First Citizens BancShares Inc (Delaware) (FCNCA) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the First Citizens BancShares fourth-quarter 2024 earnings conference call.

女士們、先生們，感謝你們的支持並歡迎參加 First Citizens BancShares 2024 年第四季財報電話會議。

(Operator instructions) As a reminder, today's conference is being recorded.

（操作員指示） 提醒一下，今天的會議正在錄製中。

I would now like to introduce the host of this conference call, Ms. Deanna Hart, Head of Investor Relations.

現在我想介紹一下本次電話會議的主持人，投資者關係主管 Deanna Hart 女士。

You may begin.

你可以開始了。

Good morning and welcome to First Citizens fourth-quarter earnings call.

早上好，歡迎參加 First Citizens 第四季財報電話會議。

Joining me on the call today are Chairman and Chief Executive Officer, Frank Holding; and our Chief Financial Officer Craig Nix.

今天和我一起參加電話會議的還有董事長兼執行長 Frank Holding；和我們的財務長克雷格·尼克斯。

They provide fourth quarter business and financial updates referencing our earnings call presentation which you can find on our website.

他們提供第四季度的業務和財務更新，參考我們的收益電話會議簡報，您可以在我們的網站上找到這些簡報。

Our comments today will include forward-looking statements which are subject to risks and uncertainties that may cause actual results to differ materially from expectations.

我們今天的評論將包括前瞻性陳述，這些陳述受到風險和不確定性的影響，可能導致實際結果與預期有重大差異。

We assume no obligation to update such statements.

我們不承擔更新此類聲明的義務。

These risks are outlined on page 3 of the presentation.

簡報第 3 頁概述了這些風險。

We will also reference Non-GAAP financial measures.

我們也將參考非公認會計準則財務指標。

Reconciliations of these measures against the most directly comparable GAAP measures can be found in section 5 of the presentation.

這些措施與最直接可比較的 GAAP 措施的調整可以在簡報的第 5 節中找到。

Finally, for citizens is not responsible for and does not edit nor guarantee the accuracy of earnings transcripts provided by third parties.

最後，For Citizen 不對第三方提供的收入記錄的準確性負責，也不編輯或保證其準確性。

I will now turn it over to, Frank.

我現在將其交給弗蘭克。

Thank you, Deanna.

謝謝你，迪安娜。

Good morning, everyone, and welcome to our call.

大家早上好，歡迎打電話給我們。

I will provide brief comments on our fourth quarter results as well as our 2025 strategic priorities before turning it over to Craig to review our performance more detail and discuss the outlook for 2025.

我將對我們第四季度的業績以及 2025 年的戰略重點進行簡要評論，然後將其交給克雷格，以更詳細地審查我們的業績並討論 2025 年的前景。

Starting on page 6, we delivered another quarter of strong results, return metrics with adjusted earnings per share of $45.10 coming in above our expectations on higher core PPNR than anticipated.

從第 6 頁開始，我們又發布了一個季度的強勁業績，調整後每股收益為 45.10 美元，回報指標超出了我們的預期，核心 PPNR 高於預期。

We remain encouraged by the performance across all our operating segments with each of them achieving loan and deposit growth during the quarter.

我們對所有營運部門的業績仍然感到鼓舞，每個部門在本季度都實現了貸款和存款成長。

As Craig will discuss later, I do want to highlight that SVB had a great quarter as VC investment activity saw modest improvements.

正如克雷格稍後將討論的那樣，我確實想強調，SVB 季度表現出色，因為創投活動略有改善。

Fourth quarter loans were up over the third quarter and the fourth quarter of last year despite the ongoing muted pace of investment for most of the year.

儘管今年大部分時間投資步伐持續放緩，第四季貸款仍較去年第三季和第四季有所增加。

Deposits were also up with total client funds registering solid annualized and actual percentage growth in the fourth quarter and for the full year respectively.

存款也有所增加，客戶資金總額在第四季度和全年分別實現了穩健的年化和實際百分比增長。

As we approach two years combined with SVB, we remain pleased with the stability of the franchise and particularly the competitive advantage we have in the innovation economy and in fund banking.

隨著我們與 SVB 合併的時間臨近，我們對特許經營權的穩定性，特別是我們在創新經濟和基金銀行業務方面的競爭優勢仍然感到滿意。

Capital and liquidity remained strong during the quarter providing us with capacity for balance sheet growth while continuing to optimize our capital position through share repurchases.

本季資本和流動性保持強勁，為我們提供了資產負債表成長的能力，同時繼續透過股票回購優化我們的資本狀況。

During the fourth quarter, we repurchased an additional 3.5% of our Class A common stock, bringing total repurchases since the inception of the repurchase plan to 6.44%.

第四季度，我們額外回購了 3.5% 的 A 類普通股，使回購計畫啟動以來的回購總量達到 6.44%。

In early January, we announced the appointment of Matt Snow to our Board of Directors.

一月初，我們宣布任命 Matt Snow 為董事會成員。

Matt is a distinguished leader and an executive with more than 30 years financial services experience and most recently served as Chairman of the Governing Board of Forvis Mazars, a top 10 US accounting firm.

Matt 是一位傑出的領導者和高階主管，擁有 30 多年的金融服務經驗，最近擔任美國十大會計師事務所 Forvis Mazars 的董事會主席。

We were excited to add him to our team and know he will provide invaluable insights, which will help us continue to successfully navigate the landscape for large financial institutions.

我們很高興讓他加入我們的團隊，並知道他將提供寶貴的見解，這將幫助我們繼續成功地駕馭大型金融機構的格局。

Finally, in the wake of the recent wildfires and hurricanes, our thoughts continue to be with our affected associates, clients and communities across the West Coast and the Southeast.

最後，在最近的野火和颶風之後，我們繼續與西海岸和東南部受影響的同事、客戶和社區同在。

Following the tragic loss of life and widespread destruction of property, we are committed to continued support of those impacted and we assure them that they have our support now and in the days, months and years to come.

在悲慘的生命損失和廣泛的財產破壞之後，我們致力於繼續為受影響的人們提供支持，並向他們保證，他們現在以及未來的日子、幾個月和幾年都會得到我們的支持。

Turning to page 7, I want to highlight our strategic areas of focus this year.

翻到第 7 頁，我想強調我們今年的策略重點領域。

We have added significant scale to our organization over the past few years while increasing our footprint and client base and expanding our products and services to support them.

在過去的幾年裡，我們的組織規模顯著擴大，同時擴大了我們的足跡和客戶群，並擴展了我們的產品和服務來支持他們。

This transformation of our company has not changed our commitment to our clients, associates and communities that helped us build the foundation upon which we sit today.

我們公司的這項轉型並沒有改變我們對客戶、員工和社區的承諾，而正是這些承諾幫助我們奠定了今天的基礎。

We remain steadfast in our long-term approach, our client, our relationship focus on clients and customers and our commitment to strong risk management all of which you will see pull-through in our 2025 strategic priorities.

我們堅定不移地堅持我們的長期方針、我們的客戶、我們對客戶和消費者的關注以及我們對強有力的風險管理的承諾，所有這些您都將在我們的 2025 年戰略重點中看到。

I will now discuss each of these briefly.

我現在將簡要討論其中的每一個。

First, with respect to our customers and clients, CIT and SVB introduced us to new strategic markets with expanded new products and services allowing us to help our customers and clients achieve their goals at every new stage of their personal, business and entrepreneurial journeys.

首先，對於我們的客戶和客戶，CIT 和SVB 透過擴展的新產品和服務向我們介紹了新的策略市場，使我們能夠幫助我們的客戶和客戶在個人、業務和創業之旅的每個新階段實現他們的目標。

In 2025, we will continue to expand these new capabilities throughout the organization, which will enhance our ability to provide seamless relationship management across our lines of business.

2025 年，我們將繼續在整個組織內擴展這些新功能，這將增強我們在各業務線提供無縫關係管理的能力。

Second, developing our associates and adding talent to support growth remain important priorities.

其次，發展我們的員工並增加人才以支持成長仍然是重要的優先事項。

Our ability to attract, retain and develop associates is critical to our success and ensuring we have the right talent in place to support our growth remains critical.

我們吸引、留住和培養員工的能力對於我們的成功至關重要，確保我們擁有合適的人才來支持我們的發展也至關重要。

Third, operational efficiency remains a priority.

第三，營運效率仍是首要任務。

The significant growth of our company over the past three years comes with a corresponding increase in technical and operating complexity.

我們公司在過去三年中的顯著成長伴隨著技術和操作複雜性的相應增加。

To position the company for long-term growth, we seek to simplify our operating environment and streamline our technology platforms to enable us to capitalize on the scale.

為了使公司實現長期成長，我們尋求簡化我們的營運環境並精簡我們的技術平台，以使我們能夠充分利用規模。

Fourth, balance sheet management.

第四，資產負債表管理。

We'll be focused on optimizing our liquidity and capital positions to support continued profitable growth.

我們將專注於優化流動性和資本狀況，以支持持續的獲利成長。

We will continue to focus on a funding remix to core deposits to support asset growth in our lines of business.

我們將繼續專注於核心存款的資金重組，以支持我們業務線的資產成長。

Additionally, we plan to continue our share repurchase plan with the goal of optimizing our capital.

此外，我們計劃繼續實施股票回購計劃，以優化我們的資本。

Finally, prudent risk management will remain a guiding principle across all our strategic efforts, and we will continue to invest in our capabilities as we approach Category 3 regulatory status.

最後，審慎的風險管理仍將是我們所有策略工作的指導原則，隨著我們接近第 3 類監管地位，我們將繼續投資於我們的能力。

To conclude, I'm pleased that 2024 financial performance exceeded our expectations and we are excited about the opportunities that lay ahead for us in 2025.

最後，我很高興 2024 年的財務表現超出了我們的預期，我們對 2025 年面臨的機會感到興奮。

I'm confident that we remain well positioned to generate long-term sustainable value for our clients, communities and shareholders.

我相信，我們仍然有能力為客戶、社區和股東創造長期可持續的價值。

I'll turn it over to Craig now to review our financial results in more detail.

我現在將其交給克雷格，以更詳細地審查我們的財務表現。

Craig?

克雷格？

Thank you, Frank.

謝謝你，弗蘭克。

I appreciate everyone for joining us today.

我感謝大家今天加入我們。

I will anchor my comments to the fourth quarter key takeaways outlined on page 9. pages 10 through 27 provide more details underlying our results.

我將把我的評論集中在第 9 頁概述的第四季度關鍵要點上。

Our fourth quarter return metrics and efficiency continued to compare favorably to our peer group with ROE and ROA adjusted for notable items of 11.51% and 1.14%, respectively, and an adjusted efficiency ratio of 57%.

我們第四季的回報指標和效率持續優於同行，針對顯著專案調整後的 ROE 和 ROA 分別為 11.51% 和 1.14%，調整後的效率率為 57%。

Headline NIM was 3.32% and NIM ex accretion was 3.16%.

整體淨利差為 3.32%，淨利差扣除率為 3.16%。

Aligned with our guidance, headline net interest income was down from the third quarter as the impact of lower yields on loans and overnight investments and lower accretion income more than offset higher investment securities income and lower deposit costs.

與我們的指引一致，整體淨利息收入較第三季有所下降，因為貸款和隔夜投資收益率下降以及增值收入下降的影響足以抵消投資證券收入的上升和存款成本的下降。

Headline NIM contracted sequentially by 21 basis points and excluding accretion by 17 basis points, 17 basis points decline was driven primarily by the negative impact of Fed rate cuts during the last four months of the year on our earning asset yield which was only partially offset by lower funding costs.

整體淨利差連續收縮 21 個基點，排除增加 17 個基點，17 個基點的下降主要是由於今年最後四個月聯準會降息對我們的生息資產收益率的負面影響，該影響僅被部分抵消較低的融資成本。

Adjusted noninterest income increased 9% sequentially, meeting our top line guidance.

調整後的非利息收入較上季成長 9%，符合我們的營收指引。

We continue to see solid traction in the rail business with 13 consecutive quarters of positive repricing trends, and another quarter of strong utilization rates.

我們繼續看到鐵路業務的強勁動力，連續 13 個季度呈現積極的重新定價趨勢，並且在另一個季度出現強勁的利用率。

We also benefited from strong performance in our commercial and SVB commercial segments, driven by increased deal flow, which led to higher international and lending-related syndication fees.

我們也受惠於商業和 SVB 商業領域的強勁表現，這得益於交易流量增加，導致國際和貸款相關的銀團費用上漲。

We also had positive impacts from fair value changes in customer derivative positions and other nonmarketable investments driven by changes in the rate environment.

利率環境變化驅動的客戶衍生性商品部位和其他非市場投資的公允價值變化也對我們產生了正面影響。

Adjusted noninterest expense came in slightly above our guidance range, increasing sequentially by 3.1% driven by higher personnel, amortization and other expense.

調整後的非利息費用略高於我們的指導範圍，由於人員、攤提和其他費用增加，較上季增加 3.1%。

Increased personnel costs were driven in part by net staff additions as we continue to build out our technology and risk organizations to support strategic projects and scale for future growth.

人員成本的增加部分是由於我們繼續建立我們的技術和風險組織以支持戰略項目和未來成長的規模，從而導致人員淨增加。

The increase was also due to higher incentive compensation and related benefit expenses driven by the strong revenue year for the bank.

這一增長也是由於該銀行強勁的收入年度推動了激勵薪酬和相關福利費用的增加。

Equipment expense increased due to several technology projects coming online, which drove higher amortization and software licensing costs.

由於多個技術項目上線，設備費用增加，導致攤銷和軟體授權成本上升。

As Frank noted in our strategic priorities, we are making investments in our infrastructure to support scalability and future growth, which have impacted our operating expenses in recent periods.

正如弗蘭克在我們的戰略重點中指出的那樣，我們正在對基礎設施進行投資，以支持可擴展性和未來的成長，這影響了我們近期的營運支出。

Other expense increased during the quarter driven by a number of miscellaneous items with the most significant, including higher state-related non-income taxes due to our increasing asset size as well as charitable donations provided to support relief efforts for the recent hurricanes and other smaller increases in various operating expenses.

本季其他費用有所增加，其中最重要的是一些雜項項目，包括由於我們的資產規模不斷增加而導致的與州相關的非所得稅的增加，以及為支持最近的颶風和其他較小規模的救援工作而提供的慈善捐款。

While these expenses were expected, they pulled through at a slightly elevated level in the fourth quarter, given accelerated hiring and increased project spend.

儘管這些費用在預期之內，但由於招聘加速和專案支出增加，第四季度的支出略有上升。

We will continue to make investments to help us scale effectively and to support both organic and strategic growth opportunities.

我們將繼續進行投資，以幫助我們有效擴大規模並支持有機成長和策略成長機會。

Moving to credit.

轉向信貸。

Non-accrual loans decreased sequentially and while net charge-offs were up slightly by 4 basis points over the third quarter, they were aligned with our expectations.

非應計貸款較上季下降，雖然淨沖銷比第三季小幅上升 4 個基點，但與我們的預期一致。

Consistent with previous quarters, net charge-offs were mostly concentrated in the general office, investor-dependent and small ticket leasing portfolios, but we did experience higher losses in our commercial finance business due to some idiosyncratic losses within our industry verticals.

與前幾季一致，淨沖銷主要集中在綜合辦公室、投資者依賴型和小額租賃組合中，但由於我們行業垂直領域內的一些特殊損失，我們的商業金融業務確實經歷了較高的損失。

We continue to take a disciplined measured approach to proactively reviewing our portfolios for additional stress and maintaining vigilance on credit remain a priority.

我們繼續採取嚴格的衡量方法，主動審查我們的投資組合是否存在額外壓力，並保持對信貸的警惕仍然是首要任務。

We believe our credit losses are well contained and see no emerging problems in other portfolios outside of those previously discussed.

我們相信我們的信用損失得到了很好的控制，並且除了之前討論的問題之外，其他投資組合中沒有出現任何問題。

The allowance ratio decreased by 1 basis point to 1.2%.

撥備率下降1個基點至1.2%。

We feel good about our reserve coverage as well as the coverage on the portfolios experiencing stress.

我們對我們的儲備覆蓋率以及對面臨壓力的投資組合的覆蓋率感到滿意。

Moving to the balance sheet.

轉向資產負債表。

We experienced broad-based loan growth across our operating segments, ending the quarter up $1.5 billion or by 1.1% sequentially.

我們的各個營運部門的貸款都出現了廣泛的成長，本季末增加了 15 億美元，比上一季增加了 1.1%。

General Bank loans grew by $676 million attributable to continued strong performance in business and commercial loans, while commercial bank loans were up $508 million with growth concentrated in our industry verticals.

由於企業和商業貸款的持續強勁表現，普通銀行貸款增長了 6.76 億美元，而商業銀行貸款增長了 5.08 億美元，增長集中在我們的垂直行業。

SVB commercial loans grew by $342 million, driven by global fund banking as draws and new fundings outpaced paydowns and payoffs.

在全球基金銀行業務的推動下，SVB 商業貸款成長了 3.42 億美元，因為提款和新資金超過了還款和還款。

Our team remains well positioned to serve new and existing clients, booking more than $5 billion in new business during the fourth quarter.

我們的團隊仍然處於有利地位，可以為新客戶和現有客戶提供服務，並在第四季度新業務預訂超過 50 億美元。

While the Tech and Healthcare business was down sequentially, it was in line with our expectations as the macro environment continues to be a drag on originations.

雖然科技和醫療保健業務連續下滑，但符合我們的預期，因為宏觀環境繼續拖累新創公司。

Turning to the right-hand side of the balance sheet.

轉向資產負債表的右邊。

Deposits were up $3.7 billion or by 2.4% sequentially and exceeded our guidance as we experienced strong growth across our operating segments.

由於我們各個營運部門都經歷了強勁增長，存款環比增加了 37 億美元，即 2.4%，超出了我們的指導。

The direct bank was the largest contributor to the increase, growing by $1.6 billion.

直接銀行是成長的最大貢獻者，成長了 16 億美元。

We were measured in bringing down our rates during the quarter to ensure balanced stability and to attract new clients given the shipment strategy for one of our SVB commercial deposit products.

鑑於我們的 SVB 商業存款產品之一的出貨策略，我們在本季降低了利率，以確保平衡穩定性並吸引新客戶。

This high-yielding deposit product will be shifting to an off-balance sheet product in the first quarter and is expected to lower total deposits in this channel on balance sheet by $2.5 billion.

這項高收益存款產品將在第一季轉向表外產品，預計將使表內該管道的存款總額減少25億美元。

While this will result in an absolute reduction in on balance sheet SVB commercial deposits, the funds will increase off-balance sheet client funds and is expected to have a limited impact on total client fund balances in the segment.

雖然這將導致 SVB 資產負債表內商業存款絕對減少，但這些資金將增加表外客戶資金，預計對該部門客戶資金餘額總額的影響有限。

This is one step we have taken as we work to optimize our balance sheet to enhance liquidity and reduce total deposit interest expense.

這是我們在努力優化資產負債表以增強流動性並降低存款利息支出總額時採取的一項措施。

In the General Bank, we experienced growth of $893 million as we continue to maintain strong client relationships and grow deposits organically.

在綜合銀行，隨著我們繼續保持牢固的客戶關係並有機地增加存款，我們實現了 8.93 億美元的成長。

We expect future deposit growth in the General Bank to continue, given our client-first focus and deeply rooted relationship banking model.

鑑於我們以客戶為先的宗旨和根深蒂固的關係銀行模式，我們預期綜合銀行未來的存款將持續成長。

As Frank highlighted earlier, SVB had a good quarter in terms of deposits, achieving sequential actual an average growth of $692 million and $1.2 billion, respectively.

正如 Frank 之前所強調的那樣，SVB 在存款方面表現出色，環比實際平均增長分別為 6.92 億美元和 12 億美元。

Additionally, total client funds, which include off-balance sheet accounts were up over the third quarter on a period on both a period-end and average basis, increasing by $5.3 million and $3.9 billion respectively.

此外，包括表外帳戶在內的客戶資金總額較第三季期末和平均水平均增加，分別增加了 530 萬美元和 39 億美元。

Our tech and health care team was the largest contributor to the total client fund growth as higher VC investment and better market valuations acted as a tailwind for increased inflows with both existing and new clients.

我們的技術和醫療保健團隊是客戶資金總額成長的最大貢獻者，因為更高的風險投資和更好的市場估值成為現有和新客戶資金流入增加的推動力。

Moving to capital.

遷往首都。

Frank mentioned that we continue to make progress on our share repurchase plan.

弗蘭克提到，我們的股票回購計畫繼續取得進展。

As of close of business on January 22, we repurchased 6.44% of Class A common shares or 6% of total common shares outstanding for a total price of $1.8 billion.

截至 1 月 22 日收盤，我們回購了 6.44% 的 A 類普通股，即已發行普通股總數的 6%，總價為 18 億美元。

This represents just over 50% of our Board approved $3.5 billion repurchase.

這相當於我們董事會批准的 35 億美元回購的 50% 多一點。

The CET1 capital ratio decreased by 25 basis points sequentially, ending the quarter at 12.99%.

CET1 資本適足率較上季下降 25 個基點，季末為 12.99%。

Along with the impact of share repurchases, this was driven by a continued decline in the benefit provided by the share loss agreement, which added approximately 66 basis points to the ratio this quarter, down 7 basis points from the third quarter.

除了股票回購的影響外，股權損失協議帶來的收益持續下降也推動了這一趨勢，本季增加了約 66 個基點，較第三季下降了 7 個基點。

CET1, excluding the benefits of the shared loss agreement, decreased 18 basis points sequentially as risk-weighted asset growth and the impact from share repurchases outpaced earnings growth.

由於風險加權資產成長和股票回購的影響超過了獲利成長，CET1（不包括分擔損失協議的收益）環比下降了 18 個基點。

We intend to manage CET1 ex loss share towards the 10.5% to 11% range by the end of 2025, which is the level it was following the acquisition of SVB.

我們計劃在 2025 年底前將 CET1 的除虧損份額控制在 10.5% 至 11% 的範圍內，這是收購 SVB 後的水平。

We intend to accomplish this through regular share repurchases in 2025 as we continue to assess capital needs, considering loan growth, earnings trajectories in the economic and regulatory environments.

我們打算在 2025 年透過定期股票回購來實現這一目標，同時我們將繼續評估資本需求，考慮貸款成長、經濟和監管環境中的獲利軌跡。

I will close on page 29 with our first quarter and full year 2025 outlook.

我將在第 29 頁結束我們對 2025 年第一季和全年的展望。

Anticipate loans in the $140 billion to $142 billion range in the first quarter, driven in part by growth in the Commercial Banking segment, primarily coming from our industry verticals.

預計第一季貸款將達到 1,400 億至 1,420 億美元，部分原因是商業銀行業務的成長，主要來自我們的垂直產業。

We also expect SVB commercial will benefit from growth in the Global Fund Banking business, thanks to the strong pipeline it maintains, but we do remain cautious on the absolute level of growth.

我們也預期 SVB 商業銀行將受益於全球基金銀行業務的成長，這要歸功於其保持的強大管道，但我們對成長的絕對水準仍保持謹慎。

Looking at the full year, we expect loans in the $144 million to $147 billion range, driven by anticipated growth in SVB Commercial and the commercial bank industry verticals.

展望全年，我們預計貸款將在 1.44 億美元至 1,470 億美元之間，這主要是受 SVB Commercial 和商業銀行業行業垂直行業預期增長的推動。

We expect that SVB commercial growth will be more concentrated in the back half of the year as the Fed's monetary easing cycle begins to take effect, and we see the benefit of higher VC investment activity as well as better capital markets activity.

我們預計，隨著聯準會貨幣寬鬆週期開始生效，SVB 商業成長將更加集中在今年下半年，並且我們看到創投活動增加以及資本市場活動改善的好處。

For the full year, in the General Bank, we expect continued mid-single-digit percentage growth in business and commercial loans in the branch network.

就全年而言，我們預計總銀行分行網路的企業和商業貸款將繼續實現中個位數百分比成長。

We do look to move pockets of our residential and consumer production off-balance sheet to create additional liquidity while generating supplemental noninterest income.

我們確實希望將部分住宅和消費品生產移出資產負債表，以創造額外的流動性，同時產生補充性非利息收入。

We expect deposits to be in the $154 billion to $157 billion range in the first quarter.

我們預計第一季存款將在 1540 億美元至 1570 億美元之間。

We expect overall growth in the General Bank as deposit gathering remains a top priority.

我們預期綜合銀行的整體成長，因為存款收集仍然是首要任務。

Additionally, within General Bank, we are projecting growth in our HOA business given our national market share position.

此外，在 General Bank 內部，鑑於我們的全國市場份額地位，我們預計 HOA 業務將會成長。

There is a lot of consolidation in this industry and we tend to be on the favorable side of it as our large customers continue to acquire smaller HOAs that may not be clients.

這個產業有很多整合，我們往往處於有利的一面，因為我們的大客戶繼續收購可能不是客戶的小型 HOA。

We expect the growth in the General Bank will be partially offset by a decline in SVB Commercial as we intentionally shift the higher-yielding deposit product that I mentioned earlier, off balance sheet in the first quarter.

我們預計，綜合銀行的成長將被 SVB Commercial 的下降部分抵消，因為我們有意將我之前提到的高收益存款產品轉移到第一季的表外。

For the full year, we anticipate deposits in the $162 billion to $167 billion range.

我們預計全年存款將在 1,620 億美元至 1,670 億美元之間。

Growth in deposits will be driven primarily by the General and Direct banks and the General Bank will continue to benefit from our network, leveraging new products and initiatives to deepen client relationships.

存款成長將主要由綜合銀行和直接銀行推動，綜合銀行將繼續受益於我們的網絡，利用新產品和措施來深化客戶關係。

We will also continue to focus on increasing our customer base by building deposits through proactive sales associate outreach, centralized marketing campaigns and increased community connectivity.

我們也將繼續致力於透過積極主動的銷售人員外展、集中行銷活動和增加社區聯繫來累積存款，從而擴大我們的客戶群。

We will continue to leverage the Direct Bank to drive growth and ensure core deposits.

我們將繼續利用直接銀行來推動成長並確保核心存款。

While it is a higher, cost product, we anticipate benefiting from falling interest rates and believe it will provide us with the strategic agility to pursue our balance sheet optimization efforts.

雖然它是一種成本較高的產品，但我們預計將從利率下降中受益，並相信它將為我們提供策略靈活性，以實現資產負債表優化工作。

Our interest rate forecast covers a range of 0 to 4.25 basis points rate cuts with the effective funds rate range declining from 4.25% to 4.50% currently to as low as 3.25% to 3.50% by the end of the year.

我們的利率預測涵蓋0至4.25個基點的降息範圍，有效基金利率範圍從目前的4.25%至4.50%下降至年底的3.25%至3.50%。

While our baseline forecast follows the implied curve, implied forward curve, which includes two rate cuts, we believe there is the possibility that declining inflation could lead to additional cuts.

雖然我們的基線預測遵循隱含曲線，即隱含遠期曲線，其中包括兩次降息，但我們認為通膨下降有可能導致進一步降息。

However, given stubborn inflationary metrics and recent hawkish positions by the Fed, we recognize these cuts may also not occur.

然而，考慮到頑固的通膨指標和聯準會最近的鷹派立場，我們認識到這些降息也可能不會發生。

Therefore, we believe it is prudent to provide a range of expectations for the year.

因此，我們認為對今年提供一系列預期是謹慎的。

We expect first quarter headline net interest income to be relatively stable compared to the fourth quarter as lower deposit costs were offset by lower accretion and interest on earning assets.

我們預計第一季整體淨利息收入與第四季相比將相對穩定，因為存款成本的下降被生息資產增值和利息的下降所抵消。

Our guidance does include the planned impact of share repurchase activity for 2025 under our current repurchase plan.

我們的指導確實包括根據我們目前的回購計劃，2025 年股票回購活動的計劃影響。

For the full year, we expect headline net interest income to be in the range of $6.6 billion to $7 billion, reflecting the impact of the 50 basis points rate cuts that occurred in the fourth quarter as well as any potential additional rate cuts in 2025.

我們預計全年整體淨利息收入將在 66 億美元至 70 億美元之間，反映了第四季度降息 50 個基點以及 2025 年任何可能進一步降息的影響。

In either case, as expected, we project that loan accretion will be down by over $200 million for the year.

無論哪種情況，正如預期的那樣，我們預計今年的貸款增量將減少 2 億多美元。

On credit losses, we anticipate first quarter net charge-offs relatively in line with the fourth quarter.

在信貸損失方面，我們預期第一季的淨沖銷與第四季相對一致。

While we anticipate continued stress in the investor dependent and office portfolios, we do believe equipment finance is beginning to normalize, and we are seeing signs of improvement and towards longer-term expectations for this portfolio.

雖然我們預計依賴投資者的投資組合和辦公投資組合將繼續面臨壓力，但我們確實相信設備融資正在開始正常化，並且我們看到了改善的跡像以及對該投資組合的長期預期。

In commercial real estate, rate cuts could ease some of the pressure on borrowers in the general office sector and over the long term, help to reduce stress in this portfolio.

在商業房地產領域，降息可以緩解普通辦公部門借款人的部分壓力，從長遠來看，有助於減輕該投資組合的壓力。

However, we do believe losses remain elevated in 2025, even as market disruption may lessen as more companies begin to reinstate office attendance requirements.

然而，我們確實認為，儘管隨著更多公司開始恢復辦公室出勤要求，市場混亂可能會減輕，但 2025 年損失仍然較高。

We also anticipate continued stress in the investor dependent portfolio throughout 2025.

我們也預期 2025 年依賴投資者的投資組合將持續面臨壓力。

While the Fed cycle is a welcome change the catalyst for buyers to become more acquisitive and for public investors to have an improved appetite for IPOs remained elusive.

儘管聯準會週期是一個值得歡迎的變化，但推動買家變得更加積極、提高公眾投資者對 IPO 興趣的催化劑仍然難以捉摸。

And while later stage companies in the portfolio are less dependent on fresh capital, higher interest rates and challenging macro conditions continue to impact operating performance.

儘管投資組合中處於後期階段的公司對新鮮資本的依賴程度較低，但較高的利率和充滿挑戰的宏觀環境仍持續影響著營運績效。

Encouragingly, we did see a $31 billion uptick in VC investment in the fourth quarter compared to the third quarter.

令人鼓舞的是，我們確實看到第四季的創投比第三季增加了 310 億美元。

However, we remain guarded on the overall outlook as there were a number of outsized deals in these totals, and when large deals are removed, the fourth quarter total is aligned with the 2024 quarterly average.

然而，我們對整體前景仍持謹慎態度，因為這些總數中存在大量超大型交易，當剔除大型交易後，第四季度總數與 2024 年季度平均值一致。

Continued improvement here will be facilitated by a higher fundraising environment, driven by both M&A and IPOs.

在併購和首次公開募股的推動下，更好的融資環境將促進這方面的持續改善。

With respect to the net charge-off ratio, we do have a couple larger deals that we expect to pull through as losses in the first quarter.

就淨沖銷率而言，我們確實有幾筆規模較大的交易，預計將在第一季以虧損的形式完成。

Therefore, the net charge-off ratio could be more elevated in the first quarter in the range of 40 basis points to 50 basis points.

因此，第一季的淨核銷率可能會進一步提高，在40個基點至50個基點的範圍內。

However, we expect full year -- the full year net charge-off ratio to be aligned with longer-term expectations in the 35 basis point to 45 basis point range.

然而，我們預計全年淨沖銷率將與長期預期保持一致，在 35 個基點至 45 個基點範圍內。

We will continue to refine these estimates as the year progresses but at this juncture, we are not seeing any signs of material concern.

隨著時間的推移，我們將繼續改進這些估計，但目前，我們沒有看到任何重大擔憂的跡象。

Moving to adjusted noninterest income, we expect a sequential decrease in the first quarter to the $475 million to $500 million range, mainly due to the fourth quarter exceeding our expectations.

至於調整後的非利息收入，我們預計第一季將環比下降至 4.75 億美元至 5 億美元範圍，這主要是由於第四季度超出了我們的預期。

We saw strong net operating lease income in part due to low maintenance expense which can be lumpy quarter to quarter.

我們看到強勁的淨營業租賃收入，部分原因是維護費用較低，而維護費用可能逐季波動。

Also, we expect typical slight seasonal declines for the first quarter in areas such as card merchant factoring, mortgage and capital market fees.

此外，我們預計第一季卡商保理、抵押貸款和資本市場費用等領域將出現典型的季節性小幅下降。

We expect full year adjusted noninterest income up slightly into the $1.95 billion to $2.05 billion range.

我們預計全年調整後非利息收入將小幅上升至 19.5 億美元至 20.5 億美元之間。

This growth is driven by our rail outlook, which includes our balanced railcar portfolio and strategic exploration ladder, which we expect will continue to support positive repricing throughout 2025.

這一增長是由我們的鐵路前景推動的，其中包括我們平衡的鐵路車輛組合和戰略勘探階梯，我們預計這將在 2025 年繼續支持積極的重新定價。

We also expect continued momentum in our wealth business as we increase our assets under management as well as higher international and lending-related fees given the healthy fundamentals supporting these businesses.

鑑於支持這些業務的健康基本面，我們也預計，隨著我們管理的資產增加以及國際和貸款相關費用的增加，我們的財富業務將繼續保持成長勢頭。

Moving to adjusted noninterest expense.

轉向調整後的非利息支出。

We expect the first quarter to be flat to minusly up compared to the fourth quarter, in part driven by seasonal benefit increases offset by lower other noninterest expense categories that were elevated at year-end, as previously discussed.

我們預計第一季與第四季度相比將持平或小幅增長，部分原因是季節性福利增長被年底增加的其他非利息支出類別的下降所抵消，正如之前所討論的。

We continue to invest in the technology capabilities and are working to better optimize our platforms.

我們繼續投資於技術能力，並努力更好地優化我們的平台。

As a result, we are seeing higher third-party processing fees and expect higher equipment expense due to amortization as projects are placed into service.

因此，我們看到第三方處理費用更高，由於專案投入使用時的攤銷，預計設備費用也會更高。

We feel our continued investments in technology and risk will help us build towards Category 3 expectations as well as creating a foundation for effective and scalable growth into the future.

我們認為，我們對技術和風險的持續投資將幫助我們實現第 3 類期望，並為未來有效且可擴展的成長奠定基礎。

Additionally, we expect increasing marketing expenses in the direct bank as we try to hold on to and grow deposits in this channel.

此外，我們預計直接銀行的行銷費用會增加，因為我們試圖保留並增加該管道的存款。

Looking at the full year, we anticipate adjusted noninterest expense to increase into the $5.05 billion to $5.2 billion range as equipment expense, third-party processing fees and marketing expense for the investments I previously mentioned take effect, exercising disciplined expense management while making opportunistic investments as a top priority for us giving headwinds to net interest income from lower rates.

縱觀全年，隨著我之前提到的投資的設備費用、第三方處理費用和行銷費用生效，我們預計調整後的非利息費用將增加到50.5 億美元至52 億美元的範圍，在進行機會性投資的同時實施嚴格的費用管理這是我們的首要任務，因為較低的利率會對淨利息收入產生不利影響。

We expect continued spend into 2025 as we further enhance our risk management framework modernizes our technology capabilities and consolidate our platforms to improve client experience and better enhance collaboration across our business units.

我們預計到 2025 年將繼續支出，因為我們進一步增強了風險管理框架，實現了技術能力的現代化，並鞏固了我們的平台，以改善客戶體驗並更好地加強我們業務部門之間的協作。

Our adjusted efficiency ratio is expected to remain in the upper 50% range in 2025.

預計到 2025 年，我們調整後的效率將維持在 50% 以上的範圍內。

And as the impact of the Fed rate cut cycle puts downward pressure on net interest margin, and we continue to make investments into areas that will help us scale to Category 3status when we cross that threshold.

由於聯準會降息週期的影響對淨利差帶來下行壓力，我們將繼續對有助於我們在跨越這一門檻時擴展到第 3 類狀態的領域進行投資。

Longer term, our goal is to operate with an efficiency ratio in the mid-50s.

從長遠來看，我們的目標是以 50 年代中期的效率運作。

Finally, we are lowering our estimated effective tax rate by approximately 1% to 25% to 26% for both the first quarter and full year 2025, which is exclusive of any discrete items.

最後，我們將 2025 年第一季和全年的預計有效稅率降低約 1% 至 25% 至 26%，其中不包括任何離散項目。

The lower fourth quarter 2024 and estimated 2025 tax rate were primarily the result of a lower apportionment rate than estimated on the assets acquired from SVB, which occurred upon filing our first combined state tax returns.

2024 年第四季稅率和 2025 年預計稅率較低，主要是因為從 SVB 收購的資產的分攤率低於估計值，這是在我們提交第一份合併州稅申報表時發生的。

To conclude, in 2024, we delivered peer-leading returns to our shareholders and maintain strong capital and liquidity positions, all while increasing our capabilities as a large financial institution.

總而言之，到 2024 年，我們為股東帶來了同行領先的回報，並保持了強勁的資本和流動性狀況，同時增強了我們作為大型金融機構的能力。

As we enter 2025, I'm excited about the opportunities we have to drive continued long-term value for our shareholders.

進入 2025 年，我對我們為股東持續創造長期價值的機會感到興奮。

I will now turn it over to the operator for instructions for the question-and-answer portion of portion of the call.

我現在將其轉交給接線員，以獲取有關呼叫部分的問答部分的說明。

Thank you.

謝謝。

(Operator instructions)

（操作員說明）

Bernard von Gizycki, Deutsche Bank.

伯納德‧馮‧吉茲茨基，德意志銀行。

Hey guys, good morning.

嘿夥計們，早安。

Just on the 2025 outlook, the range of the $6.6 billion to $7 billion for net interest income.

僅就 2025 年的前景而言，淨利息收入範圍為 66 億美元至 70 億美元。

Could you just walk us through the assumptions on the low and the high end of the range?

您能否向我們介紹一下該範圍的低端和高端的假設？

Just anything you can provide there?

你能在那裡提供什麼嗎？

Sure.

當然。

So our baseline forecast is anchored to two rate cuts, but the range contemplates anywhere between

因此，我們的基準預測以兩次降息為基礎，但範圍考慮了兩次降息之間的任何位置

[zero and four].

[零和四]。

And obviously, the exact absolute value or number for net interest income and for margin will be dependent on the magnitude, timing of those rate cuts.

顯然，淨利息收入和保證金的確切絕對值或數字將取決於降息的幅度和時間。

But if I just -- if we want to talk about just the trajectory for the first quarter '25 compared to the fourth, we expect headline and ex accretion, net interest income to be anywhere from up to down 1% sequentially.

但如果我只是 - 如果我們只想談論 25 年第一季與第四季度相比的軌跡，我們預計總體和除稅增長、淨利息收入將連續上升至下降 1%。

So a lot of movement fairly stable for the exit in the fourth quarter of '25, anchoring the two rate cuts.

因此，25 年第四季的退出行動相當穩定，為兩次降息奠定了基礎。

We expect headline net interest income to be up low single digits, ex accretion, net interest income to be up low to mid-single digits, and we expect headline NIM in the low [3.20s, ex accretion NIM in the low 3.10s. So that range that you referenced, those contemplate between zero and four], the numbers that I just mentioned really we're really -- we're pegging towards the two rate cuts in the last half of the year.

我們預計整體淨利息收入將增長至低個位數，除淨利息收入將增長至中個位數，並且我們預計總體淨息差將在 3.20 的低位，除淨利息收入將在 3.10 的低位。因此，您提到的範圍，即在零到四之間的範圍]，我剛才提到的數字確實是——我們正在瞄準今年下半年的兩次降息。

Okay, great.

好的，太好了。

Thanks for that color.

謝謝那個顏色。

And just my one follow-up.

這只是我的一個後續行動。

I think on last quarter's call, Craig, I think you noted there could be some additional acquisition related synergies from SVB.

克雷格，我想您在上個季度的電話會議上指出，SVB 可能會產生一些與收購相關的額外協同效應。

Just wondering what that could entail and if there are any cost or revenue synergies assumed in the '25 guide?

只是想知道這可能會帶來什麼以及 '25 指南中是否假設存在任何成本或收入協同效應？

We -- they're not material or significant.

我們──它們並不重要，也不重要。

We've achieved the cost synergies estimate that we laid out at the beginning of the acquisition.

我們已經實現了收購之初所製定的成本綜效估算。

So don't anticipate any material impact from further expense synergies on SVB in the guidance.

因此，預計指南中的進一步費用協同效應不會對 SVB 產生任何實質影響。

Okay, great.

好的，太好了。

Thanks for taking my questions.

感謝您回答我的問題。

Anthony Elian, JPMorgan.

安東尼·埃利安，摩根大通。

Hi, everyone.

大家好。

I was wondering if you could provide more color on the total client fund growth you saw in SVB in the fourth quarter.

我想知道您是否可以提供更多有關您在 SVB 第四季度看到的客戶資金總額增長的信息。

I know a good portion of the $75 billion and venture capital investment you had on slide 22 came from large late-stage deals that Craig you highlighted.

我知道您在幻燈片 22 上獲得的 750 億美元和風險資本投資中有很大一部分來自 Craig 您強調的大型後期交易。

But I think early stage was flat sequentially.

但我認為早期階段是持平的。

I'm just curious how much of those larger deals contributed to the total client fund growth you saw in 4Q and if you think the growth in total client funds can persist even with a higher for longer rate outlook?

我只是好奇這些較大的交易中有多少對您在第四季度看到的客戶資金總額增長做出了貢獻，並且您是否認為即使在長期利率前景較高的情況下客戶資金總額的增長也能持續下去？

Marc, would you like to take that question?

馬克，你願意回答這個問題嗎？

Happy to take that question, yes.

很高興回答這個問題，是的。

So as already noted on the call, the roughly $75 billion invested in the fourth quarter did have a chunk very large deals and is roughly a third of that total were three very large financings.

因此，正如電話會議中已經指出的那樣，第四季度投資的約 750 億美元確實有很大一部分非常大的交易，其中大約三分之一是三筆非常大的融資。

And then I want to say, $1 billion-plus rounds were almost half of the total.

然後我想說，10億美元以上的輪次幾乎佔了總數的一半。

So as Craig mentioned earlier, for the part of the fundraising or the investment rather that we tend to capture more of is in that sub $1 billion range.

正如克雷格之前提到的，我們傾向於獲取更多資金或投資的部分是在 10 億美元以下的範圍內。

And so with that for context, with venture investment of the sub $1 billion roughly flat quarter over quarter.

因此，就背景而言，低於 10 億美元的創投季度環比基本持平。

We are pleased with the growth.

我們對成長感到滿意。

I think it signals that we're continuing to execute well.

我認為這表明我們繼續良好執行。

We also saw less -- a lower level of cash burn in the quarter relative to Q3, which also helped a bit.

我們也看到，與第三季相比，本季的現金消耗水準較低，這也有幫助。

And so going into '25, I think our expectations, as Craig already mentioned, we are cautious about growth expectations for SVB, given the continued mixed environment for investment IPOs, etcetera, interest rates weighing on all of it perhaps at least until the second half of the year.

因此，進入25 年，我認為我們的預期，正如克雷格已經提到的那樣，我們對SVB 的成長預期持謹慎態度，考慮到投資IPO 等持續的混合環境，利率可能至少在第二個季度之前對所有這些因素構成壓力。

And so I'll end by saying that our expectations for TCF growth is captured in the forward guidance Craig mentioned earlier.

因此，我最後要說的是，我們對 TCF 成長的預期體現在克雷格之前提到的前瞻性指引中。

Great.

偉大的。

Thank you, Marc.

謝謝你，馬克。

And then my follow-up maybe for Frank.

然後我的後續行動可能是針對弗蘭克的。

I want to get your latest thoughts on M&A, just given First Citizens has been historically acquisitive, right?

鑑於 First Citizens 歷來都在進行收購，我想了解您對併購的最新想法，對吧？

You're getting close to the Category 3 threshold and the regulatory backdrop of the new administration will likely be more favorable for all banks.

您正在接近第 3 類門檻，新政府的監管背景可能會對所有銀行更加有利。

Thank you.

謝謝。

Thank you.

謝謝。

We are not projecting any material M&A activity in 2025, but we're an opportunistic crowd, so but we are not making any projections in that area.

我們預計 2025 年不會有任何實質併購活動，但我們是機會主義人群，因此我們不會在該領域做出任何預測。

Crystal clear.

晶瑩剔透。

Thanks.

謝謝。

Thank you.

謝謝。

Chris McGratty, KBW.

克里斯·麥克格拉蒂，KBW。

Oh, great, thanks.

哦，太好了，謝謝。

Frank or Craig, if you look at the guide and I guess take rates out of it for a moment, where do you think the biggest upside potential is to the guide?

弗蘭克或克雷格，如果你看一下指南，我想先把利率從其中取出來，你認為指南最大的上行潛力在哪裡？

And also the biggest downside risk?

最大的下行風險是什麼？

Well, upside would be rates higher for longer if we're on the zero end of that range.

好吧，如果我們處於該範圍的零端，那麼上行空間將是利率在更長時間內走高。

That's the biggest one, given that net interest income is over 80% of net revenues.

鑑於淨利息收入佔淨收入的 80% 以上，這是最大的一項。

So that certainly would be an upside.

所以這肯定是一個好處。

Upside could be if our charge-offs fall to the lower end of the range, which would imply less provisioning next year.

如果我們的沖銷額降至該範圍的下限，這可能意味著明年的撥備減少。

Downside risk could be if the economy slows, negatively impacting both loan and deposit growth that could certainly be on the downside.

如果經濟放緩，可能會出現下行風險，對貸款和存款成長產生負面影響，而貸款和存款成長肯定會出現下行趨勢。

Those are the major ones that come to mind.

這些是我想到的主要問題。

Tom or Elliot, anything else that comes to your mind on upside or downside?

湯姆或艾利歐特，您想到的還有什麼好的或不好的方面嗎？

I think you hit the big ones, Craig.

我認為你擊中了大人物，克雷格。

Yeah, Craig mentioned

是的，克雷格提到過

--

--

Thank you.

謝謝。

Thank you for that.

謝謝你。

And then in terms of Category 3 readiness.

然後是第 3 類準備情況。

Craig, I mean, within the guide for expenses this year, do you think this gets you most of the way there?

克雷格，我的意思是，在今年的支出指南中，你認為這能讓你達到目標嗎？

Or do you think 2026 is again kind of a little bit of an over invest year?

或者您認為 2026 年又是一個有點過度投資的一年？

I think it does.

我認為確實如此。

I think the expenses associated with Category 3 readiness are reflected in our run rate for expenses.

我認為與第 3 類準備相關的費用反映在我們的費用運行率中。

Great.

偉大的。

Thank you.

謝謝。

Welcome.

歡迎。

Christopher Marinac, Janney Montgomery Scott.

克里斯多福·馬裡納克，珍妮·蒙哥馬利·斯科特。

Thanks.

謝謝。

Good morning.

早安.

Craig, I want to buyback comments you made and the impact of the loss share agreement, is that a loss share agreement going to work itself to zero this year?

克雷格，我想回購你的評論以及損失份額協議的影響，今年損失份額協議會自動歸零嗎？

Or is that going to take longer into '26?

或是到26年會需要更長的時間嗎？

The spread between the -- our capital ratios with and without loss share is going to shrink to around 10 basis points, and it was 66 basis points this quarter.

我們的資本比率（含虧損份額和不含虧損份額）之間的利差將縮小至 10 個基點左右，本季為 66 個基點。

So yes, it's working out to a zero impact on capital throughout the remainder of the year.

所以，是的，在今年剩餘時間內，它對資本的影響將為零。

Great.

偉大的。

And is the buyback a goal for 2025?

回購是 2025 年的目標嗎？

Or would the reduction closer to 11% or less take lower than this year, do you think?

或者您認為降幅接近 11% 或更少會低於今年嗎？

Assuming that managing to the 10.5% to 11% range, we contemplate that we actually institute another share repurchase plan in the second half of this year.

假設控制在10.5%至11%的範圍內，我們認為我們實際上會在今年下半年制定另一項股票回購計畫。

The current one would be completed over the next two to three quarters.

目前的一項將在未來兩到三個季度內完成。

So we're in the midst of our capital plan now.

所以我們現在正在進行資本計畫。

And depending on projected earnings trajectories and the results of the stress testing, we would contemplate another plan in the second half of the year.

根據預計的獲利軌跡和壓力測試的結果，我們將在下半年考慮另一個計劃。

Tom, you want to talk about anything -- did I miss anything there (inaudible) repurchases.

湯姆，你想談談任何事情 - 我是否錯過了（聽不清楚）回購的任何東西。

No, I think you hit it.

不，我認為你擊中了它。

I mean, early accretion will still be strong and outpaced RWA growth and we'll continue to work our capital ratios down is really the plan over the coming quarters.

我的意思是，早期成長仍將強勁，並超過 RWA 成長，我們將繼續降低資本比率，這確實是未來幾季的計畫。

Great.

偉大的。

Thank you for that background.

謝謝你的背景。

And just a quick one on credit.

而且只是快速賒帳。

Beyond the information you gave us about the SVB criticized.

除了您向我們提供的有關 SVB 的資訊之外，還受到了批評。

Any other general trends on criticized and classified for the general bank?

對於一般銀行來說，還有其他受到批評和分類的整體趨勢嗎？

No, nothing material.

不，沒有任何實質內容。

Again, I think credit is well contained.

再說一遍，我認為信貸得到了很好的控制。

Andy, would you like to elaborate on any of that?

安迪，您想詳細說明一下嗎？

Or is that pretty much where you see it?

或者你看到的差不多就是這樣嗎？

No, I agree.

不，我同意。

I think no discernible trends, obviously, seeing a slight uptick, but nothing of concern.

我認為顯然沒有明顯的趨勢，略有上升，但沒有什麼值得擔心的。

Great.

偉大的。

Thank you all very much.

非常感謝大家。

Appreciate the information.

欣賞這些訊息。

Yes.

是的。

(Operator instructions)

（操作員說明）

Nick Holowoko, UBS.

尼克‧霍洛沃科，瑞銀集團。

Hi, good morning.

嗨，早安。

Good morning.

早安.

Maybe just coming back to the expense outlook for the year.

也許只是回到今年的費用前景。

I just thinking about the investments you're making on the regulatory readiness front, and it sounds like it's -- those expenses are built into the run rate at this point. but would potential changes to the regulatory backdrop about -- change how you're thinking about those investments over the next couple of years?

我只是在考慮你們在監管準備方面所做的投資，聽起來這些費用已計入此時的運行率中。但監管背景的潛在變化是否會改變您對未來幾年這些投資的看法？

We recognize that prioritization of regulatory policy initiatives could change, but we are remaining steadfast in our goal to become to meet regulatory expectations for Category 3, Category 4 -- Category 3.

我們認識到監管政策舉措的優先順序可能會發生變化，但我們仍然堅定不移地致力於滿足對第 3 類、第 4 類和第 3 類的監管期望。

So we do not see significant changes regulatory, at least in the near term.

因此，我們認為監管方面不會發生重大變化，至少在短期內是如此。

And certainly, where we would be focused going into 2025, 2026.

當然，我們將在 2025 年、2026 年專注於重點。

Got it.

知道了。

And then you noted your goal for operating with an adjusted efficiency ratio in the mid-50s versus the upper [50] range for 2025 and you laid out the strategic priorities for the year, including a focus on improving operational efficiency and optimizing the balance sheet.

然後，您指出了 2025 年調整後的效率比率在 50 左右與上 [50] 範圍內的營運目標，並製定了今年的策略重點，包括重點提高營運效率和優化資產負債表。

So as you think about the progress that you're making on those fronts, do you have a view on how you're thinking about the sustainable ROE power of the bank over the medium term?

因此，當您思考在這些方面取得的進展時，您是否對銀行在中期的可持續股本回報率能力有何看法？

I mean I think in the short term, we've obviously quadrupled in size over the last three years.

我的意思是，我認為在短期內，我們的規模在過去三年中明顯增加了四倍。

So with that comes significant investment in both technology and our risk management capabilities.

因此，隨之而來的是對技術和風險管理能力的大量投資。

Our goal with the operational efficiency is to over time, improve our processes, simplify our processes so that we are better able to meet regulatory expectations and also improve our customer experience.

我們的營運效率目標是隨著時間的推移，改善我們的流程，簡化我們的流程，以便我們能夠更好地滿足監管期望並改善我們的客戶體驗。

So that's not something that will happen in the short term.

所以這不會在短期內發生。

Obviously, rates have a lot to do with us operating right now in that upper 50s range.

顯然，利率與我們目前在 50 多歲的範圍內運作有很大關係。

So rate help would certainly be a case.

因此，利率幫助肯定是一種情況。

But our goal through operational efficiency would be over the long-term. to operate in the mid-50s.

但我們透過營運效率實現的目標將是長期的。 50年代中期開始運作。

Understood.

明白了。

Thank you.

謝謝。

I'm not showing any further questions at this time.

我目前不會提出任何進一步的問題。

So I'd like to turn the call back over to our host, Ms. Deanna Hart for any closing remarks.

因此，我想將電話轉回給我們的主持人 Deanna Hart 女士，讓其結束語。

Thank you, and thanks, everyone, for joining our earnings call today.

謝謝大家，謝謝大家今天參加我們的財報電話會議。

We appreciate your ongoing interest in our company.

我們感謝您對我們公司的持續關注。

And if you have further questions or need additional information, please feel free to reach out to the Investor Relations team through our website.

如果您還有其他問題或需要更多信息，請隨時透過我們的網站聯繫投資者關係團隊。

We hope you have a great rest of your day.

我們希望您度過愉快的一天。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。

Have a wonderful day.

祝你有美好的一天。