Fifth Third Bancorp (FITB) 2026 Q1 法說會逐字稿

Good morning, everyone. (technical difficulty) This morning, our Chairman, CEO and President, Tim Spence; and CFO, Bryan Preston will provide an overview of our first-quarter results and outlook.

各位早安。(技術問題) 今天早上，我們的董事長、執行長兼總裁 Tim Spence，以及財務長 Bryan Preston，將就我們第一季的業績與展望提供概覽。

Please review the cautionary statements in our materials, which can be found in our earnings release and presentation. These materials contain information regarding the use of non-GAAP measures and reconciliations to the GAAP results as well as forward-looking statements about Fifth Third's performance. These statements speak only as of April 17, 2026, and Fifth Third undertakes no obligation to update them. Following prepared remarks by Tim and Bryan, we will open up the call for questions.

請查閱我們資料中的警示性聲明，可於我們的財報新聞稿與簡報中找到。這些資料包含有關非 GAAP 衡量指標之使用及與 GAAP 結果之調節資訊，以及關於 Fifth Third 表現的前瞻性陳述。上述陳述僅截至 2026 年 4 月 17 日為準，Fifth Third 不承擔更新之義務。在 Tim 與 Bryan 的事先準備發言之後，我們將開放提問。

With that, let me turn it over to Tim.

接下來，我把時間交給 Tim。

Good morning, everyone, and thanks for joining us today. At Fifth Third, we believe great bank distinguish themselves based on how they perform in uncertain environments, not in benign ones. We prioritize stability, profitability and growth in that order. We deliver them by finding ways to get 1% better every day while investing meaningfully in the future.

各位早安，感謝今天加入我們。在 Fifth Third，我們相信優秀的銀行是在不確定的環境中、而非在順風順水的環境中，憑藉其表現來展現差異化。我們依序優先考量穩定性、獲利能力與成長。我們透過每天找到讓自己進步 1% 的方法，同時對未來進行有意義的投資，來實現這些目標。

Today, we reported earnings per share of $0.15 or $0.83 excluding certain items outlined on page 2 of the release. Results reflect the February 1 closing of the Chimeric acquisition. Revenue was $2.9 billion, up 33% year over year and adjusted net income was $734 million, up 38%. Credit performance was in line with expectations with net charge-offs at 37 basis points.

今天我們公布每股盈餘為 0.15 美元；若排除新聞稿第 2 頁所列之特定項目，則為 0.83 美元。本季結果反映 2 月 1 日完成 Chimeric 收購案交割。營收為 29 億美元，年增 33%；調整後淨利為 7.34 億美元，年增 38%。信用表現符合預期，淨沖銷為 37 個基點。

Both NPAs and criticized assets improved modestly. In the quarter, we closed the largest M&A transaction in Fifth Third's history. We delivered an adjusted return on assets of 1.12% and an adjusted return on tangible common equity of 13.7%. Our tangible common equity ratio rose to 7.3% and tangible book value per share increased 1%. We are the only bank among our peers who have reported to date to increase both of these key metrics during the quarter.

不良資產（NPA）與受關注資產均小幅改善。本季我們完成 Fifth Third 歷史上最大的一筆併購交易。我們的調整後資產報酬率為 1.12%，調整後有形普通股權益報酬率為 13.7%。有形普通股權益比率上升至 7.3%，每股有形帳面價值成長 1%。在目前已公布財報的同業中，我們是唯一一家在本季同時提升這兩項關鍵指標的銀行。

Fifth Third's legacy strategies are continuing to produce broad-based growth while we execute the Comerica integration on plan and on schedule. In commercial, legacy Fifth Third C&I loan balances grew 6% year over year. Production remained healthy with the strongest activity in manufacturing and construction supported by reshoring and infrastructure investments. (inaudible) acquisition more than doubled, led by our Southeast markets, and 35% of new clients were fee led with no extension of credit. Importantly, our commercial loan growth continues to come from relationship-based lending and knock from nonrelationship sources. In commercial payments, Newline continue to scale with revenue up 30% and deposits up $2.7 billion year over year.

Fifth Third 的既有策略持續帶來廣泛的成長，同時我們依計畫、按時程推進 Comerica 的整合作業。在商業金融方面，既有 Fifth Third 的商業與工業（C&I）放款餘額年增 6%。承作動能維持健康，其中以製造業與營建業活動最為強勁，受惠於回流生產（reshoring）與基礎建設投資。(聽不清) 收購案後的表現較去年增加逾一倍，主要由我們的美國東南部市場帶動，且 35% 的新客戶為費用導向（fee led），未提供授信展延。重要的是，我們的商業放款成長仍主要來自關係型放款，而非來自非關係來源的增量。在商業支付方面，Newline 持續擴張，營收年增 30%，存款年增 27 億美元。

During the quarter, (inaudible) launched a new payment product built on Newline, joining other marquee clients like Stripe and Circle and we advanced preparations for the second quarter launch of the new Direct Express platform. In Consumer, the legacy Fifth Third franchise delivered 3% household growth and 4% DDA balance growth. Southeast households grew 8%, led by Georgia and the Carolinas, and we opened 10 additional branches in the region during the quarter. Consumer and small business loans grew 7%, led by auto, home equity and our Provide fintech platform.

本季期間，(聽不清) 推出一項建立於 Newline 之上的新支付產品，加入 Stripe 與 Circle 等其他指標性客戶；同時我們也推進第二季推出全新 Direct Express 平台的準備工作。在消費金融方面，既有 Fifth Third 通路帶來 3% 的家庭戶數成長，以及 4% 的活期存款（DDA）餘額成長。東南部家庭戶數成長 8%，以喬治亞州與卡羅萊納州為主；本季我們也在該區新增開設 10 家分行。消費者與小型企業放款成長 7%，主要由汽車貸款、房屋淨值貸款以及我們的 Provide 金融科技平台帶動。

Now, turning to Comerica, thanks to timely regulatory approvals, we closed earlier and originally expected on February 1 and have continued to make progress at an accelerated pace. Our top priority is our people, and we're working hard to become 1 team. Since Legal Day 1, leaders have been on the ground in Comerica's major markets nearly every week, and we visited every branch in the Comerica network. We've also hosted product showcases to highlight the breadth of our combined capabilities. Organizational design and leadership decisions are complete, and I'm very excited about caliber of our combined team.

接著談 Comerica。受惠於及時取得監管核准，我們於 2 月 1 日較原先預期更早完成交割，並持續以加速的步伐取得進展。我們的首要優先事項是同仁，我們正努力成為「一個團隊」。自法律交割日（Legal Day 1）以來，領導團隊幾乎每週都在 Comerica 的主要市場第一線，且我們已走訪 Comerica 網路中的每一家分行。我們也舉辦產品展示，凸顯合併後能力的廣度。組織設計與領導任命已完成，我對合併後團隊的水準感到非常振奮。

On technology, we remain on track to convert all systems over Labor Day weekend with our first full (inaudible) conversion later this month. As a result, we remain confident that we will deliver $360 million of net cost savings this year and reached an $850 million annual run rate by the fourth quarter. We're also already building a strong pipeline of revenue synergies. In commercial, we're seeing early wins by bringing capital markets, payments and specialty lending to existing relationships. In the first 60 days, our capital markets team completed fuels and metals commodity hedges and executed an accelerated share repurchase for Comerica clients.

在科技方面，我們仍按計畫於勞動節週末完成所有系統轉換，並於本月稍晚進行首次完整的 (聽不清) 轉換。因此，我們仍有信心今年可實現 3.6 億美元的淨成本節省，並在第四季達到 8.5 億美元的年度化執行率（annual run rate）。我們也已在建立強勁的營收綜效管線。在商業金融方面，我們透過將資本市場、支付與專業放款導入既有關係，已看到初步成果。在前 60 天內，我們的資本市場團隊完成燃料與金屬商品避險，並為 Comerica 客戶執行加速股份回購。

We also booked our first Comerica to Fifth Third loan win in asset-based lending while Fifth Third referrals helped to build the largest ever pipeline in Comerica's National Dealer Services business. Commercial Payments has presented our managed services solutions to over 100 Comerica clients with 65 of them interested in moving forward. In Consumer, we launched our first Comerica branded deposit campaign in Texas in February. Response rates and average opening balances were broadly consistent with the results that we generate in our legacy Fifth Third markets, and nearly half of new savings customers also opened to checking account. We've hired more than half of the mortgage loan officers and auto dealer representatives that we plan to add this year in Comerica's footprint and pipelines in each of those businesses (inaudible) build.

我們也在資產基礎放款（asset-based lending）中，拿下首筆由 Comerica 轉至 Fifth Third 的放款案；同時 Fifth Third 的轉介協助 Comerica 的全國經銷商服務（National Dealer Services）業務建立其史上最大管線。商業支付團隊已向超過 100 位 Comerica 客戶介紹我們的代管服務解決方案，其中 65 位有意願繼續推進。在消費金融方面，我們於 2 月在德州推出首個以 Comerica 品牌進行的存款行銷活動。回應率與平均開戶餘額大致與我們在既有 Fifth Third 市場的成果一致，且近一半的新儲蓄客戶也同時開立支票帳戶。我們已聘用今年計畫在 Comerica 版圖新增之房貸專員與汽車經銷商代表的一半以上，且這兩項業務的管線也在 (聽不清) 建立中。

We'll open our first Fifth Third branded branches in Dallas and Fresno this month, and we now have letters of intent in place or in progress for 81 of our targeted 150 de novo branches in Texas. As I wrote in our annual letter to shareholders, the global economy is a complex adaptive system and such systems react to change in unexpected ways. We're closely evaluating the direct impact of the (inaudible) on the energy and other commodities as well as the implications for prices, interest rates and customer activity. In an environment where we may not see the macro tailwinds that many expected at the start of the year, the Comerica merger expands Fifth Third's organic opportunity set, and we do not need a perfect backdrop to deliver on our commitments.

本月我們將在達拉斯與弗雷斯諾開設首批以 Fifth Third 品牌命名的分行；此外，針對我們在德州目標新增的 150 家新設（de novo）分行，目前已有 81 家完成或正在進行意向書（LOI）。正如我在致股東年度信中所寫，全球經濟是一個複雜的適應性系統，而這類系統對變化的反應往往出乎意料。我們正密切評估 (聽不清) 對能源及其他大宗商品的直接影響，以及其對價格、利率與客戶活動的意涵。在一個可能無法如許多人在年初所預期般出現總體順風的環境下，Comerica 的合併擴大了 Fifth Third 的內生成長機會集合，而我們不需要完美的外部背景也能兌現承諾。

Before I turn it over to Bryan, I want to take a moment to say thank you to our colleagues. Earlier this month, we surpassed $300 million in total assets for the first time an important milestone that reflects the work we do together to serve customers, support communities and show up for one another. I know many of you are putting an extra effort to support the integration, whether it adds helping customers, learning new products, meeting new teammates or navigating change. Your commitment to getting 1% better every day and your dedication to our clients and to each other is what gives me confidence in what we're building and the opportunities ahead.

在把時間交給 Bryan 之前，我想花點時間向同仁致謝。本月稍早，我們的總資產首次突破 3,000 億美元，這是一個重要里程碑，反映我們共同努力服務客戶、支持社區並彼此扶持的成果。我知道許多人正投入額外心力支持整合工作，無論是協助客戶、學習新產品、認識新夥伴或因應變革。你們每天追求進步 1% 的承諾，以及對客戶與彼此的投入，讓我對我們正在打造的事業與未來機會充滿信心。

With that, Bryan will provide more detail on the quarter and the outlook.

接下來，Bryan 將就本季表現與展望提供更詳細的說明。

Thanks, Tim, and good morning. Our first-quarter results reflect the strength of what we have built and the discipline with which we are executing. Results exceeded our March expectations, driven by stronger NII, disciplined expense management and integration execution on plan.

謝謝你，Tim，各位早安。我們第一季的結果反映我們所建立之基礎的強韌性，以及我們執行上的紀律。在更強勁的淨利息收入（NII）、嚴謹的費用管理，以及依計畫推進整合執行的帶動下，結果優於我們 3 月的預期。

Adjusted ROA was 1.12% and adjusted ROTCE excluding AOCI was 13.7%. The Comerica acquisition closed without tangible book value dilution and and TBV per share grew 1% sequentially and 15% year-over-year. The earnings power of the combined company is intact, and the integration is on track. Given the magnitude of the acquisition, standard year-over-year and sequential comparisons obscure more than they revealed this quarter. What matters is how we exit, a larger, more granular loan portfolio, a lower cost deposit base and larger diversified fee income businesses. Each of those is a deliberate outcome and each positions us to generate stronger and more durable returns as the integration delivers.

調整後 ROA 為 1.12%，且剔除 AOCI 的調整後 ROTCE 為 13.7%。Comerica 併購案完成交割，未造成有形帳面價值稀釋，且每股 TBV 季增 1%、年增 15%。合併後公司的獲利能力維持完好，整合進度亦按計畫推進。鑑於此次併購規模，標準的年對年與季對季比較在本季反而掩蓋的多於揭示。關鍵在於我們如何收官：更大且更細分的放款組合、更低成本的存款基礎，以及更大且多元化的手續費收入業務。上述每一項都是刻意達成的成果，並在整合效益逐步落地之際，使我們得以創造更強勁且更具持續性的報酬。

Now, diving further into the income statement, starting with NII and the balance sheet. Net interest income was $1.94 billion for the quarter, above our March expectations. Net interest margin expanded 17 basis points to 330 basis points, driven by the impacts of the Chimeric acquisition. That includes 7 basis points from securities portfolio marks and repositioning basis points from cash flow hedge termination and 2 basis points from purchase accounting accretion on the loan portfolio.

接著更深入檢視損益表，先從淨利息收入（NII）與資產負債表談起。本季淨利息收入為 19.4 億美元，高於我們 3 月的預期。淨利差（NIM）擴大 17 個基點至 330 個基點，主要受 Chimeric 併購影響所帶動。其中包括：證券投資組合評價與重新配置貢獻 7 個基點、終止現金流避險所帶來的重新定位基點，以及放款組合購買會計增值攤銷（accretion）貢獻 2 個基點。

A full quarter of these impacts will benefit NIM by a few additional basis points in the second quarter. End-of-period loans were $178 billion, up 2% sequentially from pro forma combined year-end balances. Average total loans were $158 billion, reflecting the February 1 close. The growth was broad-based, strong middle market production, a rebound in line utilization and continued momentum in home equity, auto and our Provide fintech platform. In commercial, line utilization ended the quarter at 40.7%, up approximately 120 basis points from the pro forma combined year-end level and notably held steady throughout the volatility in March.

第二季將完整反映上述影響，預期可再為 NIM 帶來額外數個基點的助益。期末放款餘額為 1,780 億美元，較合併後擬制（pro forma）年末餘額季增 2%。平均總放款為 1,580 億美元，反映 2 月 1 日完成交割。成長動能廣泛：中型市場放款承作強勁、授信額度動用率回升，以及房屋淨值貸款、車貸與我們 Provide 金融科技平台持續加速。在商業放款方面，授信額度動用率於季末為 40.7%，較合併後擬制年末水準上升約 120 個基點，且在 3 月波動期間仍明顯維持穩定。

Clients are cautious, but active. On a legacy Fifth Third basis, commercial loans grew 6% year-over-year. Combined with the Comerica addition, shared national credits now represent only 26% of total loans, a deliberate and ongoing reduction in concentration risk.

客戶態度審慎，但仍積極運作。以 Fifth Third 既有口徑計算，商業放款年增 6%。加上 Comerica 的併入後，共同承作的全國性授信（shared national credits）目前僅占總放款的 26%，這是我們有意且持續降低集中度風險的結果。

On the consumer side, first quarter auto originations were the highest in 2 years with average indirect secured balances up 10% year over year. Home equity balances grew substantially, supported by both the acquisition and strong underlying production.

在消費金融方面，第一季車貸承作量創兩年新高，平均間接擔保（indirect secured）餘額年增 10%。房屋淨值貸款餘額大幅成長，受惠於併購與強勁的內生承作動能。

We achieved the number-one HELOC origination market share in our legacy Fifth Third branch footprint. With an average portfolio of FICO of 773 and average loan-to-value of 64%, the production strength is real, and the credit discipline behind it is equally real.

我們在 Fifth Third 既有分行覆蓋範圍內，取得 HELOC 承作市占第一。在平均 FICO 773、平均貸款成數（LTV）64% 的投組條件下，承作動能確實強勁，而其背後的授信紀律同樣紮實。

Turning to deposits, average core deposits were $207 million, and the end-of-period core deposits were $231 billion. Noninterest-bearing balances comprised 28% of core deposits at quarter end, up from 25% at the same point last year. That improvement reflects the combined benefit of Comerica's commercial DDA franchise and our continued organic consumer DDA growth. The household growth can strip is showing up directly in our funding costs. On a legacy third basis, consumer household growth of 3% over last year, supported 4% consumer DDA growth. Total deposit costs, including the benefit of non-interest-bearing balances were 158 basis points in the first quarter, a funding cost profile that compares favorably across the peer group. Interest-bearing deposit costs were 215 basis points, down 27 basis points year over year, reflecting both that organic deposit mix improvement and the benefit of the Comerica balance sheet.

再看存款：平均核心存款為 2.07 億美元，期末核心存款為 2,310 億美元。無息存款餘額於季末占核心存款的 28%，高於去年同期的 25%。此改善反映了 Comerica 商業活期存款（DDA）特許經營的綜效，以及我們持續的內生消費者 DDA 成長。家庭戶數成長的動能正直接反映在我們的資金成本上。以既有 Fifth Third 口徑計算，消費者家庭戶數較去年成長 3%，帶動消費者 DDA 成長 4%。第一季總存款成本（含無息存款的效益）為 158 個基點，該資金成本結構在同業中具相對優勢。計息存款成本為 215 個基點，年減 27 個基點，反映內生存款結構改善與 Comerica 資產負債表帶來的效益。

Despite the larger balance sheet, our approach to balance sheet management is unchanged. We prioritize granular insured deposit funding over large wholesale holds. We maintain strong liquidity buffers, and we proactively manage the overall cost of funds. That discipline showed up again this quarter. Average wholesale funding declined 3% year over year, even with Comerica balances included.

儘管資產負債表規模更大，我們的資產負債表管理方法並未改變。我們優先以分散且具存款保險的存款資金來源，取代大型批發資金部位。我們維持強健的流動性緩衝，並主動管理整體資金成本。這項紀律在本季再次展現。即使納入 Comerica 餘額，平均批發資金年減 3%。

That favorable mix shift lowered the cost of interest-bearing liabilities by 36 basis points. We also maintained full Category 1 LCR compliance at 109% and a loan-to-core deposit ratio of 76%. Now turning to fees. Adjusted noninterest income, excluding securities losses and the other items listed on Page 4 of our release was $921 million, slightly above the midpoint of our March expectations. The most significant milestone here is that both wealth and commercial payments are now generating fee income at the run rate necessary to deliver $1 billion each in annualized noninterest income.

這種有利的結構轉變使計息負債成本下降 36 個基點。我們亦維持第一類（Category 1）LCR 完全合規，達 109%，且放款對核心存款比率為 76%。接著談手續費收入。調整後非利息收入（剔除證券損失及新聞稿第 4 頁所列其他項目）為 9.21 億美元，略高於我們 3 月預期區間的中點。此處最重要的里程碑是：財富管理與商業支付兩項業務，目前皆已以必要的運行速率（run rate）產生手續費收入，足以各自貢獻年化 10 億美元的非利息收入。

That outcome reflects years of consistent, disciplined investment in both businesses and the recurring nature of the revenue. Looking further at wealth, fees were $233 million and total AUM ended the quarter at $119 billion. Legacy Fifth Third AUM trends remained strong, up $10 billion or 15% over last year. Fifth Third Securities delivered strong retail brokerage results, with revenue up 15% year-over-year. These are businesses that we have been consistently investing in and the returns are compounding.

這項成果反映我們多年來對兩項業務持續且有紀律的投資，以及收入的經常性特質。進一步看財富管理：手續費為 2.33 億美元，期末資產管理規模（AUM）為 1,190 億美元。Fifth Third 既有 AUM 趨勢仍然強勁，較去年增加 100 億美元或 15%。Fifth Third Securities 交出亮眼的零售經紀表現，營收年增 15%。這些都是我們持續投入的業務，而其報酬正在複利累積。

Commercial payment fees totaled $218 million for the quarter. Direct Express contributed $14 million in fees for the quarter and approximately $3.7 billion in average deposits for the month of March. New line continues to drive strong fee growth of 30% year over year and related deposits reached $5.5 billion, up $2.7 billion from last year. Capital markets fees were $134 million, up 11% sequentially. Increased hedging activities and commodities and FX and strong bond underwriting fees combined with 2 months of (inaudible) activity were the primary drivers of this growth.

本季商業支付手續費合計 2.18 億美元。Direct Express 本季貢獻 1,400 萬美元手續費，且 3 月單月平均存款約 37 億美元。New line 持續推動手續費年增 30% 的強勁成長，相關存款達 55 億美元，較去年增加 27 億美元。資本市場手續費為 1.34 億美元，季增 11%。避險活動增加、商品與外匯（FX）業務，以及強勁的債券承銷手續費，再加上 2 個月的（聽不清）活動，是帶動本次成長的主要因素。

Turning to expenses, page 5 of our release details certain items that had a larger impact on the noninterest expense this quarter, primarily $635 million in merger-related expenses. Adjusted noninterest expense was $1.77 billion, consistent with our guidance. The adjusted efficiency ratio was 61.9%, which reflects the addition of Comerica and normal first quarter seasonality associated with the timing of compensation awards and payroll taxes. On the synergy front, we remain confident in our ability to achieve the $850 million of annualized run rate cost savings in the fourth quarter of this year.

再看費用：新聞稿第 5 頁詳列本季對非利息費用影響較大的特定項目，主要為 6.35 億美元的併購相關費用。調整後非利息費用為 17.7 億美元，符合我們的指引。調整後效率比率為 61.9%，反映納入 Comerica，以及第一季因獎酬發放時點與薪資稅所致的正常季節性因素。在綜效方面，我們仍有信心於今年第四季達成年化運行速率 8.5 億美元的成本節省。

Integration activities are progressing as planned against our established milestones and savings are being realized. The expense benefit will build steadily over the first three quarters of this year with a more significant increase in the fourth quarter. Once the system conversion and branch consolidations are completed in early September. Shifting to credit. The net charge-off ratio was 37 basis points for the quarter, in line with our expectations and the lowest level in 2 years.

整合工作依既定里程碑按計畫推進，節省效益亦已逐步實現。費用端的效益將在今年前三季穩步累積，並於第四季出現更顯著的提升。待系統轉換與分行整併於 9 月初完成後。接著談信用。本季淨沖銷率為 37 個基點，符合我們預期，且為兩年來最低水準。

The NPA ratio was 57 basis points compared to 65 basis points last quarter. Commercial net charge-offs were 26 basis points, also a 2-year low with stable trends across industries and geographies. Consumer net charge-offs were 58 basis points, down 5 basis points from last year. The consumer portfolio remains healthy with nonaccrual and over 90 delinquency rates relatively stable across all loan categories. We have been deliberate about where we choose to grow.

不良資產（NPA）比率為 57 個基點，較上季的 65 個基點下降。商業放款淨沖銷為 26 個基點，同樣為兩年低點，且各產業與各地區趨勢穩定。消費金融淨沖銷為 58 個基點，較去年下降 5 個基點。消費金融投組仍然健康，各類貸款的停息（nonaccrual）與逾期超過 90 天比率相對穩定。我們對於選擇在哪些領域成長一直採取審慎且有策略的作法。

Our exposure to non-depository financial institutions represents only 7% of our total loan portfolio, well below the industry average. Our three largest categories are subscription lines supporting capital call facilities, corporate credit facilities to traditional institutions such as payment processors, insurance companies and brokerage firms, and secured lending to residential mortgage-related entities. These are long-standing portfolios. We have deep underwriting expertise in each of them, strong collateral visibility and structural protections where needed, including borrowing base requirements and advance rates that provide significant loss absorption before we would recognize $1 of loss.

我們對非存款類金融機構的曝險僅占我們整體放款組合的7%，遠低於同業平均水準。我們最大的三個類別為：支援資本催繳融資（capital call facilities）的認購額度（subscription lines）、提供給傳統機構（如支付處理商、保險公司與券商）的企業授信額度，以及對住宅房貸相關機構的擔保放款。這些都是長期經營的投資組合。我們在每一類都具備深厚的承作與授信審查專業，對擔保品有高度可視性，並在需要時設有結構性保障措施，包括借款基礎（borrowing base）要求與預支比率（advance rates），在我們認列任何1美元損失之前即可提供顯著的損失吸收能力。

On private credit, we have chosen not to participate meaningfully in lending to private credit vehicles and business development companies, which combined represent less than 1% of total loans. That was a deliberate decision, not a missed opportunity. The structural complexity embedded in these exposures introduces risks that are harder to assess through a cycle. We would rather grow in categories where we have more transparency to the collateral and have direct relationships with the underlying borrowers. On software and data center lending, we have maintained that same disciplined posture. We believe in the long-term demand for AI infrastructure, but we have also seen how quickly these build cycles can overshoot.

在私募信貸方面，我們選擇不實質參與對私募信貸載體與商業發展公司（BDC）的放款，兩者合計占總放款不到1%。這是刻意的決策，而非錯失機會。這些曝險所內含的結構性複雜度，會引入在景氣循環中更難評估的風險。我們寧可在對擔保品更透明、且與底層借款人有直接關係的類別中成長。在軟體與資料中心放款方面，我們也維持同樣嚴謹自律的立場。我們相信AI基礎設施的長期需求，但也看過這些建置週期可能多快就會出現過度擴張。

We have remained selective and our exposure is intentionally limited. Software-related exposures is less than 1% of total loans, with the portfolio performing in line with expectations with no material migration in the quarter. ACL as a percentage of portfolio loans and leases decreased to 1.79%, primarily reflecting the (inaudible) acquisition. The ACL as a percentage of nonperforming assets increased to 316%. Provision expense included $83 million for merger-related day 1 ACL build.

我們仍維持審慎挑選，且刻意限制曝險。與軟體相關的曝險占總放款不到1%，該組合表現符合預期，本季未出現重大遷徙（migration）。ACL占投資組合放款與租賃的比例下降至1.79%，主要反映（聽不清）收購案。ACL占不良資產的比例上升至316%。提存費用包含併購相關之第1日（day 1）ACL建立金額8,300萬美元。

Our baseline and downside cases assume unemployment reaching 4.5% and 8.5%, respectively, in 2027. We made no changes to our macroeconomic scenario weightings during the quarter. though a qualitative adjustment was applied to reflect the direct impacts of the elevated energy and commodity costs as well as the broader implications for economic growth, inflation and unemployment in the current geopolitical environment.

我們的基準與下行情境分別假設2027年失業率達到4.5%與8.5%。本季我們未調整宏觀經濟情境的權重；但我們進行了質化調整，以反映在當前地緣政治環境下，能源與大宗商品成本居高所帶來的直接影響，以及其對經濟成長、通膨與失業的更廣泛意涵。

Moving to capital, CET1 ended at 10% and reflecting the impact of the Comerica transaction and strong RWA growth. Under the proposed capital rule, our estimated fully phased-in pro forma CET1 ratio is 9.6%. The RWA benefit to capital ratios associated with the new rule is nearly a 100 basis point improvement, primarily due to credit risk RWA reduction. The proposed rule recognizes the granular, well-secured and relationship-based nature of our loan portfolio. The same portfolio characteristics we have been deliberately building toward over the past several years. The (inaudible) should expand the ability of the banking industry to support the economy through increased lending capacity.

談到資本，CET1期末為10%，反映Comerica交易的影響以及風險加權資產（RWA）的強勁成長。在擬議的資本規則下，我們估計完全分階段落實後的備考（pro forma）CET1比率為9.6%。新規則對資本比率帶來的RWA效益接近提升100個基點，主要來自信用風險RWA的下降。擬議規則認可我們放款組合具備分散細緻、擔保充足且以關係為基礎的特性。這些正是我們過去數年刻意打造的組合特徵。（聽不清）應可透過提升放款能力，擴大銀行業支持經濟的能力。

Additionally, our tangible common equity ratio, including the impact of AOCI and the Comerica acquisition increased to 7.3%. Over the last 12 months, the impact of unrealized losses included in the regulatory capital under the proposed rule has decreased by 16%, a 25 basis point improvement to the pro forma capital ratios despite an 11 basis point increase in the 10-year treasury rate. That is the direct result of our strategy to concentrate our AFS portfolio and securities that return principle on a known schedule, which represents approximately 55% of the fixed rate holdings within our AFS portfolio. We expect continued improvement in the unrealized losses as the securities (inaudible).

此外，我們的有形普通股權益比率（TCE ratio），包含AOCI與Comerica收購的影響，上升至7.3%。過去12個月，在擬議規則下納入監理資本的未實現損失影響下降16%，即使10年期美國公債殖利率上升11個基點，備考資本比率仍改善25個基點。這是我們策略的直接成果：集中配置於會在可預期時程內返還本金的可供出售（AFS）投資組合與證券，該類資產約占我們AFS投資組合中固定利率持有部位的55%。我們預期未實現損失將持續改善，隨著這些證券（聽不清）。

Moving to our current outlook, our outlook reflects the forward curve at the end of March, which assumes no rate cuts or hikes in 2026. Given the updated rate outlook and our more asset-sensitive balance sheet, we are updating our full year NII outlook to a range between $8.7 billion and $8.8 billion. We will continue to take actions to move the balance sheet to a more neutral rate risk position over time. which could include investment portfolio and/or other hedging actions. Our outlook for full-year average total loans remains in the mid $170 billion range.

接著談我們目前的展望，我們的展望反映3月底的遠期利率曲線，該曲線假設2026年不升息也不降息。鑑於更新後的利率展望以及我們更偏資產敏感的資產負債表，我們將全年淨利息收入（NII）展望更新為87億至88億美元。我們將持續採取行動，隨時間推進把資產負債表調整至更中性的利率風險部位，可能包括投資組合與／或其他避險措施。我們對全年平均總放款的展望仍維持在1,700億美元中段區間。

Full-year non-interest income is expected to be between $4.0 billion and $4.2 billion, reflecting continued revenue growth in commercial payments, capital markets and wealth and asset management. Full year noninterest expense is expected to be $7.2 billion to $7.3 billion, including the impact of $210 million of CDI amortization and $360 million of net expense synergies in 2026. This outlook excludes acquisition-related charges. In total, our guide implies full-year adjusted PPNR, including CDI amortization, up approximately 40% over 2025. We remain on track to exit 2026 at or near the profitability and efficiency levels consistent with our 2027 targets.

全年非利息收入預期介於40億至42億美元，反映商業支付、資本市場以及財富與資產管理的收入持續成長。全年非利息費用預期為72億至73億美元，包含2026年2.10億美元的CDI攤銷影響，以及3.60億美元的淨費用協同效益。此展望不包含收購相關費用。整體而言，我們的指引意味著全年調整後PPNR（含CDI攤銷）較2025年約成長40%。我們仍按計畫在2026年年底達到或接近與我們2027年目標一致的獲利能力與效率水準。

For credit, we expect full-year net charge-offs between 30 and 40 basis points. Turning to capital. With the release of the proposed capital rule, we are updating our CET1 operating target to a range of 10% to 10.5%. We expect to resume regular quarterly share repurchases in the second half of 2026 with the amount and timing dependent on the balance sheet growth and the timing of the remaining merger-related charges. Our capital return priorities are unchanged, pay a strong dividend, support organic growth and then share repurchases.

在信用方面，我們預期全年淨沖銷（net charge-offs）介於30至40個基點。再談資本。隨著擬議資本規則發布，我們將CET1營運目標更新為10%至10.5%的區間。我們預期在2026年下半年恢復例行的季度庫藏股回購，金額與時點將取決於資產負債表成長以及剩餘併購相關費用的認列時程。我們的資本回饋優先順序不變：先支付穩健股利、支持內生成長，然後進行股票回購。

For the second quarter, we expect average loans of $178 million to $179 million, driven by growth in C&I, home equity and auto, is projected to be $2.2 billion to $2.25 billion with NIM expanding another 3 to 5 basis points. Non-interest income is expected to be $1 billion to $1.06 billion, and noninterest expense is expected to be $1.87 billion to $1.89 billion. Finally, net charge-offs are expected to be 30 to 35 basis points. The first quarter established the foundation. NII above expectations, tangible book value per share growth intact credit at a two-year low integration on track and early revenue synergies beginning to show.

就第二季而言，我們預期平均放款為1,780億至1,790億美元，成長動能來自C&I、房屋淨值與汽車；NII預估為22億至22.5億美元，且淨利差（NIM）再擴張3至5個基點。非利息收入預期為10億至10.6億美元，非利息費用預期為18.7億至18.9億美元。最後，淨沖銷預期為30至35個基點。第一季奠定了基礎。NII高於預期、每股有形帳面價值成長維持、信用水準降至兩年低點、整合進度如期，且初期收入協同效益開始顯現。

Those results matter, not just for what they are, but for what they signal. The core business is performing. The integration is delivering. And as we move through the year, the financial profile of Fifth Third will continue to improve in ways that are visible, measurable and consistent with everything we have committed to when we announced this combination. We have the balance sheet, the business mix and the team to get there.

這些結果之所以重要，不僅在於結果本身，更在於它們所傳遞的訊號。核心業務正在運作並展現績效。整合正在交付成果。隨著我們走過今年，Fifth Third的財務輪廓將持續以可見、可衡量且與我們在宣布此項合併時所承諾的一切一致的方式改善。我們具備所需的資產負債表、業務組合與團隊來達成目標。

With that, let me turn it over to Matt to open up the call for Q&A.

接下來，我把時間交給Matt，開始Q&A。

(Event Instructions)

（活動說明）

(Operator Instructions) Mike Mayo, Wells Fargo.

（接線員指示）Mike Mayo，富國銀行。

As you highlighted, this is the biggest acquisition in your firm's history. And it sounds like it's on track from your prior guidance with the Labor Day integration, $850 million run rate savings by the end of fourth quarter. I think we kind of knew that already, but what's incremental in the last three months or since your last presentation that you think is maybe going better than expected? Is that any of that higher NII guide due to the expansion in Texas and the promotions? And also, where are you seeing some of the snags? There's always issues with these things, what do you need to make sure you work out and doesn't kind of let down the progress?

如你所強調，這是你們公司史上最大的一筆收購。而且聽起來，依照你們先前的指引，勞動節整合、以及在第四季末前達到8.5億美元的年化節省（run rate savings）都在軌道上。我想我們大概已經知道這些，但在過去三個月、或自你們上次簡報以來，你認為有哪些新增的進展可能比預期更好？你們較高的NII指引，有沒有一部分是因為德州擴張與促銷活動所帶動？另外，你們在哪些地方看到一些卡關？這類事情總會有問題，你們需要確保把哪些問題處理好，才不會讓進度出現落差？

Yes. Mike, it's Tim. I'll take an initial crack at that one, and then I'll let Bryan clean it up. So yes, I mean, we think we did a pretty good job of summarizing the past. As you know, when it comes to these large transactions, the absence of any surprises is a positive, right?

是的。Mike，我是Tim。我先就這題做個初步回應，然後再讓Bryan補充完善。所以是的，我的意思是，我們認為我們對過去的總結做得相當不錯。如你所知，談到這些大型交易時，沒有任何意外本身就是一件好事，對吧？

So getting one quarter closer to a point where we're operating on a single common platform is an important milestone unto itself. In terms of just the core integration, I think things have gone really well. There really haven't been big surprises. We have all the -- we completed the Walk-the-Wall planning exercise that we run all the customer day when deliverables have been locked. I think there are 46 new to Fifth Third applications, which, as we mentioned, from a technology perspective previously primarily support the Tech and Life Sciences business and the Dealer Services business.

因此，距離我們在單一共同平台上運作又更近了一個季度，本身就是一個重要里程碑。就核心整合而言，我認為進展非常順利。確實沒有出現什麼重大意外。我們已完成「Walk-the-Wall」規劃演練——也就是在交付項目鎖定後、我們在客戶日全天進行的那套流程。我想大約有46個對Fifth Third而言是新的應用程式；如我們先前從科技角度提到的，這些主要支援科技與生命科學業務以及經銷商服務業務。

plus a couple of things in payments. I think the data strategy and the data conversion, that work is completed. All the risk-based process reviews we needed to get done which are essentially the click down from the work that got done in diligence have been completed, and we know where the product gaps are that need to get filled. The org charts are done, as I mentioned in my remarks, and we've selected the key leaders. I'm pleased it's very early days.

再加上支付領域的幾個項目。我認為資料策略與資料轉換的工作已經完成。我們需要完成的所有風險導向流程審查——基本上是把盡職調查階段完成的工作再往下細化——也都已完成，而且我們已清楚哪些產品缺口需要補齊。組織架構圖也已完成，如我在發言中提到的，我們已選定關鍵領導人。我很高興，雖然現在還是非常早期的階段。

So this is not by any stretch of the imagination declaration of success. But that sort of employee attrition is actually running a little bit below the historical levels. So we're not seeing any sort of elevation in attrition. I think the positive surprise is actually what is happening in Texas and then even more broadly across the Southeast, is it related to promotional activity. We got a lot of questions after we announced the deal about whether the playbook that's worked so well for Fifth Third and the Southeast would work in Texas and in the Southwest more broadly.

所以這絕不是在任何意義上宣告成功。但員工流失率其實略低於歷史水準。因此我們沒有看到流失率有任何上升。我認為正面的驚喜其實是德州的情況，甚至更廣泛到東南部——這與促銷活動有關。我們宣布這筆交易後，收到很多問題，問說Fifth Third在東南部行之有效的作戰手冊，是否也能在德州以及更廣泛的西南地區奏效。

So that initial mailing that I referenced in my prepared remarks was a test, right? It was the test and learn process so that we could reground our targeting and expected balance models on empirical data in Texas. We mailed 700,000 households. Response rates were good. The fact that more than half of customers open checking even in an environment where there are still -- all the legacy tech limitations that Comerica had are still in place.

所以我在事先準備的發言中提到的那次首次郵寄，其實是一個測試，對吧？那是「測試與學習」的流程，好讓我們能以德州的實證資料，重新校準我們的鎖定目標與預期餘額模型。我們寄給了70萬戶家庭。回應率不錯。而且在目前仍然——Comerica過去所有的舊技術限制仍然存在的環境下——仍有超過一半的客戶開立支票帳戶，這一點很值得肯定。

I think is very good. But maybe the more exciting thing is that having regrounded the models, we dropped the subsequent mailing on the 10 to 11 of this month to 6 million people and the very early results there are super positive. Like with the sort of reground of the analytic models, like we're getting 3x the response rate that we see at this stage in a campaign packets. And we actually expect that campaign alone to generate $1 billion in deposits across Texas, Arizona and California, which would be great. Now that is all incorporated in the guide to be clear.

我認為這非常好。但也許更令人振奮的是，在重新校準模型之後，我們在本月10到11日進行了後續郵寄，寄給600萬人，而目前非常早期的結果超級正面。就像在重新校準分析模型之後，我們在活動進行到這個階段所看到的回應率，是平常的3倍。而且我們實際上預期，光是這個活動就能在德州、亞利桑那州與加州帶來10億美元的存款，這會很棒。需要說清楚的是，這些都已經納入指引之中。

That's not above and beyond the guide. But it just speaks to a, the fact that the tactics that we are using in the Southeast are going to work in the Southwest and B, the fact that Comerica had not run any sort of external consumer marketing in 13 years. means it's a relatively unsaturated market for us. And therefore, if anything, I think my optimism about our ability to gain share there has improved. Then in terms of what what's not working. We got a little bit of an internal civil war here between people who like their Chile with beans, no beans or on spaghetti. So that we're going to have to solve before we can truly say we're one company.

這不是超出指引之外的額外貢獻。但這反映了：A，我們在東南部使用的策略手段將會在西南部奏效；B，Comerica在過去13年沒有做過任何對外的消費者行銷，意味著對我們而言這是一個相對未飽和的市場。因此，如果有什麼不同的話，我對我們在那裡提升市占的能力反而更樂觀了。至於什麼地方不太順利。我們內部對辣肉醬（chili）要加豆、不加豆，或是淋在義大利麵上，出現了一點「內戰」。所以在我們真正能說我們是一家公司之前，這個得先解決。

All right. That's kind of like my weakness as I work too hard. But okay, I'll (inaudible) so just I guess is just interesting, like you guys said had very old last century, all these mailings and stuff, but 6 million mailings it sounds like you're getting $1 billion of deposits that will pay off. But how does -- this is all America accounts right now, right? And so after Labor Day, they're all going to become the third accounts. And so seems like that transition has some risk too, going from America to actually branded Fifth Third. How do you manage that transition?

好。這有點像我自己的弱點：我工作太拼了。不過好，我會（聽不清楚）——所以我想這很有意思，你們說那些都很老派、上個世紀的做法，像是這些郵寄之類的，但聽起來寄600萬份郵件就能帶來10億美元的存款，這會回本。但這要怎麼——這些現在都是Comerica的帳戶，對吧？然後勞動節之後，它們都會變成Fifth Third的帳戶。所以看起來那個轉換也有一些風險，從Comerica轉到真正掛上Fifth Third品牌。你們如何管理這個轉換？

Yes. I mean the tech conversion, as you know, right, is the single largest point of risk in a transaction because I think we've got a very good employee value proposition here. we've got, on a combined basis, more capability than either company had to serve clients and those things are good for people that the Code Red event that could occur would be if you made a mistake on the tech conversion and either people couldn't access their accounts or you had service issues or processing issues or otherwise. So we're definitely always mindful of that. Assuming that we execute the conversion well, the way that we did with MD as an example, then I actually think the tech conversion is a positive.

是的。我的意思是，如你所知，技術轉換是交易中最大的單一風險點，因為我認為我們在員工價值主張方面做得很好；合併後，我們服務客戶的能力也比任何一家公司單獨時更強，這些對員工都是好事。真正可能出現的「紅色警報」事件，會是你在技術轉換上出錯，導致客戶無法存取帳戶，或出現服務問題、處理問題等等。所以我們一定會時刻留意這點。假設我們能把轉換執行好——例如像我們與MD的案例那樣——那我其實認為技術轉換會是正面的。

There'll be a bake-in period where people will need to learn to navigate new interfaces, whether that's the consumer mobile app or the commercial portals and otherwise. But the capabilities that are (inaudible) in Fifth Third digital channels are much broader than exist inside Comerica's current channels. The point I made about the managed services, like those are software solutions that we offer in commercial payments. The fact that we've shown those things to 100 Comerica clients, we have 2/3 of them as qualified leads in the sales pipeline sort of speaks to the tech quality. What the conversion will allow us to unlock though, is all the digital marketing channels.

會有一段適應期，大家需要學會如何操作新的介面，不論是消費者行動App，或是商業端入口網站等等。但Fifth Third數位通路所具備的能力（聽不清楚）比Comerica目前通路內的能力要廣泛得多。我提到的受管理服務（managed services），像那些是我們在商業支付中提供的軟體解決方案。我們已向100位Comerica客戶展示這些內容，其中有2/3成為銷售管道中的合格線索，這某種程度上也說明了技術品質。不過，這次轉換能讓我們解鎖的，是所有的數位行銷通路。

Like the reason we're not doing digital marketing to support the Southwest markets today is because Comerica can't open consumer deposit accounts digitally. And therefore, there's no sense in using them. once we're under the Fifth Third brand and on the Fifth Third tax stack, the 50% of our direct marketing that gets done via digital today, all of a sudden then becomes viable in the Southwest and all the household growth tactics that we use in addition to the deposit growth tactics and the Southeast become viable as well.

例如，我們今天之所以沒有用數位行銷來支持西南市場，是因為Comerica無法以數位方式開立消費者存款帳戶。因此使用那些通路也沒有意義。等我們切換到Fifth Third品牌、並且在Fifth Third的技術堆疊上運作後，我們目前有50%的直效行銷是透過數位完成的，突然之間在西南地區也就可行了；而且除了存款成長策略之外，我們用來推動家庭戶數成長的各種策略，在東南部行之有效的，也都會變得可行。

Scott Siefers, Piper Sandler.

Scott Siefers，Piper Sandler。

Maybe Bryan hoping to start with you something you can speak to some of the underlying drivers in the core margin. I think I know you suggested the reported level should expand another few basis points in the second quarter due to the full quarter's impact of Comerica. But maybe you could sort of speak to dynamics such as overall rate positioning, which I think you touched on, but maybe competitive dynamics on the loan and pricing side, just those kinds of things that you're seeing?

Bryan，也許先從你開始：你能否談談核心利差（core margin）的一些底層驅動因素？我想我知道你提到，由於Comerica帶來的整季影響，第二季報告數字應該還會再擴大幾個基點。但也許你可以談談一些動態，例如整體利率部位配置——我想你有提到——以及放款端的競爭態勢與定價等，像你們目前看到的這些情況？

Yes. Absolutely, Scott. Thanks for the question. As I mentioned in my prepared remarks, we are asset sensitive today. That is certainly a factor that we are focused on as we think about trying to move to a more neutral position over time.

是的。當然可以，Scott。謝謝你的問題。如我在事先準備的發言中提到的，我們目前對資產端利率變動較為敏感（asset sensitive）。這確實是我們在思考如何隨時間推進、逐步走向更中性的部位時，所關注的一個因素。

We feel very good about how we're positioned, and that's obviously one of the things that's gone well for us with. The current volatility in interest rates, it's given us some opportunity to do some things in the investment portfolio and put a few positions on in the quarter at pretty attractive levels. So we do feel good about that. From a driver perspective, we do expect some additional improvement from fixed rate asset repricing over the remainder of the year. From a magnitude perspective, it's a little bit less impactful than it has been because a third of our balance sheet was effectively repriced on the with the Chimeric acquisition.

我們對自身的定位感到非常有信心，而這顯然也是我們做得很好的其中一點。目前利率的波動，為我們在投資組合上做一些操作提供了機會，並且在本季以相當具吸引力的水準建立了幾個部位。因此我們確實對此感到樂觀。從驅動因素來看，我們預期今年剩餘期間固定利率資產的重定價將帶來一些額外改善。就影響幅度而言，因為我們的資產負債表有三分之一在奇美拉（Chimeric）收購案中已實質完成重定價，所以其影響比過去小一些。

So we are still seeing some good trends there. on the legacy Fifth Third portfolio. But obviously, that's just a smaller percentage of the balance sheet now. That's probably 1 basis point, 1.5 basis points kind of pick up each quarter through the end of the year and feeling good about trajectory that gets us approaching to exiting the year closer to 340 from a NIM perspective. So a lot of things going well from a net trajectory perspective.

因此我們在既有的 Fifth Third 投資組合上仍看到一些不錯的趨勢。但顯然，現在那只占資產負債表較小的比例。大概到今年年底，每一季可提升約 1 個基點到 1.5 個基點；我們對這條軌跡感到樂觀，從淨利差（NIM）的角度看，這會讓我們在年底時更接近 340。所以從淨利差走勢的角度來看，有很多事情進展得很順利。

The environment, obviously, it's competitive, we're in an industry that is always competitive, both on the lending side and on the deposit side. I would tell you that it is competitive but not irrational right now. Loan spreads have come in a little bit, but aren't crushing at this point. And we are just seeing normal deposit competition with the Midwest continues to be the most competitive deposit market that we're seeing from a consumer perspective, more competitive than the Southeast, and we're still trying to get a better sense of what Southwest looks like, but it does not look like it's going to be an outlier relative to other markets.

環境方面，顯然是競爭的；我們所處的產業一直都很競爭，無論在放款端或存款端皆然。我會告訴你，目前競爭激烈但並不非理性。貸款利差確實收斂了一些，但目前還不到被壓垮的程度。而我們看到的只是正常的存款競爭；從消費者角度看，中西部仍是我們所見最具競爭性的存款市場，比東南部更競爭；至於西南部，我們仍在試著更清楚掌握其樣貌，但看起來不會相較其他市場成為特別突出的異常值。

Okay. Perfect. And then maybe a higher level question here. You all talked about the fourth quarter of this year, representing sort of the time when we really see the full run rate accretion, returns, efficiency. Basically, all the benefits from the Comerica transaction.

好的。完美。接著可能是一個更高層次的問題。你們談到今年第四季，將代表我們真正看到完整的經常性（run rate）增益、報酬與效率的時間點。基本上，也就是來自 Comerica 交易的所有效益。

Basically, all your numbers are going to be at or near best-in-class. As we start to look to a post sort of post Comerica time like into next year when those benefits have really become realized how will you sort of think about balancing additional improvement in profitability, returns, efficiency? Or will those at that point represent sort of steadier states as you do things like invest to just ensure that the levels you reach remain durable over time?

基本上，你們所有的數字都會達到或接近同業最佳水準。當我們開始展望「後 Comerica」的時期、例如明年，當這些效益已真正實現之後，你們會如何在進一步提升獲利能力、報酬與效率之間取得平衡？或者到那時，這些會更像是較穩定的常態水準，而你們會進行投資以確保所達到的水準能長期維持、具備韌性？

Yes, that's a good one. And we've been getting a variant to that Scott, over the last, call it, 90 days about, hey, are the synergies durable, or do they need to be reinvested? I have been telling people if you have to spend it in some other way, that's not an expense synergy. It's a capital application play.

是的，這是個好問題。而且在過去大約 90 天裡，Scott，我們一直收到類似的變形問題：例如，協同效益是否可持續，或是否需要再投入？我一直告訴大家，如果你必須把它花在其他地方，那就不是費用協同。那是一種資本運用（capital application）的策略。

So we absolutely believe we can sustain the level of profitability that we expect to achieve in the fourth quarter and continue to improve it. I grew up in the cradle of distance runners and Nike posters as (inaudible) on my wall going up. So the view here is like there's no finish line, right? We just have -- we've so much in front of us, right? So you want to generate a strong return on equity under any circumstances.

因此我們絕對相信，我們可以維持預期在第四季達成的獲利水準，並且持續改善。我是在長跑選手的搖籃中長大的，成長過程中牆上貼著 Nike 的海報（聽不清）。所以我們的觀點是：沒有終點線，對吧？我們前面還有很多事情要做，對吧？所以你希望在任何情況下都能創造強勁的股東權益報酬。

But then you want to make the decision at the margin. So if we're at 19%, and we've got a 53% efficiency ratio, the decision on the margin should always be do we utilize continued strength in operating performance to drive higher profitability and boost the TBV the TBV multiple -- or do we focus on growing tangible book value per share or doing a little bit of both of those. I just think we're going to have the ability to continue to do both. Like when I got here 11 years ago, under a quarter of the US population lives in our footprint.

但接著你要在邊際上做決策。所以如果我們的 ROTCE 在 19%，效率比率在 53%，那麼邊際上的決策永遠應該是：我們是利用持續強勁的營運表現來推動更高的獲利、並提升 TBV 的 TBV 倍數——還是把重點放在提高每股有形帳面價值，或兩者兼顧。我只是認為我們將有能力持續同時做到這兩件事。就像我 11 年前來到這裡時，美國人口中不到四分之一居住在我們的版圖內。

Today, more than half of the US population does as Bryan mentioned in his remarks, 17 of the 20 fastest growing large metro areas in the US are now in the footprint, and we have a credible as the top 5 market share in all of them. I think we have the freshest branch network. If you just look at it by age of any of the (inaudible) three or four banks and maybe any of the LFI banks.

今天，如 Bryan 在他的發言中提到的，超過一半的美國人口居住在我們的版圖內；美國 20 個成長最快的大型都會區中，有 17 個現在都在我們的版圖內，而且我們在其中每一個市場都具備可信的前五大市占。我認為我們擁有最新的分行網路。如果你只看分行的平均年齡，在（聽不清）的三、四家銀行中，甚至可能在任何 LFI 銀行中，我們都是最新的。

We've got this payments business now that's benefiting when nonbanks actually take share from banks, which is great. And we have this huge influx of bankers from Comerica who have the shackles off of them, right, in terms of not being capital or liquidity constrained. And I'm proud of the track record we have for tech innovation. So we will continue always to invest in the core business with the expectation that at 19 -- like 19% ROTCE is great. And if we run out of ideas, then we'll focus on getting 19 to be 20 or 21 or 22. And otherwise, it will be about growing book value per share.

我們現在也有這個支付業務，當非銀行機構實際上從銀行手中取得市占時，我們反而受益，這很棒。而且我們有大量來自 Comerica 的銀行家加入，他們的枷鎖被解開了，對吧？就不再受資本或流動性限制。我也為我們在科技創新方面的紀錄感到自豪。因此我們將一如既往持續投資核心業務，並且預期在 19——像 19% 的 ROTCE 很棒。如果我們想不出更多點子，那我們就會把重點放在把 19 提升到 20、21 或 22。否則，重點就會是提高每股帳面價值。

Gerard Cassidy, RBC Capital Markets.

Gerard Cassidy，RBC 資本市場。

Tim, did you have a (inaudible) poster too with Steve's poster?

Tim，你也有一張（聽不清）海報，跟 Steve 的海報一起嗎？

I had Steve and Dick (inaudible) At my height my lack of foot speed, you had to go with the field athletes as well. So (inaudible)

我有 Steve 和 Dick（聽不清）。以我的身高、我缺乏腳步速度，你也得選一些田徑項目的運動員。所以（聽不清）

Got it. Good for you. When I look at your utilization trends that you gave us, and you touched on it in your prepared remarks, in the appendix, I think it was -- it jumped up nicely from 34.9% in the fourth quarter to 40.7%, and then you give it ex Comerica. Can you give us some color in two areas: one, legacy Fifth Third, what you're seeing there? And then also legacy Comerica what are they seeing?

了解。對你很好。當我看你們提供的動用率（utilization）趨勢，你們在事先準備的講稿中也提到，在附錄裡我想是——它從第四季的 34.9% 很漂亮地跳升到 40.7%，然後你們也提供了剔除 Comerica 的數字。你能在兩個面向提供一些說明嗎：第一，既有 Fifth Third 的部分，你們看到什麼？第二，既有 Comerica 的部分，他們看到什麼？

Yes. From a utilization perspective, Gerard, I would tell you, it's fairly consistent what we're seeing across the Fifth Third Platform and the Comerica platform. which is middle market customers, we're starting to see use a little bit more activity there. We also saw a nice rebound from a corporate bank perspective. I do think part of it was some of the activity that we were seeing from a capital markets perspective because we did see less pay down this quarter from a capital markets payoff perspective.

可以。就動用率而言，Gerard，我會說我們在 Fifth Third 平台與 Comerica 平台看到的情況相當一致：也就是中型市場客戶開始有更多一些的使用與活動。我們也看到企業銀行端有不錯的回升。我確實認為其中一部分來自資本市場相關活動，因為本季從資本市場到期清償（payoff）的角度看，我們看到的提前償還（pay down）較少。

But it was really a -- and we think it was the rebound that we were expecting associated with some of the tax bill benefits coming through, where we just saw some more active spending happening as customers were working through the environment. And then obviously, later in the quarter, obviously, some impacts associated with the situation in the Middle East.

但這其實是——而且我們認為這是我們所預期的回升，與一些稅改法案效益逐步反映有關；我們只是看到客戶在因應環境的過程中，支出活動更為積極。然後顯然在本季後段，也有一些與中東局勢相關的影響。

Yes. Maybe the one thing I'd add there, that is at least based on the cursory read I did other banks that have reported thus far as one thing we didn't see that a lot of other people size. We didn't get a lot of the loan growth from private equity or price capital. So if you look at the growth in loans, less than 10% of it, in our case, came from private equity or private capital. And my quick read through it may be as high as 80% of a lot of other places.

是的。我可能再補充一點：至少根據我粗略閱讀其他目前已公布的銀行，有一件事是我們沒有看到、但很多其他人似乎有看到的。我們沒有從私募股權或私募資本那裡獲得大量的貸款成長。所以如果你看貸款成長，在我們的情況下，來自私募股權或私募資本的占比不到 10%。而我快速看了一下，很多其他地方可能高達 80%。

One of the things that's comforting about the Comerica portfolio is, they're a lot like Fifth Third in the sense that we bank (inaudible) businesses, right, primarily privately real economy businesses. People make things or move them or warehouse them or sell them or core services like health care. And otherwise, between the two of us, we were both on the low end of the as a percentage of total commercial loans tables. And it just hasn't been a growth focus for us. I think the other thing I might flag there since I know it's come up as we have less than $100 million of funded exposure to data centers, what we definitely have been on the more skeptical end of the spectrum on that front.

關於 Comerica 投資組合讓人感到安心的一點是，它在某種程度上很像 Fifth Third：我們主要服務（聽不清）企業，對吧，主要是民營的實體經濟企業。人們製造產品、運輸、倉儲、銷售，或提供像醫療保健這類核心服務。此外，在我們兩家之間，就「占商業貸款總額的比例」來看，我們都處在表格的較低端。而且這一直不是我們的成長重點。我想我還要補充一點：既然我知道這題也被提到過，我們對資料中心的已撥款曝險不到 1 億美元；在這方面，我們確實一直偏向較為審慎、甚至較為懷疑的一端。

We talk internally about the fact that we wouldn't underwrite an energy loan without a petroleum engineer looking at the projections. And I don't think there are a lot of us employing AI researchers the cost that they are to help underwrite data center facilities. It's just there's such a long history of overbuilding tech infrastructure anytime there's a platform shift. And the obligors are a little less clear than we personally would prefer. So that is where the growth wasn't coming from in our case.

我們內部常說，如果沒有石油工程師檢視預測，我們不會承作能源貸款。而我不認為有很多銀行會以那樣的成本聘用 AI 研究人員，來協助承作資料中心設施的授信。因為每逢平台轉移，科技基礎設施就有很長一段過度建置的歷史。而且債務人（借款人）的輪廓也沒有我們個人偏好那麼清楚。所以在我們的情況下，成長並不是來自那裡。

Very good. And then just one follow-up on the credit quality, which brand you pointed out, the guide for (inaudible) is very good in the numbers in the quarter are good. One question in the commercial side of the portfolio. And I know this number moves around because of the nature of it. But the 30 to 89 delinquency numbers, even though low.

非常好。接著就信用品質再追問一下：你提到的那個指引（聽不清）非常好，本季數字也不錯。我有一個關於投資組合中商業端的問題。我也知道這個數字會因其性質而波動。但 30 到 89 天逾期的數字，即使仍然偏低。

When you look at the commercial and industrial going to 38 basis points of the CRE going up, any -- is it -- anything there that we should just keep an eye on, or is it just because of the combination of the two companies and people maybe didn't know where to send payments. I know that sounds kind of strange, but any color there?

當你看商業與工業（C&I）升到 38 個基點、商用不動產（CRE）也上升時，有沒有——是不是——有什麼我們需要留意的？還是只是因為兩家公司合併後的組合效應，有些人可能不知道該把款項匯到哪裡？我知道這聽起來有點奇怪，但能否補充一些說明？

Yes. It's not quite as basic as they didn't know where to send payments, but the majority of the increase there, Gerard, was 2 credits, and the payments got made on April 1. So if we could have reported all of this as of April 2, you wouldn't have seen the jump that materialize there.

是的。這不完全是「不知道把款項匯到哪裡」那麼基本，但那一段上升的大部分原因，Gerard，是來自兩筆授信，而款項已在 4 月 1 日支付。所以如果我們能以 4 月 2 日的時點來報告，你就不會看到那個跳升出現。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

I had a question first just on deposits. As we go through all these updates does feel like funding is a much bigger constraint for banks as we move forward than capital. Just talk to us around this Southeast strategy what seems like an intense environment. How we -- how are you converting clients acquired through promotions into core checking accounts. Is that happening?

我先問一個關於存款的問題。隨著我們一路看這些更新，感覺未來對銀行而言，資金來源（funding）比資本更可能成為更大的限制。請談談你們在東南部的策略，在看起來競爭很激烈的環境下。我們——你們如何把透過促銷活動獲得的客戶，轉化為核心活期支票帳戶？這件事有在發生嗎？

Just kind of remind us on where that stands? And maybe tied to the -- one of the previous questions, Tim, when you think about opening these branches in Texas three to five years from now, just a degree of confidence that branches will still be as relevant five years from now as a client acquisition tool as there today?

也請提醒我們目前進展到哪裡？另外也連結到前面其中一個問題，Tim，當你思考在德州於三到五年後開設這些分行時，你對於五年後分行作為獲客工具，是否仍像今天一樣重要，有多大把握？

Yes, good question. So Yes. I think your point is an important one, your ability to convert relationships into essentially new clients, right, whether you attract them through rate or cash bonus or because of the new branch opening or otherwise, in the primary long-tenured relationships. That's effectively the seed corn for everything that we do because we have an acquirer once and then maximize wallet share strategy. That's the reason we keep disclosing the household growth rates in the Southeast, like those are primary households.

是的，問得好。所以，是的。我認為你提到的重點很重要：你把關係轉化為本質上的新客戶的能力，對吧？不論你是透過利率、現金獎勵、新分行開幕或其他方式吸引他們，最終都要把他們轉成主要、長期的往來關係。那基本上就是我們所有業務的「種子玉米」，因為我們的策略是先獲客一次，之後再最大化錢包占比（wallet share）。這也是我們持續揭露東南部「家庭戶（household）」成長率的原因——那些是主要往來家庭戶。

If accounts going active, they get washed out of that number. And so you could trust that the 3% overall and in this case, the in household growth in the Southeast, the sort of 7%, 8% range we've been running at as a real number. It's active accounts in 1 period divided by active accounts in the same period the year before, minus 1, right?

如果帳戶不再活躍，就會從那個數字中被剔除。因此你可以相信整體 3% 的成長，以及這次東南部家庭戶成長大約 7% 到 8% 的區間，是一個真實的數字。計算方式是：某一期的活躍帳戶數，除以去年同一期的活躍帳戶數，再減 1，對吧？

So the population growth in the Southeast is 1.5% to 2% per year in any given market. Our growth rates have been 7% to 8%. So we're generating 3 to 4x the growth on a net basis that the market is experiencing on a net basis. which I think should be the sort of best proof point you can rely on that we're making the conversion. Savings promotions don't count in that number.

東南部的人口成長率在任何單一市場大約每年 1.5% 到 2%。我們的成長率是 7% 到 8%。所以以淨額（net）來看，我們創造的成長是市場淨成長的 3 到 4 倍。我認為這應該是你可以依賴的最佳佐證，證明我們確實做到了轉化。儲蓄促銷不會計入那個數字。

anything we do with loan products, home equity, et cetera, that doesn't count in the number that's primary checking customers. In the Southwest and in Texas, that we have 81 or 82 of these properties locked up. We're going to have branches opening next year, not in 3 to 5 years, just to be clear. And I think the measure of their importance, like I actually like to think about branches, if you don't think about them as stand-alone mechanisms to generate new account growth, the other way to think about them is attributes, which boost response rates to direct marketing, whether that's digital or male. And there is a nonlinear decay function in response rates and expected value.

我們在貸款產品上做的任何事，像是房屋淨值貸款等等，也不會計入那個「主要支票客戶」的數字。在西南部、在德州，我們已經鎖定了 81 或 82 個這類據點。為了說清楚，我們明年就會開分行，不是三到五年後。我認為衡量分行重要性的方式是：如果你不把分行視為獨立的新增帳戶成長機制，另一種看法是把它當作一種「屬性」，能提高直效行銷的回應率，不論是數位或郵寄。而回應率與預期價值存在一個非線性的衰減函數。

The further you get away from a Fifth Third branch by drive time in our models today. It's 1 of the more powerful variables in dictating who gets a digital offer, like the IP range or the ZIP code in the case of a mailer actually drive whether or not you see Fifth Third promotions. And as long as that decay function exists, the branches are playing a role in driving our ability to grow the franchise. And I just don't expect human behavior to change that quickly. it certainly hasn't ever in the past.

在我們目前的模型中，你離 Fifth Third 分行的車程時間越遠。這是決定誰會收到數位優惠中更有力的變數之一——例如 IP 範圍，或在郵寄投放時用 ZIP code（郵遞區號）來判斷，實際上會影響你是否會看到 Fifth Third 的促銷。只要那個衰減函數仍然存在，分行就仍在推動我們擴大特許經營版圖（franchise）成長的能力上扮演角色。而我不預期人類行為會那麼快改變；過去也從未如此。

Got it. And just one quick follow-up, you mentioned this a few times in terms of do you mean anything between NBFI growth versus non-NBFI. One, like do you see -- like why do you not -- like do you see the embedded risks in that lending that you don't like? Just give us a sense of like when you evaluate why is it attractive for so many of your peers and not so much when you assess that for Fifth Third.

了解。再快速追問一個：你提過幾次，關於你所說的 NBFI 成長相對於非 NBFI 的部分，你的意思是什麼？第一，你是否看到那類放款中有你不喜歡的內嵌風險？請讓我們理解一下：當你評估為何那對你們許多同業很有吸引力、但 Fifth Third 評估後卻沒那麼吸引力時，你們是怎麼看的？

Yes. I mean I'm not making a call on private credit and viability. I don't personally believe it's going to go away as a category. I think our view generally has been that the private credit industry is going to be much smaller in the future than people were worrying about like their 2 strategies for growth were retail money, which was always a bad idea and which has been demonstrated again to be a bad idea and by promising returns of 8% to 9%. And which we just viewed as being unrealistic, right?

是的。我的意思是，我不是在對私募信貸（private credit）的可行性下定論。我個人不認為它會作為一個類別消失。我們整體的看法一直是：未來私募信貸產業的規模會比人們擔心的要小得多——因為他們的兩個成長策略是：零售資金（retail money），那一直都是個壞主意，而且也再次被證明是壞主意，因為他們承諾 8% 到 9% 的報酬。而我們認為那是不切實際的，對吧？

Banks run at like 8 to 10x leverage to get a 15% return. And we have loan revenue, deposit revenue, fee revenue in the mix. the idea that private credit could deliver 8% to 9% with, call it, 2x to 3x leverage with loan-only revenue, just always felt like it was unrealistic. So is there a place in the investment spectrum or on the efficient frontier for something that offers a return between corporate bonds and equities, like absolutely. It just doesn't feel like it's going to be anywhere near the size.

銀行通常以大約 8 到 10 倍槓桿來取得 15% 的報酬率。而我們的收入組合包含放款收入、存款收入與手續費收入。私募信貸若只有放款單一收入，卻想用大約 2 到 3 倍槓桿就交出 8% 到 9% 的報酬，這一直讓人覺得不太現實。所以在投資光譜上、或在效率前緣上，是否有一個位置屬於那種介於公司債與股票之間的報酬？當然有。只是感覺它的規模不會接近現在這麼大。

Now, we're not a very big player in this market. Comerica and Fifth Third together had somewhere around $1 billion of private credit or BDC activity. So I can't speak to the leverage points a lot of others are. The reason we avoided is because we couldn't figure out what total leverage was in these structures between the portfolio companies the back leverage and the NAV lending and the lending to the companies that were doing the NAV lending and the capital call and all the rest. And we don't like things that we don't understand.

現在，我們在這個市場並不是非常大的參與者。Comerica 和 Fifth Third 合計大約有 10 億美元左右的私募信貸或 BDC 活動。所以我無法像很多其他人那樣去談槓桿的關鍵點。我們之所以避開，是因為我們搞不清楚這些結構中的總槓桿到底是多少——介於投資組合公司層面的槓桿、背後槓桿、NAV 借貸、對從事 NAV 借貸的公司放款、資本催繳（capital call）以及其他所有部分之間。而我們不喜歡我們不理解的東西。

I think for me, at least, though, the bigger reason to avoid it is it's -- that is not an industry that like lending to is not a place where banks are going to build competitive barriers, which means the return profile is just eventually will gravitate to cost of capital. And we want to generate returns in excess of cost of capital. So when you let your line of business, get too addicted to getting growth from something that's going to be a cost of capital hurdle. It distracts them from focusing on the things that could generate excess returns like primary relationship lending, like managing wallet share, like establishing lead-left positions -- and so that is where we want to get the growth from. It's stuff that can generate a 19-plus percent return over time, not something that's going to generate 11%, 12%, 13%, 14% return over time.

我想對我而言，至少，更大的避開原因是——那不是一個像「放款給它」就能讓銀行建立競爭壁壘的產業，這意味著其報酬型態最終只會趨近於資金成本。而我們希望創造高於資金成本的報酬。所以當你讓你的業務線，過度依賴從某種最終只會達到資金成本門檻的東西來取得成長時，它會分散他們對那些能產生超額報酬之事的專注，例如主要往來關係放款、管理錢包份額（wallet share）、建立主辦行（lead-left）地位——因此我們希望成長來自那裡。那是能在時間推移下產生 19% 以上報酬的事情，而不是那種長期只會產生 11%、12%、13%、14% 報酬的事情。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，摩根士丹利。

I think in the prepared remarks, you mentioned that the proposed rules recognize granular, say, for well-collateralized loans. So I think you were pointing to opting into ERB. So first, I just wanted to clarify that. And then my main question, Tim, when you think about EBA given that it would allow banks to hold less capital against higher quality loans. Do you think it creates some sort of disincentive or negative credit selection for banks that don't opt in?

我想在事先準備的講稿中，你提到擬議規則對於顆粒度（granular）——例如對於抵押品充足的貸款——有所認可。所以我想你是在指選擇採用 ERB。所以首先，我只是想確認一下。然後我的主要問題是，Tim，當你考慮 EBA 時，鑑於它會允許銀行對較高品質的貸款持有較少資本，你是否認為這會對未選擇採用的銀行造成某種抑制效果或負向的信用選擇（negative credit selection）？

It's Bryan. At this point, we're still evaluating whether or not we will opt in to era. It's not necessarily the driver of creating the big benefit for us. (inaudible) is probably an incremental 10 or so basis points relative to the numbers that I quoted. And then obviously, there's some complexities associated with data and models and systems in place necessary to do some of the calculations.

我是 Bryan。目前我們仍在評估是否會選擇採用 ERB。它不一定是為我們帶來重大效益的驅動因素。（聽不清）相較於我引用的數字，大概只是額外增加 10 個基點左右。然後很明顯，為了進行部分計算，還牽涉到資料、模型以及必要的系統建置等複雜性。

So that's something that we're still evaluating. There is always some regulatory arbitrage out there, whether it's within the existing capital rules and use of securitization style structures from just general lines or how private credit participates in in the regulatory landscape as well. So there is always that aspect of competition and ultimately, how you think about capital allocation across I don't think it will have ultimately (inaudible) would have a really big impact ultimately on competitiveness across the industry and between the banks that opt in and those that don't.

所以這件事我們仍在評估。監管套利一直都存在，不管是在現行資本規則內、透過證券化式結構在一般業務線中的運用，或是私募信貸在監管版圖中的參與方式也是如此。所以競爭面向總是有這一塊；而最終你如何看待跨（聽不清）的資本配置——我不認為它最終（聽不清）會對整個產業、以及選擇採用與不採用的銀行之間的競爭力造成非常大的影響。

Yes. And I guess the only thing I'd just add there is it sort of depends on how you underwrite like not every bank, just at least 15 years ago when I was a consultant -- not every bank underwrote to the same binding constraints. Not every bank thought the same way about how they calculate returns. The binding constraint here. Obviously, we think about Red Cap and the return on Red Cap in terms of the performance of the company as a whole.

是的。我想我唯一要補充的是，這某種程度取決於你的承作方式——至少在 15 年前我還是顧問時，不是每一家銀行都以相同的約束條件作為最具約束力的限制（binding constraints）。也不是每一家銀行對於如何計算報酬的想法都一樣。這裡的約束條件是——很明顯，我們會從公司整體表現的角度，去思考 Red Cap 以及 Red Cap 的報酬。

But when we look at individual credits, we look at into the amount of economic capital that those credits should attract given the way that we risk rate the credits both in terms of default probability and loss given default. So if all you were looking at was the same capital charge for every loan you underwrite like in a non-urban environment. I think you run into that risk. But certainly the way that we approach it. The decision to opt in or out is going to get made at the macro level. and the individual underwriting decisions and the return calculations get done at an individual company level.

但當我們看單筆授信時，我們會看這些授信依其風險評等——包括違約機率與違約損失率——應該吸引多少經濟資本。所以如果你承作的每一筆貸款都只看同樣的資本計提（capital charge），就像在一個非（聽不清）的環境裡，我認為你就會遇到那種風險。但就我們的做法而言，是否選擇採用，會在總體層級做決定；而單筆承作決策與報酬計算，則是在單一公司層級完成。

Got it. That's really helpful. And then now that we have the proposals for capital I think the focus has been turning to the liquidity rules. I guess the question for you is, what would you like to see there on the liquidity side? And is there something that you want to see that would cause you to manage your liquidity differently from what you're doing?

了解。這非常有幫助。那麼現在我們已經有資本提案，我想焦點也開始轉向流動性規則。我想問的是，在流動性這一端，你希望看到什麼？是否有什麼你希望看到的內容，會讓你以不同於目前的方式來管理流動性？

Yes. I think the most valuable thing for the industry is some credit and the liquidity rules associated with your secured lending capacity at at places where you know the liquidity is going to be there. Think about your FHLB borrowing capacity against your securities, discount window or repo facilities like those will be areas where getting some credit associated with that off-balance sheet liquidity would be very valuable for the industry. That is probably one of the more significant. We would also like a little bit more rationality on deposit outflow assumptions.

是的。我認為對產業最有價值的是：在流動性規則中，能對你在那些你知道流動性一定存在之處的擔保融資能力，給予一些認列（credit）。想想看你以證券作為抵押的 FHLB 借款額度、貼現窗口或回購（repo）機制——這些都是把那種表外流動性納入認列會對產業非常有價值的領域。那可能是較為重要的一項。我們也希望存款流出假設能更合理一些。

That is an area where there has been significant pressure on the industry across the old horizontal liquidity exams that were occurring. And I just think we've ended up in a spot where the assumptions that are embedded in most liquidity stress tests today are just absurdly high relative to some of the core banking relationships, in particular, the operational deposits that are attached to treasury management services.

這個領域在過去那些橫向流動性檢查（horizontal liquidity exams）中，對產業造成了很大的壓力。而我只是覺得，我們最後落在一個狀態：如今多數流動性壓力測試中內嵌的假設，對於某些核心銀行往來關係而言高得離譜，特別是那些與財資管理服務（treasury management services）綁定的作業性存款（operational deposits）。

Chris McGratty, KBW.

Chris McGratty，KBW。

Tim, I want to come back to the comment about the Midwest being more competitive in the Southeast. It seems somewhat contrary to where all the capital is being allocated from a lot of the banks. Can you unpack that a bit?

Tim，我想回到你剛才提到中西部比東南部競爭更激烈的評論。這似乎與許多銀行把資本配置到哪裡的趨勢有點相反。你能再拆解說明一下嗎？

Yes. I mean Chris, this has been true. It's like one of the interesting factors that just been true for a very long time. I think you had two dynamics in the Midwest that are a little bit unique relative to the rest of the country. One, historically, you've had a lot more regional banks headquartered in the Midwest, right, and less in the way of trillionaire market share and less consolidated markets tend to be more competitive.

可以。我是說 Chris，這一直都是真的。這算是一個很有趣、而且長期以來都成立的因素。我認為中西部有兩個相較於全國其他地區略為獨特的動態。第一，歷史上你在中西部會有更多總部設在那裡的區域銀行，對吧；而「兆級銀行」的市占相對較少，且市場整併程度較低的市場往往競爭更激烈。

That's just -- that's not a blinding insight on my part. That's just economics 101. The second factor is credit unions play a much more prominent role in a lot of the Midwestern markets than they do other places elsewhere in the country. And credit unions tend to be optimizing for very different factors like do not help do a profit mandate and therefore, they tend to be optimizing around just absolute levels of liquidity needed or otherwise. And so the sort of combination of more fragmented markets and an actor that's optimizing around a different set of goals just produces higher levels of deposit competition.

這只是——這不是我什麼驚人的洞見。這就是經濟學 101。第二個因素是，信用合作社（credit unions）在許多中西部市場扮演的角色，比在全國其他地方更為顯著。而信用合作社通常在優化非常不同的因素，例如沒有獲利使命，因此它們往往會圍繞所需流動性的絕對水準等來做最佳化。因此，更分散的市場加上一個以不同目標集合在最佳化的參與者，這樣的組合就會帶來更高程度的存款競爭。

That, I think, for us has been one of the interesting things as we moved into the Southeast as we have this double benefit of both having a small existing share and, therefore, a low cannibalization cost of any new marketing campaign that we run, right, which is a little bit like Judo you're using your opponent's weight against them. And the fact that at the margin, the marginal dollar in the Southeast is still a little bit cheaper to raise than the marginal dollar in the Midwest. It means we can be more aggressive and still have a very nice impact on the franchise overall.

我想對我們而言，當我們進入東南部時，有一件有趣的事是：我們同時享有雙重好處——既有市占很小，因此我們推動任何新的行銷活動時，新活動對既有客群的侵蝕成本（cannibalization cost）很低；這有點像柔道，你是在用對手的重量反制對手。再加上在邊際上，東南部的邊際一塊錢資金，籌措成本仍比中西部的邊際一塊錢更便宜一些。這表示我們可以更具進攻性，同時仍能對整體特許經營（franchise）帶來非常好的影響。

Great. Yes, definitely, with the Chicago being one of the more competitive markets and fragmented.

很好。是的，絕對如此，芝加哥是競爭更激烈且市場更分散的市場之一。

I don't know that there's another state with three regional banks headquartered in it either the way that Ohio has (inaudible) Fifth Third and (inaudible).

我也不確定還有沒有其他州像俄亥俄州一樣，有三家總部設在該州的區域性銀行，也就是（聽不清）Fifth Third 和（聽不清）。

Sure. And then, Bryan, just on the full synergies, the cost saves mapping out, can you I guess, help with exit run rate on efficiencies. It feels like low 50s in this year and you kind of go into next year from a pretty good position. But just could you find in that for me?

當然。然後，Bryan，就整體協同效益、成本節省的對應拆解而言，你能否幫忙說明一下效率提升在退出時的運行率（exit run rate）？感覺今年大概在50%出頭，明年你們是從一個相當不錯的位置開始。但你能幫我把這點再說清楚嗎？

Yes. I mean we're -- the expectation is -- that we talked about as being in that 53% range in 2027. Our fourth-quarter efficiency ratio is always our lowest efficiency ratio for the year. So I would expect us to be a good point, 2 points below that 53% in the fourth quarter.

可以。我的意思是，我們——預期是——我們談到的是在2027年大約53%的區間。我們第四季的效率比率一向是全年最低的效率比率。所以我預期第四季會比53%再低1個百分點、2個百分點左右。

Peter Winter, D.A. Davidson.

Peter Winter，D.A. Davidson。

I was just wondering -- when you first announced the Comerica acquisition, you were targeting a 27% EPS of 4.89. But now that you spent more time with the company, you're getting some early wins on the revenue synergy side, do you see upside to that number because it did not include any revenue synergies?

我只是想問——當你們首次宣布收購Comerica時，你們的目標是EPS提升27%，達到4.89。但現在你們花了更多時間了解這家公司，也在營收協同方面看到一些早期成果，你們是否認為這個數字有上行空間？因為當時並未納入任何營收協同。

Yes. I mean, obviously, that's something that's part of the deal that we would not contemplate any revenue synergies. So anything that we are seeing would be upside. So we do feel good about kind of the progress there. I think we will be striving to outperform what is there?

是的。我的意思是，很明顯，這是交易的一部分，但我們當時不會去假設任何營收協同。所以我們現在看到的任何成果都會是上行。因此我們對目前的進展感到不錯。我想我們會努力去超越既有的目標。

Obviously, 2027 is a long time away and the environment, the rate environment and a lot of other things can change. But we certainly are more positive today about the opportunity in front of us, even though we were incredibly positive at the time of the acquisition. So a lot of things are going well, and we feel good about the trajectory of the company.

顯然，2027年還很久，環境、利率環境以及很多其他因素都可能改變。但即便我們在收購當時已經非常樂觀，今天我們對眼前的機會仍然更為正面。所以很多事情進展順利，我們對公司的發展軌跡感到很有信心。

Okay. And then if I could just follow up, just -- if I think about Fifth Third, one of the strengths has been managing the balance sheet in different interest rate environments. But Bryan, where are you in the process of repositioning Comerica's balance sheet? You mentioned it's you're asset sensitive now, but how quickly do you want to get back to neutral, or would you slow walk it just given the higher for longer rate environment?

好的。然後如果我可以再追問一下——如果我想到Fifth Third，你們的一項強項是在不同利率環境下管理資產負債表。但Bryan，你們在重新調整Comerica資產負債表的進程上目前到哪一步？你提到現在你們對資產更敏感（asset sensitive），但你們希望多快回到中性？或者在「高利率維持更久」的環境下，你們會放慢步調？

The higher for longer rate environment and our outlook and like we are very cautious around what could happen out the curve. So we are trying to make sure that we're balancing capital risk as well with a downrate risk. And all the things that's happened even over the last month or so when you think about what it's going to do to inflation and what is honestly still a fairly reasonably strong economic activity that we're seeing. We just see that there is more bias right now for the higher for longer outlook. So with that, we're probably moving a little bit slower.

「高利率維持更久」的環境、我們的展望，以及我們對殖利率曲線後段可能發生的事情都非常謹慎。所以我們在確保平衡資本風險的同時，也要兼顧降息風險。而且即便只看過去一個月左右發生的各種事情，想想它對通膨會造成什麼影響，以及我們看到的其實仍相當強勁的經濟活動。我們認為目前的偏向更支持「高利率維持更久」的展望。因此在這種情況下，我們可能會走得稍微慢一點。

But as that outlook changes, we would have an ability to accelerate. There's probably in the neighborhood of $30 billion to $40 billion of kind of notional exposure that we could move out the curve as our rate environment out changes. That gives us a lot of flexibility as we navigate this environment. And we think even if you were to start to see some more significant cuts again that what you're likely to see is some amount of steepening that gives you some opportunity for us to deploy and maintain and even grow NII even in a falling rate environment.

但隨著展望改變，我們也有能力加速。大概有300億到400億美元左右的名目曝險（notional exposure），在利率環境與我們對曲線後段的看法改變時，我們可以把它往曲線後段移動。這讓我們在因應這個環境時有很大的彈性。而且我們認為，即使你開始再次看到更顯著的降息，你很可能也會看到一定程度的曲線變陡（steepening），這會給我們一些部署的機會，讓我們即便在降息環境中也能維持、甚至成長淨利息收入（NII）。

Erika Najarian, UBS.

Erika Najarian，UBS。

Just one question because I know we're pushing the limits of length of time. But Bryan, given that there's no cuts in the curve, could Fifth Third maintain deposit costs even if there are no cuts Tim, your ears must be burning because even your money center peers are talking about your competitiveness in their markets. So just wondering what the deposit cost outlook is in an environment where the Fed is not cutting.

我只有一個問題，因為我知道我們快到時間上限了。但Bryan，鑑於曲線上沒有降息預期，若聯準會不降息，Fifth Third是否仍能維持存款成本？Tim，你的耳朵一定在發燙，因為就連你們的貨幣中心銀行同業也在談你們在其市場中的競爭力。所以我想問的是，在聯準會不降息的環境下，存款成本的展望如何？

Yes. We absolutely think we can maintain deposit costs even in an environment where the Fed is not cutting. The real wildcard there is ultimately what the balance sheet needs from a growth perspective. If we see a more aggressive loan growth environment, that is an environment that would put a little bit more pressure on deposit costs, but in a fairly rational kind of normalized growth environment, we think we could -- we think we have a lot of optionality to be able to maintain deposit costs where they are.

是的。我們絕對認為，即使在聯準會不降息的環境下，我們也能維持存款成本。真正的不確定因素，最終在於資產負債表從成長角度需要什麼。如果我們看到更積極的放款成長環境，那會對存款成本帶來一些額外壓力；但在相當理性、較為常態化的成長環境下，我們認為我們可以——我們認為我們有很大的選擇權，能把存款成本維持在目前的水準。

John Pancari, Evercore.

John Pancari，Evercore。

This is Girard Sweeney on for John. Just one on the fee side. Solid results in the quarter, healthy guide despite the volatility in headlines if this subsided at all, you see this driving much upside from the billion quarterly run rate. I think our wealth and capital markets like you mentioned, I think about how much conservative might be baked in the guidance now again versus potential upside?

我是Girard Sweeney，代替John提問。我想問一個關於手續費（fee）面的問題。本季表現穩健，儘管新聞標題波動，你們的指引仍然健康；如果這些波動有所緩和，你們是否認為這會推動季度約10億美元的運行率（run rate）出現更大的上行？我想到你提到的財富管理與資本市場，我在想目前指引中相較於潛在上行，是否又納入了多少保守假設？

Yes. I mean there's always a little bit of conservatism we put in place relative to capital markets. which we've been talking about hoping for a kind of more stable productive environment now in the hedging environment for a couple of years. So we do think there's opportunity for that as a more stabilized environment to come out. Obviously, that will be helpful from an M&A perspective as well.

是的。我的意思是，相對於資本市場，我們總是會放入一些保守假設。我們這幾年一直在談，希望避險環境能回到更穩定、具生產力的狀態。所以我們確實認為，隨著環境更穩定，會有一些機會浮現。顯然，這對併購（M&A）面也會有幫助。

The rest of the few businesses have been doing fairly well without or even with the uncertainty that we've been facing. So we feel like the tailwinds there and the investments we've been making from a sales force and a production perspective, positions those businesses to continue to grow as well as the investments from a payments perspective and just the categories that we're attached to. So certainly, we think that there is opportunity from a fee perspective to continue to see good outcomes.

其餘的手續費業務在我們面對的不確定性之下，無論沒有或即便有不確定性，其實都表現得相當不錯。所以我們覺得那裡有順風，而我們在銷售團隊與產能（production）方面所做的投資，也讓這些業務具備持續成長的定位；同時也包括支付（payments）方面的投資，以及我們所連結的各個類別。因此我們當然認為，從手續費角度來看，仍有機會持續看到良好成果。

Ken Usdin, Autonomous Research.

Ken Usdin，Autonomous Research。

Just one question, just given that it's a partial close quarter. I just wanted to understand the moving parts a little bit. Can you help us understand the dollars of purchase accounting accretion that we're in what you're expecting for 2Q and just how that cascades in terms of the schedule?

我只有一個問題，鑑於這是一個部分結帳的季度（partial close quarter）。我想更了解一下其中的變動因素。你能否幫我們理解一下，你們預期第二季（2Q）的購買會計增提（purchase accounting accretion）金額是多少，以及它在時程表上是如何逐步遞延/攤減的？

Yes. If you look at the -- we tried to lay that out in our slide deck and our NIM walk. So if you see, there was about $12 million of purchase accounting accretion associated with the loan portfolio in the first quarter. And I think the easiest way to think about that is it's really just two months of activity. And it will burn down relatively gradually over the next few years.

可以。如果你看——我們在簡報投影片以及我們的淨利差（NIM）橋接分析裡試著把它列出來。所以你會看到，第一季與貸款組合相關的購買會計增提大約是1,200萬美元。而我認為最簡單的理解方式是：那其實只是兩個月的活動。接下來幾年它會相對逐步地攤減（burn down）。

Most of that is associated with combination of commercial portfolio. So that has a little bit shorter tail on it than if it were residential mortgage exposures. That is kind of the main piece from a purchase accounting accretion perspective. the securities, kind of what was embedded from a securities perspective is basically bringing those securities to current market rates. So the assumption there should there should just be based off of how you think about where market yields are going through the securities.

其中大部分與商業投資組合的組合有關。所以相較於住宅房貸曝險，它的尾端（tail）會短一些。這是從購買會計增提角度來看最主要的一塊。至於證券，從證券角度內含的部分，基本上就是把那些證券調整到目前的市場利率水準。所以那裡的假設應該——應該就是基於你如何看待市場殖利率在證券上的走勢。

Okay. So basically, that if that's one line that you mentioned in your prepared remarks that (inaudible) becomes a little bit more in the second quarter. So it's really just that 12% kind of run rating. Is that the only -- I just want to like understand the magnitude of how much of help that is going forward?

好的。所以基本上，你在事先準備的發言中提到的那一點是，（聽不清）在第二季會稍微更明顯一些。所以其實就是那個約 12% 的運行水準。這是唯一的——我只是想了解，往後這對你們的助益幅度大概有多大？

Yes. Well, basically the 12 becoming probably closer to mid-teens when you think about adding a note (inaudible) for next quarter.

是的。嗯，基本上，當你考慮到為下一季加入一項（聽不清）時，那個 12% 可能會更接近 10% 中段（約 15% 左右）。

Okay. And then just a real quick one. You mentioned also in your prepared remarks that you might get back into the buyback in the second half. Your CET1 with AOCI still on the lower end of peers. Any way to think about like what that looks like when you get to that point?

好的。然後再問一個很快的問題。你也在事先準備的發言中提到，下半年可能會重新開始回購。你們的 CET1（含 AOCI）仍在同業中偏低端。有沒有什麼方式可以思考，等到那個時間點時大概會是什麼樣子？

Yes. I think in the normalized -- I think in a normalized environment, we would be talking about kind of $200 million to $300 million of buybacks is what our quarter was what our historical run rate has been. Obviously, it's going to be very dependent upon how much we need to support organic growth because being able to lean into lending is an area that is obviously a priority for us always because we'd rather deploy the capital. And earn a higher return, as Tim was talking about, our ability to attract customers and generate high-teens returns is we think, is the best outcome for shareholders. For this year, it's probably going to be a little -- it's going to be less than that as we get into the second half, but we still think there's going to be some opportunity to restart buybacks.

是的。我想在正常化——我想在一個正常化的環境下，我們會談到每季大概 2 億到 3 億美元的回購，這也是我們過去的歷史運行水準。當然，這會非常取決於我們需要多少資本來支持內生成長，因為能夠加大放款是我們一向的優先事項之一，因為我們寧可把資本投入運用。並取得更高的報酬；正如 Tim 所說，我們吸引客戶並創造 10% 高段（high-teens）的報酬能力，我們認為，這是對股東最好的結果。就今年而言，進入下半年後可能會——會低於那個水準，但我們仍認為會有一些機會重新啟動回購。

David Chiaverini, Jefferies.

David Chiaverini，Jefferies。

Question on dividend finance. It looks like the deceleration you anticipated is starting to come through in the related uptick in NCOs there is beginning to occur as well. How high should we expect this NCO rate to trend so that we're not surprised given the slowdown is fully anticipated.

關於股利融資（dividend finance）的一個問題。看起來你們先前預期的放緩正在反映出來，而相關的淨沖銷（NCO）上升也開始出現。在完全已預期放緩的情況下，我們應該預期這個 NCO 比率會走到多高，才不會感到意外？

Yes. I think -- it's a good question, and it's one that we think the range we're in right now is probably a reasonable range to expect for a period of time. Obviously, this is an industry that is facing a significant amount of disruption as a result of the tax bill and basically creating a war the leasing product is economically advantaged relative to the lending product. That was not an environment that when we did the original acquisition that we were expecting. We're having a -- we're working through it, and it's obviously not a growth asset for us anymore. But I think the range we're in right now from a charge-off ratio perspective is probably where (inaudible).

是的。我想——這是個好問題，而我們認為目前所處的區間，可能是在一段時間內合理可預期的範圍。顯然，這個產業因稅改法案而面臨相當程度的顛覆，基本上造成一種情況：租賃產品在經濟性上相對於放款產品更具優勢。這並不是我們當初進行收購時所預期的環境。我們正在——我們正在處理這件事，而顯然它對我們而言已不再是成長型資產。但我認為，就沖銷比率的角度來看，我們目前所在的區間大概就是(聽不清)。

Very helpful. And then shifting over to HELOC. The HELOC growth is off to a very strong start in the first quarter, and more than offsetting that headwind on dividend finance. What's driving the strong growth in HELOC? Is it Fifth Third's pricing, or is it grassroots loan demand from customers? And what is the outlook for this business?

非常有幫助。接著轉到 HELOC（房屋淨值信用額度）。第一季 HELOC 成長開局非常強勁，而且不僅抵消了股利融資的逆風。是什麼在推動 HELOC 的強勁成長？是 Fifth Third 的定價，還是來自客戶的基層貸款需求？這項業務的展望如何？

Yes. The first quarter benefit some from the (inaudible) acquisition as well. This -- of their consumer lending categories, HELOC was one of the categories that had some loan balance. So that is a driver of probably about half of the first quarter growth. But beyond that, what we're seeing is actually just good grassroots activities.

是的。第一季也部分受惠於（聽不清）收購。在他們的消費者放款類別中，HELOC 是其中一個原本就有一些貸款餘額的類別。因此，這大概是第一季成長約一半的驅動因素。但除此之外，我們看到的其實就是良好的基層活動。

We've made a lot of improvements to that business. and the customer experience in that business over the last couple of years. So it's put us in a spot where we have a really nice engine that's running right now. We're seeing good activity from a branch perspective. The improvements that we've made from a technology and underwriting experience perspective has made it a product that is easier for the bankers to sell.

過去幾年，我們在這項業務以及客戶體驗方面做了很多改善。因此，我們現在處於一個很好的位置，眼下有一個運轉得很順的引擎。從分行端來看，我們看到不錯的活動量。我們在科技與承作/核貸體驗方面所做的改善，使得這個產品更容易讓銀行人員銷售。

It has just been something that we're seeing a lot of good activity on, and we've also been able to actually lean in to a little bit of marketing in the space as well. And customer acquisition tactics. And honestly, when you just take a step back and think about the dynamics of the amount of home equity that is out there in the market right now and the lack of housing turnover that's occurring. It's just -- it's an area that we think you're going to continue to see significant growth in for some time. I mean, we're otw years -- two-plus years in now seeing consistent growth equity perspective.

這一直是我們看到很多良好動能的領域，而且我們也能在這個領域稍微加大一些行銷投入。以及客戶獲取策略。坦白說，當你退一步看，想想目前市場上可動用的房屋淨值規模，以及房屋交易周轉率偏低的動態。這就是——我們認為你在一段時間內會持續看到顯著成長的領域。我的意思是，我們現在已經連續兩年多看到房屋淨值面向的穩定成長。

Yes. The one thing I'd just add there is, I think, as Bryan said in his remarks, number one in market share in our footprint in home equity originations and in the bottom half in terms of pricing. And there's very good pricing data available through aggregators. So we are not competing on lice. It's great originations volume effectively at better spreads than others.

是的。我只想補充一點：我想正如 Bryan 在他的發言中提到的，我們在營運版圖內的房屋淨值承作市占排名第一，而在定價方面則位於後半段（相對更便宜）。而且透過彙整平台有非常好的定價資料可用。所以我們不是靠價格在競爭。我們有效地以更好的利差、取得很好的承作量。

Christopher Marinac, Brean Capital Research.

Christopher Marinac，Brean Capital Research。

Hey, Chris.

嗨，Chris。

Hey, good morning, Tim. I want to ask you and Bryan about the NBFI reserve allocation. Would that number necessarily not go up much this year because you're avoiding some of the higher-risk, lower-return pieces of (inaudible).

嗨，早安，Tim。我想問你和 Bryan 關於 NBFI（非銀行金融機構）準備金配置。這個數字今年是否不一定會上升太多，因為你們正在避開一些風險較高、報酬較低的部分(聽不清)。

Yes. We're not seeing anything in our (inaudible) portfolio that would cause us to have any need to build significant reserves related to what we're doing very well secured, very well performing, just not an area where we're seeing in (inaudible).

是的。我們在（聽不清）投資組合中沒有看到任何情況會讓我們需要針對我們所做的業務去大幅提列準備金；我們的部位擔保非常充足、表現也非常良好，並不是我們看到(聽不清) 的領域。

Yeah, absolutely. Before we wrap it, I just quickly want to say congratulations to Keith Horwitz on his retirement and on his 30 years in the community. My sense is that he's going to prove out the adage that old (inaudible) fighters never die. They just stop updating their outlook. So we appreciate Keith for all the years of coverage here and wish him the best in the next phase.

是的，完全同意。在結束之前，我想很快地向 Keith Horwitz 的退休以及他在社區服務 30 年表示祝賀。我的感覺是，他會印證那句老話：（聽不清）拳擊手永遠不會死。他們只是停止更新他們的展望。所以我們感謝 Keith 多年來在這裡的追蹤報導，並祝福他在下一個階段一切順利。

And that concludes our question-and-answer session. I will turn the conference back over to Matt for closing remarks.

以上為我們的問答環節。我將把電話會議交回給 Matt 作結語。

Thank you, Audra, and thanks, everyone, for your interest in Fifth Third. Please contact the Investor Relations department if you have any follow-up questions. Audra, you may now disconnect the call.

謝謝你，Audra，也謝謝各位對 Fifth Third 的關注。若有任何後續問題，請聯絡投資人關係部門。Audra，你現在可以中斷通話。

Thank you. And this concludes today's conference call. We thank you for your participation. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位的參與。您現在可以中斷連線。