Customers Bancorp, Inc. (CUBI) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Customers Bancorp, Inc. 2026 Q1 earnings webcast. (Operator Instructions)

各位好。感謝各位加入，歡迎收看 Customers Bancorp, Inc. 2026 年第一季（Q1）財報網路直播。（接線員指示）

I will now hand the conference over to Phil Watkins, Executive Vice President, Head of Corporate Development and Investor Relations. Please go ahead.

現在我將把會議交給執行副總裁、企業發展與投資人關係主管 Phil Watkins。請開始。

Thank you, Miriam, and good morning, everyone. The presentation you will see during today's webcast has been posted on the Investors web page of the bank's website at www.customersbank.com. You can scroll the first quarter 2026 results and click download presentation. You can also download a PDF of the full press release at this spot.

謝謝你，Miriam，各位早安。各位在今天網路直播中看到的簡報已張貼於本行網站 www.customersbank.com 的投資人網頁。您可捲動至 2026 年第一季結果並點選下載簡報。您也可在此處下載完整新聞稿的 PDF。

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.

在開始之前，我們提醒各位，我們今天所做的部分陳述可能依適用證券法被視為前瞻性陳述。這些前瞻性陳述可能變動，並涉及多項風險與不確定性，可能導致實際經營績效結果與目前預期出現重大差異。

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

請注意，這些前瞻性陳述僅截至本簡報日期為準；除非適用證券法另有要求，我們不承擔因新資訊或未來事件而更新該等前瞻性陳述之義務。

Please refer to our SEC filings, including our most recent Form 10-K 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.

請參閱我們向 SEC 提交的文件（包括最新的 Form 10-K 以及目前的 Form 8-K 報告），以取得與本公司業務相關之假設與風險因素的更詳細說明。這些申報文件可向 SEC 取得，或造訪我們網站的投資人關係專區下載。

We also reference non-GAAP financial measures, so it's important to review our GAAP results in the presentation and the reconciliations in the appendix.

我們也會引用非 GAAP 財務衡量指標，因此請務必檢視簡報中的 GAAP 結果，以及附錄中的調節表。

At this time, it is my pleasure to introduce Customers Bancorp CEO, Sam Sidhu.

此刻，我很榮幸介紹 Customers Bancorp 執行長 Sam Sidhu。

Thanks, Phil. Good morning, everyone, and welcome to Customers Bancorp's first quarter 2026 earnings call. I'm joined this morning by our Chief Financial Officer, Mark McCollom.

謝謝你，Phil。各位早安，歡迎參加 Customers Bancorp 2026 年第一季財報電話會議。今天早上與我一同出席的還有我們的財務長 Mark McCollom。

Before we get into the results, I want to take a moment to share what makes this call meaningful to me. While I've been CEO of Customers Bank since 2021, January 1 marked my first day as CEO of Customers Bancorp. This was the result of a careful multiyear succession process that Jay, our Board and the leadership team built with intentionality.

在進入業績之前，我想先花一點時間分享為何這通電話對我而言別具意義。雖然我自 2021 年起擔任 Customers Bank 的執行長，但 1 月 1 日是我擔任 Customers Bancorp 執行長的第一天。這是 Jay、董事會與領導團隊以審慎且有意識的多年接班規劃所促成的結果。

Jay is now our Executive Chairman, and having his guidance and engagement during this transition has been invaluable. I couldn't be more grateful for what he built and for the confidence he and the board have placed in me.

Jay 現在擔任我們的執行董事長，在這段交接期間能獲得他的指導與投入，價值無可取代。我對他所建立的一切，以及他與董事會對我的信任，深表感激。

And I want to be clear, the strategy, the culture and the principles that got us here are not changing, entrepreneurial urgency, a differentiated approach centered on service and technology, an obsession with earning the right to serve each client every day. Those don't change.

我也想說清楚：帶領我們走到今天的策略、文化與原則不會改變——創業者般的緊迫感、以服務與科技為核心的差異化作法、以及每天都要贏得為每位客戶服務之資格的執著。這些都不會改變。

The clearest proof that this model is working is our Net Promoter Score. It came in at 81% this year, up 8 points from last year and nearly twice the banking industry average of 41%. That puts us in the company of the most admired service brands across any sector, not just banking.

最清楚證明這個模式有效的，就是我們的淨推薦值（Net Promoter Score, NPS）。今年達到 81%，較去年提升 8 個百分點，且幾乎是銀行業平均 41% 的兩倍。這使我們與各產業中最受推崇的服務品牌並列，而不僅僅是在銀行業。

It's the signal we look at very closely because it tells us whether the flywheel is humming. Great service drives retention and referrals, which drives financial performance, which attracts better teams, which makes the service even better.

這是我們非常密切關注的訊號，因為它能告訴我們飛輪是否正在順暢運轉。優質服務帶來留存與轉介，進而推動財務表現，吸引更優秀的團隊，並讓服務變得更好。

That cycle is self-reinforcing. And right now, it's not only working, it's accelerating. Now I'll take you through some highlights from the first quarter and our priorities then hand it over to Mark for the financial details. Turning to slide 4. Q1 2026 was another clear demonstration of a model that is firing on all cylinders.

這個循環會自我強化。而現在，它不僅在運作，還在加速。接下來我將帶各位看第一季的一些重點與我們的優先事項，之後交給 Mark 說明財務細節。請看第 4 頁。2026 年第一季再次清楚展現我們的模式正全速運轉、各方面火力全開。

I'll walk you through some financial highlights. Total deposits grew 16% and total loans grew 15% on an annualized basis in the quarter. Total non-interest-bearing balances grew to a record $6.7 billion, driven by our new teams.

我先說明一些財務亮點。本季存款總額以年化基礎成長 16%，放款總額以年化基礎成長 15%。無息存款餘額總計成長至創紀錄的 67 億美元，主要由我們的新團隊所帶動。

We delivered significant positive operating leverage with year-over-year revenue growth far outpacing expense growth. Tangible book value per share grew 16% year over year, continuing a multiyear track record of 15%-plus growth, which is among the very top in the industry and we accomplished all of this while maintaining strong credit performance and ample liquidity.

我們實現顯著的正向營運槓桿，年對年營收成長遠高於費用成長。每股有形帳面價值年對年成長 16%，延續多年來每年 15% 以上成長的紀錄，這在同業中名列前茅；同時我們也維持強健的信用表現與充足的流動性。

On slide 5, you can see our top priorities. One of the questions I get asked most often since becoming CEO is what's changed. My answer is simple. The last several years were about building the team, aligning around a shared direction and executing on foundational investments, including in our tech, payments and risk management infrastructure. That work is largely complete, and hopefully, that shows.

在第 5 頁，各位可以看到我們的首要優先事項。自我擔任執行長以來，最常被問到的問題之一是：有什麼改變？我的答案很簡單。過去幾年重點在於建立團隊、圍繞共同方向對齊，並執行基礎性投資，包括我們的科技、支付與風險管理基礎設施。這些工作大致已完成，希望各位也看得出來。

Now I am able to focus my time less in the next two to three quarters and more on building the platform for performance over the next two to three years. This shift is what shapes our four priorities for 2026. First, AI and automation. We are moving fast and with real conviction toward a goal of workflow orchestration across the company. Second, payments in the cubiX ecosystem.

現在，我能把時間投入得更少在接下來兩到三季的短期事項，而更多放在打造未來兩到三年的績效平台。這個轉變形塑了我們 2026 年的四大優先事項。第一，AI 與自動化。我們正快速且堅定地朝向全公司工作流程編排（workflow orchestration）的目標前進。第二，cubiX 生態系中的支付。

We built cubiX from scratch. And now by transaction volume, it is one of the largest commercial payments platforms in the country. Third, organic balance sheet growth and talent recruitment. Our past hiring supports our guidance of growth in loans and deposits that is well ahead of the industry. And our current team onboarding and recruitment pipeline sets up for continued growth in 2027 and beyond.

cubiX 是我們從零打造的。如今以交易量計算，它已是全美最大的商業支付平台之一。第三，有機的資產負債表成長與人才招募。我們過去的招募支持我們對放款與存款成長的指引，顯著領先同業。而我們目前的新團隊到位與招募管線，也為 2027 年及之後的持續成長奠定基礎。

And fourth, risk management excellence. This is not just a compliance posture. It is a competitive one. The regulatory environment around payments and digital assets is becoming more constructive, which plays directly to our existing strengths and widens our moat. We are appreciative of the increasingly collaborative relationship with our regulatory stakeholders and intend to be a bank that regulators view as a model for risk management.

第四，卓越的風險管理。這不只是合規姿態，更是一種競爭優勢。圍繞支付與數位資產的監管環境正變得更具建設性，這正好直接呼應我們既有的強項並擴大護城河。我們感謝與監管利害關係人之間日益協作的關係，並希望成為監管機關眼中風險管理的典範銀行。

We believe that risk management excellence is becoming an asset for us. Turning to slide 6 on AI. I want to be direct. We are moving aggressively to operationalize AI across Customers Bank. We believe AI represents the biggest opportunity in a generation for a bank of our size and culture.

我們相信，卓越的風險管理正逐步成為我們的一項資產。接著看第 6 頁的 AI。我想直說：我們正積極推動在 Customers Bank 全面落地 AI。我們相信，對於我們這種規模與文化的銀行而言，AI 代表著一代人以來最大的機會。

We are small enough to move fast and large enough to invest with intent, which is a rare combination. Most organizations are focused on productivity gains, which we are to and will achieve but we're most excited about the revenue generation and risk reduction opportunities from these tools.

我們規模夠小，能快速行動；同時也夠大，能有目的地投入資源——這是罕見的組合。多數組織聚焦於生產力提升，我們也會做到並將達成；但我們更興奮的是，這些工具帶來的營收創造與風險降低機會。

I am personally leading our AI transformation effort because I believe the bank in our tier that wins on AI will have compounding benefits and structural advantages that will be very difficult to match. To walk you through the evolution, in 2023, we entered into initial enterprise partnerships with companies like OpenAI and Microsoft. In 2024, we established a foundation by implementing AI governance and beginning data transformation efforts.

我親自領導我們的 AI 轉型，因為我相信，在我們這個層級中能在 AI 上勝出的銀行，將獲得複利式的效益與結構性優勢，競爭對手將很難追上。回顧演進歷程：2023 年，我們與 OpenAI、Microsoft 等公司建立初步的企業級合作夥伴關係。2024 年，我們透過導入 AI 治理並啟動資料轉型工作，建立基礎。

In 2025, we moved into production. We trained 100% of our team members. We piloted targeted use cases which are already delivering measurable results. AI began first testing then writing code, and we started building agents. Now in 2026, we are training our team members to be builders and managers of agents, and we are seeking to automate end-to-end workflows across our operating platform.

2025 年，我們進入正式上線（production）。我們對 100% 的團隊成員完成訓練。我們試點了具體的應用情境，且已產生可衡量的成果。AI 先從測試開始，接著開始撰寫程式碼，我們也開始打造代理（agents）。現在在 2026 年，我們正訓練團隊成員成為代理的建置者與管理者，並致力於在我們的營運平台上自動化端到端的工作流程。

The three key initial focus areas in the commercial bank are loan onboarding with a focus on credit underwriting, deposit customer onboarding and payments orchestration. I'm thrilled to say that we're already seeing tangible results.

商業銀行端初期的三個關鍵聚焦領域為：放款導入（著重於信用承作／授信審查）、存款客戶導入，以及支付編排。我很高興地說，我們已經看到具體成果。

From an adoption standpoint, 75% of our team members have AI licenses. More than 500 agents and custom GPTs have been built by our workforce, approximately two dozen of those in the last two weeks alone. We have saved more than 28,000 hours through AI-enabled workflows, unlocking the equivalent of almost 15 FTEs.

從採用情況來看，75% 的團隊成員已擁有 AI 授權。我們的員工已建立超過 500 個代理與客製化 GPT，其中約兩打是在過去兩週內完成。我們透過 AI 賦能的工作流程已節省超過 28,000 小時，相當於釋放了接近 15 名全職人力（FTE）的產能。

This strategic change should allow us to scale our operations far faster than we would need to scale our workforce. We already have best-in-class efficiency, as you can see from our non-interest expense to average asset ratio.

這項策略性改變應能讓我們的營運規模擴張速度，遠快於我們需要擴編人力的速度。我們已具備同業最佳的效率表現，從我們的無息支出對平均資產比率即可看出。

Even so, we would expect that as we grow our asset revenue and earnings per employee ratios would increase meaningfully. We should be able to provide medium-term targets on those in the coming quarters. At the same time, the value additive and strategic work conducted by our team members would go up immensely.

即便如此，隨著我們資產成長，我們預期每位員工的資產收入與每位員工的盈餘比率將顯著提升。我們應能在未來幾季提供這些指標的中期目標。同時，我們團隊成員所從事的增值與策略性工作也將大幅增加。

To accomplish this, we are utilizing a broad range of tools. This includes strategic partnerships like one we just signed this week with a large frontier model provider that we are very excited about. We'll have more details to share on that soon, but it shows that leaders in the industry view Customers Bank as being on the forefront of utilization of this technology and assisting them in advancing adoption in the regional bank space.

為了達成這些目標，我們正在運用廣泛的工具組合，其中包括策略性合作夥伴關係，例如我們本週剛與一家大型前沿模型（frontier model）供應商簽署的合作，我們對此非常期待。我們很快會分享更多細節；這也顯示產業領導者認為 Customers Bank 站在運用此技術的最前沿，並協助他們推動區域性銀行領域的採用。

This partnership will initially be focused on the three priorities I outlined earlier: loans, deposits and payments. We are only at the beginning of realizing the benefits from this technology, and we intend to be a leader in unlocking it.

這項合作夥伴關係最初將聚焦於我先前概述的三項優先事項：貸款、存款與支付。我們才剛開始實現這項技術所帶來的效益，而我們打算成為解鎖其價值的領導者。

Moving to slide 7. We believe payments functionality is the future of banking, and cubiX is our platform for capturing that future. At its core, cubiX gives clients seamless access to all of our payments rails, from traditional wire and ACH to RTP FedNow and our proprietary 24/7 365 intrabank instant payments platform. We built it in-house. And today, it is one of the largest commercial payments platforms in the country by transaction volume.

切換到第 7 張投影片。我們相信支付功能是銀行業的未來，而 cubiX 是我們用來掌握這個未來的平台。cubiX 的核心在於讓客戶無縫存取我們所有的支付軌道，從傳統電匯與 ACH，到 RTP、FedNow，以及我們自有的 24/7/365 行內即時支付平台。這是我們自行內部建置的。而在今天，就交易量而言，它已是全國最大的商業支付平台之一。

One item worth highlighting is that even though the digital asset industry saw meaningful declines in volume and prices over the last couple of quarters, our balances were relatively stable. Importantly, we processed $500 billion in transaction activity for our digital asset clients in the first quarter, a similar pace to 2025 despite the perceived market headwinds.

值得特別強調的一點是，儘管數位資產產業在過去幾個季度的交易量與價格出現顯著下滑，我們的餘額仍相對穩定。重要的是，我們在第一季為數位資產客戶處理了 5,000 億美元的交易活動，儘管市場被認為面臨逆風，其節奏仍與 2025 年相近。

This reflects the mission-critical nature of the service we provide and the quality of the relationships we have built with our customers. As we previously stated, we are focused on deepening that engagement through enhanced product offerings that drive increased wallet share and stickiness. In 2026, our priority is to broaden the cubiX ecosystem beyond its digital asset beginnings.

這反映了我們所提供服務的關鍵任務性質，以及我們與客戶建立的關係品質。如同我們先前所述，我們專注於透過強化產品供給來深化互動，以提升錢包占有率與黏著度。2026 年，我們的優先事項是將 cubiX 生態系擴展到超越其數位資產的起點。

We have started enabling and see significant opportunity in mortgage finance and real estate transaction settlement where the demand for real-time bank-grade payments infrastructure is growing. While the mortgage finance deposits represent balances from existing clients today, we are in active discussions with networks of prospective clients in the real estate industry, and we believe they will be meaningful drivers of non-interest-bearing deposit growth in 2026.

我們已開始推動，並在房貸金融與不動產交易交割領域看到顯著機會，因為對即時、銀行等級支付基礎設施的需求正在成長。雖然房貸金融存款目前代表的是既有客戶的餘額，但我們正與不動產產業的潛在客戶網路進行積極洽談，並相信它們將在 2026 年成為無息存款成長的重要驅動力。

To help make it real, our 90-day pipeline for cubiX' customers from new industries is greater than the slight decline in average digital asset balances we saw in the first quarter. Additionally, we see strong opportunities to partner with large institutions in traditional capital markets as exchanges move to 23/5 and eventually 24/7. This could drive both deposits and fee income opportunities for us with even further diversification.

為了讓這更具體，我們針對來自新產業的 cubiX 客戶所建立的 90 天管線，已大於我們在第一季看到的數位資產平均餘額的小幅下滑。此外，隨著交易所轉向 23/5，並最終走向 24/7，我們也看到與傳統資本市場大型機構合作的強勁機會。這可能為我們帶來存款與手續費收入機會，並進一步提升多元化。

While cubiX is highly profitable serving the digital asset industry, when we achieve broader industry adoption, we will get meaningful operating leverage and even more durable earnings. We believe we are still in the early innings of unlocking the full franchise value of this technology. Moving to slide 8. Banks by nature, grow at roughly the pace of the broader economy. There are only two ways to grow faster, acquire it or earn it.

雖然 cubiX 在服務數位資產產業方面已具高度獲利能力，但當我們達成更廣泛的產業採用時，將取得顯著的營運槓桿，並帶來更具韌性的獲利。我們相信，我們仍處於釋放這項技術完整特許經營價值的早期階段。切換到第 8 張投影片。銀行本質上，其成長大致與整體經濟步調相當。要更快成長只有兩種方式：買來，或賺來。

We earn it through our people, our platform and our culture. We are one of the top organic growth stories in the industry. We have not relied on acquisitions to build this franchise and have still delivered disciplined growth at rates that far surpass our peers.

我們透過人才、平台與文化來賺取成長。我們是業界最突出的有機成長故事之一。我們並未依賴併購來打造這個特許經營體系，卻仍以紀律性的方式實現成長，且成長率遠超同業。

What we have done is continuously recruited top talent, giving them access to a strong balance sheet, a sophisticated product suite, best-in-class technology, and importantly, they gain a culture that empowers them to do more for their clients than they could elsewhere. I'm thrilled to say that year to date, we have already had 20 bankers join us or sign offer letters, and we're in active discussions with half a dozen other team leaders.

我們所做的是持續招募頂尖人才，讓他們能運用強健的資產負債表、成熟的產品組合、同級最佳的科技；更重要的是，他們能獲得一種文化，賦能他們為客戶做得比在其他地方更多。我很高興地說，截至目前為止，我們已經有 20 位銀行家加入我們或簽署聘用意向書，並且正與另外約半打的其他團隊領導者進行積極洽談。

These bankers represent a mix of geographic C&I and national specialized verticals. This is not a new playbook. It is the same strategy that has driven our long-term outperformance and that has produced results at the very top of our peer group.

這些銀行家涵蓋地區性的 C&I（商業與工業）以及全國性的專業垂直領域。這不是新的作法。這正是推動我們長期超越同業表現的相同策略，也是在同業群中名列前茅的成果來源。

We are the number one compounder of core EPS and a top compounder of tangible book value and revenue among peers over the last six years. They are the clearest long-term indicators of franchise value creation and share price performance.

在過去六年中，我們是同業中核心 EPS 複利成長的第一名，也是有形帳面價值與營收複利成長的領先者之一。這些是衡量特許經營價值創造與股價表現最清晰的長期指標。

Before I hand the call over to Mark, I want to take a moment to welcome two new equity analysts joining our story. We're pleased to have Tony Elian from JPMorgan and Manuel Navas from Piper Sandler covering Customers Bank. Welcome to both of you. We look forward to building strong relationships for years to come.

在我把電話交給 Mark 之前，我想花點時間歡迎兩位新加入、開始追蹤我們故事的股票分析師。我們很高興 JPMorgan 的 Tony Elian 與 Piper Sandler 的 Manuel Navas 開始覆蓋 Customers Bank。歡迎兩位。我們期待在未來多年建立穩固的關係。

With that, I'll pass it to you, Mark.

接下來交給你了，Mark。

Thanks, Sam, and good morning, everyone. On slide 9, you can see our GAAP financials, and I'll start my comments on slide 10. In the quarter, we delivered GAAP and core EPS of $1.97 as GAAP and core earnings were materially consistent. Core ROE and ROA came at 13.1% and 1.13%, respectively. Our consistent execution has led to core EPS increasing 28% from last year.

謝謝，Sam，各位早安。在第 9 張投影片，你們可以看到我們的 GAAP 財務數據，我將從第 10 張投影片開始我的說明。本季我們的 GAAP 與核心 EPS 均為 1.97 美元，因為 GAAP 與核心獲利在實質上相當一致。核心 ROE 與 ROA 分別為 13.1% 與 1.13%。我們一貫的執行力使核心 EPS 較去年成長 28%。

Turning to slide 11. Total deposits grew over $800 million in the quarter to $21.6 billion, up $2.7 billion or 14% year over year. The quality of our deposit franchise continued to improve, and I want to highlight two dynamics in particular. First, non-interest-bearing deposits grew by over $400 million in the quarter. Included in this total was a $200 million contribution from spot balance increases in our digital assets channel.

切換到第 11 張投影片。本季總存款增加超過 8 億美元至 216 億美元，年增 27 億美元或 14%。我們的存款特許經營品質持續改善，我想特別強調兩個動態。第一，無息存款本季增加超過 4 億美元。此總額中包含我們數位資產通路因即期餘額增加所貢獻的 2 億美元。

But what I really want to point out is the approximately $230 million contribution during the quarter from our traditional commercial franchise. These balances were up 9% quarter over quarter and 22% year over year. This is directly attributable to the success of our commercial banking team strategy and the strength of the relationships these bankers bring.

但我真正想指出的是，本季我們傳統商業特許經營體系貢獻約 2.3 億美元。這些餘額季增 9%、年增 22%。這直接歸因於我們商業銀行團隊策略的成功，以及這些銀行家所帶來關係的強度。

As you heard from Sam total non-interest-bearing deposits reached a record $6.7 billion or over 31% of total deposits, not just top quartile but about decile of regional bank peers. Second, average total deposit costs declined again in the quarter by 8 basis points to 2.46% and our cost of interest-bearing deposits declined by 18 basis points.

如同你們從 Sam 那裡聽到的，無息存款總額達到創紀錄的 67 億美元，約占總存款的 31% 以上；不僅位居同業前四分位，甚至大約處於區域銀行同業的前十分位。第二，本季平均總存款成本再度下降 8 個基點至 2.46%，而我們的計息存款成本下降了 18 個基點。

We are continuing to benefit from the positive mix shift of our deposit book as we grow lower cost relationship-based deposits. Turning to slide 12. It highlights the results of our commercial banking team strategy.

隨著我們增加低成本、以關係為基礎的存款，我們持續受益於存款組合的正向轉變。切換到第 12 張投影片。該頁重點呈現我們商業銀行團隊策略的成果。

And I'll give you a spotlight on our 2024 vintage teams as they recently hit their two-year anniversary with customers. The 10 teams launched in April 2024 now manage over $2.1 billion in deposit balances across approximately 8,000 accounts with 32% of these balances being non-interest-bearing at an average total deposit cost of around 2%.

我也將聚焦我們 2024 年梯次（vintage）的團隊，因為他們最近剛與本行客戶合作滿兩週年。2024 年 4 月啟動的 10 個團隊，目前在約 8,000 個帳戶中管理超過 21 億美元的存款餘額，其中 32% 為無息存款，平均總存款成本約為 2%。

They've also generated a positive loan ratio of about 2.7 times. These economics are really compelling. These teams became profitable in approximately three quarters and are generating a loan-to-deposit spread of over 400 basis points in addition to the significant excess deposits they generate.

他們也創造了約 2.7 倍的正向貸款比率。這些經濟效益非常具吸引力。這些團隊約在三個季度內達到獲利，並在其所產生的大量超額存款之外，創造超過 400 個基點的貸存利差。

This slide also highlights the tremendous momentum we are seeing across our commercial businesses. In total, we added over 1,100 net commercial accounts in the first quarter.

這張投影片也凸顯我們在各項商業業務上看到的強勁動能。整體而言，我們在第一季新增超過 1,100 個商業淨新增帳戶。

That's a 5% increase in our commercial account base in a single quarter, which is incredible. Notably, over 50% of that net growth came from the 2025 vintage teams. These teams have already produced low nine-figure balances of deposits at an extremely attractive blended cost of about 50 basis points.

這代表我們的商業帳戶基礎在單一季度內成長 5%，非常驚人。值得注意的是，該淨成長中超過 50% 來自 2025 年梯次團隊。這些團隊已經以極具吸引力的約 50 個基點綜合成本，帶來數億美元等級（低九位數）的存款餘額。

These accounts are operational in nature, and therefore, there's a lag between account openings and deposit balances coming over to our company. You can see this in the fact that less than 15% of the accounts opened during the quarter were meaningfully funded with deposits.

這些帳戶屬於營運性質，因此從開戶到存款餘額實際轉入本行之間會有時間落差。你可以從以下事實看出：本季開立的帳戶中，只有不到 15% 已有具規模的存款入金。

These are similar stats that we used to show you in 2024 to give you a sense of the deposit balance fundings to come in future periods. This level of account activity gives us optimism for meaningful deposit balance growth from these 2025 vintage teams in the coming quarters.

這些數據與我們在 2024 年曾向各位展示的統計相似，旨在讓各位了解未來期間將到來的存款餘額入金情況。如此程度的帳戶活動，讓我們對未來幾季 2025 年梯次團隊帶來顯著的存款餘額成長抱持樂觀。

Turning to slide 13 in loans. Total loans grew over $600 million to $17.4 billion, representing 15% annualized growth. We typically see the first quarter as the slowest growth quarter of the year so we're very pleased with this performance.

切換到第 13 張投影片的貸款部分。總貸款增加超過 6 億美元至 174 億美元，折合年化成長率為 15%。我們通常認為第一季是全年成長最慢的季度，因此我們對這項表現非常滿意。

Growth was broad-based across the franchise, top contributors in the first quarter included fund finance, mortgage finance and health care. As we often say, the mix of contributors can shift from quarter to quarter, but what remains consistent is the diversified multi-vertical nature of our asset generation platform.

成長來自整個特許經營體系、分布廣泛；第一季的主要貢獻者包括基金融資、房貸金融與醫療保健。如同我們常說的，貢獻者的組合可能每季變動，但始終不變的是我們資產生成平台的多元、跨垂直領域特性。

On slide 14, net interest income for the first quarter was $191.4 million. Net interest income grew by $24 million year over year or 14%. The expected sequential decline in net interest income and net interest margin was driven by two primary factors.

在第 14 張投影片，第一季淨利息收入為 1.914 億美元。淨利息收入年增 2,400 萬美元或 14%。淨利息收入與淨利差如預期出現的季減，主要由兩個因素所驅動。

Approximately $10 million of accretion income in the fourth quarter, which did not repeat as well as a lower day count in the first quarter. If you account for those factors, we were essentially flat quarter over quarter despite the full impact of December's rate cut. One other item impacting net interest income for the quarter was the planned redemption of $110 million of higher cost subordinated debt late in the quarter.

第四季約有1,000萬美元的折價攤銷收益（accretion income），該項在第一季未再出現，且第一季天數也較少。若將這些因素納入考量，儘管12月降息的全面影響已反映，我們的淨利息收入基本上較前一季持平。本季另一項影響淨利息收入的因素，是我們在季末按計畫贖回了1.10億美元的高成本次順位債務。

This redemption will help our net interest income in the second quarter. We continue to have leverage on both sides of the balance sheet, including loan growth and deposit mix improvement opportunities.

這次贖回將有助於我們第二季的淨利息收入。我們在資產負債表兩端仍具槓桿空間，包括放款成長與存款結構改善的機會。

With that, we remain optimistic about our ability to drive strong net interest income growth in 2026. Moving to slide 15. Non-interest expense was $112 million for the quarter. As we highlighted on our previous call, we had about $5 million of expenses that were unique to the fourth quarter. And so expenses came in pretty much flat to the fourth quarter, excluding those discrete costs.

因此，我們對於在2026年推動強勁的淨利息收入成長仍保持樂觀。接著看第15頁。本季非利息費用為1.12億美元。如同我們在上次電話會議中提到的，第四季約有500萬美元屬於一次性費用。因此，若排除這些離散成本，本季費用與第四季幾乎持平。

We talk a lot about positive operating leverage. And I want to take a moment to show you what that means for our franchise. Year over year, core revenue growth outpaced core expense growth by nearly two times. As a result, our core efficiency ratio improved by 300 basis points and core EPS grew 28% over the same period. That's a very strong positive operating leverage, and we believe this is what disciplined high-quality growth should look like.

我們經常談到正向營運槓桿。我想花一點時間說明這對我們特許經營（franchise）意味著什麼。以年對年來看，核心營收成長幾乎是核心費用成長的兩倍。因此，我們的核心效率比率改善了300個基點，核心每股盈餘（core EPS）較同期成長28%。這是非常強勁的正向營運槓桿，我們相信這正是有紀律的高品質成長應有的樣貌。

Our core non-interest expense as a percent of average assets was 1.82% once again placing us among the top decile of regional bank peers. On slide 16, many of you recall that coming into 2026, we outlined our second operational excellence initiative, targeting $20 million in annual run rate proceeds across both revenue and expenses.

我們的核心非利息費用占平均資產比重為1.82%，再次使我們位居區域銀行同業的前十分位。看第16頁，許多人記得在進入2026年時，我們提出第二項營運卓越（operational excellence）計畫，目標是在營收與費用兩端合計達成每年2,000萬美元的年度化（run rate）效益。

I'm pleased to report that Phase 1 of that initiative has been substantially achieved on a run rate basis. and we are now increasing our target by an initial $10 million in Phase 2, bringing our total target to $30 million in run rate proceeds. On the revenue side, this was driven primarily by capital market sales within our existing SBA business, and you saw some of this in the first quarter of 2026.

我很高興報告，該計畫第一階段已在年度化基礎上大致達成。我們現在在第二階段先行把目標提高1,000萬美元，使總目標提升至3,000萬美元的年度化效益。在營收端，主要由我們既有SBA業務中的資本市場銷售所帶動，而你們在2026年第一季也看到其中部分成果。

And the savings on the cost side were a mix of vendor, technology and risk management infrastructure improvements. These savings are being reinvested into the franchise, in people, technology and the capabilities that differentiate us.

而在成本端的節省，則來自供應商、科技以及風險管理基礎設施改善的組合。這些節省正被再投資於特許經營之中，包括人才、科技與能讓我們脫穎而出的能力建置。

We view this as a key component of sustaining positive operating leverage into the future. On slide 17, a tangible book value per share grew to $63.54, up 3% quarter over quarter and 16% year over year. This continues our multiyear track record of double-digit tangible book value per share growth and represents a CAGR of over 15% since the fourth quarter of 2019.

我們將其視為未來持續維持正向營運槓桿的關鍵組成。看第17頁，每股有形帳面價值成長至63.54美元，季增3%、年增16%。這延續了我們多年來每股有形帳面價值維持雙位數成長的紀錄，且自2019年第四季以來的年複合成長率（CAGR）超過15%。

Turning to slide 18. Our capital position remains robust and continues to provide significant strategic flexibility. Our TCE ratio of 8.3% was up 60 basis points year over year even as our tangible asset grades grew 15% over the same period.

接著看第18頁。我們的資本水位仍然強健，並持續提供顯著的策略彈性。我們的有形普通股權益比率（TCE ratio）為8.3%，年增60個基點，即使同期我們的有形資產規模成長了15%。

We also repurchased about 620,000 shares of our common stock during the quarter at a weighted average price of about $68. Given the trajectory of our tangible book value I just described, that felt like an attractive price.

我們也在本季以加權平均約68美元的價格回購了約62萬股普通股。考量我剛才描述的每股有形帳面價值走勢，這個價格我們認為相當具吸引力。

During the quarter, as planned, we also redeemed the subordinated debt issuance I mentioned earlier, which explains some of the additional reductions in our risk-based ratios during the quarter. Even with these items, we still maintain a comfortable cushion to our internal capital targets.

本季我們也如計畫贖回了我先前提到的次順位債發行，這也解釋了本季我們風險基礎資本比率（risk-based ratios）出現部分額外下降的原因。即便有這些因素，我們仍維持相對內部資本目標的充足緩衝。

In addition to the subordinated debt over the last year, we've also redeemed over $140 million in preferred stock simplifying and improving the quality of our capital stock. We believe strong organic earnings position us well to support continued balance sheet growth and when appropriate, to return capital to shareholders. On slide 19, credit performance remained stable across the board.

除過去一年贖回次順位債之外，我們也贖回了超過1.40億美元的特別股，簡化並提升我們資本結構的品質。我們相信強勁的內生獲利能力，使我們能夠支持資產負債表持續成長，並在適當時機回饋資本給股東。看第19頁，整體信用品質表現仍維持穩定。

NPAs as a percent of total assets remain low and below our peers. Total net charge-offs declined modestly quarter over quarter with strong performance across both commercial and consumer portfolios.

不良資產（NPA）占總資產比重仍偏低，且低於同業。總淨沖銷（net charge-offs）較前一季小幅下降，商業與消費兩大投資組合皆表現強勁。

Commercial MCOs remain very low, and our consumer portfolio represents only a small portion of our total loans, continues to perform within expectations. Reserve coverage was solid, though we continue to monitor the geopolitical uncertainty that exists in the macroeconomic environment. With that, I'll close with our 2026 outlook on slide 20.

商業MCO仍然非常低，而我們的消費性投資組合僅占總放款的一小部分，且持續符合預期表現。備抵覆蓋率（reserve coverage）穩健，但我們仍持續關注總體經濟環境中的地緣政治不確定性。接下來我將以第20頁的2026年展望作結。

We are reaffirming our full year 2026 management outlook across all key metrics. On loan growth, we had a strong start to the year, and our pipeline remains solid. For deposits, we also had a good start to the year, and both the newer teams and the franchise as a whole have good prospects to continue that momentum. With respect to net interest income, we continue to project growth of 7% to 11% over 2025.

我們重申2026年全年管理層展望，涵蓋所有關鍵指標。放款成長方面，我們年初開局強勁，且案源（pipeline）仍然穩固。存款方面，我們同樣有良好開局，新團隊與整體特許經營皆具備延續動能的良好前景。就淨利息收入而言，我們仍預期相較2025年成長7%至11%。

For non-interest expense, we are maintaining the range of $440 million to $460 million for the year. That is growth of only 2% to 6% even as we continue to invest significantly in people and technology. And lastly, there are no changes currently to either our capital or our tax rate targets.

非利息費用方面，我們維持全年4.40億至4.60億美元的區間。即使我們持續大幅投資於人才與科技，費用成長也僅為2%至6%。最後，目前我們的資本目標與稅率目標皆無任何變動。

With that, I'll pass the call back to Sam for closing remarks before we open the line for Q&A.

接下來我把電話交回給Sam，請他在開放問答前做結語。

Thanks, Mark. Before I offer my closing remarks, I want to share something that I believe may be a first in the history of public company earnings calls. The prepared remarks you heard on my behalf today were delivered by my AI clone, not read by me directly. The execution of this call itself is a live demonstration of what we mean when we say AI is not an experiment at Customers Bank. We will be using it to transform our company.

謝謝，Mark。在我做結語之前，我想分享一件我相信可能是上市公司法說會史上的第一次。你們今天聽到以我名義發表的事先準備講稿，是由我的AI分身（AI clone）代為口述，而不是由我本人直接朗讀。這場電話會議本身就是一個即時示範，說明當我們說Customers Bank的AI不是實驗時，我們指的是什麼。我們將用它來改造公司。

You can imagine use cases for this technology to support our relationship managers to drive revenue and enhance the client experience. To wrap up, in the first quarter, we delivered strong growth across every major dimension of the franchise. Deposits grew 14% year over year. Non-interest-bearing deposits hit a new record. Loans grew 15% year over year.

你可以想像這項技術的應用情境，例如支援我們的客戶關係經理推動營收並提升客戶體驗。總結來說，在第一季，我們在特許經營的每個主要面向都交出強勁成長。存款年增14%。無息存款創下新高。放款年增15%。

Our cubiX payments platform onboarded new clients, creating diversification and repositioning this as a non-interest-bearing deposit growth vertical. Finally, we delivered positive operating leverage with a 300 basis point decline in our efficiency ratio, leading to core EPS growing by 28% year over year. We'll now open up the line for live questions.

我們的cubiX支付平台導入新客戶，帶來多元化，並將其重新定位為無息存款成長的垂直領域。最後，我們實現正向營運槓桿，效率比率下降300個基點，帶動核心EPS年增28%。現在我們將開放現場提問。

(Operator Instructions) Anthony Elian, JPMorgan.

（接線員指示）Anthony Elian，JPMorgan。

This is [Mike Petrini] on for Tony. So I'll start with a quick housekeeping one. What were the cubiX total deposit balances for the period end as well as the averages versus that $4 billion number at 4Q?

我是代替Tony上線的[Mike Petrini]。我先問一個簡單的例行問題：就期末而言，cubiX的存款總餘額是多少？以及本季平均數相較於第四季的40億美元水準如何？

Yes. Period-end numbers were right around $4 billion, and quarterly average numbers were right around $3.6 billion.

好的。期末數字大約是40億美元，季度平均數大約是36億美元。

Okay. Great. And then on slide 7, the mortgage finance and real estate deposits, they combined for about 20% of cubiX deposits. How much do you see both of those mortgage finance and real estate contributing in the next few quarters in cubiX, one could the capital markets opportunity that you guys have identified on slide 7 start factoring into cubiX deposit growth?

了解。很好。接著第7頁，房貸金融與不動產相關存款合計約占cubiX存款的20%。你們預期未來幾季這兩者各自會對cubiX貢獻多少？另外，你們在第7頁提到的資本市場機會，是否會開始反映在cubiX存款成長上？

Yes, sure. I'd be happy to take that. I think that -- what's really interesting about the mortgage use case, as we discussed before, this is to date existing customers that are using our advanced payments capabilities that we're using more traditional payments capabilities with us prior to more traditional, think of it as wire ACH in and out.

好的，當然。我很樂意回答。我認為——房貸這個使用情境真正有趣之處在於，如同我們之前討論的，這些目前都是既有客戶：他們正在使用我們的進階支付能力；而在此之前，他們在我們這裡使用的是較傳統的支付能力，更傳統地說，就是電匯與ACH的進出。

And this has been a priority for us in 2026 to see a bit of broad use of cubiX not only much further beyond the digital asset industry and also creating diversification in our deposit base. So I'll get to the new deposits in a second.

而在2026年，這一直是我們的優先事項：希望cubiX的使用能更廣泛，不僅大幅超越數位資產產業，也能讓我們的存款基礎更為多元。我稍後會談到新增存款。

But what I would say is we're thrilled with the early progress on that goal, and we did not expect that as early as the first quarter, we'd be able to show you that slide that you referenced on slide 7. So they currently represent about 20% of our deposits.

但我想說的是，我們對於這個目標的早期進展感到非常振奮，而且我們原本沒預期早在第一季就能向各位展示你提到的第7頁那張投影片。因此，目前它們約占我們存款的20%。

The growth is really going to be coming from that 1% number you see there on the real estate transaction side which is really hugely valuable to customers that are currently banking with other banks that are looking for advanced payment capabilities beyond what they're able to get in addition to the service that we offer.

成長主要會來自你在不動產交易端看到的那個1%數字；這對目前在其他銀行往來、並尋求更進階支付能力（加上我們所提供的服務）而超越其現有銀行所能提供的客戶而言，價值非常高。

So we see that you heard in my scripted AI remarks that we expected about $250 million or so of non-interest-bearing deposit growth related to new verticals in cubiX just the next 90 days. We'll continue to update on progress as the year progresses.

因此，你也在我由AI撰寫的講稿中聽到：我們預期僅在接下來90天，cubiX與新垂直領域相關的無息存款成長約為2.50億美元左右。我們會在今年進行過程中持續更新進展。

Your last question was around the traditional capital markets use cases. That's still a little bit early days to add a little bit of color on what that would be is we have markets in the traditional side that are open 23/5 today, they will be open 24/7. And as you can imagine, there's a number of use cases to have FedNow RTP and cubiX for after-hours (inaudible) reconciliation.

你上一個問題是關於傳統資本市場的使用案例。現在要更具體說明還有點早，但可以補充一些背景：目前傳統市場一側今天是每週 5 天、每天 23 小時開放，未來將會是 24/7。正如你可以想像的，FedNow RTP 與 cubiX 在盤後（聽不清）對帳方面有許多使用案例。

Great. And then if I can sneak one more quick one in there. Period-end loans and deposits each increased about 15% annualized. This quarter, you guys left the full year guide at that 8% to 12% range.

很好。然後如果我可以再快速塞一個問題：期末貸款與存款各自以年化約 15% 的速度成長。本季你們仍維持全年指引在 8% 到 12% 的區間。

Is there a level of conservatism taken to that guidance? Or what are you seeing that would suggest a slight slowdown in balance sheet growth for the rest of 2026?

這個指引是否帶有一定程度的保守性？或者你們看到了什麼跡象，會讓你們認為 2026 年剩餘時間資產負債表成長會略為放緩？

No, I don't think we're I mean, we're still sticking to the guide that this year. As you know, there's certainly a lot of still geopolitical uncertainty out there in the market. Candidly, we were pleased by the level of loan growth we were able to generate in the first quarter.

不，我不認為我們——我的意思是，我們今年仍然維持這個指引。如你所知，市場上仍然存在相當多的地緣政治不確定性。坦白說，我們對第一季能夠帶來的貸款成長幅度感到滿意。

We had a couple of quarters ago, we had a couple of deals that we thought were going to close and didn't close during the quarter and then end up being a little below and then you start out in the next quarter really hot.

幾個季度前，我們有幾筆交易原本以為會在當季完成，但最後沒有在該季完成，結果表現就略低一些，然後下一季一開始就會非常火熱。

In this case, you saw that our average loan growth versus our spot loan growth was pretty materially different, which implies we had a lot of loan growth actually closing in the month of March. So we feel that obviously sets us up well for the second quarter. But at this point, we're still sticking to our full year numbers.

這一次，你看到我們的平均貸款成長與期末（點位）貸款成長差異相當明顯，這表示其實有大量貸款成長是在 3 月完成結案的。因此我們覺得這顯然讓我們第二季的起跑位置很好。但就目前而言，我們仍維持全年數字不變。

Kelly Motta, KBW.

KBW 的 Kelly Motta。

Please, I'm still recovering from the shock of the AI clone aspect of the call that's quite remarkable. Maybe a question for you and maybe your AI clone is you've been obviously at the forefront of this AI transformation here.

拜託，我還在從這通電話裡 AI 分身的震撼中恢復，真的很驚人。也許問你一個問題——也許問你的 AI 分身——你們顯然一直站在這波 AI 轉型的最前沿。

I think to us as analysts, the potential efficiencies are pretty clear. your prepared remarks and highlight additional revenue opportunities as well. I was hoping just given your expertise and how far ahead of the curve you are on this front.

我想對我們分析師而言，潛在的效率提升相當清楚。你在事先準備的發言中也提到額外的營收機會。我希望基於你的專業，以及你們在這方面領先的程度。

You could speak to potential, what you mean by that and how we should be thinking about the potential revenue enhancements that AI could provide to Customers Bank and, I guess, thinking more broadly.

你可以談談你所說的「潛在」是指什麼，以及我們應該如何看待 AI 可能為 Customers Bank 帶來的營收增強；我想也更廣泛地來看。

Yes. Sure, Kelly, and then I assure you this is really me. What I would say is that just to add a bit more color, in the prepared remarks, I talked about how we feel we can scale the company at significantly higher rates than our head count will grow.

是的，當然，Kelly，我也向你保證這真的是我本人。我想補充一些背景：在準備好的發言中，我談到我們認為公司可以在員工人數成長遠低於業務規模成長的情況下，以顯著更高的速度擴張。

And you can imagine when you have an autonomous agent, you're essentially creating a digital worker. And when you have end-to-end automation across your workflows, which is very easy to say, very difficult to achieve, you can deploy these digital workers under human supervision and they can work around the clock.

你可以想像，當你有一個自主代理（autonomous agent）時，你本質上是在創造一名數位員工。而當你能在工作流程中做到端到端自動化——這說起來很容易、做起來非常困難——你就可以在人工監督下部署這些數位員工，讓他們全天候運作。

So you can appreciate getting to the state as much more than creating what folks will call a GPT they can save a couple of hours or a chat prompt that can help you research right faster. Really, the challenge here, the difficulty here and the opportunity here is about having to change management strategy. It's about training and enabling your team members. It's about redesigning workflows and processes. It's about having developers and process mavens that are on staff.

所以你會理解，達到那種狀態遠不只是做出大家所謂的 GPT、幫你省幾個小時，或是一個聊天提示讓你更快做研究而已。真正的挑戰、難度與機會在於變革管理策略；在於訓練並賦能你的團隊成員；在於重新設計工作流程與流程；在於擁有在職的開發人員與流程專家。

It's having broad-based AI frontier model and newer emerging commercial partnerships. We teased a couple of KPIs of how it might show up in our financials with the asset revenue and pretax profit employee KPIs. And I think we'll have tailwinds on each of those if we're successful and that's something that we'll be able to provide targets on in the future. At the end of the day, they all come into lower efficiency ratio. That's the net output.

還包括擁有廣泛的 AI 前沿模型，以及更新、正在浮現的商業合作夥伴關係。我們也稍微預告了幾個 KPI，說明它可能如何反映在財務上，例如資產/營收與稅前利潤/員工等 KPI。我認為如果我們成功，這些指標都會有順風，而這也是我們未來能提供目標值的部分。歸根結底，這些都會反映為更低的效率比率，這就是最終的淨產出。

The use case is to get to the heart of your question that typical companies and banks will be focused on will be productivity as well as, in some cases, improving the client experience which is table stakes. And I think those are hard to do, and we feel very good about our ability to achieve success there. But where we are really focused and feel we are uniquely focused is on the new revenue opportunities as well as reducing risk.

回到你的問題核心：一般公司與銀行會聚焦的使用案例，通常是生產力提升，以及在某些情況下改善客戶體驗——那是基本門檻。我認為這些都不容易做到，而我們對自己在那方面取得成功的能力很有信心。但我們真正聚焦、也自認為有獨特聚焦點的，是新的營收機會以及降低風險。

So to get to your question, we plan to start using AI first business models to attract new customers to attack new verticals that will help drive new opportunities that don't exist today. And these are things that are live and in production now that could result in impact as early as the end of the year, but definitely into 2027.

所以回答你的問題：我們計畫先用 AI-first 的商業模式來吸引新客戶、切入新的垂直領域，進而推動今天尚不存在的新機會。這些東西目前已經上線並在生產環境運作，可能最早在年底就會產生影響，但肯定會延伸到 2027 年。

And then we're also looking at really interestingly, completely redesigning the first, second and third line processes to reduce risk across all of our operations. And I think that's really also a unique way that we're approaching things.

另外我們也在看一個非常有意思的方向：徹底重新設計第一道、第二道與第三道防線流程，以降低我們所有營運的風險。我認為這也是我們切入方式中相當獨特的一點。

So it's not just the loans, the deposits and the payments orchestration life cycles we're also thinking more broadly about areas within risk, compliance, audit, finance, marketing, legal, where we can really transform some of those risk and revenue enabling functions as well.

所以不只是貸款、存款與支付編排（orchestration）的生命週期；我們也更廣泛地思考風險、合規、稽核、財務、行銷、法務等領域，看看我們如何真正轉型其中一些風險與營收賦能（revenue enabling）的職能。

Got it. I really appreciate the thoughtful and detailed answer. Maybe turning to the NII guide. I appreciate it's unchanged. I'm wondering, underneath the hood of that, the average cubiX deposits were down, though within range.

了解。我非常感謝這個周到且詳細的回答。也許轉到 NII 指引。我理解它沒有變。我想知道在這之下，平均 cubiX 存款是下降的，雖然仍在區間內。

And we didn't really see it with the growth in other areas of core deposits. So I'm wondering if you're able to provide -- was there any shift in the components of what gets you to that NII range, meaning perhaps cubiX coming down slightly by growth in other areas? Just curious if we could parse that out a bit.

而我們並沒有在其他核心存款的成長中真正看到補上來。所以我想問你是否能說明——推動你們達到該 NII 區間的組成是否有任何變化？也就是說，可能是 cubiX 略降、由其他領域的成長來補足？只是好奇能否把它拆解一下。

Yes, Kelly, this is Mark. And that was me the whole time, by the way. But as we -- as you think about NII, you're correct. I think as the year is starting to play out, we had a couple of shifts. We did see -- I mean, we were really pleased to only see average cubiX deposits going down from 3.8% to prior quarter to 3.6%.

是的，Kelly，我是 Mark。順帶一提，剛剛一直都是我。但當我們——當你思考 NII 時，你說得沒錯。我認為隨著今年開始展開，我們確實看到一些變化。我們看到——我的意思是，我們很高興平均 cubiX 存款只從前一季的 3.8% 降到 3.6%。

Where you see on slide 7 and you see the mortgage finance, but more importantly, the real estate which really then ties to our 2025 teams and some of the things we highlighted on commercial account growth. I would expect to see for -- in the second quarter and the third quarter, you'll start to see some of that account growth, which was only approximately 15% funded with deposits, some of that starting to take hold.

你在第 7 張投影片會看到房貸金融，但更重要的是不動產，這其實也連結到我們 2025 的團隊，以及我們在商業帳戶成長上強調的一些事情。我預期在第二季與第三季，你會開始看到部分帳戶成長開始顯現；目前那些帳戶成長只有約 15% 由存款資金支持，接下來會逐步發酵。

So then that provides a little bit of a hedge for us in terms of our guidance. If we would continue to see a little bit more of a drop in cubiX deposits, I think it's early. Certainly in the second quarter to be able to predict where those end up on an average balance basis.

因此，這在指引層面上也為我們提供一些避險。如果我們持續看到 cubiX 存款再多降一些，我認為現在還早；當然在第二季要預測它們在平均餘額基礎上最後會落在哪裡，仍然偏早。

But then I'd also say that we had both really strong marches, which led to our spot balance is being significantly higher in both loans and deposits than our average balances for the quarter. So when you look at -- take loan yields, loan yields ended the quarter at [3.62] SOFR yesterday was at about [360] right?

但我也會說，我們在 3 月兩端都非常強勁，導致我們的期末（點位）餘額在貸款與存款上都顯著高於本季平均餘額。所以當你看——以貸款收益率來看，本季末貸款收益率是 [3.62]，昨天 SOFR 大約在 [360]，對吧？

So even if you're going to bring on new originations and across most of our verticals, we bring on new originations at 225 to 300 basis points over. But even at 300 basis points over SOFR, the majority of our asset production might still be coming in below where that current loan yield is on commercial because you can see in the top of that margin table, our commercial book today is right around 680 all in. So even at 300 basis points over, which is really tough to do across all your verticals, new production is still coming in a little bit lower.

所以即使你要承作新的放款，在我們大多數垂直領域，新承作通常是 SOFR 以上 225 到 300 個基點。但即便是 SOFR 以上 300 個基點，我們多數資產投放的定價可能仍會低於目前商業貸款的現行貸款收益率，因為你可以在那張利差表的上方看到，我們今天的商業貸款組合整體大約是 680。因此即便是加 300 個基點——而這在所有垂直領域都很難做到——新投放仍會略低一些。

So I would expect to see, on a margin basis to be -- loan yields coming down a little bit more how much that impacts margin is really going to be how successful are we on the deposit front. Again, given the green shoots we're seeing in the first quarter, it feels like we're setting up well for the year, but it's still early.

所以我預期在利差層面——貸款收益率會再往下走一些；至於對利差影響多少，真正取決於我們在存款端有多成功。同樣地，考量第一季看到的初步回溫跡象，我們感覺今年的布局不錯，但現在仍然偏早。

So that's why you put all that together, we're saying, hey, we're not going to move on our guide yet for the year for NII and the last comment I'll make on all of that is that as a growth company, we focus on NII. We understand that you as an analyst community like to look at margin because that's a shortcut to help fill out an earnings model.

所以把這些綜合起來，我們才會說，嘿，我們目前還不會調整今年 NII 的指引。最後我再補充一點：作為一家成長型公司，我們聚焦在 NII。我們也理解你們分析師社群喜歡看利差，因為那是一個捷徑，有助於快速建出獲利模型。

But at the end of the day, NII drives earnings growth, not net interest margin. And so we're really focused on that, and we're sticking to our guide at this point in the year.

但歸根結底，推動獲利成長的是淨利息收入（NII），而不是淨利差。因此我們確實聚焦在這一點上，並且在今年這個時間點仍維持我們的指引。

Manuel Navas, Piper Sampler.

Manuel Navas，Piper Sampler。

Yes. I just wanted to follow up a little bit on the cubiX deposits. Cash remains high on the balance sheet. And there was some conservatism on using cubiX or deploying cubiX deposits. Has that shifted at all so far, given a little better more sticky deposits there and also some of the CRE customers coming on?

是的。我只是想再追問一下關於 cubiX 存款的部分。資產負債表上的現金仍然偏高。而且在使用 cubiX 或部署 cubiX 存款方面，之前有一些保守作法。鑑於那邊的存款黏著度似乎更好一些，另外也有一些 CRE 客戶加入，這方面到目前為止有任何轉變嗎？

Happy to jump in here and welcome officially and formally. So I think that what we've always said is that on the digital asset side, we've been -- we had an opportunity to really start to getting that amount of customer behavior over the past couple of years, we have and we'll continue to hold these in cash for the time being. I think there are some things that we would look to the external environment that would give us some more confidence and comfort.

很樂意在這裡補充，也正式歡迎你加入。我想我們一直以來的說法是，在數位資產這一端，我們——過去幾年確實有機會觀察並累積這類客戶行為的資料；目前以及短期內，我們仍會先以現金形式持有。我認為有一些外部環境的因素，如果出現，會讓我們更有信心、也更安心。

One of the things that's interesting about the new verticals is these commercial customers come from traditional industries with long histories of operating account behavior. They're currently at banks and that -- where they without these advanced payment capabilities that cubiX can provide them.

新垂直領域有趣的一點是，這些商業客戶來自傳統產業，擁有長期的營運帳戶行為歷史。他們目前在其他銀行，而那些銀行——在沒有 cubiX 能提供的這些進階支付能力的情況下——仍在服務他們。

Those banks deploy the deposits. We're going to do the same, but also offer those customers superior technology and really improve their operations experience. So I think that's really one of the net differentiating factors. Those levels are already at 20%, including existing customers, though that 1% is a very small portion, and we expect that to significantly increase in the coming months and quarters.

那些銀行會運用這些存款。我們也會做同樣的事，但同時會提供客戶更優越的科技，真正改善他們的營運體驗。所以我認為這確實是我們的關鍵差異化因素之一。這些水準目前已達到 20%，包含既有客戶，雖然那 1% 仍是非常小的一部分，但我們預期在接下來幾個月與幾季會顯著提升。

I appreciate that. Speaking to the 20 new role that are being added, what products or -- can you discuss -- I know they're distributed, but is there any key product or regional focus to those additions? And what's the pipeline look like for more hires?

了解，謝謝。談到新增的 20 個新職位，這些增補主要聚焦在哪些產品或——能否談談——我知道他們分散在各處，但是否有任何關鍵產品或區域的重點？另外，後續還要再招募的人才管線看起來如何？

Happy to take that. So it's a combination of expansion of talent in existing geographies, there are one or two submarkets where we will be sort of, I call adjacent expanding into. And there are some -- actually some new national deposit verticals, given that not every one of these team members has fully started the bank had deferred to come back to you to give you a little bit more color.

我來回答。這是既有地理區域的人才擴編的組合；另外也有一到兩個次級市場，我們會算是——我稱之為相鄰擴張。還有一些——其實是一些新的全國性存款垂直領域；由於並非每位團隊成員都已完全到位開始運作，我可能先保留，之後再回覆你提供更具體的細節。

But it's consistent with the way that we've approached team hiring to date. Your second part of your question was about the teams and the pipeline.

但這與我們迄今為止的人才招募方式是一致的。你問題的第二部分是關於團隊與招募管線。

Similar story on the first part of your question in terms of how we would approach geographic and vertical focus. But I would also add that these while we've had 20 or so hired this year, we had about 40 last year, 100 the year before, 40 the year before, sales first-line bankers.

在地理與垂直領域的聚焦方式上，和你第一個問題的答案類似。不過我也想補充，雖然我們今年大約招了 20 位，但去年大約 40 位、前一年 100 位、再前一年 40 位，主要是銷售第一線的銀行業務人員。

So I think that we still expect to have some more hiring to do based upon the expense guide that we gave in the first half of -- sorry, in the first call of the year and also had an opportunity to share with you some of the benefits of OE2, Operational Excellence 2, as we're calling it, and from the extra savings and plan to reinvest those savings into the institution which one of the big use cases and uses of that -- of those savings will be into hiring and supporting new teams.

所以我認為，基於我們在上半年——抱歉，是在今年第一場電話會議中——所給的費用指引，我們仍預期還會有一些招募要做。同時我們也有機會與各位分享 OE2（Operational Excellence 2，我們這樣稱呼它）的部分效益；透過額外節省下來的成本，我們計畫把這些節省再投資回機構，而其中一個主要用途——也就是這些節省的一大用例——將用於招募並支援新團隊。

I appreciate that. I just want to add a question about mid movements going forward. Deposit costs are flattening out. I just want to understand how the marginal cost of new deposit flows, how is it coming in? Or should we expect deposit cost of the (inaudible) from here?

謝謝。我還想補一題，關於未來的邊際變動。存款成本正在趨於持平。我想了解新增存款流入的邊際成本目前大概落在哪裡？或者我們是否應該預期從這裡開始存款成本會（聽不清）？

We're typically seeing in new deposits and remix is we're typically seeing them coming in about 150 basis points below the highest cost of our interest-bearing deposits, I think, which is which is interesting. So the marginal cost is significantly lower than our interest-bearing costs and also below our overall cost of deposits.

我們通常看到的新存款與再配置（remix），其進來的成本大約比我們成本最高的計息存款低 150 個基點，我想這點很有意思。因此邊際成本顯著低於我們的計息存款成本，也低於我們整體的存款成本。

Steve Moss, Raymond James.

Steve Moss，Raymond James。

Nice quarter here. Sam, maybe just starting on the -- going back to deposits, again, not to beat a dead horse, but definitely struck by the step-up here in the mortgage finance and real estate and your short-term 90-day pipeline.

這一季表現不錯。Sam，也許先從——回到存款這塊開始，再次強調我不是要老生常談，但我確實注意到按揭融資與不動產，以及你們短期 90 天管線的明顯跳升。

Just curious maybe how are you thinking about how these deposits -- how long they stay on your balance sheet, how long we turn over? And any sense for the overall pipeline as you look a little further out? I know you said the [$250 million] number, but -- just trying to think about the turnover of these deposits and where you're going to think you can grow here?

想請教你們怎麼看這些存款——它們會在資產負債表上停留多久、周轉速度如何？以及當你們把視野拉得更遠一些時，對整體管線有沒有什麼概念？我知道你提到那個 [$250 million] 的數字，但——我主要是想理解這些存款的周轉，以及你們認為在這裡可以如何成長？

Yes, sure. Thanks, Steve. And so -- the simple answer is they're sticky and long duration with deposits where we're really just helping them add payments capability, streamline their operations, lower the cost of their business, increase revenue opportunities for them that they otherwise wouldn't have.

好的，當然。謝謝你，Steve。簡單的答案是：它們很黏著、久期很長；因為我們實際上是在幫他們增加支付能力、簡化營運、降低其業務成本，並為他們創造原本不會有的營收機會。

Coming back to cubiX deposit diversification, this is something we've been talking about for some time. We have now I think now we're really showing that we're able to onboard customers on (inaudible) that you referenced the $250 million just in the next 90 days.

回到 cubiX 存款多元化，這是我們談了一段時間的事情。我想現在我們真的展現出能夠在（聽不清）上線客戶的能力，也就是你提到的未來 90 天內僅此就有 2.5 億美元。

What I would say is we -- we're at 31% non-interest-bearing deposits, which is already at the top end of the industry. And we believe the opportunity ahead of us will allow us to keep taking this up even further. You look at the percentage of non-interest-bearing deposits of our total net deposit growth for the quarter.

我想說的是——我們目前無息存款占比為 31%，已經在產業中屬於頂端。我們相信前方的機會將使我們能把這個比例再往上推。你看看本季總淨存款成長中，無息存款所占的比例。

That's pretty impressive and staggering. Let's also not lose sight of the fact that -- we grew our non-cubiX non-interest-bearing deposits by $230 million in this quarter and adding that to last quarter, that six-month totals almost $400 million from traditional commercial customers.

那相當令人印象深刻、甚至可以說驚人。同時也別忽略一點——我們本季非 cubiX 的無息存款成長了 2.3 億美元；再加上上一季，這六個月合計接近 4 億美元，來源是傳統商業客戶。

Right. And then on those non-cubiX deposits, you've historically said for quite some time, a $2 billion type deposit pipeline. Just curious as to where that shakes out these days.

了解。那在這些非 cubiX 存款方面，你們過去很長一段時間都提到大約 20 億美元規模的存款管線。想請教現在大概落在哪裡？

Yes, Mark would kill me, but it is significantly higher than it has been in the past. And I think that typically, we've been operating about that $2 billion-ish or so pipeline and it is significantly higher just by nature of the fact that you have new teams who joined us late last year, middle summer to Q3 of last year, who have had an opportunity.

是的，Mark 可能會殺了我，但它明顯比過去高很多。我想一般而言，我們大概是在 20 億美元左右的管線運作；而現在之所以顯著更高，主要是因為你有一些新團隊在去年較晚的時間加入我們——大概是去年夏季中段到第三季——他們已經有機會開始發揮。

Mark shared some stats on over 50% of the account openings were from 25 teams, right? So these are folks who have been with us for less than a year, in some cases, only six months. And what I would also say is that as you think about what -- going forward, hiring new teams for '27 is going to be really important as well.

Mark 分享過一些數據：超過 50% 的開戶來自 25 個團隊，對吧？所以這些人加入我們不到一年，有些甚至只有六個月。我還想補充的是，展望未來，為 2027 年招募新團隊也會非常重要。

So the '25 teams are building momentum for '26. The '26 teams will build momentum for '27. And we're doing it earlier in the year from a hiring perspective, which I think is very unique, and it just shows that there's a lot more inbound requests and inbound conversations and in some cases, start well beyond the beginning of this year and bonus season really started last year.

所以，2025 年的團隊正在為 2026 年累積動能；2026 年的團隊會為 2027 年累積動能。而我們在招募時點上也更早，這點我認為非常獨特；這也顯示有更多的主動詢問與主動洽談進來，而且在某些情況下，這些對話早在今年年初之前就已開始，而獎金季其實去年就已經啟動。

Right. Okay. Appreciate that color there. And then on the loan growth mix here, I definitely appreciate the chart as you can see the shift underneath here. Just curious where you're seeing the strength in the pipeline?

了解。謝謝你提供這些背景。接著關於放款成長的組合，我確實很欣賞那張圖表，你可以看到底下的轉變。想請教你們在哪些管線領域看到較強的動能？

I know you said it was solid -- so obviously, that bodes well, but I'm assuming there's probably some mix shift versus fund finance, which we saw was strong this quarter.

我知道你說整體很穩健——這當然是好事，但我猜可能相較於基金融資（fund finance）會有一些組合上的變化，因為我們看到這一季那塊很強。

Yes, I'll take that. This is Mark. If you think and we have provided -- if you look at our loan growth slides, this quarter, it happened at fund finance, which is a combination of both our capital call lines and our lender finance business. fund finance, mortgage warehouse and health care in the forefront. Last quarter, fund finance was down at the very bottom.

好的，我來回答。我是 Mark。如果你回想一下——而且我們也有提供——如果你看我們的放款成長投影片，本季主要發生在基金融資（fund finance），這包含我們的資本承諾額度（capital call lines）以及我們的放款人融資（lender finance）業務。基金融資、按揭倉儲（mortgage warehouse）以及醫療保健在前列。上一季，基金融資是在最底部。

But then the quarter before that, fund finance was actually up. So the look within fund finance, our lender finance category was $2.8 billion back in the third quarter of $25 million. It dipped about $300 million in the fourth quarter and then it came back again in the first quarter.

但再前一季，基金融資其實是上升的。所以在基金融資內部來看，我們的放款人融資類別在 25 年第三季是 28 億美元。第四季下滑了大約 3 億美元，然後第一季又回升。

What I would say about that is that we have a very defined credit box that we like to operate in. And at certain times, then that will mean when certain segments get a little bit more frothy, we're probably going to underperform a little bit.

我想說的是，我們有一個非常明確的授信框架（credit box）是我們偏好遵循的。而在某些時點，當某些細分領域變得有點過熱時，我們可能就會表現得稍微落後一些。

But then in cases like the first quarter, where I think there was a pullback in MFI and specifically in the lender finance space, we just stay in our credit box. And in periods like that, we're going to benefit a little bit. but the performance in that segment, which we -- because of some of the additional questions around NDFI and lender finance, in particular, we added an extra slide, Steve, which you can see on page 23 in the deck, we've been in this business for a long time.

但在像第一季這樣的情況下，我認為 MFI 出現回落，尤其是在放款機構融資（lender finance）領域，我們就只是維持在我們的授信框架內。在那樣的期間，我們會稍微受益一些。不過該分部的表現——由於市場對 NDFI 與放款機構融資有一些額外的疑問，特別是這部分——我們新增了一張投影片，Steve，你可以在簡報第 23 頁看到；我們在這個業務已經做了很長時間。

And as we commented after the third quarter call, have really good looks through LTVs. We have collateral substitution rights and maybe most importantly, we have incredible diversification, both in terms of the total number of facilities that we participate in.

而且如同我們在第三季電話會議後所評論的，我們對 LTV 的穿透式檢視非常到位。我們擁有擔保品替換權（collateral substitution rights），也許最重要的是，我們具備極高的分散度，無論是就我們參與的融資額度（facilities）總數而言。

And then within those facilities, the weighted average number of obligors and our low largest obligor within each facility gives us comfort and diversification. And then lastly, just being in the business for 10 years, we've never had a delinquency or a net charge-off. And that doesn't mean that it will always stay that way, obviously, banks run the business to take risk and credit risk. But -- this has been a business for us that's been actually a very strong performer.

此外，在這些融資額度之內，加權平均的債務人（obligors）數量，以及每個額度中我們最大單一債務人曝險占比很低，讓我們在分散與風險承受上更有信心。最後，做這個業務 10 年來，我們從未出現逾期或淨沖銷（net charge-off）。當然，這不代表未來永遠都會如此；銀行經營本來就要承擔風險與信用風險。但——對我們而言，這一直是一項實際上表現非常強勁的業務。

Okay. I appreciate all the color there. And if I could sneak one more in. On the, call it, $3.3 million, I think it was in warrant gains here for the quarter. Just curious the drivers of those warrant gains, was it from IPOs or clients getting additional venture funding or maybe just modeling just with valuation? Just curious how to think about those warrant gains with -- and the episodic nature of them, obviously.

好的。感謝你提供這麼多細節。如果我可以再追問一個問題：本季大約 330 萬美元（我記得是這個數字）的權證收益。想請教這些權證收益的驅動因素是什麼？是來自 IPO、客戶取得額外的創投資金，還是主要只是估值模型（valuation）上的變動？也想了解該如何看待這些權證收益——以及它們顯然具有事件性（episodic）的特質。

Yes. So I'll just jump in. I think that there's a combination of private valuations, as you know, in Black Scholes model, et cetera, for private market warrant valuation is also transactions that can happen that could be private or public like an IPO in nature and believe it or not, been -- in some cases, you have restrictions on when you can sell your shares for up to six months.

是的。我先補充一下。我認為這是多種因素的組合：如你所知，私募估值——例如在 Black-Scholes 模型等方法下——會影響私募市場權證的估值；另外也可能有交易發生，可能是私募或公開市場的交易，例如 IPO。信不信由你——在某些情況下，你會受到限制，最長可達六個月才能出售你的持股。

So there's a lot -- that's the way to think about it. What's really interesting is as we have a portfolio of these warrants that are dozens and dozens and dozens related to how many loans that we've originated over the past couple of years.

所以大致上可以這樣理解。真正有趣的是，我們持有一個由這些權證構成的投資組合，數量是數十個、數十個、再數十個，對應到我們過去幾年所承作的放款筆數。

And one of the things that we say really interestingly here is we have very, very low historical over multiple decades of credit charges lower than traditional C&I in this business, and these warrant gains more than make up for any net reductions that this industry has seen despite some of the potential perception.

而我們在這裡非常有意思的一點是：在這項業務中，跨越數十年的歷史信用損失（credit charges）非常、非常低，甚至低於傳統的 C&I（商業與工業放款）。而這些權證收益，足以彌補這個產業即便出現一些淨減損（net reductions），儘管外界可能有某些觀感。

And I think that's really the interesting part about this is that we have -- these are -- these have been recurring over the past couple of quarters. I think that's what we're proud about.

我認為這才是最有趣的部分：這些收益在過去幾個季度是持續出現的。我想這也是我們引以為傲的地方。

Peter Winter, D.A. Davidson.

Peter Winter，D.A. Davidson。

Sam, you talked about one of the strengths is the investments you've made in risk management. And I saw both declines in professional fees and FDIC costs also came down. I was wondering if you can give an update if that should continue? And anything you can provide in terms of an update on the written agreement.

Sam，你提到你們的優勢之一是對風險管理的投資。我也看到專業費用下降、FDIC 成本也下來了。我想請問這樣的趨勢是否會持續？另外，關於書面協議（written agreement）的進度，是否能提供一些更新？

Yes. Sure, Peter. Thanks so much. So I think that the -- I'll start with the high level point that you made is that I think that I mentioned this in my prepared remarks as well, is that we really truly feel and believe that risk management is becoming a competitive edge for the organization and also for simplistic business unit perspective.

是的。當然可以，Peter，非常感謝。我先回到你提到的高層次重點：我想我在事先準備的發言中也提過，我們確實真心感受到並相信，風險管理正在成為本組織的競爭優勢；從更簡化的事業單位角度來看也是如此。

A competitive moat per se, our cubiX business. We have said that professional services and insurance costs will continue to reduce over time as we progress our efforts there. I did say on the last call, which I think went a little bit unnoticed that we materially completed our work related to the written agreement at the end of last year. And then in 2026, we want to put that behind us.

可以說是一道競爭護城河，尤其是我們的 cubiX 業務。我們也說過，隨著我們在相關工作上的推進，專業服務與保險成本會隨時間持續下降。我在上次電話會議也提到（我想那點可能有點被忽略），我們在去年底已實質完成與書面協議相關的工作。然後在 2026 年，我們希望把這件事徹底拋在身後。

And that's really the interesting part about the whole story is when you add technology plus risk management plus AI plus a business line that is facing regulatory clarity and tailwinds plus the diversification of using that technology from that business line into new traditional markets that are also seen the need to go into after hours and 24/7 or 23/5 type payments capabilities. It is really interesting how uniquely positioned we are today.

而整個故事真正有趣的地方在於：當你把科技加上風險管理、再加上 AI、再加上一條正迎來監管明確性與順風（tailwinds）的業務線，並且把該業務線的科技能力延伸到新的傳統市場——這些市場也看到需要提供盤後以及 24/7 或 23/5 類型的支付能力——你會發現我們今天的定位非常獨特。

Got it. That's helpful. And then separately, you added $10 million to reserves this quarter. Was that solely to support the strong loan growth? And maybe if you can give an update on your views on the macro risk and how that is factoring into your reserve setting process this quarter.

了解，這很有幫助。那另外一個問題：你們本季準備金增加了 1,000 萬美元。這是否完全是為了支撐強勁的放款成長？另外，能否更新一下你們對總體風險（macro risk）的看法，以及本季這如何納入你們的準備金提列流程？

Yes, Peter, this is Mark. We obviously had a really strong growth for loans this quarter. From an overall ACL as a percent of loans, we went up 1 basis point. So yes, I would say that most of our over provision to charge off was just a function of that.

是的，Peter，我是 Mark。我們本季放款成長確實非常強勁。從整體 ACL（備抵信用損失準備）占放款比率來看，我們上升了 1 個基點。所以是的，我會說我們提列超過沖銷（over provision to charge off）的部分，大多就是這個因素所致。

I mean we continue to definitely watch the geopolitical uncertainty out there and continue to watch on if that could have any impact on any of our portfolios in coming quarters. But for this quarter, we felt that was appropriate to just have a very small increase to our ACL percentage overall.

我的意思是，我們確實持續關注外部的地緣政治不確定性，也持續觀察這是否可能在未來幾季對我們的任何投資組合造成影響。但就本季而言，我們認為整體 ACL 比率只做非常小幅的上調是合適的。

Kyle Gierman, Hovde Group.

Kyle Gierman，Hovde Group。

This is Kyle on for Dave Bishop. Just wanted to touch more on credit quality. Obviously, it's been very good relative to peers, but you saw the increase in CRE and multifamily. I was wondering if you can provide some details surrounding that increase?

我是 Kyle，代 Dave Bishop 提問。我想再多談一些信用品質。顯然你們相較同業表現非常好，但你們看到 CRE 與多戶住宅（multifamily）有所增加。我想請問能否提供一些關於這項增加的細節？

Yes. So specifically within the multifamily non-performers, I mean we had one loan that we made the decision to put on to NPA. It's -- when you move it to NPA, I mean we've actually charged down to its current collateral value. The loan is still performing according to its contractual terms. But we just made -- took a conservative stance to put on a non-performing, although it is still paying according to its contractual terms.

是的。就多戶住宅的不良（non-performers）而言，具體來說，我們有一筆貸款決定轉列為 NPA（不良資產）。當你把它轉列為 NPA 時，我們其實已經把帳面減記（charged down）到目前的擔保品價值。該筆貸款仍依合約條款正常履約。但我們只是採取較保守的立場，把它列為不良，儘管它仍按合約條款在付款。

And then maybe a final question. I saw you redeemed subordinated debt and repurchase of shares in the quarter. I was just wondering what the priority order for capital deployment is going forward?

最後一個問題：我看到你們本季贖回了次順位債（subordinated debt）並回購股票。我想請問未來資本運用（capital deployment）的優先順序是什麼？

Yes, the priority order for capital really remains the same. And that's, first and foremost, it's organic growth. And to the extent that we have excess capital generation after supporting that organic growth, then number two, would be inorganic growth opportunities.

是的，資本運用的優先順序基本上維持不變。第一優先是內生成長（organic growth）。在支撐內生成長之後，若我們仍有多餘的資本生成，第二優先會是外生成長（inorganic growth）的機會。

And for us, you really need to think about that more in terms of expenses necessarily in terms of capital because for us, inorganic growth has historically been a lot of these team lift-outs. And -- but the team without cost money, which ultimately impacts capital.

而對我們而言，你需要把這件事更多地理解為費用面的投入，而不一定是資本面的投入，因為我們的外生成長歷來多是這些團隊挖角（team lift-outs）。——但團隊挖角需要成本，最終會影響資本。

And then number three, if we have excess capital after those, then our Board had approved a $100 million share our share repurchase authorization back in February. And we felt in the first quarter at a weighted average price of around $68 we felt that was a prudent use of capital there as well.

第三，如果在上述之後我們仍有多餘資本，我們董事會在 2 月已核准 1 億美元的股票回購授權。我們認為在第一季以約 68 美元的加權平均價格進行回購，也是相當審慎的資本運用。

Janet Lee, TD Cowen.

Janet Lee，TD Cowen。

Apologies if this was already asked as I was handling a few calls, and I don't have an AI agent. But for the -- for the new banking teams, for the 2024 teams on your slide, their spot deposit cost is 2%, and they're still bringing in a nice inflow of deposits into the bank that's driving the positive remix in deposits.

如果這題之前已有人問過先說聲抱歉，因為我同時在處理幾通電話，而且我沒有 AI 代理。但關於——你們投影片上新增的銀行團隊、也就是 2024 年加入的團隊，他們的即期存款成本（spot deposit cost）是 2%，而且他們仍持續為銀行帶來不錯的存款流入，推動存款結構正向再混合（positive remix）。

Based on that, is it fair to assume that with the ongoing deposit inflows of the lower-cost deposits, net interest margin could improve from here versus the first quarter? And could you confirm whether that $400 million-ish cadence of deposits from the new banking team still holds? Or is there any change in expectations?

基於此，是否可以合理推論：隨著低成本存款持續流入，淨利差（NIM）有機會從第一季的水準往上改善？另外，能否確認新銀行團隊每季約 4 億美元左右的存款節奏是否仍成立？或是對預期有任何變動？

Yes. Thanks, Janet. It has not been directly asked. And I think that one of the things that Mark did refer, which I'll focus on is, is that we're a growth organization, and we're focused on increasing NII. And I think that prior to you joining the coverage, we going back a couple of years, we really also showcased NII trajectory and how that would translate into NIM trajectory over time.

是的，謝謝你，Janet。這題之前沒有被直接問到。我想 Mark 有提到的一點——我也想聚焦在這裡——是我們是一個成長型組織，並且專注於提升 NII（淨利息收入）。在你開始覆蓋我們之前，回顧過去幾年，我們也確實展示過 NII 的成長軌跡，以及它如何隨時間轉化為 NIM 的軌跡。

We gave NII growth guidance for this year. You're absolutely right on the deposit, the marginal cost of deposits, whether they use for remix or whether they use to fund incremental loan growth. And I think that's something that we are and we'll continue to be proud of, and that's really what's unique about our overall story as we think out the improvement as well as the funding of our organic growth.

我們也提供了今年的 NII 成長指引。你對存款的看法完全正確：存款的邊際成本（marginal cost of deposits），不論是用於存款結構再混合，或是用來支應新增放款成長的資金需求。我想這是我們現在、也會持續引以為傲的地方；而這正是我們整體故事的獨特之處——當我們思考利差改善，以及內生成長的資金來源時。

Banks with the flatter balance sheets that don't have the growth opportunities that we have, NIM makes a lot more sense for them, and this is the point that I would continue to make that their main lever for growing NII, where ours is really a combination of balance sheet growth and maintaining margin, maintaining margin, I think, is really important.

對於資產負債表較為平坦、且不像我們有這些成長機會的銀行而言，NIM（淨利差）對他們更有意義；而我會持續強調的一點是，他們用來推動NII（淨利息收入）成長的主要槓桿在於NIM；而我們則真正是資產負債表成長與維持利差的組合。我認為維持利差非常重要。

And that's really the value proposition of (inaudible) and I think that is really around our ability to grow net interest income year over year independent of rate environment independent of competitive environments.

而這其實就是（聽不清）的價值主張；我認為重點在於，我們有能力在不受利率環境、不受競爭環境影響的情況下，讓淨利息收入逐年成長。

Got it. And -- sorry, go ahead.

了解。然後——抱歉，你先請。

Yes. Janet, this is Mark. I was just going to add that I made this point earlier in the Q&A is that if you look at our commercial business today, which makes up, obviously, the majority of our loan book, that's at a blended average cost in the first quarter of about 680.

好的。Janet，我是Mark。我只是想補充一下，我在先前的問答中也提過：如果你看我們目前的商業業務——很明顯占我們放款組合的大多數——第一季的加權平均成本大約是680。

Current SOFR is at about $360 million, right? So in a commercial business, most of our commercial businesses tend to be 225, maybe for commercial real estate up to 275 approaching 300 for some of our other verticals over SOFR.

目前SOFR大約在3.60%，對吧？所以在商業業務中，我們大多數商業放款通常是SOFR加225個基點；商用不動產可能到加275個基點；我們其他一些垂直領域則接近加300個基點。

But that then implies that new loan volumes in both the first quarter and continuing into the second quarter, will continue to come on at a little bit lower yields than our overall commercial portfolio yield.

但這也意味著，第一季的新放款量以及延續到第二季的新放款，進來的殖利率會比我們整體商業放款組合的殖利率略低一些。

So that's going to continue to have maybe a little bit of downward pressure on NIM, but again, given the amount of loan volume that we put on in the month of March, we still feel comfortable with the NII guide that we put out. That makes sense?

因此這可能會持續對NIM造成一些下行壓力；但再說一次，考量到我們在3月承作的放款量，我們仍對我們提出的NII指引感到有信心。這樣說合理嗎？

Yes, that's helpful. And just one follow-up on fee income. Where do you see the biggest upside from here? Or how should we think about the growth cadence that things are off a lower base and it's a little volatile, your fee income items. So how should we think about where which area presents the most growth opportunities and how we should think about the trajectory from here?

是的，這很有幫助。再追問一個關於手續費收入的問題：你們認為接下來最大的上行空間在哪裡？或者我們應該如何看待成長節奏——因為基期較低且你們的手續費收入項目有點波動。那我們應該如何思考哪個領域有最多成長機會，以及接下來的走勢？

Well, I think if you look back to where we were maybe a year ago when some of the discrete line items to today, our commercial lease income is about 50% and I would say that of the different line items of fee income we have, it's probably the least episodic because really what that commercial lease income represents, it represents interest income on operating leases.

我想如果你回頭看大約一年前、再對照到今天的一些單獨科目，我們的商業租賃收入大約占50%；而我會說，在我們各項手續費收入科目中，它可能是最不具事件性波動的一項，因為商業租賃收入本質上代表的是營運租賃的利息收入。

Those operating leases put -- actually put some pressure back to part conversation, put some pressure on margin because it shows up on your balance sheet as a non-interest-earning asset. But then you have both commercial lease income, but then also commercial lease depreciation on the expense line.

這些營運租賃——其實回到前面部分的討論——會對利差造成一些壓力，因為它在資產負債表上會以非生息資產呈現。但同時你會有商業租賃收入，並且在費用端也會有商業租賃折舊。

But for fee income, you can see that our trajectory is going from $10.5 million a year ago to $15.4 million in the first quarter of this year, so almost 50% growth in that line. So when you look at the other lines, I mean things like for this quarter, I did see, I think one analyst maybe pulled out our sales of loans out of core earnings.

但就手續費收入而言，你可以看到我們的走勢從一年前的1,050萬美元，到今年第一季的1,540萬美元，該項目幾乎成長了50%。所以當你看其他科目時，例如本季我確實看到有分析師可能把我們的放款出售從核心盈餘中剔除。

And I would say, well, gosh, to us, that feels like core earnings because that's actually sales of just SBA loan originations which some banks might have a mortgage banking operation sell off their mortgage loans. We're just making a decision to sell and set a portfolio in some of our SBA loans going forward.

而我會說，嗯，天啊，對我們而言那感覺就是核心盈餘，因為那其實只是SBA放款承作後的出售；有些銀行可能有房貸銀行業務，會把房貸出售。我們只是做出決策，未來要出售並保留部分SBA放款在投資組合中。

So when you look to how we've grown overall fee income, we think it's now appropriate to think about a good floor for fee income is going to be somewhere in the $30 million to $32 million range.

因此，當你看我們整體手續費收入的成長，我們認為現在適合把手續費收入的合理底部（floor）視為大約3,000萬到3,200萬美元的區間。

Tyler Cacciatori, Stephens, Inc.

Tyler Cacciatori，Stephens, Inc.

This is Tyler on for Matthew. Can you just provide us some idea on the mix of cubiX deposits from a customer standpoint in terms of exchanges, stable coin providers and investors? Just really trying to see how much of each of those in a percentage of overall mix, if you have that detail.

我是Tyler，代Matthew提問。你能否就cubiX存款在客戶類型上的組成提供一些概念，例如交易所、穩定幣提供者與投資人？主要想了解若你有細節的話，各自占整體組合的百分比大概是多少。

Yes, Tyler, I think that we have provided this a couple of years ago, and it generally stays -- it stays the same. Exchanges are the biggest participants, as you can imagine, then followed by market makers and followed by stable coins. I don't have the percentages.

好的，Tyler，我想我們在幾年前提供過這個資訊，而整體上——它大致維持不變。交易所是最大的參與者，如你所想，接著是做市商，再來是穩定幣。我手上沒有百分比。

Understood. And then securities yields were a bit higher than what we were expecting during the quarter. Can you just update us on the dynamics there and how to think of those going forward?

了解。另外，本季證券殖利率比我們預期的略高。你能否更新一下背後的動態，以及未來該如何看待？

I'm sorry, I didn't catch the beginning of that. What was the question?

抱歉，我沒聽清楚前半段。你的問題是什麼？

Securities yields were a bit higher than what we were expecting during the quarter, and we're just looking for an outlook there.

證券殖利率在本季比我們預期的略高，我們想了解你們對此的展望。

Yes. Yes. I think that's really more a function of the fourth quarter than the first quarter. In the fourth quarter, we did have a couple of adjustments relating to prior quarters, which actually pulled down that yield a little bit artificially. So I think when you look at that [$470 million] yield that we had in investment securities, I feel like that's going to be a better run rate going forward.

是的。是的。我認為那其實更多是第四季的因素，而不是第一季。第四季我們確實有幾項與前幾季相關的調整，這些調整在某種程度上人為地把殖利率拉低了一點。所以我認為，當你看我們投資證券約[4.70%]的殖利率時，我覺得這會是未來更具代表性的常態水準（run rate）。

Okay. Great. That's very helpful. And then if I could just squeeze one more in. Do you have the amount of brokered deposits at quarter end?

好的。很好。這非常有幫助。然後如果我可以再塞一個問題：季末你們的經紀存款（brokered deposits）金額是多少？

Stable as a percentage of deposits.

占存款的比例維持穩定。

Brian Wilczynski, Morgan Stanley.

Brian Wilczynski，Morgan Stanley。

So the new commercial banking teams have been very successful again in terms of adding new low-cost deposits. It's great to see the 2025 teams ramping up, as you showed on the slide. Can you talk a little bit about what you're doing to deepening those relationships on the fee income side? Is there an opportunity to do more with those clients around treasury management, capital markets? And how do you plan to execute on that over the next 12 months or so?

新的商業銀行團隊在吸收新的低成本存款方面再次非常成功。很高興看到你們在投影片上展示的2025年團隊正在加速成長。你能否談談你們在手續費收入端，如何加深這些關係？是否有機會在財資管理、資本市場等方面，對這些客戶做得更多？以及你們計畫在未來12個月左右如何執行？

Yes. Sure. It's a great question, Brian. And I think that over the years, we have continuously expanded our treasury management capabilities, and that's really the big driver. And even prior to cubiX, that was one of the large initiatives a number of years ago.

好的，當然。這是個很好的問題，Brian。我認為多年來我們持續擴充我們的財資管理能力，而這確實是最大的驅動因素。甚至在cubiX之前，這也是幾年前的一項重大倡議之一。

The organization is sometimes new teams or new verticals or new sub verticals come on that have what we call edge case treasury management capabilities. We continue to expand and broaden the edge case becomes our base case as we to expand.

組織上有時會有新團隊、新垂直領域或新的次垂直領域加入，他們具備我們所稱的「邊緣案例（edge case）」財資管理能力。我們持續擴張與拓寬，隨著我們擴展，邊緣案例就會變成我們的基本案例（base case）。

And over time, we've also thought about an incorporated parts of our team members that allow us to expand into new products and services to service customers. So what ends up happening is the new teams, the edge case for our overall company becomes their base case and that, that becomes something that we can then cross-sell into our existing client base as well.

隨著時間推進，我們也思考如何把團隊成員的某些部分納入，讓我們能擴展到新的產品與服務以服務客戶。因此最後發生的是：對我們整體公司而言的新邊緣案例，會變成那些新團隊的基本案例，而那也會成為我們可以交叉銷售到既有客戶群的能力。

Really appreciate that color. And then maybe one on the lending side. It was another strong quarter for loan growth remains very well diversified. I was wondering if you can maybe just talk about how your clients are reacting to the geopolitical uncertainty broadly. Has there been any impact at all over the past few weeks on client demand on the loan side?

非常感謝這些補充。然後可能再問一個放款端的問題：本季放款成長再次強勁，而且仍然非常多元分散。我想請你談談，你們的客戶對整體地緣政治不確定性有何反應？過去幾週在放款需求方面是否有任何影響？

Does that vary at all maybe across the different segments? If you could just speak to what you're seeing over the past few weeks, that would be really helpful.

不同業務區隔之間是否有任何差異？如果你能談談過去幾週你們看到的情況，會非常有幫助。

Yes, I'm happy to jump in on that, Brian. It's obviously something that we spend a lot of time thinking about and trying to, in some cases, create connections. I think what I would say just generally we haven't seen anything tangible that we can put our finger on.

好的，Brian，我很樂意回答。這顯然是我們花很多時間思考的事情，並且在某些情況下嘗試建立關聯。我想一般而言，我們還沒有看到任何具體、我們能明確指出的變化。

At the end of the year, you usually see folks who try to close loans quickly by the end of the year one some loans slipped into April that we would have normally expected to close into 331. Why those happened?

在年底時，你通常會看到一些人試圖在年底前快速完成放款；有些放款延到4月才完成，而我們原本預期會在3/31前完成。為什麼會發生？

Difficult to say, but they still closed. So I'd say that sitting where we are today, we don't see any changes to go forward pipelines. We didn't really see any changes to commitments to closings, but it's something we continue to stay close on.

很難說，但它們仍然完成了。所以我會說，以我們目前所處的位置來看，我們沒有看到未來管線有任何變化。我們也沒有真正看到從承諾到結案的轉換有任何變化，但這是我們會持續密切關注的事情。

There are no further questions at this time. We have reached the end of the Q&A session. I will now turn the call back to Sam Sidhu, CEO, for closing remarks.

目前沒有進一步的問題。我們已到達問答環節的結尾。現在我將把電話交回給執行長Sam Sidhu作結語。

Thank you to everyone for your continued investment in and support of Customers Bancorp. We believe Customers Bank can be the most admired commercial bank of its size in the United States, not the biggest, but the most admired.

感謝各位持續投資並支持Customers Bancorp。我們相信Customers Bank可以成為美國同等規模中最受敬重的商業銀行——不是最大，而是最受敬重。

We're grateful for the confidence of our Board, the dedication of our nearly 900 team members and the trust of our shareholders. Thank you, everyone. Have a great day and a great weekend.

我們感謝董事會的信任、近900位團隊成員的投入，以及股東的信賴。謝謝大家。祝各位有美好的一天與愉快的週末。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。