OptimumBank Holdings Inc (OPHC) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the OptimumBank Holdings, Inc. fourth-quarter 2025 earnings call. (Operator Instructions) I will now hand the conference over to Seth Denison, Managing Director of Investor Relations. Please go ahead.

女士們、先生們，感謝各位的到來，歡迎參加 OptimumBank Holdings, Inc. 2025 年第四季財報電話會議。（操作說明）現在我將把會議交給投資者關係總經理塞思·丹尼森。請繼續。

Good morning, everybody, and welcome to OptimumBank Holdings, Inc.'s fourth-quarter 2025 earnings call. I'm joined here today with our CFO, Elliot Nunez; the Chairman of our bank, Moishe Gubin; and the CEO of our bank, Tim Terry. And today, we're going to spend some time going over some of the details for the last quarter and the last year of OptimumBank's performance.

各位早安，歡迎參加 OptimumBank Holdings, Inc. 2025 年第四季財報電話會議。今天與我一同出席的還有我們的財務長艾利奧特·努涅斯；我們銀行的董事長莫伊舍·古賓；以及我們銀行的執行長提姆·特里。今天，我們將花點時間詳細了解OptimumBank上一季和前一年的業績情況。

This quarter marks a defining period for OptimumBank, not just in terms of financial performance, but in terms of strategic progress across the franchise. As of December 31, 2025, we closed the year having surpassed $1.1 billion in total assets while delivering record quarterly and annual earnings, the strongest performance in the company's history.

本季對於 OptimumBank 而言是一個具有決定性意義的時期，不僅體現在財務業績方面，也體現在整個特許經營體系的策略進展方面。截至 2025 年 12 月 31 日，我們全年的總資產超過 11 億美元，同時實現了創紀錄的季度和年度收益，這是公司歷史上最強勁的業績。

Beyond the financial results, 2025 was a milestone year for OptimumBank in several important ways. We celebrated our 25th anniversary, including the honor of ringing the opening bell at the New York Stock Exchange, a moment that reflects both the longevity of the franchise and its evolution into a scaled, high-performing institution.

除了財務表現之外，2025 年對 OptimumBank 來說也是具有里程碑意義的一年，體現在幾個重要方面。我們慶祝了成立 25 週年，其中包括在紐約證券交易所敲響開市鐘的榮譽，這一時刻既體現了該機構的悠久歷史，也體現了其發展成為規模化、高績效機構的歷程。

During the year we continued to strengthen our leadership lending capabilities with the appointment of Jeni Chokron as Chief Lender, an exceptionally experienced and highly sought after banking executive, further enhancing our ability to drive disciplined loan growth and deepen client relationships. We also achieved SBA Preferred Lender Program status in the first quarter of 2025. A designation that meaningfully expands our ability to serve small business clients more efficiently while supporting fee income and relationship-based growth.

年內，我們繼續加強領導貸款能力，任命 Jeni Chokron 為首席貸款官，她是一位經驗豐富、備受追捧的銀行高管，這將進一步增強我們推動穩健貸款增長和深化客戶關係的能力。我們還獲得了美國小型企業管理局 (SBA) 優選貸款機構計劃的資格，預計在 2025 年第一季生效。這項認證顯著提升了我們為小型企業客戶提供更有效率服務的能力，同時支援收費收入和基於客戶關係的成長。

During 2025, we formed a new wholly owned subsidiary to deliver bridge to HUD and FHA HUD-insured financing solutions for multi-family and healthcare properties. We expect to roll this platform out in early 2026, leveraging our specialized expertise in skilled nursing, senior housing, and multi-family sectors to further diversify revenue and expand our lending capabilities.

2025 年，我們成立了一家新的全資子公司，為多戶住宅和醫療保健房地產提供過渡到 HUD 和 FHA HUD 保險融資解決方案。我們預計將於 2026 年初推出該平台，利用我們在專業護理、老年住房和多戶住宅領域的專業知識，進一步實現收入多元化並擴大我們的貸款能力。

Equally important, we made significant progress on the capital markets front. Our largest institutional investor, AllianceBernstein, took deliberate action to increase its economic ownership in OptimumBank, including converting common equity into preferred stock in order to build additional exposure to the company. We view this as a strong, long-term vote of confidence in our strategy, governance, and earnings power.

同樣重要的是，我們在資本市場方面取得了重大進展。我們最大的機構投資者 AllianceBernstein 採取了有意識的行動來增加其在 OptimumBank 的經濟所有權，包括將普通股轉換為優先股，以增加對該公司的投資。我們認為這是對我們的策略、治理和獲利能力投下的強而有力的、長期的信任票。

At the same time, one of our directors, Michael Blisko, elected to convert a portion of his Series B preferred equity into common stock, increasing liquidity and market capitalization while remaining below the 9.9% ownership threshold. This threshold is a regulatory constraint rather than an economic preference, and we are hopeful that regulators will reconsider their position over time, which would allow both Moishe Gubin and Michael Blisko to convert additional Series B preferred equity in the future.

與此同時，我們的董事之一邁克爾布利斯科選擇將其持有的部分 B 系列優先股轉換為普通股，從而在保持低於 9.9% 的持股比例門檻的同時，提高了流動性和市值。這一門檻是監管限製而非經濟偏好，我們希望監管機構能夠隨著時間的推移重新考慮他們的立場，這將允許 Moishe Gubin 和 Michael Blisko 在未來轉換更多的 B 系列優先股。

The remaining 1,295 shares of Series B Preferred are held entirely by long-standing Board members, with Moishe Gubin holding 680 shares convertible into approximately 5.56 million common equity shares; and Michael Blisko holding 615 shares convertible into approximately 5.02 million common shares. In total, the remaining Series B preferred represents approximately 10.6 million common shares on an if converted basis.

剩餘的 1,295 股 B 系列優先股全部由長期擔任董事的人士持有，其中 Moishe Gubin 持有 680 股，可轉換為約 556 萬股普通股；Michael Blisko 持有 615 股，可轉換為約 502 萬股普通股。總計，剩餘的 B 系列優先股轉換基準計算約相當於 1,060 萬股普通股。

Importantly, under GAAP, this structure now allows us to present standard diluted earnings per share figures that fully and transparently reflect both common and preferred equity, making our capital structure, ownership alignment, and earnings power far cleaner, more understandable, and easier for the market to model. Taken together, these milestones reflect not just growth and scale, but strategic execution, growing institutional confidence, improved liquidity, and enhanced capital markets clarity.

重要的是，根據 GAAP，這種結構現在使我們能夠提供標準的稀釋每股收益數據，這些數據充分、透明地反映了普通股和優先股，使我們的資本結構、所有權結構和盈利能力更加清晰、易於理解，也更容易被市場建模。綜合來看，這些里程碑不僅反映了成長和規模，還反映了策略執行、不斷增強的機構信心、改善的流動性和增強的資本市場透明度。

I want to give a cautionary note regarding forward-looking statements on today's call. Based on management's current expectations, assumptions, and belief about OptimumBank's business and the environment in which it operates, these statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.

我想就今天電話會議上的前瞻性陳述提出一些警示性說明。基於管理層目前對 OptimumBank 業務及其經營環境的預期、假設和信念，這些聲明存在風險和不確定性，可能導致實際結果與預期結果有重大差異。

The call is being recorded, and we refer you to our SEC filings, including our most recent Form10-Q, for additional information regarding risk factors and forward-looking statements. Additionally, references will be made during this call to non-GAAP financial results. Investors are encouraged to review these non-GAAP financial measures as identified in the presentation deck.

本次通話正在錄音，有關風險因素和前瞻性聲明的更多信息，請參閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-Q 表格。此外，本次電話會議也將提及非GAAP財務表現。我們鼓勵投資者查看簡報中列出的這些非GAAP財務指標。

Before moving into the results, I'd like to take a moment to reflect on the leadership of the team we have installed here today. Earlier I introduced you to Moishe Gubin, the Chairman of the Board; Tim Terry, our President and CEO; and Elliot Nunez, our Chief Financial Officer. Collectively, these gentlemen have nearly a century of experience, and more details can be found on this page, which I encourage you to take the time to review. The leadership team has built the culture, stability, and performance we're discussing today.

在公佈結果之前，我想花一點時間回顧我們今天組成的這支團隊的領導能力。之前我向大家介紹了董事會主席莫伊什·古賓、總裁兼首席執行官蒂姆·特里以及首席財務官埃利奧特·努涅斯。這些先生們加起來擁有近一個世紀的經驗，更多詳情請參見此頁面，我建議您花時間瀏覽一下。領導團隊打造了我們今天討論的企業文化、穩定性和績效。

And with that, I'll turn it over to Moishe to begin the presentation.

接下來，我將把發言權交給莫伊什，讓他開始演講。

Thank you, Seth, and good morning, everyone. At the close of 2025, I want to start with a simple observation. This was the best year in OptimumBank's history. This wasn't just a year of growth, it was a year of elite execution.

謝謝你，塞思，大家早安。在 2025 年末，我想先提出一個簡單的觀察。這是OptimumBank歷史上最好的一年。這不僅是成長的一年，更是卓越執行的一年。

As you can see on this timeline, the 25th anniversary coincided with our strongest financial performance ever, where we didn't just cross the $1.1 billion asset threshold, we dominated it, delivering full-year net income of approximately $16.65 million. Our profitability metrics are frankly staggering. We've achieved a return on average equity of nearly 15% on a GAAP basis and a massive 21.6% on a core basis.

正如您在時間軸上看到的那樣，25 週年紀念日恰逢我們有史以來最強勁的財務業績，我們不僅突破了 11 億美元的資產門檻，而且還輕鬆超過了這一門檻，全年淨收入約為 1665 萬美元。坦白說，我們的獲利指標令人震驚。我們以 GAAP 準則計算的平均權益報酬率接近 15%，以核心準則計算則高達 21.6%。

But more important than any single metric is what those results represent. They reflect a bank that has successfully evolved from a fast-growing community institution into a scaled, high-performance, and durable franchise. We have proven that we can achieve aggressive, best ever scale while maintaining the same conservative discipline that has defined us for 25 years.

但比任何單一指標更重要的是這些結果所代表的意義。這反映出一家銀行已成功從快速發展的社區機構演變為規模龐大、業績卓越且可持續發展的特許經營機構。我們已經證明，我們可以在維持25年來一直秉持的保守紀律的同時，實現前所未有的快速擴張。

We are no longer just participating in the South Florida market, we are leading it. What began with $5 million in equity in November 2000 has grown to $126 million if you include OCI as of 12/31, 2025.

我們不再只是參與南佛羅裡達市場，而是引領這個市場。該公司於 2000 年 11 月以 500 萬美元的股權起家，截至 2025 年 12 月 31 日，如果計入其他綜合收益，股權已增長至 1.26 億美元。

Turning to our fourth-quarter performance, the momentum we built throughout the year accelerated further and culminated in a record quarter. Net income for the fourth quarter was $4.85 million, increasing by about $0.5 million from the third quarter and by more than $900,000 from the prior year's quarter. This growth was driven by continued core banking strength and disciplined execution across the franchise.

回顧我們第四季的業績，我們全年累積的勢頭進一步加速，最終創下了季度紀錄。第四季淨收入為 485 萬美元，比第三季增加約 50 萬美元，比上年同期增加超過 90 萬美元。這一增長得益於核心銀行業務的持續強勁實力和整個特許經營體系的嚴格執行。

The earnings per share grew from $0.18 last year fourth quarter to $0.21 this past quarter. We are expecting to be able to maintain a range of $0.18 to $0.21 a quarter going forward.

每股收益從去年第四季的 0.18 美元增長到本季的 0.21 美元。我們預計未來每季能夠維持 0.18 美元至 0.21 美元的區間。

Net interest income rose by more than $800,000 quarter-over-quarter to $11.87 million, supported by higher loan balances, disciplined pricing, and continued improvement in funding costs. This past quarter versus same quarter of 2024 had an increase of over $2.6 million. We hope to break $50 million this year in net interest income, God willing.

淨利息收入季增超過 80 萬美元，達到 1,187 萬美元，這得益於貸款餘額增加、定價策略嚴格以及融資成本持續改善。與 2024 年同期相比，上一季成長超過 260 萬美元。如果上帝保佑，我們希望今年的淨利息收入能突破5,000萬美元。

While non-interest expenses increased modestly during the quarter as we continue to invest in personnel, technology, and infrastructure, revenue growth once again outpaced those costs. Non-interest income totaled $1.73 million for the quarter, remaining well above year ago levels despite lower loan prepayment activity.

雖然本季非利息支出略有增加，因為我們繼續投資於人員、技術和基礎設施，但收入成長再次超過了這些成本。本季非利息收入總計 173 萬美元，儘管貸款提前償還活動有所減少，但仍遠高於去年同期水準。

Going forward, we expect our staffing to be able to stay flat while being able to support our growth until around $3 billion in assets. As a result, profitability strengthened further with pre-tax income increasing by approximately $800,000 from the third quarter. These results reflect balanced revenue growth, disciplined cost management, and the operating leverage of a scaled banking platform.

展望未來，我們預計在資產達到約 30 億美元之前，我們的員工人數將保持不變，同時能夠支持我們的成長。因此，獲利能力進一步增強，稅前收入比第三季增加了約 80 萬美元。這些結果反映了均衡的收入成長、嚴格的成本管理以及規模化銀行平台的營運槓桿作用。

On slide 6 we show how our strong fourth-quarter results translated into record profitability for the full year. For 2025, pre-tax pre-provision earnings reached approximately $24.21 million, an increase of about $4.35 million, or nearly 22% compared to 2024. This reflects both strong revenue growth and disciplined expense management.

在第 6 張投影片中，我們展示了強勁的第四季度業績如何轉化為全年創紀錄的獲利能力。2025 年稅前撥備前收益約 2,421 萬美元，比 2024 年增加約 435 萬美元，增幅近 22%。這不僅體現了強勁的營收成長，也反映了嚴格的費用控制。

Our core return on average equity for the year was approximately 21.6% with fourth quarter core ROE of 22.9%. These are exceptional levels of profitability, particularly for a bank that continues to grow at this pace. I am very proud of these year-over-year numbers. To go from $4.2 million in 2021 to $24 million is 600% growth in four years.

我們全年的核心平均權益報酬率約為 21.6%，第四季核心 ROE 為 22.9%。對於一家持續以這種速度成長的銀行來說，這樣的獲利水準非常出色。我對這些同比數據感到非常自豪。從 2021 年的 420 萬美元成長到 2,400 萬美元，四年內成長了 600%。

Slide 7 captures the continued transformation of OptimumBank as both a franchise and an organization. Our employee base expanded further during 2025 as we invested in towns across lending operations and technology to support our growing platform. These investments are intentional and are already translating into stronger execution and operating leverage.

幻燈片 7 展現了 OptimumBank 作為特許經營企業和組織不斷轉型的過程。2025 年，隨著我們在各個城鎮的貸款業務和技術方面進行投資，以支持我們不斷發展的平台，我們的員工人數進一步擴大。這些投資是有計劃的，並且已經轉化為更強的執行力和營運槓桿。

On the balance sheet side, total assets grew to approximately $1.11 billion year end, representing nearly $179 million year-over-year growth during 2025 and a multi-year compound annual growth rate of 33.3% since 2021. From a profitability standpoint, full-year net interest margin reached 4.28%, up 45 basis points from 2024, while core pre-tax pre-provision earnings of $24.2 million demonstrate how investments in people, systems, and lending capabilities are driving sustained performance.

從資產負債表方面來看，截至年底，總資產成長至約 11.1 億美元，這意味著到 2025 年將年增近 1.79 億美元，自 2021 年以來多年複合年增長率為 33.3%。從獲利能力的角度來看，全年淨利差達到 4.28%，比 2024 年增長 45 個基點，而核心稅前撥備前收益為 2,420 萬美元，這表明對人員、系統和貸款能力的投資正在推動持續的業績成長。

This slide also reflects the continued evolution of our franchise footprint. Each phase of our expansion has been deliberate and aligned with where our customers live and do business, supporting relationship-driven growth and long-term franchise value. Collectively, these elements reinforce a simple message: OptimumBank is operating at a higher level of scale, efficiency, and capability than at any point in its history, and we are well positioned for the next phase of disciplined growth.

這張投影片也反映了我們特許經營版圖的持續發展。我們擴張的每一個階段都是經過深思熟慮的，並且與客戶生活和開展業務的地點保持一致，從而支持以關係為導向的增長和長期的特許經營價值。總而言之，這些因素強化了一個簡單的訊息：OptimumBank 的規模、效率和能力都達到了其歷史上的最高水平，我們已為下一階段的穩健成長做好了充分準備。

With that, I'll turn it over to Elliott to walk through the financial drivers behind these results in more detail.

接下來，我將把麥克風交給艾利歐特，讓他更詳細地分析這些績效背後的財務驅動因素。

Thank you, Moishe. As you discussed in slide number 5, the fourth quarter reflected strong growth in net income and net interest income. I'll build on that overview by walking through the underlying revenue drivers, funding costs, and expense trends shown on slide number 8.

謝謝你，莫伊什。正如您在投影片 5 中所討論的，第四季淨利和淨利息收入均實現了強勁成長。我將在前文概述的基礎上，詳細介紹第 8 張投影片中顯示的基本收入驅動因素、資金成本和支出趨勢。

Total interest income increased during the quarter, driven by continued long growth, disciplined pricing, and strong asset yields. Diversified interest income streams remained consistent and supported the expansion of our earnings asset base.

本季總利息收入增加，主要得益於長期持續成長、定價策略穩健、資產收益率強勁。多元化的利息收入來源保持穩定，並支撐了我們獲利資產基礎的擴張。

When we look at non-interest income, it totaled $1.73 million for the quarter, while lower than the third quarter due to the reduced loan prepayment activity, core fee income, including service charges, remains strong and well above year ago levels. Funding costs continue to improve on a rate basis while total interest expense increased modestly due to the balanced growth, lower deposit pricing, and disciplined funding mix supporting margin expansion.

從非利息收入來看，本季總收入為 173 萬美元，雖然由於貸款提前償還活動減少而低於第三季度，但包括服務費在內的核心費用收入仍然強勁，遠高於去年同期水準。融資成本以利率計算持續改善，而總利息支出略有增加，這得益於均衡成長、存款定價降低以及有紀律的融資結構支撐了利潤率的擴大。

Total non-interest expense increased to $6.74 million, reflecting planned investments in personnel and technology to support growth and scale. Importantly, revenue growth continued to outpace expense growth, resulting in $794,000 sequential increase in pre-tax income. This translated into sequential earnings growth for shareholders, with basic earnings per share increasing to approximately $0.42, undiluted earnings per share increasing to approximately $0.21 for the quarter.

非利息支出總額增加至 674 萬美元，反映了為支持成長和規模而規劃對人員和技術的投資。重要的是，收入增長繼續超過支出增長，導致稅前收入環比增長 794,000 美元。這轉化為股東收益的環比增長，基本每股收益增至約 0.42 美元，未稀釋每股收益增至約 0.21 美元。

Now looking at slide number 9 here, we see that it provides a year-over-year view of our full-year performance and highlights the scale of OptimumBank's earnings growth in 2025. Net income for the year totaled $16.65 million, an increase of $3.52 million, or nearly 27% compared to 2024. This profitability was driven by strong balance sheet growth, improved margins, and disciplined expense management.

現在來看看這裡的第 9 張幻燈片，我們看到它提供了我們全年業績的同比視圖，並突出了 OptimumBank 在 2025 年的盈利增長規模。該年度淨收入總計 1,665 萬美元，比 2024 年增加了 352 萬美元，增幅近 27%。這項獲利能力得益於強勁的資產負債表成長、利潤率提高和嚴格的費用管理。

Net interest income increased by $7.9 million year over year, reflecting continued loan growth and net interest margin expansion. We also achieved meaningful improvement in funding costs during the year. Total interest expenses declined on a year-over-year basis, reflecting disciplined liability management and an improved funding mix.

淨利息收入年增 790 萬美元，反映出貸款持續成長和淨利差擴大。今年我們在資金成本方面也取得了顯著改善。利息總支出較去年同期下降，反映出嚴格的負債管理和改善的融資結構。

In addition, total non-interest income increased by $2.15 million compared to 2024, driven by growth in service charges, SBA-related activity, and other fee-based revenue streams. Taken all together, these full-year results confirmed that our strategies focus on managing funding costs, expanding high-quality loan growth, and scaling fee-based income, which are delivering significant improvements in core profitability and the bottom line.

此外，與 2024 年相比，非利息收入總額增加了 215 萬美元，這主要得益於服務費、與 SBA 相關的活動以及其他基於費用的收入來源的增長。綜上所述，這些全年業績證實，我們的策略重點在於控制融資成本、擴大高品質貸款成長以及擴大手續費收入，這些策略正在顯著提高核心獲利能力和最終利潤。

Now as we move over to slide number 10, let us review the growth and momentum across our key areas of loans, deposits, and non-interest income. Gross loan ended the year at $958.79 million at December 31, 2025, reflecting a year-over-year growth of $154.55 million or 19.2% as compared to December 31, 2024.

現在我們來看第 10 張投影片，讓我們回顧一下貸款、存款和非利息收入等關鍵領域的成長和勢頭。截至 2025 年 12 月 31 日，貸款總額為 9.5879 億美元，與 2024 年 12 月 31 日相比，年增 1.5455 億美元，增幅達 19.2%。

Loan growth remained well diversified and relationship-driven, consistent with our focus on asset quality and disciplined underwriting. Our loan growth compound annual growth rate since 2021 is 39.75%, and our yield on loans averaged 6.98% for the year, reflecting strong pricing discipline and portfolio performance.

貸款成長維持了良好的多元化和以客戶關係為導向，這與我們注重資產品質和嚴格的承銷原則一致。自 2021 年以來，我們的貸款複合年增長率為 39.75%，全年貸款收益率平均為 6.98%，這反映了我們嚴格的定價紀律和良好的投資組合表現。

On the deposit side, total deposits ended the year at $931.75 million, representing year-over-year growth of $159.56 million or 20.7%. Non-interest-bearing demand deposits totaled $266.52 million or 28.6% of total deposits. The cost of interest-bearing deposits averaged 3.47%, supporting a favorable funding mix across all deposits.

存款方面，截至年底存款總額為 9.3175 億美元，年增 1.5956 億美元，增幅達 20.7%。不計息活期存款總額為 2.6652 億美元，佔存款總額的 28.6%。計息存款的平均成本為 3.47%，為所有存款提供了有利的資金組合。

We also continue to see strong momentum in non-interest income. For 2025, total non-interest income was $6.77 million, representing 46.5% year-over-year growth and a 39.79% compound annual growth rate since 2021. This growth continues to be driven by service charges, SBA-related activity, and other relationship-based fee income, reflecting the increasing diversification and scalability of our revenue mix.

非利息收入也持續保持強勁成長勢頭。2025 年，非利息收入總額為 677 萬美元，年增 46.5%，自 2021 年以來複合年增長率為 39.79%。這一增長持續受到服務費、與美國小型企業管理局 (SBA) 相關的活動以及其他基於關係的費用收入的推動，反映出我們收入組合日益多元化和可擴展。

Next, on slide number 11, we highlight our consistently well-managed credit trends. Our allowance for credit losses to loans ratio stood at 1.07% at December 31, 2025, reflecting appropriate reserving levels and continued discipline in credit risk management.

接下來，在第 11 張投影片中，我們將重點放在我們始終管理良好的信貸趨勢。截至 2025 年 12 月 31 日，我們的信貸損失準備金與貸款比率為 1.07%，反映出適當的準備金水準和信貸風險管理方面的持續紀律。

Our non-performing assets to total assets ratio stood at 0.32%, positioning us well below national peer levels and underscoring the conservative underwriting standards applied across the loan portfolio. Most importantly, our net charge-offs to average loans for the year were 0.04%, reinforcing the high-quality and conservative underwriting that defined our loan book.

我們的不良資產佔總資產的比例為 0.32%，遠低於全國同業水平，凸顯了我們在整個貸款組合中應用的保守承銷標準。最重要的是，我們本年度的淨沖銷率與平均貸款額之比為 0.04%，這進一步鞏固了我們貸款組合高品質和保守的承銷原則。

Turning to the balance sheet now on slide number 12, we closed 2025 having surpassed the $1 billion asset milestone. Total assets increased by $178.75 million year-over-year to $1.11 billion at December 31, 2025. This strong asset growth was well funded, with total deposits increasing by $159.56 million to $931.75 million over the same period.

現在來看第 12 頁的資產負債表，到 2025 年底，我們的資產規模已經超過了 10 億美元的里程碑。截至 2025 年 12 月 31 日，總資產年增 1.7875 億美元，達到 11.1 億美元。這一強勁的資產成長得到了充足的資金支持，同期存款總額增加了 1.5956 億美元，達到 9.3175 億美元。

On the funding side, we maintain strong balance sheet discipline, supported by ample on and off balance sheet liquidity. Finally, reflecting on strong earnings retention and disciplined capital management, total stockholders' equity increased by $18.71 million year-over-year to $121.9 million at December 31, 2025.

在資金方面，我們保持嚴格的資產負債表紀律，並有充足的表內和表外流動性支持。最後，由於強勁的獲利留存和嚴謹的資本管理，截至 2025 年 12 月 31 日，股東權益總額年增 1,871 萬美元，達到 1.219 億美元。

Finally, as we move forward to slide number 13, we wrap up with a summary of our compelling investment opportunity. Our rapid organic growth continues to significantly outpace peers, as demonstrated by our loan growth compound annual growth rate of 39.75% and our deposit growth compound annual growth rate of 33.6% from December 31, 2021, through December 31, 2025.

最後，當我們翻到第 13 張投影片時，我們將總結我們極具吸引力的投資機會。從 2021 年 12 月 31 日至 2025 年 12 月 31 日，我們的貸款複合年增長率為 39.75%，存款複合年增長率為 33.6%，這表明我們的快速內生成長持續顯著超過同業。

Tangible book value per diluted share increased to $5.18 at year end. The efficiency ratio remains highly competitive at 49.59%, well below the peer levels of 67.3%. Our net interest margin of 4.28% also compares favorably to the peer level of 3.83%, highlighting the strength of our earning capacity relative to peers.

年末每股攤薄有形帳面價值增至 5.18 美元。效率比率維持在 49.59% 的高競爭力水平，遠低於同業的 67.3%。我們的淨利差為 4.28%，也優於同業的 3.83%，凸顯了我們相對於同業的獲利能力優勢。

In short, this was another strong and disciplined year. We maintained solid capital, a well-managed balance sheet, and the flexibility to continue delivering consistent long-term value. Moishe, now back to you.

總之，這又是穩健而自律的一年。我們保持了雄厚的資本、管理良好的資產負債表以及持續創造長期價值的靈活性。莫伊什，現在把鏡頭交還給你。

Thank you, Elliott. As we conclude today's presentation, I want to reflect on the significance of this year for OptimumBank. In 2025, we marked our 25th anniversary, and we did so while delivering the strongest financial performance in the company's history.

謝謝你，艾利奧特。在今天的演講即將結束之際，我想談談今年對OptimumBank的重要性。2025 年，我們迎來了公司成立 25 週年，同時我們也取得了公司史上最強勁的財務表現。

For a quarter century, OptimumBank has remained focused on disciplined growth, conservative risk management, and building long-term relationships with our customers and communities. This year's results demonstrate that those principles continue to scale effectively as the franchise grows.

25年來，OptimumBank始終專注於穩健成長、保守風險管理，以及與客戶和社區建立長期關係。今年的結果表明，隨著特許經營業務的成長，這些原則仍然能夠有效地擴展。

Looking ahead, our priorities remain unchanged. We will continue to deploy capital prudently, invest in our people and infrastructure, and position the bank to deliver sustainable long-term value for our shareholders.

展望未來，我們的工作重點依然不變。我們將繼續審慎地運用資本，投資於我們的員工和基礎設施，並使銀行能夠為股東創造可持續的長期價值。

With that, I'll turn it back to Seth to open the call for questions.

接下來，我將把時間交還給塞思，讓他開始接受提問。

Thank you, Moishe. Before we open it up for questions, I'd like to thank Moishe, Elliott, and Tim for their insights today. OptimumBank continues to deliver strong financial performance, and we appreciate those taking the time to learn more about us. Now, let us open it up for questions.

謝謝你，莫伊什。在正式開始提問環節之前，我想感謝 Moishe、Elliott 和 Tim 今天提供的真知灼見。OptimumBank持續維持強勁的財務業績，感謝各位抽空了解我們。現在，我們來回答大家的問題。

(Operator Instructions) As we currently have no questions in the queue, I will hand it back to Seth to handle the written Q&A.

（操作員指示）由於目前隊列中沒有問題，我將把問題交還給 Seth 處理書面問答。

Thank you, Aidan. Appreciate that. Well, we've got quite a number of questions that have come in over email. I encourage those that are watching and listening that should they have any additional questions, they can feel free to email me at this moment. My email address, for anybody that needs it, is s.denison@optimumbank.com.

謝謝你，艾丹。謝謝。我們透過電子郵件收到了不少問題。我鼓勵正在觀看和收聽的各位，如果還有任何疑問，歡迎隨時給我發電子郵件。我的電子郵件地址是 s.denison@optimumbank.com，供有需要的人使用。

And before we get started with a few of the written questions, I see that one of our analysts, [Ken Billingsley], has a question. So let me turn it over to Ken for our first question. Ken, I think we got you.

在我們開始回答一些書面問題之前，我看到我們的一位分析師 [Ken Billingsley] 有一個問題。那麼，讓我們把第一個問題交給肯恩來回答。肯，我想我們抓到你了。

I just -- could you expand on the opportunities for the bridge to HUD financing, FHA, and just the platform for loans to skilled nursing, senior housing? Can you talk about the potential and where you see that fits in and how large that can get?

我只是想問——您能否詳細介紹一下透過橋樑融資獲得 HUD 融資、FHA 融資以及為專業護理機構和老年住房提供貸款的平台所帶來的機會？您能談談它的潛力，以及您認為它能發揮什麼作用，規模又能有多大嗎？

Yeah. So Ken, thank you for the coverage. Thank you for the question. And so, this is Moishe. So I -- the strategy behind it, first of all, just to give you an idea is, our bank, as a standalone bank, is thriving. And one of our areas where we're thriving is the nursing home space, skilled nursing facility space; their need for accounts receivable financing. And separately, for lending on property companies, the real -- the landlords.

是的。肯，謝謝你的報道。謝謝你的提問。所以，這位就是莫伊什。所以，我——背後的策略，首先，為了讓你們有個概念，是這樣的，我們銀行作為一家獨立銀行，發展勢頭良好。我們發展動能良好的領域之一是養老院和專業護理機構；他們對應收帳款融資的需求。此外，對於房地產公司而言，真正的貸款對像是房東。

So we started doing that. That's my background as most people that are on this call probably know. And we're well known in the space and we have so far accumulated between 50 and 100 clients at the bank that are -- that have accounts receivable loans or facilities and it's continuing to grow. We go to the conferences.

於是我們就開始這麼做了。這就是我的背景，相信參加這次通話的大多數人都知道。我們在這個領域很有名，到目前為止，我們在銀行已經累積了 50 到 100 位客戶，他們擁有應收帳款貸款或融資額度，而且這個數字還在不斷增長。我們去參加會議。

And we had stayed away from the property lending because of the risk associated with the building getting decertified. That's a big risk for a bank. We stayed away from that for the most part, but we started doing it recently knowing full well that the transition would be to go from the regular propco loan to a bridge or a propco plus a bridge. And then go take it to HUD where that takes us out.

我們一直避免進行房地產貸款，因為有建築物被取消認證的風險。這對銀行來說風險很大。我們大部分時間都避免這樣做，但最近我們開始這樣做，因為我們完全清楚，過渡過程將從常規的房地產公司貸款過渡到過橋貸款或房地產公司加過橋貸款。然後把它交給HUD，這樣我們就出局了。

So what we expect to occur, and I can elaborate on this if anybody wants to talk about it on -- separately offline. I'm glad to go into the real details on how this thing grows, but easily, this would bring value to the holding company as a separate vertical outside of the bank. The -- all the transactions, as far as bank accounts, escrows, and all the servicing, the bank would be earning fee income and would have non-interest-bearing deposits at the bank.

所以我們預期會發生這樣的事情，如果有人想單獨在線下討論，我可以詳細闡述一下。我很樂意深入探討這個項目是如何發展的，但可以肯定的是，作為銀行以外的獨立業務部門，它將為控股公司帶來價值。就銀行帳戶、託管和所有服務而言，銀行將獲得所有交易的手續費收入，銀行將獲得不計息的存款。

And our side of our balance sheet, that's a separate vertical, we expect that easily to get to within like two years, three years to get to a $0.25 billion and exponentially that portfolio should grow, and in the long run, we expect to be able to make a SOFR 5%, SOFR 6% handle on the interest rate. And in the long run, the residual value will be the servicing that the bank is going to have where we can build up a whole servicing portfolio and that should hopefully go grow $1 billion and $2 billion, even larger.

而我們資產負債表的這一部分，這是一個獨立的垂直領域，我們預計在兩到三年內就能輕鬆達到 2.5 億美元，而且該投資組合應該會呈指數級增長，從長遠來看，我們預計能夠將利率控制在 SOFR 5% 或 SOFR 6% 的水平。從長遠來看，剩餘價值將是銀行將要獲得的貸款服務，我們可以建立一個完整的貸款服務組合，希望這個組合能成長到 10 億美元、20 億美元，甚至更大。

Really, sky is the limit here. We have good relationships. We are well known in the marketplace and it should grow the way -- and the way we are going to handle the growth is we will be lending based on HUD standards. So that's going to be the HUD lending protocols, which is not what the bank does. Banks, we're doing -- we have a loan policies on how we lend.

真的，在這裡，一切都有可能。我們關係很好。我們在市場上享有盛名，而且它應該會發展壯大——而我們應對增長的方式是，我們將按照美國住房和城市發展部 (HUD) 的標準發放貸款。所以，這將會是美國住房和城市發展部 (HUD) 的貸款協議，而不是銀行的做法。銀行方面，我們有相關的貸款政策來規範我們的貸款方式。

And on the HUD protocols, we're going to be following along their guidelines with only exceptions based on look back period of how long we're looking at for the financials or some minor thing that we're able to underwrite to. And, again, we expect to be able to get a line of credit from, at this point, the big banks that want to lend us, CIBC, Huntington Bank, and others, that potentially would be a lender for that vertical. And we expect it to be a really strong contributor to our bottom line.

至於 HUD 協議，我們將遵循他們的指導方針，只有一些例外情況，例如我們查看財務狀況的時間跨度，或我們能夠承保的一些小問題。而且，我們預計目前能夠從願意貸款給我們的大銀行，如加拿大帝國商業銀行 (CIBC)、亨廷頓銀行 (Huntington Bank) 以及其他可能成為該垂直領域貸款人的銀行，獲得信貸額度。我們預計它將成為我們盈利的重要貢獻者。

So, Ken, I hope that answered your question.

肯，希望我的回答能幫到你。

Okay. Aidan, unless you have any others from any of the analysts, I'm going to move on to a couple of email questions that we've received.

好的。艾丹，除非你還有其他分析師的問題，否則我接下來要回答我們收到的一些電子郵件問題。

Yes. There's no one else in the queue, so please go ahead.

是的。隊伍裡沒有其他人了，請繼續。

Okay. Fantastic. Very good. So first e-mail question that we have has to do with our EPS. So it says, you were guided to roughly $0.18 to $0.21 quarterly EPS going forward. What assumptions on loan growth, margin, and funding costs underpin that range?

好的。極好的。非常好。所以我們收到的第一封電子郵件問題與我們的EPS有關。報告稱，預計未來每季的每股收益約為 0.18 美元至 0.21 美元。該範圍所依據的貸款成長、利潤率和融資成本方面的假設是什麼？

Okay. So we're guiding to $0.18 to $0.21 because that's what we're currently running. Like we said earlier in the remarks, we really don't expect labor or payroll to increase other than inflationary cost increases. We expect that to stay relatively flat.

好的。所以我們預計價格在 0.18 美元到 0.21 美元之間，因為這是我們目前的運行價格。正如我們之前所說，除了通貨膨脹導致的成本上漲之外，我們真的不指望勞動成本或薪資支出會增加。我們預計這一數字將保持相對穩定。

So everything going forward, for the next $1 billion of growth, we should be able to add mainly to the bottom line. Again, I add back provisioning as we haven't had a bad loan in many. many years. So I add that back in my thought process.

因此，展望未來，接下來的 10 億美元成長，我們應該能夠主要轉化為利潤成長。我再次加回撥備，因為我們很多很多年都沒有出現過不良貸款。所以我把這一點重新納入我的思考過程。

So I would say that we really expect to grow our loan portfolio, between 25% -- 25% is really the bogey, but we expect to beat that. The funding, we expect to be able to maintain our spread that we have, which today is like -- our NIM is like a 4.28%, which is what we said.

所以我認為，我們確實期望貸款組合能夠成長 25%——25% 確實是我們的目標，但我們期望能夠超越這個目標。我們預計，憑藉這筆資金，我們能夠維持目前的利差，目前我們的淨利差約為 4.28%，正如我們之前所說。

We expect to be able to keep that. All loans -- we still have loans that are repricing that are from where rates we're at 5% that are getting repriced at 7%-plus. And now all of our new loans are still at SOFR 3.50%, SOFR 4.00% for the most part. So we expect our margins to stay the same.

我們希望能夠保持這一點。所有貸款——我們還有一些貸款正在重新定價，利率從 5% 重新定價到 7% 以上。現在，我們所有的新貸款利率仍然大多為 SOFR 3.50% 或 SOFR 4.00%。因此，我們預計利潤率將保持不變。

And to model out, we are just going to be modeling out the increase in interest income between the top line and the cost of our money. And so that's why we're giving that guidance. We expect to beat it, but even more so, first quarter will really be -- and really first quarter probably not the best judge. Second quarter we'll know really how the whole year and I'll probably revise what we expect the year number to be as $0.80 seems like something that we should be able to beat. And so we'll see where that goes.

為了進行建模，我們只需對營業收入與資金成本之間的利息收入成長進行建模即可。所以這就是我們給出指導的原因。我們預計會戰勝它，但更重要的是，第一節比賽的結果——而實際上，第一節比賽的結果可能不是最好的評判標準。第二季我們就能真正了解全年的情況了，我可能會修改我們對全年業績的預期，因為 0.80 美元似乎是我們應該能夠超越的目標。所以，我們拭目以待。

Okay. Very good. What is -- I got another question here regarding loan growth. The question is, loan growth was around $155 million in 2025, seemingly around 20%. What is sustainable long-term growth rate without compromising on credit quality?

好的。非常好。什麼？ ——我這裡還有個關於貸款成長的問題。問題是，到 2025 年，貸款成長約為 1.55 億美元，似乎約為 20%。在不影響信貸品質的前提下，如何實現可持續的長期成長率？

So again, our portfolio and our borrowing base, the people that come to us, our borrowers are loyal customers of the bank. And like we had at the client appreciation dinner, we called it a family reunion as our borrowers really are part of the family.

所以再說一遍，我們的投資組合和借款基礎，也就是來找我們的借款人，都是銀行的忠實客戶。就像我們在客戶答謝晚宴上所做的那樣，我們稱之為家庭聚會，因為我們的借款人確實是我們家庭的一部分。

And so we really expect that our growth should be 25% or higher. And I don't see us having a problem doing that. I think we already closed out January with more than $60 million in loans out the door, so we're already on our way to hitting and breaking 25%.

因此，我們預計成長率應該達到 25% 或更高。我認為我們這樣做不會有問題。我認為我們在 1 月已經發放了超過 6000 萬美元的貸款，所以我們已經朝著達到甚至突破 25% 的目標邁進。

Very good. The next question we have here is regarding AllianceBernstein and their increased economic exposure via preferred equity or preferred stock. How should we interpret that and could you -- could further conversions occur?

非常好。接下來我們要問的問題是關於AllianceBernstein及其透過優先股或優先權益增加的經濟風險敞口。我們該如何解讀這一點？還有，是否可能發生進一步的轉化？

Okay. So that's a good question because we're trying to make it simpler for the investor so they understand our preferreds. Our preferred was only a mechanism to be able to allow certain insiders like myself to own more than [9.9 million] and not get in trouble with the regulators.

好的。這是一個很好的問題，因為我們正在努力簡化投資人的理解過程，讓他們更能理解我們的優先股。我們更傾向於建立一種機制，允許像我這樣的內部人士持有超過 [990 萬] 的股份，而不會受到監管機構的處罰。

The regulators have not approved where anybody can own more than [9.9 million], and so the preferreds really just act as a non-voting common. The reason why we use preferreds, back when we used them, was that our original charter only allowed for common and preferred and was never allowed for any other kind of series of equity. And so that's how we did it and we continue to -- it just sits there.

監管機構尚未批准任何人持有超過 [990 萬] 的股份，因此優先股實際上只是作為無投票權的普通股運作。我們當時使用優先股的原因是，我們最初的章程只允許普通股和優先股，而不允許任何其他類型的權益系列。所以我們就這麼做了，而且我們繼續這麼做——它就放在那裡。

As we continue, we expect everybody to convert at some point to common stock. New shares that we issue on new investors that come in, we continue to hold firm and not sell stock. That's dilutive to our current shareholders. We know that we're worth a lot more than our stock is trading at.

隨著業務的推進，我們預期所有股東最終都會轉換為普通股。對於新投資者加入後我們發行的新股，我們將繼續堅定持有，不會賣出股票。這會稀釋我們現有股東的權益。我們知道，我們的實際價值遠高於我們股票目前的交易價格。

So when we give somebody book or a little bit above book, that's a great discount for them also. And so we're going to hold firm on that. And as more shares get sold, more preferreds could get converted. And so -- and really, we understand that the shareholder out there might have a hard time understanding because it is kind of complicated and it wasn't supposed to be.

所以，當我們給別人原價或略高於原價的價格時，對他們來說也是很大的折扣。所以我們會堅持這一點。隨著更多股票被出售，更多優先股可能會被轉換。所以——而且我們確實理解，股東們可能很難理解，因為這有點複雜，而它本來不應該這麼複雜。

It was only just supposed to be a guy like me that wanted to support the bank that I love and I had no other way to put money into equity outside of common that was voting was we had to create something for me to buy the stock and put the equity in the company. And that's what that is. Hopefully that answers the question.

原本只是像我這樣的人想支持我喜歡的銀行，除了普通股的投票權之外，我沒有其他方法可以投資股權，所以我們必須創造一些東西，讓我可以購買股票並將股權投資到公司中。就是這樣。希望這能解答你的疑問。

Okay. So Moishe, we have one person that asked a series of questions that is somewhat aligned with the question regarding AllianceBernstein. So I'm going to do my best to kind of simplify some of these questions, but they go hand in glove to what we were just talking about here.

好的。莫伊什，有一位提問者提出了一系列問題，這些問題與 AllianceBernstein 的問題有些關聯。所以我會盡力簡化這些問題，但它們都與我們剛才討論的內容密切相關。

So the questions start with regarding the 10.6 million shares of Series B preferred that you and one of our other directors, Michael Blisko, own. And the question talks about dilution and timing of potential conversion and just walking through what that looks like in terms of EPS versus diluted EPS and how investors should think about all of that?

所以問題首先是關於你和我們另一位董事邁克爾布利斯科所擁有的 1060 萬股 B 系列優先股。這個問題涉及稀釋以及潛在轉換的時間，並詳細分析了每股盈餘與稀釋後每股盈餘之間的關係，以及投資者應該如何看待所有這些問題？

Well, that's why we made a change -- I think it was last quarter and that's how it was presented. Really for the investor public, the easiest way to follow what our numbers are is by looking at the diluted EPS. That diluted EPS, and this is what we're giving guidance on is the $0.18 to $0.21, is the true number. There's nothing else confusing that number.

嗯，這就是我們做出改變的原因——我想應該是上個季度，當時就是這麼表達的。對於廣大投資者而言，了解我們財務數據的最簡單方法就是查看稀釋後的每股盈餘。稀釋後的每股盈餘（這也是我們給出的預期，即 0.18 美元至 0.21 美元）才是真實數字。除此之外，沒有其他因素會混淆這個數字。

That's showing all the shares between common and converted preferred divided by the net income. And that's the easiest thing. And we restated in the last quarter's deck and now this quarter year in deck, you are able to see what the diluted earnings per share was. And you could see how our growth has been and how we've we've increased the return by share quarter over quarter, year over year.

這顯示的是普通股和轉換優先股之間的所有份額除以淨收入。這是最簡單的事。我們在上個季度的報告中重申了這一點，現在在本季的報告中，您可以看到稀釋後的每股盈餘是多少。你可以看到我們的成長情況，以及我們如何逐季、逐年提高每股盈餘。

So I think that answers for the most part that series of questions. I'm just going to ask, the question has to do with how that instrument has supported the growth over the years? When did the Series B preferred start? And you already accomplished why it started, but how has that supported the bank's capital position?

所以我認為這基本上回答了那一系列問題。我只想問一個問題，這個問題與該工具多年來如何支援成長有關？B輪優先股融資何時開始？你們已經實現了最初的目標，但這如何支撐了銀行的資本狀況呢？

Well, again, most bank investors understand, right, that you need capital based on ratios. You need to have the capital to handle growth, handle a balance sheet. So -- and we have been holding to about a 10% as a minimum, maybe 9.75% as a minimum, and we have been running over 11% actually. So we have the capital we need to do what we got to do.

嗯，大多數銀行投資者都明白，你需要根據比率來計算資本。你需要有足夠的資金來應付成長，管理好資產負債表。所以——我們一直把最低水準維持在 10% 左右，或許最低水準是 9.75%，而實際上我們已經超過了 11%。所以我們有所需的資金去做我們必須做的事情。

But some of these new objectives, the HUD, bridge to HUD, and a couple of other verticals that we are hoping to get accomplished in 2026, we will need to raise equity or sub-debt or a mixture of the two. And our friends at Piper Sandler, I'm sure will be glad to help us with that, as well as the other guys that we deal with.

但要實現這些新目標，例如 HUD、HUD 橋樑以及我們希望在 2026 年完成的其他幾個垂直領域，我們將需要籌集股權或次級債務或兩者的混合資金。我相信，Piper Sandler 的朋友們以及與我們合作的其他夥伴們都很樂意在這方面幫助我們。

That being said, this is as simple as it comes. A balance sheet that is producing money in the door with no dividend yield. The money in the door is for us -- the earnings per share, or they are rather the ROE, GAAP ROE, 14%, 15%, 16%. Core is probably 20%-something like we talked about.

也就是說，這已經是再簡單不過了。一家公司雖然沒有股息殖利率，但其資產負債表卻能持續產生現金流。真正屬於我們的是每股盈餘，或更確切地說是 ROE、GAAP ROE，分別為 14%、15% 和 16%。核心部分大概占我們之前討論的20%左右。

So for me, the cost of money is that. If I sell equity and I am getting -- the cost of equity is 20%, but I am able to take that dollar and lend it out 10 times, and we are making a 4% spread, that is a 40% return on a 17%, 20% cost, which is good.

所以對我來說，金錢的成本就是如此。如果我出售股權，得到——股權成本是 20%，但我可以把這 1 美元借出去 10 次，我們賺取 4% 的利差，那就是以 17% 或 20% 的成本獲得 40% 的回報，這很不錯。

Sub debt, of course, cost is 6.5%, to 7%. And the money is at the door with, again, the 4% NIM, you're bringing in, again, 40% on the cost of 7%, that should help us make our earnings grow and handle the growth. We have just regular organic growth that's coming in the door every day of the week, and so that equity is what supports our growth at the end of the day.

次級債務的成本當然是 6.5% 到 7%。而且，資金唾手可得，4% 的淨利差，相當於以 7% 的成本獲得 40% 的收益，這應該有助於我們實現收益成長並應對成長。我們每天都有穩定的自然成長，而正是這種成長最終支撐著我們的發展。

Okay. Very good. I got two more questions here that came in by e-mail, and then we'll hand it back to see if anybody else in the audience has questions before wrapping up. So second to last email question is, which sectors are driving loan growth today? And are you seeing any emerging stress in South Florida Commercial Real Estate or Healthcare segments?

好的。非常好。我這裡還有兩個透過電子郵件提出的問題，之後我們會把時間交還給觀眾，看看在結束之前是否還有其他人有問題。那麼，倒數第二個郵件問題是，目前哪些產業正在推動貸款成長？您認為南佛羅裡達州的商業房地產或醫療保健領域是否有任何新出現的壓力？

So to answer that, this question has been asked in other earnings calls. The starting point is to understand our customer. Our customer, I call it the cult following, the people that bank by us are friends. They're part of the family. And we don't have the stresses and we don't have bad loans. We don't have that. And it's based on relationship at the end of the day.

為了回答這個問題，其他財報電話會議也有人問過這個問題。首先要了解我們的客戶。我們的客戶，我稱之為狂熱的追隨者，在我們這裡開戶的人都是朋友。他們是家庭成員。我們沒有壓力，也沒有不良貸款。我們沒有那種東西。歸根結底，一切都基於關係。

These guys might have a little bit of stress in their portfolio of what they do, but they don't -- it doesn't hurt our bank because they don't want to hurt us. And so they will keep paying us and we have good credit admin to start with Tim and Elliott and Ryan and others from the management team and the worker bees themselves do a real good job. Very proud of the team that we have.

這些人可能因為所從事的業務而感到一些壓力，但這不會損害我們銀行的利益，因為他們不想傷害我們。所以他們會繼續給我們付款，而且我們一開始就有良好的信用管理，蒂姆、艾略特、瑞安以及管理團隊的其他成員，還有一眾勤奮的員工，他們都做得非常出色。我為我們的團隊感到非常自豪。

That being said, the growth has been the same since at least the last five years, which is relationships. People are constantly emailing us scenarios on loans in South Florida, in Florida, and then other areas. I mean we look like our community is five counties in South in South Florida, but as well as the Jewish communities all over the country.

也就是說，至少在過去五年裡，成長點一直保持不變，那就是人際關係。人們不斷給我們發郵件，詢問有關南佛羅裡達州、佛羅裡達州以及其他地區的貸款情況。我的意思是，我們的社區看起來像是南佛羅裡達州的五個縣，但同時也包括全國各地的猶太社區。

And so we -- we're amongst the people. People come to us and talk to us. And like today, we are in Tampa at an event. And we are supporting the local communities and lending money locally and that is what has been driving our growth and that should continue and that is scalable. In the in the long run, that is scalable probably through $3 billion, $5 billion, $10 billion of assets.

所以，我們──我們身處在人民之中。人們會來找我們，和我們交談。就像今天一樣，我們又來到了坦帕參加一個活動。我們正在支持當地社區，並在當地提供貸款，這正是我們發展的動力，我們應該繼續這樣做，而且這種模式是可以規模化的。從長遠來看，這可以透過 30 億美元、50 億美元、100 億美元的資產來實現規模化。

Okay. Very good. Last email question I have here for you, Moishe, is as you continue to scale beyond $1 billion in assets, what balance sheet or regulatory thresholds should investors be mindful of that could influence growth pace, capital needs, or profitability?

好的。非常好。莫伊什，我最後一個郵件問題是，隨著你的資產規模不斷擴大，超過 10 億美元，投資者應該注意哪些資產負債表或監管門檻，這些門檻可能會影響增長速度、資本需求或盈利能力？

So I would say for this in detail, whoever sent the question, feel free to reach out to us. Elliott probably can get more detail, but the most important thing for an investor to know is we have taken a point of view of building infrastructure to support our growth.

所以我想說的是，無論誰提出了這個問題，都歡迎隨時與我們聯繫。艾利奧特或許能獲得更多細節，但對投資人而言，最重要的是我們採取了建設基礎設施來支持成長的策略。

And so we already have, for us, the cost of doing business is the same cost that we are going to have when we double or triple what we are today. So for an investor, you look at our results today, our results are only going to improve. We are going to grow without it costing us more money to grow.

因此，對我們來說，目前的經營成本與我們規模翻倍或三倍時的成本是一樣的。所以對於投資人而言，看看我們今天的業績，我們的業績只會越來越好。我們將實現成長，而無需增加成長所需的資金。

And so from that point of view, I would not be wary at all as an investor, at least $2 billion or $3 billion. And I think -- and even from the accounting department, I think we are all set through $3 billion. I don't know that Elliott can elaborate on that now or somebody can just reach out afterwards and we are glad to talk about it.

因此，從這個角度來看，身為投資者，我完全不會感到擔憂，至少20億或30億美元。而且我認為——即使從會計部門的角度來看——我認為我們已經準備好了30億美元。我不知道埃利奧特現在是否能詳細說明，或者之後有人可以聯繫我們，我們很樂意討論此事。

But that is -- but we are ready to go. I mean we are -- we can keep growing and it is not going to cost us any -- other than the cost of money, it is not going to cost us any real dollars and cents that would impact an investor.

但是，我們已經準備好了。我的意思是，我們可以繼續發展，除了資金成本之外，不會花費我們任何實際的錢，不會對投資者造成任何影響。

Okay. Well, I don't have any more e-mailed questions. So I think where we're going to leave it at this point is Aidan, if you see any further questions either coming in from your side or any of our analysts that would like to to pipe up and ask any questions live, we can certainly do that. If Elliott or Tim have any additional thoughts that they would like to share with us, we can certainly close out with them as well. Otherwise, we're going to wrap up.

好的。好了，我沒有其他郵件提問了。所以我想我們現在就先說到這裡吧，艾丹，如果你看到你這邊或我們任何分析師有任何其他問題想要現場提問，我們當然可以回答。如果艾利歐特或提姆還有其他想法想和我們分享，我們當然也可以在最後和他們交流。否則，我們就結束了。

Absolutely. Yeah, I can just give our instructions again. (Operator Instructions) No one has queued up so far, so I will pass it back to you, Seth.

絕對地。是的，我可以再重複一次我們的指示。（操作員指示）目前還沒有人排隊，所以我把任務交還給你，塞思。

Very good, Aidan. Well, I don't have anything more from our side. Elliott or Tim, do you have any final words of wisdom?

很好，艾丹。嗯，我們這邊沒有其他消息了。艾利歐特或提姆，你們還有什麼臨別贈言嗎？

No, sir. Okay. I do not.

不，先生。好的。我沒有。

Moishe, Elliott, Tim, we appreciate everybody's insights today and appreciate everybody joining us. And we look forward to having you guys on for our first-quarter 2026 call. Feel free to reach out anytime. Thank you.

Moishe、Elliott、Tim，感謝大家今天提出的寶貴意見，也感謝大家的參與。我們期待各位參加我們 2026 年第一季的電話會議。隨時歡迎聯絡。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。