NewtekOne, Inc. (NEWT) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the NewtekOne, Inc. third quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 NewtekOne, Inc. 2026 年第三季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker, Barry Sloane, Chairman, President and Chief Executive Officer. Please go ahead.

現在我想把會議交給今天的講者，NewtekOne 董事長、總裁兼執行長 Barry Sloane。請開始。

Thank you very much, operator, and good afternoon, everyone, and welcome to the third quarter 2026 financial results conference call for NewtekOne, stock symbol NEWT on the NASDAQ. Joining me today on today's call is Frank DeMaria, the Chief Financial Officer of NewtekOne as well as the CFO of the Newtek Bank National Association.

非常感謝，接線員。各位下午好，歡迎參加 NewtekOne 2026 年第三季財務結果電話會議；本公司股票代號為 NEWT，於納斯達克上市。今天與我一同參與電話會議的還有 Frank DeMaria，他是 NewtekOne 的財務長，同時也是 Newtek Bank National Association 的財務長。

I wanted to thank Bryce Rowe, in charge of Investor Relations for NewtekOne, for helping put the presentation together and also the management team of all the Newtek entities for helping deliver a real solid quarter for us. For those of you that want to follow the PowerPoint presentation along, please go to newtekone.com, go to the Investor Relations section, and you'll be able to follow along with this presentation in that particular area under Presentations. I'd like to bring everyone's attention to slide number 2 in that presentation.

我想感謝負責 NewtekOne 投資人關係的 Bryce Rowe 協助整理本次簡報，也感謝 Newtek 各實體的管理團隊，協助我們交出非常穩健的一季表現。若各位希望同步觀看 PowerPoint 簡報，請至 newtekone.com，進入「Investor Relations」區域，即可在該區的「Presentations」項下跟著簡報內容。我想請各位注意該簡報的第 2 頁。

Please note the note that is in the document regarding forward-looking statements. Let us go to slide number 3. Third quarter 2026 highlights. We delivered basic and diluted earnings per share of $0.34. We are able to reiterate the 2026 earnings per share guidance range of $1.70 to $1.80 for the full calendar year that is maintained.

請留意文件中關於前瞻性陳述的說明。我們請翻到第 3 頁。2026 年第三季重點。我們的基本及稀釋後每股盈餘為 0.34 美元。我們也能重申並維持 2026 全年度每股盈餘指引區間為 1.70 至 1.80 美元。

Important to note, up and to the right pattern in growth in book value and tangible book value continues to be maintained intact. As a matter of fact, our book value came in at $12.80, tangible book $12.30, respectively. The tangible book value growth was up 10% year-over-year and 78% since we took over the bank in January of 2023 and converted the publicly traded NewtekOne into a financial holding company.

值得注意的是，帳面價值與有形帳面價值持續維持向上且向右的成長趨勢。事實上，我們的帳面價值為 12.80 美元，有形帳面價值為 12.30 美元。有形帳面價值年增 10%，自 2023 年 1 月我們接手該銀行並將公開交易的 NewtekOne 轉型為金融控股公司以來，累計成長 78%。

Also important to note that we are able to continue to grow earnings with real good operating leverage. On a year-over-year basis, our Q3 2026 operating expenses were flat and at 3.7%, respectively, on asset growth of 47% and 3.7% is on a year-over-year comparison.

同樣重要的是，我們能在良好的營運槓桿下持續提升獲利。以年對年來看，在資產成長 47% 的情況下，我們 2026 年第三季營運費用持平；其中 3.7% 為年對年比較的數字。

Important to note, the company, since acquiring the nationally chartered bank has had good experience in growing deposits, and they have more than doubled for the second consecutive quarter. In 15 quarters, we have grown Newtek Bank's deposits from $142 million when we took over the bank to $2.6 billion. Non-affiliate business deposits increased quarter-over-quarter and year-over-year by $13 million and $109 million, respectively.

值得注意的是，公司自收購具全國特許執照的銀行以來，在存款成長方面表現良好，且已連續第二季呈現倍增。在 15 個季度內，我們已將 Newtek Bank 的存款自接手時的 1.42 億美元成長至 26 億美元。非關係企業（non-affiliate）商業存款季增 1,300 萬美元、年增 1.09 億美元。

And core consumer deposits climbed $231 million quarter-over-quarter and $1.1 billion year-over-year, with loan originations also growing with deposits fueling that growth and year-to-date loan originations of $1.2 billion were up 12% year-over-year. Also important to note, for the SBA's fiscal year ending September 30, 2026, Newtek Bank ranked number 1 by volume -- excuse me, number 1 in units of SBA loans approved and number 2 by dollars.

核心消費者存款季增 2.31 億美元、年增 11 億美元；在存款帶動下，放款承作也同步成長，年初至今放款承作金額為 12 億美元，年增 12%。同樣值得注意的是，以 SBA 會計年度（截至 2026 年 9 月 30 日）計算，Newtek Bank 依核准件數排名第 1——抱歉，是 SBA 核准貸款件數第 1、金額第 2。

Slide number 4. In focusing on NewtekOne, I think the important aspect of our organization, as we look at the market and the economy, clearly, the concept of how our business is going to grow going forward with the marketplace really embracing artificial intelligence, or as the President calls it, super intelligence. We have built one integrated platform over the course of 28 years to serve the 36 million demographic that are defined as US.

第 4 頁。聚焦 NewtekOne，我認為就我們在觀察市場與經濟時，本組織最重要的一點是：隨著市場日益擁抱人工智慧——或如總統所稱的「超級智慧」——我們的業務未來將如何成長。我們在 28 年的時間裡打造了一個整合式平台，服務被定義為美國的 3,600 萬人口族群。

SMBs through five digital solutions without the use of traditional bankers, brokers or BDOs. We think this is extremely important because as the marketplace starts to move towards the use of super intelligence or artificial intelligence, organizations that embrace that, particularly financial institutions and banks, are going to be extremely important and viable going forward.

我們透過五項數位解決方案服務中小企業（SMB），不依賴傳統銀行家、經紀人或 BDO。隨著市場開始走向使用超級智慧或人工智慧，我們認為這點極為重要；能夠擁抱這些技術的組織，特別是金融機構與銀行，未來將非常重要且具備可行性。

We do have concerns over industry that is primarily focused on traditional bankers and traditional branch network to acquire customers. On slide number 4, our NewTracker system, you could see, is able to acquire 600 to 800 unique business referrals per day and the cost per referral is $0. We manage that through alliance partners.

我們也對主要依賴傳統銀行家與傳統分行網路來獲取客戶的產業模式有所疑慮。在第 4 頁中，各位可以看到我們的 NewTracker 系統每天可取得 600 到 800 個獨特的企業轉介，且每筆轉介成本為 0 美元。我們透過聯盟合作夥伴來管理這些轉介。

It's all in our public documentation and our Ks and Qs. Organizations like UBS, Morgan Stanley, and Raymond James, One came up a trade association that don't make these types of loans, aren't depositories, don't do payroll, don't do insurance, don't do real-time payments for their customers to us to provide them solution and enhance the overall benefit to the relationship they have with the customer.

這些都載明於我們公開揭露文件以及 10-K 與 10-Q。像 UBS、Morgan Stanley、Raymond James 等機構，以及某個行業公會，因為他們不做這類貸款、不是存款機構、不做薪資、不做保險、也不為其客戶提供即時支付，因此會把客戶轉介給我們，由我們提供解決方案，並提升他們與客戶關係的整體效益。

So I think it's important to note over 28 years and 3.5 years operating as a digital direct bank, we have excelled in banking, lending, insurance, real-time payments, and payroll. The patented NewTracker system, which I think is extremely important to our business model and its proprietary capabilities are extremely valuable.

因此我認為值得注意的是，歷經 28 年，以及以數位直營銀行模式營運的 3.5 年，我們在銀行業務、放款、保險、即時支付與薪資服務方面表現出色。具專利的 NewTracker 系統，我認為對我們的商業模式極為關鍵，其專有能力具有極高價值。

The Newtek Advantage, which is the business portal, which is on our website that gives the client a real advantage of doing business with us over other financial institutions, offers a single pane of glass, delivering a full product suite to the customers. It gives them transactional capability, analytics, and data that our competitors simply do not. Looking at our organization further, we are an S&P-rated servicer.

Newtek Advantage（我們網站上的企業入口網站）讓客戶相較其他金融機構與我們往來時具備明顯優勢；它提供單一視窗（single pane of glass），向客戶交付完整的產品組合。它提供交易功能、分析與數據，這些是我們的競爭對手所不具備的。進一步看我們的組織，我們是獲 S&P 評級的貸款服務機構（servicer）。

We're currently servicing over $5 billion worth of loans. And this is a business that we excel in. We service for the FDIC. We service for NCUA. NCUA is the credit union regulator. We have a nice reputation in servicing small- and medium-sized business owners and loans that are made to that particular investor group. Also important to note, we have a frictionless digital account opening infrastructure that continues to gain momentum.

我們目前管理服務的貸款規模超過 50 億美元。這是我們擅長的業務。我們為 FDIC 提供服務，也為 NCUA 提供服務；NCUA 是信用合作社的監理機關。我們在為中小企業主以及向該特定投資人族群所發放的貸款提供服務方面，享有良好聲譽。同樣值得注意的是，我們的無摩擦數位開戶基礎設施持續累積動能。

Now a lot of banks have digital account opening, but it's primarily for consumer checking or consumer high-yield savings. There are very few financial institutions and in particular, even the biggest banks in the United States, in order to open up the banking account for business, you have to go into the branch and fill out the paperwork. We've done a very good job in this particular area.

現在很多銀行都有數位開戶，但主要是針對個人支票帳戶或個人高收益儲蓄帳戶。能夠為企業開立銀行帳戶的金融機構其實很少；尤其在美國，即便是最大的銀行，企業要開戶通常仍必須到分行填寫文件。我們在這方面做得非常好。

We have approximately 47,000 depository accounts with no traditional bankers with zero branches that basically are assisted by business service specialists on camera in the United States 24 hours a day, 7 days a week. We're very proud of our operating history and have really delivered robust, flexible, and financial returns, both for ROAA, ROATCE, revenue growth, and our last 12 months of trailing net income. On slide number 5, we talk about our ecosystem for the customer with our five solutions built around the SMB, banking, lending, insurance, payments and payroll, all necessary and important functions for business owners that instead of dealing with us, if they don't deal with us, they're going to ADP and Paychex. They're going to a local insurance agency, they go to a fintech for their loan and their bank for deposits. And regarding real-time payments, they just don't have it.

我們約有 47,000 個存款帳戶，沒有傳統銀行家、零分行；基本上由位於美國、透過鏡頭提供協助的企業服務專員全天候（每週 7 天、每天 24 小時）支援。我們對自身的營運歷史深感自豪，並在 ROAA、ROATCE、營收成長，以及過去 12 個月的追蹤淨利方面，確實交出強勁且具彈性的財務回報。在第 5 頁，我們談到以客戶為核心的生態系：圍繞中小企業打造的五項解決方案——銀行、放款、保險、支付與薪資——這些都是企業主必要且重要的功能；若不與我們合作，他們就會去找 ADP 與 Paychex。他們會去找在地保險代理商、到金融科技公司申請貸款，並在銀行存放存款。至於即時支付，他們根本沒有。

So we're very proud of the ecosystem that we have built for our customers and think it is very much of a hidden value in our organization. Historically, we have expensed the intellectual property and the IT off of our balance sheet and income statement.

因此，我們對為客戶打造的生態系統感到非常自豪，並認為這在我們組織中很大程度上是一項隱藏價值。從歷史上看，我們已將智慧財產權與 IT 自資產負債表和損益表中費用化處理。

Slide number 6, NewtekOne's ecosystem, once again, focusing on that SMB value proposition. It all relates to the customer, helping them grow their business and their revenues, reduce business owner risk, reduces business owner expenses and give them one platform, the Newtek Advantage for real-time data, which enables us to onboard them in a frictionless manner very quickly, give a customer a real-time view of their balances, card batches, chargebacks, ACH, Fed wires visible in the Newtek Advantage as well as an invoicing system, as well as full analytics, capturing historic transaction information and a lot of information that exists in the Advantage, including document storage and QuickBooks integration, as well as QuickBooks Analytics.

第 6 張投影片，NewtekOne 的生態系統，再次聚焦於中小企業（SMB）的價值主張。一切都圍繞客戶，協助他們成長其業務與營收、降低企業主風險、降低企業主費用，並提供單一平台 Newtek Advantage 以取得即時數據，使我們能以無摩擦的方式非常快速地為其導入；讓客戶即時查看其餘額、刷卡批次、拒付（chargebacks）、ACH、Fed 電匯（Fed wires），這些都可在 Newtek Advantage 中看到；同時也提供開立發票系統與完整分析，擷取歷史交易資訊，以及 Advantage 中存在的大量資訊，包括文件儲存與 QuickBooks 整合，以及 QuickBooks Analytics。

On slide number 7, there's a nice diagram on slide 7, which really discusses how clients approach us with a referral through the NewTracker system. So you have this very big funnel, some coming from financial institutions for referrals, trade associations, CPAs, law firms, and alliance partners. And we get these unique referrals. We don't pay for them. We do pay a success fee if we provide a solution, some upfront in the case of lending and ongoing reoccurring income usually on the other solutions. And we're able to do this without branches, traditional bankers or brokers.

在第 7 張投影片，有一個很好的圖示，主要說明客戶如何透過 NewTracker 系統的轉介來接觸我們。因此你會看到一個非常大的漏斗，其中一些來自金融機構的轉介、行業協會、會計師（CPA）、律師事務所，以及聯盟合作夥伴。而我們獲得這些獨特的轉介。我們不為此付費。若我們提供解決方案，我們會支付成功費（success fee），在放款的情況下部分為前期支付，而在其他解決方案上通常是持續性的經常性收入。而且我們能在沒有分行、傳統銀行家或經紀人的情況下做到這一點。

We have -- we say hundreds of alliance partners. It's actually in excess of 1,000 that we have contracts with. And these referrals come in on a regular basis. But when customers come to us for a loan, we don't look at the client saying, you're applying for an SBA loan, you're applying for commercial and industrial loan or a line of credit. We look at the customer and fit them with the best solution.

我們有——我們說有數百個聯盟合作夥伴。實際上，我們簽約的合作夥伴超過 1,000 家。而這些轉介會定期進來。但當客戶因貸款來找我們時，我們不會用「你在申請 SBA 貸款、你在申請工商貸款或信用額度」這種方式看待客戶。我們會看客戶本身，並為其匹配最佳解決方案。

So if we actually go to our website, we don't advertise on the website, we're an SBA lender. In many cases, they get an SBA loan, but we wind up giving them the best product at an attractive price and a low monthly payment to fit their needs. NewTracker is our patented engine. It's one application. It's one CRM.

因此，如果你實際到我們的網站，我們不會在網站上宣傳我們是 SBA 放款機構。在許多情況下，他們確實拿到 SBA 貸款，但我們最終會以具吸引力的價格與較低的月付金提供最適合其需求的產品。NewTracker 是我們的專利引擎。它是一個申請流程。它是一個 CRM。

It gives us tremendous intake, particularly using artificial intelligence to examine tax returns and spread financials, to examine lease agreements, to examine operating agreement as well as using AI to go to municipalities and get liens. This is how we're able to make loans on a completed loan package within seven days from having all the information in one particular area.

它為我們帶來龐大的進件量，尤其是運用人工智慧來檢視報稅表並展開財務報表、檢視租賃合約、檢視營運協議，並且使用 AI 前往各地方政府取得留置權（liens）資訊。這就是我們能在所有資訊集中於同一處的情況下，於七天內以完整的貸款資料包完成放款的方式。

We also offer real-time tracking to our alliance partners, 24/7, 365 as well as giving them nightly reports. Underwriting and compliance check, it's terrific. We have complete data on the interaction with the customer, whether it's a text, whether it's an e-mail or a telephonic conversation.

我們也為聯盟合作夥伴提供即時追蹤服務，全年無休（24/7、365），並提供每晚報表。承作審查（underwriting）與合規檢核，非常出色。我們掌握與客戶互動的完整數據，不論是簡訊、電子郵件或電話對話。

Let's go to slide number 8. The Newtek Advantage: a single pane of glass. Extremely important is the quality of service. Matter of fact, when you look at our Trustpilot scores, NewtekOne on Trustpilot, 4.9 out of 5. Newtek Bank, 4.5 out of 5. When you go to entities like Deposit.com and you compare us against some of the top banks, which are below 2.

我們來看第 8 張投影片。Newtek Advantage：單一視窗（single pane of glass）。服務品質極其重要。事實上，當你看我們在 Trustpilot 的評分，Trustpilot 上的 NewtekOne 為 5 分滿分中的 4.9 分。Newtek Bank 為 5 分滿分中的 4.5 分。當你到 Deposit.com 之類的平台，並將我們與一些頂尖銀行相比，那些銀行的評分低於 2 分。

They're like 1.8, 1.7, 1.6, we're 4.0 on Deposit.com. We're very proud of the fact that Trustpilot has us positioned as the number 1 payroll provider for service and number 2 in real-time payments. The Newtek Advantage snapshot on slide number 8 gives you an idea of the view that the client gets when signing up for one or many of our Newtek products. It's a digital-first entry.

它們大約是 1.8、1.7、1.6，而我們在 Deposit.com 上是 4.0 分。我們非常自豪的是，Trustpilot 將我們定位為服務品質排名第 1 的薪資服務提供者，以及即時支付排名第 2。第 8 張投影片中的 Newtek Advantage 快照，讓你了解客戶在註冊我們一項或多項 Newtek 產品時所看到的畫面。這是一個以數位優先（digital-first）的入口。

It gives them real-time payments clarity, whether it's a wire, whether it's making payroll with the money going in on Monday and paying employees on Monday, whether it's having a batch of a Visa, Mastercard receivable actually hitting the same day that we're able to process the transaction, showing the client in the banking portal, what their batches are, refunds, chargebacks, everything right in the portal. We really give the client a live view of cash flow, payments, loans, banking, and payroll. And importantly, it's on demand, on camera access 24/7 individuals in the United States that can help the customer.

它為客戶提供即時支付的清晰度，不論是電匯、或是週一資金入帳並在週一發放薪資給員工、或是 Visa、Mastercard 的應收款在我們能處理交易的當天就實際入帳；並在銀行入口網站中向客戶顯示其批次、退款、拒付等所有資訊，一切都在入口網站內。我們確實讓客戶即時掌握現金流、支付、貸款、銀行與薪資。而且重要的是，這是隨需（on demand）的、可透過視訊（on camera）在美國境內 24/7 提供協助的人員來支援客戶。

It's really tremendous value beyond traditional banking, particularly when we give clients unlimited document storage, web traffic analytics, and 2-way QuickBooks integration. On slide number 9, this is what NewTracker does. It does many, many things, not only for the client, for the alliance partner, but for our organization.

這確實是超越傳統銀行的巨大價值，尤其是我們為客戶提供不限量的文件儲存、網站流量分析，以及 QuickBooks 雙向整合。在第 9 張投影片，這就是 NewTracker 的功能。它能做非常非常多的事情，不僅對客戶、對聯盟合作夥伴，也對我們的組織本身。

And those Trustpilot scores that we get are not by happenstance. It's a live check on the operational efficiencies of our business service specialists and our CSRs in the field each and every day, every a.m., every p.m., every day, every week, and every quarter. slide number 10, which we talked about a little earlier, demonstrates the tangible book value per share, has a nice depiction of the dividends on top. It shows the growth from the time we bought the bank to today, $12.30 in tangible book with dividends $15.11.

而我們獲得的那些 Trustpilot 評分並非偶然。這是對我們業務服務專員以及外勤客服代表（CSR）每天、每個上午、每個下午、每天、每週、每季營運效率的即時檢核。第 10 張投影片，我們稍早提到過，展示了每股有形帳面價值，並在上方清楚呈現股利。它顯示自我們收購該銀行至今的成長：有形帳面價值為 12.30 美元，加計股利為 15.11 美元。

Slide number 11 shows the deposit growth and the success that we talked about, 11,646 business accounts for checking and business savings, core deposits, 35,000 accounts. Slide number 12. We talk about this product quite a bit. It's an important product to us. It's a growth product for us. We refer to it as commercial and industrial, acronym C&I LA, LA standing for long-amortizing loan securitizations.

第 11 張投影片顯示存款成長與我們所談到的成功：支票與企業儲蓄的企業帳戶 11,646 戶，核心存款帳戶共 35,000 戶。第 12 張投影片。我們相當常談到這項產品。它對我們而言是一項重要產品。它是我們的成長型產品。我們稱之為商業與工業（commercial and industrial），縮寫 C&I LA，其中 LA 代表長期攤還貸款證券化（long-amortizing loan securitizations）。

What we've learned over the course of 23 years is clients strongly prefer amortized loans without a balloon payment over 10 to 25 years. We do require personal guarantees joint and several and every 20% equity owner or greater at a minimum. And we also lien personal and business assets when obviously, the business assets are required, personal when applicable. But you could see when we put these loans on our balance sheet, we then put them into securitization.

我們在 23 年的過程中學到的是，客戶強烈偏好 10 到 25 年期、沒有期末一次性大額償付（balloon payment）的攤還型貸款。我們確實要求個人保證，且為連帶責任（joint and several），並且至少要求每位持股 20% 或以上的股權持有人提供。此外，我們也會對個人與企業資產設定留置權（lien）；當然企業資產是必要的，個人資產則在適用時設定。但你可以看到，當我們把這些貸款放在資產負債表上後，接著會將其進行證券化。

We're now doing these loans out of Newtek Bank National Association. So we talk about initial overcollateralization and current overcollateralization. That is the ownership certificates in these securitizations as they're done off balance sheet. Important to note, look at the current OC versus initial. So you could see the excess cash flow that we get from these loans is amortizing the senior debt in the securitization.

我們現在透過 Newtek Bank National Association 來承作這些貸款。因此我們會談到初始超額擔保（overcollateralization）與目前超額擔保。也就是在這些表外完成的證券化中所持有的所有權憑證（ownership certificates）。重要的是，請看目前的 OC 相較於初始值。因此你可以看到，我們從這些貸款取得的超額現金流正在摊還證券化中的優先債務（senior debt）。

So it grows the ownership certificates and the book fairly rapidly over the course of time. I think this is indicative of the power of the excess cash flow coming off of loans that are put on the books at treasuries +950 over the five years. When you look at our securitization spreads, which are things that we've talked about in past presentations, they're typically 660 off the 5-year treasury. The loan is typically fixed for five years. There's 100 basis points of servicing, which we keep.

因此，隨著時間推移，它會相當快速地增加所有權憑證與帳面價值。我認為這顯示了在五年期間以「公債利率+950」入帳之貸款所產生的超額現金流的威力。當你看我們的證券化利差（這些我們在過去的簡報中談過），通常是較5年期公債利率低660個基點。該貸款通常固定利率五年。另有100個基點的服務費（servicing），由我們保留。

And then we have a spread historically of 560 to where the bonds are yielding in the marketplace. Slide number 13 is an important slide that's Newtek Bank, N.A. You could see that at the Bank, and we're looking to do more and more of our business at the Bank and less and less of our business at the holding company. We have fairly high ROAAs, ROEs, efficiency ratios are low. NIMs are high, cost of deposits.

然後，歷史上我們相對於市場上債券殖利率還有560個基點的利差。第13頁是一張重要的投影片，內容是 Newtek Bank, N.A.。你可以看到在銀行端，我們正希望把越來越多的業務放在銀行、越來越少放在控股公司。我們的ROAA與ROE相當高，效率比率很低。NIM很高，存款成本——

It's market rate. I continue to say this on conference calls. If you're paying the consumer 1% or you're paying them 3.8% -- and I use the consumer, whether it's a business or whether it's actually an individual, what's more likely to move? Paying them a market rate of interest or a rate that is materially below what the 2-year treasury or T-bills are currently paying? We think it's the latter.

是市場利率。我在電話會議上一直這麼說。如果你付給客戶1%，或付給他們3.8%——我說的客戶不論是企業或個人——哪一種更可能流動？是支付市場利率，還是支付明顯低於目前2年期公債或國庫券（T-bills）所支付的利率？我們認為是後者。

We think we give our customers a good deal. And through the Newtek Advantage, we actually are able to do more things for the customer where we're typically able to pay them 1% for business checking, 3.5% on savings. And so why should they give us their deposits below the risk-free rate?

我們認為我們給客戶的是一筆好交易。而且透過 Newtek Advantage，我們實際上能為客戶做更多事情；通常我們能在企業支票帳戶支付1%，在儲蓄帳戶支付3.5%。那麼，他們為什麼要在低於無風險利率的情況下把存款交給我們？

Because we give them value, because we give them real-time payroll, because we give them real-time payments, because we give them analytics and transactional capability and data that they simply can't get at the top-4 big banks who historically love this customer base because they can grab their deposits at 2% to 3% below the risk-free rate. One other important note when you look at our organization relative to capital and credit, we're utilizing more of our capital at the Bank and at the holding company.

因為我們提供價值：我們提供即時薪資發放、即時支付、分析工具與交易能力，以及他們在前四大銀行拿不到的數據；而這些大型銀行歷來喜歡這類客群，因為他們可以用比無風險利率低2%到3%的成本吸收存款。另外一點很重要：當你看我們組織在資本與信用方面的配置，我們在銀行端與控股公司端都在運用更多資本。

Nonaccruals, and I think this is extremely important, excluding government guarantees that the SBA prefers in SOP that we buy out of the secondary versus them, 3.9% nonaccruals. Obviously, when you include the government guarantees and the guarantees are still intact, it's a much higher number. So as market participants and analysts take the call report data, jam it into the AI models and they come out and go, wow, this is really high, that's where we're running into issues.

不計息（nonaccrual）方面——我認為這點極其重要——若排除政府擔保（SBA在SOP中偏好我們在次級市場買回、而不是由他們買回的部分），不計息比率為3.9%。顯然，若把政府擔保納入且擔保仍然有效，數字會高得多。因此，當市場參與者與分析師把Call Report資料塞進AI模型，然後得出「哇，這真的很高」的結論時，我們遇到的問題就在這裡。

For those of you that are following the company, paying attention to what we're doing, we believe we've historically done a good job over 23 years, managing risk and reward and you're getting compensated for the risk that's being taken. slide number 14 provides further evidence of the fact that we are working very hard in improving the quality of the portfolio with enhanced hires in the servicing department, managing our ACL to loans held for investment, excluding the guarantees. And this is important data and statistics that we look at and manage on a regular basis. Slide number 15 addresses our returns that we're providing our shareholders.

對於持續關注公司、留意我們在做什麼的各位，我們相信在過去23年裡，我們在風險與報酬管理方面一向做得不錯，而你也正在因所承擔的風險而獲得補償。第14頁進一步證明我們正非常努力提升投資組合品質：在服務（servicing）部門增聘強化人手，並管理我們對投資持有貸款（loans held for investment）的ACL（排除擔保）。這些是我們定期檢視並管理的重要數據與統計。第15頁則說明我們為股東提供的報酬。

With that, I'd like to turn the presentation over to Frank DeMaria and then we'll go to Q&A. Frank?

接下來，我想把簡報交給 Frank DeMaria，之後我們進入問答。Frank？

Thanks, Barry. Barry covered most of the relevant metrics for the third quarter, but I wanted to touch on a couple of topics, namely net interest income and the bank's held for investment loan portfolio. Moving to slide 17. Third quarter net interest income of $18.9 million is the highest quarterly net interest income that we've generated in the almost four years as a financial holding company. Quarterly net interest income was up 26% quarter-over-quarter and 30% year-over-year.

謝謝，Barry。Barry已涵蓋第三季大多數相關指標，但我想補充幾個主題，主要是淨利息收入以及銀行的投資持有貸款組合。請看第17頁。第三季淨利息收入為1,890萬美元，是我們作為金融控股公司近四年來創下的最高單季淨利息收入。單季淨利息收入季增26%，年增30%。

The quarter-over-quarter increase reflects a full quarter of interest income from long amortizing C&I loans that were originated in the second quarter as well as the impact of holding the government-guaranteed portions of SBA 7(a) loans on the balance sheet for longer than we have historically. Similarly, we expect third quarter C&I LA originations should benefit net interest income in the fourth quarter.

季增主要反映：第二季承作的長期攤還型商業與工業（C&I）貸款在第三季貢獻了完整一季的利息收入，以及我們將SBA 7(a)貸款中政府擔保部分在資產負債表上持有時間較以往更長所帶來的影響。同樣地，我們預期第三季的C&I LA承作量應可在第四季帶動淨利息收入。

Year-to-date, net interest income climbed 20% versus the first nine months of 2025, and the revenue mix is also shifting to net interest income with third quarter and year-to-date at 26% and 23% of revenue, respectively, versus 19% and 20% for the comparable periods of 2025. I'd also note a favorable net interest margin trend with a mix shift on both the earning asset and liability sides with the earning asset yield increasing with higher short- and medium-term interest rates and funding costs moving lower with deposit costs flat and the cost of borrowings down overall. Moving to slide 18.

年初至今，淨利息收入較2025年前九個月成長20%，營收結構也正轉向淨利息收入：第三季與年初至今淨利息收入分別占營收的26%與23%，相較於2025年同期的19%與20%。我也要指出淨利差（NIM）呈現有利趨勢：在生息資產與負債兩端都出現結構轉移；隨著短中期利率走高，生息資產收益率上升，而資金成本下降，因為存款成本持平、整體借款成本下滑。請看第18頁。

Slide 18 describes the bank's held for investment loans at cost, which are subject to CECL. The primary point of this slide is that the $57 million allowance for credit losses is largely comprised of reserves against the portfolio of unguaranteed SBA 7(a) loans, which accounts for almost 90% of the bank's ACL. The $51 million portion of the ACL on the SBA unguaranteed book is 8.1% of the SBA unguaranteed balances.

第18頁說明銀行以成本列示的投資持有貸款（held for investment loans），其適用CECL。這張投影片的重點是：5,700萬美元的信用損失準備金（allowance for credit losses）主要由未擔保的SBA 7(a)貸款組合之準備所構成，該組合占銀行ACL的將近90%。SBA未擔保帳簿上的ACL為5,100萬美元，占SBA未擔保餘額的8.1%。

With that, I'll turn it back to Barry, for closing remarks before we get into Q&A.

接下來，在進入問答之前，我把時間交回給Barry做結語。

Thank you. I'd like to draw everyone's attention to slide number 19. Recently, we saw a transaction in the capital markets where Bluevine, a fintech, that acquires deposits and also acquires lending opportunities for third parties, agreed to be acquired by Valley National Bank for approximately $340 million. When I look at their technology versus ours, and we have intangible and goodwill assets on our books of $14 million because we've written off our IP over the course of time. I think that there's a lot of value in NewtekOne and slide number 19 reflects that.

謝謝。我想請大家注意第19頁。近期我們在資本市場看到一筆交易：Bluevine（一家金融科技公司），其業務是吸收存款並為第三方取得放貸機會，已同意以約3.4億美元被 Valley National Bank 收購。當我比較他們的技術與我們的技術，而我們帳上無形資產與商譽為1,400萬美元，因為我們已在時間推移中將自有IP攤銷/沖銷掉。我認為 NewtekOne 具有很大的價值，而第19頁反映了這一點。

We have a proprietary internally developed technology stack. The NewTracker system is patented. It's a digital account opening. It's automated. It's a frictionless loan origination platform. It's automated lead generation, offering real-time payments and a tremendous value proposition for the customer through the Newtek Advantage. It is a differentiated origination engine at a much lower cost and incredibly scalable.

我們擁有專有、內部自行開發的技術堆疊。NewTracker系統已取得專利。它支援數位化開戶。它是自動化的。它是一個無摩擦的貸款承作平台。它具備自動化線索開發，提供即時支付，並透過 Newtek Advantage 為客戶帶來極具吸引力的價值主張。這是一個差異化的承作引擎，成本更低且具高度可擴展性。

It's a closed-loop customer funnel. Borrowers are required to make payments from Newtek Bank account in lending, and there's a tremendous cross-service opportunity where one customer application feeds multiple applications across multiple solutions. We think that the banking industry, which has feasted on deposits below the risk-free rate and low-margin riskless loans with low charge-offs, we do believe that SI or AI will change that over the course of time.

這是一個閉環式的客戶漏斗。在放貸業務中，借款人必須透過 Newtek Bank 帳戶付款；此外也有巨大的交叉服務機會，因為一份客戶申請可以驅動多個解決方案中的多個申請。我們認為，銀行業長期以來依賴低於無風險利率的存款，以及低利差、近乎無風險且低核銷的貸款；我們確實相信，隨著時間推移，SI或AI將改變這一點。

And depositors and savers, particularly with higher rates are really going to push for higher rates for what basically through FDIC insurance is essentially some form of a treasury account. We have a very scalable operating infrastructure and platform, and we have a complete offering of solution for SMBs. And once again, there's no, I'd say, real markup given the low value of the intangibles and the goodwill.

而存款人與儲戶，特別是在利率較高的情況下，確實會推動要求更高的利率；因為透過 FDIC 保險，這基本上等同於某種形式的國庫券帳戶。我們擁有高度可擴展的營運基礎設施與平台，並為中小企業（SMB）提供完整的解決方案組合。而且再說一次，鑑於無形資產與商譽的價值偏低，我會說基本上沒有真正的加價（markup）。

We welcome offering demos of the NewTracker system and the Newtek Advantage to the six analysts that follow our stock, learn more about our company, learn how we do the business, understand the scalability, and we welcome that opportunity and offer it on a regular basis. And hopefully, we'll get some takers after this call today.

我們歡迎為追蹤我們股票的六位分析師提供 NewTracker 系統與 Newtek Advantage 的示範，讓大家更了解我們公司、了解我們如何經營業務、理解其可擴展性；我們也歡迎這樣的機會，並且定期提供。也希望今天這通電話之後，會有人願意參與。

So with that, operator, I'd like to turn it over to Q&A.

那麼，接下來，接線員，我想把時間交給問答環節。

(Operator Instructions)

（接線員指示）

Elizabeth Wainer, Raymond James.

Elizabeth Wainer，Raymond James。

This is Elizabeth Wainer on for Joe Yanchunis. In the prepared remarks, you reiterated your 2026 EPS guidance of $1.70 to $1.80, which implies a step-up in 4Q earnings. Could you walk us through the primary drivers of that improvement, particularly given the sharp decline in gain on sale income? Should we expect the improvement to come primarily from continued NII growth? Or are there other revenue or expense items that should contribute?

我是 Elizabeth Wainer，代替 Joe Yanchunis 提問。在事先準備的發言中，你重申了 2026 年每股盈餘（EPS）指引為 1.70 至 1.80 美元，這意味著第四季（4Q）獲利將出現跳升。能否帶我們了解一下改善的主要驅動因素，特別是在出售收益（gain on sale income）大幅下滑的情況下？我們是否應預期改善主要來自淨利息收入（NII）持續成長？或者還有其他收入或費用項目也會有所貢獻？

Thanks, Elizabeth. I appreciate that. And I think that if you go back and look at the company's history as a bank, both and as a BDC, there clearly is a seasonal lift to Q4 particularly for lending originations, which do drive the P&L. So I think the concept of us doing more loans in the fourth quarter as well as the growth in net interest income, which our press release indicated probably is growing somewhere around 20% sequentially and certainly bigger numbers on a year-over-year basis. So that's going to start to compound.

謝謝你，Elizabeth。我很感謝這個問題。我想如果你回頭看公司作為銀行、以及作為 BDC 的歷史，第四季確實存在季節性提升，特別是在放款承作量（lending originations）方面，而這會推動損益表（P&L）。因此，我認為第四季放更多貸款，再加上淨利息收入的成長——我們的新聞稿指出，淨利息收入可能季增約 20%，且年增幅度更大——這些都會開始產生複利效應。

A matter of fact, if you look at an SBA loan, we are typically a prime plus three lender, which today would get you to about 10% coupon with our cost of funds, call it, 3.6% or 3.65%. So that's about 640 basis points of spread income. So you could sell it for a gain on sale or you could hold it for a four- or five-year duration. And over the course of time, you'll probably do better holding it.

事實上，如果你看一筆 SBA 貸款，我們通常是以最優惠利率（prime）加 3% 的方式放款；以今天來看，票面利率（coupon）大約可到 10%，而我們的資金成本（cost of funds）大概是 3.6% 或 3.65%。所以利差收入（spread income）約為 640 個基點。因此，你可以選擇出售以取得出售收益，或是持有四到五年的存續期間。長期來看，你持有它可能會更划算。

It does affect the current income in the current quarters. After running the bank and bank holding company model for 3.5 years, we're looking to diversify that a little bit. And I think you'll see that split up going forward. So I do appreciate the question. Thank you.

這確實會影響當期、當季的收入表現。在以銀行與銀行控股公司模式運作 3.5 年之後，我們希望在這方面做一些多元化。我想你會看到未來這部分會更分散。所以我很感謝這個問題。謝謝。

Yes. That was helpful. And then we've seen some softer small business confidence data recently with inflation and labor costs continuing to pressure business owners. Are you seeing that translate at all into any weaker demand for SBA loans or any change in borrower performance? And are there any particular industries or borrower vintages where you're seeing more stress?

好的，這很有幫助。另外，近期我們看到一些較疲弱的小型企業信心數據，通膨與勞動成本持續對企業主造成壓力。你們是否看到這反映在 SBA 貸款需求轉弱，或借款人表現出現任何變化？是否有特定產業或特定放款批次（vintages）出現較多壓力？

Yes. To be frank and transparent, we believe that -- and we have adjusted for that in our risk models, in our CECL calculations and in our business valuations, that the uptrend in rates, particularly post-COVID of 3% to 5%. Now we're off of the highs of 5%, but we're still pretty high. And the fact that we've had fairly stubborn inflation for a window of four or five years has been difficult on us. It's been difficult on older vintage loans.

是的。坦白且透明地說，我們認為——並且已在風險模型、CECL 計算以及業務估值中做了調整——利率上行趨勢，特別是 COVID 之後從 3% 到 5% 的區間。現在雖然已從 5% 的高點回落，但仍然相當高。而且在四到五年的期間內通膨相當頑固，對我們造成了困難。這對較早期批次的貸款（older vintage loans）尤其困難。

Look, I'm not -- I don't have a crystal ball. I don't necessarily have a forecast. We just had the Fed Governor who really only controls short rates and not long rates, pretty much left the short rate environment flattish, but they're looking at it. He has some concerns about inflation. And I do think that there has been stress on the historic portfolio.

你看，我沒有——我沒有水晶球。我也不一定有明確的預測。我們剛聽到聯準會（Fed）理事的說法；他其實主要只能控制短端利率而非長端利率，基本上讓短端利率環境維持相對持平，但他們仍在觀察。他對通膨有一些擔憂。我確實認為歷史投資組合承受了一些壓力。

I do believe that once we get through these midterms, I think that oil, which has been the primary driver of inflation, these are all risk factors that are in our Ks and Qs, I point out that please read those risk factors. We'll hopefully move in the right direction, reduce rates, reduce inflation and give us a lift.

我確實相信，一旦我們度過這些期中選舉（midterms），我認為石油——一直是通膨的主要驅動因素——這些都是我們在 10-K 與 10-Q 中列示的風險因素；我也提醒大家請閱讀那些風險因素。希望情勢能往正確方向發展，利率下降、通膨下降，並帶動我們表現回升。

We are seeing that at these higher level of rates, it is more challenging to make loans. It's more challenging to grow the business. And therefore, we have muted our origination volumes with the guidance that we've given recently and going forward. And we've also tightened underwriting guidelines historically and are doing so as we speak right now.

我們確實看到，在目前較高的利率水準下，放款變得更具挑戰。業務成長也更具挑戰。因此，我們已在近期以及未來所提供的指引中，下調（muted）了我們的承作量。同時，我們過去也已收緊承作／授信準則（underwriting guidelines），而且此刻仍在持續收緊。

Emily Lee, Keefe Bruyette & Woods.

Emily Lee，Keefe Bruyette & Woods。

This is Emily Lee on for Tim Switzer. So I was wondering if you could provide some details just on the size and economics of the securitization expected to occur in 1Q '27?

我是 Emily Lee，代替 Tim Switzer 提問。我想請問，你們能否提供一些細節，關於預計在 2027 年第一季（1Q '27）進行的證券化（securitization）的規模與經濟條件（economics）？

Yes. We're looking to hopefully do a financing with about $350 million to $400 million of collateral. I think it will be closer to the $400 million. And we'll be looking to issue bonds in the month of January.

可以。我們希望能以約 3.5 億至 4 億美元的抵押品（collateral）來進行一筆融資。我認為會更接近 4 億美元。我們預計在一月發行債券。

Great. And then also, could you just elaborate on some of your comments in the release and the prepared remarks regarding exploring all strategic alternatives to help the market recognize true tech value. What exactly strategies are under consideration here?

很好。另外，你能否再闡述一下你們在新聞稿與事先準備的發言中提到的：探索所有策略性替代方案，以協助市場認可真正的科技價值。這裡具體正在考慮哪些策略？

Well, I think that from our standpoint, we're in the market every single day. And I wake up with a clear head and a clear vision, and that's been true since we became a public company in September of 2000. We clearly think that there are opportunities within our organization, and we have regular conversations with strategic alliance partners. We have regular conversations with technology solutions providers that are interested in our technology.

我想，從我們的角度來看，我們每天都在市場上。我每天醒來都保持清晰的頭腦與清楚的願景；自從我們在 2000 年 9 月成為上市公司以來一直如此。我們清楚認為組織內部存在一些機會，而且我們會定期與策略聯盟夥伴對話。我們也會定期與對我們技術有興趣的科技解決方案供應商對話。

From time to time, we have people that look at different components of our organization. And we will always be opportunistic to recognize value and reduce risk for our shareholders depending upon where the market is at, at a given point in time and conditions, which frankly, are pretty volatile and constantly changing.

不時地，也會有人來評估我們組織的不同組成部分。我們一向會把握機會，視市場在特定時間點的狀況與條件——坦白說，這些狀況相當波動且不斷變化——來為股東認列價值並降低風險。

So without putting my finger on any one particular item, I think it just says we are open to having conversations with people about our business, our business model, how it works and where we can derive value and get better value, frankly, than where we're currently receiving in the marketplace, where we think we are dramatically misunderstood, particularly when it comes to the technology platform that we have.

因此，在不特別指向任何單一項目的前提下，我想這只是表示：我們願意與外界就我們的業務、商業模式、其運作方式，以及我們如何創造價值並取得更好的價值進行對話；坦白說，比起我們目前在市場上所獲得的評價更好。因為我們認為市場對我們有很大的誤解，尤其是在我們所擁有的科技平台方面。

Christopher Nolan, Ladenburg Thalmann.

Christopher Nolan，Ladenburg Thalmann。

Barry, I'll take you up on the tech demo at some point.

Barry，我之後某個時間會接受你的科技展示邀請。

We'd love to do that, and we'll call you and schedule something right after your earnings season. Okay?

我們很樂意這麼做，我們會在你財報季結束後立刻打給你安排時間。好嗎？

Sounds good. Your capital ratios seem to be at a point now where should we expect balance sheet growth to slow in the fourth quarter pending the rate -- securitization?

聽起來不錯。你們的資本比率看起來現在已到了一個水準，那麼我們是否應該預期，在第四季、在利率——證券化（securitization）之前，資產負債表成長會放緩？

Yes, Chris, good question. So when we do the securitization in January, whatever is on the balance sheet will come off the balance sheet. So that will be helpful just from a ratio perspective. And we obviously have to have the right capitalization on the ownership certificate that we'll be holding.

是的，Chris，問得好。所以我們在一月進行證券化時，資產負債表上不論有哪些項目，都會自資產負債表移除。因此，僅就比率角度來看，這會有所幫助。而且很明顯地，我們必須在我們將持有的所有權證書上，配置適當的資本。

I think that we're pretty much where a normal organization would be a bank of our size relative to these ratios. And I think from our standpoint, we're going to take it one quarter at a time, manage the capital, manage the risk and look to continue to be well capitalized given the risk that we have in the marketplace.

我認為，就這些比率而言，我們大致上已經處於與我們這種規模銀行的正常機構相當的水準。而且從我們的角度來看，我們會一季一季地推進，管理資本、管理風險，並在面對市場風險的情況下，持續維持充足資本。

Great. And then the boost in the holdco net interest margin, that was related to the strategy of moving more of the 7(a) business to the bank?

很好。那麼控股公司（holdco）淨利息收益率（NIM）的提升，是與把更多 7(a) 業務移到銀行端的策略有關嗎？

Yes, moving them to the bank. And while they're in that accumulation phase, they're on balance sheets that expands the NIM. I mean, the reality of it is, in the appendix, we have a slide which we refer to NIM and adjusted NIM, adjusted NIM we bring them back on the balance sheet. So we've got a much larger adjusted NIM at the holdco rather than what I would call the non-adjusted NIM because you don't have your off-balance sheet loans as part of that calculation.

是的，把它們移到銀行端。而在它們處於累積階段時，會在資產負債表上，這會擴大 NIM。我的意思是，實際情況是，在附錄裡我們有一張投影片，提到 NIM 與調整後 NIM；調整後 NIM 是把它們加回資產負債表。所以在控股公司層級，我們的調整後 NIM 會比我所稱的未調整 NIM 大得多，因為未調整 NIM 的計算不包含表外貸款。

So if I can quickly go forward here. I think it's -- we'll have to dig it out, but it's one of the slides. I don't know, Frank, if you know what that slide is, but there's an adjusted NIM calculation, I believe, in the appendix somewhere.

所以如果我可以很快往下說。我想這個——我們得把它找出來，但它在某一張投影片上。我不知道 Frank 你是否知道是哪一張，但我相信附錄某處有一個調整後 NIM 的計算。

Slide 28. And to that point, Chris, we did have a full quarter of the C&I LA loans that were originated in Q2. And then cost of borrowings as we bring that down, the overall cost of borrowings came down too at the holding company. So that also helped.

第 28 張投影片。而且就這點而言，Chris，我們確實完整反映了第二季（Q2）所承作的 C&I LA 貸款在第三季的一整季表現。另外，隨著我們降低借款規模，控股公司的整體借款成本也下降了。所以這也有所幫助。

Okay. And then final question talks on deposits. One of the issues that you -- not the issue, just growth challenges that you guys experienced is growing your low-cost core deposit base. And over year-to-date, I mean, based on the last Q, it seems like growing that as a percentage of total deposits seems to have stalled excluding savings accounts and CDs and stuff. And I was just trying to get an idea as to -- obviously, you want more core deposits, but is it one of those things where we're going to probably have to wait until back half of 2027 or something?

好的。最後一個問題是關於存款。你們面臨的其中一個——不是問題，只是成長上的挑戰——是擴大低成本核心存款基礎。而今年以來，我是說，從上一季來看，若排除儲蓄帳戶、定存（CD）等，核心存款占總存款的比例似乎已經停滯。我只是想了解一下——很明顯你們希望有更多核心存款，但這會不會是那種我們可能得等到 2027 年下半年之類才會改善的事情？

Chris, it's a good question. So for all my presidents and COOs and operators who are on the phone, get moving.

Chris，這是個好問題。所以我所有在電話上的總裁、營運長（COO）和營運主管們，動起來。

There you go, Barry, crack the whip.

就是這樣，Barry，揮鞭催一下。

I owe you a high five on that. So from real-time payments, insurance, payroll; ham and eggs -- you can't have a payroll account without a depository account. You can't have a merchant account without a depository account. Insurance, buying and moving the premiums right out of the account, particularly as it connects to payroll. So I wish we could move sort of in this really straight line with a lovely slope.

我欠你一個擊掌。所以從即時支付、保險、薪資；火腿和雞蛋——你不可能只有薪資帳戶而沒有存款帳戶。你不可能只有商戶帳戶而沒有存款帳戶。保險方面，直接從帳戶扣繳並移轉保費，特別是與薪資連結時。所以我希望我們能以一條非常筆直、斜率很漂亮的線往前走。

And we work on trying to put this into the software and make it more of a function that just kind of goes with the whole thing. I mean, today, when you go into a Dunkin' Donuts, they jam the hash browns in your bag, whether you want them or not.

我們也在努力把這些放進軟體裡，讓它更像是一個會隨著整體流程自動運作的功能。我的意思是，現在你走進 Dunkin' Donuts，他們會把薯餅塞進你的袋子裡，不管你要不要。

And I think that: a, through better mentoring, management, and training, and we've recently made some hires, and going forward, through the use of Agentic AI robots, we're going to get this done. It's all there, and it's to be taken. However, it's slower than I'd like, and it's a good point. And yes, we're on the team. You make my job easier, Chris. Thank you.

我認為：a，透過更好的指導、管理與訓練，而且我們最近也做了一些招募；以及未來透過使用 Agentic AI 機器人，我們會把這件事做成。一切都已經在那裡了，就等著去拿。不過，它比我希望的慢，這點說得很好。而且是的，我們在同一隊。你讓我的工作更容易了，Chris。謝謝你。

(Operator Instructions)

(接線員指示)

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

This is Ben Graham for Crispin Love. Just looking at the slide deck where you highlight the C&I LA loan metrics, nonperformers increased to $82 million from $46 million last quarter. Just wondering if you could discuss a little deeper the drivers of that increase? And is it concentrated in any type of industry or type of borrower? And then what's your sort of general outlook for credit in the C&I LA loan book in the current environment?

我是 Ben Graham，代 Crispin Love 發言。我在看你們的簡報投影片，你們強調了 C&I LA 貸款指標，不良貸款從上一季的 4,600 萬美元增加到 8,200 萬美元。想請你們更深入談談這個增加的驅動因素是什麼？是否集中在某些產業或某類借款人？另外，在目前環境下，你們對 C&I LA 貸款組合的信用狀況整體展望如何？

It's over $1 billion portfolio. And as you ramp up the default curve for business loans, that starts to come into place. And we actually have embedded in our calculations, historic cumulative severity and charge-off number. So I would say there's no specific industry where that might be coming from. It's hard to predict a pandemic.

這是一個超過 10 億美元的投資組合。而當你把企業貸款的違約曲線往上拉升時，這些情況就會開始出現。而且我們其實已在我們的計算中納入歷史累積損失嚴重度與沖銷（charge-off）數據。所以我會說，沒有特定產業是這些情況的來源。疫情是很難預測的。

It's hard to predict, not that we have these issues on like taxi cab medallions, where all of a sudden, overnight, an industry gets obliterated by Uber, but it's a diversified portfolio. And when you're charging borrowers at T+ 950 off the curve, the excess servicing spread and the collateral that you get for these loans and the personal guarantees offset that.

很難預測——並不是說我們遇到像計程車牌照那種問題，某個產業突然一夕之間被 Uber 摧毀——但這是一個分散的投資組合。而當你以曲線上 T+950 的水準向借款人收費時，超額服務利差（excess servicing spread）、你為這些貸款取得的擔保品，以及個人保證，會抵銷這些影響。

Now that this is not similar to a bank portfolio where you're doing residential mortgage loans that might have 10 or 12-year duration at 120 to the curve, and you really don't know what your duration is or car paper, which is really shortened duration. So you wind up getting the benefit from huge spreads with longer duration over time. You get that on the 7(a) portfolio, and you get that on the C&I LA loans.

此外，這不同於銀行投資組合那種你在做住宅房貸、可能有 10 或 12 年存續期間、利差只有曲線上 120 個基點，你其實不知道自己的存續期間是多少；或是汽車貸款，那是存續期間很短。因此，隨著時間推移，你會因為較長存續期間而從巨大的利差中受益。你在 7(a) 投資組合上有這種特性，在 C&I LA 貸款上也有。

And that actually compounds and offsets that. So this has been where this becomes really difficult for the community and investors to look at a traditional bank model, take the stuff, put it in a computer on a call report, bang out a report, and that's kind of where we have heartburn. But we'll get through it, and we'll continue to produce the good returns. But no, there's nothing specific. And we've talked about as the portfolio seasons over the course of time, you're going to have these issues.

而這會累積並加以抵銷。所以這也是為什麼對社群與投資人而言，拿傳統銀行模型，把資料丟進電腦、用 call report 跑一跑、輸出一份報告，會變得非常難以評估，而這正是我們覺得棘手的地方。但我們會挺過去，並持續創造良好的報酬。不過，不，沒有任何特定原因。而且我們也談過，隨著投資組合隨時間成熟（seasoning），你就會遇到這些情況。

I would now like to hand the call back to Barry, for closing remarks.

我現在想把電話交回給 Barry，請他做結語。

Great. Thank you, operator. Greatly appreciate all the analysts' activity and the questions and paying attention to our organization. Once again, I want to thank the management team for delivering a really good quarter and also to Bryce Rowe and Frank for putting together a real strong investor deck. It's not easy. We put a lot of time and effort into this. So -- and also for all the investors for listening in today. Thank you very much. Have a good rest of the afternoon. Take care.

很好。謝謝你，接線員。非常感謝所有分析師的參與、提問，以及對我們公司的關注。再次，我要感謝管理團隊交出非常出色的一季表現，也感謝 Bryce Rowe 和 Frank 整理出一份非常強的投資人簡報。這並不容易。我們投入了大量時間與心力。同時也感謝今天收聽的所有投資人。非常感謝。祝大家下午剩下的時間愉快。保重。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。