Comerica Inc (CMA) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Comerica fourth-quarter and fiscal year 2024 financial review conference call.

大家好，歡迎參加 Comerica 第四季和 2024 財年財務審查電話會議。

(Operator Instructions) As a reminder, this conference is being recorded. At this time, it is now my pleasure to introduce Kelly Gage, Director of Investor Relations.

（操作員指示）提醒一下，本次會議正在錄音。現在，我很高興介紹投資者關係總監凱利蓋奇 (Kelly Gage)。

Thank you, Kelly. You may now begin.

謝謝你，凱利。現在您就可以開始了。

Thanks, Rob. Good morning, and welcome to Comerica's fourth-quarter and fiscal year 2024 earnings conference call. Participating on this call will be our President, Chairman, and CEO, Curt Farmer; Chief Financial Officer, Jim Herzog; Chief Credit Officer, Melinda Chausse; and Chief Banking Officer, Peter Sefzik.

謝謝，羅布。早上好，歡迎參加 Comerica 2024 財年第四季和財年財報電話會議。參加本次電話會議的有我們的總裁、董事長兼執行長 Curt Farmer；財務長 Jim Herzog；首席信貸官梅琳達‧肖斯 (Melinda Chausse)；以及首席銀行官 Peter Sefzik。

During this presentation, we will be referring to slides, which provide additional details. The presentation slides and our press release are available on the SEC's website, as well as in the Investor Relations section of our website, comerica.com.

在本次簡報中，我們將參考提供更多詳細資訊的幻燈片。簡報和我們的新聞稿可在美國證券交易委員會 (SEC) 的網站上找到，也可在我們網站 comerica.com 的投資者關係部分找到。

The presentation and this conference call contain forward-looking statements. And in that regard, you should be mindful of the risks and uncertainties that can cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date of this presentation, and we undertake no obligation to update any forward-looking statements.

本簡報和電話會議包含前瞻性陳述。在這方面，您應該注意可能導致實際結果與預期有重大差異的風險和不確定性。前瞻性陳述僅代表本報告發布之日的觀點，我們不承擔更新任何前瞻性陳述的義務。

Please refer to the Safe Harbor statement in today's earnings presentation on slide 2. Also, the presentation and this conference call will reference non-GAAP measures. And in that regard, I direct you to the reconciliations of these measures in the earnings materials that are available on our website, comerica.com.

請參閱今天收益報告中投影片 2 上的安全港聲明。此外，簡報和本次電話會議將參考非公認會計準則指標。在這方面，我引導您參閱我們網站 comerica.com 上的收益資料中這些措施的對帳。

Now I'll turn the call over to Curt, who will begin on slide 3.

現在我將把電話交給 Curt，他從幻燈片 3 開始發言。

Good morning, everyone, and thank you for joining our call. We felt 2024 was a year of strength as we prioritized further enhancing our foundation to better position ourselves for long-term success and saw promising customer trends.

大家早安，感謝大家參加我們的電話會議。我們認為 2024 年是實力雄厚的一年，因為我們優先進一步加強基礎，以更好地為長期成功做好準備，並看到了良好的客戶趨勢。

We continue to favor a conservative approach to capital management, producing an 80 basis points increase in our estimated CET1 capital ratio while resuming share repurchases. Even with ongoing volatility in the rate curve, we grow both book and tangible book value.

我們繼續傾向於採取保守的資本管理方法，在恢復股票回購的同時，將預期的 CET1 資本比率提高 80 個基點。即使利率曲線持續波動，我們的帳面價值和有形帳面價值仍會成長。

Although loan demand remained muted throughout much of the year, we saw encouraging trends in the fourth quarter with improved sentiment and higher production levels, which supports our expectation for growth in 2025. Credit quality remained a strength as we maintained our disciplined underwriting and produced historically low net charge-offs.

儘管全年大部分時間貸款需求依然低迷，但我們在第四季度看到了令人鼓舞的趨勢，市場情緒改善，生產水平上升，這支持了我們對 2025 年增長的預期。由於我們維持了嚴格的承保並產生了歷史性的低淨沖銷額，因此信貸品質依然是一大優勢。

Through deliberate reduction in wholesale funding and with favorable customer trends, we optimized liquidity benefiting net interest income. Beyond our financial results, we advanced strategic priorities such as investing in relationship managers and growth businesses, and financial advisors in support of our wealth management focus.

透過刻意減少批發融資並藉助良好的客戶趨勢，我們優化了流動性，有利於淨利息收入。除了財務表現之外，我們還推進了策略重點，例如投資關係經理和成長型企業以及財務顧問，以支持我們的財富管理重點。

Investments in capital markets produced results as the team closed their first M&A advisory transaction and built a strong pipeline for expanded revenue in the coming years. We continue to modernize our real estate footprint and technology. In fact, we expect to have almost all of our applications managed in the cloud or on a SaaS platform by year-end 2025.

隨著團隊完成第一筆併購顧問交易並為未來幾年擴大收入建立起強大的管道，資本市場的投資產生了成果。我們將繼續實現房地產足跡和技術的現代化。事實上，我們預計到 2025 年底幾乎所有的應用程式都將在雲端或 SaaS 平台上進行管理。

Supporting our communities remain a priority, as we provided critical business resources to small businesses and help nonprofits broaden their reach. In preparing for the future, we continue to make progress towards eventual category four readiness.

支持我們的社區仍然是我們的首要任務，因為我們為小型企業提供重要的商業資源並幫助非營利組織擴大其影響力。在為未來做準備時，我們將繼續朝著最終達到四類準備的目標邁進。

And lastly, with an ongoing commitment towards driving efficiency, we executed expense recalibration initiatives, creating capacity for strategic and risk management investments. We believe our progress towards these important initiatives will help us achieve our long-term strategic objectives.

最後，我們始終致力於提高效率，並實施了費用重新調整計劃，為策略和風險管理投資創造了能力。我們相信，這些重要措施的進展將有助於我們實現長期策略目標。

Moving to a summary of 2024 on slide 4, we reported earnings of $698 million or $5.02 per share. Although the 2023 industry disruption weighed on year-over-year average comparisons, we saw encouraging trends throughout the year across a number of categories. Persistently higher rates muted loan demand across the industry.

轉到投影片 4 上的 2024 年摘要，我們報告的收益為 6.98 億美元，即每股 5.02 美元。儘管 2023 年的行業混亂給同比平均水平帶來了壓力，但我們看到全年多個類別都呈現出令人鼓舞的趨勢。持續走高的利率抑制了整個產業的貸款需求。

But late in the year, we saw improved customer sentiment, anticipating a more favorable business and regulatory environment. Although the subsequent risk of higher rates dampened that optimism somewhat, we still hear customers are bullish about increasing business investment throughout 2025.

但到了年底，我們看到客戶情緒有所改善，預計商業和監管環境將更加有利。儘管隨後利率上升的風險在一定程度上抑制了這種樂觀情緒，但我們仍然聽到客戶對 2025 年增加商業投資持樂觀態度。

Average deposits were pressured by 2023 events, but also reflected an intentional reduction in brokered time deposits. Other than brokered deposits, we saw growth in customer balances from year-end 2023 to 2024. Both noninterest income and expenses were impacted by notable items, and our proven credit management approach produced very strong results.

2023 年事件給平均存款帶來壓力，但也反映了經紀定期存款的有意減少。除經紀存款外，我們還看到 2023 年底至 2024 年底的客戶餘額增加。非利息收入和支出都受到了重大專案的影響，而我們行之有效的信用管理方法產生了非常強勁的成果。

Slide 5 summarizes the fourth quarter, where we generated earnings of $170 million or $1.22 per share. Loan deposits and net interest income performed consistent with commentary we provided at our fourth-quarter industry conference. Leveraging our strong relationship model, we believe we successfully managed deposit pricing commensurate with rate cuts.

投影片 5 總結了第四季的情況，我們的收益為 1.7 億美元，即每股 1.22 美元。貸款存款和淨利息收入的表現與我們在第四季度行業會議上提供的評論一致。利用我們強大的關係模式，我們相信我們成功地管理了與降息相稱的存款定價。

A modest securities repositioning, pressured noninterest income, and a number of other specific items impacted noninterest expenses for the quarter. In all, we feel the momentum with customer deposits and net interest income, coupled with improving sentiment, positions us for growth in 2025.

適度的證券重新定位、非利息收入承壓以及其他一些特定項目影響了本季的非利息支出。總體而言，我們感覺到客戶存款和淨利息收入的勢頭，加上情緒的改善，為我們在 2025 年實現成長奠定了基礎。

Now I'll turn the call over to Jim to review our financial results.

現在我將把電話轉給吉姆來審查我們的財務結果。

Thanks, Curt, and good morning, everyone. Turning to loans on slide 6, average loans declined less than 1/2 of 1%, attributed largely to expected paydowns in Commercial Real Estate from a higher pace of refinancing or sale of projects.

謝謝，Curt，大家早安。談到幻燈片 6 上的貸款，平均貸款下降了不到 1% 的 1/2，這主要歸因於商業房地產因再融資或專案出售速度加快而預期的還款。

As a reminder, our Commercial Real Estate line of business strategy is geared towards originating construction loans, and we do not generally expect to be a permanent lender in that space. Declines in Corporate Banking were partially attributed to senior housing exits.

提醒一下，我們的商業房地產業務線策略著重於發放建築貸款，我們通常不期望成為該領域的永久貸款人。企業銀行業務的下滑部分歸因於老年人住房退出。

And energy grew by winning new and expanding existing relationships. Throughout the quarter, we saw increases across a number of businesses, but period-end loans were flat as that growth was offset by a $500 million reduction in Commercial Real Estate.

透過建立新的關係和擴大現有的關係，我們的能源也不斷成長。在整個季度中，我們看到多項業務都有所增長，但期末貸款持平，因為這一增長被商業房地產 5 億美元的減少所抵消。

Total commitments were relatively flat, as declines in Commercial Real Estate and Corporate Banking were offset by production in Middle Market General, Energy, and Environmental Services. Average loan yields increased 1 basis point, as the impact of BSBY cessation and higher nonaccrual interest offset the impact of a lower-rate environment.

總承諾金額相對持平，因為商業房地產和企業銀行業務的下滑被中型市場、能源和環境服務的產出所抵消。平均貸款收益率增加了 1 個基點，因為 BSBY 終止和更高的不計息利息的影響抵消了低利率環境的影響。

On slide 7, we continue to be encouraged by customer deposit activity. Average deposits decreased $550 million or 0.9%. Excluding the impact of the $1.4 billion decline in brokered CDs, customer deposits grew over $800 million or over 1% in the quarter, with the largest contribution coming from Middle Market General.

在投影片 7 上，我們繼續受到客戶存款活動的鼓舞。平均存款減少 5.5 億美元，或 0.9%。除去經紀存單下降 14 億美元的影響，本季客戶存款增加超過 8 億美元，增幅超過 1%，其中最大的貢獻來自中型市場通用存款。

Growth continues to be centered in interest-bearing deposits. And although cyclical pressures persisted, noninterest-bearing deposits as a percentage of total remained flat at 38%, continuing to reflect the compelling mix.

增長仍然以有利息的存款為中心。儘管週期性壓力依然存在，但無息存款佔總存款的比例仍穩定在 38%，繼續反映出令人信服的組合。

Period-end deposits increased $700 million. Adjusting for the timing-related increase in Direct Express deposits and the decline in brokered CDs, period-end customer deposits grew $400 million on a net basis. Lower brokered CDs, coupled with a successful pricing strategy, drove a 40 basis points decline in deposit pricing quarter over quarter.

期末存款增加7億美元。經過時間相關的 Direct Express 存款增加和經紀 CD 減少的影響後，期末客戶存款淨增加了 4 億美元。經紀存單金額的減少，加上成功的定價策略，導致存款定價較上月下降 40 個基點。

Going forward, we intend to continue our relationship pricing approach, monitoring the rate and competitive environment, while balancing customers' objectives with their own funding needs and profitability. Our securities portfolio on slide 8 declined as the shift in the rate curve reduced the valuation, and we saw continued paydowns and maturities.

展望未來，我們打算繼續採用關係定價方法，監控利率和競爭環境，同時平衡客戶目標與自身的融資需求和獲利能力。由於利率曲線的變化降低了估值，第 8 頁幻燈片上的證券投資組合出現下滑，並且我們看到持續的償付和到期。

Later in the fourth quarter, we executed a modest repositioning, selling approximately $800 million of our lower-rate treasuries and reinvesting at a market yield. We expect to accrete the $19 million pretax loss in the net interest income within 2025. Beyond the modest level of purchases to replace treasury maturities, we do not currently project a more meaningful securities reinvestment cadence until late this year.

在第四季後期，我們進行了適度的重新定位，出售了約 8 億美元的低利率國債並以市場收益率進行再投資。我們預計 2025 年淨利息收入將累積 1,900 萬美元的稅前損失。除了適度購買以替代到期國債之外，我們目前預計直到今年年底才會出現更有意義的證券再投資節奏。

Turning to slide 9, net interest income increased $41 million to $575 million. Excluding the benefit of BSBY cessation, net interest income would have grown $16 million quarter over quarter. The benefit of maturing swaps and securities, higher customer deposits, strong deposit betas, and nonaccrual interest all contributed to a strong net interest income quarter.

第 9 頁，淨利息收入增加了 4,100 萬美元，達到 5.75 億美元。不計入 BSBY 終止帶來的收益，淨利息收入將季增 1,600 萬美元。到期掉期和證券的好處、更高的客戶存款、強勁的存款貝塔係數以及非應計利息均促成了本季強勁的淨利息收入。

Moving to slide 11, we continue to believe the successful execution of our interest rate strategy allows us to better protect our profitability from rate volatility. Despite the slight benefit the slide shows in a lower-rate environment, we generally consider ourselves to be asset neutral, though we remain cognizant of the impact the rate environment may have on noninterest-bearing deposits.

轉到第 11 頁，我們仍然相信，成功執行我們的利率策略使我們能夠更好地保護我們的獲利能力免受利率波動的影響。儘管幻燈片顯示了低利率環境下略有好處，但我們通常認為自己是資產中性的，儘管我們仍然意識到利率環境可能對無利息存款的影響。

By strategically managing our swap and securities portfolios, while considering balance sheet dynamics, we intend to maintain our insulated position over time. We felt credit quality remained a competitive strength as shown on slide 12.

透過策略性地管理我們的掉期和證券投資組合，同時考慮資產負債表的動態，我們打算長期保持我們的隔離地位。我們認為信用品質仍是一種競爭優勢，如投影片 12 所示。

Net charge-offs remained low at 13 basis points and only reflect a slight increase from the prior quarter with lower fourth-quarter recoveries. Persistent inflation and elevated rates continue to pressure customer profitability and drove expected normalization in both criticized and nonperforming loans, largely in our General Middle Market businesses.

淨沖銷額仍維持在 13 個基點的低點，僅比上一季略有增加，第四季的回收額較低。持續的通貨膨脹和高利率繼續對客戶獲利能力造成壓力，並推動受批評貸款和不良貸款的預期正常化，主要是在我們的一般中端市場業務中。

Overall, the modest migration observed was expected and already factored into our reserves. And as a result, our allowance for credit losses remained relatively flat at 1.44% of total loans. We feel our proven conservative credit discipline continues to position us well to outperform our peers through the cycle.

總體而言，觀察到的適度遷移是預料之中的，並且已計入我們的儲備中。因此，我們的信貸損失準備金保持相對穩定，佔貸款總額的 1.44%。我們認為，我們行之有效的保守信貸紀律將繼續使我們在整個週期中保持領先於同業。

On slide 13, fourth-quarter noninterest income decreased $27 million, including the $19 million realized loss from the securities repositioning and a $4 million decline in deferred compensation, which was largely offset with the noninterest expenses. Despite modest pressures observed in the quarter across select categories, we continue to prioritize noninterest income and expect to see customer-related income growth in 2025.

在投影片 13 上，第四季非利息收入減少了 2,700 萬美元，其中包括證券重新定位造成的 1,900 萬美元的已實現損失和遞延薪酬減少 400 萬美元，但這筆錢大部分被非利息支出所抵消。儘管本季部分類別的壓力不大，但我們仍優先考慮非利息收入，並預期 2025 年客戶相關收入將會成長。

Expenses on slide 14 increased $25 million over the prior quarter, inclusive of seasonally higher costs, which impacted a number of line items, including salaries and benefits. In addition, we saw an increase in legal- and litigation-related expenses. And we made the strategic decision to increase funding to increase the size of our charitable foundation.

幻燈片 14 上的費用比上一季增加了 2,500 萬美元，其中包括季節性成本上漲，這影響了包括工資和福利在內的許多項目。此外，我們也發現法律和訴訟相關費用增加。我們做出了增加資金以擴大慈善基金會規模的策略決策。

These increases more than offset lower operational losses and the gains of real estate, which we -- as we continue to optimize our real estate and banking center footprint. Expense discipline remains a key priority as we continue to focus on driving efficiency.

這些成長足以抵消較低的營運損失和房地產收益，因為我們將繼續優化我們的房地產和銀行中心足跡。我們持續專注於提高效率，因此費用控制仍然是首要任務。

As shown on slide 15, we continue to favor a conservative approach to capital with our estimated CET1 at 11.89%. This remained well above our 10% strategic target. And even if the proposed Basel III removal of the AOCI opt-out was in effect, we would have exceeded regulatory minimums and buffers.

如投影片 15 所示，我們繼續傾向採取保守的資本方法，預計 CET1 為 11.89%。這仍遠高於我們的 10% 策略目標。而且，即使擬議的巴塞爾協議 III 取消 AOCI 退出規定已經生效，我們也將超出監管最低限額和緩衝。

Movement in the forward curve caused unrealized losses in AOCI to shift higher in the quarter, but we expect them to improve over time with maturities and paydowns. Even with volatility in the rate curve, we returned capital to shareholders through $100 million in share repurchases in the fourth quarter and intend to repurchase approximately $50 million of common stock in the first quarter.

遠期曲線的變動導致 AOCI 中的未實現損失在本季度上升，但我們預計，隨著到期和償還的增加，這些損失將逐漸改善。即使利率曲線波動，我們仍透過第四季 1 億美元的股票回購向股東返還了資本，並打算在第一季回購約 5,000 萬美元的普通股。

As we consider future capital decisions, we intend to be measured in our approach and calibrate the size and frequency of future repurchases with expected loan trends. We will also continue to closely watch the forward curve, our profitability, the economy, and any regulatory updates as they may also influence our strategy.

在考慮未來資本決策時，我們打算衡量我們的方法，並根據預期的貸款趨勢調整未來回購的規模和頻率。我們也將繼續密切關注遠期曲線、獲利能力、經濟以及任何監管更新，因為它們也可能影響我們的策略。

Our outlook for 2025 is on slide 16. We project full-year average loans to be flat to up 1% in 2025, with expected growth in most businesses largely offset by anticipated paydowns in Commercial Real Estate. In fact, excluding the impact from Commercial Real Estate, we project 2% average loan growth year over year. And in the first quarter, Commercial Real Estate paydowns are expected to fully offset production in most other businesses, resulting in a relatively flat average loans compared to fourth quarter '24.

我們對 2025 年的展望在第 16 頁。我們預計，2025 年全年平均貸款將持平至成長 1%，大多數企業的預期成長將在很大程度上被商業房地產的預期還款所抵消。事實上，除去商業房地產的影響，我們預計貸款年均成長率將達到 2%。而在第一季度，商業房地產的還款預計將完全抵消大多數其他業務的生產，導致平均貸款與24年第四季相比相對持平。

As we move throughout the year, we project sequential quarterly loan growth, resulting in an estimated 3% point-to-point increase in total loans by year-end 2025 compared to year-end 2024. We intend to continue our deliberate reduction in brokered time deposits, which is expected to drive a 2% to 3% decline in full-year average deposits in 2025. Excluding brokered CDs, we expect full-year average customer deposits to grow 1%.

隨著全年的推進，我們預計貸款將逐季增長，到 2025 年底，貸款總額將比 2024 年底環比增長 3%。我們打算繼續有意減少經紀定期存款，預計這將導致 2025 年全年平均存款下降 2% 至 3%。不包括經紀存單，我們預計全年平均客戶存款將成長 1%。

Following seasonal declines in the first quarter, we project customer deposit growth throughout the rest of 2025. With the elevated rate environment, we expect most of that growth will continue to be concentrated in interest-bearing balances, but believe our noninterest-bearing deposit mix will remain relatively consistent in the upper 30s.

繼第一季出現季節性下滑之後，我們預計 2025 年剩餘時間內客戶存款將維持成長。在利率上升的環境下，我們預計大部分成長將繼續集中在有利息的餘額中，但我們相信我們的無利息存款組合將保持相對穩定，在 30% 左右。

Also, as a point of clarity, we are not assuming deposit attrition in 2025 for Direct Express within this outlook, based on our current understanding of the transition strategy. We expect full-year 2025 net interest income to increase 6% to 7% compared to 2024 with the benefit of BSBY cessation, maturing and replaced securities and swaps, a more efficient funding mix, and higher loans more than offsetting lower noninterest-bearing balances.

此外，需要明確的是，根據我們目前對過渡策略的理解，我們並沒有在這項展望中假設 2025 年 Direct Express 的存款流失率。我們預計，2025 年全年淨利息收入將比 2024 年增加 6% 至 7%，這得益於 BSBY 的終止、到期和替換的證券和掉期、更高效的融資組合以及更高的貸款，足以抵消較低的無息餘額。

In the first quarter, we expect net interest income to take a slight step down with a 1% to 2% decline from the fourth quarter as the impact of day count, lower noninterest-bearing deposits, and lower nonaccrual interest income offsets the benefit of BSBY cessation and our swap and securities portfolios. From there, we expect to see growth through the rest of the year. And even without the benefit of BSBY cessation, we expect net interest income to be significantly stronger in 2025 than 2024.

在第一季度，我們預計淨利息收入將略有下降，較第四季度下降 1% 至 2%，因為天數計算、無息存款減少和非應計利息收入減少的影響抵消了 BSBY 停止以及我們的掉期和證券投資組合帶來的好處。從那時起，我們預計今年剩餘時間仍將保持成長。即使沒有 BSBY 終止的好處，我們預計 2025 年的淨利息收入也將明顯高於 2024 年。

With the potential for ongoing inflationary pressures and elevated rates, we expect manageable migration towards more normal credit levels to continue in our portfolio. As a result, we project full-year net charge-offs to be at the lower end of our normal 20 to 40 basis points range in 2025.

由於通膨壓力和利率可能持續上升，我們預期我們的投資組合將繼續呈現可控的向更正常信貸水準的轉變。因此，我們預計 2025 年全年淨沖銷額將處於正常 20 至 40 個基點範圍的低端。

We expect 2025 noninterest income to increase 4% over reported 2024 levels, which includes a 2% expected growth in customer income. For the first quarter of 2025, we expect seasonal declines in customer-related noninterest income and then generally expect to see growth in customer fees through the balance of the year.

我們預計 2025 年非利息收入將比 2024 年報告的水平增長 4%，其中包括客戶收入預計將增長 2%。對於 2025 年第一季度，我們預計與客戶相關的非利息收入將出現季節性下降，然後普遍預期全年客戶費用將會成長。

Full-year noninterest expenses are expected to grow 3% with higher salaries and benefits, lower gains on sale of real estate, and an increase in pension expense. First-quarter 2025 expenses are projected to increase 2% over the fourth quarter of 2024 with normal seasonality and compensation expenses. Expense discipline remains a priority as we seek to self-fund strategic and risk management investments to support our future while improving efficiency.

由於工資和福利增加、房地產出售收益減少以及退休金支出增加，預計全年非利息支出將增加 3%。預計 2025 年第一季的支出將比 2024 年第四季增加 2%，季節性和薪資支出正常。我們尋求自籌資金進行策略和風險管理投資以支持我們的未來並提高效率，因此費用紀律仍然是我們的首要任務。

Moving to capital, we continue to appreciate the importance of a strong capital position and intend to consider a number of variables, including loan growth, the forward curve, and the broader economic environment as we execute our plan for the year. We intend to maintain a CET1 ratio well above our 10% strategic target in 2025. In all, we expect favorable sentiment and trends to drive responsible customer-related growth throughout 2025.

對於資本，我們繼續重視強大資本狀況的重要性，並打算在執行年度計劃時考慮多種變量，包括貸款成長、遠期曲線和更廣泛的經濟環境。我們打算將 CET1 比率維持在遠高於 2025 年 10% 的策略目標的水平。總而言之，我們預計良好的情緒和趨勢將在 2025 年推動負責任客戶相關的成長。

Now I'll turn the call back to Curt.

現在我將把電話轉回給 Curt。

Thank you, Jim. As one of the few banks who have celebrated 175 years in business, we understand the importance of strong capital, credit, and liquidity in delivering long-term success. And as discussed, we feel those foundational strengths really shine through in 2024.

謝謝你，吉姆。作為少數幾家成立已有 175 年的銀行之一，我們深知強大的資本、信貸和流動性對於長期成功的重要性。正如所討論的，我們認為這些基礎優勢將在 2024 年真正充分體現。

On top of that, we saw positive customer deposit trends, successfully managed deposit pricing, returned capital to shareholders through resumption of share repurchases. As we look forward, we feel our model is compelling.

除此之外，我們看到了積極的客戶存款趨勢，成功管理了存款定價，並透過恢復股票回購向股東返還了資本。展望未來，我們覺得我們的模式是引人注目的。

We have a unique geographic strategy that is diversified and focuses on growing markets. Our talent is differentiated and tenured colleagues who have deep expertise to deliver consistency to our customers. We continue to invest in our development program, which creates a consistent pipeline of colleagues or the right mix of sales and credit skills.

我們擁有獨特的地理策略，該策略多元化且專注於成長型市場。我們的人才是差異化和資深的同事，他們擁有深厚的專業知識，能夠為我們的客戶提供一致的服務。我們將繼續投資於我們的發展計劃，以創造一支穩定的同事團隊或正確的銷售和信貸技能組合。

Our product suite is strong, tailored to meet the needs of our customers. And we are making strategic investments which will enhance our solution set. Importantly, we feel well positioned to deliver responsible loan growth, supported by higher deposits complemented by increased customer-related fee income. No doubt, there's always some level of economic uncertainty, but we are managing our business for the long term by making important investments that support existing customers and win new relationships.

我們的產品套件功能強大，能夠滿足客戶的需求。我們正在進行戰略投資，這將增強我們的解決方案。重要的是，在存款增加和客戶相關費用收入增加的支持下，我們認為自己有能力實現負責任的貸款成長。毫無疑問，經濟總是存在一定程度的不確定性，但我們透過進行重要投資來支持現有客戶並贏得新關係，從而實現長期業務管理。

Before we go to Q&A, I'd like to take just a moment and acknowledge the individuals and businesses who have navigated the unprecedented flooding in the Southeast late last year and the recent wildfires in California. Our thoughts are with our Comerica colleagues and customers impacted by these tragic events.

在我們進入問答環節之前，我想花一點時間感謝那些在去年年末東南部史無前例的洪水和最近加州的山火中挺身而出的個人和企業。我們對受到這些悲劇事件影響的 Comerica 同事和客戶表示深切慰問。

And with that, we are happy to take your questions.

我們非常樂意回答您的問題。

(Operator Instructions) Jon Arfstrom, RBC Capital Markets.

（操作員指示）Jon Arfstrom，RBC 資本市場。

Good morning, Jon.

早安，喬恩。

Hey, good morning. Can you touch a little bit on your loan growth outlook? You talked a little bit about the pipelines maybe being a little bit better. But I think you're showing commitments stable as well, but you said better sentiment. Can you talk a little bit about what you've seen over the last few months?

嘿，早安。您能否稍微談談您的貸款成長前景？您剛才談到管道可能會變得更好一些。但我認為你也表現出穩定的承諾，但你說情緒更好。您能談談過去幾個月您所看到的情況嗎？

Yeah, Jon, it's Peter. So over the last few months, I think the tone has changed. 90 days ago, we were hearing a lot more about interest rate relief needed per se to stimulate loan growth.

是的，喬恩，我是彼得。因此，在過去的幾個月裡，我認為基調已經改變了。 90 天前，我們聽到了很多關於需要降低利率來刺激貸款成長的消息。

And I think that that is -- I don't want to say totally gone away -- but it certainly seems to have subsided with more customer optimism going into the new year. And so I think that that overall customer sentiment is encouraging. We're starting our -- the year off with a better pipeline than we did a year ago. So I think all that together is pretty encouraging.

我認為，我不想說這種情況已經完全消失，但隨著新年來臨，顧客的樂觀情緒日益增強，這種情況似乎已經消退。因此我認為整體顧客情緒是令人鼓舞的。與一年前相比，我們以更好的管道開啟了新的一年。所以我認為，所有這些綜合起來是非常令人鼓舞的。

And it's pretty broad-based. I mean the only business where we really just don't feel like there's a whole lot of activity going on is CRE, as we discussed. So we expect that to be a headwind going into 2025. But across the rest of the book, I think customer sentiment has improved quite a bit over the last 90 days and seems less tied to interest rate outlook than maybe it did when we finished the third quarter.

而且其基礎相當廣泛。我的意思是，正如我們所討論的，我們真正感覺到沒有太多活動的唯一業務是 CRE。因此，我們預計這將成為 2025 年的一個阻力。但縱觀本書的其餘部分，我認為客戶情緒在過去 90 天裡已經有了很大改善，而且似乎與利率前景的聯繫不像我們第三季末那樣緊密。

Okay. And just a follow-up, Peter. Just the CRE payoff outlook. Is anything -- when do you expect that to change? I mean when do you expect some of those headwinds to eventually fade out?

好的。這只是後續問題，彼得。僅是 CRE 的回報前景。有什麼事嗎－您預計什麼時候會改變？我的意思是，您預期這些不利因素何時最終會消失？

Jon, it's a good question. I probably should add a disclaimer to what I just said. I think interest rates are probably affecting that business more than any. And so I suspect that we will see payoffs through 2025, possibly into 2026, with sort of the current interest rate outlook that the country has at the moment.

喬恩，這是個好問題。我可能應該對我剛才所說的內容添加一個免責聲明。我認為利率對該業務的影響可能比其他任何因素都大。因此，我預計，按照該國目前的利率前景，我們將在 2025 年甚至 2026 年看到回報。

Could that change? Could we see less payoffs if rates were to stay where they are, possibly? Could it speed up if rates were to drop? Maybe so. I think rates going up would certainly impact that business, both in just opportunities out there and balances probably staying on longer.

這能改變嗎？如果利率維持在當前水平，我們是否會看到更少的收益？如果利率下降，成長速度會加快嗎？或許如此。我認為利率上升肯定會對業務產生影響，不僅會影響現有的機遇，還可能會使餘額維持更長時間。

So a little bit of moving parts. I think our baseline is just expecting sort of quarterly payoffs through the rest of this year and probably into the first or second quarter of '26.

因此有一點點活動部件。我認為，我們的基礎只是預計今年剩餘時間以及可能在26年第一季或第二季會有季度收益。

Yeah. Okay. All right. I'll step back. Thank you guys very much.

是的。好的。好的。我就退後一步。非常感謝你們。

Thanks, Jon.

謝謝，喬恩。

Thanks, Jon.

謝謝，喬恩。

Manan Gosalia, Morgan Stanley.

摩根士丹利的馬南‧戈薩利亞 (Manan Gosalia)。

Morning, Manan.

早安，馬南。

Hi, good morning. On brokered deposits, I know those are coming down nicely and you expect to pay down some more as you go through the first half of the year. Can you talk about how much room there is to pay down some of these higher-cost sources of funding as we go through the year, if loan growth remains weak?

嗨，早安。關於經紀存款，我知道這些存款正在大幅下降，而且您預計在上半年會償還更多。如果貸款成長依然疲軟，您能否談談，今年我們還有多少空間來償還這些高成本融資來源的債務？

Yes. Good morning, Manan. Yeah, we did end the year with just over about $1.1 billion of brokered deposits. And we do see those coming down pretty continuously throughout 2025, probably more so starting in the second and third quarters, but all the way through early fourth quarter.

是的。早安，馬南。是的，到年底我們的經紀存款確實超過了 11 億美元。我們確實看到這些數字在整個 2025 年都會持續下降，可能從第二季和第三季開始下降，一直持續到第四季初。

It's very feasible that we have no brokered deposits -- no brokered time deposits by the end of 2025. So those are a little bit pricey. We're paying about 5.4% for those. And it is our goal with strong core customer deposit growth to eliminate most or all of those by the end of 2025.

到 2025 年底，我們將不再有經紀存款——不再有經紀定期存款，這是非常有可能的。所以它們有點貴。我們為此支付了約5.4%。我們的目標是，透過核心客戶存款的強勁成長，到 2025 年底消除大部分或全部此類存款。

And that will, of course, depend on loan growth trends and other factors. But overall, we continue to improve the efficiency of our funding mix and quite optimistic about that.

當然，這將取決於貸款成長趨勢和其他因素。但總體而言，我們將繼續提高我們的融資組合效率，並且對此感到非常樂觀。

Got it. And in terms of capital, I know you're managing that reported CET1 to about 10%. But is there a number you're managing to for CET1 including AOCI?

知道了。在資本方面，我知道您將報告的 CET1 控制在 10% 左右。但是，對於包括 AOCI 在內的 CET1，您是否能達到一個數字？

There is no one number because there are a number of capital ratios, that different constituencies value. So we are considering kind of a smorgasbord of capital ratios. But of course, CET1 is likely the most important there. With higher levels of AOCI like we had this quarter, we are being a little bit more cautious on capital.

不存在一個單一的數字，因為不同選區對資本比率有不同的看法。所以，我們正在考慮各種各樣的資本比率。但當然，CET1 可能是最重要的。由於本季的 AOCI 水準較高，我們在資本方面更加謹慎。

But I think it's fair to say, regardless of where things go this year, we plan on staying well above 11% CET1. And then as AOCI continues to come down later this year and into '26, it gives us more options from a capital standpoint. But overall, considering a number of ratios and I think it's fair to say we'll be well above 11% for this year.

但我認為可以公平地說，無論今年情況如何，我們都計劃將 CET1 保持在 11% 以上。隨著 AOCI 在今年稍後以及 26 年繼續下降，從資本角度來看，它為我們提供了更多選擇。但總體而言，考慮到一系列比率，我認為可以公平地說，今年的成長率將遠高於 11%。

So is it fair to say that if the long end of the curve goes up more and that CET1 including AOCI comes down, you would just manage your capital levels by flexing buybacks, and you still have enough balance sheet available for customers if loan growth should pick up?

因此，是否可以這樣說：如果曲線的長端進一步上升，而包括 AOCI 在內的 CET1 下降，您只需透過彈性回購來管理您的資本水平，並且如果貸款成長回升，您仍然有足夠的資產負債表可供客戶使用？

Absolutely. We have a lot of options with capital. Certainly, loan growth is not an issue. Loan growth, as Peter was saying, is going to be a little bit of a wildcard depending on where Commercial Real Estate goes. So first and foremost, we will pay attention to where loan growth trends go in determining what we do with capital. But again, AOCI is probably the number-two factor right behind where loan growth goes.

絕對地。我們在資本方面有很多選擇。當然，貸款成長不是問題。正如彼得所說，貸款成長將會有點不確定，這取決於商業房地產的發展方向。因此，我們首先會關注貸款成長趨勢，以決定如何處理資本。但同樣，AOCI 可能是僅次於貸款成長的第二大因素。

Great. Thank you.

偉大的。謝謝。

John Pancari, Evercore ISI.

約翰潘卡里 (John Pancari)，Evercore ISI。

Morning, John.

早安，約翰。

Morning. Just looking at the expense side, you're running at in the high 60s efficiency ratio currently. As you look at 2025, given your guide, it looks like you may still be in that general range. I mean, what do you view as the appropriate long-term efficiency ratio for Comerica? And what can drive you back down off of that upper 60s levels? Is it primarily going to be a revenue catalyst, or is there an expense opportunity there?

早晨。如果只從費用方面來看，目前的效率比已經達到了 60% 左右。展望 2025 年，根據您的指南，看起來您可能仍處於該大致範圍內。我的意思是，您認為 Comerica 的長期效率比率是多少？那麼什麼能讓您的體溫從 60 多度的水平回落呢？它主要會成為收入催化劑嗎，還是存在支出機會？

Good morning, John. Yeah, we have seen some elevated efficiency ratios. And we really saw this take place following the regional bank crisis with some of the shifts in deposit mix. So we are working to return back to what we think is an acceptable efficiency ratio, which we believe, ultimately, needs to be in the 50s to hit some of the ROE objectives that we have in the future. So we are working towards that.

早安，約翰。是的，我們已經看到了一些提高的效率比率。我們確實看到這種情況在地區銀行危機之後隨著存款結構的一些變化而發生。因此，我們正在努力恢復到我們認為可接受的效率比率，我們認為，最終需要達到 50% 左右才能實現我們未來的一些 ROE 目標。我們正在朝著這個目標努力。

It's always a combination of both revenue and expenses. But we are very committed to making sure that we have very strong revenue. We're not going to short expenses and investment for the sake of any short-term objectives. The important thing over time is to grow revenue.

它總是收入和支出的結合。但我們致力於確保我們擁有強勁的收入。我們不會為了任何短期目標而減少開支和投資。隨著時間的推移，重要的是增加收入。

But clearly, expenses need to grow at a lower-rate than revenue. We need positive operating leverage on a consistent basis to get there. So a combination of both. But in the long run, I believe it is more of a revenue play with responsible investment and expense decisions and making sure that we have positive operating leverage.

但顯然，支出的成長速度需要低於收入的成長速度。為了實現這一目標，我們需要持續保持積極的經營槓桿。所以兩者是結合。但從長遠來看，我相信這更多的是一種收入遊戲，需要負責任的投資和支出決策，並確保我們有積極的經營槓桿。

Okay. All right. Thanks. And then, separately, on the deposit side, you had indicated the Direct Express $3.5 billion in average deposit balances. You don't expect a material change based upon the extension and the way the agreement is right now. Is there anything that could change that, and if you could see potentially a faster decline in those balances than you anticipate at this point?

好的。好的。謝謝。然後，另外，在存款方面，您指出 Direct Express 的平均存款餘額為 35 億美元。您不會期望根據延期和當前的協議情況發生重大變化。有什麼事情可以改變這種狀況嗎？

John, it's Peter. I think the answer to that question is, no, nothing could change that, that we foresee at the moment. We're still working on what the transition process looks like. But as the year unfolds, we will certainly communicate that as we can to what the outlook appears to be.

約翰，我是彼得。我認為這個問題的答案是否定的，沒有什麼可以改變我們目前所預見的情況。我們仍在研究過渡過程的具體細節。但隨著時間的推移，我們肯定會盡可能地傳達前景如何。

But at the moment, we don't see anything changing in '25 and really certainly into '26 at the moment either. So I think the answer is, we don't see any real changes to what we've communicated in the last several quarters on this. And to the extent that it does, we will do our best to share that. But no changes at the moment.

但目前，我們沒有看到 25 年會有什麼變化，目前也肯定不會看到 26 年會有什麼變化。所以我認為答案是，我們沒有看到過去幾季所傳達的內容有任何實質變化。如果可以的話，我們會盡力分享。但目前還沒有任何變化。

Okay, great. Thanks for the color.

好的，太好了。謝謝你的顏色。

Thanks, John.

謝謝，約翰。

Bernard Von Gizycki, Deutsche Bank.

德意志銀行的 Bernard Von Gizycki。

Morning, Bernard.

早安，伯納德。

Hey, guys. Good morning. Just a question on expansion efforts. So you talked about expanding in areas like the Southeast and the Mountain West. Are there targets for like number of hires you're looking to add this year? Is there just a way to think about how much of the expense base is in incremental expense initiatives?

嘿，大家好。早安.我只想問一下關於擴張努力的問題。所以您談到了向東南和山區西部等地區的擴張。今年想要增加的招募人數有目標嗎？有沒有辦法可以思考支出基礎中有多少是來自於增量支出計畫？

Bernard, it's Peter. So in the Southeast, I would say that we are certainly looking at opportunistic hiring. We did a lot of hiring in the last couple of years and feel pretty good at sort of the ramp-up that we've had so far.

伯納德，我是彼得。因此，我想說，在東南部，我們肯定在尋找機會性招募。我們在過去幾年招募了許多員工，對於目前的成長速度我們感到十分滿意。

I think we feel like going into 2025, we're going to see opportunities. And we tend to take advantage of those in the Southeast. But probably not the same ramp-up that we had the last two years, but definitely looking at folks and adding that market, particularly in our Florida market.

我認為，進入 2025 年，我們將看到機會。我們傾向於利用東南部的優勢。但可能不會像過去兩年那樣有同樣的成長，但肯定會關注人們並擴大這個市場，特別是我們的佛羅裡達市場。

In the Mountain West, it's a little bit more -- probably, a little more aggressive in the Mountain West to the extent that we can find talent. We're certainly looking at opportunities in the Denver market as well as in Phoenix. And so I think that that's -- both of those are markets that we would continue to add folks in.

在山區西部，我們可能會更積極地尋找人才。我們當然正在尋找丹佛市場和菲尼克斯的機會。所以我認為，這兩個市場都是我們將繼續吸收新客戶的地方。

Now I would remind you, too, though, we have tremendous opportunity to add folks in markets like DFW, in Houston, in Los Angeles, and San Francisco. So we feel fortunate that we are in such great markets where the economy is doing really well. There's population growth. And we feel like there's opportunities to continue to add folks in each of those markets on a go-forward basis. So --

現在我還要提醒你，我們有巨大的機會在達拉斯-沃斯堡、休士頓、洛杉磯和舊金山等市場增加員工。因此，我們感到很幸運，因為我們處在如此優秀的市場，而且經濟發展狀況非常好。人口在成長。我們覺得，未來還有機會繼續在各個市場增加人才。所以--

Okay. Appreciate that. And then maybe just on M&A, like with an easing in the regulatory environment expected from here, just thoughts on how would you think about potentially doing a whole bank deal or a branch or like portfolio acquisition? Just any areas of those that could be of potential interest.

好的。非常感謝。然後也許只是關於併購，例如預計監管環境將有所放鬆，您如何考慮進行整個銀行交易或分行或投資組合收購？任何可能引起興趣的領域都可以。

Thank you, Bernard. The strategy for us has really not changed. We have historically been a very patient acquirer. We've only done one deal in the last 20-plus years and are continuing to focus on organic growth.

謝謝你，伯納德。我們的策略實際上沒有改變。從歷史上看，我們都是一個非常有耐心的收購者。我們在過去 20 多年裡只做過一筆交易，並且繼續專注於有機成長。

Peter just talked about the markets that we operate in. We think we've got lots of opportunities to continue to grow in those markets and also to continue to add talent selectively where it makes sense for us to do so.

彼得剛才談到了我們經營的市場。我們認為，我們有很多機會在這些市場繼續發展，並在合理的情況下繼續有選擇地引進人才。

And we feel like we've got the right balance of sort of product mix and focus as an organization, especially with our strong commercial focus as the best bank for what we believe businesses in the marketplace, but also a really strong wealth management and retail franchise.

我們覺得，作為一個組織，我們在產品組合和重點之間取得了適當的平衡，尤其是我們具有強大的商業重點，我們是市場上業務最出色的銀行，同時還擁有非常強大的財富管理和零售特許經營權。

So we'll continue to be patient and really focus primarily on organic growth. Certainly, there might be some opportunities that come along that in terms of team lift-outs, in terms of product capabilities, et cetera, that we'll look at periodically, but again, primarily focused on organic growth.

因此，我們將繼續保持耐心並真正主要專注於有機成長。當然，在團隊提升、產品能力等方面可能會出現一些機會，我們會定期關注，但同樣，我們主要關注的是有機成長。

Okay, great. Thanks for taking my questions.

好的，太好了。感謝您回答我的問題。

Anthony Elian, JPMorgan.

摩根大通的安東尼·埃利安 (Anthony Elian)。

Morning, Anthony.

早安，安東尼。

Hi, everyone. Does your loan growth outlook for 2025 include any uptick in utilization rates, which looks like have been flat the past couple of quarters?

大家好。您對 2025 年貸款成長的預測是否包括利用率的上升？

Anthony, it's Peter. No, it really doesn't. I think that you might consider that the alpha probably to all the bank's loan outlook. I think utilization has been pretty flat for quite a while now. It's certainly been below historical numbers that people have been in this a long, long time. But we aren't necessarily factoring that into the outlook that we're providing.

安東尼，我是彼得。不，確實不是。我認為您可能會認為 alpha 可能影響所有銀行的貸款前景。我認為利用率目前已經相當平穩一段時間了。這肯定低於人們長期以來處於這種狀態的歷史數字。但我們在提供展望時，不一定會考慮到這一點。

And to the extent utilization were to pick up, that would be a good thing. Of course, any one of our businesses is going to have utilization sort of moving up and down, depending on what's going on in that particular industry. But on the whole, what I would tell you is we've kind of -- we've pretty much kept it flat.

如果利用率上升的話，這將是一件好事。當然，我們任何一個企業的利用率都會有上升和下降，這取決於該特定行業的情況。但就整體而言，我想告訴你的是，我們基本上保持了平穩。

Thank you. And then my follow-up, can you provide more color on NPAs, maybe for Melinda? I know you called out the impacts from higher rates. But was there anything specific in the fourth quarter that contributed to the increase you saw? Thank you.

謝謝。然後我的後續問題是，您能否為梅琳達提供有關 NPA 的更多詳細資訊？我知道您已經指出了利率上升帶來的影響。但是第四季有什麼特殊因素促成了這一成長嗎？謝謝。

Yeah, this is Melinda. The NPA increase was about $58 million quarter over quarter, which on the whole for a portfolio of our size, I would consider that very, very modest. It was centered in around four or five different names, so still very granular.

是的，這是梅琳達。NPA 季度環比增加約 5800 萬美元，總體而言，對於我們這種規模的投資組合而言，我認為這是非常非常溫和的。它以四、五個不同的名稱為中心，因此仍然非常細緻。

We did have one Commercial Real Estate loan move into the NPA category, and that was approximately $30 million. So nothing really unusual. Again, the commonality there is pressure from higher interest rates on overall profitability and ability to service debt.

我們確實有一筆商業房地產貸款被納入 NPA 類別，金額約為 3000 萬美元。所以並沒有什麼不尋常的。再一次，共同點是較高的利率對整體獲利能力和償還債務的能力造成壓力。

And the other commonality that we've seen, not just in NPAs, but really in the charge-offs this quarter, were companies that have an orientation towards serving consumer discretionary products. There's just still some pressure there from a consumer perspective in terms of what they have available.

我們看到的另一個共同點是，不僅僅是在不良資產中，而且在本季的沖銷中，公司都傾向於服務非必需消費品。從消費者的角度來看，就其現有資源而言，仍存在一些壓力。

But on the whole, the credit portfolio, I think, performed quite well. And the migration that we saw was pretty much expected and very much in line with sort of the normalization trends. And just as one other comment, our absolute levels of NPAs at about 60 basis points is about half of what our long-term average is. So yes, we saw an increase, but still relatively low and consider that pretty manageable from our perspective.

但就整體而言，我認為信貸組合表現相當良好。我們看到的遷移幾乎是預料之中的，並且非常符合正常化趨勢。正如另一條評論所說，我們的不良資產絕對水準約為 60 個基點，約為長期平均值的一半。所以是的，我們看到了成長，但仍然相對較低，並且從我們的角度來看這是相當可控的。

Thank you.

謝謝。

Welcome.

歡迎。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

Good morning, Chris.

早上好，克里斯。

Hey, good morning. Jim, a question on the modest balance sheet restructuring that you did in the quarter, the bond sale. I mean the earn-back within a year is pretty compelling.

嘿，早安。吉姆，我有一個問題關於您在本季度進行的適度資產負債表重組，以及債券出售。我的意思是一年之內的盈利是相當誘人的。

I guess the question, why not be more aggressive either now or the next coming quarters? You've got the capital to absorb it and just it would, I think, lock that rate and efficiency that you talked about.

我想問題是，為什麼現在或接下來的幾季不採取更積極主動的措施？你有資本來吸收它，而且我認為它會鎖定你所說的利率和效率。

Good morning, Chris. When we look at the options for capital return, we still really do favor share repurchase over securities repositioning. Securities repositioning is essentially neutral to tangible book value in the long run. It's just time geography.

早上好，克里斯。當我們考慮資本回報選項時，我們仍然確實傾向於股票回購而不是證券重新定位。從長遠來看，證券重新定位對於有形帳面價值基本上是中性的。這只是時間地理。

I realize it does move around earnings and maybe from an optics standpoint, spruce things up. But if we have to make choices, we would much rather put it in the share repurchase and other capital return options that we think have a real return to shareholders.

我意識到它確實會影響收益，也許從光學角度來看，會讓事情變得更好。但如果我們必須做出選擇，我們更願意將其投入股票回購和其他我們認為能夠真正為股東帶來回報的資本回報選項。

Okay. And then I guess my follow-up, just a clarification, Jim, on the guidance or all the guides, NII fees, expenses relative to GAAP reported numbers. Can you confirm that?

好的。然後我想我的後續問題只是對指導或所有指南、NII 費用、相對於 GAAP 報告數字的費用進行澄清，吉姆。你能否證實？

Yes. Yeah, yeah. Very relative to GAAP numbers.

是的。是啊是啊。與 GAAP 數字高度相關。

Thank you.

謝謝。

As all the guidance are.

正如所有指導一樣。

Thank you. At this time, there are no additional questions. I will now turn the call back to Mr. Curt Farmer for closing remarks.

謝謝。目前，沒有其他問題。現在我將請 Curt Farmer 先生作結束語。

Thank you to all of you for joining our call this morning. As always, thank you for your continued interest in Comerica. We hope you have a very good day. Thank you.

感謝大家參加我們今天上午的電話會議。一如既往，感謝您對 Comerica 的持續關注。我們希望您度過愉快的一天。謝謝。

This will conclude today's conference. You may disconnect your lines at this time. We thank you for your participation, and have a wonderful day.

今天的會議到此結束。現在您可以斷開您的線路。我們感謝您的參與，並祝您有美好的一天。