NewtekOne Inc (NEWTP) 2025 Q2 法說會逐字稿

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

您好，感謝您的支持。歡迎參加 NewtekOne Inc 2025 年第二季財報電話會議。（操作員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, President and Chief Executive Officer, Barry Sloane. Please go ahead.

請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人、總裁兼執行長 Barry Sloane。請繼續。

Thank you, operator, and welcome, everyone, to the NewtekOne NASDAQ NEWT second quarter 2025 financial results conference call. My name is Barry Sloane, CEO and President of NewtekOne. Joining me here today on the call will be Frank DeMaria, Chief Financial Officer of NewtekOne; and Scott Price, the CFO of Newtek Bank National Association.

謝謝接線員，歡迎大家參加 NewtekOne NASDAQ NEWT 2025 年第二季財務業績電話會議。我叫 Barry Sloane，是 NewtekOne 的執行長兼總裁。今天與我一起參加電話會議的還有 NewtekOne 財務長 Frank DeMaria 和 Newtek Bank National Association 財務長 Scott Price。

I also want to introduce Bryce Rowe, who is not on the call in charge of Investor Relations. Bryce joined the organization recently from the firm of B Riley where he represented us. Bryce, he was there, was the equity analyst for BDCs and banks and very helpful and instrumental in shaping a presentation and deck to make it a little bit more digestible and understandable.

我還想介紹一下布萊斯·羅 (Bryce Rowe)，他沒有出席電話會議，但負責投資者關係。布萊斯最近從 B Riley 公司加入了該組織，他在該公司代表我們。布萊斯當時在場，他是 BDC 和銀行的股票分析師，在製作簡報和平台以使其更易於消化和理解方面非常有幫助和重要作用。

I also want to give a couple of shout-outs to some additional new hires, Andrew Kaplan, our Chief Strategy Officer, joined us from Flagstar Bank has been incredibly instrumental in helping us with various near future of our digital account, opening, and merchant -- into merchant account opening simultaneous as well as the reverse, opening up instant merchant account getting (technical difficulty)

我還想對其他幾位新員工表示感謝，我們的首席策略長 Andrew Kaplan 從 Flagstar Bank 加入，在幫助我們完成各種近期數位帳戶、開戶和商家帳戶方面發揮了極其重要的作用——同步開戶以及反向開戶，即時開戶（技術難度）

I also want to announce Vic Mahajan has joined us recently. Vik has had a long-term career as an M&A banker and was our banker at Credit Suisse and Deutsche Bank, Vic was Chief Investment Officer of the bank and has been working very closely with the bank President, Peter Downs in buying and selling loans and particularly developing a process for moving nonperforming loans off the books in the balance sheet.

我還想宣布 Vic Mahajan 最近加入了我們。Vik 長期擔任併購銀行家，曾擔任瑞士信貸和德意志銀行的銀行家，Vic 曾擔任該銀行的首席投資官，並一直與銀行行長 Peter Downs 密切合作，買賣貸款，特別是製定將不良貸款從資產負債表中移除的流程。

With that, I'd like to mention everybody to follow along on today's presentation. Please go to newtekone.com, go to the Investor Relations section, and the PowerPoint is hung there.

因此，我想提請大家關註今天的演講。請造訪 newtekone.com，前往「投資者關係」部分，PowerPoint 就掛在那裡。

On slide number two of the PowerPoint is our note regarding forward-looking statements. Please I ask everybody to familiarize yourself with that note. On slide number three. An important part of our discussion today is really looking and focusing on what is NewtekOne? What does it do? What's our mission statement? And what's our purpose, while it all starts off with the customer?

PowerPoint 的第二張投影片上是我們關於前瞻性陳述的說明。請大家熟悉一下該說明。在第三張投影片上。我們今天討論的一個重要部分是真正關注什麼是 NewtekOne？它起什麼作用？我們的使命宣言是什麼？既然一切都從客戶開始，那麼我們的目的又是什麼？

We provide business and financial solutions to a target market of over 33 million independent business owners in the US. Some participants for of them is SMEs, SMB subject, small, medium-sized enterprises, small and medium-sized businesses. And recently, we acquired a federally insured depository. It's important we choose and prefer not to be looked at just like a bank holding company, a bank because as you go through this presentation, we really don't look like most of the bank holding companies and banks.

我們為美國超過 3,300 萬獨立企業主的目標市場提供商業和金融解決方案。其中一些參與者是中小企業、SMB主題、小型、中小型企業、中小型企業。最近，我們收購了一家聯邦保險的存款機構。重要的是，我們選擇並且不希望被視為銀行控股公司、銀行，因為當您瀏覽此簡報時，您會發現我們確實與大多數銀行控股公司和銀行不同。

We're different in a variety of different ways in terms of how we approach the customer, how do we provide a frictionless opportunity for the client, the type of revenues, earnings that come through our system. So we look forward to discussing that presentation with you here today.

我們在如何接近客戶、如何為客戶提供無摩擦的機會、透過我們的系統獲得的收入類型和收益等方面存在許多不同之處。因此，我們期待今天在這裡與您討論該演示。

Relative to the importance of the SMB, SME, or independent business order class in the United States according to the US Chamber of Commerce, small businesses employ almost half of the American workforce, and we do think as things go forward, particularly with artificial intelligence, and it will continue to be a very prominent part of the employment opportunity in the US.

根據美國商會的數據，相對於美國中小企業 (SMB)、中小型企業 (SME) 或獨立商業訂單類別的重要性，小企業僱用了近一半的美國勞動力，我們確實認為，隨著事態的發展，特別是人工智慧的發展，它將繼續成為美國就業機會中非常突出的一部分。

SMBs represent 43% of US GDP and and 99% of the business in the United States identified themselves as small. Also important to note, according to the SBA's data, over the last 5.5 years, NewtekOne is one of the more active 7(a) lenders. Through its nonbank and bank subsidiary has supported and stabilized over 110,000 jobs.

中小型企業占美國 GDP 的 43%，而 99% 的美國企業都認為自己是小型企業。同樣值得注意的是，根據 SBA 的數據，在過去 5.5 年裡，NewtekOne 是較活躍的 7(a) 貸款機構之一。透過其非銀行和銀行子公司支持並穩定了超過 110,000 個工作崗位。

I think it's important to note that we do serve a public purpose and a public good. We're not just an SBA lender, as you'll see throughout presentation, we do all types of loans to this particular demographic. But in meeting an SBA in the definition of an SBA 7(a) loan is a loan that is not available under normal bank circumstances.

我認為值得注意的是，我們確實服務於公共目的和公共利益。我們不僅僅是一家 SBA 貸款機構，正如您在整個演示過程中所看到的，我們還為這一特定人群提供各種類型的貸款。但符合 SBA 7(a) 定義中的 SBA 貸款是在正常銀行情況下無法獲得的貸款。

As a matter of fact, there is a test called the credit elsewhere test that says these types of loans do not qualify for a normal bank loan. It's important to note that we, therefore, have greater losses and greater provisions, but net of those losses and provisions and expense, we provide greater returns. So when we're comparing us to the rest of the banking industry to certain metrics that compare us in an unfavorable light.

事實上，有一項稱為「其他地方信用測試」的測試表明這些類型的貸款不符合正常銀行貸款的資格。值得注意的是，我們的損失和撥備雖然更大，但扣除這些損失、撥備和費用後，我們的回報更大。因此，當我們將自己與銀行業的其他部分進行比較時，某些指標對我們不利。

NewtekOne is a financial holding company regulated by the Fed. We focus on using proprietary and patented advanced technological solutions to acquire customers and to solution them cost effectively. Also important to note, most bank holding companies don't have a lot of assets in them. We're extremely active as a bank holding company.

NewtekOne 是一家受聯準會監管的金融控股公司。我們專注於使用專有和專利的先進技術解決方案來吸引客戶並為他們提供經濟有效的解決方案。另外值得注意的是，大多數銀行控股公司並沒有太多資產。作為一家銀行控股公司，我們非常活躍。

Evidenced Newtek Merchant Solutions that does about $17 million of pretax income and EBITDA and our alternative loan program business, which has a balance sheet or, I should say, loans that are made in joint ventures and in various structures that is about $450 million to $500 million.

有證據表明，Newtek Merchant Solutions 的稅前收入和 EBITDA 約為 1700 萬美元，而我們的替代貸款計劃業務的資產負債表，或者我應該說，以合資企業和各種結構發放的貸款約為 4.5 億至 5 億美元。

We do provide a full menu of best-in-class on-demand solutions to its independent business owner clientele without using traditional bankers, branches, brokers, or BDOs. Through this methodology, we picked up 19,000 depository accounts since its inception. We do loans digitally and remotely, and we also handle our clients' ability to send money, receive money, payment processing solutions, payroll solutions, and insurance.

我們確實為獨立企業主客戶提供了全套一流的按需解決方案，而無需使用傳統的銀行家、分行、經紀人或 BDO。透過這種方法，我們自成立以來就獲得了 19,000 個存款帳戶。我們以數位和遠端方式提供貸款，我們也處理客戶匯款、收款、支付處理解決方案、薪資解決方案和保險的能力。

In a nutshell, we are a technology-oriented financial holding company, operating and owning a digital bank that operates exclusively -- use an online banking platform without what you traditionally see in a bank holding company and a bank. We believe that going forward, the banking industry will tremendously benefit from technology and artificial intelligence, which we are currently embracing and utilizing.

簡而言之，我們是一家以科技為導向的金融控股公司，經營並擁有一家專門經營的數位銀行——使用網路銀行平台，而沒有傳統銀行控股公司和銀行所看到的東西。我們相信，未來銀行業將從我們目前正在擁抱和利用的技術和人工智慧中受益匪淺。

It's important to note, we think that many of the institutions that you're familiar with will not look like the current bank of today. Frankly, from our perspective, we have a belief that we are already doing which is what they want to do. They want to acquire customers remotely. They want to really automate their business. They want to use AI. These are things as you go through the presentation, that are already in the process of doing.

值得注意的是，我們認為您熟悉的許多機構將不再像今天的銀行。坦白說，從我們的角度來看，我們相信我們正在做的事情正是他們想要做的事情。他們希望遠端獲取客戶。他們希望真正實現業務自動化。他們想使用人工智慧。這些是您在演示過程中已經在做的事情。

Slide number four, Q2 financial and operational successes. First off, we're maintaining our earnings per share guidance of $2.10 on the low to $2.50 at the high. That's for calendar year 2024.

第四張投影片，第二季財務和營運成功。首先，我們維持每股盈餘預期，最低 2.10 美元，最高 2.50 美元。這是 2024 年的日曆年。

Also important to note, one of the things we really don't talk enough about is revenue growth. We had 15% revenue growth in Q2 2025, $70.2 million versus $61 million in Q2 2024. Some of the other operational and financial highlights and an important part is growth in business deposits.

還需要注意的是，我們真正沒有充分討論的事情之一是收入成長。2025 年第二季我們的營收成長了 15%，達到 7,020 萬美元，而 2024 年第二季為 6,100 萬美元。其他一些營運和財務亮點以及一個重要部分是商業存款的成長。

Business deposits come in on a less expensive basis. They're more transactional. But in order to get business deposits. And we believe the noninterest-bearing depository account will begin to go away over time. As a matter of fact, if you got a coin base and your own stable coin, you probably get 2% to 3% on your money.

商業存款的成本較低。他們更注重交易。但為了獲得業務存款。我們相信，隨著時間的推移，無利息存款帳戶將會逐漸消失。事實上，如果你有一個貨幣基礎和你自己的穩定貨幣，你可能會獲得 2% 到 3% 的收益。

So we were very pleased that we were able to grow business deposits at the bank by $50 million sequentially, with most of the money coming in in the DDA account. The reason why we're able to do that is we're getting opportunities for lending, merchant services and payroll, all of integrated solutions.

因此，我們非常高興能夠使銀行的商業存款連續增加 5000 萬美元，其中大部分資金都進入了 DDA 帳戶。我們之所以能夠做到這一點，是因為我們獲得了貸款、商家服務和薪資等綜合解決方案的機會。

With that, our cost of funds at the bank declined dramatically and is forecast to continue to come down. The best is yet to come. We had a 28 basis point decline in our cost of funds. I think it came at about 3.71%. The net interest margin at the bank increased by 56 basis points.

由此，我們在銀行的資金成本大幅下降，預計還會持續下降。最好的尚未到來。我們的資金成本下降了28個基點。我認為它大約是 3.71%。該銀行淨利差增加了56個基點。

So once again, we're very pleased with what we've had at the bank with respect to our cost of funds. That's extremely important going forward that we're just beginning to get deposits below that risk free rate, which I talked about, which is the bill rate or the NAV of a government guaranteed money market fund.

因此，我們再次對銀行的資金成本感到非常滿意。這對我們未來來說極為重要，因為我們剛開始獲得低於無風險利率的存款，也就是我之前談到的票據利率或政府擔保貨幣市場基金的資產淨值。

Importantly, we'll discuss this on one of the slides going forward. Losses continue to shrink in Newtek small business finance. In the recent quarters, we went from a $10.7 million loss to a $4.9 million loss to a $3.7 million loss. And Newtek's Small Business Finance was the prior nonbank SBA lender that is in a rundown mode, and it sells up at the holding company no longer lending.

重要的是，我們將在後面的一張投影片上討論這個問題。Newtek 小型企業融資的虧損持續縮小。在最近幾季，我們的虧損從 1,070 萬美元增加到 490 萬美元，再增加到 370 萬美元。Newtek 的小型企業金融公司是先前的非銀行 SBA 貸款機構，目前處於破產狀態，並在控股公司不再提供貸款時將其出售。

The alternative loan program, I'll spend a lot of time on this today. And hopefully, we'll be able to position this in a better light so people can understand the value of ALP, not just to our business customers, but to all our stakeholders, including shareholders. It's extremely important to note that our alternative loan program, which has now completed three securitizations successfully, is growing, has high-quality loans, and is very accretive to earnings per share.

替代貸款計劃，我今天會花很多時間來討論這個問題。希望我們能夠更好地定位這一點，以便人們能夠理解 ALP 的價值，不僅對我們的商業客戶，而且對包括股東在內的所有利害關係人的價值。值得注意的是，我們的替代貸款計劃目前已成功完成三次證券化，並且正在增長，擁有高品質的貸款，對每股收益的增值作用非常大。

We're going to talk about our operating leverage being captured and really supporting above-average profitability. When you take a look at our ROA, ROTCE, the expense ratio is really extremely favorable on a comparative basis.

我們將討論如何利用我們的經營槓桿並真正支持高於平均水平的獲利能力。當您查看我們的 ROA 和 ROTCE 時，您會發現費用率在比較的基礎上確實非常有利。

Last bullet, a portion of the $18 million of the unrealized gain in Q1 did cause some of our investors some level of confusion. I think it's important to note that from Q1 2025 to Q2 when we sold the government guaranteed loans and moved the ALP loans off the balance sheet into the securitization, that actually got eliminated. The government-guaranteed 7(a) loans were sold for cash and the ALP loans were written down at full value to par to go into the equity stake in the securitization.

最後一點，第一季 1800 萬美元未實現收益中的一部分確實給我們的一些投資者帶來了一定程度的困惑。我認為值得注意的是，從 2025 年第一季到第二季度，當我們出售政府擔保貸款並將 ALP 貸款從資產負債表轉移到證券化時，這些貸款實際上就被消除了。政府擔保的 7(a) 貸款以現金出售，而 ALP 貸款則以全額價值減記至票面價值，以納入證券化的股權。

I think it's important to note, we make loans and sell them. Most banks make loans, not at the growth rates that we do and they hold them. We believe we're different than 95% of the other banks out there. And we're very, very excited about our business model now operating through 10 quarters of success.

我認為值得注意的是，我們提供貸款並將其出售。大多數銀行發放貸款，但成長率不如我們，而且他們也持有貸款。我們相信我們與其他 95% 的銀行有所不同。我們對我們的商業模式感到非常興奮，該模式已經運行了 10 個季度並取得了成功。

We're going to talk a lot on this particular presentation about what we're doing in the ALP business in future slides, which I think should develop a better understanding of what we're doing. I think important to note, we'll come back to this the residual interest in the ALP recent securitization in the 2025 deal is marked at a 14% yield, including a loss severity and frequency or charge-off rate historically over the life of the loans at 3%.

在本次特別簡報中，我們將在未來的幻燈片中詳細討論我們在 ALP 業務中所做的工作，我認為這應該能讓人們更好地理解我們正在做的事情。我認為值得注意的是，我們將回到這一點，2025 年交易中 ALP 近期證券化的剩餘權益的收益率為 14%，其中包括貸款期限內歷史上 3% 的損失嚴重程度和頻率或沖銷率。

And this is something that we've consistently done as we've done three securitizations, one in 2022, one in 2024, and the more recent one 2025-1. Moving to slide number 5, second quarter CEO highlights. For the earnings picture, basic and diluted EPS of $0.53 and $0.52, respectively, the first half basic and diluted EPS of $89.7 are above the midpoint of our guidance, which was $0.78 to $0.92. We're leaving that annual 210 to 250 share EPS unchanged. And the midpoint implies an EPS growth rate of 17%, typically some see in most bank or bank holding companies.

這是我們一貫的做法，我們已經進行了三次證券化，一次在 2022 年，一次在 2024 年，最近一次在 2025-1。前往投影片 5，第二季 CEO 亮點。就獲利情況而言，基本每股盈餘和稀釋每股盈餘分別為0.53美元和0.52美元。上半年每股盈餘和稀釋每股盈餘均為89.7美元，高於我們預期的中位數，即0.78美元至0.92美元。我們維持全年每股收益210美元至250美元的預期不變。中點意味著每股盈餘成長率為 17%，這在大多數銀行或銀行控股公司中很常見。

We talked about success in growing core deposits. We talked about the reduced headwinds from our SBA non-bank lender, Newtek Small Business Finance with a first half '25 loss of 8.7% of the 2024 loss for the full calendar year was 28.7%.

我們討論了增加核心存款的成功經驗。我們談到了 SBA 非銀行貸款機構 Newtek Small Business Finance 面臨的阻力減少的情況，2025 年上半年該公司虧損 8.7%，而 2024 年全年虧損為 28.7%。

So clearly, you could see that we're trending in the right direction. We have a slide to cover this. And important to note, nonaccruals within NSBF actually declined quarter-over-quarter.

很明顯，你可以看到我們正朝著正確的方向發展。我們有一張幻燈片來介紹這一點。值得注意的是，NSBF 內的不提項目實際上是環比下降。

Price of NSBF's 2024 versus 2025. Price of SBA 7(a) loans were consistent with our fair value marks. So the 7(a) loans that we held on an unrealized basis for Q1 sold into the second quarter. There was actually a nonexistent gain transfer. We had to recognize an unrealized loss to wipe out the unrealized gain, and then we had a realized gain for cash. So this offsets one another.

NSBF 2024 年與 2025 年的價格比較。SBA 7(a) 貸款的價格與我們的公允價值標記一致。因此，我們第一季持有的未實現 7(a) 貸款在第二季出售。實際上不存在收益轉移。我們必須確認未實現損失以消除未實現收益，然後我們才能獲得現金已實現收益。所以這是互相抵消的。

We actually sold approximately $22 million to $23 million of 504 loans at a price of 10.75% with 40 basis points of servicing, also extremely profitable. Important to note, and we talked about why we're keeping some of the government guaranteed 7(a) loans on our books. We're actually able to pick up a prime plus 3% or 10.5% coupon. That was one of the factors that helped the NIM at the bank.

實際上，我們以 10.75% 的價格、40 個基點的服務利率出售了約 2,200 萬至 2,300 萬美元的 504 貸款，同樣獲得了極高的利潤。值得注意的是，我們討論了為什麼我們要保留部分政府擔保的 7(a) 貸款。我們實際上能夠獲得最高 3% 或 10.5% 的優惠券。這是幫助該銀行實現淨利息收益率的因素之一。

The alternative loan program performing exceptionally well. In June and July, both Deutsche Bank and Capital One. We closed the Capital One deal today. We're pleased to say upside our credit facilities, which we use to fund and warehouse ALP loans before securitizations. Deutsche Bank went for $120 million to $170 million. Capital One Bank went from $60 million to $100 million. So we're excited about the ability to continue to grow this business.

替代貸款計劃表現異常出色。6月和7月，德意志銀行和Capital One都進行了交易。我們今天完成了Capital One的交易。我們很高興地說，我們的信貸安排有所改善，我們在證券化之前使用這些信貸安排來為 ALP 貸款提供資金和倉儲。德意志銀行的收購價為 1.2 億至 1.7 億美元。第一資本銀行的市值從 6,000 萬美元增至 1 億美元。因此，我們對能夠繼續發展這項業務感到非常興奮。

Profitability and operating leverage still look great. Our efficiency ratio year-over-year at the holdco, 66.3% to 60.3%. And when we look at our ROAs and ROTCE exceptionally strong.

獲利能力和經營槓桿看起來仍然很高。我們控股公司的效率比率年比從 66.3% 降至 60.3%。當我們看到我們的 ROA 和 ROTCE 異常強勁時。

Slide number 6, our annual forecasts are readily available on this particular slide. As we look at our business model, and you've heard me talk about this in previous presentations, we solved three primary problems in the banking industry. One, we're able to acquire deposits below the risk-free rate because of the Newtek Advantage. We give the customer analytics, transactional capability, and data.

投影片編號 6，我們的年度預測可以在這張投影片上輕鬆找到。當我們審視我們的商業模式時，正如您在我之前的演講中聽到的那樣，我們解決了銀行業的三個主要問題。首先，借助 Newtek Advantage，我們能夠以低於無風險利率的價格獲得存款。我們為客戶提供分析、交易能力和數據。

We enable them to send money and receive money. We have integrated solutions between the bank deposit account and a merchant account with chargebacks, refunds, batches, all in the Newtek Advantage. In addition to that, you can make payroll from the new tech advantage, the ability to move money with us owning the payroll business owning a merchant business, being able to do ACH, being able to do wire, and we will position this organization for stable coin in the future.

我們使他們能夠匯款和收款。我們在銀行存款帳戶和商家帳戶之間整合了解決方案，包括退款、退款、批量處理，所有這些都包含在 Newtek Advantage 中。除此之外，您還可以利用新的技術優勢來發放工資，透過我們擁有的工資業務、商家業務來轉移資金，能夠進行 ACH 轉賬，能夠進行電匯，並且我們將在未來為該組織定位為穩定貨幣。

We're very excited about that opportunity. We think a lot of money is going to be moved over time, particularly when you're dealing with out-of-country transactions. And we will be able to position ourselves for that. Banking institutions that do not give a real frictionless, seamless opportunity for customers to send money and receive money will be in a tough spot. Once again, you've got to provide value for the customer.

我們對這個機會感到非常興奮。我們認為隨著時間的推移，大量資金將會轉移，特別是在處理境外交易時。我們將能夠為此做好準備。那些不向客戶提供真正無摩擦、無縫匯款和收款機會的銀行機構將陷入困境。再次強調，你必須為客戶提供價值。

I think it's also important to note what other institutions are talking about, we are doing. We're completely digital. There's no branches, there's no traditional bankers. We're really doing a great job in acquiring clients. Our loan book, we estimate by the end of the year to be approximately 10,000 borrowers and $4.4 billion in servicing.

我認為關注其他機構正在談論什麼、我們正在做什麼也很重要。我們完全是數位化的。這裡沒有分支機構，也沒有傳統的銀行家。我們在吸引客戶方面確實做得非常出色。我們估計，到今年年底，我們的貸款帳簿將有大約 10,000 名借款人和 44 億美元的服務金額。

At the bottom of slide 6, you could see our forecast from here to the rest of the year. Our ROAA for the second quarter, 2.5%; ROTCE, 19.4%. Look, these are outstretched numbers, and it's based upon our model. I think it's important to note, making loans and selling them is what we do. We've been doing it for 20 years. We'll probably do it for 30 years. It provides great returns, it provides great risk-adjusted returns.

在第 6 張投影片的底部，您可以看到我們從現在到今年剩餘時間的預測。我們第二季的 ROAA 為 2.5%；ROTCE 為 19.4%。你看，這些都是誇大的數字，它是基於我們的模型。我認為值得注意的是，我們的工作就是發放貸款並出售貸款。我們已經這樣做了20年。我們可能會這樣做30年。它提供了巨大的回報，它提供了巨大的風險調整回報。

I suggest everyone go to slide number 7 in the deck. And you could see, once again, a lot of our performance metrics, net income, diluted EPS, and preprovision net revenue. All the numbers that we talked about are very, very strong Q2 financial highlights on slide number 7.

我建議大家去看投影片中的第 7 張。您可以再次看到我們的許多績效指標、淨收入、稀釋每股盈餘和撥備前淨收入。我們討論的所有數字都是第 7 張幻燈片上非常非常強勁的第二季財務亮點。

Also important to note, when you look at our capital position, we have more than adequate capital across the holdco, but also importantly, you could see our growth. We have the ability to utilize that capital. A lot of people or banking institutions or financial holding companies. they have the capital, but they can't utilize it. We have the ability to do both and to generate those types of returns.

同樣值得注意的是，當你查看我們的資本狀況時，你會發現我們在整個控股公司擁有充足的資本，但同樣重要的是，你可以看到我們的成長。我們有能力利用這些資本。很多人、銀行機構或金融控股公司擁有資本，但卻無法利用它。我們有能力做到這兩點，並產生這些類型的回報。

On Slide number8, you could look at our financial highlights from the bank. I'd certainly like to point out the cost of deposits declining from $3.99 billion to $3.7 billion. A lot of that's benefited by being able to pick up the bank deposits. Net interest margin grew from 4.9% to 5.46%. I think a lot of our competitors are dreaming up net interest margins on that type of a basis.

在第 8 張投影片上，您可以看到我們銀行的財務亮點。我當然想指出存款成本從 39.9 億美元下降到 37 億美元。其中很大一部分受益於能夠提取銀行存款。淨利差由4.9%增至5.46%。我認為我們的許多競爭對手都在這種基礎上夢想淨利差。

And obviously, once again, when you look at our ROAA, our ROTCE, this is at the bank, 3.94% ROAA, return on tangible common equity 35% with more than adequate capital at the bottom of the page on slide number 8.

顯然，再一次，當您查看我們的 ROAA 和 ROTCE 時，這是銀行的 ROAA，為 3.94%，有形普通股權益回報率為 35%，且資本充足，如頁面底部第 8 張幻燈片所示。

On slide number 9, another one of our success stories is growing tangible book value per share increased 3.7% sequentially quarter-over-quarter and 21% year-over-year. Extremely important, we are able to increase our tangible book value while paying a very healthy dividend. So we're excited about that. It's a great opportunity for shareholders to get that dividend and watch tangible book growth.

在第 9 張投影片上，我們的另一個成功案例是每股有形帳面價值較上季成長 3.7%，較去年同期成長 21%。極其重要的是，我們能夠在支付非常豐厚的股息的同時提高我們的有形帳面價值。所以我們對此感到很興奮。對於股東來說，這是一個獲得股息並實現實際帳面成長的絕佳機會。

Slide number 10, I think, was an important slide. We appreciate prices contribution here. A lot of the investors that we met up with, they want to see where all the assets are in a breakout, looking at the different buckets. This is extremely important from an evaluation standpoint to see what's on balance sheet, what is technically off-balance sheet on a non-GAAP basis, but a lot of the ALP loans that are in joint ventures or in securitizations or balance sheet, they matter.

我認為第 10 張投影片是一張重要的投影片。我們感謝這裡的價格貢獻。我們遇到的許多投資者都希望了解所有資產在突破時處於什麼位置，並專注於不同的類別。從評估的角度來看，了解資產負債表上的內容、非 GAAP 基礎上技術上表外的內容非常重要，但許多 ALP 貸款是合資企業或證券化或資產負債表，它們很重要。

We've had historically 1% charge-offs in our ALP portfolio. And I think it's important to note that we're a good lender on a risk-reward basis, we've been doing this for 20 years. We've historically come out on time.

我們的 ALP 投資組合歷史上曾出現過 1% 的沖銷。我認為值得注意的是，從風險回報角度來看，我們是一家優秀的貸款機構，我們已經這樣做了 20 年。從歷史上看，我們一直準時到達。

Also important to note for approximately a little over $1 billion bank and a little over $2 billion holding company, we have a big operation. We believe, first of all, we do between $1.5 billion to $2 billion worth of loans a year. So I think it's -- because we sell off the government guarantee piece, we don't give full credit for that, quote unquote amount of activity. Once again, we make loans and we sell them.

值得注意的是，對於一家資產略高於 10 億美元的銀行和一家資產略高於 20 億美元的控股公司來說，我們的業務規模很大。首先，我們認為我們每年發放的貸款價值在 15 億美元至 20 億美元之間。所以我認為——因為我們出售了政府擔保部分，所以我們不會對此給予充分的信任，並引用引號中的活動量。再次強調，我們發放貸款並將其出售。

We sell the government-guaranteed pieces. And on the ALP loans, we create them, we warehouse them, and then they get sold into a special purpose vehicle and create a securitization that is match funded.

我們出售的是政府擔保的物品。對於 ALP 貸款，我們創建它們，將它們儲存起來，然後將它們出售給特殊目的載體，並創建匹配資金的證券化。

Slide number 11, maybe one of the most important slides in the deck and maybe one of the most least understood aspects of our business. Number one, when we do ALP securitizations, the residual interests are valued at a 14% yield with a 15% frequency of default and a 20% severity with a 3% charge-off. We mark these to market as we've done regularly since 2022 every quarter. And basically, whatever premium is associated with it gets amortized.

第 11 張投影片可能是整個簡報中最重要的投影片之一，但也可能是我們業務中最難理解的方面之一。第一，當我們進行 ALP 證券化時，剩餘權益的收益率為 14%，違約頻率為 15%，嚴重程度為 20%，沖銷率為 3%。我們依照 2022 年以來每季的慣例，以市價標示這些產品。基本上，與之相關的任何溢價都會被攤提。

I think it's important to note when you look at the spread income, the securitized the ALP loans carry weighted average coupons in the 2025 deal of 13.3%. The notes have a weighted average yield of 6.6%.

我認為，當你查看利差收入時，值得注意的是，證券化的 ALP 貸款在 2025 年交易中的加權平均票息率為 13.3%。該票據的加權平均收益率為 6.6%。

Now, when you take the 100 basis points out for servicing, it's a 570 basis points spread. So I would ask everybody on this call, if I was to go to a bank of our size and our stature and say, you can get 570 basis points mass funded and you need no employees because all the loans go into a special purpose vehicle. So there's no expense underneath that. Isn't that attractive?

現在，當您拿出 100 個基點用於服務時，利差就是 570 個基點。因此，我想問一下參加此次電話會議的每個人，如果我去一家與我們規模和地位相當的銀行，並說，您可以獲得 570 個基點的大規模融資，而且您不需要員工，因為所有貸款都進入了特殊目的載體。因此這其中並沒有什麼費用。這不是很有吸引力嗎？

Well, we just did this. And we put, I think, $218 million loans $180 million, $185 million of bonds, and we created this securitization known as NALP2025-1. Also, we intend to regularly execute ALP securitizations with the loans on the balance sheet. As a matter of fact, if you like what we did recently, we're about to do it again.

嗯，我們剛剛就這麼做了。我認為，我們發行了 2.18 億美元的貸款、1.8 億美元的債券和 1.85 億美元的債券，並創建了稱為 NALP2025-1 的證券化產品。此外，我們打算定期利用資產負債表上的貸款來執行 ALP 證券化。事實上，如果您喜歡我們最近所做的事情，我們將再次這樣做。

We've got $138 million of ALP loans currently sitting on the balance sheet. I think you'll see another securitization again in the fourth quarter. Once the loans go into that special purpose vehicle, they get written down. Then the residual piece gets valued at the yields that we talked about, which are market clearing yields.

我們的資產負債表上目前有 1.38 億美元的 ALP 貸款。我認為你會在第四季再次看到另一次證券化。一旦貸款進入該特殊目的載體，就會被減記。然後，剩餘部分按照我們討論過的收益率進行估值，即市場清算收益率。

Once again, important to note, this is extremely accretive, very valuable and this activity is used from the entire overhead of the bank and of the holding company. So we're getting tremendous operating leverage. Also, the ALP business has an average loan size of about $5 million. In the 7(a) business, the average loan size is $400,000 to $450,000. So the ability to get to make up the number, $1 billion of loans, it's 200 units. We'll do probably 2,500 to 2,700 loan units this year, totally within our capability.

再次強調，需要注意的是，這具有極強的增值性，非常有價值，而且這項活動來自銀行和控股公司的全部管理費用。因此我們獲得了巨大的經營槓桿。此外，ALP 業務的平均貸款規模約為 500 萬美元。在 7(a) 業務中，平均貸款額為 400,000 美元至 450,000 美元。因此，獲得 10 億美元貸款的能力需要 200 個單位。我們今年大概會發放 2,500 到 2,700 個貸款單位，這完全在我們的能力範圍內。

And we take the same pipeline that we use for all of our lending programs, 504, 7(a), line of credit, which would be C&I loans, both term and revolvers and CRE. It's that pipeline of 600 to 900 business loans a day, $2.5 million of database that we're able to reach customers and let them know that we will do these types of loans.

我們採用與所有貸款計劃相同的管道，即 504、7（a）信用額度，其中包括 C&I 貸款（定期貸款、循環貸款和 CRE）。正是透過每天 600 到 900 筆商業貸款和價值 250 萬美元的資料庫，我們才能夠接觸到客戶並讓他們知道我們將提供此類貸款。

On slide number 11, we have detailed the mechanics to make sure that the market understands how these assets are flowing through the income statement and the balance sheet. The unrealized gains on securitized loans that appeared in Q1 were reversed when those loans went into the securitization. So the unrealized gain on the retained residual book of which about 87% of the principal value went into rated debt instruments. The 13% is the equity piece, servicing asset that was created also shows up. That's the 100 basis points I talked about.

在第 11 張投影片上，我們詳細介紹了相關機制，以確保市場了解這些資產如何在損益表和資產負債表中流動。第一季出現的證券化貸款未實現收益在這些貸款進入證券化時被沖銷。因此，保留的剩餘帳簿的未實現收益中約有 87% 的本金價值進入了評級債務工具。13% 是股權部分，創建的服務資產也會出現。這就是我所說的100個基點。

Also important to note, these loans have prepayment penalties, which keeps the loan on the books. It keeps the high coupon, and it keeps the borrower from prepaid. It's a 5% penalty in year one, 5% in year two, 5% in year three, and 3% in year four. The duration of these particular loans in the portfolio is between 4 to 5 years.

還要注意的是，這些貸款都有提前還款罰金，這使得貸款無法離開帳簿。它保留了高息票，並防止借款人提前還款。第一年罰款 5%，第二年罰款 5%，第三年罰款 5%，第四年罰款 3%。投資組合中這些特定貸款的期限為4至5年。

All important data to think about when you're looking at our ALP business, particularly with this information on slide number 11. If you look at the net income in the securitization, it's probably priced at about 5.5 times cash flow. So I ask everybody on this call. Would you like creating assets and valuing them at 5.5 times cash flow in a business that's growing without expense associated with it once it's put into the securitization. We like the business a lot.

當您查看我們的 ALP 業務時，您需要考慮所有重要數據，尤其是第 11 張投影片上的資訊。如果你看一下證券化的淨收入，它的價格可能是現金流的 5.5 倍左右。所以我在這次電話會議上詢問了所有人。您是否願意在不斷發展的企業中創建資產，並按現金流的 5.5 倍對其進行估值，而一旦將其證券化，則無需承擔相關費用？我們非常喜歡這個生意。

Let's go to slide number 12, credit quality. We've talked about this. It's a slide that you've seen in the past. The nonaccrual increase in NSBF is slowing. We put some numbers around that.

我們來看第 12 張投影片，信用品質。我們已經討論過這個問題了。這是您以前見過的幻燈片。NSBF 的非應計成長正在放緩。我們對此給出了一些數字。

I think this is an important bullet number three. As a nonbank lender, we generally retain the loans that were in the fold and liquidated them. We didn't sell them. Well, now that we're in this business and people are very hypersensitive to nonaccruals, even though they get marked to the market, the hit's been taken and you ultimately get turned into cash.

我認為這是第三個重要的要點。作為非銀行貸款機構，我們通常會保留已收回的貸款並將其清算。我們沒有賣它們。好吧，既然我們從事這項業務，人們對不提項目非常敏感，即使它們以市場價格標記，也會受到打擊，最終會變成現金。

We are in the process of selling nonperforming loans, both at NSBF and in the bank. I think you'll start to see some activity on this in the near future, which will validate our valuations, but most importantly, return capital to us and maybe put us in more normal types of ratios and metrics that we all hold on to in our hands.

我們正在出售 NSBF 和銀行的不良貸款。我認為您將在不久的將來開始看到這方面的一些活動，這將驗證我們的估值，但最重要的是，將資本返還給我們，並可能讓我們擁有我們都掌握的更正常的比率和指標。

Once again, important to note, the ALP loan is performing well, using the on and off balance sheet LP balances. We have a 1% historic charge-off rate as of June 30, 2025. And some of the data that you see on the chart here is important, not to exaggerate the NSBF portfolio, which will frankly when I get asked questions about the great financial crisis.

再次需要注意的是，使用表內和表外 LP 餘額，ALP 貸款表現良好。截至 2025 年 6 月 30 日，我們的歷史沖銷率為 1%。您在圖表上看到的一些數據很重要，不要誇大 NSBF 投資組合，坦白說，當我被問到有關金融危機的問題時，我會這麼說。

The great financial crisis, in my opinion, was '21, '22 and '23 for SBA lending, where rates basically rose between 3% to 5% on loans that are originated in that vintage year. So we took quite a bit of losses on those -- on that particular portfolio.

在我看來，2021、2022 和 2023 年是 SBA 貸款面臨的最大金融危機，當年發放的貸款利率基本上上漲了 3% 至 5%。因此，我們在那個特定的投資組合上遭受了相當大的損失。

And I think as you go to the next slide on 13, important to note, the percentage of portfolio aged loans less than 24 months, 0. So we have a seasoned portfolio in there.

我認為，當您翻到下一張投影片 13 時，需要注意的是，期限少於 24 個月的投資組合貸款所佔百分比為 0。所以我們有一個成熟的投資組合。

We think the real pain of the NSBF portfolio is behind us. The portfolio is paying down quickly. We have approximately $200 million of capital in NSBF that we believe will be freeing up as these securities pay down and we had cleanup calls, which would be very useful to doing things like paying off debt, buying back stock, paying dividends, all the things that shareholders really like and enjoy.

我們認為 NSBF 投資組合的真正痛苦已經過去了。該投資組合的回報正在迅速減少。我們在 NSBF 擁有約 2 億美元的資本，我們相信，隨著這些證券的償還和清算，這些資本將會釋放，這對於償還債務、回購股票、支付股息以及股東真正喜歡和享受的所有事情非常有用。

So the NSBF portfolio continues to pay down. It paid off during the last calendar year, about $102 million or roughly 30%. We do believe the nonaccrual inflows in NSBF hit their peak in Q2, 2024, continue to decelerate. And we think that NSBF is going to wind up being an important opportunity for us.

因此，NSBF 投資組合的回報持續下降。該公司在去年獲得了回報，金額約為 1.02 億美元，約 30%。我們確實相信 NSBF 的非應計流入將在 2024 年第二季達到峰值，然後繼續減速。我們認為 NSBF 最終將成為我們的一個重要機會。

Once again, the remaining -- a lot of the remaining loans in NSBF are, I'll use the word, trapped in free securitizations, the 2021 deal, 2022, 2023 deal. So prepayments low liquidations are all held for the bondholders. So once those bonds hit their clean up are paid off and get released, all this cash flow and the equity will be freed up for a variety of different uses. I'd now like to have Frank DeMaria present slide number 14 and on.

再說一次，剩下的——NSBF 中很多剩餘的貸款，我會用這個詞來形容，都陷入了免費證券化，即 2021 年的交易、2022 年的交易、2023 年的交易。因此，預付款和低額清算均由債券持有人持有。因此，一旦這些債券被清理、償還並釋放，所有這些現金流和股權將被釋放用於各種不同的用途。現在我想請 Frank DeMaria 展示第 14 張投影片。

Thanks, Barry. Turning to slide 15. We provide some context around the held-for-investment loan portfolio at the bank. We account for the banks held for investment portfolio on a cost basis compared to the fair value accounting that's applied to our other loan portfolios. 61% of the banks held for investment portfolio consists of unguaranteed SBA 7(a) loans, which is built from the first half of '23 when the bank began originating 7(a) loans.

謝謝，巴里。翻到第 15 張投影片。我們提供了有關該銀行持有的投資貸款組合的一些背景資訊。與適用於我們其他貸款組合的公允價值會計相比，我們以成本基礎對持有的投資組合進行會計處理。 61% 的投資組合由無擔保的 SBA 7(a) 貸款組成，這些貸款是從 2023 年上半年銀行開始發放 7(a) 貸款時建立的。

Prior to that, the 7(a) loans were originated by our nonbank lender. The bank has been building an allowance for credit losses against that portfolio. More than 90% of which is related to the unguaranteed 7(a) book, which currently carries an allowance equal to 8.3% of unguaranteed 7(a) balances.

在此之前，7（a）貸款由我們的非銀行貸款機構發放。該銀行一直在針對該投資組合建立信貸損失準備金。其中 90% 以上與未擔保 7(a) 帳簿有關，目前的撥備相當於未擔保 7(a) 餘額的 8.3%。

70% of the 7(a) allowance is characterized as collectively assessed of which less than 5% of the total ACLs related to qualitative adjustments and 30% of the ACL is held against individually assessed loans. While our ECL continues to build, it's building at a lower rate than in previous quarters, resulting in a sequential decrease in the provision, which continues to more than cover net charge-offs.

7(a) 準備金的 70% 被定性為集體評估，其中不到 5% 的總 ACL 與定性調整有關，30% 的 ACL 是針對單獨評估的貸款而持有的。儘管我們的預期信用損失 (ECL) 繼續增加，但增加速度低於前幾個季度，導致撥備連續減少，但仍超過淨沖銷額。

Moving to deposits on slide 16. Barry talked about the success we're having on the business deposit front, which were up $50 million sequentially and now represent almost 30% of deposits. We saw another meaningful move lower in our cost of deposits and believe the costs could continue to decline if we continue to execute on business deposit growth.

前往投影片 16 上的存款。巴里談到了我們在商業存款方面的成功，商業存款連續增長 5000 萬美元，目前佔存款的近 30%。我們看到存款成本再次顯著下降，並相信，如果我們繼續執行業務存款成長政策，成本可能會繼續下降。

Our loan-to-deposit ratio is north of 90%, and nearly 80% of our deposits are insured. We're using deposits to fund loan growth as the bank's bond portfolio was only $14 million on a $1.3 billion bank balance sheet.

我們的貸存比超過 90%，近 80% 的存款都有保險。我們正在使用存款來資助貸款成長，因為在 13 億美元的銀行資產負債表上，該銀行的債券投資組合僅為 1,400 萬美元。

On slide 17, we highlight NewtekOne's strong pre-provision earnings profile, which is a function of the wider lending spreads we capture our healthy levels of fee income fueled by selling, securitizing, and servicing loans, and the brokerless branches operating infrastructure that's scalable by design. As we layer on more securitizations and build the ALP business, the already impressive level of pre-provision earnings could improve.

在幻燈片 17 上，我們重點介紹了 NewtekOne 強勁的撥備前盈利狀況，這是透過更廣泛的貸款利差實現的，我們透過出售、證券化和服務貸款以及設計可擴展的無經紀分支機構運營基礎設施來獲得健康的費用收入。隨著我們分層增加證券化並建立 ALP 業務，原本就已經令人印象深刻的撥備前收益水準可能會有所提高。

Last thing to reiterate on this slide. As Barry mentioned, the year-over-year revenue growth is 15%. Slide 18 supports the scalable operating infrastructure comments I just made. The balance sheet climbed 37% over the last year, while operating expenses were up just 4%, and the efficiency ratio once again improved on a year-over-year basis. We believe we have the infrastructure to manage a much larger balance sheet.

在這張投影片上要重申的最後一件事。正如 Barry 所提到的，營收年增了 15%。投影片 18 支援我剛才提出的可擴展營運基礎設施評論。資產負債表在去年增長了 37%，而營運費用僅增長了 4%，效率比率同比再次提高。我們相信我們擁有管理更大資產負債表的基礎設施。

And with that, I'll turn it back to Barry for slide 19.

說完這些，我會把投影片第 19 張交還給 Barry。

(technical difficulty) slide 18 for the average net premium from SBA 7(a) loans. For second quarter 2025, we averaged 10.91%. I think it's important to note that the SBA changed some of its rules and regulations, and we believe that the market clean premium government-guaranteed 7(a) for the rest of the year and the second half will be about 110.

（技術難度）幻燈片 18 顯示了 SBA 7（a）貸款的平均淨保費。2025 年第二季度，我們的平均利率為 10.91%。我認為值得注意的是，SBA 改變了一些規則和規定，我們認為今年剩餘時間和下半年的市場清潔保費政府擔保 7(a) 將在 110 左右。

I think it's important to note, we have this in our earnings guidance. That's extremely important. The big differential in price is based upon, there's a 55 basis point fee that there's some loans that we have in the pipe that will be available. Without the 55 basis point fee, the SBA put it back in to basically better balance its loss reserves, which, frankly, makes a lot of sense.

我認為值得注意的是，我們的獲利預測中包含了這一點。這極為重要。價格的巨大差異是基於 55 個基點的費用，我們有一些可用的貸款。在沒有 55 個基點的費用的情況下，SBA 將其重新納入，基本上是為了更好地平衡其損失準備金，坦白說，這非常有意義。

So I just want to point out, we are guiding to a lower gain on sale from approximately 111 to 110, but it's in our numbers and it's in our guidance. I also want to point out the ALP loan originations for the second half of 2025 are expected to approximate $250 million. That is also in our midpoint of $210 million to $250 million.

所以我只想指出，我們預計銷售收益將從大約 111 降至 110，但這是我們的數字，也是我們的指導。我還想指出，預計 2025 年下半年 ALP 貸款發放將達到約 2.5 億美元。這也處於我們的 2.1 億美元至 2.5 億美元的中間值。

On slide number 19, another price row original adjusted net margin, this is basically a good analysis of really taking a look at -- and obviously, it's non-GAAP, but all the loans that we have, both on the balance sheet and off the balance sheet, to basically give us, I guess, what I would refer to as an adjusted NIM.

在第 19 張投影片上，另一行價格是原始調整後的淨利潤率，這基本上是對真實情況的良好分析 - 顯然，它是非 GAAP，但我們擁有的所有貸款，無論是在資產負債表內還是在資產負債表外，基本上都給了我們，我想，我稱之為調整後的 NIM。

So the adjusted NIM, when you start to add on the ALP loans that are in joint ventures and then the 2025 deal, gets you about 3.51%. And we do believe that's going to continue to grow, particularly as we grow the ALP business, which is on a pretty good growth track right now and does extremely well for the organization.

因此，當你開始添加合資企業的 ALP 貸款以及 2025 年的交易時，調整後的 NIM 會達到約 3.51%。我們確實相信它會繼續成長，特別是隨著我們 ALP 業務的成長，該業務目前正處於相當良好的成長軌道上，並且為組織帶來了極大的好處。

With that, operator, we're now open to Q&A.

接線員，我們現在可以進行問答了。

(Operator Instructions) Tim Switzer, KBW.

（操作員指示）Tim Switzer，KBW。

Hey, good afternoon, guys. Thank you for taking my questions. The first question I have is on the deposit trends of the growth in the commercial deposits and lower deposit costs overall. Can you talk about some of the drivers there, what help bring in? I think it was about $50 million of growth on the commercial deposit side? And then what are your expectations going forward for that initiative and then bringing down to deposit cost going forward?

嘿，大家下午好。感謝您回答我的問題。我第一個問題是關於商業存款成長和存款成本整體下降的存款趨勢。您能談談那裡的一些司機，帶來了什麼幫助嗎？我認為商業存款方面的成長約為 5000 萬美元？那麼，您對該計劃的未來有何期望，以及未來如何降低存款成本？

Thank you, Tim. Look, I think that what's important for our organization is to be (technical difficulty) our account was 1%. Our business savings was 3.5%, and it's truly a 0 fee opportunity. And for the (technical difficulty), we give clients a tremendous benefit in merchants versus and in payroll will be backing with the solution.

謝謝你，提姆。聽著，我認為對我們的組織來說重要的是（技術難度）我們的帳戶是 1%。我們的業務節省了 3.5%，這確實是一個零費用的機會。對於（技術難題），我們為客戶提供了商家方面的巨大優勢，而薪資方面則會得到解決方案的支持。

So I think the days of getting a depository count where it isn't linked to a solution for a business to send and receive money is a problem. We had a lot of success, particularly in the lending arena, where our borrowers are making payments out of a Newtek bank account. To be frank with you, we need to improve the utilization.

因此，我認為，如果存款計數與企業收發資金的解決方案不掛鉤，那麼這個問題就會存在。我們取得了許多成功，特別是在貸款領域，我們的借款人可以透過 Newtek 銀行帳戶付款。坦白說，我們需要提高利用率。

We've opened up -- I think that the total business account portfolio is about 4,000. And to be perfectly honest and frank, there's a lower level of utilization on those accounts that we like, but we're going to get there.

我們已經開放了——我認為整體商業帳戶組合約為 4,000 個。坦白說，我們喜歡的那些帳戶的利用率較低，但我們會努力實現這一目標。

Also, on the payment side, you're doing payment processing. Well, it comes with a bank account. You're doing payable. Well, it comes in a bank account. Now in addition to offering the bank account, it's a 0 fee account. It's a higher rate account.

此外，在支付方面，您正在進行支付處理。嗯，它附帶一個銀行帳戶。您正在做應付帳款。嗯，它存入銀行帳戶。現在除了提供銀行帳戶外，它還是一個零費用帳戶。這是一個利率較高的帳戶。

We are able to take the customers' banking depository information brought through our software and do an analysis as to where they will save money. Now from a technological standpoint, when they go to the Newtek Advantage, they could look at the bank information, ACHs, Fed wires maybe so to be able (technical difficulty), they can also see their REIT on card, their refunds, their chargebacks, their batches from that bank. They can make payroll from the advantage.

我們能夠透過我們的軟體獲取客戶的銀行存款信息，並分析他們可以在哪裡省錢。現在從技術角度來看，當他們進入 Newtek Advantage 時，他們可以查看銀行資訊、ACH、聯邦電匯，這樣就能夠（技術難度），他們還可以查看卡上的 REIT、退款、退款和來自該銀行的批次。他們可以利用這一優勢來賺取工資。

And -- all of this ties in. I also think on a selective basis, we're going to be offering a line of credit and a bank account. That is going to be part of our full arsenal to provide the SMB, SME, and independent business owner client base, the best of all solutions, and that's our focus.

並且——所有這些都是相關的。我還認為，我們將有選擇地提供信用額度和銀行帳戶。這將成為我們全部產品的一部分，為中小型企業 (SMB)、中小企業 (SME) 和獨立企業主客戶群提供最佳的解決方案，這也是我們的重點。

Okay. Great. That was really helpful. And then I apologize if I'm missing this somewhere, but what were your total charge-offs this quarter for your held for investment portfolio

好的。偉大的。這真的很有幫助。然後，如果我遺漏了什麼，我深感抱歉，但本季你的投資組合的總沖銷額是多少

Frank, did you talk to that one?

法蘭克，你和那個人談過嗎？

Yeah, it was $5 million, Tim.

是的，是 500 萬美元，提姆。

Okay. So pretty flat with last quarter.

好的。與上一季相比基本持平。

Yeah, $5.1 million to be exact -- exactly.

是的，確切地說是 510 萬美元——正好。

Okay. So exactly the same as last quarter. And then the other question I had is, you guys did a really good job of last quarter, helping us kind of break down the various drivers that went through that net fair value line item. And obviously, it was a negative $11.8 million this quarter.

好的。與上一季完全相同。然後我的另一個問題是，你們在上個季度做得非常好，幫助我們分解了影響淨公允價值項目的各種驅動因素。顯然，本季的虧損為 1,180 萬美元。

And I know that the securitized loans had an impact on that and the reversal from the held-for-sale SBA loans last quarter. Can you give us the different pieces of that? And particularly what the gain was on ALP loans this quarter?

我知道證券化貸款對此產生了影響，上個季度持有待售的 SBA 貸款也出現了逆轉。您能給我們講講其中的不同部分嗎？本季 ALP 貸款的具體收益是多少？

I'm going to let you do that with the numbers and the debits and the credits.

我會讓你用數字、借方和貸方來做到這一點。

Yeah. That's fine. So Tim, the previous unrealized gains, as Barry mentioned earlier, on the ALP loans was $35.1 million, so that was reversed which is the primary component, as you mentioned, of that $11.7 million.

是的。沒關係。所以蒂姆，正如巴里之前提到的，ALP 貸款的先前未實現收益為 3510 萬美元，因此這筆收益被逆轉了，正如你所提到的，這是 1170 萬美元的主要組成部分。

By reverse, Frank, you mean written down to 0, right? In other word --

法蘭克，你說的反向是指寫成 0，對嗎？換句話說--

Correct. Written down the par.

正確的。寫下標準。

Set by the loss?

按損失設定？

That's right. Written down the par in the loan (multiple speakers)

這是正確的。減去貸款本金（多位發言者）

TA couple of investors see your double counting and we're not double counting.

TA 的幾位投資者看到了你們的重複計算，而我們並沒有重複計算。

That's right. No, that's okay. And then we're written down, as Barry mentioned, sold in for the securitization. That ultimately results in a net gain that you see about $32.4 million on the value of the equity interest. For the quarter, the ALP loan gains were about $6.3 million. So that kind of helps offset -- that's part of the offset of that loss as well as the 7(a) unguaranteed loans that are also being held on the books before they get sold.

這是正確的。不，沒關係。然後，正如巴里所提到的那樣，我們將其減記，出售以進行證券化。這最終將帶來股權價值約 3,240 萬美元的淨收益。本季度，ALP 貸款收益約為 630 萬美元。因此，這有助於抵消——這是對損失以及在出售之前帳面上持有的 7(a) 無擔保貸款的部分抵消。

Okay, great. Thank you, guys.

好的，太好了。謝謝你們。

And Tim, also, I think if you go to slide number12 and you look across the numbers, you could see that we've got a lot of stability here. Now, I want to point out with a good chunk of the bank's held for investment portfolio being fairly mature (technical difficulty) higher accruals (technical difficulty)

提姆，另外，我認為如果你看第 12 張幻燈片並查看這些數字，你會發現我們在這裡已經非常穩定了。現在，我想指出的是，銀行持有的投資組合中很大一部分相當成熟（技術難度較高），應計費用較高（技術難度）

Barry, I think we lost you there. You may have to repeat that.

巴里，我想我們把你弄丟了。你可能必須重複一遍。

Yeah. So I don't know if it came through, but I wanted to point out on slide number 12, there's a lot of stability when you run your finger across of NPLs, on and off balance sheet, ex NSBF. We ex NSBF because we do believe that's a runoff portfolio and a top portfolio.

是的。所以我不知道它是否實現了，但我想指出，在第 12 張幻燈片上，當你用手指觸摸不良貸款時，無論是表內還是表外，除 NSBF 外，都會發現很大的穩定性。我們剔除 NSBF，因為我們確實認為這是一個決勝投資組合和頂級投資組合。

With that said, the provision at the bank for the second quarter was down from the first quarter. And that's just a function of not having nonaccruals roll into the book. We do believe that that will pick back up. It's expected. We're reserved for it.

話雖如此，該銀行第二季的撥備較第一季下降。這只是不將未計項目計入帳簿的功能。我們確實相信，這數字將會回升。這是意料之中的事。我們對此有所保留。

The reserves are basically almost capital basically because if you have a loss, it goes right against the reserve. So we feel good about the business. We're not overly concerned about the credit aspects of the portfolio because of the reserves. Next question, operator?

儲備金基本上就是資本，因為如果你有損失，它就會直接抵銷儲備金。因此我們對這項業務感到滿意。由於儲備，我們並不太擔心投資組合的信用方面。接線員，下一個問題是什麼？

Crispin Love, Piper Sandler.

克里斯賓·洛夫，派珀·桑德勒。

I just want to follow up on the net gain in residual and securitizations line. So $32 million in the quarter. I'm just curious on the go forward there. Will those only occur when you do ALP securitization? Just curious what's changed there and then what we should expect going forward?

我只是想跟進剩餘和證券化線的淨收益。因此本季的營收為 3,200 萬美元。我只是對那裡的進展感到好奇。這些只有在進行 ALP 證券化時才會發生嗎？只是好奇那裡發生了什麼變化以及我們對未來有何期待？

That is go ahead, Frank, you can answer the question.

那就繼續吧，弗蘭克，你可以回答這個問題。

Yeah. So what's changed there? This is the first time that, Crispin, we've done this and own 100% of the residual. In contrast, previously, we were doing those through 50-50 joint ventures. So the difference there is those would go through that joint venture and noncontrolled interest line? We do anticipate doing these type of structures in the future. But that's the difference there between the two prior ALP securitizations.

是的。那麼那裡發生了什麼變化？克里斯平，這是我們第一次這樣做，並且擁有 100% 的剩餘部分。相較之下，以前我們是透過 50-50 合資企業來實現這些目標的。那麼，差別在於這些會通過合資企業和非控制性利益線嗎？我們確實期望將來能建造此類建築。但這就是之前兩次 ALP 證券化之間的區別。

Okay. And then just on the SBA rule changes that went into effect June 1, you cited the margin impacts, again, some margin impacts. But I'm curious on volumes, would you expect a drop off in volumes in the 7(a) product. Curious on just your overall thoughts on the changes and then if you've seen any noticeable differences in the past couple of months since they went into effect.

好的。然後，就 6 月 1 日生效的 SBA 規則變化而言，您再次提到了利潤影響，一些利潤影響。但我對銷售很好奇，您是否預期 7(a) 產品的銷售量會下降？我很好奇您對這些變化的總體看法，以及自這些變化生效以來的幾個月裡您是否看到了任何明顯的差異。

Crispin, it's a good question. I don't believe for our purposes because it's very different. The nonbank lenders in the space are having a lot of difficulty. They don't have the staff. They don't have the capability to comply with the new changes. We're very proud of the fact that we are totally comfortable. We're not changing our guidance for $1 billion of 7(a)s for the year.

克里斯平，這是個好問題。我不相信我們的目的，因為這是非常不同的。該領域的非銀行貸款機構面臨許多困難。他們沒有員工。他們沒有能力適應新的變化。我們對自己感到非常舒適感到非常自豪。我們不會改變今年 10 億美元 7(a) 計畫的指導方針。

And by the way, when I say we're going to 110, the mix could change between the 10-year paper and a 25-year paper, which could change the gain. But right now, we're not making a change. We do believe, and I've said this before, it's a harder market to find good credits as well as tariffs, which clearly were an issue in April and are less of an issue today, I think, slowed down the borrowing appetite of a lot of customers. And that's beginning to change when you see these tariff deals, people are more optimistic. So we feel pretty good about the second half of the year.

順便說一句，當我說我們要達到 110 時，10 年期債券和 25 年期債券之間的組合可能會發生變化，這可能會改變收益。但目前，我們不會做出改變。我們確實相信，而且我之前也說過，現在市場上要找到好的信貸和關稅變得更加困難，這在四月份顯然是一個問題，但今天已不再是一個問題，我認為，這減緩了許多客戶的借貸意願。當你看到這些關稅協議時，這種情況開始發生變化，人們變得更加樂觀。因此，我們對今年下半年的前景非常樂觀。

Steve Moss, Raymond James.

史蒂夫莫斯、雷蒙詹姆斯。

Barry, maybe just starting with the the extended holding period for 7(a) loans. Just kind of curious like how do we think about that? Is that just a small timing difference or is it going to be a little longer in duration?

巴里，也許只是從延長 7(a) 貸款的持有期開始。只是有點好奇我們是怎麼看待這個問題的？這只是一個小小的時間差異還是持續時間會更長？

I think you're referring to the NPLs, right, nonperforming loans?

我想您指的是不良貸款，對吧？

I thought maybe I misheard that. I thought I read that there was a little extended period for holding 7(a) (inaudible)?

我想也許我聽錯了。我以為我讀過，持有 7(a) (聽不清楚) 的期限會稍微延長一些？

You're holding the on the balance sheet. Got it. You're looking at a holding period of 60 to 75 days, maybe 90, but rolling into the next quarter. We don't -- we still intend on selling them for cash gains. We found that this is a good strategy for us. It's helping our net interest income. So I think you're looking at 60 to 75 days.

您持有資產負債表。知道了。您的持有期為 60 至 75 天，甚至 90 天，但會延續到下一季。我們不會——我們仍然打算出售它們以獲取現金收益。我們發現這對我們來說是一個很好的策略。它有助於我們的淨利息收入。所以我認為你需要 60 到 75 天的時間。

Okay. Got you. And then in terms of -- I'm not sure I heard you correctly. Did you say you're still sticking with $1 billion in SBA originations for the current year expectations?

好的。明白了。然後就——我不確定我是否聽清楚了你的意思。您是否說過您仍堅持今年 SBA 發起金額 10 億美元的預期？

Correct. Yes, sir.

正確的。是的，先生。

Okay. Got it. And then in terms of just thinking about the in terms of us thinking about expenses here, just kind of curious as to what you think for back half expenses. Should they be relatively stable? Or -- I know you have investments obviously ongoing, so maybe that drives up expenses. Just kind of curious how we think about that.

好的。知道了。然後就我們在這裡考慮的費用而言，我只是有點好奇您對後半部分費用的看法。它們應該相對穩定嗎？或者——我知道您顯然正在進行投資，所以這可能會增加開支。只是有點好奇我們是怎麼看待這個問題的。

Hopefully flattish. I think when we looked at our expenses for Q2 2025 versus Q2 2024, I think it was only a 4% increase. So it's one of my favorite topics, Steve, when the expense things come to my desk from consultants and staff and things of that nature. But I would say flattish would be a good guesstimate.

希望是平緩的。我認為，當我們查看 2025 年第二季與 2024 年第二季的支出時，我認為僅成長了 4%。所以，史蒂夫，當顧問、員工和諸如此類的人把費用問題提交到我的辦公桌上時，這是我最喜歡的話題之一。但我想說，持平是一個很好的估計。

Okay. Got you. And maybe if we could just go back to the net gain on residuals in securitization, so you had $32.4 million. You have -- you're holding the entire residual which to me looks like that was $32 million based on the bullet where you closed $184 million securitization backed by $216 million in outloans. So basically, am I thinking about this correct is it's like you hold the equity interest, you're judging what the cushion is in terms of that $32 million extra cushion, and you're putting a 14% discount. Did I hear that correctly?

好的。明白了。也許我們可以回到證券化殘值的淨收益，那麼你就有 3,240 萬美元。您持有全部剩餘金額，在我看來，根據您以 2.16 億美元貸款支持的 1.84 億美元證券化結果，剩餘金額為 3200 萬美元。所以基本上，我這樣想是否正確，就像你持有股權，你根據那 3200 萬美元的額外緩衝來判斷緩衝是多少，然後你給了 14% 的折扣。我沒聽錯吧？

Yeah, 14% discount with a 15% default frequency over the life and a 20% severity, which will be a 3% charge-off that -- after that charge-off, you get to the 14%. And Steve, the book value, I believe, is around $35 million.

是的，14% 的折扣，整個生命週期內 15% 的違約頻率和 20% 的嚴重程度，將產生 3% 的沖銷 - 沖銷後，您將獲得 14%。史蒂夫，我認為帳面價值約為 3500 萬美元。

And we look at this in a variety of different ways. One of the things I think that's important is as you -- as that portfolio seasons, okay, two things are going to happen. You're getting closer to being an attractive prepay when the prepaid penalties were off, but you're also getting the cash flow from the interest income less the interest expense. I think what you'll see is when you do the math, it pretty close -- I'm not saying it's positive or negative, but it's pretty close. And if you look at the valuation, it's approximately 5.5 times income

我們以各種不同的方式看待這個問題。我認為重要的一件事是，隨著投資組合的季節變化，將會發生兩件事。當預付罰金取消後，您就更接近有吸引力的預付款，但您也可以從利息收入減去利息支出中獲得現金流。我想當你計算一下時你會發現它非常接近——我不是說它是正數還是負數，但它非常接近。如果你看一下估值，它大約是收入的 5.5 倍

Okay. That's everything for now.

好的。目前就這些了。

Christopher Nolan, Ladenburg Thalmann.

克里斯多福諾蘭、拉登堡塔爾曼。

Barry, on your comments that you expect the provision to go higher in the second half of the year, if I heard you correctly.

巴里，如果我沒聽錯的話，您說預計下半年的撥備將會更高。

Yeah.

是的。

Where should we expect the reserve ratio to go and that's allowance relative to period-end loans?

我們預期準備金率將會如何變化，以及相對於期末貸款的撥備金是多少？

Yeah, that's a good question. And the other thing too -- and I do appreciate the question. The funny thing about the business, and I'm not a career banker, but that provision indeed, that's like capital. So I like the big provision. It breaks out a lot of people, just to be frank with you.

是的，這是個好問題。還有另一件事——我非常感謝你提出這個問題。這個行業有一件很有趣的事情，雖然我不是職業銀行家，但這項規定確實就像資本一樣。所以我喜歡大規定。坦白說，它激怒了很多人。

As a matter of fact, when people reduce the provision, in many cases, the stock goes up because people think that -- people forecasting bluer skies ahead. I like having the cushion. And also, even with that cushion and that provision, we're still good on our numbers, which I think is attractive performance.

事實上，當人們減少儲備時，在許多情況下，庫存會上漲，因為人們認為——人們預測未來天空會更加蔚藍。我喜歡有墊子。而且，即使有這樣的緩衝和準備，我們的業績仍然很好，我認為這是有吸引力的表現。

I do believe that for most of the calendar year, we're probably going to be -- I'm going to give you a range, 4.5% to 5.5%. Now one thing I will tell you, some of that may change as we look to grow the CRE book as a bigger percentage and the C&I book. The traditional bank loans do in five years, full covenant package, full book?

我確實相信，在一年中的大部分時間裡，我們可能會——我會給你一個範圍，4.5% 到 5.5%。現在我要告訴你一件事，隨著我們尋求將 CRE 帳簿和 C&I 帳簿的比例提高到更大，其中一些情況可能會改變。傳統銀行貸款在五年內會怎樣？是否提供全套契約、全額貸款？

So those loans have a much lower provision than the 7(a) business. I think the 7(a) business currently accounts for about 90% of the total provision. I think it's that 92%.

因此，這些貸款的撥備比 7(a) 業務低得多。我認為7（a）業務目前佔總撥備的90%左右。我認為是那 92%。

Yeah. In the past, the regulators viewed loan loss provisions as reserve capital or capital as well. And they put the brakes on banks in terms of not over provisioning. Are you seeing from the regulators that they're giving you more flexibility in terms of how much you're willing to provision?

是的。過去，監理機關把貸款損失準備也視為儲備資本或資本。他們也對銀行過度撥備採取了限制措施。您是否從監管機構看到，他們在您願意提供的金額方面給予您更多的靈活性？

It's another great question. Frankly, we've been in the banking business now for 10 quarters and of people say, gee -- listen, it's been a very solid relationship. They haven't -- like the three little bears that it's too hot or too cold. They seem to be comfortable with really where we are.

這又是一個好問題。坦白說，我們從事銀行業務已經有 10 個季度了，人們說，聽著，我們的關係非常牢固。它們並不像三隻小熊那樣知道天氣太熱或太冷。他們似乎對我們的現狀很滿意。

Now I want to be very clear here. I think that one of the reasons we were an attractive application candidate is because we do the loans at the banking industry, in many cases, doesn't want to do. And that's to SMEs, SMBs with higher provisions and the fact that we've got 20 years' worth of experience.

現在我想在這裡說清楚。我認為我們之所以成為有吸引力的申請候選人的原因之一是，我們做的是銀行業在許多情況下不願意做的貸款。這對中小企業來說是件好事，因為我們有 20 年的經驗，可以為中小企業提供更高的準備金。

So by the way, great question. We're not -- what a lot of banks do, is they lower the provision to boost the income up. That's not where our heads are at. I mean we like the provision after doing this for 20 years, we think this is the right provision.

順便說一句，這個問題問得好。我們不是－很多銀行所做的是降低撥備來增加收入。我們的想法並非如此。我的意思是，經過 20 年的努力，我們喜歡這項規定，我們認為這是正確的規定。

Okay. And given that you're really over-earning the dividend, is it possible to see a little increase in dividend?

好的。而且考慮到您確實超額賺取了股息，股息有可能稍微增加嗎？

I don't know. I think it was a Rodney Dangerfield of spot right now. So no, I'd tell you the truth, the dividend is very healthy. And I think we'd be more likely to do other things then increase the dividend at this point. I mean, we're well above where the average bank is, and we're very hopeful that the type of presentation we make today have gotten a lot more help, a lot more clarity. We'll get people to better understand what we're trying to do. It's -- and I won't tell you that it's not -- couple of cases it is, but it makes money. So we do what makes money.

我不知道。我認為現在這是一個羅德尼·丹傑菲爾德 (Rodney Dangerfield) 的場景。所以不，我會告訴你真相，股利非常健康。我認為我們現在更有可能做其他事情，然後增加股息。我的意思是，我們遠遠高於平均水平的銀行，我們非常希望我們今天所做的演示類型能夠得到更多的幫助和更清晰的理解。我們會讓人們更好地理解我們正在做的事情。是的 — — 我不會告訴你不是 — — 在某些情況下確實如此，但它確實能賺錢。所以我們做能賺錢的事。

Marc Silk, Silk Investment Advisors.

Marc Silk，Silk Investment Advisors。

For question number one, as a shareholder, I'm perplexed that your stock trades at a PE around 5 or 6, while the industry trades higher. Can you explain why you think that is?

對於第一個問題，身為股東，我感到很困惑，為什麼貴公司的股票本益比只有 5 或 6 倍，而整個產業的本益比卻更高。你能解釋為什麼你會這麼認為嗎？

I think we're very unique. We're also getting better at telling our story. We put out a lot of information. It's just a lot of parts to what we're doing. Part of it is because we're disruptive. Here's an organization that took over a manual on branch bank, opened up 19,000 depository accounts, funds 2,500 unique borrowers digitally, has 350 customer-facing people on camera, is using AI to synthesize data into reports instead of manual inputs.

我認為我們非常獨特。我們也越來越善於講述我們的故事。我們發布了很多資訊。這只是我們正在做的事情的很多部分。部分原因是我們具有破壞性。這是一個接管了分行銀行手冊的組織，開設了 19,000 個存款帳戶，以數位方式為 2,500 名獨特借款人提供資金，在鏡頭前有 350 名面向客戶的人員，正在使用人工智慧將數據合成報告，而不是手動輸入。

I just think that the market doesn't -- we don't look like anybody else. And the other thing, people talk about doing this, we're doing it. I mean, I got a comment like program or private credit, Google Private Credit, Google alternative loans all these money managers are talking about doing it and they're doing deals with banks. They're really doing syndicated bank loans or leveraged bank loans. We're actually doing it and doing it since 2019.

我只是認為市場不認為——我們看起來和其他人不一樣。另一件事是，人們談論這樣做，我們正在這樣做。我的意思是，我收到了這樣的評論，例如計劃或私人信貸、谷歌私人信貸、谷歌替代貸款，所有這些資金經理都在談論這樣做，並且他們正在與銀行做交易。他們實際上是在做銀團貸款或槓桿銀行貸款。我們實際上從 2019 年就開始這麼做了。

So I think that -- this is just going to take time for people to get comfortable with, look at the accounting, get a better understanding of it, look at the metrics quarter-to-quarter. I mean I went to a conference recently, I had a very sophisticated, extremely bright individual, say to me, well, Barry, what if you don't make any loans next quarter, we're going to lose money. And I said, yeah, if Apple doesn't sell any iPhones and GM doesn't sell any cards, they're going to lose money, too.

所以我認為——這需要人們花一些時間來適應、了解會計、更好地理解它、查看季度指標。我的意思是，我最近參加了一個會議，有一位非常老練、極其聰明的人對我說，好吧，巴里，如果你下個季度不發放任何貸款，我們就會虧損。我說，是的，如果蘋果賣不出任何 iPhone，通用汽車賣不出任何卡，他們也會虧損。

We make loans, and we sell them. That's the business model. That's what we've done for 20 years. And it generates high returns on equity even after loan losses and provisions for that. So I think that's part of the problem, which is different. We look different.

我們提供貸款，然後出售貸款。這就是商業模式。這正是我們二十年來所做的事。即使在扣除貸款損失和撥備後，它仍能產生高股本回報率。所以我認為這是問題的一部分，這是不同的。我們看起來不一樣。

People have warned me that this wouldn't be a bed of roses or a bowl of cherries, and they were right. But we're making money. We've got capital. And we're going to continue to do this.

人們曾警告我，這不會是一帆風順的，也不會是一帆風順的，他們是對的。但我們正在賺錢。我們有資本。我們將繼續這樣做。

And if you keep earning money and you keep paying a dividend, at some time, when people are more comfortable with it, they'll jump in and participate. We're okay with it. The other thing I would say is, the investment group that we're in, which are community-based banks, that's a tough comp for us, particularly if you're looking at the traditional metrics. We don't score as well as I would like to have scored.

如果你不斷賺錢並不斷支付股息，那麼在某個時候，當人們對此感到更舒服時，他們就會加入並參與其中。我們對此沒有意見。我想說的另一件事是，我們所在的投資集團是社區銀行，這對我們來說是一個艱難的競爭，特別是如果你看傳統的指標。我們的得分沒有達到我希望的水平。

Okay. That's a fair assessment. And then I'm trying to -- maybe you can give us some color. So are you getting your business -- so let's break this down. So are you getting your business from your payroll and payment as far as new bank accounts?

好的。這是一個公平的評價。然後我嘗試——也許你可以給我們一些顏色。那麼，您是否開展了業務—讓我們來分析一下。那麼，您是否從薪資單和付款中獲得新的銀行帳戶業務？

Are you getting new bank accounts because the payroll processing and the payment processing. Obviously, you get them both, but maybe give us show us where a lot of it is coming from. And then obviously, you're getting some from maybe your high return on checking accounts. So maybe give us some color there as how this measure of the business is really paying off.

您是否因為薪資處理和付款處理而獲得新的銀行帳戶。顯然，你得到了它們兩者，但也許可以告訴我們其中很多的來源。然後顯然，您可能會從支票帳戶的高額回報中獲得一些收益。因此，也許可以給我們一些說明，看看這項業務衡量標準是如何真正帶來回報的。

So in the near future, you will see us announcing and launching the technology. When you open the bank account you get an approved merchant account, one application, one process, but two accounts. Important to note, we're not charging people. There are no fee. So it's not like we're giving them something they're not aware of, but now that you could do both things and take advantage of the new tech advantage.

因此在不久的將來，您將看到我們宣布並推出這項技術。當您開設銀行帳戶時，您會獲得一個已批准的商家帳戶，一份申請，一個流程，但兩個帳戶。值得注意的是，我們不向人收費。沒有費用。所以，這並不是說我們給他們一些他們不知道的東西，而是現在你可以同時做這兩件事並利用新的技術優勢。

By the way, you can't process an electronic payment without a bank account. So why not use our bank account? That 0 fee and provides better analytics upfront. Same thing for payroll, same thing for lending.

順便說一句，沒有銀行帳戶就無法處理電子支付。那為什麼不使用我們的銀行帳戶呢？零費用，並提供更好的前期分析。薪資單也是如此，貸款也是如此。

So having these things fully integrated, very important, not Wells Fargo situation where we're charging customers unwillingly or unknowingly. We're giving them an open account to use or not use and not charging it for them.

因此，將這些完全整合起來非常重要，而不是像富國銀行一樣，在客戶不知情或不情願的情況下向客戶收費。我們為他們提供一個開放的帳戶，讓他們可以選擇使用或不使用，並且不向他們收取任何費用。

And I'd say, it's not open without their knowledge. It is open. We then contact them and tell them it's available. They then sign the application to activate it. But now we could show, hey, you don't have to go further. It's available. Here's a great cost. Here's a great integration. Here's the great analytics. Come look at the Newtek Advantage.

我想說，在他們不知情的情況下，它不會開放。它是開放的。然後我們聯繫他們並告訴他們該服務可用。然後他們簽署申請以激活它。但現在我們可以證明，嘿，你不必再走得更遠了。可用。這是一筆巨大的代價。這是一個偉大的整合。以下是精彩的分析。來看看 Newtek 的優勢。

So we give the customer an advantage to putting all these things together. It's a little bit similar to Shopify. We don't unbundle all the stuff or frankly, what Amazon does where everything comes together in one unique integrated model for the customer.

因此，我們為客戶提供了將所有這些東西整合在一起的優勢。它與 Shopify 有點相似。我們不會把所有東西分開開來，或者坦白說，不像亞馬遜那樣，將所有東西都整合到一個獨特的整合模型中，供客戶使用。

And I am showing no further questions from our phone lines. I'd now like to turn the conference back over to Barry Sloane for any closing remarks.

我沒有從我們的電話線中提出其他問題。現在我想將會議交還給巴里·斯隆 (Barry Sloane) 並請他作結束語。

Thank you very much, everybody, for attending. Appreciate it. We look forward to reporting our next quarter and continuing to generate the types of earnings and returns that you've now gotten used to. And once again, I want to greatly thank my senior management team. I know I named a few people, but I can't name them all.

非常感謝大家的出席。非常感謝。我們期待著報告下一季的業績，並繼續創造您現在已經習慣的收益和回報。我要再次衷心感謝我的高階管理團隊。我知道我說出了一些人的名字，但我無法說出所有人的名字。

They do a great job for all of our stakeholders, shareholders, customers, and employees. Thank you very much. Have a great day.

他們為我們所有的利害關係人、股東、客戶和員工做出了卓越的貢獻。非常感謝。祝你有美好的一天。

Thank you. This does conclude today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a great day.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有個愉快的一天。