Customers Bancorp Inc (CUBI) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Customers Bancorp, Inc. Third Quarter 2025 Earnings Webcast and Conference Call. [Operator Instructions]

您好，感謝您的支持。我叫 Regina，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Customers Bancorp, Inc. 2025 年第三季收益網路廣播和電話會議。[操作員說明]

I would now like to turn the conference over to Philip Watkins, Executive Vice President, Head of Corporate Development and Investor Relations. Please go ahead.

現在，我想將會議交給執行副總裁、企業發展和投資者關係主管 Philip Watkins。請繼續。

Thank you, Regina, and good morning, everyone. Thank you for joining us for the Customer Bancorp's earnings webcast for the third quarter of 2025.

謝謝你，里賈娜，大家早安。感謝您收看 Customer Bancorp 2025 年第三季的收益網路廣播。

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

在我們開始之前，我們想提醒您，我們今天所做的一些聲明可能根據適用的證券法被視為前瞻性聲明。這些前瞻性陳述可能會發生變化，並涉及許多風險和不確定性，可能導致實際業績結果與當前預期有重大差異。

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 most recent Form 10-K and 10-Q and our current reports on Form 8-K for a more detailed description of the assumptions and risk factors related to our business. Copies of these filings may be obtained from the SEC or by visiting the Investor Relations section of our website.

請注意，這些前瞻性聲明僅代表本簡報發布之日的觀點，除適用證券法要求的範圍外，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。請參閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表和 10-Q 表以及我們目前的 8-K 表報告，以獲得與我們的業務相關的假設和風險因素的更詳細描述。您可以從美國證券交易委員會 (SEC) 或透過造訪我們網站的投資者關係部分取得這些文件的副本。

At this time, it is my pleasure to turn the call over to Customers Bancorp, Chair, Jay Sidhu. Jay?

現在，我很高興將電話轉給 Customers Bancorp 董事長 Jay Sidhu。傑伊？

Thanks, Phil, and good morning, ladies and gentlemen, and welcome to Customers Bancorp's third quarter 2021 earnings call.

謝謝，菲爾，女士們、先生們，早上好，歡迎參加 Customers Bancorp 2021 年第三季財報電話會議。

I'm joined this morning by our President and CEO of the bank, Sam Sidhu; and Customers Bank and Customers Bancorp CFO, Mark McCollum.

今天上午，與我一起出席的還有我們銀行的總裁兼執行長 Sam Sidhu，以及 Customers Bank 和 Customers Bancorp 的財務長 Mark McCollum。

We are very pleased to report another strong quarter. Once again, our results materially exceeded expectations. We experienced deposit-led growth in our balance sheet of more than $1.5 billion over the quarter, delivered positive operating leverage and strengthened our already robust capital levels through a very successful common equity offering that was oversubscribed by about 10 times. That speaks volumes about investor confidence in our franchise. We also delivered top-tier earnings performance, continue to improve capital quality and drove disciplined franchise-enhancing growth across deposits, loans and also fee income. You'll hear more from Sam and Mark on those results in a moment.

我們非常高興地報告又一個強勁的季度。我們的業績再次大大超乎預期。本季度，我們的資產負債表由存款帶動成長，成長超過 15 億美元，實現了積極的經營槓桿，並透過非常成功的普通股發行（超額認購約 10 倍）增強了我們本已強勁的資本水平。這充分說明了投資者對我們特許經營權的信心。我們也實現了頂級獲利表現，持續提高資本質量，並推動存款、貸款和費用收入的有序特許經營成長。您稍後就會從 Sam 和 Mark 那裡聽到更多關於這些結果的資訊。

It is exactly these sorts of financial results that gave me the confidence last quarter to announce my transition to Executive Chairman beginning in 2026 and for Sam to be named Chief Executive Officer of the holding company besides being the CEO of the bank. From this seat, the Board of Directors and I will continue to provide all the guidance to Sam and our awesome management team to ensure customers continues to build on its trajectory of growth, consistency, full transparency, resilience and delivering the results to you on a regular consistent basis.

正是這樣的財務表現讓我在上個季度有信心宣布，我將從 2026 年開始擔任執行董事長，而 Sam 除了擔任銀行執行長外，還將被任命為控股公司的執行長。從這個位置上，董事會和我將繼續向 Sam 和我們出色的管理團隊提供所有指導，以確保客戶繼續沿著其成長、一致性、完全透明度、彈性的軌跡發展，並定期向您提供成果。

From a financial perspective, customers have been an industry-leading EPS and book value compounder over the last 5 years for banks of our size and that's translated into long-term results for our shareholders as we've been the #1 performing bank stock in United States for institutions over $10 billion in assets over a 5-year period. Thank you for -- and kudos to all of you for being our long-term shareholders, and I'm thrilled to be one other.

從財務角度來看，對於我們這種規模的銀行來說，過去 5 年裡，客戶一直是行業領先的每股收益和賬面價值複合增長者，這轉化為我們股東的長期業績，因為我們在 5 年內一直是美國資產超過 100 億美元的機構中表現最好的銀行股票。謝謝你們——也向你們所有人致敬，感謝你們成為我們的長期股東，我很高興成為我們的一員。

Our mission remains unchanged to deliver long-term and consistent value for our shareholders and our communities by putting clients first and executing with excellence. The numbers you see are the result of our leadership team executing superbly on our unique strategy of single point of contact banking with the strongest risk management principles.

我們的使命始終不變，以客戶為中心，以卓越執行為股東和社區提供長期、持續的價值。您看到的數字是我們領導團隊出色地執行我們獨特的單點聯繫銀行策略和最強大的風險管理原則的結果。

Before we dive into the quarter, I'd like to take a moment to welcome Janet Lee and the TD Cowen team to coverage of Customers Bancorp. It's terrific to have you and Steve following our story. We appreciate your interest and look forward to your insights as we continue to execute on our strategy.

在深入探討本季之前，我想花點時間歡迎 Janet Lee 和 TD Cowen 團隊來報導 Customers Bancorp。非常高興您和史蒂夫能夠關注我們的故事。我們感謝您的關注，並期待您在我們繼續執行策略的過程中提供見解。

With that, I'm going to turn it over to Sam to discuss in detail the quarter with you. Sam?

接下來，我將把時間交給 Sam，讓他與您詳細討論本季的情況。山姆？

Thank you, Jay, and good morning, everyone.

謝謝傑伊，大家早安。

This quarter was yet another clear demonstration of the strength of Customers Bank's diversified model. Across the franchise, we delivered strong performance, disciplined growth and continued transformation of our deposit base. We are firing on all cylinders, and our team is performing at elite level. Q3 results represented another quarter of very strong financial performance. Here are a few of the highlights.

本季再次清楚證明了客戶銀行多元化模式的實力。在整個特許經營過程中，我們實現了強勁的業績、穩健的成長並持續轉變了我們的存款基礎。我們正在全力以赴，我們的團隊表現堪稱精英水平。第三季的業績顯示本季的財務表現又非常強勁。以下是其中的一些亮點。

We generated $1.4 billion of deposit growth, led by our new commercial banking teams and cubiX clients. Our loan growth was 6% quarter-over-quarter with diversified contributions across multiple verticals. Our net interest margin expanded meaningfully by 19 basis points quarter-over-quarter, our net interest income increased by 14% in the quarter.

在新的商業銀行團隊和 cubiX 客戶的推動下，我們的存款增加了 14 億美元。我們的貸款環比增長 6%，並有多個垂直領域的多元化貢獻。我們的淨利差較上季大幅擴大了 19 個基點，本季我們的淨利息收入成長了 14%。

Our efficiency ratio improved again, even as we continued to invest in new teams, technology and risk management. As you heard from Jay, we had a tremendously successful common stock offering in early September, which was about 10x oversubscribed.

即使我們繼續投資新團隊、技術和風險管理，我們的效率比率也再次提高。正如傑伊所說，我們在 9 月初的普通股發行非常成功，超額認購了約 10 倍。

The equity raise even further improved our capital quality and ratios meaningfully, and we compounded tangible book value at a 25% annualized pace in the quarter to nearly $60 per share, continuing our multiyear trend of 15% annualized growth, which is #1 for bank's $20 billion to $100 billion in assets. We accomplished all of this while maintaining strong credit performance and ample liquidity.

股權融資進一步顯著提高了我們的資本品質和比率，本季度我們以 25% 的年化速度將有形帳面價值複合增長至每股近 60 美元，延續了多年來 15% 的年化增長率，對於資產規模在 200 億至 1000 億美元的銀行而言，這一增長率位居第一。我們在保持強勁的信用表現和充足的流動性的同時完成了所有這些。

Advancing to the next slide, you'll see our GAAP financials, and moving to Slide 6, I'll run through the core financial highlights for the quarter. Our beat relative to consensus expectations on both a GAAP and core basis was driven by strong results across the franchise.

進入下一張投影片，您將看到我們的 GAAP 財務狀況，然後進入投影片 6，我將介紹本季的核心財務亮點。我們的業績超越了 GAAP 和核心基礎的普遍預期，這得益於整個特許經營業務的強勁業績。

We delivered core EPS of $2.20 with a core ROE and ROA of 15.5% and 1.25%, respectively, both important profitability milestones. This reflects solid growth on both sides of the balance sheet, resulting in total revenues of $232 million, which was up 12% in the quarter. And our credit metrics also remain strong, which Mark will cover in more detail. Our third quarter EPS grew by 22% in the quarter, which is on top of the 17% growth last quarter.

我們實現的核心每股收益為 2.20 美元，核心淨資產收益率和資產回報率分別為 15.5% 和 1.25%，這兩項都是重要的獲利里程碑。這反映了資產負債表兩邊的穩健成長，導致總收入達到 2.32 億美元，本季成長了 12%。我們的信用指標也依然強勁，馬克將對此進行更詳細的介紹。我們的第三季每股收益成長了 22%，高於上一季 17% 的增幅。

As you may recall, a year ago, on our third quarter call, I said that we'd look to grow our core EPS by 30% or more this year. I'm incredibly pleased to say that we more than doubled that, up 64% from the same period a year ago. And we believe that our $24 billion balance sheet is stronger than ever with very robust capital ratios, strong credit quality and reserves and ample liquidity to support our growing pipelines.

您可能還記得，一年前，在我們第三季的電話會議上，我說過，我們希望今年的核心每股收益將成長 30% 或更多。我非常高興地說，我們的銷售額比去年同期成長了一倍多，達到了 64%。我們相信，我們 240 億美元的資產負債表比以往任何時候都更加強勁，擁有非常穩健的資本比率、強大的信貸品質和儲備以及充足的流動性來支持我們不斷增長的管道。

Now let's turn to deposits on Slide 7, where we continue to execute in our deposit transformation with a meaningful shift towards franchise-enhancing granular high-quality deposits. As I mentioned, total deposits grew $1.4 billion in the quarter, ending at $20.4 billion. This included an increase of $900 million in noninterest-bearing deposits, which was led by growth from existing institutional customers on our in-house developed cubiX platform.

現在讓我們轉到投影片 7 上的存款，我們將繼續執行存款轉型，並向增強特許經營權的細粒度高品質存款進行有意義的轉變。正如我所提到的，本季總存款成長了 14 億美元，最終達到 204 億美元。其中包括增加 9 億美元的無利息存款，這主要得益於我們內部開發的 cubiX 平台上現有機構客戶的成長。

Our deposit growth was supported by several other areas, including our new banking teams onboarded since June of 2023, contributing nearly $350 million in high-quality deposits this quarter. These teams now manage approximately $2.8 billion in relationship-based granular funding, which is about 14% of our total deposits in just 2 years, which is akin to bind a $3 billion bank, but without the tangible book value dilution and integration risk of traditional bank M&A. The $900 million of growth in noninterest-bearing deposits led to a record $6.4 billion in noninterest-bearing deposit balances.

我們的存款成長得到了其他幾個領域的支持，包括我們自 2023 年 6 月以來加入的新銀行團隊，本季貢獻了近 3.5 億美元的高品質存款。這些團隊現在管理著約28億美元的基於關係的顆粒資金，這在短短2年內就佔到了我們總存款的14%左右，相當於綁定了一家30億美元的銀行，但沒有傳統銀行併購的有形賬面價值稀釋和整合風險。無息存款增加 9 億美元，導致無息存款餘額達到創紀錄的 64 億美元。

In addition to cubiX growth, our core commercial franchise again delivered 9 figures of noninterest-bearing growth, which is truly incredible. As a result, noninterest-bearing deposits now represent about 31% of our total deposits at quarter end, placing us #1 amongst our peers.

除了 cubiX 的成長之外，我們的核心商業特許經營權再次實現了 9 位數的非利息成長，這真是令人難以置信。因此，非計息存款目前佔季末我們總存款的 31% 左右，在同業中位居第一。

Our team responded well to the Fed easing in September, and we were able to lower our deposit costs by 15 basis points post Fed action, which represents a deposit beta of approximately 59%. As a result of the combination of these 2 factors, our total average cost of deposits declined 8 basis points in the quarter. And to emphasize this point further, our spot cost of deposits was another 9 basis points lower at 2.68% at quarter end or 17 basis points below our Q2 average.

我們的團隊對聯準會 9 月的寬鬆政策做出了良好的反應，在聯準會採取行動後，我們將存款成本降低了 15 個基點，這相當於存款貝塔係數約為 59%。由於這兩個因素的共同作用，本季我們的存款總平均成本下降了 8 個基點。為了進一步強調這一點，我們的存款現貨成本在季末又下降了 9 個基點，至 2.68%，比第二季的平均值低 17 個基點。

Now let's turn to Slide 8, where I'll provide more detail on the incredible success of our deposit transformation. We've talked a lot about our deposit gathering efforts on our calls in recent quarters, but we thought it would be helpful to look back and highlight just how much we have transformed our franchise over the past few years.

現在讓我們翻到投影片 8，我將在其中更詳細地介紹我們的存款轉型所取得的巨大成功。我們在最近幾個季度的電話會議上多次談論了我們的存款收集工作，但我們認為回顧並強調我們在過去幾年中對我們的特許經營權進行了多大的轉變將會很有幫助。

In less than 3 years, we have onboarded nearly $7 billion in deposits from our new banking teams and cubiX clients. That represents nearly 40% of our deposit base at year-end of '22 and about 1/3 of our deposits today, and it's the quality of the transformation that really shines. The growth is very granular with nearly 8,000 accounts, helping us to drive over 50% growth in our commercial client base. Incredibly, they are very low cost at just 1.06%.

在不到 3 年的時間裡，我們已經從新的銀行團隊和 cubiX 客戶那裡吸收了近 70 億美元的存款。這占我們 22 年底存款基礎的近 40%，占我們目前存款的約 1/3，而轉型的品質才是真正閃耀的。成長非常精細，擁有近 8,000 個帳戶，幫助我們推動商業客戶群成長 50% 以上。令人難以置信的是，它們的成本非常低，僅為 1.06%。

This has allowed us to increase our noninterest-bearing deposits to 31%, as I mentioned, from 10%, while simultaneously reducing our wholesale CDs from -- down from 22% to 9%. Our average cost of deposits this quarter was essentially flat relative to the end of 2022. Over that time period, interest rates are 65 basis points higher on average today than they were at the end of '22.

正如我所提到的，這使得我們的無息存款從 10% 增加到 31%，同時將批發 CD 從 22% 降至 9%。本季我們的平均存款成本與 2022 年底基本持平。在此期間，今天的利率比 22 年底的平均利率高出 65 個基點。

The industry's deposit costs, however, are 128 basis points higher, which means that our outperformance is incredibly 124 basis points over that time period compared to peers. That shows the power of our deposit transformation.

然而，該行業的存款成本高出 128 個基點，這意味著與同業相比，我們在此期間的表現高出 124 個基點。這體現了我們的存款轉型的力量。

Moving to Slide 9. Central to our success has been our ability to consistently recruit top talent. In the first quarter of this year, we highlighted the exceptional results from the teams who joined us in 2023 and 2024. And we also outlined a road map for the types of continued team recruitment we look to execute on in 2025. This included top-performing bankers to deepen our geographic presence and continue to enhance our national specialized deposit verticals.

移至幻燈片 9。我們成功的關鍵在於我們能夠持續招募頂尖人才。今年第一季度，我們重點介紹了 2023 年和 2024 年加入我們的團隊所取得的卓越成績。我們也概述了 2025 年希望繼續實施的團隊招募類型的路線圖。其中包括表現最佳的銀行家，以深化我們的地理影響力並繼續加強我們的全國專業存款垂直業務。

We had shared we would add at least 2 new teams this quarter. In fact, we were able to recruit and onboard 4 new teams in the quarter. This included 2 additional geographic C&I teams as well as 2 national teams, 1 serving title companies and 1 in the Sports and Entertainment segment. This brings our 2025 total to 7 deposit-focused teams with approximately 30 new team members.

我們曾表示本季我們將至少增加 2 個新團隊。事實上，我們在本季招募並組建了 4 個新團隊。其中包括 2 個額外的地理 C&I 團隊以及 2 個國家團隊、1 個服務於產權公司和 1 個在體育和娛樂領域的團隊。到 2025 年，我們的存款團隊總數將達到 7 個，新團隊成員約有 30 名。

Our brand reputation is a high performance. Tech forward bank continues to attract top-tier talent. The flywheel is turning, and we have incredible tailwinds both from continuing to terrorist the teams that join us in '23 and '24 and now significant additional opportunities from the teams that have joined us this year in 2025.

我們的品牌聲譽表現優異。科技前沿銀行持續吸引頂尖人才。飛輪正在轉動，我們擁有令人難以置信的順風，這既來自於 2023 年和 2024 年加入我們的團隊的持續衝擊，也來自於 2025 年加入我們的團隊帶來的重大額外機會。

It is important to highlight that almost every one of the bankers that have joined us have come through direct referrals from our existing team members. We'll look to continue to add to the roster of new teams each quarter.

值得強調的是，幾乎每一位加入我們的銀行家都是透過我們現有團隊成員的直接推薦而來的。我們將期待每季繼續增加新球隊的名單。

Let's turn to loan growth on Slide 10. Loans grew approximately $900 million or 6% quarter-over-quarter. Growth was broad-based and relationship-driven led by fund finance, commercial real estate and venture banking. Our new commercial banking teams also contributed to loan growth, while maintaining strong deposit-led economics. The portfolio remains diversified, and we continue to prioritize credit discipline and pricing. Given the depth and breadth of our platform, we continue to see opportunities to franchise-enhancing loans with an utmost focus on credit discipline.

讓我們看看第 10 張幻燈片上的貸款成長。貸款季增約 9 億美元，即 6%。成長基礎廣泛且由關係驅動，由基金融資、商業房地產和風險銀行業務所帶動。我們的新商業銀行團隊也為貸款成長做出了貢獻，同時維持了強勁的存款主導型經濟。投資組合保持多樣化，我們繼續優先考慮信貸紀律和定價。鑑於我們平台的深度和廣度，我們繼續看到特許經營增強貸款的機會，同時高度重視信貸紀律。

With that, I'll turn the call over to Mark on Slide 11.

說完這些，我將把電話轉給幻燈片 11 上的馬克。

Great. Thanks, Sam, and good morning, everyone. Thanks for joining us on the call.

偉大的。謝謝，山姆，大家早安。感謝您參加我們的電話會議。

I'm going to start with our net interest margin, where we reported strong results. Net interest margin expanded by 19 basis points this quarter to 3.46%, marking the fourth consecutive quarter of improvement. Our net interest income increased by about 14% to $202 million for the quarter.

我首先要介紹我們的淨利差，我們報告了強勁的業績。本季淨利差擴大19個基點至3.46%，連續第四季度改善。本季我們的淨利息收入成長了約 14%，達到 2.02 億美元。

As we noted last quarter, we did have a positive impact from loan accretion on a small pool of participated loans we repurchased at a significant discount last quarter. This added $10 million to net interest income this quarter compared to the second quarter. This net interest income benefit will repeat again in the fourth quarter of 2025 and then is expected to drop off in the first quarter of 2026.

正如我們上個季度所指出的，上個季度我們以大幅折扣回購的一小部分參與貸款的貸款成長確實產生了積極影響。與第二季相比，本季淨利息收入增加了 1,000 萬美元。這一淨利息收入收益將在 2025 年第四季再次出現，預計在 2026 年第一季下降。

However, when excluding this $10 million from our third quarter results, our net interest income still increased 9% sequentially due to the following core trends. We had an increase in average deposits of over $1.4 billion at a blended cost of 2.77% for the quarter compared to 2.85% last quarter with nearly $800 million of higher average noninterest-bearing balances.

然而，即使從第三季業績中剔除這 1,000 萬美元，我們的淨利息收入仍較上季成長 9%，原因如下：本季度，我們的平均存款增加了 14 億美元以上，混合成本為 2.77%，而上一季為 2.85%，平均無息餘額增加了近 8 億美元。

We also had an increase to average loan balances of $630 million. And lastly, our overall funding needs declined as a result of the $163 million of net proceeds we received from our common equity offering in September.

我們的平均貸款餘額也增加了 6.3 億美元。最後，由於我們在 9 月透過普通股發行獲得了 1.63 億美元的淨收益，我們的整體融資需求有所下降。

As Sam noted, our team responded well to the first Fed funds rate cut. Within a week of that cut, our interest-bearing deposits had declined by 15 basis points on a spot basis or a beta of almost 60% early on. We also executed off balance sheet strategies during the quarter, layering on $800 million in notional value of received fixed swaps on the asset side of the balance sheet in order to further neutralize our asset sensitivity.

正如 Sam 所說，我們的團隊對首次聯邦基金利率下調做出了良好的反應。在降息後的一週內，我們的計息存款現貨利率下降了 15 個基點，或者說早期貝塔係數下降了近 60%。我們也在本季執行了表外策略，在資產負債表的資產方上分層了 8 億美元的固定掉期名目價值，以進一步中和我們的資產敏感度。

While we remain modestly asset sensitive, we think we have well positioned the bank to produce solid net interest income growth in future periods, regardless of macro monetary policy.

雖然我們對資產保持適度敏感，但我們認為，無論宏觀貨幣政策如何，我們已為銀行做好充分準備，在未來時期實現穩健的淨利息收入成長。

Moving on to Slide 12. Our noninterest expenses declined $1.4 million to $105.2 million, while we continue to invest in people, technology and risk infrastructure. Compensation and occupancy were the categories that increased during the quarter with reductions in our FDIC assessments and professional fees driving the bulk of the decrease.

轉到投影片 12。我們的非利息支出減少了 140 萬美元，至 1.052 億美元，同時我們繼續對人才、技術和風險基礎設施進行投資。薪資和入住率是本季增加的類別，而聯邦存款保險公司 (FDIC) 評估和專業費用的減少是減少的主要原因。

Importantly, our efficiency ratio improved again, now at 45.4%, placing us firmly among the top quartile of peers even as we continue to invest in this growth. And lastly, when just focusing on expenses, our noninterest expense to average asset ratio declined to 1.74%, which rates the best within our regional bank peer group.

重要的是，我們的效率比率再次提高，目前達到 45.4%，即使我們繼續投資於這一成長，我們仍穩居同業前四分之一。最後，如果僅關注支出，我們的非利息支出與平均資產比率下降至 1.74%，在我們地區銀行同業中處於最佳水平。

On Slide 13, tangible book value per share grew to $59.72, up 6.2% sequentially or 25% annualized. We believe this represents one of the clearest markers of long-term shareholder value creation and continues our multiyear track record of double-digit tangible book value growth.

在第 13 張投影片上，每股有形帳面價值成長至 59.72 美元，季增 6.2%，年化成長 25%。我們相信，這是長期股東價值創造的最明顯標誌之一，並延續了我們多年來兩位數有形帳面價值增長的記錄。

Now let's move to Slide 14 to discuss capital. We significantly strengthened our capital position this quarter. Our successful common equity raise provided $163 million of net proceeds. Through the combination of this capital raise, strong quarterly earnings and reductions in our AOCI, which is currently at a loss position, our shareholders' equity grew $263 million, which is 14% sequentially. As a result of this growth, our common equity Tier 1 ratio improved 100 basis points to 13% and tangible common equity grew 50 basis points to 8.4%, and this was even after supporting more than $1.7 billion of balance sheet growth during the period.

現在讓我們轉到投影片 14 來討論資本。本季我們顯著加強了資本狀況。我們成功籌集普通股，提供了 1.63 億美元的淨收益。透過此次增資、強勁的季度收益以及目前處於虧損狀態的 AOCI 的減少，我們的股東權益增長了 2.63 億美元，環比增長 14%。由於這一成長，我們的普通股一級資本比率提高了 100 個基點，達到 13%，有形普通股權益成長了 50 個基點，達到 8.4%，而這還是在支持了該期間超過 17 億美元的資產負債表成長之後。

On Slide 15, our credit performance remains stable and well managed. A strong credit culture has always been a critical success factor for customers and the results bear this out, as you can see from our metrics. Our nonperforming assets were just 25 basis points of total assets and have been consistently below peers for each of the 5 quarters shown. Excluding our small consumer loan portfolio, net charge-offs for commercial loans remain very low at 16 basis points annualized.

在投影片 15 上，我們的信貸表現保持穩定且管理良好。強大的信用文化一直是客戶成功的關鍵因素，正如您從我們的指標中看到的那樣，結果也證實了這一點。我們的不良資產僅佔總資產的 25 個基點，並且在所示的 5 個季度中一直低於同業。除我們的小額消費貸款組合外，商業貸款的淨沖銷率仍然很低，年率為 16 個基點。

Additionally, special mention and substandard loans were down about $14 million or about a 3% decline during the quarter. Overall, we believe the loan portfolio is well positioned, and we have strong reserve coverage within our allowance for credit loss. Currently, this allowance sits at 103 basis points and represents 534% coverage of our nonperforming loans.

此外，本季特別關注和次級貸款減少了約 1,400 萬美元，降幅約為 3%。整體而言，我們認為貸款組合狀況良好，且我們的信貸損失準備金覆蓋率很高。目前，該準備率為 103 個基點，相當於我們不良貸款的 534%。

Moving to Slide 16. As a result of the strong quarter and emerging clarity on the remainder of the year, we are revising several of our guidance items for 2025. For deposits, we are increasing the full year growth range to 8% to 10% for the year, up from 5% to 9%, given the momentum we experienced during the quarter. For loans, we are increasing full year growth to 13% to 14%, up from 8% to 11% previously.

移至投影片 16。由於本季業績強勁且今年剩餘時間情況明朗，我們正在修改 2025 年的幾項指導項目。對於存款，鑑於本季度的成長勢頭，我們將全年增長範圍從 5% 至 9% 提高到 8% 至 10%。對於貸款，我們將全年成長率從先前的 8% 至 11% 提高到 13% 至 14%。

I would note that we had a very strong third quarter, which did pull forward some closings from the fourth quarter, which is why we may see less growth next quarter. But we still feel very good about our ability to deliver above-industry average loan growth with a disciplined and credit-first mindset as we head into 2026. We are now projecting our net interest income to grow between 13% and 15% for the year, up from 7% to 10% previously.

我想指出的是，我們第三季的表現非常強勁，這確實提前了第四季度的一些成交量，這就是為什麼我們下個季度的成長可能會減少。但邁入 2026 年之際，我們仍然對自己能夠以嚴謹和信貸優先的心態實現高於行業平均水平的貸款增長感到非常自信。我們目前預計今年的淨利息收入將成長 13% 至 15%，高於先前的 7% 至 10%。

This reflects the strong performance on both sides of the balance sheet and driving increased revenue as well as the margin benefits I discussed earlier. For efficiency, as a result of the stronger revenue growth and well-managed expenses, we now believe our efficiency ratio will be below 50% for the year, versus 56% in 2024. As a result of our common stock offering, our CET1 ratio is now projected to be around 13% at the end of 2025, consistent with third quarter levels.

這反映了資產負債表兩邊的強勁表現，推動了收入的成長以及我之前討論過的利潤收益。就效率而言，由於收入成長更強勁且費用管理得當，我們現在認為今年的效率比率將低於 50%，而 2024 年則為 56%。由於我們發行普通股，預計到 2025 年底，我們的 CET1 比率將達到 13% 左右，與第三季的水平一致。

And with that, I'll now pass the call back to Sam for closing remarks before we open up the line for your Q&A.

現在，在我們開始問答環節之前，我將把電話轉回給 Sam，請他做結束語。

Samvir Sidhu President Thanks, Mark.

Samvir Sidhu 總統 謝謝，馬克。

In closing, Customers Bank is delivering on its strategy, disciplined deposit transformation, diversified loan growth, efficiency improvements and a strong capital, credit and risk management. We increased deposits by $1.4 billion, with most of the growth coming from noninterest-bearing deposits. Our noninterest-bearing deposits now stand at 31%, which is #1 of our peers.

最後，客戶銀行正在實施其策略，嚴謹的存款轉型，多元化的貸款成長，效率的提高以及強大的資本、信貸和風險管理。我們的存款增加了 14 億美元，其中大部分成長來自無息存款。我們的無息存款目前佔比為 31%，在同業中位居第一。

We grew our loan portfolio with franchise-enhancing relationships. We improved our net interest margin for the fourth consecutive quarter, improved our efficiency ratio for the fourth consecutive quarter, delivered a 1.25% ROA, delivered a more than 15% ROE, increased our TCE ratio by 50 basis points to 8.4%, all while maintaining excellent credit performance. Our tangible book value has grown at 15% over the last 5 years, #1 in the industry for banks of our size. Importantly, our loan, deposit and team recruitment pipelines are strong, and that is why we're incredibly excited about the prospects for this company to close the year and excel in 2026 and beyond.

我們透過加強特許經營關係擴大了我們的貸款組合。我們連續第四個季度提高了淨息差，連續第四個季度提高了效率比率，實現了 1.25% 的 ROA，實現了超過 15% 的 ROE，將 TCE 比率提高了 50 個基點，達到 8.4%，同時保持了優異的信貸表現。我們的有形帳面價值在過去 5 年中成長了 15%，在同等規模的銀行中位居第一。重要的是，我們的貸款、存款和團隊招募管道非常強大，這就是為什麼我們對這家公司在今年年底和 2026 年及以後取得卓越成就的前景感到無比興奮。

Operator, we'll now open the line for questions.

接線員，我們現在可以開始回答問題了。

[Operator Instructions] Our first question will come from the line of Janet Lee, TD Cowen.

[操作員指示] 我們的第一個問題來自 TD Cowen 的 Janet Lee。

On the deposits, so if I were to look at -- obviously, you guys have been bringing in a lot of -- about $200 million to $350 million of lower cost deposits from the new banking team hires. If I were to look at 2026, should we expect the pace of deposit growth from the new banking team hires to continue around this pace, or is that contemplating also the pace of new banking team hires is maintained in that like 14 higher per quarter range.

關於存款，如果我看一下——顯然，你們已經從新聘用的銀行團隊中吸收了大量——大約 2 億至 3.5 億美元的低成本存款。如果我展望 2026 年，我們是否應該預期新銀行團隊招聘帶來的存款成長速度將保持在這個速度左右，或者是否還考慮到新銀行團隊招聘的速度將保持在每季 14 人左右的範圍內。

I just want to get some color around the pace of deposit growth, how that could move versus what we saw in this quarter as the -- as we're reaching the saturation point from the big banking team hires that you guys made in 2024?

我只是想了解存款成長的速度，與我們本季看到的情況相比，這會如何變化——因為我們在 2024 年招募的大型銀行團隊已經達到飽和點？

Sure. Well, Janet, thank you so much for that question. So to add a little of color, you rightfully sort of mentioned that we had sort of guided previously to about $300 million to $400 million or so of quarterly deposit growth from the new teams, which we, this quarter, roughly achieved, sometimes we're a little lower, sometimes we're a little higher, but we're kind of in that type of target.

當然。好吧，珍妮特，非常感謝你提出這個問題。因此，為了補充一些信息，您正確地提到，我們之前曾預計新團隊的季度存款增長約為 3 億至 4 億美元，本季度我們大致實現了這一目標，有時我們會低一點，有時我們會高一點，但我們大致處於這種目標範圍內。

We would expect that pace to continue in 2026 based upon the '23 and '24 teams. The '25 teams are really going to start adding balances in the sort of end of the first half to the middle of next year and really ramp up. We expect over the course of the year, that should give us about a 25% lift on that $300 million to $400 million. So it kind of gives you a sense of sort of the layering of the vintages of teams that are being onboarded. One thing that I would mention the $350 million of growth that we saw this quarter, it continued to maintain that sort of just at or under 30% noninterest-bearing deposits.

根據 23 屆和 24 屆球隊的表現，我們預計這一速度將在 2026 年繼續保持。這 25 支球隊將在明年上半年末至年中開始增加平衡，並真正加速發展。我們預計，今年我們的營收將在 3 億至 4 億美元的基礎上成長 25% 左右。因此，它可以讓您感受到正在加入的團隊的年齡層。我想提到的一件事是，我們本季看到了 3.5 億美元的成長，它繼續保持著 30% 或以下的無息存款。

Those deposits also came in at less than 2% -- just under 2%, in fact. So I think that -- and that's prior to rate cuts. So it just gives you a sense of the high-quality nature of those sort of we call them the singles and double type deposits that our teams are bringing in from the C&I and CRE side.

這些存款的比例也低於 2%——實際上略低於 2%。所以我認為——這是在降息之前。因此，它只是讓您感受到我們團隊從 C&I 和 CRE 方面引入的那種我們稱之為單倍型和雙倍型存款的高品質性質。

That's very helpful. And obviously, the cubiX deposits grew a lot about $800 million this quarter, about 19% of deposits. Any changes to your sort of the internal target, maybe target is not even the right word. How big could this become? I know all of these deposits from cubiX are going into cash. what drove that much of an increase in cubiX. Do you think that this cubiX deposits could sustain in terms of the growth? What is the strategic value that cubiX brings to your platform aside from the NII. Maybe if you could touch on the fee income opportunities from the cubiX payments platform, that would also be very helpful.

這非常有幫助。顯然，本季 cubiX 存款成長了很多，約 8 億美元，約佔存款的 19%。您對內部目標的任何改變，也許目標甚至不是正確的單字。這會變得多大？我知道 cubiX 的所有存款都將轉換為現金。是什麼推動了 cubiX 的大幅成長。您認為 cubiX 礦藏能夠持續成長嗎？除了 NII 之外，cubiX 還為您的平台帶來了哪些策略價值？如果您能談談 cubiX 支付平台的費用收入機會，那也會非常有幫助。

Sure. Absolutely. And if I miss anything, Janet, because I think there's a couple of layers in the question, please remind me after I'm done here. But I think on the cubiX side, just as a reminder, this is a payments platform, right? So at the end of the day, our customers hold transactional operating accounts with us to support that payments business.

當然。絕對地。珍妮特，如果我遺漏了什麼，因為我認為這個問題有幾個層次，請在我講完後提醒我。但我認為從 cubiX 方面來說，提醒一下，這是一個支付平台，對嗎？因此，最終，我們的客戶在我們這裡持有交易營運帳戶來支援支付業務。

There's a minimum amount of deposits that they hold with us at any given time. What we [ encode ] a little bit of a slide in the deck that showed this is what we've seen is, especially since November of last year, we've seen a continuous increase in the payments activity as well as the -- which translates into higher average deposit balances. So on the Q2 call, if you recall, I talked about balance has been about 20% higher as of end of July when we had our call relative to the second quarter.

無論何時，他們在我們這裡持有的存款都有最低限額。我們在幻燈片中編碼的一點內容表明了我們所看到的情況，特別是自去年 11 月以來，我們看到支付活動持續增加，這意味著平均存款餘額增加。因此，如果您還記得的話，在第二季電話會議上，我談到截至 7 月底的餘額相對於第二季已經高出約 20%。

As you can see, we maintained or even slightly increased those balances as the quarter continued post the sort of Genius stablecoin legislation. So we're continuing to see increased institutional activity from our existing customer base. We're also continuing to see increased institutional adoption. You also heard me say that about 20% of our deposits were coming from traditional finance customers even with the growth in our average deposit base, we have continued to maintain that percentage, which sort of just gives you a sense of the growth is broad-based across all of our large core customers as opposed to a customer or 2 or 3. It is universal across the overall customer base.

正如您所看到的，隨著 Genius 穩定幣立法的出台，我們在本季度維持甚至略微增加了這些餘額。因此，我們繼續看到現有客戶群的機構活動不斷增加。我們也看到機構採用率不斷提高。您也聽我說過，即使我們的平均存款基數有所增長，我們的存款中約有 20% 來自傳統金融客戶，我們也仍然保持這一比例，這讓您感覺到增長是廣泛存在於我們所有大型核心客戶中的，而不是某個或兩個或三個客戶。它在整個客戶群中都是通用的。

The low end of our top customers grew by 10%. The rest were sort of growing overall across the base to that 25% or so growth. One other thing that I would add, just talking about activity on the network and franchise value as you were asking about is we're continuing to sustain. So in October, our levels are about where they were in the third quarter. I'd also say that October, going back to activity is on track to be our highest cubic month ever in terms of network volume and activity as well with just 3 weeks of the quarter end. You also got a sense that our activity in overall volume this year as of 9/30 or the third quarter is roughly at where we were for full year '24 which just gives you a sense of how year-over-year, we're continuing to increase.

我們的頂級客戶的低端增長了 10%。其餘的整體成長率都在 25% 左右。我想補充的另一件事是，正如您所問的，我們只是談論網路活動和特許經營價值，我們將繼續維持下去。因此，十月我們的水平與第三季的水平大致相同。我還想說，距離季度末僅剩 3 週，10 月有望成為我們有史以來網路容量和活動量最高的月份。您還會感覺到，截至 9 月 30 日或第三季度，我們今年的整體活動量大致與 2024 年全年的水平相當，這讓您感覺到我們的同比活動量仍在持續增長。

So I think that was the first part of your question. I'll address the fee income, and then let me know if I missed anything. So on the fee income in late last year, we we started instituting outbound wire fees and some modest fees to our overall customer base. That's to the tune of $8 million or so of overall fee income. At the end of the day, we want to make sure that we have a partnership approach with our customer base that we're not -- that we're making sure that fees are aligned with driving value to our customers and to our customers' customers.

所以我認為這是你問題的第一部分。我會處理費用收入，然後如果我遺漏了什麼，請告訴我。因此，在去年年底的費用收入方面，我們開始向整體客戶群徵收出站電匯費用和一些適度的費用。總費用收入約 800 萬美元。歸根結底，我們希望確保與我們的客戶群建立一種合作關係—我們確保費用與為我們的客戶和客戶的客戶創造的價值一致。

So right now, we're focused on continuing to broaden the institutional breadth of our network. We're also really focused on product expansion and with our core customers. And really, what's also important internally at Customers Bank is we're continuing to further enhance our risk and compliance going far above the expectations of what regulatory standards could be and really thinking about how we can continue to build sort of a best-in-class North Star, not for the overall industry because we and even our customers are going to continue to see more competition as there's broader institutional adoption in the industry, which is a rising tide will obviously lift all boats. But at the same time, we want to make sure that we truly have built a platform that we -- our customers and all of our stakeholders' view as best-in-class.

因此，現在我們專注於繼續擴大我們網路的機構廣度。我們也非常注重產品擴展和核心客戶。實際上，對於客戶銀行內部來說，同樣重要的是，我們將繼續進一步提高風險和合規性，遠遠超出監管標準的預期，並真正思考如何繼續打造一流的北極星，而不是整個行業，因為我們甚至我們的客戶將繼續看到更多的競爭，因為行業中機構採用的範圍越來越廣，這顯然會使所有船隻都受益。但同時，我們希望確保我們真正建立了一個讓我們的客戶和所有利害關係人都認為是一流的平台。

Our next question will come from the line of Steve Moss, Raymond James.

我們的下一個問題來自雷蒙德·詹姆斯的史蒂夫·莫斯。

Maybe following up on cubiX here for the moment. With the likelihood of additional rate rate cuts coming, just curious how to think about if there will be any potential increase in fees from the platform.

也許暫時在這裡跟進 cubiX。隨著進一步降低利率的可能性即將到來，我只是好奇如何看待平台費用是否可能增加。

So Steve, it's sort of building off of the answer I gave to sort of the last question is that at the end of the day, as we're continuing to add new products and continuing to partner with our customers on sort of more overall initiatives, will -- we will explore fees. Right now, deposit growth is far outpacing any type of "asset" sensitivity of noninterest-bearing deposits that are held in cash.

所以史蒂夫，這在某種程度上是基於我對最後一個問題的回答，那就是，隨著我們繼續添加新產品，並繼續與我們的客戶在更全面的計劃上進行合作，我們將探討費用問題。目前，存款成長速度遠遠超過以現金持有的任何類型的無息存款的「資產」敏感性。

So I think that for the time being, right now, we feel very good about the position that we're in, sort of cubiX, let's say, all things equal, just with the growth that we've seen this quarter, cubiX associated interest income would be higher based upon the balances today that we have relative to well over 100, 150 basis point rate cut relative to prior balances.

因此我認為，就目前而言，我們對我們所處的地位感到非常滿意，就像 cubiX 一樣，假設所有條件都相同，僅憑我們本季度看到的增長，基於我們今天的餘額，cubiX 相關的利息收入將會更高，相對於之前的餘額，利率降低了 100 到 150 個基點。

Okay, got you. I appreciate that color, Steve. And then in terms of the loan pipeline, Mark, you made a comment about a bit of a pull through. Just kind of curious where does the loan pipeline stand these days? And maybe just kind of what does that business mix look in the current pipeline?

好的，明白了。我很欣賞那個顏色，史蒂夫。然後，就貸款管道而言，馬克，你對一些貸款措施發表了評論。我只是有點好奇現在的貸款管道狀況如何？也許只是那種業務組合在當前通路中是什麼樣子的？

Yes. The loan pipeline is broad-based. And I think what you've seen throughout this year is that our growth from quarter-to-quarter will come from different segments. We have a good graphic depiction on that on Slide 10 in the deck that shows where the growth came from this past quarter, where fund finance and commercial real estate led, but we've had other quarters where the commercial banking teams, health care, equipment finance, et cetera. are all going to be meaningful contributors. The point I was making was that the almost $900 million of growth that we saw in the third quarter did include some deals that a quarter ago, we may have thought we're in a pipeline to maybe close in the fourth quarter. So our anticipation is that there will still be growth in the fourth quarter, but we don't expect it to approach to quarter levels.

是的。貸款管道廣泛。我認為，您今年全年看到的是，我們季度間的成長將來自不同的領域。我們在投影片的第 10 張上對此進行了很好的圖形描述，顯示了上個季度的成長來源，其中基金融資和商業房地產領先，但在其他季度，商業銀行團隊、醫療保健、設備融資等都將成為有意義的貢獻者。我想說的是，我們在第三季度看到的近 9 億美元的成長確實包括一些交易，而一個季度前，我們可能認為這些交易可能會在第四季度完成。因此，我們預計第四季仍將出現成長，但預計不會接近季度水準。

Right. Okay. And then maybe just one more for me here. Just kind of curious, you mentioned less you've reduced your asset-sensitive position. Just kind of curious what you're thinking about with regard to the margin pressure from a 25 basis point rate cut. I mean, I realize there's a lot of noise with the cubiX deposits coming in here, but maybe just size that up a little bit.

正確的。好的。然後也許這裡還剩下一個適合我。只是有點好奇，您提到您已經減少了對資產敏感的部位。我只是有點好奇，您對降息 25 個基點帶來的利潤壓力有何看法。我的意思是，我意識到 cubiX 沉積物進入這裡會造成很大的噪音，但也許只需稍微調整一下尺寸即可。

Yes, sure. So for us, when you go and let our quarterly numbers, we numbers for the impact of 100 basis points, 200 basis points up or down rate move that's that static view which is at least 1 measuring stick to compare us to relative asset sensitivity to other peer banks obviously, the limitations on that are that no bank experiences a static across all points of the curve and then sits on their hands and does nothing to react to that.

是的，當然。因此，對於我們來說，當您查看我們的季度數據時，我們會計算出 100 個基點、200 個基點的利率上調或下調的影響，這是靜態視圖，至少是 1 個衡量標準，用於將我們與其他同行銀行的相對資產敏感度進行比較，顯然，這樣做的的限制在於，沒有一家銀行會在曲線的所有點上經歷任何靜態變化，然後採取任何靜態變化，然後不採取任何靜態變化，然後不採取任何靜態變化，然後不採取任何靜態變化，然後不

What I would tell you is that while we are still inherently asset-sensitive because we are a commercial bank, and as Sam pointed out, our asset sensitivity that also increases a little bit because of our decision to hold all of the Cubic's balances in cash.

我想告訴你的是，雖然我們是一家商業銀行，所以我們本質上仍然對資產敏感，但正如 Sam 指出的那樣，由於我們決定將 Cubic 的所有餘額以現金形式持有，我們的資產敏感度也會略有增加。

But with some of the -- just the mix of businesses that we have as well as some of the synthetic things that we've done with adding on some received fixed swaps, we're now at a point where for a 25 basis point rate move. It's around $1.5 million annualized impact to our NII. But we think that my comment that we think we're positioned to still be able to produce net interest income growth regardless of monetary policy is that we think there will be sufficient growth to make up any NIM compression we could see from that -- those 25 basis point rate is.

但是，由於我們的一些業務組合以及我們所做的一些合成業務，包括增加一些收到的固定掉期，我們現在處於 25 個基點利率變動的階段。這對我們的 NII 每年的影響約為 150 萬美元。但我們認為，我認為無論貨幣政策如何，我們仍然能夠實現淨利息收入成長，我們認為將有足夠的成長來彌補我們可能看到的任何淨利息收入壓縮——即 25 個基點的利率。

Okay. That's really helpful. Actually, maybe if I could just squeeze one last one in. Sam, you mentioned the title and sports entertainment teams here. Maybe -- and I hear you in terms of potential deposit growth, is it going to be a similar kind of low new deposit type mix? And maybe kind of curious how many -- are there any additional verticals you may be looking at?

好的。這真的很有幫助。事實上，也許我可以再擠最後一個。山姆，你在這裡提到了標題和體育娛樂團隊。也許——我聽說就潛在存款成長而言，它是否會是一種類似的低新存款類型組合？您可能有點好奇有多少——您是否正在關注其他垂直行業？

Yes. Sure, Steve. So I'd say that it's difficult to fully project let's say, broadly the deposit to loan is a better way to think about it because they are mostly deposit-focused team, based upon sort of the teams that we've onboarded, we expect actually that ratio to be higher than what we brought in last year.

是的。當然，史蒂夫。所以我想說，很難完全預測，廣義上存款與貸款的比例是一個更好的思考方式，因為他們主要是以存款為重點的團隊，根據我們已經加入的團隊的類型，我們實際上預計該比例會高於去年的水平。

Remember, last year, we also had stated that in the beginning as we were taking market share, we were doing more lines and onboarding sort of more existing relationships and refinancing, which meant that our deposits to loans was 3:1 versus stabilized being at sort of I'd say these teams are a little bit lighter on the lending side relative to, especially some of the specialized national teams and more heavy on the deposit side.

請記住，去年，我們也曾表示，在開始佔領市場份額時，我們會開展更多的業務線，並建立更多現有的關係和進行再融資，這意味著我們的存款與貸款之比為 3：1，而穩定的存款與貸款之比為 3：1。我想說，這些團隊在貸款方面相對來說要輕一些，特別是一些專業國家隊，而在存款方面則要重一些。

Our next question will come from the line of Peter Winter, D.A. Davidson.

我們的下一個問題來自 Peter Winter 和 D.A. Davidson。

Congratulations on a great quarter. My question is on expenses. Mark, can you just give some context around the $3.4 million decline in FDIC assessment. Is there still room to lower it? And then secondly, with the $1.6 million decline in professional fees, is that a function of a lot of the work has been done to address the written agreement now you're expecting kind of just in the back flip thing, phase?

恭喜您本季取得優異成績。我的問題是關於費用的。馬克，您能否介紹一下 FDIC 評估金額下降 340 萬美元的情況。還有降低的空間嗎？其次，專業費用下降了 160 萬美元，這是否是因為已經做了很多工作來解決書面協議問題，您現在預計這種情況會進入後空翻階段？

Sure. Yes, I'll answer the second question first. On the professional fees, yes, we continue to build out and invest in our risk in structure and work through the agreement. And some of those -- some of that is hiring of people. Some of that is again with professional services.

當然。是的，我先回答第二個問題。關於專業費用，是的，我們會繼續建立和投資我們的風險結構並按照協議開展工作。其中一些是僱用人員。其中一些又是專業服務。

Some of that is starting to be completed. So, we were pleased that we were able to kind of pull through some of that reduction in the third quarter. We would hope to be able to continue to see that progress being made in the fourth quarter and in the '26 in that professional fees line. On the FDIC expenses, as I'm sure you're aware, that calculation, which used to be fairly straightforward, is now a very complex calculation on a quarterly basis, which incorporates several factors, but ultimately is a risk-based calculation.

其中一些工作已開始完成。因此，我們很高興能夠在第三季克服部分減幅。我們希望能夠在第四季度和 26 年繼續看到專業費用方面取得進展。關於聯邦存款保險公司 (FDIC) 的費用，我相信您已經知道，這種計算以前相當簡單，但現在卻變成了按季度進行的非常複雜的計算，其中包含多種因素，但最終是基於風險的計算。

And as we continue to work through and derisk our balance sheet, we are making progress in ultimately getting reductions in our FDIC insurance. In this past quarter, I will say that we were pleased that not only did we see a reduction when we go through the calculation, but that reduction was actually retroactively applied to the first quarter of 2025. So, of that $3.4 million reduction, about $1.9 million of that actually related to first and second quarter adjustments.

隨著我們繼續努力降低資產負債表的風險，我們在最終減少聯邦存款保險公司 (FDIC) 保險方面正在取得進展。在過去的一個季度中，我想說，我們很高興，不僅在計算時看到了減少，而且這種減少實際上追溯到 2025 年第一季。因此，在 340 萬美元的減少中，約有 190 萬美元實際上與第一季和第二季的調整有關。

So, when you see the total line sitting there at about $8.4 million, $8.5 million, I would expect that line in the fourth quarter to come back up to be closer to $9.5 million to $10 million. but down significantly from where it was in the second and third quarters. I'd also remind you that in that line, the way it's worried, it does include more than just FDIC insurance. I mean it also includes other above the line for us as a Pennsylvania bank, we have a shares tax, which also rolls through that line as well, plus a couple of other more minor regulatory fees. But good progress being made. We will continue to see progress being made going forward into next year.

因此，當您看到總額約為 840 萬美元、850 萬美元時，我預計第四季度的總額將回升至接近 950 萬美元至 1000 萬美元，但與第二季度和第三季度的水平相比大幅下降。我還要提醒您，就此而言，它所涵蓋的不僅僅是聯邦存款保險公司 (FDIC) 保險。我的意思是，對於我們賓州的銀行來說，它還包括其他高於標準的費用，我們有股票稅，這筆稅款也透過這條標準徵收，再加上一些其他較小的監管費用。但正在取得良好進展。明年我們將繼續看到取得進展。

That's great. And then, Sam, big picture question. Just we're seeing more prevalent use of AI industry-wide. I'm just wondering, can you talk about maybe outline how AI is helping the bank today and maybe how it can help the business going forward.

那太棒了。然後，山姆，關於大局的問題。我們看到整個產業對人工智慧的應用越來越普遍。我只是想知道，您能否概述一下人工智慧目前如何幫助銀行，以及它如何幫助銀行未來發展。

Well, Peter, thank you. It's great to get a strategy question, and that's probably our first non-modeling question in a couple of quarters. So thank you so much for allowing us to not look necessarily 90 days back, but look, a couple of years forward. But AI is going to be one of the biggest efficiency and client experience unlocks that we as an industry in a country and a globe have seen since mobile banking. Our journey, I'll give you just a little bit of history.

好吧，彼得，謝謝你。很高興能得到一個戰略問題，這可能是我們幾個季度以來的第一個非建模問題。非常感謝您讓我們不必回顧 90 天前的情況，而是展望未來幾年的情況。但人工智慧將成為我們作為一個國家和全球的產業自行動銀行出現以來所見證的最大效率和客戶體驗解鎖之一。我們的旅程，我只會跟你講一點歷史。

So, in December of 2023, we formed a cross-functional AI discovery team. We use it to learn about AI, by the first wave of tools, test and build solutions, train and figure out how to democratize it for everyone at the bank. Since then, we've had various areas of the bank that have seen about a 10% productivity lift or said a different way, 10% savings lift, however you want to think about it. And we see in 2025 that we're going to continue to drive further adoption throughout the bank and begin expanding our planning of agentic AI systems, which has said a different way, it's sort of AI that can observe and decide and act across our platforms and workflows.

因此，在 2023 年 12 月，我們組建了一個跨職能的人工智慧發現團隊。我們利用它來了解人工智慧，透過第一波工具，測試和建立解決方案，進行培訓，並弄清楚如何讓銀行的每個人都能使用它。自那時起，我們銀行的各個部門的生產力都提高了約 10%，或者換句話說，儲蓄率提高了 10%，無論你怎麼想。我們看到，在 2025 年，我們將繼續推動整個銀行的進一步採用，並開始擴展我們的代理 AI 系統規劃，換句話說，它是一種可以在我們的平台和工作流程中觀察、決策和採取行動的 AI。

And that's also going to be sort of how we think about sort of the overall client experience and client onboarding over time as well. That's sort of our medium- to long-term plan. So again, over the next couple of years, we're going to expect AI to lift our productivity significantly. We're going to have it unlock more client experiences. It's not a side project for us. I'm leading the efforts. We see it as a foundation for the next phase of Customers Bank. We've mobilized incredibly early, as you can tell by looking at the time line of when we formed our team and our governance process, and it's proven value. And so just to kind of put a finer point on it, we've developed over 100 use cases for agentic AI, and we're gearing up to start beginning to test and implement.

這也將是我們如何看待整體客戶體驗和客戶入職的過程。這是我們的中長期計劃。因此，在接下來的幾年裡，我們預計人工智慧將顯著提高我們的生產力。我們將透過它來解鎖更多的客戶體驗。對我們來說這不是副業。我正在領導這項工作。我們將其視為客戶銀行下一階段的基礎。我們非常早就開始動員，從我們組建團隊和治理流程的時間表就可以看出，這已經證明了其價值。更確切地說，我們已經為代理 AI 開發了 100 多個用例，並且我們正準備開始測試和實施。

Our next question comes from the line of David Bishop, Hovde Group.

我們的下一個問題來自 Hovde Group 的 David Bishop。

Yes, Mark, just curious, you've seen some good growth here of late, especially in the none commercial real estate, commercial real estate segment. Remind me where your concentration ratio is ending the quarter and appetite to grow those verticals?

是的，馬克，只是好奇，你最近看到了一些良好的成長，特別是在非商業房地產、商業房地產領域。提醒我一下，本季末您的集中度比率是多少，以及您對這些垂直行業成長的興趣如何？

Yes...

是的...

Sorry, Mark. I'll take that. So we're still -- we still remain below 200%, Dave. I think that's sort of the core of your question. But what I would also like to add beyond sort of the actual question is, I think a couple of quarters ago, we sort of talked about how our deposit to loan ratio was it differently, our CRE loan growth since we onboard the new teams was fully funded by deposit growth. Well, that's continued. In fact, our deposits are greater than loan since the third quarter of last year when the team started originating. So we have about $700 million or so of deposits we brought in across the franchise at 1.7% and less than that in loan growth of loan yields of north of 6.3%, which is about a 4.5% spread. And what's interesting is that the sort of $200 million positive loan growth in the third quarter, it's incredibly granular. So our average loan size is less than $10 million.

對不起，馬克。我會接受的。所以我們仍然 - 我們仍然低於 200%，戴夫。我想這就是你問題的核心。但除了實際問題之外，我還想補充的是，我想幾個季度前，我們討論過我們的存款與貸款比率有何不同，自從我們加入新團隊以來，我們的 CRE 貸款增長完全由存款增長資助。嗯，繼續。事實上，自去年第三季團隊開始發起以來，我們的存款就大於貸款。因此，我們在整個特許經營業務中引入了約 7 億美元的存款，利率為 1.7%，而貸款成長率則低於 6.3% 的貸款收益率，利差約為 4.5%。有趣的是，第三季貸款成長 2 億美元，這是非常細微的。所以我們的平均貸款金額不到 1000 萬美元。

Got it. And Mark, you noted the swaps, the first received. Just curious, any granularity you can give us just in terms of maybe rates loan received versus fixed. Just curious if you have that handy.

知道了。馬克，你注意到了交換，這是第一次收到的。只是好奇，您能否就貸款收到的利率與固定利率提供詳細資訊？只是好奇你是否有這個方便的東西。

I don't have that right in front of me on the details of that notional. I mean, [indiscernible] 2 separate transactions that we did at different times of the quarter. But I can follow up with the actual each side of that led for you.

我目前還沒有關於這個概念的細節。我的意思是，[音訊不清晰]我們在本季度的不同時間進行了兩筆單獨的交易。但我可以為您跟進該線索的實際各個方面。

Got it. And then, Sam, turning back to the -- especially on the [ total ] team, you said that was a national basis. Any way to ring-fence the deposit opportunity there, but just curious maybe how big of a book they managed at their broader shop, and what the potential is there to move the needle from a deposit basis.

知道了。然後，薩姆，回到——特別是在[整個]團隊中，你說這是一個全國性的基礎。有沒有辦法保護那裡的存款機會，但只是好奇他們在更廣泛的商店中管理著多大的賬簿，以及從存款基礎來看有什麼潛力可以推動這一進程。

Yes. So David, it's a bit early to sort of tell think of this as sort of a payments platform that is sort of supported on top of our existing retail and commercial title team efforts and platform that we have with the existing bank. And what I would say about this is these types of team recruitment initiatives, I think we've stated this before when folks have come to us and asked about sort of the types of teams that we look for. If you go back to 2023, the team that we brought on in '23 had a multibillion dollar book.

是的。所以，大衛，現在就說這是一種支付平台還為時過早，這種支付平台是建立在我們現有的零售和商業產權團隊的努力以及我們與現有銀行合作的平台之上的。我想說的是，關於這些類型的團隊招募計劃，我想當人們來找我們並詢問我們尋找的團隊類型時，我們之前已經說過這​​一點。如果你回顧 2023 年，我們在 23 年組建的團隊擁有價值數十億美元的資產。

The team that we brought in -- the teams we brought in '24, most of the teams had individually about $1 billion or more of book. And similarly, as we sort of look to acquire and recruit sort of larger teams in '25, we've also looked for that similar type of threshold. So we see it as an interesting opportunity for us to leverage our operational strength, our technology strength as well as sort of the single point of contact commercial delivery model.

我們引進的團隊－我們在 24 年引進的團隊，大多數團隊各自的帳面價值都在 10 億美元或更多。同樣，當我們希望在 25 年收購和招募更大的團隊時，我們也在尋找類似的門檻。因此，我們認為這是一個有趣的機會，讓我們能夠利用我們的營運優勢、技術優勢以及單點聯繫商業交付模式。

Our next question comes from the line of Kelly Motta, KBW.

我們的下一個問題來自 KBW 的 Kelly Motta。

Congrats on the quarter. Maybe hitting on asset quality. Your track record has been really strong, and just in light of the really strong growth you've been seeing and the earlier focus during the earnings season towards NDFI lending. Can you just provide some comments as to clearly, you've been very thoughtful in your approach, just how -- what are the biggest verticals within that for you? And what gives you comfort on those?

恭喜本季。可能會影響資產品質。您的業績記錄一直非常出色，考慮到您所看到的強勁增長以及收益季節早些時候對 NDFI 貸款的關注。您能否提供一些評論，清楚地表明您的方法非常周到，那麼對您來說，其中最大的垂直領域是什麼？那麼什麼能讓您感到安慰呢？

Sure, Kelly. It's Mark. Yes. We do think, as I mentioned earlier, credit quality has always been a critical success factor for us. And when we focus on our NDFI exposure, we think that, that's also a credit strength of our franchise, and we believe arguably one of the lower-risk credit risk portions of our overall C&I portfolio. I'm sure as the analyst community has learned, when you look at that category on a call report, not all NDFI lending is created equal.

當然，凱利。是馬克。是的。我們確實認為，正如我之前提到的，信用品質一直是我們成功的關鍵因素。當我們關注我們的 NDFI 風險敞口時，我們認為這也是我們特許經營權的信用實力，並且我們認為這可以說是我們整體 C&I 投資組合中信用風險較低的部分之一。我確信，正如分析師群體所了解的，當您在電話報告中查看該類別時，並非所有 NDFI 貸款都是平等的。

There are several different categories that roll up to that. For customers, loans generally fall into 3 categories: Mortgage warehouse and what we call fund finance or capital call lending, those 2 categories make up just a little less than 0.5% of our overall exposure. And then the lender finance piece makes up the other half. The first 2 categories, mortgage warehouse and capital call lending, I think most people understand those businesses and understand that they have inherently very low credit risk. Most of the recent attention this past quarter has been on the lender finance space.

有幾種不同的類別可以歸結為這一類。對於客戶來說，貸款通常分為三類：抵押倉庫和我們所說的基金融資或資本調用貸款，這兩類貸款僅占我們整體風險敞口的 0.5% 以下。然後貸款人融資部分構成另一半。前兩類，即抵押倉儲和資本調用貸款，我認為大多數人都了解這些業務，並且知道它們本質上具有非常低的信用風險。過去一個季度，大部分注意力都集中在貸款融資領域。

For customers, this is one of the oldest specialized lending businesses we've been in. It's one we've been in for over a decade. And we've not only had 0 losses, but 0 loan defaults. In this business, this is typically lending to a private credit fund where the collateral -- is it broadly diversified pool of loans to middle market companies. There's significant overcollateralization.

對於客戶來說，這是我們從事的最古老的專業貸款業務之一。我們已經這樣做了十多年。我們不僅沒有遭受任何損失，也沒有發生任何貸款違約。在這個業務中，這通常是向私人信貸基金提供貸款，其抵押品是向中型市場公司提供的廣泛多樣化的貸款池。存在大量超額抵押的情況。

We have low advance rates, and there is it's very diversified. So our single obligor exposure is very low, kind of mid-single digit. So when you put all those things together, it's translated into, again, 0 losses, 0 defaults. The last comment I'll make on that space is that it's always really important to understand who you're lending to. So depth of relationship is key. Again, we've been in the business for 10 years, and we have on average, about a 5-year track record with the managers that we do business with.

我們的預付款率很低，而且非常多樣化。因此，我們的單一債務人風險敞口非常低，大約為個位數的中等水平。因此，當你把所有這些因素放在一起時，它就轉化為 0 損失、0 違約。我對此要說的最後一點是，了解你的借款對象始終非常重要。因此，關係的深度是關鍵。再說一次，我們從事這個行業已經有 10 年了，我們與合作的經理們平均有 5 年的合作記錄。

That's really helpful color, Mark. And then I know we've covered cubiX quite in depth here. And it's been a source of strain for you guys. Wondering given the news of de novo entering the digital acid space, any updated thoughts in terms of the competitive moat here?

這顏色真的很有幫助，馬克。然後我知道我們已經在這裡深入介紹了 cubiX。這對你們來說是一個壓力的來源。想知道，鑑於 de novo 進入數位酸領域的消息，對於這裡的競爭護城河有什麼最新的想法嗎？

Yes, sure. And I think that just to sort of highlight, Kelly, at the end of the day, we've -- I think we've done a pretty good job of highlighting the strength of the existing sustainable, stable large-scale network and the benefits of network effect. We've also made sure that we're fully integrated and broadening our relationship with our existing customers.

是的，當然。凱利，我認為這只是為了強調，歸根結底，我們已經很好地強調了現有可持續、穩定的大規模網路的優勢以及網路效應的好處。我們也確保與現有客戶全面整合並拓展關係。

We've built an incredible amount of brand loyalty, and we've made significant investments in technology and risk management. So I think that's what I would sort of just sort of recap a little bit with. But to your question about sort of competition, from fintechs, there's a host of reasons that companies may want to get banking or trust licenses like trusted custody you do consolidate under a national charter, engage in international activities beyond sort of typical state borders and offer sort of consumer products and services. So all of these are complementary to cubiX.

我們建立了令人難以置信的品牌忠誠度，並在技術和風險管理方面進行了大量投資。所以我認為這就是我要稍微回顧一下的內容。但對於你提出的有關金融科技競爭的問題，有很多原因使得公司希望獲得銀行或信託牌照，例如在國家章程下進行託管的受託業務，從事超越典型國家邊界的國際活動，並提供消費產品和服務。所以所有這些都是 cubiX 的補充。

And one of the things that's really interesting is that we have a significant number of customers that either directly or a license holder over charter or hold subsidiaries that have a charter already, and they hold their primary accounts at Customers Bank because of the value of our network. And I think that's one of the most important things is we have a very robust 24/7 network that our customers, our customers' customers and the industry relies on.

真正有趣的事情之一是，我們擁有大量客戶，他們要么直接擁有我們的銀行業務，要么通過特許持有人或持有已經擁有特許狀的子公司，並且由於我們網絡的價值，他們在客戶銀行開設主要帳戶。我認為最重要的事情之一是我們擁有一個非常強大的全天候網絡，我們的客戶、客戶的客戶和整個行業都依賴它。

Operator Our next question will come from the line of Hal Goetsch, B. Riley Securities.

接線生我們的下一個問題來自 B. Riley Securities 的 Hal Goetsch。

First question is, could you just go over the details of the $10 million net income kind of benefit in the quarter? And I think you said it was going to benefit the fourth quarter loss kind of house guidance to understand that? And then two, back to second question is on the FDIC insurance. Is there any way to say that your equity raise helps lower -- de-risk the company a little bit that help lower your FDIC? Any way of quantifying what that might have been as part of the formula is just for our own education.

第一個問題是，您能否詳細介紹本季 1,000 萬美元淨收入福利的細節？我認為您說過這將有利於第四季度的虧損，您明白嗎？然後，回到第二個問題，關於聯邦存款保險公司 (FDIC) 保險。有什麼方法可以說您的股權增加有助於降低 - 稍微降低公司的風險，從而有助於降低您的 FDIC 嗎？任何量化公式一部分的方法都只是為了我們自己的教育。

Sure, Hal. This is Mark. So, for the FDIC insurance, yes, the capital raise would have helped that somewhat. Again, it is a very complex calculation with multiple factors, but your common equity Tier 1 ratio is one of the factors that goes into that.

當然，哈爾。這是馬克。因此，對於 FDIC 保險來說，是的，資本增加會在一定程度上有所幫助。再次強調，這是一個涉及多種因素的非常複雜的計算，但您的普通股一級資本比率是其中的一個因素。

However, I would say that some of this is also just broader-based progress we've made across just deposit growth, reducing broker deposits, there are multiple factors that play into it. And the capital raise impacted our third quarter assessment. But as I said, some of the relief that we received was due to -- was retroactive to the first quarter.

然而，我想說，這也只是我們在存款成長、減少經紀人存款方面取得的更廣泛的進展，有許多因素在起作用。此次融資影響了我們第三季的評估。但正如我所說，我們獲得的部分救濟是由於——追溯到第一季。

So, it really reflects the progress we have made in the prior 2 quarters as well. Moving to the net interest income benefit in the second quarter, we had previously originated some loans and had participated those loans to a partner we had an opportunity where that partner approached us in the second quarter to repurchase those loans, and it was a small pool of loans, but we had an opportunity to repurchase them at a pretty significant discount.

因此，它確實反映了我們在前兩個季度取得的進展。談到第二季的淨利息收入收益，我們之前已經發放了一些貸款，並將這些貸款提供給合作夥伴，我們有機會，該合作夥伴在第二季度與我們接洽以回購這些貸款，儘管貸款規模很小，但我們有機會以相當大的折扣回購它們。

So, we executed on that transaction in June at a very small level of accretion benefit in the second quarter. But then we had highlighted on that call that we would then see a $10 million benefit from that discount accretion in the third quarter. We would see another $10 million incremental benefit in the fourth quarter. And then that discount accretion would largely go away for the first quarter of 2026. I hope that explains that.

因此，我們在 6 月執行了該交易，但第二季的增值收益水準非常小。但隨後我們在電話會議上強調，我們將在第三季從折扣成長中獲得 1,000 萬美元的收益。我們將在第四季看到另外 1000 萬美元的增量收益。到 2026 年第一季度，這種折扣增長將基本消失。我希望這能解釋這一點。

And while I also have the benefit here, I'll answer Dave Bishop's earlier question. On the received fixed swaps that we put on, we put on those at a received fixed rate between $350 million and $360 million. And then we're paying 1 month over on that. So when you put on these kind of swaps, so that's actually a negative to our net interest income right now.

雖然我在這裡也有好處，但我會回答戴夫畢曉普 (Dave Bishop) 之前的問題。對於我們簽訂的收到的固定掉期合約，我們按照收到的固定利率簽訂了 3.5 億美元至 3.6 億美元之間的合約。然後我們又多付了一個月的費用。因此，當您進行此類掉期交易時，這實際上對我們目前的淨利息收入產生了負面影響。

But again, you don't put on swaps to earn money or not earn money. It's for risk management purposes. And if rates would fall more than 75 basis points from where we are today, which the forward forecast would certainly predict at some point in 2026, those swaps would actually turn positive on us.

但再次強調，你進行掉期交易不是為了賺錢或不賺錢。這是出於風險管理目的。如果利率從現在的水平下降超過 75 個基點（前瞻性預測肯定會在 2026 年的某個時候出現），這些掉期實際上會對我們產生積極影響。

Our final question will come from the line of Matthew Breese, Stephens.

我們的最後一個問題來自馬修·布里斯和史蒂芬斯。

A few questions for me. Maybe big picture, Sam, for you. In April, the treasury put out a report looking at potential growth of stable point and they set some really lofty targets I think they said stable coin outstanding could hit $2.8 trillion by 2028, longer term, north of $6 trillion, balances today around $300 billion. The use cases in stable corn are still very heavily tilted towards crypto. So maybe one, do you agree with these longer-term targets? And two, how do you expect StablePoint usage to kind of break out of its current pie chart being heavily filed towards crypto trading and hit the masses.

我有幾個問題。也許對你來說，這是一個大局，山姆。今年 4 月，財政部發布了一份報告，研究穩定點的潛在增長，並設定了一些非常遠大的目標，我認為他們表示，到 2028 年，穩定幣的未償還餘額可能達到 2.8 兆美元，長期來看，將超過 6 兆美元，目前的餘額約為 3,000 億美元。穩定玉米的用例仍然嚴重傾向於加密貨幣。那麼也許首先，您是否同意這些長期目標？其次，您認為 StablePoint 的使用情況將如何突破目前圓餅圖上對加密貨幣交易的過度依賴，並影響大眾。

Good morning, Matt, and thanks for the question. It's helpful to have an analyst like you who's been covering and following the industry for such a long period of time. So your question is a good one. I think the treasury put out some incredibly lofty targets.

早安，馬特，謝謝你的提問。有您這樣一位長期報道和關注該行業的分析師非常有幫助。所以你的問題很好。我認為財政部製定了一些非常崇高的目標。

And I think the perspective for the -- from treasury's perspective, as I understand it, was to sort of give it a little bit of a reference point and justification for Genius, but then also sort of a sense of demand for U.S. treasuries. So this is sort of a bit of my view in early stages. What I would say is that you're absolutely right, somewhere between 85% to 95% plus of current stable coin activity is related to digital asset trading and settlement, and that's something that we see on our platform as well.

我認為，從財政部的角度來看，這樣做的目的是為 Genius 提供一點參考點和理由，同時也提供對美國國債的需求感。這是我早期的一些觀點。我想說的是，您完全正確，目前穩定幣活動的 85% 到 95% 以上與數位資產交易和結算有關，這也是我們在平台上看到的。

What I would say is that -- there are a tremendous amount of obvious use cases for stable coins as you think of cross-border and FX. It just it's reasonably intuitive and easy to kind of reconcile that. for anyone who's tried to operate with sort of U.S. cards or U.S. feats just physically going as a tourist, but then also imagine that from a commercial perspective and sort of engaging and holding working capital and transacting with folks across the border.

我想說的是——當你想到跨國和外匯時，穩定幣有大量明顯的用例。這只是相當直觀且容易調和這一點。對於任何嘗試使用美國卡或美國特許權的人來說，只是以遊客的身份親自前往，但也要從商業角度想像一下，並與邊境對面的人們接觸和持有營運資金並進行交易。

I expect that some of the large banks that have capital markets divisions will find some interesting use cases for stable coins in a lot of their businesses as you think about the utilization, specifically blockchain beyond just sort of the U.S. dollar sort of movement across. And then finally, I think the biggest demand from my perspective is going to come from non-U.S. domiciled customers and countries where there could be high inflation, there's an opportunity to leapfrog from point-of-sale perspective and really utilize the staple coin as a transactional stable coin to transact off of and sort of pay off of.

我預計，一些擁有資本市場部門的大型銀行將在其許多業務中找到一些有趣的穩定幣用例，特別是區塊鏈的應用，而不僅僅是美元的流通。最後，我認為從我的角度來看，最大的需求將來自非美國本土客戶和可能存在高通膨的國家，從銷售點的角度來看，這是一個跨越式發展的機會，可以真正利用主打幣作為交易穩定幣來進行交易並獲得回報。

I think those are sort of where I see some of that sort of non-U.S. growth potentially coming, and that would sort of flow into treasuries more locally. But what I would just remind you and everyone is that we have designed our platform to be really the infrastructure provider just to the stable going to U.S. dollar sort of stable on issuers and to really be prevalent and relevant you really need to be on our network and then present in our bank, and that's really what we think we've done in a very unique way.

我認為這些就是我所看到的一些非美國成長的潛在來源，而這些成長將更多地流入當地國債。但我只想提醒大家的是，我們設計我們的平台是為了成為真正的基礎設施提供商，只是為了穩定美元，在發行人方面保持穩定，並且要真正普及和相關，你真的需要在我們的網絡上，然後出現在我們的銀行中，這就是我們認為我們以非常獨特的方式所做的。

I appreciate all that. A couple more for me on Cubic. I think someone else asked it earlier, but you're now up to knocking on 20% of total deposits north of 60% of your demand deposits aren't in cubic. Where do you draw the line in terms of safe balance sheet exposure to this industry. I know historically, you had a 15% cap. Where do we stand in terms of updating that cap or putting some limitations, especially given the volatile nature of the industry and the history of banks that have dedicated here

我對此表示感謝。我還想再介紹幾個關於 Cubic 的。我認為之前有人問過這個問題，但是現在您要敲定的總存款中有 20% 以上不是立方存款，而您的活期存款中有 60% 不是立方存款。就該行業的安全資產負債表風險而言，您如何劃定界線？我知道從歷史上看，你的上限是 15%。我們在更新上限或設置一些限制方面處於什麼位置，特別是考慮到該行業的波動性以及致力於此的銀行的歷史

Sure. I'm happy to take that. So I think that, Matt, this question was asked last quarter and our view doesn't change and hasn't changed quarter-to-quarter. What I would say is that just as a reminder, even prior to March of '23, the industry did not hold these deposits in cash ourselves included.

當然。我很高興接受這個。所以我認為，馬特，這個問題是上個季度提出的，我們的觀點沒有改變，而且每季都沒有改變。我想提醒的是，即使在 2023 年 3 月之前，包括我們自己在內的行業也沒有以現金形式持有這些存款。

And I think that's a really important change that we decided to make until we sort of had really strong operating history and that we could rely on. One of the things that's a little bit perspective, it's more internal that we haven't necessarily highlighted as much as a number of our large institutional customers sort of give us minimum target thresholds that they want to sort of operate in an average balance thresholds that they sort of want to operate in that they adhere to, which is incredibly helpful for us from a sort of a stability perspective.

我認為這是我們決定做出的一個非常重要的改變，直到我們擁有真正強大的營運歷史並且可以依賴它。有一點需要從宏觀角度考慮，它更多的是內部因素，我們並不一定會過多地強調，因為我們的許多大型機構客戶都為我們提供了最低目標閾值，他們希望在平均餘額閾值內進行操作，他們希望在他們遵守的範圍內進行操作，從穩定性的角度來看，這對我們非常有幫助。

And that's seen in that 30-day rolling average deposit balance chart that we provided to you there. I think that's really important. So that's sort of the way that we think about the $900 million that we -- or $800 million rather, I should say that we grew in this quarter. It's being held in cash. It's adding interest income to our platform and continuing to strengthen the value of our overall franchise and sort of earnings base. And right now, I think, as I mentioned earlier, we're really focused on institutional breadth of the network and product expansion, which will bring additional opportunities on the fee side and really also bring additional competitive moat to the overall infrastructure, especially when you sort of layer on the risk and compliance investments.

這可以在我們向您提供的 30 天滾動平均存款餘額圖表中看到。我認為這真的很重要。這就是我們對本季 9 億美元（或更確切地說是 8 億美元）成長的看法。它是以現金形式持有的。它為我們的平台增加了利息收入，並繼續增強了我們整體特許經營權和盈利基礎的價值。而現在，我認為，正如我之前提到的，我們真正關注的是網路的機構廣度和產品擴展，這將在費用方面帶來額外的機會，並且實際上也會為整體基礎設施帶來額外的競爭優勢，特別是當你在風險和合規投資上分層時。

Got it. And then I did notice that the dollar amount of uninsured deposits ticked up this quarter. And I had a similar question last quarter, but I was curious about what the average size of deposits are on the cubiX network and are there any that are -- or how many are north of, call it, $250 million in kind of average balances?

知道了。然後我確實注意到本季未投保存款的金額有所上升。上個季度我也遇到類似的問題，但我很好奇 cubiX 網路上的存款平均規模是多少，有多少存款的平均餘額超過了 2.5 億美元？

Yes. So Matt, I think that -- I don't have the exact sort of number on uninsured deposits, but I think our overall uninsured deposit -- insured deposits and sort of collateralized deposits is is well above sort of industry averages, where I think is incredibly important. And sort of large cubiX depositors, I mentioned this before is, yes, the -- we have large exchanges that are incredibly critical to the industry and to customers' bank into the network.

是的。所以馬特，我認為——我沒有關於無保險存款的確切數字，但我認為我們的整體無保險存款——保險存款和某種抵押存款遠高於行業平均水平，我認為這非常重要。我之前提到過，cubiX 的大型存款人是這樣的，是的，我們擁有大型交易所，這對產業和客戶銀行網路來說至關重要。

At times, these deposits do get in sort of the multiple line figure type territory. But what's important about the network, which is helpful and I mentioned this earlier, broad-based nearly every customer increased of the hundreds of customers that are on the platform, increase their deposits based upon activity in the third quarter. And I think that's sort of how to think about the overall growth of our platform and strength of the network.

有時，這些沉積物確實會進入多線圖形類型的區域。但網路的重要性在於，它很有幫助，我之前提到過，平台上數百名客戶中的幾乎每個客戶都增加了，根據第三季的活動，他們的存款增加了。我認為這就是我們平台的整體成長和網路實力的思考方式。

That will conclude our question-and-answer session. I'll hand the call back over to Sam Sidhu for any closing comments.

我們的問答環節到此結束。我會將電話轉回 Sam Sidhu，讓他發表最後的評論。

Thank you, everyone, for your interest and support of Customers Bank. We really appreciate you being a part of this incredible franchise that we're building. And I really want to give a special shout on thank you to our incredible team. Have a great day and a great weekend.

感謝大家對客戶銀行的關注與支持。我們非常感謝您成為我們正在打造的這個令人難以置信的特許經營的一部分。我真的想特別感謝我們出色的團隊。祝您有個愉快的一天和週末。

That will conclude today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。