First Horizon Corp (FHN) 2021 Q4 法說會逐字稿

Welcome to the First Horizon Corporation Fourth Quarter 2021 Earnings Release. My name is Juan, and I will be coordinating your call today. (Operator Instructions) I will now hand over to your host, Ellen Taylor, Head of Investor Relations, to begin with. Please, Ellen, go ahead.

歡迎來到第一地平線公司 2021 年第四季度收益發布。我叫胡安，今天我會協調你的電話。 （操作員說明）我現在將首先交給您的主持人，投資者關係主管 Ellen Taylor。艾倫，請繼續。

Hey, bit thanks, Juan. Good morning, everyone. Thanks, we really appreciate you joining us on such a busy day. First, our President and CEO, Bryan Jordan, will provide opening remarks. And then we're really excited to have the newest member of the executive team, Chief Financial Officer, Hope Dmuchowski to cover off on our financials. Then, of course, we'll be happy to take your questions.

嘿，謝謝，胡安。大家，早安。謝謝，我們非常感謝您在如此忙碌的一天加入我們。首先，我們的總裁兼首席執行官 Bryan Jordan 將致開幕詞。然後我們真的很高興有執行團隊的最新成員，首席財務官 Hope Dmuchowski 來掩蓋我們的財務狀況。然後，當然，我們很樂意回答您的問題。

We're also really pleased to have our Chief Credit Officer, Susan Springfield, with us as well. Our remarks today will reference our earnings presentation, which is available on our website at ir.firsthorizon.com. As always, I need to remind you that we will make forward-looking statements that are subject to risks and uncertainties, and we ask you to review the factors that may cause our results to differ from our expectations on Page 2 of our presentation and in our SEC filings.

我們也很高興我們的首席信用官蘇珊·斯普林菲爾德也能和我們在一起。我們今天的講話將參考我們的收益報告，該報告可在我們的網站 ir.firsthorizon.com 上找到。與往常一樣，我需要提醒您，我們將做出具有風險和不確定性的前瞻性陳述，我們要求您審查可能導致我們的結果與我們在演示文稿第 2 頁和我們提交給美國證券交易委員會的文件。

Additionally, please be aware that our comments will refer to adjusted results, which exclude the impact of notable items. These are non-GAAP measures, so it's really important for you to review the GAAP information in our earnings materials and on Page 3 of our presentation. And last but not least, our comments reflect our current views, and you should understand that we aren't obligated to update them.

此外，請注意，我們的評論將參考調整後的結果，不包括值得注意的項目的影響。這些是非 GAAP 措施，因此您必須查看我們的收益材料和我們演示文稿的第 3 頁中的 GAAP 信息。最後但並非最不重要的一點是，我們的評論反映了我們當前的觀點，您應該了解我們沒有義務更新它們。

And now I'll hand it over to Bryan.

現在我會把它交給布賴恩。

Thank you, Ellen. Good morning, everyone, and thank you for joining us. Well, I'll start on Slide 5. While 2021 proved to be an interesting year for the U.S. economy and the banking industry as a whole, I'm very proud of the resilience of the First Horizon team and the continued progress and results that we delivered, once again, highlighting the benefit of our business model.

謝謝你，艾倫。大家早上好，感謝您加入我們。好吧，我將從幻燈片 5 開始。雖然事實證明 2021 年對美國經濟和整個銀行業來說是有趣的一年，但我為 First Horizon 團隊的韌性以及持續的進步和成果感到非常自豪我們再次強調了我們商業模式的好處。

The team remains strongly focused on understanding and anticipating the needs of prospects and clients alike in order to deliver value-added advice and services across an increasingly competitive landscape. Our specialty businesses and higher growth markets helped to drive the momentum in the second half of the year and coupled with funding discipline, a focus on expenses and improving credit quality resulted in EPS of $0.48 per share in the fourth quarter and an adjusted return on tangible common equity of 17.5%.

該團隊始終專注於了解和預測潛在客戶和客戶的需求，以便在競爭日益激烈的環境中提供增值建議和服務。我們的專業業務和更高增長的市場幫助推動了下半年的發展勢頭，再加上資金紀律、對費用的關注和信用質量的提高，第四季度每股收益為 0.48 美元，調整後的有形回報率普通股17.5%。

For the full year, adjusted EPS was $2.07, up $0.85 over 2020, driven by the benefit of the IBERIABANK merger. While pressure on short-term rates continued and the competitive landscape amplified, our client-focused value proposition with a broader product set continued to provide a point of differentiation and generate better-than-expected results. Strong focus on deposit pricing helped drive net interest income up 1% despite a $5 million reduction in net merger accretion and Paycheck Protection Program benefits.

受 IBERIABANK 合併的推動，全年調整後每股收益為 2.07 美元，比 2020 年增長 0.85 美元。儘管短期利率壓力持續存在，競爭格局擴大，但我們以客戶為中心的價值主張和更廣泛的產品組合繼續提供差異化點，並產生好於預期的結果。儘管淨合併增值和薪資保護計劃福利減少了 500 萬美元，但對存款定價的強烈關注幫助推動了淨利息收入增長 1%。

Core NII was up 3%, with commercial loan growth of 2%, excluding the impact of the PPP portfolio. We continue to see momentum in our commercial business and ended the quarter with unfunded commitments up 8% to just over $20 billion. Our focus on reducing our deposit cost has really paid off. In the fourth quarter, our interest-bearing deposit cost declined 6 basis points and declined 18 basis points from year-end 2020. As many of you know, we are extraordinarily well positioned to benefit in a rising rate environment and a strengthening economy.

核心 NII 增長 3%，商業貸款增長 2%，不包括 PPP 組合的影響。我們繼續看到我們商業業務的發展勢頭，並在本季度末的無資金承諾增加了 8% 至略高於 200 億美元。我們對降低存款成本的關注確實得到了回報。第四季度，我們的有息存款成本比 2020 年底下降了 6 個基點，下降了 18 個基點。正如你們許多人所知，我們非常有能力在利率上升的環境和經濟走強中受益。

We ended the quarter with our interest rate sensitivity profile of a 16% increase in net interest income to a 100 basis point rate shock across the yield curve. As expected, we continue to see further moderation of fixed income and mortgage banking fees given both the impact of higher long-term rates and seasonality as well as additional pressure from our recent reduction in NSF OD pricing.

在本季度結束時，我們的利率敏感性概況為淨利息收入增加 16%，收益率曲線受到 100 個基點的利率衝擊。正如預期的那樣，鑑於較高的長期利率和季節性的影響以及我們最近降低 NSF OD 定價的額外壓力，我們繼續看到固定收益和抵押銀行費用進一步放緩。

Expense control is an area of focus and expenses were down 1% despite a $3 million increase tied to special bonuses we paid to our frontline associates, primarily designed to reward associates who have served clients continuously during the pandemic throughout our banking and our call centers.

費用控制是一個重點領域，儘管我們支付給一線員工的特別獎金增加了 300 萬美元，但費用下降了 1%，該獎金主要旨在獎勵在大流行期間通過我們的銀行和呼叫中心持續為客戶提供服務的員工。

Our asset quality trends continue to show strong performance, highlighted by net charge-offs of only 1 basis point and a 21% decrease in nonperforming loans. The; stabilizing economic outlook and overall credit quality improvement drove another robust reserve release with a provision credit of $65 million in the quarter.

我們的資產質量趨勢繼續表現強勁，其中淨沖銷僅為 1 個基點，不良貸款減少 21%。這;穩定的經濟前景和整體信貸質量的改善推動了另一筆強勁的儲備釋放，本季度撥備信貸為 6500 萬美元。

Our capital levels remained strong with a CET1 ratio of nearly 10%, and given the lower growth environment, we increased our return of capital to shareholders, including the repurchase of 9 million common shares in the quarter and a total of 24 million shares repurchased for the year. This drove a year-over-year decrease of 4% in our share count.

我們的資本水平保持強勁，CET1 比率接近 10%，在較低的增長環境下，我們增加了對股東的資本回報，包括在本季度回購 900 萬股普通股，共回購 2400 萬股那一年。這導致我們的股票數量同比下降 4%。

Despite the impact of dividends and buybacks, tangible book value per share of $11 was up 1% in the quarter and 8% for the full year. We have made substantial progress towards our upcoming systems conversion in February, including additional mock conversions, further upgrades to online banking platforms and finalizing client communications. We believe the planning and focus on investments in technology, products and people positions us well to capitalize further on the power of the combined platform into '22 and beyond.

儘管受到股息和回購的影響，但每股 11 美元的有形賬面價值在本季度增長了 1%，全年增長了 8%。我們在 2 月份即將進行的系統轉換方面取得了實質性進展，包括額外的模擬轉換、對網上銀行平台的進一步升級以及最終確定客戶溝通。我們相信，對技術、產品和人員投資的規劃和關注使我們能夠更好地利用合併平台的力量進入 22 年及以後。

As of the fourth quarter, we have identified approximately $45 million in revenue synergies related to the merger. We remain confident in our ability to deliver at least $200 million in net annualized cost savings by the fourth quarter of this year.

截至第四季度，我們已經確定了與合併相關的約 4500 萬美元的收入協同效應。我們仍然有信心在今年第四季度之前實現至少 2 億美元的年度淨成本節約。

As the world continues to deal with the impact of COVID and the variants, I'm very optimistic about the continued macroeconomic recovery and the momentum and strength of our combined organization is providing towards our commitment to delivering top quartile returns. I am very grateful for the dedication and hard work of our associates as they continue to navigate the various impacts of the pandemic and at the same time, deliver value for all of our constituents, clients, communities and shareholders.

隨著世界繼續應對 COVID 及其變種的影響，我對持續的宏觀經濟復甦感到非常樂觀，我們合併後的組織的勢頭和實力正在為我們實現最高四分之一回報的承諾提供。我非常感謝我們員工的奉獻精神和辛勤工作，因為他們繼續應對大流行的各種影響，同時為我們所有的選民、客戶、社區和股東創造價值。

I'm also pleased to introduce our new CFO, Hope Dmuchowski. While she joined her team less than 2 months ago, she has already added tremendous value. I'm confident that her expertise, forward-thinking passion for change and commitment to excellence will be instrumental in helping to drive continuous improvement. With that, let me turn it over to Hope to take the call from here, welcome.

我也很高興介紹我們的新首席財務官 Hope Dmuchowski。雖然她在不到 2 個月前加入她的團隊，但她已經增加了巨大的價值。我相信她的專業知識、對變革的前瞻性思維和對卓越的承諾將有助於推動持續改進。有了這個，讓我把它交給希望從這裡接聽電話，歡迎。

Thank you, Bryan. Good morning to you all. I am excited to be with you today. I'd like to start off by saying I'm deeply honored to serve this company and our shareholders as the Chief Financial Officer. I'm grateful to everyone that is encouraged, supported and believed in me all along the way. I could not have asked for a warmer welcome from the First Horizon team. I am so thankful for the incredible foundation they have provided me and I'm excited about the future of our company.

謝謝你，布萊恩。大家早上好。我很高興今天能和你在一起。首先，我想以首席財務官的身份為這家公司和我們的股東服務，我深感榮幸。感謝一路走來鼓勵、支持和信任我的每一個人。我無法要求 First Horizon 團隊給予更熱烈的歡迎。我非常感謝他們為我提供的令人難以置信的基礎，我對我們公司的未來感到興奮。

Now starting on Slide 6, which provides the highlights of the quarter, some of which Bryan has already covered. Overall, our results reflect a solid quarter with improvement in core net interest income and continued strength in credit quality and capital returns. As we look towards the upcoming systems conversion in February, and our trajectory in the coming year.

現在從幻燈片 6 開始，它提供了本季度的亮點，其中一些 Bryan 已經報導過。總體而言，我們的業績反映了一個穩健的季度，核心淨利息收入有所改善，信貸質量和資本回報持續強勁。當我們展望 2 月份即將進行的系統轉換以及來年的發展軌跡時。

We believe we are well positioned to capitalize on the strength of the combined organization, particularly given our higher growth footprint and our highly asset-sensitive balance sheet in light of accelerating improvements in the economy.

我們相信我們有能力充分利用合併後組織的優勢，特別是考慮到我們更高的增長足跡和我們對資產高度敏感的資產負債表，因為經濟加速改善。

Turning to Slide 7. We outline the notable items in the quarter, which reduced our results by $41 million after tax or $0.08 per share. In addition to net merger-related notable items of $35 million, we recorded a $3 million noncash charge on retirement of the remaining legacy IBERIABANK Trust Preferred Securities. $6 million of deferred compensation costs resulting from litigation title company that was fully divested more than 10 years ago.

轉到幻燈片 7。我們概述了本季度值得注意的項目，這使我們的稅後業績減少了 4100 萬美元或每股 0.08 美元。除了與合併相關的 3500 萬美元淨額外，我們還記錄了 300 萬美元的非現金費用，用於剩餘的遺留 IBERIABANK Trust Preferred Securities 退休。 10 多年前完全剝離的訴訟產權公司產生的 600 萬美元的遞延補償費用。

$10 million tied to derivative valuation adjustments related to prior Visa Class B share sales. This was triggered by the fact that Visa funded additional escrow balances related to their litigation prior to year-end.

1000 萬美元與先前 Visa B 類股票銷售相關的衍生品估值調整有關。這是因為 Visa 在年底前為與訴訟相關的額外託管餘額提供了資金。

Turning to Slide 8. We provide highlights on our adjusted financials and key performance metrics for the quarter. We generated better-than-expected PPNR of $274 million as solid improvement in net interest income was driven by lower funding costs, higher other interest-earning assets and commercial loan growth, excluding PPP. This helped to mitigate expected declines in fee income driven by the impact of higher long-term rates and seasonality.

轉到幻燈片 8。我們提供了本季度調整後財務和關鍵績效指標的亮點。由於資金成本下降、其他生息資產增加和商業貸款增長（不包括 PPP）推動了淨利息收入的穩健增長，我們產生了好於預期的 2.74 億美元的 PPNR。這有助於緩解由於較高的長期利率和季節性影響而導致的預期費用收入下降。

Adjusted expenses of $474 million was in line with expectations, which included the impact of a special bonus for employees of $3 million. The stabilizing economic outlook and continued improvement in asset quality led to a provision credit of $65 million this quarter, which was down from the $85 million credit last quarter. This reduction drove a $0.03 decline in earnings per share.

調整後的費用為 4.74 億美元，符合預期，其中包括 300 萬美元的員工特別獎金的影響。穩定的經濟前景和資產質量的持續改善導致本季度的撥備信貸為 6500 萬美元，低於上一季度的 8500 萬美元。這一減少導致每股收益下降 0.03 美元。

Adjusted ROTCE was 17.5% and adjusted ROTCE before the impact of the provision credit was 14%. Tangible book value per share came in at $11, up 1% as GAAP net income was largely offset by a $0.24 impact tied to return of capital and an $0.08 decline tied to the mark-to-market impact on the securities portfolio.

調整後的 ROTCE 為 17.5%，在撥備信貸影響之前調整後的 ROTCE 為 14%。每股有形賬面價值為 11 美元，增長 1%，因為 GAAP 淨收入在很大程度上被與資本回報相關的 0.24 美元影響和與證券投資組合按市值計價影響相關的 0.08 美元下降所抵消。

Turning to Slide 9. We are really pleased to report that our fully taxable equivalent NII was up $7 million linked quarter despite a $5 million reduction in net merger accretion and PPP revenue. Our strong focus on reducing interest-bearing deposit costs through disciplined pricing benefited NII in the quarter by over $6 million. As a result, core NII was up $12 million or 3% reflecting improvements tied to lower funding costs as well as growth in commercial loans and other interest-earning assets, which more than offset the impact of spread tightening in the quarter.

轉到幻燈片 9。我們非常高興地報告說，儘管淨合併增值和 PPP 收入減少了 500 萬美元，但我們的完全應稅等值 NII 在關聯季度增加了 700 萬美元。我們專注於通過嚴格的定價降低有息存款成本，使 NII 在本季度受益超過 600 萬美元。結果，核心 NII 增加了 1200 萬美元或 3%，這反映了與降低融資成本以及商業貸款和其他生息資產增長相關的改善，這足以抵消本季度利差收緊的影響。

During the quarter, we continued to put additional excess cash to work with security purchases of an incremental $700 million at a yield of approximately 1.7%. We ended the quarter with excess cash of $14.1 billion, and our securities to interest-earning assets totaled 11%. As the rate environment changes, we will continue to reevaluate opportunities to redeploy excess cash and manage our overall asset sensitivity prudently. The net interest margin was up 1 basis point linked quarter and stable on a core basis. We lowered our interest-bearing deposit costs by 6 basis points, which helped drive a 4 basis point benefit to the margin from total deposit costs.

在本季度，我們繼續將額外的超額現金用於增加 7 億美元的證券購買，收益率約為 1.7%。我們在本季度結束時擁有 141 億美元的超額現金，我們的生息資產證券佔 11%。隨著利率環境的變化，我們將繼續重新評估重新部署多餘現金的機會，並謹慎管理我們的整體資產敏感性。與季度掛鉤的淨息差上升 1 個基點，在核心基礎上保持穩定。我們將有息存款成本降低了 6 個基點，這有助於將總存款成本的利潤率提高 4 個基點。

Turning to Slide 10. As we anticipated, headline fee income was down around 8% in the quarter, driven by expected declines in fixed income and mortgage banking. Fixed income fees remained relatively resilient and were down in line with expectations. Average daily revenue came in at $1.1 million compared with $1.3 million last quarter and resulted in a full year average of $1.4 million.

轉到幻燈片 10。正如我們預期的那樣，由於固定收益和抵押銀行業務的預期下降，本季度總體費用收入下降了約 8%。固定收益費用保持相對彈性，下降符合預期。日均收入為 110 萬美元，上一季度為 130 萬美元，全年平均收入為 140 萬美元。

Service charges and fees were stable despite a modest decrease related to our recent NSF pricing changes, which was partially offset by higher volumes. Mortgage banking and title fees were down $6 million as the impact of lower secondary origination volumes was partially offset by higher gain on sale margins in the quarter. We continue to shift more of our production on balance sheet.

儘管與我們最近的 NSF 定價變化相關的服務費和費用略有下降，但服務費和費用保持穩定，這部分被更高的交易量所抵消。抵押銀行業務和產權費用下降了 600 萬美元，因為較低的二級發起量的影響被本季度較高的銷售利潤率收益部分抵消。我們繼續在資產負債表上轉移更多的生產。

Card and digital banking fees were down $2 million, driven by a $4 million decrease tied to a revenue sharing adjustment which more than offset the benefit of seasonally higher transaction volumes in the quarter. Other noninterest income increased $4 million, largely reflecting higher SBA servicing income in the quarter.

卡和數字銀行費用下降了 200 萬美元，原因是收入分成調整減少了 400 萬美元，這抵消了本季度交易量季節性增加帶來的好處。其他非利息收入增加了 400 萬美元，主要反映了本季度 SBA 服務收入的增加。

Turning to Slide 11. Let's review our expense trends. Adjusted expenses of $474 million was down $6 million in the quarter driven by a $12 million decrease in personnel. The decrease was driven by lower incentives and commissions, largely tied to reductions in fixed income and mortgage banking fees. These results were partially offset by the $3 million impact of a special bonus to our frontline associates, which Bryan mentioned earlier.

轉到幻燈片 11。讓我們回顧一下我們的費用趨勢。由於人員減少 1200 萬美元，本季度調整後的費用為 4.74 億美元，減少了 600 萬美元。減少的原因是激勵和佣金減少，主要與固定收益和抵押銀行費用的減少有關。這些結果部分被 Bryan 之前提到的對我們一線員工的特別獎金的 300 萬美元影響所抵消。

Personnel costs also reflected lower salaries and benefits, reflecting merger saves and lower 401(k) costs, which were partially offset by increase in FICA taxes from unusually low third quarter levels. Outside servicing remained stable. The slight increase was primarily from branding initiatives and advertising related to the upcoming conversion.

人事成本也反映了較低的工資和福利，反映了合併節省和較低的 401(k) 成本，這部分被第三季度異常低水平的 FICA 稅收增加所抵消。外部服務保持穩定。小幅增長主要來自與即將到來的轉換相關的品牌推廣和廣告。

Our noninterest expense increased $4 million, driven by a DDA product reward accrual catch-up as well as higher travel and entertainment expenses as well as an increased FDIC cost.

我們的非利息支出增加了 400 萬美元，這是由於 DDA 產品獎勵應計追趕以及更高的旅行和娛樂費用以及增加的 FDIC 成本。

On Slides 12 and 13, we cover loan and deposit growth. Our efforts to broaden our reach and market penetration across our footprint helped generate another quarter of underlying momentum in loan growth. Average PPP loans were down $1.5 billion in the quarter with forgiveness coming in faster than we originally expected.

在幻燈片 12 和 13 中，我們介紹了貸款和存款增長。我們努力擴大我們的業務範圍和市場滲透率，幫助產生了另一個四分之一的貸款增長潛在動力。本季度平均購買力平價貸款減少了 15 億美元，寬恕的速度比我們最初預期的要快。

As Bryan mentioned, annualized loan growth before the impact of PPP loans was 5% driven by linked quarter commercial loan growth of 2%. On a period-end basis, we generated 2% loan growth before the impact of PPP and loans to mortgage companies. This was driven by a 5% increase in other C&I. We continue to see great traction in our specialty businesses, particularly equipment finance, asset-based lending, franchise finance and correspondent as well as growth in our markets such as Florida, Tennessee and our Mid-Atlantic region.

正如 Bryan 所說，在 PPP 貸款影響之前的年化貸款增長為 5%，這是由 2% 的關聯季度商業貸款增長推動的。在期末的基礎上，我們在 PPP 和抵押貸款公司的影響之前產生了 2% 的貸款增長。這是由其他 C&I 增長 5% 推動的。我們繼續在我們的專業業務中看到巨大的吸引力，特別是設備融資、基於資產的貸款、特許經營金融和代理，以及我們在佛羅里達州、田納西州和大西洋中部地區等市場的增長。

These results have been muted some by reductions in commercial real estate given high levels of refinancing activity in the capital markets as well as lower balances in the energy portfolio. Deposits continued to drive our balance sheet growth again this quarter with $1.8 billion increase in average DDA or 7%, which continued to further improve the deposit mix. I mentioned the success and benefit of driving down our interest-bearing deposit costs, which were reduced by 6 basis points to 11 basis points in the quarter and also reduced total funding cost by 5 basis points.

由於資本市場再融資活動的高水平以及能源組合的餘額較低，商業房地產的減少使這些結果有所減弱。本季度存款繼續推動我們的資產負債表增長，平均 DDA 增加 18 億美元或 7%，這繼續進一步改善存款組合。我提到了降低有息存款成本的成功和好處，該成本在本季度減少了 6 個基點至 11 個基點，並且總融資成本也降低了 5 個基點。

Turning to Slide 14. I'll cover asset quality and reserves. Credit quality continues to be strong with exceptionally low levels of charge-offs and nonperforming loans. Our allowance coverage ratio remains healthy at 1.34% and 1.48%, excluding loans to mortgage companies and the PPP portfolio. We recorded a $65 million provision credit, given the stabilizing economic outlook and overall improvement in credit quality. This was the fourth consecutive quarter with a provision credit.

轉到幻燈片 14。我將介紹資產質量和儲備。信貸質量繼續保持強勁，沖銷和不良貸款水平極低。我們的撥備覆蓋率保持在 1.34% 和 1.48% 的健康水平，不包括對抵押貸款公司的貸款和 PPP 投資組合。鑑於穩定的經濟前景和整體信貸質量的改善，我們記錄了 6500 萬美元的撥備信貸。這是連續第四個季度提供準備金。

Turning to capital on Slide 15. Our CET1 ratio of 9.9% remained strong, but decreased modestly linked quarter. As Bryan mentioned, we returned $225 million in capital to common stockholders during the quarter, including $144 million or 9 million shares of common stock repurchased.

在幻燈片 15 上轉向資本。我們 9.9% 的 CET1 比率仍然強勁，但與季度相關的季度略有下降。正如布萊恩所說，我們在本季度向普通股股東返還了 2.25 億美元的資本，其中包括 1.44 億美元或 900 萬股回購的普通股。

Turning to the merger integration on Slide 16. We continued to make substantial progress across a number of fronts, including conducting additional marked conversions rolling out additional upgrades to online banking platform and completing our client communications. We've achieved $104 million in annualized run rate savings against our net annualized target of $200 million by the end of this year.

轉向幻燈片 16 上的合併整合。我們繼續在多個方面取得重大進展，包括進行額外的顯著轉換，對網上銀行平台進行額外升級，並完成我們的客戶溝通。我們已經實現了 1.04 億美元的年化運行率節省，而我們在今年年底實現了 2 億美元的淨年化目標。

Additionally, we continued making solid traction on revenue synergies with $45 million of annualized revenue synergies that are largely tied to commercial loans with additional synergies tied to debt capital markets mortgage and private client wealth. We are extremely focused on retaining and growing our client base and leveraging our expanded set of products and services.

此外，我們通過 4500 萬美元的年化收入協同效應繼續大力推動收入協同效應，這些協同效應主要與商業貸款相關，而額外的協同效應與債務資本市場抵押貸款和私人客戶財富相關。我們非常專注於保留和發展我們的客戶群，並利用我們擴展的產品和服務。

Turning to Slide 17 and 18. We provide our outlook for full year 2022 and for the first quarter. Our expectations reflect a relatively robust economic outlook with rate hikes in March, July and December. We also incorporate full year unemployment of approximately 3.7%, with real GDP growth of around 4.5% and a house price index increase of 4.5%.

轉到幻燈片 17 和 18。我們提供了對 2022 年全年和第一季度的展望。我們的預期反映了相對強勁的經濟前景，3 月、7 月和 12 月加息。我們還考慮了全年失業率約為 3.7%，實際 GDP 增長約為 4.5%，房價指數增長為 4.5%。

For full year 2022, we expect NII to be relatively stable with a roughly $120 million reduction in net merger accretion and PPP benefits largely offset by the benefit of higher rates, loan growth and reduced funding costs. We expect to generate loan growth, excluding PPP, in the mid-single-digit percent range.

對於 2022 年全年，我們預計 NII 將相對穩定，淨合併增值和 PPP 收益減少約 1.2 億美元，這在很大程度上被更高利率、貸款增長和降低融資成本的收益所抵消。我們預計將產生中個位數百分比範圍內的貸款增長（不包括購買力平價）。

At period end, we had a total of $1 billion in PPP loans, with remaining fees of approximately $17 million. We now expect the vast majority of the portfolio to be forgiven by the end of the second quarter. We recognize that there has been a fair amount of volatility in the expectation of rates recently. So we thought it might be helpful to provide some additional information on our sensitivity.

在期末，我們總共有 10 億美元的 PPP 貸款，剩餘費用約為 1700 萬美元。我們現在預計絕大多數投資組合將在第二季度末得到寬恕。我們認識到，近期利率預期出現了相當大的波動。因此，我們認為提供一些有關我們敏感性的額外信息可能會有所幫助。

First, it is important to note that nearly 90% of our interest rate sensitivity is concentrated at the short end of the curve. This predominantly reflects the fact that roughly 65% of our loan portfolio is variable rate. Here, I would note that about $8 billion of those loans are subject to floors with about half of those in the money by approximately 40 basis points. We estimate that a 25 basis point increase in Fed funds is worth approximately $16 million per quarter on an 8 basis points of margin benefit.

首先，重要的是要注意，我們近 90% 的利率敏感性集中在曲線的短端。這主要反映了我們大約 65% 的貸款組合是浮動利率的事實。在這裡，我要指出的是，這些貸款中約有 80 億美元有下限，其中約一半的貸款有約 40 個基點。我們估計聯邦基金每季度增加 25 個基點的價值約為 1600 萬美元，保證金收益為 8 個基點。

Additionally, we assume approximately 15% interest-bearing deposit betas in our outlook given the high levels of excess liquidity. We provided some additional information on our interest rate sensitivity profile in the appendix. Regarding noninterest income, we expect a low teens percent decline driven by further pressure in fixed income and mortgage banking, partially offset by improvement in wealth, service charges and card fees.

此外，鑑於流動性過剩的程度很高，我們在展望中假設計息存款貝塔係數約為 15%。我們在附錄中提供了一些關於我們的利率敏感性概況的額外信息。關於非利息收入，我們預計固定收益和抵押銀行業務的進一步壓力將導致 10% 的小幅下降，但部分被財富、服務費和卡費的改善所抵消。

We expect noninterest expense to remain relatively stable with lower incentives and commissions resulting from fee income and the continued benefit of merger saves, which will be offset by the impact of inflationary pressures. Our full year outlook for net charge-offs is in the 5 to 15 basis point range. And while credit quality continues to be strong, we expect that it is likely we will need to begin building reserves to support loan growth in the second half of 2022.

我們預計非利息費用將保持相對穩定，費用收入和合併節省帶來的激勵和佣金較低，這將被通脹壓力的影響所抵消。我們對淨沖銷的全年展望在 5 至 15 個基點範圍內。儘管信貸質量繼續保持強勁，但我們預計我們可能需要開始建立準備金以支持 2022 年下半年的貸款增長。

Finally, we expect our full year CET1 ratio to remain in the 9.5% to 10% range as we focus on organic growth and opportunistic share repurchases. For the first quarter, we expect NII to be down at the high end of the mid-single-digit range, given the outlook for reduced net merger accretion and PPP benefit. Core NII will decline given a $7 million impact tied to day count as well as increased pressure from seasonally lower warehouse balances and continued spread tightening. We expect low single-digit percent growth, excluding PPP and loans to mortgage companies.

最後，由於我們專注於有機增長和機會性股票回購，我們預計全年 CET1 比率將保持在 9.5% 至 10% 的範圍內。鑑於淨合併增長和 PPP 收益減少的前景，我們預計第一季度 NII 將下降至中個位數範圍的高端。鑑於與天數相關的 700 萬美元影響以及季節性降低的倉庫餘額和持續收緊價差帶來的壓力增加，核心 NII 將下降。我們預計，不包括 PPP 和向抵押貸款公司提供的貸款，將出現低個位數百分比的增長。

Regarding noninterest income, while we anticipate relatively resilient results in our fixed income business, we expect fee income to be down in the mid-single-digit range with additional decreases tied to our previously announced NSF pricing changes and seasonality. We expect noninterest expenses to decrease in the low single-digit percent range with seasonally higher salaries and benefits more than offset by lower incentives and commissions as well as other costs.

關於非利息收入，雖然我們預計我們的固定收益業務的業績相對有彈性，但我們預計費用收入將在中個位數範圍內下降，進一步下降與我們之前宣布的 NSF 定價變化和季節性有關。我們預計非利息支出將在較低的個位數百分比範圍內下降，而季節性工資和福利的增加將被較低的激勵和佣金以及其他成本所抵消。

Our outlook calls for charge-offs to be stable to up modestly with continued positive credit grade migration and reserve outflows near term. On capital, as with the full year outlook, we expect our CET1 ratio to remain in the 9.5% to 10% range. Given our recent performance with strong underlying growth dynamics and expanded product set, we feel very well positioned to capitalize on our diversified business model to deliver enhanced value for our shareholders.

我們的展望要求在短期內繼續積極的信用等級遷移和準備金外流的情況下，沖銷將穩定到適度上升。在資本方面，與全年展望一樣，我們預計我們的 CET1 比率將保持在 9.5% 至 10% 的範圍內。鑑於我們近期表現強勁的潛在增長動力和擴大的產品組合，我們感到非常有能力利用我們多元化的商業模式為我們的股東創造更高的價值。

Finally, turning to Slide 19. We believe we are well positioned to capitalize on the opportunities of our diversified business model, highly attractive franchise and asset-sensitive balance sheet, particularly given the improving economic landscape and outlook for higher rates. Beyond our upcoming systems conversion, we are well positioned to capture additional revenue synergies as well as continue to pivot expenses and capital investments toward higher growth opportunities.

最後，轉向幻燈片 19。我們相信我們有能力利用我們多元化的商業模式、極具吸引力的特許經營權和對資產敏感的資產負債錶帶來的機會，特別是考慮到經濟形勢的改善和更高利率的前景。除了我們即將進行的系統轉換之外，我們還準備好獲得額外的收入協同效應，並繼續將支出和資本投資轉向更高的增長機會。

We also remain committed to making prudent investments to support the dynamic digital needs of our clients and associates and drive further efficiencies. As we continue to actively work to improve our overall balance sheet profile, and prudently manage capital and risk, we believe we are well positioned to deliver attractive returns near term and into the future.

我們還繼續致力於進行審慎的投資，以支持我們的客戶和員工的動態數字需求，並進一步提高效率。隨著我們繼續積極努力改善我們的整體資產負債表狀況，並謹慎管理資本和風險，我們相信我們有能力在近期和未來提供有吸引力的回報。

Now I will turn it back to Bryan.

現在我將把它轉回給布萊恩。

Thank you, Hope. I'm excited about the results of the combined organization this year and what momentum I see as we look into 2022 and beyond. We have an attractive franchise. We have a very diversified business model in higher growth markets as well as a strong interest rate sensitivity that Hope described. So I think we're very, very well positioned.

謝謝你，希望。我對今年合併組織的成果以及展望 2022 年及以後的勢頭感到興奮。我們有一個有吸引力的特許經營權。我們在高增長市場擁有非常多元化的業務模式，以及 Hope 所描述的強烈的利率敏感性。所以我認為我們的定位非常非常好。

The merger continues to deliver revenue synergies and the team is highly focused on delivering value-added advice to clients with improved products and technology, all the while supporting our communities. I'm confident that we are well on our way to becoming a top-performing regional bank and delivering enhanced returns to our shareholders.

合併繼續帶來收入協同效應，團隊高度專注於通過改進的產品和技術為客戶提供增值建議，同時支持我們的社區。我有信心，我們正朝著成為表現最佳的地區性銀行並為我們的股東帶來更高回報的道路上邁進。

This concludes our prepared remarks. Juan, we can now open it up for questions.

我們準備好的評論到此結束。胡安，我們現在可以打開它來提問。

(Operator Instructions) And our first question comes from Ebrahim Poonawala from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Ebrahim Poonawala。

Just around loan growth, the mid-single-digit guidance, 2 things. One, what are you assuming happens to the mortgage warehouse in 2022 year-over-year? How much of a drag is that?

就貸款增長，中個位數的指導，兩件事。一，您假設抵押倉庫在 2022 年同比會發生什麼？這是多大的阻力？

And secondly, in terms of the mid-single-digit growth, talk to us in terms of upside risks, especially once you get the systems conversion done, I would think your market should outperform national GDP, which should probably lead to much stronger loan growth as things ramp back up. So give us a perspective on what could drive upside risk to that loan growth number?

其次，就中個位數增長而言，請與我們談談上行風險，特別是一旦您完成系統轉換，我認為您的市場應該會超過國家 GDP，這可能會導致更強勁的貸款隨著事情的發展而增長。那麼，請給我們一個觀點，看看哪些因素可能會推動該貸款增長數字的上行風險？

Yes. This is Hope, I'd be happy to take that. Fannie and Freddie project a 20% decline in origination volume in Q1 and a [2019 that decline] in full year 2022. So we are in line with that on a balance well as compressing spreads. However, we hope to mitigate the decline by developing customer-specific strategies to increase utilization and using some of our available tools in both pricing and other credit metrics as we move forward in the business.

是的。這是希望，我很樂意接受。房利美和房地美預計第一季度的發起量下降 20%，2022 年全年 [2019 年下降]。所以我們在平衡和壓縮利差方面與此一致。但是，我們希望通過制定針對客戶的戰略來提高利用率，並在我們在業務中取得進展時在定價和其他信用指標中使用我們的一些可用工具來緩解這種下降。

And then this is Susan, Ebrahim, I'll add on in terms of potential upside to loan growth, just looking at the momentum that we had in the second half of 2021, third and fourth quarter. We saw some period-end loan growth in a number of our core markets was up significantly. So the Mid-Atlantic, North Carolina market, Middle Tennessee, Georgia, and really the whole state of Florida, we saw quarter-over-quarter growth in those markets ranging from over 3% to almost 9%.

然後是蘇珊，易卜拉欣，我將補充一下貸款增長的潛在上行空間，看看我們在 2021 年下半年、第三和第四季度的勢頭。我們看到一些核心市場的期末貸款增長顯著上升。因此，北卡羅來納州中大西洋市場、田納西州中部、佐治亞州以及整個佛羅里達州，我們看到這些市場的季度環比增長率從 3% 以上到近 9% 不等。

And in C&I, largely C&I, some CRE and some consumer. And then as mentioned earlier, so I think because you mentioned that, I think when you think about those markets, they're very vibrant. And when you looked at what happened during the pandemic in both businesses and individuals moving into many of these markets, we have seen opportunity to do more with existing clients as well as with new prospects.

在 C&I 中，主要是 C&I，一些 CRE 和一些消費者。然後如前所述，我認為因為您提到了這一點，我認為當您考慮這些市場時，它們非常活躍。當您查看大流行期間進入許多這些市場的企業和個人中發生的事情時，我們看到了與現有客戶以及新潛在客戶一起做更多事情的機會。

That's the other thing I saw, Ebrahim, as I looked at as new production in the second half of the year. Third and fourth quarter, we saw an increased percentage of new-to-bank clients while also serving existing clients. That's a combination of our existing RMs and our track record of attracting seasoned RMs in many of these growth markets.

這是我看到的另一件事，易卜拉欣，因為我將其視為下半年的新產品。第三和第四季度，我們看到銀行新客戶的百分比有所增加，同時也為現有客戶提供服務。這是我們現有的 RM 和我們在許多這些增長市場中吸引經驗豐富的 RM 的記錄的結合。

And then the specialty businesses, as that was mentioned previously, equipment finance has really done, one of our main synergy items. We've seen good growth in equipment finance, franchise finance, asset-based lending. So I do think as you mentioned, there could be upside, assuming things with the economy continue to improve.

然後是專業業務，如前所述，設備融資確實做到了，這是我們的主要協同項目之一。我們已經看到設備融資、特許經營融資、基於資產的貸款的良好增長。因此，我確實認為，正如您所提到的，假設經濟狀況繼續改善，可能會有上行空間。

Ebrahim, 2 additional thoughts. First, on mortgage warehouse lending. As Hope described, we think there are a number of levers there. While we would broadly acknowledge that refinance activity is likely to drop and overall purchase money activity is going to drop.

易卜拉欣，另外兩個想法。一是關於抵押倉貸。正如霍普所描述的，我們認為那裡有很多槓桿。雖然我們普遍承認再融資活動可能會下降，整體購買資金活動將會下降。

We have done an outstanding job in my view of sort of repositioning the portfolio and gaining additional market share from existing customers. So while we could be down a bit, I think we've done a good job taking the lows out of that business by repositioning with our customer base.

在我看來，我們在重新定位投資組合併從現有客戶那裡獲得額外的市場份額方面做得非常出色。因此，雖然我們可能會有所下降，但我認為通過重新定位我們的客戶群，我們已經做得很好，從而消除了該業務的低谷。

And as Susan said, we see great opportunities in these higher growth markets that we serve both with existing customers and new-to-bank. I was really pleased with all of the great work our bankers did when new-to-bank customers. And as we said in previous calls, we like everybody saw a bit of a headwind in commercial real estate as projects went to the permanent markets earlier and they really put pressure originations have been good there.

正如蘇珊所說，我們在這些高增長市場中看到了巨大的機會，我們為現有客戶和新銀行提供服務。我對我們的銀行家在新客戶時所做的所有出色工作感到非常滿意。正如我們在之前的電話會議中所說，我們希望每個人都看到商業房地產的一些逆風，因為項目更早進入了永久市場，他們確實施加了壓力，那裡的起源一直很好。

And I think I mentioned in my opening comments, our commitments were up strongly at year-end. And I look at that as a spring loading of the balance sheet. That will drive growth, particularly as it relates to CRE, where those projects will fund up over time. So we're pretty optimistic about our ability to do as Hope said, deliver something in those mid-single digits.

我想我在開場白中提到，我們的承諾在年底大幅增加。我將其視為資產負債表的彈簧加載。這將推動增長，尤其是與 CRE 相關的增長，這些項目將隨著時間的推移獲得資金。因此，我們對我們按照希望所說的那樣做的能力非常樂觀，以中個位數提供一些東西。

Got it. And if I may, one more, Bryan, just a big picture, when you talk to shareholders, I think look back any reasonable time frame, 2, 3, 4, 5 years, the stock has underperformed regional bank peers.

知道了。如果可以的話，布萊恩，只是一張大圖，當你與股東交談時，我認為回顧任何合理的時間框架，2、3、4、5 年，股票的表現都遜於區域銀行同行。

Talk to us in terms of the importance of this year and as you emerge out of this integration of actually getting the stock to work. Like what do you think is needed? And do you think 2022 will be the year may we actually finally see some of these -- the power of the First Horizon franchise actually work for shareholders?

與我們討論今年的重要性，以及當您擺脫實際讓股票發揮作用的整合時。比如你認為需要什麼？您是否認為 2022 年我們真的會看到其中的一些——First Horizon 特許經營權的力量實際上為股東服務？

Yes. It's a good question and I think an important one. We have I think in 2022, a number of things that I think will be a catalyst for not only '22, but I think will start to prove out even further in '23.

是的。這是一個很好的問題，我認為這是一個重要的問題。我們有我認為在 2022 年，我認為許多事情不僅會成為 22 年的催化劑，而且我認為將在 23 年進一步證明。

First, one of the things that's sort of been an overhang that impacted us leading into the transition is our credit performance from the great financial crisis. And I think through this cycle, our credit team, led by Susan along with our line bankers, led by Anthony and -- Anthony Restel and David Popwell, proved that we've got very strong credit quality in the balance sheet.

首先，影響我們進入過渡期的一個懸而未決的事情是我們在金融危機中的信用表現。我認為通過這個週期，我們的信貸團隊，由蘇珊領導，以及由安東尼和安東尼·雷斯特爾和大衛·波普威爾領導的一線銀行家，證明我們在資產負債表中擁有非常強大的信貸質量。

So I think we've proven that, that repositioning the balance sheet has worked. We've also been dealing with a pandemic and integrating 2 large organizations in that period of time. And we feel very strongly that, that organization IBERIABANK, First Horizon combined, truly is better together. We're seeing great growth opportunities. We're seeing the benefits of being in 15 of the largest 20 MSAs in the south, having strong share, great bankers and the ability to deliver a differentiated level of service with a strong balance sheet.

所以我認為我們已經證明，重新定位資產負債表是有效的。在那段時間裡，我們也一直在應對大流行並整合了兩個大型組織。我們非常強烈地認為，IBERIABANK 和 First Horizon 聯合起來確實會更好。我們看到了巨大的增長機會。我們看到了加入南方最大的 20 個 MSA 中的 15 個的好處，擁有強大的份額、優秀的銀行家以及提供具有強大資產負債表的差異化服務水平的能力。

And while 2022, we'll have a bit of reset simply because some of the PPP earnings and purchase accounting accretion will be offset. We think with the rate increases that are likely to occur, Hope mentioned, I think March, July and December, December largely being a driver of '23 rather than '22 and then growth in the balance sheet, we're very optimistic not only about our repositioning this year and delivering shareholder value, but also how it positions us for creating shareholder value in '23 and beyond.

而在 2022 年，我們將進行一些調整，因為一些 PPP 收入和採購會計增長將被抵消。我們認為，隨著可能發生的加息，Hope 提到，我認為 3 月、7 月和 12 月，12 月在很大程度上是 23 年而不是 22 年以及資產負債表增長的驅動力，我們非常樂觀，不僅關於我們今年的重新定位和實現股東價值，以及它如何定位我們在 23 年及以後創造股東價值。

Our next question comes from Brett Rabatin from Hovde Group.

我們的下一個問題來自 Hovde Group 的 Brett Rabatin。

I wanted to first ask on the fee income guidance for 1Q relative to '22. It seems like the guidance implies that the fee income is fairly soft in the first quarter and then kind of builds thereafter. And so I want to make sure if that was sort of how you were thinking about fee income.

我想首先詢問相對於 22 年 1Q 的費用收入指導。似乎該指導意味著第一季度的費用收入相當疲軟，然後在之後有所增加。所以我想確定這是否是你對費用收入的看法。

And then in terms of 1Q, is the -- would you describe the fixed income business as the primary driver of that decrease? And maybe talk about what you're expecting for average ADR for the quarter?

然後就第一季度而言，您是否將固定收益業務描述為下降的主要驅動力？也許談談你對本季度平均 ADR 的預期？

Yes. So fee income is seasonal in our business. It's in 2 ways. One, mortgage activity tends to be lower in the first part of the year and the number of business days also in the fixed income business also impacts it. As we look at our average daily revenue across the year, first quarter included. We think it could moderate a little bit from 2021 levels, but we think fixed income will be -- continued to be reasonably strong, given the amount of excess liquidity that still exists in the system, the steepness of the yield curve.

是的。因此，費用收入在我們的業務中是季節性的。它有兩種方式。第一，今年上半年抵押貸款活動趨於減少，固定收益業務的工作日數也對其產生影響。當我們查看我們全年的平均每日收入時，包括第一季度。我們認為它可能會從 2021 年的水平略微緩和，但我們認為，鑑於系統中仍然存在過剩流動性的數量以及收益率曲線的陡峭程度，固定收益將繼續保持相當強勁的勢頭。

And so I would expect something that looks more like for the full year, something that looks more like what we saw in the fourth quarter. But sure, there's seasonality in a number of these businesses. And so first quarter can be a little bit softer. It will build as we get into the second quarter and beyond I think, in our view as we get back to the stronger seasons.

因此，我希望看起來更像全年的情況，看起來更像我們在第四季度看到的情況。但可以肯定的是，其中許多業務存在季節性。所以第一季度可能會稍微柔和一些。我認為，隨著我們進入第二季度及以後，它會建立起來，在我們看來，隨著我們回到更強勁的季節。

Okay. Great. And then on the expense guide and just the integration and the expense savings this year, it's my understanding that the bulk of the expense savings comes more in 2Q and 3Q rather than first quarter with the conversion. Can you maybe talk about the remaining expense savings from the transaction and the timing of that this year?

好的。偉大的。然後在費用指南以及今年的整合和費用節省方面，據我了解，大部分費用節省更多來自第二季度和第三季度，而不是第一季度的轉換。您能否談談交易中剩餘的費用節省以及今年的時間安排？

Yes, this is Hope. I'll take that. We will not have much in Q1 with conversion in February and our associates that are leaving us after conversion, leaving in March, we expect to see the majority come through in Q2 and Q3. But as I mentioned in my prepared remarks, that will be offset by our increasing inflationary environment as well as our annual raises that will go into effect in March. That will be muted through the quarters, although we will be achieving the expense savings.

是的，這就是希望。我會接受的。我們在第一季度不會有太多的轉換，我們的員工在轉換後離開我們，在三月份離開，我們預計大多數會在第二季度和第三季度完成。但正如我在準備好的講話中提到的那樣，這將被我們日益加劇的通脹環境以及將於 3 月生效的年度加薪所抵消。儘管我們將實現費用節省，但這將在整個季度中減弱。

As it relates to that Hope, does the inflationary pressures that everyone is seeing, has that not changed your outlook from an expense perspective meaningfully?

由於它與希望相關，每個人都看到的通脹壓力是否沒有從支出的角度有意義地改變您的前景？

I guess how you define meaningfully, we have changed our guidance for 2022 from prior we said we thought Q2 and Q3 would decrease from Q1, and now we're saying we expect it to be flattish throughout the year. So that is a change to a prior guidance.

我猜你是如何定義有意義的，我們已經改變了我們對 2022 年的指導，之前我們說我們認為第二季度和第三季度會比第一季度減少，現在我們說我們預計全年都會持平。因此，這是對先前指導的更改。

Our next question comes from Christopher Marinac from Janney Montgomery Scott.

我們的下一個問題來自 Janney Montgomery Scott 的 Christopher Marinac。

Just to get a little more granular on the capital markets business, Bryan and Hope. Do you think that the clients with all their cash and liquidity, does that help the business as you get through the first quarter? I understand the seasonality that you just mentioned, but is that liquidity that was a lot different than what existed the last time at the Fed tightened, does that help the business as this year plays out?

只是為了更詳細地了解資本市場業務，布萊恩和霍普。您認為擁有所有現金和流動性的客戶是否會在您度過第一季度時對業務有所幫助？我理解你剛才提到的季節性，但流動性與上次美聯儲收緊時的流動性有很大不同，這對今年的業務有幫助嗎？

Yes. We think it does, Chris. The fixed income business is impacted by a bunch of different dynamics. But when you have a steepening yield curve like we've seen over the last several weeks and you see that much liquidity on the sidelines, we think it will be helped.

是的。我們認為確實如此，克里斯。固定收益業務受到一系列不同動態的影響。但是，當我們在過去幾週看到的收益率曲線變陡並且您看到場外流動性如此之多時，我們認為這會有所幫助。

And while that's to be seen, I'm optimistic that we will see continued activity there. The first quarter, so we're on the 20th day of January. Our average daily revenues this far in the quarter -- thus far in the quarter are right in line with our expectations. And we think that as long as that deepness remains in the curve, liquidity is in the system, we think that, that can be a very, very good business for us.

雖然這有待觀察，但我樂觀地認為我們將在那裡看到持續的活動。第一季度，所以我們在 1 月 20 日。本季度到目前為止，我們的平均每日收入 - 本季度迄今為止符合我們的預期。我們認為，只要曲線的深度保持不變，流動性就在系統中，我們認為這對我們來說可能是一項非常非常好的業務。

Okay. Great. And then just a follow-up as it pertains to some of the new bells and whistles that you're going to get for the lending teams once the systems conversion is done. Is it proper to kind of expect maybe 2 quarters to pass line before you can kind of judge some of the new progress on new loans? I'm just kind of curious what's the fair expectation there?

好的。偉大的。然後只是一個跟進，因為它與系統轉換完成後您將為貸款團隊獲得的一些新的花里胡哨有關。在您可以判斷新貸款的一些新進展之前，期望可能會通過 2 個季度是否合適？我只是有點好奇那裡的公平期望是什麼？

In terms of -- are you asking about volumes?

就 - 你問的是數量嗎？

Volumes and new business generation, just some of those sort of organic indicators as you have the systems conversion behind you?

交易量和新業務的產生，只是其中一些有機指標，因為您背後有系統轉換？

Yes. I think it will continue to build. There's no doubt about that. When you're going through an integration, you're in an inward focus. People are focused on transitioning existing customers reaching out. We're also, like everybody else in the industry dealing with a transition from LIBOR to SOFR or something else.

是的。我認為它將繼續建立。毫無疑問。當您進行整合時，您處於內在的焦點。人們專注於轉變現有客戶。我們也像業內其他所有人一樣，正在處理從 LIBOR 到 SOFR 或其他方式的過渡。

And I would say in that context, I'm really excited about the momentum. We showed C&I loan growth, for example, in the fourth quarter was, I think, up 2%, roughly 8% annualized, commitments were up and I think that momentum is building. And I think our teams have done a really good job of doing that in as I referred earlier, in the framework of our credit risk appetite.

在這種情況下，我會說，我對這種勢頭感到非常興奮。我們展示了工商業貸款的增長，例如，我認為第四季度增長了 2%，年化率約為 8%，承諾增加了，我認為這種勢頭正在形成。正如我之前提到的，在我們的信用風險偏好框架內，我認為我們的團隊在這方面做得非常好。

So I'm encouraged by that momentum. I think that will continue to build as we see further strengthening in the economy as we see the sort of the receding of the Omicron variant and hopefully, lesser impactful waves as we go forward. But I think while we get through this integration, I think that momentum will build.

所以我對這種勢頭感到鼓舞。我認為，隨著我們看到 Omicron 變體正在消退，並且隨著我們前進，希望影響較小的浪潮，我們看到經濟進一步走強，這將繼續建立。但我認為，當我們完成這種整合時，我認為這種勢頭將會建立。

Chris, this is Susan. I agree with Bryan, when we talked earlier about some of the revenue synergies and we talked a couple of quarters about this -- seeing very strong referrals, and you referred to them as new bells and whistles, the new products, new specialty lines. So referrals into equipment finance, asset-based lending, franchise finance, and I would say reverse referrals from specialty teams into our markets is building as well.

克里斯，這是蘇珊。我同意布萊恩的觀點，當我們早些時候談到一些收入協同效應時，我們討論了幾個季度 - 看到非常強大的推薦，你將它們稱為新的花里胡哨，新產品，新的專業線。因此，設備融資、基於資產的貸款、特許經營融資的轉介，我想說的是，從專業團隊到我們市場的反向推薦也在建立。

And bankers, the other bankers be successful introducing specialty businesses, additional cash management, treasury management product, we do think that will continue to build among the bankers in all of our markets and specialty business post conversion.

銀行家，其他銀行家成功引入專業業務，額外的現金管理，資金管理產品，我們確實認為這將繼續在我們所有市場和專業業務轉換後的銀行家中建立。

The next question comes from Michael Rose from Raymond James.

下一個問題來自 Raymond James 的 Michael Rose。

Just back to the fixed income business. You mentioned if the curve remains steep. But what if we do get a couple of rate hikes and the curve does flatten out. Is that I think the guidance that you've given previously for ADRs was somewhere in the 1 to 1.2. Could -- in that scenario or any other scenarios could you see downward pressure on that ADR guide?

回到固定收益業務。您提到曲線是否仍然陡峭。但是，如果我們確實加息了幾次並且曲線確實變平了怎麼辦。是不是我認為您之前為 ADR 提供的指導在 1 到 1.2 之間。在那種情況下或任何其他情況下，您能否看到該 ADR 指南的下行壓力？

Yes. If you get a much flatter yield curve or you get an inverted yield curve, it will be less attractive for that business without a doubt. We don't expect that, but that is a possibility.

是的。如果你得到一個更平坦的收益率曲線或你得到一個倒置的收益率曲線，毫無疑問，它對該業務的吸引力將降低。我們不希望這樣，但這是一種可能性。

Okay. That's helpful. And then, Bryan, as we think about this coming year. Obviously, there's been a lot of work behind the scenes. What are some of your strategic priorities as we move through the year, both on the revenue and on the expense side, just in broad strokes?

好的。這很有幫助。然後，布萊恩，當我們考慮來年的時候。顯然，幕後有很多工作要做。在我們度過這一年的過程中，您在收入和支出方面有哪些戰略重點？

Yes. Yes. First and foremost, it is working with our customers and our communities to get through this integration. There's been a tremendous amount of effort into the planning, the testing, the retesting and the re-retesting, and we're now doing a lot of communication outbound calling with our customers getting folks logging into micro sites and things like that. So first and foremost is getting the integration done.

是的。是的。首先，它正在與我們的客戶和我們的社區合作，以完成這種整合。在規劃、測試、重新測試和重新測試方面付出了巨大的努力，我們現在正在與我們的客戶進行大量的溝通外呼，讓人們登錄微型網站等。所以首先是完成集成。

Beyond that, it is, as Susan said, taking the broader product set that we have in the organization and continuing to drive synergies across our equipment finance business or our mortgage business. Mortgage, for example, is something we've been out of for roughly 10 years in the First Horizon business 12 years. So that's a new tool in the old legacy First Horizon footprint. So capitalizing on those things.

除此之外，正如蘇珊所說，它採用了我們在組織中擁有的更廣泛的產品組合，並繼續推動我們的設備融資業務或抵押貸款業務的協同效應。例如，抵押貸款是我們在 First Horizon 業務 12 年中已經退出了大約 10 年的事情。因此，這是舊版 First Horizon 足跡中的新工具。所以利用這些東西。

And then thirdly, and maybe most importantly, beyond the integration is how do we take advantage of the huge growth opportunities that we have in these existing markets where we have a relatively small share, the ability to attract bankers and proven ability to attract bankers and to develop customized go-to-market approach in very attractive markets. And so we're very, very focused on how we take all of those and drive a tremendous amount of organic growth and build that momentum for the next several years.

第三，也許最重要的是，除了整合之外，我們如何利用我們在這些現有市場中擁有的巨大增長機會，我們擁有相對較小的份額，吸引銀行家的能力以及吸引銀行家和在極具吸引力的市場中開發定制的上市方法。因此，我們非常非常專注於我們如何利用所有這些並推動巨大的有機增長並在未來幾年建立這種勢頭。

The next question comes from Steven Alexopoulos from JPMorgan.

下一個問題來自摩根大通的 Steven Alexopoulos。

I wanted to start, so regarding the outlook for expenses to be up mid-single-digit ex the incentives right after almost 10 years of cutting expenses nonstop. Are you guys now running out of wood to chop there? Because in the past, we've seen you offset this.

我想開始，所以在近 10 年不停地削減開支之後，關於開支前景將達到中個位數前的激勵措施。你們現在的木頭用完了嗎？因為在過去，我們已經看到你抵消了這一點。

Yes. I don't think we're running out of wood to chop. We -- as Hope said, we will realize a fair amount more of our cost savings this year. But by definition, in the way we're realizing it, we still have some cost savings that will fall to the bottom line and we're accretive in 2023.

是的。我不認為我們已經沒有足夠的木頭來砍了。我們——正如霍普所說，今年我們將實現更多的成本節約。但根據定義，按照我們的實現方式，我們仍然可以節省一些成本，這些成本將降到最低限度，並且我們在 2023 年將實現增值。

I think you've got a combination or confluence of things. One is, we're not immune to 7-plus percent inflation that others see and we think we can moderate a significant amount of the inflation. We think that what we're looking at is an environment where our costs will go up some across a number of different areas, but that we have opportunities to moderate that over the next couple of years.

我認為你已經得到了事物的組合或匯合。一是，我們不能倖免於其他人看到的 7% 以上的通貨膨脹，我們認為我們可以緩和大量的通貨膨脹。我們認為，我們正在關注的是一種環境，我們的成本將在許多不同領域有所上升，但我們有機會在未來幾年內緩和這種情況。

So a big focus for us will be once we get this integration done, and I think the way you think about that integration, we've frozen a lot of things for a couple of years other than making some systems investments and improvements, but from a process, thinking about the organization, we will continue to look at that in '22 and '23 through our team led by Randy Bryan, who's been leading the integration.

因此，一旦我們完成此集成，我們的一個重點將是，我認為您對集成的看法，除了進行一些系統投資和改進之外，我們已經凍結了很多東西幾年，但從一個過程，考慮到組織，我們將在 22 和 23 年繼續通過我們領導整合的 Randy Bryan 領導的團隊來研究這一點。

So we've got a number of things that would fall into that category of additional wood to chop. So we think there are further cost reduction opportunities we can use to offset some of these headwinds that inflation puts on the business.

所以我們有很多東西可以屬於那種額外的木材來砍伐。因此，我們認為我們可以利用進一步降低成本的機會來抵消通貨膨脹給業務帶來的一些不利因素。

Steve, I'll add to that is just like every other bank out there, we have the inflationary pressures. So we'll also be looking at our cost cuts and how we redeploy them to help us build the franchise and investing in technology, people and products.

史蒂夫，我要補充一點，就像其他所有銀行一樣，我們有通脹壓力。因此，我們還將研究我們的成本削減以及我們如何重新部署它們以幫助我們建立特許經營權並投資於技術、人員和產品。

Okay. That's helpful. Then -- and Bryan, you mentioned companies are inward looking, right, while you're going through an integration, particularly the system integration. When do you see the company moving more fully back on offense, right, being more outward looking? Does that happen in 2Q?

好的。這很有幫助。然後 - 布萊恩，你提到公司是內向的，對，當你正在經歷一個整合，特別是系統整合。你什麼時候看到公司在進攻端更全面地回歸，對，更外向？ 2Q會這樣嗎？

And then it's interesting to comment better together, compared to other Southeast banks, how should we think about this new company from a growth perspective?

然後更有趣的是，與其他東南銀行相比，我們應該如何從增長的角度看待這家新公司？

Yes. So I think to be very, very fair to our bankers. I think they've done a great job managing an inward focus and an outward focus and doing a good job keeping both balls in the air. We can put down the inward integration focus ball. So yes, I think in the second quarter, we won't be juggling that one anymore, and we'll be focused exclusively on sort of that outward go-to-market approach.

是的。所以我認為對我們的銀行家非常非常公平。我認為他們在管理內在焦點和外在焦點方面做得很好，並且很好地保持了兩個球在空中。我們可以放下內向整合焦點球。所以是的，我認為在第二季度，我們不會再玩弄那個了，我們將專注於那種向外進入市場的方法。

I think -- I think it's hard to say, okay, relative to Southeastern peers, how will you do? But I firmly believe that -- that given our approach to markets, our product set and most importantly, our geography and differentiated proposition I think we can be better than most by executing day in, day out on really being differentiated for customers.

我想——我覺得很難說，好吧，相對於東南同業，你會怎麼做？但我堅信——考慮到我們的市場方法、我們的產品組合，以及最重要的是，我們的地理位置和差異化主張，我認為通過日復一日地為客戶真正實現差異化，我們可以比大多數人做得更好。

Sometimes our product people get frustrated when they hear this, but -- or when I say this, but nothing we do is unique in the sense that all of our products are commodities. I say our money is no greener and our loan documents are no easier to read. So where we make a difference is our people and the way we deliver for our customers. And I think we truly are differentiated there. You couple that with great geography, I think we can be extraordinarily good in terms of delivering value in the Southeast.

有時，我們的產品人員聽到這個消息時會感到沮喪，但是 - 或者當我這麼說時，但我們所做的一切都不是獨一無二的，因為我們所有的產品都是商品。我說我們的錢並不環保，我們的貸款文件也不容易閱讀。因此，我們與眾不同的地方在於我們的員工以及我們為客戶提供服務的方式。我認為我們確實在那裡與眾不同。再加上優越的地理位置，我認為我們在東南部創造價值方面可以做得非常好。

The next question comes from Jared Shaw from Wells Fargo Securities.

下一個問題來自 Wells Fargo Securities 的 Jared Shaw。

I guess when looking at the expectation for earning asset growth, what's your expectation for funding with a 15% assumed beta on deposits, do you think that deposits actually really grow in '22? Or are you expecting to utilize a lot of that cash position.

我想在查看對賺取資產增長的預期時，您對假設存款貝塔係數為 15% 的融資的期望是什麼，您認為存款在 22 年真的會增長嗎？或者您是否希望利用大量現金頭寸。

Yes. Jared, this is Bryan. I hope may have a slightly different view. I think deposits will get drawn down some over the course of the year. I think our perception of the marketplace today is excess liquidity is not unique to our balance sheet. It is endemic across the -- I shouldn't use endemic in a pandemic. It is across the industry, so at the end of the day, we think that there's sort of a balance between what happens with deposits and what happens with rates.

是的。傑瑞德，這是布萊恩。我希望可以有一個稍微不同的看法。我認為存款將在一年中被提取一些。我認為我們今天對市場的看法是流動性過剩並不是我們資產負債表獨有的。它是地方性的——我不應該在大流行中使用地方性。這是整個行業，所以歸根結底，我們認為存款發生的情況和利率發生的情況之間存在某種平衡。

But we think 15% beta, which is not all that different than the lag that people saw or that we saw coming out of the great financial crisis, is likely to be a good place to start our modeling that lag comes out in subsequent years. But we think that there's an opportunity for a little bit of deposit rate lag in the near term.

但我們認為 15% 的 beta 與人們看到的或我們從金融危機中看到的滯後並沒有什麼不同，這可能是開始我們在隨後幾年出現滯後的模型的好地方。但我們認為短期內存款利率可能會出現一點滯後。

I agree with everything Bryan said, we spent a lot of time on what the right scenario was. With the excess liquidity the system, obviously, 0 beta seems to make sense. However, as we get to a more normalized post pandemic environment, I think the environment is going to get a lot more competitive, and people looking at our peers may start trying to be on price on a client relationship basis, which will require I think the industry to move forward.

我同意布萊恩所說的一切，我們花了很多時間來確定正確的方案是什麼。顯然，由於系統流動性過剩，0 beta 似乎是有道理的。但是，隨著我們進入一個更加正常化的大流行後環境，我認為環境將變得更具競爭力，而關注我們同行的人可能會開始嘗試根據客戶關係定價，這將需要我認為行業向前發展。

Eventually, clients will pull -- start asking to make some money on their deposits, especially where they have multiple relationships with the company. So I think it's less about the liquidity and more about just the competitive landscape probably driving up deposit pricing this year.

最終，客戶會退出——開始要求從他們的存款中賺錢，尤其是在他們與公司有多種關係的情況下。因此，我認為這與流動性無關，而更多的是競爭格局可能會推動今年的存款定價。

Okay. And then Shifting to the allowance and credit talking about getting closer to the point where you start building allowance from here, we're still pretty far above the day 1 level of 110%. And then obviously, you have the benefit of the acquisition with the double mark there. Do you think that you actually get to the day 1 level before building? Or maybe we don't assume it gets back to day 1 with the improving economic backdrop?

好的。然後轉移到津貼和信用談論越來越接近從這裡開始建立津貼的點，我們仍然遠遠高於第 1 天 110% 的水平。然後很明顯，你有雙標收購的好處。你認為你真的在建造之前達到了第一天的水平嗎？或者，也許我們不認為隨著經濟背景的改善，它會回到第一天？

Jared, we are -- we think probably 2 more quarters of reserve releases based on what we know today and the outlook for the economy. They need to start building reserves in the second half of the year. In terms of [ace] outlook for ACL, probably in the 115 to 120 basis points, just a little bit higher than your 110 that you mentioned, but roughly there. Obviously, the models are quite complex, but hopefully, that answers your question.

賈里德，我們是——根據我們今天所知道的情況和經濟前景，我們認為可能還會再釋放 2 個季度的儲備金。他們需要在下半年開始建立儲備。就 ACL 的 [ace] 前景而言，可能在 115 到 120 個基點，僅比您提到的 110 高一點，但大致在那裡。顯然，這些模型非常複雜，但希望能回答您的問題。

I'm sorry, Jared. I was going to say CECL creates some interesting dynamics the day you book a loan under CECL, you effectively book it assume a 1% reserve, you book it at 99%, you basically booked the loan growth and set up a 1% reserve. And so there's a dynamic in this transition phase here, while we think credit quality is likely to continue to get better and likely could drive some further reserve releases headed towards that day 1 number. At the same time, loan growth is going to drive some offsetting impact in that just simply because of the way CECL mechanically works.

對不起，傑瑞德。我要說的是，在您根據 CECL 預訂貸款的那一天，CECL 創造了一些有趣的動態，您有效地預訂了 1% 的準備金，您以 99% 的利率預訂，您基本上預訂了貸款增長並設置了 1% 的準備金。因此，在這個過渡階段存在動態，而我們認為信用質量可能會繼續改善，並且可能會推動一些進一步的準備金釋放，朝著第一天的數字前進。與此同時，貸款增長將帶來一些抵消性影響，這僅僅是因為 CECL 的機械運作方式。

Okay. And then finally for me, I guess, looking at the securities portfolio, I heard you say you purchased the $700 million at 1.7% yield. Can you just sort of walk us through what caused the decline in yield when you look quarter-over-quarter with the average yields going from 148 to 143 with that growth? Is there a bigger restructuring behind that?

好的。最後對我來說，我想，看看證券投資組合，我聽說你說你以 1.7% 的收益率購買了 7 億美元。當您查看季度環比增長時平均收益率從 148 增長到 143 時，您能否簡單介紹一下導致收益率下降的原因？這背後是否有更大的重組？

No. There was no restructuring. We -- that portfolio kicks off a tremendous amount of cash flow. So you're just reinvesting at lower rates.

不，沒有重組。我們——這個投資組合啟動了大量的現金流。因此，您只是以較低的利率進行再投資。

But you're not -- when you are reinvesting at a lower rate, lower than 148 about 170 that was purchased.

但你不是 - 當你以較低的利率再投資時，低於 148 大約 170 購買。

No, no. $700 million we've added in the quarter was at 1.7%. And the book yield on the cash flows that we got was around 80 basis points.

不，不。我們在本季度增加的 7 億美元為 1.7%。我們得到的現金流的賬面收益率約為 80 個基點。

Okay. So should we expect to see in a stable rate environment or not assuming any rate move, should we assume that securities yields grows now from here?

好的。那麼，我們應該期望看到一個穩定的利率環境還是不假設任何利率變動，我們是否應該假設證券收益率現在從這裡開始增長？

Given the inherent steepness that's crept into the yield curve, if that remains, you would expect that it would grow over time, yes.

考慮到收益率曲線固有的陡峭性，如果這種情況仍然存在，你會預計它會隨著時間的推移而增長，是的。

Okay. Okay. I guess I'm just looking at the growth in average balances with the decline in interest income from that. I'm just trying to reconcile it with the purchase of 1.70 yield.

好的。好的。我想我只是在關注平均餘額的增長以及利息收入的下降。我只是試圖將其與購買 1.70 收益率相協調。

Yes. So remember that you're looking at declining accretion benefit.

是的。所以請記住，您正在考慮減少累積收益。

Our next question comes from Brady Gailey from KBW.

我們的下一個問題來自 KBW 的 Brady Gailey。

In addition to your asset sensitivity, it seems like First Horizon has a pretty big lever just because 19% of your average earning assets are in cash your bond book is still only about 11% of average earning assets. So it feels like you could easily be throwing more cash into the bond book.

除了您的資產敏感性之外，First Horizon 似乎有一個相當大的槓桿，因為您的平均收入資產中有 19% 是現金，您的債券賬簿仍然只占平均收入資產的 11% 左右。所以感覺你可以很容易地將更多的現金投入債券賬戶。

Though we have seen the long end of the curve increased pretty nicely here. I know it's still pretty low. But how do you think about materially increasing the size of the bond book going forward?

儘管我們已經看到曲線的長端在這裡增長得非常好。我知道它仍然很低。但是，您如何看待未來大幅增加債券賬簿的規模？

Brady, this is Hope, and as I'm in my 7th week here, and I'm only been to 1 call. I'll tell you, we are spending a lot of time talking about this. I know we've got a lot of pressure externally on that. So we are looking at it, especially in a rising rate environment. We need to look at how we position our balance sheet to protect against the downside as well as what's the right amount of cash as we have.

布雷迪，我是希望，因為我在這裡的第 7 週，我只打過 1 個電話。我會告訴你，我們花了很多時間來討論這個問題。我知道我們在這方面受到了很大的外部壓力。所以我們正在關注它，特別是在利率上升的環境中。我們需要看看我們如何定位我們的資產負債表以防止下行以及我們擁有多少現金。

I expect that in 2022 and 2023, we will see cash leave as the competitive landscape increases, and we're not willing to price up for non-relationship deposits. So -- the short way of saying as the new CFO, stay tuned to next quarter, I'll have a little bit more information for you on that. Bryan, I don't know if you want to add anything?

我預計在 2022 年和 2023 年，隨著競爭格局的增加，我們將看到現金休假，並且我們不願意為非關係存款定價。所以 - 作為新首席財務官的簡短說法，請繼續關注下個季度，我將為您提供更多信息。 Bryan，我不知道你是否想補充什麼？

So I think that's right. I think the big driver in the near term is sort of opportunistic investment because we recognize we have a fair amount of excess cash, similar to what we did in the fourth quarter, third, fourth quarter. And as you pointed out, as rates move away from 0, we've got to add more fixed rate assets to protect against the downside and the bond portfolio as a place to do that.

所以我認為這是對的。我認為短期內的主要驅動力是某種機會主義投資，因為我們認識到我們有相當數量的過剩現金，類似於我們在第四季度、第三、第四季度所做的。正如您所指出的，隨著利率遠離 0，我們必須增加更多的固定利率資產以抵禦下行風險，並將債券投資組合作為這樣做的地方。

So my guess is, as we look at this balance sheet, we'll have opportunities to put some of that cash to work at higher yielding points and create some incremental earnings sort of your thesis, Brady, that we have a bit of a lever there in addition to a floating rate loan portfolio.

所以我的猜測是，當我們查看這個資產負債表時，我們將有機會將部分現金投入到更高的收益點上，並創造一些增量收益，就像你的論文一樣，布雷迪，我們有一點槓桿除了浮動利率貸款組合外。

All right. And then my second question is really on the buyback, if you look last year in 2021, First Horizon repurchased 4% to 5% of the company, which was pretty notable. So it feels like growth is going to be better this year. And I know you kind of prioritize growth over buybacks as you look at capital. But how should we think about the buyback? I mean the stock is still cheap. Do you think that your First Horizon will still be notably active in the buyback this year?

好的。然後我的第二個問題真的是關於回購，如果你看一下去年的 2021 年，First Horizon 回購了公司 4% 到 5% 的股份，這是非常值得注意的。所以感覺今年的增長會更好。而且我知道當你看待資本時，你會優先考慮增長而不是回購。但是我們應該如何考慮回購呢？我的意思是股票仍然很便宜。您認為您的 First Horizon 今年在回購中仍會特別活躍嗎？

Yes. We do think that the stock is cheap. And as you said, we do prioritize organic growth over repurchase activity. And while we think that the strength of the balance sheet will continue to grow -- will continue to grow through organic growth and there will be opportunities to deploy it there.

是的。我們確實認為這隻股票很便宜。正如你所說，我們確實優先考慮有機增長而不是回購活動。雖然我們認為資產負債表的實力將繼續增長——將通過有機增長繼續增長，並且將有機會在那裡進行部署。

As Hope alluded, we're comfortable in that 9.5% to 10% CET1 range. We're at the high end of that range now. So I think that provides us the opportunity at the right spot to take advantage of what we think are attractive levels to buy our stock. So yes, it will continue to be one of the levers we use from time to time. to get excess capital out of the organization and we'll balance it between organic growth and getting our capital ratios right for the economic environment.

正如霍普所暗示的那樣，我們在 9.5% 到 10% 的 CET1 範圍內感到很舒服。我們現在處於該範圍的高端。因此，我認為這為我們提供了在正確位置利用我們認為具有吸引力的水平來購買我們股票的機會。所以是的，它將繼續成為我們不時使用的槓桿之一。從組織中取出多餘的資本，我們將在有機增長和使我們的資本比率適合經濟環境之間取得平衡。

(Operator Instructions) We currently have no further questions. I will hand over back to Bryan for any final remarks.

（操作員說明）我們目前沒有其他問題。我將把最後的評論交給布萊恩。

All right. Thank you, Juan. I appreciate your help this morning. Thank you all for joining our call. We appreciate you taking time to visit with us this morning. I know it's an otherwise busy day. Thank you for your interest in the company. If you have any further questions or need additional information, please reach out to any of us. We'll be happy to try to get it for you. Hope everybody has a great day.

好的。謝謝你，胡安。感謝您今天早上的幫助。感謝大家加入我們的電話。感謝您今天早上抽出時間與我們一起參觀。我知道這是忙碌的一天。感謝您對公司的關注。如果您有任何其他問題或需要更多信息，請聯繫我們。我們很樂意為您提供服務。希望每個人都有美好的一天。

This concludes today's call. Thank you so much for joining. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的加入。您現在可以斷開線路。