First Horizon Corporation (FHN) 2026 Q1 法說會逐字稿

Hello, everyone, and thank you for joining the First Horizon first-quarter 2026 earnings conference call. My name is Lucy, and I'll be coordinating the call today.

各位好，感謝您參加 First Horizon 2026 年第一季財報電話會議。我叫 Lucy，今天將由我協調本次會議。

(Operator Instructions)

(接線員指示)

It is now my pleasure to hand over to your host, Tyler Craft, Head of Investor Relations, to begin. Please go ahead.

現在我很榮幸將會議交給主持人——投資人關係主管 Tyler Craft——開始進行。請開始。

Thank you, Lucy. Good morning. Welcome to our first-quarter 2026 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.

謝謝你，Lucy。各位早安。歡迎參加我們 2026 年第一季業績電話會議。感謝各位加入。今天，我們的董事長、總裁暨執行長 Bryan Jordan，以及財務長 Hope Dmuchowski 將先發表準備好的談話，之後我們很樂意回答各位的提問。

We're also pleased to have our Chief Credit Officer, Thomas Hung, here to assist with questions as well. Our remarks today will reference our earnings presentation, which is available on our website at ir.firsthorizon.com.

我們也很高興我們的首席信用長 Thomas Hung 也在場，協助回答相關問題。我們今天的談話將引用我們的財報簡報，該簡報可於我們網站 ir.firsthorizon.com 取得。

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.

一如往常，我需要提醒各位，我們將發表前瞻性陳述，這些陳述可能受到風險與不確定性影響。因此，請各位查閱我們簡報第 2 頁以及我們向 SEC 提交文件中，可能導致實際結果與預期不同的因素。

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, pages 2 and 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提及調整後結果（adjusted results），其排除重大項目（notable items）的影響，並會提及其他非 GAAP 指標。因此，請務必查閱我們財報新聞稿中的 GAAP 資訊、簡報第 2 與第 3 頁，以及簡報末尾的非 GAAP 調節表（non-GAAP reconciliations）。最後但同樣重要的是，我們的評論反映我們目前的觀點，並請理解我們沒有義務更新這些觀點。

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

接下來，我把時間交給 Bryan。

Thanks, Tyler. Good morning, everyone. We started 2026 with strong momentum. In the first-quarter, we delivered our third straight quarter of 15% or greater adjusted ROTCE in line with our expectations, fuelled by strong C&I client growth and relationship-focused client activity across our markets. Through our differentiated business model, we continue to successfully execute by providing tailored solutions to meet client needs and turning insights into profitable outcomes.

謝謝，Tyler。各位早安。我們以強勁動能展開 2026 年。第一季我們交出連續第三季 15% 或以上的調整後 ROTCE，符合我們的預期，主要受惠於強勁的 C&I 客戶成長，以及我們各市場以關係為導向的客戶活動。透過我們差異化的商業模式，我們持續成功執行：提供量身打造的解決方案以滿足客戶需求，並將洞察轉化為具獲利性的成果。

We're focused on building true client relationships, staying disciplined on price and structure, and supporting our clients with the full capabilities of our franchise. Our diversified business model with counter cyclical businesses positions us well as the operating environment evolves.

我們專注於建立真正的客戶關係，在價格與結構上保持紀律，並以我們整體特許經營體系（franchise）的完整能力支持客戶。我們多元化的商業模式，搭配具逆景氣循環特性的業務，使我們在營運環境演變之際仍具備良好定位。

I'll now turn the call over to Hope to walk through our first-quarter results. I'll provide some closing comments at the end of the call. Hope?

接下來我把電話交給 Hope，請她帶大家回顧第一季的業績。我會在會議最後做一些結語。Hope？

Thank you, Bryan. Good morning, everyone, and thank you for joining us today. Over the last year, we have talked a lot about our efforts to improve the profitability of the balance sheet and how we laid out our strategy for the entire organization. That work is evident in our results this quarter, which includes a return on average assets of 1.30%, up 19 basis points from first-quarter last year.

謝謝你，Bryan。各位早安，感謝今天加入我們。過去一年，我們多次談到提升資產負債表獲利能力的努力，以及我們如何為整個組織擬定策略。這些工作在本季成果中清楚可見：平均資產報酬率（return on average assets）為 1.30%，較去年第一季上升 19 個基點。

Amidst rate decreases over the last year, we have grown net interest income 6% year-over-year, which outpaced our loan portfolio growth of 3% in that same time, demonstrating our continued focus on profitable growth. We started 2026 with great momentum, including earnings per share of $0.53, which is an increase of $0.11 over the first-quarter of 2025.

在過去一年利率下調的環境下，我們的淨利息收入（net interest income）年增 6%，高於同期間放款組合 3% 的成長，展現我們持續聚焦於具獲利性的成長。我們以極佳動能展開 2026 年，包括每股盈餘（EPS）為 0.53 美元，較 2025 年第一季增加 0.11 美元。

Excluding loans to mortgage companies, our C&I portfolio grew $624 million in the quarter compared to having approximately flat growth in the first-quarter of 2025. Our performance also includes 8% improvement in adjusted pre-provision net revenue compared to the first-quarter of 2025. Our adjusted ROTCE of 15.1% increased over 200 basis points year-over-year.

若排除對房貸公司（mortgage companies）的放款，我們的 C&I 放款組合本季成長 6.24 億美元，相較之下 2025 年第一季約為持平。我們的表現亦包括：調整後備抵提存前淨收益（adjusted pre-provision net revenue）較 2025 年第一季提升 8%。我們的調整後 ROTCE 為 15.1%，年增超過 200 個基點。

Starting on slide 7, we walk through our net interest income and margin performance in the first-quarter, which saw NII consistent with the fourth-quarter absent day count impact. Our margin expanded by one basis point on continued strong performance in managing deposit costs following the Fed's last rate cut in December 2025. While our variable loan portfolio experienced yield declines in the quarter, our deposit pricing discipline offset this impact.

從第 7 頁開始，我們說明第一季淨利息收入與利差表現；若不考慮天數（day count）影響，NII 與第四季一致。在聯準會於 2025 年 12 月最後一次降息後，我們持續強力管理存款成本，使利差擴大 1 個基點。雖然本季我們的浮動利率放款組合收益率下滑，但我們在存款定價上的紀律抵銷了這項影響。

On slide 8, we cover details around our deposit performance in the quarter. Period-end balances decreased by $1 billion compared to prior quarter, driven primarily by reductions in brokered deposits. The average rate paid on interest-bearing deposits decreased to 2.28%, coming down from the fourth-quarter average of 2.53%. We maintain a cumulative deposit beta of 69% since rates started to fall in September 2024. Our interest-bearing spot rate ended the quarter at 2.27%.

在第 8 頁，我們說明本季存款表現的細節。期末餘額較前一季減少 10 億美元，主要由經紀存款（brokered deposits）下降所致。計息存款的平均付息利率降至 2.28%，低於第四季平均的 2.53%。自 2024 年 9 月利率開始下行以來，我們維持累積存款 beta 為 69%。本季末我們的計息存款即期利率（spot rate）為 2.27%。

On slide 9, we cover our quarterly loan growth. Period-end loans increased slightly by $221 million from the prior quarter. This quarter's results, which include an impressive start to the year for our core C&I business, which saw $624 million in loan balance growth. This builds a momentum we saw in the second half of 2025 and supported by continued strong pipelines in 2026.

在第 9 頁，我們說明季度放款成長。期末放款較前一季小幅增加 2.21 億美元。本季結果包含我們核心 C&I 業務令人印象深刻的年度開局，放款餘額成長 6.24 億美元。這延續了我們在 2025 年下半年看到的動能，並受到 2026 年持續強勁案源（pipelines）的支持。

Loans to mortgage companies experienced typical seasonality in the first-quarter and ended down $62 million versus year-end. This business continues to have momentum as a source of strength for our company. Commercial real estate continues to be a headwind for loan balance growth as stabilized loans moved to permanent markets and non-pass loan resolutions reduced balances. Encouragingly, our CRE pipelines are strong and present notable opportunities to stabilize CRE balances in the future.

對房貸公司的放款在第一季呈現典型季節性，期末較年末減少 6,200 萬美元。此業務持續具備動能，成為本公司的一項優勢來源。商用不動產（CRE）仍對放款餘額成長形成逆風，原因在於已穩定的放款移轉至永久性市場（permanent markets），以及不良放款（non-pass）處置使餘額下降。令人鼓舞的是，我們的 CRE 案源強勁，未來有顯著機會使 CRE 餘額趨於穩定。

I will also note that our consumer loan portfolio declined $198 million in the quarter, which is in line with normal fluctuations. Our goal for consumer lending is to focus on relationship expansion and profitability. While competition in the market is strong, commercial loan spreads remain generally in the mid-100s to upper 200 basis points.

我也要指出，本季我們的消費金融放款組合減少 1.98 億美元，符合正常波動。我們在消費金融放款的目標是聚焦於關係擴展與獲利能力。雖然市場競爭激烈，商業放款利差（spreads）整體仍大致維持在 100 多到 200 多個基點的區間。

Turning to slide 10. We detailed our fee income performance for the quarter, which decreased $12 million from the prior quarter, excluding deferred compensation and is up $13 million year-over-year. The largest decreases for fee income comes from our service charges and fee lines, which was driven by the impact of day count and normal seasonality in other service charges like treasury management fees, interchange income and NSF fees and by quarter-over-quarter fluctuations in our equipment finance business.

接著看第 10 頁。我們說明本季手續費收入表現：若排除遞延薪酬（deferred compensation），較前一季減少 1,200 萬美元，但年增 1,300 萬美元。手續費收入下降幅度最大的來自服務費與費用項目，主要受天數影響，以及其他服務費（如資金管理費、交換手續費收入（interchange income）與 NSF 費用）的正常季節性所致，並受到我們設備融資業務季度間波動的影響。

We saw a slight quarter-over-quarter decline in fixed income revenues due to the decrease in ADR to $742,000, though this is still a 27% increase year-over-year. We saw slightly lower ADRs at quarter end as market volatility increased.

由於 ADR 下降至 742,000 美元，固定收益收入較前一季略有下滑，但年增仍達 27%。隨著市場波動加劇，我們在季末看到 ADR 略為走低。

On slide 11, we cover our adjusted expenses that excluding deferred compensation decreased $32 million from prior quarter. Personnel expenses, excluding deferred comp, decreased by $10 million from last quarter, driven by an $8 million decline in incentives and commissions, which followed higher incentive accruals last quarter. Outside services decreased by $26 million, which includes reduced expenses related to technology initiatives from last quarter and decreased marketing expenses in the quarter.

在第 11 頁，我們說明調整後費用：若排除遞延薪酬，較前一季減少 3,200 萬美元。人員費用（不含遞延薪酬）較上季減少 1,000 萬美元，主要因獎金與佣金減少 800 萬美元，這是在上季較高的獎酬提列之後所致。外部服務費用減少 2,600 萬美元，其中包括相較上季與科技計畫相關費用降低，以及本季行銷費用下降。

Turning to credit on slide 12. Net charge-offs decreased by $1 million to $29 million. Our net charge-off ratio of 18 basis points remains in line with our expectations. We recorded a provision for credit losses of $15 million in the quarter, and our ACL to loans ratio declined slightly to 1.28%. This was driven by mix change in the portfolio.

接著看第12頁的信用狀況。淨沖銷減少100萬美元至2,900萬美元。我們的淨沖銷比率為18個基點，仍符合我們的預期。本季我們提列1,500萬美元的信用損失準備金，且我們的ACL對貸款比率小幅下降至1.28%。這主要是由投資組合結構變化所致。

On slide 13, we ended the quarter with a CET1 of 10.53%, driven by buyback activity and loan growth in the quarter. During the quarter, we bought back approximately $230 million of common shares. We have approximately $765 million in our current Board authorization remaining.

在第13頁，本季末我們的CET1為10.53%，主要受本季庫藏股回購活動與貸款成長所影響。本季我們回購了約2.30億美元的普通股。目前董事會授權額度尚餘約7.65億美元。

During the quarter, we successfully issued $400 million of Series H preferred stock, which drove the 44 basis point increase to our Tier 1 capital ratio of 11.95%. Our tangible book value per share is $14.34, which is up 9% year-over-year, which includes buybacks of $766 million during that period and an increase to our dividend.

本季我們成功發行4.00億美元的H系列優先股，使我們的第一級資本比率上升44個基點至11.95%。我們每股有形帳面價值為14.34美元，年增9%；其中包含該期間7.66億美元的回購，以及股利的調升。

I'll wrap up on slide 15. I am proud of the momentum we have to start 2026. We continue to maintain our full year outlook and updated our near-term CET1 target to 10.5% during the first-quarter. For the third consecutive quarter, we achieved 15% plus adjusted ROTCE, reflecting our focused execution on our business priorities.

我在第15頁做個總結。我為我們在2026年開局所展現的動能感到自豪。我們持續維持全年展望，並在第一季將短期CET1目標更新為10.5%。連續第三個季度，我們達成15%以上的調整後ROTCE，反映我們聚焦執行業務優先事項的成果。

We continue focusing on deepening our client relationships, fully delivering our products and services across our excellent footprint, and enhancing our capabilities to create value for clients and shareholders. All of this moves us towards achieving the $100 million plus PPNR we noted last year as our opportunity in the next couple of years. We made initial progress on this objective last year and continue doing so in 2026.

我們持續專注於深化客戶關係，在我們優質的據點版圖中全面交付產品與服務，並強化能力以為客戶與股東創造價值。這些都將推動我們朝向達成去年所提到、未來幾年可望實現的1億美元以上PPNR機會。我們去年已在此目標上取得初步進展，並在2026年持續推進。

Our revenue expectations reflect continued capture of this profitability throughout the year. Expense discipline and underwriting consistency continue to be central to our company and disciplined capital deployment continues moving us towards our intermediate-term CET1 target.

我們的營收預期反映全年將持續掌握這些獲利能力。費用紀律與承作標準的一致性仍是公司核心，而有紀律的資本配置也持續推動我們邁向中期CET1目標。

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

接下來我把時間交還給Bryan。

Thank you, Hope. On the whole, we feel very good about how we started the year. We're seeing strong client activity in our commercial pipelines as well as business owners planning for growth. Relationship banking remains our priority, focusing on primary relationships, deepening treasury and wealth management and making sure our solutions match client needs.

謝謝你，Hope。整體而言，我們對今年的開局感到非常滿意。我們在商業放款管線中看到強勁的客戶活動，也看到企業主正在規劃成長。關係銀行仍是我們的優先事項，聚焦主要往來關係、深化財資與財富管理，並確保我們的解決方案符合客戶需求。

In the first-quarter, we saw strong production essentially evenly balanced between our regional banking and specialty verticals. C&I loan commitments reflected both deepening of existing relationships and new client acquisitions. And our CRE pipelines are as strong as they've been in years.

第一季，我們看到強勁的業務產出，基本上在區域銀行與專業垂直領域之間平均分布。C&I貸款承諾反映了既有關係的深化以及新客戶的取得。而我們的CRE管線強度也達到多年來的高點。

We manage our business with three priorities safety and soundness, profitability, and growth, which is evident in our results again this quarter. We're not playing solitaire. Competition is active, but our associates are protecting our base and winning with exceptional service and value. We expect that discipline, along with healthy C&I demand and the strength of our markets to drive revenue growth as the year progresses.

我們以三項優先事項來經營業務：安全穩健、獲利能力與成長，這一季的結果再次證明了這點。我們不是在玩單人紙牌。競爭很活躍，但我們的同仁以卓越的服務與價值守住基本盤並贏得業務。我們預期這份紀律，加上健康的C&I需求與我們市場的強勁表現，將在今年推進過程中帶動營收成長。

Our diversified model gives us a balance as the macro and geopolitical backdrop evolves. If the rate path is choppy or sentiment shifts, our counter cyclical businesses are positioned to contribute. If confidence builds, our core banking engine benefits from client growth. Credit remains in line with our expectations, and we continue to approach opportunities selectively on price and structure.

我們多元化的模式，讓我們在宏觀與地緣政治背景演變時仍能保持平衡。若利率路徑顛簸或市場情緒轉變，我們的逆循環業務具備貢獻的定位。若信心回升，我們的核心銀行引擎將受惠於客戶成長。信用狀況仍符合我們的預期，我們也持續在價格與結構上有選擇地把握機會。

Our footprint is a real advantage. The Southeast and Texas remain growth quarters. We deliver big bank capabilities with a personalized touch of a community bank across our entire footprint. That combination allows us to serve clients locally while bringing the resources of the entire bank when they need them.

我們的據點版圖是一項真正的優勢。美國東南部與德州仍是成長區域。我們在整個版圖中，以社區銀行的個人化服務，提供大型銀行的能力。這樣的組合讓我們能在地服務客戶，同時在客戶需要時動用全行資源。

We remain focused on expense discipline while strategically investing in talent, technology and tools that make our associates more effective for their clients. We'll stay thoughtful on capital management, and we'll be opportunistic with share repurchases. While the macroeconomic environment changes and creates new headwinds and uncertainties, I remain optimistic about our outlook for the year. Our job is to stack one good quarter on top of the next by effectively serving our clients and communities.

我們仍專注於費用紀律，同時策略性投資於人才、科技與工具，讓同仁能更有效地為客戶服務。我們將持續審慎進行資本管理，並在股份回購上把握機會。儘管宏觀經濟環境變化並帶來新的逆風與不確定性，我仍對今年的展望保持樂觀。我們的工作是透過有效服務客戶與社區，把一個好的季度接著一個好的季度堆疊起來。

Thank you to our associates for their hard work and to our clients and shareholders for their continued confidence in First Horizon.

感謝我們同仁的辛勤付出，也感謝客戶與股東持續對First Horizon的信任。

Lucy, with that, we can now open it up for questions.

Lucy，接下來我們可以開放提問。

(Operator Instructions)

（接線員指示）

Jon Arfstrom, RBC Capital Markets.

Jon Arfstrom，RBC Capital Markets。

Bryan, a question for you. You touched on some of this, but you seem a little more optimistic on the lending environment. And wondering if you could touch a little bit more on the pipelines in C&I and whether or not you've seen any impact on pipelines from the macro uncertainty?

Bryan，我有個問題想請教你。你剛剛提到了一些，但你似乎對放款環境更樂觀一些。想請你再多談談C&I的業務管線，以及宏觀不確定性是否對管線造成任何影響？

Yes, happy to, Jon. The pipelines and C&I continue to be very, very good. And while the short-term effects of the disturbance or the trouble in the Middle East has people asking questions, it really has not had a significant downward impact on C&I pipelines at this point. And in fact, we still see what is a continuation of what we saw building in '25, which is business owners and leaders looking to grow, invest and build. And so that has been positive.

好的，Jon，很樂意。我們的管線以及C&I仍然非常、非常好。雖然中東的動盪或問題在短期內讓大家提出一些疑問，但截至目前並未對C&I管線造成顯著的下行影響。事實上，我們仍看到延續自2025年逐步形成的趨勢，也就是企業主與領導者希望成長、投資與擴張。因此這是正面的。

In addition, I mentioned and I think Hope did as well that CRE pipelines have continued to build. And as you know, that's a business for us that loans originate and fund up over a three, four, five year period and then pay off all at once. And we haven't seen pipelines this strong since the '22 -- '21, '22 time frame when rates were essentially 0. So those pipelines are building.

另外，我提到過，我想Hope也提到過，CRE管線也持續累積。如你所知，這對我們而言是一項貸款在三、四、五年期間逐步承作與撥款，最後一次性清償的業務。自從2021到2022年那段利率幾乎為0的期間以來，我們就沒看過如此強勁的管線。所以這些管線正在累積。

So we're very optimistic about the outlook for lending growth over the course of this year. You will see in our results, and it's somewhat evident in the way that we have transformed our balance sheet over the last 18 months. We have continued to focus on profitable growth. We've re-positioned the business to align around our consolidated strategy. And with that, we're seeing an improvement in the profitability of the lending that we're doing. We're focused very much on relationship lending, things that are not relationship-oriented, we're being very disciplined about. And so we look at the year and are very optimistic.

因此，我們對今年整體放款成長的展望非常樂觀。你會在我們的業績中看到，而且從我們過去18個月改造資產負債表的方式也可略見一斑。我們持續聚焦於具獲利性的成長。我們已重新調整業務定位，使其與我們的整體策略一致。因此，我們看到我們所承作放款的獲利能力有所改善。我們非常專注於關係型放款；對於非關係導向的業務，我們保持非常嚴格的紀律。所以我們看待今年，感到非常樂觀。

I said in my closing comments that the market is still very competitive. And without a doubt, the markets are still very competitive, very good loan transactions, have a lot of competition for those, and our bankers are doing a very nice job of not only getting our fair share, but maybe a little bit more.

我在結語中提到市場仍然競爭激烈。毫無疑問，市場依然非常競爭；非常優質的貸款交易會面臨大量競爭，而我們的銀行同仁做得非常好，不僅拿到我們應得的份額，甚至可能多一些。

Okay. That's helpful. And then maybe one more on lending. I think Hope usually; you handle this one. But on the loans to mortgage companies, you're -- despite the fact it's been maybe a choppy environment, you're still up like 35% year-over-year.

好的。這很有幫助。那再問一個關於放款的問題。我想Hope通常會回答這題。但關於對房貸公司的貸款，儘管環境可能相當波動，你們仍然年增大約35%。

Do you expect a typical seasonal bounce in warehouse balances? And since it's a bigger category for you, what -- maybe you can size it for us and give us an idea of what we could see in Q2 and Q3?

您是否預期倉儲餘額會出現典型的季節性回升？另外，既然這對你們來說是較大的類別，能否—也許請你們幫我們量化一下，並讓我們了解在第二季與第三季可能會看到什麼？

Thanks, Jon. I will say we do expect to see a seasonal increase in Q2. We're already starting to see some of that fund up at the end of March and the beginning of April. Now whether it's typical, I can't say what typical is anymore. Last two years, Jon, have been some of the lowest mortgage origination years in the last 20 years.

謝謝你，Jon。我會說，我們確實預期第二季會有季節性增加。我們在三月底與四月初已經開始看到部分資金回升。至於是否算「典型」，我也很難說現在什麼才算典型。過去兩年，Jon，是近20年來房貸承作量最低的年份之一。

And I think the way rates have been going in the first part of the year, we're probably going to see a low mortgage origination and a low refinance rate, but do expect that it will trend consistently with Q1 to Q2 and Q3 of the last two years.

而且我認為，以今年前段利率的走勢來看，我們可能會看到較低的房貸承作量與較低的再融資比率，但仍預期其趨勢會與過去兩年從第一季到第二季、第三季的走勢大致一致。

We have picked up market share and that has shown and continue to show in our strong loans to mortgage company balances even at the end of Q4 and Q1. I've said before, I think one of the biggest upsides to our guidance is if we saw a refi wave, I think it gets less likely to further that 30-year rate goes up, but that is the back half of the year, I think there's still a possibility for us, although that's not built into our outlook today.

我們已經提升了市占率，這也反映在我們對房貸公司放款餘額的強勁表現上，即使在第四季末與第一季末也是如此。我之前說過，我認為我們指引最大的上行因素之一是如果出現一波再融資潮；我認為30年期利率越往上走，這種情況越不可能發生，但那是在下半年。我認為對我們而言仍有可能，雖然目前的展望並未把這點納入。

Michael Rose, Raymond James.

Michael Rose，Raymond James。

Maybe I'll just take the other side of the balance sheet from Jon. Just on deposit competition. I noticed that the interest-bearing spot rate was 2.27% versus the full quarter average of 2.28%. Can you just talk to us about deposit competition? It seems like anecdotally over the past month, it's definitely increased.

也許我就從資產負債表的另一端接續Jon的問題。關於存款競爭。我注意到計息存款的即期利率是2.27%，而整季平均是2.28%。你能否談談存款競爭的情況？從一些軼聞來看，過去一個月確實加劇了。

So I just wanted to get your kind of light of the land and then what we can expect in terms of what you've modelled for rate scenarios for the year? And what is kind of a more optimal environment for deposit pricing at this point?

所以我想了解你們對目前市場狀況的看法，以及你們在今年利率情境的模型假設下，我們可以預期什麼？另外，就目前而言，對存款定價來說，什麼樣的環境算是比較理想？

Thanks for the question. I think this year is shaping up to look a lot like last year in the seasonality of deposit rates. As we expected more rate cuts, people brought in, our competitors brought in their terms and their rate guarantee. We're starting to see that shift to longer guarantees and higher rates for longer in competition. And so we -- as you saw, our spot rate is still below our average and we're generally there. I do think that deposit costs will slightly trend up in Q2 and Q3 if we don't see a rate cut.

謝謝你的問題。我認為今年的存款利率季節性走勢，看起來會很像去年。當我們預期會有更多降息時，大家（我們的競爭對手）就縮短了他們的存期與利率保證期限。我們開始看到競爭轉向更長的保證期限，以及「更高利率維持更久」的定價。因此我們—如你所見，我們的即期利率仍低於平均值，而我們大致維持在那個水準。我確實認為，如果沒有降息，第二季與第三季的存款成本會小幅走升。

Additionally, I mentioned in my expense comments that marketing was down in Q1. We tend to do a lot more new-to-bank acquisitions in Q2. It's the time that consumers start thinking about moving their checking accounts, savings accounts, they've gotten tax refunds. And so I do think with that new-to-bank-promotion out there, we'll see a little bit of uptake and then we'll walk it back just like we have the last two years. (multiple speakers)

另外，我在費用的評論中提到，第一季行銷費用下降。我們通常在第二季做更多「新客戶（new-to-bank）」的獲客。這段時間消費者開始考慮搬移他們的支票帳戶、儲蓄帳戶，而且也拿到退稅。因此我確實認為，隨著市場上這些新客戶促銷活動，我們會看到一些拉升，之後就會像過去兩年一樣再把力度收回。（多位發言者）

Perfect. Really appreciate that. And then obviously, there's a lot of focus just separately on private credit and things like that. I appreciate some of the color that was in the deck. It looks like generally credit appears to be good. So maybe for Tom, anything you're seeing on the credit front? And then I noticed that you guys didn't put any commentary on criticized and classified this quarter. Just any sort of updates there?

很好。非常感謝。另外，市場也有很多焦點放在私募信貸（private credit）等議題上。我也感謝簡報裡提供的一些補充說明。看起來整體信用狀況不錯。所以也許請Tom談談，你在信用面看到什麼？另外我注意到你們這一季沒有對「受關注（criticized）」與「分類（classified）」放款做任何評論。這方面有沒有任何更新？

Michael, happy to address those. Overall, I remain pleased with our very consistent credit performance headlined by the 18 basis points net charge-offs, which is slightly below the median of the range. That said, there's always things that we want to watch carefully. I would say for me, in particular, I'm still carefully watching anything that is most closely tied to consumer discretionary spending, especially with recent increases in energy prices. That certainly hits a discretionary spending. So those sectors like trucking, auto, restaurants, those are things that I want to watch more closely.

Michael，很樂意回應這些問題。整體而言，我仍對我們非常一致的信用表現感到滿意，重點是淨沖銷為18個基點，略低於區間中位數。話雖如此，總是有一些我們需要密切關注的事項。就我而言，我仍特別密切關注與消費者可支配支出關聯度最高的領域，尤其是在近期能源價格上升的情況下。那確實會影響可支配支出。因此像是卡車運輸、汽車、餐飲等產業，是我想更密切觀察的。

But to your comment on private credit, that is something that we're certainly monitoring as well. But I would point out, we have a very minimal exposure to that segment. In terms of direct exposure to private credit, it's less than 1% of our loan book. And substantially all of that is backed by the end collateral is either tangible assets like real estate inventory or equipment or accounts receivable and there's very, very little enterprise value lending exposure.

至於你提到的私募信貸，我們當然也在監控。但我要指出的是，我們對該領域的曝險非常有限。就直接曝險於私募信貸而言，占我們放款組合不到1%。而且幾乎全部都有最終擔保品支持，擔保品不是不動產存貨或設備等有形資產，就是應收帳款；企業價值（enterprise value）型放款的曝險非常、非常少。

Jared Shaw, Barclays.

Jared Shaw，Barclays。

I think if we could look at the $100 million of that sort of incremental PPNR, what are any of the assumptions behind that for cost savings and/or potentially slower hiring driven by AI implementation? And if there's nothing including there, is that -- yes, I would say, I was just going to say if there's not a thing in there, is AI a positive or negative to that $100 million?

如果我們看那約1億美元的增量PPNR，背後有哪些假設，例如成本節省和／或因AI導入而放慢招募？如果裡面沒有包含這些，那麼—是的，我想說，如果裡面沒有任何相關因素，AI對這1億美元是正面還是負面？

Yes. Jared, there is nothing in there about expenses. That is all deepening relationships and about revenue. In my prepared remarks, we talked about 6% more NII year-over-year with 3% balance growth in a decreasing rate environment. So you can see the profitability of the existing relationships at renewal or new-to-bank getting additionally creating more value for us. So there are no expenses.

是的。Jared，那裡面沒有任何關於費用的內容。那完全是關於深化客戶關係與收入。在我準備好的發言中，我們談到在利率下行環境下，資產負債表成長3%，淨利息收入（NII）年增6%。因此你可以看到，既有關係在續約時的獲利能力，或是新客戶帶來的額外價值，能為我們創造更多價值。所以沒有包含任何費用。

As far as AI, we do have a flat expense outlook excluding counter cyclical commissions. We've said that that is coming from the technology investments we've made over the years, and we continue to make sure that we can scale revenue without having to scale the back office. So less about cost saves right now in our outlook and more about able to scale with bankers, invest in new hires, grow our market share without having to add all of that support infrastructure.

至於AI，我們在排除逆週期佣金（counter cyclical commissions）後，費用展望是持平。我們也說過，這來自於我們多年來所做的科技投資，而我們會持續確保能在不必等比例擴張後勤作業的情況下擴大收入規模。因此在我們目前的展望中，重點較不在於立即節省成本，而是在於能夠隨著銀行家團隊擴張、投資新聘人員、提升市占率，同時不必增加所有那些支援性基礎設施。

Great. And then on the capital side, I guess, what would cause you to lower that 10.5% target? You did some work on the capital stack this quarter. I guess what could cause you to feel comfortable with lower than 10.5%?

很好。那在資本方面，我想問，什麼情況會讓你們下調10.5%的目標？你們這一季對資本結構做了一些調整。那麼，什麼因素會讓你們對低於10.5%感到更安心？

Yes, I'll take that. I think right now, we're comfortable with the 10.5%. As I've said in the past, this is something that we've talked with our Board continuously about, and we will continue to do that. I think given the near-term uncertainty about what's happening with respect to oil prices and what that means to inflation in the economy, it's probably not a bad idea to see a few more cards here.

是的，我來回答。我認為目前我們對10.5%感到安心。如我過去所說，這是我們持續與董事會討論的事項，我們也會繼續這麼做。我認為，鑑於短期內油價走勢及其對通膨與整體經濟的意涵仍存在不確定性，先多觀察幾張牌可能不是壞主意。

Overall, we're very optimistic that the economy is still in a pretty good place that over the next several weeks to months, we'll start to see some of this uncertainty settle down. And I think at that point, we'll continue to evaluate whether we bring those ratios down.

整體而言，我們對經濟仍處於相當不錯的位置感到非常樂觀；在接下來幾週到幾個月內，我們應該會開始看到部分不確定性逐步消退。我認為到那個時點，我們會繼續評估是否下調那些比率。

As we have said, we have a bias where we believe that we can operate the organization on a lower CET1 ratio, a lower CET1 ratio than the 10.5%. And over time, we will get there.

如同我們先前所說，我們有一個偏好，也就是我們相信可以在較低的 CET1 比率下營運本組織，也就是低於 10.5% 的 CET1 比率。而且隨著時間推進，我們會達到那個目標。

Casey Haire, Autonomous.

Casey Haire，Autonomous。

Yes. Great. I wanted to revisit the NII outlook. Hope, you mentioned that deposit costs were going to -- is going to feel some pressure going forward. I was wondering if you could shed some light on loan yields and bond yields given the fixed rate asset repricing benefits. And just overall, what does that do for NIM?

是的。很好。我想再回到 NII 的展望。Hope，你提到存款成本接下來會——將會感受到一些上行壓力。我想請你談談在固定利率資產重定價帶來的好處之下，貸款殖利率與債券殖利率的情況。以及整體而言，這對 NIM 有什麼影響？

Thanks for the question, Casey. On the deposit side, what I said is it was a slight tick up. I don't expect that to put a ton of pressure on NIM or NII, it's really the mix as you bring new-to-bank in. And so I see that in the low to mid-single digits, and that's manageable for us in our current outlook.

謝謝你的提問，Casey。在存款端，我的意思是會小幅上升一點。我不預期這會對 NIM 或 NII 造成很大的壓力，真正的關鍵在於當你引進新進銀行（new-to-bank）客戶時的組合變化。因此我認為會落在低到中個位數的幅度，而以我們目前的展望來看，這是可控的。

As far as on prices and the outlook there, it's really hard to predict what's going to happen. As Bryan mentioned earlier in his comments, we saw a lot of volatility that impacted FHN Financial at the end of March and April has started off slow. We have a slide in the back of our deck about where the market is for FHN Financial today and we have it in red and green, and all but one factor is in red for them as of today. That does not mean it couldn't change going into the back half of the year. But we do see some risk there, but we don't see any risk to our outlook of our guidance on all revenues.

至於定價與相關展望，確實很難預測接下來會發生什麼。如同 Bryan 先前在評論中提到的，我們在 3 月底看到相當大的波動影響了 FHN Financial，而 4 月一開始則偏慢。我們在簡報後段有一張投影片，說明目前市場對 FHN Financial 的狀況；我們用紅色與綠色標示，而截至今天，除了其中一個因素外，其餘幾乎都呈現紅色。這不代表進入下半年後不會改變。但我們確實看到一些風險，不過我們不認為這會影響我們對所有收入的展望與指引。

So NII would come down with rate cuts, so we saw some stability, we'd see FHN Financial pickup, maybe some additional refi. And so we feel that we are really balanced in the back half of the year to hit that revenue guide.

因此若降息，NII 會下滑；如果我們看到一些穩定性，我們會看到 FHN Financial 回升，可能也會有一些額外的再融資。所以我們認為在下半年要達成該收入指引，我們的配置其實相當均衡。

Got you. Okay.

了解。好的。

I was trying to -- Casey, I'm sorry. This is Bryan. I'm trying to pull up. You asked about fixed asset repricing. I think we have something like of $1 billion or so of investment securities, a little more than that, the reprices over the course of this year.

我想——Casey，不好意思。我是 Bryan。我正在把資料調出來。你問到固定資產重定價。我想我們大概有約 10 億美元左右的投資證券，甚至略高一些，會在今年內重定價。

And on the fixed rate loan, whether it's a long-term arm or et cetera, it's a little over $5 billion that reprices in 2026. So in total, we've got about $6 billion to $7 billion of assets that we repriced principally at higher rates.

至於固定利率貸款，不論是長期 ARM（可調利率抵押貸款）或其他類型，約略超過 50 億美元會在 2026 年重定價。因此合計來看，我們大約有 60 億到 70 億美元的資產，主要會以較高利率完成重定價。

Yes. No, I see on the slide deck on slide 7. I was just wondering if the asset yields could offset some of the modest deposit pressure that you guys are feeling to keep the NIM stable?

是的。不，我在簡報第 7 頁有看到。我只是想確認，資產殖利率是否能抵銷你們感受到的些許存款端壓力，讓 NIM 維持穩定？

Well, I think clearly, the fixed asset repricing will have fixed rate asset repricing will have some impact. But Hope alluded to it a couple of different ways. We're working very profitable -- to improve the profitability of the balance sheet. And so there is some offset there as well. And we've talked in the past, for example, our market investor CRE, we've improved the yield significantly in that business on a year-over-year basis.

嗯，我認為很明顯地，固定資產重定價——固定利率資產重定價——會帶來一些影響。但 Hope 也用幾種方式提到，我們正非常積極地——去提升資產負債表的獲利能力。因此那邊也會有一些抵銷效果。而且我們過去也談過，例如我們的市場投資人 CRE（商用不動產）業務，我們在該業務的殖利率已在年對年基礎上顯著改善。

So we think we have lots of levers that allow us to continue to navigate through the sort of deposit trends that are occurring in the market in the near term. And as Hope has said, we feel very good about the balance and the balance sheet over the long term that we can navigate changing interest rate environment with as much or more stability than most.

所以我們認為我們有很多槓桿，讓我們能在短期內持續因應市場正在發生的存款趨勢。而且如 Hope 所說，從長期來看，我們對自身的平衡與資產負債表非常有信心；在利率環境變動時，我們能以不亞於、甚至優於多數同業的穩定性來因應。

Great. Just one more on the credit side of things. So the ACL ratio has come down nicely. We got some mix shift and some credit resolution. I know it's difficult with the CECL modelling, but all else equal, like what is a good landing spot for the ACL ratio versus that 1.28% level?

很好。信用面我再問一個。所以 ACL 比率已經下來得很不錯。我們看到一些組合移轉以及一些信用問題的解決。我知道 CECL 建模很難，但在其他條件不變下，相較於 1.28% 的水準，ACL 比率合理的落點會在哪裡？

Yes. It's hard to say because, obviously, things have evolved on a quarter-to-quarter basis and depending on what happens with loan growth, depending on what happens with grade migration and classified resolutions, all of that can change the result quarter-to-quarter. But we feel like we're very adequately reserved at this current time at our current ACL that's approximately seven times our average net charge-offs over the last two years. And so I believe where we're currently at is a very well-reserved position relative to our very steady net charge-off performance.

是的。這很難說，因為很明顯地，情況會隨季度演變；而且取決於貸款成長、取決於評級遷移（grade migration）以及列為關注/分類資產（classified）的處置解決進度，這些都可能讓每一季的結果有所不同。但我們認為以目前的 ACL 水準來看，我們的備抵相當充足，約為過去兩年平均淨沖銷（net charge-offs）的 7 倍。因此我相信，以我們非常穩定的淨沖銷表現而言，我們目前的位置是備抵相當充裕的。

Great. To add to that, I've said this in prior quarters, two or three basis points in the CECL model is not material. I mean we've got up -- if you look at the last 6 quarters we've gone down three, one quarter up two, I mean, that's really essentially flat in a coverage with a portfolio that moves as much as ours does.

很好。補充一下，我在前幾季也說過，CECL 模型裡 2 或 3 個基點的變動並不具重大性。我的意思是，如果你看過去 6 季，我們有一季下降 3 個基點、一季上升 2 個基點——基本上這在覆蓋率上幾乎是持平，尤其是在我們這種變動幅度很大的投資組合之下。

Bernard Von Gizycki, Deutsche Bank.

Bernard Von Gizycki，德意志銀行。

On the $100 million plus PPNR opportunity, you highlighted some progress made since mid-2025 on slide 15 of the deck. Could you just walk us through these examples on the CRE pricing, the deeper relationships between regional and specialty, the trading management and wealth management initiatives?

關於超過 1 億美元的 PPNR 機會，你們在簡報第 15 頁提到自 2025 年年中以來的一些進展。你能否帶我們逐一說明這些例子：CRE 定價、區域與專業之間更深的關係、交易管理以及財富管理的各項措施？

Absolutely. I'll start with that is in no way a holistic list of all the things. But as we keep getting asked, what are some proof points that you can show us, what can you point to, we put a couple on slide 15. But CRE pricing is one that Bryan has talked a lot about as we've been speaking with investors at conferences, which is the benefit of having a specialty model and a market-centric model. We have a strong pro-CRE business that is long-tenured bankers and are continuing focusing on exactly what's happening in the CRE industry across the country, by sector, by subsector.

當然可以。我先說明，這絕不是一份涵蓋所有事項的完整清單。但因為大家一直問我們：你們能提供哪些佐證點？能指向哪些具體成果？所以我們在第 15 頁放了幾個例子。其中 CRE 定價是 Bryan 在各場投資人會議上談得很多的一項，也就是同時擁有專業化模式與以市場為中心模式的好處。我們有一個很強的 CRE 專業團隊，由資深銀行家組成，並持續聚焦全國 CRE 產業正在發生的事情，按產業別、按次產業別來看。

And about 1.5 years ago, we brought that specialty to every deal with a market -- end market banker who is doing a CRE deal. And we've been able to see additional fee income come out of that partnership where they were able to get origination fees or unused line fees as well as increased margins as the appetite for CRE in our industry really shrunk over the last three years, so those spreads increase.

大約在 1.5 年前，我們把這個專業能力帶進每一筆由市場端——終端市場銀行家——所承作的 CRE 案件。我們已經看到這種合作帶來額外的手續費收入，包括他們能取得承作費（origination fees）或未動用額度費（unused line fees），同時也能提高利差；因為過去三年我們產業對 CRE 的風險偏好大幅縮減，所以利差擴大。

It's really the benefit of a market-centric model with a specialty partnership. You're bringing the best of both to the client. And we've got -- in addition to the financial benefits, we continue to hear from our clients how much they appreciate that having somebody who can talk to exactly what's happening in the industry alongside a banker that knows exactly what's happening in the market. It's been a great enhancement for us, and we have that in a lot of places. We've highlighted CRE.

這其實就是以市場為中心的模式搭配專業夥伴合作的好處。你把兩者的優勢都帶給客戶。而且——除了財務上的效益之外——我們也持續從客戶那裡聽到，他們非常欣賞：一方面有人能精準談論產業正在發生的事情，另一方面也有一位銀行家非常了解當地市場正在發生的事情。這對我們而言是很大的強化，而且我們在很多領域都有這樣的做法。我們在這裡特別舉了 CRE。

But we have it in franchise finance, ABL, equipment finance, just that partnership is really paying additional dividends for us and is a big part of our $100 million PPNR opportunity that we're already realizing.

但我們在特許經營融資（franchise finance）、ABL（資產基礎貸款）、設備融資等領域也都有；這種合作確實正在為我們帶來額外的成果，也是我們已經開始實現的「1 億美元以上 PPNR 機會」的重要組成部分。

This is something that we have built into our expectations for 2026. And it's really hard to highlight how much work goes into this. We have hundreds, thousands of bankers that are working on aspects of this every day. And it really comes from the ability that our teams have created for the organization to see with a lot of granularity, relationships and understanding the nature of relationships, interconnectedness of deposit or fee-based services and lending relationships.

這是我們已納入對 2026 年預期中的事項。而且很難充分強調為此投入了多少工作。我們有數百、數千名銀行家每天都在處理其中的各個面向。這主要源自於我們團隊為組織建立的能力，使我們能以非常細緻的層級看見各種關係，理解關係的本質、存款或以手續費為基礎的服務與授信關係之間的相互連結。

And those tools have helped us navigate opportunities for bringing new products and capabilities to customer relationships, making sure where we've under-priced the spread here or there that we're asking for appropriate spread on the credit or the treasury service or the wealth management or whatever it happens to be.

而這些工具幫助我們掌握機會，將新產品與新能力導入客戶關係中，並確保在我們於某些地方對利差定價偏低時，能就授信、財資服務、財富管理或其他相關服務，要求合理的利差。

It's something that is a work in progress. It's not completed. In '25 or '26, it will continue. But it's part of the discipline that we believe that the organization is oriented around, which is building long, deep, broad long-term relationships and creating win-win solutions for our customers that essentially create partnerships that are, as I said, win-win for both sides.

這是一項仍在進行中的工作。尚未完成。在 2025 年或 2026 年，它都會持續推進。但這是我們相信組織所遵循的一部分紀律，也就是建立長期、深度、廣度兼具的長期關係，並為客戶創造雙贏的解決方案，本質上形成如我所說、對雙方都雙贏的夥伴關係。

Great. Just a follow-up on loan growth. Obviously, you reiterated the expectations for the mid-single-digit growth. But just wondering, are contributors changing maybe stronger C&I than originally expected, maybe a bit less CRE? You noted the headwinds, but pipelines remain strong. Just thoughts on if CRE will still be a positive contributor for loan growth this year?

很好。再追問一下貸款成長。顯然你們重申了中個位數成長的預期。但我想了解，貢獻來源是否正在改變——例如 C&I（商業與工業）可能比原先預期更強，而 CRE（商用不動產）可能少一些？你提到了逆風，但案源管線仍然強勁。想請教 CRE 今年是否仍會對貸款成長做出正向貢獻？

Yes. I'm happy to tackle that one. I'll start on the C&I side where you saw a very strong continued momentum in Q1. I think what I'm most pleased about in those results is how evenly spread that is between both our regional bank regions as well as our specialty lines of businesses. We saw momentum on both sides.

會的。我很樂意回答這題。我先從 C&I 談起，你們在第一季看到非常強勁且延續的動能。我對這些結果最滿意的是，成長在我們的區域銀行各區域以及專業業務線之間分布得相當平均。兩邊都看到了動能。

On the CRE side, we've talked about the headwinds in terms of project starts over the last several years going into the perm market. We started to really see that pace of our payoffs decelerate. And we believe with a very, very strong pipeline, especially now compared to a year ago, we should start to see some very good net growth on the CRE side later this year as well. So overall, there's very good momentum down the balance sheet.

在 CRE 方面，我們談過逆風，主要是過去幾年專案開工後進入永久融資（perm）市場的影響。我們開始真正看到提前清償（payoffs）的速度放緩。而且我們認為，憑藉非常、非常強勁的案源管線——尤其是相較一年前——我們也應該會在今年稍晚開始看到 CRE 端出現相當不錯的淨成長。因此整體而言，資產負債表各項目都呈現非常好的動能。

Chris McGratty, KBW.

KBW 的 Chris McGratty。

This is Andrew Leischner on for Chris McGratty. I know you've touched on it a little bit earlier on -- I know you touched on it a little bit on Casey's question earlier, but just on the 3% to 7% revenue guide, can you maybe walk us through the scenarios or assumptions that would get us to the higher end or lower end of that range?

我是代替 Chris McGratty 的 Andrew Leischner。我知道你們稍早有稍微提到——也在先前回覆 Casey 的問題時提過一點——但針對 3% 到 7% 的營收指引，你能否帶我們走一遍：在什麼情境或假設下會落在區間高端或低端？

As I said, I think we're pretty balanced. The question is not how do we get to the higher or lower end of the range, it's does it come from fee income and counter cyclical, or does it come from NII and higher loan growth. What I have mentioned is to get to the high end or exceed, not to say it's there only, but it's really -- we have no pickup in mortgage or refi built into this outlook.

如我所說，我認為我們的配置相當均衡。問題不在於如何到達區間的高端或低端，而在於動能是來自手續費收入與逆週期業務，還是來自淨利息收入（NII）與更高的貸款成長。我提到的是，要到達高端或甚至超越——並不是說只有靠這一項——但重點是：我們在這個展望中並未納入房貸或再融資（refi）的回升。

As I said earlier, I don't expect it in the near term as 30-year rates keep moving up and there's uncertainty of the consumer, but that's the one item not built in here. But we're starting the year with 3% loan growth year-over-year and 6.5% revenue growth year-over-year. So we have a strong start to that momentum.

如我先前所說，短期內我不預期會出現，因為 30 年期利率持續上升且消費者存在不確定性；但這是唯一沒有納入的項目。不過我們以年增 3% 的貸款成長、以及年增 6.5% 的營收成長開局。因此這股動能起步相當強。

I think the other driver is likely to be an acceleration of economic growth. And to the extent that we look at the economy today, we feel like we're in a pretty good place. The economy is growing pretty steadily. But it's probably in that 2.5% to 3% area. And I would say, given what we know today, there's probably greater downside risk than there is upside opportunity.

我認為另一個驅動因素很可能是經濟成長加速。就我們目前對經濟的觀察，我們覺得處於相當不錯的位置。經濟正以相當穩定的速度成長。但大概是在 2.5% 到 3% 的區間。而且我會說，以我們今天所掌握的資訊來看，下行風險可能大於上行機會。

If that gets resolved and the pace of growth and the economy picks up, loan growth will naturally pick up, and we could get to the higher end of that range. So it's really going to be a combination of how interest rates play out in connection with some of our businesses and then more importantly, what does that mean in terms of economic growth in the economy overall.

如果這些問題得到解決、成長步伐與經濟動能回升，貸款成長自然會加快，我們就可能達到該區間的高端。所以這真的會是利率走勢（與我們部分業務的連動）以及更重要的——這對整體經濟成長意味著什麼——兩者的綜合結果。

Great. And just on the expense outlook, annualizing this quarter gets you a little lower than flat expenses. So outside of the lower marketing in the quarter, is this a good run rate from here? Or were there some other items that were lower than usual? I know you completed that technology project referenced in the release, but any color here would be great.

很好。再問一下費用展望，把本季年化後看起來會略低於費用持平。所以除了本季行銷費用較低之外，這是否是接下來的合理費用水準（run rate）？還是還有其他項目也低於常態？我知道你們完成了新聞稿中提到的那個科技專案，但若能補充一些細節會很有幫助。

Yes. There'll be some movement throughout the quarter as it relates to marketing spend. We always have an issue with the way we do our income statement, where marketing spend hits first and then the cash offer hits another. And you'll see some volatility there. But the other one is technology projects.

是的。行銷支出在各季之間會有一些變動。我們的損益表呈現方式一直有個特性：行銷支出會先入帳，而現金優惠（cash offer）會在另一個時間點入帳。因此你會看到一些波動。另外一項是科技專案。

They can vary quarter-to-quarter at the end of the year. We had a lot of project complete, and they went from the expense part of their project to capitalization, which is more stable. But I do think, to your point, it's a good glide path. And on average, we do expect to be flat year-over-year with some variability quarter-to-quarter.

它們在年末時可能會出現季度間的差異。我們完成了不少專案，它們從專案期間的費用認列轉為資本化（capitalization），因此更為穩定。但我確實認為，如你所說，這是一條不錯的費用滑行路徑。整體而言，我們預期年對年平均會持平，但季度之間會有些變動。

One of the things that I'm excited about on the expense side is we've had very good success and hiring new revenue producers. And if you look at just the stream of press releases over the last several weeks, you'll see that we're having very good success recruiting bankers all across our franchise. And I think the point I'm really trying to make is not only are we bringing good people into the organization, we're controlling costs while still continuing to invest in growth and driving the business forward. So I think that combination is very positive for the long term.

在費用面我感到振奮的一點是，我們在招募新的營收創造者方面非常成功。如果你看過去幾週的一連串新聞稿，你會看到我們在整個版圖（franchise）各處招募銀行家都相當成功。而我真正想表達的是：我們不僅把優秀人才帶進組織，同時也在控制成本，並持續投資成長、推動業務向前。因此我認為這樣的組合對長期非常正面。

Ben Gerlinger, Citi.

Citi 的 Ben Gerlinger。

I know you talked through CET1 and the appetite, you could potentially go lower, but that's about 10.5%. And then kind of with the outlook for loan pipelines, it sounds pretty robust with that respect. When we look at the seasonality component, like your balance sheet balloons a little bit with mortgage. I get the mortgage is a little bit soft, but like how should we think about buybacks over the next couple of quarters, given you're fairly close to the 10.5%. Is it more opportunistic? Or because the capital needs to go to growth, how do we just think about the next couple of quarters here?

我知道你談到了 CET1 以及資本偏好，你們可能可以再低一些，但大約是 10.5%。另外就貸款案源管線的展望來看，聽起來相當強勁。當我們看季節性因素時，例如你們的資產負債表會因房貸而稍微膨脹一些。我理解房貸有點疲弱，但考量你們相當接近 10.5%，接下來幾季我們應該如何看待庫藏股回購？會更偏向機會型（opportunistic）嗎？或者因為資本需要用於成長，我們該如何理解未來幾季的節奏？

Yes. We will be opportunistic as we always are, and we have said that to the extent that mortgage warehouse lending pushes down on a temporary basis our CET1 ratio, we are not uncomfortable with that. Our mortgage warehouse lending business has exceptionally low credit losses historically. We see it as more of an operational risk and our team does, I think, a very good job of controlling risk in that business. So to the extent that, that pushes us down a little bit here and there, that does not cause us concern in the near term.

是的。我們會一如既往地把握機會；而且我們也曾表示，若按揭倉儲貸款在短期內對我們的CET1比率造成下壓，我們並不會因此感到不安。我們的按揭倉儲貸款業務在歷史上信用損失極低。我們更將其視為營運風險，我認為我們的團隊在控制該業務風險方面做得非常好。因此，即便它在某些時點讓我們的比率略微下滑，短期內也不會讓我們擔憂。

And so against that backdrop, we will continue to be opportunistic to take the excess capital that we believe we have and that we generate and use that and share repurchases or repatriation of capital to our shareholders.

因此，在這樣的背景下，我們將持續把握機會，將我們認為擁有且持續產生的超額資本，用於股票回購，或將資本回饋給股東。

Yes. And just to add on to Bryan's comments, it's noted in our presentation over the last 10 years, our mortgage warehouse business has averaged about one basis points annual net charge-offs.

是的。另外補充Bryan的評論，我們在簡報中也提到，過去10年我們的按揭倉儲業務平均每年的淨核銷約為1個基點。

Yes. No, that's great. I wasn't worried about the credit components, more so just the usage of capital over the next -- but that's a great answer. I appreciate the time, guys. That's all I had.

是的。不，這很好。我並不是擔心信用面，更多是關注未來一段時間的資本占用——但這回答得很好。感謝各位撥冗。我就這些。

Timur Braziler, UBS.

Timur Braziler，瑞銀（UBS）。

Looking at the expense guide relative to revenue, the revenue guide is still pretty wide in range versus a pretty tight expectation on expenses. I'm just wondering how agnostic the expense base is towards the different ranges of the revenue guide and kind of what's embedded as the baseline now for the flat year-on-year expense?

從費用指引相對於收入來看，收入指引的區間仍然很寬，但費用的預期卻相當緊。我想了解的是，在收入指引不同區間下，費用基礎有多大程度是「不受影響」的？以及目前對於費用年對年持平的基準假設包含了哪些內容？

Yes. It is agnostic to the revenue guide with the exception of the counter cyclical businesses. If we hit the higher end of the range and more of it comes year-over-year from the counter cyclical businesses, you can assume a 60% commission on that amount. But what's built in is flat counter cyclical revenue year-over-year to that flat guidance. But I don't see -- Bryan talked about new hires, new hires were built into our expense guide, branches were built into our new expense guide, a consolidation into a new hub in Charlotte is in our expense guide.

是的。除了逆週期業務之外，費用端基本上不受收入指引影響。如果我們達到區間上緣，且年對年的增量更多來自逆週期業務，你可以假設該部分有60%的佣金率。但我們在持平的費用指引中所內含的假設，是逆週期收入年對年持平。另外我不認為——Bryan提到的新聘人員已納入費用指引，分行也已納入新的費用指引，將據點整併至夏洛特的新樞紐也已納入費用指引。

All of the investments are already in there, and we believe it's flat. You talked about the range of the guide. Every CFO will tell you, it's easier to control expenses than it is revenue. And so the range for the guide is really the uncertainty of the economy that we're looking at right now. Bryan mentioned earlier, could we see economy start to rebound the consumer confidence and more spending and loan growth. That is what's driving our large range, not our internal understanding of where we think our businesses are going.

所有投資都已經包含在內，我們認為費用是持平的。你提到指引區間。每位財務長都會告訴你，控制費用比控制收入容易。因此，指引區間之所以較大，主要反映我們目前對經濟前景的不確定性。Bryan先前提到，經濟是否可能開始回升、消費者信心回暖、支出增加以及貸款成長。推動我們區間較大的原因是這些因素，而不是我們對自身業務走向的內部掌握不足。

It's just really hard right now, Timur, as you know, to figure out what type of economy we're going to be lending into and what's going to happen in the wealth business over the next three quarters.

Timur，如你所知，現在真的很難判斷未來三個季度我們將面對什麼樣的放貸環境，以及財富管理業務會發生什麼變化。

Great. And then as a follow-up, there's some increased conjecture maybe this week surrounding M&A, all the volatility that's going on in the market right now. Could you just give us a reminder on both sides of M&A, kind of your update expense here?

很好。接著追問，本週市場波動很大，外界對併購（M&A）的揣測似乎也增加了。能否請你就併購的兩個面向，提醒我們一下你們目前在這方面的最新看法？

Yes, nothing's changed with respect to M&A. As we've said, our number one priority is continuing to focus on the profitability of our business and driving the benefits that we can realize by investing in our core franchise. And we have said that opportunistically, we had the opportunity, we felt better about our ability to do fill-in in our existing footprint. We have, as always, taken an approach that we're going to maximize return on capital for our shareholders and we're going to evaluate any opportunity that presents itself, but nothing has changed in terms of our thinking around M&A.

是的，我們對併購的看法沒有改變。如同我們所說，我們的首要任務是持續聚焦提升本業獲利能力，並透過投資核心特許經營來推動可實現的效益。我們也表示，若有機會，我們更看好在既有版圖內進行補強式收購的能力。一如既往，我們的做法是為股東最大化資本報酬，並評估任何出現的機會；但就併購而言，我們的思維沒有任何改變。

Anthony Elian, JPMorgan.

Anthony Elian，摩根大通（JPMorgan）。

Hope, to put a finer point on NIM, last quarter, you pointed to a range in the mid-3.4s. But you've clearly outperformed that for a couple of quarters now. Just given the earlier comments on loan yields, deposit costs ticking up slightly, how are you thinking about NIM here?

Hope，想更精準地問一下淨利差（NIM）。上季你提到大約在3.4%中段的區間，但你們已經連續幾季明顯優於該水準。考量你先前對貸款收益率、存款成本略有上升的評論，你現在如何看待NIM？

Yes. The mid-four comment was about stabilization when we saw a flat interest rate environment, more consistent spreads. Near term, we do expect to be in the high 3.4s, within a few basis points of where we're at right now.

是的。先前提到的「中4」是指在利率環境持平、利差更一致時的穩定水準。短期內，我們預期會落在3.4%高段，與目前水準相差僅幾個基點。

And then on capital, given the recent proposals, have you quantified any of the estimated impacts or benefits you'd see from the recent proposals?

另外在資本方面，鑑於近期的提案，你們是否已量化近期提案可能帶來的影響或效益？

Thanks, Anthony. We have calculated it and every consultant out there has sent us a deck and wants to meet with us on how to optimize it. It's really clear that it is positive for everybody. It will definitely be a pickup for us, especially in some of the proposals for mortgage, some of the proposals for our fixed income business inventory. But we have not put fine point to say that this is exactly what it is.

謝謝你，Anthony。我們已經做過計算，而且市面上每一家顧問都寄給我們簡報，並希望與我們會面討論如何最佳化。很明顯，這對所有人都是正面的。對我們而言也肯定會有提升，尤其是在部分按揭相關提案，以及部分針對我們固定收益業務庫存的提案上。但我們尚未精確到可以說「確切就是這個數字」。

There's still a lot of uncertainties out there in the model as well as how do we react to some of those, how do you change term of a loan, for example, gives you different capital treatment. But net positive for sure.

模型中仍有許多不確定性，也包括我們將如何因應其中一些變化；例如，你如何調整貸款期限，可能就會帶來不同的資本計提方式。但整體而言肯定是淨正面。

Christopher Marinac, Brean Capital Research.

Christopher Marinac，Brean Capital Research。

Tom, I just wanted to ask about the reserve as it pertains to both mortgage warehouse and any other NDFI. Should we see that grow over time? Or how do you think about that?

Tom，我想問一下與按揭倉儲以及其他任何NDFI相關的備抵（準備金）。我們是否會看到它隨時間增加？或者你們如何看待這件事？

Yes. Mortgage warehouse and NDFI is all part of our ALLL and ACL reserve on the C&I business. I don't have it broken in front of me in terms of by specific lines of business. But overall, as you saw, we did add a little bit to our C&I reserves this quarter. That's more a reflection of some overall economic uncertainty around the conflict in the Middle East as well as what is that and how that is impacting discretionary consumer spend.

是的。按揭倉儲與NDFI都包含在我們商業與工業（C&I）業務的ALLL與ACL備抵中。我手邊沒有按特定業務線拆分的明細。但整體而言，如你所見，我們本季確實對C&I備抵增加了一點。這更多反映了整體經濟不確定性，包含中東衝突，以及該事件如何影響可自由支配的消費支出。

Overall, I would say we're -- as I mentioned earlier, I believe we are well reserved from both the C&I basis as well as an overall ACL basis.

整體來說，我會說——如我先前提到的，我相信無論以C&I角度或整體ACL角度，我們的備抵都相當充足。

Specific to NDFI, I think what I would point out is -- and maybe helpful to break down the components of it. From the call report, you'll see we have a total of $8.6 billion of total NDFI. However, from there, about 55% of the mortgage warehouse business that we talked about with very low charge-offs and very short tenure with an average draw of under 20 days. And so the remaining $3.9 billion of non-mortgage warehouse NDFI, about a third of that is categories that are NDFI in the call report that are really more akin to traditional C&I structuring and risk. And so therefore, what's left, the remaining two-thirds is really only about 4% of our overall loan book.

就NDFI而言，我想指出的是——也許把其組成拆開會更有幫助。從申報報表（call report）來看，我們的NDFI總額為86億美元。不過其中約55%是我們剛才談到的按揭倉儲業務，該業務核銷非常低，且存續期很短，平均動用天數不到20天。因此，剩餘的39億美元非按揭倉儲NDFI中，約三分之一屬於在申報報表中被歸類為NDFI、但實際上更接近傳統C&I結構與風險的類別。因此，剩下的三分之二其實只占我們整體貸款組合約4%。

And the performance in that business, there's certainly some pockets with some elevated C&Cs we have to watch, as you would expect. But the overall performance of that remaining book is actually not too dissimilar from our overall C&I book. In terms of the NPLs are actually slightly lower relative to our overall book, net charge-offs is slightly higher, but it's all very close to being in line. And so from my position, I don't think there's any specific reason to have outsized reserves tied to our NDFI book.

至於該業務的表現，確實有一些區塊出現較高的 C&C（需密切關注），這也在預期之內。但剩餘投組的整體表現，其實與我們整體的 C&I（商業與工業）投組並沒有太大差異。就 NPL（不良貸款）而言，相較於我們整體投組其實略低；淨沖銷（net charge-offs）略高，但整體都非常接近、基本一致。因此就我的立場來看，我不認為有任何特定理由需要針對我們的 NDFI 投組提列過度偏高的準備金。

On your comment about mortgage warehouse and NDFI, I want to point out for us, the way we do mortgage warehouse, we don't really consider an NDFI although the call report does. We hold the underlying collateral. We have -- we take each note at closing. We talked -- Tom talked earlier in the prepared remarks that we had one basis point of charge-offs in the last 10-plus years. That comes down to the operational risk.

關於你提到的房貸倉儲（mortgage warehouse）與 NDFI，我想指出，對我們而言，我們做房貸倉儲的方式，其實不太把它視為 NDFI，儘管申報報表（call report）會如此分類。我們持有底層擔保品。我們在交割時會取得每一張票據（note）。我們也提到——Tom 在事先準備的發言中先前提過，過去 10 年以上我們的沖銷只有 1 個基點。這主要歸因於作業風險。

Should the company that we're lending to have an issue and can no longer be in business. We have the notes. We've worked through that, and we then pledge them and sell them or put them on our balance sheet.

如果我們放款的那家公司出現問題、無法再繼續營運，我們手上仍持有這些票據。我們已經處理過這類情況，之後我們會將其質押並出售，或是放到我們的資產負債表上。

And so for us, NDFI is an operational risk for the fraud piece of it, we've seen collateral double pledged, we don't have that situation. We actually maintain the notes until they're sold. And that's something that is different than how some others do mortgage warehouse in the industry.

因此對我們來說，NDFI 的風險主要是詐欺面向的作業風險；我們看過擔保品被重複質押的情況，但我們沒有這種狀況。我們實際上會一直保管票據，直到它們被出售。這點與業界其他一些機構做房貸倉儲的方式不同。

And just to make sure we're clear, the one basis point is the average annual charge-offs in that business.

另外為了確認大家理解一致，這 1 個基點指的是該業務的平均年度沖銷率。

Great. That's very helpful. Tom, just to clarify. So you mentioned that there are some charge-offs in the other NDFI, that smaller component. Are these kind of normal charge-offs? Or have these changed at all in recent quarters?

了解。這非常有幫助。Tom，我想再釐清一下。所以你提到在其他 NDFI（較小的那一部分）有一些沖銷。這些算是正常的沖銷嗎？或者近幾季有任何變化嗎？

I would say it's relatively normal. I mentioned it's slightly higher than our overall net charge-off rate, but it's not anything alarming. I would also point out, I mentioned that -- okay.

我會說相對正常。我提到它略高於我們整體的淨沖銷率，但沒有任何令人擔憂之處。我也想補充指出，我提到——好。

David Chiaverini, Jefferies.

David Chiaverini，Jefferies。

(technical difficulty) on for David Chiaverini. Just a quick question around capital markets. Given recent yield curve volatility, I wanted your thoughts specifically around fixed income. And how sensitive is the fixed income trading desk to the current shifting expectations around Fed easing?

（技術問題）我代替 David Chiaverini 發問。關於資本市場有個簡短問題。鑑於近期殖利率曲線波動，我想請教你們對固定收益（fixed income）的看法。以及在市場對聯準會降息預期持續變動的情況下，固定收益交易台對此有多敏感？

Yes, this is Bryan. The business has had its ups and downs, and volatility in interest rates over the longer term is good for the business. In short term, it can be difficult and the uncertainty in the way rates have been moving have created some volatility from week to week.

是的，我是 Bryan。這項業務有起有落，而從較長期來看，利率波動對業務是有利的。短期內可能會比較困難，而利率走勢的不確定性也造成每週之間的波動。

On the whole, though, we're pretty encouraged by the positioning of the business. Our ADR for the quarter was down slightly from the fourth-quarter, but up significantly from a year ago. So all in all, we look at the business as a very strong contributor and are optimistic -- our outlook is optimistic for the foreseeable future, recognizing that there are going to be potential events that can push rates up or bring rates down rapidly, but we think we're well positioned in a good place to benefit from that volatility over time.

不過整體而言，我們對這項業務的布局相當受到鼓舞。本季的 ADR 較第四季略降，但相較一年前則大幅上升。因此總體來看，我們認為這項業務是非常強勁的貢獻來源，並且對可預見的未來保持樂觀——同時也認知到，可能會有事件使利率快速上升或快速下降，但我們認為自身處於良好位置，能隨時間從這種波動中受益。

John Pancari, Evercore.

John Pancari，Evercore。

This is Girard Sweeney on for John. So you highlighted that this is the third-quarter of 15% plus ROTCE. Considering 15% target, how should we think about ROTCE trajectory going forward? Do you see a path closer to high teens or is maintaining the current level more of your priority? And if you were to get more to a high-teens level, maybe more of the three or a few steps that will get you there?

我是 Girard Sweeney，代替 John 發問。你們強調這是連續第三季 ROTCE 超過 15%。以 15% 目標來看，未來我們應該如何看待 ROTCE 的走勢？你們是否看到往高十幾（high teens）靠攏的路徑，還是維持目前水準是更優先的目標？如果要提升到高十幾，可能需要哪三步或幾個關鍵步驟才能達成？

Yes. This is Bryan. We're making progress, and Hope pointed out, our ROTCE is up a couple of hundred basis points from a year ago. And we set 15% plus as a target. We did not set it as a destination. So we work to continue to build ROTCE. We think we will continue to make progress.

是的。我是 Bryan。我們正在取得進展，正如 Hope 指出的，我們的 ROTCE 較一年前提升了約兩百個基點。我們把 15% 以上設定為目標。但我們並未把它設定為終點。因此我們會持續努力提升 ROTCE。我們認為會持續取得進展。

And to the extent that you combine three or four things, two or three things, depending on how you count them, one, the improved profitability that we're driving with our existing balance sheet; two, the ability to leverage our balance sheet, either through capital return or growth in the balance sheet and the combination thereof of the regulatory guidance of bringing CET1 ratios down, we think we have the ability to push those ROTCEs up over time.

而如果把三、四件事（或視你怎麼計算是兩、三件事）結合起來：第一，我們透過既有資產負債表所推動的獲利能力提升；第二，我們運用資產負債表槓桿的能力，無論是透過資本回饋或資產負債表成長，或兩者的組合；再加上監理指引允許我們把 CET1 比率往下調，我們認為隨時間推進，有能力把 ROTCE 進一步推高。

I'm not going to try to put a fine point on it today. We're confident with the progress that we're making. We're focused on driving those returns higher. And I feel good about the work the organization is achieving every single day in that regard.

我今天不會試圖給出非常精確的數字。我們對目前取得的進展很有信心。我們專注於把這些報酬率推得更高。而且我對組織每天在這方面所達成的工作成果感到很踏實。

Great. That makes a lot of sense. And maybe going back to the prior question on the fixed income business. Is there an ADR range you'd say embedded in your revenue guidance? I know there's a counter cyclical side of it, but just how to size up from a modelling standpoint the rest of the year?

了解。這很合理。另外回到前一個關於固定收益業務的問題。你們的營收指引中，有沒有隱含一個你們認為的 ADR 區間？我知道它有逆循環的一面，但就建模角度而言，今年剩餘時間應該如何估算？

Yes. There are multiple ranges embedded in our guidance because, as I've said before, we trade NII for fee income or mortgage warehouse balances in a decreasing rate environment. And so we do not have a single outlook to hit our guidance, regardless of whether rates increase, stay flat or decrease, you'll just see the revenue come from different places.

是的。我們的指引中隱含了多個區間，因為如我之前所說，在降息環境下，我們會以 NII（淨利息收入）去換取手續費收入或房貸倉儲餘額。因此我們並沒有單一的情境才能達成指引；無論利率上升、持平或下降，你只會看到營收來自不同的來源。

We have no further questions at this time. So I'd like to hand back to Bryan for closing remarks.

目前沒有其他問題。接下來我想把時間交回 Bryan 做結語。

Thank you, Lucy. Thank you all for joining our call this morning. Please reach out if you have any further questions. We appreciate your interest. I hope everyone has a wonderful day.

謝謝你，Lucy。也謝謝各位今天早上參與我們的電話會議。如果還有任何問題，歡迎隨時與我們聯繫。感謝各位的關注。祝大家今天愉快。

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

今天的電話會議到此結束。謝謝各位參與。各位現在可以掛線。