(CUBI) 2023 Q2 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 Second Quarter 2023 Earnings Conference Call. (Operator Instructions). Thank you. David Patti, Director of Communications, you may begin your conference.

早上好。我叫羅布，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Customers Bancorp 2023 年第二季度收益電話會議。 （操作員說明）。謝謝。通訊總監 David Patti，您可以開始會議了。

Thank you, Rob, and good morning, everyone. Thank you for joining us for the Customers Bancorp's earnings call for the second quarter of 2023. 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 Q2 '23 results and click and 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.

謝謝你，羅布，大家早上好。感謝您參加 Customers Bancorp 2023 年第二季度的財報電話會議。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 23 年第 2 季度的結果，然後單擊並下載演示文稿。您還可以當場下載完整新聞稿的 PDF 版本。我們的投資者演示包括我們將在今天早上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 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，我們今天發表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，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 Investor Relations section of our website.

請注意，這些前瞻性陳述僅代表截至本演示文稿發布之日的情況，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的範圍。請參閱我們向 SEC 提交的文件，包括表格 10-K 和 10-Q，了解可能影響我們結果的風險因素的更詳細描述。可以從 SEC 或訪問我們網站的投資者關係部分獲取副本。

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

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

Thank you, Dave, and good morning, ladies and gentlemen. Welcome to Customer Bancorp's Second Quarter 2023 Earnings Call. Joining me this morning are President and CEO of our bank, Sam Sidhu, Customers Bancorp's CFO; Carla Leibold, Chief Credit Officer, Andy Bowman; and our bank CFO and Head of Corporate Development, Phil Watkins. We are very pleased with our second quarter results as we executed seamlessly on our strategic priorities and delivered one of the parts strongest quarters to date. Despite all of the challenges banks are facing this year, we are pleased that we are not only delivering on our promises to our clients and to our investors, but finding opportunities in these challenging times. Please join me in thanking all of our team members across the bank who continue to work tirelessly every single day on executing superbly on our short-term as well as our long-term priorities.

謝謝戴夫，女士們先生們早上好。歡迎參加 Customer Bancorp 的 2023 年第二季度收益電話會議。今天早上和我一起的還有我們銀行的總裁兼首席執行官、Customers Bancorp 的首席財務官 Sam Sidhu； Carla Leibold，安迪·鮑曼首席信貸官；以及我們銀行首席財務官兼企業發展主管 Phil Watkins。我們對第二季度的業績非常滿意，因為我們無縫地執行了我們的戰略重點，並交付了迄今為止最強勁的季度之一。儘管銀行今年面臨著所有挑戰，但我們很高興我們不僅兌現了對客戶和投資者的承諾，而且在這個充滿挑戰的時期找到了機會。請和我一起感謝全行所有團隊成員，他們每天繼續不懈地工作，出色地執行我們的短期和長期優先事項。

Beginning on Slide 3. As you can see, we believe our presentation today will once again demonstrate why we believe we are truly a forward-thinking bank with strong risk management capabilities. We will cover 6 key topics today. I will provide you with the highlights and my colleagues will cover them in more detail. First, in terms of quarterly performance, we are, again, comfortably beating street estimates on our core basis. While our industry is facing margin headwinds, we demonstrated our ability to improve net interest margin, while -- which expanded by 19 basis points to 3.15% during the quarter.

從幻燈片 3 開始。正如您所看到的，我們相信今天的演示將再次證明為什麼我們相信我們是一家真正具有前瞻性的銀行，具有強大的風險管理能力。今天我們將討論 6 個關鍵主題。我將為您提供重點內容，我的同事將更詳細地介紹它們。首先，就季度業績而言，我們再次輕鬆超過了核心基礎上的街頭估計。儘管我們的行業面臨利潤率不利因素，但我們展示了提高淨息差的能力，同時本季度淨息差擴大了 19 個基點，達到 3.15%。

Hence, our net interest income was up 10% during the quarter on a smaller loan base. We are well positioned to achieve the full year net interest margin guidance we previously provided to you.

因此，在貸款基礎較小的情況下，本季度我們的淨利息收入增長了 10%。我們完全有能力實現我們之前向您提供的全年淨息差指導。

Second, we executed on several strategic transactions in the quarter to accelerate our financial and strategic priorities. The Venture Banking portfolio acquisition from the FDIC represented once-in-a-cycle opportunity to recruit a phenomenal team and will serve as another avenue to continue to improve our deposit franchise. We followed through on the commitment we communicated to you last quarter to exit nonstrategic relationships and to continue to derisk the balance sheet by executing on 2 non-core loan sale transactions during the quarter. Sam will provide more detail on each of these transactions later on in the presentation.

其次，我們在本季度執行了幾項戰略交易，以加快我們的財務和戰略優先事項。從 FDIC 收購風險銀行投資組合是一個招募傑出團隊的千載難逢的機會，並將成為繼續改善我們存款業務的另一條途徑。我們履行了上季度向您傳達的承諾，即退出非戰略關係，並在本季度執行 2 筆非核心貸款銷售交易，繼續降低資產負債表風險。 Sam 將在稍後的演示中提供有關每筆交易的更多詳細信息。

Third, we have a high-quality, diversified loyal customer base and are laser-focused on continuing to improve our deposit base in 2023 and beyond. Evidence of the continued success of the efforts can be seen in the $1 billion or 29% quarter-over-quarter increase in our noninterest-bearing deposits. We reduced our average cost of deposits in the quarter by 21 basis points despite an increase in interest rates and significant deposit pressures experienced by the entire industry.

第三，我們擁有高質量、多元化的忠實客戶群，並致力於在 2023 年及以後繼續改善我們的存款基礎。我們的無息存款季度環比增長了 10 億美元，即 29%，這證明了這些努力的持續成功。儘管利率上升且整個行業面臨巨大的存款壓力，但我們本季度的平均存款成本降低了 21 個基點。

Fourth, our liquidity and capital position remained best-in-class. We continue to maintain immediately available liquidity of more than 200% of our uninsured deposits, in recognition of the uncertain times that remain for the industry. We also significantly improved our common equity Tier 1 ratio by 70 basis points during the quarter and have a clear path towards the 11% plus target we stated to you last quarter.

第四，我們的流動性和資本狀況保持一流。考慮到該行業仍然存在不確定性，我們繼續維持超過 200% 的未保險存款的即時可用流動性。我們還在本季度將普通股一級資本比率大幅提高了 70 個基點，並為實現我們上季度向您提出的 11% 以上的目標制定了明確的道路。

Lastly, and perhaps most important is credit quality. This is always a key focus at Customers Bank. We were well ahead of the industry in tempering balance sheet growth, which we discussed with you on our Q4 2022 earnings call. Recent areas of credit focus in office and retail commercial real estate are absolutely de minimis components of our loan portfolio. This was obviously intentional and will pay dividends going forward. We are pleased with what we've accomplished this quarter, but even more excited about what we can do going forward.

最後，也許也是最重要的是信用質量。這始終是客戶銀行關注的重點。我們在緩和資產負債表增長方面遠遠領先於行業，我們在 2022 年第四季度財報電話會議上與您討論了這一點。最近辦公樓和零售商業房地產的信貸重點領域絕對是我們貸款組合的最低限度組成部分。這顯然是有意為之，並將在未來帶來紅利。我們對本季度所取得的成就感到滿意，但對我們未來可以做的事情更加興奮。

Turning to Slide 4. Let me briefly share with you again our priorities, which remain unchanged. We have and will continue to moderate growth build a stronger balance sheet during this time period because of the uncertain environment and to assure ourselves that we are actually capturing holistic banking relationships and continuing to build our franchise. We will continue to fortify our balance sheet and bring -- and then bring our capital ratios and then maintain those capital ratios above peer levels. As always, risk management remains at the core of the bank's DNA and we are unchanged in our commitment to what we call our critical success factors.

轉向幻燈片 4。讓我再次簡要地與大家分享我們的優先事項，這些優先事項保持不變。由於環境的不確定性，我們已經並將繼續在這段時間內適度增長，建立更強大的資產負債表，並向自己保證，我們實際上正在抓住整體銀行關係並繼續建立我們的特許經營權。我們將繼續強化我們的資產負債表，並提高我們的資本比率，然後將這些資本比率維持在高於同行水平。一如既往，風險管理仍然是銀行 DNA 的核心，我們對所謂關鍵成功因素的承諾也沒有改變。

These are that we will never take our eye off the credit risk, we will always focus on superior interest rate risk management. We will continue to monitor liquidity daily and maintain robust liquidity under stress scenarios. We will have above average peer capital ratios, and we will always ensure our growth initiatives will generate positive operating leverage.

這些就是我們永遠不會忽視信用風險，我們將始終專注於卓越的利率風險管理。我們將繼續每日監控流動性，在壓力情況下保持穩健的流動性。我們將擁有高於同行平均水平的資本比率，並且我們將始終確保我們的增長舉措將產生積極的運營槓桿。

With that, I'd like to turn it over to Sam to cover the key activity and results for the quarter in much more detail. Sam?

至此，我想將其交給 Sam，以更詳細地介紹本季度的關鍵活動和結果。薩姆？

Thank you, Jay, and good morning, everyone. I want to echo Jay's sentiment. We are so proud of our team's efforts in delivering one of our best overall quarters yet, especially under such a challenging backdrop for the industry. In the second quarter of 2023, we earned $1.39 in GAAP EPS on net income of $44 million. On a core basis, we earned $1.65 in EPS and our core earnings were $52.2 million. Our core ROA was over 1% and our core ROE was 15.7%. Our improvement in net interest margin to 3.15% was a function of best-in-industry improved deposit costs supported by the repricing of our interest-earning assets, which, as you know, are largely floating rate.

謝謝杰伊，大家早上好。我想表達傑伊的觀點。我們為我們的團隊努力創造了迄今為止最好的整體季度之一感到非常自豪，特別是在行業如此充滿挑戰的背景下。 2023 年第二季度，我們的 GAAP 每股收益為 1.39 美元，淨利潤為 4400 萬美元。在核心基礎上，我們的每股收益為 1.65 美元，核心收益為 5220 萬美元。我們的核心ROA超過1%，核心ROE為15.7%。我們的淨息差提高至 3.15%，這是由於我們的生息資產重新定價（如您所知，這些資產主要是浮動利率）所支持的行業最佳存款成本改善。

From a balance sheet perspective, deposits were up a net $227 million, but this does not fully reflect the significant improvement in our deposit mix and cost, which I'll discuss further in a few minutes. Loan balances were tactically reduced as we actively exited nonstrategic credits in the quarter to free up balance sheet capacity for franchise-enhancing deposit-led lending opportunities. Credit quality remained benign with NPAs declining by 2 basis points to 13 basis points of total assets and NPLs declined by 12% to $28 million. Reserve levels remained robust at nearly 500% of NPLs, and we continue to closely monitor the portfolio for any signs of weakness given the uncertain macroeconomic backdrop.

從資產負債表的角度來看，存款淨增加了 2.27 億美元，但這並不能完全反映我們存款結構和成本的顯著改善，我將在幾分鐘後進一步討論這一點。由於我們在本季度積極退出非戰略信貸，以釋放資產負債表容量，以增加特許經營權，以存款為主導的貸款機會，因此戰術性地減少了貸款餘額。信貸質量保持良性，不良資產佔總資產下降 2 個基點至 13 個基點，不良貸款下降 12% 至 2,800 萬美元。準備金水平仍然強勁，佔不良貸款的近 500%，鑑於不確定的宏觀經濟背景，我們將繼續密切關注投資組合是否有疲軟的跡象。

Turning to Slide 6. I'll provide some more detail here on the Venture Banking FDIC transaction completed in the quarter. Firstly, let me start off by saying that we are thrilled to welcome our new team members and clients to Customers Bank. This acquisition was a perfect addition to our existing Venture Banking vertical. The recruited team comes with an exceptional 20-year track record in the space and is widely regarded as one of the top-performing teams in the industry. I know that the team and the clients are extremely excited to get back to working together, doing what they do best, which is driving their respective businesses forward. And we're so happy to be able to support them.

轉向幻燈片 6。我將在此提供有關本季度完成的風險銀行 FDIC 交易的更多詳細信息。首先，我首先要說的是，我們很高興歡迎我們的新團隊成員和客戶加入客戶銀行。此次收購是對我們現有風險銀行垂直領域的完美補充。招募的團隊在該領域擁有 20 年的卓越業績記錄，被廣泛認為是業內表現最好的團隊之一。我知道團隊和客戶非常高興能夠重新合作，做他們最擅長的事情，這推動了各自的業務向前發展。我們很高興能夠支持他們。

Customers Bank is now immediately being recognized as a leading bank partner for venture-backed companies serving customers from early stage all the way to IPO. Our nationwide presence and customized best-in-class technology platform will provide truly unique service and experience for those innovation and technology companies. Our acquisition of the FDIC portfolio and the parallel recruitment of the team will bring significant near- and medium-term deposits to our franchise. We expect that the new portfolio will be self-funded this year. And a reminder that historically, these clients have deposit balances that are generally 2x their loan balances. We expect that this will provide tailwinds to our already robust deposit gathering momentum.

客戶銀行現在立即被公認為風險投資支持的公司的領先銀行合作夥伴，為客戶提供從早期階段一直到首次公開募股的服務。我們遍布全國的業務和定制的一流技術平台將為這些創新科技公司提供真正獨特的服務和體驗。我們對 FDIC 投資組合的收購以及團隊的並行招聘將為我們的特許經營業務帶來大量的近期和中期存款。我們預計新的投資組合今年將自籌資金。並提醒您，從歷史上看，這些客戶的存款餘額通常是貸款餘額的 2 倍。我們預計這將為我們本已強勁的存款聚集勢頭提供動力。

Finally, the transaction is immediately accretive to both tangible book value and earnings per share, and we expect it to be at least 5% accretive to earnings in 2024, lending to the meaningful approximately $95 million discount.

最後，該交易將立即增加有形賬面價值和每股收益，我們預計 2024 年的收益將至少增加 5%，從而帶來約 9500 萬美元的有意義的折扣。

Moving to Slide 7. In an effort to maintain our deposit remix goals and capital target commitment to our stakeholders, and shareholders, we successfully executed on 2 loan sales at the end of the quarter to free up balance sheet capacity for the FDIC deal announced on June 15 late in the quarter. First, we fully exited the non-bilateral portion of our capital call fund finance credits. These did not have any meaningful deposit relationships and are with very large fund managers and reminder, this is a onetime event. We remain highly committed to the direct capital call line lending vertical and are seeing incredible bilateral opportunities and are excited to add clients to the portfolio that bring full deposit operating account relationships. It is worth noting that we have already added about $100 million in very granular noninterest-bearing operating accounts in the vertical over the past few months with a big pipeline being onboarded as we speak.

轉到幻燈片 7。為了維持我們的存款重組目標和對利益相關者和股東的資本目標承諾，我們在季度末成功執行了 2 筆貸款銷售，為 FDIC 宣布的交易釋放了資產負債表容量。 6月15 日，季度末。首先，我們完全退出資本催繳基金融資信貸的非雙邊部分。這些沒有任何有意義的存款關係，並且與非常大的基金經理有聯繫，並提醒您，這是一次性事件。我們仍然高度致力於直接資本呼叫線貸款垂直領域，並看到了令人難以置信的雙邊機會，並很高興將客戶添加到帶來完整存款運營賬戶關係的投資組合中。值得注意的是，在過去的幾個月裡，我們已經在垂直領域增加了約 1 億美元的非常細粒度的無息運營賬戶，就在我們說話的時候，一個龐大的管道正在啟動。

Additionally, we sold about $550 million of consumer installment loans at a slight premium and ahead of plan. This transaction validates our strategy to increase the velocity of assets in our digital lending business and generate fee and fee-like income with limited to no credit risk. The combination of these 2 transactions will provide us balance sheet capacity to grow our partnership with strategic clients with primary banking relationships that support our funding and liquidity goals of the bank, all while continuing to meet the targeted increase in our capital levels.

此外，我們還提前以小幅溢價出售了約 5.5 億美元的消費者分期貸款。這項交易驗證了我們的戰略，即提高數字借貸業務的資產周轉率，並在信用風險有限甚至無信用風險的情況下產生費用和類似費用的收入。這兩筆交易的結合將為我們提供資產負債表能力，以發展我們與具有主要銀行關係的戰略客戶的合作夥伴關係，支持我們銀行的融資和流動性目標，同時繼續滿足我們資本水平的目標增長。

Moving to Slide 8. This was, clearly, a fantastic quarter for Customers Bank for many reasons, but we're most proud of our deposit successes. These wins are a true testament to the strength of the relationship-based banking supported by best-in-class technology product and solutions that we are delivering to our customers. In an environment where many banks are struggling to attract deposits, let alone low-cost deposit gathering, Customers Bank onboarded over $900 million of net core deposits in the quarter, while increasing the level of noninterest-bearing deposit mix by another $1 billion, bringing the total to now 25% of total deposits. This already, as of today, makes up for the late 2022 negative mix shift that both we and the industry as a whole experienced.

轉向幻燈片 8。由於多種原因，對於客戶銀行來說，顯然這是一個出色的季度，但我們最自豪的是我們的存款成功。這些勝利真正證明了我們為客戶提供的一流技術產品和解決方案所支持的基於關係的銀行業務的實力。在許多銀行都在努力吸引存款、更不用說低成本存款的環境下，客戶銀行本季度吸收了超過9 億美元的淨核心存款，同時將無息存款組合水平再增加了10 億美元，帶來了目前佔總存款的25%。截至今天，這已經彌補了我們和整個行業在 2022 年末經歷的負面組合轉變。

I'm extremely pleased to report that our average cost of deposits declined by 21 basis points, and our spot cost of deposits also declined by 1 basis point. These declines were despite the rate increase that importantly highlights our unique ability to add low-cost and noninterest-bearing deposits used to remix our high-cost and wholesale deposits. We have been able to achieve this in one of the most challenging and competitive deposit gathering environments in modern banking history. We remain deeply focused on the quality of our deposits and at the year -- and at the end of the quarter, 77% of our deposits were either insured or collateralized. This metric keeps us in a very strong position relative to our regional bank peers. We are a beneficiary of a significant customer disruption and frustration in the industry, and we hope to look back on 2023 as a year of growing, diversifying and transforming our deposit base with high-quality, low-cost, sticky and granular franchise-enhancing deposits.

我非常高興地報告，我們的平均存款成本下降了 21 個基點，現貨存款成本也下降了 1 個基點。儘管利率上升，但這些下降仍然重要地凸顯了我們增加低成本和無息存款的獨特能力，這些存款用於重新混合我們的高成本和批發存款。我們能夠在現代銀行業歷史上最具挑戰性和競爭性的存款收集環境之一中實現這一目標。我們仍然高度關注存款的質量，今年和季度末，我們 77% 的存款已投保或有抵押。這一指標使我們相對於區域銀行同行處於非常有利的地位。我們是行業中重大客戶干擾和挫敗感的受益者，我們希望回顧 2023 年，我們的存款基礎將不斷增長、多元化和轉型，通過高質量、低成本、粘性和細化的特許經營增強存款。

Moving to Slide 9. As we discussed earlier, the strength of our deposit franchise drove record net interest income in the quarter of $160 million ex PPP. I repeat record NII with the lowering of quarter-over-quarter interest expense being the main driver. As mentioned, our net interest margin increased significantly to 3.15%. The continued improvement in our deposit franchise and the strength of our interest-earning asset positions us to perform best-in-class despite the headwinds facing the industry.

轉向幻燈片 9。正如我們之前所討論的，我們存款業務的實力推動本季度淨利息收入達到創紀錄的 1.6 億美元（扣除購買力平價）。我重複創紀錄的NII，其中季度利息支出的下降是主要驅動力。如前所述，我們的淨息差大幅上升至 3.15%。儘管行業面臨逆風，但我們存款業務的持續改善和生息資產的實力使我們能夠表現出同類最佳水平。

With that, I'd like to turn the call over to Carla to discuss additional highlights from the quarter.

因此，我想將電話轉給 Carla，討論本季度的其他亮點。

Thank you, Sam, and good morning, everyone. Beginning on Slide 10. We continued our strategy of improving the overall quality of our balance sheet and loan portfolio during the second quarter. Total loans held for investment declined by approximately $800 million quarter-over-quarter, with roughly $300 million of the reduction coming from our consumer installment portfolio. Another $300 million coming from our corporate and specialized banking portfolio, mainly from the syndicated capital call line of credit sale, net of the impact of the acquired Venture Banking portfolio from the FDIC and the remaining $200 million coming from our community banking portfolio.

謝謝你，薩姆，大家早上好。從幻燈片 10 開始。我們在第二季度繼續實施提高資產負債表和貸款組合整體質量的戰略。投資貸款總額環比下降約 8 億美元，其中約 3 億美元的減少來自我們的消費分期投資組合。另外 3 億美元來自我們的企業和專業銀行投資組合，主要來自銀團信貸銷售額度，扣除從 FDIC 收購的風險銀行投資組合的影響，其餘 2 億美元來自我們的社區銀行投資組合。

These reductions were tactical to free up balance sheet capacity for more strategic relationships that come with corresponding deposits. We continue to be excited about our positioning in the fund finance business and will pursue new business opportunities going forward. But our focus will be on opportunities that create holistic banking relationships for us across deposits and treasury management as well as credit facilities. Our net interest margin benefited 7 basis points from the increasing yield on our interest-earning assets, reflecting the floating rate nature of our assets, including our loan portfolio, which is approximately 70% floating rate and a 13 basis point reduction in our total cost of funds. The average yield on loans in the second quarter increased to 6.83%. Our loan-to-deposit ratio ended the quarter at 77%, 9 percentage points lower than our regional bank peers. We've operated the bank at around 80% loan-to-deposit ratio over the last 5 quarters. We believe operating at these levels is prudent, especially in an environment where liquidity in the banking industry is becoming increasingly scarce.

這些削減是戰術性的，目的是釋放資產負債表容量，以建立與相應存款相關的更具戰略性的關係。我們對基金金融業務的定位繼續感到興奮，並將繼續尋求新的業務機會。但我們的重點將放在為我們在存款和資金管理以及信貸便利方面建立全面銀行關係的機會。我們的淨息差受益於生息資產收益率的上升7個基點，反映了我們資產的浮動利率性質，包括我們的貸款組合，浮動利率約為70%，總成本降低了13個基點的資金。第二季度貸款平均收益率上升至6.83%。本季度末，我們的貸存比率為 77%，比區域銀行同行低 9 個百分點。過去 5 個季度，我們銀行的貸存比一直保持在 80% 左右。我們認為，在這些水平上運營是審慎的，尤其是在銀行業流動性日益稀缺的環境下。

Turning to Slide 11. Core noninterest expenses increased to $89 million in the second quarter. The increase was primarily related to 2 items. The first and largest component of the increase resulted from higher insurance expenses. Second, higher incentive accruals were recorded during the quarter tied to performance and the onboarding of our new Venture Banking team members. While our efficiency ratio may be slightly elevated for a quarter or 2, our business model is highly efficient. This is evidenced by the level of noninterest expense to average assets relative to our regional bank peers. We were able to deliver high-touch client service while managing noninterest expenses because of our limited physical branch network and tech-enabled capabilities. This is the true differentiator of the Customer's Bank franchise.

轉向幻燈片 11。第二季度核心非利息支出增加至 8900 萬美元。增加主要與2項有關。增加的第一個也是最大的部分是保險費用增加。其次，本季度記錄了與績效和新風險銀行團隊成員入職相關的更高的應計激勵。雖然我們的效率比率可能會略微提高四分之一或兩個季度，但我們的業務模式非常高效。相對於我們的區域銀行同行，平均資產的非利息支出水平就證明了這一點。由於我們有限的實體分支機構網絡和技術支持能力，我們能夠在管理非利息費用的同時提供高接觸度的客戶服務。這是客戶銀行特許經營權的真正差異化因素。

Moving to Slide 12. We continue to proactively monitor our interest rate risk position with all the moving pieces in this dynamic interest rate environment. Without taking undue credit risk, we continue to generate almost 2x the yield on securities relative to our regional bank peers. The spot book yield on our available for sale securities portfolio increased to 5.38%, given that nearly 50% of the portfolio is floating rate. Even more importantly, we've been able to generate that return by taking only 1/3 of the duration risk that our regional bank peers have exposed themselves to. As a result of the strong interest rate risk management, the unrealized losses in our securities portfolio relative to our tangible common equity is significantly lower than our regional bank peers.

轉到幻燈片 12。我們將繼續主動監控我們的利率風險狀況，了解動態利率環境中的所有變化。在不承擔過度信用風險的情況下，我們的證券收益率仍是區域銀行同行的近兩倍。鑑於投資組合中近 50% 為浮動利率，我們可供出售證券投資組合的現貨收益率上升至 5.38%。更重要的是，我們只承擔區域銀行同行 1/3 的久期風險，就能獲得這樣的回報。由於實行強有力的利率風險管理，我們的證券投資組合相對於有形普通股的未實現損失顯著低於區域銀行同行。

Turning to Slide 13. Our liquidity position remains robust and best-in-class with over $11 billion in total liquidity and over $9 billion in immediately available liquidity. The net interest margin results we shared with you earlier are even more impressive when you recognized. We finished the quarter with over $3 billion of cash on the balance sheet. We will continue to monitor market conditions to determine the appropriate level of balance sheet cash. That said, we continue to believe it is prudent from a risk management perspective to operate with higher levels of cash. There were modest reductions in our available committed capacity during the quarter, primarily resulting from our loan sales and the collateral value or pledging capacity associated with those loans. Immediately available liquidity as a percentage of uninsured deposits remains in excess of 220%, putting us at the very highest end relative to our regional bank peers.

轉向幻燈片 13。我們的流動性狀況仍然強勁且一流，總流動性超過 110 億美元，即時可用流動性超過 90 億美元。當您認識到我們之前與您分享的淨息差結果時，您會更加印象深刻。本季度結束時，我們的資產負債表上有超過 30 億美元的現金。我們將繼續監控市場狀況，以確定適當的資產負債表現金水平。儘管如此，我們仍然認為，從風險管理的角度來看，使用更高水平的現金進行操作是謹慎的。本季度我們的可用承諾能力略有減少，這主要是由於我們的貸款銷售以及與這些貸款相關的抵押品價值或質押能力。即時可用流動性佔未保險存款的比例仍然超過 220%，使我們相對於區域銀行同行處於最高水平。

Moving to Slide 14. We added another $1 per share to our tangible book value in the quarter despite continued AOCI headwinds, the acquisition and onboarding of the Venture Banking loan portfolio, the onetime expense associated with the early surrender of BOLI policies and the onetime loss associated with the exit of the nonstrategic short-term syndicated capital call lines of credit. Over the last 4.5 years, we have increased our tangible book value per share by 14% on an annualized basis. That pace of tangible book value accretion is significantly more than our regional bank peers. Importantly, we remain on track to achieve a tangible book value of at least $45 by the end of this year. Despite the significant improvement in our stock price during the quarter, we continue to trade at very attractive PE multiples, especially for a franchise that is consistently generating returns on capital of roughly 15%.

轉到幻燈片 14。儘管 AOCI 持續面臨阻力、收購和引入風險銀行貸款組合、與提前退還 BOLI 保單相關的一次性費用以及一次性虧損，但本季度我們的有形賬面價值又增加了每股 1 美元與非戰略性短期銀團資本呼叫信貸額度的退出相關。在過去 4.5 年裡，我們每股有形賬面價值按年計算增長了 14%。有形賬面價值增長的速度明顯高於我們的區域銀行同行。重要的是，我們仍有望在今年年底前實現至少 45 美元的有形賬面價值。儘管本季度我們的股價顯著改善，但我們繼續以非常有吸引力的市盈率進行交易，特別是對於持續產生約 15% 資本回報率的特許經營權而言。

Turning to Slide 15. Our estimated CET1 ratio ended the quarter at 10.3%. That was up an impressive 70 basis points compared to last quarter. We accomplished this despite the acquisition of a $631 million Tech & Venture loan portfolio through strong organic capital generation and the loan sales previously discussed. Our TCE ratio was 6% at the end of the second quarter. This ratio was negatively impacted by approximately 80 basis points of AOCI, the more than $3 billion of balance sheet cash also negatively impacted this ratio. Excluding this increased balance sheet cash, our TCE ratio would have been around 6.8%. We remain on track to achieve the year-end CET1 target of 11% to 11.5% that we disclosed last quarter, having achieved nearly 50% of that increase in a single quarter. While this can be largely accomplished through organic capital generation alone, we are continuing to evaluate a modest amount of incremental balance sheet optimization alternatives to the extent we see opportunities to exit additional nonstrategic assets and relationships.

轉向幻燈片 15。我們估計本季度末的 CET1 比率為 10.3%。與上季度相比，這一數字令人印象深刻地上升了 70 個基點。儘管我們通過強大的有機資本生成和前面討論的貸款銷售收購了 6.31 億美元的科技與風險貸款組合，但我們還是實現了這一目標。第二季度末我們的 TCE 比率為 6%。該比率受到 AOCI 約 80 個基點的負面影響，超過 30 億美元的資產負債表現金也對該比率產生了負面影響。如果不計入增加的資產負債表現金，我們的 TCE 比率約為 6.8%。我們仍有望實現上季度披露的 11% 至 11.5% 的年底 CET1 目標，單季度就實現了近 50% 的增長。雖然這在很大程度上可以僅通過有機資本生成來實現，但我們將繼續評估少量增量資產負債表優化替代方案，以達到退出額外非戰略資產和關係的機會。

Moving on to Slide 16. Credit quality in our portfolio remains incredibly strong across all metrics. Nonperforming loans fell to $28 million in the quarter. Commercial charge-offs were de minimis at just 6 basis points and consumer and total net charge-offs remained in line with our expectations. The leading indicator of nonperforming assets to total assets decreased 2 basis points to the quarter to just 13 basis points at June 30. Commercial real estate exposure continues to capture the attention of bank executives and investors, we are extremely well positioned for the potential challenges ahead for the commercial real estate market. CRE comprises only 15% of our loan portfolio, excluding multifamily, compared to our regional bank peers that have about 30% exposure.

繼續看幻燈片 16。我們投資組合中的信用質量在所有指標上仍然非常強勁。本季度不良貸款降至 2800 萬美元。商業沖銷僅為 6 個基點，消費者和淨沖銷總額仍符合我們的預期。截至6 月30 日，不良資產佔總資產的領先指標較本季度下降2 個基點，僅為13 個基點。商業房地產敞口繼續吸引銀行高管和投資者的關注，我們已做好充分準備應對未來的潛在挑戰針對商業地產市場。 CRE 僅占我們貸款組合的 15%（不包括多戶家庭），而我們的區域銀行同行的風險敞口約為 30%。

More specifically, our office and retail sector, commercial real estate, each only account for approximately 1% of our total loan portfolio. They are both very granular portfolios with an average loan size of under $5 million. We closely monitor the minimal exposures that we do have and are pleased with their credit performance. Credits in these 2 sectors have an average loan-to-value of less than 60% and debt service coverage ratios of 1.5 to 1.6x. As Jay mentioned in his opening remarks, superior credit quality has and always will be a core risk management principle that dictates how we operate the bank. We are firm believers that management must remain diligent about credit risk during the good times, which is why we are confident that we are very well positioned despite the uncertain economic environment today.

更具體地說，我們的辦公和零售部門、商業房地產僅占我們貸款組合總額的約1%。它們都是非常精細的投資組合，平均貸款規模低於 500 萬美元。我們密切關注我們所擁有的最低風險敞口，並對他們的信用表現感到滿意。這兩個行業的信貸平均貸款價值比低於 60%，償債覆蓋率為 1.5 至 1.6 倍。正如傑伊在開場白中提到的那樣，卓越的信貸質量一直是並將永遠是決定我們如何運營銀行的核心風險管理原則。我們堅信，在經濟繁榮時期，管理層必須對信用風險保持警惕，這就是為什麼我們相信，儘管當今的經濟環境充滿不確定性，但我們仍處於有利地位。

Turning to Slide 17. As we touched on earlier, we further derisked the balance sheet in the second quarter through our continued reduction in the consumer installment loans held for investment. We have reduced the balances in our held for investment consumer installment portfolio by 47% over the last year and now accounts for just 7% of our total loan balances. The portfolio we continue to hold is very high quality and short duration. The average FICO score is 733 with no credit extended to consumers with FICO scores below 680. The duration of the portfolio is approximately 1.3 years.

轉向幻燈片 17。正如我們之前提到的，我們通過持續減少用於投資的消費者分期貸款，進一步降低了第二季度的資產負債表風險。去年，我們將投資消費分期投資組合中的餘額減少了 47%，目前僅佔貸款餘額總額的 7%。我們繼續持有的投資組合質量非常高，期限也很短。 FICO 平均分數為 733，FICO 分數低於 680 的消費者不享有信貸。投資組合的期限約為 1.3 年。

Going forward, we continue to see opportunity in the consumer space, we have developed differentiated origination capabilities and a robust network of partners. In our held-for-sale portfolio, we take very limited credit risk and currently are able to generate significant fee-like interest income, in addition to the potential fee income opportunities we have identified going forward.

展望未來，我們繼續看到消費領域的機會，我們已經開發了差異化的原創能力和強大的合作夥伴網絡。在我們持有待售的投資組合中，我們承擔的信用風險非常有限，除了我們已經確定的未來潛在的費用收入機會之外，目前還能夠產生大量的費用類利息收入。

With that, I'd like to pass the call back to Sam to address our outlook and provide some concluding remarks. Sam?

在此，我想將電話轉給 Sam，以闡述我們的前景並提供一些結論性意見。薩姆？

Thank you, Carla. Before we wrap our prepared remarks, I want to provide a brief update on our expectations for the full year 2023. To reiterate, our top focus areas for the year are strengthening our balance sheet led by our improving deposit franchise, maintaining industry-leading levels of liquidity and significantly building our capital base. We are maintaining our loan guidance and our deposit strategy will continue to be focused on further remixing and improving the quality of our deposit base with significant core deposit growth used to pay down high cost and wholesale deposits. It's worth mentioning that despite the $900 million plus of core deposit growth in the quarter, our pipeline remains at or above $2 billion today.

謝謝你，卡拉。在我們結束準備好的發言之前，我想簡要介紹一下我們對 2023 年全年的預期。重申一下，我們今年的首要重點領域是通過改善存款業務來加強我們的資產負債表，保持行業領先水平流動性並顯著建立我們的資本基礎。我們將維持貸款指引，存款策略將繼續側重於進一步重新組合和提高存款基礎的質量，並通過顯著的核心存款增長來償還高成本和批發存款。值得一提的是，儘管本季度核心存款增長超過 9 億美元，但我們的存款渠道目前仍保持在 20 億美元或以上。

We are maintaining our full year net interest margin guidance but now have a bias towards the top end of our range. We're revising our noninterest expense guidance to reflect the higher level of expenses inclusive of the Venture Banking Group, as Carla discussed. And we're reaffirming our core EPS guidance of about $6 per share for 2023.

我們維持全年淨息差指導，但現在偏向范圍的上限。正如卡拉所討論的，我們正在修訂我們的非利息支出指導，以反映包括風險銀行集團在內的更高水平的支出。我們重申 2023 年核心每股收益指導為每股 6 美元左右。

Finally, as Carla shared with you, we're well on our way in position to achieve $45 or more of tangible book value by year-end. Lastly, on Slide 19, before we open it up to Q&A, I want to conclude with the takeaways from the quarter. Firstly, we materially improved the quality of our deposit base, and we bucked the industry trend by lowering our deposit cost, increasing our noninterest-bearing deposit mix and improving the mix led to relatively low cost deposit generation in the quarter with a $2 billion plus low-cost deposit pipeline for continued improvement.

最後，正如 Carla 與您分享的那樣，我們有望在年底實現 45 美元或更多的有形賬面價值。最後，在幻燈片 19 上，在我們進行問答之前，我想以本季度的要點作為總結。首先，我們大幅提高了存款基礎質量，並逆行業趨勢降低了存款成本，增加了無息存款組合，並改善了組合，導致本季度存款生成成本相對較低，超過 20 億美元低成本存款渠道持續改善。

Our net interest margin, number two, expansion was differentiated versus the rest of the industry and positions us to meet or beat our full year guidance for '23. Number three, we remixed the loan portfolio to emphasize strategic deposit-led relationships and provide capacity for multiproduct relationship opportunities across all of our lending franchises. Fourth, we meaningfully improved our capital base by an industry-leading 70 basis points despite the acquisition, lending to our balance sheet discipline and are well on track to deliver our promise to exceed 11% CET1 by year-end. And finally, we accomplished all of this in the quarter while never deviating from our core risk management principles. Our interest rate risk and liquidity positions remain best-in-class and our loan portfolio is positioned to weather whatever macroeconomic environment may be ahead.

我們的第二大淨息差擴張與行業其他公司有所不同，這使我們能夠達到或超過 23 年全年指導。第三，我們重新混合了貸款組合，以強調以存款為主導的戰略關係，並為我們所有貸款業務提供多產品關係機會。第四，儘管進行了收購，但我們的資本基礎顯著提高了 70 個基點，達到了行業領先水平，這有助於我們的資產負債表紀律，並且有望實現到年底超過 11% CET1 的承諾。最後，我們在本季度完成了所有這一切，同時從未偏離我們的核心風險管理原則。我們的利率風險和流動性狀況仍然是同類中最好的，我們的貸款組合能夠抵禦未來可能出現的任何宏觀經濟環境。

Thank you. Let's now open it up to questions.

謝謝。現在讓我們提出問題。

(Operator Instructions) And your first question comes from the line of Michael Perito from KBW.

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

I wanted to start on just a couple kind of clarifications. Obviously, a lot happened this quarter, right, and a lot happening this year. And I wanted to maybe kind of level set how you expect the business to look in 2024 and beyond. And so I have a couple of questions on that line of questioning. So I want to start on the loan portfolio side. I guess Carla, you mentioned there might still be some actions you take. But is the end of period mix kind of indicative of what you guys think going forward, about 50% C&I, maybe 5% to 10% CRE, 5% to 10% mortgage warehouse, the balance CRE and multifamily. Is that -- does that feel kind of like the right mix, given where you're at now? Or how should we think about that moving forward?

我想先做一些澄清。顯然，這個季度發生了很多事情，對吧，今年也發生了很多事情。我想也許可以設定一個水平，讓您期望 2024 年及以後的業務會是什麼樣子。因此，我對這一問題有幾個問題。所以我想從貸款組合方面開始。我想卡拉，你提到你可能仍然會採取一些行動。但期末組合是否表明了你們對未來的看法，大約 50% C&I，也許 5% 到 10% CRE，5% 到 10% 抵押倉庫，餘額 CRE 和多戶住宅。考慮到你現在所處的位置，這感覺像是正確的組合嗎？或者說我們應該如何思考未來的發展？

Yes, Mike, I think that's right. One of the things we wanted to reiterate is our loan guidance is really anchored back to the end of last year, the beginning of this year. So when we're talking to a flat to declining balance sheet, really focusing on year-over-year, but I think the mix that we currently have is good to think about what it looks like going forward.

是的，邁克，我認為這是對的。我們想重申的一件事是，我們的貸款指導實際上是追溯到去年年底、今年年初。因此，當我們談論資產負債表持平甚至下降時，我們真正關注的是同比情況，但我認為我們目前的組合有助於思考未來的情況。

And then -- that's perfect. And then switching to the deposit side though, I imagine there's still -- and you guys kind of alluded to this, but that mix still should change a bit over the next 4 quarters, right? I mean you have at least $0.5 billion targeted to come over on the Venture side. I imagine that will be a blend of kind of low and no-cost deposits. I guess just as you look ahead on that side, do you guys have kind of a targeted range of mix on the deposit portfolio that you're hoping to be able to achieve by the end of next year?

然後——那就完美了。然後轉向存款方面，我想仍然存在——你們有點提到了這一點，但這種組合在接下來的 4 個季度仍然應該發生一些變化，對嗎？我的意思是，你的目標是至少有 5 億美元用於風險投資。我想這將是低成本和無成本存款的混合體。我想，正如你們展望這方面的前景一樣，你們是否有希望在明年年底之前實現的存款組合目標範圍？

Yes. So Mike, it's a great question. And I would sort of say, firstly, just as a reminder, we had obviously the low-cost deposits this quarter. In the press release, we talked about the $660 million plus or minus sort of wholesale and brokered CDs that were paid down. There's an additional almost $2 billion approximately in the second half of this year. And our anticipation is that if the core deposit pipeline continues to come in at the pace that it's coming in today would be used to continue to pay off high cost and also pay down those brokers. So the remix would actually be significant not just by the end of next year, but would really accelerate this year and continue at the pace that we're in.

是的。邁克，這是一個很好的問題。我想說，首先，提醒一下，本季度我們顯然有低成本存款。在新聞稿中，我們談到了已付清的 6.6 億美元上下的批發和經紀 CD。今年下半年大約還會增加近 20 億美元。我們的預期是，如果核心存款管道繼續以今天的速度進入，將用於繼續償還高額成本並支付那些經紀人的費用。因此，混音實際上不僅會在明年年底之前變得很重要，而且會在今年真正加速並繼續按照我們目前的節奏進行。

And just to kind of go back for a second to our growth. We also had $200 billion in the second quarter of high-cost digital deposits, consumer-related deposits that declined. And so our core deposit generation of actual new customer growth was approximately $1.3 billion to over about $100 million a week on average. Having said that, there was a huge acceleration after the FDIC deal announcement in the second half of June. And that pace has continued of that approximately $100 million or so, plus or minus of core low-cost deposit growth in July as well.

讓我們回顧一下我們的成長。第二季度我們還有 2000 億美元的高成本數字存款，與消費者相關的存款有所下降。因此，我們的核心存款平均每週實際新客戶增長約為 13 億美元至超過 1 億美元。話雖如此，自 6 月下半月 FDIC 交易宣布以來，出現了巨大的加速。而且這種速度仍在繼續，大約 1 億美元左右，加上或減去 7 月份核心低成本存款的增長。

And Sam, if you had to try to -- like just give us a rough indication of the key verticals that drove and are driving that incremental low-cost deposit growth going forward. How would you kind of break that out? You had obviously dramatic DDA growth, there wasn't a color in the release about where that came from. I know we could probably guess, but just would love like maybe a layer deeper on that just so we have an idea of what businesses you are really driving this?

山姆，如果你必須嘗試的話，請給我們一個粗略的指示，說明推動和正在推動低成本存款增量增長的關鍵垂直領域。你會怎樣解決這個問題？顯然，DDA 增長顯著，但新聞稿中沒有提及其來源。我知道我們可能會猜測，但只是希望能更深入地了解這一點，以便我們了解您真正在推動哪些業務？

Yes, sure, of course. Good question. So it was broad-based across the organization, first and foremost, and the pipeline is also reasonably broad-based, but there's obviously a couple of verticals in the second quarter, but then importantly, I can kind of guide a little bit for the third quarter and beyond.

是的，當然，當然。好問題。因此，首先也是最重要的是，它在整個組織中具有廣泛的基礎，管道也具有相當廣泛的基礎，但第二季度顯然有幾個垂直領域，但重要的是，我可以為第三季度及以後。

So in the second quarter, we had $200 million of Fund Finance and Tech & Venture. Over the last quarter or so, we also had $200 million in end-of-period CBIT balances that were contributing but as you know, with our discipline, I think we were at 13% last quarter, about 15% plus or minus now with our discipline to any deposit vertical cap from a concentration perspective, you will not see any more growth from that vertical, whether it's deposits or noninterest-bearing.

所以在第二季度，我們有 2 億美元的基金融資和科技與風險投資。在上個季度左右，我們還有2 億美元的期末CBIT 餘額做出了貢獻，但正如你所知，根據我們的紀律，我認為上個季度我們的比率為13％，現在大約為15％上下。從集中度的角度來看，我們對任何存款垂直上限的紀律，你都不會看到該垂直方向有任何增長，無論是存款還是無息。

And then like I mentioned, it was broad-based across. But if you look forward at the pipeline, as you mentioned, we have several hundred million dollars of low-cost deposit growth in the pipeline of, as you can imagine, 150, 200 accounts being opened right now from our Tech & Venture Group of the loan portfolio. None of those deposits came in by June 30. Those -- the loans were -- the credits came on by June 15. And it took a couple of weeks to kind of discuss with the customers, move over some of the servicing and the ACH and to begin those account openings. And we're seeing that really in earnest right now.

然後就像我提到的那樣，它具有廣泛的基礎。但如果你展望一下管道，正如你提到的，我們有數億美元的低成本存款增長正在管道中，正如你可以想像的那樣，我們的科技與風險投資集團現在正在開設 150、200 個賬戶。貸款組合。到 6 月 30 日，這些存款都沒有到賬。那些貸款——到 6 月 15 日，信貸就到賬了。花了幾週時間與客戶進行討論，移交一些服務和 ACH並開始開設賬戶。我們現在確實認真地看到了這一點。

Fund Finance is another big vertical where I think we have over 100 accounts at various stages of opening right now. And what's interesting about Fund Finance is, as you know, these are typically noninterest-bearing in nature, and they're also a small ticket on the low end, $0.5 million to $1 million to $2 million. And if you look forward at our deposit pipeline of that $2 billion plus that I mentioned, it's granular. We're talking about average account sizes in the $5 million to $10 million on the high end, it's going to be $20 million to $30 million. These are true granular, sticky, low-cost operating accounts.

基金金融是另一個大型垂直領域，我認為我們目前有 100 多個處於不同開設階段的賬戶。基金融資的有趣之處在於，如您所知，這些通常是無息性質的，而且它們也是低端的小票，50 萬美元到 100 萬美元到 200 萬美元。如果您期待我們的 20 億美元存款管道以及我提到的，它是細粒度的。我們談論的是平均賬戶規模在 500 萬至 1000 萬美元之間，高端的則為 2000 萬至 3000 萬美元。這些是真正的細粒度、粘性、低成本的運營賬戶。

That's really good color. Just a couple of more quick follow-ups for me. Just on the loan-to-deposit ratio, Carla, I think if I heard you correctly, you said operating in like the 80% to 85% range going forward. Is that -- did I hear that right or...?

這顏色確實不錯啊對我來說只是幾個快速的後續行動。就貸存比而言，卡拉，我想如果我沒聽錯的話，你說的未來將在 80% 到 85% 的範圍內運作。是——我沒聽錯嗎，還是……？

Yes, around 80%.

是的，大約80%。

Okay, around 80%. And I think in the release or the slides, Sam, you guys mentioned that the Venture piece is going to be 2 deposits for every dollar of loans like normalized, it might take some time to get there. But so I guess, that -- just all to say, I mean, there's still a good amount of remixing going on micro on the balance sheet here in terms of like what these businesses are going to contribute going forward. But I think just as guardrails, if we assume those -- that low mix, the improving deposit mix, and the 80-ish percent loan deposit ratio, it sounds like we should be in a flattish balance sheet near term. It sounds like we should be in the right ballpark of what you guys are expecting to happen.

好的，80%左右。我認為在新聞稿或幻燈片中，Sam，你們提到風險投資將是每 1 美元貸款需要 2 筆存款，就像正常化一樣，這可能需要一些時間才能實現。但我想，總而言之，我的意思是，就這些企業未來將做出的貢獻而言，資產負債表上仍然存在大量的微觀重組。但我認為，就像護欄一樣，如果我們假設這些——低組合、改善的存款組合以及 80% 左右的貸款存款比率，聽起來我們近期的資產負債表應該持平。聽起來我們應該符合你們期望發生的事情。

That's right.

這是正確的。

Okay. And then just lastly on the NIM guide towards the high end of the range. That's a full year guide, right, if I recall. So that would suggest you expect the NIM to maybe be in like the 320, 330 range in the back half of the year. Is that generally fair?

好的。最後，NIM 指南向該範圍的高端邁進。如果我沒記錯的話，那是全年指南，對吧。因此，這表明您預計今年下半年的淨息差可能會在 320、330 的範圍內。這通常公平嗎？

Yes. The NIM guide was the full year, and the range was the 285 to the 305. So we think that using the Q2 margin around 315 is a good way to think about it in the back half of this year as well.

是的。 NIM 指南是全年的，範圍是 285 到 305。因此，我們認為使用 315 左右的第二季度利潤率也是在今年下半年考慮這一問題的好方法。

And your next question comes from the line of Casey Haire from Jefferies.

您的下一個問題來自 Jefferies 的 Casey Haire。

A couple of follow-up questions, I guess, on the NIM. We got the spot deposit costs, obviously moving in the right direction. I was wondering, given all the moving pieces in the quarter on the loan front, if you could give what the spot loan yield was on 6/30 and the spot NIM, if you have it as well.

我想還有幾個關於 NIM 的後續問題。我們得到了現貨存款成本，顯然正在朝著正確的方向發展。我想知道，考慮到本季度貸款方面的所有變化，您是否可以給出 6/30 的即期貸款收益率和即期 NIM（如果您也有）。

Yes. We don't have the spot NIM that we gave at the end of the quarter, focusing just on the 315 and the spot loan yields, it's hard to say because it varies so much by the different portfolios. But I think to say on average, 7% or higher, was about -- feels about right.

是的。我們沒有季度末給出的現貨淨息差，只關注 315 和現貨貸款收益率，這很難說，因為不同的投資組合差異很大。但我認為，平均而言，7% 或更高，感覺差不多。

Yes. And Casey, just to provide a little bit more color on the loan yields. As you may recall, our specialty lending verticals like a capital call lines, et cetera, we're typically whereas those were sort of in that 250 to 350 over SOFR range. They're actually now at a minimum 300 and actually more in the high end of the range of 325 to 350, and these are direct deposit-generating type relationships. Additionally, on the Tech & Venture and Venture Banking Group, you're typically at a prime plus 100, which is an additional 50 to 100 basis points over those verticals as well.

是的。凱西只是為了給貸款收益率提供更多的色彩。您可能還記得，我們的專業貸款垂直行業（例如資本呼叫線等）通常在 SOFR 範圍內 250 到 350 之間。它們實際上現在至少為 300，實際上更多，在 325 至 350 範圍的高端，這些是直接存款生成類型的關係。此外，在科技與風險投資和風險投資銀行集團，您通常處於最高點+100，這也比這些垂直領域額外增加了 50 到 100 個基點。

Got you. Okay. And then just on the 11% CET1 target. You guys clearly sounds like you're on a nice path. Just wondering do you need to do any more pruning of the loan book? Or can you get there organically? And then how much of the cash position, which is very strong at 10% of the balance sheet, will be utilized to get there in terms of -- I mean, you could shrink the balance sheet, obviously, and pay down borrowings.

明白你了。好的。然後就是 11% CET1 目標。聽起來你們顯然走在一條不錯的道路上。只是想知道您是否需要對貸款簿進行更多修剪？或者你能有機地到達那裡嗎？然後，有多少現金頭寸（佔資產負債表的 10% 非常強勁）將用於實現這一目標——我的意思是，顯然，你可以縮小資產負債表，並償還借款。

Yes. So just a little bit of color on that. You're right. We can get there from organic generation alone considering on a core basis, we made 290 so far in 2023. So the back half of the year, that additional retained earnings generation could get you with -- to our targeted 11% to 11.5% with no other balance sheet optimization strategies.

是的。所以只需要一點點顏色就可以了。你說得對。我們可以僅通過有機發電來實現這一目標，考慮到核心基礎上，我們在2023 年迄今為止已經實現了290 個目標。因此，今年下半年，額外的留存收益發電可以讓您達到我們的目標11 ％ 至11.5％沒有其他資產負債表優化策略。

And Casey, if I could just go back, I just I don't think we fully answered your NIM question as we talked about the loan portfolio. But just wanted to remind and connect some dots, the consumer loan sales were at a weighted average cost of, call it, mid-teens. The Venture Banking loans, which largely filled the whole were at that 9%-ish type range. So while there were very positive trends in the month of June and continuing on into the second quarter, there are also some headwinds, but those are desired headwinds and they kind of neutralize each other as the quarter and the year progresses.

凱西，如果我能回去的話，我認為我們在談論貸款組合時沒有完全回答你的 NIM 問題。但只是想提醒並連接一些點，消費者貸款銷售的加權平均成本為十幾歲左右。風險銀行貸款基本上佔據了整個貸款的 9% 左右的範圍。因此，雖然 6 月份出現了非常積極的趨勢並持續到第二季度，但也存在一些不利因素，但這些都是理想的不利因素，隨著季度和年度的進展，它們會相互抵消。

Right. Yes. No, that's my point is like the consumer book, obviously had a very nice rate and then the yield on the Venture book is coming in lower. Just understand from a risk perspective, all in that -- that's what you guys were going for. But yes, that's why I was just curious on the loan yield.

正確的。是的。不，這就是我的觀點，就像消費者書籍一樣，顯然有一個非常好的利率，然後風險書籍的收益率會更低。只要從風險的角度理解，這就是你們所追求的。但是，是的，這就是為什麼我只是對貸款收益率感到好奇。

Okay. And then what was my other -- yes, so on the expense side, taking the guide up on the FDIC assessments. Can you just break out what's the breakdown between what is -- how much of that is Venture Banking versus the FDIC assessments?

好的。然後是我的另一個 - 是的，所以在費用方面，參考 FDIC 評估指南。您能否詳細說明一下風險銀行評估與 FDIC 評估之間的具體情況？

Yes. So a couple of points there. So first, I'd just like to reiterate that we were on target to deliver our previous expense guidance if it wouldn't be for these 2 items. Obviously, the larger component is the increased insurance expenses and then the second component is tied to sort of the full onboarding of the new Venture Banking team as well as some increased incentives associated with are tied to performance. So the larger piece would be the insurance expenses.

是的。所以有幾點。首先，我想重申，如果不是這兩項，我們的目標是提供之前的費用指導。顯然，較大的部分是保險費用的增加，第二部分與新風險銀行團隊的全面入職以及與績效相關的一些增加的激勵措施有關。所以更大的部分是保險費用。

Got you. And the FDIC, that's -- my understanding is that comes later in the fourth quarter, and it's onetime in nature? Are you just referring to greater FDIC assessments on an ongoing basis?

明白你了。 FDIC，我的理解是，它會在第四季度晚些時候出現，而且本質上是一次性的？您只是指持續進行更大規模的 FDIC 評估嗎？

Yes, Casey. We're referring to accruals for larger expenses going forward and what you probably have seen in large commercial banks. And if you really dig in is that this is broad-based across the industry for large commercial banks such as that we have such a low expense base, and we're highly efficient from a cost base perspective. It's jumping out. But again, going back to sort of the way that we think about efficiency, we'll have sort of a 1- to 2-quarter blip in our efficiency ratio of the high 40s, and will go back to sort of -- once the Venture Banking team, and we sort of digest some of the capital headroom we created in this quarter. We go back to BAU, we'll be back to targeting 45% plus or minus efficiency ratio in 2024 and beyond.

是的，凱西。我們指的是未來較大開支的應計費用以及您可能在大型商業銀行中看到的情況。如果你真正深入挖掘的話，就會發現這對於大型商業銀行來說在整個行業都有廣泛的基礎，例如我們的費用基礎如此之低，而且從成本基礎的角度來看我們效率很高。它跳出來了但是，再次回到我們對效率的思考方式，我們的效率比率將在 40 左右的高水平上出現 1 到 2 個季度的波動，並且一旦風險銀行團隊，我們消化了本季度創造的一些資本空間。我們回到 BAU，我們將回到 2024 年及以後 45% 正負效率比的目標。

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

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

Sam, I wanted to get -- just a follow up on the deposit question. Obviously, that was kind of the most eye-popping part of the quarter. So just the additional $2 billion in the pipeline, just want to make sure I understand. Is that mostly noninterest-bearing? Is that just low cost in general? Or how would you characterize those balances?

薩姆，我想了解一下存款問題的後續情況。顯然，這是本季度最令人瞠目結舌的部分。因此，我們正在籌劃額外的 20 億美元，只是想確保我理解。大部分是無息的嗎？總體而言，這只是低成本嗎？或者您如何描述這些餘額？

Sure. Great question, Frank. And interestingly enough, it's in the similar sort of strike zone as we're operating in right now, 25% to 35% noninterest-bearing. The rest of it being moderately low cost. And when I say low cost at this point in time, you sort of think of that as sort of at our average cost of deposits as opposed to the marginal cost of high deposits.

當然。好問題，弗蘭克。有趣的是，它處於與我們現在運營類似的罷工區域，25% 至 35% 無息。其餘的成本相當低。當我此時說低成本時，您會認為這是我們的平均存款成本，而不是高存款的邊際成本。

So our hope is that we can continue sort of in the pipeline, I think that of the $100 million plus that I was mentioning that we're bringing on per week right now. I'd say about $20 million plus or minus, if not $30 million, is noninterest-bearing. So that pace is continuing. And again, the use of proceeds is going to be paying down the higher costs, letting some digital -- high-cost digital deposits run off and wholesale deposits in the second half of this year, and we'll look to continue the trend of this deposit mix shift in the second half of '23 to set up a really nice platform to jump off of in '24.

因此，我們希望我們能夠繼續進行下去，我想除了我提到的我們現在每週投入的 1 億美元之外。我想說，即使不是 3000 萬美元，上下 2000 萬美元也是無息的。因此，這種步伐仍在繼續。再說一遍，收益的用途將用於支付更高的成本，讓一些數字——高成本的數字存款流失，並在​​今年下半年大規模存款，我們將繼續這一趨勢這種存款組合在23年下半年發生了轉變，為24 年建立了一個非常好的平台提供了基礎。

Okay. So even if that is coming on, 25% is noninterest-bearing, the stuff that's coming off is all interest-bearing, all higher yielding or higher cost stuff. So we should expect that noninterest-bearing as a percentage of total to continue to increase, I would assume, over time.

好的。因此，即使出現這種情況，25% 是無息的，即將出現的東西都是有息的，都是收益率更高或成本更高的東西。因此，我認為，隨著時間的推移，我們應該預期無息佔總額的百分比將繼續增加。

That's the hope, Frank. Obviously, you can't fully control these things, but that assumes sort of static noninterest-bearing balances from where we are today, which we think is probably accurate given the customer relationships and conversations, as you can imagine, for someone to hold a noninterest-bearing account, there has to be either a true 100% operating account or an incredible value-added proposition like payments that would have you not demand to put those into an interest-bearing account or at least to move some of it into an interest-bearing income.

這就是希望，弗蘭克。顯然，你無法完全控制這些事情，但這假設了我們今天所處的靜態無息餘額，考慮到客戶關係和對話，我們認為這可能是準確的，正如你可以想像的那樣，讓某人持有非計息賬戶，必須有一個真正的100% 運營賬戶，或者一個令人難以置信的增值主張，比如付款，這樣您就不需要將這些賬戶存入計息賬戶，或者至少將其中一部分轉入非計息賬戶。有息收入。

Sure. Okay. And then you mentioned the capital call lines. The sale of the business in the quarter was sort of a one-off. There's no deposits tied to it. So at this point, generally speaking, what's on the portfolio, is there -- it's operating stuff where there is deposits funding those lines? Is that fair? And so you wouldn't expect -- and that's why you wouldn't expect additional kind of one-offs on that side of the business?

當然。好的。然後你提到了大寫呼叫線。本季度出售該業務有點一次性。沒有與之相關的存款。所以在這一點上，一般來說，投資組合上有什麼——它是在為這些線路提供資金的存款中運營的東西嗎？這公平嗎？所以你不會期望——這就是為什麼你不會期望在業務的這一方面出現額外的一次性事件？

That's right, Frank. So the way to think about it is, is that the $600 million plus or minus of commitments approximately represented about $300 million in outstandings and it was about 1/3 of the outstandings that we had on our balance sheet. So we have $520 million of outstandings in Fund Finance at the end of the quarter. Those are 20% as of today, self-funded, which is up significantly from no balances just a couple of quarters ago. And it's a testament to sort of that technology enablement transaction banking that we first started talking about last summer. So we're continuing to add a number though, of also direct noncredit noninterest-bearing deposit relationships as well to counterbalance some of the net credit relationships that we have in the vertical.

沒錯，弗蘭克。因此，思考這個問題的方法是，6 億美元加減的承諾大約相當於 3 億美元的未償餘額，大約是我們資產負債表上未償餘額的 1/3。因此，截至本季度末，我們的基金財務餘額為 5.2 億美元。截至目前，這些資金的比例為 20%，是自籌資金，比幾個季度前沒有餘額的情況顯著增加。這證明了我們去年夏天首次開始談論的技術支持交易銀行業務。因此，我們將繼續增加一些直接的非信貸無息存款關係，以平衡我們在垂直領域擁有的一些淨信貸關係。

Okay. And then just last question on -- sticking with that theme. Just curious your thoughts on what's the right sort of level of brokered balances on the balance sheet for you guys, given that you've got the branch-light model, at this point, do you say we've got these niches that can provide this funding that maybe we're ultimately not looking for any sort of sizable brokered on the balance sheet? Or is that still going to continue to be a sizable portion just given that the model you guys run. What are your thoughts there?

好的。然後是最後一個問題——堅持這個主題。只是好奇你對資產負債表上經紀餘額的正確水平的想法是什麼，考慮到你已經有了分支燈模型，在這一點上，你說我們有這些可以提供的利基市場嗎？也許我們最終不會在資產負債表上尋找任何規模可觀的經紀資金？或者考慮到你們運行的模型，這仍然會繼續佔據相當大的比例。你有什麼想法？

Yes. That's a good question, Frank, and thanks for the thoughtful approach to it. So I think that from one of the things that the entire industry learned in March is that brokered contractual and insured deposits can be an incredible sort of diversified deposit strategy for any bank. Typically, a traditional sort of retail banking franchise has somewhere in that 5% to, on the high end, 10% to 15% of broker or wholesale deposits. I think the right number for us, the right target for us is probably 15% to 20% given that we're branch-light and a commercial grow is good to have that diversified contractual space. It also helps from an interest rate risk management perspective, if you also sort of split that between short-term, less than 12 months and longer term, it also allows you to have some reference portfolios on the liability side for hedging purposes. So I think that the way that we -- you'll sort of see that number progresses, we'd like to have it half as early as the end of the year or early next year.

是的。這是一個很好的問題，弗蘭克，感謝您對此問題的深思熟慮。因此，我認為，整個行業在三月份學到的一件事是，經紀合同和保險存款對於任何銀行來說都是一種令人難以置信的多元化存款策略。通常，傳統的零售銀行特許經營權佔經紀人或批發存款的 5% 到 10% 到 15%（高端）。我認為對我們來說正確的數字，對我們來說正確的目標可能是 15% 到 20%，因為我們的分支機構較少，而且商業增長有利於擁有多元化的合同空間。從利率風險管理的角度來看，它也很有幫助，如果你也將其分為短期、少於 12 個月和長期，它還允許你在負債方面擁有一些參考投資組合以進行對沖。所以我認為，按照我們的方式，你會看到這個數字的進展，我們希望最早在今年年底或明年初達到一半。

And your next question comes from the line of Peter Winter from D.A. Davidson.

你的下一個問題來自 D.A. 的 Peter Winter。戴維森。

I wanted to ask with the acquisition of the Venture Banking loan portfolio, and then you've got the recent bank failures that were also in this business. Can you just talk about your competitive positioning and how this deal enhances your capabilities?

我想問一下收購風險銀行貸款組合的問題，然後你就會看到最近銀行倒閉的情況也發生在這個行業。您能談談您的競爭定位以及這筆交易如何增強您的能力嗎？

Yes, sure, absolutely. Thanks, Peter, and good morning and I appreciate the question. So I think I mentioned in my prepared remarks, this team allows us to have a nationwide presence, end to end with offices and or presence -- on-the-ground presence in Los Angeles, San Francisco, Austin, Atlanta, Denver, Raleigh, Boston, Chicago, D.C. So truly a nationwide footprint of on-the-ground relationship managers. It also comes fully with 5 or maybe half a dozen person treasury team, it comes with about, 8 or 9 folks on the credit side and about a dozen or so plus or minus relationship managers.

是的，當然，絕對。謝謝，彼得，早上好，我很欣賞這個問題。因此，我想我在準備好的發言中提到，這個團隊使我們能夠在全國范圍內建立辦事處，並在洛杉磯、舊金山、奧斯汀、亞特蘭大、丹佛、羅利等地開展實地業務、波士頓、芝加哥、哥倫比亞特區。因此，實地客戶經理的足跡真正遍布全國。它還配備了 5 到 6 人的財務團隊，大約有 8 到 9 名信貸人員，以及大約 12 名左右的關係經理。

So it's truly a fully integrated very well-regarded team. I have personally spent a good amount of time with some of the important customers virtually over the past couple of weeks since the onboarding occurred and nothing but incredible things to say. And one of the things that we have noticed is that with all of the dislocation that you referenced, there are very few banks that had a running head start of an existing business that as we did, we're combined -- on a combined basis, over $1 billion in outstandings, about $2 billion in commitments right now in this vertical. And with that nationwide presence plus a truly best-in-class team really is going to set us apart, both on the deposit gathering side as well as thinking about continuing to grow from this space over the next couple of quarters in the future in '24 and '25 from a credit and lending perspective as well.

所以它確實是一個完全整合的、非常受人尊敬的團隊。自從入職以來，我個人在過去幾周里幾乎與一些重要客戶一起度過了很多時間，除了令人難以置信的事情之外什麼也沒有說。我們注意到的一件事是，由於您提到的所有混亂，很少有銀行能夠像我們一樣在現有業務上處於領先地位，我們是在合併的基礎上合併的，超過10 億美元的未付款項，目前在該垂直領域的承諾額約為20 億美元。憑藉全國范圍內的影響力加上真正一流的團隊，確實將使我們與眾不同，無論是在存款收集方面，還是在未來幾個季度繼續從這個領域發展的考慮中。從信貸和貸款的角度來看，24 和25 也是如此。

Got it. And then what inning do you think we are in terms of exiting these nonstrategic relationships? And then would you think that you're going to grow the balance sheet next year?

知道了。那麼您認為我們在退出這些非戰略關係方面處於什麼階段？那麼您是否認為明年會擴大資產負債表？

Yes. Good question, Peter. So in terms of the nonstrategic exiting, the plan was to have these to be gradual over the course of the year. We had an upside opportunity to acquire the FDIC portfolio as well as to recruit the team, as you know, that happened very late in the quarter, and we thought it would be prudent to execute on a number of things late in the quarter to do what I would call sort of a cleanup catch-up. These non bilateral syndicated capital call lines were all maturing in the next, call it, 100 days, say 120 days.

是的。好問題，彼得。因此，就非戰略性退出而言，計劃是在一年內逐步進行。正如您所知，我們有一個很好的機會來收購 FDIC 投資組合併招募團隊，這發生在本季度末，我們認為在本季度末執行一些事情是謹慎的做法我稱之為清理追趕。這些非雙邊銀團資本贖回額度都將在接下來的 100 天（例如 120 天）內到期。

So truly, this was really an acceleration, make sure that we had both the cash and liquidity on hand so that we were not going 1 step forward -- 2 steps forward, 1 step back from a deposit remix perspective. But also that we left the capital headroom and stuck to our very important and differentiated commitment of that significant capital increase by year-end. So to summarize, this was sort of a catch-up cleanup quarter. You're going to see us have sort of a clean focus through the remainder of the year and we're really focused now on continuing the remix on the deposit side. Having deposit growth exceed -- or core deposit growth exceed loan growth and when you trade out BOLI at 2.5%, et cetera, this is just an opportunity for us to really focus on the core strategically important liquidity-led credit verticals that we're in.

所以說，這確實是一種加速，確保我們手頭有現金和流動性，這樣我們就不會從存款重組的角度前進 1 步——前進 2 步，後退 1 步。但我們還留出了資本空間，並堅持我們非常重要且差異化的承諾，即在年底前大幅增加資本。總而言之，這是一個追趕性清理季度。你會看到我們在今年剩下的時間裡有一個明確的重點，我們現在真正專注於繼續存款方面的混音。存款增長超過——或者核心存款增長超過貸款增長，當你以 2.5% 的利率交易 BOLI 等時，這只是我們真正關注核心戰略重要的流動性主導信貸垂直領域的機會。在。

And so would that lead to -- that would accelerate or grow the balance sheet that you can start growing the balance sheet next year?

那麼這會導致——這會加速或擴大資產負債表，讓你明年就可以開始擴大資產負債表嗎？

It's too early to say at this point in time, Peter. I think really our focus is just to kind of put a finer point on that. We have $400 million of remaining cash flows in the remainder of this year on our securities portfolio. We have $1 billion plus of loan maturities. There's plenty of opportunity for us to continue to gross originate. We did gross originate in the second quarter to the tune of $500 million plus, and we'll continue to do franchise enhancing, again, liquidity-led, deposit-led lending. And we, as an industry, will reevaluate as the year progresses. At this point in time, we have no plans to increase the balance sheet from where we are because there's enough opportunities in the deposit remix side and as well as on the loan remix side going back to deposit opportunities.

彼得，現在說這個還為時過早。我認為我們的重點實際上只是為了更好地闡述這一點。今年剩餘時間內，我們的證券投資組合還有 4 億美元的剩餘現金流。我們還有超過 10 億美元的貸款到期。我們有很多機會繼續進行總原創。我們第二季度的總收入超過 5 億美元，我們將繼續加強特許經營，再次以流動性為主導，以存款為主導的貸款。作為一個行業，我們將隨著時間的推移重新評估。目前，我們沒有計劃增加資產負債表，因為存款重組方面以及貸款重組方面都有足夠的機會回到存款機會。

Got it. And just my last question. Can you just provide some color around this $5 million loss on the sale of the capital call line. I guess for me, I was surprised just given the long history of virtually no credit losses in this type of business line.

知道了。這只是我的最後一個問題。您能否就出售資本呼叫線路造成的 500 萬美元損失提供一些說明？我想對我來說，考慮到此類業務線長期以來幾乎沒有信用損失，我感到很驚訝。

Yes, absolutely, Peter. These are -- this is not a credit sale. This is an exit of non bilateral, meaning syndicated, there was -- this is essentially partnered with one of the failed institutions about half a dozen credits. On the small side, we're talking $5 billion to $10 billion fund size. On the high end, we're talking $100 billion-plus manager. These are not relationships we could have or plan to take over from a much larger institution as those lines mature.

是的，絕對如此，彼得。這些是——這不是賒銷。這是非雙邊退出，即銀團退出，本質上是與失敗的機構之一合作，大約有六個學分。就小型而言，我們談論的是 50 億至 100 億美元的基金規模。在高端，我們談論的是價值超過 1000 億美元的經理。隨著這些線路的成熟，我們不可能擁有或計劃從更大的機構接管這些關係。

Again, this was 100% money good. It would have been nice to be on the other side of this transaction, but it was important for us given the strategic importance of the FDIC transaction and the onboarding to make sure that we had both the capital and liquidity headroom, and we were not deviating from our commitments that we made to you earlier this year.

再說一遍，這是 100% 的錢好。如果能成為這筆交易的另一方就好了，但考慮到 FDIC 交易和入職的戰略重要性，這對我們來說很重要，以確保我們擁有資本和流動性空間，並且我們沒有偏離來自我們今年早些時候向您做出的承諾。

Great. Congrats on a very nice quarter.

偉大的。恭喜您度過了一個非常美好的季度。

Thanks, Peter.

謝謝，彼得。

And your next question comes from the line of Matthew Breese from Stephens.

你的下一個問題來自斯蒂芬斯的馬修·布里斯（Matthew Breese）。

I wanted to go back to the increase in FDIC expense up meaningfully quarter-over-quarter. As measured over deposits, it's now at 22 basis points annualized versus 6 last quarter. And I've seen a lot of the banks with a quarter-to-quarter increase, but this one stands out in terms of degree. So I'm curious why the more robust change? Was there something from a regulatory standpoint or matters requiring attention? Or is it broker deposit related? Can you address these items? And what the drivers were behind the increase?

我想回顧一下 FDIC 支出季度環比大幅增長的情況。以存款衡量，目前年化利率為 22 個基點，而上季度為 6 個基點。我見過很多銀行的季度環比增長，但從幅度上看，這家銀行最為突出。所以我很好奇為什麼會有更強勁的變化？有沒有從監管角度或需要注意的事項？還是與經紀人存款有關？你能解決這些問題嗎？增長背後的驅動因素是什麼？

Yes, Matt. So we are -- we reaffirmed the run rate guidance for this jumping off point. To be clear, the increase of the 6 plus or minus million in FDIC insurance also included a catch-up of $1.5 million to $2 million for the first quarter. That will be replaced more or less by a full run rate of the Venture Banking team, which is why we sort of referenced sort of this as a jumping off point. So it's not fully apples-to-apples the way you described it.

是的，馬特。所以我們重申了這個起點的運行率指導。需要明確的是，FDIC 保險增加了 6 百萬美元，還包括第一季度 150 萬至 200 萬美元的追趕。這或多或少將被風險銀行團隊的全面運行率所取代，這就是為什麼我們將其作為起點。因此，這並不完全像您所描述的那樣。

And again, this is consistent. Those levels are absolutely consistent with large commercial banks that we have evaluated and looked at. And again, this is, as I think Carla mentioned, we expect this to be a short to medium term, meaning this is not a multiyear increase, and we expect that there'll be some sort of stabilization, especially after the assessments are revised and there's opportunity to have more ongoing 2-way dialogue.

再說一遍，這是一致的。這些水平與我們評估和研究的大型商業銀行絕對一致。再說一遍，正如我認為卡拉提到的那樣，我們預計這將是短期到中期的情況，這意味著這不是多年的增長，我們預計會出現某種穩定，特別是在評估修訂之後並且有機會進行更多持續的雙向對話。

So the increase in FDIC insurance is tied to the VC loans and team you brought in?

那麼 FDIC 保險的增加與風險投資貸款和您引入的團隊有關嗎？

It's not tied to any one thing. If you go back to the overall industry the levels that we are talking about for large commercial banks as well as those, to your point, that have transacted with the FDIC, this is a consistent increase in the quarter.

它與任何一件事無關。如果您回到整個行業，即我們所討論的大型商業銀行以及那些與 FDIC 進行交易的銀行，您會發現本季度出現了持續增長。

Okay. Maybe shifting to the mix shift we've seen year-to-date on the deposit side, particularly in noninterest-bearing. How much of the change was done from existing customers or existing depositors versus new?

好的。也許會轉向我們今年迄今為止在存款方面看到的混合轉變，特別是在無息方面。與新客戶或現有儲戶相比，有多少變化是由現有客戶或現有儲戶完成的？

It's a good question. I'm going to speak directionally because I don't have exact numbers, but I would say, call it, $400 million plus or minus is from existing -- maybe a little less actually, maybe $200 million, $250 million plus or minus from existing customers with higher balances. And the rest is coming from the verticals I earlier described.

這是一個好問題。我要定向發言，因為我沒有確切的數字，但我會說，4 億美元正負是現有的——實際上可能少一點，也許 2 億美元、2.5 億美元正負是現有的。餘額較高的現有客戶。其餘的來自我之前描述的垂直領域。

Okay. The 2 ones I would appreciate more color on is, one, where do CBIT deposits balance wise stand today? And are those in noninterest-bearing at this point? And where were they at year-end?

好的。我希望了解更多信息的兩個問題是，第一，目前 CBIT 存款餘額情況如何？那些現在是無息的嗎？年底他們在哪裡？

That's right. They -- that's right. We -- the CBIT balances at year-end, I believe, were around to $2 billion. They were similar balance, $2 billion, $3 billion, maybe last quarter. Average balances were $2.35 billion for the quarter and we were at our -- or below our target of 15% as we will continue to be.

這是正確的。他們——沒錯。我相信，我們年底的 CBIT 餘額約為 20 億美元。他們的餘額類似，可能是上個季度的 20 億美元、30 億美元。本季度平均餘額為 23.5 億美元，我們達到或低於 15% 的目標（我們將繼續保持這一目標）。

Right. Are those in noninterest-bearing at this point?

正確的。那些現在是無息的嗎？

Correct. Yes, they're all noninterest-bearing.

正確的。是的，它們都是無息的。

Okay. And were those noninterest-bearing at year-end?

好的。這些在年底時是無息的嗎？

They were noninterest-bearing at Q1 end. There was a big mix shift from the first quarter...

他們在第一季度末是無息的。與第一季度相比，組合發生了很大的變化……

Got it. Okay. So they were moved from Interest-bearing into noninterest-bearing earlier this year?

知道了。好的。那麼他們今年早些時候從有息轉為無息？

Correct, in the first quarter.

沒錯，第一季度。

Yes, Matt, essentially, what we did is that these are operating accounts for us. And then we've been very much focused on having operating account relationships with every one of our customers. And that is the strategic decision we made, and we exited digital businesses as well as other businesses where we do not get -- we only get interest-bearing relationships and nothing else. So all our digital asset relationships right now are noninterest bearing, and their operating accounts tied to our payment systems.

是的，馬特，本質上，我們所做的是這些是我們的運營賬戶。然後，我們非常注重與每一位客戶建立運營客戶關係。這就是我們做出的戰略決策，我們退出了數字業務以及其他我們無法獲得的業務——我們只獲得了生息關係，沒有其他任何東西。因此，我們現在所有的數字資產關係都是無息的，它們的運營賬戶與我們的支付系統相關聯。

Understood. Okay. The other chunky deposit base per se are the BankMobile, BMTX deposits. What are balances there stand at today? And where are those sitting in terms of -- are they noninterest-bearing or interest-bearing at this point?

明白了。好的。另一個龐大的存款基礎本身是 BankMobile、BMTX 存款。今天的餘額是多少？那些人現在處於什麼位置——他們是無息的還是有息的？

Yes. I can give...

是的。我能給...

I believe that the -- yes, go ahead Carla.

我相信——是的，卡拉吧。

No, I was just going to add that they are sitting in the interest-bearing deposits, and they're not a meaningful part of our deposit balance at this point in time.

不，我只是想補充一點，它們是有息存款，目前它們並不是我們存款餘額的重要組成部分。

It's like low single digits, Matt. So we've diversified away from that relationship.

這就像低個位數，馬特。因此，我們已經擺脫了這種關係，實現了多元化。

Low single digits in terms of percentage of overall deposit?

佔總存款的百分比是否較低？

Of overall deposits. That's right.

佔存款總額。這是正確的。

Okay. And they're supposed to wind down by late 2024. Is that accurate?

好的。他們預計會在 2024 年底之前結束。這準確嗎？

Half of the relationships, so then the half that would be remaining would be even less material as a percentage of our overall deposit base.

一半的關係，那麼剩下的一半在我們整體存款基礎中所佔的比例就更小了。

Got it. Okay. Maybe just switching to the installment book. Can you remind us how much has been -- how much of the -- I'm sorry, securities portfolio at this point ties back to the installment book? Because I think I remember 2 securitizations, but I couldn't remember if there was a third one.

知道了。好的。也許只是切換到分期付款書。您能否提醒我們，抱歉，目前證券投資組合中有多少與分期付款簿相關？因為我想我記得有兩次證券化，但我不記得是否有第三次了。

Yes. So in our HTM book, we have roughly a little over half of that book is for the securities purchased out of the consumer installment securitizations.

是的。因此，在我們的 HTM 書中，大約一半多一點的內容是從消費者分期證券化中購買的證券。

Okay. And I think in the past, there's been some protections as you go through this. Could you remind us of the past protections? And then were there any with the most recent securitization?

好的。我認為在過去，當你經歷這個過程時，會有一些保護措施。您能否提醒我們過去的保護措施？那麼最近有哪些證券化了？

It's consistent, Matt. So this is a truly completely protected senior position, not so dissimilar to any other ABS that's sort of in that double AAA range.

這是一致的，馬特。因此，這是一個真正受到完全保護的高級職位，與雙 AAA 範圍內的任何其他 ABS 沒有什麼不同。

Got it. Okay. Last one for me. The VC team, should we assume those were from one of the more recent failed institutions?

知道了。好的。最後一張給我。風險投資團隊，我們是否應該假設他們來自最近失敗的機構之一？

That's right.

這是正確的。

From Signature Bank.

來自簽名銀行。

From Signature. This is the old Square 1, PacWest team.

來自簽名。這是舊的 Square 1，PacWest 隊。

Perfect. Okay. That was my thought. Could you remind us of historically what the loss content is for VC lending. My understanding is it comes with a lot of deposits, but tends to have a little bit of a higher loss content. What's the historical loss rate?

完美的。好的。這就是我的想法。您能否提醒我們歷史上風險投資貸款的損失內容是多少？我的理解是它有很多存款，但往往有一點較高的損失內容。歷史損失率是多少？

Yes. So the 20-year track record of this team is 1% or less. And when you actually add in some of the warrant income, et cetera, it's actually 0 on a net basis.

是的。所以這個團隊20年的業績記錄是1%或者更少。當你實際添加一些認股權證收入等時，它的淨值實際上是 0。

Got it. Perfect. Okay. Along those lines, should we expect -- or what are expectations around provisioning for the remainder of the year?

知道了。完美的。好的。沿著這些思路，我們是否應該預期——或者對今年剩餘時間的供應有何預期？

Yes. So for the provision, again, it's hard to predict, but I would say between that $18 million to $22 million range for the back half of this year feels right.

是的。因此，對於這項撥款，同樣很難預測，但我想說，今年下半年的 1800 萬美元到 2200 萬美元之間的範圍感覺不錯。

And we only have a little time left, so we'll take our one final question from Bill Dezellem from Tieton Capital Markets.

我們只剩下一點時間了，所以我們將回答來自 Tieton Capital Markets 的 Bill Dezellem 的最後一個問題。

A couple of questions. First of all, relative to the VC portfolio addition, would you walk us through the background of how we got there and how you all were the ones ultimately that the FDIC chose. And then secondarily, are there other opportunities that the dislocation that's taken place this year in the industry creating other opportunities, whether VC or otherwise, it's broader than just other opportunities that you may or may not see out there.

有幾個問題。首先，相對於風險投資組合的增加，您能否向我們介紹一下我們是如何實現這一目標的背景，以及你們如何成為 FDIC 最終選擇的對象。其次，今年行業中發生的混亂是否會創造其他機會，無論是風險投資還是其他機會，它比你可能看到或看不到的其他機會更廣泛。

Sure, absolutely, Bill. Happy to take that question. So firstly, on the Venture Banking side, we saw this portfolio and this team and we had prior relationships with this team. Frankly, from a recruitment perspective for an extended period of time. And we had monitored and seen that it had not gone with the whole bank transaction. And there's sort of a several week type FDIC-related diligence process with the closing on June 15.

當然，絕對，比爾。很高興回答這個問題。首先，在風險銀行方面，我們看到了這個投資組合和這個團隊，並且我們之前與這個團隊有過關係。坦率地說，從招聘的角度來看很長一段時間。我們監控並發現它並沒有與整個銀行交易一起進行。與 FDIC 相關的調查流程將持續數週，並於 6 月 15 日結束。

So it was a very accelerated process really focused on credit from the loan portfolio side and strategic from a recruitment side. The real focus for us is making sure that we had a team that had the right cultural fit that was aligned with taking our approximately $0.5 billion portfolio of business and taking it to the nationwide goals that we would have normally had over a 3- to 5-year period, but we're doing it on an accelerated basis. And the discount provided extra cushion from the perspective of the accelerated credit diligence, which we've now obviously fully completed and feel incredibly comfortable with but also provided a little bit of headroom from the perspective of what if you couldn't recruit the team, which the team has now been fully onboarded so that's less of a consideration and look to roll off some portion of that portfolio, which is not our plan at this point in time.

因此，這是一個非常加速的過程，真正關注貸款組合方面的信貸和招聘方面的戰略。我們真正的重點是確保我們擁有一支具有正確文化契合度的團隊，能夠與我們約 5 億美元的業務組合保持一致，並使其實現我們通常需要 3 到 5 年才能實現的全國性目標。 -年期間，但我們正在加速進行。從加速信用調查的角度來看，折扣提供了額外的緩衝，我們現在顯然已經完全完成了信用調查，並且對此感到非常滿意，但從如果你無法招募團隊的角度來看，也提供了一點空間，團隊現在已經完全加入，因此不再需要考慮，並希望放棄該投資組合的某些部分，但這不是我們目前的計劃。

So I think that we feel very fortunate that there was an opportunity to bring in that team, as I mentioned earlier, after the announcement, we saw outside of Venture Banking significant deposit momentum and customer interest and growth. None of those deposits that are related to this portfolio actually came in as a reminder, as of June 30. So they're coming in the third quarter. So I think that's sort of the way to think about the Venture Banking process.

因此，我認為我們感到非常幸運，有機會引入該團隊，正如我之前提到的，在宣布之後，我們在風險銀行業務之外看到了顯著的存款動力以及客戶興趣和增長。截至 6 月 30 日，與該投資組合相關的存款實際上都沒有作為提醒而流入。所以它們是在第三季度流入的。所以我認為這就是思考風險銀行流程的方式。

You also asked a second question about where else are we seeing opportunities? I think that being a service-oriented technology-focused, best-in-class technology-focused, niche banking focused commercial bank, there's been a tremendous amount of dislocation, whether it's Tech & Venture, whether it's Fund Finance, whether it's Private Banking, whether it's Equipment Finance, across the board in many of our niche verticals. So we're seeing great opportunities both to lean in and remix customers to a lot more sort of franchise enhancing and a much more less competitive environment. We're also seeing opportunities to recruit. We've added half a dozen to a dozen new team members in some of those verticals. We've added sort of a venture capital focus in our Fund Finance team from some of the dislocated institutions, and we continue to be at any given time at a minimum meeting, at a maximum discussing onboarding with a number of teams who are figuring out what does their business as usual mean for them in their current or new institution that they're at?

您還問了第二個問題，我們還在哪裡看到機會？我認為，作為一家以服務為導向、以技術為中心、以一流技術為中心、以利基銀行業務為中心的商業銀行，無論是科技與風險投資、基金金融還是私人銀行業務，都存在巨大的錯位。 ，無論是設備融資，還是我們許多利基垂直領域的全面發展。因此，我們看到了巨大的機會，可以吸引客戶並將其重新組合到更多類型的特許經營增強和競爭更激烈的環境中。我們還看到了招聘機會。我們在其中一些垂直領域增加了六到十幾個新團隊成員。我們在我們的基金財務團隊中增加了一些風險投資重點，這些團隊來自一些分散的機構，並且我們繼續在任何給定時間舉行最少的會議，最多的會議，與許多正在弄清楚的團隊討論入職事宜在他們目前所在的或新的機構中，一切照舊對他們意味著什麼？

Congratulations on that purchase.

祝賀您購買了該產品。

Thanks, Bill.

謝謝，比爾。

And this brings us to the end of our question-and-answer session. Mr. Sam Sidhu. I'd like to turn the call back over to you for some final closing remarks.

我們的問答環節到此結束。薩姆·西杜先生。我想將電話轉回給您，請您做最後的總結髮言。

Thanks so much, everyone. Really appreciate your focus and interest in Customers Bancorp. As I -- as Jay and I mentioned earlier, we are very proud of our team's efforts. We very much appreciate our customer support. And as we said, on a relative basis, we feel this is one of our strongest quarters ever to date, and we think it's an incredible foundation to build off of. So thank you so much, everyone. Have a great morning.

非常感謝大家。非常感謝您對 Customers Bancorp 的關注和興趣。正如我和 Jay 之前提到的，我們對我們團隊的努力感到非常自豪。我們非常感謝客戶的支持。正如我們所說，相對而言，我們認為這是我們迄今為止最強勁的季度之一，我們認為這是一個令人難以置信的基礎。非常感謝大家。祝你有個美好的早晨。

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。