(CUBI) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Customers Bancorp Third Quarter 2022 Earnings Call. (Operator Instructions) Thank you. It is now my pleasure to turn today's call over to Mr. David Patti. Sir, please go ahead.

女士們，先生們，謝謝你們的支持。我的名字是布倫特，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Customers Bancorp 2022 年第三季度財報電話會議。 （操作員說明）謝謝。現在我很高興將今天的電話轉交給大衛·帕蒂先生。先生，請繼續。

Thank you, Brent, and good morning, everyone. Thank you for joining us for the Customer Bancorp's Earnings Call for the third quarter of 2022. The presentation deck you will see during today's webcast has been posted on the Investor Relations page of the bank's website at customersbank.com. You can scroll to Q3 '22 results and click download presentation.

謝謝你，布倫特，大家早上好。感謝您參加 Customer Bancorp 2022 年第三季度的收益電話會議。您將在今天的網絡廣播中看到的演示文稿已發佈在該銀行網站customersbank.com 的投資者關係頁面上。您可以滾動到 Q3 '22 結果並單擊下載演示文稿。

You can also download a PDF of the full press release at that spot. Our investor presentation includes important details that we will walk through on this morning's webcast. I encourage you to download and use the document.

您還可以在該位置下載完整新聞稿的 PDF。我們的投資者介紹包括重要的細節，我們將在今天上午的網絡直播中介紹這些細節。我鼓勵您下載並使用該文檔。

Before we begin, we would like to remind you that some of the statements we make today may be considered forward-looking. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual performance results to differ materially from what is currently anticipated.

在開始之前，我們想提醒您，我們今天所做的一些陳述可能被認為是前瞻性的。這些前瞻性陳述受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際業績結果與目前的預期存在重大差異。

Please note that these forward-looking statements speak only as of the date of this presentation, and we undertake no obligation to update these forward-looking statements in light of new information or future events, except to the extent required by applicable securities laws.

請注意，這些前瞻性陳述僅在本演示文稿發布之日發表，我們不承擔根據新信息或未來事件更新這些前瞻性陳述的義務，除非適用證券法要求。

Please refer to our SEC filings, including our Form 10-K and 10-Q for a more detailed description of the risk factors that may affect our results. Copies may be obtained from the SEC or by visiting the Investor Relations section of our website. At this time, it's my pleasure to introduce Customers Bancorp Chair, Jay Sidhu. Jay, the audience is yours.

請參閱我們的 SEC 文件，包括我們的 10-K 和 10-Q 表格，以更詳細地描述可能影響我們結果的風險因素。可從 SEC 或訪問我們網站的投資者關係部分獲得副本。在這個時候，我很高興向客戶介紹 Bancorp 主席 Jay Sidhu。傑，觀眾是你的。

Thank you, David, and good morning, ladies and gentlemen. It's really a pleasure to welcome you to Customers Bancorp Third Quarter 2022 Earnings Call.

謝謝你，大衛，早上好，女士們，先生們。很高興歡迎您參加 Customers Bancorp 2022 年第三季度財報電話會議。

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（技術難度）

Bancorp Community Bank with diversified niches, several with a nationwide footprint that supplements our community banking business platforms located in Rhode Island, New York, Pennsylvania, North Carolina, and Florida. We operate our $20 billion asset bank with only 672 team records, working out of 39 private banking offices or loan production offices located across many states from [Harrisburg] to New Hampshire to Boston to New York, to Philadelphia and then on to Wilmington, North Carolina, in Florida as well as Dallas, Texas. We are pleased this morning to present to you another solid quarter despite the challenging interest rate and economic environment. We remain laser-focused on our responsible organic growth strategies and have taken prudent risk management strategic actions over the past several quarters to ensure that we are well positioned from our capital, credit, liquidity and earnings perspective in this challenging environment.

Bancorp 社區銀行擁有多元化的利基市場，其中一些業務遍及全國，補充了我們位於羅德島、紐約、賓夕法尼亞、北卡羅來納州和佛羅里達州的社區銀行業務平台。我們運營著價值 200 億美元的資產銀行，僅擁有 672 條團隊記錄，在從 [哈里斯堡] 到新罕布什爾州、波士頓到紐約、費城再到北威爾明頓的許多州的 39 個私人銀行辦事處或貸款生產辦事處工作佛羅里達州的卡羅來納州以及德克薩斯州的達拉斯。儘管利率和經濟環境充滿挑戰，我們今天早上很高興向您展示另一個穩健的季度。我們仍然專注於我們負責任的有機增長戰略，並在過去幾個季度採取了審慎的風險管理戰略行動，以確保我們在這個充滿挑戰的環境中從資本、信貸、流動性和收益角度處於有利地位。

We are also pleased to report that we have already beaten our 2022 core earnings per share guidance excluding PPP of between $4.75 to $5 in earnings per share for 2022.

我們也很高興地報告，我們已經超過了我們的 2022 年核心每股收益指引，不包括 2022 年每股收益 4.75 美元至 5 美元的購買力平價。

Our Q3 core earnings, excluding PPP were $2.30, up 135% over Q3 2021. Our core ROA or return on average assets was 1.64% and core return on common equity was 25.9%. All these numbers are excluding PPP, and that's a good way to look at our numbers.

我們的第三季度核心收益（不包括購買力平價）為 2.30 美元，比 2021 年第三季度增長 135%。我們的核心 ROA 或平均資產回報率為 1.64%，核心普通股回報率為 25.9%。所有這些數字都不包括購買力平價，這是查看我們數字的好方法。

Year-to-date September 30, 2022, core earnings per share, excluding PPP were $5.15. Q3 2022 net interest income generated by the core bank was up 38% year-over-year while our total operating expenses were down by $4 million year-over-year.

年初至今，2022 年 9 月 30 日，不包括購買力平價的核心每股收益為 5.15 美元。核心銀行產生的 2022 年第三季度淨利息收入同比增長 38%，而我們的總運營費用同比下降 400 萬美元。

Core loan growth this quarter was led by increases in lower-risk variable rate specialty lending verticals of $500 million, which were largely offset by an expected decline in loans and mortgage companies of $300 million and a sale of $500 million of consumer installment loans at net gain to the company of about $13 million.

本季度的核心貸款增長是由 5 億美元的低風險浮動利率專業貸款垂直增長帶動的，這在很大程度上被預期的 3 億美元貸款和抵押貸款公司的下降以及 5 億美元的消費者分期貸款淨銷售額所抵消為公司帶來約 1300 萬美元的收益。

This was executed as part of our balance sheet optimization and capital excellent strategy. Asset quality remains exceptional and credit reserves are robust. Our loan and deposit pipelines remain strong, and we are very focused on maintaining our margins, moderating our growth, improving our capital ratios while controlling our expenses and meeting or beating what the Street expects from us in earnings per share. We remain very optimistic about our future. I would now hand it over to Sam Sidhu, President and CEO of Customers Bank to describe in detail our strategic initiatives and our results for Q3, Sam?

這是我們資產負債表優化和資本卓越戰略的一部分。資產質量依然出色，信貸儲備穩健。我們的貸款和存款渠道仍然強勁，我們非常專注於維持利潤率、減緩增長、提高資本比率，同時控制我們的開支，以及達到或超過華爾街對我們每股收益的預期。我們對我們的未來仍然非常樂觀。我現在將它交給客戶銀行總裁兼首席執行官 Sam Sidhu，詳細描述我們的戰略計劃和第三季度的結果，Sam？

Thank you, Jay. Good morning, everyone. I'm thrilled to walk you through another strong quarter at Customers Bank call. Building off the momentum of industry-leading responsible loan growth in our variable rate low to no loss specialty lending verticals in the first half of the year. In the third quarter, the team focused on disciplined balance sheet management, which helps deliver strong net interest income growth and record recurring earnings even after backing out the benefit of PPP income.

謝謝你，傑。大家，早安。我很高興在客戶銀行電話會議上帶領您度過另一個強勁的季度。在今年上半年，我們的浮動利率低至無損失專業貸款垂直行業保持了行業領先的負責任貸款增長勢頭。在第三季度，該團隊專注於嚴格的資產負債表管理，這有助於實現強勁的淨利息收入增長和創紀錄的經常性收益，即使在取消了 PPP 收入的好處之後。

Given the uncertain environment, we believe that moderating our growth and focusing on maintaining and expanding margin, improving our capital ratios, all while further growing recurring revenues is how we will be at and how our shareholders will be rewarded.

鑑於不確定的環境，我們相信放緩我們的增長並專注於維持和擴大利潤率，提高我們的資本比率，同時進一步增加經常性收入是我們將如何以及我們的股東將如何獲得回報。

Let me briefly summarize our results. From an earnings perspective, we earned $1.85 in GAAP EPS, which represents a net income of $61.4 million. Core earnings were $2.48 after stripping out the benefit of PPP income, we earned $2.30 as I mentioned earlier, a record and an incredible feat, all thanks to the incredible efforts of our team holders. Net interest margin came in at the higher end of the guidance we provided on last quarter's call, lending to the prudent portfolio remix we have undertaken to lower risk and lower yielding at variable rate loans.

讓我簡要總結一下我們的結果。從收益的角度來看，我們的 GAAP 每股收益為 1.85 美元，淨收入為 6140 萬美元。剔除 PPP 收入的好處後，核心收入為 2.48 美元，正如我之前提到的，我們賺了 2.30 美元，這是一個創紀錄的、令人難以置信的壯舉，這一切都歸功於我們團隊持有人的難以置信的努力。淨息差出現在我們在上一季度電話會議上提供的指導的較高端，借給我們為降低風險和可變利率貸款收益率而採取的審慎投資組合重組。

This strategic portfolio remix will be mostly complete by year-end, and our margin after incorporating the full impact of the consumer portfolio reduction will begin to increase again in 2023 as we have been very disciplined on loan deposit pricing strategies.

這種戰略組合重組將在年底前基本完成，在考慮到消費者組合減少的全部影響後，我們的利潤率將在 2023 年再次開始增加，因為我們在貸款存款定價策略上一直非常自律。

Now moving to the balance sheet. We ended the quarter with $19.2 billion in core assets, excluding PPP, up 36% over the year ago quarter. Our loan book grew an impressive 34% year-over-year to $14.2 billion, excluding PPP at quarter end. Total deposits grew 3% to $17.5 billion and have more than doubled over the last 3 years.

現在轉到資產負債表。截至本季度末，我們的核心資產為 192 億美元，不包括 PPP，比去年同期增長 36%。我們的貸款賬簿同比增長 34%，達到 142 億美元，不包括季度末的 PPP。存款總額增長 3% 至 175 億美元，在過去 3 年翻了一番多。

Going forward through the remainder of the year and into 2023, we believe it's prudent to prioritize adding high-quality deposit customers first to provide the funding base for continued measured mode growth as well as, importantly, NII expansion over the next few quarters.

展望今年剩餘時間和 2023 年，我們認為謹慎的做法是首先優先增加優質存款客戶，以便為未來幾個季度的持續衡量模式增長以及重要的 NII 擴張提供資金基礎。

From a profitability standpoint, adjusted pretax pre-provisioned ROA was 1.95%. Strong asset quality, a pillar of our -- is a filler of our franchise, and we are an inherently low credit risk institution. We continue to deliver on superior credit quality versus peers, the industry as well as our own historical averages. As a reminder, at the start of the year, we disclosed that we proactively and frankly, in high-tech smartly tightened credit underwriting and shifted loan growth mix in an effort to continue to maintain a pristine credit book as we wait to see the full impact of the debt actions and inflations on the economy.

從盈利能力的角度來看，調整後的稅前預置 ROA 為 1.95%。強大的資產質量是我們的支柱——是我們特許經營權的補充，我們是一家固有的低信用風險機構。與同行、行業以及我們自己的歷史平均水平相比，我們繼續提供卓越的信用質量。提醒一下，在今年年初，我們披露我們主動坦率地在高科技方面巧妙地收緊了信貸承銷並改變了貸款增長組合，以繼續保持原始的信貸賬簿，我們等待看到完整的債務行動和通貨膨脹對經濟的影響。

Importantly, our book value has been successfully defended into 2022 and has grown significantly about 9% year-over-year as well as through 2022, bucking the industry trend, thanks to strong recurring organic growth and securities book optimization. Importantly, our TCE to TA ratio is at the high end of industry peers, lending to our prudent optimization.

重要的是，由於強勁的經常性有機增長和證券賬簿優化，我們的賬面價值已成功捍衛到 2022 年，並在 2022 年之前同比大幅增長約 9%，逆向行業趨勢。重要的是，我們的 TCE 與 TA 的比率處於行業同行的高端，這有助於我們進行謹慎的優化。

Moving to Slide 6. Strategic initiatives we've implemented to best position us for the current future external environment. As early in the first quarter, we started taking a number of actions to position the company to successfully navigate the challenging macroeconomic environment.

轉到幻燈片 6。我們實施的戰略舉措是為了讓我們在當前未來的外部環境中處於最佳位置。早在第一季度，我們就開始採取一些行動來幫助公司成功應對充滿挑戰的宏觀經濟環境。

This started with a mix shift in our loan portfolio towards low-to-no credit risk verticals, which represented 90% of our year-over-year loan growth. Our low-to-no loss specialty verticals now represent 63% of total loans, up significantly over the last year as well as the last several years with our consumer installment portfolio declining from 15% to 10% of total loans over the same time period.

這始於我們的貸款組合向低至無信用風險垂直方向的混合轉變，這占我們同比貸款增長的 90%。我們的低至無損失專業垂直領域現在佔總貸款的 63%，比去年和過去幾年顯著增加，同期我們的消費分期付款組合從總貸款的 15% 下降到 10% .

This is excluding our government-guaranteed PPP loans, which when included further increase this number and as you can appreciate from a reinvestment perspective, this number will continue to increase in 2023. The focus on lower credit risk verticals has not changed our disciplined commitment to maintain at least 3% to 3.5% spread over our funding costs, allowing us to maintain our commitment to continue to meet and beat our short- and long-term guidance in a rapidly evolving environment.

這不包括我們的政府擔保 PPP 貸款，當包括在內時，這一數字會進一步增加，從再投資的角度來看，這一數字將在 2023 年繼續增加。對較低信用風險垂直行業的關注並沒有改變我們對保持至少 3% 至 3.5% 的資金成本分佈，使我們能夠保持承諾，在快速發展的環境中繼續滿足並超越我們的短期和長期指導。

I'm happy to address this more in Q&A.

我很高興在問答中更多地解決這個問題。

Our agile pricing discipline has more recently assisted our strategic moderation and the growth of our balance sheet as we continue to prioritize profitability, margin and lowering overall risk factor. We will not better chase growth or growth's sake alone, especially in conditions like the industry is facing today, where margin, capital and credit parking. For example, we employed a strategy which both increased pricing thresholds or the top of the funnel and also repriced hundreds of millions of dollars of in-flight decline to prioritize margin and capital.

隨著我們繼續優先考慮盈利能力、利潤率和降低整體風險因素，我們靈活的定價規則最近有助於我們的戰略調整和資產負債表的增長。我們不會更好地追逐增長或只為增長著想，尤其是在像今天這個行業所面臨的情況下，利潤率、資本和信貸停滯不前。例如，我們採用了一種策略，既提高了定價門檻或漏斗頂部，又重新定價了數億美元的飛行中下降，以優先考慮利潤和資本。

Additionally, it's worth reminding you that our margin the continued reinvestment of proceeds from our PPP loan runoff and our securities book, amortization and cash flows provide significant runway to grow our loan portfolio and continue to increase margin in the coming quarters. Strategic efforts such as the $500 million sale of a consumer loan portfolio this quarter and the transfer earlier this year of available-for-sale securities to held to maturity in the second quarter and meaningful positive impacts on our capital ratio, and we will continue to evaluate opportunities for additional actions.

此外，值得提醒您的是，我們的保證金、我們的 PPP 貸款徑流和證券賬簿、攤銷和現金流的持續再投資為我們的貸款組合增長提供了重要的跑道，並在未來幾個季度繼續增加保證金。戰略努力，例如本季度出售 5 億美元的消費貸款組合以及今年早些時候將可供出售證券轉移到第二季度持有至到期，以及對我們的資本比率產生有意義的積極影響，我們將繼續評估採取額外行動的機會。

On the consumer sale, we are pleased that the market validated our conservative underwriting, allowing us to sell $500 million of our Customers Bank direct portfolio for nearly a 3% net gain.

在消費者銷售方面，我們很高興市場驗證了我們保守的承保，使我們能夠出售 5 億美元的客戶銀行直接投資組合，獲得近 3% 的淨收益。

Moving on, the company remains extremely liquid with approximately $10 billion in liquidity. This is further supported by our core deposit pipelines from our existing verticals, evidenced by our financial institutions group growth as well as driven by our differentiated technology capabilities like SBI and our technology-enabled bank transaction banking platform, which is already bringing in significant low-cost deposit opportunities which we expect to onboard in 2023.

繼續前進，該公司的流動性仍然非常高，流動性約為 100 億美元。我們現有垂直領域的核心存款管道進一步支持了這一點，我們的金融機構集團增長以及我們的差異化技術能力（如 SBI 和我們的技術支持的銀行交易銀行平台）都證明了這一點，該平台已經帶來了顯著的低利率我們預計將在 2023 年加入的成本存款機會。

As we have demonstrated and have delivered on candidly over the past several years, we have established ourselves as a leader in technology and innovation in the digital banking and fintech space as well as in the banking industry more broadly. This is not just lip service. We are absolutely a top 10 tech-forward bank in the nation out of thousands of institutions, and I'm happy to answer any questions to explain further.

正如我們在過去幾年中所展示並坦率地實現的那樣，我們已經確立了自己在數字銀行和金融科技領域以及更廣泛的銀行業的技術和創新領導者的地位。這不僅僅是口頭上的服務。在數千家機構中，我們絕對是全美排名前 10 位的科技前沿銀行，我很樂意回答任何問題以進一步解釋。

In terms of the customer bank instant token on the next page, I'll spend a minute talking about this in a few pages. We continue to scale our business at a pace that is far greater than we've projected. Our Banking-as-a-Service marketplace lending pilot is kicking off this core as planned, and we expect it to generate as much as $10 million in annual revenue based on current and pipeline partnership opportunities.

關於下一頁的客戶銀行即時令牌，我將在幾頁中花一點時間討論這個問題。我們繼續以遠超我們預期的速度擴展我們的業務。我們的銀行即服務市場貸款試點正在按計劃啟動這一核心，我們預計根據當前和管道合作機會，它將產生高達 1000 萬美元的年收入。

We are pleased to report that we are continuing to innovate and adding to our additional SMB, small, medium-sized business, bundle offering next year as well as rolling out an equipment financing pilot launch as we look to build off of our success in learning to the digital 7(a) space and roll into revolving line of credit, term loan as well as credit card offerings.

我們很高興地報告說，我們正在繼續創新，並在明年增加我們額外的 SMB、中小型企業、捆綁產品以及推出設備融資試點，因為我們希望在學習成功的基礎上再接再厲到數字 7(a) 空間並進入循環信貸額度、定期貸款以及信用卡產品。

Finally, at the bottom of the page, we strive for operational excellence and feel that companies must continually evaluate their structure and processes for greater efficiencies. In that honest self-assessment, we uncovered ways in the quarter to simplify and streamline our organization and to better position ourselves to serve our customers while reducing overhead conserve all in addition to the branch closures that we announced last quarter.

最後，在頁面底部，我們力求卓越運營，並認為公司必須不斷評估其結構和流程以提高效率。在誠實的自我評估中，我們在本季度發現了簡化和精簡我們的組織並更好地定位自己以服務客戶的方式，同時減少開銷，除了我們上季度宣布的分支機構關閉之外，還節省了所有費用。

Combining these initiatives over the past 2 quarters, we will be reducing our net count by while making us more effective for future growth at the right time. Through these efforts, we are able to maintain an industry-leading efficiency ratio of 43%, improving efficiency while also improving experience supported by truly best-in-class technology allows us to continue making our customers stay well.

結合過去兩個季度的這些舉措，我們將減少我們的淨數量，同時讓我們在正確的時間更有效地促進未來的增長。通過這些努力，我們能夠保持行業領先的 43% 的效率比，在提高效率的同時，在真正一流的技術支持下改善體驗，使我們能夠繼續讓客戶保持良好狀態。

Looking to our tech-enabled banking on Slide 7. So we can update you on major technology line strategic priorities and customers bank. Building off of our success and platform innovation on CEVA, we will be seeking to disrupt the transaction banking space by helping our current and future customers build a modern, cloud-based, API-enabled treasury product suite, which is being built to anticipate our customers' current and importantly, future needs.

在幻燈片 7 中查看我們支持技術的銀行業務。因此，我們可以向您介紹主要技術線戰略重點和客戶銀行的最新信息。基於我們在 CEVA 上的成功和平台創新，我們將通過幫助我們當前和未來的客戶構建現代、基於雲、支持 API 的資金產品套件來尋求顛覆交易銀行業務，該套件的構建旨在預測我們的客戶當前和重要的是未來的需求。

Our best-in-class tech team is enabling us to expand our commercial treasury and payments capabilities, which now includes a customer-facing API library with documentation enabling simple and robust sector and payment services. This is all in addition to the API led banking-as-a-service fintech partnerships, of which the first fee income marketplace lending partner was signed last quarter and is launching this quarter after complex tech and operational integration.

我們一流的技術團隊使我們能夠擴展我們的商業資金和支付能力，其中現在包括一個面向客戶的 API 庫，其中包含支持簡單而強大的部門和支付服務的文檔。這一切都是對 API 主導的銀行即服務金融科技合作夥伴關係的補充，其中第一個收費收入市場貸款合作夥伴於上季度簽署，並在復雜的技術和運營整合後於本季度推出。

Our treasury and payments platform has been built in the ground up with input from dozens of interviews with customer end users and decision makers, reinforcing our customer-centric service and experience approach, which we hope will continue to build tremendous customer loyalty and enhance our brand by driving new product and service offerings.

我們的資金和支付平台是在對客戶最終用戶和決策者的數十次採訪中建立起來的，加強了我們以客戶為中心的服務和體驗方法，我們希望這將繼續建立巨大的客戶忠誠度並提升我們的品牌通過推動新產品和服務的提供。

While most banks are focused on digital transformation and digitizing internal processes, we are looking to leapfrog forward and working to package and productize our tech by tailoring it to our customers' current and anticipated needs. Said another way, we are focusing our tech spend on innovation for our customers who now view us as a technology partner by choice rather than a banking partner out of necessity. This may seem nuanced, but it's critical to the future of banking.

雖然大多數銀行都專注於數字化轉型和數字化內部流程，但我們正在尋求跨越式發展，通過根據客戶當前和預期的需求定制我們的技術來打包和產品化我們的技術。換句話說，我們將技術支出集中在為我們的客戶創新上，他們現在將我們視為技術合作夥伴，而不是出於必要的銀行合作夥伴。這可能看起來很微妙，但它對銀行業的未來至關重要。

Transaction Banking will enhance the customers' bank customer-focused value proposition and facilitate significant low-cost deposit gatherings as well as fee income opportunities in commercial and large corporate high-growth verticals, led by Confiance, Financial Institutions Group, digital assets as well as tech venture.

交易銀行業務將增強客戶的銀行以客戶為中心的價值主張，並在由 Confiance、金融機構集團、數字資產以及科技企業。

As we have previously stated, our fund finance business, which crossed over $1 billion in outstandings this year, we expect to be 100% self-funded and supported by these efforts. Similarly, our Tech & Venture business on a steady state, we expect to be at least 100% funded, supported by our tech name.

正如我們之前所說，我們的基金融資業務今年的未償餘額超過 10 億美元，我們預計將 100% 自籌資金並得到這些努力的支持。同樣，我們的技術與風險業務處於穩定狀態，我們預計至少 100% 的資金將由我們的技術名稱支持。

Flipping to Slide 8 on customers bank instant token. An update on the Instant Payments platform, which we launched, which tokenizes deposits on the blockchain on an instant payment rail that is available 24/7 365. Despite the significant market volatility in the digital asset space during the quarter and frankly, over the last few quarters, we are proud to report that we accelerated customer growth, once again, meeting our internal target to the onboarding of 111 new customers and crossing 312 total customers as of the end of the quarter. The onboarding of compliance team continues to meet best-in-class SLAs for onboarding time line on client risk management.

翻轉到客戶銀行即時令牌的幻燈片 8。我們推出了即時支付平台的更新，該平台在即時支付軌道上對區塊鏈上的存款進行代幣化，24/7 365 可用。儘管本季度數字資產領域的市場波動很大，坦率地說，在過去幾個季度以來，我們很自豪地報告說，我們再次加速了客戶增長，實現了截至本季度末新增 111 名新客戶和超過 312 名客戶的內部目標。合規團隊的入職繼續滿足一流的 SLA，以了解客戶風險管理的入職時間線。

Our industry-leading technology infrastructure platform is forcing basic and long-needed innovation and calling out service challenges from the incumbent banking institution. Our customer backlog remains robust and to be clear, we have no exposure to underlying cryptocurrency assets of our customers, just their dollar deposits used for operating accounts payments and trading.

我們行業領先的技術基礎設施平台正在推動基本和長期需要的創新，並從現有銀行機構中提出服務挑戰。我們的客戶積壓仍然強勁，需要明確的是，我們沒有接觸客戶的基礎加密貨幣資產，只有他們用於運營賬戶支付和交易的美元存款。

CEVA transactions continue to ramp up significantly and more than doubled in the quarter, and the fourth quarter is already ahead with just a month of transactions of last quarter. Our digital asset customer base is diversifying and just a few quarters, Customers Bank already banks many of the largest in each of the major customer categories.

CEVA 交易量繼續顯著增加，在本季度翻了一番多，第四季度已經領先於上一季度僅一個月的交易量。我們的數字資產客戶群正在多樣化，僅僅幾個季度，客戶銀行就已經為每個主要客戶類別中的許多最大客戶提供銀行服務。

Customers continue to progress in moving their primary banking relationships to us, which speaks to our innovative service on -- take on service and experience, high-tech, high-touch banking model. Now I'd like to hand it over to our Chief Financial Officer, Carla Leibold.

客戶在將主要銀行關係轉移給我們方面不斷取得進展，這說明了我們在服務和體驗方面的創新服務，高科技，高接觸的銀行模式。現在我想把它交給我們的首席財務官 Carla Leibold。

Thanks, Sam, and good morning, everyone. I'll keep my comments focused on 5 key is. Number one, organic low-risk loan growth and positive low mix checks. Number two, growing deposit franchise with a significant and broad proportion of transaction-related duties. The third, net interest income growth Core bank with margin expansion opportunities. Number four, strong liquidity of our capital position and five, tangible book value operations, all combined with effective and potent expense.

謝謝，山姆，大家早上好。我將把我的評論集中在 5 個關鍵上。第一，有機低風險貸款增長和積極的低混合檢查。第二，不斷增長的存款特許經營權，其中與交易相關的職責佔很大比例。三、淨利息收入增長 核心銀行有利潤率擴張機會。第四，我們資本狀況的強大流動性和第五，有形賬面價值運營，所有這些都與有效和強大的費用相結合。

Turning to Slide 9. I'll start with low-risk loan growth and positive shift in loans. Our organic core loan growth in the third quarter of 2022 was about $100 million up approximately 1% over the prior quarter. Importantly, this included approximately $500 million of growth in our specialty C&I lending business of approximately 10% led by low-risk variable rate lender finance vertical, which has been a vertical of ours for the past 10 years in which we've experienced no losses or even a single delinquency.

轉到幻燈片 9。我將從低風險的貸款增長和貸款的積極轉變開始。我們在 2022 年第三季度的有機核心貸款增長約為 1 億美元，比上一季度增長約 1%。重要的是，這包括我們的專業 C&I 貸款業務增長約 5 億美元，增長約 10%，由低風險浮動利率貸款人垂直金融引領，過去 10 年我們的垂直金融一直是我們的垂直領域，我們沒有經歷過任何損失甚至是單一的違法行為。

We've also had about $300 million of growth in our lower-yielding relationship-based multifamily business, largely from Q2 production that didn't close until Q3. As expected, our loans to mobile tracking companies declined about $300 million, and our consumer installment loans decreased by $500 million due to the consumer installment loan sale that we recorded earlier this month.

我們的低收益基於關係的多戶家庭業務也實現了約 3 億美元的增長，主要來自第二季度的生產，直到第三季度才結束。正如預期的那樣，我們對移動跟踪公司的貸款減少了約 3 億美元，我們的消費者分期貸款減少了 5 億美元，這是由於我們本月早些時候記錄的消費者分期貸款銷售。

Overall, we are extremely pleased with the results of the consumer sale transaction for a number of reasons. One, it derisks the loan book and that we now have less than 10% of core loans and consumer installment loans which equates to less than 7% of total assets. Execution at a slightly less than par price in this rapidly changing environment is a testament to the superior credit quality of our consumer installment loan book. As a reminder, these are fixed rate loans that despite the 300 basis point increase in rates are still trading at 99.5% of par.

總體而言，出於多種原因，我們對消費者銷售交易的結果感到非常滿意。一，它降低了貸款賬簿的風險，我們現在擁有不到 10% 的核心貸款和消費分期貸款，相當於不到總資產的 7%。在這個瞬息萬變的環境中以略低於面值的價格執行證明了我們的消費分期貸款賬簿的卓越信用質量。提醒一下，這些是固定利率貸款，儘管利率提高了 300 個基點，但仍以面值的 99.5% 交易。

In third, it was the significant financial benefits in Q3 resulting from, one, lower risk-weighted assets of approximately $420 million, which is expected to benefit our regulatory capital ratios between 30 and 40 basis points. And secondly, our CECL reserve relief or benefit of approximately $37 million, net of a loss on sale of roughly $2.5 million, unamortized customer acquisition costs of $18.6 million and other deal costs of about $2.4 million or a net benefit of about $13 million.

第三，這是第三季度的重大財務收益，原因之一是約 4.2 億美元的較低風險加權資產，預計這將使我們的監管資本比率在 30 至 40 個基點之間受益。其次，我們的 CECL 儲備減免或收益約為 3700 萬美元，扣除約 250 萬美元的銷售損失、1860 萬美元的未攤銷客戶獲取成本和約 240 萬美元的其他交易成本或約 1300 萬美元的淨收益。

Moving on to deposits on Slide 10. We increased total deposits by about $600 million in the third quarter, while also experiencing some shift in mix and higher deposit cost, which was not unexpected given a 300 basis points of rate we've had so far this year. Considering the vast majority of our customers or corporate or institutional funds, these deposit balances are more sensitive to changes in market rates. What you can see from this slide is that our sticky transaction-related DDAs have been steadily increasing over the past 5 years.

繼續幻燈片 10 上的存款。我們在第三季度將總存款增加了約 6 億美元，同時也經歷了組合的一些轉變和更高的存款成本，考慮到我們迄今為止的 300 個基點的利率，這並不意外今年。考慮到我們的絕大多數客戶或公司或機構資金，這些存款餘額對市場利率的變化更為敏感。您可以從這張幻燈片中看到，我們與粘性交易相關的 DDA 在過去 5 年中一直在穩步增長。

Since September 30, we've had more customers move funds from money market accounts into interest-bearing operating accounts, further increasing our proportionate DDAs to about 67%. Given our strong deposit pipeline in the digital asset space, financials institution group and other channels, we are expecting this trend to continue over the next several quarters.

自 9 月 30 日以來，我們有更多的客戶將資金從貨幣市場賬戶轉移到有息經營賬戶，進一步將我們的 DDA 比例提高到約 67%。鑑於我們在數字資產領域、金融機構集團和其他渠道的強大存款渠道，我們預計這一趨勢將在未來幾個季度持續下去。

Slide 11 shows the repricing characteristics of our interest-earning assets and overall core loan mix, excluding PPP. Approximately 62% of our interest-earning assets are market sensitive, which is greater than the proportion of our market-sensitive liabilities, leaving up modestly asset sensitive.

幻燈片 11 顯示了我們的生息資產和整體核心貸款組合的重新定價特徵，不包括 PPP。我們大約 62% 的生息資產對市場敏感，高於我們對市場敏感的負債的比例，因此對資產敏感度不高。

From a loan mix perspective, the $500 million sale of consumer installment on at the end reduced our continued installment portfolio by about 21%, ending the third quarter at approximately $1.4 billion. This action, combined with the fact that approximately 73% of our core loan growth year-over-year has been in low risk, variable rate, specialty lending verticals such as lender finance and fund finance has improved our loan mix by reducing overall credit risk, while increasing content sensitivity. We do expect the loan mix shift to be largely complete with the $500 million of low-risk variable rate specialty lending growth expected in the fourth quarter.

從貸款組合的角度來看，最終銷售的 5 億美元消費者分期付款使我們的持續分期付款組合減少了約 21%，第三季度末約為 14 億美元。這一舉措，加上我們約 73% 的核心貸款同比增長處於低風險、浮動利率、專業貸款垂直領域（如貸方融資和基金融資），通過降低整體信用風險改善了我們的貸款組合，同時增加內容敏感度。我們確實預計貸款組合的轉變將基本完成，預計第四季度將出現 5 億美元的低風險浮動利率專業貸款增長。

Moving to Slide 12. This slide shows a trend of increasing net interest income, excluding PPP over the past 5 quarters largely driven by strong organic growth in our specialty lending C&I business. Compared to the prior quarter, our net interest income at PPP increased 2% or 10% on an annualized basis. Year-over-year, our net interest income from format increased 38%. Over the past 5 quarters, you could see that we have been very disciplined in keeping our margin above 3%. Consistent with our product lines, our third quarter net interest margin ex PPP was 3.18%, towards the upper end of the 3% and 3.25% range we communicated last quarter.

轉到幻燈片 12。這張幻燈片顯示了淨利息收入增加的趨勢，不包括過去 5 個季度的 PPP，這主要是由我們的專業貸款 C&I 業務的強勁有機增長推動的。與上一季度相比，我們按購買力平價計算的淨利息收入按年計算增長了 2% 或 10%。與去年同期相比，我們的格式淨利息收入增長了 38%。在過去的 5 個季度中，您可以看到我們非常自律地將利潤率保持在 3% 以上。與我們的產品線一致，我們第三季度除 PPP 的淨息差為 3.18%，接近我們上季度溝通的 3% 和 3.25% 範圍的上限。

The $500 million sale of consumer installment loan and subsequent purchase of $400 million of investment securities secured by the sold loans at a 5.5% yield negatively impacting our net interest margin in the third quarter 2 basis points, exceeding the timing of the loan sale late in Q3, we do expect to see another 10 basis points or so of net interest margin compression in the fourth quarter all else equal. Upon completion of our line shifting in the fourth quarter, I do believe that our net interest margin would like to trough this year is in the previously guided range with NIM expansion opportunities in 2023.

出售 5 億美元的消費者分期貸款以及隨後以 5.5% 的收益率購買以已出售貸款為擔保的 4 億美元投資證券，對我們第三季度的淨息差產生了 2 個基點的負面影響，超過了貸款出售的時間。第三季度，我們確實預計第四季度淨息差將再壓縮 10 個基點左右，其他條件相同。在第四季度完成我們的產品線轉移後，我確實相信我們今年的淨息差將處於之前的指導範圍內，2023 年有 NIM 擴張機會。

Turning to Slide 13. PPP loans totaled $1.2 billion at the end of September. There was approximately $400 million of forgiveness in the third quarter of 2022. This resulted in deferred fee recognition of about $11 million, which was approximately $4 million lower than the amount recognized in the second quarter. At the end of September, approximately 91% of PPP loans originated under rounds 1 and 2 has been forgiven and approximately 80% of PPP originated under round 3 have been forgiven.

轉到幻燈片 13。截至 9 月底，PPP 貸款總額為 12 億美元。 2022 年第三季度約有 4 億美元的寬恕。這導致約 1100 萬美元的遞延費用確認，比第二季度確認的金額低約 400 萬美元。截至 9 月底，大約 91% 的第 1 輪和第 2 輪 PPP 貸款已被免除，約 80% 的第 3 輪 PPP 貸款已被免除。

To date, we've recognized about $318 million of deferred origination fees, leaving approximately $30 million to be recognized in the fourth quarter of 2022 and early 2023. As we've said previously, it's difficult to predict the timing of these fees, but we are expecting the majority of the fees to be recognized over the next 1 to 2 quarters.

迄今為止，我們已經確認了大約 3.18 億美元的延期發起費用，剩下的大約 3000 萬美元將在 2022 年第四季度和 2023 年初確認。正如我們之前所說，很難預測這些費用的時間安排，但我們預計大部分費用將在接下來的 1 到 2 個季度內得到確認。

Turning to Slide 14. You can see tremendous growth in our liquidity position over time. The growth in our held-to-maturity investment portfolio was driven by the $14 billion purchase of securities backed by the sole consumer installment loan late in Q3. When adding our committed borrowing capacity to our cash and investment portfolio, we have close to $10 billion of liquidity sources available to us, leaving us very well positioned to fund a low-risk growth as well as the outflow of deposits resulted from the expiration of the deposit service agreement with BMTX.

轉到幻燈片 14。隨著時間的推移，您可以看到我們的流動性頭寸大幅增長。我們持有至到期投資組合的增長是由第三季度末以唯一消費分期貸款支持的 140 億美元購買證券推動的。在將我們承諾的借貸能力添加到我們的現金和投資組合中時，我們有近 100 億美元的流動性來源可供我們使用，這使我們能夠很好地為低風險增長以及因到期而導致的存款外流提供資金。與 BMTX 的存款服務協議。

On the right side of that slide, you can see some key characteristics of our available-for-sale investment portfolio, which is approximately 50% floating rate, has an expected duration of 1.7 years in book yield on 3.7%.

在該幻燈片的右側，您可以看到我們可供出售的投資組合的一些關鍵特徵，該組合的浮動利率約為 50%，預計賬面收益率為 1.7 年，賬面收益率為 3.7%。

Moving to Slide 15. We continue to maintain strong capital levels. The estimated total risk-based capital ratio at the end of September was approximately 12.8%. Our TCE ratio, excluding PPP, was around 6.5% and our estimated CET1 loan ratio was 10.1%. Our TCE ratio was negatively impacted by about $156 million of after-tax unrealized losses deferred in AOCI at the end of September. This negatively impacted our TCE ratio by about 80 basis points. Without this impact of TCE ratio would have been roughly 7.3% at the end of the third quarter, close to the midpoint of our internal targeted range between 7% and 8%.

轉到幻燈片 15。我們繼續保持強勁的資本水平。 9 月底的估計總風險資本比率約為 12.8%。我們的 TCE 比率（不包括 PPP）約為 6.5%，我們估計的 CET1 貸款比率為 10.1%。我們的 TCE 比率受到 9 月底 AOCI 遞延的約 1.56 億美元稅後未實現損失的負面影響。這對我們的 TCE 比率產生了約 80 個基點的負面影響。如果沒有這種影響，第三季度末 TCE 比率將約為 7.3%，接近我們內部目標範圍 7% 至 8% 的中點。

It's important to note here that the AOCI impact is an accounting fair value just that has no permanent impact on capital if the securities are held on balance sheet. As stated earlier, our third quarter 2022 estimated CET1 ratio was approximately 10.1%, significantly above the acquired regulatory, well-capitalized unions.

在這裡需要注意的是，AOCI 影響是一個會計公允價值，如果證券在資產負債表上持有，它對資本沒有永久影響。如前所述，我們 2022 年第三季度估計的 CET1 比率約為 10.1%，遠高於收購的監管、資本充足的工會。

Despite a similar impact of AOCI on intangible value, which was negatively impacted this quarter by about $0.96, we saw tangible book value accretion of close to 3% and as our GAAP earnings more than offset the further deterioration in AOCI. Looking forward to the end of 2022, we are still expecting our tangible book value to be over $40. We also expect our TCE ratio to be above 7.5% over the next 3 to 4 quarters, supported by growth in routine earnings and balance sheet management. And with that, I'll turn it over to Andy to talk more about Asset Quality.

儘管 AOCI 對無形價值產生了類似的影響，本季度對無形價值產生了約 0.96 美元的負面影響，但我們看到有形賬面價值增長接近 3%，而且我們的 GAAP 收益足以抵消 AOCI 的進一步惡化。展望 2022 年底，我們仍然預計我們的有形賬面價值將超過 40 美元。在日常收益和資產負債表管理增長的支持下，我們還預計未來 3 至 4 個季度我們的 TCE 比率將高於 7.5%。有了這個，我將把它交給安迪來更多地談論資產質量。

Thanks, Carla, and good morning, everyone. As noted on Slide 16, growth file remains strong as evidenced by NPLs of only $28 million or 18 basis points of total loans. NPAs of total assets of just 14 basis points, a 9% decline in the percentage of loans classified special mention or substandard to total loans. And most importantly, as it represents a real-time assessment of portfolio strength, total 30- to 89-day delinquencies or only 17 basis points.

謝謝，卡拉，大家早上好。如幻燈片 16 所述，增長文件仍然強勁，不良貸款僅為 2800 萬美元或總貸款的 18 個基點就證明了這一點。總資產不良資產僅下降14個基點，關注類或次級類貸款佔貸款總額的比重下降9%。最重要的是，因為它代表了對投資組合實力的實時評估，總共 30 到 89 天的拖欠或只有 17 個基點。

The increase in NCOs was predominantly due to a decision after having completed the detailed forward-looking low-level stress test analysis to exit by performing non-multifamily commercial real estate credit that was heavily impacted by COVID-19 and failed to recover to an operating performance level that clearly evidenced an ability to sustain operations moving forward. For over a year now, we've been performing the same detailed forward-looking analysis on all credits recovery from COVID-19 as well as credits being highly susceptible to any level of deterioration and discretionary spending, given ongoing inflationary pressures and the high probability of a recession in late 2022 to early 2023.

NCO 的增加主要是由於在完成詳細的前瞻性低水平壓力測試分析後決定通過執行受 COVID-19 嚴重影響且未能恢復運營的非多戶商業房地產信貸退出績效水平，清楚地證明了維持運營向前發展的能力。一年多以來，鑑於持續的通脹壓力和高概率，我們一直在對從 COVID-19 恢復的所有信貸以及極易受到任何程度惡化和可自由支配支出影響的信貸進行同樣詳細的前瞻性分析2022 年底至 2023 年初的經濟衰退。

Adjusting for this unique $7 million charge off, Q3 commercial NCOs to total average commercial loans was just 1 basis point. And overall NCOs to total average loans was 29 basis points, both of which are in line with historical levels and actually market improvement over Q2 of this year. From an overall consumer loan book perspective, NCOs to total average consumer loans of 18 basis points for Q3 marked a modest improvement from 197 basis points in Q2.

調整這一獨特的 700 萬美元費用後，第三季度商業 NCO 占平均商業貸款總額的比例僅為 1 個基點。總體 NCO 占平均貸款總額的 29 個基點，均符合歷史水平，實際上比今年第二季度市場有所改善。從整體消費貸款賬面來看，第三季度 NCO 占平均消費貸款總額的 18 個基點與第二季度的 197 個基點相比略有改善。

In addition, we remain pleased with how well our consumer installed loan book continues to perform with annualized charge-off rates running at less than half of fully reserved lifetime loss rate of 5.13%, when factoring in a weighted average life of just 1.7 years.

此外，考慮到加權平均壽命僅為 1.7 年，我們仍然對我們的消費者安裝貸款簿繼續表現良好感到滿意，年化沖銷率低於完全保留的終身損失率 5.13% 的一半。

In addition, after adjusting for the successful $500 million Q3 consumer installment loan sale, the underlying credit metrics of the remaining portfolio improved over that of Q2 and remains strong, as noted on Slides 24, 25 and 26 in the appendix.

此外，在對成功的 5 億美元第三季度消費者分期貸款銷售進行調整後，剩餘投資組合的基本信用指標比第二季度有所改善並保持強勁，如附錄中的幻燈片 24、25 和 26 所示。

Although we are pleased with how well our portfolios are performed, we remain committed to the following: First, maintaining a strong reserve position given continued uncertainty in the social, economic and political pundits as evidenced by solid coverage ratio of 1.03% and which equates to 465% coverage for total NPLs.

儘管我們對我們的投資組合的表現感到滿意，但我們仍然致力於以下事項：首先，鑑於社會、經濟和政治權威人士的持續不確定性，保持強勁的儲備頭寸，1.03% 的穩健覆蓋率證明了這一點，這相當於不良貸款總額的覆蓋率為 465%。

Secondly, adhering to our strong underwriting and portfolio management standards, which is evidenced by consistently solid NPL, NPA, NCO and delinquency performance.

其次，堅持我們強大的承銷和投資組合管理標準，這體現在一貫穩健的不良貸款、不良資產、不良資產和拖欠表現上。

And finally, adhering to a strategy of enhancing loan portfolio mix with greater concentrations in low credit risk segments. As evidenced by 63% of our loan portfolio, excluding PPP being in core low-risk lending segments at the end of Q3.

最後，堅持加強貸款組合組合的戰略，更加集中在低信用風險領域。正如我們貸款組合的 63% 所證明的那樣，不包括 PPP 在第三季度末處於核心低風險貸款領域。

Based on strong credit metrics, a loan mix comprised predominantly of low credit risk loans, strong portfolio management with ongoing loan-level stress testing, limited exposure to higher-risk loan savings such as investment crude office at only $132 million; investment crude retail at only $172 million in hospitality at just $452 million of which 75% carry recourse and 77% are flagged.

基於強大的信用指標，貸款組合主要包括低信用風險貸款、強大的投資組合管理以及持續的貸款水平壓力測試、有限的高風險貸款儲蓄敞口，例如投資原油辦公室僅 1.32 億美元；投資原油零售額僅為 1.72 億美元，酒店業僅 4.52 億美元，其中 75% 帶有追索權，77% 被標記。

And finally, the continued focus on not lending into discretionary spending dependent industries. We feel strongly that our loan portfolio is well positioned to weather the current market volatility and what appears to be almost certain upcoming recession. I'd like to thank you for your time this morning. And I'd now like to turn the presentation back over to Jay Sidhu.

最後，繼續關注不向依賴可自由支配支出的行業提供貸款。我們強烈認為，我們的貸款組合能夠很好地應對當前的市場波動以及似乎幾乎可以肯定即將到來的衰退。我要感謝你今天早上的時間。我現在想將演示文稿轉回給 Jay Sidhu。

Thanks, Andy. Before we open it up for questions, let me summarize what my colleagues have already shared with you. As you can see from Slide 17, we have shown industry-leading core loan growth and deposit growth supported by best-in-class digital banking.

謝謝，安迪。在我們提出問題之前，讓我總結一下我的同事已經與您分享的內容。正如您從幻燈片 17 中看到的那樣，我們展示了由一流數字銀行支持的行業領先的核心貸款增長和存款增長。

Since about the middle of last year, our loans, excluding PPP, were up about $5 billion, all organic growth and deposits are up about $3 billion. And we have funded other loan growth from cash received from PPP loans forgiven. We in this rapidly changing environment, intend on continuing with the same, but moderating our growth so as to maintain or expand our margins and further improve our capital raise ratios.

自去年年中以來，我們的貸款（不包括 PPP）增加了約 50 億美元，所有有機增長和存款增加了約 30 億美元。我們已經從 PPP 貸款免除的現金中為其他貸款增長提供資金。在這個瞬息萬變的環境中，我們打算繼續保持相同的增長，但要放緩我們的增長，以保持或擴大我們的利潤率並進一步提高我們的融資比率。

We remain on track to report $6 or higher than core EPS in 2023 in spite of the sale of $500 million of our consumer loans. As you heard from Andy, exceptional credit quality has been one of our hallmarks, and we are confident and we intend to remain that way. Our customer-centric business models are letting us get premium pricing, and we are committed to maintaining our advantages and technological capabilities over a period.

儘管我們出售了 5 億美元的消費貸款，但我們仍有望在 2023 年報告 6 美元或高於核心每股收益的報告。正如您從安迪那裡聽到的那樣，卓越的信用質量一直是我們的標誌之一，我們有信心並打算保持這種狀態。我們以客戶為中心的商業模式讓我們獲得了高價，我們致力於在一段時間內保持我們的優勢和技術能力。

Speaking as one of the largest individual shareholders of the company, I can say our valuation is extremely attractive, trading at only 80% of tangible book and about 5x 2023 consensus estimates. You should expect us to buy back our authorized 2 million share authorization over the next few months if we remain trading below tangible form. So Brent, please open it up for any questions from the audience.

作為公司最大的個人股東之一，我可以說我們的估值極具吸引力，交易價格僅為有形賬面的 80%，約為 2023 年普遍預期的 5 倍。如果我們繼續以低於有形形式交易，您應該期望我們在未來幾個月內回購我們授權的 200 萬股股票。所以布倫特，請打開它，回答觀眾的任何問題。

(Operator Instructions) Your first question comes from the line of Michael Perito with KBW.

（操作員說明）您的第一個問題來自 Michael Perito 與 KBW 的一行。

This is Andrew filling in for Mike. First off, I just wanted to see how you guys will prioritize growth versus capital building in the near term and then into 2023 and beyond.

這是安德魯替邁克做的。首先，我只是想看看你們將如何在短期內優先考慮增長與資本建設，然後再到 2023 年及以後。

Yes. So I can take that question. So first, when we're thinking about case, we're always thinking about the best strategy to optimize capital. Supporting organic loan growth is always a priority. That said, we will be opportunistic in using our allowed 2 million share repurchase program. And as Jake said, to the extent we are below tangible book value, you may see a buyback some common shares.

是的。所以我可以回答這個問題。因此，首先，當我們考慮案例時，我們總是在考慮優化資本的最佳策略。支持有機貸款增長始終是當務之急。也就是說，我們將機會主義地使用我們允許的 200 萬股股票回購計劃。正如傑克所說，如果我們低於有形賬面價值，你可能會看到回購一些普通股。

Great. And then turning to CBIT, how do you expect the mix of the deposit customers to be going forward? And then with that diversification, like how will that change as customers continue to grow in the future?

偉大的。然後轉向 CBIT，您預計存款客戶的組合將如何發展？然後隨著這種多樣化，隨著未來客戶的持續增長，這種情況將如何變化？

Sure. So this is Sam. Thanks so much for the question. So from the CBIT perspective, I think it's important to remind everyone that when we started the Customers Bank (inaudible) is a platform, and our digital asset banking deposit gathering vertical, we set up to build a low to no-cost deposit acquisition franchise, and that's really what we're doing.

當然。這就是山姆。非常感謝這個問題。因此，從 CBIT 的角度來看，我認為重要的是要提醒大家，當我們開始時客戶銀行（聽不清）是一個平台，我們的數字資產銀行存款收集垂直，我們建立一個低成本到免費的存款獲取特許經營權，這就是我們正在做的事情。

So to put a finer point on that, well over 90% of our client accounts today are noninterest-bearing operating accounts, but we do have a small handful of larger product processors that are earning interest but these customers tend to hold larger balances with us, but they also have happened to be, as I mentioned, anchors to the CBIT payments pool.

因此，更準確地說，今天我們 90% 以上的客戶賬戶是無息運營賬戶，但我們確實有少數大型產品加工商正在賺取利息，但這些客戶往往會在我們這裡持有更大的餘額，但正如我所提到的，它們也恰好是 CBIT 支付池的錨。

So said differently, the CBIT platform allows -- new customer growth allows us to increase the network effect, increasing the network, in fact, increases payments volumes and payment volumes increases the overall deposits that we're getting. So as we look at this platform, you'd expect that the majority of the clients that come on to the individual asset space will be non-interest bearing.

換句話說，CBIT 平台允許 - 新客戶的增長使我們能夠增加網絡效應，增加網絡，事實上，增加了支付量，而支付量增加了我們獲得的總存款。因此，當我們查看這個平台時，您會期望進入個人資產空間的大多數客戶將不計息。

Great. And then just last 1 for me here. I know you mentioned the consumer loan sale in the prepared remarks on there, but do you have any plans to sell any more consumer loans in the near term?

偉大的。然後在這裡給我最後一個。我知道你在準備好的評論中提到了消費貸款銷售，但你有沒有計劃在短期內銷售更多的消費貸款？

So Andrew, on the consumer loan sale, I think that I'll add a little bit of color on the transaction there. So as we mentioned, this is the CBIT direct originated portfolio. We actually ran an interesting marketing process where we put our entire portfolio out to receive bids. We had multiple bidders a bit at or close to par. We decided on selling a smaller amount as we appreciate, we've created a tremendous amount of franchise value in that platform acquire hundreds of thousands of customers.

所以安德魯，關於消費貸款銷售，我想我會為那裡的交易添加一點顏色。正如我們所提到的，這是 CBIT 直接發起的投資組合。實際上，我們運行了一個有趣的營銷過程，我們將整個投資組合都拿出來接收投標。我們有多個投標人有點接近或接近標準。我們決定銷售少量，因為我們很欣賞，我們在該平台上創造了巨大的特許經營價值，獲得了數十萬客戶。

We let go about 35,000 plus or minus of customer principle, however, we maintain master servicing on that relationship. At this point in time, we have no further plans to sell more of the portfolio. We plan to manage the portfolio to a size that's approximately where we are today. It's about 70% of this base capital, which feels to go very and less than 10% of total loan, which is a very appropriate level given the diversification of our overall franchise. But we are interested in potentially evaluating strategic type partnerships where we could be an originator for sale type position, but that's something that's on the horizon, not something that we are working on actively in the very near future.

我們放棄了大約 35,000 加或減的客戶本金，但是，我們保持對這種關係的主要服務。目前，我們沒有進一步出售更多投資組合的計劃。我們計劃將投資組合管理到與我們今天大致相同的規模。這大約是基礎資本的 70%，感覺不到總貸款的 10%，考慮到我們整體特許經營權的多元化，這是一個非常合適的水平。但是我們有興趣評估潛在的戰略類型合作夥伴關係，我們可以成為銷售類型職位的發起人，但這是即將發生的事情，而不是我們在不久的將來積極開展的事情。

Your next question is from the line of Peter Winter with D.A. Davidson.

您的下一個問題來自 Peter Winter 與 D.A.戴維森。

I wanted to ask about some of the drivers to the margin expansion outlook for next year.

我想問一下明年利潤率增長前景的一些驅動因素。

Sure, Peter. Great to see you in your new seat. So I think it's important to understand how we think about not just margin but also net interest income and more broadly, what actions we've taken over the past 6 months to better position ourselves from a profitability perspective without taking unnecessary credit or interest rate risk especially considering the level of market volatility that we're all experiencing in 2022, which is likely going to continue into next year.

當然，彼得。很高興見到你坐在你的新座位上。因此，我認為重要的是要了解我們如何考慮不僅是利潤率，還有淨利息收入，以及更廣泛地說，我們在過去 6 個月中採取了哪些行動，以便從盈利的角度更好地定位自己，而不承擔不必要的信貸或利率風險特別是考慮到我們都在 2022 年經歷的市場波動水平，這種波動可能會持續到明年。

So first of all, we're focused on growing that interest income through the responsible low-risk growth that we've talked about extensively rather than focusing on a specific net interest margin that we have provided guidance or an ideal deposit beta. Our growth is going to be on top of our -- the growth is on top of a static balance sheet will allow us, plus the modest asset sensitivity will allow us to continue to expand our margin throughout next year.

因此，首先，我們專注於通過我們已經廣泛討論的負責任的低風險增長來增加利息收入，而不是關注我們提供的指導或理想存款貝塔的特定淨息差。我們的增長將在我們之上 - 增長在靜態資產負債表之上將使我們能夠，加上適度的資產敏感性將使我們能夠在明年繼續擴大我們的利潤率。

Carla, maybe you could talk a little bit about the PPP loans, the payoffs that we expect next year, the securities book cash flows and how we think about reinvestment as well on top of the ABS (inaudible).

Carla，也許你可以談談 PPP 貸款、我們預計明年的回報、證券賬簿現金流以及我們如何考慮再投資以及在 ABS 之上的再投資（聽不清）。

Sure, Sam. Peter. Regarding the margin expansion, there are a couple of big drivers here. First, we are very mine in that we have over $1 billion of cash that could be reinvested over the next couple of quarters at market-based rates solely from the PPP loans for business approximately.

當然，山姆。彼得。關於利潤率擴張，這裡有幾個重要的驅動因素。首先，我們是屬於我的，因為我們擁有超過 10 億美元的現金，可以在接下來的幾個季度內以市場利率再投資，僅來自商業 PPP 貸款。

Secondly, approximately 23% of our interest-earning assets are invested in lower yielding assets, which can ultimately be redeployed to generate higher NII over the next 12 to 24 months. And third, we're still not seeing the full benefit of our asset sensitivity because of the lagging of repricing of our variable rate assets compared to our market-sensitive deposits. This slide goes away when the plant causes rate hike and the repricing of the assets catches up to market-sensitive funding. And lastly, as Sam just talked about, we still have significant opportunities to generate very low to no cost core deposit over the next several quarters.

其次，我們大約 23% 的生息資產投資於收益率較低的資產，這些資產最終可以重新部署以在未來 12 至 24 個月內產生更高的 NII。第三，我們仍然沒有看到我們的資產敏感性的全部好處，因為與我們對市場敏感的存款相比，我們的浮動利率資產的重新定價滯後。當工廠導致加息並且資產重新定價趕上對市場敏感的資金時，這種下滑就會消失。最後，正如 Sam 剛剛談到的，我們仍然有很大的機會在接下來的幾個季度中產生非常低或無成本的核心存款。

Okay. Just on that point, the last point color, I did see that deposits grew quarter-to-quarter, but there was a big mix shift from CBA into interest-bearing and deposit costs increased really rapidly. Can you just talk about this mix shift in deposits and maybe the outlook for deposit growth?

好的。就在那一點上，最後一點顏色，我確實看到存款按季度增長，但從 CBA 向計息的轉變很大，存款成本增長非常迅速。您能否談談存款的這種混合轉變以及存款增長的前景？

Sure. I'll talk about the mix shift and then I'll turn it back over to Sam to talk about some of the depository opportunities. So to be competitive in this rapidly changing environment, we moved most of our CBIT-related deposits to money market accounts and paid some market-based rates in the third quarter. Having said that, as of October 1, all of the CBIT-related money market counts have been moved to interest-bearing DVAs. Currently, our total demand deposits make up roughly 67% of our total deposit. And Sam, do you want to talk back about the deposit general strategy?

當然。我將討論混合轉變，然後將其轉回給 Sam 討論一些存託機會。因此，為了在這個瞬息萬變的環境中保持競爭力，我們將大部分與 CBIT 相關的存款轉移到貨幣市場賬戶，並在第三季度支付了一些基於市場的利率。話雖如此，截至 10 月 1 日，所有與 CBIT 相關的貨幣市場計數都已轉移到計息 DVA。目前，我們的活期存款總額約佔存款總額的 67%。還有山姆，你想談談存款的一般策略嗎？

Yes, absolutely. And let me just add a little bit just before moving on this on noninterest-bearing deposit migration. As Carla stated, this is related to our digital assets CBIT deposits. This is onetime. It's behind us as payments volume was up significantly at (inaudible) in the quarter for CBIT. It was obviously -- has been muted for the industry over the last couple of quarters, but there has been a tremendous amount of competitive pressure, which is why we thought it was important to strategically make the decision, that's to pay interest to some of our key banker clients.

是的，一點沒錯。在繼續討論無息存款遷移之前，讓我補充一點。正如 Carla 所說，這與我們的數字資產 CBIT 存款有關。這是一次。它落後於我們，因為 CBIT 本季度的支付量（聽不清）顯著增加。很明顯，在過去幾個季度中，該行業一直處於沉默狀態，但存在巨大的競爭壓力，這就是為什麼我們認為戰略性地做出決定很重要，那就是對一些人感興趣我們的主要銀行客戶。

We also saw a small amount of unbearing outflows, which is really just expected from a quarter-to-quarter type of variability as opposed to migration that Carla just mentioned. No customers closed accounts and in our digital asset business or otherwise, we're protecting importing customers across our franchise. And it would be -- it would behoove us to not be able to take some of these actions.

我們還看到了少量難以承受的資金外流，這與 Carla 剛剛提到的遷移相反，這實際上只是預期的季度間變化類型。沒有客戶關閉賬戶，在我們的數字資產業務或其他方面，我們正在保護我們特許經營中的進口客戶。這將是 - 我們理應無法採取其中一些行動。

You also talked us about deposit growth -- and what I would say is to reiterate, we talked about some of this in the transaction banking side. That's sort of the waterfall of our important cost growth initiatives is, number one, high-quality deposit growth in our commercial verticals.

您還談到了存款增長——我想說的是，我們在交易銀行方面談到了其中的一些內容。這是我們重要的成本增長計劃的瀑布，第一，我們商業垂直領域的高質量存款增長。

Number two, growth in our new lending verticals that we've discussed that are not getting self-funded. For example, our fund finance and technology venture groups in aggregate of $1.3 billion in loans, and we expect those to be self-funded in the medium term in our pipeline. So those deposits are strong. And number three, our newly launched technology-enabled transaction banking platform, which has enabled sensory and payment services. And then obviously, the CBIT platform, which we've talked about that the customer growth leads to stronger and broader network that leads to CBIT integration leads to CBIT payments loan leads to deposits, and those deposits that are payments loan have no associated (inaudible).

第二，我們討論過的新貸款垂直領域的增長不是自籌資金。例如，我們為金融和技術風險投資集團提供了總計 13 億美元的貸款，我們預計這些貸款將在中期內通過我們的管道自籌資金。所以這些存款很強勁。第三，我們新推出的支持技術的交易銀行平台，它支持傳感和支付服務。然後很明顯，CBIT 平台，我們已經討論過，客戶增長導致更強大和更廣泛的網絡導致 CBIT 整合導致 CBIT 支付貸款導致存款，而那些作為支付貸款的存款沒有關聯（聽不清）。

Got it. That's really helpful. And just one last question. I appreciate all this color. But you sold the $500 million in consumer installment loans, almost essentially a car. So you did take a $23 million loss from the sale. Can you just give some color what that loss entailed?

知道了。這真的很有幫助。最後一個問題。我欣賞所有這些顏色。但是你賣掉了 5 億美元的消費者分期貸款，基本上是一輛汽車。所以你確實從出售中損失了 2300 萬美元。你能說一下這種損失意味著什麼嗎？

Sure, Peter. I can take that one. So there were a couple of components to it. First, there was a $2.5 million loss on sales just resulting from the sales price at 99.5%. But secondly, there was $18.6 million of unamortized customer acquisition costs that need to be written off the time of sale. And then there were some other deal-related costs around $2.5 million.

當然，彼得。我可以拿那個。所以它有幾個組件。首先，僅因銷售價格為 99.5% 而造成 250 萬美元的銷售損失。但其次，有 1860 萬美元的未攤銷客戶獲取成本需要在銷售時沖銷。然後還有一些其他與交易相關的成本約為 250 萬美元。

Your next question is from the line of Frank Schiraldi with Piper Sandler.

您的下一個問題來自 Frank Schiraldi 和 Piper Sandler。

Just wanted on the growth. I want to make sure I have it right for the quarter. You talked about the $500 million in specialty lending vertical growth. Is that net of anything? Or do you basically expect the rest of the portfolio to be fairly flat?

只是想要成長。我想確保我有適合本季度的情況。您談到了 5 億美元的專業貸款垂直增長。那是什麼東西的網嗎？還是您基本上期望投資組合的其餘部分相當平坦？

I will add that we are expecting a decline, a seasonal decline in the mortgage warehouse book. That can be there somewhere between $1.2 billion to $1.4 billion.

我要補充一點，我們預計抵押倉庫賬簿會出現季節性下降。這可能在 12 億到 14 億美元之間。

Okay. So outside of -- Yes. I should say outside of mortgage warehouse, the idea would be largely that we see $500 million in that growth that's kind of the thinking.

好的。所以在外面——是的。我應該說，在抵押倉庫之外，這個想法主要是我們看到了 5 億美元的增長，這就是這種想法。

That's right.

這是正確的。

Okay. And then as a follow-up, just if you do make the decision to buy back stock and you do get aggressive on that front in the fourth quarter, what would be sort of the give in terms of would you be willing to accept maybe slightly lower capital level than you had otherwise anticipated to do that? Or would you do you think slow down that growth in your specialty lending?

好的。然後作為後續行動，如果您確實決定回購股票並且您確實在第四季度在這方面變得積極，那麼您是否願意接受可能會稍微有點低於您原本預期的資本水平？還是您認為會放慢專業貸款的增長速度？

This is Jay. I'll take that, Frank. We will balance growth, like we said, moderating our growth with the maximization of capital, liquidity, margin and profitability, and it's a balancing act. And from a timing point of view, agreement that we have to take a little bit of a of hit to our capital ratios for 1 quarter, we will do that. If it makes more sense to buy back stock in a certain quarter.

這是傑。我會接受的，弗蘭克。正如我們所說，我們將平衡增長，通過資本、流動性、利潤率和盈利能力的最大化來緩和我們的增長，這是一種平衡行為。從時間的角度來看，同意我們必須在第一季度對我們的資本比率造成一點打擊，我們會這樣做。如果在某個季度回購股票更有意義。

We think that our opportunities for growth are enormous. But at this time in the cycle, it makes more sense to be moderating the growth and improving the quality of our balance sheet. And at the same time, clearly get multiples which our shareholders would expect us to create with the kind of returns that we have provided in terms of our needs, in terms of our way, in terms of return on automatic stuff.

我們認為我們的增長機會是巨大的。但在這個週期的這個時候，放緩增長和改善我們的資產負債表質量更有意義。同時，清楚地獲得我們的股東期望我們創造的倍數，這些回報是我們根據我們的需求、就我們的方式、就自動產品的回報而言所提供的那種回報。

And Frank, I would just add that we are -- if you look at our broader peer group, we are trading the top -- sorry, rather our TCE is the top quartile with the banks out there right now. So even if we did decide to take action, which we would only do if there's an under appreciates a lot of the efforts that we have underway, we do have adequate capital levels relative to our peers and industry.

弗蘭克，我只想補充一點，如果你看看我們更廣泛的同行群體，我們的交易量是最高的——抱歉，我們的 TCE 是目前銀行中排名前四分之一的。因此，即使我們確實決定採取行動，只有在人們對我們正在進行的大量努力表示讚賞的情況下，我們才會這樣做，但相對於同行和行業，我們確實擁有足夠的資本水平。

Your next question is from the line of David Bishop with Hot Group.

您的下一個問題來自 Hot Group 的 David Bishop。

Yes. Sticking with the deposits that are grayed in here. Am I reading things wrong? It looks like you guys onboarded 111 new customers in the CBIT platform, but deposit sell, where they were these customers this time not bringing in deposits yet. just curious why that's the big growth in accounts that the decline in deposits, right?

是的。堅持在這裡變灰的存款。我讀錯了嗎？看起來你們在 CBIT 平台上加入了 111 名新客戶，但是存款出售，他們是這些客戶這次還沒有帶來存款。只是好奇為什麼說存款的下降是賬戶的大增長，對吧？

Yes. Sure, absolutely. David. So we onboarded over 100 customers, about 75% of those have already funded some of the open up accounts towards the end of the quarter. and average account balance is approximately $1 million to $1.5 million. So this is a slow growth and ramp up. At the end of the day, deposits get funded into these accounts, whether it is either, a, a primary operating account, or b, it is a payments account and CBIT integration sometimes takes time for some of those key customers. So it's is a leading indicator of future accounts growth. That's the accounts that are very active and funded.

是的。當然，絕對。大衛。因此，我們招募了 100 多名客戶，其中約 75% 的客戶已經在本季度末為一些開放賬戶提供資金。平均賬戶餘額約為 100 萬至 150 萬美元。所以這是一個緩慢的增長和上升。歸根結底，存款被存入這些賬戶，無論是主要運營賬戶，還是支付賬戶，CBIT 整合有時需要一些關鍵客戶的時間。因此，它是未來賬戶增長的領先指標。那是非常活躍和資金充足的賬戶。

Got it. And then any sense or maybe scale or just size in terms of just payments activity across the platform?

知道了。然後就整個平台的支付活動而言，是否有任何意義或規模或規模？

Our all-in payments activity continues to grow, and I referenced in my prepared remarks, but what I would say is it's several billion dollars in the quarter, all payments line.

我們的全款支付活動繼續增長，我在準備好的評論中提到了，但我想說的是本季度有數十億美元，所有支付線。

Got it. And then one final question on the expense front, good cost containment there. did see a decline in the tech expense. Is a good run rate? Just curious what sort of drove the intra-quarter decline in the technology kind of run rate.

知道了。然後是關於費用方面的最後一個問題，即良好的成本控制。確實看到了技術費用的下降。運行率好嗎？只是好奇是什麼推動了技術類運行率的季度內下降。

Yes. So that is largely impacted by the deposit services agreement that we currently have in place with BMTX. As we said previously, that runs around $15 million on a quarterly basis, up or down maybe $1 million a quarter depending on some seasonality of the deposits that are serviced by BMTX. This quarter, it was roughly $13 million.

是的。因此，這在很大程度上受到我們目前與 BMTX 簽訂的存款服務協議的影響。正如我們之前所說，每季度大約 1500 萬美元，根據 BMTX 服務的存款的某些季節性，每季度可能增加或減少 100 萬美元。本季度約為 1300 萬美元。

Your next question is from the line of Matthew Breese with Stephens.

你的下一個問題來自 Matthew Breese 和 Stephens 的台詞。

I apologize, I'm having a tough time hearing you guys. What was the remaining cost tied to BM technologies that should come out here.

對不起，我很難聽到你們的聲音。與 BM 技術相關的剩餘成本應該在這裡出現。

So roughly, that's about $15 million a quarter. And this quarter, it was $13 million. On an annual basis, it's roughly $16 million.

粗略地說，這大約是每季度 1500 萬美元。而本季度，它是 1300 萬美元。每年大約是 1600 萬美元。

Okay. And then similarly, I think -- last I had it, there was about $2.2 billion of deposits tied to BMTX. That's still expected to fall off at the end of the year. What's the offset to that? Is it going to be higher borrowings or some sort of lower assets and if it's lower assets where you expect the offset to be?

好的。然後類似地，我認為 - 最後我有它，有大約 22 億美元的存款與 BMTX 相關。預計今年年底仍會下降。對此有何抵消？是較高的借款還是某種較低的資產，如果是較低的資產，您期望抵消是什麼？

Well, a couple of things on that. So currently, the deposit service by BMTX is about $1.6 billion. And I would point you to 2 things. One, Sam described earlier, the strong pipelines were core organic deposit growth. And two, we had some comments in our strong liquidity position. and the fact that we had liquidity sources of close to $10 billion. So that gives us some options on how we fund the actual outflow of the BMTX service deposits.

好吧，有幾件事。因此，目前，BMTX 的存款服務約為 16 億美元。我會指出兩件事。一，Sam 之前描述的，強大的管道是核心有機礦床的增長。第二，我們對強大的流動性狀況發表了一些評論。以及我們擁有接近 100 億美元的流動性來源這一事實。因此，這為我們提供了一些關於如何為 BMTX 服務存款的實際流出提供資金的選擇。

Okay. And can you remind us the cost of the deposits versus the incremental cost of replacement?

好的。你能提醒我們存款成本與重置成本的對比嗎？

Yes. So right now, those costs are around 3%. And to the extent that they would be replaced. We first go to our organic low-to-no-cost deposit channels. And then any shortfall could be based on market rates.

是的。所以現在，這些成本大約是 3%。並且在某種程度上它們將被替換。我們首先進入我們的有機低成本至無成本存款渠道。然後任何短缺都可能基於市場利率。

Okay. And then going back to the NIM, I just wanted to make sure I had the cadence right. The core NIM is expected to be down 10 basis points in the fourth quarter. And then do I have this right it be stable expanding from there? And then if it's expanding, I just wanted some frame of reference, the extent of expansion you expect off of the bottom.

好的。然後回到 NIM，我只是想確保我的節奏是正確的。預計第四季度核心 NIM 將下降 10 個基點。然後我有這個權利從那裡穩定擴展嗎？然後，如果它正在擴展，我只是想要一些參考框架，即您期望從底部開始的擴展程度。

So on the NIM for we said on a static balance sheet, the impact of the consumer sale transaction would be roughly 10 basis points in the fourth quarter. And what we've guided to is that we will be within a 3%, 3.25% for the fourth quarter for fourth quarter, and then we have the margin expansion opportunities based on the items that we discussed earlier on the call.

因此，對於我們在靜態資產負債表上所說的 NIM，消費者銷售交易的影響將在第四季度約為 10 個基點。我們的指導是，我們將在第四季度的 3% 和 3.25% 之內，然後根據我們之前在電話會議上討論的項目，我們有利潤率擴張的機會。

Okay. And maybe just a follow-up to that. Where do you expect deposit costs to peak if we have another, call it, 150 basis points effect on heights? Or asked another way, what is your full cycle deposit beta estimate at this point?

好的。也許只是一個後續行動。如果我們有另一個，稱之為 150 個基點對高度的影響，您預計存款成本會在哪里達到峰值？或者換一種方式問，此時您的全週期存款 beta 估計值是多少？

So we're not giving a specific beta guidance. I think we're not focused on an ideal or optimal deposit beta. But what we can say and what we've said previously, in our deposit franchise, it's just largely built on commercial and institutional clients. When it goes up, they expect events to pay in some more.

所以我們沒有給出具體的測試指南。我認為我們並不專注於理想或最佳存款測試版。但是我們可以說的以及我們之前說過的，在我們的存款專營權中，它只是主要建立在商業和機構客戶的基礎上。當它上升時，他們預計事件會付出更多。

And what I would just add that at I think that at the end of last quarter, we talked about what we were seeing in the market from a competitive standpoint related to deposit betas in the industry. Our view has not changed at all over the past 90 days, whereas I think we've seen some folks in the industry continue to reign center that will consummate beta estimates.

我想在上個季度末補充一點，我們從與行業存款貝塔相關的競爭角度討論了我們在市場上看到的情況。在過去的 90 天裡，我們的觀點根本沒有改變，而我認為我們已經看到業內一些人繼續佔據中心地位，這將完善 beta 估計。

And I think what we are focusing on is the consistency of net interest income. And net interest income growth is what we believe everybody should be looking at and expecting so that if we see an abatement going up and we see the profit cost going up, we better have a balance sheet, we still our earning asset is going up too. And that's what we would like for you to focus. It's -- I think you'd be asking us a lot of questions develop our assets betas also.

我認為我們關注的是淨利息收入的一致性。淨利息收入增長是我們認為每個人都應該關注和期待的，所以如果我們看到減排量上升並且我們看到利潤成本上升，我們最好有一個資產負債表，我們的盈利資產也在上升.這就是我們希望您關注的內容。這是 - 我想你會問我們很多問題，開發我們的資產測試版。

Your final question comes from the line of Bill Dezellem with Tieton Capital Management.

您的最後一個問題來自 Tieton Capital Management 的 Bill Dezellem。

That's Tieton Capital. And let me start, Sam, I will take the bait. You said that we should ask you about the digital technology initiatives. And being in the top 10 banks. I'll turn that over to you without any specific question. And just what would you like to highlight there?

這就是泰頓資本。讓我開始，山姆，我會上鉤。您說我們應該向您詢問有關數字技術計劃的問題。並躋身前 10 大銀行之列。我將把它交給你，沒有任何具體問題。你想在那裡強調什麼？

Sure, absolutely. Bill. Great to speak to you, and thanks so much for the question. We talked a lot last year about a number of initiatives that we had in terms of coupled along with the rebranding of the organization to be able to take the technology development that we have in this franchise back to our predecessor subsidiary, BankMobile, 5-plus years ago where we started to build the bank of the future on top of the traditional [Nexi] technology.

當然，絕對。賬單。很高興與您交談，非常感謝您提出的問題。去年，我們談了很多關於我們採取的一些舉措，以及組織的品牌重塑，以便能夠將我們在這個特許經營權中擁有的技術開髮帶回我們的前身子公司 BankMobile，5+幾年前，我們開始在傳統 [Nexi] 技術之上建立未來銀行。

Once that organization was lifted out with investor last year, we had that DNA in our organization that we've added 75 team members in technology innovation. Our security department is separate from our IT department which is separate from our technology deployment.

去年該組織與投資者一起退出後，我們的組織中就有了這樣的 DNA，即我們在技術創新方面增加了 75 名團隊成員。我們的安全部門與我們的 IT 部門是分開的，IT 部門與我們的技術部署是分開的。

And the way that we think about information technology is run the bank, which helps facilitate the left hand with the right hand of changing the bank. And our technology team that change the bank tech team of developers, engineers work hand-in-hand with our folks in the market, on the digital market side, CRM, sales force, nCino, product management side, they're the folks that are helping to continue to innovate at this organization. We don't just have a small innovation fee -- we have 60 to 75 team members that are fully dedicated to changing the routes and changing the industry.

而我們對信息技術的思考方式是經營銀行，這有助於促進左手和右手改變銀行。我們的技術團隊改變了銀行的開發人員技術團隊，工程師與我們的市場人員攜手合作，在數字市場方面，CRM，銷售人員，nCino，產品管理方面，他們是那些正在幫助該組織繼續創新。我們不只是收取少量的創新費用——我們有 60 到 75 名團隊成員，他們完全致力於改變路線和改變行業。

So hopefully, that's helpful and the types of initiatives that we have underway are not road map initiatives. We're not focused on digitizing, we're not focusing on the moving paper. We're not focusing on reducing costs.

所以希望這會有所幫助，我們正在進行的舉措類型不是路線圖舉措。我們不專注於數字化，我們不專注於移動紙張。我們並不專注於降低成本。

We're focusing on delivering a best experience that really delights the customer, and it's an effortless and frictionless experience. And the ability to talk to a large commercial customer that has an ability to move for, say, $100 million in deposits to you that need to be able to have X, Y and Z in terms of reporting virtual account capabilities, ERP integration.

我們專注於提供真正令客戶滿意的最佳體驗，這是一種輕鬆無摩擦的體驗。以及與大型商業客戶交談的能力，該客戶有能力向您轉移 1 億美元的存款，這些客戶需要能夠在報告虛擬賬戶功能、ERP 集成方面擁有 X、Y 和 Z。

And have our team be able to grow map that out and do that in a matter of days as opposed to a matter of months. The types of banks that could compete against us in these types of capabilities, you can count them on 1 or 2 hands. And they tend to be larger (inaudible).

並讓我們的團隊能夠在幾天而不是幾個月的時間內製作出地圖並完成。可以在這些類型的能力上與我們競爭的銀行類型，你可以用 1 或 2 手來計算它們。而且它們往往更大（聽不清）。

That is helpful. And you talked about the number of CBIT transactions doubling. Is there any revenue or for that matter, any costs associated with transactions in the CBIT arena? Or is it really entirely the deposit benefit?

這很有幫助。你談到了 CBIT 交易的數量翻了一番。是否有任何收入或與 CBIT 領域的交易相關的任何成本？還是真的完全是存款福利？

Sure. So we don't charge revenue for the tokenized deposits and payments executable. We do have traditional commercial banking CBITs, ACH wired, et cetera, which are the on and off ramp outside of our bank before we use the on and off ramp for the digital block chain based payments services.

當然。因此，我們不對代幣化存款和支付可執行文件收取收入。我們確實有傳統的商業銀行 CBIT、ACH 有線等，在我們使用基於數字區塊鏈的支付服務的入口和出口之前，它們是我們銀行外部的入口和出口。

So we don't charge the cost for the same payments, but begins and absolute development to drive fee income for the organization. But really, again, the main purpose of our CBIT platform, which is starting today in the digital asset industry is to bring and create a large post-gathering vertical low-to-no-cost composites and wealth will continue to improve the deposit franchise and improve margin and reduce volatility in the interim.

因此，我們不收取相同付款的成本，而是開始和絕對發展以推動組織的費用收入。但實際上，我們的 CBIT 平台（從今天開始在數字資產行業）的主要目的是帶來和創造一個大型的收集後垂直低成本複合材料，財富將繼續改善存款特許經營權並在過渡期間提高利潤率並減少波動。

And then lastly, banking as a service, would you please discuss the initial interest that you all are seeing there? And maybe it's too early to know, but interested in your perspective.

最後，銀行即服務，請您討論一下大家在那裡看到的最初興趣嗎？也許現在知道還為時過早，但對您的觀點感興趣。

Sure, absolutely. So Banking as a Service, really, I think of it as 3 pillars. There's loan services and loan origination, which is what we're referring to, and I'll come back to that. There's deposit-taking capabilities in deposit taking capabilities typically are handled by the smaller sub-$10 billion banks because of their Durbin exemption.

當然，絕對。所以銀行即服務，真的，我認為它是三個支柱。有貸款服務和貸款發放，這就是我們所指的，我會回到那個。由於德賓豁免，存款能力中的存款能力通常由規模低於 100 億美元的較小銀行處理。

So less relevant for our Customers Bank today and finally payments, which we talked about, whether it's CBIT, whether it's other forms of real-time pains, B2B payments as well as ATI-enabled, ACH wired or Fedwire but eventually (inaudible), these are the types of capabilities that we have today or will have in the very near future.

因此，對於我們今天的客戶銀行和最終的支付，我們談到的相關性較低，無論是 CBIT，還是其他形式的實時痛苦、B2B 支付以及啟用 ATI、ACH 有線或 Fedwire，但最終（聽不清），這些是我們今天擁有或將在不久的將來擁有的能力類型。

So going back to our marketplace lending partnership, as you know, as we build our consumer lending platform, initially, we were partnering and purchasing loans as long as 5-plus years ago. And we have a number of servicing and originator relationships of the top half a dozen or so of long-standing experience, fintech marketplace type platforms.

因此，回到我們的市場借貸合作夥伴關係，如您所知，當我們建立我們的消費者藉貸平台時，最初，我們在 5 多年前就開始合作和購買貸款。我們與前六名左右的長期經驗、金融科技市場類型平台有許多服務和發起人關係。

So we have already onboarded them from a risk and compliance perspective. In many cases, we still have existing relationships with them. and there's enough opportunities in that small handful of vessels we generally originate billions of dollars of annual loans, whereby we have an opportunity to lend our technology and risk compliance platform, as well as some liquidity to be able to help them run their business. And for that, we get paid a significant amount of high ROA interest in payment.

所以我們已經從風險和合規的角度加入了他們。在許多情況下，我們仍然與他們保持著現有的關係。少數幾艘船有足夠的機會，我們通常每年發放數十億美元的貸款，藉此我們有機會藉出我們的技術和風險合規平台，以及一些流動性來幫助他們開展業務。為此，我們在支付中獲得了大量的高 ROA 利息。

There are no further questions at this time. I'll now turn the call back over to Mr. Jay Sidhu.

目前沒有其他問題。我現在將電話轉回 Jay Sidhu 先生。

Yes. Thank you very much. Really appreciate your interest in customers. So please give us a call any time. We are always there to your ideas and we are committed to meaning or the consensus estimates you have for us for 2023. Thank you.

是的。非常感謝。非常感謝您對客戶的興趣。所以請隨時給我們打電話。我們始終支持您的想法，我們致力於實現您對 2023 年的意義或共識估計。謝謝。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。您現在可以斷開連接。