TFS Financial Corp (TFSL) 2015 Q1 法說會逐字稿

Welcome to the TFS Financial Corporation's first fiscal quarter earnings call and webcast. Hosting the call today from TFS Financial is Mr. Marc Stefanski, Chief Executive Officer. He is joined by Mr. Dave Huffman, Chief Financial Officer; Ms. Meredith Weil, Chief Operating Officer of Third Federal Savings; and Mr. Paul Huml, Chief Accounting Officer. Today's call is being recorded, and will be available for replay at 2 p.m. Eastern Standard Time. The dial-in number for the replay is (800) 839-2435.

歡迎收聽 TFS Financial Corporation 第一會計年度第一季財報電話會議與網路直播。今天由 TFS Financial 的執行長 Marc Stefanski 先生主持本次會議。與會者包括財務長 Dave Huffman 先生；Third Federal Savings 營運長 Meredith Weil 女士；以及會計長 Paul Huml 先生。今天的會議將被錄音，並將於美東時間下午 2 點提供重播。重播撥入電話為 (800) 839-2435。

At this time, all participants have been placed in a listen-only mode, and the floor will be open for your questions following the presentation.

此刻，所有與會者皆已進入僅收聽模式，簡報結束後將開放提問。

(Operator Instructions)

（接線員指示）

In the interest of time and to get to as many questions as possible, we ask that you limit yourself to one question and one follow-up. Lastly, when posing a question, please pick up your handset to allow optimal sound quality.

為節省時間並盡可能回答更多問題，請各位將提問限制為一個問題與一個追問。最後，提問時請拿起話筒，以確保最佳音質。

Some of the information provided during the conference call may contain statements of future expectations and other forward-looking statements. These expectations are based on the Management's current views and assumptions, and involve known and unknown risks and uncertainties. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the firm's future results, see Risk Factors in the Company's latest annual report on www.thirdfederal.com. TFS Financial Corporation assumes no obligation to update any forward-looking information provided during the conference call.

本次電話會議中提供的部分資訊可能包含對未來的預期以及其他前瞻性陳述。這些預期係基於管理層目前的觀點與假設，並涉及已知與未知的風險與不確定性。公司實際經營成果與財務狀況可能與這些前瞻性陳述所示之預期成果與財務狀況不同，且可能存在重大差異。關於可能影響本公司未來業績之部分風險與重要因素之討論，請參閱公司最新年度報告中之「風險因素」，網址為 www.thirdfederal.com。TFS Financial Corporation 對於本次電話會議中提供之任何前瞻性資訊不承擔更新義務。

It is now my pleasure to turn the floor over to Mr. Marc Stefanski. Sir, you may begin.

現在很榮幸把時間交給 Marc Stefanski 先生。先生，您可以開始了。

Thank you, Kevin. Welcome to Third Federal's fourth-quarter earnings conference call. In the spirit of this being Super Bowl weekend, I would like to say that the reports that Paul Huml will be sharing with all of us haven't been deflated in any way, and that personally I'm here because I have to be, and I don't want to get fined. (laughter) Without further ado, Paul, would you please go over the deck with everyone.

謝謝你，Kevin。歡迎各位參加 Third Federal 第四季財報電話會議。既然這週末是超級盃週末，我想說 Paul Huml 將與大家分享的報告完全沒有被「放氣」；而我本人之所以在這裡，是因為我必須在這裡，我不想被罰款。（笑聲）事不宜遲，Paul，請你帶大家一起看簡報。

Okay. Thanks Marc, and welcome, everyone. I'm not going to go over the slides in great detail. It's a consistent theme from what we've been doing over the last number of quarters. What we've been trying to do is really the three-dimensional approach of growing the balance sheet, buy-backs, and our dividends. A lot of what you'll see in there supports that.

好的。謝謝 Marc，也歡迎各位。我不會非常細地逐頁講解投影片。整體主軸與我們過去幾季所做的一致。我們一直在做的，基本上是三維度的策略：擴大資產負債表、股票回購，以及股利發放。你們在簡報中看到的許多內容都在支持這個方向。

A couple pages I do want to talk about. Page 5, the financial highlights section, and you'll see which is supported later, our delinquency and loan performance numbers are improving, so we've decreased our provision for loan losses down to $2 million for the quarter. That's an improvement. Our net income is staying steady from where it has been.

有幾頁我想特別談一下。第 5 頁的財務重點部分，你們會看到（後面也會有數據支持），我們的逾期與放款表現正在改善，因此本季將貸款損失準備金提列降至 200 萬美元。這是一項改善。我們的淨利維持在先前的穩定水準。

One thing of note is on the net interest margin there's a decline from previous quarter. Really, that revolves around a new strategy that actually we put in place that's the suggestion of a shareholder on last quarter's call of increasing our Federal Home Loan Bank borrowings and investing that at the Federal Reserve to get some risk-free return, adding some dollars to the bottom line without adding a lot of risk onto the balance sheet. That increased our average assets and liabilities on our balance sheet, which negatively impacted the margin, but did add income to the bottom line. That's really the reason why you see that decline on the margin.

值得注意的一點是淨利差（net interest margin）較上一季下滑。這主要與我們採行的一項新策略有關；該策略其實是上一季電話會議中一位股東的建議：提高聯邦住房貸款銀行（Federal Home Loan Bank）的借款，並將資金投資於聯邦準備理事會（Federal Reserve），以取得無風險報酬，在不為資產負債表增加太多風險的情況下，為最終盈餘增加一些貢獻。這使得我們資產負債表上的平均資產與負債增加，對利差造成負面影響，但確實讓最終盈餘增加。這就是你們看到利差下滑的主要原因。

Moving forward, really pages 8, 9, and 10 are all very consistent that show consistently over time how we are reshaping our portfolio from a long-term fixed rate lender to more of an adjustable-rate, shorter term, really in response to some of the interest rate risk considerations that are out there. Really, pages 8, 9, and 10 just provide different support and how we've been able to do that, reposition our balance sheet over time.

往後看，第 8、9、10 頁都非常一致，顯示我們如何隨時間推進，將投資組合從長期固定利率放款機構，調整為更偏向浮動利率、較短天期的結構，主要是回應市場上對利率風險的一些考量。第 8、9、10 頁只是以不同方式提供佐證，說明我們如何隨時間重新定位資產負債表。

The next three pages, 11, 12, and 13, really state how we're doing from a loan performance. Page 11 really emphasizes that our loan production over the last six years has really performed extremely well, with high credit scores, high credit performance, and very low delinquencies. On page 12 and 13, our delinquencies overall and our loan performance metrics have all improved over time. That really tells a good story there.

接下來三頁，第 11、12、13 頁，主要說明我們的放款表現。第 11 頁強調，我們過去六年的放款承作表現非常好，信用分數高、信用表現佳，且逾期率非常低。第 12 與第 13 頁顯示，我們整體逾期情況與各項放款表現指標都隨時間改善。這些內容確實呈現了一個很好的故事。

Getting to page 14, which I think generates a lot of interest from the investors and shareholders, is just a continuation of our strategy from the capital deployment side of continuing our share repurchase program and the dividends, which started in September. We had another dividend in December. For the quarter, we did buy back a little over 2.8 million shares, and we're continuing that. There's still 6.5 million shares remaining authorized under the Board program. Obviously we have the MHC dividend waiver boat, which allows us to pay the dividend. Continued -- again, what I said before -- we're just continuing the same story that we've had for the last couple quarters, and that pretty much sums up where we are for the quarter.

來到第 14 頁，我認為這會引起投資人與股東很大的興趣：這是我們在資本運用面策略的延續，也就是持續進行庫藏股回購計畫與股利發放（股利自 9 月開始，12 月又發放一次）。本季我們回購了略多於 280 萬股，並將持續進行。董事會核准的回購額度下仍剩餘 650 萬股可回購。當然，我們有 MHC 股利豁免（dividend waiver）機制，使我們得以發放股利。總之——回到我先前所說——我們只是延續過去幾季相同的主軸，這大致總結了本季的情況。

We're open for questions. Kevin?

我們開放提問。Kevin？

The floor is now open for questions.

現在開放提問。

(Operator Instructions)

（接線員指示）

We'll take our first question from the line of Matthew Breese with Sterne Agee. Your line is now open.

我們先接聽第一個問題，來自 Sterne Agee 的 Matthew Breese。您的線路已開通。

I was hoping to get a little bit more color on the upstream of cash from the Bank to the Holding Company. Obviously, that was good to see. I was just wondering: How would you characterize that? Was that more or less the last 12 months of net income, or was there anything in addition there to what you've earned?

我希望能更了解一些關於銀行向控股公司上繳現金（upstream）的細節。顯然，看到這點是件好事。我想請問：你會如何描述這筆上繳？它大致等同於過去 12 個月的淨利，還是除了你們所賺取的盈餘之外，還包含其他部分？

Hi, Matt. This is Paul, again. That's strictly the earnings-based dividend, upstream from the thrift into TFS Financial. That's just based on earnings, less whatever dividends we've paid recently.

嗨，Matt。我是 Paul，再次回答。那完全是以盈餘為基礎的股利，由儲蓄機構（thrift）上繳到 TFS Financial。這只是依據盈餘計算，再扣除我們最近已支付的任何股利。

Okay, and how would you characterize your ability, at this point, to upstream more than what you've earned, as obviously your capital deployment strategy outpaces your net income generation?

好的，那你會如何描述你們目前上繳超過已賺取盈餘的能力？因為很明顯，你們的資本運用策略的速度快於你們淨利的產生速度。

Well, I think we've continued -- certainly there's a level of cash and capital sitting in the Holding Company right now that's more than adequate to cover our needs. We have talked about in the past that we have put $150 million down into the thrift in 2010. That's always a possibility that we would entertain moving -- trying to move some of that capital back up. That would involve certainly an application with the regulators to get that approved.

嗯，我認為我們一直以來——當然，目前控股公司帳上持有的現金與資本水位，已綽綽有餘足以支應我們的需求。我們過去也談過，2010 年我們向儲蓄銀行（thrift）注入了 1.5 億美元。未來我們也一直保留一種可能性：考慮把其中一部分資本往上移回來——嘗試把部分資本調回控股公司。這當然需要向監管機構提出申請並取得核准。

Okay. Then, obviously the MHC dividend waiver is still good. But when do we start thinking about going after the next one, and how do you feel about your ability to gain some approval there and run a bit more autonomously on just [approving] yourselves?

好的。那麼，很明顯 MHC 的股利豁免仍然有效。但我們什麼時候該開始考慮申請下一次？以及你對於在那方面取得核准的把握如何？能否在只靠你們自己（[核准]你們自己）的情況下，更自主一些地運作？

I don't know about the autonomy part, because we do have a procedure that we have to go through according to the Federal Reserve, but we're very confident that in the next few months we'll begin our campaign again to solicit the vote for the following four quarters. That should be sometime early summer.

我不確定你說的「自主」那部分，因為依照聯準會的規定，我們確實有一套必須走的程序；但我們非常有信心，在接下來幾個月內，我們會再次啟動行動，去徵求對於後續四個季度的投票支持。時間大概會在初夏左右。

Do you expect the dividend to be the same, or any changes to the pay-out ratio?

你預期股利會維持相同，還是配發率會有任何變動？

We haven't given that any thought at this point. I would say that, in terms of the response rate, we expect that to be the same. But beyond what I've just told you, I mean we haven't really planned much out.

我們目前還沒有特別去想這件事。我會說，就回覆率而言，我們預期會跟以前差不多。但除了我剛剛告訴你的之外，我是說，我們其實還沒有做太多規劃。

Okay. No, that's fine.

好的。不，沒問題。

Then fundamentally at the Bank, can you give us a bit more color on the funding strategy? Obviously, borrowings are up. Deposits were a bit down this quarter, and your loan-to-deposit ratio is a bit elevated versus some of your peers -- above 120%. Can you give us a bit more color around that, and whether or not we run into any sort of issues there where we need more deposits?

那回到銀行的基本面，你能否再多談一些資金來源策略？很明顯借款增加了。本季存款略有下降，而你們的存放比相較部分同業偏高——超過 120%。你能否再多補充一些背景，以及我們是否會遇到任何需要更多存款的問題？

Good morning, Matt. This is Dave. I hope you're doing well.

早安，Matt。我是 Dave。希望你一切都好。

I am, thank you.

我很好，謝謝。

Thanks. With respect to your question, our business is lending to homeowners. We have a mono-line approach. Traditionally, we had obtained all our funding through our retail branch system.

謝謝。就你的問題而言，我們的業務是對房主放款。我們採取單一產品線（mono-line）的做法。傳統上，我們所有資金來源都透過零售分行體系取得。

A couple years ago, as earnings became more and more important to us, we focused on optimal pricing in our cost of funding. That led us to our Federal Home Loan Bank advances. We've also pursued some broker deposits, as we continue to try to extend the duration of our funding sources.

幾年前，隨著獲利對我們而言變得愈來愈重要，我們把重點放在資金成本的最佳化定價。這使我們轉向使用聯邦住房貸款銀行（Federal Home Loan Bank, FHLB）的預支款（advances）。我們也引進了一些經紀存款（brokered deposits），因為我們持續嘗試拉長資金來源的存續期間。

One of the things that impacts our ratio is our high capital. If we were running with 6% capital, we might have more funding opportunities to leverage the retail side. I would say we're not uncomfortable with where we are at this -- around 120%, 125%. I think that we see others that are -- have a similar business approach -- up in the 140%s.

影響我們比率的一個因素是我們的高資本水位。如果我們的資本比率只有 6%，我們可能會有更多資金來源的機會去槓桿化零售端。我會說，我們對目前這個水位——大約 120%、125%——並不感到不安。我認為我們也看到其他採取類似業務模式的機構——存放比在 140% 以上。

We understand that we're a unique Organization. We're retail focused. We will go back into the market when we can provide our depositors with products that they are attracted to, at a funding cost that's favorable to us. I think we're comfortable where we are, Matt.

我們理解我們是一個獨特的組織。我們以零售為核心。當我們能提供存款人有吸引力的產品、且資金成本對我們有利時，我們就會再回到市場。我想我們對目前的狀況很安心，Matt。

Okay. No, that's fine.

好的。不，沒問題。

Do you have any sort of guidance on your margin outlook, especially given the new leverage strategy, and the general flattening of the yield curve since we last spoke in September?

你們對利差（margin）展望有任何指引嗎？尤其考量新的槓桿策略，以及自從我們上次在 9 月談話以來殖利率曲線整體趨於平坦。

I don't think that we've attempted to provide margin outlooks. I think one of the slides in the packet does show how our deposit cost has kind of leveled out. If you looked at it, that funding cost is bottoming out. We do hit, like I think almost all financial institutions, the point where it's difficult to lower the funding costs any more.

我不認為我們曾嘗試提供利差展望。我想簡報資料裡有一張投影片確實顯示我們的存款成本已經大致持平。如果你看那張圖，資金成本正在觸底。就像我想幾乎所有金融機構一樣，我們也到了很難再把資金成本進一步壓低的程度。

We're looking forward to some relief on the asset side, if rates ever start to move back up, if we can see some improvement in the asset yields, because we're not sure that there's a lot more opportunity on the funding side to see the costs go lower. I would say that the margin is something that's going to be a lot of work as we go forward until there's some relief in the market's pricing. I don't know if you've seen anywhere else where they're not facing that dilemma.

我們期待資產端能有一些緩解——如果利率有一天開始回升、如果我們能看到資產收益率有所改善——因為我們不確定在資金端還有多少空間能讓成本再下降。我會說，未來一段時間利差會是一項需要投入大量努力的工作，直到市場定價出現一些緩解。我不知道你是否在其他地方看到有人不面臨同樣的兩難。

No, it's pretty universal. I appreciate that, guys. Thank you.

沒有，這幾乎是普遍現象。我很感謝各位的說明。謝謝。

Thank you, Matt.

謝謝你，Matt。

Our next question comes from Joe Stieven with Stieven Capital. Your line is now open.

下一個問題來自 Stieven Capital 的 Joe Stieven。您的線路已開通。

First of all, good quarter.

首先，本季表現不錯。

Matt actually had gotten a couple of my questions, but let me first hit on the MHC waiver. Marc, is there any chance that this MHC waiver can be extended beyond the one year? Literally, it's just wasted money that you guys have to, quote-unquote, expend to get this waiver. And it's almost sort of similar to getting a waiver from un-issued shares. Is there any chance you can get this for more than one year, so we, as investors, and you guys, as good managers, don't have to just expend your capital and our capital for this very sort of weird thing? That's question number one.

Matt 其實已經問到我幾個問題了，但我先談 MHC 豁免。Marc，這個 MHC 豁免有沒有可能延長到一年以上？說真的，你們為了取得這個豁免必須（所謂）花出去的錢，根本就是浪費。而且這幾乎有點像是對未發行股份去申請豁免。你們有沒有機會把它爭取到一年以上，讓我們作為投資人、以及你們作為優秀的管理團隊，不必為了這種很奇怪的事情就把你們的資本和我們的資本花掉？這是第一個問題。

Comment number two is: We would easily, as investors, support your effort, if and when you get a chance to pull down your $150 million back from the Bank up to your Holding Company. That's it. Thanks, guys.

第二點是評論：如果、且當你們有機會把那 1.5 億美元從銀行拉回到控股公司，我們作為投資人會很樂意支持你們的努力。就這樣。謝謝各位。

Okay. Joe, pertaining to the dividend waiver, that's one of the things on our agenda this year. We feel the same way that you do, and have expressed that it's an onerous process to annually go out and get that vote. The good news is we can get that vote every single year.

好的。Joe，關於股利豁免，這是我們今年議程上的事項之一。我們跟你的感受一樣，也一直表達每年都要出去取得投票同意是一個很繁瑣的流程。好消息是，我們每一年都可以取得這個投票。

The obvious is that it is a waste of money, so we're looking for trying to get some relief. If it's three years, great. We'll shoot for even as long as five years, and find out where that lies. But that's on our agenda of things to do for 2015. We're right there with you.

很明顯這是在浪費錢，所以我們正在尋求一些緩解。如果能做到三年，那很好；我們甚至會以五年為目標，看看界線在哪裡。但這確實是我們 2015 年待辦事項的一部分。我們完全同意你的看法。

If I could ask one more question? With this type of market turmoil, partially related to what's happened with oil and some other foreign situations, obviously that's impacted your stock to some degree, not due to your performance at all, but just due to these situations. Does this give you a chance to maybe even take advantage of this, and be a little bit more aggressive in your repurchase activity? Thanks, guys.

我可以再問一個問題嗎？在這種市場動盪之下，部分與油價以及一些海外情勢有關，顯然這在某種程度上影響了你們的股價——並不是因為你們的表現，而是因為這些情況。這是否讓你們有機會也許利用這個情勢，在庫藏股回購上更積極一些？謝謝各位。

You know I'm for it, Paul -- you had some hesitation about repurchases? No, I'm just kidding. I'm just kidding. We love repurchases. We do, and we're going to continue to aggressively repurchase our stock.

你知道我支持這件事，Paul——你對庫藏股回購有點猶豫嗎？不，我只是開玩笑。我只是開玩笑。我們喜歡回購。我們確實喜歡，而且我們將繼續積極回購我們的股票。

Okay, thank you, guys. Good quarter.

好的，謝謝各位。這一季表現不錯。

Okay.

好的。

Our next question comes from Rick Weiss with Boenning and Scattergood. Your line is now open.

下一個問題來自 Boenning and Scattergood 的 Rick Weiss。您的線路已開通。

Hi, guys. This is [Scott Berry] filling in for Rick Weiss.

嗨，各位。我是 [Scott Berry]，代替 Rick Weiss。

Good morning.

早安。

I just had a quick question on the fee income line. Obviously, it was better linked-quarter, but I do think the deposit service charges were down a little bit, which is starting to look like a trend this quarter from what we've been seeing. I was wondering if you had any color on that?

我有個關於手續費收入那一行的簡短問題。顯然，與上一季相比有所改善，但我確實注意到存款服務費似乎小幅下滑，從我們看到的情況來看，本季開始看起來像是一個趨勢。我想請問你們能否提供一些說明？

Good morning, Scott. Thanks for calling in. We -- our deposit fees aren't really a big number for us. What you're seeing there is mainly our mortgage servicing fees that are in that fee line. Our mortgage servicing portfolio continues to decline, so if you look at that over time, you'll see, I think, a continual decrease in that fee line item.

早安，Scott。謝謝你來電。我們——我們的存款手續費其實對我們來說不是很大的數字。你在那裡看到的主要是包含在該手續費項目中的房貸服務費。我們的房貸服務組合持續下降，所以如果你把時間拉長來看，我想你會看到那個手續費科目會持續下降。

Thanks, that's helpful.

謝謝，這很有幫助。

Another broader question: Can you give any color on what you're seeing in terms of the housing market in Ohio in comparison to Florida, and maybe anything there?

另一個比較宏觀的問題：你們能否談談你們在俄亥俄州的房市相較於佛羅里達州所看到的情況，以及相關的任何觀察？

The housing market in both those areas are very slow. We've noticed that across the country it varies. Virginia's really strong. New York is still strong. Parts of Pennsylvania are still strong; North Carolina, in terms of purchased mortgages.

這兩個地區的房市都非常疲弱。我們注意到全國各地差異很大。維吉尼亞非常強勁。紐約仍然強勁。賓夕法尼亞的部分地區仍然強勁；北卡羅來納在購屋房貸方面也還不錯。

Our strategy, of course, is to pursue purchase mortgages in those areas. But at the same time, we've been focusing on the refinance business, because we're stealing other companies' loans, because a lot of people are in a re-price mode as these adjustable rates are in play. That's been our strategy, but the purchase market is not great anywhere that we have stores.

我們的策略當然是在那些地區追求購屋房貸。但同時，我們一直把重點放在再融資業務上，因為在這些浮動利率開始發揮作用、很多人處於重新定價模式時，我們正在搶走其他公司的貸款。這一直是我們的策略，但在我們有分行的任何地方，購屋市場都不算好。

Okay.

好的。

Looking outside our footprint to improve that.

我們也會往我們的營運版圖之外尋找，以改善這一點。

All right, that's helpful. That's all I got. Thank you.

好，這很有幫助。我就這些了。謝謝。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

We'll take our next question from [William Huff], private investor. Your line is now open.

我們接下一個問題，來自私人投資人 [William Huff]。您的線路已開通。

With all your excess capital and reserves, I never hear any discussion of making any acquisitions around your area yet. Have you considered that at all, or is that just nothing we're interested in?

你們有這麼多超額資本和準備金，但我從未聽到你們討論在你們周邊地區進行任何併購。你們有考慮過嗎？還是說這根本不是我們感興趣的事？

We have a unique culture. In a lot of cases, when you're merging two companies together, you run into the cultural conflicts. That's not our favorite thing. We don't want to start managing that, because that takes our eye off of our primary business.

我們有一種獨特的企業文化。在很多情況下，當你把兩家公司合併在一起時，會遇到文化衝突。那不是我們最喜歡的事情。我們不想開始去管理那些問題，因為那會讓我們分心，無法專注於我們的核心業務。

The second thing you run into in a lot of cases is, if we're the acquirer, we may be picking up a company that's a little weaker, hence that requires management's attention toward the delinquency problems or foreclosures, or other headaches that another company that we would be merging with would bring in. That's not our favorite way to grow our Business. We are an acquisition business; we like to acquire our customers one at a time.

第二個在很多情況下會遇到的是，如果我們是收購方，我們可能會接手一家相對較弱的公司，因此需要管理層把注意力放在逾期問題或法拍，或是其他合併對象會帶來的麻煩上。那不是我們偏好的成長方式。我們是一家「收購」型企業；我們喜歡一次收購一位客戶。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

We'll take a follow-up question from Matthew Breese with Sterne Agee. Your line is now open.

我們接 Sterne Agee 的 Matthew Breese 的追問。您的線路已開通。

Just one follow-up: On the billion-dollar leverage strategy, can you give us the components? What will be invested in FHLB stock, what's the yield there, and then the offsetting expenses, so we can get an idea of what the net benefit is?

再追問一個：關於那個 10 億美元的槓桿策略，你能否提供其組成？會有多少投資在 FHLB 股票上、那邊的殖利率是多少，以及相對應的費用抵銷，讓我們可以了解淨效益大概是多少？

Matt, this is Paul again. Generally, as we've sort of said, we've had about $1 billion of advances from FHLB. There's a -- you'll see the FHLB stock. We had to use part of that to increase our stock holdings in order to borrow more. The rest of it's invested at the Federal Reserve.

Matt，我是 Paul。一般來說，正如我們之前提到的，我們從 FHLB 借入了大約 10 億美元的預支款。你會看到 FHLB 股票。我們必須用其中一部分來增加我們的持股，以便能借更多。其餘的則投資在聯準會。

There's not a lot of moving parts in there. You really -- borrowing at the FHLB rate, you're investing generally -- currently at 25 basis points for the Fed, and then whatever dividend pays on the FHLB stock.

這裡面沒有太多變動因素。基本上——你以 FHLB 的利率借款，然後一般而言——目前是在聯準會以 25 個基點投資，再加上 FHLB 股票所支付的任何股利。

That's generally where we've been at. It's a program that we can stop on a day's notice, if it stops being attractive. But that's generally where we're at, at this point.

大致上我們就是這樣運作。這個計畫如果不再具吸引力，我們可以在一天之內通知停止。但目前大致就是這樣。

Okay. Do you know what the FHLB yield is? I know it can differ from different regions.

好的。你知道 FHLB 的殖利率是多少嗎？我知道不同地區可能會不一樣。

I think that the current rate for our FHLB in Cincinnati is 4%.

我想我們在辛辛那提的 FHLB 目前利率是 4%。

Okay. That's all I had. Thank you very much. Appreciate the time.

好的。我就這些了。非常感謝。感謝你們撥冗。

It appears we have no further questions at this time.

看起來目前沒有其他問題。

Okay. Just as a final comment, it's 17 degrees and snowy here in Cleveland; but the way we look at Third Federal's business, it's nothing but sunshine and blue skies. That strategy has been very helpful, in that it's been supported by our three-dimensional approach of growing the balance sheet, buying back stock, and paying a dividend to our shareholders. We appreciate all your support.

好的。最後補充一下，克里夫蘭這裡是華氏 17 度而且下雪；但我們看 Third Federal 的業務，只有陽光與藍天。這個策略非常有幫助，因為它得到我們三維度方法的支持：擴大資產負債表、回購股票，以及向股東發放股利。我們感謝各位的支持。

On a final note, on a personal note, I would like to thank all of you who have expressed their condolences for my wife's passing, and just thank you very much. It means a lot to me and to the entire Stefanski family. With that, we'll close.

最後再補充一點，從個人角度，我想感謝所有對我妻子過世表達慰問的人，真的非常感謝。這對我以及整個 Stefanski 家族意義重大。那麼，我們就到此結束。

Thank you. This does conclude today's teleconference. As a reminder, the dial-in number for the replay is 800- 839-2435. Please disconnect your lines at this time, and have a wonderful day.

謝謝。今天的電話會議到此結束。提醒各位，重播的撥入電話是 800- 839-2435。請現在掛斷您的線路，祝您有美好的一天。