WaFd Inc (WAFD) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the WaFd 4th quarter and fiscal year 2025 results call. (operator instructions) I would like to end this conference over to your speaker today, Brad Good. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 WaFd 2025 財年第四季業績電話會議。（操作員指示）今天，我將把本次會議的發言權交給你們的發言人布拉德古德。請繼續。

Thank you, Kevin. Good morning, everybody. We are excited to have you all attending our first ever earnings conference call. We have listened to the feedback from many of you requesting that we hold a call like this. We've heard you, and so here we are.

謝謝你，凱文。大家早安。我們非常高興各位能夠參加我們首次舉辦的財報電話會議。我們聽取了許多人的回饋，他們要求我們召開這樣的電話會議。我們聽到了你們的呼聲，所以我們來了。

Let's dive into our 2025 4th quarter and full year earnings report. You can find our earnings press release along with our detailed fact sheet and investor scorecard on our website. I'm sure you all know where that is, swaedbank.com.

讓我們深入了解我們2025年第四季和全年的收益報告。您可以在我們的網站上找到我們的獲利新聞稿、詳細情況說明書和投資者評分卡。我相信大家都知道它在哪裡，swaedbank.com。

During today's call, we will make some forward-looking statements which are subject to risks and uncertainties and are intended to be covered by the safe harbor provisions of Federal securities law.

在今天的電話會議中，我們將做出一些前瞻性陳述，這些陳述存在風險和不確定性，旨在受到聯邦證券法安全港條款的保護。

Information on risk factors that could cause actual results to differ are available from the earnings press release that was released yesterday, and the recently filed Form 10 for the quarter ended June 30, 2025. Forward-looking statements are effective only as of the date that they are made, and that assumes no obligation to update information concerning its expectations. We'll also reference non-GAAP financial measures, and I encourage you to review the non-GAAP reconciliation provided in our earnings materials. With us this morning, our President and CEO Brent Beardall, Chief Financial Officer Kelli Holz, Chief Credit Officer Ryan Mauer, and Chief Experience Officer Cathy Cooper. I'd now like to hand the call over to Mr. Beardall.

有關可能導致實際結果出現差異的風險因素的信息，可從昨天發布的盈利新聞稿以及最近提交的截至 2025 年 6 月 30 日的季度 10 表格中獲得。前瞻性聲明僅在其作出之日有效，本公司不承擔更新其預期資訊的義務。我們也會參考非公認會計準則財務指標，我鼓勵您查看我們獲利材料中提供的非公認會計準則調節表。今天早上與我們在一起的有：總裁兼執行長 Brent Beardall、財務長 Kelli Holz、首席信貸長 Ryan Mauer 和首席體驗長 Cathy Cooper。現在我想把電話交給比爾德爾先生。

Thank you, Mr. Goode. Good morning, everyone.

謝謝你，古德先生。各位早安。

Today we will cover 5 primary items with you. First, Kelli Holz, our CFO, will provide you with a detailed review of our balance sheet and income statement for the quarter and year ended 2025.

今天我們將和大家討論5個主要面向。首先，我們的財務長凱莉霍爾茲將向您提供截至 2025 年季度和年度的資產負債表和損益表的詳細審查。

Second, Ryan Mauer, our Chief Credit Officer, will provide comments on the current status of our loan portfolio and credit quality trends.

其次，我們的首席信貸官瑞安·毛爾將就我們目前的貸款組合狀況和信貸品質趨勢發表評論。

Third, I will provide you my insight in terms of our future prospects, capital management, strategies, and macro developments that impact WaFd.

第三，我將就我們的未來前景、資本管理、策略以及影響WaFd的宏觀發展提供我的見解。

Fourth, Cathy Cooper, our client experience officer, will discuss the progress we are making to improve banking for our clients. Finally, we will be happy to answer any questions you have at that point.

第四，我們的客戶體驗長凱西·庫柏將討論我們在改善客戶銀行服務方面的進展。最後，我們很樂意解答您屆時提出的任何問題。

Kelli, please walk us through the quarter and year-end results.

凱莉，請你為我們介紹一下季度和年度業績。

Thank you, Brent. As announced, WaFd Inc. Reported net income available to common shareholders of $56.9 million or $0.72 per diluted share for the quarter ended September 30th.

謝謝你，布倫特。正如先前宣布的那樣，WaFd 公司報告稱，截至 9 月 30 日的季度，歸屬於普通股股東的淨利潤為 5,690 萬美元，即每股攤薄收益 0.72 美元。

This compares to net income to common shareholders of $0.71 per share for the fourth quarter of fiscal 2024 and $0.73 per share for the third quarter of fiscal 2025.

相較之下，2024 財年第四季普通股股東每股淨收入為 0.71 美元，2025 財年第三季普通股股東每股淨收入為 0.73 美元。

The 1% decrease in earnings per share for the quarter was primarily due to modest increases in non-interest expense offset by modest increases in net interest income and non-interest income.

本季度每股收益下降 1%，主要是由於非利息支出略有增加，但淨利息收入和非利息收入略有增加，抵消了這一影響。

For the full year ended September 30, 2025.WaFd reported net income available to common shareholders of $211.4 billion or $2.63 per diluted share. This compares to fiscal 2024 net income to common shareholders of $2.50 per share.

截至 2025 年 9 月 30 日的整個年度，WaFd 報告歸屬於普通股股東的淨利潤為 2,114 億美元，即每股攤薄收益 2.63 美元。相較之下，2024 財年歸屬於普通股股東的淨收入為每股 2.50 美元。

For the balance sheet, loans receivable decreased 188 million during the quarter, primarily due to a decrease in our inactive loan types, which are single-family mortgage, custom construction, which combined decreased by 216 million.

從資產負債表來看，本季應收貸款減少了 1.88 億美元，主要是由於我們的非活躍貸款類型（包括單戶住宅抵押貸款和客製化建築貸款）減少，這兩項合計減少了 2.16 億美元。

Loan originations for the quarter outpaced repayments and payoffs in our active loan types for the first time this fiscal year, with originations of 1.4 billion compared to $700 million in the June quarter, and repayments and payoffs of 1.2 billion in both those quarters.

本季度，我們活躍貸款類型的貸款發放量首次超過了還款和結清額，發放量為 14 億美元，而 6 月份季度為 7 億美元；這兩個季度的還款和結清額均為 12 億美元。

Active loan types include multi-family, commercial real estate, C&I, construction, land A&D, and consumer. As announced earlier this year, we have exited the single-family mortgage lending market, which also includes custom construction, consumer lot loans, and he locks. Please see the updated table on our fact sheet that provides a breakdown between our active and inactive loan types.

活躍貸款類型包括多戶住宅貸款、商業房地產貸款、工商業貸款、建築貸款、土地買賣貸款和消費貸款。正如今年稍早宣布的那樣，我們已經退出了單戶住宅抵押貸款市場，該市場還包括客製化建築、消費用地貸款和鎖定利率。請參閱我們情況說明書中更新後的表格，其中詳細列出了我們的活躍貸款和非活躍貸款類型。

Deposits increased by $51 million during the quarter, with non-interest-bearing deposits increasing $80 million or 3.2%, while time deposits decreased $286 million or 3%. For the fiscal year, total deposits increased by $64 million a result of the efforts of our teams across the entire footprint. The former Luther Burbank deposits decreased by $1 billion over the fiscal year.

本季存款增加了 5,100 萬美元，其中無息存款增加了 8,000 萬美元，增幅為 3.2%；而定期存款減少了 2.86 億美元，降幅為 3%。本財年，由於我們遍布各地的團隊的共同努力，存款總額增加了 6,400 萬美元。原盧瑟·伯班克銀行的存款在本財年減少了10億美元。

Which was an intentional effort on our part to lower the cost of funds for these higher cost, mostly CDs, deposits. Those decreased 4.5% decreased from 4.25% at September 2024 to 3.36% of total deposits today.

這是我們有意為之，旨在降低這些成本較高的存款（主要是定期存款）的資金成本。這些下降了 4.5%，從 2024 年 9 月的 4.25% 下降到如今佔總存款的 3.36%。

Core deposits ended the quarter at 78% of total deposits, similar to the June quarter and increased from 75% as of the prior year end. Non-interest-bearing deposits ended the quarter at 12% of total deposits. The net loan to deposit ratio ended the quarter at 93.7%. Total cash decreased $152 million in the September quarter, and total investments and mortgage-backed securities increased $279 million. Cash balances were used to pay down borrowings, which decreased $174 million during the quarter. The increase in mortgage backed securities is part of our overall investment strategy currently replacing the single family mortgage loan balance runoff.

核心存款在本季末佔總存款的 78%，與 6 月的季度情況類似，高於上年末的 75%。本季末，不計息存款佔總存款的 12%。本季末，淨貸款存款比率為 93.7%。9 月季度現金總額減少了 1.52 億美元，而投資和抵押貸款支持證券總額增加了 2.79 億美元。現金餘額用於償還借款，本季借款減少了 1.74 億美元。增加抵押貸款擔保證券是我們整體投資策略的一部分，目前正在取代單戶家庭抵押貸款餘額的逐步減少。

WaFd 's liquidity and capital profile remains strong, with a robust core funding base, a low reliance on wholesale borrowings, and a significant off-balance sheet borrowing capacity. In addition, all of our capital ratios are in excess of regulatory wealth capital levels.

WaFd 的流動性和資本狀況仍然強勁，擁有穩健的核心資金基礎，對批發借款的依賴程度較低，並且具有顯著的表外借款能力。此外，我們所有的資本比率均超過監管規定的財富資本水準。

For the income statement, net interest income increased 1.9 million from the prior quarter. The net effect of the reduction in interest paid on liabilities outpacing the reduction on interest earned on assets by 3 basis points.

從損益表來看，淨利息收入比上一季增加了190萬。負債利息支出減少的淨效應比資產利息收入減少的淨效應高出 3 個基點。

The net interest margin was 2.71% for the September quarter compared to 2.69% in June. As of the September, the yield on interest earning assets was 5.23%, while the cost of interest-bearing liabilities was 2.91%, with the resulting margin at period end of 2.82%. Total non-interest income increased slightly compared to the prior quarter to 18.4 million. Contributing to non-interest income is $4.6 million in revenue for the quarter from our insurance subsidiary of WaFd Insurance. For the fiscal year, WaFd insurance revenue was 19.5 million, an increase of 12.5% over the prior year.

9 月季度的淨利差為 2.71%，而 6 月為 2.69%。截至 9 月，生息資產收益率為 5.23%，而計息負債成本為 2.91%，期末利潤率為 2.82%。與上一季相比，非利息收入總額略有成長，達到 1,840 萬。本季度，我們的保險子公司 WaFd Insurance 的收入為 460 萬美元，這筆收入對非利息收入做出了貢獻。本財年，WaFd 保險收入為 1,950 萬，較上年增長 12.5%。

Total non-interest expense increased 2.7 million, or 2.6% from the prior quarter as a result of strategic investments in our talent and technologies. Increases in compensation and information technology spend resulted in a small increase to the company's efficiency ratio for the fourth fiscal quarter to 56.82% compared to 56.01% as of June.

由於對人才和技術的策略性投資，非利息支出總額較上一季增加了 270 萬，增幅為 2.6%。薪酬和資訊科技支出的增加使得該公司第四財季的效率比率小幅上升至 56.82%，而 6 月的效率比率為 56.01%。

Let me now turn the call over to Ryan to share his comments on WaFd 's credit quality.

現在我把電話交給 Ryan，請他分享他對 WaFd 信用品質的看法。

Thank you, Kelli, and good morning everyone.

謝謝你，凱莉，大家早安。

As reflected in our earnings release, we had a solid quarter of new loan production along multiple product lines. As Kelli indicated, total production on a quarter over quarter basis increased from 700 million to 1.4 billion.

正如我們的獲利報告所反映的那樣，本季度我們在多個產品線的新貸款發放方面都取得了穩健的成長。正如凱利所指出的，總產量較上季從 7 億增加到 14 億。

Increase in production we're seeing in the majority of our active loan portfolio types. On a quarter over quarter basis, commercial real estate production increased by 380% from 44million to 211 million.

我們看到，我們大多數活躍貸款組合類型的產量都有所增加。與上一季相比，商業房地產產量增加了 380%，從 4,400 萬美元增至 2.11 億美元。

Commercial and industrial increased by 56% from 325million to 507 million.

工商業成長了56%，從3.25億增至5.07億。

Commercial construction increased by 142% from 206 to 499 million, and land A&D increased by 132% from 19million to 44 million.

商業建築面積成長了 142%，從 2.06 億增至 4.99 億；土地收購和開發面積成長了 132%，從 1,900 萬增至 4,400 萬。

Importantly, we were able to achieve the increase in loan production with a consistent approach to underwriting that maintained a moderate risk profile. Delinquent loans ended the quarter at 0.6%, up 34 basis points when compared to the June quarter, and 35 basis points when compared to September of 2024.

重要的是，我們透過一致的承銷方式，維持了適中的風險水平，從而實現了貸款發放量的成長。本季末，逾期貸款率為 0.6%，比 6 月季度上升 34 個基點，比 2024 年 9 月上升 35 個基點。

Adversely classified loans decreased by 84 million in the quarter and now represent 3.1% of net loans compared to 3.5% as of the June quarter and 2% as of September of 24. Total criticized loans increased 57 million to 4.4% of net loans compared to 4.1% as of the June quarter and 2.4% as of September of 2024.

本季不良分類貸款減少了 8,400 萬筆，目前佔淨貸款的 3.1%，而 6 月季度為 3.5%，9 月 24 日為 2%。受批評貸款總額增加了 5,700 萬筆，佔淨貸款的 4.4%，而 6 月季度為 4.1%，2024 年 9 月為 2.4%。

It should be noted that the increase in criticized loans is not concentrated in any one business line or industry, and similar to the rise in delinquencies is reflective of the economic environment where elevated interest rates and economic uncertainty impacted both commercial and consumer borrowers.

值得注意的是，受批評貸款的增加並非集中在任何一個行業或領域，與違約貸款的增加類似，反映了當前的經濟環境，高利率和經濟不確定性對商業和消費借款人都產生了影響。

Non-performing assets increased 46 million in the quarter and represent 0.54% of total assets consisting of 129 million in non-performing loans, 11.1 million in REO, and 3 million in other repossessed assets. While elevated in comparison to recent period, these credit metrics remain modest in light of WaFd 's loan loss reserve and capital position. And are indicative of our culture of early and proactive portfolio management.

本季不良資產增加​​了 4,600 萬美元，佔總資產的 0.54%，其中包括 1.29 億美元的不良貸款、1,110 萬美元的已收回房產和 300 萬美元的其他已收回資產。雖然與近期相比有所上升，但考慮到WaFd的貸款損失準備金和資本狀況，這些信貸指標仍然適中。這也反映了我們早期積極主動的投資組合管理文化。

It is important to note here that the increases in delinquencies and non-performing assets were largely impacted by a single commercial real estate loan over 90 days past due.

值得注意的是，拖欠款項和不良資產的增加很大程度上是由於一筆逾期超過 90 天的商業房地產貸款造成的。

Although this loan was appropriately placed on non accrual per policy, there was no charge off taken upon revaluation, and we are actively collaborating with the borrower, and recent developments are indicating positive momentum.

雖然根據政策規定，這筆貸款被適當地歸類為非應計貸款，但在重新評估後並未進行核銷，我們正在積極與借款人合作，最近的進展表明勢頭良好。

If nonperforming assets and delinquencies were adjusted for this one loan, MPAs would be 0.36% of total assets, which represents no change from the June quarter end, and delinquencies would be 0.38% of total loans, which is up from 0.26% from June quarter end.

如果對這筆貸款的不良資產和拖欠款項進行調整，則主要資產佔總資產的 0.36%，與 6 月底相比沒有變化；拖欠款項佔貸款總額的 0.38%，高於 6 月底的 0.26%。

The net provision for credit losses for the quarter was $3 million including a $2 million provision for loan losses and a provision of $1 million related to unfunded loan commitments.

本季信貸損失淨撥備為 300 萬美元，其中包括 200 萬美元的貸款損失撥備和 100 萬美元的未撥付貸款承諾撥備。

The provision is the result of growth in commercial loan balances, including C&I and CRE. In addition to mixed credit metrics and negative trends in the migration of criticized, non-performing, and delinquent loans.

該撥備是由於商業貸款餘額（包括工商業貸款和商業房地產貸款）增長而產生的。除了信貸指標喜憂參半以及受批評、不良和拖欠貸款的遷移呈現負面趨勢之外。

Net loan charge-offs for the quarter totaled 1 million for the year. Net charge-offs totaled 11.8 million and represented a nominal 6 basis points of average net loans. For reference, over the last 10 years, net charge-offs have averaged a recovery of 2 basis points per year, and over the last 3 years, net charge-offs have averaged 10 basis points per year.

本季淨貸款核銷總額為100萬。淨核銷總額為 1,180 萬，相當於平均淨貸款額的 6 個基點。作為參考，過去 10 年，淨沖銷平均每年可收回 2 個基點；過去 3 年，淨沖銷平均每年可收回 10 個基點。

The allowance for credit losses, including the reserve for unfunded commitments, provides coverage of 1.04% of gross loans at fiscal year end compared to 1.01% in September of 2024. For the commercial loan portion of the portfolio, the allowance represents 1.3% of net loans compared to 1.26% as of September of 2024.

信貸損失準備金（包括未撥付承諾的準備金）在財政年度結束時可覆蓋貸款總額的 1.04%，而 2024 年 9 月這一比例為 1.01%。就投資組合中的商業貸款部分而言，撥備佔淨貸款的 1.3%，而截至 2024 年 9 月，這一比例為 1.26%。

Credit metrics at fiscal year end, while elevated from prior quarters remain at healthy levels overall and have been impacted by two primary drivers. First, the elevated interest rate environment has impacted loan demand and borrowers' expense structures. Second, the economic uncertainty driven by tariffs continues to impact borrowers' top-line revenue results as well as material costs. Looking forward, these factors remain headwinds for quality.

財年末的信貸指標雖然比前幾季有所上升，但整體上仍處於健康水平，並受到兩個主要因素的影響。首先，高利率環境影響了貸款需求和借款人的費用結構。其次，關稅帶來的經濟不確定性持續影響借款人的營業收入和材料成本。展望未來，這些因素仍將對品質構成不利影響。

While the uncertainty related to tariffs remains elevated, the interest rate environment appears to be easing in the near term. With that, I will hand the microphone over to Brent for his comments.

儘管關稅相關的不確定性仍然很高，但短期內利率環境似乎正在緩和。接下來，我會把麥克風交給布倫特，請他發表意見。

Excellent. I wanted to let Kelly and Ryan start this call so everyone can appreciate what I think is a very solid year that we just completed. Change is hard, especially for an organization that has been around for 108 years. But I am incredibly proud of our team.

出色的。我想讓凱莉和瑞安開始這通通話，這樣大家就能體會到我們剛剛度過的非常充實的一年。變革是困難的，尤其是對於一個已經存在了108年的組織。但我為我們的團隊感到無比自豪。

All 2000 of us have embraced what needed to be done, taking the next step in moving WaFd to be a true commercial bank. You are seeing part of the change with this earnings call. We recognize that change takes time, but believe that this is the best course of action for all of our constituents.

我們 2000 人都接受了需要做的事情，朝著將 WaFd 轉變為真正的商業銀行邁出了下一步。本次財報電話會議將展現部分變化。我們認識到改變需要時間，但相信這對我們所有選民來說都是最佳方案。

Let me discuss our evolution from a thrift to a commercial bank. Most of you on this call will remember our previous strategic plan, which we set out in 2018, was called Vision 2025, and it focused on becoming a digital first bank.

讓我來談談我們從儲蓄機構到商業銀行的演變過程。在座各位大多數人應該還記得我們之前的戰略計劃，即我們在 2018 年制定的“2025 年願景”，其重點是成為一家數字化優先的銀行。

Growing our transaction deposits and building our reputation as the bank of choice for top tier talent in the Western United States. How did we do in executing that strategic plan?

增加交易存款，並建立我們作為美國西部頂尖人才首選銀行的聲譽。我們在執行該戰略計劃方面做得如何？

I would give us a 7 out of 10. Before the 500 basis point increase in interest rates, my score would have been a 9 out of 10, but certainly rising deposit costs and reduced loan demand negatively impacted us. There is no question in my mind we are better off today for having aimed high with Vision 2025.

我會給我們打7分（滿分10分）。在利率上調 500 個基點之前，我的評分會是 9 分（滿分 10 分），但存款成本上升和貸款需求下降無疑對我們產生了負面影響。我毫不懷疑，正是因為我們當初制定了“2025願景”，我們今天的生活變得更加美好。

I would now take our tech stack over any mid-sized bank peer as we now have a phenomenal digital offering with a combination of strong vendor relationships and control via in-house developed software.

現在，我會選擇我們的技術堆疊而不是任何中型銀行同行，因為我們現在擁有卓越的數位化產品，這得益於我們與供應商的良好關係以及透過內部開發的軟體實現的控制。

We have also learned that technology is a journey with no destination. There is no finish line to cross. As soon as you have implemented a new technology, you have to work on what comes next and iterate on what you just launched.

我們也了解到，科技是一段沒有終點的旅程。沒有終點線。一旦實施了一項新技術，就必須著手考慮下一步該怎麼做，並對剛推出的產品進行迭代。

The key is to be nimble, and we believe we have the technology and the teams to do exactly that. Leveraging technology for the benefit of our clients and colleagues is foundational to who we are today and for our future.

關鍵在於靈活應變，我們相信我們擁有實現這一目標所需的技術和團隊。利用科技造福客戶和同事，是我們今天和未來發展的基石。

What is next?

接下來是什麼？

We took a hard look at where our stock was trading even after the events of the last couple of days. We typically traded just above tangible book value, as you're aware, right now we're below tangible book value.

經過過去幾天的事件，我們仔細研究了我們股票的交易情況。如您所知，我們通常的交易價格略高於有形帳面價值，而現在我們的交易價格低於有形帳面價值。

While most of our peers have been trading in a range of about 1.35 times tangible book value. Why is that? The market may be wrong over the short-term, but generally speaking, the market proves right over the long-term.

而我們大多數的同業的交易價格都在有形帳面價值的 1.35 倍左右。這是為什麼？市場短期內可能出錯，但總的來說，市場長期來看是正確的。

Our stock trades at a relative discount because our profitability lags compared to our peers. By peers, I refer to the 62 publicly traded banks between 10 and $50 billion in assets.

由於我們的盈利能力落後於同行，因此我們的股票交易價格相對較低。我所說的同業指的是資產規模在 100 億美元到 500 億美元之間的 62 家上市銀行。

And let me just give you some comparisons that most of you are aware of in terms of profitability. Our peers return on assets typically 1.22%. WaFd was 0.91%. lag.

讓我舉幾個你們大多數人都了解的獲利能力方面的比較例子。我們的同業資產報酬率通常為 1.22%。WaFd 滯後 0.91%。

In return, in terms of return on tangible common equity, our peers are at 13%. WaFd is at 10%. In terms of efficiency ratio, our peers are at 55%, WaFd and 57%.

作為回報，就有形普通股權益回報率而言，我們的同行為 13%。WaFd 為 10%。就效率比率而言，我們的同業分別為 55%、WaFd 和 57%。

So, we lag in terms of profitability.

所以，我們在獲利能力方面落後了。

The biggest single driver for wire profitability behind our peers is because of our margin.

導致我們電線產業獲利能力落後於同業的最大單一因素是我們的利潤率。

Our peers have a margin of 3.42% and you can see WaFd has a margin this quarter of 2.71%. That is made up of course in terms of yield on loans. Our peers had a yield of 6% on their loans, and WAE was 5.38%, which is brought down by the significant balance of single family mortgages that I'll address, as well as the cost of deposits. Our P/E cost of deposits is just about 2% and we're at 2.6%.

我們的同業利潤率為 3.42%，您可以看到 WaFd 本季的利潤率為 2.71%。當然，這主要體現在貸款收益率方面。我們的同業貸款收益率為 6%，加權平均收益率為 5.38%，這主要是由於我將要討論的大量單戶住宅抵押貸款以及存款成本造成的。我們的存款本益比成本約為 2%，而我們目前的本益比為 2.6%。

However, we remained stronger than our peers in terms of TCE ratio with our peers at 9.3% and WaFd at 9.8%, and our net charge-offs have remained very low relative to our peers for this last quarter. Our peers are at 16 basis points of off ed at just two basic points of charge-offs.

然而，就 TCE 比率而言，我們仍然優於同行，同行的 TCE 比率為 9.3%，WaFd 為 9.8%，而且在過去一個季度中，我們的淨沖銷額相對於同行而言也一直非常低。我們的同業僅需兩個基本點的沖銷率，就能獲得 16 個基點的折扣。

There is no silver bullet. The reason for our relative underperformance lies in our Thrift heritage. We historically focused on attracting higher cost time deposits to fund mortgage loans, effectively accepting a higher degree of interest rate risk.

沒有萬全之策。我們業績相對欠佳的原因在於我們節儉的傳統。我們歷來專注於吸引成本較高的定期存款來為抵押貸款提供資金，實際上承擔了更高的利率風險。

Our solution is summed up by our next business plan, which we call Build 2030, a plan designed to fully shift our focus to where we can add the most value to our clients and shareholders, serving the banking needs of businesses.

我們的解決方案體現在我們下一個商業計劃中，我們稱之為“建設 2030”，該計劃旨在將我們的重心完全轉移到能夠為客戶和股東創造最大價值的地方，滿足企業的銀行業務需求。

This shift takes time, discipline, and effort and comes with specific goals. The most important goal in my mind is increasing our non-interest-bearing deposits to total deposits from 11% in January when we launched this plan up to 20% by the end of fiscal 2030. Today we sit at 12%.

這種轉變需要時間、自律和努力，並且需要設定具體的目標。我認為最重要的目標是，將我們的無利息存款佔總存款的比例從1月我們啟動該計劃時的11%提高到2030財年末的20%。目前我們的佔比為 12%。

It is an ambitious goal, but it is what we need to do, and it will drive increased loan demand and branch utilization. The way our peers have achieved their lower cost of funds is to focus on serving small businesses, which is exactly what we are doing.

這是一個雄心勃勃的目標，但也是我們必須要做的事情，這將推動貸款需求和分行利用率的提高。我們的同業之所以能夠降低融資成本，是因為他們專注於服務小型企業，而這正是我們正在做的。

Here's what we've accomplished so far. In January, we reorganized our frontline bankers into 3 teams to kick off Bill 2030. Our business bank, handling commercial credit needs up to $10 million and all small business and consumer deposits. This includes our 208 branches. A corporate bank which handles all large commercial credits and clients with treasury needs.

以下是我們目前的成果。1 月份，我們將一線銀行家重組為 3 個團隊，以啟動 2030 年法案。我們的商業銀行，處理高達 1000 萬美元的商業信貸需求以及所有小型企業和個人存款。這包括我們的 208 家分行。一家企業銀行，負責處理所有大型商業信貸業務，並為有資金需求的客戶提供服務。

Lastly, our commercial real estate bank, recognizing our historical strength and expertise in commercial real estate, we have a dedicated team to serve the credit and treasury needs of real estate investors and operators.

最後，我們的商業房地產銀行，鑑於我們在商業房地產領域的歷史實力和專業知識，我們組建了一支專門的團隊，為房地產投資者和運營商提供信貸和資金方面的服務。

We have also expanded our product offerings. We now originate SBA 504 loans and 7A loans. Over the last six months, WaFd has earned SBA delegated authority and has been approved as a preferred SBA lender.

我們也擴大了產品供應範圍。我們現在發放 SBA 504 貸款和 7A 貸款。在過去的六個月裡，WaFd 獲得了美國小型企業管理局 (SBA) 的授權，並被批准成為 SBA 的首選貸款機構。

Being great at serving treasury management needs with all of its requisite tools and controls. Is our long-term solution for achieving low cost deposits. We've all heard about the hype that what AI can do.

能夠憑藉所有必要的工具和控制措施，出色地滿足資金管理需求。這是我們實現低成本存款的長期解決方案。我們都聽過人工智慧的各種強大功能。

And we too are excited about the potential, but AI is also being used extensively by bad actors to commit fraud. Robust treasury management controls and automation are a must for all businesses. We are very pleased with our Treasury management offering for both small and large businesses that allows our clients to mitigate risk and easily manage their banking.

我們也對人工智慧的潛力感到興奮，但人工智慧也被不法分子廣泛用於實施詐欺。健全的資金管理控制和自動化對於所有企業來說都是必不可少的。我們對中小型企業的資金管理服務非常滿意，該服務能夠幫助客戶降低風險並輕鬆管理銀行業務。

We're now 9 months since we announced Bill 2030. And here are some of the results. Our gross loan pipelines have increased 24% in just the last quarter. Gross new money potential is up to $2.5 billion up from just $2 billion a quarter ago.

距離我們宣布2030年法案已經過了9個月。以下是一些結果。光是上個季度，我們的貸款總額就成長了 24%。新增資金總額潛在達 25 億美元，高於上一季的 20 億美元。

And we have a deposit pipeline of almost $250 million of net new deposits we anticipate. With the branches focused on attracting small businesses, we are seeing more customer traffic, client growth, and still have significant capacity to grow without adding staff levels.

我們預計新增淨存款額將接近 2.5 億美元。由於各分公司專注於吸引小型企業，我們看到客流量增加，客戶數量成長，而且在不增加員工人數的情況下仍有很大的成長空間。

We are seeing growth in the number of accounts, which is exactly what we want. Specifically, non-interest-bearing accounts are up by 5,000 over the year, a 2.5% increase, which is modest but important because it reverses the trend of declining numbers of non-interest rate deposits that we have seen over the last several years.

我們看到帳戶數量有所增長，這正是我們所希望的。具體來說，不計息帳戶數量較上年增加了 5000 個，增幅為 2.5%，雖然增幅不大，但意義重大，因為它扭轉了過去幾年不計息存款數量下降的趨勢。

C&I loans. After opening up business lending to our branch teams in the last year, we have more than doubled the number of C&I loans we have on our books to 3,000. With each of these new business relationships, we are planting the seed for additional growth going forward.

工商貸款。去年，我們向分行團隊開放了商業貸款業務，此後，我們帳面上的工商貸款數量增加了一倍多，達到 3,000 筆。我們透過建立這些新的業務關係，為未來的進一步發展播下種子。

Having studied many thrifts that failed in their journey to become commercial banks, I believe the most important differentiator is being disciplined, especially around credit. We don't want to get in a hurry and take undue credit risk for the sake of faster growth. We will err on the side of quality over growth.

我研究過許多在轉型為商業銀行的過程中失敗的儲蓄機構，我認為最重要的區別在於紀律，尤其是在信貸方面。我們不想操之過急，為了追求更快的成長而承擔不必要的信貸風險。我們將優先保證品質而非追求成長。

Looking at the composition of our balance sheet, let me highlight our plan for handling the SFR loans, the single family residential loans we have on our balance sheet, currently $8.1 billion earning only 4.2%. Which is about 40% of our total loans.

從我們資產負債表的組成來看，讓我重點介紹一下我們處理 SFR 貸款的計劃，也就是我們資產負債表上的單戶住宅貸款，目前為 81 億美元，收益率僅為 4.2%。這約占我們貸款總額的40%。

Given the rate environment, our plan is to replace runoff in this portfolio with agency mortgage backed security. Currently, we picked up about 100 basis points with zero credit risk. Last quarter, we had $226 million of single family loans pay off.

鑑於當前的利率環境，我們的計劃是用機構抵押貸款支持證券替換該投資組合中的虧損資產。目前，我們在零信用風險的情況下獲得了約 100 個基點的收益。上個季度，我們有 2.26 億美元的單戶住宅貸款得以償還。

On the on the deposit side, we have largely been treading water over the last 18 months. But that does not tell the whole story nor give credit to our team for what we have accomplished. As you recall, on March 1st of 2024, we closed the Luther Burbank acquisition, knowing they had a high cost deposit base.

在存款方面，過去 18 個月我們基本上一直原地踏步。但這並不代表全部事實，也沒有反映我們團隊所取得的成就。如您所知，2024 年 3 月 1 日，我們完成了對 Luther Burbank 的收購，當時我們知道他們的存款成本很高。

Since that time, we have allowed their deposits to decline by $1.8 billion or 32%. But importantly, in doing so, we have decreased the weighted rate on the remaining deposits by 90 basis points.

自那時以來，我們允許他們的存款減少了 18 億美元，即 32%。但重要的是，透過這樣做，我們將剩餘存款的加權利率降低了 90 個基點。

We are very pleased to point out that organic growth at WaFd deposit franchise over that time more than offsets the $1.8 billion of Luther runoff. Another way to look at it is WaFd would have grown its deposits by 8.5% over the last 18 months, absent the impact of the Luther deposit runoff.

我們非常高興地指出，在此期間，WaFd 存款業務的有機成長完全抵消了 Luther 18 億美元的流失。換個角度來看，如果不考慮路德存款流失的影響，WaFd 在過去 18 個月的存款本應增加 8.5%。

That leads to an obvious question.

這就引出了一個顯而易見的問題。

Are we pleased with the results of the Luther Burbank acquisition? The answer is yes. We got into California at the right price and now have a solid foundation to build the franchise in the state.

我們對收購 Luther Burbank 的結果滿意嗎？答案是肯定的。我們以合適的價格進入了加州市場，現在我們已經擁有了在該州建立特許經營權的堅實基礎。

I want to also mention that we still have $170 million in our rate mark related to the Luther Burbank loans that will accrete into income over the life of those loans, and with rates coming down, I would expect that to accelerate.

我還想提一下，我們利率標記中還有 1.7 億美元與 Luther Burbank 貸款有關，這些貸款將在貸款期限內轉化為收入，隨著利率下降，我預計這部分收入會加速成長。

It's also important to note that this last quarter we finally came to the end of our HMDA consent orders. Working with the CFPB, they have now closed out the two HMDA consent orders, so that is now closed and behind us, which is timely, considering we are completely out of the mortgage business.

值得注意的是，上個季度我們終於結束了所有《房屋抵押貸款揭露法》的同意令。在與消費者金融保護局 (CFPB) 的合作下，他們現在已經完成了兩項《房屋抵押貸款揭露法》(HMDA) 同意令，所以這件事現在已經結束了，這很及時，因為我們已經完全退出了抵押貸款業務。

Changing topics, we are very pleased to announce that on August 29th of this year, we launched WaFd Wealth Management with the hiring of experienced professionals from the wirehouse here in Seattle. Our goal is to organically grow wealth management to 1 billion and assets under management in the first two years and then go from there.

轉換主題，我們非常高興地宣布，今年 8 月 29 日，我們聘請了西雅圖這家大型券商的資深專業人士，推出了 WaFd 財富管理公司。我們的目標是在前兩年內將財富管理規模有機增長至 10 億美元，並管理資產規模達到 10 億美元，然後再根據實際情況繼續發展。

Early indications are very positive and it is nice to fill a hole that we've had in our product offering. We see wealth as an essential element in growing our non-interest income going forward.

初步跡象非常積極，很高興能夠填補我們產品供應的空白。我們認為財富是未來增加非利息收入的重要因素。

Two macro items I would address. Number 1, thank M&A. We are all aware of the 2 large deals announced this last quarter. 5th 3rd, acquiring America and PNC acquiring First Bank.

我想談兩個主要方面。第一，感謝併購。我們都知道上個季度宣布的兩筆大交易：第五銀行收購美國銀行，以及PNC銀行收購第一銀行。

I think we will see a big pickup in M&A over the next 2 years as bank valuations improve and management teams look for scale in light of banking's unlevel playing field today.

我認為，未來兩年併購活動將大幅增加，因為銀行估值將提高，鑑於目前銀行業競爭環境不公平，管理團隊將尋求擴大規模。

I thought it was very interesting to hear that the TNC CEO said about wanting to get to 1 trillion size in order to stay relevant. There are only 200 banks in the United States greater than $3 billion in assets.

聽到跨國公司執行長表示希望公司規模達到1兆美元以保持競爭力，我覺得這很有意思。美國祇有200家銀行的資產超過30億美元。

Crazy to think about only 200 banks, greater than $3 billion in assets. I think by the end of this administration, it could be significantly less than that.

難以置信，光是200家銀行，資產總額就超過30億美元。我認為到本屆政府任期結束時，這個數字可能會大幅下降。

Will we be a buyer? Of course, we would love to be a buyer of the right franchise at the right price, but given our CRA needs to improve rating, which we continue to appeal, and we hope to have resolution on that appeal this quarter, and our relatively low valuation, I don't see us participating at a significant level.

我們會成為買家嗎？當然，我們很樂意以合適的價格收購合適的特許經營權，但考慮到我們的信用評級需要提高（我們仍在對此提出上訴），並且我們希望在本季度解決上訴問題，以及我們相對較低的估值，我認為我們不會大規模參與其中。

That may not be a bad thing considering most M&A has been destructive to capital for the acquiring institution.

考慮到大多數併購交易都會對收購機構的資本造成破壞，這或許並非壞事。

Number 2, deposit insurance reform. I'm a board member of the Midsize Bank Coalition, and we have been leading the charge on reforming deposit insurance coverage.

第二，存款保險改革。我是中型銀行聯盟的董事會成員，我們一直帶頭推動存款保險覆蓋範圍的改革。

I think it's evident to everyone since the 2023 runs on the banks, Silicon Valley and First Republic and other mid-sized banks, it is an unlevel playing field, and it appears we are gaining momentum with the latest proposed legislation which would provide $10 million of insurance for non-interest-bearing transaction deposits on all banks except the GSIS and foreign banks.

我認為，自從 2023 年銀行擠兌潮席捲矽谷、第一共和銀行和其他中型銀行以來，每個人都清楚地認識到，這是一個不公平的競爭環境。而且，隨著最新提出的立法提案，我們似乎正在獲得更大的動力。該提案將為除 GSIS 和外國銀行以外的所有銀行的非計息交易存款提供 1000 萬美元的保險。

The banking system is strong today, but the system is broken in my opinion, as too many deposits are concentrated in the too big to fail banks.

如今的銀行體系很強大，但在我看來，這個體系已經崩潰了，因為太多的存款集中在那些「大到不能倒」的銀行裡。

For example, the largest bank in the US grew by 18% in assets on an annualized basis in the second quarter, while the economy grew at only 2.5%. That bank now holds 14% of the deposits in the United States.

例如，美國最大的銀行第二季資產年化成長率為 18%，而同期經濟成長率僅為 2.5%。該銀行目前持有美國14%的存款。

There is something wrong with the perception that deposits are safe, they're too big to fail banks, but less so at the rest of them. Now is the time to begin addressing this issue if we want a broad, robust, and diverse banking system, and I'm pleased to see the momentum gaining.

人們普遍認為存款很安全，因為大銀行不會倒閉，而其他銀行則不然，這種看法是有問題的。如果我們想要一個廣泛、強大和多元化的銀行體系，現在就是開始解決這個問題的時候了，我很高興看到這股勢頭正在增強。

We are certainly living in interesting times. But I'm grateful to be part of the WaFd team in what we are building.

我們確實生活在一個有趣的時代。但我很榮幸能成為 WaFd 團隊的一員，參與我們正在共同打造的專案。

Next, it is my pleasure to introduce Cathy Cooper, our client experience officer, to talk about some of the progress in improving our client's banking experience.

接下來，我很高興地向大家介紹我們的客戶體驗官凱西·庫珀，她將談論我們在改善客戶銀行體驗方面取得的一些進展。

Thank you. Brett asked me to take a few moments to describe the ways that we're differentiating WaFd from the competition.

謝謝。Brett 請我花幾分鐘時間描述 WaFd 與競爭對手的不同之處。

First, our bankers are expected and empowered to be active members of their local communities, be it chamber, rotary, or non-profit boards. Showing up consistently builds credibility at a grassroots level, as evidenced by the improvement in our net promoter score from a low of 17 8 years ago to a high of 58 this past year.

首先，我們期望並賦予銀行家積極參與當地社區活動的權利，無論是商會、扶輪社或非營利組織的董事會。持續的露面能夠建立基層信譽，這一點可以從我們的淨推薦值從 8 年前的最低點 17 提高到去年的最高點 58 得到證明。

We have also won Best Bank awards from both Newsweek and Forbes and are currently named Best Bank in 4 out of our 9 states.

我們也獲得了《新聞週刊》和《富比士》頒發的最佳銀行獎，目前在我們9個州中的4個州被評為最佳銀行。

Second, it's having control over our client facing technology instead of being held hostage by vendors. Next week we launch Release 2.8 of our digital banking platform developed in-house by Pike Street Labs, our Pike Street Labs team.

其次，我們能夠掌控面向客戶的技術，而不是被供應商挾持。下週我們將推出由 Pike Street Labs 團隊自主研發的數位銀行平台 2.8 版本。

The mobile app release adds direct deposit switching, debit card controls, and consumer wire transfers. Our customers can send a wire verified by the phone's device ID plus the client's voice print, all from a mobile phone for $10.

行動應用程式版本新增了直接存款切換、金融卡控制和消費者電匯功能。我們的客戶只需花費 10 美元，即可透過手機發送經手機裝置 ID 和客戶聲紋驗證的匯款。

Pike Street Labs also built our own consumer deposit account portal that allows you to open a checking account online in as little as 10 minutes.

Pike Street Labs 還建立了自己的消費者存款帳戶入口網站，讓您可以在短短 10 分鐘內在線上開設支票帳戶。

We continue to optimize the flow to reduce customer friction while leveraging a robust enterprise solution for identification of clients and fraud risk scoring. We have to be able to block synthetic identities and fraudsters without creating undue hurdles for legitimate customers.

我們不斷優化流程，以減少客戶摩擦，同時利用強大的企業解決方案來識別客戶和進行詐欺風險評分。我們必須能夠在不造成合法客戶不必要障礙的情況下，阻止虛假身分和詐欺行為。

Today we auto approve 44% of online deposit account applications and have opened over 4,700 consumer accounts online in the past year. One of the most powerful tools under development is a client data platform that recognizes visitors to our website and to our online banking.

目前，我們自動批准了 44% 的線上存款帳戶申請，並且在過去一年中開設了超過 4700 個線上消費者帳戶。我們正在開發的最強大的工具之一是客戶資料平台，它可以識別我們網站和網路銀行的訪客。

Checks to see which badges they earned during prior visits and adjusts or personalizes the experience. Maybe you clicked on the small business lending page the last time you visited, so we gave you a small business loan badge, and if you logged in while you were on our website, we can now stitch that badge to your login identity. This allows us to follow-up and target activities like emails and other outreach to improve service and enhance conversion.

檢查他們在之前的訪問中獲得了哪些徽章，並調整或個性化體驗。也許您上次造訪時點擊了小型企業貸款頁面，所以我們給了您一個小型企業貸款徽章，如果您在訪問我們的網站時登入過，我們現在可以將該徽章與您的登入身分關聯起來。這使我們能夠跟進並進行有針對性的活動，例如發送電子郵件和其他推廣活動，以改善服務和提高轉換率。

And finally, we are focused on solving the pain of small business owners who, according to studies, spend as much as 18 hours a week managing their finances. 18 hours is too much, so we are creating banking that bridges the GAAP between commercial and consumer solutions. We use Encino for origination of all small business loans and deposit accounts. We offer Treasury Express a small business digital banking solution. That connects to light versions of our treasury services, and we are one of the earliest adopters of cash flow Central from Fiserv designed to support payables and receivables for small businesses without having to rely on a separate third-party service.

最後，我們致力於解決小企業主的痛點。根據研究顯示，他們每週花費多達 18 小時管理財務。 18 小時太多了，因此我們正在打造一種能夠連接商業和消費解決方案的銀行服務，並符合通用會計準則 (GAAP)。我們使用 Encino 來發放所有小型企業貸款和存款帳戶。我們為小型企業提供 Treasury Express 數位銀行解決方案。這與我們的財務服務輕量版相連接，我們是最早採用 Fiserv 的 cash flow Central 的用戶之一，該平台旨在支援小型企業的應付帳款和應收帳款，而無需依賴單獨的第三方服務。

With that, we'll close for Q&A.

問答環節到此結束。

Jeff Rules, DA Davidson.

Jeff Rules，地方檢察官戴維森。

Thanks, good morning. Appreciate the for hosting the call and Brent, I, again appreciate the strategic overview. That was great. .

謝謝，早安。感謝主持這次電話會議，布倫特，我再次感謝你的策略概述。那很棒。。

I guess moving to the loan pipeline, you mentioned that's been building for three quarters and Kelly outlined the, kind of the undertow of the you know some of the originations in the active portfolio are starting to outpace that, I guess. More simply just looking at kind of your budgeting for fiscal '26 on net growth. What could you tell us on your expectations?

我想，說到貸款管道，你提到它已經累積了三個季度，而凱利概述了某種暗流，你知道，活躍投資組合中的一些新發放貸款開始超過這個速度，我想。更簡單地說，看看你們 2026 財年的淨成長預算。您能否告訴我們您的期望？

Yes, so thank you, Jeff, and good to be with you this morning, and you'll notice we're now kind of breaking the loan segment into two parts the active and the inactive. We're, breaking out the single family loans and the inactive segment and really we think about that inactive is really an equivalent to a bond portfolio. So if the single family goes away. We can replace that bond, with mortgage backed securities. So we think about the active portfolio, we truly believe that we can see, 8% to 12% growth in the next year in the active portfolio.

是的，謝謝你，傑夫，很高興今天早上能和你在一起。你會注意到，我們現在將貸款部分分為兩部分：活躍貸款和非活躍貸款。我們正在將單戶家庭貸款和非活躍貸款部分單獨列出，我們認為非活躍貸款實際上相當於債券投資組合。所以如果單身家庭離開了。我們可以用抵押貸款支持證券來取代債券。因此，我們考慮主動型投資組合，我們堅信，在未來一年內，主動型投資組合能夠實現 8% 至 12% 的成長。

And the pace of runoff in the inactive. I understood that you're redeploying it into MBS, but your expectation for net runoff in the inactive.

以及非活躍區域的徑流速度。我了解到您正在將其重新部署到 MBS 中，但您對非活躍資產淨收益的預期是什麼？

Yes, the inactive will run off about $200million to $300 million a quarter is our expectation.

是的，我們預計不活躍帳戶每季將損失約 2 億至 3 億美元。

Great thank you and then on the margin, Kelly, you mentioned, I forget that that 282 number you was that a September average or just where you spot right at the end of the quarter.

非常感謝。另外，凱莉，你剛剛提到了邊際效益，我忘了你說的282這個數字是九月的平均值，還是季度末的那個點？

So go ahead, Kelli.

那就開始吧，凱莉。

Certainly, good morning, Jeff 282 is the ad of the end of the quarter spot rate, so which we also we like to see because it gives an indication absent, any unexpected, events or actions that, that's where we would have our starting point for the first quarter of fiscal '26.

當然，早安，Jeff 282 是季度末即期匯率的廣告，我們也樂於看到它，因為它表明，如果沒有任何意外事件或行動，那就是我們 2026 財年第一季的起點。

Got it. And I guess just if you wouldn't mind sharing kind of an update on your rate sensitivity, a quarter cut in September and expectations for a couple more by the end of the year, and, mindful of that spot rate indicating upward, your expectations as we kind of manage the margin into the into the new year.

知道了。我想請您分享一下您對利率敏感度的最新情況，9 月已經降息一個季度，預計到年底還會再降幾次。考慮到即期利率有上漲的跡象，您在新的一年管理利潤率方面有何預期？

I think it's reasonable to say that you could see the margin expand, a bit, with future cuts. Just recognize that we have always said in the past and do think that, we lag about a quarter for full effectiveness on, rate cuts. So if we see one in October, we would benefit from that in the December quarter, but a December cut might take us to March or June to fully recognize the benefit there, and that really is just the repricing on our liabilities.

我認為可以合理地認為，隨著未來進一步的削減，利潤率可能會略有擴大。請體認到，我們過去一直說過，也確實認為，降息措施要完全生效大約需要四分之一的時間。因此，如果我們在 10 月看到這種情況，我們將在 12 月的季度中受益，但 12 月的削減可能要到 3 月或 6 月才能完全確認收益，而這實際上只是我們負債的重新定價。

Got it. Okay, well, thank you. I'll step back.

知道了。好的，謝謝。我退後一步。

Yes, thank you, Jeff, and I think from my perspective, it's good news on the margins, as you point out, the spot rate on the margin is at the end of the quarter is 282, so that Would bode well for the coming quarter, but it all depends on what happens with rates and I think everybody on this call knows the short-term impact of rates has been negative for us just slightly in terms of margin, but then as the Deposit pricing catches up with the asset repricing, then it's a net benefit. The most important thing for us in terms of rates is to have a positive slope of the yield curve and it appears that that will be the case for the foreseeable future, which is very positive.

是的，謝謝你，傑夫。我認為從我的角度來看，利潤率方面是個好消息，正如你所指出的，季度末的即期利潤率為282，這對下一季來說是個好兆頭。但這完全取決於利率的走勢。我認為在座的各位都知道，利率的短期影響對我們的利潤率略有負面影響，但隨著存款定價跟上資產重新定價的步伐，最終會帶來淨收益。對我們來說，利率方面最重要的是殖利率曲線保持正斜率，而且在可預見的未來，這種情況似乎會持續下去，這是一個非常正面的訊號。

We'll go to the next question,

我們進入下一個問題。

Matthew Clark, Piper Sandler.

馬修·克拉克，派珀·桑德勒。

Hey, good morning. Thanks for the questions.

嘿，早安。謝謝大家的提問。

I wanted to get a little more color on the core loan yields. I think they were down about 8 basis points this quarter based on our calculation, just the drivers there and then. Maybe remind us how much of your loan portfolio reprices, with each rate cut, overnight or within the month.

我想更詳細地了解一下核心貸款收益率。根據我們的計算，我認為本季他們的股價下跌了約 8 個基點，僅就當時的司機而言。或許可以提醒我們，每次降息時，您的貸款組合中有多少會在隔夜或一個月內重新定價。

Yes, I'll let Kelly take that, but that's a function of both moving rates and also the increase in economic loans. It has an impact, but I'll let Kelly talk about that a little bit more.

是的，我會讓凱利來做這件事，但這取決於利率的變動以及經濟貸款的增加。這確實會產生影響，但我還是讓凱莉再多談談吧。

Correct, I mean, the big driver quarter over quarter would be the increase in our non-accrual loans, which was primarily as Ryan mentioned 1 loan.

沒錯，我的意思是，季度環比增長的主要驅動因素是我們的非應計貸款增加，正如 Ryan 提到的，這主要是 1 筆貸款。

I would say that had in round numbers, 3 basis point impact on our margin. We've got about 50%, we're about 55% of our earning assets, 45% are fixed, and we have about 40% and that's about the same on the loan book too because that's the majority of our assets.

粗略估計，這會對我們的利潤率產生 3 個基點的影響。我們大約有 50% 到 55% 的資產是獲利資產，45% 是固定資產，大約還有 40% 是貸款資產，貸款資產也佔差不多這個比例，因為貸款資產是我們大部分的資產。

You're going to see our yield on our loan book, Matt, vary depending on how much of our fair value mark recognized during the quarter on our Luther Burbank loans, and it was it was slightly lower this quarter than it was last quarter, and that's simply a function of repayments in that book, so.

馬特，你會看到我們貸款組合的收益率會根據本季度我們在 Luther Burbank 貸款中確認的公允價值標記而有所波動，本季度的收益率略低於上季度，這僅僅是該貸款組合中還款額的函數。

Okay, and is that 55, 45. Does the variable piece include in does that include arms or I'm assuming it's not all truly floating.

好的，那是 55，還是 45？這個可變部件是否包括手臂？或者我假設它並非完全漂浮？

It includes our hybrid loans, yes, correct, and it includes the impact of any swaps we have on the books as well.

是的，這包括我們的混合貸款，沒錯，也包括我們帳面上任何互換交易的影響。

Okay.

好的。

We've got just over 40% of our earning assets we'll reprice in the next 6 months.

我們將在未來 6 個月內對略超過 40% 的獲利資產進行重新定價。

Okay, got it, thank you. And then on the step up in production, pretty big increase anything chunky in there maybe just if there's maybe what was the largest kind of new commitment or new. New loan origination. In that $1.4 billion that you put on just trying to get a sense of kind of if there was anything sizable that drove part of that increase and what type of what type of credit it might be.

好的，明白了，謝謝。然後，隨著生產規模的擴大，任何大的增幅都可能只是因為可能存在最大的新承諾或新項目。新貸款發放。你投入的 14 億美元只是為了了解是否有任何重大因素推動了部分成長，以及這可能是哪種類型的信貸。

Yes, I would just, I'll let Ryan talk a little bit about that, but it's really a function of how low our production had come and we're still coming up. I recall just a couple of years ago, we were doing $8 billion of production a year. And so we're typically keeping our largest. Loans, it's just under $50 million but the requests are picking up and as projects get larger in size, they're picking up but if we go over that $50 million in terms of loan requests, we're trying to find a participant to mitigate our risk. Brian, I'll let you talk a little bit about the production and the largest loans you saw.

是的，我會讓瑞恩稍微談談這件事，但這確實取決於我們的產量曾經有多低，而我們現在仍在努力提升。我記得就在幾年前，我們的年產值是 80 億美元。所以我們通常會保留最大的。貸款方面，目前略低於 5,000 萬美元，但申請量正在增加，隨著計畫規模的擴大，申請量也在增加。但如果貸款申請超過 5000 萬美元，我們將努力尋找參與者來降低我們的風險。布萊恩，我讓你談談生產情況以及你看到的最大貸款。

Yes, thanks, Brent, and thanks Matthew as well for the question.

是的，謝謝布倫特，也謝謝馬修的提問。

I think Brent adequately or accurately described really what we're seeing here. We are maintaining our largest loans under 50 million. I think the biggest impact of this is we have seen a number of commercial real estate loans, particularly multi-family loans that with the movement with the downward movement in the rate, we have a number of clients where these projects are now penciling.

我認為布倫特已經充分或準確地描述了我們在這裡看到的情況。我們最大的幾筆貸款仍維持在5,000萬美元以下。我認為最大的影響是，我們看到許多商業房地產貸款，特別是多戶住宅貸款，隨著利率的下降，我們的許多客戶的專案現在都變得有利可圖了。

So, we've seen renewed interest for a lot of borrowers that have, during the first part of the year really been sitting on the sidelines waiting for some more stability, but it's not, we're seeing, commercial real estate, we're seeing C&I opportunities. There's a number of C&I borrowers also that, we're not moving forward with larger cap X projects and things like that because of economic uncertainty. So as things are stabilizing we're just seeing an increase really across the board, but nothing that is particularly lumpy within that group.

所以，我們看到很多藉款人重新燃起了興趣，他們在今年上半年一直持觀望態度，等待市場更加穩定，但我們看到的不是商業地產，而是工商業機會。還有一些工商業借款人，由於經濟情勢不明朗，我們也沒有推動規模較大的資本X項目等項目。隨著情勢趨於穩定，我們看到各方面都在成長，但各群體內部並沒有特別大的波動。

Okay, thanks for the color and then on the expense run rate, it looked pretty clean, just any comments on the outlook, and knowing there's some I think there's some seasonality in the March quarter.

好的，謝謝你提供的色彩資訊。關於費用運行率，看起來相當不錯。對前景有什麼看法嗎？我知道三月的季度存在一些季節性因素。

Yes, it's a pretty clean quarter. Some of the health insurance expenses were up with just we're self-insured, so we had some larger claims come through. We'll have from time to time, nothing predictable about the seasonality there, but I think we're at a pretty good run rate from an expense standpoint, at least until we get to next year, and then we'll have the increases, the annual increases.

是的，這季度相當乾淨。由於我們是自保型的，所以一些醫療保險費用上漲了，我們也收到了一些數額較大的理賠。我們會不時遇到一些問題，季節性因素無法預測，但我認為從支出角度來看，我們的運行速度相當不錯，至少到明年之前是這樣，然後我們就會面臨增長，年度增長。

Okay, and then just big picture question because we're getting it from clients, but any thoughts on stablecoin, anything you might be doing, any kind of partnerships, and just your view on that potential that potential threat?

好的，接下來問一個比較宏觀的問題，因為我們是從客戶那裡了解到的，您對穩定幣有什麼看法？您正在進行哪些相關工作？是否有任何合作關係？您對這種潛在威脅有何看法？

Yes, we're paying a lot. We're paying a lot of attention to it, obviously, and it's moving quickly. We haven't announced any partnerships, but we're certainly looking into it, and I think there will be demand in the marketplace from it. I don't, we don't get a lot of questions or demands from our clients today, so I don't feel like our deposit base is at risk, but I do believe it could be an opportunity if we do it right. So it's something we're looking at.

是的，我們付了很多錢。我們顯然非常關注此事，而且事態發展迅速。我們尚未宣布任何合作關係，但我們肯定會對此進行研究，而且我認為市場對此會有需求。我不這麼認為，我們現在很少收到客戶的諮詢或要求，所以我不覺得我們的存款基礎面臨風險，但我相信如果我們處理得當，這可能是一個機會。所以這是我們正在研究的問題。

Okay, thanks again for all the color and appreciate the call.

好的，再次感謝您帶來的所有精彩內容，也感謝您的來電。

Andrew Terrell, Stephens & Co.

Andrew Terrell，Stephens & Co.

Hey, good morning.

嘿，早安。

Good morning Andrew.

早安，安德魯。

Morning, thanks for hosting this call. I appreciate it. Just a couple of quick ones for me, Brent, on kind of a balance sheet size question I guess on the targets for 20% non-interest-bearing deposits by 2030.

早上好，感謝您主持這次電話會議。謝謝。布倫特，我只想問你幾個關於資產負債表規模的問題，我想問的是到 2030 年實現 20% 的非計息存款目標。

I guess you can kind of get there two ways, right? You could shrink the time deposit composition or just on an absolute basis. Close to double the NIB dollars. I'm curious, should we expect continued declines in the time deposit book?

我想大概有兩種方法可以到達那裡，對吧？您可以縮小定期存款的構成比例，或直接縮小絕對比例。接近NIB美元的兩倍。我很好奇，我們是否應該預期定期存款規模會持續下降？

Which do you see being the more of the driving factor on that getting to that 20% non sparing mix?

您認為在達到20%的非節省型混合比例方面，哪個因素的影響更大？

I see the biggest driving factor is overall growth. We don't want to shrink our way to it at all. We want to bring on new clients and become more relevant in our communities we serve, so it's overall growth and most. The time deposit runoff has come from the Luther franchise and so we think we're at the tail end of that runoff. So I would hope to be able to break even, maybe even slight growth on time deposits, but the outside growth and non-inter interest-bearing and checking accounts.

我認為最大的驅動因素是整體成長。我們根本不想透過縮小規模來實現這一點。我們希望吸引新客戶，並在我們服務的社區中發揮更大的作用，因此，整體成長才是最重要的。定期存款的流失主要來自路德特許經營權，所以我們認為我們已經到了這部分流失的尾聲。所以我希望能夠收支平衡，甚至在定期存款方面略有成長，但外部成長以及非計息帳戶和支票帳戶的成長才是關鍵。

Yes, got it. Okay. And then just on deposit cost, I mean the spot margin at the end of the period, I guess kind of implies that there was some good progress on deposit moves post the Fed cut, and I heard your comments about generally lagging and.

是的，明白了。好的。然後，就存款成本而言，我是指期末的即期利潤率，我想這在某種程度上表明，美聯儲降息後存款變動取得了一些良好進展，我也聽到了您關於總體滯後和…的評論。

I just wanted to, want to talk about maybe the client reaction to rate cuts so far and what you've seen, or what you've heard from your clients, pushback wise or maybe lack thereof and just how you're approaching.

我只是想談談客戶對降價的反應，以及你從客戶那裡看到或聽到的情況，例如他們是否反對降價，或者是否沒有反對，以及你是如何應對的。

The most recent rate cut as well as, any expected incremental rate cuts, how your approach compares to, the most recent round of 100 basis points, whether you'd like to be more aggressive or less aggressive.

最近一次降息以及任何預期的後續降息，您的方案與最近一輪 100 個基點的降息相比如何，您希望採取更激進還是更保守的策略。

Yes, no, I think to answer your question directly, we'll be more aggressive in terms of our cuts, and we can do that now that our loan to deposit ratio is down in low 90s, as you'll recall, we were up about 110% not too long ago. So we've gotten that loan to deposit ratio will be more aggressive with the rate cuts. And it's been telegraphed enough by the Fed.

是的，不，我認為直接回答你的問題，我們會在削減開支方面採取更積極的措施，現在我們的存貸比已經降到了90%左右，我們可以這樣做了。你應該還記得，不久前我們的存貸比還高達110%左右。因此，我們已經了解到，隨著降息，貸款存款比率將會更加激進。聯準會已經發出了足夠的訊號。

The clients expect it to happen, so we're not getting very much pushback. So your observation is spot on. We were very aggressive with this latest for rate cut, and we'll get the benefit of that this next quarter, but I think it's expected. The real question for all of us is what the rates do in this, last quarter of the year, and I think if you look at the futures, it's going for a couple more decreases.

客戶都期望這件事會發生，所以我們沒有遇到太多阻力。所以你的觀察完全正確。我們最近一次降息非常積極，下個季度我們將從中受益，但我認為這也在意料之中。對我們所有人來說，真正的問題是利率在今年最後一個季度會如何變化，我認為如果你看看期貨市場，利率還會再下降幾次。

Personally, I would be surprised if that happened. I think there's more strength in the economy than Maybe the futures are giving it credit for, and if you look at the Fed dual mandate, unemployment remains very strong and unemployment remains low and the employment market is strong and inflation is still well above their target. So if I were a Fed board member, I don't know how quickly I would want to move into decreasing rates further, but obviously I'm not, and the market is telling us it's going to happen, but we see.

就我個人而言，如果真發生了這種情況，我會感到驚訝。我認為經濟的強勁程度可能比期貨市場反映的要高，如果你看看聯準會的雙重使命，你會發現失業率仍然非常高，失業率仍然很低，就業市場強勁，通膨率仍然遠高於他們的目標。所以，如果我是聯準會理事，我不知道我會以多快的速度進一步降息，但顯然我不是，市場告訴我們降息將會發生，但我們拭目以待。

Great, well thanks again for the call and I appreciate the thoughts.

太好了，再次感謝您的來電，您的關心我非常感激。

Thank you, Andrew.

謝謝你，安德魯。

Kelly Motta, KBW.

Kelly Motta，KBW。

Hey, good morning, thanks for the question and thanks for holding the call today. I really appreciate it.

嘿，早安，謝謝你的提問，也謝謝你今天參加電話會議。我非常感謝。

Yes, you're welcome, Kelly. Good to speak to you and I've never had so much love for holding a phone call, so this is wonderful.

不客氣，凱莉。很高興能和你通話，我從來沒有這麼喜歡打電話，這真是太棒了。

Well, fair enough, I guess speak to over time it sounds like you want to improve the profitability you're looking.

嗯，好吧，我想隨著時間的推移，聽起來你是想提高你所追求的獲利能力。

Over time to do so, and you mentioned, you guys as far as vision 2025 we're trying to become digital first and have continued to invest in technologies, can you just from a high level provide kind of the what's left to be done and the types of things what is interested in in order to get that client growth and engagement that's going to. You to that profitability level over time. Thanks.

隨著時間的推移，正如您所提到的，就 2025 年願景而言，我們正在努力實現數位化優先，並持續投資於科技。您能否從宏觀層面提供一下，為了實現客戶成長和參與度，還有哪些工作要做，以及有哪些方面值得關注？隨著時間的推移，你會達到那個獲利水準。謝謝。

Yes, so there's no one thing, right? I think we have offerings across the board. It's just constantly improving those offerings and getting them better. I think Cathy spoke to a couple of the improvements that we're going to have, rolling out a direct deposit switchover feature to make it really easy for people to switch over direct deposit. We are looking at, giving people credit for their paychecks a couple of days earlier like some others do, right?

是的，所以沒有單一的原因，對吧？我認為我們各方面都有相應的產品。我們一直在不斷改進這些產品和服務，使它們變得更好。我認為凱西提到了我們將要進行的一些改進，例如推出直接存款轉換功能，讓人們能夠非常輕鬆地轉換直接存款方式。我們正在考慮像其他一些公司一樣，提前幾天給員工發放工資，對吧？

It's just, doing tweaks here and there on what we offer. There's no single technology. I'm really pleased with how our mobile offering is going and specifically with the wire transfers, that's a differentiator for us, but it's really Almost impossible to differentiate with technology if you find something good, others will copy it and vice versa, but we have to be great. We have to have people that just, they love our technology and in fact, recently, we just reached out to our clients and said, okay, what about our technology do you want us to improve?

只是對我們提供的產品和服務進行一些小的調整而已。沒有單一的技術。我對我們的行動業務發展非常滿意，特別是電匯業務，這是我們的一大優勢。但是，如果你發現了一項好的技術，幾乎不可能在技術上脫穎而出，因為其他人會模仿它，反之亦然，所以我們必須做到卓越。我們必須擁有那些熱愛我們技術的人，事實上，最近我們聯繫了我們的客戶，問他們：“好的，你們希望我們在技術方面做出哪些改進？”

So we're giving away, I think a big screen TV for the first thing gives us the best feedback, but that's one of the Phenomenal things about having Pike Street labs is we can develop based on what our clients ask and get it done quickly with releases and we're doing typically 1 or 2 releases per quarter. So there's nothing specific other than to continue. Improving everything we offer. But the most important thing, how are we going to improve that profitability.

所以，我們決定贈送一台大螢幕電視，我認為這是獲得最佳回饋的第一件事。但擁有 Pike Street 實驗室的優勢之一在於，我們可以根據客戶的要求進行開發，並透過發布快速完成，我們通常每季發布 1 到 2 個版本。所以除了繼續前進之外，沒有特別的安排。不斷改進我們提供的所有服務。但最重要的是，我們如何提高獲利能力？

We're going to focus on the business accounts, which has not been our historical focus. And we recognize that our peers that we're comparing ourselves that I guess have been doing this for decades, and, we're relatively new to that game, but as I mentioned in my comments, the most important thing from my perspective is that we're conservative with our underwriting so we don't take undue risks, and we will get there.

我們將專注於企業客戶，這並非我們以往的重點。我們意識到，我們所比較的同行們已經從事這個行業幾十年了，而我們在這個領域還算是新手。但正如我在評論中提到的，從我的角度來看，最重要的是我們在核保方面保持保守，這樣我們就不會承擔不必要的風險，我們終將成功。

Got it. That's really helpful. Maybe a lasting a question for me, for Kelly.

知道了。這真的很有幫助。也許這會成為我和凱莉心中揮之不去的問題。

I, you guys have hit on the fact that your EOP margin is higher than the average. I do believe looking at the EOP margin from the prior quarter, that was a few basis points higher than what it, what ended up popping out at for, your fiscal 4th quarter average. I'm just wondering if there's any like.

我，你們都注意到了，你們的EOP利潤率高於平均。我認為，從上一季的 EOP 利潤率來看，它比你們第四財季的平均水平高出幾個基點。我只是想知道有沒有人喜歡。

End of period liquidity or anything like that that could be skewing the EOP margin higher that we should be taking into account or if that was just kind of the three key dynamics and fluctuations thanks.

期末流動性或其他類似因素可能會導致期末利潤率偏高，而我們應該考慮這些因素，或者如果這只是三個關鍵動態和波動，那就太好了。

Yes, certainly, I think, the end of period margin at June, did come in higher than what we ended June with, and that was primarily resolved as Brent mentioned some reversal of interest for the large non-accrual loan that went no accrual during the quarter, absent that we've seen our margin expand of our end of quote at June so it really is a, it's really a function of the reason not accrual.

是的，當然，我認為，6 月份的期末利潤率確實高於 6 月底的水平，這主要是因為 Brent 提到了本季度未計提應計利息的大額非應計貸款的利息逆轉，否則我們看到 6 月底的報價利潤率有所擴大，所以這實際上是，這實際上是應計利息之外的原因。

That that's really helpful thanks for that. I'll set that.

那真的很有幫助，謝謝。我會安排的。

And I'm not showing any further questions at this time. I turned the call back over to Brad for any further remarks.

我目前不會再提出其他問題。我把電話轉回給布拉德，詢問他是否有其他意見。

Brad, before you give our parting comments, let me just say thank you to everyone for joining this morning. We appreciate it very much. And at one point we did not cover was capital management and obviously with the stock trading today at 2,786, below tangible book value, we believe it's one of the best investments we can make and I would say we would. Be likely to exercise our share repurchase program that the board has given us. So it's not always a bad thing when the stock price goes down. It does provide opportunities and I think as CNBC headline said this morning with regard to regional banks by the dip, and I truly believe that's the case With WaFd .

布拉德，在你作臨別贈言之前，請容許我感謝今天早上所有到場的各位。我們非常感謝。我們之前沒有提到的是資本管理，顯然，由於該股票目前的交易價格為 2,786，低於有形帳面價值，我們認為這是我們能做的最佳投資之一，而且我認為我們會這樣做。我們很可能會行使董事會授予我們的股票回購計劃。所以股價下跌並不總是壞事。這確實帶來了機遇，我認為正如CNBC今天早上的頭條新聞所說，區域性銀行股價下跌，而我真心相信WaFd的情況也是如此。。

So thank you very much and Brad, I'll let you take it from there.

非常感謝，布萊德，接下來就交給你了。

Okay, yes, thanks, Brent, and really appreciate everybody joining the call this morning.

好的，謝謝布倫特，也非常感謝今天早上參加電話會議的各位。

Thank you. I hope you found it valuable for your time this morning. You can contact me if you've got any further questions. Have a great rest of the day and enjoy your weekend.

謝謝。希望您覺得今天早上的時間得到了有價值的幫助。如果您還有其他問題，可以聯絡我。祝您今天餘下的時間過得愉快，週末愉快！

Thanks.

謝謝。

Thank you ladies and gentlemen, that's conclude today's presentation. You may now disconnect and have a wonderful day.

謝謝各位，今天的演講到此結束。現在您可以斷開連接，祝您度過美好的一天。