(CUBI) 2023 Q1 法說會逐字稿

Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Customers Bancorp First Quarter 2023 Earnings Webcast. (Operator Instructions)

早上好。我叫 Rob，今天我將擔任你們的會議接線員。此時，歡迎大家收看 Customers Bancorp 2023 年第一季度收益網絡直播。 （操作員說明）

Thank you. David Patti, Director of Communications, you may begin your conference.

謝謝。傳播總監 David Patti，你可以開始你的會議了。

Thank you, Rob, and good morning, everyone. Thank you for joining us for the Customers Bancorp's earnings call for the first quarter of 2023. The presentation deck you will see during today's webcast has been posted on the Investor page of the bank's website at www.customersbank.com. You can scroll the Q1 23 results and click download presentation. You can also download a PDF of the full press release at the 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.

謝謝羅布，大家早上好。感謝您參加 Customers Bancorp 2023 年第一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 www.customersbank.com 的投資者頁面上。您可以滾動 Q1 23 結果並單擊下載演示文稿。您還可以在現場下載完整新聞稿的 PDF 版本。我們的投資者介紹包括我們將在今天上午的網絡廣播中介紹的重要細節。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.

在我們開始之前，我們想提醒您，我們今天所做的一些聲明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當前預期存在重大差異。

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. 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 Investors section of our website.

請注意，這些前瞻性陳述僅在本演示文稿發布之日起生效，除適用證券法要求的範圍外，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。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。可從美國證券交易委員會或訪問我們網站的投資者部分獲得副本。

At this time, it's my pleasure to introduce Customers Bancorp Chair, Jay Sidhu.

此時，我很高興向您介紹 Customers Bancorp 主席 Jay Sidhu。

Thank you, Dave. Good morning, ladies and gentlemen. Welcome to the Customers Bancorp First Quarter 2023 Earnings Call. Joining me this morning are President and CEO of the bank, Sam Sidhu; Customers Bancorp CFO, Carla Leibold, the Chief Credit Officer of Customers, Andy Bowman, and Customers Bank's CFO and Head of Corporate Development for the holding company, Phil Watkins.

謝謝你，戴夫。早上好，女士們，先生們。歡迎來到 Customers Bancorp 2023 年第一季度收益電話會議。今天早上和我一起的是該銀行的總裁兼首席執行官 Sam Sidhu； Customers Bancorp 首席財務官 Carla Leibold、Customers 首席信貸官 Andy Bowman 以及 Customers Bank 的首席財務官兼控股公司企業發展主管 Phil Watkins。

In spite of a rather volatile period over the past several weeks, I'm pleased to share with you this morning that Customers Bancorp, Inc. is an even stronger position today than year-end 2022. I'd like to thank our team members who work tirelessly every single day to serve our clients and execute superbly on our priorities.

儘管過去幾週相當動盪，但今天早上我很高興與大家分享，Customers Bancorp, Inc. 今天的地位比 2022 年底還要強。我要感謝我們的團隊成員他們每天不知疲倦地工作，為我們的客戶服務，並出色地執行我們的優先事項。

Turning to Slide 3. Our presentation today will demonstrate our belief that we truly are a forward-thinking bank with strong risk management capabilities. We will cover 6 topics in our presentation for you this morning. I will just provide you with some highlights and my colleagues will cover all of them in detail.

轉到幻燈片 3。我們今天的演講將表明我們的信念，即我們確實是一家具有強大風險管理能力的前瞻性銀行。今天早上我們將為您介紹 6 個主題。我只會為您提供一些要點，我的同事會詳細介紹所有這些要點。

First, in terms of quarterly performance, we comfortably beat street estimates and are well positioned to drive net interest margin expansion by about 20 basis points over the remainder of 2023.

首先，就季度業績而言，我們輕鬆超過市場預期，並有能力在 2023 年剩餘時間內將淨息差擴大約 20 個基點。

Second, we will discuss the continued strengthening of our franchise. We have a high-quality, diversified loyal customer base and are hyper-focused on continuing to improve our deposit franchise in 2023 and beyond. Evidence of this can be seen by our stable deposit levels and peer leading 81% insured deposit ratio as well as a very meaningful increase in noninterest-bearing deposits coming from operating accounts during the quarter. As a result of our technology and service offerings, coupled with our decision, not to pay up for volatile deposits, we were able to shift considerable amount of deposits from interest-bearing to noninterest-bearing and also acquired several new relationships from the failed banks.

其次，我們將討論繼續加強我們的特許經營權。我們擁有高質量、多元化的忠誠客戶群，並高度專注於在 2023 年及以後繼續改善我們的存款業務。這一點可以從我們穩定的存款水平和同行領先的 81% 的受保存款比率以及本季度來自經營賬戶的無息存款的顯著增長中看出。由於我們提供的技術和服務，加上我們決定不支付不穩定的存款，我們能夠將大量存款從計息存款轉移到非計息存款，並且還與倒閉的銀行建立了幾個新的關係.

Next, on to our liquidity position. We believe it's among the best-in-class with $9.5 billion of immediate available liquidity, providing more than 270% coverage of uninsured deposits.

接下來，關於我們的流動性頭寸。我們相信它是一流的，擁有 95 億美元的即時可用流動性，提供超過 270% 的未保險存款覆蓋率。

Moving on to capital. We have a strong capital position, and we'll discuss the ways in which we will continue to improve it over the course of 2023. We have a year-end goal of reaching 11% to -- perhaps 11.5% CET1 ratio and TCE ratio of approximately 7%, including AOCI impact.

轉向資本。我們擁有強大的資本狀況，我們將討論我們將在 2023 年期間繼續改善它的方式。我們的年終目標是達到 11% 到 - 也許是 11.5% CET1 比率和 TCE 比率約 7%，包括 AOCI 影響。

On the credit front, we have always been laser-focused on maintaining superior credit quality and for well over a year, we've been discussing with you a strategic shift of our loan portfolio into low to no credit risk verticals that are also variable rate in nature with totally deemphasizing commercial real estate. Today, we have a healthy loan loss reserve in addition of north of 400% of nonperforming loans.

在信貸方面，我們一直專注於保持卓越的信貸質量，並且在一年多的時間裡，我們一直在與您討論將我們的貸款組合戰略性轉變為低信用風險或無信用風險的垂直領域，這些垂直領域也是可變利率在本質上完全不強調商業房地產。今天，除了 400% 的不良貸款之外，我們還有健康的貸款損失準備金。

And lastly, we remain optimistic about the continued improvement in our balance sheet that should result in stronger levels of profitability this year and in the future and my colleagues will give you the guidance for the future.

最後，我們對資產負債表的持續改善保持樂觀，這應該會在今年和未來帶來更高的盈利水平，我的同事們將為您提供未來的指導。

Turning to Slide 4. Let me also briefly share with you again our priorities. First, with a very high probability of a recession, we believe it's prudent to even shrink our balance sheet somewhat and reduce further our exposure to noncore loans such as consumer loans and even some low-margin commercial loans. This should improve further the credit profile of our entire loan portfolio. This will also result in higher capital ratios and eventually higher margin.

轉到幻燈片 4。讓我再次簡要地與您分享我們的優先事項。首先，由於經濟衰退的可能性非常高，我們認為甚至稍微縮減資產負債表並進一步減少我們對非核心貸款（如消費貸款，甚至一些低利潤商業貸款）的敞口是謹慎的。這應該會進一步改善我們整個貸款組合的信用狀況。這也將導致更高的資本比率和最終更高的利潤率。

And secondly, risk management is an absolute integral part and it's part of our DNA. We are -- for years now, we've been calling these 4 points as our 4 critical success factors. First, never take our eye off credit risk, especially when times are good. Second, always focus on superior interest rate risk management and run different scenarios to deal with it. Third, must monitor liquidity daily and maintain robust liquidity under different stress scenarios. And lastly, always focus on positive operating leverage with lower efficiency ratios each and every year.

其次，風險管理是絕對不可或缺的一部分，它是我們 DNA 的一部分。多年來，我們一直將這 4 點稱為我們的 4 個關鍵成功因素。首先，永遠不要把目光從信用風險上移開，尤其是在形勢好的時候。二是始終聚焦優質利率風險管理，跑分場景應對。三是每日監測流動性，在不同壓力情景下保持流動性穩健。最後，始終專注於積極的運營槓桿，每年的效率比都較低。

With that, I'd like to turn it over to Sam to cover some of these topics in more detail. Sam?

有了這個，我想把它交給 Sam 來更詳細地介紹其中的一些主題。薩姆？

Thanks, Jay. Good morning, everyone. In the first quarter of 2023, we earned $1.55 in GAAP EPS on net income of $50.3 million. From a profitability perspective, our ROA was 1.03% and ROE was 16%.

謝謝，傑伊。大家，早安。 2023 年第一季度，我們的 GAAP 每股收益為 1.55 美元，淨收入為 5030 萬美元。從盈利的角度來看，我們的ROA是1.03%，ROE是16%。

On Slide 6, you can see we generated $1.58 of core EPS on net income of $51.1 million. Our earnings were positively impacted by $9.6 million or $0.30 of EPS attributable to PPP resulting in core EPS ex PPP of $1.28. Importantly, given the successful significant rundown of the PPP loan portfolio in the quarter, this will be the last quarter that we will be formally separating financial metrics adjusted for PPP.

在幻燈片 6 上，您可以看到我們在 5110 萬美元的淨收入中產生了 1.58 美元的核心每股收益。我們的收益受到 960 萬美元或 0.30 美元歸因於 PPP 的每股收益的積極影響，導致核心每股收益（不包括 PPP）為 1.28 美元。重要的是，鑑於本季度 PPP 貸款組合的成功大幅減少，這將是我們將正式分離針對 PPP 調整的財務指標的最後一個季度。

Our net interest margin in the quarter was 2.96%. After backing out the positive impact of PPP, our net interest margin was 2.80%. Our NIM was negatively impacted by holding conservatively higher cash balances, which Carla will provide additional commentary on further along in the presentation. From a balance sheet perspective, both our loans and deposits were relatively flat in the quarter. This was consistent with our disciplined approach of moderating loan growth and focusing on remixing our funding base into higher quality, lower cost deposits in 2023.

我們本季度的淨息差為 2.96%。剔除 PPP 的積極影響後，我們的淨息差為 2.80%。我們的 NIM 因保守地持有較高的現金餘額而受到負面影響，Carla 將在演示文稿中進一步提供更多評論。從資產負債表的角度來看，本季度我們的貸款和存款都相對持平。這與我們在 2023 年放慢貸款增長並專注於將我們的資金基礎重新混合為質量更高、成本更低的存款的嚴格方法是一致的。

The overall balance sheet did grow in the quarter by approximately 4% and attributable to these higher cash balances as we fortified the balance sheet with robust levels of liquidity. Credit remained benign with a flat level of NPAs at 15 basis points and NPLs of $32 million. As Jay mentioned, reserve levels remained robust at north of 400% of NPLs. Credit quality continues to be a strength of our company.

本季度整體資產負債表確實增長了約 4%，這歸因於這些較高的現金餘額，因為我們以強勁的流動性水平強化了資產負債表。信貸保持良性，不良貸款率持平在 15 個基點，不良貸款為 3200 萬美元。正如 Jay 提到的那樣，準備金水平在 400% 的不良貸款之上保持強勁。信用質量仍然是我們公司的優勢。

Moving to Slide 7, on deposit franchise. Our focused efforts to improve our deposit franchise in the nimbleness of our balance sheet paid dividend during the recent market stress events. From February 28 to March 31, total deposit were down about $150 million or less than 1%. in the first 2 months of the quarter we had proactively run off some rate sensitive deposits. In aggregate for the quarter our total deposits ended down $430 million or about 2%. Despite the industry headwinds we experienced the meaningful positive mix shift from interest-bearing to noninterest-bearing DDAs resulting in the addition of $1.6 billion of noninterest-bearing deposits by quarter end. This positive mix shift drove our spot cost of deposit down by 14 basis points quarter-over-quarter despite the 2 rate hikes. Well positioned us from margin expansion going forward.

轉到幻燈片 7，關於存款特許經營權。在最近的市場壓力事件中，我們專注於提高我們資產負債表的靈活性以提高我們的存款特許經營權。從 2 月 28 日到 3 月 31 日，總存款減少了約 1.5 億美元或不到 1%。在本季度的前兩個月，我們主動減少了一些對利率敏感的存款。總的來說，本季度我們的總存款減少了 4.3 億美元或約 2%。儘管行業逆風，但我們經歷了從有息 DDA 到無息 DDA 的有意義的積極組合轉變，導致到季度末增加了 16 億美元的無息存款。儘管加息了 2 次，但這種積極的組合轉變使我們的即期存款成本環比下降了 14 個基點。我們從未來的利潤擴張中處於有利地位。

At the end of the first quarter we had approximately 81% of our deposits either in short or collateralized. This is second highest among regional bank peers and one of the highest in the industry overall. Clients that were focused on increasing their level of insured deposits with us were able to take advantage of our ICS suite product, which allowed us to reassure them. we set up a smart team that worked around the clock to help our client to open up accounts within hours of request. I'm incredibly proud of the work that team put forth opening up several hundred accounts representing $900,000 from March 10 to March 31 alone.

在第一季度末，我們有大約 81% 的存款是做空或抵押的。這是地區性銀行同行中第二高的，也是整個行業中最高的之一。專注於提高他們在我們這裡的受保存款水平的客戶能夠利用我們的 ICS 套件產品，這讓我們能夠讓他們放心。我們建立了一個全天候工作的智能團隊，以幫助我們的客戶在收到請求後的數小時內開設賬戶。僅從 3 月 10 日到 3 月 31 日，該團隊就開設了數百個賬戶，金額達 90 萬美元，我為此感到無比自豪。

In addition to the stability that insured deposits provide for further stability we have also been focused on ensuring the portion of our deposit base always has contractual term. At the end of the first quarter about half of our deposits had term with laddered maturity schedule over the next few years.

除了受保存款提供進一步穩定性的穩定性外，我們還專注於確保我們的存款基礎部分始終具有合同期限。在第一季度末，我們大約一半的存款在未來幾年內有期限和階梯式到期時間表。

Pivoting to lending franchise on Slide 8, we have executed on what we guided you together in terms of our loan portfolio composition and growth. We continued to emphasis our low-to-no credit risk lending verticals which have driven the vast majority of our growth for several quarters in mainly variable rate and shorter duration loans. This has positioned our balance sheet well, especially in the current environment from an interest rate risk and asset and liability management perspective, as I mentioned earlier, we have had minimal originations of fixed rate loans for investment since the second quarter of 2022. The focus on variable rate lending has resulted in our loan yield, excluding PPP increasing by over 130 basis points over the last 2 quarters.

轉向幻燈片 8 上的貸款特許經營權，我們已經執行了我們在貸款組合構成和增長方面共同指導的內容。我們繼續強調我們的低信用風險貸款垂直領域，這些垂直領域推動了我們幾個季度的絕大部分增長，主要是可變利率和較短期限的貸款。這使我們的資產負債表處於良好狀態，尤其是在當前環境下，從利率風險和資產負債管理的角度來看，正如我之前提到的，自 2022 年第二季度以來，我們的固定利率投資貸款發放量很少。重點浮動利率貸款導致我們的貸款收益率（不包括購買力平價）在過去兩個季度增加了 130 多個基點。

As previously guided, the pace of our loan growth was intentionally slowed as we continued to focus on improving capital levels and profitability. We've prudently operated our balance sheet at about an 80% loan-to-deposit ratio for the last 4 quarters, ensuring that we have adequate liquidity given the uncertainty in both the stability and pricing of the deposit market.

正如之前的指導，我們有意放慢了貸款增長的步伐，因為我們繼續專注於提高資本水平和盈利能力。過去 4 個季度，我們以大約 80% 的貸存比率審慎地經營我們的資產負債表，確保我們在存款市場穩定性和定價的不確定性方面有足夠的流動性。

Moving to Slide 9. As I mentioned earlier, I'm thrilled to announce that this will be the last quarter where PPP will be significant enough of our P&L that we will be providing financial metrics, including and excluding PPP. I'm sure the analysts listen in are just as grateful for their models and reports. PPP was a phenomenal program that enabled small businesses across the country to withstand the many challenges of the pandemic.

轉到幻燈片 9。正如我之前提到的，我很高興地宣布，這將是最後一個季度，其中 PPP 對我們的 P&L 來說足夠重要，我們將提供財務指標，包括和不包括 PPP。我敢肯定，聆聽的分析師對他們的模型和報告同樣感激。 PPP 是一項了不起的計劃，它使全國各地的小企業能夠抵禦大流行帶來的諸多挑戰。

Customers Bank is proud that we were able to assist both existing and many new clients of the bank across access much needed funds during the pandemic. Using our unique combination of technological expertise and SBA experience, Customers Bank was able to deliver for small businesses and our shareholders throughout this program. As a reminder, to recap Customers Bank participated in over 350,000 PPP loans for over $10.3 billion and associated origination fees from PPP generated about $350 million in pretax revenue for the bank in addition to net interest income over the past few years.

Customers Bank 感到自豪的是，我們能夠在大流行期間幫助銀行的現有客戶和許多新客戶獲得急需的資金。憑藉我們獨特的技術專長和 SBA 經驗的結合，Customers Bank 能夠在整個計劃中為小型企業和我們的股東提供服務。提醒一下，回顧過去幾年，除了淨利息收入外，客戶銀行參與了超過 350,000 筆 PPP 貸款，金額超過 103 億美元，來自 PPP 的相關發起費用為銀行帶來了約 3.5 億美元的稅前收入。

I want to personally again, thank all of the Customers Bank employees that dedicated their time to ensuring PPP was a success for our clients, our shareholders, the bank and the entire country.

我想再次以個人名義，感謝所有致力於確保 PPP 為我們的客戶、我們的股東、銀行和整個國家取得成功的客戶銀行員工。

On Slide 10, you can see our securities portfolio is truly best-in-class. Before I pass it over to Carla to walk us through more specifics around the financials, I want to provide some context as to how Customers Bank is positioned relative to regional banking peers from an interest rate risk perspective. Interest rate risk management is sometimes overlooked, but the events of the last month have reinforced the importance of remaining vigilant and disciplined.

在幻燈片 10 上，您可以看到我們的證券投資組合確實是一流的。在我將其傳遞給 Carla 以引導我們了解有關財務的更多細節之前，我想提供一些背景信息，說明從利率風險的角度來看，Customers Bank 相對於區域銀行同行的定位。利率風險管理有時會被忽視，但上個月發生的事件強化了保持警惕和紀律的重要性。

We have been proactively monitoring our interest rate risk position throughout the hike cycle without taking undue credit risk by repositioning to floating rate securities, we've generated approximately 2x the yield on securities relative to regional bank peers. Even more importantly, we've been able to generate that return by taking on only 1/3 of the duration risk that regional bank peers have exposed themselves to.

在整個加息週期中，我們一直在積極監控我們的利率風險狀況，而沒有通過重新定位浮動利率證券來承擔不當的信用風險，我們的證券收益率大約是區域銀行同行的 2 倍。更重要的是，我們能夠通過僅承擔區域銀行同行所面臨的持續時間風險的 1/3 來產生這種回報。

The graph on the left plots yield against duration. We are on the very top left of the graph, highlighting a high book yield of 4.9% and the shortest duration at just 1.5 years. This is well above peers. Many of the challenged institutions covered in the recent news would have appeared in the very right bottom right of the graph with low yield and long duration.

左圖繪製了收益率與持續時間的關係。我們位於圖表的左上角，突出顯示了 4.9% 的高賬面收益率和最短的期限，僅為 1.5 年。這遠高於同行。最近新聞中提到的許多受挑戰的機構本應出現在圖表的右下角，收益率低且持續時間長。

Said differently, our securities book is the best positioned of all regional banks and likely the banking industry. I want to thank the finance and treasury team led by our incredibly experienced Treasurer, Dan Park, for all of us being forward thinking and delivering these phenomenal results. As you can imagine, pointing out the strengths of our bond portfolio was an incredibly critical communication tool with clients last month.

換句話說，我們的證券賬簿在所有地區性銀行中處於最佳地位，很可能在銀行業中處於領先地位。我要感謝由我們經驗豐富的財務主管 Dan Park 領導的財務和財務團隊，感謝我們所有人的前瞻性思維並取得了這些非凡的成果。可以想像，上個月，指出我們債券組合的優勢是與客戶溝通的一個非常重要的工具。

With that, I'd like to pass the presentation to Carla to provide additional details on the financials, starting on Slide 11.

有了這個，我想將演示文稿傳遞給 Carla，以提供有關財務的更多詳細信息，從幻燈片 11 開始。

Thanks, Sam, and good morning, everyone. The first quarter was an important inflection point for us from a net interest margin perspective. Excluding PPP, the spot yield on loans increased by 17 basis points between Q4 and Q1, while the spot cost of deposits decreased by 14 basis points over that same time period. The combined result of that repricing drove a 31-basis-point improvement in our spot loan-to-deposit spread, increasing from 3.26% in Q4 and to 3.57% in Q1. We expect this trend to continue throughout 2023, primarily due to the variable rate nature of our loan portfolio and our strong core deposit pipeline allowing us to reduce higher cost wholesale funds and benefiting overall deposit costs.

謝謝，山姆，大家早上好。從淨息差的角度來看，第一季度對我們來說是一個重要的轉折點。不包括 PPP，貸款的即期收益率在第四季度和第一季度之間增加了 17 個基點，而同期存款的即期成本下降了 14 個基點。重新定價的綜合結果推動我們的即期貸存利差改善了 31 個基點，從第四季度的 3.26% 增加到第一季度的 3.57%。我們預計這一趨勢將持續到 2023 年，這主要是由於我們貸款組合的可變利率性質和我們強大的核心存款渠道使我們能夠減少成本較高的批發資金並使整體存款成本受益。

Our net interest margin, excluding PPP declined 7 basis points in the first quarter from 2.87% to 2.80%. Like most of the banks across the country, we carried elevated cash balances during the quarter out of an abundance of caution, which negatively impacted net interest margin by about 6 basis points. Absent these elevated cash balances, our net interest margin would have been roughly flat quarter-over-quarter.

我們的淨息差（不包括購買力平價）在第一季度下降了 7 個基點，從 2.87% 降至 2.80%。與全國大多數銀行一樣，我們出於謹慎考慮在本季度持有較高的現金餘額，這對淨息差產生了約 6 個基點的負面影響。如果沒有這些高額現金餘額，我們的淨息差將與上一季度大致持平。

As we look forward for the remainder of the year, we see continued positive momentum in our net interest margin, which is expected to expand by 20 basis points to 3% or higher throughout 2023.

展望今年剩餘時間，我們看到淨息差持續保持積極勢頭，預計整個 2023 年淨息差將擴大 20 個基點，達到 3% 或更高。

Turning to Slide 12. This slide highlights our disciplined expense management and best-in-class efficiency metrics. Despite significant balance sheet growth, we've more than doubled our asset size since 2018. Our core noninterest expenses have only increased 9% annually. In the past 12 months, our core noninterest expenses increased by only 8%. And for first quarter 2023, we've managed to further moderate expense growth to only 1%.

轉到幻燈片 12。這張幻燈片突出了我們嚴格的費用管理和一流的效率指標。儘管資產負債表顯著增長，但我們的資產規模自 2018 年以來翻了一番多。我們的核心非利息支出每年僅增長 9%。在過去 12 個月中，我們的核心非利息支出僅增長了 8%。對於 2023 年第一季度，我們已成功將費用增長進一步放緩至僅 1%。

On the right side of this page, you can see how our expenses stack up against our regional bank peers when comparing to the size of our balance sheet. Our business model has a tremendous amount of operating leverage that we will continue to extract and drive improving profitability.

在此頁面的右側，您可以看到與我們的資產負債表規模相比，我們的支出與地區銀行同行相比如何。我們的商業模式具有巨大的經營槓桿作用，我們將繼續提取並推動提高盈利能力。

Our expense structure is an important component of our business model. Our limited physical infrastructure especially our branch lite network is critical to operating the business so efficiently. This noninterest expense savings enables us to pay a modestly higher rate on our deposits as compared to competitors with a more robust retail branch network and still generate attractive profitability and returns for our shareholders.

我們的費用結構是我們商業模式的重要組成部分。我們有限的物理基礎設施，尤其是我們的精簡分支機構網絡，對於如此高效地運營業務至關重要。與擁有更強大零售分支網絡的競爭對手相比，這種非利息費用節省使我們能夠為存款支付更高的利率，並且仍然為我們的股東帶來有吸引力的盈利能力和回報。

Finally, we should continue to see improvement in our noninterest expense to average assets ratio over time for 2 key reasons. First, we've built a highly scalable infrastructure at Customers Bank that will allow us to operate a larger balance sheet with similar expenses when the time is right to resume balance sheet growth; and second, our steadfast focus on positive operating leverage is ingrained in our DNA. Our revenues over time should grow about 2x faster than expenses.

最後，我們應該繼續看到我們的非利息支出與平均資產比率隨著時間的推移而改善，原因有兩個。首先，我們在 Customers Bank 建立了一個高度可擴展的基礎設施，這將使我們能夠在恢復資產負債表增長的時機成熟時以類似的費用運營更大的資產負債表；其次，我們對積極運營槓桿的堅定關注根植於我們的 DNA 中。隨著時間的推移，我們的收入增長應該比支出快 2 倍左右。

On Slide 13, we've provided detail on our robust liquidity position. Year-over-year, we've increased our immediately available liquidity by 154% with a $4.2 billion increase between Q4 and Q1. The higher levels of cash carried in the first quarter were financed predominantly by an increase in Federal Home Loan bank borrowings. We also have $6.5 billion of committed capacity from the Federal Reserve Bank through a combination of the discount window and the bank term funding program. We have no borrowings outstanding from the Federal Reserve.

在幻燈片 13 中，我們詳細介紹了我們穩健的流動性狀況。與去年同期相比，我們的即時可用流動性增加了 154%，在第四季度和第一季度之間增加了 42 億美元。第一季度較高的現金持有量主要由聯邦住房貸款銀行借款的增加提供資金。通過貼現窗口和銀行定期融資計劃的結合，我們還從聯邦儲備銀行獲得了 65 億美元的承諾能力。我們沒有來自美聯儲的未償還借款。

We will continue to monitor market conditions to determine the appropriate levels of cash to retain for the remainder of 2023. We have also structured $1.1 billion of Federal Home Loan Bank borrowings as callable, providing us the flexibility to pay down these borrowings with core deposit growth.

我們將繼續監測市場狀況，以確定在 2023 年剩餘時間內保留的適當現金水平。我們還將 11 億美元的聯邦住房貸款銀行借款結構化為可贖回借款，使我們能夠靈活地償還這些借款，同時增加核心存款.

The right side of this page provides a comparison of our $9.4 billion of immediately available liquidity to our $3.5 billion of uninsured deposits adjusted for affiliate and collateralized deposits. This ratio demonstrates our ability to cover more than 2.7x our uninsured deposits with on- and off-balance sheet, immediately available liquidity. This exemplifies the stability of our funding base. As you can see, this level is by far the best among our regional bank peers.

本頁右側提供了我們 94 億美元的即時可用流動性與我們的 35 億美元未保險存款（針對關聯存款和抵押存款進行調整）的比較。這一比率表明，我們有能力利用資產負債表內外的即時可用流動性覆蓋 2.7 倍以上的未投保存款。這體現了我們資金基礎的穩定性。正如您所看到的，這個水平是迄今為止我們地區銀行同行中最好的。

Moving to the next page. Slide 14 really showcases consistent tangible book value accretion despite AOCI headwinds. Tangible book value per share increased by about $2 during Q1 and ended the quarter just under $41. Since the end of 2018, we have increased our tangible book value per share by 14% annually. Our current tangible book value per share is 1.8x the year-end 2018 value. This increase has been accomplished entirely through organic capital generation. By contrast, the average multiple of current tangible book value per share relative to tangible book value per share at year-end 2018 for our regional bank peers is only 1.1x.

移至下一頁。儘管 AOCI 逆風，幻燈片 14 確實展示了一致的有形賬面價值增長。第一季度每股有形賬面價值增加了約 2 美元，本季度末略低於 41 美元。自 2018 年底以來，我們的每股有形賬面價值每年增長 14%。我們目前的每股有形賬面價值是 2018 年底價值的 1.8 倍。這一增長完全是通過有機資本生成實現的。相比之下，我們地區銀行同業的當前每股有形賬面價值相對於 2018 年底每股有形賬面價值的平均倍數僅為 1.1 倍。

On Slide 15, you can see our CET1 ratios continues to run in excess of our previously disclosed 9.5% target. The CET1 ratio for Q1 was flat over Q4 as we used 80% of our $50 million GAAP earnings to buy back approximately 1.4 million common shares pre-crisis.

在幻燈片 15 上，您可以看到我們的 CET1 比率繼續超過我們之前披露的 9.5% 的目標。第一季度的 CET1 比率與第四季度持平，因為我們使用 5000 萬美元 GAAP 收益的 80% 回購了危機前約 140 萬股普通股。

Our TCE ratio, excluding PPP, declined from 6.3% at year-end 2022 to 6% at the end of Q1 due to the increased size of the balance sheet. Importantly, this balance sheet growth was due to zero risk, higher cash balances of $1.6 billion held solely to improve our liquidity position. Absent these higher cash balances, our TCE ratio would have improved to 6.5% at the end of Q1.

由於資產負債表規模擴大，我們的 TCE 比率（不包括購買力平價）從 2022 年底的 6.3% 下降到第一季度末的 6%。重要的是，這種資產負債表的增長是由於零風險，16 億美元的現金餘額增加只是為了改善我們的流動性狀況。如果沒有這些更高的現金餘額，我們的 TCE 比率將在第一季度末提高到 6.5%。

I'll point out that the lack of incremental balance sheet risk is demonstrated by our stable CET1 ratio of 9.6% at the end of Q4 and Q1. Additionally, the common stock repurchase we did in Q1 impacted our TCE ratio by about 20 basis points, meaning our TCE ratio would have been around 6.7% at the end of Q1, adjusting for higher cash balances and common share repurchases.

我要指出的是，我們在第四季度末和第一季度末穩定的 CET1 比率為 9.6%，這表明我們沒有增加資產負債表風險。此外，我們在第一季度進行的普通股回購對我們的 TCE 比率產生了約 20 個基點的影響，這意味著我們的 TCE 比率在第一季度末約為 6.7%，並針對更高的現金餘額和普通股回購進行了調整。

As we look ahead to the remainder of 2023, we anticipate building our CET1 ratio by roughly 150 to 200 basis points from the current level, targeting between 11% and 11.5%. This will be accomplished through retained earnings and balance sheet optimization. As an example, we have already informed certain nonstrategic clients and partner banks that we will no longer be participating in the refinancing of their lending facilities. We are prioritizing balance sheet capacity from a capital and liquidity perspective for clients who maintain their primary banking relationship with Customers Bank, the clients that have holistic relationship with us across deposits and treasury management in addition to a credit facility. We are pushing aggressively to reduce lending-only relationships that don't add franchise value.

展望 2023 年剩餘時間，我們預計 CET1 比率將從當前水平提高約 150 至 200 個基點，目標在 11% 至 11.5% 之間。這將通過留存收益和資產負債表優化來實現。例如，我們已經通知某些非戰略客戶和合作銀行，我們將不再參與其貸款設施的再融資。我們從資本和流動性的角度優先考慮與客戶銀行保持主要銀行業務關係的客戶的資產負債表容量，這些客戶除了信貸額度外，還與我們在存款和資金管理方面具有全面關係。我們正在積極推動減少不會增加特許經營價值的純借貸關係。

I will now pass the presentation off to Andy to provide an update on credit quality. Andy?

我現在將演示文稿傳遞給安迪，以提供有關信用質量的最新信息。安迪？

Thanks, Carla, and good morning, everyone. Moving to Slide 16. Credit quality remained strong as evidenced by NPLs of only $32 million or 21 basis points of total loans. NPAs to total assets of 15 basis points continued decline in total special mention and substandard loans in both dollars and as a percentage of total loans. And most importantly, as it represents a real-time assessment of portfolio performance, total 30- to 89-day delinquencies were a modest 38 basis points.

謝謝，卡拉，大家早上好。轉到幻燈片 16。不良貸款僅為 3200 萬美元或占貸款總額的 21 個基點，證明信貸質量依然強勁。 NPA 佔總資產的 15 個基點繼續下降，特別關注和次級貸款總額和美元占貸款總額的百分比繼續下降。最重要的是，由於它代表了對投資組合績效的實時評估，因此 30 至 89 天的拖欠總額僅為 38 個基點。

Focusing on the commercial loan portfolio, given that it comprises nearly 85% of our total loan book, 30- to 89-day delinquencies were just 24 basis points. Net charge-offs were only 12 basis points and NPLs totaled $12.4 million or mere 11 basis points of total commercial loans.

專注於商業貸款組合，鑑於它占我們貸款總額的近 85%，30 至 89 天的拖欠率僅為 24 個基點。淨註銷僅為 12 個基點，不良貸款總額為 1240 萬美元，僅佔商業貸款總額的 11 個基點。

By remaining committed to our strategy of maintaining a loan book comprised predominantly of low credit risk lending verticals, maintaining our focus on strong underwriting standards, inclusive of loan-level stress testing, limiting exposure to high-risk credit segments such as investment CRE office, which currently stands at only $165 million and possesses strong portfolio metrics as well as industries that are heavily dependent upon discretionary spending, we're confident that our strong credit performance will continue.

通過繼續致力於維持主要由低信用風險貸款垂直組成的貸款賬簿的戰略，保持我們對強大的承銷標準的關注，包括貸款水平壓力測試，限制對投資 CRE 辦公室等高風險信貸部門的敞口，目前只有 1.65 億美元，擁有強大的投資組合指標以及嚴重依賴可自由支配支出的行業，我們相信我們強勁的信貸表現將繼續下去。

I'd like to move to Slide 17. Continuing with the theme of loan portfolio remix away from higher credit risk verticals, we continue our efforts to derisk our consumer installment loan book by continuously tightening credit standards as needed and reducing the size of the held-for-investment book by shifting to a more asset-lite fee generating Banking-as-a-Service marketplace lending platform. This allows us to continue to lever our strong top-of-the-funnel origination platform to generate fee income while also reducing credit risk.

我想轉到幻燈片 17。繼續以貸款組合重新組合為主題，遠離較高的信用風險垂直領域，我們繼續努力通過根據需要不斷收緊信貸標準並減少持有的規模來降低我們的消費分期貸款賬簿的風險-通過轉向更輕資產的費用生成銀行即服務市場借貸平台來進行投資。這使我們能夠繼續利用我們強大的漏斗頂端發起平台來產生費用收入，同時降低信用風險。

Although pleased with how well our commercial and consumer portfolios have performed, we remain committed to, first, maintaining a strong reserve position as evidenced by 406% coverage of total NPLs. Second, adhering to our strong underwriting and portfolio management standards; and third, remaining committed to our low credit risk, predominantly variable rate portfolio strategy.

儘管對我們的商業和消費者投資組合的表現感到滿意，但我們仍然致力於，首先，保持強大的儲備頭寸，覆蓋不良貸款總額的 406% 就是證明。其次，堅持我們強大的承銷和投資組合管理標準；第三，繼續致力於我們的低信用風險、主要是可變利率的投資組合策略。

I'd like to thank you for your time this morning. And I'd now like to turn the presentation back over to Sam.

我要感謝你今天早上的時間。現在我想將演示文稿轉回給 Sam。

Thank you, Andy. I wanted to provide a brief update on our expectations for 2023. Our top focus areas for the year remain: Firstly, strengthening our balance sheet; secondly, improving our deposit franchise; third, maintaining industry level -- leading levels of liquidity; and fourth, significantly building our capital base.

謝謝你，安迪。我想簡要介紹一下我們對 2023 年的預期。我們今年的首要重點領域仍然是：首先，加強我們的資產負債表；其次，改善我們的存款業務；三是保持行業水平——流動性水平領先。第四，大力建設我們的資本基礎。

The left side of the page repeats the guidance that we provided to The Street earlier in the year. Much of our guidance remains the same, but as you can see, we are fine-tuning our outlook modestly to the best of our ability, aligning to our 4 focus areas.

頁面左側重複了我們今年早些時候提供給 The Street 的指南。我們的大部分指導意見保持不變，但正如您所見，我們正在盡最大努力適度調整我們的前景，以與我們的 4 個重點領域保持一致。

First, we will now manage our balance sheet and thus, loan book, to flat to some decline throughout 2023. On the deposit side, we will focus on maintaining balances while improving and remixing the quality of our deposit base by replacing higher cost deposits with core deposit growth from our current pipeline, which exceeds $2 billion today. This will be the primary driver of net interest margin expansion that we will generate throughout the year. Our core noninterest expense growth will be commensurately moderated to 5% to 7% annual growth.

首先，我們現在將管理我們的資產負債表，從而使貸款賬簿在整個 2023 年持平或略有下降。在存款方面，我們將專注於維持餘額，同時通過將成本較高的存款替換為更高成本的存款來改善和重新組合存款基礎的質量。我們當前管道的核心存款增長，今天超過 20 億美元。這將是我們全年產生的淨息差擴張的主要驅動力。我們的核心非利息支出增長將相應放緩至 5% 至 7% 的年增長率。

As Carla mentioned, our top priority in the current environment is to build upon our already robust capital ratios. We are committed and decisive on our path of achieving 11% to 11.5% CET1 by the end of this year given the current environment. Consistent with this, while there is still approximately 0.5 million shares remaining in our share repurchase authorization, while we did buy back a significant amount of shares this quarter, we are pausing repurchases in the near term as we first focus on materially improving our capital base. Thank you. We will now be happy to open up the line for questions.

正如 Carla 所提到的，我們在當前環境中的首要任務是建立在我們已經穩健的資本比率之上。鑑於當前環境，我們致力於在今年年底前實現 11% 至 11.5% 的 CET1。與此一致，雖然我們的股票回購授權中仍有大約 50 萬股股票，雖然我們本季度確實回購了大量股票，但我們在短期內暫停回購，因為我們首先專注於實質性改善我們的資本基礎.謝謝。我們現在很樂意開通提問熱線。

(Operator Instructions) And your first question comes from the line of Frank Schiraldi from Piper Sandler.

（操作員說明）您的第一個問題來自 Piper Sandler 的 Frank Schiraldi。

I wondered if you guys could talk about the noninterest-bearing deposits that came in, the $1.5-plus billion I guess, that came in late in the quarter. Can you talk a little bit about what -- is that CBIT related? And if so, what are the total deposits related to that business now?

我想知道你們是否可以談談本季度末出現的無息存款，我猜是 15 多億美元。你能談談什麼——與 CBIT 相關嗎？如果是，現在與該業務相關的總存款是多少？

Sure. Frank, we -- as you rightfully pointed out, we saw positive migration from our interest-bearing balances to noninterest-bearing deposits, led by our tech enablement. Specifically, as you called out in our CBIT-related payment vertical. And really, the improvement in the quality and cost of our CBIT-related deposits was driven by API integrations and the resulting significant increase in the volume of payments. So that's what leads to the noninterest-bearing remix.

當然。弗蘭克，我們——正如你正確指出的那樣，在我們的技術支持的帶動下，我們看到了從生息餘額到無息存款的積極遷移。具體來說，正如您在我們的 CBIT 相關支付領域中所說的那樣。事實上，我們 CBIT 相關存款的質量和成本的提高是由 API 集成和由此產生的支付量顯著增加所推動的。這就是導致無息混音的原因。

To answer your follow-on question, our balances were essentially flat quarter-over-quarter in CBIT-related deposits at about 2.2 -- [$2.25 billion].

為了回答您的後續問題，我們的 CBIT 相關存款餘額環比基本持平，約為 2.2 - [22.5 億美元]。

Okay. And just given it seems like if you're in this business and staying in the business and really it seems like the strongest man [less] standing in the business in terms of banks, I guess, are you thinking about why not grow that more significantly and therefore, drive deposit costs even lower here?

好的。只是考慮到如果你從事這個行業並留在這個行業並且真的看起來像銀行方面最強大的人[更少]，我想，你是否在考慮為什麼不發展更多顯著，因此，在這裡降低存款成本？

So our primary focus -- remember, this is a payments business. So our primary focus was to meaningfully reduce customer concentration, add new clients and add key anchor clients. This has always been a payments vertical as a broad strategy of a payments hub, whether that's wires, APH -- ACH, Fedwire eventually FedNow and CBIT. These are just different payment offerings we want to offer our corporate clients. With CBIT in particular, given the high velocity of money movement intra bank, it's prudent to keep a good significant portion of these deposits liquid. And as such, it doesn't really make sense to allocate a larger portion of our deposit base as they're not really fully investable.

所以我們的主要重點——記住，這是一項支付業務。因此，我們的主要重點是有效降低客戶集中度、增加新客戶和增加關鍵錨定客戶。這一直是垂直支付作為支付中心的廣泛戰略，無論是電匯、APH——ACH、Fedwire，最終是 FedNow 和 CBIT。這些只是我們想為企業客戶提供的不同支付方式。特別是 CBIT，考慮到銀行內部資金流動的高速，保持這些存款中很大一部分的流動性是謹慎的。因此，分配我們存款基礎的大部分並沒有真正意義，因為它們並不是真正可以完全投資的。

Okay. So there's not necessarily a significant opportunity to bring in additional noninterest-bearing balances. I'm just thinking of the -- obviously, blockchain initiatives but just in the crypto industry in general, just given Silvergate is liquidating, Signature liquidating. So is that not necessarily an opportunity? I guess I still don't fully understand that.

好的。因此，不一定有很大的機會帶來額外的無息餘額。我只是在考慮 - 顯然，區塊鏈計劃，但只是在整個加密行業，鑑於 Silvergate 正在清算，Signature 清算。那是不是一定是機會呢？我想我還沒有完全理解這一點。

Yes. Let me take a shot -- Sorry. Let me take a shot at this, Frank, also in addition to. I think something Sam said, please, I want to reiterate. What we've learned is you do not want to have concentration risks in this environment. The Signature problems and Silicon Valley problems are very much related to lack of risk management, liquidity as well as taking a huge amount of concentration risk. We have never taken concentration risk, and we will not take concentration risk irrespective of how many big opportunities one sees in noninterest-bearing deposits.

是的。讓我試一試——對不起。讓我試一試，弗蘭克，除此之外。我想 Sam 說過的話，拜託，我想重申一下。我們了解到，您不希望在這種環境中存在集中風險。 Signature 問題和矽谷問題與缺乏風險管理、流動性以及承擔大量集中風險有很大關係。我們從來沒有冒過集中風險，不管無息存款有多少大機會，我們也不會承擔集中風險。

The granular portfolio, quality of portfolio from diversified and huge number -- large number of customers is prudent, and it's consistent with our approach to a forward-thinking bank that has DNA -- in its DNA strong risk management.

細粒度的投資組合，來自多元化和龐大數量的投資組合的質量——大量客戶是謹慎的，這與我們對具有 DNA 的前瞻性思維銀行的方法是一致的——在其 DNA 強大的風險管理中。

Okay. All right. That certainly makes sense. And then just as a follow-up, sorry if I missed this, Sam, but in terms of through period end in April. Did you talk about what deposit flows have looked like in April? And you talked about -- I think Carla talked about the opportunity for the strong pipeline for core deposit growth, is that mostly in the specialty lending vertical. Can you just share some color there.

好的。好的。這當然有道理。然後作為後續行動，抱歉，如果我錯過了這個，山姆，但就 4 月份的整個期間結束而言。您是否談到了 4 月份的存款流量情況？你談到了——我認為卡拉談到了核心存款增長的強大渠道的機會，主要是在專業貸款領域。你能在那里分享一些顏色嗎？

Sure, absolutely. So firstly, overall, as there's been increased stability in the banking industry in the month of April, this has led to strong momentum in our deposit base. So for example, in the first few weeks of April across our mortgage warehouse, our Fund Finance and Tech & Venture businesses, FIG and digital bank, we saw inflows of several hundred million dollars in deposits. So as you rightfully pointed out, our deposit pipeline is strong. It's about $2 billion. And we're winning high-quality deposit accounts that are in motion and in-flight and we're seeing very positive momentum on many of the tech-enabled deposit initiatives as we called out the benefit of the tech-enabled deposit relationships are. We have an enhanced value proposition. We're providing technology. We're creating a sticky relationship, and these are at or below market rates.

當然，絕對。因此，首先，總體而言，由於 4 月份銀行業的穩定性有所提高，這導致我們的存款基礎出現強勁勢頭。因此，例如，在 4 月的前幾週，我們的抵押貸款倉庫、我們的基金金融和科技與風險業務、FIG 和數字銀行，我們看到數億美元的存款流入。因此，正如您正確指出的那樣，我們的存款管道很強大。大約是20億美元。我們正在贏得正在運行和飛行中的高質量存款賬戶，我們看到許多技術支持的存款計劃的積極勢頭，因為我們呼籲技術支持的存款關係的好處。我們有一個增強的價值主張。我們提供技術。我們正在建立一種粘性關係，這些關係處於或低於市場價格。

(Operator Instructions) Your next question comes from the line of Peter Winter from D.A. Davidson.

（操作員說明）您的下一個問題來自 D.A. 的 Peter Winter。戴維森。

I was wondering can you provide some guidance on net interest income? I'm thinking just given this margin outlook, the first quarter should really be a trough.

我想知道你能提供一些關於淨利息收入的指導嗎？我在想，鑑於這種利潤率前景，第一季度真的應該是一個低谷。

Yes, Peter. So I can give you some color on that. So you're right. So we believe our margin has troughed. We are expecting it to expand through the remainder of 2023. We are still in line with the guidance that we had previously given the [2.85% to 3.05%], but we do expect to see our margin hit 3% or higher throughout the course of this year.

是的，彼得。所以我可以給你一些顏色。所以你是對的。所以我們相信我們的利潤率已經觸底。我們預計它會在 2023 年剩餘時間內擴大。我們仍然符合我們之前給出的 [2.85% 至 3.05%] 的指導，但我們確實希望在整個過程中看到我們的利潤率達到 3% 或更高今年的。

But -- I'm sorry, I was looking for the net interest income guidance for the year, I'm just thinking first quarter is a trough?

但是 - 對不起，我正在尋找今年的淨利息收入指導，我只是認為第一季度是低谷？

Yes. that's consistent...

是的。那是一致的...

Yes. Peter it's -- go ahead Carla, sorry.

是的。彼得，對不起，卡拉，請繼續。

Yes. So consistent with going forward, our core net interest income, excluding PPP, we believe has troughed and should increase in line with the margin target that we gave you, Peter.

是的。因此，與未來一致，我們認為不包括購買力平價的核心淨利息收入已經觸底，並且應該根據我們給你的保證金目標增加，彼得。

And Peter, as you can see, there's a couple of moving parts here from growth in loans to decline in loans. So there's also some interest income movement that's going to progress as a year progresses that our focus will have governors from a margin perspective, but we'll be a little bit dynamic in some of the loan balances.

彼得，正如你所看到的，這裡有幾個移動部分，從貸款增長到貸款下降。因此，隨著時間的推移，還有一些利息收入變動將會取得進展，我們的重點將是從保證金的角度來看州長，但我們在一些貸款餘額中會有點動態。

And Peter, just as a reminder, there are 2 days less in the first quarter than future quarters. So that will also have some incremental NII improvement.

彼得，提醒一下，第一季度比未來幾個季度少 2 天。因此，這也會有一些增量的 NII 改進。

Okay. Can you -- just on the expenses, how much were expenses related to BMTX -- BMXT? this quarter? And would it be the same level in the second quarter? And is the contract still scheduled to end at the end of this quarter?

好的。你能 - 就費用而言，與 BMTX 相關的費用有多少 - BMXT？這個季度？第二季度會是同樣的水平嗎？合同是否仍計劃在本季度末結束？

Yes. So a couple of things on there. So first, I'll talk about just the contractual arrangement with BMTX, so in our Form 10-K, we talked about keeping roughly half of those deposits and the other half of the deposits are targeted to go to a new partner bank of BMTX. In the first quarter, we did amend those contracts. Our half of those deposits will stay with us for at least another 2 years. And we extended the other half going to the partner bank to June 30, 2024. I will tell you that we did renegotiate those contracts at current market terms. In Q1, our expenses were roughly $7 million. Notably, I would say we are no longer paying the interchange make whole that we were previously paying under the old contracts.

是的。所以那裡有幾件事。因此，首先，我將僅談談與 BMTX 的合同安排，因此在我們的 10-K 表格中，我們談到保留大約一半的存款，另一半存款的目標是存入 BMTX 的新合作夥伴銀行.在第一季度，我們確實修改了這些合同。這些存款中的一半將至少再存留 2 年。我們將另一半交給合作銀行的期限延長至 2024 年 6 月 30 日。我會告訴你，我們確實按照當前市場條款重新談判了這些合同。第一季度，我們的開支約為 700 萬美元。值得注意的是，我想說我們不再支付我們以前根據舊合同支付的交換費用。

From a guidance perspective, I think we've renegotiated to current market terms, so we're no longer giving the guidance ex PPP. When you look at our core noninterest expense guidance, we were roughly $305 million last year. We've put a 5% to 7% increase on that for 2023. That gets you to roughly $320 million to $325 million. So if you look at noninterest expense at roughly $80 million per quarter, that seems like a good run rate to us.

從指導的角度來看，我認為我們已經就當前的市場條款進行了重新談判，因此我們不再提供 PPP 前的指導。當您查看我們的核心非利息支出指南時，我們去年的支出約為 3.05 億美元。我們已經將 2023 年的收入增加了 5% 到 7%。這將使您達到大約 3.2 億到 3.25 億美元。因此，如果您以每季度大約 8000 萬美元的非利息支出來看，這對我們來說似乎是一個不錯的運行率。

And can you just give an update on the provision expense? Are you still comfortable with kind of that $18 million to $22 million range. And I'm just assuming there's really no more need to kind of build reserves from here given the outlook on the deposit side?

您能否提供有關撥備費用的最新信息？你仍然對 1800 萬到 2200 萬美元的範圍感到滿意嗎？鑑於存款方面的前景，我只是假設真的沒有必要從這裡建立儲備金了嗎？

Yes. Peter, that's right. That sort of $18 million to $22 million range per quarter is in line with our forecast.

是的。彼得，沒錯。每季度 1800 萬至 2200 萬美元的範圍符合我們的預測。

Okay. And there are no further phone questions at this time. David, do we have any web questions?

好的。目前沒有進一步的電話問題。大衛，我們有任何網絡問題嗎？

Thank you, Rob. We have a question from Chris Crawford who asks, could you share some characteristics of the commercial real estate portfolio?

謝謝你，羅布。克里斯·克勞福德 (Chris Crawford) 提出了一個問題，您能否分享商業房地產投資組合的一些特徵？

Sure. I can take that up. Chris, appreciate the question, and thank you for the question. It allows me to highlight, I think, really the strength of that underlying CRE portfolio. The predominant composition of the CRE portfolio is multifamily, that's approximately 67%, almost 70% of the entire underlying investment CRE portfolio. That portfolio is predominantly within our core market underwriting LTVs and current LTVs are in that 65% to 70% range.

當然。我可以接受。克里斯，謝謝你提出這個問題。我認為，它讓我能夠真正強調潛在的 CRE 投資組合的實力。 CRE 投資組合的主要組成部分是多戶住宅，約佔整個基礎投資 CRE 投資組合的 67%、近 70%。該投資組合主要在我們的核心市場承保 LTV 內，目前的 LTV 在 65% 到 70% 的範圍內。

Debt service coverage ratio across the board continued to be strong, averaging north of 1.5x coverage on that perspective. The other key component that we keep a very close eye on, obviously, is the upcoming rate reset environment. The good news around that is the bulk of our portfolio does not come up for any type of a rate reset until north or beyond that of 2025. So from a timing perspective, we do not have a lot of the book coming up for a rate reset environment in the next 24-month period, which I think bodes well. We underwrite basically off of a forward-looking yield curve. And then we also do stress test all underwriting at a 300-basis-point assumed increase in interest rates.

全面的償債覆蓋率繼續保持強勁，平均超過 1.5 倍。顯然，我們密切關注的另一個關鍵因素是即將到來的利率重置環境。好消息是，我們的大部分投資組合要到 2025 年北部或之後才會進行任何類型的利率重置。因此，從時間的角度來看，我們沒有太多要進行利率重置的書籍在接下來的 24 個月內重置環境，我認為這是個好兆頭。我們基本上根據前瞻性收益率曲線承銷。然後我們還對所有承保進行壓力測試，假定利率增加 300 個基點。

So overall, the book is performing well. As I noted before, our CRE office exposure is extremely limited and I think in the deck there, we gave some highlights around the LTVs, which are around 58%, the DSCR around [180]. So overall, sound underwriting there as well. And from a retail exposure perspective, I think which is also important is that's gotten some news recently is we've only got about $170 million total in what would be 100% retail investment CRE as well. Portfolio metrics around that are very similar to the office book. Investment -- retail investment, CRE, I mean, investment office are 2 lines that we have never really actively played in. We've always been concerned about those lines. And I think as Sam reiterated earlier in the presentation, we actually have not done really any investment CRE business within the past 6 to 9 months, overall just because of the uncertainty in the environment. So I hope that answers the question.

所以總的來說，這本書表現不錯。正如我之前指出的那樣，我們的 CRE 辦公室曝光率非常有限，我認為在甲板上，我們圍繞 LTV 給出了一些亮點，約為 58%，DSCR 約為 [180]。總的來說，那裡也有良好的承保。從零售風險的角度來看，我認為這也很重要，最近有一些消息是我們在 100% 的零售投資 CRE 中總共只有大約 1.7 億美元。圍繞它的投資組合指標與辦公簿非常相似。投資——零售投資，CRE，我的意思是，投資辦公室是我們從未真正積極參與過的兩條線。我們一直關注這些線。而且我認為正如 Sam 在前面的演講中重申的那樣，我們實際上在過去 6 到 9 個月內沒有真正進行任何投資 CRE 業務，總體而言只是因為環境的不確定性。所以我希望這能回答這個問題。

And we do have a phone question. We have a follow-up question from the line of Frank Schiraldi from Piper Sandler.

我們確實有一個電話問題。我們有來自 Piper Sandler 的 Frank Schiraldi 的後續問題。

Just figured that I'd ask another one while we're here. The -- in terms of the CET1 ratio, just curious your thoughts, obviously, it seems like a prudent time to be building capital. Is that sort of where you think the industry is going to? Or is that more sort of a temporary level so we get through some of this volatility? Just curious why the significant increase in the CET1 ratio by year-end?

只是想我們在這裡的時候我會問另一個。 - 就 CET1 比率而言，只是好奇你的想法，顯然，這似乎是建立資本的審慎時機。你認為這個行業會走向那種方向嗎？或者這更像是一個臨時水平，所以我們可以度過一些這種波動？只是好奇為什麼 CET1 比率在年底前顯著增加？

I think, Frank, it's prudent. I can't tell you how the rest of the industry is looking at things. But we are looking at things that higher capital ratios, stronger credit quality, better deposit franchises very strong overall interest rate and liquidity risk management is very, very prudent and especially in the uncertain times of recession, and we have been talking, as you know, Frank with you and your colleagues for the last well over a year now that we believe it's imminent that we're going to hit a recessionary period. And now we are seeing is absolute certainty of hitting the recession. So with all of those in mind, we think it's very, very prudent. And I think management based upon who the people we talk to are thinking same way, but we can't really speak for the industry.

我認為，弗蘭克，這是謹慎的。我無法告訴你其他行業是如何看待事物的。但我們正在關注更高的資本比率、更強的信貸質量、更好的存款特許經營權非常強大的整體利率和流動性風險管理非常非常謹慎，尤其是在經濟衰退的不確定時期，我們一直在談論，正如你所知，坦率地說，在過去一年多的時間裡，我們相信我們即將進入衰退期。現在我們看到經濟衰退是絕對確定的。因此，考慮到所有這些，我們認為這是非常非常謹慎的。我認為管理基於與我們交談的人以同樣的方式思考，但我們不能真正代表行業。

There are no further phone questions. Do we have any web questions?

沒有進一步的電話問題。我們有任何網絡問題嗎？

We do have 2 more web questions. We'll take these and then we're closing questions. The first question comes from Stuart Epstein who ask if there's been any thought to redeeming the high-yielding preferred stocks.

我們還有 2 個網絡問題。我們將接受這些，然後我們將結束問題。第一個問題來自 Stuart Epstein，他問是否有任何考慮贖回高收益優先股。

Yes, we are not at this time.

是的，我們現在不是。

Okay. And the second, from Mark Hall, an investor who asks if there's anything that we can shed light on regarding employee count acquisition due to everything that's been going on in the banking of recent months. And our ability to attract talent.

好的。第二，來自馬克霍爾，一位投資者詢問由於最近幾個月銀行業發生的一切，我們是否可以闡明有關員工人數收購的任何事情。以及我們吸引人才的能力。

Sure...

當然...

Absolutely. We have been very active in thinking about aligning with our focus areas to strengthen the balance sheet, improving our deposit franchise, increasing a lot of liquidity to make sure that we are focused on make and finding some of the talent that's in motion from some of the banks that are either weakened or no longer with us. So as such, we've interviewed dozens and dozens of executives as well as some very large teams over the past couple of weeks with an acute focus on deposit gathering of sticky relationships that will eventually have credit needs.

絕對地。我們一直非常積極地考慮與我們的重點領域保持一致，以加強資產負債表、改善我們的存款業務、增加大量流動性以確保我們專注於製造和尋找一些正在流動的人才被削弱或不再與我們在一起的銀行。因此，我們在過去幾週採訪了數十名高管以及一些非常大的團隊，重點關注最終將有信貸需求的粘性關係的存款收集。

Okay. That ends our question-and-answer period. Jay or Sam, any final closing comments.

好的。我們的問答期到此結束。 Jay 或 Sam，最後的結束評論。

Yes. Well, thank you very much, ladies and gentlemen, for taking the time to join us. We really appreciate your interest in Customers. Have a good day.

是的。好吧，女士們先生們，非常感謝你們抽出時間加入我們。我們非常感謝您對客戶的關注。祝你有美好的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。