Customers Bancorp (CUBI) 26 Jan 222022 Q4 Earnings call transcript

Good morning. My name is Rob, and I will be conference operator today. At this time, I would like to welcome everyone to the Customers Bancorp Fourth Quarter and Year-End Earnings Report Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator

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

quarter Thank Rob. at earnings joining fourth during of today’s Good on will you, website been Investor deck you The call full presentation XXXX. morning, the webcast Bancorp’s Thank Bank’s see Customer Relations everyone. for page www.customersbank.com. you the year the us for posted has and the for of

and You year-end to can XXXX results QX download click and presentation. scroll

press download release also You a the full the PDF at can of spot.

investor includes important details to Our on document. we this use you and that encourage through presentation will morning’s walk webcast. download the I

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

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

may description refer the and XX-Q visiting the detailed Form of website. our risk section SEC our XX-K obtained Please a Copies more factors SEC filings, our for may results. or by to including affect that be the our of from Investor Relations

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

Thanks, Dave. Good morning, gentlemen. and ladies

and Customers year-end XXXX earnings Bancorp to QX Now welcome XXXX call.

Watkins; Chief Andy Development at Bancorp this Head Corporate CFO Carla Bancorp, banks CEO our Phil Leibold; and me of bank, Sam Joining is CFO, Bowman. and Sidhu; Credit Customers our morning and company’s President of Officer, the Customers our

using that of ago, are you charter you and bank the what may was to small XX million today troubled company been a know, transformed Customers invested money this and one Pennsylvania as years some our into about pleased has in country. banks $XXX publicly asset with actually we the traded became personal of troubled a little As bank our XXX we share Bancorp based largest into again it

tech X high are billion As Slide our customer focused executing on by supported on bank have but community asset last you service by on can then our a banking operating is banking, a see high we and touch Today, business banking – today franchise. superior model. model, simple deck, banking, super $XX includes unique very corporate of community specialty with which which we digital

well to execution average focusing deposits, banks things to forward since the an becoming clearly It and a loans, wish is be have single defined sticking they strategy. digital will public a income on company fundamentals must not assets, that day. on focus belief focus on to by our a as that its every as driven, these its its are are grown XX they XX% tech of its It thinking years These what markets that has the ago. we by forward value shareholder superior XX% customers that is just and year

on perspective the external to like current minute the take provide a environment. I’d to

on ours, deposits As historic challenging very yield serving created the especially rate of all as like it you curve environment, banks by customers. are interest as as which has a principally quantitative know, institutions business base relates increases the tightening especially the Fed well to for or inverted and focused

rate deposit. deposit led sophisticated in an to over these the our primary depositor expectations base cost expects increase of factors and market of have our All nature our

in the tremendously banking on rate have lending normally we is data loan and focused of also what you market our far excess sector. So in see

fund persist of to the for this year. the first with however rate and at Fed environment, half in challenging peaking about this expect We X%

or pressure inflection the year. so on there tapers of in As be point result, half the followed second a by as temporary some sometime expansion quarter hitting NIM the may margin beginning an just very a our Fed for

over we explanation few – some today environment, items Carla, you detail. go detail. you with inflationary go non-recurring that need guidance rate that We the will of in over our with items of CFO those you in some In an believe challenging and our we will this and some

release they’re Now beat onto from about bank and beat $XXX PPP that year brings we report This QX exclude from per the full our normalized of earnings and consensus adjusted year $X.XX of are we the to our XXXX the installment core provision estimates. benefit sale performance, internal the $X.XX. share XXXX our $X.XX in earnings consumer you current targets share earnings share diluted that and QX million were per when core were you our to for per to $X.XX, and pleased the loans believe by

earnings reported XXXX $X.XX XX%. our that of guidance share and upper to beat Our earnings per beat end by about of the own core we $X,

the focused over in growth year very credit rates, XX% credit with variable laser verticals, resulted lending as on as Our that’s of responsible and achieving average an is above low organic quality beta. growth past well risk specialty us in strategy our asset

quarters XXXX a are we well head view, from we Asset management are will earnings, at total to beyond. prudent XXX% reserves taken and loans. of non-performing well-positioned we exceptional as extremely ensure as are and actions believe uncertain the credit, capital that quality risk over of point well-positioned robust and past strategic into this very We’ve we remains credit liquidity several as

we balance are below and I on future. to margins, moderating in common and result improving expense our sheet that optimistic our book our stock to value very be that believe the going We the we shareholders. improving growth very our do will very back are we ratios, we stock exceptional improving will while and of for in XXXX, buying by said that are are we extent capital control our focused base, value about we actively creating quality our earlier, trading Like our

key to Sam? the talk about well this Sam performance to financial of as highlights. in over franchises it turn now our I’ll some as

good are and model At principles. built Customers Bank simple business Jay, is you, morning, on but everyone. foundational two differentiated Thank

high-tech, First, organization. are high-touch we a client-centric,

credit a growth to you quality. verticals years like have I’d through to few past committed industry-leading Second, we has our franchise across over and the digital recap how we and outsized delivered take franchise the to corporate shareholders. created minutes results few walk community, our are financial for

have Moving of with and local where managers to if our is our by starting are relationship to contact their decades single banking markets. Slide X of service franchise. This experience who community in not point clients years, model

and multifamily $X.X ended On the loan community side, loans. CRE, this SBA investment the in We by our banking regional with C&I, about products. is billion led year

network a to sticky cost base. relationships and in these Our depositor lends markets deep lower

We into are have our time, northeast significant growth expand home to model in market nationally markets share first beginning and the looking over markets this higher southeast. in many of selectively

loans increased years from total helped XX% ended sophisticated of Now growth just here total half complementary to and loans ago. we vertical a moving corporate on clients products. has This franchise. a nearly banking few few to This service corporate year transform today. $X.X our ago were organization across has loans billion Teams years and of in with the just specialty the mix the

our risk institution fund group finance, growth credit we businesses. lower the and focused our our call includes lender to and are financial on fund capital and of call deposit floating The tech venture finance no efforts have The teams we component, largest vertical verticals. finance low pipelines. leading rate our Importantly, which line cost

franchise Slide customers our to XXXX. Moving acquired a a since team million banking organically digital has over X, digital built that half has profitable

capabilities to industry-leading our technology leveraging and commonly FinTech otherwise revenues, banking build as relationships Banking-as-a-Service. deep are to We FinTech our out referred

onboarded successfully revenues $XX we previously a year. major in business quarter, we stated, a fourth million as and to the In this customer rate this reach run expect

further with currently partners new in We opportunities. regarding are discussions

will of on around the our next or the have held origination we sale portfolio strategy, the sale are off which building developing demand more Additionally, report to quarter installment for consumer in quarter, two. a third in we

to bank. I’m banking with merging is customer product by that innovation a deposit of expertise Finally, transaction strong, our of tech pleased pipeline a the the company report tech-enabled and

in half the XXXX. latter help We expect of initiatives deposit these will our mix

to now This allowed are alone. $XX in the billion. to forgiven, our our At the we like we $XX.X us billion, into sheet risk just XXXX, growth. and under balance just gathered few XXXX, a back year-end minutes We’ve Now loans dramatic reflect XXXX this transformation loan deposits to in and that few over cash Slide X. deployed past on the PPP securities billion loans of low self-fund were as $X and that beginning of was organization those as years. over had turning I’d take to has

hear from of margin securities provide an size and the our the book PPP in we impressive growth minute total reinvestment flows a grew Following in without sheet. to cash for In credit which higher XX% deposit excluding significant forgiveness, the you’ll PPP increase discipline. need fuel balance loans XXXX, by while maintaining our will Carla XXXX,

We expect set for a us of strong XXXX. XXXX an stronger this and even half will second up

to our Slide on the see X, cumulative Moving franchises. real power three you’ll of

as understandably benefit to this focused one-time on we nature, business recurring in viewed of PPP efforts was earnings the build While our line using power.

of from recurring earnings $XXX this during same EPS, income to doubled over our achieved period. the PPP equity from diluting an million PPP shareholders. our $XXX excluding associated We Our net increased X.X than million without power in increasing dramatically excluding $X raising XXXX. has impressive XXXX by more in interest growth And with has times our time

this came of PPP growth revenues. by through All organic supported

to to detail. to With financials pass it I’d our Carla through that, walk like more in

shown $XX.X X begin an earned and and our in fourth of Thanks, I’ll good as perspective, EPS Sam, million. morning, GAAP XX. quarter results in and income fourth we Slides XXXX, quarter by summarizing on everyone. From net on $X.XX full XXXX earnings year briefly

we XXXX, net earned For income full on $XXX.X year million. $X.XX of

were Our two GAAP results items. negatively quarter by impacted fourth

by tax of $X.XX, And settlement only benefits net leading than $XX.X in the $X.X net to million sale with from or margin of losses the and costs million losses $X.XX, securities a short-term of on a for one-year of a servicer. expected, the or PPP loan $XX back. net charge-offs million interest first second $X and earn PPP recognized higher funding loans of The slower net investment has forgiveness after primarily available upon sale gain tax realized after caused million which one-time

periods. I’ll also PPP perspective, adjusting for of the million for before to impact $X.XX contributed targets XXXX $X.XX additional were QX earnings in highlight and any $XX that gross in we the this recoveries million beating or negative receive items, a quarter. two provide To are adjusted $XX.X core $X.XX quarter on indemnities PPP. After charge-offs contractual third estimates compared the may income of these the future positive internal related

core XXXX year full to our brings earnings This $X.XX.

sustainable of provision in pre-tax full sale higher for previously $X.XX loan lower $XX.X As XXXX. amount significantly Jay than range core and to $X.XX a excluding or year for benefit $X.XX million this was target earnings earlier, a made reminder, the than PPP XXXX, mentioned was the from of $X.XX we X.XX% two guided included fourth that of $X X% our our in margin interest Net reasons. leaving primary quarter for

challenges led XX whole unexpected bearing impacting a by cash to deposits average X clients roughly of mortgage our in industry two, balances approximately compressed points. quarter outflow our which non-interest And basis warehouse impacted as margin an negatively from by First, basis vertical, points. higher the large fourth margin mortgage

the to year. over up billion $XX.X XX% sheet, year in the with ex-PPP, balance assets ended core Turning prior the we

XX corporate the book low XXXX at deposits $XX.X This discuss our to vertical and billion. From over year-over-year I’ll doubled specialty our in detail ending points excluding than the Our grew was risk adjusted basis core and Total QX pre-provision grew an XXXX years. three more in later. standpoint and PPP, more rate X% was ex-PPP growth impressive ROA core $XX.X by a variable profitability loan was primarily XX% ROA have X.XX%. billion pre-tax last banking

XXXX, loan loan optimization growth. quarter we we purposely on moderated strategies Turning to growth over that as think planning retain XX on we horizon. intend Slide fourth to balance about sheet, our In

banking specialty at of this growth million which for million XXXX increased over variable Year-over-year, was which corporate roughly $X.X in at risk investment loan $XXX our Our QX about ended SOFR. was XXX vertical, XXXX rate, points low XXX billion $X.X billion. basis and vertical prices and held

fourth quarter, total with the increased deposits year challenging Moving negative costs XXXX Total higher to several year-over-year. are deposit larger XX% ended transaction and of XX% $XX.X deposits we up Notably, we billion consistent billion, the were lower experienced DDAs a mix funding related on to sticky and hold previously the XX. from shift able in deposits on at customers that industry-wide, Slide at in environment primarily levels. $X.X institutional

particularly robust, to deposit continue franchise. earlier our remain the Our out that we core deposit in pipelines as verticals Sam relationship-based mentioned build

loans XX% of XX, basis earning strong we we XXXX. assets a be another interest billion at reinvested had available point have in PPP higher growth asset of for Notably, with year Slide $X.X up can to which securities, roughly lower and interest earning Turning year-over-year. yielding sales XXX yield

disciplined risk expansion up XX% strategy significant XX. organic experienced slide the pricing Slide a vertical. over of our four XX% the of growth the loan specialty The past in and despite lower to shows verticals. net year-over-year. growth interest into continued credit margin to This corporate we ex-PPP, that outpaced by strong driven we XXXX income also shows excluding years. side remix five banking largely This past NII lending annual which rate In over PPP Moving was increasing in growth our trend years, experience the page strong highlights right XXXX, growth and our since

XX, really and growth, disciplined more size NII slide our management. our showcases XXXX. significant the effective since Despite asset Turning this than Slide asset doubled and we’ve expense

Our positive significant core our XXXX in decrease our non-interest to highlighting leverage. increased in XX% operating expenses in annually. X% ratio from have XX% This down in efficiency a has only XXXX, resulted

ranges on XX, required our capitalized and operating our capital well capital within to regulatory Slide levels remain Moving minimums. well targeted regulatory above

and down ratio loan slightly the given growth was AOCI TCE slightly losses. Our quarter during higher

TCE X.X% year Our ratio adjusted AOCI end. was at

significant in past despite book million over Slide years, five of tangible accretion XX highlights value unrealized the losses increased deferred AOCI. $XXX

last from nearly we ended midcap despite our year of This $X $XX, peers. at would’ve value book at impact outpaces AOCI, negative up X% from Our XXXX AOCI. just approximately year $XX. was under tangible nearly significantly Without year-end this

about talk And with quality. that, to more Andy I’ll turn it over to asset

good and morning Carla, Thanks, everyone.

XX. Carla and of growth as been low-to-no forward. total XX% risk organic Sam remains experienced Slide bank’s the bank’s credit credit loan XX% And verticals losses. and noted in referenced its on moving low-to-no our strategy of As earlier, verticals have loan is the in book growth this that loan has

mortgage By continuing confident segments, by extremely all years. funds the least multifamily, warehouse, been rates the we will focused lines, and strong remaining verticals to lifetime for limited noted and equipment strong as that to our are which these evidence existence standards loss credit bank at have in finance, lever our within underwriting strong these on seven and of finance our mature performance at remain business date are for

remains both loans perspective. day portfolio represents million quality to Total or as Credit a as $XX to NPLs delinquencies of basis substandard and in points points more of XX. loans. basis basis some in total and XX decline and only XX dollar evidenced Slide were to by Moving total assessment mention percentage it XX a performance. XX total strong continued of special NPAs day of assets of And most importantly, total points. real-time modest loans just XX

were XX comprises which XX% bank’s loan day XX Looking the to total delinquencies day points. the commercial solely book, loan XX minimal portfolio, total at over of basis

consumer net X net were with charge-off the expectations. were only points. figures commercial line charge-offs Net and in Moving core in commercial Total portfolios to charge-off. basis

X.XX% the for that of vintage with the portfolio’s is than curves by our portfolio loss QX, portfolio it was was charge-off the anticipated in seasoned. While fully as and underlying well net consumer rate higher portfolio naturally line

remain commercial consumer to following. the Although well our pleased portfolios we have committed with performed, how

position coverage robust evidenced is reserve XXX% strong a maintaining total NPLs. of First, by a

and committed And third, risk strategy low-to-no noted. strong previously our Second, standards. adhering I underwriting portfolio to our portfolio credit to remaining management

predominantly and of management risk a testing, portfolio level credit ongoing Wrapping on office total no-to-low metrics million continued million retail, up $XXX stress segments such as in exposure $XXX respectively and credit not verticals, loans CRE loan investment only and to standard with which verticals. strategy CRE risk portfolio high limited based strong of to dependent comprised continued spending exposure and lending credit discretionary strong investment into

that is moving are our forward. confident We positioned portfolio loan well

team I’d like to turn Again, now morning thank and this your you to presentation over the time for Sam.

Carla. and Andy Thanks,

Now with a assist guidance to and we to of our bring on wanted dots in Slide outlook modeling. fair provide together it connect XX, the of amount XXXX all to some

in the positioned year, much see While remains very we environment we uncertainty ahead. we are well navigate to believe the coming

opportunities PPP. even lending growth project to This be single-digit will remain looking XXXX. low-to-mid overall our further Although is we growth moderate heard and loan strong, in our you’ve excluding

overall balance We relatively we sheet from loans higher flat expect they reinvest PPP as as runoff roll securities a will into loans. cash and yielding

as be any side, sensitive the that It have we cost expect shed the higher deposit outflows. not – rates the amount On seen their throughout us material any will far deposits remix of related depositors will and growing pipelines we help we not in worth is noting further year. our XXXX January that will informed increasing we market be we our in so to

this full Moving We year X.XX% the to in X.XX% to see NIM. range.

expense non-interest of deliver to $X in to year. year, to less effect On growth than the expect we decline that the expense our in expect expect non-interest be to would excluding We EPS. including the BMT, XX% core our $X.XX BMT for and

that thresholds. note half the the in Even of be line to the industry the would year margin with growth, are expect the ROE XX% expansion EPS we I and the ratios first lower capital with expected with over NIM half in with expected year. and a well in of second above limited regulatory earnings and

Monday. on by a cost, capital, is we trading want aggressively. we of that buying We profitability begin as moderating as likely soon soon, improving in growth, stock to on plan window share our all buying While materially reiterate buyback to committed valuation lowest funding and our to typically are focusing opens actions, back waterfall our while capital our

growth our and have balance we program the our without capital a through see reminder, ample organic complete authorized you our guidance retained can earnings sheet. growing remaining we program have available shares to through As and X.X under previously million

We and next higher XX% upside our levels. a CUBI valuation valuation book action is quarters, be [ph] value convergence XX% or to which the tangible trading a $XX a growth least above year-end, recent over at due expect to implies value by from few rate book to these

wrap this up it you let To on summarize shared XX, me with morning. Slide we’ve what

As of the market we are the positioned today, dynamic to risks well manage you’ve environment. heard

decision our profitability. be group. the peer our margins, from you we in ratios will growth very will heard with and much make quality, be and of and Andy, as our capital at our to are moderating We every improve Credit line has capital ratios center

formidable sheet of support our well available balance are a billion have liquidity We $X positioned with to over and buyback.

proud I’m thinking management financial very a and tech proud tech has the forward performance that to in with that work exceptional a are track and team record we leapfrogged of capabilities. we have proven strategy industry driving

have opportunity fee an We generation. on delivering this deposit and will income by cost low to showcase

we’ve commencing be as with couple Finally, to firm immediately. conviction a we times, significant be and expect what we of said buyback have we will action take will a

lay this hopeful price foundation our out We investors. a are that will for performance share for in the XXXX significant

Jay turn now few it a for comments. back to I’ll concluding

Sam. like are strong also – are for up for very to of helping recognize they over this performance it years. continued performance build executing foundation Q&A, you I’d shareholder thank superbly members Yes, next couple outstanding And open are very the exceptional are before we we much our delivering and who and us team

liquidity strength you we Sam our my as just financial the [ph]. very from position you credit capital of about, that summarized as a we talked performance welcome and year the another In model delivered, outstanding as with colleagues profile, believe differentiated heard all are of XXXX, of we heard, and as Andy,

to Q&A. that please the will help With open operator you

first from a [Operator Perito Michael from of KBW. question Instructions] Your comes line

open. Your line is

bit. Hey, Hi up Mike. breaking Rob, you’re little a

associate base as to rate? can costs I Or little you Good holding wanted morning. the you near-term at for relatively – Is your that Thank customer more funding lower it the the taking to slower in. growth a in stabilize mentioned that incremental mentioned you expecting you’re that for you’re Andrew my that ask feeling are filling their guide NIM? questions. current like Mike’s just color beyond core just you on margin that XXXX. This Hi. you just is relatively

I background morning, can Good Andrew. that. on give some

very deposits corresponding expenses, institutional income corporate when all, interest or branch net should low our of Practically consumer an which opinion ideal growing and thinking cost all into risk based are be and percentage are a rather small NIM interest virtually specifically our growth First focused factored are about the on on that deposits. or beta. we’re have than target we margin a focusing deposits on net deposits total only in income, no of really

assets strategy To the specificity mind, our costs expense rate our XXX XX points requiring cost the most that With basis we’ve XXX this, points advantages deposit basis over basis spread structural points and bank earning below some was higher mid-cap environments. projected average funding non-interest around average, to highlighting continued discipline put a our costs. and between pricing in

billion at we before, securities that points year referenced in have yielding of reinvested we’ve As AFS spread. the be coming lower can and incremental XXX $X.X PPP loans basis

to Now be the full in the year of we’re specific margins expecting the back X.XX% with and in tighter and front margins of year to year. half the expansion half X.XX% guidance, between the our

Sam, regulatory of of had piece deposits seeing down because plays valuable Are Carla. there CBIT? kind slowing less and leverage I are can’t how kind here secondly, Thanks, And the Great. them? update was the you just out any additional wondering guys you if then you or on

on the CBIT grew Sure. by actually million Yes, quarter. our in balances so $XXX about

and the add our better key of total the and will payments importantly, scene, customers, translated under significant are bearing XXX we’re and you industry year And there interest as our in – ending and our, translate that at new the December. did dynamics, deposits, into customers appreciate will deposits we customer We deposits. of customers of progresses. total end quarter related question some into the deposit and non-interest costs growing XX% sort billion growth but fourth activity of ended activity XX CBIT. with anchor probably given of So, $X.X about associated To saw sort of that can on your some as also waiting we at

for the uncertain just digitally the next at What me. companies for focused this would Appreciate if volatile the And there. you remains then the Awesome. priorities macro for many and the it given pretty lastly from was a point? and color kind fintech year, XXXX outline at QX of

Sure.

we, I strength capital pipelines clearly pretty sort that our aren’t outlook banks we’re for we an base, necessarily out, also we seeing it’s we think very loan focus seeing customer laid and, in our think on So, specifically while customers and very in our of and that strong that guidance we’re to see, opportunity profitability. important capitalizing on, because

guidance, of margin dollar EPS higher an terms In and and our but the we us, loan growth capital, much on to XX If basis EPS count Carla stock, by focus points more points, basis of extra extra the our support as we of in, you share build brought from deposits, seen XX it mentioned, on top have growth, grow our NIM. an could an slow cost would incremental prudent thought marginal be perspective. reduce of profitability, us that for of

– And question macroeconomic we to there’s uncertainty a I that it’s of are about all think your that lot seen. environment the

however, hopeful hopeful days the that And planning we’re an soft of it. we that the be can it, bit in for not in – turned XX necessarily, has at XX the there’s are hoping landing, we’re market are market right, little days that there’s a that on an that the is opportunity data. past but We to a terms looking there

all taking questions. my for Thanks Great.

Your Dezellem next question Instructions] from from Management. line Tieton Bill Capital [Operator comes a of

is line Your open.

or could. think and to to like please recover I’d you. Would the Thank with loans PPP that the loans the opportunity that, you if million given discuss start guaranteed. charge-off we we PPP government $XX

the walk of all you can dynamics through please? that So,

Bill. Sure, that. happy I’d to do be

to begin, wanted to Just just level set.

PPP there So, forgiven of we of quarter, in the $XX.X worked has we $X two million that In billion total with. PPP guaranteed repaid, or which servicers a came from was been SBA. that $XX population billion the loans really by of of discreet had loan loans fourth

million were whether we for The so in another losses did expected an had that not cover with would settlement largely one have the and potential roughly reason million, be $X guarantee. October, first of fourth had we quarter or SBA was $X.X one any a disclosed we to we them that neutral. And in there

For still to our the not have the indemnities would borrower us extent did million, we loans. recover the pay that contractual remaining those allow $X that any losses to underlying partner with PPP

largely us, think thought the this the prudent is we behind it So, fourth quarter but charge-off was to take in

conservative prudently, Just just that, Bill we to the had the revenue had are indemnification, have contractual already point on have but to we charge-off, associated we’re either against or to, being and adding adding provision.

Understood

points. For ratios, ratios life-to-date basis increasing roughly PPP program by from we made program, over the weighted XXX $X the our risk capital

Thank Right. you.

the independent. to And as and opposed million being just charge-off the be so each to million $XX and are actually related to the $X.X recovery, those other two

right, but same perspective, they’re an netted the to each in other, statement financial line not from are related Bill. They That’s accounting item.

$X.X So, gain $X you’ll expense see in million on you’ll the and provision million income, within a see non-interest settlement.

the helpful. And crypto additional where really industry? then beyond you. the adding with Thank at you verticals are shifting CBIT, That’s to

Thanks, Bill. question. Good

So, active our customers are base. across and with we commercial have

that verticals talked new added we’ve have previously We about.

XXX longer We’re working XX/X, the benefits bit the payments. It’s play. explain to a of of a

However it’s very customer interesting exist it’s not bases some if, a at I is which an that question allowing of, do for attract, verticals customer in us. when, not Bank Customers and and to exciting today, us think cases,

Great. you both. Thank

the for are Jay no there closing Sidhu to turn questions call back further over I’ll some time. remarks. this at And

This up. is so I’ll Thanks wrap much. Sam,

your technical Customers Bank. I Jay some interest time having everyone think difficulties. your was Thank you in so for and much

our on really very results with to our We’re excited deliver XXXX. pleased financial in for And outlook XXXX.

Thank call. conference today’s you concludes for participation. This your

disconnect. You may now