First Horizon Corp (FHN) 2025 Q3 法說會逐字稿

Good morning, all, and thank you all for attending the First Horizon third-quarter 2025 earnings conference call. My name is Brika, and I will be your moderator for today. (Operator Instructions)

各位早安，感謝各位參加第一地平線2025年第三季財報電話會議。我叫布里卡，我將擔任今天的主持人。（操作說明）

I would now like to pass the conference over to your host, Tyler Craft, Head of Investor Relations at First Horizon Bank. Thank you. You may proceed, Tyler.

現在，我將把會議交給主持人，第一地平線銀行投資者關係主管泰勒·克拉夫特。謝謝。你可以繼續了，泰勒。

Thank you, Brika. Good morning. Welcome to our third-quarter 2025 results conference call. Thank you for joining us. Today, our Chairman, President and CEO, Bryan Jordan; and Chief Financial Officer, Hope Dmuchowski, will provide prepared remarks, after which we'll be happy to take your questions. We're also pleased to have our Chief Credit Officer, Thomas Hung, here to assist with questions as well.

謝謝你，布里卡。早安.歡迎參加我們2025年第三季業績電話會議。感謝您的參與。今天，我們的董事長、總裁兼執行長布萊恩喬丹和財務長霍普德穆喬夫斯基將發表準備好的講話，之後我們將很樂意回答您的問題。我們也很高興首席信貸官 Thomas Hung 能到場協助解答問題。

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. Therefore, 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.

我們今天的演講將參考我們的獲利報告，該報告可在我們的網站ir.firsthorizo​​n.com上查閱。一如既往，我需要提醒各位，我們將做出一些前瞻性陳述，這些陳述存在風險和不確定性。因此，我們請您查看簡報第 2 頁和提交給美國證券交易委員會的文件中列出的可能導致我們的業績與預期不符的因素。

Additionally, please be aware that our comments will refer to adjusted results, which exclude the impact of notable items and to other non-GAAP measures. Therefore, it's important for you to review the GAAP information in our earnings release, page 3 of our presentation, and the non-GAAP reconciliations at the end of our presentation. And last but not least, our comments reflect our current views, and you should understand that we are not obligated to update them.

此外，請注意，我們的評論將參考調整後的結果，其中不包括重大項目的影響和其他非GAAP指標。因此，您務必查看我們獲利報告中的 GAAP 資訊、簡報第 3 頁以及簡報末尾的非 GAAP 調整表。最後但同樣重要的是，我們的評論反映了我們目前的觀點，您應該理解我們沒有義務更新這些觀點。

And with that, I'll hand it over to Bryan.

好了，現在我把麥克風交給布萊恩。

Thank you, Tyler. Good morning, everyone. Thanks for joining us. We appreciate your continued interest in First Horizon. I'm extremely pleased with our performance this quarter, highlighted by strong adjusted EPS of $0.51 per share. We continue to deliver excellent returns for our shareholders and execute on our priorities across the franchise, focusing on safety and soundness, profitability, and sustainable growth. Thank you to our associates and clients for their continued dedication and trust in First Horizon.

謝謝你，泰勒。各位早安。謝謝您的參與。感謝您一直以來對第一地平線銀行的關注。我對我們本季的業績非常滿意，尤其是調整後每股收益強勁，達到 0.51 美元。我們將繼續為股東帶來優異的回報，並在整個特許經營體系內執行我們的優先事項，重點關注安全穩健、獲利能力和永續成長。感謝各位同事及客戶對第一地平線銀行的持續支持與信任。

I'll invite Hope to walk through the financial results, and I'll share my perspective on the rest of the year and the broader economy at the end. Hope.

我將邀請霍普詳細解讀財務業績，最後我將分享我對今年剩餘時間和整體經濟的看法。希望。

Thank you, Bryan. Good morning, everyone, and thank you for joining us today. I'm excited to share the details behind another great quarter for First Horizon. Getting started on slide 5 with some of our key performance metrics. We generated adjusted earnings per share of $0.51, a $0.06 increase from last quarter. This earnings growth increased our adjusted return on tangible common equity by 135 basis points to 15%.

謝謝你，布萊恩。各位早安，感謝大家今天收看我們的節目。我很高興與大家分享第一地平線銀行又一個出色季度的詳細情況。接下來請看第 5 張投影片，了解我們的一些關鍵績效指標。我們調整後的每股收益為 0.51 美元，比上一季增加了 0.06 美元。這一獲利成長使我們的有形普通股調整後收益率提高了 135 個基點，達到 15%。

Moving ahead to slide 7, we cover our $33 million of net interest income growth and the 15-basis points expansion of net interest margin. NII growth benefited from average loan balance growth, including our high yielding mortgage warehouse business, which contributed to a 14-basis points expansion of total loan yield and drove margin expansion to 3.55%.

接下來是第 7 張投影片，我們將介紹 3,300 萬美元的淨利息收入成長和 15 個基點的淨利差擴張。淨利息收入成長得益於平均貸款餘額的成長，包括我們高收益的抵押貸款倉儲業務，這使得總貸款收益率提高了 14 個基點，並將利潤率提高到 3.55%。

NII and NIM this quarter also benefited from the recognition of interest income associated with increased accretion related to the Main Street Lending Program. This impact is primarily concentrated in the third quarter.

本季淨利息收入 (NII) 和淨利差 (NIM) 也受益於與主街貸款計畫相關的利息收入增加而確認的利息收入。這種影響主要集中在第三季。

On slide 8, we provide more information about our deposit performance in the quarter. Period end balances decreased by $52 million compared to prior quarter, driven by a $652 million decrease in brokered CDs offset by growth in index and promotional deposits, which reflect loans to mortgage company seasonality. We did see growth within non-interest-bearing deposits as period end balances were up $131 million.

在第 8 張投影片中，我們提供了有關本季存款表現的更多資訊。期末餘額較上一季減少 5,200 萬美元，主要原因是經紀 CD 減少 6.52 億美元，但指數存款和促銷存款的增長抵消了這一影響，這反映了抵押貸款公司的貸款季節性波動。我們看到非計息存款增加，期末餘額增加了 1.31 億美元。

Retention continues to be a highlight for our deposit story as we retained approximately 97% of the $29 billion imbalances associated with clients who had a re-pricing event in the quarter, while continuing to reduce our costs on those deposits even in a flat rate environment.

客戶留存率仍然是我們存款業務的一大亮點，我們留住了本季經歷重新定價事件的客戶所對應的 290 億美元不平衡資金中的約 97%，同時即使在固定利率環境下，我們也繼續降低這些存款的成本。

For deposit pricing overall, the average rate paid on interest-bearing deposits increased to 2.78%, up from the second-quarter average of 2.76%. Our objective is to achieve consistent beta through the cycle as the rate environment evolves. Please keep in mind that there is a delay between Fed rate moves and deposit rate adjustments as we work through client repricing.

就存款定價而言，計息存款的平均利率上升至 2.78%，高於第二季的平均利率 2.76%。我們的目標是隨著利率環境的變化，在整個週期中實現穩定的β值。請注意，聯準會利率變動與存款利率調整之間存在時間差，因為我們需要進行客戶重新定價。

On slide 9, we cover our loan portfolio performance. Period end loans were down slightly from prior quarter. Loans to mortgage companies decreased $132 million during the third quarter, which is in line with our normal seasonality that peaks in the middle of the summer. This portfolio continues to be roughly three-fourths purchase transactions versus refinances.

第 9 頁，我們將介紹我們的貸款組合表現。期末貸款額較上一季略為下降。第三季度，抵押貸款公司的貸款減少了 1.32 億美元，這符合我們正常的季節性規律，貸款高峰通常在夏季中期到來。在投資組合中，購買交易約佔四分之三，再融資交易約佔四分之三。

To the extent that mortgage rates decline in a falling rate environment, refinance activity could pick up. We saw a growth again this quarter in our C&I portfolio with period end balances of $174 million quarter over quarter. We continued seeing CRE balances decline in line with the longer-term pattern we've seen of stabilized projects moving to the permanent markets.

在利率下降的環境下，如果抵押貸款利率也隨之下降，那麼再融資活動可能會增加。本季我們的工商業投資組合再次成長，期末餘額較上季成長 1.74 億美元。我們持續看到商業房地產餘額下降，這與我們觀察到的長期趨勢一致，即穩定專案轉向永久市場。

Importantly, we remain focused on growing higher profitability relationships. We see this in relationship depths with our clients and yields in our loan portfolio, which spreads from the mid 100 basis points to the upper 200-basis points range. This overall growth pattern is consistent with our expectations for average loan balance growth in 2025.

重要的是，我們始終專注於發展盈利能力更高的合作關係。我們從與客戶的關係深度和貸款組合的收益率可以看出這一點，收益率從 100 個基點中段到 200 個基點以上不等。這一整體成長模式與我們對 2025 年平均貸款餘額成長的預期相符。

On slide 10, we detail our fee income performance for the quarter, which increased $26 million from the prior quarter, excluding deferred compensation. As improved business conditions led to increased customer activity for FHN Financial, we saw ADR increase to $771,000 and drive fixed income fee revenues of $57 million. Mortgage fees increased by $6 million driven by an MSR sale during the quarter.

在第 10 張幻燈片中，我們詳細介紹了本季的費用收入表現，該季度比上一季增加了 2,600 萬美元（不包括遞延補償）。隨著商業環境的改善，FHN Financial 的客戶活動增加，我們看到 ADR 增加至 771,000 美元，並推動固定收益費用收入達到 5,700 萬美元。本季抵押貸款服務權 (MSR) 出售導致抵押貸款費用增加 600 萬美元。

On slide 11, we highlight that excluding deferred compensation, adjusted expenses increased $45 million from prior quarter. Personnel expenses excluding deferred compensation increased by $9 million from last quarter, driven by $6 million in incentives and commissions growth on the improved ADRs.

在第 11 張投影片中，我們重點指出，不包括遞延薪酬，調整後的費用比上一季增加了 4,500 萬美元。不包括遞延薪酬的人事費用比上一季增加了 900 萬美元，其中 600 萬美元來自 ADR 改善的激勵和佣金增長。

Outside services increased by $8 million, with the largest driver being project expenses in technology and risk, partially offset by declines in advertising as prior quarter campaign costs moved to new account promotion payouts within other expenses.

外部服務支出增加了 800 萬美元，其中最大的驅動因素是技術和風險方面的項目支出，部分被廣告支出的下降所抵消，因為上一季的廣告活動成本轉移到了其他支出中的新客戶推廣費用。

Expenses this quarter reflect a contribution of $20 million to the First Horizon Foundation. This higher amount for the contribution we typically make to our foundation maximizes the relative tax advantages available for contributions made in 2025.

本季支出反映了向第一地平線基金會捐贈的 2000 萬美元。我們通常向基金會捐贈的金額較高，這樣可以最大限度地享受 2025 年捐贈的相對稅收優惠。

Turning to credit on slide12. Net charge-offs decreased by $7 million to $26 million. Our net charge off ratio of 17 basis points is in line with our expectations for the year. Loan loss provision was a credit of $5 million this quarter. This resulted from loan payoffs, and the ACL to loans ratio declined to 1.38% as we saw criticized and classified loans decline and balances grow in lower risk categories. Our 2 basis points increase to NPLs is relatively flat, and we feel confident in continuing long-term credit trends of success in [problem loan workouts].

請參閱第12頁投影片上的致謝部分。淨沖銷額減少了700萬美元，降至2600萬美元。我們的淨沖銷率為 17 個基點，符合我們對今年的預期。本季貸款損失準備金為貸方500萬美元。這是由於貸款償還造成的，隨著受批評和分類貸款減少，以及低風險類別餘額增加，ACL 與貸款比率下降至 1.38%。我們僅將不良貸款率上調了2個基點，幅度相對平穩，我們對長期信貸成功趨勢的延續充滿信心。[問題貸款重組]

Slide 13, we ended the quarter with CET1 of 11%, which is flat quarter over quarter. When we completed our annual stress testing during the quarter, we noted that our updated near-term target will be 10.75%, and we intend to make progress towards this target in the coming quarters. With loan balance declining in the quarter, our share buybacks accelerated to $190 million, with approximately $8.6 million shares repurchased. We have more than $300 million in remaining buyback authorization for our current program.

第 13 頁，我們本季末的 CET1 為 11%，與上一季持平。本季完成年度壓力測試後，我們注意到，我們更新後的近期目標為 10.75%，我們打算在接下來的幾季中朝著這個目標取得進展。由於本季貸款餘額下降，我們的股票回購加速至 1.9 億美元，回購了約 860 萬股股票。我們目前的回購計畫還有超過 3 億美元的剩餘授權額度。

On slide 14, we take another look at our full-year 2025 guidance. We remain confident in achieving year-over-year PPNR growth. We maintain our revenue guidance. The NII benefit this quarter discussed earlier and counter cyclical fee income from FHN Financial provide an offset to the asset sensitivity in our balance sheet in this falling rate environment.

在第 14 張投影片中，我們將再次審視我們 2025 年全年的業績指引。我們仍有信心實現年比PPNR成長。我們維持原有營收預期。本季先前討論過的淨利息收益以及來自 FHN Financial 的反週期費用收入，在當前利率下降的環境下，可以抵消我們資產負債表中的資產敏感度。

Our expense guidance remains unchanged. With a significant foundation contribution noted earlier and the potential for increased commissions driven by ADR growth, as that business has accelerated in the third quarter, we currently expect that expenses may finish 2025 at the top end of our current guidance range.

我們的支出預期維持不變。鑑於先前提到的重大基金會捐款，以及 ADR 成長帶來的佣金增加的潛力（因為該業務在第三季加速發展），我們目前預計 2025 年的支出可能會達到我們目前指導範圍的上限。

As we noted in our stress testing press release, in the near term, we are targeting 10.75% CET1 as we continue progressing towards our long-term normalized CET1 targets. Our outlook for charge-offs and taxes remain unchanged as we close out the year.

正如我們在壓力測試新聞稿中提到的那樣，近期我們的目標是 CET1 達到 10.75%，同時我們將繼續朝著長期正常化 CET1 目標邁進。隨著年末臨近，我們對沖銷和稅收的預期保持不變。

I will wrap up on slide 15. We are proud of our performance, our 15% adjusted ROTCE this quarter, and to see our countercyclical business model support profitability as we enter a declining rate environment. Through continued capital normalization, the value generated by our credit culture and performance, and most importantly, our ability to execute on creating value through efficiency and revenue enhancements like those aligned with our $100 million-plus PPNR opportunity, we are confident in our ability to hit our near and long-term targets. Our target for the coming year remains achieving a sustainable 15%-plus adjusted ROTCE.

我將在第15張投影片上結束講解。我們為本季的業績感到自豪，調整後的 ROTCE 為 15%，並且看到我們的反週期商業模式在利率下降的環境下支撐了盈利能力。透過持續的資本正常化、我們信貸文化和績效所創造的價值，以及最重要的是，我們透過提高效率和增加收入（例如與我們超過 1 億美元的 PPNR 機會相一致）來創造價值的能力，我們有信心實現我們的近期和長期目標。我們明年的目標仍然是實現可持續的經調整後的 ROTCE 超過 15%。

And with that, I will give it back to Bryan.

然後，我就把它還給布萊恩了。

Thank you, Hope. We're starting to see activity pick up overall, and the economy continues to perform reasonably well. On the whole, our clients are growing more confident in navigating tariff uncertainty, and we're seeing their willingness to take action flow through to solid pipeline momentum.

謝謝你，霍普。我們看到整體經濟活動開始回暖，經濟表現依然相當不錯。總體而言，我們的客戶在應對關稅不確定性方面越來越有信心，我們看到他們採取行動的意願轉化為穩健的業務成長勢頭。

Now that we have been seeing the Fed initiate rate cuts, the potential for more to come, we are optimistic that this will drive growth across the broader economy, and it is an important opportunity for First Horizon to capitalize on profitable loan growth across our diversified lines of business in the coming quarters.

現在我們看到聯準會開始降息，未來可能還會進一步降息，我們樂觀地認為這將推動整體經濟成長，這對第一地平線銀行來說是一個重要的機會，可以在未來幾季利用我們多元化業務線的獲利性貸款成長。

This past quarter, our organization continued to make meaningful progress positioning First Horizon for the future. We invested further in our systems, technology, and processes, which enables us to deepen client relationships and deliver our broad financial capabilities with a community banking approach. Our bankers continue delivering our relationship approach to our clients.

上個季度，我們公司在為第一地平線銀行的未來發展做好準備方面繼續取得了實質進展。我們對系統、技術和流程進行了進一步投資，這使我們能夠深化與客戶的關係，並以社區銀行的方式提供我們廣泛的金融服務。我們的銀行家將繼續秉持以客戶為中心的服務理念。

The third quarter was our highest origination funding quarter in the last two years. Bank M&A activity clearly accelerated in the third quarter. While our near-term focus is unchanged, I am increasingly confident in our ability to integrate a well-structured merger with a strong cultural fit in our existing footprint if such an opportunity arises in 2026 or beyond.

第三季是我們這兩年來貸款發放額最高的季度。第三季銀行業併購活動明顯加速。雖然我們近期的重點沒有改變，但我越來越有信心，如果 2026 年或以後出現這樣的機會，我們有能力將結構完善、文化契合度高的合併融入我們現有的業務佈局中。

Our team's energy remains high, our strategy is clear, and our competitive position and our attractive southern footprint is enviable. We see continued strength in both our credit trends and our capital outlook. Forward-looking, we remain focused on executing the initiatives that result in more than $100 million of additional pre-tax net revenue.

我們團隊士氣高昂，策略清晰明確，我們的競爭地位和在南部地區極具吸引力的業務佈局令人羨慕。我們看到信貸趨勢和資本前景都持續走強。展望未來，我們將繼續專注於執行各項舉措，以實現超過 1 億美元的額外稅前淨收入。

We expect to drive sustained profitable growth supported by our balanced business model and our unwavering commitment to safety, soundness, and serving our clients. Our goal of delivering sustained 15%-plus adjusted ROTCE remains firmly in sight, powered by the hard work of each of our associates. Their dedication and resilience continue to drive our momentum and success.

我們期望憑藉均衡的商業模式以及對安全、穩健和客戶服務的堅定承諾，實現持續獲利成長。在每位員工的辛勤努力下，我們持續實現 15% 以上調整後 ROTCE 的目標仍然清晰可見。他們的奉獻精神和韌性不斷推動著我們的發展勢頭和成功。

Brika, we can now open it up for questions.

Brika，現在可以開始提問了。

(Operator Instructions) Jon Arfstrom, RBC Capital Markets.

（操作說明）Jon Arfstrom，RBC Capital Markets。

Hey, Bryan, maybe we'll just start the call with -- you talked a little bit about the activity picking up and some pipeline momentum. How optimistic are you on growth and is it really -- is it a noticeable change from a quarter ago?

嘿，布萊恩，或許我們可以先從你剛才談到的業務活動正在增加以及一些專案進展勢頭開始通話。您對成長有多樂觀？與上個季度相比，是否真的有明顯的成長？

Yeah, it has picked up. There is more confidence, and it is noticeable. And I would say it's yet to be seen how anything that occurs with the new friction around Chinese tariffs may impact things, but we did see confidence building throughout the quarter and pipelines beginning to build in the middle of the quarter and beyond.

是的，情況有所改善。他的自信心增強了，這一點顯而易見。至於中國關稅引發的新摩擦會對市場產生何種影響，目前還不得而知，但我們確實看到市場信心在本季度不斷增強，並且從季度中期開始，訂單儲備也開始增加。

And so it has been a noticeable change. Customers are more confident. And more forward leaning, lower rates and the trajectory of rates added to the folks' confidence. And I see no reason in the immediate near term that that ought to solve, and it looks like it's sustainable at this point.

因此，這是一個顯著的變化。顧客更有信心了。更積極的政策傾向、更低的利率以及利率走勢都增強了人們的信心。而且我認為在短期內這樣做並不能解決問題，目前看來這樣做是可持續的。

Okay, good. And then, Hope, one for you, just on the margin. It surprised us positively. It feels a little bit elevated. Is there a better starting point for the margin for the fourth quarter, given the Main Street impact and the mortgage company impact?

好的。然後，希望，給你一個，就在邊緣。這給了我們一個驚喜。感覺稍微高了一點。考慮到實體經濟和抵押貸款公司受到的影響，第四季度利潤率是否有更好的起點？

Jon, great to hear from you, and thanks for that question. Yes, we did have, as we note in our earnings slide, a one-time adjustment this quarter that did increase our margin. Last quarter, we were at [340], and I think that's a good way to think about in the high [330s] and [340]. We've been pretty consistently there for the last few quarters and even this quarter if you adjust out that one time item.

Jon，很高興收到你的來信，謝謝你的提問。是的，正如我們在獲利幻燈片中提到的，本季度我們確實進行了一次性調整，這確實提高了我們的利潤率。上個季度我們達到了[340]，我認為這是思考[330]高位區間的一個好方法。[340]過去幾個季度，我們一直保持著相當穩定的業績，即使是本季度，如果剔除那一次性項目的話，業績也依然如此。

Casey Haire, Autonomous.

凱西·海爾，自主。

Wanted to touch on the core, the deposit franchise on slide 8. I know there were some seasonal challenges this quarter, but just looking at the trends, the core deposit franchise is down almost 8% over the last two quarters. Just what is driving this and what is being done to kind of stabilize or reverse the trend and sort of the outlook?

想在第 8 張投影片上簡單介紹核心內容，即存款特許經營權。我知道本季存在一些季節性挑戰，但僅從趨勢來看，核心存款業務在過去兩個季度下降了近 8%。究竟是什麼原因導致了這種情況？為了穩定或扭轉這種趨勢和前景，又採取了哪些措施？

Yeah, Casey, I'm not sure exactly what you're calling core deposits. We really pull out brokered and wholesale in the deck in order to really show the [match] funding that we do with mortgage warehouse. But H8 data is slightly flat to decreasing. The deposits in the industry are shrinking, specifically out of banking. We mentioned in our last earnings call that we saw a mix out of money markets and we looked at where our clients are [tranching] their funds, it was into brokerage accounts.

是的，凱西，我不太確定你說的核心沉積物到底是什麼。我們在簡報中著重強調了經紀和批發業務，以便真正展示我們透過抵押貸款倉庫提供的[配套]資金。但H8數據略有平穩或下降。該行業的存款正在減少，尤其是銀行業存款。我們在上次財報電話會議上提到，我們看到貨幣市場出現了波動，我們查看了客戶的資金[分層]配置情況，發現他們把資金投入了經紀帳戶。

And so I think the competition for deposits will continue to heat up. We talked about last quarter and this quarter's prepared remarks that we have a high retention rate of our existing clients, and we put additional money into marketing and cash offers in order to increase new to bank clients.

因此，我認為存款競爭將會持續升溫。我們討論了上個季度和本季的準備發言稿，我們現有客戶的留存率很高，並且我們投入了額外的資金用於行銷和現金優惠，以增加銀行的新客戶。

But deposit competition has been significant this year as you've seen, especially as it comes to rate and bringing that rate down on existing customers. It's really a balance that we focus on how do we keep existing customers with a fair rate through this environment.

但正如你所看到的，今年的存款競爭非常激烈，尤其是在利率方面，以及如何降低現有客戶的利率。我們真正關注的是如何在這個環境下以合理的價格留住現有客戶，這其實是個平衡的問題。

Okay, all right. I'm referring to like the DDA and the base rates, right? That's down 8% over the last two quarters, that's definitely below -- that's definitely lagging H8 and you guys are talking about keeping beta consistent with the prior cycle. That just seems kind of a challenge with the loan to deposit ratio at 97% and the core deposit franchise under pressure.

好的，沒問題。我指的是像DDA和基本利率之類的東西，對吧？這比過去兩個季度下降了 8%，這肯定低於——這肯定落後於 H8，而你們卻在談論保持 beta 與上一個週期一致。貸款存款比率高達 97%，核心存款業務面臨壓力，似乎是個不小的挑戰。

Yeah. Casey, on slide 8, if you look at the stacked bar chart third quarter of 2024, non-interest-bearing deposits, which is really, a lot of our DDA and our customer money there, it went from 9.2% to 11.4% in a year. And so I don't see that as decreasing. DDA is just a subset when you look at price quarter, but we are focused on growing that non-interest-bearing deposit core, and we've continued to see momentum quarter over quarter as illustrates on slide 8.

是的。Casey，在第 8 張投影片上，如果你看一下 2024 年第三季的堆疊長條圖，不計息存款（實際上，這部分存款占我們活期存款和客戶資金的很大一部分）的利率在一年內從 9.2% 上升到 11.4%。所以我不認為這種情況正在減少。從價格季度來看，DDA 只是一個子集，但我們專注於發展不計息存款核心，並且正如幻燈片 8 所示，我們已經持續看到季度環比增長勢頭。

Yeah. Casey, we feel very good about the core deposit franchise. We feel very good about the retention of customers and particularly our ability to adjust our repricing. We are mindful of the loan to deposit ratio, and that's one measure, but I think when you look at loans and securities to total deposits, our comparisons are much more in the middle of the pack.

是的。Casey，我們對核心存款業務非常有信心。我們對客戶留存率感到非常滿意，尤其對我們調整價格的能力感到滿意。我們很關注貸款存款比率，這是一個衡量標準，但我認為，如果從貸款和證券佔總存款的比例來看，我們的比較結果就處於中等水平了。

We feel good about the momentum we see in the business. We have a significant focus on our core consumer banking business. We have recently hired a new Head of Consumer Banking, and we see a very good momentum there. And it's easy to conflate what's happening in wholesale and brokered with what's the core franchise, but we feel very good about the progress we're making there and have a very optimistic outlook as we look into '26 and beyond.

我們對公司目前的業務發展動能感到滿意。我們非常重視核心的消費者銀行業務。我們最近聘請了一位新的消費者銀行業務主管，目前看來發展勢頭良好。很容易將批發和經紀業務與核心特許經營業務混為一談，但我們對我們在該領域取得的進展感到非常滿意，並且對 2026 年及以後的發展前景非常樂觀。

Casey, one note. I think you made -- I'm trying to figure out your question. I think you may be talking about the promotional deposits and CDs. That is a subset that we show for what the opportunity is to reprice down during a decreasing rate cycle. A lot of those do go to base pricing and are somewhere else in the chart.

凱西，一條備註。我想你已經——我正在努力理解你的問題。我想你可能指的是促銷存款和定期存款。這是我們在利率下降週期中展示的重新定價機會的子集。其中許多都屬於基礎定價，並且在圖表中位於其他位置。

So it may be a correlation that's not a causation, and we are trying to bring new to bank clients down to base rate, and then they fall out of that bucket over time.

所以這可能只是相關性而不是因果關係，我們正在努力將新銀行客戶的利率降至基準利率，但隨著時間的推移，他們會逐漸脫離這個行列。

Okay, all right, and just last one for me. Bryan, I wanted to touch on your M&A comment. So in terms of what you guys would be looking for in terms of size and geography, if a bank acquisition were to present itself in 2026.

好的，好吧，這是我最後一個問題了。布萊恩，我想談談你關於併購的評論。那麼，如果 2026 年出現銀行收購機會，你們在規模和地理位置方面會考慮哪些因素呢？

Yeah. I want to be really clear and sort of reiterate where I started. Our near-term priorities are not changed, and we're very focused on driving the $100 million of incremental pretax pre-provision and continuing to focus on executing our business model. Given that the M&A environment has picked up and the progress we're making on the foregoing, I feel very good about our ability to integrate if the right opportunity does present itself in '26 and beyond.

是的。我想把話說清楚，並重申我最初的觀點。我們的近期重點工作沒有改變，我們將繼續專注於實現 1 億美元的稅前撥備增量，並繼續專注於執行我們的商業模式。鑑於併購環境已經好轉，而且我們在上述方面取得了進展，我對我們整合的能力感到非常樂觀，如果2026年及以後出現合適的機會的話。

That said, I tried to focus my comment on the fact that we are very focused on the footprint that we're in, that is a fill-in opportunity with a strong deposit franchise. It gives us the ability to leverage our middle-market consumer, our middle market commercial consumer, private client wealth businesses across that. So cultural fit is very important. But our short-term focus is unchanged. We're very focused on executing the business model. Just really mindful of the fact that the environment has changed and that we will be opportunistic, if it presents itself in '26 or later.

也就是說，我試圖將我的評論重點放在這樣一個事實上：我們非常專注於我們所處的市場，這是一個填補市場空白的機會，擁有強大的存款業務。它使我們能夠充分利用我們的中端市場消費者、中端市場商業消費者以及私人客戶財富業務。因此，文化契合度非常重要。但我們的短期重點不變。我們非常注重執行商業模式。我們確實意識到環境已經發生了變化，如果 2026 年或以後出現機會，我們將抓住它。

Ben Gerlinger, Citi.

本‧格林格，花旗銀行。

I just wanted to kind of follow-up on my question regarding M&A. It seems like people have kind of implied that First Horizon would be a potential seller down the road given the one that has happened before, I guess you could say. But when you think about just the environment, it seems like bigger deals are more [involved] and more accepted by regulators.

我只是想就我之前關於併購的問題再補充一點。鑑於之前發生過的類似事件，人們似乎暗示 First Horizo​​n 將來可能會成為出售方。但如果只考慮環境因素，似乎規模更大的交易更容易受到監管機構的關注和接受。

When you think about the opportunity in front of you and shareholder value, I mean, are you taking yourself off the table or is this more so just kind of positioning if something smaller did come up that you could potentially be a buyer so just kind of think about -- I mean, the share price is down quite a bit (technical difficulty)

當你考慮到眼前的機會和股東價值時，我的意思是，你是要退出競爭，還是僅僅為了在出現規模較小的收購機會時佔據有利位置？所以，仔細想想──我的意思是，股價已經下跌了不少。（技術難題）

I'm sorry. The last part broke up, Ben.

對不起。最後一部分斷了，本。

Based on your closing remarks, when you talk about being a potential buyer yourself, it's taking your share price down a bit because it's not really what an implication that people thought might happen. Just hopefully, you can expand a little more.

根據您最後的發言，當您談到自己可能成為潛在買家時，這導致您的股價略有下跌，因為這並沒有像人們預期的那樣產生影響。希望你能再擴展一下。

Well, I don't think that I intended to change anything that we have previously said other than to enforce the idea that we are making progress on the priorities that we have laid out, and that we are increasingly confident that given the right opportunity in our footprint that we could be in a position to do that. It is clear that with recent approvals and the otherwise enthusiastic M&A environment that the regulatory backdrop seems to be improving.

嗯，我認為我並沒有打算改變我們之前說過的任何事情，只是想強調我們正在朝著我們制定的優先事項取得進展，並且我們越來越有信心，只要在我們現有的業務範圍內有合適的機會，我們就能做到這一點。很明顯，隨著近期審批的通過以及併購市場整體活躍的態勢，監管環境似乎正在改善。

In terms of our thinking about our franchise long term, I've tried to be very consistent on this point over roughly 18 years, which is that we are very focused on creating value for our shareholders, both near and long term that we believe we have to operate the franchise with a long-term mentality. And that means focusing on building the business, in our case for the next 161 years, and investing in that regard.

就我們對特許經營的長期思考而言，在過去的18年裡，我一直努力在這一點上保持高度一致，那就是我們非常注重為股東創造價值，無論是短期還是長期，我們相信我們必須以長遠的眼光來經營特許經營。這意味著要專注於發展業務，就我們而言，是著眼於未來 161 年，並在這方面進行投資。

I don't believe that changes any of our optionality. And while we were not for sale in the early part of 2022, we received an offer that our Board did the right thing in considering that alternative and the various alternatives and the need to create maximum value for shareholders.

我不認為這會改變我們的任何選擇權。雖然我們在 2022 年初並沒有出售計劃，但我們收到了一份收購要約。董事會考慮了這個替代方案以及其他各種替代方案，並考慮到為股東創造最大價值的必要性，這項決定是正確的。

And so I'm not changing anything about the future, just saying that we're in a much better place today than we were six months ago. And that given the changing environment to the extent that opportunities present themselves, we're in an increasingly improving position to consider fill-in opportunities in our franchise.

所以，我不會改變未來的任何事情，我只是想說，我們現在的處境比六個月前好得多。鑑於環境不斷變化，機會也隨之出現，我們越來越有能力考慮加盟店的填補空缺的機會。

Got you. That's helpful. And then just on a core basis, Hope. It seems like you said the Main Street lending program added roughly 7 bps. So I mean, when we think about a starting point for fourth quarter and into next year, kind of the high 3.40s, I feel like that's an appropriate level.

抓到你了。那很有幫助。然後，從根本上來說，就是希望。你好像說過，主街貸款計畫增加了約 7 個基點。所以我的意思是，當我們考慮第四季以及明年賽季的起點時，我覺得3.40多分是一個合適的水平。

But when you think kind of just the cadence and potential cuts in October and December, you talked about repricing and deposits. How do you think we should position the margin movement, especially with mortgage warehouse [being] a seasonal outflow over 4Q (inaudible)?

但如果你考慮到 10 月和 12 月的節奏和潛在的削減，你就會談到重新定價和押金。您認為我們應該如何定位保證金變動，尤其是在抵押貸款倉儲資金在第四季度出現季節性外流的情況下（聽不清楚）？

Yeah, I think in the nearer term, Casey, the high 3.30s or low 3.40s is the way to think about us. That's where we've been the prior two quarters. And if you adjust out the Main Street Lending Program terminations, that would bring us down to the low 3.40s this quarter.

是的，凱西，我認為就近期而言，我們應該把預期目標設定在 3.30 多歲或 3.40 歲出頭。過去兩個季度我們一直都處於這種狀態。如果剔除主街貸款計畫終止的影響，本季利率將降至 3.40 美元左右。

As far as repricing the deposits, I would expect it to look a lot like it did last year where in Q3, we saw the rate cut. And then in Q4, we picked up the beta. I don't know if we'll have an October cut or December, but that repricing will always lag.

至於存款重新定價，我預計情況會和去年第三季非常相似，當時我們看到了降息。然後在第四季度，我們引進了測試版。我不知道我們會在十月還是十二月份降價，但重新定價總是會落後。

To my earlier comments about slide 8, I think we may have confused people about core deposits versus noncore deposits and trying to show the opportunity to reprice. We particularly took out the added in the index bar, which shows what we can reprice down more real time. And then the promo, [$13.6 billion] of promo deposits and CDs, that will reprice at promo exploration down with each rate cut. So we've seen a high 60, low 70 beta, and we are targeting -- trying to continue that trajectory as we go into a falling rate environment.

關於我之前提到的第 8 張投影片，我認為我們可能讓人們對核心存款與非核心存款以及試圖展示重新定價的機會感到困惑。我們特別去掉了指數欄中的新增內容，該內容顯示了我們可以更即時重新定價的內容。然後還有促銷活動，[136億美元]的促銷存款和定期存款，每次降息都會在促銷探索階段重新定價。所以我們看到 beta 值在 60​​ 到 70 之間波動，我們的目標是——在利率下降的環境下，努力維持這一趨勢。

Sorry, Ben. One correction. I was looking at my chart wrong, it's $22 billion of promotional deposits and $13 billion of base. I inverted that. So apologies for that.

抱歉，本。一處更正。我看錯圖表了，應該是 220 億美元的促銷存款和 130 億美元的基礎存款。我把那件事反過來了。對此我深表歉意。

Anthony Elian, JPMorgan.

Anthony Elian，摩根大通。

Hope, you had a strong quarter on both NII and fees, but in your remarks, you maintained the revenue outlook of flat to up 4%. I know you noted that expenses may trend at the high end of the range. But given the strength you saw in revenue in 3Q, I'm wondering if you also expect revenue to trend closer to the high end of the range or if there's a level of conservatism in your outlook.

希望你們本季在淨利息收入和手續費方面都取得了強勁的業績，但在你們的講話中，你們維持了收入持平或增長 4% 的預期。我知道您已經注意到支出可能會處於較高水平。但鑑於您在第三季看到的強勁營收，我想知道您是否也預計營收將接近預期範圍的高端，或者您的展望是否較為保守。

Yeah. I think if you look at the fact that we have 9 out of the 12 months base and you look at what our year-to-date results are, we'll absolutely be -- short of any unexpected event in the next 2.5 months, we would expect to be towards the higher end of the revenue range. The one that I can't predict well right now is FHN Financial. They had a really strong fixed income quarter, specifically a really strong September.

是的。我認為，考慮到我們已經完成了 12 個月中的 9 個月，並且我們今年迄今為止的業績表明，除非未來 2.5 個月發生任何意外事件，否則我們肯定會達到收入預期範圍的較高水平。目前我最無法準確預測的是FHN Financial。他們的固定收益季度業績非常強勁，尤其是9月表現尤為出色。

In the last two weeks, we've seen that come down pretty significantly, partially, we think due to the government shutdown. But I think to get to the higher end of that range, we would need FHN Financial to have a similar quarter to Q3, if not better.

在過去的兩個星期裡，我們看到這種情況顯著下降，我們認為部分原因是由於政府停擺。但我認為，要達到該範圍的較高水平，我們需要 FHN Financial 的季度業績與第三季類似，甚至更好。

Thank you. And then one on credit, maybe for Tom, if he's on the line. There were several questions on the large bank calls yesterday on their loan exposure to NDFIs given growth in that category over the past several quarters. I think your loan exposure to NDFIs is a little over 10% per the call report. Just given what's happened in the past several weeks, is this a loan category you're doing a deeper dive on now? Or anything more broadly on credit? Thank you.

謝謝。然後，如果湯姆值班的話，也許可以賒帳給他一張。昨天，大型銀行的電話會議上出現了幾個關於其對非金融機構貸款敞口的問題，因為過去幾季該類別的成長勢頭強勁。根據電話會議報告，我認為您對非金融機構的貸款曝險略高於 10%。鑑於過去幾週發生的事情，您現在是否正在對這一貸款類別進行深入研究？或者更廣泛地說，任何形式的信貸？謝謝。

Yeah, Anthony, I am on the line, and thanks for the question. If I look at our NDFI book, I mean this is an area we've always, even before recent events, always monitored very carefully and looked at. Overall, I kind of break our NDFI book into three separate components. Our consumer lending portion of NDFI actually remains very, very strong. There's a very low amount of our CNCs.

是的，安東尼，我在線，謝謝你的提問。如果我查看我們的 NDFI 帳簿，我的意思是，即使在最近事件發生之前，這也是我們一直非常仔細地監控和關注的領域。總的來說，我將我們的 NDFI 書籍分成三個獨立的部分。NDFI 的消費信貸業務實際上仍然非常非常強勁。我們的CNC工具機數量非常少。

I think kind of -- I would specifically more focus on, based on the recent events, on our consumer financing portion of that. That's where kind of our auto and retail financing would fall into. For us, it's a relatively small book. It's only about 2% of C&I or about 1% of total. And there are some elevated NPLs and new classifieds in that book. However, it's all well within control.

我認為，根據最近發生的事情，我會更關注我們的消費者金融部分。這就是我們汽車和零售融資業務的切入點。對我們來說，這是一本相對較小的書。這僅佔工商業的2%左右，或佔總業務的1%左右。而且，這本書裡還有一些不良貸款增加和新的分類廣告。然而，一切都在掌控之中。

And we also have a lot of expertise and a lot of history in this space. And so one thing I would point to, for example, is we've always maintained a full-time team, the field examiners that are consistently out of our customers' on-site visits. That team has an average of 18 years' experience in the space. And between that team and outside vendors, we're on site one to three times every year at our customer sites to examine the collateral.

而我們在這領域也擁有豐富的專業知識和悠久的歷史。例如，我想指出的一點是，我們一直保持著一支全職團隊，即現場檢查員，他們會定期到客戶現場進行檢查。該團隊在該領域平均擁有 18 年的經驗。我們的團隊和外部供應商每年都會到客戶現場一到三次，檢查相關資料。

Jared Shaw, Barclays Capital.

Jared Shaw，巴克萊資本。

I guess maybe sticking with credit. You talked about the broader improvement in the criticized and classified. Did you change any of the assumptions on the macro side for the for the CECL analysis driving that allowance? Or is it all just sort of fundamental loan-by-loan improvement?

我想或許還是繼續用信用卡比較好。你談到了受批評和分類的更廣泛的改進。您是否更改了 CECL 分析中影響該準備金的宏觀假設？或者，這一切只是逐筆貸款進行根本性的改進？

Yeah. So on the CECL modeling process, we use Moody's Analytics for running our macroeconomic scenarios. There is some management judgment in terms of our weighting between the baseline and the upside and the downside scenarios. But like I said, largely, we really follow Moody's Analytics.

是的。因此，在 CECL 建模過程中，我們使用穆迪分析公司來運行我們的宏觀經濟情境。在基準情境與樂觀情境和悲觀情境之間的權重分配方面，管理階層做出了一定的判斷。但就像我說的，我們基本上是遵循穆迪分析公司的報告。

I think maybe what you're driving at is regarding the decrease in ACL that we had this year, some of that is individually loan driven. I think you probably noticed our criticized assets are down about 9% or $330 million on the quarter. So we've certainly seen some good overall positive grade migration that's contributing to that. And so it's partly that and as well as the updated Moody's Analytics outlook.

我認為你可能想表達的是，今年 ACL 的減少，部分原因是個人貸款造成的。我想您可能已經注意到，我們備受詬病的資產在本季度下降了約 9%，即 3.3 億美元。因此，我們確實看到一些總體上積極的等級遷移，這對這種情況有所貢獻。因此，部分原因是上述因素，以及穆迪分析公司更新後的展望。

Okay. All right. And then on the loan growth, Bryan, you referenced the pay down of construction and move over to permanent. I guess at what level or at what point could we expect to see net growth in CRE?

好的。好的。然後，關於貸款增長，布萊恩，你提到了償還建築貸款並轉向永久性貸款。我想問一下，我們大概要到什麼水準或哪個階段才能看到商業不動產的淨成長？

Yeah, so Jared, that's a business that is, as you know, you originate a loan, and it funds up over two or three or four years, and that pays off all at once as it goes into the permanent market. So it has a bit of a spring loading effect over time. We are starting to see with lower rates that those pipelines have built. The third-quarter origination activity was significantly better than earlier in the year.

是的，Jared，你知道，這種業務模式是這樣的：你發放貸款，資金在兩到三年或四年內逐步到位，然後一次性投入永久市場，獲得回報。所以隨著時間的推移，它會產生類似彈簧加載的效果。我們開始看到，隨著這些管道建設的推進，費率下降了。第三季貸款發放活動明顯優於今年稍早。

So we're seeing progress. And as those projects fund up, you'll start to see it come into equilibrium. I would expect you'll have another quarter or two of continued paydown payoffs, but we're starting to see borrowers lean in a bit more.

所以我們看到了進展。隨著這些項目獲得資金，你會看到情況開始趨於平衡。我預計還會有大約一到兩個季度的持續還款期，但我們開始看到借款人更積極地投入還款。

Tom, I don't know if there's anything you'd add to that.

湯姆，我不知道你還有什麼要補充的。

No, I think that's right. That's really kind of the effect of a more construction heavy portfolio on our CRE [site].

不，我覺得是對的。這就是我們商業不動產投資組合中建築業佔比過高所帶來的影響。

Okay. And then if I could just ask a final one. On the Main Street accretion, was that related to loans acquired through IBERIA and just accretion at final payoff? Or I guess what was driving that outsized accretion this quarter?

好的。最後，我還能問最後一個問題嗎？關於主街的增值，這是否與透過 IBERIA 獲得的貸款有關，還是僅僅是最終償還貸款時的增值？或者，我猜想是什麼因素推動了本季如此巨大的成長？

No, it's not related to IBERIA or an acquisition. The Main Street Lending Program is coming to an end, and they gave banks the opportunity to repurchase those loans for existing clients. And so we had some existing clients that were part of that program, and we repurchased below or purchased a loan (multiple speaker) for the first time. But it's now on our balance sheet position from that loan hitting our balance sheet at the end of last quarter.

不，這與伊比利亞航空或收購無關。「主街貸款計畫」即將結束，他們給了銀行回購現有客戶貸款的機會。因此，我們有一些現有客戶參與了該計劃，我們重新購買了以下產品，或首次購買了貸款（多位演講者）。但由於上季末這筆貸款計入了我們的資產負債表，它現在已經出現在我們的資產負債表上了。

Okay, and that's all wrapped up. There shouldn't be a tail in the fourth quarter with that.

好了，就這些了。這樣一來，第四節應該不會出現拖沓的情況。

Correct.

正確的。

Timur Braziler, Wells Fargo.

蒂穆爾·布拉齊勒，富國銀行。

Sticking to the M&A theme, it's been a couple of months now since the Pinnacle-Synovus announcement. I'm just wondering what you're seeing in terms of fallout from that transaction. Is that increasing competitive nature on loans, deposit, talent? Just maybe talk us through kind of the first couple of months post that deal.

繼續聊併購話題，Pinnacle-Synovus 的合併公告已經發布幾個月了。我只是想知道你認為這筆交易會帶來哪些後果。貸款、存款和人才方面的競爭是否日益加劇？或許您可以告訴我們這筆交易完成後最初幾個月的情況。

Yeah. I think it's too early to see an awful lot of impact from that. I would say that the environment for lending, in particular, and people to a certain extent has really -- and experienced [RM/PM] team has gotten tighter over the last couple of quarters. You see it in pricing, in terms, in structure. So it's a competitive environment.

是的。我認為現在判斷此事會產生多大影響還為時過早。我認為，在過去的幾個季度裡，貸款環境，尤其是貸款機構的環境，以及在某種程度上，經驗豐富的[RM/PM]團隊的工作環境，都變得更加緊張了。這一點體現在價格、條款和結構上。所以這是一個競爭激烈的環境。

And I think it goes back to we've had a significant shift in the last, call it, two years from people wanting to bring down risk-weighted assets to a real emphasis on growth and growth in lending. We think that the environment is pretty constructive as we look into the rest of 2025 and into 2026. We've had very good success in recruiting bankers, and we continue to talk to bankers all across the franchise.

我認為這可以追溯到過去兩年來的重大轉變，人們的觀念從降低風險加權資產轉變為真正重視成長和貸款成長。我們認為，展望 2025 年剩餘時間和 2026 年，環境將相當有利。我們在招募銀行家方面取得了非常好的成功，我們將繼續與整個特許經營體系內的銀行家進行溝通。

And we're looking to be very, very focused in growing the franchise by focusing on our commercial middle market banking, our specialty businesses, our private client wealth teams, and we think we are well positioned to do that over the next, really, several quarters.

我們正致力於透過專注於我們的商業中端市場銀行業務、專業業務和私人客戶財富團隊來發展我們的特許經營權，我們認為我們已做好充分準備，在接下來的幾個季度實現這一目標。

Okay. And then, Bryan, your comment on potentially integrating a well-structured merger. I mean, that's a little bit more pointed than in the past in terms of First Horizon maybe looking to engage in M&A here in the next couple of years. I guess what does that mean for just the potential pool of buyers out there? I know recent quarters, the comment has always been that there's just not that many logical buyers kind of lined up.

好的。然後，布萊恩，你對整合一個結構完善的合併方案有何看法？我的意思是，就第一地平線銀行未來幾年可能進行的併購而言，這比以往更加明確。那麼，對於潛在買家群體來說，這意味著什麼呢？我知道最近幾個季度，人們一直反映說，真正有購買意願的買家並不多。

Is this further reinforcing that statement? And I guess, is that really the driver here? Is that there's lack of logical buyers and then therefore you got to just keep going and kind of consider all possible options on the capital front? I'm just wondering what changed in terms of making that more pointed comment on the M&A side.

這是否進一步印證了這項說法？我想，這真的是問題的根源嗎？是因為缺乏合適的買家，所以你只能繼續努力，考慮所有可能的資金方案？我只是想知道是什麼改變了你對併購方面發表更尖銳評論的態度。

Yeah. I think it's really much more narrow in that, one, the regulatory environment and particularly the bright line around $100 billion or Category 4 and a total asset seems to be a little less bright and potentially can be moved up over time and significantly easier to deal with.

是的。我認為它實際上要狹窄得多，一方面，監管環境，特別是圍繞 1000 億美元或 4 類資產的明確界限似乎不太清晰，隨著時間的推移，該界限可能會提高，並且更容易處理。

Two, the approval process is significantly quicker than it has been in the not-too-distant past. And so that's a positive. And there does appear to be more activity in terms of institutions thinking about what the future may look like. And as we look at our footprint, it is an opportunity to potentially gain a bigger foothold in some of these very fantastic markets that we have across our franchise.

第二，審批流程比不久前的過去快得多。所以這是個正面的方面。而且，似乎越來越多的機構開始思考未來可能會是什麼樣子。當我們審視我們的業務版圖時，這是一個有機會在我們特許經營範圍內的一些非常棒的市場中獲得更大立足點的機會。

With respect to our longer-term thinking, it really is not a change. We are very focused on deploying capital in the business. We want to focus first on deploying that capital on an organic basis. M&A is an alternative to deploying that capital, but it is not our priority. Number one growth is focused on organic deployment of capital in our franchise, and we think we have a number of growth opportunities.

從長遠角度來看，這其實不算是什麼改變。我們非常注重將資金投入業務。我們首先希望集中精力以有機成長的方式部署這些資金。併購是部署這筆資金的另一個選擇，但並非我們的首要任務。首要成長點在於我們特許經營體系內資本的有機部署，我們認為我們有很多成長機會。

I don't think it changes anything about the optionality we have as an organization. We believe we create maximum shareholder value by deploying capital in the business, growing and building for the long term. And we don't think that in any way changes other alternatives that are available.

我認為這不會改變我們作為一個組織所擁有的選擇權。我們相信，透過將資本投入業務，實現長期成長和發展，可以創造最大的股東價值。我們認為這絲毫不會改變其他可行的替代方案。

So the big shift is the environment has changed significantly in the last several quarters. And the bright line seems to be a little less bright and approval processes and the ability to announce the transaction and get it done in a timely manner seems to be better. And so while I said earlier that we're not making a big shift in the near term, I am saying that, given that backdrop, who knows what happens in '26 and '27 and beyond.

因此，最大的變化是環境在過去幾季發生了顯著變化。而且，界線似乎變得不那麼清晰了，審批流程以及及時宣布交易和完成交易的能力似乎有所改善。因此，雖然我之前說過，我們近期不會做出重大改變，但鑑於此背景，誰知道 2026 年、2027 年及以後會發生什麼。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

This is [Eric] on for EB. Hope, you mentioned kind of the 15% ROTCE target next year. I know you guys have talked previously kind of about expenses at a high level for next year. Can you just talk about, as we head into '26, kind of what you need to do to hit that 15% to achieve that? And kind of what's baked into being able to kind of get there?

這是[Eric]為EB帶來的報道。希望你提到了明年15%的ROTCE目標。我知道你們之前已經大致討論過明年的開銷情況。展望2026年，您能否談談為了達到15%的目標，您需要做些什麼？那麼，能夠達到那種境界的關鍵又是什麼呢？

Yeah. Our last slide in the deck shows the three components pretty clearly. The first is bringing capital down. We have a near-term target of 10.75, which we're working towards after we successfully completed our stress testing. Longer term, Bryan, and I have been very public, we think [10] to [10.5] is the right capital level for our balance sheet.

是的。簡報的最後一張投影片非常清楚地展示了這三個組成部分。首先是降低資本成本。我們近期的目標是 10.75，在成功完成壓力測試後，我們正在朝著這個目標努力。從長遠來看，布萊恩和我一直公開表示，我們認為 [10] 到 [10.5] 是我們資產負債表的合適資本水準。

The second is credit normalization. We've been building provision for two-plus years now for charge-offs that haven't materialized that we don't expect that we will see [a spike]. We've given guidance this year, charge-off between 15 and 25 basis points, and we're coming in on the low end of that. And so not having to build provision and being able to have a more normalized credit cost we build our balance sheet.

第二點是信用正常化。兩年來，我們一直在為那些尚未發生、且我們預計不會發生的壞帳提列準備金。[尖峰]。我們今年給出的預期是，核銷率在 15 到 25 個基點之間，而我們目前的實際情況接近預期的下限。因此，我們無需提列準備金，並且能夠擁有更正常的信貸成本，從而建立我們的資產負債表。

And then third is PPNR growth in our existing book. We have $100 million-plus of opportunities that we expect to get out of our existing client base and franchise over the next two-plus years.

第三點是現有書籍的每新收單收入成長。我們預計在未來兩年多的時間裡，將從現有客戶群和加盟商那裡獲得超過 1 億美元的商機。

Okay. Got it. That's helpful. I guess as the follow-up, I was curious just about capital. CET1 kind of at 11%, you've said 10.75% is kind of the near-term target. And Bryan, maybe kind of with respect to the M&A point, is that excess capital? I mean, you talked about your buyback capabilities. Are the deals you're thinking about kind of tuck-in? Or are they larger deals that could be done in 2026?

好的。知道了。那很有幫助。我想接下來的問題是，我很好奇資本方面的問題。CET1 目前大約在 11%，您說過 10.75% 是近期目標。布萊恩，關於併購這一點，是否意味著資本過剩？我的意思是，你談到了你的回購能力。你考慮的那些交易是那種小額贈品嗎？或者它們是可以在 2026 年完成的更大交易？

I think as we sit here today, if we use capital for M&A, it would largely be tuck-in. We think we have significant growth opportunities to invest organically in the franchise, and we really do believe that buyback opportunity, returning capital, repatriating capital to shareholders through that program gives us the tools or the flexibility to manage our capital levels.

我認為，就我們今天所處的情況而言，如果我們使用資本進行併購，那將主要是一種補充收購。我們認為我們有巨大的成長機會，可以對該特許經營權進行有機投資，而且我們確實相信，透過該計劃的回購機會、返還資本、將資本匯回股東手中，能夠為我們提供管理資本水平的工具或靈活性。

We talked to our Board consistently about capital, capital adequacy and how we deploy excess capital. And we're not making any significant shifts in the way we thought about it for a number of years.

我們一直與董事會討論資本、資本充足率以及如何運用剩餘資本等議題。而多年來，我們對這個問題的看法並沒有任何重大轉變。

Got it. Okay, yeah, a lot of M&A questions. Stock's down 12% right now just because of that fear, I think, so wanted to make sure that you had the chance to kind of clarify those comments.

知道了。好的，是的，有很多併購方面的問題。我認為，正是由於這種擔憂，股票目前下跌了 12%，所以我想確保你有機會澄清這些評論。

Yeah, I mean, I'll reiterate what Bryan said. We haven't changed our stance. We've been talking about, opportunistically, what has changed is that there are smaller banks that are selling in our footprint. And the comment was meant to note that we are able to take advantage of that with our strong franchise and reiterate what Bryan said earlier.

是的，我的意思是，我會重申布萊恩所說的話。我們的立場沒有改變。我們一直在討論，從機會主義的角度來看，變化在於一些規模較小的銀行正在我們的業務範圍內銷售產品。這篇評論意在指出，憑藉我們強大的特許經營權，我們可以利用這一點，並重申布萊恩之前所說的話。

We were not for sale when TD brought us an offer, but our Board looked at it and did the right thing. I think we might be over indexing a little bit on a couple of comments Bryan made about a changing M&A environment. We have not changed our stance on optionality.

當TD向我們提出收購要約時，我們並不打算出售，但我們的董事會認真考慮了該要約，並做出了正確的決定。我認為我們可能對布萊恩關於併購環境變化的一些評論反應過度了。我們對選擇權的立場沒有改變。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

This is Andrew Leischner on for Chris McGratty. Just going back to capital. As you make progress towards that updated 10.75% CET1 target, will buybacks continue to be more of a function of where loan growth lands in any given quarter? Or will we take greater appetite for those buybacks going forward? Thanks.

這裡是安德魯·萊施納，代克里斯·麥格拉蒂為您報道。回到首都。隨著您逐步實現更新後的 10.75% 的 CET1 目標，股票回購是否會繼續更多地取決於每季的貸款成長？或者，我們未來是否會對這類股票回購表現出更大的興趣？謝謝。

Yes, absolutely. The first priority is to grow the balance sheet with loan growth. And so as we put out the target for our share buybacks at the beginning of a quarter, we look at what our forecast is for loan growth. And then what capital we cannot deploy to loan growth, we then deploy to share buyback second.

是的，絕對的。首要任務是透過貸款成長來擴大資產負債表。因此，當我們在每季初公佈股票回購目標時，我們會參考貸款成長的預測。如果無法將資金用於貸款成長，我們將把剩餘資金用於股票回購。

Christopher Marinac, Janney Montgomery Scott.

克里斯多福·馬裡納克，詹尼·蒙哥馬利·斯科特。

Bryan, I know Tom talked about NBFI loans earlier. I was just curious about the deposit opportunity with these customers, particularly outside of the mortgage finance channel. Is that an area that you can grow in the treasury area and otherwise?

布萊恩，我知道湯姆之前談過非銀行金融機構貸款。我只是好奇這些客戶的存款機會，尤其是在抵押貸款管道之外的客戶。這是你在財務領域以及其他方面可以發展的領域嗎？

Yeah. That's an area where we've had a tremendous amount of focus over really the last several years, and we have made significant progress with respect to our focus on deposit gathering activities in our specialty lines of business more broadly. I think in our supplemental information, you'll see that the loan deposit ratio is very high. It's not relatively high, it's very high. But we've made progress in that regard.

是的。在過去的幾年裡，我們非常重視這一領域，並且在更廣泛的專業業務領域中，我們在存款募集活動方面取得了顯著進展。我認為在我們的補充資料中，您會看到貸款存款比率非常高。這不是相對高，而是非常高。但我們在這方面已經取得了進展。

Those businesses have traditionally been more lending oriented. They are very, very attractive because they have attractive competitive dynamics. We have deep expertise and knowledge in those businesses. And we have made progress, and I expect that we will continue to make progress penetrating deposits. We've put in place treasury management products that make it significantly easier with the ability to gather those deposits. So I feel good about the focus and the progress, and I expect that we will continue to see that deposit growth.

這些企業歷來更側重於放貸業務。它們非常有吸引力，因為它們具有極具吸引力的競爭格局。我們在這些行業擁有深厚的專業知識和經驗。我們已經取得了進展，我預計我們將繼續在鑽探礦藏方面取得進展。我們已經推出了資金管理產品，大大簡化了收取這些存款的過程。所以我對目前的重點和進展感到滿意，並預計存款將繼續成長。

Janet Lee, TD Cowen.

Janet Lee，TD Cowen。

I know you guys touched up on FHN trading revenue before, but I want to just get more color. So most of the strength came in September, it seems. But is that sort of around when the rate cuts came? Because when I look at the shape of the curve, looking at the two to five and -- the spread between the two-year and five-year, the average spread hasn't changed that much in the third quarter versus 2Q. So I'm trying to understand what drove the 40% increase in ADR in the quarter and the sustainability of the level going forward? Or if the strength had anything to do with more securities repositioning from the banks?

我知道你們之前已經討論過FHN的交易收入，但我還想了解更多細節。看來漲勢大部分都發生在九月。但降息是不是就發生在那個時候？因為當我觀察曲線的形狀，觀察兩年期和五年期之間的利差時，第三季與第二季相比，平均利差並沒有太大變化。所以我想了解是什麼因素推動了本季平均房價上漲 40%，以及這種成長水準能否持續下去？或者說，這種強勢是否與銀行證券的重新配置有關？

Yeah, Janet. We saw the momentum pick up really the two weeks before the rate cut as the Fed started to strongly signal that we would see a rate cut, and we saw it continue through early October, first week of October until the government shut down. And so I don't believe and we have not heard that it's a ton of balance sheet repositioning.

是的，珍妮特。在聯準會開始強烈釋放降息訊號後，我們看到降息勢頭在降息前兩週真正增強，並且這種勢頭一直持續到 10 月初，10 月的第一周，直到政府關門為止。因此，我不認為，而且我們也沒有聽說，這是一次大規模的資產負債表調整。

We typically tend to see that at the end of the year. We've commented in our last two years in our earnings that in Q4, we saw FHN Financial pick up due to balance sheet restructuring at year-end, but I don't believe we had much of it this quarter.

我們通常會在年底看到這種情況。我們在過去兩年的財報中都提到，由於年底的資產負債表重組，FHN Financial 在第四季度有所回升，但我認為本季並沒有出現這種情況。

As far as the ability to maintain it, I think whether we see a rate cut this month or in December would be positive for the business as well as the shape of the yield curve, which is moving around a lot right now in the last week or two as we look at both the tariff impact and the government shutdown impact. I'm hoping it rebounds from where we've been in the last two weeks.

至於能否維持這種局面，我認為無論本月還是 12 月降息，對企業以及殖利率曲線的形狀都將是正面的。過去一兩週，由於關稅和政府停擺的影響，殖利率曲線波動很大。我希望它能從過去兩週的低迷狀態中反彈。

Okay. Got it. That's helpful. And in terms of the other C&I balances, excluding the loans to mortgage companies, so that increased this quarter, but roughly at half the pace reported in the second quarter. Has anything changed?

好的。知道了。那很有幫助。至於其他商業和工業貸款餘額（不包括對抵押貸款公司的貸款），本季有所增長，但增速約為第二季的一半。情況有變化嗎？

I know that Bryan commented that the pipelines are building. But is there anything to read from the change in C&I loan growth this quarter versus the last quarter? And do you still expect that sort of mid-single-digit loan growth in 2026 is a reasonable place to be?

我知道布萊恩評論說輸油管正在建設中。但是，本季工商業貸款成長與上季相比有什麼變化嗎？您是否仍然認為到 2026 年貸款成長率保持在個位數中段水準是合理的？

Yeah. No, I would say there's no significant change third quarter, second quarter. In the second quarter, our C&I balances, excluding mortgage warehouse, was up over $170 million. So I think that reflects good momentum. When we're talking kind of 1 point difference quarter to quarter, that's a matter of just a couple of deals. And so that's just a little bit of inherent lumpiness. But overall, we have really good momentum in our C&I and in our CRE channels.

是的。不，我認為第三季和第二季之間沒有顯著變化。第二季度，我們的商業和工業貸款餘額（不包括抵押貸款倉儲）增加了 1.7 億美元以上。所以我認為這反映了良好的發展勢頭。當我們談論的是季度間1個百分點的差距時，那隻是幾筆交易的問題。所以這只是稍微有些固有的不規則性。但整體而言，我們在工商業和商業房地產通路的發展動能非常強勁。

And with respect to the 2026 outlook, I'm still comfortable with the mid-single-digit loan growth numbers. And clearly, as I said earlier, we're expecting a turn in commercial real estate lending as rates have come down, and projects pencil out better and the momentum that we're seeing in the organization. So yeah, we're still comfortable with what I said several months ago about 2026.

至於 2026 年的前景，我仍然對個位數中段的貸款成長率感到滿意。正如我之前所說，我們預計隨著利率下降、專案收益增加以及我們在公司內部看到的良好勢頭，商業房地產貸款將會出現轉變。所以，是的，我們仍然堅持我幾個月前對 2026 年的說法。

Got it. And my last question is just following up on M&A. For potential M&A opportunities, would you look at contiguous footprint? Or is it focused on your core footprint? And also in terms of the timing, would you be comfortable crossing $100 billion without the regulatory -- I mean, without the asset threshold being lifted above $100 billion?

知道了。我的最後一個問題是關於併購的後續問題。對於潛在的併購機會，您會考慮地理上的連續性嗎？或者，它更側重於你的核心業務？就時間安排而言，如果沒有監管機構——我的意思是，如果沒有將資產門檻提高到 1000 億美元以上，您是否願意讓資產規模突破 1000 億美元？

Yeah. So a couple of thoughts. One, I said near term, nothing's really changed. So I think this is -- if anything, it's '26 and beyond. But yes, we'll be focused on our core franchise. And two, I'm increasingly confident that the ability to cross $100 billion is significantly better than what have been 18, 24 months ago.

是的。我有幾點想法。第一，我說的是短期內，其實什麼都沒改變。所以我覺得──如果非要說的話，那就是 2026 年及以後。是的，我們會專注於我們的核心業務。第二，我越來越有信心，突破 1000 億美元大關的能力比 18、24 個月前好得多。

(Operator Instructions) Nick Holowko, UBS.

（操作說明）Nick Holowko，瑞銀集團。

Maybe just one more on M&A. I know that you've flagged in the past, the PPNR opportunity, $100 million-plus over the next couple of years here with a chunk of that at least stemming from residual opportunity because of the IBERIA, First Horizon merger. Do you feel like you need to realize a significant portion of that $100 million-plus opportunity prior to engaging in any further M&A?

或許可以再寫一篇關於併購的文章。我知道你過去曾指出過，PPNR 的機會在未來幾年內將超過 1 億美元，其中至少有一部分源自於 IBERIA 和 First Horizo​​n 合併帶來的剩餘機會。你是否覺得在進行任何進一步的併購之前，需要先實現那超過 1 億美元機會中的相當一部分？

Well, it's been our focus to be well down the path. And as we continually have said, it's $100 million-plus in pretax pre-provision. We are in the process of realizing that. And my message this morning is we are making progress in that regard. I feel good about the progress that we are making and that we are likely to make, and that gives us increasing confidence, that if anything presented itself in terms of a fill-in opportunity, that we would be in a position to execute on both.

嗯，我們一直專注於穩步前進。正如我們一直強調的，稅前撥備前金額超過 1 億美元。我們正在逐步認識到這一點。我今天早上要傳達的訊息是，我們在這方面正在取得進展。我對我們目前取得的進展以及未來可能取得的進展感到滿意，這讓我們越來越有信心，如果出現任何填補空缺的機會，我們都能抓住這兩個機會。

Understood, thank you. And then I guess looking out to '26 and the potential for flattish expenses there, ex any changes in the fixed income business, can you just touch on how you're thinking about balancing expense discipline versus investing, especially as you think about the possibility of being a much larger institution?

明白了，謝謝。然後，我想展望 2026 年，考慮到支出可能保持平穩，例如固定收益業務的任何變化，您能否談談您是如何考慮在支出紀律和投資之間取得平衡的，尤其是在您考慮成為一家規模更大的機構的情況下？

Yeah, I'll start, and Hope can point it up, I suppose. Look, we think we have the ability, given the levers that are in place, and particularly some of the investments that we've been making over the last couple of years, to deliver on flattish expenses caveated as you appropriately did with the fee income businesses.

好的，我先開始，我想霍普可以把它指過來。你看，我們認為，鑑於現有的各種手段，特別是過去幾年我們進行的一些投資，我們有能力實現支出基本上持平，正如你對收費業務所做的那樣。

So we can deliver on that, that we can continue to invest in technology, infrastructureand continue to deliver superior customer and associate experiences, and that we can do all of that and maintain flattishness. That does include continuing to build the capability to be an LFI or a Category 4 banking institution.

因此，我們可以實現這一目標，繼續投資於技術和基礎設施，繼續提供卓越的客戶和員工體驗，我們可以做到這一切，同時保持扁平化組織結構。這其中包括持續提升自身能力，成為一家低收入金融機構或第四類銀行機構。

So our outlook for expenses does not, in any way, inhibit our ability to continue to build the franchise for the long term and continue to build it in a way that delivers for our customers, communities and for our associates and shareholders.

因此，我們對支出的預期絕不會以任何方式妨礙我們繼續長期發展特許經營權，並繼續以一種能夠為我們的客戶、社區、員工和股東帶來收益的方式來發展它。

I think Bryan said it well. I'll reiterate, we are still investing with flat expenses. We do have tanker growth built in there. We have [de novos] that are opening later this year and next year. Bryan mentioned earlier, hiring a new retail head that is also going to make some investments back into our franchise.

我覺得布萊恩說得很好。我再次重申，我們仍在以固定支出進行投資。我們確實預留了油輪運輸業務的成長空間。我們有一些新項目將於今年稍後和明年開業。布萊恩之前提到過，他會聘請一位新的零售主管，這位主管也會對我們的特許經營業務進行一些投資。

We announced 2.5 years ago that we would have a three-year $100 million investment back into our technology. Those investments do come with additional revenue and cost saves. We're getting to see, as we come to complete that third year, we're seeing the benefit of those efficiencies.

兩年半前，我們宣布將在三年內投資 1 億美元用於技術研發。這些投資確實能帶來額外的收入和成本節約。隨著第三年的臨近，我們開始看到這些效率提升帶來的好處。

We've also made many strategic decisions that decrease our operating costs. We've talked before when we've had some restructuring charges in our earnings about outsourcing our facilities management to [JLL], our broker-dealer partnership with LPL. All of these things are items that help us drive efficiencies in our expenses while raising revenue.

我們也做出了許多降低營運成本的策略決策。我們之前在收益中出現一些重組費用時就討論過將設施管理外包給 [JLL]，即我們與 LPL 的經紀交易商合作夥伴。所有這些都有助於我們提高支出效率，同時增加收入。

Jon Arfstrom, RBC.

Jon Arfstrom，RBC。

I'm annoying here Bryan to talk about this. But I think you're saying you cannot run the company as if someone larger like TD is going to come in with a big premium in the near term. You have to keep looking ahead growing the franchise. If a small deal comes up, you consider it. If it enhances franchise value, a big premium comes in next week or a year from now, the Board would consider it. But if it doesn't happen, you can't just sit there and wait. I know it's annoying, but that's the message, right? Really, nothing's changed in terms of your approach?

布萊恩，我在這裡煩你了，想跟你聊這個。但我認為你的意思是，你不能像TD這樣的大公司會在短期內以高溢價收購那樣來經營公司。你必須不斷向前看，發展壯大你的加盟店。如果你遇到小額交易機會，你會考慮一下。如果這能提升特許經營權的價值，例如下週或一年後獲得一大筆溢價，董事會就會考慮。但如果事情沒有發生，你不能只是坐在那裡等待。我知道這很煩人，但這就是我想表達的意思，對吧？真的，你的方法沒有改變嗎？

Yeah, absolutely, Jon. You said it much more articulately than I've said it this morning. Nothing has changed in our view. We believe we have to run the franchise for the long term. And that does include considering deploying capital and fill-in acquisitions. We believe very strongly that if we create value by delivering high returns, improving profitability, growing the franchise and capitalizing on one of the best footprints we believe in the banking space, that that not only keeps our optionality open, but it doesn't take any off the table. So I think as you articulated, we don't see ourselves limiting our optionality in any way by continuing to invest in delivering the franchise.

是的，沒錯，喬恩。你今天早上說得比我清楚多了。我們的觀點沒有任何改變。我們認為必須長期經營這家特許經營店。這其中確實包括考慮部署資本和進行填補性收購。我們堅信，如果我們透過提供高回報、提高獲利能力、發展特許經營權並利用我們認為在銀行業中最好的市場地位之一來創造價值，那麼這不僅能保持我們的選擇權，而且不會排除任何選擇。所以我覺得正如你所闡述的那樣，我們並不認為繼續投資於特許經營權的交付會以任何方式限制我們的選擇。

Anthony Elian, JPMorgan.

Anthony Elian，摩根大通。

Hey, Bryan, one more on M&A. And I'm curious, you kind of emphasizing in-footprint, existing footprint. But if I think IBERIA and Capital Bank, they expanded your footprint to the Carolinas, Texas, Louisiana. So I'm curious, why put the emphasis on in-footprint this time around in your prepared remarks? Thank you.

嘿，布萊恩，再來一個關於併購的問題。我很好奇，你似乎在強調佔地面積，也就是現有的佔地面積。但如果我考慮 IBERIA 和 Capital Bank，它們會將業務拓展到卡羅萊納州、德克薩斯州和路易斯安那州。所以我很好奇，為什麼這次您在準備好的演講稿中如此強調「佔地面積」呢？謝謝。

Yeah, Anthony. It's really, in many ways, very, very different. If you think about Capital Bank, for example, we were largely a Tennessee-based franchise at that point in time. And that really enhanced our small presence in the Carolinas, expanded South Carolina, in particular, in Florida. IBERIABANK sort of rounded out that footprint.

是的，安東尼。在很多方面，它們確實非常非常不同。例如，以 Capital Bank 為例，當時我們主要是一家總部位於田納西州的特許經營機構。這確實增強了我們在卡羅萊納州的影響力，特別是南卡羅來納州和佛羅裡達州的影響力。IBERIABANK 的加入完善了這個佈局。

And today, we have a geographic footprint that broadly ranges from Texas to Florida to Virginia to Arkansas and back to Texas. And we look at the growth and the opportunities in that footprint, it really seems the place that we ought to focus. And we don't see anything, at least immediately, that says we ought to try to expand upon what is one of the highest growing parts of the US economy.

而如今，我們的業務範圍大致從德克薩斯州延伸到佛羅裡達州，再到維吉尼亞州，再到阿肯色州，最後又回到德克薩斯州。我們審視該地區的成長和機遇，這似乎確實是我們應該關注的重點領域。至少目前來看，我們並沒有看到任何跡象表明我們應該嘗試擴大美國經濟成長最快的領域之一。

That does conclude our question-and-answer session today. And I would like to hand it back to our CEO, Bryan Jordan, for some final closing comments.

今天的問答環節到此結束。最後，我想把發言權交還給我們的執行長布萊恩喬丹，請他作一些總結性發言。

Thank you, Brika. We appreciate everyone joining us this morning. We appreciate your time and your interest. If you have follow-up questions where you need additional information, please do not hesitate to reach out. Hope everyone has a great day. Thank you.

謝謝你，布里卡。感謝今天上午各位的參與。感謝您抽出寶貴時間並對此感興趣。如果您有任何後續問題需要更多信息，請隨時與我們聯繫。祝大家今天過得愉快。謝謝。

Thank you all for joining the First Horizon third-quarter 2025 earnings conference call. Today's call has now concluded. You may now disconnect, and please enjoy the rest of your day.

感謝各位參加第一地平線銀行2025年第三季財報電話會議。今天的電話會議到此結束。現在您可以斷開連接了，請享受餘下的時光。