WaFd Inc (WAFD) 2026 Q2 法說會逐字稿

Thank you, Kevin. Good morning, everybody. Happy Friday. Let's dive into our 2026 second quarter earnings report. You can find our earnings press release along with our detailed fact sheet and investor scorecard on our website, that's wafdbank.com.

謝謝你，Kevin。各位早安。週五愉快。讓我們開始進入我們 2026 年第二季財報說明。您可以在我們的網站 wafdbank.com 上找到我們的財報新聞稿，以及詳細的資料表與投資人計分卡。

During today's call, we will make 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. Information on risk factors that could cause actual results to differ are available from the earnings press release that was released yesterday and the Form 10-K for the fiscal year ended September 30, 2025. Forward-looking statements are effective only as of the date they are made, and WaFd assumes no obligation to update information, concerning its expectations.

在今天的電話會議中，我們將發表前瞻性陳述；此類陳述受風險與不確定性影響，並意在適用聯邦證券法的「安全港」條款。可能導致實際結果與預期不同的風險因素資訊，載於昨日發布的財報新聞稿，以及截至 2025 年 9 月 30 日止會計年度的 Form 10-K。前瞻性陳述僅以其作成之日為準，WaFd 不承擔更新其預期相關資訊之任何義務。

We will also reference non-GAAP financial measures, and I encourage you to review the non-GAAP reconciliations provided in our earnings material. With us this morning are our President and CEO, Brent Beardall; Chief Financial Officer, Kelli Holz; and our Chief Credit Officer, Ryan Mauer.

我們也會引用非 GAAP 財務衡量指標，並建議您查閱我們財報資料中所提供的非 GAAP 調節表。今天早上與會者包括：我們的總裁兼執行長 Brent Beardall；財務長 Kelli Holz；以及首席授信長 Ryan Mauer。

I'd now like to hand the call over to Mr. Beardall. Good morning.

接下來我想把電話交給 Beardall 先生。早安。

Thank you, Brad. Let me start by saying I thought we had an outstanding second quarter, and we are excited to elaborate on the results. This morning, we will cover four areas. First, Kelli Holz, our CFO, will provide you with a detailed review of our balance sheet and our income statement for the second -- or for the quarter. Next, Ryan Mauer, our Chief Credit Officer, will provide comments on the current status of our loan portfolio and credit quality trends. Third, I will provide my insights on the quarter, potential for growth, capital management strategies, and regulatory developments. Finally, we will be happy to answer any questions you have at that point.

謝謝你，Brad。我先說，我認為我們第二季表現非常出色，我們也很期待進一步說明這些成果。今天早上我們將涵蓋四個面向。首先，我們的財務長 Kelli Holz 將為各位詳細回顧我們的資產負債表與損益表（本季）。接著，我們的首席授信長 Ryan Mauer 將就目前放款組合狀況與資產品質趨勢提出評論。第三，我將分享我對本季的觀察、成長潛力、資本管理策略以及監理發展。最後，我們也很樂意在那時回答各位的任何問題。

Kelli, please walk us through the quarterly results.

Kelli，請帶我們回顧本季的營運結果。

Thank you, Brent. As announced, WaFd, Inc., reported net income available to common shareholders of $61.9 million or $0.82 per diluted share for the quarter ended March 31, 2026. This compares to net income to common shareholders of $0.65 per share for the second quarter of fiscal 2025 and $0.79 per share for the December 2025 quarter. The $0.03 increase in earnings per share for the quarter was a result of a modest increase in net interest income, controlled expenses as well as 2.7 million shares repurchased during the quarter at a weighted average price of $31.85 per share or 1.05 times tangible book value.

謝謝你，Brent。如先前公告，WaFd, Inc. 於截至 2026 年 3 月 31 日止季度，歸屬普通股股東之淨利為 6,190 萬美元，稀釋後每股盈餘為 0.82 美元。相較之下，2025 會計年度第二季歸屬普通股股東每股淨利為 0.65 美元，而 2025 年 12 月季度為 0.79 美元。本季每股盈餘增加 0.03 美元，主要來自淨利息收入小幅增加、費用控管得宜，以及本季以每股加權平均價格 31.85 美元（約為有形帳面價值的 1.05 倍）回購 270 萬股。

Our share repurchase plan currently has a remaining authorization of 8 million shares, which depending on share price, provides a compelling investment alternative. For the balance sheet, loans receivable increased $119 million during the quarter, primarily due to an increase in our active loan types, commercial real estate, multifamily, construction, land A&D, C&I and consumer, which combined, increased by $359 million.

我們目前的庫藏股回購計畫尚餘 800 萬股的核准額度；視股價而定，這提供了一個具吸引力的投資替代方案。就資產負債表而言，本季應收貸款增加 1.19 億美元，主要由於我們的主動型貸款類別增加，包括商用不動產、多戶住宅、營建、土地 A&D（收購與開發）、C&I（商業與工業）及消費金融；上述合計增加 3.59 億美元。

Loan originations and advances for the quarter outpaced repayments and payoffs in our active loan types with originations of $1.5 billion and repayments and payoffs of $900 million. For the inactive loan types, advances were $21 million with repayments and maturities at $276 million. The weighted average rate on originations was 6.22% for the quarter, and the weighted average rate on repayments and payoffs was 6.12%. Please see the tables in our fact sheet that provide the breakdown between our active and inactive loan types.

本季在主動型貸款類別中，放款承作與墊款金額超過償還與清償金額；承作金額為 15 億美元，償還與清償為 9 億美元。在非主動型貸款類別中，墊款為 2,100 萬美元，償還與到期為 2.76 億美元。本季承作的加權平均利率為 6.22%，而償還與清償的加權平均利率為 6.12%。請參閱我們資料表中的表格，其中提供主動型與非主動型貸款類別的明細。

Total investments and mortgage-backed securities increased $191 million during the quarter, funded by borrowings, which increased $626 million. Investment purchases were primarily discount-priced agency mortgage-backed securities with an effective yield of 4.8%. The increase in mortgage-backed securities is part of our overall investment strategy currently replacing the single-family mortgage loans balance runoff. Total deposits decreased by $292 million during the quarter, with noninterest-bearing deposits decreasing $115 million or 4.3%.

本季總投資與不動產抵押擔保證券（MBS）增加 1.91 億美元，資金來源為借款增加 6.26 億美元。投資買入主要為折價購入的機構型 MBS，有效殖利率為 4.8%。MBS 的增加是我們整體投資策略的一部分，目前用以替代單戶房貸餘額的自然到期/流失。本季總存款減少 2.92 億美元，其中無息存款減少 1.15 億美元或 4.3%。

Interest-bearing deposits remaining stable, decreasing just $4 million and time deposits decreasing $174 million or 2%. Deposit outflows in the first calendar quarter reflect predictable seasonal patterns, including annual distributions, tax payments, and bonus disbursements. Core deposits ended the quarter at 80.4% compared to the December quarter at 79.7% and up from the September quarter at 77.9%. Noninterest-bearing deposits ended the quarter at 12.2% of total deposits. The loan-to-deposit ratio ended the quarter at 94.5%.

計息存款大致持平，僅減少 400 萬美元；定期存款減少 1.74 億美元或 2%。第一曆季的存款流出反映可預期的季節性型態，包括年度分配、稅款支付與獎金發放。核心存款於季末占比為 80.4%，相較 12 月季度為 79.7%，亦高於 9 月季度的 77.9%。無息存款於季末占總存款的 12.2%。貸存比於季末為 94.5%。

WaFd's capital profile remains strong. We estimate our CET1 ratio at quarter end to be 11.4% and our total risk-based capital ratio to be 14.4%. Liquidity is strong with $4.2 billion of on-balance sheet liquidity, a robust core funding base, low reliance on wholesale borrowings and significant off-balance sheet borrowing capacity.

WaFd 的資本結構仍然強健。我們估計季末 CET1 比率為 11.4%，總風險基礎資本比率為 14.4%。流動性充裕，表內流動性達 42 億美元，具備穩健的核心資金來源、對批發借款依賴度低，且擁有可觀的表外借款額度。

For the income statement, net interest income increased $6.5 million from the prior quarter, the effect of the reduction in interest paid on liabilities outpacing the reduction in interest earned on assets by 5 basis points. The net interest margin was 2.81% in the March quarter compared to 2.7% for the quarter ended December 31, 2025.

就損益表而言，淨利息收入較前一季增加 650 萬美元，原因在於負債端利息支出下降幅度超過資產端利息收入下降幅度 5 個基點。3 月季度的淨利差為 2.81%，相較截至 2025 年 12 月 31 日止季度為 2.7%。

For the spot rate as of the March quarter-end, the yield on interest-earning assets is 5.06%, the cost of interest-bearing liabilities, 2.78% and the margin at 2.81%. Comparing the linked quarter, I'll walk through from the December to the March margin, a 5-basis-point net improvement with deposit rates repricing more favorably in loan rates, a 7-basis-point improvement recognizing nonaccrual interest during the quarter, a 6-basis-point improvement for day count, February being 28 days. We have 50% of our loans and 75% of our securities on a 30/360 accrual basis.

以 3 月季度季末的即期利率來看，生息資產收益率為 5.06%，計息負債成本為 2.78%，利差為 2.81%。比較相鄰季度，我將說明從 12 月到 3 月利差的變化：淨改善 5 個基點，其中存款利率重定價相較放款利率更有利；本季認列不計息（nonaccrual）利息帶來 7 個基點改善；以及因天數因素改善 6 個基點（2 月為 28 天）。我們有 50% 的放款與 75% 的證券採用 30/360 的計息基礎。

Offsetting the increases was a 5-basis-point decrease related to our securities growth, the mortgage-backed securities purchases at a net spread of approximately 1%. Although puts pressure on the margin, it does add $1.5 million in net interest income per quarter.

抵銷上述增幅的是與證券成長相關的 5 個基點下降；我們購入的 MBS 淨利差約為 1%。雖然這會對利差造成壓力，但每季可增加 150 萬美元的淨利息收入。

Absent any changes in interest rates, we expect our margin to be flat in the near-term, acknowledging the day-count for the March quarter and the funding of loan growth and deposit activity. One piece of good news that will materialize going forward for us is the accretion of $167 million of deferred income related to the interest rate mark on the Luther Burbank loan portfolio.

在利率不變的情況下，我們預期短期內利差將持平，同時考量 3 月季度的天數因素，以及放款成長與存款變動的資金配置。對我們而言，未來將逐步顯現的一項利多是：與 Luther Burbank 放款組合利率評價調整（interest rate mark）相關的 1.67 億美元遞延收益之攤提（accetion）。

Currently, this is being accreted into income at a rate of $6 million per quarter. We expect this to accelerate as these loans begin to adjust or repay. Total noninterest income decreased $400,000 compared to the prior quarter to $19.8 million. Contributing to noninterest income is $6.7 million in commission revenue from our WaFd Insurance subsidiary compared to $4.4 million in the prior quarter, offset by losses of $1.1 million taken on certain equity method investments in the quarter compared to losses of $408,000 realized in the prior quarter. As a reminder, the December 2025 quarter also included a $3.2 million gain from the sale of a branch property.

目前該項攤提以每季 600 萬美元的速度認列至收益。我們預期隨著這些放款開始調整利率或償還，攤提速度將加快。總非利息收入較前一季減少 40 萬美元至 1,980 萬美元。非利息收入的貢獻包括：我們 WaFd Insurance 子公司帶來 670 萬美元的佣金收入（前一季為 440 萬美元）；但被本季對部分權益法投資認列的 110 萬美元損失所抵銷（前一季認列損失為 40.8 萬美元）。提醒各位，2025 年 12 月季度亦包含出售一處分行不動產所帶來的 320 萬美元收益。

Total noninterest expense increased $4.1 million or 3.9% from the prior quarter as a result of increased compensation and technology expenses, reflecting annual merit increases, employment taxes and continued investment in technology. The company's efficiency ratio for the quarter was 55.7% compared to 55.3% in the prior quarter.

由於薪酬與科技費用增加（反映年度績效調薪、就業稅以及持續投入科技），本季非利息費用總額較前一季增加410萬美元，增幅3.9%。公司本季效率比率為55.7%，前一季為55.3%。

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

接下來我把電話交給Ryan，請他分享對WaFd資產品質的看法。

Thank you, Kelli, and good morning, everyone. As reflected in our earnings release, we had a solid quarter of new loan production along multiple product lines. As Kelli indicated, total production in our active portfolio was $1.5 billion for the March quarter. This loan production was centered in commercial and industrial of 37%, commercial real estate of 15% and construction of 35%. Importantly, we were able to achieve this level of loan production with a consistent approach to underwriting that maintained a moderate risk profile.

謝謝你，Kelli，各位早安。如同我們的財報新聞稿所示，我們在多條產品線的新貸款承作方面，本季表現穩健。如Kelli所指出，我們活躍投資組合在3月季度的總承作量為15億美元。本次貸款承作主要集中於商業與工業（C&I）占37%、商用不動產（CRE）占15%，以及建築融資占35%。重要的是，我們在維持一致的授信審查方式下達成此一承作水準，並維持中度風險輪廓。

Adversely classified loans decreased by $65 million in the quarter and now represent 2.6% of net loans compared to 2.9% as of the December quarter and 2.5% as of March 2025. Total criticized loans decreased by $65 million to 4.2% of net loans compared to 4.6% as of the December quarter and 3.3% as of March 2025. It should be noted that the criticized loans are not concentrated in any one business line or industry and are reflective of the economic environment where elevated interest rates and economic uncertainty impacted both commercial and consumer borrowers.

本季不良分類貸款減少6,500萬美元，目前占淨貸款的2.6%，相較於12月季度的2.9%，以及2025年3月的2.5%。受關注貸款（criticized loans）總額減少6,500萬美元，降至淨貸款的4.2%，相較於12月季度的4.6%，以及2025年3月的3.3%。需要指出的是，受關注貸款並未集中於任何單一業務線或產業，反映的是在高利率與經濟不確定性環境下，商業與消費借款人均受到影響。

In addition, an asset being criticized does not imply that loss exposure exists. Rather, it is a representation that the borrower is experiencing some level of financial stress that needs to be addressed.

此外，資產被列為受關注並不代表存在損失曝險。相反地，這表示借款人正承受某種程度的財務壓力，需要加以處理。

Nonperforming assets decreased to $132 million or 0.48% of total assets from $203 million or 0.75% at December 31, 2025. The change is due to nonaccrual loans decreasing by $67.5 million or 35% since December 31, 2025. REO decreased slightly to $8.1 million and other property owned decreased to zero with USDA receivable proceeds received.

不良資產降至1.32億美元，占總資產0.48%，低於2025年12月31日的2.03億美元（占0.75%）。此變動主要因自2025年12月31日起，非計息（nonaccrual）貸款減少6,750萬美元，降幅35%。REO略降至810萬美元；隨著收到USDA應收款項回收款，其他持有不動產降至零。

Delinquent loans decreased to 0.78% of total loans at March 31, 2026, compared to 1.07% at December 31, 2025, and 0.27% at March 31, 2025. While still elevated in comparison to recent periods, these credit metrics are trending positively, 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.

截至2026年3月31日，逾期貸款降至總貸款的0.78%，相較於2025年12月31日的1.07%，以及2025年3月31日的0.27%。雖然與近期期間相比仍偏高，但這些信用指標正呈現改善趨勢；考量WaFd的貸款損失準備與資本水準，整體仍屬溫和，並反映我們及早且主動的投資組合管理文化。

It is important to note here, that delinquencies and nonperforming assets are impacted by a large commercial relationship over 90 days past due. Outstanding balances for this relationship amounts to $51 million. Although appropriately placed on nonaccrual per policy, there was no charge-off taken upon revaluation at this point, and we are actively collaborating with the borrower to resolve the issues. If nonperforming assets and delinquencies were adjusted for this relationship, NPAs would be 0.3% of total assets compared with 0.6% at September of 2025, and delinquencies would be 0.52% of total loans compared to 0.6% at September 30, 2025.

在此需要特別說明，逾期與不良資產受到一筆逾期超過90天的大型商業往來關係影響。該往來關係的未償餘額為5,100萬美元。雖依政策適當列為非計息，但在目前重新估值時並未認列沖銷（charge-off），我們正積極與借款人合作以解決相關問題。若將此往來關係調整排除，不良資產（NPA）將為總資產的0.3%，相較於2025年9月的0.6%；逾期將為總貸款的0.52%，相較於2025年9月30日的0.6%。

The net provision for credit losses in the quarter was $4 million. The provision is primarily the net result of increased commercial loan originations. Net loan charge-offs for the quarter represented a nominal 1 basis point annualized of gross loans at March 31, 2026. The allowance for credit losses, including the reserve for unfunded commitments, provides coverage of 1.05% of gross loans at March 31, 2026, compared to 1.01% in March of 2025. For the commercial portion of the portfolio, the allowance represents 1.33% of net loans compared to 1.24% as of March of 2025.

本季信用損失淨提存為400萬美元。提存主要是商業貸款新增承作增加的淨結果。本季淨貸款沖銷占截至2026年3月31日總貸款的年化比率為名目上的1個基點。截至2026年3月31日，信用損失備抵（含未動用承諾準備）對總貸款的覆蓋率為1.05%，高於2025年3月的1.01%。就投資組合中的商業部分而言，備抵占淨貸款的1.33%，相較於2025年3月的1.24%。

Credit metrics at March quarter end, while still elevated from prior quarters, are trending positively, remain at healthy levels overall and continue to be impacted by two primary drivers. First, the elevated interest rate environment has impacted borrowers' expense structures. Second, the economic uncertainty originally driven by tariffs with further expected impact by war in the Middle East and energy supply shocks will continue to impact borrowers' top line revenue results as well as operating costs. Looking forward, these factors remain headwinds for credit quality.

截至3月季度末的信用指標雖仍較前幾季偏高，但正呈現改善趨勢，整體仍維持健康水準，且持續受到兩項主要因素影響。第一，高利率環境影響了借款人的費用結構。第二，最初由關稅引發的經濟不確定性，加上預期中東戰事與能源供給衝擊的進一步影響，將持續影響借款人的營收表現以及營運成本。展望未來，這些因素仍將是資產品質的逆風。

With that, I will turn the call over to Brent for his comments.

接下來我把電話交給Brent，請他發表看法。

Excellent. Thank you, Ryan. No question, the headline for this quarter is loan growth, in my opinion. After over a year of seeing our loan portfolio contract, this quarter, we saw growth in the overall net loan portfolio, including inactive segments. More impressive, we saw a 12% increase on a linked-quarter basis in the active portfolio, and if you include, the yet to be funded loans, gross active loans outstanding increased by 20% on a linked-quarter basis. I am pleased to report that the biggest contributor to that growth came from the C&I lending segment from a percentage standpoint.

很好。謝謝你，Ryan。毫無疑問，我認為本季的重點是貸款成長。在超過一年看到我們的貸款投資組合收縮之後，本季我們看到整體淨貸款投資組合成長，包含非活躍區隔。更令人印象深刻的是，活躍投資組合以連續季度（linked-quarter）基礎成長12%；若再納入尚未撥款的貸款，活躍貸款未償總額以連續季度基礎增加20%。我很高興報告，從占比角度來看，該成長的最大貢獻來自C&I放款區隔。

Bottom line results for the quarter improved nicely with 4% linked quarter EPS growth and 26% year over year. Even better if we compare the first six months of the year versus the prior year, we improved earnings per share by 35%. With all of the discussion and understandable worry about loans to non-depository financial institutions, so-called NDFI loans, I'm very happy to report that NDFI loans at WaFd are only a rounding error at $35 million or 17 basis points of our loan portfolio.

本季最終獲利表現明顯改善，每股盈餘（EPS）以連續季度基礎成長4%，年增26%。若比較本年度前六個月與前一年度同期，每股盈餘提升35%，表現更佳。在市場對非存款類金融機構放款（所謂NDFI貸款）有諸多討論與可理解的擔憂之下，我很高興報告，WaFd的NDFI貸款僅3,500萬美元，約占我們貸款投資組合的17個基點，幾乎可忽略不計。

We have historically been very skeptical of lending money to others that are going to turn around and lend it out to consumers and businesses, typically at credit standards that are looser than our own. One of the great ironies we see with the surge in NDFI lending in the industry over the last few years is that it represented the bulk of C&I loan growth.

我們一向對把資金借給那些轉手再借給消費者與企業的機構抱持高度懷疑，因為其授信標準通常比我們更寬鬆。過去幾年業界NDFI放款激增的一大諷刺在於，它占了C&I貸款成長的大部分。

The crowd rushed to get out of CRE assets for fear of potential losses and many went into what I think were riskier NDFI loans, all for the sake of diversification. We have long believed its concentrations can be a double-edged sword. It all depends on what concentration is in. That is why we remain bullish on well-underwritten commercial real estate loans that typically have a diversified cash flow, real underlying collateral, significant upfront equity and strong sponsor support.

由於擔心潛在損失，市場群眾急著退出CRE資產，許多人轉而投入我認為風險更高的NDFI貸款，只為了分散化。我們長期以來認為，集中度可能是一把雙面刃。一切取決於集中在哪裡。因此，我們仍看好承作審慎的商用不動產貸款，這類貸款通常具備分散的現金流、真實的基礎擔保品、可觀的前期自有資金投入，以及強而有力的贊助方支持。

Our strategic plan, Build 2030 is designed to fully shift our focus to where we can add the most value for our clients and shareholders, serving the banking needs of businesses. This shift takes time, discipline and effort and comes with specific goals. The most important goal is increasing our noninterest-bearing deposits to total deposits from 11% last year up to 20% by 2030. Today, we sit at 12.2%.

我們的策略計畫「Build 2030」旨在將焦點全面轉向我們能為客戶與股東創造最大價值之處，也就是服務企業的銀行需求。這項轉型需要時間、紀律與努力，並伴隨明確目標。最重要的目標是，將無息存款占總存款比率從去年的11%提升至2030年的20%。目前我們為12.2%。

It is an ambitious goal, but it is what we need to do as it will also drive increased loan demand and branch utilization. The way our peers achieve 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，但這正是我們需要做的，因為它也將帶動貸款需求增加以及分行使用率提升。同業達成較低資金成本的方法，是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. It was just last January that we recognized or we reorganized our frontline bankers in three teams to kick off Build 2030. During that time, we have become a preferred SBA lender, 99% of our branch managers formerly specializing in mortgage lending have now passed our Small Business Certification process, and we are formed into three business lines. First, our business bank handling commercial credit needs up to $10 million and all small, medium-sized business needs and consumer deposits. This includes our 208 branches.

以下是我們迄今為止的成果。就在去年一月，我們確認並重整了第一線銀行人員，分成三個團隊以啟動 Build 2030。在這段期間，我們已成為 SBA 的優先貸款機構；原本專精房貸的分行經理中，有 99% 已通過我們的小型企業認證流程；同時我們也已整編為三條業務線。第一，我們的商業銀行，負責最高至 1,000 萬美元的商業授信需求，以及所有小型與中型企業需求與消費者存款。這包含我們的 208 家分行。

Our corporate bank handles all of our large commercial credits and treasury clients and their treasury management needs. Lastly, our commercial real estate bank, recognizing our historical strength and expertise in CRE, we have a dedicated team to serve the credit and treasury needs of real estate developers and investors.

我們的企業銀行負責所有大型商業授信與財資客戶，以及其財資管理需求。最後是我們的商用不動產銀行，鑑於我們在 CRE（商用不動產）方面的歷史優勢與專業，我們設有專責團隊服務不動產開發商與投資人的授信與財資需求。

We acknowledge that we have work to do to improve our profitability. As you have heard, our margin was 2.81% for this last quarter with our return on tangible common equity of 10.8%. If we can get our margin up just a little bit higher to 3%, which is our short-term goal over the next two years, everything else being equal, our ROTCE would be 12.5%.

我們承認在提升獲利能力方面仍有工作要做。如各位所聽到的，我們上季的利差為 2.81%，有形普通股權益報酬率（ROTCE）為 10.8%。若我們能把利差再提高一點到 3%——這是我們未來兩年的短期目標——在其他條件不變下，我們的 ROTCE 將達到 12.5%。

The key from my perspective is growth in direct C&I loans and low-cost deposits, supported by growth in CRE loans while running an efficient bank. I'm pleased to see our efficiency ratio remain near the top end of our target range at 55.7%. We believe that we have the products and the teams in place to grow our active loan portfolios by 8% to 12% going forward.

以我的觀點，關鍵在於直接 C&I（商業與工業）貸款與低成本存款的成長，在有效率經營銀行的同時，也由 CRE 貸款成長提供支撐。我很高興看到我們的效率比率維持在目標區間的高端附近，為 55.7%。我們相信，我們已具備產品與團隊，未來可將活躍貸款組合成長 8% 至 12%。

Looking forward, our lending pipeline continues to be quite strong, building on the very strong second quarter we had of $1.5 billion of originations, it is also very encouraging to see new deposit pipeline increase by 66% on a linked-quarter basis. To give you some specific numbers, our lending pipeline actually decreased from $3.6 billion as of December to $3.2 billion, and that's because of the robust originations we have.

展望未來，我們的放款案源（pipeline）仍然相當強勁；在第二季創下 15 億美元的強勁承作量之上，也令人振奮的是，新存款案源按季（linked-quarter）增加了 66%。提供一些具體數字：我們的放款案源實際上從 12 月的 36 億美元降至 32 億美元，原因是我們的承作量非常強勁。

The lending pipeline is actually down 12.7%. Our deposit pipeline, however, increased from $264 million as of December 31 to $439 million as of March 31. So a 66% increase. It is fun to see the traction our teams are gaining.

放款案源實際上下降了 12.7%。然而，我們的存款案源從 12 月 31 日的 2.64 億美元增加到 3 月 31 日的 4.39 億美元。也就是增加 66%。看到我們團隊取得的進展令人振奮。

Let me speak on the deposit competition. As you are all well aware, competition for low-cost deposits is robust and growing. Between the too-big-to-fail banks that have the advantage of the implied guarantee of the federal government on all deposits, to other regional banks to credit unions and fintechs, there is no shortage of competition and it looks to be getting even more challenging with the upcoming entrance of Elon Musk into the space with his new product, X Money.

我來談談存款競爭。如各位都很清楚，低成本存款的競爭激烈且持續升溫。從享有聯邦政府對所有存款「默示擔保」優勢的「大到不能倒」銀行，到其他區域性銀行、信用合作社與金融科技公司，競爭者不虞匱乏；而隨著 Elon Musk 以其新產品 X Money 即將進入此領域，情勢看起來將更具挑戰。

Early indications are they are going to be very aggressive in looking to take market share, advertising a 6% rate on FDIC-insured deposits and 3% cash-back on debit card purchases. Both of these are clearly lost leaders.

初步跡象顯示，他們將非常積極地爭取市占，宣傳對 FDIC 承保的存款提供 6% 利率，並對簽帳金融卡消費提供 3% 現金回饋。這兩者顯然都是以虧損吸引客戶的策略（loss leaders）。

What gives me pause is the fact that the sponsor is the richest person on earth and can fund losses to take market share for an extended period of time, if he chooses to do so. The good news, we are a relationship bank. We are not priced at the high-end of the market today, and I think most consumers will see through the loss leader tease and be skeptical about what the long-term value proposition will be.

讓我有所顧慮的是，贊助者是全球最富有的人，若他選擇如此，便能在相當長一段時間內以承擔虧損的方式來換取市占。好消息是，我們是一家關係型銀行。我們目前的定價並非市場最高端，我認為多數消費者會看穿這種以虧損吸引的噱頭，並對其長期價值主張抱持懷疑。

All of that said, I think X Money could be to traditional banking, what Tesla has been to the auto industry, and it certainly has our full attention. We launched Wealth Management on August 31 of last year with the hiring of an experienced team of professionals from a wirehouse firm here in Seattle. Our goal is to organically grow Wealth Management to $1 billion in assets under management in the first two years.

儘管如此，我認為 X Money 對傳統銀行業的影響，可能就像 Tesla 對汽車產業的影響一樣，而這確實已引起我們的高度關注。我們在去年 8 月 31 日推出財富管理業務，並在西雅圖自一家全國性券商（wirehouse）聘請了一支經驗豐富的專業團隊。我們的目標是在前兩年以自然成長方式，將財富管理的管理資產（AUM）提升至 10 億美元。

Early indications remain very positive. AUM amounted to just under $450 million as of March 31, and it is nice to fill a hole with the added offering. We see wealth as an essential element of growing our noninterest income and commercial deposits as many prospects want to find one bank for their full banking relationships.

初步跡象仍然非常正面。截至 3 月 31 日，AUM 接近 4.5 億美元，而新增這項服務也很高興能補上我們產品版圖的一個缺口。我們將財富管理視為提升非利息收入與商業存款的關鍵要素，因為許多潛在客戶希望在同一家銀行滿足其完整的銀行往來需求。

Two significant developments regarding technology. As many of you know, we have established a subsidiary, Pike Street Labs, that is dedicated to building software for the benefit of our customers. We are the only bank our size in the country that I know of, that has built its own consumer online and mobile applications.

關於科技方面，有兩項重大進展。如各位所知，我們已成立子公司 Pike Street Labs，專注於為客戶打造軟體。就我所知，我們是全國同規模銀行中唯一一家自行開發消費者線上與行動應用程式的銀行。

Coming up in this third quarter, we are excited to launch the next generation of our mobile app, which will reduce the time it takes from launch of the app, until a client can see their balances by more than half. Speed matters to our clients, and this will be a huge upgrade. This will also enable us to launch additional differentiated features like consumer positive pay and real-time peer-to-peer payments within the WaFd ecosystem.

在即將到來的第三季，我們很興奮將推出下一代行動 App，能把從啟動 App 到客戶看到餘額所需的時間縮短一半以上。速度對客戶很重要，這將是一項重大升級。這也將使我們能在 WaFd 生態系內推出更多差異化功能，例如消費者正向付款（positive pay）以及即時點對點（P2P）支付。

The developments in AI technology are perhaps the biggest news in the market over the last year. We are actively using AI to assist our software developers, which is increasing the pace of development by over 2 times. Additionally, this next quarter, we will be launching our AI Call Center Agent that I am really excited about. Our goal is that customers will be able to get the answers to their questions immediately, 24 hours a day, 7 days a week, which will provide bandwidth for our bankers to deepen relationships.

AI 技術的發展，或許是過去一年市場上最大的消息。我們正積極使用 AI 協助軟體開發人員，使開發速度提升超過 2 倍。此外，在下一季，我們將推出令我非常期待的 AI 客服中心代理。我們的目標是讓客戶能在一天 24 小時、一週 7 天立即獲得問題解答，從而釋放我們銀行人員的時間與資源，以深化客戶關係。

Let me be clear, customers will always be able to access a live banker, if that is their preference. Our perspective is technology is a tool for clients and bankers to make us better bankers. It is not a replacement for bankers. We sincerely believe that everyone deserves a banker.

我必須說清楚：若客戶偏好，他們永遠都能聯繫到真人銀行專員。我們的觀點是，科技是讓客戶與銀行人員都能成為更好銀行人的工具。它不是用來取代銀行人員的。我們真心相信，每個人都值得擁有一位銀行專員。

Turning next to capital. With our stock price trading near tangible book value for some of the last quarter, as Kelli mentioned, we were aggressive in repurchasing shares. We repurchased 2.7 million shares at a price of $31.85, or just 105% of tangible book value. This represents 3.6% of the shares outstanding on December 31, 2025. That's still staggering to me that in one quarter, we were able to buy back 3.6% of the company. We continue to believe that with our robust capital levels, when our share price is depressed, share repurchases are the best use of capital, considering our 10.8% return on tangible common equity this last quarter.

接著談資本。如 Kelli 所提到的，由於我們的股價在上季有一段時間接近有形帳面價值，我們積極進行庫藏股回購。我們以每股 31.85 美元回購 270 萬股，約為有形帳面價值的 105%。這相當於截至 2025 年 12 月 31 日流通在外股數的 3.6%。對我而言仍然很驚人：在單一季度內，我們就能回購公司 3.6% 的股份。我們仍然相信，在資本水準充足的情況下，當股價被壓低時，考量到我們上季 10.8% 的有形普通股權益報酬率，回購股份是資本的最佳用途。

Last month, the Federal Reserve announced potential changes to capital calculations that could have a material positive impact for WaFd, if approved. The proposal would adjust risk weightings for different loan categories. Specifically, single-family residential loans with loan-to-value below 60% would go from a 50% risk weighting to 25% risk weighting.

上個月，聯邦準備理事會（Fed）宣布可能調整資本計算方式；若獲核准，可能對 WaFd 產生實質性的正面影響。該提案將調整不同貸款類別的風險權重。具體而言，貸款價值比（LTV）低於 60% 的單戶住宅貸款，其風險權重將由 50% 降至 25%。

As of quarter end, the weighted average loan-to-value of our $7.5 billion single-family loan portfolio is less than 40%. What does all this mean? Our initial estimate is, if approved, it would increase WaFd's regulatory capital levels by approximately $400 million. This would give WaFd, Board and management, more options going forward with a strong preference to fund additional loan growth, followed by returning capital to shareholders and lastly, looking at strategic M&A.

截至季末，我們 75 億美元單戶住宅貸款組合的加權平均貸款價值比低於 40%。這一切代表什麼？我們的初步估計是，若獲核准，將使 WaFd 的監管資本水準增加約 4 億美元。這將讓 WaFd 的董事會與管理團隊在未來有更多選項；我們強烈偏好用於支持更多貸款成長，其次是回饋資本給股東，最後才是評估策略性併購（M&A）。

For years, WaFd has been telling all that were listing, how little risk there is in these low loan-to-value single-family loans. It is gratifying to see regulators acknowledging that with this new rule. At this stage, it is just a proposed rule making, but we will be paying close attention. By comparison, WaFd should benefit more than peer banks by this proposed rule because of the large concentration of single-family loans we have.

多年來，WaFd 一直向所有願意聆聽的人說明，這些低貸款價值比的單戶住宅貸款風險非常低。很高興看到監管機關透過這項新規則予以認可。現階段這仍只是規則制定的提案，但我們會密切關注。相較同業銀行，WaFd 應可因這項提案而受益更多，因為我們的單戶住宅貸款集中度較高。

For the past year, we have routinely heard from investors that they understand our plan and agree with why we are making the changes called for in the strategic plan. The only pushback has been they wanted to see execution on the plan. We hope this quarter and future results begin to answer that question.

過去一年，我們經常聽到投資人表示，他們理解我們的計畫，也認同我們為何要依策略計畫進行相關調整。唯一的反饋是，他們希望看到計畫的落地執行。我們希望本季以及未來的結果能開始回答這個問題。

Finally, I want to acknowledge all of the incredible bankers that call WaFd home and make these results possible. Our most valuable asset is our team. We have bankers that care and want to serve our clients. What we are doing is challenging, but we are making significant progress to becoming a business bank.

最後，我想向所有以 WaFd 為家、並讓這些成果成為可能的優秀銀行同仁致意。我們最寶貴的資產是團隊。我們的銀行同仁關心客戶，並希望服務客戶。我們正在做的事情很具挑戰，但我們正朝成為一家商業銀行（business bank）取得顯著進展。

With that, Kevin, we'll open it up to questions and answers.

接下來，Kevin，我們開放問答。

(Operator Instructions)

（接線員指示）

Jeff Rulis, D.A. Davidson.

Jeff Rulis，D.A. Davidson。

Kelli, I wanted to ask about the margin. You mentioned 7 basis points on nonaccrual improvement. Is that the linked quarter swing? I think last quarter, you had some headwinds associated with it? Or was that just this quarter alone, a positive impact to margin?

Kelli，我想問一下淨利差（margin）。你提到因不計息（nonaccrual）改善帶來 7 個基點。這是與前一季相比的變動幅度嗎？我記得上一季你們有一些與此相關的不利因素？還是說這只是本季單季對淨利差的正面影響？

So that's the linked-quarter swing. So bringing one of our large nonperforming credits current and bringing back the interest income on to accrual and recognizing that is where you get 7 basis points. So there was about $2.2 million that was recognized this quarter, that is really from prior quarter activities.

是的，那是與前一季相比的變動。也就是我們把一筆大型不良授信恢復正常，將利息收入重新轉回計息（accrual）並予以認列，因此帶來 7 個基點。所以本季約認列了 220 萬美元，主要是源自前一季的相關作業。

I see. So the -- I guess, the go-forward kind of flat expectation is -- sort of absent nonaccrual impact, the core flat. I wanted to check back in that you mentioned the path towards 3% in a couple of years. And I guess, as you scratch out gains, where do you see that from? Is that on the funding side mostly? Just trying to kind of get to that 3% figure in over the same time frame?

了解。所以——我想，若往後看，在不考慮不計息影響的情況下，你們對核心淨利差大致持平的預期是——核心大致持平。我想再確認一下，你提到在未來幾年走向 3% 的路徑。我想，若把一次性收益剔除，你認為主要動能會來自哪裡？主要是在資金端嗎？只是想理解在同樣的時間框架下，如何達到 3% 這個數字？

Yes, Jeff. So I'll hop in on that one. I think when we say kind of 3% over the short term, that's absent of changes with interest rates, right, because who knows where rates are going, who knows who the share of the Fed will be at this point.

是的，Jeff。我來回答這題。我認為我們所說的短期內接近 3%，是指在利率不變的前提下，對吧？因為誰也不知道利率會走到哪裡，也不知道此時 Fed 的利率路徑會如何。

We think just organically, as we reprice these mortgage loans and loans come due, we have that accretion to come into income and then we get to pick up yield as these loans reprice and come into current market rates on more commercial loans. Then you compound that and drive lower cost deposit growth, there's even more upside with deposits. That's how we think.

我們認為，單就自然成長而言，隨著這些房貸重新定價、貸款到期，我們會有折溢價攤銷（accretion）進入收益；同時，當這些貸款重新定價並回到當前市場利率水準，尤其是更多商業貸款時，我們也能提升收益率。再加上推動更低成本的存款成長，存款端還有更大的上行空間。我們的看法就是如此。

And Brent, you did allude to the fact of the securities growth is actually a net headwind, but a benefit to NII. But that's all sort of baked into the gradual increases, assumption of the positives you mentioned, but maybe additional maybe securities investment kind of headwind to margin. Is that all kind of baked into the expectation?

Brent，你也提到證券部位的成長其實對淨利差是淨逆風，但對淨利息收入（NII）有利。不過這些都已納入你剛提到的正面因素所帶來的逐步上升假設中；但也可能還會有額外的證券投資，對淨利差形成一些逆風。這些都已經反映在你們的預期裡了嗎？

That is kind of baked-in. And you've seen we've been pretty aggressive with the security purchases at this point. We'll probably take our foot of the gas on that as well going forward. So there won't be additional headwinds from that.

這些大致都已反映在內。你也看到我們目前在證券買進上相當積極。未來我們可能也會在這方面稍微放慢腳步。因此不會再有額外的逆風。

Great. And then my other question was just on the growth or I should say, net growth I think, encouraging to see some low single-digit pace so far. If we were to kind of extend that out, and we'll stop short of guidance, but thinking about how you're feeling about the inactive runoff versus active growth, was this an outlier? Or do you think kind of trying to keep a low single-digit net growth pace is possible in future quarters?

很好。我另一個問題是關於成長——或者我應該說淨成長；目前看到低個位數的增速令人鼓舞。如果把這個趨勢往外延伸——我們先不談指引——就你們對被動縮減（inactive runoff）與主動成長（active growth）的看法而言，本季是特例嗎？還是你們認為未來幾季維持低個位數的淨成長速度是可行的？

No, I would say we're very bullish on being able to continue this pace. It feels like we're getting traction. And I think you can see that with our pipeline. And so to have the 12% net growth of the active portfolio and then overall growth. So we overcame what the $275 million of repayment of the inactive portfolio. That's huge and I do think that's possible. So I think in the past, we've said to do kind of 8% to 12% growth on the active portfolio. I think the higher end of that range appears very reasonable for us.

不，我會說我們非常看好能夠持續這個速度。感覺我們正在取得動能。我想你也能從我們的案源管線（pipeline）看出來。因此主動組合達到 12% 的淨成長，並帶動整體成長。我們克服了被動組合 2.75 億美元的還款流失，這很可觀，我確實認為這是可能持續的。所以我想過去我們說過主動組合成長約 8% 到 12%。我認為對我們而言，這個區間的高端看起來非常合理。

Matthew Clark, Piper Sandler.

Matthew Clark，Piper Sandler。

First one for me, just on the loan growth, solid increase in C&I. I just want to get a sense for how much of that growth may have come from SNCs or club deals and where that portfolio sits today?

我第一個問題是關於貸款成長，C&I（商業與工業貸款）增幅不錯。我想了解其中有多少成長可能來自 SNC（共享國家授信）或聯貸（club deals），以及該投資組合目前的規模？

Yeah. I don't think any of that growth came from SNCs or club deals at this point. We have a couple in the pipeline, but no, these are direct originations at this point. And Kelli, do you have the overall portfolio of our club deals. Last I checked, we were around $500 million total club deals.

是的。我認為目前這些成長沒有任何部分來自 SNC 或聯貸。我們的管線裡有幾筆，但目前沒有；這些都是我們直接承作（direct originations）。Kelli，你有我們聯貸整體組合的數字嗎？我上次看大約是聯貸合計 5 億美元左右。

I can get that number and get back to that.

我可以把那個數字找出來再回覆你。

Okay. And then on the fee income run rate, stripping out the noise, looked like a good result from insurance commissions. I know you've got some -- wealth is a growth area and SBA gain on sale is as well. But how should we think about that $20 million run rate that you put up this quarter going forward? Should we cut that down a little bit? Or do you think that's sustainable?

好的。另外關於手續費收入的常態水準，剔除雜訊後，看起來保險佣金的表現不錯。我知道你們有一些——財富管理是成長領域，SBA（小企業管理局）出售收益也是。但對於本季約 2,000 萬美元的常態水準，往後我們應該怎麼看？我們是否應該把它下修一些？還是你認為這是可持續的？

No, I think that's sustainable. And we mentioned exactly where we want to go, but let me be clear. Right now, wealth, we're still working to get profitable. So right now, wealth is not a net-accretive item to us, which we understand as part of business plan.

不，我認為那是可持續的。而且我們已經提到我們確切想去的方向，但讓我說清楚。目前在財富管理方面，我們仍在努力達到獲利。所以目前，財富管理對我們而言尚未帶來淨增益（net-accretive），這點我們理解，這是商業計畫的一部分。

And the SBA gain, right now, we're looking for every earning asset we can, so we’re not planning on selling off any of the SBA portion. This is just good organic fee income and you mentioned the insurance side. About the $20 million, we think it’s very sustainable going forward.

至於SBA收益，目前我們在尋找任何我們能取得的生息資產，因此我們不打算出售任何SBA的部分。這只是良好的有機手續費收入，而你也提到了保險業務那一端。關於那約2,000萬美元，我們認為未來非常可持續。

Okay. And then just on the CD repricing, the CDs are coming due this quarter. What's the renewal rate we should assume on that slug?

好的。接著關於定存（CD）重新定價，這些定存會在本季到期。對於那一大筆到期量，我們應該假設的續作率是多少？

Yeah. So the CDs have gotten more expensive lately because it appears the market is kind of coming in that we don't know rate decreases are coming in. So we're seeing actually some of the wholesale broker deposits pricing above US treasuries. So we have about $4.2 billion of CDs repricing at 3.68%. And I think right now, we're 3.40% to 3.60% rate. So don’t expect much in comparison.

是的。所以最近定存變得更貴了，因為看起來市場有點在反映我們不確定是否會降息。因此我們實際上看到部分批發經紀存款（wholesale broker deposits）的定價高於美國公債。我們大約有42億美元的定存以3.68%重新定價。而我認為目前我們大概在3.40%到3.60%的利率區間。所以相較之下不要期待有太大變化。

You said 3.60%?

你是說3.60%？

Yeah, 3.40% to 3.60% (technical difficulty)

對，3.40%到3.60%（技術問題）

Kelly Motta, KBW.

Kelly Motta，KBW。

I think, however the slice is, it was a great quarter for loan growth in the active portfolio. It was really nice to see the commercial growth. Squaring your margin expectations to get to 3% over time, clearly requires some -- bringing on some low-cost funding. I think you gave some color about the deposit pipeline. But I was wondering, clearly, part of this plan to shift towards commercial is for the strength of funding.

我認為，不管怎麼切分，這一季在活躍投資組合的放款成長都非常出色。看到商業放款成長真的很令人欣慰。要讓你的利差預期隨時間推進達到3%，顯然需要一些——引入一些低成本資金。我想你已經對存款管線提供了一些說明。但我想問的是，顯然這個轉向商業的計畫之一，是為了資金來源的強度。

Wondering, understanding that some of these relationships take time for deposits to come over. If you could size like how much of this new commercial funding is coming with a core deposit relationship over time? That would be helpful.

我想了解的是，考量到其中一些關係需要時間存款才會轉入。你能否量化一下，這些新增的商業資金中，隨時間推進有多少會伴隨核心存款關係（core deposit relationship）而來？這會很有幫助。

Great question. And Kelly, thank you for acknowledging it. We believe this was just a fantastic quarter for us from a loan growth standpoint and the first net growth that we've had in over five quarters, I think. So thank you for acknowledging that.

問得很好。Kelly，也謝謝你注意到這點。我們認為就放款成長而言，這一季對我們來說非常出色，而且我想這是我們超過五季以來第一次出現淨成長。所以謝謝你提到這點。

And every one of these commercial relationships come with core operating accounts. So when you get the accounts, the question is how much do they have in deposits. And so typically, you don't get very much from deposit balances, but you get the accounts. So we're seeing the number of accounts continue to increase their balances a couple of times. And that's just the nature of what we're trying to do in Stanley and Fulton.

而且每一個這類商業往來關係都會搭配核心營運帳戶（core operating accounts）。所以當你拿到這些帳戶時，問題在於他們有多少存款。一般來說，你一開始不會從存款餘額拿到很多，但你會先拿到帳戶。因此我們看到帳戶數持續增加，而其餘額也會逐步增加好幾次。這就是我們在Stanley和Fulton想做的事情的本質。

Got it. That’s helpful. And then I understand that these aren’t SNCs or club deals. I’m wondering if you could provide just, given how strong the growth was, the average size of the new relationships coming on?

了解。這很有幫助。然後我理解這些不是SNC或聯貸案（club deals）。我想問的是，鑑於成長如此強勁，你能否提供一下新建立關係的平均規模是多少？

Yeah. We'll follow up with that. It's broad-based because you've got those -- the smaller deals coming in from the branches and the branches are on average deals are probably $200,000 each on the C&I side, and we've got some larger true commercial deals that are in the $20 million to $40 million range, but we'll follow up with that number for you.

可以。我們會再跟進提供。這是廣泛分布的，因為你有——分行帶進來的較小案子，而分行端平均每筆交易在C&I（商業與工業）方面大概是20萬美元；同時我們也有一些較大型、真正的商業案子，規模在2,000萬到4,000萬美元區間，但我們會再跟進把那個數字提供給你。

Great. Last question for me, and then I'll step back. Expenses were up quarter over quarter, pretty understandable given the strength of growth and the revenue growth that you had, and there's also some seasonality. I know you don't give guidance, but wondering within that, if that's a good number to build off of or any sort of puts or takes or special seasonality considerations impacting Q2?

很好。我最後一個問題，然後我就先退下。費用季對季上升，考量到你們強勁的成長與營收成長，這相當可以理解，另外也有一些季節性因素。我知道你們不提供指引，但想請問在這之中，這是否是一個可以作為建模基礎的水準？或是有任何增減項、或影響第二季的特殊季節性考量？

Yeah. No, good question. No, this is the quarter where we see the annual merit increases kick-in and of course, the increase in taxes for the first calendar quarter. So this is a good run rate for now. But if we continue to produce at these volumes, I would expect compensation to increase as some of our variable compensation increases. But we want to do that as we're driving value for our shareholders. So I think it's a good solid run rate. It could go up slightly from here. We continue to outperform, if you will, in terms of loan production and fees.

是的。不，問得很好。這一季我們會看到年度績效調薪開始生效，當然也包括第一個曆年季度稅負的增加。所以就目前而言，這是一個不錯的常態化水準（run rate）。但如果我們持續以這樣的量能產出，我會預期薪酬會上升，因為我們的一些變動薪酬會增加。但我們希望在為股東創造價值的同時再這麼做。所以我認為這是一個良好且穩健的常態化水準。從這裡起可能會小幅上升。如果你要這麼說的話，我們在放款產出與手續費方面仍持續表現優於預期。

(Operator Instructions) And I'm not showing any further questions at this time. I'd turn the call back over to Brad for any further remarks.

（接線員指示）目前我這邊沒有顯示其他問題。我會把電話交回給Brad，請他做進一步的結語。

Kevin, thank you so much. Thanks, everybody, for joining the morning's call. Please contact me if you have any questions. Have a great rest of the day and a great weekend. Appreciate you being here. Thanks.

Kevin，非常感謝你。也謝謝各位參加今天早上的電話會議。如果你有任何問題，請與我聯繫。祝各位今天剩下的時間愉快，也祝週末愉快。感謝各位在場。謝謝。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

各位女士先生，今天的簡報到此結束。您現在可以掛線，祝您有美好的一天。