CUBI
#Sure.
<UNK>, we will do loan sales whenever we feel there is an opportunity for us to get a nice good price for it because we are not in the business of multifamily.
It's not a mortgage banking operation; it is a business that we are in for holding them in portfolios.
In the first quarter we didn't do any loan sales because there was somewhat of uncertainty in the marketplace as to the valuation of these multifamily portfolios, but you shouldn't be surprised if we do, do a loan sale of multifamily in the second quarter.
And then going forward, we are seeing payoffs and prepayments add up to somewhere between $150 million or so a quarter of multifamily loans and so if we do book more ---+ significantly more than that it's probably because, like you said so correctly, that we see opportunities for loan sales and we are very focused on improving our capital ratios without sacrificing earnings growth.
I think all of the above.
We are attracting the graduates.
We're doing a lot of testing on various approaches that work.
We have a BankMobile list program which is at non-Higher One colleges and universities who are bringing in a lot of these customers to us.
About all I can say to you is that direct BankMobile to consumer is not a frictionless process.
Indirect BankMobile through someone else, whether it's affinity group or its colleges and universities, whether it's BankMobile list, those kinds of things are much more effective that we are finding and much more cost-effective and a better quality of the customer that we are finding.
We will be talking a whole lot more about this, Frank, on June 3.
We will give it out on the Analyst Day and we will also share with you what our goals are at our Analyst Day.
All of it.
Almost all of it.
98% came from commercial customers.
Our average cost of funds on deposits for the quarter went up by about three basis points.
<UNK>, do you have it broken down by different categories.
Yes, I do.
I can tell you on ---+ I can't answer his question specifically in terms of those specific assets ---+
Money market deposits.
There's no reason to think these are different.
Money market deposits are at 58 basis points, Frank, and these are coming on in that 50 to ---+ in that ---+ generally in that price range.
We are not willing to do any of the things that you heard from our competitors, Frank.
Let me just make that clear.
There's nothing new about competition.
This is ---+ as banks woke up in the last two years to say, my God, we got to start generating more revenues, how do we do it.
And then they all sort of realized the ones who are generating revenues are the banks who happen to be doing a lot of New York multifamily and you've seen a lot of new entrants in the marketplace and the only way that they believe they can compete with us and with Signature and with New York Community is by price.
Well, I can tell you this; this is not just a price-sensitive market.
This is very much of a relationship business.
Even though it's done through brokers predominantly, it is entirely a relationship business.
And we are not going to be playing the price game with any of our competitors, even if it means we have to stay out of the market.
We have never made a multifamily loan below 3.25%.
We told you our average yield on the business we put on in the first quarter was 3.4%.
(Multiple speakers) No I/O.
No 10 years.
So that tells you it's not a commodity.
Yes, and if it changes we will change our business focus too rather than just match them.
Anybody else, Jessica.
