(CUBI) 2023 Q3 法說會逐字稿

Good morning everyone. Thank you for joining us for the Customers Bancorp Earnings Call for the third quarter of 2023. The presentation deck you will see during today's webcast has been posted on the Investors web page of the bank's website at www.customersbank.com.

大家，早安。感謝您參加我們的 Customers Bancorp 2023 年第三季財報電話會議。您將在今天的網路廣播中看到的簡報已發佈在該銀行網站 www.customersbank.com 的投資者網頁上。

You can scroll to Q3 '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.

您可以捲動到 23 年第 3 季的結果，然後按一下下載簡報。您也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路廣播中介紹的重要細節。我鼓勵您下載並使用該文件。

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. 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.

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目前預期有重大差異。請注意，這些前瞻性聲明僅代表截至本簡報發布之日的情況，我們不承擔根據新資訊或未來事件更新這些前瞻性聲明的義務，除非適用證券法要求的範圍。

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

請參閱我們向 SEC 提交的文件，包括表格 10-K 和 10-Q，以了解可能影響我們結果的風險因素的更詳細描述。副本可從 SEC 或造訪我們網站的投資者關係部分取得。此時此刻，我很高興向大家介紹 Customer Bancorp 主席 Jay Sidhu。傑伊？

Thank you, Dave, and good morning, ladies and gentlemen. Welcome to Customers Bancorp, Inc. Third Quarter 2023 Earnings Call. Joining me this morning are Customers Bank's, President and CEO, Sam Sidhu, Customers Bancorp's CFO, Carla Leibold, Customers Bank's CFO, Phil Watkins, and our Chief Credit Officer, Andy Bowman.

謝謝戴夫，女士們先生們早安。歡迎參加 Customers Bancorp, Inc. 2023 年第三季財報電話會議。今天早上與我一起出席的有 Customers Bank 總裁兼執行長 Sam Sidhu、Customers Bancorp 財務長 Carla Leibold、Customers Bank 財務長 Phil Watkins 以及我們的財務長 Andy Bowman。

I really want to thank Andy for all his service to the company. And as you all know, he is retiring from the bank after exceptional service to us, and he'll be leaving us at the end of the year.

我真的要感謝安迪為公司提供的所有服務。眾所周知，在為我們提供卓越服務後，他將從銀行退休，並將於今年年底離開我們。

We're pleased to share Customers Bancorp's results with you this morning. This quarter's results demonstrate the strength of our franchise with continued positive momentum across all our top financial priorities that include deposits, margin, liquidity, profitability and capital. All of this while maintaining our strong risk management principles. We salute our team members throughout the bank whose commitment and hard work makes our success possible. I also want to thank our clients who place their trust in Customers Bank every day as we try to execute flawlessly in serving their banking needs.

我們很高興今天早上與您分享 Customers Bancorp 的業績。本季的業績證明了我們的特許經營實力，在我們所有的首要財務優先事項（包括存款、保證金、流動性、盈利能力和資本）方面都保持著持續的積極勢頭。所有這一切都同時保持我們強而有力的風險管理原則。我們向整個銀行的團隊成員致敬，他們的奉獻和辛勤工作使我們的成功成為可能。我還要感謝我們的客戶，他們每天都信任客戶銀行，因為我們努力完美地滿足他們的銀行業務需求。

Looking at Slide 3. We wish to again demonstrate our Customers Bank is a forward-thinking bank with strong risk management. We will cover 5 major topics in this morning's presentation. I'll cover a few highlights and my colleagues will cover each topic in more detail.

請看投影片 3。我們希望再次證明我們的客戶銀行是一家具有前瞻性的銀行，具有強大的風險管理能力。我們將在今天上午的演講中涵蓋 5 個主要主題。我將介紹一些重點內容，我的同事將更詳細地介紹每個主題。

First, in terms of quarterly performance, we delivered another strong quarter that significantly exceeded Street estimates across every metric based on strong underlying performance as measured by return on assets, return on equity, margin expansion, control of our expenses, all of these while materially improving our capital ratios.

首先，就季度業績而言，我們又實現了強勁的季度業績，在每一個指標上都大大超出了華爾街的預期，這是基於資產回報率、股本回報率、利潤率擴張、費用控制等衡量的強勁基本業績，所有這些都在實質上提高我們的資本比率。

Second, we continue to create franchise value across the bank. We saw the market disruption as an opportunity to create and deepen client relationships. As an example, we're so proud of our team members in the Tech & Venture Banking Group that have not only met but exceeded our expectations. As a result of strong deposit growth from our borrowers, the acquired Tech & Venture Banking portfolio is already self-funded 1 quarter ahead of our schedule. And there is excellent momentum to build our client base, our brand and generate attractive deposit and loan opportunities going forward.

其次，我們繼續在全行創造特許經營價值。我們將市場混亂視為建立和加深客戶關係的機會。例如，我們為科技與風險銀行集團的團隊成員感到非常自豪，他們不僅達到了而且超出了我們的預期。由於借款人的存款成長強勁，收購的科技與風險銀行投資組合已比我們的計畫提前 1 個季度實現自籌資金。我們有良好的動力來建立我們的客戶群、我們的品牌並創造有吸引力的存款和貸款機會。

We would also like to once again welcome these fantastic new clients to our firm, who are driving innovation and progress in our economy. We generated $1.3 billion of core deposit growth in the quarter. As promised, we used these deposits to improve the overall quality of our funding base by paying down high-cost wholesale deposits and redeeming some of our high-cost outstanding Federal Home Loan Bank advances. Importantly, our deposit gathering was granular and diverse across our franchise and our noninterest-bearing deposits increased to 26% of our total deposits.

我們也想再次歡迎這些出色的新客戶加入我們公司，他們正在推動我們經濟的創新和進步。本季我們的核心存款成長了 13 億美元。正如所承諾的那樣，我們透過償還高成本的批發存款和贖回一些高成本的聯邦住房貸款銀行預付款，利用這些存款來提高我們融資基礎的整體品質。重要的是，我們的存款收集在整個特許經營範圍內是細粒度和多樣化的，我們的無息存款增加到總存款的 26%。

Third, we significantly increased our capital levels for second quarter in a row. Carla and Sam will provide much more details, but I wanted to mention that with a controlled balance sheet, we were able to increase our TCE ratio by 50 basis points this quarter. Our CET1 ratio went up by 100 basis points this quarter to 11.3%, and our risk-based capital ratio also went up by slightly over 100 basis points to 14.3% at the end of this quarter.

第三，我們連續第二季顯著提高了資本水準。 Carla 和 Sam 將提供更多細節，但我想提一下，透過控制資產負債表，我們本季能夠將 TCE 比率提高 50 個基點。本季我們的 CET1 比率上升了 100 個基點至 11.3%，本季末我們的創投比率也上升了略高於 100 個基點至 14.3%。

We're committed to maintaining or further improving these ratios. Fourth, credit quality, which is always a key focus and part of our DNA at Customers Bank remains incredibly strong. Recent areas of focus in office, as well as retail commercial real estate are absolutely immaterial components of our balance sheet. Our NPA ratio has remained stable, and we're confident in the future performance of our loan portfolio.

我們致力於維持或進一步提高這些比率。第四，信用品質一直是我們客戶銀行的一個重點關注點，也是我們 DNA 的一部分，仍然非常強大。最近關注的辦公領域以及零售商業房地產絕對是我們資產負債表的非重要組成部分。我們的不良資產比率保持穩定，我們對貸款組合的未來表現充滿信心。

Finally, we remain very optimistic about our future performance. We're pleased with our quarter's results and expect to significantly exceed our 2023 full year core EPS guidance of $6 a share and report stronger core results in 2024 and beyond.

最後，我們對未來的表現仍然非常樂觀。我們對本季的業績感到滿意，預計將大幅超過 2023 年全年核心每股收益 6 美元的指導，並在 2024 年及以後報告更強勁的核心業績。

Now turning to Slide 4. Let me briefly reiterate our priorities, which remain unchanged. We have and will continue to moderate growth and ensure we're capturing franchise-enhancing full banking relationships. We will continue to fortify our balance sheet and improve our capital ratios because that is the prudent thing to do in this uncertain environment.

現在轉向投影片 4。讓我簡要重申我們的優先事項，這些優先事項保持不變。我們已經並將繼續適度成長，並確保我們正在獲得增強特許經營權的全面銀行關係。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，因為這是在這個不確定的環境下謹慎行事的做法。

As always, risk management remains at the core of our bank's DNA and we're unchanged in our commitment to our critical success factors. These critical success factors have been in place since the day we started the bank. They are: first, managing credit and interest rate risk; secondly, maintaining robust liquidity and capital levels with strong asset liability management principles. Third, always making decisions that drive positive operating leverage.

一如既往，風險管理仍然是我們銀行 DNA 的核心，我們對關鍵成功因素的承諾也沒有改變。自我們成立銀行之日起，這些關鍵的成功因素就已經存在。它們是：第一，管理信用和利率風險；其次，透過強而有力的資產負債管理原則，維持強勁的流動性和資本水準。第三，始終做出能夠推動積極營運槓桿的決策。

We believe our unique mix of size and sophistication creates a competitive advantage to many of our regional bank peers. We're seeing attractive new loan and deposit growth opportunities. We believe we should be able to show high single-digit to low double-digit loan growth next year, assuming stable economic environment. We have ample liquidity and strong capital to support moderate growth. Asset quality remains exceptional as -- like I stated earlier, with our NPA ratio remaining roughly flat at just 14 basis points.

我們相信，我們獨特的規模和成熟度組合為我們的許多區域銀行同行創造了競爭優勢。我們看到了有吸引力的新貸款和存款成長機會。我們相信，假設經濟環境穩定，明年我們應該能夠實現高個位數到低兩位數的貸款成長。我們有充足的流動性和雄厚的資本來支持適度成長。正如我之前所說，資產品質依然出色，我們的 NPA 比率基本上持平，僅為 14 個基點。

Office and retail commercial real estate each represent less than 1% of our total loans. Before I pass on the call to Sam, I want to welcome to the call, Steve Moss, our new research analyst from Raymond James. Steve joined an already extremely talented group of research analysts who follow Customers Bancorp story. We're excited for the insights that Steve will add to the discussions each quarter and to his regular reports.

辦公室和零售商業房地產分別占我們貸款總額的不到 1%。在我把電話轉給 Sam 之前，我想歡迎 Steve Moss 參加電話會議，他是我們來自 Raymond James 的新研究分析師。史蒂夫加入了一支已經非常有才華的研究分析師團隊，他們專注於客戶銀行的故事。我們對史蒂夫將在每個季度的討論和定期報告中添加的見解感到興奮。

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

至此，我想將其交給 Sam，以更詳細地介紹本季的主要活動和結果。薩姆？

Thanks, Jay, and good morning, everyone. We're pleased to report that our team again delivered one of our best quarters yet, especially in an uncertain macroeconomic and geopolitical environment.

謝謝傑伊，大家早安。我們很高興地報告，我們的團隊再次實現了迄今為止最好的季度之一，特別是在不確定的宏觀經濟和地緣政治環境中。

In the third quarter of 2023, we produced extremely strong GAAP results across all profitability metrics, earning $2.58 in GAAP EPS on net income of $83 million. Our ROA was 1.57% and ROE was 24%. We continue to buck the industry trends and increased our net interest margin significantly in the quarter to 3.7%. From a balance sheet perspective, we maintained a disciplined, roughly flat balance sheet. Total deposits were up 1% in the quarter as we continued to transform the quality of our deposit franchise, which I'll provide more detail on shortly.

2023 年第三季度，我們在所有獲利指標上都取得了極其強勁的 GAAP 業績，按 GAAP 計算的每股收益為 2.58 美元，淨利潤為 8,300 萬美元。我們的 ROA 為 1.57%，ROE 為 24%。我們持續逆行業趨勢，將本季的淨利差大幅提高至 3.7%。從資產負債表的角度來看，我們維持了一個紀律嚴明、大致平坦的資產負債表。隨著我們繼續提高存款業務的質量，本季總存款成長了 1%，我將很快提供更多詳細資訊。

Credit quality remained benign as evidenced by the NPA ratio, Jay walked us through. Reserve levels remained robust at 466% of NPLs. We do not see any signs of weakness in our book, but remain hyper focused on portfolio management. Before we dive into more detail, I wanted to take a moment to put our quarterly performance into context.

不良資產比率證明了信用品質仍然良好，傑伊向我們介紹了這一點。準備金水準仍維持在不良貸款的 466% 的強勁水準。我們在書中沒有看到任何疲軟的跡象，但仍然高度關注投資組合管理。在我們深入了解更多細節之前，我想花點時間來了解我們的季度業績。

We grew our core earnings by 60% in the quarter. We expanded margins significantly and reported net interest income well above expectations and significantly above industry trends. We earned more than 20% return on common equity, and we achieved all of this while building our capital base by 100 basis points. We're extremely proud of what the team was able to accomplish and appreciative of all of their hard work in producing these extraordinary results.

本季我們的核心收益成長了 60%。我們顯著擴大了利潤率，淨利息收入遠高於預期，並顯著高於行業趨勢。我們獲得了超過 20% 的普通股回報率，在實現這一切的同時，我們的資本基礎提高了 100 個基點。我們對團隊所取得的成就感到非常自豪，並對他們為取得這些非凡成果所付出的辛勤工作表示讚賞。

Moving to Slide 6. In a challenging deposit environment for the industry, we were able to grow our deposits by a net $200 million, even after significant wholesale deposit paydowns. From a core deposit perspective, we had $1.3 billion of growth. I'll say that again, $1.3 billion of growth. This represents over $100 million of deposit generation per week throughout the quarter.

前往投影片 6。在產業充滿挑戰的存款環境中，即使在大量支付批發存款後，我們仍能夠將存款淨增加 2 億美元。從核心存款的角度來看，我們實現了 13 億美元的成長。我再說一遍，13 億美元的成長。這意味著整個季度每週產生的存款超過 1 億美元。

When combined with last quarter's growth, this is over $2.1 billion in core deposit growth, which is a significant growth in our core deposit franchise. I want to highlight not just the quantity but also the quality of this growth. The deposit growth we have achieved was a team effort across the franchise. For additional context, about 2 dozen of our deposit channels saw solid growth in the quarter with most of them up $25 million or more, demonstrating the broad-based nature and quality of our deposit transformation.

與上季的成長相結合，核心存款成長超過 21 億美元，這是我們核心存款業務的顯著成長。我不僅要強調成長的數量，還要強調成長的品質。我們實現的存款成長是整個特許經營團隊的共同努力。就其他背景而言，我們的約 20 個存款管道在本季度實現了穩健增長，其中大多數增長了 2500 萬美元或更多，這表明了我們存款轉型的廣泛性質和品質。

This growth was also very granular as we added over 1,000 new high-quality commercial client relationships in the quarter. This caliber of deposit growth represents true franchise value creation and continues to strengthen our deposit base. Our core deposit growth in the quarter was once again used to pay down higher cost as well as wholesale funding with the reduction of over $900 million in wholesale CD balances, which totals over $1.5 billion of paydown over the last 2 quarters.

這種成長也非常精細，因為我們在本季增加了 1,000 多個新的高品質商業客戶關係。這種存款成長水準代表了真正的特許經營價值創造，並繼續加強我們的存款基礎。我們本季的核心存款成長再次用於支付更高的成本以及批發融資，批發 CD 餘額減少了 9 億多美元，過去兩個季度的支付總額超過 15 億美元。

While the industry has been steadily losing noninterest-bearing deposit balances, year-to-date, we've increased our noninterest-bearing deposits by $2.9 billion. Noninterest-bearing deposits now comprise 26% of our total deposits. This is the third consecutive quarter of increasing noninterest-bearing deposits, which we believe is a testament to the strengthening of our deposit franchise.

儘管該行業的無息存款餘額一直在穩步減少，但今年迄今為止，我們的無息存款增加了 29 億美元。無利息存款目前占我們存款總額的26%。這是無息存款連續第三個季度增加，我們認為這證明了我們存款業務的加強。

As a result of these efforts, in spite of the Fed again increasing rates, our average cost of deposits increased by only 13 basis points in the quarter, which we believe is one of the lowest increases in the entire industry. Since the first quarter, our average cost of deposits declined 8 basis points this year. This is in the most challenging deposit environment that the industry has seen in recent history. We can say certainly -- with certainty, we're the only bank in the industry to accomplish this decline. We remain deeply focused on the quality and stability of our deposits. And at the end of the quarter, 78% of our deposits were either insured or collateralized. This metric keeps us in a very strong position relative to regional bank peers.

由於這些努力，儘管聯準會再次升息，我們的平均存款成本在本季僅增加了 13 個基點，我們認為這是整個產業增幅最低的之一。自第一季以來，今年我們的平均存款成本下降了8個基點。這是該產業近代史上最具挑戰性的存款環境。我們可以肯定地說，我們是業內唯一一家實現這一下降的銀行。我們仍然高度關注存款的品質和穩定性。截至本季末，我們 78% 的存款已投保或有抵押。這項指標使我們相對於區域銀行同業處於非常有利的地位。

Our core deposit pipeline remains robust with -- at over $1.5 billion, which we anticipate onboarding over the next 3 quarters or so. We would note that we expect the student portion of the deposits managed by BMTX of over $500 million plus to move to their new partner bank likely sometime in the month of December. We're one of the biggest beneficiaries in the industry of the significant customer and deposit disruption, earlier this year. 2023 will be a transformative year for our deposit franchise and one marked by increasing the diversification, granularity and overall strength of the franchise.

我們的核心存款管道依然強勁，超過 15 億美元，我們預計在未來 3 個季度左右的時間內投入使用。我們注意到，我們預計 BMTX 管理的學生存款中超過 5 億美元的部分可能會在 12 月的某個時候轉移到他們的新合作夥伴銀行。今年早些時候，我們是業界客戶和存款中斷的最大受益者之一。 2023 年對我們的存款業務來說將是變革的一年，其標誌是增加業務的多元化、粒度和整體實力。

Moving to Slide 7. $200 million of net interest income in the quarter represents a second quarter in a row of record net interest income ex PPP. The more than 20% increase in net interest income had roughly $27 million of outsized discount accretion from the acquired Venture Banking Loan portfolio. Even after adjusting for the outside discount accretion, this would be a record quarterly NII ex-PPP and we continue to have positive momentum for expansion off of this normalized base.

轉到投影片 7。本季的淨利息收入為 2 億美元，這是連續第二季創下不計購買力平價淨利息收入的記錄。淨利息收入成長超過 20%，收購的風險銀行貸款投資組合帶來了約 2,700 萬美元的超額折扣增值。即使在對外部折扣增加進行調整之後，這也將是創紀錄的季度NII（不計購買力平價），並且我們繼續擁有在這一正常化基礎上擴張的積極勢頭。

While much of the industry continues to face headwinds, our net interest margin expanded to 3.7% in the quarter, benefiting from our deposit transformation, the floating rate composition of our interest-earning assets and was enhanced by the outsized accretion. Normalizing for the accretion, our NIM would have been about 3.2% versus 3.15% last quarter, and we expect this upward trajectory to continue in the fourth quarter and into 2024. Similar to the story on deposits, this is the second quarter where we had one-off, if not the best performances in the industry with sequential continued improvement.

儘管大部分產業持續面臨逆風，但受益於存款轉型、生息資產浮動利率結構以及巨額增值，我們的淨利差在本季擴大至 3.7%。如果將成長正常化，我們的淨利差約為3.2%，而上季度為3.15%，我們預計這種上升趨勢將在第四季度持續到2024 年。與存款的情況類似，這是第二季度我們的淨利差即使不是行業中最好的表現，也是一次性的，並且持續不斷的改進。

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，討論本季的其他亮點。

Thank you, Sam, and good morning, everyone. I'll begin on Slide 8. We continued our strategy of improving the overall quality of our loan portfolio during the third quarter. As we've stated previously, our focus remains on building holistic client relationships.

謝謝你，山姆，大家早安。我將從幻燈片 8 開始。第三季我們繼續實施提高貸款組合整體品質的策略。正如我們之前所說，我們的重點仍然是建立全面的客戶關係。

Loans held for investment declined modestly by about $250 million in the third quarter, with decreases in our mortgage warehouse, consumer, commercial real estate and multifamily portfolios from clients where we did not have meaningful deposit relationships. While we continuously evaluate our loan portfolio to ensure capital is generating the best possible risk-adjusted returns, I'm pleased to say that we don't see the need for additional remixing in the loan portfolio.

第三季度，用於投資的貸款小幅下降了約 2.5 億美元，我們的抵押倉庫、消費者、商業房地產和多戶型投資組合的減少，來自於我們沒有有意義的存款關係的客戶。雖然我們不斷評估我們的貸款組合，以確保資本產生盡可能最佳的風險調整回報，但我很高興地說，我們認為沒有必要對貸款組合進行額外的重組。

We also continue to maintain strong liquidity as our loan-to-deposit ratio improved by 2 percentage points to end the third quarter at 75%, putting us in the top quartile of our regional bank peers. As a result of core deposit growth and selective loan originations, our 75% loan-to-deposit ratio provides us significant flexibility heading into 2024.

我們也持續保持強勁的流動性，貸存比率在第三季末提高了 2 個百分點，達到 75%，在區域銀行同業中名列前茅。由於核心存款成長和選擇性貸款發放，我們 75% 的貸存比為我們在 2024 年之前提供了巨大的靈活性。

Turning to Slide 9. Core noninterest expenses were roughly flat in the third quarter at $89 million, consistent with our guidance. We believe we have significant opportunities to generate positive operating leverage with the current expense base. We're proud of our ability to operate the bank at one of the lowest levels of core noninterest expenses to average assets among our regional bank peers. And we're in the top decile of all publicly traded U.S. banks for the efficiency metric.

轉向幻燈片 9。第三季核心非利息支出大致持平，為 8900 萬美元，與我們的指導一致。我們相信，我們有很大機會在當前的費用基礎上產生積極的營運槓桿。我們感到自豪的是，我們能夠以區域銀行同行中核心非利息支出平均資產最低的水平之一運營該銀行。在效率指標方面，我們在美國所有上市銀行中名列前茅。

As we've discussed with you in the past, we're confident in our ability to operate the bank at a mid-40s efficiency ratio over the medium term. We remain committed to our business model of providing high-touch client service with tech-enabled capabilities and a limited physical branch network. This is the true differentiator of the Customers Bank franchise.

正如我們過去與您討論過的那樣，我們對在中期內以 40 多歲的效率比率運營銀行的能力充滿信心。我們仍然致力於我們的業務模式，透過技術支援的功能和有限的實體分公司網路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 10. As many of you may remember, we purposely took action throughout 2022 to proactively reposition our securities portfolio during a time when most of the industry had become complacent about securities portfolio management. That forward-looking strategy continues to pay dividends to our bank today.

轉向投影片 10。你們中的許多人可能還記得，在大多數行業對證券投資組合管理感到自滿的時期，我們特意在 2022 年採取了行動，主動重新定位我們的證券投資組合。如今，這項前瞻性策略持續為我們的銀行帶來紅利。

Without taking undue credit risk, we continue to generate approximately 2x the yield on securities relative to regional bank peers. We accomplished this while taking only 1/3 of the duration risk that those peers have exposed themselves to. As a result of the strong interest rate risk management, despite the increase in rates during the third quarter, our AOCI as a percent of TCE actually declined by about 225 basis points during the quarter. And the low level of unrealized losses in our AFS and HTM portfolios relative to tangible common equity is top quartile among our regional bank peers.

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業的約 2 倍。我們實現了這一目標，同時只承擔了這些同行所面臨的 1/3 的久期風險。由於強有力的利率風險管理，儘管第三季利率有所上升，但我們的 AOCI 佔 TCE 的百分比實際上在本季度下降了約 225 個基點。相對於有形普通股，我們的 AFS 和 HTM 投資組合的未實現損失水準較低，在我們的區域銀行同業中名列前茅。

Over on Slide 11. Our liquidity position remains robust and best-in-class with $11.7 billion in total liquidity, $9.7 billion in immediately available liquidity, including $3.4 billion of cash on balance sheet. As a result of strong core deposit growth and excess liquidity, we repaid $510 million of callable Federal Home Loan Bank advances at the end of the third quarter. This helps reduce interest expense going forward while also freeing up incremental off-balance sheet liquidity.

投影片11 所示。我們的流動性狀況依然強勁，處於同類最佳水平，流動性總額為117 億美元，可立即使用的流動性為97 億美元，其中資產負債表上有34 億美元的現金。由於核心存款強勁成長和流動性過剩，我們在第三季末償還了 5.1 億美元的可贖回聯邦住房貸款銀行預付款。這有助於減少未來的利息支出，同時釋放增量的表外流動性。

Immediately available liquidity as a percentage of uninsured deposits grew over 15% during the third quarter and is now almost 240%, putting us at the very high end of our regional bank peers. We will continue to monitor market conditions to determine the appropriate level of balance sheet cash. However, we continue to believe it is prudent from a risk management perspective to operate with higher levels of cash.

第三季度，即時可用流動性佔未保險存款的比例增加了 15% 以上，目前已接近 240%，使我們在區域銀行同業中處於非常高端的地位。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準。然而，我們仍然認為，從風險管理的角度來看，使用較高水準的現金進行操作是謹慎的。

Turning to Slide 12. We added more than $3 per share to our tangible book value in the third quarter, which benefited from strong organic capital generation and a positive impact to AOCI from our available-for-sale securities portfolio, which is in stark contrast to the industry. We're very pleased to report that we already achieved our tangible book value target of $45 with 1 quarter remaining in 2023.

轉向幻燈片 12。第三季度我們的有形賬面價值每股增加了 3 美元以上，這得益於強勁的有機資本生成以及我們的可供出售證券投資組合對 AOCI 的積極影響，這形成鮮明對比到行業。我們非常高興地報告，我們已經實現了 45 美元的有形帳面價值目標，距離 2023 年還剩 1 個季度。

While a higher for longer rate environment may continue to cause industry headwinds, we do not expect to be meaningfully impacted by such a rate outlook because of the short duration on our securities portfolio. Over the last 5 years, we have increased our tangible book value per share by 15% on an annualized basis. We have already exceeded that 15% growth during 2023 with 1 more quarter to go. We're on track to grow our tangible book value by more than 20% this year, subject only to external market impacts.

雖然長期較高的利率環境可能會持續造成產業阻力，但由於我們的證券投資組合久期較短，我們預期這種利率前景不會受到重大影響。在過去 5 年裡，我們每股有形帳面價值以年計算成長了 15%。 2023 年我們已經超過了 15% 的成長，而且還有 1 個季度。僅受外部市場影響，今年我們的有形帳面價值可望成長 20% 以上。

Moving on to Slide 13. Our TCE ratio ended the third quarter at 6.5%, which was an increase of 50 basis points in a single quarter on a relatively flat balance sheet. This is a testament to our strong earnings power and balance sheet discipline. AOCI continues to negatively impact this ratio by about 70 basis points. I'll also point out that $3.4 billion of balance sheet cash has a material impact on this ratio.

繼續看投影片 13。第三季末，我們的 TCE 比率為 6.5%，在資產負債表相對平坦的情況下，單季成長了 50 個基點。這證明了我們強大的獲利能力和資產負債表紀律。 AOCI 繼續對此比率產生約 70 個基點的負面影響。我還要指出，34 億美元的資產負債表現金對該比率有重大影響。

Our estimated CET1 ratio ended the third quarter at 11.3%. This is the second consecutive quarter that we've been able to materially increase our CET1 ratio. We've grown our CET1 ratio by 170 basis points this year. And with 1 more quarter to go in 2023, we have already achieved our previously guided range. I will also highlight that our AOCI adjusted CET1 ratio is 10.2%, which is top quartile of all banks from $10 billion to $100 billion in assets.

我們預計第三季的 CET1 比率為 11.3%。這是我們連續第二季大幅提高 CET1 比率。今年我們的 CET1 比率提高了 170 個基點。距離 2023 年還有 1 個季度，我們已經實現了先前的指導範圍。我還要強調的是，我們的 AOCI 調整後的 CET1 比率為 10.2%，在資產 100 億美元至 1000 億美元的所有銀行中名列前茅。

Turning to Slide 14. Credit quality in our portfolio remains strong across all metrics. Non-performing loans ended the third quarter at $30 million, and our nonperforming asset ratio was low at just 14 basis points. Both metrics are in line with the levels, we've experienced over the past 4 quarters.

轉向投影片 14。我們投資組合的信用品質在所有指標上都保持強勁。第三季末不良貸款為 3,000 萬美元，不良資產率低至 14 個基點。這兩個指標都符合我們過去 4 個季度所經歷的水平。

Consumer charge-offs declined by about $1.1 million in the third quarter. While the consumer charge-off ratio appears higher, the decline is skewed by the $550 million consumer loan sale we executed at the very end of the second quarter. This sale led to roughly 25% lower average consumer balances quarter-over-quarter. We remain extremely well positioned for the potential challenges ahead for the commercial real estate market.

第三季消費者沖銷額減少約 110 萬美元。雖然消費者沖銷率似乎較高，但我們在第二季末執行的 5.5 億美元消費者貸款銷售扭曲了下降趨勢。此次銷售導致平均消費者餘額季減約 25%。我們仍然處於非常有利的位置，可以應對商業房地產市場未來的潛在挑戰。

Commercial real estate, excluding multifamily, comprises only 14% of our loan portfolio while our regional bank peers have about 30% exposure. Furthermore, as Jay noted, the office and retail sectors of commercial real estate each only account for approximately 1% of our total loan portfolio. I'll also highlight that our provision expense of $18 million came in at the very low end of our guidance of $18 million to $22 million per quarter. Our reserve level was roughly flat quarter-over-quarter and we feel we're well reserved at 110 basis points of total loans held for investment.

商業房地產（不包括多戶住宅）僅占我們貸款組合的 14%，而我們的區域銀行同業則佔到約 30%。此外，正如 Jay 指出的那樣，商業房地產的辦公室和零售部門僅占我們總貸款組合的約 1%。我還要強調的是，我們 1800 萬美元的撥備費用處於我們每季 1800 萬至 2200 萬美元指導的最低端。我們的準備金水準與上一季相比大致持平，我們認為我們的準備金充足，佔投資貸款總額的 110 個基點。

Superior credit quality is in the DNA of Customers Bank. We're firm believers that management must remain highly focused on credit risk during strong economic times, which is why we feel we're very well positioned despite the uncertain macroeconomic environment today.

卓越的信貸品質是客戶銀行的基因。我們堅信，在經濟強勁時期，管理層必須繼續高度關注信用風險，這就是為什麼我們認為，儘管當今宏觀經濟環境不確定，但我們仍處於有利地位。

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

之後，我會將電話轉給 Sam，以闡述我們的前景並提供一些結論性的想法。薩姆？

Thank you, Carla. I would like to wrap up with a brief update on our expectations for the remainder of 2023. Before going through the details, I want to reiterate that our top focus areas remain strengthening our balance sheet, improving our deposit franchise as well as maintaining industry-leading levels of liquidity with a strong and growing capital base.

謝謝你，卡拉。最後，我想簡要介紹一下我們對 2023 年剩餘時間的預期。在詳細介紹之前，我想重申，我們的首要重點領域仍然是加強我們的資產負債表、改善我們的存款業務以及維持行業發展。性別處於領先水平，資本基礎雄厚且不斷增長。

We continue to perform against our previous loan and deposit guidance. As Carla mentioned already, the remixing of our loan portfolio is complete, the transformation of our deposit franchise through taking market share due to market disruption, as I described earlier, is well underway and has a fantastic runway ahead.

我們繼續執行先前的貸款和存款指導。正如卡拉已經提到的，我們的貸款組合的重組已經完成，正如我之前所描述的那樣，我們的存款特許經營權通過因市場擾亂而佔據市場份額而進行的轉型正在順利進行，並且前面有一個夢幻般的跑道。

For net interest margin, normalized NIM was approximately 3.2% in the third quarter, and we expect continued expansion from there. We set an ambitious goal of $6 in EPS at the beginning of this year, and I'm pleased to report that we anticipate significantly exceeding that target.

就淨利差而言，第三季標準化淨利差約為 3.2%，我們預計此後將繼續擴張。我們在今年年初設定了每股收益 6 美元的雄心勃勃的目標，我很高興地報告，我們預計將大大超過該目標。

And finally, we're very proud that we have already achieved our CET1 and tangible book value per share targets. We look forward to providing you our financial outlook for 2024 in the new year. But as you can imagine, with the results we've achieved so far this year, we're very optimistic about our prospects in 2024.

最後，我們非常自豪我們已經實現了 CET1 和每股有形帳面價值目標。我們期待在新的一年向您提供 2024 年的財務展望。但正如你可以想像的那樣，根據我們今年迄今所取得的成果，我們對 2024 年的前景非常樂觀。

To conclude, to wrap up, this was clearly an incredibly strong quarter. Here are some takeaways. Number one, as we've said numerous times on this call and throughout the course of the year, risk management is and will always be our top priority. Number two, despite industry headwinds, we continue to materially improve the quality of our deposit franchise. Over the last 2 quarters, we have grown core deposits by $2.1 billion and reduced our wholesale funding by $2.1 billion.

總而言之，這顯然是一個異常強勁的季度。以下是一些要點。第一，正如我們在這次電話會議上以及全年中多次說過的那樣，風險管理現在是、也將永遠是我們的首要任務。第二，儘管面臨產業逆風，我們仍持續大幅提升存款業務的品質。過去兩個季度，我們的核心存款增加了 21 億美元，批發融資減少了 21 億美元。

Our deposit growth was broad-based and granular. We continued to grow our noninterest-bearing deposits, demonstrating primacy and importance of relationships. The pipeline remains strong at approximately 10% of core deposits, and we're just getting started. Number three, our recurring net interest margin improvement this year is significant and sustainable. Number four, we achieved tremendous improvement in our capital ratios. Our TCE to TA ratio increased by 50 basis points in a single quarter on a relatively flat balance sheet. And our CET1 increased by 100 basis points.

我們的存款成長基礎廣泛且細緻。我們繼續增加無利息存款，體現了關係的首要性和重要性。管道仍然強勁，約佔核心存款的 10%，而我們才剛開始。第三，我們今年經常性淨利差的改善是顯著且可持續的。第四，我們的資本比率取得了巨大改善。在資產負債表相對平坦的情況下，我們的 TCE 與 TA 比率在一個季度內增加了 50 個基點。我們的CET1提高了100個基點。

And as you heard Carla say, adjusted for AOCI, Customers Bank is in the top quartile of all banks between $10 billion and $100 billion on this metric. And lastly, as we look towards 2024, despite the challenges in the banking industry today, the future is very bright for Customers Bank. Our loan portfolio remix is complete, and we're well positioned for growth over the next year. We have strong opportunities to further strengthen our deposit franchise. Our platform is extremely efficient and at current levels is able to drive positive operating leverage and profitability. And we have capital and liquidity to support our clients' needs.

正如您聽到 Carla 所說，根據 AOCI 調整後，客戶銀行在這一指標上處於 100 億美元至 1000 億美元之間的所有銀行中的前四分之一。最後，展望 2024 年，儘管當今銀行業面臨挑戰，但客戶銀行的未來非常光明。我們的貸款組合重組已經完成，我們已為明年的成長做好了充分準備。我們有很大的機會進一步加強我們的存款業務。我們的平台非常高效，在目前的水平上能夠推動積極的營運槓桿和獲利能力。我們擁有資本和流動性來支持客戶的需求。

Thank you very much. And with that, we'll now be happy to open up the line for questions.

非常感謝。至此，我們現在很樂意開放提問專線。

(Operator Instructions) Our first question comes from Steve Moss with Raymond James.

（操作員說明）我們的第一個問題來自 Steve Moss 和 Raymond James。

Thank you, Jay, for your kind comments. Maybe just starting on the deposit side here. Just curious how much in the quarter came from the Venture team and the FDIC transaction?

謝謝傑伊的善意評論。也許只是從存款方面開始。只是好奇本季有多少來自創投團隊和 FDIC 交易？

Steve, about less than half of our $1.3 billion.

史蒂夫，大約不到我們 13 億美元的一半。

Okay. And then in terms of the pipeline going forward, how much is there as well?

好的。那麼就未來的管道而言，還有多少？

As we stated, the Venture Banking team was expected to get to 1:1 by the end of the year in the medium to longer term, 2:1. We continue to reiterate that trajectory. In the near term, we're past all of the servicing and onboarding client transition efforts that the team has been working feverishly on. We also had a number of credit requests, as you can imagine, hence the outsized accretion that was from the pent-up demand from customers, who were looking to make some of those decisions, while under FDIC receivership.

正如我們所說，風險銀行團隊預計到今年年底將達到 1:1，中長期則為 2:1。我們繼續重申這一軌跡。在短期內，我們已經完成了團隊一直在瘋狂進行的所有服務和客戶入職轉換工作。正如您可以想像的那樣，我們還收到了許多信貸請求，因此，客戶被壓抑的需求導致了巨額增長，這些客戶在 FDIC 接管期間希望做出其中一些決定。

On a go-forward basis, we're out. We have national events in San Francisco, all around the country where we're meeting perspective and existing customers as well as their investors. And as you can imagine, the management team is very excited, and we're personally supporting those efforts.

從前進的角度來看，我們已經出局了。我們在舊金山和全國各地舉辦全國性活動，與有遠見的客戶、現有客戶以及他們的投資者會面。正如您可以想像的那樣，管理團隊非常興奮，我們個人也支持這些努力。

Got you. And I realize it's still early 3, 4 months in Sam, but just kind of curious what's the underlying business mix you're seeing between kind of capital call lines and the Tech & Venture? And just how we think about that on both the lending side and the deposit side?

明白你了。我意識到 Sam 還為時過早 3、4 個月，但只是有點好奇您在資本呼叫線和技術與風險投資之間看到的潛在業務組合是什麼？我們如何看待貸款方和存款方的問題？

Sure. So historically, our fund finance business was more focused on the private equity side of the capital call line business. We did inherit a good number of Venture capital focused clients that we've actually moved over to our Fund Finance Group. The Fund Finance Group to address your question specific on deposits has seen a tremendous amount of slow but steady and granular as well as noninterest-bearing growth that's coming not just from sort of the new Venture Banking team and their associated relationships but also from just the dislocation and the banks that have been impacted that used to cover these customers.

當然。因此，從歷史上看，我們的基金融資業務更專注於資本調用線業務的私募股權方面。我們確實繼承了大量專注於創投的客戶，我們實際上已將這些客戶轉移到我們的基金財務集團。基金金融集團在解決您關於存款的具體問題時發現，出現了大量緩慢但穩定、細緻且無息的增長，這些增長不僅來自新的風險銀行團隊及其相關關係，而且還來自混亂以及曾經為這些客戶提供服務的銀行受到了影響。

And on the Venture Banking side, we're seeing -- we've seen a couple of banks look to add teams to their existing franchise. As a reminder, we had a $0.5 billion portfolio prior to the acquisition of this team and this franchise. We have about 40 team members that's fully integrated, including credit, portfolio management and treasury services. So we have a significant leg up and really look to continue to grow this franchise in the near to medium term.

在風險銀行業務方面，我們看到一些銀行希望在其現有的特許經營業務中增加團隊。提醒一下，在收購這支球隊和特許經營權之前，我們擁有 5 億美元的投資組合。我們擁有約 40 名完全整合的團隊成員，包括信貸、投資組合管理和財務服務。因此，我們有很大的優勢，並且確實希望在中短期內繼續發展這個特許經營權。

Okay. I appreciate the color there. And then on the margin here with the $320 million to $325 million guide, just curious how much are you assuming for purchase accounting accretion?

好的。我很欣賞那裡的顏色。然後，在 3.2 億至 3.25 億美元的指導下，您假設購買會計增值是多少？

So the guidance -- I'll jump in, Steve and Carla, let me know if I missed anything. The guidance here we provide is for normalized NIM, the outsized impact that we had in the third quarter is really just 6, months of catch-up. And when you're diligence in the data room, you don't necessarily get all of those customer contacts and conversations. So the $320 million to $325 million is sort of our normalized guide going forward.

所以指導——史蒂夫和卡拉，我會介入，如果我錯過了什麼，請告訴我。我們在這裡提供的指導是針對標準化淨利差的，我們在第三季度產生的巨大影響實際上只是 6 個月的追趕。當您在數據室勤奮工作時，您不一定能獲得所有這些客戶聯絡資訊和對話。因此，3.2 億至 3.25 億美元是我們未來的標準化指引。

Okay. So then you guys had about, let's call it, $94 million, $95 million mark. And so there's going to be accretion over and above that $320 million,$325 million range?

好的。那你們就擁有了，我們可以這樣稱呼它，9,400 萬美元、9,500 萬美元。那麼，是否會出現超出 3.2 億至 3.25 億美元範圍的成長？

No, Steve. I'm happy to walk you through some of the accounting and we can do that a little bit offline. The loans are booked at the discounted impact on our books. So it's already flowing through our normalized earnings.

不，史蒂夫。我很高興向您介紹一些會計工作，我們可以離線進行一些工作。貸款以對我們帳簿的影響貼現來記帳。所以它已經流入我們的標準化收益中。

Our next question comes from Casey Haire with Jefferies.

我們的下一個問題來自 Jefferies 的 Casey Haire。

So a follow-up question on the NIM, specifically around the cash position. What is -- what does the NIM guide presume that cash position -- where the cash position trends in the fourth quarter as well as the borrowing?

這是關於淨利差的後續問題，特別是圍繞現金部位的問題。 NIM 指南對現金部位的假設是什麼——第四季現金部位以及借款的趨勢是什麼？

Yes. So on the cash position, as we stated in our remarks that it should stay about the same level that we have it in the third quarter, and we'll continue to maintain those levels for risk management perspective.

是的。因此，就現金頭寸而言，正如我們在評論中所說，現金頭寸應保持在第三季度的水平，從風險管理的角度來看，我們將繼續維持這些水平。

On the borrowings, I would say that borrowings, there are some opportunities to remix the borrowings. We'll continue to evaluate that looks like. But third quarter levels, there will be some benefit based on the fact that we did call $510 million advances late in the third quarter, so there'll be some benefit coming into the fourth quarter. All of that is factored into the guided range of $320 million to $325 million in the fourth quarter.

關於借款，我想說的是藉款，有一些機會重新混合借款。我們將繼續評估它的樣子。但在第三季水準上，將會有一些好處，因為我們確實在第三季末預付款了 5.1 億美元，因此第四季將會有一些好處。所有這些都已計入第四季度 3.2 億至 3.25 億美元的指導範圍內。

Okay. And just following up on that. I mean, why -- I understand it's prudent to run with a lot of cash. But with your cash position at 15% of the balance sheet, there's definitely -- there's some flexibility for you to lean into that and further optimize your NIM. I mean it's almost -- at the end of period, it's almost 2x the borrowings. So just curious why not lean into that more?

好的。並繼續跟進。我的意思是，為什麼——我知道攜帶大量現金是謹慎的做法。但由於您的現金部位佔資產負債表的 15%，因此您肯定有一定的靈活性來利用這一點並進一步優化您的淨利差。我的意思是，在期末，它幾乎是藉款的兩倍。所以只是好奇為什麼不多關注這一點呢？

Yes. So for that, I would just add that, as Sam mentioned, we're preparing and have been preparing for the outflow of a portion of the bank mobile service deposits. So those student deposits are leaving in the fourth quarter, late in the fourth quarter. So we want to make sure we have ample cash on hand to fund that outflow.

是的。因此，我想補充一點，正如薩姆所提到的那樣，我們正在並且一直在為部分銀行行動服務存款的流出做好準備。因此，這些學生存款將在第四季、第四季末離開。因此，我們希望確保手邊有充足的現金來為資金外流提供資金。

And I'd also add that, Casey, we continue to have wholesale CD maturities in the fourth quarter. And then finally, as we've discussed, we have and will continue to maintain our CBIT balances and cash.

我還要補充一點，凱西，我們在第四季繼續有批發 CD 到期。最後，正如我們所討論的，我們已經並將繼續維持我們的 CBIT 餘額和現金。

Okay. And on the student deposit outflow, is that around that $900 million, where it was during the summer?

好的。至於學生存款流出，夏季時的金額是否約為 9 億美元？

No. There is some seasonally elevated balance. So the student deposit businesses have some seasonality associated them with the school year. So it's -- what we've been saying is it's roughly half of the balances that we reported at June 30. BMTX hasn't released their earnings yet, so we're pointing back to those second quarter numbers. But it was roughly half of last quarters with some seasonality associated with the student deposits.

不會。季節性平衡增加。因此，學生存款業務與學年有一定的季節性。所以，我們一直在說的是，這大約是我們 6 月 30 日報告的餘額的一半。BMTX 尚未發布其收益，因此我們將回顧第二季度的數據。但這大約是上個季度的一半，與學生存款有關的一些季節性。

Okay. Very good. And just last one for me switching to capital. You guys are well above your -- above the 11% CET1 and sub-tangible book stock price. Just wondering what's holding you back from be a little bit more aggressive on the buy back?

好的。非常好。對我來說，這只是轉向資本的最後一個。你們的價格遠高於你們的價格——高於 11% CET1 和無形的圖書股票價格。只是想知道是什麼阻礙了您在回購方面更加激進？

Casey, we will always be a pick on that. And -- but for right now, we see -- like I said, we see opportunities for some loan growth next year. And we're well -- we're done with our remix, we're seeing continued growth in our deposits. So, I think buying back common or redeeming are preferred, all the things on the table. But we will update you on a regular basis. But for right now, we would like to see our TCE ratio go up even higher. And our target is 7% for that.

凱西，我們將永遠是這一點的選擇。而且，但就目前而言，我們看到，就像我說的，我們看到明年貸款成長的機會。我們很好——我們已經完成了混音，我們看到我們的存款持續增長。所以，我認為回購普通股或贖回是首選，所有的事情都擺在桌面上。但我們會定期向您更新。但目前，我們希望看到我們的 TCE 比率更高。我們的目標是 7%。

Our next question comes from Peter Winter with D.A. Davidson.

我們的下一個問題來自 Peter Winter 和 D.A.戴維森。

So it was nice to hear about the outlook for loan growth next year, high single digit, low double digit. Where do you expect the growth to come from besides the specialty lending businesses? And then secondly, I heard you say that there's no additional remixing of the loan portfolio, but would you expect some certain other portfolios just to naturally run down?

因此，很高興聽到明年貸款成長的前景，高個位數，低兩位數。除了專業貸款業務之外，您預計成長還會來自哪裡？其次，我聽到你說貸款投資組合沒有額外的重新混合，但你是否期望某些其他投資組合會自然減少？

Go ahead, Sam.

繼續吧，山姆。

Yes, Peter. So think that on the loan opportunities, we continue to see a number of attractive opportunities. We've been very focused on integrating the Venture Banking acquisition as well as really increasing our capital ratios. And that's evidenced on the CET1, it's almost 200 basis points up over -- in just a 6-month period.

是的，彼得。因此認為在貸款機會上，我們繼續看到一些有吸引力的機會。我們一直非常注重整合創投銀行收購以及真正提高我們的資本比率。這在 CET1 上得到了證明，在短短 6 個月的時間內就上漲了近 200 個基點。

So now that we've sort of -- as you heard Carla say, we finished that remix. We're going to be very focused on growing across verticals that are focused on strategic relationships. We're continuing to see opportunities in fund finance and lender finance and real estate specialty finance, health care, equipment finance at floating rate spreads of 300 to 350 basis points. Venture Banking is a prime plus up to 100 basis points. And obviously, the Venture Banking portfolio comes with the extra added benefit of significant deposits relative to commitments and definitely relative to outstandings.

所以現在我們已經——正如你聽到卡拉所說的那樣，我們完成了混音。我們將非常專注於以策略關係為重點的垂直領域的發展。我們繼續在基金融資、貸方融資、房地產專業融資、醫療保健、設備融資等領域看到浮動利差為 300 至 350 個基點的機會。風險銀行業務是最高 100 個基點的優質業務。顯然，風險銀行投資組合帶來了相對於承諾以及絕對相對於未償付的大量存款的額外額外好處。

And are there any other portfolios that continue to kind of migrate lower? And is that slowing?

還有其他投資組合繼續走低嗎？這是否正在放緩？

Yes. We've discussed historically multifamily. Our multifamily portfolio is just under 4% book yield. You can get about at least 150 to 200 basis points higher today. But having said that, it's still not accretive to margin and not accretive to some of the other strategic opportunities that we have when we think about capital allocation for next year. So that's an example of a portfolio that is being deemphasized. As a reminder, there's about $250 million, plus or minus, over the next 4 to 6 quarters of maturities in that portfolio.

是的。我們已經討論過歷史上的多戶家庭。我們的多戶型投資組合的帳面收益率略低於 4%。今天您至少可以上漲約 150 至 200 個基點。但話雖如此，當我們考慮明年的資本配置時，它仍然不會增加利潤，也不會增加我們擁有的其他一些策略機會。這是一個正在被淡化的投資組合的例子。提醒一下，該投資組合在未來 4 到 6 個季度的到期日中大約有 2.5 億美元（上下浮動）。

Okay. And then, Sam, how much -- can you just talk about how much is left in -- or rather how much in brokered CDs mature in the fourth quarter and just the ongoing opportunities to reduce CDs and Federal Home Loan Bank borrowings going forward?

好的。然後，薩姆，你能談談還有多少嗎？或者更確切地說，第四季度經紀存款證中有多少到期，以及未來減少存款證和聯邦住房貸款銀行借款的持續機會？

Yes. So Peter, it's a similar amount in the fourth quarter as we had in the third quarter. In the third quarter, I believe it was $900 million, $950 million, plus or minus. And on the FHLB side, we have somewhere around $300 million, plus or minus, of additional expensive collables that we always had the intention of redeeming, hence why they were -- the advances were taken as callables, which should we expect to also sort of reduce in the next couple of quarters.

是的。彼得，第四季的數量與第三季的數量相似。第三季度，我認為是 9 億美元、9.5 億美元，上下浮動。在FHLB 方面，我們有大約3 億美元（上下）的額外昂貴的可贖回資產，我們一直打算贖回這些可贖回資產，因此它們的原因是——預付款被視為可贖回資產，我們也應該期望將其分類未來幾季將減少。

Okay. Just my last question, Jay, you're 72 years young. Just wondering what the future plans are? I think you once said if earnings got above $6, you consider retiring and there's still plenty of golf courses for you to be played.

好的。我的最後一個問題是，Jay，你已經 72 歲了。只是想知道未來的計畫是什麼？我想你曾經說過，如果收入超過 6 美元，你會考慮退休，而且還有很多高爾夫球場可供你打球。

Yes. Thanks for asking that. I also had said that -- at that time, we were expecting 2025, 2026 to reach $6. I'm so pleased that our shareholders will benefit from the fact that we're running 3 years ahead of plan.

是的。謝謝你這麼問。我還說過，當時我們預計 2025 年、2026 年將達到 6 美元。我很高興我們的股東將從我們提前三年的計劃中受益。

So we will update you, but we're -- I see so many exciting opportunities. I'm the largest shareholder, individual shareholder in the company, and I'm very excited about the opportunities for us. And so we just look out, but at least for the next 2 years or so, I intend to remain active.

所以我們會向您通報最新情況，但我們——我看到了很多令人興奮的機會。我是公司最大的股東，個人股東，我對我們的機會感到非常興奮。所以我們只是觀望，但至少在接下來的兩年左右的時間裡，我打算保持活躍。

Okay. Congratulation on a really solid quarter down the line.

好的。恭喜本季的業績非常穩定。

Thanks.

謝謝。

Our next question comes from Michael Perito with KBW.

我們的下一個問題來自 KBW 的 Michael Perito。

I wanted to just start -- apologies if I missed this. I was jumping around a little bit this morning, but are you guys expecting a similar kind of bumping capital in the fourth quarter that we saw in the third quarter? And I guess to ask differently, still kind of the expectation to get to 7% by year-end?

我想開始——如果我錯過了這一點，我深表歉意。今天早上我有點跳來跳去，但你們是否預計第四季會出現與第三季類似的資本激增？我想換個角度問，到年底還是有達到 7% 的預期嗎？

And then kind of as a follow-up to that, I know you're not providing '24 guide yet, but any initial thoughts on kind of overall balance sheet growth for next year? Is it fair for us to think that there's probably some room for growth, but top of mind is still making sure those capital ratios continue to build and kind of reach the more 7.5%, 8% level. Is that fair? Or should we rethink about it differently?

作為後續行動，我知道你們還沒有提供 24 小時指南，但對明年整體資產負債表成長有什麼初步想法嗎？我們認為可能還有一定的成長空間是否公平，但首要任務仍是確保資本比率繼續提高並達到 7.5%、8% 的水平。這樣公平嗎？或者我們應該以不同的方式重新思考它？

Mike, thanks for the question. So firstly, on CET1, we've given the target of 11% to 11.5%. We reached a range that feels like a good operating range for us. We're not looking -- you won't necessarily see the same type of jump as we've been optimizing throughout the course of the year, plus we had the extra benefit of the tailwind of the accretion. So that's sort of how we're thinking about the range. Obviously, organic capital accretion just in the fourth quarter is going to bump that up to the high end to the range, if not higher. And that gives us a very strong jumping-off point for next year when you sort of think about the organic capital accretion, maintaining that range in the discipline and thinking about what that means for loan grow relative to our 75%, plus or minus, loan-to-deposit ratio.

麥克，謝謝你的提問。所以首先，在CET1上，我們給了11%到11.5%的目標。我們達到了一個對我們來說感覺良好的操作範圍。我們不是在尋找——你不一定會看到與我們在這一年中一直在優化的相同類型的跳躍，而且我們還獲得了吸積順風的額外好處。這就是我們對這個範圍的思考方式。顯然，第四季度的有機資本增值將使其上升至該範圍的高端，甚至更高。這為我們明年提供了一個非常強有力的起點，當你考慮有機資本增值時，保持該範圍的紀律，並思考這對貸款增長相對於我們的 75％（上下）意味著什麼，貸存比。

And also of the depositive pipeline that can help fund future growth, including liquidity created by securities, cash flow, et cetera. On TCE, we've always said 7% is a stretch and the best way to continue to bump up TCE significantly with retained earnings is by maintaining the flat balance sheet, and that's what we're committed to for the foreseeable future. Because there's a tremendous amount of remix that can happen within the interest-earning assets, especially on the securities book side as that short duration continues to cash flow provides an opportunity to maintain and increase the loan-to-deposit ratio closer to industry medians as opposed to one of the lower in the industry.

還有可以幫助為未來成長提供資金的存款管道，包括證券、現金流等創造的流動性。對於 TCE，我們總是說 7% 是一個延伸，繼續大幅提高 TCE 和留存收益的最佳方法是保持資產負債表平坦，這就是我們在可預見的未來所致力於的。因為生息資產中可能會發生大量的重組，特別是在證券帳簿方面，因為短期持續的現金流量提供了維持和提高貸存比接近行業中位數的機會，因為與行業中較低的公司之一相對。

Got it. And then just another follow-up. I heard you mentioned in a prior response about the -- I think the excess cash you guys are holding that you hold cash against the CBIT deposit balances. Apologies, if I missed it, but could you mention what those balances were at the end of the third quarter?

知道了。然後是另一個後續行動。我聽說你在之前的回覆中提到過——我認為你們持有的多餘現金是針對 CBIT 存款餘額持有的現金。抱歉，如果我錯過了，但你能提到第三季末的餘額是多少嗎？

And then just more broadly speaking, as we think about kind of some of the niches and different verticals that you guys are in or have gone into over the recent past couple of quarters, how sure you thinking about kind of fee contribution on this business model going forward? It's more kind of a high-level question, but obviously, I think it's about kind of 8% or 9% of revenues now. But I would imagine there's kind of opportunities to grow and optimize that as you get a little bit more of a strong foundation in some of these new businesses. But just curious how you guys are thinking about that, as we move into '24?

然後更廣泛地說，當我們思考你們在過去幾個季度中所處或已經進入的一些利基市場和不同垂直領域時，你們對這種商業模式的費用貢獻有多大把握？向前走？這是一個更高層次的問題，但顯然，我認為現在大約是收入的 8% 或 9%。但我想，當你在一些新業務中獲得更堅實的基礎時，就有機會發展和優化它。但只是好奇，當我們進入 24 世紀時，你們是如何看待這個問題的？

Yes. Thanks, Mike. So firstly, on CBIT, the balances were below our -- obviously, our 15% self-imposed cap. Average balances were essentially flat quarter-over-quarter, around $2.2 billion, plus or minus. So it's right where we want it to be. But I think it's also important just to sort of reemphasize here, that we've essentially onboarded any customer that we wanted to onboard that is integral to the industry. We've also been able to manage our "I'll call instead of saying large customers, I'd say, most institutional central customers to really stabilize deposit balances that allow us to maintain that noninterest-bearing float, typical large customer is operating between that 5% to 10% of total associated deposits."

是的。謝謝，麥克。首先，在 CBIT 上，餘額低於我們——顯然，我們自行設定的 15% 上限。平均餘額環比基本持平，約 22 億美元，上下浮動。所以它就在我們想要的地方。但我認為在這裡再次強調也很重要，我們基本上已經吸引了我們想要吸引的任何客戶，這些客戶是這個行業不可或缺的一部分。我們還能夠管理我們的「我會打電話而不是說大客戶，我會說，大多數機構中央客戶真正穩定存款餘額，使我們能夠維持無息浮動，典型的大客戶正在運營相關存款總額的5 % 到10% 之間。”

So there's not a lot of tremendous concentration within this portfolio, even though it may fluctuate a little bit. Fee income across the franchise is going to be incredibly important. We spent a good amount of time talking about our NPL program and the held-for-sale strategy on a consumer portfolio, building off of Peter's question on loan remix, we've really brought down our consumer portfolio to about 7% of held for investment today. That's down $1.5 billion over -- in balances over the last year, dramatically reduced the credit risk or perceived credit risk relative to underwriting of our entire franchise, which we think is incredibly important, and we'll continue to focus on that type of remixing.

因此，儘管可能會略有波動，但該投資組合中並沒有太多的集中度。整個特許經營權的費用收入將非常重要。我們花了很多時間討論我們的不良貸款計劃和針對消費者投資組合的持有待售策略，以彼得關於貸款重組的問題為基礎，我們確實將我們的消費者投資組合降低到了持有待售資產的7% 左右。今天的投資。與去年相比，餘額減少了15 億美元，相對於我們整個特許經營權的承保而言，大大降低了信用風險或感知信用風險，我們認為這一點非常重要，我們將繼續專注於這種類型的重新混合。

But really look to generate a high-quality revenue from those customers that we've worked so hard on building strong relationships over the past 5 to 7 years. We talked about a $10 million run rate in that business by the end of the year, and we're well on target to achieve that.

但真正希望從那些我們在過去 5 到 7 年裡努力建立牢固關係的客戶那裡獲得高品質的收入。我們談到今年年底該業務的運行率將達到 1000 萬美元，而且我們正在實現這一目標。

Our next question comes from Frank Schiraldi with Piper Sandler.

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

Jay, you mentioned a lot of the playing opportunities out there. I'm just curious given -- you talked about multifamily rolling off to a degree. You guys have been pretty negative on CRE overall, which has certainly been the right call. But just thinking about plenty of room there on that side if you were interested, and I imagine with others shrinking their books, there's opportunity to pick up good business. Just wondering if that's a business you guys are looking at, at all, just the CRE either permanent or sort of bridge loan businesses?

傑伊，你提到了很多比賽機會。我只是很好奇——你談到了多戶家庭在一定程度上的下降。總體而言，你們對 CRE 持相當負面的態度，這無疑是正確的決定。但如果你有興趣的話，只要想想那邊有足夠的空間，而且我想隨著其他人縮小他們的書本，就有機會獲得好生意。只是想知道你們正在關注的業務是否只是 CRE，無論是永久性的還是某種過橋貸款業務？

Yes. So go ahead, Sam.

是的。所以繼續吧，山姆。

Yes, I would agree, Frank, we're not very focused on CRE. But at the end of the day, when you have very high-quality sponsors that otherwise diversify their business across a number of banks, who are willing to consolidate all of their business with 1 bank, and have incredible net worth and liquidity, those are the types of opportunities that we're evaluating to your question. They're not going to be major needle drivers, but they will be major franchise enhancement drivers.

是的，我同意，弗蘭克，我們不太關注 CRE。但歸根結底，當你擁有非常高品質的贊助商，他們在多家銀行之間實現業務多元化，他們願意將所有業務整合到一家銀行，並且擁有令人難以置信的淨資產和流動性，那麼這些贊助商就是我們針對您的問題評估的機會類型。他們不會成為主要的針頭驅動因素，但他們將成為主要的特許經營增強驅動因素。

Okay. And then just, obviously, the loan book that you guys acquired through the FDIC was a great win. And I mean, maybe I kind of lost track of what's left there at the FDIC. But is there anything you guys are interested in that is coming up or has been bid out, I guess, by the FDIC currently?

好的。然後，顯然，你們透過 FDIC 獲得的貸款簿是一個巨大的勝利。我的意思是，也許我有點忘記了 FDIC 還剩下什麼。但是，我想，目前 FDIC 正在推出或已經競購的產品，你們有興趣嗎？

Yes. So, Frank, I think that what was left of the portfolio was noncore and nonstrategic to us, mostly CRE.

是的。所以，弗蘭克，我認為剩下的投資組合對我們來說是非核心和非策略性的，主要是商業房地產。

Okay. Fair enough. And then -- just thinking about the loans that you did bring over and obviously, you spoke to the outsized discount accretion. I assume that other than that outsized discount accretion, it sounds like there was another portion that was kind of more run rate in the quarter. So just wondering if you can share what the remaining discount accretion is and then the duration of the book, so we can kind of model how that progresses or the run rate over time?

好的。很公平。然後——只要想想你確實帶來的貸款，顯然，你談到了巨額折扣的增加。我認為除了大幅折扣增加之外，聽起來本季還有另一部分運行率更高。所以只是想知道你是否可以分享剩餘的折扣增加是多少，然後是這本書的持續時間，這樣我們就可以對隨著時間的推移如何進展或運行率進行建模？

Yes, Frank. So I think that we're not going to be breaking out the discount. As I mentioned, these books are -- it's different than a whole bank acquisition when you have a bargain purchase gain and there's equity accreted. In this case, this is -- these loans are booked in our -- on our balance sheet at the discounted rate. So these -- essentially to sort of think about this to your question about duration, it's about a 1.5-year duration. So if you say 1/3 was outsized of the $95 million this quarter, it kind of gives you a sense of how to think about it over a 6-quarter type period.

是的，弗蘭克。所以我認為我們不會取消折扣。正如我所提到的，這些帳簿與整個銀行收購不同，當你獲得討價還價購買收益並且增加股本時。在這種情況下，這些貸款以折扣率記錄在我們的資產負債表上。所以這些——本質上是為了思考你關於持續時間的問題，它的持續時間大約是 1.5 年。因此，如果您說本季 9500 萬美元中的 1/3 超出了規模，那麼您就可以了解如何在 6 個季度的時間段內思考​​這個問題。

Yes. Okay. Great. And just lastly, I guess, on the noninterest-bearing growth. I just wanted to -- so you mentioned the CBIT. I assume that's all noninterest-bearing. And I assume, over time, the idea is still -- I mean, you're getting a great return on that right now just in NII. But I assume over time, there's the idea or the expectation is the fee side of thing. Just curious if that's something you think you could ramp up in 2024? Is that sort of further down the line? Or how are you thinking about that?

是的。好的。偉大的。我想最後是關於無息成長。我只是想——所以你提到了 CBIT。我認為這都是無息的。我認為，隨著時間的推移，這個想法仍然是——我的意思是，你現在就在 NII 中獲得了巨大的回報。但我認為隨著時間的推移，收費方面的想法或期望就會出現。只是好奇您是否認為 2024 年可以加強這項業務？這是更進一步的事嗎？還是你怎麼想的？

Okay. Frank, it's a great question. Obviously, higher for longer type scenario, we don't anticipate there has been a need in 2024. We're working collaboratively with customers and their technology needs. So eventually, as you can imagine, in a low rate environment, this does need to be a fee-based business, but that it also doesn't need to take up so much of your balance sheet. So that will be an evolution over time, but I don't anticipate that being a 2024 event.

好的。弗蘭克，這是一個很好的問題。顯然，對於較長類型的場景，我們預計 2024 年不會有這種需求。我們正在與客戶及其技術需求合作。因此，最終，正如您可以想像的那樣，在低利率環境下，這確實需要成為一項收費業務，但它也不需要佔用您的資產負債表太多。因此，這將隨著時間的推移而演變，但我預計這不會成為 2024 年的事件。

Our next question comes from Matthew Breese with Stephens.

我們的下一個問題來自馬修·布里斯和史蒂芬斯。

I know you had referenced the VC kind of driving a portion of the noninterest-bearing deposit growth. But I was hoping for just some better color as to what the components were that drove the quarterly increase?

我知道您提到創投推動了部分無息存款成長。但我希望能有一些更好的顏色來說明推動季度成長的因素是什麼？

Yes. So I think, Matt, we talked last quarter about our $2 billion pipeline. Despite the $1.3 billion of growth, we still have $1.5 billion in sort of replenish in our pipeline. We also talked about 1/4 of that pipeline being noninterest-bearing across verticals. And that was reasonably consistent across the Venture Banking team.

是的。所以我想，馬特，我們上個季度討論了我們 20 億美元的管道。儘管成長了 13 億美元，但我們的通路中仍有 15 億美元的補充資金。我們也討論了該管道的 1/4 是跨垂直領域的無息。這在整個風險銀行團隊中是相當一致的。

Okay. And I don't know if you mentioned this, but what is the near-term -- and in '24, if you have it, both kind of overall deposit growth outlook and then outlook for noninterest-bearing deposit?

好的。我不知道你是否提到過這一點，但近期——以及24年，如果你有的話，整體存款成長前景和無息存款前景是什麼？

Sure. So $1.5 billion about 3 quarters, about 1/4 of that would be noninterest-bearing. So that kind of gets you to $500 million sort of a quarter and with a 1/4 of that be noninterest-bearing. But just a reminder, we will have -- in the fourth quarter, you do have the transition out of the noncore, nonstrategic BMT student deposits. So the fourth quarter will be flattish to potentially a slight decline in deposit balances.

當然。因此，大約 3 個季度的 15 億美元，其中大約 1/4 是無息的。這樣一來，每個季度你就可以賺到 5 億美元，其中 1/4 是無息的。但提醒一下，我們將在第四季將非核心、非策略性 BMT 學生存款轉變為非核心、非策略性 BMT 學生存款。因此，第四季的存款餘額將持平，可能略有下降。

But again, when taken in totality about sort of the go-forward foundation of the franchise, we'll continue growing off of that base in early next year and hopefully continue to replenish the pipeline as we have done incredibly successfully over the last 2 quarters.

但再次強調，當我們全面考慮該系列的前進基礎時，我們將在明年初繼續在該基礎上發展，並希望繼續補充管道，就像我們在過去兩個季度取得的令人難以置信的成功一樣。

And where did the BMTX student deposits currently reside? I mean interest-bearing, noninterest-bearing?

BMTX 學生存款目前存放在哪裡？我是說有息還是無息？

Yes. So I can give you some color on that. So it's split. So the student deposits are currently in noninterest deposits and then the T-Mobile related deposits are in interest-bearing.

是的。所以我可以給你一些顏色。所以就分了。因此，學生存款目前屬於無利息存款，然後 T-Mobile 相關存款屬於有息存款。

And what's -- are they split 50-50? Or what's kind of the breakdown?

他們的比例是 50 比 50 嗎？或者說是什麼樣的崩潰？

It's roughly 50-50 with some seasonality around the student deposits tied to the school year.

大約是 50-50，與學年相關的學生存款存在一些季節性。

Okay. And then this quarter, there were some legal expense tied to a third-party PPP lender. There's still some PPP left on the books. So I guess, one, I was looking for some better clarity as to what happened that caused $4 million, $5 million in legal costs? And then what is the outlook for resolving the remaining stub piece of PPP loans? It feels like it's just been on for -- it's been ongoing for longer than most of your peers.

好的。本季度，還有一些與第三方 PPP 貸款機構相關的法律費用。帳面上還剩下一些購買力平價。所以我想，第一，我是想更清楚地了解到底發生了什麼導致了 400 萬美元、500 萬美元的法律費用？那麼解決PPP貸款剩餘部分的前景如何？感覺就像它剛出現一樣——它比大多數同行持續的時間更長。

Matt. So obviously, on PPP, just as a reminder, it may be ongoing. It's 1% of our balances of origination, right? We originated $10 billion, we made $500 million of revenue, $8 of book value accretion. We had guided to about this number a couple of quarters ago of balances we expected to stay on our balance sheet. We also guided last quarter that, that would be our last quarter of needing to do some of the pro forma matrics that's now put in the tables in the back of our franchise.

馬特。很明顯，在 PPP 上，提醒一下，它可能會持續下去。這是我們原始餘額的 1%，對吧？我們創造了 100 億美元，創造了 5 億美元的收入，帳面價值增加了 8 美元。幾個季度前，我們已經指導了這個數字，預計我們的資產負債表上會保留這個數字。上個季度我們也指導，這將是我們需要做一些預計矩陣的最後一個季度，這些矩陣現在放在我們特許經營後面的表格中。

To answer your question specifically, this was also in an effort to make sure that we just cleaned up any issues. As you can imagine, there were no PPP services prior to March of 2020. So PPP servicers who had technology capabilities, et cetera, and also didn't necessarily plan to be in this business for 3 to 5 years. So we had to take on some of those servicing efforts, and we cleaned things up. There are no disputes outgoing. We talked about this particular arbitration a year ago. I think it was in the fourth quarter of last year.

具體回答您的問題，這也是為了確保我們解決了所有問題。可以想像，2020年3月之前還沒有PPP服務。所以有技術能力等的PPP服務商，也不一定打算從事這個行業3到5年。因此，我們必須承擔一些維修工作，並進行清理工作。不存在任何爭議。一年前我們討論過這個特別的仲裁。我記得是去年第四季的事。

So we've disclosed that there's nothing, no minor, no major dispute. PPP is essentially cleaned up and behind us and these balances, we don't know when they're going to term out, but just assume that they're part of our franchise going forward, not great from the 1% interest rate, given our cost of funds, but very de minimis in the grand scheme of things. And PPP was an incredible program for us and transformed us to where we're today, where we can make as much in a quarter as we made in an entire year prior to PPP.

所以我們已經透露，沒有任何事情，沒有小問題，沒有大問題。 PPP 基本上已經清理完畢，在我們身後，這些餘額，我們不知道它們什麼時候會到期，但只是假設它們是我們未來特許經營權的一部分，考慮到 1% 的利率，這不是很好。我們的資金成本，但在宏偉的計劃中是微不足道的。 PPP 對我們來說是一個令人難以置信的計劃，它使我們達到了今天的水平，我們在一個季度內的收入相當於我們在 PPP 之前一整年的收入。

Understood. Okay. And now that you do have the servicing, you've won back your servicing, should we expect a whole and maybe expedited resolution of the stub balances. Is that the way to think about it?

明白了。好的。現在您確實擁有了服務，您已經贏回了您的服務，我們是否應該期待存根餘額的完整解決方案，也許是快速解決方案。是這樣思考的嗎？

Remember, stub balances essentially are termed out balances for the most part, Matt, right? So these are folks that have a 2 or 5-year PPP loan, and banks have these on their balance sheets as well.

請記住，存根餘額本質上在很大程度上被稱為餘額，馬特，對吧？這些人擁有 2 年或 5 年期 PPP 貸款，銀行的資產負債表上也有這些貸款。

Okay. I was hoping to turn to charge-offs. With one, there's quite a bit that's coming from the installment book. So maybe just give us a sense for the outlook on charge-offs from here, if we should expect something consistent with this quarter? And then secondarily, what are the early stage delinquencies? What does that look like for the installment book today versus last quarter?

好的。我本來希望轉向沖銷。就其中一個而言，有相當多的內容來自分期付款書。因此，如果我們應該期待與本季一致的情況，也許只是讓我們對這裡的沖銷前景有一個了解？其次，早期的違約行為是什麼？今天的分期付款書與上個季度相比怎麼樣？

Yes. Matt, this is Phil Watkins. So I think you saw on the consumer side on an aggregate basis, those charge-offs actually came down by $1.1 million in the quarter. And we did say as the consumer HFI portfolio continues to mature and decline that you'll see those kind of continue to come down on that trajectory over time. So it's not going to happen overnight in a quarter, but that is where we would think things are going.

是的。馬特，這是菲爾沃特金斯。因此，我認為您在消費者方面看到，從總體上看，本季的沖銷實際上減少了​​ 110 萬美元。我們確實說過，隨著消費者 HFI 投資組合的不斷成熟和下降，隨著時間的推移，你會看到這些投資組合繼續沿著這一軌跡下降。因此，這不會在一個季度內一夜之間發生，但這就是我們認為事情正在發展的方向。

And as far as the early look into those portfolios, we obviously continue to monitor it very closely. But as a reminder, our portfolio is very differentiated from the consumer overall. So super -- prime and super-prime, 730 FICO, 19% DTI, over $105,000 of income. So we're not seeing any material changes. Obviously, there was credit normalization from the unsustainably low levels, but we continue to feel the book is performing as expected.

就這些投資組合的早期研究而言，我們顯然會繼續密切監控。但提醒一下，我們的產品組合與整體消費者有很大不同。所以超級——優質和超級優質，730 FICO，19% DTI，超過 105,000 美元的收入。所以我們沒有看到任何實質變化。顯然，信用從不可持續的低水準開始正常化，但我們仍然認為這本書的表現符合預期。

Our last question comes from Bill Dezellem with Tieton Capital Management.

我們的最後一個問題來自蒂頓資本管理公司的比爾·德澤勒姆。

Relative to the loan growth that you were referencing that you anticipate in 2024, would you talk to the categories where you see the most opportunity? And to what degree is that opportunity, a function of competitors pulling back from those market segments as they're trying to navigate the environment?

相對於您所提及的 2024 年貸款成長預期，您是否會談談您認為機會最多的類別？這種機會在多大程度上是競爭對手在試圖駕馭環境時從這些細分市場中撤出的函數？

Bill, good question. To sort of recap some of the -- and bring together some of the conversations we had on the call today. So we expect Venture Banking to be a major sort of commitment driver. As you can imagine, these are, on average, $8 million, $10 million loans. There's not a huge amount of balanced growth that can actually happen in a short period of time responsibly. But we're taking market share, and we have a tremendous amount of deposit-only customers and also a tremendous amount of net deposit customers that will be onboarded lending to the market disruption.

比爾，好問題。回顧我們今天在電話會議上進行的一些對話。因此，我們預期風險銀行業務將成為承諾的主要驅動力。正如你可以想像的那樣，這些貸款平均為 800 萬美元、1000 萬美元。在短時間內負責任地實際上不可能實現大量的平衡成長。但我們正在佔領市場份額，我們擁有大量的純存款客戶，也有大量的淨存款客戶，他們將透過貸款來擾亂市場。

Also in the fund finance space and the capital call line side of -- we sold all of our non-bilateral loans last quarter and we're starting to build a great pipeline of 100 basis points of extra spread, plus Fed funds increases from where we were originating at the beginning of this year or end of last year in that business. And those -- that also comes with associated noninterest-bearing balance deposit growth as well, not only from credit customers, but also from banking, those types of customers.

同樣在基金融資領域和資本贖回額度方面——我們上個季度出售了所有非雙邊貸款，我們開始建立一個額外利差 100 個基點的龐大管道，加上聯邦基金從哪裡增加我們是在今年年初或去年年底開始從事這項業務的。這些——也伴隨著相關的無息餘額存款的成長，不僅來自信貸客戶，還來自銀行業，這些類型的客戶。

So those are 2 examples of the most dislocated from a competitive environment. Remember, we have an existing franchise as well, and we have existing teams that have built incredible franchises across the board, our Community Banking team that has expanded over the past couple of years has good, great existing and new relationships. Our Health Care business has great opportunities that -- with a good pipeline building as does our Commercial Finance business locally known as our Equipment Finance business.

以上是兩個最脫離競爭環境的例子。請記住，我們也擁有現有的特許經營權，我們現有的團隊已經全面建立了令人難以置信的特許經營權，我們的社區銀行團隊在過去幾年中不斷擴大，擁有良好的現有和新的關係。我們的醫療保健業務擁有良好的管道建設，我們的商業金融業務在當地被稱為設備融資業務，因此擁有巨大的機會。

And so if I'm hearing you correctly, you do have some of the growth next year that will be a function of some -- the dislocation of some of these segments, but others will simply be a function of the areas of strength that you have for lending just irrespective of the competitive environment?

因此，如果我沒聽錯的話，明年確實會有一些成長，這將是某些部分的功能——其中一些部分的錯位，但其他部分將只是你的優勢領域的功能。無論競爭環境如何，都可以放款嗎？

That's right, Bill.

沒錯，比爾。

This concludes our question-and-answer session. I will now turn the call back to Sam Sidhu, President and CEO, for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給總裁兼執行長 Sam Sidhu，讓其致閉幕詞。

Thanks, Brianna. Everyone, we'd really like to thank you for your continued interest and support of Customers Bancorp and really look forward to speaking to you again soon. Thank you.

謝謝，布麗安娜。各位，我們非常感謝您對 Customers Bancorp 的持續關注和支持，並真誠地期待很快再次與您交談。謝謝。

This concludes today's conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連線。