybe I'm misinterpreting that.

然後，根據您先前對前瞻性指引的評論，可以公平地說我們應該預期第二年的銷售收益持平嗎？或者也許我誤解了這一點。

Go ahead, Barry.

繼續吧，巴里。

You mean from 7%? No, we say flat sequentially or flat?

你是說7%起？不，我們說順序持平還是持平？

Flat sequentially, yes, in the third quarter.

是的，第三季環比持平。

Go ahead, Scott.

來吧，斯科特。

Yes, I'd say, Chris, we're expecting on balance pretty similar production numbers for the third quarter, slightly higher. So I would say the premium on loans for the quarter was 11.02%. We're expecting 11% for the third. So I think on 7(a), that's what you can expect. The ALP program has some, we're expecting volumes to come in there.

是的，我想說，克里斯，我們預計第三季的產量總體上會非常相似，但會略高一些。所以我想說這個季度的貸款溢價是 11.02%。我們預計第三次的成長率為 11%。所以我認為 7(a) 是你可以期待的。ALP 計劃有一些，我們預計會有大量的進來。

Those prices are -- that production can also drive results. So I don't want to get too myopic on 7(a) when ALP certainly drives results as well, as well as 504. So I think that those three buckets essentially are going to dictate how much in terms of realized premiums and mark-to-market gains we have.

這些價格是——生產也可以推動結果。因此，當 ALP 和 504 肯定也會推動結果時，我不想對 7(a) 過於短視。因此，我認為這三個部分本質上將決定我們所實現的保費和以市值計價的收益有多少。

Great. Final question. Given the new realm hire for business deposits, what's your thinking in terms of how to bundle services that the Newtek Advantage can offer to better attract low-cost business deposits?

偉大的。最後一個問題。考慮到商業存款的新領域，您對如何捆綁Newtek Advantage可以提供的服務以更好地吸引低成本商業存款有何想法？

Yes. One of the areas, Chris, will be, and hopefully we'll push this out second, half of the year, same-day payroll. So because we are a payroll processor, I think we have 20,000 employees in the payroll bureau. Many employees like getting paid as early as possible. They want to get their paycheck on a Friday versus having to wait until a Monday, for example.

是的。克里斯，其中一個領域將是，希望我們能在今年下半年推出當天薪資單。因為我們是薪資處理機構，所以我認為我們的薪資局有 20,000 名員工。許多員工喜歡儘早拿到薪水。例如，他們希望在周五領取薪水，而不是等到週一。

So that is the type of thing. On the payment processing side, we process over close to $6 billion of volume. And the ability to move the money into the client's account, same day, very valuable, as well as show the client in their banking portal what their charge backs were, their refunds, all -- all of the batches that occurred, in addition to any ACH money that came in or Fed money that came in, et cetera.

這就是事情的類型。在支付處理方面，我們處理的交易量接近 60 億美元。並且能夠在同一天將資金轉移到客戶的帳戶中，非常有價值，以及在銀行門戶中向客戶顯示他們的退款是什麼，他們的退款，所有發生的批次，除了任何流入的ACH 資金或流入的聯準會資金等等。

So these are all things that are on the drawing board, and we will roll them out over the course of time. A lot of it's based upon having the right software interface for clients, for the client experience, as well as training the staff, which we are in full gear on. I can't tell you how quickly it's going to happen. It can't happen quick enough.

所以這些都是在繪圖板上的事情，我們將隨著時間的推移將它們推出。其中很大一部分是基於為客戶提供正確的軟體介面、客戶體驗以及對員工的培訓，我們正在全力以赴。我無法告訴你這會發生多快。它發生得不夠快。

Bryce Rowe, B. Riley.

布萊斯·羅，B.萊利。

Wanted to follow-up on Tim's question there, Barry, about the comments you made about the default curve. Clearly, a pretty fluid macro backdrop we have at this point. Is that kind of maybe the answer to that question? A lot of uncertainty, a lot of fluidity. Are you all maybe providing a little bit more up front for some of your lending products, especially the 7(a) now that we're seeing the uncertainty increase?

巴里，想跟進蒂姆的問題，關於您對預設曲線的評論。顯然，目前我們擁有一個相當不穩定的宏觀背景。這可能就是這個問題的答案嗎？很多不確定性，很多流動性。既然我們看到不確定性增加，你們是否可能為某些貸款產品（尤其是 7(a)）提供更多的預付款？

Look, I think, Bryce, it's important for us to be pragmatic and realistic when we do this so investors can earn what's expected. And I think when you think about what's occurred in the interest rate market higher for longer, put commercial real estate aside. That's put a lot of stress on business owners where the '21, '22 and '23 vintage loans, which were done when prime was at 3%, 4% and 5%, is now 8.5%. Now, I don't know, Bryce, does the Fed cut rates by 50 or 75 or 100 between now and the end of the year? I have no idea.

布萊斯，我認為，在我們這樣做時，務實和現實對我們來說很重要，這樣投資者才能獲得預期的回報。我認為，當你考慮利率市場長期走高所發生的情況時，請將商業房地產放在一邊。這給企業主帶來了很大的壓力，他們的「21」、「22」和「23」老式貸款在最優惠利率為 3%、4% 和 5% 時發放，現在為 8.5%。現在，布萊斯，我不知道聯準會從現在到年底是否會降息 50 次、75 次或 100 次？我不知道。

I don't know if you do, but I don't. So I think that, and I'm going to reiterate this, and I really appreciate the work, and I know this is difficult for you guys and for investors, but the reality of it is we're still netting out very healthy returns, but almost all the questions came in on the charge off expectation, which is fine, but we are telling you, and we've said this previously, that they were going to ramp up A, based upon the seasoning, and then we've also got this higher for longer scenario. I mean, I scratched my head a little bit. There were discussions on an emergency Fed cut yesterday. Well, I was in Ohio.

我不知道你是否願意，但我不這麼做。所以我認為，我要重申這一點，我真的很欣賞這項工作，我知道這對你們和投資者來說都很困難，但現實是我們仍在獲得非常健康的回報，但幾乎所有的問題都是關於超出預期的，這很好，但我們告訴你，我們之前已經說過，他們將根據調味料增加A，然後我們對於較長的場景，這個值也更高。我的意思是，我有點撓頭。昨天有關於聯準會緊急降息的討論。嗯，我當時在俄亥俄州。

I don't have a crystal ball, I just don't see, this isn't an emergency. Unless the Dow goes down 1,000 points a couple of days in a row, then maybe you might think of it as an emergency, but the Nikkei was down 12%, now it was up 10%. I mean, it's pretty volatile. So it's hard for us to forecast what's out there. We're doing the best that we can, and we're trying to be conservative, and this is something that, within our range at a 12-handle stock price, this isn't a bad place to be.

我沒有水晶球，我只是看不到，這不是緊急情況。除非道瓊斯指數連續幾天下跌1000點，否則你可能會認為這是緊急情況，但日經指數下跌了12%，現在上漲了10%。我的意思是，它非常不穩定。所以我們很難預測外面會發生什麼事。我們正在盡我們所能，並且努力保持保守，在我們以 12 手股價計算的範圍內，這並不是一個糟糕的地方。

Yes, I hear you. I tend to agree. In terms of -- another comment you made, I think Scott said that, you all have baked in just one 25-basis-point cut into maybe into your forecast or into the guidance. How do you think about, multiples of 25-basis-point cuts, and how that might affect the range?

是的，我聽到了。我傾向同意。就你提出的另一條評論而言，我想斯科特說過，你們都在預測或指導中只下調了 25 個基點。您如何看待多次降息 25 個基點，以及這可能如何影響區間？

Yes, so it's a good question. So I don't know what the market thinks about, most banks, and when people talk about rate cuts or hikes, they never qualify. Is it SOFR, is it the whole curve, is there a shift, et cetera? I think our internal belief is that short rates over the next two to three years are more likely to go down than up, and I don't know how much room there is in longer rates. I think from our prospect, the valuation on the portfolio, and this is really important, if short rates were to be cut, we would pick up basis point for basis point coupon on our securitized debt, which I think is close to $200 million.

是的，所以這是一個好問題。所以我不知道市場怎麼想，大多數銀行，當人們談論降息或升息時，他們從來沒有資格。是 SOFR，是整個曲線，是否有偏移等等？我認為我們的內部信念是，未來兩到三年的短期利率更有可能下​​降而不是上升，而且我不知道長期利率還有多少空間。我認為從我們的前景來看，投資組合的估值非常重要，如果短期利率被削減，我們將獲得證券化債務基點息票的基點，我認為該基點接近 2 億美元。

The SBA loans typically lag on a quarterly basis, so depending upon whether the rate cut is September 1 or September 30, you could have the same coupon on the SBA portfolio on January, on December 31, as you've got on October 1, but that's sort of up to the SBA when they put the changes through. So these are the types of things that we have to figure out as we're coming up with a forecasting model, and your question is very good. We believe we're fairly agnostic to rates going, and that's what we try to be, up or down. We're not sitting here like most of the financial institutions praying for rate cuts, that we need rate cuts to bail us out, because, look, I don't know how many we're going to get, or I assume we're going to get at least one before the election, but I don't know if it's a quarter. I don't know if it's 50.

SBA 貸款通常按季度滯後，因此根據降息時間是 9 月 1 日還是 9 月 30 日，您可以在 1 月、12 月 31 日獲得與 10 月 1 日相同的 SBA 投資組合息票，但這取決於SBA 何時實施變更。因此，這些是我們在提出預測模型時必須弄清楚的事情類型，你的問題非常好。我們相信我們對利率走勢相當不可知，而這正是我們努力做到的，無論是上漲還是下跌。我們不會像大多數金融機構那樣坐在這裡祈禱降息，我們需要降息來拯救我們，因為，看，我不知道我們會得到多少，或者我假設我們會得到多少降息。一個，但我不知道是否是四分之一。不知道是不是50

It depends upon what happens in the rest of August, but if rates came down by 25, our institutional securitized debt on the SBA and SBF rental portfolio would come down. The coupon on the portfolio itself may lag because it's quarterly adjust. I would tell you our deposit rates would come down, particularly on the consumer money market, most likely, in competition with the rest of the market. Our deposit rates, we made an adjustment yesterday on it for CDs, would come down. I think everything else pretty much remains steady.

這取決於 8 月剩餘的時間會發生什麼，但如果利率下降 25，我們的 SBA 和 SBF 租賃投資組合的機構證券化債務將會下降。投資組合本身的票面可能會滯後，因為它是季度調整的。我想告訴你，我們的存款利率將會下降，特別是在消費貨幣市場上，很可能是在與市場其他部分的競爭中。我們昨天對存款證的存款利率進行了調整，將會下降。我認為其他一切基本上都保持穩定。

And Bryce, just to tack on to that, if you go back to my comments when the transcript's ready, you'll see that we got about $170 million of CDs repricing or maturing in the next six months. So that will provide opportunity to flow those changes through. And also, as Barry alluded to, you got $250 million of consumer high-yield savings that has a potential to reprice as well. So that's at the bank level. If you look at the holding company and everything outside of the bank, we're fairly match-funded.

布萊斯，補充一下，如果你在文字記錄準備好後回到我的評論，你會發現我們有大約 1.7 億美元的 CD 在未來六個月內重新定價或到期。因此，這將為推動這些變革提供機會。而且，正如巴里所提到的，你還獲得了 2.5 億美元的消費者高收益儲蓄，這些儲蓄也有可能重新定價。這是銀行層面的。如果你看看控股公司和銀行以外的一切，我們的資金相當匹配。

The NSBF portfolio is securitized and reprices off of SOFR, so you've got maybe some basis difference between Prime and SOFR. And then we've got the fixed-rate bonds at the parent company that are mostly funding our ALP program, which is fixed-rate. So I feel like we're in really good shape. So whether changes in interest rates, we just wanted to make sure we were trying to telegraph to you guys that we're watching it and we're thinking about it.

NSBF 投資組合已證券化，並根據 SOFR 重新定價，因此 Prime 和 SOFR 之間可能存在一些基礎差異。然後，我們母公司的固定利率債券主要為我們的 ALP 計劃提供資金，該計劃是固定利率的。所以我覺得我們的狀態非常好。因此，無論利率發生變化，我們只是想確保我們正在努力向你們傳達我們正在關注並正在考慮的訊息。

Okay. Okay. Last one from me. Can you remind us the timing of, I guess, the requirement for the disposition of the technology piece of the business? I know you guys said you're going to have an update here shortly, but what is kind of the drop-dead date for that?

好的。好的。我的最後一張。您能否提醒我們，我想，處置該業務的技術部分的要求的時間？我知道你們說過很快就會在這裡更新，但是具體的截止日期是多少呢？

The date in the application is Q1 2024.

申請日期為 2024 年第一季。

Okay. '24, '25, you mean?

好的。 '24，'25，你是說？

I'm sorry. '25. I only had a half a cup of coffee. Bryce, I appreciate that. I need a lot of help here.

對不起。'25。我只喝了半杯咖啡。布萊斯，我很欣賞這一點。我這裡需要很多幫助。

I'm showing no further questions at this time. I would now like to turn it back to Barry Sloane, CEO and President, for closing remarks.

我目前沒有提出任何進一步的問題。現在我想請執行長兼總裁 Barry Sloane 致閉幕詞。

We can't thank everybody enough for participating, particularly the analysts. And we appreciate the thoughtful, insightful questions on the quarter. We look forward to continuing to deliver on our numbers and demonstrating that we've got the right model in the right place at the right time for this particular industry. So thank you very much.

我們非常感謝大家的參與，特別是分析師。我們感謝有關本季度的深思熟慮、富有洞察力的問題。我們期待繼續交付我們的數字，並證明我們在正確的時間、正確的地點為這個特定行業提供了正確的模型。非常感謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。