NewtekOne Inc (NEWTP) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the NewtekOne, first quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 NewtekOne 2025 年第一季財報電話會議。（操作員指示）

I would now like to hand the conference over to your first speaker today, Barry Sloane, Chairman, President and CEO. Please go ahead.

現在，我想將會議交給今天的第一位發言者，董事長、總裁兼執行長 Barry Sloane。請繼續。

Thank you very much and welcome everybody to our first quarter 2025 financial results conference call. Today I'm joined by my two chief financial officers, Scott Price, the CFO of Newtek Bank National Association, and Frank DeMaria, the CFO of NewtekOne, the publicly traded bank holding company.

非常感謝，歡迎大家參加我們 2025 年第一季財務業績電話會議。今天，我和我的兩位財務長一起出席了會議，他們是 Newtek Bank National Association 的財務長 Scott Price 和上市銀行控股公司 NewtekOne 的財務長 Frank DeMaria。

For those of you who would like to follow along on our presentation, please go to our website, newtechone.com. Go to the investor relations section. And the PowerPoint presentation that we'll be addressing today is hung there.

想要關注我們演講的朋友們，請訪問我們的網站 newtechone.com，並查看投資者關係部分。我們今天要講解的 PowerPoint 簡報就掛在那裡。

I also wanted to do a couple of honorable mentions. I wanted to thank Bryce Rowe, who recently joined us as VP of Investor Relations. He's done a terrific job in helping put our deck and press release together and giving a lot of data within the deck and the press release to simplify our story.

我還想做幾項榮譽提名。我要感謝最近加入我們並擔任投資者關係副總裁的布萊斯羅 (Bryce Rowe)。他出色地幫助我們整理了簡報和新聞稿，並在簡報和新聞稿中提供了大量數據來簡化我們的故事。

And I also wanted to thank Nick Young. Nick is the former President and Chief Operating Officer of Newtek Bank National Association. Nick, as many of you are aware, has left our organization, although he's still with us until the middle of May. We haven't banished him to the gulag. He hasn't banished us to Siberia. If you'd like to chat with him, you can get him at Nyong at newtekone.com.

我還要感謝尼克楊。尼克曾任 Newtek Bank National Association 總裁兼營運長。許多人都知道，尼克已經離開了我們的組織，但他仍會和我們在一起直到五月中旬。我們還沒有把他流放到古拉格。他沒有把我們放逐到西伯利亞。如果您想與他聊天，您可以在 newtekone.com 上與 Nyong 的他聯繫。

Nick, over the course of approximately four years, did a great job of taking a single branch, very manual bank in Flushing, Queens. And creating our digital platform which today is a fabulous job of opening up 15,000 accounts remotely, transferring over our lending business to the bank, getting through to regulatory audits which we're very appreciative of and the mark of a great company is having a deep bench.

尼克在大約四年的時間裡，出色地接管了皇后區法拉盛的一家分行，並且非常依賴人力。我們創建了數位平台，如今，這項任務非常出色，我們可以遠端開設 15,000 個帳戶，將我們的貸款業務轉移到銀行，並通過監管審計，我們對此非常感激，而擁有強大的後備力量是偉大公司的標誌。

Peter Downs, a 22-year veteran of Newtek, the Chief Lending Officer and former and current President of Newtek Small Business Finance, who was largely responsible for SBA business and its success over the course of two decades, has been named as President of Newtek Bank and we're appreciative of having that deep bench.

彼得唐斯 (Peter Downs) 是 Newtek 的資深員工，擁有 22 年的工作經驗，曾擔任首席貸款官以及 Newtek 小型企業金融的前任和現任總裁，在過去的二十年中，他對 SBA 業務及其成功負有很大責任，現被任命為 Newtek 銀行總裁，我們很感激擁有這樣一位強大的人才。

We did a lot of listening to shareholders and analysts recently, particularly yesterday and in the evening. We've done a lot of reshaping and structuring of the presentation, simplifying a bunch of different important issues.

我們最近聽取了很多股東和分析師的意見，尤其是昨天和晚上。我們對簡報進行了大量重塑和構建，簡化了許多不同的重要問題。

More importantly, we believe we'll be able to demonstrate today the really attractive progress that we've made growing deposits, growing loan growth, being compliant, balance sheet growth, and basically moving through the cycle of establishing a portfolio at the bank level, which is very different than what you normally see in 98% to 99% of the other banks.

更重要的是，我們相信，今天我們將能夠展示我們在存款成長、貸款成長、合規性、資產負債表成長方面取得的真正有吸引力的進展，並且基本上完成了在銀行層級建立投資組合的周期，這與其他 98% 到 99% 的銀行通常所見的情況非常不同。

I think one of the things that we want to stress is the traditional metrics that are being used to analyze banks don't apply here, and I think if you go through the deck and we start to explain things a little bit in more of a granular fashion, you'll be able to appreciate that.

我認為我們要強調的一件事是，用於分析銀行的傳統指標並不適用於此，而且我認為，如果您仔細閱讀這份文件，我們開始以更細緻的方式解釋一些事情，您就會明白這一點。

And once again, part of our challenge is we don't really look anything like a typical bank. Most banks have bank holding companies, which is a publicly traded stock, that have very little in them except the bank itself. We actually have more capital invested in other assets and in equity than we do. At the bank, I think that's important to note.

再次強調，我們面臨的挑戰之一是我們看起來不像典型的銀行。大多數銀行都有銀行控股公司，也就是公開交易的股票，除了銀行本身之外，這些公司幾乎沒有持有任何股份。事實上，我們在其他資產和股權上的投資比現在還要多。在銀行，我認為這是值得注意的。

I think it's important to note that some of the things that differentiate us, we make loans and we sell them. It's a good mark that you can sell them. Sell them means that the loans are made in a good manner where they go into a securitization, whether they're 504 loans that are sold to other banks.

我認為值得注意的是，我們的一些不同之處在於，我們提供貸款並出售貸款。這是一個很好的標記，你可以出售它們。出售它們意味著貸款以良好的方式進行，即進入證券化，無論它們是出售給其他銀行的 504 貸款。

Whether or not they are SBA loans, they're done according to SBA guidelines, a business that we've been in for over two decades. Fair value, I think, has confused a lot of investors and analysts. We've been a fair value player almost our entire life, but significantly since 2014, we were a [BDC].

無論它們是否是 SBA 貸款，都是按照 SBA 指南進行的，我們從事這項業務已有二十多年了。我認為，公允價值讓許多投資人和分析師感到困惑。我們幾乎一生都是公平價值投資者，但自 2014 年以來，我們[BDC]。

The CECL reserve accounting which we have adopted in the bank is fairly punitive because you take the losses up front and you don't get the benefit. In the SBA business of the Prime plus three coupon except into the future, we're building a very nice portfolio of those.

我們銀行採用的 CECL 準備金會計相當嚴厲，因為您要預先承擔損失，而無法獲得利益。在 SBA 的 Prime 加三張優惠券業務中，除了未來，我們正在建立一個非常好的投資組合。

We still believe very strongly that a lot of the metrics we're being measured on don't hold. Banks, frankly, it's a bit of an oxymoron, a growing bank. Most banks our size do not grow. They maintain themselves. So if you look at what we're doing here, we make money. You can see that by earnings. We grow shareholder equity.

我們仍然堅信，我們所衡量的許多指標並不成立。坦白說，銀行是一個有點矛盾的說法，一個成長中的銀行。大多數與我們規模相當的銀行都沒有成長。他們維持著自己。所以如果你看看我們在這裡所做的事情，你就會知道我們賺錢了。您可以透過收益看到這一點。我們增加股東權益。

We believe this is the way banks will operate in the future without branches, without traditional bankers. Obviously we're all familiar with AI and the benefits that AI is going to provide business and industry. We're doing a lot of things that utilize artificial intelligence today, and I think that we're clearly misunderstood and as a matter of time and data and analysis, there is opportunity in NewtekOne.

我們相信，這就是未來銀行的運作方式，沒有分支機構，沒有傳統銀行家。顯然，我們都熟悉人工智慧以及人工智慧將為商業和工業帶來的好處。我們今天正在做很多利用人工智慧的事情，我認為我們顯然被誤解了，從時間、數據和分析來看，NewtekOne 存在著機會。

We feel really good about our progress. But to be frankly, we feel bad about the market's misunderstanding, and today's efforts are going to be directed towards bridging that GAAP. Once again, I want to thank you for your time and interest before we go into the presentation and investment. And either way, we appreciate you whether you like us or you're one of the [8.4 1.8 million] stockholders that are currently short the stock.

我們對我們的進步感到非常高興。但坦白說，我們對市場的誤解感到難過，今天的努力將致力於彌合這一 GAAP。在我們進行演示和投資之前，我再次感謝您的時間和興趣。無論如何，無論您喜歡我們，還是您是目前做空該股票的 [840 萬] 名股東之一，我們都將感謝您。

Let's go to slide number three. Our mission statement and purpose, our company is all about providing business and financial solutions to its target market of independent business owners, and some people call them SMEs or SMBs, small and medium sized enterprises, small and medium sized businesses. We do not do consumer loans.

我們來看第三張投影片。我們的使命宣言和宗旨是，我們公司致力於為獨立企業主目標市場提供商業和金融解決方案，有些人稱他們為 SME 或 SMB、中小型企業、中小型企業。我們不辦理消費貸款。

We do not do consumer checking. We stay away from the consumer banking side of the business. NewtekOne acquired what is known now in this Newtek Bank, not National Association, so it can add depository solutions and real-time payments. We view ourselves as a technology enabled company that is now also a depository.

我們不進行消費者檢查。我們遠離消費者銀行業務。NewtekOne 收購了現在的 Newtek Bank（而非 National Association），因此它可以添加存款解決方案和即時付款。我們將自己視為一家技術型公司，現在也是一家儲存庫。

It's extremely different than just measuring us on bank metrics. It take one is a financial holding company regulated by the Federal Reserve utilizing proprietary and patented advanced technological solutions to acquire clients cost effectively.

這與僅根據銀行指標來衡量我們有很大不同。It take one 是一家受聯準會監管的金融控股公司，利用專有和專利的先進技術解決方案以經濟高效的方式獲取客戶。

We get 600 referrals to 900 referrals a day. This is one of the items that we hang our hat on. We look at it as we built a moat around our business. Replicating that is not an easy thing to do. The customer acquisition and the ability to solution clients on a camera is a unique differentiator.

我們每天會收到 600 到 900 個推薦。這是我們最重視的物品之一。我們將其視為我們圍繞業務構建的護城河。複製這一點並不是一件容易的事。客戶獲取和透過相機解決客戶問題的能力是一個獨特的差異化因素。

We believe we provide a menu of best-in-class solutions to independent business owners. It makes it cost efficient, a low-cost provider, and importantly with better margins. Once again, we position ourselves as technology oriented financial holding company, operating a digital bank. That operates exclusively using online banking with our traditional physical branches.

我們相信我們為獨立企業主提供了一流的解決方案。它使它成為一個成本高效的低成本供應商，更重要的是具有更好的利潤率。我們再次將自己定位為以科技為導向的金融控股公司，經營一家數位銀行。該業務完全透過網路銀行與我們的傳統實體分行進行營運。

We realize that a lot of the markets are hyper focused on credit concerns. I also think that the credit concerns are hyper focused just on the SBA 7(a) loan portfolio, which frankly is a fraction of our business. We have a lot of assets in the AOP business.

我們意識到很多市場都過度關注信貸問題。我還認為，信貸問題主要集中在 SBA 7(a) 貸款組合上，坦白說，這只是我們業務的一小部分。我們在AOP業務上擁有大量資產。

We'll talk about our success in our recent. Securitizations we'll talk about our merchant services business. We have diversified stream of opportunities across the spectrum, and we love our SDA business and it's extremely profitable and it does very well in a bank infrastructure, but it doesn't size up to typical bank metrics, and we will go into that.

我們將談論我們最近的成功。證券化我們將討論我們的商戶服務業務。我們擁有多元化的機遇，我們熱愛我們的 SDA 業務，它利潤極高，在銀行基礎設施方面表現非常出色，但它的規模不符合典型的銀行指標，我們將深入研究它。

It's slide number four. I refer to this as our message from the day. First quarter 2025 earnings be $0.35 diluted $0.36 basic if it wasn't for one analyst outlier at $0.53, I have no idea what they were thinking. I just don't know. It's indicative of the fact that they may not be listening to us when we do these calls. However, if you throw that out, consensus was 31.

這是第四張投影片。我將此視為我們當天的信息。2025 年第一季的收益為 0.35 美元（稀釋後）和 0.36 美元（基本），如果不是因為有一位分析師的異常值是 0.53 美元，我真不知道他們在想什麼。我只是不知道。這表明當我們打電話時他們可能沒有聽我們說話。然而，如果你拋開這一點，共識就是 31。

We previously forecasted 28 to 32. I consider that a B. We've maintained our range of 210 to 250. That would be a projected annual EPS of 17% using the midpoint. I would say the risk in the range and the midpoint is in volumes of loans, whether it's 7(a), whether it's the ALP loans, the alternative loan program.

我們之前預測是28到32。我認為那是 B。我們一直保持在 210 到 250 的範圍。使用中間點計算，預計年度每股收益為 17%。我想說的是，範圍和中點的風險在於貸款量，無論是 7(a)，還是 ALP 貸款，還是替代貸款計劃。

To be frankly, fair, transparent, and accurate, acquiring credits today is harder, it's trickier. There are less attractive credits in the traditional. A manner of acquiring clients, which means we have to bring on new alliance partners, which we're doing.

坦白、公平、透明、準確地說，如今取得信貸更加困難，更加棘手。傳統上的信用吸引力較小。一種獲取客戶的方式，這意味著我們必須引入新的聯盟夥伴，我們正在這樣做。

There's always a regular pipeline, additional channels, and to grow that business and we're doing that and we're comfortable with our guidance looking at profitability, and looking at us, if you do measure us, the market seems to be forgetting our profitability, but they're hyper focused on the credit metrics.

我們總是有常規的管道和額外的管道來發展業務，我們正在這樣做，並且對我們的盈利能力指導感到滿意，如果你對我們進行衡量，市場似乎忘記了我們的盈利能力，但他們高度關注信用指標。

The profitability return on assets in the first quarter 1.18%. versus the average of 90 basis points for [$1-$10 billion] banks, and that's with a heavier loan loss provision in the first quarter. We think the heavier loan loss provision is a good thing for ourselves and for our investors.

第一季的資產獲利報酬率為 1.18%，而 10 億至 100 億美元銀行的平均資產獲利報酬率為 90 個基點，而第一季的貸款損失準備金較多。我們認為，提高貸款損失準備金對我們自己和我們的投資者來說都是一件好事。

We're planning ahead. It's not inconsistent what we've said for the last several quarters that we see headwinds in 2025. Also important to note, Q1 is our weakest quarter. You cannot compare Q1 revenues sequentially with the prior Q4 quarter from last year.

我們正在提前計劃。這與我們過去幾季所說的 2025 年將面臨阻力並不矛盾。同樣值得注意的是，第一季是我們最疲軟的一個季度。您無法將第一季的營收與去年第四季的營收進行連續比較。

Go back and look at our 10 years or 20 years of history. The fourth quarter is always our biggest quarter by very wide margins, and our guidance implies a return on average assets of 2.45% for 2025. This is an important bullet on slide number four, the fourth bullet down. Headwinds from our non-bank SBA lending subsidiary are a wind down.

回頭看看我們這10年、20年的歷史。第四季始終是我們業績最大的一個季度，利潤率非常高，我們的預期意味著 2025 年平均資產回報率將達到 2.45%。這是第四張投影片上的重要項目，即第四個項目。我們的非銀行 SBA 貸款子公司面臨的阻力正在逐漸減弱。

I think it's extremely important to note that the loss from NSBF declined by more than 50% by $10.7 million to $5 million. This is a segment in our queues. The drag on 2025 should be materially lower than the $28.7 million loss. When you look at the delta, which is almost 6 million versus the increased provision which a good chunk of that is from this loan volume growth of [9.5 to 13.5 or 4 million], one is outweighing the other.

我認為極其值得注意的是，NSBF 的損失下降了 50% 以上，從 1,070 萬美元降至 500 萬美元。這是我們隊列中的一個片段。2025 年的拖累應該會大大低於 2,870 萬美元的損失。當你看到差額時，你會發現它與增加的撥備額（其中很大一部分來自貸款量增長 [950 萬到 1350 萬或 400 萬]）相比，一個超過了另一個。

I think it's also important to note that as we've historically said, I'll talk about this when we get to slide number 15 that these provisions and lost characteristics on an SBA portfolio. That has 10 years to 25-year advertising loans in it with no balloons.

我認為還需要注意的是，正如我們過去所說的那樣，當我們談到第 15 張投影片時，我會談論 SBA 投資組合中的這些規定和失去的特徵。其中包括 10 年至 25 年期的廣告貸款，沒有氣球貸款。

There is a loss curve and, in the bank, we're going to continue to creep up that loss curve. That's why we decided to go forward, effectively double the provision, but our guidance is based upon doubling that provision from the year earlier. Hopefully that should give people comfort instead of cause.

存在一條損失曲線，在銀行，我們將繼續攀升該損失曲線。這就是為什麼我們決定繼續前進，有效地將撥備增加一倍，但我們的指導方針是基於比前一年增加一倍的撥備。希望這能帶給人們安慰而不是原因。

Fifth an alternative loan program. Major success for this company which began 2018, 2019 establishing. Something to be able to make loans to borrowers that have bigger loan needs that have greater liquidity. These are better quality loans than the 7 loans-8 loans. These businesses are bigger. The guarantors are stronger.

第五項替代貸款計劃。這家於 2018 年成立、2019 年的公司取得了重大成功。可以向貸款需求較大且流動性較強的借款人提供貸款。這些貸款的品質比 7-8 筆貸款好。這些企業規模更大。擔保人實力更強。

For those of you that want to get a feel for it, take a look at the DBRS pre-sale memo. You'll see that these types of loans have FICO scores of, I think, 740 on average. You could see that their weighted average loan to value is about 50%. You can see the types of loans that go into the pool.

對於想要了解它的人，請查看 DBRS 預售備忘錄。您會發現這些類型的貸款的 FICO 分數平均為 740。您可以看到他們的加權平均貸款價值比約為 50%。您可以看到進入貸款池的貸款類型。

We just did a major successful securitization. We had about 8 or 9 different of the largest institutional investors. Buy into those bonds very successful with a 570 basis points spread between the net yield on the loans going into the special purpose vehicle and the yield on the bonds.

我們剛剛成功完成了一次重大的證券化。我們有大約 8 或 9 個不同的最大機構投資者。購買這些債券非常成功，特殊目的載體貸款的淨收益率與債券收益率之間的利差為 570 個基點。

That doesn't include 1% for servicing and 3.5 points on origination fee, a very profitable business. We particularly believe strongly that we're going to continue to get operating leverage. Our efficiency ratio with the whole code declined 71% to 63%. And we have a very low efficiency ratio at the bank, which I think is in the low 40s. Core deposits continue to grow.

這還不包括 1% 的服務費和 3.5 個點的發起費，這是一項非常有利可圖的業務。我們尤其堅信，我們將繼續獲得經營槓桿。我們整個程式碼的效率比下降了71%到63%。我們銀行的效率比率非常低，我認為在40%出頭。核心存款持續成長。

However, this year we're going to use up the $350 million or $325 million to $350 million of money that we held at the Fed at the end of last year. So, deposits will probably be flat, but the mix will change with more business deposits coming in. In the first quarter, I do believe our costs of deposits were about 3.95%, down from 4.4% a year earlier, and we've got a lot of high-cost CDs that Scott Price and Frank will address as they do their portion of the call.

但是，今年我們要用掉去年年底我們在聯準會持有的3.5億美元或3.25億到3.5億美元的資金。因此，存款可能會保持平穩，但隨著更多商業存款的流入，存款結構將會改變。在第一季度，我相信我們的存款成本約為 3.95%，低於去年同期的 4.4%，而且我們有很多高成本的存單，斯科特·普萊斯和弗蘭克將在電話會議中討論這些問題。

Slide number five projections of earnings. Obviously, we had a what we call a $0.05 beat in the first quarter versus our prior projection Q2. We're taking that down a nickel from 50 to 60. Q3 of $0.10. So now we're projecting 60 to 75 on the range. Q4 down 10 basis points. So, consensus is still the same 230, but we've changed the mix around slide number five.

第五張投影片是收益預測。顯然，我們第一季的業績比我們之前預測的第二季高出了 0.05 美元。我們將把這個數字從 50 降至 60。第三季為 0.10 美元。因此，我們目前預期區間為 60 到 75。第四季下降10個基點。因此，共識仍然是 230，但是我們改變了第五張投影片的組成。

Slide number six, extremely important to note that when you look at originations, okay, there's a hyper focused on credit for 7(a). And we're going to talk about credit worthiness and credit quality of 7(a) and what makes a 7(a) loan but note.

第六張幻燈片，非常重要的一點是，當你查看起源時，要注意，有一個高度關注 7(a) 的信貸。我們將討論 7(a) 的信用價值和信用品質以及什麼是 7(a) 貸款，但請注意。

The 7(a), the SBA 504 business, the AOP business, these businesses have very few charge offs, matter of fact. I don't believe as of this date. I know it was as of the end of the fourth quarter, but as of this state, I don't think we've ever had a charge off on a 504 loan. On the AOP program, 70 basis points of charge offs historically, I believe it says of Q4. I do not have numbers as of end of Q1. CRE and C&I loans, very low charger.

事實上，7（a）、SBA 504 業務、AOP 業務，這些業務的沖銷很少。我不相信截至目前為止。我知道這是截至第四季末的情況，但截至目前，我認為我們從未對 504 貸款進行過沖銷。關於 AOP 計劃，歷史上 70 個基點的沖銷，我相信它是在第四季度說的。截至第一季末我還沒有數據。CRE 和 C&I 貸款，收費非常低。

These are the higher quality loans we've actually created a slide. To be able to show all the different buckets, all the different portfolios, and how they're accounted for, that's in the deck. I think that'll be helpful. Deposits, we do plan on growing, total deposits, for the calendar year. I think the mix will change and we do plan on using up a lot of the cash that we have at the holding company at the bank excuse me, that we put on balance at the Fed.

這些是我們實際創建的幻燈片中的較高品質的貸款。為了能夠展示所有不同的儲存桶、所有不同的投資組合以及它們的核算方式，這些都在簡報中。我認為那會有幫助的。存款，我們確實計劃在日曆年內增加總存款。我認為這種組合將會改變，我們確實計劃使用我們在銀行控股公司擁有的大量現金，對不起，這些現金是我們存放在美聯儲的。

Slide number seven, important slide. When you look at net income this quarter this year versus last, we obviously have performed on the revenue side, particularly when you look at the pre-provision that revenue. However, the provision which we think is appropriate.

第七張幻燈片，重要幻燈片。當您將今年本季的淨收入與去年同期的淨收入進行比較時，我們顯然在收入方面表現出色，特別是當您查看預撥收入時。但我們認為該規定是適當的。

It's realistic and it's important to note based upon what we believe the world has changed in the last 60 days to 75 days that reduced this quarter this year versus this quarter last year, but you've got a nice breakout obviously deposits are growing, equity is growing, tangible equity is growing, and the ALP business is growing as well.

這是現實的，值得注意的是，根據我們對過去 60 天到 75 天內世界變化的認識，今年本季度與去年同期相比有所減少，但顯然存款在增長，股權在增長，有形股權在增長，ALP 業務也在增長。

Going to the right side of the of the of the slide on page number seven, I think important items to note, we decided to put NPLs. Excluding NSBF and including the joint ventures, which aren't calculated because they're off-balance sheet, but these are loans that we've made and indicates the credit worthiness of those loans, much lower percentages than what you're seeing on a GAAP basis.

轉到第七頁投影片的右側，我認為需要注意的重要事項是，我們決定放入不良貸款。不包括 NSBF 並包括合資企業，因為它們不在資產負債表內，所以不計算在內，但這些是我們發放的貸款，表明這些貸款的信用價值，其百分比比您在 GAAP 基礎上看到的要低得多。

The allowance for loans help for investment 5.4%, fairly hefty number. Slide number eight. Growing shareholder equity. So, from 1 2023 when we took over the bank $6.92 to $10.16 Q1 2025. That's 47% growth in two years. That is with a material dividend paid. This is extremely unusual.

貸款撥備支持投資5.4%，這是一個相當大的數字。第八張幻燈片。股東權益不斷成長。因此，從我們接管銀行的 2023 年第一季的 6.92 美元到 2025 年第一季的 10.16 美元。這意味著兩年內成長了47%。這是透過支付實質股利來實現的。這是極不尋常的。

If you have, if you don't have the time to analyze and understand NewtekOne, this is probably not your investment opportunity for those that want to take the time, look into the numbers, and have an understanding that some of the accounting permutations will straighten themselves out over time, that if you believe in what management believes in in the forecast, we're going to continue to grind out earnings quarter over quarter, pay our dividends.

如果您沒有時間分析和了解 NewtekOne，那麼對於那些願意花時間研究數字並了解某些會計排列會隨著時間的推移而自行理順的人來說，這可能不是您的投資機會，如果您相信管理層在預測中所相信的內容，我們將繼續逐季度努力盈利，支付股息。

This is an opportunity for you to look at. If you're going to look at the data for a press release and in 10 minutes make a decision, it's probably not your basis, particularly if you're looking at what I'll call the traditional bank metrics that are coming out of the call report or what you're seeing on a GAAP basis from a press release perspective. Slide number nine, this is indicative of it.

這是一個供您觀察的機會。如果您要查看新聞稿中的數據並在 10 分鐘內做出決定，這可能不是您的基礎，特別是如果您查看我所說的來自電話報告的傳統銀行指標或從新聞稿角度在 GAAP 基礎上看到的內容。第九張投影片就說明了這一點。

Yes, the merchant solutions business doesn't count for tangible common equity. On the other hand, it makes about $16 million of in pre-tax. If you put a valuation on it, low to high, it's about $5.45 in cash, $6.42 at the high. It will give you an adjusted tangible book. I mean, the fact of the matter is, it's just not part of tangible book. But then again, there aren't too many bank holding companies on our side that have an asset.

是的，商家解決方案業務不算有形普通股權益。另一方面，其稅前利潤約為 1,600 萬美元。如果你對它進行估值，從低到高，它大約是現金 5.45 美元，最高價是 6.42 美元。它將為您提供一本調整後的實體書。我的意思是，事實上，它並不是有形書籍的一部分。但話說回來，我們這邊擁有資產的銀行控股公司不多。

Like this that has reoccurring cash flow. It's in a merchant acquisition space. We've owned it since 2002, and it just generates a lot of cash. It's a valuable asset and most importantly, it plays into our strategy of giving merchant acquires the ability to get real-time payments in card, in Fedwire, in ACH and see all that information in the Newtek advantage.

像這樣有經常性現金流。它位於商家收購空間。我們自 2002 年起就擁有它，它產生了很多現金。這是一項寶貴的資產，最重要的是，它符合我們的策略，讓商家能夠透過卡片、Fedwire、ACH 獲得即時支付，並在 Newtek 優勢中查看所有這些資訊。

Slide number 10, pre-provision net revenue. We have superior industry leading pre-provision net revenue. We outperformed in Q1, $25.2 million versus $17.1 million a year prior, 47% increase. Our last 12 months 5.88% for [1.26%], 1.36%. This is based upon things like the merchant processing business, and all of our non-interest related activities.

投影片 10，撥備前淨收入。我們擁有業界領先的撥備前淨收入。我們第一季的業績表現出色，達到 2,520 萬美元，而去年同期為 1,710 萬美元，成長了 47%。我們過去 12 個月的利率為 5.88% [1.26%]，1.36%。這是基於商戶處理業務以及我們所有與非利息相關的活動。

Now I will say, as you're starting to put on 7(a) loans and building that bigger portfolio. This is going to start to grow and grow and grow and as you'll hear from Scott and Frank, we've started to retain some of the government guarantee pieces which add to our unrealized fair value increase for the quarter.

現在我要說的是，當您開始申請 7(a) 貸款並建立更大的投資組合時。這個數字將會開始不斷增長，正如斯科特和弗蘭克所說，我們已經開始保留一些政府擔保部分，這增加了本季未實現的公允價值增長。

That was a big question that everybody had. That's based upon the market price of the government guaranteed bonds. There's no major secret or hidden issue there where we typically sold everything. We've held some of that back this quarter and we'll continue to do a little bit of that going forward.

這是每個人都有的一個大問題。這是基於政府擔保債券的市場價格。我們通常會賣掉所有東西，這裡面沒有什麼重大秘密或隱藏的問題。本季我們已經暫停了一些活動，未來我們將繼續進行一些這樣的活動。

That is a change. You'll see a lot of granularity on that in the queue then when that gets released. Slide number 11 still focusing on PPNR. The prior slide was really at the Holdco. This is at the bank. The bank's PPNR was 13.2% of average loans for Q1, averaged 19% for the entire year last year versus peer average of 2.1%.

這是一個變化。當它發佈時，您會在佇列中看到很多有關它的粒度。幻燈片 11 仍然關注 PPNR。之前的下滑其實是在 Holdco。這是在銀行。該銀行第一季的 PPNR 為平均貸款的 13.2%，去年全年平均為 19%，而同業平均為 2.1%。

The Bank's loan loss provision is average covered and that charges by 3.9 times over the last four quarters. I think it's extremely important to look at PPNR to demonstrate that we've got very healthy earnings that can cover the loan loss provisions. I want to point this out.

該銀行的貸款損失準備金覆蓋率處於平均水平，過去四個季度的覆蓋率增加了 3.9 倍。我認為，查看 PPNR 非常重要，它能證明我們擁有非常健康的收益，足以彌補貸款損失準備金。我想指出這一點。

And everyone seems to be forgetting this. The definition of an SBA 7(a) loan. The definition of it is a loan that does not qualify for normal lending standards at a bank. Okay, that means in plain English you're going to have higher losses on the uninsured fees.

但似乎每個人都忘記了這一點。SBA 7（a）貸款的定義。它的定義是不符合銀行正常貸款標準的貸款。好的，用簡單的英語來說，這意味著您將因未投保費用而遭受更高的損失。

The benefits you get is a government guaranteed bond that gets created on 75% of the loan that you could sell for a cash gain. Now a lot of people say I don't like gain on sale. It's not reoccurring. It's not repetitive. It's been a reoccurring event for us for 20 years.

您獲得的收益是政府擔保的債券，該債券由 75% 的貸款創建，您可以出售該債券以獲取現金收益。現在很多人說我不喜歡銷售收益。它不再發生。這不是重複的。對我們來說，這已經是二十年來反覆發生的事情了。

We're going to continue making money. We're going to continue. To sell those government guaranteed pieces if that's our strategy going forward, and I believe it will be because it creates the greatest return on equity and greatest return on assets.

我們將繼續賺錢。我們將繼續。如果這是我們未來的策略，那麼就出售那些由政府擔保的部分，我相信這樣做是因為它能創造最大的股本報酬率和最大的資產報酬率。

And after a period of time, people will begin to get used to this, will begin to continue to earn money. The book value will grow, the dividend will be paid, and everybody will live happily ever after. On slide number 12, this slide is the beginning of being able to break out all the different loans and all the different buckets so you could get a much clearer view as well as the migration over the course of 2024 to the first quarter.

經過一段時間後，人們就會開始習慣這一點，並開始繼續賺錢。帳面價值將會成長，股利將會支付，從此每個人都會過著幸福快樂的生活。在第 12 張投影片上，這張投影片開始能夠分解所有不同的貸款和所有不同的類別，以便您可以更清楚地了解 2024 年至第一季的遷移情況。

I think it's important to note, there's a [31, 2025], $1.9 billion of total loans, you can see the pie chart there. This includes the bank. It includes the non-bank, and it includes the joint ventures. So, the joint ventures are all balance sheet, but we have a lot of loans that are in our joint ventures or in our securitizations. So, it is important to understand this smaller sized bank makes a lot of loans.

我認為值得注意的是，截至 2025 年 31 日，貸款總額為 19 億美元，您可以在那裡看到餅圖。其中包括銀行。其中包括非銀行機構，也包括合資企業。因此，合資企業都是資產負債表，但我們有許多貸款存在於合資企業或證券化中。因此，了解這家規模較小的銀行發放了大量貸款非常重要。

When you do a billion dollars of SBA 7(a) loans, only $250,000. Sits on the books of the bank. We have a lot of activity. We have more capital deployed in activities outside of the bank than in the bank. The earnings power outside of the bank is greater than what is in the bank. These are things that the metrics do not apply to NewtekOne.

當你發放 10 億美元的 SBA 7(a) 貸款時，只有 25 萬美元。坐在銀行的帳簿上。我們有很多活動。我們在銀行外部活動部署的資本比銀行內部的資本要多。銀行外的獲利能力大於銀行內的獲利能力。這些都是指標不適用於 NewtekOne 的東西。

And that's why we don't position ourselves from an investment perspective as a bank holding company or a financial holding company. We're a company that provides financial and business solutions and also has a depository. Then one might say, Well, why did you buy a bank? We bought a bank because the customer goes to their bank interface 3 times to 5 times a week, 12 times to 20 times a month.

這就是為什麼我們不從投資角度將自己定位為銀行控股公司或金融控股公司。我們是一家提供金融和商業解決方案的公司，同時也擁有一個儲存庫。那麼有人可能會說，那麼，你為什麼要收購銀行呢？我們收購一家銀行是因為客戶每週訪問他們的銀行介面 3 到 5 次，每月 12 到 20 次。

And that's a great interface for us to be able to provide real value through the Newtek advantage to the customer base. Slide number 13, this is an important slide, a more important slide as well as slide number 15. I think the nice thing about slide number 13 is it excludes NSBF.

這是一個很好的介面，我們能夠透過 Newtek 的優勢為客戶群提供真正的價值。投影片 13，這是一張重要的投影片，也是一張與投影片 15 一樣重要的投影片。我認為第 13 張投影片的優點在於它不包括 NSBF。

Some people say, why are you excluding NSBF? Well, we have to be honest with ourselves and our shareholders. And the Newtek small business finance portfolio. Made a lot of loans in '21, '22, and '23, which was I'll refer to as a zero-rate environment, a 3% to 4% prime environment.

有人說，那你為什麼排除NSBF呢？嗯，我們必須對自己和股東誠實。以及 Newtek 小型企業融資組合。在 21、22 和 23 年發放了大量貸款，我將其稱為零利率環境，即 3% 到 4% 的優惠利率環境。

Well, prime went up to 8.5%. I think it's currently at 7.5%. You cannot have a 4% to 5% rate shock to a business and not have it affect its charging us. Important to note those non-accrual that are sitting up at MSPF. They've already hit book. They've already charged off against earnings, and guess what? We've earned through that.

嗯，優惠利率上漲至 8.5%。我認為目前是 7.5%。企業不可能承受 4% 到 5% 的利率衝擊而不影響其向我們收取的費用。值得注意的是，MSPF 中存在那些不累積的情況。他們已經出書了。他們已經沖銷了收益，你猜怎麼著？我們已經透過這個賺到了。

And as you'll see from slide 15, that drag is beginning to diminish. I think it's important that the growing NPL levels are within the company's expectations and business plans and are consistent with the company's loan or oration history over the course of time as the BDC and prior to a BDC.

正如您從第 15 張幻燈片中看到的，這種阻力正在開始減少。我認為重要的是，成長的不良貸款水準應在公司的預期和業務計劃之內，並與公司作為 BDC 期間以及 BDC 之前的貸款或債務歷史保持一致。

Once again, the definition of an SBA loan is one that should generate higher losses, and I have to talk about the emphasis on credit, the outcall, the overemphasis. I always think about the Casablanca movie with Humphrey Bogart standing in front of the police officer and the police officer saying, oh my God, there's gambling going on in that casino.

再次強調，SBA 貸款的定義是應該產生更高損失的貸款，我必須談談對信貸的強調、外撥和過度強調。我總是想起電影《卡薩布蘭卡》，其中亨弗萊·鮑嘉站在警察面前，警察說，天哪，賭場裡正在進行賭博。

Oh my God, you have higher losses than in the traditional bank. Well, yes, it's because we make loans with higher margins and in the CECL environment you get hit with that reserve up front. You don't get the Prime plus three coupon for years later as you build a portfolio, but everybody that knows and understands CECL ultimately this.

天哪，你的損失比傳統銀行還高。嗯，是的，這是因為我們提供的貸款利潤率較高，而在 CECL 環境中，您會預先受到該儲備金的打擊。在您建立投資組合多年後，您不會獲得 Prime plus 3 優惠券，但每個知道並理解 CECL 的人最終都會知道這一點。

Leverages out, it reverses itself, and the coupon starts to come in. So yes, there is gambling in the casino, not to say that making an SBA loan, which we've got over two decades of history, we've got 13 securitizations in the market. None of them have been downgraded that we don't know how these particular portfolios perform.

利用槓桿，它會自行逆轉，然後優惠券開始進來。所以是的，賭場裡有賭博，更不用說發放 SBA 貸款了，我們已經有二十多年的歷史了，市場上有 13 種證券化產品。它們都沒有被降級，我們不知道這些特定投資組合的表現如何。

So, we're proud of this business. We're comfortable with this business. We have enough loan loss provision. We have enough capital, and the business makes a lot of money. We look forward to getting to slide 15. one other aspect of NPLs.

因此，我們對這項業務感到自豪。我們對這項業務很滿意。我們有足夠的貸款損失準備金。我們有足夠的資本，生意也賺了很多錢。我們期待看到第 15 張投影片。 NPL 的另一個面向。

NPLs in an SBA portfolio, given that the loans are 10 years advertising to 25 years advertising without a balloon, these NPLs hang around longer, so the weighted average seasoning on our NPLs is like 18 months to 40 months. They don't go away that quickly. They hang around and that's because we chase the PGs. These are business owners that have personal and business assets.

對於 SBA 投資組合中的不良貸款，假設貸款期限為 10 年至 25 年（無氣球貸款），這些不良貸款的持續時間更長，因此我們不良貸款的加權平均期限為 18 個月至 40 個月。它們不會那麼快消失。他們徘徊在我們周圍，那是因為我們追逐 PG。這些是擁有個人和商業資產的企業主。

They file multiple bankruptcies. It's hard to get through the liquidation process. So early on as you're building a portfolio and loans are migrating into this category, the liquidations don't happen that fast. So we're ramping up the default curve, but what you're going to see on 15 is that ultimately you get to a number and that starts to decline and we'll show that on slide number 15.

他們多次申請破產。清算過程很難完成。因此，在您建立投資組合並將貸款轉移到此類別的早期，清算不會發生得那麼快。因此，我們正在提高預設曲線，但您將在 15 上看到，最終您會得到一個數字，然後該數字開始下降，我們將在幻燈片 15 上展示這一點。

Slide number 14 breaks out a lot of things I just stated 94% of our loan loss reserves are attributed to the SBA 7(a) portfolio. This will show the percentage mix of loans at NBNA, the percentage mix of NBNA loans that are held for investment, and the percentage mix of the allowance for credit losses all on slide number 14.

第 14 張投影片詳細列舉了我剛才提到的許多內容，我們的 94% 貸款損失準備金都來自 SBA 7(a) 投資組合。這將顯示 NBNA 的貸款比例、用於投資的 NBNA 貸款比例以及信貸損失準備金比例，均顯示在投影片 14 上。

Slide number 15, I'll say this is my favorite slide. We said this historically. When we had really material increases in non-accruals, particularly Q2 2024, we indicated that we believe in the not too near distant future this would start to decline. So, if you go to slide [15,15, 8, 12, 2, 8, 8, 5, 7,] so we're starting to see this burn down.

第 15 張投影片，我想說這是我最喜歡的投影片。我們在歷史上曾這樣說過。當非應計專案確實大幅增加時，特別是 2024 年第二季度，我們表示，我們相信在不久的將來，非應計專案將開始下降。因此，如果你轉到投影片 [15,15, 8, 12, 2, 8, 8, 5, 7,]，我們就會開始看到這種燒毀。

The NSBF loss, which is segmented. $10.7 million loss Q4 2024 $4.9 million loss Q1 2025. This company is in a wind down. There's approximately $200 million of capital in this business. The loans are sitting in a securitization, so the cash flow is used to pay off bonds. We called two bonds recently. There is three bonds left. Those who get called. That'll free up the cash. It'll free up the equity.

NSBF 虧損已細分。 2024 年第四季虧損 1,070 萬美元，2025 年第一季虧損 490 萬美元。該公司正在倒閉。該業務的資本約為 2 億美元。這些貸款處於證券化狀態，因此現金流用於償還債券。我們最近打電話給了兩筆債券。還剩下三張債券。那些被叫到的人。這將釋放現金。它將釋放股權。

These are all valuable things. If you don't get into. The weeds in understanding this part of the business. You're on the wrong conference call. There's a Citibank call down the block. There's a lot of small other banks to look at. We just don't look like them. So, if you want to do the work.

這些都是很有價值的東西。如果你不進入。了解業務這一部分的雜草。您參加的是錯誤的電話會議。街那頭有花旗銀行打來的電話。還有很多其他小銀行值得關注。我們只是看起來不像他們。所以，如果你想做這項工作。

Now at this point I would say you'd be pretty well paid for the work that you're going to do. There's an interesting opportunity here. 100% of the NSBF portfolio is aged 24 months or more. We do believe the law should continue to decrease its balances, continue to decline.

現在我想說的是，你所做的工作將會為你帶來相當豐厚的報酬。這裡有一個有趣的機會。 NSBF 投資組合的 100% 期限為 24 個月或更長。我們確實相信法律應該繼續減少其餘額，並繼續下降。

I'll also note that this portfolio is 41% of loans on the balance sheet on a GAAP basis and it's now down to 21%. I'd now like to and hopefully we fix our technical problem with Scott Price. I'd like to turn this rest of the presentation over to Scott Price and Frank. Scott, are you there?

我還要指出的是，根據 GAAP 計算，該投資組合佔資產負債表上貸款的 41%，現在已降至 21%。我現在希望我們能夠解決與 Scott Price 之間的技術問題。我想將演講的剩餘部分交給 Scott Price 和 Frank。史考特，你在嗎？

I'm here, Barry. Thank you. Good morning, everyone. Slide 16 shows our deposit growth through in the mix as of March 31. You'll note that deposits were relatively flat when compared to December 31, 2024, with the mix shifting to core deposits in the business and consumer spaces and slightly lower brokered funds.

我在這裡，巴里。謝謝。大家早安。投影片 16 顯示了截至 3 月 31 日我們的存款成長情況。您會注意到，與 2024 年 12 月 31 日相比，存款相對持平，結構轉向商業和消費者領域的核心存款，經紀基金略低。

Our average cost of deposits at Newtek Bank were approximately 4%, and we expect that to drift down. To roughly 3.8% to 3.85% for the full year of 2025. We did lower our rate on high yield savings during the quarter as well as our rates offered on our six-month consumer CD.

我們在 Newtek Bank 的平均存款成本約為 4%，我們預計這一比例將會下降。到 2025 年全年，成長率將達到約 3.8% 至 3.85%。我們確實在本季降低了高收益儲蓄的利率以及六個月消費者 CD 的利率。

It's important to note that we have approximately $250 million of consumer CDs that will mature or renew in the second quarter of 2025. Those CDs will be maturing at rates that approximate 5%. Our current offered rate is around 4.25%. It could drift up depending on retention.

值得注意的是，我們有大約 2.5 億美元的消費者 CD 將於 2025 年第二季到期或續約。這些存單的到期利率約為 5%。我們目前的報價利率約為 4.25%。根據保留情況，它可能會上升。

And so we expect our net interest margin as well as the offered rate, or excuse me, the weighted average rate on our on our deposits to drift down over the course of the year. We expect deposit growth in our business category, which is much lower cost in the consumer space, and we will be exploring the brokered market as we move through the year.

因此，我們預計我們的淨利差以及提供的利率，或者對不起，我們的存款的加權平均利率將在一年內下降。我們預計我們的業務類別的存款將成長，這在消費者領域要低得多，並且我們將在今年內探索經紀市場。

This will all contribute to lower costs as we move from here and contribute to the positive carry on the SBA 7(a) loans that that Barry mentioned earlier. So, with that, I'll turn the call over to Frank.

這一切都將有助於降低我們從現在開始的成本，並有助於 Barry 之前提到的 SBA 7(a) 貸款的正向延續。因此，我將把電話轉給弗蘭克。

Thank you, Scott. Turning to slide 17, snapshot of our net interest margin, which has expanded quarter year over year and also quarter over quarter. Year over year net interest income increased about 56% up from above and beyond the average earning asset increase of about 52% and I'm looking at a linked quarter basis, comparing to Q4, the expansion in NIM is about 24 basis points compared to the 12-basis point increase year over year.

謝謝你，斯科特。翻到第 17 張投影片，這是我們淨利差的快照，該息差逐年擴大，環比也不斷擴大。淨利息收入年增約 56%，高於平均生息資產約 52% 的增幅，我看一下環比季度，與第四季度相比，淨利息收入擴張約 24 個基點，而同比增長 12 個基點。

We've also included a look at our adjusted NIM including the loans and the JVs which would expand NIM which would increase the expansion in NIM to about 27 basis points and when thinking about the securitization that was closed in the second quarter, was closed last month, that will help to increase that expansion in them, due to the higher advanced rate on the securitization. All of that, our adjusted NIM should continue to benefit from the continued growth in our ALP program.

我們還研究了調整後的 NIM，包括貸款和合資企業，它們將擴大 NIM，從而將 NIM 的擴張提高到約 27 個基點，考慮到第二季度完成的證券化，即上個月完成的證券化，這將有助於增加它們的擴張，因為證券化的預付利率更高。所有這些，我們的調整後的 NIM 應該繼續受益於我們的 ALP 計劃的持續成長。

Turning the slide 18, we're in an enviable position where our net interest income, it comprises 78% of our revenue, building off of Barry's comments earlier, if you look at the bar chart on the right, the top bar chart on the right. Our gain on sale of loans did increase, during the quarter, given the change in our cadence to hold the government guaranteed portions of the loans are a little bit longer.

翻到第 18 張投影片，我們處於令人羨慕的位置，我們的淨利息收入占我們收入的 78%，根據 Barry 之前的評論，如果您查看右側的條形圖，即右側頂部的條形圖。由於我們持有政府擔保貸款部分的節奏有所變化，本季我們的貸款出售收益確實有所增加。

If we're looking at the prior quarter, we sold about $193 million of government guaranteed loans, which is down about 50% to about $101 million this quarter. Those loans are now held on the balance sheet and are fair valued at the market, given their government bonds. So that is a shift that we're seeing between the gain on sale and the increase in the fair value option on the loans.

如果我們看上一季度，我們出售了約 1.93 億美元的政府擔保貸款，本季下降了約 50%，至約 1.01 億美元。這些貸款目前已列入資產負債表，且根據其持有的政府債券，其市場價值是公允的。因此，我們看到的是銷售收益和貸款公允價值選擇權增加之間的轉變。

With the sale of NTS, we also no longer have the benefit of the net interest income on the tech and IT support. However, we still remain, it still remains that our non-interest income is a dominant source of our revenue.

隨著 NTS 的出售，我們也不再享有技術和 IT 支援的淨利息收入。然而，非利息收入仍然是我們收入的主要來源。

Flipping the slide 19, our scalability is evidenced by the natural aspect of our business model being a fully digital bank, despite the 42% growth in assets year over year, we are seeing expenses, operating expenses remain flat, which positions us well, moving forward to scale the business, we've seen an efficiency ratio decline year over year of about 9% from 71% to 62% and also given that.

翻到第 19 張投影片，我們的可擴展性體現在我們業務模式的自然方面，即全數位銀行，儘管資產年增 42%，但我們看到費用、營運費用保持平穩，這為我們擴大業務規模提供了良好的基礎，我們看到效率比率同比下降約 9%，從 71% 下降到 62%，同時考慮到這一點。

Given our business model being fully digital, we did announce our lease terminations, which we expect to have a positive benefit, by decreasing expenses about $2 million for the remainder of the year and annually going forward.

鑑於我們的業務模式完全數位化，我們確實宣布了終止租約，我們預計這將帶來積極的好處，因為這將在今年剩餘時間和未來每年減少約 200 萬美元的開支。

With that, operator I think we can turn to Q&A.

接線員，我想我們可以進入問答環節了。

(Operator Instructions)

（操作員指示）

Our first question comes from Crispin Love from Piper Sandler. Please go ahead.

我們的第一個問題來自 Piper Sandler 的 Crispin Love。請繼續。

Thank you. Good morning, everyone. First, just on the net gain on loans accounted for under the fair value option, been elevated in recent quarters, but can you speak to how sustainable you expect those gains to be throughout 2025 with gains related to ALP loans, not the SBA side? And can you just walk through some of the math there on how you generate those gains on the ALP side?

謝謝。大家早安。首先，僅就公允價值選擇權下核算的貸款淨收益而言，最近幾個季度有所上升，但您能否談談您預計這些收益在 2025 年的可持續性如何，其中收益與 ALP 貸款有關，而不是 SBA 方面？您能否簡單介紹一下如何在 ALP 方面實現這些收益的數學原理？

Thank you.

謝謝。

Sure. Crispin, on the AOP side, if you take a look at the recent securitization press release, we securitized approximately [215 million] of loans. With a 13.30% gross coupon. After servicing, of which we get 100 basis points of the servicing, it's 12.3%. The Net yield on the bonds was about 6.62%, I think. So approximately 570 basis points.

當然。克里斯平，在 AOP 方面，如果你看一下最近的證券化新聞稿，你就會知道我們將大約 [2.15 億] 筆貸款證券化了。附有 13.30% 的總票面利率。扣除服務費後，我們獲得 100 個基點的服務費，利率為 12.3%。我認為該債券的淨收益率約為 6.62%。因此大約為 570 個基點。

So, I as all of you analysts and investors, you have to do your own math. But we put a fair value on those loans, and we just discount them back. A lot of this data is going to be in the queue, and it's been in the, I believe it's been in the [K] in terms of what we state that we think that the anticipated loss frequency and severity will be.

因此，作為你們所有分析師和投資者，你們必須自己做計算。但我們對這些貸款進行了公平估值，然後將其折價。許多數據將會被排隊，而且它已經在，我相信它已經在[K]中，就我們所說的我們認為預期的損失頻率和嚴重程度而言。

In the DBRS memo and all the information that's public, you can see what the prepayment speeds are. We believe our cumulative net charges will be between 3% to 3.5%. And we have the loans valued as such. So that's how we come up with our pricing, okay, you'll have to come up with your own pricing. I think, investors and analysts come up with their own sense of what the values as well.

在 DBRS 備忘錄和所有公開的資訊中，您可以看到預付款速度是多少。我們認為累計淨費用將在 3% 至 3.5% 之間。我們有這樣價值的貸款。這就是我們制定價格的方式，好吧，你必須制定自己的價格。我認為，投資人和分析師對價值觀也有自己的理解。

But when you think about the concept of getting a 570 basis points spread per year on loans that have 5% pre-pay penalties for the first three years and then three in the fourth, they're not going away that quickly. Our historic charge offs on this portfolio, I think it's currently about $580 million, is about 70 basis points.

但是，當您考慮到貸款每年可獲得 570 個基點的利差，而前三年的提前還款罰金為 5%，第四年為 3%，那麼這些罰金不會很快消失。我認為，我們對該投資組合的歷史沖銷目前約為 5.8 億美元，約為 70 個基點。

Now we think they're going to grow over time, which is why we have them valued using our loss curves at about between 3% to 3.5%. So, do we think that's sustainable? We do. We forecasted, $500 million. That's going to be a challenge. It's always a challenge. It's never easy, but that's a growing book of business now.

現在我們認為它們會隨著時間的推移而增長，這就是為什麼我們使用損失曲線對它們進行估值，大約在 3% 到 3.5% 之間。那麼，我們認為這是可持續的嗎？是的。我們預測是5億美元。這將是一個挑戰。這始終是一個挑戰。這絕非易事，但現在這本書的商業價值正在不斷增長。

The average loan size on that book is $5 million, so it's 100 units. Okay, it's 100 units. We did 2,400 loan units last year. We'll do 2,700 loan units approximately this year. So, the answer to your question is, obviously, and I appreciate the question because it puts us on record. We believe that our earnings and our projections are real and they're sustainable.

該帳簿的平均貸款額為 500 萬美元，因此有 100 個單位。好的，是 100 個單位。去年我們發放了 2,400 個貸款單位。今年我們將發放約 2,700 個貸款單位。因此，您的問題的答案顯然是肯定的，我很感謝這個問題，因為它為我們提供了記錄。我們相信我們的收益和預測是真實的並且是可持續的。

Needless to say, anybody that tells you they can 100% accurately predict the future, they're full of it. Okay, this is extremely difficult. We've seen public companies pull their guidance, no guidance, miss badly, we took this bank from a dead start.

不用說，任何告訴你他們能 100% 準確地預測未來的人，都是在胡說八道。好吧，這非常困難。我們看到上市公司撤回其預測，沒有預測，嚴重偏離預期，我們讓這家銀行從一開始就陷入困境。

And built a real solid business opportunity in it which I hate to say we're not getting a lot of credit from for our technological business opening up 15,000 bank accounts, moving the lenders lending business in, going through to regulatory audits, hiring people, and by the way, people coming in and out, that's just a natural.

並從中建立了一個真正穩固的商業機會，我很遺憾地說，我們的技術業務沒有給我們帶來太多的讚譽，比如開設 15,000 個銀行帳戶、轉移貸款人貸款業務、進行監管審計、招聘人員，順便說一下，人員進進出出，這些都是很自然的事情。

That's just a natural thing. People come and go all the time. So, yes, I believe it's sustainable. The 7, 8 business we've been in for over two decades, so we know it pretty well. We know it in high rates, low rates, good markets, 8 or 9.

這是很自然的事。人們總是來來去去。所以，是的，我相信它是可持續的。我們從事 7、8 業務已有二十多年了，因此我們對此非常了解。我們知道高利率、低利率、良好市場、8 或 9。

We, we've seen a lot of these shows before, so I do appreciate the question. Thank you.

我們之前已經看過很多這樣的節目，所以我很感謝你提出這個問題。謝謝。

Great. No, I appreciate all the color there. And then just secondly on the management changes late April you've made a few changes President, CFO, some other shifts and roles in your prepared marks you did call out your deep edge, but can you speak to the rationale and timing of some of those moves, also your views on splitting the CFO roles between the bank and the holding company, and do you think there's more changes to come?

偉大的。不，我很欣賞那裡的所有色彩。其次，關於四月底的管理層變動，您已經對總裁、首席財務官以及其他一些變動和角色進行了調整，在準備好的評分標準中，您確實表達了自己深刻的見解，但是您能否談談這些變動的理由和時機，以及您對在銀行和控股公司之間劃分首席財務官角色的看法，您是否認為未來還會有更多的變動？

Do you need to bring in any more anyone else for certain roles or you feel like you're in a good place today?

您是否需要為某些角色引進更多人，或者您覺得您現在的處境很好？

Great question. As you can tell, I'm fairly plainspoken. Sometimes I say things that aren't necessarily political politically appropriate. The one thing I will tell you, yeah, there's going to be plenty of changes.

好問題。如你所見，我的言辭相當直率。有時我說的話不一定具有政治上的適當性。我要告訴你的是，是的，將會有很多變化。

Okay, that's the only thing I could predict, and I say that from the standpoint that markets change, people change, the world changes, and we make decisions to flow with that relative to the splitting of the CFO role.

好的，這是我唯一能預測的事情，我是從市場變化、人們變化、世界變化的角度來說的，我們會根據財務長角色的劃分做出相應的決定。

The bank obviously is an extremely important part of what we do and Scott's going to be hyperfocused on that and he's going to pick up more of those responsibilities relative to alco deposit gathering, not that he didn't have them previously, but it, it's good for Scott to have a smaller sphere. As you can tell, we do a lot of things here, so it's not like.

銀行顯然是我們工作中極其重要的一部分，斯科特將高度關注這一點，他將承擔更多與酒精存款收集相關的責任，並不是說他以前沒有承擔過這些責任，而是說，對於斯科特來說，較小的範圍是件好事。正如你所看到的，我們在這裡做了很多事情，所以這並不像。

People aren't, are working 30 hours a week. They really have to work a lot to be able to get the job done. Frank DeMaria, who's Chief Accounting Officer for everything, easily fits into the CFO role at the holding company because he was involved in all the accounting. So there's nothing strange or unusual here. Nick Young, and feel free to call him. You got his email.

人們不是每週工作 30 小時。他們確實必須付出很多努力才能完成這項工作。弗蘭克·德瑪利亞 (Frank DeMaria) 是主管所有事務的首席會計官，他參與了所有會計工作，因此非常適合擔任控股公司的首席財務官一職。所以這裡沒有什麼奇怪或不尋常的事情。尼克楊，請隨時打電話給他。你收到了他的電子郵件。

He hasn't banished us. We haven't banished him. We're all friends. He loves us. He built a tremendous opportunity and he's been given another opportunity and a larger organization. And when he is ready to talk about it, he'll tell you where he's going, but it was done on very friendly terms. The one thing you brought about was, changes in personnel.

他沒有放逐我們。我們還沒有放逐他。我們都是朋友。祂愛我們。他創造了一個巨大的機會，並且又獲得了另一個機會和一個更大的組織。當他準備好談論這件事時，他會告訴你他要去哪裡，但這一切都是在非常友好的情況下進行的。您帶來的一件事就是人員變動。

That freaks everybody out. It doesn't freak me out. I mean, and I say that we hold people accountable. And this is not an easy place, and I tell staff this, and I tell. Newtek isn't for everybody. We're a disruptor. We're an innovator. We do things differently, so people come here thinking that it's going to be a piece of cake.

這讓每個人都很震驚。這並沒有讓我感到害怕。我的意思是，我說我們要追究人們的責任。這不是一個容易的地方，我告訴員工這一點，並且一直告訴他們。Newtek 並不適合所有人。我們是破壞者。我們是創新者。我們做事的方式與眾不同，所以人們來到這裡會認為這將會是小菜一碟。

They're going to do what they did at other organizations for five years it's not the same it's different. It's just a whole different organization so I do think we're going to continue to have change, but I will tell you that, I've got 5 key executives that have been here at the top of the of the company for 10 years to 20 years. I've got many employees.

他們將繼續做他們在其他組織中五年所做的事情，這是不一樣的。這只是一個完全不同的組織，所以我確實認為我們將繼續發生變化，但我要告訴你，我有 5 名關鍵高階主管，他們已經在公司最高層任職 10 年到 20 年了。我有很多員工。

My top professional sales and marketing person's been here for over 20 years. The liquidations has been here 14 years or 15 years. Peter Downs has been in the organization since 2003, and he took over as President of the bank. I did try to talk him out of it. I said, I'm not paying you anymore. Do you really want to do this job? And he said, yeah, I want to do it because we're going to prove everybody wrong.

我最優秀的專業銷售和行銷人員在這裡工作了 20 多年。清算已經進行了14年或15年。彼得唐斯 (Peter Downs) 自 2003 年起就在該組織任職，並接任該銀行行長。我確實試圖勸阻他。我說，我不會再付錢給你了。你真的想做這份工作嗎？他說，是的，我想這麼做，因為我們要證明大家都錯了。

And that's Newtek. So, I really, you've given me two questions that for me we're down in the middle of the, down the middle of the plate. I appreciate it.

這就是 Newtek。所以，我真的，你給了我兩個問題，對我來說，我們處於中間，處於盤子的中間。我很感激。

Thank you, Crispin.

謝謝你，克里斯平。

Thanks, I appreciate all the answers there.

謝謝，我很感謝那裡的所有答案。

Thank you.

謝謝。

Thank you. Our next question comes from Tim Switzer from KBW. Please go ahead.

謝謝。下一個問題來自 KBW 的 Tim Switzer。請繼續。

Hey, good morning, hope you guys are doing well. Can you help us parse through the various pieces that drove the $18 million of their value gains this quarter? I know there is that $5.7 million benefit sequentially from the lower NSBF losses, but this line item it's still doubled quarter over quarter when ALP originations are about 2/3 the level of Q4 and I think spreads kind of generally widened in Q1, so I can you help us kind of parse through different pieces there what drove that?

嘿，早安，希望你們一切都好。您能否幫助我們分析本季推動其價值成長 1,800 萬美元的各個因素？我知道 NSBF 損失減少帶來了 570 萬美元的連續收益，但當 ALP 發起量約為第四季度的 2/3 水平時，這一項仍然環比翻了一番，而且我認為利差在第一季度普遍擴大，因此您能否幫助我們分析一下其中的不同部分，是什麼推動了這一趨勢？

Sure. So a couple of things, Tim. I would Disagree that spreads widened if you notice, number one, we wound up. In our AOP securitization. Getting an 85% advance rate and then we sold a double B class with another 2 points, so we got much more leverage on that securitization, and we got very good execution on the bonds as well, so that actually worked to our favor.

當然。有幾件事，提姆。如果你注意到，第一，我們不同意利差擴大的說法，我們就結束了。在我們的 AOP 證券化。獲得 85% 的預付利率，然後我們以另外 2 個點的價格出售了雙 B 類債券，因此我們在該證券化中獲得了更大的槓桿，而且我們在債券上的執行情況也非常好，所以這實際上對我們有利。

In the queues you're going to get a lot of breakouts specifically. Frank or Scott, do you know what the gain on sale was for the SBA piece of the puzzle that everyone's so wigged out about?

在隊列中，你將會得到很多特別的突破。弗蘭克或斯科特，你們知道讓每個人都如此擔憂的 SBA 拼圖的銷售收益是多少嗎？

Yeah, it was just shy away of $8 million.

是的，差一點就達到 800 萬美元了。

Okay. So, Tim, $8 million are in government guaranteed. Participation certificates that ultimately will get sold into the market that we're keeping on the books for the high coupon and the spread income that the market loves so much for a period of time and then it'll get sold.

好的。所以，提姆，800 萬美元是政府擔保的。參與證書最終將在市場上出售，我們將其記入帳簿，以獲得市場在一段時間內非常喜愛的高息票和利差收入，然後將其出售。

Okay, for the SBA piece, could you, was that from originations this quarter and if you had an $8 million from the SBA originations if I look at your 10k from 24, you get a total of $493,000 gain for the SBA 7(a) guaranteed loans, how do we get the $8 million for Q1?

好的，對於 SBA 部分，您能說一下，這是來自本季的貸款發放嗎？如果您從 SBA 貸款發放中獲得了 800 萬美元，如果我看一下您 24 個月來的 1 萬美元，您從 SBA 7（a）擔保貸款中獲得了總計 493,000 美元的收益，那麼我們如何獲得第一季的 800 萬美元？

It's mostly from this quarter and it just depends upon the volume and the market price which the market price is the market price. We don't make the market price and it's just based upon the volume. So, you could do the math, and I said you'll see it in the queue when it comes out next week.

它主要來自本季度，它只取決於數量和市場價格，市場價格就是市場價格。我們不制定市場價格，它只是基於數量。所以，你可以算一下，我說下週發佈時你就會在隊列中看到它。

Okay, and are you able to help us kind of quantify the impact of the ALP loans originated this quarter on revenue and maybe what was the average fair value premium on that?

好的，您能否協助我們量化本季發放的 ALP 貸款對營收的影響，以及平均公允價值溢價是多少？

You've got to do your own modeling. We do our modeling. We put a lot of detail and data into what our assumptions are in the queues, but I can't give you, my model. You won't give me your model. I can't give you, my model.

你必須自己做建模。我們進行建模。我們在隊列中的假設中輸入了大量細節和數據，但我無法給你我的模型。你不會給我你的模型。我不能給你我的模型。

Got you. Okay, and then there's been some changes at the SBA, recently for mostly for loans below a million dollars. Can you talk about the impact of the return of that 55 basis points lender service fee on the industry and maybe how it would impact like gain on sale margins?

明白了。好的，最近 SBA 做出了一些改變，主要是針對一百萬美元以下的貸款。您能否談談 55 個基點的貸款服務費返還對該行業的影響，以及它將如何影響銷售利潤率的提高？

I appreciate it, Tim. One other thing, did you see that they're looking to do $10 million, loans on manufacturing.

我很感激，提姆。還有一件事，您是否看到他們正在尋求為製造業提供 1000 萬美元的貸款。

Say that again Barry.

巴里，再說一次。

There's a bill in Congress to increase the loan size from $5 million to $10 million on manufacturing loans. So that that's item number one. Item number two, supplies have started to shrink in the secondary market which tends to be lifting prices as well as supply and demand issues and pre-payment speed slowing, which also is lifting prices.

國會有一項法案，要求將製造業貸款從 500 萬美元增加到 1,000 萬美元。這就是第一項。第二，二級市場的供應量開始減少，這往往會推高價格，而供需問題和預付款速度放緩也會導致價格上漲。

Those are the positive aspects of trying to figure out what the gain on sale would be. The negative aspects which you're referring to is, and we've already factored it into our forecasts.

這些都是試圖弄清楚銷售收益的正面方面。您所提到的負面因素，我們已經考慮到了我們的預測。

Two things that the SBA is trying to do. One, bring the program back to a zero subsidy. I mentioned the first part because the current administration, although it's made some changes to how we use the word tighten underwriting guidelines, which we never loosen. I think it's important to know.

SBA 正在嘗試做兩件事。一是將該計劃恢復為零補貼。我提到第一部分是因為儘管現任政府對我們使用「收緊核保指南」一詞的方式做了一些改變，但我們從未放鬆過。我認為知道這一點很重要。

They want to get this back to a zero subsidy. So, one item is the upfront fee that borrowers pay have nothing to do with us, about 2.5 points, they insert it back. It makes sense. If you're insuring and you're a government guarantee, you should get a premium for it. The other aspect is the 55 basis points which you're referring to, which basically reduces our coupon net to the investors. That's probably on a net basis somewhere between.

他們希望恢復零補貼。因此，其中一項是藉款人支付的預付費用與我們無關，大約 2.5 個點，他們會將其放回。這是有道理的。如果您投保並且獲得政府擔保，那麼您應該獲得保費。另一方面就是您所提到的 55 個基點，這基本上減少了我們支付給投資者的票息淨額。這可能是介於兩者之間的淨值。

A half a point to point difference in price on gain on sale. We have that factored into our projections, and there are ways to deal with that a lot of it's based upon a mix of 10-year paper versus 25-year paper, volume increases and things of that nature, but that could have an effect, holding everything else constant, not being nimble, not adjusting.

銷售收益的價格相差半個點到一點。我們已經將其納入我們的預測中，並且有辦法解決這個問題，其中許多都是基於 10 年期票據與 25 年期票據的混合、交易量增加和諸如此類的事情，但這可能會產生影響，保持其他一切不變，不靈活，不調整。

Now I will also state that probably won't have much of an effect at all on Q2 prices because you get the guarantee and you get your pipeline. It could affect once again holding everything else constant. That's really important in Q3 and Q4 it could have an effect on gain on sale, holding everything else constant.

現在我還要指出的是，這可能不會對第二季的價格產生太大影響，因為你得到了保證，也得到了管道。它可能再次影響其他一切的維持。這在第三季和第四季非常重要，在其他所有因素保持不變的情況下，它可能會對銷售收益產生影響。

Got it. That was very helpful. So sounds like a similar impact to what some of your competitors have said too. There was another change by the SBA as well, going back to requiring full underwriting for the smaller dollar loans. What is the lift required for Newtek compared to what you guys are doing previously, if anything and then it seems like this could maybe be an opportunity.

知道了。這非常有幫助。這聽起來和您的一些競爭對手所說的影響類似。小型企業管理局也做出了另一項改變，重新要求對小額美元貸款進行全面承保。與你們之前所做的事情相比，Newtek 需要什麼樣的提升，如果有的話，這似乎可能是個機會。

For Newtek to take market share from competitors who may be newer to the space that haven't had to deal with this before. Which I know Newtek has historically.

對於 Newtek 來說，他們要從那些剛進入該領域、之前從未遇到過此類問題的競爭對手手中搶佔市場份額。我知道 Newtek 有這樣的歷史。

Yeah, I appreciate that. Look they have eliminated the scoring goal lenders. It's sort of a kind of a slang expression like I'm going to put a credit score on it. I'm not going to do a full credit memo and I get a government guarantee.

是的，我很感激。看看他們已經淘汰了得分目標貸方。這是一種俚語表達，就像我要給它信用評分一樣。我不會做完整的信用備忘錄，我會得到政府擔保。

That is going to dramatically reduce the competitors, particularly the non-bank lenders that don't have the infrastructure and the staff. I mean, I know one non-bank lender that's got like 20 employees or 25 employees.

這將大大減少競爭對手，特別是那些缺乏基礎設施和員工的非銀行貸款機構。我的意思是，我知道有一家非銀行貸款機構有 20 或 25 名員工。

I don't know how you do this business with that. Because they're getting brokered loans, they have a couple of underwriters look at them, they pay the broker a fee. I mean, so I think it will, from a competitive advantage standpoint over the long term, I think it will be helpful to us, but we, we're going to continue to do our business, and we've never loosened our underwriting guidelines on those types of loans anyway.

我不知道你怎麼利用這個做生意。因為他們獲得的是經紀貸款，所以他們讓幾位承銷商審核貸款，並向經紀人支付費用。我的意思是，所以我認為從長期競爭優勢的角度來看，這對我們是有幫助的，但我們將繼續開展業務，而且我們從未放鬆對此類貸款的承保準則。

We always went to the full gamut, so we appreciate the question.

我們總是會盡力滿足所有要求，因此我們很感謝你提出這個問題。

Yeah, thank you for all the color, Barry. I appreciate it.

是的，謝謝你帶來的所有色彩，巴里。我很感激。

Thank you, Tim.

謝謝你，提姆。

Thank you. As a reminder, to ask a question, you would need to press one and one on your telephone and wait for your name to be announced.

謝謝。提醒一下，要提問，您需要在電話上按“1+1”，然後等待播報您的名字。

Our next question comes from Steve Moss, from Raymond James, please go ahead.

我們的下一個問題來自雷蒙德詹姆斯公司的史蒂夫莫斯，請繼續。

Good morning.

早安.

Good morning Barry. Maybe just following up on the SBA loans here. How long that that you realized that fair value gain, how long do you guys plan to hold the loans on balance sheet for, and you're just kind of curious like how we think about the amortization of that gain, if it's for an extended period.

早上好，巴里。也許只是跟進這裡的 SBA 貸款。您實現公允價值收益的時間有多長，您計劃將貸款在資產負債表上保留多長時間，您只是有點好奇我們如何看待該收益的攤銷，如果是長期的話。

Appreciate it, Steve. I think it will not be for an extended period. I can't tell you whether It'll be one month, two months, or three months, but it won't be for, it won't be for a long period of time. It shouldn't, if you follow our projections, I think that's a good guide.

非常感謝，史蒂夫。我認為這種情況不會持續很久。我無法告訴你這將是一個月、兩個月還是三個月，但不會持續很長一段時間。不應該，如果你遵循我們的預測，我認為這是一個很好的指導。

Okay. And then in terms of the, I guess the other thing just kind of thinking about it, Barry here in terms of, you highlighted that, there's definitely some, a tougher credit year for the NSBF portfolio last year.

好的。然後就我所想的另一件事而言，巴里就此強調了這一點，去年對於 NSBF 投資組合來說，肯定是一個信貸更加艱難的年份。

And I guess my question here is, I think about like those vintages being, let's call it 2021, 2022, and plus or minus versus the current originations of SBA loans kind of feels like a bit of a tougher environment for me here, in the current situation for SBA loans.

我的問題是，我認為像 2021 年、2022 年這樣的年份，與當前 SBA 貸款的發放量相比，在當前的 SBA 貸款情況下，對我來說似乎是一個更加艱難的環境。

So, I'm curious like what gives you comfort that credit performance for the more recent vintages will be better versus the NSBF performance.

所以，我很好奇，是什麼讓您感到安心，相信最近幾年的信貸表現會比 NSBF 表現更好。

Yeah, that's a key question, Steven. A little bit of a seesaw here. So, number one, the current loans at the bank, we believe you're going to keep having increased charge-offs and non-accruals. Now, that's why we almost doubled the provision. I think the provision went from $26 million to about $50 million for the whole calendar year, almost doubled.

是的，這是一個關鍵問題，史蒂文。這裡有點像蹺蹺板。因此，第一，對於銀行目前的貸款，我們相信沖銷和不計提貸款將會繼續增加。這就是我們幾乎將撥款增加一倍的原因。我認為全年撥款從 2600 萬美元增加到約 5000 萬美元，幾乎翻了一番。

Now with that said, loans that are originated in a 7.5% prime environment where you're testing them, up three and down three are in much better shape to qualify for the underwriting than loans that are underwritten at a 3% to 4% prime. Now, the drag at NSBF is going to dramatically diminish over time.

話雖如此，在 7.5% 的優惠利率環境下發放的貸款，在您測試它們時，上漲三次、下跌三次，比以 3% 至 4% 的優惠利率承保的貸款更符合承保條件。現在，NSBF 的阻力將隨著時間的推移而大幅減少。

The other thing too is understand we keep paying down debt because those loans, most of those loans are in securitizations, so the interest expense is going to go away at NSBF. So, there's a lot going on at NSBF to reduce the drag, which was 28.5 million and if it's straight lined, which I'm not suggesting, but if you straight lined it, you're at 20, okay? So, there's a major difference there at NSBF.

另一件事是，我們要明白我們會繼續償還債務，因為這些貸款，大部分都是證券化的，所以 NSBF 的利息支出將會消失。因此，NSBF 採取了很多措施來減少阻力，該阻力為 2850 萬，如果是直線的，我並不是建議這樣做，但是如果您將其直線化，則阻力為 20，好嗎？所以，NSBF 存在很大差異。

That's the work that You have to have an opinion on that one way or another if you're going to figure out what the earnings forecast is for us at the bank, we're, I have said this in Q2 last year, Q3, Q4, go back to the transcripts. I said we're going to be in a tougher credit environment.

這就是你必須對此有自己的看法的工作，如果你想弄清楚我們銀行的獲利預測，我們在去年第二季、第三季、第四季都說過這一點，請回顧成績單。我說過我們將面臨更嚴峻的信貸環境。

Loan behold, we're in a tougher credit environment and that putting Trump aside for the moment and all the changes that the administration is doing and the uncertainty. So, the way to manage this, which our team's got two decades of experience, its capital, it's provision and margin.

貸款，我們正處於一個更加嚴峻的信貸環境中，暫時把川普和政府正在進行的所有變革以及不確定性放在一邊。因此，管理這個問題的方法，我們的團隊有二十年的經驗，它的資本，它的準備和利潤。

Okay, so I strongly believe That our ability to manage through this from a risk perspective is better. I want to flip it one thing because you brought to light something I thought about on the deposit side.

好的，所以我堅信從風險角度來看，我們管理這問題的能力更強。我想反過來說，因為你讓我了解到了我在存款方面想到的一些事情。

If you are a depositor, where would you be more likely to leave to go to a 420 rate on a government money market fund? At a 1.5% to 2% at a bank that's paying you that and charging you for all those fees, where would you be most likely to leave or migrate your money or where you're paying 4%.

如果您是儲戶，您更有可能離開哪裡去享受政府貨幣市場基金的 420 利率？如果銀行的利率為 1.5% 到 2%，並且向您收取所有這些費用，您最有可能將資金留在哪裡或轉移到哪裡，或者您要支付 4% 的利率。

So, here's my opinion. We're paying a market rate of interest on deposits. That means in my humble opinion, those deposits are stickier as long as we pay a market rate that's close to the government money market rate. If I had to rely on low-cost deposits in the market where you can move money with the click of the mouse, swipe of a finger, I'd be nervous. That's more risky than what we're doing, and we've got good news.

以下是我的看法。我們支付的存款利率是市場利率。這意味著，以我個人的拙見，只要我們支付的市場利率接近政府貨幣市場利率，這些存款就會更加穩定。如果我必須依賴市場上的低成本存款，只需點擊滑鼠、滑動手指即可轉移資金，我會感到緊張。這比我們正在做的更危險，但我們有好消息。

Because on a risk adjusted basis, despite the over exaggeration of, oh my God, every, conference call, it's all about the SBA portfolio and credit, and meanwhile, we got a lot of other things going on here, but I get it. That's that that's what everybody wants to focus on. We're going to go through this and over the course of time, all of these curves will mature, they'll work itself out, and we'll be just fine. But That's my answer. We are provisions in the bank.

因為在風險調整的基礎上，儘管每次電話會議都被過分誇大了，但這一切都與 SBA 投資組合和信貸有關，與此同時，我們還有很多其他事情要做，但我明白了。這就是每個人都想關注的重點。我們將經歷這一切，隨著時間的推移，所有這些曲線都會成熟，它們會自行解決，我們會沒事的。但這就是我的答案。我們是銀行的準備金。

We'll do the Humphrey Bogart thing next quarter to, oh my God, there's gambling in that casino. Oh my God, they're creating a new portfolio that's ramping up the credit curve. Nonaccruals are growing and by the way, they don't go away that quickly because we chase them.

下個季度我們將做漢弗萊鮑嘉的事情，天哪，那個賭場裡有賭博。天哪，他們正在創建一個新的投資組合，從而提高信貸曲線。未計提費用不斷增加，而且，由於我們不斷追繳，它們不會那麼快消失。

So, I think it's very important to try not to sell to you, but investors to try to understand our model, see what we're doing differently, look at the presentation and see what we're doing and why it doesn't apply to a traditional bank holding company that's got nothing at the holding company except for the bank who basically makes no risk to low risk loans with low charge offs and your entire business is predicated on the hope that those depositors stick in the bank. Okay.

因此，我認為非常重要的不是向你推銷，而是讓投資者嘗試理解我們的模式，看看我們在做什麼不同，看看演示文稿，看看我們在做什麼，以及為什麼它不適用於傳統的銀行控股公司，這家控股公司除了銀行之外什麼都沒有，銀行基本上不會對低風險貸款和低沖銷額承擔任何風險，而你的整個業務都建立在希望那些儲戶留在銀行的基礎上。好的。

Okay and maybe I just follow up on the portfolio. Could you share with us what the cumulative losses for that portfolio in the last two years have been?

好的，也許我只是跟進作品集。您能否與我們分享一下過去兩年該投資組合的累積損失是多少？

It would depend upon the vintage year, Steve, but what I can tell you is our CECL calculations, assume. And it changes depending upon the vintage here. Over the future is about an 8% cumulative charge off.

這取決於釀酒年份，史蒂夫，但我可以告訴你的是我們的 CECL 計算，假設。並且它會根據這裡的年份而改變。未來累計沖銷額約 8%。

Now if that grows, that's going to, those charge offs are going to occur over the course of multiple years. So it's not all going to hit. See, a normal, in a normal credit card portfolio, a car loan portfolio, loan goes bad, boom, it gets liquidated and charged off and it's gone with us.

現在，如果這個數字繼續成長，這些沖銷將會在數年內發生。所以並不是所有的事情都會發生。你看，正常的信用卡組合、汽車貸款組合，如果貸款變壞，那麼它就會被清算、註銷，然後就沒了。

These hang around for long periods of time. If you go back and you look at all our public filings, you'll see we've always earned money. We've always paid a dividend, but the NPLs do hang around for long periods of time because we have a duty in the SBA world to collect on it. It's different in the other areas of lending.

這些會持續很長一段時間。如果你回顧我們所有的公開文件，你會發現我們一直在賺錢。我們一直都在支付股息，但不良貸款確實會持續很長一段時間，因為在 SBA 領域我們有義務收回這些貸款。其他貸款領域的情況有所不同。

Okay, and then I guess if I could go back to the fair value gain, the $18 million, if we just break out the segments, I guess I missed the part there. $8 million was from the SBA loans being held for sale and then the remaining or roughly $8 million let's call it, and then the remaining $10 million where did that come from?

好的，然後我想如果我可以回到公允價值收益，即 1800 萬美元，如果我們只是分解各個部分，我想我錯過了那部分。 800 萬美元來自待售的 SBA 貸款，然後剩餘的或大約 800 萬美元，我們稱之為，然後剩下的 1000 萬美元來自哪裡？

I'm going to, maybe Frank and Scott can chime in here. I think it's it would be servicing, possible servicing gains, could be gains from 504 as well as, fair value of ALP loans.

我打算去，也許弗蘭克和史考特可以加入進來。我認為這將是服務，可能的服務收益，可能是來自 504 的收益以及 ALP 貸款的公允價值。

That that's right. It's the fair value of ALP, is the majority of that, and just to, reiterate my comments earlier, the fact that that number and Tim, you mentioned it earlier, on the SBA for a value increase so much is just given the fact that we are, as Steve and Barry discussed here, holding those loans, this quarter, so to Barry's point.

那是對的。這是 ALP 的公允價值，佔了其中的大部分，只是為了重申我之前的評論，事實上，這個數字和蒂姆，你之前提到過，SBA 的價值增加這麼多，只是考慮到我們，正如史蒂夫和巴里在這裡討論的那樣，本季度持有這些貸款，所以符合巴里的觀點。

Won't be holding them for too long, but just the fact that there's more balance principal balance on the books this quarter is increasing that that SBA number we're still pricing them to the market as we've always done.

不會持有太久，但事實上本季帳面上的本金餘額有所增加，而 SBA 的數字則有所增加，因此我們仍將像往常一樣根據市場價格進行定價。

Okay and then I guess the One more for me here just in terms of the earnings ramp throughout the year, I'm assuming that there's just more of a waiting towards gain on sale income later in the year that kind of a fair way to characterize, the higher range for the fourth quarter earnings versus the first?

好的，那麼我想這裡對我來說還有一個問題，就全年盈利增長而言，我假設大家只是在等待今年晚些時候的銷售收入增長，這是一種公平的方式來描述第四季度盈利相對於第一季度更高的範圍？

Yeah, better way to characterize it, Steve, is that as the year goes on, we do more loans in Q2 than Q1, Q3 than Q2, Q4 than Q3, and when we make a loan, it has inherent value in it. 75% of it is government guaranteed bond which we're able to sell.

是的，史蒂夫，更好的描述方式是，隨著時間的推移，我們在第二季度發放的貸款比第一季度多，第三季度比第二季度多，第四季度比第三季度多，而且當我們發放貸款時，它具有內在價值。其中 75% 是政府擔保債券，我們可以出售。

An ALP loan is originated based upon our capability at very large spreads the cost of funds. So yeah, the answer is yeah, and by the way, this is entirely different than how a normal bank operates. And we don't want to be a normal bank. They have really lousy returns on equity and returns on assets.

ALP 貸款的發放是基於我們的能力，可以大幅降低資金成本。是的，答案是肯定的，順便說一句，這與普通銀行的運作方式完全不同。我們不想成為一家普通銀行。他們的股本報酬率和資產報酬率確實很差。

All right, well I appreciate all the call here. I'll step back. Thanks.

好的，非常感謝大家的來電。我會退後。謝謝。

Thank you.

謝謝。

Thank you. Our next question comes from Christopher Nolan from Ladenburg Thalmann. Please go ahead.

謝謝。我們的下一個問題來自拉登堡塔爾曼公司的克里斯多福諾蘭。請繼續。

My questions have been asked and answered. Thank you.

我的問題已經提出並得到解答。謝謝。

Thank you, Chris.

謝謝你，克里斯。

All right, I am showing no further questions at this time. I would turn it over to Barry Sloane for closing remarks.

好的，我現在沒有其他問題了。我想請巴里·斯隆 (Barry Sloane) 做最後發言。

Right, thank you. I appreciate everyone's interest and looking into the company. The questions were great today. It's in depth. We may have different we have disagreements, but we have strong opinions on what we're doing. We've been operating in this space for over two decades.

好的，謝謝。我感謝大家對我公司的關注與了解。今天的問題很棒。很深入。我們可能有不同的意見，但我們對所做的事情有強烈的意見。我們在這個領域已經經營了二十多年。

We're good stewards of risk. And we do think we're coming into a difficult time in the market and the environment, and we don't take that lightly, but we're very well prepared for it. We've weathered these storms and flourished in them, and we think we're well positioned to do that going forward.

我們是優秀的風險管家。我們確實認為我們正進入市場和環境的困難時期，我們對此不會掉以輕心，但我們已經做好了充分的準備。我們經受住了這些風暴的考驗，並在其中蓬勃發展，我們認為我們已準備好繼續前進。

So, I want to thank the management team. I want to thank Scott and Frank and Bryce and Everybody that helped put the presentation on together. We have a lot of new data for people to look at and analyze and look forward to producing the queue which will give people a lot more information.

所以，我要感謝管理團隊。我要感謝史考特、法蘭克、布萊斯和所有幫助完成這次演講的人。我們有大量新數據供人們查看和分析，並期待產生能夠為人們提供更多資訊的隊列。

So, thank you very much. I want to thank the analysts for their questions and participation. Thank you.

所以，非常感謝。我要感謝分析師的提問與參與。謝謝。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。

Thank you.

謝謝。